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2021-12-07

Hi

抱歉，原内容已删除

2021-11-30

hi

一句话再度引发市场恐慌！全球风险资产午后跳水

2021-11-11

$Apple(AAPL)$Hahaha

2021-11-11

$SEMBCORP MARINE LTD(S51.SI)$Hahaha

2021-11-10

Hi

Alphabet shares fell nearly 1% in premarket trading<blockquote>Alphabet股价在盘前交易中下跌近1%</blockquote>

2021-11-10

$Apple(AAPL)$Hahaha

2021-11-10

$SEMBCORP MARINE LTD(S51.SI)$Hahaha

2021-11-09

Hi

Why markets are like a duck: ‘calm above the surface, but furious churning below’<blockquote>为什么市场就像一只鸭子：“表面平静，但下面却剧烈搅动”</blockquote>

2021-11-09

$Apple(AAPL)$Hahaha

2021-11-09

$SEMBCORP MARINE LTD(S51.SI)$Hahaha

2021-11-08

$Apple(AAPL)$Hahaha

2021-11-07

$SEMBCORP MARINE LTD(S51.SI)$Hahaha

2021-11-06

$Apple(AAPL)$Hahaha

2021-11-05

$SEMBCORP MARINE LTD(S51.SI)$Hahaha

2021-11-04

$SEMBCORP MARINE LTD(S51.SI)$Hahaha

2021-11-02

$Apple(AAPL)$hahaha

2021-11-01

$Apple(AAPL)$Hahaha

2021-11-01

$SEMBCORP MARINE LTD(S51.SI)$Hahaha

2021-10-31

$SEMBCORP MARINE LTD(S51.SI)$Hahaha

2021-10-31

$SEMBCORP MARINE LTD(S51.SI)$Hahaha

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13:46","market":"hk","language":"zh","title":"一句话再度引发市场恐慌！全球风险资产午后跳水","url":"https://stock-news.laohu8.com/highlight/detail?id=1133554588","media":"老虎资讯综合","summary":"莫德纳首席执行官预计现有疫苗在应对奥密克戎方面的效果将远不如应对早期新冠毒株。\n\n周二（11月30日）午后，一则消息引发各大市场再度跳水。英国金融时报报道称，莫德纳首席执行官预计现有疫苗在应对奥密克戎","content":"<blockquote>\n 莫德纳首席执行官预计现有疫苗在应对奥密克戎方面的效果将远不如应对早期新冠毒株。\n</blockquote>\n<p>周二（11月30日）午后，一则消息引发各大市场再度跳水。<b>英国金融时报报道称，莫德纳首席执行官预计现有疫苗在应对奥密克戎方面的效果将远不如应对早期新冠毒株。</b></p>\n<p>美股股指期货短线跳水，道指期货跌超1%，标普500指数期货跌0.9%，纳指期货跌0.6%。富时中国A50指数期货跌1%。欧洲斯托克50指数期货跌1.3%，英国富时100指数期货跌0.4%。</p>\n<p><img src=\"https://static.tigerbbs.com/89ec8e8db5444bfe79b316ab5c16de4d\" tg-width=\"385\" tg-height=\"183\" referrerpolicy=\"no-referrer\"></p>\n<p>恒指跌2%，大型科技股普遍下挫。阿里巴巴跌约3.5%，续刷历史低位。恒生科技指数跌2%。成分股中，比亚迪电子跌9.26%，网易跌7.82%，美团跌4.9%。</p>\n<p><img src=\"https://static.tigerbbs.com/6408ef61959f4ecc5435ae701a73e912\" tg-width=\"889\" tg-height=\"820\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5d9283ae7d60cf10eefa46b966ff1d7d\" tg-width=\"889\" tg-height=\"821\" referrerpolicy=\"no-referrer\"></p>\n<p>截止发稿，美、布两油期货日内跌幅达2%，分别报68.47美元/桶和71.67美元/桶。原油系期货持续走低，低硫燃料油（LU）主力合约跌近6%，燃料油主力合约跌超4%，SC原油主力合约跌超3%。</p>\n<p><img src=\"https://static.tigerbbs.com/1cf8153cd39372806e3478f570c2ecf1\" tg-width=\"889\" tg-height=\"823\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/11cb622357f5c8094e7cf1634fced10e\" tg-width=\"889\" tg-height=\"823\" referrerpolicy=\"no-referrer\"></p>\n<p>莫德纳CEO Stephane Bancel在接受英国金融时报采访时警告称，<b>制药公司需要几个月时间才能大规模生产新的疫苗以应对该毒株。</b>Bancel说，这种毒株有大量的突变并在南非迅速传播，这表明目前批次的疫苗可能需要在明年进行更新。他说：</p>\n<blockquote>\n “我认为没有哪种（疫苗）有效性能达到同样的水平，这将会是一次实质性的下降。我不知道会下降多少，因为仍需要等待数据。”\n</blockquote>\n<p>Bancel称，该公司认为这种新毒株具有高度传染性，但至少需要两周时间才能确定现有疫苗针对奥密克戎变异毒株的有效性。</p>\n<p>Bancel发表上述评论之际，其他公共卫生专家和政界人士正试图对现有疫苗对奥密克戎提供保护的能力发出更乐观的声音。</p>\n<p>周一，辉瑞首席执行官Albert Bourla表示，该公司<b>将在两三周内了解到现有新冠疫苗应对新变异毒株奥密克戎的效力如何</b>，而且预计即便是在最糟糕的情况下，现有疫苗仍对该毒株有一定的防护效力，新毒株不可能完全突破现有疫苗的防护。</p>\n<p>美国总统乔拜登表示，奥密克戎是“令人担忧的原因，而不是恐慌的原因”，并补充说政府的医学专家“相信疫苗将继续提供一定程度保护，可预防严重疾病”。</p>\n<p>莫德纳和辉瑞目前正在研究针对奥密克戎变体的新疫苗，世界卫生组织称其构成“非常高的风险”。</p>\n<p>Bancel表示，有关现有疫苗如何对抗奥密克戎变体以及它是否会导致严重疾病的数据应该会在两周内提供。但他表示，针对奥密克戎的疫苗的大规模生产还需要几个月的时间，并表示可能有理由在此期间为老年人或免疫系统受损的人提供更有效的加强剂。</p>\n<p>美国疾病控制和预防中心（CDC）周一已经加强了对新冠疫苗加强针的建议，其告诉美国所有成年人，在奥密克戎新冠变异株越来越受关注的情况下，他们“应该”多打一针。CDC建议每位成年人应该在接种辉瑞或莫德纳双剂疫苗的六个月后或接种强生单剂疫苗的两个月后接种加强针。</p>\n<p>CDC主任瓦伦斯基（Rochelle Walensky）在声明中称：</p>\n<blockquote>\n “\n <b>最近出现的奥密克戎变异株（B.1.1.529）进一步强调了接种疫苗、接种加强针和预防工作的重要性。</b>来自南非的早期数据表明该毒株的传播性增加，美国和世界各地的科学家正在紧急研究与该变种有关的疫苗效力。”\n</blockquote>\n<p>奥密克戎的出现也让全球公共卫生官员更加担心冬季新冠病例激增和疫苗保护度下降的问题。</p>\n<p>本月发表在《科学》杂志上的一项研究发现，<b>从今年2月到10月（还未出现奥密克戎），辉瑞双剂疫苗预防感染的功效已从86%下降到43%；莫德纳双剂疫苗从89%下降到58%；强生单剂疫苗从86%下降到13%。</b></p>\n<p>疫苗效力下降，意味着市场对其加强针的需求增加，自奥密克戎出现后，辉瑞股价一度再创历史新高，莫德纳股价也回到近两个月的高位。</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>一句话再度引发市场恐慌！全球风险资产午后跳水</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n一句话再度引发市场恐慌！全球风险资产午后跳水\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\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\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-11-30 13:46</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n 莫德纳首席执行官预计现有疫苗在应对奥密克戎方面的效果将远不如应对早期新冠毒株。\n</blockquote>\n<p>周二（11月30日）午后，一则消息引发各大市场再度跳水。<b>英国金融时报报道称，莫德纳首席执行官预计现有疫苗在应对奥密克戎方面的效果将远不如应对早期新冠毒株。</b></p>\n<p>美股股指期货短线跳水，道指期货跌超1%，标普500指数期货跌0.9%，纳指期货跌0.6%。富时中国A50指数期货跌1%。欧洲斯托克50指数期货跌1.3%，英国富时100指数期货跌0.4%。</p>\n<p><img src=\"https://static.tigerbbs.com/89ec8e8db5444bfe79b316ab5c16de4d\" tg-width=\"385\" tg-height=\"183\" referrerpolicy=\"no-referrer\"></p>\n<p>恒指跌2%，大型科技股普遍下挫。阿里巴巴跌约3.5%，续刷历史低位。恒生科技指数跌2%。成分股中，比亚迪电子跌9.26%，网易跌7.82%，美团跌4.9%。</p>\n<p><img src=\"https://static.tigerbbs.com/6408ef61959f4ecc5435ae701a73e912\" tg-width=\"889\" tg-height=\"820\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5d9283ae7d60cf10eefa46b966ff1d7d\" tg-width=\"889\" tg-height=\"821\" referrerpolicy=\"no-referrer\"></p>\n<p>截止发稿，美、布两油期货日内跌幅达2%，分别报68.47美元/桶和71.67美元/桶。原油系期货持续走低，低硫燃料油（LU）主力合约跌近6%，燃料油主力合约跌超4%，SC原油主力合约跌超3%。</p>\n<p><img src=\"https://static.tigerbbs.com/1cf8153cd39372806e3478f570c2ecf1\" tg-width=\"889\" tg-height=\"823\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/11cb622357f5c8094e7cf1634fced10e\" tg-width=\"889\" tg-height=\"823\" referrerpolicy=\"no-referrer\"></p>\n<p>莫德纳CEO Stephane Bancel在接受英国金融时报采访时警告称，<b>制药公司需要几个月时间才能大规模生产新的疫苗以应对该毒株。</b>Bancel说，这种毒株有大量的突变并在南非迅速传播，这表明目前批次的疫苗可能需要在明年进行更新。他说：</p>\n<blockquote>\n “我认为没有哪种（疫苗）有效性能达到同样的水平，这将会是一次实质性的下降。我不知道会下降多少，因为仍需要等待数据。”\n</blockquote>\n<p>Bancel称，该公司认为这种新毒株具有高度传染性，但至少需要两周时间才能确定现有疫苗针对奥密克戎变异毒株的有效性。</p>\n<p>Bancel发表上述评论之际，其他公共卫生专家和政界人士正试图对现有疫苗对奥密克戎提供保护的能力发出更乐观的声音。</p>\n<p>周一，辉瑞首席执行官Albert Bourla表示，该公司<b>将在两三周内了解到现有新冠疫苗应对新变异毒株奥密克戎的效力如何</b>，而且预计即便是在最糟糕的情况下，现有疫苗仍对该毒株有一定的防护效力，新毒株不可能完全突破现有疫苗的防护。</p>\n<p>美国总统乔拜登表示，奥密克戎是“令人担忧的原因，而不是恐慌的原因”，并补充说政府的医学专家“相信疫苗将继续提供一定程度保护，可预防严重疾病”。</p>\n<p>莫德纳和辉瑞目前正在研究针对奥密克戎变体的新疫苗，世界卫生组织称其构成“非常高的风险”。</p>\n<p>Bancel表示，有关现有疫苗如何对抗奥密克戎变体以及它是否会导致严重疾病的数据应该会在两周内提供。但他表示，针对奥密克戎的疫苗的大规模生产还需要几个月的时间，并表示可能有理由在此期间为老年人或免疫系统受损的人提供更有效的加强剂。</p>\n<p>美国疾病控制和预防中心（CDC）周一已经加强了对新冠疫苗加强针的建议，其告诉美国所有成年人，在奥密克戎新冠变异株越来越受关注的情况下，他们“应该”多打一针。CDC建议每位成年人应该在接种辉瑞或莫德纳双剂疫苗的六个月后或接种强生单剂疫苗的两个月后接种加强针。</p>\n<p>CDC主任瓦伦斯基（Rochelle Walensky）在声明中称：</p>\n<blockquote>\n “\n <b>最近出现的奥密克戎变异株（B.1.1.529）进一步强调了接种疫苗、接种加强针和预防工作的重要性。</b>来自南非的早期数据表明该毒株的传播性增加，美国和世界各地的科学家正在紧急研究与该变种有关的疫苗效力。”\n</blockquote>\n<p>奥密克戎的出现也让全球公共卫生官员更加担心冬季新冠病例激增和疫苗保护度下降的问题。</p>\n<p>本月发表在《科学》杂志上的一项研究发现，<b>从今年2月到10月（还未出现奥密克戎），辉瑞双剂疫苗预防感染的功效已从86%下降到43%；莫德纳双剂疫苗从89%下降到58%；强生单剂疫苗从86%下降到13%。</b></p>\n<p>疫苗效力下降，意味着市场对其加强针的需求增加，自奥密克戎出现后，辉瑞股价一度再创历史新高，莫德纳股价也回到近两个月的高位。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c7da52addfd52fb216bcf87283f43750","relate_stocks":{"HSTECH":"恒生科技指数","HSI":"恒生指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133554588","content_text":"莫德纳首席执行官预计现有疫苗在应对奥密克戎方面的效果将远不如应对早期新冠毒株。\n\n周二（11月30日）午后，一则消息引发各大市场再度跳水。英国金融时报报道称，莫德纳首席执行官预计现有疫苗在应对奥密克戎方面的效果将远不如应对早期新冠毒株。\n美股股指期货短线跳水，道指期货跌超1%，标普500指数期货跌0.9%，纳指期货跌0.6%。富时中国A50指数期货跌1%。欧洲斯托克50指数期货跌1.3%，英国富时100指数期货跌0.4%。\n\n恒指跌2%，大型科技股普遍下挫。阿里巴巴跌约3.5%，续刷历史低位。恒生科技指数跌2%。成分股中，比亚迪电子跌9.26%，网易跌7.82%，美团跌4.9%。\n\n截止发稿，美、布两油期货日内跌幅达2%，分别报68.47美元/桶和71.67美元/桶。原油系期货持续走低，低硫燃料油（LU）主力合约跌近6%，燃料油主力合约跌超4%，SC原油主力合约跌超3%。\n\n莫德纳CEO Stephane Bancel在接受英国金融时报采访时警告称，制药公司需要几个月时间才能大规模生产新的疫苗以应对该毒株。Bancel说，这种毒株有大量的突变并在南非迅速传播，这表明目前批次的疫苗可能需要在明年进行更新。他说：\n\n “我认为没有哪种（疫苗）有效性能达到同样的水平，这将会是一次实质性的下降。我不知道会下降多少，因为仍需要等待数据。”\n\nBancel称，该公司认为这种新毒株具有高度传染性，但至少需要两周时间才能确定现有疫苗针对奥密克戎变异毒株的有效性。\nBancel发表上述评论之际，其他公共卫生专家和政界人士正试图对现有疫苗对奥密克戎提供保护的能力发出更乐观的声音。\n周一，辉瑞首席执行官Albert Bourla表示，该公司将在两三周内了解到现有新冠疫苗应对新变异毒株奥密克戎的效力如何，而且预计即便是在最糟糕的情况下，现有疫苗仍对该毒株有一定的防护效力，新毒株不可能完全突破现有疫苗的防护。\n美国总统乔拜登表示，奥密克戎是“令人担忧的原因，而不是恐慌的原因”，并补充说政府的医学专家“相信疫苗将继续提供一定程度保护，可预防严重疾病”。\n莫德纳和辉瑞目前正在研究针对奥密克戎变体的新疫苗，世界卫生组织称其构成“非常高的风险”。\nBancel表示，有关现有疫苗如何对抗奥密克戎变体以及它是否会导致严重疾病的数据应该会在两周内提供。但他表示，针对奥密克戎的疫苗的大规模生产还需要几个月的时间，并表示可能有理由在此期间为老年人或免疫系统受损的人提供更有效的加强剂。\n美国疾病控制和预防中心（CDC）周一已经加强了对新冠疫苗加强针的建议，其告诉美国所有成年人，在奥密克戎新冠变异株越来越受关注的情况下，他们“应该”多打一针。CDC建议每位成年人应该在接种辉瑞或莫德纳双剂疫苗的六个月后或接种强生单剂疫苗的两个月后接种加强针。\nCDC主任瓦伦斯基（Rochelle Walensky）在声明中称：\n\n “\n 最近出现的奥密克戎变异株（B.1.1.529）进一步强调了接种疫苗、接种加强针和预防工作的重要性。来自南非的早期数据表明该毒株的传播性增加，美国和世界各地的科学家正在紧急研究与该变种有关的疫苗效力。”\n\n奥密克戎的出现也让全球公共卫生官员更加担心冬季新冠病例激增和疫苗保护度下降的问题。\n本月发表在《科学》杂志上的一项研究发现，从今年2月到10月（还未出现奥密克戎），辉瑞双剂疫苗预防感染的功效已从86%下降到43%；莫德纳双剂疫苗从89%下降到58%；强生单剂疫苗从86%下降到13%。\n疫苗效力下降，意味着市场对其加强针的需求增加，自奥密克戎出现后，辉瑞股价一度再创历史新高，莫德纳股价也回到近两个月的高位。","news_type":1,"symbols_score_info":{"CLmain":0.9,"HSI":0.9,"YMmain":0.9,"HSTECH":0.9,"ESmain":0.9,"NQmain":0.9,"BZmain":0.9}},"isVote":1,"tweetType":1,"viewCount":1974,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":870535842,"gmtCreate":1636632031208,"gmtModify":1636632031437,"author":{"id":"4089438738591500","authorId":"4089438738591500","name":"Jasontay81","avatar":"https://static.tigerbbs.com/ea8f089bf917f0af5a9c5691aa849a93","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089438738591500","idStr":"4089438738591500"},"themes":[],"htmlText":"<a 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LTD(S51.SI)$</a>Hahaha","listText":"<a href=\"https://laohu8.com/S/S51.SI\">$SEMBCORP MARINE LTD(S51.SI)$</a>Hahaha","text":"$SEMBCORP MARINE LTD(S51.SI)$Hahaha","images":[{"img":"https://static.tigerbbs.com/a4f23e5af609f5bbcab00a8cab1c5324","width":"1242","height":"1968"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/870535023","isVote":1,"tweetType":1,"viewCount":1870,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":847415119,"gmtCreate":1636544658760,"gmtModify":1636544998847,"author":{"id":"4089438738591500","authorId":"4089438738591500","name":"Jasontay81","avatar":"https://static.tigerbbs.com/ea8f089bf917f0af5a9c5691aa849a93","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089438738591500","idStr":"4089438738591500"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/847415119","repostId":"1172230772","repostType":4,"repost":{"id":"1172230772","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":1636541700,"share":"https://www.laohu8.com/m/news/1172230772?lang=zh_CN&edition=full","pubTime":"2021-11-10 18:55","market":"us","language":"en","title":"Alphabet shares fell nearly 1% in premarket trading<blockquote>Alphabet股价在盘前交易中下跌近1%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1172230772","media":"Tiger Newspress","summary":"Alphabet shares fell nearly 1% in premarket trading.\nEurope's second top court on Wednesday upheld a","content":"<p>Alphabet&nbsp;shares&nbsp;fell&nbsp;nearly&nbsp;1%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote>Alphabet股价在盘前交易中下跌近1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f6b30437f1ea198b86394d21195ff3d9\" tg-width=\"878\" tg-height=\"603\" width=\"100%\" height=\"auto\">Europe's second top court on Wednesday upheld an EU antitrust ruling and 2.42 billion euros ($2.8 billion) fine against Alphabet&nbsp;unit Google, the first of a trio of cases that mark competition chief Margrethe Vestager's tough line against U.S. tech giants.</p><p><blockquote>欧洲第二最高法院周三维持了欧盟的反垄断裁决，并对Alphabet子公司谷歌处以24.2亿欧元（28亿美元）罚款，这是标志着竞争主管玛格丽特·维斯塔格对美国科技巨头采取强硬立场的三起案件中的第一起。</blockquote></p><p> \"The General Court largely dismisses Google's action against the decision of the Commission finding that Google abused its dominant position by favouring its own comparison shopping service over competing comparison shopping services,\" the Court said.</p><p><blockquote>法院表示：“普通法院基本上驳回了谷歌针对委员会裁决的诉讼，该裁决认为谷歌滥用了其主导地位，支持自己的比较购物服务而不是竞争对手的比较购物服务。”</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\" 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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\">\nAlphabet shares fell nearly 1% in premarket trading<blockquote>Alphabet股价在盘前交易中下跌近1%</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\">2021-11-10 18:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Alphabet&nbsp;shares&nbsp;fell&nbsp;nearly&nbsp;1%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote>Alphabet股价在盘前交易中下跌近1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f6b30437f1ea198b86394d21195ff3d9\" tg-width=\"878\" tg-height=\"603\" width=\"100%\" height=\"auto\">Europe's second top court on Wednesday upheld an EU antitrust ruling and 2.42 billion euros ($2.8 billion) fine against Alphabet&nbsp;unit Google, the first of a trio of cases that mark competition chief Margrethe Vestager's tough line against U.S. tech giants.</p><p><blockquote>欧洲第二最高法院周三维持了欧盟的反垄断裁决，并对Alphabet子公司谷歌处以24.2亿欧元（28亿美元）罚款，这是标志着竞争主管玛格丽特·维斯塔格对美国科技巨头采取强硬立场的三起案件中的第一起。</blockquote></p><p> \"The General Court largely dismisses Google's action against the decision of the Commission finding that Google abused its dominant position by favouring its own comparison shopping service over competing comparison shopping services,\" the Court said.</p><p><blockquote>法院表示：“普通法院基本上驳回了谷歌针对委员会裁决的诉讼，该裁决认为谷歌滥用了其主导地位，支持自己的比较购物服务而不是竞争对手的比较购物服务。”</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOG":"谷歌","GOOGL":"谷歌A"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172230772","content_text":"Alphabet shares fell nearly 1% in premarket trading.\nEurope's second top court on Wednesday upheld an EU antitrust ruling and 2.42 billion euros ($2.8 billion) fine against Alphabet unit Google, the first of a trio of cases that mark competition chief Margrethe Vestager's tough line against U.S. tech giants.\n\"The General Court largely dismisses Google's action against the decision of the Commission finding that Google abused its dominant position by favouring its own comparison shopping service over competing comparison shopping services,\" the Court said.","news_type":1,"symbols_score_info":{"GOOG":0.9,"GOOGL":0.9}},"isVote":1,"tweetType":1,"viewCount":2142,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":847415058,"gmtCreate":1636544621068,"gmtModify":1636544994666,"author":{"id":"4089438738591500","authorId":"4089438738591500","name":"Jasontay81","avatar":"https://static.tigerbbs.com/ea8f089bf917f0af5a9c5691aa849a93","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089438738591500","idStr":"4089438738591500"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>Hahaha","listText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>Hahaha","text":"$Apple(AAPL)$Hahaha","images":[{"img":"https://static.tigerbbs.com/8f23f600c1ccb5ddfe5c95ee27a955d5","width":"1125","height":"2727"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/847415058","isVote":1,"tweetType":1,"viewCount":3270,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":847412843,"gmtCreate":1636544589967,"gmtModify":1636544928335,"author":{"id":"4089438738591500","authorId":"4089438738591500","name":"Jasontay81","avatar":"https://static.tigerbbs.com/ea8f089bf917f0af5a9c5691aa849a93","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089438738591500","idStr":"4089438738591500"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/S51.SI\">$SEMBCORP MARINE LTD(S51.SI)$</a>Hahaha","listText":"<a href=\"https://laohu8.com/S/S51.SI\">$SEMBCORP MARINE LTD(S51.SI)$</a>Hahaha","text":"$SEMBCORP MARINE LTD(S51.SI)$Hahaha","images":[{"img":"https://static.tigerbbs.com/a4f23e5af609f5bbcab00a8cab1c5324","width":"1242","height":"1968"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/847412843","isVote":1,"tweetType":1,"viewCount":2825,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":844442582,"gmtCreate":1636455039154,"gmtModify":1636455124562,"author":{"id":"4089438738591500","authorId":"4089438738591500","name":"Jasontay81","avatar":"https://static.tigerbbs.com/ea8f089bf917f0af5a9c5691aa849a93","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089438738591500","idStr":"4089438738591500"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/844442582","repostId":"1164632864","repostType":4,"repost":{"id":"1164632864","kind":"news","pubTimestamp":1636452133,"share":"https://www.laohu8.com/m/news/1164632864?lang=zh_CN&edition=full","pubTime":"2021-11-09 18:02","market":"us","language":"en","title":"Why markets are like a duck: ‘calm above the surface, but furious churning below’<blockquote>为什么市场就像一只鸭子：“表面平静，但下面却剧烈搅动”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1164632864","media":"Marketwatch","summary":"Mario Draghi famously likened the euro to a bumblebee; Morgan Stanley analysts say global financial ","content":"<p>Mario Draghi famously&nbsp;likened the euro to a bumblebee; Morgan Stanley analysts say global financial markets remind them of a duck floating on a pond: “calm above the surface, but furious churning below.”</p><p><blockquote>马里奥·德拉吉(Mario Draghi)将欧元比作一只大黄蜂。摩根士丹利分析师表示，全球金融市场让他们想起了一只漂浮在池塘上的鸭子：“表面上平静，但下面却剧烈翻腾。”</blockquote></p><p> The calm is reflected in a continued drop in realized, or actual, stock-market volatility as global equities soar to all-time highs. The analysts, led by Andrew Sheets, observed in a Friday note that realized, one-month equity volatility across the U.S., Europe and emerging markets has fallen to the 25th percentile of the last 15 years.</p><p><blockquote>随着全球股市飙升至历史新高，股市波动性的持续下降反映了这种平静。以安德鲁·希茨（Andrew Sheets）为首的分析师在周五的一份报告中指出，美国、欧洲和新兴市场的一个月股市波动率已降至过去15年的第25%。</blockquote></p><p> But below the surface, “volatility has jumped” for other assets, they wrote, unveiling a new cross-asset gauge, dubbed the Composite Sigma Indicator, which stands at its highest reading in five years with the exception of the COVID-induced turmoil of the second quarter of 2020 (see chart below). That reflects a rising number of extreme one-day moves, defined as a standard deviation of larger than 1.5.</p><p><blockquote>但他们写道，在表面之下，其他资产的“波动性已经跃升”，并推出了一种新的跨资产指标，称为综合西格玛指标，该指标处于五年来的最高读数，不包括新冠疫情引发的动荡2020年第二季度（见下图）。这反映出极端单日波动的数量不断增加，定义为标准差大于1.5。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a225428109bc24bddb8dbd14801b7065\" tg-width=\"700\" tg-height=\"408\" referrerpolicy=\"no-referrer\"><span>MORGAN STANLEY RESEARCH</span></p><p><blockquote><p class=\"t-img-caption\"><span>摩根士丹利研究</span></p></blockquote></p><p> Anyone who has paid attention to the U.S. and global government bond markets in recent weeks probably won’t be surprised to learn that rates markets are at the heart of those moves. Indeed, the Composite Sigma Indicator has been driven by extreme moves in yield curves; inflation breakevens, which measure the difference between inflation-protected and nominal debt of the same maturity; and 2-year rates, the analysts said.</p><p><blockquote>任何最近几周关注美国和全球政府债券市场的人可能都不会惊讶地发现利率市场是这些举措的核心。事实上，综合西格玛指标是由收益率曲线的极端波动驱动的；通胀盈亏平衡，衡量相同期限的通胀保值债务和名义债务之间的差异；分析师表示，和2年期利率。</blockquote></p><p> Short-term government bond yields, including those on 2-year U.S. Treasury notes,&nbsp;began a sharp rise in September as investors began to pencil in a more aggressive stance by global central banks in response to inflation that has proven more persistent than expected. The gap between short- and long-dated yields narrowed significantly, a yield-curve phenomenon known as flattening.</p><p><blockquote>包括2年期美国国债在内的短期政府债券收益率在9月份开始大幅上升，因为投资者开始预测全球央行将采取更激进的立场，以应对事实证明比预期更持久的通胀。短期和长期收益率之间的差距显着缩小，这种收益率曲线现象被称为平坦化。</blockquote></p><p> The speed of the move has been interpreted by some investors as the potential harbinger of&nbsp;a “policy mistake,”in which central banks spark an economic downturn by tightening too aggressively. The moves also wrong-footed investors, leaving some high-profile hedge funds with large October losses,according to The Wall Street Journal.</p><p><blockquote>一些投资者将此举的速度解读为“政策错误”的潜在先兆，即央行过于激进的紧缩政策引发经济衰退。据《华尔街日报》报道，这些举措也让投资者措手不及，导致一些知名对冲基金在10月份遭受巨额损失。</blockquote></p><p> Two-year rates in Poland, meanwhile, have risen by 85 basis points, or 0.85 percentage point, a 12.2 sigma deviation on the distribution of weekly moves for the rate, the analysts noted. The U.K. saw “extreme dislocations” as short-term rates rose and long-term rates fell, while in commodities markets, iron-ore prices are down 20%.</p><p><blockquote>分析师指出，与此同时，波兰两年期利率上涨了85个基点，即0.85个百分点，与利率每周变动分布相差12.2西格玛。随着短期利率上升和长期利率下降，英国出现了“极端混乱”，而在大宗商品市场，铁矿石价格下跌了20%。</blockquote></p><p> “Rates are the sole driver of this move, while other assets are unusually calm. Risk management in global rates feels very different from equities or FX heading into year-end,” the analysts wrote.</p><p><blockquote>分析师写道：“利率是这一走势的唯一驱动力，而其他资产则异常平静。全球利率的风险管理与年底前的股票或外汇有很大不同。”</blockquote></p><p> Stocks stumbled in September, but major indexes roared back in October and continue to press to all-time highs this month. The S&amp;P 500&nbsp;was up 26.9% year to date through Friday, while the Dow Jones Industrial Average&nbsp;has rallied 21.2% and the Nasdaq Composite&nbsp;advanced 23.9%.</p><p><blockquote>股市在9月份下跌，但主要股指在10月份飙升，并在本月继续逼近历史高点。截至周五，标普500今年迄今已上涨26.9%，道琼斯工业平均指数上涨21.2%，纳斯达克综合指数上涨23.9%。</blockquote></p><p> So what does it all mean? “It suggests that the liquidity environment is already shifting, even if not readily apparent in the S&amp;P 500,” they said.</p><p><blockquote>那么这一切意味着什么呢？他们表示：“这表明流动性环境已经在发生变化，即使在标普500上还不明显。”</blockquote></p><p> It also means that risk premium matters (see chart below).</p><p><blockquote>这也意味着风险溢价很重要（见下图）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1fa8a9c15b74f8c569f39f375770bdc7\" tg-width=\"700\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><span>MORGAN STANLEY RESEARCH</span></p><p><blockquote><p class=\"t-img-caption\"><span>摩根士丹利研究</span></p></blockquote></p><p> “Many of the markets with the largest recent moves were those priced for the calmest environments. As idiosyncratic risk rises, and risk management becomes more challenging, we see opportunities in high versus low risk premium markets,” they wrote.</p><p><blockquote>他们写道：“最近波动最大的许多市场都是那些定价为最平静环境的市场。随着特殊风险的上升，风险管理变得更具挑战性，我们在高风险和低风险溢价市场中看到了机会。”</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why markets are like a duck: ‘calm above the surface, but furious churning below’<blockquote>为什么市场就像一只鸭子：“表面平静，但下面却剧烈搅动”</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy markets are like a duck: ‘calm above the surface, but furious churning below’<blockquote>为什么市场就像一只鸭子：“表面平静，但下面却剧烈搅动”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Marketwatch</strong><span class=\"h-time small\">2021-11-09 18:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Mario Draghi famously&nbsp;likened the euro to a bumblebee; Morgan Stanley analysts say global financial markets remind them of a duck floating on a pond: “calm above the surface, but furious churning below.”</p><p><blockquote>马里奥·德拉吉(Mario Draghi)将欧元比作一只大黄蜂。摩根士丹利分析师表示，全球金融市场让他们想起了一只漂浮在池塘上的鸭子：“表面上平静，但下面却剧烈翻腾。”</blockquote></p><p> The calm is reflected in a continued drop in realized, or actual, stock-market volatility as global equities soar to all-time highs. The analysts, led by Andrew Sheets, observed in a Friday note that realized, one-month equity volatility across the U.S., Europe and emerging markets has fallen to the 25th percentile of the last 15 years.</p><p><blockquote>随着全球股市飙升至历史新高，股市波动性的持续下降反映了这种平静。以安德鲁·希茨（Andrew Sheets）为首的分析师在周五的一份报告中指出，美国、欧洲和新兴市场的一个月股市波动率已降至过去15年的第25%。</blockquote></p><p> But below the surface, “volatility has jumped” for other assets, they wrote, unveiling a new cross-asset gauge, dubbed the Composite Sigma Indicator, which stands at its highest reading in five years with the exception of the COVID-induced turmoil of the second quarter of 2020 (see chart below). That reflects a rising number of extreme one-day moves, defined as a standard deviation of larger than 1.5.</p><p><blockquote>但他们写道，在表面之下，其他资产的“波动性已经跃升”，并推出了一种新的跨资产指标，称为综合西格玛指标，该指标处于五年来的最高读数，不包括新冠疫情引发的动荡2020年第二季度（见下图）。这反映出极端单日波动的数量不断增加，定义为标准差大于1.5。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a225428109bc24bddb8dbd14801b7065\" tg-width=\"700\" tg-height=\"408\" referrerpolicy=\"no-referrer\"><span>MORGAN STANLEY RESEARCH</span></p><p><blockquote><p class=\"t-img-caption\"><span>摩根士丹利研究</span></p></blockquote></p><p> Anyone who has paid attention to the U.S. and global government bond markets in recent weeks probably won’t be surprised to learn that rates markets are at the heart of those moves. Indeed, the Composite Sigma Indicator has been driven by extreme moves in yield curves; inflation breakevens, which measure the difference between inflation-protected and nominal debt of the same maturity; and 2-year rates, the analysts said.