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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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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 辆中国制造汽车 - CPCA</blockquote>

2021-08-20

Nice

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2021-08-03

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Eli Lilly Earnings Missed Expectations. Why the Stock Is Soaring<blockquote>礼来公司盈利低于预期。股价为何飙升</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>辉瑞被美国银行评级；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，我们预计辉瑞的说法将转向其在加大管道/投资组合投资方面取得成功的好处。</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>制药巨头辉瑞被美国银行上调至买入，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，美国银行上调辉瑞公司评级的依据是 “对 2022 年 Paxlovid（一种口服 Covid-19 疗法）的预期，以及对该疗法的大量投资”。</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>“他说：”自 2020 年以来，投资者一直关注辉瑞公司在抗击 Covid-19 方面的成功，即通过疫苗和现在的口服药物。</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，在 2022 年，我们预计辉瑞公司的叙述将转向其在 Covid-19 中取得成功的好处，即加大管道/投资组合投资。</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>米查姆写道，至于 Regeneron，其股票 “在 2021 年跑赢大盘主要是由于 [Covid 治疗] REGEN-COV 收入的飙升”。“不过，展望 2022 年，Covid-19 的贡献应该很小，我们认为这可能会改变对股票的看法。”</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）在 2022 年应该会继续增长，但随着竞争阻力的到来，共识的预期并不保守”。</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 Covid-19 的阻力和净定价压力挥之不去，AMGN 的股价在 2021 年表现平平，”米查姆说。</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，在安进证明包括治疗斑块状银屑病的 Otezla 在内的多家主要特许经营店明显恢复强劲、销量驱动的收入增长之前，增长怀疑态度可能会持续下去。</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>辉瑞收盘上涨 2.02%，至 55.63 美元，再生元收盘下跌 3.52%，至 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>辉瑞被美国银行评级；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>辉瑞被美国银行评级；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，我们预计辉瑞的说法将转向其在加大管道/投资组合投资方面取得成功的好处。</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>制药巨头辉瑞被美国银行上调至买入，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，美国银行上调辉瑞公司评级的依据是 “对 2022 年 Paxlovid（一种口服 Covid-19 疗法）的预期，以及对该疗法的大量投资”。</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>“他说：”自 2020 年以来，投资者一直关注辉瑞公司在抗击 Covid-19 方面的成功，即通过疫苗和现在的口服药物。</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，在 2022 年，我们预计辉瑞公司的叙述将转向其在 Covid-19 中取得成功的好处，即加大管道/投资组合投资。</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>米查姆写道，至于 Regeneron，其股票 “在 2021 年跑赢大盘主要是由于 [Covid 治疗] REGEN-COV 收入的飙升”。“不过，展望 2022 年，Covid-19 的贡献应该很小，我们认为这可能会改变对股票的看法。”</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）在 2022 年应该会继续增长，但随着竞争阻力的到来，共识的预期并不保守”。</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 Covid-19 的阻力和净定价压力挥之不去，AMGN 的股价在 2021 年表现平平，”米查姆说。</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，在安进证明包括治疗斑块状银屑病的 Otezla 在内的多家主要特许经营店明显恢复强劲、销量驱动的收入增长之前，增长怀疑态度可能会持续下去。</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>辉瑞收盘上涨 2.02%，至 55.63 美元，再生元收盘下跌 3.52%，至 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":{"AMGN":"安进","REGN":"再生元制药公司","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":{"PFE":0.9,"AMGN":0.9,"REGN":0.9}},"isVote":1,"tweetType":1,"viewCount":3774,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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":4685,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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.laohunote.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年道琼斯指数的行列。这就是为什么这种高收益策略可能会有一个好的一年。</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>英特尔将在 2022 年加入道琼斯指数，取代思科系统公司，这是备受关注的收入和价值投资战略的唯一变化。</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>道琼斯工业平均指数30只股票中收益率最高的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为导向的狗，并在每年年底重新平衡他们的 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的公司，而这些公司往往不受投资者喜爱。</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>在2021年的过去五年中，该策略第四年落后于整体指数，这对狗来说可能是好年份。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</i>定期撰写关于道琼斯指数的文章，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 Dogs 目前的平均收益率为 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) 等一些扭亏为盈的公司，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>根据标准普尔道琼斯指数公司高级指数分析师霍华德-西尔弗布拉特（Howard Silverblatt）的说法，以下是根据周五收盘价计算的 2022 年 10 家公司的股息收益率： IBM、Verizon 和陶氏化学（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%。10 只道琼斯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，狗的估值往往很低。默克、沃尔格林、威瑞森和陶氏化学的交易价格约为 2022 年预期收益的 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超过20，这是标普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>在经历了十年的表现不佳（包括去年）之后，价值投资可能会在 2022 年最终成为最佳成长型股票，因为经济蓬勃发展，美联储可能会提高短期利率。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年道琼斯指数的行列。这就是为什么这种高收益策略可能会有一个好的一年。</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年道琼斯指数的行列。这就是为什么这种高收益策略可能会有一个好的一年。</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>英特尔将在 2022 年加入道琼斯指数，取代思科系统公司，这是备受关注的收入和价值投资战略的唯一变化。</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>道琼斯工业平均指数30只股票中收益率最高的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为导向的狗，并在每年年底重新平衡他们的 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的公司，而这些公司往往不受投资者喜爱。</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>在2021年的过去五年中，该策略第四年落后于整体指数，这对狗来说可能是好年份。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</i>定期撰写关于道琼斯指数的文章，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 Dogs 目前的平均收益率为 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) 等一些扭亏为盈的公司，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>根据标准普尔道琼斯指数公司高级指数分析师霍华德-西尔弗布拉特（Howard Silverblatt）的说法，以下是根据周五收盘价计算的 2022 年 10 家公司的股息收益率： IBM、Verizon 和陶氏化学（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%。10 只道琼斯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，狗的估值往往很低。默克、沃尔格林、威瑞森和陶氏化学的交易价格约为 2022 年预期收益的 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超过20，这是标普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>在经历了十年的表现不佳（包括去年）之后，价值投资可能会在 2022 年最终成为最佳成长型股票，因为经济蓬勃发展，美联储可能会提高短期利率。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":3850,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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":3808,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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.laohunote.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>这三家在美国上市的中国电动汽车制造商在 2022 年开局强劲，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。三家公司总共出货量超过 40,000 台。这是一个月度记录，也是特斯拉（TSLA）在未来几天公布第四次交付数据时应该公布自己的大数据的一个迹象。</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>大约25%的特斯拉交付是在中国产生的。