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2021-07-26

$Taiwan Semiconductor Manufacturing(TSM)$Tsmm

2021-07-26

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2021-07-23

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2021-07-23

$Taiwan Semiconductor Manufacturing(TSM)$Tsm

2021-07-23

Biontech

2021-07-22

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2021-07-22

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2021-07-22

Microsoft

2021-07-21

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Coronavirus Stocks Are Zooming Higher Today<blockquote>冠状病毒股票今天飙升</blockquote>

2021-07-21

$Taiwan Semiconductor Manufacturing(TSM)$Tsm

2021-07-21

Apple

2021-07-20

$Taiwan Semiconductor Manufacturing(TSM)$😓😓

2021-07-20

Biontech

2021-07-19

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Mortgage-Refinancing Costs Expected to Fall as Fannie, Freddie Drop Fee<blockquote>随着房利美和房地美降低费用，抵押贷款再融资成本预计将下降</blockquote>

2021-07-19

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Risks of Crypto Stablecoins Attract Attention of Yellen, Fed and SEC<blockquote>加密货币稳定币风险引起耶伦、美联储和美国证券交易委员会的关注</blockquote>

2021-07-19

👍🏻👍🏻👍🏻

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2021-07-19

Peng peng

2021-07-19

$Taiwan Semiconductor Manufacturing(TSM)$ 😓😓😓😓

2021-07-17

$Taiwan Semiconductor Manufacturing(TSM)$Hold hold

2021-07-17

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and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/176469070","repostId":"2153477496","repostType":4,"isVote":1,"tweetType":1,"viewCount":3682,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176487192,"gmtCreate":1626912359416,"gmtModify":1631889838760,"author":{"id":"3586415957138494","authorId":"3586415957138494","name":"Kervin21","avatar":"https://static.tigerbbs.com/cb5cda809c6350e717fe7cd7d7789262","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586415957138494","authorIdStr":"3586415957138494"},"themes":[],"title":"","htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/176487192","repostId":"2153401126","repostType":4,"isVote":1,"tweetType":1,"viewCount":3849,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176483684,"gmtCreate":1626912145648,"gmtModify":1631889838765,"author":{"id":"3586415957138494","authorId":"3586415957138494","name":"Kervin21","avatar":"https://static.tigerbbs.com/cb5cda809c6350e717fe7cd7d7789262","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586415957138494","authorIdStr":"3586415957138494"},"themes":[],"title":"","htmlText":"Microsoft","listText":"Microsoft","text":"Microsoft","images":[{"img":"https://static.tigerbbs.com/7ec670056e84f5863f968356a805e4e3","width":"750","height":"2216"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/176483684","isVote":1,"tweetType":1,"viewCount":2439,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":178298016,"gmtCreate":1626822607635,"gmtModify":1631889838770,"author":{"id":"3586415957138494","authorId":"3586415957138494","name":"Kervin21","avatar":"https://static.tigerbbs.com/cb5cda809c6350e717fe7cd7d7789262","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586415957138494","authorIdStr":"3586415957138494"},"themes":[],"title":"","htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/178298016","repostId":"1199016731","repostType":4,"repost":{"id":"1199016731","kind":"news","pubTimestamp":1626790980,"share":"https://www.laohunote.com/m/news/1199016731?lang=zh_CN&edition=full","pubTime":"2021-07-20 22:23","market":"us","language":"en","title":"Coronavirus Stocks Are Zooming Higher Today<blockquote>冠状病毒股票今天飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199016731","media":"Motley Fool","summary":"The surge in cases and deaths could significantly ramp up demand for these companies' existing and p","content":"<p>  The surge in cases and deaths could significantly ramp up demand for these companies' existing and pipeline products.  (July 20)&nbsp;Coronavirus Stocks Are Zooming Higher Today.</p><p><blockquote>病例和死亡人数的激增可能会显着增加对这些公司现有和正在开发的产品的需求。（7月20日）冠状病毒股票今天飙升。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/904717ccbe2ab812494060e6506f15df\" tg-width=\"302\" tg-height=\"402\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> The key reason for these increases is simple: Because of its powerful delta variant, the coronavirus is very much on the rise again. According to<i>New York Times</i>data, statistics from Sunday indicate the 14-day change in new cases in the U.S. was a worrying 140% increase, with fatalities rising 33%.</p><p><blockquote>这些增长的关键原因很简单：由于其强大的德尔塔变异毒株，冠状病毒再次大幅上升。根据<i>纽约时报</i>周日的数据和统计数据显示，美国新增病例14天的变化令人担忧地增加了140%，死亡人数增加了33%。</blockquote></p><p> So the need for a harder and wider vaccine push is obvious; such a move would clearly benefit both Moderna and BioNTech. These companies (including BioNTech partner(<b>Pfizer</b>) provide two of only three coronavirus vaccines authorized by the Food and Drug Administration. It should also help Co-Diagnostics, which is a high-profile maker of a COVID-19 testing product.</p><p><blockquote>因此，更努力、更广泛地推广疫苗的必要性是显而易见的；此举显然将使 Moderna 和 BioNTech 都受益。这些公司（包括 BioNTech partner）<b>辉瑞</b>)提供美国食品药品监督管理局授权的仅有的三种冠状病毒疫苗中的两种。它还应该有助于 Co-Diagnostics，该公司是一家备受瞩目的 COVID-19 检测产品制造商。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p> If the coronavirus surge continues, it's very possible we'll face an \"all hands on deck,\" situation with vaccines. Perhaps the ones being developed by vaccine-focusedbiotechsNovavax and Vaxart will be authorized by the FDA.</p><p><blockquote>如果冠状病毒激增继续下去，我们很可能会面临疫苗“全力以赴”的局面。也许专注于疫苗的生物技术公司Novavax和Vaxart正在开发的产品将获得FDA的授权。</blockquote></p><p> Novavax plans to file for Emergency Use Authorization for itsNVX-CoV2373this quarter, and Vaxart will certainly be on investors' radar due to the oral vaccine it's currently developing -- despite the fact that this program has attracted itsshare of controversy.</p><p><blockquote>Novavax 计划在本季度申请其 NVX-CoV2373 的紧急使用授权，由于其目前正在开发的口服疫苗，Vaxart 肯定会引起投资者的关注——尽管该计划引起了争议。</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>Coronavirus Stocks Are Zooming Higher Today<blockquote>冠状病毒股票今天飙升</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCoronavirus Stocks Are Zooming Higher Today<blockquote>冠状病毒股票今天飙升</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\">2021-07-20 22:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  The surge in cases and deaths could significantly ramp up demand for these companies' existing and pipeline products.  (July 20)&nbsp;Coronavirus Stocks Are Zooming Higher Today.</p><p><blockquote>病例和死亡人数的激增可能会显着增加对这些公司现有和正在开发的产品的需求。（7月20日）冠状病毒股票今天飙升。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/904717ccbe2ab812494060e6506f15df\" tg-width=\"302\" tg-height=\"402\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> The key reason for these increases is simple: Because of its powerful delta variant, the coronavirus is very much on the rise again. According to<i>New York Times</i>data, statistics from Sunday indicate the 14-day change in new cases in the U.S. was a worrying 140% increase, with fatalities rising 33%.</p><p><blockquote>这些增长的关键原因很简单：由于其强大的德尔塔变异毒株，冠状病毒再次大幅上升。根据<i>纽约时报</i>周日的数据和统计数据显示，美国新增病例14天的变化令人担忧地增加了140%，死亡人数增加了33%。</blockquote></p><p> So the need for a harder and wider vaccine push is obvious; such a move would clearly benefit both Moderna and BioNTech. These companies (including BioNTech partner(<b>Pfizer</b>) provide two of only three coronavirus vaccines authorized by the Food and Drug Administration. It should also help Co-Diagnostics, which is a high-profile maker of a COVID-19 testing product.</p><p><blockquote>因此，更努力、更广泛地推广疫苗的必要性是显而易见的；此举显然将使 Moderna 和 BioNTech 都受益。这些公司（包括 BioNTech partner）<b>辉瑞</b>)提供美国食品药品监督管理局授权的仅有的三种冠状病毒疫苗中的两种。它还应该有助于 Co-Diagnostics，该公司是一家备受瞩目的 COVID-19 检测产品制造商。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p> If the coronavirus surge continues, it's very possible we'll face an \"all hands on deck,\" situation with vaccines. Perhaps the ones being developed by vaccine-focusedbiotechsNovavax and Vaxart will be authorized by the FDA.</p><p><blockquote>如果冠状病毒激增继续下去，我们很可能会面临疫苗“全力以赴”的局面。也许专注于疫苗的生物技术公司Novavax和Vaxart正在开发的产品将获得FDA的授权。</blockquote></p><p> Novavax plans to file for Emergency Use Authorization for itsNVX-CoV2373this quarter, and Vaxart will certainly be on investors' radar due to the oral vaccine it's currently developing -- despite the fact that this program has attracted itsshare of controversy.</p><p><blockquote>Novavax 计划在本季度申请其 NVX-CoV2373 的紧急使用授权，由于其目前正在开发的口服疫苗，Vaxart 肯定会引起投资者的关注——尽管该计划引起了争议。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/07/19/why-coronavirus-stocks-are-zooming-higher-today/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article\">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":{"MRK":"默沙东","CVAC":"CureVac B.V.","BNTX":"BioNTech SE","MRNA":"Moderna, Inc.","GSK":"葛兰素史克","AZN":"阿斯利康","NVAX":"诺瓦瓦克斯医药","JNJ":"强生","PFE":"辉瑞","SNY":"赛诺菲安万特"},"source_url":"https://www.fool.com/investing/2021/07/19/why-coronavirus-stocks-are-zooming-higher-today/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199016731","content_text":"The surge in cases and deaths could significantly ramp up demand for these companies' existing and pipeline products.\n\n(July 20) Coronavirus Stocks Are Zooming Higher Today.\n\nSo what\nThe key reason for these increases is simple: Because of its powerful delta variant, the coronavirus is very much on the rise again. According toNew York Timesdata, statistics from Sunday indicate the 14-day change in new cases in the U.S. was a worrying 140% increase, with fatalities rising 33%.\nSo the need for a harder and wider vaccine push is obvious; such a move would clearly benefit both Moderna and BioNTech. These companies (including BioNTech partner(Pfizer) provide two of only three coronavirus vaccines authorized by the Food and Drug Administration. It should also help Co-Diagnostics, which is a high-profile maker of a COVID-19 testing product.\nNow what\nIf the coronavirus surge continues, it's very possible we'll face an \"all hands on deck,\" situation with vaccines. Perhaps the ones being developed by vaccine-focusedbiotechsNovavax and Vaxart will be authorized by the FDA.\nNovavax plans to file for Emergency Use Authorization for itsNVX-CoV2373this quarter, and Vaxart will certainly be on investors' radar due to the oral vaccine it's currently developing -- despite the fact that this program has attracted itsshare of controversy.","news_type":1,"symbols_score_info":{"SNY":0.9,"MRNA":0.9,"NVAX":0.9,"MRK":0.9,"PFE":0.9,"JNJ":0.9,"AZN":0.9,"GSK":0.9,"BNTX":0.9,"CVAC":0.9}},"isVote":1,"tweetType":1,"viewCount":3908,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178291284,"gmtCreate":1626822564248,"gmtModify":1631889838770,"author":{"id":"3586415957138494","authorId":"3586415957138494","name":"Kervin21","avatar":"https://static.tigerbbs.com/cb5cda809c6350e717fe7cd7d7789262","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586415957138494","authorIdStr":"3586415957138494"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/TSM\">$Taiwan Semiconductor Manufacturing(TSM)$</a>Tsm","listText":"<a href=\"https://laohu8.com/S/TSM\">$Taiwan Semiconductor Manufacturing(TSM)$</a>Tsm","text":"$Taiwan Semiconductor Manufacturing(TSM)$Tsm","images":[{"img":"https://static.tigerbbs.com/4ccd9b40dd8633ccce7998cc8e9c2fba","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/178291284","isVote":1,"tweetType":1,"viewCount":3285,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":178293909,"gmtCreate":1626822487801,"gmtModify":1631892257268,"author":{"id":"3586415957138494","authorId":"3586415957138494","name":"Kervin21","avatar":"https://static.tigerbbs.com/cb5cda809c6350e717fe7cd7d7789262","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586415957138494","authorIdStr":"3586415957138494"},"themes":[],"title":"","htmlText":"Apple","listText":"Apple","text":"Apple","images":[{"img":"https://static.tigerbbs.com/f48d131a5e6e154a7f6cef99243f631e","width":"750","height":"2216"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/178293909","isVote":1,"tweetType":1,"viewCount":618,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":171667421,"gmtCreate":1626742751463,"gmtModify":1631892257269,"author":{"id":"3586415957138494","authorId":"3586415957138494","name":"Kervin21","avatar":"https://static.tigerbbs.com/cb5cda809c6350e717fe7cd7d7789262","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586415957138494","authorIdStr":"3586415957138494"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/TSM\">$Taiwan Semiconductor Manufacturing(TSM)$</a>😓😓","listText":"<a href=\"https://laohu8.com/S/TSM\">$Taiwan Semiconductor Manufacturing(TSM)$</a>😓😓","text":"$Taiwan Semiconductor Manufacturing(TSM)$😓😓","images":[{"img":"https://static.tigerbbs.com/fe4dbf28aa193d92e55dc83587b43568","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/171667421","isVote":1,"tweetType":1,"viewCount":673,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":171665654,"gmtCreate":1626742665778,"gmtModify":1631892257272,"author":{"id":"3586415957138494","authorId":"3586415957138494","name":"Kervin21","avatar":"https://static.tigerbbs.com/cb5cda809c6350e717fe7cd7d7789262","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586415957138494","authorIdStr":"3586415957138494"},"themes":[],"title":"","htmlText":"Biontech","listText":"Biontech","text":"Biontech","images":[{"img":"https://static.tigerbbs.com/9f1d55f2cb7ad148c9d37aab76dffc38","width":"750","height":"2162"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/171665654","isVote":1,"tweetType":1,"viewCount":519,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":173651648,"gmtCreate":1626658854684,"gmtModify":1631892257276,"author":{"id":"3586415957138494","authorId":"3586415957138494","name":"Kervin21","avatar":"https://static.tigerbbs.com/cb5cda809c6350e717fe7cd7d7789262","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586415957138494","authorIdStr":"3586415957138494"},"themes":[],"title":"","htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/173651648","repostId":"1126246997","repostType":4,"repost":{"id":"1126246997","kind":"news","pubTimestamp":1626657763,"share":"https://www.laohunote.com/m/news/1126246997?lang=zh_CN&edition=full","pubTime":"2021-07-19 09:22","market":"us","language":"en","title":"Mortgage-Refinancing Costs Expected to Fall as Fannie, Freddie Drop Fee<blockquote>随着房利美和房地美降低费用，抵押贷款再融资成本预计将下降</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126246997","media":"WSJ","summary":"WASHINGTON—The cost of refinancing government-backed home loans is expected to fall as mortgage gian","content":"<p>WASHINGTON—The cost of refinancing government-backed home loans is expected to fall as mortgage giantsFannie MaeandFreddie Macare set to drop a fee imposed last year in the midst of the Covid-19 pandemic.</p><p><blockquote>华盛顿——随着抵押贷款巨头房利美和房地美将取消去年在 Covid-19 大流行期间征收的费用，政府支持的住房贷款再融资成本预计将会下降。</blockquote></p><p> A federal housing regulator said Friday that Fannie and Freddie will eliminate&nbsp;the 0.5% fee on mortgage refinancingstarting Aug. 1. The fee, imposed in December, added about $1,400 to the cost of refinancing an average mortgage backed by the firms, according to an estimate from the Mortgage Bankers Association.</p><p><blockquote>联邦住房监管机构周五表示，房利美和房地美将从 8 月 1 日起取消抵押贷款再融资 0.5% 的费用。根据抵押贷款银行家协会的估计，12 月份征收的这项费用使这些公司支持的平均抵押贷款再融资成本增加了约 1,400 美元。</blockquote></p><p> “The Covid-19 pandemic financially exacerbated America’s affordable housing crisis,” Federal Housing Finance Agency Acting Director Sandra L. Thompson said. “Eliminating the [fee] will help families take advantage of the low-rate environment to save more money.”</p><p><blockquote>“联邦住房金融局代理局长桑德拉-汤普森（Sandra L. Thompson）说：”Covid-19 大流行在财政上加剧了美国的经济适用房危机。“取消[费用]将有助于家庭利用低利率环境节省更多资金”。</blockquote></p><p> U.S. home pricesover the past year have risen at the fastest pace in decades, asa shortage of homeson the market collides with soaring demand from prospective buyers. The situation has exacerbated concerns about housing affordability and ratcheted up pressure on the Biden administration to respond.</p><p><blockquote>由于市场住房短缺与潜在买家飙升的需求相冲突，美国房价在过去一年以几十年来最快的速度上涨。这种情况加剧了人们对住房负担能力的担忧，并加大了拜登政府应对的压力。</blockquote></p><p> With interest rates low by historical standards, millions of Americans have also refinanced existing mortgages to reduce their monthly payments. But the fee charged by Fannie and Freddie eliminated a chunk of those savings for affected borrowers.</p><p><blockquote>由于利率按历史标准来看很低，数百万美国人还对现有抵押贷款进行了再融资，以减少每月还款额。但房利美和房地美收取的费用消除了受影响借款人的大部分储蓄。</blockquote></p><p> Greg McBride, chief financial analyst at personal-finance firm Bankrate.com, said the fee added about one-eighth of a percentage point to the average mortgage rate, or about $20 a month for a $300,000 loan.</p><p><blockquote>个人理财公司 Bankrate.com 首席金融分析师格雷格·麦克布莱德 (Greg McBride) 表示，该费用使平均抵押贷款利率增加了约八分之一个百分点，即 30 万美元贷款每月约 20 美元。</blockquote></p><p> “Lenders may use this as an opportunity to pad their own margins that have been squeezed by low rates and heated competition, so it is important for homeowners to seek out the lenders offering the best terms,” Mr. McBride said.</p><p><blockquote>“麦克布莱德先生说：”贷款机构可能会以此为契机，提高自己的利润，而利润一直受到低利率和激烈竞争的挤压，因此房主寻找提供最优惠条件的贷款机构非常重要。