</p><p><blockquote>任何最近几周关注美国和全球政府债券市场的人可能都不会惊讶地发现利率市场是这些举措的核心。事实上，综合西格玛指标是由收益率曲线的极端波动驱动的；通胀盈亏平衡，衡量相同期限的通胀保值债务和名义债务之间的差异；分析师表示，和2年期利率。</blockquote></p><p> Short-term government bond yields, including those on 2-year U.S. Treasury notes,&nbsp;began a sharp rise in September as investors began to pencil in a more aggressive stance by global central banks in response to inflation that has proven more persistent than expected. The gap between short- and long-dated yields narrowed significantly, a yield-curve phenomenon known as flattening.</p><p><blockquote>包括2年期美国国债在内的短期政府债券收益率在9月份开始大幅上升，因为投资者开始预测全球央行将采取更激进的立场，以应对事实证明比预期更持久的通胀。短期和长期收益率之间的差距显着缩小，这种收益率曲线现象被称为平坦化。</blockquote></p><p> The speed of the move has been interpreted by some investors as the potential harbinger of&nbsp;a “policy mistake,”in which central banks spark an economic downturn by tightening too aggressively. The moves also wrong-footed investors, leaving some high-profile hedge funds with large October losses,according to The Wall Street Journal.</p><p><blockquote>一些投资者将此举的速度解读为“政策错误”的潜在先兆，即央行过于激进的紧缩政策引发经济衰退。据《华尔街日报》报道，这些举措也让投资者措手不及，导致一些知名对冲基金在10月份遭受巨额损失。</blockquote></p><p> Two-year rates in Poland, meanwhile, have risen by 85 basis points, or 0.85 percentage point, a 12.2 sigma deviation on the distribution of weekly moves for the rate, the analysts noted. The U.K. saw “extreme dislocations” as short-term rates rose and long-term rates fell, while in commodities markets, iron-ore prices are down 20%.</p><p><blockquote>分析师指出，与此同时，波兰两年期利率上涨了85个基点，即0.85个百分点，与利率每周变动分布相差12.2西格玛。随着短期利率上升和长期利率下降，英国出现了“极端混乱”，而在大宗商品市场，铁矿石价格下跌了20%。</blockquote></p><p> “Rates are the sole driver of this move, while other assets are unusually calm. Risk management in global rates feels very different from equities or FX heading into year-end,” the analysts wrote.</p><p><blockquote>分析师写道：“利率是这一走势的唯一驱动力，而其他资产则异常平静。全球利率的风险管理与年底前的股票或外汇有很大不同。”</blockquote></p><p> Stocks stumbled in September, but major indexes roared back in October and continue to press to all-time highs this month. The S&amp;P 500&nbsp;was up 26.9% year to date through Friday, while the Dow Jones Industrial Average&nbsp;has rallied 21.2% and the Nasdaq Composite&nbsp;advanced 23.9%.</p><p><blockquote>股市在9月份下跌，但主要股指在10月份飙升，并在本月继续逼近历史高点。截至周五，标普500今年迄今已上涨26.9%，道琼斯工业平均指数上涨21.2%，纳斯达克综合指数上涨23.9%。</blockquote></p><p> So what does it all mean? “It suggests that the liquidity environment is already shifting, even if not readily apparent in the S&amp;P 500,” they said.</p><p><blockquote>那么这一切意味着什么呢？他们表示：“这表明流动性环境已经在发生变化，即使在标普500上还不明显。”</blockquote></p><p> It also means that risk premium matters (see chart below).</p><p><blockquote>这也意味着风险溢价很重要（见下图）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1fa8a9c15b74f8c569f39f375770bdc7\" tg-width=\"700\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><span>MORGAN STANLEY RESEARCH</span></p><p><blockquote><p class=\"t-img-caption\"><span>摩根士丹利研究</span></p></blockquote></p><p> “Many of the markets with the largest recent moves were those priced for the calmest environments. As idiosyncratic risk rises, and risk management becomes more challenging, we see opportunities in high versus low risk premium markets,” they wrote.</p><p><blockquote>他们写道：“最近波动最大的许多市场都是那些定价为最平静环境的市场。随着特殊风险的上升，风险管理变得更具挑战性，我们在高风险和低风险溢价市场中看到了机会。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/why-markets-are-like-a-duck-calm-above-the-surface-but-furious-churning-below-11636395875?siteid=yhoof2\">Marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/why-markets-are-like-a-duck-calm-above-the-surface-but-furious-churning-below-11636395875?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1164632864","content_text":"Mario Draghi famously likened the euro to a bumblebee; Morgan Stanley analysts say global financial markets remind them of a duck floating on a pond: “calm above the surface, but furious churning below.”\nThe calm is reflected in a continued drop in realized, or actual, stock-market volatility as global equities soar to all-time highs. The analysts, led by Andrew Sheets, observed in a Friday note that realized, one-month equity volatility across the U.S., Europe and emerging markets has fallen to the 25th percentile of the last 15 years.\nBut below the surface, “volatility has jumped” for other assets, they wrote, unveiling a new cross-asset gauge, dubbed the Composite Sigma Indicator, which stands at its highest reading in five years with the exception of the COVID-induced turmoil of the second quarter of 2020 (see chart below). That reflects a rising number of extreme one-day moves, defined as a standard deviation of larger than 1.5.\nMORGAN STANLEY RESEARCH\nAnyone who has paid attention to the U.S. and global government bond markets in recent weeks probably won’t be surprised to learn that rates markets are at the heart of those moves. Indeed, the Composite Sigma Indicator has been driven by extreme moves in yield curves; inflation breakevens, which measure the difference between inflation-protected and nominal debt of the same maturity; and 2-year rates, the analysts said.\nShort-term government bond yields, including those on 2-year U.S. Treasury notes, began a sharp rise in September as investors began to pencil in a more aggressive stance by global central banks in response to inflation that has proven more persistent than expected. The gap between short- and long-dated yields narrowed significantly, a yield-curve phenomenon known as flattening.\nThe speed of the move has been interpreted by some investors as the potential harbinger of a “policy mistake,”in which central banks spark an economic downturn by tightening too aggressively. The moves also wrong-footed investors, leaving some high-profile hedge funds with large October losses,according to The Wall Street Journal.\nTwo-year rates in Poland, meanwhile, have risen by 85 basis points, or 0.85 percentage point, a 12.2 sigma deviation on the distribution of weekly moves for the rate, the analysts noted. The U.K. saw “extreme dislocations” as short-term rates rose and long-term rates fell, while in commodities markets, iron-ore prices are down 20%.\n“Rates are the sole driver of this move, while other assets are unusually calm. Risk management in global rates feels very different from equities or FX heading into year-end,” the analysts wrote.\nStocks stumbled in September, but major indexes roared back in October and continue to press to all-time highs this month. The S&P 500 was up 26.9% year to date through Friday, while the Dow Jones Industrial Average has rallied 21.2% and the Nasdaq Composite advanced 23.9%.\nSo what does it all mean? “It suggests that the liquidity environment is already shifting, even if not readily apparent in the S&P 500,” they said.\nIt also means that risk premium matters (see chart below).\nMORGAN STANLEY RESEARCH\n“Many of the markets with the largest recent moves were those priced for the calmest environments. As idiosyncratic risk rises, and risk management becomes more challenging, we see opportunities in high versus low risk premium markets,” they wrote.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2253,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":844442837,"gmtCreate":1636454988815,"gmtModify":1636455124295,"author":{"id":"4089438738591500","authorId":"4089438738591500","name":"Jasontay81","avatar":"https://static.tigerbbs.com/ea8f089bf917f0af5a9c5691aa849a93","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089438738591500","idStr":"4089438738591500"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>Hahaha","listText":"<a 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LTD(S51.SI)$Hahaha","images":[{"img":"https://static.tigerbbs.com/6de4c50ba7b1e6446d27e08482310d38","width":"1242","height":"1968"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/840503442","isVote":1,"tweetType":1,"viewCount":1179,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0}],"hots":[{"id":821627658,"gmtCreate":1633742235085,"gmtModify":1633742235286,"author":{"id":"4089438738591500","authorId":"4089438738591500","name":"Jasontay81","avatar":"https://static.tigerbbs.com/ea8f089bf917f0af5a9c5691aa849a93","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089438738591500","idStr":"4089438738591500"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/821627658","repostId":"1100565546","repostType":4,"repost":{"id":"1100565546","kind":"news","pubTimestamp":1633734823,"share":"https://www.laohu8.com/m/news/1100565546?lang=zh_CN&edition=full","pubTime":"2021-10-09 07:13","market":"us","language":"en","title":"S&P 500 ends lower after U.S. September jobs miss<blockquote>美国9月就业机会未达预期，标普500收低</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100565546","media":"Reuters","summary":" - The S&P 500 ended lower on Friday after data showed weaker jobs growth than expected in September, yet investors still expected the Federal Reserve to begin tapering asset purchases this year.Wall Street’s three main indexes were mixed for much of the session before losing ground toward the end. All three indexes posted weekly gains.Comcast Corp tumbled after Wells Fargo cut its price target on the media company, while Charter Communications Inc fell after Wells Fargo downgraded that cable op","content":"<p>(Reuters) - The S&amp;P 500 ended lower on Friday after data showed weaker jobs growth than expected in September, yet investors still expected the Federal Reserve to begin tapering asset purchases this year.</p><p><blockquote>路透标普500周五收低，此前数据显示9月就业增长弱于预期，但投资者仍预计美联储今年将开始缩减资产购买规模。</blockquote></p><p> Wall Street’s three main indexes were mixed for much of the session before losing ground toward the end. All three indexes posted weekly gains.</p><p><blockquote>华尔街三大主要股指在盘中大部分时间涨跌互现，但在接近尾声时有所下跌。三个指数均录得周线上涨。</blockquote></p><p> Comcast Corp tumbled after Wells Fargo cut its price target on the media company, while Charter Communications Inc fell after Wells Fargo downgraded that cable operator to “underweight” from “overweight”.</p><p><blockquote>富国银行下调康卡斯特公司的目标股价后，康卡斯特公司股价暴跌；富国银行将有线电视运营商的评级从“跑赢大盘”下调至“跑输大盘”后，Charter Communications Inc股价下跌。</blockquote></p><p> Both companies were among the biggest drags on the S&amp;P 500 and Nasdaq.</p><p><blockquote>这两家公司都是标普500和纳斯达克最大的拖累之一。</blockquote></p><p> Real estate and utilities were the poorest performers among 11 S&amp;P 500 sector indexes, down 1.1% and 0.7%, respectively.</p><p><blockquote>在11个标普500行业指数中，房地产和公用事业表现最差，分别下跌1.1%和0.7%。</blockquote></p><p> The S&amp;P 500 energy sector index jumped 3.1%, with oil up more than 4% on the week as a global energy crunch has boosted prices to their highest since 2014.</p><p><blockquote>标普500能源板块指数上涨3.1%，油价本周上涨超过4%，因全球能源紧缩将价格推高至2014年以来的最高水平。</blockquote></p><p> Chevron and Exxon Mobil rallied more than 2% and were among the companies giving the S&amp;P 500 the greatest lift.</p><p><blockquote>雪佛龙和埃克森美孚股价上涨超过2%，是对标普500提振最大的公司之一。</blockquote></p><p> The Labor Department’s nonfarm payrolls report showed the U.S. economy in September created the fewest jobs in nine months as hiring dropped at schools and some businesses were short of workers. The unemployment rate fell to 4.8% from 5.2% in August and average hourly earnings rose 0.6%, which was more than expected.</p><p><blockquote>美国劳工部的非农就业报告显示，美国经济9月份创造的就业岗位为九个月来最少，原因是学校招聘人数下降，一些企业缺乏工人。失业率从8月份的5.2%降至4.8%，平均时薪增长0.6%，超出预期。</blockquote></p><p> “I think that the Federal Reserve made it very clear that they don’t need a blockbuster jobs report to taper in November,” said Kathy Lien, Managing Director at BK Asset Management in New York. “I think the Fed remains on track.”</p><p><blockquote>纽约BK资产管理公司董事总经理凯西·连恩(Kathy Lien)表示：“我认为美联储非常明确地表示，他们不需要一份重磅的就业报告就可以在11月份缩减规模。”“我认为美联储仍在正轨上。”</blockquote></p><p> Futures on the federal funds rate priced in a quarter-point tightening by the Federal Reserve by November or December next year.</p><p><blockquote>联邦基金利率期货预计美联储将在明年11月或12月收紧25个基点。</blockquote></p><p> The Dow Jones Industrial Average dipped 0.03% to end at 34,746.25 points, while the S&amp;P 500 lost 0.19% to 4,391.35.</p><p><blockquote>道琼斯工业平均指数下跌0.03%，收于34,746.25点；标普500下跌0.19%，收于4,391.35点。</blockquote></p><p> The Nasdaq Composite dropped 0.51% to 14,579.54.</p><p><blockquote>纳斯达克综合指数下跌0.51%，至14,579.54点。</blockquote></p><p> For the week, the S&amp;P 500 rose 0.8%, the Dow added 1.2% and the Nasdaq gained 0.1%.</p><p><blockquote>本周，标普500上涨0.8%，道琼斯指数上涨1.2%，纳斯达克上涨0.1%。</blockquote></p><p> Third-quarter reporting season kicks off next week, with JPMorgan Chase and other big banks among the first to post results. Investors are focused on global supply chain problems and labor shortages.</p><p><blockquote>第三季度财报季将于下周拉开帷幕，摩根大通和其他大银行将率先公布业绩。投资者关注全球供应链问题和劳动力短缺。</blockquote></p><p> Analysts see Q3 U.S. earnings growth of 30%:</p><p><blockquote>分析师预计美国第三季度盈利增长30%：</blockquote></p><p> Analysts on average expect S&amp;P 500 earnings per share for the quarter to be up almost 30%, according to Refinitiv.</p><p><blockquote>根据Refinitiv的数据，分析师平均预计标普500本季度每股收益将增长近30%。</blockquote></p><p> “I think it’s going to be a dicey earnings season,” warned Liz Young, head of investment strategy at SoFi in New York. “If supply-chain issues are driving up costs, a company with strong pricing power can pass through those rising costs. But you can’t pass through a labor shortage if you can’t find workers to hire.”</p><p><blockquote>纽约SoFi投资策略主管Liz Young警告说：“我认为这将是一个充满风险的财报季。”“如果供应链问题推高了成本，拥有强大定价权的公司可以转嫁这些上涨的成本。但如果你找不到工人来雇佣，你就无法转嫁劳动力短缺。”</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.24-to-1 ratio; on Nasdaq, a 1.52-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.24比1；在纳斯达克，1.52比1的比率有利于下跌股。</blockquote></p><p> The S&amp;P 500 posted 26 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 86 new highs and 113 new lows.</p><p><blockquote>标普500创下26个52周新高和3个新低；纳斯达克综合指数录得86个新高和113个新低。</blockquote></p><p> Volume on U.S. exchanges was 9.2 billion shares, compared with the 11 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为92亿股，而过去20个交易日的平均成交量为110亿股。</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>S&P 500 ends lower after U.S. September jobs miss<blockquote>美国9月就业机会未达预期，标普500收低</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\">\nS&P 500 ends lower after U.S. September jobs miss<blockquote>美国9月就业机会未达预期，标普500收低</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-10-09 07:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) - The S&amp;P 500 ended lower on Friday after data showed weaker jobs growth than expected in September, yet investors still expected the Federal Reserve to begin tapering asset purchases this year.</p><p><blockquote>路透标普500周五收低，此前数据显示9月就业增长弱于预期，但投资者仍预计美联储今年将开始缩减资产购买规模。</blockquote></p><p> Wall Street’s three main indexes were mixed for much of the session before losing ground toward the end. All three indexes posted weekly gains.</p><p><blockquote>华尔街三大主要股指在盘中大部分时间涨跌互现，但在接近尾声时有所下跌。三个指数均录得周线上涨。</blockquote></p><p> Comcast Corp tumbled after Wells Fargo cut its price target on the media company, while Charter Communications Inc fell after Wells Fargo downgraded that cable operator to “underweight” from “overweight”.</p><p><blockquote>富国银行下调康卡斯特公司的目标股价后，康卡斯特公司股价暴跌；富国银行将有线电视运营商的评级从“跑赢大盘”下调至“跑输大盘”后，Charter Communications Inc股价下跌。</blockquote></p><p> Both companies were among the biggest drags on the S&amp;P 500 and Nasdaq.</p><p><blockquote>这两家公司都是标普500和纳斯达克最大的拖累之一。</blockquote></p><p> Real estate and utilities were the poorest performers among 11 S&amp;P 500 sector indexes, down 1.1% and 0.7%, respectively.</p><p><blockquote>在11个标普500行业指数中，房地产和公用事业表现最差，分别下跌1.1%和0.7%。</blockquote></p><p> The S&amp;P 500 energy sector index jumped 3.1%, with oil up more than 4% on the week as a global energy crunch has boosted prices to their highest since 2014.</p><p><blockquote>标普500能源板块指数上涨3.1%，油价本周上涨超过4%，因全球能源紧缩将价格推高至2014年以来的最高水平。</blockquote></p><p> Chevron and Exxon Mobil rallied more than 2% and were among the companies giving the S&amp;P 500 the greatest lift.</p><p><blockquote>雪佛龙和埃克森美孚股价上涨超过2%，是对标普500提振最大的公司之一。</blockquote></p><p> The Labor Department’s nonfarm payrolls report showed the U.S. economy in September created the fewest jobs in nine months as hiring dropped at schools and some businesses were short of workers. The unemployment rate fell to 4.8% from 5.2% in August and average hourly earnings rose 0.6%, which was more than expected.</p><p><blockquote>美国劳工部的非农就业报告显示，美国经济9月份创造的就业岗位为九个月来最少，原因是学校招聘人数下降，一些企业缺乏工人。失业率从8月份的5.2%降至4.8%，平均时薪增长0.6%，超出预期。</blockquote></p><p> “I think that the Federal Reserve made it very clear that they don’t need a blockbuster jobs report to taper in November,” said Kathy Lien, Managing Director at BK Asset Management in New York. “I think the Fed remains on track.”</p><p><blockquote>纽约BK资产管理公司董事总经理凯西·连恩(Kathy Lien)表示：“我认为美联储非常明确地表示，他们不需要一份重磅的就业报告就可以在11月份缩减规模。”“我认为美联储仍在正轨上。”</blockquote></p><p> Futures on the federal funds rate priced in a quarter-point tightening by the Federal Reserve by November or December next year.</p><p><blockquote>联邦基金利率期货预计美联储将在明年11月或12月收紧25个基点。</blockquote></p><p> The Dow Jones Industrial Average dipped 0.03% to end at 34,746.25 points, while the S&amp;P 500 lost 0.19% to 4,391.35.</p><p><blockquote>道琼斯工业平均指数下跌0.03%，收于34,746.25点；标普500下跌0.19%，收于4,391.35点。</blockquote></p><p> The Nasdaq Composite dropped 0.51% to 14,579.54.</p><p><blockquote>纳斯达克综合指数下跌0.51%，至14,579.54点。</blockquote></p><p> For the week, the S&amp;P 500 rose 0.8%, the Dow added 1.2% and the Nasdaq gained 0.1%.</p><p><blockquote>本周，标普500上涨0.8%，道琼斯指数上涨1.2%，纳斯达克上涨0.1%。</blockquote></p><p> Third-quarter reporting season kicks off next week, with JPMorgan Chase and other big banks among the first to post results. Investors are focused on global supply chain problems and labor shortages.</p><p><blockquote>第三季度财报季将于下周拉开帷幕，摩根大通和其他大银行将率先公布业绩。投资者关注全球供应链问题和劳动力短缺。</blockquote></p><p> Analysts see Q3 U.S. earnings growth of 30%:</p><p><blockquote>分析师预计美国第三季度盈利增长30%：</blockquote></p><p> Analysts on average expect S&amp;P 500 earnings per share for the quarter to be up almost 30%, according to Refinitiv.</p><p><blockquote>根据Refinitiv的数据，分析师平均预计标普500本季度每股收益将增长近30%。</blockquote></p><p> “I think it’s going to be a dicey earnings season,” warned Liz Young, head of investment strategy at SoFi in New York. “If supply-chain issues are driving up costs, a company with strong pricing power can pass through those rising costs. But you can’t pass through a labor shortage if you can’t find workers to hire.”</p><p><blockquote>纽约SoFi投资策略主管Liz Young警告说：“我认为这将是一个充满风险的财报季。”“如果供应链问题推高了成本，拥有强大定价权的公司可以转嫁这些上涨的成本。但如果你找不到工人来雇佣，你就无法转嫁劳动力短缺。”</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.24-to-1 ratio; on Nasdaq, a 1.52-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.24比1；在纳斯达克，1.52比1的比率有利于下跌股。</blockquote></p><p> The S&amp;P 500 posted 26 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 86 new highs and 113 new lows.</p><p><blockquote>标普500创下26个52周新高和3个新低；纳斯达克综合指数录得86个新高和113个新低。</blockquote></p><p> Volume on U.S. exchanges was 9.2 billion shares, compared with the 11 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为92亿股，而过去20个交易日的平均成交量为110亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-ends-lower-after-u-s-september-jobs-miss-idUSL1N2R42C9\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-ends-lower-after-u-s-september-jobs-miss-idUSL1N2R42C9","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100565546","content_text":"(Reuters) - The S&P 500 ended lower on Friday after data showed weaker jobs growth than expected in September, yet investors still expected the Federal Reserve to begin tapering asset purchases this year.\nWall Street’s three main indexes were mixed for much of the session before losing ground toward the end. All three indexes posted weekly gains.\nComcast Corp tumbled after Wells Fargo cut its price target on the media company, while Charter Communications Inc fell after Wells Fargo downgraded that cable operator to “underweight” from “overweight”.\nBoth companies were among the biggest drags on the S&P 500 and Nasdaq.\nReal estate and utilities were the poorest performers among 11 S&P 500 sector indexes, down 1.1% and 0.7%, respectively.\nThe S&P 500 energy sector index jumped 3.1%, with oil up more than 4% on the week as a global energy crunch has boosted prices to their highest since 2014.\nChevron and Exxon Mobil rallied more than 2% and were among the companies giving the S&P 500 the greatest lift.\nThe Labor Department’s nonfarm payrolls report showed the U.S. economy in September created the fewest jobs in nine months as hiring dropped at schools and some businesses were short of workers. The unemployment rate fell to 4.8% from 5.2% in August and average hourly earnings rose 0.6%, which was more than expected.\n“I think that the Federal Reserve made it very clear that they don’t need a blockbuster jobs report to taper in November,” said Kathy Lien, Managing Director at BK Asset Management in New York. “I think the Fed remains on track.”\nFutures on the federal funds rate priced in a quarter-point tightening by the Federal Reserve by November or December next year.\nThe Dow Jones Industrial Average dipped 0.03% to end at 34,746.25 points, while the S&P 500 lost 0.19% to 4,391.35.\nThe Nasdaq Composite dropped 0.51% to 14,579.54.\nFor the week, the S&P 500 rose 0.8%, the Dow added 1.2% and the Nasdaq gained 0.1%.\nThird-quarter reporting season kicks off next week, with JPMorgan Chase and other big banks among the first to post results. Investors are focused on global supply chain problems and labor shortages.\nAnalysts see Q3 U.S. earnings growth of 30%:\nAnalysts on average expect S&P 500 earnings per share for the quarter to be up almost 30%, according to Refinitiv.\n“I think it’s going to be a dicey earnings season,” warned Liz Young, head of investment strategy at SoFi in New York. “If supply-chain issues are driving up costs, a company with strong pricing power can pass through those rising costs. But you can’t pass through a labor shortage if you can’t find workers to hire.”\nDeclining issues outnumbered advancing ones on the NYSE by a 1.24-to-1 ratio; on Nasdaq, a 1.52-to-1 ratio favored decliners.\nThe S&P 500 posted 26 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 86 new highs and 113 new lows.\nVolume on U.S. exchanges was 9.2 billion shares, compared with the 11 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":672,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":887619117,"gmtCreate":1632025229039,"gmtModify":1632803249203,"author":{"id":"4089438738591500","authorId":"4089438738591500","name":"Jasontay81","avatar":"https://static.tigerbbs.com/ea8f089bf917f0af5a9c5691aa849a93","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089438738591500","idStr":"4089438738591500"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/887619117","repostId":"1171558890","repostType":4,"repost":{"id":"1171558890","kind":"news","pubTimestamp":1631921912,"share":"https://www.laohu8.com/m/news/1171558890?lang=zh_CN&edition=full","pubTime":"2021-09-18 07:38","market":"us","language":"en","title":"US IPO Week Ahead: Software, consumer products, and payment tech lead a diverse 14 IPO week<blockquote>美国IPO周：软件、消费品和支付技术引领多元化14周IPO周</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1171558890","media":"renaissancecap...","summary":"Summer may be over, but the IPO market is just heating up as 14 IPOs are slated to raise $5.3 billio","content":"<p>Summer may be over, but the IPO market is just heating up as 14 IPOs are slated to raise $5.3 billion in the week ahead. The diverse group includes software, consumer products, payment technology, and more.