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年轻的太太
年轻的太太
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2020-11-21
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年轻的太太
年轻的太太
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2020-11-21
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XPeng Motor CEO He XPeng responded to rumors of stealing technology from a distance
今日小鹏汽车CEO何小鹏发布朋友圈，疑似隔空回应马斯克指小鹏偷窃技术。何小鹏称，“看来昨天我们发布的包含激光雷达的小鹏下一代自动驾驶架构，让西边的某人很不爽，连续用pigu发声。我想说的是，造谣早就证明是无法打败任何竞争对手的，明年开始，在中国的自动驾驶你、要有思想准备被我们打的找不着东，至于国际，我们会相遇的。” 海量资讯、精准解读，尽在新浪财经APP 责任编辑：尹悦
XPeng Motor CEO He XPeng responded to rumors of stealing technology from a distance
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年轻的太太
年轻的太太
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2020-11-21
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The book return of Zhengetou Perfect Diary is nearly 1.4 billion US dollars. Can it redeem the cold winter of angel investment?
投资完美日记对真格基金来说意义重大，是可以记在这家机构投资历史上，乃至中国天使投资历史上的案例。 完美日记创办四年即上市，又是个标准的风险投资的好故事。但从不同的视角出发，看到意义也不尽相同。 从完
The book return of Zhengetou Perfect Diary is nearly 1.4 billion US dollars. Can it redeem the cold winter of angel investment?
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年轻的太太
年轻的太太
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2020-11-21
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Samsung's Three Challenges Against TSMC
最近三星代工挑战台积电的话题引起我很大的兴趣，在过去三十年与代工厂密切合作中，我有自己不同的看法。正文：彭博社最近发布一篇名为“三星2020年超越台积电，加剧芯片战”的文章，这是“三星1160亿美元计划挑战台积电”文章的后续。据作者表述，三星和台积电将在3nm节点展开业务竞争，这意味着在2022年大批量生产。IBM使用了三星授权的GF 14nm，因此他们将继续使用三星7nm。
Samsung's Three Challenges Against TSMC
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年轻的太太
年轻的太太
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2020-11-21
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Intel vs. AMD's Tortoise and Hare Race
英特尔与AMD的竞争是乌龟与野兔的竞争。这在AMD方面尤其困难，因为AMD并没有真正相当于英特尔的Ark提供单一的处理器列表，按代、类型和发布日期排序。随着近70%的单线程性能优势被英特尔的qx9650所取代，以及焦点突然回到单线程性能的王者地位，至少在这些高端CPU中是这样——AMD 21世纪的第一个黄金时代正式结束了。在整个2007年至2013年期间，英特尔都比AMD拥有单线程优势，而且通常是相当多的优势。
Intel vs. AMD's Tortoise and Hare Race
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年轻的太太
年轻的太太
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2020-11-11
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SMIC's third-quarter revenue was US $1.083 billion, a year-on-year increase of 32.6%
11月11日讯，中芯国际公布三季度财务报告，财报显示：三季度中芯国际收入10.8亿美元，同比增长32.6%，市场预期9.9亿美元；2020年第三季毛利润为2.62亿美元，较2020年第二季的2.49亿
SMIC's third-quarter revenue was US $1.083 billion, a year-on-year increase of 32.6%
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年轻的太太
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2020-11-11
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年轻的太太
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2020-11-11
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Analysis of "Internet Anti-monopoly": Is it just a sword aiming at Ali, JD.com, and Meituan
《指南》对于正忙于在各大电商平台“买买买”的网民来说，其意义是什么呢？
Analysis of "Internet Anti-monopoly": Is it just a sword aiming at Ali, JD.com, and Meituan
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年轻的太太
年轻的太太
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2020-11-11
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年轻的太太
年轻的太太
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2020-11-11
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After the election, the vaccine progress is released. This detail tells you who is overthinking?
特朗普最想要的是疫苗或药物在大选前取得突破性进展，但辉瑞公司、BioNTech公司和FDA首要考虑的是科学证据的力度。美国制药巨头辉瑞公司和德国BioNTech公司11月9日公布了一则令世界振奋的消息
After the election, the vaccine progress is released. This detail tells you who is overthinking?
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He XPeng said, \"It seems that yesterday we released XPeng's next-generation autonomous driving architecture including lidar, which made someone in the west very unhappy and continuously used pigu to speak out. What I want to say is that rumors have long been proved to be unable to defeat any competitors. Starting next year, you must be mentally prepared to be beaten by us for autonomous driving in China. As for the international community, we will meet.\"</p><p><img src=\"https://static.tigerbbs.com/c4a0ea4c2c3f7d8ebc73053b75126ed3\" tg-width=\"550\" tg-height=\"483\"></p>","source":"sina","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>XPeng Motor CEO He XPeng responded to rumors of stealing technology from a distance</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\">\nXPeng Motor CEO He XPeng responded to rumors of stealing technology from a distance\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2020-11-21 09:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>November 21st, today<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>CEO He XPeng posted a circle of friends, suspected of responding to Musk's accusation of XPeng stealing technology from a distance. He XPeng said, \"It seems that yesterday we released XPeng's next-generation autonomous driving architecture including lidar, which made someone in the west very unhappy and continuously used pigu to speak out. What I want to say is that rumors have long been proved to be unable to defeat any competitors. Starting next year, you must be mentally prepared to be beaten by us for autonomous driving in China. As for the international community, we will meet.\"</p><p><img src=\"https://static.tigerbbs.com/c4a0ea4c2c3f7d8ebc73053b75126ed3\" tg-width=\"550\" tg-height=\"483\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/chanjing/gsnews/2020-11-21/doc-iiznctke2525746.shtml\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4aa4c2246df411f68e16a21f6d365311","relate_stocks":{"XPEV":"小鹏汽车"},"source_url":"https://finance.sina.com.cn/chanjing/gsnews/2020-11-21/doc-iiznctke2525746.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2085237064","content_text":"11月21日讯，今日小鹏汽车CEO何小鹏发布朋友圈，疑似隔空回应马斯克指小鹏偷窃技术。何小鹏称，“看来昨天我们发布的包含激光雷达的小鹏下一代自动驾驶架构，让西边的某人很不爽，连续用pigu发声。我想说的是，造谣早就证明是无法打败任何竞争对手的，明年开始，在中国的自动驾驶你、要有思想准备被我们打的找不着东，至于国际，我们会相遇的。”","news_type":1,"symbols_score_info":{"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1704,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":399342238,"gmtCreate":1605968545524,"gmtModify":1704963264435,"author":{"id":"3567118012147142","authorId":"3567118012147142","name":"年轻的太太","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567118012147142","authorIdStr":"3567118012147142"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/399342238","repostId":"1123040704","repostType":4,"repost":{"id":"1123040704","kind":"news","pubTimestamp":1605928876,"share":"https://ttm.financial/m/news/1123040704?lang=en_US&edition=fundamental","pubTime":"2020-11-21 11:21","market":"us","language":"zh","title":"The book return of Zhengetou Perfect Diary is nearly 1.4 billion US dollars. Can it redeem the cold winter of angel investment?","url":"https://stock-news.laohu8.com/highlight/detail?id=1123040704","media":"投中网","summary":"投资完美日记对真格基金来说意义重大，是可以记在这家机构投资历史上，乃至中国天使投资历史上的案例。\n\n完美日记创办四年即上市，又是个标准的风险投资的好故事。但从不同的视角出发，看到意义也不尽相同。\n从完","content":"<p><b>Investing in the Perfect Diary is of great significance to ZhenFund, and it is a case that can be recorded in the investment history of this institution and even in the history of angel investment in China.</b>Perfect Diary went public four years after its establishment, and it is a good story of standard venture capital. But from different perspectives, seeing the meaning is different.</p><p>From the perspective of the investment institutions behind Perfect Diary, Hillhouse and Hony are a successful and efficient attempt by PE institutions to invest in an earlier stage. For Gao Rong, \"investment in the A round\" and \"new consumption\" are standard VC Good story label; But it is of great significance to Zhenge. It is a case that can be recorded in the investment history of this institution and even in the history of angel investment in China.</p><p>First of all, pitch early.</p><p>Perfect Diary was established in August 2016. On December 30 of that year, it received angel round financing from Hony and ZhenFund.</p><p>In March 2017, Perfect Diary Taobao store was officially launched; Five months later, Perfect Diary Taobao store was upgraded to Tmall store. It can be said that when Zhen Fund invested in 2016, it was only in the investment \"concept\" stage, and there was no clear product launch.</p><p>From the perspective of new consumer brand investment, CVSource investment data shows that during the 10 years from 2006 to 2016, China's cosmetics market was dominated by European and American brands, the national fever was beginning to emerge, and local brands were in their infancy. Among them, there were 106 total investment cases in the past 10 years, showing an overall upward trend: 35 cases in 2015, and the beauty industry achieved a concentrated outbreak; In 2016, there were 16 cases, and the beauty industry resumed steady growth.</p><p>It is not difficult to see that ZhenFund has stepped on the wave of industry explosion and selected the right companies with huge potential.</p><p>Secondly, the multiple is high.</p><p>According to the Perfect Diary prospectus, as of the IPO,<a href=\"https://laohu8.com/S/YSG\">Yixian E-commerce</a>The top three institutional shareholders are Hillhouse Capital, Zhen Fund and Gaorong Capital. Among them, Zhen Fund holds 10.5% of the shares.</p><p><img src=\"https://static.tigerbbs.com/8049b0840698be7b5ba4a3e87a7e4194\" tg-width=\"920\" tg-height=\"594\"></p><p>By analyzing how the 10.5% shares came from, we can more clearly see the advance and retreat, gains and losses of each node of Zhenge in this case.</p><p><img src=\"https://static.tigerbbs.com/f070cc17f655b95aa59e1751cbdfbfd4\" tg-width=\"1038\" tg-height=\"183\"></p><p>Drawing: Zheng Xuan</p><p>The investment quota of the angel round, 36kr previously reported that the caliber was 1 million yuan, and a certain database also had a statement of 300,000 US dollars. However, based on the prospectus, the data was released from three rounds of seed, A-1, and A-2. About $800,000 came in.</p><p>In addition, in the round of financing in July 2019, Zhenge invested US $18 million, which is also a rare investment behavior for an angel fund, with obviously high quotas and risks and pressures. In addition, in more than a year from 2019 to 2020, Zhenge also cashed out 8.6 million, 43 million and 25.3 million ordinary shares in three installments, accounting for about 4% of the total share capital before the IPO. However, the valuation of Perfect Diary in 2020 soared, and the exit price at this time was obviously much higher than the follow-up price in 2019.</p><p>So it should be said that at this point in 2019, is it really a retreat? Is it staying? Or follow up? This is their decisive decision on the Perfect Diary case.</p><p>More broadly, how can angel investment institutions save themselves or win back the right to speak in the market? The case of Zhenge Investment Perfect Diary actually provides a core logic: invest early, hold it, keep up, and retreat accurately.</p><p>The stock price of Perfect Diary soared two days after its IPO listing. As of press time, its market value exceeded US $13 billion. That is to say, the book market value of Zhenge's shares is nearly US $1.4 billion. For this angel fund, Xu Xiaoping and Fang Aizhi, such A book return must be unprecedented.</p><p>At that time, Jumei Youpin, which landed on the New York Stock Exchange in 2014, brought Xu Xiaoping (founder of ZhenFund) more than 800 times of book returns. In the media caliber at that time, this was Xu Xiaoping's investment with the highest return \"so far\".</p><p>China Investment Network has sorted out all the IPO projects of ZhenFund so far. In addition to Perfect Diary, more than 700 IPO projects have been sold in ZhenFund<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>Among them, a total of 7 companies have been successfully listed. From the perspective of performance return, ZhenFund's exit return rate on Jumei Youpin project reached 79,071.3% (about 790 times), ranking the highest.</p><p><img src=\"https://static.tigerbbs.com/f2982c1ec7f3a67312226bf1e91c9420\" tg-width=\"1080\" tg-height=\"389\"></p><p>Source: CVSource investment data</p><p>Apparently, after a lapse of six years, this amazing return myth was shattered in one fell swoop by Perfect Diary. It is foreseeable that in the super-star projects of ZhenFund in the future, it must be Perfect Diary, not Jumei Youpin, that can redefine ZhenFund.</p><p>Looking at the big picture, if this return figure of nearly $1.4 billion is placed in the whole angel investment market, it is also a wonderful case.</p><p>Especially in the past two years, under the pessimistic argument of capital winter, the volume of angel investment has become smaller and smaller. In the past, the investment enthusiasm of angel investors for \"becoming famous in World War I\" and \"fast-forward and fast-out\" has gradually been swallowed up by reality, and there are few exciting moments with high returns and triumphant progress.</p><p>\"Some peers have gone to FA, some have chased the blockchain, and some have completely transformed and left the industry.\" In 2019, when talking about angel investment, some investors described the current situation of the industry in this way.</p><p>Nowadays, Perfect Diary, a legendary case of high-yield created by angel investment, has been put on the table. The wealth effect has always been the explosion point and catalyst of the market. Next, should the market re-examine the value of angel investment? We can even pay further attention to this question: Can this phenomenal case, which may return more than US $1 billion, redeem the bitter winter of angel investment?</p>","source":"tzw","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 book return of Zhengetou Perfect Diary is nearly 1.4 billion US dollars. Can it redeem the cold winter of angel investment?</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 book return of Zhengetou Perfect Diary is nearly 1.4 billion US dollars. Can it redeem the cold winter of angel investment?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">投中网</strong><span class=\"h-time small\">2020-11-21 11:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Investing in the Perfect Diary is of great significance to ZhenFund, and it is a case that can be recorded in the investment history of this institution and even in the history of angel investment in China.</b>Perfect Diary went public four years after its establishment, and it is a good story of standard venture capital. But from different perspectives, seeing the meaning is different.</p><p>From the perspective of the investment institutions behind Perfect Diary, Hillhouse and Hony are a successful and efficient attempt by PE institutions to invest in an earlier stage. For Gao Rong, \"investment in the A round\" and \"new consumption\" are standard VC Good story label; But it is of great significance to Zhenge. It is a case that can be recorded in the investment history of this institution and even in the history of angel investment in China.</p><p>First of all, pitch early.</p><p>Perfect Diary was established in August 2016. On December 30 of that year, it received angel round financing from Hony and ZhenFund.</p><p>In March 2017, Perfect Diary Taobao store was officially launched; Five months later, Perfect Diary Taobao store was upgraded to Tmall store. It can be said that when Zhen Fund invested in 2016, it was only in the investment \"concept\" stage, and there was no clear product launch.</p><p>From the perspective of new consumer brand investment, CVSource investment data shows that during the 10 years from 2006 to 2016, China's cosmetics market was dominated by European and American brands, the national fever was beginning to emerge, and local brands were in their infancy. Among them, there were 106 total investment cases in the past 10 years, showing an overall upward trend: 35 cases in 2015, and the beauty industry achieved a concentrated outbreak; In 2016, there were 16 cases, and the beauty industry resumed steady growth.</p><p>It is not difficult to see that ZhenFund has stepped on the wave of industry explosion and selected the right companies with huge potential.</p><p>Secondly, the multiple is high.</p><p>According to the Perfect Diary prospectus, as of the IPO,<a href=\"https://laohu8.com/S/YSG\">Yixian E-commerce</a>The top three institutional shareholders are Hillhouse Capital, Zhen Fund and Gaorong Capital. Among them, Zhen Fund holds 10.5% of the shares.</p><p><img src=\"https://static.tigerbbs.com/8049b0840698be7b5ba4a3e87a7e4194\" tg-width=\"920\" tg-height=\"594\"></p><p>By analyzing how the 10.5% shares came from, we can more clearly see the advance and retreat, gains and losses of each node of Zhenge in this case.</p><p><img src=\"https://static.tigerbbs.com/f070cc17f655b95aa59e1751cbdfbfd4\" tg-width=\"1038\" tg-height=\"183\"></p><p>Drawing: Zheng Xuan</p><p>The investment quota of the angel round, 36kr previously reported that the caliber was 1 million yuan, and a certain database also had a statement of 300,000 US dollars. However, based on the prospectus, the data was released from three rounds of seed, A-1, and A-2. About $800,000 came in.</p><p>In addition, in the round of financing in July 2019, Zhenge invested US $18 million, which is also a rare investment behavior for an angel fund, with obviously high quotas and risks and pressures. In addition, in more than a year from 2019 to 2020, Zhenge also cashed out 8.6 million, 43 million and 25.3 million ordinary shares in three installments, accounting for about 4% of the total share capital before the IPO. However, the valuation of Perfect Diary in 2020 soared, and the exit price at this time was obviously much higher than the follow-up price in 2019.</p><p>So it should be said that at this point in 2019, is it really a retreat? Is it staying? Or follow up? This is their decisive decision on the Perfect Diary case.</p><p>More broadly, how can angel investment institutions save themselves or win back the right to speak in the market? The case of Zhenge Investment Perfect Diary actually provides a core logic: invest early, hold it, keep up, and retreat accurately.</p><p>The stock price of Perfect Diary soared two days after its IPO listing. As of press time, its market value exceeded US $13 billion. That is to say, the book market value of Zhenge's shares is nearly US $1.4 billion. For this angel fund, Xu Xiaoping and Fang Aizhi, such A book return must be unprecedented.</p><p>At that time, Jumei Youpin, which landed on the New York Stock Exchange in 2014, brought Xu Xiaoping (founder of ZhenFund) more than 800 times of book returns. In the media caliber at that time, this was Xu Xiaoping's investment with the highest return \"so far\".</p><p>China Investment Network has sorted out all the IPO projects of ZhenFund so far. In addition to Perfect Diary, more than 700 IPO projects have been sold in ZhenFund<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>Among them, a total of 7 companies have been successfully listed. From the perspective of performance return, ZhenFund's exit return rate on Jumei Youpin project reached 79,071.3% (about 790 times), ranking the highest.</p><p><img src=\"https://static.tigerbbs.com/f2982c1ec7f3a67312226bf1e91c9420\" tg-width=\"1080\" tg-height=\"389\"></p><p>Source: CVSource investment data</p><p>Apparently, after a lapse of six years, this amazing return myth was shattered in one fell swoop by Perfect Diary. It is foreseeable that in the super-star projects of ZhenFund in the future, it must be Perfect Diary, not Jumei Youpin, that can redefine ZhenFund.</p><p>Looking at the big picture, if this return figure of nearly $1.4 billion is placed in the whole angel investment market, it is also a wonderful case.