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2022-12-25

hvvjjn

@TigerEvents:Join Tiger's Football Season, share the prizes worth up to US$200,000

2022-10-27

[愤怒] [财迷] [财迷] [财迷]

2022-09-23

2021-12-27

$Lucid Group Inc(LCID)$🤯🤯🤯🤯🤯🤯

2021-08-25

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Why did TSMC become the king of Asian stocks?

2021-05-08

W9h, what happened, why my stock never been like that

2021-03-17

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2021-03-06

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Zhihu submitted a prospectus to the New York Stock Exchange and officially launched its listing in the United States

2021-02-28

lj，??????????

2021-02-22

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2021-02-18

IQIY IQIY

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2021-02-15

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2021-02-15

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2021-02-15

????

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2021-02-14

$Property Solutions Acquisition Corp(PSAC)$??

2021-02-14

……

Reminder: List of closing arrangements for major markets during the Spring Festival holiday

2021-02-14

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2021-02-13

$Petco Health and Wellness Company, Inc.(WOOF)$?

2021-02-09

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2021-02-08

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day.Goalke","images":[{"img":"https://community-static.tradeup.com/news/e8c9b6ab16214df413c77708cf5957bf","width":"404","height":"707"},{"img":"https://community-static.tradeup.com/news/6f0ddb54cc9e55b9b9b59a0c9908bfb5","width":"358","height":"471"},{"img":"https://community-static.tradeup.com/news/d9cc4adf57a9972e62e94d321ecc6734","width":"402","height":"712"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9963969638","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2237,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9986935629,"gmtCreate":1666874816462,"gmtModify":1676537820868,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574563059595551","idStr":"3574563059595551"},"themes":[],"htmlText":"[愤怒]&nbsp;[财迷]&nbsp;[财迷]&nbsp;[财迷]&nbsp;","listText":"[愤怒]&nbsp;[财迷]&nbsp;[财迷]&nbsp;[财迷]&nbsp;","text":"[愤怒] [财迷] [财迷] [财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9986935629","isVote":1,"tweetType":1,"viewCount":1413,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9913128105,"gmtCreate":1663941280607,"gmtModify":1676537367377,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574563059595551","idStr":"3574563059595551"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/PYPL\">$PayPal(PYPL)$</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/PYPL\">$PayPal(PYPL)$</a><v-v data-views=\"1\"></v-v>","text":"$PayPal(PYPL)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9913128105","isVote":1,"tweetType":1,"viewCount":1800,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9009820501,"gmtCreate":1640616237529,"gmtModify":1676533529385,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574563059595551","idStr":"3574563059595551"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/LCID\">$Lucid Group Inc(LCID)$</a>🤯🤯🤯🤯🤯🤯","listText":"<a href=\"https://ttm.financial/S/LCID\">$Lucid Group Inc(LCID)$</a>🤯🤯🤯🤯🤯🤯","text":"$Lucid Group Inc(LCID)$🤯🤯🤯🤯🤯🤯","images":[{"img":"https://static.itradeup.com/news/da2035e99850a70dd61decf00eb63702","width":"1125","height":"2524"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9009820501","isVote":1,"tweetType":1,"viewCount":2355,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":837180616,"gmtCreate":1629864124335,"gmtModify":1676530155984,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574563059595551","idStr":"3574563059595551"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/837180616","repostId":"1184955585","repostType":2,"repost":{"id":"1184955585","kind":"news","pubTimestamp":1630118344,"share":"https://ttm.financial/m/news/1184955585?lang=en_US&edition=fundamental","pubTime":"2021-08-28 10:39","market":"hk","language":"zh","title":"Why did TSMC become the king of Asian stocks?","url":"https://stock-news.laohu8.com/highlight/detail?id=1184955585","media":"远川科技评论","summary":"在2020年初，全球市值最大的十家企业中，美国独占7席，而中国的腾讯和阿里也榜上有名，成为亚洲唯二突入榜单的企业。\n\n在当时看来，腾讯和阿里进入榜单是一个再自然不过的结果，前十大企业中6个是互联网、2","content":"<p>At the beginning of 2020, among the ten companies with the largest market value in the world, the United States held 7 seats, while China's<a href=\"https://laohu8.com/S/00700\">Tencent</a>And Ali are also on the list, becoming the only two companies in Asia to break into the list.</p><p><img src=\"https://static.tigerbbs.com/c2b6b856b3f2f1196c329b1155f9fc5f\" tg-width=\"1080\" tg-height=\"589\" referrerpolicy=\"no-referrer\"></p><p>At that time, it was a natural result for Tencent and Alibaba to enter the list. Among the top ten companies, 6 were Internet, 2 finance, 1 resource, and the only hardware company<a href=\"https://laohu8.com/S/AAPL\">Apple</a>, production is not under its own control. At that time, if a company<b>Heavy assets, heavy manufacturing, no oil at home yet</b>It is tantamount to an idiotic dream that a company can still enter the top ten.</p><p>But what I didn't expect was that just over a year later, on August 18, 2021,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>With a market value of US $538 billion, it successfully surpassed Tencent and became the company with the highest market value in Asia.</p><p>What supports the market value of TSMC's Asian stock king is TSMC's revenue of US $13.29 billion in the second quarter, earning US $147 million a day.</p><p>At the same time, the global chip shortage has made TSMC's orders hard currency: Not long ago, after Apple placed a one-time order of 100 million chips, TSMC's raw material suppliers directly broke the news, and TSMC's orders have been fully loaded until 2024.</p><p><b>Behind TSMC's replacement of Tencent as the king of Asian stocks is not only the change in the market value of the two companies, but also a counterattack of hard technology manufacturing on the Internet.</b></p><p>So how did TSMC cultivate its current status as a stock king in an electronics industry with heavy assets, high labor cost investment, and extremely strong customers?</p><p>The answer lies in the three historical opportunities of TSMC's rise.</p><p><img src=\"https://static.tigerbbs.com/8831ed0813cfe4215d1a7249b8194a1a\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>In December 1989, TSMC, which had just been established two years ago, ushered in<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Li Jianxi, the head of the family, personally poached the wall.</p><p>This time, Li Jianxi was not interested in a process leader or a technical expert, but directly focused on Zhang Zhongmou, the 58-year-old founder of TSMC.</p><p>The reason why Li Jianxi was so confident had a lot to do with the industry development background at that time: Samsung was already the overlord of many industries and the super chaebol that controlled the lifeline of South Korea;<b>The status of chip foundry in the industry at that time was actually similar to that of Foxconn, another foundry king in Taiwan, China today: the technical content was not high, and there were many competitors, all of which were located in the \"smile curve\" of value distribution in the manufacturing industry chain. bottom end</b>, do the most tiring work and earn the least money.</p><p><img src=\"https://static.tigerbbs.com/9789042af668ea4b67309f48e5f3e543\" tg-width=\"620\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p>What's more,<b>At that time, chip manufacturing was still in the sub-micron stage. The IDM model of chip companies designing, manufacturing, and packaging and testing by themselves was the mainstream of the industry.</b>The world's top ten semiconductor companies that year were NEC, Toshiba, Hitachi, Motorola,<a href=\"https://laohu8.com/S/TXN\">Texas Instruments</a>, Fujitsu, Mitsubishi,<a href=\"https://laohu8.com/S/INTC\">Intel</a>、<a href=\"https://laohu8.com/S/PC\">Panasonic</a>、<a href=\"https://laohu8.com/S/PHG\">Philips</a>All are typical semiconductor IDM giants.</p><p>So, why do IDMs with their own factories look for fledgling TSMC whose technology is not even as good as their own to manufacture chips?</p><p>This is a very realistic problem faced by Zhang Zhongmou, an elderly entrepreneur, after rejecting Li Jianxi's olive branch.</p><p>But soon, TSMC ushered in its first era opportunity: the rise of PC.</p><p>Around 1988, under the leadership of Intel, the global electronics industry entered the PC era from the traditional mainframe era. And<b>The focus of the global semiconductor industry has gradually shifted from traditional DRAM storage to digital chips represented by CPUs and GPUs.</b></p><p>Conventional<b>DRAM memory chips are light in design and heavy in manufacturing, so the IDM model dominates the development of the industry; For digital chips, chip manufacturing is certainly a top priority, but as the number of transistors in the chip reaches millions, the chip design investment required behind it is becoming more and more arduous. In the case of limited energy, it has become an urgent trend to separate design from manufacturing.</b></p><p><img src=\"https://static.tigerbbs.com/673230fbc935dd61c98bcb0b5390e825\" tg-width=\"767\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p>Relying on the personal friendship between Intel President Grove and Zhang Zhongmou, Intel directly dispatched engineers to TSMC, and pointed out at least 200 process improvement processes for TSMC, which had only more than 200 manufacturing processes at that time.</p><p>You know, Intel at that time was synonymous with top chip manufacturing. The 80486 chip it is developing is not only the first in the world to use the 1-micron manufacturing process, but also the first high-end chip manufacturer to break through the integration of 1 million transistors in one chip, reaching 1.2 million pioneering projects.</p><p>Being able to receive one-on-one tutoring from Intel, TSMC won the first technical ticket to the top chip foundry in one fell swoop.</p><p>Shortly after getting this ticket, in 1995, TSMC and the two-year-old company<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>It hit it off and won another important ticket in the PC era.</p><p>In the following ten years, TSMC established a relationship with<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>Cooperation with chip design companies such as Meiman Electronics; On the other hand, through the research and development of copper process technology and wet lithography process technology, it is technologically unique in the world. In 2004, it occupied half of the global market share.</p><p><b>However, TSMC did not expect that another storm that might subvert the industrial structure was quietly coming.</b></p><p><img src=\"https://static.tigerbbs.com/9dc0fda484f9be29a169f2a280cc0408\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>Shortly after becoming the number one foundry in the field of PC chips, Apple came with a tsunami of smartphones. Unfortunately, the protagonist this time was not TSMC at first.</p><p>In 2007, Jobs took the first-generation iPhone and officially announced it in the midst of much attention, which was called a stunning cross-generation product. In the following years, every time a new iPhone was released, there would be a spectacle of crazy fruit powder queuing up in the early morning in front of Apple retail stores all over the world.</p><p>Behind the iPhone's seal of gods, one thing is clearly shown:<b>The era of smart phones has arrived. Only by winning Apple can we become a real chip foundry brother.</b></p><p>But anyone who knows how to do it knows that Jobs on the stage seems to be the \"God\" who released the iPhone on the surface, but fundamentally, he is just a worker of the Samsung empire on the other side of the ocean.</p><p>IHS, a market research agency, once dismantled the cost sources of previous generations of iPhones and found that in the era before dual cameras and bathroom heater cameras appeared, the former<b>The three major cost sources of several generations of iPhone are: processor, screen and storage. In an iPhone, all three items are made by Samsung.</b></p><p>The processor and storage provided by Samsung are naturally made by Samsung. However, TSMC, which produced almost half of the world's chips in the era, could only wait and see with envy.</p><p>But as a top supply chain checks and balances master, Apple will definitely not allow its competitors to control its three lifebloods at the same time.</p><p>So, on the one hand, mixing oil with Samsung Mili, on the other hand, Apple quietly connected with TSMC in 2010. In order for the two parties to cooperate more smoothly, TSMC has also set up a team composed of more than 100 cross-departmental R&D engineers.<a href=\"https://laohu8.com/S/AONE.U\">one</a>team \"team, stationed at Apple headquarters in the United States, worked together to engage in secret research and development in an attempt to completely bypass Samsung's patents.</p><p>After the initial progress of research and development, Apple immediately filed 16 infringement charges with Samsung in 2011. Samsung, on the other hand, took Apple to court, countersued Apple for infringement, and even asked the United States to ban the sale of iPhone.</p><p>Apple competes with Samsung's snipe and clam, and TSMC benefits.</p><p>Starting from Apple's A8 chip in 2014, TSMC began to manufacture most Apple chips. Since the iPhone 7 era, TSMC has completely monopolized the production of all Apple chips. The cooperation continues to this day, and Apple is still TSMC's largest customer, contributing nearly 20% of TSMC's revenue every year.</p><p>At this point, TSMC has officially confirmed its leading position in chip foundry.</p><p><b>But just working for the most powerful customers can make TSMC what it is today? As Apple's largest foundry, Foxconn was the first to disagree.</b></p><p><img src=\"https://static.tigerbbs.com/7c04503bafb7a71524a1d953b35f1228\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>Also the king of foundry, TSMC can stuck the throat of global customers, while Foxconn has nothing to do about Apple supporting competitors to grab business.</p><p>Behind the completely different fates, in fact, the groundwork has been laid as early as the track selection.</p><p>Represented by Foxconn<b>Electronic product assembly is essentially a low-threshold industry that can start work on the assembly line 24 hours a day as long as enough workers are gathered.