青天照大街 personal page - To The Moon

青天照大街

青天照大街

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青天照大街

2022-11-14

$老虎证券(TIGR)$

青天照大街

2021-09-14

$Histogenics Corporation(OCGN)$20 20 20??? to the ???

青天照大街

2021-08-05

Meng

"North American Alipay" Square continues to rise, hitting a record high

青天照大街

2021-07-27

?

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青天照大街

2021-07-25

?

When we buy funds, what are we buying?

青天照大街

2021-07-22

Zan

Sorry, the original content has been removed

青天照大街

2021-07-21

Zan

Volvo Cars to acquire Geely Holding's stake in China joint venture

青天照大街

2021-07-19

Zan

Sorry, the original content has been removed

青天照大街

2021-07-19

Zan

How can I get a good return if I can't stick to it for a long time?

青天照大街

2021-07-15

Zan

Fosun Pharma's AH rose together, COVID-19 vaccine is rumored to have passed expert review

青天照大街

2021-07-14

Zan

The performance of second-tier liquor stocks is against the sky, and the sector broke out. Is it a risk or an opportunity?

青天照大街

2021-07-07

OK

FTSE Russell: Didi will still be included on July 8 as planned

青天照大街

2021-07-06

Zan

Suning sells shares to survive: Ali has not fully taken over the market, and the loss of the main business still needs to be solved

青天照大街

2021-07-06

Zan

Suning sells shares to survive: Ali has not fully taken over the market, and the loss of the main business still needs to be solved

青天照大街

2021-07-04

Zan

Reminder: Due to the U.S. Independence Day holiday, U.S. stocks will be closed all day on July 5

青天照大街

2021-07-01

Zan

Reminder: Due to the anniversary of Hong Kong's return, Hong Kong stocks will be closed on July 1

青天照大街

2021-06-30

Zan

Reminder: Due to the anniversary of Hong Kong's return, Hong Kong stocks will be closed on July 1

青天照大街

2021-06-29

Zan

Sorry, the original content has been removed

青天照大街

2021-06-28

Zan

3.2 billion yuan liquidation in 24 hours, virtual currencies collapsed across the board, and mining machines were sold at a 50% discount

青天照大街

2021-06-26

Zan

Dark Horse Atour's "Pentium Listing": How to tell the story of the new accommodation economy?

