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2021-08-25

Agree

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2021-08-21

Good read

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2021-07-10

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2021-07-09

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2021-07-08

Good read

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2021-06-29

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2021-06-21

Interesting

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2021-06-20

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2021-06-19

Good reac

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2021-06-18

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2021-06-17

Good read

Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.<blockquote>美联储维持利率稳定，但大幅提高通胀预期，并且没有提及缩减通胀规模。</blockquote>

2021-06-16

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2021-06-15

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2021-06-13

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2021-06-13

Good read

Meme Stock Soars 1,000% To Lead These Two Top Small Cap Stock Plays<blockquote>Meme 股票飙升 1,000%，领跑这两只顶级小盘股</blockquote>

2021-06-11

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2021-06-10

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2021-06-10

Good read

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2021-06-08

Yeah

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2021-06-08

Good read

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reac","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/162777890","repostId":"1156696708","repostType":4,"isVote":1,"tweetType":1,"viewCount":3992,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168800051,"gmtCreate":1623969390973,"gmtModify":1634025193926,"author":{"id":"3581545771843484","authorId":"3581545771843484","name":"Ti82","avatar":"https://static.tigerbbs.com/9dcf97e9c0724dd0190ad03354b136c5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581545771843484","idStr":"3581545771843484"},"themes":[],"title":"","htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168800051","repostId":"1108846547","repostType":4,"isVote":1,"tweetType":1,"viewCount":2439,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163668143,"gmtCreate":1623883456182,"gmtModify":1634026634840,"author":{"id":"3581545771843484","authorId":"3581545771843484","name":"Ti82","avatar":"https://static.tigerbbs.com/9dcf97e9c0724dd0190ad03354b136c5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581545771843484","idStr":"3581545771843484"},"themes":[],"title":"","htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/163668143","repostId":"1170150919","repostType":4,"repost":{"id":"1170150919","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":1623866564,"share":"https://www.laohunote.com/m/news/1170150919?lang=zh_CN&edition=full","pubTime":"2021-06-17 02:02","market":"sh","language":"en","title":"Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.<blockquote>美联储维持利率稳定，但大幅提高通胀预期，并且没有提及缩减通胀规模。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170150919","media":"Tiger Newspress","summary":"U.S. stocks dropped to their session lows on Wednesday after the Federal Reserve raised its inflation expectations and moved up the time frame on when it will hike interest rates next.The Dow Jones Industrial Average fell 320 points. The S&P 500 traded 0.7% lower after hitting an all-time high in the previous session. The tech-heavy Nasdaq Composite erased earlier gains and traded 0.5% lower.Nine out of 11 S&P 500 sectors traded in the red, led to the downside by communication services and finan","content":"<p>Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.</p><p><blockquote>美联储维持利率稳定，但大幅提高通胀预期，并且没有提及缩减通胀规模。</blockquote></p><p> U.S. stocks dropped to their session lows on Wednesday after the Federal Reserve raised its inflation expectations and moved up the time frame on when it will hike interest rates next.</p><p><blockquote>美联储上调通胀预期并提前下一次加息时间后，美国股市周三跌至盘中低点。</blockquote></p><p> The Dow Jones Industrial Average fell 320 points. The S&amp;P 500 traded 0.7% lower after hitting an all-time high in the previous session. The tech-heavy Nasdaq Composite erased earlier gains and traded 0.5% lower.</p><p><blockquote>道琼斯工业平均指数下跌320点。标普500在前一交易日创下历史新高后下跌 0.7%。以科技股为主的纳斯达克综合指数抹去了早些时候的涨幅，下跌 0.5%。</blockquote></p><p> Nine out of 11 S&amp;P 500 sectors traded in the red, led to the downside by communication services and financials.</p><p><blockquote>标普500 11 个板块中有 9 个出现亏损，其中通信服务和金融板块领跌。</blockquote></p><p> Economic reopening plays provided the broader market with some support. Major airline stocks American Airlines, United and Delta all traded higher. Royal Caribbean and Carnival both climbed 2% afteran upgrade from Wolfe Research.</p><p><blockquote>经济重启为大盘提供了一些支撑。主要航空股美国航空、美联航和达美航空均走高。在 Wolfe Research 升级后，皇家加勒比和嘉年华的股价均上涨了 2%。</blockquote></p><p> The policymaking Federal Open Market Committee indicated that rate hikes could come as soon as 2023, after indicating in March that it saw no increases until at least 2024.</p><p><blockquote>制定政策的联邦公开市场委员会表示，最早可能在 2023 年加息，此前该委员会在 3 月份表示至少在 2024 年之前不会加息。</blockquote></p><p> The Fed also raised its headline inflation expectation to 3.4%, a full percentage point higher than the March projection, the post-meeting statement continued to say that inflation pressures are \"transitory.\"</p><p><blockquote>美联储还将总体通胀预期上调至3.4%，比3月份的预测高出整整一个百分点，会后声明继续表示通胀压力是“暂时的”。</blockquote></p><p> Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.</p><p><blockquote>主席杰罗姆·鲍威尔将于美国东部时间下午 2:30 举行新闻发布会。</blockquote></p><p> The meeting came as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.</p><p><blockquote>周二的一份报告显示，此次会议召开之际，通胀正在升温，5 月份生产者价格以近 11 年来最快的年增长率上涨。这促使包括Paul Tudor Jones在内的一些人前往看涨期权，要求央行重新考虑其宽松的货币政策。</blockquote></p><p> The central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.</p><p><blockquote>随着经济继续从冠状病毒大流行中复苏，央行每月购买价值1200亿美元的债券。</blockquote></p><p> \"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"</p><p><blockquote>Commonwealth Financial Network 首席信息官布拉德·麦克米伦 (Brad McMillan) 表示：“本周的戏剧性事件将是美联储是否保持紧缩政策，还是承认通胀正在上升以及美联储需要紧缩政策。”“由于美联储有双重任务——失业和通胀——这表明它确实应该继续关注失业，而不是通胀。”</blockquote></p><p> Treasury Secretary Janet Yellen, who is testifying before the Senate Finance Committee Wednesday, said higher price pressures shouldn't last over the long run.</p><p><blockquote>财政部长珍妮特·耶伦周三在参议院财政委员会作证时表示，从长远来看，价格上涨的压力不应持续太久。</blockquote></p><p> \"I previously said that I see important transitory influences at work and I don't anticipate that it will be permanent,\" Yellen said. \"But we continue to monitor inflation data very carefully, and importantly for the long run inflation outlook we see inflation expectations by most measures … as being well-anchored.\"</p><p><blockquote>耶伦说：“我之前说过，我看到了重要的暂时影响，我预计这不会是永久性的。”“但我们继续非常仔细地监控通胀数据，重要的是，对于长期通胀前景，我们认为大多数衡量标准的通胀预期……都是稳固的。”</blockquote></p><p> On Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.</p><p><blockquote>周三，中国表示将从国家储备中释放铜、铝和锌等工业金属，以抑制大宗商品价格。铜价已从历史高点下跌超过10%，周二跌入回调区域。</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>Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.<blockquote>美联储维持利率稳定，但大幅提高通胀预期，并且没有提及缩减通胀规模。</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\">\nFed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.<blockquote>美联储维持利率稳定，但大幅提高通胀预期，并且没有提及缩减通胀规模。</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\">2021-06-17 02:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.</p><p><blockquote>美联储维持利率稳定，但大幅提高通胀预期，并且没有提及缩减通胀规模。</blockquote></p><p> U.S. stocks dropped to their session lows on Wednesday after the Federal Reserve raised its inflation expectations and moved up the time frame on when it will hike interest rates next.</p><p><blockquote>美联储上调通胀预期并提前下一次加息时间后，美国股市周三跌至盘中低点。</blockquote></p><p> The Dow Jones Industrial Average fell 320 points. The S&amp;P 500 traded 0.7% lower after hitting an all-time high in the previous session. The tech-heavy Nasdaq Composite erased earlier gains and traded 0.5% lower.</p><p><blockquote>道琼斯工业平均指数下跌320点。标普500在前一交易日创下历史新高后下跌 0.7%。以科技股为主的纳斯达克综合指数抹去了早些时候的涨幅，下跌 0.5%。</blockquote></p><p> Nine out of 11 S&amp;P 500 sectors traded in the red, led to the downside by communication services and financials.</p><p><blockquote>标普500 11 个板块中有 9 个出现亏损，其中通信服务和金融板块领跌。</blockquote></p><p> Economic reopening plays provided the broader market with some support. Major airline stocks American Airlines, United and Delta all traded higher. Royal Caribbean and Carnival both climbed 2% afteran upgrade from Wolfe Research.</p><p><blockquote>经济重启为大盘提供了一些支撑。主要航空股美国航空、美联航和达美航空均走高。在 Wolfe Research 升级后，皇家加勒比和嘉年华的股价均上涨了 2%。</blockquote></p><p> The policymaking Federal Open Market Committee indicated that rate hikes could come as soon as 2023, after indicating in March that it saw no increases until at least 2024.</p><p><blockquote>制定政策的联邦公开市场委员会表示，最早可能在 2023 年加息，此前该委员会在 3 月份表示至少在 2024 年之前不会加息。</blockquote></p><p> The Fed also raised its headline inflation expectation to 3.4%, a full percentage point higher than the March projection, the post-meeting statement continued to say that inflation pressures are \"transitory.\"</p><p><blockquote>美联储还将总体通胀预期上调至3.4%，比3月份的预测高出整整一个百分点，会后声明继续表示通胀压力是“暂时的”。</blockquote></p><p> Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.</p><p><blockquote>主席杰罗姆·鲍威尔将于美国东部时间下午 2:30 举行新闻发布会。</blockquote></p><p> The meeting came as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.</p><p><blockquote>周二的一份报告显示，此次会议召开之际，通胀正在升温，5 月份生产者价格以近 11 年来最快的年增长率上涨。这促使包括Paul Tudor Jones在内的一些人前往看涨期权，要求央行重新考虑其宽松的货币政策。</blockquote></p><p> The central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.</p><p><blockquote>随着经济继续从冠状病毒大流行中复苏，央行每月购买价值1200亿美元的债券。</blockquote></p><p> \"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"</p><p><blockquote>Commonwealth Financial Network 首席信息官布拉德·麦克米伦 (Brad McMillan) 表示：“本周的戏剧性事件将是美联储是否保持紧缩政策，还是承认通胀正在上升以及美联储需要紧缩政策。”“由于美联储有双重任务——失业和通胀——这表明它确实应该继续关注失业，而不是通胀。”</blockquote></p><p> Treasury Secretary Janet Yellen, who is testifying before the Senate Finance Committee Wednesday, said higher price pressures shouldn't last over the long run.</p><p><blockquote>财政部长珍妮特·耶伦周三在参议院财政委员会作证时表示，从长远来看，价格上涨的压力不应持续太久。</blockquote></p><p> \"I previously said that I see important transitory influences at work and I don't anticipate that it will be permanent,\" Yellen said. \"But we continue to monitor inflation data very carefully, and importantly for the long run inflation outlook we see inflation expectations by most measures … as being well-anchored.\"</p><p><blockquote>耶伦说：“我之前说过，我看到了重要的暂时影响，我预计这不会是永久性的。”“但我们继续非常仔细地监控通胀数据，重要的是，对于长期通胀前景，我们认为大多数衡量标准的通胀预期……都是稳固的。”</blockquote></p><p> On Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.</p><p><blockquote>周三，中国表示将从国家储备中释放铜、铝和锌等工业金属，以抑制大宗商品价格。铜价已从历史高点下跌超过10%，周二跌入回调区域。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170150919","content_text":"Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.\nU.S. stocks dropped to their session lows on Wednesday after the Federal Reserve raised its inflation expectations and moved up the time frame on when it will hike interest rates next.\nThe Dow Jones Industrial Average fell 320 points. The S&P 500 traded 0.7% lower after hitting an all-time high in the previous session. The tech-heavy Nasdaq Composite erased earlier gains and traded 0.5% lower.\nNine out of 11 S&P 500 sectors traded in the red, led to the downside by communication services and financials.\nEconomic reopening plays provided the broader market with some support. Major airline stocks American Airlines, United and Delta all traded higher. Royal Caribbean and Carnival both climbed 2% afteran upgrade from Wolfe Research.\nThe policymaking Federal Open Market Committee indicated that rate hikes could come as soon as 2023, after indicating in March that it saw no increases until at least 2024.\nThe Fed also raised its headline inflation expectation to 3.4%, a full percentage point higher than the March projection, the post-meeting statement continued to say that inflation pressures are \"transitory.\"\nChairman Jerome Powell will hold a press conference at 2:30 p.m. ET.\nThe meeting came as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.\nThe central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.\n\"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"\nTreasury Secretary Janet Yellen, who is testifying before the Senate Finance Committee Wednesday, said higher price pressures shouldn't last over the long run.\n\"I previously said that I see important transitory influences at work and I don't anticipate that it will be permanent,\" Yellen said. \"But we continue to monitor inflation data very carefully, and importantly for the long run inflation outlook we see inflation expectations by most measures … as being well-anchored.\"\nOn Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":694,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160540171,"gmtCreate":1623802906893,"gmtModify":1634028019862,"author":{"id":"3581545771843484","authorId":"3581545771843484","name":"Ti82","avatar":"https://static.tigerbbs.com/9dcf97e9c0724dd0190ad03354b136c5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581545771843484","idStr":"3581545771843484"},"themes":[],"title":"","htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/160540171","repostId":"2143680537","repostType":4,"isVote":1,"tweetType":1,"viewCount":753,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184639165,"gmtCreate":1623712190757,"gmtModify":1634029873476,"author":{"id":"3581545771843484","authorId":"3581545771843484","name":"Ti82","avatar":"https://static.tigerbbs.com/9dcf97e9c0724dd0190ad03354b136c5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581545771843484","idStr":"3581545771843484"},"themes":[],"title":"","htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/184639165","repostId":"2143735525","repostType":4,"isVote":1,"tweetType":1,"viewCount":904,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182003701,"gmtCreate":1623545407803,"gmtModify":1634032023862,"author":{"id":"3581545771843484","authorId":"3581545771843484","name":"Ti82","avatar":"https://static.tigerbbs.com/9dcf97e9c0724dd0190ad03354b136c5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581545771843484","idStr":"3581545771843484"},"themes":[],"title":"","htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/182003701","repostId":"2143788707","repostType":4,"isVote":1,"tweetType":1,"viewCount":1182,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182000224,"gmtCreate":1623545323368,"gmtModify":1634032026154,"author":{"id":"3581545771843484","authorId":"3581545771843484","name":"Ti82","avatar":"https://static.tigerbbs.com/9dcf97e9c0724dd0190ad03354b136c5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581545771843484","idStr":"3581545771843484"},"themes":[],"title":"","htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/182000224","repostId":"1185020128","repostType":4,"repost":{"id":"1185020128","kind":"news","pubTimestamp":1623537503,"share":"https://www.laohunote.com/m/news/1185020128?lang=zh_CN&edition=full","pubTime":"2021-06-13 06:38","market":"us","language":"en","title":"Meme Stock Soars 1,000% To Lead These Two Top Small Cap Stock Plays<blockquote>Meme 股票飙升 1,000%，领跑这两只顶级小盘股</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185020128","media":"investors","summary":"GameStop may be the top holding in SPDR S&P 600 Small Cap Value, but that's not the only reason the ","content":"<p>GameStop may be the top holding in SPDR S&amp;P 600 Small Cap Value, but that's not the only reason the ETF is beating its growth-stock counterpart.