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Zysel

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- ZyselZysel
  ·2021-08-20
  Oo
  非常抱歉，此主贴已删除
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- ZyselZysel
  ·2021-08-10
  Like pls
  雷军：小米下一个目标是用三年时间做到全球手机份额第一
  雷军在2021年度演讲暨小米秋季新品发布会上表示，小米MIX 4正式发布。同时，雷军在发布会上透露，小米下一个目标是用三年时间做到全球手机份额第一。小米MIX4定价4999元起，今晚开启预定，8月
  雷军：小米下一个目标是用三年时间做到全球手机份额第一
  1,885 评论
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- ZyselZysel
  ·2021-08-05
  Like pls
  非常抱歉，此主贴已删除
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- ZyselZysel
  ·2021-08-04
  Like pls
  非常抱歉，此主贴已删除
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- ZyselZysel
  ·2021-08-02
  Like pls
  Can Tesla's stock price return to the upward channel?<blockquote>特斯拉股价能否重回上升通道？</blockquote>
  Tesla released Q2 earnings and revenues last week that beat analysts' expectations. "In the second q
  Can Tesla's stock price return to the upward channel?<blockquote>特斯拉股价能否重回上升通道？</blockquote>
  1,376 评论
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- ZyselZysel
  ·2021-08-01
  Like please
  非常抱歉，此主贴已删除
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- ZyselZysel
  ·2021-07-31
  Like pls
  非常抱歉，此主贴已删除
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- ZyselZysel
  ·2021-07-30
  Like
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- ZyselZysel
  ·2021-07-29
  Like please
  非常抱歉，此主贴已删除
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- ZyselZysel
  ·2021-07-28
  Like
  Fed Meeting Will Focus on Tapering Timeline.<blockquote>美联储会议将重点讨论缩减时间表。</blockquote>
  Officials are looking to forge consensus on how and when to eventually reduce their asset purchases
  Fed Meeting Will Focus on Tapering Timeline.<blockquote>美联储会议将重点讨论缩减时间表。</blockquote>
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pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/892092923","repostId":"1193174328","repostType":2,"repost":{"id":"1193174328","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1628598672,"share":"https://www.laohu8.com/m/news/1193174328?lang=zh_CN&edition=full","pubTime":"2021-08-10 20:31","market":"hk","language":"zh","title":"雷军：小米下一个目标是用三年时间做到全球手机份额第一","url":"https://stock-news.laohu8.com/highlight/detail?id=1193174328","media":"老虎资讯综合","summary":"雷军在2021年度演讲暨小米秋季新品发布会上表示，小米MIX 4正式发布。同时，雷军在发布会上透露，小米下一个目标是用三年时间做到全球手机份额第一。\n\n小米MIX4定价4999元起，今晚开启预定，8月","content":"<blockquote>\n 雷军在2021年度演讲暨小米秋季新品发布会上表示，小米MIX 4正式发布。同时，雷军在发布会上透露，小米下一个目标是用三年时间做到全球手机份额第一。\n</blockquote>\n<p>小米MIX4定价4999元起，今晚开启预定，8月16日全渠道首发。</p>\n<p><img src=\"https://static.tigerbbs.com/6d6dc953a29ebc1e002f57fd2a7dedc4\" tg-width=\"844\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p>\n<p>小米公司：感谢世界各地有千千万万的米粉，十年来一直在默默支持我们、信任我们。正因为这些信任，才让我们战胜了所有困难，走到了今天的世界500强，走到了今天的全球第二。正因为这些信任，让我们有勇气大声说出下一个目标：三年时间，拿下全球第一！</p>\n<p><b>雷军回忆七年前曾被苹果高管嘲讽</b></p>\n<p>雷军开场提到了七年前自己最难忘的一幕，2014年首届世界互联网大会上，当时小米中国第一世界第三。主持人问小米的长期战略是什么样的，雷军脱口而出说五到十年小米要变成全球第一。</p>\n<p>当时的全球第一是苹果，现场的苹果高级副总裁回应说，这说起来很简单，但实现很难。</p>\n<p>这句话一说，现场哄堂大笑。而雷军接着引用马云的话回应说，万一实现了呢。</p>\n<p>雷军分享了小米近期的好消息，2021年第二季度，小米全球手机销量超过苹果，首次位居全球第二；同时小米销量在欧洲首次登顶，超过三星和苹果。</p>\n<p>他表示，小米仍需努力，当前任务的是要站稳全球第二。</p>\n<p><b>雷军谈小米高端之路：红米手机的成功 被外界误解只做中低端</b></p>\n<p>雷军表示，小米手机第一代，就是从高端入手的。后来推出面向大众市场的红米手机，大获成功。</p>\n<p>但这个成功也极大稀释了小米品牌，被外界误解小米只做中低端。</p>\n<p>后来小米重启高端，推出小米10。虽然遭遇疫情，但还是坚持举行线上发布会推出。</p>\n<p>小米高端之路也首战告捷。小米10系列原计划卖200万台，截止今天卖了577万台。</p>\n<p>在小米11系列上，当时有员工提出，把相机传感器用在手机上，这样就可以拿到全球影像技术的第一名。小米内部争论很大，这样会不会把手机做得像相机一样厚？</p>\n<p>后来小米内部决定为发烧友做一款产品，命名Ultra。定制了GN2传感器，一英寸的大底接近相机，拍照效果也媲美黑卡相机。但凸起也像相机一样，最后找到了解决方案，在相机模块上加一块小屏幕，就好多了。最终小米 11 Ultra的拍照获得了DXOMark总分第一名。</p>\n<p>“后来又掉到坑里了，有些细节没有达到用户预期，被骂惨了。”雷军说，做高端旗舰，还是要打磨细节。</p>\n<p>“小米高端之路，刚刚开始。相信米粉，依靠米粉，高端之路一定会成功。”他说。</p>\n<p><b>回忆小米2018年上市破发</b></p>\n<p>雷军回忆起2018年上市的场景，当时投行给出17-22港元的股价，小米选择了最低价。但现实让自己有点失望，当天开盘破发了，这意味着所有IPO的投资者亏了。</p>\n<p>“我们心里特别难受，记者堵在门口，我们几个谁也不愿意面对这个局面，和林斌躲到了港交所的杂物间。”</p>\n<p>在当晚的内部庆功宴上，雷军也觉得很憋屈，当晚喝了很多酒。现场提出让投资者至少赚一倍，“我们得好好干，不能让别人亏钱。”</p>\n<p>雷军还特地买了一条破洞牛仔裤，用这个仪式记住破发的这一天。小米虽然上市，但革命尚未成功。</p>\n<p>但后来小米的股价一度跌到8.28港元，比IPO价已经腰斩了。那段时间雷军特别不愿意见投资者，有一个投资者执意要见，当面毫不客气的说，你们怎么让我赔了这么多的钱，我真的不知道你们怎么干的。“对小米的产品、管理等方面把我像小学生一样训了一个多小时。后来我一个人在会议室待了很久，特别绝望。”</p>\n<p>“我们如此努力工作，收入和市场份额一直在增长，为什么资本市场不认可小米？实在想不通。”雷军说。</p>\n<p>在董事会的支持下，小米当时买了大量的小米股票抄到了底。后来小米股票终于回到了17港元，自己从此可以抬头挺胸，重新做人了；接着股价一路高歌，今年1月达到了34港元。当年吹过的牛，终于兑现了。</p>\n<p>“破发带来的心理阴影，终于烟消云散了。那些股票软件对我也没什么用了，统统扔掉。”</p>\n<p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" 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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n雷军：小米下一个目标是用三年时间做到全球手机份额第一\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-08-10 20:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n 雷军在2021年度演讲暨小米秋季新品发布会上表示，小米MIX 4正式发布。同时，雷军在发布会上透露，小米下一个目标是用三年时间做到全球手机份额第一。\n</blockquote>\n<p>小米MIX4定价4999元起，今晚开启预定，8月16日全渠道首发。</p>\n<p><img src=\"https://static.tigerbbs.com/6d6dc953a29ebc1e002f57fd2a7dedc4\" tg-width=\"844\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p>\n<p>小米公司：感谢世界各地有千千万万的米粉，十年来一直在默默支持我们、信任我们。正因为这些信任，才让我们战胜了所有困难，走到了今天的世界500强，走到了今天的全球第二。正因为这些信任，让我们有勇气大声说出下一个目标：三年时间，拿下全球第一！</p>\n<p><b>雷军回忆七年前曾被苹果高管嘲讽</b></p>\n<p>雷军开场提到了七年前自己最难忘的一幕，2014年首届世界互联网大会上，当时小米中国第一世界第三。主持人问小米的长期战略是什么样的，雷军脱口而出说五到十年小米要变成全球第一。</p>\n<p>当时的全球第一是苹果，现场的苹果高级副总裁回应说，这说起来很简单，但实现很难。</p>\n<p>这句话一说，现场哄堂大笑。而雷军接着引用马云的话回应说，万一实现了呢。</p>\n<p>雷军分享了小米近期的好消息，2021年第二季度，小米全球手机销量超过苹果，首次位居全球第二；同时小米销量在欧洲首次登顶，超过三星和苹果。</p>\n<p>他表示，小米仍需努力，当前任务的是要站稳全球第二。</p>\n<p><b>雷军谈小米高端之路：红米手机的成功 被外界误解只做中低端</b></p>\n<p>雷军表示，小米手机第一代，就是从高端入手的。后来推出面向大众市场的红米手机，大获成功。</p>\n<p>但这个成功也极大稀释了小米品牌，被外界误解小米只做中低端。</p>\n<p>后来小米重启高端，推出小米10。虽然遭遇疫情，但还是坚持举行线上发布会推出。</p>\n<p>小米高端之路也首战告捷。小米10系列原计划卖200万台，截止今天卖了577万台。</p>\n<p>在小米11系列上，当时有员工提出，把相机传感器用在手机上，这样就可以拿到全球影像技术的第一名。小米内部争论很大，这样会不会把手机做得像相机一样厚？</p>\n<p>后来小米内部决定为发烧友做一款产品，命名Ultra。定制了GN2传感器，一英寸的大底接近相机，拍照效果也媲美黑卡相机。但凸起也像相机一样，最后找到了解决方案，在相机模块上加一块小屏幕，就好多了。最终小米 11 Ultra的拍照获得了DXOMark总分第一名。</p>\n<p>“后来又掉到坑里了，有些细节没有达到用户预期，被骂惨了。”雷军说，做高端旗舰，还是要打磨细节。</p>\n<p>“小米高端之路，刚刚开始。相信米粉，依靠米粉，高端之路一定会成功。”他说。</p>\n<p><b>回忆小米2018年上市破发</b></p>\n<p>雷军回忆起2018年上市的场景，当时投行给出17-22港元的股价，小米选择了最低价。但现实让自己有点失望，当天开盘破发了，这意味着所有IPO的投资者亏了。</p>\n<p>“我们心里特别难受，记者堵在门口，我们几个谁也不愿意面对这个局面，和林斌躲到了港交所的杂物间。”</p>\n<p>在当晚的内部庆功宴上，雷军也觉得很憋屈，当晚喝了很多酒。现场提出让投资者至少赚一倍，“我们得好好干，不能让别人亏钱。”</p>\n<p>雷军还特地买了一条破洞牛仔裤，用这个仪式记住破发的这一天。小米虽然上市，但革命尚未成功。</p>\n<p>但后来小米的股价一度跌到8.28港元，比IPO价已经腰斩了。那段时间雷军特别不愿意见投资者，有一个投资者执意要见，当面毫不客气的说，你们怎么让我赔了这么多的钱，我真的不知道你们怎么干的。“对小米的产品、管理等方面把我像小学生一样训了一个多小时。后来我一个人在会议室待了很久，特别绝望。”</p>\n<p>“我们如此努力工作，收入和市场份额一直在增长，为什么资本市场不认可小米？实在想不通。”雷军说。</p>\n<p>在董事会的支持下，小米当时买了大量的小米股票抄到了底。后来小米股票终于回到了17港元，自己从此可以抬头挺胸，重新做人了；接着股价一路高歌，今年1月达到了34港元。当年吹过的牛，终于兑现了。</p>\n<p>“破发带来的心理阴影，终于烟消云散了。那些股票软件对我也没什么用了，统统扔掉。”</p>\n<p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ad46168331346d06a46ff81f37ec96a2","relate_stocks":{"01810":"小米集团-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193174328","content_text":"雷军在2021年度演讲暨小米秋季新品发布会上表示，小米MIX 4正式发布。同时，雷军在发布会上透露，小米下一个目标是用三年时间做到全球手机份额第一。\n\n小米MIX4定价4999元起，今晚开启预定，8月16日全渠道首发。\n\n小米公司：感谢世界各地有千千万万的米粉，十年来一直在默默支持我们、信任我们。正因为这些信任，才让我们战胜了所有困难，走到了今天的世界500强，走到了今天的全球第二。正因为这些信任，让我们有勇气大声说出下一个目标：三年时间，拿下全球第一！\n雷军回忆七年前曾被苹果高管嘲讽\n雷军开场提到了七年前自己最难忘的一幕，2014年首届世界互联网大会上，当时小米中国第一世界第三。主持人问小米的长期战略是什么样的，雷军脱口而出说五到十年小米要变成全球第一。\n当时的全球第一是苹果，现场的苹果高级副总裁回应说，这说起来很简单，但实现很难。\n这句话一说，现场哄堂大笑。而雷军接着引用马云的话回应说，万一实现了呢。\n雷军分享了小米近期的好消息，2021年第二季度，小米全球手机销量超过苹果，首次位居全球第二；同时小米销量在欧洲首次登顶，超过三星和苹果。\n他表示，小米仍需努力，当前任务的是要站稳全球第二。\n雷军谈小米高端之路：红米手机的成功 被外界误解只做中低端\n雷军表示，小米手机第一代，就是从高端入手的。后来推出面向大众市场的红米手机，大获成功。\n但这个成功也极大稀释了小米品牌，被外界误解小米只做中低端。\n后来小米重启高端，推出小米10。虽然遭遇疫情，但还是坚持举行线上发布会推出。\n小米高端之路也首战告捷。小米10系列原计划卖200万台，截止今天卖了577万台。\n在小米11系列上，当时有员工提出，把相机传感器用在手机上，这样就可以拿到全球影像技术的第一名。小米内部争论很大，这样会不会把手机做得像相机一样厚？\n后来小米内部决定为发烧友做一款产品，命名Ultra。定制了GN2传感器，一英寸的大底接近相机，拍照效果也媲美黑卡相机。但凸起也像相机一样，最后找到了解决方案，在相机模块上加一块小屏幕，就好多了。最终小米 11 Ultra的拍照获得了DXOMark总分第一名。\n“后来又掉到坑里了，有些细节没有达到用户预期，被骂惨了。”雷军说，做高端旗舰，还是要打磨细节。\n“小米高端之路，刚刚开始。相信米粉，依靠米粉，高端之路一定会成功。”他说。\n回忆小米2018年上市破发\n雷军回忆起2018年上市的场景，当时投行给出17-22港元的股价，小米选择了最低价。但现实让自己有点失望，当天开盘破发了，这意味着所有IPO的投资者亏了。\n“我们心里特别难受，记者堵在门口，我们几个谁也不愿意面对这个局面，和林斌躲到了港交所的杂物间。”\n在当晚的内部庆功宴上，雷军也觉得很憋屈，当晚喝了很多酒。现场提出让投资者至少赚一倍，“我们得好好干，不能让别人亏钱。”\n雷军还特地买了一条破洞牛仔裤，用这个仪式记住破发的这一天。小米虽然上市，但革命尚未成功。\n但后来小米的股价一度跌到8.28港元，比IPO价已经腰斩了。那段时间雷军特别不愿意见投资者，有一个投资者执意要见，当面毫不客气的说，你们怎么让我赔了这么多的钱，我真的不知道你们怎么干的。“对小米的产品、管理等方面把我像小学生一样训了一个多小时。后来我一个人在会议室待了很久，特别绝望。”\n“我们如此努力工作，收入和市场份额一直在增长，为什么资本市场不认可小米？