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Sesshosaki

Sesshosaki

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2021-06-18

dam just sold it

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2021-06-18

wow this guy climbed back up from the gutter

NIO Is Winning<blockquote>蔚来赢了</blockquote>

2021-06-18

all commodities index seem to be dropping

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2021-06-18

thanks

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2021-06-18

will look into it

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2021-06-17

not to mention how they have gamble boxes

3 Reasons Why Electronic Arts Stock Could Be Headed Higher<blockquote>艺电股票可能走高的 3 个原因</blockquote>

2021-06-17

great stuff

3 Reasons Why Electronic Arts Stock Could Be Headed Higher<blockquote>艺电股票可能走高的 3 个原因</blockquote>

2021-06-17

wow

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2021-05-26

nice

China’s Yuan Hits Strongest Level in Nearly Three Years<blockquote>人民币汇率触及近三年来最强水平</blockquote>

2021-05-26

gg

In 2008, he was CEO of the biggest bank to ever fail. He's worried about another crisis<blockquote>2008年，他是有史以来最大倒闭银行的首席执行官。他担心另一场危机</blockquote>

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just sold it&nbsp;","listText":"dam just sold it&nbsp;","text":"dam just sold it","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168733107","repostId":"2144495197","repostType":4,"isVote":1,"tweetType":1,"viewCount":2064,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168791397,"gmtCreate":1623982962219,"gmtModify":1634024742462,"author":{"id":"3585026562704009","authorId":"3585026562704009","name":"Sesshosaki","avatar":"https://static.tigerbbs.com/c8205a361981ada39f05a0af7192a769","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585026562704009","authorIdStr":"3585026562704009"},"themes":[],"title":"","htmlText":"wow this guy climbed back up from the gutter","listText":"wow this guy climbed back up from the gutter","text":"wow this guy climbed back up from the gutter","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168791397","repostId":"1148576248","repostType":4,"repost":{"id":"1148576248","kind":"news","pubTimestamp":1623979883,"share":"https://www.laohunote.com/m/news/1148576248?lang=zh_CN&edition=full","pubTime":"2021-06-18 09:31","market":"us","language":"en","title":"NIO Is Winning<blockquote>蔚来赢了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148576248","media":"seekingalpha","summary":"NIO is #1 in China's electric SUV market for good reason.The company's success is driven by its brilliant innovations and marketing strategy.NIO is growing faster than Tesla, and yet, it is trading at a discount.NIO Inc.  stands out for its strong market position- #1 market share in electric SUV in China- and innovation in the rapidly growing and highly competitive electric vehicle industry. This article will discuss why NIO is winning against some stiff competition, including against Tesla .In ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>NIO is #1 in China's electric SUV market for good reason.</li>  <li>The company's success is driven by its brilliant innovations and marketing strategy.</li>  <li>NIO is growing faster than Tesla, and yet, it is trading at a discount.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/790fae23b830463fec748d2deb2ce336\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>PonyWang/E+ via Getty Images</span></p><p><blockquote><ul><li>蔚来在中国电动SUV市场排名第一是有充分理由的。</li><li>该公司的成功是由其出色的创新和营销策略推动的。</li><li>蔚来的增长速度比特斯拉快，然而，它的交易价格却打折了。</li></ul><p class=\"t-img-caption\"><span>PonyWang/E+ 来自 Getty Images</span></p></blockquote></p><p> NIO Inc. (NYSE:NIO) stands out for its strong market position- #1 market share in electric SUV in China- and innovation in the rapidly growing and highly competitive electric vehicle industry. This article will discuss why NIO is winning against some stiff competition, including against Tesla (TSLA).</p><p><blockquote>蔚来（纽约证券交易所股票代码：NIO）以其强大的市场地位——中国电动SUV市场份额第一——以及在快速增长且竞争激烈的电动汽车行业中的创新而脱颖而出。本文将讨论为什么蔚来能够战胜一些激烈的竞争，包括特斯拉（TSLA）。</blockquote></p><p> In addition, we will discuss NIO's business, financials, trading, valuation, and risks so readers could reach their own informed decision.</p><p><blockquote>此外，我们还将讨论蔚来汽车的业务、财务、交易、估值和风险，以便读者能够做出自己的明智决定。</blockquote></p><p> <b>Business: Why NIO Wins</b></p><p><blockquote><b>商业：蔚来为何获胜</b></blockquote></p><p> NIO positions itself in the premium SUV segment, focusing on smart EVs with a differentiated battery strategy.</p><p><blockquote>蔚来将自己定位在高端SUV细分市场，专注于具有差异化电池战略的智能电动汽车。</blockquote></p><p> Delivered in March 2019, the company's first model, the ES8, is a luxury 7-seater SUV that is still the company's flagship product today. The ES8 is equipped with ADAS and AI system [NOMI] and is comparable to the BYD Song, Tesla Model X, the Audi Q7 45 e-Tron, etc.</p><p><blockquote>该公司的首款车型ES8于2019年3月交付，是一款豪华7座SUV，至今仍是该公司的旗舰产品。ES8配备ADAS和AI系统【NOMI】，与比亚迪宋、特斯拉Model X、奥迪Q7 45 e-Tron等不相上下。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/443e2773f70c00c6faac8ca063e978a5\" tg-width=\"640\" tg-height=\"387\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司</span></p></blockquote></p><p> Leveraging the installed base and customer goodwill due to the highly successful ES8, NIO successfully launched the ES6 and EC6.Recently, the company launched the ET7, its first sedan.</p><p><blockquote>凭借 ES8 的巨大成功所带来的安装基础和客户好感，蔚来成功推出了 ES6 和 EC6。最近，该公司推出了其首款轿车ET7。</blockquote></p><p> Today, NIO is the top-selling brand in China's all-electric SUV market in April with a 23% market share, higher than Tesla's 17%, WM Motor and XPeng Motors'(NYSE:XPEV)7%, according to China Automotive Technology and Research Center data.</p><p><blockquote>如今，蔚来是4月份中国全电动SUV市场最畅销的品牌，市场份额为23%，高于特斯拉的17%、威马汽车和小鹏汽车（纽约证券交易所股票代码：XPEV）的7%。中国汽车技术研究中心数据。</blockquote></p><p> One of the biggest competitive differentiators is NIO'sbattery strategy, which all but eliminates range anxiety, one of the biggest barriers to mass EV adoption. Not only could NIO cars be charged at any charging station for EVs, but the company also built hundreds of battery swapping stations in key cities in China, with plans to expanding to Europe.</p><p><blockquote>最大的竞争优势之一是蔚来的电池战略，它几乎消除了里程焦虑，这是大规模电动汽车采用的最大障碍之一。蔚来汽车不仅可以在任何电动汽车充电站充电，该公司还在国内主要城市建设了数百个换电站，并计划扩展到欧洲。</blockquote></p><p> NIO's battery swapping strategy also gives the company the ability to offer a battery-as-a-service [BaaS] solution, which reduces the upfrontcostof purchasing an NIO vehicle by ~$11,000. Since cost is another major barrier to mass EV adoption, NIO's battery strategy appears brilliant as it solves both the range and cost problems.</p><p><blockquote>蔚来的电池更换策略还使该公司能够提供电池即服务 [BaaS] 解决方案，从而将购买蔚来汽车的前期成本降低约 11,000 美元。由于成本是大规模电动汽车采用的另一个主要障碍，蔚来汽车的电池战略似乎非常出色，因为它解决了续航里程和成本问题。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b25fbb85bffd39310cd27cbb2bde57a\" tg-width=\"640\" tg-height=\"216\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司</span></p></blockquote></p><p> Another differentiator is the NIO brand, which management created brilliantly by introducing the EP9 in 2016. Six EP9s have been sold to NIO investors for 2.5 million pounds, creating an aura of exclusivity and quality around the brand. Next, NIO targeted the mass-market luxury SUV segment with the ES8, firmly establishing the company as a luxury car OEM.</p><p><blockquote>另一个差异化因素是蔚来品牌，管理层通过在2016年推出EP9出色地打造了这一品牌。六辆 EP9 已以 250 万英镑的价格出售给蔚来投资者，为该品牌营造了一种独特性和品质的氛围。接下来，蔚来通过ES8瞄准大众市场豪华SUV细分市场，牢牢确立了该公司作为豪华车OEM的地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad41c960ce02f1e3f3e7575ac00beee0\" tg-width=\"640\" tg-height=\"350\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司</span></p></blockquote></p><p> Chinese companies must struggle against the common perception that they make low-quality products. This is the same perception issue that Japanese companies faced following their defeat after WW2. Japan solved this problem by moving up the value chain as their economy matured and creating high-quality brands such as Sony(NYSE:SONY). Today, Japan is known for its craftsmanship.</p><p><blockquote>中国企业必须与人们普遍认为它们生产低质量产品的看法作斗争。这与二战后日本企业战败后面临的认知问题相同。随着经济的成熟，日本通过向价值链上游移动并创建索尼（纽约证券交易所代码：SONY）等高质量品牌来解决这个问题。今天，日本以其工艺而闻名。</blockquote></p><p> China is following the same trajectory, and NIO is one of the emerging brands destroying the perception that \"made in China\" equates to poor quality. I strongly believe that investors who stubbornly hold on to that old perception will miss out on investing in some of the greatest brands the world will ever see.</p><p><blockquote>中国也在遵循同样的轨迹，蔚来是打破“中国制造”等同于低质量观念的新兴品牌之一。我坚信，顽固地坚持这种旧观念的投资者将会错过投资世界上有史以来最伟大的品牌的机会。</blockquote></p><p> Buying an NIO car means much more than just getting a vehicle; it means getting into an exclusive club of services and convenience. Benefits include access to hundreds of swapping stations, lifetime free roadside rescue (including charge vans), lifetime free cellular connectivity, lifetime free warranty, and excellent customer service. This is a powerful selling point for NIO, differentiating it from Tesla, which hasrecentlydeveloped a poor reputation on the customer service front in China.</p><p><blockquote>购买蔚来汽车不仅仅意味着得到一辆车；这意味着进入一个服务和便利的专属俱乐部。好处包括使用数百个交换站、终身免费路边救援（包括收费货车）、终身免费蜂窝连接、终身免费保修和卓越的客户服务。这是蔚来的一个强大卖点，使其有别于特斯拉，后者最近在中国大陆的客户服务方面声誉不佳。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a73482aa0431694b760ab5c2d0aa6f53\" tg-width=\"640\" tg-height=\"211\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司</span></p></blockquote></p><p></p><p> The company is pushing the envelope even further with&nbsp;NIO House, a literal clubhouse for customers, and&nbsp;NIO Life, which includes NIO branded lifestyle products. NIO's effort to build a lifestyle around its cars seems to be&nbsp;working. This is good news for investors because the only way to escape the competitive battlefield of automobile OEM is to sell services and lifestyles to customers. This is why Ferrari's (RACE) operating margin is well over 20%, while Ford (F) and General Motors (GM) are in the single digits.</p><p><blockquote>该公司正在通过蔚来之家（一个真正的顾客俱乐部会所）和蔚来人寿（包括蔚来品牌的生活方式产品）进一步突破界限。蔚来围绕汽车构建生活方式的努力似乎正在奏效。这对投资者来说是个好消息，因为要想逃离汽车代工厂的竞争战场，唯一的办法就是向客户推销服务和生活方式。这就是为什么法拉利（赛车）营业利润率远高于 20%，而福特 (F) 和通用汽车 (GM) 则为个位数。</blockquote></p><p> <b>Financials &amp; Valuation</b></p><p><blockquote><b>财务与估值</b></blockquote></p><p> NIO is in hyper-growth mode. In 2020, the company generated $2.5 billion in revenue, up 126% y/y. In 2021, the company is expected to grow 117% y/y to $5.4 billion.</p><p><blockquote>蔚来正处于高速增长模式。2020年，该公司实现收入25亿美元，同比增长126%。2021年，该公司预计将同比增长117%，达到54亿美元。</blockquote></p><p> The company is not yet profitable but is expected to be by 2022. Gross margin only turned positive in 2020 and is expected to be 19.3% in 2021. EBITDA is expected to be negative $258 million in 2021 and a positive $206 million in 2022. Free cash flow is expected to be negative $42 million in 2021 before turning to a positive $354 million in 2022.</p><p><blockquote>该公司尚未盈利，但预计到2022年将实现盈利。毛利率仅在2020年转正，预计2021年为19.3%。预计 2021 年 EBITDA 为负 2.58 亿美元，2022 年为正 2.06 亿美元。自由现金流预计在2021年为负4200万美元，然后在2022年转为正3.54亿美元。</blockquote></p><p> However, despite the cash burn expected in 2021, investors should feel at ease since the company exited&nbsp;2020&nbsp;with $5.9 billion of cash and cash equivalents. Including $600 million in short-term investments and subtracting ~$2.1 billion in debt and operating leases and the expected negative free cash flow in 2021, NIO should exit 2021 with over $4 billion in net cash and investments. That is plenty of buffers since NIO is expected to generate positive free cash flow in 2022.</p><p><blockquote>然而，尽管预计 2021 年将出现现金消耗，但投资者应该感到安心，因为该公司在 2020 年退出时拥有 59 亿美元的现金和现金等价物。包括 6 亿美元的短期投资，减去约 21 亿美元的债务和经营租赁以及 2021 年预期的负自由现金流，蔚来在 2021 年退出时应该拥有超过 40 亿美元的净现金和投资。这是充足的缓冲，因为蔚来预计将在 2022 年产生正自由现金流。</blockquote></p><p> Since NIO is not yet profitable, we will look at the forward EV/Sales multiple as is typical for hyper-growth companies not yet generating a profit. The company went public in September 2018, trading at around 7 to 8 times EV/Sales, before bottoming out at around 0.7 times sales in May 2019. The market, however, caught the EV fever in April 2020 and sent NIO's valuation soaring to a peak of 14.6x by January 2021. After the growth sell-off we recently experienced, NIO is currently sitting at a much more reasonable 8 times forward sales. This is a significant discount to TSLA's 10.2 times forward EV/Sales despite growing twice as fast (TSLA is expected to grow revenues by 57% in 2021 compared to NIO's 117%).</p><p><blockquote>由于蔚来尚未盈利，我们将关注未来的电动汽车/销售倍数，这是尚未盈利的高速增长公司的典型情况。该公司于2018年9月上市，交易价格约为电动汽车/销售额的7至8倍，然后在2019年5月触底，约为销售额的0.7倍。然而，市场在2020年4月掀起了电动汽车热潮，蔚来汽车的估值在2021年1月飙升至14.6倍的峰值。在我们最近经历的增长抛售之后，蔚来目前的远期销售额要合理得多。尽管增长速度是 TSLA 10.2 倍，但这比 TSLA 10.2 倍的电动汽车/销量大幅折扣（TSLA 预计 2021 年收入将增长 57%，而蔚来汽车为 117%）。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> There are many risks associated with owning NIO.</p><p><blockquote>拥有蔚来存在许多风险。</blockquote></p><p> Although its battery swapping strategy is highly differentiated and seems to be growing rapidly, the jury is still out on the ultimate market share of battery swapping or fast-charging infrastructure. If fast charging technology continues to advance significantly, it will likely erode a key advantage of battery swapping: speed.</p><p><blockquote>尽管其电池更换战略高度差异化，并且似乎正在快速增长，但电池更换或快速充电基础设施的最终市场份额仍然没有定论。如果快速充电技术继续大幅进步，很可能会侵蚀电池更换的一个关键优势：速度。</blockquote></p><p> NIO's business model is innovative and new. Unfortunately, the flip side of that is that it is untested, and NIO remains unprofitable. For many investors, NIO will remain a \"show me\" story until the profitability of its business model improves.</p><p><blockquote>蔚来的商业模式具有创新性和新颖性。不幸的是，另一方面是它未经测试，蔚来仍然无利可图。对于许多投资者来说，在其商业模式的盈利能力提高之前，蔚来仍将是一个“给我看”的故事。</blockquote></p><p> NIO's ability to expand globally may be limited by the rising geopolitical tension between China and the US, and to a lesser extent, with Japan and Europe. The geopolitical situation remains highly opaque and uncertain, and is a risk factor for all auto OEMs.</p><p><blockquote>蔚来汽车的全球扩张能力可能会受到中美地缘政治紧张局势的限制，以及在较小程度上与日本和欧洲的地缘政治紧张局势的限制。地缘政治局势仍然高度不透明和不确定，是所有汽车原始设备制造商的风险因素。</blockquote></p><p> Auto OEMs are currently facing a severe chip&nbsp;shortage. In addition, the chip density in automobiles is increasing, making the OEMs increasingly reliant on semiconductor suppliers and foundries.</p><p><blockquote>汽车主机厂目前正面临着严重的芯片短缺。此外，汽车中的芯片密度不断增加，使得原始设备制造商越来越依赖半导体供应商和代工厂。</blockquote></p><p> NIO's competitive advantages may not overcome the massive scale advantage of ICE OEMs and much bigger EV players like Tesla and China's BYD.</p><p><blockquote>蔚来的竞争优势可能无法克服ICE原始设备制造商以及特斯拉和中国比亚迪等更大的电动汽车制造商的巨大规模优势。</blockquote></p><p> <b>Takeaway</b></p><p><blockquote><b>外卖</b></blockquote></p><p> NIO's technical and business model innovations make it a highly differentiated company in the exciting and rapidly growing EV market. The company is winning, and its competitive moat is getting bigger as its ecosystem of vehicles and services grows. Relative to the industry leader, Tesla, NIO's stock price seems like a bargain given its faster growth rate and lower multiples.</p><p><blockquote>蔚来的技术和商业模式创新使其在令人兴奋且快速增长的电动汽车市场中成为一家高度差异化的公司。该公司正在获胜，随着其汽车和服务生态系统的发展，其竞争护城河也在变得越来越大。相对于行业领导者特斯拉，鉴于蔚来汽车更快的增长率和较低的市盈率，其股价似乎很便宜。</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>NIO Is Winning<blockquote>蔚来赢了</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\">\nNIO Is Winning<blockquote>蔚来赢了</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-18 09:31</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>NIO is #1 in China's electric SUV market for good reason.</li>  <li>The company's success is driven by its brilliant innovations and marketing strategy.</li>  <li>NIO is growing faster than Tesla, and yet, it is trading at a discount.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/790fae23b830463fec748d2deb2ce336\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>PonyWang/E+ via Getty Images</span></p><p><blockquote><ul><li>蔚来在中国电动SUV市场排名第一是有充分理由的。</li><li>该公司的成功是由其出色的创新和营销策略推动的。</li><li>蔚来的增长速度比特斯拉快，然而，它的交易价格却打折了。</li></ul><p class=\"t-img-caption\"><span>PonyWang/E+ 来自 Getty Images</span></p></blockquote></p><p> NIO Inc. (NYSE:NIO) stands out for its strong market position- #1 market share in electric SUV in China- and innovation in the rapidly growing and highly competitive electric vehicle industry. This article will discuss why NIO is winning against some stiff competition, including against Tesla (TSLA).</p><p><blockquote>蔚来（纽约证券交易所股票代码：NIO）以其强大的市场地位——中国电动SUV市场份额第一——以及在快速增长且竞争激烈的电动汽车行业中的创新而脱颖而出。本文将讨论为什么蔚来能够战胜一些激烈的竞争，包括特斯拉（TSLA）。</blockquote></p><p> In addition, we will discuss NIO's business, financials, trading, valuation, and risks so readers could reach their own informed decision.</p><p><blockquote>此外，我们还将讨论蔚来汽车的业务、财务、交易、估值和风险，以便读者能够做出自己的明智决定。</blockquote></p><p> <b>Business: Why NIO Wins</b></p><p><blockquote><b>商业：蔚来为何获胜</b></blockquote></p><p> NIO positions itself in the premium SUV segment, focusing on smart EVs with a differentiated battery strategy.</p><p><blockquote>蔚来将自己定位在高端SUV细分市场，专注于具有差异化电池战略的智能电动汽车。</blockquote></p><p> Delivered in March 2019, the company's first model, the ES8, is a luxury 7-seater SUV that is still the company's flagship product today. The ES8 is equipped with ADAS and AI system [NOMI] and is comparable to the BYD Song, Tesla Model X, the Audi Q7 45 e-Tron, etc.</p><p><blockquote>该公司的首款车型ES8于2019年3月交付，是一款豪华7座SUV，至今仍是该公司的旗舰产品。ES8配备ADAS和AI系统【NOMI】，与比亚迪宋、特斯拉Model X、奥迪Q7 45 e-Tron等不相上下。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/443e2773f70c00c6faac8ca063e978a5\" tg-width=\"640\" tg-height=\"387\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司</span></p></blockquote></p><p> Leveraging the installed base and customer goodwill due to the highly successful ES8, NIO successfully launched the ES6 and EC6.Recently, the company launched the ET7, its first sedan.</p><p><blockquote>凭借 ES8 的巨大成功所带来的安装基础和客户好感，蔚来成功推出了 ES6 和 EC6。最近，该公司推出了其首款轿车ET7。</blockquote></p><p> Today, NIO is the top-selling brand in China's all-electric SUV market in April with a 23% market share, higher than Tesla's 17%, WM Motor and XPeng Motors'(NYSE:XPEV)7%, according to China Automotive Technology and Research Center data.</p><p><blockquote>如今，蔚来是4月份中国全电动SUV市场最畅销的品牌，市场份额为23%，高于特斯拉的17%、威马汽车和小鹏汽车（纽约证券交易所股票代码：XPEV）的7%。中国汽车技术研究中心数据。</blockquote></p><p> One of the biggest competitive differentiators is NIO'sbattery strategy, which all but eliminates range anxiety, one of the biggest barriers to mass EV adoption. Not only could NIO cars be charged at any charging station for EVs, but the company also built hundreds of battery swapping stations in key cities in China, with plans to expanding to Europe.</p><p><blockquote>最大的竞争优势之一是蔚来的电池战略，它几乎消除了里程焦虑，这是大规模电动汽车采用的最大障碍之一。蔚来汽车不仅可以在任何电动汽车充电站充电，该公司还在国内主要城市建设了数百个换电站，并计划扩展到欧洲。</blockquote></p><p> NIO's battery swapping strategy also gives the company the ability to offer a battery-as-a-service [BaaS] solution, which reduces the upfrontcostof purchasing an NIO vehicle by ~$11,000. Since cost is another major barrier to mass EV adoption, NIO's battery strategy appears brilliant as it solves both the range and cost problems.</p><p><blockquote>蔚来的电池更换策略还使该公司能够提供电池即服务 [BaaS] 解决方案，从而将购买蔚来汽车的前期成本降低约 11,000 美元。由于成本是大规模电动汽车采用的另一个主要障碍，蔚来汽车的电池战略似乎非常出色，因为它解决了续航里程和成本问题。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b25fbb85bffd39310cd27cbb2bde57a\" tg-width=\"640\" tg-height=\"216\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司</span></p></blockquote></p><p> Another differentiator is the NIO brand, which management created brilliantly by introducing the EP9 in 2016. Six EP9s have been sold to NIO investors for 2.5 million pounds, creating an aura of exclusivity and quality around the brand. Next, NIO targeted the mass-market luxury SUV segment with the ES8, firmly establishing the company as a luxury car OEM.</p><p><blockquote>另一个差异化因素是蔚来品牌，管理层通过在2016年推出EP9出色地打造了这一品牌。六辆 EP9 已以 250 万英镑的价格出售给蔚来投资者，为该品牌营造了一种独特性和品质的氛围。接下来，蔚来通过ES8瞄准大众市场豪华SUV细分市场，牢牢确立了该公司作为豪华车OEM的地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad41c960ce02f1e3f3e7575ac00beee0\" tg-width=\"640\" tg-height=\"350\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司</span></p></blockquote></p><p> Chinese companies must struggle against the common perception that they make low-quality products. This is the same perception issue that Japanese companies faced following their defeat after WW2. Japan solved this problem by moving up the value chain as their economy matured and creating high-quality brands such as Sony(NYSE:SONY). Today, Japan is known for its craftsmanship.</p><p><blockquote>中国企业必须与人们普遍认为它们生产低质量产品的看法作斗争。这与二战后日本企业战败后面临的认知问题相同。随着经济的成熟，日本通过向价值链上游移动并创建索尼（纽约证券交易所代码：SONY）等高质量品牌来解决这个问题。今天，日本以其工艺而闻名。</blockquote></p><p> China is following the same trajectory, and NIO is one of the emerging brands destroying the perception that \"made in China\" equates to poor quality. I strongly believe that investors who stubbornly hold on to that old perception will miss out on investing in some of the greatest brands the world will ever see.</p><p><blockquote>中国也在遵循同样的轨迹，蔚来是打破“中国制造”等同于低质量观念的新兴品牌之一。我坚信，顽固地坚持这种旧观念的投资者将会错过投资世界上有史以来最伟大的品牌的机会。</blockquote></p><p> Buying an NIO car means much more than just getting a vehicle; it means getting into an exclusive club of services and convenience. Benefits include access to hundreds of swapping stations, lifetime free roadside rescue (including charge vans), lifetime free cellular connectivity, lifetime free warranty, and excellent customer service. This is a powerful selling point for NIO, differentiating it from Tesla, which hasrecentlydeveloped a poor reputation on the customer service front in China.</p><p><blockquote>购买蔚来汽车不仅仅意味着得到一辆车；这意味着进入一个服务和便利的专属俱乐部。好处包括使用数百个交换站、终身免费路边救援（包括收费货车）、终身免费蜂窝连接、终身免费保修和卓越的客户服务。这是蔚来的一个强大卖点，使其有别于特斯拉，后者最近在中国大陆的客户服务方面声誉不佳。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a73482aa0431694b760ab5c2d0aa6f53\" tg-width=\"640\" tg-height=\"211\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司</span></p></blockquote></p><p></p><p> The company is pushing the envelope even further with&nbsp;NIO House, a literal clubhouse for customers, and&nbsp;NIO Life, which includes NIO branded lifestyle products. NIO's effort to build a lifestyle around its cars seems to be&nbsp;working. This is good news for investors because the only way to escape the competitive battlefield of automobile OEM is to sell services and lifestyles to customers. This is why Ferrari's (RACE) operating margin is well over 20%, while Ford (F) and General Motors (GM) are in the single digits.</p><p><blockquote>该公司正在通过蔚来之家（一个真正的顾客俱乐部会所）和蔚来人寿（包括蔚来品牌的生活方式产品）进一步突破界限。蔚来围绕汽车构建生活方式的努力似乎正在奏效。这对投资者来说是个好消息，因为要想逃离汽车代工厂的竞争战场，唯一的办法就是向客户推销服务和生活方式。这就是为什么法拉利（赛车）营业利润率远高于 20%，而福特 (F) 和通用汽车 (GM) 则为个位数。</blockquote></p><p> <b>Financials &amp; Valuation</b></p><p><blockquote><b>财务与估值</b></blockquote></p><p> NIO is in hyper-growth mode. In 2020, the company generated $2.5 billion in revenue, up 126% y/y. In 2021, the company is expected to grow 117% y/y to $5.4 billion.</p><p><blockquote>蔚来正处于高速增长模式。2020年，该公司实现收入25亿美元，同比增长126%。2021年，该公司预计将同比增长117%，达到54亿美元。</blockquote></p><p> The company is not yet profitable but is expected to be by 2022. Gross margin only turned positive in 2020 and is expected to be 19.3% in 2021. EBITDA is expected to be negative $258 million in 2021 and a positive $206 million in 2022. Free cash flow is expected to be negative $42 million in 2021 before turning to a positive $354 million in 2022.</p><p><blockquote>该公司尚未盈利，但预计到2022年将实现盈利。毛利率仅在2020年转正，预计2021年为19.3%。预计 2021 年 EBITDA 为负 2.58 亿美元，2022 年为正 2.06 亿美元。自由现金流预计在2021年为负4200万美元，然后在2022年转为正3.54亿美元。</blockquote></p><p> However, despite the cash burn expected in 2021, investors should feel at ease since the company exited&nbsp;2020&nbsp;with $5.9 billion of cash and cash equivalents. Including $600 million in short-term investments and subtracting ~$2.1 billion in debt and operating leases and the expected negative free cash flow in 2021, NIO should exit 2021 with over $4 billion in net cash and investments. That is plenty of buffers since NIO is expected to generate positive free cash flow in 2022.</p><p><blockquote>然而，尽管预计 2021 年将出现现金消耗，但投资者应该感到安心，因为该公司在 2020 年退出时拥有 59 亿美元的现金和现金等价物。包括 6 亿美元的短期投资，减去约 21 亿美元的债务和经营租赁以及 2021 年预期的负自由现金流，蔚来在 2021 年退出时应该拥有超过 40 亿美元的净现金和投资。这是充足的缓冲，因为蔚来预计将在 2022 年产生正自由现金流。</blockquote></p><p> Since NIO is not yet profitable, we will look at the forward EV/Sales multiple as is typical for hyper-growth companies not yet generating a profit. The company went public in September 2018, trading at around 7 to 8 times EV/Sales, before bottoming out at around 0.7 times sales in May 2019. The market, however, caught the EV fever in April 2020 and sent NIO's valuation soaring to a peak of 14.6x by January 2021. After the growth sell-off we recently experienced, NIO is currently sitting at a much more reasonable 8 times forward sales. This is a significant discount to TSLA's 10.2 times forward EV/Sales despite growing twice as fast (TSLA is expected to grow revenues by 57% in 2021 compared to NIO's 117%).</p><p><blockquote>由于蔚来尚未盈利，我们将关注未来的电动汽车/销售倍数，这是尚未盈利的高速增长公司的典型情况。该公司于2018年9月上市，交易价格约为电动汽车/销售额的7至8倍，然后在2019年5月触底，约为销售额的0.7倍。然而，市场在2020年4月掀起了电动汽车热潮，蔚来汽车的估值在2021年1月飙升至14.6倍的峰值。在我们最近经历的增长抛售之后，蔚来目前的远期销售额要合理得多。尽管增长速度是 TSLA 10.2 倍，但这比 TSLA 10.2 倍的电动汽车/销量大幅折扣（TSLA 预计 2021 年收入将增长 57%，而蔚来汽车为 117%）。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> There are many risks associated with owning NIO.</p><p><blockquote>拥有蔚来存在许多风险。</blockquote></p><p> Although its battery swapping strategy is highly differentiated and seems to be growing rapidly, the jury is still out on the ultimate market share of battery swapping or fast-charging infrastructure. If fast charging technology continues to advance significantly, it will likely erode a key advantage of battery swapping: speed.</p><p><blockquote>尽管其电池更换战略高度差异化，并且似乎正在快速增长，但电池更换或快速充电基础设施的最终市场份额仍然没有定论。如果快速充电技术继续大幅进步，很可能会侵蚀电池更换的一个关键优势：速度。</blockquote></p><p> NIO's business model is innovative and new. Unfortunately, the flip side of that is that it is untested, and NIO remains unprofitable. For many investors, NIO will remain a \"show me\" story until the profitability of its business model improves.</p><p><blockquote>蔚来的商业模式具有创新性和新颖性。不幸的是，另一方面是它未经测试，蔚来仍然无利可图。对于许多投资者来说，在其商业模式的盈利能力提高之前，蔚来仍将是一个“给我看”的故事。</blockquote></p><p> NIO's ability to expand globally may be limited by the rising geopolitical tension between China and the US, and to a lesser extent, with Japan and Europe. The geopolitical situation remains highly opaque and uncertain, and is a risk factor for all auto OEMs.</p><p><blockquote>蔚来汽车的全球扩张能力可能会受到中美地缘政治紧张局势的限制，以及在较小程度上与日本和欧洲的地缘政治紧张局势的限制。地缘政治局势仍然高度不透明和不确定，是所有汽车原始设备制造商的风险因素。</blockquote></p><p> Auto OEMs are currently facing a severe chip&nbsp;shortage. In addition, the chip density in automobiles is increasing, making the OEMs increasingly reliant on semiconductor suppliers and foundries.</p><p><blockquote>汽车主机厂目前正面临着严重的芯片短缺。此外，汽车中的芯片密度不断增加，使得原始设备制造商越来越依赖半导体供应商和代工厂。</blockquote></p><p> NIO's competitive advantages may not overcome the massive scale advantage of ICE OEMs and much bigger EV players like Tesla and China's BYD.</p><p><blockquote>蔚来的竞争优势可能无法克服ICE原始设备制造商以及特斯拉和中国比亚迪等更大的电动汽车制造商的巨大规模优势。</blockquote></p><p> <b>Takeaway</b></p><p><blockquote><b>外卖</b></blockquote></p><p> NIO's technical and business model innovations make it a highly differentiated company in the exciting and rapidly growing EV market. The company is winning, and its competitive moat is getting bigger as its ecosystem of vehicles and services grows. Relative to the industry leader, Tesla, NIO's stock price seems like a bargain given its faster growth rate and lower multiples.</p><p><blockquote>蔚来的技术和商业模式创新使其在令人兴奋且快速增长的电动汽车市场中成为一家高度差异化的公司。该公司正在获胜，随着其汽车和服务生态系统的发展，其竞争护城河也在变得越来越大。相对于行业领导者特斯拉，鉴于蔚来汽车更快的增长率和较低的市盈率，其股价似乎很便宜。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435341-nio-is-winning\">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":{"NIO":"蔚来"},"source_url":"https://seekingalpha.com/article/4435341-nio-is-winning","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148576248","content_text":"Summary\n\nNIO is #1 in China's electric SUV market for good reason.\nThe company's success is driven by its brilliant innovations and marketing strategy.\nNIO is growing faster than Tesla, and yet, it is trading at a discount.\n\nPonyWang/E+ via Getty Images\nNIO Inc. (NYSE:NIO) stands out for its strong market position- #1 market share in electric SUV in China- and innovation in the rapidly growing and highly competitive electric vehicle industry. This article will discuss why NIO is winning against some stiff competition, including against Tesla (TSLA).\nIn addition, we will discuss NIO's business, financials, trading, valuation, and risks so readers could reach their own informed decision.\nBusiness: Why NIO Wins\nNIO positions itself in the premium SUV segment, focusing on smart EVs with a differentiated battery strategy.\nDelivered in March 2019, the company's first model, the ES8, is a luxury 7-seater SUV that is still the company's flagship product today. The ES8 is equipped with ADAS and AI system [NOMI] and is comparable to the BYD Song, Tesla Model X, the Audi Q7 45 e-Tron, etc.\nSource: Company\nLeveraging the installed base and customer goodwill due to the highly successful ES8, NIO successfully launched the ES6 and EC6.Recently, the company launched the ET7, its first sedan.\nToday, NIO is the top-selling brand in China's all-electric SUV market in April with a 23% market share, higher than Tesla's 17%, WM Motor and XPeng Motors'(NYSE:XPEV)7%, according to China Automotive Technology and Research Center data.\nOne of the biggest competitive differentiators is NIO'sbattery strategy, which all but eliminates range anxiety, one of the biggest barriers to mass EV adoption. Not only could NIO cars be charged at any charging station for EVs, but the company also built hundreds of battery swapping stations in key cities in China, with plans to expanding to Europe.