Go to Tiger App to see more news

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href=\"https://laohu8.com/S/OCGN\">$Histogenics Corporation(OCGN)$</a>20 20 20??? to the ???","text":"$Histogenics Corporation(OCGN)$20 20 20??? to the ???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/886732804","isVote":1,"tweetType":1,"viewCount":2768,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899639361,"gmtCreate":1628176905353,"gmtModify":1703502701246,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Meng&nbsp;","listText":"Meng&nbsp;","text":"Meng","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/899639361","repostId":"1177628375","repostType":4,"repost":{"id":"1177628375","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":1628175372,"share":"https://ttm.financial/m/news/1177628375?lang=en_US&edition=fundamental","pubTime":"2021-08-05 22:56","market":"us","language":"zh","title":"\"North American Alipay\" Square continues to rise, hitting a record high","url":"https://stock-news.laohu8.com/highlight/detail?id=1177628375","media":"老虎资讯综合","summary":"周四，美国移动支付企业Square开盘后持续走高，截至发稿涨超6%，创历史新高。\n\n公司近日提前公开二季度财报。总净收入增长超过 143%，毛利润同比增长91%达到11.4亿美元，总交易支付额（GPV","content":"<p>On Thursday, U.S. mobile payment enterprises<a href=\"https://laohu8.com/S/SQ\">Square</a>It continued to rise after the market opened, rising more than 6% as of press time, a record high.</p><p><img src=\"https://static.tigerbbs.com/8616749dc4d59b9cf8728aeaf1cc3b42\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>The company recently disclosed its second-quarter financial report in advance. Total net revenue increased by more than 143%, gross profit increased 91% year-over-year to $1.14 billion, and total transaction payments (GPV) increased 88% to $42.8 billion. Total revenue, including Bitcoin, was US $4.68 billion, of which Bitcoin's revenue reached US $2.72 billion.</p><p>In addition, Square also announced the acquisition of Australian financial payment company Afterpay for $29 billion. This is Square's largest acquisition so far, which not only expands the consumer market for itself, but also is undoubtedly a good opportunity for Afterpay to continue to explore the US market.</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>\"North American Alipay\" Square continues to rise, hitting a record high</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\">\n\"North American Alipay\" Square continues to rise, hitting a record high\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\">2021-08-05 22:56</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On Thursday, U.S. mobile payment enterprises<a href=\"https://laohu8.com/S/SQ\">Square</a>It continued to rise after the market opened, rising more than 6% as of press time, a record high.</p><p><img src=\"https://static.tigerbbs.com/8616749dc4d59b9cf8728aeaf1cc3b42\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>The company recently disclosed its second-quarter financial report in advance. Total net revenue increased by more than 143%, gross profit increased 91% year-over-year to $1.14 billion, and total transaction payments (GPV) increased 88% to $42.8 billion. Total revenue, including Bitcoin, was US $4.68 billion, of which Bitcoin's revenue reached US $2.72 billion.</p><p>In addition, Square also announced the acquisition of Australian financial payment company Afterpay for $29 billion. This is Square's largest acquisition so far, which not only expands the consumer market for itself, but also is undoubtedly a good opportunity for Afterpay to continue to explore the US market.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7c35001aff2d0c88ed509c6e83cf2e54","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177628375","content_text":"周四，美国移动支付企业Square开盘后持续走高，截至发稿涨超6%，创历史新高。\n\n公司近日提前公开二季度财报。总净收入增长超过 143%，毛利润同比增长91%达到11.4亿美元，总交易支付额（GPV）增长88%达到428亿美元。包括比特币在内的总营收为46.8亿美元，其中比特币一项收入达到27.2亿美元。\n此外，Square还宣布以290亿美元的价格收购澳洲金融支付公司Afterpay。这是迄今为止Square最大的一笔收购，不仅为自己扩大了消费者市场，对Afterpay继续开拓美国市场无疑也是个好机会。","news_type":1,"symbols_score_info":{"SQ":0.9}},"isVote":1,"tweetType":1,"viewCount":3458,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809200579,"gmtCreate":1627369856191,"gmtModify":1703488541822,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/809200579","repostId":"2154960559","repostType":4,"isVote":1,"tweetType":1,"viewCount":2576,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177689352,"gmtCreate":1627209362076,"gmtModify":1703485584852,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/177689352","repostId":"1161895834","repostType":4,"repost":{"id":"1161895834","kind":"news","pubTimestamp":1627179003,"share":"https://ttm.financial/m/news/1161895834?lang=en_US&edition=fundamental","pubTime":"2021-07-25 10:10","market":"hk","language":"zh","title":"When we buy funds, what are we buying?","url":"https://stock-news.laohu8.com/highlight/detail?id=1161895834","media":"远川投资评论","summary":"有“锂”走遍天下，无“锂”寸步难行，最近，在碳中和政策的持续发酵下，作为新能源电池原料的锂，受到了市场的狂热追捧。“锂爷爷”“钴奶奶”发威，新能源板块大涨。不少投资者看到涨势大好的新能源板块开始蠢蠢欲","content":"<p>\"Lithium\" has traveled all over the world, but it is difficult to move without \"lithium\". Recently, under the continuous fermentation of carbon neutrality policies, lithium, as a raw material for new energy batteries, has been enthusiastically sought after by the market. \"Grandpa Lithium\" and \"Grandma Cobalt\" showed their power, and the new energy sector rose sharply. Many investors saw that the new energy sector, which was rising well, was ready to move, so they went looking for a new energy-themed fund and were ready to buy it.</p><p>\"Some investors buy funds when they are optimistic about some sectors first, such as consumer military industry, and then find the fund manager who is most similar to their own ideas and positions in the market, and then buy it. This is a bit of putting the cart before the horse.\" Ye Erle of Guosheng Metalworking said, \"For the allocation of the same stock or industry, each fund manager's logic may be completely different, and the amount of money he can make in the end is also completely different.\"</p><p>Yerle believes that we often ask fund managers \"what did they buy\" without knowing \"why they bought it\", and the latter question may be more important. Recently, one of his research reports, \"What Money Does Public Offering of Fund Make-A Series Report on the Evolution History of Fund ALPHA\", has attracted widespread attention in the industry and has been well received by many institutions. In his report, he analyzed the fund's income sources in detail, and introduced a different method of dividing the ability of fund managers from the traditional one.</p><p><img src=\"https://static.tigerbbs.com/457375bc4d0235878aa7dc3b323dbb68\" tg-width=\"1080\" tg-height=\"1220\" referrerpolicy=\"no-referrer\"></p><p>Guosheng Metalworking Analyst Ye Erle</p><p>Last month, our Yuanchuan Research Institute had a conversation with Ye Erle, an analyst at Guosheng Metalworking, and conducted a series of discussions on what money Public Offering of Fund actually makes. We hope that through this conversation, we can bring new inspiration to investors about \"buying funds\".</p><p>The following are some of Ye Erle's views on what you buy when buying a fund, what abilities the fund manager has, and how to build a fund portfolio.</p><p><img src=\"https://static.tigerbbs.com/cafe4d249052d6040ae3bf665fe6edad\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>When many people buy funds, they will ask, \"Can this fund still be bought after it has risen so much?\" Ye Erle gave an answer: Buying funds is different from buying stocks. Stocks should not be chased high.<b>But funds can \"chase high\" under certain circumstances.</b>Generally speaking, Yerle listed three differences between funds and stocks, which are reflected in pricing, valuation, and risk diversification.</p><p>The pricing of stocks is the result of people's expected exchange and expected game based on public market data.<b>The pricing of the fund is determined by the fund manager alone.</b>If stocks want to rise, more and more people are persuaded to buy by a certain narrative or logic. If funds want to rise, fund managers need to have the ability to perceive such logic in advance, buy stocks in advance, and buy them when everyone buys them. Sell when you come.</p><p>Stocks have clear valuations, and funds have no valuation issues in the sense of net value. If stocks rise too much, they will fall, and if they fall too much, they will rise. However, funds do not necessarily perform poorly in the future if they rise well, nor do they necessarily perform well in the future if they performed poorly in the past. There is a highly extrapolated indicator when buying funds, called ALPHA medium and long-term momentum, which means<b>The essence of a good past and a good future is the ability of fund managers. Only when a certain ability of the fund manager is stable can he have long-term momentum in a certain segment of income, and the long-term momentum in a certain segment of income also proves that the fund is stable in this kind of ability.</b></p><p>Stocks have characteristic risks at the company level, which can be controlled through diversified holdings. Funds are a combination of stocks, and the risks in this respect are already small, and their risks cannot be controlled only by simple diversification. For example, if you buy a bunch of funds that prefer group stocks, although a single fund may account for a small proportion, the risk of the \"group factor\" of the portfolio is very high. Once the group collapses, the entire fund portfolio will have great pullback/retracement risks. It may not be as good as choosing a fund for each of the large, mid-cap and small-cap stocks, and the risks will be more dispersed. So,<b>The risk of the fund needs to penetrate into the underlying style to diversify.</b></p><p>So what is the nature of a fund?</p><p>Yerle believes that the fund will remain unchanged<b>The essence is that fund managers include so-called circles of competence such as personality, investment system, information sources, and investment models.</b>After years of evolution, it has been difficult for fund managers to use simple investment styles such as \"large and small caps\", \"value growth\", and \"industry themes\" to divide. The stability of such divisions is weak, and it is necessary to further attribute fund returns to summarize The stock selection logic of the fund manager is divided into the true ability of the fund manager.</p><p><img src=\"https://static.tigerbbs.com/7147ee6f0c9e846a286b58749c009cb7\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What money does Public Offering of Fund make?</p><p>After attributing the income of Public Offering of Fund in the report, Ye Erle concluded that the fund income includes money that the fund manager cannot earn steadily, money that will inevitably be lost, and money that can be earned steadily.</p><p>First, the money a fund makes in terms of market capitalization and valuation is volatile. I have only made two waves of money in terms of market value, one wave is money with small market value in 14 ~ 16 years, and the other wave is money with large market value from the end of last year to the beginning of this year. It is difficult to grasp the money with market value. In terms of valuation, Public Offering of Fund prefers high-valued stocks, which brought negative returns before 19 years, and then positive returns, and the money earned at the valuation level is not stable.</p><p>Furthermore, Public Offering of Fund prefers stocks with high volatility and high liquidity, which makes funds lose money for a long time. High volatility refers to the sharp ups and downs of stocks in the past, which can cause trading losses. However, Public Offering of Fund is subject to the attributes of large volume and public offering, so it must buy high liquidity tickets. High liquidity corresponds to high pricing efficiency. The duration of fast logic money on these stocks has become shorter and shorter in recent years.<b>It is difficult to do high-frequency trading in public offerings, and it is difficult to earn such fast logic money, so it is basically transferred to private high-frequency traders.</b></p><p>Therefore, whether it is market value, valuation money, or high volatility and high liquidity money, most fund managers cannot stably grasp it. Ye Erle believes that,<b>When buying funds, you should pay more attention to the fund manager's ability to make money steadily.</b></p><p>Then<b>Public offerings can only make slow money when they can't make quick money.</b>The money of slow logic is reflected in two styles of income:<b>Momentum and growth.</b>The so-called momentum refers to a logic that only when it is slowly fermented can the stock price eventually rise steadily in the past 12 months. This characteristic of steady rise is called momentum by Ye Erle. Growth means that the company has growth, and the verification of growth takes time and thus depends on slow logic.</p><p>Regarding making money from growth logic, Ye Erle summarized three advantages: (1) The logic of growth needs time to be verified, and it cannot be fully responded in the short term, leaving fund managers with enough time; (2) The logic of growth will be realized in the short term, that is, it can be verified in stages according to the quarterly report, and each verification can realize part of the excess returns, so that the stock can rise continuously; (3) The logic of growth is more verifiable than the logic of value, because the regression of valuation depends on many external macro or market factors, and the logic of growth, such as the judgment of the company's five-year growth rate, must exist in the next five years. A fact verifies whether what was said five years ago is right or not.</p><p>Ye Erle believes that,<b>The most important thing for Public Offering of Fund is to predict the company's performance and earn money from growth logic.</b>At present, public offerings are mostly based on short-term performance appraisal, and growth is more cost-effective than value: it may take 1 to 3 years for value to return to earn excess returns, and the time is highly uncertain, while growth stocks can be logically realized every quarter.</p><p>From a strategic perspective, Ye Erle introduced that in addition to performance growth, another factor for funds to make money in the long term at the company level-analyst popularity. Analyst enthusiasm means that fund managers usually pay close attention to analyst recommendations, which are translated into their own investment logic.<b>Compared with the public's information source advantage, it is also the reason why Public Offering of Fund makes money for a long time. Fund managers have faster channels to receive information.</b></p><p>Generally speaking, public funds are<b>Momentum, Growth, Analyst Heat</b>These factors are long-term profit-making, which is also the ability of fund managers, while the style income of market value and valuation, as well as the trading income of high volatility and high liquidity, are beyond the grasp of fund managers.</p><p><img src=\"https://static.tigerbbs.com/5cf5bac55700f0cdf8740d80785377cf\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>After understanding the source of fund income, how should we operate when it comes to the division of fund manager ability labels and the construction of fund portfolios?</p><p>Yerle tells us how to analyze a fund through examples. Taking a fund that performed well this year as an example, he made a quantitative attribution to the income of this fund, thus summarizing the ability labels possessed by the fund manager.</p><p>First of all, Ye Erle completely decomposed the fund income into four major sources of income. The fund performed averagely in terms of \"strategic income\" and contributed greatly in terms of \"dynamic income\", which means that the fund manager's overall stock selection ability is average, but the ability to do band is strong. The fund also contributes greatly to \"industry returns\", which means that its industry is well chosen. Accordingly, fund managers can be labeled: dynamic profitability, industry allocation ability.</p><p><img src=\"https://static.tigerbbs.com/96be149643d87dd279b716450ccb6797\" tg-width=\"717\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>Then analyze the \"style income\" of the fund. Since the fund changed its fund manager in 2020, its style has switched to small and medium-sized market capitalization, high momentum, high volatility, high valuation, high growth, and its style is stable. It is found that the fund manager likes to buy small receipts, buy popular sectors. This labeled him: small and medium-sized market capitalization, investment in popular sectors, and stable historical style.</p><p>Observe the characteristics of industry income again: the concentration of positions is relatively high, medicine has bought nearly 50% of the positions, and machinery has bought nearly 40%. Once you are optimistic about the industry, the bet is relatively heavy; In terms of industry switching, it is highly sensitive to the cycle. In the second quarter of last year, it switched to machinery and chemical industry in large quantities, and the market as a whole paid close attention to these two industries in the fourth quarter. Accordingly, it can be labeled: industry concentration.</p><p>Finally, it was observed that the fund's low exposure to the analyst heat factor in the second quarter of last year meant that he was earlier than analysts expected, and his later operations were contrary to analysts' recommendations. The more analysts recommended, the more he sold, indicating that he: the left side/information changes are sensitive.</p><p>Based on this, Yerle concluded that the fund manager showed during the management of this fund from 2020.01 to 2021.03<b>Strong dynamic investment ability and small and medium-sized market capitalization investment style.</b>It can quickly process market information, decisively and centrally adjust positions at the critical points on the left and right sides, carry out effective meso-industry allocation and dynamic operation of individual stocks, and invest in sectors with relatively popular but small and medium market value, thus avoiding the crowded big white horse plate at that time.</p><p>After analyzing such a fund manager, Ye Erle believes that we can aim at the \"personality\" of this fund manager, find out all similar fund managers, and build a portfolio.</p><p>For example, build a portfolio of fund managers who are also strong dynamic income capabilities, or transfer out a certain type of fund managers who are also strong in stock selection capabilities and industry allocation capabilities, and continue to track and analyze this portfolio What kind of market is suitable for.<b>When you need a fund manager with any characteristics, Guosheng Metalworking can quantitatively screen it out from the portfolio of fund managers.</b></p><p>Guosheng Metalworking has built a long-term tracking fund portfolio on Wind: Guosheng Base Selection Strategy, which has performed very well in the past two years.</p><p><img src=\"https://static.tigerbbs.com/a439a13ff398b1ae2bd7eae1b60978ee\" tg-width=\"1080\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>(Data source: wind)</p><p><img src=\"https://static.tigerbbs.com/eb201d1d3189ee8ec2a861a447ce715c\" tg-width=\"388\" tg-height=\"169\" referrerpolicy=\"no-referrer\"></p><p>(Data source: wind)</p><p>This method of dividing the ability of fund managers is an important contribution of Ye Erle's research report. He re-divided the dimensions of fund managers into various capabilities and investment logics. Compared with the previous division of fund managers by industry and simple style, this method is more stable.</p><p><img src=\"https://static.tigerbbs.com/a0df7a1b499d59e3ea2351cf743665be\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>For ordinary investors, they should also pay more attention to the various abilities of fund managers when buying funds. Our WeChat official account \"Yuanchuan Investment Review\" often updates some research and interviews with fund managers, which can serve as a window for everyone to understand the competence circle of fund managers.</p><p>Through continuous learning, you will know which fund managers are good at stock trading, which are good at stock selection, and which industries have strong allocation capabilities, so as to choose funds that meet our preferred types.</p><p>For capabilities that fund managers cannot grasp, such as capabilities in market value, we can build portfolios by matching funds with different market styles (such as large and small caps) to diversify fund risks.</p><p>However, when building a fund portfolio, everyone's expected returns and risk preferences are different. It is the most important thing to understand yourself and allocate funds according to your own needs.</p><p>Finally, Ye Erle gave ordinary Christians<b>Some tips:</b></p><p>1. Don't blindly follow the trend of buying funds recommended on Alipay's homepage. Be cautious when everyone is buying.</p><p>2. Don't expect funds with a scale of more than 5 billion to bring strong excess returns outside the style industry. Guosheng Metalworking has conducted a test on the size of the fund. On average, the alpha of the fund is the strongest between 500 and 2 billion. Once the scale managed by the fund manager becomes particularly large, the alpha will most likely be exhausted.</p><p>3. In the absence of obvious judgment ability, Christians recommend fixed investment to disperse costs and reduce the sensitivity of winning rate.</p>","source":"lsy1583835599575","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>When we buy funds, what are we buying?</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\">\nWhen we buy funds, what are we buying?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">远川投资评论</strong><span class=\"h-time small\">2021-07-25 10:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>\"Lithium\" has traveled all over the world, but it is difficult to move without \"lithium\". Recently, under the continuous fermentation of carbon neutrality policies, lithium, as a raw material for new energy batteries, has been enthusiastically sought after by the market. \"Grandpa Lithium\" and \"Grandma Cobalt\" showed their power, and the new energy sector rose sharply. Many investors saw that the new energy sector, which was rising well, was ready to move, so they went looking for a new energy-themed fund and were ready to buy it.</p><p>\"Some investors buy funds when they are optimistic about some sectors first, such as consumer military industry, and then find the fund manager who is most similar to their own ideas and positions in the market, and then buy it. This is a bit of putting the cart before the horse.\" Ye Erle of Guosheng Metalworking said, \"For the allocation of the same stock or industry, each fund manager's logic may be completely different, and the amount of money he can make in the end is also completely different.\"</p><p>Yerle believes that we often ask fund managers \"what did they buy\" without knowing \"why they bought it\", and the latter question may be more important. Recently, one of his research reports, \"What Money Does Public Offering of Fund Make-A Series Report on the Evolution History of Fund ALPHA\", has attracted widespread attention in the industry and has been well received by many institutions. In his report, he analyzed the fund's income sources in detail, and introduced a different method of dividing the ability of fund managers from the traditional one.</p><p><img src=\"https://static.tigerbbs.com/457375bc4d0235878aa7dc3b323dbb68\" tg-width=\"1080\" tg-height=\"1220\" referrerpolicy=\"no-referrer\"></p><p>Guosheng Metalworking Analyst Ye Erle</p><p>Last month, our Yuanchuan Research Institute had a conversation with Ye Erle, an analyst at Guosheng Metalworking, and conducted a series of discussions on what money Public Offering of Fund actually makes. We hope that through this conversation, we can bring new inspiration to investors about \"buying funds\".</p><p>The following are some of Ye Erle's views on what you buy when buying a fund, what abilities the fund manager has, and how to build a fund portfolio.</p><p><img src=\"https://static.tigerbbs.com/cafe4d249052d6040ae3bf665fe6edad\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>When many people buy funds, they will ask, \"Can this fund still be bought after it has risen so much?\" Ye Erle gave an answer: Buying funds is different from buying stocks. Stocks should not be chased high.<b>But funds can \"chase high\" under certain circumstances.</b>Generally speaking, Yerle listed three differences between funds and stocks, which are reflected in pricing, valuation, and risk diversification.</p><p>The pricing of stocks is the result of people's expected exchange and expected game based on public market data.<b>The pricing of the fund is determined by the fund manager alone.</b>If stocks want to rise, more and more people are persuaded to buy by a certain narrative or logic. If funds want to rise, fund managers need to have the ability to perceive such logic in advance, buy stocks in advance, and buy them when everyone buys them. Sell when you come.</p><p>Stocks have clear valuations, and funds have no valuation issues in the sense of net value. If stocks rise too much, they will fall, and if they fall too much, they will rise. However, funds do not necessarily perform poorly in the future if they rise well, nor do they necessarily perform well in the future if they performed poorly in the past. There is a highly extrapolated indicator when buying funds, called ALPHA medium and long-term momentum, which means<b>The essence of a good past and a good future is the ability of fund managers. Only when a certain ability of the fund manager is stable can he have long-term momentum in a certain segment of income, and the long-term momentum in a certain segment of income also proves that the fund is stable in this kind of ability.</b></p><p>Stocks have characteristic risks at the company level, which can be controlled through diversified holdings. Funds are a combination of stocks, and the risks in this respect are already small, and their risks cannot be controlled only by simple diversification. For example, if you buy a bunch of funds that prefer group stocks, although a single fund may account for a small proportion, the risk of the \"group factor\" of the portfolio is very high. Once the group collapses, the entire fund portfolio will have great pullback/retracement risks. It may not be as good as choosing a fund for each of the large, mid-cap and small-cap stocks, and the risks will be more dispersed. So,<b>The risk of the fund needs to penetrate into the underlying style to diversify.</b></p><p>So what is the nature of a fund?</p><p>Yerle believes that the fund will remain unchanged<b>The essence is that fund managers include so-called circles of competence such as personality, investment system, information sources, and investment models.</b>After years of evolution, it has been difficult for fund managers to use simple investment styles such as \"large and small caps\", \"value growth\", and \"industry themes\" to divide. The stability of such divisions is weak, and it is necessary to further attribute fund returns to summarize The stock selection logic of the fund manager is divided into the true ability of the fund manager.</p><p><img src=\"https://static.tigerbbs.com/7147ee6f0c9e846a286b58749c009cb7\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What money does Public Offering of Fund make?</p><p>After attributing the income of Public Offering of Fund in the report, Ye Erle concluded that the fund income includes money that the fund manager cannot earn steadily, money that will inevitably be lost, and money that can be earned steadily.</p><p>First, the money a fund makes in terms of market capitalization and valuation is volatile. I have only made two waves of money in terms of market value, one wave is money with small market value in 14 ~ 16 years, and the other wave is money with large market value from the end of last year to the beginning of this year. It is difficult to grasp the money with market value. In terms of valuation, Public Offering of Fund prefers high-valued stocks, which brought negative returns before 19 years, and then positive returns, and the money earned at the valuation level is not stable.</p><p>Furthermore, Public Offering of Fund prefers stocks with high volatility and high liquidity, which makes funds lose money for a long time. High volatility refers to the sharp ups and downs of stocks in the past, which can cause trading losses. However, Public Offering of Fund is subject to the attributes of large volume and public offering, so it must buy high liquidity tickets. High liquidity corresponds to high pricing efficiency. The duration of fast logic money on these stocks has become shorter and shorter in recent years.<b>It is difficult to do high-frequency trading in public offerings, and it is difficult to earn such fast logic money, so it is basically transferred to private high-frequency traders.</b></p><p>Therefore, whether it is market value, valuation money, or high volatility and high liquidity money, most fund managers cannot stably grasp it. Ye Erle believes that,<b>When buying funds, you should pay more attention to the fund manager's ability to make money steadily.</b></p><p>Then<b>Public offerings can only make slow money when they can't make quick money.</b>The money of slow logic is reflected in two styles of income:<b>Momentum and growth.</b>The so-called momentum refers to a logic that only when it is slowly fermented can the stock price eventually rise steadily in the past 12 months. This characteristic of steady rise is called momentum by Ye Erle. Growth means that the company has growth, and the verification of growth takes time and thus depends on slow logic.</p><p>Regarding making money from growth logic, Ye Erle summarized three advantages: (1) The logic of growth needs time to be verified, and it cannot be fully responded in the short term, leaving fund managers with enough time; (2) The logic of growth will be realized in the short term, that is, it can be verified in stages according to the quarterly report, and each verification can realize part of the excess returns, so that the stock can rise continuously; (3) The logic of growth is more verifiable than the logic of value, because the regression of valuation depends on many external macro or market factors, and the logic of growth, such as the judgment of the company's five-year growth rate, must exist in the next five years. A fact verifies whether what was said five years ago is right or not.</p><p>Ye Erle believes that,<b>The most important thing for Public Offering of Fund is to predict the company's performance and earn money from growth logic.</b>At present, public offerings are mostly based on short-term performance appraisal, and growth is more cost-effective than value: it may take 1 to 3 years for value to return to earn excess returns, and the time is highly uncertain, while growth stocks can be logically realized every quarter.</p><p>From a strategic perspective, Ye Erle introduced that in addition to performance growth, another factor for funds to make money in the long term at the company level-analyst popularity. Analyst enthusiasm means that fund managers usually pay close attention to analyst recommendations, which are translated into their own investment logic.<b>Compared with the public's information source advantage, it is also the reason why Public Offering of Fund makes money for a long time. Fund managers have faster channels to receive information.</b></p><p>Generally speaking, public funds are<b>Momentum, Growth, Analyst Heat</b>These factors are long-term profit-making, which is also the ability of fund managers, while the style income of market value and valuation, as well as the trading income of high volatility and high liquidity, are beyond the grasp of fund managers.</p><p><img src=\"https://static.tigerbbs.com/5cf5bac55700f0cdf8740d80785377cf\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>After understanding the source of fund income, how should we operate when it comes to the division of fund manager ability labels and the construction of fund portfolios?</p><p>Yerle tells us how to analyze a fund through examples. Taking a fund that performed well this year as an example, he made a quantitative attribution to the income of this fund, thus summarizing the ability labels possessed by the fund manager.</p><p>First of all, Ye Erle completely decomposed the fund income into four major sources of income. The fund performed averagely in terms of \"strategic income\" and contributed greatly in terms of \"dynamic income\", which means that the fund manager's overall stock selection ability is average, but the ability to do band is strong. The fund also contributes greatly to \"industry returns\", which means that its industry is well chosen. Accordingly, fund managers can be labeled: dynamic profitability, industry allocation ability.</p><p><img src=\"https://static.tigerbbs.com/96be149643d87dd279b716450ccb6797\" tg-width=\"717\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>Then analyze the \"style income\" of the fund. Since the fund changed its fund manager in 2020, its style has switched to small and medium-sized market capitalization, high momentum, high volatility, high valuation, high growth, and its style is stable. It is found that the fund manager likes to buy small receipts, buy popular sectors. This labeled him: small and medium-sized market capitalization, investment in popular sectors, and stable historical style.</p><p>Observe the characteristics of industry income again: the concentration of positions is relatively high, medicine has bought nearly 50% of the positions, and machinery has bought nearly 40%. Once you are optimistic about the industry, the bet is relatively heavy; In terms of industry switching, it is highly sensitive to the cycle. In the second quarter of last year, it switched to machinery and chemical industry in large quantities, and the market as a whole paid close attention to these two industries in the fourth quarter. Accordingly, it can be labeled: industry concentration.</p><p>Finally, it was observed that the fund's low exposure to the analyst heat factor in the second quarter of last year meant that he was earlier than analysts expected, and his later operations were contrary to analysts' recommendations. The more analysts recommended, the more he sold, indicating that he: the left side/information changes are sensitive.</p><p>Based on this, Yerle concluded that the fund manager showed during the management of this fund from 2020.01 to 2021.03<b>Strong dynamic investment ability and small and medium-sized market capitalization investment style.</b>It can quickly process market information, decisively and centrally adjust positions at the critical points on the left and right sides, carry out effective meso-industry allocation and dynamic operation of individual stocks, and invest in sectors with relatively popular but small and medium market value, thus avoiding the crowded big white horse plate at that time.</p><p>After analyzing such a fund manager, Ye Erle believes that we can aim at the \"personality\" of this fund manager, find out all similar fund managers, and build a portfolio.</p><p>For example, build a portfolio of fund managers who are also strong dynamic income capabilities, or transfer out a certain type of fund managers who are also strong in stock selection capabilities and industry allocation capabilities, and continue to track and analyze this portfolio What kind of market is suitable for.<b>When you need a fund manager with any characteristics, Guosheng Metalworking can quantitatively screen it out from the portfolio of fund managers.</b></p><p>Guosheng Metalworking has built a long-term tracking fund portfolio on Wind: Guosheng Base Selection Strategy, which has performed very well in the past two years.</p><p><img src=\"https://static.tigerbbs.com/a439a13ff398b1ae2bd7eae1b60978ee\" tg-width=\"1080\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>(Data source: wind)</p><p><img src=\"https://static.tigerbbs.com/eb201d1d3189ee8ec2a861a447ce715c\" tg-width=\"388\" tg-height=\"169\" referrerpolicy=\"no-referrer\"></p><p>(Data source: wind)</p><p>This method of dividing the ability of fund managers is an important contribution of Ye Erle's research report. He re-divided the dimensions of fund managers into various capabilities and investment logics. Compared with the previous division of fund managers by industry and simple style, this method is more stable.</p><p><img src=\"https://static.tigerbbs.com/a0df7a1b499d59e3ea2351cf743665be\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>For ordinary investors, they should also pay more attention to the various abilities of fund managers when buying funds. Our WeChat official account \"Yuanchuan Investment Review\" often updates some research and interviews with fund managers, which can serve as a window for everyone to understand the competence circle of fund managers.</p><p>Through continuous learning, you will know which fund managers are good at stock trading, which are good at stock selection, and which industries have strong allocation capabilities, so as to choose funds that meet our preferred types.</p><p>For capabilities that fund managers cannot grasp, such as capabilities in market value, we can build portfolios by matching funds with different market styles (such as large and small caps) to diversify fund risks.</p><p>However, when building a fund portfolio, everyone's expected returns and risk preferences are different. It is the most important thing to understand yourself and allocate funds according to your own needs.</p><p>Finally, Ye Erle gave ordinary Christians<b>Some tips:</b></p><p>1. Don't blindly follow the trend of buying funds recommended on Alipay's homepage. Be cautious when everyone is buying.</p><p>2. Don't expect funds with a scale of more than 5 billion to bring strong excess returns outside the style industry. Guosheng Metalworking has conducted a test on the size of the fund. On average, the alpha of the fund is the strongest between 500 and 2 billion. Once the scale managed by the fund manager becomes particularly large, the alpha will most likely be exhausted.</p><p>3. In the absence of obvious judgment ability, Christians recommend fixed investment to disperse costs and reduce the sensitivity of winning rate.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/am8U1F6q6VGz2YRds9RHEA\">远川投资评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/am8U1F6q6VGz2YRds9RHEA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161895834","content_text":"有“锂”走遍天下，无“锂”寸步难行，最近，在碳中和政策的持续发酵下，作为新能源电池原料的锂，受到了市场的狂热追捧。“锂爷爷”“钴奶奶”发威，新能源板块大涨。不少投资者看到涨势大好的新能源板块开始蠢蠢欲动，于是去寻找一只新能源主题基金，准备买入。\n“部分投资者买基金是先自己看好一些板块，比如消费军工之类的，然后再在市场中去找与自己想法持仓最像的基金经理，然后去买它，这有点本末倒置了”国盛金工的叶尔乐说，“对同一个股或行业的配置，每个基金经理的逻辑可能完全不一样，最终能赚到的钱也完全不一样”。\n叶尔乐认为，我们常常会问基金经理“买了什么”而不知道“为什么买”，而后一个问题可能更为重要。最近，他的一篇研究报告《公募基金究竟赚的什么钱—基金ALPHA进化史系列报告》引起了业内广泛关注，受到多家机构的一致好评。他在报告中详细分析了基金的收益来源，并介绍了不同于传统的划分基金经理能力的方法。\n\n国盛金工分析师 叶尔乐\n上个月，我们远川研究所对话了国盛金工分析师叶尔乐，对公募基金究竟赚的是什么钱进行了一系列的探讨，希望通过这次交谈，能够就“买基金”这件事给投资者们带来新的启发。\n以下，是叶尔乐对买基金买的是什么、基金经理具备哪些能力、怎么去构建基金组合等问题的一些看法。\n\n很多人买基金时，会问到“这个基金涨这么多还能买吗？”叶尔乐给出了回答：买基金和买股票不一样，股票不宜追高，但基金在某种情况下是可以“追高”的。总体来说，叶尔乐列举了基金与股票的三个区别，分别体现在定价、估值、风险分散方式上。\n股票的定价是由众人根据市场公开数据进行预期交换、预期博弈得到的结果，而基金的定价是由基金经理一个人决定的。股票要涨，是越来越多的人被某一叙事或逻辑说服而买入，基金要涨，是需要基金经理有提前感知到这样逻辑的能力，提前众人买入股票，并在众人买进来时卖掉。\n股票有明确的估值，基金没有净值意义上的估值问题。股票涨多了会跌，跌多了会涨，而基金并非涨得好的未来表现一定差，也不是以前表现差的未来一定就表现好。买基金有个外推性很强的指标，叫ALPHA中长期动量，意思是过去好的未来好，其本质就是基金经理的能力。只有基金经理某一块能力是稳定的，才能在某一细分收益上有长期动量，而某一细分收益上的长期动量也反证了基金在这类能力上是稳定的。\n股票具有公司层面的特质风险，能通过分散持有来控制，基金是股票的组合，这方面风险已经较小，其风险的控制不能仅靠简单的分散。比如买一堆偏抱团股的基金，虽然可能单个基金占比很小，但组合在“抱团因子”上的风险则非常高，一旦抱团瓦解，整个基金组合都有很大回撤风险，那这样可能还不如大盘中盘小盘各挑一个基金，风险更分散。所以，基金的风险需要穿透到底层风格来分散。\n那么基金的本质是什么呢？\n叶尔乐认为，基金不变的本质是基金经理包括性格、投资体系、信息来源以及投资模式等所谓的能力圈。经过多年进化，基金经理已经很难用“大小盘”、“价值成长”、“行业主题”等简单投资风格去划分，这样的划分稳定性较弱，需要进一步对基金收益进行归因，从而归纳出基金经理的选股逻辑，划分出基金经理的真正能力。\n\n公募基金究竟赚哪些钱？\n叶尔乐在报告中对公募基金的收益进行归因后得出，基金收益中有基金经理不能稳定赚到的钱、不可避免要亏掉的钱、以及能够稳定赚到的钱。\n首先，基金在市值和估值方面赚的钱是不稳定的。市值上只赚过两波钱，一波是14~16年小市值的钱，一波是去年底到今年初的大市值的钱，市值的钱很难把握。在估值上，公募基金偏好高估值股票，这在19年之前带来的是负收益，之后是正收益，估值层面赚的钱也不是稳定的。\n再者，公募基金偏好高波动性和高流动性股票，这使得基金长期亏钱。高波动性是指股票在过去大涨大跌，这会引起交易上的损失。而公募基金受制于大体量和公开募集的属性，必须买高流动性票，高流动性对应高定价效率，快逻辑的钱在这些股票上持续时间近年在越来越短，公募难以做高频交易，很难赚到这种快逻辑的钱，基本将其让渡给私募高频交易者。\n因此，无论是市值、估值的钱，或是高波动性、高流动性的钱，都不是大部分基金经理能够稳定把握的。叶尔乐认为，买基金时更应该关注的是基金经理稳定赚钱的能力。\n那么公募在不能赚快钱的情况下，只能赚慢钱。慢逻辑的钱体现在两种风格收益上：动量和成长。所谓动量，是指一个逻辑只有是慢慢发酵的，最终才可能使股价在过去12个月稳定上涨，这种稳稳上涨的特征叶尔乐称之为动量。而成长就是公司具有成长性，成长性的验证需要时间从而也靠慢逻辑。\n关于赚成长逻辑的钱，叶尔乐总结了三个优点：（1）成长的逻辑需要时间验证，无法在短期反应充分，留给基金经理足够的时间；（2）成长的逻辑短期会有兑现，即可根据季报阶段性验证，每次验证能兑现部分超额收益，使股票连续上涨；（3）成长的逻辑相比价值逻辑是强可验证的，因为估值的回归依赖很多外部的宏观或市场因素，而成长逻辑比如对公司5年增速的判断，那么在未来5年一定存在一个事实验证5年前的话对与否。\n叶尔乐认为，公募基金最主要是预测公司业绩，赚成长逻辑的钱。因为目前公募多以短期业绩考核为主，成长比价值更具有性价比：价值回归可能要等1到3年才赚到超额收益，时间高度不确定，而成长股每个季度都能有逻辑兑现。\n从策略视角，叶尔乐介绍了除业绩增长外，基金在公司层面长期赚钱的另一个因子—分析师热度。分析师热度是指基金经理通常会密切关注分析师的推荐，从而转化为自己的投资逻辑。相比于公众的信息来源优势也是公募基金长期赚钱的原因，基金经理拥有更快接收信息的渠道。\n总的来说，公募基金在动量、成长、分析师热度这些因子上是长期赚钱的，也是基金经理的能力所在，而市值和估值这种风格类收益，以及高波动性高流动性这种交易类收益则是基金经理无法把握的。\n\n在了解了基金收益来源之后，具体到基金经理能力标签的划分、基金组合的构建时又该如何操作呢？\n叶尔乐通过举例来告诉我们如何去分析一只基金。他以今年表现较好的一只基金为例，对这只基金的收益做了量化归因，从而归纳出了基金经理所具备的能力标签。\n首先叶尔乐将基金收益完全分解成四大收益来源，该基金在“策略收益”收益上表现一般，“动态收益”上贡献较大，这意味着基金经理总体选股能力一般，但做波段能力较强。该基金还在“行业收益”上贡献较大，意味着它行业选得好。据此，可以给基金经理贴上标签：动态收益能力、行业配置能力。\n\n接着分析基金的“风格收益”，该基金自2020年换基金经理后，风格切换为中小市值、高动量、高波动性、高估值、高成长，且风格稳健，发现该基金经理喜欢买小票、买热门板块。由此给他贴上标签：中小市值、热门板块投资、历史风格稳定。\n再观察行业收益的特征：持仓集中度较高，医药买了将近50%的仓位，机械买了近40%，一旦看好行业，下注比较重；行业切换上，对周期敏锐度强，在去年二季度大笔切换到机械和化工上，而市场整体高度关注这两个行业是在四季度。据此，可贴标签：行业集中。\n最后，观察到该基金去年二季度在分析师热度因子上暴露较低，意味着他比分析师预期更早，并且他的后期操作与分析师推荐是相逆的，分析师越推荐的他越卖，说明他：左侧/信息变化敏感。\n据此，叶尔乐得出结论：该基金经理在2020.01-2021.03管理这只基金期间表现出了较强的动态投资能力和中小市值投资风格。其能够快速处理市场信息，在左侧右侧临界点果决且集中的调整仓位，进行有效的中观行业配置和个股动态操作，投资较为热门但市值偏中小的板块，避免了当时拥挤的大白马板块。\n分析了这样一位基金经理后，叶尔乐认为，可以以这个基金经理的“个性”为目标，把同类的基金经理都找出来，构建一个组合。\n比如构建一个同样都是动态收益能力较强的基金经理的组合，或者把同样都是选股能力强的、同样都是行业配置能力强的某一类基金经理调出来，继续跟踪，分析这个组合适应什么样的市场。当你需要什么特征的基金经理，国盛金工可以通过量化的方式，将其从基金经理的组合中筛选出来。\n国盛金工在Wind上构建有长期跟踪的基金组合：国盛选基策略，该组合这两年收益表现十分不错。\n\n(数据来源：wind)\n\n(数据来源：wind)\n这种划分基金经理能力的方法，是叶尔乐这篇研报的重要贡献。他将基金经理的维度做了一个重新的划分，划分为各种各样的能力和投资逻辑，相比以往按行业、按简单风格来划分基金经理，这种方式更为稳定。\n\n对于普通投资者来说，在买基金时也应该更多地关注基金经理所具备的各种能力。我们的公众号“远川投资评论”经常会更新一些基金经理的研究和访谈，可以作为大家了解基金经理能力圈的一个窗口。\n通过不断学习，你就会知道哪些基金经理擅长股票交易，哪些擅长选股，还有哪些行业配置能力较强，从而去选择符合我们偏好类型的基金。\n对于基金经理把握不了的能力，比如市值上的能力，我们可以通过搭配不同市场风格（比如大盘小盘）的基金来构建组合从而分散基金风险。\n不过在构建基金组合时，每个人的预期收益和风险偏好不一样，了解自己，根据自己的需求去配置基金才是最重要的。\n最后，叶尔乐对普通基民给出了一些建议：\n1. 切勿盲目跟风购买支付宝首页推荐基金，当所有人都在买时需要谨慎。\n2. 不要期待规模超50亿的基金能带来很强的风格行业以外超额收益。国盛金工对基金规模做过一个测试，基金的阿尔法平均来看在管理规模5~20亿之间最强，一旦基金经理管理的规模变的特别大，阿尔法大概率会有所衰竭。\n3. 基民在没有明显判断能力的情况下，建议定投分散成本，降低胜率敏感性。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2984,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172603557,"gmtCreate":1626956255279,"gmtModify":1703481274774,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/172603557","repostId":"1149284740","repostType":4,"isVote":1,"tweetType":1,"viewCount":2525,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176911235,"gmtCreate":1626853775827,"gmtModify":1703479315085,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/176911235","repostId":"1195538044","repostType":4,"repost":{"id":"1195538044","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":1626852370,"share":"https://ttm.financial/m/news/1195538044?lang=en_US&edition=fundamental","pubTime":"2021-07-21 15:26","market":"hk","language":"zh","title":"Volvo Cars to acquire Geely Holding's stake in China joint venture","url":"https://stock-news.laohu8.com/highlight/detail?id=1195538044","media":"老虎资讯综合","summary":"沃尔沃汽车已经与母公司吉利控股达成协议，将收购吉利控股所持两家公司在华合资企业的股权，目的是全面拥有其在中国的汽车制造厂和销售业务。\n根据公告，尽管两家合资公司已经纳入沃尔沃汽车的财务报表，但在交易完","content":"<p>Volvo Cars has reached an agreement with its parent company Geely Holding to acquire the equity of Geely Holding in the joint venture between the two companies in China, with the aim of fully owning its automobile manufacturing plant and sales business in China.</p><p>According to the announcement, although the two joint ventures have been included in Volvo Cars' financial statements, Volvo Cars' proportion of net profit and equity will increase after the transaction is completed. The transaction will be completed in two steps, starting with China's cancellation of automobile manufacturing joint venture requirements in 2022, and is expected to be officially completed in 2023. The transaction is subject to regulatory approval and financial details will not be disclosed.</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>Volvo Cars to acquire Geely Holding's stake in China joint venture</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\">\nVolvo Cars to acquire Geely Holding's stake in China joint venture\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\">2021-07-21 15:26</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Volvo Cars has reached an agreement with its parent company Geely Holding to acquire the equity of Geely Holding in the joint venture between the two companies in China, with the aim of fully owning its automobile manufacturing plant and sales business in China.</p><p>According to the announcement, although the two joint ventures have been included in Volvo Cars' financial statements, Volvo Cars' proportion of net profit and equity will increase after the transaction is completed. The transaction will be completed in two steps, starting with China's cancellation of automobile manufacturing joint venture requirements in 2022, and is expected to be officially completed in 2023. The transaction is subject to regulatory approval and financial details will not be disclosed.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/895c78542e623e85e47d4f65b83d0817","relate_stocks":{"00175":"吉利汽车"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195538044","content_text":"沃尔沃汽车已经与母公司吉利控股达成协议，将收购吉利控股所持两家公司在华合资企业的股权，目的是全面拥有其在中国的汽车制造厂和销售业务。\n根据公告，尽管两家合资公司已经纳入沃尔沃汽车的财务报表，但在交易完成后，沃尔沃汽车在净利润和股权中所占比例将会增加。交易将分两步完成，从2022年中国取消汽车制造合资要求开始，预计将在2023年正式完成。交易尚待监管部门批准，财务细节不会披露。","news_type":1,"symbols_score_info":{"00175":0.9}},"isVote":1,"tweetType":1,"viewCount":2666,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173516090,"gmtCreate":1626669251710,"gmtModify":1703763051685,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/173516090","repostId":"1162382593","repostType":4,"isVote":1,"tweetType":1,"viewCount":2502,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173250012,"gmtCreate":1626664082236,"gmtModify":1703762955929,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Zan&nbsp;","listText":"Zan&nbsp;","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/173250012","repostId":"1112014098","repostType":4,"repost":{"id":"1112014098","kind":"news","weMediaInfo":{"introduction":"100%全部原创，没有一篇转载。全部都是干货，没有任何广告或者软文。覆盖的主题：金融、投资、商业、经济和时事。","home_visible":1,"media_name":"伍治坚证据主义","id":"69","head_image":"https://static.tigerbbs.com/97e09863206344e0b010e09146f1c4fc"},"pubTimestamp":1626660566,"share":"https://ttm.financial/m/news/1112014098?lang=en_US&edition=fundamental","pubTime":"2021-07-19 10:09","market":"hk","language":"zh","title":"How can I get a good return if I can't stick to it for a long time?","url":"https://stock-news.laohu8.com/highlight/detail?id=1112014098","media":"伍治坚证据主义","summary":"1964年，美国电影明星伊丽莎白·泰勒和她的第五任丈夫，理查德·伯顿结婚。这段婚姻持续了十年，是泰勒历任丈夫中婚姻时间持续最长的。1974年，在接受媒体采访时，泰勒说道：\n\n 没有任何事情能将我俩分开","content":"<p>In 1964, American movie star Elizabeth Taylor married her fifth husband, Richard Burton. The marriage lasted ten years, the longest of any of Taylor's husbands. In an interview with the media in 1974, Taylor said:</p><p>Nothing can separate us. Our marriage will last at least another ten years. Five days later, Taylor and Burton divorced.</p><p>This example tells us that it is difficult to make long-term long-term plans. Many times, we think we have a long-term plan, which can be planned for 10, 20 years or even beyond, but the reality is likely to be a whole other story.</p><p>\"Patience\", a traditional Chinese virtue, is becoming more and more rare. Many teachers who teach in universities must have a deep understanding of this. In class, it is more difficult than to ascend to the sky to make students concentrate and attend to the class for more than 30 minutes. If their smartphone is confiscated and it is stipulated that they can't use it again until weekends, the other party may fight desperately with you.</p><p>In an experiment conducted by the University of Virginia and Harvard University (Roach, 2016), the professor asked the subjects to sit alone in an empty room and think quietly. They were told that they needed to sit still in a chair for 15 minutes and do nothing. If they really can't sit down, they can choose to end this \"cruel torture\" by shocking themselves. As a result, about two-thirds of men and one-quarter of women couldn't stand the 15 minutes of \"doing nothing\" and chose to end this \"long\" 15 minutes early by shocking themselves.</p><p>Such \"impatient\" behavior habits have also greatly affected the investment behavior of investors in the financial market.</p><p>Statistical research by Orcam Financial Group shows that in 1995, the average time for American stockholders to hold stocks was more than three months. By 2010, the average length of time shareholders held stocks dropped to less than one month. Fast forward to 2020, when the Novel Coronavirus broke out, many people were locked at home and doing nothing, and joined the army of day trading. As a result, the trading volume of retail investors in the U.S. stock market exceeded that of institutions, becoming the biggest contributor to liquidity in the stock market.</p><p>Retail investors are impatient in their investments, and institutions are not much better. In 2016, State Street launched a questionnaire survey among executives of 400 largest investment institutions in the United States. The statistical results showed that 80% of institutions could not tolerate a fund's poor return for two consecutive years, while as many as 99% of institutions could not tolerate a fund's poor return for three consecutive years. In other words, the investment model of the vast majority of relatively large institutional investors is actually not much different from that of retail investors who are chasing ups and downs. It is nothing more than looking at the return performance of a fund in the past three years: if it is good, buy or increase your holdings, if it is bad, reduce your holdings or redeem them, that's all.</p><p>The problem is that this kind of investment behavior focused on the short term is unlikely to bring investors the expected good returns. Based on the historical research of the U.S. stock market over the past 25 years (Tidmore and Hon, 2020), if you focus on selecting value stocks with relatively low price-to-book ratios, you can obtain a return that exceeds the broader market index by 1.1% per year. If you specifically select those low-volatility stocks, you can get a return that exceeds the broader market index by 1.9% per year. The problem is that these returns are based on long-term returns accumulated over 25 years. And if we carefully analyze how these 25 years have come, we will find that most investors simply cannot persist.</p><p>For example, if we choose the past year, there is a 48% and 52% probability that the value strategy and the low volatility strategy will underperform and lag the broader market index, respectively. If we choose the time span of the past three years, the probability of underperformance of the value strategy and the low volatility strategy is 49% and 47%, respectively. That is to say, for an investment method that can bring excess investment returns in the long run, if we only look at short-term performance returns of 1 to 3 years, then there is almost a half probability that it will not work at any time.</p><p>It is for this reason that even if there are excellent funds that can beat the index in the long run, it is difficult for most investors to buy them, and even if they do, it is difficult to hold them. For example, based on the statistical study of 2,600 public funds in the U.S. market over the past 25 years (Tidmore and Hon, 2020), it was found that for those public funds that beat the benchmark index, more than 70% of the sample, within a certain year in history, The return of its benchmark index is 40% to 60% behind. There are 80% of the sample whose performance is in the worst 25% category of similar funds in a certain five years in history. Most impatient investors, in this case, have the first reaction to sell such funds, so they miss the next rebound, let alone beat the market by buying such funds.</p><p>To truly become a long-term investor and be a friend of time is easier said than done. Charlie Munger said when evaluating Warren Buffett:</p><p>One of his most distinctive features is that he spends a lot of time reading and thinking quietly every day. We have all read stories about kitten fishing since childhood, and we deeply understand that kittens can't catch even a fish because of their lack of patience. Many investors agree with the long-term investment philosophy. But when it comes to practice, it often becomes a short-termist who is eager for quick success and instant benefit. Research shows that there is no investment strategy that can make investors make money every month, every day and every moment. Many investment strategies that can achieve better returns in the long run are full of fluctuations in the short term, and are likely to have poor returns for three consecutive years or even more than five years. Under such an investment reality, it is difficult for an impatient and half-hearted kitten to catch a big fish. Smart investors need to overcome the bad habit of short-term profit-seeking, take a long-term view, and strive to be a big winner in the long term.</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>How can I get a good return if I can't stick to it for a long time?</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\">\nHow can I get a good return if I can't stick to it for a long time?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/69\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/97e09863206344e0b010e09146f1c4fc);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">伍治坚证据主义 </p>\n<p class=\"h-time smaller\">2021-07-19 10:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>In 1964, American movie star Elizabeth Taylor married her fifth husband, Richard Burton. The marriage lasted ten years, the longest of any of Taylor's husbands. In an interview with the media in 1974, Taylor said:</p><p>Nothing can separate us. Our marriage will last at least another ten years. Five days later, Taylor and Burton divorced.</p><p>This example tells us that it is difficult to make long-term long-term plans. Many times, we think we have a long-term plan, which can be planned for 10, 20 years or even beyond, but the reality is likely to be a whole other story.</p><p>\"Patience\", a traditional Chinese virtue, is becoming more and more rare. Many teachers who teach in universities must have a deep understanding of this. In class, it is more difficult than to ascend to the sky to make students concentrate and attend to the class for more than 30 minutes. If their smartphone is confiscated and it is stipulated that they can't use it again until weekends, the other party may fight desperately with you.</p><p>In an experiment conducted by the University of Virginia and Harvard University (Roach, 2016), the professor asked the subjects to sit alone in an empty room and think quietly. They were told that they needed to sit still in a chair for 15 minutes and do nothing. If they really can't sit down, they can choose to end this \"cruel torture\" by shocking themselves. As a result, about two-thirds of men and one-quarter of women couldn't stand the 15 minutes of \"doing nothing\" and chose to end this \"long\" 15 minutes early by shocking themselves.