实在想不通。”雷军说。\n在董事会的支持下，小米当时买了大量的小米股票抄到了底。后来小米股票终于回到了17港元，自己从此可以抬头挺胸，重新做人了；接着股价一路高歌，今年1月达到了34港元。当年吹过的牛，终于兑现了。\n“破发带来的心理阴影，终于烟消云散了。那些股票软件对我也没什么用了，统统扔掉。”","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":1885,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890508482,"gmtCreate":1628122426346,"gmtModify":1631890291810,"author":{"id":"4087126595314210","authorId":"4087126595314210","name":"Zysel","avatar":"https://static.tigerbbs.com/9b52da70718834ef5794c0812716f403","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087126595314210","authorIdStr":"4087126595314210"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/890508482","repostId":"2157483930","repostType":4,"isVote":1,"tweetType":1,"viewCount":2103,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807654255,"gmtCreate":1628036218677,"gmtModify":1631890291810,"author":{"id":"4087126595314210","authorId":"4087126595314210","name":"Zysel","avatar":"https://static.tigerbbs.com/9b52da70718834ef5794c0812716f403","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087126595314210","authorIdStr":"4087126595314210"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/807654255","repostId":"2156786341","repostType":4,"isVote":1,"tweetType":1,"viewCount":1861,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805426607,"gmtCreate":1627900974509,"gmtModify":1631890291814,"author":{"id":"4087126595314210","authorId":"4087126595314210","name":"Zysel","avatar":"https://static.tigerbbs.com/9b52da70718834ef5794c0812716f403","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087126595314210","authorIdStr":"4087126595314210"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/805426607","repostId":"1131923658","repostType":4,"repost":{"id":"1131923658","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627898076,"share":"https://www.laohu8.com/m/news/1131923658?lang=zh_CN&edition=full","pubTime":"2021-08-02 17:54","market":"us","language":"en","title":"Can Tesla's stock price return to the upward channel?<blockquote>特斯拉股价能否重回上升通道？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1131923658","media":"Tiger Newspress","summary":"Tesla released Q2 earnings and revenues last week that beat analysts' expectations.\n\"In the second q","content":"<p>Tesla released Q2 earnings and revenues last week that beat analysts' expectations.</p><p><blockquote>特斯拉上周发布的第二季度盈利和收入超出了分析师的预期。</blockquote></p><p> \"In the second quarter of 2021, we broke new and notable records,\" said Tesla in the company's second-quarter update. \"We produced and delivered over 200,000 vehicles, achieved an operating margin of 11% and exceeded [$1 billion] of GAAP net income for the first time in our history.\"</p><p><blockquote>特斯拉在公司第二季度更新中表示：“2021年第二季度，我们打破了新的、引人注目的记录。”“我们生产和交付了超过200,000辆汽车，实现了11%的营业利润率，并在我们历史上首次超过[10亿美元]GAAP净利润。”</blockquote></p><p> Here's a closer look at the quarter, captured by five must-see takeaways from the report.</p><p><blockquote>以下是对本季度的近距离观察，其中包括报告中的五个必看要点。</blockquote></p><p> <b>1. Revenue hit $12 billion</b></p><p><blockquote><b>1.营收达到120亿美元</b></blockquote></p><p> Helped by a 121% year-over-year increase in vehicle deliveries, Tesla's revenue surged 98% year over year to approximately $12 billion. This crushed analysts' average forecast for revenue of $11.3 billion.</p><p><blockquote>得益于汽车交付量同比增长121%，特斯拉的收入同比飙升98%，达到约120亿美元。这超出了分析师113亿美元营收的平均预期。</blockquote></p><p> <b>2. Profits skyrocketed</b></p><p><blockquote><b>2、利润暴涨</b></blockquote></p><p> Of course, with revenue like this, it wasn't surprising to see profits soar. Net income increased from $104 million in the year-ago period to $1.14 billion. Non-GAAP (adjusted) net income increased 258% year over year to $1.6 billion. This translated to non-GAAP earnings per share of $1.45 -- far ahead of a consensus analyst estimate of $0.98.</p><p><blockquote>当然，有了这样的收入，利润飙升也就不足为奇了。净利润从去年同期的1.04亿美元增至11.4亿美元。非GAAP（调整后）净利润同比增长258%至16亿美元。这意味着非GAAP每股收益为1.45美元，远高于分析师普遍预期的0.98美元。</blockquote></p><p> The outsized growth in Tesla's profits demonstrates the scalability of the company's business model.</p><p><blockquote>特斯拉利润的大幅增长表明了该公司商业模式的可扩展性。</blockquote></p><p> <b>3. Free cash flow remains healthy</b></p><p><blockquote><b>3.自由现金流保持健康</b></blockquote></p><p> Tesla once again generated positive free cash flow, or cash flow from operations less capital expenditures. Free cash flow for the period increased from $418 million in the year-ago period to $619 million.</p><p><blockquote>特斯拉再次产生了正的自由现金流，即运营现金流减去资本支出。期内自由现金流从去年同期的4.18亿美元增至6.19亿美元。</blockquote></p><p> Total cash on hand fell from $17.1 billion in the first quarter of 2021 to $16.2 billion but this was primarily due to $1.6 billion in net debt and finance lease repayments.</p><p><blockquote>手头现金总额从2021年第一季度的171亿美元下降至162亿美元，但这主要是由于16亿美元的净债务和融资租赁还款。</blockquote></p><p> <b>4. Vehicle demand is robust</b></p><p><blockquote><b>四、车辆需求旺盛</b></blockquote></p><p> Tesla once again said demand for its vehicles achieved record levels. Indeed, demand is so robust that the company is supply constrained. \"Global demand continues to be robust, and we are producing at the limits of available parts supply,\" Tesla explained.</p><p><blockquote>特斯拉再次表示，对其汽车的需求达到了创纪录的水平。事实上，需求如此强劲，以至于该公司的供应受到限制。“全球需求持续强劲，我们正在现有零部件供应的极限下进行生产，”特斯拉解释道。</blockquote></p><p> <b>5. There's more sharp growth to come</b></p><p><blockquote><b>5.未来还会有更大幅度的增长</b></blockquote></p><p> Importantly, Tesla remains optimistic about its growth trajectory. The company says it continues to expect to grow its total deliveries more than 50% year over year this year. This implies 2021 total deliveries of more than 750,000. So far, Tesla has delivered more than 386,000 vehicles this year.</p><p><blockquote>重要的是，特斯拉对其增长轨迹保持乐观。该公司表示，预计今年的总交付量将同比增长50%以上。这意味着2021年总交付量将超过75万辆。截至目前，特斯拉今年已交付超过38.6万辆汽车。</blockquote></p><p> \"The rate of growth will depend on our equipment capacity, operational efficiency, and the capacity and stability of the supply chain,\" Tesla noted.</p><p><blockquote>“增长率将取决于我们的设备容量、运营效率以及供应链的容量和稳定性，”特斯拉指出。</blockquote></p><p> <h4>Four Challenges to Tesla’s Growth</h4> However,investors are concerned with several factors that may slow Tesla's feverish share price growth soon.</p><p><blockquote><h4>特斯拉经济增长面临的四大挑战</h4>然而，投资者担心几个因素可能会很快减缓特斯拉狂热的股价增长。</blockquote></p><p> <b>High Valuation</b></p><p><blockquote><b>高估值</b></blockquote></p><p> Wall Street is an efficient market, discounting good news and bad news on listed companies. As a result, shares are run-up ahead of good news and sold-off ahead of bad news. Sometimes, Mr. Market—to use Benjamin Graham's terminology—is too optimistic, sending the shares of listed companies well above their fundamental or intrinsic value. Other times, Mr. Market is too pessimistic, sending shares of listed companies well below their intrinsic value.</p><p><blockquote>华尔街是一个有效的市场，对上市公司的好消息和坏消息都进行了贴现。因此，股价在好消息之前上涨，在坏消息之前遭到抛售。有时，市场先生——用本杰明·格雷厄姆的术语来说——过于乐观，导致上市公司的股价远高于其基本或内在价值。其他时候，先生。市场过于悲观，导致上市公司股价远低于其内在价值。</blockquote></p><p> Tesla's shares are overvalued by many standards. TipRanks, for instance, estimates Tesla's 12-month-trailing return on equity to be a modest 12.41%, while estimates put Tesla's intrinsic value at $160.11, well below its current price level.</p><p><blockquote>从许多标准来看，特斯拉的股价都被高估了。例如，TipRanks估计特斯拉过去12个月的股本回报率为12.41%，而特斯拉的内在价值估计为160.11美元，远低于当前的价格水平。</blockquote></p><p> <b>Competition from Colonizers</b></p><p><blockquote><b>来自殖民者的竞争</b></blockquote></p><p> Once, Tesla had little competition, as the electric vehicle (EV) market it pioneered had little competition from traditional automakers. However, that's no longer the case, as General Motors, Ford, Volkswagen, and Toyota are invading the electric market.</p><p><blockquote>曾经，特斯拉几乎没有竞争，因为它开创的电动汽车（EV）市场几乎没有来自传统汽车制造商的竞争。然而，随着通用汽车、福特、大众和丰田正在入侵电动市场，情况已不再如此。</blockquote></p><p> These \"colonizers\" of the EV market have the manufacturing experience, expertise, and distribution networks to scale up EV production and cross the \"tipping point\" of bringing EVs to the masses. Meanwhile, the entry of new competitors into the EV market could unleash price competition that will erode Tesla's revenue growth and profit margins. That's something Wall Street is watching closely in quarterly financial statements.