\nNIO's battery swapping strategy also gives the company the ability to offer a battery-as-a-service [BaaS] solution, which reduces the upfrontcostof purchasing an NIO vehicle by ~$11,000. Since cost is another major barrier to mass EV adoption, NIO's battery strategy appears brilliant as it solves both the range and cost problems.\nSource: Company\nAnother differentiator is the NIO brand, which management created brilliantly by introducing the EP9 in 2016. Six EP9s have been sold to NIO investors for 2.5 million pounds, creating an aura of exclusivity and quality around the brand. Next, NIO targeted the mass-market luxury SUV segment with the ES8, firmly establishing the company as a luxury car OEM.\nSource: Company\nChinese companies must struggle against the common perception that they make low-quality products. This is the same perception issue that Japanese companies faced following their defeat after WW2. Japan solved this problem by moving up the value chain as their economy matured and creating high-quality brands such as Sony(NYSE:SONY). Today, Japan is known for its craftsmanship.\nChina is following the same trajectory, and NIO is one of the emerging brands destroying the perception that \"made in China\" equates to poor quality. I strongly believe that investors who stubbornly hold on to that old perception will miss out on investing in some of the greatest brands the world will ever see.\nBuying an NIO car means much more than just getting a vehicle; it means getting into an exclusive club of services and convenience. Benefits include access to hundreds of swapping stations, lifetime free roadside rescue (including charge vans), lifetime free cellular connectivity, lifetime free warranty, and excellent customer service. This is a powerful selling point for NIO, differentiating it from Tesla, which hasrecentlydeveloped a poor reputation on the customer service front in China.\nSource: Company\nThe company is pushing the envelope even further with NIO House, a literal clubhouse for customers, and NIO Life, which includes NIO branded lifestyle products. NIO's effort to build a lifestyle around its cars seems to be working. This is good news for investors because the only way to escape the competitive battlefield of automobile OEM is to sell services and lifestyles to customers. This is why Ferrari's (RACE) operating margin is well over 20%, while Ford (F) and General Motors (GM) are in the single digits.\nFinancials & Valuation\nNIO is in hyper-growth mode. In 2020, the company generated $2.5 billion in revenue, up 126% y/y. In 2021, the company is expected to grow 117% y/y to $5.4 billion.\nThe company is not yet profitable but is expected to be by 2022. Gross margin only turned positive in 2020 and is expected to be 19.3% in 2021. EBITDA is expected to be negative $258 million in 2021 and a positive $206 million in 2022. Free cash flow is expected to be negative $42 million in 2021 before turning to a positive $354 million in 2022.\nHowever, despite the cash burn expected in 2021, investors should feel at ease since the company exited 2020 with $5.9 billion of cash and cash equivalents. Including $600 million in short-term investments and subtracting ~$2.1 billion in debt and operating leases and the expected negative free cash flow in 2021, NIO should exit 2021 with over $4 billion in net cash and investments. That is plenty of buffers since NIO is expected to generate positive free cash flow in 2022.\nSince NIO is not yet profitable, we will look at the forward EV/Sales multiple as is typical for hyper-growth companies not yet generating a profit. The company went public in September 2018, trading at around 7 to 8 times EV/Sales, before bottoming out at around 0.7 times sales in May 2019. The market, however, caught the EV fever in April 2020 and sent NIO's valuation soaring to a peak of 14.6x by January 2021. After the growth sell-off we recently experienced, NIO is currently sitting at a much more reasonable 8 times forward sales. This is a significant discount to TSLA's 10.2 times forward EV/Sales despite growing twice as fast (TSLA is expected to grow revenues by 57% in 2021 compared to NIO's 117%).\nRisks\nThere are many risks associated with owning NIO.\nAlthough its battery swapping strategy is highly differentiated and seems to be growing rapidly, the jury is still out on the ultimate market share of battery swapping or fast-charging infrastructure. If fast charging technology continues to advance significantly, it will likely erode a key advantage of battery swapping: speed.\nNIO's business model is innovative and new. Unfortunately, the flip side of that is that it is untested, and NIO remains unprofitable. For many investors, NIO will remain a \"show me\" story until the profitability of its business model improves.\nNIO's ability to expand globally may be limited by the rising geopolitical tension between China and the US, and to a lesser extent, with Japan and Europe. The geopolitical situation remains highly opaque and uncertain, and is a risk factor for all auto OEMs.\nAuto OEMs are currently facing a severe chip shortage. In addition, the chip density in automobiles is increasing, making the OEMs increasingly reliant on semiconductor suppliers and foundries.\nNIO's competitive advantages may not overcome the massive scale advantage of ICE OEMs and much bigger EV players like Tesla and China's BYD.\nTakeaway\nNIO's technical and business model innovations make it a highly differentiated company in the exciting and rapidly growing EV market. The company is winning, and its competitive moat is getting bigger as its ecosystem of vehicles and services grows. Relative to the industry leader, Tesla, NIO's stock price seems like a bargain given its faster growth rate and lower multiples.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":2155,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168790148,"gmtCreate":1623982876684,"gmtModify":1634024744575,"author":{"id":"3585026562704009","authorId":"3585026562704009","name":"Sesshosaki","avatar":"https://static.tigerbbs.com/c8205a361981ada39f05a0af7192a769","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585026562704009","authorIdStr":"3585026562704009"},"themes":[],"title":"","htmlText":"all commodities index seem to be dropping&nbsp;","listText":"all commodities index seem to be dropping&nbsp;","text":"all commodities index seem to be dropping","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168790148","repostId":"2144593726","repostType":4,"isVote":1,"tweetType":1,"viewCount":1670,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168473807,"gmtCreate":1623982236409,"gmtModify":1634024758478,"author":{"id":"3585026562704009","authorId":"3585026562704009","name":"Sesshosaki","avatar":"https://static.tigerbbs.com/c8205a361981ada39f05a0af7192a769","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585026562704009","authorIdStr":"3585026562704009"},"themes":[],"title":"","htmlText":"thanks","listText":"thanks","text":"thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168473807","repostId":"2144946726","repostType":4,"isVote":1,"tweetType":1,"viewCount":2470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168473055,"gmtCreate":1623982225277,"gmtModify":1634024758964,"author":{"id":"3585026562704009","authorId":"3585026562704009","name":"Sesshosaki","avatar":"https://static.tigerbbs.com/c8205a361981ada39f05a0af7192a769","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585026562704009","authorIdStr":"3585026562704009"},"themes":[],"title":"","htmlText":"will look into it","listText":"will look into it","text":"will look into it","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168473055","repostId":"2144946726","repostType":4,"isVote":1,"tweetType":1,"viewCount":2183,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161655789,"gmtCreate":1623924699441,"gmtModify":1634025816289,"author":{"id":"3585026562704009","authorId":"3585026562704009","name":"Sesshosaki","avatar":"https://static.tigerbbs.com/c8205a361981ada39f05a0af7192a769","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585026562704009","authorIdStr":"3585026562704009"},"themes":[],"title":"","htmlText":"not to mention how they have gamble boxes","listText":"not to mention how they have gamble boxes","text":"not to mention how they have gamble boxes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161655789","repostId":"1104789612","repostType":4,"repost":{"id":"1104789612","kind":"news","pubTimestamp":1623908041,"share":"https://www.laohunote.com/m/news/1104789612?lang=zh_CN&edition=full","pubTime":"2021-06-17 13:34","market":"us","language":"en","title":"3 Reasons Why Electronic Arts Stock Could Be Headed Higher<blockquote>艺电股票可能走高的 3 个原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104789612","media":"Motley Fool","summary":"A new blockbuster release should lead to another record year for EA.","content":"<p><b>Electronic Arts</b>&nbsp;(NASDAQ:EA)&nbsp;just closed the books on a record fiscal 2021.&nbsp;Strong player engagement in EA Sports titles (<i>FIFA</i>and<i>Madden</i>) and 42 million new players playing its games give EA plenty of momentum for the year ahead.</p><p><blockquote><b>电子艺术</b>（纳斯达克股票代码：EA）刚刚结束了创纪录的 2021 财年账目。玩家对 EA 体育游戏的强烈参与（<i>国际足联</i>和<i>马登</i>）和 4200 万新玩家玩其游戏为 EA 未来一年提供了充足的动力。</blockquote></p><p> The stock has been inching closer to new highs in the first half of calendar 2021 and could be poised for a breakout. Here are three catalysts on the horizon that could send the share price higher.</p><p><blockquote>该股在 2021 年上半年一直在慢慢接近新高，并可能迎来突破。以下是可能推高股价的三个催化剂。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9a9b0c75cdc43bc6a6bc0a66bd45ae58\" tg-width=\"2000\" tg-height=\"1333\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>1.</b><b><i>Apex Legends</i></b></p><p><blockquote><b>1.</b><b><i>顶点传奇</i></b></blockquote></p><p> <i>Apex Legends</i>launched in February 2019&nbsp;and quickly tapped into the demand for battle royale shooters.&nbsp;<i>Apex</i>has experienced growing viewership since late 2019 on game-streaming sites, and that has translated to growing bookings for the title.</p><p><blockquote><i>顶点传奇</i>于2019年2月推出，并迅速利用了对皇家战役射击游戏的需求。<i>顶点</i>自2019年底以来，游戏流媒体网站上的观众人数不断增长，这也转化为该游戏的预订量不断增长。</blockquote></p><p> <i>Apex</i>achieved $1 billion in lifetime bookings in the most recent quarter.&nbsp;The game averaged over 12 million weekly average users after season eight launched during the fiscal fourth quarter. In fiscal 2022, management is guiding for<i>Apex</i>to deliver 20% growth, achieving around $750 million in bookings,&nbsp;or approximately 10% of EA's total expected bookings.</p><p><blockquote><i>顶点</i>最近一个季度实现了10亿美元的终身预订。在第四财季推出第八季后，该游戏的平均每周用户超过1200万。2022 财年，管理层正在指导<i>顶点</i>实现 20% 的增长，预订量达到约 7.5 亿美元，约占 EA 总预期预订量的 10%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3620158ccc07c8505034b5a60c934b99\" tg-width=\"2000\" tg-height=\"1099\"><span>IMAGE SOURCE: ELECTRONIC ARTS FISCAL Q4 2021 EARNINGS PRESENTATION.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：艺电2021财年第四季度收益报告。</span></p></blockquote></p><p> <i>Apex</i>is an example of how EA is turning its biggest franchises into social networks. In a multiplayer shooter like<i>Apex</i>, users build their friends list and team up to compete against other players. \"It's going to be a huge part of the industry's business, as we've already seen, but it will continue on for us,\" CFO Blake Jorgensen said during the Q4 earnings call.</p><p><blockquote><i>顶点</i>是EA如何将其最大的特许经营权转变为社交网络的一个例子。在多人射击游戏中<i>顶点</i>，用户建立他们的好友列表，并组队与其他玩家竞争。首席财务官 Blake Jorgensen 在第四季度财报看涨期权上表示：“正如我们已经看到的那样，这将成为该行业业务的重要组成部分，但对我们来说，它将继续下去。”</blockquote></p><p> <b>2.</b><b><i>Battlefield 2042</i></b></p><p><blockquote><b>2.</b><b><i>战地2042</i></b></blockquote></p><p> EA just revealed the trailer for<i>Battlefield 2042</i>, currently scheduled for release&nbsp;in the December-ending fiscal third quarter,&nbsp;and it could be the biggest release yet for the series. The game is being developed by EA's DICE studio, and the development team has got some innovative tricks up its sleeve to make it a competitive title on the market when it launches.</p><p><blockquote>EA刚刚发布了预告片<i>战地2042</i>目前计划在截至 12 月的第三财季发布，这可能是该系列迄今为止最大的一次发布。这款游戏由EA的DICE工作室开发，开发团队已经掌握了一些创新技巧，使其在推出时成为市场上有竞争力的游戏。</blockquote></p><p> For example,<i>Battlefield 2042</i>will allow AI-controlled bots to fill matches when there aren't enough players in the queue, especially given that<i>Battlefield</i>will allow up to 128 players to compete in a match. This is important for those who queue into the game from a location where online servers don't have enough players to fill a match.&nbsp;It will also introduce a new multiplayer mode called Hazard Zone and feature the largest in-game maps in the franchise yet.</p><p><blockquote>例如，<i>战地2042</i>当队列中没有足够的玩家时，将允许人工智能控制的机器人填补比赛，特别是考虑到<i>战场</i>将允许多达128名玩家参加一场比赛。这对于那些从在线服务器没有足够玩家来填补比赛的地方排队进入游戏的人来说很重要。它还将引入一个名为“危险地带”的新多人模式，并拥有迄今为止最大的游戏内地图。</blockquote></p><p> CEO Andrew Wilson expects the debut of the&nbsp;<i>Battlefield</i>series on<b>Sony</b>&nbsp;and<b>Microsoft</b>'s&nbsp;next-gen consoles&nbsp;to take the series to the next level. \"If you look back through the history of our industry, every time we are able to deliver high-fidelity, more meaningfully immersive products as a result of increased processing power as platform transitions, we've been able to grow the market dramatically,\" he said during the last earnings call.</p><p><blockquote>首席执行官 Andrew Wilson 期待首次亮相<i>战场</i>系列<b>索尼</b>和<b>微软</b>的下一代游戏机将该系列提升到一个新的水平。“如果你回顾我们行业的历史，每当我们能够提供高保真、更有意义的沉浸式产品时，由于平台转型带来的处理能力增强，我们就能够大幅增长市场，”他在上次财报看涨期权上说道。</blockquote></p><p> <b>3. Mobile growth</b></p><p><blockquote><b>3. 移动增长</b></blockquote></p><p> EA's mobile segment was the company's slowest-growing sales category in fiscal 2021, which looks weak since mobile games are the fastest-growing platform in the video-game industry.&nbsp;But EA's mobile woes might soon end.</p><p><blockquote>EA的移动部门是该公司2021财年增长最慢的销售类别，这看起来很疲软，因为手机游戏是视频游戏行业增长最快的平台。但EA的移动困境可能很快就会结束。</blockquote></p><p> Later this year, EA is planning to launch a new mobile version of<i>Apex Legends</i>and&nbsp;<i>Battlefield</i>. Shooters have started to gain more of a following on mobile devices in recent years, likely driven by improved graphics technology on smartphones. This trend could spell success for EA.</p><p><blockquote>今年晚些时候，EA计划推出新的移动版本<i>顶点传奇</i>和<i>战场</i>近年来，射击游戏开始在移动设备上获得更多追随者，这可能是由于智能手机图形技术的改进。这一趋势可能意味着艺电的成功。</blockquote></p><p> EA is also looking forward to expanding its mobile sports portfolio withGlu Mobile's&nbsp;<i>MLB Tap Sports Baseball</i>&nbsp;and MetalHead Software's&nbsp;<i>Super Mega Baseball</i>-- both studios that EA recently acquired.</p><p><blockquote>EA 还期待通过 Glu Mobile 扩大其移动体育产品组合<i>MLB Tap Sports 棒球</i>和MetalHead Software的<i>超级棒球</i>-- EA 最近收购的两个工作室。</blockquote></p><p> The addition of Glu Mobile is expected to more than double EA's mobile business to $2 billion in annual bookings in the next three years, but EA isn't settling for that.&nbsp;Management recently reorganized the mobile segment by bringing in new leadership and talent, which shows a real effort to get this segment growing.</p><p><blockquote>Glu Mobile的加入预计将使EA的移动业务在未来三年内翻一番以上，达到20亿美元的年预订量，但EA并不满足于此。管理层最近通过引入新的领导层和人才重组了移动部门，这表明了让这一部门增长的真正努力。</blockquote></p><p> <b>The stock is undervalued compared to its peers</b></p><p><blockquote><b>与同行相比，该股票被低估了</b></blockquote></p><p> The stock trades at a discount to its peers, with a forward price-to-earnings multiple of 22.8. That trails&nbsp;<b>Activision Blizzard</b>'s&nbsp;valuation of 35.8 times expected earnings and&nbsp;<b>Take-Two Interactive</b>'s&nbsp;multiple of 25 times forward estimates.</p><p><blockquote>该股的交易价格低于同行，远期市盈率为 22.8。那痕迹<b>动视暴雪</b>估值为预期收益的 35.8 倍<b>Take-Two互动</b>25倍前瞻性估计值的倍数。</blockquote></p><p></p><p> With clear catalysts on the horizon, I don't think this valuation gap will last for too long. EA generated $1.8 billion in&nbsp;free cash flow&nbsp;in fiscal 2021,&nbsp;initiated its&nbsp;first quarterly dividend,&nbsp;and is experiencing momentum with its top franchises.EA is a top gaming stock to buy&nbsp;right now.</p><p><blockquote>随着明确的催化剂即将到来，我认为这种估值差距不会持续太久。EA 在 2021 财年产生了 18 亿美元的自由现金流，开始了首次季度股息，并且其顶级特许经营权正在经历发展势头。EA 是现在值得购买的顶级游戏股票。</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>3 Reasons Why Electronic Arts Stock Could Be Headed Higher<blockquote>艺电股票可能走高的 3 个原因</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\">\n3 Reasons Why Electronic Arts Stock Could Be Headed Higher<blockquote>艺电股票可能走高的 3 个原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-06-17 13:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Electronic Arts</b>&nbsp;(NASDAQ:EA)&nbsp;just closed the books on a record fiscal 2021.&nbsp;Strong player engagement in EA Sports titles (<i>FIFA</i>and<i>Madden</i>) and 42 million new players playing its games give EA plenty of momentum for the year ahead.</p><p><blockquote><b>电子艺术</b>（纳斯达克股票代码：EA）刚刚结束了创纪录的 2021 财年账目。玩家对 EA 体育游戏的强烈参与（<i>国际足联</i>和<i>马登</i>）和 4200 万新玩家玩其游戏为 EA 未来一年提供了充足的动力。</blockquote></p><p> The stock has been inching closer to new highs in the first half of calendar 2021 and could be poised for a breakout. Here are three catalysts on the horizon that could send the share price higher.</p><p><blockquote>该股在 2021 年上半年一直在慢慢接近新高，并可能迎来突破。以下是可能推高股价的三个催化剂。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9a9b0c75cdc43bc6a6bc0a66bd45ae58\" tg-width=\"2000\" tg-height=\"1333\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>1.</b><b><i>Apex Legends</i></b></p><p><blockquote><b>1.</b><b><i>顶点传奇</i></b></blockquote></p><p> <i>Apex Legends</i>launched in February 2019&nbsp;and quickly tapped into the demand for battle royale shooters.&nbsp;<i>Apex</i>has experienced growing viewership since late 2019 on game-streaming sites, and that has translated to growing bookings for the title.</p><p><blockquote><i>顶点传奇</i>于2019年2月推出，并迅速利用了对皇家战役射击游戏的需求。<i>顶点</i>自2019年底以来，游戏流媒体网站上的观众人数不断增长，这也转化为该游戏的预订量不断增长。</blockquote></p><p> <i>Apex</i>achieved $1 billion in lifetime bookings in the most recent quarter.&nbsp;The game averaged over 12 million weekly average users after season eight launched during the fiscal fourth quarter. In fiscal 2022, management is guiding for<i>Apex</i>to deliver 20% growth, achieving around $750 million in bookings,&nbsp;or approximately 10% of EA's total expected bookings.</p><p><blockquote><i>顶点</i>最近一个季度实现了10亿美元的终身预订。在第四财季推出第八季后，该游戏的平均每周用户超过1200万。2022 财年，管理层正在指导<i>顶点</i>实现 20% 的增长，预订量达到约 7.5 亿美元，约占 EA 总预期预订量的 10%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3620158ccc07c8505034b5a60c934b99\" tg-width=\"2000\" tg-height=\"1099\"><span>IMAGE SOURCE: ELECTRONIC ARTS FISCAL Q4 2021 EARNINGS PRESENTATION.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：艺电2021财年第四季度收益报告。</span></p></blockquote></p><p> <i>Apex</i>is an example of how EA is turning its biggest franchises into social networks. In a multiplayer shooter like<i>Apex</i>, users build their friends list and team up to compete against other players. \"It's going to be a huge part of the industry's business, as we've already seen, but it will continue on for us,\" CFO Blake Jorgensen said during the Q4 earnings call.</p><p><blockquote><i>顶点</i>是EA如何将其最大的特许经营权转变为社交网络的一个例子。在多人射击游戏中<i>顶点</i>，用户建立他们的好友列表，并组队与其他玩家竞争。首席财务官 Blake Jorgensen 在第四季度财报看涨期权上表示：“正如我们已经看到的那样，这将成为该行业业务的重要组成部分，但对我们来说，它将继续下去。”</blockquote></p><p> <b>2.</b><b><i>Battlefield 2042</i></b></p><p><blockquote><b>2.</b><b><i>战地2042</i></b></blockquote></p><p> EA just revealed the trailer for<i>Battlefield 2042</i>, currently scheduled for release&nbsp;in the December-ending fiscal third quarter,&nbsp;and it could be the biggest release yet for the series. The game is being developed by EA's DICE studio, and the development team has got some innovative tricks up its sleeve to make it a competitive title on the market when it launches.</p><p><blockquote>EA刚刚发布了预告片<i>战地2042</i>目前计划在截至 12 月的第三财季发布，这可能是该系列迄今为止最大的一次发布。这款游戏由EA的DICE工作室开发，开发团队已经掌握了一些创新技巧，使其在推出时成为市场上有竞争力的游戏。</blockquote></p><p> For example,<i>Battlefield 2042</i>will allow AI-controlled bots to fill matches when there aren't enough players in the queue, especially given that<i>Battlefield</i>will allow up to 128 players to compete in a match. This is important for those who queue into the game from a location where online servers don't have enough players to fill a match.&nbsp;It will also introduce a new multiplayer mode called Hazard Zone and feature the largest in-game maps in the franchise yet.</p><p><blockquote>例如，<i>战地2042</i>当队列中没有足够的玩家时，将允许人工智能控制的机器人填补比赛，特别是考虑到<i>战场</i>将允许多达128名玩家参加一场比赛。这对于那些从在线服务器没有足够玩家来填补比赛的地方排队进入游戏的人来说很重要。它还将引入一个名为“危险地带”的新多人模式，并拥有迄今为止最大的游戏内地图。</blockquote></p><p> CEO Andrew Wilson expects the debut of the&nbsp;<i>Battlefield</i>series on<b>Sony</b>&nbsp;and<b>Microsoft</b>'s&nbsp;next-gen consoles&nbsp;to take the series to the next level. \"If you look back through the history of our industry, every time we are able to deliver high-fidelity, more meaningfully immersive products as a result of increased processing power as platform transitions, we've been able to grow the market dramatically,\" he said during the last earnings call.</p><p><blockquote>首席执行官 Andrew Wilson 期待首次亮相<i>战场</i>系列<b>索尼</b>和<b>微软</b>的下一代游戏机将该系列提升到一个新的水平。“如果你回顾我们行业的历史，每当我们能够提供高保真、更有意义的沉浸式产品时，由于平台转型带来的处理能力增强，我们就能够大幅增长市场，”他在上次财报看涨期权上说道。</blockquote></p><p> <b>3. Mobile growth</b></p><p><blockquote><b>3. 移动增长</b></blockquote></p><p> EA's mobile segment was the company's slowest-growing sales category in fiscal 2021, which looks weak since mobile games are the fastest-growing platform in the video-game industry.&nbsp;But EA's mobile woes might soon end.</p><p><blockquote>EA的移动部门是该公司2021财年增长最慢的销售类别，这看起来很疲软，因为手机游戏是视频游戏行业增长最快的平台。但EA的移动困境可能很快就会结束。</blockquote></p><p> Later this year, EA is planning to launch a new mobile version of<i>Apex Legends</i>and&nbsp;<i>Battlefield</i>. Shooters have started to gain more of a following on mobile devices in recent years, likely driven by improved graphics technology on smartphones. This trend could spell success for EA.</p><p><blockquote>今年晚些时候，EA计划推出新的移动版本<i>顶点传奇</i>和<i>战场</i>近年来，射击游戏开始在移动设备上获得更多追随者，这可能是由于智能手机图形技术的改进。这一趋势可能意味着艺电的成功。</blockquote></p><p> EA is also looking forward to expanding its mobile sports portfolio withGlu Mobile's&nbsp;<i>MLB Tap Sports Baseball</i>&nbsp;and MetalHead Software's&nbsp;<i>Super Mega Baseball</i>-- both studios that EA recently acquired.</p><p><blockquote>EA 还期待通过 Glu Mobile 扩大其移动体育产品组合<i>MLB Tap Sports 棒球</i>和MetalHead Software的<i>超级棒球</i>-- EA 最近收购的两个工作室。</blockquote></p><p> The addition of Glu Mobile is expected to more than double EA's mobile business to $2 billion in annual bookings in the next three years, but EA isn't settling for that.&nbsp;Management recently reorganized the mobile segment by bringing in new leadership and talent, which shows a real effort to get this segment growing.</p><p><blockquote>Glu Mobile的加入预计将使EA的移动业务在未来三年内翻一番以上，达到20亿美元的年预订量，但EA并不满足于此。管理层最近通过引入新的领导层和人才重组了移动部门，这表明了让这一部门增长的真正努力。</blockquote></p><p> <b>The stock is undervalued compared to its peers</b></p><p><blockquote><b>与同行相比，该股票被低估了</b></blockquote></p><p> The stock trades at a discount to its peers, with a forward price-to-earnings multiple of 22.8. That trails&nbsp;<b>Activision Blizzard</b>'s&nbsp;valuation of 35.8 times expected earnings and&nbsp;<b>Take-Two Interactive</b>'s&nbsp;multiple of 25 times forward estimates.</p><p><blockquote>该股的交易价格低于同行，远期市盈率为 22.8。那痕迹<b>动视暴雪</b>估值为预期收益的 35.8 倍<b>Take-Two互动</b>25倍前瞻性估计值的倍数。</blockquote></p><p></p><p> With clear catalysts on the horizon, I don't think this valuation gap will last for too long. EA generated $1.8 billion in&nbsp;free cash flow&nbsp;in fiscal 2021,&nbsp;initiated its&nbsp;first quarterly dividend,&nbsp;and is experiencing momentum with its top franchises.EA is a top gaming stock to buy&nbsp;right now.</p><p><blockquote>随着明确的催化剂即将到来，我认为这种估值差距不会持续太久。EA 在 2021 财年产生了 18 亿美元的自由现金流，开始了首次季度股息，并且其顶级特许经营权正在经历发展势头。EA 是现在值得购买的顶级游戏股票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/06/16/3-reasons-why-electronic-arts-stock-could-be-heade/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"EA":"艺电"},"source_url":"https://www.fool.com/investing/2021/06/16/3-reasons-why-electronic-arts-stock-could-be-heade/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104789612","content_text":"Electronic Arts (NASDAQ:EA) just closed the books on a record fiscal 2021. Strong player engagement in EA Sports titles (FIFAandMadden) and 42 million new players playing its games give EA plenty of momentum for the year ahead.\nThe stock has been inching closer to new highs in the first half of calendar 2021 and could be poised for a breakout. Here are three catalysts on the horizon that could send the share price higher.\nIMAGE SOURCE: GETTY IMAGES.\n1.Apex Legends\nApex Legendslaunched in February 2019 and quickly tapped into the demand for battle royale shooters. Apexhas experienced growing viewership since late 2019 on game-streaming sites, and that has translated to growing bookings for the title.\nApexachieved $1 billion in lifetime bookings in the most recent quarter. The game averaged over 12 million weekly average users after season eight launched during the fiscal fourth quarter. In fiscal 2022, management is guiding forApexto deliver 20% growth, achieving around $750 million in bookings, or approximately 10% of EA's total expected bookings.\nIMAGE SOURCE: ELECTRONIC ARTS FISCAL Q4 2021 EARNINGS PRESENTATION.\nApexis an example of how EA is turning its biggest franchises into social networks. In a multiplayer shooter likeApex, users build their friends list and team up to compete against other players. \"It's going to be a huge part of the industry's business, as we've already seen, but it will continue on for us,\" CFO Blake Jorgensen said during the Q4 earnings call.\n2.Battlefield 2042\nEA just revealed the trailer forBattlefield 2042, currently scheduled for release in the December-ending fiscal third quarter, and it could be the biggest release yet for the series. The game is being developed by EA's DICE studio, and the development team has got some innovative tricks up its sleeve to make it a competitive title on the market when it launches.\nFor example,Battlefield 2042will allow AI-controlled bots to fill matches when there aren't enough players in the queue, especially given thatBattlefieldwill allow up to 128 players to compete in a match. This is important for those who queue into the game from a location where online servers don't have enough players to fill a match. It will also introduce a new multiplayer mode called Hazard Zone and feature the largest in-game maps in the franchise yet.\nCEO Andrew Wilson expects the debut of the Battlefieldseries onSony andMicrosoft's next-gen consoles to take the series to the next level. \"If you look back through the history of our industry, every time we are able to deliver high-fidelity, more meaningfully immersive products as a result of increased processing power as platform transitions, we've been able to grow the market dramatically,\" he said during the last earnings call.\n3. Mobile growth\nEA's mobile segment was the company's slowest-growing sales category in fiscal 2021, which looks weak since mobile games are the fastest-growing platform in the video-game industry. But EA's mobile woes might soon end.\nLater this year, EA is planning to launch a new mobile version ofApex Legendsand Battlefield. Shooters have started to gain more of a following on mobile devices in recent years, likely driven by improved graphics technology on smartphones. This trend could spell success for EA.\nEA is also looking forward to expanding its mobile sports portfolio withGlu Mobile's MLB Tap Sports Baseball and MetalHead Software's Super Mega Baseball-- both studios that EA recently acquired.\nThe addition of Glu Mobile is expected to more than double EA's mobile business to $2 billion in annual bookings in the next three years, but EA isn't settling for that. Management recently reorganized the mobile segment by bringing in new leadership and talent, which shows a real effort to get this segment growing.\nThe stock is undervalued compared to its peers\nThe stock trades at a discount to its peers, with a forward price-to-earnings multiple of 22.8. That trails Activision Blizzard's valuation of 35.8 times expected earnings and Take-Two Interactive's multiple of 25 times forward estimates.\nWith clear catalysts on the horizon, I don't think this valuation gap will last for too long. EA generated $1.8 billion in free cash flow in fiscal 2021, initiated its first quarterly dividend, and is experiencing momentum with its top franchises.EA is a top gaming stock to buy right now.","news_type":1,"symbols_score_info":{"EA":0.9}},"isVote":1,"tweetType":1,"viewCount":2469,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161656331,"gmtCreate":1623924514223,"gmtModify":1634025818005,"author":{"id":"3585026562704009","authorId":"3585026562704009","name":"Sesshosaki","avatar":"https://static.tigerbbs.com/c8205a361981ada39f05a0af7192a769","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585026562704009","authorIdStr":"3585026562704009"},"themes":[],"title":"","htmlText":"great stuff","listText":"great stuff","text":"great stuff","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161656331","repostId":"1104789612","repostType":4,"repost":{"id":"1104789612","kind":"news","pubTimestamp":1623908041,"share":"https://www.laohunote.com/m/news/1104789612?lang=zh_CN&edition=full","pubTime":"2021-06-17 13:34","market":"us","language":"en","title":"3 Reasons Why Electronic Arts Stock Could Be Headed Higher<blockquote>艺电股票可能走高的 3 个原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104789612","media":"Motley Fool","summary":"A new blockbuster release should lead to another record year for EA.","content":"<p><b>Electronic Arts</b>&nbsp;(NASDAQ:EA)&nbsp;just closed the books on a record fiscal 2021.&nbsp;Strong player engagement in EA Sports titles (<i>FIFA</i>and<i>Madden</i>) and 42 million new players playing its games give EA plenty of momentum for the year ahead.</p><p><blockquote><b>电子艺术</b>（纳斯达克股票代码：EA）刚刚结束了创纪录的 2021 财年账目。玩家对 EA 体育游戏的强烈参与（<i>国际足联</i>和<i>马登</i>）和 4200 万新玩家玩其游戏为 EA 未来一年提供了充足的动力。