Profile - To The Moon

faysl

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- fayslfaysl
  ·04-16
  $特斯拉(TSLA)$ bull market waits for no one, all in！
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- fayslfaysl
  ·2025-08-22
  TQQQ buy the dip！
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- fayslfaysl
  ·2025-06-02
  Sky is the limit
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- fayslfaysl
  ·2024-04-08
  $超微电脑(SMCI)$ 1100
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- fayslfaysl
  ·2024-01-21
  $苹果(AAPL)$
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- fayslfaysl
  ·2024-01-16
  $美国超微公司(AMD)$
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- fayslfaysl
  ·2021-05-30
  Mark
  Philosophy in Investing: The Game of Finite and Infinite
  2020年9月25日，詹姆斯·卡斯在他位于马塞诸塞州的家中去世，享年87岁。他是宗教学者、历史学家，他曾经是纽约大学的明星老师，所教授的课程场场爆满。更重要的是，他是《有限与无限的游戏》一书的作者。
  Philosophy in Investing: The Game of Finite and Infinite
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- fayslfaysl
  ·2021-05-09
  6
  Naixue plans to be heard on Hong Kong Stock Exchange on May 13th and is expected to be listed in mid-early June
  5月8日，腾讯新闻《潜望》独家获悉，奈雪计划于5月13日聆讯。按照港交所上市流程，奈雪或将在6月中上旬完成上市。关于此次IPO募资的具体额度，预计奈雪将在5月最后一周确定。此外，腾讯新闻《潜望》获悉，
  Naixue plans to be heard on Hong Kong Stock Exchange on May 13th and is expected to be listed in mid-early June
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- fayslfaysl
  ·2021-04-11
  6
  Sorry, this post has been deleted
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- fayslfaysl
  ·2021-01-21
  666
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href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$&nbsp;</a>bull market waits for no one, all in！","listText":"<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$&nbsp;</a>bull market waits for no one, all in！","text":"$特斯拉(TSLA)$ bull market waits for no one, all in！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/554230098139304","isVote":1,"tweetType":1,"viewCount":1931,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":470320270197032,"gmtCreate":1755855896339,"gmtModify":1755855899392,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3472536105367512","idStr":"3472536105367512"},"themes":[],"title":"","htmlText":"TQQQ buy the dip！","listText":"TQQQ buy the dip！","text":"TQQQ buy the dip！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/470320270197032","isVote":1,"tweetType":1,"viewCount":2723,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":441701291058008,"gmtCreate":1748876140831,"gmtModify":1748876143656,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3472536105367512","idStr":"3472536105367512"},"themes":[],"title":"","htmlText":"Sky is the limit","listText":"Sky is the limit","text":"Sky is the limit","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/441701291058008","isVote":1,"tweetType":1,"viewCount":2963,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":293132061618336,"gmtCreate":1712584973361,"gmtModify":1712584978033,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3472536105367512","idStr":"3472536105367512"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SMCI\">$超微电脑(SMCI)$ </a> 1100","listText":"<a href=\"https://laohu8.com/S/SMCI\">$超微电脑(SMCI)$ </a> 1100","text":"$超微电脑(SMCI)$ 1100","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/293132061618336","isVote":1,"tweetType":1,"viewCount":3795,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":265311730909368,"gmtCreate":1705795719272,"gmtModify":1705795724821,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3472536105367512","idStr":"3472536105367512"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$苹果(AAPL)$ </a>&nbsp;","listText":"<a href=\"https://laohu8.com/S/AAPL\">$苹果(AAPL)$ </a>&nbsp;","text":"$苹果(AAPL)$","images":[{"img":"https://static.tigerbbs.com/c099a15a0e39231f450e57cbc4296a08","width":"898","height":"1475"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/265311730909368","isVote":1,"tweetType":1,"viewCount":4055,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":263463593025656,"gmtCreate":1705356167314,"gmtModify":1705356172867,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3472536105367512","idStr":"3472536105367512"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/AMD\">$美国超微公司(AMD)$ </a>&nbsp;","listText":"<a href=\"https://laohu8.com/S/AMD\">$美国超微公司(AMD)$ </a>&nbsp;","text":"$美国超微公司(AMD)$","images":[{"img":"https://static.tigerbbs.com/b5a13a373f8d92cd1cbd8f8150947558","width":"898","height":"1475"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/263463593025656","isVote":1,"tweetType":1,"viewCount":3469,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":137110318,"gmtCreate":1622327392734,"gmtModify":1704182942508,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3472536105367512","idStr":"3472536105367512"},"themes":[],"title":"","htmlText":"Mark&nbsp;","listText":"Mark&nbsp;","text":"Mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/137110318","repostId":"1175020249","repostType":4,"repost":{"id":"1175020249","kind":"news","weMediaInfo":{"introduction":"格上理财旗下专注私募行业的微信公众号。每天精选私募行业动态、私募大佬观点、私募研究报告与您分享，同时涵盖宏观经济、个股、投资理念方面的精华文章。了解私募行业，关注格上私募圈！","home_visible":1,"media_name":"格上私募圈","id":"1083023659","head_image":"https://static.tigerbbs.com/61a7d3b4f53e4a8b81be4c739ded31f5"},"pubTimestamp":1622251774,"share":"https://ttm.financial/m/news/1175020249?lang=en_US&edition=fundamental","pubTime":"2021-05-29 09:29","market":"us","language":"zh","title":"Philosophy in Investing: The Game of Finite and Infinite","url":"https://stock-news.laohu8.com/highlight/detail?id=1175020249","media":"格上私募圈","summary":"2020年9月25日，詹姆斯·卡斯在他位于马塞诸塞州的家中去世，享年87岁。他是宗教学者、历史学家，他曾经是纽约大学的明星老师，所教授的课程场场爆满。更重要的是，他是《有限与无限的游戏》一书的作者。\n","content":"<p>James Cass passed away at his home in Massachusetts on September 25, 2020 at the age of 87. He was a religious scholar, a historian, and once a star teacher at New York University, teaching sold-out courses. More importantly, he is the author of The Game of the Finite and the Infinite.</p><p>This book, written in 1987, is a very magical book that has influenced quite a few people. The length of the book is short, and it is composed of 101 short chapters. It tells a philosophical truth in plain language.