</p><p><blockquote>这些电动汽车市场的“殖民者”拥有制造经验、专业知识和分销网络，可以扩大电动汽车生产规模，跨越将电动汽车推向大众的“临界点”。与此同时，新竞争对手进入电动汽车市场可能会引发价格竞争，从而削弱特斯拉的收入增长和利润率。这是华尔街在季度财务报表中密切关注的事情。</blockquote></p><p> <b>Bitcoin Exposure</b></p><p><blockquote><b>比特币风险</b></blockquote></p><p> Tesla's CEO Elon Musk has an affinity for bitcoin. That's why he has been investing some of the company's cash in digital currency. As of the end of March, Tesla's $1.5 billion investment was worth $2.48 billion, based on the surge in bitcoin in the first quarter. However, that has its risks, too, given bitcoin's volatility.</p><p><blockquote>特斯拉CEO Elon Musk对比特币情有独钟。这就是为什么他一直将公司的部分现金投资于数字货币。截至3月底，特斯拉15亿美元的投资价值24.8亿美元，以第一季度比特币的激增计算。然而，考虑到比特币的波动性，这也有其风险。</blockquote></p><p> Adding to bitcoin's volatility are accounting rules that treat the digital currency as an indefinite-lived intangible asset. Thus, it is subject to impairment losses if its fair value decreases below the carrying value during the assessed reporting period. Companies cannot recover impairment losses for any subsequent increase in fair value until the asset's sale. Tesla reported bitcoin-related impairments of $23 million in Q2 as the price of digital currency dived.</p><p><blockquote>将数字货币视为无限期无形资产的会计规则加剧了比特币的波动性。因此，倘其公平值于评估报告期内减值至低于账面值，则须计提减值亏损。在资产出售之前，公司无法收回公允价值后续增加的减值损失。随着数字货币价格暴跌，特斯拉报告第二季度与比特币相关的减值为2300万美元。</blockquote></p><p> <b>Rising Material Costs</b></p><p><blockquote><b>材料成本上升</b></blockquote></p><p></p><p> Together with traditional automobile makers, Tesla faces a severe material shortage due to supply chain disruptions during the COVID-19 pandemic, which is expected to slow down the pace of its feverish growth.</p><p><blockquote>由于COVID-19大流行期间供应链中断，特斯拉与传统汽车制造商一起面临严重的材料短缺，预计这将减缓其狂热增长的步伐。</blockquote></p><p> \"While we're making cars at full speed, the global chip shortage situation remains quite serious,\" Musk told investors. \"For the rest of this year, our growth rates will be determined by the slowest part in our supply chain,\" adding that there are a wide range of chips that will serve as that brake on growth.</p><p><blockquote>“在我们全速造车的同时，全球芯片短缺的情况仍然相当严重，”马斯克告诉投资者。“在今年剩余时间里，我们的增长率将取决于供应链中最慢的部分，”他补充说，有多种芯片将成为增长的刹车。</blockquote></p><p> <h4>Mixed reviews from Wall Street</h4> Needham analyst Rajvindra Gill said Tesla shares are already priced to perfection, which could explain the stock’s weakness on Tuesday.</p><p><blockquote><h4>华尔街褒贬不一</h4>Needham分析师Rajvindra Gill表示，特斯拉股票的定价已经非常完美，这可以解释该股周二的疲软。</blockquote></p><p> “Tesla's ‘priced to perfection’ valuation is hard for us to justify, even with more positive recent Results,” Gill wrote.</p><p><blockquote>吉尔写道：“即使最近的业绩更加积极，我们也很难证明特斯拉‘定价完美’的估值是合理的。”</blockquote></p><p> Morgan Stanley analyst Adam Jonas said the quarter likely didn’t change the narrative for bulls or bears, and Tesla is still not a value stock priced at an enterprise multiple of 70x.</p><p><blockquote>Morgan Stanley分析师Adam Jonas表示，本季度可能不会改变多头或空头的说法，特斯拉仍然不是企业市盈率70倍的价值股。</blockquote></p><p> “Tesla is not only among the fastest growing auto companies in the world, it is also one of the most profitable,” Jonas wrote.</p><p><blockquote>“特斯拉不仅是世界上增长最快的汽车公司之一，也是最赚钱的公司之一，”Jonas写道。</blockquote></p><p> Wells Fargo analyst Colin Langan said auto gross margins were impressive, but they may not last.</p><p><blockquote>富国银行分析师Colin Langan表示，汽车毛利率令人印象深刻，但可能不会持续。</blockquote></p><p> “We see auto margins moderating in Q3/Q4 due to rising raw mat costs and mix dilution as the lower priced Model Y SR launches in China,” Langran wrote.</p><p><blockquote>Langran写道：“随着价格较低的Model Y SR在中国推出，由于原材料成本上升和混合动力稀释，我们预计第三季度/第四季度汽车利润率将放缓。”</blockquote></p><p> John Murphy with B. of A. Securities struck a more cautious tone. Despite the beat, \"competition is fierce and heating up,\" he said. \"(Tesla's) operating environment is shifting from that of a vacuum to an increasingly crowded space.\"</p><p><blockquote>B.of A.Securities的约翰·墨菲(John Murphy)的语气更加谨慎。尽管节奏很慢，但“竞争非常激烈，而且正在升温，”他说。“（特斯拉的）运营环境正在从真空转向日益拥挤的空间。”</blockquote></p><p> The quarterly beat was \"very much helped by positive pricing dynamics and good execution,\" and Murphy raised his price target on the stock to $800 from $750, which represents an upside around 26% from Tuesday's prices. He kept B. of A.'s neutral rating on the stock.</p><p><blockquote>季度业绩“在很大程度上得益于积极的定价动态和良好的执行力”，墨菲将该股的目标价从750美元上调至800美元，较周二的价格上涨约26%。他维持B.of A.对该股的中性评级。</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>Can Tesla's stock price return to the upward channel?<blockquote>特斯拉股价能否重回上升通道？</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\">\nCan Tesla's stock price return to the upward channel?<blockquote>特斯拉股价能否重回上升通道？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-02 17:54</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tesla released Q2 earnings and revenues last week that beat analysts' expectations.</p><p><blockquote>特斯拉上周发布的第二季度盈利和收入超出了分析师的预期。</blockquote></p><p> \"In the second quarter of 2021, we broke new and notable records,\" said Tesla in the company's second-quarter update. \"We produced and delivered over 200,000 vehicles, achieved an operating margin of 11% and exceeded [$1 billion] of GAAP net income for the first time in our history.\"</p><p><blockquote>特斯拉在公司第二季度更新中表示：“2021年第二季度，我们打破了新的、引人注目的记录。”“我们生产和交付了超过200,000辆汽车，实现了11%的营业利润率，并在我们历史上首次超过[10亿美元]GAAP净利润。”</blockquote></p><p> Here's a closer look at the quarter, captured by five must-see takeaways from the report.</p><p><blockquote>以下是对本季度的近距离观察，其中包括报告中的五个必看要点。</blockquote></p><p> <b>1. Revenue hit $12 billion</b></p><p><blockquote><b>1.营收达到120亿美元</b></blockquote></p><p> Helped by a 121% year-over-year increase in vehicle deliveries, Tesla's revenue surged 98% year over year to approximately $12 billion. This crushed analysts' average forecast for revenue of $11.3 billion.</p><p><blockquote>得益于汽车交付量同比增长121%，特斯拉的收入同比飙升98%，达到约120亿美元。这超出了分析师113亿美元营收的平均预期。</blockquote></p><p> <b>2. Profits skyrocketed</b></p><p><blockquote><b>2、利润暴涨</b></blockquote></p><p> Of course, with revenue like this, it wasn't surprising to see profits soar. Net income increased from $104 million in the year-ago period to $1.14 billion. Non-GAAP (adjusted) net income increased 258% year over year to $1.6 billion. This translated to non-GAAP earnings per share of $1.45 -- far ahead of a consensus analyst estimate of $0.98.</p><p><blockquote>当然，有了这样的收入，利润飙升也就不足为奇了。净利润从去年同期的1.04亿美元增至11.4亿美元。非GAAP（调整后）净利润同比增长258%至16亿美元。这意味着非GAAP每股收益为1.45美元，远高于分析师普遍预期的0.98美元。</blockquote></p><p> The outsized growth in Tesla's profits demonstrates the scalability of the company's business model.</p><p><blockquote>特斯拉利润的大幅增长表明了该公司商业模式的可扩展性。</blockquote></p><p> <b>3. Free cash flow remains healthy</b></p><p><blockquote><b>3.自由现金流保持健康</b></blockquote></p><p> Tesla once again generated positive free cash flow, or cash flow from operations less capital expenditures. Free cash flow for the period increased from $418 million in the year-ago period to $619 million.</p><p><blockquote>特斯拉再次产生了正的自由现金流，即运营现金流减去资本支出。期内自由现金流从去年同期的4.18亿美元增至6.19亿美元。</blockquote></p><p> Total cash on hand fell from $17.1 billion in the first quarter of 2021 to $16.2 billion but this was primarily due to $1.6 billion in net debt and finance lease repayments.</p><p><blockquote>手头现金总额从2021年第一季度的171亿美元下降至162亿美元，但这主要是由于16亿美元的净债务和融资租赁还款。</blockquote></p><p> <b>4. Vehicle demand is robust</b></p><p><blockquote><b>四、车辆需求旺盛</b></blockquote></p><p> Tesla once again said demand for its vehicles achieved record levels. Indeed, demand is so robust that the company is supply constrained. \"Global demand continues to be robust, and we are producing at the limits of available parts supply,\" Tesla explained.</p><p><blockquote>特斯拉再次表示，对其汽车的需求达到了创纪录的水平。事实上，需求如此强劲，以至于该公司的供应受到限制。“全球需求持续强劲，我们正在现有零部件供应的极限下进行生产，”特斯拉解释道。</blockquote></p><p> <b>5. There's more sharp growth to come</b></p><p><blockquote><b>5.未来还会有更大幅度的增长</b></blockquote></p><p> Importantly, Tesla remains optimistic about its growth trajectory. The company says it continues to expect to grow its total deliveries more than 50% year over year this year. This implies 2021 total deliveries of more than 750,000. So far, Tesla has delivered more than 386,000 vehicles this year.</p><p><blockquote>重要的是，特斯拉对其增长轨迹保持乐观。