happyfarmer的个人主页 - 老虎社区

happyfarmer

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2021-06-27

by end-Aug.//@SophieJin: How long?

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2021-06-14

He keep the music playing

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2021-06-11

Until July

How Much Longer Will Alibaba Stay Cheap?<blockquote>阿里巴巴-SW还会保持便宜多久？</blockquote>

2021-06-10

Need to be careful after Eagle

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2021-06-05

Apple drop sometimes, no worry.

What Are The Short- And Long-Term Outlooks For Apple Stock?<blockquote>苹果股票的短期和长期前景如何？</blockquote>

2021-06-04

[鼓掌]

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2021-06-02

bring your own hamburgers

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2021-05-31

Good for stock markets.

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2021-05-30

Amazon yes. I have some doubts about Facebook

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2021-05-29

solid companies, no dogecoin or crypto related

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2021-05-27

Should have bought last week [叹气]

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2021-05-22

The hold long term strategy is good only for certain stocks.

Apple Stock: How Long Should You Hold It?<blockquote>苹果股票：你应该持有多久？</blockquote>

2021-05-21

Will HKD500 come?

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2021-05-20

Hope $450 happen, been waiting.

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2021-05-19

I am waiting to sell one 🍎

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2021-05-18

Go higher please

Baidu's 1Q Results Beat Estimates<blockquote>百度第一季度业绩超出预期</blockquote>

2021-05-17

Good. vested.

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2021-05-17

[呆住]

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2021-05-16

Wonder what is her reason?

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2021-05-16

$THAI BEVERAGE PUBLIC CO LTD(Y92.SI)$hope to get at lower price next week.