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>在中国三家汽车公司中，小鹏汽车在 12 月和 2021 年的交付量为 16,000 辆，创下了新的月度纪录。2021年全年，小鹏汽车交付量为98,155辆，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>李 12 月份交付了 14,087 辆。这也是李的月度纪录。2021年全年，理想交付了90,491辆汽车，比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>蔚来没有创下新的月度纪录，只是少了几百个单位。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，比2020年增长了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，但在公司有生之年，蔚来仍然交付了三辆汽车中最多的一辆。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已分别交付约12.5万辆和12.3万辆汽车。</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 年中国汽车买家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。买家争先恐后地争取稍微好一点的交易。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 美元的差价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 年必须考虑的有关特斯拉和中国电动汽车制造商的因素之一。但 12 月份交付量的增加意味着蔚来、小鹏汽车、理想汽车以及可能还有特斯拉的盈利预期将在未来几周上升。比预期更多的汽车意味着更多的销量和更好的利润。</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、小鹏和理想的股价在 2021 年表现良好，分别上涨 50%、18% 和 11%。蔚来股价举步维艰，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>起始估值是蔚来股票陷入困境的原因之一。即使表现不佳，蔚来的市值也约为 540 亿美元，超过了小鹏汽车的 430 亿美元市值和李汽车的 330 亿美元市值。</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>这三家在美国上市的中国电动汽车制造商在 2022 年开局强劲，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。三家公司总共出货量超过 40,000 台。这是一个月度记录，也是特斯拉（TSLA）在未来几天公布第四次交付数据时应该公布自己的大数据的一个迹象。</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>大约25%的特斯拉交付是在中国产生的。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>在中国三家汽车公司中，小鹏汽车在 12 月和 2021 年的交付量为 16,000 辆，创下了新的月度纪录。2021年全年，小鹏汽车交付量为98,155辆，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>李 12 月份交付了 14,087 辆。这也是李的月度纪录。2021年全年，理想交付了90,491辆汽车，比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>蔚来没有创下新的月度纪录，只是少了几百个单位。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，比2020年增长了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，但在公司有生之年，蔚来仍然交付了三辆汽车中最多的一辆。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已分别交付约12.5万辆和12.3万辆汽车。</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 年中国汽车买家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。买家争先恐后地争取稍微好一点的交易。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 美元的差价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 年必须考虑的有关特斯拉和中国电动汽车制造商的因素之一。但 12 月份交付量的增加意味着蔚来、小鹏汽车、理想汽车以及可能还有特斯拉的盈利预期将在未来几周上升。比预期更多的汽车意味着更多的销量和更好的利润。</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、小鹏和理想的股价在 2021 年表现良好，分别上涨 50%、18% 和 11%。蔚来股价举步维艰，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>起始估值是蔚来股票陷入困境的原因之一。即使表现不佳，蔚来的市值也约为 540 亿美元，超过了小鹏汽车的 430 亿美元市值和李汽车的 330 亿美元市值。</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":"小鹏集团","TSLA":"特斯拉","NIO":"蔚来","LI":"理想汽车"},"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":{"TSLA":0.9,"LI":0.9,"NIO":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":3582,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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":3318,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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.laohunote.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，2022 年标普500可能会飙升 16%，达到 5,600 人。</b></li><li><b>他指出，自1938年以来，股票在上涨27%后，这一年的回报率一直很强劲。</b></li><li><b>“我们到 2022 年底实现的标普500 5,100 辆的目标看起来很保守，但我们也预计会出现很多动荡，”李说。</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的目标价设定为 2022 年底前 5,100 美元，较周二收盘价可能上涨约 7%。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，股市在上涨至少 27% 后的一年中，平均和中位数分别为 12% 和 16%。</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达到 5,400 至 5,600 之间。“+27% 涨幅后的大多数年份实际上都非常好……因此，我们认为标普500 5,100 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对其起到了提振作用。李解释说：“我们认为，强劲的经济弹性加上企业巨大的运营杠杆，证明了股市的上涨是合理的。”</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，尤其是上半年。这是因为新冠病例可能仍然居高不下，供应链故障可能持续存在，中期选举可能会加剧不确定性，而且美联储即将加息。</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，如果这些风险显而易见，投资者是否已经低估了这些风险？</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>李说，无论他们是否有，2022 年“+12% 至 +16% 的涨幅可能更合适”。</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，2022 年标普500可能会飙升 16%，达到 5,600 人。</b></li><li><b>他指出，自1938年以来，股票在上涨27%后，这一年的回报率一直很强劲。</b></li><li><b>“我们到 2022 年底实现的标普500 5,100 辆的目标看起来很保守，但我们也预计会出现很多动荡，”李说。</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的目标价设定为 2022 年底前 5,100 美元，较周二收盘价可能上涨约 7%。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，股市在上涨至少 27% 后的一年中，平均和中位数分别为 12% 和 16%。</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达到 5,400 至 5,600 之间。“+27% 涨幅后的大多数年份实际上都非常好……因此，我们认为标普500 5,100 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对其起到了提振作用。李解释说：“我们认为，强劲的经济弹性加上企业巨大的运营杠杆，证明了股市的上涨是合理的。”</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，尤其是上半年。这是因为新冠病例可能仍然居高不下，供应链故障可能持续存在，中期选举可能会加剧不确定性，而且美联储即将加息。</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，如果这些风险显而易见，投资者是否已经低估了这些风险？</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>李说，无论他们是否有，2022 年“+12% 至 +16% 的涨幅可能更合适”。</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":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"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":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3326,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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.laohunote.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>韦德布什公司（Wedbush）的分析师认为，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。由丹·艾夫斯 (Dan Ives) 领导的韦德布什分析师在一份报告中写道，他们维持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%，市值已超过 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>艾夫斯说，“特斯拉整体看涨论点的关键仍然是中国”，他估计到 2022 年，中国将占这家电动汽车制造商交付量的 40%。他还表示，明年中国大陆对特斯拉来说每股价值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>这位分析师说，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在于奥斯丁、德克萨斯和柏林的超级工厂开业，这将 “缓解全球特斯拉的生产瓶颈”。</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>“艾夫斯说：”我们相信，到 2022 年底，特斯拉的年产能将从目前的约 100 万台增加到约 200 万台。</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>艾夫斯表示，这家电动汽车制造商还应该能够解决阻碍特斯拉 2021 年整体单位增长的供应链问题。</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>“艾夫斯补充说：”虽然物流障碍将是短期内的成本负担，但我们认为，特斯拉有潜力在未来12到18个月内进一步扩大其汽车[毛利率]和盈利能力，尤其是在中国销售和生产更多利润率较高的汽车的情况下。</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; 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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\">\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>韦德布什公司（Wedbush）的分析师认为，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。