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2021-12-24

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2021-08-31

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2021-12-29

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Why Tesla Stock Is in a ‘Clear Position of Strength’ Heading Into 2022<blockquote>为什么特斯拉股票在2022年处于“明显的强势地位”</blockquote>

2021-11-06

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2021-10-12

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Tesla sold record 56,006 China-made vehicles in Sept - CPCA<blockquote>特斯拉9月份售出创纪录的56,006辆国产汽车-CPCA</blockquote>

2021-08-20

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2021-08-03

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Eli Lilly Earnings Missed Expectations. Why the Stock Is Soaring<blockquote>礼来公司盈利未达预期。股票为何飙升</blockquote>

2021-11-21

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2021-09-30

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2021-08-10

Like n comment pls. Thx

Moderna Is A Winner In COVID-19 Vaccines, But What's Next?<blockquote>Moderna是新冠肺炎疫苗的赢家，但下一步是什么？</blockquote>

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Regeneron, Amgen Downgraded<blockquote>美国银行上调辉瑞评级；再生元、安进评级下调</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1133241429","media":"TheStreet","summary":"'We expect the Pfizer narrative to shift to benefits of its Covid-19 success in stepped up pipeline/","content":"<p><html><head></head><body>&#39;We expect the Pfizer narrative to shift to benefits of its Covid-19 success in stepped up pipeline/portfolio investments,&#39; BofA said.</p><p><blockquote><html><head></head><body>美国银行表示，我们预计辉瑞的叙述将转向其在新冠肺炎疫情中的成功所带来的好处，即加强管道/组合投资。</body></html></blockquote></p><p>Pharmaceutical giant Pfizer was upgraded to buy by Bank of America, while it downgraded biotechs Regeneron Pharmaceuticals to underperform and Amgen to neutral.</p><p><blockquote>美国银行将制药巨头辉瑞的评级上调至买入，同时将生物技术公司再生元制药的评级下调至表现不佳，将安进的评级下调至中性。</blockquote></p><p>Pfizer was raised from neutral, Regeneron was downgraded from neutral, and Amgen was lowered from buy.</p><p><blockquote>辉瑞从中性上调，再生元从中性下调，安进从买入下调。</blockquote></p><p>BofA lifted its Pfizer price target to $70 from $59, while cutting its Regeneron price target to $575 from $675 and its Amgen price target to $255 from $285.</p><p><blockquote>美国银行将辉瑞目标价从59美元上调至70美元，同时将再生元目标价从675美元下调至575美元，将安进目标价从285美元下调至255美元。</blockquote></p><p>BofA upgraded Pfizer based on “expectations of a dramatic rollout of Paxlovid (an oral Covid-19 therapy) in 2022 and significant investments in the pipeline,” wrote analyst Geoff Meacham.</p><p><blockquote>分析师杰夫·米查姆(Geoff Meacham)写道，美国银行上调辉瑞的评级是基于“对Paxlovid（一种口服Covid-19疗法）将在2022年大幅推出的预期以及对该产品的重大投资”。</blockquote></p><p>“Since 2020, investors have focused squarely on Pfizer&#39;s success in battling Covid-19, namely through vaccines and now oral agents,” he said.</p><p><blockquote>“自2020年以来，投资者一直关注辉瑞在抗击Covid-19方面的成功，即通过疫苗和现在的口服药物，”他说。</blockquote></p><p>“However, in 2022 we expect the Pfizer narrative to shift to the benefits of its Covid-19 success in the form of stepped up pipeline/portfolio investments.</p><p><blockquote>“然而，到2022年，我们预计辉瑞的叙述将以加强管道/投资组合投资的形式转向其Covid-19成功的好处。</blockquote></p><p>As for Regeneron, its stock “outperformed in 2021 based primarily on a spike in [Covid treatment] REGEN-COV revenues,” Meacham wrote. “Looking to 2022, however, the Covid-19 contribution should be minimal, which we think could change the narrative on shares.”</p><p><blockquote>Meacham写道，至于Regeneron，其股票“在2021年表现出色，主要是基于[Covid治疗]REGEN-COV收入的激增”。“然而，展望2022年，Covid-19的贡献应该很小，我们认为这可能会改变股票的叙述。”</blockquote></p><p>“In addition, while Eylea [a macular degeneration drug] and Dupixent [an eczema drug] should continue to grow in 2022, consensus expectations aren’t conservative with competitive headwinds on the horizon.”</p><p><blockquote>“此外，虽然Eylea（一种黄斑变性药物）和Dupixent（一种湿疹药物）应该会在2022年继续增长，但由于竞争阻力即将到来，共识预期并不保守。”</blockquote></p><p>When it comes to Amgen, “due to lingering Covid-19 headwinds and net pricing pressures, AMGN shares underwhelmed in 2021,” Meacham said.</p><p><blockquote>谈到安进，“由于挥之不去的Covid-19逆风和净定价压力，AMGN股价在2021年表现不佳，”Meacham表示。</blockquote></p><p>“Looking to 2022, we&#39;d argue that growth skepticism is likely to persist until Amgen demonstrates a clear return to strong, volume-driven revenue upside for a number of key franchises including Otezla,” which treats plaque psoriasis.</p><p><blockquote>“展望2022年，我们认为，增长怀疑可能会持续下去，直到安进证明包括治疗斑块型银屑病的Otezla在内的许多主要特许经营权明显恢复强劲、销量驱动的收入增长”。</blockquote></p><p>Pfizer closed higher 2.02% at $55.63, Regeneron closed lower 3.52% at $595.12; and Amgen closed lower 1.2% at $225.15 on Wednesday.</p><p><blockquote>辉瑞收高2.02%，报55.63美元，再生元收低3.52%，报595.12美元；安进周三收盘下跌1.2%，至225.15美元。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Pfizer Upgraded by BofA; Regeneron, Amgen Downgraded<blockquote>美国银行上调辉瑞评级；再生元、安进评级下调</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPfizer Upgraded by BofA; Regeneron, Amgen Downgraded<blockquote>美国银行上调辉瑞评级；再生元、安进评级下调</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2022-01-06 09:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>&#39;We expect the Pfizer narrative to shift to benefits of its Covid-19 success in stepped up pipeline/portfolio investments,&#39; BofA said.</p><p><blockquote><html><head></head><body>美国银行表示，我们预计辉瑞的叙述将转向其在新冠肺炎疫情中的成功所带来的好处，即加强管道/组合投资。</body></html></blockquote></p><p>Pharmaceutical giant Pfizer was upgraded to buy by Bank of America, while it downgraded biotechs Regeneron Pharmaceuticals to underperform and Amgen to neutral.</p><p><blockquote>美国银行将制药巨头辉瑞的评级上调至买入，同时将生物技术公司再生元制药的评级下调至表现不佳，将安进的评级下调至中性。</blockquote></p><p>Pfizer was raised from neutral, Regeneron was downgraded from neutral, and Amgen was lowered from buy.</p><p><blockquote>辉瑞从中性上调，再生元从中性下调，安进从买入下调。</blockquote></p><p>BofA lifted its Pfizer price target to $70 from $59, while cutting its Regeneron price target to $575 from $675 and its Amgen price target to $255 from $285.</p><p><blockquote>美国银行将辉瑞目标价从59美元上调至70美元，同时将再生元目标价从675美元下调至575美元，将安进目标价从285美元下调至255美元。</blockquote></p><p>BofA upgraded Pfizer based on “expectations of a dramatic rollout of Paxlovid (an oral Covid-19 therapy) in 2022 and significant investments in the pipeline,” wrote analyst Geoff Meacham.</p><p><blockquote>分析师杰夫·米查姆(Geoff Meacham)写道，美国银行上调辉瑞的评级是基于“对Paxlovid（一种口服Covid-19疗法）将在2022年大幅推出的预期以及对该产品的重大投资”。</blockquote></p><p>“Since 2020, investors have focused squarely on Pfizer&#39;s success in battling Covid-19, namely through vaccines and now oral agents,” he said.</p><p><blockquote>“自2020年以来，投资者一直关注辉瑞在抗击Covid-19方面的成功，即通过疫苗和现在的口服药物，”他说。</blockquote></p><p>“However, in 2022 we expect the Pfizer narrative to shift to the benefits of its Covid-19 success in the form of stepped up pipeline/portfolio investments.</p><p><blockquote>“然而，到2022年，我们预计辉瑞的叙述将以加强管道/投资组合投资的形式转向其Covid-19成功的好处。</blockquote></p><p>As for Regeneron, its stock “outperformed in 2021 based primarily on a spike in [Covid treatment] REGEN-COV revenues,” Meacham wrote. “Looking to 2022, however, the Covid-19 contribution should be minimal, which we think could change the narrative on shares.”</p><p><blockquote>Meacham写道，至于Regeneron，其股票“在2021年表现出色，主要是基于[Covid治疗]REGEN-COV收入的激增”。“然而，展望2022年，Covid-19的贡献应该很小，我们认为这可能会改变股票的叙述。”</blockquote></p><p>“In addition, while Eylea [a macular degeneration drug] and Dupixent [an eczema drug] should continue to grow in 2022, consensus expectations aren’t conservative with competitive headwinds on the horizon.”</p><p><blockquote>“此外，虽然Eylea（一种黄斑变性药物）和Dupixent（一种湿疹药物）应该会在2022年继续增长，但由于竞争阻力即将到来，共识预期并不保守。”</blockquote></p><p>When it comes to Amgen, “due to lingering Covid-19 headwinds and net pricing pressures, AMGN shares underwhelmed in 2021,” Meacham said.</p><p><blockquote>谈到安进，“由于挥之不去的Covid-19逆风和净定价压力，AMGN股价在2021年表现不佳，”Meacham表示。</blockquote></p><p>“Looking to 2022, we&#39;d argue that growth skepticism is likely to persist until Amgen demonstrates a clear return to strong, volume-driven revenue upside for a number of key franchises including Otezla,” which treats plaque psoriasis.</p><p><blockquote>“展望2022年，我们认为，增长怀疑可能会持续下去，直到安进证明包括治疗斑块型银屑病的Otezla在内的许多主要特许经营权明显恢复强劲、销量驱动的收入增长”。</blockquote></p><p>Pfizer closed higher 2.02% at $55.63, Regeneron closed lower 3.52% at $595.12; and Amgen closed lower 1.2% at $225.15 on Wednesday.</p><p><blockquote>辉瑞收高2.02%，报55.63美元，再生元收低3.52%，报595.12美元；安进周三收盘下跌1.2%，至225.15美元。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/pfizer-upgraded-regeneron-amgen-downgraded-bofa\">TheStreet</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":{"REGN":"再生元制药公司","AMGN":"安进","PFE":"辉瑞"},"source_url":"https://www.thestreet.com/investing/pfizer-upgraded-regeneron-amgen-downgraded-bofa","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133241429","content_text":"'We expect the Pfizer narrative to shift to benefits of its Covid-19 success in stepped up pipeline/portfolio investments,' BofA said.Pharmaceutical giant Pfizer was upgraded to buy by Bank of America, while it downgraded biotechs Regeneron Pharmaceuticals to underperform and Amgen to neutral.Pfizer was raised from neutral, Regeneron was downgraded from neutral, and Amgen was lowered from buy.BofA lifted its Pfizer price target to $70 from $59, while cutting its Regeneron price target to $575 from $675 and its Amgen price target to $255 from $285.BofA upgraded Pfizer based on “expectations of a dramatic rollout of Paxlovid (an oral Covid-19 therapy) in 2022 and significant investments in the pipeline,” wrote analyst Geoff Meacham.“Since 2020, investors have focused squarely on Pfizer's success in battling Covid-19, namely through vaccines and now oral agents,” he said.“However, in 2022 we expect the Pfizer narrative to shift to the benefits of its Covid-19 success in the form of stepped up pipeline/portfolio investments.As for Regeneron, its stock “outperformed in 2021 based primarily on a spike in [Covid treatment] REGEN-COV revenues,” Meacham wrote. “Looking to 2022, however, the Covid-19 contribution should be minimal, which we think could change the narrative on shares.”“In addition, while Eylea [a macular degeneration drug] and Dupixent [an eczema drug] should continue to grow in 2022, consensus expectations aren’t conservative with competitive headwinds on the horizon.”When it comes to Amgen, “due to lingering Covid-19 headwinds and net pricing pressures, AMGN shares underwhelmed in 2021,” Meacham said.“Looking to 2022, we'd argue that growth skepticism is likely to persist until Amgen demonstrates a clear return to strong, volume-driven revenue upside for a number of key franchises including Otezla,” which treats plaque psoriasis.Pfizer closed higher 2.02% at $55.63, Regeneron closed lower 3.52% at $595.12; and Amgen closed lower 1.2% at $225.15 on Wednesday.","news_type":1,"symbols_score_info":{"AMGN":0.9,"PFE":0.9,"REGN":0.9}},"isVote":1,"tweetType":1,"viewCount":3046,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":695139780,"gmtCreate":1641361894689,"gmtModify":1641361894866,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/695139780","repostId":"1164244946","repostType":4,"isVote":1,"tweetType":1,"viewCount":3915,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":695019824,"gmtCreate":1641264943149,"gmtModify":1641264943339,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/695019824","repostId":"1112258904","repostType":4,"repost":{"id":"1112258904","kind":"news","pubTimestamp":1641263190,"share":"https://www.laohu8.com/m/news/1112258904?lang=zh_CN&edition=full","pubTime":"2022-01-04 10:26","market":"us","language":"en","title":"Intel Joins the Dogs of the Dow for 2022. Here’s Why This High-Yield Strategy Could Have a Good Year.<blockquote>英特尔加入2022年道琼斯指数之狗。这就是为什么这种高收益策略可能会有一个好年景。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112258904","media":"Barrons","summary":"Intel will join the Dogs of the Dow for 2022, replacing Cisco Systems, in the only change to the wel","content":"<p><html><head></head><body>Intel will join the Dogs of the Dow for 2022, replacing Cisco Systems, in the only change to the well-followed income and value investing strategy.</p><p><blockquote><html><head></head><body>英特尔将取代思科系统(Cisco Systems)，成为2022年道琼斯指数的宠儿，这是对广受欢迎的收入和价值投资策略的唯一改变。</body></html></blockquote></p><p>The Dogs of the Dow are the 10 highest-yielding stocks among the 30 stocks in the Dow Jones Industrial Average.</p><p><blockquote>道琼斯指数的狗是道琼斯工业平均指数30只股票中收益最高的10只股票。</blockquote></p><p>Many investors hold the yield-oriented Dogs and rebalance their portfolios of 10 stocks at the end of each year. The Dogs are also a contrarian strategy and give investors exposure to financially strong companies that often are unloved by investors.</p><p><blockquote>许多投资者持有以收益率为导向的狗，并在每年年底重新平衡10只股票的投资组合。狗也是一种逆向策略，让投资者接触到财务实力雄厚但往往不受投资者喜爱的公司。</blockquote></p><p>This could be a good year for the Dogs after the strategy lagged behind the overall index for the fourth year out of the past five during 2021. The Dogs returned 16.3% including dividends in 2021, while the Dow Industrials had a return of 20.9%.</p><p><blockquote>对于狗来说，这可能是一个好年头，因为该策略在2021年过去五年中第四年落后于整体指数。2021年，包括股息在内，Dogs的回报率为16.3%，而道琼斯工业指数的回报率为20.9%。</blockquote></p><p><i>Barron’s</i> has written periodically on the Dow Dogs, including an article in November.</p><p><blockquote><i>巴伦周刊</i>定期撰写有关道琼斯指数的文章，包括11月份的一篇文章。</blockquote></p><p>The Dogs for 2022 now have an average yield 3.9%, against 1.8% for the entire index, and include some turnaround stories like IBM (ticker: IBM), Intel (INTC), and Verizon Communications (VZ), as well as out-of-favor drugmakers like Merck (MRK) and Amgen (AMGN). Both Merck and Amgen had total returns of just 1% in 2021.</p><p><blockquote>2022年的平均收益率为3.9%，而整个指数的平均收益率为1.8%，其中包括IBM（股票代码：IBM）、英特尔(INTC)和Verizon Communications(VZ)等一些扭亏为盈的故事，以及默克(MRK)和安进(AMGN)等不受欢迎的制药商。默克和安进2021年的总回报率均仅为1%。</blockquote></p><p>Here are the dividend yields among the 10 Dogs for 2022 based on Friday’s closing prices, according to Howard Silverblatt, senior index analyst at S&amp;P Dow Jones Indices: IBM, Verizon and Dow (DOW), 4.9%; Chevron (CVX), 4.6%; Walgreens Boots Alliance (WBA), 3.7%; Merck, 3.6%; Amgen, 3.5%, 3M (MMM), 3.3%; Coca-Cola (KO) 2.8%, and Intel, 2.7%.   All the dividend yields on the 10 Dow Dogs look secure.</p><p><blockquote>标准普尔道琼斯指数高级指数分析师霍华德·西尔弗布拉特(Howard Silverblatt)表示，以下是根据周五收盘价计算的2022年10只狗的股息收益率：IBM、Verizon和道指(DOW)，4.9%；雪佛龙(CVX)，4.6%；沃尔格林博姿联盟(WBA)，3.7%；默克，3.6%；安进，3.5%，3M（3M），3.3%；可口可乐(KO)2.8%，英特尔2.7%。道琼斯指数10只指数的所有股息收益率看起来都很安全。</blockquote></p><p>In addition to high yields, the Dogs tend to have low valuations. Merck, Walgreen, Verizon, and Dow trade for around 10 times projected 2022 earnings. IBM and Chevron have price-to-earnings ratios of 12 and only one of the 10 stocks, Coke, has a P/E above 20, the multiple on the S&amp;P 500 index.</p><p><blockquote>除了高收益之外，这些狗的估值往往很低。默克、沃尔格林、Verizon和陶氏化学的市盈率约为2022年预期市盈率的10倍。IBM和雪佛龙的市盈率为12，10只股票中只有一只可口可乐的市盈率高于20，是标普500指数的倍数。</blockquote></p><p>Value investing could be poised to finally best growth stocks in 2022 after a decade of underperformance (including last year) as the economy chugs along and the Federal Reserve likely raises short rates. This could pressure the valuation of growth stocks.</p><p><blockquote>随着经济的突飞猛进以及美联储可能提高短期利率，价值投资在经历了十年（包括去年）的表现不佳之后，最终可能会在2022年成为最佳成长型股票。这可能会给成长型股票的估值带来压力。</blockquote></p><p>If value shines, so could the Dogs, and investors stand to pocket a nice yield of about 4%. That is comparable to rate on many junk bonds and double the yield on the 30-year Treasury bond.</p><p><blockquote>如果价值大放异彩，狗也会大放异彩，投资者将获得约4%的不错收益率。这与许多垃圾债券的利率相当，是30年期国债收益率的两倍。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Intel Joins the Dogs of the Dow for 2022. Here’s Why This High-Yield Strategy Could Have a Good Year.<blockquote>英特尔加入2022年道琼斯指数之狗。这就是为什么这种高收益策略可能会有一个好年景。</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\">\nIntel Joins the Dogs of the Dow for 2022. Here’s Why This High-Yield Strategy Could Have a Good Year.<blockquote>英特尔加入2022年道琼斯指数之狗。这就是为什么这种高收益策略可能会有一个好年景。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2022-01-04 10:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Intel will join the Dogs of the Dow for 2022, replacing Cisco Systems, in the only change to the well-followed income and value investing strategy.</p><p><blockquote><html><head></head><body>英特尔将取代思科系统(Cisco Systems)，成为2022年道琼斯指数的宠儿，这是对广受欢迎的收入和价值投资策略的唯一改变。</body></html></blockquote></p><p>The Dogs of the Dow are the 10 highest-yielding stocks among the 30 stocks in the Dow Jones Industrial Average.</p><p><blockquote>道琼斯指数的狗是道琼斯工业平均指数30只股票中收益最高的10只股票。</blockquote></p><p>Many investors hold the yield-oriented Dogs and rebalance their portfolios of 10 stocks at the end of each year. The Dogs are also a contrarian strategy and give investors exposure to financially strong companies that often are unloved by investors.</p><p><blockquote>许多投资者持有以收益率为导向的狗，并在每年年底重新平衡10只股票的投资组合。狗也是一种逆向策略，让投资者接触到财务实力雄厚但往往不受投资者喜爱的公司。</blockquote></p><p>This could be a good year for the Dogs after the strategy lagged behind the overall index for the fourth year out of the past five during 2021. The Dogs returned 16.3% including dividends in 2021, while the Dow Industrials had a return of 20.9%.</p><p><blockquote>对于狗来说，这可能是一个好年头，因为该策略在2021年过去五年中第四年落后于整体指数。2021年，包括股息在内，Dogs的回报率为16.3%，而道琼斯工业指数的回报率为20.9%。</blockquote></p><p><i>Barron’s</i> has written periodically on the Dow Dogs, including an article in November.</p><p><blockquote><i>巴伦周刊</i>定期撰写有关道琼斯指数的文章，包括11月份的一篇文章。</blockquote></p><p>The Dogs for 2022 now have an average yield 3.9%, against 1.8% for the entire index, and include some turnaround stories like IBM (ticker: IBM), Intel (INTC), and Verizon Communications (VZ), as well as out-of-favor drugmakers like Merck (MRK) and Amgen (AMGN). Both Merck and Amgen had total returns of just 1% in 2021.</p><p><blockquote>2022年的平均收益率为3.9%，而整个指数的平均收益率为1.8%，其中包括IBM（股票代码：IBM）、英特尔(INTC)和Verizon Communications(VZ)等一些扭亏为盈的故事，以及默克(MRK)和安进(AMGN)等不受欢迎的制药商。默克和安进2021年的总回报率均仅为1%。</blockquote></p><p>Here are the dividend yields among the 10 Dogs for 2022 based on Friday’s closing prices, according to Howard Silverblatt, senior index analyst at S&amp;P Dow Jones Indices: IBM, Verizon and Dow (DOW), 4.9%; Chevron (CVX), 4.6%; Walgreens Boots Alliance (WBA), 3.7%; Merck, 3.6%; Amgen, 3.5%, 3M (MMM), 3.3%; Coca-Cola (KO) 2.8%, and Intel, 2.7%.   All the dividend yields on the 10 Dow Dogs look secure.</p><p><blockquote>标准普尔道琼斯指数高级指数分析师霍华德·西尔弗布拉特(Howard Silverblatt)表示，以下是根据周五收盘价计算的2022年10只狗的股息收益率：IBM、Verizon和道指(DOW)，4.9%；雪佛龙(CVX)，4.6%；沃尔格林博姿联盟(WBA)，3.7%；默克，3.6%；安进，3.5%，3M（3M），3.3%；可口可乐(KO)2.8%，英特尔2.7%。道琼斯指数10只指数的所有股息收益率看起来都很安全。</blockquote></p><p>In addition to high yields, the Dogs tend to have low valuations. Merck, Walgreen, Verizon, and Dow trade for around 10 times projected 2022 earnings. IBM and Chevron have price-to-earnings ratios of 12 and only one of the 10 stocks, Coke, has a P/E above 20, the multiple on the S&amp;P 500 index.</p><p><blockquote>除了高收益之外，这些狗的估值往往很低。默克、沃尔格林、Verizon和陶氏化学的市盈率约为2022年预期市盈率的10倍。IBM和雪佛龙的市盈率为12，10只股票中只有一只可口可乐的市盈率高于20，是标普500指数的倍数。</blockquote></p><p>Value investing could be poised to finally best growth stocks in 2022 after a decade of underperformance (including last year) as the economy chugs along and the Federal Reserve likely raises short rates. This could pressure the valuation of growth stocks.</p><p><blockquote>随着经济的突飞猛进以及美联储可能提高短期利率，价值投资在经历了十年（包括去年）的表现不佳之后，最终可能会在2022年成为最佳成长型股票。这可能会给成长型股票的估值带来压力。</blockquote></p><p>If value shines, so could the Dogs, and investors stand to pocket a nice yield of about 4%. That is comparable to rate on many junk bonds and double the yield on the 30-year Treasury bond.</p><p><blockquote>如果价值大放异彩，狗也会大放异彩，投资者将获得约4%的不错收益率。这与许多垃圾债券的利率相当，是30年期国债收益率的两倍。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/intel-joins-the-dogs-of-the-dow-for-2022-heres-why-this-high-yield-strategy-could-have-a-good-year-51641227415?mod=hp_LEADSUPP_1\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"INTC":"英特尔"},"source_url":"https://www.barrons.com/articles/intel-joins-the-dogs-of-the-dow-for-2022-heres-why-this-high-yield-strategy-could-have-a-good-year-51641227415?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112258904","content_text":"Intel will join the Dogs of the Dow for 2022, replacing Cisco Systems, in the only change to the well-followed income and value investing strategy.The Dogs of the Dow are the 10 highest-yielding stocks among the 30 stocks in the Dow Jones Industrial Average.Many investors hold the yield-oriented Dogs and rebalance their portfolios of 10 stocks at the end of each year. The Dogs are also a contrarian strategy and give investors exposure to financially strong companies that often are unloved by investors.This could be a good year for the Dogs after the strategy lagged behind the overall index for the fourth year out of the past five during 2021. The Dogs returned 16.3% including dividends in 2021, while the Dow Industrials had a return of 20.9%.Barron’s has written periodically on the Dow Dogs, including an article in November.The Dogs for 2022 now have an average yield 3.9%, against 1.8% for the entire index, and include some turnaround stories like IBM (ticker: IBM), Intel (INTC), and Verizon Communications (VZ), as well as out-of-favor drugmakers like Merck (MRK) and Amgen (AMGN). Both Merck and Amgen had total returns of just 1% in 2021.Here are the dividend yields among the 10 Dogs for 2022 based on Friday’s closing prices, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices: IBM, Verizon and Dow (DOW), 4.9%; Chevron (CVX), 4.6%; Walgreens Boots Alliance (WBA), 3.7%; Merck, 3.6%; Amgen, 3.5%, 3M (MMM), 3.3%; Coca-Cola (KO) 2.8%, and Intel, 2.7%.   All the dividend yields on the 10 Dow Dogs look secure.In addition to high yields, the Dogs tend to have low valuations. Merck, Walgreen, Verizon, and Dow trade for around 10 times projected 2022 earnings. IBM and Chevron have price-to-earnings ratios of 12 and only one of the 10 stocks, Coke, has a P/E above 20, the multiple on the S&P 500 index.Value investing could be poised to finally best growth stocks in 2022 after a decade of underperformance (including last year) as the economy chugs along and the Federal Reserve likely raises short rates. This could pressure the valuation of growth stocks.If value shines, so could the Dogs, and investors stand to pocket a nice yield of about 4%. That is comparable to rate on many junk bonds and double the yield on the 30-year Treasury bond.","news_type":1,"symbols_score_info":{"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":3376,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692466517,"gmtCreate":1641176382874,"gmtModify":1641176383055,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692466517","repostId":"2200544080","repostType":4,"isVote":1,"tweetType":1,"viewCount":3032,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692555449,"gmtCreate":1641093105820,"gmtModify":1641093106018,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692555449","repostId":"1173416252","repostType":4,"repost":{"id":"1173416252","kind":"news","pubTimestamp":1641085354,"share":"https://www.laohu8.com/m/news/1173416252?lang=zh_CN&edition=full","pubTime":"2022-01-02 09:02","market":"us","language":"en","title":"XPeng, NIO, Li Auto Report Big December Deliveries. That’s Good For Tesla<blockquote>小鹏汽车、蔚来、理想汽车报告12月份交付量较大。这对特斯拉有好处</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1173416252","media":"Barrons","summary":"The three U.S.-listed Chinese electric vehicle makers started 2022 off with a bang, all reporting big delivery figures for December.NIO (ticker: NIO), XPeng (XPEV) and Li Auto (LI) on Saturday morning","content":"<p><html><head></head><body>The three U.S.-listed Chinese electric vehicle makers started 2022 off with a bang, all reporting big delivery figures for December.</p><p><blockquote><html><head></head><body>三家在美国上市的中国电动汽车制造商在2022年开局良好，均公布了12月份的大幅交付数据。</body></html></blockquote></p><p>NIO (ticker: NIO), XPeng (XPEV) and Li Auto (LI) on Saturday morning each reported deliveries. Combined, the three shipped more than 40,000 units. That’s a monthly record and is one sign that Tesla (TSLA) should post its own big number when it reports fourth delivery figures in coming days.</p><p><blockquote>蔚来（股票代码：蔚来）、小鹏汽车（XPEV）和理想汽车（LI）周六上午分别报告了交付情况。三者合计出货量超过4万台。这是一个月度记录，也是特斯拉(TSLA)在未来几天报告第四次交付数据时应该公布自己的大数字的一个迹象。</blockquote></p><p>About 25% of all Tesla deliveries are generated in China. Investors expect Tesla to report north of 280,000 deliveries worldwide for the fourth quarter.</p><p><blockquote>约25%的特斯拉交付量来自中国。投资者预计特斯拉第四季度全球交付量将超过28万辆。</blockquote></p><p>Among the Chinese three, XPeng took the December, and 2021, crown reporting 16,000 deliveries, a new monthly record. For all of 2021, XPeng delivered 98,155 vehicles, up 263% compared with 2020.</p><p><blockquote>在中国三大汽车中，小鹏汽车在12月和2021年交付量为16,000辆，创下月度新纪录。2021年全年，小鹏汽车交付了98,155辆汽车，较2020年增长263%。</blockquote></p><p>Li delivered 14,087 units in December. That’s a monthly record for Li too. For all of 2021, Li delivered 90,491 vehicles, up 177% compared with 2020.</p><p><blockquote>Li在12月份交付了14,087台。这也是李的月度记录。2021年全年，理想汽车交付了90,491辆汽车，较2020年增长177%。</blockquote></p><p>NIO didn’t set a new monthly record, just missing it by a few hundred units. The company shipped 10,489 vehicles in December. NIO’s monthly delivery record came in November, when it shipped 10,878 units. For the full year, NIO delivered 91,429 vehicles in 2021, up 109% compared with 2020.</p><p><blockquote>蔚来没有创造新的月度纪录，只是差了几百台。该公司12月份出货量为10,489辆。蔚来的月度交付记录出现在11月份，当时出货量为10,878辆。2021年全年，蔚来交付了91,429辆汽车，较2020年增长109%。</blockquote></p><p>Even though XPeng delivered more cars in 2021, NIO has still delivered the most of the three over the company’s life. NIO has delivered more than 167,000 vehicles life to date. XPeng and Li have delivered about 125,000 and 123,000 vehicle, respectively.</p><p><blockquote>尽管小鹏汽车在2021年交付了更多汽车，但蔚来在公司生命周期中仍然交付了这三款汽车中最多的。迄今为止，蔚来已交付超过167,000辆汽车。小鹏汽车和理想汽车分别交付了约125,000辆和123,000辆汽车。</blockquote></p><p>December vehicle deliveries for all EV producers might have been boosted by a subsidy cut coming for Chinese car buyers in 2022. Buyers rushed to get a slightly better deal. The Chinese purchase subsidy for an EV is about 10,000 Yuan, ($1,500), from 14,400 Yuan ($2,200). The $700 difference amounts to about a 2% price bump for typical EVs.</p><p><blockquote>2022年中国购车者补贴削减可能会提振所有电动汽车生产商12月份的汽车交付量。买家争先恐后地想要一个稍微好一点的交易。中国对电动汽车的购买补贴约为10,000元人民币（1,500美元），从14,400元人民币（2,200美元）起。700美元的差异相当于典型电动汽车的价格上涨约2%。</blockquote></p><p>Falling subsidies are one factor investors will have to consider regarding Tesla and Chinese EV makers in 2022. But higher December deliveries mean that earnings estimates for NIO, XPeng, Li, and likely Tesla, will rise in coming weeks. More cars than expected means more sales and better bottom line results.</p><p><blockquote>补贴下降是投资者在2022年考虑特斯拉和中国电动汽车制造商时必须考虑的因素之一。但12月份交付量的增加意味着蔚来、小鹏汽车、理想汽车以及特斯拉的盈利预期将在未来几周内上升。比预期更多的汽车意味着更多的销量和更好的底线结果。</blockquote></p><p>Strong delivery results might also help shares early in 2022. Shares of Tesla, XPeng and Li had a good to great 2021, gaining 50%, 18% and 11%, respectively. NIO shares struggled, dropping 35% in 2021. The S&amp;P 500 and Dow Jones Industrial Average gained 27% and 19%, respectively.</p><p><blockquote>强劲的交付业绩也可能有助于2022年初的股价上涨。特斯拉、小鹏汽车和理想汽车的股价在2021年表现良好，分别上涨50%、18%和11%。蔚来股价陷入困境，2021年下跌35%。标普500和道琼斯工业平均指数分别上涨27%和19%。</blockquote></p><p>Starting valuation is one reason for NIO stock’s struggles. Even after underperforming, NIO’s market capitalization is about $54 billion, more than the $43 billion market cap of XPeng and the $33 billion market cap of Li.</p><p><blockquote>开始估值是蔚来股票陷入困境的原因之一。即使表现不佳，蔚来的市值仍约为540亿美元，超过了小鹏汽车430亿美元的市值和理想汽车330亿美元的市值。</blockquote></p><p>Tesla, of course, ended 2021 with a market capitalization north of $1 trillion. It’s expected to deliver about 900,000 vehicles for 2021.</p><p><blockquote>当然，特斯拉在2021年底的市值超过1万亿美元。预计2021年将交付约90万辆汽车。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>XPeng, NIO, Li Auto Report Big December Deliveries. That’s Good For Tesla<blockquote>小鹏汽车、蔚来、理想汽车报告12月份交付量较大。这对特斯拉有好处</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXPeng, NIO, Li Auto Report Big December Deliveries. That’s Good For Tesla<blockquote>小鹏汽车、蔚来、理想汽车报告12月份交付量较大。这对特斯拉有好处</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2022-01-02 09:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The three U.S.-listed Chinese electric vehicle makers started 2022 off with a bang, all reporting big delivery figures for December.</p><p><blockquote><html><head></head><body>三家在美国上市的中国电动汽车制造商在2022年开局良好，均公布了12月份的大幅交付数据。</body></html></blockquote></p><p>NIO (ticker: NIO), XPeng (XPEV) and Li Auto (LI) on Saturday morning each reported deliveries. Combined, the three shipped more than 40,000 units. That’s a monthly record and is one sign that Tesla (TSLA) should post its own big number when it reports fourth delivery figures in coming days.</p><p><blockquote>蔚来（股票代码：蔚来）、小鹏汽车（XPEV）和理想汽车（LI）周六上午分别报告了交付情况。三者合计出货量超过4万台。这是一个月度记录，也是特斯拉(TSLA)在未来几天报告第四次交付数据时应该公布自己的大数字的一个迹象。</blockquote></p><p>About 25% of all Tesla deliveries are generated in China. Investors expect Tesla to report north of 280,000 deliveries worldwide for the fourth quarter.</p><p><blockquote>约25%的特斯拉交付量来自中国。投资者预计特斯拉第四季度全球交付量将超过28万辆。</blockquote></p><p>Among the Chinese three, XPeng took the December, and 2021, crown reporting 16,000 deliveries, a new monthly record. For all of 2021, XPeng delivered 98,155 vehicles, up 263% compared with 2020.</p><p><blockquote>在中国三大汽车中，小鹏汽车在12月和2021年交付量为16,000辆，创下月度新纪录。2021年全年，小鹏汽车交付了98,155辆汽车，较2020年增长263%。</blockquote></p><p>Li delivered 14,087 units in December. That’s a monthly record for Li too. For all of 2021, Li delivered 90,491 vehicles, up 177% compared with 2020.</p><p><blockquote>Li在12月份交付了14,087台。这也是李的月度记录。2021年全年，理想汽车交付了90,491辆汽车，较2020年增长177%。</blockquote></p><p>NIO didn’t set a new monthly record, just missing it by a few hundred units. The company shipped 10,489 vehicles in December. NIO’s monthly delivery record came in November, when it shipped 10,878 units. For the full year, NIO delivered 91,429 vehicles in 2021, up 109% compared with 2020.</p><p><blockquote>蔚来没有创造新的月度纪录，只是差了几百台。该公司12月份出货量为10,489辆。蔚来的月度交付记录出现在11月份，当时出货量为10,878辆。