</p><p>Especially in the past two years, under the pessimistic argument of capital winter, the volume of angel investment has become smaller and smaller. In the past, the investment enthusiasm of angel investors for \"becoming famous in World War I\" and \"fast-forward and fast-out\" has gradually been swallowed up by reality, and there are few exciting moments with high returns and triumphant progress.</p><p>\"Some peers have gone to FA, some have chased the blockchain, and some have completely transformed and left the industry.\" In 2019, when talking about angel investment, some investors described the current situation of the industry in this way.</p><p>Nowadays, Perfect Diary, a legendary case of high-yield created by angel investment, has been put on the table. The wealth effect has always been the explosion point and catalyst of the market. Next, should the market re-examine the value of angel investment? We can even pay further attention to this question: Can this phenomenal case, which may return more than US $1 billion, redeem the bitter winter of angel investment?</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/t6Uj0_grllpRto4xxRGYvQ\">投中网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/769dc8865e0dc507ddea5079c2429001","relate_stocks":{"YSG":"逸仙电商"},"source_url":"https://mp.weixin.qq.com/s/t6Uj0_grllpRto4xxRGYvQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123040704","content_text":"投资完美日记对真格基金来说意义重大，是可以记在这家机构投资历史上，乃至中国天使投资历史上的案例。\n\n完美日记创办四年即上市，又是个标准的风险投资的好故事。但从不同的视角出发，看到意义也不尽相同。\n从完美日记背后投资机构来看，高瓴和弘毅是PE机构向更早期投资的一次成功且有效率的尝试，对高榕来说，“投A轮”、“新消费”都是标准的VC好故事标签；但对真格来说则意义重大，是可以记在这家机构投资历史上，乃至中国天使投资历史上的案例。\n首先，投得早。\n完美日记成立于2016年8月，当年12月30日，便斩获了弘毅和真格基金的天使轮融资。\n2017年3月，完美日记淘宝店才正式上线；5个月后,完美日记淘宝店升级为天猫店铺。可以说，2016年真格基金投资之时，还只是在投资“概念”阶段，并未有明确的产品推出。\n从新消费品牌投资角度，CVSource投中数据显示，2006至2016的10年间，中国彩妆市场由欧美品牌主导，国潮热初露锋芒，本土品牌处于萌芽阶段。其中，10年间总投资案例为106起，整体呈上升趋势：2015年为35起，美妆行业实现集中爆发；2016年为16起，美妆行业恢复稳步增长。\n不难看出，真格基金踩准了行业爆发的浪潮，并选对了潜力巨大的企业。\n其次，倍数高。\n根据完美日记招股书，截至IPO前，逸仙电商占股前三的机构股东为高瓴资本、真格基金及高榕资本。这其中，真格基金持股比例为10.5%。\n\n分析一下这10.5%的股份怎么来的，就能更清楚地看到真格在这个案子上每个节点的进退与得失。\n\n制图：郑玄\n天使轮的投资额度，之前36kr曾有个报道口径是100万元，某家数据库也有个30万美金的说法，但基于招股书的话，数据是从种子、A-1、A-2三轮放了约80万美元进来。\n此外在2019年7月的那一轮融资，真格跟投了1800万美元，这对一家天使基金来说，也是个罕见的、明显额度偏高、顶着风险和压力的投资行为。此外，在2019-2020一年多的时间里，真格也分三次分别套现了860万、4300万以及2530万普通股，约占IPO前总股本的4%，但2020年完美日记估值猛涨，此时的退出价格显然高过2019年跟投价格很多。\n所以应该这么说，2019年这个节点，真格是退？是留？还是跟进？这是他们对完美日记这个案子做的决定性决策。\n往更大了说，天使投资机构如何自救抑或赢回市场话语权？真格投资完美日记的案例其实提供了一个核心逻辑：投得早、拿得住、跟得上、退得准。\n完美日记IPO上市两天股价猛涨，截至发稿，市值超过130亿美元，也就是说，真格持股的账面市值近14亿美元，对于这家天使基金和徐小平、方爱之来说，这样的账面回报一定是前所未有。\n当年，2014年登陆纽交所的聚美优品曾给徐小平（真格基金创始人）带来了800多倍的账面回报。在当时的媒体口径里，这是徐小平“迄今为止”回报最高的一笔投资。\n投中网梳理了下真格基金至今为止所有的IPO项目，除了完美日记之外，在真格基金出手的700余家创业公司中，成功上市的企业共有7家。从业绩回报角度，真格基金在聚美优品项目上的退出回报率达79071.3%（约790倍），排名最高。\n\n来源：CVSource投中数据\n显然，时隔六年，这一惊人的回报神话被完美日记一举打破了。可以预见的是，在日后真格基金的超明星项目里，能够重新定义真格基金的一定是完美日记，而非聚美优品。\n往大了看，若将这近14亿美元的回报数字置于整个天使投资市场上，也不失为一个精彩的好案例。\n特别是近两年，在资本寒冬的悲观论调下，天使投资的声量相比越来越小，过往天使投资人怀揣着的“一战成名”、“快进快出”的投资热情也逐渐被现实吞噬，那些高倍回报、高歌猛进的激动时刻更是寥寥无几。\n“有些同行去做FA了，有些去追区块链了，还有一些彻底转型离开了这个行业。”2019年，在谈到天使投资时，有投资人就如此描述行业现状。\n如今，完美日记这一由天使投资创造的高收益传奇案例已经摆在了台面上，财富效应从来都是市场的爆点和催化剂，接下来，市场是否应该重新审视一下天使投资的价值？甚至可以进一步关注这个问题：这单可能超过10亿美金回报的现象级案例，能够救赎天使投资的凛冽寒冬吗？","news_type":1,"symbols_score_info":{"YSG":0.9}},"isVote":1,"tweetType":1,"viewCount":1563,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":399342665,"gmtCreate":1605968520257,"gmtModify":1704963263944,"author":{"id":"3567118012147142","authorId":"3567118012147142","name":"年轻的太太","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567118012147142","authorIdStr":"3567118012147142"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/399342665","repostId":"2085023000","repostType":4,"repost":{"id":"2085023000","kind":"news","pubTimestamp":1605933480,"share":"https://ttm.financial/m/news/2085023000?lang=en_US&edition=fundamental","pubTime":"2020-11-21 12:38","market":"us","language":"zh","title":"Samsung's Three Challenges Against TSMC","url":"https://stock-news.laohu8.com/highlight/detail?id=2085023000","media":"半导体行业观察","summary":"最近三星代工挑战台积电的话题引起我很大的兴趣，在过去三十年与代工厂密切合作中，我有自己不同的看法。正文：彭博社最近发布一篇名为“三星2020年超越台积电，加剧芯片战”的文章，这是“三星1160亿美元计划挑战台积电”文章的后续。据作者表述，三星和台积电将在3nm节点展开业务竞争，这意味着在2022年大批量生产。IBM使用了三星授权的GF 14nm，因此他们将继续使用三星7nm。","content":"<p><b>Author's Preface:</b>Semiconductor foundry has recently become a hot news topic in the semiconductor industry, which is understandable. After all, the miracle of chips is inseparable from wafer foundries. Unfortunately, most of the \"uplifting\" news has been exaggerated. recently<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Foundry Challenges<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The topic has aroused my great interest. In the past thirty years of close cooperation with foundries, I have my own different views.<b>Body:</b>Bloomberg recently published an article titled \"Samsung surpasses TSMC in 2020, intensifying chip war\" (Samsung Intensifies Chip Wars With Bet ItCan Catch TSMC by 2022) Article, this is \"Samsung's $116 billion plan to challenge TSMC\" SamsungTakes Another Step in $116 Billion Plan to Take on TSMC Follow-up to the article. The authors of the two articles are the same person, who works in Bloomberg Korea. Although they have no semiconductor education background and experience, they must know Samsung and be able to get in touch with Samsung's top management directly. You can make the next judgment. This kind of article is from Samsung's mouth.</p><p>According to the author, Samsung and TSMC will compete for business at the 3nm node, which means mass production (HVM) in 2022. A very important point here is that TSMC 3nm and Samsung 3nm will adopt very different technologies. TSMC is expanding their 5nm FinFET-based process, while Samsung has announced a new process technology (GAA) at 3nm.</p><p>I think Samsung has three challenges in the 3nm process:</p><p>The first challenge is ecology. TSMC uses a tried and tested technology that comes true, supported by a huge ecosystem of EDA, IP and service companies. Hundreds of verified IPs will be immediately available to TSMC 3nm customers, while Samsung must build a new GAA ecosystem. It certainly wasn't that easy.</p><p>The second challenge is trust. There are many forms of trust in foundries: believe that your IP is safe and reliable, believe that foundries will not compete unfairly with you, and believe that foundries can provide good PPA (power/performance/volume) technology.</p><p>The third challenge is yield. GAA is a new process technology, and Samsung has been plagued by yield problems. The first person to eat crabs in new technology deserves respect and is also a symbol of glory, and I personally deeply respect Samsung's technical strength. But I have doubts about Samsung's process of introducing a new process and achieving mass production, which must be difficult. Customers must also trust that the foundry can fulfill its promise and provide good wafers to meet the agreed chip delivery schedule.</p><p>Finally, the author of that article suggested: \"If Samsung succeeds, it will break<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/AMD\">AMD</a>Relying on TSMC's balance, and grabbing some orders. These companies are extremely dependent on TSMC. \"</p><p>Obviously, today's Apple and AMD are TSMC's exclusive customers. This exclusivity puts Apple and AMD into the circle inside TSMC, where collaboration reaches the highest level. Samsung's major customer is<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>，<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>And<a href=\"https://laohu8.com/S/IBM\">IBM</a>, none of them are in TSMC's internal cooperation circle.</p><p>From an insider's point of view, Qualcomm and Nvidia used to be the best partners for TSMC, but Qualcomm and Apple compete, while Nvidia competes with AMD, so there are differences in the ranks. IBM used GF 14nm licensed by Samsung, so they will continue to use Samsung 7nm.</p><p>Summary: Can Samsung foundries really compete with TSMC? Sorry, not today, not 3nm. TSMC's 3nm PDK (process design kit, process design toolkit) has been used among top semiconductor companies around the world and is fully supported by the ecosystem. On the other hand, the Samsung 3nm PDK and the tools and IP it supports are still evolving. Of course it's just my observation, experience and opinion.</p>","source":"bdthygc","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>Samsung's Three Challenges Against TSMC</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\">\nSamsung's Three Challenges Against TSMC\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">半导体行业观察</strong><span class=\"h-time small\">2020-11-21 12:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Author's Preface:</b>Semiconductor foundry has recently become a hot news topic in the semiconductor industry, which is understandable. After all, the miracle of chips is inseparable from wafer foundries. Unfortunately, most of the \"uplifting\" news has been exaggerated. recently<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Foundry Challenges<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The topic has aroused my great interest. In the past thirty years of close cooperation with foundries, I have my own different views.<b>Body:</b>Bloomberg recently published an article titled \"Samsung surpasses TSMC in 2020, intensifying chip war\" (Samsung Intensifies Chip Wars With Bet ItCan Catch TSMC by 2022) Article, this is \"Samsung's $116 billion plan to challenge TSMC\" SamsungTakes Another Step in $116 Billion Plan to Take on TSMC Follow-up to the article. The authors of the two articles are the same person, who works in Bloomberg Korea. Although they have no semiconductor education background and experience, they must know Samsung and be able to get in touch with Samsung's top management directly. You can make the next judgment. This kind of article is from Samsung's mouth.</p><p>According to the author, Samsung and TSMC will compete for business at the 3nm node, which means mass production (HVM) in 2022. A very important point here is that TSMC 3nm and Samsung 3nm will adopt very different technologies. TSMC is expanding their 5nm FinFET-based process, while Samsung has announced a new process technology (GAA) at 3nm.</p><p>I think Samsung has three challenges in the 3nm process:</p><p>The first challenge is ecology. TSMC uses a tried and tested technology that comes true, supported by a huge ecosystem of EDA, IP and service companies. Hundreds of verified IPs will be immediately available to TSMC 3nm customers, while Samsung must build a new GAA ecosystem. It certainly wasn't that easy.</p><p>The second challenge is trust. There are many forms of trust in foundries: believe that your IP is safe and reliable, believe that foundries will not compete unfairly with you, and believe that foundries can provide good PPA (power/performance/volume) technology.</p><p>The third challenge is yield. GAA is a new process technology, and Samsung has been plagued by yield problems. The first person to eat crabs in new technology deserves respect and is also a symbol of glory, and I personally deeply respect Samsung's technical strength. But I have doubts about Samsung's process of introducing a new process and achieving mass production, which must be difficult. Customers must also trust that the foundry can fulfill its promise and provide good wafers to meet the agreed chip delivery schedule.</p><p>Finally, the author of that article suggested: \"If Samsung succeeds, it will break<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/AMD\">AMD</a>Relying on TSMC's balance, and grabbing some orders. These companies are extremely dependent on TSMC. \"</p><p>Obviously, today's Apple and AMD are TSMC's exclusive customers. This exclusivity puts Apple and AMD into the circle inside TSMC, where collaboration reaches the highest level. Samsung's major customer is<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>，<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>And<a href=\"https://laohu8.com/S/IBM\">IBM</a>, none of them are in TSMC's internal cooperation circle.</p><p>From an insider's point of view, Qualcomm and Nvidia used to be the best partners for TSMC, but Qualcomm and Apple compete, while Nvidia competes with AMD, so there are differences in the ranks. IBM used GF 14nm licensed by Samsung, so they will continue to use Samsung 7nm.</p><p>Summary: Can Samsung foundries really compete with TSMC? Sorry, not today, not 3nm. TSMC's 3nm PDK (process design kit, process design toolkit) has been used among top semiconductor companies around the world and is fully supported by the ecosystem. On the other hand, the Samsung 3nm PDK and the tools and IP it supports are still evolving. Of course it's just my observation, experience and opinion.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/q1hnB15lQQ2cN6sWDS_Bcw\">半导体行业观察</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/91dab16b33effe5ffcc01a35b561c0e3","relate_stocks":{"TSM":"台积电","03145":"华夏亚洲高息股","SMSN.UK":"三星","EWT":"台湾ETF-iShares MSCI"},"source_url":"https://mp.weixin.qq.com/s/q1hnB15lQQ2cN6sWDS_Bcw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2085023000","content_text":"作者序：半导体代工近期成为了半导体行业新闻的热门，这无可厚非，毕竟芯片的奇迹离不开晶圆代工厂。不幸的是，大多数“令人振奋”的消息已经被夸大了。最近三星代工挑战台积电的话题引起我很大的兴趣，在过去三十年与代工厂密切合作中，我有自己不同的看法。\n\n正文：彭博社最近发布一篇名为“三星2020年超越台积电，加剧芯片战”（Samsung Intensifies Chip Wars With Bet ItCan Catch TSMC by 2022）的文章，这是“三星1160亿美元计划挑战台积电”（SamsungTakes Another Step in $116 Billion Plan to Take on TSMC）文章的后续。两篇文章的作者都是同一个人，在彭博社韩国区工作，虽说没有半导体教育背景和经验，但一定了解三星，且能与三星高层直接取得联系，可以下一个判断，该类文章就是出自三星之口。\n据作者表述，三星和台积电将在3nm节点展开业务竞争，这意味着在2022年大批量生产(HVM)。这里非常重要的一点是，台积电3nm和三星3nm将是采用非常不同的技术。台积电正在扩展他们的基于5nm FinFET的工艺，而三星则在3nm发布了一种新的工艺技术(GAA)。\n我认为，三星在3nm工艺上存在三个挑战：\n第一个挑战是生态，台积电使用的是一种久经考验的切实成真的技术，由EDA、IP和服务公司组成的庞大生态系统所支持。数以百计得到验证的IP将立即提供给TSMC 3nm客户，而三星必须建立一个新的GAA生态系统。这肯定没那么容易。\n第二个挑战就是信任，代工厂的信任有很多形式：相信你的IP安全可靠，相信代工厂不会与你不公平竞争，相信代工厂能提供良好的PPA（功率/性能/体积）技术。\n第三个挑战就是良率，GAA是一种新的工艺技术，且三星一直被良率问题所困扰。新技术第一个吃螃蟹的人值得尊重，也是荣耀的象征，且我本人对三星的技术实力深表敬意。但我对三星引入一种新工艺并实现大批量量产的过程产生质疑，这中间一定困难重重。客户也必须要相信代工厂能良好的履行承诺，提供好的晶圆，以满足商定的芯片交货时间表。\n最后，那篇文章的作者建议：“如果三星成功，将会打破苹果、AMD依赖台积电的平衡，而抢部分订单。这些公司极度依赖台积电。”\n显然，如今的苹果和AMD是台积电独有的客户。这种排他性使苹果和AMD进入了台积电内部的圈子，在该圈子中，合作达到了最高水平。三星的大客户是英伟达，高通和IBM，它们都不在台积电内部合作圈。\n从内部人士的角度来看，高通和英伟达曾经是台积电的最佳搭档，但高通和苹果竞争，而英伟达与AMD竞争，因此在队伍中存在分歧。IBM使用了三星授权的GF 14nm，因此他们将继续使用三星7nm。\n总结： 三星代工厂真的可以与台积电竞争吗？抱歉，不是今天，不是3nm。台积电3nm PDK（process design kit，流程设计工具包）已在全球顶级半导体公司中使用，并得到了生态系统的全面支持。另一方面，三星3nm PDK及其支持的工具和IP仍在发展。当然只是我的观察，经验和意见。","news_type":1,"symbols_score_info":{"SMSN.UK":0.9,"TSM":0.9,"03145":0.9,"EWT":0.9}},"isVote":1,"tweetType":1,"viewCount":1256,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":399342865,"gmtCreate":1605968484157,"gmtModify":1704963264107,"author":{"id":"3567118012147142","authorId":"3567118012147142","name":"年轻的太太","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567118012147142","authorIdStr":"3567118012147142"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/399342865","repostId":"2085230767","repostType":4,"repost":{"id":"2085230767","kind":"news","pubTimestamp":1605934193,"share":"https://ttm.financial/m/news/2085230767?lang=en_US&edition=fundamental","pubTime":"2020-11-21 12:49","market":"us","language":"zh","title":"Intel vs. AMD's Tortoise and Hare Race","url":"https://stock-news.laohu8.com/highlight/detail?id=2085230767","media":"半导体行业观察","summary":"英特尔与AMD的竞争是乌龟与野兔的竞争。这在AMD方面尤其困难，因为AMD并没有真正相当于英特尔的Ark提供单一的处理器列表，按代、类型和发布日期排序。随着近70%的单线程性能优势被英特尔的qx9650所取代，以及焦点突然回到单线程性能的王者地位，至少在这些高端CPU中是这样——AMD 21世纪的第一个黄金时代正式结束了。在整个2007年至2013年期间，英特尔都比AMD拥有单线程优势，而且通常是相当多的优势。","content":"<p><a href=\"https://laohu8.com/S/INTC\">Intel</a>With<a href=\"https://laohu8.com/S/AMD\">AMD</a>The competition is between the tortoise and the hare. But which company is the turtle? Which company is Rabbit?</p><p>The battle of reviews between fans of Intel and AMD has been fierce over the past few release cycles, with plenty of digital ink discussing which company has improved significantly over the years, or has not. There's also no shortage of opinions about the raw performance of both companies' fastest processors. We thought it would be interesting to dive into the archived performance benchmarks of each company's fastest desktop/CPU to get a good idea of how each company has actually performed over the years and even see if there are some patterns to collect, or to make some bets on the future.</p><p>Before diving into the charts, let's start with some tables-in this way, you can see which CPUs we use as milestones per year. There were some irregularities in the data during the course of our research; We'll talk about these too, talk about things that simple diagrams can't show.</p><p><b>Twenty years of enthusiast computing</b></p><p><img src=\"https://static.tigerbbs.com/582eb6403400c9c07e9f29f893cb848e\" tg-width=\"1044\" tg-height=\"1193\"></p><p>While Intel and AMD launch a large number of processors each year for different price points and target markets, we are limited to the fastest desktop or \"enthusiast\" processors each year. That means no server processors, and no high-end desktop (HEDT) processors-so we won't be looking at Threadrippers or the latest model XE series Intel parts.</p><p>Even for someone like me who has been a system builder the entire period, it's a huge pain to assemble lists like this, let alone match test results. This is especially difficult on AMD's side, which doesn't really offer a single list of processors, sorted by generation, type, and release date, as Intel's equivalent of Ark. If you think I picked the wrong \"top processor\" of the year, let me know in the comments.</p><p>We should address some anomalies that appear in the chart-first of all, no, it wasn't an oversight that AMD didn't introduce new high-performance CPUs in 2014, 2015 and 2016. The 2013 fx-9590 was widely (and deservedly) criticized for its staggering 225W TDP and mediocre performance-Team Red's fastest CPU in four years of operation. During this time, AMD introduced several generations of low-power, low-priced desktop devices, but none of them outperformed the FX-9590.</p><p>Intel also experienced several missteps between 2013 and 2017, although not as severe or lasting as long. The fifth-generation Core series basically died in 2014, though updates to the fourth-generation Core i7 series did offer significant performance gains. Two years later, it was technically another wave-the Core i7-7700K-equipped Kaby Lake didn't really kick off until January 2017. We fudged it a bit to get Kaby Lake into the 2016 ranks because otherwise it would have disappeared altogether, and Coffee Lake and the i7-8700K appeared later that year.</p><p><b>AMD Athlon The rise and fall of: 2001-2007</b></p><p><img src=\"https://static.tigerbbs.com/21293fdcf9ca6782d2363d3e07b49a97\" tg-width=\"963\" tg-height=\"699\"></p><p>It's hard to believe now, but once upon a time, multi-threaded workloads were far more punish than single-threaded workloads. But it wasn't that long ago.</p><p><img src=\"https://static.tigerbbs.com/dd4a36a1969b1c15787bc029dfeb2353\" tg-width=\"962\" tg-height=\"705\"></p><p>In 2001-2005, the era of Athlon XP and Athlon 64 vs Pentium 4-AMD dominated dual-threaded workloads. In 2006, Intel's Penti um965 changed that balance.</p><p><img src=\"https://static.tigerbbs.com/57b7ecaf8abbcd19ad7621b7bf815f6b\" tg-width=\"955\" tg-height=\"712\"></p><p>Even in the Athlon era, AMD struggled to keep up with Intel on single-threaded performance. Its even in the Athlon era, AMD struggled to catch up with Intel in single-threaded performance. Its Athlon 64 X2 processor held the lead for a while, but Intel took it back with the Core 2 Extreme QX9650.</p><p>This is something many of us forgot in the early 2000s-multitasking performance is so poor. In the first chart above, we are looking at the ratio between multi-threaded and single-threaded Passmark CPU benchmark scores. For 2001-2005 years of CPUs, the single-threading score is actually higher than multithreading, meaning you can do more computational work on a single thread in a given time, rather than breaking it down into parallel threads.