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cloudyy
cloudyy
·
2021-07-27
Great
Crypto Stocks tumbled in premarket trading<blockquote>加密货币股票在盘前交易中暴跌</blockquote>
Crypto Stocks tumbled in premarket trading on Amazon denimg report of accepting bitcoin as payment.B
Crypto Stocks tumbled in premarket trading<blockquote>加密货币股票在盘前交易中暴跌</blockquote>
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cloudyy
cloudyy
·
2021-07-27
Nice
Hot Chinese concept stocks resumed downward in premarket trading<blockquote>热门中概股盘前恢复下行</blockquote>
Hot Chinese concept stocks resumed downward in premarket trading.Bilibili and NetEase fell 7%,DiDi G
Hot Chinese concept stocks resumed downward in premarket trading<blockquote>热门中概股盘前恢复下行</blockquote>
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cloudyy
cloudyy
·
2021-07-13
What
非常抱歉，此主贴已删除
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cloudyy
cloudyy
·
2021-07-11
Nice
非常抱歉，此主贴已删除
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cloudyy
cloudyy
·
2021-07-10
Interesting
Taiwan Semiconductor Vs. United Microelectronics Stock: Which Is The Better Buy?<blockquote>台积电与联合微电子股票：哪个更值得购买？</blockquote>
Summary TSMC is the world’s largest foundry for making ICs for fabless semiconductor companies, man
Taiwan Semiconductor Vs. United Microelectronics Stock: Which Is The Better Buy?<blockquote>台积电与联合微电子股票：哪个更值得购买？</blockquote>
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cloudyy
cloudyy
·
2021-07-10
Nice
Meme Stocks Like GameStop and AMC Reflect Market Reality<blockquote>游戏驿站和AMC等模因股票反映了市场现实</blockquote>
Gamestop (GME) made some investors rich… and then it broke many more. Investing in AMC Entertainment
Meme Stocks Like GameStop and AMC Reflect Market Reality<blockquote>游戏驿站和AMC等模因股票反映了市场现实</blockquote>
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cloudyy
cloudyy
·
2021-07-05
Nice
What Does the End of the Quarter Mean for Portfolio Management?<blockquote>季度末对投资组合管理意味着什么？</blockquote>
The "end of the quarter" refers to the conclusion of one of four specific three-month periods on the
What Does the End of the Quarter Mean for Portfolio Management?<blockquote>季度末对投资组合管理意味着什么？</blockquote>
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cloudyy
cloudyy
·
2021-07-03
Nice
非常抱歉，此主贴已删除
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cloudyy
cloudyy
·
2021-06-30
Nice
EV stocks surged in Wednesday morning trading<blockquote>电动汽车股周三早盘飙升</blockquote>
EV stocks surged in Wednesday morning trading.Nio, Li Auto and Tesla climbed between 0.7% and 5.6%. While Xpeng Motors fell 0.7%.
EV stocks surged in Wednesday morning trading<blockquote>电动汽车股周三早盘飙升</blockquote>
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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":1627374061,"share":"https://www.laohu8.com/m/news/1140105060?lang=zh_CN&edition=full","pubTime":"2021-07-27 16:21","market":"us","language":"en","title":"Crypto Stocks tumbled in premarket trading<blockquote>加密货币股票在盘前交易中暴跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1140105060","media":"Tiger Newspress","summary":"Crypto Stocks tumbled in premarket trading on Amazon denimg report of accepting bitcoin as payment.B","content":"<p>Crypto Stocks tumbled in premarket trading on Amazon denimg report of accepting bitcoin as payment.Bit Digital,The9,SOS Ltd,Canaan,Ebang international,Marathon Digital Holdings,Riot Blockchain,Coinbase Global and Square plunged between 1% and 19%.</p><p><blockquote>由于Amazon denimg报告接受比特币作为支付方式，加密货币股票在盘前交易中暴跌。Bit Digital、第九城市、SOS Ltd、嘉楠耘智、亿邦国际、Marathon Digital Holdings、Riot Blockchain、Coinbase Global和Square暴跌1%至19%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e53c1ef7ac57d4219f6590506a3f3800\" tg-width=\"352\" tg-height=\"546\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Bitcoin fell after briefly rallying past $40,000, as Amazon.com Inc. pushed back against speculation it will accept the token for payments this year, offering investors another reminder of the coin’s volatility.</p><p><blockquote>比特币在短暂反弹超过40,000美元后下跌，因为Amazon.com Inc.反驳了今年将接受代币支付的猜测，这再次提醒投资者注意代币的波动性。</blockquote></p><p> The largest digital currency dropped as much as 3.5% and was trading at about $37,100 as of 1:44 p.m. in Hong Kong, extending a late reversal in U.S. trading. Rival coins including Ether and Litecoin also retreated.</p><p><blockquote>截至下午1点44分，最大的数字货币跌幅高达3.5%，交易价格约为37,100美元。在香港，延续了美国交易的后期逆转。包括以太币和莱特币在内的竞争币也出现回落。</blockquote></p><p> Bitcoin’s latest roller-coaster ride accelerated Monday as traders digested an Amazon executive job posting linked to crypto, sending prices soaring. The rally quickly ran out of steam hours later, after a company spokesperson denied the token will be accepted for payments this year.</p><p><blockquote>周一，随着交易员消化了与加密货币相关的亚马逊高管招聘信息，比特币最新的过山车行情加速，导致价格飙升。几个小时后，在公司发言人否认今年将接受该代币支付后，涨势很快就失去了动力。</blockquote></p><p> Investors rushing to cover bearish bets helped propel Bitcoin’s earlier advance to a peak of $40,545, its highest since June 15. More than $950 million of crypto shorts were liquidated on Monday, the most since May 19, according to data from Bybt.com.</p><p><blockquote>投资者急于回补看跌押注，推动比特币早些时候上涨至40,545美元的峰值，为6月15日以来的最高水平。根据Bybt.com的数据，周一有超过9.5亿美元的加密货币空头被清算，这是自5月19日以来的最高水平。</blockquote></p><p> “Shorts were piling up as we were moving down, assuming we were looking at a minimum of $25,000, which was expected across the board,” said Vijay Ayyar, head of crypto exchange Luno’s Asia Pacific business. “But then there was heavy accumulation in the $29,000 to $30,000 region, which caught a lot of those shorts unaware and hence led to the spring upwards.”</p><p><blockquote>加密货币交易所Luno亚太业务主管Vijay Ayyar表示：“假设我们的最低价格为25,000美元，这是普遍预期的。”“但随后在29,000美元至30,000美元区域出现了大量积累，这让很多空头没有意识到，因此导致了春季上涨。”</blockquote></p><p> Bitcoin’s price volatility is part of a wider, multi-wave correction since a record high was reached in April, Ayyar said. The price could rebound as high as $45,000 in the near term before another potential drop, he said.</p><p><blockquote>Ayyar表示，自4月份创下历史新高以来，比特币的价格波动是更广泛的多波修正的一部分。他表示，在再次下跌之前，价格可能会在短期内反弹至45,000美元。</blockquote></p><p> “We’re still seeing the correction play out,” he added.</p><p><blockquote>“我们仍在看到调整的展开，”他补充道。</blockquote></p><p> The latest gyrations came amid concerns about a chill in the crypto industry after Bitcoin’s hot run to a record of almost $65,000 faded amid rising regulatory and environmental concerns. There are plenty of factors traders can point to for this week’s moves, as proponents look for the next catalyst to break the coin out of its tight trading range of $30,000 to $40,000 in recent months.</p><p><blockquote>最新的波动是在人们对加密货币行业寒意的担忧之际发生的，此前比特币(Elon Musk)创下近65,000美元的纪录因监管和环境担忧加剧而消退。交易者可以指出本周走势的很多因素，因为支持者正在寻找下一个催化剂，使代币突破近几个月30,000美元至40,000美元的紧张交易区间。</blockquote></p><p> “Bitcoin‘s biggest risk this week could be a hawkish surprise from the Fed, which might explain why prices have not yet been able to clear the psychological $40,000 level,” said Edward Moya, senior market analyst with Oanda Corp. The Federal Reserve will announce its next rate decision Wednesday.</p><p><blockquote>Oanda Corp.高级市场分析师Edward Moya表示：“比特币本周最大的风险可能是美联储的鹰派意外，这可能解释了为什么价格尚未能够突破40,000美元的心理水平。”美联储将于周三宣布下一次利率决定。</blockquote></p><p> Bloomberg News earlier reported a U.S. probe into Tether is homing in on whether executives behind the token committed bank fraud.</p><p><blockquote>彭博新闻社早些时候报道称，美国对泰达币的调查重点是该代币背后的高管是否犯有银行欺诈行为。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a9b821fcdf8396e5d3fdc1f9e3ead006\" tg-width=\"1200\" tg-height=\"675\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Ether was down as much as 5%, reversing Monday’s earlier advance ahead of an upgrade due on Aug. 4 that will reduce the amount of outstanding tokens by destroying some of them every time it’s used to fuel transactions on the world’s most-used blockchain.</p><p><blockquote>以太币下跌了5%，扭转了周一早些时候在8月4日升级之前的涨幅，升级将通过每次用于推动世界上最常用的区块链上的交易时销毁一些代币来减少未偿代币的数量。</blockquote></p><p> On Binance, the largest crypto exchange, Bitcoin perpetual contracts jumped as much as 30% over an hour in early New York trading, a sign of extreme volatility in one of the coin’s most liquid derivatives.</p><p><blockquote>在最大的加密货币交易所币安，比特币永续合约在纽约早盘交易中一小时内上涨了30%，这是该币流动性最强的衍生品之一极度波动的迹象。</blockquote></p><p> Sentiment also got a bit of a boost last week after Tesla Inc.’s Elon Musk said his firm was likely to eventually accept Bitcoin again and that his space exploration company SpaceX owns the digital token. Bitcoin bounced back above the 50-day moving average for the first time since May on the weekend.</p><p><blockquote>上周，特斯拉公司的Elon Musk表示，他的公司最终可能会再次接受比特币，并且他的太空探索公司SpaceX拥有该数字代币，这也提振了市场情绪。比特币周末反弹至50日均线上方，为5月以来首次。</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>Crypto Stocks tumbled in premarket trading<blockquote>加密货币股票在盘前交易中暴跌</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\">\nCrypto Stocks tumbled in premarket trading<blockquote>加密货币股票在盘前交易中暴跌</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\">2021-07-27 16:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Crypto Stocks tumbled in premarket trading on Amazon denimg report of accepting bitcoin as payment.Bit Digital,The9,SOS Ltd,Canaan,Ebang international,Marathon Digital Holdings,Riot Blockchain,Coinbase Global and Square plunged between 1% and 19%.</p><p><blockquote>由于Amazon denimg报告接受比特币作为支付方式，加密货币股票在盘前交易中暴跌。Bit Digital、第九城市、SOS Ltd、嘉楠耘智、亿邦国际、Marathon Digital Holdings、Riot Blockchain、Coinbase Global和Square暴跌1%至19%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e53c1ef7ac57d4219f6590506a3f3800\" tg-width=\"352\" tg-height=\"546\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Bitcoin fell after briefly rallying past $40,000, as Amazon.com Inc. pushed back against speculation it will accept the token for payments this year, offering investors another reminder of the coin’s volatility.</p><p><blockquote>比特币在短暂反弹超过40,000美元后下跌，因为Amazon.com Inc.反驳了今年将接受代币支付的猜测，这再次提醒投资者注意代币的波动性。</blockquote></p><p> The largest digital currency dropped as much as 3.5% and was trading at about $37,100 as of 1:44 p.m. in Hong Kong, extending a late reversal in U.S. trading. Rival coins including Ether and Litecoin also retreated.</p><p><blockquote>截至下午1点44分，最大的数字货币跌幅高达3.5%，交易价格约为37,100美元。在香港，延续了美国交易的后期逆转。包括以太币和莱特币在内的竞争币也出现回落。</blockquote></p><p> Bitcoin’s latest roller-coaster ride accelerated Monday as traders digested an Amazon executive job posting linked to crypto, sending prices soaring. The rally quickly ran out of steam hours later, after a company spokesperson denied the token will be accepted for payments this year.</p><p><blockquote>周一，随着交易员消化了与加密货币相关的亚马逊高管招聘信息，比特币最新的过山车行情加速，导致价格飙升。几个小时后，在公司发言人否认今年将接受该代币支付后，涨势很快就失去了动力。</blockquote></p><p> Investors rushing to cover bearish bets helped propel Bitcoin’s earlier advance to a peak of $40,545, its highest since June 15. More than $950 million of crypto shorts were liquidated on Monday, the most since May 19, according to data from Bybt.com.</p><p><blockquote>投资者急于回补看跌押注，推动比特币早些时候上涨至40,545美元的峰值，为6月15日以来的最高水平。根据Bybt.com的数据，周一有超过9.5亿美元的加密货币空头被清算，这是自5月19日以来的最高水平。</blockquote></p><p> “Shorts were piling up as we were moving down, assuming we were looking at a minimum of $25,000, which was expected across the board,” said Vijay Ayyar, head of crypto exchange Luno’s Asia Pacific business. “But then there was heavy accumulation in the $29,000 to $30,000 region, which caught a lot of those shorts unaware and hence led to the spring upwards.”</p><p><blockquote>加密货币交易所Luno亚太业务主管Vijay Ayyar表示：“假设我们的最低价格为25,000美元，这是普遍预期的。”“但随后在29,000美元至30,000美元区域出现了大量积累，这让很多空头没有意识到，因此导致了春季上涨。”</blockquote></p><p> Bitcoin’s price volatility is part of a wider, multi-wave correction since a record high was reached in April, Ayyar said. The price could rebound as high as $45,000 in the near term before another potential drop, he said.</p><p><blockquote>Ayyar表示，自4月份创下历史新高以来，比特币的价格波动是更广泛的多波修正的一部分。他表示，在再次下跌之前，价格可能会在短期内反弹至45,000美元。</blockquote></p><p> “We’re still seeing the correction play out,” he added.</p><p><blockquote>“我们仍在看到调整的展开，”他补充道。</blockquote></p><p> The latest gyrations came amid concerns about a chill in the crypto industry after Bitcoin’s hot run to a record of almost $65,000 faded amid rising regulatory and environmental concerns. There are plenty of factors traders can point to for this week’s moves, as proponents look for the next catalyst to break the coin out of its tight trading range of $30,000 to $40,000 in recent months.</p><p><blockquote>最新的波动是在人们对加密货币行业寒意的担忧之际发生的，此前比特币(Elon Musk)创下近65,000美元的纪录因监管和环境担忧加剧而消退。交易者可以指出本周走势的很多因素，因为支持者正在寻找下一个催化剂，使代币突破近几个月30,000美元至40,000美元的紧张交易区间。</blockquote></p><p> “Bitcoin‘s biggest risk this week could be a hawkish surprise from the Fed, which might explain why prices have not yet been able to clear the psychological $40,000 level,” said Edward Moya, senior market analyst with Oanda Corp. The Federal Reserve will announce its next rate decision Wednesday.</p><p><blockquote>Oanda Corp.