</b>Therefore, as an OEM, twenty years ago, Foxconn faced the \"five tigers of Taiwanese OEM\" in Taiwan, China-Quanta, Compal, Pegatron, Wistron, and Inventec competing for business; In the past ten years, Foxconn has faced the mainland \"younger brothers\" Luxshare, Goertek, Wingtech,<a href=\"https://laohu8.com/S/002594\">BYD</a>They are frantically grabbing business in their own territory.</p><p>This low-tech content and low threshold are reflected in the financial report, which is reflected in Foxconn's gross profit that is thinner than razor blades: in the past ten years,<b>In order to maintain a gross profit that has never exceeded 10%, Foxconn moved its factory from Shenzhen to Zhengzhou, and then expanded from Zhengzhou to Vietnam... constantly moving between different depressions of labor costs.</b></p><p>In sharp contrast to this, TSMC's corresponding chip foundry is an industry that is rolling forward on the wheels of Moore's Law. Under the guidance of Moore's Law, the number of components that can be accommodated on an integrated circuit will double every 18 to 24 months, the size of the corresponding transistors will continue to shrink, and the manufacture of semiconductors will become increasingly difficult.</p><p>Reflected in capital expenditures, in the process of upgrading the semiconductor industry from 8-inch to 12-inch, costs have risen sharply: the cost of an 8-inch wafer fab is as low as 100 million and as high as 1.5 billion US dollars depending on its production capacity. The cost of a new 12-inch fab is as high as US $2.5 billion to US $3 billion, which is enough to leave most competitors in the industry behind.</p><p>Different technical contents also determine different competitive landscapes.<b>The harder Foxconn works, the more competitors it has; Along the way, TSMC has dominated the world from 0.18 micron to 3 nanometers. Not only are there fewer and fewer competitors, but even the former big brothers Intel and IBM have been left behind.</b></p><p><img src=\"https://static.tigerbbs.com/12e071a18a041e0b8ddb78626d4f42b1\" tg-width=\"667\" tg-height=\"855\" referrerpolicy=\"no-referrer\"></p><p>With fewer and fewer competitors, profits will naturally become higher and higher. Located in Taiwan, China, Foxconn has set up factories around the world, and its gross profit is less than 10%. If it is not careful, it will be contained by Apple using Wistron, Pegatron and Luxshare;</p><p>TSMC, which has insisted on only producing high-end process products in Taiwan, China for 30 years, can maintain a gross profit of about 50% all year round. However, if customers want to grab TSMC's latest production capacity, it is not enough to have money: September 2020 After TSMC was forced to cut off supply to Huawei due to US sanctions, Qualcomm and MediaTek had the opportunity to replace Huawei and use TSMC's latest 5nm production capacity.</p><p>The market share ranks first, and the capital threshold of the industry continues to rise; The dividend effect of technology is constantly superimposed... TSMC, which is alone in seeking defeat, has established its unshakable number one throne in the field of chip foundry.</p><p>Looking back at history, there are three major reasons why TSMC can rise to become the king of foundry: in the PC era, with half of the support of Intel and Nvidia; The mobile phone era was chosen by Apple and became an important tool to check and balance Samsung; In the following years, he sat on the wheels of Moore's Law, relying on the advantages of technology and capital, leaving many competitors far behind.</p><p>However, TSMC's transformation from the \"king of chip foundry\" to the \"king of stocks\" is still the last step: let the Internet companies whose market value ranks ahead of TSMC fall from the altar in the capital market.</p><p><img src=\"https://static.tigerbbs.com/efede982c9faf847a3a670f3cc42a078\" tg-width=\"992\" tg-height=\"914\" referrerpolicy=\"no-referrer\"></p><p>Since the beginning of the year, on the one hand, TSMC has made a lot of money from the epic chip shortage, and its stock price has recently become the king of Asian stocks. On the other hand, looking at the traditional \"stock god\" Internet, Tencent has plummeted 45% from its highest point since the beginning of the year; Ali has fallen by more than 30% so far;<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>The stock price has fallen by more than 45% since its listing on the Hong Kong Stock Exchange.</p><p>From the king of chip foundry to the king of Asian stocks, TSMC is inseparable from its own efforts, and at the same time, it is inseparable from the process of history.</p><p>In addition to the process, it gives us a hint of enlightenment:<b>Do the hard and correct thing, and the more you persist, the smoother it will be.</b></p>","source":"lsy1571969218062","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>Why did TSMC become the king of Asian stocks?</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\">\nWhy did TSMC become the king of Asian stocks?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">远川科技评论</strong><span class=\"h-time small\">2021-08-28 10:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>At the beginning of 2020, among the ten companies with the largest market value in the world, the United States held 7 seats, while China's<a href=\"https://laohu8.com/S/00700\">Tencent</a>And Ali are also on the list, becoming the only two companies in Asia to break into the list.</p><p><img src=\"https://static.tigerbbs.com/c2b6b856b3f2f1196c329b1155f9fc5f\" tg-width=\"1080\" tg-height=\"589\" referrerpolicy=\"no-referrer\"></p><p>At that time, it was a natural result for Tencent and Alibaba to enter the list. Among the top ten companies, 6 were Internet, 2 finance, 1 resource, and the only hardware company<a href=\"https://laohu8.com/S/AAPL\">Apple</a>, production is not under its own control. At that time, if a company<b>Heavy assets, heavy manufacturing, no oil at home yet</b>It is tantamount to an idiotic dream that a company can still enter the top ten.</p><p>But what I didn't expect was that just over a year later, on August 18, 2021,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>With a market value of US $538 billion, it successfully surpassed Tencent and became the company with the highest market value in Asia.</p><p>What supports the market value of TSMC's Asian stock king is TSMC's revenue of US $13.29 billion in the second quarter, earning US $147 million a day.</p><p>At the same time, the global chip shortage has made TSMC's orders hard currency: Not long ago, after Apple placed a one-time order of 100 million chips, TSMC's raw material suppliers directly broke the news, and TSMC's orders have been fully loaded until 2024.</p><p><b>Behind TSMC's replacement of Tencent as the king of Asian stocks is not only the change in the market value of the two companies, but also a counterattack of hard technology manufacturing on the Internet.</b></p><p>So how did TSMC cultivate its current status as a stock king in an electronics industry with heavy assets, high labor cost investment, and extremely strong customers?</p><p>The answer lies in the three historical opportunities of TSMC's rise.</p><p><img src=\"https://static.tigerbbs.com/8831ed0813cfe4215d1a7249b8194a1a\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>In December 1989, TSMC, which had just been established two years ago, ushered in<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Li Jianxi, the head of the family, personally poached the wall.</p><p>This time, Li Jianxi was not interested in a process leader or a technical expert, but directly focused on Zhang Zhongmou, the 58-year-old founder of TSMC.</p><p>The reason why Li Jianxi was so confident had a lot to do with the industry development background at that time: Samsung was already the overlord of many industries and the super chaebol that controlled the lifeline of South Korea;<b>The status of chip foundry in the industry at that time was actually similar to that of Foxconn, another foundry king in Taiwan, China today: the technical content was not high, and there were many competitors, all of which were located in the \"smile curve\" of value distribution in the manufacturing industry chain. bottom end</b>, do the most tiring work and earn the least money.</p><p><img src=\"https://static.tigerbbs.com/9789042af668ea4b67309f48e5f3e543\" tg-width=\"620\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p>What's more,<b>At that time, chip manufacturing was still in the sub-micron stage. The IDM model of chip companies designing, manufacturing, and packaging and testing by themselves was the mainstream of the industry.</b>The world's top ten semiconductor companies that year were NEC, Toshiba, Hitachi, Motorola,<a href=\"https://laohu8.com/S/TXN\">Texas Instruments</a>, Fujitsu, Mitsubishi,<a href=\"https://laohu8.com/S/INTC\">Intel</a>、<a href=\"https://laohu8.com/S/PC\">Panasonic</a>、<a href=\"https://laohu8.com/S/PHG\">Philips</a>All are typical semiconductor IDM giants.</p><p>So, why do IDMs with their own factories look for fledgling TSMC whose technology is not even as good as their own to manufacture chips?</p><p>This is a very realistic problem faced by Zhang Zhongmou, an elderly entrepreneur, after rejecting Li Jianxi's olive branch.</p><p>But soon, TSMC ushered in its first era opportunity: the rise of PC.</p><p>Around 1988, under the leadership of Intel, the global electronics industry entered the PC era from the traditional mainframe era. And<b>The focus of the global semiconductor industry has gradually shifted from traditional DRAM storage to digital chips represented by CPUs and GPUs.</b></p><p>Conventional<b>DRAM memory chips are light in design and heavy in manufacturing, so the IDM model dominates the development of the industry; For digital chips, chip manufacturing is certainly a top priority, but as the number of transistors in the chip reaches millions, the chip design investment required behind it is becoming more and more arduous. In the case of limited energy, it has become an urgent trend to separate design from manufacturing.</b></p><p><img src=\"https://static.tigerbbs.com/673230fbc935dd61c98bcb0b5390e825\" tg-width=\"767\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p>Relying on the personal friendship between Intel President Grove and Zhang Zhongmou, Intel directly dispatched engineers to TSMC, and pointed out at least 200 process improvement processes for TSMC, which had only more than 200 manufacturing processes at that time.</p><p>You know, Intel at that time was synonymous with top chip manufacturing. The 80486 chip it is developing is not only the first in the world to use the 1-micron manufacturing process, but also the first high-end chip manufacturer to break through the integration of 1 million transistors in one chip, reaching 1.2 million pioneering projects.</p><p>Being able to receive one-on-one tutoring from Intel, TSMC won the first technical ticket to the top chip foundry in one fell swoop.</p><p>Shortly after getting this ticket, in 1995, TSMC and the two-year-old company<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>It hit it off and won another important ticket in the PC era.</p><p>In the following ten years, TSMC established a relationship with<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>Cooperation with chip design companies such as Meiman Electronics; On the other hand, through the research and development of copper process technology and wet lithography process technology, it is technologically unique in the world. In 2004, it occupied half of the global market share.</p><p><b>However, TSMC did not expect that another storm that might subvert the industrial structure was quietly coming.</b></p><p><img src=\"https://static.tigerbbs.com/9dc0fda484f9be29a169f2a280cc0408\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>Shortly after becoming the number one foundry in the field of PC chips, Apple came with a tsunami of smartphones. Unfortunately, the protagonist this time was not TSMC at first.</p><p>In 2007, Jobs took the first-generation iPhone and officially announced it in the midst of much attention, which was called a stunning cross-generation product. In the following years, every time a new iPhone was released, there would be a spectacle of crazy fruit powder queuing up in the early morning in front of Apple retail stores all over the world.</p><p>Behind the iPhone's seal of gods, one thing is clearly shown:<b>The era of smart phones has arrived. Only by winning Apple can we become a real chip foundry brother.</b></p><p>But anyone who knows how to do it knows that Jobs on the stage seems to be the \"God\" who released the iPhone on the surface, but fundamentally, he is just a worker of the Samsung empire on the other side of the ocean.</p><p>IHS, a market research agency, once dismantled the cost sources of previous generations of iPhones and found that in the era before dual cameras and bathroom heater cameras appeared, the former<b>The three major cost sources of several generations of iPhone are: processor, screen and storage. In an iPhone, all three items are made by Samsung.</b></p><p>The processor and storage provided by Samsung are naturally made by Samsung. However, TSMC, which produced almost half of the world's chips in the era, could only wait and see with envy.</p><p>But as a top supply chain checks and balances master, Apple will definitely not allow its competitors to control its three lifebloods at the same time.</p><p>So, on the one hand, mixing oil with Samsung Mili, on the other hand, Apple quietly connected with TSMC in 2010. In order for the two parties to cooperate more smoothly, TSMC has also set up a team composed of more than 100 cross-departmental R&D engineers.<a href=\"https://laohu8.com/S/AONE.U\">one</a>team \"team, stationed at Apple headquarters in the United States, worked together to engage in secret research and development in an attempt to completely bypass Samsung's patents.</p><p>After the initial progress of research and development, Apple immediately filed 16 infringement charges with Samsung in 2011. Samsung, on the other hand, took Apple to court, countersued Apple for infringement, and even asked the United States to ban the sale of iPhone.</p><p>Apple competes with Samsung's snipe and clam, and TSMC benefits.</p><p>Starting from Apple's A8 chip in 2014, TSMC began to manufacture most Apple chips. Since the iPhone 7 era, TSMC has completely monopolized the production of all Apple chips. The cooperation continues to this day, and Apple is still TSMC's largest customer, contributing nearly 20% of TSMC's revenue every year.</p><p>At this point, TSMC has officially confirmed its leading position in chip foundry.</p><p><b>But just working for the most powerful customers can make TSMC what it is today? As Apple's largest foundry, Foxconn was the first to disagree.