</p><p>Such \"impatient\" behavior habits have also greatly affected the investment behavior of investors in the financial market.</p><p>Statistical research by Orcam Financial Group shows that in 1995, the average time for American stockholders to hold stocks was more than three months. By 2010, the average length of time shareholders held stocks dropped to less than one month. Fast forward to 2020, when the Novel Coronavirus broke out, many people were locked at home and doing nothing, and joined the army of day trading. As a result, the trading volume of retail investors in the U.S. stock market exceeded that of institutions, becoming the biggest contributor to liquidity in the stock market.</p><p>Retail investors are impatient in their investments, and institutions are not much better. In 2016, State Street launched a questionnaire survey among executives of 400 largest investment institutions in the United States. The statistical results showed that 80% of institutions could not tolerate a fund's poor return for two consecutive years, while as many as 99% of institutions could not tolerate a fund's poor return for three consecutive years. In other words, the investment model of the vast majority of relatively large institutional investors is actually not much different from that of retail investors who are chasing ups and downs. It is nothing more than looking at the return performance of a fund in the past three years: if it is good, buy or increase your holdings, if it is bad, reduce your holdings or redeem them, that's all.</p><p>The problem is that this kind of investment behavior focused on the short term is unlikely to bring investors the expected good returns. Based on the historical research of the U.S. stock market over the past 25 years (Tidmore and Hon, 2020), if you focus on selecting value stocks with relatively low price-to-book ratios, you can obtain a return that exceeds the broader market index by 1.1% per year. If you specifically select those low-volatility stocks, you can get a return that exceeds the broader market index by 1.9% per year. The problem is that these returns are based on long-term returns accumulated over 25 years. And if we carefully analyze how these 25 years have come, we will find that most investors simply cannot persist.</p><p>For example, if we choose the past year, there is a 48% and 52% probability that the value strategy and the low volatility strategy will underperform and lag the broader market index, respectively. If we choose the time span of the past three years, the probability of underperformance of the value strategy and the low volatility strategy is 49% and 47%, respectively. That is to say, for an investment method that can bring excess investment returns in the long run, if we only look at short-term performance returns of 1 to 3 years, then there is almost a half probability that it will not work at any time.</p><p>It is for this reason that even if there are excellent funds that can beat the index in the long run, it is difficult for most investors to buy them, and even if they do, it is difficult to hold them. For example, based on the statistical study of 2,600 public funds in the U.S. market over the past 25 years (Tidmore and Hon, 2020), it was found that for those public funds that beat the benchmark index, more than 70% of the sample, within a certain year in history, The return of its benchmark index is 40% to 60% behind. There are 80% of the sample whose performance is in the worst 25% category of similar funds in a certain five years in history. Most impatient investors, in this case, have the first reaction to sell such funds, so they miss the next rebound, let alone beat the market by buying such funds.</p><p>To truly become a long-term investor and be a friend of time is easier said than done. Charlie Munger said when evaluating Warren Buffett:</p><p>One of his most distinctive features is that he spends a lot of time reading and thinking quietly every day. We have all read stories about kitten fishing since childhood, and we deeply understand that kittens can't catch even a fish because of their lack of patience. Many investors agree with the long-term investment philosophy. But when it comes to practice, it often becomes a short-termist who is eager for quick success and instant benefit. Research shows that there is no investment strategy that can make investors make money every month, every day and every moment. Many investment strategies that can achieve better returns in the long run are full of fluctuations in the short term, and are likely to have poor returns for three consecutive years or even more than five years. Under such an investment reality, it is difficult for an impatient and half-hearted kitten to catch a big fish. Smart investors need to overcome the bad habit of short-term profit-seeking, take a long-term view, and strive to be a big winner in the long term.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/939332859a8a952a612c5d07d00550df","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112014098","content_text":"1964年，美国电影明星伊丽莎白·泰勒和她的第五任丈夫，理查德·伯顿结婚。这段婚姻持续了十年，是泰勒历任丈夫中婚姻时间持续最长的。1974年，在接受媒体采访时，泰勒说道：\n\n 没有任何事情能将我俩分开。我们的婚姻会至少再维持十年。\n\n5天之后，泰勒和伯顿离婚了。\n这个例子告诉我们，要想做长期的长远打算，是很难的。很多时候，我们自以为有一个长期的打算，可以计划到10年、20年以后甚至更远的将来，然而现实很可能完全是另一回事。\n“耐心”这个传统的中华美德，正在变得越来越稀有。很多在大学教书的老师对此一定深有体会。在课堂里要想让同学们集中精神，心无旁骛的听课超过30分钟，简直比登天还难。如果把他们的智能手机没收，规定要等到双休日才能再使用，那对方可能会和你拼命。\n在美国弗吉尼亚大学和哈佛大学做的一个实验（Roach, 2016）中，教授让实验对象独自坐在一个空房间内安静的思考。他们被告知，需要在椅子上静坐15分钟，什么都不做。如果他们实在坐不下去，则可以选择通过电击自己的方式来结束这“残酷的折磨”。结果，大约有2/3的男士和1/4的女士无法忍受“无所事事”的15分钟，选择用电击自己的方式提前结束这“漫长”的15分钟。\n如此“缺乏耐心”的行为习惯，也极大的影响了广大投资者在金融市场上的投资行为。\nOrcam Financial Group的统计研究显示，在1995年，美国股民平均持有股票的时间为3个多月。而到了2010年，股民平均持有股票的时间长度下降到不到1个月。再快进到2020年，新冠病毒爆发，很多人被锁在家里无所事事，加入了日间交易的大军，导致美国股市中散户的交易量超过机构，成为股市中流动性的最大贡献力量。\n散户在投资中缺乏耐心，机构也好不到哪里去。2016年，道富公司向美国400家规模最大的投资机构的高管发起问卷调查，统计结果显示：80%的机构无法容忍一个基金连续两年回报不佳，而高达99%的机构无法容忍一个基金连续三年回报不佳。也就是说，绝大多数规模比较大的机构投资者，他们的投资模式其实和追涨杀跌的散户基民没啥大差别，无非就是看一个基金过去3年的回报表现：好的话就买入或者增持，差的话就减持或者赎回，仅此而已。\n问题在于，这种专注于短期的投资行为，是不太可能为投资者带来期望中的好回报的。基于美国股市过去25年的历史研究（Tidmore and Hon, 2020）显示，如果专注于挑选市净率比较低的价值股，可以获得超过大盘指数每年1.1%的回报。如果专门挑选那些低波动股票，可以获得超过大盘指数每年1.9%的回报。问题在于，这些回报是基于25年积累下来的长期回报。而如果我们细细分析这25年是怎么过来的，就会发现绝大部分投资者根本无法坚持下来。\n举例来说，如果我们任选过去1年，那么价值策略和低波动策略分别有48%和52%的概率表现不佳，落后大盘指数。如果我们任选过去3年的时间跨度，价值策略和低波动策略表现不佳的概率分别为49%和47%。也就是说，对于一个长期来看能够带来超额投资回报的投资方法，如果我们只看1到3年的短期业绩回报，那么在任何时候，都有差不多一半的概率行不通。\n正是因为这个原因，即使存在那些长期能够战胜指数的优秀基金，大部分投资者也很难买到，即使买到也很难持有。比如基于美国市场过去25年，2600只公募基金的统计研究（Tidmore and Hon, 2020）发现，对于那些战胜基准指数的公募基金来说，有超过70%的样本，在历史上的某一年内，比其基准指数回报落后40%到60%。有80%的样本，在历史上的某一个5年内，其业绩位于同类基金最差的25%类别。绝大部分缺乏耐心的投资者，在这种情况下，第一反应就是把这样的基金卖掉，因此也就错过了接下来的反弹，更别提通过购买这样的基金来战胜市场了。\n要想真正成为长期投资者，做时间的朋友，说起来容易做起来难。查理·芒格在评价沃伦·巴菲特时说过：\n\n 他的一个最与众不同的地方就是每天都花大量的时间看书，并且静静的思考。\n\n我们从小都读过小猫钓鱼的故事，深深明白小猫由于缺乏耐心而连一条鱼都钓不到。很多投资者，都认同长期坚持的投资哲学。但是到了实践操作的时候，却往往变成了急功近利的短期主义者。研究显示，没有什么投资策略，是能够让投资者每月，每天，每时每刻都赚钱的。很多长期来看能够获得更好回报的投资策略，在短期内却充满着波动，很可能连续3年，甚至5年以上回报不佳。在这样的投资现实之下，缺乏耐心、三心二意的小猫，是很难钓到大鱼的。聪明的投资者，需要克服短期逐利的坏习惯，眼光放长远，力争做一个长期的大赢家。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144730289,"gmtCreate":1626313531141,"gmtModify":1703757652665,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/144730289","repostId":"1134354713","repostType":4,"repost":{"id":"1134354713","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":1626313344,"share":"https://ttm.financial/m/news/1134354713?lang=en_US&edition=fundamental","pubTime":"2021-07-15 09:42","market":"other","language":"zh","title":"Fosun Pharma's AH rose together, COVID-19 vaccine is rumored to have passed expert review","url":"https://stock-news.laohu8.com/highlight/detail?id=1134354713","media":"老虎资讯综合","summary":"7月15日，复星医药港股盘初大涨涨近7%，报61.3港元；复星医药A股涨逾5%，报68.17元。\n据财新，复星医药在股东大会上回复投资人问询时表示，国家药监局对mRNA新冠疫苗“复必泰”的审定工作已经","content":"<p>July 15,<a href=\"https://laohu8.com/S/02196\">Fosun Pharma</a>Hong Kong stocks rose nearly 7% at the beginning of the session to HK $61.3;<a href=\"https://laohu8.com/S/600196\">Fosun Pharma</a>A shares rose more than 5% to 68.17 yuan.</p><p>According to Caixin, Fosun Pharma said in response to investors' inquiries at the shareholders' meeting that the State Food and Drug Administration's approval of mRNA COVID-19 vaccine \"Fubitai\" has basically completed, the expert review has passed, and the administrative examination and approval stage is being stepped up.</p><p>Fosun Pharma and BioNTech have started production preparations in advance. Once the Fubitai vaccine is approved, it can be supplied to China as soon as possible; People familiar with the matter said that in the future, Fubitai is likely to be used as a booster shot in China for free vaccination.</p><p><img src=\"https://static.tigerbbs.com/fcda9ea7ea213d3473fb919157b59bc5\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/eb875ce2002f9e31d921cfdc9eadf9b4\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Fosun Pharma's AH rose together, COVID-19 vaccine is rumored to have passed expert review</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\">\nFosun Pharma's AH rose together, COVID-19 vaccine is rumored to have passed expert review\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\">2021-07-15 09:42</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>July 15,<a href=\"https://laohu8.com/S/02196\">Fosun Pharma</a>Hong Kong stocks rose nearly 7% at the beginning of the session to HK $61.3;<a href=\"https://laohu8.com/S/600196\">Fosun Pharma</a>A shares rose more than 5% to 68.17 yuan.</p><p>According to Caixin, Fosun Pharma said in response to investors' inquiries at the shareholders' meeting that the State Food and Drug Administration's approval of mRNA COVID-19 vaccine \"Fubitai\" has basically completed, the expert review has passed, and the administrative examination and approval stage is being stepped up.</p><p>Fosun Pharma and BioNTech have started production preparations in advance. Once the Fubitai vaccine is approved, it can be supplied to China as soon as possible; People familiar with the matter said that in the future, Fubitai is likely to be used as a booster shot in China for free vaccination.</p><p><img src=\"https://static.tigerbbs.com/fcda9ea7ea213d3473fb919157b59bc5\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/eb875ce2002f9e31d921cfdc9eadf9b4\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6abbd3fc26184cc69ef95a83e11f6419","relate_stocks":{"150130":"医药A","600196":"复星医药","02196":"复星医药"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134354713","content_text":"7月15日，复星医药港股盘初大涨涨近7%，报61.3港元；复星医药A股涨逾5%，报68.17元。\n据财新，复星医药在股东大会上回复投资人问询时表示，国家药监局对mRNA新冠疫苗“复必泰”的审定工作已经基本完成，专家评审已经通过了，目前正在加紧进行行政审批阶段。\n复星医药已与BioNTech提前启动生产准备工作，复必泰疫苗一旦获批，就能第一时间供应到国内；知情人士称，未来，复必泰在国内很可能会作为加强针使用，免费接种。","news_type":1,"symbols_score_info":{"150130":0.9,"600196":0.9,"02196":0.9}},"isVote":1,"tweetType":1,"viewCount":2828,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145579208,"gmtCreate":1626233321004,"gmtModify":1703756043400,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/145579208","repostId":"1140197743","repostType":4,"repost":{"id":"1140197743","kind":"news","pubTimestamp":1626232549,"share":"https://ttm.financial/m/news/1140197743?lang=en_US&edition=fundamental","pubTime":"2021-07-14 11:15","market":"sh","language":"zh","title":"The performance of second-tier liquor stocks is against the sky, and the sector broke out. Is it a risk or an opportunity?","url":"https://stock-news.laohu8.com/highlight/detail?id=1140197743","media":"第一财经","summary":"7月14日早盘，白酒板块逆市拉升，截至发稿，$广誉远$、$海南椰岛$涨停，$舍得酒业$、$中恒集团$等多股纷纷跟涨。7月12日，山西汾酒发布业绩预告指出，预计上半年营收同比增长70%~80%，归母净利润同比增长110%~130%，创下公司近10来的最好成绩。公司表示，今年上半年，受国内疫情逐步得到控制，中高端白酒消费市场明显回暖，公司老酒战略逐步被市场接受等原因影响，公司营业收入实现较大幅度增长。","content":"<p><div>In early trading on July 14th, the liquor sector rose against the market. As of press time, Guangyuyuan and Hainan Coconut Island had their daily limit, and many stocks such as Shede Liquor Industry and Zhongheng Group followed suit. Following Jiugui Liquor, Shanxi Fenjiu and Shede Liquor Industry successively released semi-annual performance forecasts this week, and the performance of all three companies was promising. On July 12, Shanxi Fenjiu released a performance forecast, stating that it is expected that the revenue in the first half of the year will increase by 70% ~ 80% year-on-year, and the net profit attributable to the parent company will increase by 110% ~ 130% year-on-year, setting the company's best result in the past 10 years. Since the beginning of this year, the liquor sector has been frequently favored by funds, and the stock price of Shanxi Fenjiu has also hit new highs, once setting a record...</p><p><a href=\"https://www.yicai.com/news/101109824.html\">Web link</a></div></p>","source":"dyvj","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>The performance of second-tier liquor stocks is against the sky, and the sector broke out. Is it a risk or an opportunity?</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\">\nThe performance of second-tier liquor stocks is against the sky, and the sector broke out. Is it a risk or an opportunity?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">第一财经</strong><span class=\"h-time small\">2021-07-14 11:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>In early trading on July 14th, the liquor sector rose against the market. As of press time, Guangyuyuan and Hainan Coconut Island had their daily limit, and many stocks such as Shede Liquor Industry and Zhongheng Group followed suit. Following Jiugui Liquor, Shanxi Fenjiu and Shede Liquor Industry successively released semi-annual performance forecasts this week, and the performance of all three companies was promising. On July 12, Shanxi Fenjiu released a performance forecast, stating that it is expected that the revenue in the first half of the year will increase by 70% ~ 80% year-on-year, and the net profit attributable to the parent company will increase by 110% ~ 130% year-on-year, setting the company's best result in the past 10 years. Since the beginning of this year, the liquor sector has been frequently favored by funds, and the stock price of Shanxi Fenjiu has also hit new highs, once setting a record...</p><p><a href=\"https://www.yicai.com/news/101109824.html\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.yicai.com/news/101109824.html\">第一财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"600519":"贵州茅台"},"source_url":"https://www.yicai.com/news/101109824.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140197743","content_text":"7月14日早盘，白酒板块逆市拉升，截至发稿，广誉远、海南椰岛涨停，舍得酒业、中恒集团等多股纷纷跟涨。\n\n继酒鬼酒之后，本周山西汾酒、舍得酒业相继发布半年度业绩预告，三家业绩均预喜。\n\n 7月12日，山西汾酒发布业绩预告指出，预计上半年营收同比增长70%~80%，归母净利润同比增长110%~130%，创下公司近10来的最好成绩。今年以来，白酒板块频受资金热捧，山西汾酒股价也连创新高，一度创下356.21元/股的最高纪录，市值持续突破4000亿元。\n\n\n 同日发布业绩预告的舍得酒业公告显示，预计公司2021年半年度实现归属于上市公司股东的净利润为7.1亿元到7.5亿元，与上年同期相比增加5.46亿元到5.86亿元，同比增长332.42%到356.78%；预计上半年实现归属于上市公司股东的扣除非经常性损益的净利润为7.03亿元到7.43亿元，同比增长377.42%到404.59%。公司表示，今年上半年，受国内疫情逐步得到控制，中高端白酒消费市场明显回暖，公司老酒战略逐步被市场接受等原因影响，公司营业收入实现较大幅度增长。股价方面，受摘帽、易主、业绩预增等利好提振，公司股价从3月份的不足60元，一跃至最高点254.88元。\n\n\n 酒鬼酒预计上半年业绩表现同样较好，其公告显示，公司预计营业收入较上年同期增长137%左右，上半年实现归属于上市公司股东的净利润5亿元至5.2亿元，同比增长170.96%至181.79%，净利超去年全年净利润总额。\n\n东兴证券指出，从基本面来看，目前白酒企业经营较为良性，上半年把握住了消费回暖的浪潮，目标达成率都较为超预期，渠道库存也较为良性，行业仍处于良性发展状态中，应理性看待短期业绩增速的波动，重视白酒的长期公司价值，建议关注增长确定性高、业绩弹性大的公司。重点推荐：贵州茅台、五粮液。\n中泰证券食品饮料团队认为，分化成长仍是白酒板块的主旋律。第二季度，白酒板块高端、次高端分化，高端延续稳健，预计茅台维持双位数增长；五粮液、泸州老窖增长中枢维持20%；次高端在低基数下实现高增长，预计普遍在20%以上，部分高成长标的业绩弹性将持续释放。\n华创证券认为，茅台酒价持续走高打开行业价格空间，贵州茅台自身经营以稳定调，留给次高端酒企充分量价空间，次高端加速全国化招商，区域次高端价格带升级，均带动第二季度业绩在低基数下实现高增长，坚持白酒板块全年区间震荡的判断。","news_type":1,"symbols_score_info":{"600519":0.9}},"isVote":1,"tweetType":1,"viewCount":910,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140386675,"gmtCreate":1625629761997,"gmtModify":1703745275255,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/140386675","repostId":"2149360103","repostType":4,"repost":{"id":"2149360103","kind":"news","pubTimestamp":1625629456,"share":"https://ttm.financial/m/news/2149360103?lang=en_US&edition=fundamental","pubTime":"2021-07-07 11:44","market":"us","language":"zh","title":"FTSE Russell: Didi will still be included on July 8 as planned","url":"https://stock-news.laohu8.com/highlight/detail?id=2149360103","media":"新浪财经","summary":"富时罗素表示，仍将按计划于7月8日将滴滴纳入其全球指数，除非这家中国打车软件公司的股票周三在美国市场暂停交易。\n富时罗素在其网站上的一份声明中表示：“如果滴滴全球的ADS在周三美国市场交易时段暂停交易","content":"<p><img src=\"https://static.tigerbbs.com/e10cd7b688e3d7f9f31deec226950e1e\" tg-width=\"550\" tg-height=\"355\" referrerpolicy=\"no-referrer\"></p><p>FTSE Russell said it would still be as planned on July 8<a href=\"https://laohu8.com/S/DIDI\">Didi</a>Included in its global index unless shares of the Chinese ride-hailing software company suspended trading in U.S. markets on Wednesday.</p><p>In a statement on its website, FTSE Russell said: \"If Didi Global's ADS suspends trading during Wednesday's US market trading session, FTSE Russell will not conduct rapid inclusion and monitoring in accordance with the index policy of suspending trading and closing the market.\"</p><p>FTSE Russell announced last Thursday that Didi will be included in its global stock indexes on July 8, including the FTSE All-World Index, the FTSE Global Large Cap Index and the FTSE Emerging Markets Index.</p>","source":"sina_symbol","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>FTSE Russell: Didi will still be included on July 8 as planned</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\">\nFTSE Russell: Didi will still be included on July 8 as planned\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-07-07 11:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/e10cd7b688e3d7f9f31deec226950e1e\" tg-width=\"550\" tg-height=\"355\" referrerpolicy=\"no-referrer\"></p><p>FTSE Russell said it would still be as planned on July 8<a href=\"https://laohu8.com/S/DIDI\">Didi</a>Included in its global index unless shares of the Chinese ride-hailing software company suspended trading in U.S. markets on Wednesday.</p><p>In a statement on its website, FTSE Russell said: \"If Didi Global's ADS suspends trading during Wednesday's US market trading session, FTSE Russell will not conduct rapid inclusion and monitoring in accordance with the index policy of suspending trading and closing the market.\"</p><p>FTSE Russell announced last Thursday that Didi will be included in its global stock indexes on July 8, including the FTSE All-World Index, the FTSE Global Large Cap Index and the FTSE Emerging Markets Index.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2021-07-07/doc-ikqcfnca5426011.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e10cd7b688e3d7f9f31deec226950e1e","relate_stocks":{"DIDI":"滴滴(已退市)"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2021-07-07/doc-ikqcfnca5426011.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2149360103","content_text":"富时罗素表示，仍将按计划于7月8日将滴滴纳入其全球指数，除非这家中国打车软件公司的股票周三在美国市场暂停交易。\n富时罗素在其网站上的一份声明中表示：“如果滴滴全球的ADS在周三美国市场交易时段暂停交易，富时罗素将根据暂停交易和关闭市场的指数政策，不进行快速纳入和监控。”\n富时罗素上周四宣布，滴滴将于7月8日被纳入其全球股票指数，包括富时世界指数（FTSE All-World Index），富时全球大盘指数（FTSE Global Large Cap Index）和富时新兴市场指数（FTSE Emerging Index）。","news_type":1,"symbols_score_info":{"DIDI":0.9}},"isVote":1,"tweetType":1,"viewCount":999,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157322181,"gmtCreate":1625567645043,"gmtModify":1703743896273,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/157322181","repostId":"1131736435","repostType":4,"repost":{"id":"1131736435","kind":"news","pubTimestamp":1625567347,"share":"https://ttm.financial/m/news/1131736435?lang=en_US&edition=fundamental","pubTime":"2021-07-06 18:29","market":"sh","language":"zh","title":"Suning sells shares to survive: Ali has not fully taken over the market, and the loss of the main business still needs to be solved","url":"https://stock-news.laohu8.com/highlight/detail?id=1131736435","media":"钛媒体","summary":"靴子终于落地。7月5日晚，苏宁易购发布公告称，拟将16.96%的股份转让至由南京新兴零售发展基金、华泰证券、阿里巴巴、海尔、美的、TCL、小米等投资人组成的江苏新新零售创新基金二期，后者将成为第三大股","content":"<p>The boots finally landed. On the evening of July 5th, Suning.cn announced that it planned to transfer 16.96% of its shares to Jiangsu Xinxin Retail Innovation Fund Phase II, which is composed of investors such as Nanjing Emerging Retail Development Fund, Huatai Securities, Alibaba, Haier, Midea, TCL and Xiaomi. The latter will become the third largest shareholder, and Suning will be in a state of no controlling shareholder or actual controller.</p><p>From this transaction, Suning received 8.825 billion yuan in bailout funds. The equity transfer price is 5.59 yuan/share, which is the closing price of the last trading day before Suning's suspension.</p><p>After the completion of this transaction, Suning founder Zhang Jindong and his concerted action person Suning Holding Group are still the largest shareholders, with their shareholding ratio dropping from 24.94% to 20.35%; Taobao China's direct shareholding ratio remains unchanged at 19.99%, making it the second largest shareholder; The second phase of Xinxin Retail Fund acquired 16.96% of the shares, and Jiangsu Xinxin Retail Innovation Fund held 5.59% of the shares, making them the third and fourth largest shareholders respectively.</p><p><img src=\"https://static.tigerbbs.com/e2aff236b0af038665b367d144af5743\" tg-width=\"1398\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p><p>On the morning of July 6th, Suning.cn entered the daily limit shortly after the opening. As of today's close, Suning reported 6.15 yuan per share, with a total market value of 57.257 billion yuan. But compared with the market value at the beginning of this year, Suning has fallen by more than 20%.</p><p>Judging from the current situation, Suning, which has frequently sold assets since falling into a liquidity crisis in 2020, has received a temporary respite in this equity transaction. However, due to the fierce competition in the e-commerce industry, how to get rid of the quagmire of losses in Suning.com, the main business with a loss of more than 4 billion yuan in 2020, is still a difficult problem for Suning to solve.</p><p>Shenzhen state-owned assets withdraw, Ali did not fully take over</p><p>Since 2020, Suning has fallen into a liquidity crisis. According to statistics from public channels, the scale of Suning's existing corporate bonds is as high as about 40 billion yuan, and all kinds of debts due in 2021 total about 16 billion yuan.</p><p>Previously, Suning had invested 20 billion yuan in Evergrande, and relieved part of the debt crisis through Evergrande's backdoor listing of Shenzhen Real Estate. However, in the end, Suning founder Zhang Jindong's \"big gamble\" ended with the failure of Evergrande's backdoor listing. The 20 billion yuan in share capital on the surface actually became Evergrande's loan from Suning. Evergrande, which is also burdened with hundreds of billions of debts, will find it difficult to return this money to Suning in the short term.</p><p>As a result, the failure of this shareholding directly became the last straw that overwhelmed Suning.</p><p>Subsequently, Suning began to allocate funds from various parts. For example, all the shares of Suning Holding Group, the main shareholding platform of Zhang Jindong, were pledged to Alibaba, so as to obtain 1 billion yuan in emergency relief; Jiangsu Suning Football Club was shut down, and even once it was reported that the staff dormitory building was sold to raise funds.</p><p>After many attempts, Suning finally chose to sell a large proportion of shares to survive. On February 25th, Suning.cn suddenly announced that the major shareholder planned to transfer at least 20% of the shares of the whole company, and the control right might be changed.</p><p>Three days later, Shenzhen State-owned Assets announced the signing of a share transfer framework agreement with Suning. Shenzhen State-owned Assets, through Kunpeng Capital and Shenzhen International, acquired 23% of Suning.cn's shares at a total price of 9.663 billion yuan and 5.154 billion yuan, and Shenzhen State-owned Assets will thus become Suning's largest shareholder. However, this investment was not actually achieved in the end, and then it was reported that Ali and Jiangsu State-owned Assets might enter the market to take over.</p><p>\"Ali's entry is also a good thing for Suning.\" An insider of Suning once told Titanium Media that Suning's core problem is that the executives of the (underneath) business are not good, and Ali's entry will \"wash away\" a group of people.</p><p>However, according to the announcement issued by Suning this time, Ali has not completely taken over Suning.</p><p>After the introduction of new investors, although Alibaba became one of the industrial investors in the second phase of the new retail fund, Suning did not disclose Alibaba's shareholding ratio in the fund, and said that there is no concerted action relationship between Alibaba and the second phase of the new retail fund. At the same time, Suning also stated in the announcement that the purpose and form of Ali's participation in this transaction as a limited partner are different from Taobao China's investment in Suning in 2016, and it will exercise voting rights based on their respective investment purposes.</p><p>This means that Alibaba, which has become the limited partner of the second phase of Xinxin Retail Fund, has not expanded its shareholding ratio in Suning. Zhang Jindong and his concerted action Suning Holding Group are still the largest shareholders of Suning.cn, but there is no controlling shareholder in Suning.cn who directly or indirectly holds more than 50% of the shares, and there is no shareholder who actually controls more than 30% of the voting rights of the company's shares.</p><p><b>Main business losses still need to be solved</b></p><p>Although the entry of new shareholders has solved Suning's urgent need of \"lack of money\", it is still a problem how Suning.cn, as Suning's main business, can get out of the quagmire of losses.</p><p>According to financial report data, since 2012, Suning.com's operating profit has been in a state of losses almost every year except for 2018. In order to achieve positive performance of net profit, Suning's usual practice is to \"sell assets frequently\".</p><p>For example, in 2015, Suning.com sold 68% of its PPTV equity to Suning Culture, a subsidiary of Suning Holdings, for 2.581 billion yuan. Using this method of blood transfusion of group funds, Suning.cn's net profit turned positive. In 2016, Suning.cn once again sold the loss-making Beijing Jingchao Suning Appliance to Suning Appliance in a similar way, turning losses again. In the following two years, Suning sold Alibaba shares three times, making profits of 3.3 billion yuan and 11 billion yuan respectively, accounting for the vast majority of the net profit of that year.</p><p>While selling assets, Suning.cn did not substantially improve its profitability, but went deeper and deeper on the road of expansion.</p><p>From 2015 to 2019, Suning.com's total foreign investment exceeded 70 billion yuan. Among them, it includes 2.2 billion yuan to acquire PPTV, 4.2 billion yuan to acquire Tiantian Express, 9.5 billion yuan to invest in Wanda Commercial, 2.7 billion yuan to acquire Wanda Department Store, and 4.8 billion yuan to acquire Carrefour China.</p><p>In addition, Suning has also made a lot of investments with the theme of Suning Holdings, Suning Real Estate and Suning Appliance. For example, Suning acquired 70% equity of Inter Milan for 2 billion yuan, received domestic football clubs for 523 million yuan, and also included 37 Suning.cn Plazas under Suning Real Estate.</p><p>However, repeated acquisitions have not brought more substantial benefits. On the contrary, this way of not paying attention to the profitability of core business and blindly expanding has further increased the tension of Suning.cn's cash flow. In the early days, Suning.cn could cover up operating losses through asset transfer. But in the long run, when a thunderstorm occurs in a certain link, it will trigger a series of crises, and losses will be immediately transmitted to listed companies.</p><p>According to public financial data, Suning.com achieved a net profit of 9.843 billion yuan in 2019. However, in 2020, when it encountered a liquidity crisis, Suning.com quickly turned from profit to loss, with a net loss of 4.275 billion yuan. According to the latest announcement, Suning.com expects the net loss in the first half of 2021 to reach 2.5 billion to 3.2 billion yuan, compared with a loss of 167 million yuan in the same period last year, and the year-on-year loss will increase by at least nearly 15 times.</p><p>\"Now, Suning's (practice) is to make every effort to keep the most valuable Suning.cn. If the rest can be guaranteed, it will be kept, and if it can't be guaranteed, it will go bankrupt.\" The above-mentioned Suning insider told Titanium Media.</p><p>In fact, Suning officials also emphasized that the introduction of strategic investors will help the company further focus on retail business. The future development of Suning.cn will be further clarified, and it will increase credit and efficiency for listed companies in the short term, and restore liquidity.</p><p>However, in the face of the increasingly fierce competition pattern of e-commerce, asset movement has been unable to support the positive profit and the debt problem that has not been fully solved. There are still many questions about how Suning will break the situation.</p>","source":"taimeiti","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>Suning sells shares to survive: Ali has not fully taken over the market, and the loss of the main business still needs to be solved</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\">\nSuning sells shares to survive: Ali has not fully taken over the market, and the loss of the main business still needs to be solved\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">钛媒体</strong><span class=\"h-time small\">2021-07-06 18:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The boots finally landed. On the evening of July 5th, Suning.cn announced that it planned to transfer 16.96% of its shares to Jiangsu Xinxin Retail Innovation Fund Phase II, which is composed of investors such as Nanjing Emerging Retail Development Fund, Huatai Securities, Alibaba, Haier, Midea, TCL and Xiaomi. The latter will become the third largest shareholder, and Suning will be in a state of no controlling shareholder or actual controller.</p><p>From this transaction, Suning received 8.825 billion yuan in bailout funds. The equity transfer price is 5.59 yuan/share, which is the closing price of the last trading day before Suning's suspension.</p><p>After the completion of this transaction, Suning founder Zhang Jindong and his concerted action person Suning Holding Group are still the largest shareholders, with their shareholding ratio dropping from 24.94% to 20.35%; Taobao China's direct shareholding ratio remains unchanged at 19.99%, making it the second largest shareholder; The second phase of Xinxin Retail Fund acquired 16.96% of the shares, and Jiangsu Xinxin Retail Innovation Fund held 5.59% of the shares, making them the third and fourth largest shareholders respectively.</p><p><img src=\"https://static.tigerbbs.com/e2aff236b0af038665b367d144af5743\" tg-width=\"1398\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p><p>On the morning of July 6th, Suning.cn entered the daily limit shortly after the opening. As of today's close, Suning reported 6.15 yuan per share, with a total market value of 57.257 billion yuan. But compared with the market value at the beginning of this year, Suning has fallen by more than 20%.</p><p>Judging from the current situation, Suning, which has frequently sold assets since falling into a liquidity crisis in 2020, has received a temporary respite in this equity transaction. However, due to the fierce competition in the e-commerce industry, how to get rid of the quagmire of losses in Suning.com, the main business with a loss of more than 4 billion yuan in 2020, is still a difficult problem for Suning to solve.</p><p>Shenzhen state-owned assets withdraw, Ali did not fully take over</p><p>Since 2020, Suning has fallen into a liquidity crisis. According to statistics from public channels, the scale of Suning's existing corporate bonds is as high as about 40 billion yuan, and all kinds of debts due in 2021 total about 16 billion yuan.</p><p>Previously, Suning had invested 20 billion yuan in Evergrande, and relieved part of the debt crisis through Evergrande's backdoor listing of Shenzhen Real Estate. However, in the end, Suning founder Zhang Jindong's \"big gamble\" ended with the failure of Evergrande's backdoor listing. The 20 billion yuan in share capital on the surface actually became Evergrande's loan from Suning. Evergrande, which is also burdened with hundreds of billions of debts, will find it difficult to return this money to Suning in the short term.</p><p>As a result, the failure of this shareholding directly became the last straw that overwhelmed Suning.</p><p>Subsequently, Suning began to allocate funds from various parts. For example, all the shares of Suning Holding Group, the main shareholding platform of Zhang Jindong, were pledged to Alibaba, so as to obtain 1 billion yuan in emergency relief; Jiangsu Suning Football Club was shut down, and even once it was reported that the staff dormitory building was sold to raise funds.</p><p>After many attempts, Suning finally chose to sell a large proportion of shares to survive. On February 25th, Suning.cn suddenly announced that the major shareholder planned to transfer at least 20% of the shares of the whole company, and the control right might be changed.</p><p>Three days later, Shenzhen State-owned Assets announced the signing of a share transfer framework agreement with Suning. Shenzhen State-owned Assets, through Kunpeng Capital and Shenzhen International, acquired 23% of Suning.cn's shares at a total price of 9.663 billion yuan and 5.154 billion yuan, and Shenzhen State-owned Assets will thus become Suning's largest shareholder. However, this investment was not actually achieved in the end, and then it was reported that Ali and Jiangsu State-owned Assets might enter the market to take over.</p><p>\"Ali's entry is also a good thing for Suning.\" An insider of Suning once told Titanium Media that Suning's core problem is that the executives of the (underneath) business are not good, and Ali's entry will \"wash away\" a group of people.</p><p>However, according to the announcement issued by Suning this time, Ali has not completely taken over Suning.</p><p>After the introduction of new investors, although Alibaba became one of the industrial investors in the second phase of the new retail fund, Suning did not disclose Alibaba's shareholding ratio in the fund, and said that there is no concerted action relationship between Alibaba and the second phase of the new retail fund. At the same time, Suning also stated in the announcement that the purpose and form of Ali's participation in this transaction as a limited partner are different from Taobao China's investment in Suning in 2016, and it will exercise voting rights based on their respective investment purposes.</p><p>This means that Alibaba, which has become the limited partner of the second phase of Xinxin Retail Fund, has not expanded its shareholding ratio in Suning. Zhang Jindong and his concerted action Suning Holding Group are still the largest shareholders of Suning.cn, but there is no controlling shareholder in Suning.cn who directly or indirectly holds more than 50% of the shares, and there is no shareholder who actually controls more than 30% of the voting rights of the company's shares.</p><p><b>Main business losses still need to be solved</b></p><p>Although the entry of new shareholders has solved Suning's urgent need of \"lack of money\", it is still a problem how Suning.cn, as Suning's main business, can get out of the quagmire of losses.</p><p>According to financial report data, since 2012, Suning.com's operating profit has been in a state of losses almost every year except for 2018. In order to achieve positive performance of net profit, Suning's usual practice is to \"sell assets frequently\".</p><p>For example, in 2015, Suning.com sold 68% of its PPTV equity to Suning Culture, a subsidiary of Suning Holdings, for 2.581 billion yuan. Using this method of blood transfusion of group funds, Suning.cn's net profit turned positive. In 2016, Suning.cn once again sold the loss-making Beijing Jingchao Suning Appliance to Suning Appliance in a similar way, turning losses again. In the following two years, Suning sold Alibaba shares three times, making profits of 3.3 billion yuan and 11 billion yuan respectively, accounting for the vast majority of the net profit of that year.</p><p>While selling assets, Suning.cn did not substantially improve its profitability, but went deeper and deeper on the road of expansion.</p><p>From 2015 to 2019, Suning.com's total foreign investment exceeded 70 billion yuan. Among them, it includes 2.2 billion yuan to acquire PPTV, 4.2 billion yuan to acquire Tiantian Express, 9.5 billion yuan to invest in Wanda Commercial, 2.7 billion yuan to acquire Wanda Department Store, and 4.8 billion yuan to acquire Carrefour China.</p><p>In addition, Suning has also made a lot of investments with the theme of Suning Holdings, Suning Real Estate and Suning Appliance. For example, Suning acquired 70% equity of Inter Milan for 2 billion yuan, received domestic football clubs for 523 million yuan, and also included 37 Suning.cn Plazas under Suning Real Estate.</p><p>However, repeated acquisitions have not brought more substantial benefits. On the contrary, this way of not paying attention to the profitability of core business and blindly expanding has further increased the tension of Suning.cn's cash flow. In the early days, Suning.cn could cover up operating losses through asset transfer. But in the long run, when a thunderstorm occurs in a certain link, it will trigger a series of crises, and losses will be immediately transmitted to listed companies.</p><p>According to public financial data, Suning.com achieved a net profit of 9.843 billion yuan in 2019. However, in 2020, when it encountered a liquidity crisis, Suning.com quickly turned from profit to loss, with a net loss of 4.275 billion yuan. According to the latest announcement, Suning.com expects the net loss in the first half of 2021 to reach 2.5 billion to 3.2 billion yuan, compared with a loss of 167 million yuan in the same period last year, and the year-on-year loss will increase by at least nearly 15 times.</p><p>\"Now, Suning's (practice) is to make every effort to keep the most valuable Suning.cn. If the rest can be guaranteed, it will be kept, and if it can't be guaranteed, it will go bankrupt.\" The above-mentioned Suning insider told Titanium Media.</p><p>In fact, Suning officials also emphasized that the introduction of strategic investors will help the company further focus on retail business. The future development of Suning.cn will be further clarified, and it will increase credit and efficiency for listed companies in the short term, and restore liquidity.</p><p>However, in the face of the increasingly fierce competition pattern of e-commerce, asset movement has been unable to support the positive profit and the debt problem that has not been fully solved. There are still many questions about how Suning will break the situation.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.tmtpost.com/5457622.html\">钛媒体</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/64cd4e9d34d765eb6c97b06d579f7f39","relate_stocks":{"002024":"ST易购"},"source_url":"https://www.tmtpost.com/5457622.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131736435","content_text":"靴子终于落地。7月5日晚，苏宁易购发布公告称，拟将16.96%的股份转让至由南京新兴零售发展基金、华泰证券、阿里巴巴、海尔、美的、TCL、小米等投资人组成的江苏新新零售创新基金二期，后者将成为第三大股东，苏宁将处于无控股股东、无实际控制人状态。\n从这笔交易中，苏宁方面获得了88.25亿元的纾困资金。此次股权转让价格为5.59元/股，为苏宁此次停牌前最后一个交易日的收盘价。\n此次交易完成后，苏宁创始人张近东及其一致行动人苏宁控股集团仍为第一大股东，持股比例从24.94%下降到20.35%；淘宝中国直接持股的比例不变为19.99%，为第二大股东；新新零售基金二期获得16.96%股权、江苏新新零售创新基金持股5.59%，分别为第三、四大股东。\n\n7月6日上午，苏宁易购在开盘不久即进入涨停。截至今日收盘，苏宁报每股6.15元，总市值572.57亿元。但相较于今年年初市值，苏宁已经下跌超过20%。\n从目前的局面来看，自2020年陷入流动性危机后频繁出售资产的苏宁，在此次股权交易中得到了暂时的喘息。但是，由于电商行业竞争激烈，2020年亏损超40亿元的主营业务——苏宁易购如何摆脱亏损的泥潭，仍然是苏宁一个待解难题。\n深圳国资退出，阿里未完全接盘\n自2020年起，苏宁便陷入了流动性危机。根据公开渠道的数据统计，苏宁公司存续的公司债规模高达400亿元左右，2021到期的各类债务总计约160亿元。\n此前，苏宁曾以200亿元入股恒大，借由恒大借壳深深房上市的方式解除部分债务危机。不过最终，苏宁创始人张近东这次“豪赌”以恒大借壳上市失败而收尾，明面上200亿元的入股资金实际成为了恒大向苏宁的借债。而同样背负着数千亿债务的恒大，短期内很难将这笔钱还给苏宁。\n于是，这次入股失败直接成为了压倒苏宁的最后一根稻草。\n随后，苏宁开始从各个部分抽调资金。比如，张近东主要持股平台的苏宁控股集团的全部股份质押给阿里巴巴，以此获得10亿元资金救急；关停江苏苏宁足球俱乐部，甚至一度传出出售员工宿舍楼来筹措资金。\n在多方尝试后，苏宁最终选择出售大比例股份求生。2月25日，苏宁易购突发公告，大股东拟转让整个公司至少20%的股份，控制权或将变更。\n3天后，深圳国资宣布与苏宁签订股份转让框架协议。深圳国资通过鲲鹏资本和深圳国际以96.63亿元、51.54亿元的价格，合计收购苏宁易购23%的股份，深圳国资由此将成为苏宁第一大股东。不过，这笔投资最终还是没有实际达成，随后传出阿里和江苏国资可能进场接盘。\n“阿里进场，对于苏宁来说也是好事。”一位苏宁内部人士曾对钛媒体表示，苏宁的核心问题是（底下）业务的高管不行，阿里进场会“洗掉”一拨人。\n但根据苏宁此次发布的公告，阿里方面并未完全接盘苏宁。\n此次引入新投资方后，虽然阿里巴巴成为了新零售基金二期的产业投资人之一，但苏宁并未披露阿里巴巴在基金中的持股比例，且称阿里和新新零售基金二期不存在一致行动关系。同时，苏宁方面还在公告中表示，此次阿里作为有限合伙人参与本次交易的目的、形式与淘宝中国2016年投资入股苏宁均不相同，将基于各自投资目的行使表决权。\n这就意味着，成为新新零售基金二期有限合伙人的阿里巴巴，在苏宁的持股比例并未扩大。张近东和其一致行动人苏宁控股集团仍为苏宁易购第一大股东，但苏宁易购不存在直接或者间接持股50%以上的控股股东，也不存在实际支配公司股份表决权超过30%的股东。\n主营业务亏损仍待解\n虽然新的股东方进入解决了苏宁“缺钱”的燃眉之急，但苏宁易购作为苏宁主营业务该如何走出亏损泥潭，仍然是一个问题。\n根据财报数据，自2012年以来，苏宁易购的营业利润除2018年外，几乎处于年年亏损的状态。为了实现净利润的正向表现，苏宁惯常的做法是“频繁变卖资产”。\n比如，2015年苏宁易购将旗下PPTV68%的股权，以25.81亿元出售给苏宁控股旗下的苏宁文化。利用这种集团资金输血的方式，苏宁易购的净利润得以转正。2016年，苏宁易购再次以类似的方式，将亏损的北京京朝苏宁电器出售给苏宁电器，再次扭亏。随后两年，苏宁三次出售阿里巴巴股票，分别获利33亿元和110亿元，占到了当年净利润的绝大多数份额。\n而在出售资产的同时，苏宁易购并没有实质提高盈利能力，反而在扩张的道路上越走越深。\n从2015年到2019年，苏宁易购对外总计投资额超过了700亿元。其中，包括22亿元收购PPTV、42亿元收购天天快递、95亿元入股万达商业、27亿元收购万达百货、48亿元收购家乐福中国等。\n除此之外，苏宁还以苏宁控股、苏宁置业、苏宁电器三大集团为主题进行了大量投资。如苏宁20亿元收购国际米兰70%股权、5.23亿元接收国内足球俱乐部，同时还包括苏宁置业旗下37家苏宁易购广场。\n但是，屡次的收购并没有带来更多实质性的收益，反而这种不注重核心业务盈利能力、一味扩张的方式，更加大了苏宁易购现金流的紧张程度。早期，苏宁易购通过资产腾挪还能掩盖经营亏损。但长此以往，当某个环节出现暴雷，就会引发一系列危机，亏损也会立刻传导到上市公司。\n根据公开的财务数据，苏宁易购在2019年全年实现了98.43亿元的净利润。但是，在遭遇流动性危机的2020年，苏宁易购很快就由盈转亏，净亏损达到42.75亿元。而根据最新公告，苏宁易购预计2021年上半年净亏损将达到25亿元-32亿元，上年同期亏损1.67亿元，同比亏损至少将增大近15倍。\n“现在，苏宁的（做法）就是全力保住最值钱的苏宁易购，其他的能保就保住，不能保就破产。”上述苏宁内部人士对钛媒体表示。\n事实上，苏宁官方也强调此次引进战略投资者后，有利于公司进一步聚焦零售业务。苏宁易购未来发展将进一步明朗化，短期为上市公司实现增信增效，恢复流动性。\n不过，面对日益激烈的电商竞争格局，资产腾挪已无力支撑利润转正和依然未能完全解决的债务问题，苏宁将如何破局前行，依然存在着诸多疑问。","news_type":1,"symbols_score_info":{"002024":0.9}},"isVote":1,"tweetType":1,"viewCount":679,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157322914,"gmtCreate":1625567622138,"gmtModify":1703743895456,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/157322914","repostId":"1131736435","repostType":4,"repost":{"id":"1131736435","kind":"news","pubTimestamp":1625567347,"share":"https://ttm.financial/m/news/1131736435?lang=en_US&edition=fundamental","pubTime":"2021-07-06 18:29","market":"sh","language":"zh","title":"Suning sells shares to survive: Ali has not fully taken over the market, and the loss of the main business still needs to be solved","url":"https://stock-news.laohu8.com/highlight/detail?id=1131736435","media":"钛媒体","summary":"靴子终于落地。7月5日晚，苏宁易购发布公告称，拟将16.96%的股份转让至由南京新兴零售发展基金、华泰证券、阿里巴巴、海尔、美的、TCL、小米等投资人组成的江苏新新零售创新基金二期，后者将成为第三大股","content":"<p>The boots finally landed. On the evening of July 5th, Suning.cn announced that it planned to transfer 16.96% of its shares to Jiangsu Xinxin Retail Innovation Fund Phase II, which is composed of investors such as Nanjing Emerging Retail Development Fund, Huatai Securities, Alibaba, Haier, Midea, TCL and Xiaomi. The latter will become the third largest shareholder, and Suning will be in a state of no controlling shareholder or actual controller.</p><p>From this transaction, Suning received 8.825 billion yuan in bailout funds. The equity transfer price is 5.59 yuan/share, which is the closing price of the last trading day before Suning's suspension.</p><p>After the completion of this transaction, Suning founder Zhang Jindong and his concerted action person Suning Holding Group are still the largest shareholders, with their shareholding ratio dropping from 24.94% to 20.35%; Taobao China's direct shareholding ratio remains unchanged at 19.99%, making it the second largest shareholder; The second phase of Xinxin Retail Fund acquired 16.96% of the shares, and Jiangsu Xinxin Retail Innovation Fund held 5.59% of the shares, making them the third and fourth largest shareholders respectively.</p><p><img src=\"https://static.tigerbbs.com/e2aff236b0af038665b367d144af5743\" tg-width=\"1398\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p><p>On the morning of July 6th, Suning.cn entered the daily limit shortly after the opening. As of today's close, Suning reported 6.15 yuan per share, with a total market value of 57.257 billion yuan. But compared with the market value at the beginning of this year, Suning has fallen by more than 20%.</p><p>Judging from the current situation, Suning, which has frequently sold assets since falling into a liquidity crisis in 2020, has received a temporary respite in this equity transaction. However, due to the fierce competition in the e-commerce industry, how to get rid of the quagmire of losses in Suning.com, the main business with a loss of more than 4 billion yuan in 2020, is still a difficult problem for Suning to solve.</p><p>Shenzhen state-owned assets withdraw, Ali did not fully take over</p><p>Since 2020, Suning has fallen into a liquidity crisis. According to statistics from public channels, the scale of Suning's existing corporate bonds is as high as about 40 billion yuan, and all kinds of debts due in 2021 total about 16 billion yuan.</p><p>Previously, Suning had invested 20 billion yuan in Evergrande, and relieved part of the debt crisis through Evergrande's backdoor listing of Shenzhen Real Estate. However, in the end, Suning founder Zhang Jindong's \"big gamble\" ended with the failure of Evergrande's backdoor listing. The 20 billion yuan in share capital on the surface actually became Evergrande's loan from Suning. Evergrande, which is also burdened with hundreds of billions of debts, will find it difficult to return this money to Suning in the short term.</p><p>As a result, the failure of this shareholding directly became the last straw that overwhelmed Suning.</p><p>Subsequently, Suning began to allocate funds from various parts. For example, all the shares of Suning Holding Group, the main shareholding platform of Zhang Jindong, were pledged to Alibaba, so as to obtain 1 billion yuan in emergency relief; Jiangsu Suning Football Club was shut down, and even once it was reported that the staff dormitory building was sold to raise funds.</p><p>After many attempts, Suning finally chose to sell a large proportion of shares to survive. On February 25th, Suning.cn suddenly announced that the major shareholder planned to transfer at least 20% of the shares of the whole company, and the control right might be changed.</p><p>Three days later, Shenzhen State-owned Assets announced the signing of a share transfer framework agreement with Suning. Shenzhen State-owned Assets, through Kunpeng Capital and Shenzhen International, acquired 23% of Suning.cn's shares at a total price of 9.663 billion yuan and 5.154 billion yuan, and Shenzhen State-owned Assets will thus become Suning's largest shareholder. However, this investment was not actually achieved in the end, and then it was reported that Ali and Jiangsu State-owned Assets might enter the market to take over.</p><p>\"Ali's entry is also a good thing for Suning.\" An insider of Suning once told Titanium Media that Suning's core problem is that the executives of the (underneath) business are not good, and Ali's entry will \"wash away\" a group of people.</p><p>However, according to the announcement issued by Suning this time, Ali has not completely taken over Suning.</p><p>After the introduction of new investors, although Alibaba became one of the industrial investors in the second phase of the new retail fund, Suning did not disclose Alibaba's shareholding ratio in the fund, and said that there is no concerted action relationship between Alibaba and the second phase of the new retail fund. At the same time, Suning also stated in the announcement that the purpose and form of Ali's participation in this transaction as a limited partner are different from Taobao China's investment in Suning in 2016, and it will exercise voting rights based on their respective investment purposes.</p><p>This means that Alibaba, which has become the limited partner of the second phase of Xinxin Retail Fund, has not expanded its shareholding ratio in Suning. Zhang Jindong and his concerted action Suning Holding Group are still the largest shareholders of Suning.cn, but there is no controlling shareholder in Suning.cn who directly or indirectly holds more than 50% of the shares, and there is no shareholder who actually controls more than 30% of the voting rights of the company's shares.</p><p><b>Main business losses still need to be solved</b></p><p>Although the entry of new shareholders has solved Suning's urgent need of \"lack of money\", it is still a problem how Suning.cn, as Suning's main business, can get out of the quagmire of losses.</p><p>According to financial report data, since 2012, Suning.com's operating profit has been in a state of losses almost every year except for 2018. In order to achieve positive performance of net profit, Suning's usual practice is to \"sell assets frequently\".</p><p>For example, in 2015, Suning.com sold 68% of its PPTV equity to Suning Culture, a subsidiary of Suning Holdings, for 2.581 billion yuan. Using this method of blood transfusion of group funds, Suning.cn's net profit turned positive. In 2016, Suning.cn once again sold the loss-making Beijing Jingchao Suning Appliance to Suning Appliance in a similar way, turning losses again. In the following two years, Suning sold Alibaba shares three times, making profits of 3.3 billion yuan and 11 billion yuan respectively, accounting for the vast majority of the net profit of that year.</p><p>While selling assets, Suning.cn did not substantially improve its profitability, but went deeper and deeper on the road of expansion.</p><p>From 2015 to 2019, Suning.com's total foreign investment exceeded 70 billion yuan. Among them, it includes 2.2 billion yuan to acquire PPTV, 4.2 billion yuan to acquire Tiantian Express, 9.5 billion yuan to invest in Wanda Commercial, 2.7 billion yuan to acquire Wanda Department Store, and 4.8 billion yuan to acquire Carrefour China.</p><p>In addition, Suning has also made a lot of investments with the theme of Suning Holdings, Suning Real Estate and Suning Appliance. For example, Suning acquired 70% equity of Inter Milan for 2 billion yuan, received domestic football clubs for 523 million yuan, and also included 37 Suning.cn Plazas under Suning Real Estate.</p><p>However, repeated acquisitions have not brought more substantial benefits. On the contrary, this way of not paying attention to the profitability of core business and blindly expanding has further increased the tension of Suning.cn's cash flow. In the early days, Suning.cn could cover up operating losses through asset transfer. But in the long run, when a thunderstorm occurs in a certain link, it will trigger a series of crises, and losses will be immediately transmitted to listed companies.</p><p>According to public financial data, Suning.com achieved a net profit of 9.843 billion yuan in 2019. However, in 2020, when it encountered a liquidity crisis, Suning.com quickly turned from profit to loss, with a net loss of 4.275 billion yuan. According to the latest announcement, Suning.com expects the net loss in the first half of 2021 to reach 2.5 billion to 3.2 billion yuan, compared with a loss of 167 million yuan in the same period last year, and the year-on-year loss will increase by at least nearly 15 times.</p><p>\"Now, Suning's (practice) is to make every effort to keep the most valuable Suning.cn. If the rest can be guaranteed, it will be kept, and if it can't be guaranteed, it will go bankrupt.\" The above-mentioned Suning insider told Titanium Media.</p><p>In fact, Suning officials also emphasized that the introduction of strategic investors will help the company further focus on retail business. The future development of Suning.cn will be further clarified, and it will increase credit and efficiency for listed companies in the short term, and restore liquidity.</p><p>However, in the face of the increasingly fierce competition pattern of e-commerce, asset movement has been unable to support the positive profit and the debt problem that has not been fully solved. There are still many questions about how Suning will break the situation.</p>","source":"taimeiti","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>Suning sells shares to survive: Ali has not fully taken over the market, and the loss of the main business still needs to be solved</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\">\nSuning sells shares to survive: Ali has not fully taken over the market, and the loss of the main business still needs to be solved\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">钛媒体</strong><span class=\"h-time small\">2021-07-06 18:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The boots finally landed. On the evening of July 5th, Suning.cn announced that it planned to transfer 16.96% of its shares to Jiangsu Xinxin Retail Innovation Fund Phase II, which is composed of investors such as Nanjing Emerging Retail Development Fund, Huatai Securities, Alibaba, Haier, Midea, TCL and Xiaomi. The latter will become the third largest shareholder, and Suning will be in a state of no controlling shareholder or actual controller.</p><p>From this transaction, Suning received 8.825 billion yuan in bailout funds. The equity transfer price is 5.59 yuan/share, which is the closing price of the last trading day before Suning's suspension.</p><p>After the completion of this transaction, Suning founder Zhang Jindong and his concerted action person Suning Holding Group are still the largest shareholders, with their shareholding ratio dropping from 24.94% to 20.35%; Taobao China's direct shareholding ratio remains unchanged at 19.99%, making it the second largest shareholder; The second phase of Xinxin Retail Fund acquired 16.96% of the shares, and Jiangsu Xinxin Retail Innovation Fund held 5.59% of the shares, making them the third and fourth largest shareholders respectively.</p><p><img src=\"https://static.tigerbbs.com/e2aff236b0af038665b367d144af5743\" tg-width=\"1398\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p><p>On the morning of July 6th, Suning.cn entered the daily limit shortly after the opening. As of today's close, Suning reported 6.15 yuan per share, with a total market value of 57.257 billion yuan. But compared with the market value at the beginning of this year, Suning has fallen by more than 20%.</p><p>Judging from the current situation, Suning, which has frequently sold assets since falling into a liquidity crisis in 2020, has received a temporary respite in this equity transaction. However, due to the fierce competition in the e-commerce industry, how to get rid of the quagmire of losses in Suning.com, the main business with a loss of more than 4 billion yuan in 2020, is still a difficult problem for Suning to solve.</p><p>Shenzhen state-owned assets withdraw, Ali did not fully take over</p><p>Since 2020, Suning has fallen into a liquidity crisis. According to statistics from public channels, the scale of Suning's existing corporate bonds is as high as about 40 billion yuan, and all kinds of debts due in 2021 total about 16 billion yuan.</p><p>Previously, Suning had invested 20 billion yuan in Evergrande, and relieved part of the debt crisis through Evergrande's backdoor listing of Shenzhen Real Estate. However, in the end, Suning founder Zhang Jindong's \"big gamble\" ended with the failure of Evergrande's backdoor listing. The 20 billion yuan in share capital on the surface actually became Evergrande's loan from Suning. Evergrande, which is also burdened with hundreds of billions of debts, will find it difficult to return this money to Suning in the short term.</p><p>As a result, the failure of this shareholding directly became the last straw that overwhelmed Suning.