由丹·艾夫斯 (Dan Ives) 领导的韦德布什分析师在一份报告中写道，他们维持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%，市值已超过 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>艾夫斯说，“特斯拉整体看涨论点的关键仍然是中国”，他估计到 2022 年，中国将占这家电动汽车制造商交付量的 40%。他还表示，明年中国大陆对特斯拉来说每股价值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>这位分析师说，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在于奥斯丁、德克萨斯和柏林的超级工厂开业，这将 “缓解全球特斯拉的生产瓶颈”。</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>“艾夫斯说：”我们相信，到 2022 年底，特斯拉的年产能将从目前的约 100 万台增加到约 200 万台。</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>艾夫斯表示，这家电动汽车制造商还应该能够解决阻碍特斯拉 2021 年整体单位增长的供应链问题。</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>“艾夫斯补充说：”虽然物流障碍将是短期内的成本负担，但我们认为，特斯拉有潜力在未来12到18个月内进一步扩大其汽车[毛利率]和盈利能力，尤其是在中国销售和生产更多利润率较高的汽车的情况下。</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":5618,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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.laohunote.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>Disney+为星球大战迷准备了一份迟来的礼物；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>华特·迪士尼的（<b>迪斯</b>) 以最新的漫威系列《鹰眼》、披头士乐队纪录片《回来》以及 12 月 29 日备受期待的《星球大战》系列《波巴·费特之书》的首映，为这一年画上了圆满的句号。作为广受欢迎的《曼达洛人》的姊妹篇，该剧讲述了这位广受欢迎的赏金猎人是如何在《绝地归来》中被汉·索罗撞进萨拉克坑的。</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，迪士尼+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来结束这一年，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 继续表现令人难以置信的良好，分别拥有 1.181 亿、1710 万和 4380 万订阅用户，总计 1.79 亿订阅量，”他说。“为了正确看待这一增长，仅在上一财年，我们的 DTC 产品组合的订阅总数就增长了 48%，特别是 Disney+ 订阅订阅数量增长了 60%。”</blockquote></p><p> <b>Disney's CEO Has a Long-term View</b></p><p><blockquote><b>迪士尼首席执行官有长远眼光</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+已经超过了所有最初的增长预测，但Chapek拒绝陷入当下。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，而不是一个季度一个季度地管理，我们有信心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，到 2024 财年末，全球付费 Disney+ 订户数量将达到 2.3 亿至 2.6 亿，Disney+ 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>).该公司拥有如此多的高端、极其知名的知识产权（IP），以至于其节目几乎可以保证找到观众。这与 Netflix 非常不同，Netflix 基本上必须从无到有地创作节目，然后希望它们足够好，能够找到观众。</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。它可以通过从其知名知识产权和特许经营权中创建更多节目来建立其家庭观众。</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，我们将在 22 财年将迪士尼、漫威、皮克斯、星球大战和国家地理等主要品牌的原创内容数量增加了近一倍，其中我们备受期待的大部分作品将于 7 月至 9 月上市，”查佩克说。“这标志着去年 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。查佩克说，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>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单一、最有效的方式就是拥有优质的内容，我们特别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 多部处于不同开发和生产阶段的本地原创作品。”</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>Disney+为星球大战迷准备了一份迟来的礼物；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>Disney+为星球大战迷准备了一份迟来的礼物；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>华特·迪士尼的（<b>迪斯</b>) 以最新的漫威系列《鹰眼》、披头士乐队纪录片《回来》以及 12 月 29 日备受期待的《星球大战》系列《波巴·费特之书》的首映，为这一年画上了圆满的句号。作为广受欢迎的《曼达洛人》的姊妹篇，该剧讲述了这位广受欢迎的赏金猎人是如何在《绝地归来》中被汉·索罗撞进萨拉克坑的。</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，迪士尼+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来结束这一年，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 继续表现令人难以置信的良好，分别拥有 1.181 亿、1710 万和 4380 万订阅用户，总计 1.79 亿订阅量，”他说。“为了正确看待这一增长，仅在上一财年，我们的 DTC 产品组合的订阅总数就增长了 48%，特别是 Disney+ 订阅订阅数量增长了 60%。”</blockquote></p><p> <b>Disney's CEO Has a Long-term View</b></p><p><blockquote><b>迪士尼首席执行官有长远眼光</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+已经超过了所有最初的增长预测，但Chapek拒绝陷入当下。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，而不是一个季度一个季度地管理，我们有信心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，到 2024 财年末，全球付费 Disney+ 订户数量将达到 2.3 亿至 2.6 亿，Disney+ 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>).该公司拥有如此多的高端、极其知名的知识产权（IP），以至于其节目几乎可以保证找到观众。这与 Netflix 非常不同，Netflix 基本上必须从无到有地创作节目，然后希望它们足够好，能够找到观众。</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。它可以通过从其知名知识产权和特许经营权中创建更多节目来建立其家庭观众。</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，我们将在 22 财年将迪士尼、漫威、皮克斯、星球大战和国家地理等主要品牌的原创内容数量增加了近一倍，其中我们备受期待的大部分作品将于 7 月至 9 月上市，”查佩克说。“这标志着去年 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。查佩克说，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>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单一、最有效的方式就是拥有优质的内容，我们特别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 多部处于不同开发和生产阶段的本地原创作品。”</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":4030,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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.laohunote.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>圣诞老人集会手表：本周须知</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归来，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>圣诞老人集会手表：本周须知</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; 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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>圣诞老人集会手表：本周须知</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归来，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":{"FCEL":"燃料电池能源","SPY.AU":"SPDR® S&P 500® ETF Trust","BK4096":"电气部件与设备","BK4541":"氢能源"},"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":{"SPY.AU":0.9,"FCEL":0.9}},"isVote":1,"tweetType":1,"viewCount":3514,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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":960,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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.laohunote.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>华尔街已开始对明年进行年度展望预测，韦德布什证券看好多个主题，包括苹果（纳斯达克股票代码：AAPL）、微软（纳斯达克股票代码：MSFT）、Alphabet（纳斯达克股票代码：GOOGL）和其他大型科技公司的持续增长。</li><li>分析师丹·艾夫斯 (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）”，因为盈利预测现在考虑到了美联储的鹰派立场和科技股的一些估值过高。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，艾夫斯认为苹果 (AAPL) 将在夏季推出期待已久且经常猜测的 AR/VR 头显苹果眼镜，这将“为该股带来另一个主要增长催化剂”，因为这家全球最有价值的公司继续将其用户群货币化。</li><li>Ives 还认为，随着企业和消费者之间的数字化转型，以 Invesco 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) 可能会在年底达到 19,000 股，高于目前的 15,400 股左右。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>艾夫斯表示，随着 Meta Platforms（纳斯达克股票代码：FB）、苹果（AAPL）、谷歌（GOOGL）和微软（MSFT）等公司明年在这一领域投资“数十亿”美元，可能会出现“大量”合并活动。</li><li>艾夫斯还认为，云军备竞赛将保持激烈，因为参赛者将在未来十年内追求 1 万亿美元的支出。他认为，到 2022 年底，超过 50% 的工作负载将位于云端，高于目前的 43%，这主要使亚马逊（纳斯达克股票代码：AMZN）、微软（MSFT）和谷歌（GOOGL）受益，其次是甲骨文（纽约证券交易所股票代码：ORCL）和 IBM（纽约证券交易所股票代码：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，他认为 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幅支出和收购。Cerence（纳斯达克股票代码：CRNC）、Matterport（纳斯达克股票代码：MTTR）、Varonis（VRNS）、Rapid7（纳斯达克股票代码：RPD）和Sailpoint（SAIL）是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，将在上半年“显着缓和”。