</p><p><blockquote>夏季可能已经结束，但IPO市场刚刚升温，未来一周将有14起IPO筹集53亿美元。多元化的群体包括软件、消费品、支付技术等等。</blockquote></p><p> The largest deal of the week,<b>Freshworks</b>(FRSH) plans to raise $855 million at a $9.6 billion market cap. The company’s core product is its customer support software, and it also offers IT service management software and a nascent competitor to CRM solutions. While losses are expected to increase with S&amp;M spending, Freshworks has delivered solid growth and 100%+ net dollar-based revenue retention as of 6/30/21.</p><p><blockquote>本周最大的交易，<b>Freshworks</b>(FRSH)计划以96亿美元的市值筹集8.55亿美元。该公司的核心产品是其客户支持软件，它还提供IT服务管理软件和CRM解决方案的新兴竞争对手。虽然亏损预计会随着S&amp;M支出的增加而增加，但截至2011年6月30日，Freshworks实现了稳健的增长和100%以上的净美元收入保留率。</blockquote></p><p> Canadian consumer products company&nbsp;<b>Knowlton Development</b>(KDC) plans to raise $800 million at a $3.1 billion market cap. Over the past three years, Knowlton has been responsible for co-developing 9,000+ products across a variety of categories, and its products are sold by its brand partners in 70+ countries. Despite using offering proceeds to pay down debt, Knowlton will be leveraged post-IPO.</p><p><blockquote>加拿大消费品公司<b>诺尔顿发展</b>(KDC)计划以31亿美元的市值筹集8亿美元。在过去的三年里，Knowlton负责共同开发了9,000多种产品，其产品由70多个国家的品牌合作伙伴销售。尽管诺尔顿将使用发行收益来偿还债务，但IPO后仍将发挥杠杆作用。</blockquote></p><p> Restaurant payment processor&nbsp;<b>Toast</b>(TOST) plans to raise $685 million at a $17.9 billion market cap. Toast provides a suite of integrated payment and software solutions that are designed to streamline restaurant operations. The company grew ARR over 100% in the 1H21, though it has historically been unprofitable, and growth could slow as tailwinds from restaurants reopening abate.</p><p><blockquote>餐厅支付处理器<b>吐司</b>(TOST)计划以179亿美元的市值筹集6.85亿美元。Toast提供一套集成支付和软件解决方案，旨在简化餐厅运营。该公司在2021年上半年的ARR增长率超过100%，尽管它历来没有盈利，而且随着餐厅重新开业的推动力减弱，增长可能会放缓。</blockquote></p><p> Global money transfer firm&nbsp;<b>Remitly Global</b>(RELY) plans to raise $487 million at a $7.5 billion market cap. Remitly provides digital financial services for immigrants and their families in over 135 countries, and it has expanded its core cross-border remittance product to over 1,700 corridors worldwide. The company has demonstrated growth and margin improvement, though it remains unprofitable.</p><p><blockquote>全球汇款公司<b>全球汇款</b>(RELY)计划以75亿美元的市值筹集4.87亿美元。Remitly为超过135个国家的移民及其家人提供数字金融服务，并已将其核心跨境汇款产品扩展到全球1,700多个走廊。该公司已实现增长和利润率提高，但仍未盈利。</blockquote></p><p> Software firm&nbsp;<b>Clearwater Analytics</b>(CWAN) plans to raise $450 million at a $3.7 billion market cap. Clearwater provides its 1,000+ clients with cloud-native software that allows them to simplify their investment accounting operations, and the company has a 100% recurring revenue model. A new investor and certain existing shareholders intend to purchase $150 million worth of shares in the IPO.</p><p><blockquote>软件公司<b>清水分析</b>(CWAN)计划以37亿美元的市值筹集4.5亿美元。Clearwater为其1,000多家客户提供云原生软件，使他们能够简化投资会计操作，并且该公司拥有100%的经常性收入模式。一位新投资者和某些现有股东打算在IPO中购买价值1.5亿美元的股票。</blockquote></p><p> Food company&nbsp;<b>Sovos Brands</b>(SOVO) plans to raise $350 million at a $1.5 billion market cap. Formed by Advent International, Sovos Brands offers a select group of acquired premium food brands. According to the company, its largest brand of products, Rao's, included the #1 selling SKU in the pasta and pizza sauce category. Profitable with solid growth, Sovos will be leveraged post-IPO.</p><p><blockquote>食品公司<b>索沃斯品牌</b>(SOVO)计划以15亿美元的市值筹集3.5亿美元。Sovos Brands由Advent International组建，提供一组精选的收购优质食品品牌。据该公司称，其最大的产品品牌Rao’s是意大利面和披萨酱类别中销量第一的SKU。Sovos盈利稳健增长，IPO后将发挥杠杆作用。</blockquote></p><p> Customer engagement software provider&nbsp;<b>EngageSmart</b>(ESMT) plans to raise $349 million at a $4.1 billion market cap. The company provides software that simplifies online workflows like paperless billing, electronic payment processing, scheduling, and client communication. While growth may slow post-pandemic, EngageSmart has a sticky customer based and a long track record of profitability.</p><p><blockquote>客户参与软件提供商<b>参与智能</b>(ESMT)计划以41亿美元的市值筹集3.49亿美元。该公司提供简化在线工作流程的软件，如无纸化计费、电子支付处理、日程安排和客户沟通。虽然大流行后增长可能会放缓，但EngageSmart拥有粘性客户群和长期的盈利记录。</blockquote></p><p> Hiring solutions provider&nbsp;<b>Sterling Check</b>(STER) plans to raise $300 million at a $2.1 billion market cap. Sterling is one of the leading US providers of background checks for corporate and government customers. The company serves more than 50% of the Fortune 100, often with exclusive contracts, though it operates in a highly competitive market.</p><p><blockquote>招聘解决方案提供商<b>英镑支票</b>(STER)计划以21亿美元的市值筹集3亿美元。Sterling是美国领先的企业和政府客户背景调查提供商之一。尽管该公司在竞争激烈的市场中运营，但该公司为超过50%的财富100强企业提供服务，通常签订独家合同。</blockquote></p><p> Jewelry retailer&nbsp;<b>Brilliant Earth Group</b>(BRLT) plans to raise $250 million at a $1.4 billion. Brilliant Earth is a digital-first jewelry company and a global leader in ethically sourced fine jewelry. The company has sold to consumers in all US states and over 50 countries, and has served over 370,000 customers through its e-commerce platform and 13 showrooms.</p><p><blockquote>珠宝零售商<b>辉煌地球集团</b>(BRLT)计划以14亿澳元筹集2.5亿美元。Brilliant Earth是一家数字优先的珠宝公司，也是道德采购高级珠宝的全球领导者。该公司已向美国所有州和50多个国家的消费者销售产品，并通过其电子商务平台和13个展厅为超过370,000名客户提供服务。</blockquote></p><p> Online fashion platform&nbsp;<b>a.k.a. Brands</b>(AKA) plans to raise $250 million at a $2.3 billion market cap. a.k.a. acquires digitally-focused fashion brands oriented toward millennial and Gen Z consumers, starting with its acquisition of Princess Polly in 2018. The company has successfully expanded Princess Polly and has a long runway to grow its brands in the US, but its M&amp;A strategy carries execution risk.</p><p><blockquote>线上时尚平台<b>又名品牌</b>(AKA)计划以23亿美元的市值筹集2.5亿美元。a.k.a.从2018年收购Princess Polly开始，收购面向千禧一代和Z世代消费者的数字化时尚品牌。该公司已经成功扩张了波利公主，并且在美国发展品牌还有很长的路要走，但其并购战略存在执行风险。</blockquote></p><p> COVID-19 test maker&nbsp;<b>Cue Health</b>(HLTH) plans to raise $200 million at a $2.4 billion market cap. Cue’s first commercially available diagnostic test for use with its Cue Health Monitoring System is its COVID-19 Test Kit, which has been authorized by two EUAs. Cue has five additional Test Kits in late-stage technical development, for which it expects to begin seeking FDA authorization or clearance in the 2H22.</p><p><blockquote>COVID-19测试制造商<b>提示健康</b>(HLTH)计划以24亿美元的市值筹集2亿美元。Cue首个用于其Cue健康监测系统的商用诊断测试是其COVID-19检测试剂盒，该试剂盒已获得两个EUA的授权。Cue还有另外五个测试套件处于后期技术开发阶段，预计将于2022年下半年开始寻求FDA授权或批准。</blockquote></p><p></p><p> London-listed crypto mining company&nbsp;<b>Argo Blockchain</b>(ARBK) plans to raise $138 million at an $855 million market cap. Argo states that it is a leading blockchain technology company focused on large-scale mining of Bitcoin and other cryptocurrencies. Argo has a fleet of more than 21,000 purpose-built computers (mining machines) and can generate more than 1,075 petahash per second.</p><p><blockquote>伦敦上市的加密货币挖矿公司<b>Argo区块链</b>(ARBK)计划以8.55亿美元的市值筹集1.38亿美元。Argo表示，它是一家领先的区块链技术公司，专注于比特币和其他加密货币的大规模挖掘。Argo拥有超过21,000台专用计算机（矿机），每秒可生成超过1,075 petahash。</blockquote></p><p> Personalized supplements seller&nbsp;<b>Thorne Healthtech</b>(THRN) plans to raise $126 million at an $892 million market cap. The company’s vertically integrated brands, Thorne and Onegevity, provide actionable insights and personalized data, products, and services. Profitable with strong growth, Thorne has a base of more than 3 million customers.</p><p><blockquote>个性化补充剂卖家<b>索恩健康科技</b>(THRN)计划以8.92亿美元的市值筹集1.26亿美元。该公司的垂直整合品牌Thorne和Onegevity提供可操作的见解和个性化数据、产品和服务。Thorne盈利强劲增长，拥有超过300万客户群。</blockquote></p><p> Canadian bank&nbsp;<b>VersaBank</b>(VBNK) plans to raise $50 million at a $269 million market cap. VersaBank is a Canadian Schedule I chartered bank and states that it is one of the world's first fully digital financial institutions. As of July 31, 2021, VersaBank had $1.8 billion in assets, $1.6 billion in loans, $1.5 billion in deposits, and $202 million in stockholders' equity.</p><p><blockquote>加拿大银行<b>VersaBank</b>(VBNK)计划以2.69亿美元的市值筹集5000万美元。VersaBank是加拿大附表一特许银行，并表示它是世界上首批完全数字化的金融机构之一。截至2021年7月31日，VersaBank拥有18亿美元资产、16亿美元贷款、15亿美元存款和2.02亿美元股东权益。</blockquote></p><p></p>","source":"lsy1619493174116","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>US IPO Week Ahead: Software, consumer products, and payment tech lead a diverse 14 IPO week<blockquote>美国IPO周：软件、消费品和支付技术引领多元化14周IPO周</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\">\nUS IPO Week Ahead: Software, consumer products, and payment tech lead a diverse 14 IPO week<blockquote>美国IPO周：软件、消费品和支付技术引领多元化14周IPO周</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">renaissancecap...</strong><span class=\"h-time small\">2021-09-18 07:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Summer may be over, but the IPO market is just heating up as 14 IPOs are slated to raise $5.3 billion in the week ahead. The diverse group includes software, consumer products, payment technology, and more.</p><p><blockquote>夏季可能已经结束，但IPO市场刚刚升温，未来一周将有14起IPO筹集53亿美元。多元化的群体包括软件、消费品、支付技术等等。</blockquote></p><p> The largest deal of the week,<b>Freshworks</b>(FRSH) plans to raise $855 million at a $9.6 billion market cap. The company’s core product is its customer support software, and it also offers IT service management software and a nascent competitor to CRM solutions. While losses are expected to increase with S&amp;M spending, Freshworks has delivered solid growth and 100%+ net dollar-based revenue retention as of 6/30/21.</p><p><blockquote>本周最大的交易，<b>Freshworks</b>(FRSH)计划以96亿美元的市值筹集8.55亿美元。该公司的核心产品是其客户支持软件，它还提供IT服务管理软件和CRM解决方案的新兴竞争对手。虽然亏损预计会随着S&amp;M支出的增加而增加，但截至2011年6月30日，Freshworks实现了稳健的增长和100%以上的净美元收入保留率。</blockquote></p><p> Canadian consumer products company&nbsp;<b>Knowlton Development</b>(KDC) plans to raise $800 million at a $3.1 billion market cap. Over the past three years, Knowlton has been responsible for co-developing 9,000+ products across a variety of categories, and its products are sold by its brand partners in 70+ countries. Despite using offering proceeds to pay down debt, Knowlton will be leveraged post-IPO.</p><p><blockquote>加拿大消费品公司<b>诺尔顿发展</b>(KDC)计划以31亿美元的市值筹集8亿美元。在过去的三年里，Knowlton负责共同开发了9,000多种产品，其产品由70多个国家的品牌合作伙伴销售。尽管诺尔顿将使用发行收益来偿还债务，但IPO后仍将发挥杠杆作用。</blockquote></p><p> Restaurant payment processor&nbsp;<b>Toast</b>(TOST) plans to raise $685 million at a $17.9 billion market cap. Toast provides a suite of integrated payment and software solutions that are designed to streamline restaurant operations. The company grew ARR over 100% in the 1H21, though it has historically been unprofitable, and growth could slow as tailwinds from restaurants reopening abate.</p><p><blockquote>餐厅支付处理器<b>吐司</b>(TOST)计划以179亿美元的市值筹集6.85亿美元。Toast提供一套集成支付和软件解决方案，旨在简化餐厅运营。该公司在2021年上半年的ARR增长率超过100%，尽管它历来没有盈利，而且随着餐厅重新开业的推动力减弱，增长可能会放缓。</blockquote></p><p> Global money transfer firm&nbsp;<b>Remitly Global</b>(RELY) plans to raise $487 million at a $7.5 billion market cap. Remitly provides digital financial services for immigrants and their families in over 135 countries, and it has expanded its core cross-border remittance product to over 1,700 corridors worldwide. The company has demonstrated growth and margin improvement, though it remains unprofitable.</p><p><blockquote>全球汇款公司<b>全球汇款</b>(RELY)计划以75亿美元的市值筹集4.87亿美元。Remitly为超过135个国家的移民及其家人提供数字金融服务，并已将其核心跨境汇款产品扩展到全球1,700多个走廊。该公司已实现增长和利润率提高，但仍未盈利。</blockquote></p><p> Software firm&nbsp;<b>Clearwater Analytics</b>(CWAN) plans to raise $450 million at a $3.7 billion market cap. Clearwater provides its 1,000+ clients with cloud-native software that allows them to simplify their investment accounting operations, and the company has a 100% recurring revenue model. A new investor and certain existing shareholders intend to purchase $150 million worth of shares in the IPO.</p><p><blockquote>软件公司<b>清水分析</b>(CWAN)计划以37亿美元的市值筹集4.5亿美元。Clearwater为其1,000多家客户提供云原生软件，使他们能够简化投资会计操作，并且该公司拥有100%的经常性收入模式。一位新投资者和某些现有股东打算在IPO中购买价值1.5亿美元的股票。</blockquote></p><p> Food company&nbsp;<b>Sovos Brands</b>(SOVO) plans to raise $350 million at a $1.5 billion market cap. Formed by Advent International, Sovos Brands offers a select group of acquired premium food brands. According to the company, its largest brand of products, Rao's, included the #1 selling SKU in the pasta and pizza sauce category. Profitable with solid growth, Sovos will be leveraged post-IPO.</p><p><blockquote>食品公司<b>索沃斯品牌</b>(SOVO)计划以15亿美元的市值筹集3.5亿美元。Sovos Brands由Advent International组建，提供一组精选的收购优质食品品牌。据该公司称，其最大的产品品牌Rao’s是意大利面和披萨酱类别中销量第一的SKU。Sovos盈利稳健增长，IPO后将发挥杠杆作用。</blockquote></p><p> Customer engagement software provider&nbsp;<b>EngageSmart</b>(ESMT) plans to raise $349 million at a $4.1 billion market cap. The company provides software that simplifies online workflows like paperless billing, electronic payment processing, scheduling, and client communication. While growth may slow post-pandemic, EngageSmart has a sticky customer based and a long track record of profitability.</p><p><blockquote>客户参与软件提供商<b>参与智能</b>(ESMT)计划以41亿美元的市值筹集3.49亿美元。该公司提供简化在线工作流程的软件，如无纸化计费、电子支付处理、日程安排和客户沟通。虽然大流行后增长可能会放缓，但EngageSmart拥有粘性客户群和长期的盈利记录。</blockquote></p><p> Hiring solutions provider&nbsp;<b>Sterling Check</b>(STER) plans to raise $300 million at a $2.1 billion market cap. Sterling is one of the leading US providers of background checks for corporate and government customers. The company serves more than 50% of the Fortune 100, often with exclusive contracts, though it operates in a highly competitive market.</p><p><blockquote>招聘解决方案提供商<b>英镑支票</b>(STER)计划以21亿美元的市值筹集3亿美元。Sterling是美国领先的企业和政府客户背景调查提供商之一。尽管该公司在竞争激烈的市场中运营，但该公司为超过50%的财富100强企业提供服务，通常签订独家合同。</blockquote></p><p> Jewelry retailer&nbsp;<b>Brilliant Earth Group</b>(BRLT) plans to raise $250 million at a $1.4 billion. Brilliant Earth is a digital-first jewelry company and a global leader in ethically sourced fine jewelry. The company has sold to consumers in all US states and over 50 countries, and has served over 370,000 customers through its e-commerce platform and 13 showrooms.</p><p><blockquote>珠宝零售商<b>辉煌地球集团</b>(BRLT)计划以14亿澳元筹集2.5亿美元。Brilliant Earth是一家数字优先的珠宝公司，也是道德采购高级珠宝的全球领导者。该公司已向美国所有州和50多个国家的消费者销售产品，并通过其电子商务平台和13个展厅为超过370,000名客户提供服务。</blockquote></p><p> Online fashion platform&nbsp;<b>a.k.a. Brands</b>(AKA) plans to raise $250 million at a $2.3 billion market cap. a.k.a. acquires digitally-focused fashion brands oriented toward millennial and Gen Z consumers, starting with its acquisition of Princess Polly in 2018. The company has successfully expanded Princess Polly and has a long runway to grow its brands in the US, but its M&amp;A strategy carries execution risk.</p><p><blockquote>线上时尚平台<b>又名品牌</b>(AKA)计划以23亿美元的市值筹集2.5亿美元。a.k.a.从2018年收购Princess Polly开始，收购面向千禧一代和Z世代消费者的数字化时尚品牌。该公司已经成功扩张了波利公主，并且在美国发展品牌还有很长的路要走，但其并购战略存在执行风险。</blockquote></p><p> COVID-19 test maker&nbsp;<b>Cue Health</b>(HLTH) plans to raise $200 million at a $2.4 billion market cap. Cue’s first commercially available diagnostic test for use with its Cue Health Monitoring System is its COVID-19 Test Kit, which has been authorized by two EUAs. Cue has five additional Test Kits in late-stage technical development, for which it expects to begin seeking FDA authorization or clearance in the 2H22.</p><p><blockquote>COVID-19测试制造商<b>提示健康</b>(HLTH)计划以24亿美元的市值筹集2亿美元。Cue首个用于其Cue健康监测系统的商用诊断测试是其COVID-19检测试剂盒，该试剂盒已获得两个EUA的授权。Cue还有另外五个测试套件处于后期技术开发阶段，预计将于2022年下半年开始寻求FDA授权或批准。</blockquote></p><p></p><p> London-listed crypto mining company&nbsp;<b>Argo Blockchain</b>(ARBK) plans to raise $138 million at an $855 million market cap. Argo states that it is a leading blockchain technology company focused on large-scale mining of Bitcoin and other cryptocurrencies. Argo has a fleet of more than 21,000 purpose-built computers (mining machines) and can generate more than 1,075 petahash per second.</p><p><blockquote>伦敦上市的加密货币挖矿公司<b>Argo区块链</b>(ARBK)计划以8.55亿美元的市值筹集1.38亿美元。Argo表示，它是一家领先的区块链技术公司，专注于比特币和其他加密货币的大规模挖掘。Argo拥有超过21,000台专用计算机（矿机），每秒可生成超过1,075 petahash。</blockquote></p><p> Personalized supplements seller&nbsp;<b>Thorne Healthtech</b>(THRN) plans to raise $126 million at an $892 million market cap. The company’s vertically integrated brands, Thorne and Onegevity, provide actionable insights and personalized data, products, and services. Profitable with strong growth, Thorne has a base of more than 3 million customers.</p><p><blockquote>个性化补充剂卖家<b>索恩健康科技</b>(THRN)计划以8.92亿美元的市值筹集1.26亿美元。该公司的垂直整合品牌Thorne和Onegevity提供可操作的见解和个性化数据、产品和服务。Thorne盈利强劲增长，拥有超过300万客户群。</blockquote></p><p> Canadian bank&nbsp;<b>VersaBank</b>(VBNK) plans to raise $50 million at a $269 million market cap. VersaBank is a Canadian Schedule I chartered bank and states that it is one of the world's first fully digital financial institutions. As of July 31, 2021, VersaBank had $1.8 billion in assets, $1.6 billion in loans, $1.5 billion in deposits, and $202 million in stockholders' equity.</p><p><blockquote>加拿大银行<b>VersaBank</b>(VBNK)计划以2.69亿美元的市值筹集5000万美元。VersaBank是加拿大附表一特许银行，并表示它是世界上首批完全数字化的金融机构之一。截至2021年7月31日，VersaBank拥有18亿美元资产、16亿美元贷款、15亿美元存款和2.02亿美元股东权益。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/86272/US-IPO-Week-Ahead-Software-consumer-products-and-payment-tech-lead-a-divers\">renaissancecap...</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":{"ESMT":"EngageSmart Inc.","RELY":"Remitly Global, Inc.","FRSH":"Freshworks","THRN":"Thorne Healthtech","TOST":"Toast, Inc.","ARBK":"Argo Blockchain Plc","AKA":"a.k.a. Brands Holding Corp.","SOVO":"Sovos Brands, Inc.","HLTH":"Cue Health Inc.","STER":"Sterling Check Corp.","CWAN":"Clearwater Analytics Holdings, Inc.","BRLT":"Brilliant Earth Group, Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/86272/US-IPO-Week-Ahead-Software-consumer-products-and-payment-tech-lead-a-divers","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171558890","content_text":"Summer may be over, but the IPO market is just heating up as 14 IPOs are slated to raise $5.3 billion in the week ahead. The diverse group includes software, consumer products, payment technology, and more.\nThe largest deal of the week,Freshworks(FRSH) plans to raise $855 million at a $9.6 billion market cap. The company’s core product is its customer support software, and it also offers IT service management software and a nascent competitor to CRM solutions. While losses are expected to increase with S&M spending, Freshworks has delivered solid growth and 100%+ net dollar-based revenue retention as of 6/30/21.\nCanadian consumer products company Knowlton Development(KDC) plans to raise $800 million at a $3.1 billion market cap. Over the past three years, Knowlton has been responsible for co-developing 9,000+ products across a variety of categories, and its products are sold by its brand partners in 70+ countries. Despite using offering proceeds to pay down debt, Knowlton will be leveraged post-IPO.\nRestaurant payment processor Toast(TOST) plans to raise $685 million at a $17.9 billion market cap. Toast provides a suite of integrated payment and software solutions that are designed to streamline restaurant operations. The company grew ARR over 100% in the 1H21, though it has historically been unprofitable, and growth could slow as tailwinds from restaurants reopening abate.\nGlobal money transfer firm Remitly Global(RELY) plans to raise $487 million at a $7.5 billion market cap. Remitly provides digital financial services for immigrants and their families in over 135 countries, and it has expanded its core cross-border remittance product to over 1,700 corridors worldwide. The company has demonstrated growth and margin improvement, though it remains unprofitable.\nSoftware firm Clearwater Analytics(CWAN) plans to raise $450 million at a $3.7 billion market cap. Clearwater provides its 1,000+ clients with cloud-native software that allows them to simplify their investment accounting operations, and the company has a 100% recurring revenue model. A new investor and certain existing shareholders intend to purchase $150 million worth of shares in the IPO.\nFood company Sovos Brands(SOVO) plans to raise $350 million at a $1.5 billion market cap. Formed by Advent International, Sovos Brands offers a select group of acquired premium food brands. According to the company, its largest brand of products, Rao's, included the #1 selling SKU in the pasta and pizza sauce category. Profitable with solid growth, Sovos will be leveraged post-IPO.\nCustomer engagement software provider EngageSmart(ESMT) plans to raise $349 million at a $4.1 billion market cap. The company provides software that simplifies online workflows like paperless billing, electronic payment processing, scheduling, and client communication. While growth may slow post-pandemic, EngageSmart has a sticky customer based and a long track record of profitability.\nHiring solutions provider Sterling Check(STER) plans to raise $300 million at a $2.1 billion market cap. Sterling is one of the leading US providers of background checks for corporate and government customers. The company serves more than 50% of the Fortune 100, often with exclusive contracts, though it operates in a highly competitive market.\nJewelry retailer Brilliant Earth Group(BRLT) plans to raise $250 million at a $1.4 billion. Brilliant Earth is a digital-first jewelry company and a global leader in ethically sourced fine jewelry. The company has sold to consumers in all US states and over 50 countries, and has served over 370,000 customers through its e-commerce platform and 13 showrooms.\nOnline fashion platform a.k.a. Brands(AKA) plans to raise $250 million at a $2.3 billion market cap. a.k.a. acquires digitally-focused fashion brands oriented toward millennial and Gen Z consumers, starting with its acquisition of Princess Polly in 2018. The company has successfully expanded Princess Polly and has a long runway to grow its brands in the US, but its M&A strategy carries execution risk.\nCOVID-19 test maker Cue Health(HLTH) plans to raise $200 million at a $2.4 billion market cap. Cue’s first commercially available diagnostic test for use with its Cue Health Monitoring System is its COVID-19 Test Kit, which has been authorized by two EUAs. Cue has five additional Test Kits in late-stage technical development, for which it expects to begin seeking FDA authorization or clearance in the 2H22.\nLondon-listed crypto mining company Argo Blockchain(ARBK) plans to raise $138 million at an $855 million market cap. Argo states that it is a leading blockchain technology company focused on large-scale mining of Bitcoin and other cryptocurrencies. Argo has a fleet of more than 21,000 purpose-built computers (mining machines) and can generate more than 1,075 petahash per second.\nPersonalized supplements seller Thorne Healthtech(THRN) plans to raise $126 million at an $892 million market cap. The company’s vertically integrated brands, Thorne and Onegevity, provide actionable insights and personalized data, products, and services. Profitable with strong growth, Thorne has a base of more than 3 million customers.