</p><p>He sees the world as a \"game\" and believes that there are at least two kinds of games in the world. One can be called a finite game and the other an infinite game. Limited games are aimed at winning, while infinite games are aimed at continuing the game.</p><p>He thinks about time, society, culture, power, language, disease, death, war, nature, machines, religion, myth, all the important themes we encounter in the world, one by one, through the thread of \"two games\".</p><p>Cass points out that human societies tend to be easily stuck in finite games that are over, or imprisoned in finite games without knowing it. Things like war, autocracy, environmental pollution, intolerance of the other, great fear of disease and death, and so on, are all negative products of limited play.</p><p>Therefore, we all need a change of game view, because the limited game is a game that draws the ground as a prison, and needs to establish boundaries and rules, while the infinite game is open, and needs to break through boundaries and rules.</p><p>Kevin Kelly, author of Out of Control, even more so: This book changed my perspective on life, the universe, and everything else. The difference between the two games lifted my hesitation about what I should do next. Quite simple:<b>Always choose unlimited games.</b></p><p>He, as a religious scholar, is an atheist because he is fascinated by the \"unknowable being as human\" and exactly what he calls the game of infinity.</p><p>In the last few years of his life, although he suffered from cancer and chemotherapy, his computer was still full of working manuscripts, and he published his first novel in 2016. Maybe he thought that death was not an inbreachable boundary, and he was still playing his infinite game.</p><p>The following is selected from Chapter 2 \"No One Can Play Games Alone\" of \"Finite and Infinite Games\". I wish you good opening the book!</p><p>Infinite Games participants, in their own political activities, strictly distinguish society from culture. They understood society as the sum of relations subject to political constraints, while culture was the interaction of people and people under non-directional choices.</p><p>If society is the sum of what people think must be done, culture is \"a country of change and freedom, which is not necessarily universal, where authority cannot be argued\".</p><p>Let's not confuse the participants of the infinite game with their understanding of society, with cost-energetic actions, or other non-conscious actions. Like limited competition, society is entirely in our free choice:<b>No matter how time-consuming and laborious it is for the participant, it never prevents the participant from withdrawing from the contest. It is only in certain areas deemed necessary that society embodies its coerciveness.</b></p><p><img src=\"https://static.tigerbbs.com/80c2dd3214271ea6666ba033b9ce9671\" tg-width=\"399\" tg-height=\"280\" referrerpolicy=\"no-referrer\"></p><p><b>Photo: James Cass (1932-2020)</b></p><p>Just as infinite games cannot be confined to finite games, culture must not be true culture if it is trapped within social boundaries.</p><p>Of course, societies often use the tactic of initiating or embracing a culture as the exclusive and exclusive of that society. A culture so drawn as a prison may even be greatly supported and encouraged by society, but it is nothing more than a cloak of openness. Indeed, it is designed without exception to serve social purposes.</p><p>Therefore, society and culture are not truly at odds. In fact, society is a type of culture that insists on opposing itself. Society is an effort to organize freely, to hide the freedom of those who organize and those who are organized, to forget that we have consciously forgotten our original intention of entering this or that contest and to keep racing.</p><p><b>Society</b></p><p>If society is to be understood as everything people do under the veil of necessity, it should also be regarded as some limited game, within its boundaries, containing a certain number of small games.</p><p>Large societies include a large number of various games, although these games are all linked to some degree because they all affect the ultimate social identity status.</p><p>In the sense that schools award degree certificates of varying gold content to degree recipients, schools are a kind of limited game. These degree certificates provide qualifications for graduates to participate in higher-level games. For example, after students from certain prestigious schools or certain vocational colleges graduate, there are a series of higher-level competitions in each vocational field. Many families also see themselves as a competitive unit in a larger limited game, training family members to win visible social titles.</p><p>Like finite games, society has boundaries of quantity, space, and time. Its citizens are precisely defined, its homeland is sacred, and its history is worshipped.</p><p>The power of citizens in society is determined by their respective achievements in the games they have participated in. Society holds the memory of the winners of history. Its recording and preservation functions are crucial to the social order. A large number of rights and interests of members of society need to be recognized, and the huge bureaucracy is born out of this need.</p><p>The power of a society, which is acquired by defeating other societies in a limited game at a higher level. Its most cherished memory is that of the martyrs who lost their lives to win the war with the foreign nations. The victims of the losing side of the war are almost never commemorated.</p><p><b>The power in the society is guaranteed and improved by the power of the society itself.</b></p><p>A society can only defend the rewards earned by its members of society if it maintains the power of integrity in its relations with other societies. Members of society who wish to make their own reward permanent will strive to maintain the permanence of this social reward.</p><p>Patriotism, in one or more of its forms (chauvinism, racism, sexism, nationalism, and religiousness), becomes an integral part of all social games.</p><p>Because power is patriotic in nature, the typical feature of participants in the limited game is to pursue power growth in society as a way to improve the power of society itself.