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2022-01-02

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2021-12-31

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Top 5 SPACs of 2021<blockquote>2021 年 5 大 SPAC</blockquote>

2021-12-30

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2021-12-30

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Retail Stocks Bucked the Trend in Morning Trading<blockquote>零售股早盘逆势上涨</blockquote>

2021-12-29

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2021-12-28

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2021-12-27

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Santa Claus Rally watch: What to know this week<blockquote>圣诞老人集会手表：本周须知</blockquote>

2021-12-25

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2021-12-25

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2021-12-24

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2021-12-23

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Amazon Stock: Why It Might Outperform Apple in 2022<blockquote>亚马逊股票：为什么它可能在 2022 年跑赢苹果</blockquote>

2021-12-23

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Grab Stock May Be Down But It Isn’t Out<blockquote>Grab 股票可能会下跌，但还没有下跌</blockquote>

2021-12-23

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2021-12-22

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2021-12-21

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What happens next with the Fed's $9 trillion balance sheet?<blockquote>美联储9万亿美元的资产负债表接下来会发生什么？</blockquote>

2021-12-21

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10 Biggest Price Target Changes For Tuesday<blockquote>周二 10 大价格目标变化</blockquote>

2021-12-20

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Apple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</blockquote>

2021-12-19

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2021-12-18

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Wall Street ends down after mostly negative week<blockquote>华尔街在经历了大部分负面的一周后收盘下跌</blockquote>

2021-12-17

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Missed Out on Tesla? Here's What to Buy Now<blockquote>错过了特斯拉？这是现在要买的东西</blockquote>