\nCanadian bank VersaBank(VBNK) plans to raise $50 million at a $269 million market cap. VersaBank is a Canadian Schedule I chartered bank and states that it is one of the world's first fully digital financial institutions. As of July 31, 2021, VersaBank had $1.8 billion in assets, $1.6 billion in loans, $1.5 billion in deposits, and $202 million in stockholders' equity.","news_type":1,"symbols_score_info":{"BRLT":0.9,"RELY":0.9,"ARBK":0.9,"ESMT":0.9,"AKA":0.9,"FRSH":0.9,"HLTH":0.9,"KDC":0.9,"THRN":0.9,"TOST":0.9,"STER":0.9,"CWAN":0.9,"SOVO":0.9}},"isVote":1,"tweetType":1,"viewCount":385,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":818639124,"gmtCreate":1630401106468,"gmtModify":1633678331147,"author":{"id":"4089438738591500","authorId":"4089438738591500","name":"Jasontay81","avatar":"https://static.tigerbbs.com/ea8f089bf917f0af5a9c5691aa849a93","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089438738591500","idStr":"4089438738591500"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/818639124","repostId":"1147371212","repostType":4,"isVote":1,"tweetType":1,"viewCount":539,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813481451,"gmtCreate":1630229816773,"gmtModify":1704957288818,"author":{"id":"4089438738591500","authorId":"4089438738591500","name":"Jasontay81","avatar":"https://static.tigerbbs.com/ea8f089bf917f0af5a9c5691aa849a93","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089438738591500","idStr":"4089438738591500"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/813481451","repostId":"1129129956","repostType":4,"repost":{"id":"1129129956","kind":"news","pubTimestamp":1630201285,"share":"https://www.laohu8.com/m/news/1129129956?lang=zh_CN&edition=full","pubTime":"2021-08-29 09:41","market":"us","language":"en","title":"This Unloved Tech Stock Could Make You Rich One Day<blockquote>这只不受欢迎的科技股有一天会让你变得富有</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129129956","media":"Motley Fool","summary":"The iBuying business is a race to grow larger, and Opendoor is winning.The company is growing at a rate that is two years ahead of what management projected just a year earlier.The market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.Real estate iBuying company Opendoor Technologieshas been executing at a high level in the three quarters since coming public via a special purpose acquisition company  merger. In a race to disrupt residential ","content":"<p>Key Points</p><p><blockquote>要点</blockquote></p><p> <ul>  <li>The iBuying business is a race to grow larger, and Opendoor is winning.</li>  <li>The company is growing at a rate that is two years ahead of what management projected just a year earlier.</li>  <li>The market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.</li> </ul> </p><p><blockquote><ul><li>iBuying业务是一场做大的竞赛，Opendoor正在获胜。</li><li>该公司的增长速度比管理层一年前的预测提前了两年。</li><li>市场对几乎所有SPAC都持悲观态度，这使得Opendoor成为最终可能带来巨额回报的便宜货。</li></ul></blockquote></p><p> Real estate iBuying company&nbsp;<b>Opendoor Technologies</b>(NASDAQ:OPEN)has been executing at a high level in the three quarters since coming public via a special purpose acquisition company (SPAC) merger. In a race to disrupt residential real estate, one of the largest markets in the world, Opendoor's long-term potential could bring big returns for patient investors.</p><p><blockquote>房地产iBuying公司<b>开门技术</b>（纳斯达克：OPEN）自通过特殊目的收购公司（SPAC）合并上市以来，三个季度的执行情况一直处于高水平。在颠覆全球最大市场之一住宅房地产的竞赛中，Opendoor的长期潜力可能会为耐心的投资者带来丰厚的回报。</blockquote></p><p> Despite the upside, the market hasn't yet appreciated Opendoor's accomplishments; the stock is down more than 50% from its highs. There are three important clues that Opendoor could be a compelling investment idea for bold investors.</p><p><blockquote>尽管有上行空间，市场尚未欣赏Opendoor的成就；该股较高点下跌超过50%。有三个重要线索表明，对于大胆的投资者来说，Opendoor可能是一个引人注目的投资理念。</blockquote></p><p> <h3>1. Opendoor is winning the iBuying battle</h3> The traditional home-buying process in the United States is slow and handled by multiple parties, including agents, lawyers, inspectors, and bankers. This creates a lot of back and forth paperwork and drags the process out to more than 30 days, on average.</p><p><blockquote><h3>1.Opendoor正在赢得iBuying之战</h3>美国传统的购房流程缓慢，由多方处理，包括代理人、律师、检查员和银行家。这造成了大量来回的文书工作，平均将流程拖到30多天。</blockquote></p><p> Opendoor pioneered the concept of \"iBuying,\" where the buying and selling of a house are digitized, and a company like Opendoor works directly with sellers to provide them with a cash offer and a digital closing process. The company then resells the house on the market. The iBuying process cuts out agents and some of the fees associated with traditional closings, such as agent commissions. Opendoor then resells the house on the market and charges a service fee of up to 5% on the transaction.</p><p><blockquote>Opendoor开创了“iBuying”的概念，即房屋的买卖是数字化的，像Opendoor这样的公司直接与卖家合作，为他们提供现金报价和数字化成交流程。然后公司在市场上转售房子。iBuying流程省去了代理商和一些与传统成交相关的费用，如代理商佣金。然后Opendoor在市场上转售房屋，并收取高达5%的交易服务费。</blockquote></p><p> After seeing Opendoor steadily grow with its iBuying concept, competitors have also begun to offer iBuying services, including&nbsp;<b>Zillow Group</b>&nbsp;and Offerpad. Because of how capital intensive the business is (a lot of money is needed to buy and sell thousands of houses) and how price competitive the housing market is, these companies are racing to get as big as possible. As the companies buy and sell more homes, they have the ability to become more profitable by leveraging outsourced contractors to save money, and its pricing algorithm improves as it sees more transactions.</p><p><blockquote>在看到Opendoor凭借iBuying概念稳步增长后，竞争对手也开始提供iBuying服务，包括<b>Zillow集团</b>和Offerpad。由于该业务的资本密集型程度（买卖数千套房屋需要大量资金）以及房地产市场的价格竞争力，这些公司都在竞相做大。随着公司买卖更多房屋，他们有能力通过利用外包承包商来节省资金来获得更多利润，并且随着交易数量的增加，其定价算法也会改进。</blockquote></p><p> According to iBuyerStats, a website dedicated to tracking the competitors found in iBuying, Opendoor has consistently had the most housing inventory available for sale. It currently has roughly 3,300 houses for sale, 53% more than Zillow and more than four times as many as Offerpad.</p><p><blockquote>根据专门跟踪iBuying竞争对手的网站iBuyerStats的数据，Opendoor一直拥有最多的待售房屋库存。该公司目前约有3,300套待售房屋，比Zillow多53%，是Offerpad的四倍多。</blockquote></p><p> <h3>2. Revenue growth is ahead of schedule</h3> When companies go public viaSPACmerger, they lay out a public presentation of their business, often including long-term growth projections. Opendoor laid out its pre-merger investor presentation about a year ago, in September 2020.</p><p><blockquote><h3>2、营收增速提前</h3>当公司通过SpacMerger上市时，他们会公开介绍自己的业务，通常包括长期增长预测。大约一年前，即2020年9月，Opendoor发布了合并前投资者演示文稿。</blockquote></p><p> Fast forward to the company's recent 2021 Q2 earnings call. CEO and founder Eric Wu said on the earnings call, \"... based on our current progress, our second half revenue run rate is on track to exceed our 2023 target, a full two years ahead of plan.\"</p><p><blockquote>快进到该公司最近的2021年第二季度收益看涨期权。首席执行官兼创始人Eric Wu在财报看涨期权上表示，“……根据我们目前的进展，我们下半年的收入运行率有望超过2023年的目标，比计划提前了整整两年。”</blockquote></p><p> In other words, if Opendoor were to operate for 12 months at the level the business currently is, it would surpass the $9.8 billion in revenue it projected for 2023. This is an underlooked point because if Opendoor is already two years ahead of its original growth curve, where will it be by 2023? Sure, a dip in the housing market or other events could disrupt the company's speed of growth, but Opendoor is showing the world that the business is operating at a high level.</p><p><blockquote>换句话说，如果Opendoor按照目前的业务水平运营12个月，它将超过2023年预计的98亿美元收入。这是一个被忽视的点，因为如果Opendoor已经比其最初的增长曲线提前了两年，那么到2023年它会在哪里？当然，房地产市场下滑或其他事件可能会扰乱公司的增长速度，但Opendoor正在向世界展示该业务正在高水平运营。</blockquote></p><p> <h3>3. SPACs are out of favor with the market... opportunity?</h3> Investors have overlooked this strong performance, focusing instead on the fact that Opendoor joined the public market via SPAC merger. It has hardly mattered what operating results or earnings have looked like for former SPACs; the stock market has been selling off virtually all SPAC-based stocks for several months now.</p><p><blockquote><h3>3、SPAC失宠于市场……机会？</h3>投资者忽略了这一强劲表现，而是关注Opendoor通过SPAC合并加入公开市场的事实。对于前SPAC来说，经营业绩或收益如何并不重要；几个月来，股市几乎一直在抛售所有基于SPAC的股票。</blockquote></p><p> Investors have been spooked by a handful of \"bad apple\" companies turning up fraudulent, and other companies have wildly missed on the projections they made before going public. These instances have burned those involved, and investors have taken a much more cautious attitude toward SPACs as a whole.</p><p><blockquote>投资者对少数“不良苹果”公司的欺诈行为感到震惊，而其他公司也严重未能实现上市前的预测。这些事件伤害了相关人员，投资者对SPAC整体采取了更加谨慎的态度。</blockquote></p><p> But if companies like Opendoor keep blowing away estimates, the market is likely to come around eventually. When it does, the stock price could move aggressively. If we take Eric Wu's comments about revenue and assume that Opendoor does sales of $10 billion in 2022 (in other words, Opendoor stops growing and maintains its current pace over the following year), the stock currently trades at aprice-to-sales(P/S) ratio of just 1.0. That's a bargain-bin valuation.</p><p><blockquote>但如果像Opendoor这样的公司继续超出预期，市场最终可能会好转。当这种情况发生时，股价可能会大幅波动。如果我们采纳Eric Wu对收入的评论，并假设Opendoor在2022年的销售额为100亿美元（换句话说，Opendoor在接下来的一年里停止增长并保持目前的速度），那么该股目前的市销率(P/S)比率仅为1.0。这是一个便宜的估值。</blockquote></p><p> Competitor Zillow Group trades at a P/S ratio of more than 3, reflecting Opendoor's discount as a former SPAC.</p><p><blockquote>竞争对手Zillow Group的市盈率超过3，反映了Opendoor作为前SPAC的折扣。</blockquote></p><p></p><p> <h3>Here's the bottom line</h3> Real estate is a huge market, and it's a complicated industry because of the clash between traditional agents and the \"new kids\" on the block trying to bring technology into homebuying. It's too early to say that Opendoor will become the \"<b>Amazon</b>\" of home buying, but what seems certain is that the company is&nbsp;poised to be a big player&nbsp;in real estate's future if it keeps performing like this.</p><p><blockquote><h3>这是底线</h3>房地产是一个巨大的市场，也是一个复杂的行业，因为传统代理商和试图将技术引入购房的“新人”之间存在冲突。现在说Opendoor将成为“<b>亚马逊</b>“但似乎可以肯定的是，如果该公司继续保持这样的表现，它将成为房地产未来的重要参与者。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>This Unloved Tech Stock Could Make You Rich One Day<blockquote>这只不受欢迎的科技股有一天会让你变得富有</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\">\nThis Unloved Tech Stock Could Make You Rich One Day<blockquote>这只不受欢迎的科技股有一天会让你变得富有</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\">2021-08-29 09:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Key Points</p><p><blockquote>要点</blockquote></p><p> <ul>  <li>The iBuying business is a race to grow larger, and Opendoor is winning.</li>  <li>The company is growing at a rate that is two years ahead of what management projected just a year earlier.</li>  <li>The market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.</li> </ul> </p><p><blockquote><ul><li>iBuying业务是一场做大的竞赛，Opendoor正在获胜。</li><li>该公司的增长速度比管理层一年前的预测提前了两年。</li><li>市场对几乎所有SPAC都持悲观态度，这使得Opendoor成为最终可能带来巨额回报的便宜货。</li></ul></blockquote></p><p> Real estate iBuying company&nbsp;<b>Opendoor Technologies</b>(NASDAQ:OPEN)has been executing at a high level in the three quarters since coming public via a special purpose acquisition company (SPAC) merger. In a race to disrupt residential real estate, one of the largest markets in the world, Opendoor's long-term potential could bring big returns for patient investors.</p><p><blockquote>房地产iBuying公司<b>开门技术</b>（纳斯达克：OPEN）自通过特殊目的收购公司（SPAC）合并上市以来，三个季度的执行情况一直处于高水平。在颠覆全球最大市场之一住宅房地产的竞赛中，Opendoor的长期潜力可能会为耐心的投资者带来丰厚的回报。</blockquote></p><p> Despite the upside, the market hasn't yet appreciated Opendoor's accomplishments; the stock is down more than 50% from its highs. There are three important clues that Opendoor could be a compelling investment idea for bold investors.</p><p><blockquote>尽管有上行空间，市场尚未欣赏Opendoor的成就；该股较高点下跌超过50%。有三个重要线索表明，对于大胆的投资者来说，Opendoor可能是一个引人注目的投资理念。</blockquote></p><p> <h3>1. Opendoor is winning the iBuying battle</h3> The traditional home-buying process in the United States is slow and handled by multiple parties, including agents, lawyers, inspectors, and bankers. This creates a lot of back and forth paperwork and drags the process out to more than 30 days, on average.</p><p><blockquote><h3>1.Opendoor正在赢得iBuying之战</h3>美国传统的购房流程缓慢，由多方处理，包括代理人、律师、检查员和银行家。这造成了大量来回的文书工作，平均将流程拖到30多天。</blockquote></p><p> Opendoor pioneered the concept of \"iBuying,\" where the buying and selling of a house are digitized, and a company like Opendoor works directly with sellers to provide them with a cash offer and a digital closing process. The company then resells the house on the market. The iBuying process cuts out agents and some of the fees associated with traditional closings, such as agent commissions. Opendoor then resells the house on the market and charges a service fee of up to 5% on the transaction.</p><p><blockquote>Opendoor开创了“iBuying”的概念，即房屋的买卖是数字化的，像Opendoor这样的公司直接与卖家合作，为他们提供现金报价和数字化成交流程。然后公司在市场上转售房子。iBuying流程省去了代理商和一些与传统成交相关的费用，如代理商佣金。然后Opendoor在市场上转售房屋，并收取高达5%的交易服务费。</blockquote></p><p> After seeing Opendoor steadily grow with its iBuying concept, competitors have also begun to offer iBuying services, including&nbsp;<b>Zillow Group</b>&nbsp;and Offerpad. Because of how capital intensive the business is (a lot of money is needed to buy and sell thousands of houses) and how price competitive the housing market is, these companies are racing to get as big as possible. As the companies buy and sell more homes, they have the ability to become more profitable by leveraging outsourced contractors to save money, and its pricing algorithm improves as it sees more transactions.</p><p><blockquote>在看到Opendoor凭借iBuying概念稳步增长后，竞争对手也开始提供iBuying服务，包括<b>Zillow集团</b>和Offerpad。由于该业务的资本密集型程度（买卖数千套房屋需要大量资金）以及房地产市场的价格竞争力，这些公司都在竞相做大。随着公司买卖更多房屋，他们有能力通过利用外包承包商来节省资金来获得更多利润，并且随着交易数量的增加，其定价算法也会改进。</blockquote></p><p> According to iBuyerStats, a website dedicated to tracking the competitors found in iBuying, Opendoor has consistently had the most housing inventory available for sale. It currently has roughly 3,300 houses for sale, 53% more than Zillow and more than four times as many as Offerpad.</p><p><blockquote>根据专门跟踪iBuying竞争对手的网站iBuyerStats的数据，Opendoor一直拥有最多的待售房屋库存。该公司目前约有3,300套待售房屋，比Zillow多53%，是Offerpad的四倍多。</blockquote></p><p> <h3>2. Revenue growth is ahead of schedule</h3> When companies go public viaSPACmerger, they lay out a public presentation of their business, often including long-term growth projections. Opendoor laid out its pre-merger investor presentation about a year ago, in September 2020.</p><p><blockquote><h3>2、营收增速提前</h3>当公司通过SpacMerger上市时，他们会公开介绍自己的业务，通常包括长期增长预测。大约一年前，即2020年9月，Opendoor发布了合并前投资者演示文稿。</blockquote></p><p> Fast forward to the company's recent 2021 Q2 earnings call. CEO and founder Eric Wu said on the earnings call, \"... based on our current progress, our second half revenue run rate is on track to exceed our 2023 target, a full two years ahead of plan.\"</p><p><blockquote>快进到该公司最近的2021年第二季度收益看涨期权。首席执行官兼创始人Eric Wu在财报看涨期权上表示，“……根据我们目前的进展，我们下半年的收入运行率有望超过2023年的目标，比计划提前了整整两年。”</blockquote></p><p> In other words, if Opendoor were to operate for 12 months at the level the business currently is, it would surpass the $9.8 billion in revenue it projected for 2023. This is an underlooked point because if Opendoor is already two years ahead of its original growth curve, where will it be by 2023? Sure, a dip in the housing market or other events could disrupt the company's speed of growth, but Opendoor is showing the world that the business is operating at a high level.</p><p><blockquote>换句话说，如果Opendoor按照目前的业务水平运营12个月，它将超过2023年预计的98亿美元收入。这是一个被忽视的点，因为如果Opendoor已经比其最初的增长曲线提前了两年，那么到2023年它会在哪里？当然，房地产市场下滑或其他事件可能会扰乱公司的增长速度，但Opendoor正在向世界展示该业务正在高水平运营。</blockquote></p><p> <h3>3. SPACs are out of favor with the market... opportunity?</h3> Investors have overlooked this strong performance, focusing instead on the fact that Opendoor joined the public market via SPAC merger. It has hardly mattered what operating results or earnings have looked like for former SPACs; the stock market has been selling off virtually all SPAC-based stocks for several months now.</p><p><blockquote><h3>3、SPAC失宠于市场……机会？</h3>投资者忽略了这一强劲表现，而是关注Opendoor通过SPAC合并加入公开市场的事实。对于前SPAC来说，经营业绩或收益如何并不重要；几个月来，股市几乎一直在抛售所有基于SPAC的股票。</blockquote></p><p> Investors have been spooked by a handful of \"bad apple\" companies turning up fraudulent, and other companies have wildly missed on the projections they made before going public. These instances have burned those involved, and investors have taken a much more cautious attitude toward SPACs as a whole.</p><p><blockquote>投资者对少数“不良苹果”公司的欺诈行为感到震惊，而其他公司也严重未能实现上市前的预测。这些事件伤害了相关人员，投资者对SPAC整体采取了更加谨慎的态度。</blockquote></p><p> But if companies like Opendoor keep blowing away estimates, the market is likely to come around eventually. When it does, the stock price could move aggressively. If we take Eric Wu's comments about revenue and assume that Opendoor does sales of $10 billion in 2022 (in other words, Opendoor stops growing and maintains its current pace over the following year), the stock currently trades at aprice-to-sales(P/S) ratio of just 1.0. That's a bargain-bin valuation.</p><p><blockquote>但如果像Opendoor这样的公司继续超出预期，市场最终可能会好转。当这种情况发生时，股价可能会大幅波动。如果我们采纳Eric Wu对收入的评论，并假设Opendoor在2022年的销售额为100亿美元（换句话说，Opendoor在接下来的一年里停止增长并保持目前的速度），那么该股目前的市销率(P/S)比率仅为1.0。这是一个便宜的估值。</blockquote></p><p> Competitor Zillow Group trades at a P/S ratio of more than 3, reflecting Opendoor's discount as a former SPAC.</p><p><blockquote>竞争对手Zillow Group的市盈率超过3，反映了Opendoor作为前SPAC的折扣。</blockquote></p><p></p><p> <h3>Here's the bottom line</h3> Real estate is a huge market, and it's a complicated industry because of the clash between traditional agents and the \"new kids\" on the block trying to bring technology into homebuying. It's too early to say that Opendoor will become the \"<b>Amazon</b>\" of home buying, but what seems certain is that the company is&nbsp;poised to be a big player&nbsp;in real estate's future if it keeps performing like this.</p><p><blockquote><h3>这是底线</h3>房地产是一个巨大的市场，也是一个复杂的行业，因为传统代理商和试图将技术引入购房的“新人”之间存在冲突。现在说Opendoor将成为“<b>亚马逊</b>“但似乎可以肯定的是，如果该公司继续保持这样的表现，它将成为房地产未来的重要参与者。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/28/this-unloved-tech-stock-may-make-you-rich-one-day/\">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":{"OPEN":"Opendoor Technologies Inc"},"source_url":"https://www.fool.com/investing/2021/08/28/this-unloved-tech-stock-may-make-you-rich-one-day/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129129956","content_text":"Key Points\n\nThe iBuying business is a race to grow larger, and Opendoor is winning.\nThe company is growing at a rate that is two years ahead of what management projected just a year earlier.\nThe market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.\n\n\nReal estate iBuying company Opendoor Technologies(NASDAQ:OPEN)has been executing at a high level in the three quarters since coming public via a special purpose acquisition company (SPAC) merger. In a race to disrupt residential real estate, one of the largest markets in the world, Opendoor's long-term potential could bring big returns for patient investors.\nDespite the upside, the market hasn't yet appreciated Opendoor's accomplishments; the stock is down more than 50% from its highs. There are three important clues that Opendoor could be a compelling investment idea for bold investors.\n1. Opendoor is winning the iBuying battle\nThe traditional home-buying process in the United States is slow and handled by multiple parties, including agents, lawyers, inspectors, and bankers. This creates a lot of back and forth paperwork and drags the process out to more than 30 days, on average.\nOpendoor pioneered the concept of \"iBuying,\" where the buying and selling of a house are digitized, and a company like Opendoor works directly with sellers to provide them with a cash offer and a digital closing process. The company then resells the house on the market. The iBuying process cuts out agents and some of the fees associated with traditional closings, such as agent commissions. Opendoor then resells the house on the market and charges a service fee of up to 5% on the transaction.\nAfter seeing Opendoor steadily grow with its iBuying concept, competitors have also begun to offer iBuying services, including Zillow Group and Offerpad. Because of how capital intensive the business is (a lot of money is needed to buy and sell thousands of houses) and how price competitive the housing market is, these companies are racing to get as big as possible. As the companies buy and sell more homes, they have the ability to become more profitable by leveraging outsourced contractors to save money, and its pricing algorithm improves as it sees more transactions.\nAccording to iBuyerStats, a website dedicated to tracking the competitors found in iBuying, Opendoor has consistently had the most housing inventory available for sale. It currently has roughly 3,300 houses for sale, 53% more than Zillow and more than four times as many as Offerpad.\n2. Revenue growth is ahead of schedule\nWhen companies go public viaSPACmerger, they lay out a public presentation of their business, often including long-term growth projections. Opendoor laid out its pre-merger investor presentation about a year ago, in September 2020.\nFast forward to the company's recent 2021 Q2 earnings call. CEO and founder Eric Wu said on the earnings call, \"... based on our current progress, our second half revenue run rate is on track to exceed our 2023 target, a full two years ahead of plan.\"\nIn other words, if Opendoor were to operate for 12 months at the level the business currently is, it would surpass the $9.8 billion in revenue it projected for 2023. This is an underlooked point because if Opendoor is already two years ahead of its original growth curve, where will it be by 2023? Sure, a dip in the housing market or other events could disrupt the company's speed of growth, but Opendoor is showing the world that the business is operating at a high level.\n3. SPACs are out of favor with the market... opportunity?\nInvestors have overlooked this strong performance, focusing instead on the fact that Opendoor joined the public market via SPAC merger. It has hardly mattered what operating results or earnings have looked like for former SPACs; the stock market has been selling off virtually all SPAC-based stocks for several months now.\nInvestors have been spooked by a handful of \"bad apple\" companies turning up fraudulent, and other companies have wildly missed on the projections they made before going public. These instances have burned those involved, and investors have taken a much more cautious attitude toward SPACs as a whole.\nBut if companies like Opendoor keep blowing away estimates, the market is likely to come around eventually. When it does, the stock price could move aggressively. If we take Eric Wu's comments about revenue and assume that Opendoor does sales of $10 billion in 2022 (in other words, Opendoor stops growing and maintains its current pace over the following year), the stock currently trades at aprice-to-sales(P/S) ratio of just 1.0. That's a bargain-bin valuation.\nCompetitor Zillow Group trades at a P/S ratio of more than 3, reflecting Opendoor's discount as a former SPAC.\nHere's the bottom line\nReal estate is a huge market, and it's a complicated industry because of the clash between traditional agents and the \"new kids\" on the block trying to bring technology into homebuying. It's too early to say that Opendoor will become the \"Amazon\" of home buying, but what seems certain is that the company is poised to be a big player in real estate's future if it keeps performing like this.","news_type":1,"symbols_score_info":{"OPEN":0.9}},"isVote":1,"tweetType":1,"viewCount":329,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837083633,"gmtCreate":1629848069722,"gmtModify":1633682059079,"author":{"id":"4089438738591500","authorId":"4089438738591500","name":"Jasontay81","avatar":"https://static.tigerbbs.com/ea8f089bf917f0af5a9c5691aa849a93","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089438738591500","idStr":"4089438738591500"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/837083633","repostId":"2162087564","repostType":4,"isVote":1,"tweetType":1,"viewCount":608,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836954884,"gmtCreate":1629449452848,"gmtModify":1633684756772,"author":{"id":"4089438738591500","authorId":"4089438738591500","name":"Jasontay81","avatar":"https://static.tigerbbs.com/ea8f089bf917f0af5a9c5691aa849a93","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089438738591500","idStr":"4089438738591500"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/836954884","repostId":"1189046360","repostType":4,"repost":{"id":"1189046360","kind":"news","pubTimestamp":1629448332,"share":"https://www.laohu8.com/m/news/1189046360?lang=zh_CN&edition=full","pubTime":"2021-08-20 16:32","market":"us","language":"en","title":"Moderna COVID-19 vaccine being probed in U.S. for higher-than-expected risk of side effect<blockquote>Moderna COVID-19疫苗因副作用风险高于预期而在美国接受调查</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1189046360","media":"Seeking Alpha","summary":"(Update: August 20, 2021 at 5:59 a.m. ET)\nThe federal health officials are investigating whether the","content":"<p><i><b>(Update: August 20, 2021 at 5:59 a.m. ET)</b></i></p><p><blockquote><i><b>（更新：美国东部时间2021年8月20日上午5:59）</b></i></blockquote></p><p> The federal health officials are investigating whether the COVID-19 vaccine developed by <a href=\"https://laohu8.com/S/MRNA\">Moderna, Inc.