</b></p><p><img src=\"https://static.tigerbbs.com/7c04503bafb7a71524a1d953b35f1228\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>Also the king of foundry, TSMC can stuck the throat of global customers, while Foxconn has nothing to do about Apple supporting competitors to grab business.</p><p>Behind the completely different fates, in fact, the groundwork has been laid as early as the track selection.</p><p>Represented by Foxconn<b>Electronic product assembly is essentially a low-threshold industry that can start work on the assembly line 24 hours a day as long as enough workers are gathered.</b>Therefore, as an OEM, twenty years ago, Foxconn faced the \"five tigers of Taiwanese OEM\" in Taiwan, China-Quanta, Compal, Pegatron, Wistron, and Inventec competing for business; In the past ten years, Foxconn has faced the mainland \"younger brothers\" Luxshare, Goertek, Wingtech,<a href=\"https://laohu8.com/S/002594\">BYD</a>They are frantically grabbing business in their own territory.</p><p>This low-tech content and low threshold are reflected in the financial report, which is reflected in Foxconn's gross profit that is thinner than razor blades: in the past ten years,<b>In order to maintain a gross profit that has never exceeded 10%, Foxconn moved its factory from Shenzhen to Zhengzhou, and then expanded from Zhengzhou to Vietnam... constantly moving between different depressions of labor costs.</b></p><p>In sharp contrast to this, TSMC's corresponding chip foundry is an industry that is rolling forward on the wheels of Moore's Law. Under the guidance of Moore's Law, the number of components that can be accommodated on an integrated circuit will double every 18 to 24 months, the size of the corresponding transistors will continue to shrink, and the manufacture of semiconductors will become increasingly difficult.</p><p>Reflected in capital expenditures, in the process of upgrading the semiconductor industry from 8-inch to 12-inch, costs have risen sharply: the cost of an 8-inch wafer fab is as low as 100 million and as high as 1.5 billion US dollars depending on its production capacity. The cost of a new 12-inch fab is as high as US $2.5 billion to US $3 billion, which is enough to leave most competitors in the industry behind.</p><p>Different technical contents also determine different competitive landscapes.<b>The harder Foxconn works, the more competitors it has; Along the way, TSMC has dominated the world from 0.18 micron to 3 nanometers. Not only are there fewer and fewer competitors, but even the former big brothers Intel and IBM have been left behind.</b></p><p><img src=\"https://static.tigerbbs.com/12e071a18a041e0b8ddb78626d4f42b1\" tg-width=\"667\" tg-height=\"855\" referrerpolicy=\"no-referrer\"></p><p>With fewer and fewer competitors, profits will naturally become higher and higher. Located in Taiwan, China, Foxconn has set up factories around the world, and its gross profit is less than 10%. If it is not careful, it will be contained by Apple using Wistron, Pegatron and Luxshare;</p><p>TSMC, which has insisted on only producing high-end process products in Taiwan, China for 30 years, can maintain a gross profit of about 50% all year round. However, if customers want to grab TSMC's latest production capacity, it is not enough to have money: September 2020 After TSMC was forced to cut off supply to Huawei due to US sanctions, Qualcomm and MediaTek had the opportunity to replace Huawei and use TSMC's latest 5nm production capacity.</p><p>The market share ranks first, and the capital threshold of the industry continues to rise; The dividend effect of technology is constantly superimposed... TSMC, which is alone in seeking defeat, has established its unshakable number one throne in the field of chip foundry.</p><p>Looking back at history, there are three major reasons why TSMC can rise to become the king of foundry: in the PC era, with half of the support of Intel and Nvidia; The mobile phone era was chosen by Apple and became an important tool to check and balance Samsung; In the following years, he sat on the wheels of Moore's Law, relying on the advantages of technology and capital, leaving many competitors far behind.</p><p>However, TSMC's transformation from the \"king of chip foundry\" to the \"king of stocks\" is still the last step: let the Internet companies whose market value ranks ahead of TSMC fall from the altar in the capital market.</p><p><img src=\"https://static.tigerbbs.com/efede982c9faf847a3a670f3cc42a078\" tg-width=\"992\" tg-height=\"914\" referrerpolicy=\"no-referrer\"></p><p>Since the beginning of the year, on the one hand, TSMC has made a lot of money from the epic chip shortage, and its stock price has recently become the king of Asian stocks. On the other hand, looking at the traditional \"stock god\" Internet, Tencent has plummeted 45% from its highest point since the beginning of the year; Ali has fallen by more than 30% so far;<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>The stock price has fallen by more than 45% since its listing on the Hong Kong Stock Exchange.</p><p>From the king of chip foundry to the king of Asian stocks, TSMC is inseparable from its own efforts, and at the same time, it is inseparable from the process of history.</p><p>In addition to the process, it gives us a hint of enlightenment:<b>Do the hard and correct thing, and the more you persist, the smoother it will be.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/1vKEt53uVNkuuzHjwkGPDA\">远川科技评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/975836d8c6eb511241583dccb0d387f2","relate_stocks":{"03145":"华夏亚洲高息股","TSM":"台积电","EWT":"台湾ETF-iShares MSCI"},"source_url":"https://mp.weixin.qq.com/s/1vKEt53uVNkuuzHjwkGPDA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184955585","content_text":"在2020年初，全球市值最大的十家企业中，美国独占7席，而中国的腾讯和阿里也榜上有名，成为亚洲唯二突入榜单的企业。\n\n在当时看来，腾讯和阿里进入榜单是一个再自然不过的结果，前十大企业中6个是互联网、2个金融、1个资源，唯一的硬件企业苹果，生产还不归自己管，当时如果说一家重资产、重制造、家里还没石油的企业还能进前十，无异于痴人说梦。\n但没有想到的是，仅仅一年多时间后的2021年8月18日，台积电就以5380亿美元的市值，成功超越腾讯，成为亚洲市值最高的公司。\n支撑起台积电亚洲股王市值的，是台积电二季度创下的132.9亿美元营收，一天赚1.47亿美元的亮眼业绩。\n与此同时，全球芯片大缺货，更是让台积电的订单成为硬通货：前不久，苹果一次性下单一亿片芯片后，台积电原材料供应商直接爆出猛料，台积电的订单已经满载到2024年。\n台积电取代腾讯成为亚洲股王的背后，不仅是两家企业市值的变化，同时，更是一场硬科技制造对互联网的逆袭。\n那么台积电究竟是如何在一个重资产、高人力成本投入，客户又极度强势的电子行业中，修炼出如今的股王地位？\n答案就藏在台积电崛起的三次历史机遇之中。\n\n1989年12月，刚成立两年的台积电就迎来三星掌门人李健熙的亲自挖墙脚。\n这一次，李健熙看上的，不是什么工艺负责人，也不是什么技术大牛，而是直接将目光锁定在了已经58岁的台积电创始人张忠谋的身上。\n李健熙之所以如此自信，与当时的行业发展背景有着很大的关系：当年的三星，已然是多个行业的霸主，把控韩国命脉的超级财阀；而芯片代工，在当时的行业地位，其实与如今中国台湾的另一个代工之王——富士康差不多：技术含量不高，竞争对手不少，都是位于制造业产业链价值分配“微笑曲线”的最底端，干着最累的活儿，赚最少的钱。\n\n更何况，当时的芯片制造还停留在亚微米阶段，芯片企业自己设计，自己制造，自己封测的IDM模式才是业界主流。当年的全球十大半导体公司，NEC、东芝、日立、摩托罗拉、德州仪器、富士通、三菱、英特尔、松下、飞利浦全部是典型的半导体IDM巨头。\n那么，有自己的工厂的IDM们，为什么要找初出茅庐，工艺甚至还不如自己的台积电来代工芯片？\n这是在拒绝了李健熙橄榄枝后，摆在高龄创业者——张忠谋面前的一个很现实的问题。\n不过很快，台积电就迎来了属于它的第一个时代机遇：PC崛起。\n1988年前后，在英特尔的带领下，全球的电子产业从传统的大型机时代进入PC时代。而全球的半导体产业的重心也开始逐渐从传统的DRAM存储开始向CPU、GPU为代表的数字芯片迈进。\n传统的DRAM存储芯片的轻设计重制造，因此IDM模式主导行业发展；而对数字芯片来说，芯片制造固然是头等大事，但随着芯片内晶体管的数量迈上百万台阶，背后所需的芯片设计投入，也越来越繁重。在精力有限的情况下，将设计与制造分离，已经成为迫在眉睫的大趋势。\n\n凭借着英特尔总裁格鲁夫与张忠谋的私人交情，英特尔直接派驻工程师入驻台积电，对当时制造工艺仅有二百多道环节的台积电，一口气指出了至少二百个工艺改进流程。\n要知道，当时的英特尔，正是顶级芯片制造的代名词。其正在的研发的80486芯片，不仅是全球最先使用1微米的制造工艺的，同时更是首次在一个芯片中突破了100万个晶体管集成，达到120万创举的高端芯片制造者。\n能被英特尔一对一辅导，台积电一举拿下了通往顶级芯片代工的第一张技术门票。\n拿到了这张门票后不久，1995年台积电又与刚成立两年的英伟达一拍即合，拿下了PC时代的另一张重要船票。\n此后十年间，台积电一边确立了与高通、美满电子等芯片设计企业的合作；另一边，还通过铜制程技术以及湿法光刻工艺技术的研发，在技术上独步全球，在2004年，占据了全球市场份额的半壁江山。\n只是，台积电没想到，另一个可能颠覆产业格局的风暴正在悄悄到来。\n\n成为PC芯片领域代工一哥不久后，苹果带着智能手机山呼海啸的袭来，只可惜，这一次的主角，一开始并不是台积电。\n2007年，乔布斯拿着初代iPhone在万众瞩目中官宣，被称为惊艳的跨时代产品。此后数年，每逢iPhone发布新机，世界各地的苹果零售店门前都会出现疯狂的果粉凌晨排队抢购的奇观。\n而iPhone封神的背后，也明明白白的昭示了一件事：智能机时代已经到来，只有拿下苹果，才能成为真正的芯片代工一哥。\n但是懂行的都知道，台上的乔布斯，表面看似是发布iPhone手机的“上帝”，但根本上，却只是大洋彼岸三星帝国的打工人。\n市调机构IHS，曾对历代iPhone的成本来源进行拆解发现，在还没出现双摄与浴霸摄像头的年代里，前几代iPhone的三大成本来源，分别是：处理器，屏幕以及存储。而一部iPhone手机中，这三项全部made by Samsung。\n三星提供的处理器与存储，自然是三星制造。而当年代工了全球几乎一半芯片的台积电，却只能默默羡慕的观望。\n但作为顶级的供应链制衡大师，苹果一定不会允许，让自己的竞争对手，同时把控着自己的三大命脉。\n于是，一边与三星蜜里调油，另一边，2010年苹果就悄悄与台积电搭上了线。为了双方能够合作得更顺畅，台积电还专门成立了一支由百余位跨部门的研发工程师组成的“one team”战队，驻扎美国苹果总部，一起快马加鞭搞秘密研发，企图彻底绕过三星的专利。\n研发初见进展后，苹果立刻在2011年闪电向三星提起16项侵权指控。而三星则反手又将苹果告上法庭，反诉苹果侵权，甚至要求美国禁售iPhone。\n苹果与三星鹬蚌相争，台积电渔翁得利。\n从2014年苹果的A8芯片起，台积电开始代工大部分苹果芯片，iPhone 7时代开始，台积电则完全垄断了所有苹果芯片的生产。合作延续至如今，苹果仍是台积电最大的客户，每年为台积电贡献了近20%的收入。\n至此，台积电正式确定了芯片代工的龙头地位。\n但只是给最厉害的客户打工，就能够成就如今的台积电吗？作为苹果最大的代工厂，富士康第一个不同意。\n\n同样是代工之王，台积电可以卡住全球客户的咽喉，而富士康却对苹果扶持竞争对手来抢生意无可奈何。\n截然不同的命运背后，其实早在赛道选择之时就已经埋下伏笔。\n以富士康为代表的电子产品组装，本质上是个只要召集了足够多工人，就能在流水线上24小时开工的低门槛行业。因此，做代工，二十年前，富士康在中国台湾面临着“台系代工五虎”——广达、仁宝、和硕、纬创、英业达抢生意；最近十年，富士康又面临着，曾经一手带大的大陆“小弟”立讯、歌尔、闻泰、比亚迪们，在自己的地盘疯狂抢生意。\n这种低技术含量、低门槛体现在财报中，就表现为富士康比剃须刀刀片还要薄的毛利之中：近十年，富士康为保住从未突破10%的毛利，一路将工厂从深圳搬到郑州，又从郑州拓展到越南……不断在人力成本的不同洼地之间辗转搬迁。\n与此形成鲜明对比的是，台积电对应的芯片代工是一个坐在摩尔定律车轮上滚滚向前的产业。在摩尔定律的主导下，集成电路上可容纳的元器件的数量每隔18至24个月就会增加一倍，相应的晶体管的尺寸也会不断缩小，半导体的制造难度也越来越高。\n体现在资本开支上，半导体行业从8英寸向12英寸升级的过程中，成本急剧上升：一座8英寸的晶圆厂造价视产能最低1亿，最高15亿美元，一般的企业咬咬牙还能顶上。而一座新的12英寸晶圆厂造价则高达25亿到30亿美金，足以将行业内大部分竞争对手甩在身后。\n不同的技术含量，也决定了不同的竞争格局。富士康越努力，竞争对手越多；而台积电一路走来，从0.18微米到3纳米独步天下，不仅竞争对手越来越少，就连曾经的老大哥英特尔、IBM也被甩在身后。\n\n对手越来越少，利润自然就越来越高，同处中国台湾，富士康全球设厂，毛利不足10%，一不留神，就被苹果用纬创、和硕以及立讯牵制；\n而坚持三十年只在中国台湾生产高阶制程产品的台积电，则可以常年维持在50%左右的毛利，而客户想要抢到台积电的最新产能，只是有钱还万万不够：2020年9月，台积电因美国制裁被迫断供华为后，高通、联发科这才有了替补华为，用上台积电最新5nm产能的机会。\n市场份额稳居第一，行业的资金门槛不断提升；技术的红利效应不断叠加……独孤求败的台积电，在芯片代工领域，已然奠定了其不可撼动的第一宝座。\n回顾历史，台积电能崛起成为代工之王，有三大原因：PC时代，有了半个英特尔与英伟达支持；手机时代被苹果选择，成为制衡三星的重要工具；此后数年，又坐在摩尔定律的车轮上，靠着技术与资本优势，将一众竞争对手远远甩在身后。\n只不过，台积电从“芯片代工之王”变成“股王”，还差最后一步：让市值排在台积电之前的互联网企业们，在资本市场跌落神坛。\n\n从年初至今，一边是台积电在史诗级的芯片大缺货中赚得盆满钵满，近期股价更是一跃成为亚洲股王。另一边，反观传统“股神”互联网，年初至今，腾讯从最高点暴跌45%；阿里至今跌幅超过30%；百度股价更在港交所上市至今跌幅超过45%。\n从芯片代工之王进阶亚洲股王背后，台积电离不开自身的努力，同时，更离不开历史的进程。\n而进程之外，更给我们一丝启示：做难而正确的事，越坚持越顺利。","news_type":1,"symbols_score_info":{"TSM":0.9,"EWT":0.9,"TWmain":0.9,"03145":0.9}},"isVote":1,"tweetType":1,"viewCount":1824,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107356656,"gmtCreate":1620447051275,"gmtModify":1704343881608,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574563059595551","idStr":"3574563059595551"},"themes":[],"htmlText":"W9h, what happened, why my stock never been like that","listText":"W9h, what happened, why my stock never been like that","text":"W9h, what happened, why my stock never been like 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00:27","market":"us","language":"zh","title":"Zhihu submitted a prospectus to the New York Stock Exchange and officially launched its listing in the United States","url":"https://stock-news.laohu8.com/highlight/detail?id=1154986292","media":"老虎资讯综合","summary":"美东时间3月5日，中国最大的在线问答社区知乎正式向美国证监会递交首次公开招股书，计划在纽交所上市，代码为“ZH”。$$招股书显示，知乎2019年、2020年的营收分别为6.71亿元人民币和13.52亿元人民币，同比增长达101.7%。其中，广告收入从2019年的5.77亿元人民币升至2020年的8.43亿元人民币，同比增长46，但对总营收占比从86.1%降至62.4%，这意味着，知乎在商业多元化布局上初见所成。","content":"<p>On March 5, Eastern Time, Zhihu, China's largest online question-and-answer community, officially submitted its initial public prospectus to the US Securities and Exchange Commission (SEC), planning to list on the New York Stock Exchange under the code \"ZH\". Goldman Sachs, Credit Suisse and JPMorgan Chase acted as underwriters.<a href=\"https://laohu8.com/S/ZH\">$(ZH) $</a><img src=\"https://static.tigerbbs.com/feaff0024cc3a86087dd8625a1c7b2f2\" tg-width=\"1024\" tg-height=\"682\" referrerpolicy=\"no-referrer\">According to the prospectus, Zhihu's revenue in 2019 and 2020 will be 671 million yuan and 1.352 billion yuan respectively, a year-on-year increase of 101.7%. Among them, advertising revenue rose from 577 million yuan in 2019 to 843 million yuan in 2020, a year-on-year increase of 46%, but its proportion of total revenue dropped from 86.1% to 62.4%, which means that Zhihu is in business diversification. The layout is first seen.</p><p>Revenue from paid members rose from 88 million yuan in 2019 to 320 million yuan in 2020, a year-on-year increase of 264%, and its contribution to total revenue increased from 13.1% to 23.7%. The revenue of the newly opened revenue channel-content commercialization solution in 2020 will be 136 million yuan, accounting for 10% of the total revenue contribution; Other income, including online education and e-commerce, surged from 4.45 million yuan to 52.53 million yuan, a year-on-year increase of 1,083%.</p><p>In terms of operational data, as of December 31, 2020, Zhihu has a total of 43.1 million content creators and contributed a total of 315 million Q&A content. In the fourth quarter of 2020, Zhihu's average monthly active users (MAUs) were 75.7 million, a year-on-year increase of 33% compared with the same period in 20219. In the fourth quarter of 2020, users generated an average of 676 million monthly interactions in the community.</p><p>According to CIC, Zhihu is the largest high-quality online Q&A community in China and one of the top five comprehensive online content communities in China. According to a survey conducted by CIC, Zhihu is recognized as the most trustworthy online content community and is widely recognized by the people for its high-quality content.</p><p>It is worth mentioning that Zhihu has been favored by capital since its establishment. It has successively received strategic investments from Tencent, Kuaishou and Baidu. And received early-stage investments including Capital Today, Qiming Venture Capital, SAIF, innovation works, etc. This is inseparable from Zhihu's good community atmosphere and large-scale accumulation of high-quality content.</p><p>Tiger Information noticed that Zhihu was founded in December 2010, and the company's name may come from \"The Analects of Confucius · Asking Politics\": \"Confucius said: 'By, teach women to know! Knowing is knowing, and not knowing is not knowing.'\" At the beginning of its birth, Zhihu was benchmarked against Quora, an American knowledge question and answer community. With a series of differentiated operations, Zhihu has successively entered the fields of knowledge payment, live broadcast, recommendation of good things, and short videos to build its complete community ecology. Zhihu has been established ten years ago. Compared with many previous listing cases of Internet companies, Zhihu's listing journey seems to be a little slower. However, its founder Zhou Yuan once said in an exclusive interview: Zhihu is not a sprint product. The product form takes a long time to accumulate. Everything's characteristics grow up bit by bit, and naturally it takes time.</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>Zhihu submitted a prospectus to the New York Stock Exchange and officially launched its listing in the United States</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\">\nZhihu submitted a prospectus to the New York Stock Exchange and officially launched its listing in the United States\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\">2021-03-06 00:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On March 5, Eastern Time, Zhihu, China's largest online question-and-answer community, officially submitted its initial public prospectus to the US Securities and Exchange Commission (SEC), planning to list on the New York Stock Exchange under the code \"ZH\". Goldman Sachs, Credit Suisse and JPMorgan Chase acted as underwriters.