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Ernestgoh0

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2021-12-30

Wow

Semiconductor Stocks Mixed in Morning Trading<blockquote>半导体股早盘涨跌互现</blockquote>

2021-12-30

Wow

These stocks are down at least 20% from 2021 highs, but Wall Street sees them gaining as much as 87% in 2022<blockquote>这些股票较2021年高点下跌至少20%，但华尔街预计2022年它们将上涨87%</blockquote>

2021-12-16

Wowowowowow

2021-12-11

Wow

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2021-12-09

Yes

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2021-12-01

Wow

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2021-11-30

Moon pls

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2021-11-24

Wow is so cool

@小虎活动:【感恩回馈】说说你和老虎的第一次

2021-11-24

Dam

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2021-11-22

Wow

Adobe Vs. Microsoft Stock: 2 Long-Term Leaders To Dominate The Software Space<blockquote>Adobe与微软股票：主导软件领域的两家长期领导者</blockquote>

2021-11-22

Dam

Supply-Chain Problems Show Signs of Easing<blockquote>供应链问题出现缓解迹象</blockquote>

2021-11-21

Dam

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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":1640792807,"share":"https://www.laohu8.com/m/news/1149988860?lang=zh_CN&edition=full","pubTime":"2021-12-29 23:46","market":"us","language":"en","title":"Semiconductor Stocks Mixed in Morning Trading<blockquote>半导体股早盘涨跌互现</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149988860","media":"Tiger Newspress","summary":"Semiconductor stocks mixed in morning trading.Micron Technology jumped nearly 3% while Nvidia and AM","content":"<p><html><head></head><body>Semiconductor stocks mixed in morning trading.Micron Technology jumped nearly 3% while Nvidia and AMD fell more than 2%.</p><p><blockquote><html><head></head><body>半导体股早盘涨跌互现。美光科技上涨近3%，英伟达和AMD下跌超过2%。</body></html></blockquote></p><p><img 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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\">\nSemiconductor Stocks Mixed in Morning Trading<blockquote>半导体股早盘涨跌互现</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-29 23:46</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Semiconductor stocks mixed in morning trading.Micron Technology jumped nearly 3% while Nvidia and AMD fell more than 2%.</p><p><blockquote><html><head></head><body>半导体股早盘涨跌互现。美光科技上涨近3%，英伟达和AMD下跌超过2%。</body></html></blockquote></p><p><img src=\"https://static.tigerbbs.com/f4d9932e27e7be43b2a47e9900754cd6\" tg-width=\"412\" tg-height=\"177\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司","NVDA":"英伟达","MU":"美光科技"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149988860","content_text":"Semiconductor stocks mixed in morning trading.Micron Technology jumped nearly 3% while Nvidia and AMD fell more than 2%.","news_type":1,"symbols_score_info":{"MU":0.9,"AMD":0.9,"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":1620,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692029130,"gmtCreate":1640794557499,"gmtModify":1640794560972,"author":{"id":"4092561976613440","authorId":"4092561976613440","name":"Ernestgoh0","avatar":"https://static.tigerbbs.com/26efe2a26972b528df18cc8a945287d5","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092561976613440","idStr":"4092561976613440"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/692029130","repostId":"2195450556","repostType":4,"repost":{"id":"2195450556","kind":"highlight","pubTimestamp":1640792153,"share":"https://www.laohu8.com/m/news/2195450556?lang=zh_CN&edition=full","pubTime":"2021-12-29 23:35","market":"us","language":"en","title":"These stocks are down at least 20% from 2021 highs, but Wall Street sees them gaining as much as 87% in 2022<blockquote>这些股票较2021年高点下跌至少20%，但华尔街预计2022年它们将上涨87%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2195450556","media":"MarketWatch","summary":"More than 90 large-cap stocks are down at least 20% from their 2021 highs, but analysts love many of","content":"<p><html><head></head><body>More than 90 large-cap stocks are down at least 20% from their 2021 highs, but analysts love many of them, including JD.com, <a href=\"https://laohu8.com/S/PYPL\">PayPal</a> and Disney</p><p><blockquote><html><head></head><body>90多只大盘股较2021年高点下跌至少20%，但分析师看好其中许多股票，包括京东、<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>和迪斯尼</body></html></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3aebc95cbe7dbebe32f5045c9fa2f994\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/><span>Analysts polled by FactSet expect shares of Alaska Air Group to rise 47% over the next 12 months.Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>FactSet调查的分析师预计阿拉斯加航空集团的股价在未来12个月内将上涨47%。盖蒂图片社</span></p></blockquote></p><p>This has been a remarkable year for stocks, but it may surprise you how many are in bear-market territory, usually defined as a decline of at least 20%.</p><p><blockquote>对于股市来说，今年是非凡的一年，但您可能会惊讶有多少股市处于熊市区域，通常定义为下跌至少20%。</blockquote></p><p>Among a large group of beaten-down stocks, analysts working for brokerage firms expect dozens to soar in 2022. See them below.</p><p><blockquote>在一大群遭受重创的股票中，经纪公司的分析师预计，有数十只股票将在2022年飙升。见下文。</blockquote></p><p><b>A solid 2021, but look at  the cap-weighting</b></p><p><blockquote><b>2021年表现稳健，但看看市值权重</b></blockquote></p><p>The benchmark S&amp;P 500 index  has risen 27.4% during 2021, following a 16.3% in 2020 -- two years of pandemic and two years of double-digit gains. (All price changed in this article exclude dividends.)</p><p><blockquote>基准标普500指数继2020年上涨16.3%后，2021年上涨了27.4%——这是疫情的两年，也是两位数的涨幅。（本文中所有价格变化均不包括股息。）</blockquote></p><p>You probably know the S&amp;P 500 is weighted by market capitalization, but you might not be aware of how extreme the weighting can be. Take a look at the weighting and performance of the top five companies held by the SPDR S&amp;P 500 ETF Trust, which tracks the S&amp;P 500. Together, they make up 23% of the fund&#39;s portfolio and the index:</p><p><blockquote>你可能知道标普500是按市值加权的，但你可能不知道这个加权有多极端。看看跟踪标普500的SPDR标普500 ETF信托持有的前五家公司的权重和业绩。它们合计占基金投资组合和指数的23%：</blockquote></p><p><table><tbody><tr><td>Company</td><td>Ticker</td><td>Price change -- 2021</td><td>Share of SPY</td></tr><tr><td>Apple Inc.</td><td>AAPL</td><td>35.1%</td><td>6.9%</td></tr><tr><td>Microsoft Corp.</td><td>MSFT</td><td>53.4%</td><td>6.3%</td></tr><tr><td>Amazon.com Inc.</td><td>AMZN</td><td>4.8%</td><td>3.7%</td></tr><tr><td>Alphabet Inc. Class A</td><td>GOOGL</td><td>67.4%</td><td>2.2%</td></tr><tr><td>Tesla Inc.</td><td>TSLA</td><td>54.2%</td><td>2.2%</td></tr><tr><td>Alphabet Inc. Class C</td><td>GOOG</td><td>67.2%</td><td>2.1%</td></tr><tr></tr></tbody></table>Source: FactSet</p><p><blockquote><table><tbody><tr><td>公司</td><td>股票代码</td><td>价格变动--2021</td><td>佔SPDR标普500指数ETF</td></tr><tr><td>苹果公司。</td><td>AAPL</td><td>35.1%</td><td>6.9%</td></tr><tr><td>微软公司。</td><td>MSFT</td><td>53.4%</td><td>6.3%</td></tr><tr><td>亚马逊公司。</td><td>AMZN</td><td>4.8%</td><td>3.7%</td></tr><tr><td>Alphabet A级</td><td>GOOGL</td><td>67.4%</td><td>2.2%</td></tr><tr><td>特斯拉公司。</td><td>特斯拉</td><td>54.2%</td><td>2.2%</td></tr><tr><td>Alphabet公司C级</td><td>谷歌</td><td>67.2%</td><td>2.1%</td></tr><tr></tr></tbody></table>来源：FactSet</blockquote></p><p>SPY and the S&amp;P 500 include two common-share classes for Alphabet Inc. (GOOGL) and two apiece for four other companies, for a total of 505 stocks.</p><p><blockquote>SPDR标普500指数ETF和标普500包括Alphabet公司（GOOGL）的两种普通股类别和其他四家公司的两种普通股类别，总共505只股票。</blockquote></p><p><b>Stocks in bear markets that analysts love</b></p><p><blockquote><b>分析师喜爱的熊市股票</b></blockquote></p><p>For a broader list of large-cap stocks listed in the U.S., including those of some of China&#39;s biggest internet players, we added the components of the Nasdaq-100 Index , comprised of the 100 largest Nasdaq-listed companies by market capitalization and tracked by the Invesco QQQ Trust.</p><p><blockquote>为了更广泛地了解在美国上市的大盘股，包括中国一些最大的互联网公司的股票，我们添加了纳斯达克100指数的成分股，该指数由市值最大的100家纳斯达克上市公司组成，由景顺QQQ信托跟踪。</blockquote></p><p>After removing duplicates, this left a list of 529 stocks.</p><p><blockquote>删除重复项后，留下了529只股票的列表。</blockquote></p><p>Within in the group, 94 are in a bear market -- that is, they were down at least 20% from their 2021 intraday highs through Dec. 28, according to data provided by FactSet.</p><p><blockquote>FactSet提供的数据显示，其中94家处于熊市，也就是说，截至12月28日，它们较2021年盘中高点下跌了至少20%。</blockquote></p><p>Among the 94, there are 30 with &#34;buy&#34; or equivalent ratings from at least two-thirds of analysts polled by FactSet. Here they are, sorted by the 12-month upside potential implied by the consensus price targets:</p><p><blockquote>在这94只股票中，有30只股票被FactSet调查的至少三分之二的分析师给予“买入”或同等评级。以下是按共识价格目标隐含的12个月上涨潜力排序的：</blockquote></p><p></p><p><table><tbody><tr><td>Company</td><td>Ticker</td><td>Decline from 2021 high</td><td>Closing price -- Dec. 28</td><td>2021 high</td><td>Date of 2021 high</td><td>Share &#34;buy&#34; ratings</td><td>Consensus price target</td><td>Implied 12-month upside potential</td></tr><tr><td>Pinduoduo Inc. ADR Class A</td><td>PDD</td><td>-73.6%</td><td>$56.04</td><td>$212.60</td><td>02/16/2021</td><td>76%</td><td>$104.54</td><td>87%</td></tr><tr><td>Baidu Inc. ADR Class A</td><td>BIDU</td><td>-60.3%</td><td>$140.88</td><td>$354.82</td><td>02/22/2021</td><td>83%</td><td>$232.32</td><td>65%</td></tr><tr><td>JD.com Inc. ADR Class A</td><td>JD</td><td>-39.2%</td><td>$65.87</td><td>$108.29</td><td>02/17/2021</td><td>94%</td><td>$106.30</td><td>61%</td></tr><tr><td><a href=\"https://laohu8.com/S/MELI\">MercadoLibre</a> Inc.</td><td>MELI</td><td>-34.8%</td><td>$1,316.28</td><td>$2,020.00</td><td>01/21/2021</td><td>87%</td><td>$2,011.00</td><td>53%</td></tr><tr><td>Caesars Entertainment Inc.</td><td>CZR</td><td>-22.6%</td><td>$92.78</td><td>$119.81</td><td>10/01/2021</td><td>94%</td><td>$137.36</td><td>48%</td></tr><tr><td>Generac Holdings Inc.</td><td>GNRC</td><td>-33.6%</td><td>$348.18</td><td>$524.31</td><td>11/02/2021</td><td>77%</td><td>$514.11</td><td>48%</td></tr><tr><td>Alaska Air Group Inc.</td><td>ALK</td><td>-28.8%</td><td>$52.90</td><td>$74.25</td><td>04/07/2021</td><td>93%</td><td>$77.71</td><td>47%</td></tr><tr><td>PayPal Holdings Inc.</td><td>PYPL</td><td>-38.7%</td><td>$190.10</td><td>$310.16</td><td>07/26/2021</td><td>84%</td><td>$273.65</td><td>44%</td></tr><tr><td>CrowdStrike Holdings Inc. Class A</td><td>CRWD</td><td>-30.6%</td><td>$207.23</td><td>$298.48</td><td>11/10/2021</td><td>86%</td><td>$291.88</td><td>41%</td></tr><tr><td>Trip.com Group Ltd. ADR</td><td>TCOM</td><td>-48.5%</td><td>$23.29</td><td>$45.19</td><td>03/17/2021</td><td>79%</td><td>$32.78</td><td>41%</td></tr><tr><td><a href=\"https://laohu8.com/S/TMUSR\">T-Mobile US Inc</a>.</td><td>TMUS</td><td>-21.3%</td><td>$118.16</td><td>$150.20</td><td>07/16/2021</td><td>81%</td><td>$165.51</td><td>40%</td></tr><tr><td><a href=\"https://laohu8.com/S/ENPH\">Enphase Energy</a> Inc.</td><td>ENPH</td><td>-33.9%</td><td>$186.79</td><td>$282.46</td><td>11/22/2021</td><td>67%</td><td>$260.92</td><td>40%</td></tr><tr><td>Global Payments Inc.</td><td>GPN</td><td>-38.8%</td><td>$135.15</td><td>$220.81</td><td>04/26/2021</td><td>85%</td><td>$188.41</td><td>39%</td></tr><tr><td>NetEase Inc. ADR</td><td>NTES</td><td>-27.7%</td><td>$97.15</td><td>$134.33</td><td>02/11/2021</td><td>97%</td><td>$134.53</td><td>38%</td></tr><tr><td>Activision Blizzard Inc.</td><td>ATVI</td><td>-36.2%</td><td>$66.67</td><td>$104.53</td><td>02/16/2021</td><td>71%</td><td>$90.86</td><td>36%</td></tr><tr><td>Southwest Airlines Co.</td><td>LUV</td><td>-34.7%</td><td>$42.29</td><td>$64.75</td><td>04/14/2021</td><td>78%</td><td>$57.32</td><td>36%</td></tr><tr><td>Fidelity National Information Services Inc.</td><td>FIS</td><td>-29.9%</td><td>$109.29</td><td>$155.96</td><td>04/29/2021</td><td>74%</td><td>$146.86</td><td>34%</td></tr><tr><td>Match Group Inc.</td><td>MTCH</td><td>-27.0%</td><td>$132.94</td><td>$182.00</td><td>10/21/2021</td><td>68%</td><td>$175.11</td><td>32%</td></tr><tr><td><a href=\"https://laohu8.com/S/LDOS\">Leidos Holdings Inc</a>.</td><td>LDOS</td><td>-22.4%</td><td>$88.26</td><td>$113.75</td><td>01/25/2021</td><td>71%</td><td>$115.00</td><td>30%</td></tr><tr><td>WestRock Co.</td><td>WRK</td><td>-28.8%</td><td>$44.19</td><td>$62.03</td><td>05/17/2021</td><td>67%</td><td>$56.92</td><td>29%</td></tr><tr><td>Medtronic <a href=\"https://laohu8.com/S/PLC\">PLC</a></td><td>MDT</td><td>-23.1%</td><td>$104.53</td><td>$135.89</td><td>09/09/2021</td><td>85%</td><td>$134.52</td><td>29%</td></tr><tr><td>Teleflex Inc.</td><td>TFX</td><td>-26.6%</td><td>$330.03</td><td>$449.38</td><td>04/28/2021</td><td>75%</td><td>$424.11</td><td>29%</td></tr><tr><td><a href=\"https://laohu8.com/S/ZBH\">Zimmer Biomet Holdings Inc</a>.</td><td>ZBH</td><td>-28.9%</td><td>$128.21</td><td>$180.36</td><td>04/29/2021</td><td>68%</td><td>$163.71</td><td>28%</td></tr><tr><td><a href=\"https://laohu8.com/S/PTC\">PTC Inc.</a></td><td>PTC</td><td>-20.4%</td><td>$122.34</td><td>$153.73</td><td>07/23/2021</td><td>71%</td><td>$156.15</td><td>28%</td></tr><tr><td><a href=\"https://laohu8.com/S/PSX\">Phillips 66</a></td><td>PSX</td><td>-21.6%</td><td>$73.93</td><td>$94.34</td><td>06/10/2021</td><td>79%</td><td>$93.50</td><td>26%</td></tr><tr><td>Boeing Co.</td><td>BA</td><td>-26.0%</td><td>$206.13</td><td>$278.57</td><td>03/15/2021</td><td>73%</td><td>$259.61</td><td>26%</td></tr><tr><td><a href=\"https://laohu8.com/S/OKTA\">Okta Inc.</a> Class A</td><td>OKTA</td><td>-23.6%</td><td>$224.47</td><td>$294.00</td><td>02/12/2021</td><td>82%</td><td>$279.88</td><td>25%</td></tr><tr><td>Walt Disney Co.</td><td>DIS</td><td>-23.6%</td><td>$155.20</td><td>$203.02</td><td>03/08/2021</td><td>70%</td><td>$193.29</td><td>25%</td></tr><tr><td>Cor</p><p><blockquote><table><tbody><tr><td>公司</td><td>股票代码</td><td>较2021年高点下降</td><td>收盘价——12月28日</td><td>2021年高点</td><td>2021年高点日期</td><td>分享“买入”评级</td><td>共识价格目标</td><td>隐含的12个月上涨潜力</td></tr><tr><td>拼多多ADR A类</td><td>PDD</td><td>-73.6%</td><td>$56.04</td><td>$212.60</td><td>02/16/2021</td><td>76%</td><td>$104.54</td><td>87%</td></tr><tr><td>百度公司ADR A类</td><td>比都</td><td>-60.3%</td><td>$140.88</td><td>$354.82</td><td>02/22/2021</td><td>83%</td><td>$232.32</td><td>65%</td></tr><tr><td>京东公司ADR A类</td><td>JD</td><td>-39.2%</td><td>$65.87</td><td>$108.29</td><td>02/17/2021</td><td>94%</td><td>$106.30</td><td>61%</td></tr><tr><td><a href=\"https://laohu8.com/S/MELI\">自由市场</a>公司。</td><td>梅利</td><td>-34.8%</td><td>$1,316.28</td><td>$2,020.00</td><td>01/21/2021</td><td>87%</td><td>$2,011.00</td><td>53%</td></tr><tr><td>凯撒娱乐公司。</td><td>CZR</td><td>-22.6%</td><td>$92.78</td><td>$119.81</td><td>10/01/2021</td><td>94%</td><td>$137.36</td><td>48%</td></tr><tr><td>Generac控股公司。</td><td>GNRC</td><td>-33.6%</td><td>$348.18</td><td>$524.31</td><td>11/02/2021</td><td>77%</td><td>$514.11</td><td>48%</td></tr><tr><td>阿拉斯加航空集团公司。</td><td>ALK</td><td>-28.8%</td><td>$52.90</td><td>$74.25</td><td>04/07/2021</td><td>93%</td><td>$77.71</td><td>47%</td></tr><tr><td>PayPal控股公司。</td><td>PYPL</td><td>-38.7%</td><td>$190.10</td><td>$310.16</td><td>07/26/2021</td><td>84%</td><td>$273.65</td><td>44%</td></tr><tr><td>CrowdStrike Holdings Inc.A级</td><td>CRWD</td><td>-30.6%</td><td>$207.23</td><td>$298.48</td><td>11/10/2021</td><td>86%</td><td>$291.88</td><td>41%</td></tr><tr><td>携程集团有限公司ADR</td><td>TCOM</td><td>-48.5%</td><td>$23.29</td><td>$45.19</td><td>03/17/2021</td><td>79%</td><td>$32.78</td><td>41%</td></tr><tr><td><a href=\"https://laohu8.com/S/TMUSR\">T-Mobile美国公司</a>.</td><td>TMUS</td><td>-21.3%</td><td>$118.16</td><td>$150.20</td><td>07/16/2021</td><td>81%</td><td>$165.51</td><td>40%</td></tr><tr><td><a href=\"https://laohu8.com/S/ENPH\">Enphase能源</a>公司。</td><td>ENPH</td><td>-33.9%</td><td>$186.79</td><td>$282.46</td><td>11/22/2021</td><td>67%</td><td>$260.92</td><td>40%</td></tr><tr><td>全球支付公司。</td><td>GPN</td><td>-38.8%</td><td>$135.15</td><td>$220.81</td><td>04/26/2021</td><td>85%</td><td>$188.41</td><td>39%</td></tr><tr><td>网易公司ADR</td><td>NTES</td><td>-27.7%</td><td>$97.15</td><td>$134.33</td><td>02/11/2021</td><td>97%</td><td>$134.53</td><td>38%</td></tr><tr><td>动视暴雪公司。</td><td>ATVI</td><td>-36.2%</td><td>$66.67</td><td>$104.53</td><td>02/16/2021</td><td>71%</td><td>$90.86</td><td>36%</td></tr><tr><td>西南航空公司。</td><td>LUV</td><td>-34.7%</td><td>$42.29</td><td>$64.75</td><td>04/14/2021</td><td>78%</td><td>$57.32</td><td>36%</td></tr><tr><td>富达国家信息服务公司。</td><td>FIS</td><td>-29.9%</td><td>$109.29</td><td>$155.96</td><td>04/29/2021</td><td>74%</td><td>$146.86</td><td>34%</td></tr><tr><td>火柴集团公司。</td><td>MTCH</td><td>-27.0%</td><td>$132.94</td><td>$182.00</td><td>10/21/2021</td><td>68%</td><td>$175.11</td><td>32%</td></tr><tr><td><a href=\"https://laohu8.com/S/LDOS\">莱多斯控股公司</a>.</td><td>LDOS</td><td>-22.4%</td><td>$88.26</td><td>$113.75</td><td>01/25/2021</td><td>71%</td><td>$115.00</td><td>30%</td></tr><tr><td>韦斯特洛克公司。</td><td>WRK</td><td>-28.8%</td><td>$44.19</td><td>$62.03</td><td>05/17/2021</td><td>67%</td><td>$56.92</td><td>29%</td></tr><tr><td>美敦力<a href=\"https://laohu8.com/S/PLC\">PLC</a></td><td>MDT</td><td>-23.1%</td><td>$104.53</td><td>$135.89</td><td>09/09/2021</td><td>85%</td><td>$134.52</td><td>29%</td></tr><tr><td>Teleflex公司。</td><td>TFX</td><td>-26.6%</td><td>$330.03</td><td>$449.38</td><td>04/28/2021</td><td>75%</td><td>$424.11</td><td>29%</td></tr><tr><td><a href=\"https://laohu8.com/S/ZBH\">齐默Biomet控股公司</a>.</td><td>ZBH</td><td>-28.9%</td><td>$128.21</td><td>$180.36</td><td>04/29/2021</td><td>68%</td><td>$163.71</td><td>28%</td></tr><tr><td><a href=\"https://laohu8.com/S/PTC\">PTC公司。</a></td><td>PTC</td><td>-20.4%</td><td>$122.34</td><td>$153.73</td><td>07/23/2021</td><td>71%</td><td>$156.15</td><td>28%</td></tr><tr><td><a href=\"https://laohu8.com/S/PSX\">菲利普斯66</a></td><td>PSX</td><td>-21.6%</td><td>$73.93</td><td>$94.34</td><td>06/10/2021</td><td>79%</td><td>$93.50</td><td>26%</td></tr><tr><td>波音公司。</td><td>巴</td><td>-26.0%</td><td>$206.13</td><td>$278.57</td><td>03/15/2021</td><td>73%</td><td>$259.61</td><td>26%</td></tr><tr><td><a href=\"https://laohu8.com/S/OKTA\">奥克塔公司。</a>A类</td><td>奥克塔</td><td>-23.6%</td><td>$224.47</td><td>$294.00</td><td>02/12/2021</td><td>82%</td><td>$279.88</td><td>25%</td></tr><tr><td>华特·迪斯尼公司。</td><td>说</td><td>-23.6%</td><td>$155.20</td><td>$203.02</td><td>03/08/2021</td><td>70%</td><td>$193.29</td><td>25%</td></tr><tr><td>颜色</td></tr></tbody></table></blockquote></p><p></p><p></body></html></p><p><blockquote></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>These stocks are down at least 20% from 2021 highs, but Wall Street sees them gaining as much as 87% in 2022<blockquote>这些股票较2021年高点下跌至少20%，但华尔街预计2022年它们将上涨87%</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\">\nThese stocks are down at least 20% from 2021 highs, but Wall Street sees them gaining as much as 87% in 2022<blockquote>这些股票较2021年高点下跌至少20%，但华尔街预计2022年它们将上涨87%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-12-29 23:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>More than 90 large-cap stocks are down at least 20% from their 2021 highs, but analysts love many of them, including JD.com, <a href=\"https://laohu8.com/S/PYPL\">PayPal</a> and Disney</p><p><blockquote><html><head></head><body>90多只大盘股较2021年高点下跌至少20%，但分析师看好其中许多股票，包括京东、<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>和迪斯尼</body></html></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3aebc95cbe7dbebe32f5045c9fa2f994\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/><span>Analysts polled by FactSet expect shares of Alaska Air Group to rise 47% over the next 12 months.Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>FactSet调查的分析师预计阿拉斯加航空集团的股价在未来12个月内将上涨47%。盖蒂图片社</span></p></blockquote></p><p>This has been a remarkable year for stocks, but it may surprise you how many are in bear-market territory, usually defined as a decline of at least 20%.</p><p><blockquote>对于股市来说，今年是非凡的一年，但您可能会惊讶有多少股市处于熊市区域，通常定义为下跌至少20%。</blockquote></p><p>Among a large group of beaten-down stocks, analysts working for brokerage firms expect dozens to soar in 2022. See them below.</p><p><blockquote>在一大群遭受重创的股票中，经纪公司的分析师预计，有数十只股票将在2022年飙升。见下文。</blockquote></p><p><b>A solid 2021, but look at  the cap-weighting</b></p><p><blockquote><b>2021年表现稳健，但看看市值权重</b></blockquote></p><p>The benchmark S&amp;P 500 index  has risen 27.4% during 2021, following a 16.3% in 2020 -- two years of pandemic and two years of double-digit gains. (All price changed in this article exclude dividends.)</p><p><blockquote>基准标普500指数继2020年上涨16.3%后，2021年上涨了27.4%——这是疫情的两年，也是两位数的涨幅。（本文中所有价格变化均不包括股息。）</blockquote></p><p>You probably know the S&amp;P 500 is weighted by market capitalization, but you might not be aware of how extreme the weighting can be. Take a look at the weighting and performance of the top five companies held by the SPDR S&amp;P 500 ETF Trust, which tracks the S&amp;P 500. Together, they make up 23% of the fund&#39;s portfolio and the index:</p><p><blockquote>你可能知道标普500是按市值加权的，但你可能不知道这个加权有多极端。看看跟踪标普500的SPDR标普500 ETF信托持有的前五家公司的权重和业绩。它们合计占基金投资组合和指数的23%：</blockquote></p><p><table><tbody><tr><td>Company</td><td>Ticker</td><td>Price change -- 2021</td><td>Share of SPY</td></tr><tr><td>Apple Inc.</td><td>AAPL</td><td>35.1%</td><td>6.9%</td></tr><tr><td>Microsoft Corp.</td><td>MSFT</td><td>53.4%</td><td>6.3%</td></tr><tr><td>Amazon.com Inc.</td><td>AMZN</td><td>4.8%</td><td>3.7%</td></tr><tr><td>Alphabet Inc. Class A</td><td>GOOGL</td><td>67.4%</td><td>2.2%</td></tr><tr><td>Tesla Inc.</td><td>TSLA</td><td>54.2%</td><td>2.2%</td></tr><tr><td>Alphabet Inc. Class C</td><td>GOOG</td><td>67.2%</td><td>2.1%</td></tr><tr></tr></tbody></table>Source: FactSet</p><p><blockquote><table><tbody><tr><td>公司</td><td>股票代码</td><td>价格变动--2021</td><td>佔SPDR标普500指数ETF</td></tr><tr><td>苹果公司。</td><td>AAPL</td><td>35.1%</td><td>6.9%</td></tr><tr><td>微软公司。</td><td>MSFT</td><td>53.4%</td><td>6.3%</td></tr><tr><td>亚马逊公司。</td><td>AMZN</td><td>4.8%</td><td>3.7%</td></tr><tr><td>Alphabet A级</td><td>GOOGL</td><td>67.4%</td><td>2.2%</td></tr><tr><td>特斯拉公司。</td><td>特斯拉</td><td>54.2%</td><td>2.2%</td></tr><tr><td>Alphabet公司C级</td><td>谷歌</td><td>67.2%</td><td>2.1%</td></tr><tr></tr></tbody></table>来源：FactSet</blockquote></p><p>SPY and the S&amp;P 500 include two common-share classes for Alphabet Inc. (GOOGL) and two apiece for four other companies, for a total of 505 stocks.</p><p><blockquote>SPDR标普500指数ETF和标普500包括Alphabet公司（GOOGL）的两种普通股类别和其他四家公司的两种普通股类别，总共505只股票。</blockquote></p><p><b>Stocks in bear markets that analysts love</b></p><p><blockquote><b>分析师喜爱的熊市股票</b></blockquote></p><p>For a broader list of large-cap stocks listed in the U.S., including those of some of China&#39;s biggest internet players, we added the components of the Nasdaq-100 Index , comprised of the 100 largest Nasdaq-listed companies by market capitalization and tracked by the Invesco QQQ Trust.</p><p><blockquote>为了更广泛地了解在美国上市的大盘股，包括中国一些最大的互联网公司的股票，我们添加了纳斯达克100指数的成分股，该指数由市值最大的100家纳斯达克上市公司组成，由景顺QQQ信托跟踪。</blockquote></p><p>After removing duplicates, this left a list of 529 stocks.</p><p><blockquote>删除重复项后，留下了529只股票的列表。</blockquote></p><p>Within in the group, 94 are in a bear market -- that is, they were down at least 20% from their 2021 intraday highs through Dec. 28, according to data provided by FactSet.</p><p><blockquote>FactSet提供的数据显示，其中94家处于熊市，也就是说，截至12月28日，它们较2021年盘中高点下跌了至少20%。</blockquote></p><p>Among the 94, there are 30 with &#34;buy&#34; or equivalent ratings from at least two-thirds of analysts polled by FactSet. Here they are, sorted by the 12-month upside potential implied by the consensus price targets:</p><p><blockquote>在这94只股票中，有30只股票被FactSet调查的至少三分之二的分析师给予“买入”或同等评级。以下是按共识价格目标隐含的12个月上涨潜力排序的：</blockquote></p><p></p><p><table><tbody><tr><td>Company</td><td>Ticker</td><td>Decline from 2021 high</td><td>Closing price -- Dec. 28</td><td>2021 high</td><td>Date of 2021 high</td><td>Share &#34;buy&#34; ratings</td><td>Consensus price target</td><td>Implied 12-month upside potential</td></tr><tr><td>Pinduoduo Inc. ADR Class A</td><td>PDD</td><td>-73.6%</td><td>$56.04</td><td>$212.60</td><td>02/16/2021</td><td>76%</td><td>$104.54</td><td>87%</td></tr><tr><td>Baidu Inc. ADR Class A</td><td>BIDU</td><td>-60.3%</td><td>$140.88</td><td>$354.82</td><td>02/22/2021</td><td>83%</td><td>$232.32</td><td>65%</td></tr><tr><td>JD.com Inc. ADR Class A</td><td>JD</td><td>-39.2%</td><td>$65.87</td><td>$108.29</td><td>02/17/2021</td><td>94%</td><td>$106.30</td><td>61%</td></tr><tr><td><a href=\"https://laohu8.com/S/MELI\">MercadoLibre</a> Inc.</td><td>MELI</td><td>-34.8%</td><td>$1,316.28</td><td>$2,020.00</td><td>01/21/2021</td><td>87%</td><td>$2,011.00</td><td>53%</td></tr><tr><td>Caesars Entertainment Inc.</td><td>CZR</td><td>-22.6%</td><td>$92.78</td><td>$119.81</td><td>10/01/2021</td><td>94%</td><td>$137.36</td><td>48%</td></tr><tr><td>Generac Holdings Inc.</td><td>GNRC</td><td>-33.6%</td><td>$348.18</td><td>$524.31</td><td>11/02/2021</td><td>77%</td><td>$514.11</td><td>48%</td></tr><tr><td>Alaska Air Group Inc.</td><td>ALK</td><td>-28.8%</td><td>$52.90</td><td>$74.25</td><td>04/07/2021</td><td>93%</td><td>$77.71</td><td>47%</td></tr><tr><td>PayPal Holdings Inc.</td><td>PYPL</td><td>-38.7%</td><td>$190.10</td><td>$310.16</td><td>07/26/2021</td><td>84%</td><td>$273.65</td><td>44%</td></tr><tr><td>CrowdStrike Holdings Inc. Class A</td><td>CRWD</td><td>-30.6%</td><td>$207.23</td><td>$298.48</td><td>11/10/2021</td><td>86%</td><td>$291.88</td><td>41%</td></tr><tr><td>Trip.com Group Ltd. ADR</td><td>TCOM</td><td>-48.5%</td><td>$23.29</td><td>$45.19</td><td>03/17/2021</td><td>79%</td><td>$32.78</td><td>41%</td></tr><tr><td><a href=\"https://laohu8.com/S/TMUSR\">T-Mobile US Inc</a>.</td><td>TMUS</td><td>-21.3%</td><td>$118.16</td><td>$150.20</td><td>07/16/2021</td><td>81%</td><td>$165.51</td><td>40%</td></tr><tr><td><a href=\"https://laohu8.com/S/ENPH\">Enphase Energy</a> Inc.</td><td>ENPH</td><td>-33.9%</td><td>$186.79</td><td>$282.46</td><td>11/22/2021</td><td>67%</td><td>$260.92</td><td>40%</td></tr><tr><td>Global Payments Inc.</td><td>GPN</td><td>-38.8%</td><td>$135.15</td><td>$220.81</td><td>04/26/2021</td><td>85%</td><td>$188.41</td><td>39%</td></tr><tr><td>NetEase Inc. ADR</td><td>NTES</td><td>-27.7%</td><td>$97.15</td><td>$134.33</td><td>02/11/2021</td><td>97%</td><td>$134.53</td><td>38%</td></tr><tr><td>Activision Blizzard Inc.</td><td>ATVI</td><td>-36.2%</td><td>$66.67</td><td>$104.53</td><td>02/16/2021</td><td>71%</td><td>$90.86</td><td>36%</td></tr><tr><td>Southwest Airlines Co.</td><td>LUV</td><td>-34.7%</td><td>$42.29</td><td>$64.75</td><td>04/14/2021</td><td>78%</td><td>$57.32</td><td>36%</td></tr><tr><td>Fidelity National Information Services Inc.</td><td>FIS</td><td>-29.9%</td><td>$109.29</td><td>$155.96</td><td>04/29/2021</td><td>74%</td><td>$146.86</td><td>34%</td></tr><tr><td>Match Group Inc.</td><td>MTCH</td><td>-27.0%</td><td>$132.94</td><td>$182.00</td><td>10/21/2021</td><td>68%</td><td>$175.11</td><td>32%</td></tr><tr><td><a href=\"https://laohu8.com/S/LDOS\">Leidos Holdings Inc</a>.</td><td>LDOS</td><td>-22.4%</td><td>$88.26</td><td>$113.75</td><td>01/25/2021</td><td>71%</td><td>$115.00</td><td>30%</td></tr><tr><td>WestRock Co.</td><td>WRK</td><td>-28.8%</td><td>$44.19</td><td>$62.03</td><td>05/17/2021</td><td>67%</td><td>$56.92</td><td>29%</td></tr><tr><td>Medtronic <a href=\"https://laohu8.com/S/PLC\">PLC</a></td><td>MDT</td><td>-23.1%</td><td>$104.53</td><td>$135.89</td><td>09/09/2021</td><td>85%</td><td>$134.52</td><td>29%</td></tr><tr><td>Teleflex Inc.</td><td>TFX</td><td>-26.6%</td><td>$330.03</td><td>$449.38</td><td>04/28/2021</td><td>75%</td><td>$424.11</td><td>29%</td></tr><tr><td><a href=\"https://laohu8.com/S/ZBH\">Zimmer Biomet Holdings Inc</a>.</td><td>ZBH</td><td>-28.9%</td><td>$128.21</td><td>$180.36</td><td>04/29/2021</td><td>68%</td><td>$163.71</td><td>28%</td></tr><tr><td><a href=\"https://laohu8.com/S/PTC\">PTC Inc.</a></td><td>PTC</td><td>-20.4%</td><td>$122.34</td><td>$153.73</td><td>07/23/2021</td><td>71%</td><td>$156.15</td><td>28%</td></tr><tr><td><a href=\"https://laohu8.com/S/PSX\">Phillips 66</a></td><td>PSX</td><td>-21.6%</td><td>$73.93</td><td>$94.34</td><td>06/10/2021</td><td>79%</td><td>$93.50</td><td>26%</td></tr><tr><td>Boeing Co.</td><td>BA</td><td>-26.0%</td><td>$206.13</td><td>$278.57</td><td>03/15/2021</td><td>73%</td><td>$259.61</td><td>26%</td></tr><tr><td><a href=\"https://laohu8.com/S/OKTA\">Okta Inc.</a> Class A</td><td>OKTA</td><td>-23.6%</td><td>$224.47</td><td>$294.00</td><td>02/12/2021</td><td>82%</td><td>$279.88</td><td>25%</td></tr><tr><td>Walt Disney Co.</td><td>DIS</td><td>-23.6%</td><td>$155.20</td><td>$203.02</td><td>03/08/2021</td><td>70%</td><td>$193.29</td><td>25%</td></tr><tr><td>Cor</p><p><blockquote><table><tbody><tr><td>公司</td><td>股票代码</td><td>较2021年高点下降</td><td>收盘价——12月28日</td><td>2021年高点</td><td>2021年高点日期</td><td>分享“买入”评级</td><td>共识价格目标</td><td>隐含的12个月上涨潜力</td></tr><tr><td>拼多多ADR A类</td><td>PDD</td><td>-73.6%</td><td>$56.04</td><td>$212.60</td><td>02/16/2021</td><td>76%</td><td>$104.54</td><td>87%</td></tr><tr><td>百度公司ADR A类</td><td>比都</td><td>-60.3%</td><td>$140.88</td><td>$354.82</td><td>02/22/2021</td><td>83%</td><td>$232.32</td><td>65%</td></tr><tr><td>京东公司ADR A类</td><td>JD</td><td>-39.2%</td><td>$65.87</td><td>$108.29</td><td>02/17/2021</td><td>94%</td><td>$106.30</td><td>61%</td></tr><tr><td><a href=\"https://laohu8.com/S/MELI\">自由市场</a>公司。</td><td>梅利</td><td>-34.8%</td><td>$1,316.28</td><td>$2,020.00</td><td>01/21/2021</td><td>87%</td><td>$2,011.00</td><td>53%</td></tr><tr><td>凯撒娱乐公司。