高级市场分析师Edward Moya表示：“比特币本周最大的风险可能是美联储的鹰派意外，这可能解释了为什么价格尚未能够突破40,000美元的心理水平。”美联储将于周三宣布下一次利率决定。</blockquote></p><p> Bloomberg News earlier reported a U.S. probe into Tether is homing in on whether executives behind the token committed bank fraud.</p><p><blockquote>彭博新闻社早些时候报道称，美国对泰达币的调查重点是该代币背后的高管是否犯有银行欺诈行为。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a9b821fcdf8396e5d3fdc1f9e3ead006\" tg-width=\"1200\" tg-height=\"675\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Ether was down as much as 5%, reversing Monday’s earlier advance ahead of an upgrade due on Aug. 4 that will reduce the amount of outstanding tokens by destroying some of them every time it’s used to fuel transactions on the world’s most-used blockchain.</p><p><blockquote>以太币下跌了5%，扭转了周一早些时候在8月4日升级之前的涨幅，升级将通过每次用于推动世界上最常用的区块链上的交易时销毁一些代币来减少未偿代币的数量。</blockquote></p><p> On Binance, the largest crypto exchange, Bitcoin perpetual contracts jumped as much as 30% over an hour in early New York trading, a sign of extreme volatility in one of the coin’s most liquid derivatives.</p><p><blockquote>在最大的加密货币交易所币安，比特币永续合约在纽约早盘交易中一小时内上涨了30%，这是该币流动性最强的衍生品之一极度波动的迹象。</blockquote></p><p> Sentiment also got a bit of a boost last week after Tesla Inc.’s Elon Musk said his firm was likely to eventually accept Bitcoin again and that his space exploration company SpaceX owns the digital token. Bitcoin bounced back above the 50-day moving average for the first time since May on the weekend.</p><p><blockquote>上周，特斯拉公司的Elon Musk表示，他的公司最终可能会再次接受比特币，并且他的太空探索公司SpaceX拥有该数字代币，这也提振了市场情绪。比特币周末反弹至50日均线上方，为5月以来首次。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc.","BTBT":"Bit Digital, Inc.","SOS":"SOS Limited","CAN":"嘉楠科技","MARA":"MARA Holdings","NCTY":"第九城市","RIOT":"Riot Platforms","EBON":"亿邦国际"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140105060","content_text":"Crypto Stocks tumbled in premarket trading on Amazon denimg report of accepting bitcoin as payment.Bit Digital,The9,SOS Ltd,Canaan,Ebang international,Marathon Digital Holdings,Riot Blockchain,Coinbase Global and Square plunged between 1% and 19%.\n\nBitcoin fell after briefly rallying past $40,000, as Amazon.com Inc. pushed back against speculation it will accept the token for payments this year, offering investors another reminder of the coin’s volatility.\nThe largest digital currency dropped as much as 3.5% and was trading at about $37,100 as of 1:44 p.m. in Hong Kong, extending a late reversal in U.S. trading. Rival coins including Ether and Litecoin also retreated.\nBitcoin’s latest roller-coaster ride accelerated Monday as traders digested an Amazon executive job posting linked to crypto, sending prices soaring. The rally quickly ran out of steam hours later, after a company spokesperson denied the token will be accepted for payments this year.\nInvestors rushing to cover bearish bets helped propel Bitcoin’s earlier advance to a peak of $40,545, its highest since June 15. More than $950 million of crypto shorts were liquidated on Monday, the most since May 19, according to data from Bybt.com.\n“Shorts were piling up as we were moving down, assuming we were looking at a minimum of $25,000, which was expected across the board,” said Vijay Ayyar, head of crypto exchange Luno’s Asia Pacific business. “But then there was heavy accumulation in the $29,000 to $30,000 region, which caught a lot of those shorts unaware and hence led to the spring upwards.”\nBitcoin’s price volatility is part of a wider, multi-wave correction since a record high was reached in April, Ayyar said. The price could rebound as high as $45,000 in the near term before another potential drop, he said.\n“We’re still seeing the correction play out,” he added.\nThe latest gyrations came amid concerns about a chill in the crypto industry after Bitcoin’s hot run to a record of almost $65,000 faded amid rising regulatory and environmental concerns. There are plenty of factors traders can point to for this week’s moves, as proponents look for the next catalyst to break the coin out of its tight trading range of $30,000 to $40,000 in recent months.\n“Bitcoin‘s biggest risk this week could be a hawkish surprise from the Fed, which might explain why prices have not yet been able to clear the psychological $40,000 level,” said Edward Moya, senior market analyst with Oanda Corp. The Federal Reserve will announce its next rate decision Wednesday.\nBloomberg News earlier reported a U.S. probe into Tether is homing in on whether executives behind the token committed bank fraud.\n\nEther was down as much as 5%, reversing Monday’s earlier advance ahead of an upgrade due on Aug. 4 that will reduce the amount of outstanding tokens by destroying some of them every time it’s used to fuel transactions on the world’s most-used blockchain.\nOn Binance, the largest crypto exchange, Bitcoin perpetual contracts jumped as much as 30% over an hour in early New York trading, a sign of extreme volatility in one of the coin’s most liquid derivatives.\nSentiment also got a bit of a boost last week after Tesla Inc.’s Elon Musk said his firm was likely to eventually accept Bitcoin again and that his space exploration company SpaceX owns the digital token. Bitcoin bounced back above the 50-day moving average for the first time since May on the weekend.","news_type":1,"symbols_score_info":{"CAN":0.9,"BTBT":0.9,"MARA":0.9,"NCTY":0.9,"EBON":0.9,"RIOT":0.9,"SQ":0.9,"COIN":0.9,"SOS":0.9}},"isVote":1,"tweetType":1,"viewCount":1308,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809248943,"gmtCreate":1627374689882,"gmtModify":1631890282607,"author":{"id":"4087700265223580","authorId":"4087700265223580","name":"cloudyy","avatar":"https://static.tigerbbs.com/04b26a8e8aa7c3035df84275ad86ec81","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087700265223580","idStr":"4087700265223580"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809248943","repostId":"1142907091","repostType":4,"repost":{"id":"1142907091","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":1627373467,"share":"https://www.laohu8.com/m/news/1142907091?lang=zh_CN&edition=full","pubTime":"2021-07-27 16:11","market":"us","language":"en","title":"Hot Chinese concept stocks resumed downward in premarket trading<blockquote>热门中概股盘前恢复下行</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142907091","media":"Tiger Newspress","summary":"Hot Chinese concept stocks resumed downward in premarket trading.Bilibili and NetEase fell 7%,DiDi G","content":"<p>Hot Chinese concept stocks resumed downward in premarket trading.Bilibili and NetEase fell 7%,DiDi Global,JD.com and Pinduoduo fell 6%,Baidu fell 5%,Xpeng Motors fell 4%,Alibaba,Nio and Li Auto fell 3%.</p><p><blockquote>热点中概股盘前恢复下行，哔哩哔哩、网易跌7%，滴滴全球、京东、拼多多跌6%，百度跌5%，小鹏汽车跌4%，阿里巴巴-SW、蔚来、理想汽车跌3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6d3f423af5595483b1ce34aa42d60cc7\" tg-width=\"355\" tg-height=\"602\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHot Chinese concept stocks resumed downward in premarket trading<blockquote>热门中概股盘前恢复下行</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\">2021-07-27 16:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Hot Chinese concept stocks resumed downward in premarket trading.Bilibili and NetEase fell 7%,DiDi Global,JD.com and Pinduoduo fell 6%,Baidu fell 5%,Xpeng Motors fell 4%,Alibaba,Nio and Li Auto fell 3%.</p><p><blockquote>热点中概股盘前恢复下行，哔哩哔哩、网易跌7%，滴滴全球、京东、拼多多跌6%，百度跌5%，小鹏汽车跌4%，阿里巴巴-SW、蔚来、理想汽车跌3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6d3f423af5595483b1ce34aa42d60cc7\" tg-width=\"355\" tg-height=\"602\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PDD":"拼多多","JD":"京东","DIDI":"滴滴(已退市)","BIDU":"百度","NIO":"蔚来","BABA":"阿里巴巴","XPEV":"小鹏汽车","LI":"理想汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142907091","content_text":"Hot Chinese concept stocks resumed downward in premarket trading.Bilibili and NetEase fell 7%,DiDi Global,JD.com and Pinduoduo fell 6%,Baidu fell 5%,Xpeng Motors fell 4%,Alibaba,Nio and Li Auto fell 3%.","news_type":1,"symbols_score_info":{"DIDI":0.9,"LI":0.9,"JD":0.9,"BABA":0.9,"NIO":0.9,"XPEV":0.9,"PDD":0.9,"BIDU":0.9}},"isVote":1,"tweetType":1,"viewCount":1984,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142758872,"gmtCreate":1626179586396,"gmtModify":1631890282608,"author":{"id":"4087700265223580","authorId":"4087700265223580","name":"cloudyy","avatar":"https://static.tigerbbs.com/04b26a8e8aa7c3035df84275ad86ec81","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087700265223580","idStr":"4087700265223580"},"themes":[],"htmlText":"What","listText":"What","text":"What","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/142758872","repostId":"2151276565","repostType":4,"isVote":1,"tweetType":1,"viewCount":2730,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148671693,"gmtCreate":1625974810612,"gmtModify":1631890282610,"author":{"id":"4087700265223580","authorId":"4087700265223580","name":"cloudyy","avatar":"https://static.tigerbbs.com/04b26a8e8aa7c3035df84275ad86ec81","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087700265223580","idStr":"4087700265223580"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/148671693","repostId":"1135090843","repostType":4,"isVote":1,"tweetType":1,"viewCount":1627,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141552350,"gmtCreate":1625882115070,"gmtModify":1631890282613,"author":{"id":"4087700265223580","authorId":"4087700265223580","name":"cloudyy","avatar":"https://static.tigerbbs.com/04b26a8e8aa7c3035df84275ad86ec81","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087700265223580","idStr":"4087700265223580"},"themes":[],"htmlText":"Interesting ","listText":"Interesting ","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/141552350","repostId":"1145284684","repostType":4,"repost":{"id":"1145284684","kind":"news","pubTimestamp":1625878443,"share":"https://www.laohu8.com/m/news/1145284684?lang=zh_CN&edition=full","pubTime":"2021-07-10 08:54","market":"us","language":"en","title":"Taiwan Semiconductor Vs. United Microelectronics Stock: Which Is The Better Buy?<blockquote>台积电与联合微电子股票：哪个更值得购买？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1145284684","media":"seekingalpha","summary":"Summary\n\nTSMC is the world’s largest foundry for making ICs for fabless semiconductor companies, man","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>TSMC is the world’s largest foundry for making ICs for fabless semiconductor companies, manufacturing 11,617 different products using 281 distinct technologies for 510 different customers.</li> <li>TSMC and fellow Taiwan foundry United Microelectronics Corporation are expected to benefit from a chip-supply crisis that is adversely impacting automakers.</li> <li>TSMC benefits from a gross margin nearly twice that of UMC.</li> <li>40% of revenues are from nodes <14nm, below the smallest node of UMC.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d80e662ebb3b78dd0445ecc891cf8986\" tg-width=\"768\" tg-height=\"513\"><span>BING-JHEN HONG/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>台积电是全球最大的为无晶圆厂半导体公司制造IC的代工厂，使用281种不同的技术为510个不同的客户制造11,617种不同的产品。</li><li>台积电和台湾代工厂联合微电子公司预计将从对汽车制造商产生不利影响的芯片供应危机中受益。</li><li>台积电受益于近两倍于联电的毛利率。</li><li>40%的收入来自<14nm的节点，低于联电最小的节点。</li></ul><p class=\"t-img-caption\"><span>BING-JHEN HONG/iStock社论来自Getty Images</span></p></blockquote></p><p> Taiwan Semiconductor Manufacturing Company Limited or TSMC (TSM), and United Microelectronics Corporation or UMC (UMC) are both headquartered in Taiwan and both manufacture semiconductors for companies on a contract basis. They both provide high quality IC fabrication services, focusing on logic and various specialty technologies to serve all major sectors of the electronics industry and are defined as pure-play foundries.</p><p><blockquote>台积电股份有限公司或台积电(TSM)和联华电子公司或联电(UMC)的总部均位于台湾，均以合同方式为公司制造半导体。它们都提供高质量的IC制造服务，专注于逻辑和各种专业技术，为电子行业的所有主要部门提供服务，并被定义为纯粹的代工厂。</blockquote></p><p> While they have similarities, the two companies are vastly different with different business models. TSMC started as and has always been a leading-edge company, manufacturing chips at the smallest dimensions. UMC, on the other hand, Taiwan’s first semiconductor company, has chosen the 14nm node as the smallest dimension it will manufacture.</p><p><blockquote>虽然它们有相似之处，但这两家公司在不同的商业模式上有很大不同。台积电最初是一家领先的公司，并一直是一家以最小尺寸制造芯片的公司。另一方面，台湾第一家半导体公司联电选择了14纳米节点作为其制造的最小尺寸。</blockquote></p><p> To illustrate the differences in models, Chart 1 shows revenues for both companies based on technology node. The key difference is the <14nm node, where TSMC generated 41.4% of its revenue compared to 0% for UMC.</p><p><blockquote>为了说明模型的差异，图1显示了两家公司基于技术节点的收入。关键区别在于<14纳米节点，台积电占其收入的41.4%，而联电为0%。</blockquote></p><p> Chart 1 also shows that TSMC held $43 billion in revenues in 2020 versus $6 billion for UMC. Importantly, it shows also shows the financial dominance of TSMC, since UMC holds second place in the global foundry market.