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game&nbsp;","listText":"Tiger game&nbsp;","text":"Tiger game","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122766396","repostId":"1186640720","repostType":4,"repost":{"id":"1186640720","kind":"news","pubTimestamp":1624608318,"share":"https://ttm.financial/m/news/1186640720?lang=en_US&edition=fundamental","pubTime":"2021-06-25 16:05","market":"sh","language":"zh","title":"Who is hyping Pien Tze Huang?","url":"https://stock-news.laohu8.com/highlight/detail?id=1186640720","media":"智通财经APP","summary":"“抢购与炒作齐飞”，今日的神药片仔癀一如2020年的神酒贵州茅台。\n媒体报道，近日，因为消费者疯抢，大量线下门店的片仔癀已经缺货，在淘宝、京东等电商平台，片仔癀官方旗舰店的药品均已售罄。淘宝“片仔癀大","content":"<p>\"Snapping and speculation fly together\", today's magic medicine Pien Tze Huang is like the divine wine Kweichow Moutai in 2020.</p><p>According to media reports, recently, due to consumers' rush, a large number of offline stores have been out of stock. On e-commerce platforms such as Taobao and JD.COM, the drugs in the official flagship store of Pien Tze Huang have been sold out. The customer service of Taobao's \"Pien Tze Huang Pharmacy Flagship Store\" said that the replenishment time cannot be determined, and it is recommended to collect the goods first. The price of Pien Tze Huang sold by other merchants is as high as 1,000 yuan.</p><p>Pien Tze Huang's share price has also risen all the way, from 100 yuan in early 2020 to more than 400 yuan at present, and on June 25th, it broke through the 450 yuan mark.</p><p>1、<b>Hoarding? Who is snapping up Pien Tze Huang?</b></p><p>Pien Tze Huang is a liver disease medicine, mainly suitable for acute and chronic viral hepatitis caused by heat toxicity and blood stasis, and has medical and health care functions. Simply put, Pien Tze Huang has the effect of treating fatty liver and alcoholic liver.</p><p>Since the listing of Pien Tze Huang, it has continued to raise prices 19 times. Among them, from 2004 to 2020, the domestic retail price increased nine times, from the retail price of 325 yuan to 590 yuan, an increase of 82%.</p><p>How did Pien Tze Huang come from this wave of hype?</p><p>One view is that Pien Tze Huang is scarce.</p><p>Is Pien Tze Huang really scarce?</p><p>Affected by the epidemic, since last year, many consumers' demand for natural medicinal materials has increased, resulting in the price of natural musk rising from 300,000 yuan per kilogram to 400,000 yuan in the past two years. The ingredients of Pien Tze Huang are bezoar, musk, notoginseng and snake bile, and musk alone accounts for 55% of the total cost.</p><p>Some people think that the contradiction of raw material supply in Pien Tze Huang is more prominent than in previous years. As a scarce variety, Pien Tze Huang is in short supply, and the higher the price, the higher the price, the higher the price, and the \"herd effect\" of investment appears.</p><p>Regarding the reason for the latest price increase, Pien Tze Huang announced in January 2020 that in view of the rising main raw materials and labor costs, the company decided to raise the retail price of the leading product Pien Tze Huang lozenges in the domestic market from 530 yuan/capsule to 590 yuan/capsule from the date of the announcement, and the supply price was correspondingly raised by about 40 yuan/capsule.</p><p>However, according to the research report published by Southwest Securities on February 7, 2021, at present, Pien Tze Huang is promoting artificial musk breeding to make up for the lack of supply of scarce raw materials. There are more than 10,000 musk breeding heads in Shaanxi breeding base, and it is speculated that the annual output exceeds 100 kilograms. Both musk and bezoar can meet the three-year capacity expansion.</p><p>In other words, the so-called scarcity of raw materials is temporary and does not support Pien Tze Huang's hype.</p><p>Is there any scalper hype?</p><p>At the end of April, some netizens revealed that Pien Tze Huang officially entered the purchase restriction policy since May 2021, the strictest purchase restriction order in history. In that month, with personal ID number and prescription, the experience hall purchased it, and one person was limited to 2 pills a month to meet the dosage used in that month, so as to ensure that long-term medication customers will not stop taking drugs.</p><p>At present, many offline stores in Pien Tze Huang have implemented purchase restrictions. You need to leave your phone number and ID number to make an appointment, and even some offline stores require consumers to \"match\" purchases, that is, if you want to buy Pien Tze Huang, you have to buy other high-priced drugs.</p><p>Zhu Danpeng, an analyst, said that the sudden shortage of Pien Tze Huang is not unrelated to hype. In the south, especially in the southeast coastal areas, some consumers think that Pien Tze Huang has health care effects, and its price remains high all the year round, which gives it some gift attributes.</p><p>Some speculators snap up Pien Tze Huang and wait for the price increase, and then sell it off to earn huge profits in the middle.</p><p>A Pien Tze Huang offline store in Shanghai told the media, \"This medicine was not bought by many people before. Two or three months ago, suddenly scalpers began to buy in large quantities, and the store had no choice but to start restricting purchases, which was only open to old members and customers.\"</p><p>Are drugs linked with the capital market to speculate?</p><p>Sichuan Securities revealed that there may be hot money to participate in Pien Tze Huang speculation.</p><p>Sichuan Securities Strategy Research Team believes that behind the sudden imbalance between supply and demand, it is inevitable that some people maliciously hoard goods, maliciously speculate, and even take the opportunity to make profits in the securities market.</p><p>In fact, such hype routines are not new. In June this year, a user certified by Weibo as the general manager of an asset management company revealed, \"A liquor company invites dealers to enter equivalent stocks every time they enter wine. Finally, the stock price doubled, which means that dealers take wine at zero cost. The wine can be kept for several years, and it can be sold slowly.\"</p><p>2、<b>Public Offering of Fund has emptied Pien Tze Huang?</b></p><p>Unlike 2020, when public offering institutions joined forces to push up liquor leaders such as Kweichow Moutai and Wuliangye, this time, paradoxically, public offering of funds may have perfectly emptied the \"Moutai in medicine\" Pien Tze Huang.</p><p>According to Wind data, at the end of the fourth quarter of 2020, there were 25 public offering of funds holding more than 100,000 shares of Pien Tze Huang: a total of about 26.782,400 shares were held, accounting for about 4.44% of the circulation of A shares. Among them, there are many \"top fund managers\" Gulen, Liu Gesong, Qu Yang and others.</p><p>However, after experiencing the sharp shock of white horse stocks after the Spring Festival, the public data in the first quarter showed that the number of shares held by the top 25 institutions dropped sharply to 10,0212 million shares, with a reduction rate of more than 60%, accounting for only 1.65% of the circulation ratio of A shares.</p><p>At the end of 2020, a total of 101 institutional investors held shares, and at the end of the first quarter of this year, the number of institutional investors dropped sharply to 41.</p><p>In the quarter of 2021, Pien Tze Huang also experienced a share price adjustment. Among them, from February 18 to March 9, the share price fell from 404 yuan to 239 yuan, which was close to halving.</p><p>From the public data, most Public Offering of Funds sold Pien Tze Huang in the adjustment in the first quarter of 2021.</p><p>However, the main increase in Pien Tze Huang's share price was in the second quarter of 2021. In this process, did Public Offering of Fund \"turn back\" and add positions to Pien Tze Huang? At present, the interim reports of Public Offering of Fund and listed companies have not yet been released, and we don't know.</p><p>In the first quarter of 2021, a few Public Offering of Funds chose to stick to or even increase their positions. China Universal Value Select A continued to hold 1.5 million shares unsold, while China Europe Glen, known as the \"Goddess of Medicine\" in the industry, bucked the trend and increased its positions aggressively. At the end of the fourth quarter of last year, it only held 272,800 shares of Pien Tze Huang, while at the end of the first quarter, it had held 2,214,900 shares, a full increase of nearly 10 times, showing its strong optimism about the company. Like Gulen, the new GF Healthcare (1,187,200 shares) and Social Security 101 Portfolio (1,041,300 shares) increased their positions in the first quarter, while Yinhua Wealthy Theme also increased its positions by 1,199,800 shares to 2,749,800 shares in the first quarter, ranking the sixth largest shareholder.</p><p>3、<b>Is Lin Yuan the man behind Pien Tze Huang?</b></p><p>In the 2018 semi-annual report, the private equity fund under the private equity magnate Linyuan appeared among the top ten shareholders of Pien Tze Huang with a shareholding ratio of 0.64%. As of the end of June 2020, its three private equity funds held a total of 8.837 million shares of Pien Tze Huang.</p><p>However, in the third quarter of 2020, the news that \"Linyuan reduced its holdings in Pien Tze Huang\" came out. As of the first quarter of 2021, Linyuan's three private equity funds were no longer among the top ten shareholders.</p><p>On June 9, 2021, Lin Yuan sent a representative to attend the shareholders' meeting of Pien Tze Huang. At the meeting, he said, \"Since 2005, I have invested in Pien Tze Huang shares, and so far I have not sold a share.\" Previously, Lin Yuan had said that it had only split its positions.</p><p>Lin Yuan also sent a warm thank you letter to Pien Tze Huang, which still expressed strong optimism:</p><p>\"Linyuan and Linyuan Investment have not sold a share of Pien Tze Huang since they bought it in 2005. Especially in the trade war, China's COVID-19 epidemic, including this year, it has been investing heavily, adhering to long-termism, firmly optimistic about the traditional Chinese medicine industry, looking bullish on China, believing in the national destiny, and believing that Pien Tze Huang is a great company. Believe in excellent management. I also wish the company under the leadership of General Manager Pan. Become China's business card and the world's luxury brand! \"</p><p>Earlier, on April 21, 2018, Lin Yuan even declared at the investment report meeting that Pien Tze Huang could \"come back to life\".</p><p>\"Recently I chose a Pien Tze Huang. It is also a pharmaceutical company, which is from Fujian. There are two treasures in Zhangzhou, one is narcissus and the other is Pien Tze Huang. After the Fujian people die, the locals should also put this medicine in and try to see if they can come alive.\"</p><p>Regarding Pien Tze Huang's \"frying\", Lin Yuan even publicly stated that \"they will eventually sell the price of two bottles of Maotai.\"</p><p><img src=\"https://static.tigerbbs.com/a6602d2149a718945e18d3b0fdc92cfa\" tg-width=\"608\" tg-height=\"712\" referrerpolicy=\"no-referrer\">4、、<b>Can the price increase in Pien Tze Huang be sustained?</b></p><p>Can Pien Tze Huang really \"sell for the price of two bottles of Maotai\"?</p><p>On June 9, 2021, at the shareholders' meeting of Pien Tze Huang, the company stated that it has always been cautious in dealing with price increases and does not pursue excessive profits. I don't agree with everyone comparing the prices of Pien Tze Huang with Maotai. Maotai is a grain product and belongs to food; Pien Tze Huang is a drug. The pricing and price increase of drugs should be more cautious and social responsibility should be considered, so we can't follow the market immediately.</p><p>In fact, Pien Tze Huang, as a drug, always faces drug price control. Under the general trend of centralized pharmaceutical procurement, any \"magic medicine\" cannot be sold at sky-high prices.</p><p>On June 25th, Pien Tze Huang responded to the recent phenomenon that its Pien Tze Huang lozenge was \"hard to find\" on the interactive platform, saying that the company's production and operation are in a normal state at present. In view of the recent market situation, the company has taken three measures to resolutely maintain the market order.</p><p>Although the stock price has soared, according to the financial report data in recent years, Pien Tze Huang's revenue growth rate was the fastest in 2017, reaching 60.85%, but then the revenue growth rate began to decline year by year, and by 2020, it dropped to the lowest point in nearly five years, only 13.78%.</p><p>However, Pien Tze Huang's net profit has always remained at a high level. After the price increase in 2020, the revenue growth rate dropped to the lowest in five years, and the net profit growth rate was only 1 percentage point worse than that of 2019.</p><p>In fact, Pien Tze Huang's R&D expenses account for a very low proportion. From 2018 to 2020, the company's R&D expenses were 100 million yuan, 119 million yuan and 97.55 million yuan respectively, accounting for 2.12%, 2.09% and 1.5% of operating income respectively.</p><p>Pien Tze Huang is an \"exclusive business\". Pien Tze Huang and Yunnan Baiyao are the only two national first-class protected varieties of traditional Chinese medicine. Formulated medicinal herbs of the state secret level. Therefore, Pien Tze Huang may not have a strong R&D motivation, and you can't make mistakes without trial and error. The safest thing to learn from is ready to use.</p><p><img src=\"https://static.tigerbbs.com/d5efd050b5584873992f4b1d5f5b5cfb\" tg-width=\"767\" tg-height=\"439\" referrerpolicy=\"no-referrer\"></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>Who is hyping Pien Tze Huang?