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09:57","market":"us","language":"en","title":"Top 5 SPACs of 2021<blockquote>2021 年 5 大 SPAC</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149905027","media":"TheStreet","summary":"Many private companies went public in 2021, reaping the benefit of investors who sought to allocate ","content":"<p><html><head></head><body>Many private companies went public in 2021, reaping the benefit of investors who sought to allocate their money into the public market, including ones that chose the SPAC route instead of the standard IPO strategy.</p><p><blockquote><html><head></head><body>许多私营公司于 2021 年上市，获得了寻求将资金分配到公开市场的投资者的青睐，其中包括选择 SPAC 路线而不是标准 IPO 策略的投资者。</body></html></blockquote></p><p>Special Purpose Acquisition Companies, or SPACs, were the preferred route for hundreds of companies. Even by March 31 there were 378 IPOs in the U.S., which is more than any entire calendar year between 2003 and 2019, said Duncan Lamont, head of strategic research unit at Schroders, a London-based asset manager.</p><p><blockquote>特殊目的收购公司（SPAC）是数百家公司的首选途径。伦敦资产管理公司施罗德（Schroders）战略研究部门主管邓肯·拉蒙特（Duncan Lamont）表示，截至 3 月 31 日，美国仍有 378 家 IPO，比 2003 年至 2019 年间的任何一个日历年都多。</blockquote></p><p>The $139 billion that was raised by the end of March was over two and a half times the yearly average over this period and consisted of 79% of the year’s IPOs by number and 69% by value were SPACs, he said.</p><p><blockquote>他说，截至 3 月底，共筹集了 1390 亿美元，是同期年平均水平的两倍半以上，其中 79% 的 IPO 数量为 SPAC，69% 的价值为 SPAC。</blockquote></p><p>While the mania to go public via a SPAC later died down, on a year-to-date basis these figures are still 63% and 49%, Lamont said.</p><p><blockquote>拉蒙特表示，虽然通过 SPAC 上市的热潮后来平息了，但今年迄今为止，这些数字仍然是 63% 和 49%。</blockquote></p><p>In 2020 there were 248 SPAC IPOs, but a record-breaking 602 were filed in 2021.</p><p><blockquote>2020 年有 248 家 SPAC IPO，但 2021 年提交的 602 家创纪录。</blockquote></p><p>“2021 has obliterated that record,” he said. “The amount of money raised this year so far has also overtaken last year’s record total. The $160 billion of SPAC IPOs in 2021 is more than the total that was raised across 2003-20 combined.”</p><p><blockquote>“他说：”2021 年抹去了这一记录。“今年迄今为止筹集的资金也超过了去年的创纪录总额。2021 年 1600 亿美元的 SPAC IPO 超过了 2003-20 年的总和。”</blockquote></p><p>Going public has its benefits, but companies have sought to circumvent some of the perceived drawbacks of the IPO process by choosing SPACs, Lamont said.</p><p><blockquote>拉蒙特表示，上市有其好处，但公司试图通过选择 SPAC 来规避 IPO 过程中的一些缺点。</blockquote></p><p>“They give the potential for private companies to sell themselves for a higher price than in a traditional IPO, can give more certainty on pricing, can be faster (5-6 months vs 12-24 months for a traditional IPO) and can be less burdensome and hence less costly from a regulatory perspective,” he said.</p><p><blockquote>“他说：”它们为私营公司提供了以比传统首次公开募股更高的价格出售自己的潜力，可以在定价方面提供更多的确定性，可以更快（传统首次公开募股为 5-6 个月，而传统首次公开募股为 12-24 个月），而且可以减轻负担，因此从监管角度来看成本更低。</blockquote></p><p><b>In hisYear in Review columnReal Money’s James &#34;Rev Shark&#34; DePorre says the broader market had a very tough go of it in 2021, but you wouldn&#39;t know it unless you do some digging.From Reddit and Diamond Hands to SPACs and a stealth bear market, it&#39;s been a wild ride. Get more of his insights and trading strategies on Real Money.</b>Since a merger with a SPAC can be negotiated at a fair value, some companies opt to avoid the IPO “pop” where they are priced to “encourage a jump in the share price on the first day of trading,” Lamont said.</p><p><blockquote><b>Real Money 的 James “Rev Shark” DePorre 在他的年度评论专栏中说，2021 年大盘的表现非常艰难，但除非你做一些调查，否则你不会知道。从 Reddit 和 Diamond Hands 到 SPAC 和隐形熊市，这是一段疯狂的旅程。获取更多他的真实货币见解和交易策略。</b>拉蒙特说，由于与 SPAC 的合并可以以公允价值进行谈判，一些公司选择避免 IPO “pop”，因为在 IPO 中，它们的定价是 “鼓励股价在交易首日上涨 ”。</blockquote></p><p>Another benefit of going public via a SPAC is that private companies can use forward looking statements when marketing themselves to a SPAC, “something which is particularly appealing for fast growing companies,” he said.</p><p><blockquote>通过 SPAC 上市的另一个好处是，私营公司在向 SPAC 推销自己时可以使用前瞻性陈述，“这对快速增长的公司尤其有吸引力，”他说。</blockquote></p><p>A traditional IPO prospectus is only allowed to report historical financials. Instead, SPAC mergers have a legal “safe harbor” from any such liability, Lamont said.</p><p><blockquote>传统的IPO招股说明书只允许报告历史财务状况。拉蒙特说，相反，SPAC 合并有一个法律 “安全港”，可以避免任何此类责任。</blockquote></p><p>While going public as a SPAC appears to be a way to raise capital for a company easily, some investors have lost interest already. Many companies wind up losing valuation quickly.</p><p><blockquote>虽然作为特殊目的收购公司上市似乎是为公司轻松筹集资金的一种方式，但一些投资者已经失去了兴趣。许多公司最终很快就失去了估值。</blockquote></p><p>A 2020 academic paper written by Michael Klausner, a Stanford Law professor and Michael Ohlrogge, a NYU School of Law professor, showed that most underperform the wider market after a deal is struck.</p><p><blockquote>斯坦福大学法学教授迈克尔·克劳斯纳 (Michael Klausner) 和纽约大学法学院教授迈克尔·奥尔罗格 (Michael Ohlrogge) 撰写的 2020 年学术论文显示，大多数公司在交易达成后表现逊于大盘。</blockquote></p><p>“Interestingly, they find that results are far better for ‘high quality sponsors,’ which they define to be individuals who are affiliated with a private assets fund with more than $1 billion of assets, or who have been a CEO or other senior officer at a Fortune 500 company,” Lamont said.</p><p><blockquote>“拉蒙特说：”有趣的是，他们发现'高质量赞助商'的结果要好得多，他们将'高质量赞助商'定义为与资产超过 10 亿美元的私人资产基金有关联的个人，或曾担任财富 500 强公司的首席执行官或其他高级官员。</blockquote></p><p>One indicator of waning enthusiasm for SPACs recently months is that 90% of the SPACs that listed in the U.S. in the first eight months of 2021 were trading below their IPO price by the end of the third quarter.</p><p><blockquote>近几个月来对 SPAC 热情减弱的一个指标是，2021 年前 8 个月在美国上市的 SPAC 中，90% 的交易价格在第三季度末低于其 IPO 价格。</blockquote></p><p>Here are the top five SPACs that are venture-backed and completed mergers with target companies, according to Dec. 22 data from Crunchbase.</p><p><blockquote>根据 Crunchbase 12 月 22 日的数据，以下是风险投资支持并与目标公司完成合并的五大 SPAC。</blockquote></p><p><b>1. SoFi</b></p><p><blockquote><b>1. 苏菲</b></blockquote></p><p><b>SPAC proceeds: $2.4 billion </b></p><p><blockquote><b>SPAC收益：24亿美元</b></blockquote></p><p><b>SPAC valuation: $8.65 billion</b></p><p><blockquote><b>SPAC估值：86.5亿美元</b></blockquote></p><p>SoFi (<b>SOFI</b>) is a fintech company that offers investing and loans, including home and student loans. The company went public after it merged with one of Chamath Palihapitiya’s SPACs.</p><p><blockquote>苏菲（<b>索菲</b>）是一家提供投资和贷款（包括住房贷款和学生贷款）的金融科技公司。该公司在与 Chamath Palihapitiya 的一家 SPAC 合并后上市。</blockquote></p><p><b>2. Clover Health</b></p><p><blockquote><b>2. 三叶草健康</b></blockquote></p><p><b>SPAC proceeds: Up to $1.2 billion </b></p><p><blockquote><b>SPAC 收益：高达 12 亿美元</b></blockquote></p><p><b>SPAC valuation: $7 billion, according to the Silicon Valley Business Journal</b></p><p><blockquote><b>据《硅谷商业杂志》报道，特殊目的收购公司估值：70亿美元</b></blockquote></p><p>Clover Health (<b>CLOV</b>) is a health insurance company for seniors that was the first VC-backed company to go public via a SPAC. The startup was acquired by Social Capital Hedosophia V, Chamath Palihapitiya’s SPAC.</p><p><blockquote>三叶草健康（<b>克洛夫</b>）是一家老年人健康保险公司，是第一家通过 SPAC 上市的风险投资支持公司。这家初创公司被 Chamath Palihapitiya 的 SPAC Social Capital Hedosophia V 收购。</blockquote></p><p><b>3. BarkBox</b></p><p><blockquote><b>3.树皮箱</b></blockquote></p><p><b>SPAC proceeds: $454 million </b></p><p><blockquote><b>SPAC 收益：4.54 亿美元</b></blockquote></p><p><b>SPAC valuation: $1.6 billion</b></p><p><blockquote><b>SPAC估值：16亿美元</b></blockquote></p><p>Barkbox (<b>BARK</b>), the subscription e-commerce company that offers toys and other products for dogs merged with Northern Star Acquisition Group.</p><p><blockquote>树皮箱（<b>吠</b>），为狗狗提供玩具和其他产品的订阅电子商务公司与北极星收购集团合并。</blockquote></p><p><b>4. Hims and Hers Health</b></p><p><blockquote><b>4. 他和她的健康</b></blockquote></p><p><li><b>SPAC proceeds: $280 million</b></li><li><b>SPAC valuation: $1.6 billion, according to Forbes</b></li><li></li>Hims and Hers Health (<b>HIMS</b>)  offers both health products for women and men and merged with SPAC company Oaktree Acquisitions Corp. The deal was among the first major VC-backed SPAC mergers to be completed in 2021, Crunchbase reported.</p><p><blockquote><li><b>SPAC收益：2.8亿美元</b></li><li><b>据《福布斯》报道，SPAC 估值：16 亿美元</b></li><li></li>他和她的健康（<b>希姆斯</b>）为女性和男性提供保健品，并与特殊目的收购公司 Oaktree Acquisitions Corp. 合并。据 Crunchbase 报道，该交易是 2021 年完成的首批由风险投资支持的大型 SPAC 合并之一。</blockquote></p><p></p><p><b>5. Billtrust</b></p><p><blockquote><b>5. 比尔信托</b></blockquote></p><p><b>SPAC valuation: $1.3 billion</b></p><p><blockquote><b>SPAC估值：13亿美元</b></blockquote></p><p>Billtrust, (<b>BTRS</b>) a payment-cycle management platform, merged with South Mountain Merger Corp.</p><p><blockquote>比尔信托，（<b>BTRS</b>) 一个支付周期管理平台，与 South Mountain Merger Corp. 合并。</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>Top 5 SPACs of 2021<blockquote>2021 年 5 大 SPAC</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\">\nTop 5 SPACs of 2021<blockquote>2021 年 5 大 SPAC</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-12-31 09:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Many private companies went public in 2021, reaping the benefit of investors who sought to allocate their money into the public market, including ones that chose the SPAC route instead of the standard IPO strategy.</p><p><blockquote><html><head></head><body>许多私营公司于 2021 年上市，获得了寻求将资金分配到公开市场的投资者的青睐，其中包括选择 SPAC 路线而不是标准 IPO 策略的投资者。</body></html></blockquote></p><p>Special Purpose Acquisition Companies, or SPACs, were the preferred route for hundreds of companies. Even by March 31 there were 378 IPOs in the U.S., which is more than any entire calendar year between 2003 and 2019, said Duncan Lamont, head of strategic research unit at Schroders, a London-based asset manager.</p><p><blockquote>特殊目的收购公司（SPAC）是数百家公司的首选途径。伦敦资产管理公司施罗德（Schroders）战略研究部门主管邓肯·拉蒙特（Duncan Lamont）表示，截至 3 月 31 日，美国仍有 378 家 IPO，比 2003 年至 2019 年间的任何一个日历年都多。</blockquote></p><p>The $139 billion that was raised by the end of March was over two and a half times the yearly average over this period and consisted of 79% of the year’s IPOs by number and 69% by value were SPACs, he said.</p><p><blockquote>他说，截至 3 月底，共筹集了 1390 亿美元，是同期年平均水平的两倍半以上，其中 79% 的 IPO 数量为 SPAC，69% 的价值为 SPAC。</blockquote></p><p>While the mania to go public via a SPAC later died down, on a year-to-date basis these figures are still 63% and 49%, Lamont said.</p><p><blockquote>拉蒙特表示，虽然通过 SPAC 上市的热潮后来平息了，但今年迄今为止，这些数字仍然是 63% 和 49%。</blockquote></p><p>In 2020 there were 248 SPAC IPOs, but a record-breaking 602 were filed in 2021.</p><p><blockquote>2020 年有 248 家 SPAC IPO，但 2021 年提交的 602 家创纪录。</blockquote></p><p>“2021 has obliterated that record,” he said. “The amount of money raised this year so far has also overtaken last year’s record total. The $160 billion of SPAC IPOs in 2021 is more than the total that was raised across 2003-20 combined.”</p><p><blockquote>“他说：”2021 年抹去了这一记录。“今年迄今为止筹集的资金也超过了去年的创纪录总额。2021 年 1600 亿美元的 SPAC IPO 超过了 2003-20 年的总和。”</blockquote></p><p>Going public has its benefits, but companies have sought to circumvent some of the perceived drawbacks of the IPO process by choosing SPACs, Lamont said.</p><p><blockquote>拉蒙特表示，上市有其好处，但公司试图通过选择 SPAC 来规避 IPO 过程中的一些缺点。</blockquote></p><p>“They give the potential for private companies to sell themselves for a higher price than in a traditional IPO, can give more certainty on pricing, can be faster (5-6 months vs 12-24 months for a traditional IPO) and can be less burdensome and hence less costly from a regulatory perspective,” he said.</p><p><blockquote>“他说：”它们为私营公司提供了以比传统首次公开募股更高的价格出售自己的潜力，可以在定价方面提供更多的确定性，可以更快（传统首次公开募股为 5-6 个月，而传统首次公开募股为 12-24 个月），而且可以减轻负担，因此从监管角度来看成本更低。</blockquote></p><p><b>In hisYear in Review columnReal Money’s James &#34;Rev Shark&#34; DePorre says the broader market had a very tough go of it in 2021, but you wouldn&#39;t know it unless you do some digging.From Reddit and Diamond Hands to SPACs and a stealth bear market, it&#39;s been a wild ride. Get more of his insights and trading strategies on Real Money.</b>Since a merger with a SPAC can be negotiated at a fair value, some companies opt to avoid the IPO “pop” where they are priced to “encourage a jump in the share price on the first day of trading,” Lamont said.</p><p><blockquote><b>Real Money 的 James “Rev Shark” DePorre 在他的年度评论专栏中说，2021 年大盘的表现非常艰难，但除非你做一些调查，否则你不会知道。从 Reddit 和 Diamond Hands 到 SPAC 和隐形熊市，这是一段疯狂的旅程。获取更多他的真实货币见解和交易策略。</b>拉蒙特说，由于与 SPAC 的合并可以以公允价值进行谈判，一些公司选择避免 IPO “pop”，因为在 IPO 中，它们的定价是 “鼓励股价在交易首日上涨 ”。</blockquote></p><p>Another benefit of going public via a SPAC is that private companies can use forward looking statements when marketing themselves to a SPAC, “something which is particularly appealing for fast growing companies,” he said.</p><p><blockquote>通过 SPAC 上市的另一个好处是，私营公司在向 SPAC 推销自己时可以使用前瞻性陈述，“这对快速增长的公司尤其有吸引力，”他说。</blockquote></p><p>A traditional IPO prospectus is only allowed to report historical financials. Instead, SPAC mergers have a legal “safe harbor” from any such liability, Lamont said.</p><p><blockquote>传统的IPO招股说明书只允许报告历史财务状况。拉蒙特说，相反，SPAC 合并有一个法律 “安全港”，可以避免任何此类责任。</blockquote></p><p>While going public as a SPAC appears to be a way to raise capital for a company easily, some investors have lost interest already. Many companies wind up losing valuation quickly.</p><p><blockquote>虽然作为特殊目的收购公司上市似乎是为公司轻松筹集资金的一种方式，但一些投资者已经失去了兴趣。许多公司最终很快就失去了估值。</blockquote></p><p>A 2020 academic paper written by Michael Klausner, a Stanford Law professor and Michael Ohlrogge, a NYU School of Law professor, showed that most underperform the wider market after a deal is struck.</p><p><blockquote>斯坦福大学法学教授迈克尔·克劳斯纳 (Michael Klausner) 和纽约大学法学院教授迈克尔·奥尔罗格 (Michael Ohlrogge) 撰写的 2020 年学术论文显示，大多数公司在交易达成后表现逊于大盘。</blockquote></p><p>“Interestingly, they find that results are far better for ‘high quality sponsors,’ which they define to be individuals who are affiliated with a private assets fund with more than $1 billion of assets, or who have been a CEO or other senior officer at a Fortune 500 company,” Lamont said.</p><p><blockquote>“拉蒙特说：”有趣的是，他们发现'高质量赞助商'的结果要好得多，他们将'高质量赞助商'定义为与资产超过 10 亿美元的私人资产基金有关联的个人，或曾担任财富 500 强公司的首席执行官或其他高级官员。</blockquote></p><p>One indicator of waning enthusiasm for SPACs recently months is that 90% of the SPACs that listed in the U.S. in the first eight months of 2021 were trading below their IPO price by the end of the third quarter.</p><p><blockquote>近几个月来对 SPAC 热情减弱的一个指标是，2021 年前 8 个月在美国上市的 SPAC 中，90% 的交易价格在第三季度末低于其 IPO 价格。</blockquote></p><p>Here are the top five SPACs that are venture-backed and completed mergers with target companies, according to Dec. 22 data from Crunchbase.</p><p><blockquote>根据 Crunchbase 12 月 22 日的数据，以下是风险投资支持并与目标公司完成合并的五大 SPAC。</blockquote></p><p><b>1. SoFi</b></p><p><blockquote><b>1. 苏菲</b></blockquote></p><p><b>SPAC proceeds: $2.4 billion </b></p><p><blockquote><b>SPAC收益：24亿美元</b></blockquote></p><p><b>SPAC valuation: $8.65 billion</b></p><p><blockquote><b>SPAC估值：86.5亿美元</b></blockquote></p><p>SoFi (<b>SOFI</b>) is a fintech company that offers investing and loans, including home and student loans. The company went public after it merged with one of Chamath Palihapitiya’s SPACs.</p><p><blockquote>苏菲（<b>索菲</b>）是一家提供投资和贷款（包括住房贷款和学生贷款）的金融科技公司。该公司在与 Chamath Palihapitiya 的一家 SPAC 合并后上市。</blockquote></p><p><b>2. Clover Health</b></p><p><blockquote><b>2. 三叶草健康</b></blockquote></p><p><b>SPAC proceeds: Up to $1.2 billion </b></p><p><blockquote><b>SPAC 收益：高达 12 亿美元</b></blockquote></p><p><b>SPAC valuation: $7 billion, according to the Silicon Valley Business Journal</b></p><p><blockquote><b>据《硅谷商业杂志》报道，特殊目的收购公司估值：70亿美元</b></blockquote></p><p>Clover Health (<b>CLOV</b>) is a health insurance company for seniors that was the first VC-backed company to go public via a SPAC. The startup was acquired by Social Capital Hedosophia V, Chamath Palihapitiya’s SPAC.</p><p><blockquote>三叶草健康（<b>克洛夫</b>）是一家老年人健康保险公司，是第一家通过 SPAC 上市的风险投资支持公司。这家初创公司被 Chamath Palihapitiya 的 SPAC Social Capital Hedosophia V 收购。</blockquote></p><p><b>3. BarkBox</b></p><p><blockquote><b>3.树皮箱</b></blockquote></p><p><b>SPAC proceeds: $454 million </b></p><p><blockquote><b>SPAC 收益：4.54 亿美元</b></blockquote></p><p><b>SPAC valuation: $1.6 billion</b></p><p><blockquote><b>SPAC估值：16亿美元</b></blockquote></p><p>Barkbox (<b>BARK</b>), the subscription e-commerce company that offers toys and other products for dogs merged with Northern Star Acquisition Group.</p><p><blockquote>树皮箱（<b>吠</b>），为狗狗提供玩具和其他产品的订阅电子商务公司与北极星收购集团合并。</blockquote></p><p><b>4. Hims and Hers Health</b></p><p><blockquote><b>4. 他和她的健康</b></blockquote></p><p><li><b>SPAC proceeds: $280 million</b></li><li><b>SPAC valuation: $1.6 billion, according to Forbes</b></li><li></li>Hims and Hers Health (<b>HIMS</b>)  offers both health products for women and men and merged with SPAC company Oaktree Acquisitions Corp. The deal was among the first major VC-backed SPAC mergers to be completed in 2021, Crunchbase reported.</p><p><blockquote><li><b>SPAC收益：2.8亿美元</b></li><li><b>据《福布斯》报道，SPAC 估值：16 亿美元</b></li><li></li>他和她的健康（<b>希姆斯</b>）为女性和男性提供保健品，并与特殊目的收购公司 Oaktree Acquisitions Corp. 合并。据 Crunchbase 报道，该交易是 2021 年完成的首批由风险投资支持的大型 SPAC 合并之一。</blockquote></p><p></p><p><b>5. Billtrust</b></p><p><blockquote><b>5. 比尔信托</b></blockquote></p><p><b>SPAC valuation: $1.3 billion</b></p><p><blockquote><b>SPAC估值：13亿美元</b></blockquote></p><p>Billtrust, (<b>BTRS</b>) a payment-cycle management platform, merged with South Mountain Merger Corp.</p><p><blockquote>比尔信托，（<b>BTRS</b>) 一个支付周期管理平台，与 South Mountain Merger Corp. 合并。</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/markets/ipos/top-5-spacs-of-2021?puc=yahoo&cm_ven=YAHOO\">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":{"HIMS":"Hims & Hers Health Inc.","BTRS":"BTRS Holdings Inc.","SOFI":"SoFi Technologies Inc.","CLOV":"Clover Health Corp","BARK":"The Original Bark Corp."},"source_url":"https://www.thestreet.com/markets/ipos/top-5-spacs-of-2021?puc=yahoo&cm_ven=YAHOO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149905027","content_text":"Many private companies went public in 2021, reaping the benefit of investors who sought to allocate their money into the public market, including ones that chose the SPAC route instead of the standard IPO strategy.Special Purpose Acquisition Companies, or SPACs, were the preferred route for hundreds of companies. Even by March 31 there were 378 IPOs in the U.S., which is more than any entire calendar year between 2003 and 2019, said Duncan Lamont, head of strategic research unit at Schroders, a London-based asset manager.The $139 billion that was raised by the end of March was over two and a half times the yearly average over this period and consisted of 79% of the year’s IPOs by number and 69% by value were SPACs, he said.While the mania to go public via a SPAC later died down, on a year-to-date basis these figures are still 63% and 49%, Lamont said.In 2020 there were 248 SPAC IPOs, but a record-breaking 602 were filed in 2021.“2021 has obliterated that record,” he said. “The amount of money raised this year so far has also overtaken last year’s record total. The $160 billion of SPAC IPOs in 2021 is more than the total that was raised across 2003-20 combined.”Going public has its benefits, but companies have sought to circumvent some of the perceived drawbacks of the IPO process by choosing SPACs, Lamont said.“They give the potential for private companies to sell themselves for a higher price than in a traditional IPO, can give more certainty on pricing, can be faster (5-6 months vs 12-24 months for a traditional IPO) and can be less burdensome and hence less costly from a regulatory perspective,” he said.In hisYear in Review columnReal Money’s James \"Rev Shark\" DePorre says the broader market had a very tough go of it in 2021, but you wouldn't know it unless you do some digging.From Reddit and Diamond Hands to SPACs and a stealth bear market, it's been a wild ride. Get more of his insights and trading strategies on Real Money.Since a merger with a SPAC can be negotiated at a fair value, some companies opt to avoid the IPO “pop” where they are priced to “encourage a jump in the share price on the first day of trading,” Lamont said.Another benefit of going public via a SPAC is that private companies can use forward looking statements when marketing themselves to a SPAC, “something which is particularly appealing for fast growing companies,” he said.A traditional IPO prospectus is only allowed to report historical financials. Instead, SPAC mergers have a legal “safe harbor” from any such liability, Lamont said.While going public as a SPAC appears to be a way to raise capital for a company easily, some investors have lost interest already. Many companies wind up losing valuation quickly.A 2020 academic paper written by Michael Klausner, a Stanford Law professor and Michael Ohlrogge, a NYU School of Law professor, showed that most underperform the wider market after a deal is struck.“Interestingly, they find that results are far better for ‘high quality sponsors,’ which they define to be individuals who are affiliated with a private assets fund with more than $1 billion of assets, or who have been a CEO or other senior officer at a Fortune 500 company,” Lamont said.One indicator of waning enthusiasm for SPACs recently months is that 90% of the SPACs that listed in the U.S. in the first eight months of 2021 were trading below their IPO price by the end of the third quarter.Here are the top five SPACs that are venture-backed and completed mergers with target companies, according to Dec. 22 data from Crunchbase.1. SoFiSPAC proceeds: $2.4 billion SPAC valuation: $8.65 billionSoFi (SOFI) is a fintech company that offers investing and loans, including home and student loans. The company went public after it merged with one of Chamath Palihapitiya’s SPACs.2. Clover HealthSPAC proceeds: Up to $1.2 billion SPAC valuation: $7 billion, according to the Silicon Valley Business JournalClover Health (CLOV) is a health insurance company for seniors that was the first VC-backed company to go public via a SPAC. The startup was acquired by Social Capital Hedosophia V, Chamath Palihapitiya’s SPAC.3. BarkBoxSPAC proceeds: $454 million SPAC valuation: $1.6 billionBarkbox (BARK), the subscription e-commerce company that offers toys and other products for dogs merged with Northern Star Acquisition Group.4. Hims and Hers HealthSPAC proceeds: $280 millionSPAC valuation: $1.6 billion, according to ForbesHims and Hers Health (HIMS)  offers both health products for women and men and merged with SPAC company Oaktree Acquisitions Corp. The deal was among the first major VC-backed SPAC mergers to be completed in 2021, Crunchbase reported.5. BilltrustSPAC valuation: $1.3 billionBilltrust, (BTRS) a payment-cycle management platform, merged with South Mountain Merger Corp.","news_type":1,"symbols_score_info":{"CLOV":0.9,"BARK":0.9,"HIMS":0.9,"SOFI":0.9,"BTRS":0.9}},"isVote":1,"tweetType":1,"viewCount":3803,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692962297,"gmtCreate":1640829675887,"gmtModify":1640829676171,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581634125853828","idStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692962297","repostId":"2195466435","repostType":4,"isVote":1,"tweetType":1,"viewCount":4127,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692059355,"gmtCreate":1640798455271,"gmtModify":1640798455591,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581634125853828","idStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692059355","repostId":"1135566682","repostType":4,"repost":{"id":"1135566682","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":1640791621,"share":"https://www.laohunote.com/m/news/1135566682?lang=zh_CN&edition=full","pubTime":"2021-12-29 23:27","market":"us","language":"en","title":"Retail Stocks Bucked the Trend in Morning Trading<blockquote>零售股早盘逆势上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135566682","media":"Tiger Newspress","summary":"Retail stocks bucked the trend in morning trading.Target, Best Buy, Macy's, Kohl's, Dillard's, Acade","content":"<p><html><head></head><body>Retail stocks bucked the trend in morning trading.Target, Best Buy, Macy&#39;s, Kohl&#39;s, Dillard&#39;s, Academy Sports, Nordstrom and Five Below climbed between 1% and 3%.</p><p><blockquote><html><head></head><body>零售股早盘逆势上涨。塔吉特百货、百思买、梅西百货、柯尔百货、迪拉德百货、Academy Sports、Nordstrom 和 Five Below 的股价上涨了 1% 至 3%。</body></html></blockquote></p><p><img src=\"https://static.tigerbbs.com/4a8370deccf2ad30bc18d2aa6054100b\" tg-width=\"414\" tg-height=\"715\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></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>Retail Stocks Bucked the Trend in Morning Trading<blockquote>零售股早盘逆势上涨</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; 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#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\">\nRetail Stocks Bucked the Trend in Morning Trading<blockquote>零售股早盘逆势上涨</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\">2021-12-29 23:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Retail stocks bucked the trend in morning trading.Target, Best Buy, Macy&#39;s, Kohl&#39;s, Dillard&#39;s, Academy Sports, Nordstrom and Five Below climbed between 1% and 3%.</p><p><blockquote><html><head></head><body>零售股早盘逆势上涨。塔吉特百货、百思买、梅西百货、柯尔百货、迪拉德百货、Academy Sports、Nordstrom 和 Five Below 的股价上涨了 1% 至 3%。</body></html></blockquote></p><p><img src=\"https://static.tigerbbs.com/4a8370deccf2ad30bc18d2aa6054100b\" tg-width=\"414\" tg-height=\"715\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SAOGF":"Seria Co., Ltd.","KR":"克罗格","FIVE":"Five Below","DDS":"狄乐百货","TGT":"塔吉特","HD":"家得宝","COST":"好市多","WMT":"沃尔玛","JWN":"诺德斯特龙","M":"梅西百货","BBY":"百思买","KSS":"柯尔百货"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135566682","content_text":"Retail stocks bucked the trend in morning trading.Target, Best Buy, Macy's, Kohl's, Dillard's, Academy Sports, Nordstrom and Five Below climbed between 1% and 3%.","news_type":1,"symbols_score_info":{"HD":0.9,"FIVE":0.9,"KSS":0.9,"TGT":0.9,"DDS":0.9,"JWN":0.9,"COST":0.9,"WMT":0.9,"KR":0.9,"M":0.9,"BBY":0.9,"SAOGF":0.9}},"isVote":1,"tweetType":1,"viewCount":4375,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696464346,"gmtCreate":1640749530485,"gmtModify":1640749530776,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581634125853828","idStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/696464346","repostId":"1186633322","repostType":4,"isVote":1,"tweetType":1,"viewCount":4415,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696807028,"gmtCreate":1640657446701,"gmtModify":1640657446963,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581634125853828","idStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/696807028","repostId":"1127544468","repostType":4,"isVote":1,"tweetType":1,"viewCount":3415,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698773628,"gmtCreate":1640566254408,"gmtModify":1640566254663,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581634125853828","idStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698773628","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; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSanta Claus Rally watch: What to know this week<blockquote>圣诞老人集会手表：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":{"SPY.AU":"SPDR® S&P 500® ETF Trust","BK4541":"氢能源","FCEL":"燃料电池能源","BK4096":"电气部件与设备"},"source_url":"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2194177239","content_text":"As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for the coming days.\nThe S&P 500 (^GSPC) is entering the period known for ushering in the so-called Santa Claus Rally, or seasonally strong timeframe for stocks at the end of each year.\nThe term, coined by Stock Trader's Almanac in the 1970s, encompasses the final five trading days of the year and first two sessions of the new year. This year, that Santa Claus Rally window is set to start on Monday, Dec. 27 — or the latest a Santa Claus rally has started in 11 years, due to the timing of the holidays this year.\nAccording to data from LPL Financial, the Santa Claus Rally period encapsulates the seven days most likely to be higher in any given year. Since 1950, the Santa Claus Rally period has produced a positive return for the S&P 500 78.9% of the time, with an average return of 1.33%.\n“Why are these seven days so strong?” wrote Ryan Detrick, LPL Financial chief market strategist, in a note. “Whether optimism over a coming new year, holiday spending, traders on vacation, institutions squaring up their books — or the holiday spirit — the bottom line is that bulls tend to believe in Santa.”\nAnd if history is any indication, the absence of a Santa Claus Rally has also typically served as a harbinger of lower near-term returns.\n\"Going back to the mid-1990s, there have been only six times Santa failed to show in December. January was lower five of those six times, and the full year had a solid gain only once (in 2016, but a mini-bear market early in the year),\" Detrick added.\n“Considering the bear markets of 2000 and 2008 both took place after one of the rare instances that Santa failed to show makes believers out of us,\" he said. A bear market typically refers to when stocks drop at least 20% from recent record highs. \"Should this seasonally strong period miss the mark, it could be a warning sign.\"\nAnd this year, investors do have considerable additional concerns to mull heading into the new year. Though stocks closed out Thursday's session at fresh record highs before the long holiday weekend, December still marked a volatile month to start, with renewed concerns over the Omicron variant and the potential for tighter monetary policy from the Federal Reserve weighing on risk assets. Plus, prospects for more near-term fiscal support via the Biden administration's Build Back Better bill have dwindled, and inflation concerns spiked further. Last week, the Bureau of Economic Analysis reported core personal consumption expenditures (PCE) — the Fed's preferred inflation gauge — rose at a 4.7% year-over-year clip, or the fastest since 1983.\n\"If the U.S. was not battling the Omicron variant, U.S. stocks would be dancing higher as the Santa Claus Rally would have kept the climb going into uncharted territory,\" Edward Moya, chief market strategist at OANDA, wrote in a note last week. \"It is too early to say for sure if we will get a Santa Claus Rally, but given all the short-term risks of Fed tightening, Chinese weakness, fiscal support uncertainty and COVID, Wall Street is not complaining.\"\nA man in a Santa Claus costume gestures on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange on December 5, 2019 in New York. (Photo by Bryan R. Smith / AFP) (Photo by BRYAN R. SMITH/AFP via Getty Images)BRYAN R. SMITH via Getty Images\nEconomic calendar\n\nMonday: Dallas Federal Reserve Manufacturing Activity Index, Dec. (13.0 expected, 11.8 in November)\nTuesday: FHFA House Price Index, month-over-month, October (0.9% in September); S&P CoreLogic Case-Shiller 20 City Composite Index, month-over-month, October (0.9% expected, 0.96% in September); S&P CoreLogic Case-Shiller 20 City Composite Index, year-over-year, October (18.6%. expected, 19.05% in September); S&P CoreLogic Case-Shiller Home Price Index, year-over-year, November (19.51% in October); Richmond Fed Manufacturing Index, December (11 expected,11 in November)\nWednesday: Wholesale Inventories, month-over-month, November preliminary (1.7% expected, 2.3% in October); Advance Goods Trade Balance, November (-$89.0 billion expected, -$82.9 billion in October); Retail Inventories, month-over-month, November (0.5% expected, 0.1% in October); Pending Home Sales, month-over-month, November (0.5% expected, 7.5% in October)\nThursday: Initial jobless claims, week ended Dec. 25. (205,000 during prior week); Continuing claims, week ended Dec. 18 (1.859 million during prior week); MNI Chicago PMI, December (62.2 expected, 61.8 in November)\nFriday: No notable reports scheduled for release\n\nEarnings calendar\n\nMonday: No notable reports scheduled for release\nTuesday: No notable reports scheduled for release\nWednesday: FuelCell Energy Inc. (FCEL) before market open\nThursday: No notable reports scheduled for release\nFriday: No notable reports scheduled for release","news_type":1,"symbols_score_info":{"FCEL":0.9,"SPY.AU":0.9}},"isVote":1,"tweetType":1,"viewCount":4752,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698649895,"gmtCreate":1640392725613,"gmtModify":1640392725860,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581634125853828","idStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698649895","repostId":"2193127176","repostType":4,"isVote":1,"tweetType":1,"viewCount":3264,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698640126,"gmtCreate":1640392669866,"gmtModify":1640392670149,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581634125853828","idStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698640126","repostId":"1156159690","repostType":4,"isVote":1,"tweetType":1,"viewCount":3676,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698122863,"gmtCreate":1640323319059,"gmtModify":1640323423505,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581634125853828","idStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Ook","listText":"Ook","text":"Ook","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698122863","repostId":"2193078140","repostType":4,"isVote":1,"tweetType":1,"viewCount":3890,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691424354,"gmtCreate":1640230656934,"gmtModify":1640230657210,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581634125853828","idStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691424354","repostId":"1102369438","repostType":4,"repost":{"id":"1102369438","kind":"news","pubTimestamp":1640230195,"share":"https://www.laohunote.com/m/news/1102369438?lang=zh_CN&edition=full","pubTime":"2021-12-23 11:29","market":"us","language":"en","title":"Amazon Stock: Why It Might Outperform Apple in 2022<blockquote>亚马逊股票：为什么它可能在 2022 年跑赢苹果</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1102369438","media":"TheStreet","summary":"Amazon and Apple are great companies, but AMZN stock could outperform its peer in 2022. Here are the","content":"<p>Amazon and Apple are great companies, but AMZN stock could outperform its peer in 2022. Here are the main reasons why.