</p><p><blockquote>图1还显示，台积电2020年的收入为430亿美元，而联电为60亿美元。重要的是，这也显示了台积电的财务主导地位，因为联电在全球晶圆代工市场排名第二。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cf3b088585f8a624c6665040756e940f\" tg-width=\"640\" tg-height=\"462\"><span>Chart 1</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表1</span></p></blockquote></p><p> Much of TSMC’s revenues are on the <14nm node, which increased from 29.4% of revenues in 2019 to 41.4% in 2020. Since UMC’s smallest node is 28nm/14nm, UMC is investing heavily at that node, and its share of revenue increased from 11.3% in 2019 to 13.6% in 2020. In contrast, in 2020 TSMC’s share at the 28nm/14nm node decreased to 30.8% from 37.7% in 2019.</p><p><blockquote>台积电的大部分收入来自<14纳米节点，占收入的比例从2019年的29.4%增加到2020年的41.4%。由于联电最小的节点是28nm/14nm，联电在该节点上投入巨资，营收占比从2019年的11.3%增加到2020年的13.6%。相比之下，2020年台积电在28纳米/14纳米节点的份额从2019年的37.7%下降到30.8%。</blockquote></p><p> <b>Expanding Capacity</b></p><p><blockquote><b>扩大产能</b></blockquote></p><p> <b>Leading Edge Nodes</b></p><p><blockquote><b>前沿节点</b></blockquote></p><p> TSMC generates about 1/3 of its revenues from the 28nm/14nm, and TSMC has 562,000 wafers/month of 8\" capacity, and 745,000 wafers/month of 12\" capacity. The total capacity is 995,000 wafers/month (12-inch equivalent).</p><p><blockquote>台积电约1/3的收入来自28纳米/14纳米，台积电8英寸产能为562,000片/月，12英寸产能为745,000片/月。总产能为995,000片/月（12英寸当量）。</blockquote></p><p> In TSMC’sQ1 2021 earnings call, TSMC’s VP and CFO Wendell Huang noted:</p><p><blockquote>在台积电2021年第一季度盈利看涨期权中，台积电副总裁兼首席财务官Wendell Huang指出：</blockquote></p><p> “In order to meet the increasing demand for our advanced and specialty technologies in the next several years, we have decided to raise our full year 2021 CapEx to be around USD 30 billion. About 80% of the 2021 capital budget will be allocated for advanced process technologies, including 3-nanometer, 5-nanometer and 7-nanometer. About 10% will be spent for advanced packaging and mask making, and about 10% will be spent for specialty technologies.” TSMC expects to invest about $100 billion through the next 3 years to increase capacity, to support the manufacturing and R&D of leading-edge and specialty technologies. Its N5 is already in its second year of volume production, contributing around 20% of our wafer revenue in 2021. N4 risk production is targeted for second half this year and volume production in 2022.</p><p><blockquote>“为了满足未来几年对我们先进和专业技术不断增长的需求，我们决定将2021年全年资本支出提高至300亿美元左右。2021年资本预算的约80%将分配给先进工艺技术，包括3纳米、5纳米和7纳米。大约10%将用于先进包装和口罩制造，大约10%将用于专业技术。”台积电预计未来3年将投资约1000亿美元来提高产能，以支持前沿和专业技术的制造和研发。其N5已进入量产的第二年，在2021年贡献了我们约20%的晶圆收入。N4风险生产目标为今年下半年，2022年量产。</blockquote></p><p> Among TSMC's facilities to go online in the next three to four years are the company's fab in Arizona as well as its first 2nm-capable fab in Taiwan. The company needs to build and equip its N5-capable fab in Arizona. The facility will cost around $12 billion, will have a capacity of 20,000 wafer starts per month (WSPM), and will come online in 2024.</p><p><blockquote>台积电将在未来三到四年内上线的设施包括该公司位于亚利桑那州的晶圆厂以及位于台湾的第一家2纳米晶圆厂。该公司需要在亚利桑那州建造和装备其支持N5的工厂。该设施将耗资约120亿美元，每月产能为20,000片晶圆启动(WSPM)，并将于2024年上线。</blockquote></p><p> <b>28nm Nodes</b></p><p><blockquote><b>28nm节点</b></blockquote></p><p> The global semiconductor shortage is one of the catalysts prompting foundry manufacturers to build new fabs, particularly at the 28nm node, as many automobile chips are manufactured at that node. While I have devoted four Seeking Alpha articles on trying to pin down what devices are undersupplied and could only find microcontrollers, in this article, I will concede for the sake of argument, that it is not due to hoarding but inept manufacturing supply chains.</p><p><blockquote>全球半导体短缺是促使代工厂制造新晶圆厂的催化剂之一，特别是在28nm节点，因为许多汽车芯片是在该节点制造的。虽然我已经发表了四篇Seeking Alpha文章来试图确定哪些设备供应不足并且只能找到微控制器，但在这篇文章中，为了便于讨论，我将承认这不是由于囤积，而是由于无能的制造供应链。</blockquote></p><p> As a result, governments are spending heavily on this industry to expand the total production capacity. These free handouts are a second catalyst for new 28nm node fab construction.</p><p><blockquote>因此，各国政府在该行业投入巨资，以扩大总产能。这些免费讲义是新28纳米节点晶圆厂建设的第二个催化剂。</blockquote></p><p></p><p> A strong demand for wafers from the consumer electronics industry has led to increased shipments of UMC’s 28nm wafers, which saw 18% sequential revenue growth in the last reported quarter. In addition, UMC has been focused on production for the automotive industry as semiconductors for electric and self-driving cars are expected to be a major growth driver for the company. However, global automotive semiconductors are only a $40 billion market, compared to a global semiconductor market of $525 billion. That is growing as more semiconductors are used per vehicle each year and because EVs use more semiconductors than internal combustion vehicles.</p><p><blockquote>消费电子行业对晶圆的强劲需求导致联电28纳米晶圆出货量增加，上一季度营收环比增长18%。此外，联电一直专注于汽车行业的生产，因为电动和自动驾驶汽车的半导体预计将成为该公司的主要增长动力。然而，全球汽车半导体仅是一个400亿美元的市场，而全球半导体市场规模为5250亿美元。随着每年每辆车使用更多的半导体，以及电动汽车比内燃机汽车使用更多的半导体，这一数字还在增长。</blockquote></p><p> There is a supply-demand imbalance in mature nodes, as most of the capacity expansion has been in advanced nodes, but companies have not addressed the mature nodes. The technology node is central to the latest auto chip crisis, while at the same time Sony has moved its design of CMOS Integrated Sensors (\"CIS\") for smartphones to 28nm.</p><p><blockquote>成熟节点存在供需失衡，因为大部分产能扩张都在高级节点，但公司没有解决成熟节点。该技术节点是最新汽车芯片危机的核心，同时索尼已将其用于智能手机的CMOS集成传感器（“CIS”）设计转移到28纳米。</blockquote></p><p> On April 22, TSMC announced plans to build a chip fabrication facility in China is at the receiving end of opposition from critics. The plant is set to make semiconductors built on the mature 28nm process node. The Nanjing plant currently has an installed capacity of 20,000 wafers per month. An investment of $2.8 billion and expecting mass-production in 2023, the expansion will double capacity to 40,000 wafers per month.</p><p><blockquote>4月22日，台积电宣布在中国建设芯片制造工厂的计划遭到了批评者的反对。该工厂将生产基于成熟的28纳米工艺节点的半导体。南京工厂目前的装机容量为每月2万片晶圆。投资28亿美元，预计2023年量产，此次扩建将使产能翻一番，达到每月40,000片晶圆。</blockquote></p><p> TSMC has global 562,000 wafers/month of 8\" capacity, and 745,000 wafers/month of 12\" capacity. The total capacity is 995,000 wafers/month (12-inch equivalent). The new fab with a 20,000 wafer per month capacity represents just 2% of the company’s total capacity.</p><p><blockquote>台积电在全球拥有562,000片晶圆/月的8英寸产能和745,000片/月的12英寸产能。总产能为995,000片/月（12英寸当量）。新晶圆厂每月产能为20,000片晶圆，仅占公司总产能的2%。</blockquote></p><p> UMC also expanded its production of 28nm (with a migration to 40nm) process at its Nanke 12-inch Fab 12A P6 plant in Taiwan. It currently has an 87,000 wafer per month capacity. The total investment in the capacity expansion plan is estimated to be approximately NT$100 billion. The P6 expansion is scheduled for production in the second quarter of 2023, and has a capacity of just 10,000 wafers per month.</p><p><blockquote>联电还在台湾南科12英寸晶圆厂12A P6工厂扩大了28纳米（迁移到40纳米）工艺的生产。目前每月产能为87,000片晶圆。扩能计划总投资预估约1000亿元新台币。P6扩建计划于2023年第二季度投产，每月产能仅为10,000片晶圆。</blockquote></p><p> The P6 program is supported by a multi-year's product alignment between UMC and the involved customers that includes a loading protection mechanism that will ensure the P6 capacity is maintained at a healthy loading level.</p><p><blockquote>P6计划得到了UMC和相关客户之间多年产品一致性的支持，其中包括负载保护机制，可确保P6容量保持在健康的负载水平。</blockquote></p><p> UMC has total 12 fabs in production with combined capacity close to 800,000 wafers per month (8-in equivalent).</p><p><blockquote>联电共有12家晶圆厂在生产，总产能接近每月80万片晶圆（相当于8英寸）。</blockquote></p><p> <b>Price Per Wafer</b></p><p><blockquote><b>每片晶圆的价格</b></blockquote></p><p> Chart 2 shows the gross profit by node for an IC device. It partially explains the rationale behind TSMC’s business model to move to advanced nodes, while also explaining why the company chose to leave its 28nm node undersupplied until recent external forces prompted it to build its China fab.</p><p><blockquote>图2显示了IC设备按节点划分的毛利润。它部分解释了台积电转向先进节点的商业模式背后的基本原理，同时也解释了为什么该公司选择让其28纳米节点供应不足，直到最近外部力量促使其建立中国晶圆厂。</blockquote></p><p> Gross profits per 300-mm wafer are $2,835 for a 28nm node versus $8,695 for a 3nm node.</p><p><blockquote>28纳米节点每300毫米晶圆的毛利润为2,835美元，而3纳米节点为8,695美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e241c85dd84eb71f54c3b11812e6599\" tg-width=\"640\" tg-height=\"462\"><span>Chart 2</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表2</span></p></blockquote></p><p> Chart 3 shows capex spend by node for ICs. Capex spend (building + equipment) at 28nm is $100,000 per wafer, which more than triples to $320,000 at 3nm.</p><p><blockquote>图3显示了IC按节点划分的资本支出。28纳米的资本支出（建筑+设备）为每块晶圆100,000美元，而3纳米的资本支出增加了两倍多，达到320,000美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1f8f60218f2b914e5847e2eef8aa39c3\" tg-width=\"640\" tg-height=\"462\"><span>Chart 3</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表3</span></p></blockquote></p><p> <b>Customer Base</b></p><p><blockquote><b>客户基础</b></blockquote></p><p> Chart 4 shows that Apple (AAPL) was the largest customer of TSMC in 2020, representing 21% of revenues. Keep in mind that in addition to TSMC’s processors going into iPhones, TSMC also fabricates the M1, which powers the new MacBook Air, 13-inch MacBook Pro, and Mac mini and is Apple's first custom-designed Arm-based chip for Mac.</p><p><blockquote>图表4显示，苹果（AAPL）是2020年台积电最大的客户，占收入的21%。请记住，除了台积电的处理器用于iPhone之外，台积电还制造M1，为新款MacBook Air、13英寸MacBook Pro和Mac mini提供动力，并且是苹果首款为Mac定制设计的基于Arm的芯片。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/354a97772e16c2a05dbccc89556de9eb\" tg-width=\"640\" tg-height=\"465\"><span>Chart 4</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表4</span></p></blockquote></p><p> TSMC has upgraded its manufacturing capabilities countless times to keep Apple’s latest chips at the bleeding edge of processor technologies, since its first chip produced for Apple was installed in the Apple iPhone 6 and iPhone 6 Plus, which were introduced on September 9, 2014.</p><p><blockquote>自2014年9月9日推出的苹果iPhone 6和iPhone 6 Plus安装以来，台积电已无数次升级其制造能力，以使苹果的最新芯片保持在处理器技术的前沿。</blockquote></p><p> Chart 5 shows that the number of transistors increased from 2 billion for the iPhone 6 to 11.8 billion for the current iPhone 12.</p><p><blockquote>图表5显示，晶体管数量从iPhone 6的20亿个增加到现在的iPhone 12的118亿个。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/108ef270fe60691ec5bc8c7f0a061d9c\" tg-width=\"640\" tg-height=\"462\"><span>Chart 5</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表5</span></p></blockquote></p><p> Thus, investors must consider that:</p><p><blockquote>因此，投资者必须考虑：</blockquote></p><p> Any positive developments from Apple will impact TSMC positively, and positive technological developments from TSMC will impact Apple positively. For example, as long as TSMC is the major manufacturer of Apple chips, growth in Apple or new technologies developed by Apple requiring chips (such as Auto or ADAS), then TSMC will gain.</p><p><blockquote>苹果的任何积极发展都将对台积电产生积极影响，台积电的积极技术发展也将对苹果产生积极影响。例如，只要台积电是苹果芯片的主要制造商，苹果的增长或苹果开发的需要芯片的新技术（如汽车或ADAS），那么台积电就会受益。</blockquote></p><p></p><p> Secondly, because of capacity limitations and technology node demands, any expansion in capacity from TSMC will be beneficial to Apple as it moves to smaller nodes while consuming about 25% of TSMC’s chip output on a revenue basis.</p><p><blockquote>其次，由于产能限制和技术节点需求，台积电的任何产能扩张都将有利于苹果，因为它转向更小的节点，同时消耗台积电约25%的芯片产量。</blockquote></p><p> UMC is less transparent and doesn’t provide a breakdown by customer. UMC’s primary customers include premier integrated device manufacturers, such as Texas Instruments(NASDAQ:TXN)and Intel Mobile(NASDAQ:INTC), plus leading fabless design companies, such as MediaTek(OTCPK:MDTKF), Realtek, Qualcomm(NASDAQ:QCOM)and Novatek.</p><p><blockquote>UMC透明度较低，不提供客户细分。联电的主要客户包括顶级集成设备制造商，如德州仪器（纳斯达克：TXN）和英特尔移动（纳斯达克：INTC），以及领先的无晶圆厂设计公司，如联发科（OTCPK：MDTKF）、瑞昱、高通（纳斯达克：QCOM）和联咏。</blockquote></p><p> In August 2018, UMC announced it would pause research for advancing the productional technology of chips under 10nm nodes. As shown in the figure above, since 2018, the corresponding proportion of the company's advanced processes has been reduced to zero, but for mature nodes such as 65nm and 28nm, the proportion has been increased.</p><p><blockquote>2018年8月，联电宣布将暂停推进10nm节点以下芯片生产技术的研究。如上图所示，自2018年起，公司先进制程的相应占比已降至零，但对于65nm、28nm等成熟节点，占比有所提升。</blockquote></p><p> <b>Investor Takeaways</b>: Is TSM Or UMC Stock A Better Buy?</p><p><blockquote><b>投资者要点</b>：TSM或UMC股票更值得购买？</blockquote></p><p> Both companies compete in the same industry, but their business models are a differentiating metric. TSMC generates most of its revenue on nodes smaller than UMC’s (Chart 1), and most of its planned capex will focus new fabs making ICs at increasing smaller nodes.</p><p><blockquote>两家公司在同一行业竞争，但他们的商业模式是一个差异化的指标。台积电的大部分收入来自比联电更小的节点（图1），其大部分计划资本支出将集中在制造集成电路的新晶圆厂上。</blockquote></p><p> <b>TSMC Positives</b></p><p><blockquote><b>台积电利好</b></blockquote></p><p> TSMC’s share of the pure-play foundry market was 57% share in 2020, up from 55% in 2019. UMC’s share was constant at slightly less than 8%.