</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\">\nWho is hyping Pien Tze Huang?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经APP</strong><span class=\"h-time small\">2021-06-25 16:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>\"Snapping and speculation fly together\", today's magic medicine Pien Tze Huang is like the divine wine Kweichow Moutai in 2020.</p><p>According to media reports, recently, due to consumers' rush, a large number of offline stores have been out of stock. On e-commerce platforms such as Taobao and JD.COM, the drugs in the official flagship store of Pien Tze Huang have been sold out. The customer service of Taobao's \"Pien Tze Huang Pharmacy Flagship Store\" said that the replenishment time cannot be determined, and it is recommended to collect the goods first. The price of Pien Tze Huang sold by other merchants is as high as 1,000 yuan.</p><p>Pien Tze Huang's share price has also risen all the way, from 100 yuan in early 2020 to more than 400 yuan at present, and on June 25th, it broke through the 450 yuan mark.</p><p>1、<b>Hoarding? Who is snapping up Pien Tze Huang?</b></p><p>Pien Tze Huang is a liver disease medicine, mainly suitable for acute and chronic viral hepatitis caused by heat toxicity and blood stasis, and has medical and health care functions. Simply put, Pien Tze Huang has the effect of treating fatty liver and alcoholic liver.</p><p>Since the listing of Pien Tze Huang, it has continued to raise prices 19 times. Among them, from 2004 to 2020, the domestic retail price increased nine times, from the retail price of 325 yuan to 590 yuan, an increase of 82%.</p><p>How did Pien Tze Huang come from this wave of hype?</p><p>One view is that Pien Tze Huang is scarce.</p><p>Is Pien Tze Huang really scarce?</p><p>Affected by the epidemic, since last year, many consumers' demand for natural medicinal materials has increased, resulting in the price of natural musk rising from 300,000 yuan per kilogram to 400,000 yuan in the past two years. The ingredients of Pien Tze Huang are bezoar, musk, notoginseng and snake bile, and musk alone accounts for 55% of the total cost.</p><p>Some people think that the contradiction of raw material supply in Pien Tze Huang is more prominent than in previous years. As a scarce variety, Pien Tze Huang is in short supply, and the higher the price, the higher the price, the higher the price, and the \"herd effect\" of investment appears.</p><p>Regarding the reason for the latest price increase, Pien Tze Huang announced in January 2020 that in view of the rising main raw materials and labor costs, the company decided to raise the retail price of the leading product Pien Tze Huang lozenges in the domestic market from 530 yuan/capsule to 590 yuan/capsule from the date of the announcement, and the supply price was correspondingly raised by about 40 yuan/capsule.</p><p>However, according to the research report published by Southwest Securities on February 7, 2021, at present, Pien Tze Huang is promoting artificial musk breeding to make up for the lack of supply of scarce raw materials. There are more than 10,000 musk breeding heads in Shaanxi breeding base, and it is speculated that the annual output exceeds 100 kilograms. Both musk and bezoar can meet the three-year capacity expansion.</p><p>In other words, the so-called scarcity of raw materials is temporary and does not support Pien Tze Huang's hype.</p><p>Is there any scalper hype?</p><p>At the end of April, some netizens revealed that Pien Tze Huang officially entered the purchase restriction policy since May 2021, the strictest purchase restriction order in history. In that month, with personal ID number and prescription, the experience hall purchased it, and one person was limited to 2 pills a month to meet the dosage used in that month, so as to ensure that long-term medication customers will not stop taking drugs.</p><p>At present, many offline stores in Pien Tze Huang have implemented purchase restrictions. You need to leave your phone number and ID number to make an appointment, and even some offline stores require consumers to \"match\" purchases, that is, if you want to buy Pien Tze Huang, you have to buy other high-priced drugs.</p><p>Zhu Danpeng, an analyst, said that the sudden shortage of Pien Tze Huang is not unrelated to hype. In the south, especially in the southeast coastal areas, some consumers think that Pien Tze Huang has health care effects, and its price remains high all the year round, which gives it some gift attributes.</p><p>Some speculators snap up Pien Tze Huang and wait for the price increase, and then sell it off to earn huge profits in the middle.</p><p>A Pien Tze Huang offline store in Shanghai told the media, \"This medicine was not bought by many people before. Two or three months ago, suddenly scalpers began to buy in large quantities, and the store had no choice but to start restricting purchases, which was only open to old members and customers.\"</p><p>Are drugs linked with the capital market to speculate?</p><p>Sichuan Securities revealed that there may be hot money to participate in Pien Tze Huang speculation.</p><p>Sichuan Securities Strategy Research Team believes that behind the sudden imbalance between supply and demand, it is inevitable that some people maliciously hoard goods, maliciously speculate, and even take the opportunity to make profits in the securities market.</p><p>In fact, such hype routines are not new. In June this year, a user certified by Weibo as the general manager of an asset management company revealed, \"A liquor company invites dealers to enter equivalent stocks every time they enter wine. Finally, the stock price doubled, which means that dealers take wine at zero cost. The wine can be kept for several years, and it can be sold slowly.\"</p><p>2、<b>Public Offering of Fund has emptied Pien Tze Huang?</b></p><p>Unlike 2020, when public offering institutions joined forces to push up liquor leaders such as Kweichow Moutai and Wuliangye, this time, paradoxically, public offering of funds may have perfectly emptied the \"Moutai in medicine\" Pien Tze Huang.</p><p>According to Wind data, at the end of the fourth quarter of 2020, there were 25 public offering of funds holding more than 100,000 shares of Pien Tze Huang: a total of about 26.782,400 shares were held, accounting for about 4.44% of the circulation of A shares. Among them, there are many \"top fund managers\" Gulen, Liu Gesong, Qu Yang and others.</p><p>However, after experiencing the sharp shock of white horse stocks after the Spring Festival, the public data in the first quarter showed that the number of shares held by the top 25 institutions dropped sharply to 10,0212 million shares, with a reduction rate of more than 60%, accounting for only 1.65% of the circulation ratio of A shares.</p><p>At the end of 2020, a total of 101 institutional investors held shares, and at the end of the first quarter of this year, the number of institutional investors dropped sharply to 41.</p><p>In the quarter of 2021, Pien Tze Huang also experienced a share price adjustment. Among them, from February 18 to March 9, the share price fell from 404 yuan to 239 yuan, which was close to halving.</p><p>From the public data, most Public Offering of Funds sold Pien Tze Huang in the adjustment in the first quarter of 2021.</p><p>However, the main increase in Pien Tze Huang's share price was in the second quarter of 2021. In this process, did Public Offering of Fund \"turn back\" and add positions to Pien Tze Huang? At present, the interim reports of Public Offering of Fund and listed companies have not yet been released, and we don't know.</p><p>In the first quarter of 2021, a few Public Offering of Funds chose to stick to or even increase their positions. China Universal Value Select A continued to hold 1.5 million shares unsold, while China Europe Glen, known as the \"Goddess of Medicine\" in the industry, bucked the trend and increased its positions aggressively. At the end of the fourth quarter of last year, it only held 272,800 shares of Pien Tze Huang, while at the end of the first quarter, it had held 2,214,900 shares, a full increase of nearly 10 times, showing its strong optimism about the company. Like Gulen, the new GF Healthcare (1,187,200 shares) and Social Security 101 Portfolio (1,041,300 shares) increased their positions in the first quarter, while Yinhua Wealthy Theme also increased its positions by 1,199,800 shares to 2,749,800 shares in the first quarter, ranking the sixth largest shareholder.</p><p>3、<b>Is Lin Yuan the man behind Pien Tze Huang?</b></p><p>In the 2018 semi-annual report, the private equity fund under the private equity magnate Linyuan appeared among the top ten shareholders of Pien Tze Huang with a shareholding ratio of 0.64%. As of the end of June 2020, its three private equity funds held a total of 8.837 million shares of Pien Tze Huang.</p><p>However, in the third quarter of 2020, the news that \"Linyuan reduced its holdings in Pien Tze Huang\" came out. As of the first quarter of 2021, Linyuan's three private equity funds were no longer among the top ten shareholders.</p><p>On June 9, 2021, Lin Yuan sent a representative to attend the shareholders' meeting of Pien Tze Huang. At the meeting, he said, \"Since 2005, I have invested in Pien Tze Huang shares, and so far I have not sold a share.\" Previously, Lin Yuan had said that it had only split its positions.</p><p>Lin Yuan also sent a warm thank you letter to Pien Tze Huang, which still expressed strong optimism:</p><p>\"Linyuan and Linyuan Investment have not sold a share of Pien Tze Huang since they bought it in 2005. Especially in the trade war, China's COVID-19 epidemic, including this year, it has been investing heavily, adhering to long-termism, firmly optimistic about the traditional Chinese medicine industry, looking bullish on China, believing in the national destiny, and believing that Pien Tze Huang is a great company. Believe in excellent management. I also wish the company under the leadership of General Manager Pan. Become China's business card and the world's luxury brand! \"</p><p>Earlier, on April 21, 2018, Lin Yuan even declared at the investment report meeting that Pien Tze Huang could \"come back to life\".</p><p>\"Recently I chose a Pien Tze Huang. It is also a pharmaceutical company, which is from Fujian. There are two treasures in Zhangzhou, one is narcissus and the other is Pien Tze Huang. After the Fujian people die, the locals should also put this medicine in and try to see if they can come alive.\"</p><p>Regarding Pien Tze Huang's \"frying\", Lin Yuan even publicly stated that \"they will eventually sell the price of two bottles of Maotai.\"</p><p><img src=\"https://static.tigerbbs.com/a6602d2149a718945e18d3b0fdc92cfa\" tg-width=\"608\" tg-height=\"712\" referrerpolicy=\"no-referrer\">4、、<b>Can the price increase in Pien Tze Huang be sustained?</b></p><p>Can Pien Tze Huang really \"sell for the price of two bottles of Maotai\"?</p><p>On June 9, 2021, at the shareholders' meeting of Pien Tze Huang, the company stated that it has always been cautious in dealing with price increases and does not pursue excessive profits. I don't agree with everyone comparing the prices of Pien Tze Huang with Maotai. Maotai is a grain product and belongs to food; Pien Tze Huang is a drug. The pricing and price increase of drugs should be more cautious and social responsibility should be considered, so we can't follow the market immediately.</p><p>In fact, Pien Tze Huang, as a drug, always faces drug price control. Under the general trend of centralized pharmaceutical procurement, any \"magic medicine\" cannot be sold at sky-high prices.</p><p>On June 25th, Pien Tze Huang responded to the recent phenomenon that its Pien Tze Huang lozenge was \"hard to find\" on the interactive platform, saying that the company's production and operation are in a normal state at present. In view of the recent market situation, the company has taken three measures to resolutely maintain the market order.</p><p>Although the stock price has soared, according to the financial report data in recent years, Pien Tze Huang's revenue growth rate was the fastest in 2017, reaching 60.85%, but then the revenue growth rate began to decline year by year, and by 2020, it dropped to the lowest point in nearly five years, only 13.78%.</p><p>However, Pien Tze Huang's net profit has always remained at a high level. After the price increase in 2020, the revenue growth rate dropped to the lowest in five years, and the net profit growth rate was only 1 percentage point worse than that of 2019.</p><p>In fact, Pien Tze Huang's R&D expenses account for a very low proportion. From 2018 to 2020, the company's R&D expenses were 100 million yuan, 119 million yuan and 97.55 million yuan respectively, accounting for 2.12%, 2.09% and 1.5% of operating income respectively.</p><p>Pien Tze Huang is an \"exclusive business\". Pien Tze Huang and Yunnan Baiyao are the only two national first-class protected varieties of traditional Chinese medicine. Formulated medicinal herbs of the state secret level. Therefore, Pien Tze Huang may not have a strong R&D motivation, and you can't make mistakes without trial and error. The safest thing to learn from is ready to use.</p><p><img src=\"https://static.tigerbbs.com/d5efd050b5584873992f4b1d5f5b5cfb\" tg-width=\"767\" tg-height=\"439\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/fPg__P2D5g2Ud8-8ZahI9Q\">智通财经APP</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3153c88188d79bb8182b93c4fdd43636","relate_stocks":{"600436":"片仔癀"},"source_url":"https://mp.weixin.qq.com/s/fPg__P2D5g2Ud8-8ZahI9Q","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186640720","content_text":"“抢购与炒作齐飞”，今日的神药片仔癀一如2020年的神酒贵州茅台。\n媒体报道，近日，因为消费者疯抢，大量线下门店的片仔癀已经缺货，在淘宝、京东等电商平台，片仔癀官方旗舰店的药品均已售罄。淘宝“片仔癀大药房旗舰店”客服表示，补货时间无法确定，建议先收藏商品。其他商家售卖的片仔癀单粒价格则高达千元。\n片仔癀的股价也一路水涨船高，从2020年初的100元飙升至目前的400元以上，6月25日，突破450元大关。\n1、囤积居奇？谁在抢购片仔癀？