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The company has deep pockets to continue growing.</li>  <li>The valuation that shares trade at is compressed, but seems poised to rebound. Fundamentals eventually steer the share price.</li> </ul> E-commerce has been a powerful investing theme throughout the pandemic. While many stocks that sell over the internet have been thriving, Chinese conglomerate Alibaba Group Holding Limited (BABA) has been a notable laggard. Shares of Alibaba are in the red over the past year, while the S&amp;P 500 has ripped higher, gaining 32%.</p><p><blockquote><ul><li>阿里巴巴-SW股价在过去一年下跌后，并未参与市场的普遍上涨。</li><li>阿里巴巴-SW是一家实力强劲的企业，拥有加速的自由现金流生成和干净的资产负债表。该公司财力雄厚，可以继续发展。</li><li>股票交易估值被压缩，但似乎有望反弹。基本面最终会引导股价。</li></ul>在整个疫情，电子商务一直是一个强有力的投资主题。尽管许多通过互联网销售的股票一直蓬勃发展，但中国企业集团阿里巴巴-SW集团控股有限公司（BABA）却明显落后。阿里巴巴-SW的股价在过去一年中一直处于亏损状态，而标普500则大幅上涨，上涨了32%。</blockquote></p><p> Alibaba has been caught in some controversy surrounding thefailed IPOof Ant Group and its founderJack Ma. While the market has focused on these distractions, the actual underlying business of Alibaba is performing at a high level. With strong fundamentals and rapidly growing free cash flow, it's only a matter of time before the market begins to focus on what matters...the business. We will outline our investment thesis below.</p><p><blockquote>围绕蚂蚁集团及其创始人马云的IPO失败，阿里巴巴-SW陷入了一些争议。虽然市场关注这些干扰因素，但阿里巴巴-SW的实际基础业务表现却很高。凭借强劲的基本面和快速增长的自由现金流，市场开始关注重要的事情只是时间问题……业务。我们将在下面概述我们的投资论点。</blockquote></p><p> <b>Free Cash Flow Growth Is Stellar</b></p><p><blockquote><b>自由现金流增长惊人</b></blockquote></p><p> Alibaba is a frequently covered business on Seeking Alpha, so I won't rehash the basics about the business or dive into the political controversy that has plagued the stock. Instead, I want to focus on the financial inflection point that Alibaba has recently hit.</p><p><blockquote>阿里巴巴-SW是Seeking Alpha上经常报道的业务，因此我不会重复该业务的基础知识，也不会深入探讨困扰该股的政治争议。相反，我想重点谈谈阿里巴巴-SW最近遇到的金融拐点。</blockquote></p><p> The company ended its fiscal year at the end of March. What we see is a diversified business with several growing segments that align with macroeconomic trends.</p><p><blockquote>该公司于三月底结束了财年。我们看到的是一个多元化的业务，有几个不断增长的细分市场与宏观经济趋势保持一致。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/862988aec2c33c72dc1786de483f952a\" tg-width=\"640\" tg-height=\"391\" referrerpolicy=\"no-referrer\">source: Alibaba Group Holding Limited</p><p><blockquote>资料来源：阿里巴巴-SW集团控股有限公司</blockquote></p><p> The largest revenue contributor, of course, is the company's retail operations. While its commerce segment continues to narrate revenue growth (total core commerce grew 2020 revenues 42% versus company revenues growing 41%), some smaller segments are showing strong growth.</p><p><blockquote>当然，最大的收入贡献者是公司的零售业务。虽然其商业部门继续实现收入增长（2020年核心商业总收入增长42%，而公司收入增长41%），但一些较小的部门也显示出强劲增长。</blockquote></p><p> For example, Alibaba's cloud computing operations grew 50% in 2020, and its new retail and direct sales businesses grew 94% year-over-year. What is most promising is that Alibaba is accelerating its free cash flow growth in recent years. The company's $26.35 billion in 2021 FCF is a 29% year-over-year jump from 2020. Alibaba grew FCF 25% from 2019 to 2020.</p><p><blockquote>例如，阿里巴巴-SW的云计算业务在2020年增长了50%，新零售和直销业务同比增长了94%。最有希望的是，阿里巴巴-SW近年来正在加速其自由现金流的增长。该公司2021年自由现金流为263.5亿美元，较2020年同比增长29%。从2019年到2020年，阿里巴巴-SW的自由现金流增长了25%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ba9d4b224eedbd99d8d22f0a2092b204\" tg-width=\"640\" tg-height=\"98\" referrerpolicy=\"no-referrer\">source: Alibaba Holding Group Limited</p><p><blockquote>资料来源：阿里巴巴-SW控股集团有限公司</blockquote></p><p> With $72 billion in cash on hand as of March 31st and the business generating more than $26 billion in free cash flow, Alibaba has deep pockets to develop its growing business segments and seek out opportunities to create new growth with M&amp;A or other developments.</p><p><blockquote>截至3月31日，阿里巴巴-SW手头现金为720亿美元，该业务产生了超过260亿美元的自由现金流，拥有雄厚的财力来发展其不断增长的业务部门，并寻找机会通过并购或其他发展创造新的增长。</blockquote></p><p> <b>How Long Can Alibaba Stay \"Cheap\"?</b></p><p><blockquote><b>阿里巴巴-SW还能“便宜”多久？</b></blockquote></p><p> It's hard to understand just how beaten down Alibaba's stock is until you look at things from a free cash flow perspective. Alibaba is currently trading with an FCF yield approaching 6%. By comparison, the next highest FCF yield is Amazon (AMZN), with a yield of just 1.3%.</p><p><blockquote>除非你从自由现金流的角度看待问题，否则很难理解阿里巴巴-SW的股票有多下跌。阿里巴巴-SW目前的自由现金流收益率接近6%。相比之下，FCF收益率第二高的是亚马逊（AMZN），收益率仅为1.3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3423f615c0dc856b040442e4ff17b78f\" tg-width=\"640\" tg-height=\"521\" referrerpolicy=\"no-referrer\">source: YCharts</p><p><blockquote>资料来源：YCharts</blockquote></p><p> This is a tremendous discount to Alibaba's peer group, despite the company accelerating FCF growth and having a ton of cash on hand. And because Alibaba is a healthy and growing company, the stock is poised to become even more attractively valued.</p><p><blockquote>尽管阿里巴巴-SW的自由现金流正在加速增长并且手头拥有大量现金，但这对该公司的同行来说是一个巨大的折扣。由于阿里巴巴-SW是一家健康且不断增长的公司，该股的估值将变得更具吸引力。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6d76517c900c76b94c5bd4aaf02ec91a\" tg-width=\"640\" tg-height=\"226\" referrerpolicy=\"no-referrer\">source: Seeking Alpha</p><p><blockquote>资料来源：寻求阿尔法</blockquote></p><p> The company is estimated to continue growing revenues at a swift clip, approaching $210 billion in annual revenue over the next three years. If we apply the company's 24% conversion rate of revenue to FCF, that will give us 2024 FCF of $50 billion. In other words, an FCF yield of 8.6% on today's share price. This is simply something you don't often see for a company's stock growing so rapidly at such an already large size.</p><p><blockquote>预计该公司的收入将继续快速增长，未来三年收入将接近2100亿美元。如果我们将公司24%的收入转化率应用于FCF，那么2024年FCF将达到500亿美元。换句话说，按今天的股价计算，FCF收益率为8.6%。对于一家公司的股票在规模如此之大的情况下增长如此之快，这是你不常见到的。</blockquote></p><p> The stock is clearly being punished for some of the drama that Alibaba has faced over the past year and some of the current tension between the United States and China. This is a risk that investors need to keep in mind, as anything can happen, and Alibaba may become collateral damage of political conflict. However, if it becomes clear to the market that the outlook is promising, Alibaba could aggressively rerate. Even if Alibaba saw its FCF yield fall to around 3%, it would imply an upside in shares of 46%. This would put Alibaba at an enterprise value of more than $800 billion, but I believe those shoes the company could certainly fill.</p><p><blockquote>该股显然因阿里巴巴-SW过去一年面临的一些戏剧性事件以及当前中美之间的一些紧张局势而受到惩罚。这是投资者需要牢记的风险，因为任何事情都可能发生，阿里巴巴-SW可能成为政治冲突的附带损害。然而，如果市场清楚地看到前景看好，阿里巴巴-SW可能会大幅重新评级。即使阿里巴巴-SW的FCF收益率跌至3%左右，也意味着股价上涨46%。这将使阿里巴巴-SW的企业价值超过8000亿美元，但我相信该公司肯定可以填补这些空缺。</blockquote></p><p> <b>Wrapping Up</b></p><p><blockquote><b>包装</b></blockquote></p><p></p><p> Alibaba is a fantastic business that has been caught up in some political drama. Despite its size, the company is growing rapidly, is profitable, and generates tons of free cash flow. Investors cannot ignore the political risks, but the upside is tremendous for brave and patient investors.</p><p><blockquote>阿里巴巴-SW是一个奇妙的企业，却陷入了一些政治戏剧。尽管规模很大，但该公司发展迅速，盈利，并产生大量自由现金流。投资者不能忽视政治风险，但对于勇敢和耐心的投资者来说，上行空间是巨大的。</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>How Much Longer Will Alibaba Stay Cheap?<blockquote>阿里巴巴-SW还会保持便宜多久？</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\">\nHow Much Longer Will Alibaba Stay Cheap?<blockquote>阿里巴巴-SW还会保持便宜多久？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seekingalpha</strong><span class=\"h-time small\">2021-06-11 17:20</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>Down over the past year, shares of Alibaba have not participated with the general rally in the markets.</li>  <li>Alibaba is a strong business with accelerating free cash flow generation and a clean balance sheet. The company has deep pockets to continue growing.</li>  <li>The valuation that shares trade at is compressed, but seems poised to rebound. Fundamentals eventually steer the share price.</li> </ul> E-commerce has been a powerful investing theme throughout the pandemic. While many stocks that sell over the internet have been thriving, Chinese conglomerate Alibaba Group Holding Limited (BABA) has been a notable laggard. Shares of Alibaba are in the red over the past year, while the S&amp;P 500 has ripped higher, gaining 32%.</p><p><blockquote><ul><li>阿里巴巴-SW股价在过去一年下跌后，并未参与市场的普遍上涨。</li><li>阿里巴巴-SW是一家实力强劲的企业，拥有加速的自由现金流生成和干净的资产负债表。该公司财力雄厚，可以继续发展。</li><li>股票交易估值被压缩，但似乎有望反弹。基本面最终会引导股价。</li></ul>在整个疫情，电子商务一直是一个强有力的投资主题。尽管许多通过互联网销售的股票一直蓬勃发展，但中国企业集团阿里巴巴-SW集团控股有限公司（BABA）却明显落后。阿里巴巴-SW的股价在过去一年中一直处于亏损状态，而标普500则大幅上涨，上涨了32%。</blockquote></p><p> Alibaba has been caught in some controversy surrounding thefailed IPOof Ant Group and its founderJack Ma. While the market has focused on these distractions, the actual underlying business of Alibaba is performing at a high level. With strong fundamentals and rapidly growing free cash flow, it's only a matter of time before the market begins to focus on what matters...the business. We will outline our investment thesis below.</p><p><blockquote>围绕蚂蚁集团及其创始人马云的IPO失败，阿里巴巴-SW陷入了一些争议。虽然市场关注这些干扰因素，但阿里巴巴-SW的实际基础业务表现却很高。凭借强劲的基本面和快速增长的自由现金流，市场开始关注重要的事情只是时间问题……业务。我们将在下面概述我们的投资论点。</blockquote></p><p> <b>Free Cash Flow Growth Is Stellar</b></p><p><blockquote><b>自由现金流增长惊人</b></blockquote></p><p> Alibaba is a frequently covered business on Seeking Alpha, so I won't rehash the basics about the business or dive into the political controversy that has plagued the stock. Instead, I want to focus on the financial inflection point that Alibaba has recently hit.</p><p><blockquote>阿里巴巴-SW是Seeking Alpha上经常报道的业务，因此我不会重复该业务的基础知识，也不会深入探讨困扰该股的政治争议。相反，我想重点谈谈阿里巴巴-SW最近遇到的金融拐点。</blockquote></p><p> The company ended its fiscal year at the end of March. What we see is a diversified business with several growing segments that align with macroeconomic trends.</p><p><blockquote>该公司于三月底结束了财年。我们看到的是一个多元化的业务，有几个不断增长的细分市场与宏观经济趋势保持一致。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/862988aec2c33c72dc1786de483f952a\" tg-width=\"640\" tg-height=\"391\" referrerpolicy=\"no-referrer\">source: Alibaba Group Holding Limited</p><p><blockquote>资料来源：阿里巴巴-SW集团控股有限公司</blockquote></p><p> The largest revenue contributor, of course, is the company's retail operations. While its commerce segment continues to narrate revenue growth (total core commerce grew 2020 revenues 42% versus company revenues growing 41%), some smaller segments are showing strong growth.</p><p><blockquote>当然，最大的收入贡献者是公司的零售业务。虽然其商业部门继续实现收入增长（2020年核心商业总收入增长42%，而公司收入增长41%），但一些较小的部门也显示出强劲增长。</blockquote></p><p> For example, Alibaba's cloud computing operations grew 50% in 2020, and its new retail and direct sales businesses grew 94% year-over-year. What is most promising is that Alibaba is accelerating its free cash flow growth in recent years. The company's $26.35 billion in 2021 FCF is a 29% year-over-year jump from 2020. Alibaba grew FCF 25% from 2019 to 2020.</p><p><blockquote>例如，阿里巴巴-SW的云计算业务在2020年增长了50%，新零售和直销业务同比增长了94%。最有希望的是，阿里巴巴-SW近年来正在加速其自由现金流的增长。该公司2021年自由现金流为263.5亿美元，较2020年同比增长29%。从2019年到2020年，阿里巴巴-SW的自由现金流增长了25%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ba9d4b224eedbd99d8d22f0a2092b204\" tg-width=\"640\" tg-height=\"98\" referrerpolicy=\"no-referrer\">source: Alibaba Holding Group Limited</p><p><blockquote>资料来源：阿里巴巴-SW控股集团有限公司</blockquote></p><p> With $72 billion in cash on hand as of March 31st and the business generating more than $26 billion in free cash flow, Alibaba has deep pockets to develop its growing business segments and seek out opportunities to create new growth with M&amp;A or other developments.</p><p><blockquote>截至3月31日，阿里巴巴-SW手头现金为720亿美元，该业务产生了超过260亿美元的自由现金流，拥有雄厚的财力来发展其不断增长的业务部门，并寻找机会通过并购或其他发展创造新的增长。</blockquote></p><p> <b>How Long Can Alibaba Stay \"Cheap\"?</b></p><p><blockquote><b>阿里巴巴-SW还能“便宜”多久？</b></blockquote></p><p> It's hard to understand just how beaten down Alibaba's stock is until you look at things from a free cash flow perspective. Alibaba is currently trading with an FCF yield approaching 6%. By comparison, the next highest FCF yield is Amazon (AMZN), with a yield of just 1.3%.</p><p><blockquote>除非你从自由现金流的角度看待问题，否则很难理解阿里巴巴-SW的股票有多下跌。阿里巴巴-SW目前的自由现金流收益率接近6%。相比之下，FCF收益率第二高的是亚马逊（AMZN），收益率仅为1.3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3423f615c0dc856b040442e4ff17b78f\" tg-width=\"640\" tg-height=\"521\" referrerpolicy=\"no-referrer\">source: YCharts</p><p><blockquote>资料来源：YCharts</blockquote></p><p> This is a tremendous discount to Alibaba's peer group, despite the company accelerating FCF growth and having a ton of cash on hand. And because Alibaba is a healthy and growing company, the stock is poised to become even more attractively valued.</p><p><blockquote>尽管阿里巴巴-SW的自由现金流正在加速增长并且手头拥有大量现金，但这对该公司的同行来说是一个巨大的折扣。由于阿里巴巴-SW是一家健康且不断增长的公司，该股的估值将变得更具吸引力。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6d76517c900c76b94c5bd4aaf02ec91a\" tg-width=\"640\" tg-height=\"226\" referrerpolicy=\"no-referrer\">source: Seeking Alpha</p><p><blockquote>资料来源：寻求阿尔法</blockquote></p><p> The company is estimated to continue growing revenues at a swift clip, approaching $210 billion in annual revenue over the next three years. If we apply the company's 24% conversion rate of revenue to FCF, that will give us 2024 FCF of $50 billion. In other words, an FCF yield of 8.6% on today's share price. This is simply something you don't often see for a company's stock growing so rapidly at such an already large size.</p><p><blockquote>预计该公司的收入将继续快速增长，未来三年收入将接近2100亿美元。如果我们将公司24%的收入转化率应用于FCF，那么2024年FCF将达到500亿美元。换句话说，按今天的股价计算，FCF收益率为8.6%。对于一家公司的股票在规模如此之大的情况下增长如此之快，这是你不常见到的。</blockquote></p><p> The stock is clearly being punished for some of the drama that Alibaba has faced over the past year and some of the current tension between the United States and China. This is a risk that investors need to keep in mind, as anything can happen, and Alibaba may become collateral damage of political conflict. However, if it becomes clear to the market that the outlook is promising, Alibaba could aggressively rerate. Even if Alibaba saw its FCF yield fall to around 3%, it would imply an upside in shares of 46%. This would put Alibaba at an enterprise value of more than $800 billion, but I believe those shoes the company could certainly fill.</p><p><blockquote>该股显然因阿里巴巴-SW过去一年面临的一些戏剧性事件以及当前中美之间的一些紧张局势而受到惩罚。这是投资者需要牢记的风险，因为任何事情都可能发生，阿里巴巴-SW可能成为政治冲突的附带损害。然而，如果市场清楚地看到前景看好，阿里巴巴-SW可能会大幅重新评级。即使阿里巴巴-SW的FCF收益率跌至3%左右，也意味着股价上涨46%。这将使阿里巴巴-SW的企业价值超过8000亿美元，但我相信该公司肯定可以填补这些空缺。</blockquote></p><p> <b>Wrapping Up</b></p><p><blockquote><b>包装</b></blockquote></p><p></p><p> Alibaba is a fantastic business that has been caught up in some political drama. Despite its size, the company is growing rapidly, is profitable, and generates tons of free cash flow. Investors cannot ignore the political risks, but the upside is tremendous for brave and patient investors.</p><p><blockquote>阿里巴巴-SW是一个奇妙的企业，却陷入了一些政治戏剧。尽管规模很大，但该公司发展迅速，盈利，并产生大量自由现金流。投资者不能忽视政治风险，但对于勇敢和耐心的投资者来说，上行空间是巨大的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4434229-how-much-longer-will-alibaba-stay-cheap\">Seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴","09988":"阿里巴巴-W"},"source_url":"https://seekingalpha.com/article/4434229-how-much-longer-will-alibaba-stay-cheap","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180091968","content_text":"Summary\n\nDown over the past year, shares of Alibaba have not participated with the general rally in the markets.\nAlibaba is a strong business with accelerating free cash flow generation and a clean balance sheet. The company has deep pockets to continue growing.\nThe valuation that shares trade at is compressed, but seems poised to rebound. Fundamentals eventually steer the share price.\n\nE-commerce has been a powerful investing theme throughout the pandemic. While many stocks that sell over the internet have been thriving, Chinese conglomerate Alibaba Group Holding Limited (BABA) has been a notable laggard. Shares of Alibaba are in the red over the past year, while the S&P 500 has ripped higher, gaining 32%.\nAlibaba has been caught in some controversy surrounding thefailed IPOof Ant Group and its founderJack Ma. While the market has focused on these distractions, the actual underlying business of Alibaba is performing at a high level. With strong fundamentals and rapidly growing free cash flow, it's only a matter of time before the market begins to focus on what matters...the business. We will outline our investment thesis below.\nFree Cash Flow Growth Is Stellar\nAlibaba is a frequently covered business on Seeking Alpha, so I won't rehash the basics about the business or dive into the political controversy that has plagued the stock. Instead, I want to focus on the financial inflection point that Alibaba has recently hit.\nThe company ended its fiscal year at the end of March. What we see is a diversified business with several growing segments that align with macroeconomic trends.\nsource: Alibaba Group Holding Limited\nThe largest revenue contributor, of course, is the company's retail operations. While its commerce segment continues to narrate revenue growth (total core commerce grew 2020 revenues 42% versus company revenues growing 41%), some smaller segments are showing strong growth.\nFor example, Alibaba's cloud computing operations grew 50% in 2020, and its new retail and direct sales businesses grew 94% year-over-year. What is most promising is that Alibaba is accelerating its free cash flow growth in recent years. The company's $26.35 billion in 2021 FCF is a 29% year-over-year jump from 2020. Alibaba grew FCF 25% from 2019 to 2020.\nsource: Alibaba Holding Group Limited\nWith $72 billion in cash on hand as of March 31st and the business generating more than $26 billion in free cash flow, Alibaba has deep pockets to develop its growing business segments and seek out opportunities to create new growth with M&A or other developments.\nHow Long Can Alibaba Stay \"Cheap\"?\nIt's hard to understand just how beaten down Alibaba's stock is until you look at things from a free cash flow perspective. Alibaba is currently trading with an FCF yield approaching 6%. By comparison, the next highest FCF yield is Amazon (AMZN), with a yield of just 1.3%.\nsource: YCharts\nThis is a tremendous discount to Alibaba's peer group, despite the company accelerating FCF growth and having a ton of cash on hand. And because Alibaba is a healthy and growing company, the stock is poised to become even more attractively valued.