</blockquote></p><p> Average refinancing rates for a 30-year fixed-rate mortgage stood at 3.1% on Thursday, Mr. McBride said, citing Bankrate figures. That compares to an all-time low of 2.88% in January.</p><p><blockquote>麦克布莱德援引银行利率数据表示，周四 30 年期固定利率抵押贷款的平均再融资利率为 3.1%。相比之下，1 月份的历史最低点为 2.88%。</blockquote></p><p> Fannie and Freddie encourage low borrowing costs by purchasing many mortgages from lenders and subsequently guaranteeing them. The fee was intended to cover potential losses related to the pandemic and government measures to soften its economic impact, including a foreclosure moratorium and another program that allowed some borrowers to suspend monthly payments.</p><p><blockquote>房利美和房地美通过从贷款人那里购买许多抵押贷款并随后为其提供担保来鼓励低借贷成本。该费用旨在弥补与疫情相关的潜在损失以及政府减轻其经济影响的措施，包括暂停止赎和另一项允许一些借款人暂停每月还款的计划。</blockquote></p><p> Such programs didn’t see as much use as expected, as job losses were less severe than initially feared among more-affluent workers, who are more likely to own their homes. Rising home prices further diminished the potential for loan losses, and Fannie and Freddie both posted robust profits last year, even before the fee was in effect.</p><p><blockquote>由于较富裕的工人更有可能拥有自己的住房，因此这些计划并没有预期的那么多用途，因此失业并没有最初担心的那么严重。房价上涨进一步降低了贷款损失的可能性，房利美和房地美去年都公布了强劲的利润，甚至在费用生效之前。</blockquote></p><p> The fee prompted criticism from mortgage lenders and a bipartisan group of lawmakers.</p><p><blockquote>这项费用引发了抵押贷款机构和两党议员小组的批评。</blockquote></p><p> The announcement of its elimination comes less than a month after President Biden ousted former FHFA Director Mark Calabria, a Trump administration appointee. Mr. Calabria had prioritized returning Fannie and Freddie to private hands after 12 years of government control—known as conservatorship—following the 2008 financial crisis.</p><p><blockquote>宣布取消该机构不到一个月前，拜登总统解雇了特朗普执政任命的前 FHFA 主任马克·卡拉布里亚 (Mark Calabria)。2008 年金融危机后，经过 12 年的政府控制（即监管），卡拉布里亚先生优先考虑将房利美和房地美归还给私人手中。</blockquote></p><p> The fee generated $5 million in additional revenue for every $1 billion of eligible mortgages acquired by Fannie and Freddie, bolstering their finances and enhancing their potential attractiveness to investors.</p><p><blockquote>房利美和房地美每获得 10 亿美元符合条件的抵押贷款，该费用就会产生 500 万美元的额外收入，从而增强了它们的财务状况，并增强了它们对投资者的潜在吸引力。</blockquote></p><p> “There’s no continuing rationale for charging the fee, so they’re getting rid of it,” said Bob Broeksmit, president of the Mortgage Bankers Association. “It’s a clear manifestation of Acting Director Thompson’s pivot toward mission and consumers, as opposed to previous director Calabria’s single-minded focus on capital-building and release from conservatorship.”</p><p><blockquote>“抵押贷款银行家协会主席鲍勃-布鲁克斯米特（Bob Broeksmit）说：”收取这笔费用没有持续的理由，所以他们正在取消这笔费用。“这清楚地体现了代理导演汤普森对使命和消费者的关注，而前任导演卡拉布里亚则一心一意地专注于资本积累和摆脱监管。”</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>Mortgage-Refinancing Costs Expected to Fall as Fannie, Freddie Drop Fee<blockquote>随着房利美和房地美降低费用，抵押贷款再融资成本预计将下降</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\">\nMortgage-Refinancing Costs Expected to Fall as Fannie, Freddie Drop Fee<blockquote>随着房利美和房地美降低费用，抵押贷款再融资成本预计将下降</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-07-19 09:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>WASHINGTON—The cost of refinancing government-backed home loans is expected to fall as mortgage giantsFannie MaeandFreddie Macare set to drop a fee imposed last year in the midst of the Covid-19 pandemic.</p><p><blockquote>华盛顿——随着抵押贷款巨头房利美和房地美将取消去年在 Covid-19 大流行期间征收的费用，政府支持的住房贷款再融资成本预计将会下降。</blockquote></p><p> A federal housing regulator said Friday that Fannie and Freddie will eliminate&nbsp;the 0.5% fee on mortgage refinancingstarting Aug. 1. The fee, imposed in December, added about $1,400 to the cost of refinancing an average mortgage backed by the firms, according to an estimate from the Mortgage Bankers Association.</p><p><blockquote>联邦住房监管机构周五表示，房利美和房地美将从 8 月 1 日起取消抵押贷款再融资 0.5% 的费用。根据抵押贷款银行家协会的估计，12 月份征收的这项费用使这些公司支持的平均抵押贷款再融资成本增加了约 1,400 美元。</blockquote></p><p> “The Covid-19 pandemic financially exacerbated America’s affordable housing crisis,” Federal Housing Finance Agency Acting Director Sandra L. Thompson said. “Eliminating the [fee] will help families take advantage of the low-rate environment to save more money.”</p><p><blockquote>“联邦住房金融局代理局长桑德拉-汤普森（Sandra L. Thompson）说：”Covid-19 大流行在财政上加剧了美国的经济适用房危机。“取消[费用]将有助于家庭利用低利率环境节省更多资金”。</blockquote></p><p> U.S. home pricesover the past year have risen at the fastest pace in decades, asa shortage of homeson the market collides with soaring demand from prospective buyers. The situation has exacerbated concerns about housing affordability and ratcheted up pressure on the Biden administration to respond.</p><p><blockquote>由于市场住房短缺与潜在买家飙升的需求相冲突，美国房价在过去一年以几十年来最快的速度上涨。这种情况加剧了人们对住房负担能力的担忧，并加大了拜登政府应对的压力。</blockquote></p><p> With interest rates low by historical standards, millions of Americans have also refinanced existing mortgages to reduce their monthly payments. But the fee charged by Fannie and Freddie eliminated a chunk of those savings for affected borrowers.</p><p><blockquote>由于利率按历史标准来看很低，数百万美国人还对现有抵押贷款进行了再融资，以减少每月还款额。但房利美和房地美收取的费用消除了受影响借款人的大部分储蓄。</blockquote></p><p> Greg McBride, chief financial analyst at personal-finance firm Bankrate.com, said the fee added about one-eighth of a percentage point to the average mortgage rate, or about $20 a month for a $300,000 loan.</p><p><blockquote>个人理财公司 Bankrate.com 首席金融分析师格雷格·麦克布莱德 (Greg McBride) 表示，该费用使平均抵押贷款利率增加了约八分之一个百分点，即 30 万美元贷款每月约 20 美元。</blockquote></p><p> “Lenders may use this as an opportunity to pad their own margins that have been squeezed by low rates and heated competition, so it is important for homeowners to seek out the lenders offering the best terms,” Mr. McBride said.</p><p><blockquote>“麦克布莱德先生说：”贷款机构可能会以此为契机，提高自己的利润，而利润一直受到低利率和激烈竞争的挤压，因此房主寻找提供最优惠条件的贷款机构非常重要。</blockquote></p><p> Average refinancing rates for a 30-year fixed-rate mortgage stood at 3.1% on Thursday, Mr. McBride said, citing Bankrate figures. That compares to an all-time low of 2.88% in January.</p><p><blockquote>麦克布莱德援引银行利率数据表示，周四 30 年期固定利率抵押贷款的平均再融资利率为 3.1%。相比之下，1 月份的历史最低点为 2.88%。</blockquote></p><p> Fannie and Freddie encourage low borrowing costs by purchasing many mortgages from lenders and subsequently guaranteeing them. The fee was intended to cover potential losses related to the pandemic and government measures to soften its economic impact, including a foreclosure moratorium and another program that allowed some borrowers to suspend monthly payments.</p><p><blockquote>房利美和房地美通过从贷款人那里购买许多抵押贷款并随后为其提供担保来鼓励低借贷成本。该费用旨在弥补与疫情相关的潜在损失以及政府减轻其经济影响的措施，包括暂停止赎和另一项允许一些借款人暂停每月还款的计划。</blockquote></p><p> Such programs didn’t see as much use as expected, as job losses were less severe than initially feared among more-affluent workers, who are more likely to own their homes. Rising home prices further diminished the potential for loan losses, and Fannie and Freddie both posted robust profits last year, even before the fee was in effect.</p><p><blockquote>由于较富裕的工人更有可能拥有自己的住房，因此这些计划并没有预期的那么多用途，因此失业并没有最初担心的那么严重。房价上涨进一步降低了贷款损失的可能性，房利美和房地美去年都公布了强劲的利润，甚至在费用生效之前。</blockquote></p><p> The fee prompted criticism from mortgage lenders and a bipartisan group of lawmakers.</p><p><blockquote>这项费用引发了抵押贷款机构和两党议员小组的批评。</blockquote></p><p> The announcement of its elimination comes less than a month after President Biden ousted former FHFA Director Mark Calabria, a Trump administration appointee. Mr. Calabria had prioritized returning Fannie and Freddie to private hands after 12 years of government control—known as conservatorship—following the 2008 financial crisis.</p><p><blockquote>宣布取消该机构不到一个月前，拜登总统解雇了特朗普执政任命的前 FHFA 主任马克·卡拉布里亚 (Mark Calabria)。2008 年金融危机后，经过 12 年的政府控制（即监管），卡拉布里亚先生优先考虑将房利美和房地美归还给私人手中。</blockquote></p><p> The fee generated $5 million in additional revenue for every $1 billion of eligible mortgages acquired by Fannie and Freddie, bolstering their finances and enhancing their potential attractiveness to investors.</p><p><blockquote>房利美和房地美每获得 10 亿美元符合条件的抵押贷款，该费用就会产生 500 万美元的额外收入，从而增强了它们的财务状况，并增强了它们对投资者的潜在吸引力。</blockquote></p><p> “There’s no continuing rationale for charging the fee, so they’re getting rid of it,” said Bob Broeksmit, president of the Mortgage Bankers Association. “It’s a clear manifestation of Acting Director Thompson’s pivot toward mission and consumers, as opposed to previous director Calabria’s single-minded focus on capital-building and release from conservatorship.”</p><p><blockquote>“抵押贷款银行家协会主席鲍勃-布鲁克斯米特（Bob Broeksmit）说：”收取这笔费用没有持续的理由，所以他们正在取消这笔费用。“这清楚地体现了代理导演汤普森对使命和消费者的关注，而前任导演卡拉布里亚则一心一意地专注于资本积累和摆脱监管。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/mortgage-refinance-fee-to-be-dropped-by-fannie-mae-freddie-mac-11626453646?mod=markets_lead_pos4\">WSJ</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":{"FMCC":"房地美","FNMA":"房利美"},"source_url":"https://www.wsj.com/articles/mortgage-refinance-fee-to-be-dropped-by-fannie-mae-freddie-mac-11626453646?mod=markets_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126246997","content_text":"WASHINGTON—The cost of refinancing government-backed home loans is expected to fall as mortgage giantsFannie MaeandFreddie Macare set to drop a fee imposed last year in the midst of the Covid-19 pandemic.\nA federal housing regulator said Friday that Fannie and Freddie will eliminate the 0.5% fee on mortgage refinancingstarting Aug. 1. The fee, imposed in December, added about $1,400 to the cost of refinancing an average mortgage backed by the firms, according to an estimate from the Mortgage Bankers Association.\n“The Covid-19 pandemic financially exacerbated America’s affordable housing crisis,” Federal Housing Finance Agency Acting Director Sandra L. Thompson said. “Eliminating the [fee] will help families take advantage of the low-rate environment to save more money.”\nU.S. home pricesover the past year have risen at the fastest pace in decades, asa shortage of homeson the market collides with soaring demand from prospective buyers. The situation has exacerbated concerns about housing affordability and ratcheted up pressure on the Biden administration to respond.\nWith interest rates low by historical standards, millions of Americans have also refinanced existing mortgages to reduce their monthly payments. But the fee charged by Fannie and Freddie eliminated a chunk of those savings for affected borrowers.\nGreg McBride, chief financial analyst at personal-finance firm Bankrate.com, said the fee added about one-eighth of a percentage point to the average mortgage rate, or about $20 a month for a $300,000 loan.\n“Lenders may use this as an opportunity to pad their own margins that have been squeezed by low rates and heated competition, so it is important for homeowners to seek out the lenders offering the best terms,” Mr. McBride said.\nAverage refinancing rates for a 30-year fixed-rate mortgage stood at 3.1% on Thursday, Mr. McBride said, citing Bankrate figures. That compares to an all-time low of 2.88% in January.\nFannie and Freddie encourage low borrowing costs by purchasing many mortgages from lenders and subsequently guaranteeing them. The fee was intended to cover potential losses related to the pandemic and government measures to soften its economic impact, including a foreclosure moratorium and another program that allowed some borrowers to suspend monthly payments.\nSuch programs didn’t see as much use as expected, as job losses were less severe than initially feared among more-affluent workers, who are more likely to own their homes. Rising home prices further diminished the potential for loan losses, and Fannie and Freddie both posted robust profits last year, even before the fee was in effect.\nThe fee prompted criticism from mortgage lenders and a bipartisan group of lawmakers.\nThe announcement of its elimination comes less than a month after President Biden ousted former FHFA Director Mark Calabria, a Trump administration appointee. Mr. Calabria had prioritized returning Fannie and Freddie to private hands after 12 years of government control—known as conservatorship—following the 2008 financial crisis.\nThe fee generated $5 million in additional revenue for every $1 billion of eligible mortgages acquired by Fannie and Freddie, bolstering their finances and enhancing their potential attractiveness to investors.\n“There’s no continuing rationale for charging the fee, so they’re getting rid of it,” said Bob Broeksmit, president of the Mortgage Bankers Association. “It’s a clear manifestation of Acting Director Thompson’s pivot toward mission and consumers, as opposed to previous director Calabria’s single-minded focus on capital-building and release from conservatorship.”","news_type":1,"symbols_score_info":{"FNMA":0.9,"FMCC":0.9}},"isVote":1,"tweetType":1,"viewCount":519,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173653524,"gmtCreate":1626658820868,"gmtModify":1631892257281,"author":{"id":"3586415957138494","authorId":"3586415957138494","name":"Kervin21","avatar":"https://static.tigerbbs.com/cb5cda809c6350e717fe7cd7d7789262","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586415957138494","authorIdStr":"3586415957138494"},"themes":[],"title":"","htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/173653524","repostId":"1179956883","repostType":4,"repost":{"id":"1179956883","kind":"news","pubTimestamp":1626658139,"share":"https://www.laohunote.com/m/news/1179956883?lang=zh_CN&edition=full","pubTime":"2021-07-19 09:28","market":"us","language":"en","title":"Risks of Crypto Stablecoins Attract Attention of Yellen, Fed and SEC<blockquote>加密货币稳定币风险引起耶伦、美联储和美国证券交易委员会的关注</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179956883","media":"WSJ","summary":"Stablecoins, digital currencies pegged to national currencies like the U.S. dollar, are increasingly","content":"<p>Stablecoins, digital currencies pegged to national currencies like the U.S. dollar, are increasingly seen as a potential risknot just to crypto markets, but to the capital markets as well.</p><p><blockquote>稳定币是与美元等国家货币挂钩的数字货币，越来越多地被视为不仅对加密市场，而且对资本市场都是潜在风险。</blockquote></p><p> Treasury Secretary Janet Yellen is scheduled Mondayto hold a meetingof the President’s Working Group on Financial Markets to discuss stablecoins, the Treasury Department said Friday. The group includes the heads of the Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission.</p><p><blockquote>美国财政部周五表示，财政部长珍妮特-耶伦（Janet Yellen）定于周一召开总统金融市场工作组会议，讨论稳定币问题。该小组包括美联储、美国证券交易委员会和商品期货交易委员会的负责人。</blockquote></p><p> “Bringing together regulators will enable us to assess the potential benefits of stablecoins while mitigating risks they could pose to users, markets, or the financial system,” Ms. Yellen said in a statement.</p><p><blockquote>“耶伦女士在一份声明中说：”将监管机构聚集在一起将使我们能够评估稳定币的潜在好处，同时减轻它们可能给用户、市场或金融体系带来的风险。</blockquote></p><p> Stablecoins are a key source of liquidity for cryptocurrency exchanges, their largest users, which need to process trades 24 hours a day. In the derivatives and decentralized finance markets, stablecoins are used by traders and speculators as collateral, and many contracts pay out in stablecoins.</p><p><blockquote>稳定币是加密货币交易所的主要流动性来源，加密货币交易所是它们最大的用户，需要一天24小时处理交易。在衍生品和去中心化金融市场中，稳定币被交易者和投机者用作抵押品，许多合约以稳定币支付。</blockquote></p><p> Stablecoins have exploded over the past year as cryptocurrency trading has taken off. The value of the three largest stablecoins—tether, USD Coin and Binance USD—is about $100 billion, up from about $11 billion a year ago.</p><p><blockquote>随着加密货币交易的起飞，稳定币在过去一年中呈爆炸式增长。三种最大的稳定币——泰达币、美元硬币和币安美元——的价值约为1000亿美元，高于一年前的约110亿美元。</blockquote></p><p> Jeremy Allaire, chief executive of the USD Coin issuer, Circle Internet Financial Inc., said the meeting of the president’s working group is a good thing for stablecoins and that he supports developing clear standards. “I think it’s good news,” he said.</p><p><blockquote>美元硬币发行商 Circle Internet Financial Inc. 总统工作组的会议对稳定币来说是一件好事，他支持制定明确的标准。“他说：”我认为这是个好消息。</blockquote></p><p> Tether Ltd., the issuer of the tether stablecoin, said it looked forward to working with officials to support transparency and compliance. Binance Holdings Ltd., issuer of Binance USD, said it sees the meeting as a positive move. Having regulators involved will bring more legitimacy and clarity to stablecoins, Binance Chief Compliance Officer Samuel Lim said.</p><p><blockquote>泰达币稳定币的发行商泰达币有限公司表示，期待与官员合作，支持透明度和合规性。币安美元的发行人币安控股有限公司表示，它认为这次会议是一个积极的举措。币安首席合规官 Samuel Lim 表示，监管机构的参与将为稳定币带来更多合法性和清晰度。</blockquote></p><p> Stablecoins and the companies that issue them have been criticized as not being trustworthy.</p><p><blockquote>稳定币和发行稳定币的公司被批评为不值得信赖。</blockquote></p><p> “There are many reasons to think that stablecoins—at least, many of the stablecoins—are not actually particularly stable,” Boston Federal Reserve President Eric Rosengren said in a June speech.</p><p><blockquote>“波士顿联储主席埃里克-罗森格伦（Eric Rosengren）在 6 月份的一次演讲中说：”有很多理由认为，稳定币--至少是许多稳定币--实际上并不特别稳定。</blockquote></p><p> While the startups issuing these stablecoins including Circle and Tether are responsible for assets that make them sizable players in the traditional capital markets, there are no clear rules about how the assets should be regulated to ensure stability.</p><p><blockquote>虽然包括Circle和泰达币在内的发行这些稳定币的初创公司负责的资产使它们成为传统资本市场的重要参与者，但对于如何监管这些资产以确保稳定性，没有明确的规则。</blockquote></p><p> In December, the president’s working group released a statement on the regulatory issues concerning stablecoins. Among other things, it suggested that best practices would include a 1:1 reserve ratio and said issuers should hold “high-quality, U.S.