\n片仔癀是一种肝病用药，主要适用于热毒血瘀所致急慢性病毒性肝炎，同时具备医用和保健功能。简单地说，片仔癀有治疗脂肪肝、酒精肝的作用。\n自片仔癀上市以来，已经持续进行了19次提价。其中，2004年到2020年国内零售价一共提价9次，从325元的零售价提升到了590元，提升82%。\n片仔癀这波炒作是怎么来的呢？\n一种观点是，片仔癀稀缺。\n片仔癀真的稀缺吗？\n受疫情影响，去年开始，许多消费者对天然药材的需求增加，导致这两年天然麝香价格从每千克30万涨到40万元。片仔癀成分为牛黄、麝香、三七与蛇胆，光麝香就占到总成本的55%。\n有人认为，片仔癀原材料供应矛盾比往年更突出。作为稀缺品种，片仔癀供不应求，价格越炒越高，越高越炒，出现投资“羊群效应”。\n对于最近一次涨价原因，片仔癀在2020年1月发布公告称，鉴于主要原料及人工成本上涨等原因，公司决定自公告之日起，主导产品片仔癀锭剂国内市场零售价格从530元/粒上调到590元/粒，供应价格相应上调约40元/粒。\n然而，根据西南证券2021年2月7日发表的研报，目前片仔癀推进人工养麝，以弥补稀缺原料供给不足，陕西养殖基地养麝超1万头，推测年产超100公斤，麝香和牛黄均可满足3年的产能扩张。\n换言之，原材料的所谓稀缺是暂时的，并不支撑片仔癀的炒作。\n有黄牛炒作吗？\n4月底就有网友透露，片仔癀从2021年5月开始，正式进入限购政策，历史上最严限购令，当月凭个人身份证号码和处方，体验馆购买，一人一个月限购2粒，满足当月使用的用量，保证长期用药的客户不会断药。\n目前，多地片仔癀线下门店实行限购。需要留下电话号码和身份证号预约，甚至有线下门店要求消费者“搭配”购买，即想要买到片仔癀，还要购买其他的高价药品。\n分析师朱丹蓬表示， 片仔癀突然的紧俏，与炒作不无关系。在南方尤其是东南沿海地区，一些消费者认为片仔癀具有保健功效，而且常年价格居高不下，也因此让其有了一些礼品属性。\n一些投机者抢购片仔癀坐等涨价，再抛售之后赚取中间暴利。\n有上海的片仔癀线下门店告诉媒体，“这个药之前并没有很多人购买，两三个月前，突然有黄牛开始大批购买，店铺无奈开始限购，只对会员老顾客开放。”\n药品在与资本市场联动炒作吗？\n川财证券透露，或有游资参与片仔癀炒作。\n川财证券策略研究团队认为，突如其来的供需失衡背后难免存在有人恶意囤货，恶意炒作，甚至借机在证券市场上牟利。\n事实上，这样的炒作套路并不新鲜。今年6月，有微博认证为某资管公司总经理的用户透露，“某白酒企业邀请经销商每次进酒的时候，进等价的股票。最后股价翻了一倍，等于经销商零成本拿酒，酒还可以放好几年，慢慢卖都行。”\n2、公募基金踏空了片仔癀？\n与2020年，公募机构联手推高贵州茅台、五粮液等白酒龙头不同，这一次，吊诡的是，公募基金们可能完美踏空了“药中茅台”片仔癀。\nWind数据显示，2020年四季度末，持有片仔癀股数超过10万股的公募基金共有25家：共持有约2678.24万股，约占A股流通比例4.44%。其中不乏“顶流基金经理”葛兰、刘格菘、曲阳等人的身影。\n然而，在经历了春节之后白马股的大幅震荡之后，一季度的公开数据显示，前25家机构持股数量锐减为1002.12万股，减仓幅度超过六成，只占A股流通比例的1.65%。\n2020年底，共计有101家机构投资者持股，今年一季度末，机构投资者锐减至41家。\n2021年季度，片仔癀亦经历了股价调整，其中，2月18日至3月9日，股价从404元跌至239元，接近腰斩。\n从公开数据看，大部分公募基金在2021年1季度的调整中卖出了片仔癀。\n不过，片仔癀股价的主要上涨是在2021年2季度，在这个过程中，公募基金有没有“吃回头草”又加仓片仔癀呢？目前公募基金和上市公司的中报都尚未出炉，我们不得而知。\n2021年1季度，少数公募基金选择了坚守甚至加仓，汇添富价值精选A一股未卖继续持有150万股，而被业内称为“医药女神”的中欧葛兰则逆势大举增仓，去年四季度末还仅持有片仔癀27.28万股，而一季度末披露时已持221.49万股，足足增仓接近10倍之多，显示其对公司的强烈看好。与葛兰相同在一季度进行增仓的，还有新进的广发医疗保健（118.72万股）和社保一零一组合（104.13万股），而银华富裕主题在一季度也增仓119.98万股至274.98万股，位列第六大股东。\n3、林园是片仔癀背后的男人吗？\n2018年半年报中，私募大佬林园旗下的私募基金以0.64%的持股比例出现在了片仔癀十大股东中。截至2020年6月末，其旗下3只私募基金合计持有片仔癀股票883.7万股。\n不过，2020年第三季度传出“林园减持片仔癀”的新闻，截至2021年第一季度，林园的三支私募基金已不在十大股东之列。\n2021年6月9日，林园派了代表参加片仔癀股东大会，会上表示，“从2005年起投资片仔癀股票，至今一股未卖。”此前林园曾称，只是将持仓进行了拆分。\n林园还给片仔癀送上热情洋溢的感谢信，感谢信依然是表达强烈看好：\n“林园及林园投投资，从2005年买入片仔癀至今一股未卖。尤其在贸易战我国新冠疫情，包括今年一直在大力投入，坚持长期主义，坚定看好中医药行业，看多中国，相信国运，相信片仔癀是一家伟大的公司。相信卓越优秀的管理层。也祝愿公司在潘总的带领下。勇攀高峰成为中国的名片，成为世界的奢侈品牌！”\n此前，2018年4月21日，林园在投资报告会上甚至宣称片仔癀可以“起死回生”。\n“最近我选了一个片仔癀。也是一个药的企业，这是福建的。在漳州有两宝，一个是水仙，还有一个是片仔癀。福建人死了以后，当地人也要把这个药放进去，试试能不能活过来。”\n对于这次片仔癀的“爆炒”，林园更是公开表示“他们最终要卖到两瓶茅台的价格。”\n4、、片仔癀的涨价可否持续？\n片仔癀真的能“卖到两瓶茅台的价格吗”？\n2021年6月9日，片仔癀股东大会上，公司表示，对待涨价问题，向来都比较小心谨慎，不追求过度利润。不赞同大家拿片仔癀跟茅台的价格进行对比。茅台是粮食产品，属于食品；片仔癀是药品，药品的定价和涨价问题，要更加谨慎，更加考虑社会责任，无法马上随行就市。\n事实上，片仔癀作为药品，始终要面临医药价格管制。在医药集采的大趋势下，任何“神药”都不可能卖到天价。\n6月25日，片仔癀在互动平台回应近期其片仔癀锭剂“一粒难求”的现象，称目前公司生产经营均属于正常状态，针对近期市场情况，公司采取三方面措施，坚决维护市场秩序。\n虽然股价一飞冲天，但是，从近几年财报数据看，片仔癀在2017年的营收增速最快，达到了60.85%，但随后营收增速便开始逐年下降，到2020年下降至近五年最低点，仅有13.78%。\n不过，片仔癀的净利润始终保持较高的水平。2020年提价之后，营收增速下降至5年内最低，然时净利润增速与2019年相比，只差了1个百分点。\n事实上，片仔癀的研发费用占比很低。公司 2018 年至 2020 年研发费用分别为 1 亿元、1.19 亿元、9755 万元，占营业收入比例分别为 2.12%、2.09%、1.5%。\n片仔癀是一门“独家生意”。片仔癀与云南白药，是唯二两个国家一级中药保护品种。国家机密级别的配方药材。因此，片仔癀或许没有太强的研发动力，不试错并不会犯错。有现成可借鉴的最稳妥。","news_type":1,"symbols_score_info":{"600436":0.9}},"isVote":1,"tweetType":1,"viewCount":3049,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122768697,"gmtCreate":1624633690919,"gmtModify":1703842391624,"author":{"id":"3569896467959373","authorId":"3569896467959373","name":"Kaslim","avatar":"https://static.tigerbbs.com/f82c85a933438b27edc2f005ba118976","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569896467959373","idStr":"3569896467959373"},"themes":[],"title":"","htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122768697","repostId":"1119275851","repostType":4,"repost":{"id":"1119275851","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624615380,"share":"https://ttm.financial/m/news/1119275851?lang=en_US&edition=fundamental","pubTime":"2021-06-25 18:03","market":"hk","language":"zh","title":"Geely Automobile Withdraws Application for Listing on Science and Technology Innovation Board","url":"https://stock-news.laohu8.com/highlight/detail?id=1119275851","media":"老虎资讯综合","summary":"吉利汽车6月25日公告，旗下合资公司极氪智能科技控股有限公司董事会已决议为极氪智能科技可持续发展探索不同的外部融资方案。此外，因公司经营决策和战略调整，经公司董事会于2021年6月25日审议通过，决定","content":"<p>Geely Automobile announced on June 25th that the board of directors of its joint venture company Zeekr Intelligent Technology Holding Limited has resolved to explore different external financing schemes for the sustainable development of Ji Krypton Intelligent Technology. In addition, due to the Company's operating decisions and strategic adjustments, the Board of Directors of the Company considered and approved on 25 June 2021, and decided to withdraw the application for initial public offering of shares and listing on the Science and Technology Innovation Board.<img src=\"https://static.tigerbbs.com/8c4432da17aee14f9b81332daffd165a\" tg-width=\"831\" tg-height=\"730\" referrerpolicy=\"no-referrer\"></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>Geely Automobile Withdraws Application for Listing on Science and Technology Innovation Board</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\">\nGeely Automobile Withdraws Application for Listing on Science and Technology Innovation Board\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-25 18:03</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Geely Automobile announced on June 25th that the board of directors of its joint venture company Zeekr Intelligent Technology Holding Limited has resolved to explore different external financing schemes for the sustainable development of Ji Krypton Intelligent Technology. In addition, due to the Company's operating decisions and strategic adjustments, the Board of Directors of the Company considered and approved on 25 June 2021, and decided to withdraw the application for initial public offering of shares and listing on the Science and Technology Innovation Board.<img src=\"https://static.tigerbbs.com/8c4432da17aee14f9b81332daffd165a\" tg-width=\"831\" tg-height=\"730\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5a4a0d90587b4a1f8e70e6ef9eb66019","relate_stocks":{"00175":"吉利汽车"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119275851","content_text":"吉利汽车6月25日公告，旗下合资公司极氪智能科技控股有限公司董事会已决议为极氪智能科技可持续发展探索不同的外部融资方案。此外，因公司经营决策和战略调整，经公司董事会于2021年6月25日审议通过，决定撤回首次公开发行股票并在科创板上市的申请。","news_type":1,"symbols_score_info":{"00175":0.9}},"isVote":1,"tweetType":1,"viewCount":3687,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126975775,"gmtCreate":1624543410697,"gmtModify":1703839902823,"author":{"id":"3569896467959373","authorId":"3569896467959373","name":"Kaslim","avatar":"https://static.tigerbbs.com/f82c85a933438b27edc2f005ba118976","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569896467959373","idStr":"3569896467959373"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/126975775","repostId":"1144044065","repostType":4,"repost":{"id":"1144044065","kind":"news","pubTimestamp":1624532990,"share":"https://ttm.financial/m/news/1144044065?lang=en_US&edition=fundamental","pubTime":"2021-06-24 19:09","market":"us","language":"zh","title":"CBIRC official: The global economy is in a sensitive period, and it is difficult to return to normal in the short term","url":"https://stock-news.laohu8.com/highlight/detail?id=1144044065","media":"新浪财经","summary":"这次疫情至少是自第二次世界大战以来对全球经济、人类社会最大的一次冲击。","content":"<p>The 2021 Caixin Summer Summit was held in Beijing on June 23-25, 2021. Yu Xuejun, leader of China Banking and Insurance Regulatory Commission, attended and delivered a speech.</p><p>Yu Xuejun said that the global economy is in a sensitive period of evolution and change, and it is difficult to return to normal in the short term.</p><p>He explained that, first of all, the complexity and sensitivity faced by the global economy this year were formed by the outbreak and spread of the COVID-19 epidemic around the world last year. \"This impact is too great\". He cited the UN report as saying it was \"the worst contraction of the global economy since the Great Depression of the 1930s, and the contraction was 2.5 times that of the 2009 international financial crisis\". He added,</p><p>\"As far as we can remember, this epidemic is at least the biggest shock to the global economy and human society since World War II.\" Last year, the global economy declined by 4.4% overall. Because of China's good epidemic control, epidemic prevention and economic work, the resumption of work and production was effective and effective, and it became the only country among the top ten economies in the world to achieve positive growth, with an annual economic growth of 2.3%. Yu Xuejun said,</p><p>\"This (growth) of 2.3% is very famous now. When we watch TV and newspapers, including some foreign scholars, they often mention 2.3%.\" Secondly, due to the rare impact of the COVID-19 pandemic on the global economy, governments of various countries have generally implemented ultra-loose stimulating economic policies. Historically, these policies are unprecedented and have played an important role in stabilizing the economy and maintaining social order in various countries. However, at the same time, these ultra-loose policies have also brought many problems.</p><p>Third, the changes and impacts of global geopolitics.</p><p>Yu Xuejun said that the key link to control the epidemic lies in the research and development and vaccination of vaccines. All countries hope to do it in one battle. Now it seems that the progress is fast, far exceeding people's previous expectations. How it changes in the future depends on two factors. One is that the effectiveness of the vaccine, including the expiration date, remains to be tested by time.</p><p>The second is the speed and complexity of the COVID-19 virus mutation. \"In the past, we used to say a phrase in banking supervision, which was called 'supervision is a race against risk'. Today, we borrow this phrase. We think that fighting the COVID-19 epidemic is actually a race against the mutation of the COVID-19 virus.\" He said that on the whole, the situation of human fighting the COVID-19 epidemic has become bright. Now it generally seems to be dominated by optimism, and I believe that the negative impact on the economy will gradually weaken.</p><p>Talking about where the ultra-loose stimulus policy goes from here, Yu Xuejun analyzed the situation in the United States.</p><p>After COVID-19 spread widely in the United States during the Trump administration last year, the Federal Reserve cut the Federal Reserve rate from 1.5%-1.75% to 0% to 0.25% in one go in mid-March, the so-called \"zero rate\". At the end of the year, the Federal Reserve increased its QE policy, increasing its bond purchase scale to 120 billion USD every month from December.</p><p>After President Biden took office, he has further increased fiscal stimulus policies, the most representative of which is the $1.9 trillion COVID-19 bailout bill passed in April this year. In addition, he also put forward a revival plan for infrastructure investment. It was initially drawn up at a scale of 2.25 trillion dollars, which has recently been compressed to an estimated $1 trillion.</p><p>Since last year, the Fed's ultra-loose monetary policy has significantly increased its balance sheet, which has soared from about $4 trillion at the beginning to $7.5 trillion at the end of the year, and the latest reached about $8 trillion. This has inflated the global dollar liquidity and caused the price of commodities to rise sharply, including the rare increase in food prices, resulting in global concerns about inflation.</p><p>Yu Xuejun believes that with the improvement of the anti-epidemic situation in the United States, the U.S. economy has rebounded strongly under the accumulated effect of ultra-loose monetary stimulus policies. According to the latest OECD medium-term economic outlook forecast, the U.S. economy will grow by 6.9% this year, 0.4 percentage points higher than the previous forecast.</p><p>In response to these new changes, the Federal Reserve has begun to release hawkish signals at the latest interest rate meeting in June, and the market expects the rate hike of the Federal Reserve to be advanced by one year to the second half of 2022. In addition, inflation expectations have also been sharply raised. It is expected that the PCE and personal consumption expenditure price index of the United States will rise to 3.4% in 2021, an increase of 1 percentage point from the forecast in March. Yu Xuejun said,</p><p>\"We are in such a window period when macro-control policies may be adjusted and changed at any time, so the market performance is extremely sensitive. A message or a wording of the Federal Reserve may cause huge fluctuations in the market. Now, grain, iron ore, oil, gold and exchange rates rise and fall almost every day, with different changes and no consistent direction. They are in such a sensitive period.\" Why is it difficult to return to short-term normality? He gives two reasons:</p><p>First, the impact of the COVID-19 epidemic is too great, and the epidemic control is still unpredictable. In addition, it will take time to assess the significant impact of the pandemic on human society after it is controlled, especially the impact on economic activities.</p><p>Second, the ultra-loose stimulus policies of various countries have had a significant impact. The withdrawal of these policies takes a long process, and it is difficult to recover. In particular, the base money put out by the Federal Reserve is difficult to recover in the short term, and it may become a period of history and be preserved forever.