</p><p><blockquote>游戏驿站可能是 SPDR S&amp;P 600 小盘股价值的最大持股，但这并不是该 ETF 击败成长型股票的唯一原因。</blockquote></p><p> The $4.2 billion value fund tracks the S&amp;P SmallCap 600 Value Index (SLYV), composed of stocks with the strongest value traits based on book value to price ratio, earnings to price ratio, and sales to price ratio. SLYV rallied 32% this year through Thursday's close.</p><p><blockquote>这只价值 42 亿美元的价值基金追踪标准普尔小型股 600 价值指数 (SLYV)，该指数由基于账面市盈率、市盈率和销售率的最强价值特征的股票组成。截至周四收盘，SLYV 今年上涨了 32%。</blockquote></p><p> That more than doubles the return of its growth stock counterpart, SPDR S&amp;P 600 Small Cap Growth (SLYG), which is up 15%. The index SLYG tracks includes stocks with the strongest growth traits based on sales growth, earnings change to price and momentum.</p><p><blockquote>这比其成长型股票 SPDR S&amp;P 600 Small Cap Growth (SLYG) 的回报率增加了一倍多，后者上涨了 15%。SLYG 跟踪的指数包括基于销售增长、盈利对价格和势头的变化而具有最强增长特征的股票。</blockquote></p><p> Back to SLYV, financials accounted for the biggest sector weight at 24% of assets. Industrials weighed in at about 17%, consumer discretionary 15% and real estate 10%. Information technology was next at 8% and materials, energy and health care, 6% each.&nbsp;Smaller positions in consumer staples, utilities and communication services made up the rest.</p><p><blockquote>回到 SLYV，金融业占该行业权重最大，占资产的 24%。工业约占17%，非必需消费品15%，房地产10%。信息技术紧随其后，占8%，材料、能源和医疗保健各占6%。消费品、公用事业和通信服务等较小的头寸占其余头寸。</blockquote></p><p> SPDR S&amp;P 600 Small Cap Value is in IBD's ETF Leaders, but SPDR S&amp;P 600 Small Cap Growth is not.</p><p><blockquote>SPDR S&amp;P 600 小盘股价值位居 IBD ETF 领先地位，但 SPDR S&amp;P 600 小盘股增长并非如此。</blockquote></p><p> <b>GameStop Stock Leads</b></p><p><blockquote><b>游戏驿站股票领先</b></blockquote></p><p> <b>GameStop</b>(GME),<b>Macy's</b>(M),<b>PDC Energy</b>(PDCE),<b>Resideo Technologies</b>(REZI) and<b>BankUnited</b>(BKU) were the top five holdings as of Wednesday.</p><p><blockquote><b>游戏驿站</b>（GME），<b>梅西百货</b>（米），<b>PDC能源</b>（PDCE），<b>Resideo技术公司</b>（雷齐）和<b>联合银行</b>（BKU）是截至周三的前五大持股。</blockquote></p><p> <b>Pacific Premier Bancorp</b>(PPBI),<b>Bed Bath &amp; Beyond</b>(BBBY),<b>Ameris Bancorp</b>(ABCB),<b>First Hawaiian</b>(FHB) and<b>Insight Enterprises</b>(NSIT) rounded out the top 10.</p><p><blockquote><b>太平洋卓越银行</b>（PPBI），<b>床浴及其他</b>（BBBY），<b>美国银行</b>（ABCB），<b>第一个夏威夷人</b>（FHB）和<b>洞察企业</b>（NSIT）跻身前10名。</blockquote></p><p> GameStop has undergone wide swings this year. It rocketed about 2,500% early this year amid theshort-squeeze rallyfueled by the Reddit/WallStreetBets crowd.GME stockthen crashed 92% from a Jan. 28 high to its mid-February low. That was followed by an 805% surge the next three weeks, and a 66% drop over the next two weeks.</p><p><blockquote>游戏驿站今年经历了很大的波动。今年早些时候，在 Reddit/WallStreetBets crowd.GME 引发的空头挤压反弹中，该股飙升约 2,500%。随后，GME 股票从 1 月 28 日的高点暴跌 92%，跌至 2 月中旬的低点。随后在接下来的三周内飙升了 805%，在接下来的两周内下降了 66%。</blockquote></p><p> Action had been relatively subdued since, until Thursday's 27% dive. Even after that, GameStop stock was up 1,070% year to date through Thursday's close.</p><p><blockquote>此后，股价一直相对低迷，直到周四暴跌 27%。即便如此，截至周四收盘，游戏驿站股价今年迄今已上涨 1,070%。</blockquote></p><p> Could GME be inflating SLYV's performance? Certainly, given its quadruple-digit gain. But a look at SLYG's portfolio is interesting. GameStop stock is also the top holding in the growth stock ETF, though the rest of the top 10 differ vastly.</p><p><blockquote>GME 会夸大 SLYV 的业绩吗？当然，考虑到其四位数的增益。但看看 SLYG 的投资组合很有趣。游戏驿站股票也是成长型股票 ETF 中持有量最大的股票，尽管前 10 名中的其他股票差异很大。</blockquote></p><p> <b>Second Meme Stock In Top 10</b></p><p><blockquote><b>前 10 名中的第二只模因股票</b></blockquote></p><p> PDC Energy, up 130%, saw the next biggest gain in the top 10. The Colorado-based oil and gas explorer has a 97Relative Strength Rating, which mean it's in the top 3% of all stocks. Its relative strength line is at a 52-week high, a bullish sign.</p><p><blockquote>PDC Energy 上涨 130%，在前 10 名中涨幅第二大。这家总部位于科罗拉多州的石油和天然气勘探公司的相对实力评级为 97，这意味着它在所有股票中排名前 3%。其相对强弱线处于 52 周高点，这是一个看涨信号。</blockquote></p><p> Bed Bath &amp; Beyond, another meme stock, is up 78% this year. Shares surged more than 200% in January, amid a spate of wild double-digit swings. BBBY stock then gave back the bulk of its gains.</p><p><blockquote>另一只模因股票 Bed Bath &amp; Beyond 今年上涨了 78%。1 月份，股价飙升超过 200%，出现了一系列两位数的剧烈波动。BBBY 股票随后回吐了大部分涨幅。</blockquote></p><p> But the home goods retailer appears to be back on the radar of the WallStreetBets discussion group. On June 2, Bed Bath &amp; Beyond soared 62% before diving 28% the next session.</p><p><blockquote>但这家家居用品零售商似乎又回到了 WallStreetBets 讨论组的视线中。6 月 2 日，Bed Bath &amp; Beyond 飙升 62%，然后在接下来的交易日暴跌 28%。</blockquote></p><p> The rest of the top 10 stocks have also outperformed the broader market. Macy's is up 68% year to date, while Resideo, Pacific Premier and Ameris have risen more than 40% each. The lowest gainer, bank holding company First Hawaiian, has advanced 20%. The S&amp;P 500 held a 13% gain through Thursday's close.</p><p><blockquote>前 10 名股票的其余表现也优于大盘。梅西百货今年迄今已上涨 68%，而 Resideo、Pacific Premier 和 Ameris 的股价均上涨超过 40%。涨幅最低的银行控股公司 First Hawaiian 上涨了 20%。截至周四收盘，标普500上涨 13%。</blockquote></p><p> SLYV remains in potential buy range from an 87.29entryof acup with handle, according toMarketSmithchart analysis.&nbsp;SLYV and SLYG charge a 0.15% expense ratio.</p><p><blockquote>根据 MarketSmithChart 分析，SLYV 仍处于带手柄的 acup 的潜在买入区间，为 87.29。 SLYV 和 SLYG 收取 0.15% 的费用率。</blockquote></p><p></p>","source":"lsy1610449120050","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>Meme Stock Soars 1,000% To Lead These Two Top Small Cap Stock Plays<blockquote>Meme 股票飙升 1,000%，领跑这两只顶级小盘股</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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\">\nMeme Stock Soars 1,000% To Lead These Two Top Small Cap Stock Plays<blockquote>Meme 股票飙升 1,000%，领跑这两只顶级小盘股</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">investors</strong><span class=\"h-time small\">2021-06-13 06:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>GameStop may be the top holding in SPDR S&amp;P 600 Small Cap Value, but that's not the only reason the ETF is beating its growth-stock counterpart.</p><p><blockquote>游戏驿站可能是 SPDR S&amp;P 600 小盘股价值的最大持股，但这并不是该 ETF 击败成长型股票的唯一原因。</blockquote></p><p> The $4.2 billion value fund tracks the S&amp;P SmallCap 600 Value Index (SLYV), composed of stocks with the strongest value traits based on book value to price ratio, earnings to price ratio, and sales to price ratio. SLYV rallied 32% this year through Thursday's close.</p><p><blockquote>这只价值 42 亿美元的价值基金追踪标准普尔小型股 600 价值指数 (SLYV)，该指数由基于账面市盈率、市盈率和销售率的最强价值特征的股票组成。截至周四收盘，SLYV 今年上涨了 32%。</blockquote></p><p> That more than doubles the return of its growth stock counterpart, SPDR S&amp;P 600 Small Cap Growth (SLYG), which is up 15%. The index SLYG tracks includes stocks with the strongest growth traits based on sales growth, earnings change to price and momentum.</p><p><blockquote>这比其成长型股票 SPDR S&amp;P 600 Small Cap Growth (SLYG) 的回报率增加了一倍多，后者上涨了 15%。SLYG 跟踪的指数包括基于销售增长、盈利对价格和势头的变化而具有最强增长特征的股票。</blockquote></p><p> Back to SLYV, financials accounted for the biggest sector weight at 24% of assets. Industrials weighed in at about 17%, consumer discretionary 15% and real estate 10%. Information technology was next at 8% and materials, energy and health care, 6% each.&nbsp;Smaller positions in consumer staples, utilities and communication services made up the rest.</p><p><blockquote>回到 SLYV，金融业占该行业权重最大，占资产的 24%。工业约占17%，非必需消费品15%，房地产10%。信息技术紧随其后，占8%，材料、能源和医疗保健各占6%。消费品、公用事业和通信服务等较小的头寸占其余头寸。</blockquote></p><p> SPDR S&amp;P 600 Small Cap Value is in IBD's ETF Leaders, but SPDR S&amp;P 600 Small Cap Growth is not.</p><p><blockquote>SPDR S&amp;P 600 小盘股价值位居 IBD ETF 领先地位，但 SPDR S&amp;P 600 小盘股增长并非如此。</blockquote></p><p> <b>GameStop Stock Leads</b></p><p><blockquote><b>游戏驿站股票领先</b></blockquote></p><p> <b>GameStop</b>(GME),<b>Macy's</b>(M),<b>PDC Energy</b>(PDCE),<b>Resideo Technologies</b>(REZI) and<b>BankUnited</b>(BKU) were the top five holdings as of Wednesday.</p><p><blockquote><b>游戏驿站</b>（GME），<b>梅西百货</b>（米），<b>PDC能源</b>（PDCE），<b>Resideo技术公司</b>（雷齐）和<b>联合银行</b>（BKU）是截至周三的前五大持股。</blockquote></p><p> <b>Pacific Premier Bancorp</b>(PPBI),<b>Bed Bath &amp; Beyond</b>(BBBY),<b>Ameris Bancorp</b>(ABCB),<b>First Hawaiian</b>(FHB) and<b>Insight Enterprises</b>(NSIT) rounded out the top 10.</p><p><blockquote><b>太平洋卓越银行</b>（PPBI），<b>床浴及其他</b>（BBBY），<b>美国银行</b>（ABCB），<b>第一个夏威夷人</b>（FHB）和<b>洞察企业</b>（NSIT）跻身前10名。</blockquote></p><p> GameStop has undergone wide swings this year. It rocketed about 2,500% early this year amid theshort-squeeze rallyfueled by the Reddit/WallStreetBets crowd.GME stockthen crashed 92% from a Jan. 28 high to its mid-February low. That was followed by an 805% surge the next three weeks, and a 66% drop over the next two weeks.</p><p><blockquote>游戏驿站今年经历了很大的波动。今年早些时候，在 Reddit/WallStreetBets crowd.GME 引发的空头挤压反弹中，该股飙升约 2,500%。随后，GME 股票从 1 月 28 日的高点暴跌 92%，跌至 2 月中旬的低点。随后在接下来的三周内飙升了 805%，在接下来的两周内下降了 66%。</blockquote></p><p> Action had been relatively subdued since, until Thursday's 27% dive. Even after that, GameStop stock was up 1,070% year to date through Thursday's close.</p><p><blockquote>此后，股价一直相对低迷，直到周四暴跌 27%。即便如此，截至周四收盘，游戏驿站股价今年迄今已上涨 1,070%。</blockquote></p><p> Could GME be inflating SLYV's performance? Certainly, given its quadruple-digit gain. But a look at SLYG's portfolio is interesting. GameStop stock is also the top holding in the growth stock ETF, though the rest of the top 10 differ vastly.</p><p><blockquote>GME 会夸大 SLYV 的业绩吗？当然，考虑到其四位数的增益。但看看 SLYG 的投资组合很有趣。游戏驿站股票也是成长型股票 ETF 中持有量最大的股票，尽管前 10 名中的其他股票差异很大。</blockquote></p><p> <b>Second Meme Stock In Top 10</b></p><p><blockquote><b>前 10 名中的第二只模因股票</b></blockquote></p><p> PDC Energy, up 130%, saw the next biggest gain in the top 10. The Colorado-based oil and gas explorer has a 97Relative Strength Rating, which mean it's in the top 3% of all stocks. Its relative strength line is at a 52-week high, a bullish sign.</p><p><blockquote>PDC Energy 上涨 130%，在前 10 名中涨幅第二大。这家总部位于科罗拉多州的石油和天然气勘探公司的相对实力评级为 97，这意味着它在所有股票中排名前 3%。其相对强弱线处于 52 周高点，这是一个看涨信号。</blockquote></p><p> Bed Bath &amp; Beyond, another meme stock, is up 78% this year. Shares surged more than 200% in January, amid a spate of wild double-digit swings. BBBY stock then gave back the bulk of its gains.</p><p><blockquote>另一只模因股票 Bed Bath &amp; Beyond 今年上涨了 78%。1 月份，股价飙升超过 200%，出现了一系列两位数的剧烈波动。BBBY 股票随后回吐了大部分涨幅。</blockquote></p><p> But the home goods retailer appears to be back on the radar of the WallStreetBets discussion group. On June 2, Bed Bath &amp; Beyond soared 62% before diving 28% the next session.</p><p><blockquote>但这家家居用品零售商似乎又回到了 WallStreetBets 讨论组的视线中。6 月 2 日，Bed Bath &amp; Beyond 飙升 62%，然后在接下来的交易日暴跌 28%。</blockquote></p><p> The rest of the top 10 stocks have also outperformed the broader market. Macy's is up 68% year to date, while Resideo, Pacific Premier and Ameris have risen more than 40% each. The lowest gainer, bank holding company First Hawaiian, has advanced 20%. The S&amp;P 500 held a 13% gain through Thursday's close.</p><p><blockquote>前 10 名股票的其余表现也优于大盘。梅西百货今年迄今已上涨 68%，而 Resideo、Pacific Premier 和 Ameris 的股价均上涨超过 40%。涨幅最低的银行控股公司 First Hawaiian 上涨了 20%。截至周四收盘，标普500上涨 13%。</blockquote></p><p> SLYV remains in potential buy range from an 87.29entryof acup with handle, according toMarketSmithchart analysis.&nbsp;SLYV and SLYG charge a 0.15% expense ratio.</p><p><blockquote>根据 MarketSmithChart 分析，SLYV 仍处于带手柄的 acup 的潜在买入区间，为 87.29。 SLYV 和 SLYG 收取 0.15% 的费用率。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investors.com/etfs-and-funds/etf-leaders/gamestop-stock-soars-1000-percent-lead-two-top-small-cap-stock-plays/?src=A00220\">investors</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":{"PDCE":"PDC Energy"},"source_url":"https://www.investors.com/etfs-and-funds/etf-leaders/gamestop-stock-soars-1000-percent-lead-two-top-small-cap-stock-plays/?src=A00220","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185020128","content_text":"GameStop may be the top holding in SPDR S&P 600 Small Cap Value, but that's not the only reason the ETF is beating its growth-stock counterpart.\nThe $4.2 billion value fund tracks the S&P SmallCap 600 Value Index (SLYV), composed of stocks with the strongest value traits based on book value to price ratio, earnings to price ratio, and sales to price ratio. SLYV rallied 32% this year through Thursday's close.\nThat more than doubles the return of its growth stock counterpart, SPDR S&P 600 Small Cap Growth (SLYG), which is up 15%. The index SLYG tracks includes stocks with the strongest growth traits based on sales growth, earnings change to price and momentum.\nBack to SLYV, financials accounted for the biggest sector weight at 24% of assets. Industrials weighed in at about 17%, consumer discretionary 15% and real estate 10%. Information technology was next at 8% and materials, energy and health care, 6% each. Smaller positions in consumer staples, utilities and communication services made up the rest.\nSPDR S&P 600 Small Cap Value is in IBD's ETF Leaders, but SPDR S&P 600 Small Cap Growth is not.\nGameStop Stock Leads\nGameStop(GME),Macy's(M),PDC Energy(PDCE),Resideo Technologies(REZI) andBankUnited(BKU) were the top five holdings as of Wednesday.\nPacific Premier Bancorp(PPBI),Bed Bath & Beyond(BBBY),Ameris Bancorp(ABCB),First Hawaiian(FHB) andInsight Enterprises(NSIT) rounded out the top 10.\nGameStop has undergone wide swings this year. It rocketed about 2,500% early this year amid theshort-squeeze rallyfueled by the Reddit/WallStreetBets crowd.GME stockthen crashed 92% from a Jan. 28 high to its mid-February low. That was followed by an 805% surge the next three weeks, and a 66% drop over the next two weeks.\nAction had been relatively subdued since, until Thursday's 27% dive. Even after that, GameStop stock was up 1,070% year to date through Thursday's close.