\nsource: Seeking Alpha\nThe company is estimated to continue growing revenues at a swift clip, approaching $210 billion in annual revenue over the next three years. If we apply the company's 24% conversion rate of revenue to FCF, that will give us 2024 FCF of $50 billion. In other words, an FCF yield of 8.6% on today's share price. This is simply something you don't often see for a company's stock growing so rapidly at such an already large size.\nThe stock is clearly being punished for some of the drama that Alibaba has faced over the past year and some of the current tension between the United States and China. This is a risk that investors need to keep in mind, as anything can happen, and Alibaba may become collateral damage of political conflict. However, if it becomes clear to the market that the outlook is promising, Alibaba could aggressively rerate. Even if Alibaba saw its FCF yield fall to around 3%, it would imply an upside in shares of 46%. This would put Alibaba at an enterprise value of more than $800 billion, but I believe those shoes the company could certainly fill.\nWrapping Up\nAlibaba is a fantastic business that has been caught up in some political drama. Despite its size, the company is growing rapidly, is profitable, and generates tons of free cash flow. Investors cannot ignore the political risks, but the upside is tremendous for brave and patient investors.","news_type":1,"symbols_score_info":{"BABA":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":3207,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183386750,"gmtCreate":1623308018770,"gmtModify":1631888722645,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"Need to be careful after Eagle","listText":"Need to be careful after Eagle","text":"Need to be careful after Eagle","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/183386750","repostId":"1167077162","repostType":2,"isVote":1,"tweetType":1,"viewCount":3116,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112546259,"gmtCreate":1622892939171,"gmtModify":1634097027945,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"Apple drop sometimes, no worry.","listText":"Apple drop sometimes, no worry.","text":"Apple drop sometimes, no worry.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/112546259","repostId":"1194036411","repostType":2,"repost":{"id":"1194036411","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1622852714,"share":"https://www.laohu8.com/m/news/1194036411?lang=zh_CN&edition=full","pubTime":"2021-06-05 08:25","market":"us","language":"en","title":"What Are The Short- And Long-Term Outlooks For Apple Stock?<blockquote>苹果股票的短期和长期前景如何？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194036411","media":"Benzinga","summary":"With Apple Inc.'s (NASDAQ:AAPL) recent underperformance, the panel on CNBC's \"Fast Money Halftime Re","content":"<p><img src=\"https://static.tigerbbs.com/a5e718489c14a810bc6ba301179aacd0\" tg-width=\"720\" tg-height=\"378\"></p><p><blockquote></blockquote></p><p> With&nbsp;<b>Apple Inc.'s</b>&nbsp;(NASDAQ:AAPL)&nbsp;recent underperformance, the panel on&nbsp;CNBC's \"Fast Money Halftime Report\" on Friday discussed possible&nbsp;outlooks.</p><p><blockquote>与<b>苹果公司的</b>（纳斯达克：AAPL）最近表现不佳，周五CNBC的“快钱半场报告”小组讨论了可能的前景。</blockquote></p><p> <b>Short-Term Catalyst:</b>Although Apple has traded sideways recently, its Worldwide Developers Conference could be the catalyst that takes the stock higher,&nbsp;Market Rebellion co-founder Pete Najarian told CNBC.</p><p><blockquote><b>短期催化剂：</b>Market Rebellion联合创始人皮特·纳贾里安(Pete Najarian)告诉CNBC，尽管苹果最近横盘整理，但其全球开发者大会可能会成为该股走高的催化剂。</blockquote></p><p> Apple's margins, earnings and free cash flow are all increasing, he&nbsp;said, adding that after its recent pause, the stock seems primed for another move to the upside.</p><p><blockquote>他表示，苹果的利润率、盈利和自由现金流都在增加，并补充说，在最近的暂停之后，该股似乎准备好再次上涨。</blockquote></p><p> Najarian bought&nbsp;Apple call options this week after seeing a spike in call buying activity.</p><p><blockquote>在看到看涨期权购买活动激增后，纳贾里安本周购买了苹果·看涨期权期权。</blockquote></p><p> Apple is scheduled to have its&nbsp;Worldwide Developers Conference&nbsp;on June 7.</p><p><blockquote>苹果定于6月7日举行全球开发者大会。</blockquote></p><p> <b>Long-Term Outlook:</b>Cerity Partners' Jim Lebenthal has&nbsp;a longer-term outlook on Apple.</p><p><blockquote><b>长期展望：</b>Cerity Partners的Jim Lebenthal对苹果有更长远的看法。</blockquote></p><p> Apple has grown at a 40% compound annual growth rate over the last five years, Lebenthal told CNBC.</p><p><blockquote>Lebenthal告诉CNBC，过去五年苹果的复合年增长率为40%。</blockquote></p><p> The stock has been \"stuck in the mud\" for the last nine months, he said, adding that he expects the stock to trend higher after it announces&nbsp;another blowout&nbsp;earnings report during the next earnings season.</p><p><blockquote>他表示，该股在过去九个月里一直“陷入困境”，并补充说，他预计该股在下一个财报季宣布另一份井喷式财报后将呈走高趋势。</blockquote></p><p> Apple is buying back shares while the stock sits at depressed levels, which will benefit the company's earnings power, he noted.</p><p><blockquote>他指出，苹果正在股价处于低迷水平时回购股票，这将有利于公司的盈利能力。</blockquote></p><p> Over the next one to three years, the stock will trade much higher, Lebenthal said, adding he expects the stock to trade at $150 per share by the end of 2021.</p><p><blockquote>Lebenthal表示，未来一到三年，该股的交易价格将大幅上涨，并补充说，他预计到2021年底该股的交易价格将达到每股150美元。</blockquote></p><p> <b>AAPL Price Action:</b>Apple has traded as high as $145.09 and as low as $80.19 over a 52-week period. It is down 5.31% year-to-date.</p><p><blockquote><b>AAPL价格走势：</b>苹果在52周内的交易价格最高为145.09美元，最低为80.19美元。今年迄今已下跌5.31%。</blockquote></p><p> At last check Friday at publication, the stock was up 1.90% at $125.89.</p><p><blockquote>截至周五发布时的最后一次检查，该股上涨1.90%，至125.89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>What Are The Short- And Long-Term Outlooks For Apple Stock?<blockquote>苹果股票的短期和长期前景如何？</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 Are The Short- And Long-Term Outlooks For Apple Stock?<blockquote>苹果股票的短期和长期前景如何？</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 </p>\n<p class=\"h-time smaller\">2021-06-05 08:25</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/a5e718489c14a810bc6ba301179aacd0\" tg-width=\"720\" tg-height=\"378\"></p><p><blockquote></blockquote></p><p> With&nbsp;<b>Apple Inc.'s</b>&nbsp;(NASDAQ:AAPL)&nbsp;recent underperformance, the panel on&nbsp;CNBC's \"Fast Money Halftime Report\" on Friday discussed possible&nbsp;outlooks.</p><p><blockquote>与<b>苹果公司的</b>（纳斯达克：AAPL）最近表现不佳，周五CNBC的“快钱半场报告”小组讨论了可能的前景。</blockquote></p><p> <b>Short-Term Catalyst:</b>Although Apple has traded sideways recently, its Worldwide Developers Conference could be the catalyst that takes the stock higher,&nbsp;Market Rebellion co-founder Pete Najarian told CNBC.</p><p><blockquote><b>短期催化剂：</b>Market Rebellion联合创始人皮特·纳贾里安(Pete Najarian)告诉CNBC，尽管苹果最近横盘整理，但其全球开发者大会可能会成为该股走高的催化剂。</blockquote></p><p> Apple's margins, earnings and free cash flow are all increasing, he&nbsp;said, adding that after its recent pause, the stock seems primed for another move to the upside.</p><p><blockquote>他表示，苹果的利润率、盈利和自由现金流都在增加，并补充说，在最近的暂停之后，该股似乎准备好再次上涨。</blockquote></p><p> Najarian bought&nbsp;Apple call options this week after seeing a spike in call buying activity.</p><p><blockquote>在看到看涨期权购买活动激增后，纳贾里安本周购买了苹果·看涨期权期权。</blockquote></p><p> Apple is scheduled to have its&nbsp;Worldwide Developers Conference&nbsp;on June 7.</p><p><blockquote>苹果定于6月7日举行全球开发者大会。</blockquote></p><p> <b>Long-Term Outlook:</b>Cerity Partners' Jim Lebenthal has&nbsp;a longer-term outlook on Apple.</p><p><blockquote><b>长期展望：</b>Cerity Partners的Jim Lebenthal对苹果有更长远的看法。</blockquote></p><p> Apple has grown at a 40% compound annual growth rate over the last five years, Lebenthal told CNBC.</p><p><blockquote>Lebenthal告诉CNBC，过去五年苹果的复合年增长率为40%。</blockquote></p><p> The stock has been \"stuck in the mud\" for the last nine months, he said, adding that he expects the stock to trend higher after it announces&nbsp;another blowout&nbsp;earnings report during the next earnings season.</p><p><blockquote>他表示，该股在过去九个月里一直“陷入困境”，并补充说，他预计该股在下一个财报季宣布另一份井喷式财报后将呈走高趋势。</blockquote></p><p> Apple is buying back shares while the stock sits at depressed levels, which will benefit the company's earnings power, he noted.</p><p><blockquote>他指出，苹果正在股价处于低迷水平时回购股票，这将有利于公司的盈利能力。</blockquote></p><p> Over the next one to three years, the stock will trade much higher, Lebenthal said, adding he expects the stock to trade at $150 per share by the end of 2021.</p><p><blockquote>Lebenthal表示，未来一到三年，该股的交易价格将大幅上涨，并补充说，他预计到2021年底该股的交易价格将达到每股150美元。</blockquote></p><p> <b>AAPL Price Action:</b>Apple has traded as high as $145.09 and as low as $80.19 over a 52-week period. It is down 5.31% year-to-date.</p><p><blockquote><b>AAPL价格走势：</b>苹果在52周内的交易价格最高为145.09美元，最低为80.19美元。今年迄今已下跌5.31%。</blockquote></p><p> At last check Friday at publication, the stock was up 1.90% at $125.89.</p><p><blockquote>截至周五发布时的最后一次检查，该股上涨1.90%，至125.89美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194036411","content_text":"With Apple Inc.'s (NASDAQ:AAPL) recent underperformance, the panel on CNBC's \"Fast Money Halftime Report\" on Friday discussed possible outlooks.\nShort-Term Catalyst:Although Apple has traded sideways recently, its Worldwide Developers Conference could be the catalyst that takes the stock higher, Market Rebellion co-founder Pete Najarian told CNBC.\nApple's margins, earnings and free cash flow are all increasing, he said, adding that after its recent pause, the stock seems primed for another move to the upside.\nNajarian bought Apple call options this week after seeing a spike in call buying activity.\nApple is scheduled to have its Worldwide Developers Conference on June 7.\nLong-Term Outlook:Cerity Partners' Jim Lebenthal has a longer-term outlook on Apple.\nApple has grown at a 40% compound annual growth rate over the last five years, Lebenthal told CNBC.\nThe stock has been \"stuck in the mud\" for the last nine months, he said, adding that he expects the stock to trend higher after it announces another blowout earnings report during the next earnings season.\nApple is buying back shares while the stock sits at depressed levels, which will benefit the company's earnings power, he noted.\nOver the next one to three years, the stock will trade much higher, Lebenthal said, adding he expects the stock to trade at $150 per share by the end of 2021.\nAAPL Price Action:Apple has traded as high as $145.09 and as low as $80.19 over a 52-week period. It is down 5.31% year-to-date.\nAt last check Friday at publication, the stock was up 1.90% at $125.89.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1853,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116259279,"gmtCreate":1622806371391,"gmtModify":1634097844310,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"[鼓掌]&nbsp;","listText":"[鼓掌]&nbsp;","text":"[鼓掌]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/116259279","repostId":"2140403495","repostType":2,"isVote":1,"tweetType":1,"viewCount":2971,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":113299258,"gmtCreate":1622616979574,"gmtModify":1634099896770,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"bring your own hamburgers","listText":"bring your own hamburgers","text":"bring your own hamburgers","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/113299258","repostId":"2140493289","repostType":2,"isVote":1,"tweetType":1,"viewCount":1582,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110509667,"gmtCreate":1622465986459,"gmtModify":1634101295058,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"Good for stock markets.","listText":"Good for stock markets.","text":"Good for stock markets.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/110509667","repostId":"2139432432","repostType":2,"isVote":1,"tweetType":1,"viewCount":2527,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137594864,"gmtCreate":1622358926458,"gmtModify":1634102046872,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"Amazon yes.&nbsp;I have some doubts about Facebook","listText":"Amazon yes.&nbsp;I have some doubts about Facebook","text":"Amazon yes. I have some doubts about Facebook","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/137594864","repostId":"2139248442","repostType":2,"isVote":1,"tweetType":1,"viewCount":2824,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137923599,"gmtCreate":1622287575111,"gmtModify":1634102506363,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"solid companies,&nbsp; no&nbsp;dogecoin or&nbsp; crypto related","listText":"solid companies,&nbsp; no&nbsp;dogecoin or&nbsp; crypto related","text":"solid companies, no dogecoin or crypto related","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/137923599","repostId":"1150838200","repostType":2,"isVote":1,"tweetType":1,"viewCount":1793,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":132711719,"gmtCreate":1622115216231,"gmtModify":1634183741619,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"Should have bought last week&nbsp;[叹气]&nbsp;","listText":"Should have bought last week&nbsp;[叹气]&nbsp;","text":"Should have bought last week [叹气]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/132711719","repostId":"1167309966","repostType":2,"isVote":1,"tweetType":1,"viewCount":901,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":133040821,"gmtCreate":1621674731863,"gmtModify":1634187206102,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"The hold long term strategy&nbsp;is good only for certain stocks.&nbsp;","listText":"The hold long term strategy&nbsp;is good only for certain stocks.&nbsp;","text":"The hold long term strategy is good only for certain stocks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/133040821","repostId":"1197544614","repostType":2,"repost":{"id":"1197544614","kind":"news","pubTimestamp":1621600946,"share":"https://www.laohu8.com/m/news/1197544614?lang=zh_CN&edition=full","pubTime":"2021-05-21 20:42","market":"us","language":"en","title":"Apple Stock: How Long Should You Hold It?<blockquote>苹果股票：你应该持有多久？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1197544614","media":"TheStreet","summary":"For best performance, how long should Apple stock be held in a portfolio? The Apple Maven discusses ","content":"<p>For best performance, how long should Apple stock be held in a portfolio? The Apple Maven discusses what traders, speculators and investors should expect when betting on AAPL.</p><p><blockquote>为了获得最佳表现，苹果股票应该在投资组合中持有多长时间？这位苹果专家讨论了交易员、投机者和投资者在押注AAPL时应该期待什么。</blockquote></p><p> The&nbsp;Street’s&nbsp;Jim Cramer has said it repeatedly: own Apple stock (ticker $AAPL), don’t trade it. Today, the Apple Maven revisits this idea to help determine how long one should hold Apple shares.</p><p><blockquote>华尔街的吉姆·克莱默(Jim Cramer)多次表示：拥有苹果股票（股票代码$AAPL），不要交易它。今天，这位苹果专家重新审视了这个想法，以帮助确定应该持有苹果股票多长时间。</blockquote></p><p> Below is an analysis of how much one might expect to gain if (1) day-trading, (2) speculating on, or (3) investing in Apple stock. Obviously, since the future is uncertain, the analysis is based on historical data – which I believe can at least provide a blueprint for future share price performance.</p><p><blockquote>以下是对(1)日内交易、(2)投机或(3)投资苹果股票的预期收益的分析。显然，由于未来不确定，分析是基于历史数据——我相信这至少可以为未来股价表现提供蓝图。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6726ed885cefb1c7f81fe0ac2f6eff7c\" tg-width=\"799\" tg-height=\"466\"><span>Figure 1: AAPL trading chart.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：AAPL交易图表。</span></p></blockquote></p><p> <b>#1. AAPL investors: long-term winners</b></p><p><blockquote><b>#1.AAPL投资者：长期赢家</b></blockquote></p><p> As I mentioned&nbsp;in my recent “Apple Stock 101” article, investors that bought Apple shares in December 1980 (i.e. the IPO date) and held onto them until now realized impressive annualized gains of&nbsp;<b>19%</b>. Clearly, AAPL has been a good asset to “get and forget” over Apple’s tenure as a publicly-traded company.</p><p><blockquote>正如我在最近的“苹果股票101”文章中提到的，在1980年12月（即IPO日期）购买苹果股票并持有至今的投资者实现了令人印象深刻的年化收益<b>19%</b>显然，在苹果担任上市公司期间，AAPL一直是一笔值得“忘记”的好资产。</blockquote></p><p> But allow me to work with more realistic time frames. For this exercise, I will consider “investors” those who hold AAPL for one year. To be clear, many might consider twelve months a minimum investment horizon to qualify as long term.</p><p><blockquote>但是请允许我用更现实的时间框架来工作。在这个练习中，我将把持有AAPL一年的人视为“投资者”。需要明确的是，许多人可能认为12个月是符合长期投资资格的最低投资期限。</blockquote></p><p> Also, I am limiting my analysis to the past 20 years, since the stock used to be much riskier and more volatile in its first couple of decades of existence than it is now. Apple stock’s returns have been even better during this period that begins with the end of the dot-com correction:<b>35%</b>&nbsp;annualized.</p><p><blockquote>此外，我将我的分析限制在过去20年，因为该股票在其存在的头几十年里的风险和波动性都比现在高得多。在从互联网调整结束开始的这段时间里，苹果股票的回报甚至更好：<b>35%</b>年化。</blockquote></p><p> The chart below shows the distribution of&nbsp;<i>weekly returns</i>&nbsp;earned by an Apple stock investor, using the parameters described above, if the bet had been made on any give day since May 2001.</p><p><blockquote>下图显示了<i>每周回报</i>如果自2001年5月以来的任何一天下注，则由苹果股票投资者使用上述参数赚取。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d658a73af3c004123aa9e0d29906ebe7\" tg-width=\"703\" tg-height=\"418\"><span>Figure 2: AAPL investor's weekly return distribution.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：AAPL投资者的每周回报分布。</span></p></blockquote></p><p> <ul>  <li><b>Key observation</b>: if held for one year, and based on historical observations alone (i.e. not on modeled projections for the future), Apple stock can arguably be expected to produce weekly returns of about +0.5% to +1.0%. Rarely has the stock been a big-time winner or loser – say, weekly returns of more than +2% or less than -1% on average – when the investment horizon is one year.</li> </ul> <b>#2. AAPL speculators: higher octane</b></p><p><blockquote><ul><li><b>关键观察</b>：如果持有一年，并且仅基于历史观察（即不是基于对未来的模型预测），苹果股票可以预期产生约+0.5%至+1.0%的周回报率。当投资期限为一年时，该股票很少成为大赢家或大输家（例如，平均每周回报率超过+2%或低于-1%）。</li></ul><b>#2.AAPL投机者：辛烷值更高</b></blockquote></p><p> Speculators have had a bit different experience from the above. Here, I characterize as “speculator” someone who buys AAPL and sells it ten weeks later, or roughly two and a half months after the purchase date.</p><p><blockquote>投机者的经历与上述略有不同。在这里，我将买入AAPL并在十周后（即购买日期后大约两个半月）卖出的人描述为“投机者”。</blockquote></p><p> See histogram below. For ease of comparison with the weekly return analysis immediately above, I kept the chart’s scale unchanged.</p><p><blockquote>参见下面的直方图。为了便于与上面的每周回报分析进行比较，我保持图表的比例不变。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/209f65d605439ca2f039619f15f5fc68\" tg-width=\"690\" tg-height=\"404\"><span>Figure 3: AAPL speculator's weekly return distribution.