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- PotatoPeasPotatoPeas
  ·2021-09-09
  Interesting
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- PotatoPeasPotatoPeas
  ·2021-09-07
  Nice
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- PotatoPeasPotatoPeas
  ·2021-09-06
  Nice
  Beat the market with this quant system that’s very bullish on stocks at record highs<blockquote>利用这个非常看好历史新高股票的量化系统击败市场</blockquote>
  Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do
  Beat the market with this quant system that’s very bullish on stocks at record highs<blockquote>利用这个非常看好历史新高股票的量化系统击败市场</blockquote>
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- PotatoPeasPotatoPeas
  ·2021-09-05
  Nice
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- PotatoPeasPotatoPeas
  ·2021-09-04
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- PotatoPeasPotatoPeas
  ·2021-08-31
  Bullish ?
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- PotatoPeasPotatoPeas
  ·2021-08-27
  Going up!
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- PotatoPeasPotatoPeas
  ·2021-08-26
  Crypto!!
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- PotatoPeasPotatoPeas
  ·2021-08-25
  Nice
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- PotatoPeasPotatoPeas
  ·2021-08-23
  Nice
  JD.com beats second-quarter sales estimates<blockquote>京东第二季度销售超出预期</blockquote>
  Chinese e-commerce platform JD.com Inc on Monday beat analysts' expectations for quarterly revenue,
  JD.com beats second-quarter sales estimates<blockquote>京东第二季度销售超出预期</blockquote>
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10:56","market":"us","language":"en","title":"Beat the market with this quant system that’s very bullish on stocks at record highs<blockquote>利用这个非常看好历史新高股票的量化系统击败市场</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157895022","media":"MarketWatch","summary":"Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do ","content":"<p>  <b>Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do so. So far his team of computer scientists’ strategy has paid off.</b>  Imagine you had a money-making machine to harvest gains in the stock market while you sat back to enjoy life.</p><p><blockquote><b>万斯·霍华德(Vance Howard)的HCM战术增长基金在谨慎的情况下让您进出股市。到目前为止，他的计算机科学家团队的策略已经得到了回报。</b>想象一下，当你坐下来享受生活时，你有一台赚钱机器在股市中收获收益。</blockquote></p><p> That’s everyone’s dream, right? Investor Vance Howard thinks he’s found it.</p><p><blockquote>那是每个人的梦想，对吧？投资者万斯·霍华德认为他已经找到了。</blockquote></p><p> Howard and his small army of computer programmers atHoward Capital Managementin Roswell, Ga., have a quantitative system that posts great returns.</p><p><blockquote>霍华德和他的一小队计算机程序员在佐治亚州罗斯威尔的资本管理公司工作。，有一个量化系统，张贴巨大的回报。</blockquote></p><p> His HCM Tactical Growth Fund&nbsp;HCMGX,+0.35%beats its Russell 1000&nbsp;benchmark index and large-blend fund category by 8.5-10.4 percentage points annualized over the past five years, according to Morningstar. That is no small feat, and not only because it has to overcome a 2.22% fee. Beating the market is simply not easy. His HCM Dividend Sector PlusHCMQX,-0.05%) and HCM Income PlusHCMLX,+0.30%funds post similar outperformance.</p><p><blockquote>根据晨星公司的数据，他的HCM战术增长基金HCMGX,+0.35%在过去五年中的年化增长率比罗素1000基准指数和大型混合基金类别高出8.5-10.4个百分点。这不是一个小壮举，不仅因为它必须克服2.22%的费用。战胜市场并不容易。他的HCM Dividend Sector PlusHCMQX,-0.05%)和HCM Income PlusHCMLX,+0.30%基金也表现类似。</blockquote></p><p> There are drawbacks, which I detail below. (Among them: Potentially long stretches of underperformance and regular tax bills.) But first, what can we learn from this winner?</p><p><blockquote>有缺点，我在下面详述。（其中包括：潜在的长期表现不佳和定期的税单。）但首先，我们能从这位赢家身上学到什么？</blockquote></p><p> So-called quants never share all the details of their proprietary systems, but Howard shares a lot, as you’ll see. And this Texas rancher has a lot of good advice based on “horse sense” — not surprising, given his infectious passion for the markets, and his three decades of experience as a pro.</p><p><blockquote>所谓的量化分析师从不分享他们专有系统的所有细节，但正如你将看到的，霍华德分享了很多。这位德克萨斯州牧场主有很多基于“马的感觉”的好建议——考虑到他对市场富有感染力的热情，以及他三十年的职业经验，这并不奇怪。</blockquote></p><p> Here are five lessons, 12 exchange traded funds (ETFs) and four stocks to consider, from a recent interview with him.</p><p><blockquote>以下是最近对他的采访中的五个教训、12只交易所交易基金(ETF)和四只值得考虑的股票。</blockquote></p><p> <b>Lesson #1: Don’t be emotional</b></p><p><blockquote><b>第一课：不要情绪化</b></blockquote></p><p> It’s no surprise so many people do poorly in the market. Evolution has programmed us to fail. For survival, we’ve learned to run from things that frightens us. And crave more of things that are pleasurable — like sweets or fats to store calories ahead of what might be a long stretch without food. But in the market, acting on the emotions of fear and greed invariably make us do the wrong thing at the wrong time. Sell at the bottom, buy at the top.</p><p><blockquote>难怪这么多人在市场上表现不佳。进化让我们注定要失败。为了生存，我们学会了逃避让我们害怕的事情。渴望更多令人愉快的东西——比如甜食或脂肪，以便在长时间没有食物之前储存卡路里。但在市场中，对恐惧和贪婪的情绪采取行动总是会让我们在错误的时间做错误的事情。底部卖出，顶部买入。</blockquote></p><p> Likewise, we’re programmed to believe being with the crowd brings safety. If you’re a zebra on the Savanna, you are more likely to get picked off by a predator if you go it alone. The problem here is being part of a crowd — and crowd psychology — dumb us down to a purely emotional level. This is why people in crowds do terrible things they would never do on their own. It doesn’t matter how smart you are. When you join a crowd, you lose a lot of IQ points. Base emotions take over.</p><p><blockquote>同样，我们被设定为相信和人群在一起会带来安全。如果你是稀树草原上的斑马，如果你单干，你更有可能被捕食者吃掉。这里的问题是，成为人群的一部分——以及人群心理——让我们变得愚蠢到纯粹的情感层面。这就是为什么人群中的人会做他们自己永远不会做的可怕的事情。你有多聪明并不重要。当你加入一个人群时，你会失去很多智商点。基本情绪占了上风。</blockquote></p><p> To do well in the market, you have to counteract these tendencies. “One of the biggest mistakes individual investors and money managers make is getting emotional,” says Howard. “Let your emotions go.”</p><p><blockquote>要想在市场上做得好，你必须抵制这些倾向。“个人投资者和基金经理犯的最大错误之一就是变得情绪化，”霍华德说。“放下你的情绪。”</blockquote></p><p> <b>Lesson #2: Have a system and stick to it</b></p><p><blockquote><b>第二课：有一个系统并坚持下去</b></blockquote></p><p> To exorcise emotion, have a system. “And don’t second guess it,” says Howard. “This keeps you from letting the pandemic or Afghanistan scare you out of the market.” He calls his system the HCM-BuyLine. It is basically a momentum and trend-following system — which often works well in the markets.</p><p><blockquote>驱除情绪，要有一个系统。“不要怀疑它，”霍华德说。“这可以防止你被大流行或阿富汗吓出市场。”他评级了他的系统HCM-购买线。它基本上是一个动量和趋势跟踪系统——通常在市场上运行良好。</blockquote></p><p> The HCM-BuyLine basically works like this. First, rather than use the S&amp;P 500SPX,-0.03%or the Dow Jones Industrial AverageDJIA,-0.21%,Howard blends several stock indices to create his own index. Then he uses a moving average that tells him whether the market is in an uptrend or downtrend.</p><p><blockquote>HCM-BuyLine基本上是这样工作的。首先，霍华德没有使用标准普尔500SPX（-0.03%）或道琼斯工业平均指数DJIA（-0.21%），而是混合了几个股票指数来创建自己的指数。然后他使用移动平均线来告诉他市场是处于上升趋势还是下降趋势。</blockquote></p><p> When the moving average drops 3.5%, he sells 35%. If it drops 6.5%, he sells another 35%. He rarely goes to 100% cash.</p><p><blockquote>当移动平均线下跌3.5%时，他卖出35%。如果下跌6.5%，他就再卖出35%。他很少100%现金。</blockquote></p><p> “If the BuyLine is positive, we will stay long no matter what,” he says. “We take all the emotion out of the equation by letting the math decide.”</p><p><blockquote>“如果买入线为正，无论如何我们都会长期持有，”他说。“我们通过让数学来决定，将所有情感从等式中剔除。”</blockquote></p><p> Right now, it’s bullish. (More on this below.)</p><p><blockquote>目前，情况看涨。（更多信息见下文。）</blockquote></p><p> Your system also has to tell you when to get back in.</p><p><blockquote>你的系统还必须告诉你什么时候回去。</blockquote></p><p> “That’s where most people screw up,” he says. “They get out of the market, and they don’t know when to get back in.” The HCM-BuyLine gives a buy signal when his custom index trades above its moving average for six consecutive sessions, and then goes on to trade above the high hit during those six days.</p><p><blockquote>“这就是大多数人搞砸的地方，”他说。“他们退出市场，不知道什么时候才能重新进入。”当他的定制指数连续六个交易日高于其移动平均线时，HCM-买入线会发出买入信号，然后继续高于这六天触及的高点。</blockquote></p><p> You don’t need a system that calls exact market tops or bottoms. Instead, the BuyLine keeps Howard out of down markets 85% of the time, and in for 85% of the good times.</p><p><blockquote>你不需要一个评级精确市场顶部或底部的系统。相反，买入线让霍华德在85%的时间里远离低迷的市场，在85%的好时光里远离。</blockquote></p><p> “If we can do that consistently, we have superior returns and a less stressful life,” he says. “Being all in during a bad tape is no fun.”</p><p><blockquote>“如果我们能够始终如一地做到这一点，我们就会获得更高的回报和更少的生活压力，”他说。“在一盘糟糕的磁带中全力以赴一点也不好玩。”</blockquote></p><p> His system is slow to get him out of the market, but quick to get him back in. Not even a 10% correction will necessarily move him out. He’s often buying those pullbacks. Getting back in fast makes sense, because recoveries off bottoms tend to happen fast.</p><p><blockquote>他的系统让他退出市场很慢，但让他回来很快。即使是10%的修正也不一定能让他出局。他经常买入那些回调。快速反弹是有意义的，因为从底部恢复往往会很快。</blockquote></p><p> “The HCM-BuyLine takes all the emotion out of the process,” says Howard.</p><p><blockquote>“HCM-BuyLine消除了整个过程中的所有情绪，”霍华德说。</blockquote></p><p> <b>Lesson #3: Don’t fight the tape</b></p><p><blockquote><b>第三课：不要和磁带作对</b></blockquote></p><p> This concept is one of the core pieces of wisdom from Marty Zweig’s classic book, “Winning on Wall Street.”</p><p><blockquote>这一概念是马蒂·茨威格经典著作《在华尔街获胜》中的核心智慧之一。</blockquote></p><p></p><p> “You have to stay on the right side of market,” agrees Howard. “If you try to trade long in a bad market, it is painful.”</p><p><blockquote>“你必须站在市场的正确一边，”霍华德表示同意。“如果你试图在糟糕的市场中做多，那是很痛苦的。”</blockquote></p><p> In other words, don’t try to be a hero.</p><p><blockquote>换句话说，不要试图成为英雄。</blockquote></p><p> “Sometimes, not losing money is where you want to be,” he says.</p><p><blockquote>“有时候，不赔钱才是你想要的，”他说。</blockquote></p><p> Likewise, don’t turn cautious just because the market hits new highs — like now. You should love new highs, because it is a sign of market strength that may likely endure.</p><p><blockquote>同样，不要仅仅因为市场创下新高就变得谨慎——就像现在这样。你应该喜欢新高，因为这是市场力量的标志，可能会持续下去。</blockquote></p><p> <b>Lesson #4: Keep it simple</b></p><p><blockquote><b>第四课：保持简单</b></blockquote></p><p> As you’ll see below, Howard doesn’t use esoteric instruments such as derivatives, swaps or index options. He doesn’t even trade foreign stocks or currencies. This is refreshing for individual investors, because we have a harder time accessing those tools.</p><p><blockquote>正如您将在下面看到的，霍华德不使用衍生品、掉期或指数期权等深奥工具。他甚至不交易外国股票或货币。这对个人投资者来说令人耳目一新，因为我们更难获得这些工具。</blockquote></p><p> “You don’t have to trade crazy stuff,” he says. “You can trade plain-vanilla ETFs and beat everybody out there.”</p><p><blockquote>“你不必交易疯狂的东西，”他说。“你可以交易普通的ETF并击败所有人。”</blockquote></p><p> <b>Lesson #5: How to trade the current market</b></p><p><blockquote><b>第5课：如何交易当前市场</b></blockquote></p><p> First, be long.</p><p><blockquote>首先，做长。</blockquote></p><p> “The HCM-BuyLine is very positive. We are 100% in,” says Howard. “The market is broadening out. It is getting pretty exciting. We do not see it turn around any time soon. We are buying pullbacks.”</p><p><blockquote>“HCM-购买线非常积极。我们100%参与，”霍华德说。“市场正在扩大。它变得相当令人兴奋。我们认为它不会很快好转。我们正在买入回调。”