</td><td>CZR</td><td>-22.6%</td><td>$92.78</td><td>$119.81</td><td>10/01/2021</td><td>94%</td><td>$137.36</td><td>48%</td></tr><tr><td>Generac控股公司。</td><td>GNRC</td><td>-33.6%</td><td>$348.18</td><td>$524.31</td><td>11/02/2021</td><td>77%</td><td>$514.11</td><td>48%</td></tr><tr><td>阿拉斯加航空集团公司。</td><td>ALK</td><td>-28.8%</td><td>$52.90</td><td>$74.25</td><td>04/07/2021</td><td>93%</td><td>$77.71</td><td>47%</td></tr><tr><td>PayPal控股公司。</td><td>PYPL</td><td>-38.7%</td><td>$190.10</td><td>$310.16</td><td>07/26/2021</td><td>84%</td><td>$273.65</td><td>44%</td></tr><tr><td>CrowdStrike Holdings Inc.A级</td><td>CRWD</td><td>-30.6%</td><td>$207.23</td><td>$298.48</td><td>11/10/2021</td><td>86%</td><td>$291.88</td><td>41%</td></tr><tr><td>携程集团有限公司ADR</td><td>TCOM</td><td>-48.5%</td><td>$23.29</td><td>$45.19</td><td>03/17/2021</td><td>79%</td><td>$32.78</td><td>41%</td></tr><tr><td><a href=\"https://laohu8.com/S/TMUSR\">T-Mobile美国公司</a>.</td><td>TMUS</td><td>-21.3%</td><td>$118.16</td><td>$150.20</td><td>07/16/2021</td><td>81%</td><td>$165.51</td><td>40%</td></tr><tr><td><a href=\"https://laohu8.com/S/ENPH\">Enphase能源</a>公司。</td><td>ENPH</td><td>-33.9%</td><td>$186.79</td><td>$282.46</td><td>11/22/2021</td><td>67%</td><td>$260.92</td><td>40%</td></tr><tr><td>全球支付公司。</td><td>GPN</td><td>-38.8%</td><td>$135.15</td><td>$220.81</td><td>04/26/2021</td><td>85%</td><td>$188.41</td><td>39%</td></tr><tr><td>网易公司ADR</td><td>NTES</td><td>-27.7%</td><td>$97.15</td><td>$134.33</td><td>02/11/2021</td><td>97%</td><td>$134.53</td><td>38%</td></tr><tr><td>动视暴雪公司。</td><td>ATVI</td><td>-36.2%</td><td>$66.67</td><td>$104.53</td><td>02/16/2021</td><td>71%</td><td>$90.86</td><td>36%</td></tr><tr><td>西南航空公司。</td><td>LUV</td><td>-34.7%</td><td>$42.29</td><td>$64.75</td><td>04/14/2021</td><td>78%</td><td>$57.32</td><td>36%</td></tr><tr><td>富达国家信息服务公司。</td><td>FIS</td><td>-29.9%</td><td>$109.29</td><td>$155.96</td><td>04/29/2021</td><td>74%</td><td>$146.86</td><td>34%</td></tr><tr><td>火柴集团公司。</td><td>MTCH</td><td>-27.0%</td><td>$132.94</td><td>$182.00</td><td>10/21/2021</td><td>68%</td><td>$175.11</td><td>32%</td></tr><tr><td><a href=\"https://laohu8.com/S/LDOS\">莱多斯控股公司</a>.</td><td>LDOS</td><td>-22.4%</td><td>$88.26</td><td>$113.75</td><td>01/25/2021</td><td>71%</td><td>$115.00</td><td>30%</td></tr><tr><td>韦斯特洛克公司。</td><td>WRK</td><td>-28.8%</td><td>$44.19</td><td>$62.03</td><td>05/17/2021</td><td>67%</td><td>$56.92</td><td>29%</td></tr><tr><td>美敦力<a href=\"https://laohu8.com/S/PLC\">PLC</a></td><td>MDT</td><td>-23.1%</td><td>$104.53</td><td>$135.89</td><td>09/09/2021</td><td>85%</td><td>$134.52</td><td>29%</td></tr><tr><td>Teleflex公司。</td><td>TFX</td><td>-26.6%</td><td>$330.03</td><td>$449.38</td><td>04/28/2021</td><td>75%</td><td>$424.11</td><td>29%</td></tr><tr><td><a href=\"https://laohu8.com/S/ZBH\">齐默Biomet控股公司</a>.</td><td>ZBH</td><td>-28.9%</td><td>$128.21</td><td>$180.36</td><td>04/29/2021</td><td>68%</td><td>$163.71</td><td>28%</td></tr><tr><td><a href=\"https://laohu8.com/S/PTC\">PTC公司。</a></td><td>PTC</td><td>-20.4%</td><td>$122.34</td><td>$153.73</td><td>07/23/2021</td><td>71%</td><td>$156.15</td><td>28%</td></tr><tr><td><a href=\"https://laohu8.com/S/PSX\">菲利普斯66</a></td><td>PSX</td><td>-21.6%</td><td>$73.93</td><td>$94.34</td><td>06/10/2021</td><td>79%</td><td>$93.50</td><td>26%</td></tr><tr><td>波音公司。</td><td>巴</td><td>-26.0%</td><td>$206.13</td><td>$278.57</td><td>03/15/2021</td><td>73%</td><td>$259.61</td><td>26%</td></tr><tr><td><a href=\"https://laohu8.com/S/OKTA\">奥克塔公司。</a>A类</td><td>奥克塔</td><td>-23.6%</td><td>$224.47</td><td>$294.00</td><td>02/12/2021</td><td>82%</td><td>$279.88</td><td>25%</td></tr><tr><td>华特·迪斯尼公司。</td><td>说</td><td>-23.6%</td><td>$155.20</td><td>$203.02</td><td>03/08/2021</td><td>70%</td><td>$193.29</td><td>25%</td></tr><tr><td>颜色</td></tr></tbody></table></blockquote></p><p></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/these-stocks-are-down-at-least-20-from-2021-highs-but-wall-street-sees-them-gaining-as-much-as-87-in-2022-11640787635?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":{"BK4533":"AQR资本管理(全球第二大对冲基金)","OEF":"标普100指数ETF-iShares","HCTI":"Healthcare Triangle, Inc.","BK4566":"资本集团","SDS":"两倍做空标普500 ETF-ProShares","BK4106":"数据处理与外包服务",".SPX":"S&P 500 Index","DIS":"迪士尼","BK4167":"医疗保健技术","BK4504":"桥水持仓","TSLA":"特斯拉","BK4503":"景林资产持仓","BK4538":"云计算","FWRG":"First Watch Restaurant Group, Inc.","BK4191":"家用电器","OEX":"标普100","BK4550":"红杉资本持仓","BK4183":"个人用品","BK4548":"巴美列捷福持仓","BK4507":"流媒体概念","OLPX":"Olaplex Holdings, Inc.","PYPL":"PayPal","QQQ":"纳指100ETF","BK4007":"制药","BK4551":"寇图资本持仓","UPRO":"三倍做多标普500ETF-ProShares","SPXU":"三倍做空标普500ETF-ProShares","BK4525":"远程办公概念","BK4561":"索罗斯持仓","BK4539":"次新股","SH":"做空标普500-Proshares","BK4524":"宅经济概念","SSO":"2倍做多标普500ETF-ProShares","BK4554":"元宇宙及AR概念","IVV":"标普500ETF-iShares","BK4532":"文艺复兴科技持仓","CRCT":"Cricut, Inc.","BK4553":"喜马拉雅资本持仓","BK4077":"互动媒体与服务","BK4527":"明星科技股","BK4099":"汽车制造商","SPY":"标普500ETF","TERN":"Terns Pharmaceuticals, Inc.","GOOGL":"谷歌A","BK4534":"瑞士信贷持仓","BK4514":"搜索引擎","BK4555":"新能源车"},"source_url":"https://www.marketwatch.com/story/these-stocks-are-down-at-least-20-from-2021-highs-but-wall-street-sees-them-gaining-as-much-as-87-in-2022-11640787635?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2195450556","content_text":"More than 90 large-cap stocks are down at least 20% from their 2021 highs, but analysts love many of them, including JD.com, PayPal and DisneyAnalysts polled by FactSet expect shares of Alaska Air Group to rise 47% over the next 12 months.Getty ImagesThis has been a remarkable year for stocks, but it may surprise you how many are in bear-market territory, usually defined as a decline of at least 20%.Among a large group of beaten-down stocks, analysts working for brokerage firms expect dozens to soar in 2022. See them below.A solid 2021, but look at  the cap-weightingThe benchmark S&P 500 index  has risen 27.4% during 2021, following a 16.3% in 2020 -- two years of pandemic and two years of double-digit gains. (All price changed in this article exclude dividends.)You probably know the S&P 500 is weighted by market capitalization, but you might not be aware of how extreme the weighting can be. Take a look at the weighting and performance of the top five companies held by the SPDR S&P 500 ETF Trust, which tracks the S&P 500. Together, they make up 23% of the fund's portfolio and the index:CompanyTickerPrice change -- 2021Share of SPYApple Inc.AAPL35.1%6.9%Microsoft Corp.MSFT53.4%6.3%Amazon.com Inc.AMZN4.8%3.7%Alphabet Inc. Class AGOOGL67.4%2.2%Tesla Inc.TSLA54.2%2.2%Alphabet Inc. Class CGOOG67.2%2.1%Source: FactSetSPY and the S&P 500 include two common-share classes for Alphabet Inc. (GOOGL) and two apiece for four other companies, for a total of 505 stocks.Stocks in bear markets that analysts loveFor a broader list of large-cap stocks listed in the U.S., including those of some of China's biggest internet players, we added the components of the Nasdaq-100 Index , comprised of the 100 largest Nasdaq-listed companies by market capitalization and tracked by the Invesco QQQ Trust.After removing duplicates, this left a list of 529 stocks.Within in the group, 94 are in a bear market -- that is, they were down at least 20% from their 2021 intraday highs through Dec. 28, according to data provided by FactSet.Among the 94, there are 30 with \"buy\" or equivalent ratings from at least two-thirds of analysts polled by FactSet. Here they are, sorted by the 12-month upside potential implied by the consensus price targets:CompanyTickerDecline from 2021 highClosing price -- Dec. 282021 highDate of 2021 highShare \"buy\" ratingsConsensus price targetImplied 12-month upside potentialPinduoduo Inc. ADR Class APDD-73.6%$56.04$212.6002/16/202176%$104.5487%Baidu Inc. ADR Class ABIDU-60.3%$140.88$354.8202/22/202183%$232.3265%JD.com Inc. ADR Class AJD-39.2%$65.87$108.2902/17/202194%$106.3061%MercadoLibre Inc.MELI-34.8%$1,316.28$2,020.0001/21/202187%$2,011.0053%Caesars Entertainment Inc.CZR-22.6%$92.78$119.8110/01/202194%$137.3648%Generac Holdings Inc.GNRC-33.6%$348.18$524.3111/02/202177%$514.1148%Alaska Air Group Inc.ALK-28.8%$52.90$74.2504/07/202193%$77.7147%PayPal Holdings Inc.PYPL-38.7%$190.10$310.1607/26/202184%$273.6544%CrowdStrike Holdings Inc. Class ACRWD-30.6%$207.23$298.4811/10/202186%$291.8841%Trip.com Group Ltd. ADRTCOM-48.5%$23.29$45.1903/17/202179%$32.7841%T-Mobile US Inc.TMUS-21.3%$118.16$150.2007/16/202181%$165.5140%Enphase Energy Inc.ENPH-33.9%$186.79$282.4611/22/202167%$260.9240%Global Payments Inc.GPN-38.8%$135.15$220.8104/26/202185%$188.4139%NetEase Inc. ADRNTES-27.7%$97.15$134.3302/11/202197%$134.5338%Activision Blizzard Inc.ATVI-36.2%$66.67$104.5302/16/202171%$90.8636%Southwest Airlines Co.LUV-34.7%$42.29$64.7504/14/202178%$57.3236%Fidelity National Information Services Inc.FIS-29.9%$109.29$155.9604/29/202174%$146.8634%Match Group Inc.MTCH-27.0%$132.94$182.0010/21/202168%$175.1132%Leidos Holdings Inc.LDOS-22.4%$88.26$113.7501/25/202171%$115.0030%WestRock Co.WRK-28.8%$44.19$62.0305/17/202167%$56.9229%Medtronic PLCMDT-23.1%$104.53$135.8909/09/202185%$134.5229%Teleflex Inc.TFX-26.6%$330.03$449.3804/28/202175%$424.1129%Zimmer Biomet Holdings Inc.ZBH-28.9%$128.21$180.3604/29/202168%$163.7128%PTC Inc.PTC-20.4%$122.34$153.7307/23/202171%$156.1528%Phillips 66PSX-21.6%$73.93$94.3406/10/202179%$93.5026%Boeing Co.BA-26.0%$206.13$278.5703/15/202173%$259.6126%Okta Inc. Class AOKTA-23.6%$224.47$294.0002/12/202182%$279.8825%Walt Disney Co.DIS-23.6%$155.20$203.0203/08/202170%$193.2925%Corning Inc.GLW-20.2%$37.35$46.8204/26/202169%$44.3819%Lamb Weston Holdings Inc.LW-28.0%$62.22$86.4103/08/202178%$73.2918%Source: 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cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/874119489","repostId":"875266611","repostType":1,"repost":{"id":875266611,"gmtCreate":1637659026330,"gmtModify":1637929617182,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"36984908995200","idStr":"36984908995200"},"themes":[],"title":"【感恩回馈】说说你和老虎的第一次","htmlText":"感恩节马上要到了，小虎提醒：感恩节周四(11月25日)美股休市哦！感恩节翌日(26日)美股提前3小时收盘~ 为了回馈广大虎友们的支持与陪伴，小虎君为大家准备了一些小礼物，参与即可获赠66虎币，如果你愿意多聊2句，还有机会获得小虎全套盲盒。 不知不觉，老虎已经成立7年了， 在过去年的7年，我们认识了很多新老朋友 可曾记得你是何时加入老虎的？ 又是缘何来到这里？ 【参与方式】 本帖留言说出 「你和老虎的第一次」 你发布的第一个帖子是什么？ 你关注的第一个好友是谁？ 你关注/交易的第一只股票是什么？ 【活动奖励】 凡是参与晒单的虎友均可获得66虎币，除此之外，还有机会获得以下奖励： 知己奖：我们会选取“第一条帖子”发帖时间最早的虎友赠予1套小虎盲盒手办（5个） 人气奖：我们会选取评论获赞量最高的3位虎友，随机赠予小虎盲盒手办1个 优质奖：我们会随机选取评论优质有趣的虎友，随机赠予小虎盲盒手办1个 【活动时间】： 2021年11月23日-11月29日 【特别说明】 水贴，重复内容，广告，恶意营销等属于无效内容； 文章需原创并首发于老虎，并且版权归老虎社区所有； 本次活动中用户所提到的标的，仅供参考，不构成投资建议，据此操作，风险自负； 活动最终解释权归老虎社区所有； 若对本次活动有不解之处，可在此贴留言，或微信虎妞（微信号：itiger2014）咨询。 欢迎大家在下贴评论区留言说说「你和老虎的第一次」，你发布的第一个帖子是什么？你关注的第一个好友是谁？你关注/交易的第一只股票是什么？参与即可获赠66虎币，如果你愿意多聊2句，还有机会获得小虎全套盲盒。","listText":"感恩节马上要到了，小虎提醒：感恩节周四(11月25日)美股休市哦！感恩节翌日(26日)美股提前3小时收盘~ 为了回馈广大虎友们的支持与陪伴，小虎君为大家准备了一些小礼物，参与即可获赠66虎币，如果你愿意多聊2句，还有机会获得小虎全套盲盒。 不知不觉，老虎已经成立7年了， 在过去年的7年，我们认识了很多新老朋友 可曾记得你是何时加入老虎的？ 又是缘何来到这里？ 【参与方式】 本帖留言说出 「你和老虎的第一次」 你发布的第一个帖子是什么？ 你关注的第一个好友是谁？ 你关注/交易的第一只股票是什么？ 【活动奖励】 凡是参与晒单的虎友均可获得66虎币，除此之外，还有机会获得以下奖励： 知己奖：我们会选取“第一条帖子”发帖时间最早的虎友赠予1套小虎盲盒手办（5个） 人气奖：我们会选取评论获赞量最高的3位虎友，随机赠予小虎盲盒手办1个 优质奖：我们会随机选取评论优质有趣的虎友，随机赠予小虎盲盒手办1个 【活动时间】： 2021年11月23日-11月29日 【特别说明】 水贴，重复内容，广告，恶意营销等属于无效内容； 文章需原创并首发于老虎，并且版权归老虎社区所有； 本次活动中用户所提到的标的，仅供参考，不构成投资建议，据此操作，风险自负； 活动最终解释权归老虎社区所有； 若对本次活动有不解之处，可在此贴留言，或微信虎妞（微信号：itiger2014）咨询。 欢迎大家在下贴评论区留言说说「你和老虎的第一次」，你发布的第一个帖子是什么？你关注的第一个好友是谁？你关注/交易的第一只股票是什么？参与即可获赠66虎币，如果你愿意多聊2句，还有机会获得小虎全套盲盒。","text":"感恩节马上要到了，小虎提醒：感恩节周四(11月25日)美股休市哦！感恩节翌日(26日)美股提前3小时收盘~ 为了回馈广大虎友们的支持与陪伴，小虎君为大家准备了一些小礼物，参与即可获赠66虎币，如果你愿意多聊2句，还有机会获得小虎全套盲盒。 不知不觉，老虎已经成立7年了， 在过去年的7年，我们认识了很多新老朋友 可曾记得你是何时加入老虎的？ 又是缘何来到这里？ 【参与方式】 本帖留言说出 「你和老虎的第一次」 你发布的第一个帖子是什么？ 你关注的第一个好友是谁？ 你关注/交易的第一只股票是什么？ 【活动奖励】 凡是参与晒单的虎友均可获得66虎币，除此之外，还有机会获得以下奖励： 知己奖：我们会选取“第一条帖子”发帖时间最早的虎友赠予1套小虎盲盒手办（5个） 人气奖：我们会选取评论获赞量最高的3位虎友，随机赠予小虎盲盒手办1个 优质奖：我们会随机选取评论优质有趣的虎友，随机赠予小虎盲盒手办1个 【活动时间】： 2021年11月23日-11月29日 【特别说明】 水贴，重复内容，广告，恶意营销等属于无效内容； 文章需原创并首发于老虎，并且版权归老虎社区所有； 本次活动中用户所提到的标的，仅供参考，不构成投资建议，据此操作，风险自负； 活动最终解释权归老虎社区所有； 若对本次活动有不解之处，可在此贴留言，或微信虎妞（微信号：itiger2014）咨询。 欢迎大家在下贴评论区留言说说「你和老虎的第一次」，你发布的第一个帖子是什么？你关注的第一个好友是谁？你关注/交易的第一只股票是什么？参与即可获赠66虎币，如果你愿意多聊2句，还有机会获得小虎全套盲盒。","images":[{"img":"https://static.tigerbbs.com/b56d1364489aaafc34e363d2b2b842a8","width":"1462","height":"818"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/875266611","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1619,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":874337572,"gmtCreate":1637729165952,"gmtModify":1637729166006,"author":{"id":"4092561976613440","authorId":"4092561976613440","name":"Ernestgoh0","avatar":"https://static.tigerbbs.com/26efe2a26972b528df18cc8a945287d5","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092561976613440","idStr":"4092561976613440"},"themes":[],"htmlText":"Dam","listText":"Dam","text":"Dam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/874337572","repostId":"2185384641","repostType":4,"isVote":1,"tweetType":1,"viewCount":1616,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":872489987,"gmtCreate":1637559846842,"gmtModify":1637559846911,"author":{"id":"4092561976613440","authorId":"4092561976613440","name":"Ernestgoh0","avatar":"https://static.tigerbbs.com/26efe2a26972b528df18cc8a945287d5","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092561976613440","idStr":"4092561976613440"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/872489987","repostId":"1159890392","repostType":4,"repost":{"id":"1159890392","kind":"news","pubTimestamp":1637559348,"share":"https://www.laohu8.com/m/news/1159890392?lang=zh_CN&edition=full","pubTime":"2021-11-22 13:35","market":"us","language":"en","title":"Adobe Vs. Microsoft Stock: 2 Long-Term Leaders To Dominate The Software Space<blockquote>Adobe与微软股票：主导软件领域的两家长期领导者</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159890392","media":"Seeking Alpha","summary":"Summary\n\nMicrosoft continues its reign as the King of Software as its enterprise value crosses $2.5T","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Microsoft continues its reign as the King of Software as its enterprise value crosses $2.5T. It's also making forays into enterprise applications for the metaverse.</li>  <li>Adobe continues to be the undisputed leader in the creative software market. Its 2023 TAM of $147B signifies huge opportunities for the company to leverage.</li>  <li>We discuss why both companies deserve to be anchor stocks for any growth investor's portfolio.</li>  <li>We also discuss whether it's a good time to buy both stocks now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/78cf4b56323a37eacd27b73ced593338\" tg-width=\"1536\" tg-height=\"1082\" width=\"100%\" height=\"auto\"><span>Jean-Luc Ichard/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>微软继续保持软件之王的地位，其企业价值超过2.5 T美元。它还涉足元宇宙的企业应用。</li><li>Adobe仍然是创意软件市场无可争议的领导者。其2023年TAM为$147B，这意味着该公司可以利用巨大的机会。</li><li>我们讨论为什么这两家公司值得成为任何成长型投资者投资组合的锚定股票。</li><li>我们还讨论了现在是否是购买这两只股票的好时机。</li></ul><p class=\"t-img-caption\"><span>Jean-Luc Ichard/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Adobe Inc. (ADBE) and Microsoft Corporation (MSFT) are two of the most revered software leaders worldwide. Notwithstanding, MSFT is easily the bigger brother here as it boasts an enterprise value (EV) of $2.52T. In contrast, ADBE's EV is only worth $326B, as it trails the King of Software by a wide margin. Despite that, Adobe has been growing rapidly and has an exceptionally wide moat in the creative industries. It has also extended its leadership into both the B2B and B2C channels, as it leverages its huge 2023 TAM worth $147B. Therefore, there's a tremendous amount of potential growth for the creative software leader to tap.</p><p><blockquote>Adobe Inc.(ADBE)和微软公司(MSFT)是全球最受尊敬的两家软件领导者。尽管如此，MSFT无疑是这里的老大哥，因为它拥有2.52 T美元的企业价值(EV)。相比之下，ADBE的EV价值仅为$326B，远远落后于软件之王。尽管如此，Adobe一直在快速增长，并在创意行业拥有异常宽阔的护城河。它还将其领导地位扩展到B2B和B2C渠道，因为它利用了价值147B美元的巨额2023年TAM。因此，创意软件领导者有巨大的潜在增长空间可供挖掘。</blockquote></p><p> On the other hand, Microsoft has quickly pivoted itself towards Cloud Computing as its biggest growth driver. Under Satya Nadella's capable leadership, MSFT has transformed itself into a leading Cloud hyperscaler. Azure continues to grow its clout rapidly as it leverages MSFT's deep enterprise software applications expertise against the #1 Cloud hyperscaler AWS (AMZN). The company has also telegraphed its plans to spur its next growth phase through enterprise applications in the metaverse.</p><p><blockquote>另一方面，微软已迅速将云计算作为其最大的增长动力。在Satya Nadella的干练领导下，MSFT已将自己转变为领先的云超大规模企业。Azure继续快速增长其影响力，因为它利用MSFT深厚的企业软件应用专业知识来对抗排名第一的云超大规模企业AWS(AMZN)。该公司还透露了通过元宇宙企业应用刺激下一个增长阶段的计划。</blockquote></p><p> We discuss these two software behemoths and demonstrate why both companies are very high-quality companies. As a result, we believe that both deserve to be considered anchor stocks for most growth investors' portfolios.</p><p><blockquote>我们讨论这两家软件巨头，并展示为什么这两家公司都是非常优质的公司。因此，我们认为两者都值得被视为大多数成长型投资者投资组合的锚定股票。</blockquote></p><p> We also discuss whether it's an appropriate time to buy both stocks now.</p><p><blockquote>我们还讨论了现在是否是购买这两只股票的合适时机。</blockquote></p><p> <b>ADBE Vs. MSFT Stock YTD Performance</b></p><p><blockquote><b>ADBE与MSFT股票年初至今表现</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/80c95ae8c533f02f2af083ceee62bf9a\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>ADBE Vs. MSFT stock YTD performance (as of 19 November 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>ADBE与MSFT股票年初至今表现（截至21年11月19日）。</span></p></blockquote></p><p> ADBE and MSFT stock have easily outperformed the market this year. MSFT stock is the leader here, with a YTD gain of 54.3%. While ADBE stock struggled initially in March, its upward momentum has recovered remarkably. Its YTD gain of 37.6% is well ahead of the SPDR S&amp;P 500 ETF's (SPY) and Invesco QQQ ETF's (QQQ) YTD return of 25.4% and 28.8%, respectively.</p><p><blockquote>ADBE和MSFT股票今年的表现轻松跑赢市场。MSFT股票是其中的领头羊，年初至今上涨了54.3%。尽管ADBE股票在3月份最初表现不佳，但其上涨势头已显着恢复。其年初至今涨幅为37.6%，远高于SPDR标普500 ETF（SPDR标普500指数ETF）和景顺QQQ ETF（QQQ）年初至今分别25.4%和28.8%的回报率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/99bfbaccbc2e6a4f815d081612501c82\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>ADBE Vs. MSFT stock 3Y performance (as of 19 November 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>ADBE与MSFT股票3年表现（截至21年11月19日）。</span></p></blockquote></p><p> As long-term leaders, we also want to evaluate their performances over a longer timeframe. On a 3Y basis, we can also easily observe their outperformance. MSFT leads with a 3Y total return of 216.8%, at a CAGR of 46.7%. It's a phenomenal return and definitely not an \"old-school\" company that MSFT detractors often point out. The market loves MSFT stock.</p><p><blockquote>作为长期领导者，我们也希望评估他们在更长时间内的表现。在3年的基础上，我们也可以很容易地观察到他们的优异表现。MSFT以216.8%的3年总回报率领先，复合年增长率为46.7%。这是一个惊人的回报，绝对不是MSFT批评者经常指出的“老派”公司。市场喜欢MSFT股票。</blockquote></p><p> On the other hand, ADBE stock has also easily beaten the market over the last three years. Its 3Y total return of 188.2%, at a CAGR of 42.1%, is also breathtaking. So both stocks have clearly and easily outperformed the market over the last three years.</p><p><blockquote>另一方面，ADBE股票在过去三年中也轻松跑赢了市场。其3年总回报率为188.2%，复合年增长率为42.1%，也令人惊叹。因此，这两只股票在过去三年中的表现明显且轻松地跑赢了市场。</blockquote></p><p> Therefore, we consider both stocks as solid long-term leaders in any growth investor's portfolio.</p><p><blockquote>因此，我们认为这两只股票都是任何成长型投资者投资组合中可靠的长期领导者。</blockquote></p><p> <b>Both are Fast-Growing and Tremendously Profitable</b></p><p><blockquote><b>两者都增长迅速且利润丰厚</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/517349e87627e8e2f390deb448800ef2\" tg-width=\"640\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>Microsoft LTM revenue and EBITDA margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>微软LTM收入和EBITDA利润率。数据来源：标普资本智商</span></p></blockquote></p><p> There's little doubt that Microsoft is the world's foremost enterprise software market leader. Its last-twelve-months (LTM) revenue of $176.3B easily surpassed Adobe's LTM revenue of $15.1B. Microsoft's revenue also grew by a remarkable CAGR of 15.3% over the last three years. Moreover, its LTM EBITDA margin of 48.6% demonstrates clearly the incredible profitability of Microsoft's well-diversified business model. It has also continued to gain operating leverage impressively over the last three years. Back in FQ1'19 (September 18), its EBITDA margin was just 41.4%.</p><p><blockquote>毫无疑问，微软是世界上最重要的企业软件市场领导者。其过去12个月(LTM)收入为$176.3 B，轻松超过Adobe的LTM收入$15.1 B。过去三年，微软的收入复合年增长率也达到了15.3%。此外，其LTM EBITDA利润率为48.6%，清楚地表明了微软多元化商业模式令人难以置信的盈利能力。在过去三年中，它还继续令人印象深刻地获得运营杠杆。早在19年第一季度（9月18日），其EBITDA利润率仅为41.4%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5f2fc577d2f36a621eaa5eb693e3bcf7\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Adobe LTM revenue and EBITDA margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Adobe LTM收入和EBITDA利润率。数据来源：标普资本智商</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d21e97ef4419da68ba36792ec4c26245\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Computer graphics and photo editing software market share worldwide in 2021. Data source: Enlyft</span></p><p><blockquote><p class=\"t-img-caption\"><span>2021年全球计算机图形和照片编辑软件市场份额。数据来源：Enlyft</span></p></blockquote></p><p> For investors not in the creative industries, you might be unfamiliar with Adobe's suite of creative software products. Nonetheless, Adobe is the undisputed market leader in its field. Adobe's digital media segment, which forms most of our internal valuation estimates, is its critical revenue and profit driver. Its creative cloud business within Adobe's digital media segment drove 82.8% of its FQ3'21 revenue. Readers can easily observe from the chart above that the leadership of its creative suite is deeply entrenched. There are simply no close competitors.</p><p><blockquote>对于非创意行业的投资者来说，您可能不熟悉Adobe的创意软件产品套件。尽管如此，Adobe是该领域无可争议的市场领导者。Adobe的数字媒体部门构成了我们内部估值的大部分，是其关键的收入和利润驱动力。Adobe数字媒体部门的creative cloud业务占其21年第三季度收入的82.8%。读者可以很容易地从上图中观察到，其创意套件的领导地位根深蒂固。根本没有势均力敌的竞争对手。</blockquote></p><p> The company has also grown its revenue impressively over the last three years. Its LTM revenue of $15.1B increased at a 3Y CAGR of 20.8%. In addition, its undisputed leadership has also led to remarkable EBITDA margins. ADBE reported an LTM EBITDA margin of 40.4% in FQ3'21. In contrast, its EBITDA margin was just 36% three years ago. Hence, Adobe has continued to gain impressive operating leverage as it scales. Moreover, the company continues to tap an expanding TAM that's expected to reach $147B by 2023.</p><p><blockquote>过去三年，该公司的收入也大幅增长。其LTM收入为$15.1 B，3年复合年增长率为20.8%。此外，其无可争议的领导地位也带来了显着的EBITDA利润率。ADBE报告21年第三季度LTM EBITDA利润率为40.4%。相比之下，三年前其EBITDA利润率仅为36%。因此，随着规模的扩大，Adobe继续获得令人印象深刻的运营杠杆。此外，该公司继续利用不断扩大的TAM，预计到2023年将达到$147B。</blockquote></p><p> <b>World-Class CEOs Lead Both Companies</b></p><p><blockquote><b>世界级首席执行官领导两家公司</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/be0bdce70c0fa6ed792e87198796f0d6\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Cloud infrastructure services vendor market share as of Q3'21. Data source: Canalys</span></p><p><blockquote><p class=\"t-img-caption\"><span>截至21年第三季度的云基础设施服务供应商市场份额。数据来源：Canalys</span></p></blockquote></p><p> Two top CEOs lead both companies. Microsoft CEO Satya Nadella turned Microsoft back into a growth company when he took over the helm. He saw the importance of Cloud Computing and positioned Azure to compete in the Cloud infrastructure market. As a result, Azure has continued to gain share rapidly. In CQ3'21, Azure's share reached 21%, according to Canalys. Although AWS continues to be the market leader, Azure has the edge over AWS in enterprise applications which is not AWS's core competency. Moreover, Microsoft is also extending its capability into applications for the metaverse. Nadella also has a highly impressive&nbsp;97% approval rating&nbsp;at Glassdoor.</p><p><blockquote>两位顶级首席执行官领导着两家公司。微软首席执行官纳德拉（Satya Nadella）接手掌舵后，将微软重新变成了一家成长型公司。他看到了云计算的重要性，并将Azure定位为在云基础设施市场竞争。因此，Azure继续快速获得份额。根据Canalys的数据，21年第三季度，Azure的份额达到21%。尽管AWS仍然是市场领导者，但Azure在企业应用程序方面比AWS有优势，这不是AWS的核心竞争力。此外，微软还将其能力扩展到元宇宙的应用中。纳德拉在Glassdoor上的支持率也高达97%，令人印象深刻。</blockquote></p><p> Adobe CEO Shantanu Narayen is the #2 CEO in Glassdoor's Top CEOs 2021 category. He also has a&nbsp;98% approval ratings&nbsp;in Glassdoor. Narayen, like his Microsoft counterpart Nadella, also hails from Hyderabad, a city in India. Narayen was also instrumental in having led Adobe to transfer its offerings into the Cloud. However, a massive transformation came with short-term pain early on as the revenue recognition for subscriptions was different from its upfront revenue recognition back then.</p><p><blockquote>Adobe首席执行官Shantanu Narayen是Glassdoor 2021年顶级首席执行官类别中排名第二的首席执行官。他在Glassdoor中也有98%的支持率。纳拉延和他的微软同行纳德拉一样，也来自印度海得拉巴。Narayen还在带领Adobe将其产品转移到云中方面发挥了重要作用。然而，大规模转型在早期带来了短期痛苦，因为订阅的收入确认与当时的前期收入确认不同。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0542f034da9bbcde81eddf509fbade46\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Adobe Creative &amp; Document Cloud annual recurring revenue. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Adobe Creative&amp;Document Cloud年度经常性收入。数据来源：公司备案</span></p></blockquote></p><p> But, the transformation has proven so successful for Adobe. The company now boasts one of the most massive annual recurring revenue (ARR) in the SaaS business. Adobe reported an ARR of $11.66B in FQ3'21, which increased by a remarkable 3Y CAGR of 22.1%. The company also guided for an FQ4'21 ARR of $12.21B, up 20% YoY. Therefore, Adobe is expected to continue its gangbusters growth momentum.</p><p><blockquote>但是，事实证明，Adobe的转型非常成功。该公司目前拥有SaaS业务中最大的年度经常性收入(ARR)之一。Adobe报告21年第3季度的ARR为$11.66 B，3年复合年增长率显着增长22.1%。该公司还预计21年第4季度ARR为$12.21 B，同比增长20%。因此，Adobe预计将继续其强劲的增长势头。</blockquote></p><p> <b>So, is ADBE and MSFT Stock a Buy Now?</b></p><p><blockquote><b>那么，ADBE和MSFT股票现在值得买入吗？</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9c2c34259c409fb5afc7b9770deb419a\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Adobe est. revenue and EBITDA mean consensus. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>土坯东部。收入和EBITDA意味着共识。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4a409f2afdd0fab713f5748be78a261a\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Microsoft est. revenue and EBITDA mean consensus. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>微软东部。收入和EBITDA意味着共识。数据来源：标普资本智商</span></p></blockquote></p><p> Adobe is expected to grow its revenue at a CAGR of 14.7% over the next five years. In addition, its EBITDA is estimated to increase at a CAGR of 15.1% over the same period. Therefore, ADBE is expected to continue growing robustly, even though its topline and profitability will decelerate.</p><p><blockquote>Adobe预计未来五年收入将以14.7%的复合年增长率增长。此外，其EBITDA预计同期复合年增长率为15.1%。因此，尽管ADBE的营收和盈利能力将放缓，但预计ADBE将继续强劲增长。</blockquote></p><p> In contrast, Microsoft is estimated to increase its revenue at a 4Y CAGR of 13.8%. However, its EBITDA is estimated to grow at a CAGR of just 6.3% over the next four years, signifying a marked slowdown in EBITDA growth. Therefore, there's a valid concern of slowing growth on both software titans, with Microsoft's looking markedly worse off.</p><p><blockquote>相比之下，微软预计其收入将以13.8%的4年复合年增长率增长。然而，其EBITDA预计未来四年的复合年增长率仅为6.3%，这表明EBITDA增长明显放缓。因此，人们有理由担心这两家软件巨头的增长放缓，其中微软的情况明显更糟。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/570d068f004efa2de56f66ce506c723c\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>MSFT stock EV/Fwd EBITDA valuation trend. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>MSFT股票EV/Fwd EBITDA估值趋势。数据来源：标普资本智商</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/adae720194f5c03c18c5ac7b6d91e590\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>ADBE stock EV/Fwd EBITDA valuation trend. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>ADBE股票EV/Fwd EBITDA估值趋势。数据来源：标普资本智商</span></p></blockquote></p><p> ADBE stock currently trades at an EV/NTM EBITDA of 37.4x, about 29.4% above its 3Y mean of 28.9x. Therefore, there's no question that ADBE is trading at a premium valuation. Notwithstanding, it's expected to continue gaining operating leverage remarkably, although it seems that a considerable amount of growth premium may have been priced in. But, ADBE is a solid long-term stock. I wouldn't bet against Narayen &amp; Co.'s capability to execute immaculately moving forward. However, the current valuation is a concern for new exposure in the short term. The stock has also recovered remarkably well from its recent October bottom. Therefore, we suggest investors wait for a meaningful retracement before adding. Hence, we revise our rating to short-term Neutral but retain our long-term bullish call.</p><p><blockquote>ADBE股票目前的EV/NTM EBITDA为37.4倍，比3年平均水平28.9倍高出约29.4%。因此，毫无疑问，ADBE的交易估值较高。尽管如此，预计它将继续显着提高运营杠杆，尽管相当大的增长溢价似乎已经被定价。但是，ADBE是一只稳健的长期股票。我不会打赌Narayen&amp;Co.有能力完美地向前推进。然而，目前的估值是短期内新敞口的担忧。该股也从最近10月份的底部恢复得非常好。因此，我们建议投资者等待有意义的回撤后再加仓。因此，我们将评级调整为短期中性，但保留长期看涨的看涨期权。</blockquote></p><p> MSFT stock is trading at an EV/Fwd EBITDA of 25.1x, against its 3Y mean of 19.2x. Even though MSFT is still expected to grow its topline reasonably fast, its EBITDA growth is expected to decelerate markedly. Therefore, MSFT stock's valuation seems to have priced in a significant amount of growth premium over the next few years. As such, we remain very cautious about adding MSFT stock at this level. Consequently, we retain our Neutral rating on MSFT stock.</p><p><blockquote>MSFT股票的EV/Fwd EBITDA为25.1倍，而3年平均值为19.2倍。尽管MSFT的营收预计仍将相当快地增长，但其EBITDA增长预计将显着减速。因此，MSFT股票的估值似乎已经反映了未来几年的大量增长溢价。