</blockquote></p><p> The stock has been inching closer to new highs in the first half of calendar 2021 and could be poised for a breakout. Here are three catalysts on the horizon that could send the share price higher.</p><p><blockquote>该股在 2021 年上半年一直在慢慢接近新高，并可能迎来突破。以下是可能推高股价的三个催化剂。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9a9b0c75cdc43bc6a6bc0a66bd45ae58\" tg-width=\"2000\" tg-height=\"1333\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>1.</b><b><i>Apex Legends</i></b></p><p><blockquote><b>1.</b><b><i>顶点传奇</i></b></blockquote></p><p> <i>Apex Legends</i>launched in February 2019&nbsp;and quickly tapped into the demand for battle royale shooters.&nbsp;<i>Apex</i>has experienced growing viewership since late 2019 on game-streaming sites, and that has translated to growing bookings for the title.</p><p><blockquote><i>顶点传奇</i>于2019年2月推出，并迅速利用了对皇家战役射击游戏的需求。<i>顶点</i>自2019年底以来，游戏流媒体网站上的观众人数不断增长，这也转化为该游戏的预订量不断增长。</blockquote></p><p> <i>Apex</i>achieved $1 billion in lifetime bookings in the most recent quarter.&nbsp;The game averaged over 12 million weekly average users after season eight launched during the fiscal fourth quarter. In fiscal 2022, management is guiding for<i>Apex</i>to deliver 20% growth, achieving around $750 million in bookings,&nbsp;or approximately 10% of EA's total expected bookings.</p><p><blockquote><i>顶点</i>最近一个季度实现了10亿美元的终身预订。在第四财季推出第八季后，该游戏的平均每周用户超过1200万。2022 财年，管理层正在指导<i>顶点</i>实现 20% 的增长，预订量达到约 7.5 亿美元，约占 EA 总预期预订量的 10%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3620158ccc07c8505034b5a60c934b99\" tg-width=\"2000\" tg-height=\"1099\"><span>IMAGE SOURCE: ELECTRONIC ARTS FISCAL Q4 2021 EARNINGS PRESENTATION.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：艺电2021财年第四季度收益报告。</span></p></blockquote></p><p> <i>Apex</i>is an example of how EA is turning its biggest franchises into social networks. In a multiplayer shooter like<i>Apex</i>, users build their friends list and team up to compete against other players. \"It's going to be a huge part of the industry's business, as we've already seen, but it will continue on for us,\" CFO Blake Jorgensen said during the Q4 earnings call.</p><p><blockquote><i>顶点</i>是EA如何将其最大的特许经营权转变为社交网络的一个例子。在多人射击游戏中<i>顶点</i>，用户建立他们的好友列表，并组队与其他玩家竞争。首席财务官 Blake Jorgensen 在第四季度财报看涨期权上表示：“正如我们已经看到的那样，这将成为该行业业务的重要组成部分，但对我们来说，它将继续下去。”</blockquote></p><p> <b>2.</b><b><i>Battlefield 2042</i></b></p><p><blockquote><b>2.</b><b><i>战地2042</i></b></blockquote></p><p> EA just revealed the trailer for<i>Battlefield 2042</i>, currently scheduled for release&nbsp;in the December-ending fiscal third quarter,&nbsp;and it could be the biggest release yet for the series. The game is being developed by EA's DICE studio, and the development team has got some innovative tricks up its sleeve to make it a competitive title on the market when it launches.</p><p><blockquote>EA刚刚发布了预告片<i>战地2042</i>目前计划在截至 12 月的第三财季发布，这可能是该系列迄今为止最大的一次发布。这款游戏由EA的DICE工作室开发，开发团队已经掌握了一些创新技巧，使其在推出时成为市场上有竞争力的游戏。</blockquote></p><p> For example,<i>Battlefield 2042</i>will allow AI-controlled bots to fill matches when there aren't enough players in the queue, especially given that<i>Battlefield</i>will allow up to 128 players to compete in a match. This is important for those who queue into the game from a location where online servers don't have enough players to fill a match.&nbsp;It will also introduce a new multiplayer mode called Hazard Zone and feature the largest in-game maps in the franchise yet.</p><p><blockquote>例如，<i>战地2042</i>当队列中没有足够的玩家时，将允许人工智能控制的机器人填补比赛，特别是考虑到<i>战场</i>将允许多达128名玩家参加一场比赛。这对于那些从在线服务器没有足够玩家来填补比赛的地方排队进入游戏的人来说很重要。它还将引入一个名为“危险地带”的新多人模式，并拥有迄今为止最大的游戏内地图。</blockquote></p><p> CEO Andrew Wilson expects the debut of the&nbsp;<i>Battlefield</i>series on<b>Sony</b>&nbsp;and<b>Microsoft</b>'s&nbsp;next-gen consoles&nbsp;to take the series to the next level. \"If you look back through the history of our industry, every time we are able to deliver high-fidelity, more meaningfully immersive products as a result of increased processing power as platform transitions, we've been able to grow the market dramatically,\" he said during the last earnings call.</p><p><blockquote>首席执行官 Andrew Wilson 期待首次亮相<i>战场</i>系列<b>索尼</b>和<b>微软</b>的下一代游戏机将该系列提升到一个新的水平。“如果你回顾我们行业的历史，每当我们能够提供高保真、更有意义的沉浸式产品时，由于平台转型带来的处理能力增强，我们就能够大幅增长市场，”他在上次财报看涨期权上说道。</blockquote></p><p> <b>3. Mobile growth</b></p><p><blockquote><b>3. 移动增长</b></blockquote></p><p> EA's mobile segment was the company's slowest-growing sales category in fiscal 2021, which looks weak since mobile games are the fastest-growing platform in the video-game industry.&nbsp;But EA's mobile woes might soon end.</p><p><blockquote>EA的移动部门是该公司2021财年增长最慢的销售类别，这看起来很疲软，因为手机游戏是视频游戏行业增长最快的平台。但EA的移动困境可能很快就会结束。</blockquote></p><p> Later this year, EA is planning to launch a new mobile version of<i>Apex Legends</i>and&nbsp;<i>Battlefield</i>. Shooters have started to gain more of a following on mobile devices in recent years, likely driven by improved graphics technology on smartphones. This trend could spell success for EA.</p><p><blockquote>今年晚些时候，EA计划推出新的移动版本<i>顶点传奇</i>和<i>战场</i>近年来，射击游戏开始在移动设备上获得更多追随者，这可能是由于智能手机图形技术的改进。这一趋势可能意味着艺电的成功。</blockquote></p><p> EA is also looking forward to expanding its mobile sports portfolio withGlu Mobile's&nbsp;<i>MLB Tap Sports Baseball</i>&nbsp;and MetalHead Software's&nbsp;<i>Super Mega Baseball</i>-- both studios that EA recently acquired.</p><p><blockquote>EA 还期待通过 Glu Mobile 扩大其移动体育产品组合<i>MLB Tap Sports 棒球</i>和MetalHead Software的<i>超级棒球</i>-- EA 最近收购的两个工作室。</blockquote></p><p> The addition of Glu Mobile is expected to more than double EA's mobile business to $2 billion in annual bookings in the next three years, but EA isn't settling for that.&nbsp;Management recently reorganized the mobile segment by bringing in new leadership and talent, which shows a real effort to get this segment growing.</p><p><blockquote>Glu Mobile的加入预计将使EA的移动业务在未来三年内翻一番以上，达到20亿美元的年预订量，但EA并不满足于此。管理层最近通过引入新的领导层和人才重组了移动部门，这表明了让这一部门增长的真正努力。</blockquote></p><p> <b>The stock is undervalued compared to its peers</b></p><p><blockquote><b>与同行相比，该股票被低估了</b></blockquote></p><p> The stock trades at a discount to its peers, with a forward price-to-earnings multiple of 22.8. That trails&nbsp;<b>Activision Blizzard</b>'s&nbsp;valuation of 35.8 times expected earnings and&nbsp;<b>Take-Two Interactive</b>'s&nbsp;multiple of 25 times forward estimates.</p><p><blockquote>该股的交易价格低于同行，远期市盈率为 22.8。那痕迹<b>动视暴雪</b>估值为预期收益的 35.8 倍<b>Take-Two互动</b>25倍前瞻性估计值的倍数。</blockquote></p><p></p><p> With clear catalysts on the horizon, I don't think this valuation gap will last for too long. EA generated $1.8 billion in&nbsp;free cash flow&nbsp;in fiscal 2021,&nbsp;initiated its&nbsp;first quarterly dividend,&nbsp;and is experiencing momentum with its top franchises.EA is a top gaming stock to buy&nbsp;right now.</p><p><blockquote>随着明确的催化剂即将到来，我认为这种估值差距不会持续太久。EA 在 2021 财年产生了 18 亿美元的自由现金流，开始了首次季度股息，并且其顶级特许经营权正在经历发展势头。EA 是现在值得购买的顶级游戏股票。</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>3 Reasons Why Electronic Arts Stock Could Be Headed Higher<blockquote>艺电股票可能走高的 3 个原因</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\">\n3 Reasons Why Electronic Arts Stock Could Be Headed Higher<blockquote>艺电股票可能走高的 3 个原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-06-17 13:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Electronic Arts</b>&nbsp;(NASDAQ:EA)&nbsp;just closed the books on a record fiscal 2021.&nbsp;Strong player engagement in EA Sports titles (<i>FIFA</i>and<i>Madden</i>) and 42 million new players playing its games give EA plenty of momentum for the year ahead.</p><p><blockquote><b>电子艺术</b>（纳斯达克股票代码：EA）刚刚结束了创纪录的 2021 财年账目。玩家对 EA 体育游戏的强烈参与（<i>国际足联</i>和<i>马登</i>）和 4200 万新玩家玩其游戏为 EA 未来一年提供了充足的动力。</blockquote></p><p> The stock has been inching closer to new highs in the first half of calendar 2021 and could be poised for a breakout. Here are three catalysts on the horizon that could send the share price higher.</p><p><blockquote>该股在 2021 年上半年一直在慢慢接近新高，并可能迎来突破。以下是可能推高股价的三个催化剂。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9a9b0c75cdc43bc6a6bc0a66bd45ae58\" tg-width=\"2000\" tg-height=\"1333\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>1.</b><b><i>Apex Legends</i></b></p><p><blockquote><b>1.</b><b><i>顶点传奇</i></b></blockquote></p><p> <i>Apex Legends</i>launched in February 2019&nbsp;and quickly tapped into the demand for battle royale shooters.&nbsp;<i>Apex</i>has experienced growing viewership since late 2019 on game-streaming sites, and that has translated to growing bookings for the title.</p><p><blockquote><i>顶点传奇</i>于2019年2月推出，并迅速利用了对皇家战役射击游戏的需求。<i>顶点</i>自2019年底以来，游戏流媒体网站上的观众人数不断增长，这也转化为该游戏的预订量不断增长。</blockquote></p><p> <i>Apex</i>achieved $1 billion in lifetime bookings in the most recent quarter.&nbsp;The game averaged over 12 million weekly average users after season eight launched during the fiscal fourth quarter. In fiscal 2022, management is guiding for<i>Apex</i>to deliver 20% growth, achieving around $750 million in bookings,&nbsp;or approximately 10% of EA's total expected bookings.</p><p><blockquote><i>顶点</i>最近一个季度实现了10亿美元的终身预订。在第四财季推出第八季后，该游戏的平均每周用户超过1200万。2022 财年，管理层正在指导<i>顶点</i>实现 20% 的增长，预订量达到约 7.5 亿美元，约占 EA 总预期预订量的 10%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3620158ccc07c8505034b5a60c934b99\" tg-width=\"2000\" tg-height=\"1099\"><span>IMAGE SOURCE: ELECTRONIC ARTS FISCAL Q4 2021 EARNINGS PRESENTATION.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：艺电2021财年第四季度收益报告。</span></p></blockquote></p><p> <i>Apex</i>is an example of how EA is turning its biggest franchises into social networks. In a multiplayer shooter like<i>Apex</i>, users build their friends list and team up to compete against other players. \"It's going to be a huge part of the industry's business, as we've already seen, but it will continue on for us,\" CFO Blake Jorgensen said during the Q4 earnings call.</p><p><blockquote><i>顶点</i>是EA如何将其最大的特许经营权转变为社交网络的一个例子。在多人射击游戏中<i>顶点</i>，用户建立他们的好友列表，并组队与其他玩家竞争。首席财务官 Blake Jorgensen 在第四季度财报看涨期权上表示：“正如我们已经看到的那样，这将成为该行业业务的重要组成部分，但对我们来说，它将继续下去。”</blockquote></p><p> <b>2.</b><b><i>Battlefield 2042</i></b></p><p><blockquote><b>2.</b><b><i>战地2042</i></b></blockquote></p><p> EA just revealed the trailer for<i>Battlefield 2042</i>, currently scheduled for release&nbsp;in the December-ending fiscal third quarter,&nbsp;and it could be the biggest release yet for the series. The game is being developed by EA's DICE studio, and the development team has got some innovative tricks up its sleeve to make it a competitive title on the market when it launches.</p><p><blockquote>EA刚刚发布了预告片<i>战地2042</i>目前计划在截至 12 月的第三财季发布，这可能是该系列迄今为止最大的一次发布。这款游戏由EA的DICE工作室开发，开发团队已经掌握了一些创新技巧，使其在推出时成为市场上有竞争力的游戏。</blockquote></p><p> For example,<i>Battlefield 2042</i>will allow AI-controlled bots to fill matches when there aren't enough players in the queue, especially given that<i>Battlefield</i>will allow up to 128 players to compete in a match. This is important for those who queue into the game from a location where online servers don't have enough players to fill a match.&nbsp;It will also introduce a new multiplayer mode called Hazard Zone and feature the largest in-game maps in the franchise yet.</p><p><blockquote>例如，<i>战地2042</i>当队列中没有足够的玩家时，将允许人工智能控制的机器人填补比赛，特别是考虑到<i>战场</i>将允许多达128名玩家参加一场比赛。这对于那些从在线服务器没有足够玩家来填补比赛的地方排队进入游戏的人来说很重要。它还将引入一个名为“危险地带”的新多人模式，并拥有迄今为止最大的游戏内地图。</blockquote></p><p> CEO Andrew Wilson expects the debut of the&nbsp;<i>Battlefield</i>series on<b>Sony</b>&nbsp;and<b>Microsoft</b>'s&nbsp;next-gen consoles&nbsp;to take the series to the next level. \"If you look back through the history of our industry, every time we are able to deliver high-fidelity, more meaningfully immersive products as a result of increased processing power as platform transitions, we've been able to grow the market dramatically,\" he said during the last earnings call.</p><p><blockquote>首席执行官 Andrew Wilson 期待首次亮相<i>战场</i>系列<b>索尼</b>和<b>微软</b>的下一代游戏机将该系列提升到一个新的水平。“如果你回顾我们行业的历史，每当我们能够提供高保真、更有意义的沉浸式产品时，由于平台转型带来的处理能力增强，我们就能够大幅增长市场，”他在上次财报看涨期权上说道。</blockquote></p><p> <b>3. Mobile growth</b></p><p><blockquote><b>3. 移动增长</b></blockquote></p><p> EA's mobile segment was the company's slowest-growing sales category in fiscal 2021, which looks weak since mobile games are the fastest-growing platform in the video-game industry.&nbsp;But EA's mobile woes might soon end.</p><p><blockquote>EA的移动部门是该公司2021财年增长最慢的销售类别，这看起来很疲软，因为手机游戏是视频游戏行业增长最快的平台。但EA的移动困境可能很快就会结束。</blockquote></p><p> Later this year, EA is planning to launch a new mobile version of<i>Apex Legends</i>and&nbsp;<i>Battlefield</i>. Shooters have started to gain more of a following on mobile devices in recent years, likely driven by improved graphics technology on smartphones. This trend could spell success for EA.</p><p><blockquote>今年晚些时候，EA计划推出新的移动版本<i>顶点传奇</i>和<i>战场</i>近年来，射击游戏开始在移动设备上获得更多追随者，这可能是由于智能手机图形技术的改进。这一趋势可能意味着艺电的成功。</blockquote></p><p> EA is also looking forward to expanding its mobile sports portfolio withGlu Mobile's&nbsp;<i>MLB Tap Sports Baseball</i>&nbsp;and MetalHead Software's&nbsp;<i>Super Mega Baseball</i>-- both studios that EA recently acquired.</p><p><blockquote>EA 还期待通过 Glu Mobile 扩大其移动体育产品组合<i>MLB Tap Sports 棒球</i>和MetalHead Software的<i>超级棒球</i>-- EA 最近收购的两个工作室。</blockquote></p><p> The addition of Glu Mobile is expected to more than double EA's mobile business to $2 billion in annual bookings in the next three years, but EA isn't settling for that.&nbsp;Management recently reorganized the mobile segment by bringing in new leadership and talent, which shows a real effort to get this segment growing.</p><p><blockquote>Glu Mobile的加入预计将使EA的移动业务在未来三年内翻一番以上，达到20亿美元的年预订量，但EA并不满足于此。管理层最近通过引入新的领导层和人才重组了移动部门，这表明了让这一部门增长的真正努力。</blockquote></p><p> <b>The stock is undervalued compared to its peers</b></p><p><blockquote><b>与同行相比，该股票被低估了</b></blockquote></p><p> The stock trades at a discount to its peers, with a forward price-to-earnings multiple of 22.8. That trails&nbsp;<b>Activision Blizzard</b>'s&nbsp;valuation of 35.8 times expected earnings and&nbsp;<b>Take-Two Interactive</b>'s&nbsp;multiple of 25 times forward estimates.</p><p><blockquote>该股的交易价格低于同行，远期市盈率为 22.8。那痕迹<b>动视暴雪</b>估值为预期收益的 35.8 倍<b>Take-Two互动</b>25倍前瞻性估计值的倍数。</blockquote></p><p></p><p> With clear catalysts on the horizon, I don't think this valuation gap will last for too long. EA generated $1.8 billion in&nbsp;free cash flow&nbsp;in fiscal 2021,&nbsp;initiated its&nbsp;first quarterly dividend,&nbsp;and is experiencing momentum with its top franchises.EA is a top gaming stock to buy&nbsp;right now.</p><p><blockquote>随着明确的催化剂即将到来，我认为这种估值差距不会持续太久。EA 在 2021 财年产生了 18 亿美元的自由现金流，开始了首次季度股息，并且其顶级特许经营权正在经历发展势头。EA 是现在值得购买的顶级游戏股票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/06/16/3-reasons-why-electronic-arts-stock-could-be-heade/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"EA":"艺电"},"source_url":"https://www.fool.com/investing/2021/06/16/3-reasons-why-electronic-arts-stock-could-be-heade/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104789612","content_text":"Electronic Arts (NASDAQ:EA) just closed the books on a record fiscal 2021. Strong player engagement in EA Sports titles (FIFAandMadden) and 42 million new players playing its games give EA plenty of momentum for the year ahead.\nThe stock has been inching closer to new highs in the first half of calendar 2021 and could be poised for a breakout. Here are three catalysts on the horizon that could send the share price higher.\nIMAGE SOURCE: GETTY IMAGES.\n1.Apex Legends\nApex Legendslaunched in February 2019 and quickly tapped into the demand for battle royale shooters. Apexhas experienced growing viewership since late 2019 on game-streaming sites, and that has translated to growing bookings for the title.\nApexachieved $1 billion in lifetime bookings in the most recent quarter. The game averaged over 12 million weekly average users after season eight launched during the fiscal fourth quarter. In fiscal 2022, management is guiding forApexto deliver 20% growth, achieving around $750 million in bookings, or approximately 10% of EA's total expected bookings.\nIMAGE SOURCE: ELECTRONIC ARTS FISCAL Q4 2021 EARNINGS PRESENTATION.\nApexis an example of how EA is turning its biggest franchises into social networks. In a multiplayer shooter likeApex, users build their friends list and team up to compete against other players. \"It's going to be a huge part of the industry's business, as we've already seen, but it will continue on for us,\" CFO Blake Jorgensen said during the Q4 earnings call.\n2.Battlefield 2042\nEA just revealed the trailer forBattlefield 2042, currently scheduled for release in the December-ending fiscal third quarter, and it could be the biggest release yet for the series. The game is being developed by EA's DICE studio, and the development team has got some innovative tricks up its sleeve to make it a competitive title on the market when it launches.\nFor example,Battlefield 2042will allow AI-controlled bots to fill matches when there aren't enough players in the queue, especially given thatBattlefieldwill allow up to 128 players to compete in a match. This is important for those who queue into the game from a location where online servers don't have enough players to fill a match. It will also introduce a new multiplayer mode called Hazard Zone and feature the largest in-game maps in the franchise yet.\nCEO Andrew Wilson expects the debut of the Battlefieldseries onSony andMicrosoft's next-gen consoles to take the series to the next level. \"If you look back through the history of our industry, every time we are able to deliver high-fidelity, more meaningfully immersive products as a result of increased processing power as platform transitions, we've been able to grow the market dramatically,\" he said during the last earnings call.\n3. Mobile growth\nEA's mobile segment was the company's slowest-growing sales category in fiscal 2021, which looks weak since mobile games are the fastest-growing platform in the video-game industry. But EA's mobile woes might soon end.\nLater this year, EA is planning to launch a new mobile version ofApex Legendsand Battlefield. Shooters have started to gain more of a following on mobile devices in recent years, likely driven by improved graphics technology on smartphones. This trend could spell success for EA.\nEA is also looking forward to expanding its mobile sports portfolio withGlu Mobile's MLB Tap Sports Baseball and MetalHead Software's Super Mega Baseball-- both studios that EA recently acquired.\nThe addition of Glu Mobile is expected to more than double EA's mobile business to $2 billion in annual bookings in the next three years, but EA isn't settling for that. Management recently reorganized the mobile segment by bringing in new leadership and talent, which shows a real effort to get this segment growing.\nThe stock is undervalued compared to its peers\nThe stock trades at a discount to its peers, with a forward price-to-earnings multiple of 22.8. That trails Activision Blizzard's valuation of 35.8 times expected earnings and Take-Two Interactive's multiple of 25 times forward estimates.\nWith clear catalysts on the horizon, I don't think this valuation gap will last for too long. EA generated $1.8 billion in free cash flow in fiscal 2021, initiated its first quarterly dividend, and is experiencing momentum with its top franchises.EA is a top gaming stock to buy right now.","news_type":1,"symbols_score_info":{"EA":0.9}},"isVote":1,"tweetType":1,"viewCount":3306,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161659545,"gmtCreate":1623924205587,"gmtModify":1634025821256,"author":{"id":"3585026562704009","authorId":"3585026562704009","name":"Sesshosaki","avatar":"https://static.tigerbbs.com/c8205a361981ada39f05a0af7192a769","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585026562704009","authorIdStr":"3585026562704009"},"themes":[],"title":"","htmlText":"wow","listText":"wow","text":"wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161659545","repostId":"1140092435","repostType":4,"isVote":1,"tweetType":1,"viewCount":2073,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136658155,"gmtCreate":1622016286777,"gmtModify":1634184640425,"author":{"id":"3585026562704009","authorId":"3585026562704009","name":"Sesshosaki","avatar":"https://static.tigerbbs.com/c8205a361981ada39f05a0af7192a769","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585026562704009","authorIdStr":"3585026562704009"},"themes":[],"title":"","htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/136658155","repostId":"1182975704","repostType":4,"repost":{"id":"1182975704","kind":"news","pubTimestamp":1621990601,"share":"https://www.laohunote.com/m/news/1182975704?lang=zh_CN&edition=full","pubTime":"2021-05-26 08:56","market":"fut","language":"en","title":"China’s Yuan Hits Strongest Level in Nearly Three Years<blockquote>人民币汇率触及近三年来最强水平</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1182975704","media":"The Wall Street Journal","summary":"The currency has been buoyed by the country’s rapid recovery from the coronavirus pandemic.\n\nChina’s","content":"<p>  The currency has been buoyed by the country’s rapid recovery from the coronavirus pandemic.  China’s yuan has strengthened to a near-three-year high, boosted by a falling dollar despite attempts by the central bank to keep the currency in check.</p><p><blockquote>该国从冠状病毒大流行中迅速复苏，提振了货币。尽管中国央行试图控制人民币汇率，但受美元贬值的提振，人民币汇率已升至近三年来的最高点。</blockquote></p><p> The yuan has been buoyed in recent months by the country’s rapid recovery from the coronavirus pandemic, and by a rush of international investment into China’s relatively high-yielding markets. The currency has also gained amid abroader bout of dollar weakness.</p><p><blockquote>近几个月来，中国从冠状病毒大流行中迅速复苏，以及国际投资涌入中国相对高收益的市场，都提振了人民币。在美元走软的情况下，该货币也有所上涨。</blockquote></p><p> On Tuesday, the offshore yuan strengthened below 6.4 per dollar, as Chinese stocks jumped thanks partly to a surge in foreign buying.</p><p><blockquote>周二，离岸人民币兑美元汇率升至 6.4 以下，中国股市上涨，部分原因是外国买盘激增。</blockquote></p><p> Beijing would want to see slower yuan appreciationto support the economy, which is still fairly dependent on selling goods abroad, said Alvin Tan, head of Asia foreign-exchange strategy at RBC Capital Markets. While Chinese exports have surged since last year,a rallying yuan pressures exportersby making their goods more expensive when priced in dollars.</p><p><blockquote>加拿大皇家银行资本市场（RBC Capital Markets）亚洲外汇策略主管阿尔文·谭（Alvin Tan）表示，北京希望看到人民币升值放缓，以支持经济，因为经济仍然相当依赖海外销售商品。尽管中国出口自去年以来激增，但人民币升值给出口商带来了压力，使他们的商品以美元计价时更加昂贵。</blockquote></p><p> Mr. Tan said the People’s Bank of China had been “leaning against the strength” of the currency by setting weaker-than-expected reference rates for onshore yuan trading for the past month.</p><p><blockquote>谭先生说，过去一个月，中国人民银行一直在 “倾向于 ”人民币走强，为在岸人民币交易设定了低于预期的参考利率。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a7ef4ee3cc184ea84391adcdbe43b304\" tg-width=\"321\" tg-height=\"428\">The central bank fixes a daily midpoint for the onshore yuan, and only allows trading up to 2 percentage points above or below this level. This is part of a so-called managed floating-exchange-rate system based on the yuan’s value against a basket of currencies.</p><p><blockquote>央行为在岸人民币固定一个每日中点，只允许在该水平上下2个百分点以内进行交易。这是所谓有管理的浮动汇率制度的一部分，该制度基于人民币对一篮子货币的价值。</blockquote></p><p> The yuan is likely to stay between 6.4 and 6.5 to a dollar, while further appreciation could prompt stronger central bank action, said Paul Sandhu, head of multiasset quant solutions for Asia-Pacific at BNP Paribas Asset Management.</p><p><blockquote>法国巴黎银行资产管理公司（BNP Paribas Asset Management）亚太区多资产量化解决方案主管保罗·桑杜（Paul Sandhu）表示，人民币兑美元汇率可能维持在6.4至6.5之间，而进一步升值可能会促使央行采取更强有力的行动。</blockquote></p><p> “The government is quite happy with the range it is sitting at. If it breaks 6.4 and stays there for some time, they may move in to do something,” Mr. Sandhu said.</p><p><blockquote>“桑杜先生说：”政府对目前的范围非常满意。如果它打破了 6.4 的标准，并在那里停留一段时间，他们可能会采取行动。</blockquote></p><p> On Tuesday in Hong Kong, the offshore yuan rallied about 0.2% to 6.3988 to the dollar, a level last hit in June 2018. The dollar weakened, with theICEU.S. Dollar Index declining nearly 0.3% to 89.61, its lowest since early January.</p><p><blockquote>周二在香港，离岸人民币兑美元汇率上涨约0.2%，至6.3988，这是2018年6月上次触及的水平。美元走弱，美国美元指数下跌近0.3%，至89.61，为1月初以来的最低水平。</blockquote></p><p> China’s CSI 300 index, a gauge of the biggest shares listed in either Shanghai or Shenzhen, jumped 3.2%. Net foreign buying of mainland Chinese shares through Stock Connect, a trading link with Hong Kong, hit a record daily high of 21.7 billion yuan, or the equivalent of $3.4 billion.</p><p><blockquote>中国沪深 300 指数（衡量在上海或深圳上市的最大股票的指标）上涨了 3.2%。外国通过与香港的交易链接——股票互联互通净买入中国大陆股票，创下单日新高，达到217亿元人民币，相当于34亿美元。</blockquote></p><p> Tuesday’s yuan strength was also likely due in part to the coming month-end, before which exporters normally sell earnings in foreign currency to buy yuan, said Khoon Goh, head of Asia research atAustralia and New Zealand Banking GroupLtd.in Singapore.</p><p><blockquote>澳大利亚和新西兰银行集团（Australia and New Zealand Banking GroupLtd.in Singapore）亚洲研究主管Khoon Goh表示，周二人民币走强的部分原因可能是即将到来的月底，在此之前，出口商通常会出售外币收益来购买人民币。</blockquote></p><p> The central bank is eager to promote the idea that the currency won’t be volatile, but that it also won’t be a one-way bet for investors. On Sunday, a senior central-bank official said the yuan will remain “basically stable.” Liu Guoqiang, a deputy governor, said fluctuations in either direction will become the norm, with the exchange rate depending on supply and demand, and changes in global financial markets.</p><p><blockquote>央行急于宣传货币不会波动，但对投资者来说，货币也不会是单向押注。周日，一位央行高级官员表示，人民币将保持 “基本稳定”。副行长刘国强表示，任一方向的波动都将成为常态，汇率取决于供求关系和全球金融市场的变化。</blockquote></p><p> Mr. Liu also said the current exchange-rate system was suitable for China. A researcher at the central bank recently called for China to stop controlling the rate to promote greater international use of the yuan. Another suggested the yuan should be allowed to rally, to offset rising prices for imported commodities.</p><p><blockquote>刘先生还表示，目前的汇率制度适合中国。中国央行的一名研究员最近呼吁中国停止控制汇率，以促进人民币在国际上的更大使用。另一个人建议允许人民币升值，以抵消进口商品价格上涨的影响。</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>China’s Yuan Hits Strongest Level in Nearly Three Years<blockquote>人民币汇率触及近三年来最强水平</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\">\nChina’s Yuan Hits Strongest Level in Nearly Three Years<blockquote>人民币汇率触及近三年来最强水平</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-05-26 08:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  The currency has been buoyed by the country’s rapid recovery from the coronavirus pandemic.  China’s yuan has strengthened to a near-three-year high, boosted by a falling dollar despite attempts by the central bank to keep the currency in check.</p><p><blockquote>该国从冠状病毒大流行中迅速复苏，提振了货币。尽管中国央行试图控制人民币汇率，但受美元贬值的提振，人民币汇率已升至近三年来的最高点。</blockquote></p><p> The yuan has been buoyed in recent months by the country’s rapid recovery from the coronavirus pandemic, and by a rush of international investment into China’s relatively high-yielding markets. The currency has also gained amid abroader bout of dollar weakness.</p><p><blockquote>近几个月来，中国从冠状病毒大流行中迅速复苏，以及国际投资涌入中国相对高收益的市场，都提振了人民币。在美元走软的情况下，该货币也有所上涨。</blockquote></p><p> On Tuesday, the offshore yuan strengthened below 6.4 per dollar, as Chinese stocks jumped thanks partly to a surge in foreign buying.</p><p><blockquote>周二，离岸人民币兑美元汇率升至 6.4 以下，中国股市上涨，部分原因是外国买盘激增。</blockquote></p><p> Beijing would want to see slower yuan appreciationto support the economy, which is still fairly dependent on selling goods abroad, said Alvin Tan, head of Asia foreign-exchange strategy at RBC Capital Markets. While Chinese exports have surged since last year,a rallying yuan pressures exportersby making their goods more expensive when priced in dollars.</p><p><blockquote>加拿大皇家银行资本市场（RBC Capital Markets）亚洲外汇策略主管阿尔文·谭（Alvin Tan）表示，北京希望看到人民币升值放缓，以支持经济，因为经济仍然相当依赖海外销售商品。尽管中国出口自去年以来激增，但人民币升值给出口商带来了压力，使他们的商品以美元计价时更加昂贵。</blockquote></p><p> Mr. Tan said the People’s Bank of China had been “leaning against the strength” of the currency by setting weaker-than-expected reference rates for onshore yuan trading for the past month.</p><p><blockquote>谭先生说，过去一个月，中国人民银行一直在 “倾向于 ”人民币走强，为在岸人民币交易设定了低于预期的参考利率。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a7ef4ee3cc184ea84391adcdbe43b304\" tg-width=\"321\" tg-height=\"428\">The central bank fixes a daily midpoint for the onshore yuan, and only allows trading up to 2 percentage points above or below this level. This is part of a so-called managed floating-exchange-rate system based on the yuan’s value against a basket of currencies.</p><p><blockquote>央行为在岸人民币固定一个每日中点，只允许在该水平上下2个百分点以内进行交易。这是所谓有管理的浮动汇率制度的一部分，该制度基于人民币对一篮子货币的价值。</blockquote></p><p> The yuan is likely to stay between 6.4 and 6.5 to a dollar, while further appreciation could prompt stronger central bank action, said Paul Sandhu, head of multiasset quant solutions for Asia-Pacific at BNP Paribas Asset Management.</p><p><blockquote>法国巴黎银行资产管理公司（BNP Paribas Asset Management）亚太区多资产量化解决方案主管保罗·桑杜（Paul Sandhu）表示，人民币兑美元汇率可能维持在6.4至6.5之间，而进一步升值可能会促使央行采取更强有力的行动。</blockquote></p><p> “The government is quite happy with the range it is sitting at. If it breaks 6.4 and stays there for some time, they may move in to do something,” Mr. Sandhu said.</p><p><blockquote>“桑杜先生说：”政府对目前的范围非常满意。如果它打破了 6.4 的标准，并在那里停留一段时间，他们可能会采取行动。</blockquote></p><p> On Tuesday in Hong Kong, the offshore yuan rallied about 0.2% to 6.3988 to the dollar, a level last hit in June 2018. The dollar weakened, with theICEU.S. Dollar Index declining nearly 0.3% to 89.61, its lowest since early January.</p><p><blockquote>周二在香港，离岸人民币兑美元汇率上涨约0.2%，至6.3988，这是2018年6月上次触及的水平。美元走弱，美国美元指数下跌近0.3%，至89.61，为1月初以来的最低水平。</blockquote></p><p> China’s CSI 300 index, a gauge of the biggest shares listed in either Shanghai or Shenzhen, jumped 3.2%. Net foreign buying of mainland Chinese shares through Stock Connect, a trading link with Hong Kong, hit a record daily high of 21.7 billion yuan, or the equivalent of $3.4 billion.</p><p><blockquote>中国沪深 300 指数（衡量在上海或深圳上市的最大股票的指标）上涨了 3.2%。外国通过与香港的交易链接——股票互联互通净买入中国大陆股票，创下单日新高，达到217亿元人民币，相当于34亿美元。