该公司表示，预计今年的总交付量将同比增长50%以上。这意味着2021年总交付量将超过75万辆。截至目前，特斯拉今年已交付超过38.6万辆汽车。</blockquote></p><p> \"The rate of growth will depend on our equipment capacity, operational efficiency, and the capacity and stability of the supply chain,\" Tesla noted.</p><p><blockquote>“增长率将取决于我们的设备容量、运营效率以及供应链的容量和稳定性，”特斯拉指出。</blockquote></p><p> <h4>Four Challenges to Tesla’s Growth</h4> However,investors are concerned with several factors that may slow Tesla's feverish share price growth soon.</p><p><blockquote><h4>特斯拉经济增长面临的四大挑战</h4>然而，投资者担心几个因素可能会很快减缓特斯拉狂热的股价增长。</blockquote></p><p> <b>High Valuation</b></p><p><blockquote><b>高估值</b></blockquote></p><p> Wall Street is an efficient market, discounting good news and bad news on listed companies. As a result, shares are run-up ahead of good news and sold-off ahead of bad news. Sometimes, Mr. Market—to use Benjamin Graham's terminology—is too optimistic, sending the shares of listed companies well above their fundamental or intrinsic value. Other times, Mr. Market is too pessimistic, sending shares of listed companies well below their intrinsic value.</p><p><blockquote>华尔街是一个有效的市场，对上市公司的好消息和坏消息都进行了贴现。因此，股价在好消息之前上涨，在坏消息之前遭到抛售。有时，市场先生——用本杰明·格雷厄姆的术语来说——过于乐观，导致上市公司的股价远高于其基本或内在价值。其他时候，先生。市场过于悲观，导致上市公司股价远低于其内在价值。</blockquote></p><p> Tesla's shares are overvalued by many standards. TipRanks, for instance, estimates Tesla's 12-month-trailing return on equity to be a modest 12.41%, while estimates put Tesla's intrinsic value at $160.11, well below its current price level.</p><p><blockquote>从许多标准来看，特斯拉的股价都被高估了。例如，TipRanks估计特斯拉过去12个月的股本回报率为12.41%，而特斯拉的内在价值估计为160.11美元，远低于当前的价格水平。</blockquote></p><p> <b>Competition from Colonizers</b></p><p><blockquote><b>来自殖民者的竞争</b></blockquote></p><p> Once, Tesla had little competition, as the electric vehicle (EV) market it pioneered had little competition from traditional automakers. However, that's no longer the case, as General Motors, Ford, Volkswagen, and Toyota are invading the electric market.</p><p><blockquote>曾经，特斯拉几乎没有竞争，因为它开创的电动汽车（EV）市场几乎没有来自传统汽车制造商的竞争。然而，随着通用汽车、福特、大众和丰田正在入侵电动市场，情况已不再如此。</blockquote></p><p> These \"colonizers\" of the EV market have the manufacturing experience, expertise, and distribution networks to scale up EV production and cross the \"tipping point\" of bringing EVs to the masses. Meanwhile, the entry of new competitors into the EV market could unleash price competition that will erode Tesla's revenue growth and profit margins. That's something Wall Street is watching closely in quarterly financial statements.</p><p><blockquote>这些电动汽车市场的“殖民者”拥有制造经验、专业知识和分销网络，可以扩大电动汽车生产规模，跨越将电动汽车推向大众的“临界点”。与此同时，新竞争对手进入电动汽车市场可能会引发价格竞争，从而削弱特斯拉的收入增长和利润率。这是华尔街在季度财务报表中密切关注的事情。</blockquote></p><p> <b>Bitcoin Exposure</b></p><p><blockquote><b>比特币风险</b></blockquote></p><p> Tesla's CEO Elon Musk has an affinity for bitcoin. That's why he has been investing some of the company's cash in digital currency. As of the end of March, Tesla's $1.5 billion investment was worth $2.48 billion, based on the surge in bitcoin in the first quarter. However, that has its risks, too, given bitcoin's volatility.</p><p><blockquote>特斯拉CEO Elon Musk对比特币情有独钟。这就是为什么他一直将公司的部分现金投资于数字货币。截至3月底，特斯拉15亿美元的投资价值24.8亿美元，以第一季度比特币的激增计算。然而，考虑到比特币的波动性，这也有其风险。</blockquote></p><p> Adding to bitcoin's volatility are accounting rules that treat the digital currency as an indefinite-lived intangible asset. Thus, it is subject to impairment losses if its fair value decreases below the carrying value during the assessed reporting period. Companies cannot recover impairment losses for any subsequent increase in fair value until the asset's sale. Tesla reported bitcoin-related impairments of $23 million in Q2 as the price of digital currency dived.</p><p><blockquote>将数字货币视为无限期无形资产的会计规则加剧了比特币的波动性。因此，倘其公平值于评估报告期内减值至低于账面值，则须计提减值亏损。在资产出售之前，公司无法收回公允价值后续增加的减值损失。随着数字货币价格暴跌，特斯拉报告第二季度与比特币相关的减值为2300万美元。</blockquote></p><p> <b>Rising Material Costs</b></p><p><blockquote><b>材料成本上升</b></blockquote></p><p></p><p> Together with traditional automobile makers, Tesla faces a severe material shortage due to supply chain disruptions during the COVID-19 pandemic, which is expected to slow down the pace of its feverish growth.</p><p><blockquote>由于COVID-19大流行期间供应链中断，特斯拉与传统汽车制造商一起面临严重的材料短缺，预计这将减缓其狂热增长的步伐。</blockquote></p><p> \"While we're making cars at full speed, the global chip shortage situation remains quite serious,\" Musk told investors. \"For the rest of this year, our growth rates will be determined by the slowest part in our supply chain,\" adding that there are a wide range of chips that will serve as that brake on growth.</p><p><blockquote>“在我们全速造车的同时，全球芯片短缺的情况仍然相当严重，”马斯克告诉投资者。“在今年剩余时间里，我们的增长率将取决于供应链中最慢的部分，”他补充说，有多种芯片将成为增长的刹车。</blockquote></p><p> <h4>Mixed reviews from Wall Street</h4> Needham analyst Rajvindra Gill said Tesla shares are already priced to perfection, which could explain the stock’s weakness on Tuesday.</p><p><blockquote><h4>华尔街褒贬不一</h4>Needham分析师Rajvindra Gill表示，特斯拉股票的定价已经非常完美，这可以解释该股周二的疲软。</blockquote></p><p> “Tesla's ‘priced to perfection’ valuation is hard for us to justify, even with more positive recent Results,” Gill wrote.</p><p><blockquote>吉尔写道：“即使最近的业绩更加积极，我们也很难证明特斯拉‘定价完美’的估值是合理的。”</blockquote></p><p> Morgan Stanley analyst Adam Jonas said the quarter likely didn’t change the narrative for bulls or bears, and Tesla is still not a value stock priced at an enterprise multiple of 70x.</p><p><blockquote>Morgan Stanley分析师Adam Jonas表示，本季度可能不会改变多头或空头的说法，特斯拉仍然不是企业市盈率70倍的价值股。</blockquote></p><p> “Tesla is not only among the fastest growing auto companies in the world, it is also one of the most profitable,” Jonas wrote.</p><p><blockquote>“特斯拉不仅是世界上增长最快的汽车公司之一，也是最赚钱的公司之一，”Jonas写道。</blockquote></p><p> Wells Fargo analyst Colin Langan said auto gross margins were impressive, but they may not last.</p><p><blockquote>富国银行分析师Colin Langan表示，汽车毛利率令人印象深刻，但可能不会持续。</blockquote></p><p> “We see auto margins moderating in Q3/Q4 due to rising raw mat costs and mix dilution as the lower priced Model Y SR launches in China,” Langran wrote.</p><p><blockquote>Langran写道：“随着价格较低的Model Y SR在中国推出，由于原材料成本上升和混合动力稀释，我们预计第三季度/第四季度汽车利润率将放缓。”</blockquote></p><p> John Murphy with B. of A. Securities struck a more cautious tone. Despite the beat, \"competition is fierce and heating up,\" he said. \"(Tesla's) operating environment is shifting from that of a vacuum to an increasingly crowded space.\"</p><p><blockquote>B.of A.Securities的约翰·墨菲(John Murphy)的语气更加谨慎。尽管节奏很慢，但“竞争非常激烈，而且正在升温，”他说。“（特斯拉的）运营环境正在从真空转向日益拥挤的空间。”</blockquote></p><p> The quarterly beat was \"very much helped by positive pricing dynamics and good execution,\" and Murphy raised his price target on the stock to $800 from $750, which represents an upside around 26% from Tuesday's prices. He kept B. of A.'s neutral rating on the stock.</p><p><blockquote>季度业绩“在很大程度上得益于积极的定价动态和良好的执行力”，墨菲将该股的目标价从750美元上调至800美元，较周二的价格上涨约26%。他维持B.of A.对该股的中性评级。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131923658","content_text":"Tesla released Q2 earnings and revenues last week that beat analysts' expectations.\n\"In the second quarter of 2021, we broke new and notable records,\" said Tesla in the company's second-quarter update. \"We produced and delivered over 200,000 vehicles, achieved an operating margin of 11% and exceeded [$1 billion] of GAAP net income for the first time in our history.\"\nHere's a closer look at the quarter, captured by five must-see takeaways from the report.\n1. Revenue hit $12 billion\nHelped by a 121% year-over-year increase in vehicle deliveries, Tesla's revenue surged 98% year over year to approximately $12 billion. This crushed analysts' average forecast for revenue of $11.3 billion.\n2. Profits skyrocketed\nOf course, with revenue like this, it wasn't surprising to see profits soar. Net income increased from $104 million in the year-ago period to $1.14 billion. Non-GAAP (adjusted) net income increased 258% year over year to $1.6 billion. This translated to non-GAAP earnings per share of $1.45 -- far ahead of a consensus analyst estimate of $0.98.\nThe outsized growth in Tesla's profits demonstrates the scalability of the company's business model.