</p><p>Subsequently, Suning began to allocate funds from various parts. For example, all the shares of Suning Holding Group, the main shareholding platform of Zhang Jindong, were pledged to Alibaba, so as to obtain 1 billion yuan in emergency relief; Jiangsu Suning Football Club was shut down, and even once it was reported that the staff dormitory building was sold to raise funds.</p><p>After many attempts, Suning finally chose to sell a large proportion of shares to survive. On February 25th, Suning.cn suddenly announced that the major shareholder planned to transfer at least 20% of the shares of the whole company, and the control right might be changed.</p><p>Three days later, Shenzhen State-owned Assets announced the signing of a share transfer framework agreement with Suning. Shenzhen State-owned Assets, through Kunpeng Capital and Shenzhen International, acquired 23% of Suning.cn's shares at a total price of 9.663 billion yuan and 5.154 billion yuan, and Shenzhen State-owned Assets will thus become Suning's largest shareholder. However, this investment was not actually achieved in the end, and then it was reported that Ali and Jiangsu State-owned Assets might enter the market to take over.</p><p>\"Ali's entry is also a good thing for Suning.\" An insider of Suning once told Titanium Media that Suning's core problem is that the executives of the (underneath) business are not good, and Ali's entry will \"wash away\" a group of people.</p><p>However, according to the announcement issued by Suning this time, Ali has not completely taken over Suning.</p><p>After the introduction of new investors, although Alibaba became one of the industrial investors in the second phase of the new retail fund, Suning did not disclose Alibaba's shareholding ratio in the fund, and said that there is no concerted action relationship between Alibaba and the second phase of the new retail fund. At the same time, Suning also stated in the announcement that the purpose and form of Ali's participation in this transaction as a limited partner are different from Taobao China's investment in Suning in 2016, and it will exercise voting rights based on their respective investment purposes.</p><p>This means that Alibaba, which has become the limited partner of the second phase of Xinxin Retail Fund, has not expanded its shareholding ratio in Suning. Zhang Jindong and his concerted action Suning Holding Group are still the largest shareholders of Suning.cn, but there is no controlling shareholder in Suning.cn who directly or indirectly holds more than 50% of the shares, and there is no shareholder who actually controls more than 30% of the voting rights of the company's shares.</p><p><b>Main business losses still need to be solved</b></p><p>Although the entry of new shareholders has solved Suning's urgent need of \"lack of money\", it is still a problem how Suning.cn, as Suning's main business, can get out of the quagmire of losses.</p><p>According to financial report data, since 2012, Suning.com's operating profit has been in a state of losses almost every year except for 2018. In order to achieve positive performance of net profit, Suning's usual practice is to \"sell assets frequently\".</p><p>For example, in 2015, Suning.com sold 68% of its PPTV equity to Suning Culture, a subsidiary of Suning Holdings, for 2.581 billion yuan. Using this method of blood transfusion of group funds, Suning.cn's net profit turned positive. In 2016, Suning.cn once again sold the loss-making Beijing Jingchao Suning Appliance to Suning Appliance in a similar way, turning losses again. In the following two years, Suning sold Alibaba shares three times, making profits of 3.3 billion yuan and 11 billion yuan respectively, accounting for the vast majority of the net profit of that year.</p><p>While selling assets, Suning.cn did not substantially improve its profitability, but went deeper and deeper on the road of expansion.</p><p>From 2015 to 2019, Suning.com's total foreign investment exceeded 70 billion yuan. Among them, it includes 2.2 billion yuan to acquire PPTV, 4.2 billion yuan to acquire Tiantian Express, 9.5 billion yuan to invest in Wanda Commercial, 2.7 billion yuan to acquire Wanda Department Store, and 4.8 billion yuan to acquire Carrefour China.</p><p>In addition, Suning has also made a lot of investments with the theme of Suning Holdings, Suning Real Estate and Suning Appliance. For example, Suning acquired 70% equity of Inter Milan for 2 billion yuan, received domestic football clubs for 523 million yuan, and also included 37 Suning.cn Plazas under Suning Real Estate.</p><p>However, repeated acquisitions have not brought more substantial benefits. On the contrary, this way of not paying attention to the profitability of core business and blindly expanding has further increased the tension of Suning.cn's cash flow. In the early days, Suning.cn could cover up operating losses through asset transfer. But in the long run, when a thunderstorm occurs in a certain link, it will trigger a series of crises, and losses will be immediately transmitted to listed companies.</p><p>According to public financial data, Suning.com achieved a net profit of 9.843 billion yuan in 2019. However, in 2020, when it encountered a liquidity crisis, Suning.com quickly turned from profit to loss, with a net loss of 4.275 billion yuan. According to the latest announcement, Suning.com expects the net loss in the first half of 2021 to reach 2.5 billion to 3.2 billion yuan, compared with a loss of 167 million yuan in the same period last year, and the year-on-year loss will increase by at least nearly 15 times.</p><p>\"Now, Suning's (practice) is to make every effort to keep the most valuable Suning.cn. If the rest can be guaranteed, it will be kept, and if it can't be guaranteed, it will go bankrupt.\" The above-mentioned Suning insider told Titanium Media.</p><p>In fact, Suning officials also emphasized that the introduction of strategic investors will help the company further focus on retail business. The future development of Suning.cn will be further clarified, and it will increase credit and efficiency for listed companies in the short term, and restore liquidity.</p><p>However, in the face of the increasingly fierce competition pattern of e-commerce, asset movement has been unable to support the positive profit and the debt problem that has not been fully solved. There are still many questions about how Suning will break the situation.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.tmtpost.com/5457622.html\">钛媒体</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/64cd4e9d34d765eb6c97b06d579f7f39","relate_stocks":{"002024":"ST易购"},"source_url":"https://www.tmtpost.com/5457622.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131736435","content_text":"靴子终于落地。7月5日晚，苏宁易购发布公告称，拟将16.96%的股份转让至由南京新兴零售发展基金、华泰证券、阿里巴巴、海尔、美的、TCL、小米等投资人组成的江苏新新零售创新基金二期，后者将成为第三大股东，苏宁将处于无控股股东、无实际控制人状态。\n从这笔交易中，苏宁方面获得了88.25亿元的纾困资金。此次股权转让价格为5.59元/股，为苏宁此次停牌前最后一个交易日的收盘价。\n此次交易完成后，苏宁创始人张近东及其一致行动人苏宁控股集团仍为第一大股东，持股比例从24.94%下降到20.35%；淘宝中国直接持股的比例不变为19.99%，为第二大股东；新新零售基金二期获得16.96%股权、江苏新新零售创新基金持股5.59%，分别为第三、四大股东。\n\n7月6日上午，苏宁易购在开盘不久即进入涨停。截至今日收盘，苏宁报每股6.15元，总市值572.57亿元。但相较于今年年初市值，苏宁已经下跌超过20%。\n从目前的局面来看，自2020年陷入流动性危机后频繁出售资产的苏宁，在此次股权交易中得到了暂时的喘息。但是，由于电商行业竞争激烈，2020年亏损超40亿元的主营业务——苏宁易购如何摆脱亏损的泥潭，仍然是苏宁一个待解难题。\n深圳国资退出，阿里未完全接盘\n自2020年起，苏宁便陷入了流动性危机。根据公开渠道的数据统计，苏宁公司存续的公司债规模高达400亿元左右，2021到期的各类债务总计约160亿元。\n此前，苏宁曾以200亿元入股恒大，借由恒大借壳深深房上市的方式解除部分债务危机。不过最终，苏宁创始人张近东这次“豪赌”以恒大借壳上市失败而收尾，明面上200亿元的入股资金实际成为了恒大向苏宁的借债。而同样背负着数千亿债务的恒大，短期内很难将这笔钱还给苏宁。\n于是，这次入股失败直接成为了压倒苏宁的最后一根稻草。\n随后，苏宁开始从各个部分抽调资金。比如，张近东主要持股平台的苏宁控股集团的全部股份质押给阿里巴巴，以此获得10亿元资金救急；关停江苏苏宁足球俱乐部，甚至一度传出出售员工宿舍楼来筹措资金。\n在多方尝试后，苏宁最终选择出售大比例股份求生。2月25日，苏宁易购突发公告，大股东拟转让整个公司至少20%的股份，控制权或将变更。\n3天后，深圳国资宣布与苏宁签订股份转让框架协议。深圳国资通过鲲鹏资本和深圳国际以96.63亿元、51.54亿元的价格，合计收购苏宁易购23%的股份，深圳国资由此将成为苏宁第一大股东。不过，这笔投资最终还是没有实际达成，随后传出阿里和江苏国资可能进场接盘。\n“阿里进场，对于苏宁来说也是好事。”一位苏宁内部人士曾对钛媒体表示，苏宁的核心问题是（底下）业务的高管不行，阿里进场会“洗掉”一拨人。\n但根据苏宁此次发布的公告，阿里方面并未完全接盘苏宁。\n此次引入新投资方后，虽然阿里巴巴成为了新零售基金二期的产业投资人之一，但苏宁并未披露阿里巴巴在基金中的持股比例，且称阿里和新新零售基金二期不存在一致行动关系。同时，苏宁方面还在公告中表示，此次阿里作为有限合伙人参与本次交易的目的、形式与淘宝中国2016年投资入股苏宁均不相同，将基于各自投资目的行使表决权。\n这就意味着，成为新新零售基金二期有限合伙人的阿里巴巴，在苏宁的持股比例并未扩大。张近东和其一致行动人苏宁控股集团仍为苏宁易购第一大股东，但苏宁易购不存在直接或者间接持股50%以上的控股股东，也不存在实际支配公司股份表决权超过30%的股东。\n主营业务亏损仍待解\n虽然新的股东方进入解决了苏宁“缺钱”的燃眉之急，但苏宁易购作为苏宁主营业务该如何走出亏损泥潭，仍然是一个问题。\n根据财报数据，自2012年以来，苏宁易购的营业利润除2018年外，几乎处于年年亏损的状态。为了实现净利润的正向表现，苏宁惯常的做法是“频繁变卖资产”。\n比如，2015年苏宁易购将旗下PPTV68%的股权，以25.81亿元出售给苏宁控股旗下的苏宁文化。利用这种集团资金输血的方式，苏宁易购的净利润得以转正。2016年，苏宁易购再次以类似的方式，将亏损的北京京朝苏宁电器出售给苏宁电器，再次扭亏。随后两年，苏宁三次出售阿里巴巴股票，分别获利33亿元和110亿元，占到了当年净利润的绝大多数份额。\n而在出售资产的同时，苏宁易购并没有实质提高盈利能力，反而在扩张的道路上越走越深。\n从2015年到2019年，苏宁易购对外总计投资额超过了700亿元。其中，包括22亿元收购PPTV、42亿元收购天天快递、95亿元入股万达商业、27亿元收购万达百货、48亿元收购家乐福中国等。\n除此之外，苏宁还以苏宁控股、苏宁置业、苏宁电器三大集团为主题进行了大量投资。如苏宁20亿元收购国际米兰70%股权、5.23亿元接收国内足球俱乐部，同时还包括苏宁置业旗下37家苏宁易购广场。\n但是，屡次的收购并没有带来更多实质性的收益，反而这种不注重核心业务盈利能力、一味扩张的方式，更加大了苏宁易购现金流的紧张程度。早期，苏宁易购通过资产腾挪还能掩盖经营亏损。但长此以往，当某个环节出现暴雷，就会引发一系列危机，亏损也会立刻传导到上市公司。\n根据公开的财务数据，苏宁易购在2019年全年实现了98.43亿元的净利润。但是，在遭遇流动性危机的2020年，苏宁易购很快就由盈转亏，净亏损达到42.75亿元。而根据最新公告，苏宁易购预计2021年上半年净亏损将达到25亿元-32亿元，上年同期亏损1.67亿元，同比亏损至少将增大近15倍。\n“现在，苏宁的（做法）就是全力保住最值钱的苏宁易购，其他的能保就保住，不能保就破产。”上述苏宁内部人士对钛媒体表示。\n事实上，苏宁官方也强调此次引进战略投资者后，有利于公司进一步聚焦零售业务。苏宁易购未来发展将进一步明朗化，短期为上市公司实现增信增效，恢复流动性。\n不过，面对日益激烈的电商竞争格局，资产腾挪已无力支撑利润转正和依然未能完全解决的债务问题，苏宁将如何破局前行，依然存在着诸多疑问。","news_type":1,"symbols_score_info":{"002024":0.9}},"isVote":1,"tweetType":1,"viewCount":603,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155171650,"gmtCreate":1625395593570,"gmtModify":1703741236367,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/155171650","repostId":"1168133884","repostType":4,"repost":{"id":"1168133884","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":1625021330,"share":"https://ttm.financial/m/news/1168133884?lang=en_US&edition=fundamental","pubTime":"2021-06-30 10:48","market":"sg","language":"zh","title":"Reminder: Due to the U.S. Independence Day holiday, U.S. stocks will be closed all day on July 5","url":"https://stock-news.laohu8.com/highlight/detail?id=1168133884","media":"老虎资讯综合","summary":"因美国独立日假期，7月5日（周一）美股休市一日，7月6日（周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n独立日是美国法定国庆日，日期为每年7月4日，以纪念1776年7月","content":"<p><b>Due to the Independence Day holiday in the United States, the U.S. stock market will be closed for one day on July 5 (Monday), and trading will resume on July 6 (Tuesday).</b></p><p>Hong Kong stocks, A-shares, British stocks, Australian stocks and Singapore stock markets are trading as usual.</p><p><b>Background brief:</b></p><p><b>Independence Day</b>It is a legal national day of the United States, which is dated on July 4th every year to commemorate the formal adoption of the Declaration of Independence by the Continental Congress in Philadelphia on July 4, 1776. Independence Day in the United States is as grand as religious and folk festivals. Before the festival, ordinary people clean their courtyards, decorate their homes and fly the national flag.<img src=\"https://static.tigerbbs.com/f87ddb03d9b4d56cf0dce9450e742016\" tg-width=\"626\" tg-height=\"417\"></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: Due to the U.S. Independence Day holiday, U.S. stocks will be closed all day on July 5</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\">\nReminder: Due to the U.S. Independence Day holiday, U.S. stocks will be closed all day on July 5\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-30 10:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Due to the Independence Day holiday in the United States, the U.S. stock market will be closed for one day on July 5 (Monday), and trading will resume on July 6 (Tuesday).</b></p><p>Hong Kong stocks, A-shares, British stocks, Australian stocks and Singapore stock markets are trading as usual.</p><p><b>Background brief:</b></p><p><b>Independence Day</b>It is a legal national day of the United States, which is dated on July 4th every year to commemorate the formal adoption of the Declaration of Independence by the Continental Congress in Philadelphia on July 4, 1776. Independence Day in the United States is as grand as religious and folk festivals. Before the festival, ordinary people clean their courtyards, decorate their homes and fly the national flag.<img src=\"https://static.tigerbbs.com/f87ddb03d9b4d56cf0dce9450e742016\" tg-width=\"626\" tg-height=\"417\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/21dd6adec6b29203b5bca22347419441","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168133884","content_text":"因美国独立日假期，7月5日（周一）美股休市一日，7月6日（周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n独立日是美国法定国庆日，日期为每年7月4日，以纪念1776年7月4日大陆会议在费城正式通过《独立宣言》。美国的独立日，与宗教、民俗节日一样隆重，老百姓在节日前清洁院落，装饰家居，悬挂国旗。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":904,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151647044,"gmtCreate":1625091516288,"gmtModify":1703735785702,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/151647044","repostId":"1100844519","repostType":4,"repost":{"id":"1100844519","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":1624850864,"share":"https://ttm.financial/m/news/1100844519?lang=en_US&edition=fundamental","pubTime":"2021-06-28 11:27","market":"sh","language":"zh","title":"Reminder: Due to the anniversary of Hong Kong's return, Hong Kong stocks will be closed on July 1","url":"https://stock-news.laohu8.com/highlight/detail?id=1100844519","media":"老虎资讯综合","summary":"据悉，因7月1日（周四）香港特别行政区成立纪念日，港股休市一日。具体安排如下：港股\n7月1日（周四）休市一日。7月2日（周五）照常开市。\n美股、A股、英股、澳股、新加坡市场等照常交易。\n沪股通、深股通","content":"<p>It is reported that due to the anniversary of the establishment of the Hong Kong Special Administrative Region on July 1 (Thursday), the Hong Kong stock market will be closed for one day. The specific arrangement is as follows:<img src=\"https://static.tigerbbs.com/eaa05e0ac274f01336380bf4d575542d\" tg-width=\"787\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>Hong Kong Stocks</b></p><p>The market will be closed for one day on July 1 (Thursday). The market will open as usual on July 2nd (Friday).</p><p><b>U.S. stocks, A-shares, British stocks, Australian stocks, Singapore markets, etc. are trading as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>The service will not be available from June 30th (Wednesday) to July 1st (Thursday), and will be open as usual from July 2nd (Friday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will not be available on July 1st (Thursday), but will be open as usual from July 2nd (Friday).</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: Due to the anniversary of Hong Kong's return, Hong Kong stocks will be closed on July 1</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\">\nReminder: Due to the anniversary of Hong Kong's return, Hong Kong stocks will be closed on July 1\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-28 11:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>It is reported that due to the anniversary of the establishment of the Hong Kong Special Administrative Region on July 1 (Thursday), the Hong Kong stock market will be closed for one day. The specific arrangement is as follows:<img src=\"https://static.tigerbbs.com/eaa05e0ac274f01336380bf4d575542d\" tg-width=\"787\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>Hong Kong Stocks</b></p><p>The market will be closed for one day on July 1 (Thursday). The market will open as usual on July 2nd (Friday).</p><p><b>U.S. stocks, A-shares, British stocks, Australian stocks, Singapore markets, etc. are trading as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>The service will not be available from June 30th (Wednesday) to July 1st (Thursday), and will be open as usual from July 2nd (Friday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will not be available on July 1st (Thursday), but will be open as usual from July 2nd (Friday).</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a6adcf1f575211fc4f9ca7f666658417","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100844519","content_text":"据悉，因7月1日（周四）香港特别行政区成立纪念日，港股休市一日。具体安排如下：港股\n7月1日（周四）休市一日。7月2日（周五）照常开市。\n美股、A股、英股、澳股、新加坡市场等照常交易。\n沪股通、深股通：\n6月30日（周三）至7月1日（周四）不提供服务，7月2日（周五）起照常开通。\n港股通：\n7月1日（周四）不提供服务，7月2日（周五）起照常开通。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":718,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151091798,"gmtCreate":1625055912414,"gmtModify":1703734968393,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/151091798","repostId":"1100844519","repostType":4,"repost":{"id":"1100844519","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":1624850864,"share":"https://ttm.financial/m/news/1100844519?lang=en_US&edition=fundamental","pubTime":"2021-06-28 11:27","market":"sh","language":"zh","title":"Reminder: Due to the anniversary of Hong Kong's return, Hong Kong stocks will be closed on July 1","url":"https://stock-news.laohu8.com/highlight/detail?id=1100844519","media":"老虎资讯综合","summary":"据悉，因7月1日（周四）香港特别行政区成立纪念日，港股休市一日。具体安排如下：港股\n7月1日（周四）休市一日。7月2日（周五）照常开市。\n美股、A股、英股、澳股、新加坡市场等照常交易。\n沪股通、深股通","content":"<p>It is reported that due to the anniversary of the establishment of the Hong Kong Special Administrative Region on July 1 (Thursday), the Hong Kong stock market will be closed for one day. The specific arrangement is as follows:<img src=\"https://static.tigerbbs.com/eaa05e0ac274f01336380bf4d575542d\" tg-width=\"787\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>Hong Kong Stocks</b></p><p>The market will be closed for one day on July 1 (Thursday). The market will open as usual on July 2nd (Friday).</p><p><b>U.S. stocks, A-shares, British stocks, Australian stocks, Singapore markets, etc. are trading as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>The service will not be available from June 30th (Wednesday) to July 1st (Thursday), and will be open as usual from July 2nd (Friday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will not be available on July 1st (Thursday), but will be open as usual from July 2nd (Friday).</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: Due to the anniversary of Hong Kong's return, Hong Kong stocks will be closed on July 1</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\">\nReminder: Due to the anniversary of Hong Kong's return, Hong Kong stocks will be closed on July 1\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-28 11:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>It is reported that due to the anniversary of the establishment of the Hong Kong Special Administrative Region on July 1 (Thursday), the Hong Kong stock market will be closed for one day. The specific arrangement is as follows:<img src=\"https://static.tigerbbs.com/eaa05e0ac274f01336380bf4d575542d\" tg-width=\"787\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>Hong Kong Stocks</b></p><p>The market will be closed for one day on July 1 (Thursday). The market will open as usual on July 2nd (Friday).</p><p><b>U.S. stocks, A-shares, British stocks, Australian stocks, Singapore markets, etc. are trading as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>The service will not be available from June 30th (Wednesday) to July 1st (Thursday), and will be open as usual from July 2nd (Friday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will not be available on July 1st (Thursday), but will be open as usual from July 2nd (Friday).</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a6adcf1f575211fc4f9ca7f666658417","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100844519","content_text":"据悉，因7月1日（周四）香港特别行政区成立纪念日，港股休市一日。具体安排如下：港股\n7月1日（周四）休市一日。7月2日（周五）照常开市。\n美股、A股、英股、澳股、新加坡市场等照常交易。\n沪股通、深股通：\n6月30日（周三）至7月1日（周四）不提供服务，7月2日（周五）起照常开通。\n港股通：\n7月1日（周四）不提供服务，7月2日（周五）起照常开通。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":907,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159854612,"gmtCreate":1624957778636,"gmtModify":1703848815390,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/159854612","repostId":"2147851551","repostType":4,"isVote":1,"tweetType":1,"viewCount":512,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127115153,"gmtCreate":1624839517172,"gmtModify":1703845757611,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Zan&nbsp;","listText":"Zan&nbsp;","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/127115153","repostId":"1165215748","repostType":4,"repost":{"id":"1165215748","kind":"news","pubTimestamp":1624762603,"share":"https://ttm.financial/m/news/1165215748?lang=en_US&edition=fundamental","pubTime":"2021-06-27 10:56","market":"us","language":"zh","title":"3.2 billion yuan liquidation in 24 hours, virtual currencies collapsed across the board, and mining machines were sold at a 50% discount","url":"https://stock-news.laohu8.com/highlight/detail?id=1165215748","media":"中国证券报","summary":"北京时间6月26日晚间，比特币再度暴跌，一度下探30000美元，将这半年积累的涨幅悉数跌去。\n这也是比特币本月第二次跌至30000美元，彻底粉碎了炒币者的信心。\n仅仅两个月，虚拟货币市场的风向就出现了","content":"<p><div>On the evening of June 26, Beijing time, Bitcoin plummeted again, once dropping to $30,000, reducing all the gains accumulated in the past six months. This is also the second time this month that Bitcoin has fallen to $30,000, completely shattering the confidence of currency speculators. In just two months, the wind direction of the virtual currency market has reversed. Virtual currencies collapsed across the board. On the evening of June 26, Beijing time, after three days of pulling at the US $30,000 line, the price of Bitcoin turned sharply, falling more than 53.5% from the highest price of the year of US $64,900 on April 14. The current price has returned to the beginning of this year Tesla CEO Elon...</p><p><a href=\"https://mp.weixin.qq.com/s/FhLRf65HJ8EHrcKXMRJu1Q\">Web link</a></div></p>","source":"zgzqb","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>3.2 billion yuan liquidation in 24 hours, virtual currencies collapsed across the board, and mining machines were sold at a 50% discount</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\">\n3.2 billion yuan liquidation in 24 hours, virtual currencies collapsed across the board, and mining machines were sold at a 50% discount\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中国证券报</strong><span class=\"h-time small\">2021-06-27 10:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>On the evening of June 26, Beijing time, Bitcoin plummeted again, once dropping to $30,000, reducing all the gains accumulated in the past six months. This is also the second time this month that Bitcoin has fallen to $30,000, completely shattering the confidence of currency speculators. In just two months, the wind direction of the virtual currency market has reversed. Virtual currencies collapsed across the board. On the evening of June 26, Beijing time, after three days of pulling at the US $30,000 line, the price of Bitcoin turned sharply, falling more than 53.5% from the highest price of the year of US $64,900 on April 14. The current price has returned to the beginning of this year Tesla CEO Elon...</p><p><a href=\"https://mp.weixin.qq.com/s/FhLRf65HJ8EHrcKXMRJu1Q\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/FhLRf65HJ8EHrcKXMRJu1Q\">中国证券报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f76545b6ea7eb27730ee55d40b45ce15","relate_stocks":{"EBON":"亿邦国际"},"source_url":"https://mp.weixin.qq.com/s/FhLRf65HJ8EHrcKXMRJu1Q","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165215748","content_text":"北京时间6月26日晚间，比特币再度暴跌，一度下探30000美元，将这半年积累的涨幅悉数跌去。\n这也是比特币本月第二次跌至30000美元，彻底粉碎了炒币者的信心。\n仅仅两个月，虚拟货币市场的风向就出现了大逆转。\n虚拟货币全线崩溃\n北京时间6月26日晚间，在30000美元一线拉扯3天之后，比特币价格急转直下，较4月14日的年内最高价64900美元，跌超53.5%。目前价格已回归至今年初特斯拉CEO埃隆·马斯克力推比特币之前的水平。\n\n图片来源：欧易\nUAlCoin数据显示，虚拟货币合约一日内共爆仓超32亿元人民币，超3万多头遭血洗。\n\n图片来源：UAlCoin\nglassnode数据显示，比特币交易活跃地址数量已创下今年以来新低，比特币的交易活跃度回落至今年的底部区间，关注的人数逐渐减少。\n\n图片来源：alternative.me\nalternative.me显示，6月27日，虚拟货币交易情绪指数降至20，处于极度恐慌状态。最近一周，市场的恐慌情绪格外严重。\n百度搜索指数显示，比特币搜索量继续降低，市场关注度明显回落。\n虚拟货币投资者林海（化名）对中国证券报记者表示：“比特币刚开始跌的时候，炒币群里还一片谈笑风生，大家都在调侃什么时候加仓。自从这个月暴跌50%之后，群里都静悄悄的，大部分人不吭声了，群聊人数也开始减少，感觉快解散了。”\n有虚拟货币行情分析人士指出，比特币新增地址数近期持续下降，市场增量资金明显减少。从技术图上看，比特币上攻受阻，短线回落，考虑到上方抛压较大，短期走势逼近前期新低，反弹持续乏力，做空情绪浓厚，后续有深度回调的风险。\n特斯拉或抛售离场\n最近一周比特币价格徘徊在30000美元附近。分析师表示，很难预见比特币会出现转机。\n摩根大通团队分析师称，近期的市场是具有挑战性的。数据表明，虚拟货币的抛售是为了弥补损失，可能仍有大量低于实际价值的头寸需要通过市场清理。\n近日，摩根大通调查了来自1500多家机构的约3000名美国投资者。绝大多数参与者（占90%）表示他们的公司不会投资数字资产，80%的人声称他们永远不会进入加密货币市场。与此同时，五分之四的受访者表示，希望对虚拟货币采取更严格的限制。\n有市场人士猜测，近期比特币的下跌与马斯克对于比特币摇摆不定的态度有关，因为比特币挖矿消耗了大量能源与特斯拉的环保立场不符，特斯拉或将抛售比特币并拒绝比特币作为支付方式。目前相对脆弱的市场引发了散户的恐慌情绪。\n2月上旬，特斯拉宣布购入价值15亿美元的比特币，并透露将接受比特币作为付款方式。\n多位加密数字资产业内人士认为，这一消息是推动比特币价格从20000美元快速飙涨至60000美元的重要催化剂。然而，如今比特币的价格已经跌破当初特斯拉买入时的成本价，为特斯拉二季度的财报埋下隐患。\n根据市场预估，今年第一季度特斯拉开始投资比特币，并从中获得超过1亿美元的投资收益，占公司净利润将近四分之一。但比特币价格在二季度出现大幅调整，价格直接腰斩，若特斯拉未出售所持比特币，或造成接近1亿美元的投资损失。\n矿机遭5折甩卖\n币价腰斩，虚拟“挖矿”活动也不再活跃。\n虚拟货币“挖矿”活动的“重镇”四川省全面清理整顿挖矿行为，已经有一周时间。bytetree矿工生产和抛售累积数据数据显示，最近一周，矿工生产量和抛售量均出现下跌，显示出矿工抛售情绪明显上升，这或意味着更多矿工选择关机。\n\n图片来源：bytetree\n抛售矿机成为很多矿工的选择。大量二手矿机涌入市场，导致价格暴跌，与几个月前“一机难求“的火爆场面已是天差地别。\n一位矿机卖家指出, 原来用来交流的矿工群，现在已经用来卖变压器和矿机了。比特大陆S19jPRO-100T型号的矿机售价由7万多元腰斩至3万元左右。“只要能卖出去，什么价格都能接受。”\n\n图片来源：矿机卖家\n由于大量二手现货涌向市场，全球最大的加密货币矿机厂商比特大陆日前宣布，二手市场出货压力很大，为了帮助行业平稳过渡，决定全球暂时停售现货。","news_type":1,"symbols_score_info":{"EBON":0.9}},"isVote":1,"tweetType":1,"viewCount":757,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125586362,"gmtCreate":1624680346956,"gmtModify":1703843516651,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Zan&nbsp;","listText":"Zan&nbsp;","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/125586362","repostId":"1173114193","repostType":4,"repost":{"id":"1173114193","kind":"news","pubTimestamp":1624679118,"share":"https://ttm.financial/m/news/1173114193?lang=en_US&edition=fundamental","pubTime":"2021-06-26 11:45","market":"us","language":"zh","title":"Dark Horse Atour's \"Pentium Listing\": How to tell the story of the new accommodation economy?","url":"https://stock-news.laohu8.com/highlight/detail?id=1173114193","media":"36氪","summary":"“一个时代需要一个时代的品牌和企业”\n\n“进门的一杯热茶，一双舒适的棉质拖鞋，一碗深夜的热粥，一份可口的水果”——某世界500强企业的条线业务负责人将这称为“亚朵四件套”。\n亚朵集团（下称“亚朵”）成","content":"<p>\"An era needs a brand and enterprise of an era\" \"A cup of hot tea when you enter the door, a pair of comfortable cotton slippers, a bowl of hot porridge late at night, and a delicious fruit\"-the line business leader of a Fortune 500 company called this \"Atour Four-Piece Set\".</p><p>Atour Group (hereinafter referred to as \"Atour\") was established in 2013. Compared with many hotels that use noble characters such as \"Hao\", \"Jin\", \"Wan\" and \"Hua\" as their brand names, this hotels originated from The name of Atour Village in Yunnan is like a clear stream, flowing with nature, life and humanistic feelings.</p><p>Outsiders know Atour, perhaps because of its IP cross-border marketing actions out of the circle, such as with<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Theme hotels of cloud music cooperation, etc.</p><p>For people in the industry, Atour is more like a dark horse in the hotel industry. In<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>Deus ex, Jinjiang, and BTG, established the mind of consumers belonging to Atour in the era when express hotels were deeply rooted in the hearts of the people, and took the lead in putting forward the concept of \"lifestyle brand\", providing an innovative idea of \"starting from hotels, not stopping at hotels\" for the whole hotel industry.</p><p><b>According to Frost & Sullivan, Atour was the largest mid-to-high-end hotel chain in China by number of guest rooms as of the end of 2020.</b></p><p>More importantly,<b>Atour is about to knock on the door of the capital market and list on Nasdaq with the stock code \"ATAT\". If successfully listed, Atour will become \"the first stock in China's new accommodation economy\".</b></p><p>According to the updated prospectus, Atour plans to issue 19.7447 million ADSs, with a pricing range of US $13.5 to US $15.5 per ADS. At the same time, it gives underwriters over-allotment options for 2.9617 million ADSs, and plans to raise US $307 million to US $352 million.</p><p>Hillhouse stated that it will subscribe at the initial public offering price and intends to subscribe for ADSs worth $120 million. As cornerstone investors, well-known investment institutions show that the capital market recognizes the fundamentals and long-term value of Atour Group.</p><p>For Atour, the market is curious about what kind of innovative business model it has created, and it is also concerned about its performance level. At the same time, Atour's core advantages compared with its peers and its future performance in the secondary market are the focus of the market.</p><p>Then, this article tries to answer the above questions for you. (It only expounds opinions and does not constitute investment advice.)</p><p><b>\"Experiential\" thinking makes hotels more than sleep</b></p><p><b>\"An era needs an era of brands and enterprises\"</b>Wang Haijun, founder and CEO of Atour, once expressed such emotion.</p><p>Under the leadership of Wang Haijun, a group of \"veterans\" engaged in the hotel industry gathered to try to create a new era of hotel brands and enterprises. Now it seems that Atour may have become their first ideal achievement.</p><p>In this era of continuous upgrading of industry and consumption, Wang Haijun doesn't want to be a low-end hotel that can only meet the accommodation needs of tenants. Therefore, differentiated positioning of the mid-to-high-end market and paying attention to experience while meeting accommodation needs have become the development direction that Atour has implemented so far.</p><p><b>As China's leading mid-to-high-end hotel chain, Atour already owns mid-end, mid-to-high-end, high-end and<a href=\"https://laohu8.com/S/DLX\">Luxurious</a>6 Brands in Four Segments</b>, specifically including the mid-end brand \"Qingju\", the mid-to-high-end brands \"Atour Hotel\" and \"Atour X Hotel\", the high-end brands \"Atour S Hotel\" and \"ZHOTEL\", and the luxury brand \"A.T.HOUSE\".</p><p>In terms of quantity and scale, as of the first quarter of 2021, Atour has 608 hotels in operation, with more than 70,000 guest rooms, covering 131 cities. At the same time, the number of hotels under development is 299, and the number of guest rooms under development exceeds 30,000.</p><p>The differentiated market positioning originates from Atour's \"experiential school\" thinking. The core of this idea lies in the change from \"operating rooms\" to \"operating crowds\". Not only that, Atour has also summed up a set of \"standard personalized\" service methods to ensure that services can keep up with changes in consumer demand. According to the consumer survey of Huiping.com, Atour's overall satisfaction score has always maintained the first position among the six major mid-to-high-end hotel brands since 2017.</p><p><b>In addition, in Atour's view, hotels are a natural scene for lifestyle experience and sales of daily necessities.</b>For example, when customers feel that the hotel mattress is very comfortable, they can buy the same mattress directly online. As a result, Atour has been further upgraded from a hotel chain group to a leading lifestyle brand group.</p><p>As of the end of March this year, Atour had developed a total of 1,136 scene retail SKUs. The GMV generated by the retail business in 2019 and 2020 was 82.8 million yuan and 107.2 million yuan respectively, a year-on-year increase of 29.5%. In the first quarter of this year, the GMV of retail business reached 32.6 million yuan.</p><p>The scene retail business extended from the concept of \"experience school\" has already begun to generate revenue for Atour.</p><p><b>In 2020, Atour's scene retail business revenue accounted for 4.5% of its total revenue, which was higher than the retail business revenue generated by other domestic hotel chains.</b></p><p>Thanks to its positioning in the mid-to-high-end market and the development of scene retail business, which is popular with young people, Atour's audience has gradually focused on high-net-worth users with a certain level of consumption.</p><p>First of all, from a geographical point of view, nearly 80% of Atour's hotels are located in the core areas of first-tier, new first-tier and second-tier cities. To a certain extent, this means that the consumption level of the audience of Atour's hotels is not low.</p><p>At the same time, according to the prospectus, Atour users under the age of 30 account for more than 24%, and the transaction volume contributed by these users accounts for 35%; The proportion of Atour users between the ages of 30 and 40 is as high as 45.8%.</p><p>As of the first quarter of 2021, the number of Atour members has exceeded 25 million. From 2015 to 2020, the compound annual growth rate of Atour's membership is as high as 79.6%. In the past two years, the number of room and night bookings contributed by members accounted for 39.3% and 44.7% respectively, which are relatively large and still growing.</p><p><b>Demonstrating resilience under the epidemic</b></p><p>Humanistic feelings and content space can capture the hearts of consumers, but if it goes to the capital market and faces investors directly, Atour needs more performance.</p><p>For the hotel industry, if you want to expand, you have to spend money, and if you want to make money, you have to have someone to live. Therefore, in addition to core performance indicators such as revenue and net profit, occupancy rate and ADR are often regarded as important indicators to measure hotel operations.</p><p>At the beginning of 2020, the sudden epidemic caught hotels of all sizes off guard. Atour has shown stronger resilience under the epidemic.</p><p>Under the circumstances of collective \"fall\" at the beginning of the year, Atour achieved revenue of 1.567 billion yuan in 2020, which is basically the same as the revenue scale in 2019. And<a href=\"https://laohu8.com/S/600754\">Jin Jiang Hotel</a>The annual revenue of Hehuazhu Group fell by 34% and 9% year-on-year respectively.</p><p><b>The strong recovery and growth momentum continued until the first quarter of this year. Atour's revenue increased by 107.7% year-on-year, and it achieved a net profit of 11.47 million yuan, turning losses into profits year-on-year.</b></p><p>In terms of cash flow, as of the end of 2020, Atour's cash flow from operating activities was 119 million yuan, its cash flow from investing activities was-106 million yuan, and its cash flow from financing activities was 48.01 million yuan. At present, Atour is in a situation of positive cash flow from operating activities, negative cash flow from investment activities, and positive cash flow from financing activities. This means to a certain extent that it is still in a period of rapid expansion and is a high-growth company. High growth means that Atour's future has infinite possibilities.</p><p><img src=\"https://static.tigerbbs.com/e85086f30b4e5ae30d2f6da3c5f4406f\" tg-width=\"554\" tg-height=\"108\" referrerpolicy=\"no-referrer\"></p><p>From the perspective of occupancy rate and housing price, after the epidemic, the recovery speed of Atour's business operation far exceeded the industry average.</p><p>First of all, in terms of occupancy rate, Atour's occupancy rate in 2019 was 73.4%. In 2020, under the impact of the epidemic, the occupancy rate of its hotels excluding quarantine requisition was 67.1%. In April this year, the occupancy rate of Atour Hotel has recovered and exceeded the pre-epidemic level, reaching 80.4%. According to some data, in the 10 years as of the first quarter of 2021, the average annual occupancy rate of star-rated hotels in China has not reached 63%. This means that Atour's occupancy rate has far exceeded the industry average in recent years, even in 2020, when the epidemic broke out.</p><p>According to the introduction of Feiyu, president of Atour Group Hotel BU in September last year, in February and March last year, Atour adopted a price strategy in order to quickly increase the overall occupancy rate, so the house price bottomed out. However, in April and May of the same year, its house prices rebounded strongly. In September last year, the overall house price had recovered to 94% of the same period last year. As of April this year, Atour's overall house price has exceeded the pre-epidemic level, reaching 432.9 yuan, while the overall house price in 2019 was 429.5 yuan.</p><p><img src=\"https://static.tigerbbs.com/83befb8d9bc0f22fd568dd0e7376b273\" tg-width=\"554\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p>In addition, dismantling Atour's revenue structure, Atour's revenue mainly comes from three parts: managing hotels (i.e. franchise stores), leasing hotels (i.e. directly operated stores), retail & others. Regardless of the number of stores or the proportion of revenue they contribute, franchise stores that focus on asset-light operation models all exceed directly-operated stores, which is also an important reason for Atour's strong ability to resist risks.</p><p><img src=\"https://static.tigerbbs.com/44b32b674d8488124ac006b5fb4d76d7\" tg-width=\"554\" tg-height=\"107\" referrerpolicy=\"no-referrer\"></p><p>At present, Atour operates 575 franchise stores and only 33 directly-operated stores. From 2015 to 2020, the number of Atour's franchised hotels will grow at an average annual compound rate of 86.2%.</p><p>In 2020, Atour's franchise store revenue will increase from 53.6% in 2019 to 59.1%. During the same period, the revenue proportion of directly-operated stores dropped from 39.2% in 2019 to 31.7%.</p><p><img src=\"https://static.tigerbbs.com/f94936c3e67661ef5a373c6a74d29939\" tg-width=\"554\" tg-height=\"143\" referrerpolicy=\"no-referrer\"></p><p>It can be said that,<b>The franchise store is the \"foundation\" of Atour, and the role of the franchisee is an important partner of Atour Hotel.</b>All along, Atour's management service solutions to franchisees and the benefits it brings to franchisees have been praised by the industry.</p><p>According to the prospectus, the investment recovery cycle of Atour franchisees is mostly 3 to 5 years after the hotel opens, and it is one of the mid-to-high-end hotel chains with the fastest investment recovery cycle in China.</p><p>Therefore, franchisees trust Atour and also show high stickiness. In 2020, 31.8% of Atour's franchisees chose to join again.</p><p>Zhou Xiaojun, assistant president of China Jianyuan, a real estate fund management, project management and asset management service provider, once said, \"When we investigated the market reputation and operation of high-end hotel brands, Atour partners left a deep impression on us. They not only communicated the hotel operation status in detail, but also talked about many management systems behind Atour, as well as many key points and difficulties in the later operation, customer characteristics, why customers prefer our Atour brand, and so on.\"</p><p>In 2019, China Jianyuan joined the sales office of Huihan South Road, the airport economic core area of Beijing Capital Airport, as Atour Hotel. At present, the sales office has been transformed into the best hotel in the area.</p><p><b>Atour's core strengths</b></p><p><b>High-end positioning chain groups and lifestyle brands are Atour's core advantages.</b></p><p><b>Differentiated positioning in the mid-to-high-end market, Atour chose the right direction from the very beginning.</b></p><p>In the future, with the increase in the penetration rate of mid-to-high-end hotels, Atour will further benefit. According to the Frost & Sullivan Report, the compound average growth rate of the number of mid-to high-end hotel rooms from 2015 to 2019 was 25.7%, and the overall hotel chain industry was 15.2% during the same period. It is estimated that the compound average growth rate of the number of rooms in mid-to high-end hotel chains from 2021 to 2025 will be 18.9%, which will still be higher than the industry's overall growth rate of 8.8%. The penetration rate of mid-to high-end hotel rooms will also increase from 10.5% in 2020 to 16.1%.</p><p>At the same time, the low concentration of the mid-to-high-end hotel industry also allows Atour to sit firmly as the \"first brother\". At present, the top five in China<a href=\"https://laohu8.com/S/00045\">Grand Hotel</a>The total number of mid-to high-end guest rooms in the group is 197,000, accounting for 31.8%. The concentration of mid-to high-end hotel industry is low. Among them, Atour has 58,000 mid-to-high-end guest rooms, accounting for 9.4%, ranking first in the industry in terms of market share.</p><p><b>The core of lifestyle brand lies in brand tonality and consumer loyalty.</b></p><p>On the \"Better Life Sharing Community\" Xiaohongshu, the number of notes about Atour is as high as 10,000 +. Enter \"Atour\" in the search box, and the related words that pop up include Atour breakfast, Atour pillow, Atour mattress, Atour shampoo, etc., which are full of life outside accommodation. Click in along the related words and get rave reviews. Among them, during the epidemic isolation period, Atour Isolation Hotel became a \"surprise\" in the mouths of many netizens.</p><p>In fact, many hotels are expanding their scene retail business. In contrast, Atour has certain first-mover advantages and technological accumulation.</p><p>According to the official introduction, in the mid-to-high-end market, Atour is the first hotel group in China to officially expand its scene retail business. At present, it has formed a certain scale in terms of brand integration and cooperative suppliers, and has established a strong consumer mind and reputation.</p><p>As of the first quarter of 2021, Atour's scene retail business has hatched original lifestyle brands in three major categories: sleep, fragrance personal care and travel, namely Atour Planet, Sahe and Z2GO & CO.</p><p>At the same time, Atour also introduced the DTC model for the production and sales of original lifestyle brands. DTC means Direct to Consumer (Direct to Consumer), which focuses on consumer needs to reversely guide manufacturers' design, production, product selection and marketing.</p><p><b>In addition, compared with traditional consumer brands, the natural lifestyle scenes of hotels add advantages to Atour.</b>For example, the average daily stay time of each tenant in the hotel is about 6-8 hours, and there are many contact scenarios that can achieve consumption.</p><p><b>How will Atour's secondary market perform?</b></p><p>Looking forward to the future, will Atour be optimistic about capital in the secondary market?</p><p><b>Before listing, Atour received three rounds of financing, and the lineup of investors was not inferior, including Legend Capital, Dehui Capital,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Former CEO Lu Zhaoxi, Ctrip, etc.</b></p><p>According to the latest updated prospectus, after the IPO, Wang Haijun holds 27.1% of the shares, is the largest shareholder, and holds 71.1% of the company's voting rights. In addition, Legend Capital holds 26.2%, Dehui Capital holds 14%, and Ctrip holds 12.8%.</p><p><b>An important reason for choosing to list on the U.S. stock market at this time may be that there are many positive factors for Atour at present.</b></p><p>First of all, after the epidemic, the hotel industry has accelerated its clearing, and chain hotels are more favored by investors due to their strong pressure resistance. At the same time, with the popularization of vaccines in novel coronavirus pneumonia, the market is optimistic about the recovery of the wine and travel industry.</p><p>In terms of businesses valued by investors in the secondary market, it is expected that Atour will still benefit from the growth space of hotel chains and scene retail businesses in the future.</p><p>According to the Frost & Sullivan Report, the operating income of China's hotel chain industry increased from 245.4 billion yuan in 2015 to 450 billion yuan in 2019, with an average annual compound growth rate of 16.4%. China's chain rate is only 31.5%. Compared with the 72.9% in the United States, there is still a lot of room for growth.</p>","source":"36k","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>Dark Horse Atour's \"Pentium Listing\": How to tell the story of the new accommodation economy?</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\">\nDark Horse Atour's \"Pentium Listing\": How to tell the story of the new accommodation economy?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2021-06-26 11:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>\"An era needs a brand and enterprise of an era\" \"A cup of hot tea when you enter the door, a pair of comfortable cotton slippers, a bowl of hot porridge late at night, and a delicious fruit\"-the line business leader of a Fortune 500 company called this \"Atour Four-Piece Set\".</p><p>Atour Group (hereinafter referred to as \"Atour\") was established in 2013. Compared with many hotels that use noble characters such as \"Hao\", \"Jin\", \"Wan\" and \"Hua\" as their brand names, this hotels originated from The name of Atour Village in Yunnan is like a clear stream, flowing with nature, life and humanistic feelings.</p><p>Outsiders know Atour, perhaps because of its IP cross-border marketing actions out of the circle, such as with<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Theme hotels of cloud music cooperation, etc.</p><p>For people in the industry, Atour is more like a dark horse in the hotel industry. In<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>Deus ex, Jinjiang, and BTG, established the mind of consumers belonging to Atour in the era when express hotels were deeply rooted in the hearts of the people, and took the lead in putting forward the concept of \"lifestyle brand\", providing an innovative idea of \"starting from hotels, not stopping at hotels\" for the whole hotel industry.</p><p><b>According to Frost & Sullivan, Atour was the largest mid-to-high-end hotel chain in China by number of guest rooms as of the end of 2020.</b></p><p>More importantly,<b>Atour is about to knock on the door of the capital market and list on Nasdaq with the stock code \"ATAT\". If successfully listed, Atour will become \"the first stock in China's new accommodation economy\".</b></p><p>According to the updated prospectus, Atour plans to issue 19.7447 million ADSs, with a pricing range of US $13.5 to US $15.5 per ADS. At the same time, it gives underwriters over-allotment options for 2.9617 million ADSs, and plans to raise US $307 million to US $352 million.</p><p>Hillhouse stated that it will subscribe at the initial public offering price and intends to subscribe for ADSs worth $120 million. As cornerstone investors, well-known investment institutions show that the capital market recognizes the fundamentals and long-term value of Atour Group.</p><p>For Atour, the market is curious about what kind of innovative business model it has created, and it is also concerned about its performance level. At the same time, Atour's core advantages compared with its peers and its future performance in the secondary market are the focus of the market.</p><p>Then, this article tries to answer the above questions for you. (It only expounds opinions and does not constitute investment advice.)</p><p><b>\"Experiential\" thinking makes hotels more than sleep</b></p><p><b>\"An era needs an era of brands and enterprises\"</b>Wang Haijun, founder and CEO of Atour, once expressed such emotion.</p><p>Under the leadership of Wang Haijun, a group of \"veterans\" engaged in the hotel industry gathered to try to create a new era of hotel brands and enterprises. Now it seems that Atour may have become their first ideal achievement.</p><p>In this era of continuous upgrading of industry and consumption, Wang Haijun doesn't want to be a low-end hotel that can only meet the accommodation needs of tenants. Therefore, differentiated positioning of the mid-to-high-end market and paying attention to experience while meeting accommodation needs have become the development direction that Atour has implemented so far.</p><p><b>As China's leading mid-to-high-end hotel chain, Atour already owns mid-end, mid-to-high-end, high-end and<a href=\"https://laohu8.com/S/DLX\">Luxurious</a>6 Brands in Four Segments</b>, specifically including the mid-end brand \"Qingju\", the mid-to-high-end brands \"Atour Hotel\" and \"Atour X Hotel\", the high-end brands \"Atour S Hotel\" and \"ZHOTEL\", and the luxury brand \"A.T.HOUSE\".</p><p>In terms of quantity and scale, as of the first quarter of 2021, Atour has 608 hotels in operation, with more than 70,000 guest rooms, covering 131 cities. At the same time, the number of hotels under development is 299, and the number of guest rooms under development exceeds 30,000.</p><p>The differentiated market positioning originates from Atour's \"experiential school\" thinking. The core of this idea lies in the change from \"operating rooms\" to \"operating crowds\". Not only that, Atour has also summed up a set of \"standard personalized\" service methods to ensure that services can keep up with changes in consumer demand. According to the consumer survey of Huiping.com, Atour's overall satisfaction score has always maintained the first position among the six major mid-to-high-end hotel brands since 2017.</p><p><b>In addition, in Atour's view, hotels are a natural scene for lifestyle experience and sales of daily necessities.</b>For example, when customers feel that the hotel mattress is very comfortable, they can buy the same mattress directly online. As a result, Atour has been further upgraded from a hotel chain group to a leading lifestyle brand group.</p><p>As of the end of March this year, Atour had developed a total of 1,136 scene retail SKUs. The GMV generated by the retail business in 2019 and 2020 was 82.8 million yuan and 107.2 million yuan respectively, a year-on-year increase of 29.5%. In the first quarter of this year, the GMV of retail business reached 32.6 million yuan.</p><p>The scene retail business extended from the concept of \"experience school\" has already begun to generate revenue for Atour.</p><p><b>In 2020, Atour's scene retail business revenue accounted for 4.5% of its total revenue, which was higher than the retail business revenue generated by other domestic hotel chains.</b></p><p>Thanks to its positioning in the mid-to-high-end market and the development of scene retail business, which is popular with young people, Atour's audience has gradually focused on high-net-worth users with a certain level of consumption.</p><p>First of all, from a geographical point of view, nearly 80% of Atour's hotels are located in the core areas of first-tier, new first-tier and second-tier cities. To a certain extent, this means that the consumption level of the audience of Atour's hotels is not low.</p><p>At the same time, according to the prospectus, Atour users under the age of 30 account for more than 24%, and the transaction volume contributed by these users accounts for 35%; The proportion of Atour users between the ages of 30 and 40 is as high as 45.8%.</p><p>As of the first quarter of 2021, the number of Atour members has exceeded 25 million. From 2015 to 2020, the compound annual growth rate of Atour's membership is as high as 79.6%. In the past two years, the number of room and night bookings contributed by members accounted for 39.3% and 44.7% respectively, which are relatively large and still growing.</p><p><b>Demonstrating resilience under the epidemic</b></p><p>Humanistic feelings and content space can capture the hearts of consumers, but if it goes to the capital market and faces investors directly, Atour needs more performance.</p><p>For the hotel industry, if you want to expand, you have to spend money, and if you want to make money, you have to have someone to live. Therefore, in addition to core performance indicators such as revenue and net profit, occupancy rate and ADR are often regarded as important indicators to measure hotel operations.</p><p>At the beginning of 2020, the sudden epidemic caught hotels of all sizes off guard. Atour has shown stronger resilience under the epidemic.</p><p>Under the circumstances of collective \"fall\" at the beginning of the year, Atour achieved revenue of 1.567 billion yuan in 2020, which is basically the same as the revenue scale in 2019. And<a href=\"https://laohu8.com/S/600754\">Jin Jiang Hotel</a>The annual revenue of Hehuazhu Group fell by 34% and 9% year-on-year respectively.</p><p><b>The strong recovery and growth momentum continued until the first quarter of this year. Atour's revenue increased by 107.7% year-on-year, and it achieved a net profit of 11.47 million yuan, turning losses into profits year-on-year.</b></p><p>In terms of cash flow, as of the end of 2020, Atour's cash flow from operating activities was 119 million yuan, its cash flow from investing activities was-106 million yuan, and its cash flow from financing activities was 48.01 million yuan. At present, Atour is in a situation of positive cash flow from operating activities, negative cash flow from investment activities, and positive cash flow from financing activities. This means to a certain extent that it is still in a period of rapid expansion and is a high-growth company. High growth means that Atour's future has infinite possibilities.</p><p><img src=\"https://static.tigerbbs.com/e85086f30b4e5ae30d2f6da3c5f4406f\" tg-width=\"554\" tg-height=\"108\" referrerpolicy=\"no-referrer\"></p><p>From the perspective of occupancy rate and housing price, after the epidemic, the recovery speed of Atour's business operation far exceeded the industry average.</p><p>First of all, in terms of occupancy rate, Atour's occupancy rate in 2019 was 73.4%. In 2020, under the impact of the epidemic, the occupancy rate of its hotels excluding quarantine requisition was 67.1%. In April this year, the occupancy rate of Atour Hotel has recovered and exceeded the pre-epidemic level, reaching 80.4%. According to some data, in the 10 years as of the first quarter of 2021, the average annual occupancy rate of star-rated hotels in China has not reached 63%. This means that Atour's occupancy rate has far exceeded the industry average in recent years, even in 2020, when the epidemic broke out.</p><p>According to the introduction of Feiyu, president of Atour Group Hotel BU in September last year, in February and March last year, Atour adopted a price strategy in order to quickly increase the overall occupancy rate, so the house price bottomed out. However, in April and May of the same year, its house prices rebounded strongly. In September last year, the overall house price had recovered to 94% of the same period last year. As of April this year, Atour's overall house price has exceeded the pre-epidemic level, reaching 432.9 yuan, while the overall house price in 2019 was 429.5 yuan.</p><p><img src=\"https://static.tigerbbs.com/83befb8d9bc0f22fd568dd0e7376b273\" tg-width=\"554\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p>In addition, dismantling Atour's revenue structure, Atour's revenue mainly comes from three parts: managing hotels (i.e. franchise stores), leasing hotels (i.e. directly operated stores), retail & others. Regardless of the number of stores or the proportion of revenue they contribute, franchise stores that focus on asset-light operation models all exceed directly-operated stores, which is also an important reason for Atour's strong ability to resist risks.</p><p><img src=\"https://static.tigerbbs.com/44b32b674d8488124ac006b5fb4d76d7\" tg-width=\"554\" tg-height=\"107\" referrerpolicy=\"no-referrer\"></p><p>At present, Atour operates 575 franchise stores and only 33 directly-operated stores. From 2015 to 2020, the number of Atour's franchised hotels will grow at an average annual compound rate of 86.2%.</p><p>In 2020, Atour's franchise store revenue will increase from 53.6% in 2019 to 59.1%. During the same period, the revenue proportion of directly-operated stores dropped from 39.2% in 2019 to 31.7%.</p><p><img src=\"https://static.tigerbbs.com/f94936c3e67661ef5a373c6a74d29939\" tg-width=\"554\" tg-height=\"143\" referrerpolicy=\"no-referrer\"></p><p>It can be said that,<b>The franchise store is the \"foundation\" of Atour, and the role of the franchisee is an important partner of Atour Hotel.</b>All along, Atour's management service solutions to franchisees and the benefits it brings to franchisees have been praised by the industry.</p><p>According to the prospectus, the investment recovery cycle of Atour franchisees is mostly 3 to 5 years after the hotel opens, and it is one of the mid-to-high-end hotel chains with the fastest investment recovery cycle in China.</p><p>Therefore, franchisees trust Atour and also show high stickiness. In 2020, 31.8% of Atour's franchisees chose to join again.