</p><p>It is for the benefit of society itself that all kinds of competition in society are encouraged, and as many rewards as possible are established, because the rewarded will be the most likely to fight to defend society as a whole from being defeated by other competing societies.</p><p><b>Culture</b></p><p><b>Culture is an infinite game.</b>Culture has no boundaries, and in a culture, all people can be participants, anytime and anywhere.</p><p>Because a society carefully maintains time boundaries, it understands its past as a kind of predestination, or destiny. That is to say, its historical trajectory has a clear starting point (the founders of a certain society are always especially commemorated), and a clear ending point (its successful nature is repeated in official slogans such as \"Each does what he can, distribute according to his work\").</p><p>Because culture has no time boundary, culture does not understand its past as predestination, but as history, that is, a narrative that has begun but always points to infinite openness. Culture is the cause of mankind, refusing to save itself from surprise. Living in such a powerful picture, they avoid power and happily play various boundary-expanding games.</p><p><b>Society is a display of power.</b>It is scripted, has an established script, and the departure from the script, will be clearly seen right away. Deviation from the norm is antisocial and therefore prohibited by society through various sanctions.</p><p>Deviance is banned for a simple reason. If members of society do not abide by the inherent rules of society, then the number of rules will change, and some of them will be abandoned altogether, which will mean that past winners will no longer be guaranteed ceremonial recognition of their titles and thus lose power-like the Russian Maharaja after the Russian Revolution.</p><p>It is an important function of society to ensure that the rules of many games are not tampered with. Processes like academic accreditation, licensing of trades and professions, religious appointments, Congressional passage of official appointments, and the inauguration of political leaders are all approvals made by society for certain people to compete in a specific limited game.</p><p>However, transgression is the essence of culture. Whoever simply follows the script and repeats the past is a cultural poor.</p><p>The nature of deviance varies, and not all deviations from the past have cultural significance. The practices of cutting ties to the past, leading to the forgetting of the past, are culturally worthless. It makes sense to bring new ways of thinking to tradition, to make us feel unfamiliar with things that were once familiar, and to re-examine everything we have.</p><p>Cultural deviation is not about bringing us back in the past, but about continuing what began in the past and has not yet ended. On the other hand, social customs require a complete repeat of the past in the future. Society is obsessed with immortality, and culture is in harmony with the laughter of unknowable possibilities. Society is abstract, culture is concrete.</p><p><b>Limited games are able to be played over and over countless times.</b>It is true that the winner of a game always wins in a particular game at a certain time, but the validity of the title they earn depends on the repetition of the game. We commemorate the great early football players, but if football disappears, we may not remember them in a decade.</p><p>As we have seen, because an infinite game cannot have an end point, it cannot be repeated either. Non-repeatability is typical of all cultures. Mozart's Symphony No. 41 could not be written again, nor could Rembrandt's self-portrait be painted twice. Society preserves these works as the results of those who have won in their respective games.</p><p>However, culture does not regard these works as products of struggle, but as moments in the struggle-culture is the struggle itself.</p><p>Culture inherits Mozart and Rembrandt's inheritance of culture, and the two of them inherit culture through their own work:<b>The original or adaptive shaping of the traditions they have embraced. Their work is so original that it is impossible for others to replicate, but it calls for original responses from others.</b></p><p>Just as infinite games have their rules, culture has its own traditions. The rules in the infinite game can be freely reached or changed freely, and cultural traditions can also be transformed and changed in the transformation.</p><p>Culture, to be precise, is not about having a tradition, it is a tradition in itself.</p><p>----------------------------------------------------</p><p>Share good news with tiger friends. Tiger currently supports weekend orders! Pre-order is a value-added service provided by Tiger for users, which can support users to place orders in non-trading periods. At present, it supports three order types: stop-loss order, stop-loss limit order and limit order.</p><p>That is to say, users can place orders during the market closure period, such as weekends and other holidays, and the orders are saved by Tiger's trading system and automatically submitted to the exchange after the market opens.</p><p><a href=\"https://www.laohu8.com/post/131820269\" target=\"_blank\">Click for more information>>></a></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>Philosophy in Investing: The Game of Finite and Infinite</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\">\nPhilosophy in Investing: The Game of Finite and Infinite\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1083023659\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/61a7d3b4f53e4a8b81be4c739ded31f5);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">格上私募圈 </p>\n<p class=\"h-time smaller\">2021-05-29 09:29</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>James Cass passed away at his home in Massachusetts on September 25, 2020 at the age of 87. He was a religious scholar, a historian, and once a star teacher at New York University, teaching sold-out courses. More importantly, he is the author of The Game of the Finite and the Infinite.</p><p>This book, written in 1987, is a very magical book that has influenced quite a few people. The length of the book is short, and it is composed of 101 short chapters. It tells a philosophical truth in plain language.