</blockquote></p><p> Tuesday’s yuan strength was also likely due in part to the coming month-end, before which exporters normally sell earnings in foreign currency to buy yuan, said Khoon Goh, head of Asia research atAustralia and New Zealand Banking GroupLtd.in Singapore.</p><p><blockquote>澳大利亚和新西兰银行集团（Australia and New Zealand Banking GroupLtd.in Singapore）亚洲研究主管Khoon Goh表示，周二人民币走强的部分原因可能是即将到来的月底，在此之前，出口商通常会出售外币收益来购买人民币。</blockquote></p><p> The central bank is eager to promote the idea that the currency won’t be volatile, but that it also won’t be a one-way bet for investors. On Sunday, a senior central-bank official said the yuan will remain “basically stable.” Liu Guoqiang, a deputy governor, said fluctuations in either direction will become the norm, with the exchange rate depending on supply and demand, and changes in global financial markets.</p><p><blockquote>央行急于宣传货币不会波动，但对投资者来说，货币也不会是单向押注。周日，一位央行高级官员表示，人民币将保持 “基本稳定”。副行长刘国强表示，任一方向的波动都将成为常态，汇率取决于供求关系和全球金融市场的变化。</blockquote></p><p> Mr. Liu also said the current exchange-rate system was suitable for China. A researcher at the central bank recently called for China to stop controlling the rate to promote greater international use of the yuan. Another suggested the yuan should be allowed to rally, to offset rising prices for imported commodities.</p><p><blockquote>刘先生还表示，目前的汇率制度适合中国。中国央行的一名研究员最近呼吁中国停止控制汇率，以促进人民币在国际上的更大使用。另一个人建议允许人民币升值，以抵消进口商品价格上涨的影响。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/chinas-yuan-hits-strongest-level-in-nearly-three-years-11621950836?cx_testId=200&cx_testVariant=cx_10&cx_artPos=1#cxrecs_s\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"source_url":"https://www.wsj.com/articles/chinas-yuan-hits-strongest-level-in-nearly-three-years-11621950836?cx_testId=200&cx_testVariant=cx_10&cx_artPos=1#cxrecs_s","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182975704","content_text":"The currency has been buoyed by the country’s rapid recovery from the coronavirus pandemic.\n\nChina’s yuan has strengthened to a near-three-year high, boosted by a falling dollar despite attempts by the central bank to keep the currency in check.\nThe yuan has been buoyed in recent months by the country’s rapid recovery from the coronavirus pandemic, and by a rush of international investment into China’s relatively high-yielding markets. The currency has also gained amid abroader bout of dollar weakness.\nOn Tuesday, the offshore yuan strengthened below 6.4 per dollar, as Chinese stocks jumped thanks partly to a surge in foreign buying.\nBeijing would want to see slower yuan appreciationto support the economy, which is still fairly dependent on selling goods abroad, said Alvin Tan, head of Asia foreign-exchange strategy at RBC Capital Markets. While Chinese exports have surged since last year,a rallying yuan pressures exportersby making their goods more expensive when priced in dollars.\nMr. Tan said the People’s Bank of China had been “leaning against the strength” of the currency by setting weaker-than-expected reference rates for onshore yuan trading for the past month.\nThe central bank fixes a daily midpoint for the onshore yuan, and only allows trading up to 2 percentage points above or below this level. This is part of a so-called managed floating-exchange-rate system based on the yuan’s value against a basket of currencies.\nThe yuan is likely to stay between 6.4 and 6.5 to a dollar, while further appreciation could prompt stronger central bank action, said Paul Sandhu, head of multiasset quant solutions for Asia-Pacific at BNP Paribas Asset Management.\n“The government is quite happy with the range it is sitting at. If it breaks 6.4 and stays there for some time, they may move in to do something,” Mr. Sandhu said.\nOn Tuesday in Hong Kong, the offshore yuan rallied about 0.2% to 6.3988 to the dollar, a level last hit in June 2018. The dollar weakened, with theICEU.S. Dollar Index declining nearly 0.3% to 89.61, its lowest since early January.\nChina’s CSI 300 index, a gauge of the biggest shares listed in either Shanghai or Shenzhen, jumped 3.2%. Net foreign buying of mainland Chinese shares through Stock Connect, a trading link with Hong Kong, hit a record daily high of 21.7 billion yuan, or the equivalent of $3.4 billion.\nTuesday’s yuan strength was also likely due in part to the coming month-end, before which exporters normally sell earnings in foreign currency to buy yuan, said Khoon Goh, head of Asia research atAustralia and New Zealand Banking GroupLtd.in Singapore.\nThe central bank is eager to promote the idea that the currency won’t be volatile, but that it also won’t be a one-way bet for investors. On Sunday, a senior central-bank official said the yuan will remain “basically stable.” Liu Guoqiang, a deputy governor, said fluctuations in either direction will become the norm, with the exchange rate depending on supply and demand, and changes in global financial markets.\nMr. Liu also said the current exchange-rate system was suitable for China. A researcher at the central bank recently called for China to stop controlling the rate to promote greater international use of the yuan. Another suggested the yuan should be allowed to rally, to offset rising prices for imported commodities.","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":1774,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136629317,"gmtCreate":1622015492539,"gmtModify":1634184649127,"author":{"id":"3585026562704009","authorId":"3585026562704009","name":"Sesshosaki","avatar":"https://static.tigerbbs.com/c8205a361981ada39f05a0af7192a769","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585026562704009","authorIdStr":"3585026562704009"},"themes":[],"title":"","htmlText":"gg","listText":"gg","text":"gg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/136629317","repostId":"1129186705","repostType":4,"repost":{"id":"1129186705","kind":"news","pubTimestamp":1622001447,"share":"https://www.laohunote.com/m/news/1129186705?lang=zh_CN&edition=full","pubTime":"2021-05-26 11:57","market":"us","language":"en","title":"In 2008, he was CEO of the biggest bank to ever fail. He's worried about another crisis<blockquote>2008年，他是有史以来最大倒闭银行的首席执行官。他担心另一场危机</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129186705","media":"cnn","summary":"New York The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.Kerry Killinger was named CEO of WaMu in 1990 and was fired in September 2008 -- just weeks before the bank failed as a growing number of mortgage loans went bad.\"Regulated banks do have more concentrated market share now so they have to be more careful,\" Killinger said. \"But the health of the industry is great, earnings are good and oversight is strong. I'm not ","content":"<p>New York (CNN Business)The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.</p><p><blockquote>纽约（CNN Business）13 年前，银行业几乎崩溃。华盛顿互惠银行前首席执行官担心另一个泡沫正在酝酿。</blockquote></p><p> Kerry Killinger was named CEO of WaMu in 1990 and was fired in September 2008 -- just weeks before the bank failed as a growing number of mortgage loans went bad.</p><p><blockquote>Kerry Killinger 于 1990 年被任命为 WaMu 首席执行官，并于 2008 年 9 月被解雇——就在几周前，由于越来越多的抵押贷款出现问题，该银行倒闭。</blockquote></p><p> WaMu was one of several top financial firms to collapse during the financial crisis last decade, but the giant savings and loan with more than $300 billion in assets still ranks as the biggest-ever bank failure. WaMu was seized by regulators in September 2008 and sold to JPMorgan Chase (JPM) for a fire-sale price of $1.9 billion.</p><p><blockquote>WaMu 是过去十年金融危机期间倒闭的几家顶级金融公司之一，但这家资产超过 3000 亿美元的巨型储蓄和贷款公司仍然是有史以来最大的银行倒闭事件。WaMu 于 2008 年 9 月被监管机构查封，并以 19 亿美元的抛售价格出售给摩根大通 (JPM)。</blockquote></p><p> Killinger spoke to CNN Business about the similarities and differences between now and 13 years ago.</p><p><blockquote>Killinger 向 CNN Business 讲述了现在和 13 年前的异同。</blockquote></p><p> <b>The good news</b></p><p><blockquote><b>好消息</b></blockquote></p><p> The Global Financial Crisis led to a wave of new federal rules that were designed to strengthen the balance sheets of top banks and ensure that another catastrophe like 2008 could never happen again.</p><p><blockquote>全球金融危机导致了一波新的联邦规则，旨在加强顶级银行的资产负债表，并确保像2008年那样的灾难永远不会再次发生。</blockquote></p><p> The good news is that Killinger thinks JPMorgan Chase and other \"too big to fail banks\" are in much better shape now after laws like Dodd-Frank and the Volcker Rule were put into place in the wake of the financial crisis to make big banks safer.</p><p><blockquote>好消息是，基林格认为，在金融危机后出台了《多德弗兰克法案》和《沃尔克规则》等法律以使大银行更安全之后，摩根大通和其他“大到不能倒的银行”现在的状况要好得多。</blockquote></p><p> That group of institutions also includes Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS), as well as others that received government bailouts in 2008.</p><p><blockquote>这组机构还包括美国银行 (BAC)、花旗集团 (C)、富国银行 (WFC)、高盛 (GS) 和摩根士丹利 (MS)，以及其他在 2008 年接受政府救助的机构。</blockquote></p><p> \"Regulated banks do have more concentrated market share now so they have to be more careful,\" Killinger said. \"But the health of the industry is great, earnings are good and oversight is strong. I'm not too concerned there.\"</p><p><blockquote>“受监管的银行现在确实拥有更集中的市场份额，因此他们必须更加小心，”基林格说。“但这个行业的健康状况很好，盈利也不错，监管也很强。我对此并不太担心。”</blockquote></p><p> Subprime lending, the practice of giving mortgages to people with less-than-worthy credit histories, isn't nearly as prevalent as it was during the last housing boom. But Killinger is worried about bubbles in many other parts of the economy that threaten the stability of the markets.</p><p><blockquote>次级贷款，即向信用记录不佳的人提供抵押贷款的做法，已经不像上次房地产繁荣时期那样普遍了。但基林格担心经济中许多其他领域的泡沫威胁到市场的稳定。</blockquote></p><p> <b>Too big to fail 2.0?</b></p><p><blockquote><b>大到不能倒2.0？</b></blockquote></p><p> Although housing prices have surged again, Killinger is more nervous about the fact that 0% interest rates and big bond purchases by the Federal Reserve have sparked a broader mania in other assets, including cryptocurrencies and non-fungible tokens (NFTs), meme stocks, blank check SPAC mergers and exotic exchange-traded funds.</p><p><blockquote>尽管房价再次飙升，但基林格更紧张的是，0% 利率和美联储的大量债券购买引发了其他资产更广泛的狂热，包括加密货币和不可替代代币 (NFT)、模因股票、空白支票 SPAC 合并和奇异的交易所交易基金。</blockquote></p><p> \"The bubbles today are broader and deeper in a variety of categories, not just housing,\" Killinger said. \"The Fed's policy of low rates and massive asset purchases worked well to get out of the downturn, but when you keep extending it you can cause unintended consequences.\"</p><p><blockquote>“如今的泡沫在各个类别中都更加广泛和深刻，而不仅仅是房地产，”基林格说。“美联储的低利率和大规模资产购买政策在摆脱经济衰退方面效果很好，但当你继续延长该政策时，可能会造成意想不到的后果。”</blockquote></p><p> \"The economy continues to improve. It's time for the Fed to pull in the reins on stimulus and allow interest rates to rise,\" he added.</p><p><blockquote>“经济继续改善。现在是美联储放松刺激并允许利率上升的时候了，”他补充道。</blockquote></p><p> Killinger and his wife Linda, a former vice chair of the Federal Home Loan Bank of Des Moines, have written a book about the 2008 meltdown called \"Nothing Is Too Big to Fail: How the Last Financial Crisis Informs Today.\"</p><p><blockquote>基林格和他的妻子琳达（得梅因联邦住房贷款银行前副主席）写了一本关于 2008 年金融危机的书，名为《没有什么大到不能倒：上次金融危机如何影响今天》。</blockquote></p><p> Linda Killinger told CNN Business she's concerned about the rise of of financial tech companies, hedge funds. private equity firms and other so-called shadow banks that face little to no regulation in Washington.</p><p><blockquote>琳达·基林格告诉美国有线电视新闻网商业频道，她对金融科技公司和对冲基金的崛起感到担忧。私募股权公司和其他所谓的影子银行在华盛顿几乎没有受到监管。</blockquote></p><p> \"The non-bank system is a big part of the problem. And there are still a lot of loans being done by non-regulated banks such as online banks and many private companies,\" she said.</p><p><blockquote>她说：“非银行体系是问题的一大部分。网上银行和许多私营公司等不受监管的银行仍然提供大量贷款。”</blockquote></p><p> <b>Large financial firms may be embracing too much risk again</b></p><p><blockquote><b>大型金融公司可能再次承担过多风险</b></blockquote></p><p> At least one prominent senator is worried, like the Killingers are, that some financial firms are once again getting too unwieldy.</p><p><blockquote>至少有一位著名的参议员和杀手一样担心，一些金融公司再次变得过于笨拙。</blockquote></p><p> Elizabeth Warren questioned Treasury secretary Janet Yellen earlier this year about why BlackRock (BLK), the iShares ETF giant that manages more than $9 trillion in assets but is not a bank, is not considered \"too big to fail.\"</p><p><blockquote>今年早些时候，伊丽莎白·沃伦 (Elizabeth Warren) 向财政部长珍妮特·耶伦 (Janet Yellen) 提出质疑，为什么贝莱德 (BLK)（管理着超过 9 万亿美元资产但不是银行的 iShares ETF 巨头）不被认为“大到不能倒”。</blockquote></p><p> Wall Street has already gotten a brief taste of how risky some of these firms are when Archegos Capital Management, a family office with big positions in media giants ViacomCBS (VIACA) and Discovery (DISCA) and Chinese techs Baidu (BIDU) and Tencent Music (TME), imploded and caused billions of dollars in losses for banks. (AT&amp;T (T) is planning to merge its WarnerMedia unit, CNN's parent company, with Discovery.)</p><p><blockquote>当 Archegos Capital Management 是一家家族办公室，在媒体巨头维亚康姆哥伦比亚广播公司 (VIACA) 和探索频道 (DISCA) 以及中国科技公司百度 (BIDU) 和腾讯控股音乐 (TME) 持有大量股份时，华尔街已经短暂地感受到了其中一些公司的风险有多大。内爆并给银行造成了数十亿美元的损失。（美国电话电报公司 (AT&amp;T) 计划将其 CNN 母公司华纳媒体部门与 Discovery 合并。）</blockquote></p><p> For its part, the Fed has acknowledged some of the growing risks to the markets and economy from keeping rates lower for longer and continuing to provide crisis-level stimulus.</p><p><blockquote>美联储方面也承认，长期维持低利率并继续提供危机级别的刺激措施会给市场和经济带来越来越大的风险。</blockquote></p><p> In the minutes of its latest policy meeting, the central bank acknowledged that \"if the economy continued to make rapid progress toward the Committee's goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases.\"</p><p><blockquote>在最近一次政策会议纪要中，央行承认，“如果经济继续朝着委员会的目标取得快速进展，在即将举行的会议的某个时候开始讨论调整资产购买步伐的计划可能是合适的。”</blockquote></p><p> But Kerry Killinger thinks the Fed has to do a better job of stress-testing big banks for their exposure to some of the types of assets that have been surging in the past year to make sure that they can withstand even more volatility.</p><p><blockquote>但克里·基林格认为，美联储必须更好地对大银行进行压力测试，以确定它们对过去一年飙升的某些类型资产的敞口，以确保它们能够承受更大的波动。</blockquote></p><p></p><p> \"The Fed made the mistake of underestimating subprime in the last crisis,\" he said, referring to the now infamous comments from then Fed chair Ben Bernanke in May 2007 that \"the effect of the troubles in the subprime sector on the broader housing market will likely be limited.\"</p><p><blockquote>他表示：“美联储在上次危机中犯了低估次贷的错误。”他指的是时任美联储主席本·伯南克在 2007 年 5 月发表的臭名昭著的言论，即“次贷行业的麻烦对更广泛的房地产市场的影响可能有限。”</blockquote></p><p> \"There are growing asset bubbles,\" Kerry Killinger said. \"The Fed needs to test more how firms would perform if these asset prices decline further. If there is a major correction, the impact could be dramatic.\"</p><p><blockquote>“资产泡沫正在加剧，”克里·基林格说。“美联储需要更多地测试如果这些资产价格进一步下跌，企业的表现将如何。如果出现重大调整，影响可能是巨大的。”</blockquote></p><p> The heads of big banks will also get their chance to talk about their views on the economy later this week. The Senate Banking Committee will hold a hearing on Wednesday and the House Financial Services Committee has one scheduled for Thursday.</p><p><blockquote>大银行的负责人也将在本周晚些时候有机会谈论他们对经济的看法。参议院银行委员会将于周三举行听证会，众议院金融服务委员会定于周四举行听证会。</blockquote></p><p> JPMorgan Chase CEO Jamie Dimon will appear at both hearings, as will new Citgroup CEO Jane Fraser, BofA's Brian Moynihan, Wells Fargo's Charles Scharf, Goldman Sachs CEO David Solomon and Morgan Stanley's James Gorman.</p><p><blockquote>摩根大通首席执行官杰米·戴蒙将出席两场听证会，花旗集团新任首席执行官简·弗雷泽、美国银行的布莱恩·莫伊尼汉、富国银行的查尔斯·沙夫、高盛首席执行官大卫·所罗门和摩根士丹利的詹姆斯·戈尔曼也将出席。</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>In 2008, he was CEO of the biggest bank to ever fail. He's worried about another crisis<blockquote>2008年，他是有史以来最大倒闭银行的首席执行官。他担心另一场危机</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\">\nIn 2008, he was CEO of the biggest bank to ever fail. He's worried about another crisis<blockquote>2008年，他是有史以来最大倒闭银行的首席执行官。他担心另一场危机</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">cnn</strong><span class=\"h-time small\">2021-05-26 11:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.</p><p><blockquote>纽约（CNN Business）13 年前，银行业几乎崩溃。华盛顿互惠银行前首席执行官担心另一个泡沫正在酝酿。</blockquote></p><p> Kerry Killinger was named CEO of WaMu in 1990 and was fired in September 2008 -- just weeks before the bank failed as a growing number of mortgage loans went bad.</p><p><blockquote>Kerry Killinger 于 1990 年被任命为 WaMu 首席执行官，并于 2008 年 9 月被解雇——就在几周前，由于越来越多的抵押贷款出现问题，该银行倒闭。</blockquote></p><p> WaMu was one of several top financial firms to collapse during the financial crisis last decade, but the giant savings and loan with more than $300 billion in assets still ranks as the biggest-ever bank failure. WaMu was seized by regulators in September 2008 and sold to JPMorgan Chase (JPM) for a fire-sale price of $1.9 billion.</p><p><blockquote>WaMu 是过去十年金融危机期间倒闭的几家顶级金融公司之一，但这家资产超过 3000 亿美元的巨型储蓄和贷款公司仍然是有史以来最大的银行倒闭事件。WaMu 于 2008 年 9 月被监管机构查封，并以 19 亿美元的抛售价格出售给摩根大通 (JPM)。</blockquote></p><p> Killinger spoke to CNN Business about the similarities and differences between now and 13 years ago.</p><p><blockquote>Killinger 向 CNN Business 讲述了现在和 13 年前的异同。</blockquote></p><p> <b>The good news</b></p><p><blockquote><b>好消息</b></blockquote></p><p> The Global Financial Crisis led to a wave of new federal rules that were designed to strengthen the balance sheets of top banks and ensure that another catastrophe like 2008 could never happen again.</p><p><blockquote>全球金融危机导致了一波新的联邦规则，旨在加强顶级银行的资产负债表，并确保像2008年那样的灾难永远不会再次发生。</blockquote></p><p> The good news is that Killinger thinks JPMorgan Chase and other \"too big to fail banks\" are in much better shape now after laws like Dodd-Frank and the Volcker Rule were put into place in the wake of the financial crisis to make big banks safer.</p><p><blockquote>好消息是，基林格认为，在金融危机后出台了《多德弗兰克法案》和《沃尔克规则》等法律以使大银行更安全之后，摩根大通和其他“大到不能倒的银行”现在的状况要好得多。</blockquote></p><p> That group of institutions also includes Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS), as well as others that received government bailouts in 2008.</p><p><blockquote>这组机构还包括美国银行 (BAC)、花旗集团 (C)、富国银行 (WFC)、高盛 (GS) 和摩根士丹利 (MS)，以及其他在 2008 年接受政府救助的机构。</blockquote></p><p> \"Regulated banks do have more concentrated market share now so they have to be more careful,\" Killinger said. \"But the health of the industry is great, earnings are good and oversight is strong. I'm not too concerned there.\"</p><p><blockquote>“受监管的银行现在确实拥有更集中的市场份额，因此他们必须更加小心，”基林格说。“但这个行业的健康状况很好，盈利也不错，监管也很强。我对此并不太担心。”</blockquote></p><p> Subprime lending, the practice of giving mortgages to people with less-than-worthy credit histories, isn't nearly as prevalent as it was during the last housing boom. But Killinger is worried about bubbles in many other parts of the economy that threaten the stability of the markets.</p><p><blockquote>次级贷款，即向信用记录不佳的人提供抵押贷款的做法，已经不像上次房地产繁荣时期那样普遍了。但基林格担心经济中许多其他领域的泡沫威胁到市场的稳定。</blockquote></p><p> <b>Too big to fail 2.0?</b></p><p><blockquote><b>大到不能倒2.0？</b></blockquote></p><p> Although housing prices have surged again, Killinger is more nervous about the fact that 0% interest rates and big bond purchases by the Federal Reserve have sparked a broader mania in other assets, including cryptocurrencies and non-fungible tokens (NFTs), meme stocks, blank check SPAC mergers and exotic exchange-traded funds.</p><p><blockquote>尽管房价再次飙升，但基林格更紧张的是，0% 利率和美联储的大量债券购买引发了其他资产更广泛的狂热，包括加密货币和不可替代代币 (NFT)、模因股票、空白支票 SPAC 合并和奇异的交易所交易基金。</blockquote></p><p> \"The bubbles today are broader and deeper in a variety of categories, not just housing,\" Killinger said. \"The Fed's policy of low rates and massive asset purchases worked well to get out of the downturn, but when you keep extending it you can cause unintended consequences.\"</p><p><blockquote>“如今的泡沫在各个类别中都更加广泛和深刻，而不仅仅是房地产，”基林格说。“美联储的低利率和大规模资产购买政策在摆脱经济衰退方面效果很好，但当你继续延长该政策时，可能会造成意想不到的后果。”</blockquote></p><p> \"The economy continues to improve. It's time for the Fed to pull in the reins on stimulus and allow interest rates to rise,\" he added.</p><p><blockquote>“经济继续改善。现在是美联储放松刺激并允许利率上升的时候了，”他补充道。</blockquote></p><p> Killinger and his wife Linda, a former vice chair of the Federal Home Loan Bank of Des Moines, have written a book about the 2008 meltdown called \"Nothing Is Too Big to Fail: How the Last Financial Crisis Informs Today.\"</p><p><blockquote>基林格和他的妻子琳达（得梅因联邦住房贷款银行前副主席）写了一本关于 2008 年金融危机的书，名为《没有什么大到不能倒：上次金融危机如何影响今天》。</blockquote></p><p> Linda Killinger told CNN Business she's concerned about the rise of of financial tech companies, hedge funds. private equity firms and other so-called shadow banks that face little to no regulation in Washington.</p><p><blockquote>琳达·基林格告诉美国有线电视新闻网商业频道，她对金融科技公司和对冲基金的崛起感到担忧。私募股权公司和其他所谓的影子银行在华盛顿几乎没有受到监管。</blockquote></p><p> \"The non-bank system is a big part of the problem. And there are still a lot of loans being done by non-regulated banks such as online banks and many private companies,\" she said.</p><p><blockquote>她说：“非银行体系是问题的一大部分。网上银行和许多私营公司等不受监管的银行仍然提供大量贷款。”</blockquote></p><p> <b>Large financial firms may be embracing too much risk again</b></p><p><blockquote><b>大型金融公司可能再次承担过多风险</b></blockquote></p><p> At least one prominent senator is worried, like the Killingers are, that some financial firms are once again getting too unwieldy.</p><p><blockquote>至少有一位著名的参议员和杀手一样担心，一些金融公司再次变得过于笨拙。</blockquote></p><p> Elizabeth Warren questioned Treasury secretary Janet Yellen earlier this year about why BlackRock (BLK), the iShares ETF giant that manages more than $9 trillion in assets but is not a bank, is not considered \"too big to fail.\"</p><p><blockquote>今年早些时候，伊丽莎白·沃伦 (Elizabeth Warren) 向财政部长珍妮特·耶伦 (Janet Yellen) 提出质疑，为什么贝莱德 (BLK)（管理着超过 9 万亿美元资产但不是银行的 iShares ETF 巨头）不被认为“大到不能倒”。</blockquote></p><p> Wall Street has already gotten a brief taste of how risky some of these firms are when Archegos Capital Management, a family office with big positions in media giants ViacomCBS (VIACA) and Discovery (DISCA) and Chinese techs Baidu (BIDU) and Tencent Music (TME), imploded and caused billions of dollars in losses for banks. (AT&amp;T (T) is planning to merge its WarnerMedia unit, CNN's parent company, with Discovery.)</p><p><blockquote>当 Archegos Capital Management 是一家家族办公室，在媒体巨头维亚康姆哥伦比亚广播公司 (VIACA) 和探索频道 (DISCA) 以及中国科技公司百度 (BIDU) 和腾讯控股音乐 (TME) 持有大量股份时，华尔街已经短暂地感受到了其中一些公司的风险有多大。内爆并给银行造成了数十亿美元的损失。（美国电话电报公司 (AT&amp;T) 计划将其 CNN 母公司华纳媒体部门与 Discovery 合并。）</blockquote></p><p> For its part, the Fed has acknowledged some of the growing risks to the markets and economy from keeping rates lower for longer and continuing to provide crisis-level stimulus.</p><p><blockquote>美联储方面也承认，长期维持低利率并继续提供危机级别的刺激措施会给市场和经济带来越来越大的风险。</blockquote></p><p> In the minutes of its latest policy meeting, the central bank acknowledged that \"if the economy continued to make rapid progress toward the Committee's goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases.\"</p><p><blockquote>在最近一次政策会议纪要中，央行承认，“如果经济继续朝着委员会的目标取得快速进展，在即将举行的会议的某个时候开始讨论调整资产购买步伐的计划可能是合适的。”</blockquote></p><p> But Kerry Killinger thinks the Fed has to do a better job of stress-testing big banks for their exposure to some of the types of assets that have been surging in the past year to make sure that they can withstand even more volatility.</p><p><blockquote>但克里·基林格认为，美联储必须更好地对大银行进行压力测试，以确定它们对过去一年飙升的某些类型资产的敞口，以确保它们能够承受更大的波动。</blockquote></p><p></p><p> \"The Fed made the mistake of underestimating subprime in the last crisis,\" he said, referring to the now infamous comments from then Fed chair Ben Bernanke in May 2007 that \"the effect of the troubles in the subprime sector on the broader housing market will likely be limited.\"</p><p><blockquote>他表示：“美联储在上次危机中犯了低估次贷的错误。”他指的是时任美联储主席本·伯南克在 2007 年 5 月发表的臭名昭著的言论，即“次贷行业的麻烦对更广泛的房地产市场的影响可能有限。”</blockquote></p><p> \"There are growing asset bubbles,\" Kerry Killinger said. \"The Fed needs to test more how firms would perform if these asset prices decline further. If there is a major correction, the impact could be dramatic.\"</p><p><blockquote>“资产泡沫正在加剧，”克里·基林格说。“美联储需要更多地测试如果这些资产价格进一步下跌，企业的表现将如何。如果出现重大调整，影响可能是巨大的。”</blockquote></p><p> The heads of big banks will also get their chance to talk about their views on the economy later this week. The Senate Banking Committee will hold a hearing on Wednesday and the House Financial Services Committee has one scheduled for Thursday.</p><p><blockquote>大银行的负责人也将在本周晚些时候有机会谈论他们对经济的看法。参议院银行委员会将于周三举行听证会，众议院金融服务委员会定于周四举行听证会。</blockquote></p><p> JPMorgan Chase CEO Jamie Dimon will appear at both hearings, as will new Citgroup CEO Jane Fraser, BofA's Brian Moynihan, Wells Fargo's Charles Scharf, Goldman Sachs CEO David Solomon and Morgan Stanley's James Gorman.</p><p><blockquote>摩根大通首席执行官杰米·戴蒙将出席两场听证会，花旗集团新任首席执行官简·弗雷泽、美国银行的布莱恩·莫伊尼汉、富国银行的查尔斯·沙夫、高盛首席执行官大卫·所罗门和摩根士丹利的詹姆斯·戈尔曼也将出席。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/05/25/investing/washington-mutual-kerry-killinger-banks/index.html\">cnn</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://edition.cnn.com/2021/05/25/investing/washington-mutual-kerry-killinger-banks/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129186705","content_text":"New York (CNN Business)The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.\nKerry Killinger was named CEO of WaMu in 1990 and was fired in September 2008 -- just weeks before the bank failed as a growing number of mortgage loans went bad.\nWaMu was one of several top financial firms to collapse during the financial crisis last decade, but the giant savings and loan with more than $300 billion in assets still ranks as the biggest-ever bank failure. WaMu was seized by regulators in September 2008 and sold to JPMorgan Chase (JPM) for a fire-sale price of $1.9 billion.\nKillinger spoke to CNN Business about the similarities and differences between now and 13 years ago.\nThe good news\nThe Global Financial Crisis led to a wave of new federal rules that were designed to strengthen the balance sheets of top banks and ensure that another catastrophe like 2008 could never happen again.\nThe good news is that Killinger thinks JPMorgan Chase and other \"too big to fail banks\" are in much better shape now after laws like Dodd-Frank and the Volcker Rule were put into place in the wake of the financial crisis to make big banks safer.\nThat group of institutions also includes Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS), as well as others that received government bailouts in 2008.\n\"Regulated banks do have more concentrated market share now so they have to be more careful,\" Killinger said. \"But the health of the industry is great, earnings are good and oversight is strong. I'm not too concerned there.\"\nSubprime lending, the practice of giving mortgages to people with less-than-worthy credit histories, isn't nearly as prevalent as it was during the last housing boom. But Killinger is worried about bubbles in many other parts of the economy that threaten the stability of the markets.\nToo big to fail 2.0?\nAlthough housing prices have surged again, Killinger is more nervous about the fact that 0% interest rates and big bond purchases by the Federal Reserve have sparked a broader mania in other assets, including cryptocurrencies and non-fungible tokens (NFTs), meme stocks, blank check SPAC mergers and exotic exchange-traded funds.\n\"The bubbles today are broader and deeper in a variety of categories, not just housing,\" Killinger said. \"The Fed's policy of low rates and massive asset purchases worked well to get out of the downturn, but when you keep extending it you can cause unintended consequences.\"\n\"The economy continues to improve. It's time for the Fed to pull in the reins on stimulus and allow interest rates to rise,\" he added.\nKillinger and his wife Linda, a former vice chair of the Federal Home Loan Bank of Des Moines, have written a book about the 2008 meltdown called \"Nothing Is Too Big to Fail: How the Last Financial Crisis Informs Today.\"\nLinda Killinger told CNN Business she's concerned about the rise of of financial tech companies, hedge funds. private equity firms and other so-called shadow banks that face little to no regulation in Washington.\n\"The non-bank system is a big part of the problem. And there are still a lot of loans being done by non-regulated banks such as online banks and many private companies,\" she said.\nLarge financial firms may be embracing too much risk again\nAt least one prominent senator is worried, like the Killingers are, that some financial firms are once again getting too unwieldy.\nElizabeth Warren questioned Treasury secretary Janet Yellen earlier this year about why BlackRock (BLK), the iShares ETF giant that manages more than $9 trillion in assets but is not a bank, is not considered \"too big to fail.\"\nWall Street has already gotten a brief taste of how risky some of these firms are when Archegos Capital Management, a family office with big positions in media giants ViacomCBS (VIACA) and Discovery (DISCA) and Chinese techs Baidu (BIDU) and Tencent Music (TME), imploded and caused billions of dollars in losses for banks. (AT&T (T) is planning to merge its WarnerMedia unit, CNN's parent company, with Discovery.)\nFor its part, the Fed has acknowledged some of the growing risks to the markets and economy from keeping rates lower for longer and continuing to provide crisis-level stimulus.\nIn the minutes of its latest policy meeting, the central bank acknowledged that \"if the economy continued to make rapid progress toward the Committee's goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases.\"\nBut Kerry Killinger thinks the Fed has to do a better job of stress-testing big banks for their exposure to some of the types of assets that have been surging in the past year to make sure that they can withstand even more volatility.\n\"The Fed made the mistake of underestimating subprime in the last crisis,\" he said, referring to the now infamous comments from then Fed chair Ben Bernanke in May 2007 that \"the effect of the troubles in the subprime sector on the broader housing market will likely be limited.\"\n\"There are growing asset bubbles,\" Kerry Killinger said. \"The Fed needs to test more how firms would perform if these asset prices decline further. If there is a major correction, the impact could be dramatic.\"\nThe heads of big banks will also get their chance to talk about their views on the economy later this week. The Senate Banking Committee will hold a hearing on Wednesday and the House Financial Services Committee has one scheduled for Thursday.