</p><p>You might think that's because they're still single-core, single-threaded CPUs, but you'd be wrong. Intel introduced hyper-threading at 1c/2t Pentium 4 2.8 GHz in 2002, which had little impact on actual multithreading capabilities. AMD introduced the first true dual-core desktop CPU in 2005-the Athlon 64 X2 4800 +, but it didn't make much of a difference either.</p><p>Before Intel's 2006 Pentium Extreme 965 (dual-core/quad-threaded CPU), the rate of multithreading didn't break 100%-meaning that multithreaded tasks were completed faster than equivalent single-threaded tasks. The following year, both AMD and Intel introduced true quad-core desktop CPUs and permanently ended the era of high-performance single-threaded processors.</p><p>Even in this golden age of AMD, Intel beat AMD in single-threaded performance. The Pentium 4 architecture is roundly and deservedly mocked as the weaker successor to the Pentium III, which tends to outperform it by the hour. However, the Pentium III can't be clocked at the level of the Pentium 4, and, anyway, the highest performing workloads of the era are single-threaded, and Intel's Pentium 4 is ahead of AMD's Athlon in performance. Despite the weak CPU performance of the latter.</p><p>Unfortunately for Intel, the entire world had moved to multitasking operating systems long before 2001, and multithreaded workloads came with it, as evidenced by the adoption of tabbed browsing by Firefox predecessor Phoenix in 2002. As the CPU saturates and users are getting used to an environment where many programs are open throughout the day, multi-threaded performance (rather than single-threaded) becomes a top priority.</p><p>In 2007, both AMD and Intel introduced true quad-core desktop CPUs. Enthusiast-grade CPUs from both vendors are at their peak in multithreading performance-and despite huge gains from both sides, Intel's Core 2 Extreme QX9650 beats AMD's new Phenom X4.</p><p>The new quad-core CPU has sufficient multitasking performance to simultaneously handle low-priority background tasks and high-priority foreground tasks without significantly compromising the foreground tasks, which shifts the focus to single-threaded performance. This is particularly unfortunate for AMD, as Intel has not only improved in multi-thread performance, but the QX9650 has also made a breakthrough in single-thread performance.</p><p>With nearly 70% of the single-threaded performance advantage being replaced by Intel's qx9650, and the focus suddenly returning to the king of single-threaded performance, at least in these high-end CPUs-AMD's first golden age of the 21st century is officially over.</p><p><b>Intel Fights Back: 2007-2013</b></p><p><img src=\"https://static.tigerbbs.com/a78acaa1e711a3d5ec740f5bb24fccfe\" tg-width=\"984\" tg-height=\"713\"></p><p>Intel's 2009 i7-975 Extreme isn't much of an improvement over the 2008 i7-965 Extreme, but the 2010 hex core i7-980X is a melting pot. Meanwhile, AMD, while making steady progress year after year, is still at a disadvantage.</p><p><img src=\"https://static.tigerbbs.com/a2ab806f71746d51dc4e97b6d1a230a9\" tg-width=\"973\" tg-height=\"719\"></p><p>Throughout 2007-2013, Intel had a single-threading advantage over AMD, and often quite a bit.</p><p>2007-2013 was an exhilarating time in terms of improving CPU performance and capabilities, but it was a pretty boring time in terms of the struggle between Intel and AMD. Starting with a healthy leadership in single-and multi-threaded performance, Intel has remained ahead.</p><p>Throughout the running of the Phenom and Phenom II architectures, AMD has achieved steady growth in both multi-and single-threaded performance. That way, it could almost catch up with Intel in single-threaded performance, but it never came close when it came to multi-threading.</p><p>Both companies released their first six-core CPUs in 2010, but AMD's X6 1100T uses the same K10 architecture as the 2009 X4 965, and Intel's i7-980X both achieves chip reduction and adds a new set of AES instructions. This has almost tripled Intel's multi-threading performance, while still maintaining a small single-thread boot time.</p><p>In 2011, AMD went all-in to multi-threading with its ill-fated eight-core Bulldozer architecture. Although Bulldozer did start to make a big place on Intel in the field of multithreading, it came at a price. The new FX-8150 actually goes backwards in single-threaded performance.</p><p>By 2012, AMD's Bulldozer had become a Piledriver and had almost caught up with Intel when it came to multi-threading, but only because Intel reduced its core count from six to four as it scaled down its process to 22nm. This gives AMD \"nearly as good\" multi-threaded performance with twice as many cores, while single-threaded performance is three years behind Intel.</p><p>In 2013, matters were even worse when AMD introduced the final PiledriverCPU (the damned FX-9590). Despite Intel's ever-increasing lead in engineering, this CPU represents a Hail Mary approach to staying competitive-it mainly keeps pace with the Intel i7-4770K, but only by clock frequency and voltage, which typically stays in the \"extreme overclocker\" area.</p><p>With a TDP rating of 225W compared to the 125W of the FX-8350 and the 84W of the i7-4770K, the FX-9590 is a nearly unusable CPU. Air-cooling it is not challenging under typical circumstances, and the noise and waste heat of the fan are so annoying that even a hardcore AMD fan can't make an excuse for it, especially when its competition still comfortably trumps it.</p><p>The FX-9590 is AMD's last audiophile-grade CPU in four years. Starting in 2014-2017, the only new CPU releases from Red Team are budget CPUs and APUs, none of which are better than the FX-9590, let alone the competition.</p><p><b>Changes in Fate: 2013-2020</b></p><p><img src=\"https://static.tigerbbs.com/bb79e3d31da7a59fa8039acf96334a87\" tg-width=\"957\" tg-height=\"714\"></p><p><img src=\"https://static.tigerbbs.com/541d74b2eda21ab98636a35c01fb9b78\" tg-width=\"959\" tg-height=\"716\"><img src=\"https://static.tigerbbs.com/d54fa6e7ae94137a28f970172b0b9ea8\" tg-width=\"953\" tg-height=\"716\"><img src=\"https://static.tigerbbs.com/09c34b9c8f96a5c34c1e4d01439ea430\" tg-width=\"957\" tg-height=\"711\"></p><p>The fact that AMD survived a three-year downturn without releasing a new CPU speaks to a small segment of the market-and each vendor's profit margin-where the biggest, fastest CPU is true. In 2014-2017, the Red team went on to introduce new desktop CPUs-but all the new designs targeted the \"more fiscally sound\" segment of the market, focusing on cheap APUs.</p><p>Despite AMD's fiasco, Intel was a big surprise. To their credit, Blue Team did continue to release new performance CPUs and achieved incremental improvements in single-threaded performance over that time, but the single-threaded improvement wasn't much. In 2016, it was difficult to upgrade from a 5 year old CPU.</p><p>Everything changed in 2017, when AMD finally released a new, welcoming and friendly architecture code-named Zen. The Zen architecture brings power and thermal efficiency back to consistency, while bringing original multi-threading performance significantly above Intel's best. Although Zen still lags behind Intel in single-threaded performance, it has also made several big jumps to reclaim that crown.</p><p>The 2018 Zen + was a minor improvement in multi-threaded performance at best, but it was a modest share of Intel's single-threaded lead compared to the original Zen. Intel's first viable i9 product, the i9-9900K, briefly enabled Red Team to reclaim the crown of multi-threaded performance, but the lead didn't last long.</p><p>In 2019, Intel made a big fuss in the area of zealots-its best CPU is the i9-9900KS, which has little improvement over the 2018 i9-9900K. Meanwhile, AMD's Ryzen 9 395 0x has made another huge multi-threading leap and a powerful single-threaded growth. The Ryzen 9 395 0x is a 16-core/32-thread giant processor that showcases the best of its new Zen 2 architecture. AMD hasn't quite caught up with Intel's single-threading leadership, but it has more than doubled the multi-threading performance of the i9-9900KS.</p><p>Which brings us to this year. Still struggling with delayed 10nm process technology, Intel released the i9-10900K. Although it still runs on the same architecture as the 9900K and 9900KS, it achieves significant improvements in both single-threaded and multi-threaded workloads. Unfortunately for Blue Team, AMD didn't take a break-the Zen 3 architecture in 2020 greatly improved the single-threaded performance of the Zen 2.</p><p>At this point, AMD leads the way in single-threaded performance. Furthermore, for the second year in a row, it is way ahead in multi-threading performance, almost double the best Intel can offer.</p><p><b>Long-term: Generation-by-Generation Improvements from 2001-2020</b></p><p><img src=\"https://static.tigerbbs.com/6d8d6c2cce8e14dfd53f525a9e9eb85a\" tg-width=\"964\" tg-height=\"711\"></p><p>See Intel's anomaly in 2012? The company went down from a six-core CPU to a quad-core-and nobody cared because single-threaded performance improved accordingly.</p><p><img src=\"https://static.tigerbbs.com/e304b2e92eea398c235146f2e8697739\" tg-width=\"964\" tg-height=\"713\"></p><p>AMD's largest single-threaded spike counterpart was introduced, the Athlon 64 X2 architecture in 2005. In 2007, Intel launched its core family of products.</p><p><img src=\"https://static.tigerbbs.com/9a9036b443970aa7f71dd940b4a7b5bc\" tg-width=\"957\" tg-height=\"712\"></p><p>At first glance, there isn't much difference between this chart and pure multithreading, but note that AMD's<a href=\"https://laohu8.com/S/42T.SI\">Trendline</a>It will remain consistent between 2016 and 2020.</p><p>If we want to see how the engineering processes are going at Intel and AMD, it is instructive to move on from the raw data and observe the generational improvement in performance-which means, this year is a few percent better than last year.</p><p>These charts amplify the impact of the respective architectural changes and engineering efforts of both companies, making it easier to spot significant changes. Multi-threaded performance is by far the biggest and most exciting peak-with the introduction of quad-core CPUs in 2007, multi-threaded performance is also at its peak. On a single-threaded chart, hardly anything can be seen.</p><p>Our favorite version of the generation chart is the third generation, which averages single-threaded and multi-threaded improvements to a straight line and gives the same weight to both. Although it looks roughly similar to a pure multi-threaded diagram at first glance, some interesting features will still pop up.</p><p>The first to jump out of here is Intel's brilliant performance in 2005 with less than 100% points on the chart. A drop below 100% may be small enough for the error to cause a fluctuation-but even if the Pentium 3.8 GHz isn't actively worse than the Pentium 4 3.6 GHz in 2004, there's clearly no improvement.</p><p>It's interesting to look at AMD's 2017-2020 progress from Zen to Zen +, Zen 2 and Zen 3 again. Although the general shape here is the same as the same pronounced M we see on a purely multi-threaded chart, the inclusion of single-threaded performance clearly shows that each step is an important and continuous improvement beyond the last.</p><p><b>2021 and beyond</b></p><p>For Intel on desktops, the situation is grim now, and another major architectural improvement from AMD (Zen 4) is coming in 2021, which AMD calls \"step by step\" with its process nodes shrunk to 5nm.</p><p>On the Intel side, we don't expect it to be as bad as going from i9-9900K to i9-9900KS. But, that doesn't mean that Blue Team is full of light. While the i9-10900K does offer a significant and surprising improvement over previous generations, it doesn't match AMD's rise-it still represents the last breath of a dying architecture.</p><p>Intel's desktop CPUs are still stuck on the 14nm process, and next year's Rocket Lake will also maintain the 14nm process. The Cypress Cove architecture is essentially a variant of Intel's 10nm Sunny Cove laptop architecture, which was backported to the earlier 14nm process.</p><p>Although Intel has seen significant performance gains with its latest Sunny Cove laptop processor (which has only seen this year's Tiger Lake in prototypes so far this year), its core and thread count is minimal, and high performance seems to correlate with higher power consumption.</p><p>It's too early to say whether the limits of the 10nm Sunny Cove in terms of core count and power efficiency will be transformed into the 14nm Cypress Cove. However, it seems unlikely that 2021 will see Intel lead and largely sustain AMD's renaissance as Zen and its successors did.</p><p>Still, bad news for Intel may well be good news for performance enthusiasts. Intel, a much smaller competitor, will need more than one or two dominant cycles to solidify relationships and market perception with large OEMs and system manufacturers. These business relationships-and the resulting orders, revenue and profits-will be necessary to maintain AMD's strong R&D force to ensure that AMD can provide consumers with higher performance and better prices in the future.</p>","source":"bdthygc","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>Intel vs. AMD's Tortoise and Hare Race</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\">\nIntel vs. AMD's Tortoise and Hare Race\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">半导体行业观察</strong><span class=\"h-time small\">2020-11-21 12:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/INTC\">Intel</a>With<a href=\"https://laohu8.com/S/AMD\">AMD</a>The competition is between the tortoise and the hare. But which company is the turtle? Which company is Rabbit?</p><p>The battle of reviews between fans of Intel and AMD has been fierce over the past few release cycles, with plenty of digital ink discussing which company has improved significantly over the years, or has not. There's also no shortage of opinions about the raw performance of both companies' fastest processors. We thought it would be interesting to dive into the archived performance benchmarks of each company's fastest desktop/CPU to get a good idea of how each company has actually performed over the years and even see if there are some patterns to collect, or to make some bets on the future.</p><p>Before diving into the charts, let's start with some tables-in this way, you can see which CPUs we use as milestones per year. There were some irregularities in the data during the course of our research; We'll talk about these too, talk about things that simple diagrams can't show.</p><p><b>Twenty years of enthusiast computing</b></p><p><img src=\"https://static.tigerbbs.com/582eb6403400c9c07e9f29f893cb848e\" tg-width=\"1044\" tg-height=\"1193\"></p><p>While Intel and AMD launch a large number of processors each year for different price points and target markets, we are limited to the fastest desktop or \"enthusiast\" processors each year. That means no server processors, and no high-end desktop (HEDT) processors-so we won't be looking at Threadrippers or the latest model XE series Intel parts.</p><p>Even for someone like me who has been a system builder the entire period, it's a huge pain to assemble lists like this, let alone match test results. This is especially difficult on AMD's side, which doesn't really offer a single list of processors, sorted by generation, type, and release date, as Intel's equivalent of Ark. If you think I picked the wrong \"top processor\" of the year, let me know in the comments.</p><p>We should address some anomalies that appear in the chart-first of all, no, it wasn't an oversight that AMD didn't introduce new high-performance CPUs in 2014, 2015 and 2016. The 2013 fx-9590 was widely (and deservedly) criticized for its staggering 225W TDP and mediocre performance-Team Red's fastest CPU in four years of operation. During this time, AMD introduced several generations of low-power, low-priced desktop devices, but none of them outperformed the FX-9590.</p><p>Intel also experienced several missteps between 2013 and 2017, although not as severe or lasting as long. The fifth-generation Core series basically died in 2014, though updates to the fourth-generation Core i7 series did offer significant performance gains. Two years later, it was technically another wave-the Core i7-7700K-equipped Kaby Lake didn't really kick off until January 2017. We fudged it a bit to get Kaby Lake into the 2016 ranks because otherwise it would have disappeared altogether, and Coffee Lake and the i7-8700K appeared later that year.</p><p><b>AMD Athlon The rise and fall of: 2001-2007</b></p><p><img src=\"https://static.tigerbbs.com/21293fdcf9ca6782d2363d3e07b49a97\" tg-width=\"963\" tg-height=\"699\"></p><p>It's hard to believe now, but once upon a time, multi-threaded workloads were far more punish than single-threaded workloads. But it wasn't that long ago.</p><p><img src=\"https://static.tigerbbs.com/dd4a36a1969b1c15787bc029dfeb2353\" tg-width=\"962\" tg-height=\"705\"></p><p>In 2001-2005, the era of Athlon XP and Athlon 64 vs Pentium 4-AMD dominated dual-threaded workloads. In 2006, Intel's Penti um965 changed that balance.</p><p><img src=\"https://static.tigerbbs.com/57b7ecaf8abbcd19ad7621b7bf815f6b\" tg-width=\"955\" tg-height=\"712\"></p><p>Even in the Athlon era, AMD struggled to keep up with Intel on single-threaded performance. Its even in the Athlon era, AMD struggled to catch up with Intel in single-threaded performance. Its Athlon 64 X2 processor held the lead for a while, but Intel took it back with the Core 2 Extreme QX9650.</p><p>This is something many of us forgot in the early 2000s-multitasking performance is so poor. In the first chart above, we are looking at the ratio between multi-threaded and single-threaded Passmark CPU benchmark scores. For 2001-2005 years of CPUs, the single-threading score is actually higher than multithreading, meaning you can do more computational work on a single thread in a given time, rather than breaking it down into parallel threads.</p><p>You might think that's because they're still single-core, single-threaded CPUs, but you'd be wrong. Intel introduced hyper-threading at 1c/2t Pentium 4 2.8 GHz in 2002, which had little impact on actual multithreading capabilities. AMD introduced the first true dual-core desktop CPU in 2005-the Athlon 64 X2 4800 +, but it didn't make much of a difference either.</p><p>Before Intel's 2006 Pentium Extreme 965 (dual-core/quad-threaded CPU), the rate of multithreading didn't break 100%-meaning that multithreaded tasks were completed faster than equivalent single-threaded tasks. The following year, both AMD and Intel introduced true quad-core desktop CPUs and permanently ended the era of high-performance single-threaded processors.</p><p>Even in this golden age of AMD, Intel beat AMD in single-threaded performance. The Pentium 4 architecture is roundly and deservedly mocked as the weaker successor to the Pentium III, which tends to outperform it by the hour. However, the Pentium III can't be clocked at the level of the Pentium 4, and, anyway, the highest performing workloads of the era are single-threaded, and Intel's Pentium 4 is ahead of AMD's Athlon in performance. Despite the weak CPU performance of the latter.</p><p>Unfortunately for Intel, the entire world had moved to multitasking operating systems long before 2001, and multithreaded workloads came with it, as evidenced by the adoption of tabbed browsing by Firefox predecessor Phoenix in 2002. As the CPU saturates and users are getting used to an environment where many programs are open throughout the day, multi-threaded performance (rather than single-threaded) becomes a top priority.