</p><p>He sees the world as a \"game\" and believes that there are at least two kinds of games in the world. One can be called a finite game and the other an infinite game. Limited games are aimed at winning, while infinite games are aimed at continuing the game.</p><p>He thinks about time, society, culture, power, language, disease, death, war, nature, machines, religion, myth, all the important themes we encounter in the world, one by one, through the thread of \"two games\".</p><p>Cass points out that human societies tend to be easily stuck in finite games that are over, or imprisoned in finite games without knowing it. Things like war, autocracy, environmental pollution, intolerance of the other, great fear of disease and death, and so on, are all negative products of limited play.</p><p>Therefore, we all need a change of game view, because the limited game is a game that draws the ground as a prison, and needs to establish boundaries and rules, while the infinite game is open, and needs to break through boundaries and rules.</p><p>Kevin Kelly, author of Out of Control, even more so: This book changed my perspective on life, the universe, and everything else. The difference between the two games lifted my hesitation about what I should do next. Quite simple:<b>Always choose unlimited games.</b></p><p>He, as a religious scholar, is an atheist because he is fascinated by the \"unknowable being as human\" and exactly what he calls the game of infinity.</p><p>In the last few years of his life, although he suffered from cancer and chemotherapy, his computer was still full of working manuscripts, and he published his first novel in 2016. Maybe he thought that death was not an inbreachable boundary, and he was still playing his infinite game.</p><p>The following is selected from Chapter 2 \"No One Can Play Games Alone\" of \"Finite and Infinite Games\". I wish you good opening the book!</p><p>Infinite Games participants, in their own political activities, strictly distinguish society from culture. They understood society as the sum of relations subject to political constraints, while culture was the interaction of people and people under non-directional choices.</p><p>If society is the sum of what people think must be done, culture is \"a country of change and freedom, which is not necessarily universal, where authority cannot be argued\".</p><p>Let's not confuse the participants of the infinite game with their understanding of society, with cost-energetic actions, or other non-conscious actions. Like limited competition, society is entirely in our free choice:<b>No matter how time-consuming and laborious it is for the participant, it never prevents the participant from withdrawing from the contest. It is only in certain areas deemed necessary that society embodies its coerciveness.</b></p><p><img src=\"https://static.tigerbbs.com/80c2dd3214271ea6666ba033b9ce9671\" tg-width=\"399\" tg-height=\"280\" referrerpolicy=\"no-referrer\"></p><p><b>Photo: James Cass (1932-2020)</b></p><p>Just as infinite games cannot be confined to finite games, culture must not be true culture if it is trapped within social boundaries.</p><p>Of course, societies often use the tactic of initiating or embracing a culture as the exclusive and exclusive of that society. A culture so drawn as a prison may even be greatly supported and encouraged by society, but it is nothing more than a cloak of openness. Indeed, it is designed without exception to serve social purposes.</p><p>Therefore, society and culture are not truly at odds. In fact, society is a type of culture that insists on opposing itself. Society is an effort to organize freely, to hide the freedom of those who organize and those who are organized, to forget that we have consciously forgotten our original intention of entering this or that contest and to keep racing.</p><p><b>Society</b></p><p>If society is to be understood as everything people do under the veil of necessity, it should also be regarded as some limited game, within its boundaries, containing a certain number of small games.</p><p>Large societies include a large number of various games, although these games are all linked to some degree because they all affect the ultimate social identity status.</p><p>In the sense that schools award degree certificates of varying gold content to degree recipients, schools are a kind of limited game. These degree certificates provide qualifications for graduates to participate in higher-level games. For example, after students from certain prestigious schools or certain vocational colleges graduate, there are a series of higher-level competitions in each vocational field. Many families also see themselves as a competitive unit in a larger limited game, training family members to win visible social titles.</p><p>Like finite games, society has boundaries of quantity, space, and time. Its citizens are precisely defined, its homeland is sacred, and its history is worshipped.</p><p>The power of citizens in society is determined by their respective achievements in the games they have participated in. Society holds the memory of the winners of history. Its recording and preservation functions are crucial to the social order. A large number of rights and interests of members of society need to be recognized, and the huge bureaucracy is born out of this need.</p><p>The power of a society, which is acquired by defeating other societies in a limited game at a higher level. Its most cherished memory is that of the martyrs who lost their lives to win the war with the foreign nations. The victims of the losing side of the war are almost never commemorated.</p><p><b>The power in the society is guaranteed and improved by the power of the society itself.</b></p><p>A society can only defend the rewards earned by its members of society if it maintains the power of integrity in its relations with other societies. Members of society who wish to make their own reward permanent will strive to maintain the permanence of this social reward.</p><p>Patriotism, in one or more of its forms (chauvinism, racism, sexism, nationalism, and religiousness), becomes an integral part of all social games.</p><p>Because power is patriotic in nature, the typical feature of participants in the limited game is to pursue power growth in society as a way to improve the power of society itself.