<a href=\"https://laohu8.com/S/ZH\">$(ZH) $</a><img src=\"https://static.tigerbbs.com/feaff0024cc3a86087dd8625a1c7b2f2\" tg-width=\"1024\" tg-height=\"682\" referrerpolicy=\"no-referrer\">According to the prospectus, Zhihu's revenue in 2019 and 2020 will be 671 million yuan and 1.352 billion yuan respectively, a year-on-year increase of 101.7%. Among them, advertising revenue rose from 577 million yuan in 2019 to 843 million yuan in 2020, a year-on-year increase of 46%, but its proportion of total revenue dropped from 86.1% to 62.4%, which means that Zhihu is in business diversification. The layout is first seen.</p><p>Revenue from paid members rose from 88 million yuan in 2019 to 320 million yuan in 2020, a year-on-year increase of 264%, and its contribution to total revenue increased from 13.1% to 23.7%. The revenue of the newly opened revenue channel-content commercialization solution in 2020 will be 136 million yuan, accounting for 10% of the total revenue contribution; Other income, including online education and e-commerce, surged from 4.45 million yuan to 52.53 million yuan, a year-on-year increase of 1,083%.</p><p>In terms of operational data, as of December 31, 2020, Zhihu has a total of 43.1 million content creators and contributed a total of 315 million Q&A content. In the fourth quarter of 2020, Zhihu's average monthly active users (MAUs) were 75.7 million, a year-on-year increase of 33% compared with the same period in 20219. In the fourth quarter of 2020, users generated an average of 676 million monthly interactions in the community.</p><p>According to CIC, Zhihu is the largest high-quality online Q&A community in China and one of the top five comprehensive online content communities in China. According to a survey conducted by CIC, Zhihu is recognized as the most trustworthy online content community and is widely recognized by the people for its high-quality content.</p><p>It is worth mentioning that Zhihu has been favored by capital since its establishment. It has successively received strategic investments from Tencent, Kuaishou and Baidu. And received early-stage investments including Capital Today, Qiming Venture Capital, SAIF, innovation works, etc. This is inseparable from Zhihu's good community atmosphere and large-scale accumulation of high-quality content.</p><p>Tiger Information noticed that Zhihu was founded in December 2010, and the company's name may come from \"The Analects of Confucius · Asking Politics\": \"Confucius said: 'By, teach women to know! Knowing is knowing, and not knowing is not knowing.'\" At the beginning of its birth, Zhihu was benchmarked against Quora, an American knowledge question and answer community. With a series of differentiated operations, Zhihu has successively entered the fields of knowledge payment, live broadcast, recommendation of good things, and short videos to build its complete community ecology. Zhihu has been established ten years ago. Compared with many previous listing cases of Internet companies, Zhihu's listing journey seems to be a little slower. However, its founder Zhou Yuan once said in an exclusive interview: Zhihu is not a sprint product. The product form takes a long time to accumulate. Everything's characteristics grow up bit by bit, and naturally it takes time.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/feaff0024cc3a86087dd8625a1c7b2f2","relate_stocks":{"ZH":"知乎"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154986292","content_text":"美东时间3月5日，中国最大的在线问答社区知乎正式向美国证监会（SEC）递交首次公开招股书，计划在纽交所上市，代码为“ZH”。高盛、瑞信和摩根大通担任承销商。$(ZH)$招股书显示，知乎2019年、2020年的营收分别为6.71亿元人民币和13.52亿元人民币，同比增长达101.7%。其中，广告收入从2019年的5.77亿元人民币升至2020年的8.43亿元人民币，同比增长46，但对总营收占比从86.1%降至62.4%，这意味着，知乎在商业多元化布局上初见所成。来自付费会员收入从2019年的8800万元人民币升至2020年的3.2亿元人民币，同比大涨264%，对总营收贡献从13.1%上升至23.7%。新开辟的营收途径-内容商业化解决方案2020年收入为1.36亿元人民币，占总营收贡献达10%；包括在线教育、电商在内的其他收入从445万元人民币大涨至5253万元人民币，同比爆增1,083%。 运营数据方面，截至2020年12月31日，知乎累计拥有内容创作者4310万，累计贡献3.15亿条问答内容。2020年第四季度，知乎月均活跃用户（MAUs）为7570万，较20219年同期同比增长33%，2020年第四季度，用户在社区月均产生6.76亿次互动。据灼识咨询（CIC），知乎是中国最大的高质量在线问答社区，也是中国前五大综合在线内容社区之一。灼识咨询（CIC）调查显示，知乎被公认为最值得信赖的在线内容社区，以高质量内容得到国民广泛认可。 值得一提的是，知乎自创立以来颇受资本青睐。先后获得腾讯、快手、百度的战略投资。并获得包括今日资本、启明创投、赛富、创新工场等早期投资。这与知乎良好的社区氛围与规模化的优质内容积累密不可分。 老虎资讯注意到，知乎成立于2010年12月，公司命名或来自《论语·问政》：“子曰：’由，诲女知之乎！知之为知之，不知为不知，是知也。’”知乎诞生之初对标美国知识问答社区Quora，随着一系列差异化运营，知乎先后进入了知识付费、直播、好物推荐、短视频领域，构建其完整的社区生态。知乎成立十年，与此前很多互联网企业上市案例相比，知乎的上市路程似乎慢了一些，但其创始人周源曾在接受专访时说道：知乎并不是一个短跑型产品，社区这样的产品形态，是需要比较长的时间积累。所有的事情特点都是一点一点的累计成长起来的，天然的就需要时间。","news_type":1,"symbols_score_info":{"ZH":0.9}},"isVote":1,"tweetType":1,"viewCount":1759,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":366633323,"gmtCreate":1614471208162,"gmtModify":1704771892180,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574563059595551","idStr":"3574563059595551"},"themes":[],"htmlText":"lj，??????????","listText":"lj，??????????","text":"lj，??????????","images":[{"img":"https://static.tigerbbs.com/767a144bbbf5e38e3a7deed8adf242ab","width":"1125","height":"2570"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/366633323","isVote":1,"tweetType":1,"viewCount":1812,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":360248719,"gmtCreate":1613949957731,"gmtModify":1704886018845,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574563059595551","idStr":"3574563059595551"},"themes":[],"htmlText":"…………………","listText":"…………………","text":"…………………","images":[{"img":"https://static.tigerbbs.com/a65c0daed3d5197f2ea10930443d07b1","width":"1125","height":"3020"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/360248719","isVote":1,"tweetType":1,"viewCount":1494,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":384916435,"gmtCreate":1613605927527,"gmtModify":1704882591262,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574563059595551","idStr":"3574563059595551"},"themes":[],"htmlText":"IQIY 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Corp(PSAC)$??","images":[{"img":"https://static.tigerbbs.com/e9e86906eb8d5282455397db1b494e26","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/386446215","isVote":1,"tweetType":1,"viewCount":1007,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":386448613,"gmtCreate":1613265020932,"gmtModify":1704879613340,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574563059595551","idStr":"3574563059595551"},"themes":[],"htmlText":"……","listText":"……","text":"……","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/386448613","repostId":"1140942389","repostType":4,"repost":{"id":"1140942389","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":1612233347,"share":"https://ttm.financial/m/news/1140942389?lang=en_US&edition=fundamental","pubTime":"2021-02-02 10:35","market":"sg","language":"zh","title":"Reminder: List of closing arrangements for major markets during the Spring Festival holiday","url":"https://stock-news.laohu8.com/highlight/detail?id=1140942389","media":"老虎资讯综合","summary":"春节假期即将来临，敬请广大投资者留意，提前做好资金安排。$老虎证券$祝您及家人新春快乐，牛年大吉！2月11日（星期四）除夕上午开市，下午休市；2月12日（星期五）至2月15日（星期一）全天休市；2月11日（星期四）至2月17日（星期三）休市，2月18日（星期四）起照常开市。CBOE 下 VIX 波动率期货于2月15日10：00提前休市。SGX下天然橡胶货于2021年2月11日以及2021年2月12日整个交易日休市。","content":"<p>The Spring Festival holiday is coming, so investors are requested to pay attention to it and make financial arrangements in advance.<a href=\"https://laohu8.com/S/TIGR\">Tiger Securities</a>I wish you and your family a happy New Year and good luck in the Year of the Ox!</p><p>During the Spring Festival, the stock market closing arrangements in various places are as follows: (all local time)</p><p><img src=\"https://static.tigerbbs.com/27cfee666051c46a31c824a795046629\" tg-width=\"1790\" tg-height=\"788\"></p><p><b>US stocks:</b></p><p>The market is closed all day on Monday, February 15th for President's Day.</p><p><b>Hong Kong stocks:</b></p><p>The market opens in the morning and closes in the afternoon on New Year's Eve on February 11th (Thursday);</p><p>Closed all day from February 12 (Friday) to February 15 (Monday);</p><p>The market will open as usual from February 16th (Tuesday).</p><p><b>A shares:</b></p><p>The market will be closed from February 11th (Thursday) to February 17th (Wednesday), and will open as usual from February 18th (Thursday).</p><p><b>Shanghai and Shenzhen Stock Connect:</b></p><p>Closed Thursday, February 11-Wednesday, February 17; It will be open as usual from February 18th (Thursday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will be closed from Tuesday, February 9th to Wednesday, February 17th, and will be open as usual from Thursday, February 18th.</p><p><b>British stocks:</b></p><p>Trade as usual</p><p><b>Australian stocks:</b></p><p>Trade as usual</p><p><b>Singapore market:</b></p><p>Half-day trading on Thursday, February 11th.</p><p>The market will be closed all day on Friday, February 12.</p><p><b>Futures market:</b></p><p>U.S. dollar gold and index commodities under HKEX will close at 12:30 on February 11, and individual stock futures will close at 12:00 on February 11; Index futures, RMB, individual stock futures, and US dollar gold will be closed throughout the trading day on February 12 and February 15.</p><p>Foreign exchange, bonds, Bitcoin, stock indexes, energy, and precious metal futures under the GME Group will be closed early at 12:00 on February 15 (02:00 am Beijing time on the 16th); Live livestock, large and small grains, and rice futures will be closed all day on February 15.</p><p>VIX volatility futures under CBOE closed early at 10:00 on February 15.</p><p>The natural rubber cargo under SGX will be closed on February 11, 2021 and the entire trading day of February 12, 2021.</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>Reminder: List of closing arrangements for major markets during the Spring Festival holiday</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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*/\n.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\">\nReminder: List of closing arrangements for major markets during the Spring Festival holiday\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\">2021-02-02 10:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The Spring Festival holiday is coming, so investors are requested to pay attention to it and make financial arrangements in advance.<a href=\"https://laohu8.com/S/TIGR\">Tiger Securities</a>I wish you and your family a happy New Year and good luck in the Year of the Ox!</p><p>During the Spring Festival, the stock market closing arrangements in various places are as follows: (all local time)</p><p><img src=\"https://static.tigerbbs.com/27cfee666051c46a31c824a795046629\" tg-width=\"1790\" tg-height=\"788\"></p><p><b>US stocks:</b></p><p>The market is closed all day on Monday, February 15th for President's Day.</p><p><b>Hong Kong stocks:</b></p><p>The market opens in the morning and closes in the afternoon on New Year's Eve on February 11th (Thursday);</p><p>Closed all day from February 12 (Friday) to February 15 (Monday);</p><p>The market will open as usual from February 16th (Tuesday).</p><p><b>A shares:</b></p><p>The market will be closed from February 11th (Thursday) to February 17th (Wednesday), and will open as usual from February 18th (Thursday).</p><p><b>Shanghai and Shenzhen Stock Connect:</b></p><p>Closed Thursday, February 11-Wednesday, February 17; It will be open as usual from February 18th (Thursday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will be closed from Tuesday, February 9th to Wednesday, February 17th, and will be open as usual from Thursday, February 18th.</p><p><b>British stocks:</b></p><p>Trade as usual</p><p><b>Australian stocks:</b></p><p>Trade as usual</p><p><b>Singapore market:</b></p><p>Half-day trading on Thursday, February 11th.</p><p>The market will be closed all day on Friday, February 12.</p><p><b>Futures market:</b></p><p>U.S. dollar gold and index commodities under HKEX will close at 12:30 on February 11, and individual stock futures will close at 12:00 on February 11; Index futures, RMB, individual stock futures, and US dollar gold will be closed throughout the trading day on February 12 and February 15.</p><p>Foreign exchange, bonds, Bitcoin, stock indexes, energy, and precious metal futures under the GME Group will be closed early at 12:00 on February 15 (02:00 am Beijing time on the 16th); Live livestock, large and small grains, and rice futures will be closed all day on February 15.</p><p>VIX volatility futures under CBOE closed early at 10:00 on February 15.</p><p>The natural rubber cargo under SGX will be closed on February 11, 2021 and the entire trading day of February 12, 2021.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f8f89c8af2a895e609af6985ff4ae3ab","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140942389","content_text":"春节假期即将来临，敬请广大投资者留意，提前做好资金安排。老虎证券祝您及家人新春快乐，牛年大吉！春节期间各地股市休市安排如下：(均为当地时间）美股：2月15日（星期一）因美国总统日全天休市。港股：2月11日（星期四）除夕上午开市，下午休市；2月12日（星期五）至2月15日（星期一）全天休市；2月16日（星期二）起照常开市。A股：2月11日（星期四）至2月17日（星期三）休市，2月18日（星期四）起照常开市。沪、深股通：2月11日（星期四）至2月17日（星期三）关闭；2月18日（星期四）起照常开通。港股通：2月9日（星期二）至2月17日（星期三）关闭服务，2月18日（星期四）起照常开通。英股：照常交易澳股：照常交易新加坡市场：2月11日（星期四）交易半日。2月12日（星期五）全天休市。期货市场：HKEX下美元黄金、指数类货于2月11日12：30休市，个股期货于2月11日12：00休市；指数类期货、人民币、个股期货、美元黄金于2月12日以及2月15日整个交易日休市。GME Group下外汇、债券、比特币、股指、能源、贵金属期货于2月15日12：00（北京时间16日凌晨02:00）提前休市；活畜、大小谷物、稻谷期货于2月15日全天休市。CBOE 下 VIX 波动率期货于2月15日10：00提前休市。SGX下天然橡胶货于2021年2月11日以及2021年2月12日整个交易日休市。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":786,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386448864,"gmtCreate":1613265005158,"gmtModify":1704879613502,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574563059595551","idStr":"3574563059595551"},"themes":[],"htmlText":"........","listText":"........","text":"........","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/386448864","repostId":"1178592309","repostType":4,"isVote":1,"tweetType":1,"viewCount":674,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386631860,"gmtCreate":1613168851750,"gmtModify":1704879132824,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574563059595551","idStr":"3574563059595551"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/WOOF\">$Petco Health and Wellness Company, Inc.(WOOF)$</a>?","listText":"<a href=\"https://laohu8.com/S/WOOF\">$Petco Health and Wellness Company, Inc.(WOOF)$</a>?","text":"$Petco Health and Wellness Company, Inc.