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图3：AAPL投机者的周回报分布。</span></p></blockquote></p><p> <ul>  <li><b>Key observation</b>: the distribution above is still somewhat bell-shaped, meaning that a weekly return of between +0.5% and +1.0% is still quite common. However, notice the much “fatter tails”. The probability of larger weekly gains or losses tends to increase when Apple stock is held for ten weeks rather than one year.</li> </ul> <b>#3. AAPL day-traders: buckle up!</b></p><p><blockquote><ul><li><b>关键观察</b>：上面的分布仍然有点钟形，这意味着+0.5%到+1.0%之间的周回报率仍然很常见。然而，请注意“更胖的尾巴”。当苹果股票持有十周而不是一年时，每周收益或损失较大的概率往往会增加。</li></ul><b>#3.AAPL日内交易者：系好安全带！</b></blockquote></p><p> Lastly, day-traders that buy Apple stock and sell it within less than a full week have been playing a completely different game. Once again, the histogram below depicts the average<i>weekly return</i>in AAPL when the timeframe is compressed to no more than 7 days. The chart scale, again, remains unchanged for ease of comparison.</p><p><blockquote>最后，买入苹果股票并在不到一周的时间内卖出的日内交易者一直在玩一种完全不同的游戏。同样，下面的直方图描述了平均值<i>每周回报</i>在AAPL，当时间范围被压缩到不超过7天时。为了便于比较，图表比例保持不变。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f77febcce32d4bcc45cf275cc5936671\" tg-width=\"657\" tg-height=\"395\"><span>Figure 4: AAPL day traders's weekly return distribution.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图4：AAPL日内交易者的周回报分布。</span></p></blockquote></p><p> <ul>  <li><b>Key observation</b>: when buying and selling AAPL in a matter of days, it is most common for the bets to result in much more sizable weekly gains or losses: less than -2.0% or more than +2.0%. Earning long-term average gains of about +0.5% to +1.0%, in these cases, has been a rarity.</li> </ul> <b>What to make of it all</b></p><p><blockquote><ul><li><b>关键观察</b>：当在几天内买卖AAPL时，最常见的情况是赌注会导致更大的每周收益或损失：小于-2.0%或大于+2.0%。在这些情况下，获得约+0.5%至+1.0%的长期平均收益是罕见的。</li></ul><b>如何理解这一切</b></blockquote></p><p> Back to the original question: how long should Apple stock be held? Based on historical analysis, the answer really depends on personal goals. Here is the roadmap:</p><p><blockquote>回到最初的问题：苹果股票应该持有多久？基于历史分析，答案确实取决于个人目标。以下是路线图：</blockquote></p><p></p><p> <ul>  <li>If merely seeking long-term capital appreciation that might be market-beating, but probably not by a very wide margin, buying AAPL and holding it for a year or more is highly advisable. Speculative bets of a few weeks here and there (say, selling into strength and buying into weakness based on price action) could help to boost returns, if the trades are well executed.</li>  <li>If seeking outsized gains, trading AAPL within days would be the best approach. However, this strategy is also the riskiest, as it could lead to outsized losses instead. I believe that day-trading Apple stock is the least advisable approach to most people, but possibly an interesting proposition for a select few.</li> </ul></p><p><blockquote><ul><li>如果只是寻求可能跑赢市场的长期资本增值，但幅度可能不会很大，那么购买AAPL并持有一年或更长时间是非常明智的。如果交易执行良好，在这里或那里进行几周的投机性押注（例如，根据价格走势在强势时卖出，在弱势时买入）可能有助于提高回报。</li><li>如果寻求巨额收益，在几天内交易AAPL将是最好的方法。然而，这种策略也是风险最大的，因为它可能会导致巨大的损失。我相信日内交易苹果股票对大多数人来说是最不可取的方法，但对少数人来说可能是一个有趣的提议。</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>Apple Stock: How Long Should You Hold It?<blockquote>苹果股票：你应该持有多久？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock: How Long Should You Hold It?<blockquote>苹果股票：你应该持有多久？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-05-21 20:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p>For best performance, how long should Apple stock be held in a portfolio? The Apple Maven discusses what traders, speculators and investors should expect when betting on AAPL.</p><p><blockquote>为了获得最佳表现，苹果股票应该在投资组合中持有多长时间？这位苹果专家讨论了交易员、投机者和投资者在押注AAPL时应该期待什么。</blockquote></p><p> The&nbsp;Street’s&nbsp;Jim Cramer has said it repeatedly: own Apple stock (ticker $AAPL), don’t trade it. Today, the Apple Maven revisits this idea to help determine how long one should hold Apple shares.</p><p><blockquote>华尔街的吉姆·克莱默(Jim Cramer)多次表示：拥有苹果股票（股票代码$AAPL），不要交易它。今天，这位苹果专家重新审视了这个想法，以帮助确定应该持有苹果股票多长时间。</blockquote></p><p> Below is an analysis of how much one might expect to gain if (1) day-trading, (2) speculating on, or (3) investing in Apple stock. Obviously, since the future is uncertain, the analysis is based on historical data – which I believe can at least provide a blueprint for future share price performance.</p><p><blockquote>以下是对(1)日内交易、(2)投机或(3)投资苹果股票的预期收益的分析。显然，由于未来不确定，分析是基于历史数据——我相信这至少可以为未来股价表现提供蓝图。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6726ed885cefb1c7f81fe0ac2f6eff7c\" tg-width=\"799\" tg-height=\"466\"><span>Figure 1: AAPL trading chart.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：AAPL交易图表。</span></p></blockquote></p><p> <b>#1. AAPL investors: long-term winners</b></p><p><blockquote><b>#1.AAPL投资者：长期赢家</b></blockquote></p><p> As I mentioned&nbsp;in my recent “Apple Stock 101” article, investors that bought Apple shares in December 1980 (i.e. the IPO date) and held onto them until now realized impressive annualized gains of&nbsp;<b>19%</b>. Clearly, AAPL has been a good asset to “get and forget” over Apple’s tenure as a publicly-traded company.</p><p><blockquote>正如我在最近的“苹果股票101”文章中提到的，在1980年12月（即IPO日期）购买苹果股票并持有至今的投资者实现了令人印象深刻的年化收益<b>19%</b>显然，在苹果担任上市公司期间，AAPL一直是一笔值得“忘记”的好资产。</blockquote></p><p> But allow me to work with more realistic time frames. For this exercise, I will consider “investors” those who hold AAPL for one year. To be clear, many might consider twelve months a minimum investment horizon to qualify as long term.</p><p><blockquote>但是请允许我用更现实的时间框架来工作。在这个练习中，我将把持有AAPL一年的人视为“投资者”。需要明确的是，许多人可能认为12个月是符合长期投资资格的最低投资期限。</blockquote></p><p> Also, I am limiting my analysis to the past 20 years, since the stock used to be much riskier and more volatile in its first couple of decades of existence than it is now. Apple stock’s returns have been even better during this period that begins with the end of the dot-com correction:<b>35%</b>&nbsp;annualized.</p><p><blockquote>此外，我将我的分析限制在过去20年，因为该股票在其存在的头几十年里的风险和波动性都比现在高得多。在从互联网调整结束开始的这段时间里，苹果股票的回报甚至更好：<b>35%</b>年化。</blockquote></p><p> The chart below shows the distribution of&nbsp;<i>weekly returns</i>&nbsp;earned by an Apple stock investor, using the parameters described above, if the bet had been made on any give day since May 2001.</p><p><blockquote>下图显示了<i>每周回报</i>如果自2001年5月以来的任何一天下注，则由苹果股票投资者使用上述参数赚取。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d658a73af3c004123aa9e0d29906ebe7\" tg-width=\"703\" tg-height=\"418\"><span>Figure 2: AAPL investor's weekly return distribution.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：AAPL投资者的每周回报分布。</span></p></blockquote></p><p> <ul>  <li><b>Key observation</b>: if held for one year, and based on historical observations alone (i.e. not on modeled projections for the future), Apple stock can arguably be expected to produce weekly returns of about +0.5% to +1.0%. Rarely has the stock been a big-time winner or loser – say, weekly returns of more than +2% or less than -1% on average – when the investment horizon is one year.</li> </ul> <b>#2. AAPL speculators: higher octane</b></p><p><blockquote><ul><li><b>关键观察</b>：如果持有一年，并且仅基于历史观察（即不是基于对未来的模型预测），苹果股票可以预期产生约+0.5%至+1.0%的周回报率。当投资期限为一年时，该股票很少成为大赢家或大输家（例如，平均每周回报率超过+2%或低于-1%）。</li></ul><b>#2.AAPL投机者：辛烷值更高</b></blockquote></p><p> Speculators have had a bit different experience from the above. Here, I characterize as “speculator” someone who buys AAPL and sells it ten weeks later, or roughly two and a half months after the purchase date.</p><p><blockquote>投机者的经历与上述略有不同。在这里，我将买入AAPL并在十周后（即购买日期后大约两个半月）卖出的人描述为“投机者”。</blockquote></p><p> See histogram below. For ease of comparison with the weekly return analysis immediately above, I kept the chart’s scale unchanged.</p><p><blockquote>参见下面的直方图。为了便于与上面的每周回报分析进行比较，我保持图表的比例不变。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/209f65d605439ca2f039619f15f5fc68\" tg-width=\"690\" tg-height=\"404\"><span>Figure 3: AAPL speculator's weekly return distribution.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图3：AAPL投机者的周回报分布。</span></p></blockquote></p><p> <ul>  <li><b>Key observation</b>: the distribution above is still somewhat bell-shaped, meaning that a weekly return of between +0.5% and +1.0% is still quite common. However, notice the much “fatter tails”. The probability of larger weekly gains or losses tends to increase when Apple stock is held for ten weeks rather than one year.</li> </ul> <b>#3. AAPL day-traders: buckle up!</b></p><p><blockquote><ul><li><b>关键观察</b>：上面的分布仍然有点钟形，这意味着+0.5%到+1.0%之间的周回报率仍然很常见。然而，请注意“更胖的尾巴”。当苹果股票持有十周而不是一年时，每周收益或损失较大的概率往往会增加。</li></ul><b>#3.AAPL日内交易者：系好安全带！</b></blockquote></p><p> Lastly, day-traders that buy Apple stock and sell it within less than a full week have been playing a completely different game. Once again, the histogram below depicts the average<i>weekly return</i>in AAPL when the timeframe is compressed to no more than 7 days. The chart scale, again, remains unchanged for ease of comparison.</p><p><blockquote>最后，买入苹果股票并在不到一周的时间内卖出的日内交易者一直在玩一种完全不同的游戏。同样，下面的直方图描述了平均值<i>每周回报</i>在AAPL，当时间范围被压缩到不超过7天时。为了便于比较，图表比例保持不变。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f77febcce32d4bcc45cf275cc5936671\" tg-width=\"657\" tg-height=\"395\"><span>Figure 4: AAPL day traders's weekly return distribution.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图4：AAPL日内交易者的周回报分布。</span></p></blockquote></p><p> <ul>  <li><b>Key observation</b>: when buying and selling AAPL in a matter of days, it is most common for the bets to result in much more sizable weekly gains or losses: less than -2.0% or more than +2.0%. Earning long-term average gains of about +0.5% to +1.0%, in these cases, has been a rarity.</li> </ul> <b>What to make of it all</b></p><p><blockquote><ul><li><b>关键观察</b>：当在几天内买卖AAPL时，最常见的情况是赌注会导致更大的每周收益或损失：小于-2.0%或大于+2.0%。在这些情况下，获得约+0.5%至+1.0%的长期平均收益是罕见的。</li></ul><b>如何理解这一切</b></blockquote></p><p> Back to the original question: how long should Apple stock be held? Based on historical analysis, the answer really depends on personal goals. Here is the roadmap:</p><p><blockquote>回到最初的问题：苹果股票应该持有多久？基于历史分析，答案确实取决于个人目标。以下是路线图：</blockquote></p><p></p><p> <ul>  <li>If merely seeking long-term capital appreciation that might be market-beating, but probably not by a very wide margin, buying AAPL and holding it for a year or more is highly advisable. Speculative bets of a few weeks here and there (say, selling into strength and buying into weakness based on price action) could help to boost returns, if the trades are well executed.</li>  <li>If seeking outsized gains, trading AAPL within days would be the best approach. However, this strategy is also the riskiest, as it could lead to outsized losses instead. I believe that day-trading Apple stock is the least advisable approach to most people, but possibly an interesting proposition for a select few.</li> </ul></p><p><blockquote><ul><li>如果只是寻求可能跑赢市场的长期资本增值，但幅度可能不会很大，那么购买AAPL并持有一年或更长时间是非常明智的。如果交易执行良好，在这里或那里进行几周的投机性押注（例如，根据价格走势在强势时卖出，在弱势时买入）可能有助于提高回报。</li><li>如果寻求巨额收益，在几天内交易AAPL将是最好的方法。然而，这种策略也是风险最大的，因为它可能会导致巨大的损失。我相信日内交易苹果股票对大多数人来说是最不可取的方法，但对少数人来说可能是一个有趣的提议。</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/stock/apple-stock-how-long-should-you-hold-it\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/stock/apple-stock-how-long-should-you-hold-it","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197544614","content_text":"For best performance, how long should Apple stock be held in a portfolio? The Apple Maven discusses what traders, speculators and investors should expect when betting on AAPL.\nThe Street’s Jim Cramer has said it repeatedly: own Apple stock (ticker $AAPL), don’t trade it. Today, the Apple Maven revisits this idea to help determine how long one should hold Apple shares.\nBelow is an analysis of how much one might expect to gain if (1) day-trading, (2) speculating on, or (3) investing in Apple stock. Obviously, since the future is uncertain, the analysis is based on historical data – which I believe can at least provide a blueprint for future share price performance.\nFigure 1: AAPL trading chart.\n#1. AAPL investors: long-term winners\nAs I mentioned in my recent “Apple Stock 101” article, investors that bought Apple shares in December 1980 (i.e. the IPO date) and held onto them until now realized impressive annualized gains of 19%. Clearly, AAPL has been a good asset to “get and forget” over Apple’s tenure as a publicly-traded company.\nBut allow me to work with more realistic time frames. For this exercise, I will consider “investors” those who hold AAPL for one year. To be clear, many might consider twelve months a minimum investment horizon to qualify as long term.\nAlso, I am limiting my analysis to the past 20 years, since the stock used to be much riskier and more volatile in its first couple of decades of existence than it is now. Apple stock’s returns have been even better during this period that begins with the end of the dot-com correction:35% annualized.\nThe chart below shows the distribution of weekly returns earned by an Apple stock investor, using the parameters described above, if the bet had been made on any give day since May 2001.\nFigure 2: AAPL investor's weekly return distribution.\n\nKey observation: if held for one year, and based on historical observations alone (i.e. not on modeled projections for the future), Apple stock can arguably be expected to produce weekly returns of about +0.5% to +1.0%. Rarely has the stock been a big-time winner or loser – say, weekly returns of more than +2% or less than -1% on average – when the investment horizon is one year.\n\n#2. AAPL speculators: higher octane\nSpeculators have had a bit different experience from the above. Here, I characterize as “speculator” someone who buys AAPL and sells it ten weeks later, or roughly two and a half months after the purchase date.\nSee histogram below. For ease of comparison with the weekly return analysis immediately above, I kept the chart’s scale unchanged.\nFigure 3: AAPL speculator's weekly return distribution.\n\nKey observation: the distribution above is still somewhat bell-shaped, meaning that a weekly return of between +0.5% and +1.0% is still quite common. However, notice the much “fatter tails”. The probability of larger weekly gains or losses tends to increase when Apple stock is held for ten weeks rather than one year.\n\n#3. AAPL day-traders: buckle up!\nLastly, day-traders that buy Apple stock and sell it within less than a full week have been playing a completely different game. Once again, the histogram below depicts the averageweekly returnin AAPL when the timeframe is compressed to no more than 7 days. The chart scale, again, remains unchanged for ease of comparison.\nFigure 4: AAPL day traders's weekly return distribution.\n\nKey observation: when buying and selling AAPL in a matter of days, it is most common for the bets to result in much more sizable weekly gains or losses: less than -2.0% or more than +2.0%. Earning long-term average gains of about +0.5% to +1.0%, in these cases, has been a rarity.\n\nWhat to make of it all\nBack to the original question: how long should Apple stock be held? Based on historical analysis, the answer really depends on personal goals. Here is the roadmap:\n\nIf merely seeking long-term capital appreciation that might be market-beating, but probably not by a very wide margin, buying AAPL and holding it for a year or more is highly advisable. Speculative bets of a few weeks here and there (say, selling into strength and buying into weakness based on price action) could help to boost returns, if the trades are well executed.\nIf seeking outsized gains, trading AAPL within days would be the best approach. However, this strategy is also the riskiest, as it could lead to outsized losses instead. I believe that day-trading Apple stock is the least advisable approach to most people, but possibly an interesting proposition for a select few.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":525,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139193173,"gmtCreate":1621598182792,"gmtModify":1634187776297,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"Will HKD500 come?","listText":"Will HKD500 come?","text":"Will HKD500 come?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/139193173","repostId":"2137972974","repostType":2,"isVote":1,"tweetType":1,"viewCount":932,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130366335,"gmtCreate":1621513812627,"gmtModify":1631884326822,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"Hope $450 happen, been waiting.","listText":"Hope $450 happen, been waiting.","text":"Hope $450 happen, been waiting.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/130366335","repostId":"1123155606","repostType":4,"isVote":1,"tweetType":1,"viewCount":772,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":197902078,"gmtCreate":1621415758194,"gmtModify":1631883989784,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"I am waiting to sell one 🍎","listText":"I am waiting to sell one 🍎","text":"I am waiting to sell one 🍎","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/197902078","repostId":"1156718320","repostType":4,"isVote":1,"tweetType":1,"viewCount":786,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194352929,"gmtCreate":1621345072561,"gmtModify":1634192287011,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"Go higher please","listText":"Go higher please","text":"Go higher please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/194352929","repostId":"1197358072","repostType":2,"repost":{"id":"1197358072","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":1621330963,"share":"https://www.laohu8.com/m/news/1197358072?lang=zh_CN&edition=full","pubTime":"2021-05-18 17:42","market":"us","language":"en","title":"Baidu's 1Q Results Beat Estimates<blockquote>百度第一季度业绩超出预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1197358072","media":"Tiger Newspress","summary":"Baidu, Inc. today announced its unaudited financial results for the first quarter ended March 31, 20","content":"<p>Baidu, Inc.&nbsp;today announced its unaudited financial results for the first quarter ended March 31, 2021.</p><p><blockquote>百度公司今天公布了截至2021年3月31日的第一季度未经审计的财务业绩。</blockquote></p><p>“We are delighted to bring innovation across many sectors, including marketing cloud, enterprise cloud, smart transportation, autonomous driving, smart assistant and AI chip, through our decadelong investment in AI,” said Robin Li, co-founder and CEO of Baidu. “With AI powering the next stage of technology growth, many Baidu alumni have rejoined us, and our employees are energized from working on intelligent computing that can improve daily life and make the complex world simpler.”