2021年全年，蔚来交付了91,429辆汽车，较2020年增长109%。</blockquote></p><p>Even though XPeng delivered more cars in 2021, NIO has still delivered the most of the three over the company’s life. NIO has delivered more than 167,000 vehicles life to date. XPeng and Li have delivered about 125,000 and 123,000 vehicle, respectively.</p><p><blockquote>尽管小鹏汽车在2021年交付了更多汽车，但蔚来在公司生命周期中仍然交付了这三款汽车中最多的。迄今为止，蔚来已交付超过167,000辆汽车。小鹏汽车和理想汽车分别交付了约125,000辆和123,000辆汽车。</blockquote></p><p>December vehicle deliveries for all EV producers might have been boosted by a subsidy cut coming for Chinese car buyers in 2022. Buyers rushed to get a slightly better deal. The Chinese purchase subsidy for an EV is about 10,000 Yuan, ($1,500), from 14,400 Yuan ($2,200). The $700 difference amounts to about a 2% price bump for typical EVs.</p><p><blockquote>2022年中国购车者补贴削减可能会提振所有电动汽车生产商12月份的汽车交付量。买家争先恐后地想要一个稍微好一点的交易。中国对电动汽车的购买补贴约为10,000元人民币（1,500美元），从14,400元人民币（2,200美元）起。700美元的差异相当于典型电动汽车的价格上涨约2%。</blockquote></p><p>Falling subsidies are one factor investors will have to consider regarding Tesla and Chinese EV makers in 2022. But higher December deliveries mean that earnings estimates for NIO, XPeng, Li, and likely Tesla, will rise in coming weeks. More cars than expected means more sales and better bottom line results.</p><p><blockquote>补贴下降是投资者在2022年考虑特斯拉和中国电动汽车制造商时必须考虑的因素之一。但12月份交付量的增加意味着蔚来、小鹏汽车、理想汽车以及特斯拉的盈利预期将在未来几周内上升。比预期更多的汽车意味着更多的销量和更好的底线结果。</blockquote></p><p>Strong delivery results might also help shares early in 2022. Shares of Tesla, XPeng and Li had a good to great 2021, gaining 50%, 18% and 11%, respectively. NIO shares struggled, dropping 35% in 2021. The S&amp;P 500 and Dow Jones Industrial Average gained 27% and 19%, respectively.</p><p><blockquote>强劲的交付业绩也可能有助于2022年初的股价上涨。特斯拉、小鹏汽车和理想汽车的股价在2021年表现良好，分别上涨50%、18%和11%。蔚来股价陷入困境，2021年下跌35%。标普500和道琼斯工业平均指数分别上涨27%和19%。</blockquote></p><p>Starting valuation is one reason for NIO stock’s struggles. Even after underperforming, NIO’s market capitalization is about $54 billion, more than the $43 billion market cap of XPeng and the $33 billion market cap of Li.</p><p><blockquote>开始估值是蔚来股票陷入困境的原因之一。即使表现不佳，蔚来的市值仍约为540亿美元，超过了小鹏汽车430亿美元的市值和理想汽车330亿美元的市值。</blockquote></p><p>Tesla, of course, ended 2021 with a market capitalization north of $1 trillion. It’s expected to deliver about 900,000 vehicles for 2021.</p><p><blockquote>当然，特斯拉在2021年底的市值超过1万亿美元。预计2021年将交付约90万辆汽车。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/xpeng-nio-li-auto-report-big-december-deliveries-thats-good-for-tesla-51641056522?mod=newsviewer_click_seemore\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏汽车","LI":"理想汽车","NIO":"蔚来","TSLA":"特斯拉"},"source_url":"https://www.marketwatch.com/articles/xpeng-nio-li-auto-report-big-december-deliveries-thats-good-for-tesla-51641056522?mod=newsviewer_click_seemore","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1173416252","content_text":"The three U.S.-listed Chinese electric vehicle makers started 2022 off with a bang, all reporting big delivery figures for December.NIO (ticker: NIO), XPeng (XPEV) and Li Auto (LI) on Saturday morning each reported deliveries. Combined, the three shipped more than 40,000 units. That’s a monthly record and is one sign that Tesla (TSLA) should post its own big number when it reports fourth delivery figures in coming days.About 25% of all Tesla deliveries are generated in China. Investors expect Tesla to report north of 280,000 deliveries worldwide for the fourth quarter.Among the Chinese three, XPeng took the December, and 2021, crown reporting 16,000 deliveries, a new monthly record. For all of 2021, XPeng delivered 98,155 vehicles, up 263% compared with 2020.Li delivered 14,087 units in December. That’s a monthly record for Li too. For all of 2021, Li delivered 90,491 vehicles, up 177% compared with 2020.NIO didn’t set a new monthly record, just missing it by a few hundred units. The company shipped 10,489 vehicles in December. NIO’s monthly delivery record came in November, when it shipped 10,878 units. For the full year, NIO delivered 91,429 vehicles in 2021, up 109% compared with 2020.Even though XPeng delivered more cars in 2021, NIO has still delivered the most of the three over the company’s life. NIO has delivered more than 167,000 vehicles life to date. XPeng and Li have delivered about 125,000 and 123,000 vehicle, respectively.December vehicle deliveries for all EV producers might have been boosted by a subsidy cut coming for Chinese car buyers in 2022. Buyers rushed to get a slightly better deal. The Chinese purchase subsidy for an EV is about 10,000 Yuan, ($1,500), from 14,400 Yuan ($2,200). The $700 difference amounts to about a 2% price bump for typical EVs.Falling subsidies are one factor investors will have to consider regarding Tesla and Chinese EV makers in 2022. But higher December deliveries mean that earnings estimates for NIO, XPeng, Li, and likely Tesla, will rise in coming weeks. More cars than expected means more sales and better bottom line results.Strong delivery results might also help shares early in 2022. Shares of Tesla, XPeng and Li had a good to great 2021, gaining 50%, 18% and 11%, respectively. NIO shares struggled, dropping 35% in 2021. The S&P 500 and Dow Jones Industrial Average gained 27% and 19%, respectively.Starting valuation is one reason for NIO stock’s struggles. Even after underperforming, NIO’s market capitalization is about $54 billion, more than the $43 billion market cap of XPeng and the $33 billion market cap of Li.Tesla, of course, ended 2021 with a market capitalization north of $1 trillion. It’s expected to deliver about 900,000 vehicles for 2021.","news_type":1,"symbols_score_info":{"XPEV":0.9,"NIO":0.9,"LI":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":3104,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692504470,"gmtCreate":1641021476924,"gmtModify":1641021477113,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692504470","repostId":"2195448557","repostType":4,"isVote":1,"tweetType":1,"viewCount":2853,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692325086,"gmtCreate":1640855837101,"gmtModify":1640855837295,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/692325086","repostId":"1125407253","repostType":4,"repost":{"id":"1125407253","kind":"news","pubTimestamp":1640853615,"share":"https://www.laohu8.com/m/news/1125407253?lang=zh_CN&edition=full","pubTime":"2021-12-30 16:40","market":"us","language":"en","title":"The S&P 500 could have 16% upside through the end of 2022, Fundstrat's Tom Lee says<blockquote>Fundstrat的Tom Lee表示，到2022年底，标普500可能有16%的上涨空间</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1125407253","media":"Markets insider","summary":"The S&P 500 could surge 16% in 2022 to 5,600, according to a note from Fundstrat's Tom Lee.He pointe","content":"<p><html><head></head><body><ul><li><b>The S&amp;P 500 could surge 16% in 2022 to 5,600, according to a note from Fundstrat&#39;s Tom Lee.</b></li><li><b>He pointed out that since 1938, returns have been strong for stocks in the year after a 27% gain.</b></li><li><b>&#34;Our S&amp;P 500 5,100 by year-end 2022 target looks conservative, but we also expect plenty of turbulence,&#34; Lee said.</b></li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5675d806b794ec8372558219eb7863b4\" tg-width=\"790\" tg-height=\"395\" width=\"100%\" height=\"auto\"/><span>Spencer Platt/Getty Images</span></p><p><blockquote><html><head></head><body><ul><li><b>根据Fundstrat的Tom Lee的一份报告，标普500到2022年可能会飙升16%，达到5,600点。</b></li><li><b>他指出，自1938年以来，股票在上涨27%后的一年中回报率一直很强劲。</b></li><li><b>“我们到2022年底标普500达到5,100辆的目标看起来很保守，但我们也预计会出现大量动荡，”Lee表示。</b></li></ul><p class=\"t-img-caption\"><span>斯宾塞·普拉特/盖蒂图片社</span></p></body></html></blockquote></p><p>Strength in the stock market after a solid 2021 is likely to continue into next year, as momentum continues to drive equities higher, according to Fundstrat&#39;s Tom lee.</p><p><blockquote>Fundstrat的Tom lee表示，在经历了稳健的2021年之后，股市的强势可能会持续到明年，因为势头继续推动股市走高。</blockquote></p><p>He has already set a S&amp;P 500 price target of 5,100 by the end of 2022,representing potential upside of about 7% from Tuesday&#39;s close. But that estimate could be too conservative, according to a Wednesday note from Fundstrat.</p><p><blockquote>他已经将标普500到2022年底的目标价设定为5,100点，较周二收盘价有约7%的潜在上涨空间。但根据Fundstrat周三的一份报告，这一估计可能过于保守。</blockquote></p><p>With the S&amp;P 500 up nearly 30% in 2021, a historical analysis of past market returns suggests gains could extend higher into next year. Since 1938, the stock market has generated an average and median annual gain of 12% and 16%, respectively, in the year following a rise of at least 27%, according to Lee.</p><p><blockquote>随着标普500在2021年上涨近30%，对过去市场回报的历史分析表明，涨幅可能会延续到明年。Lee表示，自1938年以来，股市的平均年涨幅和中位数分别为12%和16%，此前一年上涨了至少27%。</blockquote></p><p>Those potential gains would send the S&amp;P 500 to between 5,400 and 5,600. &#34;Most years post +27% gains are actually very good...thus, we believe our base case of S&amp;P 500 5,100 is conservative,&#34; he said.</p><p><blockquote>这些潜在收益将使标普500升至5,400至5,600之间。“大多数年份涨幅超过27%实际上都非常好……因此，我们认为标普500 5,100点的基本情况是保守的，”他说。</blockquote></p><p>The rise in stocks isn&#39;t just being driven by momentum. It&#39;s also being buoyed by a strong economic backdrop and rising corporate profits. &#34;The rise in equities, in our view, has been justified by the substantial economic resilience coupled with tremendous operating leverage of businesses,&#34; Lee explained.</p><p><blockquote>股市的上涨不仅仅是由势头推动的。强劲的经济背景和不断增长的企业利润也提振了它。李解释说：“我们认为，强劲的经济弹性以及企业巨大的运营杠杆证明了股市上涨的合理性。”</blockquote></p><p>Still, despite the bright outlook, the Fundstrat team is expecting significant turbulence in 2022, especially in the first half of the year. That&#39;s because COVID cases could remain elevated, supply-chain glitches may persist, mid-term elections could contribute to uncertainty, and the Fed is on the verge of raising interest rates.</p><p><blockquote>尽管如此，尽管前景光明，Fundstrat团队预计2022年将出现重大动荡，尤其是今年上半年。这是因为新冠病例可能会居高不下，供应链故障可能会持续存在，中期选举可能会加剧不确定性，而且美联储正处于加息的边缘。</blockquote></p><p>The question to Lee remains that if those risks are obvious, have they already been discounted by investors?</p><p><blockquote>李的问题仍然是，如果这些风险是显而易见的，投资者是否已经低估了它们？</blockquote></p><p>Whether they have or not, a 2022 gain of &#34;+12% to +16% probably more appropriate,&#34; Lee said.</p><p><blockquote>Lee表示，无论是否有，2022年的涨幅“+12%至+16%可能更合适”。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 could have 16% upside through the end of 2022, Fundstrat's Tom Lee says<blockquote>Fundstrat的Tom Lee表示，到2022年底，标普500可能有16%的上涨空间</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\">\nThe S&P 500 could have 16% upside through the end of 2022, Fundstrat's Tom Lee says<blockquote>Fundstrat的Tom Lee表示，到2022年底，标普500可能有16%的上涨空间</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Markets insider</strong><span class=\"h-time small\">2021-12-30 16:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><ul><li><b>The S&amp;P 500 could surge 16% in 2022 to 5,600, according to a note from Fundstrat&#39;s Tom Lee.</b></li><li><b>He pointed out that since 1938, returns have been strong for stocks in the year after a 27% gain.</b></li><li><b>&#34;Our S&amp;P 500 5,100 by year-end 2022 target looks conservative, but we also expect plenty of turbulence,&#34; Lee said.</b></li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5675d806b794ec8372558219eb7863b4\" tg-width=\"790\" tg-height=\"395\" width=\"100%\" height=\"auto\"/><span>Spencer Platt/Getty Images</span></p><p><blockquote><html><head></head><body><ul><li><b>根据Fundstrat的Tom Lee的一份报告，标普500到2022年可能会飙升16%，达到5,600点。</b></li><li><b>他指出，自1938年以来，股票在上涨27%后的一年中回报率一直很强劲。</b></li><li><b>“我们到2022年底标普500达到5,100辆的目标看起来很保守，但我们也预计会出现大量动荡，”Lee表示。</b></li></ul><p class=\"t-img-caption\"><span>斯宾塞·普拉特/盖蒂图片社</span></p></body></html></blockquote></p><p>Strength in the stock market after a solid 2021 is likely to continue into next year, as momentum continues to drive equities higher, according to Fundstrat&#39;s Tom lee.</p><p><blockquote>Fundstrat的Tom lee表示，在经历了稳健的2021年之后，股市的强势可能会持续到明年，因为势头继续推动股市走高。</blockquote></p><p>He has already set a S&amp;P 500 price target of 5,100 by the end of 2022,representing potential upside of about 7% from Tuesday&#39;s close. But that estimate could be too conservative, according to a Wednesday note from Fundstrat.</p><p><blockquote>他已经将标普500到2022年底的目标价设定为5,100点，较周二收盘价有约7%的潜在上涨空间。但根据Fundstrat周三的一份报告，这一估计可能过于保守。</blockquote></p><p>With the S&amp;P 500 up nearly 30% in 2021, a historical analysis of past market returns suggests gains could extend higher into next year. Since 1938, the stock market has generated an average and median annual gain of 12% and 16%, respectively, in the year following a rise of at least 27%, according to Lee.</p><p><blockquote>随着标普500在2021年上涨近30%，对过去市场回报的历史分析表明，涨幅可能会延续到明年。Lee表示，自1938年以来，股市的平均年涨幅和中位数分别为12%和16%，此前一年上涨了至少27%。</blockquote></p><p>Those potential gains would send the S&amp;P 500 to between 5,400 and 5,600. &#34;Most years post +27% gains are actually very good...thus, we believe our base case of S&amp;P 500 5,100 is conservative,&#34; he said.</p><p><blockquote>这些潜在收益将使标普500升至5,400至5,600之间。“大多数年份涨幅超过27%实际上都非常好……因此，我们认为标普500 5,100点的基本情况是保守的，”他说。</blockquote></p><p>The rise in stocks isn&#39;t just being driven by momentum. It&#39;s also being buoyed by a strong economic backdrop and rising corporate profits. &#34;The rise in equities, in our view, has been justified by the substantial economic resilience coupled with tremendous operating leverage of businesses,&#34; Lee explained.</p><p><blockquote>股市的上涨不仅仅是由势头推动的。强劲的经济背景和不断增长的企业利润也提振了它。李解释说：“我们认为，强劲的经济弹性以及企业巨大的运营杠杆证明了股市上涨的合理性。”</blockquote></p><p>Still, despite the bright outlook, the Fundstrat team is expecting significant turbulence in 2022, especially in the first half of the year. That&#39;s because COVID cases could remain elevated, supply-chain glitches may persist, mid-term elections could contribute to uncertainty, and the Fed is on the verge of raising interest rates.</p><p><blockquote>尽管如此，尽管前景光明，Fundstrat团队预计2022年将出现重大动荡，尤其是今年上半年。这是因为新冠病例可能会居高不下，供应链故障可能会持续存在，中期选举可能会加剧不确定性，而且美联储正处于加息的边缘。</blockquote></p><p>The question to Lee remains that if those risks are obvious, have they already been discounted by investors?</p><p><blockquote>李的问题仍然是，如果这些风险是显而易见的，投资者是否已经低估了它们？</blockquote></p><p>Whether they have or not, a 2022 gain of &#34;+12% to +16% probably more appropriate,&#34; Lee said.</p><p><blockquote>Lee表示，无论是否有，2022年的涨幅“+12%至+16%可能更合适”。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-strong-year-signals-more-upside-2022-2021-12\">Markets insider</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":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-strong-year-signals-more-upside-2022-2021-12","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125407253","content_text":"The S&P 500 could surge 16% in 2022 to 5,600, according to a note from Fundstrat's Tom Lee.He pointed out that since 1938, returns have been strong for stocks in the year after a 27% gain.\"Our S&P 500 5,100 by year-end 2022 target looks conservative, but we also expect plenty of turbulence,\" Lee said.Spencer Platt/Getty ImagesStrength in the stock market after a solid 2021 is likely to continue into next year, as momentum continues to drive equities higher, according to Fundstrat's Tom lee.He has already set a S&P 500 price target of 5,100 by the end of 2022,representing potential upside of about 7% from Tuesday's close. But that estimate could be too conservative, according to a Wednesday note from Fundstrat.With the S&P 500 up nearly 30% in 2021, a historical analysis of past market returns suggests gains could extend higher into next year. Since 1938, the stock market has generated an average and median annual gain of 12% and 16%, respectively, in the year following a rise of at least 27%, according to Lee.Those potential gains would send the S&P 500 to between 5,400 and 5,600. \"Most years post +27% gains are actually very good...thus, we believe our base case of S&P 500 5,100 is conservative,\" he said.The rise in stocks isn't just being driven by momentum. It's also being buoyed by a strong economic backdrop and rising corporate profits. \"The rise in equities, in our view, has been justified by the substantial economic resilience coupled with tremendous operating leverage of businesses,\" Lee explained.Still, despite the bright outlook, the Fundstrat team is expecting significant turbulence in 2022, especially in the first half of the year. That's because COVID cases could remain elevated, supply-chain glitches may persist, mid-term elections could contribute to uncertainty, and the Fed is on the verge of raising interest rates.The question to Lee remains that if those risks are obvious, have they already been discounted by investors?Whether they have or not, a 2022 gain of \"+12% to +16% probably more appropriate,\" Lee said.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2679,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696736307,"gmtCreate":1640765223806,"gmtModify":1640765223994,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/696736307","repostId":"1189803272","repostType":4,"repost":{"id":"1189803272","kind":"news","pubTimestamp":1640763988,"share":"https://www.laohu8.com/m/news/1189803272?lang=zh_CN&edition=full","pubTime":"2021-12-29 15:46","market":"us","language":"en","title":"Why Tesla Stock Is in a ‘Clear Position of Strength’ Heading Into 2022<blockquote>为什么特斯拉股票在2022年处于“明显的强势地位”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1189803272","media":"Barrons","summary":"Tesla “is in a clear position of strength heading into 2022,” according to analysts at Wedbush, who ","content":"<p><html><head></head><body>Tesla “is in a clear position of strength heading into 2022,” according to analysts at Wedbush, who see three catalysts, including China demand, driving the stock higher.</p><p><blockquote><html><head></head><body>Wedbush分析师表示，特斯拉“在进入2022年时处于明显的强势地位”，他们认为包括中国需求在内的三个催化剂将推动该股走高。</body></html></blockquote></p><p>Wedbush has a current base price target on Tesla (ticker: TSLA) shares of $1,400 and a bull case target of $1,800. The Wedbush analysts, led by Dan Ives, wrote in a note they were maintaining their Outperform rating on the stock.</p><p><blockquote>Wedbush目前对特斯拉（股票代码：TSLA）股票的基本目标价为1,400美元，牛市目标价为1,800美元。以丹·艾夫斯为首的韦德布什分析师在一份报告中写道，他们维持对该股跑赢大盘的评级。</blockquote></p><p>Tesla fell 0.5% to $1,088.47 on Tuesday. The stock has gained 54.5% in 2021 and its market capitalization has moved above $1 trillion.</p><p><blockquote>特斯拉周二下跌0.5%，至1,088.47美元。该股在2021年上涨了54.5%，市值已突破1万亿美元。</blockquote></p><p>Ives said the “linchpin to the overall bull thesis on Tesla remains China,” and he estimated the country will make up 40% of deliveries for the electric-vehicle maker in 2022.  He also said China was worth $400 a share to Tesla next year.</p><p><blockquote>Ives表示，“特斯拉整体牛市论点的关键仍然是中国”，他估计2022年中国将占这家电动汽车制造商交付量的40%。他还表示，明年中国对特斯拉的价值为每股400美元。</blockquote></p><p>The analyst said Tesla has a “high-class problem of demand outstripping supply” and said the key to alleviating these issues centered around Gigafactory openings in Austin, Texas and Berlin that will “alleviate the bottlenecks of production for Tesla globally.”</p><p><blockquote>该分析师表示，特斯拉存在“供不应求的高级问题”，并表示缓解这些问题的关键围绕在奥斯丁、德克萨斯和柏林开设超级工厂，这将“缓解特斯拉在全球的生产瓶颈”。</blockquote></p><p>“We believe by the end of 2022 Tesla will have the capacity for overall ~2 million units annually from roughly 1 million today,” Ives said.</p><p><blockquote>Ives表示：“我们相信，到2022年底，特斯拉的年产能将从目前的约100万辆增至约200万辆。”</blockquote></p><p>The EV maker also should be able to smooth out supply-chain issues that have been a drag on overall unit growth for Tesla in 2021, according to Ives.</p><p><blockquote>Ives表示，这家电动汽车制造商还应该能够解决供应链问题，这些问题一直拖累特斯拉2021年整体销量增长。</blockquote></p><p>“While logistical hurdles will be a near-term cost burden, we importantly believe Tesla has the potential to further expand its auto [gross margin] and profitability profile over the next 12 to 18 months especially with more higher-margin cars being sold and produced in China,” Ives added.</p><p><blockquote>“虽然物流障碍将成为近期的成本负担，但我们重要的是相信特斯拉有潜力在未来12至18个月内进一步扩大其汽车[毛利率]和盈利能力，特别是随着更多利润率更高的汽车在中国销售和生产，”Ives补充道。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Tesla Stock Is in a ‘Clear Position of Strength’ Heading Into 2022<blockquote>为什么特斯拉股票在2022年处于“明显的强势地位”</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\">\nWhy Tesla Stock Is in a ‘Clear Position of Strength’ Heading Into 2022<blockquote>为什么特斯拉股票在2022年处于“明显的强势地位”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-12-29 15:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Tesla “is in a clear position of strength heading into 2022,” according to analysts at Wedbush, who see three catalysts, including China demand, driving the stock higher.</p><p><blockquote><html><head></head><body>Wedbush分析师表示，特斯拉“在进入2022年时处于明显的强势地位”，他们认为包括中国需求在内的三个催化剂将推动该股走高。</body></html></blockquote></p><p>Wedbush has a current base price target on Tesla (ticker: TSLA) shares of $1,400 and a bull case target of $1,800. The Wedbush analysts, led by Dan Ives, wrote in a note they were maintaining their Outperform rating on the stock.</p><p><blockquote>Wedbush目前对特斯拉（股票代码：TSLA）股票的基本目标价为1,400美元，牛市目标价为1,800美元。以丹·艾夫斯为首的韦德布什分析师在一份报告中写道，他们维持对该股跑赢大盘的评级。</blockquote></p><p>Tesla fell 0.5% to $1,088.47 on Tuesday. The stock has gained 54.5% in 2021 and its market capitalization has moved above $1 trillion.</p><p><blockquote>特斯拉周二下跌0.5%，至1,088.47美元。该股在2021年上涨了54.5%，市值已突破1万亿美元。</blockquote></p><p>Ives said the “linchpin to the overall bull thesis on Tesla remains China,” and he estimated the country will make up 40% of deliveries for the electric-vehicle maker in 2022.  He also said China was worth $400 a share to Tesla next year.</p><p><blockquote>Ives表示，“特斯拉整体牛市论点的关键仍然是中国”，他估计2022年中国将占这家电动汽车制造商交付量的40%。他还表示，明年中国对特斯拉的价值为每股400美元。</blockquote></p><p>The analyst said Tesla has a “high-class problem of demand outstripping supply” and said the key to alleviating these issues centered around Gigafactory openings in Austin, Texas and Berlin that will “alleviate the bottlenecks of production for Tesla globally.”</p><p><blockquote>该分析师表示，特斯拉存在“供不应求的高级问题”，并表示缓解这些问题的关键围绕在奥斯丁、德克萨斯和柏林开设超级工厂，这将“缓解特斯拉在全球的生产瓶颈”。</blockquote></p><p>“We believe by the end of 2022 Tesla will have the capacity for overall ~2 million units annually from roughly 1 million today,” Ives said.</p><p><blockquote>Ives表示：“我们相信，到2022年底，特斯拉的年产能将从目前的约100万辆增至约200万辆。”</blockquote></p><p>The EV maker also should be able to smooth out supply-chain issues that have been a drag on overall unit growth for Tesla in 2021, according to Ives.</p><p><blockquote>Ives表示，这家电动汽车制造商还应该能够解决供应链问题，这些问题一直拖累特斯拉2021年整体销量增长。</blockquote></p><p>“While logistical hurdles will be a near-term cost burden, we importantly believe Tesla has the potential to further expand its auto [gross margin] and profitability profile over the next 12 to 18 months especially with more higher-margin cars being sold and produced in China,” Ives added.</p><p><blockquote>“虽然物流障碍将成为近期的成本负担，但我们重要的是相信特斯拉有潜力在未来12至18个月内进一步扩大其汽车[毛利率]和盈利能力，特别是随着更多利润率更高的汽车在中国销售和生产，”Ives补充道。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-stock-price-2022-catalysts-51640686538?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-stock-price-2022-catalysts-51640686538?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189803272","content_text":"Tesla “is in a clear position of strength heading into 2022,” according to analysts at Wedbush, who see three catalysts, including China demand, driving the stock higher.Wedbush has a current base price target on Tesla (ticker: TSLA) shares of $1,400 and a bull case target of $1,800. The Wedbush analysts, led by Dan Ives, wrote in a note they were maintaining their Outperform rating on the stock.Tesla fell 0.5% to $1,088.47 on Tuesday. The stock has gained 54.5% in 2021 and its market capitalization has moved above $1 trillion.Ives said the “linchpin to the overall bull thesis on Tesla remains China,” and he estimated the country will make up 40% of deliveries for the electric-vehicle maker in 2022.  He also said China was worth $400 a share to Tesla next year.The analyst said Tesla has a “high-class problem of demand outstripping supply” and said the key to alleviating these issues centered around Gigafactory openings in Austin, Texas and Berlin that will “alleviate the bottlenecks of production for Tesla globally.”“We believe by the end of 2022 Tesla will have the capacity for overall ~2 million units annually from roughly 1 million today,” Ives said.The EV maker also should be able to smooth out supply-chain issues that have been a drag on overall unit growth for Tesla in 2021, according to Ives.“While logistical hurdles will be a near-term cost burden, we importantly believe Tesla has the potential to further expand its auto [gross margin] and profitability profile over the next 12 to 18 months especially with more higher-margin cars being sold and produced in China,” Ives added.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":4901,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696877926,"gmtCreate":1640673192817,"gmtModify":1640673193001,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/696877926","repostId":"1140453622","repostType":4,"repost":{"id":"1140453622","kind":"news","pubTimestamp":1640672028,"share":"https://www.laohu8.com/m/news/1140453622?lang=zh_CN&edition=full","pubTime":"2021-12-28 14:13","market":"us","language":"en","title":"Disney+ Has a Late Gift for Star Wars Fans; What's Coming in 2022?<blockquote>迪士尼+为《星球大战》粉丝准备了一份迟到的礼物；2022年会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1140453622","media":"TheStreet","summary":"Walt Disney's(DIS) closed the year strong with its latest Marvel series, \"Hawkeye,\" the Beatles Docu","content":"<p>Walt Disney's(<b>DIS</b>)&nbsp;closed the year strong with its latest Marvel series, \"Hawkeye,\" the Beatles Documentary \"Get Back,\" and the December 29 premiere of the highly anticipated \"Star Wars\" series \"Book of Boba Fett.\" A sort of companion series to the wildly popular \"The Mandalorian,\" the show fills in the backstory of exactly how the popular bounty hunter survived Han Solo knocking him into the Sarlacc pit in \"Return of the Jedi.\"</p><p><blockquote>沃尔特·迪斯尼的<b>说</b>）凭借最新的漫威系列电影《鹰眼》、披头士乐队纪录片《归来》以及12月29日备受期待的《星球大战》系列电影《波巴·费特之书》的首映，强势结束了这一年。该剧是广受欢迎的《曼达洛人》的姊妹篇，讲述了广受欢迎的赏金猎人如何在《绝地归来》中被汉·索洛撞进沙拉克坑后幸存下来的背景故事。</blockquote></p><p> If the second half of that last sentence didn't mean anything to you, well, Disney+ also added Pixar's \"Encanto\" and Marvel's \"Shang-Chi and the Legend of the Ten Rings\" in the fourth quarter. It was a veritable explosion of content to finish the year, which wasn't exactly the plan, but the company did have to deal with production slowdowns creating some delays due to the ongoing pandemic.</p><p><blockquote>如果最后一句话的后半部分对你来说没有任何意义，那么，Disney+在第四季度还增加了皮克斯的《Encanto》和漫威的《尚气与十环传奇》。这是一个名副其实的内容爆炸式增长，这并不完全是计划，但该公司确实不得不应对生产放缓，由于持续的疫情造成了一些延误。</blockquote></p><p> CEO Bob Chapek seemed pleased with the company's streaming services and Disney+ in particular, during his remarks in the Mouse House'sfourth-quarter earnings call.</p><p><blockquote>首席执行官Bob Chapek在Mouse House第四季度收益看涨期权上发表讲话时，似乎对公司的流媒体服务，尤其是Disney+感到满意。</blockquote></p><p> \"On the direct-to-consumer side, we are extremely pleased with the success of our portfolio streaming services, Disney+, ESPN+, and Hulu continued to perform incredibly well with 118.1 million, 17.1 million, and 43.8 million subscribers, respectively, for a total of 179 million subscriptions,\" he said. \"To put this growth in perspective, in the past fiscal year alone, we have grown the total number of subscriptions across our DTC portfolio by 48% and Disney+ subs, in particular, by 60%.\"</p><p><blockquote>“在直接面向消费者的方面，我们对我们的流媒体服务组合的成功感到非常满意，Disney+、ESPN+和Hulu继续表现出色，分别拥有1.181亿、1710万和4380万订阅用户，订阅总数为1.79亿，”他说。“从这个角度来看，仅在上一财年，我们DTC产品组合的订阅总数就增长了48%，尤其是Disney+订阅数量增长了60%。”</blockquote></p><p> <b>Disney's CEO Has a Long-term View</b></p><p><blockquote><b>迪士尼CEO着眼长远</b></blockquote></p><p> While DIsney+ has exceeded all initial growth projections, Chapek has refused to get caught up in the moment. He's instead focusing on where the company plans to take the business over the next few years.</p><p><blockquote>虽然DIsney+已经超出了所有最初的增长预测，但查佩克拒绝沉迷于当下。相反，他专注于公司计划在未来几年将业务推向何方。</blockquote></p><p> \"I want to reiterate that we remain focused on managing our DTC business for the long term, not quarter to quarter, and we're confident we are on the right trajectory to achieve the guidance that we provided at last year's Investors Day, reaching between 230 million and 260 million paid Disney+ subscribers globally by the end of fiscal year 2024, and with Disney+ achieving profitability that same year,\" he said.</p><p><blockquote>“我想重申，我们仍然专注于长期管理我们的DTC业务，而不是逐季管理，我们相信我们正走在正确的轨道上，以实现我们在去年投资者日提供的指导，达到到2024财年末，全球Disney+付费用户将达到2.3亿至2.6亿，Disney+将在同年实现盈利，”他说。</blockquote></p><p> <b>What's Coming on Disney+ in 2022?</b></p><p><blockquote><b>2022年迪士尼+会有什么？</b></blockquote></p><p> Disney has a different business model than its chief rival, Netflix(<b>NFLX</b>). The company owns so much high-end, incredibly well-known intellectual property (IP) that its shows are nearly guaranteed to find an audience. That's very different from Netflix, which largely has to create shows from nothing and then hope they're good enough to find viewers.</p><p><blockquote>迪士尼的商业模式与其主要竞争对手Netflix不同（<b>NFLX</b>).该公司拥有如此多高端、令人难以置信的知名知识产权(IP)，以至于其节目几乎可以保证找到观众。这与网飞非常不同，后者在很大程度上必须从无到有地创作节目，然后希望它们足够好以找到观众。</blockquote></p><p> Basically, Disney knows its customers and potential customers. It can build its family audience by creating more shows from its well-known IP and franchises.</p><p><blockquote>基本上，迪士尼了解自己的客户和潜在客户。它可以通过利用其知名IP和特许经营权创作更多节目来建立家庭观众。</blockquote></p><p> \"In total, we are nearly doubling the amount of original content from our marquee brands, Disney, Marvel, Pixar, Star Wars, and National Geographic coming to Disney+ in fiscal year '22, with the majority of our highly anticipated titles arriving July through September,\" Chapek said. \"This represents the beginning of the surge of new content shared last December at our investor conference 2.0.\"</p><p><blockquote>“总的来说，在22财年，我们的知名品牌迪士尼、漫威、皮克斯、星球大战和国家地理进入Disney+的原创内容数量几乎增加了一倍，其中大部分备受期待的作品都将于7月上市。到九月，”查佩克说。