\nCould GME be inflating SLYV's performance? Certainly, given its quadruple-digit gain. But a look at SLYG's portfolio is interesting. GameStop stock is also the top holding in the growth stock ETF, though the rest of the top 10 differ vastly.\nSecond Meme Stock In Top 10\nPDC Energy, up 130%, saw the next biggest gain in the top 10. The Colorado-based oil and gas explorer has a 97Relative Strength Rating, which mean it's in the top 3% of all stocks. Its relative strength line is at a 52-week high, a bullish sign.\nBed Bath & Beyond, another meme stock, is up 78% this year. Shares surged more than 200% in January, amid a spate of wild double-digit swings. BBBY stock then gave back the bulk of its gains.\nBut the home goods retailer appears to be back on the radar of the WallStreetBets discussion group. On June 2, Bed Bath & Beyond soared 62% before diving 28% the next session.\nThe rest of the top 10 stocks have also outperformed the broader market. Macy's is up 68% year to date, while Resideo, Pacific Premier and Ameris have risen more than 40% each. The lowest gainer, bank holding company First Hawaiian, has advanced 20%. The S&P 500 held a 13% gain through Thursday's close.\nSLYV remains in potential buy range from an 87.29entryof acup with handle, according toMarketSmithchart analysis. SLYV and SLYG charge a 0.15% expense ratio.","news_type":1,"symbols_score_info":{"PDCE":0.9,"BBBY":0.9}},"isVote":1,"tweetType":1,"viewCount":583,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181090245,"gmtCreate":1623365853287,"gmtModify":1634034262959,"author":{"id":"3581545771843484","authorId":"3581545771843484","name":"Ti82","avatar":"https://static.tigerbbs.com/9dcf97e9c0724dd0190ad03354b136c5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581545771843484","idStr":"3581545771843484"},"themes":[],"title":"","htmlText":"Good read","listText":"Good read","text":"Good 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read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/102080478","repostId":"1191168108","repostType":4,"repost":{"id":"1191168108","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1620139872,"share":"https://www.laohunote.com/m/news/1191168108?lang=zh_CN&edition=full","pubTime":"2021-05-04 22:51","market":"us","language":"en","title":"IPO Preview: Honest Company, Chinese Lifestyle Brand Onion Global, Hydroponic iPower Lead Group<blockquote>IPO预告：诚实公司、中国生活方式品牌洋葱环球、水培iPower领先集团</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191168108","media":"Benzinga Earnings","summary":"The week of May 3 has several IPOs on the docket spread across sectors like consumer products, fashi","content":"<p>The week of May 3 has several IPOs on the docket spread across sectors like consumer products, fashion, banking, vaccines and hydroponics. Here is a look at this week’s top offerings and details investors should know.</p><p><blockquote>5 月 3 日当周有几起 IPO 待审，涉及消费品、时尚、银行、疫苗和水培等行业。以下是本周的热门产品以及投资者应该了解的详细信息。</blockquote></p><p> <b>Waterdrop:</b>Working with insurance companies,<b>Waterdrop</b>NYSEWDHseeksto have a positive social impact with its technology platform. Waterdrop has over 79.4 million cumulative customers and over 340 million donors to its crowdfunding platform, which is the largest medical crowdfunding platform in China.</p><p><blockquote><b>水滴：</b>与保险公司合作，<b>水滴</b>NYSEWDHseeksto的技术平台产生了积极的社会影响。水滴累计客户超过7940万，其众筹平台捐款人超过3.4亿，是中国最大的医疗众筹平台。</blockquote></p><p> Waterdrop works with 62 insurance carriers and offers over 200 products to help customers and those seeking help with medical bills. The company had revenue of $464.1 million in fiscal 2020. The company plans on offering 30 million American depositary shares at a price point of $10 to $12.</p><p><blockquote>Waterdrop与62家保险公司合作，提供200多种产品来帮助客户和寻求医疗账单帮助的人。该公司2020财年的收入为4.641亿美元。该公司计划以10至12美元的价格发行3000万股美国存托股票。</blockquote></p><p> <b>Five Star Bancorp:</b>With branches in California,<b>Five Star Bancorp</b>NASDAQFSBCisa regional bank company focused on the Sacramento market. The company ended 2020 with $1.8 billion in deposits and $1.5 billion in loans.</p><p><blockquote><b>五星银行：</b>在加利福尼亚设有分支机构，<b>五星银行</b>纳斯达克FSBCISA地区银行公司专注于萨克拉门托市场。截至 2020 年，该公司存款为 18 亿美元，贷款为 15 亿美元。</blockquote></p><p> From 2016 to 2020, the company saw compounded annual growth of 23.5% for assets, 23.8% for loans and 23.7% for deposits. First quarter preliminary numbers saw deposits grow 11.2% from the fourth quarter and loans grow 2.6% from the fourth quarter. The company plans on selling 5.265 million shares at a price point of $18 to $20.</p><p><blockquote>2016年至2020年，公司资产复合年增长率为23.5%，贷款复合年增长率为23.8%，存款复合年增长率为23.7%。第一季度初步数据显示，存款较第四季度增长11.2%，贷款较第四季度增长2.6%。该公司计划以18至20美元的价格出售526.5万股股票。</blockquote></p><p> <b>The Honest Company:</b>Clean lifestyle product company<b>The Honest Company</b>NASDAQHNSTcouldbe the most-watched IPO this week. The company was founded by actress Jessica Alba in 2012 in response to finding clean products and non-allergic reactions from products after giving birth.</p><p><blockquote><b>诚信公司：</b>清洁生活产品公司<b>诚信公司</b>纳斯达克HNST可能是本周最受关注的IPO。该公司由女演员杰西卡·阿尔芭 (Jessica Alba) 于 2012 年创立，旨在回应产后发现清洁产品和无过敏反应的产品。</blockquote></p><p> The Honest Company prides itself in being “a conscious living company for today and tomorrow.” The company has grown from being a diapers-and-wipes company to covering every age and every life stage of its customers.</p><p><blockquote>诚实公司以自己是 “一家为今天和明天而有意识的生活公司 ”而自豪。该公司已经从一家纸尿裤和湿巾公司发展到覆盖客户的每个年龄段和每个生命阶段。</blockquote></p><p> The Honest Company had revenue of $235.6 million in fiscal 2020, up 27.6% year-over-year. Diapers and wipes made up 63% of 2020 revenue, up 16.4% year-over-year. Skin and personal care product revenue represented 26% of sales in 2020 and were up 55% year-over-year. Household and wellness sales made up 11% of sales and had year-over-year growth of 116.5% in 2020. The Honest Company products can be purchased online from the company or sites like<b>Amazon.com</b>AMZN 1.77%and in physical stores like<b>Costco Wholesale Corporation</b>COST 0.54%and<b>Target Corporation</b>TGT 0.23%.</p><p><blockquote>The Honest Company 2020 财年营收为 2.356 亿美元，同比增长 27.6%。尿布和湿巾占2020年收入的63%，同比增长16.4%。2020年，皮肤和个人护理产品收入占销售额的26%，同比增长55%。2020年，家庭和健康销售额占销售额的11%，同比增长116.5%。诚实公司的产品可以从公司或网站在线购买，如<b>亚马逊</b>AMZN 1.77%，在实体店如<b>好市多批发公司</b>成本0.54%和<b>目标公司</b>TGT 0.23%。</blockquote></p><p> Founder Alba will not sell any shares in the IPO and will own an estimated 6.1% of the company after the offering. The company isseekingto sell 25.8 million shares at a price point of $14 to $17.</p><p><blockquote>Founder Alba 不会在 IPO 中出售任何股份，并将在发行后拥有该公司约 6.1% 的股份。该公司寻求以 14 至 17 美元的价格出售 2580 万股股票。</blockquote></p><p> <b>Bowman Consulting Group:</b>Professional services company<b>Bowman Consulting Group</b>NASDAQBWMNoffersengineering solutions to customers. Bowman Consulting has over 2,200 customers who count on the company for services like planning, engineering, construction management, commissioning, geomatics, survey, land procurement and environmental consulting. The company had revenue of $122 million in the last fiscal year, up from $113.7 million in the prior year. Bowman Consulting plans to offer 3.1 million shares at a price point of $12 to $14.</p><p><blockquote><b>鲍曼咨询集团：</b>专业服务公司<b>鲍曼咨询集团</b>纳斯达克BWM为客户提供工程解决方案。Bowman Consulting拥有2,200多名客户，他们依靠该公司提供规划、工程、施工管理、调试、地理信息学、测量、土地采购和环境咨询等服务。该公司上一财年的收入为 1.22 亿美元，高于上一年的 1.137 亿美元。鲍曼咨询公司计划以 12 至 14 美元的价格发行 310 万股股票。</blockquote></p><p> <b>Valneva:</b>Vaccine company<b>Valneva</b>NASDAQVLAplansto sell 7.1 million ordinary shares (3.55 million ADSs) at a price of $28.24. The company is focused on vaccine development in infectious diseases. Target areas include Lyme disease, the Chikungunya virus and COVID-19. The company’s lead program VLA15 is in Phase 2 trials to treat Lyme disease and is partnered with<b>Pfizer Corporation</b>PFE 0.49%. Other clinical trials include VLA1553 to treat Chikungunya virus and VLA2001 to treat COVID-19. The company’s VLA1553 is the only known Phase 3 trial vaccine to treat Chikungunya, which could put it in the spotlight with spread to over 100 countries. Several of the company’s products have received Fast Track designation by the FDA.</p><p><blockquote><b>瓦尔涅娃：</b>疫苗公司<b>瓦尔涅娃</b>NASDAQVLAplansto 以 28.24 美元的价格出售 710 万股普通股（355 万股 ADS）。该公司专注于传染病疫苗开发。目标领域包括莱姆病、基孔肯雅热病毒和新冠肺炎。该公司的主导项目 VLA15 正在进行治疗莱姆病的 2 期试验，并与<b>辉瑞公司</b>PFE 0.49%。其他临床试验包括治疗基孔肯雅热病毒的VLA1553和治疗新冠肺炎的VLA2001。该公司的 VLA1553 是目前已知的唯一一种治疗基孔肯雅热病的 3 期试验疫苗，这可能会使其成为人们关注的焦点，并推广到 100 多个国家。该公司的多款产品已获得 FDA 的快速通道认证。</blockquote></p><p> <b>Onion Global:</b>Lifestyle brand company<b>Onion Global</b>NYSEOGplanson selling 12.5 million ADS at a price point of $7.25 to $9.25. The company targets fresh, fashionable and future brands, which it refers to as the 3Fs across China and parts of Asia. The company has over 4,000 brands in 23 categories sold in 43 countries. Onion Global is a top ten global lifestyle company in China. The company uses an omnichannel approach with its self operated ecommerce platform O’Mall, live streaming sales, third party sellers and offline sales. The company has 2.1 million active buyers and 15.5 million registered users.</p><p><blockquote><b>洋葱环球：</b>生活品牌公司<b>洋葱全球</b>NYSEOGplanson 以 7.25 美元至 9.25 美元的价格出售 1250 万股广告。该公司的目标是新鲜、时尚和未来的品牌，在中国和亚洲部分地区被称为3F。该公司拥有23个类别的4000多个品牌，销往43个国家。洋葱环球是中国十大全球生活方式公司。该公司采用全渠道方法，包括自营电子商务平台 O'Mall、直播销售、第三方卖家和线下销售。该公司拥有210万活跃买家和1550万注册用户。</blockquote></p><p></p><p> <b>iPower:</b>Online hydroponic equipment seller<b>iPower Inc</b>NASDAQIPWplansto offer 5&nbsp;million shares at a price point of $9 to $11. The company offers its own brands and partnered brands through its websitewww.zenhydro.com. iPower-owned brands represented 76% of company sales in the six month period ending December 31, 2020. The company had sales of $26.2 million in the six month period ending December 31, 2020. Preliminary first-quarter revenue is expected to be in a range of $11.75 million to $12.75 million compared to $9.4 million in the prior year.</p><p><blockquote><b>电源：</b>在线水培设备卖家<b>iPower公司</b>NASDAQIPWplansto 以 9 至 11 美元的价格发行 500 万股股票。该公司通过其网站 www.zenhydro.com 提供自有品牌和合作品牌。截至2020年12月31日止六个月期间，iPower拥有的品牌占公司销售额的76%。截至2020年12月31日的六个月期间，该公司的销售额为2620万美元。第一季度初步收入预计在 1175 万美元至 1275 万美元之间，而上年同期为 940 万美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>IPO Preview: Honest Company, Chinese Lifestyle Brand Onion Global, Hydroponic iPower Lead Group<blockquote>IPO预告：诚实公司、中国生活方式品牌洋葱环球、水培iPower领先集团</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\">\nIPO Preview: Honest Company, Chinese Lifestyle Brand Onion Global, Hydroponic iPower Lead Group<blockquote>IPO预告：诚实公司、中国生活方式品牌洋葱环球、水培iPower领先集团</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-05-04 22:51</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>The week of May 3 has several IPOs on the docket spread across sectors like consumer products, fashion, banking, vaccines and hydroponics. Here is a look at this week’s top offerings and details investors should know.</p><p><blockquote>5 月 3 日当周有几起 IPO 待审，涉及消费品、时尚、银行、疫苗和水培等行业。以下是本周的热门产品以及投资者应该了解的详细信息。</blockquote></p><p> <b>Waterdrop:</b>Working with insurance companies,<b>Waterdrop</b>NYSEWDHseeksto have a positive social impact with its technology platform. Waterdrop has over 79.4 million cumulative customers and over 340 million donors to its crowdfunding platform, which is the largest medical crowdfunding platform in China.</p><p><blockquote><b>水滴：</b>与保险公司合作，<b>水滴</b>NYSEWDHseeksto的技术平台产生了积极的社会影响。水滴累计客户超过7940万，其众筹平台捐款人超过3.4亿，是中国最大的医疗众筹平台。</blockquote></p><p> Waterdrop works with 62 insurance carriers and offers over 200 products to help customers and those seeking help with medical bills. The company had revenue of $464.1 million in fiscal 2020. The company plans on offering 30 million American depositary shares at a price point of $10 to $12.</p><p><blockquote>Waterdrop与62家保险公司合作，提供200多种产品来帮助客户和寻求医疗账单帮助的人。该公司2020财年的收入为4.641亿美元。该公司计划以10至12美元的价格发行3000万股美国存托股票。</blockquote></p><p> <b>Five Star Bancorp:</b>With branches in California,<b>Five Star Bancorp</b>NASDAQFSBCisa regional bank company focused on the Sacramento market. The company ended 2020 with $1.8 billion in deposits and $1.5 billion in loans.</p><p><blockquote><b>五星银行：</b>在加利福尼亚设有分支机构，<b>五星银行</b>纳斯达克FSBCISA地区银行公司专注于萨克拉门托市场。截至 2020 年，该公司存款为 18 亿美元，贷款为 15 亿美元。</blockquote></p><p> From 2016 to 2020, the company saw compounded annual growth of 23.5% for assets, 23.8% for loans and 23.7% for deposits. First quarter preliminary numbers saw deposits grow 11.2% from the fourth quarter and loans grow 2.6% from the fourth quarter. The company plans on selling 5.265 million shares at a price point of $18 to $20.</p><p><blockquote>2016年至2020年，公司资产复合年增长率为23.5%，贷款复合年增长率为23.8%，存款复合年增长率为23.7%。第一季度初步数据显示，存款较第四季度增长11.2%，贷款较第四季度增长2.6%。该公司计划以18至20美元的价格出售526.5万股股票。</blockquote></p><p> <b>The Honest Company:</b>Clean lifestyle product company<b>The Honest Company</b>NASDAQHNSTcouldbe the most-watched IPO this week. The company was founded by actress Jessica Alba in 2012 in response to finding clean products and non-allergic reactions from products after giving birth.</p><p><blockquote><b>诚信公司：</b>清洁生活产品公司<b>诚信公司</b>纳斯达克HNST可能是本周最受关注的IPO。该公司由女演员杰西卡·阿尔芭 (Jessica Alba) 于 2012 年创立，旨在回应产后发现清洁产品和无过敏反应的产品。</blockquote></p><p> The Honest Company prides itself in being “a conscious living company for today and tomorrow.” The company has grown from being a diapers-and-wipes company to covering every age and every life stage of its customers.</p><p><blockquote>诚实公司以自己是 “一家为今天和明天而有意识的生活公司 ”而自豪。该公司已经从一家纸尿裤和湿巾公司发展到覆盖客户的每个年龄段和每个生命阶段。</blockquote></p><p> The Honest Company had revenue of $235.6 million in fiscal 2020, up 27.6% year-over-year. Diapers and wipes made up 63% of 2020 revenue, up 16.4% year-over-year. Skin and personal care product revenue represented 26% of sales in 2020 and were up 55% year-over-year. Household and wellness sales made up 11% of sales and had year-over-year growth of 116.5% in 2020. The Honest Company products can be purchased online from the company or sites like<b>Amazon.com</b>AMZN 1.77%and in physical stores like<b>Costco Wholesale Corporation</b>COST 0.54%and<b>Target Corporation</b>TGT 0.23%.</p><p><blockquote>The Honest Company 2020 财年营收为 2.356 亿美元，同比增长 27.6%。尿布和湿巾占2020年收入的63%，同比增长16.4%。2020年，皮肤和个人护理产品收入占销售额的26%，同比增长55%。2020年，家庭和健康销售额占销售额的11%，同比增长116.5%。诚实公司的产品可以从公司或网站在线购买，如<b>亚马逊</b>AMZN 1.77%，在实体店如<b>好市多批发公司</b>成本0.54%和<b>目标公司</b>TGT 0.23%。</blockquote></p><p> Founder Alba will not sell any shares in the IPO and will own an estimated 6.1% of the company after the offering. The company isseekingto sell 25.8 million shares at a price point of $14 to $17.</p><p><blockquote>Founder Alba 不会在 IPO 中出售任何股份，并将在发行后拥有该公司约 6.1% 的股份。该公司寻求以 14 至 17 美元的价格出售 2580 万股股票。