</p><p><blockquote>亚马逊和苹果都是伟大的公司，但亚马逊股票在 2022 年的表现可能会优于同行。以下是主要原因。</blockquote></p><p> The stocks of tech giants Amazon&nbsp;and Apple&nbsp;both experienced incredible gains in 2020: AMZN climbed 76% while APPL slightly outperformed its competitor with an incredible 81% return. With AMZN trailing so far this year, I wonder: which will be the better stock to own in 2022?</p><p><blockquote>科技巨头亚马逊和苹果的股票在 2020 年都经历了令人难以置信的上涨：AMZN 上涨了 76%，而 APPL 的表现略微优于其竞争对手，回报率高达 81%。随着 AMZN 今年迄今为止的落后，我想知道：2022 年持有哪只股票会更好？</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce27248fd6669a891a6b37c1d78953c9\" tg-width=\"976\" tg-height=\"549\" width=\"100%\" height=\"auto\"><span>Figure 1: Apple vs. Amazon.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果与亚马逊。</span></p></blockquote></p><p> <b>Amazon: cross-industry reach</b></p><p><blockquote><b>亚马逊：跨行业影响力</b></blockquote></p><p> It’s not hard to see why Amazon could outperform Apple in 2022. The Seattle-based company has developed a dominant global presence, and not just in retail. Amazon operates very competitively in high-growth industries that range from e-commerce to cloud services and from tech devices to advertising and streaming services.</p><p><blockquote>不难看出为什么亚马逊能在 2022 年超越苹果。这家总部位于西雅图的公司已经在全球范围内占据了主导地位，而且不仅仅是在零售业。亚马逊在从电子商务到云服务、从技术设备到广告和流媒体服务的高增长行业中具有非常强的竞争力。</blockquote></p><p> Simply put, Amazon is a diversified tech giant that is growing revenues across all its business lines. The company continues to dominate online retail while also branching out into new emerging businesses, disrupting industries along the way.</p><p><blockquote>简而言之，亚马逊是一家多元化的科技巨头，其所有业务线的收入都在增长。该公司继续主导在线零售，同时也拓展到新的新兴业务，颠覆了沿途的行业。</blockquote></p><p> <b>Amazon's innovation</b></p><p><blockquote><b>亚马逊的创新</b></blockquote></p><p> In addition to Amazon's dominance across multiple sectors, the tech company also continues to develop innovative products, such as its Echo and Alexa devices, which are quickly becoming a staple in many households. These products make it easier for Amazon to cross-sell their products and services, while increasing the total value of each transaction.</p><p><blockquote>除了亚马逊在多个领域的主导地位外，这家科技公司还继续开发创新产品，例如其 Echo 和 Alexa 设备，这些设备正迅速成为许多家庭的主食。这些产品使亚马逊更容易交叉销售他们的产品和服务，同时增加了每笔交易的总价值。</blockquote></p><p> In addition, Amazon has successfully diversified more deeply across its services portfolio — think cloud infrastructure and streaming, for example. I think this is another advantage that Amazon has over Apple, which is still working to monetize its existing customer base (although the Cupertino company has been increasingly successful at it).</p><p><blockquote>此外，亚马逊还成功地在其服务组合中实现了更深入的多元化，例如云基础设施和流媒体。我认为这是亚马逊相对于苹果的另一个优势，后者仍在努力将其现有客户群货币化（尽管这家库比蒂诺公司在这方面越来越成功）。</blockquote></p><p> <b>How high can AAPL go?</b></p><p><blockquote><b>AAPL能走多高？</b></blockquote></p><p> In the end, the debate may boil down to price and valuation. AAPL has undergone a strong but unusual rally in late November and early December, even after an amazing two years of returns in 2020 and 2021 YTD. Against the tech-rich Nasdaq index, AAPL's performance in the month prior to December 13 had been the second-best in the past ten years:a staggering 19.5 percentage point&nbsp;advantage over the benchmark.</p><p><blockquote>最终，争论可能归结为价格和估值。即使在 2020 年和 2021 年年初取得了惊人的两年回报之后，AAPL 在 11 月底和 12 月初经历了强劲但不寻常的反弹。与科技丰富的纳斯达克指数相比，苹果公司在 12 月 13 日之前一个月的表现是过去十年中第二好的：比基准高出惊人的 19.5 个百分点。</blockquote></p><p> True, the long-term bull thesis for Apple is compelling. Catalysts like the 5G-ready iPhone cycle and continued growth in the services segment could push the stock upwards in the foreseeable future. Apple should remain highly competitive in consumer tech devices and may soon become a key name in the metaverse. But how much of the upside potential to the stock may have already been priced in 2020 and 2021? Couldn’t 2022 be AMZN’s turn to shine?</p><p><blockquote>诚然，苹果的长期牛市论点令人信服。在可预见的未来，支持 5G 的 iPhone 周期和服务领域的持续增长等催化剂可能会推动该股上涨。苹果应该在消费技术设备领域保持高度竞争力，并可能很快成为元宇宙中的一个重要名字。但该股在 2020 年和 2021 年的上涨潜力可能已经被定价了多少？2022 年难道不会轮到亚马逊大放异彩吗？</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> In my view, Apple and Amazon are great companies, and the former deserves to be a part of a growth portfolio. But because AMZN stock has not rallied as much as AAPL has in the past few months, I believe shares of the cloud and e-commerce giant have a better chance of edging Apple in 2022.</p><p><blockquote>在我看来，苹果和亚马逊都是伟大的公司，前者值得成为增长投资组合的一部分。但由于 AMZN 股价在过去几个月中的涨幅不如 AAPL，我相信这家云计算和电子商务巨头的股价在 2022 年更有可能超越苹果。</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>Amazon Stock: Why It Might Outperform Apple in 2022<blockquote>亚马逊股票：为什么它可能在 2022 年跑赢苹果</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\">\nAmazon Stock: Why It Might Outperform Apple in 2022<blockquote>亚马逊股票：为什么它可能在 2022 年跑赢苹果</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-12-23 11:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Amazon and Apple are great companies, but AMZN stock could outperform its peer in 2022. Here are the main reasons why.</p><p><blockquote>亚马逊和苹果都是伟大的公司，但亚马逊股票在 2022 年的表现可能会优于同行。以下是主要原因。</blockquote></p><p> The stocks of tech giants Amazon&nbsp;and Apple&nbsp;both experienced incredible gains in 2020: AMZN climbed 76% while APPL slightly outperformed its competitor with an incredible 81% return. With AMZN trailing so far this year, I wonder: which will be the better stock to own in 2022?</p><p><blockquote>科技巨头亚马逊和苹果的股票在 2020 年都经历了令人难以置信的上涨：AMZN 上涨了 76%，而 APPL 的表现略微优于其竞争对手，回报率高达 81%。随着 AMZN 今年迄今为止的落后，我想知道：2022 年持有哪只股票会更好？</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce27248fd6669a891a6b37c1d78953c9\" tg-width=\"976\" tg-height=\"549\" width=\"100%\" height=\"auto\"><span>Figure 1: Apple vs. Amazon.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果与亚马逊。</span></p></blockquote></p><p> <b>Amazon: cross-industry reach</b></p><p><blockquote><b>亚马逊：跨行业影响力</b></blockquote></p><p> It’s not hard to see why Amazon could outperform Apple in 2022. The Seattle-based company has developed a dominant global presence, and not just in retail. Amazon operates very competitively in high-growth industries that range from e-commerce to cloud services and from tech devices to advertising and streaming services.</p><p><blockquote>不难看出为什么亚马逊能在 2022 年超越苹果。这家总部位于西雅图的公司已经在全球范围内占据了主导地位，而且不仅仅是在零售业。亚马逊在从电子商务到云服务、从技术设备到广告和流媒体服务的高增长行业中具有非常强的竞争力。</blockquote></p><p> Simply put, Amazon is a diversified tech giant that is growing revenues across all its business lines. The company continues to dominate online retail while also branching out into new emerging businesses, disrupting industries along the way.</p><p><blockquote>简而言之，亚马逊是一家多元化的科技巨头，其所有业务线的收入都在增长。该公司继续主导在线零售，同时也拓展到新的新兴业务，颠覆了沿途的行业。</blockquote></p><p> <b>Amazon's innovation</b></p><p><blockquote><b>亚马逊的创新</b></blockquote></p><p> In addition to Amazon's dominance across multiple sectors, the tech company also continues to develop innovative products, such as its Echo and Alexa devices, which are quickly becoming a staple in many households. These products make it easier for Amazon to cross-sell their products and services, while increasing the total value of each transaction.</p><p><blockquote>除了亚马逊在多个领域的主导地位外，这家科技公司还继续开发创新产品，例如其 Echo 和 Alexa 设备，这些设备正迅速成为许多家庭的主食。这些产品使亚马逊更容易交叉销售他们的产品和服务，同时增加了每笔交易的总价值。</blockquote></p><p> In addition, Amazon has successfully diversified more deeply across its services portfolio — think cloud infrastructure and streaming, for example. I think this is another advantage that Amazon has over Apple, which is still working to monetize its existing customer base (although the Cupertino company has been increasingly successful at it).</p><p><blockquote>此外，亚马逊还成功地在其服务组合中实现了更深入的多元化，例如云基础设施和流媒体。我认为这是亚马逊相对于苹果的另一个优势，后者仍在努力将其现有客户群货币化（尽管这家库比蒂诺公司在这方面越来越成功）。</blockquote></p><p> <b>How high can AAPL go?</b></p><p><blockquote><b>AAPL能走多高？</b></blockquote></p><p> In the end, the debate may boil down to price and valuation. AAPL has undergone a strong but unusual rally in late November and early December, even after an amazing two years of returns in 2020 and 2021 YTD. Against the tech-rich Nasdaq index, AAPL's performance in the month prior to December 13 had been the second-best in the past ten years:a staggering 19.5 percentage point&nbsp;advantage over the benchmark.</p><p><blockquote>最终，争论可能归结为价格和估值。即使在 2020 年和 2021 年年初取得了惊人的两年回报之后，AAPL 在 11 月底和 12 月初经历了强劲但不寻常的反弹。与科技丰富的纳斯达克指数相比，苹果公司在 12 月 13 日之前一个月的表现是过去十年中第二好的：比基准高出惊人的 19.5 个百分点。</blockquote></p><p> True, the long-term bull thesis for Apple is compelling. Catalysts like the 5G-ready iPhone cycle and continued growth in the services segment could push the stock upwards in the foreseeable future. Apple should remain highly competitive in consumer tech devices and may soon become a key name in the metaverse. But how much of the upside potential to the stock may have already been priced in 2020 and 2021? Couldn’t 2022 be AMZN’s turn to shine?</p><p><blockquote>诚然，苹果的长期牛市论点令人信服。在可预见的未来，支持 5G 的 iPhone 周期和服务领域的持续增长等催化剂可能会推动该股上涨。苹果应该在消费技术设备领域保持高度竞争力，并可能很快成为元宇宙中的一个重要名字。但该股在 2020 年和 2021 年的上涨潜力可能已经被定价了多少？2022 年难道不会轮到亚马逊大放异彩吗？</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> In my view, Apple and Amazon are great companies, and the former deserves to be a part of a growth portfolio. But because AMZN stock has not rallied as much as AAPL has in the past few months, I believe shares of the cloud and e-commerce giant have a better chance of edging Apple in 2022.</p><p><blockquote>在我看来，苹果和亚马逊都是伟大的公司，前者值得成为增长投资组合的一部分。但由于 AMZN 股价在过去几个月中的涨幅不如 AAPL，我相信这家云计算和电子商务巨头的股价在 2022 年更有可能超越苹果。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/amazon/stock/why-amzn-could-outperform-aapl-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":{"AMZN":"亚马逊"},"source_url":"https://www.thestreet.com/amazon/stock/why-amzn-could-outperform-aapl-in-2022","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102369438","content_text":"Amazon and Apple are great companies, but AMZN stock could outperform its peer in 2022. Here are the main reasons why.\nThe stocks of tech giants Amazon and Apple both experienced incredible gains in 2020: AMZN climbed 76% while APPL slightly outperformed its competitor with an incredible 81% return. With AMZN trailing so far this year, I wonder: which will be the better stock to own in 2022?\nFigure 1: Apple vs. Amazon.\nAmazon: cross-industry reach\nIt’s not hard to see why Amazon could outperform Apple in 2022. The Seattle-based company has developed a dominant global presence, and not just in retail. Amazon operates very competitively in high-growth industries that range from e-commerce to cloud services and from tech devices to advertising and streaming services.\nSimply put, Amazon is a diversified tech giant that is growing revenues across all its business lines. The company continues to dominate online retail while also branching out into new emerging businesses, disrupting industries along the way.\nAmazon's innovation\nIn addition to Amazon's dominance across multiple sectors, the tech company also continues to develop innovative products, such as its Echo and Alexa devices, which are quickly becoming a staple in many households. These products make it easier for Amazon to cross-sell their products and services, while increasing the total value of each transaction.\nIn addition, Amazon has successfully diversified more deeply across its services portfolio — think cloud infrastructure and streaming, for example. I think this is another advantage that Amazon has over Apple, which is still working to monetize its existing customer base (although the Cupertino company has been increasingly successful at it).\nHow high can AAPL go?\nIn the end, the debate may boil down to price and valuation. AAPL has undergone a strong but unusual rally in late November and early December, even after an amazing two years of returns in 2020 and 2021 YTD. Against the tech-rich Nasdaq index, AAPL's performance in the month prior to December 13 had been the second-best in the past ten years:a staggering 19.5 percentage point advantage over the benchmark.\nTrue, the long-term bull thesis for Apple is compelling. Catalysts like the 5G-ready iPhone cycle and continued growth in the services segment could push the stock upwards in the foreseeable future. Apple should remain highly competitive in consumer tech devices and may soon become a key name in the metaverse. But how much of the upside potential to the stock may have already been priced in 2020 and 2021? Couldn’t 2022 be AMZN’s turn to shine?\nConclusion\nIn my view, Apple and Amazon are great companies, and the former deserves to be a part of a growth portfolio. But because AMZN stock has not rallied as much as AAPL has in the past few months, I believe shares of the cloud and e-commerce giant have a better chance of edging Apple in 2022.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":1480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691422570,"gmtCreate":1640230422672,"gmtModify":1640230446622,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581634125853828","idStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691422570","repostId":"1184389618","repostType":4,"repost":{"id":"1184389618","kind":"news","pubTimestamp":1640230223,"share":"https://www.laohunote.com/m/news/1184389618?lang=zh_CN&edition=full","pubTime":"2021-12-23 11:30","market":"us","language":"en","title":"Grab Stock May Be Down But It Isn’t Out<blockquote>Grab 股票可能会下跌，但还没有下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184389618","media":"InvestorPlace","summary":"When Southeast Asian ride-hailing and delivery company Grab Holdings(NASDAQ:GRAB) completed a revers","content":"<p><div> When Southeast Asian ride-hailing and delivery company Grab Holdings(NASDAQ:GRAB) completed a reverse merger with special purpose acquisition company Altimeter Growth Corp. in early December it made ...</p><p><blockquote><div>当东南亚打车和送货公司Grab Holdings（纳斯达克股票代码：GRAB）在12月初完成与特殊目的收购公司Altimeter Growth Corp.的反向合并时，它……</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/12/grab-stock-may-be-down-but-it-isnt-out/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/12/grab-stock-may-be-down-but-it-isnt-out/\">网页连接</a></blockquote></p><p></p>","source":"lsy1606302653667","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>Grab Stock May Be Down But It Isn’t Out<blockquote>Grab 股票可能会下跌，但还没有下跌</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\">\nGrab Stock May Be Down But It Isn’t Out<blockquote>Grab 股票可能会下跌，但还没有下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2021-12-23 11:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> When Southeast Asian ride-hailing and delivery company Grab Holdings(NASDAQ:GRAB) completed a reverse merger with special purpose acquisition company Altimeter Growth Corp. in early December it made ...</p><p><blockquote><div>当东南亚打车和送货公司Grab Holdings（纳斯达克股票代码：GRAB）在12月初完成与特殊目的收购公司Altimeter Growth Corp.的反向合并时，它……</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/12/grab-stock-may-be-down-but-it-isnt-out/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/12/grab-stock-may-be-down-but-it-isnt-out/\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://investorplace.com/2021/12/grab-stock-may-be-down-but-it-isnt-out/\">InvestorPlace</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":{"GRAB":"Grab Holdings"},"source_url":"https://investorplace.com/2021/12/grab-stock-may-be-down-but-it-isnt-out/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184389618","content_text":"When Southeast Asian ride-hailing and delivery company Grab Holdings(NASDAQ:GRAB) completed a reverse merger with special purpose acquisition company Altimeter Growth Corp. in early December it made history as the largest company to go public via a SPAC merger. Yet, this didn’t stop GRAB stock from plummeting more than 20% on the day of the merger.\nSince then, investors have continued to give GRAB stock the cold shoulder, with shares falling another 16% to trade at $7.34 at the time of this writing.\nNow, before you write off an investment in Grab Holdings, consider that the company is still in the early innings and let’s consider where GRAB stock could go from here.\nWhat’s Behind Grab’s Cool Reception?\nGrab is the largest ride-hailing and delivery company in Southeast Asia, with operations in Singapore, Malaysia, Cambodia, Indonesia, Myanmar, Philippines, Thailand and Vietnam and serving more than 187 million users.\nThere are a number of plausible explanations for why GRAB stock has not been well-received by investors.\nFor starters, growth estimates for the Southeast Asian region have been lowered recently primarily due to the coronavirus pandemic. In September, the Asian Development Bank dropped its 2021 growth forecast for the region to 3.1% from 4.4% previously.\nWidespread lockdowns in the region due to recurring waves of COVID-19 have hurt demand for Grab’s ride-hailing services and weighed on revenue despite an increase in food-delivery volumes.\nGrab reported its third-quarter results on Nov. 11. Revenue fell 9% year over year to $157 million, with the company citing “a decline in mobility due to the severe lockdowns in Vietnam.” Falling revenue is obviously not something investors want to see, especially from a company that has yet to turn a profit.\nYet, the company did report a 32% year-over-year increase in gross merchandise value, with the dollar value of transactions from Grab’s services rising to $4.04 billion thanks to strength in the company’s deliveries segment.\nThere’s Reason for Optimism\nThe deal to go public through the merger with Altimeter Growth Corp. valued Grab at close to $40 billion, which as I mentioned, was a record. The fact that three weeks later GRAB stock has a market cap of about $27.5 billion tells us that perhaps things got a bit too heated. However, there is reason for optimism.\nThe ride-hailing platform has secured the backing of significant players across related industries, including DiDi Global(NYSE:DIDI),Toyota(NYSE:TM) and SoftBank’s(OTCMKTS:SFTBY) Vision Fund.\nGrab Holdings also has some positive catalysts on the horizon. For example, the company recently announced that it will be purchasing Jaya Grocer, a premium supermarket chain in Malaysia.\nThis acquisition fits nicely with the ride-hailing and delivery business model the company seeks to expand. Management refers to the model as a “superapp” focus, whereby users can access multiple services in a single, convenient location.\nThe Bottom Line on GRAB Stock\nI can’t say Grab Holdings can immediately turn things around. But its potential in the burgeoning Southeast Asian market means it remains relevant and has a long runway.\nOf the six analysts following GRAB stock, two rate it a “buy” and there are no “sell” ratings,according to The Wall Street Journal. Meanwhile, the consensus price target stands at $12.25, which represents upside of 67% from current levels.\nGRAB stock is very cheap now, so it’s hardly a dangerous speculative play. There’s a good argument to be made for investing now and hoping that the company continues to expand its footprint. Profitability should follow.","news_type":1,"symbols_score_info":{"GRAB":0.9}},"isVote":1,"tweetType":1,"viewCount":1240,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691422600,"gmtCreate":1640230410613,"gmtModify":1640230445451,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581634125853828","idStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/691422600","repostId":"2193113147","repostType":4,"isVote":1,"tweetType":1,"viewCount":1271,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691658244,"gmtCreate":1640186737225,"gmtModify":1640186737472,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581634125853828","idStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/691658244","repostId":"1122126959","repostType":4,"isVote":1,"tweetType":1,"viewCount":1235,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693778038,"gmtCreate":1640090808206,"gmtModify":1640090808481,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581634125853828","idStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/693778038","repostId":"1109474932","repostType":4,"repost":{"id":"1109474932","kind":"news","pubTimestamp":1640089479,"share":"https://www.laohunote.com/m/news/1109474932?lang=zh_CN&edition=full","pubTime":"2021-12-21 20:24","market":"us","language":"en","title":"What happens next with the Fed's $9 trillion balance sheet?<blockquote>美联储9万亿美元的资产负债表接下来会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109474932","media":"finance.yahoo","summary":"Since the pandemic began, the nation’s central bank has aggressively printed trillions of dollars to","content":"<p>Since the pandemic began, the nation’s central bank has aggressively printed trillions of dollars to keep the U.S. economy afloat. Doing so has ballooned the Federal Reserve’s balance sheet to nearly $9 trillion.</p><p><blockquote>自大流行病开始以来，美国中央银行已经积极印刷了数万亿美元，以维持美国经济的运转。这样做使美联储的资产负债表膨胀到近 9 万亿美元。</blockquote></p><p> Fed officials, acknowledging the rising risks posed by inflationary pressures, are now starting to think about whether or not they can move to&nbsp;<i>shrink</i>&nbsp;the central bank’s holdings next year.</p><p><blockquote>美联储官员承认通胀压力带来的风险上升，现在开始考虑是否可以转向<i>收缩</i>央行明年的持有量。</blockquote></p><p> “I have no idea what a normal balance sheet looks like anymore,” said Federal Reserve Governor Christopher Waller on Dec. 17.</p><p><blockquote>“美联储理事克里斯托弗-沃勒（Christopher Waller）在12月17日表示：”我已经不知道正常的资产负债表是什么样子了。</blockquote></p><p> Since the depths of the pandemic, the Fed has been buying U.S. Treasuries and agency mortgage-backed securities in the open market. Those purchases, in a process often referred to as “quantitative easing,” serve as a signal to markets that the Fed is serious about its intention to keep financing conditions loose.</p><p><blockquote>自疫情爆发以来，美联储一直在公开市场上购买美国国债和机构抵押贷款支持证券。在通常被称为 “量化宽松 ”的过程中，这些购买向市场发出信号，表明美联储对保持宽松融资条件的意图是认真的。</blockquote></p><p> In November, the Fed&nbsp;kicked off the process in slowing the pace of those purchases, which it had been running at a clip of about $120 billion per month. After a print on inflation showing the&nbsp;fastest pace of price increases since 1982, the Fed moved on Dec. 15 to&nbsp;more quickly draw down its purchases.</p><p><blockquote>11 月，美联储启动了放缓这些购买步伐的进程，此前美联储一直以每月约 1200 亿美元的速度进行购买。在通胀数据显示物价上涨速度为 1982 年以来最快之后，美联储于 12 月 15 日采取行动，更快地减少购买量。</blockquote></p><p> When the Fed brings the quantitative easing program to a full stop around March, policymakers will then turn their eyes to raising interest rates (from the current setting of near zero) — and perhaps an unwinding of its balance sheet. The Fed signaled the likelihood of three interest rate hikes next year, a&nbsp;more aggressive path than Fed watchers had originally expected.</p><p><blockquote>当美联储在3月份左右全面停止量化宽松计划时，政策制定者将把目光转向加息（从目前接近于零的设定开始），或许还会缩减资产负债表。美联储暗示明年可能加息三次，这比美联储观察人士最初预期的更加激进。</blockquote></p><p> “In light of this slightly earlier timing of hikes and Powell’s comment that differences with the economic situation last cycle could influence thinking about balance sheet policy,” wrote Goldman Sachs Economics in a note.</p><p><blockquote>“高盛经济公司在一份报告中写道：”鉴于加息时间略早，以及鲍威尔表示，与上一周期经济形势的差异可能会影响对资产负债表政策的思考。</blockquote></p><p> Wall Street analysts are pulling forward their expectations for when the Fed would start “quantitative tightening,” the process of shrinking the balance sheet by allowing maturing securities to “roll&nbsp;off” (as opposed to reinvest in new securities).</p><p><blockquote>华尔街分析师正在提高他们对美联储何时开始 “量化紧缩 ”的预期，即通过允许到期证券 “滚落 ”（而不是再投资于新证券）来缩小资产负债表的过程。</blockquote></p><p> Deutsche Bank, which originally expected the Fed to start the balance sheet unwind in the third quarter of 2023, now expects that process to begin in the “back half of next year.” Goldman Sachs had originally forecast a start date in the first half of 2023, but now expects quantitative tightening to begin in the fourth quarter of next year.</p><p><blockquote>德意志银行最初预计美联储将在 2023 年第三季度开始缩减资产负债表规模，但现在预计这一过程将在 “明年下半年 ”开始。高盛最初预测开始日期为 2023 年上半年，但现在预计量化紧缩政策将于明年第四季度开始。</blockquote></p><p> <b>What has the Fed said?</b></p><p><blockquote><b>美联储说了什么？</b></blockquote></p><p> Fed Chairman Jerome Powell punted on the question of balance sheet strategies when he was asked about it following the Fed’s most recent policy-setting meeting.</p><p><blockquote>美联储主席杰罗姆-鲍威尔（Jerome Powell）在美联储最近一次政策制定会议后被问及资产负债表战略问题时，回避了这一问题。</blockquote></p><p> “Didn’t make any decisions today,” said Powell on Dec. 15, adding that the Fed will deliberate on the timing of any balance sheet runoff in coming meetings.</p><p><blockquote>鲍威尔在12月15日表示：“今天没有做出任何决定。”他补充说，美联储将在即将召开的会议上审议任何资产负债表决选的时机。</blockquote></p><p> But Powell’s colleagues are beginning to speak openly about exactly how they’d like to see the balance sheet handled.</p><p><blockquote>但鲍威尔的同事们开始公开谈论他们希望如何处理资产负债表。</blockquote></p><p> “I think we could start reducing the balance sheet not too long after liftoff,” Waller said at an event on Dec. 17, referring to the “lifting off” from near-zero interest rates. Markets are bracing for the possibility of that first interest rate hike to happen as early as March.</p><p><blockquote>“沃勒在 12 月 17 日的一次活动中说：”我认为，我们可以在解禁后不久就开始缩减资产负债表。市场正在为最早三月份首次加息的可能性做好准备。</blockquote></p><p> Waller added that he would like to see the Fed balance sheet, which is about 35% of total U.S. GDP, reduced to “something like 20%,” which would be roughly $6 trillion.</p><p><blockquote>沃勒补充说，他希望看到美联储的资产负债表（约占美国国内生产总值的 35%）减少到 “20% 左右”，约为 6 万亿美元。</blockquote></p><p> The Fed has only attempted to reduce the size of its balance sheet once in the modern era of quantitative easing. After almost three years of holding the balance sheet at roughly $4.5 trillion, the Fed moved in late 2017 to begin unwinding its asset holdings.</p><p><blockquote>在量化宽松的现代时代，美联储只尝试过一次缩减资产负债表规模。在将资产负债表维持在约 4.5 万亿美元的近三年后，美联储于 2017 年底开始解冻其持有的资产。</blockquote></p><p> That process abruptly&nbsp;ended in 2019, in the face of economic downside risks associated with the U.S.-China trade war. The COVID-19 pandemic only a few months later would push the Fed back into again expanding its balance sheet.</p><p><blockquote>面对与中美贸易战相关的经济下行风险，这一进程在2019年戛然而止。仅仅几个月后，新冠肺炎疫情就将推动美联储再次扩大资产负债表。</blockquote></p><p> The Fed appears to be in the early stages of thinking about how it might be able to pull it off next year, suggesting it may not wait as long as it did last time.</p><p><blockquote>美联储似乎正处于考虑明年如何实现这一目标的早期阶段，这表明它可能不会像上次那样等待那么久。</blockquote></p><p> But the Fed is also aware that it does not want to surprise markets.</p><p><blockquote>但美联储也意识到，它不想让市场感到意外。</blockquote></p><p> “In dealing with balance sheet issues, we've learned that it's best to take a careful sort of methodical approach to make adjustments. Markets can be sensitive to it,” Powell said on Dec. 15.</p><p><blockquote>“鲍威尔在 12 月 15 日表示：”在处理资产负债表问题时，我们已经认识到，最好采取一种谨慎有条不紊的方法来进行调整。市场对此可能很敏感。</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What happens next with the Fed's $9 trillion balance sheet?<blockquote>美联储9万亿美元的资产负债表接下来会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat happens next with the Fed's $9 trillion balance sheet?<blockquote>美联储9万亿美元的资产负债表接下来会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">finance.yahoo</strong><span class=\"h-time small\">2021-12-21 20:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Since the pandemic began, the nation’s central bank has aggressively printed trillions of dollars to keep the U.S. economy afloat. Doing so has ballooned the Federal Reserve’s balance sheet to nearly $9 trillion.</p><p><blockquote>自大流行病开始以来，美国中央银行已经积极印刷了数万亿美元，以维持美国经济的运转。这样做使美联储的资产负债表膨胀到近 9 万亿美元。</blockquote></p><p> Fed officials, acknowledging the rising risks posed by inflationary pressures, are now starting to think about whether or not they can move to&nbsp;<i>shrink</i>&nbsp;the central bank’s holdings next year.</p><p><blockquote>美联储官员承认通胀压力带来的风险上升，现在开始考虑是否可以转向<i>收缩</i>央行明年的持有量。</blockquote></p><p> “I have no idea what a normal balance sheet looks like anymore,” said Federal Reserve Governor Christopher Waller on Dec. 17.</p><p><blockquote>“美联储理事克里斯托弗-沃勒（Christopher Waller）在12月17日表示：”我已经不知道正常的资产负债表是什么样子了。</blockquote></p><p> Since the depths of the pandemic, the Fed has been buying U.S. Treasuries and agency mortgage-backed securities in the open market. Those purchases, in a process often referred to as “quantitative easing,” serve as a signal to markets that the Fed is serious about its intention to keep financing conditions loose.</p><p><blockquote>自疫情爆发以来，美联储一直在公开市场上购买美国国债和机构抵押贷款支持证券。在通常被称为 “量化宽松 ”的过程中，这些购买向市场发出信号，表明美联储对保持宽松融资条件的意图是认真的。</blockquote></p><p> In November, the Fed&nbsp;kicked off the process in slowing the pace of those purchases, which it had been running at a clip of about $120 billion per month. After a print on inflation showing the&nbsp;fastest pace of price increases since 1982, the Fed moved on Dec. 15 to&nbsp;more quickly draw down its purchases.</p><p><blockquote>11 月，美联储启动了放缓这些购买步伐的进程，此前美联储一直以每月约 1200 亿美元的速度进行购买。在通胀数据显示物价上涨速度为 1982 年以来最快之后，美联储于 12 月 15 日采取行动，更快地减少购买量。</blockquote></p><p> When the Fed brings the quantitative easing program to a full stop around March, policymakers will then turn their eyes to raising interest rates (from the current setting of near zero) — and perhaps an unwinding of its balance sheet. The Fed signaled the likelihood of three interest rate hikes next year, a&nbsp;more aggressive path than Fed watchers had originally expected.</p><p><blockquote>当美联储在3月份左右全面停止量化宽松计划时，政策制定者将把目光转向加息（从目前接近于零的设定开始），或许还会缩减资产负债表。美联储暗示明年可能加息三次，这比美联储观察人士最初预期的更加激进。</blockquote></p><p> “In light of this slightly earlier timing of hikes and Powell’s comment that differences with the economic situation last cycle could influence thinking about balance sheet policy,” wrote Goldman Sachs Economics in a note.</p><p><blockquote>“高盛经济公司在一份报告中写道：”鉴于加息时间略早，以及鲍威尔表示，与上一周期经济形势的差异可能会影响对资产负债表政策的思考。</blockquote></p><p> Wall Street analysts are pulling forward their expectations for when the Fed would start “quantitative tightening,” the process of shrinking the balance sheet by allowing maturing securities to “roll&nbsp;off” (as opposed to reinvest in new securities).</p><p><blockquote>华尔街分析师正在提高他们对美联储何时开始 “量化紧缩 ”的预期，即通过允许到期证券 “滚落 ”（而不是再投资于新证券）来缩小资产负债表的过程。</blockquote></p><p> Deutsche Bank, which originally expected the Fed to start the balance sheet unwind in the third quarter of 2023, now expects that process to begin in the “back half of next year.” Goldman Sachs had originally forecast a start date in the first half of 2023, but now expects quantitative tightening to begin in the fourth quarter of next year.</p><p><blockquote>德意志银行最初预计美联储将在 2023 年第三季度开始缩减资产负债表规模，但现在预计这一过程将在 “明年下半年 ”开始。高盛最初预测开始日期为 2023 年上半年，但现在预计量化紧缩政策将于明年第四季度开始。</blockquote></p><p> <b>What has the Fed said?</b></p><p><blockquote><b>美联储说了什么？</b></blockquote></p><p> Fed Chairman Jerome Powell punted on the question of balance sheet strategies when he was asked about it following the Fed’s most recent policy-setting meeting.</p><p><blockquote>美联储主席杰罗姆-鲍威尔（Jerome Powell）在美联储最近一次政策制定会议后被问及资产负债表战略问题时，回避了这一问题。</blockquote></p><p> “Didn’t make any decisions today,” said Powell on Dec. 15, adding that the Fed will deliberate on the timing of any balance sheet runoff in coming meetings.</p><p><blockquote>鲍威尔在12月15日表示：“今天没有做出任何决定。”他补充说，美联储将在即将召开的会议上审议任何资产负债表决选的时机。</blockquote></p><p> But Powell’s colleagues are beginning to speak openly about exactly how they’d like to see the balance sheet handled.</p><p><blockquote>但鲍威尔的同事们开始公开谈论他们希望如何处理资产负债表。</blockquote></p><p> “I think we could start reducing the balance sheet not too long after liftoff,” Waller said at an event on Dec. 17, referring to the “lifting off” from near-zero interest rates. Markets are bracing for the possibility of that first interest rate hike to happen as early as March.</p><p><blockquote>“沃勒在 12 月 17 日的一次活动中说：”我认为，我们可以在解禁后不久就开始缩减资产负债表。市场正在为最早三月份首次加息的可能性做好准备。</blockquote></p><p> Waller added that he would like to see the Fed balance sheet, which is about 35% of total U.S. GDP, reduced to “something like 20%,” which would be roughly $6 trillion.</p><p><blockquote>沃勒补充说，他希望看到美联储的资产负债表（约占美国国内生产总值的 35%）减少到 “20% 左右”，约为 6 万亿美元。</blockquote></p><p> The Fed has only attempted to reduce the size of its balance sheet once in the modern era of quantitative easing. After almost three years of holding the balance sheet at roughly $4.5 trillion, the Fed moved in late 2017 to begin unwinding its asset holdings.</p><p><blockquote>在量化宽松的现代时代，美联储只尝试过一次缩减资产负债表规模。在将资产负债表维持在约 4.5 万亿美元的近三年后，美联储于 2017 年底开始解冻其持有的资产。</blockquote></p><p> That process abruptly&nbsp;ended in 2019, in the face of economic downside risks associated with the U.S.-China trade war. The COVID-19 pandemic only a few months later would push the Fed back into again expanding its balance sheet.</p><p><blockquote>面对与中美贸易战相关的经济下行风险，这一进程在2019年戛然而止。仅仅几个月后，新冠肺炎疫情就将推动美联储再次扩大资产负债表。</blockquote></p><p> The Fed appears to be in the early stages of thinking about how it might be able to pull it off next year, suggesting it may not wait as long as it did last time.