因此，我们对在这个水平上增持MSFT股票仍然非常谨慎。因此，我们维持对MSFT股票的中性评级。</blockquote></p><p> Nevertheless, we would like to remind investors that both stocks are two of the best anchor growth stocks that investors can continue to hold if you own them. Therefore, if there's a meaningful retracement moving forward, we encourage you to add more exposure to either of them.</p><p><blockquote>尽管如此，我们还是想提醒投资者，这两只股票都是投资者可以继续持有的最好的锚定成长股中的两只。因此，如果未来出现有意义的回撤，我们鼓励您增加对其中任何一个的敞口。</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>Adobe Vs. Microsoft Stock: 2 Long-Term Leaders To Dominate The Software Space<blockquote>Adobe与微软股票：主导软件领域的两家长期领导者</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\">\nAdobe Vs. Microsoft Stock: 2 Long-Term Leaders To Dominate The Software Space<blockquote>Adobe与微软股票：主导软件领域的两家长期领导者</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\">2021-11-22 13:35</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>Microsoft continues its reign as the King of Software as its enterprise value crosses $2.5T. It's also making forays into enterprise applications for the metaverse.</li>  <li>Adobe continues to be the undisputed leader in the creative software market. Its 2023 TAM of $147B signifies huge opportunities for the company to leverage.</li>  <li>We discuss why both companies deserve to be anchor stocks for any growth investor's portfolio.</li>  <li>We also discuss whether it's a good time to buy both stocks now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/78cf4b56323a37eacd27b73ced593338\" tg-width=\"1536\" tg-height=\"1082\" width=\"100%\" height=\"auto\"><span>Jean-Luc Ichard/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>微软继续保持软件之王的地位，其企业价值超过2.5 T美元。它还涉足元宇宙的企业应用。</li><li>Adobe仍然是创意软件市场无可争议的领导者。其2023年TAM为$147B，这意味着该公司可以利用巨大的机会。</li><li>我们讨论为什么这两家公司值得成为任何成长型投资者投资组合的锚定股票。</li><li>我们还讨论了现在是否是购买这两只股票的好时机。</li></ul><p class=\"t-img-caption\"><span>Jean-Luc Ichard/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Adobe Inc. (ADBE) and Microsoft Corporation (MSFT) are two of the most revered software leaders worldwide. Notwithstanding, MSFT is easily the bigger brother here as it boasts an enterprise value (EV) of $2.52T. In contrast, ADBE's EV is only worth $326B, as it trails the King of Software by a wide margin. Despite that, Adobe has been growing rapidly and has an exceptionally wide moat in the creative industries. It has also extended its leadership into both the B2B and B2C channels, as it leverages its huge 2023 TAM worth $147B. Therefore, there's a tremendous amount of potential growth for the creative software leader to tap.</p><p><blockquote>Adobe Inc.(ADBE)和微软公司(MSFT)是全球最受尊敬的两家软件领导者。尽管如此，MSFT无疑是这里的老大哥，因为它拥有2.52 T美元的企业价值(EV)。相比之下，ADBE的EV价值仅为$326B，远远落后于软件之王。尽管如此，Adobe一直在快速增长，并在创意行业拥有异常宽阔的护城河。它还将其领导地位扩展到B2B和B2C渠道，因为它利用了价值147B美元的巨额2023年TAM。因此，创意软件领导者有巨大的潜在增长空间可供挖掘。</blockquote></p><p> On the other hand, Microsoft has quickly pivoted itself towards Cloud Computing as its biggest growth driver. Under Satya Nadella's capable leadership, MSFT has transformed itself into a leading Cloud hyperscaler. Azure continues to grow its clout rapidly as it leverages MSFT's deep enterprise software applications expertise against the #1 Cloud hyperscaler AWS (AMZN). The company has also telegraphed its plans to spur its next growth phase through enterprise applications in the metaverse.</p><p><blockquote>另一方面，微软已迅速将云计算作为其最大的增长动力。在Satya Nadella的干练领导下，MSFT已将自己转变为领先的云超大规模企业。Azure继续快速增长其影响力，因为它利用MSFT深厚的企业软件应用专业知识来对抗排名第一的云超大规模企业AWS(AMZN)。该公司还透露了通过元宇宙企业应用刺激下一个增长阶段的计划。</blockquote></p><p> We discuss these two software behemoths and demonstrate why both companies are very high-quality companies. As a result, we believe that both deserve to be considered anchor stocks for most growth investors' portfolios.</p><p><blockquote>我们讨论这两家软件巨头，并展示为什么这两家公司都是非常优质的公司。因此，我们认为两者都值得被视为大多数成长型投资者投资组合的锚定股票。</blockquote></p><p> We also discuss whether it's an appropriate time to buy both stocks now.</p><p><blockquote>我们还讨论了现在是否是购买这两只股票的合适时机。</blockquote></p><p> <b>ADBE Vs. MSFT Stock YTD Performance</b></p><p><blockquote><b>ADBE与MSFT股票年初至今表现</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/80c95ae8c533f02f2af083ceee62bf9a\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>ADBE Vs. MSFT stock YTD performance (as of 19 November 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>ADBE与MSFT股票年初至今表现（截至21年11月19日）。</span></p></blockquote></p><p> ADBE and MSFT stock have easily outperformed the market this year. MSFT stock is the leader here, with a YTD gain of 54.3%. While ADBE stock struggled initially in March, its upward momentum has recovered remarkably. Its YTD gain of 37.6% is well ahead of the SPDR S&amp;P 500 ETF's (SPY) and Invesco QQQ ETF's (QQQ) YTD return of 25.4% and 28.8%, respectively.</p><p><blockquote>ADBE和MSFT股票今年的表现轻松跑赢市场。MSFT股票是其中的领头羊，年初至今上涨了54.3%。尽管ADBE股票在3月份最初表现不佳，但其上涨势头已显着恢复。其年初至今涨幅为37.6%，远高于SPDR标普500 ETF（SPDR标普500指数ETF）和景顺QQQ ETF（QQQ）年初至今分别25.4%和28.8%的回报率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/99bfbaccbc2e6a4f815d081612501c82\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>ADBE Vs. MSFT stock 3Y performance (as of 19 November 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>ADBE与MSFT股票3年表现（截至21年11月19日）。</span></p></blockquote></p><p> As long-term leaders, we also want to evaluate their performances over a longer timeframe. On a 3Y basis, we can also easily observe their outperformance. MSFT leads with a 3Y total return of 216.8%, at a CAGR of 46.7%. It's a phenomenal return and definitely not an \"old-school\" company that MSFT detractors often point out. The market loves MSFT stock.</p><p><blockquote>作为长期领导者，我们也希望评估他们在更长时间内的表现。在3年的基础上，我们也可以很容易地观察到他们的优异表现。MSFT以216.8%的3年总回报率领先，复合年增长率为46.7%。这是一个惊人的回报，绝对不是MSFT批评者经常指出的“老派”公司。市场喜欢MSFT股票。</blockquote></p><p> On the other hand, ADBE stock has also easily beaten the market over the last three years. Its 3Y total return of 188.2%, at a CAGR of 42.1%, is also breathtaking. So both stocks have clearly and easily outperformed the market over the last three years.</p><p><blockquote>另一方面，ADBE股票在过去三年中也轻松跑赢了市场。其3年总回报率为188.2%，复合年增长率为42.1%，也令人惊叹。因此，这两只股票在过去三年中的表现明显且轻松地跑赢了市场。</blockquote></p><p> Therefore, we consider both stocks as solid long-term leaders in any growth investor's portfolio.</p><p><blockquote>因此，我们认为这两只股票都是任何成长型投资者投资组合中可靠的长期领导者。</blockquote></p><p> <b>Both are Fast-Growing and Tremendously Profitable</b></p><p><blockquote><b>两者都增长迅速且利润丰厚</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/517349e87627e8e2f390deb448800ef2\" tg-width=\"640\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>Microsoft LTM revenue and EBITDA margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>微软LTM收入和EBITDA利润率。数据来源：标普资本智商</span></p></blockquote></p><p> There's little doubt that Microsoft is the world's foremost enterprise software market leader. Its last-twelve-months (LTM) revenue of $176.3B easily surpassed Adobe's LTM revenue of $15.1B. Microsoft's revenue also grew by a remarkable CAGR of 15.3% over the last three years. Moreover, its LTM EBITDA margin of 48.6% demonstrates clearly the incredible profitability of Microsoft's well-diversified business model. It has also continued to gain operating leverage impressively over the last three years. Back in FQ1'19 (September 18), its EBITDA margin was just 41.4%.</p><p><blockquote>毫无疑问，微软是世界上最重要的企业软件市场领导者。其过去12个月(LTM)收入为$176.3 B，轻松超过Adobe的LTM收入$15.1 B。过去三年，微软的收入复合年增长率也达到了15.3%。此外，其LTM EBITDA利润率为48.6%，清楚地表明了微软多元化商业模式令人难以置信的盈利能力。在过去三年中，它还继续令人印象深刻地获得运营杠杆。早在19年第一季度（9月18日），其EBITDA利润率仅为41.4%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5f2fc577d2f36a621eaa5eb693e3bcf7\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Adobe LTM revenue and EBITDA margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Adobe LTM收入和EBITDA利润率。数据来源：标普资本智商</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d21e97ef4419da68ba36792ec4c26245\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Computer graphics and photo editing software market share worldwide in 2021. Data source: Enlyft</span></p><p><blockquote><p class=\"t-img-caption\"><span>2021年全球计算机图形和照片编辑软件市场份额。数据来源：Enlyft</span></p></blockquote></p><p> For investors not in the creative industries, you might be unfamiliar with Adobe's suite of creative software products. Nonetheless, Adobe is the undisputed market leader in its field. Adobe's digital media segment, which forms most of our internal valuation estimates, is its critical revenue and profit driver. Its creative cloud business within Adobe's digital media segment drove 82.8% of its FQ3'21 revenue. Readers can easily observe from the chart above that the leadership of its creative suite is deeply entrenched. There are simply no close competitors.</p><p><blockquote>对于非创意行业的投资者来说，您可能不熟悉Adobe的创意软件产品套件。尽管如此，Adobe是该领域无可争议的市场领导者。Adobe的数字媒体部门构成了我们内部估值的大部分，是其关键的收入和利润驱动力。Adobe数字媒体部门的creative cloud业务占其21年第三季度收入的82.8%。读者可以很容易地从上图中观察到，其创意套件的领导地位根深蒂固。根本没有势均力敌的竞争对手。</blockquote></p><p> The company has also grown its revenue impressively over the last three years. Its LTM revenue of $15.1B increased at a 3Y CAGR of 20.8%. In addition, its undisputed leadership has also led to remarkable EBITDA margins. ADBE reported an LTM EBITDA margin of 40.4% in FQ3'21. In contrast, its EBITDA margin was just 36% three years ago. Hence, Adobe has continued to gain impressive operating leverage as it scales. Moreover, the company continues to tap an expanding TAM that's expected to reach $147B by 2023.</p><p><blockquote>过去三年，该公司的收入也大幅增长。其LTM收入为$15.1 B，3年复合年增长率为20.8%。此外，其无可争议的领导地位也带来了显着的EBITDA利润率。ADBE报告21年第三季度LTM EBITDA利润率为40.4%。相比之下，三年前其EBITDA利润率仅为36%。因此，随着规模的扩大，Adobe继续获得令人印象深刻的运营杠杆。此外，该公司继续利用不断扩大的TAM，预计到2023年将达到$147B。</blockquote></p><p> <b>World-Class CEOs Lead Both Companies</b></p><p><blockquote><b>世界级首席执行官领导两家公司</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/be0bdce70c0fa6ed792e87198796f0d6\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Cloud infrastructure services vendor market share as of Q3'21. Data source: Canalys</span></p><p><blockquote><p class=\"t-img-caption\"><span>截至21年第三季度的云基础设施服务供应商市场份额。数据来源：Canalys</span></p></blockquote></p><p> Two top CEOs lead both companies. Microsoft CEO Satya Nadella turned Microsoft back into a growth company when he took over the helm. He saw the importance of Cloud Computing and positioned Azure to compete in the Cloud infrastructure market. As a result, Azure has continued to gain share rapidly. In CQ3'21, Azure's share reached 21%, according to Canalys. Although AWS continues to be the market leader, Azure has the edge over AWS in enterprise applications which is not AWS's core competency. Moreover, Microsoft is also extending its capability into applications for the metaverse. Nadella also has a highly impressive&nbsp;97% approval rating&nbsp;at Glassdoor.</p><p><blockquote>两位顶级首席执行官领导着两家公司。微软首席执行官纳德拉（Satya Nadella）接手掌舵后，将微软重新变成了一家成长型公司。他看到了云计算的重要性，并将Azure定位为在云基础设施市场竞争。因此，Azure继续快速获得份额。根据Canalys的数据，21年第三季度，Azure的份额达到21%。尽管AWS仍然是市场领导者，但Azure在企业应用程序方面比AWS有优势，这不是AWS的核心竞争力。此外，微软还将其能力扩展到元宇宙的应用中。纳德拉在Glassdoor上的支持率也高达97%，令人印象深刻。</blockquote></p><p> Adobe CEO Shantanu Narayen is the #2 CEO in Glassdoor's Top CEOs 2021 category. He also has a&nbsp;98% approval ratings&nbsp;in Glassdoor. Narayen, like his Microsoft counterpart Nadella, also hails from Hyderabad, a city in India. Narayen was also instrumental in having led Adobe to transfer its offerings into the Cloud. However, a massive transformation came with short-term pain early on as the revenue recognition for subscriptions was different from its upfront revenue recognition back then.</p><p><blockquote>Adobe首席执行官Shantanu Narayen是Glassdoor 2021年顶级首席执行官类别中排名第二的首席执行官。他在Glassdoor中也有98%的支持率。纳拉延和他的微软同行纳德拉一样，也来自印度海得拉巴。Narayen还在带领Adobe将其产品转移到云中方面发挥了重要作用。然而，大规模转型在早期带来了短期痛苦，因为订阅的收入确认与当时的前期收入确认不同。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0542f034da9bbcde81eddf509fbade46\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Adobe Creative &amp; Document Cloud annual recurring revenue. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Adobe Creative&amp;Document Cloud年度经常性收入。数据来源：公司备案</span></p></blockquote></p><p> But, the transformation has proven so successful for Adobe. The company now boasts one of the most massive annual recurring revenue (ARR) in the SaaS business. Adobe reported an ARR of $11.66B in FQ3'21, which increased by a remarkable 3Y CAGR of 22.1%. The company also guided for an FQ4'21 ARR of $12.21B, up 20% YoY. Therefore, Adobe is expected to continue its gangbusters growth momentum.</p><p><blockquote>但是，事实证明，Adobe的转型非常成功。该公司目前拥有SaaS业务中最大的年度经常性收入(ARR)之一。Adobe报告21年第3季度的ARR为$11.66 B，3年复合年增长率显着增长22.1%。该公司还预计21年第4季度ARR为$12.21 B，同比增长20%。因此，Adobe预计将继续其强劲的增长势头。</blockquote></p><p> <b>So, is ADBE and MSFT Stock a Buy Now?</b></p><p><blockquote><b>那么，ADBE和MSFT股票现在值得买入吗？</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9c2c34259c409fb5afc7b9770deb419a\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Adobe est. revenue and EBITDA mean consensus. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>土坯东部。收入和EBITDA意味着共识。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4a409f2afdd0fab713f5748be78a261a\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Microsoft est. revenue and EBITDA mean consensus. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>微软东部。收入和EBITDA意味着共识。数据来源：标普资本智商</span></p></blockquote></p><p> Adobe is expected to grow its revenue at a CAGR of 14.7% over the next five years. In addition, its EBITDA is estimated to increase at a CAGR of 15.1% over the same period. Therefore, ADBE is expected to continue growing robustly, even though its topline and profitability will decelerate.</p><p><blockquote>Adobe预计未来五年收入将以14.7%的复合年增长率增长。此外，其EBITDA预计同期复合年增长率为15.1%。因此，尽管ADBE的营收和盈利能力将放缓，但预计ADBE将继续强劲增长。</blockquote></p><p> In contrast, Microsoft is estimated to increase its revenue at a 4Y CAGR of 13.8%. However, its EBITDA is estimated to grow at a CAGR of just 6.3% over the next four years, signifying a marked slowdown in EBITDA growth. Therefore, there's a valid concern of slowing growth on both software titans, with Microsoft's looking markedly worse off.</p><p><blockquote>相比之下，微软预计其收入将以13.8%的4年复合年增长率增长。然而，其EBITDA预计未来四年的复合年增长率仅为6.3%，这表明EBITDA增长明显放缓。因此，人们有理由担心这两家软件巨头的增长放缓，其中微软的情况明显更糟。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/570d068f004efa2de56f66ce506c723c\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>MSFT stock EV/Fwd EBITDA valuation trend. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>MSFT股票EV/Fwd EBITDA估值趋势。数据来源：标普资本智商</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/adae720194f5c03c18c5ac7b6d91e590\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>ADBE stock EV/Fwd EBITDA valuation trend. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>ADBE股票EV/Fwd EBITDA估值趋势。数据来源：标普资本智商</span></p></blockquote></p><p> ADBE stock currently trades at an EV/NTM EBITDA of 37.4x, about 29.4% above its 3Y mean of 28.9x. Therefore, there's no question that ADBE is trading at a premium valuation. Notwithstanding, it's expected to continue gaining operating leverage remarkably, although it seems that a considerable amount of growth premium may have been priced in. But, ADBE is a solid long-term stock. I wouldn't bet against Narayen &amp; Co.'s capability to execute immaculately moving forward. However, the current valuation is a concern for new exposure in the short term. The stock has also recovered remarkably well from its recent October bottom. Therefore, we suggest investors wait for a meaningful retracement before adding. Hence, we revise our rating to short-term Neutral but retain our long-term bullish call.</p><p><blockquote>ADBE股票目前的EV/NTM EBITDA为37.4倍，比3年平均水平28.9倍高出约29.4%。因此，毫无疑问，ADBE的交易估值较高。尽管如此，预计它将继续显着提高运营杠杆，尽管相当大的增长溢价似乎已经被定价。但是，ADBE是一只稳健的长期股票。我不会打赌Narayen&amp;Co.有能力完美地向前推进。然而，目前的估值是短期内新敞口的担忧。该股也从最近10月份的底部恢复得非常好。因此，我们建议投资者等待有意义的回撤后再加仓。因此，我们将评级调整为短期中性，但保留长期看涨的看涨期权。</blockquote></p><p> MSFT stock is trading at an EV/Fwd EBITDA of 25.1x, against its 3Y mean of 19.2x. Even though MSFT is still expected to grow its topline reasonably fast, its EBITDA growth is expected to decelerate markedly. Therefore, MSFT stock's valuation seems to have priced in a significant amount of growth premium over the next few years. As such, we remain very cautious about adding MSFT stock at this level. Consequently, we retain our Neutral rating on MSFT stock.</p><p><blockquote>MSFT股票的EV/Fwd EBITDA为25.1倍，而3年平均值为19.2倍。尽管MSFT的营收预计仍将相当快地增长，但其EBITDA增长预计将显着减速。因此，MSFT股票的估值似乎已经反映了未来几年的大量增长溢价。因此，我们对在这个水平上增持MSFT股票仍然非常谨慎。因此，我们维持对MSFT股票的中性评级。</blockquote></p><p> Nevertheless, we would like to remind investors that both stocks are two of the best anchor growth stocks that investors can continue to hold if you own them. Therefore, if there's a meaningful retracement moving forward, we encourage you to add more exposure to either of them.</p><p><blockquote>尽管如此，我们还是想提醒投资者，这两只股票都是投资者可以继续持有的最好的锚定成长股中的两只。因此，如果未来出现有意义的回撤，我们鼓励您增加对其中任何一个的敞口。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4471088-adobe-vs-microsoft-stock-two-long-term-leaders-to-dominate-the-software-space\">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":{"MSFT":"微软","ADBE":"Adobe"},"source_url":"https://seekingalpha.com/article/4471088-adobe-vs-microsoft-stock-two-long-term-leaders-to-dominate-the-software-space","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159890392","content_text":"Summary\n\nMicrosoft continues its reign as the King of Software as its enterprise value crosses $2.5T. It's also making forays into enterprise applications for the metaverse.\nAdobe continues to be the undisputed leader in the creative software market. Its 2023 TAM of $147B signifies huge opportunities for the company to leverage.\nWe discuss why both companies deserve to be anchor stocks for any growth investor's portfolio.\nWe also discuss whether it's a good time to buy both stocks now.\n\nJean-Luc Ichard/iStock Editorial via Getty Images\nInvestment Thesis\nAdobe Inc. (ADBE) and Microsoft Corporation (MSFT) are two of the most revered software leaders worldwide. Notwithstanding, MSFT is easily the bigger brother here as it boasts an enterprise value (EV) of $2.52T. In contrast, ADBE's EV is only worth $326B, as it trails the King of Software by a wide margin. Despite that, Adobe has been growing rapidly and has an exceptionally wide moat in the creative industries. It has also extended its leadership into both the B2B and B2C channels, as it leverages its huge 2023 TAM worth $147B. Therefore, there's a tremendous amount of potential growth for the creative software leader to tap.\nOn the other hand, Microsoft has quickly pivoted itself towards Cloud Computing as its biggest growth driver. Under Satya Nadella's capable leadership, MSFT has transformed itself into a leading Cloud hyperscaler. Azure continues to grow its clout rapidly as it leverages MSFT's deep enterprise software applications expertise against the #1 Cloud hyperscaler AWS (AMZN). The company has also telegraphed its plans to spur its next growth phase through enterprise applications in the metaverse.\nWe discuss these two software behemoths and demonstrate why both companies are very high-quality companies. As a result, we believe that both deserve to be considered anchor stocks for most growth investors' portfolios.\nWe also discuss whether it's an appropriate time to buy both stocks now.\nADBE Vs. MSFT Stock YTD Performance\nADBE Vs. MSFT stock YTD performance (as of 19 November 21).\nADBE and MSFT stock have easily outperformed the market this year. MSFT stock is the leader here, with a YTD gain of 54.3%. While ADBE stock struggled initially in March, its upward momentum has recovered remarkably. Its YTD gain of 37.6% is well ahead of the SPDR S&P 500 ETF's (SPY) and Invesco QQQ ETF's (QQQ) YTD return of 25.4% and 28.8%, respectively.\nADBE Vs. MSFT stock 3Y performance (as of 19 November 21).\nAs long-term leaders, we also want to evaluate their performances over a longer timeframe. On a 3Y basis, we can also easily observe their outperformance. MSFT leads with a 3Y total return of 216.8%, at a CAGR of 46.7%. It's a phenomenal return and definitely not an \"old-school\" company that MSFT detractors often point out. The market loves MSFT stock.\nOn the other hand, ADBE stock has also easily beaten the market over the last three years. Its 3Y total return of 188.2%, at a CAGR of 42.1%, is also breathtaking. So both stocks have clearly and easily outperformed the market over the last three years.\nTherefore, we consider both stocks as solid long-term leaders in any growth investor's portfolio.\nBoth are Fast-Growing and Tremendously Profitable\nMicrosoft LTM revenue and EBITDA margin. Data source: S&P Capital IQ\nThere's little doubt that Microsoft is the world's foremost enterprise software market leader. Its last-twelve-months (LTM) revenue of $176.3B easily surpassed Adobe's LTM revenue of $15.1B. Microsoft's revenue also grew by a remarkable CAGR of 15.3% over the last three years. Moreover, its LTM EBITDA margin of 48.6% demonstrates clearly the incredible profitability of Microsoft's well-diversified business model. It has also continued to gain operating leverage impressively over the last three years. Back in FQ1'19 (September 18), its EBITDA margin was just 41.4%.\nAdobe LTM revenue and EBITDA margin. Data source: S&P Capital IQ\nComputer graphics and photo editing software market share worldwide in 2021. Data source: Enlyft\nFor investors not in the creative industries, you might be unfamiliar with Adobe's suite of creative software products. Nonetheless, Adobe is the undisputed market leader in its field. Adobe's digital media segment, which forms most of our internal valuation estimates, is its critical revenue and profit driver. Its creative cloud business within Adobe's digital media segment drove 82.8% of its FQ3'21 revenue. Readers can easily observe from the chart above that the leadership of its creative suite is deeply entrenched. There are simply no close competitors.\nThe company has also grown its revenue impressively over the last three years. Its LTM revenue of $15.1B increased at a 3Y CAGR of 20.8%. In addition, its undisputed leadership has also led to remarkable EBITDA margins. ADBE reported an LTM EBITDA margin of 40.4% in FQ3'21. In contrast, its EBITDA margin was just 36% three years ago. Hence, Adobe has continued to gain impressive operating leverage as it scales. Moreover, the company continues to tap an expanding TAM that's expected to reach $147B by 2023.\nWorld-Class CEOs Lead Both Companies\nCloud infrastructure services vendor market share as of Q3'21. Data source: Canalys\nTwo top CEOs lead both companies. Microsoft CEO Satya Nadella turned Microsoft back into a growth company when he took over the helm. He saw the importance of Cloud Computing and positioned Azure to compete in the Cloud infrastructure market. As a result, Azure has continued to gain share rapidly. In CQ3'21, Azure's share reached 21%, according to Canalys. Although AWS continues to be the market leader, Azure has the edge over AWS in enterprise applications which is not AWS's core competency. Moreover, Microsoft is also extending its capability into applications for the metaverse. Nadella also has a highly impressive 97% approval rating at Glassdoor.\nAdobe CEO Shantanu Narayen is the #2 CEO in Glassdoor's Top CEOs 2021 category. He also has a 98% approval ratings in Glassdoor. Narayen, like his Microsoft counterpart Nadella, also hails from Hyderabad, a city in India. Narayen was also instrumental in having led Adobe to transfer its offerings into the Cloud. However, a massive transformation came with short-term pain early on as the revenue recognition for subscriptions was different from its upfront revenue recognition back then.\nAdobe Creative & Document Cloud annual recurring revenue. Data source: Company filings\nBut, the transformation has proven so successful for Adobe. The company now boasts one of the most massive annual recurring revenue (ARR) in the SaaS business. Adobe reported an ARR of $11.66B in FQ3'21, which increased by a remarkable 3Y CAGR of 22.1%. The company also guided for an FQ4'21 ARR of $12.21B, up 20% YoY. Therefore, Adobe is expected to continue its gangbusters growth momentum.\nSo, is ADBE and MSFT Stock a Buy Now?\nAdobe est. revenue and EBITDA mean consensus. Data source: S&P Capital IQ\nMicrosoft est. revenue and EBITDA mean consensus. Data source: S&P Capital IQ\nAdobe is expected to grow its revenue at a CAGR of 14.7% over the next five years. In addition, its EBITDA is estimated to increase at a CAGR of 15.1% over the same period. Therefore, ADBE is expected to continue growing robustly, even though its topline and profitability will decelerate.\nIn contrast, Microsoft is estimated to increase its revenue at a 4Y CAGR of 13.8%. However, its EBITDA is estimated to grow at a CAGR of just 6.3% over the next four years, signifying a marked slowdown in EBITDA growth. Therefore, there's a valid concern of slowing growth on both software titans, with Microsoft's looking markedly worse off.\nMSFT stock EV/Fwd EBITDA valuation trend. Data source: S&P Capital IQ\nADBE stock EV/Fwd EBITDA valuation trend. Data source: S&P Capital IQ\nADBE stock currently trades at an EV/NTM EBITDA of 37.4x, about 29.4% above its 3Y mean of 28.9x. Therefore, there's no question that ADBE is trading at a premium valuation. Notwithstanding, it's expected to continue gaining operating leverage remarkably, although it seems that a considerable amount of growth premium may have been priced in. But, ADBE is a solid long-term stock. I wouldn't bet against Narayen & Co.'s capability to execute immaculately moving forward. However, the current valuation is a concern for new exposure in the short term. The stock has also recovered remarkably well from its recent October bottom. Therefore, we suggest investors wait for a meaningful retracement before adding. Hence, we revise our rating to short-term Neutral but retain our long-term bullish call.\nMSFT stock is trading at an EV/Fwd EBITDA of 25.1x, against its 3Y mean of 19.2x. Even though MSFT is still expected to grow its topline reasonably fast, its EBITDA growth is expected to decelerate markedly. Therefore, MSFT stock's valuation seems to have priced in a significant amount of growth premium over the next few years. As such, we remain very cautious about adding MSFT stock at this level. Consequently, we retain our Neutral rating on MSFT stock.\nNevertheless, we would like to remind investors that both stocks are two of the best anchor growth stocks that investors can continue to hold if you own them. Therefore, if there's a meaningful retracement moving forward, we encourage you to add more exposure to either of them.","news_type":1,"symbols_score_info":{"MSFT":0.9,"ADBE":0.9}},"isVote":1,"tweetType":1,"viewCount":1539,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":872480645,"gmtCreate":1637559802983,"gmtModify":1637559813126,"author":{"id":"4092561976613440","authorId":"4092561976613440","name":"Ernestgoh0","avatar":"https://static.tigerbbs.com/26efe2a26972b528df18cc8a945287d5","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092561976613440","idStr":"4092561976613440"},"themes":[],"htmlText":"Dam","listText":"Dam","text":"Dam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/872480645","repostId":"1129293678","repostType":4,"repost":{"id":"1129293678","kind":"news","pubTimestamp":1637558647,"share":"https://www.laohu8.com/m/news/1129293678?lang=zh_CN&edition=full","pubTime":"2021-11-22 13:24","market":"hk","language":"en","title":"Supply-Chain Problems Show Signs of Easing<blockquote>供应链问题出现缓解迹象</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129293678","media":"The Wall Street Journal","summary":"Global supply-chain woes are beginning to recede, but shipping, manufacturing and retail executives ","content":"<p>Global supply-chain woes are beginning to recede, but shipping, manufacturing and retail executives say that they don’t expect a return to more-normal operations until next year and that cargo will continue to be delayed if Covid-19 outbreaks disrupt key distribution hubs.</p><p><blockquote>全球供应链困境开始消退，但航运、制造业和零售业高管表示，他们预计要到明年才能恢复更正常的运营，如果Covid-19疫情扰乱主要配送中心，货物将继续延误。</blockquote></p><p> In Asia, Covid-related factory closures, energy shortages and port-capacity limitshave eased in recent weeks. In the U.S., major retailers say they have imported most of what they need for the holidays.Ocean freight rateshave retreated from record levels.</p><p><blockquote>在亚洲，与新冠疫情相关的工厂关闭、能源短缺和港口容量限制最近几周有所缓解。在美国，主要零售商表示，他们已经进口了假期所需的大部分商品。海运费已从创纪录水平回落。</blockquote></p><p> Still, executives and economists say strong consumer demand for goods in the West, ongoing port congestion in the U.S., shortages of truck drivers and elevated global freight rates continue to hang over any recovery. The risk of more extreme weather and flare-ups of Covid-19 cases can also threaten to clog up supply chains again.</p><p><blockquote>尽管如此，高管和经济学家表示，西方消费者对商品的强劲需求、美国持续的港口拥堵、卡车司机短缺以及全球运费上涨继续困扰着任何复苏。更多极端天气和Covid-19病例爆发的风险也可能再次堵塞供应链。</blockquote></p><p> An easing of supply-chain choke points would allow production to move toward meeting strong demand and would lower logistics costs. If sustained, that, in turn, would help alleviatethe upward pressure on inflation.</p><p><blockquote>供应链瓶颈的缓解将使生产能够满足强劲的需求，并降低物流成本。如果持续下去，这反过来将有助于缓解通胀上行压力。