-dollar denominated assets” and hold them at U.S.-regulated entities.</p><p><blockquote>12 月，总统工作组发布了一份关于稳定币监管问题的声明。除其他外，它建议最佳做法包括 1:1 的准备金率，并表示发行人应持有 “高质量、以美元计价的资产”，并将其持有在美国监管的实体中。</blockquote></p><p> Stablecoins operate on the assumption that their reserves are liquid and easily redeemable. Ostensibly, a stablecoin should at all times be redeemable for national currencies, and the amount held in reserve should equal the amount in circulation: currently $64 billion for Tether, $26 billion for USD Coin and $11 billion for Binance USD.</p><p><blockquote>稳定币的运作假设其储备是流动性的且易于赎回。表面上看，稳定币应该在任何时候都可以兑换成本国货币，储备中持有的金额应该等于流通中的金额：目前泰达币为640亿美元，美元币为260亿美元，币安美元为110亿美元。</blockquote></p><p> Stablecoin reserves, however, don’t just sit in bank accounts collecting interest. Circle and Tether manage the reserves to provide some level of income.</p><p><blockquote>然而，稳定币储备并不只是存在银行账户中收取利息。圈和泰达币管理储备，以提供某种程度的收入。</blockquote></p><p> Neither Circle nor Tether provides a detailed breakdown of where their reserves are invested and the risks users of the tokens are taking. This lack of information has alarmed central bankers and lawmakers in the U.S. and overseas. Binance has said its stablecoin’s reserves are backed 1-1 by U.S. dollars held in custody by the New York-based crypto services company Paxos.</p><p><blockquote>Circle 和泰达币都没有提供他们的储备投资地点以及代币用户承担的风险的详细明细。这种信息的缺乏让美国和海外的央行行长和立法者感到震惊。Binance 表示，其稳定币的储备由总部位于纽约的加密货币服务公司 Paxos 持有的美元 1:1 支持。</blockquote></p><p> Both Circle and Tether have separately defended the level of information they share with the markets.</p><p><blockquote>Circle 和泰达币都分别为他们与市场分享的信息水平进行了辩护。</blockquote></p><p> Stuart Hoegner, general counsel at Tether, said the company has a highly liquid portfolio that has been stress-tested. He said the company has a risk-averse approach to managing its reserves and operates in a way to ensure that its dollar peg is maintained.</p><p><blockquote>泰达币总法律顾问斯图尔特·霍格纳 (Stuart Hoegner) 表示，该公司拥有经过压力测试的高流动性投资组合。他表示，该公司采用规避风险的方法来管理其储备，并以确保维持美元挂钩的方式运营。</blockquote></p><p> “Our transparency allows people to decide whether they are happy holding that token or not,” he said.</p><p><blockquote>“他说：”我们的透明度让人们可以决定他们是否乐意持有该令牌。</blockquote></p><p> What the companies have disclosed is that they have invested the reserves in corporate debt, commercial paper and other markets that are generally considered liquid, and in cash equivalents.</p><p><blockquote>这些公司披露的是，他们已将储备投资于公司债务、商业票据和其他通常被认为具有流动性的市场以及现金等价物。</blockquote></p><p> Tether, according to a report it released earlier this year, held about half of its reserves in commercial paper—short-term loans used by companies to cover expenses. The credit ratings of the commercial paper and whether it came from the U.S. or overseas couldn’t be determined.</p><p><blockquote>根据泰达币今年早些时候发布的一份报告，其大约一半的储备持有商业票据——公司用来支付费用的短期贷款。无法确定该商业票据的信用等级以及它是来自美国还是海外。</blockquote></p><p> In 2019, New York Attorney General Letitia James revealed as part of an investigation that executives of Tether, who also own and operate the exchange Bitfinex, took at least $700 million out of the tether reserve to shore up the balance sheet of Bitfinex.</p><p><blockquote>2019 年，纽约总检察长 Letitia James 在一项调查中透露，同时拥有和运营交易所 Bitfinex 的泰达币高管从泰达币储备中提取了至少 7 亿美元，以支撑 Bitfinex 的资产负债表。</blockquote></p><p> The case was settled in February. As part of that settlement, Tether agreed to release quarterly reports on the composition of its reserves.</p><p><blockquote>此案已于二月份结案。作为和解的一部分，泰达币同意发布关于其储备构成的季度报告。</blockquote></p><p></p><p> Regulators don’t have to look far for examples of what can go wrong in the world of finance. Money-market funds came under pressure last year during the pandemic-driven selloff and required support from the Fed. Dozens of money-market funds needed to be propped up during the 2008-09 financial crisis to prevent them from “breaking the buck,” or falling under their standard of a $1-a-share net asset value.</p><p><blockquote>监管机构无需寻找金融界可能出错的例子。去年在大流行驱动的抛售期间，货币市场基金面临压力，需要美联储的支持。在 2008-09 年金融危机期间，数十只货币市场基金需要得到支撑，以防止它们 “破产”，或跌破每股 1 美元资产净值的标准。</blockquote></p><p> Building trust was one of the biggest reasons that Circle decidedit would go public, according Mr. Allaire.</p><p><blockquote>阿莱尔表示，建立信任是 Circle 决定上市的最大原因之一。</blockquote></p><p> “It is about being a public company and being an open and transparent company,” he said in an interview earlier this month.</p><p><blockquote>“他在本月早些时候接受采访时说：”这关乎成为一家上市公司，关乎成为一家公开透明的公司。</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>Risks of Crypto Stablecoins Attract Attention of Yellen, Fed and SEC<blockquote>加密货币稳定币风险引起耶伦、美联储和美国证券交易委员会的关注</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\">\nRisks of Crypto Stablecoins Attract Attention of Yellen, Fed and SEC<blockquote>加密货币稳定币风险引起耶伦、美联储和美国证券交易委员会的关注</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-07-19 09:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stablecoins, digital currencies pegged to national currencies like the U.S. dollar, are increasingly seen as a potential risknot just to crypto markets, but to the capital markets as well.</p><p><blockquote>稳定币是与美元等国家货币挂钩的数字货币，越来越多地被视为不仅对加密市场，而且对资本市场都是潜在风险。</blockquote></p><p> Treasury Secretary Janet Yellen is scheduled Mondayto hold a meetingof the President’s Working Group on Financial Markets to discuss stablecoins, the Treasury Department said Friday. The group includes the heads of the Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission.</p><p><blockquote>美国财政部周五表示，财政部长珍妮特-耶伦（Janet Yellen）定于周一召开总统金融市场工作组会议，讨论稳定币问题。该小组包括美联储、美国证券交易委员会和商品期货交易委员会的负责人。</blockquote></p><p> “Bringing together regulators will enable us to assess the potential benefits of stablecoins while mitigating risks they could pose to users, markets, or the financial system,” Ms. Yellen said in a statement.</p><p><blockquote>“耶伦女士在一份声明中说：”将监管机构聚集在一起将使我们能够评估稳定币的潜在好处，同时减轻它们可能给用户、市场或金融体系带来的风险。</blockquote></p><p> Stablecoins are a key source of liquidity for cryptocurrency exchanges, their largest users, which need to process trades 24 hours a day. In the derivatives and decentralized finance markets, stablecoins are used by traders and speculators as collateral, and many contracts pay out in stablecoins.</p><p><blockquote>稳定币是加密货币交易所的主要流动性来源，加密货币交易所是它们最大的用户，需要一天24小时处理交易。在衍生品和去中心化金融市场中，稳定币被交易者和投机者用作抵押品，许多合约以稳定币支付。</blockquote></p><p> Stablecoins have exploded over the past year as cryptocurrency trading has taken off. The value of the three largest stablecoins—tether, USD Coin and Binance USD—is about $100 billion, up from about $11 billion a year ago.</p><p><blockquote>随着加密货币交易的起飞，稳定币在过去一年中呈爆炸式增长。三种最大的稳定币——泰达币、美元硬币和币安美元——的价值约为1000亿美元，高于一年前的约110亿美元。</blockquote></p><p> Jeremy Allaire, chief executive of the USD Coin issuer, Circle Internet Financial Inc., said the meeting of the president’s working group is a good thing for stablecoins and that he supports developing clear standards. “I think it’s good news,” he said.</p><p><blockquote>美元硬币发行商 Circle Internet Financial Inc. 总统工作组的会议对稳定币来说是一件好事，他支持制定明确的标准。“他说：”我认为这是个好消息。</blockquote></p><p> Tether Ltd., the issuer of the tether stablecoin, said it looked forward to working with officials to support transparency and compliance. Binance Holdings Ltd., issuer of Binance USD, said it sees the meeting as a positive move. Having regulators involved will bring more legitimacy and clarity to stablecoins, Binance Chief Compliance Officer Samuel Lim said.</p><p><blockquote>泰达币稳定币的发行商泰达币有限公司表示，期待与官员合作，支持透明度和合规性。币安美元的发行人币安控股有限公司表示，它认为这次会议是一个积极的举措。币安首席合规官 Samuel Lim 表示，监管机构的参与将为稳定币带来更多合法性和清晰度。</blockquote></p><p> Stablecoins and the companies that issue them have been criticized as not being trustworthy.</p><p><blockquote>稳定币和发行稳定币的公司被批评为不值得信赖。</blockquote></p><p> “There are many reasons to think that stablecoins—at least, many of the stablecoins—are not actually particularly stable,” Boston Federal Reserve President Eric Rosengren said in a June speech.</p><p><blockquote>“波士顿联储主席埃里克-罗森格伦（Eric Rosengren）在 6 月份的一次演讲中说：”有很多理由认为，稳定币--至少是许多稳定币--实际上并不特别稳定。</blockquote></p><p> While the startups issuing these stablecoins including Circle and Tether are responsible for assets that make them sizable players in the traditional capital markets, there are no clear rules about how the assets should be regulated to ensure stability.</p><p><blockquote>虽然包括Circle和泰达币在内的发行这些稳定币的初创公司负责的资产使它们成为传统资本市场的重要参与者，但对于如何监管这些资产以确保稳定性，没有明确的规则。</blockquote></p><p> In December, the president’s working group released a statement on the regulatory issues concerning stablecoins. Among other things, it suggested that best practices would include a 1:1 reserve ratio and said issuers should hold “high-quality, U.S.-dollar denominated assets” and hold them at U.S.-regulated entities.</p><p><blockquote>12 月，总统工作组发布了一份关于稳定币监管问题的声明。除其他外，它建议最佳做法包括 1:1 的准备金率，并表示发行人应持有 “高质量、以美元计价的资产”，并将其持有在美国监管的实体中。</blockquote></p><p> Stablecoins operate on the assumption that their reserves are liquid and easily redeemable. Ostensibly, a stablecoin should at all times be redeemable for national currencies, and the amount held in reserve should equal the amount in circulation: currently $64 billion for Tether, $26 billion for USD Coin and $11 billion for Binance USD.</p><p><blockquote>稳定币的运作假设其储备是流动性的且易于赎回。表面上看，稳定币应该在任何时候都可以兑换成本国货币，储备中持有的金额应该等于流通中的金额：目前泰达币为640亿美元，美元币为260亿美元，币安美元为110亿美元。</blockquote></p><p> Stablecoin reserves, however, don’t just sit in bank accounts collecting interest. Circle and Tether manage the reserves to provide some level of income.</p><p><blockquote>然而，稳定币储备并不只是存在银行账户中收取利息。圈和泰达币管理储备，以提供某种程度的收入。</blockquote></p><p> Neither Circle nor Tether provides a detailed breakdown of where their reserves are invested and the risks users of the tokens are taking. This lack of information has alarmed central bankers and lawmakers in the U.S. and overseas. Binance has said its stablecoin’s reserves are backed 1-1 by U.S. dollars held in custody by the New York-based crypto services company Paxos.</p><p><blockquote>Circle 和泰达币都没有提供他们的储备投资地点以及代币用户承担的风险的详细明细。这种信息的缺乏让美国和海外的央行行长和立法者感到震惊。Binance 表示，其稳定币的储备由总部位于纽约的加密货币服务公司 Paxos 持有的美元 1:1 支持。</blockquote></p><p> Both Circle and Tether have separately defended the level of information they share with the markets.</p><p><blockquote>Circle 和泰达币都分别为他们与市场分享的信息水平进行了辩护。</blockquote></p><p> Stuart Hoegner, general counsel at Tether, said the company has a highly liquid portfolio that has been stress-tested. He said the company has a risk-averse approach to managing its reserves and operates in a way to ensure that its dollar peg is maintained.</p><p><blockquote>泰达币总法律顾问斯图尔特·霍格纳 (Stuart Hoegner) 表示，该公司拥有经过压力测试的高流动性投资组合。他表示，该公司采用规避风险的方法来管理其储备，并以确保维持美元挂钩的方式运营。</blockquote></p><p> “Our transparency allows people to decide whether they are happy holding that token or not,” he said.</p><p><blockquote>“他说：”我们的透明度让人们可以决定他们是否乐意持有该令牌。</blockquote></p><p> What the companies have disclosed is that they have invested the reserves in corporate debt, commercial paper and other markets that are generally considered liquid, and in cash equivalents.</p><p><blockquote>这些公司披露的是，他们已将储备投资于公司债务、商业票据和其他通常被认为具有流动性的市场以及现金等价物。</blockquote></p><p> Tether, according to a report it released earlier this year, held about half of its reserves in commercial paper—short-term loans used by companies to cover expenses. The credit ratings of the commercial paper and whether it came from the U.S. or overseas couldn’t be determined.</p><p><blockquote>根据泰达币今年早些时候发布的一份报告，其大约一半的储备持有商业票据——公司用来支付费用的短期贷款。无法确定该商业票据的信用等级以及它是来自美国还是海外。</blockquote></p><p> In 2019, New York Attorney General Letitia James revealed as part of an investigation that executives of Tether, who also own and operate the exchange Bitfinex, took at least $700 million out of the tether reserve to shore up the balance sheet of Bitfinex.</p><p><blockquote>2019 年，纽约总检察长 Letitia James 在一项调查中透露，同时拥有和运营交易所 Bitfinex 的泰达币高管从泰达币储备中提取了至少 7 亿美元，以支撑 Bitfinex 的资产负债表。</blockquote></p><p> The case was settled in February. As part of that settlement, Tether agreed to release quarterly reports on the composition of its reserves.</p><p><blockquote>此案已于二月份结案。作为和解的一部分，泰达币同意发布关于其储备构成的季度报告。</blockquote></p><p></p><p> Regulators don’t have to look far for examples of what can go wrong in the world of finance. Money-market funds came under pressure last year during the pandemic-driven selloff and required support from the Fed. Dozens of money-market funds needed to be propped up during the 2008-09 financial crisis to prevent them from “breaking the buck,” or falling under their standard of a $1-a-share net asset value.</p><p><blockquote>监管机构无需寻找金融界可能出错的例子。去年在大流行驱动的抛售期间，货币市场基金面临压力，需要美联储的支持。在 2008-09 年金融危机期间，数十只货币市场基金需要得到支撑，以防止它们 “破产”，或跌破每股 1 美元资产净值的标准。</blockquote></p><p> Building trust was one of the biggest reasons that Circle decidedit would go public, according Mr. Allaire.</p><p><blockquote>阿莱尔表示，建立信任是 Circle 决定上市的最大原因之一。</blockquote></p><p> “It is about being a public company and being an open and transparent company,” he said in an interview earlier this month.</p><p><blockquote>“他在本月早些时候接受采访时说：”这关乎成为一家上市公司，关乎成为一家公开透明的公司。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/risks-of-crypto-stablecoins-attract-attention-of-yellen-fed-and-sec-11626537601?mod=markets_lead_pos5\">WSJ</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":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.wsj.com/articles/risks-of-crypto-stablecoins-attract-attention-of-yellen-fed-and-sec-11626537601?mod=markets_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179956883","content_text":"Stablecoins, digital currencies pegged to national currencies like the U.S. dollar, are increasingly seen as a potential risknot just to crypto markets, but to the capital markets as well.\nTreasury Secretary Janet Yellen is scheduled Mondayto hold a meetingof the President’s Working Group on Financial Markets to discuss stablecoins, the Treasury Department said Friday. The group includes the heads of the Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission.\n“Bringing together regulators will enable us to assess the potential benefits of stablecoins while mitigating risks they could pose to users, markets, or the financial system,” Ms. Yellen said in a statement.\nStablecoins are a key source of liquidity for cryptocurrency exchanges, their largest users, which need to process trades 24 hours a day. In the derivatives and decentralized finance markets, stablecoins are used by traders and speculators as collateral, and many contracts pay out in stablecoins.\nStablecoins have exploded over the past year as cryptocurrency trading has taken off. The value of the three largest stablecoins—tether, USD Coin and Binance USD—is about $100 billion, up from about $11 billion a year ago.\nJeremy Allaire, chief executive of the USD Coin issuer, Circle Internet Financial Inc., said the meeting of the president’s working group is a good thing for stablecoins and that he supports developing clear standards. “I think it’s good news,” he said.\nTether Ltd., the issuer of the tether stablecoin, said it looked forward to working with officials to support transparency and compliance. Binance Holdings Ltd., issuer of Binance USD, said it sees the meeting as a positive move. Having regulators involved will bring more legitimacy and clarity to stablecoins, Binance Chief Compliance Officer Samuel Lim said.\nStablecoins and the companies that issue them have been criticized as not being trustworthy.\n“There are many reasons to think that stablecoins—at least, many of the stablecoins—are not actually particularly stable,” Boston Federal Reserve President Eric Rosengren said in a June speech.\nWhile the startups issuing these stablecoins including Circle and Tether are responsible for assets that make them sizable players in the traditional capital markets, there are no clear rules about how the assets should be regulated to ensure stability.\nIn December, the president’s working group released a statement on the regulatory issues concerning stablecoins. Among other things, it suggested that best practices would include a 1:1 reserve ratio and said issuers should hold “high-quality, U.S.-dollar denominated assets” and hold them at U.S.-regulated entities.\nStablecoins operate on the assumption that their reserves are liquid and easily redeemable. Ostensibly, a stablecoin should at all times be redeemable for national currencies, and the amount held in reserve should equal the amount in circulation: currently $64 billion for Tether, $26 billion for USD Coin and $11 billion for Binance USD.\nStablecoin reserves, however, don’t just sit in bank accounts collecting interest. Circle and Tether manage the reserves to provide some level of income.\nNeither Circle nor Tether provides a detailed breakdown of where their reserves are invested and the risks users of the tokens are taking. This lack of information has alarmed central bankers and lawmakers in the U.S. and overseas. Binance has said its stablecoin’s reserves are backed 1-1 by U.S. dollars held in custody by the New York-based crypto services company Paxos.\nBoth Circle and Tether have separately defended the level of information they share with the markets.\nStuart Hoegner, general counsel at Tether, said the company has a highly liquid portfolio that has been stress-tested. He said the company has a risk-averse approach to managing its reserves and operates in a way to ensure that its dollar peg is maintained.