</a> (NASDAQ:&nbsp;MRNA)is linked to even a higher risk of a rare side effect called myocarditis in younger adults than initially expected,&nbsp;<i>The WashingtonPost</i>&nbsp;reported citing people familiar with the matter.</p><p><blockquote>联邦卫生官员正在调查由<a href=\"https://laohu8.com/S/MRNA\">莫德纳公司。</a>（纳斯达克：MRNA）与年轻人患心肌炎这种罕见副作用的风险甚至比最初预期的更高有关，<i>华盛顿邮报</i>报道援引知情人士的话称。</blockquote></p><p> The people have stressed that the side effect affecting the heart “probably” continues to be uncommon. The probe has involved the officials from the Food and Drug Administration (FDA) and the Centers for Disease Control and Prevention (CDC).</p><p><blockquote>人们强调，影响心脏的副作用“可能”仍然不常见。该调查涉及食品药品监督管理局（FDA）和疾病控制与预防中心（CDC）的官员。</blockquote></p><p> The investigation is reportedly focused on emerging data from Canada indicating that the vaccine carries a higher risk in the younger population than that from the rival COVID-19 shot from <a href=\"https://laohu8.com/S/PFE\">Pfizer</a>&nbsp;(NYSE:&nbsp;PFE)&nbsp;and <a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a> (NASDAQ:&nbsp;BNTX), in males below the age of 30 or so in particular.</p><p><blockquote>据报道，这项调查的重点是来自加拿大的新数据，这些数据表明该疫苗在年轻人群中的风险比来自加拿大的竞争对手COVID-19疫苗更高<a href=\"https://laohu8.com/S/PFE\">辉瑞</a>（纽约证券交易所代码：PFE）和<a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a>（纳斯达克：BNTX），尤其是在30岁以下的男性中。</blockquote></p><p> The authorities are trying to establish whether the U.S. data also suggest a higher risk from Moderna’s (MRNA) vaccine in the population.</p><p><blockquote>当局正试图确定美国的数据是否也表明Moderna(MRNA)疫苗在人群中的风险更高。</blockquote></p><p> <li>In June, the FDA moved to update the fact sheets of Pfizer (PFE)/ BioNTech (BNTX) and Moderna (MRNA) vaccines to reflect the likelihood of rare cases of heart&nbsp;inflammation following their administration.</p><p><blockquote><li>6月，FDA更新了辉瑞(PFE)/BioNTech(BNTX)和Moderna(MRNA)疫苗的情况说明书，以反映接种后出现罕见心脏炎症病例的可能性。</li></blockquote></p><p>Moderna&nbsp;sink&nbsp;over&nbsp;2%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote>Moderna在盘前交易中下跌超过2%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/e4e9a64ce0c6eb83275b67dbd3b00b4c\" tg-width=\"917\" tg-height=\"391\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></li></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Moderna COVID-19 vaccine being probed in U.S. for higher-than-expected risk of side effect<blockquote>Moderna COVID-19疫苗因副作用风险高于预期而在美国接受调查</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nModerna COVID-19 vaccine being probed in U.S. for higher-than-expected risk of side effect<blockquote>Moderna COVID-19疫苗因副作用风险高于预期而在美国接受调查</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-08-20 16:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i><b>(Update: August 20, 2021 at 5:59 a.m. ET)</b></i></p><p><blockquote><i><b>（更新：美国东部时间2021年8月20日上午5:59）</b></i></blockquote></p><p> The federal health officials are investigating whether the COVID-19 vaccine developed by <a href=\"https://laohu8.com/S/MRNA\">Moderna, Inc.</a> (NASDAQ:&nbsp;MRNA)is linked to even a higher risk of a rare side effect called myocarditis in younger adults than initially expected,&nbsp;<i>The WashingtonPost</i>&nbsp;reported citing people familiar with the matter.</p><p><blockquote>联邦卫生官员正在调查由<a href=\"https://laohu8.com/S/MRNA\">莫德纳公司。</a>（纳斯达克：MRNA）与年轻人患心肌炎这种罕见副作用的风险甚至比最初预期的更高有关，<i>华盛顿邮报</i>报道援引知情人士的话称。</blockquote></p><p> The people have stressed that the side effect affecting the heart “probably” continues to be uncommon. The probe has involved the officials from the Food and Drug Administration (FDA) and the Centers for Disease Control and Prevention (CDC).</p><p><blockquote>人们强调，影响心脏的副作用“可能”仍然不常见。该调查涉及食品药品监督管理局（FDA）和疾病控制与预防中心（CDC）的官员。</blockquote></p><p> The investigation is reportedly focused on emerging data from Canada indicating that the vaccine carries a higher risk in the younger population than that from the rival COVID-19 shot from <a href=\"https://laohu8.com/S/PFE\">Pfizer</a>&nbsp;(NYSE:&nbsp;PFE)&nbsp;and <a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a> (NASDAQ:&nbsp;BNTX), in males below the age of 30 or so in particular.</p><p><blockquote>据报道，这项调查的重点是来自加拿大的新数据，这些数据表明该疫苗在年轻人群中的风险比来自加拿大的竞争对手COVID-19疫苗更高<a href=\"https://laohu8.com/S/PFE\">辉瑞</a>（纽约证券交易所代码：PFE）和<a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a>（纳斯达克：BNTX），尤其是在30岁以下的男性中。</blockquote></p><p> The authorities are trying to establish whether the U.S. data also suggest a higher risk from Moderna’s (MRNA) vaccine in the population.</p><p><blockquote>当局正试图确定美国的数据是否也表明Moderna(MRNA)疫苗在人群中的风险更高。</blockquote></p><p> <li>In June, the FDA moved to update the fact sheets of Pfizer (PFE)/ BioNTech (BNTX) and Moderna (MRNA) vaccines to reflect the likelihood of rare cases of heart&nbsp;inflammation following their administration.</p><p><blockquote><li>6月，FDA更新了辉瑞(PFE)/BioNTech(BNTX)和Moderna(MRNA)疫苗的情况说明书，以反映接种后出现罕见心脏炎症病例的可能性。</li></blockquote></p><p>Moderna&nbsp;sink&nbsp;over&nbsp;2%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote>Moderna在盘前交易中下跌超过2%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/e4e9a64ce0c6eb83275b67dbd3b00b4c\" tg-width=\"917\" tg-height=\"391\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></li></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3732568-moderna-covid-19-vaccine-being-probed-in-us-for-higher-than-expected-risk-of-side-effect\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BNTX":"BioNTech SE","MRNA":"Moderna, Inc.","PFE":"辉瑞"},"source_url":"https://seekingalpha.com/news/3732568-moderna-covid-19-vaccine-being-probed-in-us-for-higher-than-expected-risk-of-side-effect","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189046360","content_text":"(Update: August 20, 2021 at 5:59 a.m. ET)\nThe federal health officials are investigating whether the COVID-19 vaccine developed by Moderna, Inc. (NASDAQ: MRNA)is linked to even a higher risk of a rare side effect called myocarditis in younger adults than initially expected, The WashingtonPost reported citing people familiar with the matter.\nThe people have stressed that the side effect affecting the heart “probably” continues to be uncommon. The probe has involved the officials from the Food and Drug Administration (FDA) and the Centers for Disease Control and Prevention (CDC).\nThe investigation is reportedly focused on emerging data from Canada indicating that the vaccine carries a higher risk in the younger population than that from the rival COVID-19 shot from Pfizer (NYSE: PFE) and BioNTech SE (NASDAQ: BNTX), in males below the age of 30 or so in particular.\nThe authorities are trying to establish whether the U.S. data also suggest a higher risk from Moderna’s (MRNA) vaccine in the population.\nIn June, the FDA moved to update the fact sheets of Pfizer (PFE)/ BioNTech (BNTX) and Moderna (MRNA) vaccines to reflect the likelihood of rare cases of heart inflammation following their administration.Moderna sink over 2% in premarket trading.","news_type":1,"symbols_score_info":{"PFE":0.9,"BNTX":0.9,"MRNA":0.9}},"isVote":1,"tweetType":1,"viewCount":319,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833746320,"gmtCreate":1629267948260,"gmtModify":1633686085865,"author":{"id":"4089438738591500","authorId":"4089438738591500","name":"Jasontay81","avatar":"https://static.tigerbbs.com/ea8f089bf917f0af5a9c5691aa849a93","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089438738591500","idStr":"4089438738591500"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/833746320","repostId":"1114320591","repostType":4,"repost":{"id":"1114320591","kind":"news","pubTimestamp":1629255336,"share":"https://www.laohu8.com/m/news/1114320591?lang=zh_CN&edition=full","pubTime":"2021-08-18 10:55","market":"us","language":"en","title":"3 Stocks I'm Never Selling<blockquote>我永远不会出售的3只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114320591","media":"Motley Fool","summary":"The best investors in the world swear by holding high-quality companies for decades on end. These stocks fit that bill.","content":"<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Time plus patience adds up to wealth-building results in the stock market.</li>  <li>These three business titans are leaders in their fields.</li>  <li>They are also built to last for a very long time.</li> </ul> </p><p><blockquote><ul><li>时间加上耐心，就能在股市中积累财富。</li><li>这三个商业巨头都是各自领域的领导者。</li><li>它们也可以持续很长时间。</li></ul></blockquote></p><p> I'm about to show you my favorite stocks. Sometimes I invest with an eye to strong returns over the next few years. These are the ones that I expect to keep beating the market for the years and decades to come. It will take a lot to pry them out of my portfolio.</p><p><blockquote>我即将向您展示我最喜欢的股票。有时我投资时着眼于未来几年的丰厚回报。我预计这些产品将在未来几年甚至几十年内继续跑赢市场。要把它们从我的投资组合中撬出来需要很大的努力。</blockquote></p><p> Let me show you why I intend to hold&nbsp;<b>Netflix</b>(NASDAQ:NFLX),<b>Alphabet</b>(NASDAQ:GOOG)(NASDAQ:GOOGL), and&nbsp;<b>Walt Disney</b>(NYSE:DIS)for the long haul. These stocks may not be slam-dunk forever holdings for every investor, but you should absolutely take a close look at these top-notch investments.</p><p><blockquote>让我告诉你为什么我打算持有<b>Netflix</b>（纳斯达克：NFLX），<b>Alphabet</b>（纳斯达克：GOOG）（纳斯达克：GOOGL），以及<b>迪斯尼</b>（纽约证券交易所股票代码：DIS）长期来看。这些股票可能不是每个投资者都能永远持有的股票，但你绝对应该仔细看看这些顶级投资。</blockquote></p><p> <b>1. Netflix</b></p><p><blockquote><b>1.奈飞</b></blockquote></p><p> First, you knew Netflix as the sender of red mail-order DVD rentals. The company introduced digital video streams as a free add-on for DVD customers in&nbsp;2007, then separated the streaming business into a separate subscription service in 2011. The Qwikster event was a big marketing mess and could certainly have been handled better, but it was absolutely the right idea in the long run.</p><p><blockquote>首先，你知道网飞是红色邮购DVD租赁的发送者。该公司于2007年将数字视频流作为DVD客户的免费附加服务推出，然后于2011年将流媒体业务分离为单独的订阅服务。Qwikster事件是一个巨大的营销混乱，当然可以处理得更好，但从长远来看，这绝对是正确的想法。</blockquote></p><p> Going all-in on the all-digital streaming service allowed Netflix to roll out its paid subscription plans on a global scale, supplemented by an ambitious focus on original content. The subscriber count has skyrocketed from 26 million in the summer of 2011 to 209 million today. That fantastic trend has worked wonders for the company's top and bottom lines:</p><p><blockquote>全力投入全数字流媒体服务使Netflix能够在全球范围内推出付费订阅计划，并辅以对原创内容的雄心勃勃的关注。用户数量从2011年夏天的2600万飙升至今天的2.09亿。这种奇妙的趋势为公司的营收和利润创造了奇迹：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/646be4c2a73d68810e962c19efe82476\" tg-width=\"720\" tg-height=\"449\" referrerpolicy=\"no-referrer\"><span>NFLX REVENUE (TTM) DATA BY YCHARTS.</span></p><p><blockquote><p class=\"t-img-caption\"><span>YCHARTS提供的NFLX收入(TTM)数据。</span></p></blockquote></p><p> Netflix saw an opportunity to lead the charge into a brand-new market, with low infrastructure costs compared to the DVD-mailing business and buckets of worldwide growth potential. So the DVD business that had come to dominate the video rental sector in America was unceremoniously tossed aside in favor of better ideas.</p><p><blockquote>Netflix看到了引领收费进入一个全新市场的机会，与DVD邮寄业务相比，该市场的基础设施成本较低，并且具有巨大的全球增长潜力。因此，在美国视频租赁行业占据主导地位的DVD业务被毫不客气地抛到了一边，取而代之的是更好的想法。</blockquote></p><p> These days, Netflix is an award-winning content producer with an unmatched distribution network in every market that matters (except forChina, where the company must operate through local partnerships). The stock has delivered a 2,240% return since the Qwikster event, which works out to a compound annual growth rate (CAGR) of 35.8%.</p><p><blockquote>如今，网飞是一家屡获殊荣的内容生产商，在每个重要市场都拥有无与伦比的分销网络（中国除外，该公司必须通过当地合作伙伴运营）。自Qwikster事件以来，该股的回报率为2,240%，复合年增长率(CAGR)为35.8%。</blockquote></p><p> <b>2. Alphabet</b></p><p><blockquote><b>2.Alphabet</b></blockquote></p><p> Alphabet is the parent company of online services giant Google. What started as a student project at Stanford quickly evolved into the world's leading online search tool. Paired with the moneymaking muscle of Google's digital advertising tools, the company generated strong cash flows early on. The cash profits were reinvested in more business ideas. Google eventually built or bought services with matchless market shares in important sectors such as web browsers, online video, email, and smartphone software.</p><p><blockquote>Alphabet是在线服务巨头谷歌的母公司。最初是斯坦福大学的一个学生项目，很快发展成为世界领先的在线搜索工具。再加上谷歌数字广告工具的赚钱能力，该公司在早期就产生了强劲的现金流。现金利润被再投资于更多的商业想法。谷歌最终在网络浏览器、在线视频、电子邮件和智能手机软件等重要领域建立或购买了拥有无与伦比市场份额的服务。</blockquote></p><p> By 2015, co-founders Sergey Brin and Larry Page had concluded that Google's meat-and-potatoes search and advertising businesses eventually had to fade away, overtaken by mobile alternatives and other innovations. So the company made some big changes. Google hired CFO Ruth Porat, a banking executive with decades of experience in large-scale corporate finance. Later the same year, the company changed its name to Alphabet and reorganized itself into a loose conglomerate of different operations.</p><p><blockquote>到2015年，联合创始人谢尔盖·布林（Sergey Brin）和拉里·佩奇（Larry Page）得出结论，谷歌的主要搜索和广告业务最终必须逐渐消失，被移动替代品和其他创新所取代。所以公司做了一些大的改变。谷歌聘请了首席财务官露丝·波拉特(Ruth Porat)，她是一位在大型企业融资方面拥有数十年经验的银行业高管。同年晚些时候，该公司更名为Alphabet，并重组为一个由不同业务组成的松散企业集团。</blockquote></p><p> Google is still the backbone of Alphabet, accounting for 99.6% of the holding company's total sales in 2020. The non-Google operations are still losing money on a regular basis, despite some progress in the fields of self-driving vehicles and fiber-optic internet connections. At the same time, the company is preparing for an uncertain future by developing a plethora of online and offline business projects with massive long-term growth prospects and equally large development risks.</p><p><blockquote>谷歌仍是Alphabet的中坚力量，2020年占控股公司总销售额的99.6%。尽管在自动驾驶汽车和光纤互联网连接领域取得了一些进展，但非谷歌业务仍在定期亏损。与此同时，该公司正在为不确定的未来做准备，开发大量具有巨大长期增长前景和同样大的发展风险的线上和线下业务项目。</blockquote></p><p> If the self-driving cars don't work out in the long run, Alphabet might find a cash machine in medical research or novel wind energy generators. We may never even have heard of the next big winner in Alphabet's sprawling portfolio. If and when Alphabet starts to make serious money from artificial intelligence tools or cancer drugs, most consumers probably won't think of that stuff as a Google business at all.</p><p><blockquote>如果自动驾驶汽车从长远来看行不通，Alphabet可能会在医学研究或新型风能发电机中找到提款机。我们甚至可能从未听说过Alphabet庞大投资组合中的下一个大赢家。如果Alphabet开始从人工智能工具或抗癌药物中赚大钱，大多数消费者可能根本不会认为这些东西是谷歌的业务。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb97b6814df65240bd8f0b4a0690e77e\" tg-width=\"720\" tg-height=\"449\" referrerpolicy=\"no-referrer\"><span>GOOGL REVENUE (TTM) DATA BY YCHARTS.</span></p><p><blockquote><p class=\"t-img-caption\"><span>YCHARTS提供的GOOGL收入(TTM)数据。</span></p></blockquote></p><p></p><p> Alphabet continues to ride its Google heritage as far as it will go, but there is no shortage of completely unrelated operations that can take over when the browser-based search and advertising business starts to falter. Until then, the traditional search business is booming and Alphabet has rewarded investors with a 912% return in 10 years. That's an annual growth rate of 23.3%.</p><p><blockquote>Alphabet将继续利用其谷歌传统，但当基于浏览器的搜索和广告业务开始动摇时，也不乏完全不相关的业务可以接管。在此之前，传统搜索业务正在蓬勃发展，Alphabet在10年内回报了投资者912%的回报。年增长率为23.3%。</blockquote></p><p> <b>3. Walt Disney</b></p><p><blockquote><b>3.华特迪士尼</b></blockquote></p><p> And then there's the near-centennial entertainment giant. The House of Mouse was founded in 1923 by two cartoon-making brothers with a vision. The company has survived a world war, several terrible recessions, 10 decades of progress in distribution and production technologies, and much more.</p><p><blockquote>然后是近百年的娱乐巨头。老鼠之家是由两个有远见的卡通制作兄弟于1923年创建的。该公司经历了一次世界大战、几次严重的经济衰退、10年来分销和生产技术的进步等等。</blockquote></p><p> The leisure and entertainment conglomerate you see today is a far cry from the original business, which was a pure-play cartoon production studio. Disney World and Disneyland are cultural touchstones. The company is a leading provider of hotel and resort services, including a cruise line. I can't think of another company that has mastered the art of monetizing its intellectual property as effectively as Disney has. And that intellectual property -- characters, fictional worlds, and storylines that most Americans know by heart -- will always be the lifeblood of Disney's business.</p><p><blockquote>你今天看到的休闲和娱乐集团与最初的业务相去甚远，最初的业务是一个纯粹的卡通制作工作室。迪士尼世界和迪士尼乐园是文化的试金石。该公司是酒店和度假村服务的领先提供商，包括邮轮公司。我想不出还有哪家公司能像迪士尼一样有效地掌握知识产权货币化的艺术。知识产权——大多数美国人烂熟于心的角色、虚构世界和故事情节——将永远是迪士尼业务的命脉。</blockquote></p><p> Times are tough right now, as the coronavirus pandemic closed down movie theaters, theme parks, resorts, and cruise ships around the world. So Disney took a good, hard look at the drastic changes in the entertainment industry and decided to put its full weight behind media-streaming platforms.</p><p><blockquote>现在的日子很艰难，因为冠状病毒大流行关闭了世界各地的电影院、主题公园、度假村和游轮。因此，迪士尼认真审视了娱乐业的剧烈变化，并决定全力支持流媒体平台。</blockquote></p><p> The company has been reorganized from the top down to support Disney's streaming platforms. The Disney+, Hulu, Hotstar, and ESPN+ streaming services are poised to challenge Netflix for the global media-streaming market, adding up to 174 million subscribers in the third quarter of 2021. Disney took on some extra debt in the darkest days of the health crisis and will most likely use some of that spare cash to accelerate its streaming operations.</p><p><blockquote>该公司已经自上而下进行了重组，以支持迪士尼的流媒体平台。Disney+、Hulu、Hotstar和ESPN+流媒体服务准备在全球媒体流媒体市场挑战网飞，2021年第三季度用户总数达到1.74亿。迪士尼在健康危机最黑暗的日子里承担了一些额外的债务，并且很可能会使用部分闲钱来加速其流媒体业务。</blockquote></p><p> The coronavirus caught Disney unprepared, but management didn't hesitate to turn on a dime. The whole behemoth is heading in a different direction now, supported by the same treasure trove of storytelling assets that took the company this far. This supremely well-managed company is also beating the market in the long run, with a 439% 10-year gain that works out to a CAGR of 13%.</p><p><blockquote>冠状病毒让迪士尼措手不及，但管理层毫不犹豫地立即采取行动。整个庞然大物现在正朝着不同的方向前进，得到了让公司走到这一步的同样的讲故事资产宝库的支持。从长远来看，这家管理极其良好的公司也跑赢了市场，10年涨幅为439%，复合年增长率为13%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/110cd288830d0e354767349fe36259e6\" tg-width=\"2000\" tg-height=\"1333\" referrerpolicy=\"no-referrer\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>The common denominator</b></p><p><blockquote><b>共同点</b></blockquote></p><p> These three companies are very different, but they still have one all-important quality in common. I'm looking for flexibility in the face of good times and bad. If your company stands ready to make drastic changes to its operating plan when the business environment around it changes, you know you have an organization that will stand the test of time.</p><p><blockquote>这三家公司非常不同，但它们仍然有一个非常重要的共同点。我在寻找面对顺境和逆境的灵活性。如果你的公司准备在周围的商业环境发生变化时对其运营计划进行重大改变，你知道你有一个经得起时间考验的组织。</blockquote></p><p> Lots of&nbsp;time in the market equals wealth-building returns. That's the main lesson you can learn from the writings of Benjamin Graham and the stellar results of his star student, Warren Buffett. Building life-changing wealth does not require a couple of years of fantastic returns. All you need is generally solid gains for several decades.</p><p><blockquote>大量的市场时间等于财富积累的回报。这是你可以从本杰明·格雷厄姆的著作和他的明星学生沃伦·巴菲特的出色成绩中学到的主要教训。积累改变生活的财富并不需要几年的惊人回报。你所需要的只是几十年的稳定收益。</blockquote></p><p> For example, an annual return of 10% -- in line with&nbsp;the long-term market average-- adds up to a 673% profit over 20 years. Beating the Street by a small margin makes a big difference on this long time scale. Boost your average gains to just 11%, and you'll see 806% returns over those 20 years. Larger increases bring even greater total long-haul returns. The three stocks discussed above are set up to do better than that, and their very survival in the long run is just about guaranteed by that willingness to change when market conditions require it.</p><p><blockquote>例如，10%的年回报率（与长期市场平均水平一致）相当于20年内673%的利润。在这个漫长的时间尺度上，以微弱优势击败街道会产生很大的影响。将您的平均收益提高到11%，您将在这20年内看到806%的回报。更大的增长会带来更大的长期总回报。上面讨论的三只股票的表现比这更好，从长远来看，它们的生存几乎是由市场条件需要时做出改变的意愿来保证的。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Stocks I'm Never Selling<blockquote>我永远不会出售的3只股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Stocks I'm Never Selling<blockquote>我永远不会出售的3只股票</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\">2021-08-18 10:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Time plus patience adds up to wealth-building results in the stock market.</li>  <li>These three business titans are leaders in their fields.</li>  <li>They are also built to last for a very long time.</li> </ul> </p><p><blockquote><ul><li>时间加上耐心，就能在股市中积累财富。</li><li>这三个商业巨头都是各自领域的领导者。</li><li>它们也可以持续很长时间。</li></ul></blockquote></p><p> I'm about to show you my favorite stocks. Sometimes I invest with an eye to strong returns over the next few years. These are the ones that I expect to keep beating the market for the years and decades to come. It will take a lot to pry them out of my portfolio.</p><p><blockquote>我即将向您展示我最喜欢的股票。有时我投资时着眼于未来几年的丰厚回报。我预计这些产品将在未来几年甚至几十年内继续跑赢市场。要把它们从我的投资组合中撬出来需要很大的努力。</blockquote></p><p> Let me show you why I intend to hold&nbsp;<b>Netflix</b>(NASDAQ:NFLX),<b>Alphabet</b>(NASDAQ:GOOG)(NASDAQ:GOOGL), and&nbsp;<b>Walt Disney</b>(NYSE:DIS)for the long haul. These stocks may not be slam-dunk forever holdings for every investor, but you should absolutely take a close look at these top-notch investments.</p><p><blockquote>让我告诉你为什么我打算持有<b>Netflix</b>（纳斯达克：NFLX），<b>Alphabet</b>（纳斯达克：GOOG）（纳斯达克：GOOGL），以及<b>迪斯尼</b>（纽约证券交易所股票代码：DIS）长期来看。这些股票可能不是每个投资者都能永远持有的股票，但你绝对应该仔细看看这些顶级投资。</blockquote></p><p> <b>1. Netflix</b></p><p><blockquote><b>1.奈飞</b></blockquote></p><p> First, you knew Netflix as the sender of red mail-order DVD rentals. The company introduced digital video streams as a free add-on for DVD customers in&nbsp;2007, then separated the streaming business into a separate subscription service in 2011. The Qwikster event was a big marketing mess and could certainly have been handled better, but it was absolutely the right idea in the long run.</p><p><blockquote>首先，你知道网飞是红色邮购DVD租赁的发送者。该公司于2007年将数字视频流作为DVD客户的免费附加服务推出，然后于2011年将流媒体业务分离为单独的订阅服务。Qwikster事件是一个巨大的营销混乱，当然可以处理得更好，但从长远来看，这绝对是正确的想法。</blockquote></p><p> Going all-in on the all-digital streaming service allowed Netflix to roll out its paid subscription plans on a global scale, supplemented by an ambitious focus on original content. The subscriber count has skyrocketed from 26 million in the summer of 2011 to 209 million today. That fantastic trend has worked wonders for the company's top and bottom lines:</p><p><blockquote>全力投入全数字流媒体服务使Netflix能够在全球范围内推出付费订阅计划，并辅以对原创内容的雄心勃勃的关注。用户数量从2011年夏天的2600万飙升至今天的2.09亿。这种奇妙的趋势为公司的营收和利润创造了奇迹：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/646be4c2a73d68810e962c19efe82476\" tg-width=\"720\" tg-height=\"449\" referrerpolicy=\"no-referrer\"><span>NFLX REVENUE (TTM) DATA BY YCHARTS.</span></p><p><blockquote><p class=\"t-img-caption\"><span>YCHARTS提供的NFLX收入(TTM)数据。