</p><p><blockquote>2020年，台积电在纯晶圆代工市场的份额为57%，高于2019年的55%。联电的份额稳定在略低于8%。</blockquote></p><p> TSMC benefits from the smaller nodes. Although capex increases with decreasing nodes (Chart 3), so too does gross profit (Chart 2). Thus, TSM has higher revenues than UMC: $48.2B vs $6.283B.</p><p><blockquote>台积电受益于较小的节点。尽管资本支出随着节点的减少而增加（图3），但毛利润也会增加（图2）。因此，TSM的收入高于UMC：$48.2 B vs$62.83亿B。</blockquote></p><p> <ul> <li>TSMC also has higher annual earnings (EBITDA): $33B vs. UMC $2.349B.</p><p><blockquote><ul><li>台积电的年收益(EBITDA)也更高：$33B，而联电为$23.49 B。</li></ul></blockquote></p><p></li> <li>TSMC ($613B) has a higher market cap than UMC ($23.4B).</p><p><blockquote><li>台积电（$613B）的市值高于联电（$234亿）。</li></blockquote></p><p></li> <li>TSMC has more cash on hand: $23.3B vs. UMC ($3.76B).</p><p><blockquote><li>台积电手头现金更多：$23.3 B vs UMC（$37.6 B）。</li></blockquote></p><p></li> <li>TSMC has a higher EPS (3.99) than UMC (0.59).</p><p><blockquote><li>台积电的每股收益（3.99）高于联电（0.59）。</li></blockquote></p><p></li> </ul> Seeking Alpha’s quant ratings are derived by measuring a stock's financial metrics against other stocks in the sector on the basis of value, growth, profitability, momentum and analysts’ earnings revisions. In Table 1, both stocks have high rankings. TSMC has a quant rating of 4.63 and UMC has a quant rating of 4.54.</p><p><blockquote>Seeking Alpha的量化评级是通过根据价值、增长、盈利能力、动量和分析师的盈利修正来衡量股票与该行业其他股票的财务指标而得出的。在表1中，两只股票的排名都很高。台积电的量化评级为4.63，联电的量化评级为4.54。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/55db72bd38ddd1d46c2ec7a6ccf6307f\" tg-width=\"640\" tg-height=\"117\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Gross margin for TSMC and UMC is shown in Table 2. A positive for TSMC, gross margin is significantly ahead of UMC and the average of all foundries. The Street expects 3Q21 gross margin will improve to 52.9%, given a higher revenue scale, tight foundry supply and improved efficiency of 5nm production.</p><p><blockquote>台积电和联电的毛利率如表2所示。对台积电来说，这是一个利好，毛利率大幅领先于联电和所有代工厂的平均水平。华尔街预计，鉴于更高的收入规模、晶圆代工供应紧张以及5nm生产效率的提高，2021年第三季度的毛利率将改善至52.9%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ab6dce4d14398755080d9db48522121\" tg-width=\"640\" tg-height=\"126\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>UMC Positives</b></p><p><blockquote><b>联电正面</b></blockquote></p><p> The comparison of other financial metrics, UMC has stronger financials:</p><p><blockquote>与其他财务指标相比，联电的财务状况更强劲：</blockquote></p><p> <ul> <li>UMC has a lower P/E ratio than TSM: 21.8 vs 28.9</p><p><blockquote><ul><li>联电的市盈率低于台积电：21.8 vs 28.9</li></ul></blockquote></p><p></li> <li>UMC has less debt than TSM: $2.47B vs $15.4B.</p><p><blockquote><li>UMC的债务低于TSM：$2.47 B vs$15.4 B。</li></blockquote></p><p></li> <li>UMC YTD gains are higher at: 10.558 vs. TSM (8.922).</p><p><blockquote><li>UMC年初至今涨幅较高：10.558 vs.TSM(8.922)。</li></blockquote></p><p></li> </ul> Table 3 shows stock performance in percent growth for TSM and UMC. In the past year, UMC stock has outperformed TSMC, and did so in the 3-year and 5-year period. But in a 10-year period, TSMC is the better choice.</p><p><blockquote>表3显示了TSM和UMC的股票增长百分比。过去一年，联电股票的表现优于台积电，在3年和5年期间也是如此。但在10年的时间里，台积电是更好的选择。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7533369f256853d498f5492752417e05\" tg-width=\"640\" tg-height=\"172\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> TSMC is the clear winner over UMC going forward. The company chose its strategy to build chips at the <7nm node. The fact that it is building a 28nm fab in China, the “sweet spot” for UMC, coupled with a new 28nm SMIC (OTCQX:SMICY) fab, will mean lost market share at this node for UMC.</p><p><blockquote>台积电显然是未来联电的赢家。该公司选择了在<7纳米节点构建芯片的策略。事实上，它正在中国建造一座28纳米晶圆厂，这是联电的“最佳地点”，再加上一座新的28纳米中芯国际（OTCQX：SMICY）晶圆厂，这将意味着联电在这个节点失去市场份额。</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>Taiwan Semiconductor Vs. United Microelectronics Stock: Which Is The Better Buy?<blockquote>台积电与联合微电子股票：哪个更值得购买？</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\">\nTaiwan Semiconductor Vs. United Microelectronics Stock: Which Is The Better Buy?<blockquote>台积电与联合微电子股票：哪个更值得购买？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-10 08:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>TSMC is the world’s largest foundry for making ICs for fabless semiconductor companies, manufacturing 11,617 different products using 281 distinct technologies for 510 different customers.</li> <li>TSMC and fellow Taiwan foundry United Microelectronics Corporation are expected to benefit from a chip-supply crisis that is adversely impacting automakers.</li> <li>TSMC benefits from a gross margin nearly twice that of UMC.</li> <li>40% of revenues are from nodes <14nm, below the smallest node of UMC.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d80e662ebb3b78dd0445ecc891cf8986\" tg-width=\"768\" tg-height=\"513\"><span>BING-JHEN HONG/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>台积电是全球最大的为无晶圆厂半导体公司制造IC的代工厂，使用281种不同的技术为510个不同的客户制造11,617种不同的产品。</li><li>台积电和台湾代工厂联合微电子公司预计将从对汽车制造商产生不利影响的芯片供应危机中受益。</li><li>台积电受益于近两倍于联电的毛利率。</li><li>40%的收入来自<14nm的节点，低于联电最小的节点。</li></ul><p class=\"t-img-caption\"><span>BING-JHEN HONG/iStock社论来自Getty Images</span></p></blockquote></p><p> Taiwan Semiconductor Manufacturing Company Limited or TSMC (TSM), and United Microelectronics Corporation or UMC (UMC) are both headquartered in Taiwan and both manufacture semiconductors for companies on a contract basis. They both provide high quality IC fabrication services, focusing on logic and various specialty technologies to serve all major sectors of the electronics industry and are defined as pure-play foundries.</p><p><blockquote>台积电股份有限公司或台积电(TSM)和联华电子公司或联电(UMC)的总部均位于台湾，均以合同方式为公司制造半导体。它们都提供高质量的IC制造服务，专注于逻辑和各种专业技术，为电子行业的所有主要部门提供服务，并被定义为纯粹的代工厂。</blockquote></p><p> While they have similarities, the two companies are vastly different with different business models. TSMC started as and has always been a leading-edge company, manufacturing chips at the smallest dimensions. UMC, on the other hand, Taiwan’s first semiconductor company, has chosen the 14nm node as the smallest dimension it will manufacture.</p><p><blockquote>虽然它们有相似之处，但这两家公司在不同的商业模式上有很大不同。台积电最初是一家领先的公司，并一直是一家以最小尺寸制造芯片的公司。另一方面，台湾第一家半导体公司联电选择了14纳米节点作为其制造的最小尺寸。</blockquote></p><p> To illustrate the differences in models, Chart 1 shows revenues for both companies based on technology node. The key difference is the <14nm node, where TSMC generated 41.4% of its revenue compared to 0% for UMC.</p><p><blockquote>为了说明模型的差异，图1显示了两家公司基于技术节点的收入。关键区别在于<14纳米节点，台积电占其收入的41.4%，而联电为0%。</blockquote></p><p> Chart 1 also shows that TSMC held $43 billion in revenues in 2020 versus $6 billion for UMC. Importantly, it shows also shows the financial dominance of TSMC, since UMC holds second place in the global foundry market.</p><p><blockquote>图1还显示，台积电2020年的收入为430亿美元，而联电为60亿美元。重要的是，这也显示了台积电的财务主导地位，因为联电在全球晶圆代工市场排名第二。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cf3b088585f8a624c6665040756e940f\" tg-width=\"640\" tg-height=\"462\"><span>Chart 1</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表1</span></p></blockquote></p><p> Much of TSMC’s revenues are on the <14nm node, which increased from 29.4% of revenues in 2019 to 41.4% in 2020. Since UMC’s smallest node is 28nm/14nm, UMC is investing heavily at that node, and its share of revenue increased from 11.3% in 2019 to 13.6% in 2020. In contrast, in 2020 TSMC’s share at the 28nm/14nm node decreased to 30.8% from 37.7% in 2019.</p><p><blockquote>台积电的大部分收入来自<14纳米节点，占收入的比例从2019年的29.4%增加到2020年的41.4%。由于联电最小的节点是28nm/14nm，联电在该节点上投入巨资，营收占比从2019年的11.3%增加到2020年的13.6%。相比之下，2020年台积电在28纳米/14纳米节点的份额从2019年的37.7%下降到30.8%。</blockquote></p><p> <b>Expanding Capacity</b></p><p><blockquote><b>扩大产能</b></blockquote></p><p> <b>Leading Edge Nodes</b></p><p><blockquote><b>前沿节点</b></blockquote></p><p> TSMC generates about 1/3 of its revenues from the 28nm/14nm, and TSMC has 562,000 wafers/month of 8\" capacity, and 745,000 wafers/month of 12\" capacity. The total capacity is 995,000 wafers/month (12-inch equivalent).</p><p><blockquote>台积电约1/3的收入来自28纳米/14纳米，台积电8英寸产能为562,000片/月，12英寸产能为745,000片/月。总产能为995,000片/月（12英寸当量）。</blockquote></p><p> In TSMC’sQ1 2021 earnings call, TSMC’s VP and CFO Wendell Huang noted:</p><p><blockquote>在台积电2021年第一季度盈利看涨期权中，台积电副总裁兼首席财务官Wendell Huang指出：</blockquote></p><p> “In order to meet the increasing demand for our advanced and specialty technologies in the next several years, we have decided to raise our full year 2021 CapEx to be around USD 30 billion. About 80% of the 2021 capital budget will be allocated for advanced process technologies, including 3-nanometer, 5-nanometer and 7-nanometer. About 10% will be spent for advanced packaging and mask making, and about 10% will be spent for specialty technologies.” TSMC expects to invest about $100 billion through the next 3 years to increase capacity, to support the manufacturing and R&D of leading-edge and specialty technologies. Its N5 is already in its second year of volume production, contributing around 20% of our wafer revenue in 2021. N4 risk production is targeted for second half this year and volume production in 2022.</p><p><blockquote>“为了满足未来几年对我们先进和专业技术不断增长的需求，我们决定将2021年全年资本支出提高至300亿美元左右。2021年资本预算的约80%将分配给先进工艺技术，包括3纳米、5纳米和7纳米。大约10%将用于先进包装和口罩制造，大约10%将用于专业技术。”台积电预计未来3年将投资约1000亿美元来提高产能，以支持前沿和专业技术的制造和研发。其N5已进入量产的第二年，在2021年贡献了我们约20%的晶圆收入。N4风险生产目标为今年下半年，2022年量产。</blockquote></p><p> Among TSMC's facilities to go online in the next three to four years are the company's fab in Arizona as well as its first 2nm-capable fab in Taiwan. The company needs to build and equip its N5-capable fab in Arizona. The facility will cost around $12 billion, will have a capacity of 20,000 wafer starts per month (WSPM), and will come online in 2024.</p><p><blockquote>台积电将在未来三到四年内上线的设施包括该公司位于亚利桑那州的晶圆厂以及位于台湾的第一家2纳米晶圆厂。该公司需要在亚利桑那州建造和装备其支持N5的工厂。该设施将耗资约120亿美元，每月产能为20,000片晶圆启动(WSPM)，并将于2024年上线。</blockquote></p><p> <b>28nm Nodes</b></p><p><blockquote><b>28nm节点</b></blockquote></p><p> The global semiconductor shortage is one of the catalysts prompting foundry manufacturers to build new fabs, particularly at the 28nm node, as many automobile chips are manufactured at that node. While I have devoted four Seeking Alpha articles on trying to pin down what devices are undersupplied and could only find microcontrollers, in this article, I will concede for the sake of argument, that it is not due to hoarding but inept manufacturing supply chains.</p><p><blockquote>全球半导体短缺是促使代工厂制造新晶圆厂的催化剂之一，特别是在28nm节点，因为许多汽车芯片是在该节点制造的。虽然我已经发表了四篇Seeking Alpha文章来试图确定哪些设备供应不足并且只能找到微控制器，但在这篇文章中，为了便于讨论，我将承认这不是由于囤积，而是由于无能的制造供应链。</blockquote></p><p> As a result, governments are spending heavily on this industry to expand the total production capacity. These free handouts are a second catalyst for new 28nm node fab construction.</p><p><blockquote>因此，各国政府在该行业投入巨资，以扩大总产能。这些免费讲义是新28纳米节点晶圆厂建设的第二个催化剂。</blockquote></p><p></p><p> A strong demand for wafers from the consumer electronics industry has led to increased shipments of UMC’s 28nm wafers, which saw 18% sequential revenue growth in the last reported quarter. In addition, UMC has been focused on production for the automotive industry as semiconductors for electric and self-driving cars are expected to be a major growth driver for the company. However, global automotive semiconductors are only a $40 billion market, compared to a global semiconductor market of $525 billion. That is growing as more semiconductors are used per vehicle each year and because EVs use more semiconductors than internal combustion vehicles.</p><p><blockquote>消费电子行业对晶圆的强劲需求导致联电28纳米晶圆出货量增加，上一季度营收环比增长18%。此外，联电一直专注于汽车行业的生产，因为电动和自动驾驶汽车的半导体预计将成为该公司的主要增长动力。然而，全球汽车半导体仅是一个400亿美元的市场，而全球半导体市场规模为5250亿美元。随着每年每辆车使用更多的半导体，以及电动汽车比内燃机汽车使用更多的半导体，这一数字还在增长。</blockquote></p><p> There is a supply-demand imbalance in mature nodes, as most of the capacity expansion has been in advanced nodes, but companies have not addressed the mature nodes. The technology node is central to the latest auto chip crisis, while at the same time Sony has moved its design of CMOS Integrated Sensors (\"CIS\") for smartphones to 28nm.</p><p><blockquote>成熟节点存在供需失衡，因为大部分产能扩张都在高级节点，但公司没有解决成熟节点。该技术节点是最新汽车芯片危机的核心，同时索尼已将其用于智能手机的CMOS集成传感器（“CIS”）设计转移到28纳米。</blockquote></p><p> On April 22, TSMC announced plans to build a chip fabrication facility in China is at the receiving end of opposition from critics. The plant is set to make semiconductors built on the mature 28nm process node. The Nanjing plant currently has an installed capacity of 20,000 wafers per month. An investment of $2.8 billion and expecting mass-production in 2023, the expansion will double capacity to 40,000 wafers per month.</p><p><blockquote>4月22日，台积电宣布在中国建设芯片制造工厂的计划遭到了批评者的反对。该工厂将生产基于成熟的28纳米工艺节点的半导体。南京工厂目前的装机容量为每月2万片晶圆。投资28亿美元，预计2023年量产，此次扩建将使产能翻一番，达到每月40,000片晶圆。