\n“Our transparency allows people to decide whether they are happy holding that token or not,” he said.\nWhat the companies have disclosed is that they have invested the reserves in corporate debt, commercial paper and other markets that are generally considered liquid, and in cash equivalents.\nTether, according to a report it released earlier this year, held about half of its reserves in commercial paper—short-term loans used by companies to cover expenses. The credit ratings of the commercial paper and whether it came from the U.S. or overseas couldn’t be determined.\nIn 2019, New York Attorney General Letitia James revealed as part of an investigation that executives of Tether, who also own and operate the exchange Bitfinex, took at least $700 million out of the tether reserve to shore up the balance sheet of Bitfinex.\nThe case was settled in February. As part of that settlement, Tether agreed to release quarterly reports on the composition of its reserves.\nRegulators don’t have to look far for examples of what can go wrong in the world of finance. Money-market funds came under pressure last year during the pandemic-driven selloff and required support from the Fed. Dozens of money-market funds needed to be propped up during the 2008-09 financial crisis to prevent them from “breaking the buck,” or falling under their standard of a $1-a-share net asset value.\nBuilding trust was one of the biggest reasons that Circle decidedit would go public, according Mr. Allaire.\n“It is about being a public company and being an open and transparent company,” he said in an interview earlier this month.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":628,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173653301,"gmtCreate":1626658802703,"gmtModify":1631892257282,"author":{"id":"3586415957138494","authorId":"3586415957138494","name":"Kervin21","avatar":"https://static.tigerbbs.com/cb5cda809c6350e717fe7cd7d7789262","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586415957138494","authorIdStr":"3586415957138494"},"themes":[],"title":"","htmlText":"👍🏻👍🏻👍🏻","listText":"👍🏻👍🏻👍🏻","text":"👍🏻👍🏻👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/173653301","repostId":"1111084715","repostType":4,"isVote":1,"tweetType":1,"viewCount":810,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173659261,"gmtCreate":1626658782253,"gmtModify":1631892257288,"author":{"id":"3586415957138494","authorId":"3586415957138494","name":"Kervin21","avatar":"https://static.tigerbbs.com/cb5cda809c6350e717fe7cd7d7789262","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586415957138494","authorIdStr":"3586415957138494"},"themes":[],"title":"","htmlText":"Peng peng","listText":"Peng peng","text":"Peng peng","images":[{"img":"https://static.tigerbbs.com/115aa36cd6e58030da187a03488f6bc3","width":"750","height":"2107"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/173659261","isVote":1,"tweetType":1,"viewCount":578,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":173650826,"gmtCreate":1626658740165,"gmtModify":1631892257294,"author":{"id":"3586415957138494","authorId":"3586415957138494","name":"Kervin21","avatar":"https://static.tigerbbs.com/cb5cda809c6350e717fe7cd7d7789262","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586415957138494","authorIdStr":"3586415957138494"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/TSM\">$Taiwan Semiconductor Manufacturing(TSM)$</a> 😓😓😓😓","listText":"<a href=\"https://laohu8.com/S/TSM\">$Taiwan Semiconductor Manufacturing(TSM)$</a> 😓😓😓😓","text":"$Taiwan Semiconductor Manufacturing(TSM)$ 😓😓😓😓","images":[{"img":"https://static.tigerbbs.com/24f08ab28ea8a99d8d148d554e2c2b18","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/173650826","isVote":1,"tweetType":1,"viewCount":658,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":179046032,"gmtCreate":1626478271226,"gmtModify":1631892257294,"author":{"id":"3586415957138494","authorId":"3586415957138494","name":"Kervin21","avatar":"https://static.tigerbbs.com/cb5cda809c6350e717fe7cd7d7789262","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586415957138494","authorIdStr":"3586415957138494"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/TSM\">$Taiwan Semiconductor Manufacturing(TSM)$</a>Hold hold","listText":"<a href=\"https://laohu8.com/S/TSM\">$Taiwan Semiconductor Manufacturing(TSM)$</a>Hold hold","text":"$Taiwan Semiconductor Manufacturing(TSM)$Hold hold","images":[{"img":"https://static.tigerbbs.com/24f08ab28ea8a99d8d148d554e2c2b18","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/179046032","isVote":1,"tweetType":1,"viewCount":894,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":179041805,"gmtCreate":1626478123507,"gmtModify":1631892257298,"author":{"id":"3586415957138494","authorId":"3586415957138494","name":"Kervin21","avatar":"https://static.tigerbbs.com/cb5cda809c6350e717fe7cd7d7789262","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586415957138494","authorIdStr":"3586415957138494"},"themes":[],"title":"","htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/179041805","repostId":"1140939614","repostType":4,"isVote":1,"tweetType":1,"viewCount":629,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":173653524,"gmtCreate":1626658820868,"gmtModify":1631892257281,"author":{"id":"3586415957138494","authorId":"3586415957138494","name":"Kervin21","avatar":"https://static.tigerbbs.com/cb5cda809c6350e717fe7cd7d7789262","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586415957138494","idStr":"3586415957138494"},"themes":[],"title":"","htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/173653524","repostId":"1179956883","repostType":4,"repost":{"id":"1179956883","kind":"news","pubTimestamp":1626658139,"share":"https://www.laohunote.com/m/news/1179956883?lang=zh_CN&edition=full","pubTime":"2021-07-19 09:28","market":"us","language":"en","title":"Risks of Crypto Stablecoins Attract Attention of Yellen, Fed and SEC<blockquote>加密货币稳定币风险引起耶伦、美联储和美国证券交易委员会的关注</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179956883","media":"WSJ","summary":"Stablecoins, digital currencies pegged to national currencies like the U.S. dollar, are increasingly","content":"<p>Stablecoins, digital currencies pegged to national currencies like the U.S. dollar, are increasingly seen as a potential risknot just to crypto markets, but to the capital markets as well.</p><p><blockquote>稳定币是与美元等国家货币挂钩的数字货币，越来越多地被视为不仅对加密市场，而且对资本市场都是潜在风险。</blockquote></p><p> Treasury Secretary Janet Yellen is scheduled Mondayto hold a meetingof the President’s Working Group on Financial Markets to discuss stablecoins, the Treasury Department said Friday. The group includes the heads of the Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission.</p><p><blockquote>美国财政部周五表示，财政部长珍妮特-耶伦（Janet Yellen）定于周一召开总统金融市场工作组会议，讨论稳定币问题。该小组包括美联储、美国证券交易委员会和商品期货交易委员会的负责人。</blockquote></p><p> “Bringing together regulators will enable us to assess the potential benefits of stablecoins while mitigating risks they could pose to users, markets, or the financial system,” Ms. Yellen said in a statement.</p><p><blockquote>“耶伦女士在一份声明中说：”将监管机构聚集在一起将使我们能够评估稳定币的潜在好处，同时减轻它们可能给用户、市场或金融体系带来的风险。</blockquote></p><p> Stablecoins are a key source of liquidity for cryptocurrency exchanges, their largest users, which need to process trades 24 hours a day. In the derivatives and decentralized finance markets, stablecoins are used by traders and speculators as collateral, and many contracts pay out in stablecoins.</p><p><blockquote>稳定币是加密货币交易所的主要流动性来源，加密货币交易所是它们最大的用户，需要一天24小时处理交易。在衍生品和去中心化金融市场中，稳定币被交易者和投机者用作抵押品，许多合约以稳定币支付。</blockquote></p><p> Stablecoins have exploded over the past year as cryptocurrency trading has taken off. The value of the three largest stablecoins—tether, USD Coin and Binance USD—is about $100 billion, up from about $11 billion a year ago.</p><p><blockquote>随着加密货币交易的起飞，稳定币在过去一年中呈爆炸式增长。三种最大的稳定币——泰达币、美元硬币和币安美元——的价值约为1000亿美元，高于一年前的约110亿美元。</blockquote></p><p> Jeremy Allaire, chief executive of the USD Coin issuer, Circle Internet Financial Inc., said the meeting of the president’s working group is a good thing for stablecoins and that he supports developing clear standards. “I think it’s good news,” he said.</p><p><blockquote>美元硬币发行商 Circle Internet Financial Inc. 总统工作组的会议对稳定币来说是一件好事，他支持制定明确的标准。“他说：”我认为这是个好消息。</blockquote></p><p> Tether Ltd., the issuer of the tether stablecoin, said it looked forward to working with officials to support transparency and compliance. Binance Holdings Ltd., issuer of Binance USD, said it sees the meeting as a positive move. Having regulators involved will bring more legitimacy and clarity to stablecoins, Binance Chief Compliance Officer Samuel Lim said.</p><p><blockquote>泰达币稳定币的发行商泰达币有限公司表示，期待与官员合作，支持透明度和合规性。币安美元的发行人币安控股有限公司表示，它认为这次会议是一个积极的举措。币安首席合规官 Samuel Lim 表示，监管机构的参与将为稳定币带来更多合法性和清晰度。</blockquote></p><p> Stablecoins and the companies that issue them have been criticized as not being trustworthy.</p><p><blockquote>稳定币和发行稳定币的公司被批评为不值得信赖。</blockquote></p><p> “There are many reasons to think that stablecoins—at least, many of the stablecoins—are not actually particularly stable,” Boston Federal Reserve President Eric Rosengren said in a June speech.</p><p><blockquote>“波士顿联储主席埃里克-罗森格伦（Eric Rosengren）在 6 月份的一次演讲中说：”有很多理由认为，稳定币--至少是许多稳定币--实际上并不特别稳定。</blockquote></p><p> While the startups issuing these stablecoins including Circle and Tether are responsible for assets that make them sizable players in the traditional capital markets, there are no clear rules about how the assets should be regulated to ensure stability.</p><p><blockquote>虽然包括Circle和泰达币在内的发行这些稳定币的初创公司负责的资产使它们成为传统资本市场的重要参与者，但对于如何监管这些资产以确保稳定性，没有明确的规则。</blockquote></p><p> In December, the president’s working group released a statement on the regulatory issues concerning stablecoins. Among other things, it suggested that best practices would include a 1:1 reserve ratio and said issuers should hold “high-quality, U.S.-dollar denominated assets” and hold them at U.S.-regulated entities.</p><p><blockquote>12 月，总统工作组发布了一份关于稳定币监管问题的声明。除其他外，它建议最佳做法包括 1:1 的准备金率，并表示发行人应持有 “高质量、以美元计价的资产”，并将其持有在美国监管的实体中。</blockquote></p><p> Stablecoins operate on the assumption that their reserves are liquid and easily redeemable. Ostensibly, a stablecoin should at all times be redeemable for national currencies, and the amount held in reserve should equal the amount in circulation: currently $64 billion for Tether, $26 billion for USD Coin and $11 billion for Binance USD.</p><p><blockquote>稳定币的运作假设其储备是流动性的且易于赎回。表面上看，稳定币应该在任何时候都可以兑换成本国货币，储备中持有的金额应该等于流通中的金额：目前泰达币为640亿美元，美元币为260亿美元，币安美元为110亿美元。</blockquote></p><p> Stablecoin reserves, however, don’t just sit in bank accounts collecting interest. Circle and Tether manage the reserves to provide some level of income.</p><p><blockquote>然而，稳定币储备并不只是存在银行账户中收取利息。圈和泰达币管理储备，以提供某种程度的收入。</blockquote></p><p> Neither Circle nor Tether provides a detailed breakdown of where their reserves are invested and the risks users of the tokens are taking. This lack of information has alarmed central bankers and lawmakers in the U.S. and overseas. Binance has said its stablecoin’s reserves are backed 1-1 by U.S. dollars held in custody by the New York-based crypto services company Paxos.</p><p><blockquote>Circle 和泰达币都没有提供他们的储备投资地点以及代币用户承担的风险的详细明细。这种信息的缺乏让美国和海外的央行行长和立法者感到震惊。Binance 表示，其稳定币的储备由总部位于纽约的加密货币服务公司 Paxos 持有的美元 1:1 支持。</blockquote></p><p> Both Circle and Tether have separately defended the level of information they share with the markets.</p><p><blockquote>Circle 和泰达币都分别为他们与市场分享的信息水平进行了辩护。</blockquote></p><p> Stuart Hoegner, general counsel at Tether, said the company has a highly liquid portfolio that has been stress-tested. He said the company has a risk-averse approach to managing its reserves and operates in a way to ensure that its dollar peg is maintained.</p><p><blockquote>泰达币总法律顾问斯图尔特·霍格纳 (Stuart Hoegner) 表示，该公司拥有经过压力测试的高流动性投资组合。他表示，该公司采用规避风险的方法来管理其储备，并以确保维持美元挂钩的方式运营。</blockquote></p><p> “Our transparency allows people to decide whether they are happy holding that token or not,” he said.</p><p><blockquote>“他说：”我们的透明度让人们可以决定他们是否乐意持有该令牌。</blockquote></p><p> What the companies have disclosed is that they have invested the reserves in corporate debt, commercial paper and other markets that are generally considered liquid, and in cash equivalents.</p><p><blockquote>这些公司披露的是，他们已将储备投资于公司债务、商业票据和其他通常被认为具有流动性的市场以及现金等价物。</blockquote></p><p> Tether, according to a report it released earlier this year, held about half of its reserves in commercial paper—short-term loans used by companies to cover expenses. The credit ratings of the commercial paper and whether it came from the U.S. or overseas couldn’t be determined.</p><p><blockquote>根据泰达币今年早些时候发布的一份报告，其大约一半的储备持有商业票据——公司用来支付费用的短期贷款。无法确定该商业票据的信用等级以及它是来自美国还是海外。</blockquote></p><p> In 2019, New York Attorney General Letitia James revealed as part of an investigation that executives of Tether, who also own and operate the exchange Bitfinex, took at least $700 million out of the tether reserve to shore up the balance sheet of Bitfinex.</p><p><blockquote>2019 年，纽约总检察长 Letitia James 在一项调查中透露，同时拥有和运营交易所 Bitfinex 的泰达币高管从泰达币储备中提取了至少 7 亿美元，以支撑 Bitfinex 的资产负债表。</blockquote></p><p> The case was settled in February. As part of that settlement, Tether agreed to release quarterly reports on the composition of its reserves.</p><p><blockquote>此案已于二月份结案。作为和解的一部分，泰达币同意发布关于其储备构成的季度报告。</blockquote></p><p></p><p> Regulators don’t have to look far for examples of what can go wrong in the world of finance. Money-market funds came under pressure last year during the pandemic-driven selloff and required support from the Fed. Dozens of money-market funds needed to be propped up during the 2008-09 financial crisis to prevent them from “breaking the buck,” or falling under their standard of a $1-a-share net asset value.</p><p><blockquote>监管机构无需寻找金融界可能出错的例子。去年在大流行驱动的抛售期间，货币市场基金面临压力，需要美联储的支持。在 2008-09 年金融危机期间，数十只货币市场基金需要得到支撑，以防止它们 “破产”，或跌破每股 1 美元资产净值的标准。</blockquote></p><p> Building trust was one of the biggest reasons that Circle decidedit would go public, according Mr. Allaire.</p><p><blockquote>阿莱尔表示，建立信任是 Circle 决定上市的最大原因之一。</blockquote></p><p> “It is about being a public company and being an open and transparent company,” he said in an interview earlier this month.</p><p><blockquote>“他在本月早些时候接受采访时说：”这关乎成为一家上市公司，关乎成为一家公开透明的公司。</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>Risks of Crypto Stablecoins Attract Attention of Yellen, Fed and SEC<blockquote>加密货币稳定币风险引起耶伦、美联储和美国证券交易委员会的关注</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\">\nRisks of Crypto Stablecoins Attract Attention of Yellen, Fed and SEC<blockquote>加密货币稳定币风险引起耶伦、美联储和美国证券交易委员会的关注</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-07-19 09:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stablecoins, digital currencies pegged to national currencies like the U.S. dollar, are increasingly seen as a potential risknot just to crypto markets, but to the capital markets as well.</p><p><blockquote>稳定币是与美元等国家货币挂钩的数字货币，越来越多地被视为不仅对加密市场，而且对资本市场都是潜在风险。</blockquote></p><p> Treasury Secretary Janet Yellen is scheduled Mondayto hold a meetingof the President’s Working Group on Financial Markets to discuss stablecoins, the Treasury Department said Friday. The group includes the heads of the Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission.</p><p><blockquote>美国财政部周五表示，财政部长珍妮特-耶伦（Janet Yellen）定于周一召开总统金融市场工作组会议，讨论稳定币问题。该小组包括美联储、美国证券交易委员会和商品期货交易委员会的负责人。</blockquote></p><p> “Bringing together regulators will enable us to assess the potential benefits of stablecoins while mitigating risks they could pose to users, markets, or the financial system,” Ms. Yellen said in a statement.</p><p><blockquote>“耶伦女士在一份声明中说：”将监管机构聚集在一起将使我们能够评估稳定币的潜在好处，同时减轻它们可能给用户、市场或金融体系带来的风险。</blockquote></p><p> Stablecoins are a key source of liquidity for cryptocurrency exchanges, their largest users, which need to process trades 24 hours a day. In the derivatives and decentralized finance markets, stablecoins are used by traders and speculators as collateral, and many contracts pay out in stablecoins.</p><p><blockquote>稳定币是加密货币交易所的主要流动性来源，加密货币交易所是它们最大的用户，需要一天24小时处理交易。在衍生品和去中心化金融市场中，稳定币被交易者和投机者用作抵押品，许多合约以稳定币支付。</blockquote></p><p> Stablecoins have exploded over the past year as cryptocurrency trading has taken off. The value of the three largest stablecoins—tether, USD Coin and Binance USD—is about $100 billion, up from about $11 billion a year ago.</p><p><blockquote>随着加密货币交易的起飞，稳定币在过去一年中呈爆炸式增长。三种最大的稳定币——泰达币、美元硬币和币安美元——的价值约为1000亿美元，高于一年前的约110亿美元。</blockquote></p><p> Jeremy Allaire, chief executive of the USD Coin issuer, Circle Internet Financial Inc., said the meeting of the president’s working group is a good thing for stablecoins and that he supports developing clear standards. “I think it’s good news,” he said.</p><p><blockquote>美元硬币发行商 Circle Internet Financial Inc. 总统工作组的会议对稳定币来说是一件好事，他支持制定明确的标准。“他说：”我认为这是个好消息。</blockquote></p><p> Tether Ltd., the issuer of the tether stablecoin, said it looked forward to working with officials to support transparency and compliance. Binance Holdings Ltd., issuer of Binance USD, said it sees the meeting as a positive move. Having regulators involved will bring more legitimacy and clarity to stablecoins, Binance Chief Compliance Officer Samuel Lim said.