</p><p>In 2007, both AMD and Intel introduced true quad-core desktop CPUs. Enthusiast-grade CPUs from both vendors are at their peak in multithreading performance-and despite huge gains from both sides, Intel's Core 2 Extreme QX9650 beats AMD's new Phenom X4.</p><p>The new quad-core CPU has sufficient multitasking performance to simultaneously handle low-priority background tasks and high-priority foreground tasks without significantly compromising the foreground tasks, which shifts the focus to single-threaded performance. This is particularly unfortunate for AMD, as Intel has not only improved in multi-thread performance, but the QX9650 has also made a breakthrough in single-thread performance.</p><p>With nearly 70% of the single-threaded performance advantage being replaced by Intel's qx9650, and the focus suddenly returning to the king of single-threaded performance, at least in these high-end CPUs-AMD's first golden age of the 21st century is officially over.</p><p><b>Intel Fights Back: 2007-2013</b></p><p><img src=\"https://static.tigerbbs.com/a78acaa1e711a3d5ec740f5bb24fccfe\" tg-width=\"984\" tg-height=\"713\"></p><p>Intel's 2009 i7-975 Extreme isn't much of an improvement over the 2008 i7-965 Extreme, but the 2010 hex core i7-980X is a melting pot. Meanwhile, AMD, while making steady progress year after year, is still at a disadvantage.</p><p><img src=\"https://static.tigerbbs.com/a2ab806f71746d51dc4e97b6d1a230a9\" tg-width=\"973\" tg-height=\"719\"></p><p>Throughout 2007-2013, Intel had a single-threading advantage over AMD, and often quite a bit.</p><p>2007-2013 was an exhilarating time in terms of improving CPU performance and capabilities, but it was a pretty boring time in terms of the struggle between Intel and AMD. Starting with a healthy leadership in single-and multi-threaded performance, Intel has remained ahead.</p><p>Throughout the running of the Phenom and Phenom II architectures, AMD has achieved steady growth in both multi-and single-threaded performance. That way, it could almost catch up with Intel in single-threaded performance, but it never came close when it came to multi-threading.</p><p>Both companies released their first six-core CPUs in 2010, but AMD's X6 1100T uses the same K10 architecture as the 2009 X4 965, and Intel's i7-980X both achieves chip reduction and adds a new set of AES instructions. This has almost tripled Intel's multi-threading performance, while still maintaining a small single-thread boot time.</p><p>In 2011, AMD went all-in to multi-threading with its ill-fated eight-core Bulldozer architecture. Although Bulldozer did start to make a big place on Intel in the field of multithreading, it came at a price. The new FX-8150 actually goes backwards in single-threaded performance.</p><p>By 2012, AMD's Bulldozer had become a Piledriver and had almost caught up with Intel when it came to multi-threading, but only because Intel reduced its core count from six to four as it scaled down its process to 22nm. This gives AMD \"nearly as good\" multi-threaded performance with twice as many cores, while single-threaded performance is three years behind Intel.</p><p>In 2013, matters were even worse when AMD introduced the final PiledriverCPU (the damned FX-9590). Despite Intel's ever-increasing lead in engineering, this CPU represents a Hail Mary approach to staying competitive-it mainly keeps pace with the Intel i7-4770K, but only by clock frequency and voltage, which typically stays in the \"extreme overclocker\" area.</p><p>With a TDP rating of 225W compared to the 125W of the FX-8350 and the 84W of the i7-4770K, the FX-9590 is a nearly unusable CPU. Air-cooling it is not challenging under typical circumstances, and the noise and waste heat of the fan are so annoying that even a hardcore AMD fan can't make an excuse for it, especially when its competition still comfortably trumps it.</p><p>The FX-9590 is AMD's last audiophile-grade CPU in four years. Starting in 2014-2017, the only new CPU releases from Red Team are budget CPUs and APUs, none of which are better than the FX-9590, let alone the competition.</p><p><b>Changes in Fate: 2013-2020</b></p><p><img src=\"https://static.tigerbbs.com/bb79e3d31da7a59fa8039acf96334a87\" tg-width=\"957\" tg-height=\"714\"></p><p><img src=\"https://static.tigerbbs.com/541d74b2eda21ab98636a35c01fb9b78\" tg-width=\"959\" tg-height=\"716\"><img src=\"https://static.tigerbbs.com/d54fa6e7ae94137a28f970172b0b9ea8\" tg-width=\"953\" tg-height=\"716\"><img src=\"https://static.tigerbbs.com/09c34b9c8f96a5c34c1e4d01439ea430\" tg-width=\"957\" tg-height=\"711\"></p><p>The fact that AMD survived a three-year downturn without releasing a new CPU speaks to a small segment of the market-and each vendor's profit margin-where the biggest, fastest CPU is true. In 2014-2017, the Red team went on to introduce new desktop CPUs-but all the new designs targeted the \"more fiscally sound\" segment of the market, focusing on cheap APUs.</p><p>Despite AMD's fiasco, Intel was a big surprise. To their credit, Blue Team did continue to release new performance CPUs and achieved incremental improvements in single-threaded performance over that time, but the single-threaded improvement wasn't much. In 2016, it was difficult to upgrade from a 5 year old CPU.</p><p>Everything changed in 2017, when AMD finally released a new, welcoming and friendly architecture code-named Zen. The Zen architecture brings power and thermal efficiency back to consistency, while bringing original multi-threading performance significantly above Intel's best. Although Zen still lags behind Intel in single-threaded performance, it has also made several big jumps to reclaim that crown.</p><p>The 2018 Zen + was a minor improvement in multi-threaded performance at best, but it was a modest share of Intel's single-threaded lead compared to the original Zen. Intel's first viable i9 product, the i9-9900K, briefly enabled Red Team to reclaim the crown of multi-threaded performance, but the lead didn't last long.</p><p>In 2019, Intel made a big fuss in the area of zealots-its best CPU is the i9-9900KS, which has little improvement over the 2018 i9-9900K. Meanwhile, AMD's Ryzen 9 395 0x has made another huge multi-threading leap and a powerful single-threaded growth. The Ryzen 9 395 0x is a 16-core/32-thread giant processor that showcases the best of its new Zen 2 architecture. AMD hasn't quite caught up with Intel's single-threading leadership, but it has more than doubled the multi-threading performance of the i9-9900KS.</p><p>Which brings us to this year. Still struggling with delayed 10nm process technology, Intel released the i9-10900K. Although it still runs on the same architecture as the 9900K and 9900KS, it achieves significant improvements in both single-threaded and multi-threaded workloads. Unfortunately for Blue Team, AMD didn't take a break-the Zen 3 architecture in 2020 greatly improved the single-threaded performance of the Zen 2.</p><p>At this point, AMD leads the way in single-threaded performance. Furthermore, for the second year in a row, it is way ahead in multi-threading performance, almost double the best Intel can offer.</p><p><b>Long-term: Generation-by-Generation Improvements from 2001-2020</b></p><p><img src=\"https://static.tigerbbs.com/6d8d6c2cce8e14dfd53f525a9e9eb85a\" tg-width=\"964\" tg-height=\"711\"></p><p>See Intel's anomaly in 2012? The company went down from a six-core CPU to a quad-core-and nobody cared because single-threaded performance improved accordingly.</p><p><img src=\"https://static.tigerbbs.com/e304b2e92eea398c235146f2e8697739\" tg-width=\"964\" tg-height=\"713\"></p><p>AMD's largest single-threaded spike counterpart was introduced, the Athlon 64 X2 architecture in 2005. In 2007, Intel launched its core family of products.</p><p><img src=\"https://static.tigerbbs.com/9a9036b443970aa7f71dd940b4a7b5bc\" tg-width=\"957\" tg-height=\"712\"></p><p>At first glance, there isn't much difference between this chart and pure multithreading, but note that AMD's<a href=\"https://laohu8.com/S/42T.SI\">Trendline</a>It will remain consistent between 2016 and 2020.</p><p>If we want to see how the engineering processes are going at Intel and AMD, it is instructive to move on from the raw data and observe the generational improvement in performance-which means, this year is a few percent better than last year.</p><p>These charts amplify the impact of the respective architectural changes and engineering efforts of both companies, making it easier to spot significant changes. Multi-threaded performance is by far the biggest and most exciting peak-with the introduction of quad-core CPUs in 2007, multi-threaded performance is also at its peak. On a single-threaded chart, hardly anything can be seen.</p><p>Our favorite version of the generation chart is the third generation, which averages single-threaded and multi-threaded improvements to a straight line and gives the same weight to both. Although it looks roughly similar to a pure multi-threaded diagram at first glance, some interesting features will still pop up.</p><p>The first to jump out of here is Intel's brilliant performance in 2005 with less than 100% points on the chart. A drop below 100% may be small enough for the error to cause a fluctuation-but even if the Pentium 3.8 GHz isn't actively worse than the Pentium 4 3.6 GHz in 2004, there's clearly no improvement.</p><p>It's interesting to look at AMD's 2017-2020 progress from Zen to Zen +, Zen 2 and Zen 3 again. Although the general shape here is the same as the same pronounced M we see on a purely multi-threaded chart, the inclusion of single-threaded performance clearly shows that each step is an important and continuous improvement beyond the last.</p><p><b>2021 and beyond</b></p><p>For Intel on desktops, the situation is grim now, and another major architectural improvement from AMD (Zen 4) is coming in 2021, which AMD calls \"step by step\" with its process nodes shrunk to 5nm.</p><p>On the Intel side, we don't expect it to be as bad as going from i9-9900K to i9-9900KS. But, that doesn't mean that Blue Team is full of light. While the i9-10900K does offer a significant and surprising improvement over previous generations, it doesn't match AMD's rise-it still represents the last breath of a dying architecture.</p><p>Intel's desktop CPUs are still stuck on the 14nm process, and next year's Rocket Lake will also maintain the 14nm process. The Cypress Cove architecture is essentially a variant of Intel's 10nm Sunny Cove laptop architecture, which was backported to the earlier 14nm process.</p><p>Although Intel has seen significant performance gains with its latest Sunny Cove laptop processor (which has only seen this year's Tiger Lake in prototypes so far this year), its core and thread count is minimal, and high performance seems to correlate with higher power consumption.</p><p>It's too early to say whether the limits of the 10nm Sunny Cove in terms of core count and power efficiency will be transformed into the 14nm Cypress Cove. However, it seems unlikely that 2021 will see Intel lead and largely sustain AMD's renaissance as Zen and its successors did.</p><p>Still, bad news for Intel may well be good news for performance enthusiasts. Intel, a much smaller competitor, will need more than one or two dominant cycles to solidify relationships and market perception with large OEMs and system manufacturers. These business relationships-and the resulting orders, revenue and profits-will be necessary to maintain AMD's strong R&D force to ensure that AMD can provide consumers with higher performance and better prices in the future.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/jthH9s2r55PX6uVCqh0Cgg\">半导体行业观察</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8a1a8c5698b6f32ee1637556a15bb35b","relate_stocks":{"09086":"华夏纳指-U","03086":"华夏纳指","INTC":"英特尔","AMD":"美国超微公司"},"source_url":"https://mp.weixin.qq.com/s/jthH9s2r55PX6uVCqh0Cgg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2085230767","content_text":"英特尔与AMD的竞争是乌龟与野兔的竞争。但哪家公司是龟？哪家公司是兔？\n在过去的几个发布周期中，英特尔和AMD的粉丝之间的评论之战一直很激烈，大量的数字墨水都在讨论这些年来哪个公司有了显著的改善，或者没有明显的改善。对于两家公司最快处理器的原始性能，也不乏意见。我们认为，深入研究每个公司的最快桌面/ CPU的存档性能基准测试是很有趣的，这样可以很好地了解这些年来每个公司的实际表现，甚至可以看看是否有一些模式需要收集，或者对未来进行一些押注。\n在深入研究图表之前，让我们先从一些表开始——通过这种方式，您可以看到我们使用了哪些CPU作为每年的里程碑。在我们研究的过程中，数据中有一些不规则现象；我们也会讨论这些，讨论一些简单图表无法展示的东西。\n二十年来的发烧友计算\n\n虽然英特尔和AMD每年都会针对不同的价位和目标市场推出大量的处理器，但我们每年都局限于速度最快的台式机或“发烧友”处理器。这意味着没有服务器处理器，也没有高端台式机(HEDT)处理器——所以我们不会关注Threadrippers或最新型号XE系列英特尔部件。\n即使是像我这样整个时期都是作为一个系统构建者的人，组装这样的列表也是一个巨大的痛苦，更不用说匹配测试结果了。这在AMD方面尤其困难，因为AMD并没有真正相当于英特尔的Ark提供单一的处理器列表，按代、类型和发布日期排序。如果你认为我选错了一年中的“顶级处理器”，请在评论中告诉我。\n我们应该解决图表中出现的一些异常情况——首先，不，2014年、2015年和2016年AMD没有推出新的高性能CPU并不是疏忽。2013年的fx -9590被广泛(并且是理所应当)批评了它惊人的225W TDP和平庸的性能——在四年的运行中是Team Red最快的CPU。在此期间，AMD推出了几代低功耗、价格低廉的桌面设备，但没有一款性能优于FX-9590。\n英特尔在2013年至2017年期间也经历了几次失误，尽管没有那么严重或持续这么长时间。第五代Core系列基本上死于2014年，尽管第四代Core i7系列的更新确实提供了显著的性能提升。两年后，从技术上讲又是另一种风潮-配备Core i7-7700K的Kaby Lake直到2017年1月才真正启动。我们稍加捏造，让Kaby Lake进入2016年的行列，因为否则它会完全消失，同年晚些时候Coffee Lake和i7-8700K出现。\nAMD Athlon的兴衰：2001-2007年\n\n现在很难相信,但曾几何时,多线程工作负载远比单线程负载要punish的多。但这并不是很久以前。\n\n在2001-2005年，Athlon XP和Athlon 64 vs Pentium 4-AMD的时代在双线程工作负载上独占鳌头。2006年，英特尔的Penti um965改变了这一平衡。\n\nEven in the Athlon era, AMD struggled to keep up with Intel on single-threaded performance. Its即使在Athlon时代，AMD也难以在单线程性能上赶上英特尔。它的Athlon 64 X2处理器一度占据领先地位，但英特尔(Intel)凭借酷睿2 Extreme QX9650夺回了领先地位。\n这是我们许多人在21世纪初忘记的事情-多任务处理性能 太差了。在上面的第一个图表中，我们正在研究多线程和单线程Passmark CPU基准测试分数之间的比率。对于2001-2005年份的CPU，单线程得分实际上 高于多线程，这意味着您可以在给定的时间内在单线程上完成更多的计算工作，而不是分解为并行线程。\n您可能会认为这是因为它们仍然是单核、单线程的CPU，但是您错了。Intel在2002年引入了1c/2t Pentium 4 2.8GHz的超线程，这对实际的多线程能力影响很小。AMD在2005年推出了第一个真正的双核桌面CPU——Athlon 64 X2 4800+，但它也没有太大的区别。\n在英特尔2006年的Pentium Extreme 965(双核/四线程CPU)之前，多线程的比率没有突破100%——这意味着多线程任务比同等的单线程任务完成得更快。第二年，AMD和英特尔都推出了真正的四核桌面CPU，并永久地结束了高性能单线程处理器的时代。\n即使在AMD的这个黄金时代，英特尔在单线程性能方面也击败了AMD。Pentium 4架构作为Pentium III的较弱后继者而受到全面和应有的嘲讽，而PentiumIII往往会逐时胜过它。但是，Pentium III的时钟频率不能达到Pentium 4的水平，而且，无论如何，该时代性能最高的工作负载都是单线程的，并且英特尔的Pentium 4在性能上领先于AMD的Athlon。尽管后者的CPU性能很弱。\n对英特尔来说不幸的是，早在2001年之前，整个世界就已经转向了多任务操作系统，多线程的工作负载也随之出现，这在Firefox前身Phoenix在2002年采用选项卡式浏览中得到了证明。随着CPU饱和，用户逐渐习惯于全天打开许多程序的环境，多线程性能（而不是单线程）成为当务之急。\n2007年，AMD和英特尔都推出了真正的四核桌面CPU。两家厂商的发烧级CPU的多线程性能都达到了顶峰——尽管双方都获得了巨大的收益，但英特尔的Core 2 Extreme QX9650击败了AMD的新Phenom X4。\n新的四核CPU具有足够的多任务性能，可以同时处理低优先级的后台任务和高优先级的前台任务，而不会使前台任务明显受损，这就将焦点转移到了单线程性能上。这对AMD来说尤其不幸，因为Intel不仅在多线程性能上有所改进，QX9650在单线程性能上也取得了突破。\n随着近70%的单线程性能优势被英特尔的qx9650所取代，以及焦点突然回到单线程性能的王者地位，至少在这些高端CPU中是这样——AMD 21世纪的第一个黄金时代正式结束了。\n英特尔反击：2007-2013\n\n与2008年的i7-965 Extreme相比，英特尔2009年的i7-975 Extreme并没有太大的改进，但2010年的十六进制core i7-980X则是一个大熔炉。与此同时，AMD虽然年复一年地稳步前进，但仍然处于劣势。\n\n在整个2007年至2013年期间，英特尔都比AMD拥有单线程优势，而且通常是相当多的优势。\n就提高CPU性能和功能而言，2007-2013年是一个令人振奋的时代，但就英特尔与AMD之间的斗争而言，这是一个相当无聊的时代。英特尔从单线程和多线程性能的健康领先开始，一直保持领先地位。\n在整个Phenom和Phenom II架构的运行过程中，AMD在多线程和单线程性能方面均取得了稳步的增长。这样一来，它在单线程性能上几乎可以赶上英特尔，但在多线程方面，它从未接近过。\n两家公司都于2010年发布了他们的第一个六核CPU，但是AMD的X6 1100T与2009年的X4 965使用相同的K10架构，英特尔的i7-980X既实现了芯片缩减，又添加了一套新的AES指令。这使Intel的多线程性能几乎飙升了两倍，同时仍然保持了很小的单线程引导时间。\n2011年，AMD凭借其命运多舛的八核Bulldozer架构全力投入多线程。尽管Bulldozer确实在多线程领域开始在Intel上取得重要地位，但这是有代价的。新的FX-8150实际上在单线程性能上倒退了。\n到2012年，AMD的Bulldozer已成为Piledriver，并且在多线程方面几乎赶上了Intel，但这仅仅是因为Intel在将其工艺缩减至22nm时将其核心数量从6个减少到4个。这使AMD拥有“几乎一样好”的多线程性能，内核数量是原来的两倍，而单线程性能则比英特尔落后了三年。\n2013年，情况更糟的是，AMD推出了最终的PiledriverCPU（可恶的FX-9590）。尽管英特尔在工程技术上的领先优势不断提高，但该CPU仍代表了一种保持竞争力的Hail Mary方法-它主要与英特尔i7-4770K保持同步，但仅通过时钟频率和电压来实现，而时钟频率和电压通常会留在“极限超频器”领域。\n与FX-8350的125W和i7-4770K的84W相比，额定TDP为225W，FX-9590是几乎无法使用的CPU。在典型情况下，对其进行空气冷却是没有挑战性的，而且风扇的噪音和废热也令人讨厌，即使是铁杆AMD风扇也无法为其找借口，尤其是在其竞争仍然轻松胜过它的时候。\nFX-9590是AMD四年来最后一个发烧级CPU。从2014-2017年开始，Red Team唯一的新CPU版本是预算CPU和APU，没有一个比FX-9590更好，更不用说竞争了。\n命运的变化：2013-2020\n\n\n事实上，AMD在三年的低迷期中幸存下来，却没有发布一款新的CPU，这说明了市场的一小部分——以及每个厂商的利润率——最大、最快的CPU才是真正的。在2014-2017年，Red团队继续推出了新的桌面CPU——但所有的新设计都瞄准了“财政上更合理”的市场细分，集中在便宜的APU上。\n尽管AMD惨败，但英特尔却大为吃惊。值得称赞的是，Blue Team确实继续发布了新的性能CPU，并在这段时间内实现了单线程性能的增量提升，但单线程的提升并不多。在2016年，很难从5年的旧CPU上进行升级。\n2017年，一切都发生了改变，AMD最终发布了一款代号为Zen的全新、热情友好的架构。Zen架构将功率和热效率恢复了一致，同时使原始多线程性能显著高于英特尔的最佳性能。尽管Zen的单线程性能仍落后于英特尔，但它也实现了几次大幅跃升，夺回了这一桂冠。\n2018年的Zen +在多线程性能方面充其量仅是次要的改进，但与最初的Zen相比，它在Intel的单线程领先优势中所占的份额不大。英特尔的第一个可行的i9产品i9-9900K短暂地使Red Team夺回了多线程性能的桂冠，但领先优势并没有持续很长时间。\n2019年，英特尔在狂热者这一领域大做文章——它最好的CPU是i9-9900KS，与2018年的i9-9900K相比几乎没有任何改进。与此同时，AMD的Ryzen 9 3950x又实现了一次巨大的多线程飞跃和一次强大的单线程增长。Ryzen 9 3950x是一款16核/32线程的巨形处理器，展示了其新Zen 2架构的最佳性能。AMD还没有完全赶上英特尔的单线程领先地位，但它将i9-9900KS的多线程性能提高了一倍多。\n这使我们到了今年。英特尔仍在为延迟10纳米制程工艺而苦苦挣扎，于是发布了i9-10900K，尽管它仍在与9900K和9900KS相同的体系结构上运行，但在单线程和多线程工作负载方面均取得了显着改善。不幸的是，对于Blue Team而言，AMD并没有休息-2020年的Zen 3架构大大改善了Zen 2的单线程性能。\n在这一点上，AMD在单线程性能上处于领先地位。此外，连续第二年，它在多线程性能上遥遥领先，几乎是英特尔所能提供的最好性能的两倍。\n长远来看：2001-2020年的一代一代的改进\n\n看到英特尔在2012年出现反常现象吗？该公司从六核CPU降为四核-而且没有人在意，因为单线程性能得到了相应的提高。\n\nAMD最大的单线程spike对应的介绍，Athlon 64 X2架构在2005年。2007年，英特尔推出了其核心系列产品。\n\n乍一看，此图表与纯多线程之间没有太大区别，但请注意，AMD的趋势线在2016年至2020年之间将保持一致。\n如果我们想看看英特尔和AMD的工程流程如何进行，那么从原始数据继续进行，并观察性能的代际提升是有启发性的-这意味着，今年的情况要比去年好百分之几。\n这些图表放大了两家公司各自的架构变更和工程工作的影响，从而更容易发现重大变更。到目前为止，多线程性能是最大和最令人兴奋的峰值-随着2007年四核CPU的推出，多线程性能也达到了最高性能。在单线程图表上，几乎看不到任何东西。\n我们最喜欢的一代图表版本是第三代，它将单线程和多线程改进平均到一条直线上，并赋予两者相同的权重。尽管乍一看它看上去与纯多线程图表大致相似，但还是会弹出一些有趣的功能。\n第一个跳出这里的是英特尔在2005年的辉煌表现，在图表上只有不到100％的点。低于100％的跌幅可能很小，足以使误差造成波动-但是，即使Pentium 3.8GHz并不比2004年的Pentium 4 3.6GHz主动 恶化，但显然没有任何改善。\n再看看AMD从Zen到Zen +，Zen 2和Zen 3的2017-2020年进展，这很有趣。尽管此处的总体形状与我们在纯多线程图表上看到的相同发音M相同，但包含单线程性能清楚地表明，每个步骤都是超越最后一步的重要且持续的改进。\n2021年及以后\n对于台式机上的英特尔来说，现在形势严峻，而AMD的另一项重大架构改进（Zen 4）则在2021年面世，AMD称其为“按部就班”，其工艺节点缩小至5纳米。\n在英特尔方面，我们预计并不会像从i9-9900K到i9-9900KS那样糟糕。但是，这并不意味着Blue Team充满了光明。尽管i9-10900K确实比前几代产品有了显着且令人惊讶的改进，但它与AMD的兴起没有匹敌-它仍然代表着垂死的架构的最后一口气。\n英特尔的台式机CPU仍停留在14纳米制程上，明年的Rocket Lake也将保持14纳米制程。赛普拉斯Cove架构本质上是英特尔10纳米Sunny Cove笔记本电脑架构的一种变体，被反向移植到较早的14纳米制程。\n尽管英特尔通过其最新的Sunny Cove笔记本电脑处理器（今年至今仅在原型设计中看到了今年的Tiger Lake）获得了显着的性能提升，但其内核和线程数却很少，而高性能似乎与更高的功耗相关。\n现在说10nm Sunny Cove在内核数和功率效率方面的限制是否会转变为14nm Cypress Cove还为时过早。但是，似乎不太可能在2021年看到英特尔像Zen和它的继任者那样带动并很大程度上维持AMD的复兴。\n尽管如此，英特尔的坏消息很可能是性能爱好者的好消息。英特尔这个规模小得多的竞争对手，将需要不止一两个主导周期来巩固与大型OEM和系统制造商的关系和市场认知。这些业务关系——以及由此带来的订单、收入和利润——将是保持AMD强大的研发力量的必要条件，以确保未来AMD能够为消费者提供更高的性能和更好的价格。","news_type":1,"symbols_score_info":{"03086":0.9,"AMD":0.9,"09086":0.9,"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":1295,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":304936670,"gmtCreate":1605107051790,"gmtModify":1704959126060,"author":{"id":"3567118012147142","authorId":"3567118012147142","name":"年轻的太太","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567118012147142","authorIdStr":"3567118012147142"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/304936670","repostId":"1125351879","repostType":4,"repost":{"id":"1125351879","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":1605091441,"share":"https://ttm.financial/m/news/1125351879?lang=en_US&edition=fundamental","pubTime":"2020-11-11 18:44","market":"sh","language":"zh","title":"SMIC's third-quarter revenue was US $1.083 billion, a year-on-year increase of 32.6%","url":"https://stock-news.laohu8.com/highlight/detail?id=1125351879","media":"老虎资讯综合","summary":"11月11日讯，中芯国际公布三季度财务报告，财报显示：三季度中芯国际收入10.8亿美元，同比增长32.6%，市场预期9.9亿美元；2020年第三季毛利润为2.62亿美元，较2020年第二季的2.49亿","content":"<p>November 11th,<a href=\"https://laohu8.com/S/688981\">SMIC</a>Announced the third quarter financial report. The financial report shows:</p><p><ul><li>Third quarter<a href=\"https://laohu8.com/S/00981\">SMIC</a><b>Revenue</b>US $1.08 billion, a year-on-year increase of 32.6%, and the market expected US $990 million;</li><li>Third Quarter 2020<b>GROSS PROFIT</b>Was US $262 million, an increase of 5.4% from US $249 million in the second quarter of 2020 and an increase of 54.3% from US $170 million in the third quarter of 2019;</li><li>Third quarter<b>Net profit</b>US $256.4 million, US $115 million in the same period last year, a year-on-year increase of 122.7%;</li><li>Third quarter<b>EARNINGS PER</b>0.03 US dollars, market expectations of 0.02 US dollars, 0.02 US dollars in the same period last year;</li><li>Third Quarter 2020<b>Gross profit margin</b>It was 24.2%, compared with 26.5% in the second quarter of 2020 and 20.8% in the third quarter of 2019;</li><li>Third quarter<b>delivery</b>1,440,531 8-inch equivalent wafers, a year-on-year increase of 9.5%;</li><li><b>Capacity utilization</b>It was 97.8%, lower than 98.6% in the second quarter, but better than the same period last year.