</p><p><blockquote>百度联合创始人兼首席执行官李彦宏表示：“我们很高兴通过十年来对人工智能的投资，为营销云、企业云、智能交通、自动驾驶、智能助理和人工智能芯片等多个领域带来创新。”“随着人工智能推动下一阶段的技术增长，许多百度校友重新加入了我们，我们的员工因致力于智能计算而充满活力，这些计算可以改善日常生活，让复杂的世界变得更简单。”</blockquote></p><p>“Baidu Core delivered a strong first quarter with revenue growing 34% year over year, powered by non-advertising revenue growing 70% year over year,” said Herman Yu, CFO of Baidu. “We will continue to invest heavily in sales, R&amp;D and operations to support the rapid growth of our AIpowered business.”</p><p><blockquote>百度首席财务官Herman Yu表示：“百度核心第一季度表现强劲，在非广告收入同比增长70%的推动下，收入同比增长34%。”“我们将继续在销售、研发和运营方面投入巨资，以支持我们AI赋能业务的快速增长。”</blockquote></p><p><img src=\"https://static.tigerbbs.com/afb3caa729e48033c7dab8a4f9a02037\" tg-width=\"1187\" tg-height=\"697\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/15444e314a05131c16849f758e6776ea\" tg-width=\"1186\" tg-height=\"417\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Baidu&nbsp;stock&nbsp;surged&nbsp;3.6%&nbsp;in aftermarket trading.</p><p><blockquote>百度股价在盘后交易中飙升3.</blockquote></p><p><img src=\"https://static.tigerbbs.com/527d3dc60d4d86fc726bc558f46055cb\" tg-width=\"1302\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Other Highlights</b></p><p><blockquote><b>其他亮点</b></blockquote></p><p><b><i>Corporate</i></b></p><p><blockquote><b><i>公司的</i></b></blockquote></p><p><ul><li>Baidu ranks Top 3 in cloud services and No.1 in the utilization of renewable energy for data centers, according to Greenpeace, a global environmental organization, based on itsApril 2021report<i>Clean Cloud: Tracking Renewable Energy Use inChina'sTech Industry</i>.</li><li>Baidu released its annual ESG Report inFebruary 2021, which details Baidu's ESG policies and sustainability initiatives (http://esg.baidu.com/en/esg_download.html).</li><li>OnMarch 23, 2021, Baidu listed on the HKEX (9888) through a global offering of 95,000,000 Class A ordinary shares, receiving$3.1 billionin net proceeds.</li><li>Baidu returnedUS$300 millionto shareholders under the 2020 Share Repurchase Program this year, bringing the cumulative repurchase to$2.2 billionsince 2020.</li></ul><b><i>AI Cloud</i></b></p><p><blockquote><ul><li>全球环保组织绿色和平组织2021年4月报告显示，百度在云服务领域排名前三，在数据中心可再生能源利用方面排名第一<i>清洁云：跟踪中国科技行业可再生能源的使用</i>.</li><li>百度于2021年2月发布了年度ESG报告，详细介绍了百度的ESG政策和可持续发展举措（http://esg.baidu.com/en/esg_download.html）。</li><li>2021年3月23日，百度通过全球发售9500万股A类普通股在港交所上市（9888），获得净收益31亿美元。</li><li>百度今年根据2020年股票回购计划向股东返还了3亿美元，使2020年以来累计回购金额达到22亿美元。</li></ul><b><i>AI云</i></b></blockquote></p><p><ul><li>Baidu EasyDL, a simple to use machine learning service, was rated No.1 in terms of usage inChina, per IDC inDecember 2020, topping the list for the second time.</li><li>Baidu deep learning framework PaddlePaddle, upgraded to v2.0 inMarch 2021, was ranked among the Top 3 globally in terms of usage based on pull request, according to Github.</li><li>A leading retail bank inChinaimplemented Baidu's AI PaaS, which has led to five follow-on purchases, including application to automate customer service and consumer loan approval, and the recent purchase of private cloud services.</li><li>Baidu partnered with the online arm ofChina'slargest TV network CCTV to implement Baidu AI PaaS with capabilities to automate video clip creation and tagging from live broadcasting and use smart assistant to quickly locate desired video content. During an important annual event, Baidu enabledCCTV.comto simultaneously interview congressional meeting participants with AI reporters, powered by Baidu Brain, and timely share these interviews on the Internet.</li><li>Chongqing, which implemented Apollo V2X last year, marking Baidu's entry into westernChina, signed with Apollo to make its smart transportation infrastructure 5G enabled, to support robotaxi ride hailing operation.</li><li>Chengdu(Sichuan), a leader in science and technology development, signed with Apollo to implement V2X vehicle-to-road infrastructure.</li></ul><b><i>Intelligent Driving</i></b></p><p><blockquote><ul><li>根据IDC 2020年12月的数据，简单易用的机器学习服务百度EasyDL在中国的使用量排名第一，第二次荣登榜首。</li><li>根据Github的数据，百度深度学习框架PaddlePaddle于2021年3月升级到v2.0，根据拉取请求的使用量在全球排名前三。</li><li>中国一家领先的零售银行实施了百度的人工智能PaaS，这导致了五项后续购买，包括自动化客户服务和消费贷款审批的应用程序，以及最近购买的私有云服务。</li><li>百度与中国最大的电视网络中央电视台的在线部门合作，实施百度人工智能PaaS，能够自动从直播中创建和标记视频剪辑，并使用智能助手快速定位所需的视频内容。在一次重要的年度活动中，百度使CCTV.com能够在百度大脑的支持下，用AI记者同步采访国会会议参与者，并将这些采访及时分享到互联网上。</li><li>重庆市去年实施了Apollo V2X，标志着百度进入中国西部，重庆市与Apollo签约，支持其智能交通基础设施5G，以支持robotaxi打车运营。</li><li>科技发展领跑者成都（四川）与Apollo签约落地V2X车路基础设施。</li></ul><b><i>智能驾驶</i></b></blockquote></p><p></p><p><ul><li>Apollo has accumulated 6.2 million miles of L4 autonomous driving testing on the road and 600 million miles of simulated testing since its founding in 2013.</li><li>Apollo received permit to test autonomous driving at night and under special weather conditions on public roads inBeijing. Apollo also received permits to pilot fully autonomous driving inBeijing, Cangzhou (Hebei), andChangsha(Hunan).</li><li>Apollo Go,China'sfirst fully autonomous ride-hailing, is now available at theShougang Park, a Beijing 2022 Winter Olympics site.</li><li>Apollo Gobegins to charge for robotaxi ride hailing in Cangzhou, based on the distance traveled starting with a minimum fare, similarly to regular ride hailing.</li><li>The total addressable market for robotaxi ride hailing will reachUS$224 billioninChinaby 2025, according to China Insights Consultancy, a market research and consulting company.</li><li>Jidu Auto, an intelligent EV company established in partnership withZhejiang Geely Holding Group, appointedYiping Xiaas its CEO.Mr. Xiapreviously served as CTO at Mobike and held positions atFiat Chryslerand Ford.</li><li>Guangzhou Automobile Group joins Apollo's network of over 10 leading automakers to install Apollo Self Driving (ASD) services in its new vehicles.</li><li>Guidehouse Insights (previouslyNavigant Research) has rated Baidu in the \"leader\" category for the second consecutive year, the only Chinese company honored among the four AI companies selected globally for this category. Apollo's open platform, to empower Jidu and other automakers as well asApollo Gorobotaxi, puts Apollo in a unique position to be well funded and widely adopted.</li><li>DuerOS for Auto, powering infotainment, has been installed in over 1.5 million new vehicles, recorded Q1 2021 installation more than doubled from the prior year.</li></ul><b><i>Other Growth Initiatives</i></b></p><p><blockquote><ul><li>Apollo自2013年成立以来，已累计620万英里的L4级自动驾驶道路测试和6亿英里的模拟测试。</li><li>Apollo获得了在北京公共道路上进行夜间和特殊天气条件下自动驾驶测试的许可。Apollo还获得了在北京、沧州（河北）和长沙（湖南）试点全自动驾驶的许可。</li><li>中国首款全自动网约车Apollo Go现已在北京2022年冬奥会举办地首钢园区上市。</li><li>Apollo Gobegins在沧州对robotaxi打车收费，从最低票价开始，根据行驶距离收费，类似于常规打车。</li><li>根据市场研究和咨询公司灼识咨询的数据，到2025年，中国机器人出租车打车的潜在市场总额将达到2240亿美元。</li><li>与浙江吉利控股集团合作成立的智能电动汽车公司集度汽车任命夏一平为首席执行官。夏此前曾担任摩拜单车首席技术官，并在菲亚特克莱斯勒和福特任职。</li><li>广汽集团加入Apollo由10多家领先汽车制造商组成的网络，在其新车中安装Apollo自动驾驶（ASD）服务。</li><li>Guidehouse Insights（前身为Navigant Research）连续第二年将百度评为“领导者”类别，是全球入选该类别的四家人工智能公司中唯一一家获得荣誉的中国公司。Apollo的开放平台为集度和其他汽车制造商以及Apollo Gorobotaxi提供支持，使Apollo在资金充足和广泛采用方面处于独特的地位。</li><li>为信息娱乐提供动力的DuerOS for Auto已安装在超过150万辆新车上，Q1 2021年的安装量比上一年增加了一倍多。</li></ul><b><i>其他增长举措</i></b></blockquote></p><p><ul><li>DuerOS monthly voice queries reached 6.6 billion with first-party voice queries reaching 3.9 billion inMarch 2021.</li><li>Xiaodu ranked No.1 in smart display shipments globally and No.1 in smart speaker shipments inChinafor 2020, according to IDC, Strategy Analytics and Canalys.</li><li>Xiaodu S12 smart pad for the education market was introduced in March with an MSRP of 1,699.</li><li>Baidu Kunlun completed its first round of funding at a post-money valuation of$2 billioninApril 2021. Kunlun chips are designed to optimize AI workload and improve cloud cost structure.</li></ul><i>Mobile Ecosystem</i></p><p><blockquote><ul><li>2021年3月，DuerOS每月语音查询达到66亿次，第一方语音查询达到39亿次。</li><li>根据IDC、Strategy Analytics和Canalys的数据，2020年，小度在全球智能显示器出货量中排名第一，在中国智能音箱出货量中排名第一。</li><li>面向教育市场的小度S12智能pad于3月份推出，建议零售价为1699英镑。</li><li>百度昆仑于2021年4月完成首轮融资，投后估值为20亿美元。昆仑芯片旨在优化AI工作负载，改善云成本结构。</li></ul><i>移动生态系统</i></blockquote></p><p><ul><li>Baidu has strengthened its strong Internet foundation with Baidu App monthly active users (MAUs) reaching 558 million and daily logged in users reaching over 75% inMarch 2021.</li><li>Baidu's AI building blocks are helping creators, service providers and merchants better engage with users and perform user life-time management:</li><li>BJH publisher accounts grew 40% year over year to reached 4.2 million.</li><li>Smart Mini Program MAUs reached 416 million, and the number of SMPs grew 74% from a year ago; and</li><li>Revenue from Managed Page accounted for 35% of Baidu Core's online marketing revenue, up from 21% a year ago.</li></ul><b><i>iQIYI</i></b></p><p><blockquote><ul><li>2021年3月，百度加强了其强大的互联网基础，百度应用月活跃用户（MAU）达到5.58亿，日登录用户达到75%以上。</li><li>百度的AI构建模块正在帮助创作者、服务提供商和商家更好地与用户互动并执行用户生命周期管理：</li><li>BJH出版商账户同比增长40%，达到420万。</li><li>智能小程序MAU达到4.16亿，SMP数量同比增长74%；和</li><li>来自托管页面的收入占百度核心在线营销收入的35%，高于一年前的21%。</li></ul><b><i>爱奇艺</i></b></blockquote></p><p>iQIYI subscribers reached 105.3 million as ofMarch 31, 2021, serving as a strong foundation to support its over 50 in-house studios and produce entertainment blockbuster originals. iQIYI's net loss narrowed toRMB1.3 billionin Q1 21, compared toRMB 2.9 billionfrom a year ago.</p><p><blockquote>截至2021年3月31日，爱奇艺订阅用户达到1.053亿，为支持其50多家内部工作室和制作原创娱乐大片奠定了坚实的基础。爱奇艺21年第一季度净亏损收窄至13亿元人民币，而去年同期为29亿元人民币。</blockquote></p><p><b>First Quarter 2021 Results</b></p><p><blockquote><b>2021年第一季度业绩</b></blockquote></p><p><b>Total revenues</b>wereRMB 28.1 billion($4.29 billion), increasing 25% year over year.</p><p><blockquote><b>总收入</b>为281亿人民币（42.9亿美元），同比增长25%。</blockquote></p><p><ul><li><b>Revenue from Baidu Core</b>&nbsp;was&nbsp;RMB 20.5 billion($3.13 billion), increasing 34% year over year.<b>Online marketing revenue</b>&nbsp;was&nbsp;RMB 16.3 billion($2.48 billion), up 27% year over year.<b>Non-marketing revenue</b>&nbsp;was&nbsp;RMB 4.2 billion($646 million), up 70% year over year, driven by cloud and other services.</li><li><b>Revenue from iQIYI</b>&nbsp;was&nbsp;RMB 8.0 billion($1.22 billion), increasing 4% year over year.</li></ul><b>Cost of revenues</b>&nbsp;was&nbsp;RMB 15.0 billion($2.29 billion), increasing 2% year over year, primarily due to an increase in traffic acquisition costs and cost of goods sold, offset by a decrease in content costs and the amortization/impairment of intangible assets.</p><p><blockquote><ul><li><b>百度核心收入</b>为205亿元人民币（31.3亿美元），同比增长34%。<b>网络营销收入</b>为163亿元人民币（24.8亿美元），同比增长27%。<b>非营销收入</b>在云和其他服务的推动下，销售额为42亿元人民币（6.46亿美元），同比增长70%。</li><li><b>爱奇艺收入</b>为80亿元人民币（12.2亿美元），同比增长4%。</li></ul><b>收入成本</b>为人民币150亿元（22.9亿美元），同比增长2%，主要是由于流量获取成本和销售成本增加，但被内容成本和无形资产摊销/减值的下降所抵消。</blockquote></p><p><b>Selling, general and administrative expenses</b>&nbsp;were&nbsp;RMB 5.2 billion($800 million), increasing 36% year over year, primarily due to an increase in channel spending and promotional expenses.</p><p><blockquote><b>销售、一般及行政开支</b>为52亿元人民币（8亿美元），同比增长36%，主要是由于渠道支出和促销费用的增加。</blockquote></p><p><b>Research and development expense</b>wasRMB 5.1 billion($778 million), increasing 15% year over year, primarily related to personnel-related expenses.</p><p><blockquote><b>研发费用</b>为51亿元人民币（7.78亿美元），同比增长15%，主要与人员相关费用有关。</blockquote></p><p></p><p><b>Operating income</b>&nbsp;was&nbsp;RMB 2.8 billion($426 million).<b>Baidu Core operating income</b>&nbsp;was&nbsp;RMB 3.8 billion($587 million), and Baidu Core operating margin was 19%.<b>Non-GAAP operating income</b>&nbsp;was&nbsp;RMB 4.4 billion($666 million).<b>Non-GAAP Baidu Core operating income</b>&nbsp;was&nbsp;RMB 5.1 billion($773 million), and non-GAAP Baidu Core operating margin was 25%.</p><p><blockquote><b>营业收入</b>为28亿元人民币（4.26亿美元）。<b>百度核心营业收入</b>为38亿元人民币（5.87亿美元），百度核心营业利润率为19%。<b>非公认会计准则营业收入</b>为44亿元人民币（6.66亿美元）。<b>非公认会计准则百度核心营业收入</b>为51亿元人民币（7.73亿美元），非公认会计准则百度核心营业利润率为25%。</blockquote></p><p><b>Total other income, net</b>&nbsp;was&nbsp;RMB 23.8 billion($3.63 billion), which included a fair value gain ofRMB 23.7 billionfrom long-term investments,&nbsp;mainly&nbsp;including a gain from the investment in Kuaishou Technology.</p><p><blockquote><b>其他收入总额，净额</b>为238亿元人民币（36.3亿美元），其中包括长期投资公允价值收益237亿元人民币，主要包括快手科技投资收益。</blockquote></p><p><b>Income tax expense</b>&nbsp;was&nbsp;RMB 1.5 billion($234 million), compared toRMB 198 millionlast year, primarily due to the increase in profit.</p><p><blockquote><b>所得税费用</b>为15亿元人民币（2.34亿美元），而去年为1.98亿元人民币，主要是由于利润增加。</blockquote></p><p><b>Net income attributable to Baidu</b>&nbsp;was&nbsp;RMB 25.7 billion($3.92 billion), and diluted earnings per ADS wasRMB 73.76($11.26).<b>Net income attributable to Baidu Core</b>&nbsp;was&nbsp;RMB 26.4 billion($4.02 billion).<b>Non-GAAP net income attributable to Baidu</b>&nbsp;was&nbsp;RMB 4.3 billion($656 million), and non-GAAP diluted earnings per ADS wasRMB 12.38($1.89).<b>Non-GAAP net income attributable to Baidu Core</b>&nbsp;was&nbsp;RMB 4.9 billion($743 million).</p><p><blockquote><b>归属于百度的净利润</b>为人民币257亿元（39.2亿美元），每股美国存托凭证摊薄收益为人民币73.76元（11.26美元）。<b>归属于百度核心净利润</b>为264亿元人民币（40.2亿美元）。<b>归属于百度的非公认会计准则净利润</b>为43亿元人民币（6.56亿美元），非GAAP摊薄每股美国存托凭证收益为12.38元人民币（1.89美元）。<b>归属于百度核心的非公认会计准则净利润</b>为49亿元人民币（7.43亿美元）。</blockquote></p><p><b>Adjusted EBITDA</b>&nbsp;was&nbsp;RMB 5.9 billion&nbsp;($901 million).<b>Adjusted EBITDA for Baidu Core</b>wasRMB 6.5 billion($990 million) and adjusted EBITDA margin for Baidu Core was 32%.</p><p><blockquote><b>调整后EBITDA</b>为59亿元人民币（9.01亿美元）。<b>百度核心调整后EBITDA</b>百度核心的营收为65亿元人民币（9.9亿美元），调整后EBITDA利润率为32%。</blockquote></p><p>As ofMarch 31, 2021,<b>cash, cash equivalents, restricted cash and short-term investments</b>&nbsp;were&nbsp;RMB 172.9 billion($26.40 billion), and&nbsp;<b>cash, cash equivalents, restricted cash and short-term investments excluding iQIYI</b>&nbsp;were&nbsp;RMB 159.6 billion($24.37 billion).<b>Free cash flow</b>&nbsp;was&nbsp;RMB 2.6 billion($400 million), and&nbsp;<b>free cash flow excluding iQIYI</b>&nbsp;was&nbsp;RMB 4.0 billion($615 million).</p><p><blockquote>截至2021年3月31日，<b>现金、现金等价物、受限制现金和短期投资</b>为人民币1,729亿元（264亿美元），以及<b>现金、现金等价物、限制性现金和短期投资（不包括爱奇艺）</b>为1596亿元人民币（243.7亿美元）。<b>自由现金流</b>为26亿元人民币（4亿美元），并且<b>不包括爱奇艺的自由现金流</b>为40亿元人民币（6.15亿美元）。</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>Baidu's 1Q Results Beat Estimates<blockquote>百度第一季度业绩超出预期</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; 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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\">\nBaidu's 1Q Results Beat Estimates<blockquote>百度第一季度业绩超出预期</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\">2021-05-18 17:42</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Baidu, Inc.&nbsp;today announced its unaudited financial results for the first quarter ended March 31, 2021.</p><p><blockquote>百度公司今天公布了截至2021年3月31日的第一季度未经审计的财务业绩。</blockquote></p><p>“We are delighted to bring innovation across many sectors, including marketing cloud, enterprise cloud, smart transportation, autonomous driving, smart assistant and AI chip, through our decadelong investment in AI,” said Robin Li, co-founder and CEO of Baidu. “With AI powering the next stage of technology growth, many Baidu alumni have rejoined us, and our employees are energized from working on intelligent computing that can improve daily life and make the complex world simpler.”</p><p><blockquote>百度联合创始人兼首席执行官李彦宏表示：“我们很高兴通过十年来对人工智能的投资，为营销云、企业云、智能交通、自动驾驶、智能助理和人工智能芯片等多个领域带来创新。”“随着人工智能推动下一阶段的技术增长，许多百度校友重新加入了我们，我们的员工因致力于智能计算而充满活力，这些计算可以改善日常生活，让复杂的世界变得更简单。”</blockquote></p><p>“Baidu Core delivered a strong first quarter with revenue growing 34% year over year, powered by non-advertising revenue growing 70% year over year,” said Herman Yu, CFO of Baidu. “We will continue to invest heavily in sales, R&amp;D and operations to support the rapid growth of our AIpowered business.”</p><p><blockquote>百度首席财务官Herman Yu表示：“百度核心第一季度表现强劲，在非广告收入同比增长70%的推动下，收入同比增长34%。”“我们将继续在销售、研发和运营方面投入巨资，以支持我们AI赋能业务的快速增长。”</blockquote></p><p><img src=\"https://static.tigerbbs.com/afb3caa729e48033c7dab8a4f9a02037\" tg-width=\"1187\" tg-height=\"697\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/15444e314a05131c16849f758e6776ea\" tg-width=\"1186\" tg-height=\"417\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Baidu&nbsp;stock&nbsp;surged&nbsp;3.6%&nbsp;in aftermarket trading.</p><p><blockquote>百度股价在盘后交易中飙升3.</blockquote></p><p><img src=\"https://static.tigerbbs.com/527d3dc60d4d86fc726bc558f46055cb\" tg-width=\"1302\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Other Highlights</b></p><p><blockquote><b>其他亮点</b></blockquote></p><p><b><i>Corporate</i></b></p><p><blockquote><b><i>公司的</i></b></blockquote></p><p><ul><li>Baidu ranks Top 3 in cloud services and No.1 in the utilization of renewable energy for data centers, according to Greenpeace, a global environmental organization, based on itsApril 2021report<i>Clean Cloud: Tracking Renewable Energy Use inChina'sTech Industry</i>.</li><li>Baidu released its annual ESG Report inFebruary 2021, which details Baidu's ESG policies and sustainability initiatives (http://esg.baidu.com/en/esg_download.html).</li><li>OnMarch 23, 2021, Baidu listed on the HKEX (9888) through a global offering of 95,000,000 Class A ordinary shares, receiving$3.1 billionin net proceeds.</li><li>Baidu returnedUS$300 millionto shareholders under the 2020 Share Repurchase Program this year, bringing the cumulative repurchase to$2.2 billionsince 2020.</li></ul><b><i>AI Cloud</i></b></p><p><blockquote><ul><li>全球环保组织绿色和平组织2021年4月报告显示，百度在云服务领域排名前三，在数据中心可再生能源利用方面排名第一<i>清洁云：跟踪中国科技行业可再生能源的使用</i>.</li><li>百度于2021年2月发布了年度ESG报告，详细介绍了百度的ESG政策和可持续发展举措（http://esg.baidu.com/en/esg_download.html）。</li><li>2021年3月23日，百度通过全球发售9500万股A类普通股在港交所上市（9888），获得净收益31亿美元。</li><li>百度今年根据2020年股票回购计划向股东返还了3亿美元，使2020年以来累计回购金额达到22亿美元。</li></ul><b><i>AI云</i></b></blockquote></p><p><ul><li>Baidu EasyDL, a simple to use machine learning service, was rated No.1 in terms of usage inChina, per IDC inDecember 2020, topping the list for the second time.</li><li>Baidu deep learning framework PaddlePaddle, upgraded to v2.0 inMarch 2021, was ranked among the Top 3 globally in terms of usage based on pull request, according to Github.</li><li>A leading retail bank inChinaimplemented Baidu's AI PaaS, which has led to five follow-on purchases, including application to automate customer service and consumer loan approval, and the recent purchase of private cloud services.