</p><p>It is for the benefit of society itself that all kinds of competition in society are encouraged, and as many rewards as possible are established, because the rewarded will be the most likely to fight to defend society as a whole from being defeated by other competing societies.</p><p><b>Culture</b></p><p><b>Culture is an infinite game.</b>Culture has no boundaries, and in a culture, all people can be participants, anytime and anywhere.</p><p>Because a society carefully maintains time boundaries, it understands its past as a kind of predestination, or destiny. That is to say, its historical trajectory has a clear starting point (the founders of a certain society are always especially commemorated), and a clear ending point (its successful nature is repeated in official slogans such as \"Each does what he can, distribute according to his work\").</p><p>Because culture has no time boundary, culture does not understand its past as predestination, but as history, that is, a narrative that has begun but always points to infinite openness. Culture is the cause of mankind, refusing to save itself from surprise. Living in such a powerful picture, they avoid power and happily play various boundary-expanding games.</p><p><b>Society is a display of power.</b>It is scripted, has an established script, and the departure from the script, will be clearly seen right away. Deviation from the norm is antisocial and therefore prohibited by society through various sanctions.</p><p>Deviance is banned for a simple reason. If members of society do not abide by the inherent rules of society, then the number of rules will change, and some of them will be abandoned altogether, which will mean that past winners will no longer be guaranteed ceremonial recognition of their titles and thus lose power-like the Russian Maharaja after the Russian Revolution.</p><p>It is an important function of society to ensure that the rules of many games are not tampered with. Processes like academic accreditation, licensing of trades and professions, religious appointments, Congressional passage of official appointments, and the inauguration of political leaders are all approvals made by society for certain people to compete in a specific limited game.</p><p>However, transgression is the essence of culture. Whoever simply follows the script and repeats the past is a cultural poor.</p><p>The nature of deviance varies, and not all deviations from the past have cultural significance. The practices of cutting ties to the past, leading to the forgetting of the past, are culturally worthless. It makes sense to bring new ways of thinking to tradition, to make us feel unfamiliar with things that were once familiar, and to re-examine everything we have.</p><p>Cultural deviation is not about bringing us back in the past, but about continuing what began in the past and has not yet ended. On the other hand, social customs require a complete repeat of the past in the future. Society is obsessed with immortality, and culture is in harmony with the laughter of unknowable possibilities. Society is abstract, culture is concrete.</p><p><b>Limited games are able to be played over and over countless times.</b>It is true that the winner of a game always wins in a particular game at a certain time, but the validity of the title they earn depends on the repetition of the game. We commemorate the great early football players, but if football disappears, we may not remember them in a decade.</p><p>As we have seen, because an infinite game cannot have an end point, it cannot be repeated either. Non-repeatability is typical of all cultures. Mozart's Symphony No. 41 could not be written again, nor could Rembrandt's self-portrait be painted twice. Society preserves these works as the results of those who have won in their respective games.</p><p>However, culture does not regard these works as products of struggle, but as moments in the struggle-culture is the struggle itself.</p><p>Culture inherits Mozart and Rembrandt's inheritance of culture, and the two of them inherit culture through their own work:<b>The original or adaptive shaping of the traditions they have embraced. Their work is so original that it is impossible for others to replicate, but it calls for original responses from others.</b></p><p>Just as infinite games have their rules, culture has its own traditions. The rules in the infinite game can be freely reached or changed freely, and cultural traditions can also be transformed and changed in the transformation.</p><p>Culture, to be precise, is not about having a tradition, it is a tradition in itself.</p><p>----------------------------------------------------</p><p>Share good news with tiger friends. Tiger currently supports weekend orders! Pre-order is a value-added service provided by Tiger for users, which can support users to place orders in non-trading periods. At present, it supports three order types: stop-loss order, stop-loss limit order and limit order.</p><p>That is to say, users can place orders during the market closure period, such as weekends and other holidays, and the orders are saved by Tiger's trading system and automatically submitted to the exchange after the market opens.</p><p><a href=\"https://www.laohu8.com/post/131820269\" target=\"_blank\">Click for more information>>></a></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ccb8c14a6fc1912ba7f4d101042b451e","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175020249","content_text":"2020年9月25日，詹姆斯·卡斯在他位于马塞诸塞州的家中去世，享年87岁。他是宗教学者、历史学家，他曾经是纽约大学的明星老师，所教授的课程场场爆满。更重要的是，他是《有限与无限的游戏》一书的作者。\n这本写于1987年的书，是一本非常神奇的著作，影响了不少人。全书篇幅不长，以101个短章连缀而成的形式构成，用平实的语言讲述了一个哲学的道理。\n他视世界为“游戏”，并认为世上至少有两种游戏。一种可称为有限游戏，另一种称为无限游戏。有限游戏以取胜为目的，而无限游戏以延续游戏为目的。\n他将时间、社会、文化、权力、语言、疾病、死亡、战争、自然、机器、宗教、神话，我们在世上所遭遇的重要主题，都通过“两种游戏”这条线索，逐一思考了一遍。\n卡斯指出，人类社会往往很容易停滞在结束了的有限游戏中，或者被囚禁在有限的游戏中而不自知。像战争、专制、环境污染、对他者的不宽容、对疾病和死亡的极大恐惧等等，都是有限游戏的负面产物。\n因而我们都需要一个游戏观的转换，因为有限游戏是画地为牢的游戏，需要确立边界和规则，而无限游戏则是开放的，需要突破边界和规则。\n《失控》的作者凯文·凯利更是说：这本书改变了我对生活、宇宙和其他一切事情的看法。两种游戏的不同，解除了我对下一步应该做什么的犹豫。很简单：总是选择无限的游戏。\n他作为一个宗教学者，却是一名无神论者，因为他着迷于“不可知的作为人类的存在”，也正是他所说的无限游戏。\n在他生命的最后几年，虽然受到癌症及化疗的痛苦，但他的电脑里依然充满着工作手稿，在2016年还出版了第一本小说，可能他认为死亡并不是一个不可突破的边界，他依然在玩着他的无限游戏。\n以下选自《有限与无限的游戏》第二章《没人能独自玩游戏》，祝开卷有益！\n无限游戏的参与者在他们自己的政治活动中，严格区分社会与文化。他们将社会理解为受政治约束的关系总和，而文化则是在非方向性的选择下，人和人的相互作用。\n如果说，社会是人们认为必须要做之事的总和，那么文化则是“变化与自由的国度，它并不一定普遍适用，权威在这里无从置喙”。\n我们不要把无限游戏的参与者对社会的理解，混淆成本能行动，或者其他非意识行动。和有限的竞争一样，社会也完全是在我们自由选择之中的：不管对参与者来说多费时费力，也从不阻止参与者退出竞赛。