</blockquote></p><p> One bullish signal is all the cash on the sidelines. “If there is any relief in Covid, we may see a big rally. We may end up with a great fall [season].”</p><p><blockquote>一个看涨信号是所有现金都在观望。“如果新冠疫情有所缓解，我们可能会看到大幅反弹。我们可能会以一个伟大的秋季[季节]结束。”</blockquote></p><p> Howard uses momentum indicators to select stocks and ETFs, too. For sectors he favors the following.</p><p><blockquote>霍华德也使用动量指标来选择股票和ETF。对于行业，他倾向于以下几点。</blockquote></p><p> He likes health care, tradable through the iShares US HealthcareIYH,-0.04%and ProShares Ultra Health CareRXL,+0.12%ETFs. He’s turning more bullish on biotech, which he plays via the iShares Biotechnology ETFIBB,-0.11%.</p><p><blockquote>他喜欢医疗保健，可通过iShares US HealthcareIYH(-0.04%)和ProShares Ultra Health CareRXL(+0.12%)ETF进行交易。他变得更加看好生物技术，他通过iShares Biotechnology ETFIBB进行投资，-0.11%。</blockquote></p><p> He likes consumer discretionary tradable through the iShares US Consumer ServicesIYC,-0.30%,and airlines via US Global JetsJETS,-1.17%.He also likes tech exposure via the Invesco QQQ TrustQQQ,+0.31%,iShares US TechnologyIYW,+0.50%and&nbsp;iShares SemiconductorSOXX,+0.75%.</p><p><blockquote>他喜欢通过iShares US Consumer ServicesIYC(-0.30%)进行交易的非必需消费品，以及通过US Global JetsJETS(-1.17%)进行交易的航空公司。他还喜欢通过Invesco QQQ TrustQQQ(+0.31%)、iShares US TechnologyIYW(+0.50%)进行科技投资和iShares半导体SOXX，+0.75%。</blockquote></p><p> He likes small-caps via the Vanguard Small-Cap Growth Index FundVBK,+0.07%.And convertible bonds via SPDR Bloomberg Barclays Convertible SecuritiesCWB,+0.64%and iShares Convertible BondICVT,+0.37%.</p><p><blockquote>他喜欢Vanguard Small-Cap Growth Index FundVBK，+0.07%的小盘股。以及SPDR Bloomberg Barclays可转换证券CWB，+0.64%和iShares可转换债券ICVT，+0.37%的可转换债券。</blockquote></p><p> As for individual names, he singles out MicrosoftMSFT,-0.00%and AppleAAPL,+0.42%in tech, as well as Amazon.comAMZN,+0.43%and TeslaTSLA,+0.16%.</p><p><blockquote>至于个人名称，他特别提到了科技股中的微软MSFT(-0.00%)和苹果AAPL(+0.42%)，以及亚马逊MAMZN(+0.43%)和特斯拉TSLA(+0.16%)。</blockquote></p><p> Also consider Howard’s two ETFs: The HCM Defender 100 IndexQQH,+0.62%and HCM Defender 500 IndexLGH,+1.32%.</p><p><blockquote>另请考虑Howard的两只ETF：HCM Defender 100 IndexQQH，+0.62%和HCM Defender 500 IndexLGH，+1.32%。</blockquote></p><p> He prefers to add to holdings on 1%-3% dips.</p><p><blockquote>他更喜欢在下跌1%-3%时增持。</blockquote></p><p> <b>A few drawbacks</b></p><p><blockquote><b>一些缺点</b></blockquote></p><p> His HCM Tactical Growth fund has a history of posting two-year stretches of underperformance of 1.5% to 8.8%, since it was launched in 2015. The fund then came roaring back to net the very positive five-year outperformance cited above. Investing in his system can require patience.</p><p><blockquote>他的HCM战术增长基金自2015年推出以来，曾连续两年表现不佳，涨幅为1.5%至8.8%。随后，该基金卷土重来，实现了上述非常积极的五年优异表现。投资他的系统需要耐心。</blockquote></p><p> Every manager, including Warren Buffett, can have a stretch of underperformance, says Howard.</p><p><blockquote>霍华德说，每个经理人，包括沃伦·巴菲特，都可能有一段时间表现不佳。</blockquote></p><p> “We are in the odds game,” he says. “Even in the odds game, you can have a bad hand or two thrown at you.”</p><p><blockquote>“我们正处于赔率游戏中，”他说。“即使在赔率游戏中，你也可能会遇到一两手糟糕的牌。”</blockquote></p><p> Another challenge is the high turnover, which is 140% a year for Tactical Growth. This means Uncle Sam takes a big cut in the good years. So if you buy Howard’s funds, you may want to do so in a tax-protected account.</p><p><blockquote>另一个挑战是高流动率，战术增长每年140%。这意味着山姆大叔在好年景中会得到很大的提成。因此，如果您购买霍华德的基金，您可能希望在避税账户中购买。</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>Beat the market with this quant system that’s very bullish on stocks at record highs<blockquote>利用这个非常看好历史新高股票的量化系统击败市场</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\">\nBeat the market with this quant system that’s very bullish on stocks at record highs<blockquote>利用这个非常看好历史新高股票的量化系统击败市场</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-09-05 10:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do so. So far his team of computer scientists’ strategy has paid off.</b>  Imagine you had a money-making machine to harvest gains in the stock market while you sat back to enjoy life.</p><p><blockquote><b>万斯·霍华德(Vance Howard)的HCM战术增长基金在谨慎的情况下让您进出股市。到目前为止，他的计算机科学家团队的策略已经得到了回报。</b>想象一下，当你坐下来享受生活时，你有一台赚钱机器在股市中收获收益。</blockquote></p><p> That’s everyone’s dream, right? Investor Vance Howard thinks he’s found it.</p><p><blockquote>那是每个人的梦想，对吧？投资者万斯·霍华德认为他已经找到了。</blockquote></p><p> Howard and his small army of computer programmers atHoward Capital Managementin Roswell, Ga., have a quantitative system that posts great returns.</p><p><blockquote>霍华德和他的一小队计算机程序员在佐治亚州罗斯威尔的资本管理公司工作。，有一个量化系统，张贴巨大的回报。</blockquote></p><p> His HCM Tactical Growth Fund&nbsp;HCMGX,+0.35%beats its Russell 1000&nbsp;benchmark index and large-blend fund category by 8.5-10.4 percentage points annualized over the past five years, according to Morningstar. That is no small feat, and not only because it has to overcome a 2.22% fee. Beating the market is simply not easy. His HCM Dividend Sector PlusHCMQX,-0.05%) and HCM Income PlusHCMLX,+0.30%funds post similar outperformance.</p><p><blockquote>根据晨星公司的数据，他的HCM战术增长基金HCMGX,+0.35%在过去五年中的年化增长率比罗素1000基准指数和大型混合基金类别高出8.5-10.4个百分点。这不是一个小壮举，不仅因为它必须克服2.22%的费用。战胜市场并不容易。他的HCM Dividend Sector PlusHCMQX,-0.05%)和HCM Income PlusHCMLX,+0.30%基金也表现类似。</blockquote></p><p> There are drawbacks, which I detail below. (Among them: Potentially long stretches of underperformance and regular tax bills.) But first, what can we learn from this winner?</p><p><blockquote>有缺点，我在下面详述。（其中包括：潜在的长期表现不佳和定期的税单。）但首先，我们能从这位赢家身上学到什么？</blockquote></p><p> So-called quants never share all the details of their proprietary systems, but Howard shares a lot, as you’ll see. And this Texas rancher has a lot of good advice based on “horse sense” — not surprising, given his infectious passion for the markets, and his three decades of experience as a pro.</p><p><blockquote>所谓的量化分析师从不分享他们专有系统的所有细节，但正如你将看到的，霍华德分享了很多。这位德克萨斯州牧场主有很多基于“马的感觉”的好建议——考虑到他对市场富有感染力的热情，以及他三十年的职业经验，这并不奇怪。</blockquote></p><p> Here are five lessons, 12 exchange traded funds (ETFs) and four stocks to consider, from a recent interview with him.</p><p><blockquote>以下是最近对他的采访中的五个教训、12只交易所交易基金(ETF)和四只值得考虑的股票。</blockquote></p><p> <b>Lesson #1: Don’t be emotional</b></p><p><blockquote><b>第一课：不要情绪化</b></blockquote></p><p> It’s no surprise so many people do poorly in the market. Evolution has programmed us to fail. For survival, we’ve learned to run from things that frightens us. And crave more of things that are pleasurable — like sweets or fats to store calories ahead of what might be a long stretch without food. But in the market, acting on the emotions of fear and greed invariably make us do the wrong thing at the wrong time. Sell at the bottom, buy at the top.</p><p><blockquote>难怪这么多人在市场上表现不佳。进化让我们注定要失败。为了生存，我们学会了逃避让我们害怕的事情。渴望更多令人愉快的东西——比如甜食或脂肪，以便在长时间没有食物之前储存卡路里。但在市场中，对恐惧和贪婪的情绪采取行动总是会让我们在错误的时间做错误的事情。底部卖出，顶部买入。</blockquote></p><p> Likewise, we’re programmed to believe being with the crowd brings safety. If you’re a zebra on the Savanna, you are more likely to get picked off by a predator if you go it alone. The problem here is being part of a crowd — and crowd psychology — dumb us down to a purely emotional level. This is why people in crowds do terrible things they would never do on their own. It doesn’t matter how smart you are. When you join a crowd, you lose a lot of IQ points. Base emotions take over.</p><p><blockquote>同样，我们被设定为相信和人群在一起会带来安全。如果你是稀树草原上的斑马，如果你单干，你更有可能被捕食者吃掉。这里的问题是，成为人群的一部分——以及人群心理——让我们变得愚蠢到纯粹的情感层面。这就是为什么人群中的人会做他们自己永远不会做的可怕的事情。你有多聪明并不重要。当你加入一个人群时，你会失去很多智商点。基本情绪占了上风。</blockquote></p><p> To do well in the market, you have to counteract these tendencies. “One of the biggest mistakes individual investors and money managers make is getting emotional,” says Howard. “Let your emotions go.”</p><p><blockquote>要想在市场上做得好，你必须抵制这些倾向。“个人投资者和基金经理犯的最大错误之一就是变得情绪化，”霍华德说。“放下你的情绪。”</blockquote></p><p> <b>Lesson #2: Have a system and stick to it</b></p><p><blockquote><b>第二课：有一个系统并坚持下去</b></blockquote></p><p> To exorcise emotion, have a system. “And don’t second guess it,” says Howard. “This keeps you from letting the pandemic or Afghanistan scare you out of the market.” He calls his system the HCM-BuyLine. It is basically a momentum and trend-following system — which often works well in the markets.</p><p><blockquote>驱除情绪，要有一个系统。“不要怀疑它，”霍华德说。“这可以防止你被大流行或阿富汗吓出市场。”他评级了他的系统HCM-购买线。它基本上是一个动量和趋势跟踪系统——通常在市场上运行良好。</blockquote></p><p> The HCM-BuyLine basically works like this. First, rather than use the S&amp;P 500SPX,-0.03%or the Dow Jones Industrial AverageDJIA,-0.21%,Howard blends several stock indices to create his own index. Then he uses a moving average that tells him whether the market is in an uptrend or downtrend.</p><p><blockquote>HCM-BuyLine基本上是这样工作的。首先，霍华德没有使用标准普尔500SPX（-0.03%）或道琼斯工业平均指数DJIA（-0.21%），而是混合了几个股票指数来创建自己的指数。然后他使用移动平均线来告诉他市场是处于上升趋势还是下降趋势。</blockquote></p><p> When the moving average drops 3.5%, he sells 35%. If it drops 6.5%, he sells another 35%. He rarely goes to 100% cash.</p><p><blockquote>当移动平均线下跌3.5%时，他卖出35%。如果下跌6.5%，他就再卖出35%。他很少100%现金。</blockquote></p><p> “If the BuyLine is positive, we will stay long no matter what,” he says. “We take all the emotion out of the equation by letting the math decide.”</p><p><blockquote>“如果买入线为正，无论如何我们都会长期持有，”他说。“我们通过让数学来决定，将所有情感从等式中剔除。”</blockquote></p><p> Right now, it’s bullish. (More on this below.)</p><p><blockquote>目前，情况看涨。（更多信息见下文。）</blockquote></p><p> Your system also has to tell you when to get back in.</p><p><blockquote>你的系统还必须告诉你什么时候回去。</blockquote></p><p> “That’s where most people screw up,” he says. “They get out of the market, and they don’t know when to get back in.” The HCM-BuyLine gives a buy signal when his custom index trades above its moving average for six consecutive sessions, and then goes on to trade above the high hit during those six days.</p><p><blockquote>“这就是大多数人搞砸的地方，”他说。“他们退出市场，不知道什么时候才能重新进入。”当他的定制指数连续六个交易日高于其移动平均线时，HCM-买入线会发出买入信号，然后继续高于这六天触及的高点。</blockquote></p><p> You don’t need a system that calls exact market tops or bottoms. Instead, the BuyLine keeps Howard out of down markets 85% of the time, and in for 85% of the good times.</p><p><blockquote>你不需要一个评级精确市场顶部或底部的系统。相反，买入线让霍华德在85%的时间里远离低迷的市场，在85%的好时光里远离。</blockquote></p><p> “If we can do that consistently, we have superior returns and a less stressful life,” he says. “Being all in during a bad tape is no fun.”</p><p><blockquote>“如果我们能够始终如一地做到这一点，我们就会获得更高的回报和更少的生活压力，”他说。“在一盘糟糕的磁带中全力以赴一点也不好玩。”</blockquote></p><p> His system is slow to get him out of the market, but quick to get him back in. Not even a 10% correction will necessarily move him out. He’s often buying those pullbacks. Getting back in fast makes sense, because recoveries off bottoms tend to happen fast.</p><p><blockquote>他的系统让他退出市场很慢，但让他回来很快。即使是10%的修正也不一定能让他出局。他经常买入那些回调。快速反弹是有意义的，因为从底部恢复往往会很快。</blockquote></p><p> “The HCM-BuyLine takes all the emotion out of the process,” says Howard.</p><p><blockquote>“HCM-BuyLine消除了整个过程中的所有情绪，”霍华德说。</blockquote></p><p> <b>Lesson #3: Don’t fight the tape</b></p><p><blockquote><b>第三课：不要和磁带作对</b></blockquote></p><p> This concept is one of the core pieces of wisdom from Marty Zweig’s classic book, “Winning on Wall Street.”</p><p><blockquote>这一概念是马蒂·茨威格经典著作《在华尔街获胜》中的核心智慧之一。