</blockquote></p><p> The number of ships waiting to unload at the ports of Los Angeles and Long Beach, the biggest U.S. gateway for imports from Asia, has improved but is still hovering near record levels. There were 71 container ships anchored offshore on Nov. 19, down from a peak of 86 three days before, according to the Marine Exchange of Southern California, and 17 more were expected to arrive within three days. Before the pandemic, it was unusual for any ships to anchor offshore.</p><p><blockquote>美国从亚洲进口的最大门户洛杉矶和长滩港口等待卸货的船只数量有所改善，但仍徘徊在创纪录水平附近。根据南加州海事交易所的数据，11月19日有71艘集装箱船停泊在近海，低于三天前86艘的峰值，预计三天内还有17艘集装箱船抵达。在大流行之前，任何船只在近海抛锚都是不寻常的。</blockquote></p><p> Shipping and retail executives say they expect the U.S. port backlogs to clear in early 2022, after the holiday shopping season and when Lunar New Year shuts many factories for a week in February, slowing output.</p><p><blockquote>航运和零售业高管表示，他们预计美国港口积压订单将在2022年初清除，即假日购物季结束后，以及2月份农历新年导致许多工厂关闭一周，从而减缓产出。</blockquote></p><p> German shipowner Jan Held said congestion, particularly in Asia, is getting better. His ships transport mainly industrial goods, like giant windmills, rather than containers, but would sometimes spend a month waiting outside of Asian ports.</p><p><blockquote>德国船东Jan Held表示，拥堵情况，尤其是亚洲的拥堵情况正在好转。他的船只主要运输工业货物，如巨型风车，而不是集装箱，但有时会在亚洲港口外等待一个月。</blockquote></p><p> Mr. Held said it would be some time before the global transport system normalizes. “For that, the pandemic has to end and that is not happening any time soon, in my opinion,” said Mr. Held, co-owner of Held Bereederungs GmbH &amp; Co. KG, based in the north German city of Haren.</p><p><blockquote>赫尔德先生表示，全球交通系统正常化还需要一段时间。“为此，疫情必须结束，在我看来，这不会很快发生，”总部位于德国北部城市哈伦的Held Bereederungs GmbH&amp;Co.KG的共同所有者Held先生说。</blockquote></p><p> Trans-Pacific freight rates have cooled in recent weeks as most big U.S. retailers have imported what they need for the holiday season, gradually opening up space on the front end of the trip. The cost to move a container across the Pacific fell by more than a quarter in the week ended Nov. 12, the biggest decline in two years. Rates rose about 5% this week to about $14,700 per 40-foot container and are still more than three times year-ago levels, according to the Freightos Baltic Index.</p><p><blockquote>最近几周，随着大多数美国大型零售商进口假期所需的货物，跨太平洋运费有所降温，逐渐打开了旅行前端的空间。截至11月12日当周，跨越太平洋运输集装箱的成本下降了四分之一以上，创两年来最大降幅。根据Freightos Baltic Index的数据，本周运价上涨约5%，至每40英尺集装箱约14,700美元，仍是去年同期水平的三倍多。</blockquote></p><p> “Globally speaking, the worst is behind us in terms of the supply-chain problems,” said Louis Kuijs, head of Asia economics at Oxford Economics. A survey by the research house among what it described as “country experts” covering 45 economies found that almost all believe supply-chain disruptions have peaked or will peak in the last quarter of this year.</p><p><blockquote>牛津经济研究院亚洲经济主管Louis Kuijs表示：“从全球来看，就供应链问题而言，最糟糕的时期已经过去。”该研究机构对涵盖45个经济体的“国家专家”进行的一项调查发现，几乎所有人都认为供应链中断已经或将在今年最后一个季度达到顶峰。</blockquote></p><p> Many big chains, includingWalmartInc.,Home DepotInc.andTargetCorp., said this past week they arewell stocked for the holidays, mainly because they imported goods earlier than usual this year. Some alsochartered their own shipsto get around bottlenecks.</p><p><blockquote>包括沃尔玛(WalmartInc.)、家得宝(Home DepotInc.)和塔吉特公司(TargetCorp.)在内的许多大型连锁店上周都表示，他们为假期备货充足，主要是因为今年进口商品的时间比往常早。一些人还租了自己的船来绕过瓶颈。</blockquote></p><p> Few executives said their problems are over, and in the most recent round of results, global companies continued to cite issues at ports and roads around the world. Several retailers reported lower profit margins, citing elevated freight costs to move their goods.</p><p><blockquote>很少有高管表示他们的问题已经结束，在最近一轮的结果中，全球公司继续列举世界各地港口和道路的问题。几家零售商报告利润率下降，理由是运输货物的运费上涨。</blockquote></p><p> For Christine Humphreys, there seems to be no easing of the supply-chain chaos that means her U.K. drinks company has only half its stock for Christmas, her busiest period.</p><p><blockquote>对于克里斯汀·汉弗莱斯(Christine Humphreys)来说，供应链混乱似乎没有缓解，这意味着她的英国饮料公司在圣诞节（她最繁忙的时期）只有一半的库存。</blockquote></p><p> Journeys from Germany to the U.K. that would have taken two weeks are now taking six, said Ms. Humphreys, a co-founder of the Mindful Drinking Company Ltd. “Come on, it’s not a million miles away, it’s only across the water,” she said.</p><p><blockquote>Mindful Drinking Company Ltd.的联合创始人汉弗莱斯女士表示，从德国到英国的旅程原本需要两周时间，现在需要六周时间。“得了吧，这不是一百万英里远，只是隔着水，”她说。</blockquote></p><p> After slowdowns in production in recent months due to Covid-19 outbreaks, output at factories across Malaysia, Vietnam and other countries rebounded over the past month as Covid-19 cases declined and production limits were lifted, easing some bottlenecks that havechoked output of semiconductorsand textiles globally.</p><p><blockquote>在近几个月因Covid-19疫情爆发而导致生产放缓后，随着Covid-19病例减少和生产限制取消，马来西亚、越南和其他国家工厂的产量在过去一个月出现反弹，缓解了一些阻碍半导体和全球纺织品生产的瓶颈。</blockquote></p><p> “It’s a huge change in a positive way as it should improve industrial output in Asia and global supply,” said Trinh Nguyen, senior economist at Natixis in Hong Kong. Still, she cautions that many countries continue to grapple with other problems, like shortages of workers.</p><p><blockquote>Natixis驻香港高级经济学家Trinh Nguyen表示：“这是一个积极的巨大变化，因为它应该会改善亚洲的工业产出和全球供应。”尽管如此，她警告说，许多国家仍在努力解决其他问题，如工人短缺。</blockquote></p><p> “There are certain aspects of supply-chain shocks that are easing, but the shortage issue isn’t going to completely disappear,” she said.</p><p><blockquote>“供应链冲击的某些方面正在缓解，但短缺问题不会完全消失，”她说。</blockquote></p><p></p><p> In Vietnam, factory owners in the country’s southern manufacturing hub said production is far smoother than it was several months ago, butchallenges remain, including high shipping costs and labor shortages, as many workers that had returned to their villages during the Covid-19 wave have yet to return.</p><p><blockquote>在越南，该国南部制造业中心的工厂主表示，生产比几个月前顺利得多，但挑战仍然存在，包括高昂的运输成本和劳动力短缺，因为许多在Covid-19浪潮期间返回村庄的工人尚未返回。</blockquote></p><p> Do Xuan Lap, the head of Vietnam’s Timber and Forest Products Association, said that the situation is improving and that medium-size furniture factories, with around 200 to 500 workers, are operating at around 80% capacity. But larger furniture makers, with up to 3,000 workers, were missing more laborers and operating at around 65% capacity.</p><p><blockquote>越南木材和林产品协会负责人Do Xuan Lap表示，情况正在改善，拥有约200至500名工人的中型家具厂的产能约为80%。但拥有多达3,000名工人的大型家具制造商缺少更多劳动力，产能利用率约为65%。</blockquote></p><p> Shortages of shipping containers also appear to be easing.</p><p><blockquote>海运集装箱的短缺似乎也在缓解。</blockquote></p><p> Thomas Broertjes, managing director of Foshan Oufeng Furniture Co. based in Guangdong province, said that in September, he wasn’t able to ship any products because he was unable to secure space on even a single shipping container that month. “That was really the lowest point,” he said.</p><p><blockquote>广东省佛山欧风家具有限公司董事总经理托马斯·布罗特杰斯(Thomas Broertjes)表示，9月份，他无法运送任何产品，因为当月他甚至无法在一个集装箱上找到空间。“那确实是最低点，”他说。</blockquote></p><p> While the company has been able to book more containers since October, it still takes days until it can confirm bookings with vendors. Prices remain three or four times what he paid before 2020. “I’m hopeful that things are getting better. It couldn’t get worse,” he said, though he added, “it’s still a big hassle.”</p><p><blockquote>虽然该公司自10月份以来已经能够预订更多集装箱，但仍需要几天时间才能与供应商确认预订。价格仍然是他在2020年之前支付的三到四倍。“我希望情况正在好转。情况不会变得更糟，”他说，尽管他补充道，“这仍然是一个大麻烦。”</blockquote></p><p> Other factory owners say they are still struggling to deal with bottlenecks. Since this June, boxes filled with auto parts began to pile up at the warehouse of Zhejiang Songtian Automotive Motor System Co. as more importers from the West held off on taking delivery amid soaring freight rates. The company recently repurposed sections of a new factory to store products.</p><p><blockquote>其他工厂主表示，他们仍在努力应对瓶颈。自今年6月以来，由于运费飙升，越来越多的西方进口商推迟提货，装满汽车零部件的箱子开始堆积在浙江松田汽车电机系统有限公司的仓库里。该公司最近将新工厂的部分区域重新用于储存产品。</blockquote></p><p> “The entire factory is now filled with finished goods that couldn’t be shipped out. This is our biggest headache at the moment, and there’s nothing we can do about it,” said Dai Xuezhi, chief executive of the company based in the southeastern Chinese city of Wenzhou.</p><p><blockquote>这家总部位于中国东南部城市温州的公司首席执行官戴学智表示：“现在整个工厂都堆满了无法运出的成品。这是我们目前最头疼的问题，对此我们无能为力。”</blockquote></p><p> Data provider eeSea says containership delays fell in October from September, but there hasn’t been much change when it comes to the vessels waiting outside of ports in November. As of Friday morning, there were 500 large container ships waiting to dock outside ports in Asia, Europe and North America, up slightly from the 497 vessels that waited on Oct. 8.</p><p><blockquote>数据提供商eeSea表示，10月份集装箱船延误量较9月份有所下降，但11月份在港口外等待的船舶没有太大变化。截至周五上午，亚洲、欧洲和北美港口外有500艘大型集装箱船等待停靠，略高于10月8日等待的497艘。</blockquote></p><p> In the U.S., the destination for many of the goods made in Asian factories, there are few signs that the gridlock is easing.</p><p><blockquote>在亚洲工厂制造的许多商品的目的地美国，几乎没有迹象表明僵局正在缓解。</blockquote></p><p> Freight railroads recently lifted their limits on inbound cargo into congested container terminals in the Chicago area. But boxes are still swamping the ports of Los Angeles and Long Beach, and shipping executives note the backlog of vessels offshore suggests the flow of inbound shipments isn’t letting up.</p><p><blockquote>货运铁路最近取消了对芝加哥地区拥挤集装箱码头的入境货物的限制。但箱子仍然充斥着洛杉矶和长滩的港口，航运高管指出，离岸船只的积压表明入境货物的流动并没有减少。</blockquote></p><p> “We are still in the thick of it,” said Alan McCorkle, chief executive of Yusen Terminals LLC, at the Port of Los Angeles.</p><p><blockquote>洛杉矶港邮船码头有限责任公司首席执行官艾伦·麦科克尔(Alan McCorkle)表示：“我们仍处于困境之中。”</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>Supply-Chain Problems Show Signs of Easing<blockquote>供应链问题出现缓解迹象</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\">\nSupply-Chain Problems Show Signs of Easing<blockquote>供应链问题出现缓解迹象</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-11-22 13:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Global supply-chain woes are beginning to recede, but shipping, manufacturing and retail executives say that they don’t expect a return to more-normal operations until next year and that cargo will continue to be delayed if Covid-19 outbreaks disrupt key distribution hubs.</p><p><blockquote>全球供应链困境开始消退，但航运、制造业和零售业高管表示，他们预计要到明年才能恢复更正常的运营，如果Covid-19疫情扰乱主要配送中心，货物将继续延误。</blockquote></p><p> In Asia, Covid-related factory closures, energy shortages and port-capacity limitshave eased in recent weeks. In the U.S., major retailers say they have imported most of what they need for the holidays.Ocean freight rateshave retreated from record levels.</p><p><blockquote>在亚洲，与新冠疫情相关的工厂关闭、能源短缺和港口容量限制最近几周有所缓解。在美国，主要零售商表示，他们已经进口了假期所需的大部分商品。海运费已从创纪录水平回落。</blockquote></p><p> Still, executives and economists say strong consumer demand for goods in the West, ongoing port congestion in the U.S., shortages of truck drivers and elevated global freight rates continue to hang over any recovery. The risk of more extreme weather and flare-ups of Covid-19 cases can also threaten to clog up supply chains again.</p><p><blockquote>尽管如此，高管和经济学家表示，西方消费者对商品的强劲需求、美国持续的港口拥堵、卡车司机短缺以及全球运费上涨继续困扰着任何复苏。更多极端天气和Covid-19病例爆发的风险也可能再次堵塞供应链。</blockquote></p><p> An easing of supply-chain choke points would allow production to move toward meeting strong demand and would lower logistics costs. If sustained, that, in turn, would help alleviatethe upward pressure on inflation.</p><p><blockquote>供应链瓶颈的缓解将使生产能够满足强劲的需求，并降低物流成本。如果持续下去，这反过来将有助于缓解通胀上行压力。</blockquote></p><p> The number of ships waiting to unload at the ports of Los Angeles and Long Beach, the biggest U.S. gateway for imports from Asia, has improved but is still hovering near record levels. There were 71 container ships anchored offshore on Nov. 19, down from a peak of 86 three days before, according to the Marine Exchange of Southern California, and 17 more were expected to arrive within three days. Before the pandemic, it was unusual for any ships to anchor offshore.</p><p><blockquote>美国从亚洲进口的最大门户洛杉矶和长滩港口等待卸货的船只数量有所改善，但仍徘徊在创纪录水平附近。根据南加州海事交易所的数据，11月19日有71艘集装箱船停泊在近海，低于三天前86艘的峰值，预计三天内还有17艘集装箱船抵达。在大流行之前，任何船只在近海抛锚都是不寻常的。</blockquote></p><p> Shipping and retail executives say they expect the U.S. port backlogs to clear in early 2022, after the holiday shopping season and when Lunar New Year shuts many factories for a week in February, slowing output.</p><p><blockquote>航运和零售业高管表示，他们预计美国港口积压订单将在2022年初清除，即假日购物季结束后，以及2月份农历新年导致许多工厂关闭一周，从而减缓产出。</blockquote></p><p> German shipowner Jan Held said congestion, particularly in Asia, is getting better. His ships transport mainly industrial goods, like giant windmills, rather than containers, but would sometimes spend a month waiting outside of Asian ports.</p><p><blockquote>德国船东Jan Held表示，拥堵情况，尤其是亚洲的拥堵情况正在好转。他的船只主要运输工业货物，如巨型风车，而不是集装箱，但有时会在亚洲港口外等待一个月。</blockquote></p><p> Mr. Held said it would be some time before the global transport system normalizes. “For that, the pandemic has to end and that is not happening any time soon, in my opinion,” said Mr. Held, co-owner of Held Bereederungs GmbH &amp; Co. KG, based in the north German city of Haren.</p><p><blockquote>赫尔德先生表示，全球交通系统正常化还需要一段时间。“为此，疫情必须结束，在我看来，这不会很快发生，”总部位于德国北部城市哈伦的Held Bereederungs GmbH&amp;Co.KG的共同所有者Held先生说。</blockquote></p><p> Trans-Pacific freight rates have cooled in recent weeks as most big U.S. retailers have imported what they need for the holiday season, gradually opening up space on the front end of the trip. The cost to move a container across the Pacific fell by more than a quarter in the week ended Nov. 12, the biggest decline in two years. Rates rose about 5% this week to about $14,700 per 40-foot container and are still more than three times year-ago levels, according to the Freightos Baltic Index.</p><p><blockquote>最近几周，随着大多数美国大型零售商进口假期所需的货物，跨太平洋运费有所降温，逐渐打开了旅行前端的空间。截至11月12日当周，跨越太平洋运输集装箱的成本下降了四分之一以上，创两年来最大降幅。根据Freightos Baltic Index的数据，本周运价上涨约5%，至每40英尺集装箱约14,700美元，仍是去年同期水平的三倍多。</blockquote></p><p> “Globally speaking, the worst is behind us in terms of the supply-chain problems,” said Louis Kuijs, head of Asia economics at Oxford Economics. A survey by the research house among what it described as “country experts” covering 45 economies found that almost all believe supply-chain disruptions have peaked or will peak in the last quarter of this year.</p><p><blockquote>牛津经济研究院亚洲经济主管Louis Kuijs表示：“从全球来看，就供应链问题而言，最糟糕的时期已经过去。”该研究机构对涵盖45个经济体的“国家专家”进行的一项调查发现，几乎所有人都认为供应链中断已经或将在今年最后一个季度达到顶峰。</blockquote></p><p> Many big chains, includingWalmartInc.,Home DepotInc.andTargetCorp., said this past week they arewell stocked for the holidays, mainly because they imported goods earlier than usual this year. Some alsochartered their own shipsto get around bottlenecks.</p><p><blockquote>包括沃尔玛(WalmartInc.)、家得宝(Home DepotInc.)和塔吉特公司(TargetCorp.)在内的许多大型连锁店上周都表示，他们为假期备货充足，主要是因为今年进口商品的时间比往常早。一些人还租了自己的船来绕过瓶颈。</blockquote></p><p> Few executives said their problems are over, and in the most recent round of results, global companies continued to cite issues at ports and roads around the world. Several retailers reported lower profit margins, citing elevated freight costs to move their goods.</p><p><blockquote>很少有高管表示他们的问题已经结束，在最近一轮的结果中，全球公司继续列举世界各地港口和道路的问题。几家零售商报告利润率下降，理由是运输货物的运费上涨。</blockquote></p><p> For Christine Humphreys, there seems to be no easing of the supply-chain chaos that means her U.K. drinks company has only half its stock for Christmas, her busiest period.</p><p><blockquote>对于克里斯汀·汉弗莱斯(Christine Humphreys)来说，供应链混乱似乎没有缓解，这意味着她的英国饮料公司在圣诞节（她最繁忙的时期）只有一半的库存。</blockquote></p><p> Journeys from Germany to the U.K. that would have taken two weeks are now taking six, said Ms. Humphreys, a co-founder of the Mindful Drinking Company Ltd. “Come on, it’s not a million miles away, it’s only across the water,” she said.</p><p><blockquote>Mindful Drinking Company Ltd.的联合创始人汉弗莱斯女士表示，从德国到英国的旅程原本需要两周时间，现在需要六周时间。“得了吧，这不是一百万英里远，只是隔着水，”她说。</blockquote></p><p> After slowdowns in production in recent months due to Covid-19 outbreaks, output at factories across Malaysia, Vietnam and other countries rebounded over the past month as Covid-19 cases declined and production limits were lifted, easing some bottlenecks that havechoked output of semiconductorsand textiles globally.</p><p><blockquote>在近几个月因Covid-19疫情爆发而导致生产放缓后，随着Covid-19病例减少和生产限制取消，马来西亚、越南和其他国家工厂的产量在过去一个月出现反弹，缓解了一些阻碍半导体和全球纺织品生产的瓶颈。</blockquote></p><p> “It’s a huge change in a positive way as it should improve industrial output in Asia and global supply,” said Trinh Nguyen, senior economist at Natixis in Hong Kong. Still, she cautions that many countries continue to grapple with other problems, like shortages of workers.</p><p><blockquote>Natixis驻香港高级经济学家Trinh Nguyen表示：“这是一个积极的巨大变化，因为它应该会改善亚洲的工业产出和全球供应。”尽管如此，她警告说，许多国家仍在努力解决其他问题，如工人短缺。</blockquote></p><p> “There are certain aspects of supply-chain shocks that are easing, but the shortage issue isn’t going to completely disappear,” she said.</p><p><blockquote>“供应链冲击的某些方面正在缓解，但短缺问题不会完全消失，”她说。</blockquote></p><p></p><p> In Vietnam, factory owners in the country’s southern manufacturing hub said production is far smoother than it was several months ago, butchallenges remain, including high shipping costs and labor shortages, as many workers that had returned to their villages during the Covid-19 wave have yet to return.</p><p><blockquote>在越南，该国南部制造业中心的工厂主表示，生产比几个月前顺利得多，但挑战仍然存在，包括高昂的运输成本和劳动力短缺，因为许多在Covid-19浪潮期间返回村庄的工人尚未返回。</blockquote></p><p> Do Xuan Lap, the head of Vietnam’s Timber and Forest Products Association, said that the situation is improving and that medium-size furniture factories, with around 200 to 500 workers, are operating at around 80% capacity. But larger furniture makers, with up to 3,000 workers, were missing more laborers and operating at around 65% capacity.</p><p><blockquote>越南木材和林产品协会负责人Do Xuan Lap表示，情况正在改善，拥有约200至500名工人的中型家具厂的产能约为80%。但拥有多达3,000名工人的大型家具制造商缺少更多劳动力，产能利用率约为65%。</blockquote></p><p> Shortages of shipping containers also appear to be easing.</p><p><blockquote>海运集装箱的短缺似乎也在缓解。</blockquote></p><p> Thomas Broertjes, managing director of Foshan Oufeng Furniture Co. based in Guangdong province, said that in September, he wasn’t able to ship any products because he was unable to secure space on even a single shipping container that month. “That was really the lowest point,” he said.</p><p><blockquote>广东省佛山欧风家具有限公司董事总经理托马斯·布罗特杰斯(Thomas Broertjes)表示，9月份，他无法运送任何产品，因为当月他甚至无法在一个集装箱上找到空间。“那确实是最低点，”他说。</blockquote></p><p> While the company has been able to book more containers since October, it still takes days until it can confirm bookings with vendors. Prices remain three or four times what he paid before 2020. “I’m hopeful that things are getting better. It couldn’t get worse,” he said, though he added, “it’s still a big hassle.”</p><p><blockquote>虽然该公司自10月份以来已经能够预订更多集装箱，但仍需要几天时间才能与供应商确认预订。价格仍然是他在2020年之前支付的三到四倍。“我希望情况正在好转。情况不会变得更糟，”他说，尽管他补充道，“这仍然是一个大麻烦。”</blockquote></p><p> Other factory owners say they are still struggling to deal with bottlenecks. Since this June, boxes filled with auto parts began to pile up at the warehouse of Zhejiang Songtian Automotive Motor System Co. as more importers from the West held off on taking delivery amid soaring freight rates. The company recently repurposed sections of a new factory to store products.</p><p><blockquote>其他工厂主表示，他们仍在努力应对瓶颈。自今年6月以来，由于运费飙升，越来越多的西方进口商推迟提货，装满汽车零部件的箱子开始堆积在浙江松田汽车电机系统有限公司的仓库里。该公司最近将新工厂的部分区域重新用于储存产品。</blockquote></p><p> “The entire factory is now filled with finished goods that couldn’t be shipped out. This is our biggest headache at the moment, and there’s nothing we can do about it,” said Dai Xuezhi, chief executive of the company based in the southeastern Chinese city of Wenzhou.</p><p><blockquote>这家总部位于中国东南部城市温州的公司首席执行官戴学智表示：“现在整个工厂都堆满了无法运出的成品。这是我们目前最头疼的问题，对此我们无能为力。”</blockquote></p><p> Data provider eeSea says containership delays fell in October from September, but there hasn’t been much change when it comes to the vessels waiting outside of ports in November. As of Friday morning, there were 500 large container ships waiting to dock outside ports in Asia, Europe and North America, up slightly from the 497 vessels that waited on Oct. 8.</p><p><blockquote>数据提供商eeSea表示，10月份集装箱船延误量较9月份有所下降，但11月份在港口外等待的船舶没有太大变化。截至周五上午，亚洲、欧洲和北美港口外有500艘大型集装箱船等待停靠，略高于10月8日等待的497艘。</blockquote></p><p> In the U.S., the destination for many of the goods made in Asian factories, there are few signs that the gridlock is easing.</p><p><blockquote>在亚洲工厂制造的许多商品的目的地美国，几乎没有迹象表明僵局正在缓解。</blockquote></p><p> Freight railroads recently lifted their limits on inbound cargo into congested container terminals in the Chicago area. But boxes are still swamping the ports of Los Angeles and Long Beach, and shipping executives note the backlog of vessels offshore suggests the flow of inbound shipments isn’t letting up.</p><p><blockquote>货运铁路最近取消了对芝加哥地区拥挤集装箱码头的入境货物的限制。但箱子仍然充斥着洛杉矶和长滩的港口，航运高管指出，离岸船只的积压表明入境货物的流动并没有减少。</blockquote></p><p> “We are still in the thick of it,” said Alan McCorkle, chief executive of Yusen Terminals LLC, at the Port of Los Angeles.</p><p><blockquote>洛杉矶港邮船码头有限责任公司首席执行官艾伦·麦科克尔(Alan McCorkle)表示：“我们仍处于困境之中。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/supply-chain-problems-show-signs-of-easing-11637496002?mod=hp_lead_pos1\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.wsj.com/articles/supply-chain-problems-show-signs-of-easing-11637496002?mod=hp_lead_pos1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129293678","content_text":"Global supply-chain woes are beginning to recede, but shipping, manufacturing and retail executives say that they don’t expect a return to more-normal operations until next year and that cargo will continue to be delayed if Covid-19 outbreaks disrupt key distribution hubs.\nIn Asia, Covid-related factory closures, energy shortages and port-capacity limitshave eased in recent weeks. In the U.S., major retailers say they have imported most of what they need for the holidays.Ocean freight rateshave retreated from record levels.\nStill, executives and economists say strong consumer demand for goods in the West, ongoing port congestion in the U.S., shortages of truck drivers and elevated global freight rates continue to hang over any recovery. The risk of more extreme weather and flare-ups of Covid-19 cases can also threaten to clog up supply chains again.\nAn easing of supply-chain choke points would allow production to move toward meeting strong demand and would lower logistics costs. If sustained, that, in turn, would help alleviatethe upward pressure on inflation.\nThe number of ships waiting to unload at the ports of Los Angeles and Long Beach, the biggest U.S. gateway for imports from Asia, has improved but is still hovering near record levels. There were 71 container ships anchored offshore on Nov. 19, down from a peak of 86 three days before, according to the Marine Exchange of Southern California, and 17 more were expected to arrive within three days. Before the pandemic, it was unusual for any ships to anchor offshore.\nShipping and retail executives say they expect the U.S. port backlogs to clear in early 2022, after the holiday shopping season and when Lunar New Year shuts many factories for a week in February, slowing output.\nGerman shipowner Jan Held said congestion, particularly in Asia, is getting better. His ships transport mainly industrial goods, like giant windmills, rather than containers, but would sometimes spend a month waiting outside of Asian ports.\nMr. Held said it would be some time before the global transport system normalizes. “For that, the pandemic has to end and that is not happening any time soon, in my opinion,” said Mr. Held, co-owner of Held Bereederungs GmbH & Co. KG, based in the north German city of Haren.\nTrans-Pacific freight rates have cooled in recent weeks as most big U.S. retailers have imported what they need for the holiday season, gradually opening up space on the front end of the trip. The cost to move a container across the Pacific fell by more than a quarter in the week ended Nov. 12, the biggest decline in two years. Rates rose about 5% this week to about $14,700 per 40-foot container and are still more than three times year-ago levels, according to the Freightos Baltic Index.\n“Globally speaking, the worst is behind us in terms of the supply-chain problems,” said Louis Kuijs, head of Asia economics at Oxford Economics. A survey by the research house among what it described as “country experts” covering 45 economies found that almost all believe supply-chain disruptions have peaked or will peak in the last quarter of this year.\nMany big chains, includingWalmartInc.,Home DepotInc.andTargetCorp., said this past week they arewell stocked for the holidays, mainly because they imported goods earlier than usual this year. Some alsochartered their own shipsto get around bottlenecks.\nFew executives said their problems are over, and in the most recent round of results, global companies continued to cite issues at ports and roads around the world. Several retailers reported lower profit margins, citing elevated freight costs to move their goods.\nFor Christine Humphreys, there seems to be no easing of the supply-chain chaos that means her U.K. drinks company has only half its stock for Christmas, her busiest period.\nJourneys from Germany to the U.K. that would have taken two weeks are now taking six, said Ms. Humphreys, a co-founder of the Mindful Drinking Company Ltd. “Come on, it’s not a million miles away, it’s only across the water,” she said.\nAfter slowdowns in production in recent months due to Covid-19 outbreaks, output at factories across Malaysia, Vietnam and other countries rebounded over the past month as Covid-19 cases declined and production limits were lifted, easing some bottlenecks that havechoked output of semiconductorsand textiles globally.\n“It’s a huge change in a positive way as it should improve industrial output in Asia and global supply,” said Trinh Nguyen, senior economist at Natixis in Hong Kong. Still, she cautions that many countries continue to grapple with other problems, like shortages of workers.\n“There are certain aspects of supply-chain shocks that are easing, but the shortage issue isn’t going to completely disappear,” she said.\nIn Vietnam, factory owners in the country’s southern manufacturing hub said production is far smoother than it was several months ago, butchallenges remain, including high shipping costs and labor shortages, as many workers that had returned to their villages during the Covid-19 wave have yet to return.\nDo Xuan Lap, the head of Vietnam’s Timber and Forest Products Association, said that the situation is improving and that medium-size furniture factories, with around 200 to 500 workers, are operating at around 80% capacity. But larger furniture makers, with up to 3,000 workers, were missing more laborers and operating at around 65% capacity.\nShortages of shipping containers also appear to be easing.\nThomas Broertjes, managing director of Foshan Oufeng Furniture Co. based in Guangdong province, said that in September, he wasn’t able to ship any products because he was unable to secure space on even a single shipping container that month. “That was really the lowest point,” he said.\nWhile the company has been able to book more containers since October, it still takes days until it can confirm bookings with vendors. Prices remain three or four times what he paid before 2020. “I’m hopeful that things are getting better. It couldn’t get worse,” he said, though he added, “it’s still a big hassle.”\nOther factory owners say they are still struggling to deal with bottlenecks. Since this June, boxes filled with auto parts began to pile up at the warehouse of Zhejiang Songtian Automotive Motor System Co. as more importers from the West held off on taking delivery amid soaring freight rates. The company recently repurposed sections of a new factory to store products.\n“The entire factory is now filled with finished goods that couldn’t be shipped out. This is our biggest headache at the moment, and there’s nothing we can do about it,” said Dai Xuezhi, chief executive of the company based in the southeastern Chinese city of Wenzhou.\nData provider eeSea says containership delays fell in October from September, but there hasn’t been much change when it comes to the vessels waiting outside of ports in November. As of Friday morning, there were 500 large container ships waiting to dock outside ports in Asia, Europe and North America, up slightly from the 497 vessels that waited on Oct. 8.\nIn the U.S., the destination for many of the goods made in Asian factories, there are few signs that the gridlock is easing.\nFreight railroads recently lifted their limits on inbound cargo into congested container terminals in the Chicago area. But boxes are still swamping the ports of Los Angeles and Long Beach, and shipping executives note the backlog of vessels offshore suggests the flow of inbound shipments isn’t letting up.\n“We are still in the thick of it,” said Alan McCorkle, chief executive of Yusen Terminals LLC, at the Port of Los Angeles.