\nJPMorgan Chase CEO Jamie Dimon will appear at both hearings, as will new Citgroup CEO Jane Fraser, BofA's Brian Moynihan, Wells Fargo's Charles Scharf, Goldman Sachs CEO David Solomon and Morgan Stanley's James Gorman.","news_type":1,"symbols_score_info":{".SPX":0.9,"SPY":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3335,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":136658155,"gmtCreate":1622016286777,"gmtModify":1634184640425,"author":{"id":"3585026562704009","authorId":"3585026562704009","name":"Sesshosaki","avatar":"https://static.tigerbbs.com/c8205a361981ada39f05a0af7192a769","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585026562704009","authorIdStr":"3585026562704009"},"themes":[],"title":"","htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/136658155","repostId":"1182975704","repostType":4,"repost":{"id":"1182975704","kind":"news","pubTimestamp":1621990601,"share":"https://www.laohunote.com/m/news/1182975704?lang=zh_CN&edition=full","pubTime":"2021-05-26 08:56","market":"fut","language":"en","title":"China’s Yuan Hits Strongest Level in Nearly Three Years<blockquote>人民币汇率触及近三年来最强水平</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1182975704","media":"The Wall Street Journal","summary":"The currency has been buoyed by the country’s rapid recovery from the coronavirus pandemic.\n\nChina’s","content":"<p>  The currency has been buoyed by the country’s rapid recovery from the coronavirus pandemic.  China’s yuan has strengthened to a near-three-year high, boosted by a falling dollar despite attempts by the central bank to keep the currency in check.</p><p><blockquote>该国从冠状病毒大流行中迅速复苏，提振了货币。尽管中国央行试图控制人民币汇率，但受美元贬值的提振，人民币汇率已升至近三年来的最高点。</blockquote></p><p> The yuan has been buoyed in recent months by the country’s rapid recovery from the coronavirus pandemic, and by a rush of international investment into China’s relatively high-yielding markets. The currency has also gained amid abroader bout of dollar weakness.</p><p><blockquote>近几个月来，中国从冠状病毒大流行中迅速复苏，以及国际投资涌入中国相对高收益的市场，都提振了人民币。在美元走软的情况下，该货币也有所上涨。</blockquote></p><p> On Tuesday, the offshore yuan strengthened below 6.4 per dollar, as Chinese stocks jumped thanks partly to a surge in foreign buying.</p><p><blockquote>周二，离岸人民币兑美元汇率升至 6.4 以下，中国股市上涨，部分原因是外国买盘激增。</blockquote></p><p> Beijing would want to see slower yuan appreciationto support the economy, which is still fairly dependent on selling goods abroad, said Alvin Tan, head of Asia foreign-exchange strategy at RBC Capital Markets. While Chinese exports have surged since last year,a rallying yuan pressures exportersby making their goods more expensive when priced in dollars.</p><p><blockquote>加拿大皇家银行资本市场（RBC Capital Markets）亚洲外汇策略主管阿尔文·谭（Alvin Tan）表示，北京希望看到人民币升值放缓，以支持经济，因为经济仍然相当依赖海外销售商品。尽管中国出口自去年以来激增，但人民币升值给出口商带来了压力，使他们的商品以美元计价时更加昂贵。</blockquote></p><p> Mr. Tan said the People’s Bank of China had been “leaning against the strength” of the currency by setting weaker-than-expected reference rates for onshore yuan trading for the past month.</p><p><blockquote>谭先生说，过去一个月，中国人民银行一直在 “倾向于 ”人民币走强，为在岸人民币交易设定了低于预期的参考利率。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a7ef4ee3cc184ea84391adcdbe43b304\" tg-width=\"321\" tg-height=\"428\">The central bank fixes a daily midpoint for the onshore yuan, and only allows trading up to 2 percentage points above or below this level. This is part of a so-called managed floating-exchange-rate system based on the yuan’s value against a basket of currencies.</p><p><blockquote>央行为在岸人民币固定一个每日中点，只允许在该水平上下2个百分点以内进行交易。这是所谓有管理的浮动汇率制度的一部分，该制度基于人民币对一篮子货币的价值。</blockquote></p><p> The yuan is likely to stay between 6.4 and 6.5 to a dollar, while further appreciation could prompt stronger central bank action, said Paul Sandhu, head of multiasset quant solutions for Asia-Pacific at BNP Paribas Asset Management.</p><p><blockquote>法国巴黎银行资产管理公司（BNP Paribas Asset Management）亚太区多资产量化解决方案主管保罗·桑杜（Paul Sandhu）表示，人民币兑美元汇率可能维持在6.4至6.5之间，而进一步升值可能会促使央行采取更强有力的行动。</blockquote></p><p> “The government is quite happy with the range it is sitting at. If it breaks 6.4 and stays there for some time, they may move in to do something,” Mr. Sandhu said.</p><p><blockquote>“桑杜先生说：”政府对目前的范围非常满意。如果它打破了 6.4 的标准，并在那里停留一段时间，他们可能会采取行动。</blockquote></p><p> On Tuesday in Hong Kong, the offshore yuan rallied about 0.2% to 6.3988 to the dollar, a level last hit in June 2018. The dollar weakened, with theICEU.S. Dollar Index declining nearly 0.3% to 89.61, its lowest since early January.</p><p><blockquote>周二在香港，离岸人民币兑美元汇率上涨约0.2%，至6.3988，这是2018年6月上次触及的水平。美元走弱，美国美元指数下跌近0.3%，至89.61，为1月初以来的最低水平。</blockquote></p><p> China’s CSI 300 index, a gauge of the biggest shares listed in either Shanghai or Shenzhen, jumped 3.2%. Net foreign buying of mainland Chinese shares through Stock Connect, a trading link with Hong Kong, hit a record daily high of 21.7 billion yuan, or the equivalent of $3.4 billion.</p><p><blockquote>中国沪深 300 指数（衡量在上海或深圳上市的最大股票的指标）上涨了 3.2%。外国通过与香港的交易链接——股票互联互通净买入中国大陆股票，创下单日新高，达到217亿元人民币，相当于34亿美元。</blockquote></p><p> Tuesday’s yuan strength was also likely due in part to the coming month-end, before which exporters normally sell earnings in foreign currency to buy yuan, said Khoon Goh, head of Asia research atAustralia and New Zealand Banking GroupLtd.in Singapore.</p><p><blockquote>澳大利亚和新西兰银行集团（Australia and New Zealand Banking GroupLtd.in Singapore）亚洲研究主管Khoon Goh表示，周二人民币走强的部分原因可能是即将到来的月底，在此之前，出口商通常会出售外币收益来购买人民币。</blockquote></p><p> The central bank is eager to promote the idea that the currency won’t be volatile, but that it also won’t be a one-way bet for investors. On Sunday, a senior central-bank official said the yuan will remain “basically stable.” Liu Guoqiang, a deputy governor, said fluctuations in either direction will become the norm, with the exchange rate depending on supply and demand, and changes in global financial markets.</p><p><blockquote>央行急于宣传货币不会波动，但对投资者来说，货币也不会是单向押注。周日，一位央行高级官员表示，人民币将保持 “基本稳定”。副行长刘国强表示，任一方向的波动都将成为常态，汇率取决于供求关系和全球金融市场的变化。</blockquote></p><p> Mr. Liu also said the current exchange-rate system was suitable for China. A researcher at the central bank recently called for China to stop controlling the rate to promote greater international use of the yuan. Another suggested the yuan should be allowed to rally, to offset rising prices for imported commodities.</p><p><blockquote>刘先生还表示，目前的汇率制度适合中国。中国央行的一名研究员最近呼吁中国停止控制汇率，以促进人民币在国际上的更大使用。另一个人建议允许人民币升值，以抵消进口商品价格上涨的影响。</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>China’s Yuan Hits Strongest Level in Nearly Three Years<blockquote>人民币汇率触及近三年来最强水平</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\">\nChina’s Yuan Hits Strongest Level in Nearly Three Years<blockquote>人民币汇率触及近三年来最强水平</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-05-26 08:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  The currency has been buoyed by the country’s rapid recovery from the coronavirus pandemic.  China’s yuan has strengthened to a near-three-year high, boosted by a falling dollar despite attempts by the central bank to keep the currency in check.</p><p><blockquote>该国从冠状病毒大流行中迅速复苏，提振了货币。尽管中国央行试图控制人民币汇率，但受美元贬值的提振，人民币汇率已升至近三年来的最高点。</blockquote></p><p> The yuan has been buoyed in recent months by the country’s rapid recovery from the coronavirus pandemic, and by a rush of international investment into China’s relatively high-yielding markets. The currency has also gained amid abroader bout of dollar weakness.</p><p><blockquote>近几个月来，中国从冠状病毒大流行中迅速复苏，以及国际投资涌入中国相对高收益的市场，都提振了人民币。在美元走软的情况下，该货币也有所上涨。</blockquote></p><p> On Tuesday, the offshore yuan strengthened below 6.4 per dollar, as Chinese stocks jumped thanks partly to a surge in foreign buying.</p><p><blockquote>周二，离岸人民币兑美元汇率升至 6.4 以下，中国股市上涨，部分原因是外国买盘激增。</blockquote></p><p> Beijing would want to see slower yuan appreciationto support the economy, which is still fairly dependent on selling goods abroad, said Alvin Tan, head of Asia foreign-exchange strategy at RBC Capital Markets. While Chinese exports have surged since last year,a rallying yuan pressures exportersby making their goods more expensive when priced in dollars.</p><p><blockquote>加拿大皇家银行资本市场（RBC Capital Markets）亚洲外汇策略主管阿尔文·谭（Alvin Tan）表示，北京希望看到人民币升值放缓，以支持经济，因为经济仍然相当依赖海外销售商品。尽管中国出口自去年以来激增，但人民币升值给出口商带来了压力，使他们的商品以美元计价时更加昂贵。</blockquote></p><p> Mr. Tan said the People’s Bank of China had been “leaning against the strength” of the currency by setting weaker-than-expected reference rates for onshore yuan trading for the past month.</p><p><blockquote>谭先生说，过去一个月，中国人民银行一直在 “倾向于 ”人民币走强，为在岸人民币交易设定了低于预期的参考利率。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a7ef4ee3cc184ea84391adcdbe43b304\" tg-width=\"321\" tg-height=\"428\">The central bank fixes a daily midpoint for the onshore yuan, and only allows trading up to 2 percentage points above or below this level. This is part of a so-called managed floating-exchange-rate system based on the yuan’s value against a basket of currencies.</p><p><blockquote>央行为在岸人民币固定一个每日中点，只允许在该水平上下2个百分点以内进行交易。这是所谓有管理的浮动汇率制度的一部分，该制度基于人民币对一篮子货币的价值。</blockquote></p><p> The yuan is likely to stay between 6.4 and 6.5 to a dollar, while further appreciation could prompt stronger central bank action, said Paul Sandhu, head of multiasset quant solutions for Asia-Pacific at BNP Paribas Asset Management.</p><p><blockquote>法国巴黎银行资产管理公司（BNP Paribas Asset Management）亚太区多资产量化解决方案主管保罗·桑杜（Paul Sandhu）表示，人民币兑美元汇率可能维持在6.4至6.5之间，而进一步升值可能会促使央行采取更强有力的行动。</blockquote></p><p> “The government is quite happy with the range it is sitting at. If it breaks 6.4 and stays there for some time, they may move in to do something,” Mr. Sandhu said.</p><p><blockquote>“桑杜先生说：”政府对目前的范围非常满意。如果它打破了 6.4 的标准，并在那里停留一段时间，他们可能会采取行动。</blockquote></p><p> On Tuesday in Hong Kong, the offshore yuan rallied about 0.2% to 6.3988 to the dollar, a level last hit in June 2018. The dollar weakened, with theICEU.S. Dollar Index declining nearly 0.3% to 89.61, its lowest since early January.</p><p><blockquote>周二在香港，离岸人民币兑美元汇率上涨约0.2%，至6.3988，这是2018年6月上次触及的水平。美元走弱，美国美元指数下跌近0.3%，至89.61，为1月初以来的最低水平。</blockquote></p><p> China’s CSI 300 index, a gauge of the biggest shares listed in either Shanghai or Shenzhen, jumped 3.2%. Net foreign buying of mainland Chinese shares through Stock Connect, a trading link with Hong Kong, hit a record daily high of 21.7 billion yuan, or the equivalent of $3.4 billion.</p><p><blockquote>中国沪深 300 指数（衡量在上海或深圳上市的最大股票的指标）上涨了 3.2%。外国通过与香港的交易链接——股票互联互通净买入中国大陆股票，创下单日新高，达到217亿元人民币，相当于34亿美元。</blockquote></p><p> Tuesday’s yuan strength was also likely due in part to the coming month-end, before which exporters normally sell earnings in foreign currency to buy yuan, said Khoon Goh, head of Asia research atAustralia and New Zealand Banking GroupLtd.in Singapore.</p><p><blockquote>澳大利亚和新西兰银行集团（Australia and New Zealand Banking GroupLtd.in Singapore）亚洲研究主管Khoon Goh表示，周二人民币走强的部分原因可能是即将到来的月底，在此之前，出口商通常会出售外币收益来购买人民币。</blockquote></p><p> The central bank is eager to promote the idea that the currency won’t be volatile, but that it also won’t be a one-way bet for investors. On Sunday, a senior central-bank official said the yuan will remain “basically stable.” Liu Guoqiang, a deputy governor, said fluctuations in either direction will become the norm, with the exchange rate depending on supply and demand, and changes in global financial markets.</p><p><blockquote>央行急于宣传货币不会波动，但对投资者来说，货币也不会是单向押注。周日，一位央行高级官员表示，人民币将保持 “基本稳定”。副行长刘国强表示，任一方向的波动都将成为常态，汇率取决于供求关系和全球金融市场的变化。</blockquote></p><p> Mr. Liu also said the current exchange-rate system was suitable for China. A researcher at the central bank recently called for China to stop controlling the rate to promote greater international use of the yuan. Another suggested the yuan should be allowed to rally, to offset rising prices for imported commodities.</p><p><blockquote>刘先生还表示，目前的汇率制度适合中国。中国央行的一名研究员最近呼吁中国停止控制汇率，以促进人民币在国际上的更大使用。另一个人建议允许人民币升值，以抵消进口商品价格上涨的影响。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/chinas-yuan-hits-strongest-level-in-nearly-three-years-11621950836?cx_testId=200&cx_testVariant=cx_10&cx_artPos=1#cxrecs_s\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"source_url":"https://www.wsj.com/articles/chinas-yuan-hits-strongest-level-in-nearly-three-years-11621950836?cx_testId=200&cx_testVariant=cx_10&cx_artPos=1#cxrecs_s","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182975704","content_text":"The currency has been buoyed by the country’s rapid recovery from the coronavirus pandemic.\n\nChina’s yuan has strengthened to a near-three-year high, boosted by a falling dollar despite attempts by the central bank to keep the currency in check.\nThe yuan has been buoyed in recent months by the country’s rapid recovery from the coronavirus pandemic, and by a rush of international investment into China’s relatively high-yielding markets. The currency has also gained amid abroader bout of dollar weakness.\nOn Tuesday, the offshore yuan strengthened below 6.4 per dollar, as Chinese stocks jumped thanks partly to a surge in foreign buying.\nBeijing would want to see slower yuan appreciationto support the economy, which is still fairly dependent on selling goods abroad, said Alvin Tan, head of Asia foreign-exchange strategy at RBC Capital Markets. While Chinese exports have surged since last year,a rallying yuan pressures exportersby making their goods more expensive when priced in dollars.\nMr. Tan said the People’s Bank of China had been “leaning against the strength” of the currency by setting weaker-than-expected reference rates for onshore yuan trading for the past month.\nThe central bank fixes a daily midpoint for the onshore yuan, and only allows trading up to 2 percentage points above or below this level. This is part of a so-called managed floating-exchange-rate system based on the yuan’s value against a basket of currencies.\nThe yuan is likely to stay between 6.4 and 6.5 to a dollar, while further appreciation could prompt stronger central bank action, said Paul Sandhu, head of multiasset quant solutions for Asia-Pacific at BNP Paribas Asset Management.\n“The government is quite happy with the range it is sitting at. If it breaks 6.4 and stays there for some time, they may move in to do something,” Mr. Sandhu said.\nOn Tuesday in Hong Kong, the offshore yuan rallied about 0.2% to 6.3988 to the dollar, a level last hit in June 2018. The dollar weakened, with theICEU.S. Dollar Index declining nearly 0.3% to 89.61, its lowest since early January.\nChina’s CSI 300 index, a gauge of the biggest shares listed in either Shanghai or Shenzhen, jumped 3.2%. Net foreign buying of mainland Chinese shares through Stock Connect, a trading link with Hong Kong, hit a record daily high of 21.7 billion yuan, or the equivalent of $3.4 billion.\nTuesday’s yuan strength was also likely due in part to the coming month-end, before which exporters normally sell earnings in foreign currency to buy yuan, said Khoon Goh, head of Asia research atAustralia and New Zealand Banking GroupLtd.in Singapore.\nThe central bank is eager to promote the idea that the currency won’t be volatile, but that it also won’t be a one-way bet for investors. On Sunday, a senior central-bank official said the yuan will remain “basically stable.” Liu Guoqiang, a deputy governor, said fluctuations in either direction will become the norm, with the exchange rate depending on supply and demand, and changes in global financial markets.\nMr. Liu also said the current exchange-rate system was suitable for China. A researcher at the central bank recently called for China to stop controlling the rate to promote greater international use of the yuan. Another suggested the yuan should be allowed to rally, to offset rising prices for imported commodities.","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":1774,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168473807,"gmtCreate":1623982236409,"gmtModify":1634024758478,"author":{"id":"3585026562704009","authorId":"3585026562704009","name":"Sesshosaki","avatar":"https://static.tigerbbs.com/c8205a361981ada39f05a0af7192a769","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585026562704009","authorIdStr":"3585026562704009"},"themes":[],"title":"","htmlText":"thanks","listText":"thanks","text":"thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168473807","repostId":"2144946726","repostType":4,"isVote":1,"tweetType":1,"viewCount":2470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168473055,"gmtCreate":1623982225277,"gmtModify":1634024758964,"author":{"id":"3585026562704009","authorId":"3585026562704009","name":"Sesshosaki","avatar":"https://static.tigerbbs.com/c8205a361981ada39f05a0af7192a769","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585026562704009","authorIdStr":"3585026562704009"},"themes":[],"title":"","htmlText":"will look into it","listText":"will look into it","text":"will look into it","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168473055","repostId":"2144946726","repostType":4,"isVote":1,"tweetType":1,"viewCount":2183,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168733107,"gmtCreate":1623983239609,"gmtModify":1634024735440,"author":{"id":"3585026562704009","authorId":"3585026562704009","name":"Sesshosaki","avatar":"https://static.tigerbbs.com/c8205a361981ada39f05a0af7192a769","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585026562704009","authorIdStr":"3585026562704009"},"themes":[],"title":"","htmlText":"dam just sold it&nbsp;","listText":"dam just sold it&nbsp;","text":"dam just sold it","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168733107","repostId":"2144495197","repostType":4,"isVote":1,"tweetType":1,"viewCount":2064,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168791397,"gmtCreate":1623982962219,"gmtModify":1634024742462,"author":{"id":"3585026562704009","authorId":"3585026562704009","name":"Sesshosaki","avatar":"https://static.tigerbbs.com/c8205a361981ada39f05a0af7192a769","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585026562704009","authorIdStr":"3585026562704009"},"themes":[],"title":"","htmlText":"wow this guy climbed back up from the gutter","listText":"wow this guy climbed back up from the gutter","text":"wow this guy climbed back up from the gutter","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168791397","repostId":"1148576248","repostType":4,"repost":{"id":"1148576248","kind":"news","pubTimestamp":1623979883,"share":"https://www.laohunote.com/m/news/1148576248?lang=zh_CN&edition=full","pubTime":"2021-06-18 09:31","market":"us","language":"en","title":"NIO Is Winning<blockquote>蔚来赢了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148576248","media":"seekingalpha","summary":"NIO is #1 in China's electric SUV market for good reason.The company's success is driven by its brilliant innovations and marketing strategy.NIO is growing faster than Tesla, and yet, it is trading at a discount.NIO Inc.  stands out for its strong market position- #1 market share in electric SUV in China- and innovation in the rapidly growing and highly competitive electric vehicle industry. This article will discuss why NIO is winning against some stiff competition, including against Tesla .In ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>NIO is #1 in China's electric SUV market for good reason.</li>  <li>The company's success is driven by its brilliant innovations and marketing strategy.</li>  <li>NIO is growing faster than Tesla, and yet, it is trading at a discount.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/790fae23b830463fec748d2deb2ce336\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>PonyWang/E+ via Getty Images</span></p><p><blockquote><ul><li>蔚来在中国电动SUV市场排名第一是有充分理由的。</li><li>该公司的成功是由其出色的创新和营销策略推动的。</li><li>蔚来的增长速度比特斯拉快，然而，它的交易价格却打折了。</li></ul><p class=\"t-img-caption\"><span>PonyWang/E+ 来自 Getty Images</span></p></blockquote></p><p> NIO Inc. (NYSE:NIO) stands out for its strong market position- #1 market share in electric SUV in China- and innovation in the rapidly growing and highly competitive electric vehicle industry. This article will discuss why NIO is winning against some stiff competition, including against Tesla (TSLA).</p><p><blockquote>蔚来（纽约证券交易所股票代码：NIO）以其强大的市场地位——中国电动SUV市场份额第一——以及在快速增长且竞争激烈的电动汽车行业中的创新而脱颖而出。本文将讨论为什么蔚来能够战胜一些激烈的竞争，包括特斯拉（TSLA）。</blockquote></p><p> In addition, we will discuss NIO's business, financials, trading, valuation, and risks so readers could reach their own informed decision.</p><p><blockquote>此外，我们还将讨论蔚来汽车的业务、财务、交易、估值和风险，以便读者能够做出自己的明智决定。</blockquote></p><p> <b>Business: Why NIO Wins</b></p><p><blockquote><b>商业：蔚来为何获胜</b></blockquote></p><p> NIO positions itself in the premium SUV segment, focusing on smart EVs with a differentiated battery strategy.</p><p><blockquote>蔚来将自己定位在高端SUV细分市场，专注于具有差异化电池战略的智能电动汽车。</blockquote></p><p> Delivered in March 2019, the company's first model, the ES8, is a luxury 7-seater SUV that is still the company's flagship product today. The ES8 is equipped with ADAS and AI system [NOMI] and is comparable to the BYD Song, Tesla Model X, the Audi Q7 45 e-Tron, etc.</p><p><blockquote>该公司的首款车型ES8于2019年3月交付，是一款豪华7座SUV，至今仍是该公司的旗舰产品。ES8配备ADAS和AI系统【NOMI】，与比亚迪宋、特斯拉Model X、奥迪Q7 45 e-Tron等不相上下。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/443e2773f70c00c6faac8ca063e978a5\" tg-width=\"640\" tg-height=\"387\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司</span></p></blockquote></p><p> Leveraging the installed base and customer goodwill due to the highly successful ES8, NIO successfully launched the ES6 and EC6.Recently, the company launched the ET7, its first sedan.</p><p><blockquote>凭借 ES8 的巨大成功所带来的安装基础和客户好感，蔚来成功推出了 ES6 和 EC6。最近，该公司推出了其首款轿车ET7。</blockquote></p><p> Today, NIO is the top-selling brand in China's all-electric SUV market in April with a 23% market share, higher than Tesla's 17%, WM Motor and XPeng Motors'(NYSE:XPEV)7%, according to China Automotive Technology and Research Center data.</p><p><blockquote>如今，蔚来是4月份中国全电动SUV市场最畅销的品牌，市场份额为23%，高于特斯拉的17%、威马汽车和小鹏汽车（纽约证券交易所股票代码：XPEV）的7%。中国汽车技术研究中心数据。</blockquote></p><p> One of the biggest competitive differentiators is NIO'sbattery strategy, which all but eliminates range anxiety, one of the biggest barriers to mass EV adoption. Not only could NIO cars be charged at any charging station for EVs, but the company also built hundreds of battery swapping stations in key cities in China, with plans to expanding to Europe.</p><p><blockquote>最大的竞争优势之一是蔚来的电池战略，它几乎消除了里程焦虑，这是大规模电动汽车采用的最大障碍之一。蔚来汽车不仅可以在任何电动汽车充电站充电，该公司还在国内主要城市建设了数百个换电站，并计划扩展到欧洲。</blockquote></p><p> NIO's battery swapping strategy also gives the company the ability to offer a battery-as-a-service [BaaS] solution, which reduces the upfrontcostof purchasing an NIO vehicle by ~$11,000. Since cost is another major barrier to mass EV adoption, NIO's battery strategy appears brilliant as it solves both the range and cost problems.</p><p><blockquote>蔚来的电池更换策略还使该公司能够提供电池即服务 [BaaS] 解决方案，从而将购买蔚来汽车的前期成本降低约 11,000 美元。由于成本是大规模电动汽车采用的另一个主要障碍，蔚来汽车的电池战略似乎非常出色，因为它解决了续航里程和成本问题。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b25fbb85bffd39310cd27cbb2bde57a\" tg-width=\"640\" tg-height=\"216\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司</span></p></blockquote></p><p> Another differentiator is the NIO brand, which management created brilliantly by introducing the EP9 in 2016. Six EP9s have been sold to NIO investors for 2.5 million pounds, creating an aura of exclusivity and quality around the brand. Next, NIO targeted the mass-market luxury SUV segment with the ES8, firmly establishing the company as a luxury car OEM.</p><p><blockquote>另一个差异化因素是蔚来品牌，管理层通过在2016年推出EP9出色地打造了这一品牌。六辆 EP9 已以 250 万英镑的价格出售给蔚来投资者，为该品牌营造了一种独特性和品质的氛围。接下来，蔚来通过ES8瞄准大众市场豪华SUV细分市场，牢牢确立了该公司作为豪华车OEM的地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad41c960ce02f1e3f3e7575ac00beee0\" tg-width=\"640\" tg-height=\"350\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司</span></p></blockquote></p><p> Chinese companies must struggle against the common perception that they make low-quality products. This is the same perception issue that Japanese companies faced following their defeat after WW2. Japan solved this problem by moving up the value chain as their economy matured and creating high-quality brands such as Sony(NYSE:SONY). Today, Japan is known for its craftsmanship.</p><p><blockquote>中国企业必须与人们普遍认为它们生产低质量产品的看法作斗争。这与二战后日本企业战败后面临的认知问题相同。随着经济的成熟，日本通过向价值链上游移动并创建索尼（纽约证券交易所代码：SONY）等高质量品牌来解决这个问题。今天，日本以其工艺而闻名。</blockquote></p><p> China is following the same trajectory, and NIO is one of the emerging brands destroying the perception that \"made in China\" equates to poor quality. I strongly believe that investors who stubbornly hold on to that old perception will miss out on investing in some of the greatest brands the world will ever see.</p><p><blockquote>中国也在遵循同样的轨迹，蔚来是打破“中国制造”等同于低质量观念的新兴品牌之一。我坚信，顽固地坚持这种旧观念的投资者将会错过投资世界上有史以来最伟大的品牌的机会。</blockquote></p><p> Buying an NIO car means much more than just getting a vehicle; it means getting into an exclusive club of services and convenience. Benefits include access to hundreds of swapping stations, lifetime free roadside rescue (including charge vans), lifetime free cellular connectivity, lifetime free warranty, and excellent customer service. This is a powerful selling point for NIO, differentiating it from Tesla, which hasrecentlydeveloped a poor reputation on the customer service front in China.</p><p><blockquote>购买蔚来汽车不仅仅意味着得到一辆车；这意味着进入一个服务和便利的专属俱乐部。好处包括使用数百个交换站、终身免费路边救援（包括收费货车）、终身免费蜂窝连接、终身免费保修和卓越的客户服务。这是蔚来的一个强大卖点，使其有别于特斯拉，后者最近在中国大陆的客户服务方面声誉不佳。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a73482aa0431694b760ab5c2d0aa6f53\" tg-width=\"640\" tg-height=\"211\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司</span></p></blockquote></p><p></p><p> The company is pushing the envelope even further with&nbsp;NIO House, a literal clubhouse for customers, and&nbsp;NIO Life, which includes NIO branded lifestyle products. NIO's effort to build a lifestyle around its cars seems to be&nbsp;working. This is good news for investors because the only way to escape the competitive battlefield of automobile OEM is to sell services and lifestyles to customers. This is why Ferrari's (RACE) operating margin is well over 20%, while Ford (F) and General Motors (GM) are in the single digits.</p><p><blockquote>该公司正在通过蔚来之家（一个真正的顾客俱乐部会所）和蔚来人寿（包括蔚来品牌的生活方式产品）进一步突破界限。蔚来围绕汽车构建生活方式的努力似乎正在奏效。这对投资者来说是个好消息，因为要想逃离汽车代工厂的竞争战场，唯一的办法就是向客户推销服务和生活方式。这就是为什么法拉利（赛车）营业利润率远高于 20%，而福特 (F) 和通用汽车 (GM) 则为个位数。</blockquote></p><p> <b>Financials &amp; Valuation</b></p><p><blockquote><b>财务与估值</b></blockquote></p><p> NIO is in hyper-growth mode. In 2020, the company generated $2.5 billion in revenue, up 126% y/y. In 2021, the company is expected to grow 117% y/y to $5.4 billion.</p><p><blockquote>蔚来正处于高速增长模式。2020年，该公司实现收入25亿美元，同比增长126%。2021年，该公司预计将同比增长117%，达到54亿美元。</blockquote></p><p> The company is not yet profitable but is expected to be by 2022. Gross margin only turned positive in 2020 and is expected to be 19.3% in 2021. EBITDA is expected to be negative $258 million in 2021 and a positive $206 million in 2022. Free cash flow is expected to be negative $42 million in 2021 before turning to a positive $354 million in 2022.</p><p><blockquote>该公司尚未盈利，但预计到2022年将实现盈利。毛利率仅在2020年转正，预计2021年为19.3%。预计 2021 年 EBITDA 为负 2.58 亿美元，2022 年为正 2.06 亿美元。自由现金流预计在2021年为负4200万美元，然后在2022年转为正3.54亿美元。</blockquote></p><p> However, despite the cash burn expected in 2021, investors should feel at ease since the company exited&nbsp;2020&nbsp;with $5.9 billion of cash and cash equivalents. Including $600 million in short-term investments and subtracting ~$2.1 billion in debt and operating leases and the expected negative free cash flow in 2021, NIO should exit 2021 with over $4 billion in net cash and investments. That is plenty of buffers since NIO is expected to generate positive free cash flow in 2022.</p><p><blockquote>然而，尽管预计 2021 年将出现现金消耗，但投资者应该感到安心，因为该公司在 2020 年退出时拥有 59 亿美元的现金和现金等价物。包括 6 亿美元的短期投资，减去约 21 亿美元的债务和经营租赁以及 2021 年预期的负自由现金流，蔚来在 2021 年退出时应该拥有超过 40 亿美元的净现金和投资。这是充足的缓冲，因为蔚来预计将在 2022 年产生正自由现金流。</blockquote></p><p> Since NIO is not yet profitable, we will look at the forward EV/Sales multiple as is typical for hyper-growth companies not yet generating a profit. The company went public in September 2018, trading at around 7 to 8 times EV/Sales, before bottoming out at around 0.7 times sales in May 2019. The market, however, caught the EV fever in April 2020 and sent NIO's valuation soaring to a peak of 14.6x by January 2021. After the growth sell-off we recently experienced, NIO is currently sitting at a much more reasonable 8 times forward sales. This is a significant discount to TSLA's 10.2 times forward EV/Sales despite growing twice as fast (TSLA is expected to grow revenues by 57% in 2021 compared to NIO's 117%).</p><p><blockquote>由于蔚来尚未盈利，我们将关注未来的电动汽车/销售倍数，这是尚未盈利的高速增长公司的典型情况。该公司于2018年9月上市，交易价格约为电动汽车/销售额的7至8倍，然后在2019年5月触底，约为销售额的0.7倍。然而，市场在2020年4月掀起了电动汽车热潮，蔚来汽车的估值在2021年1月飙升至14.6倍的峰值。在我们最近经历的增长抛售之后，蔚来目前的远期销售额要合理得多。尽管增长速度是 TSLA 10.2 倍，但这比 TSLA 10.2 倍的电动汽车/销量大幅折扣（TSLA 预计 2021 年收入将增长 57%，而蔚来汽车为 117%）。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> There are many risks associated with owning NIO.</p><p><blockquote>拥有蔚来存在许多风险。</blockquote></p><p> Although its battery swapping strategy is highly differentiated and seems to be growing rapidly, the jury is still out on the ultimate market share of battery swapping or fast-charging infrastructure. If fast charging technology continues to advance significantly, it will likely erode a key advantage of battery swapping: speed.</p><p><blockquote>尽管其电池更换战略高度差异化，并且似乎正在快速增长，但电池更换或快速充电基础设施的最终市场份额仍然没有定论。如果快速充电技术继续大幅进步，很可能会侵蚀电池更换的一个关键优势：速度。</blockquote></p><p> NIO's business model is innovative and new. Unfortunately, the flip side of that is that it is untested, and NIO remains unprofitable. For many investors, NIO will remain a \"show me\" story until the profitability of its business model improves.</p><p><blockquote>蔚来的商业模式具有创新性和新颖性。不幸的是，另一方面是它未经测试，蔚来仍然无利可图。对于许多投资者来说，在其商业模式的盈利能力提高之前，蔚来仍将是一个“给我看”的故事。</blockquote></p><p> NIO's ability to expand globally may be limited by the rising geopolitical tension between China and the US, and to a lesser extent, with Japan and Europe. The geopolitical situation remains highly opaque and uncertain, and is a risk factor for all auto OEMs.