\n3. Free cash flow remains healthy\nTesla once again generated positive free cash flow, or cash flow from operations less capital expenditures. Free cash flow for the period increased from $418 million in the year-ago period to $619 million.\nTotal cash on hand fell from $17.1 billion in the first quarter of 2021 to $16.2 billion but this was primarily due to $1.6 billion in net debt and finance lease repayments.\n4. Vehicle demand is robust\nTesla once again said demand for its vehicles achieved record levels. Indeed, demand is so robust that the company is supply constrained. \"Global demand continues to be robust, and we are producing at the limits of available parts supply,\" Tesla explained.\n5. There's more sharp growth to come\nImportantly, Tesla remains optimistic about its growth trajectory. The company says it continues to expect to grow its total deliveries more than 50% year over year this year. This implies 2021 total deliveries of more than 750,000. So far, Tesla has delivered more than 386,000 vehicles this year.\n\"The rate of growth will depend on our equipment capacity, operational efficiency, and the capacity and stability of the supply chain,\" Tesla noted.\nFour Challenges to Tesla’s Growth\nHowever,investors are concerned with several factors that may slow Tesla's feverish share price growth soon.\nHigh Valuation\nWall Street is an efficient market, discounting good news and bad news on listed companies. As a result, shares are run-up ahead of good news and sold-off ahead of bad news. Sometimes, Mr. Market—to use Benjamin Graham's terminology—is too optimistic, sending the shares of listed companies well above their fundamental or intrinsic value. Other times, Mr. Market is too pessimistic, sending shares of listed companies well below their intrinsic value.\nTesla's shares are overvalued by many standards. TipRanks, for instance, estimates Tesla's 12-month-trailing return on equity to be a modest 12.41%, while estimates put Tesla's intrinsic value at $160.11, well below its current price level.\nCompetition from Colonizers\nOnce, Tesla had little competition, as the electric vehicle (EV) market it pioneered had little competition from traditional automakers. However, that's no longer the case, as General Motors, Ford, Volkswagen, and Toyota are invading the electric market.\nThese \"colonizers\" of the EV market have the manufacturing experience, expertise, and distribution networks to scale up EV production and cross the \"tipping point\" of bringing EVs to the masses. Meanwhile, the entry of new competitors into the EV market could unleash price competition that will erode Tesla's revenue growth and profit margins. That's something Wall Street is watching closely in quarterly financial statements.\nBitcoin Exposure\nTesla's CEO Elon Musk has an affinity for bitcoin. That's why he has been investing some of the company's cash in digital currency. As of the end of March, Tesla's $1.5 billion investment was worth $2.48 billion, based on the surge in bitcoin in the first quarter. However, that has its risks, too, given bitcoin's volatility.\nAdding to bitcoin's volatility are accounting rules that treat the digital currency as an indefinite-lived intangible asset. Thus, it is subject to impairment losses if its fair value decreases below the carrying value during the assessed reporting period. Companies cannot recover impairment losses for any subsequent increase in fair value until the asset's sale. Tesla reported bitcoin-related impairments of $23 million in Q2 as the price of digital currency dived.\nRising Material Costs\nTogether with traditional automobile makers, Tesla faces a severe material shortage due to supply chain disruptions during the COVID-19 pandemic, which is expected to slow down the pace of its feverish growth.\n\"While we're making cars at full speed, the global chip shortage situation remains quite serious,\" Musk told investors. \"For the rest of this year, our growth rates will be determined by the slowest part in our supply chain,\" adding that there are a wide range of chips that will serve as that brake on growth.\nMixed reviews from Wall Street\nNeedham analyst Rajvindra Gill said Tesla shares are already priced to perfection, which could explain the stock’s weakness on Tuesday.\n“Tesla's ‘priced to perfection’ valuation is hard for us to justify, even with more positive recent Results,” Gill wrote.\nMorgan Stanley analyst Adam Jonas said the quarter likely didn’t change the narrative for bulls or bears, and Tesla is still not a value stock priced at an enterprise multiple of 70x.\n“Tesla is not only among the fastest growing auto companies in the world, it is also one of the most profitable,” Jonas wrote.\nWells Fargo analyst Colin Langan said auto gross margins were impressive, but they may not last.\n“We see auto margins moderating in Q3/Q4 due to rising raw mat costs and mix dilution as the lower priced Model Y SR launches in China,” Langran wrote.\nJohn Murphy with B. of A. Securities struck a more cautious tone. Despite the beat, \"competition is fierce and heating up,\" he said. \"(Tesla's) operating environment is shifting from that of a vacuum to an increasingly crowded space.\"\nThe quarterly beat was \"very much helped by positive pricing dynamics and good execution,\" and Murphy raised his price target on the stock to $800 from $750, which represents an upside around 26% from Tuesday's prices. He kept B. of A.'s neutral rating on the stock.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1376,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802277523,"gmtCreate":1627785435762,"gmtModify":1631890291812,"author":{"id":"4087126595314210","authorId":"4087126595314210","name":"Zysel","avatar":"https://static.tigerbbs.com/9b52da70718834ef5794c0812716f403","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087126595314210","authorIdStr":"4087126595314210"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like 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pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/806745288","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":2248,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808524931,"gmtCreate":1627602969523,"gmtModify":1631890291817,"author":{"id":"4087126595314210","authorId":"4087126595314210","name":"Zysel","avatar":"https://static.tigerbbs.com/9b52da70718834ef5794c0812716f403","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087126595314210","authorIdStr":"4087126595314210"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/808524931","repostId":"2155184148","repostType":4,"isVote":1,"tweetType":1,"viewCount":1587,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801756140,"gmtCreate":1627537341480,"gmtModify":1631890291818,"author":{"id":"4087126595314210","authorId":"4087126595314210","name":"Zysel","avatar":"https://static.tigerbbs.com/9b52da70718834ef5794c0812716f403","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087126595314210","authorIdStr":"4087126595314210"},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/801756140","repostId":"2155970840","repostType":4,"isVote":1,"tweetType":1,"viewCount":1999,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801198446,"gmtCreate":1627486162385,"gmtModify":1631890291822,"author":{"id":"4087126595314210","authorId":"4087126595314210","name":"Zysel","avatar":"https://static.tigerbbs.com/9b52da70718834ef5794c0812716f403","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087126595314210","authorIdStr":"4087126595314210"},"themes":[],"htmlText":"Like&nbsp;","listText":"Like&nbsp;","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/801198446","repostId":"1102922788","repostType":4,"repost":{"id":"1102922788","kind":"news","pubTimestamp":1627479526,"share":"https://www.laohu8.com/m/news/1102922788?lang=zh_CN&edition=full","pubTime":"2021-07-28 21:38","market":"us","language":"en","title":"Fed Meeting Will Focus on Tapering Timeline.<blockquote>美联储会议将重点讨论缩减时间表。