</p><p><blockquote>美联储似乎正处于考虑明年如何实现这一目标的早期阶段，这表明它可能不会像上次那样等待那么久。</blockquote></p><p> But the Fed is also aware that it does not want to surprise markets.</p><p><blockquote>但美联储也意识到，它不想让市场感到意外。</blockquote></p><p> “In dealing with balance sheet issues, we've learned that it's best to take a careful sort of methodical approach to make adjustments. Markets can be sensitive to it,” Powell said on Dec. 15.</p><p><blockquote>“鲍威尔在 12 月 15 日表示：”在处理资产负债表问题时，我们已经认识到，最好采取一种谨慎有条不紊的方法来进行调整。市场对此可能很敏感。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/quantitative-tightening-federal-reserve-9-trillion-balance-sheet-113743366.html\">finance.yahoo</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://finance.yahoo.com/news/quantitative-tightening-federal-reserve-9-trillion-balance-sheet-113743366.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109474932","content_text":"Since the pandemic began, the nation’s central bank has aggressively printed trillions of dollars to keep the U.S. economy afloat. Doing so has ballooned the Federal Reserve’s balance sheet to nearly $9 trillion.\nFed officials, acknowledging the rising risks posed by inflationary pressures, are now starting to think about whether or not they can move to shrink the central bank’s holdings next year.\n“I have no idea what a normal balance sheet looks like anymore,” said Federal Reserve Governor Christopher Waller on Dec. 17.\nSince the depths of the pandemic, the Fed has been buying U.S. Treasuries and agency mortgage-backed securities in the open market. Those purchases, in a process often referred to as “quantitative easing,” serve as a signal to markets that the Fed is serious about its intention to keep financing conditions loose.\nIn November, the Fed kicked off the process in slowing the pace of those purchases, which it had been running at a clip of about $120 billion per month. After a print on inflation showing the fastest pace of price increases since 1982, the Fed moved on Dec. 15 to more quickly draw down its purchases.\nWhen the Fed brings the quantitative easing program to a full stop around March, policymakers will then turn their eyes to raising interest rates (from the current setting of near zero) — and perhaps an unwinding of its balance sheet. The Fed signaled the likelihood of three interest rate hikes next year, a more aggressive path than Fed watchers had originally expected.\n“In light of this slightly earlier timing of hikes and Powell’s comment that differences with the economic situation last cycle could influence thinking about balance sheet policy,” wrote Goldman Sachs Economics in a note.\nWall Street analysts are pulling forward their expectations for when the Fed would start “quantitative tightening,” the process of shrinking the balance sheet by allowing maturing securities to “roll off” (as opposed to reinvest in new securities).\nDeutsche Bank, which originally expected the Fed to start the balance sheet unwind in the third quarter of 2023, now expects that process to begin in the “back half of next year.” Goldman Sachs had originally forecast a start date in the first half of 2023, but now expects quantitative tightening to begin in the fourth quarter of next year.\nWhat has the Fed said?\nFed Chairman Jerome Powell punted on the question of balance sheet strategies when he was asked about it following the Fed’s most recent policy-setting meeting.\n“Didn’t make any decisions today,” said Powell on Dec. 15, adding that the Fed will deliberate on the timing of any balance sheet runoff in coming meetings.\nBut Powell’s colleagues are beginning to speak openly about exactly how they’d like to see the balance sheet handled.\n“I think we could start reducing the balance sheet not too long after liftoff,” Waller said at an event on Dec. 17, referring to the “lifting off” from near-zero interest rates. Markets are bracing for the possibility of that first interest rate hike to happen as early as March.\nWaller added that he would like to see the Fed balance sheet, which is about 35% of total U.S. GDP, reduced to “something like 20%,” which would be roughly $6 trillion.\nThe Fed has only attempted to reduce the size of its balance sheet once in the modern era of quantitative easing. After almost three years of holding the balance sheet at roughly $4.5 trillion, the Fed moved in late 2017 to begin unwinding its asset holdings.\nThat process abruptly ended in 2019, in the face of economic downside risks associated with the U.S.-China trade war. The COVID-19 pandemic only a few months later would push the Fed back into again expanding its balance sheet.\nThe Fed appears to be in the early stages of thinking about how it might be able to pull it off next year, suggesting it may not wait as long as it did last time.\nBut the Fed is also aware that it does not want to surprise markets.\n“In dealing with balance sheet issues, we've learned that it's best to take a careful sort of methodical approach to make adjustments. Markets can be sensitive to it,” Powell said on Dec. 15.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1419,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693779140,"gmtCreate":1640090465942,"gmtModify":1640090466230,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581634125853828","idStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/693779140","repostId":"1126322290","repostType":4,"repost":{"id":"1126322290","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1640090159,"share":"https://www.laohunote.com/m/news/1126322290?lang=zh_CN&edition=full","pubTime":"2021-12-21 20:35","market":"us","language":"en","title":"10 Biggest Price Target Changes For Tuesday<blockquote>周二 10 大价格目标变化</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126322290","media":"Benzinga Earnings","summary":"B of A Securities lifted the price target on Micron Technology, Inc. from $76 to $100. Micron shares","content":"<p><ul>  <li>B of A Securities lifted the price target on&nbsp;<b>Micron Technology, Inc.</b>&nbsp;from $76 to $100. Micron shares rose 7.7% to $88.38 in pre-market trading.</li>  <li>Wells Fargo raised the price target on&nbsp;<b>KLA Corporation</b>&nbsp;from $360 to $500. KLA Corporation shares rose 3.2% to $398.00 in pre-market trading.</li>  <li>Atlantic Equities reduced the price target for&nbsp;<b>Alibaba Group Holding Limited</b>&nbsp;from $185 to $140. Alibaba shares rose 1.9% to $117.16 in pre-market trading.</li>  <li>Stephens &amp; Co. cut&nbsp;<b>Darden Restaurants, Inc.</b>&nbsp;price target from $180 to $170. Darden shares fell 1.9% to $135.39 in pre-market trading.</li>  <li>SVB Leerink cut&nbsp;<b>Aldeyra Therapeutics, Inc.</b>&nbsp;price target from $24 to $15. Aldeyra Therapeutics shares dipped 38% to $4.42 in pre-market trading.</li>  <li>HC Wainwright &amp; Co. raised the price target on&nbsp;<b>Vir Biotechnology, Inc.</b>&nbsp;from $200 to $300. Vir Biotechnology shares fell 2.3% to $49.98 in pre-market trading.</li>  <li>Cantor Fitzgerald raised&nbsp;<b>Arena Pharmaceuticals, Inc.</b>&nbsp;price target from $93 to $100. Arena Pharmaceuticals shares fell 0.1% to $90.99 in pre-market trading.</li>  <li>Baird reduced the price target for&nbsp;<b>United Rentals, Inc.</b>&nbsp;from $439 to $317. United Rentals shares fell 0.7% to $319.90 in pre-market trading.</li>  <li>Raymond James raised&nbsp;<b>Lennar Corporation</b>&nbsp;price target from $120 to $125. Lennar shares rose 1.1% to $106.94 in pre-market trading.</li>  <li>Keybanc cut&nbsp;<b>ABM Industries Incorporated</b>&nbsp;price target from $60 to $55. ABM Industries shares fell 3.3% to close at $38.94 on Monday.</li> </ul></p><p><blockquote><ul><li>B of A 证券上调目标价<b>美光科技公司。</b>从76美元到100美元。美光股价在盘前交易中上涨 7.7%，至 88.38 美元。</li><li>富国银行上调目标价<b>KLA公司</b>从360美元到500美元。KLA Corporation 股价在盘前交易中上涨 3.2%，至 398.00 美元。</li><li>大西洋股票下调目标价<b>阿里巴巴-SW集团控股有限公司</b>从185美元到140美元。阿里巴巴-SW股价在盘前交易中上涨 1.9%，至 117.16 美元。</li><li>斯蒂芬斯公司削减<b>达顿餐饮公司。</b>目标价从180美元到170美元。达顿股价在盘前交易中下跌 1.9%，至 135.39 美元。</li><li>SVB Leerink 切割<b>阿尔代拉治疗公司。</b>目标价从24美元到15美元。Aldeyra Therapeutics 股价在盘前交易中下跌 38%，至 4.42 美元。</li><li>HC Wainwright &amp; Co. 上调目标价<b>维尔生物技术公司。</b>从200美元到300美元。Vir Biotechnology 股价在盘前交易中下跌 2.3%，至 49.98 美元。</li><li>坎托·菲茨杰拉德长大<b>竞技场制药公司。</b>目标价从93美元到100美元。Arena Pharmaceuticals 股价在盘前交易中下跌 0.1%，至 90.99 美元。</li><li>贝尔德下调了目标价<b>联合租赁公司。</b>从439美元到317美元。United Rentals 股价在盘前交易中下跌 0.7%，至 319.90 美元。</li><li>雷蒙德·詹姆斯长大<b>伦纳公司</b>目标价从120美元到125美元。Lennar 股价在盘前交易中上涨 1.1%，至 106.94 美元。</li><li>Keybanc 切割<b>ABM工业公司</b>目标价从60美元到55美元。ABM Industries 股价周一下跌 3.3%，收于 38.94 美元。</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>10 Biggest Price Target Changes For Tuesday<blockquote>周二 10 大价格目标变化</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\">\n10 Biggest Price Target Changes For Tuesday<blockquote>周二 10 大价格目标变化</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-12-21 20:35</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><ul>  <li>B of A Securities lifted the price target on&nbsp;<b>Micron Technology, Inc.</b>&nbsp;from $76 to $100. Micron shares rose 7.7% to $88.38 in pre-market trading.</li>  <li>Wells Fargo raised the price target on&nbsp;<b>KLA Corporation</b>&nbsp;from $360 to $500. KLA Corporation shares rose 3.2% to $398.00 in pre-market trading.</li>  <li>Atlantic Equities reduced the price target for&nbsp;<b>Alibaba Group Holding Limited</b>&nbsp;from $185 to $140. Alibaba shares rose 1.9% to $117.16 in pre-market trading.</li>  <li>Stephens &amp; Co. cut&nbsp;<b>Darden Restaurants, Inc.</b>&nbsp;price target from $180 to $170. Darden shares fell 1.9% to $135.39 in pre-market trading.</li>  <li>SVB Leerink cut&nbsp;<b>Aldeyra Therapeutics, Inc.</b>&nbsp;price target from $24 to $15. Aldeyra Therapeutics shares dipped 38% to $4.42 in pre-market trading.</li>  <li>HC Wainwright &amp; Co. raised the price target on&nbsp;<b>Vir Biotechnology, Inc.</b>&nbsp;from $200 to $300. Vir Biotechnology shares fell 2.3% to $49.98 in pre-market trading.</li>  <li>Cantor Fitzgerald raised&nbsp;<b>Arena Pharmaceuticals, Inc.</b>&nbsp;price target from $93 to $100. Arena Pharmaceuticals shares fell 0.1% to $90.99 in pre-market trading.</li>  <li>Baird reduced the price target for&nbsp;<b>United Rentals, Inc.</b>&nbsp;from $439 to $317. United Rentals shares fell 0.7% to $319.90 in pre-market trading.</li>  <li>Raymond James raised&nbsp;<b>Lennar Corporation</b>&nbsp;price target from $120 to $125. Lennar shares rose 1.1% to $106.94 in pre-market trading.</li>  <li>Keybanc cut&nbsp;<b>ABM Industries Incorporated</b>&nbsp;price target from $60 to $55. ABM Industries shares fell 3.3% to close at $38.94 on Monday.</li> </ul></p><p><blockquote><ul><li>B of A 证券上调目标价<b>美光科技公司。</b>从76美元到100美元。美光股价在盘前交易中上涨 7.7%，至 88.38 美元。</li><li>富国银行上调目标价<b>KLA公司</b>从360美元到500美元。KLA Corporation 股价在盘前交易中上涨 3.2%，至 398.00 美元。</li><li>大西洋股票下调目标价<b>阿里巴巴-SW集团控股有限公司</b>从185美元到140美元。阿里巴巴-SW股价在盘前交易中上涨 1.9%，至 117.16 美元。</li><li>斯蒂芬斯公司削减<b>达顿餐饮公司。</b>目标价从180美元到170美元。达顿股价在盘前交易中下跌 1.9%，至 135.39 美元。</li><li>SVB Leerink 切割<b>阿尔代拉治疗公司。</b>目标价从24美元到15美元。Aldeyra Therapeutics 股价在盘前交易中下跌 38%，至 4.42 美元。</li><li>HC Wainwright &amp; Co. 上调目标价<b>维尔生物技术公司。</b>从200美元到300美元。Vir Biotechnology 股价在盘前交易中下跌 2.3%，至 49.98 美元。</li><li>坎托·菲茨杰拉德长大<b>竞技场制药公司。</b>目标价从93美元到100美元。Arena Pharmaceuticals 股价在盘前交易中下跌 0.1%，至 90.99 美元。</li><li>贝尔德下调了目标价<b>联合租赁公司。</b>从439美元到317美元。United Rentals 股价在盘前交易中下跌 0.7%，至 319.90 美元。</li><li>雷蒙德·詹姆斯长大<b>伦纳公司</b>目标价从120美元到125美元。Lennar 股价在盘前交易中上涨 1.1%，至 106.94 美元。</li><li>Keybanc 切割<b>ABM工业公司</b>目标价从60美元到55美元。ABM Industries 股价周一下跌 3.3%，收于 38.94 美元。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ABM":"反导工业公司","URI":"联合租赁","MU":"美光科技","KLAC":"科磊","ARNA":"阿里那","LEN":"莱纳建筑公司","ALDX":"Aldeyra Therapeutics Inc","CIR":"2倍做多CRCL ETF-Corgi","DRI":"达登饭店","BABA":"阿里巴巴"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126322290","content_text":"B of A Securities lifted the price target on Micron Technology, Inc. from $76 to $100. Micron shares rose 7.7% to $88.38 in pre-market trading.\nWells Fargo raised the price target on KLA Corporation from $360 to $500. KLA Corporation shares rose 3.2% to $398.00 in pre-market trading.\nAtlantic Equities reduced the price target for Alibaba Group Holding Limited from $185 to $140. Alibaba shares rose 1.9% to $117.16 in pre-market trading.\nStephens & Co. cut Darden Restaurants, Inc. price target from $180 to $170. Darden shares fell 1.9% to $135.39 in pre-market trading.\nSVB Leerink cut Aldeyra Therapeutics, Inc. price target from $24 to $15. Aldeyra Therapeutics shares dipped 38% to $4.42 in pre-market trading.\nHC Wainwright & Co. raised the price target on Vir Biotechnology, Inc. from $200 to $300. Vir Biotechnology shares fell 2.3% to $49.98 in pre-market trading.\nCantor Fitzgerald raised Arena Pharmaceuticals, Inc. price target from $93 to $100. Arena Pharmaceuticals shares fell 0.1% to $90.99 in pre-market trading.\nBaird reduced the price target for United Rentals, Inc. from $439 to $317. United Rentals shares fell 0.7% to $319.90 in pre-market trading.\nRaymond James raised Lennar Corporation price target from $120 to $125. Lennar shares rose 1.1% to $106.94 in pre-market trading.\nKeybanc cut ABM Industries Incorporated price target from $60 to $55. ABM Industries shares fell 3.3% to close at $38.94 on Monday.","news_type":1,"symbols_score_info":{"ARNA":0.9,"CIR":0.9,"ABM":0.9,"URI":0.9,"LEN":0.9,"BABA":0.9,"DRI":0.9,"MU":0.9,"KLAC":0.9,"ALDX":0.9}},"isVote":1,"tweetType":1,"viewCount":1581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693319129,"gmtCreate":1639969868300,"gmtModify":1639969868530,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581634125853828","idStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/693319129","repostId":"1183475424","repostType":4,"repost":{"id":"1183475424","kind":"news","pubTimestamp":1639967829,"share":"https://www.laohunote.com/m/news/1183475424?lang=zh_CN&edition=full","pubTime":"2021-12-20 10:37","market":"us","language":"en","title":"Apple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183475424","media":"Seeking Alpha","summary":"Summary\n\nWith inflation running its hottest course in 40 years, the Federal Reserve has decided to a","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>With inflation running its hottest course in 40 years, the Federal Reserve has decided to accelerate the stimulus tapering schedule and prepare for raising interest rates as early as March.</li>  <li>While rate hikes have historically deterred investors from growth stocks due to concerns over eroding valuation prospects, the Apple stock has remained largely resilient.</li>  <li>Apple is expected to realize additional upsides ahead, sustained by robust demand for its existing offerings and new opportunities arising from nascent technologies like AR/VR and autonomous vehicles.</li>  <li>Its strong net cash position also provides sufficient dry powder to fund additional growth in coming years without incurring additional costs of capital amidst rising interest rates.</li>  <li>As such, Apple's bullish thesis remains intact as it approaches a $3 trillion valuation, despite broader market valuation risks ahead.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fdf73ac36a98ce54b343c7e6b613f4d9\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>guvendemir/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>随着通胀处于40年来最热的阶段，美联储决定加快刺激缩减时间表，并准备最早在3月份加息。</li><li>尽管由于担心估值前景恶化，加息历来会阻止投资者购买成长型股票，但苹果股票在很大程度上仍然具有弹性。</li><li>在对其现有产品的强劲需求以及 AR/VR 和自动驾驶汽车等新兴技术带来的新机遇的支持下，苹果预计将在未来实现额外的上涨空间。</li><li>其强劲的净现金状况也提供了足够的干粉来为未来几年的额外增长提供资金，而不会在利率上升的情况下产生额外的资本成本。</li><li>因此，尽管未来存在更广泛的市场估值风险，但苹果的看涨论点在其估值接近 3 万亿美元时仍然完好无损。</li></ul><p class=\"t-img-caption\"><span>guvendemir/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> As one of the world’s best performing stocks, Apple(NASDAQ:AAPL)&nbsp;has gained close to 40% this year. The stock, which last peaked at $182.13 not too long ago, is currently less than 7% from being the first U.S. publicly listed company to reach a $3 trillion market value and single-handedly accounts for about 15% of the tech-heavy Nasdaq 100’s performance. Apple’s market value has grown by&nbsp;more than 220x&nbsp;since the late 1990s, buoyed by the company’s continuous ability to capture robust demand for its innovative portfolio of products and services.</p><p><blockquote>作为全球表现最好的股票之一，苹果（纳斯达克股票代码：AAPL）今年上涨了近 40%。该股不久前曾触及 182.13 美元的最高点，目前距离成为第一家市值达到 3 万亿美元的美国上市公司还不到 7%，单枪匹马就占据了以科技股为主的纳斯达克 100 指数业绩的约 15%。自 20 世纪 90 年代末以来，苹果的市值增长了 220 多倍，这得益于该公司持续能够抓住对其创新产品和服务组合的强劲需求。</blockquote></p><p> And Apple’s strong fundamentals are expected to help the stock defy adverse impacts from the imminent rate hikes beginning next year. With inflation running at its hottest in almost four decades, the Federal Reserve decided Wednesday that it will increase the pace at which it is dialing back on the $120 billion monthly bond repurchasing program from $15 billion per month, which began in November, to&nbsp;$30 billion per month. This would effectively conclude the stimulus program, put in place at the onset of the pandemic, coming March, rather than in&nbsp;July as initially planned. Rate hikes are expected to begin soon after to counter rising price pressures, with Federal Reserve Chair Jerome Powell affirming that the process will only begin after tapering ends and at a gradual pace. The latest dot plot indicates potential for the Federal Fund Rate to lift-off from near-zero beginning early 2022 with three quarter-point increases, plus another three in 2023 and two more in 2024. If materialized, the process would up the funds rate to 2.1% by 2024.</p><p><blockquote>苹果强劲的基本面有望帮助该股抵御明年开始即将加息带来的不利影响。随着通胀达到近四十年来的最高点，美联储周三决定加快每月 1200 亿美元债券回购计划的步伐，从 11 月开始的每月 150 亿美元降至每月 300 亿美元。这将有效地结束疫情爆发时实施的刺激计划，即明年3月，而不是最初计划的7月。加息预计将很快开始，以应对不断上升的价格压力，美联储主席杰罗姆·鲍威尔确认，这一过程只有在缩减规模结束后才会开始，并且步伐渐进。最新的点阵图表明，联邦基金利率有可能从 2022 年初的接近于零的水平上升，并上调三个四分之一点，2023 年再上调三个四分之一点，2024 年再上调两个。如果实现，到 2024 年，这一过程将把基金利率提高到 2.1%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2ef3ca2d04c1b55a465e12bfae79890e\" tg-width=\"640\" tg-height=\"315\" width=\"100%\" height=\"auto\"><span>Source: Bloomberg</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：彭博社</span></p></blockquote></p><p> While rate hikes typically cause investors to turn risk averse due to concerns over&nbsp;faster erosion of value on future gains&nbsp;and stalled business growth due to rising costs of capital, especially for high-growth stocks, Apple gained close to 3% upon release of the Fed’s update on policy tightening. The stock closed at $179.30 on December 15th, nearing its peak of $182 on Monday. Apple’s rally, along with similar uptrends observed across other mega-cap tech stocks, accordingly drove intra-day gains of 2.4% for the Nasdaq 100 following the Federal Reserve’s update, indicating investors’ preference to park their money in companies with robust growth prospects to counter risks from the impending rate increases.</p><p><blockquote>虽然加息通常会导致投资者规避风险，因为他们担心未来收益的价值会更快地受到侵蚀，而且由于资本成本上升（尤其是高增长股票）导致业务增长停滞，但在美联储发布紧缩政策的最新消息后，苹果股市上涨了近3%。该股12月15日收于179.30美元，接近周一182美元的峰值。在美联储发布最新消息后，苹果的反弹以及其他大型科技股的类似上升趋势相应地推动了纳斯达克 100 指数盘中上涨 2.4%，这表明投资者更倾向于将资金投入增长前景强劲的公司，以应对即将加息带来的风险。</blockquote></p><p> With the coming holiday season a boon for Apple’s December-quarter sales, the stock’s valuation is expected to enter in the $3 trillion territory sooner than expected. Continued robust demand observed across Apple’s entire product line, generous share buy-backs, and additional revenue contributions expected within the foreseeable future resulting from new, cutting-edge products will also be key catalysts to support the company’s persistently strong fundamentals and keep the stock’s valuation above $3 trillion despite the impending rate hikes. Considering recent developments to the broader market and Apple’s growth prospects, we are raising our 12-month price target for the stock to $209.43.</p><p><blockquote>随着即将到来的假日季对苹果 12 月季度的销售额有利，该股估值预计将比预期更早进入 3 万亿美元大关。苹果整个产品线的持续强劲需求、慷慨的股票回购，以及预计在可预见的未来，新的尖端产品将带来额外的收入贡献，也将成为支撑公司持续强劲基本面的关键催化剂，并在即将加息的情况下将使股票估值保持在 3 万亿美元以上。考虑到大盘的近期发展和苹果的增长前景，我们将该股的 12 个月目标价上调至 209.43 美元。</blockquote></p><p> <b>FY 2021 Overview and Recap of Fundamental Prospects</b></p><p><blockquote><b>2021财年概述及基本前景回顾</b></blockquote></p><p></p><p> Fiscal 2021 was a big year for Apple. The company’s revenues for the year grew 33% from fiscal 2020 to $366 billion, despite on-and-off store closures resulting from recurring coronavirus outbreaks and supply chain constraints that have led to more than $9 billion in lost sales. Every product and service segment achieved record-setting revenues with more than 20% growth from previous year results. Much of the year’s success were attributable to a series of new product launches and feature upgrades. The most notable of which included the 5G-enabled family of iPhone 12s and iPhone 13s, as well as the M1-powered MacBook Pro and iPad Pro.</p><p><blockquote>2021财年对苹果来说是重要的一年。尽管冠状病毒反复爆发和供应链限制导致门店断断续续关闭，导致销售额损失超过 90 亿美元，但该公司全年的收入比 2020 财年增长了 33%，达到 3660 亿美元。每个产品和服务部门都实现了创纪录的收入，比上一年的业绩增长了20%以上。今年的成功很大程度上归功于一系列新产品的发布和功能的升级。其中最引人注目的包括支持5G的iPhone 12s和iPhone 13s系列，以及支持M1的MacBook Pro和iPad Pro。</blockquote></p><p> <b>Key Developments in Products</b></p><p><blockquote><b>产品的主要发展</b></blockquote></p><p> iPhone sales grew by 39% this year, the most amongst other segments, and drove more than half of Apple’s fiscal 2021 revenues. The results were a stark contrast to last year’s slump in demand for the mobile device when consumers braced for pandemic-driven economic uncertainties. iPhone sales are expected to remain robust in coming years as global 5G device upgrades continue to gather pace. The likely launch of a more affordable 5G-enabled iPhone SE in 2022 is also expected to further Apple’s market share gains by&nbsp;attracting switchers&nbsp;from “more than a billion non-premium Android users”, and drive the active installed base to another all-time high. The anticipated momentum is further corroborated by iPhone sales patterns observed in recent quarters following the launch of 5G-enabled iPhone 12s and iPhone 13s, where the number of upgraders and switchers grew by&nbsp;strong double digits. Apple’s strong ties with cell-phone carriers is also expected to drive meaningful iPhone sales contributions in coming years. Reputable wireless carriers in the U.S. like&nbsp;Verizon&nbsp;and&nbsp;AT&amp;T&nbsp;have already been keen on promoting the sale of 5G-enabled devices like the iPhone 12 and iPhone 13 to encourage migration to the 5G network that they have spent billions of dollars on building across the nation. Telecom companies around the world are expected to spend&nbsp;more than $700 billion&nbsp;over the next five years on building-out the 5G network, underscoring significant additional growth opportunities ahead for the iPhone segment as carriers push for the strongest multiyear upgrade cycle in a decade to recoup their investments.</p><p><blockquote>iPhone 今年的销量增长了 39%，是其他细分市场中增长最快的，并贡献了苹果 2021 财年一半以上的收入。这一结果与去年移动设备需求的下滑形成了鲜明对比，当时消费者正在为大流行病带来的经济不确定性做好准备。随着全球5G设备升级步伐不断加快，iPhone销售预计将在未来几年保持强劲。2022 年可能会推出更实惠的支持 5G 的 iPhone SE，这也将吸引 “超过 10 亿非高端安卓用户 ”的转换用户，从而进一步扩大苹果的市场份额，并将活跃安装基数推向历史新高。在支持 5G 的 iPhone 12s 和 iPhone 13s 推出后，最近几个季度观察到的 iPhone 销售模式进一步证实了预期的势头，升级和切换用户的数量强劲增长了两位数。苹果与手机运营商的紧密联系预计也将在未来几年推动 iPhone 的销售贡献。威瑞森和美国电话电报公司等美国知名无线运营商已经热衷于促进iPhone 12和iPhone 13等支持5G的设备的销售，以鼓励向他们花费数十亿美元在全国范围内建设的5G网络迁移。预计全球电信公司将在未来五年内花费超过7000亿美元建设5G网络，这凸显了随着运营商推动十年来最强劲的多年升级周期以收回投资，iPhone领域未来的巨大增长机会。</blockquote></p><p> Mac and iPad sales also grew significantly in fiscal 2021, reaching record revenues of $35.2 billion and $31.9 billion, respectively. Following the introduction of the&nbsp;all-new M1-powered iMac&nbsp;earlier this year, Apple also unveiled the&nbsp;reimagined M1-Pro / M1-Max powered MacBook Pro&nbsp;in October. The custom M1 processors made the newest MacBook “better than any Intel-based device for nearly every productivity use case outside of gaming”. This accordingly drove incredible demand for the portable workstation from a diverse group of consumers, ranging from professional creators and photographers to corporate users and students. The company is estimated to have shipped&nbsp;over 3.2 million units&nbsp;of Mac products during the September quarter, which drove record-setting revenues for the segment, while boosting its rank in global PC sales to fourth place amongst other vendors. The introduction of M1-processors in Apple’s computing products also bolstered its position in capitalizing on the surge in global demand for PCs and multi-purpose tablets by allowing the company to build devices with innovative features that can be seamlessly integrated across its ecosystem of peripheral accessories and services to draw adjacent revenues. With accelerated adoption of hybrid work and study arrangements in the post-pandemic era, global demand for portable workstations like PCs and multi-purpose tablets are expected to remain elevated in coming years – the sectors are expected to grow into a&nbsp;$224.3 billion&nbsp;and$600 billion&nbsp;market, respectively, by 2025, which makes favorable trends for Apple’s Mac and iPad segments.</p><p><blockquote>Mac 和 iPad 销量在 2021 财年也大幅增长，收入分别达到创纪录的 352 亿美元和 319 亿美元。继今年早些时候推出全新M1驱动的iMac后，苹果还在10月份推出了重新设计的M1-Pro/M1-Max驱动的MacBook Pro。定制的 M1 处理器使最新的 MacBook “在游戏以外的几乎所有生产力用例上都优于任何基于英特尔的设备”。这相应地推动了不同消费者群体对便携式工作站的巨大需求，从专业创作者和摄影师到企业用户和学生。据估计，该公司在 9 月份季度的 Mac 产品出货量超过 320 万台，推动了该部门创纪录的收入，同时将其在全球 PC 销量中的排名提升至其他供应商的第四位。在苹果的计算产品中引入 M1 处理器也巩固了其在利用全球对 PC 和多功能平板电脑需求激增的优势方面的地位，使该公司能够制造具有创新功能的设备，这些设备可以在其外围配件和服务生态系统中无缝集成，从而吸引相关收入。随着后大流行病时代混合工作和学习安排的加速采用，预计未来几年全球对个人电脑和多功能平板电脑等便携式工作站的需求将保持高位--到 2025 年，这两个行业的市场预计将分别增长到 2,243 亿美元和 6,000 亿美元，这将为苹果的 Mac 和 iPad 细分市场带来有利趋势。</blockquote></p><p> Recent speculations on Apple’s intentions to&nbsp;strengthen its in-house chip development capacity&nbsp;will likely further the advancement of its technologies offered in coming years and draw additional demand to its products. The company is currently looking for engineers to build-out its capacity in the development of “wireless radios, radio-frequency integrated circuits, and a wireless system-on-chip (“SoC”)”, as well as “semiconductors for connecting Bluetooth and Wi-Fi”. These developments are expected to further enhance seamless integration across Apple’s devices and increase stickiness to its ecosystem of product and service offerings, making its chip unit one of the company’s “most prized assets”.</p><p><blockquote>最近有猜测称，苹果有意加强其内部芯片开发能力，这可能会在未来几年进一步推动其技术的进步，并吸引对其产品的更多需求。该公司目前正在寻找工程师，以增强其在 “无线收音机、射频集成电路和无线片上系统（“SoC”）”以及 “用于连接蓝牙和 Wi-Fi 的半导体”方面的开发能力。这些发展有望进一步增强苹果设备之间的无缝集成，并增加其产品和服务生态系统的粘性，使其芯片部门成为公司 “最宝贵的资产 ”之一。</blockquote></p><p> <b>Key Developments in Services</b></p><p><blockquote><b>服务的主要发展</b></blockquote></p><p></p><p> On the services front, a strong subscriber base had enabled the segment to hit record-setting revenues of more than $68.4 billion in fiscal 2021, up 27% from the prior year. To date, Apple has garnered more than 745 million paid subscribers across its high-margin service offerings, representing a five-fold increase over the last five years. Apple’s increasing push for a subscription-based business model across its wide variety of service platforms, ranging from Apple Music to iCloud storage solutions, paired with attractive new offerings that address key consumer trends in recent years have been a key driver to the company’s fast-expanding margins. New exciting add-on features introduced for existing service platforms include&nbsp;Spatial Audio and Lossless Audiofor Apple Music and the&nbsp;Apple Music Voice Plan. The new subscription-based offerings are expected to further Apple’s reach to adjacent opportunities stemming from increasing global usage of smartphones, laptops and other advanced home electronic products – for instance, the global music streaming market is expected to expand at a CAGR of 16% towards a&nbsp;projected value of $61 billion&nbsp;over the next five years, underscoring significant growth headroom for Apple Music. And Apple’s latest introduction of the&nbsp;Apple One bundle&nbsp;is expected to be a key contributor to furthering service segment sales in coming years by attracting new users to pay for subscription services that they otherwise would not have had it not been for the bundle discounts.</p><p><blockquote>在服务方面，强大的用户群使该部门在 2021 财年的收入创下了超过 684 亿美元的纪录，比上一年增长了 27%。迄今为止，苹果通过其高利润服务产品获得了超过 7.45 亿付费用户，比过去五年增长了五倍。苹果在其从苹果音乐到 iCloud 存储解决方案等各种服务平台上不断推行基于订阅的商业模式，再加上近年来针对主要消费趋势的有吸引力的新产品，一直是该公司利润率快速增长的关键驱动力。为现有服务平台引入的令人兴奋的新附加功能包括苹果音乐的空间音频和无损音频以及苹果音乐语音计划。新的基于订阅的产品有望进一步扩大苹果对智能手机、笔记本电脑和其他先进家用电子产品全球使用量不断增加所带来的邻近机遇的影响力--例如，全球音乐流媒体市场预计将在未来五年内以 16% 的复合年增长率扩大，预计价值将达到 610 亿美元，这凸显了苹果音乐的巨大增长空间。苹果最新推出的苹果 One 捆绑包预计将在未来几年吸引新用户为订阅服务付费，而如果不是捆绑包折扣，他们是不会购买这些服务的。</blockquote></p><p> Continued growth in market demand for mobile applications will also be a boon to Apple’s fast-growing services segment. The global market for mobile applications is expected to grow at a CAGR of 18.4% and reach a market value of&nbsp;more than $400 billion&nbsp;over the next five years. With AAPL hosting&nbsp;one of the largest and most used app stores&nbsp;in the world, it would be reasonable to assume that related revenues would grow at a similar pace. Despite&nbsp;mounting global regulatory scrutiny&nbsp;over Apple’s alleged antitrust violations with its App Store – the most notable of which stemming from an ongoing&nbsp;legal battle with Epic Games– the company’s continued focus on ensuring user privacy, security, and ease of transactions might have saved the day. According to a survey of 4,000 Apple product users performed by Morgan Stanley across the U.S. and China, most have indicated loyalty to Apple’s App store due to the “value of security, privacy and ease of transactions” provided, despite developers pushing for rights to transact outside of Apple’s ecosystem. Apple’s recent success in&nbsp;delaying App Store changes&nbsp;ordered by U.S. District Judge Yvonne Gonzalez Rogers in&nbsp;September&nbsp;as part of a year-long lawsuit brought against by Epic Games is another sign of the App Store’s continued strength. The company has argued that the court-mandated order to allow App Store users to “buy directly from developers on the web” would be a threat to the security of their privacy.</p><p><blockquote>移动应用市场需求的持续增长也将有利于苹果快速增长的服务部门。全球移动应用市场预计将以18.4%的CAGR增长，未来五年市值将超过4000亿美元。由于 AAPL 拥有世界上最大、使用最广泛的应用商店之一，因此可以合理地假设相关收入将以类似的速度增长。尽管全球监管机构对苹果的 App Store 涉嫌违反反垄断规定的审查越来越多--其中最引人注目的是与 Epic Games 正在进行的法律诉讼--但该公司继续专注于确保用户隐私、安全和交易便利性可能已经挽救了局面。根据摩根士丹利在美国和中国大陆对 4000 名苹果产品用户进行的调查，大多数人对苹果的应用商店表示忠诚，因为该商店提供了 “安全、隐私和易于交易的价值”，尽管开发者正在推动在苹果生态系统之外进行交易。苹果最近成功推迟了美国地区法官伊冯娜-冈萨雷斯-罗杰斯（Yvonne Gonzalez Rogers）9 月份下令对 App Store 进行的更改，这是 Epic Games 对其提起长达一年的诉讼的一部分，这也是 App Store 持续强大的又一迹象。该公司辩称，法院下令允许 App Store 用户 “直接从网络上的开发者那里购买 ”，这将对他们的隐私安全构成威胁。</blockquote></p><p> Currently, developers are fighting for their rights to have app users transact outside of Apple’s ecosystem, which charges developers a hefty commission fee of up to 30% on all purchases. As Apple continues with its appeal of the ruling, the ultimate court decision on whether App Store changes would need to be implemented could take at least another year. But even with an unfavorable ruling, where Apple would have to allow developers to redirect users to payments outside of its ecosystem and/or lower its in-app purchase commission rate, App Store revenues are only expected to decrease by&nbsp;at most $4 billion per year&nbsp;which will not place a material impact on its valuation prospects. The actual quantified impact might even be less than what the market has forecasted, considering the value that App Store users have ascribed to the level of security and convenience that Apple has offered through the platform.</p><p><blockquote>目前，开发者正在争取让应用程序用户在苹果生态系统之外进行交易的权利，该生态系统向开发者收取高达 30% 的高额佣金。随着苹果继续对该裁决提出上诉，法院关于是否需要实施 App Store 变更的最终裁决可能至少还需要一年时间。但即使做出不利的裁决，苹果将不得不允许开发者将用户重定向到其生态系统之外的支付和/或降低其应用内购买佣金率，App Store的收入预计每年最多也只会减少40亿美元，这不会对其估值前景产生重大影响。考虑到 App Store 用户对苹果通过该平台提供的安全性和便利性水平的重视，实际量化影响甚至可能低于市场预测。</blockquote></p><p> <b>Key Catalysts Ahead</b></p><p><blockquote><b>未来的关键催化剂</b></blockquote></p><p></p><p> Apple is undoubtedly a key gateway to bringing emerging technologies to the mainstream due to its massive installed base of devices and related service platform users. And because of this, the highly anticipated launch of cutting-edge products like AR/VR headsets and autonomous vehicles in coming years will likely catapult the stock to new heights. The pioneer of disruptive consumer electronics and devices is expected to launch a&nbsp;VR headset and AR glasses&nbsp;by early 2023, a nascent technology that has been picking up steam in recent months with increasing talks of the metaverse. Similar to most VR headsets already available in the market, Apple’s will feature a 3D display to enable an immersive environment for a variety of activities from gaming to communicating. The differentiating factor will be the company’s plans to implement best-in-class graphics chips in the device to facilitate ultra-high-resolution displays. The impending VR headset will ultimately lay the foundation for its AR glasses, which Apple expects to be the “larger opportunity”.</p><p><blockquote>由于其庞大的设备安装基数和相关服务平台用户，苹果无疑是将新兴技术带入主流的关键门户。正因为如此，未来几年备受期待的AR/VR耳机和自动驾驶汽车等尖端产品的推出可能会将该股推向新的高度。这家颠覆性消费电子产品和设备的先驱预计将于 2023 年初推出 VR 耳机和 AR 眼镜，这项新兴技术近几个月来随着有关元宇宙的讨论越来越多，势头强劲。与市场上已有的大多数 VR 头显类似，苹果的 VR 头显将采用 3D 显示屏，为从游戏到交流等各种活动提供身临其境的环境。该公司计划在设备中采用一流的图形芯片，以实现超高分辨率显示屏。即将推出的 VR 头显最终将为其 AR 眼镜奠定基础，苹果预计这将是 “更大的机会”。</blockquote></p><p> Over the next five years, opportunities pertaining to the metaverse are expected to blossom into an&nbsp;$800 billion market. Related software and service sales are expected to drive more than 70% of the projected addressable market, while the remainder will likely be driven by hardware sales. This makes strong tailwinds for Apple, which does not only stand to capitalize on growing metaverse opportunities through the sale of its impending AR/VR headset, but also adjacent revenues pertaining to the usage of related apps, software and service platforms.