</p><p>\"After the financial crisis in the United States in 2008, the Federal Reserve implemented the monetary policy of quantitative easing. Before this, the balance sheet of the Federal Reserve was less than 900 billion dollars, which later increased to a maximum of 4.5 trillion dollars, and now it has increased to 8 trillion dollars. Calculated in this way,<b>The final Fed balance sheet is expected to be more than 10 times higher than it was before the 2008 financial crisis</b>These large amounts of US dollar liquidity are invested all over the world, which has a huge impact on the global economic and financial markets, especially the next impact on inflation. I think it is difficult to eliminate and accurately assess in the short term. \"</p>","source":"XLCJ","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>CBIRC official: The global economy is in a sensitive period, and it is difficult to return to normal in the short term</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\">\nCBIRC official: The global economy is in a sensitive period, and it is difficult to return to normal in the short term\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-06-24 19:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The 2021 Caixin Summer Summit was held in Beijing on June 23-25, 2021. Yu Xuejun, leader of China Banking and Insurance Regulatory Commission, attended and delivered a speech.</p><p>Yu Xuejun said that the global economy is in a sensitive period of evolution and change, and it is difficult to return to normal in the short term.</p><p>He explained that, first of all, the complexity and sensitivity faced by the global economy this year were formed by the outbreak and spread of the COVID-19 epidemic around the world last year. \"This impact is too great\". He cited the UN report as saying it was \"the worst contraction of the global economy since the Great Depression of the 1930s, and the contraction was 2.5 times that of the 2009 international financial crisis\". He added,</p><p>\"As far as we can remember, this epidemic is at least the biggest shock to the global economy and human society since World War II.\" Last year, the global economy declined by 4.4% overall. Because of China's good epidemic control, epidemic prevention and economic work, the resumption of work and production was effective and effective, and it became the only country among the top ten economies in the world to achieve positive growth, with an annual economic growth of 2.3%. Yu Xuejun said,</p><p>\"This (growth) of 2.3% is very famous now. When we watch TV and newspapers, including some foreign scholars, they often mention 2.3%.\" Secondly, due to the rare impact of the COVID-19 pandemic on the global economy, governments of various countries have generally implemented ultra-loose stimulating economic policies. Historically, these policies are unprecedented and have played an important role in stabilizing the economy and maintaining social order in various countries. However, at the same time, these ultra-loose policies have also brought many problems.</p><p>Third, the changes and impacts of global geopolitics.</p><p>Yu Xuejun said that the key link to control the epidemic lies in the research and development and vaccination of vaccines. All countries hope to do it in one battle. Now it seems that the progress is fast, far exceeding people's previous expectations. How it changes in the future depends on two factors. One is that the effectiveness of the vaccine, including the expiration date, remains to be tested by time.</p><p>The second is the speed and complexity of the COVID-19 virus mutation. \"In the past, we used to say a phrase in banking supervision, which was called 'supervision is a race against risk'. Today, we borrow this phrase. We think that fighting the COVID-19 epidemic is actually a race against the mutation of the COVID-19 virus.\" He said that on the whole, the situation of human fighting the COVID-19 epidemic has become bright. Now it generally seems to be dominated by optimism, and I believe that the negative impact on the economy will gradually weaken.</p><p>Talking about where the ultra-loose stimulus policy goes from here, Yu Xuejun analyzed the situation in the United States.</p><p>After COVID-19 spread widely in the United States during the Trump administration last year, the Federal Reserve cut the Federal Reserve rate from 1.5%-1.75% to 0% to 0.25% in one go in mid-March, the so-called \"zero rate\". At the end of the year, the Federal Reserve increased its QE policy, increasing its bond purchase scale to 120 billion USD every month from December.</p><p>After President Biden took office, he has further increased fiscal stimulus policies, the most representative of which is the $1.9 trillion COVID-19 bailout bill passed in April this year. In addition, he also put forward a revival plan for infrastructure investment. It was initially drawn up at a scale of 2.25 trillion dollars, which has recently been compressed to an estimated $1 trillion.</p><p>Since last year, the Fed's ultra-loose monetary policy has significantly increased its balance sheet, which has soared from about $4 trillion at the beginning to $7.5 trillion at the end of the year, and the latest reached about $8 trillion. This has inflated the global dollar liquidity and caused the price of commodities to rise sharply, including the rare increase in food prices, resulting in global concerns about inflation.</p><p>Yu Xuejun believes that with the improvement of the anti-epidemic situation in the United States, the U.S. economy has rebounded strongly under the accumulated effect of ultra-loose monetary stimulus policies. According to the latest OECD medium-term economic outlook forecast, the U.S. economy will grow by 6.9% this year, 0.4 percentage points higher than the previous forecast.</p><p>In response to these new changes, the Federal Reserve has begun to release hawkish signals at the latest interest rate meeting in June, and the market expects the rate hike of the Federal Reserve to be advanced by one year to the second half of 2022. In addition, inflation expectations have also been sharply raised. It is expected that the PCE and personal consumption expenditure price index of the United States will rise to 3.4% in 2021, an increase of 1 percentage point from the forecast in March. Yu Xuejun said,</p><p>\"We are in such a window period when macro-control policies may be adjusted and changed at any time, so the market performance is extremely sensitive. A message or a wording of the Federal Reserve may cause huge fluctuations in the market. Now, grain, iron ore, oil, gold and exchange rates rise and fall almost every day, with different changes and no consistent direction. They are in such a sensitive period.\" Why is it difficult to return to short-term normality? He gives two reasons:</p><p>First, the impact of the COVID-19 epidemic is too great, and the epidemic control is still unpredictable. In addition, it will take time to assess the significant impact of the pandemic on human society after it is controlled, especially the impact on economic activities.</p><p>Second, the ultra-loose stimulus policies of various countries have had a significant impact. The withdrawal of these policies takes a long process, and it is difficult to recover. In particular, the base money put out by the Federal Reserve is difficult to recover in the short term, and it may become a period of history and be preserved forever.</p><p>\"After the financial crisis in the United States in 2008, the Federal Reserve implemented the monetary policy of quantitative easing. Before this, the balance sheet of the Federal Reserve was less than 900 billion dollars, which later increased to a maximum of 4.5 trillion dollars, and now it has increased to 8 trillion dollars. Calculated in this way,<b>The final Fed balance sheet is expected to be more than 10 times higher than it was before the 2008 financial crisis</b>These large amounts of US dollar liquidity are invested all over the world, which has a huge impact on the global economic and financial markets, especially the next impact on inflation. I think it is difficult to eliminate and accurately assess in the short term. \"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.cn/hy/2021-06-24/detail-ikqciyzk1510511.d.html?from=wap\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f0777ffe79222b2a04c15407e205bed9","relate_stocks":{"000001.SH":"上证指数",".DJI":"道琼斯"},"source_url":"https://finance.sina.cn/hy/2021-06-24/detail-ikqciyzk1510511.d.html?from=wap","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144044065","content_text":"2021财新夏季峰会于2021年6月23-25日在北京举办，中国银行保险监督管理委员会领导于学军出席并演讲。\n于学军表示，全球经济正处于演进变化的敏感时期，短期内难以回归常态。\n他解释称，首先，今年全球经济面临的复杂性和敏感性是受去年新冠肺炎疫情在全球的暴发、蔓延而形成的，“这个冲击太大了”。他引用联合国报告称这“是自上世纪30年代经济大萧条以来，全球经济最严重的收缩，收缩的程度是2009年国际金融危机的2.5倍”。他又说道，\n\n “从我们的记忆来说，这次疫情至少是自第二次世界大战以来对全球经济、人类社会最大的一次冲击。”\n\n去年全球经济总体下降4.4%，由于中国疫情控制得好，并且防疫和经济工作两手抓，复工复产有力有效，成为了全球前十大经济体中唯一实现正增长的国家，全年经济增长2.3%。于学军说，\n\n “这个（增长）2.3%，现在非常有名，我们看电视、报纸，包括国外的一些学者，他们也经常提起来2.3%。”\n\n第二，由于新冠疫情对全球经济形成的罕见冲击，所以各国政府普遍实行了超宽松的刺激性经济政策，历史比较来看，这些政策力度是空前的，在各国稳定经济和维护社会秩序等方面均发挥了重要作用，但与此同时这些超宽松的政策也带来许多问题。\n第三，全球地缘政治的变化和影响。\n于学军表示，控制疫情的关键环节在于疫苗的研发和接种，各国都希望可以毕其功于一役，现在看进展很快，远超出人们之前的预期。未来如何变化取决于两个因素，一是疫苗的有效性，包括有效期，尚有待时间检验。\n二是新冠病毒变异的速度和复杂性。“过去我们做银行监管常说的一句话，叫做‘监管就是与风险赛跑’，今天我们把这句话借用过来，我们认为抗击新冠疫情实际上也是与新冠病毒的变异赛跑”，他说，总体来看人类抗击新冠疫情的形势已现光明，现在普遍看起来是乐观情绪主导，相信对经济的负面影响也会逐步减弱。\n谈及超宽松的刺激性政策何去何从，于学军分析了美国的情况。\n去年在特朗普执政时期，新冠肺炎在美国大面积传染之后，美联储在3月中旬一次性将联邦储备利率由1.5%-1.75%调低为0%到0.25%，即所谓的“零利率”。年末美联储又加大QE政策，从12月起将其购债规模每月增加到1200亿美元。\n拜登总统上任之后，进一步加大财政的刺激性政策，最具代表性的就是于今年4月通过的1.9万亿美元的新冠纾困法案。另外，他还提出基建投资的复兴计划。开始拟定的是2.25万亿规模，最近有所压缩，预计约1万亿美元。\n去年开始美联储实行超宽松的货币政策，使其资产负债表大幅增加，已从初期的约4万亿美元陡增至年末的7.5万亿美元，最新大概达到8万亿美元。这使全球的美元流动性不断膨胀，并造成大宗初级商品的价格大幅上涨，包括粮食也出现罕见的涨价现象，全球对通胀的担忧由此产生。\n于学军认为，随着美国抗疫形势出现好转，在货币超宽松刺激政策累加的作用之下，美国经济出现强势反弹，最新据经合组织OECD中期经济展望预测，今年美国经济将增长6.9%，比之前的预测调高了0.4个百分点。\n针对这些新变化，美联储在6月最新的议息会议上已开始释放鹰派信号，市场预计美联储加息或提前一年至2022年下半年。另外通货膨胀预期也被大幅上调，预计2021年美国的PCE及个人消费支出价格指数将升到3.4%，较3月的预测值上调1个百分点。于学军称，\n\n “我们处于这样一个宏观调控政策有可能随时发生调整变化的窗口期，所以市场表现极为敏感，一个信息、美联储的一句措词都有可能引起市场的巨大波动。现在粮食、铁矿石、石油、黄金、汇率几乎每天都出现上涨、下跌，有不同的变化，没有一致的方向，处在这样的一个敏感期。”\n\n为什么短期常态难回归呢？他给出两个原因：\n一是新冠疫情的冲击太大，现在疫情控制仍然难以预料。另外，疫情控制之后其对人类社会产生的重大影响，尤其是对经济活动的影响，也需要一个时间进行评估。\n二是各国超宽松的刺激性政策形成了重大影响，这些政策的退出需要一个较长的过程，并且覆水难收，尤其是美联储投放出去的基础货币很难在短期收回，也许会成为一段历史永远保留下去。\n\n “2008年美国发生金融危机之后，美联储就实行了量化宽松的货币政策，这个之前美联储的资产负债表不到9000亿美元，后来最高增加到了4.5万亿美元，现在又增加到8万亿美元。这样计算下来，\n 预计最终美联储的资产负债表将比2008年金融危机之前提高10倍以上，这些大量的美元流动性投入到世界各地，对全球经济金融市场形成巨大影响，尤其是下一步对通货膨胀的影响，我认为短期内难以消除，也难以准确评估。”","news_type":1,"symbols_score_info":{".DJI":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":3311,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126975929,"gmtCreate":1624543393761,"gmtModify":1703839901676,"author":{"id":"3569896467959373","authorId":"3569896467959373","name":"Kaslim","avatar":"https://static.tigerbbs.com/f82c85a933438b27edc2f005ba118976","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569896467959373","idStr":"3569896467959373"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/126975929","repostId":"1121154040","repostType":4,"isVote":1,"tweetType":1,"viewCount":3617,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126971147,"gmtCreate":1624543318789,"gmtModify":1703839896132,"author":{"id":"3569896467959373","authorId":"3569896467959373","name":"Kaslim","avatar":"https://static.tigerbbs.com/f82c85a933438b27edc2f005ba118976","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569896467959373","idStr":"3569896467959373"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/126971147","repostId":"1199120523","repostType":4,"isVote":1,"tweetType":1,"viewCount":3616,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":321716430,"gmtCreate":1615470086420,"gmtModify":1704783190476,"author":{"id":"3569896467959373","authorId":"3569896467959373","name":"Kaslim","avatar":"https://static.tigerbbs.com/f82c85a933438b27edc2f005ba118976","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569896467959373","idStr":"3569896467959373"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/321716430","repostId":"1136225097","repostType":4,"repost":{"id":"1136225097","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1615192483,"share":"https://ttm.financial/m/news/1136225097?lang=en_US&edition=fundamental","pubTime":"2021-03-08 16:34","market":"sh","language":"zh","title":"U.S. stocks enter daylight saving time from March 14th, and the opening and closing will be one hour earlier","url":"https://stock-news.laohu8.com/highlight/detail?id=1136225097","media":"老虎资讯综合","summary":"美东时间3月14日2:00（北京时间3月14日起），北美地区开始实行夏令时，美股市场开盘和收盘均将提前一小时，至美东时间2021年11月7日结束。即美股交易时间更改为北京时间21:30至次日凌晨04:","content":"<p>At 2:00 EST on March 14th (from March 14th, Beijing time), daylight saving time will be implemented in North America, and the U.S. stock market will open and close one hour earlier, ending on November 7th, 2021 EST.</p><p>That is, the trading hours of U.S. stocks are changed from 21:30 Beijing time to 04:00 the next morning, the pre-market trading hours are 16:00 to 21:30, and the after-market trading hours are 04:00 to 08:00. March 15th is the first trading day of U.S. stocks after entering daylight saving time.</p><p>Winter time in Europe will officially end on March 28th, Beijing time, and switch to daylight saving time.</p><p><b>Background Supplement:</b></p><p>Summer time, also known as Daylight saving time and Summer time, is a system that artificially defines regional time to save energy. The uniform time used during the implementation of the system is called \"daylight saving time\". Generally, in early dawn summer, artificially advance the time by one hour, which can make people get up early and go to bed early to reduce the amount of lighting, so as to make full use of sunlight and save electricity.</p><p>It is understood that \"daylight saving time\" in the United States originated in 1918. At that time, the United States first implemented summer time when it entered World War I, but it was cancelled immediately after the war and restored again in 1966.</p><p>The implementation of summer time in the United States is completely determined by states and counties, not by the federal government. Daylight saving time is currently in effect in the vast majority of the United States. Areas in the United States that do not have daylight saving time include: most of Arizona, but a small part of the northeast of the state uses daylight saving time; Hawaii; Puerto Rico and the Virgin Islands; American Samoa, Guam and the Northern Mariana Islands.