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1102922788","media":"The Wall Street Journal","summary":"Officials are looking to forge consensus on how and when to eventually reduce their asset purchases\n","content":"<p>Officials are looking to forge consensus on how and when to eventually reduce their asset purchases</p><p><blockquote>官员们正在寻求就如何以及何时最终减少资产购买达成共识</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b506b5e7aef3659e57731a13007a3078\" tg-width=\"1290\" tg-height=\"859\" width=\"100%\" height=\"auto\"><span>Fed Chairman Jerome Powell, who spoke at a Senate committee hearing earlier this month, has promised ample notice before reducing purchases of securities.</span></p><p><blockquote><p class=\"t-img-caption\"><span>美联储主席杰罗姆·鲍威尔本月早些时候在参议院委员会听证会上发表讲话，承诺在减少证券购买之前会发出充分的通知。</span></p></blockquote></p><p> Federal Reserve officials are set to resume deliberations Wednesday about how and when to begin&nbsp;paring their asset purchases&nbsp;amid an economic rebound clouded by supply-chain bottlenecks and rising Covid-19 cases.</p><p><blockquote>美联储官员将于周三恢复审议，讨论在供应链瓶颈和Covid-19病例增加的情况下，如何以及何时开始削减资产购买。</blockquote></p><p> The central bank at the end of last year said it would continue to purchase $120 billion in Treasurys and mortgage-backed securities monthly until officials deemed they had achieved “substantial further progress” toward their goals of low unemployment and inflation reaching their 2% goal.</p><p><blockquote>央行去年年底表示，将继续每月购买1200亿美元的美国国债和抵押贷款支持证券，直到官员们认为他们在实现低失业率和通胀率达到2%的目标方面取得了“实质性的进一步进展”。</blockquote></p><p> The Fed will release its policy statement at 2 p.m. EDT. Most of the focus is likely to center on Chairman Jerome Powell’s news conference at 2:30 p.m. Here’s what to watch:</p><p><blockquote>美联储将于美国东部时间下午2点发布政策声明。大部分焦点可能集中在下午2:30主席杰罗姆·鲍威尔(Jerome Powell)的新闻发布会上。以下是值得关注的内容：</blockquote></p><p> <b>Taper timing</b></p><p><blockquote><b>锥度正时</b></blockquote></p><p> Officials are likely to receive a formal staff briefing around when to start paring their monthly purchases of $80 billion in Treasury securities and $40 billion in mortgage securities, and how quickly to reduce, or taper, them.</p><p><blockquote>官员们可能会收到正式的工作人员简报，内容涉及何时开始削减每月800亿美元国债和400亿美元抵押贷款证券的购买量，以及以多快的速度减少或缩减这些购买量。</blockquote></p><p> The Fed began buying large quantities of the securities in March 2020, when the Covid-19 pandemic triggered a near-meltdown in financial markets. With the Fed’s short-term interest rate at zero, the purchases are designed to provide additional stimulus by holding down long-term interest rates.</p><p><blockquote>美联储于2020年3月开始购买大量证券，当时Covid-19大流行引发金融市场几近崩溃。由于美联储的短期利率为零，购买旨在通过压低长期利率来提供额外的刺激。</blockquote></p><p> Some officials are concerned&nbsp;that a burst of inflation this year from bottlenecks associated with reopening the economy will prove more durable than previously anticipated. These policy makers are eager to start the taper, in part because they and their colleagues have said they aren’t likely to consider raising interest rates from near zero until they are done tapering the asset purchases.</p><p><blockquote>一些官员担心，今年因与重新开放经济相关的瓶颈而引发的通胀爆发将比之前预期的更持久。这些政策制定者渴望开始缩减，部分原因是他们和他们的同事表示，在完成缩减资产购买之前，他们不太可能考虑将利率从接近零的水平上调。</blockquote></p><p> Another camp thinks recent&nbsp;price pressures will subside&nbsp;and could leave the Fed in the same position that it faced for much of the past decade, in which global forces kept inflation below 2% even with historically low interest rates. They are worried that accelerating plans to wind down the asset purchases could raise questions among investors about the Fed’s commitment to achieving its economic goals.</p><p><blockquote>另一个阵营认为，最近的价格压力将会消退，并可能使美联储陷入过去十年大部分时间所面临的境地，即即使利率处于历史低位，全球力量仍将通胀率保持在2%以下。他们担心，加速缩减资产购买计划可能会引发投资者对美联储实现经济目标承诺的质疑。</blockquote></p><p> Because Mr. Powell has pledged&nbsp;to provide ample notice&nbsp;to financial markets before the Fed starts tapering&nbsp;to avoid catching investors by surprise, the central bank looks unlikely to start the process now or at its next meeting in September. Mr. Powell’s press conference will be heavily scrutinized for clues on how officials judge recent economic progress. In April, he said the Fed was “a long way from” its tapering goals, and he characterized the economy as “still a ways off” from them in June.</p><p><blockquote>由于鲍威尔承诺在美联储开始缩减规模之前向金融市场发出充分通知，以避免让投资者措手不及，因此美联储现在或在9月份的下一次会议上似乎不太可能启动这一进程。鲍威尔的新闻发布会将受到严格审查，以寻找官员如何判断近期经济进展的线索。4月份，他表示美联储距离缩减目标“还有很长的路要走”，6月份他称经济距离目标“还有很长的路要走”。</blockquote></p><p> <b>Purchase pace</b></p><p><blockquote><b>购买节奏</b></blockquote></p><p> Officials also must consider the pace of any reductions. Some officials have discussed concluding the purchases around October 2022 so they could lift rates soon thereafter if the recovery is stronger or inflation is higher than now anticipated.</p><p><blockquote>官员们还必须考虑任何削减的速度。一些官员已经讨论过在2022年10月左右结束购买，以便如果复苏更强劲或通胀高于目前预期，他们可以在此后很快加息。</blockquote></p><p> During a prior asset-purchase program that ended in 2014, the Fed shrank its purchases in modest, equal amounts over the course of 10 months. It then waited another 14 months before raising interest rates.</p><p><blockquote>在2014年结束的上一次资产购买计划中，美联储在10个月内适度、等量地缩减了购买规模。然后又等了14个月才加息。</blockquote></p><p> Another tactical question centers on whether&nbsp;to reduce the pace of Treasurys and mortgage-backed securities equally. Some officials have raised concerns about rising home prices and are pressing to stop purchases of mortgage bonds sooner.</p><p><blockquote>另一个战术问题集中在是否同样降低美国国债和抵押贷款支持证券的发行速度。一些官员对房价上涨表示担忧，并敦促尽快停止购买抵押贷款债券。</blockquote></p><p> But Mr. Powell and other officials have poured cold water on those concerns in recent weeks. They have said mortgage buying, by purchasing longer-dated assets, provides a way to more broadly stimulate the economy and isn’t focused squarely on housing markets.</p><p><blockquote>但鲍威尔和其他官员最近几周对这些担忧泼了冷水。他们表示，通过购买长期资产，抵押贷款购买提供了一种更广泛地刺激经济的方式，并且并不直接关注房地产市场。</blockquote></p><p> “If the housing market has you really worried, that’s an argument for just tapering everything sooner and faster,” said William English, a former senior Fed economist who is now a professor at the Yale School of Management.</p><p><blockquote>前美联储高级经济学家、现任耶鲁大学管理学院教授威廉·英格利希(William English)表示：“如果房地产市场真的让你担心，那么这就是越来越快地缩减一切的理由。”</blockquote></p><p> <b>Inflation outlook</b></p><p><blockquote><b>通胀前景</b></blockquote></p><p> For a third straight month in June,inflation ran hotter&nbsp;than many economists had expected. The Labor Department’s consumer-price index increased 5.4% from a year ago, the highest 12-month rate since August 2008.</p><p><blockquote>6月份通胀连续第三个月高于许多经济学家的预期。美国劳工部的消费者价格指数同比上涨5.4%，为2008年8月以来的12个月最高水平。</blockquote></p><p> Mr. Powell said two weeks ago that&nbsp;many of the elevated price pressures&nbsp;can still be traced to goods and services affected by supply-chain bottlenecks and other pandemic-driven upheaval. As a result, he said it would be too soon for the Fed to abandon its earlier expectation that prices will return to their 2% target on their own and to raise rates to cool down demand and reduce inflation faster.</p><p><blockquote>鲍威尔两周前表示，许多价格上涨压力仍然可以追溯到受供应链瓶颈和其他大流行引发的动荡影响的商品和服务。因此，他表示，美联储放弃早先的预期，即物价将自行回到2%的目标，并加息以更快地冷却需求和降低通胀，还为时过早。</blockquote></p><p></p><p> But Mr. Powell could face questions over how long the central bank and its 12-member rate-setting committee feels it would take to revisit their projections. Price pressures in some sectors of the economy where inflation had been subdued over the past year, including residential rents, have picked in recent months.</p><p><blockquote>但鲍威尔可能会面临以下问题：央行及其由12名成员组成的利率制定委员会认为需要多长时间才能重新审视他们的预测。过去一年通胀较低的一些经济领域（包括住宅租金）的价格压力在近几个月有所加剧。</blockquote></p><p> <b>Delta variant</b></p><p><blockquote><b>德尔塔变异毒株</b></blockquote></p><p> Mr. Powell is also likely to be pressed on how the recent increase in Covid-19 cases among unvaccinated populations could reshape the central bank’s growth forecasts for the rest of the year. While a return to shutdowns and other state-mandated restrictions on activity seem less likely than a year ago, increased hesitancy on the part of consumers to return to normal spending routines could complicate the economic outlook.</p><p><blockquote>鲍威尔还可能面临压力，询问最近未接种疫苗人群中Covid-19病例的增加可能如何重塑央行今年剩余时间的增长预测。虽然与一年前相比，恢复停工和其他州政府强制的活动限制似乎不太可能，但消费者对恢复正常支出的犹豫可能会使经济前景复杂化。</blockquote></p><p> Since Fed officials last met in June, government-bond prices have jumped, a sign that investors are less confident about long-term growth prospects and less worried about inflation.