</blockquote></p><p> <b>Bowman Consulting Group:</b>Professional services company<b>Bowman Consulting Group</b>NASDAQBWMNoffersengineering solutions to customers. Bowman Consulting has over 2,200 customers who count on the company for services like planning, engineering, construction management, commissioning, geomatics, survey, land procurement and environmental consulting. The company had revenue of $122 million in the last fiscal year, up from $113.7 million in the prior year. Bowman Consulting plans to offer 3.1 million shares at a price point of $12 to $14.</p><p><blockquote><b>鲍曼咨询集团：</b>专业服务公司<b>鲍曼咨询集团</b>纳斯达克BWM为客户提供工程解决方案。Bowman Consulting拥有2,200多名客户，他们依靠该公司提供规划、工程、施工管理、调试、地理信息学、测量、土地采购和环境咨询等服务。该公司上一财年的收入为 1.22 亿美元，高于上一年的 1.137 亿美元。鲍曼咨询公司计划以 12 至 14 美元的价格发行 310 万股股票。</blockquote></p><p> <b>Valneva:</b>Vaccine company<b>Valneva</b>NASDAQVLAplansto sell 7.1 million ordinary shares (3.55 million ADSs) at a price of $28.24. The company is focused on vaccine development in infectious diseases. Target areas include Lyme disease, the Chikungunya virus and COVID-19. The company’s lead program VLA15 is in Phase 2 trials to treat Lyme disease and is partnered with<b>Pfizer Corporation</b>PFE 0.49%. Other clinical trials include VLA1553 to treat Chikungunya virus and VLA2001 to treat COVID-19. The company’s VLA1553 is the only known Phase 3 trial vaccine to treat Chikungunya, which could put it in the spotlight with spread to over 100 countries. Several of the company’s products have received Fast Track designation by the FDA.</p><p><blockquote><b>瓦尔涅娃：</b>疫苗公司<b>瓦尔涅娃</b>NASDAQVLAplansto 以 28.24 美元的价格出售 710 万股普通股（355 万股 ADS）。该公司专注于传染病疫苗开发。目标领域包括莱姆病、基孔肯雅热病毒和新冠肺炎。该公司的主导项目 VLA15 正在进行治疗莱姆病的 2 期试验，并与<b>辉瑞公司</b>PFE 0.49%。其他临床试验包括治疗基孔肯雅热病毒的VLA1553和治疗新冠肺炎的VLA2001。该公司的 VLA1553 是目前已知的唯一一种治疗基孔肯雅热病的 3 期试验疫苗，这可能会使其成为人们关注的焦点，并推广到 100 多个国家。该公司的多款产品已获得 FDA 的快速通道认证。</blockquote></p><p> <b>Onion Global:</b>Lifestyle brand company<b>Onion Global</b>NYSEOGplanson selling 12.5 million ADS at a price point of $7.25 to $9.25. The company targets fresh, fashionable and future brands, which it refers to as the 3Fs across China and parts of Asia. The company has over 4,000 brands in 23 categories sold in 43 countries. Onion Global is a top ten global lifestyle company in China. The company uses an omnichannel approach with its self operated ecommerce platform O’Mall, live streaming sales, third party sellers and offline sales. The company has 2.1 million active buyers and 15.5 million registered users.</p><p><blockquote><b>洋葱环球：</b>生活品牌公司<b>洋葱全球</b>NYSEOGplanson 以 7.25 美元至 9.25 美元的价格出售 1250 万股广告。该公司的目标是新鲜、时尚和未来的品牌，在中国和亚洲部分地区被称为3F。该公司拥有23个类别的4000多个品牌，销往43个国家。洋葱环球是中国十大全球生活方式公司。该公司采用全渠道方法，包括自营电子商务平台 O'Mall、直播销售、第三方卖家和线下销售。该公司拥有210万活跃买家和1550万注册用户。</blockquote></p><p></p><p> <b>iPower:</b>Online hydroponic equipment seller<b>iPower Inc</b>NASDAQIPWplansto offer 5&nbsp;million shares at a price point of $9 to $11. The company offers its own brands and partnered brands through its websitewww.zenhydro.com. iPower-owned brands represented 76% of company sales in the six month period ending December 31, 2020. The company had sales of $26.2 million in the six month period ending December 31, 2020. Preliminary first-quarter revenue is expected to be in a range of $11.75 million to $12.75 million compared to $9.4 million in the prior year.</p><p><blockquote><b>电源：</b>在线水培设备卖家<b>iPower公司</b>NASDAQIPWplansto 以 9 至 11 美元的价格发行 500 万股股票。该公司通过其网站 www.zenhydro.com 提供自有品牌和合作品牌。截至2020年12月31日止六个月期间，iPower拥有的品牌占公司销售额的76%。截至2020年12月31日的六个月期间，该公司的销售额为2620万美元。第一季度初步收入预计在 1175 万美元至 1275 万美元之间，而上年同期为 940 万美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IPW":"iPower Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191168108","content_text":"The week of May 3 has several IPOs on the docket spread across sectors like consumer products, fashion, banking, vaccines and hydroponics. Here is a look at this week’s top offerings and details investors should know.\nWaterdrop:Working with insurance companies,WaterdropNYSEWDHseeksto have a positive social impact with its technology platform. Waterdrop has over 79.4 million cumulative customers and over 340 million donors to its crowdfunding platform, which is the largest medical crowdfunding platform in China.\nWaterdrop works with 62 insurance carriers and offers over 200 products to help customers and those seeking help with medical bills. The company had revenue of $464.1 million in fiscal 2020. The company plans on offering 30 million American depositary shares at a price point of $10 to $12.\nFive Star Bancorp:With branches in California,Five Star BancorpNASDAQFSBCisa regional bank company focused on the Sacramento market. The company ended 2020 with $1.8 billion in deposits and $1.5 billion in loans.\nFrom 2016 to 2020, the company saw compounded annual growth of 23.5% for assets, 23.8% for loans and 23.7% for deposits. First quarter preliminary numbers saw deposits grow 11.2% from the fourth quarter and loans grow 2.6% from the fourth quarter. The company plans on selling 5.265 million shares at a price point of $18 to $20.\nThe Honest Company:Clean lifestyle product companyThe Honest CompanyNASDAQHNSTcouldbe the most-watched IPO this week. The company was founded by actress Jessica Alba in 2012 in response to finding clean products and non-allergic reactions from products after giving birth.\nThe Honest Company prides itself in being “a conscious living company for today and tomorrow.” The company has grown from being a diapers-and-wipes company to covering every age and every life stage of its customers.\nThe Honest Company had revenue of $235.6 million in fiscal 2020, up 27.6% year-over-year. Diapers and wipes made up 63% of 2020 revenue, up 16.4% year-over-year. Skin and personal care product revenue represented 26% of sales in 2020 and were up 55% year-over-year. Household and wellness sales made up 11% of sales and had year-over-year growth of 116.5% in 2020. The Honest Company products can be purchased online from the company or sites likeAmazon.comAMZN 1.77%and in physical stores likeCostco Wholesale CorporationCOST 0.54%andTarget CorporationTGT 0.23%.\nFounder Alba will not sell any shares in the IPO and will own an estimated 6.1% of the company after the offering. The company isseekingto sell 25.8 million shares at a price point of $14 to $17.\nBowman Consulting Group:Professional services companyBowman Consulting GroupNASDAQBWMNoffersengineering solutions to customers. Bowman Consulting has over 2,200 customers who count on the company for services like planning, engineering, construction management, commissioning, geomatics, survey, land procurement and environmental consulting. The company had revenue of $122 million in the last fiscal year, up from $113.7 million in the prior year. Bowman Consulting plans to offer 3.1 million shares at a price point of $12 to $14.\nValneva:Vaccine companyValnevaNASDAQVLAplansto sell 7.1 million ordinary shares (3.55 million ADSs) at a price of $28.24. The company is focused on vaccine development in infectious diseases. Target areas include Lyme disease, the Chikungunya virus and COVID-19. The company’s lead program VLA15 is in Phase 2 trials to treat Lyme disease and is partnered withPfizer CorporationPFE 0.49%. Other clinical trials include VLA1553 to treat Chikungunya virus and VLA2001 to treat COVID-19. The company’s VLA1553 is the only known Phase 3 trial vaccine to treat Chikungunya, which could put it in the spotlight with spread to over 100 countries. Several of the company’s products have received Fast Track designation by the FDA.\nOnion Global:Lifestyle brand companyOnion GlobalNYSEOGplanson selling 12.5 million ADS at a price point of $7.25 to $9.25. The company targets fresh, fashionable and future brands, which it refers to as the 3Fs across China and parts of Asia. The company has over 4,000 brands in 23 categories sold in 43 countries. Onion Global is a top ten global lifestyle company in China. The company uses an omnichannel approach with its self operated ecommerce platform O’Mall, live streaming sales, third party sellers and offline sales. The company has 2.1 million active buyers and 15.5 million registered users.\niPower:Online hydroponic equipment selleriPower IncNASDAQIPWplansto offer 5 million shares at a price point of $9 to $11. The company offers its own brands and partnered brands through its websitewww.zenhydro.com. iPower-owned brands represented 76% of company sales in the six month period ending December 31, 2020. The company had sales of $26.2 million in the six month period ending December 31, 2020. Preliminary first-quarter revenue is expected to be in a range of $11.75 million to $12.75 million compared to $9.4 million in the prior year.","news_type":1,"symbols_score_info":{"IPW":0.9}},"isVote":1,"tweetType":1,"viewCount":629,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114797070,"gmtCreate":1623104371290,"gmtModify":1634037035009,"author":{"id":"3581545771843484","authorId":"3581545771843484","name":"Ti82","avatar":"https://static.tigerbbs.com/9dcf97e9c0724dd0190ad03354b136c5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581545771843484","authorIdStr":"3581545771843484"},"themes":[],"title":"","htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/114797070","repostId":"1108033863","repostType":4,"isVote":1,"tweetType":1,"viewCount":925,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113045540,"gmtCreate":1622588679180,"gmtModify":1634100297694,"author":{"id":"3581545771843484","authorId":"3581545771843484","name":"Ti82","avatar":"https://static.tigerbbs.com/9dcf97e9c0724dd0190ad03354b136c5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581545771843484","authorIdStr":"3581545771843484"},"themes":[],"title":"","htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/113045540","repostId":"1147781211","repostType":4,"isVote":1,"tweetType":1,"viewCount":518,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134205064,"gmtCreate":1622238112258,"gmtModify":1634182631265,"author":{"id":"3581545771843484","authorId":"3581545771843484","name":"Ti82","avatar":"https://static.tigerbbs.com/9dcf97e9c0724dd0190ad03354b136c5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581545771843484","authorIdStr":"3581545771843484"},"themes":[],"title":"","htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/134205064","repostId":"2138948877","repostType":4,"isVote":1,"tweetType":1,"viewCount":467,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190333261,"gmtCreate":1620596958353,"gmtModify":1634197924449,"author":{"id":"3581545771843484","authorId":"3581545771843484","name":"Ti82","avatar":"https://static.tigerbbs.com/9dcf97e9c0724dd0190ad03354b136c5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581545771843484","authorIdStr":"3581545771843484"},"themes":[],"title":"","htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/190333261","repostId":"1170905579","repostType":4,"isVote":1,"tweetType":1,"viewCount":1134,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107292355,"gmtCreate":1620494353477,"gmtModify":1634198420758,"author":{"id":"3581545771843484","authorId":"3581545771843484","name":"Ti82","avatar":"https://static.tigerbbs.com/9dcf97e9c0724dd0190ad03354b136c5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581545771843484","authorIdStr":"3581545771843484"},"themes":[],"title":"","htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/107292355","repostId":"1122089368","repostType":4,"repost":{"id":"1122089368","kind":"news","pubTimestamp":1620457397,"share":"https://www.laohunote.com/m/news/1122089368?lang=zh_CN&edition=full","pubTime":"2021-05-08 15:03","market":"us","language":"en","title":"What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122089368","media":"The Wall Street Journal","summary":"To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are t","content":"<p>To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.</p><p><blockquote>对于金融泡沫的老手来说，现在有很多熟悉的事情。股票估值是自 2000 年互联网泡沫以来最高的。房价回到了金融危机前的峰值。高风险公司可以以有记录以来最低的利率借款。个人投资者正在向绿色能源和加密货币投入资金。</blockquote></p><p>This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.</p><p><blockquote>这种繁荣有一些合理的解释，从数字商务的进步到可能是1983年以来最强劲的财政润滑增长。</blockquote></p><p>But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.</p><p><blockquote>但有一个最重要的驱动因素：美联储。宽松的货币政策经常推动金融繁荣，现在尤其容易。美联储在过去一年中一直将利率维持在接近于零的水平，并表示利率至少在未来两年内不会发生变化。它正在购买数千亿美元的债券。因此，10年期国债收益率远低于通胀率——也就是说，实际收益率严重为负——这只是40年来的第二次。</blockquote></p><p>There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.</p><p><blockquote>利率如此之低是有充分理由的。美联储采取了行动来应对疫情，这场疫情在最严重的时候造成的破坏甚至比 2007-09 年金融危机还要大。然而，在很大程度上要归功于美联储和国会通过了约5万亿美元的财政刺激计划，这次复苏看起来比上次要健康得多。这可能会破坏如此低利率的原因，威胁到市场的基础。</blockquote></p><p>“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”</p><p><blockquote>“哈佛大学经济学家杰里米-斯坦（Jeremy Stein）说：”在假设利率将长期处于低位的情况下，股市在最低点的定价是完美的。他曾与现任主席杰罗姆-鲍威尔（Jerome Powell）一起担任美联储理事。“当然，你会感觉到美联储非常努力地说，'一切都很好，我们并不急于加息'。不过，虽然我不认为我们会走向持续的高通胀，但我们完全有可能在几个季度内看到通胀数据。”</blockquote></p><p>Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”</p><p><blockquote>他问道，由于只有在利率保持在极低的情况下，股票的估值才是合理的，那么如果美联储不得不收紧货币政策以对抗通货膨胀，而债券收益率上升 1 到 1.5 个百分点，股票如何重新定价？“资产价格可能会出现严重调整”。</blockquote></p><p><b>‘A bit frothy’</b></p><p><blockquote><b>“有点泡沫”</b></blockquote></p><p>The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.</p><p><blockquote>美联储以前来过这里。上世纪90年代末，为了应对亚洲金融危机和对冲基金长期资本管理公司（Long-Term Capital Management）濒临倒闭，它愿意降息，这被一些人视为一种隐性的市场支持，助长了随后的互联网泡沫。泡沫破裂后的低利率政策随后被指责推高了房价。两次美联储官员都为他们的政策辩护，认为仅仅为了防止泡沫而加息（或不降息）将损害他们低失业率和低通胀的主要目标，并且比让泡沫自行破裂造成更大的危害。</blockquote></p><p>As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.</p><p><blockquote>至于今年，央行在本周的一份报告中警告说，资产 “估值普遍较高”，“如果投资者风险偏好下降、遏制病毒进展令人失望或复苏停滞，资产估值很容易大幅下跌”。4 月 28 日，鲍威尔先生承认市场看起来 “有点泡沫”，美联储可能是原因之一： “我不会说这与货币政策无关，但它与疫苗接种和经济重新开放有很大关系”。但他没有暗示美联储即将缩减刺激计划： “经济距离我们的目标还有很长的路要走”。美国劳工部周五发布的一份报告显示，4 月份新增就业岗位远低于华尔街预期，这凸显了这一点。</blockquote></p><p>The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”</p><p><blockquote>美联储的选择深受金融危机的影响。尽管美联储将利率降至接近于零并购买了债券，但随着家庭、银行和政府寻求偿还债务，美联储正在应对强大的阻力。这抑制了支出，并将通胀率推至美联储 2% 的目标以下。人口老龄化等根深蒂固的力量也抑制了经济增长和利率，这种组合被一些人称为 “长期停滞”。</blockquote></p><p>The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.</p><p><blockquote>一年前的疫情关闭引发了对经济产出的打击，最初比金融危机更严重。但两个月后，随着限制的放松和企业适应社交距离，经济活动开始复苏。美联储启动了新的贷款计划，国会通过了2.2万亿美元的Cares法案。疫苗比预期的要早到达。美国经济可能会在本季度达到大流行前的规模，比金融危机后快两年。</blockquote></p><p>And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.</p><p><blockquote>然而，即使前景有所改善，财政和货币机会仍然敞开。去年 5 月，民主党人首次提出额外 3 万亿美元的刺激计划，当时预计去年产出将下降 6%。它实际上下降了不到一半，但民主党人在赢得白宫和国会后，推动了同样规模的刺激计划。</blockquote></p><p></p><p>The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.</p><p><blockquote>美联储于2020年3月开始购买债券，以应对市场的混乱状况。夏末，随着市场运作正常，它延长了该计划，同时将基本原理转向保持较低的债券收益率。</blockquote></p><p>At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.</p><p><blockquote>与此同时，它公布了一个新框架：在通胀率多年低于 2% 之后，它的目标是将通胀率不仅推回 2%，而且推高，以便随着时间的推移，平均通胀率和预期通胀率都将稳定在 2%。为此，它承诺在恢复充分就业、通货膨胀率为 2% 并继续走高之前不会加息。官员们预测这种情况在 2024 年之前不会发生，尽管前景显着改善，但此后仍坚持这一指导。