“这代表着去年12月在我们的投资者大会2.0上分享的新内容激增的开始。”</blockquote></p><p> Disney intends to give its audience more of what they like. That, Chapek said, will help the streaming service reach its ambitious subscriber goals.</p><p><blockquote>迪士尼打算给观众更多他们喜欢的东西。查佩克表示，这将有助于流媒体服务实现其雄心勃勃的用户目标。</blockquote></p><p> \"We recognize that the single, most effective way to grow our streaming platforms worldwide is with great content, and we are singularly focused on making new high-quality entertainment including local and regional content that we believe will resonate with audiences,\" the CEO said. \" Of note, we have 340-plus local original titles in various stages of development and production for our DTC platforms over the next few years.\"</p><p><blockquote>这位首席执行官表示：“我们认识到，在全球范围内发展流媒体平台的唯一、最有效的方法是提供优秀的内容，我们非常专注于制作新的高质量娱乐，包括我们相信会引起观众共鸣的本地和区域内容。”“值得注意的是，未来几年，我们的DTC平台将有340多款本地原创游戏处于开发和生产的不同阶段。”</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>Disney+ Has a Late Gift for Star Wars Fans; What's Coming in 2022?<blockquote>迪士尼+为《星球大战》粉丝准备了一份迟到的礼物；2022年会发生什么？</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\">\nDisney+ Has a Late Gift for Star Wars Fans; What's Coming in 2022?<blockquote>迪士尼+为《星球大战》粉丝准备了一份迟到的礼物；2022年会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-12-28 14:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Walt Disney's(<b>DIS</b>)&nbsp;closed the year strong with its latest Marvel series, \"Hawkeye,\" the Beatles Documentary \"Get Back,\" and the December 29 premiere of the highly anticipated \"Star Wars\" series \"Book of Boba Fett.\" A sort of companion series to the wildly popular \"The Mandalorian,\" the show fills in the backstory of exactly how the popular bounty hunter survived Han Solo knocking him into the Sarlacc pit in \"Return of the Jedi.\"</p><p><blockquote>沃尔特·迪斯尼的<b>说</b>）凭借最新的漫威系列电影《鹰眼》、披头士乐队纪录片《归来》以及12月29日备受期待的《星球大战》系列电影《波巴·费特之书》的首映，强势结束了这一年。该剧是广受欢迎的《曼达洛人》的姊妹篇，讲述了广受欢迎的赏金猎人如何在《绝地归来》中被汉·索洛撞进沙拉克坑后幸存下来的背景故事。</blockquote></p><p> If the second half of that last sentence didn't mean anything to you, well, Disney+ also added Pixar's \"Encanto\" and Marvel's \"Shang-Chi and the Legend of the Ten Rings\" in the fourth quarter. It was a veritable explosion of content to finish the year, which wasn't exactly the plan, but the company did have to deal with production slowdowns creating some delays due to the ongoing pandemic.</p><p><blockquote>如果最后一句话的后半部分对你来说没有任何意义，那么，Disney+在第四季度还增加了皮克斯的《Encanto》和漫威的《尚气与十环传奇》。这是一个名副其实的内容爆炸式增长，这并不完全是计划，但该公司确实不得不应对生产放缓，由于持续的疫情造成了一些延误。</blockquote></p><p> CEO Bob Chapek seemed pleased with the company's streaming services and Disney+ in particular, during his remarks in the Mouse House'sfourth-quarter earnings call.</p><p><blockquote>首席执行官Bob Chapek在Mouse House第四季度收益看涨期权上发表讲话时，似乎对公司的流媒体服务，尤其是Disney+感到满意。</blockquote></p><p> \"On the direct-to-consumer side, we are extremely pleased with the success of our portfolio streaming services, Disney+, ESPN+, and Hulu continued to perform incredibly well with 118.1 million, 17.1 million, and 43.8 million subscribers, respectively, for a total of 179 million subscriptions,\" he said. \"To put this growth in perspective, in the past fiscal year alone, we have grown the total number of subscriptions across our DTC portfolio by 48% and Disney+ subs, in particular, by 60%.\"</p><p><blockquote>“在直接面向消费者的方面，我们对我们的流媒体服务组合的成功感到非常满意，Disney+、ESPN+和Hulu继续表现出色，分别拥有1.181亿、1710万和4380万订阅用户，订阅总数为1.79亿，”他说。“从这个角度来看，仅在上一财年，我们DTC产品组合的订阅总数就增长了48%，尤其是Disney+订阅数量增长了60%。”</blockquote></p><p> <b>Disney's CEO Has a Long-term View</b></p><p><blockquote><b>迪士尼CEO着眼长远</b></blockquote></p><p> While DIsney+ has exceeded all initial growth projections, Chapek has refused to get caught up in the moment. He's instead focusing on where the company plans to take the business over the next few years.</p><p><blockquote>虽然DIsney+已经超出了所有最初的增长预测，但查佩克拒绝沉迷于当下。相反，他专注于公司计划在未来几年将业务推向何方。</blockquote></p><p> \"I want to reiterate that we remain focused on managing our DTC business for the long term, not quarter to quarter, and we're confident we are on the right trajectory to achieve the guidance that we provided at last year's Investors Day, reaching between 230 million and 260 million paid Disney+ subscribers globally by the end of fiscal year 2024, and with Disney+ achieving profitability that same year,\" he said.</p><p><blockquote>“我想重申，我们仍然专注于长期管理我们的DTC业务，而不是逐季管理，我们相信我们正走在正确的轨道上，以实现我们在去年投资者日提供的指导，达到到2024财年末，全球Disney+付费用户将达到2.3亿至2.6亿，Disney+将在同年实现盈利，”他说。</blockquote></p><p> <b>What's Coming on Disney+ in 2022?</b></p><p><blockquote><b>2022年迪士尼+会有什么？</b></blockquote></p><p> Disney has a different business model than its chief rival, Netflix(<b>NFLX</b>). The company owns so much high-end, incredibly well-known intellectual property (IP) that its shows are nearly guaranteed to find an audience. That's very different from Netflix, which largely has to create shows from nothing and then hope they're good enough to find viewers.</p><p><blockquote>迪士尼的商业模式与其主要竞争对手Netflix不同（<b>NFLX</b>).该公司拥有如此多高端、令人难以置信的知名知识产权(IP)，以至于其节目几乎可以保证找到观众。这与网飞非常不同，后者在很大程度上必须从无到有地创作节目，然后希望它们足够好以找到观众。</blockquote></p><p> Basically, Disney knows its customers and potential customers. It can build its family audience by creating more shows from its well-known IP and franchises.</p><p><blockquote>基本上，迪士尼了解自己的客户和潜在客户。它可以通过利用其知名IP和特许经营权创作更多节目来建立家庭观众。</blockquote></p><p> \"In total, we are nearly doubling the amount of original content from our marquee brands, Disney, Marvel, Pixar, Star Wars, and National Geographic coming to Disney+ in fiscal year '22, with the majority of our highly anticipated titles arriving July through September,\" Chapek said. \"This represents the beginning of the surge of new content shared last December at our investor conference 2.0.\"</p><p><blockquote>“总的来说，在22财年，我们的知名品牌迪士尼、漫威、皮克斯、星球大战和国家地理进入Disney+的原创内容数量几乎增加了一倍，其中大部分备受期待的作品都将于7月上市。到九月，”查佩克说。“这代表着去年12月在我们的投资者大会2.0上分享的新内容激增的开始。”</blockquote></p><p> Disney intends to give its audience more of what they like. That, Chapek said, will help the streaming service reach its ambitious subscriber goals.</p><p><blockquote>迪士尼打算给观众更多他们喜欢的东西。查佩克表示，这将有助于流媒体服务实现其雄心勃勃的用户目标。</blockquote></p><p> \"We recognize that the single, most effective way to grow our streaming platforms worldwide is with great content, and we are singularly focused on making new high-quality entertainment including local and regional content that we believe will resonate with audiences,\" the CEO said. \" Of note, we have 340-plus local original titles in various stages of development and production for our DTC platforms over the next few years.\"</p><p><blockquote>这位首席执行官表示：“我们认识到，在全球范围内发展流媒体平台的唯一、最有效的方法是提供优秀的内容，我们非常专注于制作新的高质量娱乐，包括我们相信会引起观众共鸣的本地和区域内容。”“值得注意的是，未来几年，我们的DTC平台将有340多款本地原创游戏处于开发和生产的不同阶段。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/disney-has-a-late-gift-for-star-wars-fans-whats-coming-in-2022\">TheStreet</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":{"DIS":"迪士尼"},"source_url":"https://www.thestreet.com/investing/disney-has-a-late-gift-for-star-wars-fans-whats-coming-in-2022","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140453622","content_text":"Walt Disney's(DIS) closed the year strong with its latest Marvel series, \"Hawkeye,\" the Beatles Documentary \"Get Back,\" and the December 29 premiere of the highly anticipated \"Star Wars\" series \"Book of Boba Fett.\" A sort of companion series to the wildly popular \"The Mandalorian,\" the show fills in the backstory of exactly how the popular bounty hunter survived Han Solo knocking him into the Sarlacc pit in \"Return of the Jedi.\"\nIf the second half of that last sentence didn't mean anything to you, well, Disney+ also added Pixar's \"Encanto\" and Marvel's \"Shang-Chi and the Legend of the Ten Rings\" in the fourth quarter. It was a veritable explosion of content to finish the year, which wasn't exactly the plan, but the company did have to deal with production slowdowns creating some delays due to the ongoing pandemic.\nCEO Bob Chapek seemed pleased with the company's streaming services and Disney+ in particular, during his remarks in the Mouse House'sfourth-quarter earnings call.\n\"On the direct-to-consumer side, we are extremely pleased with the success of our portfolio streaming services, Disney+, ESPN+, and Hulu continued to perform incredibly well with 118.1 million, 17.1 million, and 43.8 million subscribers, respectively, for a total of 179 million subscriptions,\" he said. \"To put this growth in perspective, in the past fiscal year alone, we have grown the total number of subscriptions across our DTC portfolio by 48% and Disney+ subs, in particular, by 60%.\"\nDisney's CEO Has a Long-term View\nWhile DIsney+ has exceeded all initial growth projections, Chapek has refused to get caught up in the moment. He's instead focusing on where the company plans to take the business over the next few years.\n\"I want to reiterate that we remain focused on managing our DTC business for the long term, not quarter to quarter, and we're confident we are on the right trajectory to achieve the guidance that we provided at last year's Investors Day, reaching between 230 million and 260 million paid Disney+ subscribers globally by the end of fiscal year 2024, and with Disney+ achieving profitability that same year,\" he said.\nWhat's Coming on Disney+ in 2022?\nDisney has a different business model than its chief rival, Netflix(NFLX). The company owns so much high-end, incredibly well-known intellectual property (IP) that its shows are nearly guaranteed to find an audience. That's very different from Netflix, which largely has to create shows from nothing and then hope they're good enough to find viewers.\nBasically, Disney knows its customers and potential customers. It can build its family audience by creating more shows from its well-known IP and franchises.\n\"In total, we are nearly doubling the amount of original content from our marquee brands, Disney, Marvel, Pixar, Star Wars, and National Geographic coming to Disney+ in fiscal year '22, with the majority of our highly anticipated titles arriving July through September,\" Chapek said. \"This represents the beginning of the surge of new content shared last December at our investor conference 2.0.\"\nDisney intends to give its audience more of what they like. That, Chapek said, will help the streaming service reach its ambitious subscriber goals.\n\"We recognize that the single, most effective way to grow our streaming platforms worldwide is with great content, and we are singularly focused on making new high-quality entertainment including local and regional content that we believe will resonate with audiences,\" the CEO said. \" Of note, we have 340-plus local original titles in various stages of development and production for our DTC platforms over the next few years.\"","news_type":1,"symbols_score_info":{"DIS":0.9}},"isVote":1,"tweetType":1,"viewCount":3529,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696934697,"gmtCreate":1640595391523,"gmtModify":1640595391707,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696934697","repostId":"2194177239","repostType":4,"repost":{"id":"2194177239","kind":"news","pubTimestamp":1640559609,"share":"https://www.laohu8.com/m/news/2194177239?lang=zh_CN&edition=full","pubTime":"2021-12-27 07:00","market":"us","language":"en","title":"Santa Claus Rally watch: What to know this week<blockquote>圣诞老人集会观察：本周需要了解什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2194177239","media":"Yahoo Finance","summary":"As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for the coming days.The S&P 500  is entering the period known for ushering in the so-called Santa Claus Rally, or seasonally strong timeframe for stocks at the end of each year.According to data from LPL Financial, the Santa Claus Rally period encapsulates the seven days most likely to be higher in any ","content":"<p><div> As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for ...</p><p><blockquote><div>随着交易员从假期缩短的一周中回归，进入新的一年的价格走势将受到密切关注——特别是考虑到相对清淡的经济数据和收益日历...</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页连接</a></blockquote></p><p></p>","source":"yahoofinance_au","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>Santa Claus Rally watch: What to know this week<blockquote>圣诞老人集会观察：本周需要了解什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSanta Claus Rally watch: What to know this week<blockquote>圣诞老人集会观察：本周需要了解什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo Finance</strong><span class=\"h-time small\">2021-12-27 07:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for ...</p><p><blockquote><div>随着交易员从假期缩短的一周中回归，进入新的一年的价格走势将受到密切关注——特别是考虑到相对清淡的经济数据和收益日历...</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">Yahoo Finance</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":{"BK4096":"电气部件与设备","BK4541":"氢能源","FCEL":"燃料电池能源","SPY.AU":"SPDR® S&P 500® ETF Trust"},"source_url":"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2194177239","content_text":"As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for the coming days.\nThe S&P 500 (^GSPC) is entering the period known for ushering in the so-called Santa Claus Rally, or seasonally strong timeframe for stocks at the end of each year.\nThe term, coined by Stock Trader's Almanac in the 1970s, encompasses the final five trading days of the year and first two sessions of the new year. This year, that Santa Claus Rally window is set to start on Monday, Dec. 27 — or the latest a Santa Claus rally has started in 11 years, due to the timing of the holidays this year.\nAccording to data from LPL Financial, the Santa Claus Rally period encapsulates the seven days most likely to be higher in any given year. Since 1950, the Santa Claus Rally period has produced a positive return for the S&P 500 78.9% of the time, with an average return of 1.33%.\n“Why are these seven days so strong?” wrote Ryan Detrick, LPL Financial chief market strategist, in a note. “Whether optimism over a coming new year, holiday spending, traders on vacation, institutions squaring up their books — or the holiday spirit — the bottom line is that bulls tend to believe in Santa.”\nAnd if history is any indication, the absence of a Santa Claus Rally has also typically served as a harbinger of lower near-term returns.\n\"Going back to the mid-1990s, there have been only six times Santa failed to show in December. January was lower five of those six times, and the full year had a solid gain only once (in 2016, but a mini-bear market early in the year),\" Detrick added.\n“Considering the bear markets of 2000 and 2008 both took place after one of the rare instances that Santa failed to show makes believers out of us,\" he said. A bear market typically refers to when stocks drop at least 20% from recent record highs. \"Should this seasonally strong period miss the mark, it could be a warning sign.\"\nAnd this year, investors do have considerable additional concerns to mull heading into the new year. Though stocks closed out Thursday's session at fresh record highs before the long holiday weekend, December still marked a volatile month to start, with renewed concerns over the Omicron variant and the potential for tighter monetary policy from the Federal Reserve weighing on risk assets. Plus, prospects for more near-term fiscal support via the Biden administration's Build Back Better bill have dwindled, and inflation concerns spiked further. Last week, the Bureau of Economic Analysis reported core personal consumption expenditures (PCE) — the Fed's preferred inflation gauge — rose at a 4.7% year-over-year clip, or the fastest since 1983.\n\"If the U.S. was not battling the Omicron variant, U.S. stocks would be dancing higher as the Santa Claus Rally would have kept the climb going into uncharted territory,\" Edward Moya, chief market strategist at OANDA, wrote in a note last week. \"It is too early to say for sure if we will get a Santa Claus Rally, but given all the short-term risks of Fed tightening, Chinese weakness, fiscal support uncertainty and COVID, Wall Street is not complaining.\"\nA man in a Santa Claus costume gestures on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange on December 5, 2019 in New York. (Photo by Bryan R. Smith / AFP) (Photo by BRYAN R. SMITH/AFP via Getty Images)BRYAN R. SMITH via Getty Images\nEconomic calendar\n\nMonday: Dallas Federal Reserve Manufacturing Activity Index, Dec. (13.0 expected, 11.8 in November)\nTuesday: FHFA House Price Index, month-over-month, October (0.9% in September); S&P CoreLogic Case-Shiller 20 City Composite Index, month-over-month, October (0.9% expected, 0.96% in September); S&P CoreLogic Case-Shiller 20 City Composite Index, year-over-year, October (18.6%. expected, 19.05% in September); S&P CoreLogic Case-Shiller Home Price Index, year-over-year, November (19.51% in October); Richmond Fed Manufacturing Index, December (11 expected,11 in November)\nWednesday: Wholesale Inventories, month-over-month, November preliminary (1.7% expected, 2.3% in October); Advance Goods Trade Balance, November (-$89.0 billion expected, -$82.9 billion in October); Retail Inventories, month-over-month, November (0.5% expected, 0.1% in October); Pending Home Sales, month-over-month, November (0.5% expected, 7.5% in October)\nThursday: Initial jobless claims, week ended Dec. 25. (205,000 during prior week); Continuing claims, week ended Dec. 18 (1.859 million during prior week); MNI Chicago PMI, December (62.2 expected, 61.8 in November)\nFriday: No notable reports scheduled for release\n\nEarnings calendar\n\nMonday: No notable reports scheduled for release\nTuesday: No notable reports scheduled for release\nWednesday: FuelCell Energy Inc. (FCEL) before market open\nThursday: No notable reports scheduled for release\nFriday: No notable reports scheduled for release","news_type":1,"symbols_score_info":{"FCEL":0.9,"SPY.AU":0.9}},"isVote":1,"tweetType":1,"viewCount":2978,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698453035,"gmtCreate":1640505348270,"gmtModify":1640505348423,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698453035","repostId":"2193781141","repostType":4,"isVote":1,"tweetType":1,"viewCount":820,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698223161,"gmtCreate":1640412788136,"gmtModify":1640412788330,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698223161","repostId":"1195657371","repostType":4,"repost":{"id":"1195657371","kind":"news","pubTimestamp":1640394204,"share":"https://www.laohu8.com/m/news/1195657371?lang=zh_CN&edition=full","pubTime":"2021-12-25 09:03","market":"us","language":"en","title":"Will Apple or Microsoft hit $3 trillion next year? 10 tech predictions for 2022<blockquote>苹果或微软明年会达到3万亿美元吗？2022年10项技术预测</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195657371","media":"Seeking Alpha","summary":"Wall Street has started its annual look-ahead predictions for next year, and Wedbush Securities is b","content":"<p><ul>  <li>Wall Street has started its annual look-ahead predictions for next year, and Wedbush Securities is bullish on several themes, including continued growth&nbsp;from Apple(NASDAQ:AAPL), Microsoft(NASDAQ:MSFT), Alphabet(NASDAQ:GOOGL)and other big tech companies.</li>  <li>Analyst Dan Ives believes that some of the recent volatility the stock market has seen is no more than a \"painful digestion period [along with Omicron fears],\" as earnings estimates now factor in a hawkish Fed and some stretched valuations for tech stocks. However, Ives is bullish on tech stocks for next year.</li>  <li>As part of his prediction list, Ives believes Apple (AAPL) will unveil its long-awaited and oft-speculated AR/VR headset Apple Glasses in the summer, which will \"result in another major growth catalyst for the stock\" as the world's most valuable company continues to monetize its user base.</li>  <li>Ives also thinks that the broader NASDAQ(COMP.IND), represented by the Invesco QQQ Trust Series 1(NASDAQ:QQQ), is likely to hit 19,000 by the year-end, up from around its current level of 15,400, as the digital transformation between businesses and consumers continues. He adds that the underlying growth prospects for the broader tech sector are between two and three times the normalized or historical patterns.</li>  <li>The&nbsp;metaverse, an idea that has been bandied about for nearly 30 years, seems poised to move from hype to reality, Ives suggests, as companies like Meta Platforms(NASDAQ:FB), Apple (AAPL), Google (GOOGL) and Microsoft (MSFT) invest \"billions\" of dollars over the next year in this space, with \"significant\" amounts of merger activity likely to come.</li>  <li>Ives also thinks that the cloud arms race will stay heated, as the entrants go after $1 trillion in spending over the next decade. He believes that more than 50% of workloads will be on the cloud by the end of 2022, up from 43% currently, largely benefiting Amazon(NASDAQ:AMZN), Microsoft (MSFT) and Google (GOOGL), followed by Oracle(NYSE:ORCL)and IBM(NYSE:IBM).</li>  <li>Cybersecurity budgets appear poised to increase sharply next year, Ives predicts, rising 21% in 2022, or about 1% above a \"robust\" year in 2021. As such, he believes companies like Zscaler(NASDAQ:ZS), Tenable(NYSE:TEN), CyberArk(NASDAQ:CYBR), Varonis(NASDAQ:VRNS), Sailpoint(NYSE:SAIL), Fortinet(NASDAQ:FTNT)and Palo Alto Networks(NASDAQ:PANW).</li>  <li>Despite what is likely to be a rising interest rate environment, tech companies will likely continue to spend and acquire in significant fashion next year, Ives believes. Cerence(NASDAQ:CRNC), Matterport(NASDAQ:MTTR), Varonis (VRNS), Rapid7(NASDAQ:RPD)and Sailpoint (SAIL) are the analyst's top five M&amp;A candidates for next year.</li>  <li>On the macro front, Ives thinks that the chip shortage, particularly out of Asia, will \"significantly moderate\" in the first half of the year. Apple (AAPL) and the chip companies - Ives did name any specific ones - are the \"best springboard bets to benefit from this key dynamic easing.\"</li>  <li>Keeping in-line with broader ideas, Ives thinks that the regulatory environment in the U.S. and Europe will be a threat to the big-tech companies around anti-trust and monopoly concerns, but instead of structural changes, it is likely to largely wind up in the companies being fined, and potentially hampering their ability to buy or acquire other companies.</li>  <li>Ives also thinks that Chinese tech companies will continue to be a \"very treacherous\" space for global investors, as the government continues to crack&nbsp;down on companies. As such, this could result in more dollars coming out of Chinese tech stocks and rotating into U.S. tech stocks.</li>  <li>Lastly, Ives thinks Apple (AAPL) will reach a $3 trillion market cap next year, to be followed thereafter by Microsoft (MSFT).</li> </ul></p><p><blockquote><ul><li>华尔街已经开始对明年进行年度前瞻预测，韦德布什证券看好多个主题，包括苹果（纳斯达克：AAPL）、微软（纳斯达克：MSFT）、Alphabet（纳斯达克：GOOGL）和其他大型科技公司。</li><li>分析师Dan Ives认为，股市最近出现的一些波动只不过是“痛苦的消化期（以及对奥密克戎的担忧）”，因为盈利预期现在考虑了鹰派美联储和科技股估值过高的因素。然而，艾夫斯看好明年的科技股。</li><li>作为他预测清单的一部分，Ives认为苹果(AAPL)将在夏季推出其期待已久且经常被猜测的AR/VR耳机苹果眼镜，这将“为该股带来另一个主要增长催化剂”，因为世界上最有价值的公司继续从其用户群中获利。</li><li>Ives还认为，以景顺QQQ Trust Series 1（纳斯达克股票代码：QQQ）为代表的更广泛的纳斯达克（COMP.IND）到年底可能会从目前的15,400左右达到19,000点，因为企业和消费者之间的数字化转型仍在继续。他补充说，更广泛的科技行业的潜在增长前景是正常化或历史模式的两到三倍。</li><li>Ives表示，随着Meta Platforms（纳斯达克股票代码：FB）、苹果（AAPL）、谷歌（GOOGL）等公司和微软（MSFT）明年将在该领域投资“数十亿”美元，并且可能会出现“大量”合并活动。</li><li>艾夫斯还认为，随着进入者在未来十年追求1万亿美元的支出，云军备竞赛将保持激烈。他认为，到2022年底，超过50%的工作负载将位于云上，高于目前的43%，这主要有利于亚马逊（纳斯达克：AMZN）、微软（MSFT）和谷歌（GOOGL），其次是甲骨文（纽约证券交易所代码：ORCL）和IBM（纽约证券交易所代码：IBM）。</li><li>艾夫斯预测，明年网络安全预算似乎将大幅增加，2022年将增长21%，比2021年“强劲”的一年高出约1%。因此，他相信Zscaler（纳斯达克股票代码：ZS）、Tenable（纽约证券交易所股票代码：TEN）、CyberArk（纳斯达克股票代码：CYBR）、Varonis（纳斯达克股票代码：VRNS）、Sailpoint（纽约证券交易所股票代码：SAIL）、Fortinet（纳斯达克股票代码：FTNT）和Palo Alto Networks（纳斯达克股票代码：PANW）。</li><li>艾夫斯认为，尽管利率环境可能会上升，但科技公司明年可能会继续大举支出和收购。Cerence（纳斯达克：CRNC）、Matterport（纳斯达克：MTTR）、Varonis（VRNS）、Rapid7（纳斯达克：RPD）和Sailpoint（SAIL）是该分析师明年的五大并购候选者。</li><li>在宏观方面，艾夫斯认为芯片短缺，特别是亚洲以外的芯片短缺，将在今年上半年“显着缓解”。苹果（AAPL）和芯片公司——艾夫斯没有提到任何具体的公司——是“从这一关键动态宽松中受益的最佳跳板赌注”。</li><li>艾夫斯认为，与更广泛的想法保持一致，美国和欧洲的监管环境将围绕反垄断和垄断问题对大型科技公司构成威胁，但这可能会在很大程度上导致公司被罚款，并可能阻碍他们购买或收购其他公司的能力。</li><li>艾夫斯还认为，随着政府继续打击企业，中国科技公司将继续成为全球投资者“非常危险”的空间。因此，这可能会导致更多美元从中国科技股流出并流入美国科技股。</li><li>最后，Ives认为苹果(AAPL)明年的市值将达到3万亿美元，随后是微软(MSFT)。</li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Will Apple or Microsoft hit $3 trillion next year? 10 tech predictions for 2022<blockquote>苹果或微软明年会达到3万亿美元吗？2022年10项技术预测</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWill Apple or Microsoft hit $3 trillion next year? 10 tech predictions for 2022<blockquote>苹果或微软明年会达到3万亿美元吗？2022年10项技术预测</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-25 09:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul>  <li>Wall Street has started its annual look-ahead predictions for next year, and Wedbush Securities is bullish on several themes, including continued growth&nbsp;from Apple(NASDAQ:AAPL), Microsoft(NASDAQ:MSFT), Alphabet(NASDAQ:GOOGL)and other big tech companies.</li>  <li>Analyst Dan Ives believes that some of the recent volatility the stock market has seen is no more than a \"painful digestion period [along with Omicron fears],\" as earnings estimates now factor in a hawkish Fed and some stretched valuations for tech stocks. However, Ives is bullish on tech stocks for next year.</li>  <li>As part of his prediction list, Ives believes Apple (AAPL) will unveil its long-awaited and oft-speculated AR/VR headset Apple Glasses in the summer, which will \"result in another major growth catalyst for the stock\" as the world's most valuable company continues to monetize its user base.</li>  <li>Ives also thinks that the broader NASDAQ(COMP.IND), represented by the Invesco QQQ Trust Series 1(NASDAQ:QQQ), is likely to hit 19,000 by the year-end, up from around its current level of 15,400, as the digital transformation between businesses and consumers continues. He adds that the underlying growth prospects for the broader tech sector are between two and three times the normalized or historical patterns.</li>  <li>The&nbsp;metaverse, an idea that has been bandied about for nearly 30 years, seems poised to move from hype to reality, Ives suggests, as companies like Meta Platforms(NASDAQ:FB), Apple (AAPL), Google (GOOGL) and Microsoft (MSFT) invest \"billions\" of dollars over the next year in this space, with \"significant\" amounts of merger activity likely to come.</li>  <li>Ives also thinks that the cloud arms race will stay heated, as the entrants go after $1 trillion in spending over the next decade. He believes that more than 50% of workloads will be on the cloud by the end of 2022, up from 43% currently, largely benefiting Amazon(NASDAQ:AMZN), Microsoft (MSFT) and Google (GOOGL), followed by Oracle(NYSE:ORCL)and IBM(NYSE:IBM).</li>  <li>Cybersecurity budgets appear poised to increase sharply next year, Ives predicts, rising 21% in 2022, or about 1% above a \"robust\" year in 2021. As such, he believes companies like Zscaler(NASDAQ:ZS), Tenable(NYSE:TEN), CyberArk(NASDAQ:CYBR), Varonis(NASDAQ:VRNS), Sailpoint(NYSE:SAIL), Fortinet(NASDAQ:FTNT)and Palo Alto Networks(NASDAQ:PANW).</li>  <li>Despite what is likely to be a rising interest rate environment, tech companies will likely continue to spend and acquire in significant fashion next year, Ives believes. Cerence(NASDAQ:CRNC), Matterport(NASDAQ:MTTR), Varonis (VRNS), Rapid7(NASDAQ:RPD)and Sailpoint (SAIL) are the analyst's top five M&amp;A candidates for next year.</li>  <li>On the macro front, Ives thinks that the chip shortage, particularly out of Asia, will \"significantly moderate\" in the first half of the year. Apple (AAPL) and the chip companies - Ives did name any specific ones - are the \"best springboard bets to benefit from this key dynamic easing.\"</li>  <li>Keeping in-line with broader ideas, Ives thinks that the regulatory environment in the U.S. and Europe will be a threat to the big-tech companies around anti-trust and monopoly concerns, but instead of structural changes, it is likely to largely wind up in the companies being fined, and potentially hampering their ability to buy or acquire other companies.</li>  <li>Ives also thinks that Chinese tech companies will continue to be a \"very treacherous\" space for global investors, as the government continues to crack&nbsp;down on companies. As such, this could result in more dollars coming out of Chinese tech stocks and rotating into U.S. tech stocks.</li>  <li>Lastly, Ives thinks Apple (AAPL) will reach a $3 trillion market cap next year, to be followed thereafter by Microsoft (MSFT).</li> </ul></p><p><blockquote><ul><li>华尔街已经开始对明年进行年度前瞻预测，韦德布什证券看好多个主题，包括苹果（纳斯达克：AAPL）、微软（纳斯达克：MSFT）、Alphabet（纳斯达克：GOOGL）和其他大型科技公司。</li><li>分析师Dan Ives认为，股市最近出现的一些波动只不过是“痛苦的消化期（以及对奥密克戎的担忧）”，因为盈利预期现在考虑了鹰派美联储和科技股估值过高的因素。然而，艾夫斯看好明年的科技股。</li><li>作为他预测清单的一部分，Ives认为苹果(AAPL)将在夏季推出其期待已久且经常被猜测的AR/VR耳机苹果眼镜，这将“为该股带来另一个主要增长催化剂”，因为世界上最有价值的公司继续从其用户群中获利。</li><li>Ives还认为，以景顺QQQ Trust Series 1（纳斯达克股票代码：QQQ）为代表的更广泛的纳斯达克（COMP.IND）到年底可能会从目前的15,400左右达到19,000点，因为企业和消费者之间的数字化转型仍在继续。他补充说，更广泛的科技行业的潜在增长前景是正常化或历史模式的两到三倍。</li><li>Ives表示，随着Meta Platforms（纳斯达克股票代码：FB）、苹果（AAPL）、谷歌（GOOGL）等公司和微软（MSFT）明年将在该领域投资“数十亿”美元，并且可能会出现“大量”合并活动。</li><li>艾夫斯还认为，随着进入者在未来十年追求1万亿美元的支出，云军备竞赛将保持激烈。他认为，到2022年底，超过50%的工作负载将位于云上，高于目前的43%，这主要有利于亚马逊（纳斯达克：AMZN）、微软（MSFT）和谷歌（GOOGL），其次是甲骨文（纽约证券交易所代码：ORCL）和IBM（纽约证券交易所代码：IBM）。</li><li>艾夫斯预测，明年网络安全预算似乎将大幅增加，2022年将增长21%，比2021年“强劲”的一年高出约1%。因此，他相信Zscaler（纳斯达克股票代码：ZS）、Tenable（纽约证券交易所股票代码：TEN）、CyberArk（纳斯达克股票代码：CYBR）、Varonis（纳斯达克股票代码：VRNS）、Sailpoint（纽约证券交易所股票代码：SAIL）、Fortinet（纳斯达克股票代码：FTNT）和Palo Alto Networks（纳斯达克股票代码：PANW）。</li><li>艾夫斯认为，尽管利率环境可能会上升，但科技公司明年可能会继续大举支出和收购。Cerence（纳斯达克：CRNC）、Matterport（纳斯达克：MTTR）、Varonis（VRNS）、Rapid7（纳斯达克：RPD）和Sailpoint（SAIL）是该分析师明年的五大并购候选者。</li><li>在宏观方面，艾夫斯认为芯片短缺，特别是亚洲以外的芯片短缺，将在今年上半年“显着缓解”。苹果（AAPL）和芯片公司——艾夫斯没有提到任何具体的公司——是“从这一关键动态宽松中受益的最佳跳板赌注”。</li><li>艾夫斯认为，与更广泛的想法保持一致，美国和欧洲的监管环境将围绕反垄断和垄断问题对大型科技公司构成威胁，但这可能会在很大程度上导致公司被罚款，并可能阻碍他们购买或收购其他公司的能力。</li><li>艾夫斯还认为，随着政府继续打击企业，中国科技公司将继续成为全球投资者“非常危险”的空间。因此，这可能会导致更多美元从中国科技股流出并流入美国科技股。</li><li>最后，Ives认为苹果(AAPL)明年的市值将达到3万亿美元，随后是微软(MSFT)。