</p><p><blockquote>未来五年，与元宇宙相关的机会预计将发展成为一个价值 8000 亿美元的市场。相关软件和服务销售预计将推动预计潜在市场的 70% 以上，而其余部分可能由硬件销售推动。这为苹果带来了强劲的推动力，该公司不仅可以通过销售即将推出的 AR/VR 耳机来利用不断增长的元宇宙机会，还可以利用与使用相关应用程序、软件和服务平台相关的相关收入。</blockquote></p><p> Speculations on Apple’s ongoing development of&nbsp;a self-driving electric car&nbsp;is also expected to materialize into meaningful upsides for the stock within the foreseeable future. The company is now planning to launch the new product category by 2025, at which time the global autonomous vehicle market is expected to reach a value of&nbsp;more than $200 billion. The eventual car will likely feature homages to its existing product portfolio, like an “iPad-like touch screen” infotainment system. And on the technology front, Apple is believed to have completed the development of a custom silicon for powering the vehicle’s autonomous driving capabilities. The newest chips will soon be implemented into its existing fleet of retrofitted SUVs for testing in California according to the state’s DMV, a sign that the impending launch is near.</p><p><blockquote>在可预见的未来，关于苹果正在开发自动驾驶电动汽车的猜测也有望为该股带来有意义的上涨空间。该公司目前计划在2025年前推出新产品类别，届时全球自动驾驶汽车市场价值预计将超过2000亿美元。最终推出的汽车很可能会向其现有的产品组合致敬，比如 “类似 iPad 的触摸屏 ”信息娱乐系统。在技术方面，据信苹果已经完成了为汽车自动驾驶功能提供动力的定制硅的开发。据加州车管所称，最新芯片将很快应用于其现有的改装 SUV 车队，以便在加州进行测试，这表明即将推出的芯片即将到来。</blockquote></p><p> While Apple’s current market value may already be reflective of “consistent material revenue contributions from new products and services over time”, additional upsides from the above-mentioned new product category launches are still missing. But this will likely change within the next 12 months as the impending launch of an Apple AR/VR device draws near. Near-term projections on early AR/VR device sales are expected to boost Apple’s valuation by&nbsp;at least $150 billion. And over time when metaverse trends continue to gain mainstream traction, Apple is expected to generate more than $200 billion in annual revenues from the AR/VR segment, which could add another 15% on top of its current market value.</p><p><blockquote>虽然苹果目前的市值可能已经反映了 “随着时间的推移，新产品和服务对收入的持续贡献”，但上述新产品类别的推出仍未带来额外的好处。但随着苹果AR/VR设备即将推出，这种情况可能会在未来12个月内发生变化。对早期 AR/VR 设备销售的近期预测预计将使苹果的估值至少提高 1500 亿美元。随着时间的推移，随着元宇宙趋势继续获得主流牵引力，苹果预计将从 AR/VR 领域产生超过 2000 亿美元的年收入，这可能会在其当前市值的基础上再增加 15%。</blockquote></p><p> <b>Valuation Prospects and Potential Impacts from the Impending Rate Increases</b></p><p><blockquote><b>即将加息的估值前景和潜在影响</b></blockquote></p><p> Adjusting our most recent forecast for Apple’s fiscal 2021 year-end results and December-quarter guidance, our base case projection estimates total net sales of $439.3 billion by the end of fiscal 2022, with further growth towards $668.5 billion by fiscal 2026. The growth assumptions applied across segment revenues in our forecast remains largely unchanged from our&nbsp;most recent analysis&nbsp;on the stock, with additional consideration for management’s near-term outlook on supply constraint impacts and the impending rate hikes. Specifically, lost revenues of $9 billion (i.e. approximately $3 billion during June-quarter and $6 billion during September-quarter) attributable to industry-wide chip shortages and pandemic-driven manufacturing delays during the second half of fiscal 2021 is expected to worsen into the first half of fiscal 2022. While there have been observed improvements to supply chain challenges, continuously robust demand for Apple products is what will drive a higher volume of lost sales in coming quarters. Nonetheless, Apple remains well-positioned for strong fundamentals ahead, which will help to alleviate some of investors’ concerns on valuation due to impending rate hikes.</p><p><blockquote>调整我们对苹果 2021 财年年终业绩和 12 月份季度指引的最新预测后，我们的基本案例预测预计到 2022 财年末，净销售总额将达到 4393 亿美元，到 2026 财年将进一步增长至 6685 亿美元。在我们的预测中，各部门收入的增长假设与我们最近对该股的分析基本保持不变，但还额外考虑了管理层对供应紧张影响和即将加息的近期展望。具体来说，2021 财年下半年全行业芯片短缺和大流行导致的制造延误造成的 90 亿美元收入损失（即 6 月份季度约 30 亿美元，9 月份季度约 60 亿美元）预计将恶化到 2022 财年上半年。虽然供应链挑战有所改善，但对苹果产品的持续强劲需求将推动未来几个季度销售额的增加。尽管如此，苹果未来的基本面依然强劲，这将有助于缓解投资者因即将加息而对估值的一些担忧。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b5aa95136cfca6f95b962ea36eadab74\" tg-width=\"640\" tg-height=\"257\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>i. Base Case Financial Projections:</i></p><p><blockquote><i>i. 基本情况财务预测：</i></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6585b165abd25fab7d171dd944d05156\" tg-width=\"640\" tg-height=\"316\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal financial forecast (Apple_-_Forecasted_Financial_Information.pdf). Please refer here for further detail on material growth assumptions applied.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部财务预测（Apple_-_Forecasted_Financial_Information.pdf）。有关应用的重大增长假设的进一步详情，请参阅此处。</span></p></blockquote></p><p> Drawing on the above considerations, our 12-month price target for the Apple stock has been revised to $209.43. This represents upside potential of more than 22% based on the last traded price of $171.14 on December 17th.</p><p><blockquote>基于上述考虑，我们对苹果股票的 12 个月目标价已修正至 209.43 美元。根据 12 月 17 日最后交易价格 171.14 美元计算，这意味着超过 22% 的上涨潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e88e904b5b900fbcdf4541d856570e2d\" tg-width=\"640\" tg-height=\"230\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> The revised price target is derived using a discounted cash flow (“DCF”) analysis over a ten-year discrete period in conjunction with the financial projections updated for Apple’s recent developments as analyzed in earlier sections. Similar to our original valuation analysis, we have applied a WACC of 8% to discount Apple’s projected free cash flows. The discount function is reflective of the company’s risk profile, taking into consideration its current capital structure and strong balance sheet. Apple’s cost of capital for growth is not expected to change significantly as a result of the impending rate hikes, considering a large portion of its existing debt are fixed-rate notes. The company also boasts a consistently robust net cash position, in which management intends to deploy towards additional growth without having to incur incremental capital costs ahead of interest rate increases. This is expected to further cement investors’ confidence in the Apple stock, as they continue their “flight to quality” amidst fear of broader market pressure from rising interest rates.</p><p><blockquote>修订后的价格目标是使用十年离散期间的贴现现金流（“DCF”）分析，结合前面章节分析的苹果近期发展的最新财务预测得出的。与我们最初的估值分析类似，我们采用了 8% 的 WACC 来贴现苹果的预计自由现金流。考虑到公司目前的资本结构和稳健的资产负债表，贴现函数反映了公司的风险状况。考虑到苹果现有债务中有很大一部分是固定利率票据，预计其增长的资本成本不会因即将加息而发生重大变化。该公司还拥有持续强劲的净现金状况，管理层打算在利率上升之前部署额外增长，而不必承担额外的资本成本。预计这将进一步增强水泥投资者对苹果股票的信心，因为他们在担心利率上升会带来更广泛的市场压力的情况下，继续 “向优质方向飞奔”。</blockquote></p><p> The valuation analysis also assumes an exit multiple of 19.8x, which is consistent with current market expectations on Apple’s growth trajectory over the forecasted period. The applied exit multiple assumption could even improve further within the next 12 months, considering the impending launch of new product segments like AR/VR devices and autonomous vehicles, and offset any potential impacts from the upcoming increases to interest rates.</p><p><blockquote>估值分析还假设退出倍数为 19.8 倍，这与当前市场对苹果在预测期内增长轨迹的预期一致。考虑到AR/VR设备和自动驾驶汽车等新产品细分市场即将推出，所应用的退出倍数假设甚至可能在未来12个月内进一步改善，并抵消即将到来的加息带来的任何潜在影响。</blockquote></p><p> <i>i. Base Case Valuation Analysis:</i></p><p><blockquote><i>一、基本案例估值分析：</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/81f992ef8b2b59ea879f69a7b1e7ad52\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>ii. Sensitivity Analysis:</i></p><p><blockquote><i>ii.敏感性分析：</i></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da8b21dae04fd263929ab26bd8d83907\" tg-width=\"640\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Based on the foregoing analysis, the anticipated addition of 175 to 200 basis points to the current near-zero Federal Fund Rate over the next two years is not expected to cause material adverse impacts to Apple’s performance from both a fundamental and valuation perspective. Robust global demand for Apple products and services, paired with new innovations are expected to further bolster the company’s fundamental growth prospects. This would accordingly bring additional improvements to Apple’s balance sheet, and further strengthen its position against downward valuation pressures from broader macro headwinds. In fact, increasing demand for quality growth stocks to counter risks resulting from the impending rate hikes might even fuel Apple’s valuation growth momentum. On these considerations, Apple remains one of the best-performing tech stocks to own given its robust uptrend to $3 trillion in the near-term despite impending rate hikes.</p><p><blockquote>根据上述分析，从基本面和估值角度来看，预计未来两年在目前接近于零的联邦基金利率基础上增加 175 至 200 个基点，预计不会对苹果的业绩造成重大不利影响。全球对苹果产品和服务的强劲需求，加上新的创新，预计将进一步提振公司的基本增长前景。因此，这将进一步改善苹果的资产负债表，并进一步加强其抵御更广泛宏观逆风带来的估值下行压力的地位。事实上，为应对即将加息带来的风险，对优质成长型股票的需求不断增加，甚至可能推动苹果的估值增长势头。出于这些考虑，尽管即将加息，但苹果仍然是表现最好的科技股之一，因为其近期仍呈现强劲上升趋势，达到 3 万亿美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</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\">2021-12-20 10:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>With inflation running its hottest course in 40 years, the Federal Reserve has decided to accelerate the stimulus tapering schedule and prepare for raising interest rates as early as March.</li>  <li>While rate hikes have historically deterred investors from growth stocks due to concerns over eroding valuation prospects, the Apple stock has remained largely resilient.</li>  <li>Apple is expected to realize additional upsides ahead, sustained by robust demand for its existing offerings and new opportunities arising from nascent technologies like AR/VR and autonomous vehicles.</li>  <li>Its strong net cash position also provides sufficient dry powder to fund additional growth in coming years without incurring additional costs of capital amidst rising interest rates.</li>  <li>As such, Apple's bullish thesis remains intact as it approaches a $3 trillion valuation, despite broader market valuation risks ahead.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fdf73ac36a98ce54b343c7e6b613f4d9\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>guvendemir/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>随着通胀处于40年来最热的阶段，美联储决定加快刺激缩减时间表，并准备最早在3月份加息。</li><li>尽管由于担心估值前景恶化，加息历来会阻止投资者购买成长型股票，但苹果股票在很大程度上仍然具有弹性。</li><li>在对其现有产品的强劲需求以及 AR/VR 和自动驾驶汽车等新兴技术带来的新机遇的支持下，苹果预计将在未来实现额外的上涨空间。</li><li>其强劲的净现金状况也提供了足够的干粉来为未来几年的额外增长提供资金，而不会在利率上升的情况下产生额外的资本成本。</li><li>因此，尽管未来存在更广泛的市场估值风险，但苹果的看涨论点在其估值接近 3 万亿美元时仍然完好无损。</li></ul><p class=\"t-img-caption\"><span>guvendemir/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> As one of the world’s best performing stocks, Apple(NASDAQ:AAPL)&nbsp;has gained close to 40% this year. The stock, which last peaked at $182.13 not too long ago, is currently less than 7% from being the first U.S. publicly listed company to reach a $3 trillion market value and single-handedly accounts for about 15% of the tech-heavy Nasdaq 100’s performance. Apple’s market value has grown by&nbsp;more than 220x&nbsp;since the late 1990s, buoyed by the company’s continuous ability to capture robust demand for its innovative portfolio of products and services.</p><p><blockquote>作为全球表现最好的股票之一，苹果（纳斯达克股票代码：AAPL）今年上涨了近 40%。该股不久前曾触及 182.13 美元的最高点，目前距离成为第一家市值达到 3 万亿美元的美国上市公司还不到 7%，单枪匹马就占据了以科技股为主的纳斯达克 100 指数业绩的约 15%。自 20 世纪 90 年代末以来，苹果的市值增长了 220 多倍，这得益于该公司持续能够抓住对其创新产品和服务组合的强劲需求。</blockquote></p><p> And Apple’s strong fundamentals are expected to help the stock defy adverse impacts from the imminent rate hikes beginning next year. With inflation running at its hottest in almost four decades, the Federal Reserve decided Wednesday that it will increase the pace at which it is dialing back on the $120 billion monthly bond repurchasing program from $15 billion per month, which began in November, to&nbsp;$30 billion per month. This would effectively conclude the stimulus program, put in place at the onset of the pandemic, coming March, rather than in&nbsp;July as initially planned. Rate hikes are expected to begin soon after to counter rising price pressures, with Federal Reserve Chair Jerome Powell affirming that the process will only begin after tapering ends and at a gradual pace. The latest dot plot indicates potential for the Federal Fund Rate to lift-off from near-zero beginning early 2022 with three quarter-point increases, plus another three in 2023 and two more in 2024. If materialized, the process would up the funds rate to 2.1% by 2024.</p><p><blockquote>苹果强劲的基本面有望帮助该股抵御明年开始即将加息带来的不利影响。随着通胀达到近四十年来的最高点，美联储周三决定加快每月 1200 亿美元债券回购计划的步伐，从 11 月开始的每月 150 亿美元降至每月 300 亿美元。这将有效地结束疫情爆发时实施的刺激计划，即明年3月，而不是最初计划的7月。加息预计将很快开始，以应对不断上升的价格压力，美联储主席杰罗姆·鲍威尔确认，这一过程只有在缩减规模结束后才会开始，并且步伐渐进。最新的点阵图表明，联邦基金利率有可能从 2022 年初的接近于零的水平上升，并上调三个四分之一点，2023 年再上调三个四分之一点，2024 年再上调两个。如果实现，到 2024 年，这一过程将把基金利率提高到 2.1%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2ef3ca2d04c1b55a465e12bfae79890e\" tg-width=\"640\" tg-height=\"315\" width=\"100%\" height=\"auto\"><span>Source: Bloomberg</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：彭博社</span></p></blockquote></p><p> While rate hikes typically cause investors to turn risk averse due to concerns over&nbsp;faster erosion of value on future gains&nbsp;and stalled business growth due to rising costs of capital, especially for high-growth stocks, Apple gained close to 3% upon release of the Fed’s update on policy tightening. The stock closed at $179.30 on December 15th, nearing its peak of $182 on Monday. Apple’s rally, along with similar uptrends observed across other mega-cap tech stocks, accordingly drove intra-day gains of 2.4% for the Nasdaq 100 following the Federal Reserve’s update, indicating investors’ preference to park their money in companies with robust growth prospects to counter risks from the impending rate increases.</p><p><blockquote>虽然加息通常会导致投资者规避风险，因为他们担心未来收益的价值会更快地受到侵蚀，而且由于资本成本上升（尤其是高增长股票）导致业务增长停滞，但在美联储发布紧缩政策的最新消息后，苹果股市上涨了近3%。该股12月15日收于179.30美元，接近周一182美元的峰值。在美联储发布最新消息后，苹果的反弹以及其他大型科技股的类似上升趋势相应地推动了纳斯达克 100 指数盘中上涨 2.4%，这表明投资者更倾向于将资金投入增长前景强劲的公司，以应对即将加息带来的风险。</blockquote></p><p> With the coming holiday season a boon for Apple’s December-quarter sales, the stock’s valuation is expected to enter in the $3 trillion territory sooner than expected. Continued robust demand observed across Apple’s entire product line, generous share buy-backs, and additional revenue contributions expected within the foreseeable future resulting from new, cutting-edge products will also be key catalysts to support the company’s persistently strong fundamentals and keep the stock’s valuation above $3 trillion despite the impending rate hikes. Considering recent developments to the broader market and Apple’s growth prospects, we are raising our 12-month price target for the stock to $209.43.</p><p><blockquote>随着即将到来的假日季对苹果 12 月季度的销售额有利，该股估值预计将比预期更早进入 3 万亿美元大关。苹果整个产品线的持续强劲需求、慷慨的股票回购，以及预计在可预见的未来，新的尖端产品将带来额外的收入贡献，也将成为支撑公司持续强劲基本面的关键催化剂，并在即将加息的情况下将使股票估值保持在 3 万亿美元以上。考虑到大盘的近期发展和苹果的增长前景，我们将该股的 12 个月目标价上调至 209.43 美元。</blockquote></p><p> <b>FY 2021 Overview and Recap of Fundamental Prospects</b></p><p><blockquote><b>2021财年概述及基本前景回顾</b></blockquote></p><p></p><p> Fiscal 2021 was a big year for Apple. The company’s revenues for the year grew 33% from fiscal 2020 to $366 billion, despite on-and-off store closures resulting from recurring coronavirus outbreaks and supply chain constraints that have led to more than $9 billion in lost sales. Every product and service segment achieved record-setting revenues with more than 20% growth from previous year results. Much of the year’s success were attributable to a series of new product launches and feature upgrades. The most notable of which included the 5G-enabled family of iPhone 12s and iPhone 13s, as well as the M1-powered MacBook Pro and iPad Pro.</p><p><blockquote>2021财年对苹果来说是重要的一年。尽管冠状病毒反复爆发和供应链限制导致门店断断续续关闭，导致销售额损失超过 90 亿美元，但该公司全年的收入比 2020 财年增长了 33%，达到 3660 亿美元。每个产品和服务部门都实现了创纪录的收入，比上一年的业绩增长了20%以上。今年的成功很大程度上归功于一系列新产品的发布和功能的升级。其中最引人注目的包括支持5G的iPhone 12s和iPhone 13s系列，以及支持M1的MacBook Pro和iPad Pro。</blockquote></p><p> <b>Key Developments in Products</b></p><p><blockquote><b>产品的主要发展</b></blockquote></p><p> iPhone sales grew by 39% this year, the most amongst other segments, and drove more than half of Apple’s fiscal 2021 revenues. The results were a stark contrast to last year’s slump in demand for the mobile device when consumers braced for pandemic-driven economic uncertainties. iPhone sales are expected to remain robust in coming years as global 5G device upgrades continue to gather pace. The likely launch of a more affordable 5G-enabled iPhone SE in 2022 is also expected to further Apple’s market share gains by&nbsp;attracting switchers&nbsp;from “more than a billion non-premium Android users”, and drive the active installed base to another all-time high. The anticipated momentum is further corroborated by iPhone sales patterns observed in recent quarters following the launch of 5G-enabled iPhone 12s and iPhone 13s, where the number of upgraders and switchers grew by&nbsp;strong double digits. Apple’s strong ties with cell-phone carriers is also expected to drive meaningful iPhone sales contributions in coming years. Reputable wireless carriers in the U.S. like&nbsp;Verizon&nbsp;and&nbsp;AT&amp;T&nbsp;have already been keen on promoting the sale of 5G-enabled devices like the iPhone 12 and iPhone 13 to encourage migration to the 5G network that they have spent billions of dollars on building across the nation. Telecom companies around the world are expected to spend&nbsp;more than $700 billion&nbsp;over the next five years on building-out the 5G network, underscoring significant additional growth opportunities ahead for the iPhone segment as carriers push for the strongest multiyear upgrade cycle in a decade to recoup their investments.</p><p><blockquote>iPhone 今年的销量增长了 39%，是其他细分市场中增长最快的，并贡献了苹果 2021 财年一半以上的收入。这一结果与去年移动设备需求的下滑形成了鲜明对比，当时消费者正在为大流行病带来的经济不确定性做好准备。随着全球5G设备升级步伐不断加快，iPhone销售预计将在未来几年保持强劲。2022 年可能会推出更实惠的支持 5G 的 iPhone SE，这也将吸引 “超过 10 亿非高端安卓用户 ”的转换用户，从而进一步扩大苹果的市场份额，并将活跃安装基数推向历史新高。在支持 5G 的 iPhone 12s 和 iPhone 13s 推出后，最近几个季度观察到的 iPhone 销售模式进一步证实了预期的势头，升级和切换用户的数量强劲增长了两位数。苹果与手机运营商的紧密联系预计也将在未来几年推动 iPhone 的销售贡献。威瑞森和美国电话电报公司等美国知名无线运营商已经热衷于促进iPhone 12和iPhone 13等支持5G的设备的销售，以鼓励向他们花费数十亿美元在全国范围内建设的5G网络迁移。预计全球电信公司将在未来五年内花费超过7000亿美元建设5G网络，这凸显了随着运营商推动十年来最强劲的多年升级周期以收回投资，iPhone领域未来的巨大增长机会。</blockquote></p><p> Mac and iPad sales also grew significantly in fiscal 2021, reaching record revenues of $35.2 billion and $31.9 billion, respectively. Following the introduction of the&nbsp;all-new M1-powered iMac&nbsp;earlier this year, Apple also unveiled the&nbsp;reimagined M1-Pro / M1-Max powered MacBook Pro&nbsp;in October. The custom M1 processors made the newest MacBook “better than any Intel-based device for nearly every productivity use case outside of gaming”. This accordingly drove incredible demand for the portable workstation from a diverse group of consumers, ranging from professional creators and photographers to corporate users and students. The company is estimated to have shipped&nbsp;over 3.2 million units&nbsp;of Mac products during the September quarter, which drove record-setting revenues for the segment, while boosting its rank in global PC sales to fourth place amongst other vendors. The introduction of M1-processors in Apple’s computing products also bolstered its position in capitalizing on the surge in global demand for PCs and multi-purpose tablets by allowing the company to build devices with innovative features that can be seamlessly integrated across its ecosystem of peripheral accessories and services to draw adjacent revenues. With accelerated adoption of hybrid work and study arrangements in the post-pandemic era, global demand for portable workstations like PCs and multi-purpose tablets are expected to remain elevated in coming years – the sectors are expected to grow into a&nbsp;$224.3 billion&nbsp;and$600 billion&nbsp;market, respectively, by 2025, which makes favorable trends for Apple’s Mac and iPad segments.</p><p><blockquote>Mac 和 iPad 销量在 2021 财年也大幅增长，收入分别达到创纪录的 352 亿美元和 319 亿美元。继今年早些时候推出全新M1驱动的iMac后，苹果还在10月份推出了重新设计的M1-Pro/M1-Max驱动的MacBook Pro。定制的 M1 处理器使最新的 MacBook “在游戏以外的几乎所有生产力用例上都优于任何基于英特尔的设备”。这相应地推动了不同消费者群体对便携式工作站的巨大需求，从专业创作者和摄影师到企业用户和学生。据估计，该公司在 9 月份季度的 Mac 产品出货量超过 320 万台，推动了该部门创纪录的收入，同时将其在全球 PC 销量中的排名提升至其他供应商的第四位。在苹果的计算产品中引入 M1 处理器也巩固了其在利用全球对 PC 和多功能平板电脑需求激增的优势方面的地位，使该公司能够制造具有创新功能的设备，这些设备可以在其外围配件和服务生态系统中无缝集成，从而吸引相关收入。随着后大流行病时代混合工作和学习安排的加速采用，预计未来几年全球对个人电脑和多功能平板电脑等便携式工作站的需求将保持高位--到 2025 年，这两个行业的市场预计将分别增长到 2,243 亿美元和 6,000 亿美元，这将为苹果的 Mac 和 iPad 细分市场带来有利趋势。</blockquote></p><p> Recent speculations on Apple’s intentions to&nbsp;strengthen its in-house chip development capacity&nbsp;will likely further the advancement of its technologies offered in coming years and draw additional demand to its products. The company is currently looking for engineers to build-out its capacity in the development of “wireless radios, radio-frequency integrated circuits, and a wireless system-on-chip (“SoC”)”, as well as “semiconductors for connecting Bluetooth and Wi-Fi”. These developments are expected to further enhance seamless integration across Apple’s devices and increase stickiness to its ecosystem of product and service offerings, making its chip unit one of the company’s “most prized assets”.</p><p><blockquote>最近有猜测称，苹果有意加强其内部芯片开发能力，这可能会在未来几年进一步推动其技术的进步，并吸引对其产品的更多需求。该公司目前正在寻找工程师，以增强其在 “无线收音机、射频集成电路和无线片上系统（“SoC”）”以及 “用于连接蓝牙和 Wi-Fi 的半导体”方面的开发能力。这些发展有望进一步增强苹果设备之间的无缝集成，并增加其产品和服务生态系统的粘性，使其芯片部门成为公司 “最宝贵的资产 ”之一。</blockquote></p><p> <b>Key Developments in Services</b></p><p><blockquote><b>服务的主要发展</b></blockquote></p><p></p><p> On the services front, a strong subscriber base had enabled the segment to hit record-setting revenues of more than $68.4 billion in fiscal 2021, up 27% from the prior year. To date, Apple has garnered more than 745 million paid subscribers across its high-margin service offerings, representing a five-fold increase over the last five years. Apple’s increasing push for a subscription-based business model across its wide variety of service platforms, ranging from Apple Music to iCloud storage solutions, paired with attractive new offerings that address key consumer trends in recent years have been a key driver to the company’s fast-expanding margins. New exciting add-on features introduced for existing service platforms include&nbsp;Spatial Audio and Lossless Audiofor Apple Music and the&nbsp;Apple Music Voice Plan. The new subscription-based offerings are expected to further Apple’s reach to adjacent opportunities stemming from increasing global usage of smartphones, laptops and other advanced home electronic products – for instance, the global music streaming market is expected to expand at a CAGR of 16% towards a&nbsp;projected value of $61 billion&nbsp;over the next five years, underscoring significant growth headroom for Apple Music. And Apple’s latest introduction of the&nbsp;Apple One bundle&nbsp;is expected to be a key contributor to furthering service segment sales in coming years by attracting new users to pay for subscription services that they otherwise would not have had it not been for the bundle discounts.</p><p><blockquote>在服务方面，强大的用户群使该部门在 2021 财年的收入创下了超过 684 亿美元的纪录，比上一年增长了 27%。迄今为止，苹果通过其高利润服务产品获得了超过 7.45 亿付费用户，比过去五年增长了五倍。苹果在其从苹果音乐到 iCloud 存储解决方案等各种服务平台上不断推行基于订阅的商业模式，再加上近年来针对主要消费趋势的有吸引力的新产品，一直是该公司利润率快速增长的关键驱动力。为现有服务平台引入的令人兴奋的新附加功能包括苹果音乐的空间音频和无损音频以及苹果音乐语音计划。新的基于订阅的产品有望进一步扩大苹果对智能手机、笔记本电脑和其他先进家用电子产品全球使用量不断增加所带来的邻近机遇的影响力--例如，全球音乐流媒体市场预计将在未来五年内以 16% 的复合年增长率扩大，预计价值将达到 610 亿美元，这凸显了苹果音乐的巨大增长空间。苹果最新推出的苹果 One 捆绑包预计将在未来几年吸引新用户为订阅服务付费，而如果不是捆绑包折扣，他们是不会购买这些服务的。</blockquote></p><p> Continued growth in market demand for mobile applications will also be a boon to Apple’s fast-growing services segment. The global market for mobile applications is expected to grow at a CAGR of 18.4% and reach a market value of&nbsp;more than $400 billion&nbsp;over the next five years. With AAPL hosting&nbsp;one of the largest and most used app stores&nbsp;in the world, it would be reasonable to assume that related revenues would grow at a similar pace. Despite&nbsp;mounting global regulatory scrutiny&nbsp;over Apple’s alleged antitrust violations with its App Store – the most notable of which stemming from an ongoing&nbsp;legal battle with Epic Games– the company’s continued focus on ensuring user privacy, security, and ease of transactions might have saved the day. According to a survey of 4,000 Apple product users performed by Morgan Stanley across the U.S. and China, most have indicated loyalty to Apple’s App store due to the “value of security, privacy and ease of transactions” provided, despite developers pushing for rights to transact outside of Apple’s ecosystem. Apple’s recent success in&nbsp;delaying App Store changes&nbsp;ordered by U.S. District Judge Yvonne Gonzalez Rogers in&nbsp;September&nbsp;as part of a year-long lawsuit brought against by Epic Games is another sign of the App Store’s continued strength. The company has argued that the court-mandated order to allow App Store users to “buy directly from developers on the web” would be a threat to the security of their privacy.</p><p><blockquote>移动应用市场需求的持续增长也将有利于苹果快速增长的服务部门。全球移动应用市场预计将以18.4%的CAGR增长，未来五年市值将超过4000亿美元。由于 AAPL 拥有世界上最大、使用最广泛的应用商店之一，因此可以合理地假设相关收入将以类似的速度增长。尽管全球监管机构对苹果的 App Store 涉嫌违反反垄断规定的审查越来越多--其中最引人注目的是与 Epic Games 正在进行的法律诉讼--但该公司继续专注于确保用户隐私、安全和交易便利性可能已经挽救了局面。根据摩根士丹利在美国和中国大陆对 4000 名苹果产品用户进行的调查，大多数人对苹果的应用商店表示忠诚，因为该商店提供了 “安全、隐私和易于交易的价值”，尽管开发者正在推动在苹果生态系统之外进行交易。苹果最近成功推迟了美国地区法官伊冯娜-冈萨雷斯-罗杰斯（Yvonne Gonzalez Rogers）9 月份下令对 App Store 进行的更改，这是 Epic Games 对其提起长达一年的诉讼的一部分，这也是 App Store 持续强大的又一迹象。该公司辩称，法院下令允许 App Store 用户 “直接从网络上的开发者那里购买 ”，这将对他们的隐私安全构成威胁。</blockquote></p><p> Currently, developers are fighting for their rights to have app users transact outside of Apple’s ecosystem, which charges developers a hefty commission fee of up to 30% on all purchases. As Apple continues with its appeal of the ruling, the ultimate court decision on whether App Store changes would need to be implemented could take at least another year. But even with an unfavorable ruling, where Apple would have to allow developers to redirect users to payments outside of its ecosystem and/or lower its in-app purchase commission rate, App Store revenues are only expected to decrease by&nbsp;at most $4 billion per year&nbsp;which will not place a material impact on its valuation prospects. The actual quantified impact might even be less than what the market has forecasted, considering the value that App Store users have ascribed to the level of security and convenience that Apple has offered through the platform.</p><p><blockquote>目前，开发者正在争取让应用程序用户在苹果生态系统之外进行交易的权利，该生态系统向开发者收取高达 30% 的高额佣金。随着苹果继续对该裁决提出上诉，法院关于是否需要实施 App Store 变更的最终裁决可能至少还需要一年时间。但即使做出不利的裁决，苹果将不得不允许开发者将用户重定向到其生态系统之外的支付和/或降低其应用内购买佣金率，App Store的收入预计每年最多也只会减少40亿美元，这不会对其估值前景产生重大影响。考虑到 App Store 用户对苹果通过该平台提供的安全性和便利性水平的重视，实际量化影响甚至可能低于市场预测。</blockquote></p><p> <b>Key Catalysts Ahead</b></p><p><blockquote><b>未来的关键催化剂</b></blockquote></p><p></p><p> Apple is undoubtedly a key gateway to bringing emerging technologies to the mainstream due to its massive installed base of devices and related service platform users. And because of this, the highly anticipated launch of cutting-edge products like AR/VR headsets and autonomous vehicles in coming years will likely catapult the stock to new heights. The pioneer of disruptive consumer electronics and devices is expected to launch a&nbsp;VR headset and AR glasses&nbsp;by early 2023, a nascent technology that has been picking up steam in recent months with increasing talks of the metaverse. Similar to most VR headsets already available in the market, Apple’s will feature a 3D display to enable an immersive environment for a variety of activities from gaming to communicating. The differentiating factor will be the company’s plans to implement best-in-class graphics chips in the device to facilitate ultra-high-resolution displays. The impending VR headset will ultimately lay the foundation for its AR glasses, which Apple expects to be the “larger opportunity”.</p><p><blockquote>由于其庞大的设备安装基数和相关服务平台用户，苹果无疑是将新兴技术带入主流的关键门户。正因为如此，未来几年备受期待的AR/VR耳机和自动驾驶汽车等尖端产品的推出可能会将该股推向新的高度。这家颠覆性消费电子产品和设备的先驱预计将于 2023 年初推出 VR 耳机和 AR 眼镜，这项新兴技术近几个月来随着有关元宇宙的讨论越来越多，势头强劲。与市场上已有的大多数 VR 头显类似，苹果的 VR 头显将采用 3D 显示屏，为从游戏到交流等各种活动提供身临其境的环境。该公司计划在设备中采用一流的图形芯片，以实现超高分辨率显示屏。即将推出的 VR 头显最终将为其 AR 眼镜奠定基础，苹果预计这将是 “更大的机会”。</blockquote></p><p> Over the next five years, opportunities pertaining to the metaverse are expected to blossom into an&nbsp;$800 billion market. Related software and service sales are expected to drive more than 70% of the projected addressable market, while the remainder will likely be driven by hardware sales. This makes strong tailwinds for Apple, which does not only stand to capitalize on growing metaverse opportunities through the sale of its impending AR/VR headset, but also adjacent revenues pertaining to the usage of related apps, software and service platforms.</p><p><blockquote>未来五年，与元宇宙相关的机会预计将发展成为一个价值 8000 亿美元的市场。相关软件和服务销售预计将推动预计潜在市场的 70% 以上，而其余部分可能由硬件销售推动。这为苹果带来了强劲的推动力，该公司不仅可以通过销售即将推出的 AR/VR 耳机来利用不断增长的元宇宙机会，还可以利用与使用相关应用程序、软件和服务平台相关的相关收入。</blockquote></p><p> Speculations on Apple’s ongoing development of&nbsp;a self-driving electric car&nbsp;is also expected to materialize into meaningful upsides for the stock within the foreseeable future. The company is now planning to launch the new product category by 2025, at which time the global autonomous vehicle market is expected to reach a value of&nbsp;more than $200 billion. The eventual car will likely feature homages to its existing product portfolio, like an “iPad-like touch screen” infotainment system. And on the technology front, Apple is believed to have completed the development of a custom silicon for powering the vehicle’s autonomous driving capabilities. The newest chips will soon be implemented into its existing fleet of retrofitted SUVs for testing in California according to the state’s DMV, a sign that the impending launch is near.</p><p><blockquote>在可预见的未来，关于苹果正在开发自动驾驶电动汽车的猜测也有望为该股带来有意义的上涨空间。该公司目前计划在2025年前推出新产品类别，届时全球自动驾驶汽车市场价值预计将超过2000亿美元。最终推出的汽车很可能会向其现有的产品组合致敬，比如 “类似 iPad 的触摸屏 ”信息娱乐系统。在技术方面，据信苹果已经完成了为汽车自动驾驶功能提供动力的定制硅的开发。据加州车管所称，最新芯片将很快应用于其现有的改装 SUV 车队，以便在加州进行测试，这表明即将推出的芯片即将到来。</blockquote></p><p> While Apple’s current market value may already be reflective of “consistent material revenue contributions from new products and services over time”, additional upsides from the above-mentioned new product category launches are still missing. But this will likely change within the next 12 months as the impending launch of an Apple AR/VR device draws near. Near-term projections on early AR/VR device sales are expected to boost Apple’s valuation by&nbsp;at least $150 billion. And over time when metaverse trends continue to gain mainstream traction, Apple is expected to generate more than $200 billion in annual revenues from the AR/VR segment, which could add another 15% on top of its current market value.</p><p><blockquote>虽然苹果目前的市值可能已经反映了 “随着时间的推移，新产品和服务对收入的持续贡献”，但上述新产品类别的推出仍未带来额外的好处。但随着苹果AR/VR设备即将推出，这种情况可能会在未来12个月内发生变化。对早期 AR/VR 设备销售的近期预测预计将使苹果的估值至少提高 1500 亿美元。随着时间的推移，随着元宇宙趋势继续获得主流牵引力，苹果预计将从 AR/VR 领域产生超过 2000 亿美元的年收入，这可能会在其当前市值的基础上再增加 15%。</blockquote></p><p> <b>Valuation Prospects and Potential Impacts from the Impending Rate Increases</b></p><p><blockquote><b>即将加息的估值前景和潜在影响</b></blockquote></p><p> Adjusting our most recent forecast for Apple’s fiscal 2021 year-end results and December-quarter guidance, our base case projection estimates total net sales of $439.3 billion by the end of fiscal 2022, with further growth towards $668.5 billion by fiscal 2026. The growth assumptions applied across segment revenues in our forecast remains largely unchanged from our&nbsp;most recent analysis&nbsp;on the stock, with additional consideration for management’s near-term outlook on supply constraint impacts and the impending rate hikes. Specifically, lost revenues of $9 billion (i.e. approximately $3 billion during June-quarter and $6 billion during September-quarter) attributable to industry-wide chip shortages and pandemic-driven manufacturing delays during the second half of fiscal 2021 is expected to worsen into the first half of fiscal 2022. While there have been observed improvements to supply chain challenges, continuously robust demand for Apple products is what will drive a higher volume of lost sales in coming quarters. Nonetheless, Apple remains well-positioned for strong fundamentals ahead, which will help to alleviate some of investors’ concerns on valuation due to impending rate hikes.</p><p><blockquote>调整我们对苹果 2021 财年年终业绩和 12 月份季度指引的最新预测后，我们的基本案例预测预计到 2022 财年末，净销售总额将达到 4393 亿美元，到 2026 财年将进一步增长至 6685 亿美元。在我们的预测中，各部门收入的增长假设与我们最近对该股的分析基本保持不变，但还额外考虑了管理层对供应紧张影响和即将加息的近期展望。具体来说，2021 财年下半年全行业芯片短缺和大流行导致的制造延误造成的 90 亿美元收入损失（即 6 月份季度约 30 亿美元，9 月份季度约 60 亿美元）预计将恶化到 2022 财年上半年。虽然供应链挑战有所改善，但对苹果产品的持续强劲需求将推动未来几个季度销售额的增加。尽管如此，苹果未来的基本面依然强劲，这将有助于缓解投资者因即将加息而对估值的一些担忧。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b5aa95136cfca6f95b962ea36eadab74\" tg-width=\"640\" tg-height=\"257\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>i. Base Case Financial Projections:</i></p><p><blockquote><i>i. 基本情况财务预测：</i></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6585b165abd25fab7d171dd944d05156\" tg-width=\"640\" tg-height=\"316\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal financial forecast (Apple_-_Forecasted_Financial_Information.pdf). Please refer here for further detail on material growth assumptions applied.