</blockquote></p><p><b>Running of the bulls</b></p><p><blockquote><b>奔牛</b></blockquote></p><p>This injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&amp;P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.</p><p><blockquote>美国银行的一项调查显示，向因疫苗接种而已经反弹的经济注入前所未有的货币和财政刺激措施，这就是华尔街策略师自上次金融危机前以来最看好股市的原因。虽然利润预测大幅上升，但股市涨幅更大。根据 FactSet 的数据，标普500股票指数目前的交易价格约为来年利润的 22 倍，这一水平只有在 2000 年互联网繁荣鼎盛时期才超过。</blockquote></p><p>Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.</p><p><blockquote>其他资产市场也同样捉襟见肘。彭博巴克莱数据显示，投资者愿意以至少自 1995 年以来最低的收益率以及自 2007 年以来最窄的高于安全国债的利差购买垃圾级公司债券。经通货膨胀调整后，住宅和商业地产价格接近2006年达到的峰值。</blockquote></p><p>Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.</p><p><blockquote>今天的股票和房地产估值比2000年或2006年更合理，因为无风险国债的回报率要低得多。从这个意义上说，美联储的政策正在按照预期发挥作用：改善经济前景，这对利润、住房需求和企业信誉都有好处；以及对风险的偏好。</blockquote></p><p>Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.</p><p><blockquote>尽管如此，低利率已不足以证明某些资产估值的合理性。相反，多头会调用替代指标。</blockquote></p><p>Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.</p><p><blockquote>美国银行最近指出，碳排放量相对较低、用水效率较高的公司获得了更高的估值。这些估值并不是现金流或利润前景优越的结果，而是根据环境、社会和治理（ESG）标准投资的资金浪潮。</blockquote></p><p>Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.</p><p><blockquote>传统估值对于不赚取利息、租金或股息的加密货币也毫无用处。相反，倡导者声称数字货币将取代央行发行的法定货币，成为交易媒介和价值储存手段。加密货币交易所 Coinbase GlobalInc. 的首次公开募股招股说明书称：“加密货币有潜力像互联网一样具有革命性和广泛采用。”根据信息服务机构 CoinDesk 的数据，截至 4 月 29 日，加密货币价值超过 2 万亿美元，大致相当于所有流通中的美元。</blockquote></p><p>Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.</p><p><blockquote>金融创新也在发挥作用，就像过去的金融繁荣一样。投资组合保险是一种旨在对冲市场损失的策略，在 1987 年股市崩盘期间放大了抛售。20 世纪 90 年代，互联网股票经纪人推动了科技股的上涨，21 世纪初，次级抵押贷款衍生品帮助为住房融资。如今，相当于零佣金经纪商，如Robinhood Markets Inc.、部分所有权和社交媒体，所有这些都赋予了个人投资者权力。</blockquote></p><p>Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&amp;P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.</p><p><blockquote>根据世界各国央行财团国际清算银行（Bank for International Settlements）最近的一份报告，这类投资者对整体市场的走向产生了越来越大的影响。例如，它发现，自2017年以来，追踪机构投资者最喜欢的标普500的交易所交易基金的交易量已经持平，而个人投资者更喜欢的成分股的交易量已经攀升。报告指出，个人更有可能出于与其基本业务无关的原因购买一家公司的股票--例如，因为该公司的名称与另一只正在上涨的股票相似。</blockquote></p><p>While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.</p><p><blockquote>虽然这种猜测通常归咎于美联储，但很难划清界限。财政刺激并非如此。金融研究公司 Bianco Research 的负责人吉姆·比安科 (Jim Bianco) 表示，随着财政部发放 1,400 美元的刺激支票，3 月份流入交易所交易基金和共同基金的资金激增。“比安科先生说：”你用支票做的第一件事就是把它存入你的账户，到 2021 年，这就是你的经纪账户。</blockquote></p><p><b>Facing the future</b></p><p><blockquote><b>面向未来</b></blockquote></p><p></p><p>It’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.</p><p><blockquote>我们无法预测这一切将如何结束，甚至是否会结束。事实并非如此： 高价股票最终可能会获得必要的利润，以证明今天的估值是合理的，尤其是在目前经济处于领先地位的情况下。与此同时，随着利润令人失望或竞争的出现，更极端的投机活动可能会在自身压力下崩溃。</blockquote></p><p>Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.</p><p><blockquote>比特币曾威胁要取代美元；现在许多竞争对手都声称要做同样的事情。 TeslaInc 曾经是您可以购买的唯一一只押注电动汽车的股票；现在有中国的蔚来公司、尼古拉公司和菲斯克公司，更不用说大众汽车公司和通用汽车公司等老牌制造商了，它们正在推出越来越多的电动车型。</blockquote></p><p>But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.</p><p><blockquote>但资产全面下跌可能涉及某种宏观经济事件，例如经济衰退、金融危机或通货膨胀。</blockquote></p><p>The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.</p><p><blockquote>美联储上周的报告称，该病毒仍然是经济乃至金融体系的最大威胁。四月份的就业失望提醒人们，经济前景依然不稳定。尽管如此，随着病毒的消退，经济衰退现在似乎不太可能。不能排除金融危机与某种隐藏的脆弱性有关。尽管如此，银行拥有如此多的资本，抵押贷款承销如此紧张，以至于类似于 2007-09 年金融危机（始于抵押贷款违约）的情况似乎不太可能发生。如果垃圾债券、加密货币或科技股主要是用借来的钱购买的，那么它们的价值暴跌可能会引发一波强制抛售、破产和潜在的危机。但这似乎并没有发生。Archegos Capital Management 最近因衍生品股票投资逆转而倒闭，给其贷款人造成了损失。但这并没有威胁到它们的生存，也没有引发对类似情况的公司的传染。</blockquote></p><p>“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”</p><p><blockquote>“第二个阿奇戈斯在哪里？”比安科先生说。“还没有。”</blockquote></p><p>That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.</p><p><blockquote>这就留下了通货膨胀。由于半导体、木材和工人短缺，对通货膨胀的担忧现在很普遍，都给价格和成本带来了上行压力。大多数预测者和美联储认为，一旦经济重新开放和正常支出模式恢复正常，这些压力将会缓解。尽管如此，普通债券收益率和通胀指数债券收益率之间的差异表明，投资者预计未来几年的平均通胀率约为 2.5%。这几乎不是 20 世纪 70 年代的重演，也符合美联储提出的长期平均通胀率 2% 的新目标。尽管如此，这将明显突破过去十年低于2%的范围。</blockquote></p><p>Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw &amp; Co. LP. He attributes that, in part, to inflation concerns.</p><p><blockquote>通胀略有上升将导致美联储将短期利率设定得也略有上升，这不一定会损害股票估值。更令人担忧的是：对股票价值至关重要的长期债券收益率可能会大幅上升。自 20 世纪 90 年代末以来，债券和股票价格往往走向相反的方向。这是因为，当通货膨胀不令人担忧时，经济冲击往往会压低债券收益率（与价格走势相反）和股票价格。因此，债券充当了针对股票损失的保险政策，投资者愿意接受较低的收益率。如果通货膨胀再次成为问题，那么债券就会失去保险价值，收益率就会上升。现任对冲基金 D.E. 的前美联储经济学家布莱恩·萨克 (Brian Sack) 表示，近几个月来，过去几十年大部分时间里存在的股票与债券的相关性开始消失。肖有限公司。他将这部分归因于通货膨胀担忧。</blockquote></p><p>The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.</p><p><blockquote>多年来，通货膨胀主导了金融格局，这导致投资者对资产定价，就好像通货膨胀永远不会再产生这种影响一样。他们可能是对的。但是，如果史无前例的货币和财政刺激组合成功地将经济从过去十年的模式中拉出来，那么这种自满情绪可能会付出相当大的代价。</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>What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-05-08 15:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.</p><p><blockquote>对于金融泡沫的老手来说，现在有很多熟悉的事情。股票估值是自 2000 年互联网泡沫以来最高的。房价回到了金融危机前的峰值。高风险公司可以以有记录以来最低的利率借款。个人投资者正在向绿色能源和加密货币投入资金。</blockquote></p><p>This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.</p><p><blockquote>这种繁荣有一些合理的解释，从数字商务的进步到可能是1983年以来最强劲的财政润滑增长。</blockquote></p><p>But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.</p><p><blockquote>但有一个最重要的驱动因素：美联储。宽松的货币政策经常推动金融繁荣，现在尤其容易。美联储在过去一年中一直将利率维持在接近于零的水平，并表示利率至少在未来两年内不会发生变化。它正在购买数千亿美元的债券。因此，10年期国债收益率远低于通胀率——也就是说，实际收益率严重为负——这只是40年来的第二次。</blockquote></p><p>There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.</p><p><blockquote>利率如此之低是有充分理由的。美联储采取了行动来应对疫情，这场疫情在最严重的时候造成的破坏甚至比 2007-09 年金融危机还要大。然而，在很大程度上要归功于美联储和国会通过了约5万亿美元的财政刺激计划，这次复苏看起来比上次要健康得多。这可能会破坏如此低利率的原因，威胁到市场的基础。</blockquote></p><p>“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”</p><p><blockquote>“哈佛大学经济学家杰里米-斯坦（Jeremy Stein）说：”在假设利率将长期处于低位的情况下，股市在最低点的定价是完美的。他曾与现任主席杰罗姆-鲍威尔（Jerome Powell）一起担任美联储理事。“当然，你会感觉到美联储非常努力地说，'一切都很好，我们并不急于加息'。不过，虽然我不认为我们会走向持续的高通胀，但我们完全有可能在几个季度内看到通胀数据。”</blockquote></p><p>Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”</p><p><blockquote>他问道，由于只有在利率保持在极低的情况下，股票的估值才是合理的，那么如果美联储不得不收紧货币政策以对抗通货膨胀，而债券收益率上升 1 到 1.5 个百分点，股票如何重新定价？“资产价格可能会出现严重调整”。</blockquote></p><p><b>‘A bit frothy’</b></p><p><blockquote><b>“有点泡沫”</b></blockquote></p><p>The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.</p><p><blockquote>美联储以前来过这里。上世纪90年代末，为了应对亚洲金融危机和对冲基金长期资本管理公司（Long-Term Capital Management）濒临倒闭，它愿意降息，这被一些人视为一种隐性的市场支持，助长了随后的互联网泡沫。泡沫破裂后的低利率政策随后被指责推高了房价。两次美联储官员都为他们的政策辩护，认为仅仅为了防止泡沫而加息（或不降息）将损害他们低失业率和低通胀的主要目标，并且比让泡沫自行破裂造成更大的危害。</blockquote></p><p>As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.</p><p><blockquote>至于今年，央行在本周的一份报告中警告说，资产 “估值普遍较高”，“如果投资者风险偏好下降、遏制病毒进展令人失望或复苏停滞，资产估值很容易大幅下跌”。4 月 28 日，鲍威尔先生承认市场看起来 “有点泡沫”，美联储可能是原因之一： “我不会说这与货币政策无关，但它与疫苗接种和经济重新开放有很大关系”。但他没有暗示美联储即将缩减刺激计划： “经济距离我们的目标还有很长的路要走”。美国劳工部周五发布的一份报告显示，4 月份新增就业岗位远低于华尔街预期，这凸显了这一点。</blockquote></p><p>The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”</p><p><blockquote>美联储的选择深受金融危机的影响。尽管美联储将利率降至接近于零并购买了债券，但随着家庭、银行和政府寻求偿还债务，美联储正在应对强大的阻力。这抑制了支出，并将通胀率推至美联储 2% 的目标以下。人口老龄化等根深蒂固的力量也抑制了经济增长和利率，这种组合被一些人称为 “长期停滞”。</blockquote></p><p>The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.</p><p><blockquote>一年前的疫情关闭引发了对经济产出的打击，最初比金融危机更严重。但两个月后，随着限制的放松和企业适应社交距离，经济活动开始复苏。美联储启动了新的贷款计划，国会通过了2.2万亿美元的Cares法案。疫苗比预期的要早到达。美国经济可能会在本季度达到大流行前的规模，比金融危机后快两年。</blockquote></p><p>And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.</p><p><blockquote>然而，即使前景有所改善，财政和货币机会仍然敞开。去年 5 月，民主党人首次提出额外 3 万亿美元的刺激计划，当时预计去年产出将下降 6%。它实际上下降了不到一半，但民主党人在赢得白宫和国会后，推动了同样规模的刺激计划。</blockquote></p><p></p><p>The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.</p><p><blockquote>美联储于2020年3月开始购买债券，以应对市场的混乱状况。夏末，随着市场运作正常，它延长了该计划，同时将基本原理转向保持较低的债券收益率。</blockquote></p><p>At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.</p><p><blockquote>与此同时，它公布了一个新框架：在通胀率多年低于 2% 之后，它的目标是将通胀率不仅推回 2%，而且推高，以便随着时间的推移，平均通胀率和预期通胀率都将稳定在 2%。为此，它承诺在恢复充分就业、通货膨胀率为 2% 并继续走高之前不会加息。官员们预测这种情况在 2024 年之前不会发生，尽管前景显着改善，但此后仍坚持这一指导。</blockquote></p><p><b>Running of the bulls</b></p><p><blockquote><b>奔牛</b></blockquote></p><p>This injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&amp;P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.</p><p><blockquote>美国银行的一项调查显示，向因疫苗接种而已经反弹的经济注入前所未有的货币和财政刺激措施，这就是华尔街策略师自上次金融危机前以来最看好股市的原因。虽然利润预测大幅上升，但股市涨幅更大。根据 FactSet 的数据，标普500股票指数目前的交易价格约为来年利润的 22 倍，这一水平只有在 2000 年互联网繁荣鼎盛时期才超过。</blockquote></p><p>Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.</p><p><blockquote>其他资产市场也同样捉襟见肘。彭博巴克莱数据显示，投资者愿意以至少自 1995 年以来最低的收益率以及自 2007 年以来最窄的高于安全国债的利差购买垃圾级公司债券。经通货膨胀调整后，住宅和商业地产价格接近2006年达到的峰值。</blockquote></p><p>Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.</p><p><blockquote>今天的股票和房地产估值比2000年或2006年更合理，因为无风险国债的回报率要低得多。从这个意义上说，美联储的政策正在按照预期发挥作用：改善经济前景，这对利润、住房需求和企业信誉都有好处；以及对风险的偏好。</blockquote></p><p>Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.</p><p><blockquote>尽管如此，低利率已不足以证明某些资产估值的合理性。相反，多头会调用替代指标。</blockquote></p><p>Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.</p><p><blockquote>美国银行最近指出，碳排放量相对较低、用水效率较高的公司获得了更高的估值。这些估值并不是现金流或利润前景优越的结果，而是根据环境、社会和治理（ESG）标准投资的资金浪潮。</blockquote></p><p>Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.</p><p><blockquote>传统估值对于不赚取利息、租金或股息的加密货币也毫无用处。相反，倡导者声称数字货币将取代央行发行的法定货币，成为交易媒介和价值储存手段。加密货币交易所 Coinbase GlobalInc. 的首次公开募股招股说明书称：“加密货币有潜力像互联网一样具有革命性和广泛采用。”根据信息服务机构 CoinDesk 的数据，截至 4 月 29 日，加密货币价值超过 2 万亿美元，大致相当于所有流通中的美元。</blockquote></p><p>Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.</p><p><blockquote>金融创新也在发挥作用，就像过去的金融繁荣一样。投资组合保险是一种旨在对冲市场损失的策略，在 1987 年股市崩盘期间放大了抛售。20 世纪 90 年代，互联网股票经纪人推动了科技股的上涨，21 世纪初，次级抵押贷款衍生品帮助为住房融资。如今，相当于零佣金经纪商，如Robinhood Markets Inc.、部分所有权和社交媒体，所有这些都赋予了个人投资者权力。</blockquote></p><p>Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&amp;P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.</p><p><blockquote>根据世界各国央行财团国际清算银行（Bank for International Settlements）最近的一份报告，这类投资者对整体市场的走向产生了越来越大的影响。例如，它发现，自2017年以来，追踪机构投资者最喜欢的标普500的交易所交易基金的交易量已经持平，而个人投资者更喜欢的成分股的交易量已经攀升。报告指出，个人更有可能出于与其基本业务无关的原因购买一家公司的股票--例如，因为该公司的名称与另一只正在上涨的股票相似。</blockquote></p><p>While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.</p><p><blockquote>虽然这种猜测通常归咎于美联储，但很难划清界限。财政刺激并非如此。金融研究公司 Bianco Research 的负责人吉姆·比安科 (Jim Bianco) 表示，随着财政部发放 1,400 美元的刺激支票，3 月份流入交易所交易基金和共同基金的资金激增。“比安科先生说：”你用支票做的第一件事就是把它存入你的账户，到 2021 年，这就是你的经纪账户。</blockquote></p><p><b>Facing the future</b></p><p><blockquote><b>面向未来</b></blockquote></p><p></p><p>It’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.</p><p><blockquote>我们无法预测这一切将如何结束，甚至是否会结束。事实并非如此： 高价股票最终可能会获得必要的利润，以证明今天的估值是合理的，尤其是在目前经济处于领先地位的情况下。与此同时，随着利润令人失望或竞争的出现，更极端的投机活动可能会在自身压力下崩溃。</blockquote></p><p>Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.</p><p><blockquote>比特币曾威胁要取代美元；现在许多竞争对手都声称要做同样的事情。 TeslaInc 曾经是您可以购买的唯一一只押注电动汽车的股票；现在有中国的蔚来公司、尼古拉公司和菲斯克公司，更不用说大众汽车公司和通用汽车公司等老牌制造商了，它们正在推出越来越多的电动车型。</blockquote></p><p>But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.</p><p><blockquote>但资产全面下跌可能涉及某种宏观经济事件，例如经济衰退、金融危机或通货膨胀。</blockquote></p><p>The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.</p><p><blockquote>美联储上周的报告称，该病毒仍然是经济乃至金融体系的最大威胁。四月份的就业失望提醒人们，经济前景依然不稳定。尽管如此，随着病毒的消退，经济衰退现在似乎不太可能。不能排除金融危机与某种隐藏的脆弱性有关。尽管如此，银行拥有如此多的资本，抵押贷款承销如此紧张，以至于类似于 2007-09 年金融危机（始于抵押贷款违约）的情况似乎不太可能发生。如果垃圾债券、加密货币或科技股主要是用借来的钱购买的，那么它们的价值暴跌可能会引发一波强制抛售、破产和潜在的危机。但这似乎并没有发生。Archegos Capital Management 最近因衍生品股票投资逆转而倒闭，给其贷款人造成了损失。但这并没有威胁到它们的生存，也没有引发对类似情况的公司的传染。</blockquote></p><p>“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”</p><p><blockquote>“第二个阿奇戈斯在哪里？”比安科先生说。“还没有。”</blockquote></p><p>That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.</p><p><blockquote>这就留下了通货膨胀。由于半导体、木材和工人短缺，对通货膨胀的担忧现在很普遍，都给价格和成本带来了上行压力。大多数预测者和美联储认为，一旦经济重新开放和正常支出模式恢复正常，这些压力将会缓解。尽管如此，普通债券收益率和通胀指数债券收益率之间的差异表明，投资者预计未来几年的平均通胀率约为 2.5%。这几乎不是 20 世纪 70 年代的重演，也符合美联储提出的长期平均通胀率 2% 的新目标。尽管如此，这将明显突破过去十年低于2%的范围。</blockquote></p><p>Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw &amp; Co. LP. He attributes that, in part, to inflation concerns.</p><p><blockquote>通胀略有上升将导致美联储将短期利率设定得也略有上升，这不一定会损害股票估值。更令人担忧的是：对股票价值至关重要的长期债券收益率可能会大幅上升。自 20 世纪 90 年代末以来，债券和股票价格往往走向相反的方向。这是因为，当通货膨胀不令人担忧时，经济冲击往往会压低债券收益率（与价格走势相反）和股票价格。因此，债券充当了针对股票损失的保险政策，投资者愿意接受较低的收益率。如果通货膨胀再次成为问题，那么债券就会失去保险价值，收益率就会上升。现任对冲基金 D.E. 的前美联储经济学家布莱恩·萨克 (Brian Sack) 表示，近几个月来，过去几十年大部分时间里存在的股票与债券的相关性开始消失。肖有限公司。他将这部分归因于通货膨胀担忧。</blockquote></p><p>The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.</p><p><blockquote>多年来，通货膨胀主导了金融格局，这导致投资者对资产定价，就好像通货膨胀永远不会再产生这种影响一样。他们可能是对的。但是，如果史无前例的货币和财政刺激组合成功地将经济从过去十年的模式中拉出来，那么这种自满情绪可能会付出相当大的代价。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/what-happens-to-stocks-and-cryptocurrencies-when-the-fed-stops-raining-money-11620446420?mod=itp_wsj\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.wsj.com/articles/what-happens-to-stocks-and-cryptocurrencies-when-the-fed-stops-raining-money-11620446420?mod=itp_wsj","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122089368","content_text":"To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”‘A bit frothy’The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.Running of the bullsThis injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.Facing the futureIt’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw & Co. LP. He attributes that, in part, to inflation concerns.The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":961,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115098164,"gmtCreate":1622939249958,"gmtModify":1634096848940,"author":{"id":"3581545771843484","authorId":"3581545771843484","name":"Ti82","avatar":"https://static.tigerbbs.com/9dcf97e9c0724dd0190ad03354b136c5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581545771843484","authorIdStr":"3581545771843484"},"themes":[],"title":"","htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/115098164","repostId":"1106312903","repostType":4,"repost":{"id":"1106312903","kind":"news","pubTimestamp":1622855773,"share":"https://www.laohunote.com/m/news/1106312903?lang=zh_CN&edition=full","pubTime":"2021-06-05 09:16","market":"us","language":"en","title":"U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>美国 IPO 前一周：数字支付、心理健康服务等多元化 8 IPO</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106312903","media":"Renaissance Capital","summary":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental h","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八次IPO计划筹集37亿美元，涉及数字支付、心理健康服务等。</li><li>支付平台 Marqeta 计划以 124 亿美元的市值筹集 10 亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八次IPO计划筹集37亿美元，涉及数字支付、心理健康服务等。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>市场</b>(MQ) 计划以 124 亿美元的市值筹集 10 亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta 发展迅速，其客户中包括 Affirm (AFRM) 和 DoorDash (DASH) 等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中国在线招聘平台<b>看准</b>(BZ) 计划以 82 亿美元的市值筹集 8.64 亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，根据MAUs，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>LifeStance健康</b>(LFST) 计划以 61 亿美元的市值筹集 6.4 亿美元。LifeStance表示，它已经建立了美国最大的门诊心理健康平台之一，截至2021年3月31日，在27个州的73个MSA雇佣了3300多名持牌心理健康临床医生。尽管息税前利润在2021年第一季度变为负值，但该公司仍表现出增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>星期一网</b>(MNDY) 计划以 68 亿美元的市值筹集 4.9 亿美元。monday.com允许组织轻松构建适合其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce 和 Zoom 计划同时投资 1.5 亿美元进行私募。