</p><p><blockquote>泰达币稳定币的发行商泰达币有限公司表示，期待与官员合作，支持透明度和合规性。币安美元的发行人币安控股有限公司表示，它认为这次会议是一个积极的举措。币安首席合规官 Samuel Lim 表示，监管机构的参与将为稳定币带来更多合法性和清晰度。</blockquote></p><p> Stablecoins and the companies that issue them have been criticized as not being trustworthy.</p><p><blockquote>稳定币和发行稳定币的公司被批评为不值得信赖。</blockquote></p><p> “There are many reasons to think that stablecoins—at least, many of the stablecoins—are not actually particularly stable,” Boston Federal Reserve President Eric Rosengren said in a June speech.</p><p><blockquote>“波士顿联储主席埃里克-罗森格伦（Eric Rosengren）在 6 月份的一次演讲中说：”有很多理由认为，稳定币--至少是许多稳定币--实际上并不特别稳定。</blockquote></p><p> While the startups issuing these stablecoins including Circle and Tether are responsible for assets that make them sizable players in the traditional capital markets, there are no clear rules about how the assets should be regulated to ensure stability.</p><p><blockquote>虽然包括Circle和泰达币在内的发行这些稳定币的初创公司负责的资产使它们成为传统资本市场的重要参与者，但对于如何监管这些资产以确保稳定性，没有明确的规则。</blockquote></p><p> In December, the president’s working group released a statement on the regulatory issues concerning stablecoins. Among other things, it suggested that best practices would include a 1:1 reserve ratio and said issuers should hold “high-quality, U.S.-dollar denominated assets” and hold them at U.S.-regulated entities.</p><p><blockquote>12 月，总统工作组发布了一份关于稳定币监管问题的声明。除其他外，它建议最佳做法包括 1:1 的准备金率，并表示发行人应持有 “高质量、以美元计价的资产”，并将其持有在美国监管的实体中。</blockquote></p><p> Stablecoins operate on the assumption that their reserves are liquid and easily redeemable. Ostensibly, a stablecoin should at all times be redeemable for national currencies, and the amount held in reserve should equal the amount in circulation: currently $64 billion for Tether, $26 billion for USD Coin and $11 billion for Binance USD.</p><p><blockquote>稳定币的运作假设其储备是流动性的且易于赎回。表面上看，稳定币应该在任何时候都可以兑换成本国货币，储备中持有的金额应该等于流通中的金额：目前泰达币为640亿美元，美元币为260亿美元，币安美元为110亿美元。</blockquote></p><p> Stablecoin reserves, however, don’t just sit in bank accounts collecting interest. Circle and Tether manage the reserves to provide some level of income.</p><p><blockquote>然而，稳定币储备并不只是存在银行账户中收取利息。圈和泰达币管理储备，以提供某种程度的收入。</blockquote></p><p> Neither Circle nor Tether provides a detailed breakdown of where their reserves are invested and the risks users of the tokens are taking. This lack of information has alarmed central bankers and lawmakers in the U.S. and overseas. Binance has said its stablecoin’s reserves are backed 1-1 by U.S. dollars held in custody by the New York-based crypto services company Paxos.</p><p><blockquote>Circle 和泰达币都没有提供他们的储备投资地点以及代币用户承担的风险的详细明细。这种信息的缺乏让美国和海外的央行行长和立法者感到震惊。Binance 表示，其稳定币的储备由总部位于纽约的加密货币服务公司 Paxos 持有的美元 1:1 支持。</blockquote></p><p> Both Circle and Tether have separately defended the level of information they share with the markets.</p><p><blockquote>Circle 和泰达币都分别为他们与市场分享的信息水平进行了辩护。</blockquote></p><p> Stuart Hoegner, general counsel at Tether, said the company has a highly liquid portfolio that has been stress-tested. He said the company has a risk-averse approach to managing its reserves and operates in a way to ensure that its dollar peg is maintained.</p><p><blockquote>泰达币总法律顾问斯图尔特·霍格纳 (Stuart Hoegner) 表示，该公司拥有经过压力测试的高流动性投资组合。他表示，该公司采用规避风险的方法来管理其储备，并以确保维持美元挂钩的方式运营。</blockquote></p><p> “Our transparency allows people to decide whether they are happy holding that token or not,” he said.</p><p><blockquote>“他说：”我们的透明度让人们可以决定他们是否乐意持有该令牌。</blockquote></p><p> What the companies have disclosed is that they have invested the reserves in corporate debt, commercial paper and other markets that are generally considered liquid, and in cash equivalents.</p><p><blockquote>这些公司披露的是，他们已将储备投资于公司债务、商业票据和其他通常被认为具有流动性的市场以及现金等价物。</blockquote></p><p> Tether, according to a report it released earlier this year, held about half of its reserves in commercial paper—short-term loans used by companies to cover expenses. The credit ratings of the commercial paper and whether it came from the U.S. or overseas couldn’t be determined.</p><p><blockquote>根据泰达币今年早些时候发布的一份报告，其大约一半的储备持有商业票据——公司用来支付费用的短期贷款。无法确定该商业票据的信用等级以及它是来自美国还是海外。</blockquote></p><p> In 2019, New York Attorney General Letitia James revealed as part of an investigation that executives of Tether, who also own and operate the exchange Bitfinex, took at least $700 million out of the tether reserve to shore up the balance sheet of Bitfinex.</p><p><blockquote>2019 年，纽约总检察长 Letitia James 在一项调查中透露，同时拥有和运营交易所 Bitfinex 的泰达币高管从泰达币储备中提取了至少 7 亿美元，以支撑 Bitfinex 的资产负债表。</blockquote></p><p> The case was settled in February. As part of that settlement, Tether agreed to release quarterly reports on the composition of its reserves.</p><p><blockquote>此案已于二月份结案。作为和解的一部分，泰达币同意发布关于其储备构成的季度报告。</blockquote></p><p></p><p> Regulators don’t have to look far for examples of what can go wrong in the world of finance. Money-market funds came under pressure last year during the pandemic-driven selloff and required support from the Fed. Dozens of money-market funds needed to be propped up during the 2008-09 financial crisis to prevent them from “breaking the buck,” or falling under their standard of a $1-a-share net asset value.</p><p><blockquote>监管机构无需寻找金融界可能出错的例子。去年在大流行驱动的抛售期间，货币市场基金面临压力，需要美联储的支持。在 2008-09 年金融危机期间，数十只货币市场基金需要得到支撑，以防止它们 “破产”，或跌破每股 1 美元资产净值的标准。</blockquote></p><p> Building trust was one of the biggest reasons that Circle decidedit would go public, according Mr. Allaire.</p><p><blockquote>阿莱尔表示，建立信任是 Circle 决定上市的最大原因之一。</blockquote></p><p> “It is about being a public company and being an open and transparent company,” he said in an interview earlier this month.</p><p><blockquote>“他在本月早些时候接受采访时说：”这关乎成为一家上市公司，关乎成为一家公开透明的公司。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/risks-of-crypto-stablecoins-attract-attention-of-yellen-fed-and-sec-11626537601?mod=markets_lead_pos5\">WSJ</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":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.wsj.com/articles/risks-of-crypto-stablecoins-attract-attention-of-yellen-fed-and-sec-11626537601?mod=markets_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179956883","content_text":"Stablecoins, digital currencies pegged to national currencies like the U.S. dollar, are increasingly seen as a potential risknot just to crypto markets, but to the capital markets as well.\nTreasury Secretary Janet Yellen is scheduled Mondayto hold a meetingof the President’s Working Group on Financial Markets to discuss stablecoins, the Treasury Department said Friday. The group includes the heads of the Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission.\n“Bringing together regulators will enable us to assess the potential benefits of stablecoins while mitigating risks they could pose to users, markets, or the financial system,” Ms. Yellen said in a statement.\nStablecoins are a key source of liquidity for cryptocurrency exchanges, their largest users, which need to process trades 24 hours a day. In the derivatives and decentralized finance markets, stablecoins are used by traders and speculators as collateral, and many contracts pay out in stablecoins.\nStablecoins have exploded over the past year as cryptocurrency trading has taken off. The value of the three largest stablecoins—tether, USD Coin and Binance USD—is about $100 billion, up from about $11 billion a year ago.\nJeremy Allaire, chief executive of the USD Coin issuer, Circle Internet Financial Inc., said the meeting of the president’s working group is a good thing for stablecoins and that he supports developing clear standards. “I think it’s good news,” he said.\nTether Ltd., the issuer of the tether stablecoin, said it looked forward to working with officials to support transparency and compliance. Binance Holdings Ltd., issuer of Binance USD, said it sees the meeting as a positive move. Having regulators involved will bring more legitimacy and clarity to stablecoins, Binance Chief Compliance Officer Samuel Lim said.\nStablecoins and the companies that issue them have been criticized as not being trustworthy.\n“There are many reasons to think that stablecoins—at least, many of the stablecoins—are not actually particularly stable,” Boston Federal Reserve President Eric Rosengren said in a June speech.\nWhile the startups issuing these stablecoins including Circle and Tether are responsible for assets that make them sizable players in the traditional capital markets, there are no clear rules about how the assets should be regulated to ensure stability.\nIn December, the president’s working group released a statement on the regulatory issues concerning stablecoins. Among other things, it suggested that best practices would include a 1:1 reserve ratio and said issuers should hold “high-quality, U.S.-dollar denominated assets” and hold them at U.S.-regulated entities.\nStablecoins operate on the assumption that their reserves are liquid and easily redeemable. Ostensibly, a stablecoin should at all times be redeemable for national currencies, and the amount held in reserve should equal the amount in circulation: currently $64 billion for Tether, $26 billion for USD Coin and $11 billion for Binance USD.\nStablecoin reserves, however, don’t just sit in bank accounts collecting interest. Circle and Tether manage the reserves to provide some level of income.\nNeither Circle nor Tether provides a detailed breakdown of where their reserves are invested and the risks users of the tokens are taking. This lack of information has alarmed central bankers and lawmakers in the U.S. and overseas. Binance has said its stablecoin’s reserves are backed 1-1 by U.S. dollars held in custody by the New York-based crypto services company Paxos.\nBoth Circle and Tether have separately defended the level of information they share with the markets.\nStuart Hoegner, general counsel at Tether, said the company has a highly liquid portfolio that has been stress-tested. He said the company has a risk-averse approach to managing its reserves and operates in a way to ensure that its dollar peg is maintained.\n“Our transparency allows people to decide whether they are happy holding that token or not,” he said.\nWhat the companies have disclosed is that they have invested the reserves in corporate debt, commercial paper and other markets that are generally considered liquid, and in cash equivalents.\nTether, according to a report it released earlier this year, held about half of its reserves in commercial paper—short-term loans used by companies to cover expenses. The credit ratings of the commercial paper and whether it came from the U.S. or overseas couldn’t be determined.\nIn 2019, New York Attorney General Letitia James revealed as part of an investigation that executives of Tether, who also own and operate the exchange Bitfinex, took at least $700 million out of the tether reserve to shore up the balance sheet of Bitfinex.\nThe case was settled in February. As part of that settlement, Tether agreed to release quarterly reports on the composition of its reserves.\nRegulators don’t have to look far for examples of what can go wrong in the world of finance. Money-market funds came under pressure last year during the pandemic-driven selloff and required support from the Fed. Dozens of money-market funds needed to be propped up during the 2008-09 financial crisis to prevent them from “breaking the buck,” or falling under their standard of a $1-a-share net asset value.\nBuilding trust was one of the biggest reasons that Circle decidedit would go public, according Mr. Allaire.\n“It is about being a public company and being an open and transparent company,” he said in an interview earlier this month.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":628,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176469070,"gmtCreate":1626912432090,"gmtModify":1631889838758,"author":{"id":"3586415957138494","authorId":"3586415957138494","name":"Kervin21","avatar":"https://static.tigerbbs.com/cb5cda809c6350e717fe7cd7d7789262","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586415957138494","idStr":"3586415957138494"},"themes":[],"title":"","htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/176469070","repostId":"2153477496","repostType":4,"isVote":1,"tweetType":1,"viewCount":3682,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150519264,"gmtCreate":1624921121858,"gmtModify":1633947132908,"author":{"id":"3586415957138494","authorId":"3586415957138494","name":"Kervin21","avatar":"https://static.tigerbbs.com/cb5cda809c6350e717fe7cd7d7789262","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586415957138494","idStr":"3586415957138494"},"themes":[],"title":"","htmlText":"Like and comment pls!","listText":"Like and comment pls!","text":"Like and comment pls!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/150519264","repostId":"1182036516","repostType":4,"repost":{"id":"1182036516","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624892087,"share":"https://www.laohunote.com/m/news/1182036516?lang=zh_CN&edition=full","pubTime":"2021-06-28 22:54","market":"us","language":"en","title":"Nvidia shares rose more than 5% to a new high<blockquote>英伟达股价上涨逾5%创新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1182036516","media":"Tiger Newspress","summary":"Nvidia shares rose more than 5% to a new high on Report Three Key Chip Makers Endorse Bid for Arm.\n\n","content":"<p>Nvidia shares rose more than 5% to a new high on Report Three Key Chip Makers Endorse Bid for Arm.</p><p><blockquote>有报道称，三家主要芯片制造商支持收购 Arm，英伟达股价上涨超过 5%，创下新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/05201fd147f1f824ea42bb1d0bcac789\" tg-width=\"840\" tg-height=\"470\"></p><p><blockquote></blockquote></p><p> Three major chip makers have reportedly stepped up to say they support&nbsp;Nvidia‘s&nbsp;proposed acquisition of the U.K.-based chip-design house Arm.</p><p><blockquote>据报道，三大芯片制造商已经站出来表示，他们支持英伟达收购英国芯片设计公司Arm的提议。</blockquote></p><p> Last September, Nvidia (ticker: NVDA) announced a deal to acquire Arm from&nbsp;SoftBank Group(SFTBY) for $40 billion in cash and stock in a transaction that would make SoftBank the largest investor in Nvidia. The deal has attracted considerable scrutiny from both regulators and other chip companies, given Arm’s position as a leading provider of microprocessor designs to the chip industry. Almost all smartphones use processors based on Arm designs.</p><p><blockquote>去年 9 月，英伟达（股票代码：NVDA）宣布以 400 亿美元现金和股票从软银集团 (SFTBY) 手中收购 Arm，此次交易将使软银成为英伟达最大的投资者。鉴于 Arm 是芯片行业领先的微处理器设计供应商，这笔交易引起了监管机构和其他芯片公司的广泛关注。几乎所有的智能手机都使用基于Arm设计的处理器。</blockquote></p><p> But the U.K.’s&nbsp;<i>Sunday Times</i>&nbsp;over the weekend&nbsp;reported&nbsp;that three important Arm customers—Broadcom(AVGO), Marvell (MRVL), and Taiwan-based&nbsp;MediaTek(2454.TW)—have endorsed the transaction. None of the companies involved could immediately be reached for comment.</p><p><blockquote>但英国的<i>星期日泰晤士报</i>上周末有报道称，Arm 的三个重要客户——博通 (AVGO)、Marvell (MRVL) 和台湾联发科 (2454.TW)——已认可这笔交易。我们无法立即联系到所有相关公司置评。</blockquote></p><p> Citi analyst Atif Malk wrote in a research note Sunday that the report is a big step forward for the proposed deal. He thinks the U.K. likely will approve the combination, given Nvidia’s public commitment to investing more in Arm’s U.K. operations. But he still sees considerable hurdles, in particular in China.</p><p><blockquote>花旗分析师 Atif Malk 在周日的一份研究报告中写道，该报告是拟议交易向前迈出的一大步。他认为，鉴于英伟达公开承诺加大对 Arm 英国业务的投资，英国很可能会批准合并。但他仍然看到了相当大的障碍，特别是在中国。</blockquote></p><p> “With the U.S. continuing to be aggressive against China winning in a tech race, we see China less likely to support a deal that would see them potentially losing access to Arm,” he wrote in a research note. “If Nvidia finds a way to keep the Arm China subsidiary as a separate entity without access to any [graphics processor or artificial intelligence] IP then there is a path to get both U.S. and China regulatory approval.”</p><p><blockquote>“他在一份研究报告中写道：”随着美国继续对中国在科技竞赛中获胜采取咄咄逼人的态度，我们认为中国不太可能支持一项可能导致他们失去Arm准入的协议。“如果英伟达能找到一种方法，让 Arm 中国子公司作为一个独立的实体保留下来，而无法访问任何（图形处理器或人工智能）知识产权，那么就有一条途径获得美国和中国监管机构的批准。”</blockquote></p><p> Malik says he says the path to approval remains narrow. He now sees a 30% chance of approval, up from a previous estimate of 10%.</p><p><blockquote>马利克说，他认为获得批准的道路仍然狭窄。他现在认为获得批准的几率为30%，高于之前估计的10%。</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>Nvidia shares rose more than 5% to a new high<blockquote>英伟达股价上涨逾5%创新高</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\">\nNvidia shares rose more than 5% to a new high<blockquote>英伟达股价上涨逾5%创新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-28 22:54</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Nvidia shares rose more than 5% to a new high on Report Three Key Chip Makers Endorse Bid for Arm.</p><p><blockquote>有报道称，三家主要芯片制造商支持收购 Arm，英伟达股价上涨超过 5%，创下新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/05201fd147f1f824ea42bb1d0bcac789\" tg-width=\"840\" tg-height=\"470\"></p><p><blockquote></blockquote></p><p> Three major chip makers have reportedly stepped up to say they support&nbsp;Nvidia‘s&nbsp;proposed acquisition of the U.K.-based chip-design house Arm.</p><p><blockquote>据报道，三大芯片制造商已经站出来表示，他们支持英伟达收购英国芯片设计公司Arm的提议。