</p><p>Zhou Xiaojun, assistant president of China Jianyuan, a real estate fund management, project management and asset management service provider, once said, \"When we investigated the market reputation and operation of high-end hotel brands, Atour partners left a deep impression on us. They not only communicated the hotel operation status in detail, but also talked about many management systems behind Atour, as well as many key points and difficulties in the later operation, customer characteristics, why customers prefer our Atour brand, and so on.\"</p><p>In 2019, China Jianyuan joined the sales office of Huihan South Road, the airport economic core area of Beijing Capital Airport, as Atour Hotel. At present, the sales office has been transformed into the best hotel in the area.</p><p><b>Atour's core strengths</b></p><p><b>High-end positioning chain groups and lifestyle brands are Atour's core advantages.</b></p><p><b>Differentiated positioning in the mid-to-high-end market, Atour chose the right direction from the very beginning.</b></p><p>In the future, with the increase in the penetration rate of mid-to-high-end hotels, Atour will further benefit. According to the Frost & Sullivan Report, the compound average growth rate of the number of mid-to high-end hotel rooms from 2015 to 2019 was 25.7%, and the overall hotel chain industry was 15.2% during the same period. It is estimated that the compound average growth rate of the number of rooms in mid-to high-end hotel chains from 2021 to 2025 will be 18.9%, which will still be higher than the industry's overall growth rate of 8.8%. The penetration rate of mid-to high-end hotel rooms will also increase from 10.5% in 2020 to 16.1%.</p><p>At the same time, the low concentration of the mid-to-high-end hotel industry also allows Atour to sit firmly as the \"first brother\". At present, the top five in China<a href=\"https://laohu8.com/S/00045\">Grand Hotel</a>The total number of mid-to high-end guest rooms in the group is 197,000, accounting for 31.8%. The concentration of mid-to high-end hotel industry is low. Among them, Atour has 58,000 mid-to-high-end guest rooms, accounting for 9.4%, ranking first in the industry in terms of market share.</p><p><b>The core of lifestyle brand lies in brand tonality and consumer loyalty.</b></p><p>On the \"Better Life Sharing Community\" Xiaohongshu, the number of notes about Atour is as high as 10,000 +. Enter \"Atour\" in the search box, and the related words that pop up include Atour breakfast, Atour pillow, Atour mattress, Atour shampoo, etc., which are full of life outside accommodation. Click in along the related words and get rave reviews. Among them, during the epidemic isolation period, Atour Isolation Hotel became a \"surprise\" in the mouths of many netizens.</p><p>In fact, many hotels are expanding their scene retail business. In contrast, Atour has certain first-mover advantages and technological accumulation.</p><p>According to the official introduction, in the mid-to-high-end market, Atour is the first hotel group in China to officially expand its scene retail business. At present, it has formed a certain scale in terms of brand integration and cooperative suppliers, and has established a strong consumer mind and reputation.</p><p>As of the first quarter of 2021, Atour's scene retail business has hatched original lifestyle brands in three major categories: sleep, fragrance personal care and travel, namely Atour Planet, Sahe and Z2GO & CO.</p><p>At the same time, Atour also introduced the DTC model for the production and sales of original lifestyle brands. DTC means Direct to Consumer (Direct to Consumer), which focuses on consumer needs to reversely guide manufacturers' design, production, product selection and marketing.</p><p><b>In addition, compared with traditional consumer brands, the natural lifestyle scenes of hotels add advantages to Atour.</b>For example, the average daily stay time of each tenant in the hotel is about 6-8 hours, and there are many contact scenarios that can achieve consumption.</p><p><b>How will Atour's secondary market perform?</b></p><p>Looking forward to the future, will Atour be optimistic about capital in the secondary market?</p><p><b>Before listing, Atour received three rounds of financing, and the lineup of investors was not inferior, including Legend Capital, Dehui Capital,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Former CEO Lu Zhaoxi, Ctrip, etc.</b></p><p>According to the latest updated prospectus, after the IPO, Wang Haijun holds 27.1% of the shares, is the largest shareholder, and holds 71.1% of the company's voting rights. In addition, Legend Capital holds 26.2%, Dehui Capital holds 14%, and Ctrip holds 12.8%.</p><p><b>An important reason for choosing to list on the U.S. stock market at this time may be that there are many positive factors for Atour at present.</b></p><p>First of all, after the epidemic, the hotel industry has accelerated its clearing, and chain hotels are more favored by investors due to their strong pressure resistance. At the same time, with the popularization of vaccines in novel coronavirus pneumonia, the market is optimistic about the recovery of the wine and travel industry.</p><p>In terms of businesses valued by investors in the secondary market, it is expected that Atour will still benefit from the growth space of hotel chains and scene retail businesses in the future.</p><p>According to the Frost & Sullivan Report, the operating income of China's hotel chain industry increased from 245.4 billion yuan in 2015 to 450 billion yuan in 2019, with an average annual compound growth rate of 16.4%. China's chain rate is only 31.5%. Compared with the 72.9% in the United States, there is still a lot of room for growth.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.36kr.com/p/1283522749624073\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/38f45e6504561f2ba5ca277e73b98680","relate_stocks":{"ATAT":"亚朵"},"source_url":"https://www.36kr.com/p/1283522749624073","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173114193","content_text":"“一个时代需要一个时代的品牌和企业”\n\n“进门的一杯热茶，一双舒适的棉质拖鞋，一碗深夜的热粥，一份可口的水果”——某世界500强企业的条线业务负责人将这称为“亚朵四件套”。\n亚朵集团（下称“亚朵”）成立于2013年，与诸多将“豪”“锦”“万”“华”等贵气十足的文字用作品牌名称的酒店相比，这个源自云南亚朵村的名字似一股清流，流淌着自然、生活及人文情怀。\n业外人士知晓亚朵，或许是因为其出圈的IP跨界营销动作，例如与网易云音乐合作的主题酒店等。\n而对于业内人士而言，亚朵更像是一匹酒店界的黑马，在华住、锦江、首旅三足鼎立的格局中杀出重围，在快捷酒店深入人心的时代建立起属于亚朵的消费者心智，率先提出“生活方式品牌”的概念，为整个酒店行业提供了一个“始于酒店，不止于酒店”的创新思路。\n根据弗若斯特沙利文的数据，截至2020年底，按客房数量计，亚朵是中国最大的中高档连锁酒店。\n更重要的是，亚朵即将叩响资本市场的大门，以“ATAT”为股票代码在纳斯达克挂牌上市。如若成功上市，亚朵将成为“中国新住宿经济第一股”。\n根据更新后的招股书，亚朵拟发行1974.47万股ADS，定价区间为每ADS13.5美元至15.5美元，同时赋予承销商296.17万股ADS的超额配售权，计划筹资3.07亿美元至3.52亿美元。\n高瓴表示将以首次公开募股价格进行认购，并意向认购价值1.2亿美元的ADS。知名投资机构作为基石投资者，表明了资本市场对亚朵集团基本面和长期价值的认可。\n对于亚朵，市场好奇其究竟打造了怎样的创新业务模式，亦关心其业绩水平究竟如何，同时亚朵相较同业的核心优势，以及其未来在二级市场的表现都是市场关注的重点。\n那么，本文试图为你解答上述问题。（仅阐述观点，不构成投资建议。）\n“体验派”思路让酒店不止于睡觉\n“一个时代需要一个时代的品牌和企业”，亚朵创始人兼CEO王海军曾发出这样的感慨。\n在王海军的带领下，一群从事酒店行业的“老将”聚首，试图打造出一个新时代的酒店品牌及企业。如今看来，亚朵或许已成为他们第一个理想的成果。\n在这个产业与消费不断升级的时代背景下，王海军不想再做低端，仅能满足房客住宿需求的酒店。因此，差异化定位中高端市场，满足住宿需求的同时注重体验感就成为了亚朵贯彻至今的发展方向。\n作为中国头部的中高档连锁酒店，亚朵旗下已拥有中端、中高端、高端和豪华四大细分市场的6个品牌，具体包括中端品牌“轻居”，中高端品牌“亚朵酒店”、“亚朵X酒店”，高端品牌“亚朵S酒店”、“ZHOTEL”，以及豪华品牌“A.T.HOUSE”。\n数量规模方面，截至2021年一季度，亚朵在营酒店数量达608家，客房数超7万间，覆盖131个城市，同时开发中酒店的数量为299家，开发中客房的数量超3万间。\n差异化的市场定位，源自亚朵的“体验派”思路。这一思路的核心在于从“经营房间”向“经营人群”转变，不仅如此，亚朵还总结出一套“标准个性化”服务方法，保障服务能紧跟消费者需求的变化。根据慧评网的消费者调研显示，亚朵的整体满意度得分自2017年以来在6个主要的中高端酒店品牌中始终保持第一位置。\n另外在亚朵看来，酒店是一个生活方式体验及生活用品销售的天然场景。比如，当客户觉得酒店的床垫很舒适，可以直接在线上购买同款床垫。亚朵也由此从一家连锁酒店集团进一步升级为领先的生活方式品牌集团。\n截至今年3月底，亚朵共开发了1136个场景零售SKU。2019年和2020年零售业务产生的GMV分别为8280万元和1.072亿元，同比增长29.5%。今年一季度的零售业务GMV达到3260万元。\n而由“体验派”理念延伸出来的场景零售业务也早已开始为亚朵创收。\n2020年，亚朵场景零售业务收入占其总收入的4.5%，高于国内其他连锁酒店产生的零售业务收入。\n得益于中高端市场定位，以及颇受年轻人欢迎的场景零售业务发展，亚朵的受众群体逐渐聚焦于具备一定消费水平的高净值用户。\n首先，从地域来看，亚朵旗下近80%的酒店均分布在一线、新一线和二线城市的核心地段。这在一定程度上意味着，亚朵旗下酒店的受众群体消费水平不低。\n同时，根据招股书，30岁以下亚朵用户的占比超24%，这部分用户贡献的交易额占比达35%；30-40岁之间的亚朵用户占比更高达45.8%。\n截至2021年第一季度，亚朵的会员数量已超2500万。2015至2020年，亚朵的会员数量复合年均增长率高达79.6%。近两年，会员贡献的间夜预订数占比分别为39.3%和44.7%，占比较大且仍在增长。\n疫情之下彰显韧性\n人文情怀与有内容的空间可以俘获消费者的芳心，但若走向资本市场直面投资者，亚朵更需要拿得出手的业绩。\n对于酒店行业来说，想扩张就要用钱，想赚钱就要有人来住。因此，除了营收、净利润等核心业绩指标以外，入住率、ADR等常被视作衡量酒店经营情况的重要指标。\n2020年初，突如其来的疫情把大大小小的酒店打了个措手不及。而亚朵在疫情之下显现出了更强的韧性。\n在年初集体“沦陷”的情况下，亚朵2020年实现营收15.67亿元，与2019年的营收规模基本持平。而锦江酒店和华住集团的全年营收则分别同比下滑34%和9%。\n强劲的恢复与成长势头延续至今年一季度，亚朵营收的同比增幅高达107.7%，同时实现净利润1147万元，同比扭亏为盈。\n现金流方面，截至2020年底，亚朵的经营活动现金流为1.19亿元，投资活动现金流为-1.06亿元，筹资活动现金流为4801万元。当前，亚朵处于经营活动现金流为正，投资活动现金流为负，筹资活动现金流为正的情况，这在一定程度上意味着，其仍处在高速扩张期，是一家高成长性的公司。而高成长性则意味着，亚朵的未来有无限可能。\n\n而从出租率、房价来看，疫情之后，亚朵业务经营的复苏速度远超行业平均水平。\n首先，出租率方面，2019年亚朵出租率为73.4%。2020年，在疫情影响下，其不含隔离征用酒店的出租率为67.1%。而在今年4月，亚朵酒店出租率已然恢复并超过疫情前水平，高达80.4%。而有资料显示，截至2021年第一季度的10年以来，中国各星级酒店的年度平均出租率均未达到63%。这意味着，近些年亚朵的出租率水平已远超行业平均值，即使是疫情爆发的2020年也不例外。\n根据去年9月亚朵集团酒店BU总裁非鱼的介绍，去年2、3月份，亚朵为了快速拉升整体出租率，采取了价格策略，因此房价触底。但同年4、5月份，其房价就强势回弹，去年9月，整体的房价已经恢复到上年同期水平的94%。截止到今年4月，亚朵的整体房价已超越疫情前水平，达到432.9元，而2019年的整体房价则为429.5元。\n\n此外，拆解亚朵的营收结构，亚朵的营收主要来源于三部分：管理酒店（即加盟店）、租赁酒店（即直营店）、零售&其他。而不论是店面数量，还是所贡献的营收占比，主打轻资产运营模式的加盟店均超过直营店，这也是亚朵抗风险能力较强的一大重要原因。\n\n目前，亚朵经营的加盟店为575家，直营店仅33家。2015年至2020年，亚朵的加盟酒店数量年均复合增长率达86.2％。\n2020年，亚朵的加盟店营收占比由2019年的53.6%提升至59.1%。同期直营店的营收占比则由2019年的39.2%下降至31.7%。\n\n可以说，加盟店是亚朵的“立身之本”，加盟商的角色则是亚朵酒店的重要合伙人。一直以来，亚朵对加盟商输出的管理服务方案，以及为加盟商带来的效益均为业界称道。\n根据招股书，亚朵加盟商的投资回收周期多数是在酒店开业后的3至5年，是国内投资回收周期最快的中高端连锁酒店之一。\n因此，加盟商信赖亚朵，亦表现出较高的粘性。2020年，亚朵旗下31.8%的加盟商选择再次加盟。\n不动产基金管理、 项目管理、资产管理服务商中国建原助理总裁周晓军就曾表示，“我们在调研中高端酒店品牌的市场口碑、运营情况等信息时，亚朵伙伴们给我们留下了很深刻的印象，不仅会细致地沟通酒店的运营现状，也会谈到很多亚朵背后的管理体系，还有很多比如后期运营重点、难点，客户的特点，为什么客户会更喜欢我们亚朵的品牌等等”。\n2019年，中国建原将北京首都机场临空经济核心区汇海南路的售楼处加盟为亚朵酒店，目前该售楼处已转型为该区域最好的酒店。\n亚朵的核心优势\n中高端定位连锁集团以及生活方式品牌是亚朵的核心优势。\n差异化定位中高端市场，亚朵从一开始就选对了方向。\n未来，随着中高端酒店渗透率的提升，亚朵将进一步受益。根据弗若斯特沙利文报告，2015-2019年中高档酒店客房数量复合平均增速为25.7%，同期连锁酒店行业整体为15.2%。预计2021至2025年中高档连锁酒店客房数量复合平均增速为18.9%，仍将高于行业整体8.8%的增速。而中高档酒店客房的渗透率也将从2020年的10.5%提升至16.1%。\n同时，中高端酒店行业的低集中度也让亚朵可以稳坐“一哥”之席。目前，国内前五大酒店集团的中高档客房数量合计为19.7万间，占比 31.8%，中高档酒店行业集中度较低。其中，亚朵拥有5.8万家中高端客房，占比达9.4%，市占率位居行业第一。\n生活方式品牌的核心在于品牌调性和消费者忠诚度。\n在“美好生活分享社区”小红书上，关于亚朵的笔记数量高达1万+。在搜索框中输入“亚朵”，弹出的关联词包括亚朵早餐、亚朵枕头、亚朵床垫、亚朵洗发水等等，处处充满住宿以外的生活气息。顺着关联词点进去，更是好评如潮。其中，在疫情隔离期，亚朵隔离酒店成为了不少网友口中的“惊喜”。\n实际上，不少酒店都在拓展场景零售业务。相比之下，亚朵具备一定的先发优势及技术沉淀。\n据官方介绍，在中高端市场，亚朵是国内第一个正式拓展场景零售业务的酒店集团，目前其在品牌集成，合作供应商方面均已形成一定规模，且建立起较强的消费者心智和口碑。\n截至2021年第一季度，亚朵的场景零售业务已孵化出睡眠、香氛个护和出行三大品类的原创生活品牌，分别是亚朵星球、萨和及Z2GO&CO.。\n同时，针对原创生活品牌的生产和销售，亚朵还引入了DTC模式。DTC即直达消费者（Direct to Consumer），也就是以消费者的需求为重心去反向指导厂商的设计、生产、选品和营销。\n此外，与传统消费品牌相比，酒店天然具备的生活方式场景更为亚朵增加了优势。举例来看，每个房客日均在酒店内逗留的时长大约为6-8小时，可以实现消费的触点场景较多。\n亚朵的二级市场表现会怎样？\n展望未来，亚朵在二级市场会获得资本的看好吗？\n上市前，亚朵获得三轮融资，投资方阵容不逊，包括君联资本、德晖资本、阿里巴巴前CEO陆兆禧、携程等。\n根据最新更新的招股书，IPO后，王海军持股27.1%，为最大股东，掌握公司71.1%的投票权。此外，君联资本持股26.2%，德晖资本持股14%，携程持股12.8%。\n而选择此时在美股上市，一个重要原因或许是当前对亚朵利好的因素较多。\n首先，疫情之后，酒店行业加速出清，连锁酒店由于较强的抗压性更受投资者看好。同时，随着新冠肺炎疫苗的普及，市场看好酒旅行业的复苏。\n而在二级市场投资者看重的业务方面，预计未来亚朵仍将受益于连锁酒店及场景零售业务的增长空间。\n根据弗若斯特沙利文报告，中国连锁酒店业的营业收入从2015年的2454亿元增至2019年的4500亿元，年均复合增长率为16.4%。中国的连锁化率仅为31.5%，与美国的72.9%相比，仍有较大的增长空间。","news_type":1,"symbols_score_info":{"ATAT":0.9}},"isVote":1,"tweetType":1,"viewCount":736,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":899639361,"gmtCreate":1628176905353,"gmtModify":1703502701246,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Meng&nbsp;","listText":"Meng&nbsp;","text":"Meng","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/899639361","repostId":"1177628375","repostType":4,"repost":{"id":"1177628375","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":1628175372,"share":"https://ttm.financial/m/news/1177628375?lang=en_US&edition=fundamental","pubTime":"2021-08-05 22:56","market":"us","language":"zh","title":"\"North American Alipay\" Square continues to rise, hitting a record high","url":"https://stock-news.laohu8.com/highlight/detail?id=1177628375","media":"老虎资讯综合","summary":"周四，美国移动支付企业Square开盘后持续走高，截至发稿涨超6%，创历史新高。\n\n公司近日提前公开二季度财报。总净收入增长超过 143%，毛利润同比增长91%达到11.4亿美元，总交易支付额（GPV","content":"<p>On Thursday, U.S. mobile payment enterprises<a href=\"https://laohu8.com/S/SQ\">Square</a>It continued to rise after the market opened, rising more than 6% as of press time, a record high.</p><p><img src=\"https://static.tigerbbs.com/8616749dc4d59b9cf8728aeaf1cc3b42\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>The company recently disclosed its second-quarter financial report in advance. Total net revenue increased by more than 143%, gross profit increased 91% year-over-year to $1.14 billion, and total transaction payments (GPV) increased 88% to $42.8 billion. Total revenue, including Bitcoin, was US $4.68 billion, of which Bitcoin's revenue reached US $2.72 billion.</p><p>In addition, Square also announced the acquisition of Australian financial payment company Afterpay for $29 billion. This is Square's largest acquisition so far, which not only expands the consumer market for itself, but also is undoubtedly a good opportunity for Afterpay to continue to explore the US market.</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>\"North American Alipay\" Square continues to rise, hitting a record high</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\">\n\"North American Alipay\" Square continues to rise, hitting a record high\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\">2021-08-05 22:56</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On Thursday, U.S. mobile payment enterprises<a href=\"https://laohu8.com/S/SQ\">Square</a>It continued to rise after the market opened, rising more than 6% as of press time, a record high.</p><p><img src=\"https://static.tigerbbs.com/8616749dc4d59b9cf8728aeaf1cc3b42\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>The company recently disclosed its second-quarter financial report in advance. Total net revenue increased by more than 143%, gross profit increased 91% year-over-year to $1.14 billion, and total transaction payments (GPV) increased 88% to $42.8 billion. Total revenue, including Bitcoin, was US $4.68 billion, of which Bitcoin's revenue reached US $2.72 billion.</p><p>In addition, Square also announced the acquisition of Australian financial payment company Afterpay for $29 billion. This is Square's largest acquisition so far, which not only expands the consumer market for itself, but also is undoubtedly a good opportunity for Afterpay to continue to explore the US market.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7c35001aff2d0c88ed509c6e83cf2e54","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177628375","content_text":"周四，美国移动支付企业Square开盘后持续走高，截至发稿涨超6%，创历史新高。\n\n公司近日提前公开二季度财报。总净收入增长超过 143%，毛利润同比增长91%达到11.4亿美元，总交易支付额（GPV）增长88%达到428亿美元。包括比特币在内的总营收为46.8亿美元，其中比特币一项收入达到27.2亿美元。\n此外，Square还宣布以290亿美元的价格收购澳洲金融支付公司Afterpay。这是迄今为止Square最大的一笔收购，不仅为自己扩大了消费者市场，对Afterpay继续开拓美国市场无疑也是个好机会。","news_type":1,"symbols_score_info":{"SQ":0.9}},"isVote":1,"tweetType":1,"viewCount":3458,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151647044,"gmtCreate":1625091516288,"gmtModify":1703735785702,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/151647044","repostId":"1100844519","repostType":4,"repost":{"id":"1100844519","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":1624850864,"share":"https://ttm.financial/m/news/1100844519?lang=en_US&edition=fundamental","pubTime":"2021-06-28 11:27","market":"sh","language":"zh","title":"Reminder: Due to the anniversary of Hong Kong's return, Hong Kong stocks will be closed on July 1","url":"https://stock-news.laohu8.com/highlight/detail?id=1100844519","media":"老虎资讯综合","summary":"据悉，因7月1日（周四）香港特别行政区成立纪念日，港股休市一日。具体安排如下：港股\n7月1日（周四）休市一日。7月2日（周五）照常开市。\n美股、A股、英股、澳股、新加坡市场等照常交易。\n沪股通、深股通","content":"<p>It is reported that due to the anniversary of the establishment of the Hong Kong Special Administrative Region on July 1 (Thursday), the Hong Kong stock market will be closed for one day. The specific arrangement is as follows:<img src=\"https://static.tigerbbs.com/eaa05e0ac274f01336380bf4d575542d\" tg-width=\"787\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>Hong Kong Stocks</b></p><p>The market will be closed for one day on July 1 (Thursday). The market will open as usual on July 2nd (Friday).</p><p><b>U.S. stocks, A-shares, British stocks, Australian stocks, Singapore markets, etc. are trading as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>The service will not be available from June 30th (Wednesday) to July 1st (Thursday), and will be open as usual from July 2nd (Friday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will not be available on July 1st (Thursday), but will be open as usual from July 2nd (Friday).</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: Due to the anniversary of Hong Kong's return, Hong Kong stocks will be closed on July 1</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\">\nReminder: Due to the anniversary of Hong Kong's return, Hong Kong stocks will be closed on July 1\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-28 11:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>It is reported that due to the anniversary of the establishment of the Hong Kong Special Administrative Region on July 1 (Thursday), the Hong Kong stock market will be closed for one day. The specific arrangement is as follows:<img src=\"https://static.tigerbbs.com/eaa05e0ac274f01336380bf4d575542d\" tg-width=\"787\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>Hong Kong Stocks</b></p><p>The market will be closed for one day on July 1 (Thursday). The market will open as usual on July 2nd (Friday).</p><p><b>U.S. stocks, A-shares, British stocks, Australian stocks, Singapore markets, etc. are trading as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>The service will not be available from June 30th (Wednesday) to July 1st (Thursday), and will be open as usual from July 2nd (Friday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will not be available on July 1st (Thursday), but will be open as usual from July 2nd (Friday).</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a6adcf1f575211fc4f9ca7f666658417","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100844519","content_text":"据悉，因7月1日（周四）香港特别行政区成立纪念日，港股休市一日。具体安排如下：港股\n7月1日（周四）休市一日。7月2日（周五）照常开市。\n美股、A股、英股、澳股、新加坡市场等照常交易。\n沪股通、深股通：\n6月30日（周三）至7月1日（周四）不提供服务，7月2日（周五）起照常开通。\n港股通：\n7月1日（周四）不提供服务，7月2日（周五）起照常开通。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":718,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144730289,"gmtCreate":1626313531141,"gmtModify":1703757652665,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/144730289","repostId":"1134354713","repostType":4,"repost":{"id":"1134354713","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":1626313344,"share":"https://ttm.financial/m/news/1134354713?lang=en_US&edition=fundamental","pubTime":"2021-07-15 09:42","market":"other","language":"zh","title":"Fosun Pharma's AH rose together, COVID-19 vaccine is rumored to have passed expert review","url":"https://stock-news.laohu8.com/highlight/detail?id=1134354713","media":"老虎资讯综合","summary":"7月15日，复星医药港股盘初大涨涨近7%，报61.3港元；复星医药A股涨逾5%，报68.17元。\n据财新，复星医药在股东大会上回复投资人问询时表示，国家药监局对mRNA新冠疫苗“复必泰”的审定工作已经","content":"<p>July 15,<a href=\"https://laohu8.com/S/02196\">Fosun Pharma</a>Hong Kong stocks rose nearly 7% at the beginning of the session to HK $61.3;<a href=\"https://laohu8.com/S/600196\">Fosun Pharma</a>A shares rose more than 5% to 68.17 yuan.</p><p>According to Caixin, Fosun Pharma said in response to investors' inquiries at the shareholders' meeting that the State Food and Drug Administration's approval of mRNA COVID-19 vaccine \"Fubitai\" has basically completed, the expert review has passed, and the administrative examination and approval stage is being stepped up.</p><p>Fosun Pharma and BioNTech have started production preparations in advance. Once the Fubitai vaccine is approved, it can be supplied to China as soon as possible; People familiar with the matter said that in the future, Fubitai is likely to be used as a booster shot in China for free vaccination.</p><p><img src=\"https://static.tigerbbs.com/fcda9ea7ea213d3473fb919157b59bc5\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/eb875ce2002f9e31d921cfdc9eadf9b4\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Fosun Pharma's AH rose together, COVID-19 vaccine is rumored to have passed expert review</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\">\nFosun Pharma's AH rose together, COVID-19 vaccine is rumored to have passed expert review\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\">2021-07-15 09:42</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>July 15,<a href=\"https://laohu8.com/S/02196\">Fosun Pharma</a>Hong Kong stocks rose nearly 7% at the beginning of the session to HK $61.3;<a href=\"https://laohu8.com/S/600196\">Fosun Pharma</a>A shares rose more than 5% to 68.17 yuan.</p><p>According to Caixin, Fosun Pharma said in response to investors' inquiries at the shareholders' meeting that the State Food and Drug Administration's approval of mRNA COVID-19 vaccine \"Fubitai\" has basically completed, the expert review has passed, and the administrative examination and approval stage is being stepped up.</p><p>Fosun Pharma and BioNTech have started production preparations in advance. Once the Fubitai vaccine is approved, it can be supplied to China as soon as possible; People familiar with the matter said that in the future, Fubitai is likely to be used as a booster shot in China for free vaccination.</p><p><img src=\"https://static.tigerbbs.com/fcda9ea7ea213d3473fb919157b59bc5\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/eb875ce2002f9e31d921cfdc9eadf9b4\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6abbd3fc26184cc69ef95a83e11f6419","relate_stocks":{"150130":"医药A","600196":"复星医药","02196":"复星医药"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134354713","content_text":"7月15日，复星医药港股盘初大涨涨近7%，报61.3港元；复星医药A股涨逾5%，报68.17元。\n据财新，复星医药在股东大会上回复投资人问询时表示，国家药监局对mRNA新冠疫苗“复必泰”的审定工作已经基本完成，专家评审已经通过了，目前正在加紧进行行政审批阶段。\n复星医药已与BioNTech提前启动生产准备工作，复必泰疫苗一旦获批，就能第一时间供应到国内；知情人士称，未来，复必泰在国内很可能会作为加强针使用，免费接种。","news_type":1,"symbols_score_info":{"150130":0.9,"600196":0.9,"02196":0.9}},"isVote":1,"tweetType":1,"viewCount":2828,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155171650,"gmtCreate":1625395593570,"gmtModify":1703741236367,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/155171650","repostId":"1168133884","repostType":4,"repost":{"id":"1168133884","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":1625021330,"share":"https://ttm.financial/m/news/1168133884?lang=en_US&edition=fundamental","pubTime":"2021-06-30 10:48","market":"sg","language":"zh","title":"Reminder: Due to the U.S. Independence Day holiday, U.S. stocks will be closed all day on July 5","url":"https://stock-news.laohu8.com/highlight/detail?id=1168133884","media":"老虎资讯综合","summary":"因美国独立日假期，7月5日（周一）美股休市一日，7月6日（周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n独立日是美国法定国庆日，日期为每年7月4日，以纪念1776年7月","content":"<p><b>Due to the Independence Day holiday in the United States, the U.S. stock market will be closed for one day on July 5 (Monday), and trading will resume on July 6 (Tuesday).</b></p><p>Hong Kong stocks, A-shares, British stocks, Australian stocks and Singapore stock markets are trading as usual.</p><p><b>Background brief:</b></p><p><b>Independence Day</b>It is a legal national day of the United States, which is dated on July 4th every year to commemorate the formal adoption of the Declaration of Independence by the Continental Congress in Philadelphia on July 4, 1776. Independence Day in the United States is as grand as religious and folk festivals. Before the festival, ordinary people clean their courtyards, decorate their homes and fly the national flag.<img src=\"https://static.tigerbbs.com/f87ddb03d9b4d56cf0dce9450e742016\" tg-width=\"626\" tg-height=\"417\"></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: Due to the U.S. Independence Day holiday, U.S. stocks will be closed all day on July 5</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\">\nReminder: Due to the U.S. Independence Day holiday, U.S. stocks will be closed all day on July 5\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-30 10:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Due to the Independence Day holiday in the United States, the U.S. stock market will be closed for one day on July 5 (Monday), and trading will resume on July 6 (Tuesday).</b></p><p>Hong Kong stocks, A-shares, British stocks, Australian stocks and Singapore stock markets are trading as usual.</p><p><b>Background brief:</b></p><p><b>Independence Day</b>It is a legal national day of the United States, which is dated on July 4th every year to commemorate the formal adoption of the Declaration of Independence by the Continental Congress in Philadelphia on July 4, 1776. Independence Day in the United States is as grand as religious and folk festivals. Before the festival, ordinary people clean their courtyards, decorate their homes and fly the national flag.<img src=\"https://static.tigerbbs.com/f87ddb03d9b4d56cf0dce9450e742016\" tg-width=\"626\" tg-height=\"417\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/21dd6adec6b29203b5bca22347419441","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168133884","content_text":"因美国独立日假期，7月5日（周一）美股休市一日，7月6日（周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n独立日是美国法定国庆日，日期为每年7月4日，以纪念1776年7月4日大陆会议在费城正式通过《独立宣言》。美国的独立日，与宗教、民俗节日一样隆重，老百姓在节日前清洁院落，装饰家居，悬挂国旗。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":904,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123310836,"gmtCreate":1624408733925,"gmtModify":1703835701963,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Zan&nbsp;","listText":"Zan&nbsp;","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/123310836","repostId":"1180924155","repostType":4,"repost":{"id":"1180924155","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":1624346559,"share":"https://ttm.financial/m/news/1180924155?lang=en_US&edition=fundamental","pubTime":"2021-06-22 15:22","market":"us","language":"zh","title":"Apple Stock: What's the Next Catalyst?","url":"https://stock-news.laohu8.com/highlight/detail?id=1180924155","media":"老虎资讯综合","summary":"到目前为止，苹果股价在6月份表现稳健，但接下来会走向何方？\n\n苹果股票在震荡的市场中继续脱颖而出。虽然到目前为止，苹果公司的股价在2021年并不轻松（微跌0.3%），但6月对于苹果来说是一个友好的月份","content":"<p>So far,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Shares Had a Solid Performance in June, But Where Does It Head Next? Apple stock continues to stand out in a volatile market. While Apple's stock price hasn't had an easy 2021 so far (down slightly by 0.3%), June was a friendly month for Apple, achieving more than a 6% increase when the S&P 500 index only rose slightly.</p><p>What are the potential catalysts for Apple's stock price in the foreseeable future-such as the next few weeks or months?</p><p><img src=\"https://static.tigerbbs.com/a5ebba4419376ee1545287f5c1c4aea3\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>Macroeconomics</b></p><p>Over the past decade, Apple stock has had a correlation coefficient close to 0.6 with the broader market (with a maximum of 1). Simply put, this means that Apple stock may be affected by macro-level factors such as economic activity, inflation, interest rates, etc.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/73ae72cfec65cae932b72bf0b3deed20\" tg-width=\"1828\" tg-height=\"432\" referrerpolicy=\"no-referrer\"><span>Comparison of Apple and S&P 500 Index Trends over the Over the Decade</span></p><p>Apple's next move is likely to have something to do with the hottest topics on the market today, especially monetary policy. The S&P 500 has fallen for several days recently on hints from the Federal Reserve that short-term interest rates could climb in 2023.</p><p>So the next catalyst for Apple could be inflation data in the coming months. If the economy overheats, rate hike expectations could rise, putting pressure on Apple. Conversely, Apple could benefit if inflation becomes moderate.</p><p><b>Company factors</b></p><p>Apple-specific factors may also affect the stock's performance. On the potentially bearish side, Apple is one of the targets of antitrust scrutiny, and Apple stock could take a hit if the U.S. Congress acts quickly on legislation to curb the expansion of Big Tech.</p><p>From a bullish perspective, summer has historically been a good season for Apple stock, and I believe this performance is not just a coincidence.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ead32d1799a1e7e9c890ee614aa1edff\" tg-width=\"1054\" tg-height=\"254\" referrerpolicy=\"no-referrer\"><span>Apple's average monthly returns vs. the S&P 500 (seasonal)</span></p><p>July and August could be the months when investors start predicting two key dates for Apple: (1) the release of the next iPhone; (2) Holiday shopping season. It has become common for the stock to benefit from year-end chatter ahead of the fourth quarter sell-off news pressure.</p><p>Finally, fiscal third quarter earnings day is just around the corner. Apple should report its results by the end of July, if not early August. Since Apple's blowout earnings report in April, Wall Street has been raising its estimates for the next fiscal quarter: EPS is now $1.00, compared to $0.81 in March.</p><p>It's hard to say whether earnings season will be positive or negative for Apple stock. It will all come down to expectations: whether Apple can deliver satisfactory results later in the pandemic, whether the reopening of the economy will spell trouble for the 5G cycle, the momentum of Mac and iPad, and service sales.</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>Apple Stock: What's the Next Catalyst?</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\">\nApple Stock: What's the Next Catalyst?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-22 15:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>So far,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Shares Had a Solid Performance in June, But Where Does It Head Next? Apple stock continues to stand out in a volatile market. While Apple's stock price hasn't had an easy 2021 so far (down slightly by 0.3%), June was a friendly month for Apple, achieving more than a 6% increase when the S&P 500 index only rose slightly.</p><p>What are the potential catalysts for Apple's stock price in the foreseeable future-such as the next few weeks or months?</p><p><img src=\"https://static.tigerbbs.com/a5ebba4419376ee1545287f5c1c4aea3\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>Macroeconomics</b></p><p>Over the past decade, Apple stock has had a correlation coefficient close to 0.6 with the broader market (with a maximum of 1). Simply put, this means that Apple stock may be affected by macro-level factors such as economic activity, inflation, interest rates, etc.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/73ae72cfec65cae932b72bf0b3deed20\" tg-width=\"1828\" tg-height=\"432\" referrerpolicy=\"no-referrer\"><span>Comparison of Apple and S&P 500 Index Trends over the Over the Decade</span></p><p>Apple's next move is likely to have something to do with the hottest topics on the market today, especially monetary policy. The S&P 500 has fallen for several days recently on hints from the Federal Reserve that short-term interest rates could climb in 2023.</p><p>So the next catalyst for Apple could be inflation data in the coming months. If the economy overheats, rate hike expectations could rise, putting pressure on Apple. Conversely, Apple could benefit if inflation becomes moderate.</p><p><b>Company factors</b></p><p>Apple-specific factors may also affect the stock's performance. On the potentially bearish side, Apple is one of the targets of antitrust scrutiny, and Apple stock could take a hit if the U.S. Congress acts quickly on legislation to curb the expansion of Big Tech.</p><p>From a bullish perspective, summer has historically been a good season for Apple stock, and I believe this performance is not just a coincidence.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ead32d1799a1e7e9c890ee614aa1edff\" tg-width=\"1054\" tg-height=\"254\" referrerpolicy=\"no-referrer\"><span>Apple's average monthly returns vs. the S&P 500 (seasonal)</span></p><p>July and August could be the months when investors start predicting two key dates for Apple: (1) the release of the next iPhone; (2) Holiday shopping season. It has become common for the stock to benefit from year-end chatter ahead of the fourth quarter sell-off news pressure.</p><p>Finally, fiscal third quarter earnings day is just around the corner. Apple should report its results by the end of July, if not early August. Since Apple's blowout earnings report in April, Wall Street has been raising its estimates for the next fiscal quarter: EPS is now $1.00, compared to $0.81 in March.</p><p>It's hard to say whether earnings season will be positive or negative for Apple stock. It will all come down to expectations: whether Apple can deliver satisfactory results later in the pandemic, whether the reopening of the economy will spell trouble for the 5G cycle, the momentum of Mac and iPad, and service sales.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/01dbc703aef1f0437265965f5d121b80","relate_stocks":{"AAPL":"苹果"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180924155","content_text":"到目前为止，苹果股价在6月份表现稳健，但接下来会走向何方？\n\n苹果股票在震荡的市场中继续脱颖而出。虽然到目前为止，苹果公司的股价在2021年并不轻松（微跌0.3%），但6月对于苹果来说是一个友好的月份，在标普500指数仅微幅上涨的情况实现了超过超6%的涨幅。\n苹果股价在可预见的未来——比如未来几周或几个月——潜在催化剂又有哪些？\n\n宏观经济\n在过去十年中，苹果股票与大盘的关联系数接近0.6（最大值为1）。简单来说，这意味着苹果股票可能会受到宏观层面因素（如经济活动、通胀、利率等）的影响。\n十年来苹果与标普500指数走势对比\n苹果的下一步走势很可能与当今市场上最热门的话题有关，尤其是货币政策。标普500指数最近就因受到美联储暗示短期利率可能在2023年攀升的影响连续几天下跌。\n因此，苹果的下一个催化剂可能是未来几个月的通胀数据。如果经济过热，加息预期可能会上升，从而给苹果带来压力。反之，如果通胀变得温和，苹果可能会受益。\n公司因素\n苹果特有的因素也可能影响股票的表现。从潜在看跌的一面来看，苹果公司是反垄断审查的目标之一，如果美国国会在立法上迅速采取行动以遏制大型科技公司的扩张，苹果股票可能会受到打击。\n从看涨的角度来看，夏季历来是苹果股票的好季节，相信这个表现不仅仅是出于巧合。\n苹果平均每月回报与标普500指数（季节性）的对比\n7月和8月可能是投资者开始预测苹果两个关键日期的月份：（1）下一代iPhone的发布；（2）假日购物季。在第四季度抛售新闻压力到来之前，该股票从年终的喋喋不休中受益已成为普遍现象。\n最后，第三财季收益日即将到来。苹果应该会在7月底（如果不是8月初）公布其业绩。自从4月份苹果发布井喷财报以来，华尔街一直在调高对下一个财季的预期：每股收益现在为 1.00 美元，而3月份为 0.81 美元。\n很难说财报季对苹果股票来说是正面还是负面。这一切都将归结为人们的预期：苹果能否在疫情后期取得令人满意的业绩，经济重新开放是否会给5G周期、Mac和iPad的发展势头以及服务销售带来麻烦。","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":544,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886732804,"gmtCreate":1631624926208,"gmtModify":1676530592673,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/OCGN\">$Histogenics Corporation(OCGN)$</a>20 20 20??? to the ???","listText":"<a href=\"https://laohu8.com/S/OCGN\">$Histogenics Corporation(OCGN)$</a>20 20 20??? to the ???","text":"$Histogenics Corporation(OCGN)$20 20 20??? to the ???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/886732804","isVote":1,"tweetType":1,"viewCount":2768,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176911235,"gmtCreate":1626853775827,"gmtModify":1703479315085,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/176911235","repostId":"1195538044","repostType":4,"repost":{"id":"1195538044","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":1626852370,"share":"https://ttm.financial/m/news/1195538044?lang=en_US&edition=fundamental","pubTime":"2021-07-21 15:26","market":"hk","language":"zh","title":"Volvo Cars to acquire Geely Holding's stake in China joint venture","url":"https://stock-news.laohu8.com/highlight/detail?id=1195538044","media":"老虎资讯综合","summary":"沃尔沃汽车已经与母公司吉利控股达成协议，将收购吉利控股所持两家公司在华合资企业的股权，目的是全面拥有其在中国的汽车制造厂和销售业务。\n根据公告，尽管两家合资公司已经纳入沃尔沃汽车的财务报表，但在交易完","content":"<p>Volvo Cars has reached an agreement with its parent company Geely Holding to acquire the equity of Geely Holding in the joint venture between the two companies in China, with the aim of fully owning its automobile manufacturing plant and sales business in China.</p><p>According to the announcement, although the two joint ventures have been included in Volvo Cars' financial statements, Volvo Cars' proportion of net profit and equity will increase after the transaction is completed. The transaction will be completed in two steps, starting with China's cancellation of automobile manufacturing joint venture requirements in 2022, and is expected to be officially completed in 2023. The transaction is subject to regulatory approval and financial details will not be disclosed.</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>Volvo Cars to acquire Geely Holding's stake in China joint venture</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\">\nVolvo Cars to acquire Geely Holding's stake in China joint venture\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\">2021-07-21 15:26</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Volvo Cars has reached an agreement with its parent company Geely Holding to acquire the equity of Geely Holding in the joint venture between the two companies in China, with the aim of fully owning its automobile manufacturing plant and sales business in China.</p><p>According to the announcement, although the two joint ventures have been included in Volvo Cars' financial statements, Volvo Cars' proportion of net profit and equity will increase after the transaction is completed. The transaction will be completed in two steps, starting with China's cancellation of automobile manufacturing joint venture requirements in 2022, and is expected to be officially completed in 2023. The transaction is subject to regulatory approval and financial details will not be disclosed.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/895c78542e623e85e47d4f65b83d0817","relate_stocks":{"00175":"吉利汽车"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195538044","content_text":"沃尔沃汽车已经与母公司吉利控股达成协议，将收购吉利控股所持两家公司在华合资企业的股权，目的是全面拥有其在中国的汽车制造厂和销售业务。\n根据公告，尽管两家合资公司已经纳入沃尔沃汽车的财务报表，但在交易完成后，沃尔沃汽车在净利润和股权中所占比例将会增加。交易将分两步完成，从2022年中国取消汽车制造合资要求开始，预计将在2023年正式完成。交易尚待监管部门批准，财务细节不会披露。","news_type":1,"symbols_score_info":{"00175":0.9}},"isVote":1,"tweetType":1,"viewCount":2666,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157322181,"gmtCreate":1625567645043,"gmtModify":1703743896273,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/157322181","repostId":"1131736435","repostType":4,"repost":{"id":"1131736435","kind":"news","pubTimestamp":1625567347,"share":"https://ttm.financial/m/news/1131736435?lang=en_US&edition=fundamental","pubTime":"2021-07-06 18:29","market":"sh","language":"zh","title":"Suning sells shares to survive: Ali has not fully taken over the market, and the loss of the main business still needs to be solved","url":"https://stock-news.laohu8.com/highlight/detail?id=1131736435","media":"钛媒体","summary":"靴子终于落地。7月5日晚，苏宁易购发布公告称，拟将16.96%的股份转让至由南京新兴零售发展基金、华泰证券、阿里巴巴、海尔、美的、TCL、小米等投资人组成的江苏新新零售创新基金二期，后者将成为第三大股","content":"<p>The boots finally landed. On the evening of July 5th, Suning.cn announced that it planned to transfer 16.96% of its shares to Jiangsu Xinxin Retail Innovation Fund Phase II, which is composed of investors such as Nanjing Emerging Retail Development Fund, Huatai Securities, Alibaba, Haier, Midea, TCL and Xiaomi. The latter will become the third largest shareholder, and Suning will be in a state of no controlling shareholder or actual controller.</p><p>From this transaction, Suning received 8.825 billion yuan in bailout funds. The equity transfer price is 5.59 yuan/share, which is the closing price of the last trading day before Suning's suspension.</p><p>After the completion of this transaction, Suning founder Zhang Jindong and his concerted action person Suning Holding Group are still the largest shareholders, with their shareholding ratio dropping from 24.94% to 20.35%; Taobao China's direct shareholding ratio remains unchanged at 19.99%, making it the second largest shareholder; The second phase of Xinxin Retail Fund acquired 16.96% of the shares, and Jiangsu Xinxin Retail Innovation Fund held 5.59% of the shares, making them the third and fourth largest shareholders respectively.</p><p><img src=\"https://static.tigerbbs.com/e2aff236b0af038665b367d144af5743\" tg-width=\"1398\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p><p>On the morning of July 6th, Suning.cn entered the daily limit shortly after the opening. As of today's close, Suning reported 6.15 yuan per share, with a total market value of 57.257 billion yuan. But compared with the market value at the beginning of this year, Suning has fallen by more than 20%.</p><p>Judging from the current situation, Suning, which has frequently sold assets since falling into a liquidity crisis in 2020, has received a temporary respite in this equity transaction. However, due to the fierce competition in the e-commerce industry, how to get rid of the quagmire of losses in Suning.com, the main business with a loss of more than 4 billion yuan in 2020, is still a difficult problem for Suning to solve.</p><p>Shenzhen state-owned assets withdraw, Ali did not fully take over</p><p>Since 2020, Suning has fallen into a liquidity crisis. According to statistics from public channels, the scale of Suning's existing corporate bonds is as high as about 40 billion yuan, and all kinds of debts due in 2021 total about 16 billion yuan.</p><p>Previously, Suning had invested 20 billion yuan in Evergrande, and relieved part of the debt crisis through Evergrande's backdoor listing of Shenzhen Real Estate. However, in the end, Suning founder Zhang Jindong's \"big gamble\" ended with the failure of Evergrande's backdoor listing. The 20 billion yuan in share capital on the surface actually became Evergrande's loan from Suning. Evergrande, which is also burdened with hundreds of billions of debts, will find it difficult to return this money to Suning in the short term.</p><p>As a result, the failure of this shareholding directly became the last straw that overwhelmed Suning.</p><p>Subsequently, Suning began to allocate funds from various parts. For example, all the shares of Suning Holding Group, the main shareholding platform of Zhang Jindong, were pledged to Alibaba, so as to obtain 1 billion yuan in emergency relief; Jiangsu Suning Football Club was shut down, and even once it was reported that the staff dormitory building was sold to raise funds.</p><p>After many attempts, Suning finally chose to sell a large proportion of shares to survive. On February 25th, Suning.cn suddenly announced that the major shareholder planned to transfer at least 20% of the shares of the whole company, and the control right might be changed.</p><p>Three days later, Shenzhen State-owned Assets announced the signing of a share transfer framework agreement with Suning. Shenzhen State-owned Assets, through Kunpeng Capital and Shenzhen International, acquired 23% of Suning.cn's shares at a total price of 9.663 billion yuan and 5.154 billion yuan, and Shenzhen State-owned Assets will thus become Suning's largest shareholder. However, this investment was not actually achieved in the end, and then it was reported that Ali and Jiangsu State-owned Assets might enter the market to take over.</p><p>\"Ali's entry is also a good thing for Suning.\" An insider of Suning once told Titanium Media that Suning's core problem is that the executives of the (underneath) business are not good, and Ali's entry will \"wash away\" a group of people.</p><p>However, according to the announcement issued by Suning this time, Ali has not completely taken over Suning.</p><p>After the introduction of new investors, although Alibaba became one of the industrial investors in the second phase of the new retail fund, Suning did not disclose Alibaba's shareholding ratio in the fund, and said that there is no concerted action relationship between Alibaba and the second phase of the new retail fund. At the same time, Suning also stated in the announcement that the purpose and form of Ali's participation in this transaction as a limited partner are different from Taobao China's investment in Suning in 2016, and it will exercise voting rights based on their respective investment purposes.</p><p>This means that Alibaba, which has become the limited partner of the second phase of Xinxin Retail Fund, has not expanded its shareholding ratio in Suning. Zhang Jindong and his concerted action Suning Holding Group are still the largest shareholders of Suning.cn, but there is no controlling shareholder in Suning.cn who directly or indirectly holds more than 50% of the shares, and there is no shareholder who actually controls more than 30% of the voting rights of the company's shares.</p><p><b>Main business losses still need to be solved</b></p><p>Although the entry of new shareholders has solved Suning's urgent need of \"lack of money\", it is still a problem how Suning.cn, as Suning's main business, can get out of the quagmire of losses.</p><p>According to financial report data, since 2012, Suning.com's operating profit has been in a state of losses almost every year except for 2018. In order to achieve positive performance of net profit, Suning's usual practice is to \"sell assets frequently\".</p><p>For example, in 2015, Suning.com sold 68% of its PPTV equity to Suning Culture, a subsidiary of Suning Holdings, for 2.581 billion yuan. Using this method of blood transfusion of group funds, Suning.cn's net profit turned positive. In 2016, Suning.cn once again sold the loss-making Beijing Jingchao Suning Appliance to Suning Appliance in a similar way, turning losses again. In the following two years, Suning sold Alibaba shares three times, making profits of 3.3 billion yuan and 11 billion yuan respectively, accounting for the vast majority of the net profit of that year.</p><p>While selling assets, Suning.cn did not substantially improve its profitability, but went deeper and deeper on the road of expansion.</p><p>From 2015 to 2019, Suning.com's total foreign investment exceeded 70 billion yuan. Among them, it includes 2.2 billion yuan to acquire PPTV, 4.2 billion yuan to acquire Tiantian Express, 9.5 billion yuan to invest in Wanda Commercial, 2.7 billion yuan to acquire Wanda Department Store, and 4.8 billion yuan to acquire Carrefour China.</p><p>In addition, Suning has also made a lot of investments with the theme of Suning Holdings, Suning Real Estate and Suning Appliance. For example, Suning acquired 70% equity of Inter Milan for 2 billion yuan, received domestic football clubs for 523 million yuan, and also included 37 Suning.cn Plazas under Suning Real Estate.</p><p>However, repeated acquisitions have not brought more substantial benefits. On the contrary, this way of not paying attention to the profitability of core business and blindly expanding has further increased the tension of Suning.cn's cash flow. In the early days, Suning.cn could cover up operating losses through asset transfer. But in the long run, when a thunderstorm occurs in a certain link, it will trigger a series of crises, and losses will be immediately transmitted to listed companies.</p><p>According to public financial data, Suning.com achieved a net profit of 9.843 billion yuan in 2019. However, in 2020, when it encountered a liquidity crisis, Suning.com quickly turned from profit to loss, with a net loss of 4.275 billion yuan. According to the latest announcement, Suning.com expects the net loss in the first half of 2021 to reach 2.5 billion to 3.2 billion yuan, compared with a loss of 167 million yuan in the same period last year, and the year-on-year loss will increase by at least nearly 15 times.</p><p>\"Now, Suning's (practice) is to make every effort to keep the most valuable Suning.cn. If the rest can be guaranteed, it will be kept, and if it can't be guaranteed, it will go bankrupt.\" The above-mentioned Suning insider told Titanium Media.</p><p>In fact, Suning officials also emphasized that the introduction of strategic investors will help the company further focus on retail business. The future development of Suning.cn will be further clarified, and it will increase credit and efficiency for listed companies in the short term, and restore liquidity.</p><p>However, in the face of the increasingly fierce competition pattern of e-commerce, asset movement has been unable to support the positive profit and the debt problem that has not been fully solved. There are still many questions about how Suning will break the situation.</p>","source":"taimeiti","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>Suning sells shares to survive: Ali has not fully taken over the market, and the loss of the main business still needs to be solved</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\">\nSuning sells shares to survive: Ali has not fully taken over the market, and the loss of the main business still needs to be solved\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">钛媒体</strong><span class=\"h-time small\">2021-07-06 18:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The boots finally landed. On the evening of July 5th, Suning.cn announced that it planned to transfer 16.96% of its shares to Jiangsu Xinxin Retail Innovation Fund Phase II, which is composed of investors such as Nanjing Emerging Retail Development Fund, Huatai Securities, Alibaba, Haier, Midea, TCL and Xiaomi. The latter will become the third largest shareholder, and Suning will be in a state of no controlling shareholder or actual controller.</p><p>From this transaction, Suning received 8.825 billion yuan in bailout funds. The equity transfer price is 5.59 yuan/share, which is the closing price of the last trading day before Suning's suspension.</p><p>After the completion of this transaction, Suning founder Zhang Jindong and his concerted action person Suning Holding Group are still the largest shareholders, with their shareholding ratio dropping from 24.94% to 20.35%; Taobao China's direct shareholding ratio remains unchanged at 19.99%, making it the second largest shareholder; The second phase of Xinxin Retail Fund acquired 16.96% of the shares, and Jiangsu Xinxin Retail Innovation Fund held 5.59% of the shares, making them the third and fourth largest shareholders respectively.</p><p><img src=\"https://static.tigerbbs.com/e2aff236b0af038665b367d144af5743\" tg-width=\"1398\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p><p>On the morning of July 6th, Suning.cn entered the daily limit shortly after the opening. As of today's close, Suning reported 6.15 yuan per share, with a total market value of 57.257 billion yuan. But compared with the market value at the beginning of this year, Suning has fallen by more than 20%.</p><p>Judging from the current situation, Suning, which has frequently sold assets since falling into a liquidity crisis in 2020, has received a temporary respite in this equity transaction. However, due to the fierce competition in the e-commerce industry, how to get rid of the quagmire of losses in Suning.com, the main business with a loss of more than 4 billion yuan in 2020, is still a difficult problem for Suning to solve.</p><p>Shenzhen state-owned assets withdraw, Ali did not fully take over</p><p>Since 2020, Suning has fallen into a liquidity crisis. According to statistics from public channels, the scale of Suning's existing corporate bonds is as high as about 40 billion yuan, and all kinds of debts due in 2021 total about 16 billion yuan.</p><p>Previously, Suning had invested 20 billion yuan in Evergrande, and relieved part of the debt crisis through Evergrande's backdoor listing of Shenzhen Real Estate. However, in the end, Suning founder Zhang Jindong's \"big gamble\" ended with the failure of Evergrande's backdoor listing. The 20 billion yuan in share capital on the surface actually became Evergrande's loan from Suning. Evergrande, which is also burdened with hundreds of billions of debts, will find it difficult to return this money to Suning in the short term.</p><p>As a result, the failure of this shareholding directly became the last straw that overwhelmed Suning.</p><p>Subsequently, Suning began to allocate funds from various parts. For example, all the shares of Suning Holding Group, the main shareholding platform of Zhang Jindong, were pledged to Alibaba, so as to obtain 1 billion yuan in emergency relief; Jiangsu Suning Football Club was shut down, and even once it was reported that the staff dormitory building was sold to raise funds.</p><p>After many attempts, Suning finally chose to sell a large proportion of shares to survive. On February 25th, Suning.cn suddenly announced that the major shareholder planned to transfer at least 20% of the shares of the whole company, and the control right might be changed.</p><p>Three days later, Shenzhen State-owned Assets announced the signing of a share transfer framework agreement with Suning. Shenzhen State-owned Assets, through Kunpeng Capital and Shenzhen International, acquired 23% of Suning.cn's shares at a total price of 9.663 billion yuan and 5.154 billion yuan, and Shenzhen State-owned Assets will thus become Suning's largest shareholder. However, this investment was not actually achieved in the end, and then it was reported that Ali and Jiangsu State-owned Assets might enter the market to take over.</p><p>\"Ali's entry is also a good thing for Suning.\" An insider of Suning once told Titanium Media that Suning's core problem is that the executives of the (underneath) business are not good, and Ali's entry will \"wash away\" a group of people.</p><p>However, according to the announcement issued by Suning this time, Ali has not completely taken over Suning.</p><p>After the introduction of new investors, although Alibaba became one of the industrial investors in the second phase of the new retail fund, Suning did not disclose Alibaba's shareholding ratio in the fund, and said that there is no concerted action relationship between Alibaba and the second phase of the new retail fund. At the same time, Suning also stated in the announcement that the purpose and form of Ali's participation in this transaction as a limited partner are different from Taobao China's investment in Suning in 2016, and it will exercise voting rights based on their respective investment purposes.</p><p>This means that Alibaba, which has become the limited partner of the second phase of Xinxin Retail Fund, has not expanded its shareholding ratio in Suning. Zhang Jindong and his concerted action Suning Holding Group are still the largest shareholders of Suning.cn, but there is no controlling shareholder in Suning.cn who directly or indirectly holds more than 50% of the shares, and there is no shareholder who actually controls more than 30% of the voting rights of the company's shares.</p><p><b>Main business losses still need to be solved</b></p><p>Although the entry of new shareholders has solved Suning's urgent need of \"lack of money\", it is still a problem how Suning.cn, as Suning's main business, can get out of the quagmire of losses.</p><p>According to financial report data, since 2012, Suning.com's operating profit has been in a state of losses almost every year except for 2018. In order to achieve positive performance of net profit, Suning's usual practice is to \"sell assets frequently\".</p><p>For example, in 2015, Suning.com sold 68% of its PPTV equity to Suning Culture, a subsidiary of Suning Holdings, for 2.581 billion yuan. Using this method of blood transfusion of group funds, Suning.cn's net profit turned positive. In 2016, Suning.cn once again sold the loss-making Beijing Jingchao Suning Appliance to Suning Appliance in a similar way, turning losses again. In the following two years, Suning sold Alibaba shares three times, making profits of 3.3 billion yuan and 11 billion yuan respectively, accounting for the vast majority of the net profit of that year.</p><p>While selling assets, Suning.cn did not substantially improve its profitability, but went deeper and deeper on the road of expansion.</p><p>From 2015 to 2019, Suning.com's total foreign investment exceeded 70 billion yuan. Among them, it includes 2.2 billion yuan to acquire PPTV, 4.2 billion yuan to acquire Tiantian Express, 9.5 billion yuan to invest in Wanda Commercial, 2.7 billion yuan to acquire Wanda Department Store, and 4.8 billion yuan to acquire Carrefour China.</p><p>In addition, Suning has also made a lot of investments with the theme of Suning Holdings, Suning Real Estate and Suning Appliance. For example, Suning acquired 70% equity of Inter Milan for 2 billion yuan, received domestic football clubs for 523 million yuan, and also included 37 Suning.cn Plazas under Suning Real Estate.</p><p>However, repeated acquisitions have not brought more substantial benefits. On the contrary, this way of not paying attention to the profitability of core business and blindly expanding has further increased the tension of Suning.cn's cash flow. In the early days, Suning.cn could cover up operating losses through asset transfer. But in the long run, when a thunderstorm occurs in a certain link, it will trigger a series of crises, and losses will be immediately transmitted to listed companies.