苹果 (AAPL) 和芯片公司（艾夫斯确实点名了任何具体的公司）是“从这一关键动态宽松政策中受益的最佳跳板赌注”。</li><li>与更广泛的想法保持一致，艾夫斯认为，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，并可能阻碍他们收购或收购其他公司的能力。</li><li>艾夫斯还认为，随着政府继续打压公司，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流出中国科技股并流入美国科技股。</li><li>最后，艾夫斯认为苹果 (AAPL) 明年市值将达到 3 万亿美元，微软 (MSFT) 紧随其后。</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>华尔街已开始对明年进行年度展望预测，韦德布什证券看好多个主题，包括苹果（纳斯达克股票代码：AAPL）、微软（纳斯达克股票代码：MSFT）、Alphabet（纳斯达克股票代码：GOOGL）和其他大型科技公司的持续增长。</li><li>分析师丹·艾夫斯 (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）”，因为盈利预测现在考虑到了美联储的鹰派立场和科技股的一些估值过高。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，艾夫斯认为苹果 (AAPL) 将在夏季推出期待已久且经常猜测的 AR/VR 头显苹果眼镜，这将“为该股带来另一个主要增长催化剂”，因为这家全球最有价值的公司继续将其用户群货币化。</li><li>Ives 还认为，随着企业和消费者之间的数字化转型，以 Invesco 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) 可能会在年底达到 19,000 股，高于目前的 15,400 股左右。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>艾夫斯表示，随着 Meta Platforms（纳斯达克股票代码：FB）、苹果（AAPL）、谷歌（GOOGL）和微软（MSFT）等公司明年在这一领域投资“数十亿”美元，可能会出现“大量”合并活动。</li><li>艾夫斯还认为，云军备竞赛将保持激烈，因为参赛者将在未来十年内追求 1 万亿美元的支出。他认为，到 2022 年底，超过 50% 的工作负载将位于云端，高于目前的 43%，这主要使亚马逊（纳斯达克股票代码：AMZN）、微软（MSFT）和谷歌（GOOGL）受益，其次是甲骨文（纽约证券交易所股票代码：ORCL）和 IBM（纽约证券交易所股票代码：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，他认为 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幅支出和收购。Cerence（纳斯达克股票代码：CRNC）、Matterport（纳斯达克股票代码：MTTR）、Varonis（VRNS）、Rapid7（纳斯达克股票代码：RPD）和Sailpoint（SAIL）是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，将在上半年“显着缓和”。苹果 (AAPL) 和芯片公司（艾夫斯确实点名了任何具体的公司）是“从这一关键动态宽松政策中受益的最佳跳板赌注”。</li><li>与更广泛的想法保持一致，艾夫斯认为，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，并可能阻碍他们收购或收购其他公司的能力。</li><li>艾夫斯还认为，随着政府继续打压公司，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流出中国科技股并流入美国科技股。</li><li>最后，艾夫斯认为苹果 (AAPL) 明年市值将达到 3 万亿美元，微软 (MSFT) 紧随其后。</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":{"MSFT":"微软","AAPL":"苹果"},"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":1190,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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":882,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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.laohunote.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) 的内部计算表明其估值被低估了 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 (NYSE:SE) 的未来现金流，然后将其贴现到今天的价值来评估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，继续读下去吧!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。对于那些热衷于股票分析的人来说，这里的简单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，而第二阶段通常被假设有稳定的增长率。首先，我们需要估算未来十年的现金流。在可能的情况下，我们使用分析师估计，但当这些估计不可用时，我们会根据上次估计或报告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萎缩速度，而自由现金流增长的公司在此期间增长率将放缓。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 就是未来一美元的价值低于今天一美元的想法，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值：（「Est」=简单华尔街估计的自由现金流增长率）</blockquote></p><p> <b>Present Value of 10-year Cash Flow (PVCF)</b>= US$46b</p><p><blockquote><b>10年现金流量现值（PVCF）</b>= 460亿美元</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>计算完初始10年期间未来现金流量的现值后，我们需要计算终端值，终端值占了第一阶段以外的所有未来现金流量。由于许多原因，使用的增长率是非常保守的，不能超过一个国家的国内生产总值增长率。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“成长期”相同，我们使用 6.3% 的股权成本将未来现金流贴现到今天的价值。</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>= FCF2031× (1 + g) ÷ (r – g) = 130亿美元× (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>终端价值现值（PVTV）</b>= 电视 / (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量加上折现终值的总和，得出总股本价值，在本例中为204b美元。为了得到每股内在价值，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，比目前的股价折扣了 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——垃圾进去，垃圾出去。</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，第二个是现金流。你不必同意这些输入，我建议你自己重新计算并玩它们。DCF也没有考虑行业可能的周期性，或公司未来的资本需求，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，因此股权成本被用作贴现率，而不是考虑债务的资本成本（或加权平均资本成本，WACC）。在这个计算中，我们使用了6.3%，这是基于1.000的杠杆贝塔。贝塔值是衡量股票与整个市场相比波动性的指标。我们的贝塔值来自全球可比公司的行业平均贝塔值，限制在0.8到2.0之间，对于稳定的业务来说，这是一个合理的范围。</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>虽然很重要，但DCF计算不应该是你在研究一家公司时唯一考虑的指标。DCF模型并不是一个完美的股票估值工具。最好应用不同的案例和假设，看看它们将如何影响公司的估值。如果一家公司以不同的速度增长，或者如果其股权成本或无风险利率发生巨大变化，产出可能会非常不同。我们能弄清楚为什么该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另外三个项目：</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，您应该意识到<b>2个警告标志</b>我们发现了海。</li><li><b>未来盈利</b>: SE 的增长率与同行和更广泛的市场相比如何？</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) 的内部计算表明其估值被低估了 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) 的内部计算表明其估值被低估了 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 (NYSE:SE) 的未来现金流，然后将其贴现到今天的价值来评估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，继续读下去吧!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。对于那些热衷于股票分析的人来说，这里的简单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，而第二阶段通常被假设有稳定的增长率。首先，我们需要估算未来十年的现金流。在可能的情况下，我们使用分析师估计，但当这些估计不可用时，我们会根据上次估计或报告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萎缩速度，而自由现金流增长的公司在此期间增长率将放缓。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 就是未来一美元的价值低于今天一美元的想法，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值：（「Est」=简单华尔街估计的自由现金流增长率）</blockquote></p><p> <b>Present Value of 10-year Cash Flow (PVCF)</b>= US$46b</p><p><blockquote><b>10年现金流量现值（PVCF）</b>= 460亿美元</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>计算完初始10年期间未来现金流量的现值后，我们需要计算终端值，终端值占了第一阶段以外的所有未来现金流量。由于许多原因，使用的增长率是非常保守的，不能超过一个国家的国内生产总值增长率。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“成长期”相同，我们使用 6.3% 的股权成本将未来现金流贴现到今天的价值。</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>= FCF2031× (1 + g) ÷ (r – g) = 130亿美元× (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>终端价值现值（PVTV）</b>= 电视 / (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量加上折现终值的总和，得出总股本价值，在本例中为204b美元。为了得到每股内在价值，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，比目前的股价折扣了 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——垃圾进去，垃圾出去。</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，第二个是现金流。你不必同意这些输入，我建议你自己重新计算并玩它们。DCF也没有考虑行业可能的周期性，或公司未来的资本需求，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，因此股权成本被用作贴现率，而不是考虑债务的资本成本（或加权平均资本成本，WACC）。在这个计算中，我们使用了6.3%，这是基于1.000的杠杆贝塔。贝塔值是衡量股票与整个市场相比波动性的指标。我们的贝塔值来自全球可比公司的行业平均贝塔值，限制在0.8到2.0之间，对于稳定的业务来说，这是一个合理的范围。</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>虽然很重要，但DCF计算不应该是你在研究一家公司时唯一考虑的指标。DCF模型并不是一个完美的股票估值工具。最好应用不同的案例和假设，看看它们将如何影响公司的估值。如果一家公司以不同的速度增长，或者如果其股权成本或无风险利率发生巨大变化，产出可能会非常不同。我们能弄清楚为什么该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另外三个项目：</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，您应该意识到<b>2个警告标志</b>我们发现了海。</li><li><b>未来盈利</b>: SE 的增长率与同行和更广泛的市场相比如何？