</blockquote></p><p> Last September, Nvidia (ticker: NVDA) announced a deal to acquire Arm from&nbsp;SoftBank Group(SFTBY) for $40 billion in cash and stock in a transaction that would make SoftBank the largest investor in Nvidia. The deal has attracted considerable scrutiny from both regulators and other chip companies, given Arm’s position as a leading provider of microprocessor designs to the chip industry. Almost all smartphones use processors based on Arm designs.</p><p><blockquote>去年 9 月，英伟达（股票代码：NVDA）宣布以 400 亿美元现金和股票从软银集团 (SFTBY) 手中收购 Arm，此次交易将使软银成为英伟达最大的投资者。鉴于 Arm 是芯片行业领先的微处理器设计供应商，这笔交易引起了监管机构和其他芯片公司的广泛关注。几乎所有的智能手机都使用基于Arm设计的处理器。</blockquote></p><p> But the U.K.’s&nbsp;<i>Sunday Times</i>&nbsp;over the weekend&nbsp;reported&nbsp;that three important Arm customers—Broadcom(AVGO), Marvell (MRVL), and Taiwan-based&nbsp;MediaTek(2454.TW)—have endorsed the transaction. None of the companies involved could immediately be reached for comment.</p><p><blockquote>但英国的<i>星期日泰晤士报</i>上周末有报道称，Arm 的三个重要客户——博通 (AVGO)、Marvell (MRVL) 和台湾联发科 (2454.TW)——已认可这笔交易。我们无法立即联系到所有相关公司置评。</blockquote></p><p> Citi analyst Atif Malk wrote in a research note Sunday that the report is a big step forward for the proposed deal. He thinks the U.K. likely will approve the combination, given Nvidia’s public commitment to investing more in Arm’s U.K. operations. But he still sees considerable hurdles, in particular in China.</p><p><blockquote>花旗分析师 Atif Malk 在周日的一份研究报告中写道，该报告是拟议交易向前迈出的一大步。他认为，鉴于英伟达公开承诺加大对 Arm 英国业务的投资，英国很可能会批准合并。但他仍然看到了相当大的障碍，特别是在中国。</blockquote></p><p> “With the U.S. continuing to be aggressive against China winning in a tech race, we see China less likely to support a deal that would see them potentially losing access to Arm,” he wrote in a research note. “If Nvidia finds a way to keep the Arm China subsidiary as a separate entity without access to any [graphics processor or artificial intelligence] IP then there is a path to get both U.S. and China regulatory approval.”</p><p><blockquote>“他在一份研究报告中写道：”随着美国继续对中国在科技竞赛中获胜采取咄咄逼人的态度，我们认为中国不太可能支持一项可能导致他们失去Arm准入的协议。“如果英伟达能找到一种方法，让 Arm 中国子公司作为一个独立的实体保留下来，而无法访问任何（图形处理器或人工智能）知识产权，那么就有一条途径获得美国和中国监管机构的批准。”</blockquote></p><p> Malik says he says the path to approval remains narrow. He now sees a 30% chance of approval, up from a previous estimate of 10%.</p><p><blockquote>马利克说，他认为获得批准的道路仍然狭窄。他现在认为获得批准的几率为30%，高于之前估计的10%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182036516","content_text":"Nvidia shares rose more than 5% to a new high on Report Three Key Chip Makers Endorse Bid for Arm.\n\nThree major chip makers have reportedly stepped up to say they support Nvidia‘s proposed acquisition of the U.K.-based chip-design house Arm.\nLast September, Nvidia (ticker: NVDA) announced a deal to acquire Arm from SoftBank Group(SFTBY) for $40 billion in cash and stock in a transaction that would make SoftBank the largest investor in Nvidia. The deal has attracted considerable scrutiny from both regulators and other chip companies, given Arm’s position as a leading provider of microprocessor designs to the chip industry. Almost all smartphones use processors based on Arm designs.\nBut the U.K.’s Sunday Times over the weekend reported that three important Arm customers—Broadcom(AVGO), Marvell (MRVL), and Taiwan-based MediaTek(2454.TW)—have endorsed the transaction. None of the companies involved could immediately be reached for comment.\nCiti analyst Atif Malk wrote in a research note Sunday that the report is a big step forward for the proposed deal. He thinks the U.K. likely will approve the combination, given Nvidia’s public commitment to investing more in Arm’s U.K. operations. But he still sees considerable hurdles, in particular in China.\n“With the U.S. continuing to be aggressive against China winning in a tech race, we see China less likely to support a deal that would see them potentially losing access to Arm,” he wrote in a research note. “If Nvidia finds a way to keep the Arm China subsidiary as a separate entity without access to any [graphics processor or artificial intelligence] IP then there is a path to get both U.S. and China regulatory approval.”\nMalik says he says the path to approval remains narrow. He now sees a 30% chance of approval, up from a previous estimate of 10%.","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":304,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143255204,"gmtCreate":1625797548708,"gmtModify":1633937212426,"author":{"id":"3586415957138494","authorId":"3586415957138494","name":"Kervin21","avatar":"https://static.tigerbbs.com/cb5cda809c6350e717fe7cd7d7789262","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586415957138494","idStr":"3586415957138494"},"themes":[],"title":"","htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/143255204","repostId":"1195657546","repostType":4,"isVote":1,"tweetType":1,"viewCount":396,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175023268,"gmtCreate":1626999282154,"gmtModify":1631889838744,"author":{"id":"3586415957138494","authorId":"3586415957138494","name":"Kervin21","avatar":"https://static.tigerbbs.com/cb5cda809c6350e717fe7cd7d7789262","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586415957138494","idStr":"3586415957138494"},"themes":[],"title":"","htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/175023268","repostId":"2153670096","repostType":4,"isVote":1,"tweetType":1,"viewCount":2340,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179041805,"gmtCreate":1626478123507,"gmtModify":1631892257298,"author":{"id":"3586415957138494","authorId":"3586415957138494","name":"Kervin21","avatar":"https://static.tigerbbs.com/cb5cda809c6350e717fe7cd7d7789262","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586415957138494","idStr":"3586415957138494"},"themes":[],"title":"","htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/179041805","repostId":"1140939614","repostType":4,"isVote":1,"tweetType":1,"viewCount":629,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124746989,"gmtCreate":1624797694941,"gmtModify":1633948544517,"author":{"id":"3586415957138494","authorId":"3586415957138494","name":"Kervin21","avatar":"https://static.tigerbbs.com/cb5cda809c6350e717fe7cd7d7789262","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586415957138494","idStr":"3586415957138494"},"themes":[],"title":"","htmlText":"Nio!","listText":"Nio!","text":"Nio!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/124746989","repostId":"1137119316","repostType":4,"repost":{"id":"1137119316","kind":"news","pubTimestamp":1624754401,"share":"https://www.laohunote.com/m/news/1137119316?lang=zh_CN&edition=full","pubTime":"2021-06-27 08:40","market":"us","language":"en","title":"Ford Or NIO? The Final Verdict<blockquote>福特还是蔚来？最终判决</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137119316","media":"seekingalpha","summary":"I am comparing Ford against NIO in different categories.The comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.NIO is growing a lot faster than Ford and the high valuation may be justified.With Ford  launching a major offensive in the market for electric vehicles, Chinese EV maker NIO  will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>I am comparing Ford against NIO in different categories.</li>  <li>The comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.</li>  <li>NIO is growing a lot faster than Ford and the high valuation may be justified.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5033fa117d7852799244b8275bc1000f\" tg-width=\"1536\" tg-height=\"886\"><span>peterschreiber.media/iStock via Getty Images</span></p><p><blockquote><ul><li>我在不同的类别中比较福特和蔚来。</li><li>此次比较旨在增进对福特和蔚来增长潜力的了解，同时突出市场地位和机遇的差异。</li><li>蔚来的增长速度比福特快得多，高估值可能是合理的。</li></ul><p class=\"t-img-caption\"><span>peterschreiber.media/iStock 来自盖蒂图片社</span></p></blockquote></p><p> With Ford (F) launching a major offensive in the market for electric vehicles, Chinese EV maker NIO (NIO) will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based on market opportunity, scale, revenue model, growth prospects and valuation? I will compare Ford against NIO in each category and issue a final verdict at the end.</p><p><blockquote>随着福特公司（F）在电动汽车市场发起重大攻势，中国电动汽车制造商蔚来（蔚来）未来将面临另一个竞争对手争夺销量。根据市场机会、规模、收入模式、增长前景和估值，哪家汽车制造商提供了最好的交易？我将在每个类别中比较福特和蔚来，并在最后给出最终结论。</blockquote></p><p> <b>Ford vs. NIO: The battle for the global electric vehicle market is heating up</b></p><p><blockquote><b>福特与蔚来：全球电动汽车市场之争正在升温</b></blockquote></p><p> Although there is a world of difference between Ford and NIO, both companies are set to go toe-to-toe in the rapidly growing global electric vehicle market. Ford’s fleet is not yet EV-focused but this is going to change: Feeling that the EV race is heating up, Ford said it is accelerating its electrification plan by investing&nbsp;$30B into its EV manufacturing capabilities until 2025. Ford’s previous capital plan called for a $22B investment in zero-emission vehicles. Ford also set an ambitious sales goal: 40% of its global sales will be electric within the next decade and 33% of pickup truck sales. Electric vehicle sales account for just 1% of Ford's sales today. As Ford is phasing out combustion engines, it is set to evolve into an all-electric vehicle maker by 2040.</p><p><blockquote>尽管福特和蔚来之间存在天壤之别，但两家公司都将在快速增长的全球电动汽车市场展开较量。福特的车队还没有以电动汽车为重点，但这种情况将会改变： 福特感觉到电动汽车竞赛正在升温，因此表示将加快其电气化计划，在 2025 年前投资 300 亿美元用于电动汽车制造能力。福特之前的资本计划要求投资 220 亿美元用于零排放汽车。福特还设定了一个雄心勃勃的销售目标：未来十年，其全球销量的 40% 将是电动汽车，皮卡车销量的 33% 将是电动汽车。目前，电动汽车销量仅占福特销量的 1%。随着福特逐步淘汰内燃机，它将在 2040 年发展成为一家全电动汽车制造商。</blockquote></p><p> <b>Market opportunity</b></p><p><blockquote><b>市场机会</b></blockquote></p><p> In 2020, 3.2m electric vehicles were sold in the world which represented a small market share of just 4.2%. China, however, was responsible for buying 41% of all electric vehicles in the world in 2020. Chinese buyers purchased 1.3m electric vehicles last year and sales are set to grow fast as Beijing seeks to boost EV adoption. The second largest market for electric vehicles was Europe which accounted for 42% of global EV sales. The US is only the third-largest market for plug-in electric vehicles in the world.</p><p><blockquote>2020年，全球电动汽车销量为320万辆，市场份额仅为4.2%。然而，2020 年，中国购买了全球 41% 的电动汽车。去年，中国买家购买了 130 万辆电动汽车，随着北京寻求促进电动汽车的普及，销量将快速增长。电动汽车的第二大市场是欧洲，占全球电动汽车销量的42%。美国只是全球第三大插电式电动汽车市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b48c23b32134542f51227d9b1b612887\" tg-width=\"1083\" tg-height=\"863\"><span>(Source: Wikipedia)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：维基百科）</span></p></blockquote></p><p> China, by far, is the fastest growing EV market in the world, although Europe is catching up fast, in part due to a legislative efforts to increase adoption of zero-emission passenger vehicles and because of massive investments in a Europe-wide charging station network. NIO is&nbsp;on the cusp of entering the European market&nbsp;in a bid to grow market share in the world’s second-largest EV market before the competition is ready.</p><p><blockquote>到目前为止，中国是世界上增长最快的电动汽车市场，尽管欧洲正在迅速迎头赶上，部分原因是立法努力增加零排放乘用车的采用，以及对欧洲范围内充电站网络的大量投资。蔚来正处于进军欧洲市场的风口浪尖，希望在竞争准备就绪之前扩大其在世界第二大电动汽车市场的市场份额。</blockquote></p><p> Beijing is a driver behind the electrification of the Chinese auto industry: The government wants to see a&nbsp;twenty percent share&nbsp;of electric vehicles for new car sales by 2025 which will drive EV penetration in NIO’s home market.</p><p><blockquote>中国政府是蔚来汽车工业电气化的推动者： 中国政府希望到 2025 年，电动汽车在新车销售中所占份额达到 20%，这将推动电动汽车在中国本土市场的普及。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9871e44eaf69adb27151425887870ace\" tg-width=\"739\" tg-height=\"454\"><span>(Source:Schroders)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：施罗德）</span></p></blockquote></p><p> Turning to growth projections.</p><p><blockquote>转向增长预测。</blockquote></p><p> With more favorable government policies for EV makers in places like China and Europe, these markets are poised to see the fastest sales growth and the highest EV adoption rates in the world. China is not only the largest market due to population size but is also expected to outperform all other markets in the world in EV sales until 2030.</p><p><blockquote>随着中国和欧洲等地政府对电动汽车制造商采取更有利的政策，这些市场将迎来世界上最快的销售增长和最高的电动汽车采用率。由于人口规模，中国不仅是最大的市场，而且预计到2030年，电动汽车销量将超过全球所有其他市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/61d19dff2f34e2d8828aca854e85d84a\" tg-width=\"825\" tg-height=\"565\"><span>(Source:McKinsey)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：麦肯锡）</span></p></blockquote></p><p> Since China has a larger total market size, a higher EV adoption rate, stronger expected sales growth and a more favorable regulatory framework, the winner here would be: NIO.</p><p><blockquote>由于中国拥有更大的总市场规模、更高的电动汽车采用率、更强劲的预期销售增长和更有利的监管框架，这里的赢家将是：蔚来。</blockquote></p><p> <b>Scale and manufacturing competence</b></p><p><blockquote><b>规模和制造能力</b></blockquote></p><p> Ford has a century’s worth of manufacturing experience. But Ford, so far, has only one all-electric vehicle in its product line-up that compares to NIO: The Mustang Mach-E SUV. In 2022, Ford will begin to sell the all-electric F-150 Lightening which builds on the success of Ford’s best-selling pick-up truck. NIO already has a stronger product catalog including the 5-seater ES6 SUV, the 5-seater coupe SUV EC6 and the ES8, a 6-seater and 7-seater full-sized SUV.</p><p><blockquote>福特拥有百年的制造经验。但到目前为止，福特的产品阵容中只有一款与蔚来相比的全电动汽车：野马 Mach-E SUV。2022 年，福特将开始销售全电动 F-150 Lightening，该车建立在福特最畅销皮卡车的成功基础上。蔚来已经拥有更强大的产品目录，包括5座ES6 SUV、5座轿跑车SUV EC6以及6座和7座全尺寸SUV ES8。</blockquote></p><p></p><p> Since NIO is solely focused on producing EVs and occupies a very small and defined niche, the Chinese firm has an advantage as far as EV-manufacturing expertise goes. The question is how long this advantage can last. Ford has extensive experience in building cars and can leverage a global manufacturing base to ramp up EV production faster than any niche EV maker could ever hope to achieve. This makes Ford a very serious rival not only to Tesla (TSLA) in the US, but also to NIO abroad. Ford is accelerating its electrification plans and it has the resources and the ambition to become a leader in EVs within the next decade. Ford’s proposed $30B spending on the electrification of its fleet will accelerate its transformation and turn Ford into a long term threat to other EV makers.</p><p><blockquote>由于蔚来只专注于生产电动汽车，并且占据了一个非常小且明确的利基市场，这家中国公司在电动汽车制造专业知识方面具有优势。问题是这种优势能持续多久。福特在制造汽车方面拥有丰富的经验，可以利用全球制造基地以比任何利基电动汽车制造商希望实现的速度更快地提高电动汽车产量。这使得福特不仅在美国是特斯拉（TSLA）的有力竞争对手，而且在国外也是蔚来的有力竞争对手。福特正在加速其电气化计划，它有资源和雄心在未来十年内成为电动汽车的领导者。福特提议斥资 300 亿美元用于车队电气化，这将加速其转型，并使福特成为其他电动汽车制造商的长期威胁。</blockquote></p><p> Winner here: Ford.</p><p><blockquote>这里的赢家：福特。</blockquote></p><p> <b>Differentiation and BaaS revenue model</b></p><p><blockquote><b>差异化与BaaS收入模式</b></blockquote></p><p> Both Ford and NIO know about the importance of differentiation in a market that will only get more competitive over time, which is why both companies are investing heavily in a related field that can break or solidify dominance in the EV market: Battery technology.</p><p><blockquote>福特和蔚来都知道差异化在这个市场中的重要性，随着时间的推移，这个市场只会变得更加竞争，这就是为什么两家公司都在一个相关领域大力投资，这个领域可以打破或巩固电动汽车市场的主导地位：电池技术。</blockquote></p><p> Ford is&nbsp;forming a joint venture&nbsp;with South Korean battery technology company SK Innovation to secure supply of traction battery cells and array modules. The joint venture is meant to accelerate battery deliveries and will produce approximately 60 GWh annually, enough to cover 25% of Ford’s estimated annual energy demand by 2030. NIO is also investing in battery technology and has&nbsp;formed its own joint venture&nbsp;to secure battery supply.</p><p><blockquote>福特正在与韩国电池技术公司 SK Innovation 成立一家合资企业，以确保牵引电池芯和阵列模块的供应。该合资企业旨在加快电池交付速度，年产量约为 60 GWh，足以满足福特到 2030 年预计年能源需求的 25%。蔚来也在投资电池技术，并组建了自己的合资企业来确保电池供应。</blockquote></p><p> The difference to Ford is that NIO’s battery investment strategy revolves around a battery subscription model, also called “battery-as-a-service”, which creates a strong, long term revenue opportunity for the Chinese vehicle maker. Under this “BaaS” model, users who buy a NIO electric vehicle get a 70,000 RMB initial discount, equivalent to $10,800, and can sign up for a monthly subscription to rent a rechargeable 70 kWh battery. Batteries can then be exchanged at one of NIO’s battery-swapping stations which can be found in most big Chinese cities. A battery subscription costs 980 RMB monthly which is the equivalent of $150.</p><p><blockquote>与福特不同的是，蔚来的电池投资战略围绕着电池订阅模式，也称为 “电池即服务 ”，这为这家中国汽车制造商创造了一个强大的长期收入机会。在这种 “BaaS” 模式下，用户购买蔚来电动汽车可获得 7 万元人民币的初始折扣，折合 1.08 万美元，并可签约包月租赁 70 千瓦时的可充电电池。然后可以在蔚来的换电站更换电池，这些换电站在中国大多数大城市都有。电池订阅费用为每月980元人民币，相当于150美元。</blockquote></p><p> The BaaS model has a couple of benefits for both the vehicle maker and the user: Purchasing an electric vehicle from NIO gets a lot more affordable due to the up-front discount and the subscription model ensures that users benefit from advancement in battery technology and better performance over time. Decoupling battery costs from vehicle prices creates an entirely new revenue stream on a subscription basis for NIO. Revenues from “BaaS” subscriptions could be used to increase the density of NIO’s network of charging/replacement stations. The battery subscription model also binds customers to NIO, potentially increasing customer lifetime value.</p><p><blockquote>BaaS模式对汽车制造商和用户都有几个好处：由于前期折扣，从蔚来购买电动汽车变得更加实惠，订阅模式确保用户受益于电池技术的进步和随着时间的推移更好的性能。将电池成本与汽车价格脱钩，为蔚来创造了一个全新的订阅收入流。“BaaS ”订阅的收入可用于增加蔚来充电/换电站网络的密度。电池订阅模式还将客户绑定到蔚来，从而潜在地增加客户的终身价值。