</p><p>According to public financial data, Suning.com achieved a net profit of 9.843 billion yuan in 2019. However, in 2020, when it encountered a liquidity crisis, Suning.com quickly turned from profit to loss, with a net loss of 4.275 billion yuan. According to the latest announcement, Suning.com expects the net loss in the first half of 2021 to reach 2.5 billion to 3.2 billion yuan, compared with a loss of 167 million yuan in the same period last year, and the year-on-year loss will increase by at least nearly 15 times.</p><p>\"Now, Suning's (practice) is to make every effort to keep the most valuable Suning.cn. If the rest can be guaranteed, it will be kept, and if it can't be guaranteed, it will go bankrupt.\" The above-mentioned Suning insider told Titanium Media.</p><p>In fact, Suning officials also emphasized that the introduction of strategic investors will help the company further focus on retail business. The future development of Suning.cn will be further clarified, and it will increase credit and efficiency for listed companies in the short term, and restore liquidity.</p><p>However, in the face of the increasingly fierce competition pattern of e-commerce, asset movement has been unable to support the positive profit and the debt problem that has not been fully solved. There are still many questions about how Suning will break the situation.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.tmtpost.com/5457622.html\">钛媒体</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/64cd4e9d34d765eb6c97b06d579f7f39","relate_stocks":{"002024":"ST易购"},"source_url":"https://www.tmtpost.com/5457622.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131736435","content_text":"靴子终于落地。7月5日晚，苏宁易购发布公告称，拟将16.96%的股份转让至由南京新兴零售发展基金、华泰证券、阿里巴巴、海尔、美的、TCL、小米等投资人组成的江苏新新零售创新基金二期，后者将成为第三大股东，苏宁将处于无控股股东、无实际控制人状态。\n从这笔交易中，苏宁方面获得了88.25亿元的纾困资金。此次股权转让价格为5.59元/股，为苏宁此次停牌前最后一个交易日的收盘价。\n此次交易完成后，苏宁创始人张近东及其一致行动人苏宁控股集团仍为第一大股东，持股比例从24.94%下降到20.35%；淘宝中国直接持股的比例不变为19.99%，为第二大股东；新新零售基金二期获得16.96%股权、江苏新新零售创新基金持股5.59%，分别为第三、四大股东。\n\n7月6日上午，苏宁易购在开盘不久即进入涨停。截至今日收盘，苏宁报每股6.15元，总市值572.57亿元。但相较于今年年初市值，苏宁已经下跌超过20%。\n从目前的局面来看，自2020年陷入流动性危机后频繁出售资产的苏宁，在此次股权交易中得到了暂时的喘息。但是，由于电商行业竞争激烈，2020年亏损超40亿元的主营业务——苏宁易购如何摆脱亏损的泥潭，仍然是苏宁一个待解难题。\n深圳国资退出，阿里未完全接盘\n自2020年起，苏宁便陷入了流动性危机。根据公开渠道的数据统计，苏宁公司存续的公司债规模高达400亿元左右，2021到期的各类债务总计约160亿元。\n此前，苏宁曾以200亿元入股恒大，借由恒大借壳深深房上市的方式解除部分债务危机。不过最终，苏宁创始人张近东这次“豪赌”以恒大借壳上市失败而收尾，明面上200亿元的入股资金实际成为了恒大向苏宁的借债。而同样背负着数千亿债务的恒大，短期内很难将这笔钱还给苏宁。\n于是，这次入股失败直接成为了压倒苏宁的最后一根稻草。\n随后，苏宁开始从各个部分抽调资金。比如，张近东主要持股平台的苏宁控股集团的全部股份质押给阿里巴巴，以此获得10亿元资金救急；关停江苏苏宁足球俱乐部，甚至一度传出出售员工宿舍楼来筹措资金。\n在多方尝试后，苏宁最终选择出售大比例股份求生。2月25日，苏宁易购突发公告，大股东拟转让整个公司至少20%的股份，控制权或将变更。\n3天后，深圳国资宣布与苏宁签订股份转让框架协议。深圳国资通过鲲鹏资本和深圳国际以96.63亿元、51.54亿元的价格，合计收购苏宁易购23%的股份，深圳国资由此将成为苏宁第一大股东。不过，这笔投资最终还是没有实际达成，随后传出阿里和江苏国资可能进场接盘。\n“阿里进场，对于苏宁来说也是好事。”一位苏宁内部人士曾对钛媒体表示，苏宁的核心问题是（底下）业务的高管不行，阿里进场会“洗掉”一拨人。\n但根据苏宁此次发布的公告，阿里方面并未完全接盘苏宁。\n此次引入新投资方后，虽然阿里巴巴成为了新零售基金二期的产业投资人之一，但苏宁并未披露阿里巴巴在基金中的持股比例，且称阿里和新新零售基金二期不存在一致行动关系。同时，苏宁方面还在公告中表示，此次阿里作为有限合伙人参与本次交易的目的、形式与淘宝中国2016年投资入股苏宁均不相同，将基于各自投资目的行使表决权。\n这就意味着，成为新新零售基金二期有限合伙人的阿里巴巴，在苏宁的持股比例并未扩大。张近东和其一致行动人苏宁控股集团仍为苏宁易购第一大股东，但苏宁易购不存在直接或者间接持股50%以上的控股股东，也不存在实际支配公司股份表决权超过30%的股东。\n主营业务亏损仍待解\n虽然新的股东方进入解决了苏宁“缺钱”的燃眉之急，但苏宁易购作为苏宁主营业务该如何走出亏损泥潭，仍然是一个问题。\n根据财报数据，自2012年以来，苏宁易购的营业利润除2018年外，几乎处于年年亏损的状态。为了实现净利润的正向表现，苏宁惯常的做法是“频繁变卖资产”。\n比如，2015年苏宁易购将旗下PPTV68%的股权，以25.81亿元出售给苏宁控股旗下的苏宁文化。利用这种集团资金输血的方式，苏宁易购的净利润得以转正。2016年，苏宁易购再次以类似的方式，将亏损的北京京朝苏宁电器出售给苏宁电器，再次扭亏。随后两年，苏宁三次出售阿里巴巴股票，分别获利33亿元和110亿元，占到了当年净利润的绝大多数份额。\n而在出售资产的同时，苏宁易购并没有实质提高盈利能力，反而在扩张的道路上越走越深。\n从2015年到2019年，苏宁易购对外总计投资额超过了700亿元。其中，包括22亿元收购PPTV、42亿元收购天天快递、95亿元入股万达商业、27亿元收购万达百货、48亿元收购家乐福中国等。\n除此之外，苏宁还以苏宁控股、苏宁置业、苏宁电器三大集团为主题进行了大量投资。如苏宁20亿元收购国际米兰70%股权、5.23亿元接收国内足球俱乐部，同时还包括苏宁置业旗下37家苏宁易购广场。\n但是，屡次的收购并没有带来更多实质性的收益，反而这种不注重核心业务盈利能力、一味扩张的方式，更加大了苏宁易购现金流的紧张程度。早期，苏宁易购通过资产腾挪还能掩盖经营亏损。但长此以往，当某个环节出现暴雷，就会引发一系列危机，亏损也会立刻传导到上市公司。\n根据公开的财务数据，苏宁易购在2019年全年实现了98.43亿元的净利润。但是，在遭遇流动性危机的2020年，苏宁易购很快就由盈转亏，净亏损达到42.75亿元。而根据最新公告，苏宁易购预计2021年上半年净亏损将达到25亿元-32亿元，上年同期亏损1.67亿元，同比亏损至少将增大近15倍。\n“现在，苏宁的（做法）就是全力保住最值钱的苏宁易购，其他的能保就保住，不能保就破产。”上述苏宁内部人士对钛媒体表示。\n事实上，苏宁官方也强调此次引进战略投资者后，有利于公司进一步聚焦零售业务。苏宁易购未来发展将进一步明朗化，短期为上市公司实现增信增效，恢复流动性。\n不过，面对日益激烈的电商竞争格局，资产腾挪已无力支撑利润转正和依然未能完全解决的债务问题，苏宁将如何破局前行，依然存在着诸多疑问。","news_type":1,"symbols_score_info":{"002024":0.9}},"isVote":1,"tweetType":1,"viewCount":679,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151091798,"gmtCreate":1625055912414,"gmtModify":1703734968393,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/151091798","repostId":"1100844519","repostType":4,"repost":{"id":"1100844519","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":1624850864,"share":"https://ttm.financial/m/news/1100844519?lang=en_US&edition=fundamental","pubTime":"2021-06-28 11:27","market":"sh","language":"zh","title":"Reminder: Due to the anniversary of Hong Kong's return, Hong Kong stocks will be closed on July 1","url":"https://stock-news.laohu8.com/highlight/detail?id=1100844519","media":"老虎资讯综合","summary":"据悉，因7月1日（周四）香港特别行政区成立纪念日，港股休市一日。具体安排如下：港股\n7月1日（周四）休市一日。7月2日（周五）照常开市。\n美股、A股、英股、澳股、新加坡市场等照常交易。\n沪股通、深股通","content":"<p>It is reported that due to the anniversary of the establishment of the Hong Kong Special Administrative Region on July 1 (Thursday), the Hong Kong stock market will be closed for one day. The specific arrangement is as follows:<img src=\"https://static.tigerbbs.com/eaa05e0ac274f01336380bf4d575542d\" tg-width=\"787\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>Hong Kong Stocks</b></p><p>The market will be closed for one day on July 1 (Thursday). The market will open as usual on July 2nd (Friday).</p><p><b>U.S. stocks, A-shares, British stocks, Australian stocks, Singapore markets, etc. are trading as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>The service will not be available from June 30th (Wednesday) to July 1st (Thursday), and will be open as usual from July 2nd (Friday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will not be available on July 1st (Thursday), but will be open as usual from July 2nd (Friday).</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: Due to the anniversary of Hong Kong's return, Hong Kong stocks will be closed on July 1</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\">\nReminder: Due to the anniversary of Hong Kong's return, Hong Kong stocks will be closed on July 1\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-28 11:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>It is reported that due to the anniversary of the establishment of the Hong Kong Special Administrative Region on July 1 (Thursday), the Hong Kong stock market will be closed for one day. The specific arrangement is as follows:<img src=\"https://static.tigerbbs.com/eaa05e0ac274f01336380bf4d575542d\" tg-width=\"787\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>Hong Kong Stocks</b></p><p>The market will be closed for one day on July 1 (Thursday). The market will open as usual on July 2nd (Friday).</p><p><b>U.S. stocks, A-shares, British stocks, Australian stocks, Singapore markets, etc. are trading as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>The service will not be available from June 30th (Wednesday) to July 1st (Thursday), and will be open as usual from July 2nd (Friday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will not be available on July 1st (Thursday), but will be open as usual from July 2nd (Friday).</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a6adcf1f575211fc4f9ca7f666658417","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100844519","content_text":"据悉，因7月1日（周四）香港特别行政区成立纪念日，港股休市一日。具体安排如下：港股\n7月1日（周四）休市一日。7月2日（周五）照常开市。\n美股、A股、英股、澳股、新加坡市场等照常交易。\n沪股通、深股通：\n6月30日（周三）至7月1日（周四）不提供服务，7月2日（周五）起照常开通。\n港股通：\n7月1日（周四）不提供服务，7月2日（周五）起照常开通。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":907,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125586362,"gmtCreate":1624680346956,"gmtModify":1703843516651,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Zan&nbsp;","listText":"Zan&nbsp;","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/125586362","repostId":"1173114193","repostType":4,"repost":{"id":"1173114193","kind":"news","pubTimestamp":1624679118,"share":"https://ttm.financial/m/news/1173114193?lang=en_US&edition=fundamental","pubTime":"2021-06-26 11:45","market":"us","language":"zh","title":"Dark Horse Atour's \"Pentium Listing\": How to tell the story of the new accommodation economy?","url":"https://stock-news.laohu8.com/highlight/detail?id=1173114193","media":"36氪","summary":"“一个时代需要一个时代的品牌和企业”\n\n“进门的一杯热茶，一双舒适的棉质拖鞋，一碗深夜的热粥，一份可口的水果”——某世界500强企业的条线业务负责人将这称为“亚朵四件套”。\n亚朵集团（下称“亚朵”）成","content":"<p>\"An era needs a brand and enterprise of an era\" \"A cup of hot tea when you enter the door, a pair of comfortable cotton slippers, a bowl of hot porridge late at night, and a delicious fruit\"-the line business leader of a Fortune 500 company called this \"Atour Four-Piece Set\".</p><p>Atour Group (hereinafter referred to as \"Atour\") was established in 2013. Compared with many hotels that use noble characters such as \"Hao\", \"Jin\", \"Wan\" and \"Hua\" as their brand names, this hotels originated from The name of Atour Village in Yunnan is like a clear stream, flowing with nature, life and humanistic feelings.</p><p>Outsiders know Atour, perhaps because of its IP cross-border marketing actions out of the circle, such as with<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Theme hotels of cloud music cooperation, etc.</p><p>For people in the industry, Atour is more like a dark horse in the hotel industry. In<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>Deus ex, Jinjiang, and BTG, established the mind of consumers belonging to Atour in the era when express hotels were deeply rooted in the hearts of the people, and took the lead in putting forward the concept of \"lifestyle brand\", providing an innovative idea of \"starting from hotels, not stopping at hotels\" for the whole hotel industry.</p><p><b>According to Frost & Sullivan, Atour was the largest mid-to-high-end hotel chain in China by number of guest rooms as of the end of 2020.</b></p><p>More importantly,<b>Atour is about to knock on the door of the capital market and list on Nasdaq with the stock code \"ATAT\". If successfully listed, Atour will become \"the first stock in China's new accommodation economy\".</b></p><p>According to the updated prospectus, Atour plans to issue 19.7447 million ADSs, with a pricing range of US $13.5 to US $15.5 per ADS. At the same time, it gives underwriters over-allotment options for 2.9617 million ADSs, and plans to raise US $307 million to US $352 million.</p><p>Hillhouse stated that it will subscribe at the initial public offering price and intends to subscribe for ADSs worth $120 million. As cornerstone investors, well-known investment institutions show that the capital market recognizes the fundamentals and long-term value of Atour Group.</p><p>For Atour, the market is curious about what kind of innovative business model it has created, and it is also concerned about its performance level. At the same time, Atour's core advantages compared with its peers and its future performance in the secondary market are the focus of the market.</p><p>Then, this article tries to answer the above questions for you. (It only expounds opinions and does not constitute investment advice.)</p><p><b>\"Experiential\" thinking makes hotels more than sleep</b></p><p><b>\"An era needs an era of brands and enterprises\"</b>Wang Haijun, founder and CEO of Atour, once expressed such emotion.</p><p>Under the leadership of Wang Haijun, a group of \"veterans\" engaged in the hotel industry gathered to try to create a new era of hotel brands and enterprises. Now it seems that Atour may have become their first ideal achievement.</p><p>In this era of continuous upgrading of industry and consumption, Wang Haijun doesn't want to be a low-end hotel that can only meet the accommodation needs of tenants. Therefore, differentiated positioning of the mid-to-high-end market and paying attention to experience while meeting accommodation needs have become the development direction that Atour has implemented so far.</p><p><b>As China's leading mid-to-high-end hotel chain, Atour already owns mid-end, mid-to-high-end, high-end and<a href=\"https://laohu8.com/S/DLX\">Luxurious</a>6 Brands in Four Segments</b>, specifically including the mid-end brand \"Qingju\", the mid-to-high-end brands \"Atour Hotel\" and \"Atour X Hotel\", the high-end brands \"Atour S Hotel\" and \"ZHOTEL\", and the luxury brand \"A.T.HOUSE\".</p><p>In terms of quantity and scale, as of the first quarter of 2021, Atour has 608 hotels in operation, with more than 70,000 guest rooms, covering 131 cities. At the same time, the number of hotels under development is 299, and the number of guest rooms under development exceeds 30,000.</p><p>The differentiated market positioning originates from Atour's \"experiential school\" thinking. The core of this idea lies in the change from \"operating rooms\" to \"operating crowds\". Not only that, Atour has also summed up a set of \"standard personalized\" service methods to ensure that services can keep up with changes in consumer demand. According to the consumer survey of Huiping.com, Atour's overall satisfaction score has always maintained the first position among the six major mid-to-high-end hotel brands since 2017.</p><p><b>In addition, in Atour's view, hotels are a natural scene for lifestyle experience and sales of daily necessities.</b>For example, when customers feel that the hotel mattress is very comfortable, they can buy the same mattress directly online. As a result, Atour has been further upgraded from a hotel chain group to a leading lifestyle brand group.</p><p>As of the end of March this year, Atour had developed a total of 1,136 scene retail SKUs. The GMV generated by the retail business in 2019 and 2020 was 82.8 million yuan and 107.2 million yuan respectively, a year-on-year increase of 29.5%. In the first quarter of this year, the GMV of retail business reached 32.6 million yuan.</p><p>The scene retail business extended from the concept of \"experience school\" has already begun to generate revenue for Atour.</p><p><b>In 2020, Atour's scene retail business revenue accounted for 4.5% of its total revenue, which was higher than the retail business revenue generated by other domestic hotel chains.</b></p><p>Thanks to its positioning in the mid-to-high-end market and the development of scene retail business, which is popular with young people, Atour's audience has gradually focused on high-net-worth users with a certain level of consumption.</p><p>First of all, from a geographical point of view, nearly 80% of Atour's hotels are located in the core areas of first-tier, new first-tier and second-tier cities. To a certain extent, this means that the consumption level of the audience of Atour's hotels is not low.</p><p>At the same time, according to the prospectus, Atour users under the age of 30 account for more than 24%, and the transaction volume contributed by these users accounts for 35%; The proportion of Atour users between the ages of 30 and 40 is as high as 45.8%.</p><p>As of the first quarter of 2021, the number of Atour members has exceeded 25 million. From 2015 to 2020, the compound annual growth rate of Atour's membership is as high as 79.6%. In the past two years, the number of room and night bookings contributed by members accounted for 39.3% and 44.7% respectively, which are relatively large and still growing.</p><p><b>Demonstrating resilience under the epidemic</b></p><p>Humanistic feelings and content space can capture the hearts of consumers, but if it goes to the capital market and faces investors directly, Atour needs more performance.</p><p>For the hotel industry, if you want to expand, you have to spend money, and if you want to make money, you have to have someone to live. Therefore, in addition to core performance indicators such as revenue and net profit, occupancy rate and ADR are often regarded as important indicators to measure hotel operations.</p><p>At the beginning of 2020, the sudden epidemic caught hotels of all sizes off guard. Atour has shown stronger resilience under the epidemic.</p><p>Under the circumstances of collective \"fall\" at the beginning of the year, Atour achieved revenue of 1.567 billion yuan in 2020, which is basically the same as the revenue scale in 2019. And<a href=\"https://laohu8.com/S/600754\">Jin Jiang Hotel</a>The annual revenue of Hehuazhu Group fell by 34% and 9% year-on-year respectively.</p><p><b>The strong recovery and growth momentum continued until the first quarter of this year. Atour's revenue increased by 107.7% year-on-year, and it achieved a net profit of 11.47 million yuan, turning losses into profits year-on-year.</b></p><p>In terms of cash flow, as of the end of 2020, Atour's cash flow from operating activities was 119 million yuan, its cash flow from investing activities was-106 million yuan, and its cash flow from financing activities was 48.01 million yuan. At present, Atour is in a situation of positive cash flow from operating activities, negative cash flow from investment activities, and positive cash flow from financing activities. This means to a certain extent that it is still in a period of rapid expansion and is a high-growth company. High growth means that Atour's future has infinite possibilities.</p><p><img src=\"https://static.tigerbbs.com/e85086f30b4e5ae30d2f6da3c5f4406f\" tg-width=\"554\" tg-height=\"108\" referrerpolicy=\"no-referrer\"></p><p>From the perspective of occupancy rate and housing price, after the epidemic, the recovery speed of Atour's business operation far exceeded the industry average.</p><p>First of all, in terms of occupancy rate, Atour's occupancy rate in 2019 was 73.4%. In 2020, under the impact of the epidemic, the occupancy rate of its hotels excluding quarantine requisition was 67.1%. In April this year, the occupancy rate of Atour Hotel has recovered and exceeded the pre-epidemic level, reaching 80.4%. According to some data, in the 10 years as of the first quarter of 2021, the average annual occupancy rate of star-rated hotels in China has not reached 63%. This means that Atour's occupancy rate has far exceeded the industry average in recent years, even in 2020, when the epidemic broke out.</p><p>According to the introduction of Feiyu, president of Atour Group Hotel BU in September last year, in February and March last year, Atour adopted a price strategy in order to quickly increase the overall occupancy rate, so the house price bottomed out. However, in April and May of the same year, its house prices rebounded strongly. In September last year, the overall house price had recovered to 94% of the same period last year. As of April this year, Atour's overall house price has exceeded the pre-epidemic level, reaching 432.9 yuan, while the overall house price in 2019 was 429.5 yuan.</p><p><img src=\"https://static.tigerbbs.com/83befb8d9bc0f22fd568dd0e7376b273\" tg-width=\"554\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p>In addition, dismantling Atour's revenue structure, Atour's revenue mainly comes from three parts: managing hotels (i.e. franchise stores), leasing hotels (i.e. directly operated stores), retail & others. Regardless of the number of stores or the proportion of revenue they contribute, franchise stores that focus on asset-light operation models all exceed directly-operated stores, which is also an important reason for Atour's strong ability to resist risks.</p><p><img src=\"https://static.tigerbbs.com/44b32b674d8488124ac006b5fb4d76d7\" tg-width=\"554\" tg-height=\"107\" referrerpolicy=\"no-referrer\"></p><p>At present, Atour operates 575 franchise stores and only 33 directly-operated stores. From 2015 to 2020, the number of Atour's franchised hotels will grow at an average annual compound rate of 86.2%.</p><p>In 2020, Atour's franchise store revenue will increase from 53.6% in 2019 to 59.1%. During the same period, the revenue proportion of directly-operated stores dropped from 39.2% in 2019 to 31.7%.</p><p><img src=\"https://static.tigerbbs.com/f94936c3e67661ef5a373c6a74d29939\" tg-width=\"554\" tg-height=\"143\" referrerpolicy=\"no-referrer\"></p><p>It can be said that,<b>The franchise store is the \"foundation\" of Atour, and the role of the franchisee is an important partner of Atour Hotel.</b>All along, Atour's management service solutions to franchisees and the benefits it brings to franchisees have been praised by the industry.</p><p>According to the prospectus, the investment recovery cycle of Atour franchisees is mostly 3 to 5 years after the hotel opens, and it is one of the mid-to-high-end hotel chains with the fastest investment recovery cycle in China.</p><p>Therefore, franchisees trust Atour and also show high stickiness. In 2020, 31.8% of Atour's franchisees chose to join again.</p><p>Zhou Xiaojun, assistant president of China Jianyuan, a real estate fund management, project management and asset management service provider, once said, \"When we investigated the market reputation and operation of high-end hotel brands, Atour partners left a deep impression on us. They not only communicated the hotel operation status in detail, but also talked about many management systems behind Atour, as well as many key points and difficulties in the later operation, customer characteristics, why customers prefer our Atour brand, and so on.\"</p><p>In 2019, China Jianyuan joined the sales office of Huihan South Road, the airport economic core area of Beijing Capital Airport, as Atour Hotel. At present, the sales office has been transformed into the best hotel in the area.</p><p><b>Atour's core strengths</b></p><p><b>High-end positioning chain groups and lifestyle brands are Atour's core advantages.</b></p><p><b>Differentiated positioning in the mid-to-high-end market, Atour chose the right direction from the very beginning.</b></p><p>In the future, with the increase in the penetration rate of mid-to-high-end hotels, Atour will further benefit. According to the Frost & Sullivan Report, the compound average growth rate of the number of mid-to high-end hotel rooms from 2015 to 2019 was 25.7%, and the overall hotel chain industry was 15.2% during the same period. It is estimated that the compound average growth rate of the number of rooms in mid-to high-end hotel chains from 2021 to 2025 will be 18.9%, which will still be higher than the industry's overall growth rate of 8.8%. The penetration rate of mid-to high-end hotel rooms will also increase from 10.5% in 2020 to 16.1%.</p><p>At the same time, the low concentration of the mid-to-high-end hotel industry also allows Atour to sit firmly as the \"first brother\". At present, the top five in China<a href=\"https://laohu8.com/S/00045\">Grand Hotel</a>The total number of mid-to high-end guest rooms in the group is 197,000, accounting for 31.8%. The concentration of mid-to high-end hotel industry is low. Among them, Atour has 58,000 mid-to-high-end guest rooms, accounting for 9.4%, ranking first in the industry in terms of market share.</p><p><b>The core of lifestyle brand lies in brand tonality and consumer loyalty.</b></p><p>On the \"Better Life Sharing Community\" Xiaohongshu, the number of notes about Atour is as high as 10,000 +. Enter \"Atour\" in the search box, and the related words that pop up include Atour breakfast, Atour pillow, Atour mattress, Atour shampoo, etc., which are full of life outside accommodation. Click in along the related words and get rave reviews. Among them, during the epidemic isolation period, Atour Isolation Hotel became a \"surprise\" in the mouths of many netizens.</p><p>In fact, many hotels are expanding their scene retail business. In contrast, Atour has certain first-mover advantages and technological accumulation.</p><p>According to the official introduction, in the mid-to-high-end market, Atour is the first hotel group in China to officially expand its scene retail business. At present, it has formed a certain scale in terms of brand integration and cooperative suppliers, and has established a strong consumer mind and reputation.</p><p>As of the first quarter of 2021, Atour's scene retail business has hatched original lifestyle brands in three major categories: sleep, fragrance personal care and travel, namely Atour Planet, Sahe and Z2GO & CO.</p><p>At the same time, Atour also introduced the DTC model for the production and sales of original lifestyle brands. DTC means Direct to Consumer (Direct to Consumer), which focuses on consumer needs to reversely guide manufacturers' design, production, product selection and marketing.</p><p><b>In addition, compared with traditional consumer brands, the natural lifestyle scenes of hotels add advantages to Atour.</b>For example, the average daily stay time of each tenant in the hotel is about 6-8 hours, and there are many contact scenarios that can achieve consumption.</p><p><b>How will Atour's secondary market perform?</b></p><p>Looking forward to the future, will Atour be optimistic about capital in the secondary market?</p><p><b>Before listing, Atour received three rounds of financing, and the lineup of investors was not inferior, including Legend Capital, Dehui Capital,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Former CEO Lu Zhaoxi, Ctrip, etc.</b></p><p>According to the latest updated prospectus, after the IPO, Wang Haijun holds 27.1% of the shares, is the largest shareholder, and holds 71.1% of the company's voting rights. In addition, Legend Capital holds 26.2%, Dehui Capital holds 14%, and Ctrip holds 12.8%.</p><p><b>An important reason for choosing to list on the U.S. stock market at this time may be that there are many positive factors for Atour at present.</b></p><p>First of all, after the epidemic, the hotel industry has accelerated its clearing, and chain hotels are more favored by investors due to their strong pressure resistance. At the same time, with the popularization of vaccines in novel coronavirus pneumonia, the market is optimistic about the recovery of the wine and travel industry.</p><p>In terms of businesses valued by investors in the secondary market, it is expected that Atour will still benefit from the growth space of hotel chains and scene retail businesses in the future.</p><p>According to the Frost & Sullivan Report, the operating income of China's hotel chain industry increased from 245.4 billion yuan in 2015 to 450 billion yuan in 2019, with an average annual compound growth rate of 16.4%. China's chain rate is only 31.5%. Compared with the 72.9% in the United States, there is still a lot of room for growth.</p>","source":"36k","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>Dark Horse Atour's \"Pentium Listing\": How to tell the story of the new accommodation economy?</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\">\nDark Horse Atour's \"Pentium Listing\": How to tell the story of the new accommodation economy?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2021-06-26 11:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>\"An era needs a brand and enterprise of an era\" \"A cup of hot tea when you enter the door, a pair of comfortable cotton slippers, a bowl of hot porridge late at night, and a delicious fruit\"-the line business leader of a Fortune 500 company called this \"Atour Four-Piece Set\".</p><p>Atour Group (hereinafter referred to as \"Atour\") was established in 2013. Compared with many hotels that use noble characters such as \"Hao\", \"Jin\", \"Wan\" and \"Hua\" as their brand names, this hotels originated from The name of Atour Village in Yunnan is like a clear stream, flowing with nature, life and humanistic feelings.</p><p>Outsiders know Atour, perhaps because of its IP cross-border marketing actions out of the circle, such as with<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Theme hotels of cloud music cooperation, etc.</p><p>For people in the industry, Atour is more like a dark horse in the hotel industry. In<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>Deus ex, Jinjiang, and BTG, established the mind of consumers belonging to Atour in the era when express hotels were deeply rooted in the hearts of the people, and took the lead in putting forward the concept of \"lifestyle brand\", providing an innovative idea of \"starting from hotels, not stopping at hotels\" for the whole hotel industry.</p><p><b>According to Frost & Sullivan, Atour was the largest mid-to-high-end hotel chain in China by number of guest rooms as of the end of 2020.</b></p><p>More importantly,<b>Atour is about to knock on the door of the capital market and list on Nasdaq with the stock code \"ATAT\". If successfully listed, Atour will become \"the first stock in China's new accommodation economy\".</b></p><p>According to the updated prospectus, Atour plans to issue 19.7447 million ADSs, with a pricing range of US $13.5 to US $15.5 per ADS. At the same time, it gives underwriters over-allotment options for 2.9617 million ADSs, and plans to raise US $307 million to US $352 million.</p><p>Hillhouse stated that it will subscribe at the initial public offering price and intends to subscribe for ADSs worth $120 million. As cornerstone investors, well-known investment institutions show that the capital market recognizes the fundamentals and long-term value of Atour Group.</p><p>For Atour, the market is curious about what kind of innovative business model it has created, and it is also concerned about its performance level. At the same time, Atour's core advantages compared with its peers and its future performance in the secondary market are the focus of the market.</p><p>Then, this article tries to answer the above questions for you. (It only expounds opinions and does not constitute investment advice.)</p><p><b>\"Experiential\" thinking makes hotels more than sleep</b></p><p><b>\"An era needs an era of brands and enterprises\"</b>Wang Haijun, founder and CEO of Atour, once expressed such emotion.</p><p>Under the leadership of Wang Haijun, a group of \"veterans\" engaged in the hotel industry gathered to try to create a new era of hotel brands and enterprises. Now it seems that Atour may have become their first ideal achievement.</p><p>In this era of continuous upgrading of industry and consumption, Wang Haijun doesn't want to be a low-end hotel that can only meet the accommodation needs of tenants. Therefore, differentiated positioning of the mid-to-high-end market and paying attention to experience while meeting accommodation needs have become the development direction that Atour has implemented so far.</p><p><b>As China's leading mid-to-high-end hotel chain, Atour already owns mid-end, mid-to-high-end, high-end and<a href=\"https://laohu8.com/S/DLX\">Luxurious</a>6 Brands in Four Segments</b>, specifically including the mid-end brand \"Qingju\", the mid-to-high-end brands \"Atour Hotel\" and \"Atour X Hotel\", the high-end brands \"Atour S Hotel\" and \"ZHOTEL\", and the luxury brand \"A.T.HOUSE\".</p><p>In terms of quantity and scale, as of the first quarter of 2021, Atour has 608 hotels in operation, with more than 70,000 guest rooms, covering 131 cities. At the same time, the number of hotels under development is 299, and the number of guest rooms under development exceeds 30,000.</p><p>The differentiated market positioning originates from Atour's \"experiential school\" thinking. The core of this idea lies in the change from \"operating rooms\" to \"operating crowds\". Not only that, Atour has also summed up a set of \"standard personalized\" service methods to ensure that services can keep up with changes in consumer demand. According to the consumer survey of Huiping.com, Atour's overall satisfaction score has always maintained the first position among the six major mid-to-high-end hotel brands since 2017.</p><p><b>In addition, in Atour's view, hotels are a natural scene for lifestyle experience and sales of daily necessities.</b>For example, when customers feel that the hotel mattress is very comfortable, they can buy the same mattress directly online. As a result, Atour has been further upgraded from a hotel chain group to a leading lifestyle brand group.</p><p>As of the end of March this year, Atour had developed a total of 1,136 scene retail SKUs. The GMV generated by the retail business in 2019 and 2020 was 82.8 million yuan and 107.2 million yuan respectively, a year-on-year increase of 29.5%. In the first quarter of this year, the GMV of retail business reached 32.6 million yuan.</p><p>The scene retail business extended from the concept of \"experience school\" has already begun to generate revenue for Atour.</p><p><b>In 2020, Atour's scene retail business revenue accounted for 4.5% of its total revenue, which was higher than the retail business revenue generated by other domestic hotel chains.</b></p><p>Thanks to its positioning in the mid-to-high-end market and the development of scene retail business, which is popular with young people, Atour's audience has gradually focused on high-net-worth users with a certain level of consumption.</p><p>First of all, from a geographical point of view, nearly 80% of Atour's hotels are located in the core areas of first-tier, new first-tier and second-tier cities. To a certain extent, this means that the consumption level of the audience of Atour's hotels is not low.</p><p>At the same time, according to the prospectus, Atour users under the age of 30 account for more than 24%, and the transaction volume contributed by these users accounts for 35%; The proportion of Atour users between the ages of 30 and 40 is as high as 45.8%.</p><p>As of the first quarter of 2021, the number of Atour members has exceeded 25 million. From 2015 to 2020, the compound annual growth rate of Atour's membership is as high as 79.6%. In the past two years, the number of room and night bookings contributed by members accounted for 39.3% and 44.7% respectively, which are relatively large and still growing.</p><p><b>Demonstrating resilience under the epidemic</b></p><p>Humanistic feelings and content space can capture the hearts of consumers, but if it goes to the capital market and faces investors directly, Atour needs more performance.</p><p>For the hotel industry, if you want to expand, you have to spend money, and if you want to make money, you have to have someone to live. Therefore, in addition to core performance indicators such as revenue and net profit, occupancy rate and ADR are often regarded as important indicators to measure hotel operations.</p><p>At the beginning of 2020, the sudden epidemic caught hotels of all sizes off guard. Atour has shown stronger resilience under the epidemic.</p><p>Under the circumstances of collective \"fall\" at the beginning of the year, Atour achieved revenue of 1.567 billion yuan in 2020, which is basically the same as the revenue scale in 2019. And<a href=\"https://laohu8.com/S/600754\">Jin Jiang Hotel</a>The annual revenue of Hehuazhu Group fell by 34% and 9% year-on-year respectively.</p><p><b>The strong recovery and growth momentum continued until the first quarter of this year. Atour's revenue increased by 107.7% year-on-year, and it achieved a net profit of 11.47 million yuan, turning losses into profits year-on-year.</b></p><p>In terms of cash flow, as of the end of 2020, Atour's cash flow from operating activities was 119 million yuan, its cash flow from investing activities was-106 million yuan, and its cash flow from financing activities was 48.01 million yuan. At present, Atour is in a situation of positive cash flow from operating activities, negative cash flow from investment activities, and positive cash flow from financing activities. This means to a certain extent that it is still in a period of rapid expansion and is a high-growth company. High growth means that Atour's future has infinite possibilities.</p><p><img src=\"https://static.tigerbbs.com/e85086f30b4e5ae30d2f6da3c5f4406f\" tg-width=\"554\" tg-height=\"108\" referrerpolicy=\"no-referrer\"></p><p>From the perspective of occupancy rate and housing price, after the epidemic, the recovery speed of Atour's business operation far exceeded the industry average.</p><p>First of all, in terms of occupancy rate, Atour's occupancy rate in 2019 was 73.4%. In 2020, under the impact of the epidemic, the occupancy rate of its hotels excluding quarantine requisition was 67.1%. In April this year, the occupancy rate of Atour Hotel has recovered and exceeded the pre-epidemic level, reaching 80.4%. According to some data, in the 10 years as of the first quarter of 2021, the average annual occupancy rate of star-rated hotels in China has not reached 63%. This means that Atour's occupancy rate has far exceeded the industry average in recent years, even in 2020, when the epidemic broke out.</p><p>According to the introduction of Feiyu, president of Atour Group Hotel BU in September last year, in February and March last year, Atour adopted a price strategy in order to quickly increase the overall occupancy rate, so the house price bottomed out. However, in April and May of the same year, its house prices rebounded strongly. In September last year, the overall house price had recovered to 94% of the same period last year. As of April this year, Atour's overall house price has exceeded the pre-epidemic level, reaching 432.9 yuan, while the overall house price in 2019 was 429.5 yuan.</p><p><img src=\"https://static.tigerbbs.com/83befb8d9bc0f22fd568dd0e7376b273\" tg-width=\"554\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p>In addition, dismantling Atour's revenue structure, Atour's revenue mainly comes from three parts: managing hotels (i.e. franchise stores), leasing hotels (i.e. directly operated stores), retail & others. Regardless of the number of stores or the proportion of revenue they contribute, franchise stores that focus on asset-light operation models all exceed directly-operated stores, which is also an important reason for Atour's strong ability to resist risks.</p><p><img src=\"https://static.tigerbbs.com/44b32b674d8488124ac006b5fb4d76d7\" tg-width=\"554\" tg-height=\"107\" referrerpolicy=\"no-referrer\"></p><p>At present, Atour operates 575 franchise stores and only 33 directly-operated stores. From 2015 to 2020, the number of Atour's franchised hotels will grow at an average annual compound rate of 86.2%.</p><p>In 2020, Atour's franchise store revenue will increase from 53.6% in 2019 to 59.1%. During the same period, the revenue proportion of directly-operated stores dropped from 39.2% in 2019 to 31.7%.</p><p><img src=\"https://static.tigerbbs.com/f94936c3e67661ef5a373c6a74d29939\" tg-width=\"554\" tg-height=\"143\" referrerpolicy=\"no-referrer\"></p><p>It can be said that,<b>The franchise store is the \"foundation\" of Atour, and the role of the franchisee is an important partner of Atour Hotel.</b>All along, Atour's management service solutions to franchisees and the benefits it brings to franchisees have been praised by the industry.</p><p>According to the prospectus, the investment recovery cycle of Atour franchisees is mostly 3 to 5 years after the hotel opens, and it is one of the mid-to-high-end hotel chains with the fastest investment recovery cycle in China.</p><p>Therefore, franchisees trust Atour and also show high stickiness. In 2020, 31.8% of Atour's franchisees chose to join again.</p><p>Zhou Xiaojun, assistant president of China Jianyuan, a real estate fund management, project management and asset management service provider, once said, \"When we investigated the market reputation and operation of high-end hotel brands, Atour partners left a deep impression on us. They not only communicated the hotel operation status in detail, but also talked about many management systems behind Atour, as well as many key points and difficulties in the later operation, customer characteristics, why customers prefer our Atour brand, and so on.\"</p><p>In 2019, China Jianyuan joined the sales office of Huihan South Road, the airport economic core area of Beijing Capital Airport, as Atour Hotel. At present, the sales office has been transformed into the best hotel in the area.</p><p><b>Atour's core strengths</b></p><p><b>High-end positioning chain groups and lifestyle brands are Atour's core advantages.</b></p><p><b>Differentiated positioning in the mid-to-high-end market, Atour chose the right direction from the very beginning.</b></p><p>In the future, with the increase in the penetration rate of mid-to-high-end hotels, Atour will further benefit. According to the Frost & Sullivan Report, the compound average growth rate of the number of mid-to high-end hotel rooms from 2015 to 2019 was 25.7%, and the overall hotel chain industry was 15.2% during the same period. It is estimated that the compound average growth rate of the number of rooms in mid-to high-end hotel chains from 2021 to 2025 will be 18.9%, which will still be higher than the industry's overall growth rate of 8.8%. The penetration rate of mid-to high-end hotel rooms will also increase from 10.5% in 2020 to 16.1%.</p><p>At the same time, the low concentration of the mid-to-high-end hotel industry also allows Atour to sit firmly as the \"first brother\". At present, the top five in China<a href=\"https://laohu8.com/S/00045\">Grand Hotel</a>The total number of mid-to high-end guest rooms in the group is 197,000, accounting for 31.8%. The concentration of mid-to high-end hotel industry is low. Among them, Atour has 58,000 mid-to-high-end guest rooms, accounting for 9.4%, ranking first in the industry in terms of market share.</p><p><b>The core of lifestyle brand lies in brand tonality and consumer loyalty.</b></p><p>On the \"Better Life Sharing Community\" Xiaohongshu, the number of notes about Atour is as high as 10,000 +. Enter \"Atour\" in the search box, and the related words that pop up include Atour breakfast, Atour pillow, Atour mattress, Atour shampoo, etc., which are full of life outside accommodation. Click in along the related words and get rave reviews. Among them, during the epidemic isolation period, Atour Isolation Hotel became a \"surprise\" in the mouths of many netizens.</p><p>In fact, many hotels are expanding their scene retail business. In contrast, Atour has certain first-mover advantages and technological accumulation.</p><p>According to the official introduction, in the mid-to-high-end market, Atour is the first hotel group in China to officially expand its scene retail business. At present, it has formed a certain scale in terms of brand integration and cooperative suppliers, and has established a strong consumer mind and reputation.</p><p>As of the first quarter of 2021, Atour's scene retail business has hatched original lifestyle brands in three major categories: sleep, fragrance personal care and travel, namely Atour Planet, Sahe and Z2GO & CO.</p><p>At the same time, Atour also introduced the DTC model for the production and sales of original lifestyle brands. DTC means Direct to Consumer (Direct to Consumer), which focuses on consumer needs to reversely guide manufacturers' design, production, product selection and marketing.</p><p><b>In addition, compared with traditional consumer brands, the natural lifestyle scenes of hotels add advantages to Atour.</b>For example, the average daily stay time of each tenant in the hotel is about 6-8 hours, and there are many contact scenarios that can achieve consumption.</p><p><b>How will Atour's secondary market perform?</b></p><p>Looking forward to the future, will Atour be optimistic about capital in the secondary market?</p><p><b>Before listing, Atour received three rounds of financing, and the lineup of investors was not inferior, including Legend Capital, Dehui Capital,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Former CEO Lu Zhaoxi, Ctrip, etc.</b></p><p>According to the latest updated prospectus, after the IPO, Wang Haijun holds 27.1% of the shares, is the largest shareholder, and holds 71.1% of the company's voting rights. In addition, Legend Capital holds 26.2%, Dehui Capital holds 14%, and Ctrip holds 12.8%.</p><p><b>An important reason for choosing to list on the U.S. stock market at this time may be that there are many positive factors for Atour at present.</b></p><p>First of all, after the epidemic, the hotel industry has accelerated its clearing, and chain hotels are more favored by investors due to their strong pressure resistance. At the same time, with the popularization of vaccines in novel coronavirus pneumonia, the market is optimistic about the recovery of the wine and travel industry.</p><p>In terms of businesses valued by investors in the secondary market, it is expected that Atour will still benefit from the growth space of hotel chains and scene retail businesses in the future.</p><p>According to the Frost & Sullivan Report, the operating income of China's hotel chain industry increased from 245.4 billion yuan in 2015 to 450 billion yuan in 2019, with an average annual compound growth rate of 16.4%. China's chain rate is only 31.5%. Compared with the 72.9% in the United States, there is still a lot of room for growth.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.36kr.com/p/1283522749624073\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/38f45e6504561f2ba5ca277e73b98680","relate_stocks":{"ATAT":"亚朵"},"source_url":"https://www.36kr.com/p/1283522749624073","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173114193","content_text":"“一个时代需要一个时代的品牌和企业”\n\n“进门的一杯热茶，一双舒适的棉质拖鞋，一碗深夜的热粥，一份可口的水果”——某世界500强企业的条线业务负责人将这称为“亚朵四件套”。\n亚朵集团（下称“亚朵”）成立于2013年，与诸多将“豪”“锦”“万”“华”等贵气十足的文字用作品牌名称的酒店相比，这个源自云南亚朵村的名字似一股清流，流淌着自然、生活及人文情怀。\n业外人士知晓亚朵，或许是因为其出圈的IP跨界营销动作，例如与网易云音乐合作的主题酒店等。\n而对于业内人士而言，亚朵更像是一匹酒店界的黑马，在华住、锦江、首旅三足鼎立的格局中杀出重围，在快捷酒店深入人心的时代建立起属于亚朵的消费者心智，率先提出“生活方式品牌”的概念，为整个酒店行业提供了一个“始于酒店，不止于酒店”的创新思路。\n根据弗若斯特沙利文的数据，截至2020年底，按客房数量计，亚朵是中国最大的中高档连锁酒店。\n更重要的是，亚朵即将叩响资本市场的大门，以“ATAT”为股票代码在纳斯达克挂牌上市。如若成功上市，亚朵将成为“中国新住宿经济第一股”。\n根据更新后的招股书，亚朵拟发行1974.47万股ADS，定价区间为每ADS13.5美元至15.5美元，同时赋予承销商296.17万股ADS的超额配售权，计划筹资3.07亿美元至3.52亿美元。\n高瓴表示将以首次公开募股价格进行认购，并意向认购价值1.2亿美元的ADS。知名投资机构作为基石投资者，表明了资本市场对亚朵集团基本面和长期价值的认可。\n对于亚朵，市场好奇其究竟打造了怎样的创新业务模式，亦关心其业绩水平究竟如何，同时亚朵相较同业的核心优势，以及其未来在二级市场的表现都是市场关注的重点。\n那么，本文试图为你解答上述问题。（仅阐述观点，不构成投资建议。）\n“体验派”思路让酒店不止于睡觉\n“一个时代需要一个时代的品牌和企业”，亚朵创始人兼CEO王海军曾发出这样的感慨。\n在王海军的带领下，一群从事酒店行业的“老将”聚首，试图打造出一个新时代的酒店品牌及企业。如今看来，亚朵或许已成为他们第一个理想的成果。\n在这个产业与消费不断升级的时代背景下，王海军不想再做低端，仅能满足房客住宿需求的酒店。因此，差异化定位中高端市场，满足住宿需求的同时注重体验感就成为了亚朵贯彻至今的发展方向。\n作为中国头部的中高档连锁酒店，亚朵旗下已拥有中端、中高端、高端和豪华四大细分市场的6个品牌，具体包括中端品牌“轻居”，中高端品牌“亚朵酒店”、“亚朵X酒店”，高端品牌“亚朵S酒店”、“ZHOTEL”，以及豪华品牌“A.T.HOUSE”。\n数量规模方面，截至2021年一季度，亚朵在营酒店数量达608家，客房数超7万间，覆盖131个城市，同时开发中酒店的数量为299家，开发中客房的数量超3万间。\n差异化的市场定位，源自亚朵的“体验派”思路。这一思路的核心在于从“经营房间”向“经营人群”转变，不仅如此，亚朵还总结出一套“标准个性化”服务方法，保障服务能紧跟消费者需求的变化。根据慧评网的消费者调研显示，亚朵的整体满意度得分自2017年以来在6个主要的中高端酒店品牌中始终保持第一位置。\n另外在亚朵看来，酒店是一个生活方式体验及生活用品销售的天然场景。比如，当客户觉得酒店的床垫很舒适，可以直接在线上购买同款床垫。亚朵也由此从一家连锁酒店集团进一步升级为领先的生活方式品牌集团。\n截至今年3月底，亚朵共开发了1136个场景零售SKU。2019年和2020年零售业务产生的GMV分别为8280万元和1.072亿元，同比增长29.5%。今年一季度的零售业务GMV达到3260万元。\n而由“体验派”理念延伸出来的场景零售业务也早已开始为亚朵创收。\n2020年，亚朵场景零售业务收入占其总收入的4.5%，高于国内其他连锁酒店产生的零售业务收入。\n得益于中高端市场定位，以及颇受年轻人欢迎的场景零售业务发展，亚朵的受众群体逐渐聚焦于具备一定消费水平的高净值用户。\n首先，从地域来看，亚朵旗下近80%的酒店均分布在一线、新一线和二线城市的核心地段。这在一定程度上意味着，亚朵旗下酒店的受众群体消费水平不低。\n同时，根据招股书，30岁以下亚朵用户的占比超24%，这部分用户贡献的交易额占比达35%；30-40岁之间的亚朵用户占比更高达45.8%。\n截至2021年第一季度，亚朵的会员数量已超2500万。2015至2020年，亚朵的会员数量复合年均增长率高达79.6%。近两年，会员贡献的间夜预订数占比分别为39.3%和44.7%，占比较大且仍在增长。\n疫情之下彰显韧性\n人文情怀与有内容的空间可以俘获消费者的芳心，但若走向资本市场直面投资者，亚朵更需要拿得出手的业绩。\n对于酒店行业来说，想扩张就要用钱，想赚钱就要有人来住。因此，除了营收、净利润等核心业绩指标以外，入住率、ADR等常被视作衡量酒店经营情况的重要指标。\n2020年初，突如其来的疫情把大大小小的酒店打了个措手不及。而亚朵在疫情之下显现出了更强的韧性。\n在年初集体“沦陷”的情况下，亚朵2020年实现营收15.67亿元，与2019年的营收规模基本持平。而锦江酒店和华住集团的全年营收则分别同比下滑34%和9%。\n强劲的恢复与成长势头延续至今年一季度，亚朵营收的同比增幅高达107.7%，同时实现净利润1147万元，同比扭亏为盈。\n现金流方面，截至2020年底，亚朵的经营活动现金流为1.19亿元，投资活动现金流为-1.06亿元，筹资活动现金流为4801万元。当前，亚朵处于经营活动现金流为正，投资活动现金流为负，筹资活动现金流为正的情况，这在一定程度上意味着，其仍处在高速扩张期，是一家高成长性的公司。而高成长性则意味着，亚朵的未来有无限可能。\n\n而从出租率、房价来看，疫情之后，亚朵业务经营的复苏速度远超行业平均水平。\n首先，出租率方面，2019年亚朵出租率为73.4%。2020年，在疫情影响下，其不含隔离征用酒店的出租率为67.1%。而在今年4月，亚朵酒店出租率已然恢复并超过疫情前水平，高达80.4%。而有资料显示，截至2021年第一季度的10年以来，中国各星级酒店的年度平均出租率均未达到63%。这意味着，近些年亚朵的出租率水平已远超行业平均值，即使是疫情爆发的2020年也不例外。\n根据去年9月亚朵集团酒店BU总裁非鱼的介绍，去年2、3月份，亚朵为了快速拉升整体出租率，采取了价格策略，因此房价触底。但同年4、5月份，其房价就强势回弹，去年9月，整体的房价已经恢复到上年同期水平的94%。截止到今年4月，亚朵的整体房价已超越疫情前水平，达到432.9元，而2019年的整体房价则为429.5元。\n\n此外，拆解亚朵的营收结构，亚朵的营收主要来源于三部分：管理酒店（即加盟店）、租赁酒店（即直营店）、零售&其他。而不论是店面数量，还是所贡献的营收占比，主打轻资产运营模式的加盟店均超过直营店，这也是亚朵抗风险能力较强的一大重要原因。\n\n目前，亚朵经营的加盟店为575家，直营店仅33家。2015年至2020年，亚朵的加盟酒店数量年均复合增长率达86.2％。\n2020年，亚朵的加盟店营收占比由2019年的53.6%提升至59.1%。同期直营店的营收占比则由2019年的39.2%下降至31.7%。\n\n可以说，加盟店是亚朵的“立身之本”，加盟商的角色则是亚朵酒店的重要合伙人。一直以来，亚朵对加盟商输出的管理服务方案，以及为加盟商带来的效益均为业界称道。\n根据招股书，亚朵加盟商的投资回收周期多数是在酒店开业后的3至5年，是国内投资回收周期最快的中高端连锁酒店之一。\n因此，加盟商信赖亚朵，亦表现出较高的粘性。2020年，亚朵旗下31.8%的加盟商选择再次加盟。\n不动产基金管理、 项目管理、资产管理服务商中国建原助理总裁周晓军就曾表示，“我们在调研中高端酒店品牌的市场口碑、运营情况等信息时，亚朵伙伴们给我们留下了很深刻的印象，不仅会细致地沟通酒店的运营现状，也会谈到很多亚朵背后的管理体系，还有很多比如后期运营重点、难点，客户的特点，为什么客户会更喜欢我们亚朵的品牌等等”。\n2019年，中国建原将北京首都机场临空经济核心区汇海南路的售楼处加盟为亚朵酒店，目前该售楼处已转型为该区域最好的酒店。\n亚朵的核心优势\n中高端定位连锁集团以及生活方式品牌是亚朵的核心优势。\n差异化定位中高端市场，亚朵从一开始就选对了方向。\n未来，随着中高端酒店渗透率的提升，亚朵将进一步受益。根据弗若斯特沙利文报告，2015-2019年中高档酒店客房数量复合平均增速为25.7%，同期连锁酒店行业整体为15.2%。预计2021至2025年中高档连锁酒店客房数量复合平均增速为18.9%，仍将高于行业整体8.8%的增速。而中高档酒店客房的渗透率也将从2020年的10.5%提升至16.1%。\n同时，中高端酒店行业的低集中度也让亚朵可以稳坐“一哥”之席。目前，国内前五大酒店集团的中高档客房数量合计为19.7万间，占比 31.8%，中高档酒店行业集中度较低。其中，亚朵拥有5.8万家中高端客房，占比达9.4%，市占率位居行业第一。\n生活方式品牌的核心在于品牌调性和消费者忠诚度。\n在“美好生活分享社区”小红书上，关于亚朵的笔记数量高达1万+。在搜索框中输入“亚朵”，弹出的关联词包括亚朵早餐、亚朵枕头、亚朵床垫、亚朵洗发水等等，处处充满住宿以外的生活气息。顺着关联词点进去，更是好评如潮。其中，在疫情隔离期，亚朵隔离酒店成为了不少网友口中的“惊喜”。\n实际上，不少酒店都在拓展场景零售业务。相比之下，亚朵具备一定的先发优势及技术沉淀。\n据官方介绍，在中高端市场，亚朵是国内第一个正式拓展场景零售业务的酒店集团，目前其在品牌集成，合作供应商方面均已形成一定规模，且建立起较强的消费者心智和口碑。\n截至2021年第一季度，亚朵的场景零售业务已孵化出睡眠、香氛个护和出行三大品类的原创生活品牌，分别是亚朵星球、萨和及Z2GO&CO.。\n同时，针对原创生活品牌的生产和销售，亚朵还引入了DTC模式。DTC即直达消费者（Direct to Consumer），也就是以消费者的需求为重心去反向指导厂商的设计、生产、选品和营销。\n此外，与传统消费品牌相比，酒店天然具备的生活方式场景更为亚朵增加了优势。举例来看，每个房客日均在酒店内逗留的时长大约为6-8小时，可以实现消费的触点场景较多。\n亚朵的二级市场表现会怎样？\n展望未来，亚朵在二级市场会获得资本的看好吗？\n上市前，亚朵获得三轮融资，投资方阵容不逊，包括君联资本、德晖资本、阿里巴巴前CEO陆兆禧、携程等。\n根据最新更新的招股书，IPO后，王海军持股27.1%，为最大股东，掌握公司71.1%的投票权。此外，君联资本持股26.2%，德晖资本持股14%，携程持股12.8%。\n而选择此时在美股上市，一个重要原因或许是当前对亚朵利好的因素较多。\n首先，疫情之后，酒店行业加速出清，连锁酒店由于较强的抗压性更受投资者看好。同时，随着新冠肺炎疫苗的普及，市场看好酒旅行业的复苏。\n而在二级市场投资者看重的业务方面，预计未来亚朵仍将受益于连锁酒店及场景零售业务的增长空间。\n根据弗若斯特沙利文报告，中国连锁酒店业的营业收入从2015年的2454亿元增至2019年的4500亿元，年均复合增长率为16.4%。中国的连锁化率仅为31.5%，与美国的72.9%相比，仍有较大的增长空间。","news_type":1,"symbols_score_info":{"ATAT":0.9}},"isVote":1,"tweetType":1,"viewCount":736,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168747287,"gmtCreate":1623984751649,"gmtModify":1703825593900,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Asd","listText":"Asd","text":"Asd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/168747287","repostId":"2144723622","repostType":4,"repost":{"id":"2144723622","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":1623969240,"share":"https://ttm.financial/m/news/2144723622?lang=en_US&edition=fundamental","pubTime":"2021-06-18 06:34","market":"hk","language":"zh","title":"Nayuki's tea will start its IPO today, and the admission fee is about HK $9999.77","url":"https://stock-news.laohu8.com/highlight/detail?id=2144723622","media":"老虎资讯综合","summary":"奈雪的茶发布公告，公司于6月18日-6月23日招股，拟发行2.57亿股，其中香港公开发售占比10%，国际发售占90%，另附15%超额配股权，每股发行价19.80港元,预期股份将于6月30日上市，以每手500股股份为单位进行买卖。奈雪的茶茶饮店数量由截至2017年12月31日的44间迅速增长至截至2020年12月31日的491间，并于截至最后实际可行日期进一步增至562间。","content":"<p>News on June 18, Nayuki's tea<a href=\"https://laohu8.com/S/02150\">$(02150)$</a>It was announced that the company will issue an IPO from June 18 to June 23, and plans to issue 257 million shares, of which the Hong Kong public offering accounts for 10%, the international offering accounts for 90%, and a 15% over-allotment option is attached. The issue price per share is 17.2-HK $19.80. It is expected that the shares will be listed on June 30 and traded in units of 500 shares per lot.</p><p>Tiger Trade will open for subscription at 11:30<img src=\"https://static.tigerbbs.com/f08dd3d1eb849f2784d1589c5f6a6b65\" tg-width=\"575\" tg-height=\"495\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>Each lot of 500 shares, admission fee is HK $9,999.77.</p><p>The threshold for Group B is 300,000 shares, and the funds required for subscription are approximately HK $5,999,857.38.<img src=\"https://static.tigerbbs.com/4c4dee97a8902ed113642bd59ffeb23c\" tg-width=\"564\" tg-height=\"408\" referrerpolicy=\"no-referrer\">It is reported that Naixue's tea shop operated by the company is China's leading high-end ready-made tea chain store, focusing on providing ready-made tea drinks. According to CIC, Nayuki's tea is the second largest teahouse brand in China's high-end ready-made teahouse market in terms of total retail consumption in 2020, with a market share of 18.9%. In terms of total retail consumption in 2020, Nayuki's tea is the seventh largest teahouse brand in China's overall ready-made teahouse industry, with a market share of 3.9%.</p><p>In order to enhance the convenience and personalized experience of Nayuki's tea to customers, the company launched Nayuki's tea membership system and Nayuki's tea application, and achieved full integration with the company's Nayuki's tea shop network. The company's Nayuki tea membership system has about 35.3 million registered members. In 2020, approximately 49.0% of Nayuki's total tea orders came from Nayuki's tea members.</p><p>The number of Nayuki's teahouses grew rapidly from 44 as of December 31, 2017 to 491 as of December 31, 2020, and further to 562 as of the Latest Practicable Date. The revenue generated by the company's Nayuki teahouse increased from RMB 910 million in 2018 to RMB 2.292 billion in 2019, and further increased to RMB 2.871 billion in 2020. Throughout the track record period, the company's profitability continued to improve, and its adjusted net loss decreased significantly from RMB 56.6 million in 2018 to RMB 11.7 million in 2019, and further reversed to an adjusted net profit of RMB 16.6 million in 2020.</p><p>In addition, in terms of same stores in 2018 and 2019, Nayuki's tea same store profit margin remained stable in 2018 and 2019, at 24.9% and 25.3%, respectively. Due to the impact of the COVID-19 outbreak, in terms of same stores in 2019 and 2020, Nayuki's tea same store profit margin was 13.5% in 2020, compared to 21.0% in 2019.</p><p>Assuming an Offer Price of HK $19.80 per Offer Share, the estimated net proceeds from the Global Offering to be received are HK $4,842 million, of which approximately 70.0% will be used to expand our teahouse network and increase market penetration in the next three years. About 10.0% will be used in the next three years to further improve the company's overall operations by strengthening technical capabilities to improve operational efficiency, and about 10.0% will be used in the next three years to improve the company's supply chain and channel construction capabilities to support the company's scale expansion, and the remaining approximately 10.0% will be used for working capital and general corporate purposes.</p><p>In addition, the company has entered into cornerstone investment agreements with five cornerstone investors, and the cornerstone investors have agreed to subscribe for a certain number of offer shares that can be purchased for a total amount of US $155 million at the offer price, subject to certain conditions. Cornerstone investors include<a href=\"https://laohu8.com/S/UBS\">UBS</a>Fund, China Universal Fund, GF Fund, Southern Fund Management, Qianyuan Fuxing.</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>Nayuki's tea will start its IPO today, and the admission fee is about HK $9999.77</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\">\nNayuki's tea will start its IPO today, and the admission fee is about HK $9999.77\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-18 06:34</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>News on June 18, Nayuki's tea<a href=\"https://laohu8.com/S/02150\">$(02150)$</a>It was announced that the company will issue an IPO from June 18 to June 23, and plans to issue 257 million shares, of which the Hong Kong public offering accounts for 10%, the international offering accounts for 90%, and a 15% over-allotment option is attached. The issue price per share is 17.2-HK $19.80. It is expected that the shares will be listed on June 30 and traded in units of 500 shares per lot.