</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3782833-will-apple-or-microsoft-hit-3-trillion-next-year-10-tech-predictions-for-2022\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","MSFT":"微软"},"source_url":"https://seekingalpha.com/news/3782833-will-apple-or-microsoft-hit-3-trillion-next-year-10-tech-predictions-for-2022","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195657371","content_text":"Wall Street has started its annual look-ahead predictions for next year, and Wedbush Securities is bullish on several themes, including continued growth from Apple(NASDAQ:AAPL), Microsoft(NASDAQ:MSFT), Alphabet(NASDAQ:GOOGL)and other big tech companies.\nAnalyst Dan Ives believes that some of the recent volatility the stock market has seen is no more than a \"painful digestion period [along with Omicron fears],\" as earnings estimates now factor in a hawkish Fed and some stretched valuations for tech stocks. However, Ives is bullish on tech stocks for next year.\nAs part of his prediction list, Ives believes Apple (AAPL) will unveil its long-awaited and oft-speculated AR/VR headset Apple Glasses in the summer, which will \"result in another major growth catalyst for the stock\" as the world's most valuable company continues to monetize its user base.\nIves also thinks that the broader NASDAQ(COMP.IND), represented by the Invesco QQQ Trust Series 1(NASDAQ:QQQ), is likely to hit 19,000 by the year-end, up from around its current level of 15,400, as the digital transformation between businesses and consumers continues. He adds that the underlying growth prospects for the broader tech sector are between two and three times the normalized or historical patterns.\nThe metaverse, an idea that has been bandied about for nearly 30 years, seems poised to move from hype to reality, Ives suggests, as companies like Meta Platforms(NASDAQ:FB), Apple (AAPL), Google (GOOGL) and Microsoft (MSFT) invest \"billions\" of dollars over the next year in this space, with \"significant\" amounts of merger activity likely to come.\nIves also thinks that the cloud arms race will stay heated, as the entrants go after $1 trillion in spending over the next decade. He believes that more than 50% of workloads will be on the cloud by the end of 2022, up from 43% currently, largely benefiting Amazon(NASDAQ:AMZN), Microsoft (MSFT) and Google (GOOGL), followed by Oracle(NYSE:ORCL)and IBM(NYSE:IBM).\nCybersecurity budgets appear poised to increase sharply next year, Ives predicts, rising 21% in 2022, or about 1% above a \"robust\" year in 2021. As such, he believes companies like Zscaler(NASDAQ:ZS), Tenable(NYSE:TEN), CyberArk(NASDAQ:CYBR), Varonis(NASDAQ:VRNS), Sailpoint(NYSE:SAIL), Fortinet(NASDAQ:FTNT)and Palo Alto Networks(NASDAQ:PANW).\nDespite what is likely to be a rising interest rate environment, tech companies will likely continue to spend and acquire in significant fashion next year, Ives believes. Cerence(NASDAQ:CRNC), Matterport(NASDAQ:MTTR), Varonis (VRNS), Rapid7(NASDAQ:RPD)and Sailpoint (SAIL) are the analyst's top five M&A candidates for next year.\nOn the macro front, Ives thinks that the chip shortage, particularly out of Asia, will \"significantly moderate\" in the first half of the year. Apple (AAPL) and the chip companies - Ives did name any specific ones - are the \"best springboard bets to benefit from this key dynamic easing.\"\nKeeping in-line with broader ideas, Ives thinks that the regulatory environment in the U.S. and Europe will be a threat to the big-tech companies around anti-trust and monopoly concerns, but instead of structural changes, it is likely to largely wind up in the companies being fined, and potentially hampering their ability to buy or acquire other companies.\nIves also thinks that Chinese tech companies will continue to be a \"very treacherous\" space for global investors, as the government continues to crack down on companies. As such, this could result in more dollars coming out of Chinese tech stocks and rotating into U.S. tech stocks.\nLastly, Ives thinks Apple (AAPL) will reach a $3 trillion market cap next year, to be followed thereafter by Microsoft (MSFT).","news_type":1,"symbols_score_info":{"AAPL":0.9,"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":979,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698858112,"gmtCreate":1640347976526,"gmtModify":1640347976666,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/698858112","repostId":"2193127176","repostType":4,"isVote":1,"tweetType":1,"viewCount":806,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691474306,"gmtCreate":1640235084464,"gmtModify":1640235084610,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691474306","repostId":"1151093531","repostType":4,"repost":{"id":"1151093531","kind":"news","pubTimestamp":1640229464,"share":"https://www.laohu8.com/m/news/1151093531?lang=zh_CN&edition=full","pubTime":"2021-12-23 11:17","market":"us","language":"en","title":"An Intrinsic Calculation For Sea Limited (NYSE:SE) Suggests It's 38% Undervalued<blockquote>Sea Limited(NYSE：SE)的内在计算表明其价值被低估了38%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151093531","media":"Nasdaq","summary":"Today we'll do a simple run through of a valuation method used to estimate the attractiveness of Sea","content":"<p>Today we'll do a simple run through of a valuation method used to estimate the attractiveness of Sea Limited (NYSE:SE) as an investment opportunity by projecting its future cash flows and then discounting them to today's value. Our analysis will employ the Discounted Cash Flow (DCF) model. Before you think you won't be able to understand it, just read on! It's actually much less complex than you'd imagine.</p><p><blockquote>今天，我们将简单介绍一种估值方法，该方法用于通过预测Sea Limited（纽约证券交易所股票代码：SE）的未来现金流，然后将其贴现至当前价值来估计其作为投资机会的吸引力。我们的分析将采用贴现现金流（DCF）模型。在你认为你无法理解它之前，请继续读下去！它实际上比你想象的要简单得多。</blockquote></p><p> Companies can be valued in a lot of ways, so we would point out that a DCF is not perfect for every situation. For those who are keen learners of equity analysis, theSimply Wall St analysis model heremay be something of interest to you.</p><p><blockquote>公司可以通过多种方式进行估值，因此我们要指出，DCF并不适合所有情况。对于那些热衷于学习股票分析的人来说，这里简单的华尔街分析模型可能会让你感兴趣。</blockquote></p><p> The method</p><p><blockquote>方法</blockquote></p><p> We're using the 2-stage growth model, which simply means we take in account two stages of company's growth. In the initial period the company may have a higher growth rate and the second stage is usually assumed to have a stable growth rate. To start off with, we need to estimate the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.</p><p><blockquote>我们使用两阶段增长模型，这仅仅意味着我们考虑了公司增长的两个阶段。在初始阶段，公司可能有较高的增长率，而第二阶段通常被认为有稳定的增长率。首先，我们需要估计未来十年的现金流。在可能的情况下，我们使用分析师的估计，但当这些估计不可用时，我们从最后一次估计或报告的价值推断之前的自由现金流(FCF)。我们假设自由现金流萎缩的公司将放缓其萎缩速度，而自由现金流增长的公司在此期间的增长率将放缓。我们这样做是为了反映早年的增长往往比晚年放缓得更多。</blockquote></p><p> A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we discount the value of these future cash flows to their estimated value in today's dollars:<img src=\"https://static.tigerbbs.com/900a00b739c53cb9c592a1ff4cb5eaff\" tg-width=\"614\" tg-height=\"239\" width=\"100%\" height=\"auto\">(\"Est\" = FCF growth rate estimated by Simply Wall St)</p><p><blockquote>DCF的理念是未来一美元的价值低于今天的一美元，因此我们将这些未来现金流的价值贴现为以今天美元计算的估计价值：（“Est”=Simply Wall St估计的FCF增长率）</blockquote></p><p> <b>Present Value of 10-year Cash Flow (PVCF)</b>= US$46b</p><p><blockquote><b>10年现金流现值（PVCF）</b>=46b美元</blockquote></p><p> After calculating the present value of future cash flows in the initial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. For a number of reasons a very conservative growth rate is used that cannot exceed that of a country's GDP growth. In this case we have used the 5-year average of the 10-year government bond yield (2.0%) to estimate future growth. In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 6.3%.</p><p><blockquote>在计算了最初10年期间未来现金流的现值后，我们需要计算终值，它占了第一阶段以外的所有未来现金流。出于多种原因，使用了一个非常保守的增长率，不能超过一个国家的GDP增长率。在这种情况下，我们使用10年期政府债券收益率的5年平均值（2.0%）来估计未来的增长。与10年“增长”期相同，我们使用6.3%的权益成本将未来现金流贴现为今天的价值。</blockquote></p><p> <b>Terminal Value (TV)</b>= FCF2031× (1 + g) ÷ (r – g) = US$13b× (1 + 2.0%) ÷ (6.3%– 2.0%) = US$293b</p><p><blockquote><b>终端值（TV）</b>=FCF 2031 ×(1+g)÷(R-G)=13b美元×(1+2.0%)÷(6.3%-2.0%)=2930亿美元</blockquote></p><p> <b>Present Value of Terminal Value (PVTV)</b>= TV / (1 + r)10= US$293b÷ ( 1 + 6.3%)10= US$159b</p><p><blockquote><b>终值现值（PVTV）</b>=TV/(1+r)10=2930亿美元÷(1+6.3%)10=1590亿美元</blockquote></p><p> The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is US$204b. To get the intrinsic value per share, we divide this by the total number of shares outstanding. Compared to the current share price of US$228, the company appears quite good value at a 38% discount to where the stock price trades currently. Remember though, that this is just an approximate valuation, and like any complex formula - garbage in, garbage out.</p><p><blockquote>总价值是未来十年的现金流加上贴现的最终价值之和，得出总股权价值，在本例中为2040亿美元。为了得到每股的内在价值，我们将其除以已发行股票总数。与目前228美元的股价相比，该公司的价值似乎相当不错，比目前的股价折价38%。但请记住，这只是一个近似的估值，就像任何复杂的公式一样——垃圾进，垃圾出。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d031f94f7285b2dd74b50be13b78ca2d\" tg-width=\"853\" tg-height=\"380\" width=\"100%\" height=\"auto\">The assumptions</p><p><blockquote>假设</blockquote></p><p> The calculation above is very dependent on two assumptions. The first is the discount rate and the other is the cash flows. You don't have to agree with these inputs, I recommend redoing the calculations yourself and playing with them. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Sea as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 6.3%, which is based on a levered beta of 1.000. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.</p><p><blockquote>上面的计算非常依赖于两个假设。第一个是贴现率，另一个是现金流量。你不必同意这些输入，我建议你自己重做计算，玩玩它们。DCF也不考虑行业可能的周期性，或公司未来的资本要求，因此它不能全面反映公司的潜在业绩。鉴于我们将Sea视为潜在股东，因此使用股权成本作为贴现率，而不是占债务的资本成本（或加权平均资本成本，WACC）。在此计算中，我们使用了6.3%，这是基于1.000的杠杆贝塔值。贝塔值是衡量股票相对于整个市场波动性的指标。我们从全球可比公司的行业平均贝塔值中获取贝塔值，限制在0.8到2.0之间，这是稳定业务的合理范围。</blockquote></p><p> Looking Ahead:</p><p><blockquote>展望未来：</blockquote></p><p> Whilst important, the DCF calculation shouldn't be the only metric you look at when researching a company. The DCF model is not a perfect stock valuation tool. Preferably you'd apply different cases and assumptions and see how they would impact the company's valuation. If a company grows at a different rate, or if its cost of equity or risk free rate changes sharply, the output can look very different. Can we work out why the company is trading at a discount to intrinsic value? For Sea, we've compiled three further items you should assess:</p><p><blockquote>虽然DCF计算很重要，但它不应该是你在研究一家公司时考虑的唯一指标。DCF模型并不是完美的股票估值工具。最好是应用不同的案例和假设，看看它们会如何影响公司的估值。如果一家公司以不同的速度增长，或者如果其股本成本或无风险利率急剧变化，产出可能会非常不同。我们能弄清楚为什么公司的交易价格低于内在价值吗？对于Sea，我们还编制了您应该评估的三个项目：</blockquote></p><p></p><p> <ol>  <li><b>Risks</b>: To that end, you should be aware of the<b>2 warning signs</b>&nbsp;we've spotted with Sea.</li>  <li><b>Future Earnings</b>: How does SE's growth rate compare to its peers and the wider market?</li>  <li><b>Other High Quality Alternatives</b>: Do you like a good all-rounder?</li> </ol></p><p><blockquote><ol><li><b>风险</b>：为此，您应该了解<b>2警告标志</b>我们发现了大海。</li><li><b>未来收益</b>：与同行和更广泛的市场相比，SE的增长率如何？</li><li><b>其他高质量替代品</b>：你喜欢一个好的全能选手吗？</li></ol></blockquote></p><p></p>","source":"lsy1603171495471","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>An Intrinsic Calculation For Sea Limited (NYSE:SE) Suggests It's 38% Undervalued<blockquote>Sea Limited(NYSE：SE)的内在计算表明其价值被低估了38%</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\">\nAn Intrinsic Calculation For Sea Limited (NYSE:SE) Suggests It's 38% Undervalued<blockquote>Sea Limited(NYSE：SE)的内在计算表明其价值被低估了38%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Nasdaq</strong><span class=\"h-time small\">2021-12-23 11:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Today we'll do a simple run through of a valuation method used to estimate the attractiveness of Sea Limited (NYSE:SE) as an investment opportunity by projecting its future cash flows and then discounting them to today's value. Our analysis will employ the Discounted Cash Flow (DCF) model. Before you think you won't be able to understand it, just read on! It's actually much less complex than you'd imagine.</p><p><blockquote>今天，我们将简单介绍一种估值方法，该方法用于通过预测Sea Limited（纽约证券交易所股票代码：SE）的未来现金流，然后将其贴现至当前价值来估计其作为投资机会的吸引力。我们的分析将采用贴现现金流（DCF）模型。在你认为你无法理解它之前，请继续读下去！它实际上比你想象的要简单得多。</blockquote></p><p> Companies can be valued in a lot of ways, so we would point out that a DCF is not perfect for every situation. For those who are keen learners of equity analysis, theSimply Wall St analysis model heremay be something of interest to you.</p><p><blockquote>公司可以通过多种方式进行估值，因此我们要指出，DCF并不适合所有情况。对于那些热衷于学习股票分析的人来说，这里简单的华尔街分析模型可能会让你感兴趣。</blockquote></p><p> The method</p><p><blockquote>方法</blockquote></p><p> We're using the 2-stage growth model, which simply means we take in account two stages of company's growth. In the initial period the company may have a higher growth rate and the second stage is usually assumed to have a stable growth rate. To start off with, we need to estimate the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.</p><p><blockquote>我们使用两阶段增长模型，这仅仅意味着我们考虑了公司增长的两个阶段。在初始阶段，公司可能有较高的增长率，而第二阶段通常被认为有稳定的增长率。首先，我们需要估计未来十年的现金流。在可能的情况下，我们使用分析师的估计，但当这些估计不可用时，我们从最后一次估计或报告的价值推断之前的自由现金流(FCF)。我们假设自由现金流萎缩的公司将放缓其萎缩速度，而自由现金流增长的公司在此期间的增长率将放缓。我们这样做是为了反映早年的增长往往比晚年放缓得更多。</blockquote></p><p> A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we discount the value of these future cash flows to their estimated value in today's dollars:<img src=\"https://static.tigerbbs.com/900a00b739c53cb9c592a1ff4cb5eaff\" tg-width=\"614\" tg-height=\"239\" width=\"100%\" height=\"auto\">(\"Est\" = FCF growth rate estimated by Simply Wall St)</p><p><blockquote>DCF的理念是未来一美元的价值低于今天的一美元，因此我们将这些未来现金流的价值贴现为以今天美元计算的估计价值：（“Est”=Simply Wall St估计的FCF增长率）</blockquote></p><p> <b>Present Value of 10-year Cash Flow (PVCF)</b>= US$46b</p><p><blockquote><b>10年现金流现值（PVCF）</b>=46b美元</blockquote></p><p> After calculating the present value of future cash flows in the initial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. For a number of reasons a very conservative growth rate is used that cannot exceed that of a country's GDP growth. In this case we have used the 5-year average of the 10-year government bond yield (2.0%) to estimate future growth. In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 6.3%.</p><p><blockquote>在计算了最初10年期间未来现金流的现值后，我们需要计算终值，它占了第一阶段以外的所有未来现金流。出于多种原因，使用了一个非常保守的增长率，不能超过一个国家的GDP增长率。在这种情况下，我们使用10年期政府债券收益率的5年平均值（2.0%）来估计未来的增长。与10年“增长”期相同，我们使用6.3%的权益成本将未来现金流贴现为今天的价值。</blockquote></p><p> <b>Terminal Value (TV)</b>= FCF2031× (1 + g) ÷ (r – g) = US$13b× (1 + 2.0%) ÷ (6.3%– 2.0%) = US$293b</p><p><blockquote><b>终端值（TV）</b>=FCF 2031 ×(1+g)÷(R-G)=13b美元×(1+2.0%)÷(6.3%-2.0%)=2930亿美元</blockquote></p><p> <b>Present Value of Terminal Value (PVTV)</b>= TV / (1 + r)10= US$293b÷ ( 1 + 6.3%)10= US$159b</p><p><blockquote><b>终值现值（PVTV）</b>=TV/(1+r)10=2930亿美元÷(1+6.3%)10=1590亿美元</blockquote></p><p> The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is US$204b. To get the intrinsic value per share, we divide this by the total number of shares outstanding. Compared to the current share price of US$228, the company appears quite good value at a 38% discount to where the stock price trades currently. Remember though, that this is just an approximate valuation, and like any complex formula - garbage in, garbage out.</p><p><blockquote>总价值是未来十年的现金流加上贴现的最终价值之和，得出总股权价值，在本例中为2040亿美元。为了得到每股的内在价值，我们将其除以已发行股票总数。与目前228美元的股价相比，该公司的价值似乎相当不错，比目前的股价折价38%。但请记住，这只是一个近似的估值，就像任何复杂的公式一样——垃圾进，垃圾出。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d031f94f7285b2dd74b50be13b78ca2d\" tg-width=\"853\" tg-height=\"380\" width=\"100%\" height=\"auto\">The assumptions</p><p><blockquote>假设</blockquote></p><p> The calculation above is very dependent on two assumptions. The first is the discount rate and the other is the cash flows. You don't have to agree with these inputs, I recommend redoing the calculations yourself and playing with them. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Sea as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 6.3%, which is based on a levered beta of 1.000. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.</p><p><blockquote>上面的计算非常依赖于两个假设。第一个是贴现率，另一个是现金流量。你不必同意这些输入，我建议你自己重做计算，玩玩它们。DCF也不考虑行业可能的周期性，或公司未来的资本要求，因此它不能全面反映公司的潜在业绩。鉴于我们将Sea视为潜在股东，因此使用股权成本作为贴现率，而不是占债务的资本成本（或加权平均资本成本，WACC）。在此计算中，我们使用了6.3%，这是基于1.000的杠杆贝塔值。贝塔值是衡量股票相对于整个市场波动性的指标。我们从全球可比公司的行业平均贝塔值中获取贝塔值，限制在0.8到2.0之间，这是稳定业务的合理范围。</blockquote></p><p> Looking Ahead:</p><p><blockquote>展望未来：</blockquote></p><p> Whilst important, the DCF calculation shouldn't be the only metric you look at when researching a company. The DCF model is not a perfect stock valuation tool. Preferably you'd apply different cases and assumptions and see how they would impact the company's valuation. If a company grows at a different rate, or if its cost of equity or risk free rate changes sharply, the output can look very different. Can we work out why the company is trading at a discount to intrinsic value? For Sea, we've compiled three further items you should assess:</p><p><blockquote>虽然DCF计算很重要，但它不应该是你在研究一家公司时考虑的唯一指标。DCF模型并不是完美的股票估值工具。最好是应用不同的案例和假设，看看它们会如何影响公司的估值。如果一家公司以不同的速度增长，或者如果其股本成本或无风险利率急剧变化，产出可能会非常不同。我们能弄清楚为什么公司的交易价格低于内在价值吗？对于Sea，我们还编制了您应该评估的三个项目：</blockquote></p><p></p><p> <ol>  <li><b>Risks</b>: To that end, you should be aware of the<b>2 warning signs</b>&nbsp;we've spotted with Sea.</li>  <li><b>Future Earnings</b>: How does SE's growth rate compare to its peers and the wider market?</li>  <li><b>Other High Quality Alternatives</b>: Do you like a good all-rounder?</li> </ol></p><p><blockquote><ol><li><b>风险</b>：为此，您应该了解<b>2警告标志</b>我们发现了大海。</li><li><b>未来收益</b>：与同行和更广泛的市场相比，SE的增长率如何？</li><li><b>其他高质量替代品</b>：你喜欢一个好的全能选手吗？</li></ol></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.nasdaq.com/articles/an-intrinsic-calculation-for-sea-limited-nyse%3Ase-suggests-its-38-undervalued\">Nasdaq</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":{"SE":"Sea Ltd"},"source_url":"https://www.nasdaq.com/articles/an-intrinsic-calculation-for-sea-limited-nyse%3Ase-suggests-its-38-undervalued","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151093531","content_text":"Today we'll do a simple run through of a valuation method used to estimate the attractiveness of Sea Limited (NYSE:SE) as an investment opportunity by projecting its future cash flows and then discounting them to today's value. Our analysis will employ the Discounted Cash Flow (DCF) model. Before you think you won't be able to understand it, just read on! It's actually much less complex than you'd imagine.\nCompanies can be valued in a lot of ways, so we would point out that a DCF is not perfect for every situation. For those who are keen learners of equity analysis, theSimply Wall St analysis model heremay be something of interest to you.\nThe method\nWe're using the 2-stage growth model, which simply means we take in account two stages of company's growth. In the initial period the company may have a higher growth rate and the second stage is usually assumed to have a stable growth rate. To start off with, we need to estimate the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.\nA DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we discount the value of these future cash flows to their estimated value in today's dollars:(\"Est\" = FCF growth rate estimated by Simply Wall St)\nPresent Value of 10-year Cash Flow (PVCF)= US$46b\nAfter calculating the present value of future cash flows in the initial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. For a number of reasons a very conservative growth rate is used that cannot exceed that of a country's GDP growth. In this case we have used the 5-year average of the 10-year government bond yield (2.0%) to estimate future growth. In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 6.3%.\nTerminal Value (TV)= FCF2031× (1 + g) ÷ (r – g) = US$13b× (1 + 2.0%) ÷ (6.3%– 2.0%) = US$293b\nPresent Value of Terminal Value (PVTV)= TV / (1 + r)10= US$293b÷ ( 1 + 6.3%)10= US$159b\nThe total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is US$204b. To get the intrinsic value per share, we divide this by the total number of shares outstanding. Compared to the current share price of US$228, the company appears quite good value at a 38% discount to where the stock price trades currently. Remember though, that this is just an approximate valuation, and like any complex formula - garbage in, garbage out.\nThe assumptions\nThe calculation above is very dependent on two assumptions. The first is the discount rate and the other is the cash flows. You don't have to agree with these inputs, I recommend redoing the calculations yourself and playing with them. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Sea as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 6.3%, which is based on a levered beta of 1.000. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.\nLooking Ahead:\nWhilst important, the DCF calculation shouldn't be the only metric you look at when researching a company. The DCF model is not a perfect stock valuation tool. Preferably you'd apply different cases and assumptions and see how they would impact the company's valuation. If a company grows at a different rate, or if its cost of equity or risk free rate changes sharply, the output can look very different. Can we work out why the company is trading at a discount to intrinsic value? For Sea, we've compiled three further items you should assess:\n\nRisks: To that end, you should be aware of the2 warning signs we've spotted with Sea.\nFuture Earnings: How does SE's growth rate compare to its peers and the wider market?\nOther High Quality Alternatives: Do you like a good all-rounder?","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":1500,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691656286,"gmtCreate":1640186860444,"gmtModify":1640186860630,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691656286","repostId":"2193920361","repostType":4,"isVote":1,"tweetType":1,"viewCount":674,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693702285,"gmtCreate":1640073268184,"gmtModify":1640073268357,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/693702285","repostId":"1112391676","repostType":4,"repost":{"id":"1112391676","kind":"news","pubTimestamp":1640056217,"share":"https://www.laohu8.com/m/news/1112391676?lang=zh_CN&edition=full","pubTime":"2021-12-21 11:10","market":"us","language":"en","title":"Apple Stock: If You're Buying the Dip, Here's What You Need to Know<blockquote>苹果股票：如果您逢低买入，以下是您需要了解的内容</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112391676","media":"TheStreet","summary":"Bargain hunters may start to consider buying Apple stock on the dip, following the December selloff. Here is what they should know first.Apple stock remains in a funk. Only one week to the dayafter I tossed around the ideaof trimming the position, shares of the Cupertino company dipped 7% from the $180 peak against the Nasdaq’s 4% decline, nearly entering correction territory.A few brave investors and traders must be taking this opportunity to start buying the dip. The Apple Maven highlights thr","content":"<p>Bargain hunters may start to consider buying Apple stock on the dip, following the December selloff. Here is what they should know first.</p><p><blockquote>继12月抛售之后，逢低买入苹果股票的人可能会开始考虑逢低买入。以下是他们首先应该知道的。</blockquote></p><p> Apple stock&nbsp;remains in a funk. Only one week to the dayafter I tossed around the ideaof trimming the position, shares of the Cupertino company dipped 7% from the $180 peak against the Nasdaq’s 4% decline, nearly entering correction territory.</p><p><blockquote>苹果股票仍然处于恐慌状态。就在我提出削减头寸的想法一周后，这家库比蒂诺公司的股价从180美元的峰值下跌了7%，而纳斯达克则下跌了4%，几乎进入回调区域。</blockquote></p><p> A few brave investors and traders must be taking this opportunity to start buying the dip. The Apple Maven highlights three facts that these bargain hunters should keep in mind.</p><p><blockquote>一些勇敢的投资者和交易者一定会借此机会开始逢低买入。这位苹果专家强调了这些抄底者应该记住的三个事实。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a182a349bbd4ca16a13dace221ec341e\" tg-width=\"1240\" tg-height=\"827\" width=\"100%\" height=\"auto\"><span>Figure 1: Apple store in China.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果国内门店。</span></p></blockquote></p><p> <b>#1. Valuations are looking more attractive</b></p><p><blockquote><b>#1.估值看起来更具吸引力</b></blockquote></p><p> AAPL is far from being a dirt cheap stock. The price-to-earnings ratio today is still higher than it had been for at least the full decade prior to the start of the pandemic (see chart below). However, with the recent decline in share price but still resilient business fundamentals, valuations are starting to look more compelling.</p><p><blockquote>苹果公司远非一只非常便宜的股票。如今的市盈率仍高于疫情开始前至少整整十年的水平（见下图）。然而，随着近期股价下跌但业务基本面仍有弹性，估值开始看起来更具吸引力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75ae50cce66d14520a3db0ce721b79a3\" tg-width=\"827\" tg-height=\"389\" width=\"100%\" height=\"auto\"><span>Figure 2: AAPL's historical price-to-earnings ratio.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：AAPL的历史市盈率。</span></p></blockquote></p><p> The last read on the graph above shows a P/E of 29.0 times as of November 30. As of last check, on December 20, the fiscal 2022 multiple had dropped to 27.5 times. These are roughly the same levels of June 2020, after which Apple stock moved 85% higher in a year and a half.</p><p><blockquote>上图的最后一次读数显示，截至11月30日，市盈率为29.0倍。截至12月20日上次检查，2022财年市盈率已降至27.5倍。这些水平与2020年6月大致相同，此后苹果股价在一年半内上涨了85%。</blockquote></p><p> <b>#2. The deeper the hole, the higher the gains</b></p><p><blockquote><b>#2.洞越深，收益越高</b></blockquote></p><p> “Buy low, sell high”. The mantra may seem overly simplistic, but the strategy has worked wonders in the case of AAPL.</p><p><blockquote>“低买高卖”。这个口号可能看起来过于简单，但这一策略在苹果公司的案例中创造了奇迹。</blockquote></p><p> We have often mentioned here, on the Apple Maven channel, that shares of the Cupertino company&nbsp;do best when bought after a selloff. Historically, the one-year gains have been 22% when the stock is bought near a peak, but nearly 40% when bought after a 15% drawdown.</p><p><blockquote>我们在苹果Maven频道上经常提到，库比蒂诺公司的股票在抛售后买入时表现最好。从历史上看，当该股接近峰值时，一年涨幅为22%，但在下跌15%后买入时，一年涨幅接近40%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9439be7d48cbf04254a822d9d57576f3\" tg-width=\"601\" tg-height=\"361\" width=\"100%\" height=\"auto\"><span>Figure 3: Average one-year return on AAPL, by strategy.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图3：按策略划分的AAPL平均一年回报率。</span></p></blockquote></p><p> Could this time be different for dip buyers? I think not. To be clear, I do not believe that every stock is worth owning on weakness, as “40% of all stocks have&nbsp;suffered&nbsp;a permanent 70%-plus decline from their peak value”.</p><p><blockquote>对于逢低买入者来说，这次会有所不同吗？我不这么认为。需要明确的是，我不认为每只股票都值得在疲软时持有，因为“40%的股票从峰值永久下跌了70%以上”。</blockquote></p><p> But in the case of Apple, it is highly likely that share price will eventually head higher again, shaking off short-term bearishness and chasing the strong business fundamentals. Having the patience to wait for the next rally is crucial.</p><p><blockquote>但就苹果而言，股价最终极有可能再次走高，摆脱短期看跌情绪，追逐强劲的商业基本面。有耐心等待下一次反弹至关重要。</blockquote></p><p> <b>#3. Don’t underestimate volatility</b></p><p><blockquote><b>#3.不要低估波动性</b></blockquote></p><p> All the above sounds bullish at first glance, and an incentive to buy Apple at the current share price of around $168. But if doing so, I urge traders and investors to pay attention to volatility.</p><p><blockquote>乍一看，以上所有这些听起来都是看涨的，也是以目前168美元左右的股价买入苹果的动力。但如果这样做，我敦促交易者和投资者注意波动性。</blockquote></p><p> The emotional and psychological aspects of investing can be as important as the quantitative considerations, in my view. Those who buy dips must be willing to endure higher volatility, which has increased sharply for AAPL in the past few weeks — see below.</p><p><blockquote>在我看来，投资的情感和心理方面与定量考虑一样重要。那些逢低买入的人必须愿意忍受更高的波动性，过去几周苹果公司的波动性急剧增加——见下文。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eace3c9293acb54a4dc217debd6a44be\" tg-width=\"618\" tg-height=\"370\" width=\"100%\" height=\"auto\"><span>Figure 4: Annual volatility in AAPL, 1-month rolling.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图4：AAPL的年度波动率，1个月滚动。</span></p></blockquote></p><p> Because Apple stock price is likely to ricochet in the short term, some might be tempted to sell their shares prematurely, should they drop well below current levels. If buying AAPL, be sure to have a clear exit strategy to avoid falling victim to spur-of-the-moment decisions.</p><p><blockquote>由于苹果股价可能会在短期内反弹，如果股价远低于当前水平，一些人可能会过早出售股票。如果购买AAPL，请务必制定明确的退出策略，以避免成为一时冲动决定的受害者。</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>Apple Stock: If You're Buying the Dip, Here's What You Need to Know<blockquote>苹果股票：如果您逢低买入，以下是您需要了解的内容</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\">\nApple Stock: If You're Buying the Dip, Here's What You Need to Know<blockquote>苹果股票：如果您逢低买入，以下是您需要了解的内容</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-12-21 11:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Bargain hunters may start to consider buying Apple stock on the dip, following the December selloff. Here is what they should know first.</p><p><blockquote>继12月抛售之后，逢低买入苹果股票的人可能会开始考虑逢低买入。以下是他们首先应该知道的。</blockquote></p><p> Apple stock&nbsp;remains in a funk. Only one week to the dayafter I tossed around the ideaof trimming the position, shares of the Cupertino company dipped 7% from the $180 peak against the Nasdaq’s 4% decline, nearly entering correction territory.</p><p><blockquote>苹果股票仍然处于恐慌状态。就在我提出削减头寸的想法一周后，这家库比蒂诺公司的股价从180美元的峰值下跌了7%，而纳斯达克则下跌了4%，几乎进入回调区域。</blockquote></p><p> A few brave investors and traders must be taking this opportunity to start buying the dip. The Apple Maven highlights three facts that these bargain hunters should keep in mind.</p><p><blockquote>一些勇敢的投资者和交易者一定会借此机会开始逢低买入。这位苹果专家强调了这些抄底者应该记住的三个事实。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a182a349bbd4ca16a13dace221ec341e\" tg-width=\"1240\" tg-height=\"827\" width=\"100%\" height=\"auto\"><span>Figure 1: Apple store in China.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果国内门店。</span></p></blockquote></p><p> <b>#1. Valuations are looking more attractive</b></p><p><blockquote><b>#1.