</blockquote></p><p></p><p> “You have to stay on the right side of market,” agrees Howard. “If you try to trade long in a bad market, it is painful.”</p><p><blockquote>“你必须站在市场的正确一边，”霍华德表示同意。“如果你试图在糟糕的市场中做多，那是很痛苦的。”</blockquote></p><p> In other words, don’t try to be a hero.</p><p><blockquote>换句话说，不要试图成为英雄。</blockquote></p><p> “Sometimes, not losing money is where you want to be,” he says.</p><p><blockquote>“有时候，不赔钱才是你想要的，”他说。</blockquote></p><p> Likewise, don’t turn cautious just because the market hits new highs — like now. You should love new highs, because it is a sign of market strength that may likely endure.</p><p><blockquote>同样，不要仅仅因为市场创下新高就变得谨慎——就像现在这样。你应该喜欢新高，因为这是市场力量的标志，可能会持续下去。</blockquote></p><p> <b>Lesson #4: Keep it simple</b></p><p><blockquote><b>第四课：保持简单</b></blockquote></p><p> As you’ll see below, Howard doesn’t use esoteric instruments such as derivatives, swaps or index options. He doesn’t even trade foreign stocks or currencies. This is refreshing for individual investors, because we have a harder time accessing those tools.</p><p><blockquote>正如您将在下面看到的，霍华德不使用衍生品、掉期或指数期权等深奥工具。他甚至不交易外国股票或货币。这对个人投资者来说令人耳目一新，因为我们更难获得这些工具。</blockquote></p><p> “You don’t have to trade crazy stuff,” he says. “You can trade plain-vanilla ETFs and beat everybody out there.”</p><p><blockquote>“你不必交易疯狂的东西，”他说。“你可以交易普通的ETF并击败所有人。”</blockquote></p><p> <b>Lesson #5: How to trade the current market</b></p><p><blockquote><b>第5课：如何交易当前市场</b></blockquote></p><p> First, be long.</p><p><blockquote>首先，做长。</blockquote></p><p> “The HCM-BuyLine is very positive. We are 100% in,” says Howard. “The market is broadening out. It is getting pretty exciting. We do not see it turn around any time soon. We are buying pullbacks.”</p><p><blockquote>“HCM-购买线非常积极。我们100%参与，”霍华德说。“市场正在扩大。它变得相当令人兴奋。我们认为它不会很快好转。我们正在买入回调。”</blockquote></p><p> One bullish signal is all the cash on the sidelines. “If there is any relief in Covid, we may see a big rally. We may end up with a great fall [season].”</p><p><blockquote>一个看涨信号是所有现金都在观望。“如果新冠疫情有所缓解，我们可能会看到大幅反弹。我们可能会以一个伟大的秋季[季节]结束。”</blockquote></p><p> Howard uses momentum indicators to select stocks and ETFs, too. For sectors he favors the following.</p><p><blockquote>霍华德也使用动量指标来选择股票和ETF。对于行业，他倾向于以下几点。</blockquote></p><p> He likes health care, tradable through the iShares US HealthcareIYH,-0.04%and ProShares Ultra Health CareRXL,+0.12%ETFs. He’s turning more bullish on biotech, which he plays via the iShares Biotechnology ETFIBB,-0.11%.</p><p><blockquote>他喜欢医疗保健，可通过iShares US HealthcareIYH(-0.04%)和ProShares Ultra Health CareRXL(+0.12%)ETF进行交易。他变得更加看好生物技术，他通过iShares Biotechnology ETFIBB进行投资，-0.11%。</blockquote></p><p> He likes consumer discretionary tradable through the iShares US Consumer ServicesIYC,-0.30%,and airlines via US Global JetsJETS,-1.17%.He also likes tech exposure via the Invesco QQQ TrustQQQ,+0.31%,iShares US TechnologyIYW,+0.50%and&nbsp;iShares SemiconductorSOXX,+0.75%.</p><p><blockquote>他喜欢通过iShares US Consumer ServicesIYC(-0.30%)进行交易的非必需消费品，以及通过US Global JetsJETS(-1.17%)进行交易的航空公司。他还喜欢通过Invesco QQQ TrustQQQ(+0.31%)、iShares US TechnologyIYW(+0.50%)进行科技投资和iShares半导体SOXX，+0.75%。</blockquote></p><p> He likes small-caps via the Vanguard Small-Cap Growth Index FundVBK,+0.07%.And convertible bonds via SPDR Bloomberg Barclays Convertible SecuritiesCWB,+0.64%and iShares Convertible BondICVT,+0.37%.</p><p><blockquote>他喜欢Vanguard Small-Cap Growth Index FundVBK，+0.07%的小盘股。以及SPDR Bloomberg Barclays可转换证券CWB，+0.64%和iShares可转换债券ICVT，+0.37%的可转换债券。</blockquote></p><p> As for individual names, he singles out MicrosoftMSFT,-0.00%and AppleAAPL,+0.42%in tech, as well as Amazon.comAMZN,+0.43%and TeslaTSLA,+0.16%.</p><p><blockquote>至于个人名称，他特别提到了科技股中的微软MSFT(-0.00%)和苹果AAPL(+0.42%)，以及亚马逊MAMZN(+0.43%)和特斯拉TSLA(+0.16%)。</blockquote></p><p> Also consider Howard’s two ETFs: The HCM Defender 100 IndexQQH,+0.62%and HCM Defender 500 IndexLGH,+1.32%.</p><p><blockquote>另请考虑Howard的两只ETF：HCM Defender 100 IndexQQH，+0.62%和HCM Defender 500 IndexLGH，+1.32%。</blockquote></p><p> He prefers to add to holdings on 1%-3% dips.</p><p><blockquote>他更喜欢在下跌1%-3%时增持。</blockquote></p><p> <b>A few drawbacks</b></p><p><blockquote><b>一些缺点</b></blockquote></p><p> His HCM Tactical Growth fund has a history of posting two-year stretches of underperformance of 1.5% to 8.8%, since it was launched in 2015. The fund then came roaring back to net the very positive five-year outperformance cited above. Investing in his system can require patience.</p><p><blockquote>他的HCM战术增长基金自2015年推出以来，曾连续两年表现不佳，涨幅为1.5%至8.8%。随后，该基金卷土重来，实现了上述非常积极的五年优异表现。投资他的系统需要耐心。</blockquote></p><p> Every manager, including Warren Buffett, can have a stretch of underperformance, says Howard.</p><p><blockquote>霍华德说，每个经理人，包括沃伦·巴菲特，都可能有一段时间表现不佳。</blockquote></p><p> “We are in the odds game,” he says. “Even in the odds game, you can have a bad hand or two thrown at you.”</p><p><blockquote>“我们正处于赔率游戏中，”他说。“即使在赔率游戏中，你也可能会遇到一两手糟糕的牌。”</blockquote></p><p> Another challenge is the high turnover, which is 140% a year for Tactical Growth. This means Uncle Sam takes a big cut in the good years. So if you buy Howard’s funds, you may want to do so in a tax-protected account.</p><p><blockquote>另一个挑战是高流动率，战术增长每年140%。这意味着山姆大叔在好年景中会得到很大的提成。因此，如果您购买霍华德的基金，您可能希望在避税账户中购买。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/beat-the-market-with-this-quant-system-thats-very-bullish-on-stocks-at-record-highs-11630761531?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":{".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/beat-the-market-with-this-quant-system-thats-very-bullish-on-stocks-at-record-highs-11630761531?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157895022","content_text":"Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do so. So far his team of computer scientists’ strategy has paid off.\n\nImagine you had a money-making machine to harvest gains in the stock market while you sat back to enjoy life.\nThat’s everyone’s dream, right? Investor Vance Howard thinks he’s found it.\nHoward and his small army of computer programmers atHoward Capital Managementin Roswell, Ga., have a quantitative system that posts great returns.\nHis HCM Tactical Growth Fund HCMGX,+0.35%beats its Russell 1000 benchmark index and large-blend fund category by 8.5-10.4 percentage points annualized over the past five years, according to Morningstar. That is no small feat, and not only because it has to overcome a 2.22% fee. Beating the market is simply not easy. His HCM Dividend Sector PlusHCMQX,-0.05%) and HCM Income PlusHCMLX,+0.30%funds post similar outperformance.\nThere are drawbacks, which I detail below. (Among them: Potentially long stretches of underperformance and regular tax bills.) But first, what can we learn from this winner?\nSo-called quants never share all the details of their proprietary systems, but Howard shares a lot, as you’ll see. And this Texas rancher has a lot of good advice based on “horse sense” — not surprising, given his infectious passion for the markets, and his three decades of experience as a pro.\nHere are five lessons, 12 exchange traded funds (ETFs) and four stocks to consider, from a recent interview with him.\nLesson #1: Don’t be emotional\nIt’s no surprise so many people do poorly in the market. Evolution has programmed us to fail. For survival, we’ve learned to run from things that frightens us. And crave more of things that are pleasurable — like sweets or fats to store calories ahead of what might be a long stretch without food. But in the market, acting on the emotions of fear and greed invariably make us do the wrong thing at the wrong time. Sell at the bottom, buy at the top.\nLikewise, we’re programmed to believe being with the crowd brings safety. If you’re a zebra on the Savanna, you are more likely to get picked off by a predator if you go it alone. The problem here is being part of a crowd — and crowd psychology — dumb us down to a purely emotional level. This is why people in crowds do terrible things they would never do on their own. It doesn’t matter how smart you are. When you join a crowd, you lose a lot of IQ points. Base emotions take over.\nTo do well in the market, you have to counteract these tendencies. “One of the biggest mistakes individual investors and money managers make is getting emotional,” says Howard. “Let your emotions go.”\nLesson #2: Have a system and stick to it\nTo exorcise emotion, have a system. “And don’t second guess it,” says Howard. “This keeps you from letting the pandemic or Afghanistan scare you out of the market.” He calls his system the HCM-BuyLine. It is basically a momentum and trend-following system — which often works well in the markets.\nThe HCM-BuyLine basically works like this. First, rather than use the S&P 500SPX,-0.03%or the Dow Jones Industrial AverageDJIA,-0.21%,Howard blends several stock indices to create his own index. Then he uses a moving average that tells him whether the market is in an uptrend or downtrend.\nWhen the moving average drops 3.5%, he sells 35%. If it drops 6.5%, he sells another 35%. He rarely goes to 100% cash.\n“If the BuyLine is positive, we will stay long no matter what,” he says. “We take all the emotion out of the equation by letting the math decide.”\nRight now, it’s bullish. (More on this below.)\nYour system also has to tell you when to get back in.\n“That’s where most people screw up,” he says. “They get out of the market, and they don’t know when to get back in.” The HCM-BuyLine gives a buy signal when his custom index trades above its moving average for six consecutive sessions, and then goes on to trade above the high hit during those six days.\nYou don’t need a system that calls exact market tops or bottoms. Instead, the BuyLine keeps Howard out of down markets 85% of the time, and in for 85% of the good times.\n“If we can do that consistently, we have superior returns and a less stressful life,” he says. “Being all in during a bad tape is no fun.”\nHis system is slow to get him out of the market, but quick to get him back in. Not even a 10% correction will necessarily move him out. He’s often buying those pullbacks. Getting back in fast makes sense, because recoveries off bottoms tend to happen fast.\n“The HCM-BuyLine takes all the emotion out of the process,” says Howard.\nLesson #3: Don’t fight the tape\nThis concept is one of the core pieces of wisdom from Marty Zweig’s classic book, “Winning on Wall Street.”\n“You have to stay on the right side of market,” agrees Howard. “If you try to trade long in a bad market, it is painful.”\nIn other words, don’t try to be a hero.\n“Sometimes, not losing money is where you want to be,” he says.\nLikewise, don’t turn cautious just because the market hits new highs — like now. You should love new highs, because it is a sign of market strength that may likely endure.\nLesson #4: Keep it simple\nAs you’ll see below, Howard doesn’t use esoteric instruments such as derivatives, swaps or index options. He doesn’t even trade foreign stocks or currencies. This is refreshing for individual investors, because we have a harder time accessing those tools.\n“You don’t have to trade crazy stuff,” he says. “You can trade plain-vanilla ETFs and beat everybody out there.”