</p><p><blockquote>自美联储官员6月上次开会以来，政府债券价格大幅上涨，这表明投资者对长期增长前景的信心减弱，对通胀的担忧也减弱。</blockquote></p><p> Yields, which rise when bond prices fall, climbed sharply earlier in the year, lifted by expectations that vaccinations and fiscal stimulus would spur an economic boom. After hitting a 13-month high of 1.75% at the end of March, the 10-year Treasury yield has declined—to 1.57% on June 16, after the Fed concluded its previous meeting, and to 1.24%, a five-month low, when the Fed’s meeting began on Tuesday.</p><p><blockquote>受疫苗接种和财政刺激措施将刺激经济繁荣的预期提振，收益率在债券价格下跌时上升，今年早些时候大幅攀升。在3月底触及1.75%的13个月高点后，10年期国债收益率已下降——美联储结束上次会议后的6月16日跌至1.57%，并跌至五个月低点1.24%，周二美联储会议开始时。</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>Fed Meeting Will Focus on Tapering Timeline.<blockquote>美联储会议将重点讨论缩减时间表。</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; 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}\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\">\nFed Meeting Will Focus on Tapering Timeline.<blockquote>美联储会议将重点讨论缩减时间表。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-07-28 21:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Officials are looking to forge consensus on how and when to eventually reduce their asset purchases</p><p><blockquote>官员们正在寻求就如何以及何时最终减少资产购买达成共识</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b506b5e7aef3659e57731a13007a3078\" tg-width=\"1290\" tg-height=\"859\" width=\"100%\" height=\"auto\"><span>Fed Chairman Jerome Powell, who spoke at a Senate committee hearing earlier this month, has promised ample notice before reducing purchases of securities.</span></p><p><blockquote><p class=\"t-img-caption\"><span>美联储主席杰罗姆·鲍威尔本月早些时候在参议院委员会听证会上发表讲话，承诺在减少证券购买之前会发出充分的通知。</span></p></blockquote></p><p> Federal Reserve officials are set to resume deliberations Wednesday about how and when to begin&nbsp;paring their asset purchases&nbsp;amid an economic rebound clouded by supply-chain bottlenecks and rising Covid-19 cases.</p><p><blockquote>美联储官员将于周三恢复审议，讨论在供应链瓶颈和Covid-19病例增加的情况下，如何以及何时开始削减资产购买。</blockquote></p><p> The central bank at the end of last year said it would continue to purchase $120 billion in Treasurys and mortgage-backed securities monthly until officials deemed they had achieved “substantial further progress” toward their goals of low unemployment and inflation reaching their 2% goal.</p><p><blockquote>央行去年年底表示，将继续每月购买1200亿美元的美国国债和抵押贷款支持证券，直到官员们认为他们在实现低失业率和通胀率达到2%的目标方面取得了“实质性的进一步进展”。</blockquote></p><p> The Fed will release its policy statement at 2 p.m. EDT. Most of the focus is likely to center on Chairman Jerome Powell’s news conference at 2:30 p.m. Here’s what to watch:</p><p><blockquote>美联储将于美国东部时间下午2点发布政策声明。大部分焦点可能集中在下午2:30主席杰罗姆·鲍威尔(Jerome Powell)的新闻发布会上。以下是值得关注的内容：</blockquote></p><p> <b>Taper timing</b></p><p><blockquote><b>锥度正时</b></blockquote></p><p> Officials are likely to receive a formal staff briefing around when to start paring their monthly purchases of $80 billion in Treasury securities and $40 billion in mortgage securities, and how quickly to reduce, or taper, them.</p><p><blockquote>官员们可能会收到正式的工作人员简报，内容涉及何时开始削减每月800亿美元国债和400亿美元抵押贷款证券的购买量，以及以多快的速度减少或缩减这些购买量。</blockquote></p><p> The Fed began buying large quantities of the securities in March 2020, when the Covid-19 pandemic triggered a near-meltdown in financial markets. With the Fed’s short-term interest rate at zero, the purchases are designed to provide additional stimulus by holding down long-term interest rates.</p><p><blockquote>美联储于2020年3月开始购买大量证券，当时Covid-19大流行引发金融市场几近崩溃。由于美联储的短期利率为零，购买旨在通过压低长期利率来提供额外的刺激。</blockquote></p><p> Some officials are concerned&nbsp;that a burst of inflation this year from bottlenecks associated with reopening the economy will prove more durable than previously anticipated. These policy makers are eager to start the taper, in part because they and their colleagues have said they aren’t likely to consider raising interest rates from near zero until they are done tapering the asset purchases.</p><p><blockquote>一些官员担心，今年因与重新开放经济相关的瓶颈而引发的通胀爆发将比之前预期的更持久。这些政策制定者渴望开始缩减，部分原因是他们和他们的同事表示，在完成缩减资产购买之前，他们不太可能考虑将利率从接近零的水平上调。</blockquote></p><p> Another camp thinks recent&nbsp;price pressures will subside&nbsp;and could leave the Fed in the same position that it faced for much of the past decade, in which global forces kept inflation below 2% even with historically low interest rates. They are worried that accelerating plans to wind down the asset purchases could raise questions among investors about the Fed’s commitment to achieving its economic goals.</p><p><blockquote>另一个阵营认为，最近的价格压力将会消退，并可能使美联储陷入过去十年大部分时间所面临的境地，即即使利率处于历史低位，全球力量仍将通胀率保持在2%以下。他们担心，加速缩减资产购买计划可能会引发投资者对美联储实现经济目标承诺的质疑。</blockquote></p><p> Because Mr. Powell has pledged&nbsp;to provide ample notice&nbsp;to financial markets before the Fed starts tapering&nbsp;to avoid catching investors by surprise, the central bank looks unlikely to start the process now or at its next meeting in September. Mr. Powell’s press conference will be heavily scrutinized for clues on how officials judge recent economic progress. In April, he said the Fed was “a long way from” its tapering goals, and he characterized the economy as “still a ways off” from them in June.</p><p><blockquote>由于鲍威尔承诺在美联储开始缩减规模之前向金融市场发出充分通知，以避免让投资者措手不及，因此美联储现在或在9月份的下一次会议上似乎不太可能启动这一进程。鲍威尔的新闻发布会将受到严格审查，以寻找官员如何判断近期经济进展的线索。4月份，他表示美联储距离缩减目标“还有很长的路要走”，6月份他称经济距离目标“还有很长的路要走”。</blockquote></p><p> <b>Purchase pace</b></p><p><blockquote><b>购买节奏</b></blockquote></p><p> Officials also must consider the pace of any reductions. Some officials have discussed concluding the purchases around October 2022 so they could lift rates soon thereafter if the recovery is stronger or inflation is higher than now anticipated.</p><p><blockquote>官员们还必须考虑任何削减的速度。一些官员已经讨论过在2022年10月左右结束购买，以便如果复苏更强劲或通胀高于目前预期，他们可以在此后很快加息。</blockquote></p><p> During a prior asset-purchase program that ended in 2014, the Fed shrank its purchases in modest, equal amounts over the course of 10 months. It then waited another 14 months before raising interest rates.</p><p><blockquote>在2014年结束的上一次资产购买计划中，美联储在10个月内适度、等量地缩减了购买规模。然后又等了14个月才加息。</blockquote></p><p> Another tactical question centers on whether&nbsp;to reduce the pace of Treasurys and mortgage-backed securities equally. Some officials have raised concerns about rising home prices and are pressing to stop purchases of mortgage bonds sooner.</p><p><blockquote>另一个战术问题集中在是否同样降低美国国债和抵押贷款支持证券的发行速度。一些官员对房价上涨表示担忧，并敦促尽快停止购买抵押贷款债券。</blockquote></p><p> But Mr. Powell and other officials have poured cold water on those concerns in recent weeks. They have said mortgage buying, by purchasing longer-dated assets, provides a way to more broadly stimulate the economy and isn’t focused squarely on housing markets.</p><p><blockquote>但鲍威尔和其他官员最近几周对这些担忧泼了冷水。他们表示，通过购买长期资产，抵押贷款购买提供了一种更广泛地刺激经济的方式，并且并不直接关注房地产市场。</blockquote></p><p> “If the housing market has you really worried, that’s an argument for just tapering everything sooner and faster,” said William English, a former senior Fed economist who is now a professor at the Yale School of Management.</p><p><blockquote>前美联储高级经济学家、现任耶鲁大学管理学院教授威廉·英格利希(William English)表示：“如果房地产市场真的让你担心，那么这就是越来越快地缩减一切的理由。”</blockquote></p><p> <b>Inflation outlook</b></p><p><blockquote><b>通胀前景</b></blockquote></p><p> For a third straight month in June,inflation ran hotter&nbsp;than many economists had expected. The Labor Department’s consumer-price index increased 5.4% from a year ago, the highest 12-month rate since August 2008.</p><p><blockquote>6月份通胀连续第三个月高于许多经济学家的预期。美国劳工部的消费者价格指数同比上涨5.4%，为2008年8月以来的12个月最高水平。</blockquote></p><p> Mr. Powell said two weeks ago that&nbsp;many of the elevated price pressures&nbsp;can still be traced to goods and services affected by supply-chain bottlenecks and other pandemic-driven upheaval. As a result, he said it would be too soon for the Fed to abandon its earlier expectation that prices will return to their 2% target on their own and to raise rates to cool down demand and reduce inflation faster.</p><p><blockquote>鲍威尔两周前表示，许多价格上涨压力仍然可以追溯到受供应链瓶颈和其他大流行引发的动荡影响的商品和服务。因此，他表示，美联储放弃早先的预期，即物价将自行回到2%的目标，并加息以更快地冷却需求和降低通胀，还为时过早。