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":699,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":872125588,"gmtCreate":1637460908352,"gmtModify":1637460908352,"author":{"id":"4092561976613440","authorId":"4092561976613440","name":"Ernestgoh0","avatar":"https://static.tigerbbs.com/26efe2a26972b528df18cc8a945287d5","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092561976613440","idStr":"4092561976613440"},"themes":[],"htmlText":"Dam","listText":"Dam","text":"Dam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/872125588","repostId":"2184828242","repostType":4,"isVote":1,"tweetType":1,"viewCount":804,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":872125588,"gmtCreate":1637460908352,"gmtModify":1637460908352,"author":{"id":"4092561976613440","authorId":"4092561976613440","name":"Ernestgoh0","avatar":"https://static.tigerbbs.com/26efe2a26972b528df18cc8a945287d5","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092561976613440","idStr":"4092561976613440"},"themes":[],"htmlText":"Dam","listText":"Dam","text":"Dam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/872125588","repostId":"2184828242","repostType":4,"isVote":1,"tweetType":1,"viewCount":804,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692029685,"gmtCreate":1640794592543,"gmtModify":1640794592686,"author":{"id":"4092561976613440","authorId":"4092561976613440","name":"Ernestgoh0","avatar":"https://static.tigerbbs.com/26efe2a26972b528df18cc8a945287d5","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092561976613440","idStr":"4092561976613440"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/692029685","repostId":"1149988860","repostType":4,"repost":{"id":"1149988860","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":1640792807,"share":"https://www.laohu8.com/m/news/1149988860?lang=zh_CN&edition=full","pubTime":"2021-12-29 23:46","market":"us","language":"en","title":"Semiconductor Stocks Mixed in Morning Trading<blockquote>半导体股早盘涨跌互现</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149988860","media":"Tiger Newspress","summary":"Semiconductor stocks mixed in morning trading.Micron Technology jumped nearly 3% while Nvidia and AM","content":"<p><html><head></head><body>Semiconductor stocks mixed in morning trading.Micron Technology jumped nearly 3% while Nvidia and AMD fell more than 2%.</p><p><blockquote><html><head></head><body>半导体股早盘涨跌互现。美光科技上涨近3%，英伟达和AMD下跌超过2%。</body></html></blockquote></p><p><img src=\"https://static.tigerbbs.com/f4d9932e27e7be43b2a47e9900754cd6\" tg-width=\"412\" tg-height=\"177\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Semiconductor Stocks Mixed in Morning Trading<blockquote>半导体股早盘涨跌互现</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSemiconductor Stocks Mixed in Morning Trading<blockquote>半导体股早盘涨跌互现</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-29 23:46</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Semiconductor stocks mixed in morning trading.Micron Technology jumped nearly 3% while Nvidia and AMD fell more than 2%.</p><p><blockquote><html><head></head><body>半导体股早盘涨跌互现。美光科技上涨近3%，英伟达和AMD下跌超过2%。</body></html></blockquote></p><p><img src=\"https://static.tigerbbs.com/f4d9932e27e7be43b2a47e9900754cd6\" tg-width=\"412\" tg-height=\"177\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司","NVDA":"英伟达","MU":"美光科技"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149988860","content_text":"Semiconductor stocks mixed in morning trading.Micron Technology jumped nearly 3% while Nvidia and AMD fell more than 2%.","news_type":1,"symbols_score_info":{"MU":0.9,"AMD":0.9,"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":1620,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":605523398,"gmtCreate":1639193881268,"gmtModify":1639193881432,"author":{"id":"4092561976613440","authorId":"4092561976613440","name":"Ernestgoh0","avatar":"https://static.tigerbbs.com/26efe2a26972b528df18cc8a945287d5","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092561976613440","idStr":"4092561976613440"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/605523398","repostId":"2190767366","repostType":4,"isVote":1,"tweetType":1,"viewCount":1855,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":602210271,"gmtCreate":1639024744700,"gmtModify":1639024744823,"author":{"id":"4092561976613440","authorId":"4092561976613440","name":"Ernestgoh0","avatar":"https://static.tigerbbs.com/26efe2a26972b528df18cc8a945287d5","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092561976613440","idStr":"4092561976613440"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/602210271","repostId":"2189695656","repostType":2,"isVote":1,"tweetType":1,"viewCount":2282,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":872489987,"gmtCreate":1637559846842,"gmtModify":1637559846911,"author":{"id":"4092561976613440","authorId":"4092561976613440","name":"Ernestgoh0","avatar":"https://static.tigerbbs.com/26efe2a26972b528df18cc8a945287d5","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092561976613440","idStr":"4092561976613440"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/872489987","repostId":"1159890392","repostType":4,"repost":{"id":"1159890392","kind":"news","pubTimestamp":1637559348,"share":"https://www.laohu8.com/m/news/1159890392?lang=zh_CN&edition=full","pubTime":"2021-11-22 13:35","market":"us","language":"en","title":"Adobe Vs. Microsoft Stock: 2 Long-Term Leaders To Dominate The Software Space<blockquote>Adobe与微软股票：主导软件领域的两家长期领导者</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159890392","media":"Seeking Alpha","summary":"Summary\n\nMicrosoft continues its reign as the King of Software as its enterprise value crosses $2.5T","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Microsoft continues its reign as the King of Software as its enterprise value crosses $2.5T. It's also making forays into enterprise applications for the metaverse.</li>  <li>Adobe continues to be the undisputed leader in the creative software market. Its 2023 TAM of $147B signifies huge opportunities for the company to leverage.</li>  <li>We discuss why both companies deserve to be anchor stocks for any growth investor's portfolio.</li>  <li>We also discuss whether it's a good time to buy both stocks now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/78cf4b56323a37eacd27b73ced593338\" tg-width=\"1536\" tg-height=\"1082\" width=\"100%\" height=\"auto\"><span>Jean-Luc Ichard/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>微软继续保持软件之王的地位，其企业价值超过2.5 T美元。它还涉足元宇宙的企业应用。</li><li>Adobe仍然是创意软件市场无可争议的领导者。其2023年TAM为$147B，这意味着该公司可以利用巨大的机会。</li><li>我们讨论为什么这两家公司值得成为任何成长型投资者投资组合的锚定股票。</li><li>我们还讨论了现在是否是购买这两只股票的好时机。</li></ul><p class=\"t-img-caption\"><span>Jean-Luc Ichard/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Adobe Inc. (ADBE) and Microsoft Corporation (MSFT) are two of the most revered software leaders worldwide. Notwithstanding, MSFT is easily the bigger brother here as it boasts an enterprise value (EV) of $2.52T. In contrast, ADBE's EV is only worth $326B, as it trails the King of Software by a wide margin. Despite that, Adobe has been growing rapidly and has an exceptionally wide moat in the creative industries. It has also extended its leadership into both the B2B and B2C channels, as it leverages its huge 2023 TAM worth $147B. Therefore, there's a tremendous amount of potential growth for the creative software leader to tap.</p><p><blockquote>Adobe Inc.(ADBE)和微软公司(MSFT)是全球最受尊敬的两家软件领导者。尽管如此，MSFT无疑是这里的老大哥，因为它拥有2.52 T美元的企业价值(EV)。相比之下，ADBE的EV价值仅为$326B，远远落后于软件之王。尽管如此，Adobe一直在快速增长，并在创意行业拥有异常宽阔的护城河。它还将其领导地位扩展到B2B和B2C渠道，因为它利用了价值147B美元的巨额2023年TAM。因此，创意软件领导者有巨大的潜在增长空间可供挖掘。</blockquote></p><p> On the other hand, Microsoft has quickly pivoted itself towards Cloud Computing as its biggest growth driver. Under Satya Nadella's capable leadership, MSFT has transformed itself into a leading Cloud hyperscaler. Azure continues to grow its clout rapidly as it leverages MSFT's deep enterprise software applications expertise against the #1 Cloud hyperscaler AWS (AMZN). The company has also telegraphed its plans to spur its next growth phase through enterprise applications in the metaverse.</p><p><blockquote>另一方面，微软已迅速将云计算作为其最大的增长动力。在Satya Nadella的干练领导下，MSFT已将自己转变为领先的云超大规模企业。Azure继续快速增长其影响力，因为它利用MSFT深厚的企业软件应用专业知识来对抗排名第一的云超大规模企业AWS(AMZN)。该公司还透露了通过元宇宙企业应用刺激下一个增长阶段的计划。</blockquote></p><p> We discuss these two software behemoths and demonstrate why both companies are very high-quality companies. As a result, we believe that both deserve to be considered anchor stocks for most growth investors' portfolios.</p><p><blockquote>我们讨论这两家软件巨头，并展示为什么这两家公司都是非常优质的公司。因此，我们认为两者都值得被视为大多数成长型投资者投资组合的锚定股票。</blockquote></p><p> We also discuss whether it's an appropriate time to buy both stocks now.</p><p><blockquote>我们还讨论了现在是否是购买这两只股票的合适时机。</blockquote></p><p> <b>ADBE Vs. MSFT Stock YTD Performance</b></p><p><blockquote><b>ADBE与MSFT股票年初至今表现</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/80c95ae8c533f02f2af083ceee62bf9a\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>ADBE Vs. MSFT stock YTD performance (as of 19 November 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>ADBE与MSFT股票年初至今表现（截至21年11月19日）。</span></p></blockquote></p><p> ADBE and MSFT stock have easily outperformed the market this year. MSFT stock is the leader here, with a YTD gain of 54.3%. While ADBE stock struggled initially in March, its upward momentum has recovered remarkably. Its YTD gain of 37.6% is well ahead of the SPDR S&amp;P 500 ETF's (SPY) and Invesco QQQ ETF's (QQQ) YTD return of 25.4% and 28.8%, respectively.</p><p><blockquote>ADBE和MSFT股票今年的表现轻松跑赢市场。MSFT股票是其中的领头羊，年初至今上涨了54.3%。尽管ADBE股票在3月份最初表现不佳，但其上涨势头已显着恢复。其年初至今涨幅为37.6%，远高于SPDR标普500 ETF（SPDR标普500指数ETF）和景顺QQQ ETF（QQQ）年初至今分别25.4%和28.8%的回报率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/99bfbaccbc2e6a4f815d081612501c82\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>ADBE Vs. MSFT stock 3Y performance (as of 19 November 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>ADBE与MSFT股票3年表现（截至21年11月19日）。</span></p></blockquote></p><p> As long-term leaders, we also want to evaluate their performances over a longer timeframe. On a 3Y basis, we can also easily observe their outperformance. MSFT leads with a 3Y total return of 216.8%, at a CAGR of 46.7%. It's a phenomenal return and definitely not an \"old-school\" company that MSFT detractors often point out. The market loves MSFT stock.</p><p><blockquote>作为长期领导者，我们也希望评估他们在更长时间内的表现。在3年的基础上，我们也可以很容易地观察到他们的优异表现。MSFT以216.8%的3年总回报率领先，复合年增长率为46.7%。这是一个惊人的回报，绝对不是MSFT批评者经常指出的“老派”公司。市场喜欢MSFT股票。</blockquote></p><p> On the other hand, ADBE stock has also easily beaten the market over the last three years. Its 3Y total return of 188.2%, at a CAGR of 42.1%, is also breathtaking. So both stocks have clearly and easily outperformed the market over the last three years.</p><p><blockquote>另一方面，ADBE股票在过去三年中也轻松跑赢了市场。其3年总回报率为188.2%，复合年增长率为42.1%，也令人惊叹。因此，这两只股票在过去三年中的表现明显且轻松地跑赢了市场。</blockquote></p><p> Therefore, we consider both stocks as solid long-term leaders in any growth investor's portfolio.</p><p><blockquote>因此，我们认为这两只股票都是任何成长型投资者投资组合中可靠的长期领导者。</blockquote></p><p> <b>Both are Fast-Growing and Tremendously Profitable</b></p><p><blockquote><b>两者都增长迅速且利润丰厚</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/517349e87627e8e2f390deb448800ef2\" tg-width=\"640\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>Microsoft LTM revenue and EBITDA margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>微软LTM收入和EBITDA利润率。数据来源：标普资本智商</span></p></blockquote></p><p> There's little doubt that Microsoft is the world's foremost enterprise software market leader. Its last-twelve-months (LTM) revenue of $176.3B easily surpassed Adobe's LTM revenue of $15.1B. Microsoft's revenue also grew by a remarkable CAGR of 15.3% over the last three years. Moreover, its LTM EBITDA margin of 48.6% demonstrates clearly the incredible profitability of Microsoft's well-diversified business model. It has also continued to gain operating leverage impressively over the last three years. Back in FQ1'19 (September 18), its EBITDA margin was just 41.4%.</p><p><blockquote>毫无疑问，微软是世界上最重要的企业软件市场领导者。其过去12个月(LTM)收入为$176.3 B，轻松超过Adobe的LTM收入$15.1 B。过去三年，微软的收入复合年增长率也达到了15.3%。此外，其LTM EBITDA利润率为48.6%，清楚地表明了微软多元化商业模式令人难以置信的盈利能力。在过去三年中，它还继续令人印象深刻地获得运营杠杆。早在19年第一季度（9月18日），其EBITDA利润率仅为41.4%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5f2fc577d2f36a621eaa5eb693e3bcf7\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Adobe LTM revenue and EBITDA margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Adobe LTM收入和EBITDA利润率。数据来源：标普资本智商</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d21e97ef4419da68ba36792ec4c26245\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Computer graphics and photo editing software market share worldwide in 2021. Data source: Enlyft</span></p><p><blockquote><p class=\"t-img-caption\"><span>2021年全球计算机图形和照片编辑软件市场份额。数据来源：Enlyft</span></p></blockquote></p><p> For investors not in the creative industries, you might be unfamiliar with Adobe's suite of creative software products. Nonetheless, Adobe is the undisputed market leader in its field. Adobe's digital media segment, which forms most of our internal valuation estimates, is its critical revenue and profit driver. Its creative cloud business within Adobe's digital media segment drove 82.8% of its FQ3'21 revenue. Readers can easily observe from the chart above that the leadership of its creative suite is deeply entrenched. There are simply no close competitors.</p><p><blockquote>对于非创意行业的投资者来说，您可能不熟悉Adobe的创意软件产品套件。尽管如此，Adobe是该领域无可争议的市场领导者。Adobe的数字媒体部门构成了我们内部估值的大部分，是其关键的收入和利润驱动力。Adobe数字媒体部门的creative cloud业务占其21年第三季度收入的82.8%。读者可以很容易地从上图中观察到，其创意套件的领导地位根深蒂固。根本没有势均力敌的竞争对手。</blockquote></p><p> The company has also grown its revenue impressively over the last three years. Its LTM revenue of $15.1B increased at a 3Y CAGR of 20.8%. In addition, its undisputed leadership has also led to remarkable EBITDA margins. ADBE reported an LTM EBITDA margin of 40.4% in FQ3'21. In contrast, its EBITDA margin was just 36% three years ago. Hence, Adobe has continued to gain impressive operating leverage as it scales. Moreover, the company continues to tap an expanding TAM that's expected to reach $147B by 2023.</p><p><blockquote>过去三年，该公司的收入也大幅增长。其LTM收入为$15.1 B，3年复合年增长率为20.8%。此外，其无可争议的领导地位也带来了显着的EBITDA利润率。ADBE报告21年第三季度LTM EBITDA利润率为40.4%。相比之下，三年前其EBITDA利润率仅为36%。因此，随着规模的扩大，Adobe继续获得令人印象深刻的运营杠杆。此外，该公司继续利用不断扩大的TAM，预计到2023年将达到$147B。</blockquote></p><p> <b>World-Class CEOs Lead Both Companies</b></p><p><blockquote><b>世界级首席执行官领导两家公司</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/be0bdce70c0fa6ed792e87198796f0d6\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Cloud infrastructure services vendor market share as of Q3'21. Data source: Canalys</span></p><p><blockquote><p class=\"t-img-caption\"><span>截至21年第三季度的云基础设施服务供应商市场份额。数据来源：Canalys</span></p></blockquote></p><p> Two top CEOs lead both companies. Microsoft CEO Satya Nadella turned Microsoft back into a growth company when he took over the helm. He saw the importance of Cloud Computing and positioned Azure to compete in the Cloud infrastructure market. As a result, Azure has continued to gain share rapidly. In CQ3'21, Azure's share reached 21%, according to Canalys. Although AWS continues to be the market leader, Azure has the edge over AWS in enterprise applications which is not AWS's core competency. Moreover, Microsoft is also extending its capability into applications for the metaverse. Nadella also has a highly impressive&nbsp;97% approval rating&nbsp;at Glassdoor.</p><p><blockquote>两位顶级首席执行官领导着两家公司。微软首席执行官纳德拉（Satya Nadella）接手掌舵后，将微软重新变成了一家成长型公司。他看到了云计算的重要性，并将Azure定位为在云基础设施市场竞争。因此，Azure继续快速获得份额。根据Canalys的数据，21年第三季度，Azure的份额达到21%。尽管AWS仍然是市场领导者，但Azure在企业应用程序方面比AWS有优势，这不是AWS的核心竞争力。此外，微软还将其能力扩展到元宇宙的应用中。纳德拉在Glassdoor上的支持率也高达97%，令人印象深刻。</blockquote></p><p> Adobe CEO Shantanu Narayen is the #2 CEO in Glassdoor's Top CEOs 2021 category. He also has a&nbsp;98% approval ratings&nbsp;in Glassdoor. Narayen, like his Microsoft counterpart Nadella, also hails from Hyderabad, a city in India. Narayen was also instrumental in having led Adobe to transfer its offerings into the Cloud. However, a massive transformation came with short-term pain early on as the revenue recognition for subscriptions was different from its upfront revenue recognition back then.</p><p><blockquote>Adobe首席执行官Shantanu Narayen是Glassdoor 2021年顶级首席执行官类别中排名第二的首席执行官。他在Glassdoor中也有98%的支持率。纳拉延和他的微软同行纳德拉一样，也来自印度海得拉巴。Narayen还在带领Adobe将其产品转移到云中方面发挥了重要作用。然而，大规模转型在早期带来了短期痛苦，因为订阅的收入确认与当时的前期收入确认不同。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0542f034da9bbcde81eddf509fbade46\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Adobe Creative &amp; Document Cloud annual recurring revenue. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Adobe Creative&amp;Document Cloud年度经常性收入。数据来源：公司备案</span></p></blockquote></p><p> But, the transformation has proven so successful for Adobe. The company now boasts one of the most massive annual recurring revenue (ARR) in the SaaS business. Adobe reported an ARR of $11.66B in FQ3'21, which increased by a remarkable 3Y CAGR of 22.1%. The company also guided for an FQ4'21 ARR of $12.21B, up 20% YoY. Therefore, Adobe is expected to continue its gangbusters growth momentum.</p><p><blockquote>但是，事实证明，Adobe的转型非常成功。该公司目前拥有SaaS业务中最大的年度经常性收入(ARR)之一。Adobe报告21年第3季度的ARR为$11.66 B，3年复合年增长率显着增长22.1%。该公司还预计21年第4季度ARR为$12.21 B，同比增长20%。因此，Adobe预计将继续其强劲的增长势头。</blockquote></p><p> <b>So, is ADBE and MSFT Stock a Buy Now?</b></p><p><blockquote><b>那么，ADBE和MSFT股票现在值得买入吗？</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9c2c34259c409fb5afc7b9770deb419a\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Adobe est. revenue and EBITDA mean consensus. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>土坯东部。收入和EBITDA意味着共识。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4a409f2afdd0fab713f5748be78a261a\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Microsoft est. revenue and EBITDA mean consensus. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>微软东部。收入和EBITDA意味着共识。数据来源：标普资本智商</span></p></blockquote></p><p> Adobe is expected to grow its revenue at a CAGR of 14.7% over the next five years. In addition, its EBITDA is estimated to increase at a CAGR of 15.1% over the same period. Therefore, ADBE is expected to continue growing robustly, even though its topline and profitability will decelerate.</p><p><blockquote>Adobe预计未来五年收入将以14.7%的复合年增长率增长。此外，其EBITDA预计同期复合年增长率为15.1%。因此，尽管ADBE的营收和盈利能力将放缓，但预计ADBE将继续强劲增长。</blockquote></p><p> In contrast, Microsoft is estimated to increase its revenue at a 4Y CAGR of 13.8%. However, its EBITDA is estimated to grow at a CAGR of just 6.3% over the next four years, signifying a marked slowdown in EBITDA growth. Therefore, there's a valid concern of slowing growth on both software titans, with Microsoft's looking markedly worse off.</p><p><blockquote>相比之下，微软预计其收入将以13.8%的4年复合年增长率增长。然而，其EBITDA预计未来四年的复合年增长率仅为6.3%，这表明EBITDA增长明显放缓。因此，人们有理由担心这两家软件巨头的增长放缓，其中微软的情况明显更糟。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/570d068f004efa2de56f66ce506c723c\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>MSFT stock EV/Fwd EBITDA valuation trend. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>MSFT股票EV/Fwd EBITDA估值趋势。数据来源：标普资本智商</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/adae720194f5c03c18c5ac7b6d91e590\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>ADBE stock EV/Fwd EBITDA valuation trend. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>ADBE股票EV/Fwd EBITDA估值趋势。数据来源：标普资本智商</span></p></blockquote></p><p> ADBE stock currently trades at an EV/NTM EBITDA of 37.4x, about 29.4% above its 3Y mean of 28.9x. Therefore, there's no question that ADBE is trading at a premium valuation. Notwithstanding, it's expected to continue gaining operating leverage remarkably, although it seems that a considerable amount of growth premium may have been priced in. But, ADBE is a solid long-term stock. I wouldn't bet against Narayen &amp; Co.'s capability to execute immaculately moving forward. However, the current valuation is a concern for new exposure in the short term. The stock has also recovered remarkably well from its recent October bottom. Therefore, we suggest investors wait for a meaningful retracement before adding. Hence, we revise our rating to short-term Neutral but retain our long-term bullish call.</p><p><blockquote>ADBE股票目前的EV/NTM EBITDA为37.4倍，比3年平均水平28.9倍高出约29.4%。因此，毫无疑问，ADBE的交易估值较高。尽管如此，预计它将继续显着提高运营杠杆，尽管相当大的增长溢价似乎已经被定价。但是，ADBE是一只稳健的长期股票。我不会打赌Narayen&amp;Co.有能力完美地向前推进。然而，目前的估值是短期内新敞口的担忧。该股也从最近10月份的底部恢复得非常好。因此，我们建议投资者等待有意义的回撤后再加仓。因此，我们将评级调整为短期中性，但保留长期看涨的看涨期权。</blockquote></p><p> MSFT stock is trading at an EV/Fwd EBITDA of 25.1x, against its 3Y mean of 19.2x. Even though MSFT is still expected to grow its topline reasonably fast, its EBITDA growth is expected to decelerate markedly. Therefore, MSFT stock's valuation seems to have priced in a significant amount of growth premium over the next few years. As such, we remain very cautious about adding MSFT stock at this level. Consequently, we retain our Neutral rating on MSFT stock.</p><p><blockquote>MSFT股票的EV/Fwd EBITDA为25.1倍，而3年平均值为19.2倍。尽管MSFT的营收预计仍将相当快地增长，但其EBITDA增长预计将显着减速。因此，MSFT股票的估值似乎已经反映了未来几年的大量增长溢价。因此，我们对在这个水平上增持MSFT股票仍然非常谨慎。因此，我们维持对MSFT股票的中性评级。</blockquote></p><p> Nevertheless, we would like to remind investors that both stocks are two of the best anchor growth stocks that investors can continue to hold if you own them. Therefore, if there's a meaningful retracement moving forward, we encourage you to add more exposure to either of them.</p><p><blockquote>尽管如此，我们还是想提醒投资者，这两只股票都是投资者可以继续持有的最好的锚定成长股中的两只。因此，如果未来出现有意义的回撤，我们鼓励您增加对其中任何一个的敞口。</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>Adobe Vs. Microsoft Stock: 2 Long-Term Leaders To Dominate The Software Space<blockquote>Adobe与微软股票：主导软件领域的两家长期领导者</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\">\nAdobe Vs. Microsoft Stock: 2 Long-Term Leaders To Dominate The Software Space<blockquote>Adobe与微软股票：主导软件领域的两家长期领导者</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\">2021-11-22 13:35</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>Microsoft continues its reign as the King of Software as its enterprise value crosses $2.5T. It's also making forays into enterprise applications for the metaverse.</li>  <li>Adobe continues to be the undisputed leader in the creative software market. Its 2023 TAM of $147B signifies huge opportunities for the company to leverage.</li>  <li>We discuss why both companies deserve to be anchor stocks for any growth investor's portfolio.</li>  <li>We also discuss whether it's a good time to buy both stocks now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/78cf4b56323a37eacd27b73ced593338\" tg-width=\"1536\" tg-height=\"1082\" width=\"100%\" height=\"auto\"><span>Jean-Luc Ichard/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>微软继续保持软件之王的地位，其企业价值超过2.5 T美元。它还涉足元宇宙的企业应用。</li><li>Adobe仍然是创意软件市场无可争议的领导者。其2023年TAM为$147B，这意味着该公司可以利用巨大的机会。</li><li>我们讨论为什么这两家公司值得成为任何成长型投资者投资组合的锚定股票。</li><li>我们还讨论了现在是否是购买这两只股票的好时机。</li></ul><p class=\"t-img-caption\"><span>Jean-Luc Ichard/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Adobe Inc. (ADBE) and Microsoft Corporation (MSFT) are two of the most revered software leaders worldwide. Notwithstanding, MSFT is easily the bigger brother here as it boasts an enterprise value (EV) of $2.52T. In contrast, ADBE's EV is only worth $326B, as it trails the King of Software by a wide margin. Despite that, Adobe has been growing rapidly and has an exceptionally wide moat in the creative industries. It has also extended its leadership into both the B2B and B2C channels, as it leverages its huge 2023 TAM worth $147B. Therefore, there's a tremendous amount of potential growth for the creative software leader to tap.</p><p><blockquote>Adobe Inc.(ADBE)和微软公司(MSFT)是全球最受尊敬的两家软件领导者。尽管如此，MSFT无疑是这里的老大哥，因为它拥有2.52 T美元的企业价值(EV)。相比之下，ADBE的EV价值仅为$326B，远远落后于软件之王。尽管如此，Adobe一直在快速增长，并在创意行业拥有异常宽阔的护城河。它还将其领导地位扩展到B2B和B2C渠道，因为它利用了价值147B美元的巨额2023年TAM。因此，创意软件领导者有巨大的潜在增长空间可供挖掘。</blockquote></p><p> On the other hand, Microsoft has quickly pivoted itself towards Cloud Computing as its biggest growth driver. Under Satya Nadella's capable leadership, MSFT has transformed itself into a leading Cloud hyperscaler. Azure continues to grow its clout rapidly as it leverages MSFT's deep enterprise software applications expertise against the #1 Cloud hyperscaler AWS (AMZN). The company has also telegraphed its plans to spur its next growth phase through enterprise applications in the metaverse.</p><p><blockquote>另一方面，微软已迅速将云计算作为其最大的增长动力。在Satya Nadella的干练领导下，MSFT已将自己转变为领先的云超大规模企业。Azure继续快速增长其影响力，因为它利用MSFT深厚的企业软件应用专业知识来对抗排名第一的云超大规模企业AWS(AMZN)。该公司还透露了通过元宇宙企业应用刺激下一个增长阶段的计划。</blockquote></p><p> We discuss these two software behemoths and demonstrate why both companies are very high-quality companies. As a result, we believe that both deserve to be considered anchor stocks for most growth investors' portfolios.</p><p><blockquote>我们讨论这两家软件巨头，并展示为什么这两家公司都是非常优质的公司。因此，我们认为两者都值得被视为大多数成长型投资者投资组合的锚定股票。</blockquote></p><p> We also discuss whether it's an appropriate time to buy both stocks now.</p><p><blockquote>我们还讨论了现在是否是购买这两只股票的合适时机。</blockquote></p><p> <b>ADBE Vs. MSFT Stock YTD Performance</b></p><p><blockquote><b>ADBE与MSFT股票年初至今表现</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/80c95ae8c533f02f2af083ceee62bf9a\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>ADBE Vs. MSFT stock YTD performance (as of 19 November 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>ADBE与MSFT股票年初至今表现（截至21年11月19日）。</span></p></blockquote></p><p> ADBE and MSFT stock have easily outperformed the market this year. MSFT stock is the leader here, with a YTD gain of 54.3%. While ADBE stock struggled initially in March, its upward momentum has recovered remarkably. Its YTD gain of 37.6% is well ahead of the SPDR S&amp;P 500 ETF's (SPY) and Invesco QQQ ETF's (QQQ) YTD return of 25.4% and 28.8%, respectively.</p><p><blockquote>ADBE和MSFT股票今年的表现轻松跑赢市场。MSFT股票是其中的领头羊，年初至今上涨了54.3%。尽管ADBE股票在3月份最初表现不佳，但其上涨势头已显着恢复。其年初至今涨幅为37.6%，远高于SPDR标普500 ETF（SPDR标普500指数ETF）和景顺QQQ ETF（QQQ）年初至今分别25.4%和28.8%的回报率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/99bfbaccbc2e6a4f815d081612501c82\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>ADBE Vs. MSFT stock 3Y performance (as of 19 November 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>ADBE与MSFT股票3年表现（截至21年11月19日）。</span></p></blockquote></p><p> As long-term leaders, we also want to evaluate their performances over a longer timeframe. On a 3Y basis, we can also easily observe their outperformance. MSFT leads with a 3Y total return of 216.8%, at a CAGR of 46.7%. It's a phenomenal return and definitely not an \"old-school\" company that MSFT detractors often point out. The market loves MSFT stock.</p><p><blockquote>作为长期领导者，我们也希望评估他们在更长时间内的表现。在3年的基础上，我们也可以很容易地观察到他们的优异表现。MSFT以216.8%的3年总回报率领先，复合年增长率为46.7%。这是一个惊人的回报，绝对不是MSFT批评者经常指出的“老派”公司。市场喜欢MSFT股票。</blockquote></p><p> On the other hand, ADBE stock has also easily beaten the market over the last three years. Its 3Y total return of 188.2%, at a CAGR of 42.1%, is also breathtaking. So both stocks have clearly and easily outperformed the market over the last three years.</p><p><blockquote>另一方面，ADBE股票在过去三年中也轻松跑赢了市场。其3年总回报率为188.2%，复合年增长率为42.1%，也令人惊叹。因此，这两只股票在过去三年中的表现明显且轻松地跑赢了市场。</blockquote></p><p> Therefore, we consider both stocks as solid long-term leaders in any growth investor's portfolio.</p><p><blockquote>因此，我们认为这两只股票都是任何成长型投资者投资组合中可靠的长期领导者。</blockquote></p><p> <b>Both are Fast-Growing and Tremendously Profitable</b></p><p><blockquote><b>两者都增长迅速且利润丰厚</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/517349e87627e8e2f390deb448800ef2\" tg-width=\"640\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>Microsoft LTM revenue and EBITDA margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>微软LTM收入和EBITDA利润率。数据来源：标普资本智商</span></p></blockquote></p><p> There's little doubt that Microsoft is the world's foremost enterprise software market leader. Its last-twelve-months (LTM) revenue of $176.3B easily surpassed Adobe's LTM revenue of $15.1B. Microsoft's revenue also grew by a remarkable CAGR of 15.3% over the last three years. Moreover, its LTM EBITDA margin of 48.6% demonstrates clearly the incredible profitability of Microsoft's well-diversified business model. It has also continued to gain operating leverage impressively over the last three years. Back in FQ1'19 (September 18), its EBITDA margin was just 41.4%.</p><p><blockquote>毫无疑问，微软是世界上最重要的企业软件市场领导者。其过去12个月(LTM)收入为$176.3 B，轻松超过Adobe的LTM收入$15.1 B。过去三年，微软的收入复合年增长率也达到了15.3%。此外，其LTM EBITDA利润率为48.6%，清楚地表明了微软多元化商业模式令人难以置信的盈利能力。在过去三年中，它还继续令人印象深刻地获得运营杠杆。早在19年第一季度（9月18日），其EBITDA利润率仅为41.4%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5f2fc577d2f36a621eaa5eb693e3bcf7\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Adobe LTM revenue and EBITDA margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Adobe LTM收入和EBITDA利润率。数据来源：标普资本智商</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d21e97ef4419da68ba36792ec4c26245\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Computer graphics and photo editing software market share worldwide in 2021. Data source: Enlyft</span></p><p><blockquote><p class=\"t-img-caption\"><span>2021年全球计算机图形和照片编辑软件市场份额。数据来源：Enlyft</span></p></blockquote></p><p> For investors not in the creative industries, you might be unfamiliar with Adobe's suite of creative software products. Nonetheless, Adobe is the undisputed market leader in its field. Adobe's digital media segment, which forms most of our internal valuation estimates, is its critical revenue and profit driver. Its creative cloud business within Adobe's digital media segment drove 82.8% of its FQ3'21 revenue. Readers can easily observe from the chart above that the leadership of its creative suite is deeply entrenched. There are simply no close competitors.</p><p><blockquote>对于非创意行业的投资者来说，您可能不熟悉Adobe的创意软件产品套件。