(WOOF)$?","images":[{"img":"https://static.tigerbbs.com/52ff255e3b3039a0aae031e9f35a978e","width":"1284","height":"2457"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/386631860","isVote":1,"tweetType":1,"viewCount":1124,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":383910779,"gmtCreate":1612828568191,"gmtModify":1704874674003,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574563059595551","idStr":"3574563059595551"},"themes":[],"htmlText":"........","listText":"........","text":"........","images":[{"img":"https://static.tigerbbs.com/0b051e5946b25f706d8607a7e6f5513d","width":"1125","height":"3414"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/383910779","isVote":1,"tweetType":1,"viewCount":691,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":389120731,"gmtCreate":1612740434923,"gmtModify":1704873671771,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574563059595551","idStr":"3574563059595551"},"themes":[],"htmlText":"&nbsp;........","listText":"&nbsp;........","text":"........","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/389120731","repostId":"1153236252","repostType":4,"isVote":1,"tweetType":1,"viewCount":676,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":386631860,"gmtCreate":1613168851750,"gmtModify":1704879132824,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/WOOF\">$Petco Health and Wellness Company, Inc.(WOOF)$</a>?","listText":"<a href=\"https://laohu8.com/S/WOOF\">$Petco Health and Wellness Company, Inc.(WOOF)$</a>?","text":"$Petco Health and Wellness Company, Inc.(WOOF)$?","images":[{"img":"https://static.tigerbbs.com/52ff255e3b3039a0aae031e9f35a978e","width":"1284","height":"2457"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/386631860","isVote":1,"tweetType":1,"viewCount":1124,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":386448613,"gmtCreate":1613265020932,"gmtModify":1704879613340,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"themes":[],"htmlText":"……","listText":"……","text":"……","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/386448613","repostId":"1140942389","repostType":4,"repost":{"id":"1140942389","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":1612233347,"share":"https://ttm.financial/m/news/1140942389?lang=en_US&edition=fundamental","pubTime":"2021-02-02 10:35","market":"sg","language":"zh","title":"Reminder: List of closing arrangements for major markets during the Spring Festival holiday","url":"https://stock-news.laohu8.com/highlight/detail?id=1140942389","media":"老虎资讯综合","summary":"春节假期即将来临，敬请广大投资者留意，提前做好资金安排。$老虎证券$祝您及家人新春快乐，牛年大吉！2月11日（星期四）除夕上午开市，下午休市；2月12日（星期五）至2月15日（星期一）全天休市；2月11日（星期四）至2月17日（星期三）休市，2月18日（星期四）起照常开市。CBOE 下 VIX 波动率期货于2月15日10：00提前休市。SGX下天然橡胶货于2021年2月11日以及2021年2月12日整个交易日休市。","content":"<p>The Spring Festival holiday is coming, so investors are requested to pay attention to it and make financial arrangements in advance.<a href=\"https://laohu8.com/S/TIGR\">Tiger Securities</a>I wish you and your family a happy New Year and good luck in the Year of the Ox!</p><p>During the Spring Festival, the stock market closing arrangements in various places are as follows: (all local time)</p><p><img src=\"https://static.tigerbbs.com/27cfee666051c46a31c824a795046629\" tg-width=\"1790\" tg-height=\"788\"></p><p><b>US stocks:</b></p><p>The market is closed all day on Monday, February 15th for President's Day.</p><p><b>Hong Kong stocks:</b></p><p>The market opens in the morning and closes in the afternoon on New Year's Eve on February 11th (Thursday);</p><p>Closed all day from February 12 (Friday) to February 15 (Monday);</p><p>The market will open as usual from February 16th (Tuesday).</p><p><b>A shares:</b></p><p>The market will be closed from February 11th (Thursday) to February 17th (Wednesday), and will open as usual from February 18th (Thursday).</p><p><b>Shanghai and Shenzhen Stock Connect:</b></p><p>Closed Thursday, February 11-Wednesday, February 17; It will be open as usual from February 18th (Thursday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will be closed from Tuesday, February 9th to Wednesday, February 17th, and will be open as usual from Thursday, February 18th.</p><p><b>British stocks:</b></p><p>Trade as usual</p><p><b>Australian stocks:</b></p><p>Trade as usual</p><p><b>Singapore market:</b></p><p>Half-day trading on Thursday, February 11th.</p><p>The market will be closed all day on Friday, February 12.</p><p><b>Futures market:</b></p><p>U.S. dollar gold and index commodities under HKEX will close at 12:30 on February 11, and individual stock futures will close at 12:00 on February 11; Index futures, RMB, individual stock futures, and US dollar gold will be closed throughout the trading day on February 12 and February 15.</p><p>Foreign exchange, bonds, Bitcoin, stock indexes, energy, and precious metal futures under the GME Group will be closed early at 12:00 on February 15 (02:00 am Beijing time on the 16th); Live livestock, large and small grains, and rice futures will be closed all day on February 15.</p><p>VIX volatility futures under CBOE closed early at 10:00 on February 15.</p><p>The natural rubber cargo under SGX will be closed on February 11, 2021 and the entire trading day of February 12, 2021.</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>Reminder: List of closing arrangements for major markets during the Spring Festival holiday</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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*/\n.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\">\nReminder: List of closing arrangements for major markets during the Spring Festival holiday\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\">2021-02-02 10:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The Spring Festival holiday is coming, so investors are requested to pay attention to it and make financial arrangements in advance.<a href=\"https://laohu8.com/S/TIGR\">Tiger Securities</a>I wish you and your family a happy New Year and good luck in the Year of the Ox!</p><p>During the Spring Festival, the stock market closing arrangements in various places are as follows: (all local time)</p><p><img src=\"https://static.tigerbbs.com/27cfee666051c46a31c824a795046629\" tg-width=\"1790\" tg-height=\"788\"></p><p><b>US stocks:</b></p><p>The market is closed all day on Monday, February 15th for President's Day.</p><p><b>Hong Kong stocks:</b></p><p>The market opens in the morning and closes in the afternoon on New Year's Eve on February 11th (Thursday);</p><p>Closed all day from February 12 (Friday) to February 15 (Monday);</p><p>The market will open as usual from February 16th (Tuesday).</p><p><b>A shares:</b></p><p>The market will be closed from February 11th (Thursday) to February 17th (Wednesday), and will open as usual from February 18th (Thursday).</p><p><b>Shanghai and Shenzhen Stock Connect:</b></p><p>Closed Thursday, February 11-Wednesday, February 17; It will be open as usual from February 18th (Thursday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will be closed from Tuesday, February 9th to Wednesday, February 17th, and will be open as usual from Thursday, February 18th.</p><p><b>British stocks:</b></p><p>Trade as usual</p><p><b>Australian stocks:</b></p><p>Trade as usual</p><p><b>Singapore market:</b></p><p>Half-day trading on Thursday, February 11th.</p><p>The market will be closed all day on Friday, February 12.</p><p><b>Futures market:</b></p><p>U.S. dollar gold and index commodities under HKEX will close at 12:30 on February 11, and individual stock futures will close at 12:00 on February 11; Index futures, RMB, individual stock futures, and US dollar gold will be closed throughout the trading day on February 12 and February 15.</p><p>Foreign exchange, bonds, Bitcoin, stock indexes, energy, and precious metal futures under the GME Group will be closed early at 12:00 on February 15 (02:00 am Beijing time on the 16th); Live livestock, large and small grains, and rice futures will be closed all day on February 15.</p><p>VIX volatility futures under CBOE closed early at 10:00 on February 15.</p><p>The natural rubber cargo under SGX will be closed on February 11, 2021 and the entire trading day of February 12, 2021.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f8f89c8af2a895e609af6985ff4ae3ab","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140942389","content_text":"春节假期即将来临，敬请广大投资者留意，提前做好资金安排。老虎证券祝您及家人新春快乐，牛年大吉！春节期间各地股市休市安排如下：(均为当地时间）美股：2月15日（星期一）因美国总统日全天休市。港股：2月11日（星期四）除夕上午开市，下午休市；2月12日（星期五）至2月15日（星期一）全天休市；2月16日（星期二）起照常开市。A股：2月11日（星期四）至2月17日（星期三）休市，2月18日（星期四）起照常开市。沪、深股通：2月11日（星期四）至2月17日（星期三）关闭；2月18日（星期四）起照常开通。港股通：2月9日（星期二）至2月17日（星期三）关闭服务，2月18日（星期四）起照常开通。英股：照常交易澳股：照常交易新加坡市场：2月11日（星期四）交易半日。2月12日（星期五）全天休市。期货市场：HKEX下美元黄金、指数类货于2月11日12：30休市，个股期货于2月11日12：00休市；指数类期货、人民币、个股期货、美元黄金于2月12日以及2月15日整个交易日休市。GME Group下外汇、债券、比特币、股指、能源、贵金属期货于2月15日12：00（北京时间16日凌晨02:00）提前休市；活畜、大小谷物、稻谷期货于2月15日全天休市。CBOE 下 VIX 波动率期货于2月15日10：00提前休市。SGX下天然橡胶货于2021年2月11日以及2021年2月12日整个交易日休市。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":786,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9009820501,"gmtCreate":1640616237529,"gmtModify":1676533529385,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"themes":[],"htmlText":"<a 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IQIY","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384916435","repostId":"1193108537","repostType":4,"isVote":1,"tweetType":1,"viewCount":636,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":316722096,"gmtCreate":1611959577215,"gmtModify":1704866627887,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/316722096","repostId":"1172321012","repostType":4,"isVote":1,"tweetType":1,"viewCount":603,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9925120251,"gmtCreate":1671962170373,"gmtModify":1676538615637,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"themes":[],"htmlText":"hvvjjn","listText":"hvvjjn","text":"hvvjjn","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9925120251","repostId":"9963969638","repostType":1,"repost":{"id":9963969638,"gmtCreate":1668567458425,"gmtModify":1677745765888,"author":{"id":"3527667667103859","authorId":"3527667667103859","name":"TigerEvents","avatar":"https://community-static.tradeup.com/news/c266ef25181ace18bec1262357bbe1a8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667667103859","authorIdStr":"3527667667103859"},"themes":[],"title":"Join 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While you enjoy your football carnival, don't forget to join in Tiger's Football Season on Tiger Trade App, and share the prizes worth up to USD 200,000!Play the \"Perfect Goals\" game with us, and feel the score moment by only pressing the button.Keep completing the daily tasks and play the game, win more points to redeem stock vouchers worth up to USD 2,000 or AFF tickets, and the top prize - the free journey of watching the AFF finals!You can also predict a football match of the World Cup or AFF Championship, and cheer for your home team.Besides, you may obtain the Tiger Football Card by participating in the campaign every day.Goalke","images":[{"img":"https://community-static.tradeup.com/news/e8c9b6ab16214df413c77708cf5957bf","width":"404","height":"707"},{"img":"https://community-static.tradeup.com/news/6f0ddb54cc9e55b9b9b59a0c9908bfb5","width":"358","height":"471"},{"img":"https://community-static.tradeup.com/news/d9cc4adf57a9972e62e94d321ecc6734","width":"402","height":"712"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9963969638","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2237,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9986935629,"gmtCreate":1666874816462,"gmtModify":1676537820868,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"themes":[],"htmlText":"[愤怒]&nbsp;[财迷]&nbsp;[财迷]&nbsp;[财迷]&nbsp;","listText":"[愤怒]&nbsp;[财迷]&nbsp;[财迷]&nbsp;[财迷]&nbsp;","text":"[愤怒] [财迷] [财迷] [财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9986935629","isVote":1,"tweetType":1,"viewCount":1413,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9913128105,"gmtCreate":1663941280607,"gmtModify":1676537367377,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/PYPL\">$PayPal(PYPL)$</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/PYPL\">$PayPal(PYPL)$</a><v-v data-views=\"1\"></v-v>","text":"$PayPal(PYPL)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9913128105","isVote":1,"tweetType":1,"viewCount":1800,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837180616,"gmtCreate":1629864124335,"gmtModify":1676530155984,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/837180616","repostId":"1184955585","repostType":2,"repost":{"id":"1184955585","kind":"news","pubTimestamp":1630118344,"share":"https://ttm.financial/m/news/1184955585?lang=en_US&edition=fundamental","pubTime":"2021-08-28 10:39","market":"hk","language":"zh","title":"Why did TSMC become the king of Asian stocks?","url":"https://stock-news.laohu8.com/highlight/detail?id=1184955585","media":"远川科技评论","summary":"在2020年初，全球市值最大的十家企业中，美国独占7席，而中国的腾讯和阿里也榜上有名，成为亚洲唯二突入榜单的企业。\n\n在当时看来，腾讯和阿里进入榜单是一个再自然不过的结果，前十大企业中6个是互联网、2","content":"<p>At the beginning of 2020, among the ten companies with the largest market value in the world, the United States held 7 seats, while China's<a href=\"https://laohu8.com/S/00700\">Tencent</a>And Ali are also on the list, becoming the only two companies in Asia to break into the list.</p><p><img src=\"https://static.tigerbbs.com/c2b6b856b3f2f1196c329b1155f9fc5f\" tg-width=\"1080\" tg-height=\"589\" referrerpolicy=\"no-referrer\"></p><p>At that time, it was a natural result for Tencent and Alibaba to enter the list. Among the top ten companies, 6 were Internet, 2 finance, 1 resource, and the only hardware company<a href=\"https://laohu8.com/S/AAPL\">Apple</a>, production is not under its own control. At that time, if a company<b>Heavy assets, heavy manufacturing, no oil at home yet</b>It is tantamount to an idiotic dream that a company can still enter the top ten.</p><p>But what I didn't expect was that just over a year later, on August 18, 2021,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>With a market value of US $538 billion, it successfully surpassed Tencent and became the company with the highest market value in Asia.</p><p>What supports the market value of TSMC's Asian stock king is TSMC's revenue of US $13.29 billion in the second quarter, earning US $147 million a day.</p><p>At the same time, the global chip shortage has made TSMC's orders hard currency: Not long ago, after Apple placed a one-time order of 100 million chips, TSMC's raw material suppliers directly broke the news, and TSMC's orders have been fully loaded until 2024.</p><p><b>Behind TSMC's replacement of Tencent as the king of Asian stocks is not only the change in the market value of the two companies, but also a counterattack of hard technology manufacturing on the Internet.</b></p><p>So how did TSMC cultivate its current status as a stock king in an electronics industry with heavy assets, high labor cost investment, and extremely strong customers?</p><p>The answer lies in the three historical opportunities of TSMC's rise.</p><p><img src=\"https://static.tigerbbs.com/8831ed0813cfe4215d1a7249b8194a1a\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>In December 1989, TSMC, which had just been established two years ago, ushered in<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Li Jianxi, the head of the family, personally poached the wall.