</blockquote></p><p> Ford and NIO are primed to benefit from falling battery costs for electric vehicles as they ramp up capital allocations. As more investments flow into developing more efficient batteries, performance will go up and costs will go down which should drive EV adoption and benefit all EV makers. This is because lower battery prices make EVs more competitive to passenger vehicles with combustion engines. But since NIO is structuring a part of its business model explicitly around battery subscriptions, NIO could benefit more than Ford.</p><p><blockquote>随着福特和蔚来增加资本配置，它们有望从电动汽车电池成本下降中受益。随着越来越多的投资流入开发更高效的电池，性能将会提高，成本将会下降，这应该会推动电动汽车的采用并使所有电动汽车制造商受益。这是因为较低的电池价格使电动汽车比内燃机乘用车更具竞争力。但由于蔚来明确围绕电池订阅构建部分商业模式，蔚来可能会比福特受益更多。</blockquote></p><p> Battery costs for EVs have decreased 70% since 2014, based on information provided by investment firm Schroders, and are set to decrease more this decade.</p><p><blockquote>根据投资公司施罗德提供的信息，自 2014 年以来，电动汽车的电池成本已下降 70%，并且本十年还将进一步下降。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c42acb75905affe7570a2f399ea3192f\" tg-width=\"758\" tg-height=\"449\"><span>(Source: Schroders)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：施罗德）</span></p></blockquote></p><p> The “BaaS” model is genius and could develop into a $500M a year revenue opportunity for NIO long term. Although Ford is ramping up its investments in battery technology, the winner in this category is: NIO.</p><p><blockquote>“BaaS ”模式是天才之作，从长远来看，它可能会发展成为蔚来每年 5 亿美元的收入机会。尽管福特正在加大对电池技术的投资，但这一类别的赢家是：蔚来。</blockquote></p><p> <b>Sales growth and valuation</b></p><p><blockquote><b>销售增长和估值</b></blockquote></p><p> Ford’s sales in May grew 4.1% Y/Y but electrified vehicle sales (including hybrids) surged 184% Y/Y as Ford sold a record 10,364 EVs/hybrids in May. Escape electrified sales and Explorer Hybrid grew sales at 125% and 132% Y/Y showing strong customer uptake. NIO delivered 6,711 vehicles last month including 3,017 ES6s, 1,412 ES8s and 2,282 EC6s. Total Y/Y delivery growth for May was 95.3%.</p><p><blockquote>福特 5 月份的销量同比增长 4.1%，但电动汽车销量（包括混合动力汽车）同比激增 184%，福特 5 月份售出了创纪录的 10,364 辆电动汽车/混合动力汽车。Escape electrified 和 Explorer Hybrid 的销量分别同比增长 125% 和 132%，显示出强劲的客户吸引力。蔚来上个月交付了 6,711 辆汽车，其中包括 3,017 辆 ES6、1,412 辆 ES8 和 2,282 辆 EC6。5 月份总交付量同比增长 95.3%。</blockquote></p><p> Ford's sales are fifty-four times larger than NIO's which creates more sales growth and revaluation potential for NIO.</p><p><blockquote>福特的销量是蔚来汽车的54倍，这为蔚来创造了更多的销售增长和重估潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df5a0a393e44ed74241c5effcdd92350\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p></p><p> The difference in valuation between Ford and NIO is like the difference between night and day. This is because Ford is still seen as a mature vehicle maker with expected enterprise sales growth in the low-to-mid digits, despite explosive growth in the EV category. Ford is expected to grow revenues by 33% until FY 2025 (base year: FY 2020) and NIO by 808%!</p><p><blockquote>福特和蔚来之间的估值差异就像黑夜和白天之间的差异。这是因为尽管电动汽车类别实现了爆炸式增长，但福特仍被视为一家成熟的汽车制造商，预计企业销量增长将达到中低位数。福特预计到 2025 财年（基准年：2020 财年）收入将增长 33%，蔚来将增长 808%!</blockquote></p><p> Due to these differences in sales growth, NIO is the complete opposite of Ford, at least as far as valuation goes. The Chinese EV-maker is expected to see sales and delivery growth close to 100% this year and since NIO is only dealing in EVs, NIO gets a much higher market-cap-to-sales ratio than Ford.</p><p><blockquote>由于销售增长的这些差异，蔚来与福特完全相反，至少就估值而言是这样。这家中国电动汽车制造商预计今年的销量和交付量将增长接近 100%，由于蔚来只销售电动汽车，蔚来的市值与销量之比远高于福特。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/817605c6b1e82c03d0473ea570d32b8f\" tg-width=\"506\" tg-height=\"406\"><span>(Source: Author)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：作者）</span></p></blockquote></p><p> <b>NIO has larger risks...</b></p><p><blockquote><b>蔚来有更大的风险……</b></blockquote></p><p> NIO is the more risky venture, but also the one that offers the most promise. Government policy favors EV-makers like NIO. The potential for total global sales growth is larger for NIO as it operates from a smaller revenue base compared to Ford. But there are also a few things that work against NIO. For example, recalls due to production defects would be a much bigger challenge for NIO to overcome than for Ford which can rely on a global service and distribution network. NIO’s valuation is also not without risk as an unexpected slowing of sales growth due to production setbacks would leave a much larger dent in the financials.</p><p><blockquote>蔚来是风险更大的企业，但也是最有希望的企业。政府政策有利于蔚来等电动汽车制造商。与福特相比，蔚来的全球总销售额增长潜力更大，因为它的营收基础较小。但也有一些事情对蔚来不利。例如，与可以依赖全球服务和分销网络的福特相比，由于生产缺陷导致的召回对于蔚来来说将是一个更大的挑战。蔚来的估值也并非没有风险，因为生产受挫导致销售增长意外放缓，将对财务状况造成更大影响。</blockquote></p><p> <b>Final verdict</b></p><p><blockquote><b>最终判决</b></blockquote></p><p> NIO is definitely the more “sexy” vehicle maker. Strong adoption and sales growth in China and Europe support NIO. Its super smart BaaS model which decouples vehicle purchase prices from battery costs is genius. You pay a high price for this growth but the market opportunity for NIO is immense.</p><p><blockquote>蔚来绝对是更 “性感 ”的汽车制造商。在中国和欧洲的强劲采用率和销售增长支持了蔚来。其超级智能BaaS模型将车辆购买价格与电池成本脱钩，堪称天才。你为这种增长付出了高昂的代价，但蔚来的市场机会是巨大的。</blockquote></p><p> Ford’s EV sales are booming and the percentage of EV sales will increase as the vehicle maker electrifies its fleet. Ford has a lot of potential in the EV market but since EV sales are still a relatively low percentage of total sales, it will take a long time for Ford to complete its transformation.</p><p><blockquote>福特的电动汽车销量正在蓬勃发展，随着该汽车制造商车队电气化，电动汽车销量的比例也将不断增加。福特在电动汽车市场潜力巨大，但由于电动汽车销量占总销量的比例仍然相对较低，福特需要很长时间才能完成转型。</blockquote></p><p> If you believe in the potential of the global EV market, buy NIO. If you believe in the potential of the global EV market and don’t like much risk, buy Ford.</p><p><blockquote>如果您相信全球电动汽车市场的潜力，请购买蔚来。如果你相信全球电动汽车市场的潜力，又不喜欢太大的风险，那就买福特吧。</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>Ford Or NIO? The Final Verdict<blockquote>福特还是蔚来？最终判决</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\">\nFord Or NIO? The Final Verdict<blockquote>福特还是蔚来？最终判决</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-27 08:40</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>I am comparing Ford against NIO in different categories.</li>  <li>The comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.</li>  <li>NIO is growing a lot faster than Ford and the high valuation may be justified.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5033fa117d7852799244b8275bc1000f\" tg-width=\"1536\" tg-height=\"886\"><span>peterschreiber.media/iStock via Getty Images</span></p><p><blockquote><ul><li>我在不同的类别中比较福特和蔚来。</li><li>此次比较旨在增进对福特和蔚来增长潜力的了解，同时突出市场地位和机遇的差异。</li><li>蔚来的增长速度比福特快得多，高估值可能是合理的。</li></ul><p class=\"t-img-caption\"><span>peterschreiber.media/iStock 来自盖蒂图片社</span></p></blockquote></p><p> With Ford (F) launching a major offensive in the market for electric vehicles, Chinese EV maker NIO (NIO) will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based on market opportunity, scale, revenue model, growth prospects and valuation? I will compare Ford against NIO in each category and issue a final verdict at the end.</p><p><blockquote>随着福特公司（F）在电动汽车市场发起重大攻势，中国电动汽车制造商蔚来（蔚来）未来将面临另一个竞争对手争夺销量。根据市场机会、规模、收入模式、增长前景和估值，哪家汽车制造商提供了最好的交易？我将在每个类别中比较福特和蔚来，并在最后给出最终结论。</blockquote></p><p> <b>Ford vs. NIO: The battle for the global electric vehicle market is heating up</b></p><p><blockquote><b>福特与蔚来：全球电动汽车市场之争正在升温</b></blockquote></p><p> Although there is a world of difference between Ford and NIO, both companies are set to go toe-to-toe in the rapidly growing global electric vehicle market. Ford’s fleet is not yet EV-focused but this is going to change: Feeling that the EV race is heating up, Ford said it is accelerating its electrification plan by investing&nbsp;$30B into its EV manufacturing capabilities until 2025. Ford’s previous capital plan called for a $22B investment in zero-emission vehicles. Ford also set an ambitious sales goal: 40% of its global sales will be electric within the next decade and 33% of pickup truck sales. Electric vehicle sales account for just 1% of Ford's sales today. As Ford is phasing out combustion engines, it is set to evolve into an all-electric vehicle maker by 2040.</p><p><blockquote>尽管福特和蔚来之间存在天壤之别，但两家公司都将在快速增长的全球电动汽车市场展开较量。福特的车队还没有以电动汽车为重点，但这种情况将会改变： 福特感觉到电动汽车竞赛正在升温，因此表示将加快其电气化计划，在 2025 年前投资 300 亿美元用于电动汽车制造能力。福特之前的资本计划要求投资 220 亿美元用于零排放汽车。福特还设定了一个雄心勃勃的销售目标：未来十年，其全球销量的 40% 将是电动汽车，皮卡车销量的 33% 将是电动汽车。目前，电动汽车销量仅占福特销量的 1%。随着福特逐步淘汰内燃机，它将在 2040 年发展成为一家全电动汽车制造商。</blockquote></p><p> <b>Market opportunity</b></p><p><blockquote><b>市场机会</b></blockquote></p><p> In 2020, 3.2m electric vehicles were sold in the world which represented a small market share of just 4.2%. China, however, was responsible for buying 41% of all electric vehicles in the world in 2020. Chinese buyers purchased 1.3m electric vehicles last year and sales are set to grow fast as Beijing seeks to boost EV adoption. The second largest market for electric vehicles was Europe which accounted for 42% of global EV sales. The US is only the third-largest market for plug-in electric vehicles in the world.</p><p><blockquote>2020年，全球电动汽车销量为320万辆，市场份额仅为4.2%。然而，2020 年，中国购买了全球 41% 的电动汽车。去年，中国买家购买了 130 万辆电动汽车，随着北京寻求促进电动汽车的普及，销量将快速增长。电动汽车的第二大市场是欧洲，占全球电动汽车销量的42%。美国只是全球第三大插电式电动汽车市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b48c23b32134542f51227d9b1b612887\" tg-width=\"1083\" tg-height=\"863\"><span>(Source: Wikipedia)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：维基百科）</span></p></blockquote></p><p> China, by far, is the fastest growing EV market in the world, although Europe is catching up fast, in part due to a legislative efforts to increase adoption of zero-emission passenger vehicles and because of massive investments in a Europe-wide charging station network. NIO is&nbsp;on the cusp of entering the European market&nbsp;in a bid to grow market share in the world’s second-largest EV market before the competition is ready.</p><p><blockquote>到目前为止，中国是世界上增长最快的电动汽车市场，尽管欧洲正在迅速迎头赶上，部分原因是立法努力增加零排放乘用车的采用，以及对欧洲范围内充电站网络的大量投资。蔚来正处于进军欧洲市场的风口浪尖，希望在竞争准备就绪之前扩大其在世界第二大电动汽车市场的市场份额。</blockquote></p><p> Beijing is a driver behind the electrification of the Chinese auto industry: The government wants to see a&nbsp;twenty percent share&nbsp;of electric vehicles for new car sales by 2025 which will drive EV penetration in NIO’s home market.</p><p><blockquote>中国政府是蔚来汽车工业电气化的推动者： 中国政府希望到 2025 年，电动汽车在新车销售中所占份额达到 20%，这将推动电动汽车在中国本土市场的普及。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9871e44eaf69adb27151425887870ace\" tg-width=\"739\" tg-height=\"454\"><span>(Source:Schroders)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：施罗德）</span></p></blockquote></p><p> Turning to growth projections.</p><p><blockquote>转向增长预测。</blockquote></p><p> With more favorable government policies for EV makers in places like China and Europe, these markets are poised to see the fastest sales growth and the highest EV adoption rates in the world. China is not only the largest market due to population size but is also expected to outperform all other markets in the world in EV sales until 2030.</p><p><blockquote>随着中国和欧洲等地政府对电动汽车制造商采取更有利的政策，这些市场将迎来世界上最快的销售增长和最高的电动汽车采用率。由于人口规模，中国不仅是最大的市场，而且预计到2030年，电动汽车销量将超过全球所有其他市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/61d19dff2f34e2d8828aca854e85d84a\" tg-width=\"825\" tg-height=\"565\"><span>(Source:McKinsey)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：麦肯锡）</span></p></blockquote></p><p> Since China has a larger total market size, a higher EV adoption rate, stronger expected sales growth and a more favorable regulatory framework, the winner here would be: NIO.</p><p><blockquote>由于中国拥有更大的总市场规模、更高的电动汽车采用率、更强劲的预期销售增长和更有利的监管框架，这里的赢家将是：蔚来。</blockquote></p><p> <b>Scale and manufacturing competence</b></p><p><blockquote><b>规模和制造能力</b></blockquote></p><p> Ford has a century’s worth of manufacturing experience. But Ford, so far, has only one all-electric vehicle in its product line-up that compares to NIO: The Mustang Mach-E SUV. In 2022, Ford will begin to sell the all-electric F-150 Lightening which builds on the success of Ford’s best-selling pick-up truck. NIO already has a stronger product catalog including the 5-seater ES6 SUV, the 5-seater coupe SUV EC6 and the ES8, a 6-seater and 7-seater full-sized SUV.</p><p><blockquote>福特拥有百年的制造经验。但到目前为止，福特的产品阵容中只有一款与蔚来相比的全电动汽车：野马 Mach-E SUV。2022 年，福特将开始销售全电动 F-150 Lightening，该车建立在福特最畅销皮卡车的成功基础上。蔚来已经拥有更强大的产品目录，包括5座ES6 SUV、5座轿跑车SUV EC6以及6座和7座全尺寸SUV ES8。</blockquote></p><p></p><p> Since NIO is solely focused on producing EVs and occupies a very small and defined niche, the Chinese firm has an advantage as far as EV-manufacturing expertise goes. The question is how long this advantage can last. Ford has extensive experience in building cars and can leverage a global manufacturing base to ramp up EV production faster than any niche EV maker could ever hope to achieve. This makes Ford a very serious rival not only to Tesla (TSLA) in the US, but also to NIO abroad. Ford is accelerating its electrification plans and it has the resources and the ambition to become a leader in EVs within the next decade. Ford’s proposed $30B spending on the electrification of its fleet will accelerate its transformation and turn Ford into a long term threat to other EV makers.</p><p><blockquote>由于蔚来只专注于生产电动汽车，并且占据了一个非常小且明确的利基市场，这家中国公司在电动汽车制造专业知识方面具有优势。问题是这种优势能持续多久。福特在制造汽车方面拥有丰富的经验，可以利用全球制造基地以比任何利基电动汽车制造商希望实现的速度更快地提高电动汽车产量。这使得福特不仅在美国是特斯拉（TSLA）的有力竞争对手，而且在国外也是蔚来的有力竞争对手。福特正在加速其电气化计划，它有资源和雄心在未来十年内成为电动汽车的领导者。福特提议斥资 300 亿美元用于车队电气化，这将加速其转型，并使福特成为其他电动汽车制造商的长期威胁。</blockquote></p><p> Winner here: Ford.</p><p><blockquote>这里的赢家：福特。</blockquote></p><p> <b>Differentiation and BaaS revenue model</b></p><p><blockquote><b>差异化与BaaS收入模式</b></blockquote></p><p> Both Ford and NIO know about the importance of differentiation in a market that will only get more competitive over time, which is why both companies are investing heavily in a related field that can break or solidify dominance in the EV market: Battery technology.</p><p><blockquote>福特和蔚来都知道差异化在这个市场中的重要性，随着时间的推移，这个市场只会变得更加竞争，这就是为什么两家公司都在一个相关领域大力投资，这个领域可以打破或巩固电动汽车市场的主导地位：电池技术。</blockquote></p><p> Ford is&nbsp;forming a joint venture&nbsp;with South Korean battery technology company SK Innovation to secure supply of traction battery cells and array modules. The joint venture is meant to accelerate battery deliveries and will produce approximately 60 GWh annually, enough to cover 25% of Ford’s estimated annual energy demand by 2030. NIO is also investing in battery technology and has&nbsp;formed its own joint venture&nbsp;to secure battery supply.</p><p><blockquote>福特正在与韩国电池技术公司 SK Innovation 成立一家合资企业，以确保牵引电池芯和阵列模块的供应。该合资企业旨在加快电池交付速度，年产量约为 60 GWh，足以满足福特到 2030 年预计年能源需求的 25%。蔚来也在投资电池技术，并组建了自己的合资企业来确保电池供应。</blockquote></p><p> The difference to Ford is that NIO’s battery investment strategy revolves around a battery subscription model, also called “battery-as-a-service”, which creates a strong, long term revenue opportunity for the Chinese vehicle maker. Under this “BaaS” model, users who buy a NIO electric vehicle get a 70,000 RMB initial discount, equivalent to $10,800, and can sign up for a monthly subscription to rent a rechargeable 70 kWh battery. Batteries can then be exchanged at one of NIO’s battery-swapping stations which can be found in most big Chinese cities. A battery subscription costs 980 RMB monthly which is the equivalent of $150.</p><p><blockquote>与福特不同的是，蔚来的电池投资战略围绕着电池订阅模式，也称为 “电池即服务 ”，这为这家中国汽车制造商创造了一个强大的长期收入机会。在这种 “BaaS” 模式下，用户购买蔚来电动汽车可获得 7 万元人民币的初始折扣，折合 1.08 万美元，并可签约包月租赁 70 千瓦时的可充电电池。然后可以在蔚来的换电站更换电池，这些换电站在中国大多数大城市都有。电池订阅费用为每月980元人民币，相当于150美元。</blockquote></p><p> The BaaS model has a couple of benefits for both the vehicle maker and the user: Purchasing an electric vehicle from NIO gets a lot more affordable due to the up-front discount and the subscription model ensures that users benefit from advancement in battery technology and better performance over time. Decoupling battery costs from vehicle prices creates an entirely new revenue stream on a subscription basis for NIO. Revenues from “BaaS” subscriptions could be used to increase the density of NIO’s network of charging/replacement stations. The battery subscription model also binds customers to NIO, potentially increasing customer lifetime value.</p><p><blockquote>BaaS模式对汽车制造商和用户都有几个好处：由于前期折扣，从蔚来购买电动汽车变得更加实惠，订阅模式确保用户受益于电池技术的进步和随着时间的推移更好的性能。将电池成本与汽车价格脱钩，为蔚来创造了一个全新的订阅收入流。“BaaS ”订阅的收入可用于增加蔚来充电/换电站网络的密度。电池订阅模式还将客户绑定到蔚来，从而潜在地增加客户的终身价值。</blockquote></p><p> Ford and NIO are primed to benefit from falling battery costs for electric vehicles as they ramp up capital allocations. As more investments flow into developing more efficient batteries, performance will go up and costs will go down which should drive EV adoption and benefit all EV makers. This is because lower battery prices make EVs more competitive to passenger vehicles with combustion engines. But since NIO is structuring a part of its business model explicitly around battery subscriptions, NIO could benefit more than Ford.</p><p><blockquote>随着福特和蔚来增加资本配置，它们有望从电动汽车电池成本下降中受益。随着越来越多的投资流入开发更高效的电池，性能将会提高，成本将会下降，这应该会推动电动汽车的采用并使所有电动汽车制造商受益。这是因为较低的电池价格使电动汽车比内燃机乘用车更具竞争力。但由于蔚来明确围绕电池订阅构建部分商业模式，蔚来可能会比福特受益更多。</blockquote></p><p> Battery costs for EVs have decreased 70% since 2014, based on information provided by investment firm Schroders, and are set to decrease more this decade.