<img src=\"https://static.tigerbbs.com/2b3c5afcedf9e4a595b7e8bdffd98507\" tg-width=\"1920\" tg-height=\"1200\" referrerpolicy=\"no-referrer\"></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>U.S. stocks enter daylight saving time from March 14th, and the opening and closing will be one hour earlier</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\">\nU.S. stocks enter daylight saving time from March 14th, and the opening and closing will be one hour earlier\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-08 16:34</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>At 2:00 EST on March 14th (from March 14th, Beijing time), daylight saving time will be implemented in North America, and the U.S. stock market will open and close one hour earlier, ending on November 7th, 2021 EST.</p><p>That is, the trading hours of U.S. stocks are changed from 21:30 Beijing time to 04:00 the next morning, the pre-market trading hours are 16:00 to 21:30, and the after-market trading hours are 04:00 to 08:00. March 15th is the first trading day of U.S. stocks after entering daylight saving time.</p><p>Winter time in Europe will officially end on March 28th, Beijing time, and switch to daylight saving time.</p><p><b>Background Supplement:</b></p><p>Summer time, also known as Daylight saving time and Summer time, is a system that artificially defines regional time to save energy. The uniform time used during the implementation of the system is called \"daylight saving time\". Generally, in early dawn summer, artificially advance the time by one hour, which can make people get up early and go to bed early to reduce the amount of lighting, so as to make full use of sunlight and save electricity.</p><p>It is understood that \"daylight saving time\" in the United States originated in 1918. At that time, the United States first implemented summer time when it entered World War I, but it was cancelled immediately after the war and restored again in 1966.</p><p>The implementation of summer time in the United States is completely determined by states and counties, not by the federal government. Daylight saving time is currently in effect in the vast majority of the United States. Areas in the United States that do not have daylight saving time include: most of Arizona, but a small part of the northeast of the state uses daylight saving time; Hawaii; Puerto Rico and the Virgin Islands; American Samoa, Guam and the Northern Mariana Islands.<img src=\"https://static.tigerbbs.com/2b3c5afcedf9e4a595b7e8bdffd98507\" tg-width=\"1920\" tg-height=\"1200\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2b3c5afcedf9e4a595b7e8bdffd98507","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136225097","content_text":"美东时间3月14日2:00（北京时间3月14日起），北美地区开始实行夏令时，美股市场开盘和收盘均将提前一小时，至美东时间2021年11月7日结束。即美股交易时间更改为北京时间21:30至次日凌晨04:00，盘前交易时间为16:00至21:30，盘后交易时间为04:00至08:00。3月15日为进入夏令时后美股首个交易日。欧洲地区的冬令时时间将会在北京时间 3月28日正式结束，转为夏令时时间。背景补充：夏时制，又称日光节约时制（英语：Daylight saving time）和夏令时间（英语：Summer time），是一种为节约能源而人为规定地区时间的制度。该制度实行期间所采用的统一时间称为“夏令时”。一般在天亮早的夏季人为将时间提前1小时，这样可使人早起早睡减少照明量，以充分利用日光节约用电。据了解，美国“夏令时”起源于1918年，当时的美国在参加第一次世界大战时首次实行夏时制，但战后立即取消，与1966年再次恢复。美国夏时制的实行与否，完全由各州、各县自行决定，不由联邦政府统一规定。目前美国绝大部分地区实行夏令时，美国不实行夏令时的地区包括：亚利桑那州大部分地区，但该州东北的一小部分使用夏令时；夏威夷州；波多黎各和维京群岛；美属萨摩亚、关岛和北马里亚纳群岛。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3647,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":389015656,"gmtCreate":1612620509175,"gmtModify":1704873247449,"author":{"id":"3569896467959373","authorId":"3569896467959373","name":"Kaslim","avatar":"https://static.tigerbbs.com/f82c85a933438b27edc2f005ba118976","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569896467959373","idStr":"3569896467959373"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/389015656","repostId":"1157800725","repostType":4,"isVote":1,"tweetType":1,"viewCount":3511,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":126971147,"gmtCreate":1624543318789,"gmtModify":1703839896132,"author":{"id":"3569896467959373","authorId":"3569896467959373","name":"Kaslim","avatar":"https://static.tigerbbs.com/f82c85a933438b27edc2f005ba118976","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569896467959373","idStr":"3569896467959373"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/126971147","repostId":"1199120523","repostType":4,"isVote":1,"tweetType":1,"viewCount":3616,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122766396,"gmtCreate":1624633728315,"gmtModify":1703842392771,"author":{"id":"3569896467959373","authorId":"3569896467959373","name":"Kaslim","avatar":"https://static.tigerbbs.com/f82c85a933438b27edc2f005ba118976","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569896467959373","idStr":"3569896467959373"},"themes":[],"title":"","htmlText":"Tiger game&nbsp;","listText":"Tiger game&nbsp;","text":"Tiger game","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122766396","repostId":"1186640720","repostType":4,"repost":{"id":"1186640720","kind":"news","pubTimestamp":1624608318,"share":"https://ttm.financial/m/news/1186640720?lang=en_US&edition=fundamental","pubTime":"2021-06-25 16:05","market":"sh","language":"zh","title":"Who is hyping Pien Tze Huang?","url":"https://stock-news.laohu8.com/highlight/detail?id=1186640720","media":"智通财经APP","summary":"“抢购与炒作齐飞”，今日的神药片仔癀一如2020年的神酒贵州茅台。\n媒体报道，近日，因为消费者疯抢，大量线下门店的片仔癀已经缺货，在淘宝、京东等电商平台，片仔癀官方旗舰店的药品均已售罄。淘宝“片仔癀大","content":"<p>\"Snapping and speculation fly together\", today's magic medicine Pien Tze Huang is like the divine wine Kweichow Moutai in 2020.</p><p>According to media reports, recently, due to consumers' rush, a large number of offline stores have been out of stock. On e-commerce platforms such as Taobao and JD.COM, the drugs in the official flagship store of Pien Tze Huang have been sold out. The customer service of Taobao's \"Pien Tze Huang Pharmacy Flagship Store\" said that the replenishment time cannot be determined, and it is recommended to collect the goods first. The price of Pien Tze Huang sold by other merchants is as high as 1,000 yuan.</p><p>Pien Tze Huang's share price has also risen all the way, from 100 yuan in early 2020 to more than 400 yuan at present, and on June 25th, it broke through the 450 yuan mark.</p><p>1、<b>Hoarding? Who is snapping up Pien Tze Huang?</b></p><p>Pien Tze Huang is a liver disease medicine, mainly suitable for acute and chronic viral hepatitis caused by heat toxicity and blood stasis, and has medical and health care functions. Simply put, Pien Tze Huang has the effect of treating fatty liver and alcoholic liver.</p><p>Since the listing of Pien Tze Huang, it has continued to raise prices 19 times. Among them, from 2004 to 2020, the domestic retail price increased nine times, from the retail price of 325 yuan to 590 yuan, an increase of 82%.</p><p>How did Pien Tze Huang come from this wave of hype?</p><p>One view is that Pien Tze Huang is scarce.</p><p>Is Pien Tze Huang really scarce?</p><p>Affected by the epidemic, since last year, many consumers' demand for natural medicinal materials has increased, resulting in the price of natural musk rising from 300,000 yuan per kilogram to 400,000 yuan in the past two years. The ingredients of Pien Tze Huang are bezoar, musk, notoginseng and snake bile, and musk alone accounts for 55% of the total cost.</p><p>Some people think that the contradiction of raw material supply in Pien Tze Huang is more prominent than in previous years. As a scarce variety, Pien Tze Huang is in short supply, and the higher the price, the higher the price, the higher the price, and the \"herd effect\" of investment appears.</p><p>Regarding the reason for the latest price increase, Pien Tze Huang announced in January 2020 that in view of the rising main raw materials and labor costs, the company decided to raise the retail price of the leading product Pien Tze Huang lozenges in the domestic market from 530 yuan/capsule to 590 yuan/capsule from the date of the announcement, and the supply price was correspondingly raised by about 40 yuan/capsule.</p><p>However, according to the research report published by Southwest Securities on February 7, 2021, at present, Pien Tze Huang is promoting artificial musk breeding to make up for the lack of supply of scarce raw materials. There are more than 10,000 musk breeding heads in Shaanxi breeding base, and it is speculated that the annual output exceeds 100 kilograms. Both musk and bezoar can meet the three-year capacity expansion.</p><p>In other words, the so-called scarcity of raw materials is temporary and does not support Pien Tze Huang's hype.</p><p>Is there any scalper hype?</p><p>At the end of April, some netizens revealed that Pien Tze Huang officially entered the purchase restriction policy since May 2021, the strictest purchase restriction order in history. In that month, with personal ID number and prescription, the experience hall purchased it, and one person was limited to 2 pills a month to meet the dosage used in that month, so as to ensure that long-term medication customers will not stop taking drugs.</p><p>At present, many offline stores in Pien Tze Huang have implemented purchase restrictions. You need to leave your phone number and ID number to make an appointment, and even some offline stores require consumers to \"match\" purchases, that is, if you want to buy Pien Tze Huang, you have to buy other high-priced drugs.</p><p>Zhu Danpeng, an analyst, said that the sudden shortage of Pien Tze Huang is not unrelated to hype. In the south, especially in the southeast coastal areas, some consumers think that Pien Tze Huang has health care effects, and its price remains high all the year round, which gives it some gift attributes.</p><p>Some speculators snap up Pien Tze Huang and wait for the price increase, and then sell it off to earn huge profits in the middle.</p><p>A Pien Tze Huang offline store in Shanghai told the media, \"This medicine was not bought by many people before. Two or three months ago, suddenly scalpers began to buy in large quantities, and the store had no choice but to start restricting purchases, which was only open to old members and customers.\"</p><p>Are drugs linked with the capital market to speculate?</p><p>Sichuan Securities revealed that there may be hot money to participate in Pien Tze Huang speculation.</p><p>Sichuan Securities Strategy Research Team believes that behind the sudden imbalance between supply and demand, it is inevitable that some people maliciously hoard goods, maliciously speculate, and even take the opportunity to make profits in the securities market.</p><p>In fact, such hype routines are not new. In June this year, a user certified by Weibo as the general manager of an asset management company revealed, \"A liquor company invites dealers to enter equivalent stocks every time they enter wine. Finally, the stock price doubled, which means that dealers take wine at zero cost. The wine can be kept for several years, and it can be sold slowly.\"</p><p>2、<b>Public Offering of Fund has emptied Pien Tze Huang?</b></p><p>Unlike 2020, when public offering institutions joined forces to push up liquor leaders such as Kweichow Moutai and Wuliangye, this time, paradoxically, public offering of funds may have perfectly emptied the \"Moutai in medicine\" Pien Tze Huang.</p><p>According to Wind data, at the end of the fourth quarter of 2020, there were 25 public offering of funds holding more than 100,000 shares of Pien Tze Huang: a total of about 26.782,400 shares were held, accounting for about 4.44% of the circulation of A shares. Among them, there are many \"top fund managers\" Gulen, Liu Gesong, Qu Yang and others.</p><p>However, after experiencing the sharp shock of white horse stocks after the Spring Festival, the public data in the first quarter showed that the number of shares held by the top 25 institutions dropped sharply to 10,0212 million shares, with a reduction rate of more than 60%, accounting for only 1.65% of the circulation ratio of A shares.</p><p>At the end of 2020, a total of 101 institutional investors held shares, and at the end of the first quarter of this year, the number of institutional investors dropped sharply to 41.</p><p>In the quarter of 2021, Pien Tze Huang also experienced a share price adjustment. Among them, from February 18 to March 9, the share price fell from 404 yuan to 239 yuan, which was close to halving.</p><p>From the public data, most Public Offering of Funds sold Pien Tze Huang in the adjustment in the first quarter of 2021.</p><p>However, the main increase in Pien Tze Huang's share price was in the second quarter of 2021. In this process, did Public Offering of Fund \"turn back\" and add positions to Pien Tze Huang? At present, the interim reports of Public Offering of Fund and listed companies have not yet been released, and we don't know.</p><p>In the first quarter of 2021, a few Public Offering of Funds chose to stick to or even increase their positions. China Universal Value Select A continued to hold 1.5 million shares unsold, while China Europe Glen, known as the \"Goddess of Medicine\" in the industry, bucked the trend and increased its positions aggressively. At the end of the fourth quarter of last year, it only held 272,800 shares of Pien Tze Huang, while at the end of the first quarter, it had held 2,214,900 shares, a full increase of nearly 10 times, showing its strong optimism about the company. Like Gulen, the new GF Healthcare (1,187,200 shares) and Social Security 101 Portfolio (1,041,300 shares) increased their positions in the first quarter, while Yinhua Wealthy Theme also increased its positions by 1,199,800 shares to 2,749,800 shares in the first quarter, ranking the sixth largest shareholder.</p><p>3、<b>Is Lin Yuan the man behind Pien Tze Huang?