估值看起来更具吸引力</b></blockquote></p><p> AAPL is far from being a dirt cheap stock. The price-to-earnings ratio today is still higher than it had been for at least the full decade prior to the start of the pandemic (see chart below). However, with the recent decline in share price but still resilient business fundamentals, valuations are starting to look more compelling.</p><p><blockquote>苹果公司远非一只非常便宜的股票。如今的市盈率仍高于疫情开始前至少整整十年的水平（见下图）。然而，随着近期股价下跌但业务基本面仍有弹性，估值开始看起来更具吸引力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75ae50cce66d14520a3db0ce721b79a3\" tg-width=\"827\" tg-height=\"389\" width=\"100%\" height=\"auto\"><span>Figure 2: AAPL's historical price-to-earnings ratio.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：AAPL的历史市盈率。</span></p></blockquote></p><p> The last read on the graph above shows a P/E of 29.0 times as of November 30. As of last check, on December 20, the fiscal 2022 multiple had dropped to 27.5 times. These are roughly the same levels of June 2020, after which Apple stock moved 85% higher in a year and a half.</p><p><blockquote>上图的最后一次读数显示，截至11月30日，市盈率为29.0倍。截至12月20日上次检查，2022财年市盈率已降至27.5倍。这些水平与2020年6月大致相同，此后苹果股价在一年半内上涨了85%。</blockquote></p><p> <b>#2. The deeper the hole, the higher the gains</b></p><p><blockquote><b>#2.洞越深，收益越高</b></blockquote></p><p> “Buy low, sell high”. The mantra may seem overly simplistic, but the strategy has worked wonders in the case of AAPL.</p><p><blockquote>“低买高卖”。这个口号可能看起来过于简单，但这一策略在苹果公司的案例中创造了奇迹。</blockquote></p><p> We have often mentioned here, on the Apple Maven channel, that shares of the Cupertino company&nbsp;do best when bought after a selloff. Historically, the one-year gains have been 22% when the stock is bought near a peak, but nearly 40% when bought after a 15% drawdown.</p><p><blockquote>我们在苹果Maven频道上经常提到，库比蒂诺公司的股票在抛售后买入时表现最好。从历史上看，当该股接近峰值时，一年涨幅为22%，但在下跌15%后买入时，一年涨幅接近40%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9439be7d48cbf04254a822d9d57576f3\" tg-width=\"601\" tg-height=\"361\" width=\"100%\" height=\"auto\"><span>Figure 3: Average one-year return on AAPL, by strategy.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图3：按策略划分的AAPL平均一年回报率。</span></p></blockquote></p><p> Could this time be different for dip buyers? I think not. To be clear, I do not believe that every stock is worth owning on weakness, as “40% of all stocks have&nbsp;suffered&nbsp;a permanent 70%-plus decline from their peak value”.</p><p><blockquote>对于逢低买入者来说，这次会有所不同吗？我不这么认为。需要明确的是，我不认为每只股票都值得在疲软时持有，因为“40%的股票从峰值永久下跌了70%以上”。</blockquote></p><p> But in the case of Apple, it is highly likely that share price will eventually head higher again, shaking off short-term bearishness and chasing the strong business fundamentals. Having the patience to wait for the next rally is crucial.</p><p><blockquote>但就苹果而言，股价最终极有可能再次走高，摆脱短期看跌情绪，追逐强劲的商业基本面。有耐心等待下一次反弹至关重要。</blockquote></p><p> <b>#3. Don’t underestimate volatility</b></p><p><blockquote><b>#3.不要低估波动性</b></blockquote></p><p> All the above sounds bullish at first glance, and an incentive to buy Apple at the current share price of around $168. But if doing so, I urge traders and investors to pay attention to volatility.</p><p><blockquote>乍一看，以上所有这些听起来都是看涨的，也是以目前168美元左右的股价买入苹果的动力。但如果这样做，我敦促交易者和投资者注意波动性。</blockquote></p><p> The emotional and psychological aspects of investing can be as important as the quantitative considerations, in my view. Those who buy dips must be willing to endure higher volatility, which has increased sharply for AAPL in the past few weeks — see below.</p><p><blockquote>在我看来，投资的情感和心理方面与定量考虑一样重要。那些逢低买入的人必须愿意忍受更高的波动性，过去几周苹果公司的波动性急剧增加——见下文。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eace3c9293acb54a4dc217debd6a44be\" tg-width=\"618\" tg-height=\"370\" width=\"100%\" height=\"auto\"><span>Figure 4: Annual volatility in AAPL, 1-month rolling.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图4：AAPL的年度波动率，1个月滚动。</span></p></blockquote></p><p> Because Apple stock price is likely to ricochet in the short term, some might be tempted to sell their shares prematurely, should they drop well below current levels. If buying AAPL, be sure to have a clear exit strategy to avoid falling victim to spur-of-the-moment decisions.</p><p><blockquote>由于苹果股价可能会在短期内反弹，如果股价远低于当前水平，一些人可能会过早出售股票。如果购买AAPL，请务必制定明确的退出策略，以避免成为一时冲动决定的受害者。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/stock/apple-stock-3-key-facts-dip-buyers-must-know\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/stock/apple-stock-3-key-facts-dip-buyers-must-know","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112391676","content_text":"Bargain hunters may start to consider buying Apple stock on the dip, following the December selloff. Here is what they should know first.\nApple stock remains in a funk. Only one week to the dayafter I tossed around the ideaof trimming the position, shares of the Cupertino company dipped 7% from the $180 peak against the Nasdaq’s 4% decline, nearly entering correction territory.\nA few brave investors and traders must be taking this opportunity to start buying the dip. The Apple Maven highlights three facts that these bargain hunters should keep in mind.\nFigure 1: Apple store in China.\n#1. Valuations are looking more attractive\nAAPL is far from being a dirt cheap stock. The price-to-earnings ratio today is still higher than it had been for at least the full decade prior to the start of the pandemic (see chart below). However, with the recent decline in share price but still resilient business fundamentals, valuations are starting to look more compelling.\nFigure 2: AAPL's historical price-to-earnings ratio.\nThe last read on the graph above shows a P/E of 29.0 times as of November 30. As of last check, on December 20, the fiscal 2022 multiple had dropped to 27.5 times. These are roughly the same levels of June 2020, after which Apple stock moved 85% higher in a year and a half.\n#2. The deeper the hole, the higher the gains\n“Buy low, sell high”. The mantra may seem overly simplistic, but the strategy has worked wonders in the case of AAPL.\nWe have often mentioned here, on the Apple Maven channel, that shares of the Cupertino company do best when bought after a selloff. Historically, the one-year gains have been 22% when the stock is bought near a peak, but nearly 40% when bought after a 15% drawdown.\nFigure 3: Average one-year return on AAPL, by strategy.\nCould this time be different for dip buyers? I think not. To be clear, I do not believe that every stock is worth owning on weakness, as “40% of all stocks have suffered a permanent 70%-plus decline from their peak value”.\nBut in the case of Apple, it is highly likely that share price will eventually head higher again, shaking off short-term bearishness and chasing the strong business fundamentals. Having the patience to wait for the next rally is crucial.\n#3. Don’t underestimate volatility\nAll the above sounds bullish at first glance, and an incentive to buy Apple at the current share price of around $168. But if doing so, I urge traders and investors to pay attention to volatility.\nThe emotional and psychological aspects of investing can be as important as the quantitative considerations, in my view. Those who buy dips must be willing to endure higher volatility, which has increased sharply for AAPL in the past few weeks — see below.\nFigure 4: Annual volatility in AAPL, 1-month rolling.\nBecause Apple stock price is likely to ricochet in the short term, some might be tempted to sell their shares prematurely, should they drop well below current levels. If buying AAPL, be sure to have a clear exit strategy to avoid falling victim to spur-of-the-moment decisions.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1056,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693959624,"gmtCreate":1639963484761,"gmtModify":1639963484901,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693959624","repostId":"2192901683","repostType":4,"isVote":1,"tweetType":1,"viewCount":1170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699459229,"gmtCreate":1639880480263,"gmtModify":1639880486030,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/699459229","repostId":"1157504157","repostType":4,"repost":{"id":"1157504157","kind":"news","pubTimestamp":1639872188,"share":"https://www.laohu8.com/m/news/1157504157?lang=zh_CN&edition=full","pubTime":"2021-12-19 08:03","market":"us","language":"en","title":"Microsoft's top priority for 2022? It could be data management<blockquote>微软2022年的首要任务？可能是数据管理</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157504157","media":"Seeking Alpha","summary":"Microsoft  might have its work cut out for it when it comes to improving on how things went overall ","content":"<p><a href=\"https://laohu8.com/S/MSFT\">Microsoft </a> might have its work cut out for it when it comes to improving on how things went overall for it in 2021.</p><p><blockquote><a href=\"https://laohu8.com/S/MSFT\">微软</a>在改善2021年的整体状况方面，它可能还有很多工作要做。</blockquote></p><p> After all, the software giant's earnings results continue to show it growing in areas such as cloud computing and personal computers. Microsoft (MSFT) also thinks so highly of its outlook that it believes it could surpass $50 billion in quarterly revenue for the first time with its next report. Investors should also be pleased with how Microsoft (MSFT) has performed on the stock market this year, as its shares have climbed more than 44% since the end of 2021.</p><p><blockquote>毕竟，这家软件巨头的盈利结果继续显示其在云计算和个人电脑等领域的增长。微软(MSFT)也高度评价其前景，相信在下一份报告中，其季度收入可能会首次超过500亿美元。投资者还应该对微软(MSFT)今年在股市上的表现感到满意，因为自2021年底以来，其股价已上涨超过44%。</blockquote></p><p> And then there was the symbolic, if temporary, victory Microsoft (MSFT) could claim in October when it briefly took the title of World's Most Valuable Company away from Apple (NASDAQ:AAPL). So, needless to say, 2021 has been a good year for Microsoft (MSFT).</p><p><blockquote>然后，微软(MSFT)在10月份短暂地从苹果(纳斯达克股票代码：AAPL)手中夺走了全球最有价值公司的称号，尽管是暂时的。因此，不用说，2021年对于微软(MSFT)来说是美好的一年。</blockquote></p><p> But, this begs the question of what 2022 might look like for Microsoft (MSFT), and what are going to be the top priorities for Chief Executive Satya Nadella. While Microsoft (MSFT) may still be best-known to many for its Windows operating system, its Microsoft Word program and its Xbox videogame console, the company's data platform and management offerings are likely the areas where Nadella is focusing much of his attention.</p><p><blockquote>但是，这回避了一个问题：2022年微软(MSFT)可能会是什么样子，以及首席执行官塞特亚·纳德拉(Satya Nadella)的首要任务是什么。虽然微软(MSFT)可能仍然因其Windows操作系统、微软Word程序和Xbox视频游戏机而为许多人所熟知，但该公司的数据平台和管理产品可能是纳德拉关注的领域。</blockquote></p><p> That's the opinion of Morgan Stanley analyst Keith Weiss, who said that Nadella's earnings call comments \"match well to the key priorities Microsoft is investing most aggressively behind.\" Based on how data offerings such as platforms and databases like Azure are playing a role in Microsoft's (MSFT) growth, it should come as no surprise that Nadella would make such areas a focus of the company's overall strategy for the foreseeable future.</p><p><blockquote>这是摩根士丹利分析师基思·韦斯(Keith Weiss)的观点，他表示，纳德拉的财报看涨期权评论“与微软最积极投资的关键优先事项非常匹配”。基于Azure等平台和数据库等数据产品在微软(MSFT)增长中发挥的作用，纳德拉在可预见的未来将这些领域作为公司整体战略的重点也就不足为奇了。</blockquote></p><p> Weiss noted that based on industry data, Microsoft (MSFT) has become the No. 1 vendor for data management offerings, with a 28% share of the market. For comparison, Oracle (NYSE:ORCL) is the No. 2 company, with a 22% market share, and Amazon Web Services (NASDAQ:AMZN) is in third place with 9% of the data management market.</p><p><blockquote>Weiss指出，根据行业数据，微软(MSFT)已成为数据管理产品的第一大供应商，占据28%的市场份额。相比之下，甲骨文（纽约证券交易所股票代码：ORCL）以22%的市场份额位居第二，亚马逊网络服务（纳斯达克股票代码：AMZN）以9%的数据管理市场份额位居第三。</blockquote></p><p> Weiss, who has an outperform rating and $364-a-share target price on Microsoft's (MSFT) stock, noted that data platform products and services made up about 12% of the company's total revenue during the first half of 2021, up from 10% in 2017. Cloud revenue has also more than doubled over that same period, from 3% to approximately 7% of sales, and Weiss said he expects such sales to be \"a key source\" of Microsoft's business growth heading into 2022.</p><p><blockquote>Weiss对微软(MSFT)股票给予跑赢大盘评级，目标价为每股364美元，他指出，2021年上半年，数据平台产品和服务约占该公司总收入的12%，高于10%2017年。同期，云收入也增加了一倍多，从销售额的3%增加到约7%，Weiss表示，他预计此类销售额将成为微软2022年业务增长的“关键来源”。</blockquote></p><p> Weiss said that because of Microsoft's strong positioning in the data management market, and its management's high level of focus on data as part of the broader digital transformation, \"Within this data platform market, Microsoft's broad collection of cloud and on-premise data offerings lead to a No. 1 market position.\"</p><p><blockquote>Weiss表示，由于微软在数据管理市场的强大定位，以及其管理层对数据的高度关注，将其作为更广泛的数字化转型的一部分，“在这个数据平台市场中，微软广泛收集的云和本地数据产品导致了第一的市场地位。”</blockquote></p><p> Weiss, and other Morgan Stanley analysts, also rated Microsoft (MSFT) as to top pick for 2022 as part of a \"gut check\" look at the software sector for next year.</p><p><blockquote>Weiss和其他Morgan Stanley分析师还将微软(MSFT)评为2022年首选，作为对明年软件行业“直觉检查”的一部分。</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>Microsoft's top priority for 2022? It could be data management<blockquote>微软2022年的首要任务？可能是数据管理</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\">\nMicrosoft's top priority for 2022? It could be data management<blockquote>微软2022年的首要任务？可能是数据管理</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-19 08:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/MSFT\">Microsoft </a> might have its work cut out for it when it comes to improving on how things went overall for it in 2021.</p><p><blockquote><a href=\"https://laohu8.com/S/MSFT\">微软</a>在改善2021年的整体状况方面，它可能还有很多工作要做。</blockquote></p><p> After all, the software giant's earnings results continue to show it growing in areas such as cloud computing and personal computers. Microsoft (MSFT) also thinks so highly of its outlook that it believes it could surpass $50 billion in quarterly revenue for the first time with its next report. Investors should also be pleased with how Microsoft (MSFT) has performed on the stock market this year, as its shares have climbed more than 44% since the end of 2021.</p><p><blockquote>毕竟，这家软件巨头的盈利结果继续显示其在云计算和个人电脑等领域的增长。微软(MSFT)也高度评价其前景，相信在下一份报告中，其季度收入可能会首次超过500亿美元。投资者还应该对微软(MSFT)今年在股市上的表现感到满意，因为自2021年底以来，其股价已上涨超过44%。</blockquote></p><p> And then there was the symbolic, if temporary, victory Microsoft (MSFT) could claim in October when it briefly took the title of World's Most Valuable Company away from Apple (NASDAQ:AAPL). So, needless to say, 2021 has been a good year for Microsoft (MSFT).</p><p><blockquote>然后，微软(MSFT)在10月份短暂地从苹果(纳斯达克股票代码：AAPL)手中夺走了全球最有价值公司的称号，尽管是暂时的。因此，不用说，2021年对于微软(MSFT)来说是美好的一年。</blockquote></p><p> But, this begs the question of what 2022 might look like for Microsoft (MSFT), and what are going to be the top priorities for Chief Executive Satya Nadella. While Microsoft (MSFT) may still be best-known to many for its Windows operating system, its Microsoft Word program and its Xbox videogame console, the company's data platform and management offerings are likely the areas where Nadella is focusing much of his attention.</p><p><blockquote>但是，这回避了一个问题：2022年微软(MSFT)可能会是什么样子，以及首席执行官塞特亚·纳德拉(Satya Nadella)的首要任务是什么。虽然微软(MSFT)可能仍然因其Windows操作系统、微软Word程序和Xbox视频游戏机而为许多人所熟知，但该公司的数据平台和管理产品可能是纳德拉关注的领域。</blockquote></p><p> That's the opinion of Morgan Stanley analyst Keith Weiss, who said that Nadella's earnings call comments \"match well to the key priorities Microsoft is investing most aggressively behind.\" Based on how data offerings such as platforms and databases like Azure are playing a role in Microsoft's (MSFT) growth, it should come as no surprise that Nadella would make such areas a focus of the company's overall strategy for the foreseeable future.</p><p><blockquote>这是摩根士丹利分析师基思·韦斯(Keith Weiss)的观点，他表示，纳德拉的财报看涨期权评论“与微软最积极投资的关键优先事项非常匹配”。基于Azure等平台和数据库等数据产品在微软(MSFT)增长中发挥的作用，纳德拉在可预见的未来将这些领域作为公司整体战略的重点也就不足为奇了。</blockquote></p><p> Weiss noted that based on industry data, Microsoft (MSFT) has become the No. 1 vendor for data management offerings, with a 28% share of the market. For comparison, Oracle (NYSE:ORCL) is the No. 2 company, with a 22% market share, and Amazon Web Services (NASDAQ:AMZN) is in third place with 9% of the data management market.</p><p><blockquote>Weiss指出，根据行业数据，微软(MSFT)已成为数据管理产品的第一大供应商，占据28%的市场份额。相比之下，甲骨文（纽约证券交易所股票代码：ORCL）以22%的市场份额位居第二，亚马逊网络服务（纳斯达克股票代码：AMZN）以9%的数据管理市场份额位居第三。</blockquote></p><p> Weiss, who has an outperform rating and $364-a-share target price on Microsoft's (MSFT) stock, noted that data platform products and services made up about 12% of the company's total revenue during the first half of 2021, up from 10% in 2017. Cloud revenue has also more than doubled over that same period, from 3% to approximately 7% of sales, and Weiss said he expects such sales to be \"a key source\" of Microsoft's business growth heading into 2022.</p><p><blockquote>Weiss对微软(MSFT)股票给予跑赢大盘评级，目标价为每股364美元，他指出，2021年上半年，数据平台产品和服务约占该公司总收入的12%，高于10%2017年。同期，云收入也增加了一倍多，从销售额的3%增加到约7%，Weiss表示，他预计此类销售额将成为微软2022年业务增长的“关键来源”。</blockquote></p><p> Weiss said that because of Microsoft's strong positioning in the data management market, and its management's high level of focus on data as part of the broader digital transformation, \"Within this data platform market, Microsoft's broad collection of cloud and on-premise data offerings lead to a No. 1 market position.\"</p><p><blockquote>Weiss表示，由于微软在数据管理市场的强大定位，以及其管理层对数据的高度关注，将其作为更广泛的数字化转型的一部分，“在这个数据平台市场中，微软广泛收集的云和本地数据产品导致了第一的市场地位。”</blockquote></p><p> Weiss, and other Morgan Stanley analysts, also rated Microsoft (MSFT) as to top pick for 2022 as part of a \"gut check\" look at the software sector for next year.</p><p><blockquote>Weiss和其他Morgan Stanley分析师还将微软(MSFT)评为2022年首选，作为对明年软件行业“直觉检查”的一部分。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3781376-microsofts-top-priority-for-2022-it-could-be-data-management\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软"},"source_url":"https://seekingalpha.com/news/3781376-microsofts-top-priority-for-2022-it-could-be-data-management","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157504157","content_text":"Microsoft  might have its work cut out for it when it comes to improving on how things went overall for it in 2021.\nAfter all, the software giant's earnings results continue to show it growing in areas such as cloud computing and personal computers. Microsoft (MSFT) also thinks so highly of its outlook that it believes it could surpass $50 billion in quarterly revenue for the first time with its next report. Investors should also be pleased with how Microsoft (MSFT) has performed on the stock market this year, as its shares have climbed more than 44% since the end of 2021.\nAnd then there was the symbolic, if temporary, victory Microsoft (MSFT) could claim in October when it briefly took the title of World's Most Valuable Company away from Apple (NASDAQ:AAPL). So, needless to say, 2021 has been a good year for Microsoft (MSFT).\nBut, this begs the question of what 2022 might look like for Microsoft (MSFT), and what are going to be the top priorities for Chief Executive Satya Nadella. While Microsoft (MSFT) may still be best-known to many for its Windows operating system, its Microsoft Word program and its Xbox videogame console, the company's data platform and management offerings are likely the areas where Nadella is focusing much of his attention.\nThat's the opinion of Morgan Stanley analyst Keith Weiss, who said that Nadella's earnings call comments \"match well to the key priorities Microsoft is investing most aggressively behind.\" Based on how data offerings such as platforms and databases like Azure are playing a role in Microsoft's (MSFT) growth, it should come as no surprise that Nadella would make such areas a focus of the company's overall strategy for the foreseeable future.\nWeiss noted that based on industry data, Microsoft (MSFT) has become the No. 1 vendor for data management offerings, with a 28% share of the market. For comparison, Oracle (NYSE:ORCL) is the No. 2 company, with a 22% market share, and Amazon Web Services (NASDAQ:AMZN) is in third place with 9% of the data management market.\nWeiss, who has an outperform rating and $364-a-share target price on Microsoft's (MSFT) stock, noted that data platform products and services made up about 12% of the company's total revenue during the first half of 2021, up from 10% in 2017. Cloud revenue has also more than doubled over that same period, from 3% to approximately 7% of sales, and Weiss said he expects such sales to be \"a key source\" of Microsoft's business growth heading into 2022.\nWeiss said that because of Microsoft's strong positioning in the data management market, and its management's high level of focus on data as part of the broader digital transformation, \"Within this data platform market, Microsoft's broad collection of cloud and on-premise data offerings lead to a No. 1 market position.\"\nWeiss, and other Morgan Stanley analysts, also rated Microsoft (MSFT) as to top pick for 2022 as part of a \"gut check\" look at the software sector for next year.","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":1044,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699947160,"gmtCreate":1639743732983,"gmtModify":1639743732983,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699947160","repostId":"2192927938","repostType":4,"isVote":1,"tweetType":1,"viewCount":1042,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690614432,"gmtCreate":1639663452784,"gmtModify":1639663452958,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/690614432","repostId":"2191910910","repostType":4,"isVote":1,"tweetType":1,"viewCount":965,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":698858112,"gmtCreate":1640347976526,"gmtModify":1640347976666,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/698858112","repostId":"2193127176","repostType":4,"isVote":1,"tweetType":1,"viewCount":806,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":818605377,"gmtCreate":1630400213199,"gmtModify":1633678336335,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/818605377","repostId":"1147371212","repostType":4,"isVote":1,"tweetType":1,"viewCount":356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":696736307,"gmtCreate":1640765223806,"gmtModify":1640765223994,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/696736307","repostId":"1189803272","repostType":4,"repost":{"id":"1189803272","kind":"news","pubTimestamp":1640763988,"share":"https://www.laohu8.com/m/news/1189803272?lang=zh_CN&edition=full","pubTime":"2021-12-29 15:46","market":"us","language":"en","title":"Why Tesla Stock Is in a ‘Clear Position of Strength’ Heading Into 2022<blockquote>为什么特斯拉股票在2022年处于“明显的强势地位”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1189803272","media":"Barrons","summary":"Tesla “is in a clear position of strength heading into 2022,” according to analysts at Wedbush, who ","content":"<p><html><head></head><body>Tesla “is in a clear position of strength heading into 2022,” according to analysts at Wedbush, who see three catalysts, including China demand, driving the stock higher.</p><p><blockquote><html><head></head><body>Wedbush分析师表示，特斯拉“在进入2022年时处于明显的强势地位”，他们认为包括中国需求在内的三个催化剂将推动该股走高。</body></html></blockquote></p><p>Wedbush has a current base price target on Tesla (ticker: TSLA) shares of $1,400 and a bull case target of $1,800. The Wedbush analysts, led by Dan Ives, wrote in a note they were maintaining their Outperform rating on the stock.</p><p><blockquote>Wedbush目前对特斯拉（股票代码：TSLA）股票的基本目标价为1,400美元，牛市目标价为1,800美元。以丹·艾夫斯为首的韦德布什分析师在一份报告中写道，他们维持对该股跑赢大盘的评级。</blockquote></p><p>Tesla fell 0.5% to $1,088.47 on Tuesday. The stock has gained 54.5% in 2021 and its market capitalization has moved above $1 trillion.</p><p><blockquote>特斯拉周二下跌0.5%，至1,088.47美元。该股在2021年上涨了54.5%，市值已突破1万亿美元。</blockquote></p><p>Ives said the “linchpin to the overall bull thesis on Tesla remains China,” and he estimated the country will make up 40% of deliveries for the electric-vehicle maker in 2022.  He also said China was worth $400 a share to Tesla next year.</p><p><blockquote>Ives表示，“特斯拉整体牛市论点的关键仍然是中国”，他估计2022年中国将占这家电动汽车制造商交付量的40%。他还表示，明年中国对特斯拉的价值为每股400美元。</blockquote></p><p>The analyst said Tesla has a “high-class problem of demand outstripping supply” and said the key to alleviating these issues centered around Gigafactory openings in Austin, Texas and Berlin that will “alleviate the bottlenecks of production for Tesla globally.”</p><p><blockquote>该分析师表示，特斯拉存在“供不应求的高级问题”，并表示缓解这些问题的关键围绕在奥斯丁、德克萨斯和柏林开设超级工厂，这将“缓解特斯拉在全球的生产瓶颈”。</blockquote></p><p>“We believe by the end of 2022 Tesla will have the capacity for overall ~2 million units annually from roughly 1 million today,” Ives said.</p><p><blockquote>Ives表示：“我们相信，到2022年底，特斯拉的年产能将从目前的约100万辆增至约200万辆。”</blockquote></p><p>The EV maker also should be able to smooth out supply-chain issues that have been a drag on overall unit growth for Tesla in 2021, according to Ives.</p><p><blockquote>Ives表示，这家电动汽车制造商还应该能够解决供应链问题，这些问题一直拖累特斯拉2021年整体销量增长。</blockquote></p><p>“While logistical hurdles will be a near-term cost burden, we importantly believe Tesla has the potential to further expand its auto [gross margin] and profitability profile over the next 12 to 18 months especially with more higher-margin cars being sold and produced in China,” Ives added.</p><p><blockquote>“虽然物流障碍将成为近期的成本负担，但我们重要的是相信特斯拉有潜力在未来12至18个月内进一步扩大其汽车[毛利率]和盈利能力，特别是随着更多利润率更高的汽车在中国销售和生产，”Ives补充道。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Tesla Stock Is in a ‘Clear Position of Strength’ Heading Into 2022<blockquote>为什么特斯拉股票在2022年处于“明显的强势地位”</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\">\nWhy Tesla Stock Is in a ‘Clear Position of Strength’ Heading Into 2022<blockquote>为什么特斯拉股票在2022年处于“明显的强势地位”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-12-29 15:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Tesla “is in a clear position of strength heading into 2022,” according to analysts at Wedbush, who see three catalysts, including China demand, driving the stock higher.</p><p><blockquote><html><head></head><body>Wedbush分析师表示，特斯拉“在进入2022年时处于明显的强势地位”，他们认为包括中国需求在内的三个催化剂将推动该股走高。</body></html></blockquote></p><p>Wedbush has a current base price target on Tesla (ticker: TSLA) shares of $1,400 and a bull case target of $1,800. The Wedbush analysts, led by Dan Ives, wrote in a note they were maintaining their Outperform rating on the stock.</p><p><blockquote>Wedbush目前对特斯拉（股票代码：TSLA）股票的基本目标价为1,400美元，牛市目标价为1,800美元。以丹·艾夫斯为首的韦德布什分析师在一份报告中写道，他们维持对该股跑赢大盘的评级。</blockquote></p><p>Tesla fell 0.5% to $1,088.47 on Tuesday. The stock has gained 54.5% in 2021 and its market capitalization has moved above $1 trillion.</p><p><blockquote>特斯拉周二下跌0.5%，至1,088.47美元。该股在2021年上涨了54.5%，市值已突破1万亿美元。</blockquote></p><p>Ives said the “linchpin to the overall bull thesis on Tesla remains China,” and he estimated the country will make up 40% of deliveries for the electric-vehicle maker in 2022.  He also said China was worth $400 a share to Tesla next year.</p><p><blockquote>Ives表示，“特斯拉整体牛市论点的关键仍然是中国”，他估计2022年中国将占这家电动汽车制造商交付量的40%。他还表示，明年中国对特斯拉的价值为每股400美元。</blockquote></p><p>The analyst said Tesla has a “high-class problem of demand outstripping supply” and said the key to alleviating these issues centered around Gigafactory openings in Austin, Texas and Berlin that will “alleviate the bottlenecks of production for Tesla globally.”</p><p><blockquote>该分析师表示，特斯拉存在“供不应求的高级问题”，并表示缓解这些问题的关键围绕在奥斯丁、德克萨斯和柏林开设超级工厂，这将“缓解特斯拉在全球的生产瓶颈”。</blockquote></p><p>“We believe by the end of 2022 Tesla will have the capacity for overall ~2 million units annually from roughly 1 million today,” Ives said.</p><p><blockquote>Ives表示：“我们相信，到2022年底，特斯拉的年产能将从目前的约100万辆增至约200万辆。”</blockquote></p><p>The EV maker also should be able to smooth out supply-chain issues that have been a drag on overall unit growth for Tesla in 2021, according to Ives.</p><p><blockquote>Ives表示，这家电动汽车制造商还应该能够解决供应链问题，这些问题一直拖累特斯拉2021年整体销量增长。</blockquote></p><p>“While logistical hurdles will be a near-term cost burden, we importantly believe Tesla has the potential to further expand its auto [gross margin] and profitability profile over the next 12 to 18 months especially with more higher-margin cars being sold and produced in China,” Ives added.</p><p><blockquote>“虽然物流障碍将成为近期的成本负担，但我们重要的是相信特斯拉有潜力在未来12至18个月内进一步扩大其汽车[毛利率]和盈利能力，特别是随着更多利润率更高的汽车在中国销售和生产，”Ives补充道。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-stock-price-2022-catalysts-51640686538?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-stock-price-2022-catalysts-51640686538?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189803272","content_text":"Tesla “is in a clear position of strength heading into 2022,” according to analysts at Wedbush, who see three catalysts, including China demand, driving the stock higher.Wedbush has a current base price target on Tesla (ticker: TSLA) shares of $1,400 and a bull case target of $1,800. The Wedbush analysts, led by Dan Ives, wrote in a note they were maintaining their Outperform rating on the stock.Tesla fell 0.5% to $1,088.47 on Tuesday. The stock has gained 54.5% in 2021 and its market capitalization has moved above $1 trillion.Ives said the “linchpin to the overall bull thesis on Tesla remains China,” and he estimated the country will make up 40% of deliveries for the electric-vehicle maker in 2022.  He also said China was worth $400 a share to Tesla next year.The analyst said Tesla has a “high-class problem of demand outstripping supply” and said the key to alleviating these issues centered around Gigafactory openings in Austin, Texas and Berlin that will “alleviate the bottlenecks of production for Tesla globally.”“We believe by the end of 2022 Tesla will have the capacity for overall ~2 million units annually from roughly 1 million today,” Ives said.The EV maker also should be able to smooth out supply-chain issues that have been a drag on overall unit growth for Tesla in 2021, according to Ives.“While logistical hurdles will be a near-term cost burden, we importantly believe Tesla has the potential to further expand its auto [gross margin] and profitability profile over the next 12 to 18 months especially with more higher-margin cars being sold and produced in China,” Ives added.