</p><p><blockquote>根据投资公司施罗德提供的信息，自 2014 年以来，电动汽车的电池成本已下降 70%，并且本十年还将进一步下降。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c42acb75905affe7570a2f399ea3192f\" tg-width=\"758\" tg-height=\"449\"><span>(Source: Schroders)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：施罗德）</span></p></blockquote></p><p> The “BaaS” model is genius and could develop into a $500M a year revenue opportunity for NIO long term. Although Ford is ramping up its investments in battery technology, the winner in this category is: NIO.</p><p><blockquote>“BaaS ”模式是天才之作，从长远来看，它可能会发展成为蔚来每年 5 亿美元的收入机会。尽管福特正在加大对电池技术的投资，但这一类别的赢家是：蔚来。</blockquote></p><p> <b>Sales growth and valuation</b></p><p><blockquote><b>销售增长和估值</b></blockquote></p><p> Ford’s sales in May grew 4.1% Y/Y but electrified vehicle sales (including hybrids) surged 184% Y/Y as Ford sold a record 10,364 EVs/hybrids in May. Escape electrified sales and Explorer Hybrid grew sales at 125% and 132% Y/Y showing strong customer uptake. NIO delivered 6,711 vehicles last month including 3,017 ES6s, 1,412 ES8s and 2,282 EC6s. Total Y/Y delivery growth for May was 95.3%.</p><p><blockquote>福特 5 月份的销量同比增长 4.1%，但电动汽车销量（包括混合动力汽车）同比激增 184%，福特 5 月份售出了创纪录的 10,364 辆电动汽车/混合动力汽车。Escape electrified 和 Explorer Hybrid 的销量分别同比增长 125% 和 132%，显示出强劲的客户吸引力。蔚来上个月交付了 6,711 辆汽车，其中包括 3,017 辆 ES6、1,412 辆 ES8 和 2,282 辆 EC6。5 月份总交付量同比增长 95.3%。</blockquote></p><p> Ford's sales are fifty-four times larger than NIO's which creates more sales growth and revaluation potential for NIO.</p><p><blockquote>福特的销量是蔚来汽车的54倍，这为蔚来创造了更多的销售增长和重估潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df5a0a393e44ed74241c5effcdd92350\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p></p><p> The difference in valuation between Ford and NIO is like the difference between night and day. This is because Ford is still seen as a mature vehicle maker with expected enterprise sales growth in the low-to-mid digits, despite explosive growth in the EV category. Ford is expected to grow revenues by 33% until FY 2025 (base year: FY 2020) and NIO by 808%!</p><p><blockquote>福特和蔚来之间的估值差异就像黑夜和白天之间的差异。这是因为尽管电动汽车类别实现了爆炸式增长，但福特仍被视为一家成熟的汽车制造商，预计企业销量增长将达到中低位数。福特预计到 2025 财年（基准年：2020 财年）收入将增长 33%，蔚来将增长 808%!</blockquote></p><p> Due to these differences in sales growth, NIO is the complete opposite of Ford, at least as far as valuation goes. The Chinese EV-maker is expected to see sales and delivery growth close to 100% this year and since NIO is only dealing in EVs, NIO gets a much higher market-cap-to-sales ratio than Ford.</p><p><blockquote>由于销售增长的这些差异，蔚来与福特完全相反，至少就估值而言是这样。这家中国电动汽车制造商预计今年的销量和交付量将增长接近 100%，由于蔚来只销售电动汽车，蔚来的市值与销量之比远高于福特。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/817605c6b1e82c03d0473ea570d32b8f\" tg-width=\"506\" tg-height=\"406\"><span>(Source: Author)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：作者）</span></p></blockquote></p><p> <b>NIO has larger risks...</b></p><p><blockquote><b>蔚来有更大的风险……</b></blockquote></p><p> NIO is the more risky venture, but also the one that offers the most promise. Government policy favors EV-makers like NIO. The potential for total global sales growth is larger for NIO as it operates from a smaller revenue base compared to Ford. But there are also a few things that work against NIO. For example, recalls due to production defects would be a much bigger challenge for NIO to overcome than for Ford which can rely on a global service and distribution network. NIO’s valuation is also not without risk as an unexpected slowing of sales growth due to production setbacks would leave a much larger dent in the financials.</p><p><blockquote>蔚来是风险更大的企业，但也是最有希望的企业。政府政策有利于蔚来等电动汽车制造商。与福特相比，蔚来的全球总销售额增长潜力更大，因为它的营收基础较小。但也有一些事情对蔚来不利。例如，与可以依赖全球服务和分销网络的福特相比，由于生产缺陷导致的召回对于蔚来来说将是一个更大的挑战。蔚来的估值也并非没有风险，因为生产受挫导致销售增长意外放缓，将对财务状况造成更大影响。</blockquote></p><p> <b>Final verdict</b></p><p><blockquote><b>最终判决</b></blockquote></p><p> NIO is definitely the more “sexy” vehicle maker. Strong adoption and sales growth in China and Europe support NIO. Its super smart BaaS model which decouples vehicle purchase prices from battery costs is genius. You pay a high price for this growth but the market opportunity for NIO is immense.</p><p><blockquote>蔚来绝对是更 “性感 ”的汽车制造商。在中国和欧洲的强劲采用率和销售增长支持了蔚来。其超级智能BaaS模型将车辆购买价格与电池成本脱钩，堪称天才。你为这种增长付出了高昂的代价，但蔚来的市场机会是巨大的。</blockquote></p><p> Ford’s EV sales are booming and the percentage of EV sales will increase as the vehicle maker electrifies its fleet. Ford has a lot of potential in the EV market but since EV sales are still a relatively low percentage of total sales, it will take a long time for Ford to complete its transformation.</p><p><blockquote>福特的电动汽车销量正在蓬勃发展，随着该汽车制造商车队电气化，电动汽车销量的比例也将不断增加。福特在电动汽车市场潜力巨大，但由于电动汽车销量占总销量的比例仍然相对较低，福特需要很长时间才能完成转型。</blockquote></p><p> If you believe in the potential of the global EV market, buy NIO. If you believe in the potential of the global EV market and don’t like much risk, buy Ford.</p><p><blockquote>如果您相信全球电动汽车市场的潜力，请购买蔚来。如果你相信全球电动汽车市场的潜力，又不喜欢太大的风险，那就买福特吧。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4436600-ford-or-nio-the-final-verdict\">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":{"F":"福特汽车","NIO":"蔚来"},"source_url":"https://seekingalpha.com/article/4436600-ford-or-nio-the-final-verdict","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137119316","content_text":"Summary\n\nI am comparing Ford against NIO in different categories.\nThe comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.\nNIO is growing a lot faster than Ford and the high valuation may be justified.\n\npeterschreiber.media/iStock via Getty Images\nWith Ford (F) launching a major offensive in the market for electric vehicles, Chinese EV maker NIO (NIO) will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based on market opportunity, scale, revenue model, growth prospects and valuation? I will compare Ford against NIO in each category and issue a final verdict at the end.\nFord vs. NIO: The battle for the global electric vehicle market is heating up\nAlthough there is a world of difference between Ford and NIO, both companies are set to go toe-to-toe in the rapidly growing global electric vehicle market. Ford’s fleet is not yet EV-focused but this is going to change: Feeling that the EV race is heating up, Ford said it is accelerating its electrification plan by investing $30B into its EV manufacturing capabilities until 2025. Ford’s previous capital plan called for a $22B investment in zero-emission vehicles. Ford also set an ambitious sales goal: 40% of its global sales will be electric within the next decade and 33% of pickup truck sales. Electric vehicle sales account for just 1% of Ford's sales today. As Ford is phasing out combustion engines, it is set to evolve into an all-electric vehicle maker by 2040.\nMarket opportunity\nIn 2020, 3.2m electric vehicles were sold in the world which represented a small market share of just 4.2%. China, however, was responsible for buying 41% of all electric vehicles in the world in 2020. Chinese buyers purchased 1.3m electric vehicles last year and sales are set to grow fast as Beijing seeks to boost EV adoption. The second largest market for electric vehicles was Europe which accounted for 42% of global EV sales. The US is only the third-largest market for plug-in electric vehicles in the world.\n(Source: Wikipedia)\nChina, by far, is the fastest growing EV market in the world, although Europe is catching up fast, in part due to a legislative efforts to increase adoption of zero-emission passenger vehicles and because of massive investments in a Europe-wide charging station network. NIO is on the cusp of entering the European market in a bid to grow market share in the world’s second-largest EV market before the competition is ready.\nBeijing is a driver behind the electrification of the Chinese auto industry: The government wants to see a twenty percent share of electric vehicles for new car sales by 2025 which will drive EV penetration in NIO’s home market.\n(Source:Schroders)\nTurning to growth projections.\nWith more favorable government policies for EV makers in places like China and Europe, these markets are poised to see the fastest sales growth and the highest EV adoption rates in the world. China is not only the largest market due to population size but is also expected to outperform all other markets in the world in EV sales until 2030.\n(Source:McKinsey)\nSince China has a larger total market size, a higher EV adoption rate, stronger expected sales growth and a more favorable regulatory framework, the winner here would be: NIO.\nScale and manufacturing competence\nFord has a century’s worth of manufacturing experience. But Ford, so far, has only one all-electric vehicle in its product line-up that compares to NIO: The Mustang Mach-E SUV. In 2022, Ford will begin to sell the all-electric F-150 Lightening which builds on the success of Ford’s best-selling pick-up truck. NIO already has a stronger product catalog including the 5-seater ES6 SUV, the 5-seater coupe SUV EC6 and the ES8, a 6-seater and 7-seater full-sized SUV.\nSince NIO is solely focused on producing EVs and occupies a very small and defined niche, the Chinese firm has an advantage as far as EV-manufacturing expertise goes. The question is how long this advantage can last. Ford has extensive experience in building cars and can leverage a global manufacturing base to ramp up EV production faster than any niche EV maker could ever hope to achieve. This makes Ford a very serious rival not only to Tesla (TSLA) in the US, but also to NIO abroad. Ford is accelerating its electrification plans and it has the resources and the ambition to become a leader in EVs within the next decade. Ford’s proposed $30B spending on the electrification of its fleet will accelerate its transformation and turn Ford into a long term threat to other EV makers.\nWinner here: Ford.\nDifferentiation and BaaS revenue model\nBoth Ford and NIO know about the importance of differentiation in a market that will only get more competitive over time, which is why both companies are investing heavily in a related field that can break or solidify dominance in the EV market: Battery technology.\nFord is forming a joint venture with South Korean battery technology company SK Innovation to secure supply of traction battery cells and array modules. The joint venture is meant to accelerate battery deliveries and will produce approximately 60 GWh annually, enough to cover 25% of Ford’s estimated annual energy demand by 2030. NIO is also investing in battery technology and has formed its own joint venture to secure battery supply.\nThe difference to Ford is that NIO’s battery investment strategy revolves around a battery subscription model, also called “battery-as-a-service”, which creates a strong, long term revenue opportunity for the Chinese vehicle maker. Under this “BaaS” model, users who buy a NIO electric vehicle get a 70,000 RMB initial discount, equivalent to $10,800, and can sign up for a monthly subscription to rent a rechargeable 70 kWh battery. Batteries can then be exchanged at one of NIO’s battery-swapping stations which can be found in most big Chinese cities. A battery subscription costs 980 RMB monthly which is the equivalent of $150.\nThe BaaS model has a couple of benefits for both the vehicle maker and the user: Purchasing an electric vehicle from NIO gets a lot more affordable due to the up-front discount and the subscription model ensures that users benefit from advancement in battery technology and better performance over time. Decoupling battery costs from vehicle prices creates an entirely new revenue stream on a subscription basis for NIO. Revenues from “BaaS” subscriptions could be used to increase the density of NIO’s network of charging/replacement stations. The battery subscription model also binds customers to NIO, potentially increasing customer lifetime value.\nFord and NIO are primed to benefit from falling battery costs for electric vehicles as they ramp up capital allocations. As more investments flow into developing more efficient batteries, performance will go up and costs will go down which should drive EV adoption and benefit all EV makers. This is because lower battery prices make EVs more competitive to passenger vehicles with combustion engines. But since NIO is structuring a part of its business model explicitly around battery subscriptions, NIO could benefit more than Ford.\nBattery costs for EVs have decreased 70% since 2014, based on information provided by investment firm Schroders, and are set to decrease more this decade.\n(Source: Schroders)\nThe “BaaS” model is genius and could develop into a $500M a year revenue opportunity for NIO long term. Although Ford is ramping up its investments in battery technology, the winner in this category is: NIO.\nSales growth and valuation\nFord’s sales in May grew 4.1% Y/Y but electrified vehicle sales (including hybrids) surged 184% Y/Y as Ford sold a record 10,364 EVs/hybrids in May. Escape electrified sales and Explorer Hybrid grew sales at 125% and 132% Y/Y showing strong customer uptake. NIO delivered 6,711 vehicles last month including 3,017 ES6s, 1,412 ES8s and 2,282 EC6s. Total Y/Y delivery growth for May was 95.3%.\nFord's sales are fifty-four times larger than NIO's which creates more sales growth and revaluation potential for NIO.\nData by YCharts\nThe difference in valuation between Ford and NIO is like the difference between night and day. This is because Ford is still seen as a mature vehicle maker with expected enterprise sales growth in the low-to-mid digits, despite explosive growth in the EV category. Ford is expected to grow revenues by 33% until FY 2025 (base year: FY 2020) and NIO by 808%!\nDue to these differences in sales growth, NIO is the complete opposite of Ford, at least as far as valuation goes. The Chinese EV-maker is expected to see sales and delivery growth close to 100% this year and since NIO is only dealing in EVs, NIO gets a much higher market-cap-to-sales ratio than Ford.\n(Source: Author)\nNIO has larger risks...\nNIO is the more risky venture, but also the one that offers the most promise. Government policy favors EV-makers like NIO. The potential for total global sales growth is larger for NIO as it operates from a smaller revenue base compared to Ford. But there are also a few things that work against NIO. For example, recalls due to production defects would be a much bigger challenge for NIO to overcome than for Ford which can rely on a global service and distribution network. NIO’s valuation is also not without risk as an unexpected slowing of sales growth due to production setbacks would leave a much larger dent in the financials.\nFinal verdict\nNIO is definitely the more “sexy” vehicle maker. Strong adoption and sales growth in China and Europe support NIO. Its super smart BaaS model which decouples vehicle purchase prices from battery costs is genius. You pay a high price for this growth but the market opportunity for NIO is immense.\nFord’s EV sales are booming and the percentage of EV sales will increase as the vehicle maker electrifies its fleet. Ford has a lot of potential in the EV market but since EV sales are still a relatively low percentage of total sales, it will take a long time for Ford to complete its transformation.\nIf you believe in the potential of the global EV market, buy NIO. If you believe in the potential of the global EV market and don’t like much risk, buy Ford.","news_type":1,"symbols_score_info":{"F":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":345,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176487192,"gmtCreate":1626912359416,"gmtModify":1631889838760,"author":{"id":"3586415957138494","authorId":"3586415957138494","name":"Kervin21","avatar":"https://static.tigerbbs.com/cb5cda809c6350e717fe7cd7d7789262","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586415957138494","idStr":"3586415957138494"},"themes":[],"title":"","htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/176487192","repostId":"2153401126","repostType":4,"isVote":1,"tweetType":1,"viewCount":3849,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143255005,"gmtCreate":1625797518607,"gmtModify":1633937212919,"author":{"id":"3586415957138494","authorId":"3586415957138494","name":"Kervin21","avatar":"https://static.tigerbbs.com/cb5cda809c6350e717fe7cd7d7789262","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586415957138494","idStr":"3586415957138494"},"themes":[],"title":"","htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/143255005","repostId":"2149328173","repostType":4,"isVote":1,"tweetType":1,"viewCount":562,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127277709,"gmtCreate":1624854058201,"gmtModify":1633947914911,"author":{"id":"3586415957138494","authorId":"3586415957138494","name":"Kervin21","avatar":"https://static.tigerbbs.com/cb5cda809c6350e717fe7cd7d7789262","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586415957138494","idStr":"3586415957138494"},"themes":[],"title":"","htmlText":"like and comment pls","listText":"like and comment pls","text":"like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/127277709","repostId":"2146007118","repostType":4,"isVote":1,"tweetType":1,"viewCount":333,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}