</p><p><blockquote>蔚来汽车的全球扩张能力可能会受到中美地缘政治紧张局势的限制，以及在较小程度上与日本和欧洲的地缘政治紧张局势的限制。地缘政治局势仍然高度不透明和不确定，是所有汽车原始设备制造商的风险因素。</blockquote></p><p> Auto OEMs are currently facing a severe chip&nbsp;shortage. In addition, the chip density in automobiles is increasing, making the OEMs increasingly reliant on semiconductor suppliers and foundries.</p><p><blockquote>汽车主机厂目前正面临着严重的芯片短缺。此外，汽车中的芯片密度不断增加，使得原始设备制造商越来越依赖半导体供应商和代工厂。</blockquote></p><p> NIO's competitive advantages may not overcome the massive scale advantage of ICE OEMs and much bigger EV players like Tesla and China's BYD.</p><p><blockquote>蔚来的竞争优势可能无法克服ICE原始设备制造商以及特斯拉和中国比亚迪等更大的电动汽车制造商的巨大规模优势。</blockquote></p><p> <b>Takeaway</b></p><p><blockquote><b>外卖</b></blockquote></p><p> NIO's technical and business model innovations make it a highly differentiated company in the exciting and rapidly growing EV market. The company is winning, and its competitive moat is getting bigger as its ecosystem of vehicles and services grows. Relative to the industry leader, Tesla, NIO's stock price seems like a bargain given its faster growth rate and lower multiples.</p><p><blockquote>蔚来的技术和商业模式创新使其在令人兴奋且快速增长的电动汽车市场中成为一家高度差异化的公司。该公司正在获胜，随着其汽车和服务生态系统的发展，其竞争护城河也在变得越来越大。相对于行业领导者特斯拉，鉴于蔚来汽车更快的增长率和较低的市盈率，其股价似乎很便宜。</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>NIO Is Winning<blockquote>蔚来赢了</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\">\nNIO Is Winning<blockquote>蔚来赢了</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-18 09:31</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>NIO is #1 in China's electric SUV market for good reason.</li>  <li>The company's success is driven by its brilliant innovations and marketing strategy.</li>  <li>NIO is growing faster than Tesla, and yet, it is trading at a discount.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/790fae23b830463fec748d2deb2ce336\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>PonyWang/E+ via Getty Images</span></p><p><blockquote><ul><li>蔚来在中国电动SUV市场排名第一是有充分理由的。</li><li>该公司的成功是由其出色的创新和营销策略推动的。</li><li>蔚来的增长速度比特斯拉快，然而，它的交易价格却打折了。</li></ul><p class=\"t-img-caption\"><span>PonyWang/E+ 来自 Getty Images</span></p></blockquote></p><p> NIO Inc. (NYSE:NIO) stands out for its strong market position- #1 market share in electric SUV in China- and innovation in the rapidly growing and highly competitive electric vehicle industry. This article will discuss why NIO is winning against some stiff competition, including against Tesla (TSLA).</p><p><blockquote>蔚来（纽约证券交易所股票代码：NIO）以其强大的市场地位——中国电动SUV市场份额第一——以及在快速增长且竞争激烈的电动汽车行业中的创新而脱颖而出。本文将讨论为什么蔚来能够战胜一些激烈的竞争，包括特斯拉（TSLA）。</blockquote></p><p> In addition, we will discuss NIO's business, financials, trading, valuation, and risks so readers could reach their own informed decision.</p><p><blockquote>此外，我们还将讨论蔚来汽车的业务、财务、交易、估值和风险，以便读者能够做出自己的明智决定。</blockquote></p><p> <b>Business: Why NIO Wins</b></p><p><blockquote><b>商业：蔚来为何获胜</b></blockquote></p><p> NIO positions itself in the premium SUV segment, focusing on smart EVs with a differentiated battery strategy.</p><p><blockquote>蔚来将自己定位在高端SUV细分市场，专注于具有差异化电池战略的智能电动汽车。</blockquote></p><p> Delivered in March 2019, the company's first model, the ES8, is a luxury 7-seater SUV that is still the company's flagship product today. The ES8 is equipped with ADAS and AI system [NOMI] and is comparable to the BYD Song, Tesla Model X, the Audi Q7 45 e-Tron, etc.</p><p><blockquote>该公司的首款车型ES8于2019年3月交付，是一款豪华7座SUV，至今仍是该公司的旗舰产品。ES8配备ADAS和AI系统【NOMI】，与比亚迪宋、特斯拉Model X、奥迪Q7 45 e-Tron等不相上下。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/443e2773f70c00c6faac8ca063e978a5\" tg-width=\"640\" tg-height=\"387\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司</span></p></blockquote></p><p> Leveraging the installed base and customer goodwill due to the highly successful ES8, NIO successfully launched the ES6 and EC6.Recently, the company launched the ET7, its first sedan.</p><p><blockquote>凭借 ES8 的巨大成功所带来的安装基础和客户好感，蔚来成功推出了 ES6 和 EC6。最近，该公司推出了其首款轿车ET7。</blockquote></p><p> Today, NIO is the top-selling brand in China's all-electric SUV market in April with a 23% market share, higher than Tesla's 17%, WM Motor and XPeng Motors'(NYSE:XPEV)7%, according to China Automotive Technology and Research Center data.</p><p><blockquote>如今，蔚来是4月份中国全电动SUV市场最畅销的品牌，市场份额为23%，高于特斯拉的17%、威马汽车和小鹏汽车（纽约证券交易所股票代码：XPEV）的7%。中国汽车技术研究中心数据。</blockquote></p><p> One of the biggest competitive differentiators is NIO'sbattery strategy, which all but eliminates range anxiety, one of the biggest barriers to mass EV adoption. Not only could NIO cars be charged at any charging station for EVs, but the company also built hundreds of battery swapping stations in key cities in China, with plans to expanding to Europe.</p><p><blockquote>最大的竞争优势之一是蔚来的电池战略，它几乎消除了里程焦虑，这是大规模电动汽车采用的最大障碍之一。蔚来汽车不仅可以在任何电动汽车充电站充电，该公司还在国内主要城市建设了数百个换电站，并计划扩展到欧洲。</blockquote></p><p> NIO's battery swapping strategy also gives the company the ability to offer a battery-as-a-service [BaaS] solution, which reduces the upfrontcostof purchasing an NIO vehicle by ~$11,000. Since cost is another major barrier to mass EV adoption, NIO's battery strategy appears brilliant as it solves both the range and cost problems.</p><p><blockquote>蔚来的电池更换策略还使该公司能够提供电池即服务 [BaaS] 解决方案，从而将购买蔚来汽车的前期成本降低约 11,000 美元。由于成本是大规模电动汽车采用的另一个主要障碍，蔚来汽车的电池战略似乎非常出色，因为它解决了续航里程和成本问题。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b25fbb85bffd39310cd27cbb2bde57a\" tg-width=\"640\" tg-height=\"216\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司</span></p></blockquote></p><p> Another differentiator is the NIO brand, which management created brilliantly by introducing the EP9 in 2016. Six EP9s have been sold to NIO investors for 2.5 million pounds, creating an aura of exclusivity and quality around the brand. Next, NIO targeted the mass-market luxury SUV segment with the ES8, firmly establishing the company as a luxury car OEM.</p><p><blockquote>另一个差异化因素是蔚来品牌，管理层通过在2016年推出EP9出色地打造了这一品牌。六辆 EP9 已以 250 万英镑的价格出售给蔚来投资者，为该品牌营造了一种独特性和品质的氛围。接下来，蔚来通过ES8瞄准大众市场豪华SUV细分市场，牢牢确立了该公司作为豪华车OEM的地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad41c960ce02f1e3f3e7575ac00beee0\" tg-width=\"640\" tg-height=\"350\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司</span></p></blockquote></p><p> Chinese companies must struggle against the common perception that they make low-quality products. This is the same perception issue that Japanese companies faced following their defeat after WW2. Japan solved this problem by moving up the value chain as their economy matured and creating high-quality brands such as Sony(NYSE:SONY). Today, Japan is known for its craftsmanship.</p><p><blockquote>中国企业必须与人们普遍认为它们生产低质量产品的看法作斗争。这与二战后日本企业战败后面临的认知问题相同。随着经济的成熟，日本通过向价值链上游移动并创建索尼（纽约证券交易所代码：SONY）等高质量品牌来解决这个问题。今天，日本以其工艺而闻名。</blockquote></p><p> China is following the same trajectory, and NIO is one of the emerging brands destroying the perception that \"made in China\" equates to poor quality. I strongly believe that investors who stubbornly hold on to that old perception will miss out on investing in some of the greatest brands the world will ever see.</p><p><blockquote>中国也在遵循同样的轨迹，蔚来是打破“中国制造”等同于低质量观念的新兴品牌之一。我坚信，顽固地坚持这种旧观念的投资者将会错过投资世界上有史以来最伟大的品牌的机会。</blockquote></p><p> Buying an NIO car means much more than just getting a vehicle; it means getting into an exclusive club of services and convenience. Benefits include access to hundreds of swapping stations, lifetime free roadside rescue (including charge vans), lifetime free cellular connectivity, lifetime free warranty, and excellent customer service. This is a powerful selling point for NIO, differentiating it from Tesla, which hasrecentlydeveloped a poor reputation on the customer service front in China.</p><p><blockquote>购买蔚来汽车不仅仅意味着得到一辆车；这意味着进入一个服务和便利的专属俱乐部。好处包括使用数百个交换站、终身免费路边救援（包括收费货车）、终身免费蜂窝连接、终身免费保修和卓越的客户服务。这是蔚来的一个强大卖点，使其有别于特斯拉，后者最近在中国大陆的客户服务方面声誉不佳。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a73482aa0431694b760ab5c2d0aa6f53\" tg-width=\"640\" tg-height=\"211\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司</span></p></blockquote></p><p></p><p> The company is pushing the envelope even further with&nbsp;NIO House, a literal clubhouse for customers, and&nbsp;NIO Life, which includes NIO branded lifestyle products. NIO's effort to build a lifestyle around its cars seems to be&nbsp;working. This is good news for investors because the only way to escape the competitive battlefield of automobile OEM is to sell services and lifestyles to customers. This is why Ferrari's (RACE) operating margin is well over 20%, while Ford (F) and General Motors (GM) are in the single digits.</p><p><blockquote>该公司正在通过蔚来之家（一个真正的顾客俱乐部会所）和蔚来人寿（包括蔚来品牌的生活方式产品）进一步突破界限。蔚来围绕汽车构建生活方式的努力似乎正在奏效。这对投资者来说是个好消息，因为要想逃离汽车代工厂的竞争战场，唯一的办法就是向客户推销服务和生活方式。这就是为什么法拉利（赛车）营业利润率远高于 20%，而福特 (F) 和通用汽车 (GM) 则为个位数。</blockquote></p><p> <b>Financials &amp; Valuation</b></p><p><blockquote><b>财务与估值</b></blockquote></p><p> NIO is in hyper-growth mode. In 2020, the company generated $2.5 billion in revenue, up 126% y/y. In 2021, the company is expected to grow 117% y/y to $5.4 billion.</p><p><blockquote>蔚来正处于高速增长模式。2020年，该公司实现收入25亿美元，同比增长126%。2021年，该公司预计将同比增长117%，达到54亿美元。</blockquote></p><p> The company is not yet profitable but is expected to be by 2022. Gross margin only turned positive in 2020 and is expected to be 19.3% in 2021. EBITDA is expected to be negative $258 million in 2021 and a positive $206 million in 2022. Free cash flow is expected to be negative $42 million in 2021 before turning to a positive $354 million in 2022.</p><p><blockquote>该公司尚未盈利，但预计到2022年将实现盈利。毛利率仅在2020年转正，预计2021年为19.3%。预计 2021 年 EBITDA 为负 2.58 亿美元，2022 年为正 2.06 亿美元。自由现金流预计在2021年为负4200万美元，然后在2022年转为正3.54亿美元。</blockquote></p><p> However, despite the cash burn expected in 2021, investors should feel at ease since the company exited&nbsp;2020&nbsp;with $5.9 billion of cash and cash equivalents. Including $600 million in short-term investments and subtracting ~$2.1 billion in debt and operating leases and the expected negative free cash flow in 2021, NIO should exit 2021 with over $4 billion in net cash and investments. That is plenty of buffers since NIO is expected to generate positive free cash flow in 2022.</p><p><blockquote>然而，尽管预计 2021 年将出现现金消耗，但投资者应该感到安心，因为该公司在 2020 年退出时拥有 59 亿美元的现金和现金等价物。包括 6 亿美元的短期投资，减去约 21 亿美元的债务和经营租赁以及 2021 年预期的负自由现金流，蔚来在 2021 年退出时应该拥有超过 40 亿美元的净现金和投资。这是充足的缓冲，因为蔚来预计将在 2022 年产生正自由现金流。</blockquote></p><p> Since NIO is not yet profitable, we will look at the forward EV/Sales multiple as is typical for hyper-growth companies not yet generating a profit. The company went public in September 2018, trading at around 7 to 8 times EV/Sales, before bottoming out at around 0.7 times sales in May 2019. The market, however, caught the EV fever in April 2020 and sent NIO's valuation soaring to a peak of 14.6x by January 2021. After the growth sell-off we recently experienced, NIO is currently sitting at a much more reasonable 8 times forward sales. This is a significant discount to TSLA's 10.2 times forward EV/Sales despite growing twice as fast (TSLA is expected to grow revenues by 57% in 2021 compared to NIO's 117%).</p><p><blockquote>由于蔚来尚未盈利，我们将关注未来的电动汽车/销售倍数，这是尚未盈利的高速增长公司的典型情况。该公司于2018年9月上市，交易价格约为电动汽车/销售额的7至8倍，然后在2019年5月触底，约为销售额的0.7倍。然而，市场在2020年4月掀起了电动汽车热潮，蔚来汽车的估值在2021年1月飙升至14.6倍的峰值。在我们最近经历的增长抛售之后，蔚来目前的远期销售额要合理得多。尽管增长速度是 TSLA 10.2 倍，但这比 TSLA 10.2 倍的电动汽车/销量大幅折扣（TSLA 预计 2021 年收入将增长 57%，而蔚来汽车为 117%）。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> There are many risks associated with owning NIO.</p><p><blockquote>拥有蔚来存在许多风险。</blockquote></p><p> Although its battery swapping strategy is highly differentiated and seems to be growing rapidly, the jury is still out on the ultimate market share of battery swapping or fast-charging infrastructure. If fast charging technology continues to advance significantly, it will likely erode a key advantage of battery swapping: speed.</p><p><blockquote>尽管其电池更换战略高度差异化，并且似乎正在快速增长，但电池更换或快速充电基础设施的最终市场份额仍然没有定论。如果快速充电技术继续大幅进步，很可能会侵蚀电池更换的一个关键优势：速度。</blockquote></p><p> NIO's business model is innovative and new. Unfortunately, the flip side of that is that it is untested, and NIO remains unprofitable. For many investors, NIO will remain a \"show me\" story until the profitability of its business model improves.</p><p><blockquote>蔚来的商业模式具有创新性和新颖性。不幸的是，另一方面是它未经测试，蔚来仍然无利可图。对于许多投资者来说，在其商业模式的盈利能力提高之前，蔚来仍将是一个“给我看”的故事。</blockquote></p><p> NIO's ability to expand globally may be limited by the rising geopolitical tension between China and the US, and to a lesser extent, with Japan and Europe. The geopolitical situation remains highly opaque and uncertain, and is a risk factor for all auto OEMs.</p><p><blockquote>蔚来汽车的全球扩张能力可能会受到中美地缘政治紧张局势的限制，以及在较小程度上与日本和欧洲的地缘政治紧张局势的限制。地缘政治局势仍然高度不透明和不确定，是所有汽车原始设备制造商的风险因素。</blockquote></p><p> Auto OEMs are currently facing a severe chip&nbsp;shortage. In addition, the chip density in automobiles is increasing, making the OEMs increasingly reliant on semiconductor suppliers and foundries.</p><p><blockquote>汽车主机厂目前正面临着严重的芯片短缺。此外，汽车中的芯片密度不断增加，使得原始设备制造商越来越依赖半导体供应商和代工厂。</blockquote></p><p> NIO's competitive advantages may not overcome the massive scale advantage of ICE OEMs and much bigger EV players like Tesla and China's BYD.</p><p><blockquote>蔚来的竞争优势可能无法克服ICE原始设备制造商以及特斯拉和中国比亚迪等更大的电动汽车制造商的巨大规模优势。</blockquote></p><p> <b>Takeaway</b></p><p><blockquote><b>外卖</b></blockquote></p><p> NIO's technical and business model innovations make it a highly differentiated company in the exciting and rapidly growing EV market. The company is winning, and its competitive moat is getting bigger as its ecosystem of vehicles and services grows. Relative to the industry leader, Tesla, NIO's stock price seems like a bargain given its faster growth rate and lower multiples.</p><p><blockquote>蔚来的技术和商业模式创新使其在令人兴奋且快速增长的电动汽车市场中成为一家高度差异化的公司。该公司正在获胜，随着其汽车和服务生态系统的发展，其竞争护城河也在变得越来越大。相对于行业领导者特斯拉，鉴于蔚来汽车更快的增长率和较低的市盈率，其股价似乎很便宜。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435341-nio-is-winning\">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":{"NIO":"蔚来"},"source_url":"https://seekingalpha.com/article/4435341-nio-is-winning","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148576248","content_text":"Summary\n\nNIO is #1 in China's electric SUV market for good reason.\nThe company's success is driven by its brilliant innovations and marketing strategy.\nNIO is growing faster than Tesla, and yet, it is trading at a discount.\n\nPonyWang/E+ via Getty Images\nNIO Inc. (NYSE:NIO) stands out for its strong market position- #1 market share in electric SUV in China- and innovation in the rapidly growing and highly competitive electric vehicle industry. This article will discuss why NIO is winning against some stiff competition, including against Tesla (TSLA).\nIn addition, we will discuss NIO's business, financials, trading, valuation, and risks so readers could reach their own informed decision.\nBusiness: Why NIO Wins\nNIO positions itself in the premium SUV segment, focusing on smart EVs with a differentiated battery strategy.\nDelivered in March 2019, the company's first model, the ES8, is a luxury 7-seater SUV that is still the company's flagship product today. The ES8 is equipped with ADAS and AI system [NOMI] and is comparable to the BYD Song, Tesla Model X, the Audi Q7 45 e-Tron, etc.\nSource: Company\nLeveraging the installed base and customer goodwill due to the highly successful ES8, NIO successfully launched the ES6 and EC6.Recently, the company launched the ET7, its first sedan.\nToday, NIO is the top-selling brand in China's all-electric SUV market in April with a 23% market share, higher than Tesla's 17%, WM Motor and XPeng Motors'(NYSE:XPEV)7%, according to China Automotive Technology and Research Center data.\nOne of the biggest competitive differentiators is NIO'sbattery strategy, which all but eliminates range anxiety, one of the biggest barriers to mass EV adoption. Not only could NIO cars be charged at any charging station for EVs, but the company also built hundreds of battery swapping stations in key cities in China, with plans to expanding to Europe.\nNIO's battery swapping strategy also gives the company the ability to offer a battery-as-a-service [BaaS] solution, which reduces the upfrontcostof purchasing an NIO vehicle by ~$11,000. Since cost is another major barrier to mass EV adoption, NIO's battery strategy appears brilliant as it solves both the range and cost problems.\nSource: Company\nAnother differentiator is the NIO brand, which management created brilliantly by introducing the EP9 in 2016. Six EP9s have been sold to NIO investors for 2.5 million pounds, creating an aura of exclusivity and quality around the brand. Next, NIO targeted the mass-market luxury SUV segment with the ES8, firmly establishing the company as a luxury car OEM.\nSource: Company\nChinese companies must struggle against the common perception that they make low-quality products. This is the same perception issue that Japanese companies faced following their defeat after WW2. Japan solved this problem by moving up the value chain as their economy matured and creating high-quality brands such as Sony(NYSE:SONY). Today, Japan is known for its craftsmanship.\nChina is following the same trajectory, and NIO is one of the emerging brands destroying the perception that \"made in China\" equates to poor quality. I strongly believe that investors who stubbornly hold on to that old perception will miss out on investing in some of the greatest brands the world will ever see.\nBuying an NIO car means much more than just getting a vehicle; it means getting into an exclusive club of services and convenience. Benefits include access to hundreds of swapping stations, lifetime free roadside rescue (including charge vans), lifetime free cellular connectivity, lifetime free warranty, and excellent customer service. This is a powerful selling point for NIO, differentiating it from Tesla, which hasrecentlydeveloped a poor reputation on the customer service front in China.\nSource: Company\nThe company is pushing the envelope even further with NIO House, a literal clubhouse for customers, and NIO Life, which includes NIO branded lifestyle products. NIO's effort to build a lifestyle around its cars seems to be working. This is good news for investors because the only way to escape the competitive battlefield of automobile OEM is to sell services and lifestyles to customers. This is why Ferrari's (RACE) operating margin is well over 20%, while Ford (F) and General Motors (GM) are in the single digits.\nFinancials & Valuation\nNIO is in hyper-growth mode. In 2020, the company generated $2.5 billion in revenue, up 126% y/y. In 2021, the company is expected to grow 117% y/y to $5.4 billion.\nThe company is not yet profitable but is expected to be by 2022. Gross margin only turned positive in 2020 and is expected to be 19.3% in 2021. EBITDA is expected to be negative $258 million in 2021 and a positive $206 million in 2022. Free cash flow is expected to be negative $42 million in 2021 before turning to a positive $354 million in 2022.\nHowever, despite the cash burn expected in 2021, investors should feel at ease since the company exited 2020 with $5.9 billion of cash and cash equivalents. Including $600 million in short-term investments and subtracting ~$2.1 billion in debt and operating leases and the expected negative free cash flow in 2021, NIO should exit 2021 with over $4 billion in net cash and investments. That is plenty of buffers since NIO is expected to generate positive free cash flow in 2022.\nSince NIO is not yet profitable, we will look at the forward EV/Sales multiple as is typical for hyper-growth companies not yet generating a profit. The company went public in September 2018, trading at around 7 to 8 times EV/Sales, before bottoming out at around 0.7 times sales in May 2019. The market, however, caught the EV fever in April 2020 and sent NIO's valuation soaring to a peak of 14.6x by January 2021. After the growth sell-off we recently experienced, NIO is currently sitting at a much more reasonable 8 times forward sales. This is a significant discount to TSLA's 10.2 times forward EV/Sales despite growing twice as fast (TSLA is expected to grow revenues by 57% in 2021 compared to NIO's 117%).\nRisks\nThere are many risks associated with owning NIO.\nAlthough its battery swapping strategy is highly differentiated and seems to be growing rapidly, the jury is still out on the ultimate market share of battery swapping or fast-charging infrastructure. If fast charging technology continues to advance significantly, it will likely erode a key advantage of battery swapping: speed.\nNIO's business model is innovative and new. Unfortunately, the flip side of that is that it is untested, and NIO remains unprofitable. For many investors, NIO will remain a \"show me\" story until the profitability of its business model improves.\nNIO's ability to expand globally may be limited by the rising geopolitical tension between China and the US, and to a lesser extent, with Japan and Europe. The geopolitical situation remains highly opaque and uncertain, and is a risk factor for all auto OEMs.\nAuto OEMs are currently facing a severe chip shortage. In addition, the chip density in automobiles is increasing, making the OEMs increasingly reliant on semiconductor suppliers and foundries.\nNIO's competitive advantages may not overcome the massive scale advantage of ICE OEMs and much bigger EV players like Tesla and China's BYD.\nTakeaway\nNIO's technical and business model innovations make it a highly differentiated company in the exciting and rapidly growing EV market. The company is winning, and its competitive moat is getting bigger as its ecosystem of vehicles and services grows. Relative to the industry leader, Tesla, NIO's stock price seems like a bargain given its faster growth rate and lower multiples.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":2155,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168790148,"gmtCreate":1623982876684,"gmtModify":1634024744575,"author":{"id":"3585026562704009","authorId":"3585026562704009","name":"Sesshosaki","avatar":"https://static.tigerbbs.com/c8205a361981ada39f05a0af7192a769","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585026562704009","authorIdStr":"3585026562704009"},"themes":[],"title":"","htmlText":"all commodities index seem to be dropping&nbsp;","listText":"all commodities index seem to be dropping&nbsp;","text":"all commodities index seem to be dropping","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168790148","repostId":"2144593726","repostType":4,"isVote":1,"tweetType":1,"viewCount":1670,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161655789,"gmtCreate":1623924699441,"gmtModify":1634025816289,"author":{"id":"3585026562704009","authorId":"3585026562704009","name":"Sesshosaki","avatar":"https://static.tigerbbs.com/c8205a361981ada39f05a0af7192a769","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585026562704009","authorIdStr":"3585026562704009"},"themes":[],"title":"","htmlText":"not to mention how they have gamble boxes","listText":"not to mention how they have gamble boxes","text":"not to mention how they have gamble boxes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161655789","repostId":"1104789612","repostType":4,"repost":{"id":"1104789612","kind":"news","pubTimestamp":1623908041,"share":"https://www.laohunote.com/m/news/1104789612?lang=zh_CN&edition=full","pubTime":"2021-06-17 13:34","market":"us","language":"en","title":"3 Reasons Why Electronic Arts Stock Could Be Headed Higher<blockquote>艺电股票可能走高的 3 个原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104789612","media":"Motley Fool","summary":"A new blockbuster release should lead to another record year for EA.","content":"<p><b>Electronic Arts</b>&nbsp;(NASDAQ:EA)&nbsp;just closed the books on a record fiscal 2021.&nbsp;Strong player engagement in EA Sports titles (<i>FIFA</i>and<i>Madden</i>) and 42 million new players playing its games give EA plenty of momentum for the year ahead.</p><p><blockquote><b>电子艺术</b>（纳斯达克股票代码：EA）刚刚结束了创纪录的 2021 财年账目。玩家对 EA 体育游戏的强烈参与（<i>国际足联</i>和<i>马登</i>）和 4200 万新玩家玩其游戏为 EA 未来一年提供了充足的动力。</blockquote></p><p> The stock has been inching closer to new highs in the first half of calendar 2021 and could be poised for a breakout. Here are three catalysts on the horizon that could send the share price higher.</p><p><blockquote>该股在 2021 年上半年一直在慢慢接近新高，并可能迎来突破。以下是可能推高股价的三个催化剂。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9a9b0c75cdc43bc6a6bc0a66bd45ae58\" tg-width=\"2000\" tg-height=\"1333\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>1.</b><b><i>Apex Legends</i></b></p><p><blockquote><b>1.</b><b><i>顶点传奇</i></b></blockquote></p><p> <i>Apex Legends</i>launched in February 2019&nbsp;and quickly tapped into the demand for battle royale shooters.&nbsp;<i>Apex</i>has experienced growing viewership since late 2019 on game-streaming sites, and that has translated to growing bookings for the title.</p><p><blockquote><i>顶点传奇</i>于2019年2月推出，并迅速利用了对皇家战役射击游戏的需求。<i>顶点</i>自2019年底以来，游戏流媒体网站上的观众人数不断增长，这也转化为该游戏的预订量不断增长。</blockquote></p><p> <i>Apex</i>achieved $1 billion in lifetime bookings in the most recent quarter.&nbsp;The game averaged over 12 million weekly average users after season eight launched during the fiscal fourth quarter. In fiscal 2022, management is guiding for<i>Apex</i>to deliver 20% growth, achieving around $750 million in bookings,&nbsp;or approximately 10% of EA's total expected bookings.</p><p><blockquote><i>顶点</i>最近一个季度实现了10亿美元的终身预订。在第四财季推出第八季后，该游戏的平均每周用户超过1200万。2022 财年，管理层正在指导<i>顶点</i>实现 20% 的增长，预订量达到约 7.5 亿美元，约占 EA 总预期预订量的 10%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3620158ccc07c8505034b5a60c934b99\" tg-width=\"2000\" tg-height=\"1099\"><span>IMAGE SOURCE: ELECTRONIC ARTS FISCAL Q4 2021 EARNINGS PRESENTATION.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：艺电2021财年第四季度收益报告。</span></p></blockquote></p><p> <i>Apex</i>is an example of how EA is turning its biggest franchises into social networks. In a multiplayer shooter like<i>Apex</i>, users build their friends list and team up to compete against other players. \"It's going to be a huge part of the industry's business, as we've already seen, but it will continue on for us,\" CFO Blake Jorgensen said during the Q4 earnings call.</p><p><blockquote><i>顶点</i>是EA如何将其最大的特许经营权转变为社交网络的一个例子。在多人射击游戏中<i>顶点</i>，用户建立他们的好友列表，并组队与其他玩家竞争。首席财务官 Blake Jorgensen 在第四季度财报看涨期权上表示：“正如我们已经看到的那样，这将成为该行业业务的重要组成部分，但对我们来说，它将继续下去。”</blockquote></p><p> <b>2.</b><b><i>Battlefield 2042</i></b></p><p><blockquote><b>2.</b><b><i>战地2042</i></b></blockquote></p><p> EA just revealed the trailer for<i>Battlefield 2042</i>, currently scheduled for release&nbsp;in the December-ending fiscal third quarter,&nbsp;and it could be the biggest release yet for the series. The game is being developed by EA's DICE studio, and the development team has got some innovative tricks up its sleeve to make it a competitive title on the market when it launches.</p><p><blockquote>EA刚刚发布了预告片<i>战地2042</i>目前计划在截至 12 月的第三财季发布，这可能是该系列迄今为止最大的一次发布。这款游戏由EA的DICE工作室开发，开发团队已经掌握了一些创新技巧，使其在推出时成为市场上有竞争力的游戏。</blockquote></p><p> For example,<i>Battlefield 2042</i>will allow AI-controlled bots to fill matches when there aren't enough players in the queue, especially given that<i>Battlefield</i>will allow up to 128 players to compete in a match. This is important for those who queue into the game from a location where online servers don't have enough players to fill a match.&nbsp;It will also introduce a new multiplayer mode called Hazard Zone and feature the largest in-game maps in the franchise yet.</p><p><blockquote>例如，<i>战地2042</i>当队列中没有足够的玩家时，将允许人工智能控制的机器人填补比赛，特别是考虑到<i>战场</i>将允许多达128名玩家参加一场比赛。这对于那些从在线服务器没有足够玩家来填补比赛的地方排队进入游戏的人来说很重要。它还将引入一个名为“危险地带”的新多人模式，并拥有迄今为止最大的游戏内地图。</blockquote></p><p> CEO Andrew Wilson expects the debut of the&nbsp;<i>Battlefield</i>series on<b>Sony</b>&nbsp;and<b>Microsoft</b>'s&nbsp;next-gen consoles&nbsp;to take the series to the next level. \"If you look back through the history of our industry, every time we are able to deliver high-fidelity, more meaningfully immersive products as a result of increased processing power as platform transitions, we've been able to grow the market dramatically,\" he said during the last earnings call.</p><p><blockquote>首席执行官 Andrew Wilson 期待首次亮相<i>战场</i>系列<b>索尼</b>和<b>微软</b>的下一代游戏机将该系列提升到一个新的水平。“如果你回顾我们行业的历史，每当我们能够提供高保真、更有意义的沉浸式产品时，由于平台转型带来的处理能力增强，我们就能够大幅增长市场，”他在上次财报看涨期权上说道。</blockquote></p><p> <b>3. Mobile growth</b></p><p><blockquote><b>3. 移动增长</b></blockquote></p><p> EA's mobile segment was the company's slowest-growing sales category in fiscal 2021, which looks weak since mobile games are the fastest-growing platform in the video-game industry.&nbsp;But EA's mobile woes might soon end.</p><p><blockquote>EA的移动部门是该公司2021财年增长最慢的销售类别，这看起来很疲软，因为手机游戏是视频游戏行业增长最快的平台。但EA的移动困境可能很快就会结束。</blockquote></p><p> Later this year, EA is planning to launch a new mobile version of<i>Apex Legends</i>and&nbsp;<i>Battlefield</i>. Shooters have started to gain more of a following on mobile devices in recent years, likely driven by improved graphics technology on smartphones. This trend could spell success for EA.</p><p><blockquote>今年晚些时候，EA计划推出新的移动版本<i>顶点传奇</i>和<i>战场</i>近年来，射击游戏开始在移动设备上获得更多追随者，这可能是由于智能手机图形技术的改进。这一趋势可能意味着艺电的成功。</blockquote></p><p> EA is also looking forward to expanding its mobile sports portfolio withGlu Mobile's&nbsp;<i>MLB Tap Sports Baseball</i>&nbsp;and MetalHead Software's&nbsp;<i>Super Mega Baseball</i>-- both studios that EA recently acquired.</p><p><blockquote>EA 还期待通过 Glu Mobile 扩大其移动体育产品组合<i>MLB Tap Sports 棒球</i>和MetalHead Software的<i>超级棒球</i>-- EA 最近收购的两个工作室。</blockquote></p><p> The addition of Glu Mobile is expected to more than double EA's mobile business to $2 billion in annual bookings in the next three years, but EA isn't settling for that.&nbsp;Management recently reorganized the mobile segment by bringing in new leadership and talent, which shows a real effort to get this segment growing.</p><p><blockquote>Glu Mobile的加入预计将使EA的移动业务在未来三年内翻一番以上，达到20亿美元的年预订量，但EA并不满足于此。管理层最近通过引入新的领导层和人才重组了移动部门，这表明了让这一部门增长的真正努力。