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":4901,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":842289457,"gmtCreate":1636181469685,"gmtModify":1636181469915,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/842289457","repostId":"1173813098","repostType":4,"isVote":1,"tweetType":1,"viewCount":340,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826225677,"gmtCreate":1634027851851,"gmtModify":1634027851915,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/826225677","repostId":"1111220401","repostType":4,"repost":{"id":"1111220401","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":1634026406,"share":"https://www.laohu8.com/m/news/1111220401?lang=zh_CN&edition=full","pubTime":"2021-10-12 16:13","market":"us","language":"en","title":"Tesla sold record 56,006 China-made vehicles in Sept - CPCA<blockquote>特斯拉9月份售出创纪录的56,006辆国产汽车-CPCA</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1111220401","media":"Tiger Newspress","summary":"Tesla shares rose slightly 0.1% in premarket trading as Tesla sold 56,006 China-made vehicles in September.Tesla Inc. shipments of China-made cars to the local market rose for a second straight month in September, even as general auto sales declined.Elon Musk’s electric-vehicle maker reported domestic shipments of 52,153 units last month, following a near-50% jump in August. The automaker exported 3,853 vehicles from its Shanghai factory, China’s Passenger Car Association said on Tuesday. That m","content":"<p>Tesla shares rose&nbsp;slightly&nbsp;0.1% in premarket trading&nbsp;as&nbsp;Tesla sold 56,006 China-made vehicles in September.</p><p><blockquote>特斯拉股价在盘前交易中小幅上涨0。特斯拉9月份售出56,006辆国产汽车。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/108fe45674a2dade757227f424b16aef\" tg-width=\"849\" tg-height=\"616\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Tesla Inc.&nbsp;shipments of China-made cars to the local market rose for a second straight month in September, even as general auto sales declined.</p><p><blockquote>尽管整体汽车销量下降，但特斯拉9月份向中国市场的国产汽车出货量连续第二个月上升。</blockquote></p><p> Elon Musk’s electric-vehicle maker reported&nbsp;domestic shipments&nbsp;of 52,153 units last month, following a near-50% jump in August. The automaker exported 3,853 vehicles from its Shanghai factory, China’s Passenger Car Association said on Tuesday. That meant Tesla’s total China shipments in September climbed 27% from August to 56,006.</p><p><blockquote>埃隆·马斯克(Elon Musk)的电动汽车制造商继8月份增长近50%后，上个月国内出货量为52,153辆。中国乘用车协会周二表示，该汽车制造商从其上海工厂出口了3,853辆汽车。这意味着特斯拉9月份在华总出货量较8月份增长27%，达到56,006辆。</blockquote></p><p> The increase is in line with the broader trend for the automaker, which&nbsp;delivered&nbsp;a record 241,300 cars worldwide in the third quarter. At last week’s annual shareholder meeting, Musk said Tesla’s Shanghai factory is now outproducing the Fremont, California plant.</p><p><blockquote>这一增长符合该汽车制造商的更广泛趋势，该汽车制造商第三季度在全球交付了创纪录的241,300辆汽车。在上周的年度股东大会上，Musk表示，特斯拉上海工厂目前的产量超过了加州Fremont工厂。</blockquote></p><p> In China, the back-to-back gain in shipments suggests Tesla is moving on from a run of bad publicity, starting in April when a&nbsp;protest&nbsp;by a disgruntled owner at the Shanghai auto show went viral on social media. That was followed by a spate of&nbsp;crashes&nbsp;and&nbsp;regulatory scrutinyof safety and customer service issues, and more recently a driver&nbsp;successfully suing&nbsp;Tesla for fraud over his purchase of a second-hand Model S.</p><p><blockquote>在中国，出货量的连续增长表明特斯拉正在摆脱一系列负面宣传，从四月份上海车展上一位心怀不满的车主的抗议活动在社交媒体上疯传开始。随后发生了一系列车祸以及对安全和客户服务问题的监管审查，最近一名司机成功起诉特斯拉购买二手Model S欺诈。</blockquote></p><p> The drop in exports follows a pattern of Tesla prioritizing overseas shipments in the first half of the quarter, before ramping up local deliveries in the latter half of the period.</p><p><blockquote>出口下降遵循了特斯拉在本季度上半段优先考虑海外发货，然后在下半段增加本地发货的模式。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/827723c34f669fefaa5b2dd567fd9321\" tg-width=\"868\" tg-height=\"497\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Overall retail sales of cars, sport utility vehicles and multipurpose vehicles and minivans fell 17% in September from a year earlier to 1.61 million units, the PCA&nbsp;data&nbsp;showed.</p><p><blockquote>PCA数据显示，9月份轿车、运动型多用途车、多用途车和小型货车的总体零售量同比下降17%，至161万辆。</blockquote></p><p> Deliveries of new-energy vehicles, which include EVs and plug-in hybrids, soared 202% from a year earlier to 334,000 units last month.</p><p><blockquote>上个月，包括电动汽车和插电式混合动力汽车在内的新能源汽车交付量同比飙升202%，达到334,000辆。</blockquote></p><p> “We see strong sales momentum for new energy vehicles going forward,” PCA Secretary General Cui Dongshu said. “Exports to the EU have been spurring overseas shipments.”</p><p><blockquote>PCA秘书长崔东树表示：“我们看到未来新能源汽车的销售势头强劲。”“对欧盟的出口一直在刺激海外出货。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla sold record 56,006 China-made vehicles in Sept - CPCA<blockquote>特斯拉9月份售出创纪录的56,006辆国产汽车-CPCA</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; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla sold record 56,006 China-made vehicles in Sept - CPCA<blockquote>特斯拉9月份售出创纪录的56,006辆国产汽车-CPCA</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\">2021-10-12 16:13</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tesla shares rose&nbsp;slightly&nbsp;0.1% in premarket trading&nbsp;as&nbsp;Tesla sold 56,006 China-made vehicles in September.</p><p><blockquote>特斯拉股价在盘前交易中小幅上涨0。特斯拉9月份售出56,006辆国产汽车。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/108fe45674a2dade757227f424b16aef\" tg-width=\"849\" tg-height=\"616\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Tesla Inc.&nbsp;shipments of China-made cars to the local market rose for a second straight month in September, even as general auto sales declined.</p><p><blockquote>尽管整体汽车销量下降，但特斯拉9月份向中国市场的国产汽车出货量连续第二个月上升。</blockquote></p><p> Elon Musk’s electric-vehicle maker reported&nbsp;domestic shipments&nbsp;of 52,153 units last month, following a near-50% jump in August. The automaker exported 3,853 vehicles from its Shanghai factory, China’s Passenger Car Association said on Tuesday. That meant Tesla’s total China shipments in September climbed 27% from August to 56,006.</p><p><blockquote>埃隆·马斯克(Elon Musk)的电动汽车制造商继8月份增长近50%后，上个月国内出货量为52,153辆。中国乘用车协会周二表示，该汽车制造商从其上海工厂出口了3,853辆汽车。这意味着特斯拉9月份在华总出货量较8月份增长27%，达到56,006辆。</blockquote></p><p> The increase is in line with the broader trend for the automaker, which&nbsp;delivered&nbsp;a record 241,300 cars worldwide in the third quarter. At last week’s annual shareholder meeting, Musk said Tesla’s Shanghai factory is now outproducing the Fremont, California plant.</p><p><blockquote>这一增长符合该汽车制造商的更广泛趋势，该汽车制造商第三季度在全球交付了创纪录的241,300辆汽车。在上周的年度股东大会上，Musk表示，特斯拉上海工厂目前的产量超过了加州Fremont工厂。</blockquote></p><p> In China, the back-to-back gain in shipments suggests Tesla is moving on from a run of bad publicity, starting in April when a&nbsp;protest&nbsp;by a disgruntled owner at the Shanghai auto show went viral on social media. That was followed by a spate of&nbsp;crashes&nbsp;and&nbsp;regulatory scrutinyof safety and customer service issues, and more recently a driver&nbsp;successfully suing&nbsp;Tesla for fraud over his purchase of a second-hand Model S.</p><p><blockquote>在中国，出货量的连续增长表明特斯拉正在摆脱一系列负面宣传，从四月份上海车展上一位心怀不满的车主的抗议活动在社交媒体上疯传开始。随后发生了一系列车祸以及对安全和客户服务问题的监管审查，最近一名司机成功起诉特斯拉购买二手Model S欺诈。</blockquote></p><p> The drop in exports follows a pattern of Tesla prioritizing overseas shipments in the first half of the quarter, before ramping up local deliveries in the latter half of the period.</p><p><blockquote>出口下降遵循了特斯拉在本季度上半段优先考虑海外发货，然后在下半段增加本地发货的模式。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/827723c34f669fefaa5b2dd567fd9321\" tg-width=\"868\" tg-height=\"497\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Overall retail sales of cars, sport utility vehicles and multipurpose vehicles and minivans fell 17% in September from a year earlier to 1.61 million units, the PCA&nbsp;data&nbsp;showed.</p><p><blockquote>PCA数据显示，9月份轿车、运动型多用途车、多用途车和小型货车的总体零售量同比下降17%，至161万辆。</blockquote></p><p> Deliveries of new-energy vehicles, which include EVs and plug-in hybrids, soared 202% from a year earlier to 334,000 units last month.</p><p><blockquote>上个月，包括电动汽车和插电式混合动力汽车在内的新能源汽车交付量同比飙升202%，达到334,000辆。</blockquote></p><p> “We see strong sales momentum for new energy vehicles going forward,” PCA Secretary General Cui Dongshu said. “Exports to the EU have been spurring overseas shipments.”</p><p><blockquote>PCA秘书长崔东树表示：“我们看到未来新能源汽车的销售势头强劲。”“对欧盟的出口一直在刺激海外出货。”</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111220401","content_text":"Tesla shares rose slightly 0.1% in premarket trading as Tesla sold 56,006 China-made vehicles in September.\n\nTesla Inc. shipments of China-made cars to the local market rose for a second straight month in September, even as general auto sales declined.\nElon Musk’s electric-vehicle maker reported domestic shipments of 52,153 units last month, following a near-50% jump in August. The automaker exported 3,853 vehicles from its Shanghai factory, China’s Passenger Car Association said on Tuesday. That meant Tesla’s total China shipments in September climbed 27% from August to 56,006.\nThe increase is in line with the broader trend for the automaker, which delivered a record 241,300 cars worldwide in the third quarter. At last week’s annual shareholder meeting, Musk said Tesla’s Shanghai factory is now outproducing the Fremont, California plant.\nIn China, the back-to-back gain in shipments suggests Tesla is moving on from a run of bad publicity, starting in April when a protest by a disgruntled owner at the Shanghai auto show went viral on social media. That was followed by a spate of crashes and regulatory scrutinyof safety and customer service issues, and more recently a driver successfully suing Tesla for fraud over his purchase of a second-hand Model S.\nThe drop in exports follows a pattern of Tesla prioritizing overseas shipments in the first half of the quarter, before ramping up local deliveries in the latter half of the period.\n\nOverall retail sales of cars, sport utility vehicles and multipurpose vehicles and minivans fell 17% in September from a year earlier to 1.61 million units, the PCA data showed.\nDeliveries of new-energy vehicles, which include EVs and plug-in hybrids, soared 202% from a year earlier to 334,000 units last month.\n“We see strong sales momentum for new energy vehicles going forward,” PCA Secretary General Cui Dongshu said. “Exports to the EU have been spurring overseas shipments.”","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":791,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":836013615,"gmtCreate":1629436614337,"gmtModify":1633684824141,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/836013615","repostId":"2160792084","repostType":4,"isVote":1,"tweetType":1,"viewCount":415,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807199212,"gmtCreate":1628003996336,"gmtModify":1633754451950,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome","listText":"Awesome","text":"Awesome","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/807199212","repostId":"1124475692","repostType":4,"repost":{"id":"1124475692","kind":"news","pubTimestamp":1628003267,"share":"https://www.laohu8.com/m/news/1124475692?lang=zh_CN&edition=full","pubTime":"2021-08-03 23:07","market":"us","language":"en","title":"Eli Lilly Earnings Missed Expectations. Why the Stock Is Soaring<blockquote>礼来公司盈利未达预期。股票为何飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1124475692","media":"Barron's","summary":"Drug giant Eli Lilly reported weaker-than-expected earnings but the stock is soaring.\nEli Lilly repo","content":"<p>Drug giant Eli Lilly reported weaker-than-expected earnings but the stock is soaring.</p><p><blockquote>制药巨头礼来公司公布的盈利弱于预期，但股价正在飙升。</blockquote></p><p> Eli Lilly reported a year-over-year leap in second-quarter sales, but much of that rise resulted from the world’s restocking since 2020 lockdowns. Sales still grew a respectable 12%, after adjusting for Covid-19’s impact, while earnings matched Wall Street forecasts.</p><p><blockquote>礼来公司(Eli Lilly)报告称，第二季度销售额同比增长，但这一增长很大程度上是由于自2020年封锁以来全球重新进货。在对Covid-19的影响进行调整后，销售额仍增长了12%，而盈利符合华尔街的预测。</blockquote></p><p> Investors were satisfied. Lilly (ticker: LLY) stock is up 4% to $256.53 in Tuesday morning trading, while the Dow Jones Industrial Average is up 0.1% and the S&amp;P 500 is flat.</p><p><blockquote>投资者很满意。礼来公司（股票代码：LLY）股价在周二早盘交易中上涨4%，至256.53美元，道琼斯工业平均指数上涨0.1%，标普500持平。</blockquote></p><p> All told, Lilly’s second-quarter revenue jumped 23% to $6.7 billion. That’s slightly better than the $6.6 billion consensus forecast among analysts tallied at Sentieo.com. The Indianapolis-based company enjoyed strong volume growth. The strong year-over-year comparison benefited from the subdued level of June 2020 business in the Covid lockdown, which sapped $250 million from last year’s quarter, by Lilly estimate. Adjusting for that unusual weakness, as well as one-time benefits in 2021 like the company’s sale of Chinese rights to its erectile dysfunction treatment Cialis, Lilly said that second-quarter sales grew 12%.</p><p><blockquote>总而言之，礼来公司第二季度营收跃升23%至67亿美元。这略好于Sentieo.com统计的分析师一致预测的66亿美元。这家总部位于印第安纳波利斯的公司销量增长强劲。强劲的同比比较得益于2020年6月新冠疫情封锁期间业务水平低迷，据礼来公司估计，该业务比去年季度减少了2.5亿美元。礼来公司表示，考虑到这一不寻常的弱点，以及2021年的一次性收益，例如该公司出售其勃起功能障碍治疗药物Cialis的中国权利，第二季度销售额增长了12%。</blockquote></p><p> The company highlighted the strong growth of newer products, like diabetes drug Trulicity, heart drug Jardiance, and psoriasis treatment Taltz. Before year-end 2021, it hopes to file a marketing application for its investigational treatment for Alzheimer’s disease, donanemab. The Food and Drug Administration’s surprise approval of the Alzheimer’s treatment Aduhelm from Biogen (BIIB) has raised investor expectations for other candidates like Lilly’s.</p><p><blockquote>该公司强调了新产品的强劲增长，如糖尿病药物Trulicity、心脏病药物Jardiance和牛皮癣治疗药物Taltz。该公司希望在2021年底前为其阿尔茨海默病研究治疗药物donanemab提交上市申请。美国食品和药物管理局出人意料地批准了百健(BIIB)的阿尔茨海默氏症治疗药物Aduhelm，提高了投资者对礼来公司等其他候选药物的期望。</blockquote></p><p> Earnings in the second quarter were $1.4 billion, or $1.53 per share. Adjusting for noncash and one-time accruals, Lilly says EPS were $1.83, which represented growth of about 30% from the adjusted number for the year-ago second quarter.</p><p><blockquote>第二季度盈利14亿美元，合每股1.53美元。礼来公司表示，调整非现金和一次性应计费用后，每股收益为1.83美元，比去年第二季度调整后的数字增长约30%。</blockquote></p><p> Antibody treatments for Covid have been a boost to Lilly stock in recent quarters. Second-quarter revenue from those treatments was $149 million. The appearance of variant strains of the Covid-causing SARS-CoV-2 coronavirus is a problem for custom-crafted antibody treatments, however. While Lilly says that its two authorized antibody products show laboratory effectiveness against the virus’ worrisome Delta variant, the U.S. government stopped shipments of the Lilly antibodies in June on evidence that they don’t neutralize the Beta and Gamma variants.</p><p><blockquote>最近几个季度，针对新冠病毒的抗体治疗提振了礼来公司的股价。这些治疗的第二季度收入为1.49亿美元。然而，引起新冠病毒的新型冠状病毒冠状病毒变异株的出现对于定制抗体治疗来说是一个问题。虽然礼来公司表示，其两种授权抗体产品在实验室中对该病毒令人担忧的德尔塔变异毒株有效，但美国政府在6月份停止了礼来公司抗体的运输，因为有证据表明它们不能中和β和γ变种。</blockquote></p><p> So Lilly is writing down the value of some antibody inventories, and the write-down led it to revise its earnings guidance for the 2021 year. Profits this year will come in around a midpoint of about $6.83 a share, says Lilly, instead of the previously guided midpoint of $7.13. Apart from the write-down, and other noncash adjustments, however, the midpoint forecast is unchanged, at $7.90 a share.</p><p><blockquote>因此，礼来公司正在减记一些抗体库存的价值，减记导致其修改了2021年的盈利指引。礼来公司表示，今年的利润将约为每股6.83美元的中点，而不是之前指导的7.13美元的中点。然而，除了减记和其他非现金调整外，中点预测保持不变，为每股7.90美元。</blockquote></p><p> Lilly&nbsp;gained&nbsp;4%&nbsp;in&nbsp;morning&nbsp;trading,&nbsp;reached&nbsp;record&nbsp;high.<img src=\"https://static.tigerbbs.com/dfc51bbb6cd284c0017ede89c2bc6240\" tg-width=\"946\" tg-height=\"633\" width=\"100%\" height=\"auto\"></p><p><blockquote>礼来公司早盘上涨4%，创历史新高。</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Eli Lilly Earnings Missed Expectations. Why the Stock Is Soaring<blockquote>礼来公司盈利未达预期。股票为何飙升</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\">\nEli Lilly Earnings Missed Expectations. Why the Stock Is Soaring<blockquote>礼来公司盈利未达预期。股票为何飙升</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-08-03 23:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Drug giant Eli Lilly reported weaker-than-expected earnings but the stock is soaring.</p><p><blockquote>制药巨头礼来公司公布的盈利弱于预期，但股价正在飙升。</blockquote></p><p> Eli Lilly reported a year-over-year leap in second-quarter sales, but much of that rise resulted from the world’s restocking since 2020 lockdowns. Sales still grew a respectable 12%, after adjusting for Covid-19’s impact, while earnings matched Wall Street forecasts.</p><p><blockquote>礼来公司(Eli Lilly)报告称，第二季度销售额同比增长，但这一增长很大程度上是由于自2020年封锁以来全球重新进货。在对Covid-19的影响进行调整后，销售额仍增长了12%，而盈利符合华尔街的预测。</blockquote></p><p> Investors were satisfied. Lilly (ticker: LLY) stock is up 4% to $256.53 in Tuesday morning trading, while the Dow Jones Industrial Average is up 0.1% and the S&amp;P 500 is flat.</p><p><blockquote>投资者很满意。礼来公司（股票代码：LLY）股价在周二早盘交易中上涨4%，至256.53美元，道琼斯工业平均指数上涨0.1%，标普500持平。</blockquote></p><p> All told, Lilly’s second-quarter revenue jumped 23% to $6.7 billion. That’s slightly better than the $6.6 billion consensus forecast among analysts tallied at Sentieo.com. The Indianapolis-based company enjoyed strong volume growth. The strong year-over-year comparison benefited from the subdued level of June 2020 business in the Covid lockdown, which sapped $250 million from last year’s quarter, by Lilly estimate. Adjusting for that unusual weakness, as well as one-time benefits in 2021 like the company’s sale of Chinese rights to its erectile dysfunction treatment Cialis, Lilly said that second-quarter sales grew 12%.</p><p><blockquote>总而言之，礼来公司第二季度营收跃升23%至67亿美元。这略好于Sentieo.com统计的分析师一致预测的66亿美元。这家总部位于印第安纳波利斯的公司销量增长强劲。强劲的同比比较得益于2020年6月新冠疫情封锁期间业务水平低迷，据礼来公司估计，该业务比去年季度减少了2.5亿美元。礼来公司表示，考虑到这一不寻常的弱点，以及2021年的一次性收益，例如该公司出售其勃起功能障碍治疗药物Cialis的中国权利，第二季度销售额增长了12%。</blockquote></p><p> The company highlighted the strong growth of newer products, like diabetes drug Trulicity, heart drug Jardiance, and psoriasis treatment Taltz. Before year-end 2021, it hopes to file a marketing application for its investigational treatment for Alzheimer’s disease, donanemab. The Food and Drug Administration’s surprise approval of the Alzheimer’s treatment Aduhelm from Biogen (BIIB) has raised investor expectations for other candidates like Lilly’s.</p><p><blockquote>该公司强调了新产品的强劲增长，如糖尿病药物Trulicity、心脏病药物Jardiance和牛皮癣治疗药物Taltz。该公司希望在2021年底前为其阿尔茨海默病研究治疗药物donanemab提交上市申请。美国食品和药物管理局出人意料地批准了百健(BIIB)的阿尔茨海默氏症治疗药物Aduhelm，提高了投资者对礼来公司等其他候选药物的期望。</blockquote></p><p> Earnings in the second quarter were $1.4 billion, or $1.53 per share. Adjusting for noncash and one-time accruals, Lilly says EPS were $1.83, which represented growth of about 30% from the adjusted number for the year-ago second quarter.</p><p><blockquote>第二季度盈利14亿美元，合每股1.53美元。礼来公司表示，调整非现金和一次性应计费用后，每股收益为1.83美元，比去年第二季度调整后的数字增长约30%。</blockquote></p><p> Antibody treatments for Covid have been a boost to Lilly stock in recent quarters. Second-quarter revenue from those treatments was $149 million. The appearance of variant strains of the Covid-causing SARS-CoV-2 coronavirus is a problem for custom-crafted antibody treatments, however. While Lilly says that its two authorized antibody products show laboratory effectiveness against the virus’ worrisome Delta variant, the U.S. government stopped shipments of the Lilly antibodies in June on evidence that they don’t neutralize the Beta and Gamma variants.</p><p><blockquote>最近几个季度，针对新冠病毒的抗体治疗提振了礼来公司的股价。这些治疗的第二季度收入为1.49亿美元。然而，引起新冠病毒的新型冠状病毒冠状病毒变异株的出现对于定制抗体治疗来说是一个问题。虽然礼来公司表示，其两种授权抗体产品在实验室中对该病毒令人担忧的德尔塔变异毒株有效，但美国政府在6月份停止了礼来公司抗体的运输，因为有证据表明它们不能中和β和γ变种。</blockquote></p><p> So Lilly is writing down the value of some antibody inventories, and the write-down led it to revise its earnings guidance for the 2021 year. Profits this year will come in around a midpoint of about $6.83 a share, says Lilly, instead of the previously guided midpoint of $7.13. Apart from the write-down, and other noncash adjustments, however, the midpoint forecast is unchanged, at $7.90 a share.</p><p><blockquote>因此，礼来公司正在减记一些抗体库存的价值，减记导致其修改了2021年的盈利指引。礼来公司表示，今年的利润将约为每股6.83美元的中点，而不是之前指导的7.13美元的中点。然而，除了减记和其他非现金调整外，中点预测保持不变，为每股7.90美元。</blockquote></p><p> Lilly&nbsp;gained&nbsp;4%&nbsp;in&nbsp;morning&nbsp;trading,&nbsp;reached&nbsp;record&nbsp;high.<img src=\"https://static.tigerbbs.com/dfc51bbb6cd284c0017ede89c2bc6240\" tg-width=\"946\" tg-height=\"633\" width=\"100%\" height=\"auto\"></p><p><blockquote>礼来公司早盘上涨4%，创历史新高。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/eli-lilly-stock-earnings-sales-51628001381?siteid=yhoof2\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LLY":"礼来"},"source_url":"https://www.barrons.com/articles/eli-lilly-stock-earnings-sales-51628001381?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124475692","content_text":"Drug giant Eli Lilly reported weaker-than-expected earnings but the stock is soaring.\nEli Lilly reported a year-over-year leap in second-quarter sales, but much of that rise resulted from the world’s restocking since 2020 lockdowns. Sales still grew a respectable 12%, after adjusting for Covid-19’s impact, while earnings matched Wall Street forecasts.\nInvestors were satisfied. Lilly (ticker: LLY) stock is up 4% to $256.53 in Tuesday morning trading, while the Dow Jones Industrial Average is up 0.1% and the S&P 500 is flat.\nAll told, Lilly’s second-quarter revenue jumped 23% to $6.7 billion. That’s slightly better than the $6.6 billion consensus forecast among analysts tallied at Sentieo.com. The Indianapolis-based company enjoyed strong volume growth. The strong year-over-year comparison benefited from the subdued level of June 2020 business in the Covid lockdown, which sapped $250 million from last year’s quarter, by Lilly estimate. Adjusting for that unusual weakness, as well as one-time benefits in 2021 like the company’s sale of Chinese rights to its erectile dysfunction treatment Cialis, Lilly said that second-quarter sales grew 12%.\nThe company highlighted the strong growth of newer products, like diabetes drug Trulicity, heart drug Jardiance, and psoriasis treatment Taltz. Before year-end 2021, it hopes to file a marketing application for its investigational treatment for Alzheimer’s disease, donanemab. The Food and Drug Administration’s surprise approval of the Alzheimer’s treatment Aduhelm from Biogen (BIIB) has raised investor expectations for other candidates like Lilly’s.\nEarnings in the second quarter were $1.4 billion, or $1.53 per share. Adjusting for noncash and one-time accruals, Lilly says EPS were $1.83, which represented growth of about 30% from the adjusted number for the year-ago second quarter.\nAntibody treatments for Covid have been a boost to Lilly stock in recent quarters. Second-quarter revenue from those treatments was $149 million. The appearance of variant strains of the Covid-causing SARS-CoV-2 coronavirus is a problem for custom-crafted antibody treatments, however. While Lilly says that its two authorized antibody products show laboratory effectiveness against the virus’ worrisome Delta variant, the U.S. government stopped shipments of the Lilly antibodies in June on evidence that they don’t neutralize the Beta and Gamma variants.\nSo Lilly is writing down the value of some antibody inventories, and the write-down led it to revise its earnings guidance for the 2021 year. Profits this year will come in around a midpoint of about $6.83 a share, says Lilly, instead of the previously guided midpoint of $7.13. Apart from the write-down, and other noncash adjustments, however, the midpoint forecast is unchanged, at $7.90 a share.\nLilly gained 4% in morning trading, reached record high.","news_type":1,"symbols_score_info":{"LLY":0.9}},"isVote":1,"tweetType":1,"viewCount":266,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":872155421,"gmtCreate":1637462137586,"gmtModify":1637462137666,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/872155421","repostId":"2184828242","repostType":4,"isVote":1,"tweetType":1,"viewCount":460,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":865569999,"gmtCreate":1633002321141,"gmtModify":1633002321377,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/865569999","repostId":"2171930838","repostType":4,"isVote":1,"tweetType":1,"viewCount":613,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":896666893,"gmtCreate":1628578985312,"gmtModify":1633746004723,"author":{"id":"3581581151725380","authorId":"3581581151725380","name":"HermioneG","avatar":"https://static.tigerbbs.com/449ae31dcb8cfcd4dcedab9bc5dec8aa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581151725380","idStr":"3581581151725380"},"themes":[],"htmlText":"Like n comment pls. Thx","listText":"Like n comment pls. Thx","text":"Like n comment pls. Thx","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/896666893","repostId":"1109397612","repostType":4,"repost":{"id":"1109397612","kind":"news","pubTimestamp":1628578754,"share":"https://www.laohu8.com/m/news/1109397612?lang=zh_CN&edition=full","pubTime":"2021-08-10 14:59","market":"us","language":"en","title":"Moderna Is A Winner In COVID-19 Vaccines, But What's Next?<blockquote>Moderna是新冠肺炎疫苗的赢家，但下一步是什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109397612","media":"seeking alpha","summary":"Investment Thesis\nModerna (MRNA) and Novavax (NVAX) released their respective Q2 earnings one after ","content":"<p>Investment Thesis</p><p><blockquote>投资论文</blockquote></p><p> Moderna (MRNA) and <a href=\"https://laohu8.com/S/NVAX\">Novavax</a> (NVAX) released their respective <a href=\"https://laohu8.com/S/QTWO\">Q2</a> earnings <a href=\"https://laohu8.com/S/AONE.U\">one</a> after the other, with Moderna indicating encouraging progress in its mRNA vaccine programs along with its COVID-19 vaccine production ramp. At the same time, Novavax surprised the market with its delay in filing for emergency use authorization ((EUA)) with the US government ((USG)).</p><p><blockquote>现代（MRNA）和<a href=\"https://laohu8.com/S/NVAX\">Novavax</a>(NVAX)发布了各自的<a href=\"https://laohu8.com/S/QTWO\">Q2</a>收入<a href=\"https://laohu8.com/S/AONE.U\">一</a>一个接一个，Moderna表示其mRNA疫苗项目以及COVID-19疫苗产量的增加取得了令人鼓舞的进展。与此同时，Novavax延迟向美国政府（（USG））提交紧急使用授权（（EUA））令市场感到意外。</blockquote></p><p> Moderna has continued to make excellent momentum as the company took full advantage of a highly successful COVID-19 vaccine program to develop the other vaccines in other therapeutic areas to future-proof its revenue sustainability, as the world gradually moves on to a world where COVID-19 is endemic.</p><p><blockquote>随着世界逐渐走向新冠肺炎流行的世界，Moderna充分利用非常成功的COVID-19疫苗计划在其他治疗领域开发其他疫苗，以确保其收入的可持续性，从而继续保持良好的势头。</blockquote></p><p> This article provides a timely update for our readers to decide whether Moderna is still a good investment given the recent run-up that we think has resulted in a high amount of optimism being baked into its price.</p><p><blockquote>本文为我们的读者提供了及时的更新，以决定Moderna是否仍然是一项不错的投资，因为我们认为最近的上涨导致了对其价格的高度乐观。</blockquote></p><p> Q2 Earnings Recap</p><p><blockquote>第二季度收益回顾</blockquote></p><p> <i>Moderna quarterly revenue surprise. Source: Seeking Alpha Premium</i></p><p><blockquote><i>Moderna季度收入惊喜。资料来源：寻求Alpha Premium</i></blockquote></p><p> <i>Moderna quarterly EPS surprise. Source: Seeking Alpha Premium</i></p><p><blockquote><i>Moderna季度每股收益惊喜。资料来源：寻求Alpha Premium</i></blockquote></p><p> Moderna reported a solid Q2 report card, keeping in line with the momentum from Q1, as the company posted revenue of $4.354B and EPS of $6.46, which were 10.3% and 2.8% above the consensus estimates.</p><p><blockquote>Moderna公布了稳健的第二季度成绩单，与第一季度的势头保持一致，该公司公布的收入为$4.354 B，每股收益为$6.46，分别比市场普遍预期高出10.3%和2.8%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/727827b49e82cf15b729bc1d2efd38fa\" tg-width=\"600\" tg-height=\"371\" referrerpolicy=\"no-referrer\"><i>Moderna H1'21 revenue and FY21 consensus estimate. Data source: S&amp;P Capital IQ</i></p><p><blockquote><i>Moderna H1'21收入和21财年共识预期。数据来源：标普资本智商</i></blockquote></p><p> Importantly, Moderna posted a highly impressive QoQ increase of 125% in revenue from $1.94B in Q1'21 to $4.35B in Q2'21. However, Moderna would need to significantly ramp up in H2'21 for the company to meet the Street's FY21 estimates as H1'21's revenue of $6.29B accounted for only 31.2% of the FY21 consensus estimates.</p><p><blockquote>重要的是，Moderna的收入环比增长了125%，从21年第一季度的$1.94 B增至21年第二季度的$4.35 B。然而，Moderna需要在21年上半年大幅增长才能满足华尔街对21财年的预期，因为21年上半年的收入为$6.29 B，仅占21财年普遍预期的31.2%。</blockquote></p><p> To that, Moderna has assured investors that based on the company's signed advanced purchase agreements ((APA)) for FY21, Moderna indicated that \"expected delivery in 2021reflect the current full-year total of approximately $20 billion in anticipated product sales.\" The company continues to anticipate a supply of at least 800M to 1B doses for 2021.</p><p><blockquote>对此，Moderna向投资者保证，根据该公司签署的2021财年提前购买协议((APA))，Moderna表示“预计2021年交付反映了当前全年预期产品销售额约200亿美元。”该公司继续预计2021年的供应量至少为8亿至10亿剂。</blockquote></p><p> Studying Moderna's Gross Margins and Pricing Strategy</p><p><blockquote>研究Moderna的毛利率和定价策略</blockquote></p><p> <i>Moderna quarterly gross margin. Data source: S&amp;P Capital IQ</i></p><p><blockquote><i>Moderna季度毛利率。数据来源：标普资本智商</i></blockquote></p><p> The production ramp in Q2'21 has also improved Moderna's economies of scale as its gross margin improved markedly in Q2'21, as Moderna's total cost of revenue represents about 26.9% of Q2'21 revenue.</p><p><blockquote>21年第二季度的产量增长也提高了Moderna的规模经济，其毛利率在21年第二季度显着提高，因为Moderna的总收入成本约占21年第二季度收入的26.9%。</blockquote></p><p> Crucially, Moderna has indicated that its COVID-19H1'21's product salesof $5.93B which constitute about 94.3% of H1'21's total revenue, has a much lower cost of revenue. Based on our findings, Moderna's COVID-19 product sales have a cost of revenue of $1.1B, representing about 18.5% of H1'21's COVID-19 product revenue, therefore indicating that the average gross margin for its COVID-19 product is about 81.5%. The company has also emphasized that it \"expects the average cost total of sales as a percent of product sales to be between 18% and 20% compared to our previous outlook of approximately 20% of product sales. This reflects the successful ramp-up of this global manufacturing network.