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部财务预测（Apple_-_Forecasted_Financial_Information.pdf）。有关应用的重大增长假设的进一步详情，请参阅此处。</span></p></blockquote></p><p> Drawing on the above considerations, our 12-month price target for the Apple stock has been revised to $209.43. This represents upside potential of more than 22% based on the last traded price of $171.14 on December 17th.</p><p><blockquote>基于上述考虑，我们对苹果股票的 12 个月目标价已修正至 209.43 美元。根据 12 月 17 日最后交易价格 171.14 美元计算，这意味着超过 22% 的上涨潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e88e904b5b900fbcdf4541d856570e2d\" tg-width=\"640\" tg-height=\"230\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> The revised price target is derived using a discounted cash flow (“DCF”) analysis over a ten-year discrete period in conjunction with the financial projections updated for Apple’s recent developments as analyzed in earlier sections. Similar to our original valuation analysis, we have applied a WACC of 8% to discount Apple’s projected free cash flows. The discount function is reflective of the company’s risk profile, taking into consideration its current capital structure and strong balance sheet. Apple’s cost of capital for growth is not expected to change significantly as a result of the impending rate hikes, considering a large portion of its existing debt are fixed-rate notes. The company also boasts a consistently robust net cash position, in which management intends to deploy towards additional growth without having to incur incremental capital costs ahead of interest rate increases. This is expected to further cement investors’ confidence in the Apple stock, as they continue their “flight to quality” amidst fear of broader market pressure from rising interest rates.</p><p><blockquote>修订后的价格目标是使用十年离散期间的贴现现金流（“DCF”）分析，结合前面章节分析的苹果近期发展的最新财务预测得出的。与我们最初的估值分析类似，我们采用了 8% 的 WACC 来贴现苹果的预计自由现金流。考虑到公司目前的资本结构和稳健的资产负债表，贴现函数反映了公司的风险状况。考虑到苹果现有债务中有很大一部分是固定利率票据，预计其增长的资本成本不会因即将加息而发生重大变化。该公司还拥有持续强劲的净现金状况，管理层打算在利率上升之前部署额外增长，而不必承担额外的资本成本。预计这将进一步增强水泥投资者对苹果股票的信心，因为他们在担心利率上升会带来更广泛的市场压力的情况下，继续 “向优质方向飞奔”。</blockquote></p><p> The valuation analysis also assumes an exit multiple of 19.8x, which is consistent with current market expectations on Apple’s growth trajectory over the forecasted period. The applied exit multiple assumption could even improve further within the next 12 months, considering the impending launch of new product segments like AR/VR devices and autonomous vehicles, and offset any potential impacts from the upcoming increases to interest rates.</p><p><blockquote>估值分析还假设退出倍数为 19.8 倍，这与当前市场对苹果在预测期内增长轨迹的预期一致。考虑到AR/VR设备和自动驾驶汽车等新产品细分市场即将推出，所应用的退出倍数假设甚至可能在未来12个月内进一步改善，并抵消即将到来的加息带来的任何潜在影响。</blockquote></p><p> <i>i. Base Case Valuation Analysis:</i></p><p><blockquote><i>一、基本案例估值分析：</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/81f992ef8b2b59ea879f69a7b1e7ad52\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>ii. Sensitivity Analysis:</i></p><p><blockquote><i>ii.敏感性分析：</i></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da8b21dae04fd263929ab26bd8d83907\" tg-width=\"640\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Based on the foregoing analysis, the anticipated addition of 175 to 200 basis points to the current near-zero Federal Fund Rate over the next two years is not expected to cause material adverse impacts to Apple’s performance from both a fundamental and valuation perspective. Robust global demand for Apple products and services, paired with new innovations are expected to further bolster the company’s fundamental growth prospects. This would accordingly bring additional improvements to Apple’s balance sheet, and further strengthen its position against downward valuation pressures from broader macro headwinds. In fact, increasing demand for quality growth stocks to counter risks resulting from the impending rate hikes might even fuel Apple’s valuation growth momentum. On these considerations, Apple remains one of the best-performing tech stocks to own given its robust uptrend to $3 trillion in the near-term despite impending rate hikes.</p><p><blockquote>根据上述分析，从基本面和估值角度来看，预计未来两年在目前接近于零的联邦基金利率基础上增加 175 至 200 个基点，预计不会对苹果的业绩造成重大不利影响。全球对苹果产品和服务的强劲需求，加上新的创新，预计将进一步提振公司的基本增长前景。因此，这将进一步改善苹果的资产负债表，并进一步加强其抵御更广泛宏观逆风带来的估值下行压力的地位。事实上，为应对即将加息带来的风险，对优质成长型股票的需求不断增加，甚至可能推动苹果的估值增长势头。出于这些考虑，尽管即将加息，但苹果仍然是表现最好的科技股之一，因为其近期仍呈现强劲上升趋势，达到 3 万亿美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4475887-apple-stock-aapl-strongest-shield-against-rate-hikes\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4475887-apple-stock-aapl-strongest-shield-against-rate-hikes","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183475424","content_text":"Summary\n\nWith inflation running its hottest course in 40 years, the Federal Reserve has decided to accelerate the stimulus tapering schedule and prepare for raising interest rates as early as March.\nWhile rate hikes have historically deterred investors from growth stocks due to concerns over eroding valuation prospects, the Apple stock has remained largely resilient.\nApple is expected to realize additional upsides ahead, sustained by robust demand for its existing offerings and new opportunities arising from nascent technologies like AR/VR and autonomous vehicles.\nIts strong net cash position also provides sufficient dry powder to fund additional growth in coming years without incurring additional costs of capital amidst rising interest rates.\nAs such, Apple's bullish thesis remains intact as it approaches a $3 trillion valuation, despite broader market valuation risks ahead.\n\nguvendemir/iStock Unreleased via Getty Images\nAs one of the world’s best performing stocks, Apple(NASDAQ:AAPL) has gained close to 40% this year. The stock, which last peaked at $182.13 not too long ago, is currently less than 7% from being the first U.S. publicly listed company to reach a $3 trillion market value and single-handedly accounts for about 15% of the tech-heavy Nasdaq 100’s performance. Apple’s market value has grown by more than 220x since the late 1990s, buoyed by the company’s continuous ability to capture robust demand for its innovative portfolio of products and services.\nAnd Apple’s strong fundamentals are expected to help the stock defy adverse impacts from the imminent rate hikes beginning next year. With inflation running at its hottest in almost four decades, the Federal Reserve decided Wednesday that it will increase the pace at which it is dialing back on the $120 billion monthly bond repurchasing program from $15 billion per month, which began in November, to $30 billion per month. This would effectively conclude the stimulus program, put in place at the onset of the pandemic, coming March, rather than in July as initially planned. Rate hikes are expected to begin soon after to counter rising price pressures, with Federal Reserve Chair Jerome Powell affirming that the process will only begin after tapering ends and at a gradual pace. The latest dot plot indicates potential for the Federal Fund Rate to lift-off from near-zero beginning early 2022 with three quarter-point increases, plus another three in 2023 and two more in 2024. If materialized, the process would up the funds rate to 2.1% by 2024.\nSource: Bloomberg\nWhile rate hikes typically cause investors to turn risk averse due to concerns over faster erosion of value on future gains and stalled business growth due to rising costs of capital, especially for high-growth stocks, Apple gained close to 3% upon release of the Fed’s update on policy tightening. The stock closed at $179.30 on December 15th, nearing its peak of $182 on Monday. Apple’s rally, along with similar uptrends observed across other mega-cap tech stocks, accordingly drove intra-day gains of 2.4% for the Nasdaq 100 following the Federal Reserve’s update, indicating investors’ preference to park their money in companies with robust growth prospects to counter risks from the impending rate increases.\nWith the coming holiday season a boon for Apple’s December-quarter sales, the stock’s valuation is expected to enter in the $3 trillion territory sooner than expected. Continued robust demand observed across Apple’s entire product line, generous share buy-backs, and additional revenue contributions expected within the foreseeable future resulting from new, cutting-edge products will also be key catalysts to support the company’s persistently strong fundamentals and keep the stock’s valuation above $3 trillion despite the impending rate hikes. Considering recent developments to the broader market and Apple’s growth prospects, we are raising our 12-month price target for the stock to $209.43.\nFY 2021 Overview and Recap of Fundamental Prospects\nFiscal 2021 was a big year for Apple. The company’s revenues for the year grew 33% from fiscal 2020 to $366 billion, despite on-and-off store closures resulting from recurring coronavirus outbreaks and supply chain constraints that have led to more than $9 billion in lost sales. Every product and service segment achieved record-setting revenues with more than 20% growth from previous year results. Much of the year’s success were attributable to a series of new product launches and feature upgrades. The most notable of which included the 5G-enabled family of iPhone 12s and iPhone 13s, as well as the M1-powered MacBook Pro and iPad Pro.\nKey Developments in Products\niPhone sales grew by 39% this year, the most amongst other segments, and drove more than half of Apple’s fiscal 2021 revenues. The results were a stark contrast to last year’s slump in demand for the mobile device when consumers braced for pandemic-driven economic uncertainties. iPhone sales are expected to remain robust in coming years as global 5G device upgrades continue to gather pace. The likely launch of a more affordable 5G-enabled iPhone SE in 2022 is also expected to further Apple’s market share gains by attracting switchers from “more than a billion non-premium Android users”, and drive the active installed base to another all-time high. The anticipated momentum is further corroborated by iPhone sales patterns observed in recent quarters following the launch of 5G-enabled iPhone 12s and iPhone 13s, where the number of upgraders and switchers grew by strong double digits. Apple’s strong ties with cell-phone carriers is also expected to drive meaningful iPhone sales contributions in coming years. Reputable wireless carriers in the U.S. like Verizon and AT&T have already been keen on promoting the sale of 5G-enabled devices like the iPhone 12 and iPhone 13 to encourage migration to the 5G network that they have spent billions of dollars on building across the nation. Telecom companies around the world are expected to spend more than $700 billion over the next five years on building-out the 5G network, underscoring significant additional growth opportunities ahead for the iPhone segment as carriers push for the strongest multiyear upgrade cycle in a decade to recoup their investments.\nMac and iPad sales also grew significantly in fiscal 2021, reaching record revenues of $35.2 billion and $31.9 billion, respectively. Following the introduction of the all-new M1-powered iMac earlier this year, Apple also unveiled the reimagined M1-Pro / M1-Max powered MacBook Pro in October. The custom M1 processors made the newest MacBook “better than any Intel-based device for nearly every productivity use case outside of gaming”. This accordingly drove incredible demand for the portable workstation from a diverse group of consumers, ranging from professional creators and photographers to corporate users and students. The company is estimated to have shipped over 3.2 million units of Mac products during the September quarter, which drove record-setting revenues for the segment, while boosting its rank in global PC sales to fourth place amongst other vendors. The introduction of M1-processors in Apple’s computing products also bolstered its position in capitalizing on the surge in global demand for PCs and multi-purpose tablets by allowing the company to build devices with innovative features that can be seamlessly integrated across its ecosystem of peripheral accessories and services to draw adjacent revenues. With accelerated adoption of hybrid work and study arrangements in the post-pandemic era, global demand for portable workstations like PCs and multi-purpose tablets are expected to remain elevated in coming years – the sectors are expected to grow into a $224.3 billion and$600 billion market, respectively, by 2025, which makes favorable trends for Apple’s Mac and iPad segments.\nRecent speculations on Apple’s intentions to strengthen its in-house chip development capacity will likely further the advancement of its technologies offered in coming years and draw additional demand to its products. The company is currently looking for engineers to build-out its capacity in the development of “wireless radios, radio-frequency integrated circuits, and a wireless system-on-chip (“SoC”)”, as well as “semiconductors for connecting Bluetooth and Wi-Fi”. These developments are expected to further enhance seamless integration across Apple’s devices and increase stickiness to its ecosystem of product and service offerings, making its chip unit one of the company’s “most prized assets”.\nKey Developments in Services\nOn the services front, a strong subscriber base had enabled the segment to hit record-setting revenues of more than $68.4 billion in fiscal 2021, up 27% from the prior year. To date, Apple has garnered more than 745 million paid subscribers across its high-margin service offerings, representing a five-fold increase over the last five years. Apple’s increasing push for a subscription-based business model across its wide variety of service platforms, ranging from Apple Music to iCloud storage solutions, paired with attractive new offerings that address key consumer trends in recent years have been a key driver to the company’s fast-expanding margins. New exciting add-on features introduced for existing service platforms include Spatial Audio and Lossless Audiofor Apple Music and the Apple Music Voice Plan. The new subscription-based offerings are expected to further Apple’s reach to adjacent opportunities stemming from increasing global usage of smartphones, laptops and other advanced home electronic products – for instance, the global music streaming market is expected to expand at a CAGR of 16% towards a projected value of $61 billion over the next five years, underscoring significant growth headroom for Apple Music. And Apple’s latest introduction of the Apple One bundle is expected to be a key contributor to furthering service segment sales in coming years by attracting new users to pay for subscription services that they otherwise would not have had it not been for the bundle discounts.\nContinued growth in market demand for mobile applications will also be a boon to Apple’s fast-growing services segment. The global market for mobile applications is expected to grow at a CAGR of 18.4% and reach a market value of more than $400 billion over the next five years. With AAPL hosting one of the largest and most used app stores in the world, it would be reasonable to assume that related revenues would grow at a similar pace. Despite mounting global regulatory scrutiny over Apple’s alleged antitrust violations with its App Store – the most notable of which stemming from an ongoing legal battle with Epic Games– the company’s continued focus on ensuring user privacy, security, and ease of transactions might have saved the day. According to a survey of 4,000 Apple product users performed by Morgan Stanley across the U.S. and China, most have indicated loyalty to Apple’s App store due to the “value of security, privacy and ease of transactions” provided, despite developers pushing for rights to transact outside of Apple’s ecosystem. Apple’s recent success in delaying App Store changes ordered by U.S. District Judge Yvonne Gonzalez Rogers in September as part of a year-long lawsuit brought against by Epic Games is another sign of the App Store’s continued strength. The company has argued that the court-mandated order to allow App Store users to “buy directly from developers on the web” would be a threat to the security of their privacy.\nCurrently, developers are fighting for their rights to have app users transact outside of Apple’s ecosystem, which charges developers a hefty commission fee of up to 30% on all purchases. As Apple continues with its appeal of the ruling, the ultimate court decision on whether App Store changes would need to be implemented could take at least another year. But even with an unfavorable ruling, where Apple would have to allow developers to redirect users to payments outside of its ecosystem and/or lower its in-app purchase commission rate, App Store revenues are only expected to decrease by at most $4 billion per year which will not place a material impact on its valuation prospects. The actual quantified impact might even be less than what the market has forecasted, considering the value that App Store users have ascribed to the level of security and convenience that Apple has offered through the platform.\nKey Catalysts Ahead\nApple is undoubtedly a key gateway to bringing emerging technologies to the mainstream due to its massive installed base of devices and related service platform users. And because of this, the highly anticipated launch of cutting-edge products like AR/VR headsets and autonomous vehicles in coming years will likely catapult the stock to new heights. The pioneer of disruptive consumer electronics and devices is expected to launch a VR headset and AR glasses by early 2023, a nascent technology that has been picking up steam in recent months with increasing talks of the metaverse. Similar to most VR headsets already available in the market, Apple’s will feature a 3D display to enable an immersive environment for a variety of activities from gaming to communicating. The differentiating factor will be the company’s plans to implement best-in-class graphics chips in the device to facilitate ultra-high-resolution displays. The impending VR headset will ultimately lay the foundation for its AR glasses, which Apple expects to be the “larger opportunity”.\nOver the next five years, opportunities pertaining to the metaverse are expected to blossom into an $800 billion market. Related software and service sales are expected to drive more than 70% of the projected addressable market, while the remainder will likely be driven by hardware sales. This makes strong tailwinds for Apple, which does not only stand to capitalize on growing metaverse opportunities through the sale of its impending AR/VR headset, but also adjacent revenues pertaining to the usage of related apps, software and service platforms.\nSpeculations on Apple’s ongoing development of a self-driving electric car is also expected to materialize into meaningful upsides for the stock within the foreseeable future. The company is now planning to launch the new product category by 2025, at which time the global autonomous vehicle market is expected to reach a value of more than $200 billion. The eventual car will likely feature homages to its existing product portfolio, like an “iPad-like touch screen” infotainment system. And on the technology front, Apple is believed to have completed the development of a custom silicon for powering the vehicle’s autonomous driving capabilities. The newest chips will soon be implemented into its existing fleet of retrofitted SUVs for testing in California according to the state’s DMV, a sign that the impending launch is near.\nWhile Apple’s current market value may already be reflective of “consistent material revenue contributions from new products and services over time”, additional upsides from the above-mentioned new product category launches are still missing. But this will likely change within the next 12 months as the impending launch of an Apple AR/VR device draws near. Near-term projections on early AR/VR device sales are expected to boost Apple’s valuation by at least $150 billion. And over time when metaverse trends continue to gain mainstream traction, Apple is expected to generate more than $200 billion in annual revenues from the AR/VR segment, which could add another 15% on top of its current market value.\nValuation Prospects and Potential Impacts from the Impending Rate Increases\nAdjusting our most recent forecast for Apple’s fiscal 2021 year-end results and December-quarter guidance, our base case projection estimates total net sales of $439.3 billion by the end of fiscal 2022, with further growth towards $668.5 billion by fiscal 2026. The growth assumptions applied across segment revenues in our forecast remains largely unchanged from our most recent analysis on the stock, with additional consideration for management’s near-term outlook on supply constraint impacts and the impending rate hikes. Specifically, lost revenues of $9 billion (i.e. approximately $3 billion during June-quarter and $6 billion during September-quarter) attributable to industry-wide chip shortages and pandemic-driven manufacturing delays during the second half of fiscal 2021 is expected to worsen into the first half of fiscal 2022. While there have been observed improvements to supply chain challenges, continuously robust demand for Apple products is what will drive a higher volume of lost sales in coming quarters. Nonetheless, Apple remains well-positioned for strong fundamentals ahead, which will help to alleviate some of investors’ concerns on valuation due to impending rate hikes.\n\ni. Base Case Financial Projections:\nSource: Author, with data from our internal financial forecast (Apple_-_Forecasted_Financial_Information.pdf). Please refer here for further detail on material growth assumptions applied.\nDrawing on the above considerations, our 12-month price target for the Apple stock has been revised to $209.43. This represents upside potential of more than 22% based on the last traded price of $171.14 on December 17th.\nSource: Author, with data from our internal valuation analysis.\nThe revised price target is derived using a discounted cash flow (“DCF”) analysis over a ten-year discrete period in conjunction with the financial projections updated for Apple’s recent developments as analyzed in earlier sections. Similar to our original valuation analysis, we have applied a WACC of 8% to discount Apple’s projected free cash flows. The discount function is reflective of the company’s risk profile, taking into consideration its current capital structure and strong balance sheet. Apple’s cost of capital for growth is not expected to change significantly as a result of the impending rate hikes, considering a large portion of its existing debt are fixed-rate notes. The company also boasts a consistently robust net cash position, in which management intends to deploy towards additional growth without having to incur incremental capital costs ahead of interest rate increases. This is expected to further cement investors’ confidence in the Apple stock, as they continue their “flight to quality” amidst fear of broader market pressure from rising interest rates.\nThe valuation analysis also assumes an exit multiple of 19.8x, which is consistent with current market expectations on Apple’s growth trajectory over the forecasted period. The applied exit multiple assumption could even improve further within the next 12 months, considering the impending launch of new product segments like AR/VR devices and autonomous vehicles, and offset any potential impacts from the upcoming increases to interest rates.\ni. Base Case Valuation Analysis:\n\nii. Sensitivity Analysis:\nSource: Author, with data from our internal valuation analysis.\nConclusion\nBased on the foregoing analysis, the anticipated addition of 175 to 200 basis points to the current near-zero Federal Fund Rate over the next two years is not expected to cause material adverse impacts to Apple’s performance from both a fundamental and valuation perspective. Robust global demand for Apple products and services, paired with new innovations are expected to further bolster the company’s fundamental growth prospects. This would accordingly bring additional improvements to Apple’s balance sheet, and further strengthen its position against downward valuation pressures from broader macro headwinds. In fact, increasing demand for quality growth stocks to counter risks resulting from the impending rate hikes might even fuel Apple’s valuation growth momentum. On these considerations, Apple remains one of the best-performing tech stocks to own given its robust uptrend to $3 trillion in the near-term despite impending rate hikes.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1249,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699757040,"gmtCreate":1639909519946,"gmtModify":1639909520219,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581634125853828","idStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699757040","repostId":"2192035909","repostType":4,"isVote":1,"tweetType":1,"viewCount":1132,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699659933,"gmtCreate":1639795076071,"gmtModify":1639795076307,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581634125853828","idStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699659933","repostId":"1116106959","repostType":4,"repost":{"id":"1116106959","kind":"news","pubTimestamp":1639785552,"share":"https://www.laohunote.com/m/news/1116106959?lang=zh_CN&edition=full","pubTime":"2021-12-18 07:59","market":"us","language":"en","title":"Wall Street ends down after mostly negative week<blockquote>华尔街在经历了大部分负面的一周后收盘下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116106959","media":"Reuters","summary":" - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.All three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.Nvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&P 500 and Nasdaq.The S","content":"<p>(Reuters) - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.</p><p><blockquote>（路透社） - 华尔街周五收低，受到大型科技公司的拖累，投资者担心奥密克戎冠状病毒变种，并消化了美联储更快结束大流行时代刺激措施的决定。</blockquote></p><p> All three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.</p><p><blockquote>在美联储周三暗示到 2022 年底加息三个四分之一个百分点以应对通胀飙升后，美国三大股指本周全部下跌。</blockquote></p><p> Nvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&amp;P 500 and Nasdaq.</p><p><blockquote>英伟达下跌 2.1%，Alphabet下跌 1.9%，均令标普500和纳斯达克承压。</blockquote></p><p> The S&amp;P 500 growth index lost 0.7% and the value index declined 1.4%.</p><p><blockquote>标普500增长指数下跌0.7%，价值指数下跌1.4%。</blockquote></p><p> All of the 11 major S&amp;P 500 sector indexes fell, with financials leading the way down with a 2.3% drop. Energy lost 2.2%.</p><p><blockquote>标普500 11个主要板块指数全部下跌，其中金融股领跌2.3%。能源损失2.2%。</blockquote></p><p> Adding to uncertainty, Pfizer said on Friday the pandemic could extend through next year. European countries geared up for further travel and social restrictions and a study warned that the rapidly spreading Omicron coronavirus variant was five times more likely to reinfect people than its predecessor, Delta.</p><p><blockquote>辉瑞公司周五表示，疫情可能会持续到明年，这增加了不确定性。欧洲国家为进一步的旅行和社会限制做好了准备，一项研究警告说，快速传播的奥密克戎冠状病毒变种再次感染人们的可能性是其前身德尔塔的五倍。</blockquote></p><p> Traders also pointed to year-end tax selling and the simultaneous expiration of stock options, stock index futures and index options contracts - known as triple witching - as potential causes for volatility.</p><p><blockquote>交易员还指出，年终税收抛售以及股票期权、股指期货和指数期权合约同时到期（被称为三重巫术）是波动的潜在原因。</blockquote></p><p> \"It's a big options expiration day,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. \"And now you draw on top of that some Omicron, and you've got volatility, and I think it creates a lot of uncertainty amongst investors. Where are you going to position for the end of the year?\"</p><p><blockquote>“这是一个重要的期权到期日，”新泽西州查塔姆 Themis Trading 的交易联席经理 Joe Saluzzi 表示。“现在你再加上一些奥密克戎，你就会出现波动，我认为这会给投资者带来很多不确定性。你打算在年底前把仓位放在哪里？”</blockquote></p><p> Heavyweight growth stocks including Nvidia and Microsoft have outperformed the broader market in 2021, while the Philadelphia SE Semiconductor index has surged about 35%. The benchmark S&amp;P 500 index gained around 23% in the same period.</p><p><blockquote>2021年，英伟达和微软等权重成长股的表现优于大盘，而费城东南半导体指数则飙升约35%。同期，基准标普500指数上涨约 23%。</blockquote></p><p> In Friday's session, the Dow Jones Industrial Average fell 1.48% to end at 35,365.44 points, while the S&amp;P 500 lost 1.03% to 4,620.64.</p><p><blockquote>在周五的交易中，道琼斯工业平均指数下跌1.48%，收于35,365.44点，而标普500指数下跌1.03%，至4,620.64点。</blockquote></p><p> The Nasdaq Composite dropped 0.07% to 15,169.68.</p><p><blockquote>纳斯达克综合指数下跌 0.07%，至 15,169.68 点。</blockquote></p><p> On a positive note, the small-cap Russell 2000 index rallied 1% after having fallen more than 10% from a record high in early November.</p><p><blockquote>从积极的方面来看，小盘股罗素 2000 指数在从 11 月初的历史高点下跌超过 10% 后反弹 1%。</blockquote></p><p> With options expiring, volume on U.S. exchanges jumped to 16.6 billion shares, far above the 11.9 billion average over the last 20 trading days.</p><p><blockquote>随着期权到期，美国交易所的成交量跃升至 166 亿股，远高于过去 20 个交易日 119 亿股的平均水平。</blockquote></p><p> For the week, the S&amp;P 500 fell 1.9%, the Dow lost 1.7% and the Nasdaq declined 2.9%.</p><p><blockquote>本周，标普500指数下跌1.9%，道琼斯指数下跌1.7%，纳斯达克指数下跌2.9%。</blockquote></p><p> In Friday's session, Oracle tumbled 6.4% after the Wall Street Journal reported the enterprise software maker is in talks to buy electronic medical records company Cerner in a deal that could be valued at $30 billion. Shares of Cerner surged 12.9%.</p><p><blockquote>在周五的交易中，甲骨文暴跌 6.4%，此前《华尔街日报》报道了这家企业软件制造商正在洽谈收购电子病历公司 Cerner，交易价值可能为 300 亿美元。Cerner 股价飙升 12.9%。</blockquote></p><p> FedEx Corp rose almost 5% after the delivery firm reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits.</p><p><blockquote>联邦快递公司 (FedEx Corp) 周四恢复了最初的 2022 财年预测，尽管持续的劳动力困境削弱了利润，但该公司股价上涨近 5%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.16-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所下跌发行量与上涨发行量的比例为 1.50 比 1；在纳斯达克，1.16比1的比率有利于进步人士。</blockquote></p><p> The S&amp;P 500 posted 22 new 52-week highs and seven new lows; the Nasdaq Composite recorded 28 new highs and 341 new lows.</p><p><blockquote>标普500创下 22 个 52 周新高和 7 个新低；纳斯达克综合指数创下28个新高和341个新低。</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>Wall Street ends down after mostly negative week<blockquote>华尔街在经历了大部分负面的一周后收盘下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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Energy lost 2.2%.</p><p><blockquote>标普500 11个主要板块指数全部下跌，其中金融股领跌2.3%。能源损失2.2%。</blockquote></p><p> Adding to uncertainty, Pfizer said on Friday the pandemic could extend through next year. European countries geared up for further travel and social restrictions and a study warned that the rapidly spreading Omicron coronavirus variant was five times more likely to reinfect people than its predecessor, Delta.</p><p><blockquote>辉瑞公司周五表示，疫情可能会持续到明年，这增加了不确定性。欧洲国家为进一步的旅行和社会限制做好了准备，一项研究警告说，快速传播的奥密克戎冠状病毒变种再次感染人们的可能性是其前身德尔塔的五倍。</blockquote></p><p> Traders also pointed to year-end tax selling and the simultaneous expiration of stock options, stock index futures and index options contracts - known as triple witching - as potential causes for volatility.</p><p><blockquote>交易员还指出，年终税收抛售以及股票期权、股指期货和指数期权合约同时到期（被称为三重巫术）是波动的潜在原因。</blockquote></p><p> \"It's a big options expiration day,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. \"And now you draw on top of that some Omicron, and you've got volatility, and I think it creates a lot of uncertainty amongst investors. Where are you going to position for the end of the year?\"</p><p><blockquote>“这是一个重要的期权到期日，”新泽西州查塔姆 Themis Trading 的交易联席经理 Joe Saluzzi 表示。“现在你再加上一些奥密克戎，你就会出现波动，我认为这会给投资者带来很多不确定性。你打算在年底前把仓位放在哪里？”</blockquote></p><p> Heavyweight growth stocks including Nvidia and Microsoft have outperformed the broader market in 2021, while the Philadelphia SE Semiconductor index has surged about 35%. The benchmark S&amp;P 500 index gained around 23% in the same period.</p><p><blockquote>2021年，英伟达和微软等权重成长股的表现优于大盘，而费城东南半导体指数则飙升约35%。同期，基准标普500指数上涨约 23%。</blockquote></p><p> In Friday's session, the Dow Jones Industrial Average fell 1.48% to end at 35,365.44 points, while the S&amp;P 500 lost 1.03% to 4,620.64.</p><p><blockquote>在周五的交易中，道琼斯工业平均指数下跌1.48%，收于35,365.44点，而标普500指数下跌1.03%，至4,620.64点。</blockquote></p><p> The Nasdaq Composite dropped 0.07% to 15,169.68.</p><p><blockquote>纳斯达克综合指数下跌 0.07%，至 15,169.68 点。</blockquote></p><p> On a positive note, the small-cap Russell 2000 index rallied 1% after having fallen more than 10% from a record high in early November.</p><p><blockquote>从积极的方面来看，小盘股罗素 2000 指数在从 11 月初的历史高点下跌超过 10% 后反弹 1%。</blockquote></p><p> With options expiring, volume on U.S. exchanges jumped to 16.6 billion shares, far above the 11.9 billion average over the last 20 trading days.</p><p><blockquote>随着期权到期，美国交易所的成交量跃升至 166 亿股，远高于过去 20 个交易日 119 亿股的平均水平。</blockquote></p><p> For the week, the S&amp;P 500 fell 1.9%, the Dow lost 1.7% and the Nasdaq declined 2.9%.</p><p><blockquote>本周，标普500指数下跌1.9%，道琼斯指数下跌1.7%，纳斯达克指数下跌2.9%。</blockquote></p><p> In Friday's session, Oracle tumbled 6.4% after the Wall Street Journal reported the enterprise software maker is in talks to buy electronic medical records company Cerner in a deal that could be valued at $30 billion. Shares of Cerner surged 12.9%.</p><p><blockquote>在周五的交易中，甲骨文暴跌 6.4%，此前《华尔街日报》报道了这家企业软件制造商正在洽谈收购电子病历公司 Cerner，交易价值可能为 300 亿美元。Cerner 股价飙升 12.9%。</blockquote></p><p> FedEx Corp rose almost 5% after the delivery firm reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits.</p><p><blockquote>联邦快递公司 (FedEx Corp) 周四恢复了最初的 2022 财年预测，尽管持续的劳动力困境削弱了利润，但该公司股价上涨近 5%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.16-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所下跌发行量与上涨发行量的比例为 1.50 比 1；在纳斯达克，1.16比1的比率有利于进步人士。