</blockquote></p><p> <b>The stock is undervalued compared to its peers</b></p><p><blockquote><b>与同行相比，该股票被低估了</b></blockquote></p><p> The stock trades at a discount to its peers, with a forward price-to-earnings multiple of 22.8. That trails&nbsp;<b>Activision Blizzard</b>'s&nbsp;valuation of 35.8 times expected earnings and&nbsp;<b>Take-Two Interactive</b>'s&nbsp;multiple of 25 times forward estimates.</p><p><blockquote>该股的交易价格低于同行，远期市盈率为 22.8。那痕迹<b>动视暴雪</b>估值为预期收益的 35.8 倍<b>Take-Two互动</b>25倍前瞻性估计值的倍数。</blockquote></p><p></p><p> With clear catalysts on the horizon, I don't think this valuation gap will last for too long. EA generated $1.8 billion in&nbsp;free cash flow&nbsp;in fiscal 2021,&nbsp;initiated its&nbsp;first quarterly dividend,&nbsp;and is experiencing momentum with its top franchises.EA is a top gaming stock to buy&nbsp;right now.</p><p><blockquote>随着明确的催化剂即将到来，我认为这种估值差距不会持续太久。EA 在 2021 财年产生了 18 亿美元的自由现金流，开始了首次季度股息，并且其顶级特许经营权正在经历发展势头。EA 是现在值得购买的顶级游戏股票。</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>3 Reasons Why Electronic Arts Stock Could Be Headed Higher<blockquote>艺电股票可能走高的 3 个原因</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\">\n3 Reasons Why Electronic Arts Stock Could Be Headed Higher<blockquote>艺电股票可能走高的 3 个原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-06-17 13:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Electronic Arts</b>&nbsp;(NASDAQ:EA)&nbsp;just closed the books on a record fiscal 2021.&nbsp;Strong player engagement in EA Sports titles (<i>FIFA</i>and<i>Madden</i>) and 42 million new players playing its games give EA plenty of momentum for the year ahead.</p><p><blockquote><b>电子艺术</b>（纳斯达克股票代码：EA）刚刚结束了创纪录的 2021 财年账目。玩家对 EA 体育游戏的强烈参与（<i>国际足联</i>和<i>马登</i>）和 4200 万新玩家玩其游戏为 EA 未来一年提供了充足的动力。</blockquote></p><p> The stock has been inching closer to new highs in the first half of calendar 2021 and could be poised for a breakout. Here are three catalysts on the horizon that could send the share price higher.</p><p><blockquote>该股在 2021 年上半年一直在慢慢接近新高，并可能迎来突破。以下是可能推高股价的三个催化剂。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9a9b0c75cdc43bc6a6bc0a66bd45ae58\" tg-width=\"2000\" tg-height=\"1333\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>1.</b><b><i>Apex Legends</i></b></p><p><blockquote><b>1.</b><b><i>顶点传奇</i></b></blockquote></p><p> <i>Apex Legends</i>launched in February 2019&nbsp;and quickly tapped into the demand for battle royale shooters.&nbsp;<i>Apex</i>has experienced growing viewership since late 2019 on game-streaming sites, and that has translated to growing bookings for the title.</p><p><blockquote><i>顶点传奇</i>于2019年2月推出，并迅速利用了对皇家战役射击游戏的需求。<i>顶点</i>自2019年底以来，游戏流媒体网站上的观众人数不断增长，这也转化为该游戏的预订量不断增长。</blockquote></p><p> <i>Apex</i>achieved $1 billion in lifetime bookings in the most recent quarter.&nbsp;The game averaged over 12 million weekly average users after season eight launched during the fiscal fourth quarter. In fiscal 2022, management is guiding for<i>Apex</i>to deliver 20% growth, achieving around $750 million in bookings,&nbsp;or approximately 10% of EA's total expected bookings.</p><p><blockquote><i>顶点</i>最近一个季度实现了10亿美元的终身预订。在第四财季推出第八季后，该游戏的平均每周用户超过1200万。2022 财年，管理层正在指导<i>顶点</i>实现 20% 的增长，预订量达到约 7.5 亿美元，约占 EA 总预期预订量的 10%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3620158ccc07c8505034b5a60c934b99\" tg-width=\"2000\" tg-height=\"1099\"><span>IMAGE SOURCE: ELECTRONIC ARTS FISCAL Q4 2021 EARNINGS PRESENTATION.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：艺电2021财年第四季度收益报告。</span></p></blockquote></p><p> <i>Apex</i>is an example of how EA is turning its biggest franchises into social networks. In a multiplayer shooter like<i>Apex</i>, users build their friends list and team up to compete against other players. \"It's going to be a huge part of the industry's business, as we've already seen, but it will continue on for us,\" CFO Blake Jorgensen said during the Q4 earnings call.</p><p><blockquote><i>顶点</i>是EA如何将其最大的特许经营权转变为社交网络的一个例子。在多人射击游戏中<i>顶点</i>，用户建立他们的好友列表，并组队与其他玩家竞争。首席财务官 Blake Jorgensen 在第四季度财报看涨期权上表示：“正如我们已经看到的那样，这将成为该行业业务的重要组成部分，但对我们来说，它将继续下去。”</blockquote></p><p> <b>2.</b><b><i>Battlefield 2042</i></b></p><p><blockquote><b>2.</b><b><i>战地2042</i></b></blockquote></p><p> EA just revealed the trailer for<i>Battlefield 2042</i>, currently scheduled for release&nbsp;in the December-ending fiscal third quarter,&nbsp;and it could be the biggest release yet for the series. The game is being developed by EA's DICE studio, and the development team has got some innovative tricks up its sleeve to make it a competitive title on the market when it launches.</p><p><blockquote>EA刚刚发布了预告片<i>战地2042</i>目前计划在截至 12 月的第三财季发布，这可能是该系列迄今为止最大的一次发布。这款游戏由EA的DICE工作室开发，开发团队已经掌握了一些创新技巧，使其在推出时成为市场上有竞争力的游戏。</blockquote></p><p> For example,<i>Battlefield 2042</i>will allow AI-controlled bots to fill matches when there aren't enough players in the queue, especially given that<i>Battlefield</i>will allow up to 128 players to compete in a match. This is important for those who queue into the game from a location where online servers don't have enough players to fill a match.&nbsp;It will also introduce a new multiplayer mode called Hazard Zone and feature the largest in-game maps in the franchise yet.</p><p><blockquote>例如，<i>战地2042</i>当队列中没有足够的玩家时，将允许人工智能控制的机器人填补比赛，特别是考虑到<i>战场</i>将允许多达128名玩家参加一场比赛。这对于那些从在线服务器没有足够玩家来填补比赛的地方排队进入游戏的人来说很重要。它还将引入一个名为“危险地带”的新多人模式，并拥有迄今为止最大的游戏内地图。</blockquote></p><p> CEO Andrew Wilson expects the debut of the&nbsp;<i>Battlefield</i>series on<b>Sony</b>&nbsp;and<b>Microsoft</b>'s&nbsp;next-gen consoles&nbsp;to take the series to the next level. \"If you look back through the history of our industry, every time we are able to deliver high-fidelity, more meaningfully immersive products as a result of increased processing power as platform transitions, we've been able to grow the market dramatically,\" he said during the last earnings call.</p><p><blockquote>首席执行官 Andrew Wilson 期待首次亮相<i>战场</i>系列<b>索尼</b>和<b>微软</b>的下一代游戏机将该系列提升到一个新的水平。“如果你回顾我们行业的历史，每当我们能够提供高保真、更有意义的沉浸式产品时，由于平台转型带来的处理能力增强，我们就能够大幅增长市场，”他在上次财报看涨期权上说道。</blockquote></p><p> <b>3. Mobile growth</b></p><p><blockquote><b>3. 移动增长</b></blockquote></p><p> EA's mobile segment was the company's slowest-growing sales category in fiscal 2021, which looks weak since mobile games are the fastest-growing platform in the video-game industry.&nbsp;But EA's mobile woes might soon end.</p><p><blockquote>EA的移动部门是该公司2021财年增长最慢的销售类别，这看起来很疲软，因为手机游戏是视频游戏行业增长最快的平台。但EA的移动困境可能很快就会结束。</blockquote></p><p> Later this year, EA is planning to launch a new mobile version of<i>Apex Legends</i>and&nbsp;<i>Battlefield</i>. Shooters have started to gain more of a following on mobile devices in recent years, likely driven by improved graphics technology on smartphones. This trend could spell success for EA.</p><p><blockquote>今年晚些时候，EA计划推出新的移动版本<i>顶点传奇</i>和<i>战场</i>近年来，射击游戏开始在移动设备上获得更多追随者，这可能是由于智能手机图形技术的改进。这一趋势可能意味着艺电的成功。</blockquote></p><p> EA is also looking forward to expanding its mobile sports portfolio withGlu Mobile's&nbsp;<i>MLB Tap Sports Baseball</i>&nbsp;and MetalHead Software's&nbsp;<i>Super Mega Baseball</i>-- both studios that EA recently acquired.</p><p><blockquote>EA 还期待通过 Glu Mobile 扩大其移动体育产品组合<i>MLB Tap Sports 棒球</i>和MetalHead Software的<i>超级棒球</i>-- EA 最近收购的两个工作室。</blockquote></p><p> The addition of Glu Mobile is expected to more than double EA's mobile business to $2 billion in annual bookings in the next three years, but EA isn't settling for that.&nbsp;Management recently reorganized the mobile segment by bringing in new leadership and talent, which shows a real effort to get this segment growing.</p><p><blockquote>Glu Mobile的加入预计将使EA的移动业务在未来三年内翻一番以上，达到20亿美元的年预订量，但EA并不满足于此。管理层最近通过引入新的领导层和人才重组了移动部门，这表明了让这一部门增长的真正努力。</blockquote></p><p> <b>The stock is undervalued compared to its peers</b></p><p><blockquote><b>与同行相比，该股票被低估了</b></blockquote></p><p> The stock trades at a discount to its peers, with a forward price-to-earnings multiple of 22.8. That trails&nbsp;<b>Activision Blizzard</b>'s&nbsp;valuation of 35.8 times expected earnings and&nbsp;<b>Take-Two Interactive</b>'s&nbsp;multiple of 25 times forward estimates.</p><p><blockquote>该股的交易价格低于同行，远期市盈率为 22.8。那痕迹<b>动视暴雪</b>估值为预期收益的 35.8 倍<b>Take-Two互动</b>25倍前瞻性估计值的倍数。</blockquote></p><p></p><p> With clear catalysts on the horizon, I don't think this valuation gap will last for too long. EA generated $1.8 billion in&nbsp;free cash flow&nbsp;in fiscal 2021,&nbsp;initiated its&nbsp;first quarterly dividend,&nbsp;and is experiencing momentum with its top franchises.EA is a top gaming stock to buy&nbsp;right now.</p><p><blockquote>随着明确的催化剂即将到来，我认为这种估值差距不会持续太久。EA 在 2021 财年产生了 18 亿美元的自由现金流，开始了首次季度股息，并且其顶级特许经营权正在经历发展势头。EA 是现在值得购买的顶级游戏股票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/06/16/3-reasons-why-electronic-arts-stock-could-be-heade/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"EA":"艺电"},"source_url":"https://www.fool.com/investing/2021/06/16/3-reasons-why-electronic-arts-stock-could-be-heade/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104789612","content_text":"Electronic Arts (NASDAQ:EA) just closed the books on a record fiscal 2021. Strong player engagement in EA Sports titles (FIFAandMadden) and 42 million new players playing its games give EA plenty of momentum for the year ahead.\nThe stock has been inching closer to new highs in the first half of calendar 2021 and could be poised for a breakout. Here are three catalysts on the horizon that could send the share price higher.\nIMAGE SOURCE: GETTY IMAGES.\n1.Apex Legends\nApex Legendslaunched in February 2019 and quickly tapped into the demand for battle royale shooters. Apexhas experienced growing viewership since late 2019 on game-streaming sites, and that has translated to growing bookings for the title.\nApexachieved $1 billion in lifetime bookings in the most recent quarter. The game averaged over 12 million weekly average users after season eight launched during the fiscal fourth quarter. In fiscal 2022, management is guiding forApexto deliver 20% growth, achieving around $750 million in bookings, or approximately 10% of EA's total expected bookings.\nIMAGE SOURCE: ELECTRONIC ARTS FISCAL Q4 2021 EARNINGS PRESENTATION.\nApexis an example of how EA is turning its biggest franchises into social networks. In a multiplayer shooter likeApex, users build their friends list and team up to compete against other players. \"It's going to be a huge part of the industry's business, as we've already seen, but it will continue on for us,\" CFO Blake Jorgensen said during the Q4 earnings call.\n2.Battlefield 2042\nEA just revealed the trailer forBattlefield 2042, currently scheduled for release in the December-ending fiscal third quarter, and it could be the biggest release yet for the series. The game is being developed by EA's DICE studio, and the development team has got some innovative tricks up its sleeve to make it a competitive title on the market when it launches.\nFor example,Battlefield 2042will allow AI-controlled bots to fill matches when there aren't enough players in the queue, especially given thatBattlefieldwill allow up to 128 players to compete in a match. This is important for those who queue into the game from a location where online servers don't have enough players to fill a match. It will also introduce a new multiplayer mode called Hazard Zone and feature the largest in-game maps in the franchise yet.\nCEO Andrew Wilson expects the debut of the Battlefieldseries onSony andMicrosoft's next-gen consoles to take the series to the next level. \"If you look back through the history of our industry, every time we are able to deliver high-fidelity, more meaningfully immersive products as a result of increased processing power as platform transitions, we've been able to grow the market dramatically,\" he said during the last earnings call.\n3. Mobile growth\nEA's mobile segment was the company's slowest-growing sales category in fiscal 2021, which looks weak since mobile games are the fastest-growing platform in the video-game industry. But EA's mobile woes might soon end.\nLater this year, EA is planning to launch a new mobile version ofApex Legendsand Battlefield. Shooters have started to gain more of a following on mobile devices in recent years, likely driven by improved graphics technology on smartphones. This trend could spell success for EA.\nEA is also looking forward to expanding its mobile sports portfolio withGlu Mobile's MLB Tap Sports Baseball and MetalHead Software's Super Mega Baseball-- both studios that EA recently acquired.\nThe addition of Glu Mobile is expected to more than double EA's mobile business to $2 billion in annual bookings in the next three years, but EA isn't settling for that. Management recently reorganized the mobile segment by bringing in new leadership and talent, which shows a real effort to get this segment growing.\nThe stock is undervalued compared to its peers\nThe stock trades at a discount to its peers, with a forward price-to-earnings multiple of 22.8. That trails Activision Blizzard's valuation of 35.8 times expected earnings and Take-Two Interactive's multiple of 25 times forward estimates.\nWith clear catalysts on the horizon, I don't think this valuation gap will last for too long. EA generated $1.8 billion in free cash flow in fiscal 2021, initiated its first quarterly dividend, and is experiencing momentum with its top franchises.EA is a top gaming stock to buy right now.","news_type":1,"symbols_score_info":{"EA":0.9}},"isVote":1,"tweetType":1,"viewCount":2469,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161656331,"gmtCreate":1623924514223,"gmtModify":1634025818005,"author":{"id":"3585026562704009","authorId":"3585026562704009","name":"Sesshosaki","avatar":"https://static.tigerbbs.com/c8205a361981ada39f05a0af7192a769","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585026562704009","authorIdStr":"3585026562704009"},"themes":[],"title":"","htmlText":"great stuff","listText":"great stuff","text":"great stuff","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161656331","repostId":"1104789612","repostType":4,"repost":{"id":"1104789612","kind":"news","pubTimestamp":1623908041,"share":"https://www.laohunote.com/m/news/1104789612?lang=zh_CN&edition=full","pubTime":"2021-06-17 13:34","market":"us","language":"en","title":"3 Reasons Why Electronic Arts Stock Could Be Headed Higher<blockquote>艺电股票可能走高的 3 个原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104789612","media":"Motley Fool","summary":"A new blockbuster release should lead to another record year for EA.","content":"<p><b>Electronic Arts</b>&nbsp;(NASDAQ:EA)&nbsp;just closed the books on a record fiscal 2021.&nbsp;Strong player engagement in EA Sports titles (<i>FIFA</i>and<i>Madden</i>) and 42 million new players playing its games give EA plenty of momentum for the year ahead.</p><p><blockquote><b>电子艺术</b>（纳斯达克股票代码：EA）刚刚结束了创纪录的 2021 财年账目。玩家对 EA 体育游戏的强烈参与（<i>国际足联</i>和<i>马登</i>）和 4200 万新玩家玩其游戏为 EA 未来一年提供了充足的动力。</blockquote></p><p> The stock has been inching closer to new highs in the first half of calendar 2021 and could be poised for a breakout. Here are three catalysts on the horizon that could send the share price higher.</p><p><blockquote>该股在 2021 年上半年一直在慢慢接近新高，并可能迎来突破。以下是可能推高股价的三个催化剂。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9a9b0c75cdc43bc6a6bc0a66bd45ae58\" tg-width=\"2000\" tg-height=\"1333\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>1.</b><b><i>Apex Legends</i></b></p><p><blockquote><b>1.</b><b><i>顶点传奇</i></b></blockquote></p><p> <i>Apex Legends</i>launched in February 2019&nbsp;and quickly tapped into the demand for battle royale shooters.&nbsp;<i>Apex</i>has experienced growing viewership since late 2019 on game-streaming sites, and that has translated to growing bookings for the title.</p><p><blockquote><i>顶点传奇</i>于2019年2月推出，并迅速利用了对皇家战役射击游戏的需求。<i>顶点</i>自2019年底以来，游戏流媒体网站上的观众人数不断增长，这也转化为该游戏的预订量不断增长。</blockquote></p><p> <i>Apex</i>achieved $1 billion in lifetime bookings in the most recent quarter.&nbsp;The game averaged over 12 million weekly average users after season eight launched during the fiscal fourth quarter. In fiscal 2022, management is guiding for<i>Apex</i>to deliver 20% growth, achieving around $750 million in bookings,&nbsp;or approximately 10% of EA's total expected bookings.</p><p><blockquote><i>顶点</i>最近一个季度实现了10亿美元的终身预订。在第四财季推出第八季后，该游戏的平均每周用户超过1200万。2022 财年，管理层正在指导<i>顶点</i>实现 20% 的增长，预订量达到约 7.5 亿美元，约占 EA 总预期预订量的 10%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3620158ccc07c8505034b5a60c934b99\" tg-width=\"2000\" tg-height=\"1099\"><span>IMAGE SOURCE: ELECTRONIC ARTS FISCAL Q4 2021 EARNINGS PRESENTATION.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：艺电2021财年第四季度收益报告。</span></p></blockquote></p><p> <i>Apex</i>is an example of how EA is turning its biggest franchises into social networks. In a multiplayer shooter like<i>Apex</i>, users build their friends list and team up to compete against other players. \"It's going to be a huge part of the industry's business, as we've already seen, but it will continue on for us,\" CFO Blake Jorgensen said during the Q4 earnings call.</p><p><blockquote><i>顶点</i>是EA如何将其最大的特许经营权转变为社交网络的一个例子。在多人射击游戏中<i>顶点</i>，用户建立他们的好友列表，并组队与其他玩家竞争。首席财务官 Blake Jorgensen 在第四季度财报看涨期权上表示：“正如我们已经看到的那样，这将成为该行业业务的重要组成部分，但对我们来说，它将继续下去。”</blockquote></p><p> <b>2.</b><b><i>Battlefield 2042</i></b></p><p><blockquote><b>2.</b><b><i>战地2042</i></b></blockquote></p><p> EA just revealed the trailer for<i>Battlefield 2042</i>, currently scheduled for release&nbsp;in the December-ending fiscal third quarter,&nbsp;and it could be the biggest release yet for the series. The game is being developed by EA's DICE studio, and the development team has got some innovative tricks up its sleeve to make it a competitive title on the market when it launches.</p><p><blockquote>EA刚刚发布了预告片<i>战地2042</i>目前计划在截至 12 月的第三财季发布，这可能是该系列迄今为止最大的一次发布。这款游戏由EA的DICE工作室开发，开发团队已经掌握了一些创新技巧，使其在推出时成为市场上有竞争力的游戏。</blockquote></p><p> For example,<i>Battlefield 2042</i>will allow AI-controlled bots to fill matches when there aren't enough players in the queue, especially given that<i>Battlefield</i>will allow up to 128 players to compete in a match. This is important for those who queue into the game from a location where online servers don't have enough players to fill a match.&nbsp;It will also introduce a new multiplayer mode called Hazard Zone and feature the largest in-game maps in the franchise yet.</p><p><blockquote>例如，<i>战地2042</i>当队列中没有足够的玩家时，将允许人工智能控制的机器人填补比赛，特别是考虑到<i>战场</i>将允许多达128名玩家参加一场比赛。这对于那些从在线服务器没有足够玩家来填补比赛的地方排队进入游戏的人来说很重要。它还将引入一个名为“危险地带”的新多人模式，并拥有迄今为止最大的游戏内地图。</blockquote></p><p> CEO Andrew Wilson expects the debut of the&nbsp;<i>Battlefield</i>series on<b>Sony</b>&nbsp;and<b>Microsoft</b>'s&nbsp;next-gen consoles&nbsp;to take the series to the next level. \"If you look back through the history of our industry, every time we are able to deliver high-fidelity, more meaningfully immersive products as a result of increased processing power as platform transitions, we've been able to grow the market dramatically,\" he said during the last earnings call.</p><p><blockquote>首席执行官 Andrew Wilson 期待首次亮相<i>战场</i>系列<b>索尼</b>和<b>微软</b>的下一代游戏机将该系列提升到一个新的水平。“如果你回顾我们行业的历史，每当我们能够提供高保真、更有意义的沉浸式产品时，由于平台转型带来的处理能力增强，我们就能够大幅增长市场，”他在上次财报看涨期权上说道。</blockquote></p><p> <b>3. Mobile growth</b></p><p><blockquote><b>3. 移动增长</b></blockquote></p><p> EA's mobile segment was the company's slowest-growing sales category in fiscal 2021, which looks weak since mobile games are the fastest-growing platform in the video-game industry.&nbsp;But EA's mobile woes might soon end.</p><p><blockquote>EA的移动部门是该公司2021财年增长最慢的销售类别，这看起来很疲软，因为手机游戏是视频游戏行业增长最快的平台。但EA的移动困境可能很快就会结束。</blockquote></p><p> Later this year, EA is planning to launch a new mobile version of<i>Apex Legends</i>and&nbsp;<i>Battlefield</i>. Shooters have started to gain more of a following on mobile devices in recent years, likely driven by improved graphics technology on smartphones. This trend could spell success for EA.</p><p><blockquote>今年晚些时候，EA计划推出新的移动版本<i>顶点传奇</i>和<i>战场</i>近年来，射击游戏开始在移动设备上获得更多追随者，这可能是由于智能手机图形技术的改进。这一趋势可能意味着艺电的成功。</blockquote></p><p> EA is also looking forward to expanding its mobile sports portfolio withGlu Mobile's&nbsp;<i>MLB Tap Sports Baseball</i>&nbsp;and MetalHead Software's&nbsp;<i>Super Mega Baseball</i>-- both studios that EA recently acquired.</p><p><blockquote>EA 还期待通过 Glu Mobile 扩大其移动体育产品组合<i>MLB Tap Sports 棒球</i>和MetalHead Software的<i>超级棒球</i>-- EA 最近收购的两个工作室。</blockquote></p><p> The addition of Glu Mobile is expected to more than double EA's mobile business to $2 billion in annual bookings in the next three years, but EA isn't settling for that.&nbsp;Management recently reorganized the mobile segment by bringing in new leadership and talent, which shows a real effort to get this segment growing.</p><p><blockquote>Glu Mobile的加入预计将使EA的移动业务在未来三年内翻一番以上，达到20亿美元的年预订量，但EA并不满足于此。管理层最近通过引入新的领导层和人才重组了移动部门，这表明了让这一部门增长的真正努力。</blockquote></p><p> <b>The stock is undervalued compared to its peers</b></p><p><blockquote><b>与同行相比，该股票被低估了</b></blockquote></p><p> The stock trades at a discount to its peers, with a forward price-to-earnings multiple of 22.8. That trails&nbsp;<b>Activision Blizzard</b>'s&nbsp;valuation of 35.8 times expected earnings and&nbsp;<b>Take-Two Interactive</b>'s&nbsp;multiple of 25 times forward estimates.</p><p><blockquote>该股的交易价格低于同行，远期市盈率为 22.8。那痕迹<b>动视暴雪</b>估值为预期收益的 35.8 倍<b>Take-Two互动</b>25倍前瞻性估计值的倍数。</blockquote></p><p></p><p> With clear catalysts on the horizon, I don't think this valuation gap will last for too long. EA generated $1.8 billion in&nbsp;free cash flow&nbsp;in fiscal 2021,&nbsp;initiated its&nbsp;first quarterly dividend,&nbsp;and is experiencing momentum with its top franchises.EA is a top gaming stock to buy&nbsp;right now.</p><p><blockquote>随着明确的催化剂即将到来，我认为这种估值差距不会持续太久。EA 在 2021 财年产生了 18 亿美元的自由现金流，开始了首次季度股息，并且其顶级特许经营权正在经历发展势头。EA 是现在值得购买的顶级游戏股票。</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>3 Reasons Why Electronic Arts Stock Could Be Headed Higher<blockquote>艺电股票可能走高的 3 个原因</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\">\n3 Reasons Why Electronic Arts Stock Could Be Headed Higher<blockquote>艺电股票可能走高的 3 个原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-06-17 13:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Electronic Arts</b>&nbsp;(NASDAQ:EA)&nbsp;just closed the books on a record fiscal 2021.&nbsp;Strong player engagement in EA Sports titles (<i>FIFA</i>and<i>Madden</i>) and 42 million new players playing its games give EA plenty of momentum for the year ahead.</p><p><blockquote><b>电子艺术</b>（纳斯达克股票代码：EA）刚刚结束了创纪录的 2021 财年账目。玩家对 EA 体育游戏的强烈参与（<i>国际足联</i>和<i>马登</i>）和 4200 万新玩家玩其游戏为 EA 未来一年提供了充足的动力。</blockquote></p><p> The stock has been inching closer to new highs in the first half of calendar 2021 and could be poised for a breakout. Here are three catalysts on the horizon that could send the share price higher.</p><p><blockquote>该股在 2021 年上半年一直在慢慢接近新高，并可能迎来突破。以下是可能推高股价的三个催化剂。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9a9b0c75cdc43bc6a6bc0a66bd45ae58\" tg-width=\"2000\" tg-height=\"1333\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>1.</b><b><i>Apex Legends</i></b></p><p><blockquote><b>1.</b><b><i>顶点传奇</i></b></blockquote></p><p> <i>Apex Legends</i>launched in February 2019&nbsp;and quickly tapped into the demand for battle royale shooters.&nbsp;<i>Apex</i>has experienced growing viewership since late 2019 on game-streaming sites, and that has translated to growing bookings for the title.</p><p><blockquote><i>顶点传奇</i>于2019年2月推出，并迅速利用了对皇家战役射击游戏的需求。<i>顶点</i>自2019年底以来，游戏流媒体网站上的观众人数不断增长，这也转化为该游戏的预订量不断增长。</blockquote></p><p> <i>Apex</i>achieved $1 billion in lifetime bookings in the most recent quarter.&nbsp;The game averaged over 12 million weekly average users after season eight launched during the fiscal fourth quarter. In fiscal 2022, management is guiding for<i>Apex</i>to deliver 20% growth, achieving around $750 million in bookings,&nbsp;or approximately 10% of EA's total expected bookings.</p><p><blockquote><i>顶点</i>最近一个季度实现了10亿美元的终身预订。在第四财季推出第八季后，该游戏的平均每周用户超过1200万。2022 财年，管理层正在指导<i>顶点</i>实现 20% 的增长，预订量达到约 7.5 亿美元，约占 EA 总预期预订量的 10%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3620158ccc07c8505034b5a60c934b99\" tg-width=\"2000\" tg-height=\"1099\"><span>IMAGE SOURCE: ELECTRONIC ARTS FISCAL Q4 2021 EARNINGS PRESENTATION.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：艺电2021财年第四季度收益报告。</span></p></blockquote></p><p> <i>Apex</i>is an example of how EA is turning its biggest franchises into social networks. In a multiplayer shooter like<i>Apex</i>, users build their friends list and team up to compete against other players. \"It's going to be a huge part of the industry's business, as we've already seen, but it will continue on for us,\" CFO Blake Jorgensen said during the Q4 earnings call.</p><p><blockquote><i>顶点</i>是EA如何将其最大的特许经营权转变为社交网络的一个例子。在多人射击游戏中<i>顶点</i>，用户建立他们的好友列表，并组队与其他玩家竞争。首席财务官 Blake Jorgensen 在第四季度财报看涨期权上表示：“正如我们已经看到的那样，这将成为该行业业务的重要组成部分，但对我们来说，它将继续下去。”</blockquote></p><p> <b>2.</b><b><i>Battlefield 2042</i></b></p><p><blockquote><b>2.</b><b><i>战地2042</i></b></blockquote></p><p> EA just revealed the trailer for<i>Battlefield 2042</i>, currently scheduled for release&nbsp;in the December-ending fiscal third quarter,&nbsp;and it could be the biggest release yet for the series. The game is being developed by EA's DICE studio, and the development team has got some innovative tricks up its sleeve to make it a competitive title on the market when it launches.</p><p><blockquote>EA刚刚发布了预告片<i>战地2042</i>目前计划在截至 12 月的第三财季发布，这可能是该系列迄今为止最大的一次发布。这款游戏由EA的DICE工作室开发，开发团队已经掌握了一些创新技巧，使其在推出时成为市场上有竞争力的游戏。</blockquote></p><p> For example,<i>Battlefield 2042</i>will allow AI-controlled bots to fill matches when there aren't enough players in the queue, especially given that<i>Battlefield</i>will allow up to 128 players to compete in a match. This is important for those who queue into the game from a location where online servers don't have enough players to fill a match.&nbsp;It will also introduce a new multiplayer mode called Hazard Zone and feature the largest in-game maps in the franchise yet.</p><p><blockquote>例如，<i>战地2042</i>当队列中没有足够的玩家时，将允许人工智能控制的机器人填补比赛，特别是考虑到<i>战场</i>将允许多达128名玩家参加一场比赛。这对于那些从在线服务器没有足够玩家来填补比赛的地方排队进入游戏的人来说很重要。它还将引入一个名为“危险地带”的新多人模式，并拥有迄今为止最大的游戏内地图。</blockquote></p><p> CEO Andrew Wilson expects the debut of the&nbsp;<i>Battlefield</i>series on<b>Sony</b>&nbsp;and<b>Microsoft</b>'s&nbsp;next-gen consoles&nbsp;to take the series to the next level. \"If you look back through the history of our industry, every time we are able to deliver high-fidelity, more meaningfully immersive products as a result of increased processing power as platform transitions, we've been able to grow the market dramatically,\" he said during the last earnings call.</p><p><blockquote>首席执行官 Andrew Wilson 期待首次亮相<i>战场</i>系列<b>索尼</b>和<b>微软</b>的下一代游戏机将该系列提升到一个新的水平。“如果你回顾我们行业的历史，每当我们能够提供高保真、更有意义的沉浸式产品时，由于平台转型带来的处理能力增强，我们就能够大幅增长市场，”他在上次财报看涨期权上说道。</blockquote></p><p> <b>3. Mobile growth</b></p><p><blockquote><b>3. 移动增长</b></blockquote></p><p> EA's mobile segment was the company's slowest-growing sales category in fiscal 2021, which looks weak since mobile games are the fastest-growing platform in the video-game industry.&nbsp;But EA's mobile woes might soon end.</p><p><blockquote>EA的移动部门是该公司2021财年增长最慢的销售类别，这看起来很疲软，因为手机游戏是视频游戏行业增长最快的平台。但EA的移动困境可能很快就会结束。</blockquote></p><p> Later this year, EA is planning to launch a new mobile version of<i>Apex Legends</i>and&nbsp;<i>Battlefield</i>. Shooters have started to gain more of a following on mobile devices in recent years, likely driven by improved graphics technology on smartphones. This trend could spell success for EA.</p><p><blockquote>今年晚些时候，EA计划推出新的移动版本<i>顶点传奇</i>和<i>战场</i>近年来，射击游戏开始在移动设备上获得更多追随者，这可能是由于智能手机图形技术的改进。这一趋势可能意味着艺电的成功。</blockquote></p><p> EA is also looking forward to expanding its mobile sports portfolio withGlu Mobile's&nbsp;<i>MLB Tap Sports Baseball</i>&nbsp;and MetalHead Software's&nbsp;<i>Super Mega Baseball</i>-- both studios that EA recently acquired.</p><p><blockquote>EA 还期待通过 Glu Mobile 扩大其移动体育产品组合<i>MLB Tap Sports 棒球</i>和MetalHead Software的<i>超级棒球</i>-- EA 最近收购的两个工作室。</blockquote></p><p> The addition of Glu Mobile is expected to more than double EA's mobile business to $2 billion in annual bookings in the next three years, but EA isn't settling for that.&nbsp;Management recently reorganized the mobile segment by bringing in new leadership and talent, which shows a real effort to get this segment growing.</p><p><blockquote>Glu Mobile的加入预计将使EA的移动业务在未来三年内翻一番以上，达到20亿美元的年预订量，但EA并不满足于此。管理层最近通过引入新的领导层和人才重组了移动部门，这表明了让这一部门增长的真正努力。</blockquote></p><p> <b>The stock is undervalued compared to its peers</b></p><p><blockquote><b>与同行相比，该股票被低估了</b></blockquote></p><p> The stock trades at a discount to its peers, with a forward price-to-earnings multiple of 22.8. That trails&nbsp;<b>Activision Blizzard</b>'s&nbsp;valuation of 35.8 times expected earnings and&nbsp;<b>Take-Two Interactive</b>'s&nbsp;multiple of 25 times forward estimates.</p><p><blockquote>该股的交易价格低于同行，远期市盈率为 22.8。那痕迹<b>动视暴雪</b>估值为预期收益的 35.8 倍<b>Take-Two互动</b>25倍前瞻性估计值的倍数。</blockquote></p><p></p><p> With clear catalysts on the horizon, I don't think this valuation gap will last for too long. EA generated $1.8 billion in&nbsp;free cash flow&nbsp;in fiscal 2021,&nbsp;initiated its&nbsp;first quarterly dividend,&nbsp;and is experiencing momentum with its top franchises.EA is a top gaming stock to buy&nbsp;right now.</p><p><blockquote>随着明确的催化剂即将到来，我认为这种估值差距不会持续太久。EA 在 2021 财年产生了 18 亿美元的自由现金流，开始了首次季度股息，并且其顶级特许经营权正在经历发展势头。EA 是现在值得购买的顶级游戏股票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/06/16/3-reasons-why-electronic-arts-stock-could-be-heade/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"EA":"艺电"},"source_url":"https://www.fool.com/investing/2021/06/16/3-reasons-why-electronic-arts-stock-could-be-heade/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104789612","content_text":"Electronic Arts (NASDAQ:EA) just closed the books on a record fiscal 2021. Strong player engagement in EA Sports titles (FIFAandMadden) and 42 million new players playing its games give EA plenty of momentum for the year ahead.