</p><p>Tiger Trade will open for subscription at 11:30<img src=\"https://static.tigerbbs.com/f08dd3d1eb849f2784d1589c5f6a6b65\" tg-width=\"575\" tg-height=\"495\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>Each lot of 500 shares, admission fee is HK $9,999.77.</p><p>The threshold for Group B is 300,000 shares, and the funds required for subscription are approximately HK $5,999,857.38.<img src=\"https://static.tigerbbs.com/4c4dee97a8902ed113642bd59ffeb23c\" tg-width=\"564\" tg-height=\"408\" referrerpolicy=\"no-referrer\">It is reported that Naixue's tea shop operated by the company is China's leading high-end ready-made tea chain store, focusing on providing ready-made tea drinks. According to CIC, Nayuki's tea is the second largest teahouse brand in China's high-end ready-made teahouse market in terms of total retail consumption in 2020, with a market share of 18.9%. In terms of total retail consumption in 2020, Nayuki's tea is the seventh largest teahouse brand in China's overall ready-made teahouse industry, with a market share of 3.9%.</p><p>In order to enhance the convenience and personalized experience of Nayuki's tea to customers, the company launched Nayuki's tea membership system and Nayuki's tea application, and achieved full integration with the company's Nayuki's tea shop network. The company's Nayuki tea membership system has about 35.3 million registered members. In 2020, approximately 49.0% of Nayuki's total tea orders came from Nayuki's tea members.</p><p>The number of Nayuki's teahouses grew rapidly from 44 as of December 31, 2017 to 491 as of December 31, 2020, and further to 562 as of the Latest Practicable Date. The revenue generated by the company's Nayuki teahouse increased from RMB 910 million in 2018 to RMB 2.292 billion in 2019, and further increased to RMB 2.871 billion in 2020. Throughout the track record period, the company's profitability continued to improve, and its adjusted net loss decreased significantly from RMB 56.6 million in 2018 to RMB 11.7 million in 2019, and further reversed to an adjusted net profit of RMB 16.6 million in 2020.</p><p>In addition, in terms of same stores in 2018 and 2019, Nayuki's tea same store profit margin remained stable in 2018 and 2019, at 24.9% and 25.3%, respectively. Due to the impact of the COVID-19 outbreak, in terms of same stores in 2019 and 2020, Nayuki's tea same store profit margin was 13.5% in 2020, compared to 21.0% in 2019.</p><p>Assuming an Offer Price of HK $19.80 per Offer Share, the estimated net proceeds from the Global Offering to be received are HK $4,842 million, of which approximately 70.0% will be used to expand our teahouse network and increase market penetration in the next three years. About 10.0% will be used in the next three years to further improve the company's overall operations by strengthening technical capabilities to improve operational efficiency, and about 10.0% will be used in the next three years to improve the company's supply chain and channel construction capabilities to support the company's scale expansion, and the remaining approximately 10.0% will be used for working capital and general corporate purposes.</p><p>In addition, the company has entered into cornerstone investment agreements with five cornerstone investors, and the cornerstone investors have agreed to subscribe for a certain number of offer shares that can be purchased for a total amount of US $155 million at the offer price, subject to certain conditions. Cornerstone investors include<a href=\"https://laohu8.com/S/UBS\">UBS</a>Fund, China Universal Fund, GF Fund, Southern Fund Management, Qianyuan Fuxing.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/969153dc5674369c3b376e33d2fc3976","relate_stocks":{"02150":"奈雪的茶","CYB":"人民币ETF-WisdomTree Dreyfus"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144723622","content_text":"6月18日消息，奈雪的茶$(02150)$发布公告，公司于6月18日-6月23日招股，拟发行2.57亿股，其中香港公开发售占比10%，国际发售占90%，另附15%超额配股权，每股发行价17.2-19.80港元，预期股份将于6月30日上市，以每手500股股份为单位进行买卖。\nTiger Trade 将于11:30 开放申购申购阶梯：\n每手500股，入场费9,999.77港元。\n乙组门槛为30万股，申购所需资金约5,999,857.38港元。据悉，公司所经营的奈雪的茶茶饮店是中国领先的高端现制茶饮连锁店，专注于提供现製茶饮。根据灼识谘询的资料，按2020年零售消费总值计，奈雪的茶在中国高端现制茶饮店市场中为第二大茶饮店品牌，市场份额为18.9%。按2020年零售消费总值计，奈雪的茶在中国整体现製茶饮店行业中为第七大茶饮店品牌，市场份额为3.9%。\n为提升奈雪的茶对客户的便利性及个性化体验，公司推出奈雪的茶会员体系及奈雪的茶应用程序，并实现与公司奈雪的茶茶饮店网络的全面整合。公司的奈雪的茶会员体系有注册会员约3530万名。于2020年，奈雪的茶订单总数中约49.0%来自奈雪的茶会员。\n奈雪的茶茶饮店数量由截至2017年12月31日的44间迅速增长至截至2020年12月31日的491间，并于截至最后实际可行日期进一步增至562间。公司的奈雪的茶茶饮店所产生的收益由2018年的人民币9.1亿元增至2019年的人民币22.92亿元，并进一步增至2020年的人民币28.71亿元。于整个往绩记录期间，公司的盈利能力不断提升，经调整净亏损由2018年的人民币5660万元大幅减少至2019年的人民币1170万元，并进一步扭转为2020年的经调整净利润人民币1660万元。\n此外，就2018年及2019年的同店而言，奈雪的茶同店利润率于2018年及2019年维持稳定，分别为24.9%及25.3%。由于COVID-19爆发的影响，就2019年及2020年的同店而言，奈雪的茶同店利润率于2020年为13.5%，而2019年为21.0%。\n假设发售价为每股发售股份19.80港元，将取得的全球发售估计所得款项净额为48.42亿港元，约70.0%在未来三年用于扩张我们的茶饮店网络并提高市场渗透率。约10.0%将在未来三年用于通过强化技术能力，进一步提升公司的整体运营，以提升运营效率，约10.0%在未来三年用于提升公司的供应链及渠道建设能力，以支持公司的规模扩张，剩余约10.0%将用作营运资金及作一般企业用途。\n另外，公司已与5名基石投资者订立基石投资协议，基石投资者已同意在若干条件规限下，按发售价认购以总金额1.55亿美元可购买的若干数目的发售股份。基石投资者包括瑞银基金、汇添富基金、广发基金、南方基金管理、乾元复兴。","news_type":1,"symbols_score_info":{"02150":0.9,"CNHmain":0.9,"CYB":0.9,"UCmain":0.9}},"isVote":1,"tweetType":1,"viewCount":681,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809200579,"gmtCreate":1627369856191,"gmtModify":1703488541822,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/809200579","repostId":"2154960559","repostType":4,"isVote":1,"tweetType":1,"viewCount":2576,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177689352,"gmtCreate":1627209362076,"gmtModify":1703485584852,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/177689352","repostId":"1161895834","repostType":4,"repost":{"id":"1161895834","kind":"news","pubTimestamp":1627179003,"share":"https://ttm.financial/m/news/1161895834?lang=en_US&edition=fundamental","pubTime":"2021-07-25 10:10","market":"hk","language":"zh","title":"When we buy funds, what are we buying?","url":"https://stock-news.laohu8.com/highlight/detail?id=1161895834","media":"远川投资评论","summary":"有“锂”走遍天下，无“锂”寸步难行，最近，在碳中和政策的持续发酵下，作为新能源电池原料的锂，受到了市场的狂热追捧。“锂爷爷”“钴奶奶”发威，新能源板块大涨。不少投资者看到涨势大好的新能源板块开始蠢蠢欲","content":"<p>\"Lithium\" has traveled all over the world, but it is difficult to move without \"lithium\". Recently, under the continuous fermentation of carbon neutrality policies, lithium, as a raw material for new energy batteries, has been enthusiastically sought after by the market. \"Grandpa Lithium\" and \"Grandma Cobalt\" showed their power, and the new energy sector rose sharply. Many investors saw that the new energy sector, which was rising well, was ready to move, so they went looking for a new energy-themed fund and were ready to buy it.</p><p>\"Some investors buy funds when they are optimistic about some sectors first, such as consumer military industry, and then find the fund manager who is most similar to their own ideas and positions in the market, and then buy it. This is a bit of putting the cart before the horse.\" Ye Erle of Guosheng Metalworking said, \"For the allocation of the same stock or industry, each fund manager's logic may be completely different, and the amount of money he can make in the end is also completely different.\"</p><p>Yerle believes that we often ask fund managers \"what did they buy\" without knowing \"why they bought it\", and the latter question may be more important. Recently, one of his research reports, \"What Money Does Public Offering of Fund Make-A Series Report on the Evolution History of Fund ALPHA\", has attracted widespread attention in the industry and has been well received by many institutions. In his report, he analyzed the fund's income sources in detail, and introduced a different method of dividing the ability of fund managers from the traditional one.</p><p><img src=\"https://static.tigerbbs.com/457375bc4d0235878aa7dc3b323dbb68\" tg-width=\"1080\" tg-height=\"1220\" referrerpolicy=\"no-referrer\"></p><p>Guosheng Metalworking Analyst Ye Erle</p><p>Last month, our Yuanchuan Research Institute had a conversation with Ye Erle, an analyst at Guosheng Metalworking, and conducted a series of discussions on what money Public Offering of Fund actually makes. We hope that through this conversation, we can bring new inspiration to investors about \"buying funds\".</p><p>The following are some of Ye Erle's views on what you buy when buying a fund, what abilities the fund manager has, and how to build a fund portfolio.</p><p><img src=\"https://static.tigerbbs.com/cafe4d249052d6040ae3bf665fe6edad\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>When many people buy funds, they will ask, \"Can this fund still be bought after it has risen so much?\" Ye Erle gave an answer: Buying funds is different from buying stocks. Stocks should not be chased high.<b>But funds can \"chase high\" under certain circumstances.</b>Generally speaking, Yerle listed three differences between funds and stocks, which are reflected in pricing, valuation, and risk diversification.</p><p>The pricing of stocks is the result of people's expected exchange and expected game based on public market data.<b>The pricing of the fund is determined by the fund manager alone.</b>If stocks want to rise, more and more people are persuaded to buy by a certain narrative or logic. If funds want to rise, fund managers need to have the ability to perceive such logic in advance, buy stocks in advance, and buy them when everyone buys them. Sell when you come.</p><p>Stocks have clear valuations, and funds have no valuation issues in the sense of net value. If stocks rise too much, they will fall, and if they fall too much, they will rise. However, funds do not necessarily perform poorly in the future if they rise well, nor do they necessarily perform well in the future if they performed poorly in the past. There is a highly extrapolated indicator when buying funds, called ALPHA medium and long-term momentum, which means<b>The essence of a good past and a good future is the ability of fund managers. Only when a certain ability of the fund manager is stable can he have long-term momentum in a certain segment of income, and the long-term momentum in a certain segment of income also proves that the fund is stable in this kind of ability.</b></p><p>Stocks have characteristic risks at the company level, which can be controlled through diversified holdings. Funds are a combination of stocks, and the risks in this respect are already small, and their risks cannot be controlled only by simple diversification. For example, if you buy a bunch of funds that prefer group stocks, although a single fund may account for a small proportion, the risk of the \"group factor\" of the portfolio is very high. Once the group collapses, the entire fund portfolio will have great pullback/retracement risks. It may not be as good as choosing a fund for each of the large, mid-cap and small-cap stocks, and the risks will be more dispersed. So,<b>The risk of the fund needs to penetrate into the underlying style to diversify.</b></p><p>So what is the nature of a fund?</p><p>Yerle believes that the fund will remain unchanged<b>The essence is that fund managers include so-called circles of competence such as personality, investment system, information sources, and investment models.</b>After years of evolution, it has been difficult for fund managers to use simple investment styles such as \"large and small caps\", \"value growth\", and \"industry themes\" to divide. The stability of such divisions is weak, and it is necessary to further attribute fund returns to summarize The stock selection logic of the fund manager is divided into the true ability of the fund manager.</p><p><img src=\"https://static.tigerbbs.com/7147ee6f0c9e846a286b58749c009cb7\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What money does Public Offering of Fund make?</p><p>After attributing the income of Public Offering of Fund in the report, Ye Erle concluded that the fund income includes money that the fund manager cannot earn steadily, money that will inevitably be lost, and money that can be earned steadily.</p><p>First, the money a fund makes in terms of market capitalization and valuation is volatile. I have only made two waves of money in terms of market value, one wave is money with small market value in 14 ~ 16 years, and the other wave is money with large market value from the end of last year to the beginning of this year. It is difficult to grasp the money with market value. In terms of valuation, Public Offering of Fund prefers high-valued stocks, which brought negative returns before 19 years, and then positive returns, and the money earned at the valuation level is not stable.</p><p>Furthermore, Public Offering of Fund prefers stocks with high volatility and high liquidity, which makes funds lose money for a long time. High volatility refers to the sharp ups and downs of stocks in the past, which can cause trading losses. However, Public Offering of Fund is subject to the attributes of large volume and public offering, so it must buy high liquidity tickets. High liquidity corresponds to high pricing efficiency. The duration of fast logic money on these stocks has become shorter and shorter in recent years.<b>It is difficult to do high-frequency trading in public offerings, and it is difficult to earn such fast logic money, so it is basically transferred to private high-frequency traders.</b></p><p>Therefore, whether it is market value, valuation money, or high volatility and high liquidity money, most fund managers cannot stably grasp it. Ye Erle believes that,<b>When buying funds, you should pay more attention to the fund manager's ability to make money steadily.</b></p><p>Then<b>Public offerings can only make slow money when they can't make quick money.</b>The money of slow logic is reflected in two styles of income:<b>Momentum and growth.</b>The so-called momentum refers to a logic that only when it is slowly fermented can the stock price eventually rise steadily in the past 12 months. This characteristic of steady rise is called momentum by Ye Erle. Growth means that the company has growth, and the verification of growth takes time and thus depends on slow logic.</p><p>Regarding making money from growth logic, Ye Erle summarized three advantages: (1) The logic of growth needs time to be verified, and it cannot be fully responded in the short term, leaving fund managers with enough time; (2) The logic of growth will be realized in the short term, that is, it can be verified in stages according to the quarterly report, and each verification can realize part of the excess returns, so that the stock can rise continuously; (3) The logic of growth is more verifiable than the logic of value, because the regression of valuation depends on many external macro or market factors, and the logic of growth, such as the judgment of the company's five-year growth rate, must exist in the next five years. A fact verifies whether what was said five years ago is right or not.</p><p>Ye Erle believes that,<b>The most important thing for Public Offering of Fund is to predict the company's performance and earn money from growth logic.</b>At present, public offerings are mostly based on short-term performance appraisal, and growth is more cost-effective than value: it may take 1 to 3 years for value to return to earn excess returns, and the time is highly uncertain, while growth stocks can be logically realized every quarter.</p><p>From a strategic perspective, Ye Erle introduced that in addition to performance growth, another factor for funds to make money in the long term at the company level-analyst popularity. Analyst enthusiasm means that fund managers usually pay close attention to analyst recommendations, which are translated into their own investment logic.<b>Compared with the public's information source advantage, it is also the reason why Public Offering of Fund makes money for a long time. Fund managers have faster channels to receive information.</b></p><p>Generally speaking, public funds are<b>Momentum, Growth, Analyst Heat</b>These factors are long-term profit-making, which is also the ability of fund managers, while the style income of market value and valuation, as well as the trading income of high volatility and high liquidity, are beyond the grasp of fund managers.</p><p><img src=\"https://static.tigerbbs.com/5cf5bac55700f0cdf8740d80785377cf\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>After understanding the source of fund income, how should we operate when it comes to the division of fund manager ability labels and the construction of fund portfolios?</p><p>Yerle tells us how to analyze a fund through examples. Taking a fund that performed well this year as an example, he made a quantitative attribution to the income of this fund, thus summarizing the ability labels possessed by the fund manager.</p><p>First of all, Ye Erle completely decomposed the fund income into four major sources of income. The fund performed averagely in terms of \"strategic income\" and contributed greatly in terms of \"dynamic income\", which means that the fund manager's overall stock selection ability is average, but the ability to do band is strong. The fund also contributes greatly to \"industry returns\", which means that its industry is well chosen. Accordingly, fund managers can be labeled: dynamic profitability, industry allocation ability.</p><p><img src=\"https://static.tigerbbs.com/96be149643d87dd279b716450ccb6797\" tg-width=\"717\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>Then analyze the \"style income\" of the fund. Since the fund changed its fund manager in 2020, its style has switched to small and medium-sized market capitalization, high momentum, high volatility, high valuation, high growth, and its style is stable. It is found that the fund manager likes to buy small receipts, buy popular sectors. This labeled him: small and medium-sized market capitalization, investment in popular sectors, and stable historical style.</p><p>Observe the characteristics of industry income again: the concentration of positions is relatively high, medicine has bought nearly 50% of the positions, and machinery has bought nearly 40%. Once you are optimistic about the industry, the bet is relatively heavy; In terms of industry switching, it is highly sensitive to the cycle. In the second quarter of last year, it switched to machinery and chemical industry in large quantities, and the market as a whole paid close attention to these two industries in the fourth quarter. Accordingly, it can be labeled: industry concentration.</p><p>Finally, it was observed that the fund's low exposure to the analyst heat factor in the second quarter of last year meant that he was earlier than analysts expected, and his later operations were contrary to analysts' recommendations. The more analysts recommended, the more he sold, indicating that he: the left side/information changes are sensitive.</p><p>Based on this, Yerle concluded that the fund manager showed during the management of this fund from 2020.01 to 2021.03<b>Strong dynamic investment ability and small and medium-sized market capitalization investment style.</b>It can quickly process market information, decisively and centrally adjust positions at the critical points on the left and right sides, carry out effective meso-industry allocation and dynamic operation of individual stocks, and invest in sectors with relatively popular but small and medium market value, thus avoiding the crowded big white horse plate at that time.</p><p>After analyzing such a fund manager, Ye Erle believes that we can aim at the \"personality\" of this fund manager, find out all similar fund managers, and build a portfolio.</p><p>For example, build a portfolio of fund managers who are also strong dynamic income capabilities, or transfer out a certain type of fund managers who are also strong in stock selection capabilities and industry allocation capabilities, and continue to track and analyze this portfolio What kind of market is suitable for.<b>When you need a fund manager with any characteristics, Guosheng Metalworking can quantitatively screen it out from the portfolio of fund managers.</b></p><p>Guosheng Metalworking has built a long-term tracking fund portfolio on Wind: Guosheng Base Selection Strategy, which has performed very well in the past two years.</p><p><img src=\"https://static.tigerbbs.com/a439a13ff398b1ae2bd7eae1b60978ee\" tg-width=\"1080\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>(Data source: wind)</p><p><img src=\"https://static.tigerbbs.com/eb201d1d3189ee8ec2a861a447ce715c\" tg-width=\"388\" tg-height=\"169\" referrerpolicy=\"no-referrer\"></p><p>(Data source: wind)</p><p>This method of dividing the ability of fund managers is an important contribution of Ye Erle's research report. He re-divided the dimensions of fund managers into various capabilities and investment logics. Compared with the previous division of fund managers by industry and simple style, this method is more stable.</p><p><img src=\"https://static.tigerbbs.com/a0df7a1b499d59e3ea2351cf743665be\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>For ordinary investors, they should also pay more attention to the various abilities of fund managers when buying funds. Our WeChat official account \"Yuanchuan Investment Review\" often updates some research and interviews with fund managers, which can serve as a window for everyone to understand the competence circle of fund managers.</p><p>Through continuous learning, you will know which fund managers are good at stock trading, which are good at stock selection, and which industries have strong allocation capabilities, so as to choose funds that meet our preferred types.</p><p>For capabilities that fund managers cannot grasp, such as capabilities in market value, we can build portfolios by matching funds with different market styles (such as large and small caps) to diversify fund risks.</p><p>However, when building a fund portfolio, everyone's expected returns and risk preferences are different. It is the most important thing to understand yourself and allocate funds according to your own needs.</p><p>Finally, Ye Erle gave ordinary Christians<b>Some tips:</b></p><p>1. Don't blindly follow the trend of buying funds recommended on Alipay's homepage. Be cautious when everyone is buying.</p><p>2. Don't expect funds with a scale of more than 5 billion to bring strong excess returns outside the style industry. Guosheng Metalworking has conducted a test on the size of the fund. On average, the alpha of the fund is the strongest between 500 and 2 billion. Once the scale managed by the fund manager becomes particularly large, the alpha will most likely be exhausted.</p><p>3. In the absence of obvious judgment ability, Christians recommend fixed investment to disperse costs and reduce the sensitivity of winning rate.</p>","source":"lsy1583835599575","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>When we buy funds, what are we buying?</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\">\nWhen we buy funds, what are we buying?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">远川投资评论</strong><span class=\"h-time small\">2021-07-25 10:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>\"Lithium\" has traveled all over the world, but it is difficult to move without \"lithium\". Recently, under the continuous fermentation of carbon neutrality policies, lithium, as a raw material for new energy batteries, has been enthusiastically sought after by the market. \"Grandpa Lithium\" and \"Grandma Cobalt\" showed their power, and the new energy sector rose sharply. Many investors saw that the new energy sector, which was rising well, was ready to move, so they went looking for a new energy-themed fund and were ready to buy it.</p><p>\"Some investors buy funds when they are optimistic about some sectors first, such as consumer military industry, and then find the fund manager who is most similar to their own ideas and positions in the market, and then buy it. This is a bit of putting the cart before the horse.\" Ye Erle of Guosheng Metalworking said, \"For the allocation of the same stock or industry, each fund manager's logic may be completely different, and the amount of money he can make in the end is also completely different.\"</p><p>Yerle believes that we often ask fund managers \"what did they buy\" without knowing \"why they bought it\", and the latter question may be more important. Recently, one of his research reports, \"What Money Does Public Offering of Fund Make-A Series Report on the Evolution History of Fund ALPHA\", has attracted widespread attention in the industry and has been well received by many institutions. In his report, he analyzed the fund's income sources in detail, and introduced a different method of dividing the ability of fund managers from the traditional one.</p><p><img src=\"https://static.tigerbbs.com/457375bc4d0235878aa7dc3b323dbb68\" tg-width=\"1080\" tg-height=\"1220\" referrerpolicy=\"no-referrer\"></p><p>Guosheng Metalworking Analyst Ye Erle</p><p>Last month, our Yuanchuan Research Institute had a conversation with Ye Erle, an analyst at Guosheng Metalworking, and conducted a series of discussions on what money Public Offering of Fund actually makes. We hope that through this conversation, we can bring new inspiration to investors about \"buying funds\".</p><p>The following are some of Ye Erle's views on what you buy when buying a fund, what abilities the fund manager has, and how to build a fund portfolio.</p><p><img src=\"https://static.tigerbbs.com/cafe4d249052d6040ae3bf665fe6edad\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>When many people buy funds, they will ask, \"Can this fund still be bought after it has risen so much?\" Ye Erle gave an answer: Buying funds is different from buying stocks. Stocks should not be chased high.<b>But funds can \"chase high\" under certain circumstances.</b>Generally speaking, Yerle listed three differences between funds and stocks, which are reflected in pricing, valuation, and risk diversification.</p><p>The pricing of stocks is the result of people's expected exchange and expected game based on public market data.<b>The pricing of the fund is determined by the fund manager alone.</b>If stocks want to rise, more and more people are persuaded to buy by a certain narrative or logic. If funds want to rise, fund managers need to have the ability to perceive such logic in advance, buy stocks in advance, and buy them when everyone buys them. Sell when you come.</p><p>Stocks have clear valuations, and funds have no valuation issues in the sense of net value. If stocks rise too much, they will fall, and if they fall too much, they will rise. However, funds do not necessarily perform poorly in the future if they rise well, nor do they necessarily perform well in the future if they performed poorly in the past. There is a highly extrapolated indicator when buying funds, called ALPHA medium and long-term momentum, which means<b>The essence of a good past and a good future is the ability of fund managers. Only when a certain ability of the fund manager is stable can he have long-term momentum in a certain segment of income, and the long-term momentum in a certain segment of income also proves that the fund is stable in this kind of ability.</b></p><p>Stocks have characteristic risks at the company level, which can be controlled through diversified holdings. Funds are a combination of stocks, and the risks in this respect are already small, and their risks cannot be controlled only by simple diversification. For example, if you buy a bunch of funds that prefer group stocks, although a single fund may account for a small proportion, the risk of the \"group factor\" of the portfolio is very high. Once the group collapses, the entire fund portfolio will have great pullback/retracement risks. It may not be as good as choosing a fund for each of the large, mid-cap and small-cap stocks, and the risks will be more dispersed. So,<b>The risk of the fund needs to penetrate into the underlying style to diversify.</b></p><p>So what is the nature of a fund?</p><p>Yerle believes that the fund will remain unchanged<b>The essence is that fund managers include so-called circles of competence such as personality, investment system, information sources, and investment models.</b>After years of evolution, it has been difficult for fund managers to use simple investment styles such as \"large and small caps\", \"value growth\", and \"industry themes\" to divide. The stability of such divisions is weak, and it is necessary to further attribute fund returns to summarize The stock selection logic of the fund manager is divided into the true ability of the fund manager.</p><p><img src=\"https://static.tigerbbs.com/7147ee6f0c9e846a286b58749c009cb7\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What money does Public Offering of Fund make?</p><p>After attributing the income of Public Offering of Fund in the report, Ye Erle concluded that the fund income includes money that the fund manager cannot earn steadily, money that will inevitably be lost, and money that can be earned steadily.</p><p>First, the money a fund makes in terms of market capitalization and valuation is volatile. I have only made two waves of money in terms of market value, one wave is money with small market value in 14 ~ 16 years, and the other wave is money with large market value from the end of last year to the beginning of this year. It is difficult to grasp the money with market value. In terms of valuation, Public Offering of Fund prefers high-valued stocks, which brought negative returns before 19 years, and then positive returns, and the money earned at the valuation level is not stable.</p><p>Furthermore, Public Offering of Fund prefers stocks with high volatility and high liquidity, which makes funds lose money for a long time. High volatility refers to the sharp ups and downs of stocks in the past, which can cause trading losses. However, Public Offering of Fund is subject to the attributes of large volume and public offering, so it must buy high liquidity tickets. High liquidity corresponds to high pricing efficiency. The duration of fast logic money on these stocks has become shorter and shorter in recent years.<b>It is difficult to do high-frequency trading in public offerings, and it is difficult to earn such fast logic money, so it is basically transferred to private high-frequency traders.</b></p><p>Therefore, whether it is market value, valuation money, or high volatility and high liquidity money, most fund managers cannot stably grasp it. Ye Erle believes that,<b>When buying funds, you should pay more attention to the fund manager's ability to make money steadily.</b></p><p>Then<b>Public offerings can only make slow money when they can't make quick money.</b>The money of slow logic is reflected in two styles of income:<b>Momentum and growth.</b>The so-called momentum refers to a logic that only when it is slowly fermented can the stock price eventually rise steadily in the past 12 months. This characteristic of steady rise is called momentum by Ye Erle. Growth means that the company has growth, and the verification of growth takes time and thus depends on slow logic.</p><p>Regarding making money from growth logic, Ye Erle summarized three advantages: (1) The logic of growth needs time to be verified, and it cannot be fully responded in the short term, leaving fund managers with enough time; (2) The logic of growth will be realized in the short term, that is, it can be verified in stages according to the quarterly report, and each verification can realize part of the excess returns, so that the stock can rise continuously; (3) The logic of growth is more verifiable than the logic of value, because the regression of valuation depends on many external macro or market factors, and the logic of growth, such as the judgment of the company's five-year growth rate, must exist in the next five years. A fact verifies whether what was said five years ago is right or not.</p><p>Ye Erle believes that,<b>The most important thing for Public Offering of Fund is to predict the company's performance and earn money from growth logic.</b>At present, public offerings are mostly based on short-term performance appraisal, and growth is more cost-effective than value: it may take 1 to 3 years for value to return to earn excess returns, and the time is highly uncertain, while growth stocks can be logically realized every quarter.</p><p>From a strategic perspective, Ye Erle introduced that in addition to performance growth, another factor for funds to make money in the long term at the company level-analyst popularity. Analyst enthusiasm means that fund managers usually pay close attention to analyst recommendations, which are translated into their own investment logic.<b>Compared with the public's information source advantage, it is also the reason why Public Offering of Fund makes money for a long time. Fund managers have faster channels to receive information.</b></p><p>Generally speaking, public funds are<b>Momentum, Growth, Analyst Heat</b>These factors are long-term profit-making, which is also the ability of fund managers, while the style income of market value and valuation, as well as the trading income of high volatility and high liquidity, are beyond the grasp of fund managers.</p><p><img src=\"https://static.tigerbbs.com/5cf5bac55700f0cdf8740d80785377cf\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>After understanding the source of fund income, how should we operate when it comes to the division of fund manager ability labels and the construction of fund portfolios?</p><p>Yerle tells us how to analyze a fund through examples. Taking a fund that performed well this year as an example, he made a quantitative attribution to the income of this fund, thus summarizing the ability labels possessed by the fund manager.</p><p>First of all, Ye Erle completely decomposed the fund income into four major sources of income. The fund performed averagely in terms of \"strategic income\" and contributed greatly in terms of \"dynamic income\", which means that the fund manager's overall stock selection ability is average, but the ability to do band is strong. The fund also contributes greatly to \"industry returns\", which means that its industry is well chosen. Accordingly, fund managers can be labeled: dynamic profitability, industry allocation ability.</p><p><img src=\"https://static.tigerbbs.com/96be149643d87dd279b716450ccb6797\" tg-width=\"717\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>Then analyze the \"style income\" of the fund. Since the fund changed its fund manager in 2020, its style has switched to small and medium-sized market capitalization, high momentum, high volatility, high valuation, high growth, and its style is stable. It is found that the fund manager likes to buy small receipts, buy popular sectors. This labeled him: small and medium-sized market capitalization, investment in popular sectors, and stable historical style.</p><p>Observe the characteristics of industry income again: the concentration of positions is relatively high, medicine has bought nearly 50% of the positions, and machinery has bought nearly 40%. Once you are optimistic about the industry, the bet is relatively heavy; In terms of industry switching, it is highly sensitive to the cycle. In the second quarter of last year, it switched to machinery and chemical industry in large quantities, and the market as a whole paid close attention to these two industries in the fourth quarter. Accordingly, it can be labeled: industry concentration.</p><p>Finally, it was observed that the fund's low exposure to the analyst heat factor in the second quarter of last year meant that he was earlier than analysts expected, and his later operations were contrary to analysts' recommendations. The more analysts recommended, the more he sold, indicating that he: the left side/information changes are sensitive.</p><p>Based on this, Yerle concluded that the fund manager showed during the management of this fund from 2020.01 to 2021.03<b>Strong dynamic investment ability and small and medium-sized market capitalization investment style.</b>It can quickly process market information, decisively and centrally adjust positions at the critical points on the left and right sides, carry out effective meso-industry allocation and dynamic operation of individual stocks, and invest in sectors with relatively popular but small and medium market value, thus avoiding the crowded big white horse plate at that time.</p><p>After analyzing such a fund manager, Ye Erle believes that we can aim at the \"personality\" of this fund manager, find out all similar fund managers, and build a portfolio.</p><p>For example, build a portfolio of fund managers who are also strong dynamic income capabilities, or transfer out a certain type of fund managers who are also strong in stock selection capabilities and industry allocation capabilities, and continue to track and analyze this portfolio What kind of market is suitable for.<b>When you need a fund manager with any characteristics, Guosheng Metalworking can quantitatively screen it out from the portfolio of fund managers.</b></p><p>Guosheng Metalworking has built a long-term tracking fund portfolio on Wind: Guosheng Base Selection Strategy, which has performed very well in the past two years.</p><p><img src=\"https://static.tigerbbs.com/a439a13ff398b1ae2bd7eae1b60978ee\" tg-width=\"1080\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>(Data source: wind)</p><p><img src=\"https://static.tigerbbs.com/eb201d1d3189ee8ec2a861a447ce715c\" tg-width=\"388\" tg-height=\"169\" referrerpolicy=\"no-referrer\"></p><p>(Data source: wind)</p><p>This method of dividing the ability of fund managers is an important contribution of Ye Erle's research report. He re-divided the dimensions of fund managers into various capabilities and investment logics. Compared with the previous division of fund managers by industry and simple style, this method is more stable.</p><p><img src=\"https://static.tigerbbs.com/a0df7a1b499d59e3ea2351cf743665be\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>For ordinary investors, they should also pay more attention to the various abilities of fund managers when buying funds. Our WeChat official account \"Yuanchuan Investment Review\" often updates some research and interviews with fund managers, which can serve as a window for everyone to understand the competence circle of fund managers.</p><p>Through continuous learning, you will know which fund managers are good at stock trading, which are good at stock selection, and which industries have strong allocation capabilities, so as to choose funds that meet our preferred types.</p><p>For capabilities that fund managers cannot grasp, such as capabilities in market value, we can build portfolios by matching funds with different market styles (such as large and small caps) to diversify fund risks.</p><p>However, when building a fund portfolio, everyone's expected returns and risk preferences are different. It is the most important thing to understand yourself and allocate funds according to your own needs.</p><p>Finally, Ye Erle gave ordinary Christians<b>Some tips:</b></p><p>1. Don't blindly follow the trend of buying funds recommended on Alipay's homepage. Be cautious when everyone is buying.</p><p>2. Don't expect funds with a scale of more than 5 billion to bring strong excess returns outside the style industry. Guosheng Metalworking has conducted a test on the size of the fund. On average, the alpha of the fund is the strongest between 500 and 2 billion. Once the scale managed by the fund manager becomes particularly large, the alpha will most likely be exhausted.</p><p>3. In the absence of obvious judgment ability, Christians recommend fixed investment to disperse costs and reduce the sensitivity of winning rate.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/am8U1F6q6VGz2YRds9RHEA\">远川投资评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/am8U1F6q6VGz2YRds9RHEA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161895834","content_text":"有“锂”走遍天下，无“锂”寸步难行，最近，在碳中和政策的持续发酵下，作为新能源电池原料的锂，受到了市场的狂热追捧。“锂爷爷”“钴奶奶”发威，新能源板块大涨。不少投资者看到涨势大好的新能源板块开始蠢蠢欲动，于是去寻找一只新能源主题基金，准备买入。\n“部分投资者买基金是先自己看好一些板块，比如消费军工之类的，然后再在市场中去找与自己想法持仓最像的基金经理，然后去买它，这有点本末倒置了”国盛金工的叶尔乐说，“对同一个股或行业的配置，每个基金经理的逻辑可能完全不一样，最终能赚到的钱也完全不一样”。\n叶尔乐认为，我们常常会问基金经理“买了什么”而不知道“为什么买”，而后一个问题可能更为重要。最近，他的一篇研究报告《公募基金究竟赚的什么钱—基金ALPHA进化史系列报告》引起了业内广泛关注，受到多家机构的一致好评。他在报告中详细分析了基金的收益来源，并介绍了不同于传统的划分基金经理能力的方法。\n\n国盛金工分析师 叶尔乐\n上个月，我们远川研究所对话了国盛金工分析师叶尔乐，对公募基金究竟赚的是什么钱进行了一系列的探讨，希望通过这次交谈，能够就“买基金”这件事给投资者们带来新的启发。\n以下，是叶尔乐对买基金买的是什么、基金经理具备哪些能力、怎么去构建基金组合等问题的一些看法。\n\n很多人买基金时，会问到“这个基金涨这么多还能买吗？”叶尔乐给出了回答：买基金和买股票不一样，股票不宜追高，但基金在某种情况下是可以“追高”的。总体来说，叶尔乐列举了基金与股票的三个区别，分别体现在定价、估值、风险分散方式上。\n股票的定价是由众人根据市场公开数据进行预期交换、预期博弈得到的结果，而基金的定价是由基金经理一个人决定的。股票要涨，是越来越多的人被某一叙事或逻辑说服而买入，基金要涨，是需要基金经理有提前感知到这样逻辑的能力，提前众人买入股票，并在众人买进来时卖掉。\n股票有明确的估值，基金没有净值意义上的估值问题。股票涨多了会跌，跌多了会涨，而基金并非涨得好的未来表现一定差，也不是以前表现差的未来一定就表现好。买基金有个外推性很强的指标，叫ALPHA中长期动量，意思是过去好的未来好，其本质就是基金经理的能力。只有基金经理某一块能力是稳定的，才能在某一细分收益上有长期动量，而某一细分收益上的长期动量也反证了基金在这类能力上是稳定的。\n股票具有公司层面的特质风险，能通过分散持有来控制，基金是股票的组合，这方面风险已经较小，其风险的控制不能仅靠简单的分散。比如买一堆偏抱团股的基金，虽然可能单个基金占比很小，但组合在“抱团因子”上的风险则非常高，一旦抱团瓦解，整个基金组合都有很大回撤风险，那这样可能还不如大盘中盘小盘各挑一个基金，风险更分散。所以，基金的风险需要穿透到底层风格来分散。\n那么基金的本质是什么呢？\n叶尔乐认为，基金不变的本质是基金经理包括性格、投资体系、信息来源以及投资模式等所谓的能力圈。经过多年进化，基金经理已经很难用“大小盘”、“价值成长”、“行业主题”等简单投资风格去划分，这样的划分稳定性较弱，需要进一步对基金收益进行归因，从而归纳出基金经理的选股逻辑，划分出基金经理的真正能力。\n\n公募基金究竟赚哪些钱？\n叶尔乐在报告中对公募基金的收益进行归因后得出，基金收益中有基金经理不能稳定赚到的钱、不可避免要亏掉的钱、以及能够稳定赚到的钱。\n首先，基金在市值和估值方面赚的钱是不稳定的。市值上只赚过两波钱，一波是14~16年小市值的钱，一波是去年底到今年初的大市值的钱，市值的钱很难把握。在估值上，公募基金偏好高估值股票，这在19年之前带来的是负收益，之后是正收益，估值层面赚的钱也不是稳定的。\n再者，公募基金偏好高波动性和高流动性股票，这使得基金长期亏钱。高波动性是指股票在过去大涨大跌，这会引起交易上的损失。而公募基金受制于大体量和公开募集的属性，必须买高流动性票，高流动性对应高定价效率，快逻辑的钱在这些股票上持续时间近年在越来越短，公募难以做高频交易，很难赚到这种快逻辑的钱，基本将其让渡给私募高频交易者。\n因此，无论是市值、估值的钱，或是高波动性、高流动性的钱，都不是大部分基金经理能够稳定把握的。叶尔乐认为，买基金时更应该关注的是基金经理稳定赚钱的能力。\n那么公募在不能赚快钱的情况下，只能赚慢钱。慢逻辑的钱体现在两种风格收益上：动量和成长。所谓动量，是指一个逻辑只有是慢慢发酵的，最终才可能使股价在过去12个月稳定上涨，这种稳稳上涨的特征叶尔乐称之为动量。而成长就是公司具有成长性，成长性的验证需要时间从而也靠慢逻辑。\n关于赚成长逻辑的钱，叶尔乐总结了三个优点：（1）成长的逻辑需要时间验证，无法在短期反应充分，留给基金经理足够的时间；（2）成长的逻辑短期会有兑现，即可根据季报阶段性验证，每次验证能兑现部分超额收益，使股票连续上涨；（3）成长的逻辑相比价值逻辑是强可验证的，因为估值的回归依赖很多外部的宏观或市场因素，而成长逻辑比如对公司5年增速的判断，那么在未来5年一定存在一个事实验证5年前的话对与否。\n叶尔乐认为，公募基金最主要是预测公司业绩，赚成长逻辑的钱。因为目前公募多以短期业绩考核为主，成长比价值更具有性价比：价值回归可能要等1到3年才赚到超额收益，时间高度不确定，而成长股每个季度都能有逻辑兑现。\n从策略视角，叶尔乐介绍了除业绩增长外，基金在公司层面长期赚钱的另一个因子—分析师热度。分析师热度是指基金经理通常会密切关注分析师的推荐，从而转化为自己的投资逻辑。相比于公众的信息来源优势也是公募基金长期赚钱的原因，基金经理拥有更快接收信息的渠道。\n总的来说，公募基金在动量、成长、分析师热度这些因子上是长期赚钱的，也是基金经理的能力所在，而市值和估值这种风格类收益，以及高波动性高流动性这种交易类收益则是基金经理无法把握的。\n\n在了解了基金收益来源之后，具体到基金经理能力标签的划分、基金组合的构建时又该如何操作呢？\n叶尔乐通过举例来告诉我们如何去分析一只基金。他以今年表现较好的一只基金为例，对这只基金的收益做了量化归因，从而归纳出了基金经理所具备的能力标签。\n首先叶尔乐将基金收益完全分解成四大收益来源，该基金在“策略收益”收益上表现一般，“动态收益”上贡献较大，这意味着基金经理总体选股能力一般，但做波段能力较强。该基金还在“行业收益”上贡献较大，意味着它行业选得好。据此，可以给基金经理贴上标签：动态收益能力、行业配置能力。\n\n接着分析基金的“风格收益”，该基金自2020年换基金经理后，风格切换为中小市值、高动量、高波动性、高估值、高成长，且风格稳健，发现该基金经理喜欢买小票、买热门板块。由此给他贴上标签：中小市值、热门板块投资、历史风格稳定。\n再观察行业收益的特征：持仓集中度较高，医药买了将近50%的仓位，机械买了近40%，一旦看好行业，下注比较重；行业切换上，对周期敏锐度强，在去年二季度大笔切换到机械和化工上，而市场整体高度关注这两个行业是在四季度。据此，可贴标签：行业集中。\n最后，观察到该基金去年二季度在分析师热度因子上暴露较低，意味着他比分析师预期更早，并且他的后期操作与分析师推荐是相逆的，分析师越推荐的他越卖，说明他：左侧/信息变化敏感。\n据此，叶尔乐得出结论：该基金经理在2020.01-2021.03管理这只基金期间表现出了较强的动态投资能力和中小市值投资风格。其能够快速处理市场信息，在左侧右侧临界点果决且集中的调整仓位，进行有效的中观行业配置和个股动态操作，投资较为热门但市值偏中小的板块，避免了当时拥挤的大白马板块。\n分析了这样一位基金经理后，叶尔乐认为，可以以这个基金经理的“个性”为目标，把同类的基金经理都找出来，构建一个组合。\n比如构建一个同样都是动态收益能力较强的基金经理的组合，或者把同样都是选股能力强的、同样都是行业配置能力强的某一类基金经理调出来，继续跟踪，分析这个组合适应什么样的市场。当你需要什么特征的基金经理，国盛金工可以通过量化的方式，将其从基金经理的组合中筛选出来。\n国盛金工在Wind上构建有长期跟踪的基金组合：国盛选基策略，该组合这两年收益表现十分不错。\n\n(数据来源：wind)\n\n(数据来源：wind)\n这种划分基金经理能力的方法，是叶尔乐这篇研报的重要贡献。他将基金经理的维度做了一个重新的划分，划分为各种各样的能力和投资逻辑，相比以往按行业、按简单风格来划分基金经理，这种方式更为稳定。\n\n对于普通投资者来说，在买基金时也应该更多地关注基金经理所具备的各种能力。我们的公众号“远川投资评论”经常会更新一些基金经理的研究和访谈，可以作为大家了解基金经理能力圈的一个窗口。\n通过不断学习，你就会知道哪些基金经理擅长股票交易，哪些擅长选股，还有哪些行业配置能力较强，从而去选择符合我们偏好类型的基金。\n对于基金经理把握不了的能力，比如市值上的能力，我们可以通过搭配不同市场风格（比如大盘小盘）的基金来构建组合从而分散基金风险。\n不过在构建基金组合时，每个人的预期收益和风险偏好不一样，了解自己，根据自己的需求去配置基金才是最重要的。\n最后，叶尔乐对普通基民给出了一些建议：\n1. 切勿盲目跟风购买支付宝首页推荐基金，当所有人都在买时需要谨慎。\n2. 不要期待规模超50亿的基金能带来很强的风格行业以外超额收益。国盛金工对基金规模做过一个测试，基金的阿尔法平均来看在管理规模5~20亿之间最强，一旦基金经理管理的规模变的特别大，阿尔法大概率会有所衰竭。\n3. 基民在没有明显判断能力的情况下，建议定投分散成本，降低胜率敏感性。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2984,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172603557,"gmtCreate":1626956255279,"gmtModify":1703481274774,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/172603557","repostId":"1149284740","repostType":4,"isVote":1,"tweetType":1,"viewCount":2525,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145579208,"gmtCreate":1626233321004,"gmtModify":1703756043400,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/145579208","repostId":"1140197743","repostType":4,"repost":{"id":"1140197743","kind":"news","pubTimestamp":1626232549,"share":"https://ttm.financial/m/news/1140197743?lang=en_US&edition=fundamental","pubTime":"2021-07-14 11:15","market":"sh","language":"zh","title":"The performance of second-tier liquor stocks is against the sky, and the sector broke out. Is it a risk or an opportunity?","url":"https://stock-news.laohu8.com/highlight/detail?id=1140197743","media":"第一财经","summary":"7月14日早盘，白酒板块逆市拉升，截至发稿，$广誉远$、$海南椰岛$涨停，$舍得酒业$、$中恒集团$等多股纷纷跟涨。7月12日，山西汾酒发布业绩预告指出，预计上半年营收同比增长70%~80%，归母净利润同比增长110%~130%，创下公司近10来的最好成绩。公司表示，今年上半年，受国内疫情逐步得到控制，中高端白酒消费市场明显回暖，公司老酒战略逐步被市场接受等原因影响，公司营业收入实现较大幅度增长。","content":"<p><div>In early trading on July 14th, the liquor sector rose against the market. As of press time, Guangyuyuan and Hainan Coconut Island had their daily limit, and many stocks such as Shede Liquor Industry and Zhongheng Group followed suit. Following Jiugui Liquor, Shanxi Fenjiu and Shede Liquor Industry successively released semi-annual performance forecasts this week, and the performance of all three companies was promising. On July 12, Shanxi Fenjiu released a performance forecast, stating that it is expected that the revenue in the first half of the year will increase by 70% ~ 80% year-on-year, and the net profit attributable to the parent company will increase by 110% ~ 130% year-on-year, setting the company's best result in the past 10 years. Since the beginning of this year, the liquor sector has been frequently favored by funds, and the stock price of Shanxi Fenjiu has also hit new highs, once setting a record...</p><p><a href=\"https://www.yicai.com/news/101109824.html\">Web link</a></div></p>","source":"dyvj","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>The performance of second-tier liquor stocks is against the sky, and the sector broke out. Is it a risk or an opportunity?</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\">\nThe performance of second-tier liquor stocks is against the sky, and the sector broke out. Is it a risk or an opportunity?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">第一财经</strong><span class=\"h-time small\">2021-07-14 11:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>In early trading on July 14th, the liquor sector rose against the market. As of press time, Guangyuyuan and Hainan Coconut Island had their daily limit, and many stocks such as Shede Liquor Industry and Zhongheng Group followed suit. Following Jiugui Liquor, Shanxi Fenjiu and Shede Liquor Industry successively released semi-annual performance forecasts this week, and the performance of all three companies was promising. On July 12, Shanxi Fenjiu released a performance forecast, stating that it is expected that the revenue in the first half of the year will increase by 70% ~ 80% year-on-year, and the net profit attributable to the parent company will increase by 110% ~ 130% year-on-year, setting the company's best result in the past 10 years. Since the beginning of this year, the liquor sector has been frequently favored by funds, and the stock price of Shanxi Fenjiu has also hit new highs, once setting a record...</p><p><a href=\"https://www.yicai.com/news/101109824.html\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.yicai.com/news/101109824.html\">第一财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"600519":"贵州茅台"},"source_url":"https://www.yicai.com/news/101109824.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140197743","content_text":"7月14日早盘，白酒板块逆市拉升，截至发稿，广誉远、海南椰岛涨停，舍得酒业、中恒集团等多股纷纷跟涨。\n\n继酒鬼酒之后，本周山西汾酒、舍得酒业相继发布半年度业绩预告，三家业绩均预喜。\n\n 7月12日，山西汾酒发布业绩预告指出，预计上半年营收同比增长70%~80%，归母净利润同比增长110%~130%，创下公司近10来的最好成绩。今年以来，白酒板块频受资金热捧，山西汾酒股价也连创新高，一度创下356.21元/股的最高纪录，市值持续突破4000亿元。\n\n\n 同日发布业绩预告的舍得酒业公告显示，预计公司2021年半年度实现归属于上市公司股东的净利润为7.1亿元到7.5亿元，与上年同期相比增加5.46亿元到5.86亿元，同比增长332.42%到356.78%；预计上半年实现归属于上市公司股东的扣除非经常性损益的净利润为7.03亿元到7.43亿元，同比增长377.42%到404.59%。公司表示，今年上半年，受国内疫情逐步得到控制，中高端白酒消费市场明显回暖，公司老酒战略逐步被市场接受等原因影响，公司营业收入实现较大幅度增长。股价方面，受摘帽、易主、业绩预增等利好提振，公司股价从3月份的不足60元，一跃至最高点254.88元。\n\n\n 酒鬼酒预计上半年业绩表现同样较好，其公告显示，公司预计营业收入较上年同期增长137%左右，上半年实现归属于上市公司股东的净利润5亿元至5.2亿元，同比增长170.96%至181.79%，净利超去年全年净利润总额。\n\n东兴证券指出，从基本面来看，目前白酒企业经营较为良性，上半年把握住了消费回暖的浪潮，目标达成率都较为超预期，渠道库存也较为良性，行业仍处于良性发展状态中，应理性看待短期业绩增速的波动，重视白酒的长期公司价值，建议关注增长确定性高、业绩弹性大的公司。重点推荐：贵州茅台、五粮液。\n中泰证券食品饮料团队认为，分化成长仍是白酒板块的主旋律。第二季度，白酒板块高端、次高端分化，高端延续稳健，预计茅台维持双位数增长；五粮液、泸州老窖增长中枢维持20%；次高端在低基数下实现高增长，预计普遍在20%以上，部分高成长标的业绩弹性将持续释放。\n华创证券认为，茅台酒价持续走高打开行业价格空间，贵州茅台自身经营以稳定调，留给次高端酒企充分量价空间，次高端加速全国化招商，区域次高端价格带升级，均带动第二季度业绩在低基数下实现高增长，坚持白酒板块全年区间震荡的判断。","news_type":1,"symbols_score_info":{"600519":0.9}},"isVote":1,"tweetType":1,"viewCount":910,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159854612,"gmtCreate":1624957778636,"gmtModify":1703848815390,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Zan","listText":"Zan","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/159854612","repostId":"2147851551","repostType":4,"isVote":1,"tweetType":1,"viewCount":512,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127115153,"gmtCreate":1624839517172,"gmtModify":1703845757611,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"Zan&nbsp;","listText":"Zan&nbsp;","text":"Zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/127115153","repostId":"1165215748","repostType":4,"repost":{"id":"1165215748","kind":"news","pubTimestamp":1624762603,"share":"https://ttm.financial/m/news/1165215748?lang=en_US&edition=fundamental","pubTime":"2021-06-27 10:56","market":"us","language":"zh","title":"3.2 billion yuan liquidation in 24 hours, virtual currencies collapsed across the board, and mining machines were sold at a 50% discount","url":"https://stock-news.laohu8.com/highlight/detail?id=1165215748","media":"中国证券报","summary":"北京时间6月26日晚间，比特币再度暴跌，一度下探30000美元，将这半年积累的涨幅悉数跌去。\n这也是比特币本月第二次跌至30000美元，彻底粉碎了炒币者的信心。\n仅仅两个月，虚拟货币市场的风向就出现了","content":"<p><div>On the evening of June 26, Beijing time, Bitcoin plummeted again, once dropping to $30,000, reducing all the gains accumulated in the past six months. This is also the second time this month that Bitcoin has fallen to $30,000, completely shattering the confidence of currency speculators. In just two months, the wind direction of the virtual currency market has reversed. Virtual currencies collapsed across the board. On the evening of June 26, Beijing time, after three days of pulling at the US $30,000 line, the price of Bitcoin turned sharply, falling more than 53.5% from the highest price of the year of US $64,900 on April 14. The current price has returned to the beginning of this year Tesla CEO Elon...</p><p><a href=\"https://mp.weixin.qq.com/s/FhLRf65HJ8EHrcKXMRJu1Q\">Web link</a></div></p>","source":"zgzqb","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>3.2 billion yuan liquidation in 24 hours, virtual currencies collapsed across the board, and mining machines were sold at a 50% discount</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\">\n3.2 billion yuan liquidation in 24 hours, virtual currencies collapsed across the board, and mining machines were sold at a 50% discount\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中国证券报</strong><span class=\"h-time small\">2021-06-27 10:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>On the evening of June 26, Beijing time, Bitcoin plummeted again, once dropping to $30,000, reducing all the gains accumulated in the past six months. This is also the second time this month that Bitcoin has fallen to $30,000, completely shattering the confidence of currency speculators. In just two months, the wind direction of the virtual currency market has reversed. Virtual currencies collapsed across the board. On the evening of June 26, Beijing time, after three days of pulling at the US $30,000 line, the price of Bitcoin turned sharply, falling more than 53.5% from the highest price of the year of US $64,900 on April 14. The current price has returned to the beginning of this year Tesla CEO Elon...</p><p><a href=\"https://mp.weixin.qq.com/s/FhLRf65HJ8EHrcKXMRJu1Q\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/FhLRf65HJ8EHrcKXMRJu1Q\">中国证券报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f76545b6ea7eb27730ee55d40b45ce15","relate_stocks":{"EBON":"亿邦国际"},"source_url":"https://mp.weixin.qq.com/s/FhLRf65HJ8EHrcKXMRJu1Q","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165215748","content_text":"北京时间6月26日晚间，比特币再度暴跌，一度下探30000美元，将这半年积累的涨幅悉数跌去。\n这也是比特币本月第二次跌至30000美元，彻底粉碎了炒币者的信心。\n仅仅两个月，虚拟货币市场的风向就出现了大逆转。\n虚拟货币全线崩溃\n北京时间6月26日晚间，在30000美元一线拉扯3天之后，比特币价格急转直下，较4月14日的年内最高价64900美元，跌超53.5%。目前价格已回归至今年初特斯拉CEO埃隆·马斯克力推比特币之前的水平。\n\n图片来源：欧易\nUAlCoin数据显示，虚拟货币合约一日内共爆仓超32亿元人民币，超3万多头遭血洗。\n\n图片来源：UAlCoin\nglassnode数据显示，比特币交易活跃地址数量已创下今年以来新低，比特币的交易活跃度回落至今年的底部区间，关注的人数逐渐减少。\n\n图片来源：alternative.me\nalternative.me显示，6月27日，虚拟货币交易情绪指数降至20，处于极度恐慌状态。最近一周，市场的恐慌情绪格外严重。\n百度搜索指数显示，比特币搜索量继续降低，市场关注度明显回落。\n虚拟货币投资者林海（化名）对中国证券报记者表示：“比特币刚开始跌的时候，炒币群里还一片谈笑风生，大家都在调侃什么时候加仓。自从这个月暴跌50%之后，群里都静悄悄的，大部分人不吭声了，群聊人数也开始减少，感觉快解散了。”\n有虚拟货币行情分析人士指出，比特币新增地址数近期持续下降，市场增量资金明显减少。从技术图上看，比特币上攻受阻，短线回落，考虑到上方抛压较大，短期走势逼近前期新低，反弹持续乏力，做空情绪浓厚，后续有深度回调的风险。\n特斯拉或抛售离场\n最近一周比特币价格徘徊在30000美元附近。分析师表示，很难预见比特币会出现转机。\n摩根大通团队分析师称，近期的市场是具有挑战性的。数据表明，虚拟货币的抛售是为了弥补损失，可能仍有大量低于实际价值的头寸需要通过市场清理。\n近日，摩根大通调查了来自1500多家机构的约3000名美国投资者。绝大多数参与者（占90%）表示他们的公司不会投资数字资产，80%的人声称他们永远不会进入加密货币市场。与此同时，五分之四的受访者表示，希望对虚拟货币采取更严格的限制。\n有市场人士猜测，近期比特币的下跌与马斯克对于比特币摇摆不定的态度有关，因为比特币挖矿消耗了大量能源与特斯拉的环保立场不符，特斯拉或将抛售比特币并拒绝比特币作为支付方式。目前相对脆弱的市场引发了散户的恐慌情绪。\n2月上旬，特斯拉宣布购入价值15亿美元的比特币，并透露将接受比特币作为付款方式。\n多位加密数字资产业内人士认为，这一消息是推动比特币价格从20000美元快速飙涨至60000美元的重要催化剂。然而，如今比特币的价格已经跌破当初特斯拉买入时的成本价，为特斯拉二季度的财报埋下隐患。\n根据市场预估，今年第一季度特斯拉开始投资比特币，并从中获得超过1亿美元的投资收益，占公司净利润将近四分之一。但比特币价格在二季度出现大幅调整，价格直接腰斩，若特斯拉未出售所持比特币，或造成接近1亿美元的投资损失。\n矿机遭5折甩卖\n币价腰斩，虚拟“挖矿”活动也不再活跃。\n虚拟货币“挖矿”活动的“重镇”四川省全面清理整顿挖矿行为，已经有一周时间。bytetree矿工生产和抛售累积数据数据显示，最近一周，矿工生产量和抛售量均出现下跌，显示出矿工抛售情绪明显上升，这或意味着更多矿工选择关机。\n\n图片来源：bytetree\n抛售矿机成为很多矿工的选择。大量二手矿机涌入市场，导致价格暴跌，与几个月前“一机难求“的火爆场面已是天差地别。\n一位矿机卖家指出, 原来用来交流的矿工群，现在已经用来卖变压器和矿机了。比特大陆S19jPRO-100T型号的矿机售价由7万多元腰斩至3万元左右。“只要能卖出去，什么价格都能接受。”\n\n图片来源：矿机卖家\n由于大量二手现货涌向市场，全球最大的加密货币矿机厂商比特大陆日前宣布，二手市场出货压力很大，为了帮助行业平稳过渡，决定全球暂时停售现货。","news_type":1,"symbols_score_info":{"EBON":0.9}},"isVote":1,"tweetType":1,"viewCount":757,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162297565,"gmtCreate":1624064040057,"gmtModify":1703827878784,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"U","listText":"U","text":"U","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/162297565","repostId":"1140655086","repostType":4,"repost":{"id":"1140655086","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":1624032685,"share":"https://ttm.financial/m/news/1140655086?lang=en_US&edition=fundamental","pubTime":"2021-06-19 00:11","market":"us","language":"zh","title":"Aihuishou landed on the New York Stock Exchange, opening up 31.21% on the first day of listing","url":"https://stock-news.laohu8.com/highlight/detail?id=1140655086","media":"老虎资讯综合","summary":"6月18日，互联网二手电子产品销售平台爱回收在纽约证交所首日挂牌高开31.21%，报18.37美元，总市值46.78亿美元。\n\n今晚，80后复旦学子率队站上了IPO敲钟舞台。\n中国最大的二手消费电子产","content":"<p>On June 18th, the Internet second-hand electronic product sales platform<a href=\"https://laohu8.com/S/RERE\">Love Recycling</a>On the first day of listing on the New York Stock Exchange, it opened 31.21% higher at US $18.37, with a total market value of US $4.678 billion.</p><p><img src=\"https://static.tigerbbs.com/8076b9e3d9cb89fc46a4b6aa923eaaea\" tg-width=\"1080\" tg-height=\"2222\" referrerpolicy=\"no-referrer\"></p><p>Tonight, Fudan students born in the 1980s led a team to stand on the IPO bell ringing stage.</p><p>China's largest second-hand consumer electronics product trading and service platform-Wanwu Xinsheng (Aihuishou) Group was successfully listed on the New York Stock Exchange, becoming the first ESG stock in Chinese concept stocks. The IPO issue price is US $14, corresponding to a market value of US $3.565 billion (approximately RMB 23 billion).