</span></p></blockquote></p><p> Netflix saw an opportunity to lead the charge into a brand-new market, with low infrastructure costs compared to the DVD-mailing business and buckets of worldwide growth potential. So the DVD business that had come to dominate the video rental sector in America was unceremoniously tossed aside in favor of better ideas.</p><p><blockquote>Netflix看到了引领收费进入一个全新市场的机会，与DVD邮寄业务相比，该市场的基础设施成本较低，并且具有巨大的全球增长潜力。因此，在美国视频租赁行业占据主导地位的DVD业务被毫不客气地抛到了一边，取而代之的是更好的想法。</blockquote></p><p> These days, Netflix is an award-winning content producer with an unmatched distribution network in every market that matters (except forChina, where the company must operate through local partnerships). The stock has delivered a 2,240% return since the Qwikster event, which works out to a compound annual growth rate (CAGR) of 35.8%.</p><p><blockquote>如今，网飞是一家屡获殊荣的内容生产商，在每个重要市场都拥有无与伦比的分销网络（中国除外，该公司必须通过当地合作伙伴运营）。自Qwikster事件以来，该股的回报率为2,240%，复合年增长率(CAGR)为35.8%。</blockquote></p><p> <b>2. Alphabet</b></p><p><blockquote><b>2.Alphabet</b></blockquote></p><p> Alphabet is the parent company of online services giant Google. What started as a student project at Stanford quickly evolved into the world's leading online search tool. Paired with the moneymaking muscle of Google's digital advertising tools, the company generated strong cash flows early on. The cash profits were reinvested in more business ideas. Google eventually built or bought services with matchless market shares in important sectors such as web browsers, online video, email, and smartphone software.</p><p><blockquote>Alphabet是在线服务巨头谷歌的母公司。最初是斯坦福大学的一个学生项目，很快发展成为世界领先的在线搜索工具。再加上谷歌数字广告工具的赚钱能力，该公司在早期就产生了强劲的现金流。现金利润被再投资于更多的商业想法。谷歌最终在网络浏览器、在线视频、电子邮件和智能手机软件等重要领域建立或购买了拥有无与伦比市场份额的服务。</blockquote></p><p> By 2015, co-founders Sergey Brin and Larry Page had concluded that Google's meat-and-potatoes search and advertising businesses eventually had to fade away, overtaken by mobile alternatives and other innovations. So the company made some big changes. Google hired CFO Ruth Porat, a banking executive with decades of experience in large-scale corporate finance. Later the same year, the company changed its name to Alphabet and reorganized itself into a loose conglomerate of different operations.</p><p><blockquote>到2015年，联合创始人谢尔盖·布林（Sergey Brin）和拉里·佩奇（Larry Page）得出结论，谷歌的主要搜索和广告业务最终必须逐渐消失，被移动替代品和其他创新所取代。所以公司做了一些大的改变。谷歌聘请了首席财务官露丝·波拉特(Ruth Porat)，她是一位在大型企业融资方面拥有数十年经验的银行业高管。同年晚些时候，该公司更名为Alphabet，并重组为一个由不同业务组成的松散企业集团。</blockquote></p><p> Google is still the backbone of Alphabet, accounting for 99.6% of the holding company's total sales in 2020. The non-Google operations are still losing money on a regular basis, despite some progress in the fields of self-driving vehicles and fiber-optic internet connections. At the same time, the company is preparing for an uncertain future by developing a plethora of online and offline business projects with massive long-term growth prospects and equally large development risks.</p><p><blockquote>谷歌仍是Alphabet的中坚力量，2020年占控股公司总销售额的99.6%。尽管在自动驾驶汽车和光纤互联网连接领域取得了一些进展，但非谷歌业务仍在定期亏损。与此同时，该公司正在为不确定的未来做准备，开发大量具有巨大长期增长前景和同样大的发展风险的线上和线下业务项目。</blockquote></p><p> If the self-driving cars don't work out in the long run, Alphabet might find a cash machine in medical research or novel wind energy generators. We may never even have heard of the next big winner in Alphabet's sprawling portfolio. If and when Alphabet starts to make serious money from artificial intelligence tools or cancer drugs, most consumers probably won't think of that stuff as a Google business at all.</p><p><blockquote>如果自动驾驶汽车从长远来看行不通，Alphabet可能会在医学研究或新型风能发电机中找到提款机。我们甚至可能从未听说过Alphabet庞大投资组合中的下一个大赢家。如果Alphabet开始从人工智能工具或抗癌药物中赚大钱，大多数消费者可能根本不会认为这些东西是谷歌的业务。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb97b6814df65240bd8f0b4a0690e77e\" tg-width=\"720\" tg-height=\"449\" referrerpolicy=\"no-referrer\"><span>GOOGL REVENUE (TTM) DATA BY YCHARTS.</span></p><p><blockquote><p class=\"t-img-caption\"><span>YCHARTS提供的GOOGL收入(TTM)数据。</span></p></blockquote></p><p></p><p> Alphabet continues to ride its Google heritage as far as it will go, but there is no shortage of completely unrelated operations that can take over when the browser-based search and advertising business starts to falter. Until then, the traditional search business is booming and Alphabet has rewarded investors with a 912% return in 10 years. That's an annual growth rate of 23.3%.</p><p><blockquote>Alphabet将继续利用其谷歌传统，但当基于浏览器的搜索和广告业务开始动摇时，也不乏完全不相关的业务可以接管。在此之前，传统搜索业务正在蓬勃发展，Alphabet在10年内回报了投资者912%的回报。年增长率为23.3%。</blockquote></p><p> <b>3. Walt Disney</b></p><p><blockquote><b>3.华特迪士尼</b></blockquote></p><p> And then there's the near-centennial entertainment giant. The House of Mouse was founded in 1923 by two cartoon-making brothers with a vision. The company has survived a world war, several terrible recessions, 10 decades of progress in distribution and production technologies, and much more.</p><p><blockquote>然后是近百年的娱乐巨头。老鼠之家是由两个有远见的卡通制作兄弟于1923年创建的。该公司经历了一次世界大战、几次严重的经济衰退、10年来分销和生产技术的进步等等。</blockquote></p><p> The leisure and entertainment conglomerate you see today is a far cry from the original business, which was a pure-play cartoon production studio. Disney World and Disneyland are cultural touchstones. The company is a leading provider of hotel and resort services, including a cruise line. I can't think of another company that has mastered the art of monetizing its intellectual property as effectively as Disney has. And that intellectual property -- characters, fictional worlds, and storylines that most Americans know by heart -- will always be the lifeblood of Disney's business.</p><p><blockquote>你今天看到的休闲和娱乐集团与最初的业务相去甚远，最初的业务是一个纯粹的卡通制作工作室。迪士尼世界和迪士尼乐园是文化的试金石。该公司是酒店和度假村服务的领先提供商，包括邮轮公司。我想不出还有哪家公司能像迪士尼一样有效地掌握知识产权货币化的艺术。知识产权——大多数美国人烂熟于心的角色、虚构世界和故事情节——将永远是迪士尼业务的命脉。</blockquote></p><p> Times are tough right now, as the coronavirus pandemic closed down movie theaters, theme parks, resorts, and cruise ships around the world. So Disney took a good, hard look at the drastic changes in the entertainment industry and decided to put its full weight behind media-streaming platforms.</p><p><blockquote>现在的日子很艰难，因为冠状病毒大流行关闭了世界各地的电影院、主题公园、度假村和游轮。因此，迪士尼认真审视了娱乐业的剧烈变化，并决定全力支持流媒体平台。</blockquote></p><p> The company has been reorganized from the top down to support Disney's streaming platforms. The Disney+, Hulu, Hotstar, and ESPN+ streaming services are poised to challenge Netflix for the global media-streaming market, adding up to 174 million subscribers in the third quarter of 2021. Disney took on some extra debt in the darkest days of the health crisis and will most likely use some of that spare cash to accelerate its streaming operations.</p><p><blockquote>该公司已经自上而下进行了重组，以支持迪士尼的流媒体平台。Disney+、Hulu、Hotstar和ESPN+流媒体服务准备在全球媒体流媒体市场挑战网飞，2021年第三季度用户总数达到1.74亿。迪士尼在健康危机最黑暗的日子里承担了一些额外的债务，并且很可能会使用部分闲钱来加速其流媒体业务。</blockquote></p><p> The coronavirus caught Disney unprepared, but management didn't hesitate to turn on a dime. The whole behemoth is heading in a different direction now, supported by the same treasure trove of storytelling assets that took the company this far. This supremely well-managed company is also beating the market in the long run, with a 439% 10-year gain that works out to a CAGR of 13%.</p><p><blockquote>冠状病毒让迪士尼措手不及，但管理层毫不犹豫地立即采取行动。整个庞然大物现在正朝着不同的方向前进，得到了让公司走到这一步的同样的讲故事资产宝库的支持。从长远来看，这家管理极其良好的公司也跑赢了市场，10年涨幅为439%，复合年增长率为13%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/110cd288830d0e354767349fe36259e6\" tg-width=\"2000\" tg-height=\"1333\" referrerpolicy=\"no-referrer\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>The common denominator</b></p><p><blockquote><b>共同点</b></blockquote></p><p> These three companies are very different, but they still have one all-important quality in common. I'm looking for flexibility in the face of good times and bad. If your company stands ready to make drastic changes to its operating plan when the business environment around it changes, you know you have an organization that will stand the test of time.</p><p><blockquote>这三家公司非常不同，但它们仍然有一个非常重要的共同点。我在寻找面对顺境和逆境的灵活性。如果你的公司准备在周围的商业环境发生变化时对其运营计划进行重大改变，你知道你有一个经得起时间考验的组织。</blockquote></p><p> Lots of&nbsp;time in the market equals wealth-building returns. That's the main lesson you can learn from the writings of Benjamin Graham and the stellar results of his star student, Warren Buffett. Building life-changing wealth does not require a couple of years of fantastic returns. All you need is generally solid gains for several decades.</p><p><blockquote>大量的市场时间等于财富积累的回报。这是你可以从本杰明·格雷厄姆的著作和他的明星学生沃伦·巴菲特的出色成绩中学到的主要教训。积累改变生活的财富并不需要几年的惊人回报。你所需要的只是几十年的稳定收益。</blockquote></p><p> For example, an annual return of 10% -- in line with&nbsp;the long-term market average-- adds up to a 673% profit over 20 years. Beating the Street by a small margin makes a big difference on this long time scale. Boost your average gains to just 11%, and you'll see 806% returns over those 20 years. Larger increases bring even greater total long-haul returns. The three stocks discussed above are set up to do better than that, and their very survival in the long run is just about guaranteed by that willingness to change when market conditions require it.</p><p><blockquote>例如，10%的年回报率（与长期市场平均水平一致）相当于20年内673%的利润。在这个漫长的时间尺度上，以微弱优势击败街道会产生很大的影响。将您的平均收益提高到11%，您将在这20年内看到806%的回报。更大的增长会带来更大的长期总回报。上面讨论的三只股票的表现比这更好，从长远来看，它们的生存几乎是由市场条件需要时做出改变的意愿来保证的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/17/3-stocks-im-never-selling/\">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":{"NFLX":"奈飞","GOOGL":"谷歌A","GOOG":"谷歌","DIS":"迪士尼"},"source_url":"https://www.fool.com/investing/2021/08/17/3-stocks-im-never-selling/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114320591","content_text":"Key Points\n\nTime plus patience adds up to wealth-building results in the stock market.\nThese three business titans are leaders in their fields.\nThey are also built to last for a very long time.\n\n\nI'm about to show you my favorite stocks. Sometimes I invest with an eye to strong returns over the next few years. These are the ones that I expect to keep beating the market for the years and decades to come. It will take a lot to pry them out of my portfolio.\nLet me show you why I intend to hold Netflix(NASDAQ:NFLX),Alphabet(NASDAQ:GOOG)(NASDAQ:GOOGL), and Walt Disney(NYSE:DIS)for the long haul. These stocks may not be slam-dunk forever holdings for every investor, but you should absolutely take a close look at these top-notch investments.\n1. Netflix\nFirst, you knew Netflix as the sender of red mail-order DVD rentals. The company introduced digital video streams as a free add-on for DVD customers in 2007, then separated the streaming business into a separate subscription service in 2011. The Qwikster event was a big marketing mess and could certainly have been handled better, but it was absolutely the right idea in the long run.\nGoing all-in on the all-digital streaming service allowed Netflix to roll out its paid subscription plans on a global scale, supplemented by an ambitious focus on original content. The subscriber count has skyrocketed from 26 million in the summer of 2011 to 209 million today. That fantastic trend has worked wonders for the company's top and bottom lines:\nNFLX REVENUE (TTM) DATA BY YCHARTS.\nNetflix saw an opportunity to lead the charge into a brand-new market, with low infrastructure costs compared to the DVD-mailing business and buckets of worldwide growth potential. So the DVD business that had come to dominate the video rental sector in America was unceremoniously tossed aside in favor of better ideas.\nThese days, Netflix is an award-winning content producer with an unmatched distribution network in every market that matters (except forChina, where the company must operate through local partnerships). The stock has delivered a 2,240% return since the Qwikster event, which works out to a compound annual growth rate (CAGR) of 35.8%.\n2. Alphabet\nAlphabet is the parent company of online services giant Google. What started as a student project at Stanford quickly evolved into the world's leading online search tool. Paired with the moneymaking muscle of Google's digital advertising tools, the company generated strong cash flows early on. The cash profits were reinvested in more business ideas. Google eventually built or bought services with matchless market shares in important sectors such as web browsers, online video, email, and smartphone software.\nBy 2015, co-founders Sergey Brin and Larry Page had concluded that Google's meat-and-potatoes search and advertising businesses eventually had to fade away, overtaken by mobile alternatives and other innovations. So the company made some big changes. Google hired CFO Ruth Porat, a banking executive with decades of experience in large-scale corporate finance. Later the same year, the company changed its name to Alphabet and reorganized itself into a loose conglomerate of different operations.\nGoogle is still the backbone of Alphabet, accounting for 99.6% of the holding company's total sales in 2020. The non-Google operations are still losing money on a regular basis, despite some progress in the fields of self-driving vehicles and fiber-optic internet connections. At the same time, the company is preparing for an uncertain future by developing a plethora of online and offline business projects with massive long-term growth prospects and equally large development risks.\nIf the self-driving cars don't work out in the long run, Alphabet might find a cash machine in medical research or novel wind energy generators. We may never even have heard of the next big winner in Alphabet's sprawling portfolio. If and when Alphabet starts to make serious money from artificial intelligence tools or cancer drugs, most consumers probably won't think of that stuff as a Google business at all.\nGOOGL REVENUE (TTM) DATA BY YCHARTS.\nAlphabet continues to ride its Google heritage as far as it will go, but there is no shortage of completely unrelated operations that can take over when the browser-based search and advertising business starts to falter. Until then, the traditional search business is booming and Alphabet has rewarded investors with a 912% return in 10 years. That's an annual growth rate of 23.3%.\n3. Walt Disney\nAnd then there's the near-centennial entertainment giant. The House of Mouse was founded in 1923 by two cartoon-making brothers with a vision. The company has survived a world war, several terrible recessions, 10 decades of progress in distribution and production technologies, and much more.\nThe leisure and entertainment conglomerate you see today is a far cry from the original business, which was a pure-play cartoon production studio. Disney World and Disneyland are cultural touchstones. The company is a leading provider of hotel and resort services, including a cruise line. I can't think of another company that has mastered the art of monetizing its intellectual property as effectively as Disney has. And that intellectual property -- characters, fictional worlds, and storylines that most Americans know by heart -- will always be the lifeblood of Disney's business.\nTimes are tough right now, as the coronavirus pandemic closed down movie theaters, theme parks, resorts, and cruise ships around the world. So Disney took a good, hard look at the drastic changes in the entertainment industry and decided to put its full weight behind media-streaming platforms.\nThe company has been reorganized from the top down to support Disney's streaming platforms. The Disney+, Hulu, Hotstar, and ESPN+ streaming services are poised to challenge Netflix for the global media-streaming market, adding up to 174 million subscribers in the third quarter of 2021. Disney took on some extra debt in the darkest days of the health crisis and will most likely use some of that spare cash to accelerate its streaming operations.\nThe coronavirus caught Disney unprepared, but management didn't hesitate to turn on a dime. The whole behemoth is heading in a different direction now, supported by the same treasure trove of storytelling assets that took the company this far. This supremely well-managed company is also beating the market in the long run, with a 439% 10-year gain that works out to a CAGR of 13%.\nIMAGE SOURCE: GETTY IMAGES.\nThe common denominator\nThese three companies are very different, but they still have one all-important quality in common. I'm looking for flexibility in the face of good times and bad. If your company stands ready to make drastic changes to its operating plan when the business environment around it changes, you know you have an organization that will stand the test of time.\nLots of time in the market equals wealth-building returns. That's the main lesson you can learn from the writings of Benjamin Graham and the stellar results of his star student, Warren Buffett. Building life-changing wealth does not require a couple of years of fantastic returns. All you need is generally solid gains for several decades.\nFor example, an annual return of 10% -- in line with the long-term market average-- adds up to a 673% profit over 20 years. Beating the Street by a small margin makes a big difference on this long time scale. Boost your average gains to just 11%, and you'll see 806% returns over those 20 years. Larger increases bring even greater total long-haul returns. The three stocks discussed above are set up to do better than that, and their very survival in the long run is just about guaranteed by that willingness to change when market conditions require it.","news_type":1,"symbols_score_info":{"DIS":0.9,"NFLX":0.9,"GOOG":0.9,"GOOGL":0.9}},"isVote":1,"tweetType":1,"viewCount":314,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808494215,"gmtCreate":1627605064337,"gmtModify":1633757900898,"author":{"id":"4089438738591500","authorId":"4089438738591500","name":"Jasontay81","avatar":"https://static.tigerbbs.com/ea8f089bf917f0af5a9c5691aa849a93","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089438738591500","idStr":"4089438738591500"},"themes":[],"htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/808494215","repostId":"2155184148","repostType":4,"isVote":1,"tweetType":1,"viewCount":260,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801617435,"gmtCreate":1627514655627,"gmtModify":1633764338324,"author":{"id":"4089438738591500","authorId":"4089438738591500","name":"Jasontay81","avatar":"https://static.tigerbbs.com/ea8f089bf917f0af5a9c5691aa849a93","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089438738591500","idStr":"4089438738591500"},"themes":[],"htmlText":"Hey","listText":"Hey","text":"Hey","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/801617435","repostId":"1191373397","repostType":4,"isVote":1,"tweetType":1,"viewCount":295,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881598531,"gmtCreate":1631357273323,"gmtModify":1631892084378,"author":{"id":"4089438738591500","authorId":"4089438738591500","name":"Jasontay81","avatar":"https://static.tigerbbs.com/ea8f089bf917f0af5a9c5691aa849a93","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089438738591500","idStr":"4089438738591500"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/881598531","repostId":"1147045390","repostType":4,"repost":{"id":"1147045390","kind":"news","pubTimestamp":1631321547,"share":"https://www.laohu8.com/m/news/1147045390?lang=zh_CN&edition=full","pubTime":"2021-09-11 08:52","market":"us","language":"en","title":"Why Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147045390","media":"Barrons","summary":"Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.In a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple  to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30%","content":"<p>Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.</p><p><blockquote>周五的裁决要求苹果允许开发者为通过苹果应用商店下载的应用程序中的购买提供替代支付方式，这给其收入和利润带来了真实但有限的风险。</blockquote></p><p> In a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.</p><p><blockquote>在堡垒之夜发行商Epic Games提起的案件中，美国地区法官Yvonne Gonzalez Rogers发布了一项永久禁令，要求苹果（股票代码：AAPL）允许开发者选择在其应用程序中包含替代支付方式的链接。苹果自己的支付系统从大型开发商那里收取30%的提成。</blockquote></p><p> Data from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.</p><p><blockquote>应用追踪器SensorTower的数据显示，2020年，苹果从App Store获得的总收入为723亿美元，产生的费用估计为217亿美元，约占苹果总收入的7%。其中包括在美国的210亿美元支出，产生约63亿美元的费用，约占年收入的2%。</blockquote></p><p> SensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.</p><p><blockquote>SensorTower估计，2020年App Store中的手机游戏支出为476亿美元，产生143亿美元的费用，略低于苹果总收入的5%。</blockquote></p><p> Gene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.</p><p><blockquote>风险投资公司Loup Capital董事总经理、长期跟踪苹果的前卖方分析师吉恩·蒙斯特(Gene Munster)估计，App Store约占该公司利润的14%。但他认为周五裁决的风险有限。</blockquote></p><p> Munster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.</p><p><blockquote>蒙斯特认为大多数应用程序开发人员将留在苹果系统内。他认为整体收入“最多”会受到2%的阻力，利润可能会受到4%的打击。</blockquote></p><p> “After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”</p><p><blockquote>“在这些变化的第一年之后，app store的增长率将恢复正常，”他说。“最重要的是，这最多是一年的逆风，不会改变苹果未来5年的发展方向。”</blockquote></p><p> Evercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.</p><p><blockquote>Evercore ISI分析师Amit Daryanani在一份研究报告中表示，这一裁决对苹果来说是一次挫折，但鉴于苹果有其他方式从商店创收，包括其不断增长的店内广告业务，最终的影响可能是可控的。他指出，苹果实际上在该案中的一个更大问题上取得了胜利：法官驳回了Epic关于App Store是非法垄断的主张。Daryanani估计苹果每股收益面临的风险为2%至4%。</blockquote></p><p> Wedbush analyst Dan Ives told&nbsp;<i>Barron’s</i>&nbsp;he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.</p><p><blockquote>Wedbush分析师Dan Ives告诉<i>巴伦周刊</i>他认为最坏的情况是收入受到3%至4%的打击，并将这种风险描述为“舍入误差”。虽然Ives表示，华尔街原本预计苹果会全面获胜，但这一喜忧参半的决定消除了该股的悬念，投资者可能会因为解决这个问题而松一口气。</blockquote></p><p> The ruling is more a positive for companies like&nbsp;Spotify Technology&nbsp;and&nbsp;Match Group&nbsp;than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97&nbsp;on&nbsp;Friday, while Spotify and March gained 0.7% and&nbsp;4.2%, respectively.</p><p><blockquote>他表示，这一裁决对Spotify Technology和Match Group等公司来说更多的是积极的，而不是对苹果的负面影响。苹果股价周五下跌3.3%，至148.97美元，Spotify和March分别上涨0.7%和4.</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-11 08:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.</p><p><blockquote>周五的裁决要求苹果允许开发者为通过苹果应用商店下载的应用程序中的购买提供替代支付方式，这给其收入和利润带来了真实但有限的风险。</blockquote></p><p> In a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.</p><p><blockquote>在堡垒之夜发行商Epic Games提起的案件中，美国地区法官Yvonne Gonzalez Rogers发布了一项永久禁令，要求苹果（股票代码：AAPL）允许开发者选择在其应用程序中包含替代支付方式的链接。苹果自己的支付系统从大型开发商那里收取30%的提成。</blockquote></p><p> Data from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.</p><p><blockquote>应用追踪器SensorTower的数据显示，2020年，苹果从App Store获得的总收入为723亿美元，产生的费用估计为217亿美元，约占苹果总收入的7%。其中包括在美国的210亿美元支出，产生约63亿美元的费用，约占年收入的2%。</blockquote></p><p> SensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.</p><p><blockquote>SensorTower估计，2020年App Store中的手机游戏支出为476亿美元，产生143亿美元的费用，略低于苹果总收入的5%。</blockquote></p><p> Gene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.</p><p><blockquote>风险投资公司Loup Capital董事总经理、长期跟踪苹果的前卖方分析师吉恩·蒙斯特(Gene Munster)估计，App Store约占该公司利润的14%。但他认为周五裁决的风险有限。</blockquote></p><p> Munster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.</p><p><blockquote>蒙斯特认为大多数应用程序开发人员将留在苹果系统内。他认为整体收入“最多”会受到2%的阻力，利润可能会受到4%的打击。</blockquote></p><p> “After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”</p><p><blockquote>“在这些变化的第一年之后，app store的增长率将恢复正常，”他说。“最重要的是，这最多是一年的逆风，不会改变苹果未来5年的发展方向。”</blockquote></p><p> Evercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.</p><p><blockquote>Evercore ISI分析师Amit Daryanani在一份研究报告中表示，这一裁决对苹果来说是一次挫折，但鉴于苹果有其他方式从商店创收，包括其不断增长的店内广告业务，最终的影响可能是可控的。他指出，苹果实际上在该案中的一个更大问题上取得了胜利：法官驳回了Epic关于App Store是非法垄断的主张。Daryanani估计苹果每股收益面临的风险为2%至4%。</blockquote></p><p> Wedbush analyst Dan Ives told&nbsp;<i>Barron’s</i>&nbsp;he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.</p><p><blockquote>Wedbush分析师Dan Ives告诉<i>巴伦周刊</i>他认为最坏的情况是收入受到3%至4%的打击，并将这种风险描述为“舍入误差”。