\"</p><p><blockquote>至关重要的是，Moderna表示，其COVID-19H1'21的产品销售额为$59.3亿，约占H1'21总收入的94.3%，其收入成本要低得多。根据我们的调查结果，Moderna的COVID-19产品销售收入成本为$1.1 B，约占H1'21 COVID-19产品收入的18.5%，因此表明其COVID-19产品的平均毛利率约为81.5%%。该公司还强调，“预计平均总销售成本占产品销售额的百分比将在18%至20%之间，而我们之前预计约占产品销售额的20%。这反映了成功的增长”这个全球制造网络。”</blockquote></p><p> Since Moderna delivered 199M doses in Q2'21 and 102M doses in Q1'21, the company delivered a collective amount of 301M doses in H1'21 that was recognized as product revenue. Given that our cost of revenue is about $1.1B for H1'21, we could thus derive an average cost per dose of about $3.65, which the company has highlighted that it expects to maintain for the rest of 2021.</p><p><blockquote>由于Moderna在21年第二季度交付了1.99亿剂疫苗，在21年第一季度交付了1.02亿剂疫苗，因此该公司在21年上半年总共交付了3.01亿剂疫苗，并被确认为产品收入。鉴于我们21年上半年的收入成本约为$1.1 B，因此我们可以得出每剂的平均成本约为$3.65，该公司强调预计将在2021年剩余时间内维持这一成本。</blockquote></p><p> Before we carry on, Moderna has highlighted that the cost of sales that the company reflected in H1'21 of $943M included their \"zero-cost COVID-19 inventory,\" as the company emphasized: \"At the end of the first quarter of 2021, we had substantially utilized our zero-cost COVID-19 vaccine inventory. Therefore, if inventory sold for the six months ended June 30, 2021, were valued at cost, our cost of sales for the period would have been $1.1 billion.\" Therefore, based on our computation above, we believe it's important to reflect the cost of sales more accurately, which the company also corroborates in their earnings call.</p><p><blockquote>在我们继续之前，Moderna强调，该公司在H1'21中反映的9.43亿美元的销售成本包括其“零成本COVID-19库存”，正如该公司强调的那样：“截至2021年第一季度末，我们已充分利用了零成本COVID-19疫苗库存。因此，如果截至2021年6月30日的六个月销售的库存按成本估值，我们该期间的销售成本将为11亿美元。”因此，根据我们上面的计算，我们认为更准确地反映销售成本非常重要，该公司也在其收益看涨期权中证实了这一点。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/28b81eba2e15387ebf431cce2b895aba\" tg-width=\"600\" tg-height=\"371\" referrerpolicy=\"no-referrer\">Moderna Spikevax pricing tiers. Data source: Moderna</p><p><blockquote>Moderna Spikevax定价等级。数据来源：Moderna</blockquote></p><p> Moderna adopts a tiered pricing model to distribute its vaccines equitably. For the USG, the company has applied a \"favorable\" pricing model because of the US government's funding as well as the 500M doses order that the USG committed to Moderna, which the company emphasized, \"is very large.\"</p><p><blockquote>Moderna采用分级定价模式来公平分配其疫苗。对于美国政府来说，由于美国政府的资助以及美国政府向Moderna承诺的5亿剂订单，该公司采用了“有利”的定价模式，该公司强调该订单“非常大”。</blockquote></p><p></p><p> The other higher-income countries paid between $32 and $37, including larger orders from countries that include the EU with an APA of260M dosesfor 2021. Thus, applying Moderna's large contract discount logic, we should expect the average EU pricing to be at the lower end of the $32 to $37 range.</p><p><blockquote>其他高收入国家支付了32至37美元，其中包括来自欧盟等国家的更大订单，2021年APA为2.6亿剂。因此，应用Moderna的大合同折扣逻辑，我们应该预计欧盟平均定价将处于32美元至37美元范围的下限。</blockquote></p><p> For the lower to middle-income countries, even though the company did not explicitly disclose the exact price range, the company highlighted that this category \"received the lowest-tiered pricing, including those sales to COVAX, which are considerably lower than the price to the U.S. government.\"</p><p><blockquote>对于中低收入国家，尽管该公司没有明确披露确切的价格范围，但该公司强调，该类别“获得了最低等级的定价，包括向COVAX销售的产品，其价格远低于向美国政府。”</blockquote></p><p> For Moderna, we could easily derive its average price at about $19.7 ($5.93B/301M) per dose for H1'21, even though the company has emphasized that it's likely to be reduced moving into 2022 as they ramp the production for delivery to COVAX as well as the lower and middle-income countries, especially since the COVAX APA is set to increase from 34M doses in 2021 to 117M doses in 2022, with an option to increase up to 350M doses.</p><p><blockquote>对于Moderna来说，我们可以很容易地得出其H1'21的平均价格约为每剂19.7美元（59.3亿美元/3.01亿美元），尽管该公司强调，随着他们提高产量以交付给COVAX以及中低收入国家，特别是因为COVAX APA将从2021年的3400万剂增加到2022年的1.17亿剂，并可选择增加到3.5亿剂。</blockquote></p><p> COVAX reported an average price of about$5.20 per dose; thus, it would be useful for investors to continue monitoring the impact on the average price for mRNA-1273 moving forward. Moderna has also indicated that it is expecting more price competition as we move from a pandemic towards a world where COVID-19 is endemic. In addition, it may also be useful to watch closely for further improvement in its economies of scale as the company ramps production from an estimated 800M to 1B doses in 2021 to 2B to 3B doses in 2022.</p><p><blockquote>COVAX报告的平均价格约为每剂5.20美元；因此，投资者继续监测对mRNA-1273未来平均价格的影响将是有用的。Moderna还表示，随着我们从大流行转向新冠肺炎流行的世界，它预计会出现更多的价格竞争。此外，随着该公司将产量从2021年估计的8亿至10亿剂提高到2022年的20亿至30亿剂，密切关注其规模经济的进一步改善也可能是有用的。</blockquote></p><p> Moderna's Strategy Moving <a href=\"https://laohu8.com/S/FORD\">Forward</a></p><p><blockquote>Moderna的战略正在转变<a href=\"https://laohu8.com/S/FORD\">向前</a></blockquote></p><p> Share of the population fully vaccinated against COVID-19. Source: OWID</p><p><blockquote>完全接种新冠肺炎疫苗的人口比例。资料来源：OWID</blockquote></p><p> It's straightforward that Moderna has ramped production significantly to compete for the next phase in COVID-19 distribution for its mRNA-1273 product for countries within the COVAX category in 2022 and 2023 as the high-income countries are starting to approach the 60% to 70% fully vaccinated mark. However, we could clearly glean from the chart above where only 15% of the total world population has been fully vaccinated, while countries like Indonesia and India have only 8% and 7.8% of their population fully inoculated, and South America's 20.9% still has a long way to go as well.</p><p><blockquote>显而易见，随着高收入国家开始接近60%至70%，Moderna已大幅提高产量，以竞争2022年和2023年其mRNA-1273产品在COVAX类别国家的下一阶段COVID-19分销。完全接种疫苗的标记。然而，我们可以从上面的图表中清楚地收集到，世界总人口中只有15%的人完全接种了疫苗，而印度尼西亚和印度等国家只有8%和7.8%的人口完全接种了疫苗，南美洲的20.9%也还有很长的路要走。</blockquote></p><p> Moving forward, the strategy for the high-income countries is starting to move towards booster shots. We think this is where Moderna, as one of the 2 mRNA vaccines makers, has sufficiently proven its worth against <a href=\"https://laohu8.com/S/PFE\">Pfizer</a>-BioNTech as the company's recent COVE study demonstrated that mRNA-1273 could maintain the efficacy of 93.2%, 4 to 6 months after the second dose, and a 98.2% efficacy against severe disease, as well as a 100% efficacy against death caused by COVID-19. As compared to Pfizer-BioNTech's vaccine, where the efficacy is expected to drop to84%after 6 months, we would clearly applaud the breathtaking results that clearly demonstrate the superiority of Moderna's Spikevax against Comirnaty.</p><p><blockquote>展望未来，高收入国家的战略开始转向加强注射。我们认为，Moderna作为两家mRNA疫苗制造商之一，已经充分证明了其对抗的价值<a href=\"https://laohu8.com/S/PFE\">辉瑞</a>-BioNTech as公司最近的COVE研究表明，mRNA-1273在第二剂后4至6个月可保持93.2%的疗效，对重症的疗效为98.2%，对新冠肺炎引起的死亡疗效为100%。与辉瑞-BioNTech的疫苗相比，预计6个月后疗效将降至84%，我们显然会对令人惊叹的结果表示赞赏，这些结果清楚地证明了Moderna的Spikevax相对于Comirnaty的优越性。</blockquote></p><p> To this Moderna Co-founder and Chairman Dr. Noubar Afeyan clearly articulated who he thinks owns the superior mRNA technology for COVID-19 vaccine in the market (shout-out to Pfizer-BioNTech folks):</p><p><blockquote>Moderna联合创始人兼董事长Noubar Afeyan博士明确阐述了他认为谁拥有市场上用于COVID-19疫苗的卓越mRNA技术（向辉瑞-BioNTech人员大喊）：</blockquote></p><p>   We set outto develop the most effective vaccine against this virus that would last for the longest possible time, [helping] the largest number of people to be safe...And this is the first time we had data that at least showed that six months after the initial vaccinations were seeing essentially the same level of protection, which is very encouraging.  Moderna also emphasized that we should never underestimate the efficacy differences as just plain numbers, which in Moderna's and Pfizer-BioNTech's case amounted to 9.2% points. The company emphasized that:</p><p><blockquote>我们着手开发针对这种病毒的最有效的疫苗，这种疫苗将持续尽可能长的时间，[帮助]最多的人获得安全...这是我们第一次有数据至少显示，在初次接种疫苗六个月后，保护水平基本相同，这非常令人鼓舞。Moderna还强调，我们永远不应该将疗效差异低估为简单的数字，在Moderna和辉瑞-BioNTech的案例中，疗效差异达9.2%。公司强调：</blockquote></p><p></p><p>   The relative strength of the different vaccines suggested that small differences in efficacy would start to emerge to be larger differences in efficacy at about 200, 250 days as neutralizing antibody titers waned. And that may be what we're starting to see. And if you play that forward, if you assume [Professor Davenport of the University of <a href=\"https://laohu8.com/S/NGD\">New</a> South Wales, Australia] been right about those predictions, then that picture continues and continues through a year with continued declining neutralizing antibody titers over that time. And eventually, we therefore believe, a real increase in breakthrough infections and disease even with vaccinated participants, even with mRNA-1273.  Moderna has also presented clear findings where it expects that a booster shot would significantly increase the neutralizing titers. In contrast, without the booster, for test subjects 6 to 8 months after their second dose, the neutralizing titers have dropped so significantly that for the Beta, Gamma and Delta variants, the \"neutralizing titers had fallen below the detectable -- the level of detection of the assay for a decent number of participants in all 4 -- all 3 cases.\"</p><p><blockquote>不同疫苗的相对强度表明，随着中和抗体滴度减弱，效力的小差异将在约200、250天时开始表现为效力的大差异。这可能是我们开始看到的。如果你扮演那个前锋，如果你假设[达文波特教授<a href=\"https://laohu8.com/S/NGD\">新的</a>澳大利亚南威尔士]的这些预测是正确的，然后这种情况会持续一年，在此期间中和抗体滴度持续下降。因此，我们相信，最终，即使是接种疫苗的参与者，即使是mRNA-1273，突破性感染和疾病也会真正增加。Moderna还提出了明确的发现，预计加强注射将显着增加中和滴度。相比之下，在没有加强剂的情况下，对于第二次给药后6至8个月的测试受试者，中和滴度显著下降，以至于对于β、γ和δ变体，“中和滴度已降至可检测水平以下——在所有4-所有3种情况下，相当数量的参与者的检测水平。”</blockquote></p><p> As a result, we expect Moderna has strongly assembled the case for a booster with strong evidence suggesting their importance to protect against the new potential variants that may emerge, which Moderna has certainly warned: \"...It seems logical to us that those 3 mutations present in the Beta, Gamma line and those 2 mutations present in the Delta might find some way to combine in new and potentially scary ways. And if that came with the increased transmissibility, [the] force of infection that Delta can achieve, that might be a significant threat. And so we view our multivalent platform as the best place for us to try and anticipate that threat.\"</p><p><blockquote>因此，我们预计Moderna已经强有力地组装了加强剂的案例，有强有力的证据表明它们对于防止可能出现的新的潜在变异的重要性，Moderna当然警告过：“...对我们来说，β、γ线中存在的3种突变和δ中存在的2种突变可能会找到某种方式以新的和潜在的可怕方式结合起来，这似乎是合乎逻辑的。如果这伴随着传播性的增加，德尔塔可以达到的感染强度，这可能是一个重大威胁。因此，我们认为我们的多价平台是我们尝试和预测这种威胁的最佳场所。”</blockquote></p><p> The company is developing a \"proactive\" multivalent platform where it combines \"different variants into a single vaccine\" as its strategy to combat potential variants that are expected to emerge. Based on the company's assays study, this platform clearly outperformed the other candidates in its study. In addition, it stood out as a strong candidate to be used as a booster option, even though the primary mRNA-1273 candidate can also be used effectively as a booster.</p><p><blockquote>该公司正在开发一种“主动”的多价平台，将“不同的变种组合成一种疫苗”，作为对抗预计出现的潜在变种的策略。根据该公司的检测研究，该平台在其研究中明显优于其他候选平台。此外，尽管初级mRNA-1273候选物也可以有效地用作加强剂，但它作为用作加强剂选项的有力候选物脱颖而出。</blockquote></p><p> However, in a fast-evolving situation with COVID-19, we think having more efficacious options are only going to be beneficial as vaccine makers try to anticipate and are proactive against potential new and more potent antigens where Moderna even admitted that the Delta variant had humbled them, as it added: \"I think the Delta variant has taught us to also be incredibly humble in the face of the virus' ability to fight back and increase its transmission. I mean, I think most of us would have thought SARS-CoV-2 was a pretty good infector earlier this year. Delta has shown us that it can make huge steps forward.\"</p><p><blockquote>然而，在COVID-19快速发展的情况下，我们认为拥有更有效的选择只会是有益的，因为疫苗制造商试图预测并积极对抗潜在的新的、更有效的抗原，Moderna甚至承认德尔塔变异毒株已经谦卑了他们，并补充道：“我认为德尔塔变异毒株教会了我们，面对病毒反击和增加传播的能力，也要非常谦卑。我的意思是，我认为我们大多数人今年早些时候都会认为新型冠状病毒是一个相当不错的感染者。达美航空向我们展示了它可以取得巨大的进步。”</blockquote></p><p> Risks to our Thesis</p><p><blockquote>我们论文的风险</blockquote></p><p> By now, it should be clear that 2022 is promising to be a year where Moderna would almost double or triple its supply to 2B or 3B doses, depending on whether the company is using 100 micrograms or 50 micrograms in its product moving forward. Pfizer-BioNTech is also expected to increase its capacity to 3B doses in 2022, while we also need to take into account Novavax's impending entry into the COVID-19 vaccines production game, as well as the Chinese vaccine makers who already have an annual capacity of 5B doses.</p><p><blockquote>到目前为止，应该很明显，2022年Moderna有望将其2B或3B剂量的供应量增加近一倍或三倍，这取决于该公司未来在其产品中使用100微克还是50微克。辉瑞-BioNTech预计也将在2022年将其产能提高到3B剂，同时我们还需要考虑到Novavax即将进入COVID-19疫苗生产游戏，以及已经拥有5B剂年产能的中国疫苗制造商。</blockquote></p><p> We think there is a realistic chance where Moderna may be facing an over-supply situation even though it may have proven itself to be the superior mRNA vaccine for now against Pfizer-BioNTech.</p><p><blockquote>我们认为Moderna很可能面临供应过剩的情况，尽管它可能已经证明自己是目前对抗辉瑞BioNTech的优质mRNA疫苗。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3b54cee9edb8e398275290f3edcdb770\" tg-width=\"640\" tg-height=\"353\" referrerpolicy=\"no-referrer\">Revenue forecast mean consensus. Data source: S&amp;P Capital IQ</p><p><blockquote>收入预测意味着共识。数据来源：标普资本智商</blockquote></p><p> Therefore, we think the Street has prudently lowered its revenue estimates for Moderna over the next few years. The company is also likely to come under pricing pressure against the huge supply expected to come online.</p><p><blockquote>因此，我们认为华尔街谨慎地下调了Moderna未来几年的收入预期。由于预计将上线的大量供应，该公司也可能面临定价压力。</blockquote></p><p> However, we think Moderna is keenly aware of it. The company clearly highlighted that they had made good progress in the other 5 therapeutic areas that the company is involved in. Of notable mention is the fast track designation the company recently received from the US FDA for the company'sRSV vaccine candidate, mRNA-1345, especially when there is no approved RSV vaccine yet in the market.</p><p><blockquote>然而，我们认为Moderna敏锐地意识到了这一点。该公司明确强调，他们在该公司参与的其他5个治疗领域取得了良好进展。值得注意的是，该公司最近获得了美国FDA对该公司的RSV候选疫苗mRNA-1345的快速通道指定，特别是在市场上尚未批准的RSV疫苗的情况下。</blockquote></p><p> In addition, the company has also commenced on the Phase I/II study of its mRNA-1010 quadrivalent seasonal flu vaccine to target the seasonal flu market, where it's worth about $5B to $6B annually, according to Moderna's estimates, especially when the current flu vaccine efficacy is between 40% and 60% according toCDC data. Moderna expects its quadrivalent vaccine to be launched as early as 2023.</p><p><blockquote>此外，该公司还开始了其mRNA-1010四价季节性流感疫苗的I/II期研究，以瞄准季节性流感市场，根据Moderna的估计，季节性流感市场每年的价值约为50亿至60亿美元，特别是在目前的情况下根据CDC的数据，流感疫苗的效力在40%至60%之间。Moderna预计其四价疫苗最早将于2023年上市。</blockquote></p><p></p><p> Moderna is also expecting good results from its CMV vaccine, which is expected to be entering Phase III trials soon. It would also allow the company to tap into a market worth between $2B and $5B annually.</p><p><blockquote>Moderna还期待其CMV疫苗取得良好效果，预计很快将进入III期试验。这也将使该公司能够进入每年价值20亿美元至50亿美元的市场。</blockquote></p><p> Hence, we think that the company has been proactively working on the success of its mRNA-1273 to progress confidently along the other programs to sustain its commercial success beyond just being a COVID-19 vaccine maker. Therefore, we encourage investors to monitor its most advanced programs closely and keep pace with them moving forward.</p><p><blockquote>因此，我们认为该公司一直在积极致力于mRNA-1273的成功，以自信地推进其他项目，以维持其商业成功，而不仅仅是成为COVID-19疫苗制造商。因此，我们鼓励投资者密切关注其最先进的计划，并与他们保持同步。</blockquote></p><p> Valuations</p><p><blockquote>估值</blockquote></p><p> <img src=\"https://static.tigerbbs.com/69cb54a8282012f6cff4095f28e2a08f\" tg-width=\"640\" tg-height=\"176\" referrerpolicy=\"no-referrer\">Biotech peers valuation comp set. Source: TIKR</p><p><blockquote>生物技术同行估值比较集。来源：TIKR</blockquote></p><p> EV / Fwd Rev trend. Data source: S&amp;P Capital IQ</p><p><blockquote>EV/Fwd转速趋势。数据来源：标普资本智商</blockquote></p><p> Moderna is currently trading at an EV / Fwd Rev of about 8x, which interestingly comes in below its peers' mean multiple of 14.14x, where Moderna may look to be attractively valued. However, this assumes that Moderna can keep increasing its revenue strongly over the next few years, a point that we have raised previously may face significant headwinds ahead.</p><p><blockquote>Moderna目前的EV/Fwd Rev约为8倍，有趣的是，这低于同行14.14倍的平均倍数，而Moderna的估值可能看起来很有吸引力。然而，这是假设Moderna能够在未来几年内继续强劲增长其收入，我们之前提出的这一点可能会面临重大阻力。</blockquote></p><p> Importantly, we could see that based on the company's expected revenue moving forward, the company is not likely to see meaningful progress on its capital appreciation potential moving forward as its revenue multiple by the end of FY25 is expected to be about 14.6x, which is in line with the peers' mean multiple right now.</p><p><blockquote>重要的是，我们可以看到，根据该公司未来的预期收入，该公司未来的资本增值潜力不太可能取得有意义的进展，因为到2025财年末其收入倍数预计约为14.6倍，这与目前同行的平均倍数一致。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a4cc567a1361ba17617927c47a803418\" tg-width=\"640\" tg-height=\"476\" referrerpolicy=\"no-referrer\">Street's mean price target. Source: TIKR</p><p><blockquote>Street的平均目标价。来源：TIKR</blockquote></p><p> Moreover, the Street is also not optimistic on MRNA making meaningful headway from here, and in fact, values the stock at about a 5.2x implied EV / Fwd Rev multiple, at a 35% discount from the last closing price. Analysts from <a href=\"https://laohu8.com/S/OPY\">Oppenheimer</a> also emphasized that \"MRNA sharesare fairly pricing a tremendous amount of future recurring revenues and pipeline progress...[arguing] that the company’s non-COVID pipeline remains 2-3 years away from reaching commercial success.\"</p><p><blockquote>此外，华尔街也不看好MRNA从这里取得有意义的进展，事实上，该股的估值约为隐含EV/Fwd Rev倍数的5.2倍，较上一收盘价折价35%。分析师来自<a href=\"https://laohu8.com/S/OPY\">奥本海默</a>还强调，“MRNA股票公平地定价了大量未来经常性收入和管道进展……[认为]该公司的非新冠管道距离取得商业成功还有2-3年的时间。”</blockquote></p><p> Our opinion is in line with the Street, and we think that a lot of optimism is currently being priced into Moderna at the moment. So we think if investors are sitting on decent profits right now, we strongly encourage you to at least take partial profits and take some risk off the table.</p><p><blockquote>我们的观点与华尔街的观点一致，我们认为Moderna目前的定价中包含了很多乐观情绪。因此，我们认为，如果投资者现在坐拥可观的利润，我们强烈建议您至少获利了结部分利润并消除一些风险。</blockquote></p><p> Price Action and Trend Analysis<img src=\"https://static.tigerbbs.com/766a37b6357b74ea899bd0e823ff64a2\" tg-width=\"640\" tg-height=\"391\" referrerpolicy=\"no-referrer\">Source: TradingView</p><p><blockquote>价格行为和趋势分析资料来源：TradingView</blockquote></p><p> While we are clear about MRNA's long-term uptrend bias (which is why we don't recommend a short-sell strategy against stocks with clear uptrend bias), we also think the stock's price action has recently shown signs of a climax top pattern.</p><p><blockquote>虽然我们清楚MRNA的长期上升趋势偏差（这就是为什么我们不建议对具有明显上升趋势偏差的股票采取卖空策略），但我们也认为该股的价格走势最近显示出高潮顶部模式的迹象。</blockquote></p><p> However, it's impossible to speculate exactly where the top is. Therefore, we think it's prudent for investors to take some profits off the table and wait for the euphoria to chill and cool down before considering adding exposure to MRNA again.</p><p><blockquote>然而，无法准确推测顶部在哪里。因此，我们认为投资者谨慎的做法是将部分利润撤出桌面，等待兴奋情绪降温后再考虑再次增加对MRNA的投资。</blockquote></p><p> We have already taken the opportunity of the stock's recent strength to lock in 50% of our profit on MRNA, with a view of locking in even more if we continue to see price action that shows a higher climax top tendency moving forward.</p><p><blockquote>我们已经利用该股近期走强的机会锁定了MRNA利润的50%，如果我们继续看到价格走势显示出更高的高潮顶部趋势，我们将锁定更多利润。</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>Moderna Is A Winner In COVID-19 Vaccines, But What's Next?<blockquote>Moderna是新冠肺炎疫苗的赢家，但下一步是什么？</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\">\nModerna Is A Winner In COVID-19 Vaccines, But What's Next?<blockquote>Moderna是新冠肺炎疫苗的赢家，但下一步是什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seeking alpha</strong><span class=\"h-time small\">2021-08-10 14:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Investment Thesis</p><p><blockquote>投资论文</blockquote></p><p> Moderna (MRNA) and <a href=\"https://laohu8.com/S/NVAX\">Novavax</a> (NVAX) released their respective <a href=\"https://laohu8.com/S/QTWO\">Q2</a> earnings <a href=\"https://laohu8.com/S/AONE.U\">one</a> after the other, with Moderna indicating encouraging progress in its mRNA vaccine programs along with its COVID-19 vaccine production ramp. At the same time, Novavax surprised the market with its delay in filing for emergency use authorization ((EUA)) with the US government ((USG)).</p><p><blockquote>现代（MRNA）和<a href=\"https://laohu8.com/S/NVAX\">Novavax</a>(NVAX)发布了各自的<a href=\"https://laohu8.com/S/QTWO\">Q2</a>收入<a href=\"https://laohu8.com/S/AONE.U\">一</a>一个接一个，Moderna表示其mRNA疫苗项目以及COVID-19疫苗产量的增加取得了令人鼓舞的进展。与此同时，Novavax延迟向美国政府（（USG））提交紧急使用授权（（EUA））令市场感到意外。</blockquote></p><p> Moderna has continued to make excellent momentum as the company took full advantage of a highly successful COVID-19 vaccine program to develop the other vaccines in other therapeutic areas to future-proof its revenue sustainability, as the world gradually moves on to a world where COVID-19 is endemic.</p><p><blockquote>随着世界逐渐走向新冠肺炎流行的世界，Moderna充分利用非常成功的COVID-19疫苗计划在其他治疗领域开发其他疫苗，以确保其收入的可持续性，从而继续保持良好的势头。</blockquote></p><p> This article provides a timely update for our readers to decide whether Moderna is still a good investment given the recent run-up that we think has resulted in a high amount of optimism being baked into its price.</p><p><blockquote>本文为我们的读者提供了及时的更新，以决定Moderna是否仍然是一项不错的投资，因为我们认为最近的上涨导致了对其价格的高度乐观。</blockquote></p><p> Q2 Earnings Recap</p><p><blockquote>第二季度收益回顾</blockquote></p><p> <i>Moderna quarterly revenue surprise. Source: Seeking Alpha Premium</i></p><p><blockquote><i>Moderna季度收入惊喜。资料来源：寻求Alpha Premium</i></blockquote></p><p> <i>Moderna quarterly EPS surprise. Source: Seeking Alpha Premium</i></p><p><blockquote><i>Moderna季度每股收益惊喜。资料来源：寻求Alpha Premium</i></blockquote></p><p> Moderna reported a solid Q2 report card, keeping in line with the momentum from Q1, as the company posted revenue of $4.354B and EPS of $6.46, which were 10.3% and 2.8% above the consensus estimates.</p><p><blockquote>Moderna公布了稳健的第二季度成绩单，与第一季度的势头保持一致，该公司公布的收入为$4.354 B，每股收益为$6.46，分别比市场普遍预期高出10.3%和2.8%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/727827b49e82cf15b729bc1d2efd38fa\" tg-width=\"600\" tg-height=\"371\" referrerpolicy=\"no-referrer\"><i>Moderna H1'21 revenue and FY21 consensus estimate. Data source: S&amp;P Capital IQ</i></p><p><blockquote><i>Moderna H1'21收入和21财年共识预期。数据来源：标普资本智商</i></blockquote></p><p> Importantly, Moderna posted a highly impressive QoQ increase of 125% in revenue from $1.94B in Q1'21 to $4.35B in Q2'21. However, Moderna would need to significantly ramp up in H2'21 for the company to meet the Street's FY21 estimates as H1'21's revenue of $6.29B accounted for only 31.2% of the FY21 consensus estimates.</p><p><blockquote>重要的是，Moderna的收入环比增长了125%，从21年第一季度的$1.94 B增至21年第二季度的$4.35 B。然而，Moderna需要在21年上半年大幅增长才能满足华尔街对21财年的预期，因为21年上半年的收入为$6.29 B，仅占21财年普遍预期的31.2%。</blockquote></p><p> To that, Moderna has assured investors that based on the company's signed advanced purchase agreements ((APA)) for FY21, Moderna indicated that \"expected delivery in 2021reflect the current full-year total of approximately $20 billion in anticipated product sales.\" The company continues to anticipate a supply of at least 800M to 1B doses for 2021.</p><p><blockquote>对此，Moderna向投资者保证，根据该公司签署的2021财年提前购买协议((APA))，Moderna表示“预计2021年交付反映了当前全年预期产品销售额约200亿美元。”该公司继续预计2021年的供应量至少为8亿至10亿剂。</blockquote></p><p> Studying Moderna's Gross Margins and Pricing Strategy</p><p><blockquote>研究Moderna的毛利率和定价策略</blockquote></p><p> <i>Moderna quarterly gross margin. Data source: S&amp;P Capital IQ</i></p><p><blockquote><i>Moderna季度毛利率。数据来源：标普资本智商</i></blockquote></p><p> The production ramp in Q2'21 has also improved Moderna's economies of scale as its gross margin improved markedly in Q2'21, as Moderna's total cost of revenue represents about 26.9% of Q2'21 revenue.</p><p><blockquote>21年第二季度的产量增长也提高了Moderna的规模经济，其毛利率在21年第二季度显着提高，因为Moderna的总收入成本约占21年第二季度收入的26.9%。</blockquote></p><p> Crucially, Moderna has indicated that its COVID-19H1'21's product salesof $5.93B which constitute about 94.3% of H1'21's total revenue, has a much lower cost of revenue. Based on our findings, Moderna's COVID-19 product sales have a cost of revenue of $1.1B, representing about 18.5% of H1'21's COVID-19 product revenue, therefore indicating that the average gross margin for its COVID-19 product is about 81.5%. The company has also emphasized that it \"expects the average cost total of sales as a percent of product sales to be between 18% and 20% compared to our previous outlook of approximately 20% of product sales. This reflects the successful ramp-up of this global manufacturing network.\"</p><p><blockquote>至关重要的是，Moderna表示，其COVID-19H1'21的产品销售额为$59.3亿，约占H1'21总收入的94.3%，其收入成本要低得多。根据我们的调查结果，Moderna的COVID-19产品销售收入成本为$1.1 B，约占H1'21 COVID-19产品收入的18.5%，因此表明其COVID-19产品的平均毛利率约为81.5%%。该公司还强调，“预计平均总销售成本占产品销售额的百分比将在18%至20%之间，而我们之前预计约占产品销售额的20%。这反映了成功的增长”这个全球制造网络。”</blockquote></p><p> Since Moderna delivered 199M doses in Q2'21 and 102M doses in Q1'21, the company delivered a collective amount of 301M doses in H1'21 that was recognized as product revenue. Given that our cost of revenue is about $1.1B for H1'21, we could thus derive an average cost per dose of about $3.65, which the company has highlighted that it expects to maintain for the rest of 2021.</p><p><blockquote>由于Moderna在21年第二季度交付了1.99亿剂疫苗，在21年第一季度交付了1.02亿剂疫苗，因此该公司在21年上半年总共交付了3.01亿剂疫苗，并被确认为产品收入。鉴于我们21年上半年的收入成本约为$1.1 B，因此我们可以得出每剂的平均成本约为$3.65，该公司强调预计将在2021年剩余时间内维持这一成本。</blockquote></p><p> Before we carry on, Moderna has highlighted that the cost of sales that the company reflected in H1'21 of $943M included their \"zero-cost COVID-19 inventory,\" as the company emphasized: \"At the end of the first quarter of 2021, we had substantially utilized our zero-cost COVID-19 vaccine inventory. Therefore, if inventory sold for the six months ended June 30, 2021, were valued at cost, our cost of sales for the period would have been $1.1 billion.\" Therefore, based on our computation above, we believe it's important to reflect the cost of sales more accurately, which the company also corroborates in their earnings call.</p><p><blockquote>在我们继续之前，Moderna强调，该公司在H1'21中反映的9.43亿美元的销售成本包括其“零成本COVID-19库存”，正如该公司强调的那样：“截至2021年第一季度末，我们已充分利用了零成本COVID-19疫苗库存。因此，如果截至2021年6月30日的六个月销售的库存按成本估值，我们该期间的销售成本将为11亿美元。”因此，根据我们上面的计算，我们认为更准确地反映销售成本非常重要，该公司也在其收益看涨期权中证实了这一点。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/28b81eba2e15387ebf431cce2b895aba\" tg-width=\"600\" tg-height=\"371\" referrerpolicy=\"no-referrer\">Moderna Spikevax pricing tiers. Data source: Moderna</p><p><blockquote>Moderna Spikevax定价等级。数据来源：Moderna</blockquote></p><p> Moderna adopts a tiered pricing model to distribute its vaccines equitably. For the USG, the company has applied a \"favorable\" pricing model because of the US government's funding as well as the 500M doses order that the USG committed to Moderna, which the company emphasized, \"is very large.\"</p><p><blockquote>Moderna采用分级定价模式来公平分配其疫苗。对于美国政府来说，由于美国政府的资助以及美国政府向Moderna承诺的5亿剂订单，该公司采用了“有利”的定价模式，该公司强调该订单“非常大”。</blockquote></p><p></p><p> The other higher-income countries paid between $32 and $37, including larger orders from countries that include the EU with an APA of260M dosesfor 2021. Thus, applying Moderna's large contract discount logic, we should expect the average EU pricing to be at the lower end of the $32 to $37 range.</p><p><blockquote>其他高收入国家支付了32至37美元，其中包括来自欧盟等国家的更大订单，2021年APA为2.6亿剂。因此，应用Moderna的大合同折扣逻辑，我们应该预计欧盟平均定价将处于32美元至37美元范围的下限。</blockquote></p><p> For the lower to middle-income countries, even though the company did not explicitly disclose the exact price range, the company highlighted that this category \"received the lowest-tiered pricing, including those sales to COVAX, which are considerably lower than the price to the U.S. government.\"</p><p><blockquote>对于中低收入国家，尽管该公司没有明确披露确切的价格范围，但该公司强调，该类别“获得了最低等级的定价，包括向COVAX销售的产品，其价格远低于向美国政府。”</blockquote></p><p> For Moderna, we could easily derive its average price at about $19.7 ($5.93B/301M) per dose for H1'21, even though the company has emphasized that it's likely to be reduced moving into 2022 as they ramp the production for delivery to COVAX as well as the lower and middle-income countries, especially since the COVAX APA is set to increase from 34M doses in 2021 to 117M doses in 2022, with an option to increase up to 350M doses.</p><p><blockquote>对于Moderna来说，我们可以很容易地得出其H1'21的平均价格约为每剂19.7美元（59.3亿美元/3.01亿美元），尽管该公司强调，随着他们提高产量以交付给COVAX以及中低收入国家，特别是因为COVAX APA将从2021年的3400万剂增加到2022年的1.17亿剂，并可选择增加到3.5亿剂。</blockquote></p><p> COVAX reported an average price of about$5.20 per dose; thus, it would be useful for investors to continue monitoring the impact on the average price for mRNA-1273 moving forward. Moderna has also indicated that it is expecting more price competition as we move from a pandemic towards a world where COVID-19 is endemic. In addition, it may also be useful to watch closely for further improvement in its economies of scale as the company ramps production from an estimated 800M to 1B doses in 2021 to 2B to 3B doses in 2022.</p><p><blockquote>COVAX报告的平均价格约为每剂5.20美元；因此，投资者继续监测对mRNA-1273未来平均价格的影响将是有用的。Moderna还表示，随着我们从大流行转向新冠肺炎流行的世界，它预计会出现更多的价格竞争。此外，随着该公司将产量从2021年估计的8亿至10亿剂提高到2022年的20亿至30亿剂，密切关注其规模经济的进一步改善也可能是有用的。</blockquote></p><p> Moderna's Strategy Moving <a href=\"https://laohu8.com/S/FORD\">Forward</a></p><p><blockquote>Moderna的战略正在转变<a href=\"https://laohu8.com/S/FORD\">向前</a></blockquote></p><p> Share of the population fully vaccinated against COVID-19. Source: OWID</p><p><blockquote>完全接种新冠肺炎疫苗的人口比例。资料来源：OWID</blockquote></p><p> It's straightforward that Moderna has ramped production significantly to compete for the next phase in COVID-19 distribution for its mRNA-1273 product for countries within the COVAX category in 2022 and 2023 as the high-income countries are starting to approach the 60% to 70% fully vaccinated mark. However, we could clearly glean from the chart above where only 15% of the total world population has been fully vaccinated, while countries like Indonesia and India have only 8% and 7.8% of their population fully inoculated, and South America's 20.9% still has a long way to go as well.