</blockquote></p><p> TSMC has global 562,000 wafers/month of 8\" capacity, and 745,000 wafers/month of 12\" capacity. The total capacity is 995,000 wafers/month (12-inch equivalent). The new fab with a 20,000 wafer per month capacity represents just 2% of the company’s total capacity.</p><p><blockquote>台积电在全球拥有562,000片晶圆/月的8英寸产能和745,000片/月的12英寸产能。总产能为995,000片/月（12英寸当量）。新晶圆厂每月产能为20,000片晶圆，仅占公司总产能的2%。</blockquote></p><p> UMC also expanded its production of 28nm (with a migration to 40nm) process at its Nanke 12-inch Fab 12A P6 plant in Taiwan. It currently has an 87,000 wafer per month capacity. The total investment in the capacity expansion plan is estimated to be approximately NT$100 billion. The P6 expansion is scheduled for production in the second quarter of 2023, and has a capacity of just 10,000 wafers per month.</p><p><blockquote>联电还在台湾南科12英寸晶圆厂12A P6工厂扩大了28纳米（迁移到40纳米）工艺的生产。目前每月产能为87,000片晶圆。扩能计划总投资预估约1000亿元新台币。P6扩建计划于2023年第二季度投产，每月产能仅为10,000片晶圆。</blockquote></p><p> The P6 program is supported by a multi-year's product alignment between UMC and the involved customers that includes a loading protection mechanism that will ensure the P6 capacity is maintained at a healthy loading level.</p><p><blockquote>P6计划得到了UMC和相关客户之间多年产品一致性的支持，其中包括负载保护机制，可确保P6容量保持在健康的负载水平。</blockquote></p><p> UMC has total 12 fabs in production with combined capacity close to 800,000 wafers per month (8-in equivalent).</p><p><blockquote>联电共有12家晶圆厂在生产，总产能接近每月80万片晶圆（相当于8英寸）。</blockquote></p><p> <b>Price Per Wafer</b></p><p><blockquote><b>每片晶圆的价格</b></blockquote></p><p> Chart 2 shows the gross profit by node for an IC device. It partially explains the rationale behind TSMC’s business model to move to advanced nodes, while also explaining why the company chose to leave its 28nm node undersupplied until recent external forces prompted it to build its China fab.</p><p><blockquote>图2显示了IC设备按节点划分的毛利润。它部分解释了台积电转向先进节点的商业模式背后的基本原理，同时也解释了为什么该公司选择让其28纳米节点供应不足，直到最近外部力量促使其建立中国晶圆厂。</blockquote></p><p> Gross profits per 300-mm wafer are $2,835 for a 28nm node versus $8,695 for a 3nm node.</p><p><blockquote>28纳米节点每300毫米晶圆的毛利润为2,835美元，而3纳米节点为8,695美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e241c85dd84eb71f54c3b11812e6599\" tg-width=\"640\" tg-height=\"462\"><span>Chart 2</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表2</span></p></blockquote></p><p> Chart 3 shows capex spend by node for ICs. Capex spend (building + equipment) at 28nm is $100,000 per wafer, which more than triples to $320,000 at 3nm.</p><p><blockquote>图3显示了IC按节点划分的资本支出。28纳米的资本支出（建筑+设备）为每块晶圆100,000美元，而3纳米的资本支出增加了两倍多，达到320,000美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1f8f60218f2b914e5847e2eef8aa39c3\" tg-width=\"640\" tg-height=\"462\"><span>Chart 3</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表3</span></p></blockquote></p><p> <b>Customer Base</b></p><p><blockquote><b>客户基础</b></blockquote></p><p> Chart 4 shows that Apple (AAPL) was the largest customer of TSMC in 2020, representing 21% of revenues. Keep in mind that in addition to TSMC’s processors going into iPhones, TSMC also fabricates the M1, which powers the new MacBook Air, 13-inch MacBook Pro, and Mac mini and is Apple's first custom-designed Arm-based chip for Mac.</p><p><blockquote>图表4显示，苹果（AAPL）是2020年台积电最大的客户，占收入的21%。请记住，除了台积电的处理器用于iPhone之外，台积电还制造M1，为新款MacBook Air、13英寸MacBook Pro和Mac mini提供动力，并且是苹果首款为Mac定制设计的基于Arm的芯片。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/354a97772e16c2a05dbccc89556de9eb\" tg-width=\"640\" tg-height=\"465\"><span>Chart 4</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表4</span></p></blockquote></p><p> TSMC has upgraded its manufacturing capabilities countless times to keep Apple’s latest chips at the bleeding edge of processor technologies, since its first chip produced for Apple was installed in the Apple iPhone 6 and iPhone 6 Plus, which were introduced on September 9, 2014.</p><p><blockquote>自2014年9月9日推出的苹果iPhone 6和iPhone 6 Plus安装以来，台积电已无数次升级其制造能力，以使苹果的最新芯片保持在处理器技术的前沿。</blockquote></p><p> Chart 5 shows that the number of transistors increased from 2 billion for the iPhone 6 to 11.8 billion for the current iPhone 12.</p><p><blockquote>图表5显示，晶体管数量从iPhone 6的20亿个增加到现在的iPhone 12的118亿个。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/108ef270fe60691ec5bc8c7f0a061d9c\" tg-width=\"640\" tg-height=\"462\"><span>Chart 5</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表5</span></p></blockquote></p><p> Thus, investors must consider that:</p><p><blockquote>因此，投资者必须考虑：</blockquote></p><p> Any positive developments from Apple will impact TSMC positively, and positive technological developments from TSMC will impact Apple positively. For example, as long as TSMC is the major manufacturer of Apple chips, growth in Apple or new technologies developed by Apple requiring chips (such as Auto or ADAS), then TSMC will gain.</p><p><blockquote>苹果的任何积极发展都将对台积电产生积极影响，台积电的积极技术发展也将对苹果产生积极影响。例如，只要台积电是苹果芯片的主要制造商，苹果的增长或苹果开发的需要芯片的新技术（如汽车或ADAS），那么台积电就会受益。</blockquote></p><p></p><p> Secondly, because of capacity limitations and technology node demands, any expansion in capacity from TSMC will be beneficial to Apple as it moves to smaller nodes while consuming about 25% of TSMC’s chip output on a revenue basis.</p><p><blockquote>其次，由于产能限制和技术节点需求，台积电的任何产能扩张都将有利于苹果，因为它转向更小的节点，同时消耗台积电约25%的芯片产量。</blockquote></p><p> UMC is less transparent and doesn’t provide a breakdown by customer. UMC’s primary customers include premier integrated device manufacturers, such as Texas Instruments(NASDAQ:TXN)and Intel Mobile(NASDAQ:INTC), plus leading fabless design companies, such as MediaTek(OTCPK:MDTKF), Realtek, Qualcomm(NASDAQ:QCOM)and Novatek.</p><p><blockquote>UMC透明度较低，不提供客户细分。联电的主要客户包括顶级集成设备制造商，如德州仪器（纳斯达克：TXN）和英特尔移动（纳斯达克：INTC），以及领先的无晶圆厂设计公司，如联发科（OTCPK：MDTKF）、瑞昱、高通（纳斯达克：QCOM）和联咏。</blockquote></p><p> In August 2018, UMC announced it would pause research for advancing the productional technology of chips under 10nm nodes. As shown in the figure above, since 2018, the corresponding proportion of the company's advanced processes has been reduced to zero, but for mature nodes such as 65nm and 28nm, the proportion has been increased.</p><p><blockquote>2018年8月，联电宣布将暂停推进10nm节点以下芯片生产技术的研究。如上图所示，自2018年起，公司先进制程的相应占比已降至零，但对于65nm、28nm等成熟节点，占比有所提升。</blockquote></p><p> <b>Investor Takeaways</b>: Is TSM Or UMC Stock A Better Buy?</p><p><blockquote><b>投资者要点</b>：TSM或UMC股票更值得购买？</blockquote></p><p> Both companies compete in the same industry, but their business models are a differentiating metric. TSMC generates most of its revenue on nodes smaller than UMC’s (Chart 1), and most of its planned capex will focus new fabs making ICs at increasing smaller nodes.</p><p><blockquote>两家公司在同一行业竞争，但他们的商业模式是一个差异化的指标。台积电的大部分收入来自比联电更小的节点（图1），其大部分计划资本支出将集中在制造集成电路的新晶圆厂上。</blockquote></p><p> <b>TSMC Positives</b></p><p><blockquote><b>台积电利好</b></blockquote></p><p> TSMC’s share of the pure-play foundry market was 57% share in 2020, up from 55% in 2019. UMC’s share was constant at slightly less than 8%.</p><p><blockquote>2020年，台积电在纯晶圆代工市场的份额为57%，高于2019年的55%。联电的份额稳定在略低于8%。</blockquote></p><p> TSMC benefits from the smaller nodes. Although capex increases with decreasing nodes (Chart 3), so too does gross profit (Chart 2). Thus, TSM has higher revenues than UMC: $48.2B vs $6.283B.</p><p><blockquote>台积电受益于较小的节点。尽管资本支出随着节点的减少而增加（图3），但毛利润也会增加（图2）。因此，TSM的收入高于UMC：$48.2 B vs$62.83亿B。</blockquote></p><p> <ul> <li>TSMC also has higher annual earnings (EBITDA): $33B vs. UMC $2.349B.</p><p><blockquote><ul><li>台积电的年收益(EBITDA)也更高：$33B，而联电为$23.49 B。</li></ul></blockquote></p><p></li> <li>TSMC ($613B) has a higher market cap than UMC ($23.4B).</p><p><blockquote><li>台积电（$613B）的市值高于联电（$234亿）。</li></blockquote></p><p></li> <li>TSMC has more cash on hand: $23.3B vs. UMC ($3.76B).</p><p><blockquote><li>台积电手头现金更多：$23.3 B vs UMC（$37.6 B）。</li></blockquote></p><p></li> <li>TSMC has a higher EPS (3.99) than UMC (0.59).</p><p><blockquote><li>台积电的每股收益（3.99）高于联电（0.59）。</li></blockquote></p><p></li> </ul> Seeking Alpha’s quant ratings are derived by measuring a stock's financial metrics against other stocks in the sector on the basis of value, growth, profitability, momentum and analysts’ earnings revisions. In Table 1, both stocks have high rankings. TSMC has a quant rating of 4.63 and UMC has a quant rating of 4.54.</p><p><blockquote>Seeking Alpha的量化评级是通过根据价值、增长、盈利能力、动量和分析师的盈利修正来衡量股票与该行业其他股票的财务指标而得出的。在表1中，两只股票的排名都很高。台积电的量化评级为4.63，联电的量化评级为4.54。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/55db72bd38ddd1d46c2ec7a6ccf6307f\" tg-width=\"640\" tg-height=\"117\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Gross margin for TSMC and UMC is shown in Table 2. A positive for TSMC, gross margin is significantly ahead of UMC and the average of all foundries. The Street expects 3Q21 gross margin will improve to 52.9%, given a higher revenue scale, tight foundry supply and improved efficiency of 5nm production.</p><p><blockquote>台积电和联电的毛利率如表2所示。对台积电来说，这是一个利好，毛利率大幅领先于联电和所有代工厂的平均水平。华尔街预计，鉴于更高的收入规模、晶圆代工供应紧张以及5nm生产效率的提高，2021年第三季度的毛利率将改善至52.9%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ab6dce4d14398755080d9db48522121\" tg-width=\"640\" tg-height=\"126\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>UMC Positives</b></p><p><blockquote><b>联电正面</b></blockquote></p><p> The comparison of other financial metrics, UMC has stronger financials:</p><p><blockquote>与其他财务指标相比，联电的财务状况更强劲：</blockquote></p><p> <ul> <li>UMC has a lower P/E ratio than TSM: 21.8 vs 28.9</p><p><blockquote><ul><li>联电的市盈率低于台积电：21.8 vs 28.9</li></ul></blockquote></p><p></li> <li>UMC has less debt than TSM: $2.47B vs $15.4B.</p><p><blockquote><li>UMC的债务低于TSM：$2.47 B vs$15.4 B。</li></blockquote></p><p></li> <li>UMC YTD gains are higher at: 10.558 vs. TSM (8.922).</p><p><blockquote><li>UMC年初至今涨幅较高：10.558 vs.TSM(8.922)。</li></blockquote></p><p></li> </ul> Table 3 shows stock performance in percent growth for TSM and UMC. In the past year, UMC stock has outperformed TSMC, and did so in the 3-year and 5-year period. But in a 10-year period, TSMC is the better choice.</p><p><blockquote>表3显示了TSM和UMC的股票增长百分比。过去一年，联电股票的表现优于台积电，在3年和5年期间也是如此。但在10年的时间里，台积电是更好的选择。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7533369f256853d498f5492752417e05\" tg-width=\"640\" tg-height=\"172\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> TSMC is the clear winner over UMC going forward. The company chose its strategy to build chips at the <7nm node. The fact that it is building a 28nm fab in China, the “sweet spot” for UMC, coupled with a new 28nm SMIC (OTCQX:SMICY) fab, will mean lost market share at this node for UMC.</p><p><blockquote>台积电显然是未来联电的赢家。该公司选择了在<7纳米节点构建芯片的策略。事实上，它正在中国建造一座28纳米晶圆厂，这是联电的“最佳地点”，再加上一座新的28纳米中芯国际（OTCQX：SMICY）晶圆厂，这将意味着联电在这个节点失去市场份额。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4438509-taiwan-semiconductor-vs-united-microelectronics-stock\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSM":"台积电","UMC":"联电"},"source_url":"https://seekingalpha.com/article/4438509-taiwan-semiconductor-vs-united-microelectronics-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145284684","content_text":"Summary\n\nTSMC is the world’s largest foundry for making ICs for fabless semiconductor companies, manufacturing 11,617 different products using 281 distinct technologies for 510 different customers.\nTSMC and fellow Taiwan foundry United Microelectronics Corporation are expected to benefit from a chip-supply crisis that is adversely impacting automakers.\nTSMC benefits from a gross margin nearly twice that of UMC.\n40% of revenues are from nodes <14nm, below the smallest node of UMC.\n\nBING-JHEN HONG/iStock Editorial via Getty Images\nTaiwan Semiconductor Manufacturing Company Limited or TSMC (TSM), and United Microelectronics Corporation or UMC (UMC) are both headquartered in Taiwan and both manufacture semiconductors for companies on a contract basis. They both provide high quality IC fabrication services, focusing on logic and various specialty technologies to serve all major sectors of the electronics industry and are defined as pure-play foundries.\nWhile they have similarities, the two companies are vastly different with different business models. TSMC started as and has always been a leading-edge company, manufacturing chips at the smallest dimensions. UMC, on the other hand, Taiwan’s first semiconductor company, has chosen the 14nm node as the smallest dimension it will manufacture.\nTo illustrate the differences in models, Chart 1 shows revenues for both companies based on technology node. The key difference is the <14nm node, where TSMC generated 41.4% of its revenue compared to 0% for UMC.\nChart 1 also shows that TSMC held $43 billion in revenues in 2020 versus $6 billion for UMC. Importantly, it shows also shows the financial dominance of TSMC, since UMC holds second place in the global foundry market.