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>口袋</b>（任务）计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利且增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA) 计划以 21 亿美元的市值筹集 2.5 亿美元。该公司的 Zeta 营销平台利用身份数据，通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta 盈利，为 1,000 多名客户提供服务，到 2020 年将提供大约 5 亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>在线奢侈品市场<b>1stDibs</b>(DIBS) 计划以 7.73 亿美元的市值筹集 1.12 亿美元。1stDibs连接古董、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020 年，该市场在过去一年中有超过 58,000 名买家进行了购买，平均每年总购买金额超过 5,500 美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME) 计划以 19 亿美元的市值筹集 4300 万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年市场份额为32%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将对 6 家公司进行街头调查，多达 11 家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2021年6月3日，文艺复兴IPO指数年初至今下跌6.0%，而标普500上涨11.6%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括Zoom Video (ZM) 和优步 (UBER)。Renaissance International IPO 指数今年迄今下跌 1.1%，而 ACWX 指数上涨 10.5%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 Nexi 和 EQT Partners。</blockquote></p><p></p>","source":"lsy1603787993745","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. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>美国 IPO 前一周：数字支付、心理健康服务等多元化 8 IPO</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. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>美国 IPO 前一周：数字支付、心理健康服务等多元化 8 IPO</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-06-05 09:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八次IPO计划筹集37亿美元，涉及数字支付、心理健康服务等。</li><li>支付平台 Marqeta 计划以 124 亿美元的市值筹集 10 亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八次IPO计划筹集37亿美元，涉及数字支付、心理健康服务等。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>市场</b>(MQ) 计划以 124 亿美元的市值筹集 10 亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta 发展迅速，其客户中包括 Affirm (AFRM) 和 DoorDash (DASH) 等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中国在线招聘平台<b>看准</b>(BZ) 计划以 82 亿美元的市值筹集 8.64 亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，根据MAUs，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>LifeStance健康</b>(LFST) 计划以 61 亿美元的市值筹集 6.4 亿美元。LifeStance表示，它已经建立了美国最大的门诊心理健康平台之一，截至2021年3月31日，在27个州的73个MSA雇佣了3300多名持牌心理健康临床医生。尽管息税前利润在2021年第一季度变为负值，但该公司仍表现出增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>星期一网</b>(MNDY) 计划以 68 亿美元的市值筹集 4.9 亿美元。monday.com允许组织轻松构建适合其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce 和 Zoom 计划同时投资 1.5 亿美元进行私募。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>口袋</b>（任务）计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利且增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA) 计划以 21 亿美元的市值筹集 2.5 亿美元。该公司的 Zeta 营销平台利用身份数据，通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta 盈利，为 1,000 多名客户提供服务，到 2020 年将提供大约 5 亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>在线奢侈品市场<b>1stDibs</b>(DIBS) 计划以 7.73 亿美元的市值筹集 1.12 亿美元。1stDibs连接古董、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020 年，该市场在过去一年中有超过 58,000 名买家进行了购买，平均每年总购买金额超过 5,500 美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME) 计划以 19 亿美元的市值筹集 4300 万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年市场份额为32%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将对 6 家公司进行街头调查，多达 11 家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2021年6月3日，文艺复兴IPO指数年初至今下跌6.0%，而标普500上涨11.6%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括Zoom Video (ZM) 和优步 (UBER)。Renaissance International IPO 指数今年迄今下跌 1.1%，而 ACWX 指数上涨 10.5%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 Nexi 和 EQT Partners。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div\">Renaissance Capital</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":{"LFST":"LifeStance Health Group, Inc.","BZ":"BOSS直聘",".DJI":"道琼斯","TASK":"TaskUs Inc.","ZETA":"Zeta Global Holdings Corp.","MQ":"Marqeta, Inc.",".IXIC":"NASDAQ Composite","MNDY":"Monday.com Ltd.",".SPX":"S&P 500 Index","ZME":"掌门教育","DIBS":"1stdibs.com Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106312903","content_text":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.\nChinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.\nChinese online recruitment platform Kanzhun(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.\nMental health services provider LifeStance Health(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.\nIsrael’s monday.com(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.\nBPO vendor TaskUs(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.\nData-driven marketing platform Zeta Global(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.\nOnline luxury goods marketplace 1stDibs(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.\nChinese online tutoring platform Zhangmen Education(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.\n\nStreet research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.","news_type":1,"symbols_score_info":{"MQ":0.9,"ZETA":0.9,".IXIC":0.9,"DIBS":0.9,"BZ":0.9,"TASK":0.9,"MNDY":0.9,"ZME":0.9,"LFST":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":759,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112920097,"gmtCreate":1622847134619,"gmtModify":1634097525920,"author":{"id":"3581545771843484","authorId":"3581545771843484","name":"Ti82","avatar":"https://static.tigerbbs.com/9dcf97e9c0724dd0190ad03354b136c5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581545771843484","authorIdStr":"3581545771843484"},"themes":[],"title":"","htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/112920097","repostId":"1154529120","repostType":4,"repost":{"id":"1154529120","kind":"news","pubTimestamp":1622810459,"share":"https://www.laohunote.com/m/news/1154529120?lang=zh_CN&edition=full","pubTime":"2021-06-04 20:40","market":"us","language":"en","title":"Can Alibaba Stock Hit $500? If You Got Time, Yes<blockquote>阿里巴巴-SW股票能突破500美元吗？如果你有时间，是的</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154529120","media":"seekingalpha","summary":"Alibaba is a battleground stock where some see a lot of opportunities, while others see many risks.I believe that there are both opportunities and risks, but would see the prior outweighing the latter.In the long run, BABA has a chance of delivering strong gains for those that buy at the current, quite low, valuation.Since its IPO, Alibaba has seen strong share price gains, but it should also be mentioned that shares did peek in H2 2020, and have declined considerably since then:. Alibaba Group'","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Alibaba is a battleground stock where some see a lot of opportunities, while others see many risks.</li>  <li>I believe that there are both opportunities and risks, but would see the prior outweighing the latter.</li>  <li>In the long run, BABA has a chance of delivering strong gains for those that buy at the current, quite low, valuation.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/567d19950e6c8789ce2192b4503f0fa5\" tg-width=\"1536\" tg-height=\"653\" referrerpolicy=\"no-referrer\"><span>Photo by efetova/iStock via Getty Images</span></p><p><blockquote><ul><li>阿里巴巴-SW是一只战场股票，有些人看到了很多机会，而另一些人则看到了很多风险。</li><li>我相信机遇和风险并存，但我认为前者大于后者。</li><li>从长远来看，阿里巴巴有机会为那些以当前相当低的估值购买的人带来强劲收益。</li></ul><p class=\"t-img-caption\"><span>照片由 efetova/iStock 提供，来自 Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Alibaba Group (BABA) is a leading global high-tech name that continues to generate attractive growth and that offers investors exposure to the high-growth Chinese consumer market. At the same time, through a range of ventures, Alibaba is also active in additional industries, such as cloud computing. Shares have declined considerably over the last couple of months, but I believe that the long-term potential is significant. I would not be surprised to see shares rise towards $500, although that will not happen in the near term.</p><p><blockquote>阿里巴巴-SW集团（BABA）是全球领先的高科技公司，持续产生有吸引力的增长，并为投资者提供了高增长的中国消费市场的机会。同时，通过一系列的创业，阿里巴巴-SW还活跃在额外的行业，比如云计算。过去几个月股价大幅下跌，但我相信长期潜力巨大。看到股价上涨至 500 美元，我不会感到惊讶，尽管这在短期内不会发生。</blockquote></p><p> <b>BABA Stock Price</b></p><p><blockquote><b>阿里巴巴股价</b></blockquote></p><p> Since its IPO, Alibaba has seen strong share price gains, but it should also be mentioned that shares did peek in H2 2020, and have declined considerably since then:</p><p><blockquote>自首次公开募股以来，阿里巴巴-SW股价强劲上涨，但还应该提到的是，2020 年下半年股价确实下跌，此后大幅下跌：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8079eeb5384ea003fb3725d3cd1e877f\" tg-width=\"635\" tg-height=\"403\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：YCharts</span></p></blockquote></p><p> Shares are now basically where they were one year ago, as the gains during summer 2020 have been erased when Ant Financial's IPO plans were stopped. The flat share price performance over the last year is somewhat surprising, though, as Alibaba continued to generate strong results in that time frame. During the last quarter, for example, Alibaba showcased a&nbsp;revenue growth rate of 64%, while revenue growth during the previous quarter was also very strong, at around 50%. This is not the only positive in Alibaba's earnings releases, however. The company also managed to grow its user count by 32 million during the most recent quarter alone, which equates to an annualized user growth rate of around 20%. This bodes well for future quarters, as more users on Alibaba's platform should translate into higher revenues. On top of that, the strong user growth shows that there is still growing demand for the shopping services that Alibaba's platforms offer -- the market is not saturated at all. Alibaba also managed to grow its EBITDA by 25% year over year, which is an attractive growth pace as well, and which was achieved despite growing investments in what management calls key growth areas. Income from operations, meanwhile, grew at an even faster pace, thanks to some operating leverage, rising by 48% year over year when adjusted for the fine that Alibaba had to pay during Q1. It makes, I believe, sense to back out this one-time item to get a clearer picture about Alibaba's underlying, \"core\" profitability during an average quarter.</p><p><blockquote>由于蚂蚁金服的 IPO 计划被叫停，2020 年夏季的涨幅已被抹去，股价现在基本与一年前持平。不过，去年持平的股价表现有些令人惊讶，因为阿里巴巴-SW在那段时间内继续取得强劲的业绩。例如，上一季度阿里巴巴-SW的收入增长率为64%，而上一季度的收入增长也非常强劲，约为50%。然而，这并不是阿里巴巴财报发布中唯一的积极因素。仅在最近一个季度，该公司的用户数量就增加了3200万，相当于年化用户增长率约为20%。这对未来几个季度来说是个好兆头，因为阿里巴巴平台上的更多用户应该会转化为更高的收入。最重要的是，强劲的用户增长表明，对阿里巴巴平台提供的购物服务的需求仍在增长——市场根本没有饱和。阿里巴巴-SW还设法将其 EBITDA 同比增长 25%，这也是一个有吸引力的增长速度，尽管对评级管理关键增长领域的投资不断增加，但仍实现了这一目标。与此同时，由于一些运营杠杆，营业收入增长速度更快，经阿里巴巴-SW第一季度必须支付的罚款调整后，营业收入同比增长 48%。我认为，放弃这一一次性项目是有意义的，以便更清楚地了解阿里巴巴平均一个季度的潜在“核心”盈利能力。</blockquote></p><p> Alibaba Group's weak share price performance, relative to the broad market and other tech names, is thus not the result of weak operating performance, but rather a result of multiple compression, driven by weak investor sentiment due to China exposure and&nbsp;fears about regulation.</p><p><blockquote>因此，相对于大盘和其他科技公司而言，阿里巴巴-SW集团的股价表现疲软并不是经营业绩疲软的结果，而是由于投资者情绪疲软导致中国风险敞口和对监管的担忧导致的多重压缩的结果。</blockquote></p><p> At its current price of $220, BABA trades at a quite large discount compared to the current consensus analyst price target of $298. If Alibaba were to hit that, shares would gain 35%. Analyst price targets are usually issued with a 1-year time frame, thus, if the analyst community is correct, Alibaba could be a great investment. From a valuation standpoint, this price target doesn't seem outrageous at all, as $298 would equate to around 29x this year's expected net profits, or 23x next year's net earnings. The latter is likely the more telling one when we talk about a price target for summer 2022, i.e. 1 year from now.</p><p><blockquote>以目前 220 美元的价格计算，与目前分析师一致的目标价 298 美元相比，阿里巴巴的股价有相当大的折扣。如果阿里巴巴-SW达到这一目标，股价将上涨 35%。分析师目标价通常以 1 年为期限发布，因此，如果分析师社区是正确的，阿里巴巴-SW可能是一项很好的投资。从估值的角度来看，这个价格目标似乎一点也不离谱，因为 298 美元相当于今年预期净利润的约 29 倍，或明年净利润的 23 倍。当我们谈论 2022 年夏季（即一年后）的价格目标时，后者可能更能说明问题。</blockquote></p><p> <b>Can Alibaba Stock Hit $500?</b></p><p><blockquote><b>阿里巴巴-SW股票能突破500美元吗？</b></blockquote></p><p> The answer to that question, I think, depends on your time frame. If you are looking at a 12-month window, then Alibaba will most likely not be able to hit $500. The ~$300 price target seems achievable, although that is, of course, also not guaranteed. If, however, we take a longer-term view, then $500 seems like a share price that BABA could hit eventually. Let's look at a couple of examples.</p><p><blockquote>我认为，这个问题的答案取决于你的时间框架。如果你看的是12个月的窗口，那么阿里巴巴-SW很可能无法达到500美元。300美元左右的价格目标似乎是可以实现的，尽管这当然也不能保证。然而，如果我们从长远来看，那么 500 美元似乎是阿里巴巴最终可能达到的股价。让我们看几个例子。</blockquote></p><p> <i>- If Alibaba were to generate earnings per share of $20 at some point and traded at an earnings multiple of 25, then shares would trade at $500.</i></p><p><blockquote><i>- 如果阿里巴巴-SW在某个时候每股收益为 20 美元，并且市盈率为 25，那么股票的交易价格将为 500 美元。</i></blockquote></p><p> <i>- If Alibaba were to generate earnings per share of $25 and traded at a 20x earnings multiple, then shares would trade at $500.</i></p><p><blockquote><i>- 如果阿里巴巴-SW每股收益为 25 美元，市盈率为 20 倍，那么股票交易价格将为 500 美元。</i></blockquote></p><p> <i>- If Alibaba were to generate earnings per share of $17 and traded at 29x its net profits, then shares would trade at (marginally below) $500.</i></p><p><blockquote><i>- 如果阿里巴巴-SW每股收益为 17 美元，交易价格为净利润的 29 倍，那么股价将（略低于）500 美元。</i></blockquote></p><p></p><p> We see that there are many scenarios that could get us to a $500 share price for BABA, some of them more likely than others. Of course, the higher your target multiple, the lower the earnings that would be required. This, in turn, means that the price target can be hit sooner, as less cumulative earnings growth would be required. When we take a look at how Alibaba was valued in the past, we see that the longer-term median earnings multiples for BABA look like this:</p><p><blockquote>我们看到，有许多情况可能会让阿里巴巴的股价达到 500 美元，其中一些情况比其他情况更有可能。当然，你的目标倍数越高，所需的收入就越低。这反过来意味着价格目标可以更快实现，因为所需的累计盈利增长较少。当我们查看阿里巴巴-SW过去的估值时，我们会发现阿里巴巴的长期市盈率中位数如下：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dd2d42b7094deb394266d6410287c2e4\" tg-width=\"635\" tg-height=\"436\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：YCharts</span></p></blockquote></p><p> At 30-40x net earnings, Alibaba was clearly trading at a massive premium relative to how shares are valued today (around 20x this year's earnings). I think that the current valuation is too low, but on the other hand, I do not expect Alibaba to trade at 30, 35, or even 40x net profits in coming years. Due to the growing scale of Alibaba, which makes it a little harder to maintain its excellent growth in coming years, shares will likely trade at a lower valuation in coming years, compared to how they were valued in the past.</p><p><blockquote>阿里巴巴-SW的净利润为 30-40 倍，相对于目前的股票估值（约为今年收益的 20 倍），其交易价格显然大幅溢价。我认为目前的估值太低了，但另一方面，我预计阿里巴巴-SW未来几年的净利润不会达到 30 倍、35 倍甚至 40 倍。由于阿里巴巴-SW的规模不断扩大，这使得其在未来几年保持出色的增长变得更加困难，与过去的估值相比，未来几年的股票估值可能会更低。