尽管如此，Adobe是该领域无可争议的市场领导者。Adobe的数字媒体部门构成了我们内部估值的大部分，是其关键的收入和利润驱动力。Adobe数字媒体部门的creative cloud业务占其21年第三季度收入的82.8%。读者可以很容易地从上图中观察到，其创意套件的领导地位根深蒂固。根本没有势均力敌的竞争对手。</blockquote></p><p> The company has also grown its revenue impressively over the last three years. Its LTM revenue of $15.1B increased at a 3Y CAGR of 20.8%. In addition, its undisputed leadership has also led to remarkable EBITDA margins. ADBE reported an LTM EBITDA margin of 40.4% in FQ3'21. In contrast, its EBITDA margin was just 36% three years ago. Hence, Adobe has continued to gain impressive operating leverage as it scales. Moreover, the company continues to tap an expanding TAM that's expected to reach $147B by 2023.</p><p><blockquote>过去三年，该公司的收入也大幅增长。其LTM收入为$15.1 B，3年复合年增长率为20.8%。此外，其无可争议的领导地位也带来了显着的EBITDA利润率。ADBE报告21年第三季度LTM EBITDA利润率为40.4%。相比之下，三年前其EBITDA利润率仅为36%。因此，随着规模的扩大，Adobe继续获得令人印象深刻的运营杠杆。此外，该公司继续利用不断扩大的TAM，预计到2023年将达到$147B。</blockquote></p><p> <b>World-Class CEOs Lead Both Companies</b></p><p><blockquote><b>世界级首席执行官领导两家公司</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/be0bdce70c0fa6ed792e87198796f0d6\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Cloud infrastructure services vendor market share as of Q3'21. Data source: Canalys</span></p><p><blockquote><p class=\"t-img-caption\"><span>截至21年第三季度的云基础设施服务供应商市场份额。数据来源：Canalys</span></p></blockquote></p><p> Two top CEOs lead both companies. Microsoft CEO Satya Nadella turned Microsoft back into a growth company when he took over the helm. He saw the importance of Cloud Computing and positioned Azure to compete in the Cloud infrastructure market. As a result, Azure has continued to gain share rapidly. In CQ3'21, Azure's share reached 21%, according to Canalys. Although AWS continues to be the market leader, Azure has the edge over AWS in enterprise applications which is not AWS's core competency. Moreover, Microsoft is also extending its capability into applications for the metaverse. Nadella also has a highly impressive&nbsp;97% approval rating&nbsp;at Glassdoor.</p><p><blockquote>两位顶级首席执行官领导着两家公司。微软首席执行官纳德拉（Satya Nadella）接手掌舵后，将微软重新变成了一家成长型公司。他看到了云计算的重要性，并将Azure定位为在云基础设施市场竞争。因此，Azure继续快速获得份额。根据Canalys的数据，21年第三季度，Azure的份额达到21%。尽管AWS仍然是市场领导者，但Azure在企业应用程序方面比AWS有优势，这不是AWS的核心竞争力。此外，微软还将其能力扩展到元宇宙的应用中。纳德拉在Glassdoor上的支持率也高达97%，令人印象深刻。</blockquote></p><p> Adobe CEO Shantanu Narayen is the #2 CEO in Glassdoor's Top CEOs 2021 category. He also has a&nbsp;98% approval ratings&nbsp;in Glassdoor. Narayen, like his Microsoft counterpart Nadella, also hails from Hyderabad, a city in India. Narayen was also instrumental in having led Adobe to transfer its offerings into the Cloud. However, a massive transformation came with short-term pain early on as the revenue recognition for subscriptions was different from its upfront revenue recognition back then.</p><p><blockquote>Adobe首席执行官Shantanu Narayen是Glassdoor 2021年顶级首席执行官类别中排名第二的首席执行官。他在Glassdoor中也有98%的支持率。纳拉延和他的微软同行纳德拉一样，也来自印度海得拉巴。Narayen还在带领Adobe将其产品转移到云中方面发挥了重要作用。然而，大规模转型在早期带来了短期痛苦，因为订阅的收入确认与当时的前期收入确认不同。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0542f034da9bbcde81eddf509fbade46\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Adobe Creative &amp; Document Cloud annual recurring revenue. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Adobe Creative&amp;Document Cloud年度经常性收入。数据来源：公司备案</span></p></blockquote></p><p> But, the transformation has proven so successful for Adobe. The company now boasts one of the most massive annual recurring revenue (ARR) in the SaaS business. Adobe reported an ARR of $11.66B in FQ3'21, which increased by a remarkable 3Y CAGR of 22.1%. The company also guided for an FQ4'21 ARR of $12.21B, up 20% YoY. Therefore, Adobe is expected to continue its gangbusters growth momentum.</p><p><blockquote>但是，事实证明，Adobe的转型非常成功。该公司目前拥有SaaS业务中最大的年度经常性收入(ARR)之一。Adobe报告21年第3季度的ARR为$11.66 B，3年复合年增长率显着增长22.1%。该公司还预计21年第4季度ARR为$12.21 B，同比增长20%。因此，Adobe预计将继续其强劲的增长势头。</blockquote></p><p> <b>So, is ADBE and MSFT Stock a Buy Now?</b></p><p><blockquote><b>那么，ADBE和MSFT股票现在值得买入吗？</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9c2c34259c409fb5afc7b9770deb419a\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Adobe est. revenue and EBITDA mean consensus. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>土坯东部。收入和EBITDA意味着共识。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4a409f2afdd0fab713f5748be78a261a\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Microsoft est. revenue and EBITDA mean consensus. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>微软东部。收入和EBITDA意味着共识。数据来源：标普资本智商</span></p></blockquote></p><p> Adobe is expected to grow its revenue at a CAGR of 14.7% over the next five years. In addition, its EBITDA is estimated to increase at a CAGR of 15.1% over the same period. Therefore, ADBE is expected to continue growing robustly, even though its topline and profitability will decelerate.</p><p><blockquote>Adobe预计未来五年收入将以14.7%的复合年增长率增长。此外，其EBITDA预计同期复合年增长率为15.1%。因此，尽管ADBE的营收和盈利能力将放缓，但预计ADBE将继续强劲增长。</blockquote></p><p> In contrast, Microsoft is estimated to increase its revenue at a 4Y CAGR of 13.8%. However, its EBITDA is estimated to grow at a CAGR of just 6.3% over the next four years, signifying a marked slowdown in EBITDA growth. Therefore, there's a valid concern of slowing growth on both software titans, with Microsoft's looking markedly worse off.</p><p><blockquote>相比之下，微软预计其收入将以13.8%的4年复合年增长率增长。然而，其EBITDA预计未来四年的复合年增长率仅为6.3%，这表明EBITDA增长明显放缓。因此，人们有理由担心这两家软件巨头的增长放缓，其中微软的情况明显更糟。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/570d068f004efa2de56f66ce506c723c\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>MSFT stock EV/Fwd EBITDA valuation trend. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>MSFT股票EV/Fwd EBITDA估值趋势。数据来源：标普资本智商</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/adae720194f5c03c18c5ac7b6d91e590\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>ADBE stock EV/Fwd EBITDA valuation trend. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>ADBE股票EV/Fwd EBITDA估值趋势。数据来源：标普资本智商</span></p></blockquote></p><p> ADBE stock currently trades at an EV/NTM EBITDA of 37.4x, about 29.4% above its 3Y mean of 28.9x. Therefore, there's no question that ADBE is trading at a premium valuation. Notwithstanding, it's expected to continue gaining operating leverage remarkably, although it seems that a considerable amount of growth premium may have been priced in. But, ADBE is a solid long-term stock. I wouldn't bet against Narayen &amp; Co.'s capability to execute immaculately moving forward. However, the current valuation is a concern for new exposure in the short term. The stock has also recovered remarkably well from its recent October bottom. Therefore, we suggest investors wait for a meaningful retracement before adding. Hence, we revise our rating to short-term Neutral but retain our long-term bullish call.</p><p><blockquote>ADBE股票目前的EV/NTM EBITDA为37.4倍，比3年平均水平28.9倍高出约29.4%。因此，毫无疑问，ADBE的交易估值较高。尽管如此，预计它将继续显着提高运营杠杆，尽管相当大的增长溢价似乎已经被定价。但是，ADBE是一只稳健的长期股票。我不会打赌Narayen&amp;Co.有能力完美地向前推进。然而，目前的估值是短期内新敞口的担忧。该股也从最近10月份的底部恢复得非常好。因此，我们建议投资者等待有意义的回撤后再加仓。因此，我们将评级调整为短期中性，但保留长期看涨的看涨期权。</blockquote></p><p> MSFT stock is trading at an EV/Fwd EBITDA of 25.1x, against its 3Y mean of 19.2x. Even though MSFT is still expected to grow its topline reasonably fast, its EBITDA growth is expected to decelerate markedly. Therefore, MSFT stock's valuation seems to have priced in a significant amount of growth premium over the next few years. As such, we remain very cautious about adding MSFT stock at this level. Consequently, we retain our Neutral rating on MSFT stock.</p><p><blockquote>MSFT股票的EV/Fwd EBITDA为25.1倍，而3年平均值为19.2倍。尽管MSFT的营收预计仍将相当快地增长，但其EBITDA增长预计将显着减速。因此，MSFT股票的估值似乎已经反映了未来几年的大量增长溢价。因此，我们对在这个水平上增持MSFT股票仍然非常谨慎。因此，我们维持对MSFT股票的中性评级。</blockquote></p><p> Nevertheless, we would like to remind investors that both stocks are two of the best anchor growth stocks that investors can continue to hold if you own them. Therefore, if there's a meaningful retracement moving forward, we encourage you to add more exposure to either of them.</p><p><blockquote>尽管如此，我们还是想提醒投资者，这两只股票都是投资者可以继续持有的最好的锚定成长股中的两只。因此，如果未来出现有意义的回撤，我们鼓励您增加对其中任何一个的敞口。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4471088-adobe-vs-microsoft-stock-two-long-term-leaders-to-dominate-the-software-space\">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":{"MSFT":"微软","ADBE":"Adobe"},"source_url":"https://seekingalpha.com/article/4471088-adobe-vs-microsoft-stock-two-long-term-leaders-to-dominate-the-software-space","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159890392","content_text":"Summary\n\nMicrosoft continues its reign as the King of Software as its enterprise value crosses $2.5T. It's also making forays into enterprise applications for the metaverse.\nAdobe continues to be the undisputed leader in the creative software market. Its 2023 TAM of $147B signifies huge opportunities for the company to leverage.\nWe discuss why both companies deserve to be anchor stocks for any growth investor's portfolio.\nWe also discuss whether it's a good time to buy both stocks now.\n\nJean-Luc Ichard/iStock Editorial via Getty Images\nInvestment Thesis\nAdobe Inc. (ADBE) and Microsoft Corporation (MSFT) are two of the most revered software leaders worldwide. Notwithstanding, MSFT is easily the bigger brother here as it boasts an enterprise value (EV) of $2.52T. In contrast, ADBE's EV is only worth $326B, as it trails the King of Software by a wide margin. Despite that, Adobe has been growing rapidly and has an exceptionally wide moat in the creative industries. It has also extended its leadership into both the B2B and B2C channels, as it leverages its huge 2023 TAM worth $147B. Therefore, there's a tremendous amount of potential growth for the creative software leader to tap.\nOn the other hand, Microsoft has quickly pivoted itself towards Cloud Computing as its biggest growth driver. Under Satya Nadella's capable leadership, MSFT has transformed itself into a leading Cloud hyperscaler. Azure continues to grow its clout rapidly as it leverages MSFT's deep enterprise software applications expertise against the #1 Cloud hyperscaler AWS (AMZN). The company has also telegraphed its plans to spur its next growth phase through enterprise applications in the metaverse.\nWe discuss these two software behemoths and demonstrate why both companies are very high-quality companies. As a result, we believe that both deserve to be considered anchor stocks for most growth investors' portfolios.\nWe also discuss whether it's an appropriate time to buy both stocks now.\nADBE Vs. MSFT Stock YTD Performance\nADBE Vs. MSFT stock YTD performance (as of 19 November 21).\nADBE and MSFT stock have easily outperformed the market this year. MSFT stock is the leader here, with a YTD gain of 54.3%. While ADBE stock struggled initially in March, its upward momentum has recovered remarkably. Its YTD gain of 37.6% is well ahead of the SPDR S&P 500 ETF's (SPY) and Invesco QQQ ETF's (QQQ) YTD return of 25.4% and 28.8%, respectively.\nADBE Vs. MSFT stock 3Y performance (as of 19 November 21).\nAs long-term leaders, we also want to evaluate their performances over a longer timeframe. On a 3Y basis, we can also easily observe their outperformance. MSFT leads with a 3Y total return of 216.8%, at a CAGR of 46.7%. It's a phenomenal return and definitely not an \"old-school\" company that MSFT detractors often point out. The market loves MSFT stock.\nOn the other hand, ADBE stock has also easily beaten the market over the last three years. Its 3Y total return of 188.2%, at a CAGR of 42.1%, is also breathtaking. So both stocks have clearly and easily outperformed the market over the last three years.\nTherefore, we consider both stocks as solid long-term leaders in any growth investor's portfolio.\nBoth are Fast-Growing and Tremendously Profitable\nMicrosoft LTM revenue and EBITDA margin. Data source: S&P Capital IQ\nThere's little doubt that Microsoft is the world's foremost enterprise software market leader. Its last-twelve-months (LTM) revenue of $176.3B easily surpassed Adobe's LTM revenue of $15.1B. Microsoft's revenue also grew by a remarkable CAGR of 15.3% over the last three years. Moreover, its LTM EBITDA margin of 48.6% demonstrates clearly the incredible profitability of Microsoft's well-diversified business model. It has also continued to gain operating leverage impressively over the last three years. Back in FQ1'19 (September 18), its EBITDA margin was just 41.4%.\nAdobe LTM revenue and EBITDA margin. Data source: S&P Capital IQ\nComputer graphics and photo editing software market share worldwide in 2021. Data source: Enlyft\nFor investors not in the creative industries, you might be unfamiliar with Adobe's suite of creative software products. Nonetheless, Adobe is the undisputed market leader in its field. Adobe's digital media segment, which forms most of our internal valuation estimates, is its critical revenue and profit driver. Its creative cloud business within Adobe's digital media segment drove 82.8% of its FQ3'21 revenue. Readers can easily observe from the chart above that the leadership of its creative suite is deeply entrenched. There are simply no close competitors.\nThe company has also grown its revenue impressively over the last three years. Its LTM revenue of $15.1B increased at a 3Y CAGR of 20.8%. In addition, its undisputed leadership has also led to remarkable EBITDA margins. ADBE reported an LTM EBITDA margin of 40.4% in FQ3'21. In contrast, its EBITDA margin was just 36% three years ago. Hence, Adobe has continued to gain impressive operating leverage as it scales. Moreover, the company continues to tap an expanding TAM that's expected to reach $147B by 2023.\nWorld-Class CEOs Lead Both Companies\nCloud infrastructure services vendor market share as of Q3'21. Data source: Canalys\nTwo top CEOs lead both companies. Microsoft CEO Satya Nadella turned Microsoft back into a growth company when he took over the helm. He saw the importance of Cloud Computing and positioned Azure to compete in the Cloud infrastructure market. As a result, Azure has continued to gain share rapidly. In CQ3'21, Azure's share reached 21%, according to Canalys. Although AWS continues to be the market leader, Azure has the edge over AWS in enterprise applications which is not AWS's core competency. Moreover, Microsoft is also extending its capability into applications for the metaverse. Nadella also has a highly impressive 97% approval rating at Glassdoor.\nAdobe CEO Shantanu Narayen is the #2 CEO in Glassdoor's Top CEOs 2021 category. He also has a 98% approval ratings in Glassdoor. Narayen, like his Microsoft counterpart Nadella, also hails from Hyderabad, a city in India. Narayen was also instrumental in having led Adobe to transfer its offerings into the Cloud. However, a massive transformation came with short-term pain early on as the revenue recognition for subscriptions was different from its upfront revenue recognition back then.\nAdobe Creative & Document Cloud annual recurring revenue. Data source: Company filings\nBut, the transformation has proven so successful for Adobe. The company now boasts one of the most massive annual recurring revenue (ARR) in the SaaS business. Adobe reported an ARR of $11.66B in FQ3'21, which increased by a remarkable 3Y CAGR of 22.1%. The company also guided for an FQ4'21 ARR of $12.21B, up 20% YoY. Therefore, Adobe is expected to continue its gangbusters growth momentum.\nSo, is ADBE and MSFT Stock a Buy Now?\nAdobe est. revenue and EBITDA mean consensus. Data source: S&P Capital IQ\nMicrosoft est. revenue and EBITDA mean consensus. Data source: S&P Capital IQ\nAdobe is expected to grow its revenue at a CAGR of 14.7% over the next five years. In addition, its EBITDA is estimated to increase at a CAGR of 15.1% over the same period. Therefore, ADBE is expected to continue growing robustly, even though its topline and profitability will decelerate.\nIn contrast, Microsoft is estimated to increase its revenue at a 4Y CAGR of 13.8%. However, its EBITDA is estimated to grow at a CAGR of just 6.3% over the next four years, signifying a marked slowdown in EBITDA growth. Therefore, there's a valid concern of slowing growth on both software titans, with Microsoft's looking markedly worse off.\nMSFT stock EV/Fwd EBITDA valuation trend. Data source: S&P Capital IQ\nADBE stock EV/Fwd EBITDA valuation trend. Data source: S&P Capital IQ\nADBE stock currently trades at an EV/NTM EBITDA of 37.4x, about 29.4% above its 3Y mean of 28.9x. Therefore, there's no question that ADBE is trading at a premium valuation. Notwithstanding, it's expected to continue gaining operating leverage remarkably, although it seems that a considerable amount of growth premium may have been priced in. But, ADBE is a solid long-term stock. I wouldn't bet against Narayen & Co.'s capability to execute immaculately moving forward. However, the current valuation is a concern for new exposure in the short term. The stock has also recovered remarkably well from its recent October bottom. Therefore, we suggest investors wait for a meaningful retracement before adding. Hence, we revise our rating to short-term Neutral but retain our long-term bullish call.\nMSFT stock is trading at an EV/Fwd EBITDA of 25.1x, against its 3Y mean of 19.2x. Even though MSFT is still expected to grow its topline reasonably fast, its EBITDA growth is expected to decelerate markedly. Therefore, MSFT stock's valuation seems to have priced in a significant amount of growth premium over the next few years. As such, we remain very cautious about adding MSFT stock at this level. Consequently, we retain our Neutral rating on MSFT stock.\nNevertheless, we would like to remind investors that both stocks are two of the best anchor growth stocks that investors can continue to hold if you own them. Therefore, if there's a meaningful retracement moving forward, we encourage you to add more exposure to either of them.","news_type":1,"symbols_score_info":{"MSFT":0.9,"ADBE":0.9}},"isVote":1,"tweetType":1,"viewCount":1539,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692029130,"gmtCreate":1640794557499,"gmtModify":1640794560972,"author":{"id":"4092561976613440","authorId":"4092561976613440","name":"Ernestgoh0","avatar":"https://static.tigerbbs.com/26efe2a26972b528df18cc8a945287d5","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092561976613440","idStr":"4092561976613440"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/692029130","repostId":"2195450556","repostType":4,"repost":{"id":"2195450556","kind":"highlight","pubTimestamp":1640792153,"share":"https://www.laohu8.com/m/news/2195450556?lang=zh_CN&edition=full","pubTime":"2021-12-29 23:35","market":"us","language":"en","title":"These stocks are down at least 20% from 2021 highs, but Wall Street sees them gaining as much as 87% in 2022<blockquote>这些股票较2021年高点下跌至少20%，但华尔街预计2022年它们将上涨87%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2195450556","media":"MarketWatch","summary":"More than 90 large-cap stocks are down at least 20% from their 2021 highs, but analysts love many of","content":"<p><html><head></head><body>More than 90 large-cap stocks are down at least 20% from their 2021 highs, but analysts love many of them, including JD.com, <a href=\"https://laohu8.com/S/PYPL\">PayPal</a> and Disney</p><p><blockquote><html><head></head><body>90多只大盘股较2021年高点下跌至少20%，但分析师看好其中许多股票，包括京东、<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>和迪斯尼</body></html></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3aebc95cbe7dbebe32f5045c9fa2f994\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/><span>Analysts polled by FactSet expect shares of Alaska Air Group to rise 47% over the next 12 months.Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>FactSet调查的分析师预计阿拉斯加航空集团的股价在未来12个月内将上涨47%。盖蒂图片社</span></p></blockquote></p><p>This has been a remarkable year for stocks, but it may surprise you how many are in bear-market territory, usually defined as a decline of at least 20%.</p><p><blockquote>对于股市来说，今年是非凡的一年，但您可能会惊讶有多少股市处于熊市区域，通常定义为下跌至少20%。</blockquote></p><p>Among a large group of beaten-down stocks, analysts working for brokerage firms expect dozens to soar in 2022. See them below.</p><p><blockquote>在一大群遭受重创的股票中，经纪公司的分析师预计，有数十只股票将在2022年飙升。见下文。</blockquote></p><p><b>A solid 2021, but look at  the cap-weighting</b></p><p><blockquote><b>2021年表现稳健，但看看市值权重</b></blockquote></p><p>The benchmark S&amp;P 500 index  has risen 27.4% during 2021, following a 16.3% in 2020 -- two years of pandemic and two years of double-digit gains. (All price changed in this article exclude dividends.)</p><p><blockquote>基准标普500指数继2020年上涨16.3%后，2021年上涨了27.4%——这是疫情的两年，也是两位数的涨幅。（本文中所有价格变化均不包括股息。）</blockquote></p><p>You probably know the S&amp;P 500 is weighted by market capitalization, but you might not be aware of how extreme the weighting can be. Take a look at the weighting and performance of the top five companies held by the SPDR S&amp;P 500 ETF Trust, which tracks the S&amp;P 500. Together, they make up 23% of the fund&#39;s portfolio and the index:</p><p><blockquote>你可能知道标普500是按市值加权的，但你可能不知道这个加权有多极端。看看跟踪标普500的SPDR标普500 ETF信托持有的前五家公司的权重和业绩。它们合计占基金投资组合和指数的23%：</blockquote></p><p><table><tbody><tr><td>Company</td><td>Ticker</td><td>Price change -- 2021</td><td>Share of SPY</td></tr><tr><td>Apple Inc.</td><td>AAPL</td><td>35.1%</td><td>6.9%</td></tr><tr><td>Microsoft Corp.</td><td>MSFT</td><td>53.4%</td><td>6.3%</td></tr><tr><td>Amazon.com Inc.</td><td>AMZN</td><td>4.8%</td><td>3.7%</td></tr><tr><td>Alphabet Inc. Class A</td><td>GOOGL</td><td>67.4%</td><td>2.2%</td></tr><tr><td>Tesla Inc.</td><td>TSLA</td><td>54.2%</td><td>2.2%</td></tr><tr><td>Alphabet Inc. Class C</td><td>GOOG</td><td>67.2%</td><td>2.1%</td></tr><tr></tr></tbody></table>Source: FactSet</p><p><blockquote><table><tbody><tr><td>公司</td><td>股票代码</td><td>价格变动--2021</td><td>佔SPDR标普500指数ETF</td></tr><tr><td>苹果公司。</td><td>AAPL</td><td>35.1%</td><td>6.9%</td></tr><tr><td>微软公司。</td><td>MSFT</td><td>53.4%</td><td>6.3%</td></tr><tr><td>亚马逊公司。</td><td>AMZN</td><td>4.8%</td><td>3.7%</td></tr><tr><td>Alphabet A级</td><td>GOOGL</td><td>67.4%</td><td>2.2%</td></tr><tr><td>特斯拉公司。</td><td>特斯拉</td><td>54.2%</td><td>2.2%</td></tr><tr><td>Alphabet公司C级</td><td>谷歌</td><td>67.2%</td><td>2.1%</td></tr><tr></tr></tbody></table>来源：FactSet</blockquote></p><p>SPY and the S&amp;P 500 include two common-share classes for Alphabet Inc. (GOOGL) and two apiece for four other companies, for a total of 505 stocks.</p><p><blockquote>SPDR标普500指数ETF和标普500包括Alphabet公司（GOOGL）的两种普通股类别和其他四家公司的两种普通股类别，总共505只股票。</blockquote></p><p><b>Stocks in bear markets that analysts love</b></p><p><blockquote><b>分析师喜爱的熊市股票</b></blockquote></p><p>For a broader list of large-cap stocks listed in the U.S., including those of some of China&#39;s biggest internet players, we added the components of the Nasdaq-100 Index , comprised of the 100 largest Nasdaq-listed companies by market capitalization and tracked by the Invesco QQQ Trust.</p><p><blockquote>为了更广泛地了解在美国上市的大盘股，包括中国一些最大的互联网公司的股票，我们添加了纳斯达克100指数的成分股，该指数由市值最大的100家纳斯达克上市公司组成，由景顺QQQ信托跟踪。</blockquote></p><p>After removing duplicates, this left a list of 529 stocks.</p><p><blockquote>删除重复项后，留下了529只股票的列表。</blockquote></p><p>Within in the group, 94 are in a bear market -- that is, they were down at least 20% from their 2021 intraday highs through Dec. 28, according to data provided by FactSet.</p><p><blockquote>FactSet提供的数据显示，其中94家处于熊市，也就是说，截至12月28日，它们较2021年盘中高点下跌了至少20%。</blockquote></p><p>Among the 94, there are 30 with &#34;buy&#34; or equivalent ratings from at least two-thirds of analysts polled by FactSet. Here they are, sorted by the 12-month upside potential implied by the consensus price targets:</p><p><blockquote>在这94只股票中，有30只股票被FactSet调查的至少三分之二的分析师给予“买入”或同等评级。以下是按共识价格目标隐含的12个月上涨潜力排序的：</blockquote></p><p></p><p><table><tbody><tr><td>Company</td><td>Ticker</td><td>Decline from 2021 high</td><td>Closing price -- Dec. 28</td><td>2021 high</td><td>Date of 2021 high</td><td>Share &#34;buy&#34; ratings</td><td>Consensus price target</td><td>Implied 12-month upside potential</td></tr><tr><td>Pinduoduo Inc. ADR Class A</td><td>PDD</td><td>-73.6%</td><td>$56.04</td><td>$212.60</td><td>02/16/2021</td><td>76%</td><td>$104.54</td><td>87%</td></tr><tr><td>Baidu Inc. ADR Class A</td><td>BIDU</td><td>-60.3%</td><td>$140.88</td><td>$354.82</td><td>02/22/2021</td><td>83%</td><td>$232.32</td><td>65%</td></tr><tr><td>JD.com Inc. ADR Class A</td><td>JD</td><td>-39.2%</td><td>$65.87</td><td>$108.29</td><td>02/17/2021</td><td>94%</td><td>$106.30</td><td>61%</td></tr><tr><td><a href=\"https://laohu8.com/S/MELI\">MercadoLibre</a> Inc.</td><td>MELI</td><td>-34.8%</td><td>$1,316.28</td><td>$2,020.00</td><td>01/21/2021</td><td>87%</td><td>$2,011.00</td><td>53%</td></tr><tr><td>Caesars Entertainment Inc.</td><td>CZR</td><td>-22.6%</td><td>$92.78</td><td>$119.81</td><td>10/01/2021</td><td>94%</td><td>$137.36</td><td>48%</td></tr><tr><td>Generac Holdings Inc.</td><td>GNRC</td><td>-33.6%</td><td>$348.18</td><td>$524.31</td><td>11/02/2021</td><td>77%</td><td>$514.11</td><td>48%</td></tr><tr><td>Alaska Air Group Inc.</td><td>ALK</td><td>-28.8%</td><td>$52.90</td><td>$74.25</td><td>04/07/2021</td><td>93%</td><td>$77.71</td><td>47%</td></tr><tr><td>PayPal Holdings Inc.</td><td>PYPL</td><td>-38.7%</td><td>$190.10</td><td>$310.16</td><td>07/26/2021</td><td>84%</td><td>$273.65</td><td>44%</td></tr><tr><td>CrowdStrike Holdings Inc. Class A</td><td>CRWD</td><td>-30.6%</td><td>$207.23</td><td>$298.48</td><td>11/10/2021</td><td>86%</td><td>$291.88</td><td>41%</td></tr><tr><td>Trip.com Group Ltd. ADR</td><td>TCOM</td><td>-48.5%</td><td>$23.29</td><td>$45.19</td><td>03/17/2021</td><td>79%</td><td>$32.78</td><td>41%</td></tr><tr><td><a href=\"https://laohu8.com/S/TMUSR\">T-Mobile US Inc</a>.</td><td>TMUS</td><td>-21.3%</td><td>$118.16</td><td>$150.20</td><td>07/16/2021</td><td>81%</td><td>$165.51</td><td>40%</td></tr><tr><td><a href=\"https://laohu8.com/S/ENPH\">Enphase Energy</a> Inc.</td><td>ENPH</td><td>-33.9%</td><td>$186.79</td><td>$282.46</td><td>11/22/2021</td><td>67%</td><td>$260.92</td><td>40%</td></tr><tr><td>Global Payments Inc.</td><td>GPN</td><td>-38.8%</td><td>$135.15</td><td>$220.81</td><td>04/26/2021</td><td>85%</td><td>$188.41</td><td>39%</td></tr><tr><td>NetEase Inc. ADR</td><td>NTES</td><td>-27.7%</td><td>$97.15</td><td>$134.33</td><td>02/11/2021</td><td>97%</td><td>$134.53</td><td>38%</td></tr><tr><td>Activision Blizzard Inc.</td><td>ATVI</td><td>-36.2%</td><td>$66.67</td><td>$104.53</td><td>02/16/2021</td><td>71%</td><td>$90.86</td><td>36%</td></tr><tr><td>Southwest Airlines Co.</td><td>LUV</td><td>-34.7%</td><td>$42.29</td><td>$64.75</td><td>04/14/2021</td><td>78%</td><td>$57.32</td><td>36%</td></tr><tr><td>Fidelity National Information Services Inc.</td><td>FIS</td><td>-29.9%</td><td>$109.29</td><td>$155.96</td><td>04/29/2021</td><td>74%</td><td>$146.86</td><td>34%</td></tr><tr><td>Match Group Inc.</td><td>MTCH</td><td>-27.0%</td><td>$132.94</td><td>$182.00</td><td>10/21/2021</td><td>68%</td><td>$175.11</td><td>32%</td></tr><tr><td><a href=\"https://laohu8.com/S/LDOS\">Leidos Holdings Inc</a>.</td><td>LDOS</td><td>-22.4%</td><td>$88.26</td><td>$113.75</td><td>01/25/2021</td><td>71%</td><td>$115.00</td><td>30%</td></tr><tr><td>WestRock Co.</td><td>WRK</td><td>-28.8%</td><td>$44.19</td><td>$62.03</td><td>05/17/2021</td><td>67%</td><td>$56.92</td><td>29%</td></tr><tr><td>Medtronic <a href=\"https://laohu8.com/S/PLC\">PLC</a></td><td>MDT</td><td>-23.1%</td><td>$104.53</td><td>$135.89</td><td>09/09/2021</td><td>85%</td><td>$134.52</td><td>29%</td></tr><tr><td>Teleflex Inc.</td><td>TFX</td><td>-26.6%</td><td>$330.03</td><td>$449.38</td><td>04/28/2021</td><td>75%</td><td>$424.11</td><td>29%</td></tr><tr><td><a href=\"https://laohu8.com/S/ZBH\">Zimmer Biomet Holdings Inc</a>.</td><td>ZBH</td><td>-28.9%</td><td>$128.21</td><td>$180.36</td><td>04/29/2021</td><td>68%</td><td>$163.71</td><td>28%</td></tr><tr><td><a href=\"https://laohu8.com/S/PTC\">PTC Inc.</a></td><td>PTC</td><td>-20.4%</td><td>$122.34</td><td>$153.73</td><td>07/23/2021</td><td>71%</td><td>$156.15</td><td>28%</td></tr><tr><td><a href=\"https://laohu8.com/S/PSX\">Phillips 66</a></td><td>PSX</td><td>-21.6%</td><td>$73.93</td><td>$94.34</td><td>06/10/2021</td><td>79%</td><td>$93.50</td><td>26%</td></tr><tr><td>Boeing Co.</td><td>BA</td><td>-26.0%</td><td>$206.13</td><td>$278.57</td><td>03/15/2021</td><td>73%</td><td>$259.61</td><td>26%</td></tr><tr><td><a href=\"https://laohu8.com/S/OKTA\">Okta Inc.</a> Class A</td><td>OKTA</td><td>-23.6%</td><td>$224.47</td><td>$294.00</td><td>02/12/2021</td><td>82%</td><td>$279.88</td><td>25%</td></tr><tr><td>Walt Disney Co.</td><td>DIS</td><td>-23.6%</td><td>$155.20</td><td>$203.02</td><td>03/08/2021</td><td>70%</td><td>$193.29</td><td>25%</td></tr><tr><td>Cor</p><p><blockquote><table><tbody><tr><td>公司</td><td>股票代码</td><td>较2021年高点下降</td><td>收盘价——12月28日</td><td>2021年高点</td><td>2021年高点日期</td><td>分享“买入”评级</td><td>共识价格目标</td><td>隐含的12个月上涨潜力</td></tr><tr><td>拼多多ADR A类</td><td>PDD</td><td>-73.6%</td><td>$56.04</td><td>$212.60</td><td>02/16/2021</td><td>76%</td><td>$104.54</td><td>87%</td></tr><tr><td>百度公司ADR A类</td><td>比都</td><td>-60.3%</td><td>$140.88</td><td>$354.82</td><td>02/22/2021</td><td>83%</td><td>$232.32</td><td>65%</td></tr><tr><td>京东公司ADR A类</td><td>JD</td><td>-39.2%</td><td>$65.87</td><td>$108.29</td><td>02/17/2021</td><td>94%</td><td>$106.30</td><td>61%</td></tr><tr><td><a href=\"https://laohu8.com/S/MELI\">自由市场</a>公司。