\nChart 1\nMuch of TSMC’s revenues are on the <14nm node, which increased from 29.4% of revenues in 2019 to 41.4% in 2020. Since UMC’s smallest node is 28nm/14nm, UMC is investing heavily at that node, and its share of revenue increased from 11.3% in 2019 to 13.6% in 2020. In contrast, in 2020 TSMC’s share at the 28nm/14nm node decreased to 30.8% from 37.7% in 2019.\nExpanding Capacity\nLeading Edge Nodes\nTSMC generates about 1/3 of its revenues from the 28nm/14nm, and TSMC has 562,000 wafers/month of 8\" capacity, and 745,000 wafers/month of 12\" capacity. The total capacity is 995,000 wafers/month (12-inch equivalent).\nIn TSMC’sQ1 2021 earnings call, TSMC’s VP and CFO Wendell Huang noted:\n\n “In order to meet the increasing demand for our advanced and specialty technologies in the next several years, we have decided to raise our full year 2021 CapEx to be around USD 30 billion. About 80% of the 2021 capital budget will be allocated for advanced process technologies, including 3-nanometer, 5-nanometer and 7-nanometer. About 10% will be spent for advanced packaging and mask making, and about 10% will be spent for specialty technologies.”\n\nTSMC expects to invest about $100 billion through the next 3 years to increase capacity, to support the manufacturing and R&D of leading-edge and specialty technologies. Its N5 is already in its second year of volume production, contributing around 20% of our wafer revenue in 2021. N4 risk production is targeted for second half this year and volume production in 2022.\nAmong TSMC's facilities to go online in the next three to four years are the company's fab in Arizona as well as its first 2nm-capable fab in Taiwan. The company needs to build and equip its N5-capable fab in Arizona. The facility will cost around $12 billion, will have a capacity of 20,000 wafer starts per month (WSPM), and will come online in 2024.\n28nm Nodes\nThe global semiconductor shortage is one of the catalysts prompting foundry manufacturers to build new fabs, particularly at the 28nm node, as many automobile chips are manufactured at that node. While I have devoted four Seeking Alpha articles on trying to pin down what devices are undersupplied and could only find microcontrollers, in this article, I will concede for the sake of argument, that it is not due to hoarding but inept manufacturing supply chains.\nAs a result, governments are spending heavily on this industry to expand the total production capacity. These free handouts are a second catalyst for new 28nm node fab construction.\nA strong demand for wafers from the consumer electronics industry has led to increased shipments of UMC’s 28nm wafers, which saw 18% sequential revenue growth in the last reported quarter. In addition, UMC has been focused on production for the automotive industry as semiconductors for electric and self-driving cars are expected to be a major growth driver for the company. However, global automotive semiconductors are only a $40 billion market, compared to a global semiconductor market of $525 billion. That is growing as more semiconductors are used per vehicle each year and because EVs use more semiconductors than internal combustion vehicles.\nThere is a supply-demand imbalance in mature nodes, as most of the capacity expansion has been in advanced nodes, but companies have not addressed the mature nodes. The technology node is central to the latest auto chip crisis, while at the same time Sony has moved its design of CMOS Integrated Sensors (\"CIS\") for smartphones to 28nm.\nOn April 22, TSMC announced plans to build a chip fabrication facility in China is at the receiving end of opposition from critics. The plant is set to make semiconductors built on the mature 28nm process node. The Nanjing plant currently has an installed capacity of 20,000 wafers per month. An investment of $2.8 billion and expecting mass-production in 2023, the expansion will double capacity to 40,000 wafers per month.\nTSMC has global 562,000 wafers/month of 8\" capacity, and 745,000 wafers/month of 12\" capacity. The total capacity is 995,000 wafers/month (12-inch equivalent). The new fab with a 20,000 wafer per month capacity represents just 2% of the company’s total capacity.\nUMC also expanded its production of 28nm (with a migration to 40nm) process at its Nanke 12-inch Fab 12A P6 plant in Taiwan. It currently has an 87,000 wafer per month capacity. The total investment in the capacity expansion plan is estimated to be approximately NT$100 billion. The P6 expansion is scheduled for production in the second quarter of 2023, and has a capacity of just 10,000 wafers per month.\nThe P6 program is supported by a multi-year's product alignment between UMC and the involved customers that includes a loading protection mechanism that will ensure the P6 capacity is maintained at a healthy loading level.\nUMC has total 12 fabs in production with combined capacity close to 800,000 wafers per month (8-in equivalent).\nPrice Per Wafer\nChart 2 shows the gross profit by node for an IC device. It partially explains the rationale behind TSMC’s business model to move to advanced nodes, while also explaining why the company chose to leave its 28nm node undersupplied until recent external forces prompted it to build its China fab.\nGross profits per 300-mm wafer are $2,835 for a 28nm node versus $8,695 for a 3nm node.\nChart 2\nChart 3 shows capex spend by node for ICs. Capex spend (building + equipment) at 28nm is $100,000 per wafer, which more than triples to $320,000 at 3nm.\nChart 3\nCustomer Base\nChart 4 shows that Apple (AAPL) was the largest customer of TSMC in 2020, representing 21% of revenues. Keep in mind that in addition to TSMC’s processors going into iPhones, TSMC also fabricates the M1, which powers the new MacBook Air, 13-inch MacBook Pro, and Mac mini and is Apple's first custom-designed Arm-based chip for Mac.\nChart 4\nTSMC has upgraded its manufacturing capabilities countless times to keep Apple’s latest chips at the bleeding edge of processor technologies, since its first chip produced for Apple was installed in the Apple iPhone 6 and iPhone 6 Plus, which were introduced on September 9, 2014.\nChart 5 shows that the number of transistors increased from 2 billion for the iPhone 6 to 11.8 billion for the current iPhone 12.\nChart 5\nThus, investors must consider that:\nAny positive developments from Apple will impact TSMC positively, and positive technological developments from TSMC will impact Apple positively. For example, as long as TSMC is the major manufacturer of Apple chips, growth in Apple or new technologies developed by Apple requiring chips (such as Auto or ADAS), then TSMC will gain.\nSecondly, because of capacity limitations and technology node demands, any expansion in capacity from TSMC will be beneficial to Apple as it moves to smaller nodes while consuming about 25% of TSMC’s chip output on a revenue basis.\nUMC is less transparent and doesn’t provide a breakdown by customer. UMC’s primary customers include premier integrated device manufacturers, such as Texas Instruments(NASDAQ:TXN)and Intel Mobile(NASDAQ:INTC), plus leading fabless design companies, such as MediaTek(OTCPK:MDTKF), Realtek, Qualcomm(NASDAQ:QCOM)and Novatek.\nIn August 2018, UMC announced it would pause research for advancing the productional technology of chips under 10nm nodes. As shown in the figure above, since 2018, the corresponding proportion of the company's advanced processes has been reduced to zero, but for mature nodes such as 65nm and 28nm, the proportion has been increased.\nInvestor Takeaways: Is TSM Or UMC Stock A Better Buy?\nBoth companies compete in the same industry, but their business models are a differentiating metric. TSMC generates most of its revenue on nodes smaller than UMC’s (Chart 1), and most of its planned capex will focus new fabs making ICs at increasing smaller nodes.\nTSMC Positives\nTSMC’s share of the pure-play foundry market was 57% share in 2020, up from 55% in 2019. UMC’s share was constant at slightly less than 8%.\nTSMC benefits from the smaller nodes. Although capex increases with decreasing nodes (Chart 3), so too does gross profit (Chart 2). Thus, TSM has higher revenues than UMC: $48.2B vs $6.283B.\n\nTSMC also has higher annual earnings (EBITDA): $33B vs. UMC $2.349B.\nTSMC ($613B) has a higher market cap than UMC ($23.4B).\nTSMC has more cash on hand: $23.3B vs. UMC ($3.76B).\nTSMC has a higher EPS (3.99) than UMC (0.59).\n\nSeeking Alpha’s quant ratings are derived by measuring a stock's financial metrics against other stocks in the sector on the basis of value, growth, profitability, momentum and analysts’ earnings revisions. In Table 1, both stocks have high rankings. TSMC has a quant rating of 4.63 and UMC has a quant rating of 4.54.\n\nGross margin for TSMC and UMC is shown in Table 2. A positive for TSMC, gross margin is significantly ahead of UMC and the average of all foundries. The Street expects 3Q21 gross margin will improve to 52.9%, given a higher revenue scale, tight foundry supply and improved efficiency of 5nm production.\n\nUMC Positives\nThe comparison of other financial metrics, UMC has stronger financials:\n\nUMC has a lower P/E ratio than TSM: 21.8 vs 28.9\nUMC has less debt than TSM: $2.47B vs $15.4B.\nUMC YTD gains are higher at: 10.558 vs. TSM (8.922).\n\nTable 3 shows stock performance in percent growth for TSM and UMC. In the past year, UMC stock has outperformed TSMC, and did so in the 3-year and 5-year period. But in a 10-year period, TSMC is the better choice.\n\nTSMC is the clear winner over UMC going forward. The company chose its strategy to build chips at the <7nm node. The fact that it is building a 28nm fab in China, the “sweet spot” for UMC, coupled with a new 28nm SMIC (OTCQX:SMICY) fab, will mean lost market share at this node for UMC.","news_type":1,"symbols_score_info":{"TSM":0.9,"UMC":0.9}},"isVote":1,"tweetType":1,"viewCount":2362,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141558400,"gmtCreate":1625882061600,"gmtModify":1631890282617,"author":{"id":"4087700265223580","authorId":"4087700265223580","name":"cloudyy","avatar":"https://static.tigerbbs.com/04b26a8e8aa7c3035df84275ad86ec81","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087700265223580","idStr":"4087700265223580"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/141558400","repostId":"1173374462","repostType":4,"repost":{"id":"1173374462","kind":"news","pubTimestamp":1625840008,"share":"https://www.laohu8.com/m/news/1173374462?lang=zh_CN&edition=full","pubTime":"2021-07-09 22:13","market":"us","language":"en","title":"Meme Stocks Like GameStop and AMC Reflect Market Reality<blockquote>游戏驿站和AMC等模因股票反映了市场现实</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1173374462","media":"Thestreet","summary":"Gamestop (GME) made some investors rich… and then it broke many more. Investing in AMC Entertainment","content":"<p>Gamestop (<b>GME</b>) made some investors rich… and then it broke many more. Investing in AMC Entertainment (<b>AMC</b>) did the exact same thing. These two stocks represent, if not failing businesses, at least ailing ones; companies that struggled to keep up with the new economy even before the pandemic shut down large swaths of it. Yet over the past few months they have posted some of the most volatile gains and losses on the market.</p><p><blockquote>游戏驿站(<b>GME</b>）让一些投资者变得富有……然后又破产了更多。投资AMC院线（<b>AMC</b>）做了完全相同的事情。这两只股票即使不是失败的企业，也至少代表了陷入困境的企业；甚至在大流行之前就努力跟上新经济的公司就关闭了大部分新经济。然而，在过去的几个月里，他们公布了市场上一些最不稳定的收益和损失。</blockquote></p><p> How?</p><p><blockquote>如何？</blockquote></p><p> It’s down to what Real Money's Timothy Collins calls the market of “meme stock hyperbole.” But, he writes, is it really all that different from how trading has always worked?</p><p><blockquote>这取决于Real Money的Timothy Collins评级市场的“模因股票夸张”。但是，他写道，这真的与交易一直以来的运作方式有那么大的不同吗？</blockquote></p><p> Have you ever really thought about the phrases 'to the moon' or 'conviction buy,' and how they mess with out perception of fair value?</p><p><blockquote>您是否真正想过“登月”或“信念购买”这两个短语，以及它们如何扰乱我们对公允价值的看法？</blockquote></p><p> \"Initially, I rolled my eyes at the continued use of the phrase 'To The Moon,'\" Collins says. \"It's not like 'Strong Buy with a price target of $65', for instance. 'To the moon' is completely arbitrary and open to interpretation, but then again so are most things about valuation, when you think about it,\" Collins wrote.</p><p><blockquote>“最初，我对继续使用‘去月球’这个词翻了个白眼，”柯林斯说。“例如，这不像‘强力买入，目标价为65美元’。‘登月’完全是任意的，可以进行解释，但话又说回来，当你仔细想想时，大多数关于估值的事情也是如此，”柯林斯写道。</blockquote></p><p> \"For instance, when an analyst pounds the table on a stock, how is that different from 'to the moon?' Or when someone says, 'all in.' Are they really all in? Did they cash in all their assets, pool the liquidity, and buy every share they possibly could? Probably not. Actually, I'd say definitely not 99.9999% of the time. Of course, there's always that one person,\" Collins said.</p><p><blockquote>“例如，当分析师在一只股票上敲打桌子时，这与‘飞向月球’有什么不同？或者当有人说‘全押’时。他们真的全押了吗？他们是否兑现了所有资产，集中流动性，并尽可能购买每一股？可能不会。事实上，我会说绝对不是99.9999%的情况。当然，总有那么一个人，”柯林斯说。