仅仅在某些被认为必需的领域，社会才体现它的强制性。\n\n图：詹姆斯·卡斯（1932-2020）\n正如无限游戏不能被限制在有限游戏中，文化如果被困于社会边界里，也必不能成为真正的文化。\n当然，社会经常使用一种策略，即发起或拥抱某种文化，将之作为该社会的独家专属之物。被如此画地为牢的文化，甚至有可能得到社会的极大扶持和鼓励，但它不过是披着开放的外衣而已。实际上，它无一例外都被设计为服务于社会目的。\n因此，社会与文化并不是真正的势不两立。其实，社会是文化的一种类型，它坚持与自身作对。社会是自由组织起来的一种努力，致力于隐藏组织者和被组织者的自由，致力于忘记我们已经有意识地忘记我们进入这个或那个竞赛的初衷并继续竞赛下去。\n社会\n如果将社会理解为人们在必然的面纱下所做的一切，那也应该将它视为某一有限的游戏，在它的边界内，又包含了一定数量的小游戏。\n大的社会包括大量的各种游戏，虽然这些游戏都在某种程度上联系在一起，因为它们都影响到最终的社会身份地位。\n学校向获得学位者颁发含金量不同的学位证书，从这个意义上说，学校是有限游戏的一种。这些学位证书则在更高一级的游戏中，为毕业生提供参赛资格，比如某些名校或某些职业院校的学生毕业之后，在每个职业领域中，又有一系列的更高一级的竞赛等。很多家庭也将自己视为更宏大的有限游戏中的一个竞争单元，训练家族成员赢得可见的社会性头衔。\n像有限游戏一样，社会也是有数量、空间和时间的界限的。它的公民是精确定义的，它的国土是神圣不可侵犯的，它的历史是被顶礼膜拜的。\n公民在社会中的权力，由他们各自在已参加的游戏中所获得的成绩来决定。社会保有对历史上获胜者的记忆。它的记录、保存功能对于社会秩序来说至关重要。社会成员的大量权益需要得到确认，庞大的官僚体制便是发源于这一需要。\n一个社会的权力，是通过在更高一级的有限游戏中击败其他社会获取的。它最值得珍视的记忆，便是在与外邦交战中，为赢得胜利而失去生命的烈士们。战争失败一方的牺牲者几乎从来不被纪念。\n社会中的权力，得到这个社会本身的权力的保证与提高。\n一个社会只有在与其他社会关系中保持整体性的权力时，其社会成员所赢得的奖励才能得到保卫。希望将自己的奖励永久化的社会成员，会努力维持这个社会奖励的永久化。\n爱国主义以它的一种或多种形式（沙文主义、种族主义、性别主义、民族主义和宗教主义），成为所有社会游戏不可分割的部分。\n因为权力在本质上是爱国主义的，所以有限游戏参与者的典型特征，便是将追求社会中的权力增长作为提高社会本身权力的一种方式。\n正是为了社会本身的利益，才鼓励社会中的各种竞争，建立尽可能多数量的奖励，因为被奖励者将是最有可能奋不顾身去保卫作为一个整体的社会不被其他竞争社会打败的。\n文化\n文化则是无限的游戏。文化无边界，在一个文化中，所有人都能成为参与者，无论任何时间任何地点。\n因为一个社会精心保持着时间边界，所以它将自己的过去理解为一种宿命，或天命。也就是说，它的历史轨道有明确的起点（某个社会的创立者总是特别得到纪念），以及明确的终点（它的成功性质重复体现在比如“各尽所能，按劳分配”这样的官方口号中）。\n因为文化没有时间边界，所以文化并不将它的过去理解为宿命，而是视为历史，也即一种已经开始但永远指向无穷开放性的叙事。文化是人类的事业，拒绝使自己免于惊讶。生活在这样有力量的图景中，他们便避开权力，喜悦地做着各种拓展边界的游戏。\n社会是权力的展示。它是剧本性的，拥有既定的剧本，对剧本的偏离，马上会很明显地被看出来。偏离常轨是反社会的，因此被社会通过各种制裁所禁止。\n越轨之所以被禁止，原因很简单。如果社会成员不遵守社会固有规则，那么规则的数量将会变化，其中一些规则会被彻底抛弃，这将意味着过去的获胜者不再能保证获得对自己头衔的仪式性认可，从而失去权力－就像是俄国革命之后的俄国王公。\n保证许多游戏的规则不被窜改，是社会的一项重要功能。像学术评审、贸易和职业的许可、宗教职务授任、国会对官员任命的通过和政治领袖的就职，这些流程都是社会对某些人在特定的有限游戏中进行竞争所做的批准。\n然而，越轨却是文化的本质。谁要是仅仅跟随剧本亦步亦趋，重复过去，那么就是文化上的赤贫者。\n越轨的性质各有不同，不是所有对过去的偏离都具有文化上的意义。切断与过去的联系，导致对过去的遗忘，这些做法在文化上毫无价值。给传统带来新的思维方式，使我们对一度熟悉的事物生出陌生感，对我们所拥有的一切进行再审视，这样做才是有意义的。\n文化偏离不是将我们带回过往，而是将开始于过去并尚未结束的东西继续下去。而另一方面，社会习俗要求在未来完全地重复过往。社会对于不朽这件事情念念不忘，而文化与不可知的各种可能性的欢笑琴瑟和鸣。社会是抽象的，文化是具体的。\n有限的游戏能够反复玩无数次。诚然，游戏的获胜者总是在某一时间的特定游戏中获胜的，但是他们获得的头衔的有效性却有赖于此游戏的重复进行。我们纪念早期的伟大橄榄球队运动员，但若橄榄球消失，不出十年，我们恐怕就记不起他们了。\n正如我们所见的，因为无限的游戏不能有终点，所以它也无法重复。不可重复性是所有文化的典型特征。莫扎特的第四十一号交响曲不可能再创作一次，伦勃朗的自画像也不可能画两次。社会将这些作品保存起来，认为它们是那些在各自游戏中获胜者的战果。\n然而，文化并不将这些作品视作奋斗的产物，而认为是奋斗过程中的瞬间－文化即奋斗本身。\n文化传承着莫扎特和伦勃朗对文化的传承，而二人对文化的传承，是通过自己的工作：对他们所接受的传统进行的原创性或改编性塑造。他们的工作是如此原创，以至于其他人无从复制，但是却呼唤着其他人原创式的回应。\n正如无限的游戏有其规则，文化则有自己的传统。无限游戏中的规则能够自由达成或自由更改，文化传统也会被改造，并在改造中发生变化。\n准确地说，文化并不是拥有一个传统，它本身就是传统。\n----------------------------------------------------\n和虎友们分享一个好消息，老虎当前支持周末下单了！预挂单是老虎为用户提供的一种增值服务，可以支持用户在非交易时间段下单，目前支持止损单、止损限价单、限价单3种订单类型。\n也就是说，用户可以在休市期间，比如周末等节假日进行挂单，订单由老虎的交易系统保存，待开市后自动提交到交易所。\n点击了解详情>>>","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":4857,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107223033,"gmtCreate":1620515235022,"gmtModify":1704344405485,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3472536105367512","idStr":"3472536105367512"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/107223033","repostId":"1133900125","repostType":4,"repost":{"id":"1133900125","kind":"news","pubTimestamp":1620457507,"share":"https://ttm.financial/m/news/1133900125?lang=en_US&edition=fundamental","pubTime":"2021-05-08 15:05","market":"hk","language":"zh","title":"Naixue plans to be heard on Hong Kong Stock Exchange on May 13th and is expected to be listed in mid-early June","url":"https://stock-news.laohu8.com/highlight/detail?id=1133900125","media":"腾讯新闻","summary":"5月8日，腾讯新闻《潜望》独家获悉，奈雪计划于5月13日聆讯。按照港交所上市流程，奈雪或将在6月中上旬完成上市。关于此次IPO募资的具体额度，预计奈雪将在5月最后一周确定。此外，腾讯新闻《潜望》获悉，","content":"<p><img src=\"https://static.tigerbbs.com/e96e2889a7577f7ebb7f4c3b53fef19d\" tg-width=\"766\" tg-height=\"503\" referrerpolicy=\"no-referrer\">On May 8th, Tencent News \"Perspective\" was exclusively informed that Naixue plans to hear on May 13th. According to the listing process of Hong Kong Stock Exchange, Naixue may complete its listing in mid-early June.</p><p>Regarding the specific amount of fundraising for this IPO, it is expected that Naixue will be determined in the last week of May. In addition, Tencent News \"Perspective\" learned that Naixue's planned fund-raising amount is about 600 million US dollars. Based on its issuance of 15% shares, Naixue is estimated to be valued at about $4 billion, equivalent to about HK$31 billion.</p><p>As of press time, Tencent News \"Perspective\" has not been able to contact Naixue and its sponsor JPMorgan Chase for comment.</p><p><b>Investors worry about Nayuki's overvaluation</b></p><p>In the past 5 years, Naixue has made 5 financing. In addition to Tiantu Capital starting three consecutive rounds of investment at the earliest, Naixue received another $100 million in financing from PAG Pacific Investment Group in 2020.</p><p>Bloomberg reports that Nayuki is valued at $2 billion after securing financing from PAG Pacific Investment. This is also Naixue's last round of fundraising before the IPO.</p><p>In other words, compared with the last round of financing before IPO, Naixue's current valuation has about doubled.</p><p>Some large institutional investors told Tencent News \"Perspective\" that Naixue is a good company, but are worried that the final valuation is too expensive. Previous market rumors said that Naixue was valued at HK$35 billion.</p><p>Compared with the market sentiment when Naixue launched its listing in February this year, the current institutional investors are more cautious about Naixue's valuation. Some institutional investors valued it at about HK$ 30 billion, but some institutional investors who were keen on Naixue still followed the previous valuation, and even gave a valuation of HK$ 40 billion.</p><p>Some large institutional investors told Tencent News \"First Line\" that if the valuation is reasonable, they will consider placing an order. The order prices of these large institutional investors will directly affect the final pricing range of Nayuki.</p><p>In the past week, many institutional investors have been nervously waiting for the decision of Naixue's listing team and management, that is, to finalize the cornerstone list. Tencent News \"Perspective\" learned that there are many institutions that hope to be the cornerstone investors of Naixue, and the final cornerstone list will be finalized after the hearing next week.