</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":1968,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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":750,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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.laohunote.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：如果您要逢低买入，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>苹果股票仍然恐慌。在我抛出削减头寸的想法仅仅一周后，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%，几乎进入了回调区。</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抓住这个机会开始逢低买入。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：苹果在华门店。</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>AAPL 远非一只非常便宜的股票。如今的市盈率仍然高于疫情爆发前至少整整十年的水平（见下图）。然而，随着最近股价下跌但业务基本面仍然有弹性，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 日的最后一次检查，2022 财年倍数已降至 27.5 倍。这些水平与 2020 年 6 月大致相同，之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”。这个口头禅可能看起来过于简单，但这个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>我们经常在苹果 Maven 频道上提到，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，当股票在峰值附近买入时，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>对于逢低买家来说，这次会有所不同吗？我不这么认为。需要明确的是，我并不认为每只股票都值得在疲软时持有，因为 “40% 的股票从峰值永久性下跌了 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。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，以上所有情况听起来都很乐观，并且是以目前 168 美元左右的股价购买苹果的动力。但如果这样做，我敦促交易者和投资者关注波动性。</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数量方面的考虑一样重要。那些逢低买入的人必须愿意忍受更高的波动性，而过去几周 AAPL 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 的年度波动性，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>由于苹果股价可能在短期内反弹，如果股价远低于当前水平，一些人可能会试图过早出售股票。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：如果您要逢低买入，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：如果您要逢低买入，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>苹果股票仍然恐慌。在我抛出削减头寸的想法仅仅一周后，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%，几乎进入了回调区。</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抓住这个机会开始逢低买入。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：苹果在华门店。</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>AAPL 远非一只非常便宜的股票。如今的市盈率仍然高于疫情爆发前至少整整十年的水平（见下图）。然而，随着最近股价下跌但业务基本面仍然有弹性，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 日的最后一次检查，2022 财年倍数已降至 27.5 倍。这些水平与 2020 年 6 月大致相同，之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”。这个口头禅可能看起来过于简单，但这个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>我们经常在苹果 Maven 频道上提到，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，当股票在峰值附近买入时，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>对于逢低买家来说，这次会有所不同吗？我不这么认为。需要明确的是，我并不认为每只股票都值得在疲软时持有，因为 “40% 的股票从峰值永久性下跌了 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。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，以上所有情况听起来都很乐观，并且是以目前 168 美元左右的股价购买苹果的动力。但如果这样做，我敦促交易者和投资者关注波动性。</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数量方面的考虑一样重要。那些逢低买入的人必须愿意忍受更高的波动性，而过去几周 AAPL 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 的年度波动性，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>由于苹果股价可能在短期内反弹，如果股价远低于当前水平，一些人可能会试图过早出售股票。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":1270,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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":1427,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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.laohunote.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>当谈到改善2021年的整体情况时，它可能会有很多工作要做。</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它在云计算和个人电脑等领域的增长。微软 (MSFT) 也对其前景给予了高度评价，认为其下一份报告的季度收入可能会首次超过 500 亿美元。投资者也应该对微软 (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 月份取得了象征性的、尽管是暂时的胜利，当时它短暂地从苹果（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。因此，不用说，2021 年对于微软 (MSFT) 来说是丰收的一年。</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，这就引出了一个问题：微软 (MSFT) 的 2022 年可能会是什么样子，以及首席执行官萨蒂亚·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重点关注的领域。</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，他表示纳德拉的盈利看涨期权评论“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如何在微软 (MSFT) 的增长中发挥作用，纳德拉将这些领域作为公司在可预见的未来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，市场份额为28%。相比之下，甲骨文（纽约证券交易所股票代码：ORCL）是第二大公司，拥有 22% 的市场份额，亚马逊网络服务（纳斯达克股票代码：AMZN）排名第三，拥有数据管理市场 9% 的份额。</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公司总收入的 12%，高于 2017 年的 10%。同期，云收入也增加了一倍多，从销售额的 3% 增加到约 7%，韦斯表示，他预计此类销售将成为微软 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，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>韦斯和其他摩根士丹利分析师还将微软 (MSFT) 评为 2022 年的首选，作为明年软件行业“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>当谈到改善2021年的整体情况时，它可能会有很多工作要做。</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它在云计算和个人电脑等领域的增长。微软 (MSFT) 也对其前景给予了高度评价，认为其下一份报告的季度收入可能会首次超过 500 亿美元。投资者也应该对微软 (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 月份取得了象征性的、尽管是暂时的胜利，当时它短暂地从苹果（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。因此，不用说，2021 年对于微软 (MSFT) 来说是丰收的一年。</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，这就引出了一个问题：微软 (MSFT) 的 2022 年可能会是什么样子，以及首席执行官萨蒂亚·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重点关注的领域。</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，他表示纳德拉的盈利看涨期权评论“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如何在微软 (MSFT) 的增长中发挥作用，纳德拉将这些领域作为公司在可预见的未来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，市场份额为28%。相比之下，甲骨文（纽约证券交易所股票代码：ORCL）是第二大公司，拥有 22% 的市场份额，亚马逊网络服务（纳斯达克股票代码：AMZN）排名第三，拥有数据管理市场 9% 的份额。</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公司总收入的 12%，高于 2017 年的 10%。同期，云收入也增加了一倍多，从销售额的 3% 增加到约 7%，韦斯表示，他预计此类销售将成为微软 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，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>韦斯和其他摩根士丹利分析师还将微软 (MSFT) 评为 2022 年的首选，作为明年软件行业“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":1206,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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":1275,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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":1144,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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":882,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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":538,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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,"isVote":1,"tweetType":1,"viewCount":5618,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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":650,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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.laohunote.