</p><p>This time, Li Jianxi was not interested in a process leader or a technical expert, but directly focused on Zhang Zhongmou, the 58-year-old founder of TSMC.</p><p>The reason why Li Jianxi was so confident had a lot to do with the industry development background at that time: Samsung was already the overlord of many industries and the super chaebol that controlled the lifeline of South Korea;<b>The status of chip foundry in the industry at that time was actually similar to that of Foxconn, another foundry king in Taiwan, China today: the technical content was not high, and there were many competitors, all of which were located in the \"smile curve\" of value distribution in the manufacturing industry chain. bottom end</b>, do the most tiring work and earn the least money.</p><p><img src=\"https://static.tigerbbs.com/9789042af668ea4b67309f48e5f3e543\" tg-width=\"620\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p>What's more,<b>At that time, chip manufacturing was still in the sub-micron stage. The IDM model of chip companies designing, manufacturing, and packaging and testing by themselves was the mainstream of the industry.</b>The world's top ten semiconductor companies that year were NEC, Toshiba, Hitachi, Motorola,<a href=\"https://laohu8.com/S/TXN\">Texas Instruments</a>, Fujitsu, Mitsubishi,<a href=\"https://laohu8.com/S/INTC\">Intel</a>、<a href=\"https://laohu8.com/S/PC\">Panasonic</a>、<a href=\"https://laohu8.com/S/PHG\">Philips</a>All are typical semiconductor IDM giants.</p><p>So, why do IDMs with their own factories look for fledgling TSMC whose technology is not even as good as their own to manufacture chips?</p><p>This is a very realistic problem faced by Zhang Zhongmou, an elderly entrepreneur, after rejecting Li Jianxi's olive branch.</p><p>But soon, TSMC ushered in its first era opportunity: the rise of PC.</p><p>Around 1988, under the leadership of Intel, the global electronics industry entered the PC era from the traditional mainframe era. And<b>The focus of the global semiconductor industry has gradually shifted from traditional DRAM storage to digital chips represented by CPUs and GPUs.</b></p><p>Conventional<b>DRAM memory chips are light in design and heavy in manufacturing, so the IDM model dominates the development of the industry; For digital chips, chip manufacturing is certainly a top priority, but as the number of transistors in the chip reaches millions, the chip design investment required behind it is becoming more and more arduous. In the case of limited energy, it has become an urgent trend to separate design from manufacturing.</b></p><p><img src=\"https://static.tigerbbs.com/673230fbc935dd61c98bcb0b5390e825\" tg-width=\"767\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p>Relying on the personal friendship between Intel President Grove and Zhang Zhongmou, Intel directly dispatched engineers to TSMC, and pointed out at least 200 process improvement processes for TSMC, which had only more than 200 manufacturing processes at that time.</p><p>You know, Intel at that time was synonymous with top chip manufacturing. The 80486 chip it is developing is not only the first in the world to use the 1-micron manufacturing process, but also the first high-end chip manufacturer to break through the integration of 1 million transistors in one chip, reaching 1.2 million pioneering projects.</p><p>Being able to receive one-on-one tutoring from Intel, TSMC won the first technical ticket to the top chip foundry in one fell swoop.</p><p>Shortly after getting this ticket, in 1995, TSMC and the two-year-old company<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>It hit it off and won another important ticket in the PC era.</p><p>In the following ten years, TSMC established a relationship with<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>Cooperation with chip design companies such as Meiman Electronics; On the other hand, through the research and development of copper process technology and wet lithography process technology, it is technologically unique in the world. In 2004, it occupied half of the global market share.</p><p><b>However, TSMC did not expect that another storm that might subvert the industrial structure was quietly coming.</b></p><p><img src=\"https://static.tigerbbs.com/9dc0fda484f9be29a169f2a280cc0408\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>Shortly after becoming the number one foundry in the field of PC chips, Apple came with a tsunami of smartphones. Unfortunately, the protagonist this time was not TSMC at first.</p><p>In 2007, Jobs took the first-generation iPhone and officially announced it in the midst of much attention, which was called a stunning cross-generation product. In the following years, every time a new iPhone was released, there would be a spectacle of crazy fruit powder queuing up in the early morning in front of Apple retail stores all over the world.</p><p>Behind the iPhone's seal of gods, one thing is clearly shown:<b>The era of smart phones has arrived. Only by winning Apple can we become a real chip foundry brother.</b></p><p>But anyone who knows how to do it knows that Jobs on the stage seems to be the \"God\" who released the iPhone on the surface, but fundamentally, he is just a worker of the Samsung empire on the other side of the ocean.</p><p>IHS, a market research agency, once dismantled the cost sources of previous generations of iPhones and found that in the era before dual cameras and bathroom heater cameras appeared, the former<b>The three major cost sources of several generations of iPhone are: processor, screen and storage. In an iPhone, all three items are made by Samsung.</b></p><p>The processor and storage provided by Samsung are naturally made by Samsung. However, TSMC, which produced almost half of the world's chips in the era, could only wait and see with envy.</p><p>But as a top supply chain checks and balances master, Apple will definitely not allow its competitors to control its three lifebloods at the same time.</p><p>So, on the one hand, mixing oil with Samsung Mili, on the other hand, Apple quietly connected with TSMC in 2010. In order for the two parties to cooperate more smoothly, TSMC has also set up a team composed of more than 100 cross-departmental R&D engineers.<a href=\"https://laohu8.com/S/AONE.U\">one</a>team \"team, stationed at Apple headquarters in the United States, worked together to engage in secret research and development in an attempt to completely bypass Samsung's patents.</p><p>After the initial progress of research and development, Apple immediately filed 16 infringement charges with Samsung in 2011. Samsung, on the other hand, took Apple to court, countersued Apple for infringement, and even asked the United States to ban the sale of iPhone.</p><p>Apple competes with Samsung's snipe and clam, and TSMC benefits.</p><p>Starting from Apple's A8 chip in 2014, TSMC began to manufacture most Apple chips. Since the iPhone 7 era, TSMC has completely monopolized the production of all Apple chips. The cooperation continues to this day, and Apple is still TSMC's largest customer, contributing nearly 20% of TSMC's revenue every year.</p><p>At this point, TSMC has officially confirmed its leading position in chip foundry.</p><p><b>But just working for the most powerful customers can make TSMC what it is today? As Apple's largest foundry, Foxconn was the first to disagree.</b></p><p><img src=\"https://static.tigerbbs.com/7c04503bafb7a71524a1d953b35f1228\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>Also the king of foundry, TSMC can stuck the throat of global customers, while Foxconn has nothing to do about Apple supporting competitors to grab business.</p><p>Behind the completely different fates, in fact, the groundwork has been laid as early as the track selection.</p><p>Represented by Foxconn<b>Electronic product assembly is essentially a low-threshold industry that can start work on the assembly line 24 hours a day as long as enough workers are gathered.</b>Therefore, as an OEM, twenty years ago, Foxconn faced the \"five tigers of Taiwanese OEM\" in Taiwan, China-Quanta, Compal, Pegatron, Wistron, and Inventec competing for business; In the past ten years, Foxconn has faced the mainland \"younger brothers\" Luxshare, Goertek, Wingtech,<a href=\"https://laohu8.com/S/002594\">BYD</a>They are frantically grabbing business in their own territory.</p><p>This low-tech content and low threshold are reflected in the financial report, which is reflected in Foxconn's gross profit that is thinner than razor blades: in the past ten years,<b>In order to maintain a gross profit that has never exceeded 10%, Foxconn moved its factory from Shenzhen to Zhengzhou, and then expanded from Zhengzhou to Vietnam... constantly moving between different depressions of labor costs.</b></p><p>In sharp contrast to this, TSMC's corresponding chip foundry is an industry that is rolling forward on the wheels of Moore's Law. Under the guidance of Moore's Law, the number of components that can be accommodated on an integrated circuit will double every 18 to 24 months, the size of the corresponding transistors will continue to shrink, and the manufacture of semiconductors will become increasingly difficult.</p><p>Reflected in capital expenditures, in the process of upgrading the semiconductor industry from 8-inch to 12-inch, costs have risen sharply: the cost of an 8-inch wafer fab is as low as 100 million and as high as 1.5 billion US dollars depending on its production capacity. The cost of a new 12-inch fab is as high as US $2.5 billion to US $3 billion, which is enough to leave most competitors in the industry behind.</p><p>Different technical contents also determine different competitive landscapes.<b>The harder Foxconn works, the more competitors it has; Along the way, TSMC has dominated the world from 0.18 micron to 3 nanometers. Not only are there fewer and fewer competitors, but even the former big brothers Intel and IBM have been left behind.</b></p><p><img src=\"https://static.tigerbbs.com/12e071a18a041e0b8ddb78626d4f42b1\" tg-width=\"667\" tg-height=\"855\" referrerpolicy=\"no-referrer\"></p><p>With fewer and fewer competitors, profits will naturally become higher and higher. Located in Taiwan, China, Foxconn has set up factories around the world, and its gross profit is less than 10%. If it is not careful, it will be contained by Apple using Wistron, Pegatron and Luxshare;</p><p>TSMC, which has insisted on only producing high-end process products in Taiwan, China for 30 years, can maintain a gross profit of about 50% all year round. However, if customers want to grab TSMC's latest production capacity, it is not enough to have money: September 2020 After TSMC was forced to cut off supply to Huawei due to US sanctions, Qualcomm and MediaTek had the opportunity to replace Huawei and use TSMC's latest 5nm production capacity.</p><p>The market share ranks first, and the capital threshold of the industry continues to rise; The dividend effect of technology is constantly superimposed... TSMC, which is alone in seeking defeat, has established its unshakable number one throne in the field of chip foundry.</p><p>Looking back at history, there are three major reasons why TSMC can rise to become the king of foundry: in the PC era, with half of the support of Intel and Nvidia; The mobile phone era was chosen by Apple and became an important tool to check and balance Samsung; In the following years, he sat on the wheels of Moore's Law, relying on the advantages of technology and capital, leaving many competitors far behind.</p><p>However, TSMC's transformation from the \"king of chip foundry\" to the \"king of stocks\" is still the last step: let the Internet companies whose market value ranks ahead of TSMC fall from the altar in the capital market.</p><p><img src=\"https://static.tigerbbs.com/efede982c9faf847a3a670f3cc42a078\" tg-width=\"992\" tg-height=\"914\" referrerpolicy=\"no-referrer\"></p><p>Since the beginning of the year, on the one hand, TSMC has made a lot of money from the epic chip shortage, and its stock price has recently become the king of Asian stocks. On the other hand, looking at the traditional \"stock god\" Internet, Tencent has plummeted 45% from its highest point since the beginning of the year; Ali has fallen by more than 30% so far;<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>The stock price has fallen by more than 45% since its listing on the Hong Kong Stock Exchange.</p><p>From the king of chip foundry to the king of Asian stocks, TSMC is inseparable from its own efforts, and at the same time, it is inseparable from the process of history.</p><p>In addition to the process, it gives us a hint of enlightenment:<b>Do the hard and correct thing, and the more you persist, the smoother it will be.</b></p>","source":"lsy1571969218062","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>Why did TSMC become the king of Asian stocks?</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\">\nWhy did TSMC become the king of Asian stocks?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">远川科技评论</strong><span class=\"h-time small\">2021-08-28 10:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>At the beginning of 2020, among the ten companies with the largest market value in the world, the United States held 7 seats, while China's<a href=\"https://laohu8.com/S/00700\">Tencent</a>And Ali are also on the list, becoming the only two companies in Asia to break into the list.</p><p><img src=\"https://static.tigerbbs.com/c2b6b856b3f2f1196c329b1155f9fc5f\" tg-width=\"1080\" tg-height=\"589\" referrerpolicy=\"no-referrer\"></p><p>At that time, it was a natural result for Tencent and Alibaba to enter the list. Among the top ten companies, 6 were Internet, 2 finance, 1 resource, and the only hardware company<a href=\"https://laohu8.com/S/AAPL\">Apple</a>, production is not under its own control. At that time, if a company<b>Heavy assets, heavy manufacturing, no oil at home yet</b>It is tantamount to an idiotic dream that a company can still enter the top ten.</p><p>But what I didn't expect was that just over a year later, on August 18, 2021,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>With a market value of US $538 billion, it successfully surpassed Tencent and became the company with the highest market value in Asia.</p><p>What supports the market value of TSMC's Asian stock king is TSMC's revenue of US $13.29 billion in the second quarter, earning US $147 million a day.</p><p>At the same time, the global chip shortage has made TSMC's orders hard currency: Not long ago, after Apple placed a one-time order of 100 million chips, TSMC's raw material suppliers directly broke the news, and TSMC's orders have been fully loaded until 2024.</p><p><b>Behind TSMC's replacement of Tencent as the king of Asian stocks is not only the change in the market value of the two companies, but also a counterattack of hard technology manufacturing on the Internet.