</blockquote></p><p></p><p> But Mr. Powell could face questions over how long the central bank and its 12-member rate-setting committee feels it would take to revisit their projections. Price pressures in some sectors of the economy where inflation had been subdued over the past year, including residential rents, have picked in recent months.</p><p><blockquote>但鲍威尔可能会面临以下问题：央行及其由12名成员组成的利率制定委员会认为需要多长时间才能重新审视他们的预测。过去一年通胀较低的一些经济领域（包括住宅租金）的价格压力在近几个月有所加剧。</blockquote></p><p> <b>Delta variant</b></p><p><blockquote><b>德尔塔变异毒株</b></blockquote></p><p> Mr. Powell is also likely to be pressed on how the recent increase in Covid-19 cases among unvaccinated populations could reshape the central bank’s growth forecasts for the rest of the year. While a return to shutdowns and other state-mandated restrictions on activity seem less likely than a year ago, increased hesitancy on the part of consumers to return to normal spending routines could complicate the economic outlook.</p><p><blockquote>鲍威尔还可能面临压力，询问最近未接种疫苗人群中Covid-19病例的增加可能如何重塑央行今年剩余时间的增长预测。虽然与一年前相比，恢复停工和其他州政府强制的活动限制似乎不太可能，但消费者对恢复正常支出的犹豫可能会使经济前景复杂化。</blockquote></p><p> Since Fed officials last met in June, government-bond prices have jumped, a sign that investors are less confident about long-term growth prospects and less worried about inflation.</p><p><blockquote>自美联储官员6月上次开会以来，政府债券价格大幅上涨，这表明投资者对长期增长前景的信心减弱，对通胀的担忧也减弱。</blockquote></p><p> Yields, which rise when bond prices fall, climbed sharply earlier in the year, lifted by expectations that vaccinations and fiscal stimulus would spur an economic boom. After hitting a 13-month high of 1.75% at the end of March, the 10-year Treasury yield has declined—to 1.57% on June 16, after the Fed concluded its previous meeting, and to 1.24%, a five-month low, when the Fed’s meeting began on Tuesday.</p><p><blockquote>受疫苗接种和财政刺激措施将刺激经济繁荣的预期提振，收益率在债券价格下跌时上升，今年早些时候大幅攀升。在3月底触及1.75%的13个月高点后，10年期国债收益率已下降——美联储结束上次会议后的6月16日跌至1.57%，并跌至五个月低点1.24%，周二美联储会议开始时。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/fed-meeting-will-focus-on-tapering-timeline-11627464602?mod=hp_lead_pos2\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.wsj.com/articles/fed-meeting-will-focus-on-tapering-timeline-11627464602?mod=hp_lead_pos2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102922788","content_text":"Officials are looking to forge consensus on how and when to eventually reduce their asset purchases\nFed Chairman Jerome Powell, who spoke at a Senate committee hearing earlier this month, has promised ample notice before reducing purchases of securities.\nFederal Reserve officials are set to resume deliberations Wednesday about how and when to begin paring their asset purchases amid an economic rebound clouded by supply-chain bottlenecks and rising Covid-19 cases.\nThe central bank at the end of last year said it would continue to purchase $120 billion in Treasurys and mortgage-backed securities monthly until officials deemed they had achieved “substantial further progress” toward their goals of low unemployment and inflation reaching their 2% goal.\nThe Fed will release its policy statement at 2 p.m. EDT. Most of the focus is likely to center on Chairman Jerome Powell’s news conference at 2:30 p.m. Here’s what to watch:\nTaper timing\nOfficials are likely to receive a formal staff briefing around when to start paring their monthly purchases of $80 billion in Treasury securities and $40 billion in mortgage securities, and how quickly to reduce, or taper, them.\nThe Fed began buying large quantities of the securities in March 2020, when the Covid-19 pandemic triggered a near-meltdown in financial markets. With the Fed’s short-term interest rate at zero, the purchases are designed to provide additional stimulus by holding down long-term interest rates.\nSome officials are concerned that a burst of inflation this year from bottlenecks associated with reopening the economy will prove more durable than previously anticipated. These policy makers are eager to start the taper, in part because they and their colleagues have said they aren’t likely to consider raising interest rates from near zero until they are done tapering the asset purchases.\nAnother camp thinks recent price pressures will subside and could leave the Fed in the same position that it faced for much of the past decade, in which global forces kept inflation below 2% even with historically low interest rates. They are worried that accelerating plans to wind down the asset purchases could raise questions among investors about the Fed’s commitment to achieving its economic goals.\nBecause Mr. Powell has pledged to provide ample notice to financial markets before the Fed starts tapering to avoid catching investors by surprise, the central bank looks unlikely to start the process now or at its next meeting in September. Mr. Powell’s press conference will be heavily scrutinized for clues on how officials judge recent economic progress. In April, he said the Fed was “a long way from” its tapering goals, and he characterized the economy as “still a ways off” from them in June.\nPurchase pace\nOfficials also must consider the pace of any reductions. Some officials have discussed concluding the purchases around October 2022 so they could lift rates soon thereafter if the recovery is stronger or inflation is higher than now anticipated.\nDuring a prior asset-purchase program that ended in 2014, the Fed shrank its purchases in modest, equal amounts over the course of 10 months. It then waited another 14 months before raising interest rates.\nAnother tactical question centers on whether to reduce the pace of Treasurys and mortgage-backed securities equally. Some officials have raised concerns about rising home prices and are pressing to stop purchases of mortgage bonds sooner.\nBut Mr. Powell and other officials have poured cold water on those concerns in recent weeks. They have said mortgage buying, by purchasing longer-dated assets, provides a way to more broadly stimulate the economy and isn’t focused squarely on housing markets.\n“If the housing market has you really worried, that’s an argument for just tapering everything sooner and faster,” said William English, a former senior Fed economist who is now a professor at the Yale School of Management.\nInflation outlook\nFor a third straight month in June,inflation ran hotter than many economists had expected. The Labor Department’s consumer-price index increased 5.4% from a year ago, the highest 12-month rate since August 2008.\nMr. Powell said two weeks ago that many of the elevated price pressures can still be traced to goods and services affected by supply-chain bottlenecks and other pandemic-driven upheaval. As a result, he said it would be too soon for the Fed to abandon its earlier expectation that prices will return to their 2% target on their own and to raise rates to cool down demand and reduce inflation faster.\nBut Mr. Powell could face questions over how long the central bank and its 12-member rate-setting committee feels it would take to revisit their projections. Price pressures in some sectors of the economy where inflation had been subdued over the past year, including residential rents, have picked in recent months.\nDelta variant\nMr. Powell is also likely to be pressed on how the recent increase in Covid-19 cases among unvaccinated populations could reshape the central bank’s growth forecasts for the rest of the year. While a return to shutdowns and other state-mandated restrictions on activity seem less likely than a year ago, increased hesitancy on the part of consumers to return to normal spending routines could complicate the economic outlook.\nSince Fed officials last met in June, government-bond prices have jumped, a sign that investors are less confident about long-term growth prospects and less worried about inflation.\nYields, which rise when bond prices fall, climbed sharply earlier in the year, lifted by expectations that vaccinations and fiscal stimulus would spur an economic boom. After hitting a 13-month high of 1.75% at the end of March, the 10-year Treasury yield has declined—to 1.57% on June 16, after the Fed concluded its previous meeting, and to 1.24%, a five-month low, when the Fed’s meeting began on Tuesday.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2276,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}