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 辆中国制造汽车 - 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9月份售出56,006辆中国制造的汽车，特斯拉股价在盘前交易中小幅上涨0.1%。</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>尽管通用汽车销量下降，但特斯拉公司 9 月份中国制造汽车运往当地市场的出货量连续第二个月增长。</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）的电动汽车制造商报告称，继 8 月份增长近 50% 之后，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 3853 辆汽车。这意味着特斯拉9月份对华出货量比8月份增长了27%，达到56006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大趋势，该公司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，马斯克表示，特斯拉上海工厂的产量现在超过了加州弗里蒙特工厂。</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，始于 4 月份上海车展上一位心怀不满的车主的抗议在社交媒体上疯传。随后发生了一系列车祸以及监管机构对安全和客户服务问题的审查，最近一名司机成功起诉特斯拉在购买二手 Model S 时存在欺诈行为。</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前半段优先考虑海外发货的模式，然后在下半段增加本地发货。</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、运动型多功能车、多用途车和小型货车的整体零售量同比下降 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秘书长崔东树说：”我们看到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发货”。</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 辆中国制造汽车 - 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 辆中国制造汽车 - 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9月份售出56,006辆中国制造的汽车，特斯拉股价在盘前交易中小幅上涨0.1%。</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>尽管通用汽车销量下降，但特斯拉公司 9 月份中国制造汽车运往当地市场的出货量连续第二个月增长。</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）的电动汽车制造商报告称，继 8 月份增长近 50% 之后，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 3853 辆汽车。这意味着特斯拉9月份对华出货量比8月份增长了27%，达到56006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大趋势，该公司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，马斯克表示，特斯拉上海工厂的产量现在超过了加州弗里蒙特工厂。</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，始于 4 月份上海车展上一位心怀不满的车主的抗议在社交媒体上疯传。随后发生了一系列车祸以及监管机构对安全和客户服务问题的审查，最近一名司机成功起诉特斯拉在购买二手 Model S 时存在欺诈行为。</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前半段优先考虑海外发货的模式，然后在下半段增加本地发货。</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、运动型多功能车、多用途车和小型货车的整体零售量同比下降 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秘书长崔东树说：”我们看到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发货”。</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":904,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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":643,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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.laohunote.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>礼来公司盈利低于预期。股价为何飙升</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>礼来公司报告称，第二季度销售额同比跃升，但这一增长在很大程度上是由于自 2020 年封锁以来全球范围内的补货。在调整了 Covid-19 的影响后，销售额仍增长了 12%，而盈利则符合华尔街的预测。</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）股价周二早盘上涨 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%，达到 67 亿美元。这略高于 Sentieo.com 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实现了强劲的销量增长。根据礼来公司的估计，2020 年 6 月 Covid 封锁期间的业务水平较低，与去年同期相比减少了 2.5 亿美元。礼来公司表示，考虑到这一不寻常的疲软，以及 2021 年公司出售其勃起功能障碍治疗药物 Cialis 的中国版权等一次性收益，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，例如糖尿病药物 Trulicity、心脏病药物 Jardiance 和牛皮癣治疗药物 Taltz。该公司希望在 2021 年底前提交治疗阿尔茨海默病的研究性治疗药物 donanemab 的营销申请。美国食品和药物管理局出人意料地批准了百健公司（BIIB）的阿尔茨海默氏症治疗药物 Aduhelm，这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>第二季度盈利为 14 亿美元，即每股 1.53 美元。礼来公司表示，经非现金和一次性应计费用调整后，每股收益为 1.83 美元，比去年同期第二季度调整后的数字增长了约 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，导致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显示出对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 Beta 和 Gamma 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，今年的利润中位数将约为每股 6.83 美元，而不是之前指导的中位数 7.13 美元。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>礼来公司盈利低于预期。股价为何飙升</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>礼来公司盈利低于预期。股价为何飙升</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>礼来公司报告称，第二季度销售额同比跃升，但这一增长在很大程度上是由于自 2020 年封锁以来全球范围内的补货。在调整了 Covid-19 的影响后，销售额仍增长了 12%，而盈利则符合华尔街的预测。</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）股价周二早盘上涨 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%，达到 67 亿美元。这略高于 Sentieo.com 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实现了强劲的销量增长。根据礼来公司的估计，2020 年 6 月 Covid 封锁期间的业务水平较低，与去年同期相比减少了 2.5 亿美元。礼来公司表示，考虑到这一不寻常的疲软，以及 2021 年公司出售其勃起功能障碍治疗药物 Cialis 的中国版权等一次性收益，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，例如糖尿病药物 Trulicity、心脏病药物 Jardiance 和牛皮癣治疗药物 Taltz。该公司希望在 2021 年底前提交治疗阿尔茨海默病的研究性治疗药物 donanemab 的营销申请。美国食品和药物管理局出人意料地批准了百健公司（BIIB）的阿尔茨海默氏症治疗药物 Aduhelm，这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>第二季度盈利为 14 亿美元，即每股 1.53 美元。礼来公司表示，经非现金和一次性应计费用调整后，每股收益为 1.83 美元，比去年同期第二季度调整后的数字增长了约 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，导致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显示出对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 Beta 和 Gamma 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，今年的利润中位数将约为每股 6.83 美元，而不是之前指导的中位数 7.13 美元。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":453,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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":512,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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":703,"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,"idStr":"3581581151725380","authorIdStr":"3581581151725380"},"themes":[],"title":"","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.laohunote.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\">诺瓦瓦克斯</a>（NVAX）发布了各自的<a href=\"https://laohu8.com/S/QTWO\">第二季度</a>收入<a href=\"https://laohu8.com/S/AONE.U\">一</a>随着 COVID-19 疫苗产量的增加，Moderna 表示其 mRNA 疫苗项目取得了令人鼓舞的进展。与此同时，Novavax 推迟向美国政府 ((USG)) 申请紧急使用授权 ((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，以确保其收入可持续性，从而继续取得良好的发展势头。</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其价格出现了大量的乐观情绪。</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：Seeking 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：Seeking 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 公布了一份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 $4.354B，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财年共识估计。数据来源：S&amp;P Capital IQ</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 $1.94B 增至 21 年第二季度的 $4.35B，令人印象深刻。然而，Moderna 需要在 2021 年下半年大幅增长才能达到华尔街对 2021 财年的预期，因为 2021 年上半年 6.29B 美元的收入仅占 2021 财年共识预期的 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>为此，Moderna 向投资者保证，根据该公司签署的 2021 财年预购协议 ((APA))，Moderna 表示，“预计 2021 年交付量反映了当前全年约 200 亿美元的预期产品销售总额。”