</li></ul><img src=\"https://static.tigerbbs.com/a416709b4a50899829b5d86bc84f0be3\" tg-width=\"782\" tg-height=\"816\"></p><p>The company expects that the revenue in the fourth quarter will decrease by 10%-12% month-on-month, and the full-year revenue growth forecast will be revised upward to 24%-26%. In addition, the company expects the gross profit margin in the fourth quarter to be between 16% and 18%.</p><p>Dr. Gao Yonggang, chief financial officer of SMIC, commented that in the third quarter, the company's revenue and attributable profits attributable to the company both hit new highs. The full-year revenue growth forecast has been revised upward to 24% to 26%, and the full-year gross profit margin target is higher than last year.</p><p>The main reason for the substantial increase in revenue and net profit this quarter is that the demand for SMIC's mature platform products continues to increase under the background of localization substitution. Dr. Zhao Haijun and Dr. Liang Mengsong, co-CEOs of SMIC, said in the financial report, \"Revenue related to power management, radio frequency signal processing, fingerprint identification, and image signal processing has increased significantly. In addition, he said,\" The yield rate of the first generation of advanced technology has reached the mass production level in the industry, and the second generation has entered small-scale trial production. The company's production capacity has steadily expanded, and the capacity utilization rate has remained high. \"</p><p>Earlier, according to Reuters, a spokesman for the U.S. Department of Defense said that it was working with other agencies to decide whether to include SMIC in the list of entity enterprises. Faced with rumors of being included in the entity list and \"military-related\", SMIC had previously responded that it \"has not received such official news\" and \"only provides products and services for civilian and commercial end users\".</p><p>This time, SMIC also responded to this in its financial report. The financial report stated, \"As an OEM company, SMIC faces diversified customers at home and abroad, and has strictly abided by the laws of the place where it operates since its establishment.\" \"At present, the company is operating normally. Export controls will have a certain impact on the company in the short term, but the impact is controllable. The company will continue to follow up on this matter and continue to evaluate the impact.\"</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>SMIC's third-quarter revenue was US $1.083 billion, a year-on-year increase of 32.6%</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\">\nSMIC's third-quarter revenue was US $1.083 billion, a year-on-year increase of 32.6%\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\">2020-11-11 18:44</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>November 11th,<a href=\"https://laohu8.com/S/688981\">SMIC</a>Announced the third quarter financial report. The financial report shows:</p><p><ul><li>Third quarter<a href=\"https://laohu8.com/S/00981\">SMIC</a><b>Revenue</b>US $1.08 billion, a year-on-year increase of 32.6%, and the market expected US $990 million;</li><li>Third Quarter 2020<b>GROSS PROFIT</b>Was US $262 million, an increase of 5.4% from US $249 million in the second quarter of 2020 and an increase of 54.3% from US $170 million in the third quarter of 2019;</li><li>Third quarter<b>Net profit</b>US $256.4 million, US $115 million in the same period last year, a year-on-year increase of 122.7%;</li><li>Third quarter<b>EARNINGS PER</b>0.03 US dollars, market expectations of 0.02 US dollars, 0.02 US dollars in the same period last year;</li><li>Third Quarter 2020<b>Gross profit margin</b>It was 24.2%, compared with 26.5% in the second quarter of 2020 and 20.8% in the third quarter of 2019;</li><li>Third quarter<b>delivery</b>1,440,531 8-inch equivalent wafers, a year-on-year increase of 9.5%;</li><li><b>Capacity utilization</b>It was 97.8%, lower than 98.6% in the second quarter, but better than the same period last year.</li></ul><img src=\"https://static.tigerbbs.com/a416709b4a50899829b5d86bc84f0be3\" tg-width=\"782\" tg-height=\"816\"></p><p>The company expects that the revenue in the fourth quarter will decrease by 10%-12% month-on-month, and the full-year revenue growth forecast will be revised upward to 24%-26%. In addition, the company expects the gross profit margin in the fourth quarter to be between 16% and 18%.</p><p>Dr. Gao Yonggang, chief financial officer of SMIC, commented that in the third quarter, the company's revenue and attributable profits attributable to the company both hit new highs. The full-year revenue growth forecast has been revised upward to 24% to 26%, and the full-year gross profit margin target is higher than last year.</p><p>The main reason for the substantial increase in revenue and net profit this quarter is that the demand for SMIC's mature platform products continues to increase under the background of localization substitution. Dr. Zhao Haijun and Dr. Liang Mengsong, co-CEOs of SMIC, said in the financial report, \"Revenue related to power management, radio frequency signal processing, fingerprint identification, and image signal processing has increased significantly. In addition, he said,\" The yield rate of the first generation of advanced technology has reached the mass production level in the industry, and the second generation has entered small-scale trial production. The company's production capacity has steadily expanded, and the capacity utilization rate has remained high. \"</p><p>Earlier, according to Reuters, a spokesman for the U.S. Department of Defense said that it was working with other agencies to decide whether to include SMIC in the list of entity enterprises. Faced with rumors of being included in the entity list and \"military-related\", SMIC had previously responded that it \"has not received such official news\" and \"only provides products and services for civilian and commercial end users\".</p><p>This time, SMIC also responded to this in its financial report. The financial report stated, \"As an OEM company, SMIC faces diversified customers at home and abroad, and has strictly abided by the laws of the place where it operates since its establishment.\" \"At present, the company is operating normally. Export controls will have a certain impact on the company in the short term, but the impact is controllable. The company will continue to follow up on this matter and continue to evaluate the impact.\"</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03e38a3a3c63bd5a9d8d8ca2d384d1c5","relate_stocks":{"688981":"中芯国际","00981":"中芯国际"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125351879","content_text":"11月11日讯，中芯国际公布三季度财务报告，财报显示：三季度中芯国际收入10.8亿美元，同比增长32.6%，市场预期9.9亿美元；2020年第三季毛利润为2.62亿美元，较2020年第二季的2.49亿美元增加5.4%，较2019年第三季度的1.7亿美元增加54.3%；第三季度净利润2.564亿美元，去年同期1.15亿美元，同比增长122.7%；第三季度每股盈利0.03美元，市场预期0.02美元，去年同期0.02美元；2020年第三季毛利率为24.2%，相比2020年第二季为26.5%，2019年第三季为20.8%；第三季度交付1440531片8寸等值晶圆，同比增长9.5%；产能利用率为97.8%，低于二季度的98.6%，但好于去年同期。公司预期，第四季度收入环比减少10%-12%，全年收入增长预期上修为24%-26%。此外，公司预期四季度毛利率介于16%到18%之间。中芯国际首席财务官高永岗博士评论称，三季度公司收入和归属于公司的应占利润均创新高。全年收入增长预期上修为 24%到 26%，全年毛利率目标高于去年。本季度收入和净利润都有大幅提升的原因主要是，中芯国际成熟平台产品在国产化替代的背景下需求持续增加。中芯国际联合首席执行官赵海军博士、梁孟松博士在财报中表示，“来自于电源管理、射频信号处理、指纹识别，以及图像信号处理相关收入增长显著。此外，他表示“第一代先进技术良率达业界量产水准，第二代进入小量试产，公司产能稳步扩充，产能利用率维持高位。”此前，据路透社报道，美国防部一位发言人表示，其正在与其他机构合作，决定是否将中芯国际列入实体企业名单。面对列入实体名单与“涉军”传言，中芯国际此前曾回应称，“并未收到此类官方消息”，以及“只为民用和商用的终端用户提供产品及服务”。此次，中芯国际在财报中也对此做出了回应。财报中表示，“中芯国际作为代工企业，面向海内外多元化客户，自成立以来严格遵守经营地法律”，“目前公司正常运营，短期内出口管制对公司产生一定影响，但影响可控。公司会继续跟进此事，并持续评估影响。”","news_type":1,"symbols_score_info":{"688981":0.9,"00981":0.9}},"isVote":1,"tweetType":1,"viewCount":1683,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":304938513,"gmtCreate":1605106987032,"gmtModify":1704959124923,"author":{"id":"3567118012147142","authorId":"3567118012147142","name":"年轻的太太","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567118012147142","authorIdStr":"3567118012147142"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/304938513","repostId":"1173267429","repostType":4,"isVote":1,"tweetType":1,"viewCount":1511,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":304938363,"gmtCreate":1605106950552,"gmtModify":1704959124277,"author":{"id":"3567118012147142","authorId":"3567118012147142","name":"年轻的太太","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567118012147142","authorIdStr":"3567118012147142"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/304938363","repostId":"1144133852","repostType":4,"repost":{"id":"1144133852","kind":"news","pubTimestamp":1605098932,"share":"https://ttm.financial/m/news/1144133852?lang=en_US&edition=fundamental","pubTime":"2020-11-11 20:48","market":"hk","language":"zh","title":"Analysis of \"Internet Anti-monopoly\": Is it just a sword aiming at Ali, JD.com, and Meituan","url":"https://stock-news.laohu8.com/highlight/detail?id=1144133852","media":"三言财经","summary":"《指南》对于正忙于在各大电商平台“买买买”的网民来说，其意义是什么呢？","content":"<p>Author | DorAemon</p><p>On November 10th, the annual \"Double Eleven\" online shopping festival will be staged soon. The State Administration for Market Regulation issued the \"Anti-monopoly Guidelines on the Platform Economy (Draft for Comment)\" (hereinafter referred to as the \"Guidelines\"), aiming at preventing and stopping monopolistic behaviors in the Internet platform economy, guiding operators in the platform economy to operate in compliance with laws and regulations, and promoting the healthy development of the online economy.</p><p>What is the significance of the Guide for netizens who are busy \"buying in buy buy\" on major e-commerce platforms? Sanyan Finance specially summarizes the core clauses in the \"Guide\" and the analysis of all parties, and discusses them with you.</p><p><b>1. What is the Internet platform and platform economy?</b></p><p>Does it only include e-commerce platforms?</p><p>The main purpose of the Guide is to prevent and stop monopolistic behavior in the economic field of Internet platform. So what is the definition of \"Internet platform\" here?</p><p>According to the explanation of related concepts in the Guide, Internet platform refers to a business organization form that enables interdependent multilateral subjects to interact under the rules and matching provided by specific carriers through network information technology, so as to jointly create value. Platform economy refers to an economic form in which the Internet platform coordinates and organizes resource allocation.</p><p>So does the Internet platform economy only include e-commerce platforms? According to legal sources, the legal provisions are generally very strict, saying that the platform includes all. If there are specific exceptions, then the legal provisions will clearly state that \"xxx\" is not included.</p><p>Therefore, according to this definition, the Internet platforms mentioned in the Guide include all online platforms, such as e-commerce, social platforms, games, etc.</p><p><b>2. In specific cases, the direct factual evidence is sufficient, and the monopoly can be directly determined</b></p><p>When it comes to monopoly issues, it is necessary to define the relevant commodity markets and relevant regional markets involved in the Internet platform economy. However, the Guide also points out that in a specific case, if the direct factual evidence is sufficient, the behavior that can only be carried out with a dominant market position lasts for a long time and the effect is obvious, and it is insufficient or very difficult to accurately define the relevant market conditions, it is not necessary to define the relevant market, and directly determine that the operators in the Internet platform economic field have carried out monopolistic behavior.</p><p><b>3. Monopoly agreements prohibited by the Anti-Monopoly Law apply to online platforms</b></p><p>The \"Guide\" points out that monopoly agreements in the Internet platform economy mainly refer to agreements, decisions or other coordinated behaviors of platform operators and operators within the platform that exclude or restrict competition.</p><p>Among them, horizontal monopoly agreements and vertical monopoly agreements are included. That is, operators in the platform economy with competitive relationships may reach horizontal monopoly agreements such as fixing prices, segmenting markets, limiting output, restricting new technologies, and boycotting transactions; And operators and counterparties in the Internet platform economy may reach vertical monopoly agreements such as fixed resale prices and limited minimum resale prices.</p><p>At the same time, the \"Guide\" stipulates that to identify collaborative behavior in the economic field of Internet platforms, direct evidence can be used to determine whether there is a fact of collaborative behavior. However, if direct evidence is difficult to obtain, then according to logically consistent indirect evidence, the operators' knowledge of relevant information can be determined, and whether there is collaborative behavior among operators can be determined.</p><p>For example, if several major e-commerce platforms negotiate with each other and reach an agreement on the price of a certain commodity on the platform, so that the newly established e-commerce platform in the market cannot sell the same commodity at a more attractive price, then this constitutes a horizontal monopoly agreement;</p><p>If an e-commerce platform with certain strength in the market reaches an agreement with its own supply chain merchants, specific goods will be supplied at the agreed price. If other e-commerce platforms cannot purchase goods or have to purchase goods at a higher cost, it constitutes a vertical monopoly agreement.</p><p>The above items are mainly aimed at operators in Internet platforms, that is, merchants. As for the issues that consumers are concerned about, the Guide also makes clear provisions.</p><p><b>4. Forcing merchants to \"choose one of the two\" is an abuse of market dominance</b></p><p>The section on \"Abuse of Market Dominance\" in the \"Guide\" is summarized, and the behavior of \"choosing one from the other\" on Internet platforms is clearly defined. The \"Guidelines\" point out that operators in the platform economy with dominant market position may abuse their dominant market position, restrict transactions on counterparties without justifiable reasons, and exclude or restrict market competition.</p><p>This behavior includes requiring the counterparty to \"choose one of the two\" or other behaviors with the same effect between competing platforms; Require the counterparty to conduct exclusive transactions with it; It is restricted that the counterparty can only trade with designated operators or not trade with specific operators, etc.</p><p>The Guide also emphasizes that such restrictions on transactions can be achieved by telephone, verbal, etc., and restrictions can also be set through platform rules, data algorithms and technologies.</p><p><b>5. \"Big data killing familiarity\" abuses market dominance</b></p><p><img src=\"https://static.tigerbbs.com/f6952dc043e5ecda3fc0ad6f704ecbd2\" tg-width=\"550\" tg-height=\"308\"></p><p>\"Killing familiarity\" is one of the reasons why many consumers complain about Internet platforms.</p><p>The release of the \"Guide\" also identified it as an abuse of market dominance. Operators in the Internet platform economy with a dominant market position may abuse their dominant market position, impose differential treatment on counterparties with the same trading conditions without justifiable reasons, and exclude or restrict market competition.</p><p>This behavior includes implementing differential transaction prices or other transaction conditions for the payment ability, consumption preference, usage habits, etc. of the counterparty based on big data and algorithms; And based on big data and algorithms, differential trading prices or other trading conditions are implemented for new and old trading counterparties.</p><p>After the official implementation of the Guide, it is believed that the online economy will be effectively supervised by compliance, and problems such as \"choosing one from the other\" for merchants and \"killing\" for consumers are expected to be effectively solved.</p><p><b>6. Is it only for anti-monopoly on e-commerce platforms? What about other platforms</b></p><p>These clauses may be the first reaction of most people to think that the Guide is an anti-monopoly clause for Internet e-commerce. In fact, these requirements in the Guide also apply to non-e-commerce platforms.</p><p>Dong Yizhi, a lawyer of Shanghai Zhengce Law Firm, believes that the \"Internet platform\" in the Guide is definitely not just e-commerce, but all platforms may be involved. The businesses of Internet giants intersect with each other, so game social networking may be involved. We can't look at the problem from a local business perspective alone, but we should look at the monopoly from a very high dimension, especially from the regulatory perspective.</p><p>In addition, the \"Guide\" also clearly points out that in the field of platform economy, according to the different business models of operators, the business methods are also different. For example, there are platform operators who only provide information matching and collect commissions; There are also operators involved in the agreement control structure, etc., all of which fall under the jurisdiction of the Guide.</p><p>In addition to listing \"choosing one from the other\" and \"killing familiarity\" as the concepts of abuse of market dominance, the Guide also identifies \"refusing to trade\" as one of the monopolistic behaviors. Specifically, operators in the Internet platform economy with dominant market position may abuse their dominant market position, refuse to conduct transactions with counterparties without justifiable reasons, and exclude or restrict market competition.</p><p>In the entry of \"refusal of transaction\", the following factors can be considered to analyze whether it constitutes a refusal of transaction: stopping, delaying, and interrupting the existing transaction with the counterparty;</p><p>Set restrictions and obstacles in platform rules, algorithms, technologies, traffic distribution, etc., making it difficult for transaction counterparties to conduct transactions.</p><p>Transaction restrictions may be achieved by actually setting restrictions or obstacles in platform rules, data, algorithms, technologies, etc.</p><p>These can also happen in social platforms. For example, some social platforms will block some transaction passwords, links, etc.</p><p><b>VII. Views of all parties</b></p><p>After the publication of the draft of the Guide for comments, major media and relevant experts also conducted an in-depth analysis.</p><p>Zhou Xiaochuan: Technology giants control a large amount of data and market share, forming a monopoly to suppress fair competition</p><p>On November 11th, Zhou Xiaochuan, vice chairman of Boao Forum for Asia and former governor of the People's Bank of China, said that at present, while scientific and technological innovation has given birth to huge kinetic energy, it has also brought huge challenges to social governance and global governance. First of all, developing countries have insufficient investment in digital infrastructure, and the global digital divide has further widened. Poverty reduction and development still have a long way to go.