</blockquote></p><p> \"But the point isWall Street has been arbitraryfor years. We can't even have a standard rating system. Is it 'Neutral' or 'Hold?' And really, do I want to hold something that is only in the middle of your range? No.\"</p><p><blockquote>“但关键是，华尔街多年来一直是武断的。我们甚至不能有一个标准的评级系统。它是‘中性’还是‘持有’？说真的，我想持有只在你的范围中间的东西吗？不。”</blockquote></p><p> Collins writes, \"The system should be 'buy' or 'sell.' That's it. Black or white. Own or don't own.\"</p><p><blockquote>柯林斯写道，“系统应该是‘买入’或‘卖出’。就是这样。黑或白。拥有或不拥有。”</blockquote></p><p> Assets like GameStop and even cryptocurrency seem to be selling on nothing more than pure emotion. Investors are taking these products for a joy ride, and that tends to send prices flying up and down the ladder.</p><p><blockquote>像游戏驿站甚至加密货币这样的资产似乎只不过是纯粹的情绪在出售。投资者正在享受这些产品，这往往会导致价格飞涨。</blockquote></p><p> That’s confusing, to be sure. Just, before you go throwing your hands in the air, it’s important to remember that the stock market has always been at least a little bit arbitrary.</p><p><blockquote>诚然，这很令人困惑。只是，在你举手之前，重要的是要记住股票市场总是至少有一点武断。</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>Meme Stocks Like GameStop and AMC Reflect Market Reality<blockquote>游戏驿站和AMC等模因股票反映了市场现实</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\">\nMeme Stocks Like GameStop and AMC Reflect Market Reality<blockquote>游戏驿站和AMC等模因股票反映了市场现实</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-07-09 22:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Gamestop (<b>GME</b>) made some investors rich… and then it broke many more. Investing in AMC Entertainment (<b>AMC</b>) did the exact same thing. These two stocks represent, if not failing businesses, at least ailing ones; companies that struggled to keep up with the new economy even before the pandemic shut down large swaths of it. Yet over the past few months they have posted some of the most volatile gains and losses on the market.</p><p><blockquote>游戏驿站(<b>GME</b>）让一些投资者变得富有……然后又破产了更多。投资AMC院线（<b>AMC</b>）做了完全相同的事情。这两只股票即使不是失败的企业，也至少代表了陷入困境的企业；甚至在大流行之前就努力跟上新经济的公司就关闭了大部分新经济。然而，在过去的几个月里，他们公布了市场上一些最不稳定的收益和损失。</blockquote></p><p> How?</p><p><blockquote>如何？</blockquote></p><p> It’s down to what Real Money's Timothy Collins calls the market of “meme stock hyperbole.” But, he writes, is it really all that different from how trading has always worked?</p><p><blockquote>这取决于Real Money的Timothy Collins评级市场的“模因股票夸张”。但是，他写道，这真的与交易一直以来的运作方式有那么大的不同吗？</blockquote></p><p> Have you ever really thought about the phrases 'to the moon' or 'conviction buy,' and how they mess with out perception of fair value?</p><p><blockquote>您是否真正想过“登月”或“信念购买”这两个短语，以及它们如何扰乱我们对公允价值的看法？</blockquote></p><p> \"Initially, I rolled my eyes at the continued use of the phrase 'To The Moon,'\" Collins says. \"It's not like 'Strong Buy with a price target of $65', for instance. 'To the moon' is completely arbitrary and open to interpretation, but then again so are most things about valuation, when you think about it,\" Collins wrote.</p><p><blockquote>“最初，我对继续使用‘去月球’这个词翻了个白眼，”柯林斯说。“例如，这不像‘强力买入，目标价为65美元’。‘登月’完全是任意的，可以进行解释，但话又说回来，当你仔细想想时，大多数关于估值的事情也是如此，”柯林斯写道。</blockquote></p><p> \"For instance, when an analyst pounds the table on a stock, how is that different from 'to the moon?' Or when someone says, 'all in.' Are they really all in? Did they cash in all their assets, pool the liquidity, and buy every share they possibly could? Probably not. Actually, I'd say definitely not 99.9999% of the time. Of course, there's always that one person,\" Collins said.</p><p><blockquote>“例如，当分析师在一只股票上敲打桌子时，这与‘飞向月球’有什么不同？或者当有人说‘全押’时。他们真的全押了吗？他们是否兑现了所有资产，集中流动性，并尽可能购买每一股？可能不会。事实上，我会说绝对不是99.9999%的情况。当然，总有那么一个人，”柯林斯说。</blockquote></p><p> \"But the point isWall Street has been arbitraryfor years. We can't even have a standard rating system. Is it 'Neutral' or 'Hold?' And really, do I want to hold something that is only in the middle of your range? No.\"</p><p><blockquote>“但关键是，华尔街多年来一直是武断的。我们甚至不能有一个标准的评级系统。它是‘中性’还是‘持有’？说真的，我想持有只在你的范围中间的东西吗？不。”</blockquote></p><p> Collins writes, \"The system should be 'buy' or 'sell.' That's it. Black or white. Own or don't own.\"</p><p><blockquote>柯林斯写道，“系统应该是‘买入’或‘卖出’。就是这样。黑或白。拥有或不拥有。”</blockquote></p><p> Assets like GameStop and even cryptocurrency seem to be selling on nothing more than pure emotion. Investors are taking these products for a joy ride, and that tends to send prices flying up and down the ladder.</p><p><blockquote>像游戏驿站甚至加密货币这样的资产似乎只不过是纯粹的情绪在出售。投资者正在享受这些产品，这往往会导致价格飞涨。</blockquote></p><p> That’s confusing, to be sure. Just, before you go throwing your hands in the air, it’s important to remember that the stock market has always been at least a little bit arbitrary.</p><p><blockquote>诚然，这很令人困惑。只是，在你举手之前，重要的是要记住股票市场总是至少有一点武断。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/meme-stocks-like-gamestop-amc-reflect-market-reality\">Thestreet</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":{"GME":"游戏驿站","AMC":"AMC院线"},"source_url":"https://www.thestreet.com/investing/meme-stocks-like-gamestop-amc-reflect-market-reality","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173374462","content_text":"Gamestop (GME) made some investors rich… and then it broke many more. Investing in AMC Entertainment (AMC) did the exact same thing. These two stocks represent, if not failing businesses, at least ailing ones; companies that struggled to keep up with the new economy even before the pandemic shut down large swaths of it. Yet over the past few months they have posted some of the most volatile gains and losses on the market.\nHow?\nIt’s down to what Real Money's Timothy Collins calls the market of “meme stock hyperbole.” But, he writes, is it really all that different from how trading has always worked?\nHave you ever really thought about the phrases 'to the moon' or 'conviction buy,' and how they mess with out perception of fair value?\n\"Initially, I rolled my eyes at the continued use of the phrase 'To The Moon,'\" Collins says. \"It's not like 'Strong Buy with a price target of $65', for instance. 'To the moon' is completely arbitrary and open to interpretation, but then again so are most things about valuation, when you think about it,\" Collins wrote.\n\"For instance, when an analyst pounds the table on a stock, how is that different from 'to the moon?' Or when someone says, 'all in.' Are they really all in? Did they cash in all their assets, pool the liquidity, and buy every share they possibly could? Probably not. Actually, I'd say definitely not 99.9999% of the time. Of course, there's always that one person,\" Collins said.\n\"But the point isWall Street has been arbitraryfor years. We can't even have a standard rating system. Is it 'Neutral' or 'Hold?' And really, do I want to hold something that is only in the middle of your range? No.\"\nCollins writes, \"The system should be 'buy' or 'sell.' That's it. Black or white. Own or don't own.\"\nAssets like GameStop and even cryptocurrency seem to be selling on nothing more than pure emotion. Investors are taking these products for a joy ride, and that tends to send prices flying up and down the ladder.\nThat’s confusing, to be sure. Just, before you go throwing your hands in the air, it’s important to remember that the stock market has always been at least a little bit arbitrary.","news_type":1,"symbols_score_info":{"GME":0.9,"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":1334,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154121414,"gmtCreate":1625491056738,"gmtModify":1631890282618,"author":{"id":"4087700265223580","authorId":"4087700265223580","name":"cloudyy","avatar":"https://static.tigerbbs.com/04b26a8e8aa7c3035df84275ad86ec81","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087700265223580","idStr":"4087700265223580"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/154121414","repostId":"1155435134","repostType":4,"repost":{"id":"1155435134","kind":"news","pubTimestamp":1625483300,"share":"https://www.laohu8.com/m/news/1155435134?lang=zh_CN&edition=full","pubTime":"2021-07-05 19:08","market":"hk","language":"en","title":"What Does the End of the Quarter Mean for Portfolio Management?<blockquote>季度末对投资组合管理意味着什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155435134","media":"investopedia","summary":"The \"end of the quarter\" refers to the conclusion of one of four specific three-month periods on the","content":"<p>The \"end of the quarter\" refers to the conclusion of one of four specific three-month periods on the financial calendar. Thefour quartersend in March, or Q1; June, or Q2; September, or Q3; and December, or Q4. These are considered important times for investors. Many businesses, analysts, government agencies, and theFederal Reserverelease critical new data about various markets or economic indicators at the end of a quarter.</p><p><blockquote>“季度末”是指财务日历上四个特定三个月期间之一的结束。四季度将于三月份结束，即第一季度；六月，或第二季度；九月，或第三季度；以及12月，或第四季度。对于投资者来说，这被认为是重要的时期。许多企业、分析师、政府机构和美联储在季度末发布有关各种市场或经济指标的重要新数据。</blockquote></p><p> There's a widely held belief in financial circles that hedge funds, pension funds, and insurance companies always rebalance their portfolios at the end of each quarter. While no proof or evidence has ever been put forward to confirm this practice or its prevalence, the very idea reinforces the concept that the end of a quarter is significant.</p><p><blockquote>金融界普遍认为，对冲基金、养老基金和保险公司总是在每个季度末重新平衡其投资组合。虽然从来没有证据或证据来证实这种做法或其普遍性，但这个想法强化了一个季度末意义重大的概念。</blockquote></p><p> Even if major financial players do not always rebalance at the end of quarters, many investors use this time to re-evaluate their ownportfolio management, changing which assets comprise the portfolio or setting new portfolio targets. Not only is it a good idea for investors to monitor their investments from time-to-time but rarely is so much new, actionable information released as during the end of a quarter.</p><p><blockquote>即使主要金融参与者并不总是在季度末重新平衡，许多投资者也会利用这段时间重新评估自己的投资组合管理，改变投资组合的资产或设定新的投资组合目标。对于投资者来说，不时监控他们的投资不仅是一个好主意，而且很少像在季度末那样发布如此多的新的、可操作的信息。</blockquote></p><p> Rebalancing a Portfolio</p><p><blockquote>重新平衡投资组合</blockquote></p><p> Rebalancinginvolves the periodic sale and purchase of assets within a portfolio to maintain a target ratio.2Consider an investor who wants his portfolio to be comprised of 50% growth stocks, 25% income stocks, and 25% bonds. If during Q1, the growth stocks outperform the other investments substantially, the investor may decide to sell some growth stocks or purchase more income stocks and bonds to bring the portfolio back to a 50-25-25 split.</p><p><blockquote>再平衡涉及定期出售和购买投资组合中的资产以维持目标比率。2考虑一位投资者，他希望自己的投资组合由50%的成长型股票、25%的收益型股票和25%的债券组成。如果在第一季度，成长型股票的表现大幅优于其他投资，投资者可能会决定出售一些成长型股票或购买更多收益型股票和债券，以使投资组合回到50-25-25的分割。</blockquote></p><p> KEY TAKEAWAYS</p><p><blockquote>关键要点</blockquote></p><p> <ul> <li>The end of the three-month period known as a financial quarter is considered an important time for investors.</li> <li>Companies, financial analysts, and government agencies (including the Fed) all release reports and critical data at the end of a quarter.</li> <li>Both retail and institutional investors often use the end of a quarter to re-evaluate and rebalance their portfolios.</li> </ul> Traditional rebalancing involves trading the gains of well-performing assets, by selling high, for more low-performing assets, by buying low, at the end of each quarter. Theoretically, this serves to protect a portfolio from being too exposed or straying too far from its original strategy. However, pegging rebalances to the end of quarters relies on arbitrary calendar events which may not coincide with market movements. Nevertheless, the confluence of new reports that emerge at the end of quarters usually causes market reactions and should be of concern to most participants.</p><p><blockquote><ul><li>对于投资者来说，被称为财务季度的三个月结束被认为是一个重要的时间。</li><li>公司、金融分析师和政府机构（包括美联储）都会在季度末发布报告和关键数据。</li><li>散户和机构投资者经常利用季度末来重新评估和重新平衡他们的投资组合。</li></ul>传统的再平衡涉及在每个季度末通过高价卖出来交易表现良好资产的收益，以换取更多表现不佳的资产。从理论上讲，这有助于保护投资组合不会暴露太多或偏离其原始策略太远。然而，将再平衡与季度末挂钩依赖于任意的日历事件，这些事件可能与市场走势不一致。然而，季度末出现的新报告的汇合通常会引起市场反应，应该引起大多数参与者的关注。</blockquote></p><p> Institutional Investors and Rebalancing</p><p><blockquote>机构投资者与再平衡</blockquote></p><p> It is not just individual investors who consider making portfolio moves at the end of quarters. Portfolio management is also important for institutional investors, like mutual funds and exchange-traded funds, or ETFs.3</p><p><blockquote>考虑在季度末调整投资组合的不仅仅是个人投资者。投资组合管理对于机构投资者也很重要，例如共同基金和交易所交易基金(ETF)。3</blockquote></p><p> There are two forms of fund portfolio management: active and passive.4Passive funds generally peg their portfolios to market indexes and involve fewer changes in exchange for lower management fees. The end of a quarter is less significant for these types of funds, though if theirbenchmark indexeschange at this time, they will as well.</p><p><blockquote>基金投资组合管理有两种形式：主动型和被动型。4被动型基金通常将其投资组合与市场指数挂钩，涉及较少的变化，以换取较低的管理费。对于这些类型的基金来说，季度末并不那么重要，尽管如果它们的基准指数此时发生变化，它们也会发生变化。