该公司继续预计 2021 年将供应至少 8 亿至 1B 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>现代季度毛利率。数据来源：S&amp;P Capital IQ</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加也改善了 Moderna 的规模经济，因为其毛利率在 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-19 H1’21 的产品销售额为 59.3 亿美元，约占 H1’21 总收入的 94.3%，收入成本要低得多。根据我们的调查结果，Moderna 的 COVID-19 产品销售的收入成本为 $1.1B，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，“预计销售总成本占产品销售额的百分比将在 18% 至 20% 之间，而我们之前的预期约为产品销售额的 20%。这反映了这一全球制造网络的成功扩张。”</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 1.9 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 年上半年交付了 3.01 亿剂疫苗，确认为产品收入。鉴于我们 H1'21 的收入成本约为 $1.1B，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 年剩余时间内保持这一水平。</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 亿美元销售成本包括他们的 “零成本 COVID-19 库存”，正如该公司所强调的那样： “截至 2021 年第一季度末，我们已基本使用了零成本 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，基于我们上面的计算，我们认为更准确地反映销售成本非常重要，公司也在其盈利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>现代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 USG，该公司采用了“有利”的定价模式，因为美国政府的资助以及 USG 向 Moderna 承诺的 5 亿剂订单，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，其中包括来自包括欧盟在内的国家的更大订单，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价格将处于 32 至 37 美元范围的低端。</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，这一类别“获得了最低等级的定价，包括向 COVAX 销售的产品，这些产品远低于美国政府的价格。”</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，我们可以很容易地得出其 2021 年上半年每剂约 19.7 美元（59.3 亿美元/3.01 亿美元）的平均价格，尽管该公司强调，随着他们提高产量向 COVAX 以及中低收入国家交付，该价格可能会降低，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，并可选择增加最多 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，投资者继续监测未来对 mRNA-1273 平均价格的影响将是有用的。Moderna还表示，随着我们从疫情走向新冠肺炎流行的世界，它预计会有更多的价格竞争。此外，随着该公司将产量从 2021 年的预计 8 亿至 1B 剂量提高到 2022 年的 2B 至 3B 剂量，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>很明显，随着高收入国家开始接近 60% 至 70% 的完全接种率，Moderna 已大幅提高产量，以竞争 2022 年和 2023 年 COVAX 类别国家 mRNA-1273 产品的下一阶段 COVID-19 分销。然而，我们可以从上图中清楚地了解到，只有15%的世界总人口接种了疫苗，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。我们认为这就是 Moderna 作为两家 mRNA 疫苗制造商之一，已经充分证明其价值的地方。<a href=\"https://laohu8.com/S/PFE\">辉瑞</a>-BioNTech作为该公司最近的COVE研究表明，mRNA-1273在第二剂后4至6个月可以维持93.2%的疗效，对重症有98.2%的疗效，以及对COVID-19导致的死亡有100%的疗效。与辉瑞-BioNTech的疫苗相比，预计6个月后有效率将降至84%，我们显然会为令人惊叹的结果鼓掌，这些结果清楚地证明了Moderna的Spikevax对抗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 博士清楚地阐述了他认为谁拥有市场上 COVID-19 疫苗的卓越 mRNA 技术（向辉瑞-BioNTech 的人们大声喊出来）：</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疫苗，这种疫苗将持续尽可能长的时间，【帮助】尽可能多的人安全……这是我们第一次有数据至少显示，在最初接种疫苗六个月后，我们看到了基本相同水平的保护，这是非常令人鼓舞的。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，疗效差异达到 9.2 个百分点。该公司强调：</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，随着中和抗体滴度的减弱，效力的小差异将在约200、250天时开始出现较大的效力差异。这可能是我们开始看到的。如果你玩前锋，如果你假设[达文波特大学的教授<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，然后这种情况持续了一年，在此期间中和抗体滴度持续下降。因此，我们认为，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 Beta、Gamma 和 Delta 变体，“中和滴度已降至可检测水平以下——所有 3 例病例中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已经有力地收集了加强剂的案例，有强有力的证据表明它们在防止可能出现的新的潜在变异方面的重要性，Moderna当然已经警告过这一点：“...在我们看来，β线、γ线中存在的3个突变和δ线中存在的2个突变可能会找到某种方式以新的和潜在的可怕的方式结合起来，这是合乎逻辑的。如果这伴随着传播性的增加，Delta可以实现的传染性，这可能是一个重大威胁。因此，我们将我们的多价平台视为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>该公司正在开发一个“主动”多价平台，将“不同的变体组合成单一疫苗”，作为其对抗预计出现的潜在变体的策略。根据该公司的化验研究，该平台在其研究中的表现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，但它仍然是用作加强剂的有力候选物。</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 快速发展的形势下，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主动地对抗潜在的新的、更有效的抗原，Moderna 甚至承认德尔塔变异毒株让他们感到谦卑，正如它补充的那样： “我认为德尔塔变异毒株教会了我们，面对病毒的反击和传播能力，我们也要保持令人难以置信的谦逊。我的意思是，我想我们大多数人在今年早些时候都会认为 SARS-CoV-2 是一种相当不错的感染者。Delta 向我们展示了它可以向前迈出巨大的步伐。”</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，应该很清楚，2022 年有望成为 Moderna 将其 2B 或 3B 剂量供应量几乎翻一番或三倍的一年，具体取决于该公司未来在其产品中使用的是 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剂量，同时我们还需要考虑到Novavax即将进入新冠肺炎疫苗生产游戏，以及已经拥有5B剂量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 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针对辉瑞-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：S&amp;P Capital IQ</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，我们认为华尔街已谨慎地降低了对 Moderna 未来几年的收入预期。由于预计上线的大量供应量，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，他们在公司涉足的其他5个治疗领域取得了良好进展。值得一提的是，该公司最近从美国FDA获得了该公司sRSV候选疫苗mRNA-1345的快速通道认证，特别是当市场上还没有批准的RSV疫苗时。</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，该公司还开始了针对季节性流感市场的 mRNA-1010 四价季节性流感疫苗的 I/II 期研究，根据 Moderna 的估计，该疫苗每年的价值约为 5B 至 6B 美元，特别是根据 CDC 数据，目前的流感疫苗功效在 40% 至 60% 之间。Moderna 预计其四价疫苗最早将于 2023 年推出。</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也期待其CMV疫苗取得良好效果，预计很快将进入III期试验。它还将允许该公司每年挖掘 20 亿美元至 50 亿美元的市场价值。</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其mRNA-1273的成功，以自信地推进其他项目，以维持其商业成功，而不仅仅是一家新冠肺炎疫苗制造商。因此，我们鼓励投资者密切关注其最先进的项目，并跟上其发展步伐。</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>生物技术同行估值补偿集。资料来源：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：S&amp;P Capital IQ</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 目前的电动汽车/前轮驱动转速约为 8 倍，有趣的是，低于同行 14.14 倍的平均倍数，而 Moderna 的估值可能很有吸引力。然而，这是假设 Moderna 可以在未来几年继续强劲增加收入，我们之前提出的这一点可能会在未来面临重大阻力。</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，因为其到 2025 财年末的收入倍数预计约为 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 的平均价格目标。资料来源：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，较上次收盘价折扣 35%。分析师来自<a href=\"https://laohu8.com/S/OPY\">奥本海默</a>他还强调，“MRNA 股票对未来大量的经常性收入和产品线进展进行了公平的定价......[认为]该公司的非 COVID 产品线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一致，我们认为目前 Moderna 的价值观很大。因此，我们认为，如果投资者现在获得了可观的利润，我们强烈建议您至少获得部分利润并承担一些风险。</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 的长期上升趋势偏见（这就是为什么我们不建议对具有明显上升趋势偏见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，不可能准确地推测顶部在哪里。因此，我们认为投资者谨慎的做法是将一些利润从桌面上移开，等待兴奋情绪冷却下来，然后再考虑再次增加 MRNA 的敞口。</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 50% 的利润，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\">诺瓦瓦克斯</a>（NVAX）发布了各自的<a href=\"https://laohu8.com/S/QTWO\">第二季度</a>收入<a href=\"https://laohu8.com/S/AONE.U\">一</a>随着 COVID-19 疫苗产量的增加，Moderna 表示其 mRNA 疫苗项目取得了令人鼓舞的进展。与此同时，Novavax 推迟向美国政府 ((USG)) 申请紧急使用授权 ((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，以确保其收入可持续性，从而继续取得良好的发展势头。</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其价格出现了大量的乐观情绪。</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：Seeking 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：Seeking 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 公布了一份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 $4.354B，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财年共识估计。