</p><p>Secondly, artificial intelligence subverts traditional industries, and gene editing technology enters practical applications, causing problems such as structural unemployment and social ethics. Third, Internet technology giants control a large amount of data and market share, forming a monopoly to inhibit fair competition. In addition, preventing cyber attacks and protecting personal data privacy have also become the focus of global attention.</p><p>Huang Jin: The highlights of the platform economy anti-monopoly guidelines are scientific supervision and oriented to the future of the industry</p><p>Huang Jin, deputy director of the International Economic Law Research Office of the Chinese Institute of Social Sciences and International Law, deputy director and secretary-general of the Competition Law Research Center, said that the Guide is aimed at anti-monopoly issues in the platform field.</p><p>At present, platform operators have grown into super platform operators. Up to now, among these \"super platform\" operators, there are some cases of unfair competition, abuse of comparative advantages and even monopoly. Therefore, the platform economy needs more supervision. The \"Guide\" strengthens competition analysis and legal argumentation according to the development situation, development law and its own characteristics of the platform economy, which means that more attention will be paid to the characteristics of the platform economy in the process of law enforcement.</p><p>In the field of live broadcast e-commerce, due to the small market offset, some companies already have a certain market size and have certain advantages and dominant positions. Therefore, to have legal compliance requirements, anti-monopoly laws are needed, and the Guide has also done this.</p><p>In view of behaviors such as \"choosing one from the other\" and \"killing big data\", Huang Jin believes that the current adjustment of anti-monopoly law is more related to the relationship between enterprises. The Guide helps to further clarify the exclusive transactions, exclusive sales contracts, etc. between enterprises. The Guide defines relevant markets and defines enterprises and platforms. According to its market dominance, whether there is abuse is based on legal logical analysis.</p><p>In addition, Huang Jin believes that the greatest significance of the \"Guide\" is to lay the foundation for solving some problems in the industry in the future.</p><p>Media: Anti-monopoly in the platform economy makes users feel more rewarding</p><p>Today, Dongfang. com published a commentary on the publication of the Guide, saying that China's Internet consumption has almost entered a mature stage after a barbaric growth period. At this time, the bilateral market, multilateral market and ecological carrier characteristics of the platform economy determine that the platform economy needs compliance innovation to be stable and long-term. Through the participation of the government, enterprises, consumers and third parties, a new system of joint supervision will be formed.</p><p>Lecturer: School of Civil Law, China University of Political Science and Law: The trend of strengthening anti-monopoly in the field of platform economy is irreversible</p><p>Xie Yuanyang, a lecturer at the School of Civil Law of China University of Political Science and Law, said in an interpretation article sent to the media that the content of the Guide responds to the Internet market environment and issues that are widely concerned by the society.</p><p>The \"Guide\" makes special provisions on \"choosing one of the two\" and \"killing big data\". In addition, algorithm collusion and hub-and-spoke agreements are regarded as monopoly agreements. Moreover, the \"Guide\" weakens the definition of the market and the criteria for identifying concentration of operators.</p><p>Xie Yuanyang believes that the current trend of strengthening anti-monopoly in the platform economy is irreversible.</p><p>Guan Qingyou: Platform economy companies really need to be included in supervision</p><p><img src=\"https://static.tigerbbs.com/f453c0c3e6a9c064fd329f82af0bd6e9\" tg-width=\"550\" tg-height=\"495\"></p><p>Guan Qingyou, an economist, believes that the random and free use of public data by Internet companies is a new phenomenon and a problem. This situation must change, and platform economy companies must indeed be included in supervision.</p><p>Ye Tan: Striking hard, very painful for Ali and others</p><p><img src=\"https://static.tigerbbs.com/b902ac5f8676b111e02f0c7136bfa258\" tg-width=\"550\" tg-height=\"551\"></p><p>Ye Tan, a financial critic, said that the \"Guide\" issued by the State Administration of Supervision this time was a one-time heavy blow, which was \"very painful\" for companies such as Ali.</p>","source":"sycaijing","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>Analysis of \"Internet Anti-monopoly\": Is it just a sword aiming at Ali, JD.com, and Meituan</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\">\nAnalysis of \"Internet Anti-monopoly\": Is it just a sword aiming at Ali, JD.com, and Meituan\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">三言财经</strong><span class=\"h-time small\">2020-11-11 20:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Author | DorAemon</p><p>On November 10th, the annual \"Double Eleven\" online shopping festival will be staged soon. The State Administration for Market Regulation issued the \"Anti-monopoly Guidelines on the Platform Economy (Draft for Comment)\" (hereinafter referred to as the \"Guidelines\"), aiming at preventing and stopping monopolistic behaviors in the Internet platform economy, guiding operators in the platform economy to operate in compliance with laws and regulations, and promoting the healthy development of the online economy.</p><p>What is the significance of the Guide for netizens who are busy \"buying in buy buy\" on major e-commerce platforms? Sanyan Finance specially summarizes the core clauses in the \"Guide\" and the analysis of all parties, and discusses them with you.</p><p><b>1. What is the Internet platform and platform economy?</b></p><p>Does it only include e-commerce platforms?</p><p>The main purpose of the Guide is to prevent and stop monopolistic behavior in the economic field of Internet platform. So what is the definition of \"Internet platform\" here?</p><p>According to the explanation of related concepts in the Guide, Internet platform refers to a business organization form that enables interdependent multilateral subjects to interact under the rules and matching provided by specific carriers through network information technology, so as to jointly create value. Platform economy refers to an economic form in which the Internet platform coordinates and organizes resource allocation.</p><p>So does the Internet platform economy only include e-commerce platforms? According to legal sources, the legal provisions are generally very strict, saying that the platform includes all. If there are specific exceptions, then the legal provisions will clearly state that \"xxx\" is not included.</p><p>Therefore, according to this definition, the Internet platforms mentioned in the Guide include all online platforms, such as e-commerce, social platforms, games, etc.</p><p><b>2. In specific cases, the direct factual evidence is sufficient, and the monopoly can be directly determined</b></p><p>When it comes to monopoly issues, it is necessary to define the relevant commodity markets and relevant regional markets involved in the Internet platform economy. However, the Guide also points out that in a specific case, if the direct factual evidence is sufficient, the behavior that can only be carried out with a dominant market position lasts for a long time and the effect is obvious, and it is insufficient or very difficult to accurately define the relevant market conditions, it is not necessary to define the relevant market, and directly determine that the operators in the Internet platform economic field have carried out monopolistic behavior.</p><p><b>3. Monopoly agreements prohibited by the Anti-Monopoly Law apply to online platforms</b></p><p>The \"Guide\" points out that monopoly agreements in the Internet platform economy mainly refer to agreements, decisions or other coordinated behaviors of platform operators and operators within the platform that exclude or restrict competition.</p><p>Among them, horizontal monopoly agreements and vertical monopoly agreements are included. That is, operators in the platform economy with competitive relationships may reach horizontal monopoly agreements such as fixing prices, segmenting markets, limiting output, restricting new technologies, and boycotting transactions; And operators and counterparties in the Internet platform economy may reach vertical monopoly agreements such as fixed resale prices and limited minimum resale prices.</p><p>At the same time, the \"Guide\" stipulates that to identify collaborative behavior in the economic field of Internet platforms, direct evidence can be used to determine whether there is a fact of collaborative behavior. However, if direct evidence is difficult to obtain, then according to logically consistent indirect evidence, the operators' knowledge of relevant information can be determined, and whether there is collaborative behavior among operators can be determined.</p><p>For example, if several major e-commerce platforms negotiate with each other and reach an agreement on the price of a certain commodity on the platform, so that the newly established e-commerce platform in the market cannot sell the same commodity at a more attractive price, then this constitutes a horizontal monopoly agreement;</p><p>If an e-commerce platform with certain strength in the market reaches an agreement with its own supply chain merchants, specific goods will be supplied at the agreed price. If other e-commerce platforms cannot purchase goods or have to purchase goods at a higher cost, it constitutes a vertical monopoly agreement.</p><p>The above items are mainly aimed at operators in Internet platforms, that is, merchants. As for the issues that consumers are concerned about, the Guide also makes clear provisions.</p><p><b>4. Forcing merchants to \"choose one of the two\" is an abuse of market dominance</b></p><p>The section on \"Abuse of Market Dominance\" in the \"Guide\" is summarized, and the behavior of \"choosing one from the other\" on Internet platforms is clearly defined. The \"Guidelines\" point out that operators in the platform economy with dominant market position may abuse their dominant market position, restrict transactions on counterparties without justifiable reasons, and exclude or restrict market competition.</p><p>This behavior includes requiring the counterparty to \"choose one of the two\" or other behaviors with the same effect between competing platforms; Require the counterparty to conduct exclusive transactions with it; It is restricted that the counterparty can only trade with designated operators or not trade with specific operators, etc.</p><p>The Guide also emphasizes that such restrictions on transactions can be achieved by telephone, verbal, etc., and restrictions can also be set through platform rules, data algorithms and technologies.</p><p><b>5. \"Big data killing familiarity\" abuses market dominance</b></p><p><img src=\"https://static.tigerbbs.com/f6952dc043e5ecda3fc0ad6f704ecbd2\" tg-width=\"550\" tg-height=\"308\"></p><p>\"Killing familiarity\" is one of the reasons why many consumers complain about Internet platforms.</p><p>The release of the \"Guide\" also identified it as an abuse of market dominance. Operators in the Internet platform economy with a dominant market position may abuse their dominant market position, impose differential treatment on counterparties with the same trading conditions without justifiable reasons, and exclude or restrict market competition.</p><p>This behavior includes implementing differential transaction prices or other transaction conditions for the payment ability, consumption preference, usage habits, etc. of the counterparty based on big data and algorithms; And based on big data and algorithms, differential trading prices or other trading conditions are implemented for new and old trading counterparties.</p><p>After the official implementation of the Guide, it is believed that the online economy will be effectively supervised by compliance, and problems such as \"choosing one from the other\" for merchants and \"killing\" for consumers are expected to be effectively solved.</p><p><b>6. Is it only for anti-monopoly on e-commerce platforms? What about other platforms</b></p><p>These clauses may be the first reaction of most people to think that the Guide is an anti-monopoly clause for Internet e-commerce. In fact, these requirements in the Guide also apply to non-e-commerce platforms.</p><p>Dong Yizhi, a lawyer of Shanghai Zhengce Law Firm, believes that the \"Internet platform\" in the Guide is definitely not just e-commerce, but all platforms may be involved. The businesses of Internet giants intersect with each other, so game social networking may be involved. We can't look at the problem from a local business perspective alone, but we should look at the monopoly from a very high dimension, especially from the regulatory perspective.</p><p>In addition, the \"Guide\" also clearly points out that in the field of platform economy, according to the different business models of operators, the business methods are also different. For example, there are platform operators who only provide information matching and collect commissions; There are also operators involved in the agreement control structure, etc., all of which fall under the jurisdiction of the Guide.</p><p>In addition to listing \"choosing one from the other\" and \"killing familiarity\" as the concepts of abuse of market dominance, the Guide also identifies \"refusing to trade\" as one of the monopolistic behaviors. Specifically, operators in the Internet platform economy with dominant market position may abuse their dominant market position, refuse to conduct transactions with counterparties without justifiable reasons, and exclude or restrict market competition.</p><p>In the entry of \"refusal of transaction\", the following factors can be considered to analyze whether it constitutes a refusal of transaction: stopping, delaying, and interrupting the existing transaction with the counterparty;</p><p>Set restrictions and obstacles in platform rules, algorithms, technologies, traffic distribution, etc., making it difficult for transaction counterparties to conduct transactions.</p><p>Transaction restrictions may be achieved by actually setting restrictions or obstacles in platform rules, data, algorithms, technologies, etc.</p><p>These can also happen in social platforms. For example, some social platforms will block some transaction passwords, links, etc.</p><p><b>VII. Views of all parties</b></p><p>After the publication of the draft of the Guide for comments, major media and relevant experts also conducted an in-depth analysis.</p><p>Zhou Xiaochuan: Technology giants control a large amount of data and market share, forming a monopoly to suppress fair competition</p><p>On November 11th, Zhou Xiaochuan, vice chairman of Boao Forum for Asia and former governor of the People's Bank of China, said that at present, while scientific and technological innovation has given birth to huge kinetic energy, it has also brought huge challenges to social governance and global governance. First of all, developing countries have insufficient investment in digital infrastructure, and the global digital divide has further widened. Poverty reduction and development still have a long way to go.</p><p>Secondly, artificial intelligence subverts traditional industries, and gene editing technology enters practical applications, causing problems such as structural unemployment and social ethics. Third, Internet technology giants control a large amount of data and market share, forming a monopoly to inhibit fair competition. In addition, preventing cyber attacks and protecting personal data privacy have also become the focus of global attention.</p><p>Huang Jin: The highlights of the platform economy anti-monopoly guidelines are scientific supervision and oriented to the future of the industry</p><p>Huang Jin, deputy director of the International Economic Law Research Office of the Chinese Institute of Social Sciences and International Law, deputy director and secretary-general of the Competition Law Research Center, said that the Guide is aimed at anti-monopoly issues in the platform field.</p><p>At present, platform operators have grown into super platform operators. Up to now, among these \"super platform\" operators, there are some cases of unfair competition, abuse of comparative advantages and even monopoly. Therefore, the platform economy needs more supervision. The \"Guide\" strengthens competition analysis and legal argumentation according to the development situation, development law and its own characteristics of the platform economy, which means that more attention will be paid to the characteristics of the platform economy in the process of law enforcement.</p><p>In the field of live broadcast e-commerce, due to the small market offset, some companies already have a certain market size and have certain advantages and dominant positions. Therefore, to have legal compliance requirements, anti-monopoly laws are needed, and the Guide has also done this.</p><p>In view of behaviors such as \"choosing one from the other\" and \"killing big data\", Huang Jin believes that the current adjustment of anti-monopoly law is more related to the relationship between enterprises. The Guide helps to further clarify the exclusive transactions, exclusive sales contracts, etc. between enterprises. The Guide defines relevant markets and defines enterprises and platforms. According to its market dominance, whether there is abuse is based on legal logical analysis.</p><p>In addition, Huang Jin believes that the greatest significance of the \"Guide\" is to lay the foundation for solving some problems in the industry in the future.</p><p>Media: Anti-monopoly in the platform economy makes users feel more rewarding</p><p>Today, Dongfang. com published a commentary on the publication of the Guide, saying that China's Internet consumption has almost entered a mature stage after a barbaric growth period. At this time, the bilateral market, multilateral market and ecological carrier characteristics of the platform economy determine that the platform economy needs compliance innovation to be stable and long-term. Through the participation of the government, enterprises, consumers and third parties, a new system of joint supervision will be formed.</p><p>Lecturer: School of Civil Law, China University of Political Science and Law: The trend of strengthening anti-monopoly in the field of platform economy is irreversible</p><p>Xie Yuanyang, a lecturer at the School of Civil Law of China University of Political Science and Law, said in an interpretation article sent to the media that the content of the Guide responds to the Internet market environment and issues that are widely concerned by the society.</p><p>The \"Guide\" makes special provisions on \"choosing one of the two\" and \"killing big data\". In addition, algorithm collusion and hub-and-spoke agreements are regarded as monopoly agreements. Moreover, the \"Guide\" weakens the definition of the market and the criteria for identifying concentration of operators.</p><p>Xie Yuanyang believes that the current trend of strengthening anti-monopoly in the platform economy is irreversible.