\nLesson #5: How to trade the current market\nFirst, be long.\n“The HCM-BuyLine is very positive. We are 100% in,” says Howard. “The market is broadening out. It is getting pretty exciting. We do not see it turn around any time soon. We are buying pullbacks.”\nOne bullish signal is all the cash on the sidelines. “If there is any relief in Covid, we may see a big rally. We may end up with a great fall [season].”\nHoward uses momentum indicators to select stocks and ETFs, too. For sectors he favors the following.\nHe likes health care, tradable through the iShares US HealthcareIYH,-0.04%and ProShares Ultra Health CareRXL,+0.12%ETFs. He’s turning more bullish on biotech, which he plays via the iShares Biotechnology ETFIBB,-0.11%.\nHe likes consumer discretionary tradable through the iShares US Consumer ServicesIYC,-0.30%,and airlines via US Global JetsJETS,-1.17%.He also likes tech exposure via the Invesco QQQ TrustQQQ,+0.31%,iShares US TechnologyIYW,+0.50%and iShares SemiconductorSOXX,+0.75%.\nHe likes small-caps via the Vanguard Small-Cap Growth Index FundVBK,+0.07%.And convertible bonds via SPDR Bloomberg Barclays Convertible SecuritiesCWB,+0.64%and iShares Convertible BondICVT,+0.37%.\nAs for individual names, he singles out MicrosoftMSFT,-0.00%and AppleAAPL,+0.42%in tech, as well as Amazon.comAMZN,+0.43%and TeslaTSLA,+0.16%.\nAlso consider Howard’s two ETFs: The HCM Defender 100 IndexQQH,+0.62%and HCM Defender 500 IndexLGH,+1.32%.\nHe prefers to add to holdings on 1%-3% dips.\nA few drawbacks\nHis HCM Tactical Growth fund has a history of posting two-year stretches of underperformance of 1.5% to 8.8%, since it was launched in 2015. The fund then came roaring back to net the very positive five-year outperformance cited above. Investing in his system can require patience.\nEvery manager, including Warren Buffett, can have a stretch of underperformance, says Howard.\n“We are in the odds game,” he says. “Even in the odds game, you can have a bad hand or two thrown at you.”\nAnother challenge is the high turnover, which is 140% a year for Tactical Growth. This means Uncle Sam takes a big cut in the good years. So if you buy Howard’s funds, you may want to do so in a tax-protected account.","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2221,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814640659,"gmtCreate":1630815915071,"gmtModify":1632905723988,"author":{"id":"3575366029596179","authorId":"3575366029596179","name":"PotatoPeas","avatar":"https://static.tigerbbs.com/6dd19d2ef73b6983a4b18b29bdc17c18","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575366029596179","idStr":"3575366029596179"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/814640659","repostId":"1194566233","repostType":4,"isVote":1,"tweetType":1,"viewCount":2471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":815776887,"gmtCreate":1630723144349,"gmtModify":1632906183404,"author":{"id":"3575366029596179","authorId":"3575366029596179","name":"PotatoPeas","avatar":"https://static.tigerbbs.com/6dd19d2ef73b6983a4b18b29bdc17c18","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575366029596179","idStr":"3575366029596179"},"themes":[],"htmlText":"Interesting&nbsp;","listText":"Interesting&nbsp;","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/815776887","repostId":"1186003479","repostType":4,"isVote":1,"tweetType":1,"viewCount":1889,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811744992,"gmtCreate":1630362732416,"gmtModify":1704958974860,"author":{"id":"3575366029596179","authorId":"3575366029596179","name":"PotatoPeas","avatar":"https://static.tigerbbs.com/6dd19d2ef73b6983a4b18b29bdc17c18","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575366029596179","idStr":"3575366029596179"},"themes":[],"htmlText":"Bullish 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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":1629713198,"share":"https://www.laohu8.com/m/news/1167336009?lang=zh_CN&edition=full","pubTime":"2021-08-23 18:06","market":"us","language":"en","title":"JD.com beats second-quarter sales estimates<blockquote>京东第二季度销售超出预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1167336009","media":"Tiger Newspress","summary":"Chinese e-commerce platform JD.com Inc on Monday beat analysts' expectations for quarterly revenue, ","content":"<p>Chinese e-commerce platform JD.com Inc&nbsp;on Monday beat analysts' expectations for quarterly revenue, boosted by strong demand for online shopping triggered by the COVID-19 pandemic.</p><p><blockquote>受COVID-19大流行引发的强劲在线购物需求提振，中国电子商务平台京东公司周一的季度收入超出了分析师的预期。</blockquote></p><p> Net revenue at JD.com rose about 26% to 253.8 billion yuan ($39.14 billion) in the second quarter ended June 30. Analysts had expected revenue of 249.27 billion yuan, according to IBES data from Refinitiv.</p><p><blockquote>截至6月30日的第二季度，京东净收入增长约26%，达到2538亿元人民币（391.4亿美元）。根据Refinitiv的IBES数据，分析师此前预计营收为2492.7亿元。</blockquote></p><p> <a href=\"https://www.laohu8.com/live/16296945283683?invite=33333\" target=\"_blank\">Q2 2021 JD.Com Inc Earnings Conference Call</a></p><p><blockquote><a href=\"https://www.laohu8.com/live/16296945283683?invite=33333\" target=\"_blank\">2021年第二季度京东公司收益电话会议</a></blockquote></p><p> <b>Second Quarter 2021 Highlights</b></p><p><blockquote><b>2021年第二季度亮点</b></blockquote></p><p> <ul>  <li><b>Net revenues</b>&nbsp;for the second quarter of 2021 were RMB253.8 billion (US$139.3 billion), an increase of 26.2% from the second quarter of 2020. Net service revenues for the second quarter of 2021 were RMB34.1 billion (US$5.3 billion), an increase of 49.2% from the second quarter of 2020.</li>  <li><b>Income from operations</b>&nbsp;for the second quarter of 2021 was RMB300.8 million (US$46.6 million), compared to RMB5.0 billion for the same period last year.<b>Non-GAAP2income from operations</b>&nbsp;for the second quarter of 2021 was RMB2.5 billion (US$0.4 billion), compared to RMB5.6 billion for the second quarter of 2020. Operating margin of JD Retail before unallocated items for the second quarter of 2021 was 2.6%, remained stable compared with the second quarter of 2020<b>3</b>.</li>  <li><b>Net incomeattributable to ordinary shareholders</b>&nbsp;for the second quarter of 2021 was RMB794.3 million (US$123.0 million), compared to RMB16.4 billion for the same period last year.<b>Non-GAAP net incomeattributable to ordinary shareholders</b>&nbsp;for the second quarter of 2021 was RMB4.6 billion (US$0.7 billion), compared to RMB5.9 billion for the same period last year.</li>  <li><b>Diluted net income per ADS</b>&nbsp;for the second quarter of 2021 was RMB0.50 (US$0.08), compared to RMB10.47 for the second quarter of 2020.<b>Non-GAAP diluted net income per ADS</b>&nbsp;for the second quarter of 2021 was RMB2.90 (US$0.45), compared to RMB3.51 for the same period last year.</li>  <li><b>Operating cash flow</b>&nbsp;for the twelve months ended June 30, 2021 increased to RMB38.9 billion (US$6.0 billion) from RMB26.3 billion for the twelve months ended June 30, 2020. Free cash flow, which excludes the impact from JD Baitiao receivables included in the operating cash flow, for the twelve months ended June 30, 2021 increased to RMB31.9 billion (US$4.9 billion), compared to RMB22.7 billion for the twelve months ended June 30, 2020.</li>  <li><b>Annual active customer accounts4</b>&nbsp;increased by 27.4% to 531.9 million in the twelve months ended June 30, 2021 from 417.4 million in the twelve months ended June 30, 2020.</li> </ul> JD.com&nbsp;shares&nbsp;fell&nbsp;1.8%&nbsp;in premarket trading.</p><p><blockquote><ul><li><b>净收入</b>2021年第二季度为人民币2,538亿元（1,393亿美元），较2020年第二季度增长26.2%。2021年第二季度净服务收入为人民币341亿元（53亿美元），较2020年第二季度增长49.2%。</li><li><b>营业收入</b>2021年第二季度为人民币3.008亿元（4660万美元），而去年同期为人民币50亿元。<b>非GAAP2运营收入</b>2021年第二季度为人民币25亿元（4亿美元），而2020年第二季度为人民币56亿元。京东零售2021年第二季度未分配项目前营业利润率为2.6%，较2020年第二季度保持稳定<b>3</b>.</li><li><b>归属于普通股股东的净利润</b>2021年第二季度为人民币7.943亿元（1.23亿美元），而去年同期为人民币164亿元。<b>非公认会计准则归属于普通股股东的净利润</b>2021年第二季度为人民币46亿元（7亿美元），而去年同期为人民币59亿元。</li><li><b>稀释后每股美国存托凭证净利润</b>2021年第二季度为人民币0.50元（0.08美元），而2020年第二季度为人民币10.47元。<b>非公认会计准则每股美国存托凭证摊薄净利润</b>2021年第二季度为人民币2.90元（0.45美元），而去年同期为人民币3.51元。</li><li><b>经营现金流量</b>截至2021年6月30日止十二个月的人民币263亿元增加至截至2021年6月30日止十二个月的人民币389亿元（60亿美元）。截至2021年6月30日止十二个月的自由现金流（不包括计入经营现金流的京东白条应收款项的影响）增至人民币319亿元（49亿美元），而截至2021年6月30日止十二个月为人民币227亿元。2020年。</li><li><b>年度活跃客户账户4</b>由截至2020年6月30日止十二个月的4.174亿增加27.4%至截至2021年6月30日止十二个月的5.319亿。</li></ul>京东股价在盘前交易中下跌1.</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0a2c969e7e956090e6edcd9fad738ba1\" tg-width=\"893\" tg-height=\"641\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b><i>Business Highlights</i></b></p><p><blockquote><b><i>业务亮点</i></b></blockquote></p><p> <b><u>Environment, Social and Governance</u></b></p><p><blockquote><b><u>环境、社会及管治</u></b></blockquote></p><p> <ul>  <li>In response to the severe flooding in the central China province of Henan, JD.com donated over 20 truckloads of rescue supplies and daily necessities dispatched from JD.com’s closest warehouse. Furthermore, JD Health opened a free 24-hour hotline for medical consultation and donated healthcare supplies for disinfection and epidemic prevention. The emergency efforts reflect the company’s longstanding policy of immediately donating goods to disaster areas from the nearest JD.com’s warehouse. JD Retail also assisted merchants in the affected regions through fee relief and additional insurance to accelerate the disaster recovery effort.</li>  <li>On June 18, JD.com published its Sustainability Report discussing the company’s achievements from 2018 to 2020 in creating a low-carbon enterprise through environmentally friendly logistics, procurement and facilities. Since 2017, JD.com has been gradually replacing traditional fuel-combustion trucks with new energy vehicles reducing carbon dioxide emissions by more than 120,000 tons each year.</li>  <li>In June, JD Logistics and P&amp;G Beauty completed an environmentally friendly soccer field made from recycled plastic bottles at the Nanjing Foreign Language School, representing a milestone for JD.com’s Green Stream Initiative on its 4th anniversary. Last year, P&amp;G Beauty joined JD Logistics’s bottle recycling program as a strategic partner to recycle plastic P&amp;G brand products in Shanghai and Guangzhou. As of June 2021, over 20,000 families have participated in the program.</li> </ul> <b><u>JD Retail</u></b></p><p><blockquote><ul><li>为应对河南省的严重洪灾，京东捐赠了20多辆卡车的救援物资和生活必需品，这些物资是从京东最近的仓库运来的。此外，京东健康开通24小时免费医疗咨询热线，捐赠消毒防疫医疗用品。此次紧急行动反映了该公司的长期政策，即立即从最近的京东仓库向灾区捐赠货物。京东零售还通过费用减免和额外保险帮助受影响地区的商家加快灾后恢复工作。</li><li>6月18日，京东发布了可持续发展报告，讨论了该公司在2018年至2020年通过环保物流、采购和设施创建低碳企业方面取得的成就。自2017年以来，京东逐步用新能源汽车取代传统燃油卡车，每年减少二氧化碳排放超过12万吨。</li><li>6月，京东物流与宝洁美容在南京外国语学校完成了一个由回收塑料瓶制成的环保足球场，标志着京东绿流倡议四周年的里程碑。去年，宝洁美妆作为战略合作伙伴加入京东物流的瓶子回收计划，在上海和广州回收塑料宝洁品牌产品。截至2021年6月，已有超过20,000个家庭参与了该计划。</li></ul><b><u>京东零售</u></b></blockquote></p><p></p><p> <ul>  <li>JD.com’s 618 Grand Promotion reported outstanding results. During the 18-day sale from June 1 to 18, over 236 brands achieved sales of over RMB100 million. Order requests from 92% of districts and counties and 84% of small towns were fulfilled on the same or next day. Omni-channel also played an integral part in the 618 Grand Promotion with over one thousand digital and computer stores supporting on-demand consumption and one-hour delivery service.