</p><p><blockquote>显而易见，随着高收入国家开始接近60%至70%，Moderna已大幅提高产量，以竞争2022年和2023年其mRNA-1273产品在COVAX类别国家的下一阶段COVID-19分销。完全接种疫苗的标记。然而，我们可以从上面的图表中清楚地收集到，世界总人口中只有15%的人完全接种了疫苗，而印度尼西亚和印度等国家只有8%和7.8%的人口完全接种了疫苗，南美洲的20.9%也还有很长的路要走。</blockquote></p><p> Moving forward, the strategy for the high-income countries is starting to move towards booster shots. We think this is where Moderna, as one of the 2 mRNA vaccines makers, has sufficiently proven its worth against <a href=\"https://laohu8.com/S/PFE\">Pfizer</a>-BioNTech as the company's recent COVE study demonstrated that mRNA-1273 could maintain the efficacy of 93.2%, 4 to 6 months after the second dose, and a 98.2% efficacy against severe disease, as well as a 100% efficacy against death caused by COVID-19. As compared to Pfizer-BioNTech's vaccine, where the efficacy is expected to drop to84%after 6 months, we would clearly applaud the breathtaking results that clearly demonstrate the superiority of Moderna's Spikevax against Comirnaty.</p><p><blockquote>展望未来，高收入国家的战略开始转向加强注射。我们认为，Moderna作为两家mRNA疫苗制造商之一，已经充分证明了其对抗的价值<a href=\"https://laohu8.com/S/PFE\">辉瑞</a>-BioNTech as公司最近的COVE研究表明，mRNA-1273在第二剂后4至6个月可保持93.2%的疗效，对重症的疗效为98.2%，对新冠肺炎引起的死亡疗效为100%。与辉瑞-BioNTech的疫苗相比，预计6个月后疗效将降至84%，我们显然会对令人惊叹的结果表示赞赏，这些结果清楚地证明了Moderna的Spikevax相对于Comirnaty的优越性。</blockquote></p><p> To this Moderna Co-founder and Chairman Dr. Noubar Afeyan clearly articulated who he thinks owns the superior mRNA technology for COVID-19 vaccine in the market (shout-out to Pfizer-BioNTech folks):</p><p><blockquote>Moderna联合创始人兼董事长Noubar Afeyan博士明确阐述了他认为谁拥有市场上用于COVID-19疫苗的卓越mRNA技术（向辉瑞-BioNTech人员大喊）：</blockquote></p><p>   We set outto develop the most effective vaccine against this virus that would last for the longest possible time, [helping] the largest number of people to be safe...And this is the first time we had data that at least showed that six months after the initial vaccinations were seeing essentially the same level of protection, which is very encouraging.  Moderna also emphasized that we should never underestimate the efficacy differences as just plain numbers, which in Moderna's and Pfizer-BioNTech's case amounted to 9.2% points. The company emphasized that:</p><p><blockquote>我们着手开发针对这种病毒的最有效的疫苗，这种疫苗将持续尽可能长的时间，[帮助]最多的人获得安全...这是我们第一次有数据至少显示，在初次接种疫苗六个月后，保护水平基本相同，这非常令人鼓舞。Moderna还强调，我们永远不应该将疗效差异低估为简单的数字，在Moderna和辉瑞-BioNTech的案例中，疗效差异达9.2%。公司强调：</blockquote></p><p></p><p>   The relative strength of the different vaccines suggested that small differences in efficacy would start to emerge to be larger differences in efficacy at about 200, 250 days as neutralizing antibody titers waned. And that may be what we're starting to see. And if you play that forward, if you assume [Professor Davenport of the University of <a href=\"https://laohu8.com/S/NGD\">New</a> South Wales, Australia] been right about those predictions, then that picture continues and continues through a year with continued declining neutralizing antibody titers over that time. And eventually, we therefore believe, a real increase in breakthrough infections and disease even with vaccinated participants, even with mRNA-1273.  Moderna has also presented clear findings where it expects that a booster shot would significantly increase the neutralizing titers. In contrast, without the booster, for test subjects 6 to 8 months after their second dose, the neutralizing titers have dropped so significantly that for the Beta, Gamma and Delta variants, the \"neutralizing titers had fallen below the detectable -- the level of detection of the assay for a decent number of participants in all 4 -- all 3 cases.\"</p><p><blockquote>不同疫苗的相对强度表明，随着中和抗体滴度减弱，效力的小差异将在约200、250天时开始表现为效力的大差异。这可能是我们开始看到的。如果你扮演那个前锋，如果你假设[达文波特教授<a href=\"https://laohu8.com/S/NGD\">新的</a>澳大利亚南威尔士]的这些预测是正确的，然后这种情况会持续一年，在此期间中和抗体滴度持续下降。因此，我们相信，最终，即使是接种疫苗的参与者，即使是mRNA-1273，突破性感染和疾病也会真正增加。Moderna还提出了明确的发现，预计加强注射将显着增加中和滴度。相比之下，在没有加强剂的情况下，对于第二次给药后6至8个月的测试受试者，中和滴度显著下降，以至于对于β、γ和δ变体，“中和滴度已降至可检测水平以下——在所有4-所有3种情况下，相当数量的参与者的检测水平。”</blockquote></p><p> As a result, we expect Moderna has strongly assembled the case for a booster with strong evidence suggesting their importance to protect against the new potential variants that may emerge, which Moderna has certainly warned: \"...It seems logical to us that those 3 mutations present in the Beta, Gamma line and those 2 mutations present in the Delta might find some way to combine in new and potentially scary ways. And if that came with the increased transmissibility, [the] force of infection that Delta can achieve, that might be a significant threat. And so we view our multivalent platform as the best place for us to try and anticipate that threat.\"</p><p><blockquote>因此，我们预计Moderna已经强有力地组装了加强剂的案例，有强有力的证据表明它们对于防止可能出现的新的潜在变异的重要性，Moderna当然警告过：“...对我们来说，β、γ线中存在的3种突变和δ中存在的2种突变可能会找到某种方式以新的和潜在的可怕方式结合起来，这似乎是合乎逻辑的。如果这伴随着传播性的增加，德尔塔可以达到的感染强度，这可能是一个重大威胁。因此，我们认为我们的多价平台是我们尝试和预测这种威胁的最佳场所。”</blockquote></p><p> The company is developing a \"proactive\" multivalent platform where it combines \"different variants into a single vaccine\" as its strategy to combat potential variants that are expected to emerge. Based on the company's assays study, this platform clearly outperformed the other candidates in its study. In addition, it stood out as a strong candidate to be used as a booster option, even though the primary mRNA-1273 candidate can also be used effectively as a booster.</p><p><blockquote>该公司正在开发一种“主动”的多价平台，将“不同的变种组合成一种疫苗”，作为对抗预计出现的潜在变种的策略。根据该公司的检测研究，该平台在其研究中明显优于其他候选平台。此外，尽管初级mRNA-1273候选物也可以有效地用作加强剂，但它作为用作加强剂选项的有力候选物脱颖而出。</blockquote></p><p> However, in a fast-evolving situation with COVID-19, we think having more efficacious options are only going to be beneficial as vaccine makers try to anticipate and are proactive against potential new and more potent antigens where Moderna even admitted that the Delta variant had humbled them, as it added: \"I think the Delta variant has taught us to also be incredibly humble in the face of the virus' ability to fight back and increase its transmission. I mean, I think most of us would have thought SARS-CoV-2 was a pretty good infector earlier this year. Delta has shown us that it can make huge steps forward.\"</p><p><blockquote>然而，在COVID-19快速发展的情况下，我们认为拥有更有效的选择只会是有益的，因为疫苗制造商试图预测并积极对抗潜在的新的、更有效的抗原，Moderna甚至承认德尔塔变异毒株已经谦卑了他们，并补充道：“我认为德尔塔变异毒株教会了我们，面对病毒反击和增加传播的能力，也要非常谦卑。我的意思是，我认为我们大多数人今年早些时候都会认为新型冠状病毒是一个相当不错的感染者。达美航空向我们展示了它可以取得巨大的进步。”</blockquote></p><p> Risks to our Thesis</p><p><blockquote>我们论文的风险</blockquote></p><p> By now, it should be clear that 2022 is promising to be a year where Moderna would almost double or triple its supply to 2B or 3B doses, depending on whether the company is using 100 micrograms or 50 micrograms in its product moving forward. Pfizer-BioNTech is also expected to increase its capacity to 3B doses in 2022, while we also need to take into account Novavax's impending entry into the COVID-19 vaccines production game, as well as the Chinese vaccine makers who already have an annual capacity of 5B doses.</p><p><blockquote>到目前为止，应该很明显，2022年Moderna有望将其2B或3B剂量的供应量增加近一倍或三倍，这取决于该公司未来在其产品中使用100微克还是50微克。辉瑞-BioNTech预计也将在2022年将其产能提高到3B剂，同时我们还需要考虑到Novavax即将进入COVID-19疫苗生产游戏，以及已经拥有5B剂年产能的中国疫苗制造商。</blockquote></p><p> We think there is a realistic chance where Moderna may be facing an over-supply situation even though it may have proven itself to be the superior mRNA vaccine for now against Pfizer-BioNTech.</p><p><blockquote>我们认为Moderna很可能面临供应过剩的情况，尽管它可能已经证明自己是目前对抗辉瑞BioNTech的优质mRNA疫苗。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3b54cee9edb8e398275290f3edcdb770\" tg-width=\"640\" tg-height=\"353\" referrerpolicy=\"no-referrer\">Revenue forecast mean consensus. Data source: S&amp;P Capital IQ</p><p><blockquote>收入预测意味着共识。数据来源：标普资本智商</blockquote></p><p> Therefore, we think the Street has prudently lowered its revenue estimates for Moderna over the next few years. The company is also likely to come under pricing pressure against the huge supply expected to come online.</p><p><blockquote>因此，我们认为华尔街谨慎地下调了Moderna未来几年的收入预期。由于预计将上线的大量供应，该公司也可能面临定价压力。</blockquote></p><p> However, we think Moderna is keenly aware of it. The company clearly highlighted that they had made good progress in the other 5 therapeutic areas that the company is involved in. Of notable mention is the fast track designation the company recently received from the US FDA for the company'sRSV vaccine candidate, mRNA-1345, especially when there is no approved RSV vaccine yet in the market.</p><p><blockquote>然而，我们认为Moderna敏锐地意识到了这一点。该公司明确强调，他们在该公司参与的其他5个治疗领域取得了良好进展。值得注意的是，该公司最近获得了美国FDA对该公司的RSV候选疫苗mRNA-1345的快速通道指定，特别是在市场上尚未批准的RSV疫苗的情况下。</blockquote></p><p> In addition, the company has also commenced on the Phase I/II study of its mRNA-1010 quadrivalent seasonal flu vaccine to target the seasonal flu market, where it's worth about $5B to $6B annually, according to Moderna's estimates, especially when the current flu vaccine efficacy is between 40% and 60% according toCDC data. Moderna expects its quadrivalent vaccine to be launched as early as 2023.</p><p><blockquote>此外，该公司还开始了其mRNA-1010四价季节性流感疫苗的I/II期研究，以瞄准季节性流感市场，根据Moderna的估计，季节性流感市场每年的价值约为50亿至60亿美元，特别是在目前的情况下根据CDC的数据，流感疫苗的效力在40%至60%之间。Moderna预计其四价疫苗最早将于2023年上市。</blockquote></p><p></p><p> Moderna is also expecting good results from its CMV vaccine, which is expected to be entering Phase III trials soon. It would also allow the company to tap into a market worth between $2B and $5B annually.</p><p><blockquote>Moderna还期待其CMV疫苗取得良好效果，预计很快将进入III期试验。这也将使该公司能够进入每年价值20亿美元至50亿美元的市场。</blockquote></p><p> Hence, we think that the company has been proactively working on the success of its mRNA-1273 to progress confidently along the other programs to sustain its commercial success beyond just being a COVID-19 vaccine maker. Therefore, we encourage investors to monitor its most advanced programs closely and keep pace with them moving forward.</p><p><blockquote>因此，我们认为该公司一直在积极致力于mRNA-1273的成功，以自信地推进其他项目，以维持其商业成功，而不仅仅是成为COVID-19疫苗制造商。因此，我们鼓励投资者密切关注其最先进的计划，并与他们保持同步。</blockquote></p><p> Valuations</p><p><blockquote>估值</blockquote></p><p> <img src=\"https://static.tigerbbs.com/69cb54a8282012f6cff4095f28e2a08f\" tg-width=\"640\" tg-height=\"176\" referrerpolicy=\"no-referrer\">Biotech peers valuation comp set. Source: TIKR</p><p><blockquote>生物技术同行估值比较集。来源：TIKR</blockquote></p><p> EV / Fwd Rev trend. Data source: S&amp;P Capital IQ</p><p><blockquote>EV/Fwd转速趋势。数据来源：标普资本智商</blockquote></p><p> Moderna is currently trading at an EV / Fwd Rev of about 8x, which interestingly comes in below its peers' mean multiple of 14.14x, where Moderna may look to be attractively valued. However, this assumes that Moderna can keep increasing its revenue strongly over the next few years, a point that we have raised previously may face significant headwinds ahead.</p><p><blockquote>Moderna目前的EV/Fwd Rev约为8倍，有趣的是，这低于同行14.14倍的平均倍数，而Moderna的估值可能看起来很有吸引力。然而，这是假设Moderna能够在未来几年内继续强劲增长其收入，我们之前提出的这一点可能会面临重大阻力。</blockquote></p><p> Importantly, we could see that based on the company's expected revenue moving forward, the company is not likely to see meaningful progress on its capital appreciation potential moving forward as its revenue multiple by the end of FY25 is expected to be about 14.6x, which is in line with the peers' mean multiple right now.</p><p><blockquote>重要的是，我们可以看到，根据该公司未来的预期收入，该公司未来的资本增值潜力不太可能取得有意义的进展，因为到2025财年末其收入倍数预计约为14.6倍，这与目前同行的平均倍数一致。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a4cc567a1361ba17617927c47a803418\" tg-width=\"640\" tg-height=\"476\" referrerpolicy=\"no-referrer\">Street's mean price target. Source: TIKR</p><p><blockquote>Street的平均目标价。来源：TIKR</blockquote></p><p> Moreover, the Street is also not optimistic on MRNA making meaningful headway from here, and in fact, values the stock at about a 5.2x implied EV / Fwd Rev multiple, at a 35% discount from the last closing price. Analysts from <a href=\"https://laohu8.com/S/OPY\">Oppenheimer</a> also emphasized that \"MRNA sharesare fairly pricing a tremendous amount of future recurring revenues and pipeline progress...[arguing] that the company’s non-COVID pipeline remains 2-3 years away from reaching commercial success.\"</p><p><blockquote>此外，华尔街也不看好MRNA从这里取得有意义的进展，事实上，该股的估值约为隐含EV/Fwd Rev倍数的5.2倍，较上一收盘价折价35%。分析师来自<a href=\"https://laohu8.com/S/OPY\">奥本海默</a>还强调，“MRNA股票公平地定价了大量未来经常性收入和管道进展……[认为]该公司的非新冠管道距离取得商业成功还有2-3年的时间。”</blockquote></p><p> Our opinion is in line with the Street, and we think that a lot of optimism is currently being priced into Moderna at the moment. So we think if investors are sitting on decent profits right now, we strongly encourage you to at least take partial profits and take some risk off the table.</p><p><blockquote>我们的观点与华尔街的观点一致，我们认为Moderna目前的定价中包含了很多乐观情绪。因此，我们认为，如果投资者现在坐拥可观的利润，我们强烈建议您至少获利了结部分利润并消除一些风险。</blockquote></p><p> Price Action and Trend Analysis<img src=\"https://static.tigerbbs.com/766a37b6357b74ea899bd0e823ff64a2\" tg-width=\"640\" tg-height=\"391\" referrerpolicy=\"no-referrer\">Source: TradingView</p><p><blockquote>价格行为和趋势分析资料来源：TradingView</blockquote></p><p> While we are clear about MRNA's long-term uptrend bias (which is why we don't recommend a short-sell strategy against stocks with clear uptrend bias), we also think the stock's price action has recently shown signs of a climax top pattern.</p><p><blockquote>虽然我们清楚MRNA的长期上升趋势偏差（这就是为什么我们不建议对具有明显上升趋势偏差的股票采取卖空策略），但我们也认为该股的价格走势最近显示出高潮顶部模式的迹象。</blockquote></p><p> However, it's impossible to speculate exactly where the top is. Therefore, we think it's prudent for investors to take some profits off the table and wait for the euphoria to chill and cool down before considering adding exposure to MRNA again.</p><p><blockquote>然而，无法准确推测顶部在哪里。因此，我们认为投资者谨慎的做法是将部分利润撤出桌面，等待兴奋情绪降温后再考虑再次增加对MRNA的投资。</blockquote></p><p> We have already taken the opportunity of the stock's recent strength to lock in 50% of our profit on MRNA, with a view of locking in even more if we continue to see price action that shows a higher climax top tendency moving forward.</p><p><blockquote>我们已经利用该股近期走强的机会锁定了MRNA利润的50%，如果我们继续看到价格走势显示出更高的高潮顶部趋势，我们将锁定更多利润。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4447049-moderna-what-is-next-beyond-covid-vaccine-win\">seeking alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MRNA":"Moderna, Inc."},"source_url":"https://seekingalpha.com/article/4447049-moderna-what-is-next-beyond-covid-vaccine-win","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109397612","content_text":"Investment Thesis\nModerna (MRNA) and Novavax (NVAX) released their respective Q2 earnings one after the other, with Moderna indicating encouraging progress in its mRNA vaccine programs along with its COVID-19 vaccine production ramp. At the same time, Novavax surprised the market with its delay in filing for emergency use authorization ((EUA)) with the US government ((USG)).\nModerna has continued to make excellent momentum as the company took full advantage of a highly successful COVID-19 vaccine program to develop the other vaccines in other therapeutic areas to future-proof its revenue sustainability, as the world gradually moves on to a world where COVID-19 is endemic.\nThis article provides a timely update for our readers to decide whether Moderna is still a good investment given the recent run-up that we think has resulted in a high amount of optimism being baked into its price.\nQ2 Earnings Recap\nModerna quarterly revenue surprise. Source: Seeking Alpha Premium\nModerna quarterly EPS surprise. Source: Seeking Alpha Premium\nModerna reported a solid Q2 report card, keeping in line with the momentum from Q1, as the company posted revenue of $4.354B and EPS of $6.46, which were 10.3% and 2.8% above the consensus estimates.\nModerna H1'21 revenue and FY21 consensus estimate. Data source: S&P Capital IQ\nImportantly, Moderna posted a highly impressive QoQ increase of 125% in revenue from $1.94B in Q1'21 to $4.35B in Q2'21. However, Moderna would need to significantly ramp up in H2'21 for the company to meet the Street's FY21 estimates as H1'21's revenue of $6.29B accounted for only 31.2% of the FY21 consensus estimates.\nTo that, Moderna has assured investors that based on the company's signed advanced purchase agreements ((APA)) for FY21, Moderna indicated that \"expected delivery in 2021reflect the current full-year total of approximately $20 billion in anticipated product sales.\" The company continues to anticipate a supply of at least 800M to 1B doses for 2021.\nStudying Moderna's Gross Margins and Pricing Strategy\nModerna quarterly gross margin. Data source: S&P Capital IQ\nThe production ramp in Q2'21 has also improved Moderna's economies of scale as its gross margin improved markedly in Q2'21, as Moderna's total cost of revenue represents about 26.9% of Q2'21 revenue.\nCrucially, Moderna has indicated that its COVID-19H1'21's product salesof $5.93B which constitute about 94.3% of H1'21's total revenue, has a much lower cost of revenue. Based on our findings, Moderna's COVID-19 product sales have a cost of revenue of $1.1B, representing about 18.5% of H1'21's COVID-19 product revenue, therefore indicating that the average gross margin for its COVID-19 product is about 81.5%. The company has also emphasized that it \"expects the average cost total of sales as a percent of product sales to be between 18% and 20% compared to our previous outlook of approximately 20% of product sales. This reflects the successful ramp-up of this global manufacturing network.\"\nSince Moderna delivered 199M doses in Q2'21 and 102M doses in Q1'21, the company delivered a collective amount of 301M doses in H1'21 that was recognized as product revenue. Given that our cost of revenue is about $1.1B for H1'21, we could thus derive an average cost per dose of about $3.65, which the company has highlighted that it expects to maintain for the rest of 2021.\nBefore we carry on, Moderna has highlighted that the cost of sales that the company reflected in H1'21 of $943M included their \"zero-cost COVID-19 inventory,\" as the company emphasized: \"At the end of the first quarter of 2021, we had substantially utilized our zero-cost COVID-19 vaccine inventory. Therefore, if inventory sold for the six months ended June 30, 2021, were valued at cost, our cost of sales for the period would have been $1.1 billion.\" Therefore, based on our computation above, we believe it's important to reflect the cost of sales more accurately, which the company also corroborates in their earnings call.\nModerna Spikevax pricing tiers. Data source: Moderna\nModerna adopts a tiered pricing model to distribute its vaccines equitably. For the USG, the company has applied a \"favorable\" pricing model because of the US government's funding as well as the 500M doses order that the USG committed to Moderna, which the company emphasized, \"is very large.\"\nThe other higher-income countries paid between $32 and $37, including larger orders from countries that include the EU with an APA of260M dosesfor 2021. Thus, applying Moderna's large contract discount logic, we should expect the average EU pricing to be at the lower end of the $32 to $37 range.\nFor the lower to middle-income countries, even though the company did not explicitly disclose the exact price range, the company highlighted that this category \"received the lowest-tiered pricing, including those sales to COVAX, which are considerably lower than the price to the U.S. government.\"\nFor Moderna, we could easily derive its average price at about $19.7 ($5.93B/301M) per dose for H1'21, even though the company has emphasized that it's likely to be reduced moving into 2022 as they ramp the production for delivery to COVAX as well as the lower and middle-income countries, especially since the COVAX APA is set to increase from 34M doses in 2021 to 117M doses in 2022, with an option to increase up to 350M doses.\nCOVAX reported an average price of about$5.20 per dose; thus, it would be useful for investors to continue monitoring the impact on the average price for mRNA-1273 moving forward. Moderna has also indicated that it is expecting more price competition as we move from a pandemic towards a world where COVID-19 is endemic. In addition, it may also be useful to watch closely for further improvement in its economies of scale as the company ramps production from an estimated 800M to 1B doses in 2021 to 2B to 3B doses in 2022.\nModerna's Strategy Moving Forward\nShare of the population fully vaccinated against COVID-19. Source: OWID\nIt's straightforward that Moderna has ramped production significantly to compete for the next phase in COVID-19 distribution for its mRNA-1273 product for countries within the COVAX category in 2022 and 2023 as the high-income countries are starting to approach the 60% to 70% fully vaccinated mark. However, we could clearly glean from the chart above where only 15% of the total world population has been fully vaccinated, while countries like Indonesia and India have only 8% and 7.8% of their population fully inoculated, and South America's 20.9% still has a long way to go as well.\nMoving forward, the strategy for the high-income countries is starting to move towards booster shots. We think this is where Moderna, as one of the 2 mRNA vaccines makers, has sufficiently proven its worth against Pfizer-BioNTech as the company's recent COVE study demonstrated that mRNA-1273 could maintain the efficacy of 93.2%, 4 to 6 months after the second dose, and a 98.2% efficacy against severe disease, as well as a 100% efficacy against death caused by COVID-19. As compared to Pfizer-BioNTech's vaccine, where the efficacy is expected to drop to84%after 6 months, we would clearly applaud the breathtaking results that clearly demonstrate the superiority of Moderna's Spikevax against Comirnaty.\nTo this Moderna Co-founder and Chairman Dr. Noubar Afeyan clearly articulated who he thinks owns the superior mRNA technology for COVID-19 vaccine in the market (shout-out to Pfizer-BioNTech folks):\n\n We set outto develop the most effective vaccine against this virus that would last for the longest possible time, [helping] the largest number of people to be safe...And this is the first time we had data that at least showed that six months after the initial vaccinations were seeing essentially the same level of protection, which is very encouraging.\n\nModerna also emphasized that we should never underestimate the efficacy differences as just plain numbers, which in Moderna's and Pfizer-BioNTech's case amounted to 9.2% points. The company emphasized that:\n\n The relative strength of the different vaccines suggested that small differences in efficacy would start to emerge to be larger differences in efficacy at about 200, 250 days as neutralizing antibody titers waned. And that may be what we're starting to see. And if you play that forward, if you assume [Professor Davenport of the University of New South Wales, Australia] been right about those predictions, then that picture continues and continues through a year with continued declining neutralizing antibody titers over that time. And eventually, we therefore believe, a real increase in breakthrough infections and disease even with vaccinated participants, even with mRNA-1273.\n\nModerna has also presented clear findings where it expects that a booster shot would significantly increase the neutralizing titers. In contrast, without the booster, for test subjects 6 to 8 months after their second dose, the neutralizing titers have dropped so significantly that for the Beta, Gamma and Delta variants, the \"neutralizing titers had fallen below the detectable -- the level of detection of the assay for a decent number of participants in all 4 -- all 3 cases.\"\nAs a result, we expect Moderna has strongly assembled the case for a booster with strong evidence suggesting their importance to protect against the new potential variants that may emerge, which Moderna has certainly warned: \"...It seems logical to us that those 3 mutations present in the Beta, Gamma line and those 2 mutations present in the Delta might find some way to combine in new and potentially scary ways. And if that came with the increased transmissibility, [the] force of infection that Delta can achieve, that might be a significant threat. And so we view our multivalent platform as the best place for us to try and anticipate that threat.\"\nThe company is developing a \"proactive\" multivalent platform where it combines \"different variants into a single vaccine\" as its strategy to combat potential variants that are expected to emerge. Based on the company's assays study, this platform clearly outperformed the other candidates in its study. In addition, it stood out as a strong candidate to be used as a booster option, even though the primary mRNA-1273 candidate can also be used effectively as a booster.\nHowever, in a fast-evolving situation with COVID-19, we think having more efficacious options are only going to be beneficial as vaccine makers try to anticipate and are proactive against potential new and more potent antigens where Moderna even admitted that the Delta variant had humbled them, as it added: \"I think the Delta variant has taught us to also be incredibly humble in the face of the virus' ability to fight back and increase its transmission. I mean, I think most of us would have thought SARS-CoV-2 was a pretty good infector earlier this year. Delta has shown us that it can make huge steps forward.\"\nRisks to our Thesis\nBy now, it should be clear that 2022 is promising to be a year where Moderna would almost double or triple its supply to 2B or 3B doses, depending on whether the company is using 100 micrograms or 50 micrograms in its product moving forward. Pfizer-BioNTech is also expected to increase its capacity to 3B doses in 2022, while we also need to take into account Novavax's impending entry into the COVID-19 vaccines production game, as well as the Chinese vaccine makers who already have an annual capacity of 5B doses.\nWe think there is a realistic chance where Moderna may be facing an over-supply situation even though it may have proven itself to be the superior mRNA vaccine for now against Pfizer-BioNTech.\nRevenue forecast mean consensus. Data source: S&P Capital IQ\nTherefore, we think the Street has prudently lowered its revenue estimates for Moderna over the next few years. The company is also likely to come under pricing pressure against the huge supply expected to come online.\nHowever, we think Moderna is keenly aware of it. The company clearly highlighted that they had made good progress in the other 5 therapeutic areas that the company is involved in. Of notable mention is the fast track designation the company recently received from the US FDA for the company'sRSV vaccine candidate, mRNA-1345, especially when there is no approved RSV vaccine yet in the market.\nIn addition, the company has also commenced on the Phase I/II study of its mRNA-1010 quadrivalent seasonal flu vaccine to target the seasonal flu market, where it's worth about $5B to $6B annually, according to Moderna's estimates, especially when the current flu vaccine efficacy is between 40% and 60% according toCDC data. Moderna expects its quadrivalent vaccine to be launched as early as 2023.\nModerna is also expecting good results from its CMV vaccine, which is expected to be entering Phase III trials soon. It would also allow the company to tap into a market worth between $2B and $5B annually.\nHence, we think that the company has been proactively working on the success of its mRNA-1273 to progress confidently along the other programs to sustain its commercial success beyond just being a COVID-19 vaccine maker. Therefore, we encourage investors to monitor its most advanced programs closely and keep pace with them moving forward.\nValuations\nBiotech peers valuation comp set. Source: TIKR\nEV / Fwd Rev trend. Data source: S&P Capital IQ\nModerna is currently trading at an EV / Fwd Rev of about 8x, which interestingly comes in below its peers' mean multiple of 14.14x, where Moderna may look to be attractively valued. However, this assumes that Moderna can keep increasing its revenue strongly over the next few years, a point that we have raised previously may face significant headwinds ahead.\nImportantly, we could see that based on the company's expected revenue moving forward, the company is not likely to see meaningful progress on its capital appreciation potential moving forward as its revenue multiple by the end of FY25 is expected to be about 14.6x, which is in line with the peers' mean multiple right now.\nStreet's mean price target. Source: TIKR\nMoreover, the Street is also not optimistic on MRNA making meaningful headway from here, and in fact, values the stock at about a 5.2x implied EV / Fwd Rev multiple, at a 35% discount from the last closing price. Analysts from Oppenheimer also emphasized that \"MRNA sharesare fairly pricing a tremendous amount of future recurring revenues and pipeline progress...[arguing] that the company’s non-COVID pipeline remains 2-3 years away from reaching commercial success.\"\nOur opinion is in line with the Street, and we think that a lot of optimism is currently being priced into Moderna at the moment. So we think if investors are sitting on decent profits right now, we strongly encourage you to at least take partial profits and take some risk off the table.\nPrice Action and Trend AnalysisSource: TradingView\nWhile we are clear about MRNA's long-term uptrend bias (which is why we don't recommend a short-sell strategy against stocks with clear uptrend bias), we also think the stock's price action has recently shown signs of a climax top pattern.\nHowever, it's impossible to speculate exactly where the top is. Therefore, we think it's prudent for investors to take some profits off the table and wait for the euphoria to chill and cool down before considering adding exposure to MRNA again.\nWe have already taken the opportunity of the stock's recent strength to lock in 50% of our profit on MRNA, with a view of locking in even more if we continue to see price action that shows a higher climax top tendency moving forward.","news_type":1,"symbols_score_info":{"MRNA":0.9}},"isVote":1,"tweetType":1,"viewCount":398,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}