</p><p>Guan Qingyou: Platform economy companies really need to be included in supervision</p><p><img src=\"https://static.tigerbbs.com/f453c0c3e6a9c064fd329f82af0bd6e9\" tg-width=\"550\" tg-height=\"495\"></p><p>Guan Qingyou, an economist, believes that the random and free use of public data by Internet companies is a new phenomenon and a problem. This situation must change, and platform economy companies must indeed be included in supervision.</p><p>Ye Tan: Striking hard, very painful for Ali and others</p><p><img src=\"https://static.tigerbbs.com/b902ac5f8676b111e02f0c7136bfa258\" tg-width=\"550\" tg-height=\"551\"></p><p>Ye Tan, a financial critic, said that the \"Guide\" issued by the State Administration of Supervision this time was a one-time heavy blow, which was \"very painful\" for companies such as Ali.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=MzU2ODcwMDY2NA==&mid=2247512280&idx=1&sn=8b0f0b9e2863cb6b01e243b434fed6fd&chksm=fc8b0b4fcbfc82592e31365497c15278a054318bea2d298a85d6d697086521d012e1c1495f45&scene=126&sessionid=1605098278&key=5eaf68e2d509a00429e6a706bbe12320eba06a7062a4cf3ff2b60d883d7797f4940399c1b9a5d1be8e6f4dc289c62c8634ea33f9c7155961b77c51c0908176cf296c14b69bad53f53fcb745e8445370ef843acded34639a01a99fb997f416925aae0e9917b51edb7fb0d4abb0f980ae355b23eab5501411f6acfa6f26196d600&ascene=1&uin=OTU4N\">三言财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3648284ff20e3d185b089e5e2381042c","relate_stocks":{"00700":"腾讯控股","BABA":"阿里巴巴","03690":"美团-W","JD":"京东"},"source_url":"https://mp.weixin.qq.com/s?__biz=MzU2ODcwMDY2NA==&mid=2247512280&idx=1&sn=8b0f0b9e2863cb6b01e243b434fed6fd&chksm=fc8b0b4fcbfc82592e31365497c15278a054318bea2d298a85d6d697086521d012e1c1495f45&scene=126&sessionid=1605098278&key=5eaf68e2d509a00429e6a706bbe12320eba06a7062a4cf3ff2b60d883d7797f4940399c1b9a5d1be8e6f4dc289c62c8634ea33f9c7155961b77c51c0908176cf296c14b69bad53f53fcb745e8445370ef843acded34639a01a99fb997f416925aae0e9917b51edb7fb0d4abb0f980ae355b23eab5501411f6acfa6f26196d600&ascene=1&uin=OTU4N","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144133852","content_text":"作者｜DorAemon\n11月10日，一年一度的“双十一”线上购物节大戏即将上演，国家市场监管总局发布了《关于平台经济领域的反垄断指南（征求意见稿）》（下称《指南》），旨在预防和制止互联网平台经济领域的垄断行为，引导平台经济领域经营者依法合规经营，促进线上经济健康发展。\n《指南》对于正忙于在各大电商平台“买买买”的网民来说，其意义是什么呢？三言财经特汇总《指南》中的核心条款以及各方分析，与大家一起探讨。\n一、互联网平台、平台经济是什么？\n只包括电商平台吗？\n《指南》制定的主要目的是预防和制止互联网平台经济领域的垄断行为，那么这里的“互联网平台”定义是什么呢？\n根据《指南》中对相关概念的解释，互联网平台是指通过网络信息技使相互依赖的多边主体在特定载体提供的规则和撮合下交互，以此共同创造价值的商业组织形态。而平台经济，则是指由互联网平台协调组织资源配置的一种经济形态。\n那么互联网平台经济只包括电商平台吗？法律人士表示，法律条文里一般都很严谨，说是平台就包括全部，如果存在特定的例外，那么法律条文会明确写出不包含“xxx”。\n所以根据该定义，《指南》中所提到的互联网平台包括一切线上平台，例如电商、社交平台、游戏等。\n二、特定个案，直接事实证据充足，可直接认定垄断\n在涉及到垄断问题时，需要对互联网平台经济涉及的相关商品市场、相关地域市场进行界定。但《指南》同时指出，在特定个案中，对于直接事实证据充足，只有以市场支配地位才能实施的行为持续了相当长时间且效果明显，准确界定相关市场条件不足或非常困难，则可以不界定相关市场，直接认定互联网平台经济领域经营者实施了垄断行为。\n三、《反垄断法》禁止的垄断协议适用于线上平台\n《指南》指出，互联网平台经济领域垄断协议主要指平台经营者、平台内经营者排除、限制竞争的协议、决定或者其他协同行为。\n其中，包含横向垄断协议和纵向垄断协议。即具有竞争关系的平台经济领域经营者可能达成固定价格、分割市场、限制产量、限制新技术、联合抵制交易等横向垄断协议；及互联网平台经济领域经营者与交易相对人可能达成固定转售价格、限定最低转售价格等纵向垄断协议。\n同时，《指南》规定认定互联网平台经济领域协同行为，可通过直接证据判定是否存在协同行为的事实。但如果直接证据较难获取，那么可根据逻辑一致的间接证据，认定经营者对相关信息的知悉情况，判定经营者之间是否存在协同行为。\n举例来说，如果几大电商平台之间互相商量好达成协议，对平台上某种商品价格达成一致，使得市场中新成立的电商平台无法以更有吸引力的价格销售同款商品，那这就构成了横向垄断协议；\n若市场上具备一定实力的某电商平台和自己供应链商家达成协议，使得特定商品以约定价格供货。导致其他电商平台无法进货或者要以更高成本进货，则构成纵向垄断协议。\n上述几条主要针对互联网平台中的经营者，也就是商家。而对于消费者关注的问题，《指南》也做出了明确规定。\n四、强制商家“二选一”是滥用市场支配地位\n《指南》中有关“滥用市场支配地位”一节汇总，对互联网平台“二选一”的行为做出明确限定。《指南指出》，具有市场支配地位的平台经济领域经营者，可能滥用市场支配地位，无正当理由对交易相对人进行限制交易，排除、限制市场竞争。\n该行为包括要求交易相对人在竞争性平台间进行“二选一”或者其他具有相同效果行为；要求交易相对人与其进行独家交易；限定交易相对人只能与指定经营者交易或者不得与特定经营者交易等。\n《指南》还强调，这类限制交易行为可通过电话、口头等方式实现，还可通过平台规则、数据算法以及技术等方面设置限制。\n五、“大数据杀熟”滥用市场支配地位\n\n“杀熟”是很多消费者针对互联网平台投诉理由之一。\n这次《指南》发布也将其认定为滥用市场支配地位。具有市场支配地位的互联网平台经济领域经营者可能滥用市场支配地位，无正当理由对交易条件相同的交易相对人实施差别待遇，排除、限制市场竞争。\n该行为包括基于大数据和算法，对交易相对人的支付能力、消费偏好、使用习惯等，实行差异性交易价格或其他交易条件；以及基于大数据和算法，对新老交易相对人实行差异性交易价格或者其他交易条件等。\n《指南》正式实施后，相信会对线上经济进行有效合规监管，商户“二选一”、消费者被“杀熟”等问题有望得到有效解决。\n六、是否只针对电商平台反垄断？其他平台呢\n上述这些条款，可能多数人第一反应认为《指南》是针对互联网电商的反垄断条款。实际上，《指南》中这些要求同样适用于非电商平台。\n上海正策律师事务所律师董毅智认为，《指南》中的“互联网平台”肯定不只是电商，应该是所有的平台都可能涉及。互联网巨头的业务是相互交叉的，所以说游戏社交这方面都可能涉及。不能单独从一个局部的业务角度去看问题，而且要从一个很高的维度看，尤其是从监管的角度来看这个垄断的。\n此外，《指南》中也明确指出在平台经济领域，根据经营者商业模式不同，经营方式也不尽相同。比如有仅提供信息匹配、收取佣金的平台经营者；还有涉及协议控制架构的经营者等，均属于《指南》管辖范围。\n除了将“二选一”、“杀熟”等列为滥用市场支配地位概念外，《指南》还将“拒绝交易”认定为垄断行为之一。具体而言，具有市场支配地位的互联网平台经济领域经营者，可能滥用其市场支配地位，无正当理由拒绝与交易相对人进行交易，排除、限制市场竞争。\n在“拒绝交易”条目里，分析是否构成拒绝交易，可以考虑以下因素：停止、拖延、中断与交易相对人的现有交易；\n在平台规则、算法、技术、流量分配等方面设置限制和障碍，使交易相对人难以开展交易。\n限制交易可能通过平台规则、数据、算法、技术等方面的实际设置限制或者障碍的方式实现。\n这些在社交平台里也是可以发生的。比如某些社交平台会对一些交易口令、链接等进行屏蔽。\n七、各方观点\n《指南》征求意见稿公布后，各大媒体以及相关专家也对此进行了深入分析。\n周小川：科技巨头掌控大量数据和市场份额，形成垄断抑制公平竞争\n11月11日，博鳌亚洲论坛副理事长、中国人民银行原行长周小川表示，当前，科技创新在催生巨大动能的同时，也给社会治理和全球治理带来巨大挑战。首先，发展中国家数字基础设施投入不足，全球数字鸿沟进一步拉大，减贫和发展仍然任重道远。\n其次，人工智能颠覆传统产业，基因编辑技术进入实际应用，引发结构性失业和社会伦理等问题。第三，互联网科技巨头掌控大量数据和市场份额，形成垄断抑制公平竞争。此外，防范网络攻击和保护个人数据隐私也成为全球关注重点。\n黄晋：平台经济反垄断指南的亮点是科学监管、面向行业未来\n中国社会科学国际法研究所国际经济法研究室副主任、竞争法研究中心副主任兼秘书长黄晋表示，《指南》是针对平台领域反垄断的问题。\n目前，平台经营者已经成长为超级平台经营者，发展至今，这些“超级平台”经营者中，存在一些不正当竞争、滥用相对优势甚至垄断的情况发生。因此，平台领域经济更需要监管。《指南》根据平台经济发展情况、发展规律和自身特点强化竞争分析和法律论证，意味着执法过程中会更重视平台经济特性。\n在直播电商领域，由于市场相抵较小，有部分企业已经有一定市场规模，具备一定优势和支配地位。因此要有合法合规的要求，需要反垄断法，《指南》也做到了这一点。\n针对“二选一”、“大数据杀熟”等行为，黄晋认为，反垄断法目前调整更多的是涉及企业和企业之间的关系。《指南》有助于进一步明确企业和企业之间存在的排他性交易行为，独家销售合同等。《指南》界定了相关市场，对于企业和平台进行界定。根据其市场支配情况，是否有滥用行为，是根据法律上逻辑分析得出的。\n此外，黄晋认为，《指南》最大的意义在于为未来解决行业中的一些问题奠定了基础。\n媒体：平台经济领域反垄断 让用户更有收获感\n东方网今日就《指南》发布发表评论文章称，中国互联网消费在经过野蛮生长期后，已经快进入成熟期。此时平台经济的双边市场、多边市场与以生态为载体的特性决定平台经济要行稳致远，需要合规创新。通过政府、企业、消费者以及第三方等共同参与，形成共同监管新体系。\n中国政法大学民法学院讲师：平台经济领域加强反垄断趋势不可逆转\n中国政法大学民法学院讲师谢远扬在一篇发给媒体的解读文章中称，《指南》在内容上针对互联网市场环境，以及受社会广泛关注的问题做出回应。\n《指南》对“二选一”、“大数据杀熟”均作出专门规定，此外，还将算法共谋和轴辐协议等都视为垄断协议。并且《指南》对市场界定以及经营者集中认定标准弱化。\n谢远扬认为，目前在平台经济领域加强反垄断这一趋势已不可逆转。\n管清友：平台经济类公司确实要纳入监管\n\n经济学家管清友认为，互联网公司对公众数据的随意和无偿使用是个新现象，也是个问题。这种情况肯定要改变，平台经济类公司确实要纳入监管。\n叶檀：重拳出击，对阿里等非常痛苦\n\n财经评论家叶檀则表示，监管总局此次发布的《指南》是一次性重拳出击，对阿里等企业“非常痛苦”。","news_type":1,"symbols_score_info":{"00700":0.9,"BABA":0.9,"JD":0.9,"03690":0.9}},"isVote":1,"tweetType":1,"viewCount":1217,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":304931153,"gmtCreate":1605106827872,"gmtModify":1704959122970,"author":{"id":"3567118012147142","authorId":"3567118012147142","name":"年轻的太太","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567118012147142","authorIdStr":"3567118012147142"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/304931153","repostId":"1172372185","repostType":4,"isVote":1,"tweetType":1,"viewCount":2129,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":304933648,"gmtCreate":1605106754684,"gmtModify":1704959122323,"author":{"id":"3567118012147142","authorId":"3567118012147142","name":"年轻的太太","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567118012147142","authorIdStr":"3567118012147142"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/304933648","repostId":"1199283278","repostType":4,"repost":{"id":"1199283278","kind":"news","pubTimestamp":1605106273,"share":"https://ttm.financial/m/news/1199283278?lang=en_US&edition=fundamental","pubTime":"2020-11-11 22:51","market":"hk","language":"zh","title":"After the election, the vaccine progress is released. This detail tells you who is overthinking?","url":"https://stock-news.laohu8.com/highlight/detail?id=1199283278","media":"冰川思享号","summary":"特朗普最想要的是疫苗或药物在大选前取得突破性进展，但辉瑞公司、BioNTech公司和FDA首要考虑的是科学证据的力度。美国制药巨头辉瑞公司和德国BioNTech公司11月9日公布了一则令世界振奋的消息","content":"<p><b>What Trump wants above all is a vaccine or drug to make a breakthrough before the election, but the strength of the scientific evidence is the foremost concern for Pfizer, BioNTech and the FDA.</b>The American pharmaceutical giant Pfizer and the German BioNTech announced a piece of exciting news on November 9.<b>The Novel Coronavirus vaccine (BNT162b2) jointly developed by the two companies has an effective rate of up to 90%.</b></p><p>Following Pfizer, Eli Lilly, another drug company in the United States, also announced a breakthrough in its vaccine.</p><p><img src=\"https://static.tigerbbs.com/e693027f439f444949b5d2c7248f7e98\" tg-width=\"640\" tg-height=\"430\"></p><p>▲ Pfizer's vaccine (picture/network)</p><p>There is a breakthrough in the vaccine, because it should be celebrated by the whole world. However, there are media reports that some people are unhappy, that is, the current US President Trump.</p><p>He felt that the timing of the two companies' announcement of vaccine breakthroughs was just after some results in the presidential election, that is, some American media have announced Biden's victory based on the analysis of the current situation. This is undoubtedly the cooperation of pharmaceutical companies with the US Food and Drug Administration (FDA), which is a big gift to Biden's \"election\", disgusting Trump, and even hindering the latter's * campaign.</p><p><b>01. There are not so many conspiracies in vaccine research and development</b></p><p>Of course, there are certain facts in this kind of analysis, but there are also expanded parts, for fear that watching the excitement is not big, or some seasonings have to be added.</p><p>The fact is that Trump really has some ideas. After learning the news, he tweeted, \"The stock market is soaring and the vaccine will be available. It is reported that it is 90% effective. Good news!\" Obviously, this is a normal reaction. However, Trump later tweeted, \"They don't want me to get the vaccine!\"</p><p><img src=\"https://static.tigerbbs.com/24a21eb10c47ff8e1a7022817fea4152\" tg-width=\"820\" tg-height=\"615\"></p><p>▲ Trump (Photo/The White House)</p><p>This they meant the FDA, Trump said, \"The FDA and the Democrats didn't want me to get the vaccine before the election, so instead, it came out 5 days after the election-as I always said!\"</p><p>This statement not only takes Trump for granted, but also reflects its real and real emotions. This can be left to be discussed later. However, the research and development of drugs should not only follow the general law of the development of things, but also the scientific law of drug research and development, and follow a large number of principles. There are not so many conspiracy theories in it. Otherwise, the research and development of vaccines is not scientific research, but fun.</p><p><b>In addition to blind selection and in vitro testing in the early stage of drug development, even the selected target drugs or vaccines need to undergo animal tests before human clinical trials can be carried out.</b>Moreover, clinical trials still need to go through Phase 1-3 and Phase 4 human trials after the drug is launched.</p><p>In addition, the Phase 3 human trial is also evaluated in stages and batches. Therefore, to make a long story short, it can be analyzed according to the trial plan and time point of Pfizer's Phase 3 clinical trial of BNT162b2, which is based on the principles and laws of drug development.</p><p><img src=\"https://static.tigerbbs.com/4479eccf5f2ebd77eb1d836621231426\" tg-width=\"1080\" tg-height=\"721\"></p><p>Figure/Figure Worm Creativity</p><p>From the time point of view, after obtaining the effective and safe results of the phase 2 clinical trial, the vaccine started the phase 3 clinical trial on July 27, 2020. Six countries recruited 43,500 volunteers for the trial, based on the classic principle of clinical trials-randomized double-blind controlled study, that is, the volunteers participating in the trial did not know whether they were vaccinated with COVID-19 vaccine or placebo, and the doctors and nurses who vaccinated the volunteers did not know, only the \"Data and Safety Monitoring Committee\" of the clinical study did.</p><p>Moreover, this phase 3 clinical trial has several results analysis time points. The first interim analysis time point was conducted when 32 infected people appeared; The second interim analysis time point was performed when 62 infected people appeared; The third interim analysis time point was conducted when 92 infected people appeared; The fourth interim analysis time point was performed when 120 infected persons were present, and the final analysis time point was performed when 164 infected persons were present.</p><p><b>02. Whether the vaccine is effective or not requires more scientific basis</b></p><p>In fact, both Trump and the public have misunderstood Pfizer and BioNTech, mainly because there is a coincidence in the timing of the release of clinical trial results, which was released after the election.</p><p><b>However, according to the progress and law of the research, Pfizer's choice to release the results of the third interim analysis of the phase 3 clinical study on November 9 is more convincing, in other words, the evidence is stronger.</b></p><p>Previously, on October 27, Pfizer announced its financial report. Pfizer CEO albert burla said that he was still \"cautiously optimistic\" about COVID-19 vaccine. However, the release of data from Pfizer's large-scale late-stage clinical trials in COVID-19 vaccine may be postponed from the end of October estimated two weeks ago to November. He called on the industry to be patient enough with COVID-19 vaccine's \"last mile\".</p><p><img src=\"https://static.tigerbbs.com/51d9800b85bd50141fa64e2dae4672c4\" tg-width=\"1080\" tg-height=\"719\"></p><p>Figure/Figure Worm Creativity</p><p>It was this announcement that left Trump and others with a speculation that Pfizer might want to delay the pace of vaccine development. Later, regarding the release of the vaccine results, Pfizer also stated that it originally planned to do an interim analysis when infecting 32 cases (the experimental group plus the placebo group). After discussing with the FDA, it was decided to change it to 62 cases. As a result, this change was just decided. It was found that there were already 94 cases of infection, so it was analyzed and exciting results were obtained.</p><p><b>This explanation can be a matter of opinion, but people with a little professional background will realize that this is mainly due to certain results in phase 3 clinical trials.</b></p><p>The original plan was to conduct the first interim analysis when there were 32 infected people, the second interim analysis when there were 62 infected people, and the third interim analysis when there were 92 infected people.</p><p>Of course, if the first interim analysis is conducted, the time may be earlier, at least before the general election on November 3rd. However, there are too few such clinical cases and it is not convincing. Therefore, Pfizer discussed with the FDA and decided to do the second interim analysis when there are 62 infected people, and coincidentally, when this decision was made, there were already 94 infected people. Not only the second interim analysis, but also the third interim analysis can be done. This result is obviously more convincing than the first interim analysis with only 32 infected people.</p><p>Moreover, even the results of the third interim analysis released now show that the effective rate of the vaccine is as high as 90%, which is only a preliminary result. Whether the vaccine is safe and effective requires the follow-up fourth interim analysis (when 120 infected people appear) and final analysis (when 164 infected people appear) results.</p><p>Even if the final analysis results show that it is safe and effective, there are still a lot of factors to be confirmed. For example, whether it has the same effect on the elderly and children, how long the protection period of the vaccine is, and how safe it is, it is still not completely certain.</p><p>As far as the protective effect of this vaccine is concerned, it needs to be vaccinated twice with an interval of 21 days, which is to obtain a 90% protection rate 7 days after the second dose of vaccine. Obviously, before the second dose of vaccine is received, the immune protection is insufficient, and there will be a certain risk of infection.</p><p>Moreover, BNT162b2 has not been approved by the FDA, and it is unknown when it will be launched. The most optimistic estimate is that it will not be launched until early next year. It remains to be seen how effective people will be vaccinated after listing. Therefore, even though Pfizer announced that the vaccine is 90% effective, in essence, there are still big and many variables in the vaccine.</p><p><b>03. Pharmaceutical companies tend to announce the success of vaccine development in advance</b></p><p>Anyone who understands and judges everything has different results, so-called opinions. Some of these differences are caused by incomplete information, some by lack of professional knowledge, and of course, some are thinking determined by position.</p><p><b>Judging from the previous two factors, pharmaceutical companies have their own considerations and calculations. When to release research results is mainly determined by economic interests. Of course, the premise is that there is a scientific basis, at least certain scientific research results or conclusions.</b>It is conceivable that both researchers and pharmaceutical companies will make the research results public as soon as possible.</p><p>On the one hand, I hope to gain the understanding and recognition of the public and society; on the other hand, I can also get the support of the government, especially the financial support. For pharmaceutical companies, announcing the research results in advance and announcing the success of vaccine research and development in advance will also make it more conducive to financing in the stock market.</p><p>After Pfizer announced on November 9 that its vaccine was 90% effective, not only the stock prices of Pfizer and BioNTech rose, but also the global stock markets rose sharply. On the same day, Pfizer's largest increase in early trading reached 15.96%, then fell back, and then remained at 6.54%; BioNTech's largest gain was 25% in early trading, and then remained at 10.45%. Global stock markets, the Dow, Nasdaq and S&P 500 all hit record highs, and European stock markets also rose sharply.</p><p><img src=\"https://static.tigerbbs.com/6ad5fe1e05e801a180d900e563fc5810\" tg-width=\"874\" tg-height=\"651\"></p><p>▲ Pfizer's stock price once rose sharply after the vaccine report was released (Figure/Network)</p><p>This situation is of course what pharmaceutical companies, investors and the whole society are most willing to see and need most. If Pfizer also chooses to release even the first interim analysis results of the Phase 3 clinical trial before October or November 3, the stock market may also rise, but it is difficult to confirm whether there will be a surge.</p><p>However, if only the results of the first interim analysis are released, and the results of the analysis of only 32 infected people are analyzed, not only the professional community will question the validity of this scientific evidence, but also those with a little knowledge of the inside story will doubt this research result. Therefore, from the perspective of striving for solid and reliable scientific evidence and cherishing feathers, Pfizer may have led to discussions with the FDA, preferring to spend more time and release the results when there are more clinical data and more reliable scientific conclusions.</p><p><b>04. If the vaccine is effective, Trump is still meritorious</b></p><p>However, in the eyes of people with no professional background or less professional knowledge, especially Trump, Pfizer's choice to release the results of the third mid-term analysis on November 9th may be delaying his * victory. Of course, this is understandable. If the results are announced before November 3rd, it will definitely help Trump's election.</p><p>Moreover, the Trump administration is also helping and urging this research.</p><p>On August 6th, Trump said in an interview with the media that the United States may have a safe and effective COVID-19 vaccine ready before the election. In September, Trump claimed on several occasions that \"we will have a vaccine in a few weeks, maybe 4 weeks, maybe 8 weeks\" and \"we will start distributing the vaccine immediately after it is released, maybe in October or November\".