</b></p><p>So how did TSMC cultivate its current status as a stock king in an electronics industry with heavy assets, high labor cost investment, and extremely strong customers?</p><p>The answer lies in the three historical opportunities of TSMC's rise.</p><p><img src=\"https://static.tigerbbs.com/8831ed0813cfe4215d1a7249b8194a1a\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>In December 1989, TSMC, which had just been established two years ago, ushered in<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Li Jianxi, the head of the family, personally poached the wall.</p><p>This time, Li Jianxi was not interested in a process leader or a technical expert, but directly focused on Zhang Zhongmou, the 58-year-old founder of TSMC.</p><p>The reason why Li Jianxi was so confident had a lot to do with the industry development background at that time: Samsung was already the overlord of many industries and the super chaebol that controlled the lifeline of South Korea;<b>The status of chip foundry in the industry at that time was actually similar to that of Foxconn, another foundry king in Taiwan, China today: the technical content was not high, and there were many competitors, all of which were located in the \"smile curve\" of value distribution in the manufacturing industry chain. bottom end</b>, do the most tiring work and earn the least money.</p><p><img src=\"https://static.tigerbbs.com/9789042af668ea4b67309f48e5f3e543\" tg-width=\"620\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p>What's more,<b>At that time, chip manufacturing was still in the sub-micron stage. The IDM model of chip companies designing, manufacturing, and packaging and testing by themselves was the mainstream of the industry.</b>The world's top ten semiconductor companies that year were NEC, Toshiba, Hitachi, Motorola,<a href=\"https://laohu8.com/S/TXN\">Texas Instruments</a>, Fujitsu, Mitsubishi,<a href=\"https://laohu8.com/S/INTC\">Intel</a>、<a href=\"https://laohu8.com/S/PC\">Panasonic</a>、<a href=\"https://laohu8.com/S/PHG\">Philips</a>All are typical semiconductor IDM giants.</p><p>So, why do IDMs with their own factories look for fledgling TSMC whose technology is not even as good as their own to manufacture chips?</p><p>This is a very realistic problem faced by Zhang Zhongmou, an elderly entrepreneur, after rejecting Li Jianxi's olive branch.</p><p>But soon, TSMC ushered in its first era opportunity: the rise of PC.</p><p>Around 1988, under the leadership of Intel, the global electronics industry entered the PC era from the traditional mainframe era. And<b>The focus of the global semiconductor industry has gradually shifted from traditional DRAM storage to digital chips represented by CPUs and GPUs.</b></p><p>Conventional<b>DRAM memory chips are light in design and heavy in manufacturing, so the IDM model dominates the development of the industry; For digital chips, chip manufacturing is certainly a top priority, but as the number of transistors in the chip reaches millions, the chip design investment required behind it is becoming more and more arduous. In the case of limited energy, it has become an urgent trend to separate design from manufacturing.</b></p><p><img src=\"https://static.tigerbbs.com/673230fbc935dd61c98bcb0b5390e825\" tg-width=\"767\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p>Relying on the personal friendship between Intel President Grove and Zhang Zhongmou, Intel directly dispatched engineers to TSMC, and pointed out at least 200 process improvement processes for TSMC, which had only more than 200 manufacturing processes at that time.</p><p>You know, Intel at that time was synonymous with top chip manufacturing. The 80486 chip it is developing is not only the first in the world to use the 1-micron manufacturing process, but also the first high-end chip manufacturer to break through the integration of 1 million transistors in one chip, reaching 1.2 million pioneering projects.</p><p>Being able to receive one-on-one tutoring from Intel, TSMC won the first technical ticket to the top chip foundry in one fell swoop.</p><p>Shortly after getting this ticket, in 1995, TSMC and the two-year-old company<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>It hit it off and won another important ticket in the PC era.</p><p>In the following ten years, TSMC established a relationship with<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>Cooperation with chip design companies such as Meiman Electronics; On the other hand, through the research and development of copper process technology and wet lithography process technology, it is technologically unique in the world. In 2004, it occupied half of the global market share.</p><p><b>However, TSMC did not expect that another storm that might subvert the industrial structure was quietly coming.</b></p><p><img src=\"https://static.tigerbbs.com/9dc0fda484f9be29a169f2a280cc0408\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>Shortly after becoming the number one foundry in the field of PC chips, Apple came with a tsunami of smartphones. Unfortunately, the protagonist this time was not TSMC at first.</p><p>In 2007, Jobs took the first-generation iPhone and officially announced it in the midst of much attention, which was called a stunning cross-generation product. In the following years, every time a new iPhone was released, there would be a spectacle of crazy fruit powder queuing up in the early morning in front of Apple retail stores all over the world.</p><p>Behind the iPhone's seal of gods, one thing is clearly shown:<b>The era of smart phones has arrived. Only by winning Apple can we become a real chip foundry brother.</b></p><p>But anyone who knows how to do it knows that Jobs on the stage seems to be the \"God\" who released the iPhone on the surface, but fundamentally, he is just a worker of the Samsung empire on the other side of the ocean.</p><p>IHS, a market research agency, once dismantled the cost sources of previous generations of iPhones and found that in the era before dual cameras and bathroom heater cameras appeared, the former<b>The three major cost sources of several generations of iPhone are: processor, screen and storage. In an iPhone, all three items are made by Samsung.</b></p><p>The processor and storage provided by Samsung are naturally made by Samsung. However, TSMC, which produced almost half of the world's chips in the era, could only wait and see with envy.</p><p>But as a top supply chain checks and balances master, Apple will definitely not allow its competitors to control its three lifebloods at the same time.</p><p>So, on the one hand, mixing oil with Samsung Mili, on the other hand, Apple quietly connected with TSMC in 2010. In order for the two parties to cooperate more smoothly, TSMC has also set up a team composed of more than 100 cross-departmental R&D engineers.<a href=\"https://laohu8.com/S/AONE.U\">one</a>team \"team, stationed at Apple headquarters in the United States, worked together to engage in secret research and development in an attempt to completely bypass Samsung's patents.</p><p>After the initial progress of research and development, Apple immediately filed 16 infringement charges with Samsung in 2011. Samsung, on the other hand, took Apple to court, countersued Apple for infringement, and even asked the United States to ban the sale of iPhone.</p><p>Apple competes with Samsung's snipe and clam, and TSMC benefits.</p><p>Starting from Apple's A8 chip in 2014, TSMC began to manufacture most Apple chips. Since the iPhone 7 era, TSMC has completely monopolized the production of all Apple chips. The cooperation continues to this day, and Apple is still TSMC's largest customer, contributing nearly 20% of TSMC's revenue every year.</p><p>At this point, TSMC has officially confirmed its leading position in chip foundry.</p><p><b>But just working for the most powerful customers can make TSMC what it is today? As Apple's largest foundry, Foxconn was the first to disagree.</b></p><p><img src=\"https://static.tigerbbs.com/7c04503bafb7a71524a1d953b35f1228\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>Also the king of foundry, TSMC can stuck the throat of global customers, while Foxconn has nothing to do about Apple supporting competitors to grab business.</p><p>Behind the completely different fates, in fact, the groundwork has been laid as early as the track selection.</p><p>Represented by Foxconn<b>Electronic product assembly is essentially a low-threshold industry that can start work on the assembly line 24 hours a day as long as enough workers are gathered.</b>Therefore, as an OEM, twenty years ago, Foxconn faced the \"five tigers of Taiwanese OEM\" in Taiwan, China-Quanta, Compal, Pegatron, Wistron, and Inventec competing for business; In the past ten years, Foxconn has faced the mainland \"younger brothers\" Luxshare, Goertek, Wingtech,<a href=\"https://laohu8.com/S/002594\">BYD</a>They are frantically grabbing business in their own territory.</p><p>This low-tech content and low threshold are reflected in the financial report, which is reflected in Foxconn's gross profit that is thinner than razor blades: in the past ten years,<b>In order to maintain a gross profit that has never exceeded 10%, Foxconn moved its factory from Shenzhen to Zhengzhou, and then expanded from Zhengzhou to Vietnam... constantly moving between different depressions of labor costs.</b></p><p>In sharp contrast to this, TSMC's corresponding chip foundry is an industry that is rolling forward on the wheels of Moore's Law. Under the guidance of Moore's Law, the number of components that can be accommodated on an integrated circuit will double every 18 to 24 months, the size of the corresponding transistors will continue to shrink, and the manufacture of semiconductors will become increasingly difficult.</p><p>Reflected in capital expenditures, in the process of upgrading the semiconductor industry from 8-inch to 12-inch, costs have risen sharply: the cost of an 8-inch wafer fab is as low as 100 million and as high as 1.5 billion US dollars depending on its production capacity. The cost of a new 12-inch fab is as high as US $2.5 billion to US $3 billion, which is enough to leave most competitors in the industry behind.</p><p>Different technical contents also determine different competitive landscapes.<b>The harder Foxconn works, the more competitors it has; Along the way, TSMC has dominated the world from 0.18 micron to 3 nanometers. Not only are there fewer and fewer competitors, but even the former big brothers Intel and IBM have been left behind.</b></p><p><img src=\"https://static.tigerbbs.com/12e071a18a041e0b8ddb78626d4f42b1\" tg-width=\"667\" tg-height=\"855\" referrerpolicy=\"no-referrer\"></p><p>With fewer and fewer competitors, profits will naturally become higher and higher. Located in Taiwan, China, Foxconn has set up factories around the world, and its gross profit is less than 10%. If it is not careful, it will be contained by Apple using Wistron, Pegatron and Luxshare;</p><p>TSMC, which has insisted on only producing high-end process products in Taiwan, China for 30 years, can maintain a gross profit of about 50% all year round. However, if customers want to grab TSMC's latest production capacity, it is not enough to have money: September 2020 After TSMC was forced to cut off supply to Huawei due to US sanctions, Qualcomm and MediaTek had the opportunity to replace Huawei and use TSMC's latest 5nm production capacity.</p><p>The market share ranks first, and the capital threshold of the industry continues to rise; The dividend effect of technology is constantly superimposed... TSMC, which is alone in seeking defeat, has established its unshakable number one throne in the field of chip foundry.</p><p>Looking back at history, there are three major reasons why TSMC can rise to become the king of foundry: in the PC era, with half of the support of Intel and Nvidia; The mobile phone era was chosen by Apple and became an important tool to check and balance Samsung; In the following years, he sat on the wheels of Moore's Law, relying on the advantages of technology and capital, leaving many competitors far behind.</p><p>However, TSMC's transformation from the \"king of chip foundry\" to the \"king of stocks\" is still the last step: let the Internet companies whose market value ranks ahead of TSMC fall from the altar in the capital market.</p><p><img src=\"https://static.tigerbbs.com/efede982c9faf847a3a670f3cc42a078\" tg-width=\"992\" tg-height=\"914\" referrerpolicy=\"no-referrer\"></p><p>Since the beginning of the year, on the one hand, TSMC has made a lot of money from the epic chip shortage, and its stock price has recently become the king of Asian stocks. On the other hand, looking at the traditional \"stock god\" Internet, Tencent has plummeted 45% from its highest point since the beginning of the year; Ali has fallen by more than 30% so far;<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>The stock price has fallen by more than 45% since its listing on the Hong Kong Stock Exchange.</p><p>From the king of chip foundry to the king of Asian stocks, TSMC is inseparable from its own efforts, and at the same time, it is inseparable from the process of history.</p><p>In addition to the process, it gives us a hint of enlightenment:<b>Do the hard and correct thing, and the more you persist, the smoother it will be.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/1vKEt53uVNkuuzHjwkGPDA\">远川科技评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/975836d8c6eb511241583dccb0d387f2","relate_stocks":{"03145":"华夏亚洲高息股","TSM":"台积电","EWT":"台湾ETF-iShares MSCI"},"source_url":"https://mp.weixin.qq.com/s/1vKEt53uVNkuuzHjwkGPDA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184955585","content_text":"在2020年初，全球市值最大的十家企业中，美国独占7席，而中国的腾讯和阿里也榜上有名，成为亚洲唯二突入榜单的企业。\n\n在当时看来，腾讯和阿里进入榜单是一个再自然不过的结果，前十大企业中6个是互联网、2个金融、1个资源，唯一的硬件企业苹果，生产还不归自己管，当时如果说一家重资产、重制造、家里还没石油的企业还能进前十，无异于痴人说梦。\n但没有想到的是，仅仅一年多时间后的2021年8月18日，台积电就以5380亿美元的市值，成功超越腾讯，成为亚洲市值最高的公司。\n支撑起台积电亚洲股王市值的，是台积电二季度创下的132.9亿美元营收，一天赚1.47亿美元的亮眼业绩。\n与此同时，全球芯片大缺货，更是让台积电的订单成为硬通货：前不久，苹果一次性下单一亿片芯片后，台积电原材料供应商直接爆出猛料，台积电的订单已经满载到2024年。\n台积电取代腾讯成为亚洲股王的背后，不仅是两家企业市值的变化，同时，更是一场硬科技制造对互联网的逆袭。\n那么台积电究竟是如何在一个重资产、高人力成本投入，客户又极度强势的电子行业中，修炼出如今的股王地位？\n答案就藏在台积电崛起的三次历史机遇之中。\n\n1989年12月，刚成立两年的台积电就迎来三星掌门人李健熙的亲自挖墙脚。\n这一次，李健熙看上的，不是什么工艺负责人，也不是什么技术大牛，而是直接将目光锁定在了已经58岁的台积电创始人张忠谋的身上。\n李健熙之所以如此自信，与当时的行业发展背景有着很大的关系：当年的三星，已然是多个行业的霸主，把控韩国命脉的超级财阀；而芯片代工，在当时的行业地位，其实与如今中国台湾的另一个代工之王——富士康差不多：技术含量不高，竞争对手不少，都是位于制造业产业链价值分配“微笑曲线”的最底端，干着最累的活儿，赚最少的钱。\n\n更何况，当时的芯片制造还停留在亚微米阶段，芯片企业自己设计，自己制造，自己封测的IDM模式才是业界主流。当年的全球十大半导体公司，NEC、东芝、日立、摩托罗拉、德州仪器、富士通、三菱、英特尔、松下、飞利浦全部是典型的半导体IDM巨头。\n那么，有自己的工厂的IDM们，为什么要找初出茅庐，工艺甚至还不如自己的台积电来代工芯片？\n这是在拒绝了李健熙橄榄枝后，摆在高龄创业者——张忠谋面前的一个很现实的问题。\n不过很快，台积电就迎来了属于它的第一个时代机遇：PC崛起。\n1988年前后，在英特尔的带领下，全球的电子产业从传统的大型机时代进入PC时代。