</blockquote></p><p> The S&amp;P 500 posted 22 new 52-week highs and seven new lows; the Nasdaq Composite recorded 28 new highs and 341 new lows.</p><p><blockquote>标普500创下 22 个 52 周新高和 7 个新低；纳斯达克综合指数创下28个新高和341个新低。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/us-stocks-wall-street-ends-212015460.html\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://finance.yahoo.com/news/us-stocks-wall-street-ends-212015460.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116106959","content_text":"(Reuters) - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.\nAll three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.\nNvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&P 500 and Nasdaq.\nThe S&P 500 growth index lost 0.7% and the value index declined 1.4%.\nAll of the 11 major S&P 500 sector indexes fell, with financials leading the way down with a 2.3% drop. Energy lost 2.2%.\nAdding to uncertainty, Pfizer said on Friday the pandemic could extend through next year. European countries geared up for further travel and social restrictions and a study warned that the rapidly spreading Omicron coronavirus variant was five times more likely to reinfect people than its predecessor, Delta.\nTraders also pointed to year-end tax selling and the simultaneous expiration of stock options, stock index futures and index options contracts - known as triple witching - as potential causes for volatility.\n\"It's a big options expiration day,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. \"And now you draw on top of that some Omicron, and you've got volatility, and I think it creates a lot of uncertainty amongst investors. Where are you going to position for the end of the year?\"\nHeavyweight growth stocks including Nvidia and Microsoft have outperformed the broader market in 2021, while the Philadelphia SE Semiconductor index has surged about 35%. The benchmark S&P 500 index gained around 23% in the same period.\nIn Friday's session, the Dow Jones Industrial Average fell 1.48% to end at 35,365.44 points, while the S&P 500 lost 1.03% to 4,620.64.\nThe Nasdaq Composite dropped 0.07% to 15,169.68.\nOn a positive note, the small-cap Russell 2000 index rallied 1% after having fallen more than 10% from a record high in early November.\nWith options expiring, volume on U.S. exchanges jumped to 16.6 billion shares, far above the 11.9 billion average over the last 20 trading days.\nFor the week, the S&P 500 fell 1.9%, the Dow lost 1.7% and the Nasdaq declined 2.9%.\nIn Friday's session, Oracle tumbled 6.4% after the Wall Street Journal reported the enterprise software maker is in talks to buy electronic medical records company Cerner in a deal that could be valued at $30 billion. Shares of Cerner surged 12.9%.\nFedEx Corp rose almost 5% after the delivery firm reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.16-to-1 ratio favored advancers.\nThe S&P 500 posted 22 new 52-week highs and seven new lows; the Nasdaq Composite recorded 28 new highs and 341 new lows.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1126,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690740428,"gmtCreate":1639713062032,"gmtModify":1639713081650,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581634125853828","idStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/690740428","repostId":"1115262079","repostType":4,"repost":{"id":"1115262079","kind":"news","pubTimestamp":1639712748,"share":"https://www.laohunote.com/m/news/1115262079?lang=zh_CN&edition=full","pubTime":"2021-12-17 11:45","market":"us","language":"en","title":"Missed Out on Tesla? Here's What to Buy Now<blockquote>错过了特斯拉？这是现在要买的东西</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115262079","media":"Motley Fool","summary":"The growing use of electric vehicles will benefit several players.","content":"<p>In the last two years,<b>Tesla</b>&nbsp;stock has surged more than 1,000%. Investors who missed investing in Tesla two years back could be disheartened. Yet it is worth noting that it is difficult to foresee stocks that can generate Tesla-like returns. The best approach is to invest in companies that you believe can perform well in the long haul. Stocks of such quality companies should generate market-beating returns if you hold them long enough.</p><p><blockquote>近两年来，<b>特斯拉</b>股价飙升超过 1,000%。两年前错过投资特斯拉的投资者可能会感到沮丧。然而值得注意的是，很难预见能够产生类似特斯拉回报的股票。最好的方法是投资那些你认为能长期表现良好的公司。如果你持有这些优质公司的股票足够长的时间，它们应该会产生跑赢市场的回报。</blockquote></p><p> Let's look at three&nbsp;electric vehicle (EV) stocks&nbsp;that have the potential to generate outsize returns in five years, or more.</p><p><blockquote>让我们来看看三只有可能在五年或更长时间内产生巨额回报的电动汽车 (EV) 股票。</blockquote></p><p> <b>Lucid Group</b></p><p><blockquote><b>Lucid集团</b></blockquote></p><p> There is a plethora of electric vehicle stocks to choose from right now. Of these,<b>Lucid Group</b>(NASDAQ:LCID)&nbsp;looks promising. There are several reasons to like Lucid Group. Users like the cars' features and designs, and within a short time, Lucid has succeeded in establishing itself as a luxury electric car brand.</p><p><blockquote>现在有太多的电动汽车股票可供选择。其中，<b>Lucid集团</b>（纳斯达克股票代码：LCID）看起来很有希望。喜欢Lucid Group有几个原因。用户喜欢这些汽车的功能和设计，在很短的时间内，Lucid就成功地将自己打造成了一个豪华电动汽车品牌。</blockquote></p><p> The company not only boasts leading-edge EV technology, but also has&nbsp;solid growth plans. Though Lucid started as a luxury car maker, it has plans to launch EV models for the mass market in the coming years. With one of the most&nbsp;efficient EV technologies, Lucid can potentially generate recurring revenue by licensing its technology to other car companies.&nbsp;The stock will be&nbsp;included&nbsp;in the&nbsp;<b>Nasdaq-100</b>&nbsp;index on Dec. 20.</p><p><blockquote>该公司不仅拥有领先的电动汽车技术，还拥有坚实的增长计划。尽管 Lucid 最初是一家豪华汽车制造商，但它计划在未来几年推出面向大众市场的电动汽车车型。凭借最高效的电动汽车技术之一，Lucid 有可能通过将其技术授权给其他汽车公司来产生经常性收入。该股票将被纳入<b>纳斯达克-100</b>12月20日指数。</blockquote></p><p> On the risk side, Lucid is still to prove that it can deliver cars profitably. Investors should also keep an eye on the progress of a&nbsp;recent Securities and Exchange Commission (SEC) investigation&nbsp;relating to its merger with Churchill Capital Corp. IV.</p><p><blockquote>在风险方面，Lucid 仍需证明它可以盈利地交付汽车。投资者还应关注美国证券交易委员会 (SEC) 最近对其与 Churchill Capital Corp. IV 合并进行的调查进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0630d0ca5a26df1b8900958ace25117\" tg-width=\"2000\" tg-height=\"1327\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: LUCID GROUP.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：LUCID集团。</span></p></blockquote></p><p> <b>BYD</b></p><p><blockquote><b>比亚迪</b></blockquote></p><p> Founded in 1995,<b>BYD</b>(OTC:BYDDY)(OTC:BYDD.F)&nbsp;entered the automobile business in 2003. Apart from automobiles, BYD manufactures mobile handset components, rechargeable batteries, and solar products.<b>Berkshire Hathaway</b>(NYSE:BRK.A)(NYSE:BRK.B)&nbsp;holds a nearly 8% stake in BYD.</p><p><blockquote>成立于1995年，<b>比亚迪</b>（场外交易代码：BYDD.F）于2003年进入汽车业务。除汽车外，比亚迪还生产手机零部件、可充电电池和太阳能产品。<b>伯克希尔哈撒韦公司</b>（纽约证券交易所代码：BRK.A）（纽约证券交易所代码：BRK.B）持有比亚迪近8%的股份。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cb8e45b9379833fe0a8f6a1d482857a5\" tg-width=\"2000\" tg-height=\"1161\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> BYD started as an internal combustion engine vehicle manufacturer. Yet, sensing the broader trend, it has quickly shifted to making electric vehicles. In November, more than 90% of BYD's vehicle deliveries were fully electric or plug-in hybrids. Sales of BYD's fully electric models rose 153% year over year in November.</p><p><blockquote>比亚迪最初是一家内燃机汽车制造商。然而，察觉到更广泛的趋势，它已迅速转向制造电动汽车。11月份，比亚迪90%以上的汽车交付量为纯电动或插电式混合动力汽车。11月份比亚迪纯电动车型销量同比增长153%。</blockquote></p><p> The company has captured roughly 18% of China's EV market. A leading position in the fast-growing, huge potential Chinese EV market places BYD well for long-term growth.</p><p><blockquote>该公司已占据中国电动汽车市场约 18% 的份额。比亚迪在快速增长、潜力巨大的中国电动汽车市场中处于领先地位，有利于长期增长。</blockquote></p><p> BYD stock trades at an&nbsp;attractive valuation&nbsp;compared to several top EV stocks right now. All of the above makes this&nbsp;Warren Buffett stock&nbsp;attractive.</p><p><blockquote>与目前几只顶级电动汽车股票相比，比亚迪股票的估值具有吸引力。以上所有因素都使这只沃伦·巴菲特股票具有吸引力。</blockquote></p><p> <b>QuantumScape</b></p><p><blockquote><b>量子景观</b></blockquote></p><p> Batteries are a key component of electric vehicles. All leading auto and battery companies are focused on making batteries more efficient, which will help enhance an EV's range.<b>QuantumScape</b>(NYSE:QS), which went public in November 2020, is a battery start-up working on the next-generation battery technology.</p><p><blockquote>电池是电动汽车的关键部件。所有领先的汽车和电池公司都专注于提高电池的效率，这将有助于提高电动汽车的续航里程。<b>量子景观</b>（纽约证券交易所股票代码：QS）于2020年11月上市，是一家致力于下一代电池技术的电池初创公司。</blockquote></p><p> Currently, lithium-ion batteries are used in electric vehicles. QuantumScape is developing lithium-metal solid-state batteries, using a proprietary ceramic separator. The company believes that its batteries will offer greater energy density, longer life, and faster charging than lithium-ion batteries currently in use.</p><p><blockquote>目前，锂离子电池用于电动汽车。QuantumScape 正在开发锂金属固态电池，使用专有的陶瓷隔膜。该公司相信，与目前使用的锂离子电池相比，其电池将提供更高的能量密度、更长的寿命和更快的充电速度。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7c6ead4e5b8f1aaa74490058d439dbfa\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> QuantumScape has the backing of leading automaker&nbsp;<b>Volkswagen</b>(OTC:VWAGY), which has invested $300 million into the battery technology company so far. The two companies have formed a joint venture for a production capacity of 21 gigawatt-hours per year. In September, QuantumScape entered an agreement for 10 megawatt-hours of batteries with another top ten automaker by revenue. The company didn't disclose the name of the automaker. All the above lend credibility to QuantumScape's plans. If successful, QuantumScape's batteries could see immense demand from automakers worldwide.</p><p><blockquote>QuantumScape 得到领先汽车制造商的支持<b>大众汽车</b>（场外交易代码：VWAGY），迄今为止已向这家电池技术公司投资了 3 亿美元。两家公司成立了一家合资企业，年产能为21吉瓦时。9 月，QuantumScape 与另一家收入排名前十的汽车制造商签订了 10 兆瓦时电池的协议。该公司没有透露汽车制造商的名称。以上所有这些都为 QuantumScape 的计划增添了可信度。如果成功，QuantumScape 的电池可能会受到全球汽车制造商的巨大需求。</blockquote></p><p> QuantumScape believes it is progressing as per its plan to start commercial production in 2024. That's a long time and the company's batteries are not yet developed. Investors should&nbsp;bear the risks in mind&nbsp;before deciding to invest in QuantumScape stock.</p><p><blockquote>QuantumScape 相信其正在按照 2024 年开始商业生产的计划取得进展。那是很长一段时间，而且该公司的电池还没有开发出来。投资者在决定投资 QuantumScape 股票之前应牢记风险。</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>Missed Out on Tesla? Here's What to Buy Now<blockquote>错过了特斯拉？这是现在要买的东西</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\">\nMissed Out on Tesla? Here's What to Buy Now<blockquote>错过了特斯拉？这是现在要买的东西</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-12-17 11:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In the last two years,<b>Tesla</b>&nbsp;stock has surged more than 1,000%. Investors who missed investing in Tesla two years back could be disheartened. Yet it is worth noting that it is difficult to foresee stocks that can generate Tesla-like returns. The best approach is to invest in companies that you believe can perform well in the long haul. Stocks of such quality companies should generate market-beating returns if you hold them long enough.</p><p><blockquote>近两年来，<b>特斯拉</b>股价飙升超过 1,000%。两年前错过投资特斯拉的投资者可能会感到沮丧。然而值得注意的是，很难预见能够产生类似特斯拉回报的股票。最好的方法是投资那些你认为能长期表现良好的公司。如果你持有这些优质公司的股票足够长的时间，它们应该会产生跑赢市场的回报。</blockquote></p><p> Let's look at three&nbsp;electric vehicle (EV) stocks&nbsp;that have the potential to generate outsize returns in five years, or more.</p><p><blockquote>让我们来看看三只有可能在五年或更长时间内产生巨额回报的电动汽车 (EV) 股票。</blockquote></p><p> <b>Lucid Group</b></p><p><blockquote><b>Lucid集团</b></blockquote></p><p> There is a plethora of electric vehicle stocks to choose from right now. Of these,<b>Lucid Group</b>(NASDAQ:LCID)&nbsp;looks promising. There are several reasons to like Lucid Group. Users like the cars' features and designs, and within a short time, Lucid has succeeded in establishing itself as a luxury electric car brand.</p><p><blockquote>现在有太多的电动汽车股票可供选择。其中，<b>Lucid集团</b>（纳斯达克股票代码：LCID）看起来很有希望。喜欢Lucid Group有几个原因。用户喜欢这些汽车的功能和设计，在很短的时间内，Lucid就成功地将自己打造成了一个豪华电动汽车品牌。</blockquote></p><p> The company not only boasts leading-edge EV technology, but also has&nbsp;solid growth plans. Though Lucid started as a luxury car maker, it has plans to launch EV models for the mass market in the coming years. With one of the most&nbsp;efficient EV technologies, Lucid can potentially generate recurring revenue by licensing its technology to other car companies.&nbsp;The stock will be&nbsp;included&nbsp;in the&nbsp;<b>Nasdaq-100</b>&nbsp;index on Dec. 20.</p><p><blockquote>该公司不仅拥有领先的电动汽车技术，还拥有坚实的增长计划。尽管 Lucid 最初是一家豪华汽车制造商，但它计划在未来几年推出面向大众市场的电动汽车车型。凭借最高效的电动汽车技术之一，Lucid 有可能通过将其技术授权给其他汽车公司来产生经常性收入。该股票将被纳入<b>纳斯达克-100</b>12月20日指数。</blockquote></p><p> On the risk side, Lucid is still to prove that it can deliver cars profitably. Investors should also keep an eye on the progress of a&nbsp;recent Securities and Exchange Commission (SEC) investigation&nbsp;relating to its merger with Churchill Capital Corp. IV.</p><p><blockquote>在风险方面，Lucid 仍需证明它可以盈利地交付汽车。投资者还应关注美国证券交易委员会 (SEC) 最近对其与 Churchill Capital Corp. IV 合并进行的调查进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0630d0ca5a26df1b8900958ace25117\" tg-width=\"2000\" tg-height=\"1327\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: LUCID GROUP.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：LUCID集团。</span></p></blockquote></p><p> <b>BYD</b></p><p><blockquote><b>比亚迪</b></blockquote></p><p> Founded in 1995,<b>BYD</b>(OTC:BYDDY)(OTC:BYDD.F)&nbsp;entered the automobile business in 2003. Apart from automobiles, BYD manufactures mobile handset components, rechargeable batteries, and solar products.<b>Berkshire Hathaway</b>(NYSE:BRK.A)(NYSE:BRK.B)&nbsp;holds a nearly 8% stake in BYD.</p><p><blockquote>成立于1995年，<b>比亚迪</b>（场外交易代码：BYDD.F）于2003年进入汽车业务。除汽车外，比亚迪还生产手机零部件、可充电电池和太阳能产品。<b>伯克希尔哈撒韦公司</b>（纽约证券交易所代码：BRK.A）（纽约证券交易所代码：BRK.B）持有比亚迪近8%的股份。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cb8e45b9379833fe0a8f6a1d482857a5\" tg-width=\"2000\" tg-height=\"1161\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> BYD started as an internal combustion engine vehicle manufacturer. Yet, sensing the broader trend, it has quickly shifted to making electric vehicles. In November, more than 90% of BYD's vehicle deliveries were fully electric or plug-in hybrids. Sales of BYD's fully electric models rose 153% year over year in November.</p><p><blockquote>比亚迪最初是一家内燃机汽车制造商。然而，察觉到更广泛的趋势，它已迅速转向制造电动汽车。11月份，比亚迪90%以上的汽车交付量为纯电动或插电式混合动力汽车。11月份比亚迪纯电动车型销量同比增长153%。</blockquote></p><p> The company has captured roughly 18% of China's EV market. A leading position in the fast-growing, huge potential Chinese EV market places BYD well for long-term growth.</p><p><blockquote>该公司已占据中国电动汽车市场约 18% 的份额。比亚迪在快速增长、潜力巨大的中国电动汽车市场中处于领先地位，有利于长期增长。</blockquote></p><p> BYD stock trades at an&nbsp;attractive valuation&nbsp;compared to several top EV stocks right now. All of the above makes this&nbsp;Warren Buffett stock&nbsp;attractive.</p><p><blockquote>与目前几只顶级电动汽车股票相比，比亚迪股票的估值具有吸引力。以上所有因素都使这只沃伦·巴菲特股票具有吸引力。</blockquote></p><p> <b>QuantumScape</b></p><p><blockquote><b>量子景观</b></blockquote></p><p> Batteries are a key component of electric vehicles. All leading auto and battery companies are focused on making batteries more efficient, which will help enhance an EV's range.<b>QuantumScape</b>(NYSE:QS), which went public in November 2020, is a battery start-up working on the next-generation battery technology.</p><p><blockquote>电池是电动汽车的关键部件。所有领先的汽车和电池公司都专注于提高电池的效率，这将有助于提高电动汽车的续航里程。<b>量子景观</b>（纽约证券交易所股票代码：QS）于2020年11月上市，是一家致力于下一代电池技术的电池初创公司。</blockquote></p><p> Currently, lithium-ion batteries are used in electric vehicles. QuantumScape is developing lithium-metal solid-state batteries, using a proprietary ceramic separator. The company believes that its batteries will offer greater energy density, longer life, and faster charging than lithium-ion batteries currently in use.</p><p><blockquote>目前，锂离子电池用于电动汽车。QuantumScape 正在开发锂金属固态电池，使用专有的陶瓷隔膜。该公司相信，与目前使用的锂离子电池相比，其电池将提供更高的能量密度、更长的寿命和更快的充电速度。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7c6ead4e5b8f1aaa74490058d439dbfa\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> QuantumScape has the backing of leading automaker&nbsp;<b>Volkswagen</b>(OTC:VWAGY), which has invested $300 million into the battery technology company so far. The two companies have formed a joint venture for a production capacity of 21 gigawatt-hours per year. In September, QuantumScape entered an agreement for 10 megawatt-hours of batteries with another top ten automaker by revenue. The company didn't disclose the name of the automaker. All the above lend credibility to QuantumScape's plans. If successful, QuantumScape's batteries could see immense demand from automakers worldwide.</p><p><blockquote>QuantumScape 得到领先汽车制造商的支持<b>大众汽车</b>（场外交易代码：VWAGY），迄今为止已向这家电池技术公司投资了 3 亿美元。两家公司成立了一家合资企业，年产能为21吉瓦时。9 月，QuantumScape 与另一家收入排名前十的汽车制造商签订了 10 兆瓦时电池的协议。该公司没有透露汽车制造商的名称。以上所有这些都为 QuantumScape 的计划增添了可信度。如果成功，QuantumScape 的电池可能会受到全球汽车制造商的巨大需求。</blockquote></p><p> QuantumScape believes it is progressing as per its plan to start commercial production in 2024. That's a long time and the company's batteries are not yet developed. Investors should&nbsp;bear the risks in mind&nbsp;before deciding to invest in QuantumScape stock.</p><p><blockquote>QuantumScape 相信其正在按照 2024 年开始商业生产的计划取得进展。那是很长一段时间，而且该公司的电池还没有开发出来。投资者在决定投资 QuantumScape 股票之前应牢记风险。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/12/16/missed-out-on-tesla-heres-what-to-buy-now/\">Motley Fool</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":{"01211":"比亚迪股份","QS":"Quantumscape Corp.","BYDDY":"比亚迪ADR","LCID":"Lucid Group Inc"},"source_url":"https://www.fool.com/investing/2021/12/16/missed-out-on-tesla-heres-what-to-buy-now/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115262079","content_text":"In the last two years,Tesla stock has surged more than 1,000%. Investors who missed investing in Tesla two years back could be disheartened. Yet it is worth noting that it is difficult to foresee stocks that can generate Tesla-like returns. The best approach is to invest in companies that you believe can perform well in the long haul. Stocks of such quality companies should generate market-beating returns if you hold them long enough.\nLet's look at three electric vehicle (EV) stocks that have the potential to generate outsize returns in five years, or more.\nLucid Group\nThere is a plethora of electric vehicle stocks to choose from right now. Of these,Lucid Group(NASDAQ:LCID) looks promising. There are several reasons to like Lucid Group. Users like the cars' features and designs, and within a short time, Lucid has succeeded in establishing itself as a luxury electric car brand.\nThe company not only boasts leading-edge EV technology, but also has solid growth plans. Though Lucid started as a luxury car maker, it has plans to launch EV models for the mass market in the coming years. With one of the most efficient EV technologies, Lucid can potentially generate recurring revenue by licensing its technology to other car companies. The stock will be included in the Nasdaq-100 index on Dec. 20.\nOn the risk side, Lucid is still to prove that it can deliver cars profitably. Investors should also keep an eye on the progress of a recent Securities and Exchange Commission (SEC) investigation relating to its merger with Churchill Capital Corp. IV.\nIMAGE SOURCE: LUCID GROUP.\nBYD\nFounded in 1995,BYD(OTC:BYDDY)(OTC:BYDD.F) entered the automobile business in 2003. Apart from automobiles, BYD manufactures mobile handset components, rechargeable batteries, and solar products.Berkshire Hathaway(NYSE:BRK.A)(NYSE:BRK.B) holds a nearly 8% stake in BYD.\nIMAGE SOURCE: GETTY IMAGES.\nBYD started as an internal combustion engine vehicle manufacturer. Yet, sensing the broader trend, it has quickly shifted to making electric vehicles. In November, more than 90% of BYD's vehicle deliveries were fully electric or plug-in hybrids. Sales of BYD's fully electric models rose 153% year over year in November.\nThe company has captured roughly 18% of China's EV market. A leading position in the fast-growing, huge potential Chinese EV market places BYD well for long-term growth.\nBYD stock trades at an attractive valuation compared to several top EV stocks right now. All of the above makes this Warren Buffett stock attractive.\nQuantumScape\nBatteries are a key component of electric vehicles. All leading auto and battery companies are focused on making batteries more efficient, which will help enhance an EV's range.QuantumScape(NYSE:QS), which went public in November 2020, is a battery start-up working on the next-generation battery technology.\nCurrently, lithium-ion batteries are used in electric vehicles. QuantumScape is developing lithium-metal solid-state batteries, using a proprietary ceramic separator. The company believes that its batteries will offer greater energy density, longer life, and faster charging than lithium-ion batteries currently in use.\nIMAGE SOURCE: GETTY IMAGES.\nQuantumScape has the backing of leading automaker Volkswagen(OTC:VWAGY), which has invested $300 million into the battery technology company so far. The two companies have formed a joint venture for a production capacity of 21 gigawatt-hours per year. In September, QuantumScape entered an agreement for 10 megawatt-hours of batteries with another top ten automaker by revenue. The company didn't disclose the name of the automaker. All the above lend credibility to QuantumScape's plans. If successful, QuantumScape's batteries could see immense demand from automakers worldwide.\nQuantumScape believes it is progressing as per its plan to start commercial production in 2024. That's a long time and the company's batteries are not yet developed. Investors should bear the risks in mind before deciding to invest in QuantumScape stock.","news_type":1,"symbols_score_info":{"01211":0.9,"BYDDY":0.9,"LCID":0.9,"QS":0.9}},"isVote":1,"tweetType":1,"viewCount":978,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":854488600,"gmtCreate":1635473748915,"gmtModify":1635473749268,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581634125853828","authorIdStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/854488600","repostId":"2179291938","repostType":4,"isVote":1,"tweetType":1,"viewCount":954,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":864733033,"gmtCreate":1633146446836,"gmtModify":1633146447082,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581634125853828","authorIdStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/864733033","repostId":"2172696913","repostType":4,"isVote":1,"tweetType":1,"viewCount":834,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873839058,"gmtCreate":1636906450297,"gmtModify":1636906450410,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581634125853828","authorIdStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/873839058","repostId":"1103944030","repostType":4,"isVote":1,"tweetType":1,"viewCount":890,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868812354,"gmtCreate":1632628275978,"gmtModify":1632649553254,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581634125853828","authorIdStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/868812354","repostId":"2170614570","repostType":4,"isVote":1,"tweetType":1,"viewCount":503,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":150955254,"gmtCreate":1624884159978,"gmtModify":1633947551274,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581634125853828","authorIdStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/150955254","repostId":"1149431635","repostType":4,"isVote":1,"tweetType":1,"viewCount":534,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":692869566,"gmtCreate":1640916694077,"gmtModify":1640916694321,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581634125853828","authorIdStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/692869566","repostId":"1149905027","repostType":4,"repost":{"id":"1149905027","kind":"news","pubTimestamp":1640915848,"share":"https://www.laohunote.com/m/news/1149905027?lang=zh_CN&edition=full","pubTime":"2021-12-31 09:57","market":"us","language":"en","title":"Top 5 SPACs of 2021<blockquote>2021 年 5 大 SPAC</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149905027","media":"TheStreet","summary":"Many private companies went public in 2021, reaping the benefit of investors who sought to allocate ","content":"<p><html><head></head><body>Many private companies went public in 2021, reaping the benefit of investors who sought to allocate their money into the public market, including ones that chose the SPAC route instead of the standard IPO strategy.</p><p><blockquote><html><head></head><body>许多私营公司于 2021 年上市，获得了寻求将资金分配到公开市场的投资者的青睐，其中包括选择 SPAC 路线而不是标准 IPO 策略的投资者。</body></html></blockquote></p><p>Special Purpose Acquisition Companies, or SPACs, were the preferred route for hundreds of companies. Even by March 31 there were 378 IPOs in the U.S., which is more than any entire calendar year between 2003 and 2019, said Duncan Lamont, head of strategic research unit at Schroders, a London-based asset manager.</p><p><blockquote>特殊目的收购公司（SPAC）是数百家公司的首选途径。伦敦资产管理公司施罗德（Schroders）战略研究部门主管邓肯·拉蒙特（Duncan Lamont）表示，截至 3 月 31 日，美国仍有 378 家 IPO，比 2003 年至 2019 年间的任何一个日历年都多。</blockquote></p><p>The $139 billion that was raised by the end of March was over two and a half times the yearly average over this period and consisted of 79% of the year’s IPOs by number and 69% by value were SPACs, he said.</p><p><blockquote>他说，截至 3 月底，共筹集了 1390 亿美元，是同期年平均水平的两倍半以上，其中 79% 的 IPO 数量为 SPAC，69% 的价值为 SPAC。</blockquote></p><p>While the mania to go public via a SPAC later died down, on a year-to-date basis these figures are still 63% and 49%, Lamont said.</p><p><blockquote>拉蒙特表示，虽然通过 SPAC 上市的热潮后来平息了，但今年迄今为止，这些数字仍然是 63% 和 49%。</blockquote></p><p>In 2020 there were 248 SPAC IPOs, but a record-breaking 602 were filed in 2021.</p><p><blockquote>2020 年有 248 家 SPAC IPO，但 2021 年提交的 602 家创纪录。</blockquote></p><p>“2021 has obliterated that record,” he said. “The amount of money raised this year so far has also overtaken last year’s record total. The $160 billion of SPAC IPOs in 2021 is more than the total that was raised across 2003-20 combined.”</p><p><blockquote>“他说：”2021 年抹去了这一记录。“今年迄今为止筹集的资金也超过了去年的创纪录总额。2021 年 1600 亿美元的 SPAC IPO 超过了 2003-20 年的总和。”</blockquote></p><p>Going public has its benefits, but companies have sought to circumvent some of the perceived drawbacks of the IPO process by choosing SPACs, Lamont said.</p><p><blockquote>拉蒙特表示，上市有其好处，但公司试图通过选择 SPAC 来规避 IPO 过程中的一些缺点。</blockquote></p><p>“They give the potential for private companies to sell themselves for a higher price than in a traditional IPO, can give more certainty on pricing, can be faster (5-6 months vs 12-24 months for a traditional IPO) and can be less burdensome and hence less costly from a regulatory perspective,” he said.</p><p><blockquote>“他说：”它们为私营公司提供了以比传统首次公开募股更高的价格出售自己的潜力，可以在定价方面提供更多的确定性，可以更快（传统首次公开募股为 5-6 个月，而传统首次公开募股为 12-24 个月），而且可以减轻负担，因此从监管角度来看成本更低。</blockquote></p><p><b>In hisYear in Review columnReal Money’s James &#34;Rev Shark&#34; DePorre says the broader market had a very tough go of it in 2021, but you wouldn&#39;t know it unless you do some digging.From Reddit and Diamond Hands to SPACs and a stealth bear market, it&#39;s been a wild ride. Get more of his insights and trading strategies on Real Money.</b>Since a merger with a SPAC can be negotiated at a fair value, some companies opt to avoid the IPO “pop” where they are priced to “encourage a jump in the share price on the first day of trading,” Lamont said.</p><p><blockquote><b>Real Money 的 James “Rev Shark” DePorre 在他的年度评论专栏中说，2021 年大盘的表现非常艰难，但除非你做一些调查，否则你不会知道。从 Reddit 和 Diamond Hands 到 SPAC 和隐形熊市，这是一段疯狂的旅程。获取更多他的真实货币见解和交易策略。</b>拉蒙特说，由于与 SPAC 的合并可以以公允价值进行谈判，一些公司选择避免 IPO “pop”，因为在 IPO 中，它们的定价是 “鼓励股价在交易首日上涨 ”。</blockquote></p><p>Another benefit of going public via a SPAC is that private companies can use forward looking statements when marketing themselves to a SPAC, “something which is particularly appealing for fast growing companies,” he said.</p><p><blockquote>通过 SPAC 上市的另一个好处是，私营公司在向 SPAC 推销自己时可以使用前瞻性陈述，“这对快速增长的公司尤其有吸引力，”他说。</blockquote></p><p>A traditional IPO prospectus is only allowed to report historical financials. Instead, SPAC mergers have a legal “safe harbor” from any such liability, Lamont said.</p><p><blockquote>传统的IPO招股说明书只允许报告历史财务状况。拉蒙特说，相反，SPAC 合并有一个法律 “安全港”，可以避免任何此类责任。</blockquote></p><p>While going public as a SPAC appears to be a way to raise capital for a company easily, some investors have lost interest already. Many companies wind up losing valuation quickly.</p><p><blockquote>虽然作为特殊目的收购公司上市似乎是为公司轻松筹集资金的一种方式，但一些投资者已经失去了兴趣。许多公司最终很快就失去了估值。</blockquote></p><p>A 2020 academic paper written by Michael Klausner, a Stanford Law professor and Michael Ohlrogge, a NYU School of Law professor, showed that most underperform the wider market after a deal is struck.</p><p><blockquote>斯坦福大学法学教授迈克尔·克劳斯纳 (Michael Klausner) 和纽约大学法学院教授迈克尔·奥尔罗格 (Michael Ohlrogge) 撰写的 2020 年学术论文显示，大多数公司在交易达成后表现逊于大盘。</blockquote></p><p>“Interestingly, they find that results are far better for ‘high quality sponsors,’ which they define to be individuals who are affiliated with a private assets fund with more than $1 billion of assets, or who have been a CEO or other senior officer at a Fortune 500 company,” Lamont said.</p><p><blockquote>“拉蒙特说：”有趣的是，他们发现'高质量赞助商'的结果要好得多，他们将'高质量赞助商'定义为与资产超过 10 亿美元的私人资产基金有关联的个人，或曾担任财富 500 强公司的首席执行官或其他高级官员。</blockquote></p><p>One indicator of waning enthusiasm for SPACs recently months is that 90% of the SPACs that listed in the U.S. in the first eight months of 2021 were trading below their IPO price by the end of the third quarter.</p><p><blockquote>近几个月来对 SPAC 热情减弱的一个指标是，2021 年前 8 个月在美国上市的 SPAC 中，90% 的交易价格在第三季度末低于其 IPO 价格。</blockquote></p><p>Here are the top five SPACs that are venture-backed and completed mergers with target companies, according to Dec. 22 data from Crunchbase.</p><p><blockquote>根据 Crunchbase 12 月 22 日的数据，以下是风险投资支持并与目标公司完成合并的五大 SPAC。</blockquote></p><p><b>1. SoFi</b></p><p><blockquote><b>1. 苏菲</b></blockquote></p><p><b>SPAC proceeds: $2.4 billion </b></p><p><blockquote><b>SPAC收益：24亿美元</b></blockquote></p><p><b>SPAC valuation: $8.65 billion</b></p><p><blockquote><b>SPAC估值：86.5亿美元</b></blockquote></p><p>SoFi (<b>SOFI</b>) is a fintech company that offers investing and loans, including home and student loans. The company went public after it merged with one of Chamath Palihapitiya’s SPACs.</p><p><blockquote>苏菲（<b>索菲</b>）是一家提供投资和贷款（包括住房贷款和学生贷款）的金融科技公司。该公司在与 Chamath Palihapitiya 的一家 SPAC 合并后上市。</blockquote></p><p><b>2. Clover Health</b></p><p><blockquote><b>2. 三叶草健康</b></blockquote></p><p><b>SPAC proceeds: Up to $1.2 billion </b></p><p><blockquote><b>SPAC 收益：高达 12 亿美元</b></blockquote></p><p><b>SPAC valuation: $7 billion, according to the Silicon Valley Business Journal</b></p><p><blockquote><b>据《硅谷商业杂志》报道，特殊目的收购公司估值：70亿美元</b></blockquote></p><p>Clover Health (<b>CLOV</b>) is a health insurance company for seniors that was the first VC-backed company to go public via a SPAC. The startup was acquired by Social Capital Hedosophia V, Chamath Palihapitiya’s SPAC.</p><p><blockquote>三叶草健康（<b>克洛夫</b>）是一家老年人健康保险公司，是第一家通过 SPAC 上市的风险投资支持公司。这家初创公司被 Chamath Palihapitiya 的 SPAC Social Capital Hedosophia V 收购。</blockquote></p><p><b>3. BarkBox</b></p><p><blockquote><b>3.树皮箱</b></blockquote></p><p><b>SPAC proceeds: $454 million </b></p><p><blockquote><b>SPAC 收益：4.54 亿美元</b></blockquote></p><p><b>SPAC valuation: $1.6 billion</b></p><p><blockquote><b>SPAC估值：16亿美元</b></blockquote></p><p>Barkbox (<b>BARK</b>), the subscription e-commerce company that offers toys and other products for dogs merged with Northern Star Acquisition Group.</p><p><blockquote>树皮箱（<b>吠</b>），为狗狗提供玩具和其他产品的订阅电子商务公司与北极星收购集团合并。</blockquote></p><p><b>4. Hims and Hers Health</b></p><p><blockquote><b>4. 他和她的健康</b></blockquote></p><p><li><b>SPAC proceeds: $280 million</b></li><li><b>SPAC valuation: $1.6 billion, according to Forbes</b></li><li></li>Hims and Hers Health (<b>HIMS</b>)  offers both health products for women and men and merged with SPAC company Oaktree Acquisitions Corp. The deal was among the first major VC-backed SPAC mergers to be completed in 2021, Crunchbase reported.</p><p><blockquote><li><b>SPAC收益：2.8亿美元</b></li><li><b>据《福布斯》报道，SPAC 估值：16 亿美元</b></li><li></li>他和她的健康（<b>希姆斯</b>）为女性和男性提供保健品，并与特殊目的收购公司 Oaktree Acquisitions Corp. 合并。据 Crunchbase 报道，该交易是 2021 年完成的首批由风险投资支持的大型 SPAC 合并之一。</blockquote></p><p></p><p><b>5. Billtrust</b></p><p><blockquote><b>5. 比尔信托</b></blockquote></p><p><b>SPAC valuation: $1.3 billion</b></p><p><blockquote><b>SPAC估值：13亿美元</b></blockquote></p><p>Billtrust, (<b>BTRS</b>) a payment-cycle management platform, merged with South Mountain Merger Corp.</p><p><blockquote>比尔信托，（<b>BTRS</b>) 一个支付周期管理平台，与 South Mountain Merger Corp. 合并。</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>Top 5 SPACs of 2021<blockquote>2021 年 5 大 SPAC</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\">\nTop 5 SPACs of 2021<blockquote>2021 年 5 大 SPAC</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-12-31 09:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Many private companies went public in 2021, reaping the benefit of investors who sought to allocate their money into the public market, including ones that chose the SPAC route instead of the standard IPO strategy.</p><p><blockquote><html><head></head><body>许多私营公司于 2021 年上市，获得了寻求将资金分配到公开市场的投资者的青睐，其中包括选择 SPAC 路线而不是标准 IPO 策略的投资者。