</li><li>Baidu partnered with the online arm ofChina'slargest TV network CCTV to implement Baidu AI PaaS with capabilities to automate video clip creation and tagging from live broadcasting and use smart assistant to quickly locate desired video content. During an important annual event, Baidu enabledCCTV.comto simultaneously interview congressional meeting participants with AI reporters, powered by Baidu Brain, and timely share these interviews on the Internet.</li><li>Chongqing, which implemented Apollo V2X last year, marking Baidu's entry into westernChina, signed with Apollo to make its smart transportation infrastructure 5G enabled, to support robotaxi ride hailing operation.</li><li>Chengdu(Sichuan), a leader in science and technology development, signed with Apollo to implement V2X vehicle-to-road infrastructure.</li></ul><b><i>Intelligent Driving</i></b></p><p><blockquote><ul><li>根据IDC 2020年12月的数据，简单易用的机器学习服务百度EasyDL在中国的使用量排名第一，第二次荣登榜首。</li><li>根据Github的数据，百度深度学习框架PaddlePaddle于2021年3月升级到v2.0，根据拉取请求的使用量在全球排名前三。</li><li>中国一家领先的零售银行实施了百度的人工智能PaaS，这导致了五项后续购买，包括自动化客户服务和消费贷款审批的应用程序，以及最近购买的私有云服务。</li><li>百度与中国最大的电视网络中央电视台的在线部门合作，实施百度人工智能PaaS，能够自动从直播中创建和标记视频剪辑，并使用智能助手快速定位所需的视频内容。在一次重要的年度活动中，百度使CCTV.com能够在百度大脑的支持下，用AI记者同步采访国会会议参与者，并将这些采访及时分享到互联网上。</li><li>重庆市去年实施了Apollo V2X，标志着百度进入中国西部，重庆市与Apollo签约，支持其智能交通基础设施5G，以支持robotaxi打车运营。</li><li>科技发展领跑者成都（四川）与Apollo签约落地V2X车路基础设施。</li></ul><b><i>智能驾驶</i></b></blockquote></p><p></p><p><ul><li>Apollo has accumulated 6.2 million miles of L4 autonomous driving testing on the road and 600 million miles of simulated testing since its founding in 2013.</li><li>Apollo received permit to test autonomous driving at night and under special weather conditions on public roads inBeijing. Apollo also received permits to pilot fully autonomous driving inBeijing, Cangzhou (Hebei), andChangsha(Hunan).</li><li>Apollo Go,China'sfirst fully autonomous ride-hailing, is now available at theShougang Park, a Beijing 2022 Winter Olympics site.</li><li>Apollo Gobegins to charge for robotaxi ride hailing in Cangzhou, based on the distance traveled starting with a minimum fare, similarly to regular ride hailing.</li><li>The total addressable market for robotaxi ride hailing will reachUS$224 billioninChinaby 2025, according to China Insights Consultancy, a market research and consulting company.</li><li>Jidu Auto, an intelligent EV company established in partnership withZhejiang Geely Holding Group, appointedYiping Xiaas its CEO.Mr. Xiapreviously served as CTO at Mobike and held positions atFiat Chryslerand Ford.</li><li>Guangzhou Automobile Group joins Apollo's network of over 10 leading automakers to install Apollo Self Driving (ASD) services in its new vehicles.</li><li>Guidehouse Insights (previouslyNavigant Research) has rated Baidu in the \"leader\" category for the second consecutive year, the only Chinese company honored among the four AI companies selected globally for this category. Apollo's open platform, to empower Jidu and other automakers as well asApollo Gorobotaxi, puts Apollo in a unique position to be well funded and widely adopted.</li><li>DuerOS for Auto, powering infotainment, has been installed in over 1.5 million new vehicles, recorded Q1 2021 installation more than doubled from the prior year.</li></ul><b><i>Other Growth Initiatives</i></b></p><p><blockquote><ul><li>Apollo自2013年成立以来，已累计620万英里的L4级自动驾驶道路测试和6亿英里的模拟测试。</li><li>Apollo获得了在北京公共道路上进行夜间和特殊天气条件下自动驾驶测试的许可。Apollo还获得了在北京、沧州（河北）和长沙（湖南）试点全自动驾驶的许可。</li><li>中国首款全自动网约车Apollo Go现已在北京2022年冬奥会举办地首钢园区上市。</li><li>Apollo Gobegins在沧州对robotaxi打车收费，从最低票价开始，根据行驶距离收费，类似于常规打车。</li><li>根据市场研究和咨询公司灼识咨询的数据，到2025年，中国机器人出租车打车的潜在市场总额将达到2240亿美元。</li><li>与浙江吉利控股集团合作成立的智能电动汽车公司集度汽车任命夏一平为首席执行官。夏此前曾担任摩拜单车首席技术官，并在菲亚特克莱斯勒和福特任职。</li><li>广汽集团加入Apollo由10多家领先汽车制造商组成的网络，在其新车中安装Apollo自动驾驶（ASD）服务。</li><li>Guidehouse Insights（前身为Navigant Research）连续第二年将百度评为“领导者”类别，是全球入选该类别的四家人工智能公司中唯一一家获得荣誉的中国公司。Apollo的开放平台为集度和其他汽车制造商以及Apollo Gorobotaxi提供支持，使Apollo在资金充足和广泛采用方面处于独特的地位。</li><li>为信息娱乐提供动力的DuerOS for Auto已安装在超过150万辆新车上，Q1 2021年的安装量比上一年增加了一倍多。</li></ul><b><i>其他增长举措</i></b></blockquote></p><p><ul><li>DuerOS monthly voice queries reached 6.6 billion with first-party voice queries reaching 3.9 billion inMarch 2021.</li><li>Xiaodu ranked No.1 in smart display shipments globally and No.1 in smart speaker shipments inChinafor 2020, according to IDC, Strategy Analytics and Canalys.</li><li>Xiaodu S12 smart pad for the education market was introduced in March with an MSRP of 1,699.</li><li>Baidu Kunlun completed its first round of funding at a post-money valuation of$2 billioninApril 2021. Kunlun chips are designed to optimize AI workload and improve cloud cost structure.</li></ul><i>Mobile Ecosystem</i></p><p><blockquote><ul><li>2021年3月，DuerOS每月语音查询达到66亿次，第一方语音查询达到39亿次。</li><li>根据IDC、Strategy Analytics和Canalys的数据，2020年，小度在全球智能显示器出货量中排名第一，在中国智能音箱出货量中排名第一。</li><li>面向教育市场的小度S12智能pad于3月份推出，建议零售价为1699英镑。</li><li>百度昆仑于2021年4月完成首轮融资，投后估值为20亿美元。昆仑芯片旨在优化AI工作负载，改善云成本结构。</li></ul><i>移动生态系统</i></blockquote></p><p><ul><li>Baidu has strengthened its strong Internet foundation with Baidu App monthly active users (MAUs) reaching 558 million and daily logged in users reaching over 75% inMarch 2021.</li><li>Baidu's AI building blocks are helping creators, service providers and merchants better engage with users and perform user life-time management:</li><li>BJH publisher accounts grew 40% year over year to reached 4.2 million.</li><li>Smart Mini Program MAUs reached 416 million, and the number of SMPs grew 74% from a year ago; and</li><li>Revenue from Managed Page accounted for 35% of Baidu Core's online marketing revenue, up from 21% a year ago.</li></ul><b><i>iQIYI</i></b></p><p><blockquote><ul><li>2021年3月，百度加强了其强大的互联网基础，百度应用月活跃用户（MAU）达到5.58亿，日登录用户达到75%以上。</li><li>百度的AI构建模块正在帮助创作者、服务提供商和商家更好地与用户互动并执行用户生命周期管理：</li><li>BJH出版商账户同比增长40%，达到420万。</li><li>智能小程序MAU达到4.16亿，SMP数量同比增长74%；和</li><li>来自托管页面的收入占百度核心在线营销收入的35%，高于一年前的21%。</li></ul><b><i>爱奇艺</i></b></blockquote></p><p>iQIYI subscribers reached 105.3 million as ofMarch 31, 2021, serving as a strong foundation to support its over 50 in-house studios and produce entertainment blockbuster originals. iQIYI's net loss narrowed toRMB1.3 billionin Q1 21, compared toRMB 2.9 billionfrom a year ago.</p><p><blockquote>截至2021年3月31日，爱奇艺订阅用户达到1.053亿，为支持其50多家内部工作室和制作原创娱乐大片奠定了坚实的基础。爱奇艺21年第一季度净亏损收窄至13亿元人民币，而去年同期为29亿元人民币。</blockquote></p><p><b>First Quarter 2021 Results</b></p><p><blockquote><b>2021年第一季度业绩</b></blockquote></p><p><b>Total revenues</b>wereRMB 28.1 billion($4.29 billion), increasing 25% year over year.</p><p><blockquote><b>总收入</b>为281亿人民币（42.9亿美元），同比增长25%。</blockquote></p><p><ul><li><b>Revenue from Baidu Core</b>&nbsp;was&nbsp;RMB 20.5 billion($3.13 billion), increasing 34% year over year.<b>Online marketing revenue</b>&nbsp;was&nbsp;RMB 16.3 billion($2.48 billion), up 27% year over year.<b>Non-marketing revenue</b>&nbsp;was&nbsp;RMB 4.2 billion($646 million), up 70% year over year, driven by cloud and other services.</li><li><b>Revenue from iQIYI</b>&nbsp;was&nbsp;RMB 8.0 billion($1.22 billion), increasing 4% year over year.</li></ul><b>Cost of revenues</b>&nbsp;was&nbsp;RMB 15.0 billion($2.29 billion), increasing 2% year over year, primarily due to an increase in traffic acquisition costs and cost of goods sold, offset by a decrease in content costs and the amortization/impairment of intangible assets.</p><p><blockquote><ul><li><b>百度核心收入</b>为205亿元人民币（31.3亿美元），同比增长34%。<b>网络营销收入</b>为163亿元人民币（24.8亿美元），同比增长27%。<b>非营销收入</b>在云和其他服务的推动下，销售额为42亿元人民币（6.46亿美元），同比增长70%。</li><li><b>爱奇艺收入</b>为80亿元人民币（12.2亿美元），同比增长4%。</li></ul><b>收入成本</b>为人民币150亿元（22.9亿美元），同比增长2%，主要是由于流量获取成本和销售成本增加，但被内容成本和无形资产摊销/减值的下降所抵消。</blockquote></p><p><b>Selling, general and administrative expenses</b>&nbsp;were&nbsp;RMB 5.2 billion($800 million), increasing 36% year over year, primarily due to an increase in channel spending and promotional expenses.</p><p><blockquote><b>销售、一般及行政开支</b>为52亿元人民币（8亿美元），同比增长36%，主要是由于渠道支出和促销费用的增加。</blockquote></p><p><b>Research and development expense</b>wasRMB 5.1 billion($778 million), increasing 15% year over year, primarily related to personnel-related expenses.</p><p><blockquote><b>研发费用</b>为51亿元人民币（7.78亿美元），同比增长15%，主要与人员相关费用有关。</blockquote></p><p></p><p><b>Operating income</b>&nbsp;was&nbsp;RMB 2.8 billion($426 million).<b>Baidu Core operating income</b>&nbsp;was&nbsp;RMB 3.8 billion($587 million), and Baidu Core operating margin was 19%.<b>Non-GAAP operating income</b>&nbsp;was&nbsp;RMB 4.4 billion($666 million).<b>Non-GAAP Baidu Core operating income</b>&nbsp;was&nbsp;RMB 5.1 billion($773 million), and non-GAAP Baidu Core operating margin was 25%.</p><p><blockquote><b>营业收入</b>为28亿元人民币（4.26亿美元）。<b>百度核心营业收入</b>为38亿元人民币（5.87亿美元），百度核心营业利润率为19%。<b>非公认会计准则营业收入</b>为44亿元人民币（6.66亿美元）。<b>非公认会计准则百度核心营业收入</b>为51亿元人民币（7.73亿美元），非公认会计准则百度核心营业利润率为25%。</blockquote></p><p><b>Total other income, net</b>&nbsp;was&nbsp;RMB 23.8 billion($3.63 billion), which included a fair value gain ofRMB 23.7 billionfrom long-term investments,&nbsp;mainly&nbsp;including a gain from the investment in Kuaishou Technology.</p><p><blockquote><b>其他收入总额，净额</b>为238亿元人民币（36.3亿美元），其中包括长期投资公允价值收益237亿元人民币，主要包括快手科技投资收益。</blockquote></p><p><b>Income tax expense</b>&nbsp;was&nbsp;RMB 1.5 billion($234 million), compared toRMB 198 millionlast year, primarily due to the increase in profit.</p><p><blockquote><b>所得税费用</b>为15亿元人民币（2.34亿美元），而去年为1.98亿元人民币，主要是由于利润增加。</blockquote></p><p><b>Net income attributable to Baidu</b>&nbsp;was&nbsp;RMB 25.7 billion($3.92 billion), and diluted earnings per ADS wasRMB 73.76($11.26).<b>Net income attributable to Baidu Core</b>&nbsp;was&nbsp;RMB 26.4 billion($4.02 billion).<b>Non-GAAP net income attributable to Baidu</b>&nbsp;was&nbsp;RMB 4.3 billion($656 million), and non-GAAP diluted earnings per ADS wasRMB 12.38($1.89).<b>Non-GAAP net income attributable to Baidu Core</b>&nbsp;was&nbsp;RMB 4.9 billion($743 million).</p><p><blockquote><b>归属于百度的净利润</b>为人民币257亿元（39.2亿美元），每股美国存托凭证摊薄收益为人民币73.76元（11.26美元）。<b>归属于百度核心净利润</b>为264亿元人民币（40.2亿美元）。<b>归属于百度的非公认会计准则净利润</b>为43亿元人民币（6.56亿美元），非GAAP摊薄每股美国存托凭证收益为12.38元人民币（1.89美元）。<b>归属于百度核心的非公认会计准则净利润</b>为49亿元人民币（7.43亿美元）。</blockquote></p><p><b>Adjusted EBITDA</b>&nbsp;was&nbsp;RMB 5.9 billion&nbsp;($901 million).<b>Adjusted EBITDA for Baidu Core</b>wasRMB 6.5 billion($990 million) and adjusted EBITDA margin for Baidu Core was 32%.</p><p><blockquote><b>调整后EBITDA</b>为59亿元人民币（9.01亿美元）。<b>百度核心调整后EBITDA</b>百度核心的营收为65亿元人民币（9.9亿美元），调整后EBITDA利润率为32%。</blockquote></p><p>As ofMarch 31, 2021,<b>cash, cash equivalents, restricted cash and short-term investments</b>&nbsp;were&nbsp;RMB 172.9 billion($26.40 billion), and&nbsp;<b>cash, cash equivalents, restricted cash and short-term investments excluding iQIYI</b>&nbsp;were&nbsp;RMB 159.6 billion($24.37 billion).<b>Free cash flow</b>&nbsp;was&nbsp;RMB 2.6 billion($400 million), and&nbsp;<b>free cash flow excluding iQIYI</b>&nbsp;was&nbsp;RMB 4.0 billion($615 million).</p><p><blockquote>截至2021年3月31日，<b>现金、现金等价物、受限制现金和短期投资</b>为人民币1,729亿元（264亿美元），以及<b>现金、现金等价物、限制性现金和短期投资（不包括爱奇艺）</b>为1596亿元人民币（243.7亿美元）。<b>自由现金流</b>为26亿元人民币（4亿美元），并且<b>不包括爱奇艺的自由现金流</b>为40亿元人民币（6.15亿美元）。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BIDU":"百度","09888":"百度集团-SW"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197358072","content_text":"Baidu, Inc. today announced its unaudited financial results for the first quarter ended March 31, 2021.“We are delighted to bring innovation across many sectors, including marketing cloud, enterprise cloud, smart transportation, autonomous driving, smart assistant and AI chip, through our decadelong investment in AI,” said Robin Li, co-founder and CEO of Baidu. “With AI powering the next stage of technology growth, many Baidu alumni have rejoined us, and our employees are energized from working on intelligent computing that can improve daily life and make the complex world simpler.”“Baidu Core delivered a strong first quarter with revenue growing 34% year over year, powered by non-advertising revenue growing 70% year over year,” said Herman Yu, CFO of Baidu. “We will continue to invest heavily in sales, R&D and operations to support the rapid growth of our AIpowered business.”Baidu stock surged 3.6% in aftermarket trading.Other HighlightsCorporateBaidu ranks Top 3 in cloud services and No.1 in the utilization of renewable energy for data centers, according to Greenpeace, a global environmental organization, based on itsApril 2021reportClean Cloud: Tracking Renewable Energy Use inChina'sTech Industry.Baidu released its annual ESG Report inFebruary 2021, which details Baidu's ESG policies and sustainability initiatives (http://esg.baidu.com/en/esg_download.html).OnMarch 23, 2021, Baidu listed on the HKEX (9888) through a global offering of 95,000,000 Class A ordinary shares, receiving$3.1 billionin net proceeds.Baidu returnedUS$300 millionto shareholders under the 2020 Share Repurchase Program this year, bringing the cumulative repurchase to$2.2 billionsince 2020.AI CloudBaidu EasyDL, a simple to use machine learning service, was rated No.1 in terms of usage inChina, per IDC inDecember 2020, topping the list for the second time.Baidu deep learning framework PaddlePaddle, upgraded to v2.0 inMarch 2021, was ranked among the Top 3 globally in terms of usage based on pull request, according to Github.A leading retail bank inChinaimplemented Baidu's AI PaaS, which has led to five follow-on purchases, including application to automate customer service and consumer loan approval, and the recent purchase of private cloud services.Baidu partnered with the online arm ofChina'slargest TV network CCTV to implement Baidu AI PaaS with capabilities to automate video clip creation and tagging from live broadcasting and use smart assistant to quickly locate desired video content. During an important annual event, Baidu enabledCCTV.comto simultaneously interview congressional meeting participants with AI reporters, powered by Baidu Brain, and timely share these interviews on the Internet.Chongqing, which implemented Apollo V2X last year, marking Baidu's entry into westernChina, signed with Apollo to make its smart transportation infrastructure 5G enabled, to support robotaxi ride hailing operation.Chengdu(Sichuan), a leader in science and technology development, signed with Apollo to implement V2X vehicle-to-road infrastructure.Intelligent DrivingApollo has accumulated 6.2 million miles of L4 autonomous driving testing on the road and 600 million miles of simulated testing since its founding in 2013.Apollo received permit to test autonomous driving at night and under special weather conditions on public roads inBeijing. Apollo also received permits to pilot fully autonomous driving inBeijing, Cangzhou (Hebei), andChangsha(Hunan).Apollo Go,China'sfirst fully autonomous ride-hailing, is now available at theShougang Park, a Beijing 2022 Winter Olympics site.Apollo Gobegins to charge for robotaxi ride hailing in Cangzhou, based on the distance traveled starting with a minimum fare, similarly to regular ride hailing.The total addressable market for robotaxi ride hailing will reachUS$224 billioninChinaby 2025, according to China Insights Consultancy, a market research and consulting company.Jidu Auto, an intelligent EV company established in partnership withZhejiang Geely Holding Group, appointedYiping Xiaas its CEO.Mr. Xiapreviously served as CTO at Mobike and held positions atFiat Chryslerand Ford.Guangzhou Automobile Group joins Apollo's network of over 10 leading automakers to install Apollo Self Driving (ASD) services in its new vehicles.Guidehouse Insights (previouslyNavigant Research) has rated Baidu in the \"leader\" category for the second consecutive year, the only Chinese company honored among the four AI companies selected globally for this category. Apollo's open platform, to empower Jidu and other automakers as well asApollo Gorobotaxi, puts Apollo in a unique position to be well funded and widely adopted.DuerOS for Auto, powering infotainment, has been installed in over 1.5 million new vehicles, recorded Q1 2021 installation more than doubled from the prior year.Other Growth InitiativesDuerOS monthly voice queries reached 6.6 billion with first-party voice queries reaching 3.9 billion inMarch 2021.Xiaodu ranked No.1 in smart display shipments globally and No.1 in smart speaker shipments inChinafor 2020, according to IDC, Strategy Analytics and Canalys.Xiaodu S12 smart pad for the education market was introduced in March with an MSRP of 1,699.Baidu Kunlun completed its first round of funding at a post-money valuation of$2 billioninApril 2021. Kunlun chips are designed to optimize AI workload and improve cloud cost structure.Mobile EcosystemBaidu has strengthened its strong Internet foundation with Baidu App monthly active users (MAUs) reaching 558 million and daily logged in users reaching over 75% inMarch 2021.Baidu's AI building blocks are helping creators, service providers and merchants better engage with users and perform user life-time management:BJH publisher accounts grew 40% year over year to reached 4.2 million.Smart Mini Program MAUs reached 416 million, and the number of SMPs grew 74% from a year ago; andRevenue from Managed Page accounted for 35% of Baidu Core's online marketing revenue, up from 21% a year ago.iQIYIiQIYI subscribers reached 105.3 million as ofMarch 31, 2021, serving as a strong foundation to support its over 50 in-house studios and produce entertainment blockbuster originals. iQIYI's net loss narrowed toRMB1.3 billionin Q1 21, compared toRMB 2.9 billionfrom a year ago.First Quarter 2021 ResultsTotal revenueswereRMB 28.1 billion($4.29 billion), increasing 25% year over year.Revenue from Baidu Core was RMB 20.5 billion($3.13 billion), increasing 34% year over year.Online marketing revenue was RMB 16.3 billion($2.48 billion), up 27% year over year.Non-marketing revenue was RMB 4.2 billion($646 million), up 70% year over year, driven by cloud and other services.Revenue from iQIYI was RMB 8.0 billion($1.22 billion), increasing 4% year over year.Cost of revenues was RMB 15.0 billion($2.29 billion), increasing 2% year over year, primarily due to an increase in traffic acquisition costs and cost of goods sold, offset by a decrease in content costs and the amortization/impairment of intangible assets.Selling, general and administrative expenses were RMB 5.2 billion($800 million), increasing 36% year over year, primarily due to an increase in channel spending and promotional expenses.Research and development expensewasRMB 5.1 billion($778 million), increasing 15% year over year, primarily related to personnel-related expenses.Operating income was RMB 2.8 billion($426 million).Baidu Core operating income was RMB 3.8 billion($587 million), and Baidu Core operating margin was 19%.Non-GAAP operating income was RMB 4.4 billion($666 million).Non-GAAP Baidu Core operating income was RMB 5.1 billion($773 million), and non-GAAP Baidu Core operating margin was 25%.Total other income, net was RMB 23.8 billion($3.63 billion), which included a fair value gain ofRMB 23.7 billionfrom long-term investments, mainly including a gain from the investment in Kuaishou Technology.Income tax expense was RMB 1.5 billion($234 million), compared toRMB 198 millionlast year, primarily due to the increase in profit.Net income attributable to Baidu was RMB 25.7 billion($3.92 billion), and diluted earnings per ADS wasRMB 73.76($11.26).Net income attributable to Baidu Core was RMB 26.4 billion($4.02 billion).Non-GAAP net income attributable to Baidu was RMB 4.3 billion($656 million), 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have been falling.","listText":"Price have been falling.","text":"Price have been falling.