数据来源：S&amp;P Capital IQ</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 $1.94B 增至 21 年第二季度的 $4.35B，令人印象深刻。然而，Moderna 需要在 2021 年下半年大幅增长才能达到华尔街对 2021 财年的预期，因为 2021 年上半年 6.29B 美元的收入仅占 2021 财年共识预期的 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>为此，Moderna 向投资者保证，根据该公司签署的 2021 财年预购协议 ((APA))，Moderna 表示，“预计 2021 年交付量反映了当前全年约 200 亿美元的预期产品销售总额。”该公司继续预计 2021 年将供应至少 8 亿至 1B 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>现代季度毛利率。数据来源：S&amp;P Capital IQ</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加也改善了 Moderna 的规模经济，因为其毛利率在 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-19 H1’21 的产品销售额为 59.3 亿美元，约占 H1’21 总收入的 94.3%，收入成本要低得多。根据我们的调查结果，Moderna 的 COVID-19 产品销售的收入成本为 $1.1B，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，“预计销售总成本占产品销售额的百分比将在 18% 至 20% 之间，而我们之前的预期约为产品销售额的 20%。这反映了这一全球制造网络的成功扩张。”</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 1.9 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 年上半年交付了 3.01 亿剂疫苗，确认为产品收入。鉴于我们 H1'21 的收入成本约为 $1.1B，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 年剩余时间内保持这一水平。</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 亿美元销售成本包括他们的 “零成本 COVID-19 库存”，正如该公司所强调的那样： “截至 2021 年第一季度末，我们已基本使用了零成本 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，基于我们上面的计算，我们认为更准确地反映销售成本非常重要，公司也在其盈利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>现代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 USG，该公司采用了“有利”的定价模式，因为美国政府的资助以及 USG 向 Moderna 承诺的 5 亿剂订单，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，其中包括来自包括欧盟在内的国家的更大订单，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价格将处于 32 至 37 美元范围的低端。</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，这一类别“获得了最低等级的定价，包括向 COVAX 销售的产品，这些产品远低于美国政府的价格。”</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，我们可以很容易地得出其 2021 年上半年每剂约 19.7 美元（59.3 亿美元/3.01 亿美元）的平均价格，尽管该公司强调，随着他们提高产量向 COVAX 以及中低收入国家交付，该价格可能会降低，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，并可选择增加最多 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，投资者继续监测未来对 mRNA-1273 平均价格的影响将是有用的。Moderna还表示，随着我们从疫情走向新冠肺炎流行的世界，它预计会有更多的价格竞争。此外，随着该公司将产量从 2021 年的预计 8 亿至 1B 剂量提高到 2022 年的 2B 至 3B 剂量，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>很明显，随着高收入国家开始接近 60% 至 70% 的完全接种率，Moderna 已大幅提高产量，以竞争 2022 年和 2023 年 COVAX 类别国家 mRNA-1273 产品的下一阶段 COVID-19 分销。然而，我们可以从上图中清楚地了解到，只有15%的世界总人口接种了疫苗，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。我们认为这就是 Moderna 作为两家 mRNA 疫苗制造商之一，已经充分证明其价值的地方。<a href=\"https://laohu8.com/S/PFE\">辉瑞</a>-BioNTech作为该公司最近的COVE研究表明，mRNA-1273在第二剂后4至6个月可以维持93.2%的疗效，对重症有98.2%的疗效，以及对COVID-19导致的死亡有100%的疗效。与辉瑞-BioNTech的疫苗相比，预计6个月后有效率将降至84%，我们显然会为令人惊叹的结果鼓掌，这些结果清楚地证明了Moderna的Spikevax对抗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 博士清楚地阐述了他认为谁拥有市场上 COVID-19 疫苗的卓越 mRNA 技术（向辉瑞-BioNTech 的人们大声喊出来）：</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疫苗，这种疫苗将持续尽可能长的时间，【帮助】尽可能多的人安全……这是我们第一次有数据至少显示，在最初接种疫苗六个月后，我们看到了基本相同水平的保护，这是非常令人鼓舞的。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，疗效差异达到 9.2 个百分点。该公司强调：</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，随着中和抗体滴度的减弱，效力的小差异将在约200、250天时开始出现较大的效力差异。这可能是我们开始看到的。如果你玩前锋，如果你假设[达文波特大学的教授<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，然后这种情况持续了一年，在此期间中和抗体滴度持续下降。因此，我们认为，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 Beta、Gamma 和 Delta 变体，“中和滴度已降至可检测水平以下——所有 3 例病例中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已经有力地收集了加强剂的案例，有强有力的证据表明它们在防止可能出现的新的潜在变异方面的重要性，Moderna当然已经警告过这一点：“...在我们看来，β线、γ线中存在的3个突变和δ线中存在的2个突变可能会找到某种方式以新的和潜在的可怕的方式结合起来，这是合乎逻辑的。如果这伴随着传播性的增加，Delta可以实现的传染性，这可能是一个重大威胁。因此，我们将我们的多价平台视为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>该公司正在开发一个“主动”多价平台，将“不同的变体组合成单一疫苗”，作为其对抗预计出现的潜在变体的策略。根据该公司的化验研究，该平台在其研究中的表现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，但它仍然是用作加强剂的有力候选物。</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 快速发展的形势下，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主动地对抗潜在的新的、更有效的抗原，Moderna 甚至承认德尔塔变异毒株让他们感到谦卑，正如它补充的那样： “我认为德尔塔变异毒株教会了我们，面对病毒的反击和传播能力，我们也要保持令人难以置信的谦逊。我的意思是，我想我们大多数人在今年早些时候都会认为 SARS-CoV-2 是一种相当不错的感染者。Delta 向我们展示了它可以向前迈出巨大的步伐。”</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，应该很清楚，2022 年有望成为 Moderna 将其 2B 或 3B 剂量供应量几乎翻一番或三倍的一年，具体取决于该公司未来在其产品中使用的是 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剂量，同时我们还需要考虑到Novavax即将进入新冠肺炎疫苗生产游戏，以及已经拥有5B剂量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 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针对辉瑞-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：S&amp;P Capital IQ</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，我们认为华尔街已谨慎地降低了对 Moderna 未来几年的收入预期。由于预计上线的大量供应量，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，他们在公司涉足的其他5个治疗领域取得了良好进展。值得一提的是，该公司最近从美国FDA获得了该公司sRSV候选疫苗mRNA-1345的快速通道认证，特别是当市场上还没有批准的RSV疫苗时。</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，该公司还开始了针对季节性流感市场的 mRNA-1010 四价季节性流感疫苗的 I/II 期研究，根据 Moderna 的估计，该疫苗每年的价值约为 5B 至 6B 美元，特别是根据 CDC 数据，目前的流感疫苗功效在 40% 至 60% 之间。Moderna 预计其四价疫苗最早将于 2023 年推出。</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也期待其CMV疫苗取得良好效果，预计很快将进入III期试验。它还将允许该公司每年挖掘 20 亿美元至 50 亿美元的市场价值。</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其mRNA-1273的成功，以自信地推进其他项目，以维持其商业成功，而不仅仅是一家新冠肺炎疫苗制造商。因此，我们鼓励投资者密切关注其最先进的项目，并跟上其发展步伐。</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>生物技术同行估值补偿集。资料来源：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：S&amp;P Capital IQ</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 目前的电动汽车/前轮驱动转速约为 8 倍，有趣的是，低于同行 14.14 倍的平均倍数，而 Moderna 的估值可能很有吸引力。然而，这是假设 Moderna 可以在未来几年继续强劲增加收入，我们之前提出的这一点可能会在未来面临重大阻力。</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，因为其到 2025 财年末的收入倍数预计约为 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 的平均价格目标。资料来源：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，较上次收盘价折扣 35%。分析师来自<a href=\"https://laohu8.com/S/OPY\">奥本海默</a>他还强调，“MRNA 股票对未来大量的经常性收入和产品线进展进行了公平的定价......[认为]该公司的非 COVID 产品线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一致，我们认为目前 Moderna 的价值观很大。因此，我们认为，如果投资者现在获得了可观的利润，我们强烈建议您至少获得部分利润并承担一些风险。</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 的长期上升趋势偏见（这就是为什么我们不建议对具有明显上升趋势偏见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，不可能准确地推测顶部在哪里。因此，我们认为投资者谨慎的做法是将一些利润从桌面上移开，等待兴奋情绪冷却下来，然后再考虑再次增加 MRNA 的敞口。</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 50% 的利润，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":488,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}