</b></p><p>In the 2018 semi-annual report, the private equity fund under the private equity magnate Linyuan appeared among the top ten shareholders of Pien Tze Huang with a shareholding ratio of 0.64%. As of the end of June 2020, its three private equity funds held a total of 8.837 million shares of Pien Tze Huang.</p><p>However, in the third quarter of 2020, the news that \"Linyuan reduced its holdings in Pien Tze Huang\" came out. As of the first quarter of 2021, Linyuan's three private equity funds were no longer among the top ten shareholders.</p><p>On June 9, 2021, Lin Yuan sent a representative to attend the shareholders' meeting of Pien Tze Huang. At the meeting, he said, \"Since 2005, I have invested in Pien Tze Huang shares, and so far I have not sold a share.\" Previously, Lin Yuan had said that it had only split its positions.</p><p>Lin Yuan also sent a warm thank you letter to Pien Tze Huang, which still expressed strong optimism:</p><p>\"Linyuan and Linyuan Investment have not sold a share of Pien Tze Huang since they bought it in 2005. Especially in the trade war, China's COVID-19 epidemic, including this year, it has been investing heavily, adhering to long-termism, firmly optimistic about the traditional Chinese medicine industry, looking bullish on China, believing in the national destiny, and believing that Pien Tze Huang is a great company. Believe in excellent management. I also wish the company under the leadership of General Manager Pan. Become China's business card and the world's luxury brand! \"</p><p>Earlier, on April 21, 2018, Lin Yuan even declared at the investment report meeting that Pien Tze Huang could \"come back to life\".</p><p>\"Recently I chose a Pien Tze Huang. It is also a pharmaceutical company, which is from Fujian. There are two treasures in Zhangzhou, one is narcissus and the other is Pien Tze Huang. After the Fujian people die, the locals should also put this medicine in and try to see if they can come alive.\"</p><p>Regarding Pien Tze Huang's \"frying\", Lin Yuan even publicly stated that \"they will eventually sell the price of two bottles of Maotai.\"</p><p><img src=\"https://static.tigerbbs.com/a6602d2149a718945e18d3b0fdc92cfa\" tg-width=\"608\" tg-height=\"712\" referrerpolicy=\"no-referrer\">4、、<b>Can the price increase in Pien Tze Huang be sustained?</b></p><p>Can Pien Tze Huang really \"sell for the price of two bottles of Maotai\"?</p><p>On June 9, 2021, at the shareholders' meeting of Pien Tze Huang, the company stated that it has always been cautious in dealing with price increases and does not pursue excessive profits. I don't agree with everyone comparing the prices of Pien Tze Huang with Maotai. Maotai is a grain product and belongs to food; Pien Tze Huang is a drug. The pricing and price increase of drugs should be more cautious and social responsibility should be considered, so we can't follow the market immediately.</p><p>In fact, Pien Tze Huang, as a drug, always faces drug price control. Under the general trend of centralized pharmaceutical procurement, any \"magic medicine\" cannot be sold at sky-high prices.</p><p>On June 25th, Pien Tze Huang responded to the recent phenomenon that its Pien Tze Huang lozenge was \"hard to find\" on the interactive platform, saying that the company's production and operation are in a normal state at present. In view of the recent market situation, the company has taken three measures to resolutely maintain the market order.</p><p>Although the stock price has soared, according to the financial report data in recent years, Pien Tze Huang's revenue growth rate was the fastest in 2017, reaching 60.85%, but then the revenue growth rate began to decline year by year, and by 2020, it dropped to the lowest point in nearly five years, only 13.78%.</p><p>However, Pien Tze Huang's net profit has always remained at a high level. After the price increase in 2020, the revenue growth rate dropped to the lowest in five years, and the net profit growth rate was only 1 percentage point worse than that of 2019.</p><p>In fact, Pien Tze Huang's R&D expenses account for a very low proportion. From 2018 to 2020, the company's R&D expenses were 100 million yuan, 119 million yuan and 97.55 million yuan respectively, accounting for 2.12%, 2.09% and 1.5% of operating income respectively.</p><p>Pien Tze Huang is an \"exclusive business\". Pien Tze Huang and Yunnan Baiyao are the only two national first-class protected varieties of traditional Chinese medicine. Formulated medicinal herbs of the state secret level. Therefore, Pien Tze Huang may not have a strong R&D motivation, and you can't make mistakes without trial and error. The safest thing to learn from is ready to use.</p><p><img src=\"https://static.tigerbbs.com/d5efd050b5584873992f4b1d5f5b5cfb\" tg-width=\"767\" tg-height=\"439\" referrerpolicy=\"no-referrer\"></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>Who is hyping Pien Tze Huang?</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\">\nWho is hyping Pien Tze Huang?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经APP</strong><span class=\"h-time small\">2021-06-25 16:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>\"Snapping and speculation fly together\", today's magic medicine Pien Tze Huang is like the divine wine Kweichow Moutai in 2020.</p><p>According to media reports, recently, due to consumers' rush, a large number of offline stores have been out of stock. On e-commerce platforms such as Taobao and JD.COM, the drugs in the official flagship store of Pien Tze Huang have been sold out. The customer service of Taobao's \"Pien Tze Huang Pharmacy Flagship Store\" said that the replenishment time cannot be determined, and it is recommended to collect the goods first. The price of Pien Tze Huang sold by other merchants is as high as 1,000 yuan.</p><p>Pien Tze Huang's share price has also risen all the way, from 100 yuan in early 2020 to more than 400 yuan at present, and on June 25th, it broke through the 450 yuan mark.</p><p>1、<b>Hoarding? Who is snapping up Pien Tze Huang?</b></p><p>Pien Tze Huang is a liver disease medicine, mainly suitable for acute and chronic viral hepatitis caused by heat toxicity and blood stasis, and has medical and health care functions. Simply put, Pien Tze Huang has the effect of treating fatty liver and alcoholic liver.</p><p>Since the listing of Pien Tze Huang, it has continued to raise prices 19 times. Among them, from 2004 to 2020, the domestic retail price increased nine times, from the retail price of 325 yuan to 590 yuan, an increase of 82%.</p><p>How did Pien Tze Huang come from this wave of hype?</p><p>One view is that Pien Tze Huang is scarce.</p><p>Is Pien Tze Huang really scarce?</p><p>Affected by the epidemic, since last year, many consumers' demand for natural medicinal materials has increased, resulting in the price of natural musk rising from 300,000 yuan per kilogram to 400,000 yuan in the past two years. The ingredients of Pien Tze Huang are bezoar, musk, notoginseng and snake bile, and musk alone accounts for 55% of the total cost.</p><p>Some people think that the contradiction of raw material supply in Pien Tze Huang is more prominent than in previous years. As a scarce variety, Pien Tze Huang is in short supply, and the higher the price, the higher the price, the higher the price, and the \"herd effect\" of investment appears.</p><p>Regarding the reason for the latest price increase, Pien Tze Huang announced in January 2020 that in view of the rising main raw materials and labor costs, the company decided to raise the retail price of the leading product Pien Tze Huang lozenges in the domestic market from 530 yuan/capsule to 590 yuan/capsule from the date of the announcement, and the supply price was correspondingly raised by about 40 yuan/capsule.</p><p>However, according to the research report published by Southwest Securities on February 7, 2021, at present, Pien Tze Huang is promoting artificial musk breeding to make up for the lack of supply of scarce raw materials. There are more than 10,000 musk breeding heads in Shaanxi breeding base, and it is speculated that the annual output exceeds 100 kilograms. Both musk and bezoar can meet the three-year capacity expansion.</p><p>In other words, the so-called scarcity of raw materials is temporary and does not support Pien Tze Huang's hype.</p><p>Is there any scalper hype?</p><p>At the end of April, some netizens revealed that Pien Tze Huang officially entered the purchase restriction policy since May 2021, the strictest purchase restriction order in history. In that month, with personal ID number and prescription, the experience hall purchased it, and one person was limited to 2 pills a month to meet the dosage used in that month, so as to ensure that long-term medication customers will not stop taking drugs.</p><p>At present, many offline stores in Pien Tze Huang have implemented purchase restrictions. You need to leave your phone number and ID number to make an appointment, and even some offline stores require consumers to \"match\" purchases, that is, if you want to buy Pien Tze Huang, you have to buy other high-priced drugs.</p><p>Zhu Danpeng, an analyst, said that the sudden shortage of Pien Tze Huang is not unrelated to hype. In the south, especially in the southeast coastal areas, some consumers think that Pien Tze Huang has health care effects, and its price remains high all the year round, which gives it some gift attributes.</p><p>Some speculators snap up Pien Tze Huang and wait for the price increase, and then sell it off to earn huge profits in the middle.</p><p>A Pien Tze Huang offline store in Shanghai told the media, \"This medicine was not bought by many people before. Two or three months ago, suddenly scalpers began to buy in large quantities, and the store had no choice but to start restricting purchases, which was only open to old members and customers.\"</p><p>Are drugs linked with the capital market to speculate?</p><p>Sichuan Securities revealed that there may be hot money to participate in Pien Tze Huang speculation.</p><p>Sichuan Securities Strategy Research Team believes that behind the sudden imbalance between supply and demand, it is inevitable that some people maliciously hoard goods, maliciously speculate, and even take the opportunity to make profits in the securities market.</p><p>In fact, such hype routines are not new. In June this year, a user certified by Weibo as the general manager of an asset management company revealed, \"A liquor company invites dealers to enter equivalent stocks every time they enter wine. Finally, the stock price doubled, which means that dealers take wine at zero cost. The wine can be kept for several years, and it can be sold slowly.\"</p><p>2、<b>Public Offering of Fund has emptied Pien Tze Huang?</b></p><p>Unlike 2020, when public offering institutions joined forces to push up liquor leaders such as Kweichow Moutai and Wuliangye, this time, paradoxically, public offering of funds may have perfectly emptied the \"Moutai in medicine\" Pien Tze Huang.</p><p>According to Wind data, at the end of the fourth quarter of 2020, there were 25 public offering of funds holding more than 100,000 shares of Pien Tze Huang: a total of about 26.782,400 shares were held, accounting for about 4.44% of the circulation of A shares. Among them, there are many \"top fund managers\" Gulen, Liu Gesong, Qu Yang and others.</p><p>However, after experiencing the sharp shock of white horse stocks after the Spring Festival, the public data in the first quarter showed that the number of shares held by the top 25 institutions dropped sharply to 10,0212 million shares, with a reduction rate of more than 60%, accounting for only 1.65% of the circulation ratio of A shares.</p><p>At the end of 2020, a total of 101 institutional investors held shares, and at the end of the first quarter of this year, the number of institutional investors dropped sharply to 41.</p><p>In the quarter of 2021, Pien Tze Huang also experienced a share price adjustment. Among them, from February 18 to March 9, the share price fell from 404 yuan to 239 yuan, which was close to halving.</p><p>From the public data, most Public Offering of Funds sold Pien Tze Huang in the adjustment in the first quarter of 2021.</p><p>However, the main increase in Pien Tze Huang's share price was in the second quarter of 2021. In this process, did Public Offering of Fund \"turn back\" and add positions to Pien Tze Huang? At present, the interim reports of Public Offering of Fund and listed companies have not yet been released, and we don't know.</p><p>In the first quarter of 2021, a few Public Offering of Funds chose to stick to or even increase their positions. China Universal Value Select A continued to hold 1.5 million shares unsold, while China Europe Glen, known as the \"Goddess of Medicine\" in the industry, bucked the trend and increased its positions aggressively. At the end of the fourth quarter of last year, it only held 272,800 shares of Pien Tze Huang, while at the end of the first quarter, it had held 2,214,900 shares, a full increase of nearly 10 times, showing its strong optimism about the company. Like Gulen, the new GF Healthcare (1,187,200 shares) and Social Security 101 Portfolio (1,041,300 shares) increased their positions in the first quarter, while Yinhua Wealthy Theme also increased its positions by 1,199,800 shares to 2,749,800 shares in the first quarter, ranking the sixth largest shareholder.</p><p>3、<b>Is Lin Yuan the man behind Pien Tze Huang?</b></p><p>In the 2018 semi-annual report, the private equity fund under the private equity magnate Linyuan appeared among the top ten shareholders of Pien Tze Huang with a shareholding ratio of 0.64%. As of the end of June 2020, its three private equity funds held a total of 8.837 million shares of Pien Tze Huang.</p><p>However, in the third quarter of 2020, the news that \"Linyuan reduced its holdings in Pien Tze Huang\" came out. As of the first quarter of 2021, Linyuan's three private equity funds were no longer among the top ten shareholders.