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/107940718","repostId":"1109242767","repostType":2,"isVote":1,"tweetType":1,"viewCount":481,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112546259,"gmtCreate":1622892939171,"gmtModify":1634097027945,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"Apple drop sometimes, no worry.","listText":"Apple drop sometimes, no worry.","text":"Apple drop sometimes, no worry.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/112546259","repostId":"1194036411","repostType":2,"repost":{"id":"1194036411","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1622852714,"share":"https://www.laohu8.com/m/news/1194036411?lang=zh_CN&edition=full","pubTime":"2021-06-05 08:25","market":"us","language":"en","title":"What Are The Short- And Long-Term Outlooks For Apple Stock?<blockquote>苹果股票的短期和长期前景如何？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194036411","media":"Benzinga","summary":"With Apple Inc.'s (NASDAQ:AAPL) recent underperformance, the panel on CNBC's \"Fast Money Halftime Re","content":"<p><img src=\"https://static.tigerbbs.com/a5e718489c14a810bc6ba301179aacd0\" tg-width=\"720\" tg-height=\"378\"></p><p><blockquote></blockquote></p><p> With&nbsp;<b>Apple Inc.'s</b>&nbsp;(NASDAQ:AAPL)&nbsp;recent underperformance, the panel on&nbsp;CNBC's \"Fast Money Halftime Report\" on Friday discussed possible&nbsp;outlooks.</p><p><blockquote>与<b>苹果公司的</b>（纳斯达克：AAPL）最近表现不佳，周五CNBC的“快钱半场报告”小组讨论了可能的前景。</blockquote></p><p> <b>Short-Term Catalyst:</b>Although Apple has traded sideways recently, its Worldwide Developers Conference could be the catalyst that takes the stock higher,&nbsp;Market Rebellion co-founder Pete Najarian told CNBC.</p><p><blockquote><b>短期催化剂：</b>Market Rebellion联合创始人皮特·纳贾里安(Pete Najarian)告诉CNBC，尽管苹果最近横盘整理，但其全球开发者大会可能会成为该股走高的催化剂。</blockquote></p><p> Apple's margins, earnings and free cash flow are all increasing, he&nbsp;said, adding that after its recent pause, the stock seems primed for another move to the upside.</p><p><blockquote>他表示，苹果的利润率、盈利和自由现金流都在增加，并补充说，在最近的暂停之后，该股似乎准备好再次上涨。</blockquote></p><p> Najarian bought&nbsp;Apple call options this week after seeing a spike in call buying activity.</p><p><blockquote>在看到看涨期权购买活动激增后，纳贾里安本周购买了苹果·看涨期权期权。</blockquote></p><p> Apple is scheduled to have its&nbsp;Worldwide Developers Conference&nbsp;on June 7.</p><p><blockquote>苹果定于6月7日举行全球开发者大会。</blockquote></p><p> <b>Long-Term Outlook:</b>Cerity Partners' Jim Lebenthal has&nbsp;a longer-term outlook on Apple.</p><p><blockquote><b>长期展望：</b>Cerity Partners的Jim Lebenthal对苹果有更长远的看法。</blockquote></p><p> Apple has grown at a 40% compound annual growth rate over the last five years, Lebenthal told CNBC.</p><p><blockquote>Lebenthal告诉CNBC，过去五年苹果的复合年增长率为40%。</blockquote></p><p> The stock has been \"stuck in the mud\" for the last nine months, he said, adding that he expects the stock to trend higher after it announces&nbsp;another blowout&nbsp;earnings report during the next earnings season.</p><p><blockquote>他表示，该股在过去九个月里一直“陷入困境”，并补充说，他预计该股在下一个财报季宣布另一份井喷式财报后将呈走高趋势。</blockquote></p><p> Apple is buying back shares while the stock sits at depressed levels, which will benefit the company's earnings power, he noted.</p><p><blockquote>他指出，苹果正在股价处于低迷水平时回购股票，这将有利于公司的盈利能力。</blockquote></p><p> Over the next one to three years, the stock will trade much higher, Lebenthal said, adding he expects the stock to trade at $150 per share by the end of 2021.</p><p><blockquote>Lebenthal表示，未来一到三年，该股的交易价格将大幅上涨，并补充说，他预计到2021年底该股的交易价格将达到每股150美元。</blockquote></p><p> <b>AAPL Price Action:</b>Apple has traded as high as $145.09 and as low as $80.19 over a 52-week period. It is down 5.31% year-to-date.</p><p><blockquote><b>AAPL价格走势：</b>苹果在52周内的交易价格最高为145.09美元，最低为80.19美元。今年迄今已下跌5.31%。</blockquote></p><p> At last check Friday at publication, the stock was up 1.90% at $125.89.</p><p><blockquote>截至周五发布时的最后一次检查，该股上涨1.90%，至125.89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>What Are The Short- And Long-Term Outlooks For Apple Stock?<blockquote>苹果股票的短期和长期前景如何？</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\">\nWhat Are The Short- And Long-Term Outlooks For Apple Stock?<blockquote>苹果股票的短期和长期前景如何？</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 </p>\n<p class=\"h-time smaller\">2021-06-05 08:25</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/a5e718489c14a810bc6ba301179aacd0\" tg-width=\"720\" tg-height=\"378\"></p><p><blockquote></blockquote></p><p> With&nbsp;<b>Apple Inc.'s</b>&nbsp;(NASDAQ:AAPL)&nbsp;recent underperformance, the panel on&nbsp;CNBC's \"Fast Money Halftime Report\" on Friday discussed possible&nbsp;outlooks.</p><p><blockquote>与<b>苹果公司的</b>（纳斯达克：AAPL）最近表现不佳，周五CNBC的“快钱半场报告”小组讨论了可能的前景。</blockquote></p><p> <b>Short-Term Catalyst:</b>Although Apple has traded sideways recently, its Worldwide Developers Conference could be the catalyst that takes the stock higher,&nbsp;Market Rebellion co-founder Pete Najarian told CNBC.</p><p><blockquote><b>短期催化剂：</b>Market Rebellion联合创始人皮特·纳贾里安(Pete Najarian)告诉CNBC，尽管苹果最近横盘整理，但其全球开发者大会可能会成为该股走高的催化剂。</blockquote></p><p> Apple's margins, earnings and free cash flow are all increasing, he&nbsp;said, adding that after its recent pause, the stock seems primed for another move to the upside.</p><p><blockquote>他表示，苹果的利润率、盈利和自由现金流都在增加，并补充说，在最近的暂停之后，该股似乎准备好再次上涨。</blockquote></p><p> Najarian bought&nbsp;Apple call options this week after seeing a spike in call buying activity.</p><p><blockquote>在看到看涨期权购买活动激增后，纳贾里安本周购买了苹果·看涨期权期权。</blockquote></p><p> Apple is scheduled to have its&nbsp;Worldwide Developers Conference&nbsp;on June 7.</p><p><blockquote>苹果定于6月7日举行全球开发者大会。</blockquote></p><p> <b>Long-Term Outlook:</b>Cerity Partners' Jim Lebenthal has&nbsp;a longer-term outlook on Apple.</p><p><blockquote><b>长期展望：</b>Cerity Partners的Jim Lebenthal对苹果有更长远的看法。</blockquote></p><p> Apple has grown at a 40% compound annual growth rate over the last five years, Lebenthal told CNBC.</p><p><blockquote>Lebenthal告诉CNBC，过去五年苹果的复合年增长率为40%。</blockquote></p><p> The stock has been \"stuck in the mud\" for the last nine months, he said, adding that he expects the stock to trend higher after it announces&nbsp;another blowout&nbsp;earnings report during the next earnings season.</p><p><blockquote>他表示，该股在过去九个月里一直“陷入困境”，并补充说，他预计该股在下一个财报季宣布另一份井喷式财报后将呈走高趋势。</blockquote></p><p> Apple is buying back shares while the stock sits at depressed levels, which will benefit the company's earnings power, he noted.</p><p><blockquote>他指出，苹果正在股价处于低迷水平时回购股票，这将有利于公司的盈利能力。</blockquote></p><p> Over the next one to three years, the stock will trade much higher, Lebenthal said, adding he expects the stock to trade at $150 per share by the end of 2021.</p><p><blockquote>Lebenthal表示，未来一到三年，该股的交易价格将大幅上涨，并补充说，他预计到2021年底该股的交易价格将达到每股150美元。</blockquote></p><p> <b>AAPL Price Action:</b>Apple has traded as high as $145.09 and as low as $80.19 over a 52-week period. It is down 5.31% year-to-date.</p><p><blockquote><b>AAPL价格走势：</b>苹果在52周内的交易价格最高为145.09美元，最低为80.19美元。今年迄今已下跌5.31%。</blockquote></p><p> At last check Friday at publication, the stock was up 1.90% at $125.89.</p><p><blockquote>截至周五发布时的最后一次检查，该股上涨1.90%，至125.89美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194036411","content_text":"With Apple Inc.'s (NASDAQ:AAPL) recent underperformance, the panel on CNBC's \"Fast Money Halftime Report\" on Friday discussed possible outlooks.\nShort-Term Catalyst:Although Apple has traded sideways recently, its Worldwide Developers Conference could be the catalyst that takes the stock higher, Market Rebellion co-founder Pete Najarian told CNBC.\nApple's margins, earnings and free cash flow are all increasing, he said, adding that after its recent pause, the stock seems primed for another move to the upside.\nNajarian bought Apple call options this week after seeing a spike in call buying activity.\nApple is scheduled to have its Worldwide Developers Conference on June 7.\nLong-Term Outlook:Cerity Partners' Jim Lebenthal has a longer-term outlook on Apple.\nApple has grown at a 40% compound annual growth rate over the last five years, Lebenthal told CNBC.\nThe stock has been \"stuck in the mud\" for the last nine months, he said, adding that he expects the stock to trend higher after it announces another blowout earnings report during the next earnings season.\nApple is buying back shares while the stock sits at depressed levels, which will benefit the company's earnings power, he noted.\nOver the next one to three years, the stock will trade much higher, Lebenthal said, adding he expects the stock to trade at $150 per share by the end of 2021.\nAAPL Price Action:Apple has traded as high as $145.09 and as low as $80.19 over a 52-week period. It is down 5.31% year-to-date.\nAt last check Friday at publication, the stock was up 1.90% at $125.89.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1853,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192309884,"gmtCreate":1621141504648,"gmtModify":1631887074193,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/Y92.SI\">$THAI BEVERAGE PUBLIC CO LTD(Y92.SI)$</a>hope to get at lower price next week.","listText":"<a href=\"https://laohu8.com/S/Y92.SI\">$THAI BEVERAGE PUBLIC CO LTD(Y92.SI)$</a>hope to get at lower price next week.","text":"$THAI BEVERAGE PUBLIC CO LTD(Y92.SI)$hope to get at lower price next week.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/192309884","isVote":1,"tweetType":1,"viewCount":1045,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":196201222,"gmtCreate":1621053319466,"gmtModify":1631886364191,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/C52.SI\">$COMFORTDELGRO CORPORATION LTD(C52.SI)$</a>hope for $1.50&nbsp;below to buy.","listText":"<a href=\"https://laohu8.com/S/C52.SI\">$COMFORTDELGRO CORPORATION LTD(C52.SI)$</a>hope for $1.50&nbsp;below to buy.","text":"$COMFORTDELGRO CORPORATION LTD(C52.SI)$hope for $1.50 below to buy.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/196201222","isVote":1,"tweetType":1,"viewCount":506,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193465859,"gmtCreate":1620811204671,"gmtModify":1634196130358,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"miss the buy.","listText":"miss the buy.","text":"miss the buy.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/193465859","repostId":"2134696400","repostType":4,"isVote":1,"tweetType":1,"viewCount":671,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":132711719,"gmtCreate":1622115216231,"gmtModify":1634183741619,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"Should have bought last week&nbsp;[叹气]&nbsp;","listText":"Should have bought last week&nbsp;[叹气]&nbsp;","text":"Should have bought last week [叹气]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/132711719","repostId":"1167309966","repostType":2,"isVote":1,"tweetType":1,"viewCount":901,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":192877664,"gmtCreate":1621199668058,"gmtModify":1634193533979,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"[呆住]&nbsp;","listText":"[呆住]&nbsp;","text":"[呆住]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/192877664","repostId":"2135603303","repostType":2,"isVote":1,"tweetType":1,"viewCount":682,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":192303496,"gmtCreate":1621141685715,"gmtModify":1634193769029,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"Wonder what is her reason?","listText":"Wonder what is her reason?","text":"Wonder what is her reason?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/192303496","repostId":"1112285344","repostType":2,"isVote":1,"tweetType":1,"viewCount":483,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":196428715,"gmtCreate":1621095229737,"gmtModify":1631884327301,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"Hope IPO relaunch soon.","listText":"Hope IPO relaunch soon.","text":"Hope IPO relaunch soon.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/196428715","repostId":"1100135820","repostType":2,"isVote":1,"tweetType":1,"viewCount":619,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124559500,"gmtCreate":1624774064900,"gmtModify":1633948729162,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"by end-Aug.//<a href=\"https://laohu8.com/U/3576548445202771\">@SophieJin</a>: How long?","listText":"by end-Aug.//<a href=\"https://laohu8.com/U/3576548445202771\">@SophieJin</a>: How long?","text":"by end-Aug.//@SophieJin: How long?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/124559500","repostId":"1164137597","repostType":4,"isVote":1,"tweetType":1,"viewCount":1495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184382598,"gmtCreate":1623684501114,"gmtModify":1634030079454,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"He keep the music playing","listText":"He keep the music playing","text":"He keep the music playing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/184382598","repostId":"2143892897","repostType":2,"isVote":1,"tweetType":1,"viewCount":1694,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188985061,"gmtCreate":1623419455153,"gmtModify":1634033453207,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"Until July","listText":"Until July","text":"Until July","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/188985061","repostId":"1180091968","repostType":2,"repost":{"id":"1180091968","kind":"news","pubTimestamp":1623403203,"share":"https://www.laohu8.com/m/news/1180091968?lang=zh_CN&edition=full","pubTime":"2021-06-11 17:20","market":"us","language":"en","title":"How Much Longer Will Alibaba Stay Cheap?<blockquote>阿里巴巴-SW还会保持便宜多久？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180091968","media":"Seekingalpha","summary":"Summary\n\nDown over the past year, shares of Alibaba have not participated with the general rally in ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Down over the past year, shares of Alibaba have not participated with the general rally in the markets.</li>  <li>Alibaba is a strong business with accelerating free cash flow generation and a clean balance sheet. The company has deep pockets to continue growing.</li>  <li>The valuation that shares trade at is compressed, but seems poised to rebound. Fundamentals eventually steer the share price.</li> </ul> E-commerce has been a powerful investing theme throughout the pandemic. While many stocks that sell over the internet have been thriving, Chinese conglomerate Alibaba Group Holding Limited (BABA) has been a notable laggard. Shares of Alibaba are in the red over the past year, while the S&amp;P 500 has ripped higher, gaining 32%.</p><p><blockquote><ul><li>阿里巴巴-SW股价在过去一年下跌后，并未参与市场的普遍上涨。</li><li>阿里巴巴-SW是一家实力强劲的企业，拥有加速的自由现金流生成和干净的资产负债表。该公司财力雄厚，可以继续发展。</li><li>股票交易估值被压缩，但似乎有望反弹。基本面最终会引导股价。</li></ul>在整个疫情，电子商务一直是一个强有力的投资主题。尽管许多通过互联网销售的股票一直蓬勃发展，但中国企业集团阿里巴巴-SW集团控股有限公司（BABA）却明显落后。阿里巴巴-SW的股价在过去一年中一直处于亏损状态，而标普500则大幅上涨，上涨了32%。</blockquote></p><p> Alibaba has been caught in some controversy surrounding thefailed IPOof Ant Group and its founderJack Ma. While the market has focused on these distractions, the actual underlying business of Alibaba is performing at a high level. With strong fundamentals and rapidly growing free cash flow, it's only a matter of time before the market begins to focus on what matters...the business. We will outline our investment thesis below.</p><p><blockquote>围绕蚂蚁集团及其创始人马云的IPO失败，阿里巴巴-SW陷入了一些争议。虽然市场关注这些干扰因素，但阿里巴巴-SW的实际基础业务表现却很高。凭借强劲的基本面和快速增长的自由现金流，市场开始关注重要的事情只是时间问题……业务。我们将在下面概述我们的投资论点。</blockquote></p><p> <b>Free Cash Flow Growth Is Stellar</b></p><p><blockquote><b>自由现金流增长惊人</b></blockquote></p><p> Alibaba is a frequently covered business on Seeking Alpha, so I won't rehash the basics about the business or dive into the political controversy that has plagued the stock. Instead, I want to focus on the financial inflection point that Alibaba has recently hit.</p><p><blockquote>阿里巴巴-SW是Seeking Alpha上经常报道的业务，因此我不会重复该业务的基础知识，也不会深入探讨困扰该股的政治争议。相反，我想重点谈谈阿里巴巴-SW最近遇到的金融拐点。</blockquote></p><p> The company ended its fiscal year at the end of March. What we see is a diversified business with several growing segments that align with macroeconomic trends.</p><p><blockquote>该公司于三月底结束了财年。我们看到的是一个多元化的业务，有几个不断增长的细分市场与宏观经济趋势保持一致。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/862988aec2c33c72dc1786de483f952a\" tg-width=\"640\" tg-height=\"391\" referrerpolicy=\"no-referrer\">source: Alibaba Group Holding Limited</p><p><blockquote>资料来源：阿里巴巴-SW集团控股有限公司</blockquote></p><p> The largest revenue contributor, of course, is the company's retail operations. While its commerce segment continues to narrate revenue growth (total core commerce grew 2020 revenues 42% versus company revenues growing 41%), some smaller segments are showing strong growth.</p><p><blockquote>当然，最大的收入贡献者是公司的零售业务。虽然其商业部门继续实现收入增长（2020年核心商业总收入增长42%，而公司收入增长41%），但一些较小的部门也显示出强劲增长。</blockquote></p><p> For example, Alibaba's cloud computing operations grew 50% in 2020, and its new retail and direct sales businesses grew 94% year-over-year. What is most promising is that Alibaba is accelerating its free cash flow growth in recent years. The company's $26.35 billion in 2021 FCF is a 29% year-over-year jump from 2020. Alibaba grew FCF 25% from 2019 to 2020.</p><p><blockquote>例如，阿里巴巴-SW的云计算业务在2020年增长了50%，新零售和直销业务同比增长了94%。最有希望的是，阿里巴巴-SW近年来正在加速其自由现金流的增长。该公司2021年自由现金流为263.5亿美元，较2020年同比增长29%。从2019年到2020年，阿里巴巴-SW的自由现金流增长了25%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ba9d4b224eedbd99d8d22f0a2092b204\" tg-width=\"640\" tg-height=\"98\" referrerpolicy=\"no-referrer\">source: Alibaba Holding Group Limited</p><p><blockquote>资料来源：阿里巴巴-SW控股集团有限公司</blockquote></p><p> With $72 billion in cash on hand as of March 31st and the business generating more than $26 billion in free cash flow, Alibaba has deep pockets to develop its growing business segments and seek out opportunities to create new growth with M&amp;A or other developments.