</blockquote></p><p> Active funds have a manager or team of managers who take a more proactive approach to beat market average returns. These funds can be quite active during the end of quarters, especially if their portfolios need to be adjusted to meet their previously stated goals and strategies.</p><p><blockquote>主动型基金有一位经理或经理团队，他们采取更积极的方法来击败市场平均回报。这些基金在季度末可能非常活跃，特别是如果他们的投资组合需要调整以满足他们之前制定的目标和策略。</blockquote></p><p></p>","source":"lsy1606203311635","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>What Does the End of the Quarter Mean for Portfolio Management?<blockquote>季度末对投资组合管理意味着什么？</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\">\nWhat Does the End of the Quarter Mean for Portfolio Management?<blockquote>季度末对投资组合管理意味着什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">investopedia</strong><span class=\"h-time small\">2021-07-05 19:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The \"end of the quarter\" refers to the conclusion of one of four specific three-month periods on the financial calendar. Thefour quartersend in March, or Q1; June, or Q2; September, or Q3; and December, or Q4. These are considered important times for investors. Many businesses, analysts, government agencies, and theFederal Reserverelease critical new data about various markets or economic indicators at the end of a quarter.</p><p><blockquote>“季度末”是指财务日历上四个特定三个月期间之一的结束。四季度将于三月份结束，即第一季度；六月，或第二季度；九月，或第三季度；以及12月，或第四季度。对于投资者来说，这被认为是重要的时期。许多企业、分析师、政府机构和美联储在季度末发布有关各种市场或经济指标的重要新数据。</blockquote></p><p> There's a widely held belief in financial circles that hedge funds, pension funds, and insurance companies always rebalance their portfolios at the end of each quarter. While no proof or evidence has ever been put forward to confirm this practice or its prevalence, the very idea reinforces the concept that the end of a quarter is significant.</p><p><blockquote>金融界普遍认为，对冲基金、养老基金和保险公司总是在每个季度末重新平衡其投资组合。虽然从来没有证据或证据来证实这种做法或其普遍性，但这个想法强化了一个季度末意义重大的概念。</blockquote></p><p> Even if major financial players do not always rebalance at the end of quarters, many investors use this time to re-evaluate their ownportfolio management, changing which assets comprise the portfolio or setting new portfolio targets. Not only is it a good idea for investors to monitor their investments from time-to-time but rarely is so much new, actionable information released as during the end of a quarter.</p><p><blockquote>即使主要金融参与者并不总是在季度末重新平衡，许多投资者也会利用这段时间重新评估自己的投资组合管理，改变投资组合的资产或设定新的投资组合目标。对于投资者来说，不时监控他们的投资不仅是一个好主意，而且很少像在季度末那样发布如此多的新的、可操作的信息。</blockquote></p><p> Rebalancing a Portfolio</p><p><blockquote>重新平衡投资组合</blockquote></p><p> Rebalancinginvolves the periodic sale and purchase of assets within a portfolio to maintain a target ratio.2Consider an investor who wants his portfolio to be comprised of 50% growth stocks, 25% income stocks, and 25% bonds. If during Q1, the growth stocks outperform the other investments substantially, the investor may decide to sell some growth stocks or purchase more income stocks and bonds to bring the portfolio back to a 50-25-25 split.</p><p><blockquote>再平衡涉及定期出售和购买投资组合中的资产以维持目标比率。2考虑一位投资者，他希望自己的投资组合由50%的成长型股票、25%的收益型股票和25%的债券组成。如果在第一季度，成长型股票的表现大幅优于其他投资，投资者可能会决定出售一些成长型股票或购买更多收益型股票和债券，以使投资组合回到50-25-25的分割。</blockquote></p><p> KEY TAKEAWAYS</p><p><blockquote>关键要点</blockquote></p><p> <ul> <li>The end of the three-month period known as a financial quarter is considered an important time for investors.</li> <li>Companies, financial analysts, and government agencies (including the Fed) all release reports and critical data at the end of a quarter.</li> <li>Both retail and institutional investors often use the end of a quarter to re-evaluate and rebalance their portfolios.</li> </ul> Traditional rebalancing involves trading the gains of well-performing assets, by selling high, for more low-performing assets, by buying low, at the end of each quarter. Theoretically, this serves to protect a portfolio from being too exposed or straying too far from its original strategy. However, pegging rebalances to the end of quarters relies on arbitrary calendar events which may not coincide with market movements. Nevertheless, the confluence of new reports that emerge at the end of quarters usually causes market reactions and should be of concern to most participants.</p><p><blockquote><ul><li>对于投资者来说，被称为财务季度的三个月结束被认为是一个重要的时间。</li><li>公司、金融分析师和政府机构（包括美联储）都会在季度末发布报告和关键数据。</li><li>散户和机构投资者经常利用季度末来重新评估和重新平衡他们的投资组合。</li></ul>传统的再平衡涉及在每个季度末通过高价卖出来交易表现良好资产的收益，以换取更多表现不佳的资产。从理论上讲，这有助于保护投资组合不会暴露太多或偏离其原始策略太远。然而，将再平衡与季度末挂钩依赖于任意的日历事件，这些事件可能与市场走势不一致。然而，季度末出现的新报告的汇合通常会引起市场反应，应该引起大多数参与者的关注。</blockquote></p><p> Institutional Investors and Rebalancing</p><p><blockquote>机构投资者与再平衡</blockquote></p><p> It is not just individual investors who consider making portfolio moves at the end of quarters. Portfolio management is also important for institutional investors, like mutual funds and exchange-traded funds, or ETFs.3</p><p><blockquote>考虑在季度末调整投资组合的不仅仅是个人投资者。投资组合管理对于机构投资者也很重要，例如共同基金和交易所交易基金(ETF)。3</blockquote></p><p> There are two forms of fund portfolio management: active and passive.4Passive funds generally peg their portfolios to market indexes and involve fewer changes in exchange for lower management fees. The end of a quarter is less significant for these types of funds, though if theirbenchmark indexeschange at this time, they will as well.</p><p><blockquote>基金投资组合管理有两种形式：主动型和被动型。4被动型基金通常将其投资组合与市场指数挂钩，涉及较少的变化，以换取较低的管理费。对于这些类型的基金来说，季度末并不那么重要，尽管如果它们的基准指数此时发生变化，它们也会发生变化。</blockquote></p><p> Active funds have a manager or team of managers who take a more proactive approach to beat market average returns. These funds can be quite active during the end of quarters, especially if their portfolios need to be adjusted to meet their previously stated goals and strategies.</p><p><blockquote>主动型基金有一位经理或经理团队，他们采取更积极的方法来击败市场平均回报。这些基金在季度末可能非常活跃，特别是如果他们的投资组合需要调整以满足他们之前制定的目标和策略。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investopedia.com/ask/answers/122214/what-does-end-quarter-mean-portfolio-management.asp?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">investopedia</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":{},"source_url":"https://www.investopedia.com/ask/answers/122214/what-does-end-quarter-mean-portfolio-management.asp?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155435134","content_text":"The \"end of the quarter\" refers to the conclusion of one of four specific three-month periods on the financial calendar. Thefour quartersend in March, or Q1; June, or Q2; September, or Q3; and December, or Q4. These are considered important times for investors. Many businesses, analysts, government agencies, and theFederal Reserverelease critical new data about various markets or economic indicators at the end of a quarter.\nThere's a widely held belief in financial circles that hedge funds, pension funds, and insurance companies always rebalance their portfolios at the end of each quarter. While no proof or evidence has ever been put forward to confirm this practice or its prevalence, the very idea reinforces the concept that the end of a quarter is significant.\nEven if major financial players do not always rebalance at the end of quarters, many investors use this time to re-evaluate their ownportfolio management, changing which assets comprise the portfolio or setting new portfolio targets. Not only is it a good idea for investors to monitor their investments from time-to-time but rarely is so much new, actionable information released as during the end of a quarter.\nRebalancing a Portfolio\nRebalancinginvolves the periodic sale and purchase of assets within a portfolio to maintain a target ratio.2Consider an investor who wants his portfolio to be comprised of 50% growth stocks, 25% income stocks, and 25% bonds. If during Q1, the growth stocks outperform the other investments substantially, the investor may decide to sell some growth stocks or purchase more income stocks and bonds to bring the portfolio back to a 50-25-25 split.\nKEY TAKEAWAYS\n\nThe end of the three-month period known as a financial quarter is considered an important time for investors.\nCompanies, financial analysts, and government agencies (including the Fed) all release reports and critical data at the end of a quarter.\nBoth retail and institutional investors often use the end of a quarter to re-evaluate and rebalance their portfolios.\n\nTraditional rebalancing involves trading the gains of well-performing assets, by selling high, for more low-performing assets, by buying low, at the end of each quarter. Theoretically, this serves to protect a portfolio from being too exposed or straying too far from its original strategy. However, pegging rebalances to the end of quarters relies on arbitrary calendar events which may not coincide with market movements. Nevertheless, the confluence of new reports that emerge at the end of quarters usually causes market reactions and should be of concern to most participants.\nInstitutional Investors and Rebalancing\nIt is not just individual investors who consider making portfolio moves at the end of quarters. Portfolio management is also important for institutional investors, like mutual funds and exchange-traded funds, or ETFs.3\nThere are two forms of fund portfolio management: active and passive.4Passive funds generally peg their portfolios to market indexes and involve fewer changes in exchange for lower management fees. The end of a quarter is less significant for these types of funds, though if theirbenchmark indexeschange at this time, they will as well.\nActive funds have a manager or team of managers who take a more proactive approach to beat market average returns. These funds can be quite active during the end of quarters, especially if their portfolios need to be adjusted to meet their previously stated goals and strategies.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1692,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152338274,"gmtCreate":1625269397098,"gmtModify":1631890282624,"author":{"id":"4087700265223580","authorId":"4087700265223580","name":"cloudyy","avatar":"https://static.tigerbbs.com/04b26a8e8aa7c3035df84275ad86ec81","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087700265223580","idStr":"4087700265223580"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/152338274","repostId":"1165340887","repostType":4,"isVote":1,"tweetType":1,"viewCount":1705,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151384167,"gmtCreate":1625064058959,"gmtModify":1631890282626,"author":{"id":"4087700265223580","authorId":"4087700265223580","name":"cloudyy","avatar":"https://static.tigerbbs.com/04b26a8e8aa7c3035df84275ad86ec81","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087700265223580","idStr":"4087700265223580"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/151384167","repostId":"1155548924","repostType":4,"repost":{"id":"1155548924","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":1625063251,"share":"https://www.laohu8.com/m/news/1155548924?lang=zh_CN&edition=full","pubTime":"2021-06-30 22:27","market":"us","language":"en","title":"EV stocks surged in Wednesday morning trading<blockquote>电动汽车股周三早盘飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155548924","media":"Tiger Newspress","summary":"EV stocks surged in Wednesday morning trading.Nio, Li Auto and Tesla climbed between 0.7% and 5.6%. While Xpeng Motors fell 0.7%.","content":"<p>EV stocks surged in Wednesday morning trading.Nio, Li Auto and Tesla climbed between 0.7% and 5.6%. While Xpeng Motors fell 0.7%.</p><p><blockquote>电动汽车股周三早盘飙升。蔚来汽车、理想汽车和特斯拉上涨0.7%至5.6%。而小鹏汽车下跌0.7%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5b3cdf9487d32d5f8f934cea51ae1ab2\" tg-width=\"375\" tg-height=\"352\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EV stocks surged in Wednesday morning trading<blockquote>电动汽车股周三早盘飙升</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEV stocks surged in Wednesday morning trading<blockquote>电动汽车股周三早盘飙升</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-30 22:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>EV stocks surged in Wednesday morning trading.Nio, Li Auto and Tesla climbed between 0.7% and 5.6%. While Xpeng Motors fell 0.7%.</p><p><blockquote>电动汽车股周三早盘飙升。蔚来汽车、理想汽车和特斯拉上涨0.7%至5.6%。而小鹏汽车下跌0.7%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5b3cdf9487d32d5f8f934cea51ae1ab2\" tg-width=\"375\" tg-height=\"352\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏汽车","TSLA":"特斯拉","LI":"理想汽车","NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155548924","content_text":"EV stocks surged in Wednesday morning trading.Nio, Li Auto and Tesla climbed between 0.7% and 5.6%. While Xpeng Motors fell 0.7%.","news_type":1,"symbols_score_info":{"TSLA":0.9,"NIO":0.9,"XPEV":0.9,"LI":0.9}},"isVote":1,"tweetType":1,"viewCount":1854,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}