</p><p>On June 9, 2021, Lin Yuan sent a representative to attend the shareholders' meeting of Pien Tze Huang. At the meeting, he said, \"Since 2005, I have invested in Pien Tze Huang shares, and so far I have not sold a share.\" Previously, Lin Yuan had said that it had only split its positions.</p><p>Lin Yuan also sent a warm thank you letter to Pien Tze Huang, which still expressed strong optimism:</p><p>\"Linyuan and Linyuan Investment have not sold a share of Pien Tze Huang since they bought it in 2005. Especially in the trade war, China's COVID-19 epidemic, including this year, it has been investing heavily, adhering to long-termism, firmly optimistic about the traditional Chinese medicine industry, looking bullish on China, believing in the national destiny, and believing that Pien Tze Huang is a great company. Believe in excellent management. I also wish the company under the leadership of General Manager Pan. Become China's business card and the world's luxury brand! \"</p><p>Earlier, on April 21, 2018, Lin Yuan even declared at the investment report meeting that Pien Tze Huang could \"come back to life\".</p><p>\"Recently I chose a Pien Tze Huang. It is also a pharmaceutical company, which is from Fujian. There are two treasures in Zhangzhou, one is narcissus and the other is Pien Tze Huang. After the Fujian people die, the locals should also put this medicine in and try to see if they can come alive.\"</p><p>Regarding Pien Tze Huang's \"frying\", Lin Yuan even publicly stated that \"they will eventually sell the price of two bottles of Maotai.\"</p><p><img src=\"https://static.tigerbbs.com/a6602d2149a718945e18d3b0fdc92cfa\" tg-width=\"608\" tg-height=\"712\" referrerpolicy=\"no-referrer\">4、、<b>Can the price increase in Pien Tze Huang be sustained?</b></p><p>Can Pien Tze Huang really \"sell for the price of two bottles of Maotai\"?</p><p>On June 9, 2021, at the shareholders' meeting of Pien Tze Huang, the company stated that it has always been cautious in dealing with price increases and does not pursue excessive profits. I don't agree with everyone comparing the prices of Pien Tze Huang with Maotai. Maotai is a grain product and belongs to food; Pien Tze Huang is a drug. The pricing and price increase of drugs should be more cautious and social responsibility should be considered, so we can't follow the market immediately.</p><p>In fact, Pien Tze Huang, as a drug, always faces drug price control. Under the general trend of centralized pharmaceutical procurement, any \"magic medicine\" cannot be sold at sky-high prices.</p><p>On June 25th, Pien Tze Huang responded to the recent phenomenon that its Pien Tze Huang lozenge was \"hard to find\" on the interactive platform, saying that the company's production and operation are in a normal state at present. In view of the recent market situation, the company has taken three measures to resolutely maintain the market order.</p><p>Although the stock price has soared, according to the financial report data in recent years, Pien Tze Huang's revenue growth rate was the fastest in 2017, reaching 60.85%, but then the revenue growth rate began to decline year by year, and by 2020, it dropped to the lowest point in nearly five years, only 13.78%.</p><p>However, Pien Tze Huang's net profit has always remained at a high level. After the price increase in 2020, the revenue growth rate dropped to the lowest in five years, and the net profit growth rate was only 1 percentage point worse than that of 2019.</p><p>In fact, Pien Tze Huang's R&D expenses account for a very low proportion. From 2018 to 2020, the company's R&D expenses were 100 million yuan, 119 million yuan and 97.55 million yuan respectively, accounting for 2.12%, 2.09% and 1.5% of operating income respectively.</p><p>Pien Tze Huang is an \"exclusive business\". Pien Tze Huang and Yunnan Baiyao are the only two national first-class protected varieties of traditional Chinese medicine. Formulated medicinal herbs of the state secret level. Therefore, Pien Tze Huang may not have a strong R&D motivation, and you can't make mistakes without trial and error. The safest thing to learn from is ready to use.</p><p><img src=\"https://static.tigerbbs.com/d5efd050b5584873992f4b1d5f5b5cfb\" tg-width=\"767\" tg-height=\"439\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/fPg__P2D5g2Ud8-8ZahI9Q\">智通财经APP</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3153c88188d79bb8182b93c4fdd43636","relate_stocks":{"600436":"片仔癀"},"source_url":"https://mp.weixin.qq.com/s/fPg__P2D5g2Ud8-8ZahI9Q","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186640720","content_text":"“抢购与炒作齐飞”，今日的神药片仔癀一如2020年的神酒贵州茅台。\n媒体报道，近日，因为消费者疯抢，大量线下门店的片仔癀已经缺货，在淘宝、京东等电商平台，片仔癀官方旗舰店的药品均已售罄。淘宝“片仔癀大药房旗舰店”客服表示，补货时间无法确定，建议先收藏商品。其他商家售卖的片仔癀单粒价格则高达千元。\n片仔癀的股价也一路水涨船高，从2020年初的100元飙升至目前的400元以上，6月25日，突破450元大关。\n1、囤积居奇？谁在抢购片仔癀？\n片仔癀是一种肝病用药，主要适用于热毒血瘀所致急慢性病毒性肝炎，同时具备医用和保健功能。简单地说，片仔癀有治疗脂肪肝、酒精肝的作用。\n自片仔癀上市以来，已经持续进行了19次提价。其中，2004年到2020年国内零售价一共提价9次，从325元的零售价提升到了590元，提升82%。\n片仔癀这波炒作是怎么来的呢？\n一种观点是，片仔癀稀缺。\n片仔癀真的稀缺吗？\n受疫情影响，去年开始，许多消费者对天然药材的需求增加，导致这两年天然麝香价格从每千克30万涨到40万元。片仔癀成分为牛黄、麝香、三七与蛇胆，光麝香就占到总成本的55%。\n有人认为，片仔癀原材料供应矛盾比往年更突出。作为稀缺品种，片仔癀供不应求，价格越炒越高，越高越炒，出现投资“羊群效应”。\n对于最近一次涨价原因，片仔癀在2020年1月发布公告称，鉴于主要原料及人工成本上涨等原因，公司决定自公告之日起，主导产品片仔癀锭剂国内市场零售价格从530元/粒上调到590元/粒，供应价格相应上调约40元/粒。\n然而，根据西南证券2021年2月7日发表的研报，目前片仔癀推进人工养麝，以弥补稀缺原料供给不足，陕西养殖基地养麝超1万头，推测年产超100公斤，麝香和牛黄均可满足3年的产能扩张。\n换言之，原材料的所谓稀缺是暂时的，并不支撑片仔癀的炒作。\n有黄牛炒作吗？\n4月底就有网友透露，片仔癀从2021年5月开始，正式进入限购政策，历史上最严限购令，当月凭个人身份证号码和处方，体验馆购买，一人一个月限购2粒，满足当月使用的用量，保证长期用药的客户不会断药。\n目前，多地片仔癀线下门店实行限购。需要留下电话号码和身份证号预约，甚至有线下门店要求消费者“搭配”购买，即想要买到片仔癀，还要购买其他的高价药品。\n分析师朱丹蓬表示， 片仔癀突然的紧俏，与炒作不无关系。在南方尤其是东南沿海地区，一些消费者认为片仔癀具有保健功效，而且常年价格居高不下，也因此让其有了一些礼品属性。\n一些投机者抢购片仔癀坐等涨价，再抛售之后赚取中间暴利。\n有上海的片仔癀线下门店告诉媒体，“这个药之前并没有很多人购买，两三个月前，突然有黄牛开始大批购买，店铺无奈开始限购，只对会员老顾客开放。”\n药品在与资本市场联动炒作吗？\n川财证券透露，或有游资参与片仔癀炒作。\n川财证券策略研究团队认为，突如其来的供需失衡背后难免存在有人恶意囤货，恶意炒作，甚至借机在证券市场上牟利。\n事实上，这样的炒作套路并不新鲜。今年6月，有微博认证为某资管公司总经理的用户透露，“某白酒企业邀请经销商每次进酒的时候，进等价的股票。最后股价翻了一倍，等于经销商零成本拿酒，酒还可以放好几年，慢慢卖都行。”\n2、公募基金踏空了片仔癀？\n与2020年，公募机构联手推高贵州茅台、五粮液等白酒龙头不同，这一次，吊诡的是，公募基金们可能完美踏空了“药中茅台”片仔癀。\nWind数据显示，2020年四季度末，持有片仔癀股数超过10万股的公募基金共有25家：共持有约2678.24万股，约占A股流通比例4.44%。其中不乏“顶流基金经理”葛兰、刘格菘、曲阳等人的身影。\n然而，在经历了春节之后白马股的大幅震荡之后，一季度的公开数据显示，前25家机构持股数量锐减为1002.12万股，减仓幅度超过六成，只占A股流通比例的1.65%。\n2020年底，共计有101家机构投资者持股，今年一季度末，机构投资者锐减至41家。\n2021年季度，片仔癀亦经历了股价调整，其中，2月18日至3月9日，股价从404元跌至239元，接近腰斩。\n从公开数据看，大部分公募基金在2021年1季度的调整中卖出了片仔癀。\n不过，片仔癀股价的主要上涨是在2021年2季度，在这个过程中，公募基金有没有“吃回头草”又加仓片仔癀呢？目前公募基金和上市公司的中报都尚未出炉，我们不得而知。\n2021年1季度，少数公募基金选择了坚守甚至加仓，汇添富价值精选A一股未卖继续持有150万股，而被业内称为“医药女神”的中欧葛兰则逆势大举增仓，去年四季度末还仅持有片仔癀27.28万股，而一季度末披露时已持221.49万股，足足增仓接近10倍之多，显示其对公司的强烈看好。与葛兰相同在一季度进行增仓的，还有新进的广发医疗保健（118.72万股）和社保一零一组合（104.13万股），而银华富裕主题在一季度也增仓119.98万股至274.98万股，位列第六大股东。\n3、林园是片仔癀背后的男人吗？\n2018年半年报中，私募大佬林园旗下的私募基金以0.64%的持股比例出现在了片仔癀十大股东中。截至2020年6月末，其旗下3只私募基金合计持有片仔癀股票883.7万股。\n不过，2020年第三季度传出“林园减持片仔癀”的新闻，截至2021年第一季度，林园的三支私募基金已不在十大股东之列。\n2021年6月9日，林园派了代表参加片仔癀股东大会，会上表示，“从2005年起投资片仔癀股票，至今一股未卖。”此前林园曾称，只是将持仓进行了拆分。\n林园还给片仔癀送上热情洋溢的感谢信，感谢信依然是表达强烈看好：\n“林园及林园投投资，从2005年买入片仔癀至今一股未卖。尤其在贸易战我国新冠疫情，包括今年一直在大力投入，坚持长期主义，坚定看好中医药行业，看多中国，相信国运，相信片仔癀是一家伟大的公司。相信卓越优秀的管理层。也祝愿公司在潘总的带领下。勇攀高峰成为中国的名片，成为世界的奢侈品牌！”\n此前，2018年4月21日，林园在投资报告会上甚至宣称片仔癀可以“起死回生”。\n“最近我选了一个片仔癀。也是一个药的企业，这是福建的。在漳州有两宝，一个是水仙，还有一个是片仔癀。福建人死了以后，当地人也要把这个药放进去，试试能不能活过来。”\n对于这次片仔癀的“爆炒”，林园更是公开表示“他们最终要卖到两瓶茅台的价格。”\n4、、片仔癀的涨价可否持续？\n片仔癀真的能“卖到两瓶茅台的价格吗”？\n2021年6月9日，片仔癀股东大会上，公司表示，对待涨价问题，向来都比较小心谨慎，不追求过度利润。不赞同大家拿片仔癀跟茅台的价格进行对比。茅台是粮食产品，属于食品；片仔癀是药品，药品的定价和涨价问题，要更加谨慎，更加考虑社会责任，无法马上随行就市。\n事实上，片仔癀作为药品，始终要面临医药价格管制。在医药集采的大趋势下，任何“神药”都不可能卖到天价。\n6月25日，片仔癀在互动平台回应近期其片仔癀锭剂“一粒难求”的现象，称目前公司生产经营均属于正常状态，针对近期市场情况，公司采取三方面措施，坚决维护市场秩序。\n虽然股价一飞冲天，但是，从近几年财报数据看，片仔癀在2017年的营收增速最快，达到了60.85%，但随后营收增速便开始逐年下降，到2020年下降至近五年最低点，仅有13.78%。\n不过，片仔癀的净利润始终保持较高的水平。2020年提价之后，营收增速下降至5年内最低，然时净利润增速与2019年相比，只差了1个百分点。\n事实上，片仔癀的研发费用占比很低。公司 2018 年至 2020 年研发费用分别为 1 亿元、1.19 亿元、9755 万元，占营业收入比例分别为 2.12%、2.09%、1.5%。\n片仔癀是一门“独家生意”。片仔癀与云南白药，是唯二两个国家一级中药保护品种。国家机密级别的配方药材。因此，片仔癀或许没有太强的研发动力，不试错并不会犯错。有现成可借鉴的最稳妥。","news_type":1,"symbols_score_info":{"600436":0.9}},"isVote":1,"tweetType":1,"viewCount":3049,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122768697,"gmtCreate":1624633690919,"gmtModify":1703842391624,"author":{"id":"3569896467959373","authorId":"3569896467959373","name":"Kaslim","avatar":"https://static.tigerbbs.com/f82c85a933438b27edc2f005ba118976","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569896467959373","idStr":"3569896467959373"},"themes":[],"title":"","htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122768697","repostId":"1119275851","repostType":4,"isVote":1,"tweetType":1,"viewCount":3687,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126975775,"gmtCreate":1624543410697,"gmtModify":1703839902823,"author":{"id":"3569896467959373","authorId":"3569896467959373","name":"Kaslim","avatar":"https://static.tigerbbs.com/f82c85a933438b27edc2f005ba118976","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569896467959373","idStr":"3569896467959373"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/126975775","repostId":"1144044065","repostType":4,"repost":{"id":"1144044065","kind":"news","pubTimestamp":1624532990,"share":"https://ttm.financial/m/news/1144044065?lang=en_US&edition=fundamental","pubTime":"2021-06-24 19:09","market":"us","language":"zh","title":"CBIRC official: The global economy is in a sensitive period, and it is difficult to return to normal in the short term","url":"https://stock-news.laohu8.com/highlight/detail?id=1144044065","media":"新浪财经","summary":"这次疫情至少是自第二次世界大战以来对全球经济、人类社会最大的一次冲击。","content":"<p>The 2021 Caixin Summer Summit was held in Beijing on June 23-25, 2021. Yu Xuejun, leader of China Banking and Insurance Regulatory Commission, attended and delivered a speech.</p><p>Yu Xuejun said that the global economy is in a sensitive period of evolution and change, and it is difficult to return to normal in the short term.</p><p>He explained that, first of all, the complexity and sensitivity faced by the global economy this year were formed by the outbreak and spread of the COVID-19 epidemic around the world last year. \"This impact is too great\". He cited the UN report as saying it was \"the worst contraction of the global economy since the Great Depression of the 1930s, and the contraction was 2.5 times that of the 2009 international financial crisis\". He added,</p><p>\"As far as we can remember, this epidemic is at least the biggest shock to the global economy and human society since World War II.\" Last year, the global economy declined by 4.4% overall. Because of China's good epidemic control, epidemic prevention and economic work, the resumption of work and production was effective and effective, and it became the only country among the top ten economies in the world to achieve positive growth, with an annual economic growth of 2.3%. Yu Xuejun said,</p><p>\"This (growth) of 2.3% is very famous now. When we watch TV and newspapers, including some foreign scholars, they often mention 2.3%.\" Secondly, due to the rare impact of the COVID-19 pandemic on the global economy, governments of various countries have generally implemented ultra-loose stimulating economic policies. Historically, these policies are unprecedented and have played an important role in stabilizing the economy and maintaining social order in various countries. However, at the same time, these ultra-loose policies have also brought many problems.</p><p>Third, the changes and impacts of global geopolitics.</p><p>Yu Xuejun said that the key link to control the epidemic lies in the research and development and vaccination of vaccines. All countries hope to do it in one battle. Now it seems that the progress is fast, far exceeding people's previous expectations. How it changes in the future depends on two factors. One is that the effectiveness of the vaccine, including the expiration date, remains to be tested by time.</p><p>The second is the speed and complexity of the COVID-19 virus mutation. \"In the past, we used to say a phrase in banking supervision, which was called 'supervision is a race against risk'. Today, we borrow this phrase. We think that fighting the COVID-19 epidemic is actually a race against the mutation of the COVID-19 virus.\" He said that on the whole, the situation of human fighting the COVID-19 epidemic has become bright. Now it generally seems to be dominated by optimism, and I believe that the negative impact on the economy will gradually weaken.</p><p>Talking about where the ultra-loose stimulus policy goes from here, Yu Xuejun analyzed the situation in the United States.</p><p>After COVID-19 spread widely in the United States during the Trump administration last year, the Federal Reserve cut the Federal Reserve rate from 1.5%-1.75% to 0% to 0.25% in one go in mid-March, the so-called \"zero rate\". At the end of the year, the Federal Reserve increased its QE policy, increasing its bond purchase scale to 120 billion USD every month from December.</p><p>After President Biden took office, he has further increased fiscal stimulus policies, the most representative of which is the $1.9 trillion COVID-19 bailout bill passed in April this year. In addition, he also put forward a revival plan for infrastructure investment. It was initially drawn up at a scale of 2.25 trillion dollars, which has recently been compressed to an estimated $1 trillion.</p><p>Since last year, the Fed's ultra-loose monetary policy has significantly increased its balance sheet, which has soared from about $4 trillion at the beginning to $7.5 trillion at the end of the year, and the latest reached about $8 trillion. This has inflated the global dollar liquidity and caused the price of commodities to rise sharply, including the rare increase in food prices, resulting in global concerns about inflation.</p><p>Yu Xuejun believes that with the improvement of the anti-epidemic situation in the United States, the U.S. economy has rebounded strongly under the accumulated effect of ultra-loose monetary stimulus policies. According to the latest OECD medium-term economic outlook forecast, the U.S. economy will grow by 6.9% this year, 0.4 percentage points higher than the previous forecast.