而全球的半导体产业的重心也开始逐渐从传统的DRAM存储开始向CPU、GPU为代表的数字芯片迈进。\n传统的DRAM存储芯片的轻设计重制造，因此IDM模式主导行业发展；而对数字芯片来说，芯片制造固然是头等大事，但随着芯片内晶体管的数量迈上百万台阶，背后所需的芯片设计投入，也越来越繁重。在精力有限的情况下，将设计与制造分离，已经成为迫在眉睫的大趋势。\n\n凭借着英特尔总裁格鲁夫与张忠谋的私人交情，英特尔直接派驻工程师入驻台积电，对当时制造工艺仅有二百多道环节的台积电，一口气指出了至少二百个工艺改进流程。\n要知道，当时的英特尔，正是顶级芯片制造的代名词。其正在的研发的80486芯片，不仅是全球最先使用1微米的制造工艺的，同时更是首次在一个芯片中突破了100万个晶体管集成，达到120万创举的高端芯片制造者。\n能被英特尔一对一辅导，台积电一举拿下了通往顶级芯片代工的第一张技术门票。\n拿到了这张门票后不久，1995年台积电又与刚成立两年的英伟达一拍即合，拿下了PC时代的另一张重要船票。\n此后十年间，台积电一边确立了与高通、美满电子等芯片设计企业的合作；另一边，还通过铜制程技术以及湿法光刻工艺技术的研发，在技术上独步全球，在2004年，占据了全球市场份额的半壁江山。\n只是，台积电没想到，另一个可能颠覆产业格局的风暴正在悄悄到来。\n\n成为PC芯片领域代工一哥不久后，苹果带着智能手机山呼海啸的袭来，只可惜，这一次的主角，一开始并不是台积电。\n2007年，乔布斯拿着初代iPhone在万众瞩目中官宣，被称为惊艳的跨时代产品。此后数年，每逢iPhone发布新机，世界各地的苹果零售店门前都会出现疯狂的果粉凌晨排队抢购的奇观。\n而iPhone封神的背后，也明明白白的昭示了一件事：智能机时代已经到来，只有拿下苹果，才能成为真正的芯片代工一哥。\n但是懂行的都知道，台上的乔布斯，表面看似是发布iPhone手机的“上帝”，但根本上，却只是大洋彼岸三星帝国的打工人。\n市调机构IHS，曾对历代iPhone的成本来源进行拆解发现，在还没出现双摄与浴霸摄像头的年代里，前几代iPhone的三大成本来源，分别是：处理器，屏幕以及存储。而一部iPhone手机中，这三项全部made by Samsung。\n三星提供的处理器与存储，自然是三星制造。而当年代工了全球几乎一半芯片的台积电，却只能默默羡慕的观望。\n但作为顶级的供应链制衡大师，苹果一定不会允许，让自己的竞争对手，同时把控着自己的三大命脉。\n于是，一边与三星蜜里调油，另一边，2010年苹果就悄悄与台积电搭上了线。为了双方能够合作得更顺畅，台积电还专门成立了一支由百余位跨部门的研发工程师组成的“one team”战队，驻扎美国苹果总部，一起快马加鞭搞秘密研发，企图彻底绕过三星的专利。\n研发初见进展后，苹果立刻在2011年闪电向三星提起16项侵权指控。而三星则反手又将苹果告上法庭，反诉苹果侵权，甚至要求美国禁售iPhone。\n苹果与三星鹬蚌相争，台积电渔翁得利。\n从2014年苹果的A8芯片起，台积电开始代工大部分苹果芯片，iPhone 7时代开始，台积电则完全垄断了所有苹果芯片的生产。合作延续至如今，苹果仍是台积电最大的客户，每年为台积电贡献了近20%的收入。\n至此，台积电正式确定了芯片代工的龙头地位。\n但只是给最厉害的客户打工，就能够成就如今的台积电吗？作为苹果最大的代工厂，富士康第一个不同意。\n\n同样是代工之王，台积电可以卡住全球客户的咽喉，而富士康却对苹果扶持竞争对手来抢生意无可奈何。\n截然不同的命运背后，其实早在赛道选择之时就已经埋下伏笔。\n以富士康为代表的电子产品组装，本质上是个只要召集了足够多工人，就能在流水线上24小时开工的低门槛行业。因此，做代工，二十年前，富士康在中国台湾面临着“台系代工五虎”——广达、仁宝、和硕、纬创、英业达抢生意；最近十年，富士康又面临着，曾经一手带大的大陆“小弟”立讯、歌尔、闻泰、比亚迪们，在自己的地盘疯狂抢生意。\n这种低技术含量、低门槛体现在财报中，就表现为富士康比剃须刀刀片还要薄的毛利之中：近十年，富士康为保住从未突破10%的毛利，一路将工厂从深圳搬到郑州，又从郑州拓展到越南……不断在人力成本的不同洼地之间辗转搬迁。\n与此形成鲜明对比的是，台积电对应的芯片代工是一个坐在摩尔定律车轮上滚滚向前的产业。在摩尔定律的主导下，集成电路上可容纳的元器件的数量每隔18至24个月就会增加一倍，相应的晶体管的尺寸也会不断缩小，半导体的制造难度也越来越高。\n体现在资本开支上，半导体行业从8英寸向12英寸升级的过程中，成本急剧上升：一座8英寸的晶圆厂造价视产能最低1亿，最高15亿美元，一般的企业咬咬牙还能顶上。而一座新的12英寸晶圆厂造价则高达25亿到30亿美金，足以将行业内大部分竞争对手甩在身后。\n不同的技术含量，也决定了不同的竞争格局。富士康越努力，竞争对手越多；而台积电一路走来，从0.18微米到3纳米独步天下，不仅竞争对手越来越少，就连曾经的老大哥英特尔、IBM也被甩在身后。\n\n对手越来越少，利润自然就越来越高，同处中国台湾，富士康全球设厂，毛利不足10%，一不留神，就被苹果用纬创、和硕以及立讯牵制；\n而坚持三十年只在中国台湾生产高阶制程产品的台积电，则可以常年维持在50%左右的毛利，而客户想要抢到台积电的最新产能，只是有钱还万万不够：2020年9月，台积电因美国制裁被迫断供华为后，高通、联发科这才有了替补华为，用上台积电最新5nm产能的机会。\n市场份额稳居第一，行业的资金门槛不断提升；技术的红利效应不断叠加……独孤求败的台积电，在芯片代工领域，已然奠定了其不可撼动的第一宝座。\n回顾历史，台积电能崛起成为代工之王，有三大原因：PC时代，有了半个英特尔与英伟达支持；手机时代被苹果选择，成为制衡三星的重要工具；此后数年，又坐在摩尔定律的车轮上，靠着技术与资本优势，将一众竞争对手远远甩在身后。\n只不过，台积电从“芯片代工之王”变成“股王”，还差最后一步：让市值排在台积电之前的互联网企业们，在资本市场跌落神坛。\n\n从年初至今，一边是台积电在史诗级的芯片大缺货中赚得盆满钵满，近期股价更是一跃成为亚洲股王。另一边，反观传统“股神”互联网，年初至今，腾讯从最高点暴跌45%；阿里至今跌幅超过30%；百度股价更在港交所上市至今跌幅超过45%。\n从芯片代工之王进阶亚洲股王背后，台积电离不开自身的努力，同时，更离不开历史的进程。\n而进程之外，更给我们一丝启示：做难而正确的事，越坚持越顺利。","news_type":1,"symbols_score_info":{"TSM":0.9,"EWT":0.9,"TWmain":0.9,"03145":0.9}},"isVote":1,"tweetType":1,"viewCount":1824,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":367747170,"gmtCreate":1614983051790,"gmtModify":1704777872344,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"themes":[],"htmlText":"?????","listText":"?????","text":"?????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/367747170","repostId":"1154986292","repostType":4,"repost":{"id":"1154986292","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":1614961673,"share":"https://ttm.financial/m/news/1154986292?lang=en_US&edition=fundamental","pubTime":"2021-03-06 00:27","market":"us","language":"zh","title":"Zhihu submitted a prospectus to the New York Stock Exchange and officially launched its listing in the United States","url":"https://stock-news.laohu8.com/highlight/detail?id=1154986292","media":"老虎资讯综合","summary":"美东时间3月5日，中国最大的在线问答社区知乎正式向美国证监会递交首次公开招股书，计划在纽交所上市，代码为“ZH”。$$招股书显示，知乎2019年、2020年的营收分别为6.71亿元人民币和13.52亿元人民币，同比增长达101.7%。其中，广告收入从2019年的5.77亿元人民币升至2020年的8.43亿元人民币，同比增长46，但对总营收占比从86.1%降至62.4%，这意味着，知乎在商业多元化布局上初见所成。","content":"<p>On March 5, Eastern Time, Zhihu, China's largest online question-and-answer community, officially submitted its initial public prospectus to the US Securities and Exchange Commission (SEC), planning to list on the New York Stock Exchange under the code \"ZH\". Goldman Sachs, Credit Suisse and JPMorgan Chase acted as underwriters.<a href=\"https://laohu8.com/S/ZH\">$(ZH) $</a><img src=\"https://static.tigerbbs.com/feaff0024cc3a86087dd8625a1c7b2f2\" tg-width=\"1024\" tg-height=\"682\" referrerpolicy=\"no-referrer\">According to the prospectus, Zhihu's revenue in 2019 and 2020 will be 671 million yuan and 1.352 billion yuan respectively, a year-on-year increase of 101.7%. Among them, advertising revenue rose from 577 million yuan in 2019 to 843 million yuan in 2020, a year-on-year increase of 46%, but its proportion of total revenue dropped from 86.1% to 62.4%, which means that Zhihu is in business diversification. The layout is first seen.</p><p>Revenue from paid members rose from 88 million yuan in 2019 to 320 million yuan in 2020, a year-on-year increase of 264%, and its contribution to total revenue increased from 13.1% to 23.7%. The revenue of the newly opened revenue channel-content commercialization solution in 2020 will be 136 million yuan, accounting for 10% of the total revenue contribution; Other income, including online education and e-commerce, surged from 4.45 million yuan to 52.53 million yuan, a year-on-year increase of 1,083%.</p><p>In terms of operational data, as of December 31, 2020, Zhihu has a total of 43.1 million content creators and contributed a total of 315 million Q&A content. In the fourth quarter of 2020, Zhihu's average monthly active users (MAUs) were 75.7 million, a year-on-year increase of 33% compared with the same period in 20219. In the fourth quarter of 2020, users generated an average of 676 million monthly interactions in the community.</p><p>According to CIC, Zhihu is the largest high-quality online Q&A community in China and one of the top five comprehensive online content communities in China. According to a survey conducted by CIC, Zhihu is recognized as the most trustworthy online content community and is widely recognized by the people for its high-quality content.</p><p>It is worth mentioning that Zhihu has been favored by capital since its establishment. It has successively received strategic investments from Tencent, Kuaishou and Baidu. And received early-stage investments including Capital Today, Qiming Venture Capital, SAIF, innovation works, etc. This is inseparable from Zhihu's good community atmosphere and large-scale accumulation of high-quality content.</p><p>Tiger Information noticed that Zhihu was founded in December 2010, and the company's name may come from \"The Analects of Confucius · Asking Politics\": \"Confucius said: 'By, teach women to know! Knowing is knowing, and not knowing is not knowing.'\" At the beginning of its birth, Zhihu was benchmarked against Quora, an American knowledge question and answer community. With a series of differentiated operations, Zhihu has successively entered the fields of knowledge payment, live broadcast, recommendation of good things, and short videos to build its complete community ecology. Zhihu has been established ten years ago. Compared with many previous listing cases of Internet companies, Zhihu's listing journey seems to be a little slower. However, its founder Zhou Yuan once said in an exclusive interview: Zhihu is not a sprint product. The product form takes a long time to accumulate. Everything's characteristics grow up bit by bit, and naturally it takes time.</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>Zhihu submitted a prospectus to the New York Stock Exchange and officially launched its listing in the United States</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\">\nZhihu submitted a prospectus to the New York Stock Exchange and officially launched its listing in the United States\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\">2021-03-06 00:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On March 5, Eastern Time, Zhihu, China's largest online question-and-answer community, officially submitted its initial public prospectus to the US Securities and Exchange Commission (SEC), planning to list on the New York Stock Exchange under the code \"ZH\". Goldman Sachs, Credit Suisse and JPMorgan Chase acted as underwriters.<a href=\"https://laohu8.com/S/ZH\">$(ZH) $</a><img src=\"https://static.tigerbbs.com/feaff0024cc3a86087dd8625a1c7b2f2\" tg-width=\"1024\" tg-height=\"682\" referrerpolicy=\"no-referrer\">According to the prospectus, Zhihu's revenue in 2019 and 2020 will be 671 million yuan and 1.352 billion yuan respectively, a year-on-year increase of 101.7%. Among them, advertising revenue rose from 577 million yuan in 2019 to 843 million yuan in 2020, a year-on-year increase of 46%, but its proportion of total revenue dropped from 86.1% to 62.4%, which means that Zhihu is in business diversification. The layout is first seen.</p><p>Revenue from paid members rose from 88 million yuan in 2019 to 320 million yuan in 2020, a year-on-year increase of 264%, and its contribution to total revenue increased from 13.1% to 23.7%. The revenue of the newly opened revenue channel-content commercialization solution in 2020 will be 136 million yuan, accounting for 10% of the total revenue contribution; Other income, including online education and e-commerce, surged from 4.45 million yuan to 52.53 million yuan, a year-on-year increase of 1,083%.</p><p>In terms of operational data, as of December 31, 2020, Zhihu has a total of 43.1 million content creators and contributed a total of 315 million Q&A content. In the fourth quarter of 2020, Zhihu's average monthly active users (MAUs) were 75.7 million, a year-on-year increase of 33% compared with the same period in 20219. In the fourth quarter of 2020, users generated an average of 676 million monthly interactions in the community.</p><p>According to CIC, Zhihu is the largest high-quality online Q&A community in China and one of the top five comprehensive online content communities in China. According to a survey conducted by CIC, Zhihu is recognized as the most trustworthy online content community and is widely recognized by the people for its high-quality content.</p><p>It is worth mentioning that Zhihu has been favored by capital since its establishment. It has successively received strategic investments from Tencent, Kuaishou and Baidu. And received early-stage investments including Capital Today, Qiming Venture Capital, SAIF, innovation works, etc. This is inseparable from Zhihu's good community atmosphere and large-scale accumulation of high-quality content.</p><p>Tiger Information noticed that Zhihu was founded in December 2010, and the company's name may come from \"The Analects of Confucius · Asking Politics\": \"Confucius said: 'By, teach women to know! Knowing is knowing, and not knowing is not knowing.'\" At the beginning of its birth, Zhihu was benchmarked against Quora, an American knowledge question and answer community. With a series of differentiated operations, Zhihu has successively entered the fields of knowledge payment, live broadcast, recommendation of good things, and short videos to build its complete community ecology. Zhihu has been established ten years ago. Compared with many previous listing cases of Internet companies, Zhihu's listing journey seems to be a little slower. However, its founder Zhou Yuan once said in an exclusive interview: Zhihu is not a sprint product. The product form takes a long time to accumulate. Everything's characteristics grow up bit by bit, and naturally it takes time.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/feaff0024cc3a86087dd8625a1c7b2f2","relate_stocks":{"ZH":"知乎"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154986292","content_text":"美东时间3月5日，中国最大的在线问答社区知乎正式向美国证监会（SEC）递交首次公开招股书，计划在纽交所上市，代码为“ZH”。高盛、瑞信和摩根大通担任承销商。$(ZH)$招股书显示，知乎2019年、2020年的营收分别为6.71亿元人民币和13.52亿元人民币，同比增长达101.7%。其中，广告收入从2019年的5.77亿元人民币升至2020年的8.43亿元人民币，同比增长46，但对总营收占比从86.1%降至62.4%，这意味着，知乎在商业多元化布局上初见所成。来自付费会员收入从2019年的8800万元人民币升至2020年的3.2亿元人民币，同比大涨264%，对总营收贡献从13.1%上升至23.7%。新开辟的营收途径-内容商业化解决方案2020年收入为1.36亿元人民币，占总营收贡献达10%；包括在线教育、电商在内的其他收入从445万元人民币大涨至5253万元人民币，同比爆增1,083%。 运营数据方面，截至2020年12月31日，知乎累计拥有内容创作者4310万，累计贡献3.15亿条问答内容。2020年第四季度，知乎月均活跃用户（MAUs）为7570万，较20219年同期同比增长33%，2020年第四季度，用户在社区月均产生6.76亿次互动。据灼识咨询（CIC），知乎是中国最大的高质量在线问答社区，也是中国前五大综合在线内容社区之一。灼识咨询（CIC）调查显示，知乎被公认为最值得信赖的在线内容社区，以高质量内容得到国民广泛认可。 值得一提的是，知乎自创立以来颇受资本青睐。先后获得腾讯、快手、百度的战略投资。并获得包括今日资本、启明创投、赛富、创新工场等早期投资。这与知乎良好的社区氛围与规模化的优质内容积累密不可分。 老虎资讯注意到，知乎成立于2010年12月，公司命名或来自《论语·问政》：“子曰：’由，诲女知之乎！知之为知之，不知为不知，是知也。’”知乎诞生之初对标美国知识问答社区Quora，随着一系列差异化运营，知乎先后进入了知识付费、直播、好物推荐、短视频领域，构建其完整的社区生态。知乎成立十年，与此前很多互联网企业上市案例相比，知乎的上市路程似乎慢了一些，但其创始人周源曾在接受专访时说道：知乎并不是一个短跑型产品，社区这样的产品形态，是需要比较长的时间积累。所有的事情特点都是一点一点的累计成长起来的，天然的就需要时间。","news_type":1,"symbols_score_info":{"ZH":0.9}},"isVote":1,"tweetType":1,"viewCount":1759,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382967297,"gmtCreate":1613351637819,"gmtModify":1704879978941,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"themes":[],"htmlText":"………………","listText":"………………","text":"………………","images":[{"img":"https://static.tigerbbs.com/eb0b74b5ee70e20218d882d9ec47b582","width":"1125","height":"2121"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/382967297","isVote":1,"tweetType":1,"viewCount":783,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":382964845,"gmtCreate":1613351520387,"gmtModify":1704879977321,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/382964845","repostId":"2111305003","repostType":4,"isVote":1,"tweetType":1,"viewCount":707,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382964984,"gmtCreate":1613351500148,"gmtModify":1704879976998,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"themes":[],"htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/382964984","repostId":"2111070147","repostType":4,"isVote":1,"tweetType":1,"viewCount":853,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386448864,"gmtCreate":1613265005158,"gmtModify":1704879613502,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"themes":[],"htmlText":"........","listText":"........","text":"........","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/386448864","repostId":"1178592309","repostType":4,"isVote":1,"tweetType":1,"viewCount":674,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":383910779,"gmtCreate":1612828568191,"gmtModify":1704874674003,"author":{"id":"3574563059595551","authorId":"3574563059595551","name":"希菟","avatar":"https://static.tigerbbs.com/4c99310785abc9b8abf540f583e93c89","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574563059595551","authorIdStr":"3574563059595551"},"themes":[],"htmlText":"........","listText":"........","text":"........","images":[{"img":"https://static.tigerbbs.com/0b051e5946b25f706d8607a7e6f5513d","width":"1125","height":"3414"}],"top":1,"highlighted":1,"essentia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