</li>  <li>LVMH group expanded its innovative partnerships with JD.com in the second quarter. Leveraging the JD.com mini-app, LVMH’s BVLGARI brand provided customers with a new shopping experience featuring a full suite of products including selected jewelry and watches. This represents the first time BVLGARI has collaborated with a third-party online retailer in its history of 137 years. Berluti, the top luxury menswear fashion house under the LVMH group, also established its first official global flagship store on JD.com during the period.</li>  <li>Several internationally renowned beauty brands recently launched official flagship stores on JD.com including LVMH Group’s Guerlain in early August, as well as LVMH Group’s Givenchy Beauty and Benefit, Estee Lauder Companies’ Estee Lauder, Clinique and Origins, and L’Oreal's Kiehl's in July. The addition of these brands further enriches JD Beauty's high-quality product suite and ensures a best-of-class shopping experience for customers with services provided by JD Logistics.</li> </ul> <b><u>JD Health</u></b></p><p><blockquote><ul><li>京东618大促战报亮眼。在6月1日至18日的18天销售中，超过236个品牌的销售额超过人民币1亿元。92%的区县、84%的小城镇订单请求当天或次日完成。全渠道也在618大促中发挥了不可或缺的作用，超过一千家数码和电脑商店支持按需消费和一小时送达服务。</li><li>路威酩轩集团在第二季度扩大了与京东的创新合作伙伴关系。LVMH旗下宝格丽品牌透过京东小应用程式，为顾客提供全新购物体验，包括精选珠宝及腕表在内的全套产品。这是宝格丽137年历史上首次与第三方在线零售商合作。LVMH集团旗下顶级奢侈男装时装屋Berluti亦于期内在京东设立首家全球官方旗舰店。</li><li>几个国际知名美容品牌最近在京东上推出了官方旗舰店，包括8月初LVMH集团的娇兰，以及7月份LVMH集团的纪梵希Beauty and Benefit，雅诗兰黛公司的雅诗兰黛、倩碧和Origins，以及欧莱雅的科颜氏。这些品牌的加入进一步丰富了京东美妆的优质产品套件，并通过京东物流提供的服务确保客户获得一流的购物体验。</li></ul><b><u>京东健康</u></b></blockquote></p><p> <ul>  <li>As an important platform for healthcare brands to expand online sales channels and accelerate digitalization, in the second quarter, JD Health closely cooperated with leading global pharmaceutical companies. JD Health deepened its cooperation with UCB China and became its strategic partner for the distribution of UCB China’s anti-allergic drug Zyrtec (cetirizine hydrochloride tablet and drops). JD Health facilitated the expansion and maintenance of multiple sales channels for Zyrtec including online, offline small and medium sized chain pharmacies as well as individual pharmacies. JD Health also officially launched the AstraZeneca direct sales flagship store, Sanofi direct sales flagship store and other brand stores in order to provide more convenient and professional online and offline integrated healthcare services to patients with chronic diseases.</li>  <li>In order to address the need for supply chains for certain special drugs, in the second quarter, JD Health partnered with JD Logistics to establish “cold chain” capabilities covering over 100 cities in 12 provincial-level administrative regions across China. With such capabilities, JD Pharmacy is able to expand its business into special drugs for rare diseases. A number of cold chain products from Eli Lilly and Company, Novartis, Sanofi and other brands became available through JD Pharmacy.</li> </ul> <b><u>JD Logistics</u></b></p><p><blockquote><ul><li>作为医疗健康品牌拓展线上销售渠道、加速数字化的重要平台，二季度，京东健康与全球领先药企紧密合作。京东健康深化与优时比中国的合作，成为其优时比中国抗过敏药Zyrtec（盐酸西替利嗪片和滴剂）分销的战略合作伙伴。京东健康协助Zyrtec拓展和维护多个销售渠道，包括线上、线下中小型连锁药店以及个体药店。京东健康还正式上线阿斯利康直销旗舰店、赛诺菲直销旗舰店等品牌门店，以期为慢病患者提供更加便捷、专业的线上线下一体化医疗保健服务。</li><li>为解决某些特殊药品的供应链需求，第二季度，京东健康与京东物流合作，建立了覆盖全国12个省级行政区超100个城市的“冷链”能力。有了这样的能力，京东大药房才有能力将业务拓展到罕见病特药。礼来公司、诺华、赛诺菲等品牌的多款冷链产品通过京东大药房上市。</li></ul><b><u>京东物流</u></b></blockquote></p><p> <ul>  <li>On May 28, JD Logistics successfully listed on the Main Board of the Hong Kong Stock Exchange under the stock code “2618”. Net proceeds from this offering, including the over-allotment options, amounted to approximately RMB23.0 billion. After listing in Hong Kong, JD Logistics will continue to focus on developing its integrated supply chain, including upgrading and expanding its six logistics networks, developing advanced technologies to be used in its supply chain solutions and logistics services, expanding the breadth and depth of integrated solutions, improving supply chain efficiency and user experience for customers, and reducing operating costs.</li>  <li>JD Logistics further strengthened its cross regional highway, railway and air cargo network to enhance its next-morning and next-day delivery service. As of June 30, 2021, JD Logistics had over 1,000 air cargo routes and the ability to utilize over 300 railway routes. During the 618 Grand Promotion, customers enjoyed delivery service within minutes of order placement in over 200 cities in China.</li>  <li>In June, JD Logistics and Xiaomi Youpin jointly launched a warehousing and distribution center in Tianjin, upgrading the supply chain cooperation between the two parties. The warehousing center will provide one-stop logistics services including collection, sorting, warehousing, packaging, and distribution, covering all categories of products for its customers.</li>  <li>As of June 30, 2021, JD Logistics operated approximately 1,200 warehouses, which covered an aggregate gross floor area of approximately 23 million square meters, including warehouse space of cloud warehouses managed under the JD Logistics Open Warehouse Platform.</li> </ul> <b><u>Other Highlights</u></b></p><p><blockquote><ul><li>5月28日，京东物流在港交所主板成功上市，股票代码为“2618”。本次发行的所得款项净额（包括超额配股权）约为人民币230亿元。在香港上市后，京东物流将继续专注于发展其一体化供应链，包括升级和扩展其六大物流网络，开发先进技术用于其供应链解决方案和物流服务，拓展一体化解决方案的广度和深度，为客户提高供应链效率和用户体验，并降低运营成本。</li><li>京东物流进一步加强跨区域公路、铁路和航空货运网络，提升次日早达和次日达服务。截至2021年6月30日，京东物流拥有超过1,000条航空货运航线，并有能力利用超过300条铁路航线。在618大促期间，客户在中国200多个城市享受下单分钟送达服务。</li><li>6月，京东物流与小米有品在天津联合落地仓储配送中心，升级双方供应链合作。仓储中心将为其客户提供包括收集、分拣、仓储、包装、配送在内的一站式物流服务，覆盖所有品类的产品。</li><li>截至2021年6月30日，京东物流运营约1200个仓库，总建筑面积约2300万平方米，包括京东物流开放仓库平台下管理的云仓库的仓库空间。</li></ul><b><u>其他亮点</u></b></blockquote></p><p></p><p> <ul>  <li>On June 18, AiHuiShou, a secondhand electronics transactions and services platform, was officially listed on the New York Stock Exchange under the stock ticker “RERE”. JD.com’s ownership ratio was approximately 33.4% after listing. According to the partnership agreement signed between JD.com and AiHuiShou, the two companies will cooperate in the areas of user traffic, marketing, R&amp;D, sales and channel commissions, supply chain and logistics, customer service and after-sales service.</li> </ul> <b><u>Operational Metrics Update</u></b></p><p><blockquote><ul><li>6月18日，二手电子交易和服务平台爱回收在纽交所正式挂牌上市，股票代码为“RERE”。京东上市后持股比例约为33.4%。根据京东与爱回收签署的合作伙伴协议，两家公司将在用户流量、营销、研发、销售和渠道佣金、供应链和物流、客户服务和售后服务等领域展开合作。</li></ul><b><u>运营指标更新</u></b></blockquote></p><p> <ul>  <li>As of June 30, 2021, JD.com had over 320,000 employees, excluding part-time and interns.</li> </ul> <b>Second Quarter 2021 Financial Results</b></p><p><blockquote><ul><li>截至2021年6月30日，京东拥有超过32万名员工，不包括兼职和实习生。</li></ul><b>2021年第二季度财务业绩</b></blockquote></p><p> <b><i>Net Revenues.</i></b>&nbsp;For the second quarter of 2021, JD.com reported net revenues of RMB253.8 billion (US$39.3 billion), representing a 26.2% increase from the same period in 2020. Net product revenues increased by 23.3%, while net service revenues increased by 49.2% for the second quarter of 2021, as compared to the same period of 2020.</p><p><blockquote><b><i>净收入。</i></b>2021年第二季度，京东报告净收入为人民币2538亿元（393亿美元），较2020年同期增长26.2%。与2020年同期相比，2021年第二季度产品净收入增长23.3%，服务净收入增长49.2%。</blockquote></p><p> <b><i>Cost of Revenues</i></b><b>.</b>Cost of revenues increased by 28.8% to RMB222.1 billion (US$34.4 billion) for the second quarter of 2021 from RMB172.4 billion for the second quarter of 2020.</p><p><blockquote><b><i>收入成本</i></b><b>.</b>收入成本从2020年第二季度的人民币1,724亿元增长28.8%至2021年第二季度的人民币2,221亿元（344亿美元）。</blockquote></p><p> <b><i>Fulfillment Expenses</i></b><b>.</b>Fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processing expenses, increased by 22.5% to RMB14.6 billion (US$2.3 billion) for the second quarter of 2021 from RMB12.0 billion for the second quarter of 2020. Fulfillment expenses as a percentage of net revenues was 5.8% for the second quarter of 2021, compared to 5.9% for the same period last year.</p><p><blockquote><b><i>履行费用</i></b><b>.</b>履约费用主要包括采购、仓储、交付、客户服务和支付处理费用，从2020年第二季度的人民币120亿元增长22.5%至2021年第二季度的人民币146亿元（23亿美元）。2021年第二季度履行费用占净收入的百分比为5.8%，而去年同期为5.9%。</blockquote></p><p> <b><i>Marketing Expenses</i></b><b>.</b>Marketing expenses increased by 56.0% to RMB10.6 billion (US$1.6 billion) for the second quarter of 2021 from RMB6.8 billion for the second quarter of 2020.</p><p><blockquote><b><i>营销费用</i></b><b>.</b>营销费用从2020年第二季度的人民币68亿元增长56.0%至2021年第二季度的人民币106亿元（16亿美元）。</blockquote></p><p> <b><i>Research and Development Expenses</i></b><b>.</b>Research and development expenses was RMB3.7 billion (US$0.6 billion) for the second quarter of 2021, as compared to RMB3.6 billion for the second quarter of 2020.</p><p><blockquote><b><i>研发费用</i></b><b>.</b>2021年第二季度的研发费用为人民币37亿元（6亿美元），而2020年第二季度为人民币36亿元。</blockquote></p><p> <b><i>General and Administrative Expenses</i></b><b>.</b>&nbsp;General and administrative expenses increased by 80.0% to RMB2.6 billion (US$0.4 billion) for the second quarter of 2021 from RMB1.4 billion for the second quarter of 2020. The increase was primarily due to the increase in share-based compensation expenses.</p><p><blockquote><b><i>一般及行政开支</i></b><b>.</b>一般及行政费用从2020年第二季度的人民币14亿元增长80.0%至2021年第二季度的人民币26亿元（4亿美元）。该增加主要由于以股份为基础的薪酬开支增加所致。</blockquote></p><p> <b><i>Income from Operations and Non-GAAP Income from Operations.</i></b>Income from operations for the second quarter of 2021 was RMB300.8 million (US$46.6 million), compared to RMB5.0 billion for the same period last year. Non-GAAP income from operations for the second quarter of 2021 was RMB2.5 billion (US$0.4 billion), compared to non-GAAP income from operations of RMB5.6 billion for the second quarter of 2020. Operating margin of JD Retail before unallocated items for the second quarter of 2021 was 2.6%, remained stable compared with the second quarter of 2020.</p><p><blockquote><b><i>运营收入和非公认会计准则运营收入。</i></b>2021年第二季度营业收入为人民币3.008亿元（4660万美元），而去年同期为人民币50亿元。2021年第二季度非GAAP运营收入为25亿元人民币（4亿美元），而2020年第二季度非GAAP运营收入为56亿元人民币。京东零售2021年第二季度未分配项目前的营业利润率为2.6%，与2020年第二季度相比保持稳定。</blockquote></p><p> <b><i>Non-GAAP EBITDA</i></b>for the second quarter of 2021 was RMB3.7 billion (US$0.6 billion), compared to RMB6.9 billion for the second quarter of 2020.</p><p><blockquote><b><i>非公认会计准则EBITDA</i></b>2021年第二季度为人民币37亿元（6亿美元），而2020年第二季度为人民币69亿元。</blockquote></p><p> <b><i>Share of Results of Equity Investees.</i></b>&nbsp;Share of results of equity investees was an income of RMB522.8 million (US$81.0 million) for the second quarter of 2021, as compared to an income of RMB4.0 billion for the second quarter of 2020. The substantial decrease was primarily due to a one-off dilution gain of RMB4.1 billion recognized upon the IPO of Dada Group during the second quarter of 2020.</p><p><blockquote><b><i>应佔权益被投资方业绩。</i></b>2021年第二季度股权投资公司业绩份额收入为人民币5.228亿元（8100万美元），而2020年第二季度收入为人民币40亿元。大幅减少主要是由于达达集团于2020年第二季度首次公开发售后确认的一次性摊薄收益人民币41亿元。</blockquote></p><p> <b><i>Net IncomeAttributable to Ordinary Shareholdersand Non-GAAP Net IncomeAttributable to Ordinary Shareholders.