</p><p>Behind the rebirth of all things is the entrepreneurial story of a pair of Fudan brothers. In 2011, 31-year-old Chen Xuefeng joined hands with his senior brother Sun Wenjun to enter a neglected business-second-hand mobile phone recycling. Along the way, the new life of all things has experienced a difficult period, and Chen Xuefeng was once rejected by investors. Now, the 41-year-old founder has finally won the first IPO in his life.</p><p>The rise of the new life of all things is also inseparable from an investment group behind them. Before the IPO, Wanwu Xinsheng completed more than 7 billion yuan in financing, including Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital,<a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>, fresh capital,<a href=\"https://laohu8.com/S/JD\">JD.com</a>, Kuaishou and other more than ten VC/PE institutions and giant companies.</p><p>Looking back on the ten-year history, Chen Xuefeng wrote in an open letter that we started from a seemingly simple mobile phone recycling business. \"Fortunately, we inadvertently entered such an easily underestimated industry. For a long time, we were once misunderstood as a company that dismantles mobile phones and refines metals.\" He felt that being \"underestimated\" in entrepreneurship is probably not a bad thing, and many successes often stem from being \"underestimated\".</p><p><img src=\"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551\" tg-width=\"1080\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p><p><b>Fudan students collect garbage</b></p><p><b>Starting from recycling old mobile phones, making a market value of 23 billion</b></p><p>Behind Love Recycling is the counterattack story of an advanced CEO of Fudan programmer.</p><p>In 1980, Aihuishou CEO Chen Xuefeng was born<b>Hubei Huangshi</b>, with outstanding academic performance since childhood. He studied computer science at Tongji University as an undergraduate, and then obtained a master's degree in computer science at Fudan University. In 2006, Chen Xuefeng joined a company in Shanghai as a technical manager, and this experience lasted for four years.</p><p>The original establishment of Love Recycling<b>Inspired by the concept of swapping several years ago</b>。 In 2008, Chen Xuefeng, who was still working as a programmer, saw the news of \"pin for villa\". The news tells the story of an American man who bartered a paper clip for a year's use of a double-storey villa for more than a year.</p><p>At that time, Chen Xuefeng, who had a keen sense of smell, began to realize that with the development of China's economy, how to deal with household surplus items became a problem. So,<b>The entrepreneurial idea of \"second-hand\" direction sprouted in Chen Xuefeng's mind. This year, he joined forces with Fudan alumnus Sun Wenjun to build the C2C platform Leyi.com</b>At that time, this project also received a 100,000 yuan venture fund from Fudan University.</p><p>After working part-time for two years, Chen Xuefeng began to operate the website full-time in 2010. At that time, the main employees of the company were some part-time students of Fudan University, and these people basically stayed in this team after graduation. However,<b>When LeYi.com's team expanded to more than 10 people, the project couldn't go on</b>。</p><p>Chen Xuefeng review reflects: \"This project is unsuccessful<b>There are three main reasons</b>: First, I am from a technical background. When I was building a platform, I hoped to achieve matching through technical means, but it was later proved to be very difficult; Second, due to the lack of thinking of our market and users, the project is out of foundation; The third is that the transaction volume of the platform is insufficient. We ignore that the case of'pin for villa 'is accidental, and it took more than a year to complete intermittently. For the platform, scattered transaction demand cannot support effective orders. \"</p><p>The failure of the project once brought the team to the verge of dissolution, and also made the team calm down and think again. Review behind closed doors, Chen Xuefeng believes that there are still opportunities in the second-hand industry.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After the release of iPhone4, the hot sale of smart phones triggered a wave of replacement among old mobile phone users. This made Chen Xuefeng secretly guess in his heart, \"<b>Will mobile phone recycling become a growing demand</b>？”</p><p>Therefore, the team set its direction on electronic product recycling. In 2011, Aihuishou was officially born in Shanghai. At first, Aihuishou was only an online platform, but because electronic products need to undergo professional testing, the pure online method is prone to user disputes in product quality and price. The ensuing negative comments, such as \"malicious price reduction\" and \"opaque procedures\", almost crushed this young brand.</p><p>In the face of the crisis, Chen Xuefeng made an extremely difficult decision-<b>Open an offline store</b>, build<a href=\"https://laohu8.com/S/300959\">Online and Offline</a>Combined cargo control system. In December 2013, Aihuishou opened its first store in Shanghai Yaxin Plaza. Chen Xuefeng didn't expect that taking the step of laying out offline stores almost put him in trouble. \"If an Internet company wants to build a store, it is hard and tiring, and it is considered stupid, and basically no one recognizes it.\"</p><p>It is the layout of offline stores that gives Aihuishou the ability to extend new businesses and ultimately have the core competitiveness to dominate the market. Take the one-stop trade-in service created by JD.com and Aihuishou as an example. This service continues to be popular among consumers, with a year-on-year growth of more than 311% in 2020. Thereafter,<b>The proportion of revenue of Aihuishou's stores continues to rise, and finally even reaches half of the total revenue.</b>From online to offline, Aihuishou has built a three-dimensional recycling scene that combines points, nets and surfaces.</p><p>Today, Wanwu Xinsheng has built a huge territory, sitting on the 3C product C2B recycling platform \"Aihuishou\", the B2B trading platform \"Paijitang\", the B2C retail platform \"Paipai\", and the overseas \"AHS DEVICE\" The business sector has laid more than half of the second-hand 3C rivers and lakes-as of the past 12 months at the end of March 2021, Wanwu Xinsheng Group has sold more than 26.1 million second-hand products on the entire platform, and the total GMV of the entire platform during the same period was 22.8 billion yuan, ranking first in the Chinese market.</p><p>With this IPO, the real situation of this second-hand unicorn has emerged: the prospectus shows that from 2018 to 2020, the company's revenue will be 3.262 billion yuan, 3.932 billion yuan and 4.858 billion yuan respectively. And,<b>The company's overall gross profit margin in 2020 is 25.7%, which is already higher than some mobile phone manufacturers.</b>However, according to statistics in the prospectus, in the past three years, Wanwu Xinsheng has accumulated losses of nearly 1.4 billion yuan.<b>Profitability is still one of the difficulties facing the industry</b>。</p><p>After ten years of entrepreneurship, Chen Xuefeng finally led all things to knock on the door of the New York Stock Exchange and became the first ESG stock in Chinese concept stocks. On the first day of listing,<b>The issue price of Wanwu Xinsheng is US $14, with a market value of 23 billion yuan</b>。</p><p><b>First investment of $2 million</b></p><p><b>Once unrecognized, TS was torn up twice</b></p><p>Along the way, a team quietly gathered behind the new birth of all things<a href=\"https://laohu8.com/S/DLX\">Luxurious</a>Investor team.</p><p>Before the IPO,<b>Wanwu Xinsheng has conducted at least 8 rounds of financing with a total of over 7 billion yuan</b>, behind them emerged including<b>Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital,<a href=\"https://laohu8.com/S/02611\">Guotai Junan</a>, Qingxin Capital, JD.com, Kuaishou</b>Wait for more than ten VC/PE institutions and giant companies.</p><p>Among them, the first investment in the new birth of all things comes from<b>Wuyuan Capital</b>。 After the entrepreneurial journey of Leyi.com came to an end, Chen Xuefeng had the idea of recycling second-hand mobile phones. One day in 2011, he came to the Shanghai office of Wuyuan Capital. \"He took the initiative to contact our colleagues. We met in Wuyuan's office and listened to Chen Xuefeng's introduction. What he showed us was a low-end business that was almost invisible in our normal life.\" Shi Jianming, founding partner of Wuyuan Capital, recalled.</p><p>At that time, the entrepreneurial trend on social media almost occupied the attention of all investors, and no one noticed the humble industry of second-hand e-commerce. But Chen Xuefeng's creativity hit Shi Jianming's pain point, \"<b>I am a heavy electronic product enthusiast myself, and I was also worried about what to do with a drawer of second-hand mobile phones</b>。”</p><p>When we met for the first time, this young man born in the 1980s aroused Wuyuan Capital's interest in this humble market. Shi Jianming began to realize that second-hand mobile phones are a huge social problem and a huge market. \"It can be said that Chen Xuefeng helped us open the door of second-hand mobile phone recycling.\"</p><p>Looking back on those days, what impressed Shi Jianming the most was the second-hand market in Shanghai that never sleeps described by Chen Xuefeng. The Wuyuan Capital team later went to this market for research, and he found that, \"<b>From the salesperson on the first floor of the market to the second-hand mobile phone wholesaler on the fourth floor, there is a serious market ineffectiveness in the middle</b>。” Shi Jianming told the investment community that if someone can solve this social problem, it must be of great value.</p><p>However, at that time, the business model that Aihuishou hoped to establish did not have a benchmark company abroad, and the recycling of second-hand mobile phones was relatively low-frequency, so it was not easy to do. Even so, Shi Jianming and Wuyuan Capital were moved by the high flyers who graduated from Tongji University and Fudan University. This is because Chen Xuefeng is willing to invest huge time and energy in doing something that seems unreliable in the short term, and it is also based on the trust established by both parties and the same vision they share.</p><p>In October 2011, although Aihuishou was just an idea at this time, Wuyuan Capital still invested in Chen Xuefeng's team<b>US $2 million</b>, this is also the first investment since the establishment of Wanwu Xinsheng. In the following years, Wuyuan Capital has been with Chen Xuefeng and has given a lot of incentives and support.</p><p>Among them, in 2013, the new life of all things, which had just taken the first step of opening an offline store, ushered in the darkest moment. Chen Xuefeng once recalled: \"At that time, the traffic model of Internet companies was in full swing. When an Internet company went to build a store, it was dirty, tired and stupid, and basically no one recognized it.\" Even the TS (Letter of Intent for Investment) signed with investors was torn up twice.</p><p><b>When they were cornered, Wuyuan Capital once again gave Chen Xuefeng's team a bridge loan of USD 1 million.</b>\"Today, it seems that $1 million is not a big figure, but it was a very important support at that time.\" Chen Xuefeng said with emotion.</p><p>After ten years of companionship, Wuyuan Capital can be regarded as the most determined runner. It has bet on five rounds of financing for Wanwu Xinsheng in a row, holding 14.0% of the shares and is its largest VC investor.</p><p><b>There are also many well-known VC/PE behind it</b></p><p><b>Why are they eyeing the second-hand market</b></p><p>After the darkest moment, the financing of all things new has gradually opened up.</p><p>Around 2014,<b>Tiantu Investment began to conduct a lot of research and research on the \"second-hand business\" model, and scanned the vertical category of digital in the process</b>, the new birth of all things (also called \"love recycling\" at that time) thus entered the field of vision of Tiantu Investment.</p><p>\"At that time, Aihuishou happened to be at a turning point in its business, and it had just begun to lay out offline chain stores. At that time, many institutions in the market were not optimistic about chain stores, and it was in the era of incremental smartphones at that time. Everyone was interested in Aihuishou's second-hand electronic product recycling mode. There is still a certain misunderstanding, thinking that it is a'waste collector ', but we have experience in chain investment, and the two sides hit it off.\" Wei Guoxing recalled to the investment community. In the view of Li Kanglin, a partner of Tiantu Investment, Chen Xuefeng is an S-class entrepreneur whom they appreciate and recognize very much, which is in line with the imagination of the best entrepreneur in Tiantu Investment'S mind.</p><p>Since 2015, Tiantu Investment has led the financing of Wanwu Xinsheng in two consecutive rounds, and blessed more than proportionately in the subsequent financing. This also made Chen Xuefeng feel deeply: \"Shortly after Tiantu's investment, I made a special trip to Shenzhen to consult with Tiantu CEO General Manager Feng (Feng Weidong), and even one year at the annual meeting, I specially invited General Manager Feng to Aihuishou to talk about the brand strategy for all employees, which helped us a lot.\"</p><p>As shown in today's picture, investment holds 8.5% of Wanwu Xinsheng, which is its<b>Second largest financial investor</b>。 Successful bets over the years have also brought dozens of times of returns to Tiantu Investment.</p><p>Here we go<b>In 2016, Wanwu Xinsheng completed 400 million yuan in Series D financing</b>, the lineup of investors is eye-catching, and Dachen Caizhi is one of the leading investors. \"Investing in Aihuishou at this point in time is not only due to the right time and place, but also due to the in-depth observation and accurate judgment of the Dachen team on this track.\"<b>Dachen Caizhi</b>Yang Tinghui, a partner in the big consumer and enterprise service industry, told the investment community that at that time, China's 3C consumer recycling market will usher in rapid growth, and the industrial Internet is also running into the first half, which is the best investment time before the turning point of the industry.</p><p>Over the years, Dachen Caizhi has a deep layout in the second-hand economy. In addition to the new birth of all things, it has also successively invested in Bear U Rent, Fat Tiger Technology, etc. Xiao Bing, managing partner and president of Dachen Caizhi, firmly believes: \"<b>As the mobile Internet moves towards the second half, the traffic dividend has ended, and the supply chain capability will become the core differentiation capability of each company.</b>Therefore, in addition to continuing to do top-down industry research and due diligence, I have been patient and held the bullet until the company that meets Dachen's investment aesthetics appears and hits the heart. \"</p><p>Also in this round<b>Cathay Fund</b>, and later raised in 2018. Duan Lanchun, managing partner of Cathay Fund, said: \"The new life of all things not only provides a better and more convenient experience for thousands of users, but also makes long-term efforts for the low-carbon economy and the sustainable development of China's economy. We believe that the huge potential contained in China's second-hand electronic product trading and service market will further deepen the'flywheel effect'under the enterprise integration platform, and will continue to support a socially responsible enterprise like the new life of all things.\"</p><p>Qicheng Capital is another important investor in the rebirth of all things. In fact, as early as 2013, when it was still on JD.com<b>Kai Cheng Capital</b>Partners Chang Bin and Chen Xuefeng have already known each other, and he has contributed to the win-win strategic cooperation between JD.com and Wanwu Xinsheng. By 2019, based on its continued optimism about the prospects of the second-hand 3C trading market and the company's in-depth layout, Qicheng Capital made additional investments in the rapidly developing new life of all things, and the returns were quite abundant.</p><p><b>Fresh capital</b>Also in June 2019 and September of the following year,<b>Participated in the E round and E + round of financing of All Things New</b>, through diversified cooperation at the capital and business levels, accompanied and witnessed the growth of this unicorn, and now it is also ushering in the harvest period.</p><p><b>An undervalued industry, JD Kuaishou is also here</b></p><p><b>The 41-year-old founder is worth 2.5 billion</b></p><p>Of course, looking back at the financing process of all things new, JD.com is an indispensable role.</p><p>First of all, in terms of business, in June 2019, Wanwu Xinsheng merged Paipai, a subsidiary of JD.com, to make up for the shortcomings of its own B2C business, and finally formed a complete closed loop of C2B+B2B+B2C. This is a chemical reaction of a strong alliance, and it is also a \"turnaround against the trend\" of the new birth of all things.</p><p>Prior to this, Paipai and Aihuishou had in-depth business cooperation for many years, and \"they were a family for a long time\". Liao Jianwen, chief strategy officer of JD.com, once talked about the logic behind this merger: \"JD.com has always been optimistic about the social innovation significance of the circular economy. In the past few years, Aihuishou and Paipai have established a good foundation for cooperation, which is<b>A benchmark for synergy and win-win in JD's ecosystem</b>。 Through this strategic merger, the two parties will further improve the standardization and circulation efficiency of second-hand products, and promote the transparency and automation of the recycling and disposal supply chain. At the same time,<b>Leverage JD.com's solid retail infrastructure capabilities in retail, technology, logistics, insurance and other fields</b>, create a complete reverse supply chain and form external capability output. \"</p><p>In terms of funds, JD.com has also given huge support to the new life of all things. In 2015,<b>JD.com took part in the C round of financing of Wanwu Xinsheng early</b>, almost all raised bets in subsequent rounds of financing. To this day, JD.com has become the largest shareholder of Wanwu Xinsheng, with a shareholding ratio of 34.7%.</p><p><img src=\"https://static.tigerbbs.com/291f9455ffca3312c81f6745545bdbf7\" tg-width=\"866\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p>Surprisingly,<b>Kuaishou</b>It also joined the investor camp of Wanwu Xinsheng Group in 2021. This means that with the core reliance of JD.com, Aihuishou finally took Kuaishou and went outside the Fifth Ring Road to the young people in small towns who also have a strong demand for second-hand mobile phone digital products.</p><p>Looking back at the age of 31, Chen Xuefeng mentioned this past event in an open letter: Ten years ago, regarding the choice of direction, we first set a principle: \"Don't go to the place where people are fighting\". Instead of following the trend, it is better to do something that is not noticed but can create value in the long run. In the end, the team started from a seemingly simple mobile phone recycling business.</p><p>There are ups and downs on the road to entrepreneurship. Chen Xuefeng, who loves outdoor mountaineering, feels that entrepreneurship is like climbing mountains-ups and downs, crossing the fog and standing on the top of the mountain can you see different scenery. In his words, today's integrated platform business model is not achieved overnight, but the result of ten years of capability accumulation and ten years of model evolution.</p><p>\"In the early years, I thought that the bigger the scale, the better. Big business is a good business. Today, I think that a healthy and lasting business is a good business, and a business that can resonate with the society is a good business.\" In the next decade, he aims at the opportunity of tens of billions of dollars to make this unsexy business sexy.</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>Aihuishou landed on the New York Stock Exchange, opening up 31.21% on the first day of listing</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\">\nAihuishou landed on the New York Stock Exchange, opening up 31.21% on the first day of listing\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-19 00:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 18th, the Internet second-hand electronic product sales platform<a href=\"https://laohu8.com/S/RERE\">Love Recycling</a>On the first day of listing on the New York Stock Exchange, it opened 31.21% higher at US $18.37, with a total market value of US $4.678 billion.</p><p><img src=\"https://static.tigerbbs.com/8076b9e3d9cb89fc46a4b6aa923eaaea\" tg-width=\"1080\" tg-height=\"2222\" referrerpolicy=\"no-referrer\"></p><p>Tonight, Fudan students born in the 1980s led a team to stand on the IPO bell ringing stage.</p><p>China's largest second-hand consumer electronics product trading and service platform-Wanwu Xinsheng (Aihuishou) Group was successfully listed on the New York Stock Exchange, becoming the first ESG stock in Chinese concept stocks. The IPO issue price is US $14, corresponding to a market value of US $3.565 billion (approximately RMB 23 billion).</p><p>Behind the rebirth of all things is the entrepreneurial story of a pair of Fudan brothers. In 2011, 31-year-old Chen Xuefeng joined hands with his senior brother Sun Wenjun to enter a neglected business-second-hand mobile phone recycling. Along the way, the new life of all things has experienced a difficult period, and Chen Xuefeng was once rejected by investors. Now, the 41-year-old founder has finally won the first IPO in his life.</p><p>The rise of the new life of all things is also inseparable from an investment group behind them. Before the IPO, Wanwu Xinsheng completed more than 7 billion yuan in financing, including Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital,<a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>, fresh capital,<a href=\"https://laohu8.com/S/JD\">JD.com</a>, Kuaishou and other more than ten VC/PE institutions and giant companies.</p><p>Looking back on the ten-year history, Chen Xuefeng wrote in an open letter that we started from a seemingly simple mobile phone recycling business. \"Fortunately, we inadvertently entered such an easily underestimated industry. For a long time, we were once misunderstood as a company that dismantles mobile phones and refines metals.\" He felt that being \"underestimated\" in entrepreneurship is probably not a bad thing, and many successes often stem from being \"underestimated\".</p><p><img src=\"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551\" tg-width=\"1080\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p><p><b>Fudan students collect garbage</b></p><p><b>Starting from recycling old mobile phones, making a market value of 23 billion</b></p><p>Behind Love Recycling is the counterattack story of an advanced CEO of Fudan programmer.</p><p>In 1980, Aihuishou CEO Chen Xuefeng was born<b>Hubei Huangshi</b>, with outstanding academic performance since childhood. He studied computer science at Tongji University as an undergraduate, and then obtained a master's degree in computer science at Fudan University. In 2006, Chen Xuefeng joined a company in Shanghai as a technical manager, and this experience lasted for four years.</p><p>The original establishment of Love Recycling<b>Inspired by the concept of swapping several years ago</b>。 In 2008, Chen Xuefeng, who was still working as a programmer, saw the news of \"pin for villa\". The news tells the story of an American man who bartered a paper clip for a year's use of a double-storey villa for more than a year.</p><p>At that time, Chen Xuefeng, who had a keen sense of smell, began to realize that with the development of China's economy, how to deal with household surplus items became a problem. So,<b>The entrepreneurial idea of \"second-hand\" direction sprouted in Chen Xuefeng's mind. This year, he joined forces with Fudan alumnus Sun Wenjun to build the C2C platform Leyi.com</b>At that time, this project also received a 100,000 yuan venture fund from Fudan University.</p><p>After working part-time for two years, Chen Xuefeng began to operate the website full-time in 2010. At that time, the main employees of the company were some part-time students of Fudan University, and these people basically stayed in this team after graduation. However,<b>When LeYi.com's team expanded to more than 10 people, the project couldn't go on</b>。</p><p>Chen Xuefeng review reflects: \"This project is unsuccessful<b>There are three main reasons</b>: First, I am from a technical background. When I was building a platform, I hoped to achieve matching through technical means, but it was later proved to be very difficult; Second, due to the lack of thinking of our market and users, the project is out of foundation; The third is that the transaction volume of the platform is insufficient. We ignore that the case of'pin for villa 'is accidental, and it took more than a year to complete intermittently. For the platform, scattered transaction demand cannot support effective orders. \"</p><p>The failure of the project once brought the team to the verge of dissolution, and also made the team calm down and think again. Review behind closed doors, Chen Xuefeng believes that there are still opportunities in the second-hand industry.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After the release of iPhone4, the hot sale of smart phones triggered a wave of replacement among old mobile phone users. This made Chen Xuefeng secretly guess in his heart, \"<b>Will mobile phone recycling become a growing demand</b>？”</p><p>Therefore, the team set its direction on electronic product recycling. In 2011, Aihuishou was officially born in Shanghai. At first, Aihuishou was only an online platform, but because electronic products need to undergo professional testing, the pure online method is prone to user disputes in product quality and price. The ensuing negative comments, such as \"malicious price reduction\" and \"opaque procedures\", almost crushed this young brand.</p><p>In the face of the crisis, Chen Xuefeng made an extremely difficult decision-<b>Open an offline store</b>, build<a href=\"https://laohu8.com/S/300959\">Online and Offline</a>Combined cargo control system. In December 2013, Aihuishou opened its first store in Shanghai Yaxin Plaza. Chen Xuefeng didn't expect that taking the step of laying out offline stores almost put him in trouble. \"If an Internet company wants to build a store, it is hard and tiring, and it is considered stupid, and basically no one recognizes it.\"</p><p>It is the layout of offline stores that gives Aihuishou the ability to extend new businesses and ultimately have the core competitiveness to dominate the market. Take the one-stop trade-in service created by JD.com and Aihuishou as an example. This service continues to be popular among consumers, with a year-on-year growth of more than 311% in 2020. Thereafter,<b>The proportion of revenue of Aihuishou's stores continues to rise, and finally even reaches half of the total revenue.</b>From online to offline, Aihuishou has built a three-dimensional recycling scene that combines points, nets and surfaces.</p><p>Today, Wanwu Xinsheng has built a huge territory, sitting on the 3C product C2B recycling platform \"Aihuishou\", the B2B trading platform \"Paijitang\", the B2C retail platform \"Paipai\", and the overseas \"AHS DEVICE\" The business sector has laid more than half of the second-hand 3C rivers and lakes-as of the past 12 months at the end of March 2021, Wanwu Xinsheng Group has sold more than 26.1 million second-hand products on the entire platform, and the total GMV of the entire platform during the same period was 22.8 billion yuan, ranking first in the Chinese market.</p><p>With this IPO, the real situation of this second-hand unicorn has emerged: the prospectus shows that from 2018 to 2020, the company's revenue will be 3.262 billion yuan, 3.932 billion yuan and 4.858 billion yuan respectively. And,<b>The company's overall gross profit margin in 2020 is 25.7%, which is already higher than some mobile phone manufacturers.</b>However, according to statistics in the prospectus, in the past three years, Wanwu Xinsheng has accumulated losses of nearly 1.4 billion yuan.<b>Profitability is still one of the difficulties facing the industry</b>。</p><p>After ten years of entrepreneurship, Chen Xuefeng finally led all things to knock on the door of the New York Stock Exchange and became the first ESG stock in Chinese concept stocks. On the first day of listing,<b>The issue price of Wanwu Xinsheng is US $14, with a market value of 23 billion yuan</b>。</p><p><b>First investment of $2 million</b></p><p><b>Once unrecognized, TS was torn up twice</b></p><p>Along the way, a team quietly gathered behind the new birth of all things<a href=\"https://laohu8.com/S/DLX\">Luxurious</a>Investor team.</p><p>Before the IPO,<b>Wanwu Xinsheng has conducted at least 8 rounds of financing with a total of over 7 billion yuan</b>, behind them emerged including<b>Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital,<a href=\"https://laohu8.com/S/02611\">Guotai Junan</a>, Qingxin Capital, JD.com, Kuaishou</b>Wait for more than ten VC/PE institutions and giant companies.</p><p>Among them, the first investment in the new birth of all things comes from<b>Wuyuan Capital</b>。 After the entrepreneurial journey of Leyi.com came to an end, Chen Xuefeng had the idea of recycling second-hand mobile phones. One day in 2011, he came to the Shanghai office of Wuyuan Capital. \"He took the initiative to contact our colleagues. We met in Wuyuan's office and listened to Chen Xuefeng's introduction. What he showed us was a low-end business that was almost invisible in our normal life.\" Shi Jianming, founding partner of Wuyuan Capital, recalled.</p><p>At that time, the entrepreneurial trend on social media almost occupied the attention of all investors, and no one noticed the humble industry of second-hand e-commerce. But Chen Xuefeng's creativity hit Shi Jianming's pain point, \"<b>I am a heavy electronic product enthusiast myself, and I was also worried about what to do with a drawer of second-hand mobile phones</b>。”</p><p>When we met for the first time, this young man born in the 1980s aroused Wuyuan Capital's interest in this humble market. Shi Jianming began to realize that second-hand mobile phones are a huge social problem and a huge market. \"It can be said that Chen Xuefeng helped us open the door of second-hand mobile phone recycling.\"</p><p>Looking back on those days, what impressed Shi Jianming the most was the second-hand market in Shanghai that never sleeps described by Chen Xuefeng. The Wuyuan Capital team later went to this market for research, and he found that, \"<b>From the salesperson on the first floor of the market to the second-hand mobile phone wholesaler on the fourth floor, there is a serious market ineffectiveness in the middle</b>。” Shi Jianming told the investment community that if someone can solve this social problem, it must be of great value.</p><p>However, at that time, the business model that Aihuishou hoped to establish did not have a benchmark company abroad, and the recycling of second-hand mobile phones was relatively low-frequency, so it was not easy to do. Even so, Shi Jianming and Wuyuan Capital were moved by the high flyers who graduated from Tongji University and Fudan University. This is because Chen Xuefeng is willing to invest huge time and energy in doing something that seems unreliable in the short term, and it is also based on the trust established by both parties and the same vision they share.</p><p>In October 2011, although Aihuishou was just an idea at this time, Wuyuan Capital still invested in Chen Xuefeng's team<b>US $2 million</b>, this is also the first investment since the establishment of Wanwu Xinsheng. In the following years, Wuyuan Capital has been with Chen Xuefeng and has given a lot of incentives and support.</p><p>Among them, in 2013, the new life of all things, which had just taken the first step of opening an offline store, ushered in the darkest moment. Chen Xuefeng once recalled: \"At that time, the traffic model of Internet companies was in full swing. When an Internet company went to build a store, it was dirty, tired and stupid, and basically no one recognized it.\" Even the TS (Letter of Intent for Investment) signed with investors was torn up twice.</p><p><b>When they were cornered, Wuyuan Capital once again gave Chen Xuefeng's team a bridge loan of USD 1 million.</b>\"Today, it seems that $1 million is not a big figure, but it was a very important support at that time.\" Chen Xuefeng said with emotion.</p><p>After ten years of companionship, Wuyuan Capital can be regarded as the most determined runner. It has bet on five rounds of financing for Wanwu Xinsheng in a row, holding 14.0% of the shares and is its largest VC investor.</p><p><b>There are also many well-known VC/PE behind it</b></p><p><b>Why are they eyeing the second-hand market</b></p><p>After the darkest moment, the financing of all things new has gradually opened up.</p><p>Around 2014,<b>Tiantu Investment began to conduct a lot of research and research on the \"second-hand business\" model, and scanned the vertical category of digital in the process</b>, the new birth of all things (also called \"love recycling\" at that time) thus entered the field of vision of Tiantu Investment.</p><p>\"At that time, Aihuishou happened to be at a turning point in its business, and it had just begun to lay out offline chain stores. At that time, many institutions in the market were not optimistic about chain stores, and it was in the era of incremental smartphones at that time. Everyone was interested in Aihuishou's second-hand electronic product recycling mode. There is still a certain misunderstanding, thinking that it is a'waste collector ', but we have experience in chain investment, and the two sides hit it off.\" Wei Guoxing recalled to the investment community. In the view of Li Kanglin, a partner of Tiantu Investment, Chen Xuefeng is an S-class entrepreneur whom they appreciate and recognize very much, which is in line with the imagination of the best entrepreneur in Tiantu Investment'S mind.</p><p>Since 2015, Tiantu Investment has led the financing of Wanwu Xinsheng in two consecutive rounds, and blessed more than proportionately in the subsequent financing. This also made Chen Xuefeng feel deeply: \"Shortly after Tiantu's investment, I made a special trip to Shenzhen to consult with Tiantu CEO General Manager Feng (Feng Weidong), and even one year at the annual meeting, I specially invited General Manager Feng to Aihuishou to talk about the brand strategy for all employees, which helped us a lot.\"</p><p>As shown in today's picture, investment holds 8.5% of Wanwu Xinsheng, which is its<b>Second largest financial investor</b>。 Successful bets over the years have also brought dozens of times of returns to Tiantu Investment.</p><p>Here we go<b>In 2016, Wanwu Xinsheng completed 400 million yuan in Series D financing</b>, the lineup of investors is eye-catching, and Dachen Caizhi is one of the leading investors. \"Investing in Aihuishou at this point in time is not only due to the right time and place, but also due to the in-depth observation and accurate judgment of the Dachen team on this track.\"<b>Dachen Caizhi</b>Yang Tinghui, a partner in the big consumer and enterprise service industry, told the investment community that at that time, China's 3C consumer recycling market will usher in rapid growth, and the industrial Internet is also running into the first half, which is the best investment time before the turning point of the industry.</p><p>Over the years, Dachen Caizhi has a deep layout in the second-hand economy. In addition to the new birth of all things, it has also successively invested in Bear U Rent, Fat Tiger Technology, etc. Xiao Bing, managing partner and president of Dachen Caizhi, firmly believes: \"<b>As the mobile Internet moves towards the second half, the traffic dividend has ended, and the supply chain capability will become the core differentiation capability of each company.</b>Therefore, in addition to continuing to do top-down industry research and due diligence, I have been patient and held the bullet until the company that meets Dachen's investment aesthetics appears and hits the heart. \"</p><p>Also in this round<b>Cathay Fund</b>, and later raised in 2018. Duan Lanchun, managing partner of Cathay Fund, said: \"The new life of all things not only provides a better and more convenient experience for thousands of users, but also makes long-term efforts for the low-carbon economy and the sustainable development of China's economy. We believe that the huge potential contained in China's second-hand electronic product trading and service market will further deepen the'flywheel effect'under the enterprise integration platform, and will continue to support a socially responsible enterprise like the new life of all things.\"</p><p>Qicheng Capital is another important investor in the rebirth of all things. In fact, as early as 2013, when it was still on JD.com<b>Kai Cheng Capital</b>Partners Chang Bin and Chen Xuefeng have already known each other, and he has contributed to the win-win strategic cooperation between JD.com and Wanwu Xinsheng. By 2019, based on its continued optimism about the prospects of the second-hand 3C trading market and the company's in-depth layout, Qicheng Capital made additional investments in the rapidly developing new life of all things, and the returns were quite abundant.</p><p><b>Fresh capital</b>Also in June 2019 and September of the following year,<b>Participated in the E round and E + round of financing of All Things New</b>, through diversified cooperation at the capital and business levels, accompanied and witnessed the growth of this unicorn, and now it is also ushering in the harvest period.</p><p><b>An undervalued industry, JD Kuaishou is also here</b></p><p><b>The 41-year-old founder is worth 2.5 billion</b></p><p>Of course, looking back at the financing process of all things new, JD.com is an indispensable role.</p><p>First of all, in terms of business, in June 2019, Wanwu Xinsheng merged Paipai, a subsidiary of JD.com, to make up for the shortcomings of its own B2C business, and finally formed a complete closed loop of C2B+B2B+B2C. This is a chemical reaction of a strong alliance, and it is also a \"turnaround against the trend\" of the new birth of all things.</p><p>Prior to this, Paipai and Aihuishou had in-depth business cooperation for many years, and \"they were a family for a long time\". Liao Jianwen, chief strategy officer of JD.com, once talked about the logic behind this merger: \"JD.com has always been optimistic about the social innovation significance of the circular economy. In the past few years, Aihuishou and Paipai have established a good foundation for cooperation, which is<b>A benchmark for synergy and win-win in JD's ecosystem</b>。 Through this strategic merger, the two parties will further improve the standardization and circulation efficiency of second-hand products, and promote the transparency and automation of the recycling and disposal supply chain. At the same time,<b>Leverage JD.com's solid retail infrastructure capabilities in retail, technology, logistics, insurance and other fields</b>, create a complete reverse supply chain and form external capability output. \"</p><p>In terms of funds, JD.com has also given huge support to the new life of all things. In 2015,<b>JD.com took part in the C round of financing of Wanwu Xinsheng early</b>, almost all raised bets in subsequent rounds of financing. To this day, JD.com has become the largest shareholder of Wanwu Xinsheng, with a shareholding ratio of 34.7%.</p><p><img src=\"https://static.tigerbbs.com/291f9455ffca3312c81f6745545bdbf7\" tg-width=\"866\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p>Surprisingly,<b>Kuaishou</b>It also joined the investor camp of Wanwu Xinsheng Group in 2021. This means that with the core reliance of JD.com, Aihuishou finally took Kuaishou and went outside the Fifth Ring Road to the young people in small towns who also have a strong demand for second-hand mobile phone digital products.</p><p>Looking back at the age of 31, Chen Xuefeng mentioned this past event in an open letter: Ten years ago, regarding the choice of direction, we first set a principle: \"Don't go to the place where people are fighting\". Instead of following the trend, it is better to do something that is not noticed but can create value in the long run. In the end, the team started from a seemingly simple mobile phone recycling business.</p><p>There are ups and downs on the road to entrepreneurship. Chen Xuefeng, who loves outdoor mountaineering, feels that entrepreneurship is like climbing mountains-ups and downs, crossing the fog and standing on the top of the mountain can you see different scenery. In his words, today's integrated platform business model is not achieved overnight, but the result of ten years of capability accumulation and ten years of model evolution.</p><p>\"In the early years, I thought that the bigger the scale, the better. Big business is a good business. Today, I think that a healthy and lasting business is a good business, and a business that can resonate with the society is a good business.\" In the next decade, he aims at the opportunity of tens of billions of dollars to make this unsexy business sexy.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551","relate_stocks":{"RERE":"爱回收"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140655086","content_text":"6月18日，互联网二手电子产品销售平台爱回收在纽约证交所首日挂牌高开31.21%，报18.37美元，总市值46.78亿美元。\n\n今晚，80后复旦学子率队站上了IPO敲钟舞台。\n中国最大的二手消费电子产品交易和服务平台——万物新生（爱回收）集团成功在纽交所挂牌上市，成为中概股ESG第一股。此次IPO发行价为14美元，对应市值35.65亿美元（约合人民币230亿元）。\n万物新生背后，是一对复旦师兄弟的创业故事。2011年，已经31岁的陈雪峰联手师兄孙文俊踏入一门被忽视的生意——二手手机回收。一路走来，万物新生曾经历一段艰难岁月，陈雪峰一度被投资人拒之门外。如今，这位41岁创始人终于斩获人生第一个IPO。\n而万物新生的崛起，同样离不开身后一支投资天团。IPO前，万物新生完成超70亿元的融资，浮现了五源资本、天图投资、景林投资、达晨财智、凯辉基金、前海母基金、老虎环球基金、启承资本、国泰君安、清新资本、京东、快手等十余家VC/PE机构和巨头企业的身影。\n回望十年历程，陈雪峰在公开信写到，我们从一个看似简单的手机回收业务出发，“很幸运，我们不经意之间进入到了这样一个容易被低估的行业。很长一段时间，我们一度被误解为是一个做手机拆解和提炼金属的公司。”他感慨，创业中“被低估”很可能并不是坏事，很多成功往往都源于“被低估”。\n\n复旦学子「收垃圾」\n从回收旧手机起家，做出230亿市值\n爱回收的背后，是一位复旦程序员进阶CEO的逆袭故事。\n1980年，爱回收CEO陈雪峰出生于湖北黄石，从小学习成绩出众。他本科就读于同济大学计算机科学专业，之后又在复旦大学计算机系取得硕士学位。2006年，陈雪峰入职上海一家公司担任技术经理，这段经历持续了4年。\n爱回收最初的创立灵感缘于几年前的换物概念。2008年，还在做程序员的陈雪峰看到一则“别针换别墅”的新闻。新闻讲述了一个美国男子通过以物易物的方式，在一年多时间里，用一枚曲别针换来一栋双层别墅一年使用权的故事。\n彼时，嗅觉敏锐的陈雪峰开始意识到，伴随着中国经济的发展，如何处理家庭多余物品成为一个问题。于是，“二手”方向的创业想法就这样在陈雪峰脑海中萌发。这一年，他联合复旦校友孙文俊，搭建了以物换物的C2C平台乐易网，当时这个项目还获得来自复旦大学的10万元创业基金。\n兼职做了两年之后，2010年陈雪峰开始全职投入网站运营。彼时，公司主要员工是复旦大学的一些兼职学生，这部分人毕业之后也基本都留在了这个团队。然而，当乐易网团队扩张到超过10个人的时候，这个项目却做不下去了。\n陈雪峰复盘反思: “这个项目不成功的原因主要有三点：第一，我本人是技术出身，做平台的时候希望通过技术手段来实现匹配，但后来被证实难度很高；第二是由于我们市场和用户思维不足，项目脱离了基础；第三是平台交易量不足，我们忽视了‘别针换别墅’的案例具有偶然性，而且是断断续续用了一年多时间才完成的，对于平台而言，零散的交易需求无法支撑起有效订单。”\n项目失败一度让团队濒临解散，也让团队重新冷静下来思考。关起门来认真复盘，陈雪峰认为二手行业依然存在机遇。苹果手机发布iPhone4后，智能手机的热卖引发了旧版手机用户的换机潮。这让陈雪峰心里暗暗猜度，“手机回收会不会成为一个增长的需求？”\n于是，团队将方向瞄准电子产品回收。2011年，爱回收正式在上海诞生。最初爱回收只做线上平台，但由于电子产品需要经过专业检测，纯线上方式容易在商品品质和价格方面产生用户纠纷。随之而来的负面评价，如“恶意压价”、“程序不透明”也差点压垮了这个年轻的品牌。\n危机面前，陈雪峰做出了一个异常艰难的决定——开线下店，搭建线上线下结合的控货体系。2013年12月，爱回收在上海亚新广场开出了第一家门店。陈雪峰没想到，迈出布局线下门店这一步，又差点让他陷入困境。“一家互联网公司要去做门店，那是又苦又累，还被认为很蠢的事，基本没有人认可。”\n正是线下门店的布局，让爱回收有能力延伸出新的业务，最终拥有称霸市场的核心竞争力。以京东携手爱回收打造的一站式以旧换新服务为例，该服务持续受到消费者热捧，2020年同比增长超过311%。此后，爱回收的门店收入占比不断升高，最后甚至达到了总收入的一半。从线上到线下，爱回收构建起一个点、网、面结合的立体式回收场景。\n如今，万物新生已然筑成了一个庞大版图，坐拥3C产品C2B回收平台“爱回收”、B2B交易平台“拍机堂”、B2C零售平台“拍拍”，以及瞄准海外“AHS DEVICE”四大业务板块，打下了二手3C江湖的大半江山——截至2021年3月末的过去12个月，万物新生集团全平台成交的二手商品超过2610万台，同期全平台GMV总量为228亿元，均位列中国市场第一。\n随着此次IPO，这家二手独角兽的真实情况浮现：招股书显示，2018年至2020年，公司营收分别为32.62亿元、39.32亿元和48.58亿元。并且，公司2020年的整体毛利率为25.7%，这个数字已经比一些手机厂商还高。不过根据招股书统计，在过去的三年里，万物新生累计亏损近14亿元，盈利仍然是这个行业所直面的难题之一。\n十年创业，陈雪峰终于率领万物新生敲开了纽交所的大门，成为中概股ESG第一股。上市首日，万物新生发行价14美元，市值230亿元。\n第一笔投资200万美元\n一度无人认可，TS被撕毁两次\n一路走来，万物新生背后悄悄集结一支豪华投资人队伍。\nIPO前，万物新生至少进行了8轮累计超70亿元的融资，身后浮现了包括五源资本、天图投资、景林投资、达晨财智、凯辉基金、前海母基金、老虎环球基金、启承资本、国泰君安、清新资本、京东、快手等十余家VC/PE机构和巨头企业的身影。\n其中，万物新生的第一笔投资来自五源资本。在乐易网创业历程告一段落之后，陈雪峰萌生了回收二手手机的想法。2011年的一天，他来到了五源资本上海办公室，“他主动联系了我们的同事，我们在五源的办公室见面听了陈雪峰的介绍，他向我们展示的是个低端到几乎我们正常生活里面看不见的生意。”五源资本创始合伙人石建明回忆。\n彼时，社交媒体上的创业风潮几乎霸占了所有投资人的目光，没有人留意到二手电商这个不起眼的行业。但陈雪峰的创意切中了石建明的痛点，“我自己是重度电子产品爱好者，当时也在发愁一抽屉二手手机怎么办。”\n第一次见面，这位80后年轻人激起了五源资本对这个不起眼的市场的兴趣。石建明开始意识到，二手手机是一个巨大的社会问题，同时也是一个巨大的市场，“可以说，是陈雪峰帮我们打开了二手手机回收这个门。”\n回想当年，石建明印象最为深刻的是陈雪峰所描述的一个上海不夜城二手市场，五源资本团队后来专门去到了这个市场做调研，他发现，“从市场一楼的营业员开始一直访谈到四楼的二手手机批发商，这中间存在着严重的市场无效。”石建明告诉投资界，如果有人能够解决这个社会问题，一定有非常大价值。\n但当时爱回收所希望建立的商业模式在国外也没有对标公司，二手手机回收这件事也相对低频，要做起来并不容易。即使如此，石建明和五源资本还是被眼前这位来自同济本科、复旦研究生毕业的高材生打动了。这在于，陈雪峰愿意投入巨大的时间精力去做一件短期内看似不太靠谱的事情，也基于双方所建立起来的信任，以及所分享的相同愿景。\n2011年10月，尽管此时的爱回收还只是一个idea，五源资本依然出手向陈雪峰团队投资了200万美元，这也是万物新生创立以来的第一笔投资。在随后的多年里，五源资本一直陪伴在陈雪峰的左右给予了不少激励和支持。\n这其中在2013年，刚刚迈出线下开店第一步的万物新生迎来至暗时刻，陈雪峰曾回忆：“当时互联网公司的流量模式如火如荼，一家互联网公司去做门店，那是又脏、又累还很蠢，基本没有人认可”，甚至与投资方已经签订完成的TS（投资意向书）还被撕毁了两次。\n走投无路之际，五源资本再次给予了陈雪峰团队100万美元的过桥贷款。“今天看起来100万美元好像不是一个很大的数字，但在当时是非常重要的一个支持。”陈雪峰感慨说。\n十年相伴，五源资本堪称最坚定的陪跑者，连续押注了万物新生5轮融资，持股14.0%是其最大VC投资方。\n背后还有一众知名VC/PE\n他们为何看上二手市场\n走过至暗时刻，万物新生的融资渐渐打开局面。\n2014年左右，天图投资开始对“二手生意”模式进行大量研究和调研，在这个过程中扫描到了数码这一垂直品类，万物新生（彼时还叫“爱回收”）由此进入到了天图投资的视野中来。\n“当时的爱回收恰好处在业务转折点，刚开始布局线下连锁门店，那个时候市场上很多机构还不看好连锁，而且彼时正处在智能手机的增量时代，大家对爱回收的二手电子产品回收模式还存在一定的误解，认为是‘收废品的’，而我们对投连锁有经验，双方一拍即合。”魏国兴向投资界回忆。而在天图投资合伙人李康林看来，陈雪峰是他们非常欣赏和认可的S级创业者，契合了天图投资心目中最优秀企业家的想象。\n2015年开始，天图投资连续两轮领投了万物新生的融资，并在后来的融资中超比例加持。这也让陈雪峰感慨颇深：“天图投资后不久，我专程去深圳跟天图CEO冯总（冯卫东）请教过一次，甚至有一年开年会的时候特地请冯总到爱回收针对全员讲了一次品牌战略，这个对我们的帮助是很大的。”\n如今天图投资持股万物新生8.5%，是其第二大财务投资人。多年来的成功押注，也为天图投资带来数十倍的回报。\n到了2016年，万物新生完成了4亿元D轮融资，投资方阵容亮眼，而达晨财智便是领投方之一。“在这个时间点投中爱回收，除了天时地利，更来自于达晨团队对这一赛道深入的观察与准确的判断。”达晨财智大消费与企业服务行业合伙人杨廷辉向投资界表示，彼时中国3C消费回收市场将迎来高速增长，产业互联网也正跑步进入上半场，正是行业爆发拐点之前的最佳投资时间。\n多年来，达晨财智在二手经济领域布局颇深，除万物新生外，还相继投出了小熊U租、胖虎科技等。达晨财智执行合伙人、总裁肖冰坚定地认为：“移动互联网走向下半场，流量红利已经结束，供应链能力将成为各家的核心差异化能力。所以除了继续做自上而下的行业研究和尽调，一直保持耐心，持有子弹直到那家符合达晨投资审美的企业出现，正中红心。”\n同样在这轮出手的凯辉基金，后来又在2018年加注。凯辉基金管理合伙人段兰春表示：“万物新生不仅为万千用户提供了更好更便利的体验，更是为低碳经济与中国经济可持续发展做出长远努力。我们相信中国二手电子产品交易和服务市场所蕴含的巨大潜力将进一步深化企业一体化平台下的‘飞轮效应’，也将一如既往支持万物新生这样极具社会责任感的企业。”\n而启承资本也是万物新生的另一重要投资方。其实早在2013年，彼时还在京东的启承资本合伙人常斌与陈雪峰就已经相识，他促成了京东和万物新生双赢的战略合作。到了2019年，基于对二手3C交易市场前景和公司深度布局的持续看好，启承资本又对高速发展中的万物新生追加了投资，回报颇丰。\n清新资本也分别于2019年6月和次年9月，参与了万物新生的E轮与E+轮融资，通过资本与业务层面的多元化合作，陪伴和见证了这家独角兽的的成长，如今也迎来收获期。\n一个被低估的行业，京东快手也来了\n41岁创始人身家25亿\n当然，回顾万物新生的融资历程，京东是不可或缺的角色。\n首先在业务上，2019年6月万物新生合并了京东旗下的拍拍，补齐了自身B2C业务的短板，最终形成C2B+B2B+B2C的完整闭环。这是一次强强联合的化学反应，也是万物新生的“逆势翻盘”。\n在此之前，拍拍与爱回收已有多年深度业务合作，“很早就是一家人”。京东集团首席战略官廖建文曾谈到这一合并背后的逻辑：“京东始终看好循环经济的社会创新意义，过去几年来，爱回收与拍拍建立了良好的合作基础，是京东生态中协同共赢的标杆。双方通过此次战略合并，将进一步提升二手产品的标准化和流转效率，推动回收处置供应链的透明化和自动化。同时，借助京东在零售、技术、物流、保险等领域坚实的零售基础设施能力，打造完整的逆向供应链，并形成对外能力输出。”\n而在资金上，京东也给予了万物新生巨大的支持。2015年，京东早早出手参与了万物新生的C轮融资，随后的几轮融资里几乎都加注。直至今日，京东成为万物新生的最大股东，持股比例达34.7%。\n\n令人意外的是，快手也于2021年加入到了万物新生集团的投资方阵营中。这意味着，在有了京东这一核心倚仗后，爱回收终于牵起快手走向五环外，奔向同样对二手手机数码产品需求旺盛的小镇青年。\n回想31岁时一腔热血杀入这门并不性感的生意，陈雪峰在公开信提到这段往事：十年前，关于方向选择，我们首先定了个原则：\"众争之地勿往\"。与其跟风，不如去做一个不被人关注但是能长期创造价值的事情。最终，团队从一个看似简单的手机回收业务出发。\n创业路上少不了坎坷，酷爱户外登山的陈雪峰感慨，创业如登山——起起伏伏，穿越迷雾，站上山头，才能看到不一样的风景。用他的话来说，今天的一体化平台商业模式，不是一蹴而就的，而是十年能力积累和十年模式进化的结果。\n“早些年，我认为规模越大越好，大生意就是好生意。今天，我认为健康持久的生意是好生意，能与社会共赢共振的生意是好生意。”而下一个十年，他瞄准的是百亿美金的机会，让这门不性感的生意变得性感起来。","news_type":1,"symbols_score_info":{"RERE":0.9}},"isVote":1,"tweetType":1,"viewCount":335,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182827916,"gmtCreate":1623564141335,"gmtModify":1704206299864,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182827916","repostId":"1105134625","repostType":4,"repost":{"id":"1105134625","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":1623140058,"share":"https://ttm.financial/m/news/1105134625?lang=en_US&edition=fundamental","pubTime":"2021-06-08 16:14","market":"fut","language":"zh","title":"Reminder: The lunch break arrangement is here! Hong Kong stocks will be closed for one day on June 14","url":"https://stock-news.laohu8.com/highlight/detail?id=1105134625","media":"老虎资讯综合","summary":"6月14日（周一）休市，6月15日（周二）起照常开市。美股、英股、新加坡股市照常交易。端午节，又称端阳节、龙舟节、天中节等，源于自然天象崇拜，由上古时代祭龙演变而来。因传说战国时期的楚国诗人屈原在五月五日跳汨罗江自尽，后来人们亦将端午节作为纪念屈原的节日；也有纪念伍子胥、曹娥及介子推等说法。总的来说，端午节起源于上古先民择“飞龙在天”吉日拜祭龙祖、祈福辟邪，注入夏季时令“祛病防疫\"风尚。","content":"<p>As the Dragon Boat Festival, a traditional Chinese festival, approaches, the closing arrangements of major markets are as follows:<img src=\"https://static.tigerbbs.com/ad358d24b10a4ecf9c9fa183f3c2ab9b\" tg-width=\"779\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A shares:</b></p><p>The market will be closed on June 14th (Monday) and open as usual from June 15th (Tuesday).</p><p><b>Hong Kong stocks:</b></p><p>The market will be closed on June 14th (Monday) and open as usual from June 15th (Tuesday).</p><p><b>Australian stocks:</b></p><p>The market will be closed on Monday, June 14 for Queen's Birthday, and will be open as usual from Tuesday, June 15.</p><p><b>U.S. stocks, British stocks and Singapore stock markets traded as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>The service will not be available on June 14th (Monday), and will be open as usual from June 15th (Tuesday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will not be available on June 14th (Monday), and will be open as usual from June 15th (Tuesday).</p><p><b>Background Introduction:</b></p><p>Dragon Boat Festival, also known as Duanyang Festival, Dragon Boat Festival, Tianzhong Festival, etc., originated from the worship of natural astronomical phenomena and evolved from worshipping dragons in ancient times. During the Dragon Boat Festival in midsummer, the seven stays of the black dragon soared into the middle of the south, and was in the most \"middle\" position of the whole year, that is, the fifth line of the Book of Changes Gan Gua said: \"The flying dragon is in the sky\". Its origin covers ancient astrological culture, humanistic philosophy and other aspects, and contains profound and rich cultural connotations. In the process of inheritance and development, a variety of folk customs are mixed into one, and the contents of festivals and customs are rich. Picking dragon boats and eating rice dumplings are the two major rituals and customs of the Dragon Boat Festival, which have been passed down in China since ancient times and have continued until now.</p><p>The Dragon Boat Festival was originally a festival founded by ancient ancestors to worship the dragon ancestors and pray for blessings and ward off evil spirits. Legend has it that Qu Yuan, a poet of Chu during the Warring States Period, committed suicide by jumping into Miluo River on May 5th. Later, people also took the Dragon Boat Festival as a festival to commemorate Qu Yuan. There are also sayings to commemorate Wu Zixu, Cao E and Jie Zitui. Generally speaking, the Dragon Boat Festival originated from the ancient ancestors who chose the auspicious day of \"flying dragon in the sky\" to worship the dragon ancestors, pray for blessings and ward off evil spirits, and injected the fashion of \"curing diseases and preventing epidemics\" in summer.<img src=\"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b\" tg-width=\"640\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: The lunch break arrangement is here! Hong Kong stocks will be closed for one day on June 14</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\">\nReminder: The lunch break arrangement is here! Hong Kong stocks will be closed for one day on June 14\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-08 16:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>As the Dragon Boat Festival, a traditional Chinese festival, approaches, the closing arrangements of major markets are as follows:<img src=\"https://static.tigerbbs.com/ad358d24b10a4ecf9c9fa183f3c2ab9b\" tg-width=\"779\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A shares:</b></p><p>The market will be closed on June 14th (Monday) and open as usual from June 15th (Tuesday).</p><p><b>Hong Kong stocks:</b></p><p>The market will be closed on June 14th (Monday) and open as usual from June 15th (Tuesday).</p><p><b>Australian stocks:</b></p><p>The market will be closed on Monday, June 14 for Queen's Birthday, and will be open as usual from Tuesday, June 15.</p><p><b>U.S. stocks, British stocks and Singapore stock markets traded as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>The service will not be available on June 14th (Monday), and will be open as usual from June 15th (Tuesday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will not be available on June 14th (Monday), and will be open as usual from June 15th (Tuesday).</p><p><b>Background Introduction:</b></p><p>Dragon Boat Festival, also known as Duanyang Festival, Dragon Boat Festival, Tianzhong Festival, etc., originated from the worship of natural astronomical phenomena and evolved from worshipping dragons in ancient times. During the Dragon Boat Festival in midsummer, the seven stays of the black dragon soared into the middle of the south, and was in the most \"middle\" position of the whole year, that is, the fifth line of the Book of Changes Gan Gua said: \"The flying dragon is in the sky\". Its origin covers ancient astrological culture, humanistic philosophy and other aspects, and contains profound and rich cultural connotations. In the process of inheritance and development, a variety of folk customs are mixed into one, and the contents of festivals and customs are rich. Picking dragon boats and eating rice dumplings are the two major rituals and customs of the Dragon Boat Festival, which have been passed down in China since ancient times and have continued until now.</p><p>The Dragon Boat Festival was originally a festival founded by ancient ancestors to worship the dragon ancestors and pray for blessings and ward off evil spirits. Legend has it that Qu Yuan, a poet of Chu during the Warring States Period, committed suicide by jumping into Miluo River on May 5th. Later, people also took the Dragon Boat Festival as a festival to commemorate Qu Yuan. There are also sayings to commemorate Wu Zixu, Cao E and Jie Zitui. Generally speaking, the Dragon Boat Festival originated from the ancient ancestors who chose the auspicious day of \"flying dragon in the sky\" to worship the dragon ancestors, pray for blessings and ward off evil spirits, and injected the fashion of \"curing diseases and preventing epidemics\" in summer.<img src=\"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b\" tg-width=\"640\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105134625","content_text":"临近中国传统节日端午节假期，各主要市场休市安排如下：A股：6月14日（周一）休市，6月15日（周二）起照常开市。港股：6月14日（周一）休市，6月15日（周二）起照常开市。澳股：6月14日（周一）因 Queen's Birthday 休市，6月15日（周二）起照常开市。美股、英股、新加坡股市照常交易。沪股通、深股通：6月14日（周一）不提供服务，6月15日（周二）起照常开通。港股通：6月14日（周一）不提供服务，6月15日（周二）起照常开通。背景介绍：端午节，又称端阳节、龙舟节、天中节等，源于自然天象崇拜，由上古时代祭龙演变而来。仲夏端午，苍龙七宿飞升于正南中天，处于全年最“正中”之位，即如《易经·乾卦》第五爻的爻辞曰：“飞龙在天”。其起源涵盖了古老星象文化、人文哲学等方面内容，蕴含着深邃丰厚的文化内涵，在传承发展中杂糅了多种民俗为一体，节俗内容丰富。扒龙舟与食粽是端午节的两大礼俗，这两大礼俗在中国自古传承，至今不辍。端午节，本是上古先民创立用于拜祭龙祖、祈福辟邪的节日。因传说战国时期的楚国诗人屈原在五月五日跳汨罗江自尽，后来人们亦将端午节作为纪念屈原的节日；也有纪念伍子胥、曹娥及介子推等说法。总的来说，端午节起源于上古先民择“飞龙在天”吉日拜祭龙祖、祈福辟邪，注入夏季时令“祛病防疫\"风尚。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":611,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9969647625,"gmtCreate":1668439293567,"gmtModify":1676538056976,"author":{"id":"3580972018907173","authorId":"3580972018907173","name":"青天照大街","avatar":"https://static.tigerbbs.com/b4b3b2e60ed720da92ef4a446dcdaaf4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580972018907173","authorIdStr":"3580972018907173"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TIGR\">$老虎证券(TIGR)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/TIGR\">$老虎证券(TIGR)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$老虎证券(TIGR)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9969647625","isVote":1,"tweetType":1,"viewCount":2347,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}