虽然Ives表示，华尔街原本预计苹果会全面获胜，但这一喜忧参半的决定消除了该股的悬念，投资者可能会因为解决这个问题而松一口气。</blockquote></p><p> The ruling is more a positive for companies like&nbsp;Spotify Technology&nbsp;and&nbsp;Match Group&nbsp;than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97&nbsp;on&nbsp;Friday, while Spotify and March gained 0.7% and&nbsp;4.2%, respectively.</p><p><blockquote>他表示，这一裁决对Spotify Technology和Match Group等公司来说更多的是积极的，而不是对苹果的负面影响。苹果股价周五下跌3.3%，至148.97美元，Spotify和March分别上涨0.7%和4.</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/apple-app-store-epic-51631304007?mod=hp_LEAD_1_B_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-app-store-epic-51631304007?mod=hp_LEAD_1_B_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147045390","content_text":"Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.\nIn a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.\nData from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.\nSensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.\nGene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.\nMunster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.\n“After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”\nEvercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.\nWedbush analyst Dan Ives told Barron’s he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.\nThe ruling is more a positive for companies like Spotify Technology and Match Group than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97 on Friday, while Spotify and March gained 0.7% and 4.2%, respectively.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":572,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817599073,"gmtCreate":1630973383292,"gmtModify":1632904898176,"author":{"id":"4089438738591500","authorId":"4089438738591500","name":"Jasontay81","avatar":"https://static.tigerbbs.com/ea8f089bf917f0af5a9c5691aa849a93","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089438738591500","idStr":"4089438738591500"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/817599073","repostId":"1178562582","repostType":4,"repost":{"id":"1178562582","kind":"news","pubTimestamp":1630973253,"share":"https://www.laohu8.com/m/news/1178562582?lang=zh_CN&edition=full","pubTime":"2021-09-07 08:07","market":"us","language":"en","title":"General Motors: Rising EV Player Deeply Undervalued<blockquote>通用汽车：崛起的电动汽车公司被严重低估</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178562582","media":"Seeking Alpha","summary":"Summary\n\nGeneral Motors is going to spend $35B on its electrification plan by 2025 and strives to be","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>General Motors is going to spend $35B on its electrification plan by 2025 and strives to become an all-electric car brand by 2035.</li>  <li>General Motors wants to launch thirty new EV models by 2025.</li>  <li>Accelerating EV adoption in the US and investments in battery technology could pay big rewards for General Motors as electric vehicles become more affordable.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ab7fda01337fcdbc49ec94167f2fe61b\" tg-width=\"1536\" tg-height=\"1114\" width=\"100%\" height=\"auto\"><span>Mario Tama/Getty Images News</span></p><p><blockquote><ul><li>通用汽车将在2025年之前斥资350亿美元用于其电气化计划，并力争到2035年成为全电动汽车品牌。</li><li>通用汽车希望到2025年推出30款新电动汽车车型。</li><li>随着电动汽车变得更加实惠，美国加速电动汽车的采用和对电池技术的投资可能会为通用汽车带来巨大回报。</li></ul><p class=\"t-img-caption\"><span>马里奥·塔玛/盖蒂图片社新闻</span></p></blockquote></p><p> General Motors (GM) is investing heavily in its electric vehicle transformation. High EV ambitions, an improving electric vehicle lineup and investments in battery technology are setting the car brand, and the stock, up for strong gains in the future.</p><p><blockquote>通用汽车（GM）正在大力投资电动汽车转型。雄心勃勃的电动汽车雄心、不断完善的电动汽车阵容以及对电池技术的投资正在使该汽车品牌和该股在未来有望强劲上涨。</blockquote></p><p> <b>Why General Motors is a long-term buy</b></p><p><blockquote><b>为什么通用汽车值得长期买入</b></blockquote></p><p> General Motors has committed to an all-electric future and its EV goals are one of the most aspirational in the legacy-auto industry. General Motors detailed its ambition to invest $20B into its electric and autonomous vehicle transformation before the pandemic, but the car brand said in 2021 that it now wants to invest&nbsp;$35B into its electrification from 2020 to 2025. General Motors also wants to sell 1 million electric vehicles globally by 2025. Since the firm sold just a little more than 200,000 electric vehicles in 2020, General Motors is set to boost EV sales by the factor of five over the next five years. The EV transformation implies that General Motors will get rid of gasoline-powered passenger models by 2035 altogether.</p><p><blockquote>通用汽车致力于全电动未来，其电动汽车目标是传统汽车行业最令人向往的目标之一。通用汽车详细介绍了其在疫情爆发前投资200亿美元用于电动和自动驾驶汽车转型的雄心，但该汽车品牌在2021年表示，现在希望在2020年至2025年期间投资350亿美元用于电气化。通用汽车还希望到2025年在全球销售100万辆电动汽车。由于该公司2020年电动汽车销量略高于20万辆，通用汽车计划在未来五年内将电动汽车销量提高五倍。电动汽车转型意味着通用汽车将在2035年之前完全淘汰汽油动力乘用车车型。</blockquote></p><p> Electric and autonomous vehicles represent big growth opportunities for American car brands. Ford Motor (F) also committed&nbsp;$30B to its electrification plan&nbsp;in 2021, which boosted its original EV spending plan by $8B. Ford wants to generate 40% of global sales from electric vehicles by 2030. To rival General Motors’ EV plans, Ford would have to generate another 60% of sales from EVs within the following five-year period. So far, Ford has not communicated such a commitment.</p><p><blockquote>电动和自动驾驶汽车代表着美国汽车品牌的巨大增长机会。福特汽车(F)还承诺在2021年为其电气化计划投入300B美元，这使其最初的电动汽车支出计划增加了8B美元。福特希望到2030年电动汽车占全球销量的40%。为了与通用汽车的电动汽车计划竞争，福特必须在接下来的五年内从电动汽车中再获得60%的销量。到目前为止，福特尚未传达这样的承诺。</blockquote></p><p> Under General Motors’ $35B EV investment plan, the car brand wants to launch&nbsp;30 new electric vehicles globally by 2025, with two-thirds of new EV models set to come to North America. New electric vehicles are set to include the Chevrolet Bolt EV, the GMC Hummer EV pickup truck, an all-electric Chevy Silverado pickup truck and the Cadillac LYRIQ, a crossover utility vehicle.</p><p><blockquote>根据通用汽车350亿美元的电动汽车投资计划，该汽车品牌希望到2025年在全球推出30款新型电动汽车，其中三分之二的新型电动汽车将销往北美。新型电动汽车将包括雪佛兰Bolt EV、GMC悍马EV皮卡、全电动雪佛兰索罗德皮卡和跨界多功能车凯迪拉克LYRIQ。</blockquote></p><p> To make the purchase of electric vehicles more attractive and accelerate EV adoption in the US, General Motors and EVgo(NASDAQ:EVGO)agreed to build&nbsp;2,700 new fast chargers until 2025&nbsp;in a bid to expand the density of EVgo’s fast charging network. An increasing number of charge points could accelerate electric vehicle adoption in the US and set General Motors up for long-term growth in the EV market. The US market is still lagging behind other EV markets regarding adoption of zero-emission vehicles, but the build-out of charging station networks could change this in the future. Political attitudes regarding EVs are also changing and the Biden Administration is proposing to build500,000 publicly available EV charging stationsto get more zero-emission vehicles on the road. China and Europe have the world's highest EV adoption rates.</p><p><blockquote>为了让电动汽车的购买更具吸引力，并加速电动汽车在美国的普及，通用汽车和EVgo（纳斯达克：EVgo）同意在2025年前建造2700个新的快速充电器，以扩大EVgo快速充电网络的密度。充电点数量的增加可能会加速电动汽车在美国的采用，并为通用汽车在电动汽车市场的长期增长做好准备。在零排放汽车的采用方面，美国市场仍落后于其他电动汽车市场，但充电站网络的建设可能会在未来改变这一状况。人们对电动汽车的政治态度也在发生变化，拜登政府提议建造50万个公共电动汽车充电站，以让更多零排放汽车上路。中国和欧洲拥有世界上最高的电动汽车采用率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/65a4aa35ace4d5c2053c02b08ff55985\" tg-width=\"697\" tg-height=\"563\" width=\"100%\" height=\"auto\"><span>Source: Pew Research</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：皮尤研究</span></p></blockquote></p><p> Batteries and fuel cells are the most critical components for the production of EVs and General Motors is investing in battery technology through a joint venture with LG Energy Solution to secure supply in a tight market. To this end, General Motors is building two new battery cell manufacturing plants which are expected to be operational by mid-decade. Two more battery manufacturing plants are currently under construction in Tennessee and Ohio. Due to higher investments in battery technology, battery prices have fallen significantly over the last decade. Battery prices hit an all-time low of $137 per-kilowatt-hour in 2020, marking a low point in a decade-long trend, which helps EVs become more competitive regarding pricing. According to Bloomberg New Energy Finance, due to falling battery prices, electric vehicles could cost&nbsp;the same&nbsp;as gas-powered vehicles by 2023.</p><p><blockquote>电池和燃料电池是生产电动汽车最关键的部件，通用汽车正在通过与LG Energy Solution的合资企业投资电池技术，以确保紧张市场的供应。为此，通用汽车正在建设两家新的电池制造工厂，预计将于本世纪中期投入运营。目前，田纳西州和俄亥俄州还有两家电池制造厂正在建设中。由于对电池技术的投资增加，电池价格在过去十年中大幅下降。2020年，电池价格创下每千瓦时137美元的历史新低，标志着十年来趋势的低点，这有助于电动汽车在定价方面更具竞争力。据彭博新能源财经报道，由于电池价格下降，到2023年，电动汽车的成本可能与汽油动力汽车持平。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8506975eab53d6f0b828aca8cdbdcb2\" tg-width=\"800\" tg-height=\"600\" width=\"100%\" height=\"auto\"><span>Source: Bloomberg New Energy Finance</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：彭博新能源财经</span></p></blockquote></p><p></p><p> With the EV market set to experience strong growth over the next decade, legacy auto companies that evolve and endorse the EV opportunity are poised to reap rich rewards. General Motors’ EV revenue opportunity costs a P-E ratio of 7.03, which is similar to Ford's P-E ratio of 6.75. EV makers that produce only electric vehicles typically sell for high sales multiplier factors, including Tesla (TSLA). General Motors, Ford and Tesla have market-capitalization-to-sales ratios of 0.46, 0.33 and 10.89. As General Motors moves closer to a 100% EV global sales share, the stock can revalue higher.</p><p><blockquote>随着电动汽车市场在未来十年将会迎来强劲增长，那些不断演变和认可电动汽车机遇的传统汽车公司将准备收获丰厚的回报。通用汽车的EV收入机会成本的市盈率为7.03，这与福特6.75的市盈率相似。仅生产电动汽车的电动汽车制造商通常以较高的销售乘数系数进行销售，其中包括特斯拉（TSLA）。通用、福特和特斯拉的市值与销售额之比分别为0.46、0.33和10.89。随着通用汽车电动汽车全球销量份额接近100%，该股可能会升值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/608e7d7eace2046ca47923be6d2a3cbd\" tg-width=\"903\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> <b>Risks with General Motors</b></p><p><blockquote><b>通用汽车的风险</b></blockquote></p><p> The chip supply shortage, which hampers production of EVs and non-EVs, is a short-term risk for General Motors. The supply crunch will continue in the second half of the year and poses a risk to the stock. Longer term, the biggest risk for General Motors is to miss out on the electric vehicle opportunity and accelerating EV adoption in the US. General Motors is set to bring new EV products to market in FY 2022 and the investment plan worth $35B is big enough to address this risk in a timely manner.</p><p><blockquote>芯片供应短缺阻碍了电动汽车和非电动汽车的生产，是通用汽车面临的短期风险。供应紧缩将在下半年持续，并对该股构成风险。从长远来看，通用汽车面临的最大风险是错过电动汽车机会并加速电动汽车在美国的采用。通用汽车计划在2022财年将新的电动汽车产品推向市场，价值350亿美元的投资计划足以及时应对这一风险。</blockquote></p><p> <b>Final thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> General Motors has committed to an all-electric future. The electrification plan is bold and it is exactly what is needed for the market to get excited about General Motors’ long-term prospects in a growing US EV market. The low P-E ratio implies deep value!</p><p><blockquote>通用汽车致力于全电动的未来。电气化计划是大胆的，这正是市场对通用汽车在不断增长的美国电动汽车市场的长期前景感到兴奋所需要的。低市盈率意味着深度价值！</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>General Motors: Rising EV Player Deeply Undervalued<blockquote>通用汽车：崛起的电动汽车公司被严重低估</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\">\nGeneral Motors: Rising EV Player Deeply Undervalued<blockquote>通用汽车：崛起的电动汽车公司被严重低估</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-07 08:07</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>General Motors is going to spend $35B on its electrification plan by 2025 and strives to become an all-electric car brand by 2035.</li>  <li>General Motors wants to launch thirty new EV models by 2025.</li>  <li>Accelerating EV adoption in the US and investments in battery technology could pay big rewards for General Motors as electric vehicles become more affordable.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ab7fda01337fcdbc49ec94167f2fe61b\" tg-width=\"1536\" tg-height=\"1114\" width=\"100%\" height=\"auto\"><span>Mario Tama/Getty Images News</span></p><p><blockquote><ul><li>通用汽车将在2025年之前斥资350亿美元用于其电气化计划，并力争到2035年成为全电动汽车品牌。</li><li>通用汽车希望到2025年推出30款新电动汽车车型。</li><li>随着电动汽车变得更加实惠，美国加速电动汽车的采用和对电池技术的投资可能会为通用汽车带来巨大回报。</li></ul><p class=\"t-img-caption\"><span>马里奥·塔玛/盖蒂图片社新闻</span></p></blockquote></p><p> General Motors (GM) is investing heavily in its electric vehicle transformation. High EV ambitions, an improving electric vehicle lineup and investments in battery technology are setting the car brand, and the stock, up for strong gains in the future.</p><p><blockquote>通用汽车（GM）正在大力投资电动汽车转型。雄心勃勃的电动汽车雄心、不断完善的电动汽车阵容以及对电池技术的投资正在使该汽车品牌和该股在未来有望强劲上涨。</blockquote></p><p> <b>Why General Motors is a long-term buy</b></p><p><blockquote><b>为什么通用汽车值得长期买入</b></blockquote></p><p> General Motors has committed to an all-electric future and its EV goals are one of the most aspirational in the legacy-auto industry. General Motors detailed its ambition to invest $20B into its electric and autonomous vehicle transformation before the pandemic, but the car brand said in 2021 that it now wants to invest&nbsp;$35B into its electrification from 2020 to 2025. General Motors also wants to sell 1 million electric vehicles globally by 2025. Since the firm sold just a little more than 200,000 electric vehicles in 2020, General Motors is set to boost EV sales by the factor of five over the next five years. The EV transformation implies that General Motors will get rid of gasoline-powered passenger models by 2035 altogether.</p><p><blockquote>通用汽车致力于全电动未来，其电动汽车目标是传统汽车行业最令人向往的目标之一。通用汽车详细介绍了其在疫情爆发前投资200亿美元用于电动和自动驾驶汽车转型的雄心，但该汽车品牌在2021年表示，现在希望在2020年至2025年期间投资350亿美元用于电气化。通用汽车还希望到2025年在全球销售100万辆电动汽车。由于该公司2020年电动汽车销量略高于20万辆，通用汽车计划在未来五年内将电动汽车销量提高五倍。电动汽车转型意味着通用汽车将在2035年之前完全淘汰汽油动力乘用车车型。</blockquote></p><p> Electric and autonomous vehicles represent big growth opportunities for American car brands. Ford Motor (F) also committed&nbsp;$30B to its electrification plan&nbsp;in 2021, which boosted its original EV spending plan by $8B. Ford wants to generate 40% of global sales from electric vehicles by 2030. To rival General Motors’ EV plans, Ford would have to generate another 60% of sales from EVs within the following five-year period. So far, Ford has not communicated such a commitment.</p><p><blockquote>电动和自动驾驶汽车代表着美国汽车品牌的巨大增长机会。福特汽车(F)还承诺在2021年为其电气化计划投入300B美元，这使其最初的电动汽车支出计划增加了8B美元。福特希望到2030年电动汽车占全球销量的40%。为了与通用汽车的电动汽车计划竞争，福特必须在接下来的五年内从电动汽车中再获得60%的销量。到目前为止，福特尚未传达这样的承诺。</blockquote></p><p> Under General Motors’ $35B EV investment plan, the car brand wants to launch&nbsp;30 new electric vehicles globally by 2025, with two-thirds of new EV models set to come to North America. New electric vehicles are set to include the Chevrolet Bolt EV, the GMC Hummer EV pickup truck, an all-electric Chevy Silverado pickup truck and the Cadillac LYRIQ, a crossover utility vehicle.</p><p><blockquote>根据通用汽车350亿美元的电动汽车投资计划，该汽车品牌希望到2025年在全球推出30款新型电动汽车，其中三分之二的新型电动汽车将销往北美。新型电动汽车将包括雪佛兰Bolt EV、GMC悍马EV皮卡、全电动雪佛兰索罗德皮卡和跨界多功能车凯迪拉克LYRIQ。</blockquote></p><p> To make the purchase of electric vehicles more attractive and accelerate EV adoption in the US, General Motors and EVgo(NASDAQ:EVGO)agreed to build&nbsp;2,700 new fast chargers until 2025&nbsp;in a bid to expand the density of EVgo’s fast charging network. An increasing number of charge points could accelerate electric vehicle adoption in the US and set General Motors up for long-term growth in the EV market. The US market is still lagging behind other EV markets regarding adoption of zero-emission vehicles, but the build-out of charging station networks could change this in the future. Political attitudes regarding EVs are also changing and the Biden Administration is proposing to build500,000 publicly available EV charging stationsto get more zero-emission vehicles on the road. China and Europe have the world's highest EV adoption rates.</p><p><blockquote>为了让电动汽车的购买更具吸引力，并加速电动汽车在美国的普及，通用汽车和EVgo（纳斯达克：EVgo）同意在2025年前建造2700个新的快速充电器，以扩大EVgo快速充电网络的密度。充电点数量的增加可能会加速电动汽车在美国的采用，并为通用汽车在电动汽车市场的长期增长做好准备。在零排放汽车的采用方面，美国市场仍落后于其他电动汽车市场，但充电站网络的建设可能会在未来改变这一状况。人们对电动汽车的政治态度也在发生变化，拜登政府提议建造50万个公共电动汽车充电站，以让更多零排放汽车上路。中国和欧洲拥有世界上最高的电动汽车采用率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/65a4aa35ace4d5c2053c02b08ff55985\" tg-width=\"697\" tg-height=\"563\" width=\"100%\" height=\"auto\"><span>Source: Pew Research</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：皮尤研究</span></p></blockquote></p><p> Batteries and fuel cells are the most critical components for the production of EVs and General Motors is investing in battery technology through a joint venture with LG Energy Solution to secure supply in a tight market. To this end, General Motors is building two new battery cell manufacturing plants which are expected to be operational by mid-decade. Two more battery manufacturing plants are currently under construction in Tennessee and Ohio. Due to higher investments in battery technology, battery prices have fallen significantly over the last decade. Battery prices hit an all-time low of $137 per-kilowatt-hour in 2020, marking a low point in a decade-long trend, which helps EVs become more competitive regarding pricing. According to Bloomberg New Energy Finance, due to falling battery prices, electric vehicles could cost&nbsp;the same&nbsp;as gas-powered vehicles by 2023.</p><p><blockquote>电池和燃料电池是生产电动汽车最关键的部件，通用汽车正在通过与LG Energy Solution的合资企业投资电池技术，以确保紧张市场的供应。为此，通用汽车正在建设两家新的电池制造工厂，预计将于本世纪中期投入运营。目前，田纳西州和俄亥俄州还有两家电池制造厂正在建设中。由于对电池技术的投资增加，电池价格在过去十年中大幅下降。2020年，电池价格创下每千瓦时137美元的历史新低，标志着十年来趋势的低点，这有助于电动汽车在定价方面更具竞争力。据彭博新能源财经报道，由于电池价格下降，到2023年，电动汽车的成本可能与汽油动力汽车持平。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8506975eab53d6f0b828aca8cdbdcb2\" tg-width=\"800\" tg-height=\"600\" width=\"100%\" height=\"auto\"><span>Source: Bloomberg New Energy Finance</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：彭博新能源财经</span></p></blockquote></p><p></p><p> With the EV market set to experience strong growth over the next decade, legacy auto companies that evolve and endorse the EV opportunity are poised to reap rich rewards. General Motors’ EV revenue opportunity costs a P-E ratio of 7.03, which is similar to Ford's P-E ratio of 6.75. EV makers that produce only electric vehicles typically sell for high sales multiplier factors, including Tesla (TSLA). General Motors, Ford and Tesla have market-capitalization-to-sales ratios of 0.46, 0.33 and 10.89. As General Motors moves closer to a 100% EV global sales share, the stock can revalue higher.</p><p><blockquote>随着电动汽车市场在未来十年将会迎来强劲增长，那些不断演变和认可电动汽车机遇的传统汽车公司将准备收获丰厚的回报。通用汽车的EV收入机会成本的市盈率为7.03，这与福特6.75的市盈率相似。仅生产电动汽车的电动汽车制造商通常以较高的销售乘数系数进行销售，其中包括特斯拉（TSLA）。通用、福特和特斯拉的市值与销售额之比分别为0.46、0.33和10.89。随着通用汽车电动汽车全球销量份额接近100%，该股可能会升值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/608e7d7eace2046ca47923be6d2a3cbd\" tg-width=\"903\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> <b>Risks with General Motors</b></p><p><blockquote><b>通用汽车的风险</b></blockquote></p><p> The chip supply shortage, which hampers production of EVs and non-EVs, is a short-term risk for General Motors. The supply crunch will continue in the second half of the year and poses a risk to the stock. Longer term, the biggest risk for General Motors is to miss out on the electric vehicle opportunity and accelerating EV adoption in the US. General Motors is set to bring new EV products to market in FY 2022 and the investment plan worth $35B is big enough to address this risk in a timely manner.</p><p><blockquote>芯片供应短缺阻碍了电动汽车和非电动汽车的生产，是通用汽车面临的短期风险。供应紧缩将在下半年持续，并对该股构成风险。从长远来看，通用汽车面临的最大风险是错过电动汽车机会并加速电动汽车在美国的采用。通用汽车计划在2022财年将新的电动汽车产品推向市场，价值350亿美元的投资计划足以及时应对这一风险。</blockquote></p><p> <b>Final thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> General Motors has committed to an all-electric future. The electrification plan is bold and it is exactly what is needed for the market to get excited about General Motors’ long-term prospects in a growing US EV market. The low P-E ratio implies deep value!</p><p><blockquote>通用汽车致力于全电动的未来。电气化计划是大胆的，这正是市场对通用汽车在不断增长的美国电动汽车市场的长期前景感到兴奋所需要的。低市盈率意味着深度价值！</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4453707-general-motors-rising-ev-player-deeply-undervalued\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GM":"通用汽车"},"source_url":"https://seekingalpha.com/article/4453707-general-motors-rising-ev-player-deeply-undervalued","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178562582","content_text":"Summary\n\nGeneral Motors is going to spend $35B on its electrification plan by 2025 and strives to become an all-electric car brand by 2035.\nGeneral Motors wants to launch thirty new EV models by 2025.\nAccelerating EV adoption in the US and investments in battery technology could pay big rewards for General Motors as electric vehicles become more affordable.\n\nMario Tama/Getty Images News\nGeneral Motors (GM) is investing heavily in its electric vehicle transformation. High EV ambitions, an improving electric vehicle lineup and investments in battery technology are setting the car brand, and the stock, up for strong gains in the future.\nWhy General Motors is a long-term buy\nGeneral Motors has committed to an all-electric future and its EV goals are one of the most aspirational in the legacy-auto industry. General Motors detailed its ambition to invest $20B into its electric and autonomous vehicle transformation before the pandemic, but the car brand said in 2021 that it now wants to invest $35B into its electrification from 2020 to 2025. General Motors also wants to sell 1 million electric vehicles globally by 2025. Since the firm sold just a little more than 200,000 electric vehicles in 2020, General Motors is set to boost EV sales by the factor of five over the next five years. The EV transformation implies that General Motors will get rid of gasoline-powered passenger models by 2035 altogether.\nElectric and autonomous vehicles represent big growth opportunities for American car brands. Ford Motor (F) also committed $30B to its electrification plan in 2021, which boosted its original EV spending plan by $8B. Ford wants to generate 40% of global sales from electric vehicles by 2030. To rival General Motors’ EV plans, Ford would have to generate another 60% of sales from EVs within the following five-year period. So far, Ford has not communicated such a commitment.\nUnder General Motors’ $35B EV investment plan, the car brand wants to launch 30 new electric vehicles globally by 2025, with two-thirds of new EV models set to come to North America. New electric vehicles are set to include the Chevrolet Bolt EV, the GMC Hummer EV pickup truck, an all-electric Chevy Silverado pickup truck and the Cadillac LYRIQ, a crossover utility vehicle.\nTo make the purchase of electric vehicles more attractive and accelerate EV adoption in the US, General Motors and EVgo(NASDAQ:EVGO)agreed to build 2,700 new fast chargers until 2025 in a bid to expand the density of EVgo’s fast charging network. An increasing number of charge points could accelerate electric vehicle adoption in the US and set General Motors up for long-term growth in the EV market. The US market is still lagging behind other EV markets regarding adoption of zero-emission vehicles, but the build-out of charging station networks could change this in the future. Political attitudes regarding EVs are also changing and the Biden Administration is proposing to build500,000 publicly available EV charging stationsto get more zero-emission vehicles on the road. China and Europe have the world's highest EV adoption rates.