</p><p><b>Naixue's three-year loss exceeds 100 million investors worry about its ability to make money</b></p><p>In the previous non-trading roadshow, investors' worries about Naixue were concentrated: the ability to make money in the future. The answer given by management is also well understood, that is, with scale, costs will dilute and profits will rise.</p><p>Nayuki is still in a loss at present. According to the financial report, Naixue's revenue in 2018, 2019 and the first three quarters of 2020 was 1.087 billion yuan, 2.502 billion yuan and 2.115 billion yuan respectively, while its net losses were 69.73 million yuan, 39.68 million yuan and 27.51 million yuan respectively.</p><p>Like other FMCG industries, investors pay more attention to the same-store sales and same-store profits in Naixue's prospectus.</p><p>According to Nayuki's prospectus, there were 49 stores with business hours of no less than 300 days in 2018 and 2019. Judging from the data of 2018 and 2019 alone, Naixue's same-store net profit was 1.453 million yuan and 1.414 million yuan respectively.</p><p>Generally speaking, the reasonable range of same-store profit margin is about 20%, an institutional investor who has invested in the consumer sector for a long time told Tencent News Perspective.</p><p>According to the data of the first two full fiscal years, Naixue's single store profit is not bad. According to the prospectus, Nayuki's same-store profit margin was 24.9%, 25.3% and 12.6% in 2018, 2019 and the first three quarters of 2020, respectively. Among them, the same-store profit margin in 2020 was greatly affected by the pandemic.</p><p>However, manpower accounts for a large proportion of Naixue's costs. Naixue's prospectus shows that its labor costs remain high. In 2018, the staff cost was 340 million yuan, accounting for 31.3% of the total cost. In 2019, the staff cost was 750 million yuan, accounting for 30% of the total cost. This expense is about the same as Naixue's material cost, which was 380 million yuan and 910 million yuan in 2018 and 2019, respectively.</p><p>That is to say, with the gradual increase of domestic labor costs in the future, the labor expenses that Naixue needs to bear will be higher and higher. More importantly, Nayuki's stores are all concentrated in first-, second-and quasi-second-tier cities, where labor costs will continue to be high for the foreseeable future.</p><p>Although the total cost of Naixue will be somewhat diluted with the expansion of scale in the future, after the stores in first-and second-tier cities are saturated, the benefits of single stores may decrease in the process of Naixue continuing to sink in other cities. This means that it will be difficult for Naixue to continue to maintain a single-store profit margin of more than 20%.</p><p>An institutional investor, who mainly invests in consumption in the secondary market, told Tencent News Perspective that after studying Naixue's data, his institution finally decided not to invest.</p><p>There are not a few such investors, and some people look forward to the competing product Heytea, which will also be listed in Hong Kong in the future. Some investors who have seen Heytea's financial data revealed to Tencent News \"Perspective\" that compared with Naixue, Heytea's profitability is much better than Naixue, and its cost control is better, which is more suitable for long-term investors.</p>","source":"TXXW","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>Naixue plans to be heard on Hong Kong Stock Exchange on May 13th and is expected to be listed in mid-early June</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\">\nNaixue plans to be heard on Hong Kong Stock Exchange on May 13th and is expected to be listed in mid-early June\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯新闻</strong><span class=\"h-time small\">2021-05-08 15:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/e96e2889a7577f7ebb7f4c3b53fef19d\" tg-width=\"766\" tg-height=\"503\" referrerpolicy=\"no-referrer\">On May 8th, Tencent News \"Perspective\" was exclusively informed that Naixue plans to hear on May 13th. According to the listing process of Hong Kong Stock Exchange, Naixue may complete its listing in mid-early June.</p><p>Regarding the specific amount of fundraising for this IPO, it is expected that Naixue will be determined in the last week of May. In addition, Tencent News \"Perspective\" learned that Naixue's planned fund-raising amount is about 600 million US dollars. Based on its issuance of 15% shares, Naixue is estimated to be valued at about $4 billion, equivalent to about HK$31 billion.</p><p>As of press time, Tencent News \"Perspective\" has not been able to contact Naixue and its sponsor JPMorgan Chase for comment.</p><p><b>Investors worry about Nayuki's overvaluation</b></p><p>In the past 5 years, Naixue has made 5 financing. In addition to Tiantu Capital starting three consecutive rounds of investment at the earliest, Naixue received another $100 million in financing from PAG Pacific Investment Group in 2020.</p><p>Bloomberg reports that Nayuki is valued at $2 billion after securing financing from PAG Pacific Investment. This is also Naixue's last round of fundraising before the IPO.</p><p>In other words, compared with the last round of financing before IPO, Naixue's current valuation has about doubled.</p><p>Some large institutional investors told Tencent News \"Perspective\" that Naixue is a good company, but are worried that the final valuation is too expensive. Previous market rumors said that Naixue was valued at HK$35 billion.</p><p>Compared with the market sentiment when Naixue launched its listing in February this year, the current institutional investors are more cautious about Naixue's valuation. Some institutional investors valued it at about HK$ 30 billion, but some institutional investors who were keen on Naixue still followed the previous valuation, and even gave a valuation of HK$ 40 billion.</p><p>Some large institutional investors told Tencent News \"First Line\" that if the valuation is reasonable, they will consider placing an order. The order prices of these large institutional investors will directly affect the final pricing range of Nayuki.</p><p>In the past week, many institutional investors have been nervously waiting for the decision of Naixue's listing team and management, that is, to finalize the cornerstone list. Tencent News \"Perspective\" learned that there are many institutions that hope to be the cornerstone investors of Naixue, and the final cornerstone list will be finalized after the hearing next week.