</blockquote></p><p> I still think that shares do have some valuation expansion potential from the current earnings multiple of around 21, thus let's assume that shares trade at 23x net profits in the future. This would still represent a massive discount versus the historic valuation, and also a substantial discount compared to how US-based high-tech mega-caps are valued -- Amazon (AMZN), for example, trades at 59x this year's earnings.</p><p><blockquote>我仍然认为，从目前21倍左右的市盈率来看，股票确实有一些估值扩张潜力，因此让我们假设股票未来的交易价格是净利润的23倍。与历史估值相比，这仍然是一个巨大的折扣，与美国高科技大盘股的估值相比，也是一个巨大的折扣——例如，亚马逊 (AMZN) 的交易价格是今年市盈率的 59 倍。</blockquote></p><p> If we want to get to a $500 share price for BABA using a 23x earnings multiple, then we get to earnings per share of $21.70 that Alibaba must generate. When could this be the case? In the following chart, we see EPS estimates for the current year, next year (CY 2022), and CY 2023:</p><p><blockquote>如果我们想使用 23 倍市盈率使阿里巴巴的股价达到 500 美元，那么阿里巴巴-SW必须产生的每股收益为 21.70 美元。什么时候会是这样？在下图中，我们看到了今年、明年（2022 财年）和 2023 财年的每股收益预测：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6fcf78e0b071eff9753afbdcd96f751c\" tg-width=\"635\" tg-height=\"436\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：YCharts</span></p></blockquote></p><p> If analysts are right, Alibaba will not get to earn $22 a share through 2023, and I think that is realistic. I do not see earnings per share rising by 100%+ between this year and 2023, either. From 2023, it would take another 43% increase in Alibaba's earnings per share to get to $21.70, which is our \"target EPS\" for a $500 share price.</p><p><blockquote>如果分析师是正确的，阿里巴巴-SW到 2023 年将无法实现每股 22 美元的盈利，我认为这是现实的。我也不认为今年到 2023 年每股收益会增长 100% 以上。从2023年开始，阿里巴巴的每股收益需要再增长43%才能达到21.70美元，这是我们500美元股价的“目标每股收益”。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b4c351b4b5eb3328191ccaa9a3b776c\" tg-width=\"635\" tg-height=\"403\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：YCharts</span></p></blockquote></p><p> Analysts are currently forecasting long-term EPS growth of around 27%, which would mean it would take Alibaba about 1.5 years to grow its EPS from $15.20 (2023 estimate) to our target of $21.70. Even if we assume that this is too optimistic and that growth will be just 20% in 2024 and 2025, EPS of $21.70 could be hit by the end of 2025. So, in other words, if Alibaba grows a little less than what analysts are forecasting right now, Alibaba could trade at $500 by the end of 2025 -- or 4.5 years from now. Note that this scenario does not require a high earnings multiple at all -- at 23x net profits, Alibaba wouldn't be expensive, I believe.</p><p><blockquote>分析师目前预测长期每股收益增长约 27%，这意味着阿里巴巴-SW需要大约 1.5 年的时间才能将每股收益从 15.20 美元（2023 年估计）增长到我们的目标 21.70 美元。即使我们假设这过于乐观，2024 年和 2025 年的增长率仅为 20%，到 2025 年底，每股收益也可能达到 21.70 美元。因此，换句话说，如果阿里巴巴-SW的增长略低于分析师目前的预测，那么到 2025 年底（即 4.5 年后），阿里巴巴-SW的交易价格可能达到 500 美元。请注意，这种情况根本不需要高市盈率——我相信，在净利润的 23 倍下，阿里巴巴-SW不会很贵。</blockquote></p><p> We can get even more conservative and assume that the 2023 EPS estimate is 10% too high and that EPS will grow by just 17% a year in the years beyond 2023 (versus a long-term forecast of 27% a year by the analyst community). In that case, Alibaba would hit $21.70 in earnings per share in 2026, and shares would rise to $500 over the next 5.5 years. Even in this scenario, BABA wouldn't be a bad investment at all -- a 130% share price increase from the current level over the next 5.5 years would equate to annualized returns of 16%.</p><p><blockquote>我们可以更加保守，假设 2023 年每股收益预测过高 10%，并且 2023 年之后的几年每股收益每年仅增长 17%（而分析师社区的长期预测为每年 27%）。在这种情况下，阿里巴巴-SW 2026 年的每股收益将达到 21.70 美元，未来 5.5 年内股价将升至 500 美元。即使在这种情况下，阿里巴巴也根本不是一项糟糕的投资——未来 5.5 年内股价从当前水平上涨 130%，年化回报率为 16%。</blockquote></p><p> So, to sum this section up, I'd say<i>yes, BABA can hit $500</i>-- but it will realistically take a couple of years. By the mid-2020s, this seems like a very achievable goal to me, although there are, of course, no guarantees.</p><p><blockquote>所以，总结这一部分，我会说<i>是的，爸爸可以达到 500 美元</i>——但实际上这需要几年时间。到 2020 年代中期，这对我来说似乎是一个非常容易实现的目标，尽管当然，没有任何保证。</blockquote></p><p> <b>Is Alibaba Stock A Buy Or Sell Now?</b></p><p><blockquote><b>阿里巴巴-SW股票现在是买入还是卖出？</b></blockquote></p><p> Alibaba Group is, I believe, a strong investment. The company generates strong growth, profits from multiple long-term macro trends, such as growing consumer spending in China, growing e-commerce market share, and cloud computing. There are, however, risks to consider: Alibaba is highly China-dependent, and in case the economic growth story in China ends, Alibaba would be hurt a lot. On top of that, Alibaba could be targeted again by regulators, although I personally think that it is not in China's best interest to hurt one of its highest-growth tech companies.</p><p><blockquote>我认为，阿里巴巴-SW集团是一项强有力的投资。该公司从多个长期宏观趋势中实现了强劲的增长和利润，例如中国不断增长的消费者支出、不断增长的电子商务市场份额和云计算。然而，也有一些风险需要考虑：阿里巴巴-SW高度依赖中国，如果中国的经济增长故事结束，阿里巴巴-SW将受到很大伤害。最重要的是，阿里巴巴-SW可能会再次成为监管机构的目标，尽管我个人认为伤害中国增长最快的科技公司之一不符合中国的最佳利益。</blockquote></p><p></p><p> For those that worry about these risks, Alibaba may not be the right choice, but for those that see Alibaba as a potentially very rewarding play on Chinese consumers, BABA could be a strong pick in a diversified portfolio. I belong to the latter group and thus rate the stock a buy at current valuations, expecting significant upside over the coming years. Depending on your risk tolerance and how you weigh the opportunities and threats of investing in Chinese companies, you may decide differently, however.</p><p><blockquote>对于那些担心这些风险的人来说，阿里巴巴-SW可能不是正确的选择，但对于那些认为阿里巴巴-SW对中国消费者来说可能是一个非常有益的游戏的人来说，阿里巴巴可能是多元化投资组合中的一个有力选择。我属于后一类，因此以当前估值将该股评级为买入，预计未来几年将有显着上涨空间。然而，根据你的风险承受能力以及你如何权衡投资中国公司的机会和威胁，你可能会做出不同的决定。</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>Can Alibaba Stock Hit $500? If You Got Time, Yes<blockquote>阿里巴巴-SW股票能突破500美元吗？如果你有时间，是的</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCan Alibaba Stock Hit $500? If You Got Time, Yes<blockquote>阿里巴巴-SW股票能突破500美元吗？如果你有时间，是的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-04 20:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Alibaba is a battleground stock where some see a lot of opportunities, while others see many risks.</li>  <li>I believe that there are both opportunities and risks, but would see the prior outweighing the latter.</li>  <li>In the long run, BABA has a chance of delivering strong gains for those that buy at the current, quite low, valuation.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/567d19950e6c8789ce2192b4503f0fa5\" tg-width=\"1536\" tg-height=\"653\" referrerpolicy=\"no-referrer\"><span>Photo by efetova/iStock via Getty Images</span></p><p><blockquote><ul><li>阿里巴巴-SW是一只战场股票，有些人看到了很多机会，而另一些人则看到了很多风险。</li><li>我相信机遇和风险并存，但我认为前者大于后者。</li><li>从长远来看，阿里巴巴有机会为那些以当前相当低的估值购买的人带来强劲收益。</li></ul><p class=\"t-img-caption\"><span>照片由 efetova/iStock 提供，来自 Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Alibaba Group (BABA) is a leading global high-tech name that continues to generate attractive growth and that offers investors exposure to the high-growth Chinese consumer market. At the same time, through a range of ventures, Alibaba is also active in additional industries, such as cloud computing. Shares have declined considerably over the last couple of months, but I believe that the long-term potential is significant. I would not be surprised to see shares rise towards $500, although that will not happen in the near term.</p><p><blockquote>阿里巴巴-SW集团（BABA）是全球领先的高科技公司，持续产生有吸引力的增长，并为投资者提供了高增长的中国消费市场的机会。同时，通过一系列的创业，阿里巴巴-SW还活跃在额外的行业，比如云计算。过去几个月股价大幅下跌，但我相信长期潜力巨大。看到股价上涨至 500 美元，我不会感到惊讶，尽管这在短期内不会发生。</blockquote></p><p> <b>BABA Stock Price</b></p><p><blockquote><b>阿里巴巴股价</b></blockquote></p><p> Since its IPO, Alibaba has seen strong share price gains, but it should also be mentioned that shares did peek in H2 2020, and have declined considerably since then:</p><p><blockquote>自首次公开募股以来，阿里巴巴-SW股价强劲上涨，但还应该提到的是，2020 年下半年股价确实下跌，此后大幅下跌：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8079eeb5384ea003fb3725d3cd1e877f\" tg-width=\"635\" tg-height=\"403\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：YCharts</span></p></blockquote></p><p> Shares are now basically where they were one year ago, as the gains during summer 2020 have been erased when Ant Financial's IPO plans were stopped. The flat share price performance over the last year is somewhat surprising, though, as Alibaba continued to generate strong results in that time frame. During the last quarter, for example, Alibaba showcased a&nbsp;revenue growth rate of 64%, while revenue growth during the previous quarter was also very strong, at around 50%. This is not the only positive in Alibaba's earnings releases, however. The company also managed to grow its user count by 32 million during the most recent quarter alone, which equates to an annualized user growth rate of around 20%. This bodes well for future quarters, as more users on Alibaba's platform should translate into higher revenues. On top of that, the strong user growth shows that there is still growing demand for the shopping services that Alibaba's platforms offer -- the market is not saturated at all. Alibaba also managed to grow its EBITDA by 25% year over year, which is an attractive growth pace as well, and which was achieved despite growing investments in what management calls key growth areas. Income from operations, meanwhile, grew at an even faster pace, thanks to some operating leverage, rising by 48% year over year when adjusted for the fine that Alibaba had to pay during Q1. It makes, I believe, sense to back out this one-time item to get a clearer picture about Alibaba's underlying, \"core\" profitability during an average quarter.</p><p><blockquote>由于蚂蚁金服的 IPO 计划被叫停，2020 年夏季的涨幅已被抹去，股价现在基本与一年前持平。不过，去年持平的股价表现有些令人惊讶，因为阿里巴巴-SW在那段时间内继续取得强劲的业绩。例如，上一季度阿里巴巴-SW的收入增长率为64%，而上一季度的收入增长也非常强劲，约为50%。然而，这并不是阿里巴巴财报发布中唯一的积极因素。仅在最近一个季度，该公司的用户数量就增加了3200万，相当于年化用户增长率约为20%。这对未来几个季度来说是个好兆头，因为阿里巴巴平台上的更多用户应该会转化为更高的收入。最重要的是，强劲的用户增长表明，对阿里巴巴平台提供的购物服务的需求仍在增长——市场根本没有饱和。阿里巴巴-SW还设法将其 EBITDA 同比增长 25%，这也是一个有吸引力的增长速度，尽管对评级管理关键增长领域的投资不断增加，但仍实现了这一目标。与此同时，由于一些运营杠杆，营业收入增长速度更快，经阿里巴巴-SW第一季度必须支付的罚款调整后，营业收入同比增长 48%。我认为，放弃这一一次性项目是有意义的，以便更清楚地了解阿里巴巴平均一个季度的潜在“核心”盈利能力。</blockquote></p><p> Alibaba Group's weak share price performance, relative to the broad market and other tech names, is thus not the result of weak operating performance, but rather a result of multiple compression, driven by weak investor sentiment due to China exposure and&nbsp;fears about regulation.</p><p><blockquote>因此，相对于大盘和其他科技公司而言，阿里巴巴-SW集团的股价表现疲软并不是经营业绩疲软的结果，而是由于投资者情绪疲软导致中国风险敞口和对监管的担忧导致的多重压缩的结果。</blockquote></p><p> At its current price of $220, BABA trades at a quite large discount compared to the current consensus analyst price target of $298. If Alibaba were to hit that, shares would gain 35%. Analyst price targets are usually issued with a 1-year time frame, thus, if the analyst community is correct, Alibaba could be a great investment. From a valuation standpoint, this price target doesn't seem outrageous at all, as $298 would equate to around 29x this year's expected net profits, or 23x next year's net earnings. The latter is likely the more telling one when we talk about a price target for summer 2022, i.e. 1 year from now.</p><p><blockquote>以目前 220 美元的价格计算，与目前分析师一致的目标价 298 美元相比，阿里巴巴的股价有相当大的折扣。如果阿里巴巴-SW达到这一目标，股价将上涨 35%。分析师目标价通常以 1 年为期限发布，因此，如果分析师社区是正确的，阿里巴巴-SW可能是一项很好的投资。从估值的角度来看，这个价格目标似乎一点也不离谱，因为 298 美元相当于今年预期净利润的约 29 倍，或明年净利润的 23 倍。当我们谈论 2022 年夏季（即一年后）的价格目标时，后者可能更能说明问题。</blockquote></p><p> <b>Can Alibaba Stock Hit $500?</b></p><p><blockquote><b>阿里巴巴-SW股票能突破500美元吗？</b></blockquote></p><p> The answer to that question, I think, depends on your time frame. If you are looking at a 12-month window, then Alibaba will most likely not be able to hit $500. The ~$300 price target seems achievable, although that is, of course, also not guaranteed. If, however, we take a longer-term view, then $500 seems like a share price that BABA could hit eventually. Let's look at a couple of examples.</p><p><blockquote>我认为，这个问题的答案取决于你的时间框架。如果你看的是12个月的窗口，那么阿里巴巴-SW很可能无法达到500美元。300美元左右的价格目标似乎是可以实现的，尽管这当然也不能保证。然而，如果我们从长远来看，那么 500 美元似乎是阿里巴巴最终可能达到的股价。让我们看几个例子。</blockquote></p><p> <i>- If Alibaba were to generate earnings per share of $20 at some point and traded at an earnings multiple of 25, then shares would trade at $500.</i></p><p><blockquote><i>- 如果阿里巴巴-SW在某个时候每股收益为 20 美元，并且市盈率为 25，那么股票的交易价格将为 500 美元。</i></blockquote></p><p> <i>- If Alibaba were to generate earnings per share of $25 and traded at a 20x earnings multiple, then shares would trade at $500.</i></p><p><blockquote><i>- 如果阿里巴巴-SW每股收益为 25 美元，市盈率为 20 倍，那么股票交易价格将为 500 美元。</i></blockquote></p><p> <i>- If Alibaba were to generate earnings per share of $17 and traded at 29x its net profits, then shares would trade at (marginally below) $500.</i></p><p><blockquote><i>- 如果阿里巴巴-SW每股收益为 17 美元，交易价格为净利润的 29 倍，那么股价将（略低于）500 美元。</i></blockquote></p><p></p><p> We see that there are many scenarios that could get us to a $500 share price for BABA, some of them more likely than others. Of course, the higher your target multiple, the lower the earnings that would be required. This, in turn, means that the price target can be hit sooner, as less cumulative earnings growth would be required. When we take a look at how Alibaba was valued in the past, we see that the longer-term median earnings multiples for BABA look like this:</p><p><blockquote>我们看到，有许多情况可能会让阿里巴巴的股价达到 500 美元，其中一些情况比其他情况更有可能。当然，你的目标倍数越高，所需的收入就越低。这反过来意味着价格目标可以更快实现，因为所需的累计盈利增长较少。当我们查看阿里巴巴-SW过去的估值时，我们会发现阿里巴巴的长期市盈率中位数如下：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dd2d42b7094deb394266d6410287c2e4\" tg-width=\"635\" tg-height=\"436\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：YCharts</span></p></blockquote></p><p> At 30-40x net earnings, Alibaba was clearly trading at a massive premium relative to how shares are valued today (around 20x this year's earnings). I think that the current valuation is too low, but on the other hand, I do not expect Alibaba to trade at 30, 35, or even 40x net profits in coming years. Due to the growing scale of Alibaba, which makes it a little harder to maintain its excellent growth in coming years, shares will likely trade at a lower valuation in coming years, compared to how they were valued in the past.</p><p><blockquote>阿里巴巴-SW的净利润为 30-40 倍，相对于目前的股票估值（约为今年收益的 20 倍），其交易价格显然大幅溢价。我认为目前的估值太低了，但另一方面，我预计阿里巴巴-SW未来几年的净利润不会达到 30 倍、35 倍甚至 40 倍。由于阿里巴巴-SW的规模不断扩大，这使得其在未来几年保持出色的增长变得更加困难，与过去的估值相比，未来几年的股票估值可能会更低。</blockquote></p><p> I still think that shares do have some valuation expansion potential from the current earnings multiple of around 21, thus let's assume that shares trade at 23x net profits in the future. This would still represent a massive discount versus the historic valuation, and also a substantial discount compared to how US-based high-tech mega-caps are valued -- Amazon (AMZN), for example, trades at 59x this year's earnings.