</i></b>Net income attributable to ordinary shareholders for the second quarter of 2021 was RMB794.3 million (US$123.0 million), compared to RMB16.4 billion for the same period last year. Non-GAAP net income attributable to ordinary shareholders for the second quarter of 2021 was RMB4.6 billion (US$0.7 billion), compared to RMB5.9 billion for the same period last year.</p><p><blockquote><b><i>归属于普通股股东的净利润和非公认会计准则归属于普通股股东的净利润。</i></b>2021年第二季度归属于普通股股东的净利润为人民币7.943亿元（1.23亿美元），而去年同期为人民币164亿元。2021年第二季度非公认会计准则归属于普通股股东的净利润为人民币46亿元（7亿美元），而去年同期为人民币59亿元。</blockquote></p><p> <b><i>Diluted EPS and Non-GAAP Diluted EPS.</i></b>Diluted net income per ADS for the second quarter of 2021 was RMB0.50 (US$0.08), compared to RMB10.47 for the second quarter of 2020. Non-GAAP diluted net income per ADS for the second quarter of 2021 was RMB2.90 (US$0.45), compared to RMB3.51 for the second quarter of 2020.</p><p><blockquote><b><i>稀释每股收益和非公认会计准则稀释每股收益。</i></b>2021年第二季度每股美国存托凭证摊薄净利润为人民币0.50元（0.08美元），而2020年第二季度为人民币10.47元。2021年第二季度非公认会计准则摊薄后每股美国存托凭证净利润为人民币2.90元（0.45美元），而2020年第二季度为人民币3.51元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JD.com beats second-quarter sales estimates<blockquote>京东第二季度销售超出预期</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\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\">\nJD.com beats second-quarter sales estimates<blockquote>京东第二季度销售超出预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-23 18:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Chinese e-commerce platform JD.com Inc&nbsp;on Monday beat analysts' expectations for quarterly revenue, boosted by strong demand for online shopping triggered by the COVID-19 pandemic.</p><p><blockquote>受COVID-19大流行引发的强劲在线购物需求提振，中国电子商务平台京东公司周一的季度收入超出了分析师的预期。</blockquote></p><p> Net revenue at JD.com rose about 26% to 253.8 billion yuan ($39.14 billion) in the second quarter ended June 30. Analysts had expected revenue of 249.27 billion yuan, according to IBES data from Refinitiv.</p><p><blockquote>截至6月30日的第二季度，京东净收入增长约26%，达到2538亿元人民币（391.4亿美元）。根据Refinitiv的IBES数据，分析师此前预计营收为2492.7亿元。</blockquote></p><p> <a href=\"https://www.laohu8.com/live/16296945283683?invite=33333\" target=\"_blank\">Q2 2021 JD.Com Inc Earnings Conference Call</a></p><p><blockquote><a href=\"https://www.laohu8.com/live/16296945283683?invite=33333\" target=\"_blank\">2021年第二季度京东公司收益电话会议</a></blockquote></p><p> <b>Second Quarter 2021 Highlights</b></p><p><blockquote><b>2021年第二季度亮点</b></blockquote></p><p> <ul>  <li><b>Net revenues</b>&nbsp;for the second quarter of 2021 were RMB253.8 billion (US$139.3 billion), an increase of 26.2% from the second quarter of 2020. Net service revenues for the second quarter of 2021 were RMB34.1 billion (US$5.3 billion), an increase of 49.2% from the second quarter of 2020.</li>  <li><b>Income from operations</b>&nbsp;for the second quarter of 2021 was RMB300.8 million (US$46.6 million), compared to RMB5.0 billion for the same period last year.<b>Non-GAAP2income from operations</b>&nbsp;for the second quarter of 2021 was RMB2.5 billion (US$0.4 billion), compared to RMB5.6 billion for the second quarter of 2020. Operating margin of JD Retail before unallocated items for the second quarter of 2021 was 2.6%, remained stable compared with the second quarter of 2020<b>3</b>.</li>  <li><b>Net incomeattributable to ordinary shareholders</b>&nbsp;for the second quarter of 2021 was RMB794.3 million (US$123.0 million), compared to RMB16.4 billion for the same period last year.<b>Non-GAAP net incomeattributable to ordinary shareholders</b>&nbsp;for the second quarter of 2021 was RMB4.6 billion (US$0.7 billion), compared to RMB5.9 billion for the same period last year.</li>  <li><b>Diluted net income per ADS</b>&nbsp;for the second quarter of 2021 was RMB0.50 (US$0.08), compared to RMB10.47 for the second quarter of 2020.<b>Non-GAAP diluted net income per ADS</b>&nbsp;for the second quarter of 2021 was RMB2.90 (US$0.45), compared to RMB3.51 for the same period last year.</li>  <li><b>Operating cash flow</b>&nbsp;for the twelve months ended June 30, 2021 increased to RMB38.9 billion (US$6.0 billion) from RMB26.3 billion for the twelve months ended June 30, 2020. Free cash flow, which excludes the impact from JD Baitiao receivables included in the operating cash flow, for the twelve months ended June 30, 2021 increased to RMB31.9 billion (US$4.9 billion), compared to RMB22.7 billion for the twelve months ended June 30, 2020.</li>  <li><b>Annual active customer accounts4</b>&nbsp;increased by 27.4% to 531.9 million in the twelve months ended June 30, 2021 from 417.4 million in the twelve months ended June 30, 2020.</li> </ul> JD.com&nbsp;shares&nbsp;fell&nbsp;1.8%&nbsp;in premarket trading.</p><p><blockquote><ul><li><b>净收入</b>2021年第二季度为人民币2,538亿元（1,393亿美元），较2020年第二季度增长26.2%。2021年第二季度净服务收入为人民币341亿元（53亿美元），较2020年第二季度增长49.2%。</li><li><b>营业收入</b>2021年第二季度为人民币3.008亿元（4660万美元），而去年同期为人民币50亿元。<b>非GAAP2运营收入</b>2021年第二季度为人民币25亿元（4亿美元），而2020年第二季度为人民币56亿元。京东零售2021年第二季度未分配项目前营业利润率为2.6%，较2020年第二季度保持稳定<b>3</b>.</li><li><b>归属于普通股股东的净利润</b>2021年第二季度为人民币7.943亿元（1.23亿美元），而去年同期为人民币164亿元。<b>非公认会计准则归属于普通股股东的净利润</b>2021年第二季度为人民币46亿元（7亿美元），而去年同期为人民币59亿元。</li><li><b>稀释后每股美国存托凭证净利润</b>2021年第二季度为人民币0.50元（0.08美元），而2020年第二季度为人民币10.47元。<b>非公认会计准则每股美国存托凭证摊薄净利润</b>2021年第二季度为人民币2.90元（0.45美元），而去年同期为人民币3.51元。</li><li><b>经营现金流量</b>截至2021年6月30日止十二个月的人民币263亿元增加至截至2021年6月30日止十二个月的人民币389亿元（60亿美元）。截至2021年6月30日止十二个月的自由现金流（不包括计入经营现金流的京东白条应收款项的影响）增至人民币319亿元（49亿美元），而截至2021年6月30日止十二个月为人民币227亿元。2020年。</li><li><b>年度活跃客户账户4</b>由截至2020年6月30日止十二个月的4.174亿增加27.4%至截至2021年6月30日止十二个月的5.319亿。</li></ul>京东股价在盘前交易中下跌1.</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0a2c969e7e956090e6edcd9fad738ba1\" tg-width=\"893\" tg-height=\"641\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b><i>Business Highlights</i></b></p><p><blockquote><b><i>业务亮点</i></b></blockquote></p><p> <b><u>Environment, Social and Governance</u></b></p><p><blockquote><b><u>环境、社会及管治</u></b></blockquote></p><p> <ul>  <li>In response to the severe flooding in the central China province of Henan, JD.com donated over 20 truckloads of rescue supplies and daily necessities dispatched from JD.com’s closest warehouse. Furthermore, JD Health opened a free 24-hour hotline for medical consultation and donated healthcare supplies for disinfection and epidemic prevention. The emergency efforts reflect the company’s longstanding policy of immediately donating goods to disaster areas from the nearest JD.com’s warehouse. JD Retail also assisted merchants in the affected regions through fee relief and additional insurance to accelerate the disaster recovery effort.</li>  <li>On June 18, JD.com published its Sustainability Report discussing the company’s achievements from 2018 to 2020 in creating a low-carbon enterprise through environmentally friendly logistics, procurement and facilities. Since 2017, JD.com has been gradually replacing traditional fuel-combustion trucks with new energy vehicles reducing carbon dioxide emissions by more than 120,000 tons each year.</li>  <li>In June, JD Logistics and P&amp;G Beauty completed an environmentally friendly soccer field made from recycled plastic bottles at the Nanjing Foreign Language School, representing a milestone for JD.com’s Green Stream Initiative on its 4th anniversary. Last year, P&amp;G Beauty joined JD Logistics’s bottle recycling program as a strategic partner to recycle plastic P&amp;G brand products in Shanghai and Guangzhou. As of June 2021, over 20,000 families have participated in the program.</li> </ul> <b><u>JD Retail</u></b></p><p><blockquote><ul><li>为应对河南省的严重洪灾，京东捐赠了20多辆卡车的救援物资和生活必需品，这些物资是从京东最近的仓库运来的。此外，京东健康开通24小时免费医疗咨询热线，捐赠消毒防疫医疗用品。此次紧急行动反映了该公司的长期政策，即立即从最近的京东仓库向灾区捐赠货物。京东零售还通过费用减免和额外保险帮助受影响地区的商家加快灾后恢复工作。</li><li>6月18日，京东发布了可持续发展报告，讨论了该公司在2018年至2020年通过环保物流、采购和设施创建低碳企业方面取得的成就。自2017年以来，京东逐步用新能源汽车取代传统燃油卡车，每年减少二氧化碳排放超过12万吨。</li><li>6月，京东物流与宝洁美容在南京外国语学校完成了一个由回收塑料瓶制成的环保足球场，标志着京东绿流倡议四周年的里程碑。去年，宝洁美妆作为战略合作伙伴加入京东物流的瓶子回收计划，在上海和广州回收塑料宝洁品牌产品。截至2021年6月，已有超过20,000个家庭参与了该计划。</li></ul><b><u>京东零售</u></b></blockquote></p><p></p><p> <ul>  <li>JD.com’s 618 Grand Promotion reported outstanding results. During the 18-day sale from June 1 to 18, over 236 brands achieved sales of over RMB100 million. Order requests from 92% of districts and counties and 84% of small towns were fulfilled on the same or next day. Omni-channel also played an integral part in the 618 Grand Promotion with over one thousand digital and computer stores supporting on-demand consumption and one-hour delivery service.</li>  <li>LVMH group expanded its innovative partnerships with JD.com in the second quarter. Leveraging the JD.com mini-app, LVMH’s BVLGARI brand provided customers with a new shopping experience featuring a full suite of products including selected jewelry and watches. This represents the first time BVLGARI has collaborated with a third-party online retailer in its history of 137 years. Berluti, the top luxury menswear fashion house under the LVMH group, also established its first official global flagship store on JD.com during the period.</li>  <li>Several internationally renowned beauty brands recently launched official flagship stores on JD.com including LVMH Group’s Guerlain in early August, as well as LVMH Group’s Givenchy Beauty and Benefit, Estee Lauder Companies’ Estee Lauder, Clinique and Origins, and L’Oreal's Kiehl's in July. The addition of these brands further enriches JD Beauty's high-quality product suite and ensures a best-of-class shopping experience for customers with services provided by JD Logistics.</li> </ul> <b><u>JD Health</u></b></p><p><blockquote><ul><li>京东618大促战报亮眼。在6月1日至18日的18天销售中，超过236个品牌的销售额超过人民币1亿元。92%的区县、84%的小城镇订单请求当天或次日完成。全渠道也在618大促中发挥了不可或缺的作用，超过一千家数码和电脑商店支持按需消费和一小时送达服务。</li><li>路威酩轩集团在第二季度扩大了与京东的创新合作伙伴关系。LVMH旗下宝格丽品牌透过京东小应用程式，为顾客提供全新购物体验，包括精选珠宝及腕表在内的全套产品。这是宝格丽137年历史上首次与第三方在线零售商合作。LVMH集团旗下顶级奢侈男装时装屋Berluti亦于期内在京东设立首家全球官方旗舰店。</li><li>几个国际知名美容品牌最近在京东上推出了官方旗舰店，包括8月初LVMH集团的娇兰，以及7月份LVMH集团的纪梵希Beauty and Benefit，雅诗兰黛公司的雅诗兰黛、倩碧和Origins，以及欧莱雅的科颜氏。这些品牌的加入进一步丰富了京东美妆的优质产品套件，并通过京东物流提供的服务确保客户获得一流的购物体验。</li></ul><b><u>京东健康</u></b></blockquote></p><p> <ul>  <li>As an important platform for healthcare brands to expand online sales channels and accelerate digitalization, in the second quarter, JD Health closely cooperated with leading global pharmaceutical companies. JD Health deepened its cooperation with UCB China and became its strategic partner for the distribution of UCB China’s anti-allergic drug Zyrtec (cetirizine hydrochloride tablet and drops). JD Health facilitated the expansion and maintenance of multiple sales channels for Zyrtec including online, offline small and medium sized chain pharmacies as well as individual pharmacies. JD Health also officially launched the AstraZeneca direct sales flagship store, Sanofi direct sales flagship store and other brand stores in order to provide more convenient and professional online and offline integrated healthcare services to patients with chronic diseases.</li>  <li>In order to address the need for supply chains for certain special drugs, in the second quarter, JD Health partnered with JD Logistics to establish “cold chain” capabilities covering over 100 cities in 12 provincial-level administrative regions across China. With such capabilities, JD Pharmacy is able to expand its business into special drugs for rare diseases. A number of cold chain products from Eli Lilly and Company, Novartis, Sanofi and other brands became available through JD Pharmacy.