\nThe stock has been inching closer to new highs in the first half of calendar 2021 and could be poised for a breakout. Here are three catalysts on the horizon that could send the share price higher.\nIMAGE SOURCE: GETTY IMAGES.\n1.Apex Legends\nApex Legendslaunched in February 2019 and quickly tapped into the demand for battle royale shooters. Apexhas experienced growing viewership since late 2019 on game-streaming sites, and that has translated to growing bookings for the title.\nApexachieved $1 billion in lifetime bookings in the most recent quarter. The game averaged over 12 million weekly average users after season eight launched during the fiscal fourth quarter. In fiscal 2022, management is guiding forApexto deliver 20% growth, achieving around $750 million in bookings, or approximately 10% of EA's total expected bookings.\nIMAGE SOURCE: ELECTRONIC ARTS FISCAL Q4 2021 EARNINGS PRESENTATION.\nApexis an example of how EA is turning its biggest franchises into social networks. In a multiplayer shooter likeApex, users build their friends list and team up to compete against other players. \"It's going to be a huge part of the industry's business, as we've already seen, but it will continue on for us,\" CFO Blake Jorgensen said during the Q4 earnings call.\n2.Battlefield 2042\nEA just revealed the trailer forBattlefield 2042, currently scheduled for release in the December-ending fiscal third quarter, and it could be the biggest release yet for the series. The game is being developed by EA's DICE studio, and the development team has got some innovative tricks up its sleeve to make it a competitive title on the market when it launches.\nFor example,Battlefield 2042will allow AI-controlled bots to fill matches when there aren't enough players in the queue, especially given thatBattlefieldwill allow up to 128 players to compete in a match. This is important for those who queue into the game from a location where online servers don't have enough players to fill a match. It will also introduce a new multiplayer mode called Hazard Zone and feature the largest in-game maps in the franchise yet.\nCEO Andrew Wilson expects the debut of the Battlefieldseries onSony andMicrosoft's next-gen consoles to take the series to the next level. \"If you look back through the history of our industry, every time we are able to deliver high-fidelity, more meaningfully immersive products as a result of increased processing power as platform transitions, we've been able to grow the market dramatically,\" he said during the last earnings call.\n3. Mobile growth\nEA's mobile segment was the company's slowest-growing sales category in fiscal 2021, which looks weak since mobile games are the fastest-growing platform in the video-game industry. But EA's mobile woes might soon end.\nLater this year, EA is planning to launch a new mobile version ofApex Legendsand Battlefield. Shooters have started to gain more of a following on mobile devices in recent years, likely driven by improved graphics technology on smartphones. This trend could spell success for EA.\nEA is also looking forward to expanding its mobile sports portfolio withGlu Mobile's MLB Tap Sports Baseball and MetalHead Software's Super Mega Baseball-- both studios that EA recently acquired.\nThe addition of Glu Mobile is expected to more than double EA's mobile business to $2 billion in annual bookings in the next three years, but EA isn't settling for that. Management recently reorganized the mobile segment by bringing in new leadership and talent, which shows a real effort to get this segment growing.\nThe stock is undervalued compared to its peers\nThe stock trades at a discount to its peers, with a forward price-to-earnings multiple of 22.8. That trails Activision Blizzard's valuation of 35.8 times expected earnings and Take-Two Interactive's multiple of 25 times forward estimates.\nWith clear catalysts on the horizon, I don't think this valuation gap will last for too long. EA generated $1.8 billion in free cash flow in fiscal 2021, initiated its first quarterly dividend, and is experiencing momentum with its top franchises.EA is a top gaming stock to buy right now.","news_type":1,"symbols_score_info":{"EA":0.9}},"isVote":1,"tweetType":1,"viewCount":3306,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161659545,"gmtCreate":1623924205587,"gmtModify":1634025821256,"author":{"id":"3585026562704009","authorId":"3585026562704009","name":"Sesshosaki","avatar":"https://static.tigerbbs.com/c8205a361981ada39f05a0af7192a769","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585026562704009","authorIdStr":"3585026562704009"},"themes":[],"title":"","htmlText":"wow","listText":"wow","text":"wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161659545","repostId":"1140092435","repostType":4,"isVote":1,"tweetType":1,"viewCount":2073,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136629317,"gmtCreate":1622015492539,"gmtModify":1634184649127,"author":{"id":"3585026562704009","authorId":"3585026562704009","name":"Sesshosaki","avatar":"https://static.tigerbbs.com/c8205a361981ada39f05a0af7192a769","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585026562704009","authorIdStr":"3585026562704009"},"themes":[],"title":"","htmlText":"gg","listText":"gg","text":"gg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/136629317","repostId":"1129186705","repostType":4,"repost":{"id":"1129186705","kind":"news","pubTimestamp":1622001447,"share":"https://www.laohunote.com/m/news/1129186705?lang=zh_CN&edition=full","pubTime":"2021-05-26 11:57","market":"us","language":"en","title":"In 2008, he was CEO of the biggest bank to ever fail. He's worried about another crisis<blockquote>2008年，他是有史以来最大倒闭银行的首席执行官。他担心另一场危机</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129186705","media":"cnn","summary":"New York The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.Kerry Killinger was named CEO of WaMu in 1990 and was fired in September 2008 -- just weeks before the bank failed as a growing number of mortgage loans went bad.\"Regulated banks do have more concentrated market share now so they have to be more careful,\" Killinger said. \"But the health of the industry is great, earnings are good and oversight is strong. I'm not ","content":"<p>New York (CNN Business)The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.</p><p><blockquote>纽约（CNN Business）13 年前，银行业几乎崩溃。华盛顿互惠银行前首席执行官担心另一个泡沫正在酝酿。</blockquote></p><p> Kerry Killinger was named CEO of WaMu in 1990 and was fired in September 2008 -- just weeks before the bank failed as a growing number of mortgage loans went bad.</p><p><blockquote>Kerry Killinger 于 1990 年被任命为 WaMu 首席执行官，并于 2008 年 9 月被解雇——就在几周前，由于越来越多的抵押贷款出现问题，该银行倒闭。</blockquote></p><p> WaMu was one of several top financial firms to collapse during the financial crisis last decade, but the giant savings and loan with more than $300 billion in assets still ranks as the biggest-ever bank failure. WaMu was seized by regulators in September 2008 and sold to JPMorgan Chase (JPM) for a fire-sale price of $1.9 billion.</p><p><blockquote>WaMu 是过去十年金融危机期间倒闭的几家顶级金融公司之一，但这家资产超过 3000 亿美元的巨型储蓄和贷款公司仍然是有史以来最大的银行倒闭事件。WaMu 于 2008 年 9 月被监管机构查封，并以 19 亿美元的抛售价格出售给摩根大通 (JPM)。</blockquote></p><p> Killinger spoke to CNN Business about the similarities and differences between now and 13 years ago.</p><p><blockquote>Killinger 向 CNN Business 讲述了现在和 13 年前的异同。</blockquote></p><p> <b>The good news</b></p><p><blockquote><b>好消息</b></blockquote></p><p> The Global Financial Crisis led to a wave of new federal rules that were designed to strengthen the balance sheets of top banks and ensure that another catastrophe like 2008 could never happen again.</p><p><blockquote>全球金融危机导致了一波新的联邦规则，旨在加强顶级银行的资产负债表，并确保像2008年那样的灾难永远不会再次发生。</blockquote></p><p> The good news is that Killinger thinks JPMorgan Chase and other \"too big to fail banks\" are in much better shape now after laws like Dodd-Frank and the Volcker Rule were put into place in the wake of the financial crisis to make big banks safer.</p><p><blockquote>好消息是，基林格认为，在金融危机后出台了《多德弗兰克法案》和《沃尔克规则》等法律以使大银行更安全之后，摩根大通和其他“大到不能倒的银行”现在的状况要好得多。</blockquote></p><p> That group of institutions also includes Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS), as well as others that received government bailouts in 2008.</p><p><blockquote>这组机构还包括美国银行 (BAC)、花旗集团 (C)、富国银行 (WFC)、高盛 (GS) 和摩根士丹利 (MS)，以及其他在 2008 年接受政府救助的机构。</blockquote></p><p> \"Regulated banks do have more concentrated market share now so they have to be more careful,\" Killinger said. \"But the health of the industry is great, earnings are good and oversight is strong. I'm not too concerned there.\"</p><p><blockquote>“受监管的银行现在确实拥有更集中的市场份额，因此他们必须更加小心，”基林格说。“但这个行业的健康状况很好，盈利也不错，监管也很强。我对此并不太担心。”</blockquote></p><p> Subprime lending, the practice of giving mortgages to people with less-than-worthy credit histories, isn't nearly as prevalent as it was during the last housing boom. But Killinger is worried about bubbles in many other parts of the economy that threaten the stability of the markets.</p><p><blockquote>次级贷款，即向信用记录不佳的人提供抵押贷款的做法，已经不像上次房地产繁荣时期那样普遍了。但基林格担心经济中许多其他领域的泡沫威胁到市场的稳定。</blockquote></p><p> <b>Too big to fail 2.0?</b></p><p><blockquote><b>大到不能倒2.0？</b></blockquote></p><p> Although housing prices have surged again, Killinger is more nervous about the fact that 0% interest rates and big bond purchases by the Federal Reserve have sparked a broader mania in other assets, including cryptocurrencies and non-fungible tokens (NFTs), meme stocks, blank check SPAC mergers and exotic exchange-traded funds.</p><p><blockquote>尽管房价再次飙升，但基林格更紧张的是，0% 利率和美联储的大量债券购买引发了其他资产更广泛的狂热，包括加密货币和不可替代代币 (NFT)、模因股票、空白支票 SPAC 合并和奇异的交易所交易基金。</blockquote></p><p> \"The bubbles today are broader and deeper in a variety of categories, not just housing,\" Killinger said. \"The Fed's policy of low rates and massive asset purchases worked well to get out of the downturn, but when you keep extending it you can cause unintended consequences.\"</p><p><blockquote>“如今的泡沫在各个类别中都更加广泛和深刻，而不仅仅是房地产，”基林格说。“美联储的低利率和大规模资产购买政策在摆脱经济衰退方面效果很好，但当你继续延长该政策时，可能会造成意想不到的后果。”</blockquote></p><p> \"The economy continues to improve. It's time for the Fed to pull in the reins on stimulus and allow interest rates to rise,\" he added.</p><p><blockquote>“经济继续改善。现在是美联储放松刺激并允许利率上升的时候了，”他补充道。</blockquote></p><p> Killinger and his wife Linda, a former vice chair of the Federal Home Loan Bank of Des Moines, have written a book about the 2008 meltdown called \"Nothing Is Too Big to Fail: How the Last Financial Crisis Informs Today.\"</p><p><blockquote>基林格和他的妻子琳达（得梅因联邦住房贷款银行前副主席）写了一本关于 2008 年金融危机的书，名为《没有什么大到不能倒：上次金融危机如何影响今天》。</blockquote></p><p> Linda Killinger told CNN Business she's concerned about the rise of of financial tech companies, hedge funds. private equity firms and other so-called shadow banks that face little to no regulation in Washington.</p><p><blockquote>琳达·基林格告诉美国有线电视新闻网商业频道，她对金融科技公司和对冲基金的崛起感到担忧。私募股权公司和其他所谓的影子银行在华盛顿几乎没有受到监管。</blockquote></p><p> \"The non-bank system is a big part of the problem. And there are still a lot of loans being done by non-regulated banks such as online banks and many private companies,\" she said.</p><p><blockquote>她说：“非银行体系是问题的一大部分。网上银行和许多私营公司等不受监管的银行仍然提供大量贷款。”</blockquote></p><p> <b>Large financial firms may be embracing too much risk again</b></p><p><blockquote><b>大型金融公司可能再次承担过多风险</b></blockquote></p><p> At least one prominent senator is worried, like the Killingers are, that some financial firms are once again getting too unwieldy.</p><p><blockquote>至少有一位著名的参议员和杀手一样担心，一些金融公司再次变得过于笨拙。</blockquote></p><p> Elizabeth Warren questioned Treasury secretary Janet Yellen earlier this year about why BlackRock (BLK), the iShares ETF giant that manages more than $9 trillion in assets but is not a bank, is not considered \"too big to fail.\"</p><p><blockquote>今年早些时候，伊丽莎白·沃伦 (Elizabeth Warren) 向财政部长珍妮特·耶伦 (Janet Yellen) 提出质疑，为什么贝莱德 (BLK)（管理着超过 9 万亿美元资产但不是银行的 iShares ETF 巨头）不被认为“大到不能倒”。</blockquote></p><p> Wall Street has already gotten a brief taste of how risky some of these firms are when Archegos Capital Management, a family office with big positions in media giants ViacomCBS (VIACA) and Discovery (DISCA) and Chinese techs Baidu (BIDU) and Tencent Music (TME), imploded and caused billions of dollars in losses for banks. (AT&amp;T (T) is planning to merge its WarnerMedia unit, CNN's parent company, with Discovery.)</p><p><blockquote>当 Archegos Capital Management 是一家家族办公室，在媒体巨头维亚康姆哥伦比亚广播公司 (VIACA) 和探索频道 (DISCA) 以及中国科技公司百度 (BIDU) 和腾讯控股音乐 (TME) 持有大量股份时，华尔街已经短暂地感受到了其中一些公司的风险有多大。内爆并给银行造成了数十亿美元的损失。（美国电话电报公司 (AT&amp;T) 计划将其 CNN 母公司华纳媒体部门与 Discovery 合并。）</blockquote></p><p> For its part, the Fed has acknowledged some of the growing risks to the markets and economy from keeping rates lower for longer and continuing to provide crisis-level stimulus.</p><p><blockquote>美联储方面也承认，长期维持低利率并继续提供危机级别的刺激措施会给市场和经济带来越来越大的风险。</blockquote></p><p> In the minutes of its latest policy meeting, the central bank acknowledged that \"if the economy continued to make rapid progress toward the Committee's goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases.\"</p><p><blockquote>在最近一次政策会议纪要中，央行承认，“如果经济继续朝着委员会的目标取得快速进展，在即将举行的会议的某个时候开始讨论调整资产购买步伐的计划可能是合适的。”</blockquote></p><p> But Kerry Killinger thinks the Fed has to do a better job of stress-testing big banks for their exposure to some of the types of assets that have been surging in the past year to make sure that they can withstand even more volatility.</p><p><blockquote>但克里·基林格认为，美联储必须更好地对大银行进行压力测试，以确定它们对过去一年飙升的某些类型资产的敞口，以确保它们能够承受更大的波动。</blockquote></p><p></p><p> \"The Fed made the mistake of underestimating subprime in the last crisis,\" he said, referring to the now infamous comments from then Fed chair Ben Bernanke in May 2007 that \"the effect of the troubles in the subprime sector on the broader housing market will likely be limited.\"</p><p><blockquote>他表示：“美联储在上次危机中犯了低估次贷的错误。”他指的是时任美联储主席本·伯南克在 2007 年 5 月发表的臭名昭著的言论，即“次贷行业的麻烦对更广泛的房地产市场的影响可能有限。”</blockquote></p><p> \"There are growing asset bubbles,\" Kerry Killinger said. \"The Fed needs to test more how firms would perform if these asset prices decline further. If there is a major correction, the impact could be dramatic.\"</p><p><blockquote>“资产泡沫正在加剧，”克里·基林格说。“美联储需要更多地测试如果这些资产价格进一步下跌，企业的表现将如何。如果出现重大调整，影响可能是巨大的。”</blockquote></p><p> The heads of big banks will also get their chance to talk about their views on the economy later this week. The Senate Banking Committee will hold a hearing on Wednesday and the House Financial Services Committee has one scheduled for Thursday.</p><p><blockquote>大银行的负责人也将在本周晚些时候有机会谈论他们对经济的看法。参议院银行委员会将于周三举行听证会，众议院金融服务委员会定于周四举行听证会。</blockquote></p><p> JPMorgan Chase CEO Jamie Dimon will appear at both hearings, as will new Citgroup CEO Jane Fraser, BofA's Brian Moynihan, Wells Fargo's Charles Scharf, Goldman Sachs CEO David Solomon and Morgan Stanley's James Gorman.</p><p><blockquote>摩根大通首席执行官杰米·戴蒙将出席两场听证会，花旗集团新任首席执行官简·弗雷泽、美国银行的布莱恩·莫伊尼汉、富国银行的查尔斯·沙夫、高盛首席执行官大卫·所罗门和摩根士丹利的詹姆斯·戈尔曼也将出席。</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>In 2008, he was CEO of the biggest bank to ever fail. He's worried about another crisis<blockquote>2008年，他是有史以来最大倒闭银行的首席执行官。他担心另一场危机</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\">\nIn 2008, he was CEO of the biggest bank to ever fail. He's worried about another crisis<blockquote>2008年，他是有史以来最大倒闭银行的首席执行官。他担心另一场危机</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">cnn</strong><span class=\"h-time small\">2021-05-26 11:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.</p><p><blockquote>纽约（CNN Business）13 年前，银行业几乎崩溃。华盛顿互惠银行前首席执行官担心另一个泡沫正在酝酿。</blockquote></p><p> Kerry Killinger was named CEO of WaMu in 1990 and was fired in September 2008 -- just weeks before the bank failed as a growing number of mortgage loans went bad.</p><p><blockquote>Kerry Killinger 于 1990 年被任命为 WaMu 首席执行官，并于 2008 年 9 月被解雇——就在几周前，由于越来越多的抵押贷款出现问题，该银行倒闭。</blockquote></p><p> WaMu was one of several top financial firms to collapse during the financial crisis last decade, but the giant savings and loan with more than $300 billion in assets still ranks as the biggest-ever bank failure. WaMu was seized by regulators in September 2008 and sold to JPMorgan Chase (JPM) for a fire-sale price of $1.9 billion.</p><p><blockquote>WaMu 是过去十年金融危机期间倒闭的几家顶级金融公司之一，但这家资产超过 3000 亿美元的巨型储蓄和贷款公司仍然是有史以来最大的银行倒闭事件。WaMu 于 2008 年 9 月被监管机构查封，并以 19 亿美元的抛售价格出售给摩根大通 (JPM)。</blockquote></p><p> Killinger spoke to CNN Business about the similarities and differences between now and 13 years ago.</p><p><blockquote>Killinger 向 CNN Business 讲述了现在和 13 年前的异同。</blockquote></p><p> <b>The good news</b></p><p><blockquote><b>好消息</b></blockquote></p><p> The Global Financial Crisis led to a wave of new federal rules that were designed to strengthen the balance sheets of top banks and ensure that another catastrophe like 2008 could never happen again.</p><p><blockquote>全球金融危机导致了一波新的联邦规则，旨在加强顶级银行的资产负债表，并确保像2008年那样的灾难永远不会再次发生。</blockquote></p><p> The good news is that Killinger thinks JPMorgan Chase and other \"too big to fail banks\" are in much better shape now after laws like Dodd-Frank and the Volcker Rule were put into place in the wake of the financial crisis to make big banks safer.</p><p><blockquote>好消息是，基林格认为，在金融危机后出台了《多德弗兰克法案》和《沃尔克规则》等法律以使大银行更安全之后，摩根大通和其他“大到不能倒的银行”现在的状况要好得多。</blockquote></p><p> That group of institutions also includes Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS), as well as others that received government bailouts in 2008.</p><p><blockquote>这组机构还包括美国银行 (BAC)、花旗集团 (C)、富国银行 (WFC)、高盛 (GS) 和摩根士丹利 (MS)，以及其他在 2008 年接受政府救助的机构。</blockquote></p><p> \"Regulated banks do have more concentrated market share now so they have to be more careful,\" Killinger said. \"But the health of the industry is great, earnings are good and oversight is strong. I'm not too concerned there.\"</p><p><blockquote>“受监管的银行现在确实拥有更集中的市场份额，因此他们必须更加小心，”基林格说。“但这个行业的健康状况很好，盈利也不错，监管也很强。我对此并不太担心。”</blockquote></p><p> Subprime lending, the practice of giving mortgages to people with less-than-worthy credit histories, isn't nearly as prevalent as it was during the last housing boom. But Killinger is worried about bubbles in many other parts of the economy that threaten the stability of the markets.</p><p><blockquote>次级贷款，即向信用记录不佳的人提供抵押贷款的做法，已经不像上次房地产繁荣时期那样普遍了。但基林格担心经济中许多其他领域的泡沫威胁到市场的稳定。</blockquote></p><p> <b>Too big to fail 2.0?</b></p><p><blockquote><b>大到不能倒2.0？</b></blockquote></p><p> Although housing prices have surged again, Killinger is more nervous about the fact that 0% interest rates and big bond purchases by the Federal Reserve have sparked a broader mania in other assets, including cryptocurrencies and non-fungible tokens (NFTs), meme stocks, blank check SPAC mergers and exotic exchange-traded funds.</p><p><blockquote>尽管房价再次飙升，但基林格更紧张的是，0% 利率和美联储的大量债券购买引发了其他资产更广泛的狂热，包括加密货币和不可替代代币 (NFT)、模因股票、空白支票 SPAC 合并和奇异的交易所交易基金。</blockquote></p><p> \"The bubbles today are broader and deeper in a variety of categories, not just housing,\" Killinger said. \"The Fed's policy of low rates and massive asset purchases worked well to get out of the downturn, but when you keep extending it you can cause unintended consequences.\"</p><p><blockquote>“如今的泡沫在各个类别中都更加广泛和深刻，而不仅仅是房地产，”基林格说。“美联储的低利率和大规模资产购买政策在摆脱经济衰退方面效果很好，但当你继续延长该政策时，可能会造成意想不到的后果。”</blockquote></p><p> \"The economy continues to improve. It's time for the Fed to pull in the reins on stimulus and allow interest rates to rise,\" he added.</p><p><blockquote>“经济继续改善。现在是美联储放松刺激并允许利率上升的时候了，”他补充道。</blockquote></p><p> Killinger and his wife Linda, a former vice chair of the Federal Home Loan Bank of Des Moines, have written a book about the 2008 meltdown called \"Nothing Is Too Big to Fail: How the Last Financial Crisis Informs Today.\"</p><p><blockquote>基林格和他的妻子琳达（得梅因联邦住房贷款银行前副主席）写了一本关于 2008 年金融危机的书，名为《没有什么大到不能倒：上次金融危机如何影响今天》。</blockquote></p><p> Linda Killinger told CNN Business she's concerned about the rise of of financial tech companies, hedge funds. private equity firms and other so-called shadow banks that face little to no regulation in Washington.</p><p><blockquote>琳达·基林格告诉美国有线电视新闻网商业频道，她对金融科技公司和对冲基金的崛起感到担忧。私募股权公司和其他所谓的影子银行在华盛顿几乎没有受到监管。</blockquote></p><p> \"The non-bank system is a big part of the problem. And there are still a lot of loans being done by non-regulated banks such as online banks and many private companies,\" she said.</p><p><blockquote>她说：“非银行体系是问题的一大部分。网上银行和许多私营公司等不受监管的银行仍然提供大量贷款。”</blockquote></p><p> <b>Large financial firms may be embracing too much risk again</b></p><p><blockquote><b>大型金融公司可能再次承担过多风险</b></blockquote></p><p> At least one prominent senator is worried, like the Killingers are, that some financial firms are once again getting too unwieldy.</p><p><blockquote>至少有一位著名的参议员和杀手一样担心，一些金融公司再次变得过于笨拙。</blockquote></p><p> Elizabeth Warren questioned Treasury secretary Janet Yellen earlier this year about why BlackRock (BLK), the iShares ETF giant that manages more than $9 trillion in assets but is not a bank, is not considered \"too big to fail.\"</p><p><blockquote>今年早些时候，伊丽莎白·沃伦 (Elizabeth Warren) 向财政部长珍妮特·耶伦 (Janet Yellen) 提出质疑，为什么贝莱德 (BLK)（管理着超过 9 万亿美元资产但不是银行的 iShares ETF 巨头）不被认为“大到不能倒”。</blockquote></p><p> Wall Street has already gotten a brief taste of how risky some of these firms are when Archegos Capital Management, a family office with big positions in media giants ViacomCBS (VIACA) and Discovery (DISCA) and Chinese techs Baidu (BIDU) and Tencent Music (TME), imploded and caused billions of dollars in losses for banks. (AT&amp;T (T) is planning to merge its WarnerMedia unit, CNN's parent company, with Discovery.)</p><p><blockquote>当 Archegos Capital Management 是一家家族办公室，在媒体巨头维亚康姆哥伦比亚广播公司 (VIACA) 和探索频道 (DISCA) 以及中国科技公司百度 (BIDU) 和腾讯控股音乐 (TME) 持有大量股份时，华尔街已经短暂地感受到了其中一些公司的风险有多大。内爆并给银行造成了数十亿美元的损失。（美国电话电报公司 (AT&amp;T) 计划将其 CNN 母公司华纳媒体部门与 Discovery 合并。）</blockquote></p><p> For its part, the Fed has acknowledged some of the growing risks to the markets and economy from keeping rates lower for longer and continuing to provide crisis-level stimulus.</p><p><blockquote>美联储方面也承认，长期维持低利率并继续提供危机级别的刺激措施会给市场和经济带来越来越大的风险。</blockquote></p><p> In the minutes of its latest policy meeting, the central bank acknowledged that \"if the economy continued to make rapid progress toward the Committee's goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases.\"</p><p><blockquote>在最近一次政策会议纪要中，央行承认，“如果经济继续朝着委员会的目标取得快速进展，在即将举行的会议的某个时候开始讨论调整资产购买步伐的计划可能是合适的。”</blockquote></p><p> But Kerry Killinger thinks the Fed has to do a better job of stress-testing big banks for their exposure to some of the types of assets that have been surging in the past year to make sure that they can withstand even more volatility.</p><p><blockquote>但克里·基林格认为，美联储必须更好地对大银行进行压力测试，以确定它们对过去一年飙升的某些类型资产的敞口，以确保它们能够承受更大的波动。</blockquote></p><p></p><p> \"The Fed made the mistake of underestimating subprime in the last crisis,\" he said, referring to the now infamous comments from then Fed chair Ben Bernanke in May 2007 that \"the effect of the troubles in the subprime sector on the broader housing market will likely be limited.\"</p><p><blockquote>他表示：“美联储在上次危机中犯了低估次贷的错误。”他指的是时任美联储主席本·伯南克在 2007 年 5 月发表的臭名昭著的言论，即“次贷行业的麻烦对更广泛的房地产市场的影响可能有限。”</blockquote></p><p> \"There are growing asset bubbles,\" Kerry Killinger said. \"The Fed needs to test more how firms would perform if these asset prices decline further. If there is a major correction, the impact could be dramatic.\"</p><p><blockquote>“资产泡沫正在加剧，”克里·基林格说。“美联储需要更多地测试如果这些资产价格进一步下跌，企业的表现将如何。如果出现重大调整，影响可能是巨大的。”</blockquote></p><p> The heads of big banks will also get their chance to talk about their views on the economy later this week. The Senate Banking Committee will hold a hearing on Wednesday and the House Financial Services Committee has one scheduled for Thursday.</p><p><blockquote>大银行的负责人也将在本周晚些时候有机会谈论他们对经济的看法。参议院银行委员会将于周三举行听证会，众议院金融服务委员会定于周四举行听证会。</blockquote></p><p> JPMorgan Chase CEO Jamie Dimon will appear at both hearings, as will new Citgroup CEO Jane Fraser, BofA's Brian Moynihan, Wells Fargo's Charles Scharf, Goldman Sachs CEO David Solomon and Morgan Stanley's James Gorman.</p><p><blockquote>摩根大通首席执行官杰米·戴蒙将出席两场听证会，花旗集团新任首席执行官简·弗雷泽、美国银行的布莱恩·莫伊尼汉、富国银行的查尔斯·沙夫、高盛首席执行官大卫·所罗门和摩根士丹利的詹姆斯·戈尔曼也将出席。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/05/25/investing/washington-mutual-kerry-killinger-banks/index.html\">cnn</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://edition.cnn.com/2021/05/25/investing/washington-mutual-kerry-killinger-banks/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129186705","content_text":"New York (CNN Business)The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.\nKerry Killinger was named CEO of WaMu in 1990 and was fired in September 2008 -- just weeks before the bank failed as a growing number of mortgage loans went bad.\nWaMu was one of several top financial firms to collapse during the financial crisis last decade, but the giant savings and loan with more than $300 billion in assets still ranks as the biggest-ever bank failure. WaMu was seized by regulators in September 2008 and sold to JPMorgan Chase (JPM) for a fire-sale price of $1.9 billion.\nKillinger spoke to CNN Business about the similarities and differences between now and 13 years ago.\nThe good news\nThe Global Financial Crisis led to a wave of new federal rules that were designed to strengthen the balance sheets of top banks and ensure that another catastrophe like 2008 could never happen again.\nThe good news is that Killinger thinks JPMorgan Chase and other \"too big to fail banks\" are in much better shape now after laws like Dodd-Frank and the Volcker Rule were put into place in the wake of the financial crisis to make big banks safer.\nThat group of institutions also includes Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS), as well as others that received government bailouts in 2008.\n\"Regulated banks do have more concentrated market share now so they have to be more careful,\" Killinger said. \"But the health of the industry is great, earnings are good and oversight is strong. I'm not too concerned there.\"\nSubprime lending, the practice of giving mortgages to people with less-than-worthy credit histories, isn't nearly as prevalent as it was during the last housing boom. But Killinger is worried about bubbles in many other parts of the economy that threaten the stability of the markets.\nToo big to fail 2.0?\nAlthough housing prices have surged again, Killinger is more nervous about the fact that 0% interest rates and big bond purchases by the Federal Reserve have sparked a broader mania in other assets, including cryptocurrencies and non-fungible tokens (NFTs), meme stocks, blank check SPAC mergers and exotic exchange-traded funds.\n\"The bubbles today are broader and deeper in a variety of categories, not just housing,\" Killinger said. \"The Fed's policy of low rates and massive asset purchases worked well to get out of the downturn, but when you keep extending it you can cause unintended consequences.\"\n\"The economy continues to improve. It's time for the Fed to pull in the reins on stimulus and allow interest rates to rise,\" he added.\nKillinger and his wife Linda, a former vice chair of the Federal Home Loan Bank of Des Moines, have written a book about the 2008 meltdown called \"Nothing Is Too Big to Fail: How the Last Financial Crisis Informs Today.\"\nLinda Killinger told CNN Business she's concerned about the rise of of financial tech companies, hedge funds. private equity firms and other so-called shadow banks that face little to no regulation in Washington.\n\"The non-bank system is a big part of the problem. And there are still a lot of loans being done by non-regulated banks such as online banks and many private companies,\" she said.\nLarge financial firms may be embracing too much risk again\nAt least one prominent senator is worried, like the Killingers are, that some financial firms are once again getting too unwieldy.\nElizabeth Warren questioned Treasury secretary Janet Yellen earlier this year about why BlackRock (BLK), the iShares ETF giant that manages more than $9 trillion in assets but is not a bank, is not considered \"too big to fail.\"\nWall Street has already gotten a brief taste of how risky some of these firms are when Archegos Capital Management, a family office with big positions in media giants ViacomCBS (VIACA) and Discovery (DISCA) and Chinese techs Baidu (BIDU) and Tencent Music (TME), imploded and caused billions of dollars in losses for banks. (AT&T (T) is planning to merge its WarnerMedia unit, CNN's parent company, with Discovery.)\nFor its part, the Fed has acknowledged some of the growing risks to the markets and economy from keeping rates lower for longer and continuing to provide crisis-level stimulus.\nIn the minutes of its latest policy meeting, the central bank acknowledged that \"if the economy continued to make rapid progress toward the Committee's goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases.\"\nBut Kerry Killinger thinks the Fed has to do a better job of stress-testing big banks for their exposure to some of the types of assets that have been surging in the past year to make sure that they can withstand even more volatility.\n\"The Fed made the mistake of underestimating subprime in the last crisis,\" he said, referring to the now infamous comments from then Fed chair Ben Bernanke in May 2007 that \"the effect of the troubles in the subprime sector on the broader housing market will likely be limited.\"\n\"There are growing asset bubbles,\" Kerry Killinger said. \"The Fed needs to test more how firms would perform if these asset prices decline further. If there is a major correction, the impact could be dramatic.\"\nThe heads of big banks will also get their chance to talk about their views on the economy later this week. The Senate Banking Committee will hold a hearing on Wednesday and the House Financial Services Committee has one scheduled for Thursday.\nJPMorgan Chase CEO Jamie Dimon will appear at both hearings, as will new Citgroup CEO Jane Fraser, BofA's Brian Moynihan, Wells Fargo's Charles Scharf, Goldman Sachs CEO David Solomon and Morgan Stanley's James Gorman.","news_type":1,"symbols_score_info":{".SPX":0.9,"SPY":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3335,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}