</p><p><blockquote>我仍然认为，从目前21倍左右的市盈率来看，股票确实有一些估值扩张潜力，因此让我们假设股票未来的交易价格是净利润的23倍。与历史估值相比，这仍然是一个巨大的折扣，与美国高科技大盘股的估值相比，也是一个巨大的折扣——例如，亚马逊 (AMZN) 的交易价格是今年市盈率的 59 倍。</blockquote></p><p> If we want to get to a $500 share price for BABA using a 23x earnings multiple, then we get to earnings per share of $21.70 that Alibaba must generate. When could this be the case? In the following chart, we see EPS estimates for the current year, next year (CY 2022), and CY 2023:</p><p><blockquote>如果我们想使用 23 倍市盈率使阿里巴巴的股价达到 500 美元，那么阿里巴巴-SW必须产生的每股收益为 21.70 美元。什么时候会是这样？在下图中，我们看到了今年、明年（2022 财年）和 2023 财年的每股收益预测：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6fcf78e0b071eff9753afbdcd96f751c\" tg-width=\"635\" tg-height=\"436\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：YCharts</span></p></blockquote></p><p> If analysts are right, Alibaba will not get to earn $22 a share through 2023, and I think that is realistic. I do not see earnings per share rising by 100%+ between this year and 2023, either. From 2023, it would take another 43% increase in Alibaba's earnings per share to get to $21.70, which is our \"target EPS\" for a $500 share price.</p><p><blockquote>如果分析师是正确的，阿里巴巴-SW到 2023 年将无法实现每股 22 美元的盈利，我认为这是现实的。我也不认为今年到 2023 年每股收益会增长 100% 以上。从2023年开始，阿里巴巴的每股收益需要再增长43%才能达到21.70美元，这是我们500美元股价的“目标每股收益”。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b4c351b4b5eb3328191ccaa9a3b776c\" tg-width=\"635\" tg-height=\"403\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：YCharts</span></p></blockquote></p><p> Analysts are currently forecasting long-term EPS growth of around 27%, which would mean it would take Alibaba about 1.5 years to grow its EPS from $15.20 (2023 estimate) to our target of $21.70. Even if we assume that this is too optimistic and that growth will be just 20% in 2024 and 2025, EPS of $21.70 could be hit by the end of 2025. So, in other words, if Alibaba grows a little less than what analysts are forecasting right now, Alibaba could trade at $500 by the end of 2025 -- or 4.5 years from now. Note that this scenario does not require a high earnings multiple at all -- at 23x net profits, Alibaba wouldn't be expensive, I believe.</p><p><blockquote>分析师目前预测长期每股收益增长约 27%，这意味着阿里巴巴-SW需要大约 1.5 年的时间才能将每股收益从 15.20 美元（2023 年估计）增长到我们的目标 21.70 美元。即使我们假设这过于乐观，2024 年和 2025 年的增长率仅为 20%，到 2025 年底，每股收益也可能达到 21.70 美元。因此，换句话说，如果阿里巴巴-SW的增长略低于分析师目前的预测，那么到 2025 年底（即 4.5 年后），阿里巴巴-SW的交易价格可能达到 500 美元。请注意，这种情况根本不需要高市盈率——我相信，在净利润的 23 倍下，阿里巴巴-SW不会很贵。</blockquote></p><p> We can get even more conservative and assume that the 2023 EPS estimate is 10% too high and that EPS will grow by just 17% a year in the years beyond 2023 (versus a long-term forecast of 27% a year by the analyst community). In that case, Alibaba would hit $21.70 in earnings per share in 2026, and shares would rise to $500 over the next 5.5 years. Even in this scenario, BABA wouldn't be a bad investment at all -- a 130% share price increase from the current level over the next 5.5 years would equate to annualized returns of 16%.</p><p><blockquote>我们可以更加保守，假设 2023 年每股收益预测过高 10%，并且 2023 年之后的几年每股收益每年仅增长 17%（而分析师社区的长期预测为每年 27%）。在这种情况下，阿里巴巴-SW 2026 年的每股收益将达到 21.70 美元，未来 5.5 年内股价将升至 500 美元。即使在这种情况下，阿里巴巴也根本不是一项糟糕的投资——未来 5.5 年内股价从当前水平上涨 130%，年化回报率为 16%。</blockquote></p><p> So, to sum this section up, I'd say<i>yes, BABA can hit $500</i>-- but it will realistically take a couple of years. By the mid-2020s, this seems like a very achievable goal to me, although there are, of course, no guarantees.</p><p><blockquote>所以，总结这一部分，我会说<i>是的，爸爸可以达到 500 美元</i>——但实际上这需要几年时间。到 2020 年代中期，这对我来说似乎是一个非常容易实现的目标，尽管当然，没有任何保证。</blockquote></p><p> <b>Is Alibaba Stock A Buy Or Sell Now?</b></p><p><blockquote><b>阿里巴巴-SW股票现在是买入还是卖出？</b></blockquote></p><p> Alibaba Group is, I believe, a strong investment. The company generates strong growth, profits from multiple long-term macro trends, such as growing consumer spending in China, growing e-commerce market share, and cloud computing. There are, however, risks to consider: Alibaba is highly China-dependent, and in case the economic growth story in China ends, Alibaba would be hurt a lot. On top of that, Alibaba could be targeted again by regulators, although I personally think that it is not in China's best interest to hurt one of its highest-growth tech companies.</p><p><blockquote>我认为，阿里巴巴-SW集团是一项强有力的投资。该公司从多个长期宏观趋势中实现了强劲的增长和利润，例如中国不断增长的消费者支出、不断增长的电子商务市场份额和云计算。然而，也有一些风险需要考虑：阿里巴巴-SW高度依赖中国，如果中国的经济增长故事结束，阿里巴巴-SW将受到很大伤害。最重要的是，阿里巴巴-SW可能会再次成为监管机构的目标，尽管我个人认为伤害中国增长最快的科技公司之一不符合中国的最佳利益。</blockquote></p><p></p><p> For those that worry about these risks, Alibaba may not be the right choice, but for those that see Alibaba as a potentially very rewarding play on Chinese consumers, BABA could be a strong pick in a diversified portfolio. I belong to the latter group and thus rate the stock a buy at current valuations, expecting significant upside over the coming years. Depending on your risk tolerance and how you weigh the opportunities and threats of investing in Chinese companies, you may decide differently, however.</p><p><blockquote>对于那些担心这些风险的人来说，阿里巴巴-SW可能不是正确的选择，但对于那些认为阿里巴巴-SW对中国消费者来说可能是一个非常有益的游戏的人来说，阿里巴巴可能是多元化投资组合中的一个有力选择。我属于后一类，因此以当前估值将该股评级为买入，预计未来几年将有显着上涨空间。然而，根据你的风险承受能力以及你如何权衡投资中国公司的机会和威胁，你可能会做出不同的决定。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4432992-alibaba-stock-hit-500\">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":{"BABA":"阿里巴巴","09988":"阿里巴巴-W"},"source_url":"https://seekingalpha.com/article/4432992-alibaba-stock-hit-500","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154529120","content_text":"Summary\n\nAlibaba is a battleground stock where some see a lot of opportunities, while others see many risks.\nI believe that there are both opportunities and risks, but would see the prior outweighing the latter.\nIn the long run, BABA has a chance of delivering strong gains for those that buy at the current, quite low, valuation.\n\nPhoto by efetova/iStock via Getty Images\nArticle Thesis\nAlibaba Group (BABA) is a leading global high-tech name that continues to generate attractive growth and that offers investors exposure to the high-growth Chinese consumer market. At the same time, through a range of ventures, Alibaba is also active in additional industries, such as cloud computing. Shares have declined considerably over the last couple of months, but I believe that the long-term potential is significant. I would not be surprised to see shares rise towards $500, although that will not happen in the near term.\nBABA Stock Price\nSince its IPO, Alibaba has seen strong share price gains, but it should also be mentioned that shares did peek in H2 2020, and have declined considerably since then:\nData byYCharts\nShares are now basically where they were one year ago, as the gains during summer 2020 have been erased when Ant Financial's IPO plans were stopped. The flat share price performance over the last year is somewhat surprising, though, as Alibaba continued to generate strong results in that time frame. During the last quarter, for example, Alibaba showcased a revenue growth rate of 64%, while revenue growth during the previous quarter was also very strong, at around 50%. This is not the only positive in Alibaba's earnings releases, however. The company also managed to grow its user count by 32 million during the most recent quarter alone, which equates to an annualized user growth rate of around 20%. This bodes well for future quarters, as more users on Alibaba's platform should translate into higher revenues. On top of that, the strong user growth shows that there is still growing demand for the shopping services that Alibaba's platforms offer -- the market is not saturated at all. Alibaba also managed to grow its EBITDA by 25% year over year, which is an attractive growth pace as well, and which was achieved despite growing investments in what management calls key growth areas. Income from operations, meanwhile, grew at an even faster pace, thanks to some operating leverage, rising by 48% year over year when adjusted for the fine that Alibaba had to pay during Q1. It makes, I believe, sense to back out this one-time item to get a clearer picture about Alibaba's underlying, \"core\" profitability during an average quarter.\nAlibaba Group's weak share price performance, relative to the broad market and other tech names, is thus not the result of weak operating performance, but rather a result of multiple compression, driven by weak investor sentiment due to China exposure and fears about regulation.\nAt its current price of $220, BABA trades at a quite large discount compared to the current consensus analyst price target of $298. If Alibaba were to hit that, shares would gain 35%. Analyst price targets are usually issued with a 1-year time frame, thus, if the analyst community is correct, Alibaba could be a great investment. From a valuation standpoint, this price target doesn't seem outrageous at all, as $298 would equate to around 29x this year's expected net profits, or 23x next year's net earnings. The latter is likely the more telling one when we talk about a price target for summer 2022, i.e. 1 year from now.\nCan Alibaba Stock Hit $500?\nThe answer to that question, I think, depends on your time frame. If you are looking at a 12-month window, then Alibaba will most likely not be able to hit $500. The ~$300 price target seems achievable, although that is, of course, also not guaranteed. If, however, we take a longer-term view, then $500 seems like a share price that BABA could hit eventually. Let's look at a couple of examples.\n- If Alibaba were to generate earnings per share of $20 at some point and traded at an earnings multiple of 25, then shares would trade at $500.\n- If Alibaba were to generate earnings per share of $25 and traded at a 20x earnings multiple, then shares would trade at $500.\n- If Alibaba were to generate earnings per share of $17 and traded at 29x its net profits, then shares would trade at (marginally below) $500.\nWe see that there are many scenarios that could get us to a $500 share price for BABA, some of them more likely than others. Of course, the higher your target multiple, the lower the earnings that would be required. This, in turn, means that the price target can be hit sooner, as less cumulative earnings growth would be required. When we take a look at how Alibaba was valued in the past, we see that the longer-term median earnings multiples for BABA look like this:\nData byYCharts\nAt 30-40x net earnings, Alibaba was clearly trading at a massive premium relative to how shares are valued today (around 20x this year's earnings). I think that the current valuation is too low, but on the other hand, I do not expect Alibaba to trade at 30, 35, or even 40x net profits in coming years. Due to the growing scale of Alibaba, which makes it a little harder to maintain its excellent growth in coming years, shares will likely trade at a lower valuation in coming years, compared to how they were valued in the past.\nI still think that shares do have some valuation expansion potential from the current earnings multiple of around 21, thus let's assume that shares trade at 23x net profits in the future. This would still represent a massive discount versus the historic valuation, and also a substantial discount compared to how US-based high-tech mega-caps are valued -- Amazon (AMZN), for example, trades at 59x this year's earnings.\nIf we want to get to a $500 share price for BABA using a 23x earnings multiple, then we get to earnings per share of $21.70 that Alibaba must generate. When could this be the case? In the following chart, we see EPS estimates for the current year, next year (CY 2022), and CY 2023:\nData byYCharts\nIf analysts are right, Alibaba will not get to earn $22 a share through 2023, and I think that is realistic. I do not see earnings per share rising by 100%+ between this year and 2023, either. From 2023, it would take another 43% increase in Alibaba's earnings per share to get to $21.70, which is our \"target EPS\" for a $500 share price.\nData byYCharts\nAnalysts are currently forecasting long-term EPS growth of around 27%, which would mean it would take Alibaba about 1.5 years to grow its EPS from $15.20 (2023 estimate) to our target of $21.70. Even if we assume that this is too optimistic and that growth will be just 20% in 2024 and 2025, EPS of $21.70 could be hit by the end of 2025. So, in other words, if Alibaba grows a little less than what analysts are forecasting right now, Alibaba could trade at $500 by the end of 2025 -- or 4.5 years from now. Note that this scenario does not require a high earnings multiple at all -- at 23x net profits, Alibaba wouldn't be expensive, I believe.\nWe can get even more conservative and assume that the 2023 EPS estimate is 10% too high and that EPS will grow by just 17% a year in the years beyond 2023 (versus a long-term forecast of 27% a year by the analyst community). In that case, Alibaba would hit $21.70 in earnings per share in 2026, and shares would rise to $500 over the next 5.5 years. Even in this scenario, BABA wouldn't be a bad investment at all -- a 130% share price increase from the current level over the next 5.5 years would equate to annualized returns of 16%.\nSo, to sum this section up, I'd sayyes, BABA can hit $500-- but it will realistically take a couple of years. By the mid-2020s, this seems like a very achievable goal to me, although there are, of course, no guarantees.\nIs Alibaba Stock A Buy Or Sell Now?\nAlibaba Group is, I believe, a strong investment. The company generates strong growth, profits from multiple long-term macro trends, such as growing consumer spending in China, growing e-commerce market share, and cloud computing. There are, however, risks to consider: Alibaba is highly China-dependent, and in case the economic growth story in China ends, Alibaba would be hurt a lot. On top of that, Alibaba could be targeted again by regulators, although I personally think that it is not in China's best interest to hurt one of its highest-growth tech companies.\nFor those that worry about these risks, Alibaba may not be the right choice, but for those that see Alibaba as a potentially very rewarding play on Chinese consumers, BABA could be a strong pick in a diversified portfolio. I belong to the latter group and thus rate the stock a buy at current valuations, expecting significant upside over the coming years. Depending on your risk tolerance and how you weigh the opportunities and threats of investing in Chinese companies, you may decide differently, however.","news_type":1,"symbols_score_info":{"09988":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":827,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}