</p><p>In response to these new changes, the Federal Reserve has begun to release hawkish signals at the latest interest rate meeting in June, and the market expects the rate hike of the Federal Reserve to be advanced by one year to the second half of 2022. In addition, inflation expectations have also been sharply raised. It is expected that the PCE and personal consumption expenditure price index of the United States will rise to 3.4% in 2021, an increase of 1 percentage point from the forecast in March. Yu Xuejun said,</p><p>\"We are in such a window period when macro-control policies may be adjusted and changed at any time, so the market performance is extremely sensitive. A message or a wording of the Federal Reserve may cause huge fluctuations in the market. Now, grain, iron ore, oil, gold and exchange rates rise and fall almost every day, with different changes and no consistent direction. They are in such a sensitive period.\" Why is it difficult to return to short-term normality? He gives two reasons:</p><p>First, the impact of the COVID-19 epidemic is too great, and the epidemic control is still unpredictable. In addition, it will take time to assess the significant impact of the pandemic on human society after it is controlled, especially the impact on economic activities.</p><p>Second, the ultra-loose stimulus policies of various countries have had a significant impact. The withdrawal of these policies takes a long process, and it is difficult to recover. In particular, the base money put out by the Federal Reserve is difficult to recover in the short term, and it may become a period of history and be preserved forever.</p><p>\"After the financial crisis in the United States in 2008, the Federal Reserve implemented the monetary policy of quantitative easing. Before this, the balance sheet of the Federal Reserve was less than 900 billion dollars, which later increased to a maximum of 4.5 trillion dollars, and now it has increased to 8 trillion dollars. Calculated in this way,<b>The final Fed balance sheet is expected to be more than 10 times higher than it was before the 2008 financial crisis</b>These large amounts of US dollar liquidity are invested all over the world, which has a huge impact on the global economic and financial markets, especially the next impact on inflation. I think it is difficult to eliminate and accurately assess in the short term. \"</p>","source":"XLCJ","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>CBIRC official: The global economy is in a sensitive period, and it is difficult to return to normal in the short term</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\">\nCBIRC official: The global economy is in a sensitive period, and it is difficult to return to normal in the short term\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-06-24 19:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The 2021 Caixin Summer Summit was held in Beijing on June 23-25, 2021. Yu Xuejun, leader of China Banking and Insurance Regulatory Commission, attended and delivered a speech.</p><p>Yu Xuejun said that the global economy is in a sensitive period of evolution and change, and it is difficult to return to normal in the short term.</p><p>He explained that, first of all, the complexity and sensitivity faced by the global economy this year were formed by the outbreak and spread of the COVID-19 epidemic around the world last year. \"This impact is too great\". He cited the UN report as saying it was \"the worst contraction of the global economy since the Great Depression of the 1930s, and the contraction was 2.5 times that of the 2009 international financial crisis\". He added,</p><p>\"As far as we can remember, this epidemic is at least the biggest shock to the global economy and human society since World War II.\" Last year, the global economy declined by 4.4% overall. Because of China's good epidemic control, epidemic prevention and economic work, the resumption of work and production was effective and effective, and it became the only country among the top ten economies in the world to achieve positive growth, with an annual economic growth of 2.3%. Yu Xuejun said,</p><p>\"This (growth) of 2.3% is very famous now. When we watch TV and newspapers, including some foreign scholars, they often mention 2.3%.\" Secondly, due to the rare impact of the COVID-19 pandemic on the global economy, governments of various countries have generally implemented ultra-loose stimulating economic policies. Historically, these policies are unprecedented and have played an important role in stabilizing the economy and maintaining social order in various countries. However, at the same time, these ultra-loose policies have also brought many problems.</p><p>Third, the changes and impacts of global geopolitics.</p><p>Yu Xuejun said that the key link to control the epidemic lies in the research and development and vaccination of vaccines. All countries hope to do it in one battle. Now it seems that the progress is fast, far exceeding people's previous expectations. How it changes in the future depends on two factors. One is that the effectiveness of the vaccine, including the expiration date, remains to be tested by time.</p><p>The second is the speed and complexity of the COVID-19 virus mutation. \"In the past, we used to say a phrase in banking supervision, which was called 'supervision is a race against risk'. Today, we borrow this phrase. We think that fighting the COVID-19 epidemic is actually a race against the mutation of the COVID-19 virus.\" He said that on the whole, the situation of human fighting the COVID-19 epidemic has become bright. Now it generally seems to be dominated by optimism, and I believe that the negative impact on the economy will gradually weaken.</p><p>Talking about where the ultra-loose stimulus policy goes from here, Yu Xuejun analyzed the situation in the United States.</p><p>After COVID-19 spread widely in the United States during the Trump administration last year, the Federal Reserve cut the Federal Reserve rate from 1.5%-1.75% to 0% to 0.25% in one go in mid-March, the so-called \"zero rate\". At the end of the year, the Federal Reserve increased its QE policy, increasing its bond purchase scale to 120 billion USD every month from December.</p><p>After President Biden took office, he has further increased fiscal stimulus policies, the most representative of which is the $1.9 trillion COVID-19 bailout bill passed in April this year. In addition, he also put forward a revival plan for infrastructure investment. It was initially drawn up at a scale of 2.25 trillion dollars, which has recently been compressed to an estimated $1 trillion.</p><p>Since last year, the Fed's ultra-loose monetary policy has significantly increased its balance sheet, which has soared from about $4 trillion at the beginning to $7.5 trillion at the end of the year, and the latest reached about $8 trillion. This has inflated the global dollar liquidity and caused the price of commodities to rise sharply, including the rare increase in food prices, resulting in global concerns about inflation.</p><p>Yu Xuejun believes that with the improvement of the anti-epidemic situation in the United States, the U.S. economy has rebounded strongly under the accumulated effect of ultra-loose monetary stimulus policies. According to the latest OECD medium-term economic outlook forecast, the U.S. economy will grow by 6.9% this year, 0.4 percentage points higher than the previous forecast.</p><p>In response to these new changes, the Federal Reserve has begun to release hawkish signals at the latest interest rate meeting in June, and the market expects the rate hike of the Federal Reserve to be advanced by one year to the second half of 2022. In addition, inflation expectations have also been sharply raised. It is expected that the PCE and personal consumption expenditure price index of the United States will rise to 3.4% in 2021, an increase of 1 percentage point from the forecast in March. Yu Xuejun said,</p><p>\"We are in such a window period when macro-control policies may be adjusted and changed at any time, so the market performance is extremely sensitive. A message or a wording of the Federal Reserve may cause huge fluctuations in the market. Now, grain, iron ore, oil, gold and exchange rates rise and fall almost every day, with different changes and no consistent direction. They are in such a sensitive period.\" Why is it difficult to return to short-term normality? He gives two reasons:</p><p>First, the impact of the COVID-19 epidemic is too great, and the epidemic control is still unpredictable. In addition, it will take time to assess the significant impact of the pandemic on human society after it is controlled, especially the impact on economic activities.</p><p>Second, the ultra-loose stimulus policies of various countries have had a significant impact. The withdrawal of these policies takes a long process, and it is difficult to recover. In particular, the base money put out by the Federal Reserve is difficult to recover in the short term, and it may become a period of history and be preserved forever.</p><p>\"After the financial crisis in the United States in 2008, the Federal Reserve implemented the monetary policy of quantitative easing. Before this, the balance sheet of the Federal Reserve was less than 900 billion dollars, which later increased to a maximum of 4.5 trillion dollars, and now it has increased to 8 trillion dollars. Calculated in this way,<b>The final Fed balance sheet is expected to be more than 10 times higher than it was before the 2008 financial crisis</b>These large amounts of US dollar liquidity are invested all over the world, which has a huge impact on the global economic and financial markets, especially the next impact on inflation. I think it is difficult to eliminate and accurately assess in the short term. \"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.cn/hy/2021-06-24/detail-ikqciyzk1510511.d.html?from=wap\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f0777ffe79222b2a04c15407e205bed9","relate_stocks":{"000001.SH":"上证指数",".DJI":"道琼斯"},"source_url":"https://finance.sina.cn/hy/2021-06-24/detail-ikqciyzk1510511.d.html?from=wap","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144044065","content_text":"2021财新夏季峰会于2021年6月23-25日在北京举办，中国银行保险监督管理委员会领导于学军出席并演讲。\n于学军表示，全球经济正处于演进变化的敏感时期，短期内难以回归常态。\n他解释称，首先，今年全球经济面临的复杂性和敏感性是受去年新冠肺炎疫情在全球的暴发、蔓延而形成的，“这个冲击太大了”。他引用联合国报告称这“是自上世纪30年代经济大萧条以来，全球经济最严重的收缩，收缩的程度是2009年国际金融危机的2.5倍”。他又说道，\n\n “从我们的记忆来说，这次疫情至少是自第二次世界大战以来对全球经济、人类社会最大的一次冲击。”\n\n去年全球经济总体下降4.4%，由于中国疫情控制得好，并且防疫和经济工作两手抓，复工复产有力有效，成为了全球前十大经济体中唯一实现正增长的国家，全年经济增长2.3%。于学军说，\n\n “这个（增长）2.3%，现在非常有名，我们看电视、报纸，包括国外的一些学者，他们也经常提起来2.3%。”\n\n第二，由于新冠疫情对全球经济形成的罕见冲击，所以各国政府普遍实行了超宽松的刺激性经济政策，历史比较来看，这些政策力度是空前的，在各国稳定经济和维护社会秩序等方面均发挥了重要作用，但与此同时这些超宽松的政策也带来许多问题。\n第三，全球地缘政治的变化和影响。\n于学军表示，控制疫情的关键环节在于疫苗的研发和接种，各国都希望可以毕其功于一役，现在看进展很快，远超出人们之前的预期。未来如何变化取决于两个因素，一是疫苗的有效性，包括有效期，尚有待时间检验。\n二是新冠病毒变异的速度和复杂性。“过去我们做银行监管常说的一句话，叫做‘监管就是与风险赛跑’，今天我们把这句话借用过来，我们认为抗击新冠疫情实际上也是与新冠病毒的变异赛跑”，他说，总体来看人类抗击新冠疫情的形势已现光明，现在普遍看起来是乐观情绪主导，相信对经济的负面影响也会逐步减弱。\n谈及超宽松的刺激性政策何去何从，于学军分析了美国的情况。\n去年在特朗普执政时期，新冠肺炎在美国大面积传染之后，美联储在3月中旬一次性将联邦储备利率由1.5%-1.75%调低为0%到0.25%，即所谓的“零利率”。年末美联储又加大QE政策，从12月起将其购债规模每月增加到1200亿美元。\n拜登总统上任之后，进一步加大财政的刺激性政策，最具代表性的就是于今年4月通过的1.9万亿美元的新冠纾困法案。另外，他还提出基建投资的复兴计划。开始拟定的是2.25万亿规模，最近有所压缩，预计约1万亿美元。\n去年开始美联储实行超宽松的货币政策，使其资产负债表大幅增加，已从初期的约4万亿美元陡增至年末的7.5万亿美元，最新大概达到8万亿美元。这使全球的美元流动性不断膨胀，并造成大宗初级商品的价格大幅上涨，包括粮食也出现罕见的涨价现象，全球对通胀的担忧由此产生。\n于学军认为，随着美国抗疫形势出现好转，在货币超宽松刺激政策累加的作用之下，美国经济出现强势反弹，最新据经合组织OECD中期经济展望预测，今年美国经济将增长6.9%，比之前的预测调高了0.4个百分点。\n针对这些新变化，美联储在6月最新的议息会议上已开始释放鹰派信号，市场预计美联储加息或提前一年至2022年下半年。另外通货膨胀预期也被大幅上调，预计2021年美国的PCE及个人消费支出价格指数将升到3.4%，较3月的预测值上调1个百分点。于学军称，\n\n “我们处于这样一个宏观调控政策有可能随时发生调整变化的窗口期，所以市场表现极为敏感，一个信息、美联储的一句措词都有可能引起市场的巨大波动。现在粮食、铁矿石、石油、黄金、汇率几乎每天都出现上涨、下跌，有不同的变化，没有一致的方向，处在这样的一个敏感期。”\n\n为什么短期常态难回归呢？他给出两个原因：\n一是新冠疫情的冲击太大，现在疫情控制仍然难以预料。另外，疫情控制之后其对人类社会产生的重大影响，尤其是对经济活动的影响，也需要一个时间进行评估。\n二是各国超宽松的刺激性政策形成了重大影响，这些政策的退出需要一个较长的过程，并且覆水难收，尤其是美联储投放出去的基础货币很难在短期收回，也许会成为一段历史永远保留下去。\n\n “2008年美国发生金融危机之后，美联储就实行了量化宽松的货币政策，这个之前美联储的资产负债表不到9000亿美元，后来最高增加到了4.5万亿美元，现在又增加到8万亿美元。这样计算下来，\n 预计最终美联储的资产负债表将比2008年金融危机之前提高10倍以上，这些大量的美元流动性投入到世界各地，对全球经济金融市场形成巨大影响，尤其是下一步对通货膨胀的影响，我认为短期内难以消除，也难以准确评估。”","news_type":1,"symbols_score_info":{".DJI":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":3311,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126975929,"gmtCreate":1624543393761,"gmtModify":1703839901676,"author":{"id":"3569896467959373","authorId":"3569896467959373","name":"Kaslim","avatar":"https://static.tigerbbs.com/f82c85a933438b27edc2f005ba118976","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569896467959373","idStr":"3569896467959373"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/126975929","repostId":"1121154040","repostType":4,"isVote":1,"tweetType":1,"viewCount":3617,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":321716430,"gmtCreate":1615470086420,"gmtModify":1704783190476,"author":{"id":"3569896467959373","authorId":"3569896467959373","name":"Kaslim","avatar":"https://static.tigerbbs.com/f82c85a933438b27edc2f005ba118976","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569896467959373","idStr":"3569896467959373"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/321716430","repostId":"1136225097","repostType":4,"isVote":1,"tweetType":1,"viewCount":3647,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":389015656,"gmtCreate":1612620509175,"gmtModify":1704873247449,"author":{"id":"3569896467959373","authorId":"3569896467959373","name":"Kaslim","avatar":"https://static.tigerbbs.com/f82c85a933438b27edc2f005ba118976","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569896467959373","idStr":"3569896467959373"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/389015656","repostId":"1157800725","repostType":4,"isVote":1,"tweetType":1,"viewCount":3511,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}