</li> </ul> <b><u>JD Logistics</u></b></p><p><blockquote><ul><li>作为医疗健康品牌拓展线上销售渠道、加速数字化的重要平台，二季度，京东健康与全球领先药企紧密合作。京东健康深化与优时比中国的合作，成为其优时比中国抗过敏药Zyrtec（盐酸西替利嗪片和滴剂）分销的战略合作伙伴。京东健康协助Zyrtec拓展和维护多个销售渠道，包括线上、线下中小型连锁药店以及个体药店。京东健康还正式上线阿斯利康直销旗舰店、赛诺菲直销旗舰店等品牌门店，以期为慢病患者提供更加便捷、专业的线上线下一体化医疗保健服务。</li><li>为解决某些特殊药品的供应链需求，第二季度，京东健康与京东物流合作，建立了覆盖全国12个省级行政区超100个城市的“冷链”能力。有了这样的能力，京东大药房才有能力将业务拓展到罕见病特药。礼来公司、诺华、赛诺菲等品牌的多款冷链产品通过京东大药房上市。</li></ul><b><u>京东物流</u></b></blockquote></p><p> <ul>  <li>On May 28, JD Logistics successfully listed on the Main Board of the Hong Kong Stock Exchange under the stock code “2618”. Net proceeds from this offering, including the over-allotment options, amounted to approximately RMB23.0 billion. After listing in Hong Kong, JD Logistics will continue to focus on developing its integrated supply chain, including upgrading and expanding its six logistics networks, developing advanced technologies to be used in its supply chain solutions and logistics services, expanding the breadth and depth of integrated solutions, improving supply chain efficiency and user experience for customers, and reducing operating costs.</li>  <li>JD Logistics further strengthened its cross regional highway, railway and air cargo network to enhance its next-morning and next-day delivery service. As of June 30, 2021, JD Logistics had over 1,000 air cargo routes and the ability to utilize over 300 railway routes. During the 618 Grand Promotion, customers enjoyed delivery service within minutes of order placement in over 200 cities in China.</li>  <li>In June, JD Logistics and Xiaomi Youpin jointly launched a warehousing and distribution center in Tianjin, upgrading the supply chain cooperation between the two parties. The warehousing center will provide one-stop logistics services including collection, sorting, warehousing, packaging, and distribution, covering all categories of products for its customers.</li>  <li>As of June 30, 2021, JD Logistics operated approximately 1,200 warehouses, which covered an aggregate gross floor area of approximately 23 million square meters, including warehouse space of cloud warehouses managed under the JD Logistics Open Warehouse Platform.</li> </ul> <b><u>Other Highlights</u></b></p><p><blockquote><ul><li>5月28日，京东物流在港交所主板成功上市，股票代码为“2618”。本次发行的所得款项净额（包括超额配股权）约为人民币230亿元。在香港上市后，京东物流将继续专注于发展其一体化供应链，包括升级和扩展其六大物流网络，开发先进技术用于其供应链解决方案和物流服务，拓展一体化解决方案的广度和深度，为客户提高供应链效率和用户体验，并降低运营成本。</li><li>京东物流进一步加强跨区域公路、铁路和航空货运网络，提升次日早达和次日达服务。截至2021年6月30日，京东物流拥有超过1,000条航空货运航线，并有能力利用超过300条铁路航线。在618大促期间，客户在中国200多个城市享受下单分钟送达服务。</li><li>6月，京东物流与小米有品在天津联合落地仓储配送中心，升级双方供应链合作。仓储中心将为其客户提供包括收集、分拣、仓储、包装、配送在内的一站式物流服务，覆盖所有品类的产品。</li><li>截至2021年6月30日，京东物流运营约1200个仓库，总建筑面积约2300万平方米，包括京东物流开放仓库平台下管理的云仓库的仓库空间。</li></ul><b><u>其他亮点</u></b></blockquote></p><p></p><p> <ul>  <li>On June 18, AiHuiShou, a secondhand electronics transactions and services platform, was officially listed on the New York Stock Exchange under the stock ticker “RERE”. JD.com’s ownership ratio was approximately 33.4% after listing. According to the partnership agreement signed between JD.com and AiHuiShou, the two companies will cooperate in the areas of user traffic, marketing, R&amp;D, sales and channel commissions, supply chain and logistics, customer service and after-sales service.</li> </ul> <b><u>Operational Metrics Update</u></b></p><p><blockquote><ul><li>6月18日，二手电子交易和服务平台爱回收在纽交所正式挂牌上市，股票代码为“RERE”。京东上市后持股比例约为33.4%。根据京东与爱回收签署的合作伙伴协议，两家公司将在用户流量、营销、研发、销售和渠道佣金、供应链和物流、客户服务和售后服务等领域展开合作。</li></ul><b><u>运营指标更新</u></b></blockquote></p><p> <ul>  <li>As of June 30, 2021, JD.com had over 320,000 employees, excluding part-time and interns.</li> </ul> <b>Second Quarter 2021 Financial Results</b></p><p><blockquote><ul><li>截至2021年6月30日，京东拥有超过32万名员工，不包括兼职和实习生。</li></ul><b>2021年第二季度财务业绩</b></blockquote></p><p> <b><i>Net Revenues.</i></b>&nbsp;For the second quarter of 2021, JD.com reported net revenues of RMB253.8 billion (US$39.3 billion), representing a 26.2% increase from the same period in 2020. Net product revenues increased by 23.3%, while net service revenues increased by 49.2% for the second quarter of 2021, as compared to the same period of 2020.</p><p><blockquote><b><i>净收入。</i></b>2021年第二季度，京东报告净收入为人民币2538亿元（393亿美元），较2020年同期增长26.2%。与2020年同期相比，2021年第二季度产品净收入增长23.3%，服务净收入增长49.2%。</blockquote></p><p> <b><i>Cost of Revenues</i></b><b>.</b>Cost of revenues increased by 28.8% to RMB222.1 billion (US$34.4 billion) for the second quarter of 2021 from RMB172.4 billion for the second quarter of 2020.</p><p><blockquote><b><i>收入成本</i></b><b>.</b>收入成本从2020年第二季度的人民币1,724亿元增长28.8%至2021年第二季度的人民币2,221亿元（344亿美元）。</blockquote></p><p> <b><i>Fulfillment Expenses</i></b><b>.</b>Fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processing expenses, increased by 22.5% to RMB14.6 billion (US$2.3 billion) for the second quarter of 2021 from RMB12.0 billion for the second quarter of 2020. Fulfillment expenses as a percentage of net revenues was 5.8% for the second quarter of 2021, compared to 5.9% for the same period last year.</p><p><blockquote><b><i>履行费用</i></b><b>.</b>履约费用主要包括采购、仓储、交付、客户服务和支付处理费用，从2020年第二季度的人民币120亿元增长22.5%至2021年第二季度的人民币146亿元（23亿美元）。2021年第二季度履行费用占净收入的百分比为5.8%，而去年同期为5.9%。</blockquote></p><p> <b><i>Marketing Expenses</i></b><b>.</b>Marketing expenses increased by 56.0% to RMB10.6 billion (US$1.6 billion) for the second quarter of 2021 from RMB6.8 billion for the second quarter of 2020.</p><p><blockquote><b><i>营销费用</i></b><b>.</b>营销费用从2020年第二季度的人民币68亿元增长56.0%至2021年第二季度的人民币106亿元（16亿美元）。</blockquote></p><p> <b><i>Research and Development Expenses</i></b><b>.</b>Research and development expenses was RMB3.7 billion (US$0.6 billion) for the second quarter of 2021, as compared to RMB3.6 billion for the second quarter of 2020.</p><p><blockquote><b><i>研发费用</i></b><b>.</b>2021年第二季度的研发费用为人民币37亿元（6亿美元），而2020年第二季度为人民币36亿元。</blockquote></p><p> <b><i>General and Administrative Expenses</i></b><b>.</b>&nbsp;General and administrative expenses increased by 80.0% to RMB2.6 billion (US$0.4 billion) for the second quarter of 2021 from RMB1.4 billion for the second quarter of 2020. The increase was primarily due to the increase in share-based compensation expenses.</p><p><blockquote><b><i>一般及行政开支</i></b><b>.</b>一般及行政费用从2020年第二季度的人民币14亿元增长80.0%至2021年第二季度的人民币26亿元（4亿美元）。该增加主要由于以股份为基础的薪酬开支增加所致。</blockquote></p><p> <b><i>Income from Operations and Non-GAAP Income from Operations.</i></b>Income from operations for the second quarter of 2021 was RMB300.8 million (US$46.6 million), compared to RMB5.0 billion for the same period last year. Non-GAAP income from operations for the second quarter of 2021 was RMB2.5 billion (US$0.4 billion), compared to non-GAAP income from operations of RMB5.6 billion for the second quarter of 2020. Operating margin of JD Retail before unallocated items for the second quarter of 2021 was 2.6%, remained stable compared with the second quarter of 2020.</p><p><blockquote><b><i>运营收入和非公认会计准则运营收入。</i></b>2021年第二季度营业收入为人民币3.008亿元（4660万美元），而去年同期为人民币50亿元。2021年第二季度非GAAP运营收入为25亿元人民币（4亿美元），而2020年第二季度非GAAP运营收入为56亿元人民币。京东零售2021年第二季度未分配项目前的营业利润率为2.6%，与2020年第二季度相比保持稳定。</blockquote></p><p> <b><i>Non-GAAP EBITDA</i></b>for the second quarter of 2021 was RMB3.7 billion (US$0.6 billion), compared to RMB6.9 billion for the second quarter of 2020.</p><p><blockquote><b><i>非公认会计准则EBITDA</i></b>2021年第二季度为人民币37亿元（6亿美元），而2020年第二季度为人民币69亿元。</blockquote></p><p> <b><i>Share of Results of Equity Investees.</i></b>&nbsp;Share of results of equity investees was an income of RMB522.8 million (US$81.0 million) for the second quarter of 2021, as compared to an income of RMB4.0 billion for the second quarter of 2020. The substantial decrease was primarily due to a one-off dilution gain of RMB4.1 billion recognized upon the IPO of Dada Group during the second quarter of 2020.</p><p><blockquote><b><i>应佔权益被投资方业绩。</i></b>2021年第二季度股权投资公司业绩份额收入为人民币5.228亿元（8100万美元），而2020年第二季度收入为人民币40亿元。大幅减少主要是由于达达集团于2020年第二季度首次公开发售后确认的一次性摊薄收益人民币41亿元。</blockquote></p><p> <b><i>Net IncomeAttributable to Ordinary Shareholdersand Non-GAAP Net IncomeAttributable to Ordinary Shareholders.</i></b>Net income attributable to ordinary shareholders for the second quarter of 2021 was RMB794.3 million (US$123.0 million), compared to RMB16.4 billion for the same period last year. Non-GAAP net income attributable to ordinary shareholders for the second quarter of 2021 was RMB4.6 billion (US$0.7 billion), compared to RMB5.9 billion for the same period last year.</p><p><blockquote><b><i>归属于普通股股东的净利润和非公认会计准则归属于普通股股东的净利润。</i></b>2021年第二季度归属于普通股股东的净利润为人民币7.943亿元（1.23亿美元），而去年同期为人民币164亿元。2021年第二季度非公认会计准则归属于普通股股东的净利润为人民币46亿元（7亿美元），而去年同期为人民币59亿元。</blockquote></p><p> <b><i>Diluted EPS and Non-GAAP Diluted EPS.</i></b>Diluted net income per ADS for the second quarter of 2021 was RMB0.50 (US$0.08), compared to RMB10.47 for the second quarter of 2020. Non-GAAP diluted net income per ADS for the second quarter of 2021 was RMB2.90 (US$0.45), compared to RMB3.51 for the second quarter of 2020.</p><p><blockquote><b><i>稀释每股收益和非公认会计准则稀释每股收益。</i></b>2021年第二季度每股美国存托凭证摊薄净利润为人民币0.50元（0.08美元），而2020年第二季度为人民币10.47元。2021年第二季度非公认会计准则摊薄后每股美国存托凭证净利润为人民币2.90元（0.45美元），而2020年第二季度为人民币3.51元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09618":"京东集团-SW","JD":"京东"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167336009","content_text":"Chinese e-commerce platform JD.com Inc on Monday beat analysts' expectations for quarterly revenue, boosted by strong demand for online shopping triggered by the COVID-19 pandemic.\nNet revenue at JD.com rose about 26% to 253.8 billion yuan ($39.14 billion) in the second quarter ended June 30. Analysts had expected revenue of 249.27 billion yuan, according to IBES data from Refinitiv.\nQ2 2021 JD.Com Inc Earnings Conference Call\nSecond Quarter 2021 Highlights\n\nNet revenues for the second quarter of 2021 were RMB253.8 billion (US$139.3 billion), an increase of 26.2% from the second quarter of 2020. Net service revenues for the second quarter of 2021 were RMB34.1 billion (US$5.3 billion), an increase of 49.2% from the second quarter of 2020.\nIncome from operations for the second quarter of 2021 was RMB300.8 million (US$46.6 million), compared to RMB5.0 billion for the same period last year.Non-GAAP2income from operations for the second quarter of 2021 was RMB2.5 billion (US$0.4 billion), compared to RMB5.6 billion for the second quarter of 2020. Operating margin of JD Retail before unallocated items for the second quarter of 2021 was 2.6%, remained stable compared with the second quarter of 20203.\nNet incomeattributable to ordinary shareholders for the second quarter of 2021 was RMB794.3 million (US$123.0 million), compared to RMB16.4 billion for the same period last year.Non-GAAP net incomeattributable to ordinary shareholders for the second quarter of 2021 was RMB4.6 billion (US$0.7 billion), compared to RMB5.9 billion for the same period last year.