</p><p><b>Naixue's three-year loss exceeds 100 million investors worry about its ability to make money</b></p><p>In the previous non-trading roadshow, investors' worries about Naixue were concentrated: the ability to make money in the future. The answer given by management is also well understood, that is, with scale, costs will dilute and profits will rise.</p><p>Nayuki is still in a loss at present. According to the financial report, Naixue's revenue in 2018, 2019 and the first three quarters of 2020 was 1.087 billion yuan, 2.502 billion yuan and 2.115 billion yuan respectively, while its net losses were 69.73 million yuan, 39.68 million yuan and 27.51 million yuan respectively.</p><p>Like other FMCG industries, investors pay more attention to the same-store sales and same-store profits in Naixue's prospectus.</p><p>According to Nayuki's prospectus, there were 49 stores with business hours of no less than 300 days in 2018 and 2019. Judging from the data of 2018 and 2019 alone, Naixue's same-store net profit was 1.453 million yuan and 1.414 million yuan respectively.</p><p>Generally speaking, the reasonable range of same-store profit margin is about 20%, an institutional investor who has invested in the consumer sector for a long time told Tencent News Perspective.</p><p>According to the data of the first two full fiscal years, Naixue's single store profit is not bad. According to the prospectus, Nayuki's same-store profit margin was 24.9%, 25.3% and 12.6% in 2018, 2019 and the first three quarters of 2020, respectively. Among them, the same-store profit margin in 2020 was greatly affected by the pandemic.</p><p>However, manpower accounts for a large proportion of Naixue's costs. Naixue's prospectus shows that its labor costs remain high. In 2018, the staff cost was 340 million yuan, accounting for 31.3% of the total cost. In 2019, the staff cost was 750 million yuan, accounting for 30% of the total cost. This expense is about the same as Naixue's material cost, which was 380 million yuan and 910 million yuan in 2018 and 2019, respectively.</p><p>That is to say, with the gradual increase of domestic labor costs in the future, the labor expenses that Naixue needs to bear will be higher and higher. More importantly, Nayuki's stores are all concentrated in first-, second-and quasi-second-tier cities, where labor costs will continue to be high for the foreseeable future.</p><p>Although the total cost of Naixue will be somewhat diluted with the expansion of scale in the future, after the stores in first-and second-tier cities are saturated, the benefits of single stores may decrease in the process of Naixue continuing to sink in other cities. This means that it will be difficult for Naixue to continue to maintain a single-store profit margin of more than 20%.</p><p>An institutional investor, who mainly invests in consumption in the secondary market, told Tencent News Perspective that after studying Naixue's data, his institution finally decided not to invest.</p><p>There are not a few such investors, and some people look forward to the competing product Heytea, which will also be listed in Hong Kong in the future. Some investors who have seen Heytea's financial data revealed to Tencent News \"Perspective\" that compared with Naixue, Heytea's profitability is much better than Naixue, and its cost control is better, which is more suitable for long-term investors.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://new.qq.com/omn/20210508/20210508A062YL00.html\">腾讯新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e96e2889a7577f7ebb7f4c3b53fef19d","relate_stocks":{},"source_url":"https://new.qq.com/omn/20210508/20210508A062YL00.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133900125","content_text":"5月8日，腾讯新闻《潜望》独家获悉，奈雪计划于5月13日聆讯。按照港交所上市流程，奈雪或将在6月中上旬完成上市。关于此次IPO募资的具体额度，预计奈雪将在5月最后一周确定。此外，腾讯新闻《潜望》获悉，奈雪此次计划的募资额约6亿美元。以其发行15%股份来计，奈雪预计估值约40亿美元，折合港币约310亿。截至发稿，腾讯新闻《潜望》暂未能联系奈雪及其保荐人摩根大通等置评。投资者忧奈雪估值过高奈雪在过去5年中，共进行了5次融资。除了天图资本最早开始连续三轮投资外，奈雪于2020年又获得了PAG太盟投资集团等1亿美金的融资。彭博报道称，奈雪在获得PAG太盟投资的融资后，其估值达到20亿美元。这也是奈雪在IPO前的最后一轮募资。也就是说，相较于IPO前最后一轮融资，奈雪当前的估值翻了约一倍。一些大型机构投资者对腾讯新闻《潜望》表示，奈雪是一家不错的公司，但是担心最后确定的估值太贵。之前市场传闻，奈雪估值为350亿港元。相较于奈雪今年2月启动上市时的市场情绪，当前机构投资者对于奈雪的估值较为谨慎。部分机构投资者对其估值约300亿港元，但是也有部分热衷于奈雪的机构投资者则依旧按照之前的估值，甚至还有给出400亿港元估值的。一些大型机构投资者对腾讯新闻《一线》表示，若是估值合理，会考虑下单。这些大型机构投资者的下单价格会直接影响奈雪最后定价区间。过去这一周，不少机构投资者都在紧张等待奈雪上市团队及管理层的决定，即最后敲定基石名单。腾讯新闻《潜望》获悉，希望做奈雪基石投资者的机构不少，最终的基石名单将在下周聆讯结束后敲定。奈雪三年亏损超1亿 投资者忧其赚钱能力在此前的非交易路演中，投资者对于奈雪的担忧比较集中：未来赚钱的能力。管理层给出的回答也很好理解，即随着规模起来，成本会摊薄，利润也会起来。奈雪当前依旧处于亏损状态。财报显示，奈雪于2018年、2019年以及2020年前三季度的收入分别为10.87亿、25.02亿元、21.15亿元，而其净亏损分别为6973万、3968万、2751万元。和其他快消行业一样，投资者对于奈雪招股书中的同店销售额以及同店利润等数据较为关注。奈雪招股书显示，2018年及2019年满足营业时间不少于300天的店铺为49家。仅以2018年以及2019年全年的数据来看，奈雪的同店净利润分别为145.3万元以及141.4万元。一位长期投资消费领域的机构投资者对腾讯新闻《潜望》表示，一般来说，同店利润率的合理区间大概是20%左右。前两个完整财年的数据来看，奈雪的单店利润还不错。招股书显示，奈雪的同店利润率于2018年、2019年以及2020年前三个季度分别为24.9%、25.3%以及12.6%。其中，2020年的同店利润率受疫情影响比较大。但是奈雪的成本开支中人力占比很大。奈雪的招股书显示，其人力成本居高不下，2018年员工成本为3.4亿元，占总成本的31.3%，2019年员工成本则为7.5亿，占比总成本的30%。这一项开支和奈雪的材料成本不差上下，后者2018年及2019年分别为3.8亿元及9.1亿元。也就是说，未来随着国内人力成本逐渐上涨，奈雪需要承担的人力开支将会越来越高。更为重要的是，奈雪的店铺全部集中在一二线及准二线城市，这些城市的人力成本在可预见的未来会持续高企。尽管未来奈雪随着规模的扩大，总成本会有些许摊薄，但是一二线城市店铺饱和后，奈雪继续下沉其他城市的过程中，单店效益有可能递减。这就意味着奈雪将难以继续维持单店利润率超过20%。一位主要在二级市场投资消费领域的机构投资者对腾讯新闻《潜望》表示，研究完奈雪的数据后，其所在的机构最后决定不投资。这样的投资者不在少数，也有一些人期待后续也将赴港上市的竞品喜茶。一些看过喜茶财务数据的投资者对腾讯新闻《潜望》透露，相较于奈雪来说，喜茶的盈利能力要比奈雪好很多，成本控制做得更好，更适合长期持有的投资者。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":4291,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346415185,"gmtCreate":1618102081247,"gmtModify":1704706581605,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3472536105367512","idStr":"3472536105367512"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/346415185","repostId":"1159965822","repostType":4,"isVote":1,"tweetType":1,"viewCount":4480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":337485301,"gmtCreate":1611188605103,"gmtModify":1704858631516,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3472536105367512","idStr":"3472536105367512"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/337485301","repostId":"1118519553","repostType":2,"isVote":1,"tweetType":1,"viewCount":4190,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}