</p><p><blockquote>截至3月31日，阿里巴巴-SW手头现金为720亿美元，该业务产生了超过260亿美元的自由现金流，拥有雄厚的财力来发展其不断增长的业务部门，并寻找机会通过并购或其他发展创造新的增长。</blockquote></p><p> <b>How Long Can Alibaba Stay \"Cheap\"?</b></p><p><blockquote><b>阿里巴巴-SW还能“便宜”多久？</b></blockquote></p><p> It's hard to understand just how beaten down Alibaba's stock is until you look at things from a free cash flow perspective. Alibaba is currently trading with an FCF yield approaching 6%. By comparison, the next highest FCF yield is Amazon (AMZN), with a yield of just 1.3%.</p><p><blockquote>除非你从自由现金流的角度看待问题，否则很难理解阿里巴巴-SW的股票有多下跌。阿里巴巴-SW目前的自由现金流收益率接近6%。相比之下，FCF收益率第二高的是亚马逊（AMZN），收益率仅为1.3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3423f615c0dc856b040442e4ff17b78f\" tg-width=\"640\" tg-height=\"521\" referrerpolicy=\"no-referrer\">source: YCharts</p><p><blockquote>资料来源：YCharts</blockquote></p><p> This is a tremendous discount to Alibaba's peer group, despite the company accelerating FCF growth and having a ton of cash on hand. And because Alibaba is a healthy and growing company, the stock is poised to become even more attractively valued.</p><p><blockquote>尽管阿里巴巴-SW的自由现金流正在加速增长并且手头拥有大量现金，但这对该公司的同行来说是一个巨大的折扣。由于阿里巴巴-SW是一家健康且不断增长的公司，该股的估值将变得更具吸引力。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6d76517c900c76b94c5bd4aaf02ec91a\" tg-width=\"640\" tg-height=\"226\" referrerpolicy=\"no-referrer\">source: Seeking Alpha</p><p><blockquote>资料来源：寻求阿尔法</blockquote></p><p> The company is estimated to continue growing revenues at a swift clip, approaching $210 billion in annual revenue over the next three years. If we apply the company's 24% conversion rate of revenue to FCF, that will give us 2024 FCF of $50 billion. In other words, an FCF yield of 8.6% on today's share price. This is simply something you don't often see for a company's stock growing so rapidly at such an already large size.</p><p><blockquote>预计该公司的收入将继续快速增长，未来三年收入将接近2100亿美元。如果我们将公司24%的收入转化率应用于FCF，那么2024年FCF将达到500亿美元。换句话说，按今天的股价计算，FCF收益率为8.6%。对于一家公司的股票在规模如此之大的情况下增长如此之快，这是你不常见到的。</blockquote></p><p> The stock is clearly being punished for some of the drama that Alibaba has faced over the past year and some of the current tension between the United States and China. This is a risk that investors need to keep in mind, as anything can happen, and Alibaba may become collateral damage of political conflict. However, if it becomes clear to the market that the outlook is promising, Alibaba could aggressively rerate. Even if Alibaba saw its FCF yield fall to around 3%, it would imply an upside in shares of 46%. This would put Alibaba at an enterprise value of more than $800 billion, but I believe those shoes the company could certainly fill.</p><p><blockquote>该股显然因阿里巴巴-SW过去一年面临的一些戏剧性事件以及当前中美之间的一些紧张局势而受到惩罚。这是投资者需要牢记的风险，因为任何事情都可能发生，阿里巴巴-SW可能成为政治冲突的附带损害。然而，如果市场清楚地看到前景看好，阿里巴巴-SW可能会大幅重新评级。即使阿里巴巴-SW的FCF收益率跌至3%左右，也意味着股价上涨46%。这将使阿里巴巴-SW的企业价值超过8000亿美元，但我相信该公司肯定可以填补这些空缺。</blockquote></p><p> <b>Wrapping Up</b></p><p><blockquote><b>包装</b></blockquote></p><p></p><p> Alibaba is a fantastic business that has been caught up in some political drama. Despite its size, the company is growing rapidly, is profitable, and generates tons of free cash flow. Investors cannot ignore the political risks, but the upside is tremendous for brave and patient investors.</p><p><blockquote>阿里巴巴-SW是一个奇妙的企业，却陷入了一些政治戏剧。尽管规模很大，但该公司发展迅速，盈利，并产生大量自由现金流。投资者不能忽视政治风险，但对于勇敢和耐心的投资者来说，上行空间是巨大的。</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>How Much Longer Will Alibaba Stay Cheap?<blockquote>阿里巴巴-SW还会保持便宜多久？</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\">\nHow Much Longer Will Alibaba Stay Cheap?<blockquote>阿里巴巴-SW还会保持便宜多久？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seekingalpha</strong><span class=\"h-time small\">2021-06-11 17:20</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>Down over the past year, shares of Alibaba have not participated with the general rally in the markets.</li>  <li>Alibaba is a strong business with accelerating free cash flow generation and a clean balance sheet. The company has deep pockets to continue growing.</li>  <li>The valuation that shares trade at is compressed, but seems poised to rebound. Fundamentals eventually steer the share price.</li> </ul> E-commerce has been a powerful investing theme throughout the pandemic. While many stocks that sell over the internet have been thriving, Chinese conglomerate Alibaba Group Holding Limited (BABA) has been a notable laggard. Shares of Alibaba are in the red over the past year, while the S&amp;P 500 has ripped higher, gaining 32%.</p><p><blockquote><ul><li>阿里巴巴-SW股价在过去一年下跌后，并未参与市场的普遍上涨。</li><li>阿里巴巴-SW是一家实力强劲的企业，拥有加速的自由现金流生成和干净的资产负债表。该公司财力雄厚，可以继续发展。</li><li>股票交易估值被压缩，但似乎有望反弹。基本面最终会引导股价。</li></ul>在整个疫情，电子商务一直是一个强有力的投资主题。尽管许多通过互联网销售的股票一直蓬勃发展，但中国企业集团阿里巴巴-SW集团控股有限公司（BABA）却明显落后。阿里巴巴-SW的股价在过去一年中一直处于亏损状态，而标普500则大幅上涨，上涨了32%。</blockquote></p><p> Alibaba has been caught in some controversy surrounding thefailed IPOof Ant Group and its founderJack Ma. While the market has focused on these distractions, the actual underlying business of Alibaba is performing at a high level. With strong fundamentals and rapidly growing free cash flow, it's only a matter of time before the market begins to focus on what matters...the business. We will outline our investment thesis below.</p><p><blockquote>围绕蚂蚁集团及其创始人马云的IPO失败，阿里巴巴-SW陷入了一些争议。虽然市场关注这些干扰因素，但阿里巴巴-SW的实际基础业务表现却很高。凭借强劲的基本面和快速增长的自由现金流，市场开始关注重要的事情只是时间问题……业务。我们将在下面概述我们的投资论点。</blockquote></p><p> <b>Free Cash Flow Growth Is Stellar</b></p><p><blockquote><b>自由现金流增长惊人</b></blockquote></p><p> Alibaba is a frequently covered business on Seeking Alpha, so I won't rehash the basics about the business or dive into the political controversy that has plagued the stock. Instead, I want to focus on the financial inflection point that Alibaba has recently hit.</p><p><blockquote>阿里巴巴-SW是Seeking Alpha上经常报道的业务，因此我不会重复该业务的基础知识，也不会深入探讨困扰该股的政治争议。相反，我想重点谈谈阿里巴巴-SW最近遇到的金融拐点。</blockquote></p><p> The company ended its fiscal year at the end of March. What we see is a diversified business with several growing segments that align with macroeconomic trends.</p><p><blockquote>该公司于三月底结束了财年。我们看到的是一个多元化的业务，有几个不断增长的细分市场与宏观经济趋势保持一致。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/862988aec2c33c72dc1786de483f952a\" tg-width=\"640\" tg-height=\"391\" referrerpolicy=\"no-referrer\">source: Alibaba Group Holding Limited</p><p><blockquote>资料来源：阿里巴巴-SW集团控股有限公司</blockquote></p><p> The largest revenue contributor, of course, is the company's retail operations. While its commerce segment continues to narrate revenue growth (total core commerce grew 2020 revenues 42% versus company revenues growing 41%), some smaller segments are showing strong growth.</p><p><blockquote>当然，最大的收入贡献者是公司的零售业务。虽然其商业部门继续实现收入增长（2020年核心商业总收入增长42%，而公司收入增长41%），但一些较小的部门也显示出强劲增长。</blockquote></p><p> For example, Alibaba's cloud computing operations grew 50% in 2020, and its new retail and direct sales businesses grew 94% year-over-year. What is most promising is that Alibaba is accelerating its free cash flow growth in recent years. The company's $26.35 billion in 2021 FCF is a 29% year-over-year jump from 2020. Alibaba grew FCF 25% from 2019 to 2020.</p><p><blockquote>例如，阿里巴巴-SW的云计算业务在2020年增长了50%，新零售和直销业务同比增长了94%。最有希望的是，阿里巴巴-SW近年来正在加速其自由现金流的增长。该公司2021年自由现金流为263.5亿美元，较2020年同比增长29%。从2019年到2020年，阿里巴巴-SW的自由现金流增长了25%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ba9d4b224eedbd99d8d22f0a2092b204\" tg-width=\"640\" tg-height=\"98\" referrerpolicy=\"no-referrer\">source: Alibaba Holding Group Limited</p><p><blockquote>资料来源：阿里巴巴-SW控股集团有限公司</blockquote></p><p> With $72 billion in cash on hand as of March 31st and the business generating more than $26 billion in free cash flow, Alibaba has deep pockets to develop its growing business segments and seek out opportunities to create new growth with M&amp;A or other developments.</p><p><blockquote>截至3月31日，阿里巴巴-SW手头现金为720亿美元，该业务产生了超过260亿美元的自由现金流，拥有雄厚的财力来发展其不断增长的业务部门，并寻找机会通过并购或其他发展创造新的增长。</blockquote></p><p> <b>How Long Can Alibaba Stay \"Cheap\"?</b></p><p><blockquote><b>阿里巴巴-SW还能“便宜”多久？</b></blockquote></p><p> It's hard to understand just how beaten down Alibaba's stock is until you look at things from a free cash flow perspective. Alibaba is currently trading with an FCF yield approaching 6%. By comparison, the next highest FCF yield is Amazon (AMZN), with a yield of just 1.3%.</p><p><blockquote>除非你从自由现金流的角度看待问题，否则很难理解阿里巴巴-SW的股票有多下跌。阿里巴巴-SW目前的自由现金流收益率接近6%。相比之下，FCF收益率第二高的是亚马逊（AMZN），收益率仅为1.3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3423f615c0dc856b040442e4ff17b78f\" tg-width=\"640\" tg-height=\"521\" referrerpolicy=\"no-referrer\">source: YCharts</p><p><blockquote>资料来源：YCharts</blockquote></p><p> This is a tremendous discount to Alibaba's peer group, despite the company accelerating FCF growth and having a ton of cash on hand. And because Alibaba is a healthy and growing company, the stock is poised to become even more attractively valued.</p><p><blockquote>尽管阿里巴巴-SW的自由现金流正在加速增长并且手头拥有大量现金，但这对该公司的同行来说是一个巨大的折扣。由于阿里巴巴-SW是一家健康且不断增长的公司，该股的估值将变得更具吸引力。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6d76517c900c76b94c5bd4aaf02ec91a\" tg-width=\"640\" tg-height=\"226\" referrerpolicy=\"no-referrer\">source: Seeking Alpha</p><p><blockquote>资料来源：寻求阿尔法</blockquote></p><p> The company is estimated to continue growing revenues at a swift clip, approaching $210 billion in annual revenue over the next three years. If we apply the company's 24% conversion rate of revenue to FCF, that will give us 2024 FCF of $50 billion. In other words, an FCF yield of 8.6% on today's share price. This is simply something you don't often see for a company's stock growing so rapidly at such an already large size.</p><p><blockquote>预计该公司的收入将继续快速增长，未来三年收入将接近2100亿美元。如果我们将公司24%的收入转化率应用于FCF，那么2024年FCF将达到500亿美元。换句话说，按今天的股价计算，FCF收益率为8.6%。对于一家公司的股票在规模如此之大的情况下增长如此之快，这是你不常见到的。</blockquote></p><p> The stock is clearly being punished for some of the drama that Alibaba has faced over the past year and some of the current tension between the United States and China. This is a risk that investors need to keep in mind, as anything can happen, and Alibaba may become collateral damage of political conflict. However, if it becomes clear to the market that the outlook is promising, Alibaba could aggressively rerate. Even if Alibaba saw its FCF yield fall to around 3%, it would imply an upside in shares of 46%. This would put Alibaba at an enterprise value of more than $800 billion, but I believe those shoes the company could certainly fill.</p><p><blockquote>该股显然因阿里巴巴-SW过去一年面临的一些戏剧性事件以及当前中美之间的一些紧张局势而受到惩罚。这是投资者需要牢记的风险，因为任何事情都可能发生，阿里巴巴-SW可能成为政治冲突的附带损害。然而，如果市场清楚地看到前景看好，阿里巴巴-SW可能会大幅重新评级。即使阿里巴巴-SW的FCF收益率跌至3%左右，也意味着股价上涨46%。这将使阿里巴巴-SW的企业价值超过8000亿美元，但我相信该公司肯定可以填补这些空缺。</blockquote></p><p> <b>Wrapping Up</b></p><p><blockquote><b>包装</b></blockquote></p><p></p><p> Alibaba is a fantastic business that has been caught up in some political drama. Despite its size, the company is growing rapidly, is profitable, and generates tons of free cash flow. Investors cannot ignore the political risks, but the upside is tremendous for brave and patient investors.</p><p><blockquote>阿里巴巴-SW是一个奇妙的企业，却陷入了一些政治戏剧。尽管规模很大，但该公司发展迅速，盈利，并产生大量自由现金流。投资者不能忽视政治风险，但对于勇敢和耐心的投资者来说，上行空间是巨大的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4434229-how-much-longer-will-alibaba-stay-cheap\">Seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴","09988":"阿里巴巴-W"},"source_url":"https://seekingalpha.com/article/4434229-how-much-longer-will-alibaba-stay-cheap","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180091968","content_text":"Summary\n\nDown over the past year, shares of Alibaba have not participated with the general rally in the markets.\nAlibaba is a strong business with accelerating free cash flow generation and a clean balance sheet. The company has deep pockets to continue growing.\nThe valuation that shares trade at is compressed, but seems poised to rebound. Fundamentals eventually steer the share price.\n\nE-commerce has been a powerful investing theme throughout the pandemic. While many stocks that sell over the internet have been thriving, Chinese conglomerate Alibaba Group Holding Limited (BABA) has been a notable laggard. Shares of Alibaba are in the red over the past year, while the S&P 500 has ripped higher, gaining 32%.\nAlibaba has been caught in some controversy surrounding thefailed IPOof Ant Group and its founderJack Ma. While the market has focused on these distractions, the actual underlying business of Alibaba is performing at a high level. With strong fundamentals and rapidly growing free cash flow, it's only a matter of time before the market begins to focus on what matters...the business. We will outline our investment thesis below.\nFree Cash Flow Growth Is Stellar\nAlibaba is a frequently covered business on Seeking Alpha, so I won't rehash the basics about the business or dive into the political controversy that has plagued the stock. Instead, I want to focus on the financial inflection point that Alibaba has recently hit.\nThe company ended its fiscal year at the end of March. What we see is a diversified business with several growing segments that align with macroeconomic trends.\nsource: Alibaba Group Holding Limited\nThe largest revenue contributor, of course, is the company's retail operations. While its commerce segment continues to narrate revenue growth (total core commerce grew 2020 revenues 42% versus company revenues growing 41%), some smaller segments are showing strong growth.\nFor example, Alibaba's cloud computing operations grew 50% in 2020, and its new retail and direct sales businesses grew 94% year-over-year. What is most promising is that Alibaba is accelerating its free cash flow growth in recent years. The company's $26.35 billion in 2021 FCF is a 29% year-over-year jump from 2020. Alibaba grew FCF 25% from 2019 to 2020.\nsource: Alibaba Holding Group Limited\nWith $72 billion in cash on hand as of March 31st and the business generating more than $26 billion in free cash flow, Alibaba has deep pockets to develop its growing business segments and seek out opportunities to create new growth with M&A or other developments.\nHow Long Can Alibaba Stay \"Cheap\"?\nIt's hard to understand just how beaten down Alibaba's stock is until you look at things from a free cash flow perspective. Alibaba is currently trading with an FCF yield approaching 6%. By comparison, the next highest FCF yield is Amazon (AMZN), with a yield of just 1.3%.\nsource: YCharts\nThis is a tremendous discount to Alibaba's peer group, despite the company accelerating FCF growth and having a ton of cash on hand. And because Alibaba is a healthy and growing company, the stock is poised to become even more attractively valued.\nsource: Seeking Alpha\nThe company is estimated to continue growing revenues at a swift clip, approaching $210 billion in annual revenue over the next three years. If we apply the company's 24% conversion rate of revenue to FCF, that will give us 2024 FCF of $50 billion. In other words, an FCF yield of 8.6% on today's share price. This is simply something you don't often see for a company's stock growing so rapidly at such an already large size.\nThe stock is clearly being punished for some of the drama that Alibaba has faced over the past year and some of the current tension between the United States and China. This is a risk that investors need to keep in mind, as anything can happen, and Alibaba may become collateral damage of political conflict. However, if it becomes clear to the market that the outlook is promising, Alibaba could aggressively rerate. Even if Alibaba saw its FCF yield fall to around 3%, it would imply an upside in shares of 46%. This would put Alibaba at an enterprise value of more than $800 billion, but I believe those shoes the company could certainly fill.\nWrapping Up\nAlibaba is a fantastic business that has been caught up in some political drama. Despite its size, the company is growing rapidly, is profitable, and generates tons of free cash flow. Investors cannot ignore the political risks, but the upside is tremendous for brave and patient investors.","news_type":1,"symbols_score_info":{"BABA":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":3207,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183386750,"gmtCreate":1623308018770,"gmtModify":1631888722645,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"Need to be careful after Eagle","listText":"Need to be careful after Eagle","text":"Need to be careful after Eagle","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/183386750","repostId":"1167077162","repostType":2,"isVote":1,"tweetType":1,"viewCount":3116,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113299258,"gmtCreate":1622616979574,"gmtModify":1634099896770,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"bring your own hamburgers","listText":"bring your own hamburgers","text":"bring your own hamburgers","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/113299258","repostId":"2140493289","repostType":2,"isVote":1,"tweetType":1,"viewCount":1582,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110509667,"gmtCreate":1622465986459,"gmtModify":1634101295058,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"Good for stock markets.","listText":"Good for stock markets.","text":"Good for stock markets.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/110509667","repostId":"2139432432","repostType":2,"isVote":1,"tweetType":1,"viewCount":2527,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137594864,"gmtCreate":1622358926458,"gmtModify":1634102046872,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"Amazon yes.&nbsp;I have some doubts about Facebook","listText":"Amazon yes.&nbsp;I have some doubts about Facebook","text":"Amazon yes. I have some doubts about Facebook","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/137594864","repostId":"2139248442","repostType":2,"isVote":1,"tweetType":1,"viewCount":2824,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137923599,"gmtCreate":1622287575111,"gmtModify":1634102506363,"author":{"id":"3581666175913688","authorId":"3581666175913688","name":"happyfarmer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581666175913688","idStr":"3581666175913688"},"themes":[],"htmlText":"solid companies,&nbsp; no&nbsp;dogecoin or&nbsp; crypto related","listText":"solid companies,&nbsp; no&nbsp;dogecoin or&nbsp; crypto related","text":"solid companies, no dogecoin or crypto related","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/137923599","repostId":"1150838200","repostType":2,"isVote":1,"tweetType":1,"viewCount":1793,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}