\nSource: Pew Research\nBatteries and fuel cells are the most critical components for the production of EVs and General Motors is investing in battery technology through a joint venture with LG Energy Solution to secure supply in a tight market. To this end, General Motors is building two new battery cell manufacturing plants which are expected to be operational by mid-decade. Two more battery manufacturing plants are currently under construction in Tennessee and Ohio. Due to higher investments in battery technology, battery prices have fallen significantly over the last decade. Battery prices hit an all-time low of $137 per-kilowatt-hour in 2020, marking a low point in a decade-long trend, which helps EVs become more competitive regarding pricing. According to Bloomberg New Energy Finance, due to falling battery prices, electric vehicles could cost the same as gas-powered vehicles by 2023.\nSource: Bloomberg New Energy Finance\nWith the EV market set to experience strong growth over the next decade, legacy auto companies that evolve and endorse the EV opportunity are poised to reap rich rewards. General Motors’ EV revenue opportunity costs a P-E ratio of 7.03, which is similar to Ford's P-E ratio of 6.75. EV makers that produce only electric vehicles typically sell for high sales multiplier factors, including Tesla (TSLA). General Motors, Ford and Tesla have market-capitalization-to-sales ratios of 0.46, 0.33 and 10.89. As General Motors moves closer to a 100% EV global sales share, the stock can revalue higher.\nSource: Author\nRisks with General Motors\nThe chip supply shortage, which hampers production of EVs and non-EVs, is a short-term risk for General Motors. The supply crunch will continue in the second half of the year and poses a risk to the stock. Longer term, the biggest risk for General Motors is to miss out on the electric vehicle opportunity and accelerating EV adoption in the US. General Motors is set to bring new EV products to market in FY 2022 and the investment plan worth $35B is big enough to address this risk in a timely manner.\nFinal thoughts\nGeneral Motors has committed to an all-electric future. The electrification plan is bold and it is exactly what is needed for the market to get excited about General Motors’ long-term prospects in a growing US EV market. The low P-E ratio implies deep value!","news_type":1,"symbols_score_info":{"GM":0.9}},"isVote":1,"tweetType":1,"viewCount":677,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891027530,"gmtCreate":1628309535820,"gmtModify":1633751745566,"author":{"id":"4089438738591500","authorId":"4089438738591500","name":"Jasontay81","avatar":"https://static.tigerbbs.com/ea8f089bf917f0af5a9c5691aa849a93","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089438738591500","idStr":"4089438738591500"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/891027530","repostId":"1119792130","repostType":4,"isVote":1,"tweetType":1,"viewCount":508,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807553357,"gmtCreate":1628045065479,"gmtModify":1633754079144,"author":{"id":"4089438738591500","authorId":"4089438738591500","name":"Jasontay81","avatar":"https://static.tigerbbs.com/ea8f089bf917f0af5a9c5691aa849a93","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089438738591500","idStr":"4089438738591500"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/807553357","repostId":"2156312793","repostType":4,"isVote":1,"tweetType":1,"viewCount":434,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805830758,"gmtCreate":1627868921774,"gmtModify":1633755785006,"author":{"id":"4089438738591500","authorId":"4089438738591500","name":"Jasontay81","avatar":"https://static.tigerbbs.com/ea8f089bf917f0af5a9c5691aa849a93","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089438738591500","idStr":"4089438738591500"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/805830758","repostId":"1170689665","repostType":4,"repost":{"id":"1170689665","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":1627857540,"share":"https://www.laohu8.com/m/news/1170689665?lang=zh_CN&edition=full","pubTime":"2021-08-02 06:39","market":"us","language":"en","title":"Alibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week<blockquote>阿里巴巴-SW、Uber、DraftKings、通用汽车、Roku、EA、ViacomCBS等本周值得投资者关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170689665","media":"Tiger Newspress","summary":"The parade of second-quarter results continues this week. No fewer than 143 S&P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.Wednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Dig","content":"<p>The parade of second-quarter results continues this week. No fewer than 143 S&amp;P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.</p><p><blockquote>第二季度业绩本周继续公布。除了数百家小盘股外，至少有143家标普500公司即将发布报告。法拉利、Vornado Realty Trust、Take-Two Interactive Software和Simon Property Group将于周一开始行动。随后，Lyft、阿里巴巴-SW集团控股、尼古拉、安德玛、礼来公司和康菲石油公司将于周二发布业绩。</blockquote></p><p> Wednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and&nbsp;ViacomCBS&nbsp;go on Thursday and&nbsp;DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation&nbsp;New Oriental Education &amp; Technology Group Inc. and&nbsp;TAL Education Group&nbsp;cancels scheduled earnings release and earnings call.</p><p><blockquote>周三将特别繁忙：通用汽车、Uber Technologies、Etsy、艺电、西部数据、Roku、CVS Health、卡夫亨氏和软银都有报告。Beyond Meat、Yelp、Wayfair、Moderna和ViacomCBS将于周四上市，DraftKings、Canopy Growth和Tripadvisor将于周五结束本周。中国教育企业新东方教育科技集团有限公司和好未来教育集团取消原定的财报发布和财报看涨期权。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/94057bf11ca8d7311db6c075ba98727b\" tg-width=\"1706\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The highlight on the&nbsp;economic&nbsp;calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.</p><p><blockquote>本周经济日历上的亮点将是周五的就业。美国劳工统计局预计7月份非农就业人数将增加625,000人，而6月份为850,000人。失业率预计将保持在6%以下。</blockquote></p><p> Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.</p><p><blockquote>本周公布的其他数据包括供应管理协会周一公布的7月份制造业采购经理人指数，随后是周三公布的服务业采购经理人指数。这两项经济活动指标预计都在61左右，这意味着强劲的扩张。</blockquote></p><p> <b>Monday 8/2</b></p><p><blockquote><b>星期一8/2</b></blockquote></p><p> CNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett &amp; Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.</p><p><blockquote>CNA Financial、Global Payments、JELD-WEN Holding、Loews、Arista Networks、Leggett&amp;Platt、Vornado Realty Trust、ZoomInfo Technologies、Woodward、Take-Two Interactive Software、喜力、Trex、法拉利、Ultra Clean Holdings和Simon Property Group预计将发布财务业绩。</blockquote></p><p> GE stock&nbsp;will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.</p><p><blockquote>通用电气股票周一开盘价约为每股104美元，周五收盘价为12.95美元。该公司周五晚上完成了8股1股的反向股票分割。</blockquote></p><p> <b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.</p><p><blockquote><b>供应研究所</b>管理层发布7月份制造业采购经理人指数。普遍预期为60.8，高于6月份的60.6。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.</p><p><blockquote><b>人口普查局</b>报告6月份建筑支出。继5月份下降0.3%后，预计环比增长0.4%。</blockquote></p><p> <b>Tuesday 8/3</b></p><p><blockquote><b>星期二8/3</b></blockquote></p><p> Eaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun &amp; Bradstreet Holdings,ConocoPhillips, and&nbsp;Jacobs Engineering Grouphost conference calls to discuss financial results.</p><p><blockquote>Eaton、BP、Under Armour、Lyft、Clorox、Amgen、Akamai Technologies、Cummins、Eli Lilly、阿里巴巴-SW集团控股、Nikola、EnPro Industries、Warner Music Group、Pitney Bowes、Tennant、Phillips 66、KKR、Gartner、Henry Schein、Dun&amp;Bradstreet Holdings、ConocoPhillips和Jacobs Engineering Group在评级召开会议讨论财务业绩。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.</p><p><blockquote><b>人口普查局</b>预计将报告6月份的工厂订单。经济学家预测当月订单增长1.0%，而5月份为增长1.7%。</blockquote></p><p> <b>Wednesday 8/4</b></p><p><blockquote><b>星期三8/4</b></blockquote></p><p> Sony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.</p><p><blockquote>Sony Group、CVS Health、卡夫亨氏、软银、General Motors、Progressive、Etsy、Electronic Arts、Western Digital、Uber Technologies、Roku、MGM Resorts International、Fox和Re/Max Holdings预计将举行财报评级。</blockquote></p><p> <b>The Bureau of Economic</b>&nbsp;Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.</p><p><blockquote><b>经济局</b>分析报告7月份轻型汽车销量。预计看涨期权经季节调整后的年产量为1530万辆，而6月份为1540万辆。</blockquote></p><p> <b>The ISM releases</b>&nbsp;its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.</p><p><blockquote><b>ISM发布</b>7月份服务业PMI。普遍预期为60.8，而6月份为60.1。</blockquote></p><p> <b>ADP releases</b>&nbsp;its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.</p><p><blockquote><b>ADP释放</b>七月份全国就业报告。市场普遍估计非农私营部门就业人数将增加635,000人，6月份增加692,000人。</blockquote></p><p> <b>Thursday 8/5</b></p><p><blockquote><b>星期四8/5</b></blockquote></p><p> Zillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman &amp; Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and&nbsp;Siemensare expected to report financial results.</p><p><blockquote>Zillow Group、Beyond Meat、Yelp、Wayfair、Kellogg、Bayer、HanesBrands、Moderna、Regeneron Pharmaceuticals、Switch、Cushman&amp;Wakefield、ViacomCBS、Cigna、Duke Energy、Square、新闻集团和西门子预计将公布财务业绩。</blockquote></p><p> Friday 8/6</p><p><blockquote>星期五8/6</blockquote></p><p> <b>The BLS releases the jobs report</b>&nbsp;for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.</p><p><blockquote><b>美国劳工统计局发布就业报告</b>为了七月。经济学家预测，继6月份非农就业人数增加85万人之后，非农就业人数将增加80万人。失业率预计将从5.9%小幅降至5.8%。</blockquote></p><p> DraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.</p><p><blockquote>DraftKings、Dominion Energy、Gannett、MGM Growth Properties、AMC Networks、Canopy Growth、猫途鹰、Spectrum Brands Holdings、E.WScripps、Cinemark Holdings和Manitowoc在评级主办会议讨论财务业绩。</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>Alibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week<blockquote>阿里巴巴-SW、Uber、DraftKings、通用汽车、Roku、EA、ViacomCBS等本周值得投资者关注的股票</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\">\nAlibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week<blockquote>阿里巴巴-SW、Uber、DraftKings、通用汽车、Roku、EA、ViacomCBS等本周值得投资者关注的股票</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\">2021-08-02 06:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The parade of second-quarter results continues this week. No fewer than 143 S&amp;P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.</p><p><blockquote>第二季度业绩本周继续公布。除了数百家小盘股外，至少有143家标普500公司即将发布报告。法拉利、Vornado Realty Trust、Take-Two Interactive Software和Simon Property Group将于周一开始行动。随后，Lyft、阿里巴巴-SW集团控股、尼古拉、安德玛、礼来公司和康菲石油公司将于周二发布业绩。</blockquote></p><p> Wednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and&nbsp;ViacomCBS&nbsp;go on Thursday and&nbsp;DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation&nbsp;New Oriental Education &amp; Technology Group Inc. and&nbsp;TAL Education Group&nbsp;cancels scheduled earnings release and earnings call.</p><p><blockquote>周三将特别繁忙：通用汽车、Uber Technologies、Etsy、艺电、西部数据、Roku、CVS Health、卡夫亨氏和软银都有报告。Beyond Meat、Yelp、Wayfair、Moderna和ViacomCBS将于周四上市，DraftKings、Canopy Growth和Tripadvisor将于周五结束本周。中国教育企业新东方教育科技集团有限公司和好未来教育集团取消原定的财报发布和财报看涨期权。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/94057bf11ca8d7311db6c075ba98727b\" tg-width=\"1706\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The highlight on the&nbsp;economic&nbsp;calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.</p><p><blockquote>本周经济日历上的亮点将是周五的就业。美国劳工统计局预计7月份非农就业人数将增加625,000人，而6月份为850,000人。失业率预计将保持在6%以下。</blockquote></p><p> Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.</p><p><blockquote>本周公布的其他数据包括供应管理协会周一公布的7月份制造业采购经理人指数，随后是周三公布的服务业采购经理人指数。这两项经济活动指标预计都在61左右，这意味着强劲的扩张。</blockquote></p><p> <b>Monday 8/2</b></p><p><blockquote><b>星期一8/2</b></blockquote></p><p> CNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett &amp; Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.</p><p><blockquote>CNA Financial、Global Payments、JELD-WEN Holding、Loews、Arista Networks、Leggett&amp;Platt、Vornado Realty Trust、ZoomInfo Technologies、Woodward、Take-Two Interactive Software、喜力、Trex、法拉利、Ultra Clean Holdings和Simon Property Group预计将发布财务业绩。</blockquote></p><p> GE stock&nbsp;will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.</p><p><blockquote>通用电气股票周一开盘价约为每股104美元，周五收盘价为12.95美元。该公司周五晚上完成了8股1股的反向股票分割。</blockquote></p><p> <b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.</p><p><blockquote><b>供应研究所</b>管理层发布7月份制造业采购经理人指数。普遍预期为60.8，高于6月份的60.6。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.</p><p><blockquote><b>人口普查局</b>报告6月份建筑支出。继5月份下降0.3%后，预计环比增长0.4%。</blockquote></p><p> <b>Tuesday 8/3</b></p><p><blockquote><b>星期二8/3</b></blockquote></p><p> Eaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun &amp; Bradstreet Holdings,ConocoPhillips, and&nbsp;Jacobs Engineering Grouphost conference calls to discuss financial results.</p><p><blockquote>Eaton、BP、Under Armour、Lyft、Clorox、Amgen、Akamai Technologies、Cummins、Eli Lilly、阿里巴巴-SW集团控股、Nikola、EnPro Industries、Warner Music Group、Pitney Bowes、Tennant、Phillips 66、KKR、Gartner、Henry Schein、Dun&amp;Bradstreet Holdings、ConocoPhillips和Jacobs Engineering Group在评级召开会议讨论财务业绩。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.</p><p><blockquote><b>人口普查局</b>预计将报告6月份的工厂订单。经济学家预测当月订单增长1.0%，而5月份为增长1.7%。</blockquote></p><p> <b>Wednesday 8/4</b></p><p><blockquote><b>星期三8/4</b></blockquote></p><p> Sony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.</p><p><blockquote>Sony Group、CVS Health、卡夫亨氏、软银、General Motors、Progressive、Etsy、Electronic Arts、Western Digital、Uber Technologies、Roku、MGM Resorts International、Fox和Re/Max Holdings预计将举行财报评级。</blockquote></p><p> <b>The Bureau of Economic</b>&nbsp;Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.</p><p><blockquote><b>经济局</b>分析报告7月份轻型汽车销量。预计看涨期权经季节调整后的年产量为1530万辆，而6月份为1540万辆。</blockquote></p><p> <b>The ISM releases</b>&nbsp;its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.</p><p><blockquote><b>ISM发布</b>7月份服务业PMI。普遍预期为60.8，而6月份为60.1。</blockquote></p><p> <b>ADP releases</b>&nbsp;its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.</p><p><blockquote><b>ADP释放</b>七月份全国就业报告。市场普遍估计非农私营部门就业人数将增加635,000人，6月份增加692,000人。</blockquote></p><p> <b>Thursday 8/5</b></p><p><blockquote><b>星期四8/5</b></blockquote></p><p> Zillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman &amp; Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and&nbsp;Siemensare expected to report financial results.</p><p><blockquote>Zillow Group、Beyond Meat、Yelp、Wayfair、Kellogg、Bayer、HanesBrands、Moderna、Regeneron Pharmaceuticals、Switch、Cushman&amp;Wakefield、ViacomCBS、Cigna、Duke Energy、Square、新闻集团和西门子预计将公布财务业绩。</blockquote></p><p> Friday 8/6</p><p><blockquote>星期五8/6</blockquote></p><p> <b>The BLS releases the jobs report</b>&nbsp;for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.</p><p><blockquote><b>美国劳工统计局发布就业报告</b>为了七月。经济学家预测，继6月份非农就业人数增加85万人之后，非农就业人数将增加80万人。失业率预计将从5.9%小幅降至5.8%。</blockquote></p><p> DraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.</p><p><blockquote>DraftKings、Dominion Energy、Gannett、MGM Growth Properties、AMC Networks、Canopy Growth、猫途鹰、Spectrum Brands Holdings、E.WScripps、Cinemark Holdings和Manitowoc在评级主办会议讨论财务业绩。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"EA":"艺电",".SPX":"S&P 500 Index",".DJI":"道琼斯","DKNG":"DraftKings Inc.","GM":"通用汽车","BABA":"阿里巴巴","GE":"GE航空航天","ROKU":"Roku Inc","UBER":"优步",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170689665","content_text":"The parade of second-quarter results continues this week. No fewer than 143 S&P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.\nWednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and ViacomCBS go on Thursday and DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation New Oriental Education & Technology Group Inc. and TAL Education Group cancels scheduled earnings release and earnings call.\n\nThe highlight on the economic calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.\nOther data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.\nMonday 8/2\nCNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett & Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.\nGE stock will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.\nThe Institute for Supply Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.\nThe Census Bureau reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.\nTuesday 8/3\nEaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun & Bradstreet Holdings,ConocoPhillips, and Jacobs Engineering Grouphost conference calls to discuss financial results.\nThe Census Bureau is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.\nWednesday 8/4\nSony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.\nThe Bureau of Economic Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.\nThe ISM releases its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.\nADP releases its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.\nThursday 8/5\nZillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman & Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and Siemensare expected to report financial results.\nFriday 8/6\nThe BLS releases the jobs report for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.\nDraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.","news_type":1,"symbols_score_info":{"BABA":0.9,".SPX":0.9,".DJI":0.9,"ROKU":0.9,"EA":0.9,"DKNG":0.9,"GE":0.9,"GM":0.9,".IXIC":0.9,"UBER":0.9,"VIAC":0.9}},"isVote":1,"tweetType":1,"viewCount":431,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802645436,"gmtCreate":1627779468725,"gmtModify":1633756524513,"author":{"id":"4089438738591500","authorId":"4089438738591500","name":"Jasontay81","avatar":"https://static.tigerbbs.com/ea8f089bf917f0af5a9c5691aa849a93","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089438738591500","idStr":"4089438738591500"},"themes":[],"htmlText":"Hi, pls like","listText":"Hi, pls like","text":"Hi, pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/802645436","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":190,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":818633853,"gmtCreate":1630401167972,"gmtModify":1631884764493,"author":{"id":"4089438738591500","authorId":"4089438738591500","name":"Jasontay81","avatar":"https://static.tigerbbs.com/ea8f089bf917f0af5a9c5691aa849a93","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089438738591500","idStr":"4089438738591500"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/S51.SI\">$SEMBCORP MARINE LTD(S51.SI)$</a>Hahaha","listText":"<a href=\"https://laohu8.com/S/S51.SI\">$SEMBCORP MARINE LTD(S51.SI)$</a>Hahaha","text":"$SEMBCORP MARINE 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22:18","market":"us","language":"en","title":"Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151608193","media":"MarketWatch","summary":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correcti","content":"<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看那些。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更加可预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>","source":"lsy1603348471595","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>Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</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\">\nBuy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-23 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看那些。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更加可预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page\">MarketWatch</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":{"SSNLF":"三星电子","ASML":"阿斯麦","GOOG":"谷歌","QCOM":"高通","SOXX":"iShares费城交易所半导体ETF","SNPS":"新思科技","GOOGL":"谷歌A","TSM":"台积电","CDNS":"铿腾电子","AAPL":"苹果","AMZN":"亚马逊","ON":"安森美半导体","NVDA":"英伟达"},"source_url":"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151608193","content_text":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correction that’s running through the stock market, chip makers have been hit harder than most.\nThe iShares Semiconductor ETF is down over 6% from recent highs, compared to declines of 2% or less for the S&P 500,Nasdaq Composite and the Dow Jones Industrial Average.\nDoes that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.\nA lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”\nThose are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.\nYou’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.\n1. The wicked witch of cyclicality is dead\n“Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “First PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.\nJust look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like Zoom, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.\n“There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”\nHe’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William Blair analyst Greg Scolaro.\nAll of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says Bank of America chip sector analyst Vivek Arya. “That’s not just our view, but one confirmed by a majority of large customers.”\n2. The players have consolidated\nAll up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.\nIn chip design software, you have Cadence Design Systems and Synopsys.In production equipment, companies dominate specialized niches like ASML in extreme ultraviolet lithography (EUV). Manufacturing is dominated by Taiwan Semiconductor and Samsung Electronics.\nThese companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.\n3. Profitability has improved\nThis more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.\nThis has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere & Co. “They are not trading at a frothy multiple.”\nThe stocks to buy\nHere are six names favored by chip experts I recently checked in with.\nNew management plays\nThough Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm and ON Semiconductor.\nBoth have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. ON Semiconductor is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.\nA data center and gaming play\nKarazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.\nDesign tool companies\nSpeaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and Synopsys.\nTheir software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.\nAn EUV play\nTo put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.\nIn other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.\nRisks\nHere are some of the chief risks for chip sector investors to watch.\nOversupply\nChip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. China wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.\nThe upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.\nNext, big tech companies like Alphabet,Apple and Ammazon.com are all doing their own chip design, which threatens specialized chip companies that do the same thing.\nQuantum computing\nComputers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”\nA disturbing signal\nA blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.\nAnother cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory (DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.\nBut it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.\nFord,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.\nPaulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including Ford cars.","news_type":1,"symbols_score_info":{"QCOM":0.9,"CDNS":0.9,"GOOGL":0.9,"ON":0.9,"SSNLF":0.9,"AMZN":0.9,"ASML":0.9,"SNPS":0.9,"SOXX":0.9,"TSM":0.9,"AAPL":0.9,"NVDA":0.9,"GOOG":0.9}},"isVote":1,"tweetType":1,"viewCount":384,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836940935,"gmtCreate":1629449618427,"gmtModify":1631884764863,"author":{"id":"4089438738591500","authorId":"4089438738591500","name":"Jasontay81","avatar":"https://static.tigerbbs.com/ea8f089bf917f0af5a9c5691aa849a93","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089438738591500","idStr":"4089438738591500"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/S51.SI\">$SEMBCORP MARINE LTD(S51.SI)$</a>Hahaha","listText":"<a href=\"https://laohu8.com/S/S51.SI\">$SEMBCORP MARINE LTD(S51.SI)$</a>Hahaha","text":"$SEMBCORP MARINE LTD(S51.SI)$Hahaha","images":[{"img":"https://static.tigerbbs.com/a42dac35203e16d7e4b11b40f77e509e","width":"1242","height":"1767"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/836940935","isVote":1,"tweetType":1,"viewCount":447,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}