\nDiluted net income per ADS for the second quarter of 2021 was RMB0.50 (US$0.08), compared to RMB10.47 for the second quarter of 2020.Non-GAAP diluted net income per ADS for the second quarter of 2021 was RMB2.90 (US$0.45), compared to RMB3.51 for the same period last year.\nOperating cash flow for the twelve months ended June 30, 2021 increased to RMB38.9 billion (US$6.0 billion) from RMB26.3 billion for the twelve months ended June 30, 2020. Free cash flow, which excludes the impact from JD Baitiao receivables included in the operating cash flow, for the twelve months ended June 30, 2021 increased to RMB31.9 billion (US$4.9 billion), compared to RMB22.7 billion for the twelve months ended June 30, 2020.\nAnnual active customer accounts4 increased by 27.4% to 531.9 million in the twelve months ended June 30, 2021 from 417.4 million in the twelve months ended June 30, 2020.\n\nJD.com shares fell 1.8% in premarket trading.\n\nBusiness Highlights\nEnvironment, Social and Governance\n\nIn response to the severe flooding in the central China province of Henan, JD.com donated over 20 truckloads of rescue supplies and daily necessities dispatched from JD.com’s closest warehouse. Furthermore, JD Health opened a free 24-hour hotline for medical consultation and donated healthcare supplies for disinfection and epidemic prevention. The emergency efforts reflect the company’s longstanding policy of immediately donating goods to disaster areas from the nearest JD.com’s warehouse. JD Retail also assisted merchants in the affected regions through fee relief and additional insurance to accelerate the disaster recovery effort.\nOn June 18, JD.com published its Sustainability Report discussing the company’s achievements from 2018 to 2020 in creating a low-carbon enterprise through environmentally friendly logistics, procurement and facilities. Since 2017, JD.com has been gradually replacing traditional fuel-combustion trucks with new energy vehicles reducing carbon dioxide emissions by more than 120,000 tons each year.\nIn June, JD Logistics and P&G Beauty completed an environmentally friendly soccer field made from recycled plastic bottles at the Nanjing Foreign Language School, representing a milestone for JD.com’s Green Stream Initiative on its 4th anniversary. Last year, P&G Beauty joined JD Logistics’s bottle recycling program as a strategic partner to recycle plastic P&G brand products in Shanghai and Guangzhou. As of June 2021, over 20,000 families have participated in the program.\n\nJD Retail\n\nJD.com’s 618 Grand Promotion reported outstanding results. During the 18-day sale from June 1 to 18, over 236 brands achieved sales of over RMB100 million. Order requests from 92% of districts and counties and 84% of small towns were fulfilled on the same or next day. Omni-channel also played an integral part in the 618 Grand Promotion with over one thousand digital and computer stores supporting on-demand consumption and one-hour delivery service.\nLVMH group expanded its innovative partnerships with JD.com in the second quarter. Leveraging the JD.com mini-app, LVMH’s BVLGARI brand provided customers with a new shopping experience featuring a full suite of products including selected jewelry and watches. This represents the first time BVLGARI has collaborated with a third-party online retailer in its history of 137 years. Berluti, the top luxury menswear fashion house under the LVMH group, also established its first official global flagship store on JD.com during the period.\nSeveral internationally renowned beauty brands recently launched official flagship stores on JD.com including LVMH Group’s Guerlain in early August, as well as LVMH Group’s Givenchy Beauty and Benefit, Estee Lauder Companies’ Estee Lauder, Clinique and Origins, and L’Oreal's Kiehl's in July. The addition of these brands further enriches JD Beauty's high-quality product suite and ensures a best-of-class shopping experience for customers with services provided by JD Logistics.\n\nJD Health\n\nAs an important platform for healthcare brands to expand online sales channels and accelerate digitalization, in the second quarter, JD Health closely cooperated with leading global pharmaceutical companies. JD Health deepened its cooperation with UCB China and became its strategic partner for the distribution of UCB China’s anti-allergic drug Zyrtec (cetirizine hydrochloride tablet and drops). JD Health facilitated the expansion and maintenance of multiple sales channels for Zyrtec including online, offline small and medium sized chain pharmacies as well as individual pharmacies. JD Health also officially launched the AstraZeneca direct sales flagship store, Sanofi direct sales flagship store and other brand stores in order to provide more convenient and professional online and offline integrated healthcare services to patients with chronic diseases.\nIn order to address the need for supply chains for certain special drugs, in the second quarter, JD Health partnered with JD Logistics to establish “cold chain” capabilities covering over 100 cities in 12 provincial-level administrative regions across China. With such capabilities, JD Pharmacy is able to expand its business into special drugs for rare diseases. A number of cold chain products from Eli Lilly and Company, Novartis, Sanofi and other brands became available through JD Pharmacy.\n\nJD Logistics\n\nOn May 28, JD Logistics successfully listed on the Main Board of the Hong Kong Stock Exchange under the stock code “2618”. Net proceeds from this offering, including the over-allotment options, amounted to approximately RMB23.0 billion. After listing in Hong Kong, JD Logistics will continue to focus on developing its integrated supply chain, including upgrading and expanding its six logistics networks, developing advanced technologies to be used in its supply chain solutions and logistics services, expanding the breadth and depth of integrated solutions, improving supply chain efficiency and user experience for customers, and reducing operating costs.\nJD Logistics further strengthened its cross regional highway, railway and air cargo network to enhance its next-morning and next-day delivery service. As of June 30, 2021, JD Logistics had over 1,000 air cargo routes and the ability to utilize over 300 railway routes. During the 618 Grand Promotion, customers enjoyed delivery service within minutes of order placement in over 200 cities in China.\nIn June, JD Logistics and Xiaomi Youpin jointly launched a warehousing and distribution center in Tianjin, upgrading the supply chain cooperation between the two parties. The warehousing center will provide one-stop logistics services including collection, sorting, warehousing, packaging, and distribution, covering all categories of products for its customers.\nAs of June 30, 2021, JD Logistics operated approximately 1,200 warehouses, which covered an aggregate gross floor area of approximately 23 million square meters, including warehouse space of cloud warehouses managed under the JD Logistics Open Warehouse Platform.\n\nOther Highlights\n\nOn June 18, AiHuiShou, a secondhand electronics transactions and services platform, was officially listed on the New York Stock Exchange under the stock ticker “RERE”. JD.com’s ownership ratio was approximately 33.4% after listing. According to the partnership agreement signed between JD.com and AiHuiShou, the two companies will cooperate in the areas of user traffic, marketing, R&D, sales and channel commissions, supply chain and logistics, customer service and after-sales service.\n\nOperational Metrics Update\n\nAs of June 30, 2021, JD.com had over 320,000 employees, excluding part-time and interns.\n\nSecond Quarter 2021 Financial Results\nNet Revenues. For the second quarter of 2021, JD.com reported net revenues of RMB253.8 billion (US$39.3 billion), representing a 26.2% increase from the same period in 2020. Net product revenues increased by 23.3%, while net service revenues increased by 49.2% for the second quarter of 2021, as compared to the same period of 2020.\nCost of Revenues.Cost of revenues increased by 28.8% to RMB222.1 billion (US$34.4 billion) for the second quarter of 2021 from RMB172.4 billion for the second quarter of 2020.\nFulfillment Expenses.Fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processing expenses, increased by 22.5% to RMB14.6 billion (US$2.3 billion) for the second quarter of 2021 from RMB12.0 billion for the second quarter of 2020. Fulfillment expenses as a percentage of net revenues was 5.8% for the second quarter of 2021, compared to 5.9% for the same period last year.\nMarketing Expenses.Marketing expenses increased by 56.0% to RMB10.6 billion (US$1.6 billion) for the second quarter of 2021 from RMB6.8 billion for the second quarter of 2020.\nResearch and Development Expenses.Research and development expenses was RMB3.7 billion (US$0.6 billion) for the second quarter of 2021, as compared to RMB3.6 billion for the second quarter of 2020.\nGeneral and Administrative Expenses. General and administrative expenses increased by 80.0% to RMB2.6 billion (US$0.4 billion) for the second quarter of 2021 from RMB1.4 billion for the second quarter of 2020. The increase was primarily due to the increase in share-based compensation expenses.\nIncome from Operations and Non-GAAP Income from Operations.Income from operations for the second quarter of 2021 was RMB300.8 million (US$46.6 million), compared to RMB5.0 billion for the same period last year. Non-GAAP income from operations for the second quarter of 2021 was RMB2.5 billion (US$0.4 billion), compared to non-GAAP income from operations of RMB5.6 billion for the second quarter of 2020. Operating margin of JD Retail before unallocated items for the second quarter of 2021 was 2.6%, remained stable compared with the second quarter of 2020.\nNon-GAAP EBITDAfor the second quarter of 2021 was RMB3.7 billion (US$0.6 billion), compared to RMB6.9 billion for the second quarter of 2020.\nShare of Results of Equity Investees. Share of results of equity investees was an income of RMB522.8 million (US$81.0 million) for the second quarter of 2021, as compared to an income of RMB4.0 billion for the second quarter of 2020. The substantial decrease was primarily due to a one-off dilution gain of RMB4.1 billion recognized upon the IPO of Dada Group during the second quarter of 2020.\nNet IncomeAttributable to Ordinary Shareholdersand Non-GAAP Net IncomeAttributable to Ordinary Shareholders.Net income attributable to ordinary shareholders for the second quarter of 2021 was RMB794.3 million (US$123.0 million), compared to RMB16.4 billion for the same period last year. Non-GAAP net income attributable to ordinary shareholders for the second quarter of 2021 was RMB4.6 billion (US$0.7 billion), compared to RMB5.9 billion for the same period last year.\nDiluted EPS and Non-GAAP Diluted EPS.Diluted net income per ADS for the second quarter of 2021 was RMB0.50 (US$0.08), compared to RMB10.47 for the second quarter of 2020. Non-GAAP diluted net income per ADS for the second quarter of 2021 was RMB2.90 (US$0.45), compared to RMB3.51 for the second quarter of 2020.","news_type":1,"symbols_score_info":{"09618":0.9,"JD":0.9}},"isVote":1,"tweetType":1,"viewCount":2114,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":false}