</td><td>梅利</td><td>-34.8%</td><td>$1,316.28</td><td>$2,020.00</td><td>01/21/2021</td><td>87%</td><td>$2,011.00</td><td>53%</td></tr><tr><td>凯撒娱乐公司。</td><td>CZR</td><td>-22.6%</td><td>$92.78</td><td>$119.81</td><td>10/01/2021</td><td>94%</td><td>$137.36</td><td>48%</td></tr><tr><td>Generac控股公司。</td><td>GNRC</td><td>-33.6%</td><td>$348.18</td><td>$524.31</td><td>11/02/2021</td><td>77%</td><td>$514.11</td><td>48%</td></tr><tr><td>阿拉斯加航空集团公司。</td><td>ALK</td><td>-28.8%</td><td>$52.90</td><td>$74.25</td><td>04/07/2021</td><td>93%</td><td>$77.71</td><td>47%</td></tr><tr><td>PayPal控股公司。</td><td>PYPL</td><td>-38.7%</td><td>$190.10</td><td>$310.16</td><td>07/26/2021</td><td>84%</td><td>$273.65</td><td>44%</td></tr><tr><td>CrowdStrike Holdings Inc.A级</td><td>CRWD</td><td>-30.6%</td><td>$207.23</td><td>$298.48</td><td>11/10/2021</td><td>86%</td><td>$291.88</td><td>41%</td></tr><tr><td>携程集团有限公司ADR</td><td>TCOM</td><td>-48.5%</td><td>$23.29</td><td>$45.19</td><td>03/17/2021</td><td>79%</td><td>$32.78</td><td>41%</td></tr><tr><td><a href=\"https://laohu8.com/S/TMUSR\">T-Mobile美国公司</a>.</td><td>TMUS</td><td>-21.3%</td><td>$118.16</td><td>$150.20</td><td>07/16/2021</td><td>81%</td><td>$165.51</td><td>40%</td></tr><tr><td><a href=\"https://laohu8.com/S/ENPH\">Enphase能源</a>公司。</td><td>ENPH</td><td>-33.9%</td><td>$186.79</td><td>$282.46</td><td>11/22/2021</td><td>67%</td><td>$260.92</td><td>40%</td></tr><tr><td>全球支付公司。</td><td>GPN</td><td>-38.8%</td><td>$135.15</td><td>$220.81</td><td>04/26/2021</td><td>85%</td><td>$188.41</td><td>39%</td></tr><tr><td>网易公司ADR</td><td>NTES</td><td>-27.7%</td><td>$97.15</td><td>$134.33</td><td>02/11/2021</td><td>97%</td><td>$134.53</td><td>38%</td></tr><tr><td>动视暴雪公司。</td><td>ATVI</td><td>-36.2%</td><td>$66.67</td><td>$104.53</td><td>02/16/2021</td><td>71%</td><td>$90.86</td><td>36%</td></tr><tr><td>西南航空公司。</td><td>LUV</td><td>-34.7%</td><td>$42.29</td><td>$64.75</td><td>04/14/2021</td><td>78%</td><td>$57.32</td><td>36%</td></tr><tr><td>富达国家信息服务公司。</td><td>FIS</td><td>-29.9%</td><td>$109.29</td><td>$155.96</td><td>04/29/2021</td><td>74%</td><td>$146.86</td><td>34%</td></tr><tr><td>火柴集团公司。</td><td>MTCH</td><td>-27.0%</td><td>$132.94</td><td>$182.00</td><td>10/21/2021</td><td>68%</td><td>$175.11</td><td>32%</td></tr><tr><td><a href=\"https://laohu8.com/S/LDOS\">莱多斯控股公司</a>.</td><td>LDOS</td><td>-22.4%</td><td>$88.26</td><td>$113.75</td><td>01/25/2021</td><td>71%</td><td>$115.00</td><td>30%</td></tr><tr><td>韦斯特洛克公司。</td><td>WRK</td><td>-28.8%</td><td>$44.19</td><td>$62.03</td><td>05/17/2021</td><td>67%</td><td>$56.92</td><td>29%</td></tr><tr><td>美敦力<a href=\"https://laohu8.com/S/PLC\">PLC</a></td><td>MDT</td><td>-23.1%</td><td>$104.53</td><td>$135.89</td><td>09/09/2021</td><td>85%</td><td>$134.52</td><td>29%</td></tr><tr><td>Teleflex公司。</td><td>TFX</td><td>-26.6%</td><td>$330.03</td><td>$449.38</td><td>04/28/2021</td><td>75%</td><td>$424.11</td><td>29%</td></tr><tr><td><a href=\"https://laohu8.com/S/ZBH\">齐默Biomet控股公司</a>.</td><td>ZBH</td><td>-28.9%</td><td>$128.21</td><td>$180.36</td><td>04/29/2021</td><td>68%</td><td>$163.71</td><td>28%</td></tr><tr><td><a href=\"https://laohu8.com/S/PTC\">PTC公司。</a></td><td>PTC</td><td>-20.4%</td><td>$122.34</td><td>$153.73</td><td>07/23/2021</td><td>71%</td><td>$156.15</td><td>28%</td></tr><tr><td><a href=\"https://laohu8.com/S/PSX\">菲利普斯66</a></td><td>PSX</td><td>-21.6%</td><td>$73.93</td><td>$94.34</td><td>06/10/2021</td><td>79%</td><td>$93.50</td><td>26%</td></tr><tr><td>波音公司。</td><td>巴</td><td>-26.0%</td><td>$206.13</td><td>$278.57</td><td>03/15/2021</td><td>73%</td><td>$259.61</td><td>26%</td></tr><tr><td><a href=\"https://laohu8.com/S/OKTA\">奥克塔公司。</a>A类</td><td>奥克塔</td><td>-23.6%</td><td>$224.47</td><td>$294.00</td><td>02/12/2021</td><td>82%</td><td>$279.88</td><td>25%</td></tr><tr><td>华特·迪斯尼公司。</td><td>说</td><td>-23.6%</td><td>$155.20</td><td>$203.02</td><td>03/08/2021</td><td>70%</td><td>$193.29</td><td>25%</td></tr><tr><td>颜色</td></tr></tbody></table></blockquote></p><p></p><p></body></html></p><p><blockquote></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>These stocks are down at least 20% from 2021 highs, but Wall Street sees them gaining as much as 87% in 2022<blockquote>这些股票较2021年高点下跌至少20%，但华尔街预计2022年它们将上涨87%</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\">\nThese stocks are down at least 20% from 2021 highs, but Wall Street sees them gaining as much as 87% in 2022<blockquote>这些股票较2021年高点下跌至少20%，但华尔街预计2022年它们将上涨87%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-12-29 23:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>More than 90 large-cap stocks are down at least 20% from their 2021 highs, but analysts love many of them, including JD.com, <a href=\"https://laohu8.com/S/PYPL\">PayPal</a> and Disney</p><p><blockquote><html><head></head><body>90多只大盘股较2021年高点下跌至少20%，但分析师看好其中许多股票，包括京东、<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>和迪斯尼</body></html></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3aebc95cbe7dbebe32f5045c9fa2f994\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/><span>Analysts polled by FactSet expect shares of Alaska Air Group to rise 47% over the next 12 months.Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>FactSet调查的分析师预计阿拉斯加航空集团的股价在未来12个月内将上涨47%。盖蒂图片社</span></p></blockquote></p><p>This has been a remarkable year for stocks, but it may surprise you how many are in bear-market territory, usually defined as a decline of at least 20%.</p><p><blockquote>对于股市来说，今年是非凡的一年，但您可能会惊讶有多少股市处于熊市区域，通常定义为下跌至少20%。</blockquote></p><p>Among a large group of beaten-down stocks, analysts working for brokerage firms expect dozens to soar in 2022. See them below.</p><p><blockquote>在一大群遭受重创的股票中，经纪公司的分析师预计，有数十只股票将在2022年飙升。见下文。</blockquote></p><p><b>A solid 2021, but look at  the cap-weighting</b></p><p><blockquote><b>2021年表现稳健，但看看市值权重</b></blockquote></p><p>The benchmark S&amp;P 500 index  has risen 27.4% during 2021, following a 16.3% in 2020 -- two years of pandemic and two years of double-digit gains. (All price changed in this article exclude dividends.)</p><p><blockquote>基准标普500指数继2020年上涨16.3%后，2021年上涨了27.4%——这是疫情的两年，也是两位数的涨幅。（本文中所有价格变化均不包括股息。）</blockquote></p><p>You probably know the S&amp;P 500 is weighted by market capitalization, but you might not be aware of how extreme the weighting can be. Take a look at the weighting and performance of the top five companies held by the SPDR S&amp;P 500 ETF Trust, which tracks the S&amp;P 500. Together, they make up 23% of the fund&#39;s portfolio and the index:</p><p><blockquote>你可能知道标普500是按市值加权的，但你可能不知道这个加权有多极端。看看跟踪标普500的SPDR标普500 ETF信托持有的前五家公司的权重和业绩。它们合计占基金投资组合和指数的23%：</blockquote></p><p><table><tbody><tr><td>Company</td><td>Ticker</td><td>Price change -- 2021</td><td>Share of SPY</td></tr><tr><td>Apple Inc.</td><td>AAPL</td><td>35.1%</td><td>6.9%</td></tr><tr><td>Microsoft Corp.</td><td>MSFT</td><td>53.4%</td><td>6.3%</td></tr><tr><td>Amazon.com Inc.</td><td>AMZN</td><td>4.8%</td><td>3.7%</td></tr><tr><td>Alphabet Inc. Class A</td><td>GOOGL</td><td>67.4%</td><td>2.2%</td></tr><tr><td>Tesla Inc.</td><td>TSLA</td><td>54.2%</td><td>2.2%</td></tr><tr><td>Alphabet Inc. Class C</td><td>GOOG</td><td>67.2%</td><td>2.1%</td></tr><tr></tr></tbody></table>Source: FactSet</p><p><blockquote><table><tbody><tr><td>公司</td><td>股票代码</td><td>价格变动--2021</td><td>佔SPDR标普500指数ETF</td></tr><tr><td>苹果公司。</td><td>AAPL</td><td>35.1%</td><td>6.9%</td></tr><tr><td>微软公司。</td><td>MSFT</td><td>53.4%</td><td>6.3%</td></tr><tr><td>亚马逊公司。</td><td>AMZN</td><td>4.8%</td><td>3.7%</td></tr><tr><td>Alphabet A级</td><td>GOOGL</td><td>67.4%</td><td>2.2%</td></tr><tr><td>特斯拉公司。</td><td>特斯拉</td><td>54.2%</td><td>2.2%</td></tr><tr><td>Alphabet公司C级</td><td>谷歌</td><td>67.2%</td><td>2.1%</td></tr><tr></tr></tbody></table>来源：FactSet</blockquote></p><p>SPY and the S&amp;P 500 include two common-share classes for Alphabet Inc. (GOOGL) and two apiece for four other companies, for a total of 505 stocks.</p><p><blockquote>SPDR标普500指数ETF和标普500包括Alphabet公司（GOOGL）的两种普通股类别和其他四家公司的两种普通股类别，总共505只股票。</blockquote></p><p><b>Stocks in bear markets that analysts love</b></p><p><blockquote><b>分析师喜爱的熊市股票</b></blockquote></p><p>For a broader list of large-cap stocks listed in the U.S., including those of some of China&#39;s biggest internet players, we added the components of the Nasdaq-100 Index , comprised of the 100 largest Nasdaq-listed companies by market capitalization and tracked by the Invesco QQQ Trust.</p><p><blockquote>为了更广泛地了解在美国上市的大盘股，包括中国一些最大的互联网公司的股票，我们添加了纳斯达克100指数的成分股，该指数由市值最大的100家纳斯达克上市公司组成，由景顺QQQ信托跟踪。</blockquote></p><p>After removing duplicates, this left a list of 529 stocks.</p><p><blockquote>删除重复项后，留下了529只股票的列表。</blockquote></p><p>Within in the group, 94 are in a bear market -- that is, they were down at least 20% from their 2021 intraday highs through Dec. 28, according to data provided by FactSet.</p><p><blockquote>FactSet提供的数据显示，其中94家处于熊市，也就是说，截至12月28日，它们较2021年盘中高点下跌了至少20%。</blockquote></p><p>Among the 94, there are 30 with &#34;buy&#34; or equivalent ratings from at least two-thirds of analysts polled by FactSet. Here they are, sorted by the 12-month upside potential implied by the consensus price targets:</p><p><blockquote>在这94只股票中，有30只股票被FactSet调查的至少三分之二的分析师给予“买入”或同等评级。以下是按共识价格目标隐含的12个月上涨潜力排序的：</blockquote></p><p></p><p><table><tbody><tr><td>Company</td><td>Ticker</td><td>Decline from 2021 high</td><td>Closing price -- Dec. 28</td><td>2021 high</td><td>Date of 2021 high</td><td>Share &#34;buy&#34; ratings</td><td>Consensus price target</td><td>Implied 12-month upside potential</td></tr><tr><td>Pinduoduo Inc. ADR Class A</td><td>PDD</td><td>-73.6%</td><td>$56.04</td><td>$212.60</td><td>02/16/2021</td><td>76%</td><td>$104.54</td><td>87%</td></tr><tr><td>Baidu Inc. ADR Class A</td><td>BIDU</td><td>-60.3%</td><td>$140.88</td><td>$354.82</td><td>02/22/2021</td><td>83%</td><td>$232.32</td><td>65%</td></tr><tr><td>JD.com Inc. ADR Class A</td><td>JD</td><td>-39.2%</td><td>$65.87</td><td>$108.29</td><td>02/17/2021</td><td>94%</td><td>$106.30</td><td>61%</td></tr><tr><td><a href=\"https://laohu8.com/S/MELI\">MercadoLibre</a> Inc.</td><td>MELI</td><td>-34.8%</td><td>$1,316.28</td><td>$2,020.00</td><td>01/21/2021</td><td>87%</td><td>$2,011.00</td><td>53%</td></tr><tr><td>Caesars Entertainment Inc.</td><td>CZR</td><td>-22.6%</td><td>$92.78</td><td>$119.81</td><td>10/01/2021</td><td>94%</td><td>$137.36</td><td>48%</td></tr><tr><td>Generac Holdings Inc.</td><td>GNRC</td><td>-33.6%</td><td>$348.18</td><td>$524.31</td><td>11/02/2021</td><td>77%</td><td>$514.11</td><td>48%</td></tr><tr><td>Alaska Air Group Inc.</td><td>ALK</td><td>-28.8%</td><td>$52.90</td><td>$74.25</td><td>04/07/2021</td><td>93%</td><td>$77.71</td><td>47%</td></tr><tr><td>PayPal Holdings Inc.</td><td>PYPL</td><td>-38.7%</td><td>$190.10</td><td>$310.16</td><td>07/26/2021</td><td>84%</td><td>$273.65</td><td>44%</td></tr><tr><td>CrowdStrike Holdings Inc. Class A</td><td>CRWD</td><td>-30.6%</td><td>$207.23</td><td>$298.48</td><td>11/10/2021</td><td>86%</td><td>$291.88</td><td>41%</td></tr><tr><td>Trip.com Group Ltd. ADR</td><td>TCOM</td><td>-48.5%</td><td>$23.29</td><td>$45.19</td><td>03/17/2021</td><td>79%</td><td>$32.78</td><td>41%</td></tr><tr><td><a href=\"https://laohu8.com/S/TMUSR\">T-Mobile US Inc</a>.</td><td>TMUS</td><td>-21.3%</td><td>$118.16</td><td>$150.20</td><td>07/16/2021</td><td>81%</td><td>$165.51</td><td>40%</td></tr><tr><td><a href=\"https://laohu8.com/S/ENPH\">Enphase Energy</a> Inc.</td><td>ENPH</td><td>-33.9%</td><td>$186.79</td><td>$282.46</td><td>11/22/2021</td><td>67%</td><td>$260.92</td><td>40%</td></tr><tr><td>Global Payments Inc.</td><td>GPN</td><td>-38.8%</td><td>$135.15</td><td>$220.81</td><td>04/26/2021</td><td>85%</td><td>$188.41</td><td>39%</td></tr><tr><td>NetEase Inc. ADR</td><td>NTES</td><td>-27.7%</td><td>$97.15</td><td>$134.33</td><td>02/11/2021</td><td>97%</td><td>$134.53</td><td>38%</td></tr><tr><td>Activision Blizzard Inc.</td><td>ATVI</td><td>-36.2%</td><td>$66.67</td><td>$104.53</td><td>02/16/2021</td><td>71%</td><td>$90.86</td><td>36%</td></tr><tr><td>Southwest Airlines Co.</td><td>LUV</td><td>-34.7%</td><td>$42.29</td><td>$64.75</td><td>04/14/2021</td><td>78%</td><td>$57.32</td><td>36%</td></tr><tr><td>Fidelity National Information Services Inc.</td><td>FIS</td><td>-29.9%</td><td>$109.29</td><td>$155.96</td><td>04/29/2021</td><td>74%</td><td>$146.86</td><td>34%</td></tr><tr><td>Match Group Inc.</td><td>MTCH</td><td>-27.0%</td><td>$132.94</td><td>$182.00</td><td>10/21/2021</td><td>68%</td><td>$175.11</td><td>32%</td></tr><tr><td><a href=\"https://laohu8.com/S/LDOS\">Leidos Holdings Inc</a>.</td><td>LDOS</td><td>-22.4%</td><td>$88.26</td><td>$113.75</td><td>01/25/2021</td><td>71%</td><td>$115.00</td><td>30%</td></tr><tr><td>WestRock Co.</td><td>WRK</td><td>-28.8%</td><td>$44.19</td><td>$62.03</td><td>05/17/2021</td><td>67%</td><td>$56.92</td><td>29%</td></tr><tr><td>Medtronic <a href=\"https://laohu8.com/S/PLC\">PLC</a></td><td>MDT</td><td>-23.1%</td><td>$104.53</td><td>$135.89</td><td>09/09/2021</td><td>85%</td><td>$134.52</td><td>29%</td></tr><tr><td>Teleflex Inc.</td><td>TFX</td><td>-26.6%</td><td>$330.03</td><td>$449.38</td><td>04/28/2021</td><td>75%</td><td>$424.11</td><td>29%</td></tr><tr><td><a href=\"https://laohu8.com/S/ZBH\">Zimmer Biomet Holdings Inc</a>.</td><td>ZBH</td><td>-28.9%</td><td>$128.21</td><td>$180.36</td><td>04/29/2021</td><td>68%</td><td>$163.71</td><td>28%</td></tr><tr><td><a href=\"https://laohu8.com/S/PTC\">PTC Inc.</a></td><td>PTC</td><td>-20.4%</td><td>$122.34</td><td>$153.73</td><td>07/23/2021</td><td>71%</td><td>$156.15</td><td>28%</td></tr><tr><td><a href=\"https://laohu8.com/S/PSX\">Phillips 66</a></td><td>PSX</td><td>-21.6%</td><td>$73.93</td><td>$94.34</td><td>06/10/2021</td><td>79%</td><td>$93.50</td><td>26%</td></tr><tr><td>Boeing Co.</td><td>BA</td><td>-26.0%</td><td>$206.13</td><td>$278.57</td><td>03/15/2021</td><td>73%</td><td>$259.61</td><td>26%</td></tr><tr><td><a href=\"https://laohu8.com/S/OKTA\">Okta Inc.</a> Class A</td><td>OKTA</td><td>-23.6%</td><td>$224.47</td><td>$294.00</td><td>02/12/2021</td><td>82%</td><td>$279.88</td><td>25%</td></tr><tr><td>Walt Disney Co.</td><td>DIS</td><td>-23.6%</td><td>$155.20</td><td>$203.02</td><td>03/08/2021</td><td>70%</td><td>$193.29</td><td>25%</td></tr><tr><td>Cor</p><p><blockquote><table><tbody><tr><td>公司</td><td>股票代码</td><td>较2021年高点下降</td><td>收盘价——12月28日</td><td>2021年高点</td><td>2021年高点日期</td><td>分享“买入”评级</td><td>共识价格目标</td><td>隐含的12个月上涨潜力</td></tr><tr><td>拼多多ADR A类</td><td>PDD</td><td>-73.6%</td><td>$56.04</td><td>$212.60</td><td>02/16/2021</td><td>76%</td><td>$104.54</td><td>87%</td></tr><tr><td>百度公司ADR A类</td><td>比都</td><td>-60.3%</td><td>$140.88</td><td>$354.82</td><td>02/22/2021</td><td>83%</td><td>$232.32</td><td>65%</td></tr><tr><td>京东公司ADR A类</td><td>JD</td><td>-39.2%</td><td>$65.87</td><td>$108.29</td><td>02/17/2021</td><td>94%</td><td>$106.30</td><td>61%</td></tr><tr><td><a href=\"https://laohu8.com/S/MELI\">自由市场</a>公司。</td><td>梅利</td><td>-34.8%</td><td>$1,316.28</td><td>$2,020.00</td><td>01/21/2021</td><td>87%</td><td>$2,011.00</td><td>53%</td></tr><tr><td>凯撒娱乐公司。</td><td>CZR</td><td>-22.6%</td><td>$92.78</td><td>$119.81</td><td>10/01/2021</td><td>94%</td><td>$137.36</td><td>48%</td></tr><tr><td>Generac控股公司。</td><td>GNRC</td><td>-33.6%</td><td>$348.18</td><td>$524.31</td><td>11/02/2021</td><td>77%</td><td>$514.11</td><td>48%</td></tr><tr><td>阿拉斯加航空集团公司。</td><td>ALK</td><td>-28.8%</td><td>$52.90</td><td>$74.25</td><td>04/07/2021</td><td>93%</td><td>$77.71</td><td>47%</td></tr><tr><td>PayPal控股公司。</td><td>PYPL</td><td>-38.7%</td><td>$190.10</td><td>$310.16</td><td>07/26/2021</td><td>84%</td><td>$273.65</td><td>44%</td></tr><tr><td>CrowdStrike Holdings Inc.A级</td><td>CRWD</td><td>-30.6%</td><td>$207.23</td><td>$298.48</td><td>11/10/2021</td><td>86%</td><td>$291.88</td><td>41%</td></tr><tr><td>携程集团有限公司ADR</td><td>TCOM</td><td>-48.5%</td><td>$23.29</td><td>$45.19</td><td>03/17/2021</td><td>79%</td><td>$32.78</td><td>41%</td></tr><tr><td><a href=\"https://laohu8.com/S/TMUSR\">T-Mobile美国公司</a>.</td><td>TMUS</td><td>-21.3%</td><td>$118.16</td><td>$150.20</td><td>07/16/2021</td><td>81%</td><td>$165.51</td><td>40%</td></tr><tr><td><a href=\"https://laohu8.com/S/ENPH\">Enphase能源</a>公司。</td><td>ENPH</td><td>-33.9%</td><td>$186.79</td><td>$282.46</td><td>11/22/2021</td><td>67%</td><td>$260.92</td><td>40%</td></tr><tr><td>全球支付公司。</td><td>GPN</td><td>-38.8%</td><td>$135.15</td><td>$220.81</td><td>04/26/2021</td><td>85%</td><td>$188.41</td><td>39%</td></tr><tr><td>网易公司ADR</td><td>NTES</td><td>-27.7%</td><td>$97.15</td><td>$134.33</td><td>02/11/2021</td><td>97%</td><td>$134.53</td><td>38%</td></tr><tr><td>动视暴雪公司。</td><td>ATVI</td><td>-36.2%</td><td>$66.67</td><td>$104.53</td><td>02/16/2021</td><td>71%</td><td>$90.86</td><td>36%</td></tr><tr><td>西南航空公司。</td><td>LUV</td><td>-34.7%</td><td>$42.29</td><td>$64.75</td><td>04/14/2021</td><td>78%</td><td>$57.32</td><td>36%</td></tr><tr><td>富达国家信息服务公司。</td><td>FIS</td><td>-29.9%</td><td>$109.29</td><td>$155.96</td><td>04/29/2021</td><td>74%</td><td>$146.86</td><td>34%</td></tr><tr><td>火柴集团公司。</td><td>MTCH</td><td>-27.0%</td><td>$132.94</td><td>$182.00</td><td>10/21/2021</td><td>68%</td><td>$175.11</td><td>32%</td></tr><tr><td><a href=\"https://laohu8.com/S/LDOS\">莱多斯控股公司</a>.</td><td>LDOS</td><td>-22.4%</td><td>$88.26</td><td>$113.75</td><td>01/25/2021</td><td>71%</td><td>$115.00</td><td>30%</td></tr><tr><td>韦斯特洛克公司。</td><td>WRK</td><td>-28.8%</td><td>$44.19</td><td>$62.03</td><td>05/17/2021</td><td>67%</td><td>$56.92</td><td>29%</td></tr><tr><td>美敦力<a href=\"https://laohu8.com/S/PLC\">PLC</a></td><td>MDT</td><td>-23.1%</td><td>$104.53</td><td>$135.89</td><td>09/09/2021</td><td>85%</td><td>$134.52</td><td>29%</td></tr><tr><td>Teleflex公司。</td><td>TFX</td><td>-26.6%</td><td>$330.03</td><td>$449.38</td><td>04/28/2021</td><td>75%</td><td>$424.11</td><td>29%</td></tr><tr><td><a href=\"https://laohu8.com/S/ZBH\">齐默Biomet控股公司</a>.</td><td>ZBH</td><td>-28.9%</td><td>$128.21</td><td>$180.36</td><td>04/29/2021</td><td>68%</td><td>$163.71</td><td>28%</td></tr><tr><td><a href=\"https://laohu8.com/S/PTC\">PTC公司。</a></td><td>PTC</td><td>-20.4%</td><td>$122.34</td><td>$153.73</td><td>07/23/2021</td><td>71%</td><td>$156.15</td><td>28%</td></tr><tr><td><a href=\"https://laohu8.com/S/PSX\">菲利普斯66</a></td><td>PSX</td><td>-21.6%</td><td>$73.93</td><td>$94.34</td><td>06/10/2021</td><td>79%</td><td>$93.50</td><td>26%</td></tr><tr><td>波音公司。</td><td>巴</td><td>-26.0%</td><td>$206.13</td><td>$278.57</td><td>03/15/2021</td><td>73%</td><td>$259.61</td><td>26%</td></tr><tr><td><a href=\"https://laohu8.com/S/OKTA\">奥克塔公司。</a>A类</td><td>奥克塔</td><td>-23.6%</td><td>$224.47</td><td>$294.00</td><td>02/12/2021</td><td>82%</td><td>$279.88</td><td>25%</td></tr><tr><td>华特·迪斯尼公司。</td><td>说</td><td>-23.6%</td><td>$155.20</td><td>$203.02</td><td>03/08/2021</td><td>70%</td><td>$193.29</td><td>25%</td></tr><tr><td>颜色</td></tr></tbody></table></blockquote></p><p></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/these-stocks-are-down-at-least-20-from-2021-highs-but-wall-street-sees-them-gaining-as-much-as-87-in-2022-11640787635?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":{"BK4533":"AQR资本管理(全球第二大对冲基金)","OEF":"标普100指数ETF-iShares","HCTI":"Healthcare Triangle, Inc.","BK4566":"资本集团","SDS":"两倍做空标普500 ETF-ProShares","BK4106":"数据处理与外包服务",".SPX":"S&P 500 Index","DIS":"迪士尼","BK4167":"医疗保健技术","BK4504":"桥水持仓","TSLA":"特斯拉","BK4503":"景林资产持仓","BK4538":"云计算","FWRG":"First Watch Restaurant Group, Inc.","BK4191":"家用电器","OEX":"标普100","BK4550":"红杉资本持仓","BK4183":"个人用品","BK4548":"巴美列捷福持仓","BK4507":"流媒体概念","OLPX":"Olaplex Holdings, Inc.","PYPL":"PayPal","QQQ":"纳指100ETF","BK4007":"制药","BK4551":"寇图资本持仓","UPRO":"三倍做多标普500ETF-ProShares","SPXU":"三倍做空标普500ETF-ProShares","BK4525":"远程办公概念","BK4561":"索罗斯持仓","BK4539":"次新股","SH":"做空标普500-Proshares","BK4524":"宅经济概念","SSO":"2倍做多标普500ETF-ProShares","BK4554":"元宇宙及AR概念","IVV":"标普500ETF-iShares","BK4532":"文艺复兴科技持仓","CRCT":"Cricut, Inc.","BK4553":"喜马拉雅资本持仓","BK4077":"互动媒体与服务","BK4527":"明星科技股","BK4099":"汽车制造商","SPY":"标普500ETF","TERN":"Terns Pharmaceuticals, Inc.","GOOGL":"谷歌A","BK4534":"瑞士信贷持仓","BK4514":"搜索引擎","BK4555":"新能源车"},"source_url":"https://www.marketwatch.com/story/these-stocks-are-down-at-least-20-from-2021-highs-but-wall-street-sees-them-gaining-as-much-as-87-in-2022-11640787635?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2195450556","content_text":"More than 90 large-cap stocks are down at least 20% from their 2021 highs, but analysts love many of them, including JD.com, PayPal and DisneyAnalysts polled by FactSet expect shares of Alaska Air Group to rise 47% over the next 12 months.Getty ImagesThis has been a remarkable year for stocks, but it may surprise you how many are in bear-market territory, usually defined as a decline of at least 20%.Among a large group of beaten-down stocks, analysts working for brokerage firms expect dozens to soar in 2022. See them below.A solid 2021, but look at  the cap-weightingThe benchmark S&P 500 index  has risen 27.4% during 2021, following a 16.3% in 2020 -- two years of pandemic and two years of double-digit gains. (All price changed in this article exclude dividends.)You probably know the S&P 500 is weighted by market capitalization, but you might not be aware of how extreme the weighting can be. Take a look at the weighting and performance of the top five companies held by the SPDR S&P 500 ETF Trust, which tracks the S&P 500. Together, they make up 23% of the fund's portfolio and the index:CompanyTickerPrice change -- 2021Share of SPYApple Inc.AAPL35.1%6.9%Microsoft Corp.MSFT53.4%6.3%Amazon.com Inc.AMZN4.8%3.7%Alphabet Inc. Class AGOOGL67.4%2.2%Tesla Inc.TSLA54.2%2.2%Alphabet Inc. Class CGOOG67.2%2.1%Source: FactSetSPY and the S&P 500 include two common-share classes for Alphabet Inc. (GOOGL) and two apiece for four other companies, for a total of 505 stocks.Stocks in bear markets that analysts loveFor a broader list of large-cap stocks listed in the U.S., including those of some of China's biggest internet players, we added the components of the Nasdaq-100 Index , comprised of the 100 largest Nasdaq-listed companies by market capitalization and tracked by the Invesco QQQ Trust.After removing duplicates, this left a list of 529 stocks.Within in the group, 94 are in a bear market -- that is, they were down at least 20% from their 2021 intraday highs through Dec. 28, according to data provided by FactSet.Among the 94, there are 30 with \"buy\" or equivalent ratings from at least two-thirds of analysts polled by FactSet. Here they are, sorted by the 12-month upside potential implied by the consensus price targets:CompanyTickerDecline from 2021 highClosing price -- Dec. 282021 highDate of 2021 highShare \"buy\" ratingsConsensus price targetImplied 12-month upside potentialPinduoduo Inc. ADR Class APDD-73.6%$56.04$212.6002/16/202176%$104.5487%Baidu Inc. ADR Class ABIDU-60.3%$140.88$354.8202/22/202183%$232.3265%JD.com Inc. ADR Class AJD-39.2%$65.87$108.2902/17/202194%$106.3061%MercadoLibre Inc.MELI-34.8%$1,316.28$2,020.0001/21/202187%$2,011.0053%Caesars Entertainment Inc.CZR-22.6%$92.78$119.8110/01/202194%$137.3648%Generac Holdings Inc.GNRC-33.6%$348.18$524.3111/02/202177%$514.1148%Alaska Air Group Inc.ALK-28.8%$52.90$74.2504/07/202193%$77.7147%PayPal Holdings Inc.PYPL-38.7%$190.10$310.1607/26/202184%$273.6544%CrowdStrike Holdings Inc. Class ACRWD-30.6%$207.23$298.4811/10/202186%$291.8841%Trip.com Group Ltd. ADRTCOM-48.5%$23.29$45.1903/17/202179%$32.7841%T-Mobile US Inc.TMUS-21.3%$118.16$150.2007/16/202181%$165.5140%Enphase Energy Inc.ENPH-33.9%$186.79$282.4611/22/202167%$260.9240%Global Payments Inc.GPN-38.8%$135.15$220.8104/26/202185%$188.4139%NetEase Inc. ADRNTES-27.7%$97.15$134.3302/11/202197%$134.5338%Activision Blizzard Inc.ATVI-36.2%$66.67$104.5302/16/202171%$90.8636%Southwest Airlines Co.LUV-34.7%$42.29$64.7504/14/202178%$57.3236%Fidelity National Information Services Inc.FIS-29.9%$109.29$155.9604/29/202174%$146.8634%Match Group Inc.MTCH-27.0%$132.94$182.0010/21/202168%$175.1132%Leidos Holdings Inc.LDOS-22.4%$88.26$113.7501/25/202171%$115.0030%WestRock Co.WRK-28.8%$44.19$62.0305/17/202167%$56.9229%Medtronic PLCMDT-23.1%$104.53$135.8909/09/202185%$134.5229%Teleflex Inc.TFX-26.6%$330.03$449.3804/28/202175%$424.1129%Zimmer Biomet Holdings Inc.ZBH-28.9%$128.21$180.3604/29/202168%$163.7128%PTC Inc.PTC-20.4%$122.34$153.7307/23/202171%$156.1528%Phillips 66PSX-21.6%$73.93$94.3406/10/202179%$93.5026%Boeing Co.BA-26.0%$206.13$278.5703/15/202173%$259.6126%Okta Inc. Class AOKTA-23.6%$224.47$294.0002/12/202182%$279.8825%Walt Disney Co.DIS-23.6%$155.20$203.0203/08/202170%$193.2925%Corning Inc.GLW-20.2%$37.35$46.8204/26/202169%$44.3819%Lamb Weston Holdings Inc.LW-28.0%$62.22$86.4103/08/202178%$73.2918%Source: 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13:24","market":"hk","language":"en","title":"Supply-Chain Problems Show Signs of Easing<blockquote>供应链问题出现缓解迹象</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129293678","media":"The Wall Street Journal","summary":"Global supply-chain woes are beginning to recede, but shipping, manufacturing and retail executives ","content":"<p>Global supply-chain woes are beginning to recede, but shipping, manufacturing and retail executives say that they don’t expect a return to more-normal operations until next year and that cargo will continue to be delayed if Covid-19 outbreaks disrupt key distribution hubs.</p><p><blockquote>全球供应链困境开始消退，但航运、制造业和零售业高管表示，他们预计要到明年才能恢复更正常的运营，如果Covid-19疫情扰乱主要配送中心，货物将继续延误。</blockquote></p><p> In Asia, Covid-related factory closures, energy shortages and port-capacity limitshave eased in recent weeks. In the U.S., major retailers say they have imported most of what they need for the holidays.Ocean freight rateshave retreated from record levels.</p><p><blockquote>在亚洲，与新冠疫情相关的工厂关闭、能源短缺和港口容量限制最近几周有所缓解。在美国，主要零售商表示，他们已经进口了假期所需的大部分商品。海运费已从创纪录水平回落。</blockquote></p><p> Still, executives and economists say strong consumer demand for goods in the West, ongoing port congestion in the U.S., shortages of truck drivers and elevated global freight rates continue to hang over any recovery. The risk of more extreme weather and flare-ups of Covid-19 cases can also threaten to clog up supply chains again.</p><p><blockquote>尽管如此，高管和经济学家表示，西方消费者对商品的强劲需求、美国持续的港口拥堵、卡车司机短缺以及全球运费上涨继续困扰着任何复苏。更多极端天气和Covid-19病例爆发的风险也可能再次堵塞供应链。</blockquote></p><p> An easing of supply-chain choke points would allow production to move toward meeting strong demand and would lower logistics costs. If sustained, that, in turn, would help alleviatethe upward pressure on inflation.</p><p><blockquote>供应链瓶颈的缓解将使生产能够满足强劲的需求，并降低物流成本。如果持续下去，这反过来将有助于缓解通胀上行压力。</blockquote></p><p> The number of ships waiting to unload at the ports of Los Angeles and Long Beach, the biggest U.S. gateway for imports from Asia, has improved but is still hovering near record levels. There were 71 container ships anchored offshore on Nov. 19, down from a peak of 86 three days before, according to the Marine Exchange of Southern California, and 17 more were expected to arrive within three days. Before the pandemic, it was unusual for any ships to anchor offshore.</p><p><blockquote>美国从亚洲进口的最大门户洛杉矶和长滩港口等待卸货的船只数量有所改善，但仍徘徊在创纪录水平附近。根据南加州海事交易所的数据，11月19日有71艘集装箱船停泊在近海，低于三天前86艘的峰值，预计三天内还有17艘集装箱船抵达。在大流行之前，任何船只在近海抛锚都是不寻常的。</blockquote></p><p> Shipping and retail executives say they expect the U.S. port backlogs to clear in early 2022, after the holiday shopping season and when Lunar New Year shuts many factories for a week in February, slowing output.</p><p><blockquote>航运和零售业高管表示，他们预计美国港口积压订单将在2022年初清除，即假日购物季结束后，以及2月份农历新年导致许多工厂关闭一周，从而减缓产出。</blockquote></p><p> German shipowner Jan Held said congestion, particularly in Asia, is getting better. His ships transport mainly industrial goods, like giant windmills, rather than containers, but would sometimes spend a month waiting outside of Asian ports.</p><p><blockquote>德国船东Jan Held表示，拥堵情况，尤其是亚洲的拥堵情况正在好转。他的船只主要运输工业货物，如巨型风车，而不是集装箱，但有时会在亚洲港口外等待一个月。</blockquote></p><p> Mr. Held said it would be some time before the global transport system normalizes. “For that, the pandemic has to end and that is not happening any time soon, in my opinion,” said Mr. Held, co-owner of Held Bereederungs GmbH &amp; Co. KG, based in the north German city of Haren.</p><p><blockquote>赫尔德先生表示，全球交通系统正常化还需要一段时间。“为此，疫情必须结束，在我看来，这不会很快发生，”总部位于德国北部城市哈伦的Held Bereederungs GmbH&amp;Co.KG的共同所有者Held先生说。</blockquote></p><p> Trans-Pacific freight rates have cooled in recent weeks as most big U.S. retailers have imported what they need for the holiday season, gradually opening up space on the front end of the trip. The cost to move a container across the Pacific fell by more than a quarter in the week ended Nov. 12, the biggest decline in two years. Rates rose about 5% this week to about $14,700 per 40-foot container and are still more than three times year-ago levels, according to the Freightos Baltic Index.</p><p><blockquote>最近几周，随着大多数美国大型零售商进口假期所需的货物，跨太平洋运费有所降温，逐渐打开了旅行前端的空间。截至11月12日当周，跨越太平洋运输集装箱的成本下降了四分之一以上，创两年来最大降幅。根据Freightos Baltic Index的数据，本周运价上涨约5%，至每40英尺集装箱约14,700美元，仍是去年同期水平的三倍多。</blockquote></p><p> “Globally speaking, the worst is behind us in terms of the supply-chain problems,” said Louis Kuijs, head of Asia economics at Oxford Economics. A survey by the research house among what it described as “country experts” covering 45 economies found that almost all believe supply-chain disruptions have peaked or will peak in the last quarter of this year.