</body></html></blockquote></p><p>Special Purpose Acquisition Companies, or SPACs, were the preferred route for hundreds of companies. Even by March 31 there were 378 IPOs in the U.S., which is more than any entire calendar year between 2003 and 2019, said Duncan Lamont, head of strategic research unit at Schroders, a London-based asset manager.</p><p><blockquote>特殊目的收购公司（SPAC）是数百家公司的首选途径。伦敦资产管理公司施罗德（Schroders）战略研究部门主管邓肯·拉蒙特（Duncan Lamont）表示，截至 3 月 31 日，美国仍有 378 家 IPO，比 2003 年至 2019 年间的任何一个日历年都多。</blockquote></p><p>The $139 billion that was raised by the end of March was over two and a half times the yearly average over this period and consisted of 79% of the year’s IPOs by number and 69% by value were SPACs, he said.</p><p><blockquote>他说，截至 3 月底，共筹集了 1390 亿美元，是同期年平均水平的两倍半以上，其中 79% 的 IPO 数量为 SPAC，69% 的价值为 SPAC。</blockquote></p><p>While the mania to go public via a SPAC later died down, on a year-to-date basis these figures are still 63% and 49%, Lamont said.</p><p><blockquote>拉蒙特表示，虽然通过 SPAC 上市的热潮后来平息了，但今年迄今为止，这些数字仍然是 63% 和 49%。</blockquote></p><p>In 2020 there were 248 SPAC IPOs, but a record-breaking 602 were filed in 2021.</p><p><blockquote>2020 年有 248 家 SPAC IPO，但 2021 年提交的 602 家创纪录。</blockquote></p><p>“2021 has obliterated that record,” he said. “The amount of money raised this year so far has also overtaken last year’s record total. The $160 billion of SPAC IPOs in 2021 is more than the total that was raised across 2003-20 combined.”</p><p><blockquote>“他说：”2021 年抹去了这一记录。“今年迄今为止筹集的资金也超过了去年的创纪录总额。2021 年 1600 亿美元的 SPAC IPO 超过了 2003-20 年的总和。”</blockquote></p><p>Going public has its benefits, but companies have sought to circumvent some of the perceived drawbacks of the IPO process by choosing SPACs, Lamont said.</p><p><blockquote>拉蒙特表示，上市有其好处，但公司试图通过选择 SPAC 来规避 IPO 过程中的一些缺点。</blockquote></p><p>“They give the potential for private companies to sell themselves for a higher price than in a traditional IPO, can give more certainty on pricing, can be faster (5-6 months vs 12-24 months for a traditional IPO) and can be less burdensome and hence less costly from a regulatory perspective,” he said.</p><p><blockquote>“他说：”它们为私营公司提供了以比传统首次公开募股更高的价格出售自己的潜力，可以在定价方面提供更多的确定性，可以更快（传统首次公开募股为 5-6 个月，而传统首次公开募股为 12-24 个月），而且可以减轻负担，因此从监管角度来看成本更低。</blockquote></p><p><b>In hisYear in Review columnReal Money’s James &#34;Rev Shark&#34; DePorre says the broader market had a very tough go of it in 2021, but you wouldn&#39;t know it unless you do some digging.From Reddit and Diamond Hands to SPACs and a stealth bear market, it&#39;s been a wild ride. Get more of his insights and trading strategies on Real Money.</b>Since a merger with a SPAC can be negotiated at a fair value, some companies opt to avoid the IPO “pop” where they are priced to “encourage a jump in the share price on the first day of trading,” Lamont said.</p><p><blockquote><b>Real Money 的 James “Rev Shark” DePorre 在他的年度评论专栏中说，2021 年大盘的表现非常艰难，但除非你做一些调查，否则你不会知道。从 Reddit 和 Diamond Hands 到 SPAC 和隐形熊市，这是一段疯狂的旅程。获取更多他的真实货币见解和交易策略。</b>拉蒙特说，由于与 SPAC 的合并可以以公允价值进行谈判，一些公司选择避免 IPO “pop”，因为在 IPO 中，它们的定价是 “鼓励股价在交易首日上涨 ”。</blockquote></p><p>Another benefit of going public via a SPAC is that private companies can use forward looking statements when marketing themselves to a SPAC, “something which is particularly appealing for fast growing companies,” he said.</p><p><blockquote>通过 SPAC 上市的另一个好处是，私营公司在向 SPAC 推销自己时可以使用前瞻性陈述，“这对快速增长的公司尤其有吸引力，”他说。</blockquote></p><p>A traditional IPO prospectus is only allowed to report historical financials. Instead, SPAC mergers have a legal “safe harbor” from any such liability, Lamont said.</p><p><blockquote>传统的IPO招股说明书只允许报告历史财务状况。拉蒙特说，相反，SPAC 合并有一个法律 “安全港”，可以避免任何此类责任。</blockquote></p><p>While going public as a SPAC appears to be a way to raise capital for a company easily, some investors have lost interest already. Many companies wind up losing valuation quickly.</p><p><blockquote>虽然作为特殊目的收购公司上市似乎是为公司轻松筹集资金的一种方式，但一些投资者已经失去了兴趣。许多公司最终很快就失去了估值。</blockquote></p><p>A 2020 academic paper written by Michael Klausner, a Stanford Law professor and Michael Ohlrogge, a NYU School of Law professor, showed that most underperform the wider market after a deal is struck.</p><p><blockquote>斯坦福大学法学教授迈克尔·克劳斯纳 (Michael Klausner) 和纽约大学法学院教授迈克尔·奥尔罗格 (Michael Ohlrogge) 撰写的 2020 年学术论文显示，大多数公司在交易达成后表现逊于大盘。</blockquote></p><p>“Interestingly, they find that results are far better for ‘high quality sponsors,’ which they define to be individuals who are affiliated with a private assets fund with more than $1 billion of assets, or who have been a CEO or other senior officer at a Fortune 500 company,” Lamont said.</p><p><blockquote>“拉蒙特说：”有趣的是，他们发现'高质量赞助商'的结果要好得多，他们将'高质量赞助商'定义为与资产超过 10 亿美元的私人资产基金有关联的个人，或曾担任财富 500 强公司的首席执行官或其他高级官员。</blockquote></p><p>One indicator of waning enthusiasm for SPACs recently months is that 90% of the SPACs that listed in the U.S. in the first eight months of 2021 were trading below their IPO price by the end of the third quarter.</p><p><blockquote>近几个月来对 SPAC 热情减弱的一个指标是，2021 年前 8 个月在美国上市的 SPAC 中，90% 的交易价格在第三季度末低于其 IPO 价格。</blockquote></p><p>Here are the top five SPACs that are venture-backed and completed mergers with target companies, according to Dec. 22 data from Crunchbase.</p><p><blockquote>根据 Crunchbase 12 月 22 日的数据，以下是风险投资支持并与目标公司完成合并的五大 SPAC。</blockquote></p><p><b>1. SoFi</b></p><p><blockquote><b>1. 苏菲</b></blockquote></p><p><b>SPAC proceeds: $2.4 billion </b></p><p><blockquote><b>SPAC收益：24亿美元</b></blockquote></p><p><b>SPAC valuation: $8.65 billion</b></p><p><blockquote><b>SPAC估值：86.5亿美元</b></blockquote></p><p>SoFi (<b>SOFI</b>) is a fintech company that offers investing and loans, including home and student loans. The company went public after it merged with one of Chamath Palihapitiya’s SPACs.</p><p><blockquote>苏菲（<b>索菲</b>）是一家提供投资和贷款（包括住房贷款和学生贷款）的金融科技公司。该公司在与 Chamath Palihapitiya 的一家 SPAC 合并后上市。</blockquote></p><p><b>2. Clover Health</b></p><p><blockquote><b>2. 三叶草健康</b></blockquote></p><p><b>SPAC proceeds: Up to $1.2 billion </b></p><p><blockquote><b>SPAC 收益：高达 12 亿美元</b></blockquote></p><p><b>SPAC valuation: $7 billion, according to the Silicon Valley Business Journal</b></p><p><blockquote><b>据《硅谷商业杂志》报道，特殊目的收购公司估值：70亿美元</b></blockquote></p><p>Clover Health (<b>CLOV</b>) is a health insurance company for seniors that was the first VC-backed company to go public via a SPAC. The startup was acquired by Social Capital Hedosophia V, Chamath Palihapitiya’s SPAC.</p><p><blockquote>三叶草健康（<b>克洛夫</b>）是一家老年人健康保险公司，是第一家通过 SPAC 上市的风险投资支持公司。这家初创公司被 Chamath Palihapitiya 的 SPAC Social Capital Hedosophia V 收购。</blockquote></p><p><b>3. BarkBox</b></p><p><blockquote><b>3.树皮箱</b></blockquote></p><p><b>SPAC proceeds: $454 million </b></p><p><blockquote><b>SPAC 收益：4.54 亿美元</b></blockquote></p><p><b>SPAC valuation: $1.6 billion</b></p><p><blockquote><b>SPAC估值：16亿美元</b></blockquote></p><p>Barkbox (<b>BARK</b>), the subscription e-commerce company that offers toys and other products for dogs merged with Northern Star Acquisition Group.</p><p><blockquote>树皮箱（<b>吠</b>），为狗狗提供玩具和其他产品的订阅电子商务公司与北极星收购集团合并。</blockquote></p><p><b>4. Hims and Hers Health</b></p><p><blockquote><b>4. 他和她的健康</b></blockquote></p><p><li><b>SPAC proceeds: $280 million</b></li><li><b>SPAC valuation: $1.6 billion, according to Forbes</b></li><li></li>Hims and Hers Health (<b>HIMS</b>)  offers both health products for women and men and merged with SPAC company Oaktree Acquisitions Corp. The deal was among the first major VC-backed SPAC mergers to be completed in 2021, Crunchbase reported.</p><p><blockquote><li><b>SPAC收益：2.8亿美元</b></li><li><b>据《福布斯》报道，SPAC 估值：16 亿美元</b></li><li></li>他和她的健康（<b>希姆斯</b>）为女性和男性提供保健品，并与特殊目的收购公司 Oaktree Acquisitions Corp. 合并。据 Crunchbase 报道，该交易是 2021 年完成的首批由风险投资支持的大型 SPAC 合并之一。</blockquote></p><p></p><p><b>5. Billtrust</b></p><p><blockquote><b>5. 比尔信托</b></blockquote></p><p><b>SPAC valuation: $1.3 billion</b></p><p><blockquote><b>SPAC估值：13亿美元</b></blockquote></p><p>Billtrust, (<b>BTRS</b>) a payment-cycle management platform, merged with South Mountain Merger Corp.</p><p><blockquote>比尔信托，（<b>BTRS</b>) 一个支付周期管理平台，与 South Mountain Merger Corp. 合并。</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/markets/ipos/top-5-spacs-of-2021?puc=yahoo&cm_ven=YAHOO\">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":{"HIMS":"Hims & Hers Health Inc.","BTRS":"BTRS Holdings Inc.","SOFI":"SoFi Technologies Inc.","CLOV":"Clover Health Corp","BARK":"The Original Bark Corp."},"source_url":"https://www.thestreet.com/markets/ipos/top-5-spacs-of-2021?puc=yahoo&cm_ven=YAHOO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149905027","content_text":"Many private companies went public in 2021, reaping the benefit of investors who sought to allocate their money into the public market, including ones that chose the SPAC route instead of the standard IPO strategy.Special Purpose Acquisition Companies, or SPACs, were the preferred route for hundreds of companies. Even by March 31 there were 378 IPOs in the U.S., which is more than any entire calendar year between 2003 and 2019, said Duncan Lamont, head of strategic research unit at Schroders, a London-based asset manager.The $139 billion that was raised by the end of March was over two and a half times the yearly average over this period and consisted of 79% of the year’s IPOs by number and 69% by value were SPACs, he said.While the mania to go public via a SPAC later died down, on a year-to-date basis these figures are still 63% and 49%, Lamont said.In 2020 there were 248 SPAC IPOs, but a record-breaking 602 were filed in 2021.“2021 has obliterated that record,” he said. “The amount of money raised this year so far has also overtaken last year’s record total. The $160 billion of SPAC IPOs in 2021 is more than the total that was raised across 2003-20 combined.”Going public has its benefits, but companies have sought to circumvent some of the perceived drawbacks of the IPO process by choosing SPACs, Lamont said.“They give the potential for private companies to sell themselves for a higher price than in a traditional IPO, can give more certainty on pricing, can be faster (5-6 months vs 12-24 months for a traditional IPO) and can be less burdensome and hence less costly from a regulatory perspective,” he said.In hisYear in Review columnReal Money’s James \"Rev Shark\" DePorre says the broader market had a very tough go of it in 2021, but you wouldn't know it unless you do some digging.From Reddit and Diamond Hands to SPACs and a stealth bear market, it's been a wild ride. Get more of his insights and trading strategies on Real Money.Since a merger with a SPAC can be negotiated at a fair value, some companies opt to avoid the IPO “pop” where they are priced to “encourage a jump in the share price on the first day of trading,” Lamont said.Another benefit of going public via a SPAC is that private companies can use forward looking statements when marketing themselves to a SPAC, “something which is particularly appealing for fast growing companies,” he said.A traditional IPO prospectus is only allowed to report historical financials. Instead, SPAC mergers have a legal “safe harbor” from any such liability, Lamont said.While going public as a SPAC appears to be a way to raise capital for a company easily, some investors have lost interest already. Many companies wind up losing valuation quickly.A 2020 academic paper written by Michael Klausner, a Stanford Law professor and Michael Ohlrogge, a NYU School of Law professor, showed that most underperform the wider market after a deal is struck.“Interestingly, they find that results are far better for ‘high quality sponsors,’ which they define to be individuals who are affiliated with a private assets fund with more than $1 billion of assets, or who have been a CEO or other senior officer at a Fortune 500 company,” Lamont said.One indicator of waning enthusiasm for SPACs recently months is that 90% of the SPACs that listed in the U.S. in the first eight months of 2021 were trading below their IPO price by the end of the third quarter.Here are the top five SPACs that are venture-backed and completed mergers with target companies, according to Dec. 22 data from Crunchbase.1. SoFiSPAC proceeds: $2.4 billion SPAC valuation: $8.65 billionSoFi (SOFI) is a fintech company that offers investing and loans, including home and student loans. The company went public after it merged with one of Chamath Palihapitiya’s SPACs.2. Clover HealthSPAC proceeds: Up to $1.2 billion SPAC valuation: $7 billion, according to the Silicon Valley Business JournalClover Health (CLOV) is a health insurance company for seniors that was the first VC-backed company to go public via a SPAC. The startup was acquired by Social Capital Hedosophia V, Chamath Palihapitiya’s SPAC.3. BarkBoxSPAC proceeds: $454 million SPAC valuation: $1.6 billionBarkbox (BARK), the subscription e-commerce company that offers toys and other products for dogs merged with Northern Star Acquisition Group.4. Hims and Hers HealthSPAC proceeds: $280 millionSPAC valuation: $1.6 billion, according to ForbesHims and Hers Health (HIMS)  offers both health products for women and men and merged with SPAC company Oaktree Acquisitions Corp. The deal was among the first major VC-backed SPAC mergers to be completed in 2021, Crunchbase reported.5. BilltrustSPAC valuation: $1.3 billionBilltrust, (BTRS) a payment-cycle management platform, merged with South Mountain Merger Corp.","news_type":1,"symbols_score_info":{"CLOV":0.9,"BARK":0.9,"HIMS":0.9,"SOFI":0.9,"BTRS":0.9}},"isVote":1,"tweetType":1,"viewCount":3803,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":844662267,"gmtCreate":1636422963289,"gmtModify":1636423153595,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581634125853828","authorIdStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/844662267","repostId":"2182277446","repostType":4,"isVote":1,"tweetType":1,"viewCount":593,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":850569618,"gmtCreate":1634608789600,"gmtModify":1634608927457,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581634125853828","authorIdStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/850569618","repostId":"1147398025","repostType":4,"repost":{"id":"1147398025","kind":"news","pubTimestamp":1634608414,"share":"https://www.laohunote.com/m/news/1147398025?lang=zh_CN&edition=full","pubTime":"2021-10-19 09:53","market":"us","language":"en","title":"Tesla and 15 Other EV Stocks Are Worth Almost as Much as 50 Traditional Car Makers. How That Makes Sense.<blockquote>特斯拉和其他 15 只电动汽车股票的价值几乎相当于 50 家传统汽车制造商。这怎么说得通。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147398025","media":"Barrons","summary":"Tesla and other electric-vehicle makers account for almost half of the value wrapped up in car-manuf","content":"<p>Tesla&nbsp;and other electric-vehicle makers account for almost half of the value wrapped up in car-manufacturer stocks. Does that make sense?</p><p><blockquote>特斯拉和其他电动汽车制造商占汽车制造商股票价值的近一半。这有道理吗？</blockquote></p><p> Monday, Bernstein analyst Toni Sacconaghi asked that question. He’s a&nbsp;Tesla&nbsp;(ticker: TSLA) bear—rating shares Sell with a $300 price target—mainly because he believes the stock is pricey. Still, EVs can be worth half of the industry if investors buy into three ideas.</p><p><blockquote>周一，伯恩斯坦分析师托尼·萨科纳吉提出了这个问题。他是特斯拉（股票代码：TSLA）的看空者--给予该股卖出评级，目标价为 300 美元--主要是因为他认为该股价格昂贵。尽管如此，如果投资者接受三个想法，电动汽车的价值可能占该行业的一半。</blockquote></p><p> Today, 16 EV makers—including Tesla and yet-to-be public Rivian—are worth a combined $1.14 trillion. Tesla accounts for 74% of total EV value. Four of the top 10 most valuable auto makers are EV companies including: Tesla, Rivian,BYD&nbsp;(1211.Hong Kong), and&nbsp;NIO&nbsp;(NIO).</p><p><blockquote>如今，包括特斯拉和尚未上市的Rivian在内的 16 家电动汽车制造商的总市值为 1.14 万亿美元。特斯拉占电动汽车总价值的74%。十大最有价值汽车制造商中有四家是电动汽车公司，包括：特斯拉、Rivian、比亚迪（1211.香港）和蔚来（蔚来）。</blockquote></p><p> As for the makers of conventional vehicles, more than 50 auto makers are worth a combined $1.42 trillion. The most valuable traditional car companies are:Toyota Motor&nbsp;(TM),Volkswagen&nbsp;(VOW3.Germany),Daimler&nbsp;(DAI.Germany), and&nbsp;General Motors&nbsp;(GM).</p><p><blockquote>至于传统汽车制造商，50多家汽车制造商的总价值为1.42万亿美元。最有价值的传统汽车公司是：丰田汽车（TM）、大众汽车（VOW3.Germany）、戴姆勒（DAI.Germany）和通用汽车（GM）。</blockquote></p><p> Sales by the traditional companies still dominates unit volume, selling about 99% of the cars globally—97% of those are gasoline-powered, and 2% are EV. The EV pure-plays sell the remaining 1% worldwide.</p><p><blockquote>传统公司的销量仍然主导着单位销量，销售了全球约 99% 的汽车，其中 97% 是汽油动力汽车，2% 是电动汽车。EV pure-plays 在全球范围内销售剩余的 1%。</blockquote></p><p> “The thinking, of course, is that pure-play EV vendors will ultimately come to dominate the automotive world,” wrote Sacconaghi in a Monday report.</p><p><blockquote>“萨科纳吉在周一的一份报告中写道：”当然，我们的想法是，纯电动汽车供应商最终将主导汽车世界。</blockquote></p><p> That’s the first thing investors need to believe to justify EV valuations. Sacconaghi points out that 2014 pure-play EV companies accounted for 14% of electric-car sales. That’s 28% today. Pure-play EV companies’ market share is growing.</p><p><blockquote>这是投资者首先需要相信的，才能证明电动汽车估值的合理性。萨科纳吉指出，2014年纯电动汽车公司占电动汽车销量的14%。今天是 28%。纯电动汽车公司的市场份额正在增长。</blockquote></p><p> That’s the second belief required to stay bullish on EV makers’ stocks—that market share will continue to improve. “We suspect the market believes …that traditional OEMs will not be able to deliver competitive EV offerings in the future,” adds the analyst in his report. OEM is short for original equipment manufacturer, industry jargon for auto maker.</p><p><blockquote>这是继续看好电动汽车制造商股票所需的第二个信念--市场份额将继续提高。“分析师在报告中补充说：”我们怀疑市场认为.传统原始设备制造商未来将无法提供有竞争力的电动汽车产品。OEM是原始设备制造商的简称，是汽车制造商的行业术语。</blockquote></p><p> The final thing investors need to believe is that EVs will be more profitable, per car, than conventional vehicles. EV companies tend to sell direct—which can help profitability. EV makers are also the leaders in selling add-on subscription based services. Tesla’s Full Self-Driving Capability, or FSD, is probably the best example. Tesla sells the higher levels of its autonomous-driving software as a monthly subscription or for $10,000.</p><p><blockquote>投资者需要相信的最后一件事是，电动汽车每辆车的利润将高于传统汽车。电动汽车公司倾向于直接销售，这有助于提高盈利能力。电动汽车制造商也是销售附加订阅服务的领导者。特斯拉的全自动驾驶能力（FSD）可能就是最好的例子。特斯拉以每月订阅或 10,000 美元的价格出售更高级别的自动驾驶软件。</blockquote></p><p> The mix of volume and profit growth driven by superior products could justify valuations, but Sacconaghi isn’t a believer. “Our contention is that the automotive industry is an increasingly global and hypercompetitive industry and we believe that surplus profits and technology innovation will likely be competed away over time.”</p><p><blockquote>优质产品带来的销量和利润增长可以证明估值的合理性，但萨科纳吉并不相信。“我们的论点是，汽车行业是一个日益全球化且竞争激烈的行业，我们相信，随着时间的推移，超额利润和技术创新很可能会被争夺掉”。</blockquote></p><p> His views of the industry is one of the reasons he calls Tesla valuation “too rich.”</p><p><blockquote>他对该行业的看法是他认为评级-特斯拉 “太富有 ”的原因之一。</blockquote></p><p> Time will tell who is right. Sacconaghi’s target price still implies Tesla should be the world’s most valuable car company, just not two to three times the value of Toyota.</p><p><blockquote>时间会证明谁是对的。萨科纳吉的目标价仍然意味着特斯拉应该是世界上最有价值的汽车公司，只是价值不是丰田的两到三倍。</blockquote></p><p> Tesla stock has been on a tear of late, adding 34% over the past three months as investors have become more bullish about third quarter earnings due out on Wednesday evening. Shares have gained another 3.2% Monday.</p><p><blockquote>特斯拉股价最近一直在上涨，过去三个月上涨了 34%，因为投资者对周三晚间公布的第三季度财报更加看好。周一股价又上涨 3.2%。</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>Tesla and 15 Other EV Stocks Are Worth Almost as Much as 50 Traditional Car Makers. How That Makes Sense.<blockquote>特斯拉和其他 15 只电动汽车股票的价值几乎相当于 50 家传统汽车制造商。这怎么说得通。</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\">\nTesla and 15 Other EV Stocks Are Worth Almost as Much as 50 Traditional Car Makers. How That Makes Sense.<blockquote>特斯拉和其他 15 只电动汽车股票的价值几乎相当于 50 家传统汽车制造商。这怎么说得通。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-10-19 09:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tesla&nbsp;and other electric-vehicle makers account for almost half of the value wrapped up in car-manufacturer stocks. Does that make sense?</p><p><blockquote>特斯拉和其他电动汽车制造商占汽车制造商股票价值的近一半。这有道理吗？</blockquote></p><p> Monday, Bernstein analyst Toni Sacconaghi asked that question. He’s a&nbsp;Tesla&nbsp;(ticker: TSLA) bear—rating shares Sell with a $300 price target—mainly because he believes the stock is pricey. Still, EVs can be worth half of the industry if investors buy into three ideas.</p><p><blockquote>周一，伯恩斯坦分析师托尼·萨科纳吉提出了这个问题。他是特斯拉（股票代码：TSLA）的看空者--给予该股卖出评级，目标价为 300 美元--主要是因为他认为该股价格昂贵。尽管如此，如果投资者接受三个想法，电动汽车的价值可能占该行业的一半。</blockquote></p><p> Today, 16 EV makers—including Tesla and yet-to-be public Rivian—are worth a combined $1.14 trillion. Tesla accounts for 74% of total EV value. Four of the top 10 most valuable auto makers are EV companies including: Tesla, Rivian,BYD&nbsp;(1211.Hong Kong), and&nbsp;NIO&nbsp;(NIO).</p><p><blockquote>如今，包括特斯拉和尚未上市的Rivian在内的 16 家电动汽车制造商的总市值为 1.14 万亿美元。特斯拉占电动汽车总价值的74%。十大最有价值汽车制造商中有四家是电动汽车公司，包括：特斯拉、Rivian、比亚迪（1211.香港）和蔚来（蔚来）。</blockquote></p><p> As for the makers of conventional vehicles, more than 50 auto makers are worth a combined $1.42 trillion. The most valuable traditional car companies are:Toyota Motor&nbsp;(TM),Volkswagen&nbsp;(VOW3.Germany),Daimler&nbsp;(DAI.Germany), and&nbsp;General Motors&nbsp;(GM).</p><p><blockquote>至于传统汽车制造商，50多家汽车制造商的总价值为1.42万亿美元。最有价值的传统汽车公司是：丰田汽车（TM）、大众汽车（VOW3.Germany）、戴姆勒（DAI.Germany）和通用汽车（GM）。</blockquote></p><p> Sales by the traditional companies still dominates unit volume, selling about 99% of the cars globally—97% of those are gasoline-powered, and 2% are EV. The EV pure-plays sell the remaining 1% worldwide.</p><p><blockquote>传统公司的销量仍然主导着单位销量，销售了全球约 99% 的汽车，其中 97% 是汽油动力汽车，2% 是电动汽车。EV pure-plays 在全球范围内销售剩余的 1%。</blockquote></p><p> “The thinking, of course, is that pure-play EV vendors will ultimately come to dominate the automotive world,” wrote Sacconaghi in a Monday report.</p><p><blockquote>“萨科纳吉在周一的一份报告中写道：”当然，我们的想法是，纯电动汽车供应商最终将主导汽车世界。</blockquote></p><p> That’s the first thing investors need to believe to justify EV valuations. Sacconaghi points out that 2014 pure-play EV companies accounted for 14% of electric-car sales. That’s 28% today. Pure-play EV companies’ market share is growing.</p><p><blockquote>这是投资者首先需要相信的，才能证明电动汽车估值的合理性。萨科纳吉指出，2014年纯电动汽车公司占电动汽车销量的14%。今天是 28%。纯电动汽车公司的市场份额正在增长。</blockquote></p><p> That’s the second belief required to stay bullish on EV makers’ stocks—that market share will continue to improve. “We suspect the market believes …that traditional OEMs will not be able to deliver competitive EV offerings in the future,” adds the analyst in his report. OEM is short for original equipment manufacturer, industry jargon for auto maker.</p><p><blockquote>这是继续看好电动汽车制造商股票所需的第二个信念--市场份额将继续提高。“分析师在报告中补充说：”我们怀疑市场认为.传统原始设备制造商未来将无法提供有竞争力的电动汽车产品。OEM是原始设备制造商的简称，是汽车制造商的行业术语。</blockquote></p><p> The final thing investors need to believe is that EVs will be more profitable, per car, than conventional vehicles. EV companies tend to sell direct—which can help profitability. EV makers are also the leaders in selling add-on subscription based services. Tesla’s Full Self-Driving Capability, or FSD, is probably the best example. Tesla sells the higher levels of its autonomous-driving software as a monthly subscription or for $10,000.</p><p><blockquote>投资者需要相信的最后一件事是，电动汽车每辆车的利润将高于传统汽车。电动汽车公司倾向于直接销售，这有助于提高盈利能力。电动汽车制造商也是销售附加订阅服务的领导者。特斯拉的全自动驾驶能力（FSD）可能就是最好的例子。特斯拉以每月订阅或 10,000 美元的价格出售更高级别的自动驾驶软件。</blockquote></p><p> The mix of volume and profit growth driven by superior products could justify valuations, but Sacconaghi isn’t a believer. “Our contention is that the automotive industry is an increasingly global and hypercompetitive industry and we believe that surplus profits and technology innovation will likely be competed away over time.”</p><p><blockquote>优质产品带来的销量和利润增长可以证明估值的合理性，但萨科纳吉并不相信。“我们的论点是，汽车行业是一个日益全球化且竞争激烈的行业，我们相信，随着时间的推移，超额利润和技术创新很可能会被争夺掉”。</blockquote></p><p> His views of the industry is one of the reasons he calls Tesla valuation “too rich.”</p><p><blockquote>他对该行业的看法是他认为评级-特斯拉 “太富有 ”的原因之一。</blockquote></p><p> Time will tell who is right. Sacconaghi’s target price still implies Tesla should be the world’s most valuable car company, just not two to three times the value of Toyota.</p><p><blockquote>时间会证明谁是对的。萨科纳吉的目标价仍然意味着特斯拉应该是世界上最有价值的汽车公司，只是价值不是丰田的两到三倍。</blockquote></p><p> Tesla stock has been on a tear of late, adding 34% over the past three months as investors have become more bullish about third quarter earnings due out on Wednesday evening. Shares have gained another 3.2% Monday.</p><p><blockquote>特斯拉股价最近一直在上涨，过去三个月上涨了 34%，因为投资者对周三晚间公布的第三季度财报更加看好。周一股价又上涨 3.2%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-stock-nio-51634569822?mod=hp_DAY_6\">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":{"NIO":"蔚来","DDAIF":"戴姆勒汽车","VLKAF":"Volkswagen AG","01211":"比亚迪股份","GM":"通用汽车","LI":"理想汽车","TM":"丰田汽车","TSLA":"特斯拉","XPEV":"小鹏集团"},"source_url":"https://www.barrons.com/articles/tesla-stock-nio-51634569822?mod=hp_DAY_6","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147398025","content_text":"Tesla and other electric-vehicle makers account for almost half of the value wrapped up in car-manufacturer stocks. Does that make sense?\nMonday, Bernstein analyst Toni Sacconaghi asked that question. He’s a Tesla (ticker: TSLA) bear—rating shares Sell with a $300 price target—mainly because he believes the stock is pricey. Still, EVs can be worth half of the industry if investors buy into three ideas.\nToday, 16 EV makers—including Tesla and yet-to-be public Rivian—are worth a combined $1.14 trillion. Tesla accounts for 74% of total EV value. Four of the top 10 most valuable auto makers are EV companies including: Tesla, Rivian,BYD (1211.Hong Kong), and NIO (NIO).\nAs for the makers of conventional vehicles, more than 50 auto makers are worth a combined $1.42 trillion. The most valuable traditional car companies are:Toyota Motor (TM),Volkswagen (VOW3.Germany),Daimler (DAI.Germany), and General Motors (GM).\nSales by the traditional companies still dominates unit volume, selling about 99% of the cars globally—97% of those are gasoline-powered, and 2% are EV. The EV pure-plays sell the remaining 1% worldwide.\n“The thinking, of course, is that pure-play EV vendors will ultimately come to dominate the automotive world,” wrote Sacconaghi in a Monday report.\nThat’s the first thing investors need to believe to justify EV valuations. Sacconaghi points out that 2014 pure-play EV companies accounted for 14% of electric-car sales. That’s 28% today. Pure-play EV companies’ market share is growing.\nThat’s the second belief required to stay bullish on EV makers’ stocks—that market share will continue to improve. “We suspect the market believes …that traditional OEMs will not be able to deliver competitive EV offerings in the future,” adds the analyst in his report. OEM is short for original equipment manufacturer, industry jargon for auto maker.\nThe final thing investors need to believe is that EVs will be more profitable, per car, than conventional vehicles. EV companies tend to sell direct—which can help profitability. EV makers are also the leaders in selling add-on subscription based services. Tesla’s Full Self-Driving Capability, or FSD, is probably the best example. Tesla sells the higher levels of its autonomous-driving software as a monthly subscription or for $10,000.\nThe mix of volume and profit growth driven by superior products could justify valuations, but Sacconaghi isn’t a believer. “Our contention is that the automotive industry is an increasingly global and hypercompetitive industry and we believe that surplus profits and technology innovation will likely be competed away over time.”\nHis views of the industry is one of the reasons he calls Tesla valuation “too rich.”\nTime will tell who is right. Sacconaghi’s target price still implies Tesla should be the world’s most valuable car company, just not two to three times the value of Toyota.\nTesla stock has been on a tear of late, adding 34% over the past three months as investors have become more bullish about third quarter earnings due out on Wednesday evening. Shares have gained another 3.2% Monday.","news_type":1,"symbols_score_info":{"NIO":0.9,"XPEV":0.9,"TM":0.9,"TSLA":0.9,"VLKAF":0.9,"LI":0.9,"01211":0.9,"GM":0.9,"DDAIF":0.9}},"isVote":1,"tweetType":1,"viewCount":560,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":867841142,"gmtCreate":1633241555188,"gmtModify":1633241570571,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581634125853828","authorIdStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/867841142","repostId":"1195986801","repostType":4,"repost":{"id":"1195986801","kind":"news","pubTimestamp":1633237941,"share":"https://www.laohunote.com/m/news/1195986801?lang=zh_CN&edition=full","pubTime":"2021-10-03 13:12","market":"sh","language":"en","title":"Why Tesla's Q3 Numbers Are 'Eye Popping' and Hard to Poke Holes In<blockquote>为什么特斯拉第三季度的数据“令人瞠目结舌”且难以戳破</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195986801","media":"Benzinga","summary":"Tesla, Inc. reported Saturday record quarterly deliveries despite the surrounding turbulence. An analyst at Wedbush Securities sees the performance as \"massive.\". The Tesla Analyst:Daniel Ives maintained an Outperform rating and $1,000 price target for Tesla shares.The Tesla Thesis:Tesla's third-quarter deliveries of 241,000 beat even the bull-case whisper number on the Street, analyst Ives said in a note. The strength, the analyst said, was driven byrobust Model 3/Y salesof 232, 000.Total produ","content":"<p><div> Tesla, Inc. reported Saturday record quarterly deliveries despite the surrounding turbulence. An analyst at Wedbush Securities sees the performance as \"massive.\" The Tesla Analyst:Daniel Ives ...</p><p><blockquote><div>尽管周围动荡，特斯拉公司周六公布的季度交付量仍创下历史新高。Wedbush Securities 的一位分析师认为这一业绩“巨大”。特斯拉分析师：Daniel Ives...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/10/23207870/why-teslas-q3-numbers-are-eye-popping-and-hard-to-poke-holes-in\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/10/23207870/why-teslas-q3-numbers-are-eye-popping-and-hard-to-poke-holes-in\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","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's Q3 Numbers Are 'Eye Popping' and Hard to Poke Holes In<blockquote>为什么特斯拉第三季度的数据“令人瞠目结舌”且难以戳破</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Tesla's Q3 Numbers Are 'Eye Popping' and Hard to Poke Holes In<blockquote>为什么特斯拉第三季度的数据“令人瞠目结舌”且难以戳破</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-10-03 13:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Tesla, Inc. reported Saturday record quarterly deliveries despite the surrounding turbulence. An analyst at Wedbush Securities sees the performance as \"massive.\" The Tesla Analyst:Daniel Ives ...</p><p><blockquote><div>尽管周围动荡，特斯拉公司周六公布的季度交付量仍创下历史新高。Wedbush Securities 的一位分析师认为这一业绩“巨大”。特斯拉分析师：Daniel Ives...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/10/23207870/why-teslas-q3-numbers-are-eye-popping-and-hard-to-poke-holes-in\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/10/23207870/why-teslas-q3-numbers-are-eye-popping-and-hard-to-poke-holes-in\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/10/23207870/why-teslas-q3-numbers-are-eye-popping-and-hard-to-poke-holes-in\">Benzinga</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.benzinga.com/analyst-ratings/analyst-color/21/10/23207870/why-teslas-q3-numbers-are-eye-popping-and-hard-to-poke-holes-in","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195986801","content_text":"Tesla, Inc. reported Saturday record quarterly deliveries despite the surrounding turbulence. An analyst at Wedbush Securities sees the performance as \"massive.\"\nThe Tesla Analyst:Daniel Ives maintained an Outperform rating and $1,000 price target for Tesla shares.\nThe Tesla Thesis:Tesla's third-quarter deliveries of 241,000 beat even the bull-case whisper number on the Street, analyst Ives said in a note. The strength, the analyst said, was driven byrobust Model 3/Y salesof 232, 000.\nTotal production in the quarter was 238,000, about 10,000 ahead of Wedbush's and Street estimates, the analyst said.\n\"Taking a step back, with the chip shortage a major overhang on the auto space and logistical issues globally, these delivery numbers were \"eye-popping\" and speak to an EV demand trajectory that looks quite robust for Tesla heading into 4Q and 2022,\" Ives wrote in the note.\nWedbush's estimate of 150,000 deliveries for September, according to the analyst, is a clear indicator of the green tidal wave taking hold for Tesla across the board. China demand may have rebounded in the quarter and will be a focus for the bulls digesting these results, he added.\n\"In a nutshell, these numbers are hard to poke holes in and will be a major feather in the cap for the bulls on Monday morning and should improve broader sentiment on the EV space as a whole,\" Wedbush said.\nTesla Price Action:Tesla shares closed Friday's session down 0.03% at $775.22 and were down an incremental 0.03% in after-hours trading.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":765,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":899705633,"gmtCreate":1628213588322,"gmtModify":1633752559272,"author":{"id":"3581634125853828","authorId":"3581634125853828","name":"RaymondLim","avatar":"https://static.tigerbbs.com/d3081d4d67e2198188bc8039305c484f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581634125853828","authorIdStr":"3581634125853828"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899705633","repostId":"2157456017","repostType":4,"isVote":1,"tweetType":1,"viewCount":633,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}