</p><p><blockquote>牛津经济研究院亚洲经济主管Louis Kuijs表示：“从全球来看，就供应链问题而言，最糟糕的时期已经过去。”该研究机构对涵盖45个经济体的“国家专家”进行的一项调查发现，几乎所有人都认为供应链中断已经或将在今年最后一个季度达到顶峰。</blockquote></p><p> Many big chains, includingWalmartInc.,Home DepotInc.andTargetCorp., said this past week they arewell stocked for the holidays, mainly because they imported goods earlier than usual this year. Some alsochartered their own shipsto get around bottlenecks.</p><p><blockquote>包括沃尔玛(WalmartInc.)、家得宝(Home DepotInc.)和塔吉特公司(TargetCorp.)在内的许多大型连锁店上周都表示，他们为假期备货充足，主要是因为今年进口商品的时间比往常早。一些人还租了自己的船来绕过瓶颈。</blockquote></p><p> Few executives said their problems are over, and in the most recent round of results, global companies continued to cite issues at ports and roads around the world. Several retailers reported lower profit margins, citing elevated freight costs to move their goods.</p><p><blockquote>很少有高管表示他们的问题已经结束，在最近一轮的结果中，全球公司继续列举世界各地港口和道路的问题。几家零售商报告利润率下降，理由是运输货物的运费上涨。</blockquote></p><p> For Christine Humphreys, there seems to be no easing of the supply-chain chaos that means her U.K. drinks company has only half its stock for Christmas, her busiest period.</p><p><blockquote>对于克里斯汀·汉弗莱斯(Christine Humphreys)来说，供应链混乱似乎没有缓解，这意味着她的英国饮料公司在圣诞节（她最繁忙的时期）只有一半的库存。</blockquote></p><p> Journeys from Germany to the U.K. that would have taken two weeks are now taking six, said Ms. Humphreys, a co-founder of the Mindful Drinking Company Ltd. “Come on, it’s not a million miles away, it’s only across the water,” she said.</p><p><blockquote>Mindful Drinking Company Ltd.的联合创始人汉弗莱斯女士表示，从德国到英国的旅程原本需要两周时间，现在需要六周时间。“得了吧，这不是一百万英里远，只是隔着水，”她说。</blockquote></p><p> After slowdowns in production in recent months due to Covid-19 outbreaks, output at factories across Malaysia, Vietnam and other countries rebounded over the past month as Covid-19 cases declined and production limits were lifted, easing some bottlenecks that havechoked output of semiconductorsand textiles globally.</p><p><blockquote>在近几个月因Covid-19疫情爆发而导致生产放缓后，随着Covid-19病例减少和生产限制取消，马来西亚、越南和其他国家工厂的产量在过去一个月出现反弹，缓解了一些阻碍半导体和全球纺织品生产的瓶颈。</blockquote></p><p> “It’s a huge change in a positive way as it should improve industrial output in Asia and global supply,” said Trinh Nguyen, senior economist at Natixis in Hong Kong. Still, she cautions that many countries continue to grapple with other problems, like shortages of workers.</p><p><blockquote>Natixis驻香港高级经济学家Trinh Nguyen表示：“这是一个积极的巨大变化，因为它应该会改善亚洲的工业产出和全球供应。”尽管如此，她警告说，许多国家仍在努力解决其他问题，如工人短缺。</blockquote></p><p> “There are certain aspects of supply-chain shocks that are easing, but the shortage issue isn’t going to completely disappear,” she said.</p><p><blockquote>“供应链冲击的某些方面正在缓解，但短缺问题不会完全消失，”她说。</blockquote></p><p></p><p> In Vietnam, factory owners in the country’s southern manufacturing hub said production is far smoother than it was several months ago, butchallenges remain, including high shipping costs and labor shortages, as many workers that had returned to their villages during the Covid-19 wave have yet to return.</p><p><blockquote>在越南，该国南部制造业中心的工厂主表示，生产比几个月前顺利得多，但挑战仍然存在，包括高昂的运输成本和劳动力短缺，因为许多在Covid-19浪潮期间返回村庄的工人尚未返回。</blockquote></p><p> Do Xuan Lap, the head of Vietnam’s Timber and Forest Products Association, said that the situation is improving and that medium-size furniture factories, with around 200 to 500 workers, are operating at around 80% capacity. But larger furniture makers, with up to 3,000 workers, were missing more laborers and operating at around 65% capacity.</p><p><blockquote>越南木材和林产品协会负责人Do Xuan Lap表示，情况正在改善，拥有约200至500名工人的中型家具厂的产能约为80%。但拥有多达3,000名工人的大型家具制造商缺少更多劳动力，产能利用率约为65%。</blockquote></p><p> Shortages of shipping containers also appear to be easing.</p><p><blockquote>海运集装箱的短缺似乎也在缓解。</blockquote></p><p> Thomas Broertjes, managing director of Foshan Oufeng Furniture Co. based in Guangdong province, said that in September, he wasn’t able to ship any products because he was unable to secure space on even a single shipping container that month. “That was really the lowest point,” he said.</p><p><blockquote>广东省佛山欧风家具有限公司董事总经理托马斯·布罗特杰斯(Thomas Broertjes)表示，9月份，他无法运送任何产品，因为当月他甚至无法在一个集装箱上找到空间。“那确实是最低点，”他说。</blockquote></p><p> While the company has been able to book more containers since October, it still takes days until it can confirm bookings with vendors. Prices remain three or four times what he paid before 2020. “I’m hopeful that things are getting better. It couldn’t get worse,” he said, though he added, “it’s still a big hassle.”</p><p><blockquote>虽然该公司自10月份以来已经能够预订更多集装箱，但仍需要几天时间才能与供应商确认预订。价格仍然是他在2020年之前支付的三到四倍。“我希望情况正在好转。情况不会变得更糟，”他说，尽管他补充道，“这仍然是一个大麻烦。”</blockquote></p><p> Other factory owners say they are still struggling to deal with bottlenecks. Since this June, boxes filled with auto parts began to pile up at the warehouse of Zhejiang Songtian Automotive Motor System Co. as more importers from the West held off on taking delivery amid soaring freight rates. The company recently repurposed sections of a new factory to store products.</p><p><blockquote>其他工厂主表示，他们仍在努力应对瓶颈。自今年6月以来，由于运费飙升，越来越多的西方进口商推迟提货，装满汽车零部件的箱子开始堆积在浙江松田汽车电机系统有限公司的仓库里。该公司最近将新工厂的部分区域重新用于储存产品。</blockquote></p><p> “The entire factory is now filled with finished goods that couldn’t be shipped out. This is our biggest headache at the moment, and there’s nothing we can do about it,” said Dai Xuezhi, chief executive of the company based in the southeastern Chinese city of Wenzhou.</p><p><blockquote>这家总部位于中国东南部城市温州的公司首席执行官戴学智表示：“现在整个工厂都堆满了无法运出的成品。这是我们目前最头疼的问题，对此我们无能为力。”</blockquote></p><p> Data provider eeSea says containership delays fell in October from September, but there hasn’t been much change when it comes to the vessels waiting outside of ports in November. As of Friday morning, there were 500 large container ships waiting to dock outside ports in Asia, Europe and North America, up slightly from the 497 vessels that waited on Oct. 8.</p><p><blockquote>数据提供商eeSea表示，10月份集装箱船延误量较9月份有所下降，但11月份在港口外等待的船舶没有太大变化。截至周五上午，亚洲、欧洲和北美港口外有500艘大型集装箱船等待停靠，略高于10月8日等待的497艘。</blockquote></p><p> In the U.S., the destination for many of the goods made in Asian factories, there are few signs that the gridlock is easing.</p><p><blockquote>在亚洲工厂制造的许多商品的目的地美国，几乎没有迹象表明僵局正在缓解。</blockquote></p><p> Freight railroads recently lifted their limits on inbound cargo into congested container terminals in the Chicago area. But boxes are still swamping the ports of Los Angeles and Long Beach, and shipping executives note the backlog of vessels offshore suggests the flow of inbound shipments isn’t letting up.</p><p><blockquote>货运铁路最近取消了对芝加哥地区拥挤集装箱码头的入境货物的限制。但箱子仍然充斥着洛杉矶和长滩的港口，航运高管指出，离岸船只的积压表明入境货物的流动并没有减少。</blockquote></p><p> “We are still in the thick of it,” said Alan McCorkle, chief executive of Yusen Terminals LLC, at the Port of Los Angeles.</p><p><blockquote>洛杉矶港邮船码头有限责任公司首席执行官艾伦·麦科克尔(Alan McCorkle)表示：“我们仍处于困境之中。”</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>Supply-Chain Problems Show Signs of Easing<blockquote>供应链问题出现缓解迹象</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\">\nSupply-Chain Problems Show Signs of Easing<blockquote>供应链问题出现缓解迹象</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-11-22 13:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Global supply-chain woes are beginning to recede, but shipping, manufacturing and retail executives say that they don’t expect a return to more-normal operations until next year and that cargo will continue to be delayed if Covid-19 outbreaks disrupt key distribution hubs.</p><p><blockquote>全球供应链困境开始消退，但航运、制造业和零售业高管表示，他们预计要到明年才能恢复更正常的运营，如果Covid-19疫情扰乱主要配送中心，货物将继续延误。</blockquote></p><p> In Asia, Covid-related factory closures, energy shortages and port-capacity limitshave eased in recent weeks. In the U.S., major retailers say they have imported most of what they need for the holidays.Ocean freight rateshave retreated from record levels.</p><p><blockquote>在亚洲，与新冠疫情相关的工厂关闭、能源短缺和港口容量限制最近几周有所缓解。在美国，主要零售商表示，他们已经进口了假期所需的大部分商品。海运费已从创纪录水平回落。</blockquote></p><p> Still, executives and economists say strong consumer demand for goods in the West, ongoing port congestion in the U.S., shortages of truck drivers and elevated global freight rates continue to hang over any recovery. The risk of more extreme weather and flare-ups of Covid-19 cases can also threaten to clog up supply chains again.</p><p><blockquote>尽管如此，高管和经济学家表示，西方消费者对商品的强劲需求、美国持续的港口拥堵、卡车司机短缺以及全球运费上涨继续困扰着任何复苏。更多极端天气和Covid-19病例爆发的风险也可能再次堵塞供应链。</blockquote></p><p> An easing of supply-chain choke points would allow production to move toward meeting strong demand and would lower logistics costs. If sustained, that, in turn, would help alleviatethe upward pressure on inflation.</p><p><blockquote>供应链瓶颈的缓解将使生产能够满足强劲的需求，并降低物流成本。如果持续下去，这反过来将有助于缓解通胀上行压力。</blockquote></p><p> The number of ships waiting to unload at the ports of Los Angeles and Long Beach, the biggest U.S. gateway for imports from Asia, has improved but is still hovering near record levels. There were 71 container ships anchored offshore on Nov. 19, down from a peak of 86 three days before, according to the Marine Exchange of Southern California, and 17 more were expected to arrive within three days. Before the pandemic, it was unusual for any ships to anchor offshore.</p><p><blockquote>美国从亚洲进口的最大门户洛杉矶和长滩港口等待卸货的船只数量有所改善，但仍徘徊在创纪录水平附近。根据南加州海事交易所的数据，11月19日有71艘集装箱船停泊在近海，低于三天前86艘的峰值，预计三天内还有17艘集装箱船抵达。在大流行之前，任何船只在近海抛锚都是不寻常的。</blockquote></p><p> Shipping and retail executives say they expect the U.S. port backlogs to clear in early 2022, after the holiday shopping season and when Lunar New Year shuts many factories for a week in February, slowing output.</p><p><blockquote>航运和零售业高管表示，他们预计美国港口积压订单将在2022年初清除，即假日购物季结束后，以及2月份农历新年导致许多工厂关闭一周，从而减缓产出。</blockquote></p><p> German shipowner Jan Held said congestion, particularly in Asia, is getting better. His ships transport mainly industrial goods, like giant windmills, rather than containers, but would sometimes spend a month waiting outside of Asian ports.</p><p><blockquote>德国船东Jan Held表示，拥堵情况，尤其是亚洲的拥堵情况正在好转。他的船只主要运输工业货物，如巨型风车，而不是集装箱，但有时会在亚洲港口外等待一个月。</blockquote></p><p> Mr. Held said it would be some time before the global transport system normalizes. “For that, the pandemic has to end and that is not happening any time soon, in my opinion,” said Mr. Held, co-owner of Held Bereederungs GmbH &amp; Co. KG, based in the north German city of Haren.</p><p><blockquote>赫尔德先生表示，全球交通系统正常化还需要一段时间。“为此，疫情必须结束，在我看来，这不会很快发生，”总部位于德国北部城市哈伦的Held Bereederungs GmbH&amp;Co.KG的共同所有者Held先生说。</blockquote></p><p> Trans-Pacific freight rates have cooled in recent weeks as most big U.S. retailers have imported what they need for the holiday season, gradually opening up space on the front end of the trip. The cost to move a container across the Pacific fell by more than a quarter in the week ended Nov. 12, the biggest decline in two years. Rates rose about 5% this week to about $14,700 per 40-foot container and are still more than three times year-ago levels, according to the Freightos Baltic Index.</p><p><blockquote>最近几周，随着大多数美国大型零售商进口假期所需的货物，跨太平洋运费有所降温，逐渐打开了旅行前端的空间。截至11月12日当周，跨越太平洋运输集装箱的成本下降了四分之一以上，创两年来最大降幅。根据Freightos Baltic Index的数据，本周运价上涨约5%，至每40英尺集装箱约14,700美元，仍是去年同期水平的三倍多。</blockquote></p><p> “Globally speaking, the worst is behind us in terms of the supply-chain problems,” said Louis Kuijs, head of Asia economics at Oxford Economics. A survey by the research house among what it described as “country experts” covering 45 economies found that almost all believe supply-chain disruptions have peaked or will peak in the last quarter of this year.</p><p><blockquote>牛津经济研究院亚洲经济主管Louis Kuijs表示：“从全球来看，就供应链问题而言，最糟糕的时期已经过去。”该研究机构对涵盖45个经济体的“国家专家”进行的一项调查发现，几乎所有人都认为供应链中断已经或将在今年最后一个季度达到顶峰。</blockquote></p><p> Many big chains, includingWalmartInc.,Home DepotInc.andTargetCorp., said this past week they arewell stocked for the holidays, mainly because they imported goods earlier than usual this year. Some alsochartered their own shipsto get around bottlenecks.</p><p><blockquote>包括沃尔玛(WalmartInc.)、家得宝(Home DepotInc.)和塔吉特公司(TargetCorp.)在内的许多大型连锁店上周都表示，他们为假期备货充足，主要是因为今年进口商品的时间比往常早。一些人还租了自己的船来绕过瓶颈。</blockquote></p><p> Few executives said their problems are over, and in the most recent round of results, global companies continued to cite issues at ports and roads around the world. Several retailers reported lower profit margins, citing elevated freight costs to move their goods.</p><p><blockquote>很少有高管表示他们的问题已经结束，在最近一轮的结果中，全球公司继续列举世界各地港口和道路的问题。几家零售商报告利润率下降，理由是运输货物的运费上涨。</blockquote></p><p> For Christine Humphreys, there seems to be no easing of the supply-chain chaos that means her U.K. drinks company has only half its stock for Christmas, her busiest period.</p><p><blockquote>对于克里斯汀·汉弗莱斯(Christine Humphreys)来说，供应链混乱似乎没有缓解，这意味着她的英国饮料公司在圣诞节（她最繁忙的时期）只有一半的库存。</blockquote></p><p> Journeys from Germany to the U.K. that would have taken two weeks are now taking six, said Ms. Humphreys, a co-founder of the Mindful Drinking Company Ltd. “Come on, it’s not a million miles away, it’s only across the water,” she said.</p><p><blockquote>Mindful Drinking Company Ltd.的联合创始人汉弗莱斯女士表示，从德国到英国的旅程原本需要两周时间，现在需要六周时间。“得了吧，这不是一百万英里远，只是隔着水，”她说。</blockquote></p><p> After slowdowns in production in recent months due to Covid-19 outbreaks, output at factories across Malaysia, Vietnam and other countries rebounded over the past month as Covid-19 cases declined and production limits were lifted, easing some bottlenecks that havechoked output of semiconductorsand textiles globally.</p><p><blockquote>在近几个月因Covid-19疫情爆发而导致生产放缓后，随着Covid-19病例减少和生产限制取消，马来西亚、越南和其他国家工厂的产量在过去一个月出现反弹，缓解了一些阻碍半导体和全球纺织品生产的瓶颈。</blockquote></p><p> “It’s a huge change in a positive way as it should improve industrial output in Asia and global supply,” said Trinh Nguyen, senior economist at Natixis in Hong Kong. Still, she cautions that many countries continue to grapple with other problems, like shortages of workers.</p><p><blockquote>Natixis驻香港高级经济学家Trinh Nguyen表示：“这是一个积极的巨大变化，因为它应该会改善亚洲的工业产出和全球供应。”尽管如此，她警告说，许多国家仍在努力解决其他问题，如工人短缺。</blockquote></p><p> “There are certain aspects of supply-chain shocks that are easing, but the shortage issue isn’t going to completely disappear,” she said.</p><p><blockquote>“供应链冲击的某些方面正在缓解，但短缺问题不会完全消失，”她说。</blockquote></p><p></p><p> In Vietnam, factory owners in the country’s southern manufacturing hub said production is far smoother than it was several months ago, butchallenges remain, including high shipping costs and labor shortages, as many workers that had returned to their villages during the Covid-19 wave have yet to return.</p><p><blockquote>在越南，该国南部制造业中心的工厂主表示，生产比几个月前顺利得多，但挑战仍然存在，包括高昂的运输成本和劳动力短缺，因为许多在Covid-19浪潮期间返回村庄的工人尚未返回。</blockquote></p><p> Do Xuan Lap, the head of Vietnam’s Timber and Forest Products Association, said that the situation is improving and that medium-size furniture factories, with around 200 to 500 workers, are operating at around 80% capacity. But larger furniture makers, with up to 3,000 workers, were missing more laborers and operating at around 65% capacity.</p><p><blockquote>越南木材和林产品协会负责人Do Xuan Lap表示，情况正在改善，拥有约200至500名工人的中型家具厂的产能约为80%。但拥有多达3,000名工人的大型家具制造商缺少更多劳动力，产能利用率约为65%。</blockquote></p><p> Shortages of shipping containers also appear to be easing.</p><p><blockquote>海运集装箱的短缺似乎也在缓解。</blockquote></p><p> Thomas Broertjes, managing director of Foshan Oufeng Furniture Co. based in Guangdong province, said that in September, he wasn’t able to ship any products because he was unable to secure space on even a single shipping container that month. “That was really the lowest point,” he said.</p><p><blockquote>广东省佛山欧风家具有限公司董事总经理托马斯·布罗特杰斯(Thomas Broertjes)表示，9月份，他无法运送任何产品，因为当月他甚至无法在一个集装箱上找到空间。“那确实是最低点，”他说。</blockquote></p><p> While the company has been able to book more containers since October, it still takes days until it can confirm bookings with vendors. Prices remain three or four times what he paid before 2020. “I’m hopeful that things are getting better. It couldn’t get worse,” he said, though he added, “it’s still a big hassle.”</p><p><blockquote>虽然该公司自10月份以来已经能够预订更多集装箱，但仍需要几天时间才能与供应商确认预订。价格仍然是他在2020年之前支付的三到四倍。“我希望情况正在好转。情况不会变得更糟，”他说，尽管他补充道，“这仍然是一个大麻烦。”</blockquote></p><p> Other factory owners say they are still struggling to deal with bottlenecks. Since this June, boxes filled with auto parts began to pile up at the warehouse of Zhejiang Songtian Automotive Motor System Co. as more importers from the West held off on taking delivery amid soaring freight rates. The company recently repurposed sections of a new factory to store products.</p><p><blockquote>其他工厂主表示，他们仍在努力应对瓶颈。自今年6月以来，由于运费飙升，越来越多的西方进口商推迟提货，装满汽车零部件的箱子开始堆积在浙江松田汽车电机系统有限公司的仓库里。该公司最近将新工厂的部分区域重新用于储存产品。</blockquote></p><p> “The entire factory is now filled with finished goods that couldn’t be shipped out. This is our biggest headache at the moment, and there’s nothing we can do about it,” said Dai Xuezhi, chief executive of the company based in the southeastern Chinese city of Wenzhou.</p><p><blockquote>这家总部位于中国东南部城市温州的公司首席执行官戴学智表示：“现在整个工厂都堆满了无法运出的成品。这是我们目前最头疼的问题，对此我们无能为力。”</blockquote></p><p> Data provider eeSea says containership delays fell in October from September, but there hasn’t been much change when it comes to the vessels waiting outside of ports in November. As of Friday morning, there were 500 large container ships waiting to dock outside ports in Asia, Europe and North America, up slightly from the 497 vessels that waited on Oct. 8.</p><p><blockquote>数据提供商eeSea表示，10月份集装箱船延误量较9月份有所下降，但11月份在港口外等待的船舶没有太大变化。截至周五上午，亚洲、欧洲和北美港口外有500艘大型集装箱船等待停靠，略高于10月8日等待的497艘。</blockquote></p><p> In the U.S., the destination for many of the goods made in Asian factories, there are few signs that the gridlock is easing.</p><p><blockquote>在亚洲工厂制造的许多商品的目的地美国，几乎没有迹象表明僵局正在缓解。</blockquote></p><p> Freight railroads recently lifted their limits on inbound cargo into congested container terminals in the Chicago area. But boxes are still swamping the ports of Los Angeles and Long Beach, and shipping executives note the backlog of vessels offshore suggests the flow of inbound shipments isn’t letting up.</p><p><blockquote>货运铁路最近取消了对芝加哥地区拥挤集装箱码头的入境货物的限制。但箱子仍然充斥着洛杉矶和长滩的港口，航运高管指出，离岸船只的积压表明入境货物的流动并没有减少。</blockquote></p><p> “We are still in the thick of it,” said Alan McCorkle, chief executive of Yusen Terminals LLC, at the Port of Los Angeles.</p><p><blockquote>洛杉矶港邮船码头有限责任公司首席执行官艾伦·麦科克尔(Alan McCorkle)表示：“我们仍处于困境之中。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/supply-chain-problems-show-signs-of-easing-11637496002?mod=hp_lead_pos1\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.wsj.com/articles/supply-chain-problems-show-signs-of-easing-11637496002?mod=hp_lead_pos1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129293678","content_text":"Global supply-chain woes are beginning to recede, but shipping, manufacturing and retail executives say that they don’t expect a return to more-normal operations until next year and that cargo will continue to be delayed if Covid-19 outbreaks disrupt key distribution hubs.\nIn Asia, Covid-related factory closures, energy shortages and port-capacity limitshave eased in recent weeks. In the U.S., major retailers say they have imported most of what they need for the holidays.Ocean freight rateshave retreated from record levels.\nStill, executives and economists say strong consumer demand for goods in the West, ongoing port congestion in the U.S., shortages of truck drivers and elevated global freight rates continue to hang over any recovery. The risk of more extreme weather and flare-ups of Covid-19 cases can also threaten to clog up supply chains again.\nAn easing of supply-chain choke points would allow production to move toward meeting strong demand and would lower logistics costs. If sustained, that, in turn, would help alleviatethe upward pressure on inflation.\nThe number of ships waiting to unload at the ports of Los Angeles and Long Beach, the biggest U.S. gateway for imports from Asia, has improved but is still hovering near record levels. There were 71 container ships anchored offshore on Nov. 19, down from a peak of 86 three days before, according to the Marine Exchange of Southern California, and 17 more were expected to arrive within three days. Before the pandemic, it was unusual for any ships to anchor offshore.\nShipping and retail executives say they expect the U.S. port backlogs to clear in early 2022, after the holiday shopping season and when Lunar New Year shuts many factories for a week in February, slowing output.\nGerman shipowner Jan Held said congestion, particularly in Asia, is getting better. His ships transport mainly industrial goods, like giant windmills, rather than containers, but would sometimes spend a month waiting outside of Asian ports.\nMr. Held said it would be some time before the global transport system normalizes. “For that, the pandemic has to end and that is not happening any time soon, in my opinion,” said Mr. Held, co-owner of Held Bereederungs GmbH & Co. KG, based in the north German city of Haren.\nTrans-Pacific freight rates have cooled in recent weeks as most big U.S. retailers have imported what they need for the holiday season, gradually opening up space on the front end of the trip. The cost to move a container across the Pacific fell by more than a quarter in the week ended Nov. 12, the biggest decline in two years. Rates rose about 5% this week to about $14,700 per 40-foot container and are still more than three times year-ago levels, according to the Freightos Baltic Index.\n“Globally speaking, the worst is behind us in terms of the supply-chain problems,” said Louis Kuijs, head of Asia economics at Oxford Economics. A survey by the research house among what it described as “country experts” covering 45 economies found that almost all believe supply-chain disruptions have peaked or will peak in the last quarter of this year.\nMany big chains, includingWalmartInc.,Home DepotInc.andTargetCorp., said this past week they arewell stocked for the holidays, mainly because they imported goods earlier than usual this year. Some alsochartered their own shipsto get around bottlenecks.\nFew executives said their problems are over, and in the most recent round of results, global companies continued to cite issues at ports and roads around the world. Several retailers reported lower profit margins, citing elevated freight costs to move their goods.\nFor Christine Humphreys, there seems to be no easing of the supply-chain chaos that means her U.K. drinks company has only half its stock for Christmas, her busiest period.\nJourneys from Germany to the U.K. that would have taken two weeks are now taking six, said Ms. Humphreys, a co-founder of the Mindful Drinking Company Ltd. “Come on, it’s not a million miles away, it’s only across the water,” she said.\nAfter slowdowns in production in recent months due to Covid-19 outbreaks, output at factories across Malaysia, Vietnam and other countries rebounded over the past month as Covid-19 cases declined and production limits were lifted, easing some bottlenecks that havechoked output of semiconductorsand textiles globally.\n“It’s a huge change in a positive way as it should improve industrial output in Asia and global supply,” said Trinh Nguyen, senior economist at Natixis in Hong Kong. Still, she cautions that many countries continue to grapple with other problems, like shortages of workers.\n“There are certain aspects of supply-chain shocks that are easing, but the shortage issue isn’t going to completely disappear,” she said.\nIn Vietnam, factory owners in the country’s southern manufacturing hub said production is far smoother than it was several months ago, butchallenges remain, including high shipping costs and labor shortages, as many workers that had returned to their villages during the Covid-19 wave have yet to return.\nDo Xuan Lap, the head of Vietnam’s Timber and Forest Products Association, said that the situation is improving and that medium-size furniture factories, with around 200 to 500 workers, are operating at around 80% capacity. But larger furniture makers, with up to 3,000 workers, were missing more laborers and operating at around 65% capacity.\nShortages of shipping containers also appear to be easing.\nThomas Broertjes, managing director of Foshan Oufeng Furniture Co. based in Guangdong province, said that in September, he wasn’t able to ship any products because he was unable to secure space on even a single shipping container that month. “That was really the lowest point,” he said.\nWhile the company has been able to book more containers since October, it still takes days until it can confirm bookings with vendors. Prices remain three or four times what he paid before 2020. “I’m hopeful that things are getting better. It couldn’t get worse,” he said, though he added, “it’s still a big hassle.”\nOther factory owners say they are still struggling to deal with bottlenecks. Since this June, boxes filled with auto parts began to pile up at the warehouse of Zhejiang Songtian Automotive Motor System Co. as more importers from the West held off on taking delivery amid soaring freight rates. The company recently repurposed sections of a new factory to store products.\n“The entire factory is now filled with finished goods that couldn’t be shipped out. This is our biggest headache at the moment, and there’s nothing we can do about it,” said Dai Xuezhi, chief executive of the company based in the southeastern Chinese city of Wenzhou.\nData provider eeSea says containership delays fell in October from September, but there hasn’t been much change when it comes to the vessels waiting outside of ports in November. As of Friday morning, there were 500 large container ships waiting to dock outside ports in Asia, Europe and North America, up slightly from the 497 vessels that waited on Oct. 8.\nIn the U.S., the destination for many of the goods made in Asian factories, there are few signs that the gridlock is easing.\nFreight railroads recently lifted their limits on inbound cargo into congested container terminals in the Chicago area. But boxes are still swamping the ports of Los Angeles and Long Beach, and shipping executives note the backlog of vessels offshore suggests the flow of inbound shipments isn’t letting up.\n“We are still in the thick of it,” said Alan McCorkle, chief executive of Yusen Terminals LLC, at the Port of Los Angeles.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":699,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":874119489,"gmtCreate":1637741887261,"gmtModify":1637741887397,"author":{"id":"4092561976613440","authorId":"4092561976613440","name":"Ernestgoh0","avatar":"https://static.tigerbbs.com/26efe2a26972b528df18cc8a945287d5","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4092561976613440","idStr":"4092561976613440"},"themes":[],"htmlText":"Wow is so cool","listText":"Wow is so cool","text":"Wow is so cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/874119489","repostId":"875266611","repostType":1,"repost":{"id":875266611,"gmtCreate":1637659026330,"gmtModify":1637929617182,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"36984908995200","idStr":"36984908995200"},"themes":[],"title":"【感恩回馈】说说你和老虎的第一次","htmlText":"感恩节马上要到了，小虎提醒：感恩节周四(11月25日)美股休市哦！感恩节翌日(26日)美股提前3小时收盘~ 为了回馈广大虎友们的支持与陪伴，小虎君为大家准备了一些小礼物，参与即可获赠66虎币，如果你愿意多聊2句，还有机会获得小虎全套盲盒。 不知不觉，老虎已经成立7年了， 在过去年的7年，我们认识了很多新老朋友 可曾记得你是何时加入老虎的？ 又是缘何来到这里？ 【参与方式】 本帖留言说出 「你和老虎的第一次」 你发布的第一个帖子是什么？ 你关注的第一个好友是谁？ 你关注/交易的第一只股票是什么？ 【活动奖励】 凡是参与晒单的虎友均可获得66虎币，除此之外，还有机会获得以下奖励： 知己奖：我们会选取“第一条帖子”发帖时间最早的虎友赠予1套小虎盲盒手办（5个） 人气奖：我们会选取评论获赞量最高的3位虎友，随机赠予小虎盲盒手办1个 优质奖：我们会随机选取评论优质有趣的虎友，随机赠予小虎盲盒手办1个 【活动时间】： 2021年11月23日-11月29日 【特别说明】 水贴，重复内容，广告，恶意营销等属于无效内容； 文章需原创并首发于老虎，并且版权归老虎社区所有； 本次活动中用户所提到的标的，仅供参考，不构成投资建议，据此操作，风险自负； 活动最终解释权归老虎社区所有； 若对本次活动有不解之处，可在此贴留言，或微信虎妞（微信号：itiger2014）咨询。 欢迎大家在下贴评论区留言说说「你和老虎的第一次」，你发布的第一个帖子是什么？你关注的第一个好友是谁？你关注/交易的第一只股票是什么？参与即可获赠66虎币，如果你愿意多聊2句，还有机会获得小虎全套盲盒。","listText":"感恩节马上要到了，小虎提醒：感恩节周四(11月25日)美股休市哦！感恩节翌日(26日)美股提前3小时收盘~ 为了回馈广大虎友们的支持与陪伴，小虎君为大家准备了一些小礼物，参与即可获赠66虎币，如果你愿意多聊2句，还有机会获得小虎全套盲盒。 不知不觉，老虎已经成立7年了， 在过去年的7年，我们认识了很多新老朋友 可曾记得你是何时加入老虎的？ 又是缘何来到这里？ 【参与方式】 本帖留言说出 「你和老虎的第一次」 你发布的第一个帖子是什么？ 你关注的第一个好友是谁？ 你关注/交易的第一只股票是什么？ 【活动奖励】 凡是参与晒单的虎友均可获得66虎币，除此之外，还有机会获得以下奖励： 知己奖：我们会选取“第一条帖子”发帖时间最早的虎友赠予1套小虎盲盒手办（5个） 人气奖：我们会选取评论获赞量最高的3位虎友，随机赠予小虎盲盒手办1个 优质奖：我们会随机选取评论优质有趣的虎友，随机赠予小虎盲盒手办1个 【活动时间】： 2021年11月23日-11月29日 【特别说明】 水贴，重复内容，广告，恶意营销等属于无效内容； 文章需原创并首发于老虎，并且版权归老虎社区所有； 本次活动中用户所提到的标的，仅供参考，不构成投资建议，据此操作，风险自负； 活动最终解释权归老虎社区所有； 若对本次活动有不解之处，可在此贴留言，或微信虎妞（微信号：itiger2014）咨询。 欢迎大家在下贴评论区留言说说「你和老虎的第一次」，你发布的第一个帖子是什么？你关注的第一个好友是谁？你关注/交易的第一只股票是什么？参与即可获赠66虎币，如果你愿意多聊2句，还有机会获得小虎全套盲盒。","text":"感恩节马上要到了，小虎提醒：感恩节周四(11月25日)美股休市哦！感恩节翌日(26日)美股提前3小时收盘~ 为了回馈广大虎友们的支持与陪伴，小虎君为大家准备了一些小礼物，参与即可获赠66虎币，如果你愿意多聊2句，还有机会获得小虎全套盲盒。 不知不觉，老虎已经成立7年了， 在过去年的7年，我们认识了很多新老朋友 可曾记得你是何时加入老虎的？ 又是缘何来到这里？ 【参与方式】 本帖留言说出 「你和老虎的第一次」 你发布的第一个帖子是什么？ 你关注的第一个好友是谁？ 你关注/交易的第一只股票是什么？ 【活动奖励】 凡是参与晒单的虎友均可获得66虎币，除此之外，还有机会获得以下奖励： 知己奖：我们会选取“第一条帖子”发帖时间最早的虎友赠予1套小虎盲盒手办（5个） 人气奖：我们会选取评论获赞量最高的3位虎友，随机赠予小虎盲盒手办1个 优质奖：我们会随机选取评论优质有趣的虎友，随机赠予小虎盲盒手办1个 【活动时间】： 2021年11月23日-11月29日 【特别说明】 水贴，重复内容，广告，恶意营销等属于无效内容； 文章需原创并首发于老虎，并且版权归老虎社区所有； 本次活动中用户所提到的标的，仅供参考，不构成投资建议，据此操作，风险自负； 活动最终解释权归老虎社区所有； 若对本次活动有不解之处，可在此贴留言，或微信虎妞（微信号：itiger2014）咨询。 欢迎大家在下贴评论区留言说说「你和老虎的第一次」，你发布的第一个帖子是什么？你关注的第一个好友是谁？你关注/交易的第一只股票是什么？参与即可获赠66虎币，如果你愿意多聊2句，还有机会获得小虎全套盲盒。","images":[{"img":"https://static.tigerbbs.com/b56d1364489aaafc34e363d2b2b842a8","width":"1462","height":"818"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/875266611","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1619,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}