</p><p><img src=\"https://static.tigerbbs.com/d257f6e389ea7b732095542d2b329397\" tg-width=\"820\" tg-height=\"615\"></p><p>▲ Trump (Photo/The White House)</p><p>Judging from Trump's speech and cognition, he has reason to believe that releasing good news that the vaccine is successful or effective before the November 3rd general election will help his election. However, this help may also be small, because Americans value the economy, law and order, and the epidemic only ranks third.</p><p><b>Trump doesn't understand the laws of vaccine and drug research, which also makes his complaints unfounded.</b>Looking at it from another perspective, Pfizer announced major good news about the vaccine on November 9. If it is to be rewarded for merit, it must first be attributed to scientific researchers and pharmaceutical companies, and secondly to the Trump administration.</p><p>Because the Trump team is now in power in the United States. They are helping and urging R&D institutions and pharmaceutical companies to speed up in terms of policies, funds and all aspects. Biden can neither speak nor get involved. Of course, the credit lies with the Trump administration.</p><p>However, what Trump wants most is vaccines or drugs to make breakthroughs before the election, but the first consideration of Pfizer, BioNTech and the FDA is the strength of scientific evidence.</p><p>The main factors and directions considered by the two are different, which leads to Trump's complaints and the social superficial interpretation that Pfizer supports Biden and hinders Trump's * election.</p>","source":"lsy1587464101293","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>After the election, the vaccine progress is released. This detail tells you who is overthinking?</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\">\nAfter the election, the vaccine progress is released. This detail tells you who is overthinking?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">冰川思享号</strong><span class=\"h-time small\">2020-11-11 22:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>What Trump wants above all is a vaccine or drug to make a breakthrough before the election, but the strength of the scientific evidence is the foremost concern for Pfizer, BioNTech and the FDA.</b>The American pharmaceutical giant Pfizer and the German BioNTech announced a piece of exciting news on November 9.<b>The Novel Coronavirus vaccine (BNT162b2) jointly developed by the two companies has an effective rate of up to 90%.</b></p><p>Following Pfizer, Eli Lilly, another drug company in the United States, also announced a breakthrough in its vaccine.</p><p><img src=\"https://static.tigerbbs.com/e693027f439f444949b5d2c7248f7e98\" tg-width=\"640\" tg-height=\"430\"></p><p>▲ Pfizer's vaccine (picture/network)</p><p>There is a breakthrough in the vaccine, because it should be celebrated by the whole world. However, there are media reports that some people are unhappy, that is, the current US President Trump.</p><p>He felt that the timing of the two companies' announcement of vaccine breakthroughs was just after some results in the presidential election, that is, some American media have announced Biden's victory based on the analysis of the current situation. This is undoubtedly the cooperation of pharmaceutical companies with the US Food and Drug Administration (FDA), which is a big gift to Biden's \"election\", disgusting Trump, and even hindering the latter's * campaign.</p><p><b>01. There are not so many conspiracies in vaccine research and development</b></p><p>Of course, there are certain facts in this kind of analysis, but there are also expanded parts, for fear that watching the excitement is not big, or some seasonings have to be added.</p><p>The fact is that Trump really has some ideas. After learning the news, he tweeted, \"The stock market is soaring and the vaccine will be available. It is reported that it is 90% effective. Good news!\" Obviously, this is a normal reaction. However, Trump later tweeted, \"They don't want me to get the vaccine!\"</p><p><img src=\"https://static.tigerbbs.com/24a21eb10c47ff8e1a7022817fea4152\" tg-width=\"820\" tg-height=\"615\"></p><p>▲ Trump (Photo/The White House)</p><p>This they meant the FDA, Trump said, \"The FDA and the Democrats didn't want me to get the vaccine before the election, so instead, it came out 5 days after the election-as I always said!\"</p><p>This statement not only takes Trump for granted, but also reflects its real and real emotions. This can be left to be discussed later. However, the research and development of drugs should not only follow the general law of the development of things, but also the scientific law of drug research and development, and follow a large number of principles. There are not so many conspiracy theories in it. Otherwise, the research and development of vaccines is not scientific research, but fun.</p><p><b>In addition to blind selection and in vitro testing in the early stage of drug development, even the selected target drugs or vaccines need to undergo animal tests before human clinical trials can be carried out.</b>Moreover, clinical trials still need to go through Phase 1-3 and Phase 4 human trials after the drug is launched.</p><p>In addition, the Phase 3 human trial is also evaluated in stages and batches. Therefore, to make a long story short, it can be analyzed according to the trial plan and time point of Pfizer's Phase 3 clinical trial of BNT162b2, which is based on the principles and laws of drug development.</p><p><img src=\"https://static.tigerbbs.com/4479eccf5f2ebd77eb1d836621231426\" tg-width=\"1080\" tg-height=\"721\"></p><p>Figure/Figure Worm Creativity</p><p>From the time point of view, after obtaining the effective and safe results of the phase 2 clinical trial, the vaccine started the phase 3 clinical trial on July 27, 2020. Six countries recruited 43,500 volunteers for the trial, based on the classic principle of clinical trials-randomized double-blind controlled study, that is, the volunteers participating in the trial did not know whether they were vaccinated with COVID-19 vaccine or placebo, and the doctors and nurses who vaccinated the volunteers did not know, only the \"Data and Safety Monitoring Committee\" of the clinical study did.</p><p>Moreover, this phase 3 clinical trial has several results analysis time points. The first interim analysis time point was conducted when 32 infected people appeared; The second interim analysis time point was performed when 62 infected people appeared; The third interim analysis time point was conducted when 92 infected people appeared; The fourth interim analysis time point was performed when 120 infected persons were present, and the final analysis time point was performed when 164 infected persons were present.</p><p><b>02. Whether the vaccine is effective or not requires more scientific basis</b></p><p>In fact, both Trump and the public have misunderstood Pfizer and BioNTech, mainly because there is a coincidence in the timing of the release of clinical trial results, which was released after the election.</p><p><b>However, according to the progress and law of the research, Pfizer's choice to release the results of the third interim analysis of the phase 3 clinical study on November 9 is more convincing, in other words, the evidence is stronger.</b></p><p>Previously, on October 27, Pfizer announced its financial report. Pfizer CEO albert burla said that he was still \"cautiously optimistic\" about COVID-19 vaccine. However, the release of data from Pfizer's large-scale late-stage clinical trials in COVID-19 vaccine may be postponed from the end of October estimated two weeks ago to November. He called on the industry to be patient enough with COVID-19 vaccine's \"last mile\".</p><p><img src=\"https://static.tigerbbs.com/51d9800b85bd50141fa64e2dae4672c4\" tg-width=\"1080\" tg-height=\"719\"></p><p>Figure/Figure Worm Creativity</p><p>It was this announcement that left Trump and others with a speculation that Pfizer might want to delay the pace of vaccine development. Later, regarding the release of the vaccine results, Pfizer also stated that it originally planned to do an interim analysis when infecting 32 cases (the experimental group plus the placebo group). After discussing with the FDA, it was decided to change it to 62 cases. As a result, this change was just decided. It was found that there were already 94 cases of infection, so it was analyzed and exciting results were obtained.</p><p><b>This explanation can be a matter of opinion, but people with a little professional background will realize that this is mainly due to certain results in phase 3 clinical trials.</b></p><p>The original plan was to conduct the first interim analysis when there were 32 infected people, the second interim analysis when there were 62 infected people, and the third interim analysis when there were 92 infected people.</p><p>Of course, if the first interim analysis is conducted, the time may be earlier, at least before the general election on November 3rd. However, there are too few such clinical cases and it is not convincing. Therefore, Pfizer discussed with the FDA and decided to do the second interim analysis when there are 62 infected people, and coincidentally, when this decision was made, there were already 94 infected people. Not only the second interim analysis, but also the third interim analysis can be done. This result is obviously more convincing than the first interim analysis with only 32 infected people.</p><p>Moreover, even the results of the third interim analysis released now show that the effective rate of the vaccine is as high as 90%, which is only a preliminary result. Whether the vaccine is safe and effective requires the follow-up fourth interim analysis (when 120 infected people appear) and final analysis (when 164 infected people appear) results.</p><p>Even if the final analysis results show that it is safe and effective, there are still a lot of factors to be confirmed. For example, whether it has the same effect on the elderly and children, how long the protection period of the vaccine is, and how safe it is, it is still not completely certain.</p><p>As far as the protective effect of this vaccine is concerned, it needs to be vaccinated twice with an interval of 21 days, which is to obtain a 90% protection rate 7 days after the second dose of vaccine. Obviously, before the second dose of vaccine is received, the immune protection is insufficient, and there will be a certain risk of infection.</p><p>Moreover, BNT162b2 has not been approved by the FDA, and it is unknown when it will be launched. The most optimistic estimate is that it will not be launched until early next year. It remains to be seen how effective people will be vaccinated after listing. Therefore, even though Pfizer announced that the vaccine is 90% effective, in essence, there are still big and many variables in the vaccine.</p><p><b>03. Pharmaceutical companies tend to announce the success of vaccine development in advance</b></p><p>Anyone who understands and judges everything has different results, so-called opinions. Some of these differences are caused by incomplete information, some by lack of professional knowledge, and of course, some are thinking determined by position.</p><p><b>Judging from the previous two factors, pharmaceutical companies have their own considerations and calculations. When to release research results is mainly determined by economic interests. Of course, the premise is that there is a scientific basis, at least certain scientific research results or conclusions.</b>It is conceivable that both researchers and pharmaceutical companies will make the research results public as soon as possible.</p><p>On the one hand, I hope to gain the understanding and recognition of the public and society; on the other hand, I can also get the support of the government, especially the financial support. For pharmaceutical companies, announcing the research results in advance and announcing the success of vaccine research and development in advance will also make it more conducive to financing in the stock market.</p><p>After Pfizer announced on November 9 that its vaccine was 90% effective, not only the stock prices of Pfizer and BioNTech rose, but also the global stock markets rose sharply. On the same day, Pfizer's largest increase in early trading reached 15.96%, then fell back, and then remained at 6.54%; BioNTech's largest gain was 25% in early trading, and then remained at 10.45%. Global stock markets, the Dow, Nasdaq and S&P 500 all hit record highs, and European stock markets also rose sharply.</p><p><img src=\"https://static.tigerbbs.com/6ad5fe1e05e801a180d900e563fc5810\" tg-width=\"874\" tg-height=\"651\"></p><p>▲ Pfizer's stock price once rose sharply after the vaccine report was released (Figure/Network)</p><p>This situation is of course what pharmaceutical companies, investors and the whole society are most willing to see and need most. If Pfizer also chooses to release even the first interim analysis results of the Phase 3 clinical trial before October or November 3, the stock market may also rise, but it is difficult to confirm whether there will be a surge.</p><p>However, if only the results of the first interim analysis are released, and the results of the analysis of only 32 infected people are analyzed, not only the professional community will question the validity of this scientific evidence, but also those with a little knowledge of the inside story will doubt this research result. Therefore, from the perspective of striving for solid and reliable scientific evidence and cherishing feathers, Pfizer may have led to discussions with the FDA, preferring to spend more time and release the results when there are more clinical data and more reliable scientific conclusions.</p><p><b>04. If the vaccine is effective, Trump is still meritorious</b></p><p>However, in the eyes of people with no professional background or less professional knowledge, especially Trump, Pfizer's choice to release the results of the third mid-term analysis on November 9th may be delaying his * victory. Of course, this is understandable. If the results are announced before November 3rd, it will definitely help Trump's election.</p><p>Moreover, the Trump administration is also helping and urging this research.</p><p>On August 6th, Trump said in an interview with the media that the United States may have a safe and effective COVID-19 vaccine ready before the election. In September, Trump claimed on several occasions that \"we will have a vaccine in a few weeks, maybe 4 weeks, maybe 8 weeks\" and \"we will start distributing the vaccine immediately after it is released, maybe in October or November\".</p><p><img src=\"https://static.tigerbbs.com/d257f6e389ea7b732095542d2b329397\" tg-width=\"820\" tg-height=\"615\"></p><p>▲ Trump (Photo/The White House)</p><p>Judging from Trump's speech and cognition, he has reason to believe that releasing good news that the vaccine is successful or effective before the November 3rd general election will help his election. However, this help may also be small, because Americans value the economy, law and order, and the epidemic only ranks third.</p><p><b>Trump doesn't understand the laws of vaccine and drug research, which also makes his complaints unfounded.</b>Looking at it from another perspective, Pfizer announced major good news about the vaccine on November 9. If it is to be rewarded for merit, it must first be attributed to scientific researchers and pharmaceutical companies, and secondly to the Trump administration.</p><p>Because the Trump team is now in power in the United States. They are helping and urging R&D institutions and pharmaceutical companies to speed up in terms of policies, funds and all aspects. Biden can neither speak nor get involved. Of course, the credit lies with the Trump administration.</p><p>However, what Trump wants most is vaccines or drugs to make breakthroughs before the election, but the first consideration of Pfizer, BioNTech and the FDA is the strength of scientific evidence.</p><p>The main factors and directions considered by the two are different, which leads to Trump's complaints and the social superficial interpretation that Pfizer supports Biden and hinders Trump's * election.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/ThNK-poUPLeGs1-N8LohdQ\">冰川思享号</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e693027f439f444949b5d2c7248f7e98","relate_stocks":{"PFE":"辉瑞"},"source_url":"https://mp.weixin.qq.com/s/ThNK-poUPLeGs1-N8LohdQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199283278","content_text":"特朗普最想要的是疫苗或药物在大选前取得突破性进展，但辉瑞公司、BioNTech公司和FDA首要考虑的是科学证据的力度。美国制药巨头辉瑞公司和德国BioNTech公司11月9日公布了一则令世界振奋的消息，两家公司合作研制的新冠病毒疫苗（BNT162b2）有效率高达90%。紧随辉瑞公司之后，美国另一药物公司礼来也宣布其研发的疫苗获得突破。▲辉瑞公司的疫苗（图/网络）疫苗有突破，因当是普天同庆。但是，有媒体报道，偏偏有人不高兴，那就是美国现任总统特朗普。他觉得这两家公司宣布疫苗获得突破的时机恰好是在总统大选有了一些结果之后，即目前一些美国媒体根据现有情况分析宣布拜登胜选，这无疑是药企在配合美国食品药品监督管理局（FDA），是给拜登“当选”送大礼，恶心特朗普，甚至妨碍后者的连任竞选。01、疫苗的研发没有那么多的阴谋这种分析当然有一定的事实，但也有扩大部分，唯恐看热闹事情不大，或者非要添加一些调料。事实基础是，特朗普果真是有一些想法。得知消息后，他发推称，“股市大涨，疫苗将上市。报告90%有效。好消息！”显然，这是正常反应。但是，后来特朗普又发推称，“他们不想让我获得疫苗！”▲特朗普（图/The White House）这个他们指的是FDA，特朗普说，“FDA和民主党人不想在选举前让我获得疫苗，所以相反，大选5天后就出来了——正如我一直说的那样！”这个说法既有特朗普的想当然，也有其真实和实在的情绪反映。这个可以留待下文谈。不过，药物的研发既要遵循事物发展的一般规律，更要遵守药物研发的科学规律，而且要依循大量的原则，这里面并没有那么多的阴谋论，否则，疫苗的研发就不是科研，而是玩闹。药物研发除了前期盲选、体外试验外，即便是已经选定的目标药物或疫苗，都需要经过动物试验之后，才能进行人体临床试验。而且，临床试验还需要经过1-3期，以及药物上市后的4期人体试验。此外，第3期人体试验也是分期分批进行评估的。因此，长话短说，可以根据辉瑞对BNT162b2的3期临床试验的试验计划和时间点来分析，这是基于药物研发的原则和规律。图/图虫创意从时间点上看，该疫苗是在获得了2期临床试验的有效和安全结果后，于2020年7月27日启动3期临床试验，在美国、巴西、德国、阿根廷、南非和土耳其等6个国家招募了43500名志愿者进行试验，根据的是临床试验的经典原则——随机双盲对照研究，即参加试验的志愿者不知道自己接种的是新冠疫苗，还是安慰剂，而且为志愿者接种疫苗的医生、护士也不知道，只有临床研究的“数据和安全监控委员会”才知道。而且，这一3期临床试验有几个结果分析时间点，第一中期分析时间点，在出现32个感染者时进行；第二中期分析时间点，在出现62个感染者时进行；第三中期分析时间点，在出现92个感染者时进行；第四中期分析时间点，在出现120个感染者时进行，以及最终分析时间点，在出现164个感染者时进行。02、疫苗有效与否，需要更多的科学依据其实，无论是特朗普还是公众都对辉瑞和BioNTech有误解，主要是因为发布临床试验结果选择的时间点有巧合，是在大选结束后发布的。但是，根据研究的进展和规律来看，辉瑞选择在11月9日发布3期临床研究的第三中期分析结果更有说服力，换句话说，证据力更强。此前的10月27日辉瑞公司公布财报，辉瑞公司的首席执行官阿尔伯特·布尔拉表示，他对新冠疫苗仍然“谨慎乐观”，但是，辉瑞新冠疫苗大规模后期临床试验数据的发布可能由两周前预估的10月底延至11月。他呼吁业内对新冠疫苗“最后一公里”给予足够的耐心。图/图虫创意正是这个声明给特朗普和其他人留下了一种辉瑞可能想要延迟疫苗研发速度的猜想。之后，对于此次的疫苗结果发布，辉瑞公司也表示，本来打算感染32例（试验组加安慰剂组）的时候做中期分析，和FDA讨论后，决定改成62例，结果这个改动刚刚决定，就发现感染已经有94例，于是就做了分析，得出了令人振奋的结果。这个解释可以见仁见智，但是，对于稍有专业背景的人都会意识到，这主要是由于3期临床试验出现了一定结果才获得的。原计划是，出现32个感染者时进行第一中期分析，62个感染者时进行第二中期分析，出现92个感染者时进行第三中期分析。当然，如果进行第一中期分析，时间可能会较早，至少是在11月3日大选之前，但是，这样的临床病例太少，说服力不强，因此辉瑞与FDA商讨，决定在有62例感染者时做第二中期分析，而且也赶巧，做出这个决定时，已经有94例感染者，不只是可以做第二中期分析，也可以做第三中期分析，这样的结果显然比只有32例感染者做的第一中期分析更有说服力。而且，即便是现在发布的第三中期分析结果，显示疫苗的有效率高达90%，也只是一个初步结果，疫苗是否安全和有效，需要后续的第四中期分析（出现120位感染者时）和最终分析（出现164个感染者时）结果。即便最终分析结果显示安全和有效，还有大量的因素需要确认，例如，对老人和孩子是否有同样的效果，疫苗的保护期有多长，安全程度多高等，都还不能完全确定。就这款疫苗的保护作用而言，需要接种两次，中间间隔21天，是在第二剂疫苗接种后7天获得90%的保护率。显然，在接种完第二剂疫苗之前，免疫保护并不充分，还会有一定的感染风险。而且，现在BNT162b2并未获得FDA的批准，何时上市也是一个未知数，最乐观的估计，也要明年初才能上市。上市之后人们接种的效果如何，也有待观察。因此，即便辉瑞公司宣布了疫苗有90%的有效率，但从本质上看，该疫苗还存在很大和很多的变数。03、药企倾向提前宣布疫苗研发成功任何人理解和判断任何事物都有不同的结果，所谓见仁见智。这种差异，有些是掌握信息不全面造成的，有的是专业知识不具备所引发的，当然，还有一些是立场决定思维。从前面两种因素来看，药企有自己的考量和算盘，什么时候发布研究结果，主要是从经济利益来决定的，当然，前提是有科学依据，至少是有一定的科学研究的结果或结论。可以想象，无论是科研人员还是药企，都会尽早把研究结果公之于众。一方面，希望获得公众、社会的理解和认可，另一方面也能获得政府的支持，尤其是资金的资助。对于药企来说，提早公布研究结果，提前宣布疫苗研发成功，还会让其更有利于在股市融资。在11月9日辉瑞公司宣布其疫苗有90%的有效率之后，不仅辉瑞和BioNTech股价纷纷上涨，全球股市也大涨。当天，辉瑞早盘最大涨幅达到15.96%，随后有所回落，后保持在6.54%；BioNTech早盘最大涨幅25%，后保持在10.45%。全球股市，道指、纳指和标普500均创下历史新高，欧洲股市也纷纷大涨。▲在疫苗报告公布后辉瑞股价曾一度大涨（图/网络）这种情况当然是药企、投资者和全社会最愿意看到的，也是最需要的。如果在10月或11月3日之前，辉瑞也选择发布哪怕是3期临床试验的第一中期分析结果，股市也有可能上涨，但能否有暴涨，很难确认。但是，如果只是发布第一中期分析结果，只有32例感染者所做的分析结果，不只是专业界会质疑这种科学证据的有效性，稍稍知道内情的人也会怀疑这一研究结果。因此，从力求科学证据扎实和可靠，以及爱惜羽毛的角度出发，可能促成了辉瑞与FDA商讨，宁愿多花费一些时间，在临床数据更多，科学结论更可靠时才发布结果。04、疫苗如果有效，特朗普还是有功的不过，在没有专业背景或专业知识较少的人，尤其是特朗普看来，辉瑞选择11月9日发布第三中期分析结果就有可能是在延误他的连任胜选。这当然可以理解，如果是在11月3日之前宣布结果，对特朗普的选情肯定有帮助。而且，特朗普政府也在帮助和催促这一研究。8月6日，特朗普在接受媒体采访时表示，美国可能在大选前就准备好安全有效的新冠疫苗。9月份，特朗普又在多个场合声称，“几周内我们就将有疫苗了，可能是4周，可能8周”，“疫苗发布后我们会立即开始分发，可能在10月或11月时候”。▲特朗普（图/The White House）从特朗普的讲话和认知来看，他有理由认为在11月3日大选之前发布疫苗成功或有效的好消息会对其选情有帮助，但是，这种帮助也可能是微小的，因为美国人看重的是经济、法律与秩序，疫情只是排在第三位。特朗普并不理解疫苗和药物研究的规律，也使得他的抱怨并无太多的根据。换个角度看，辉瑞在11月9日宣布疫苗重大利好消息，如果要论功行赏，第一要归因于科研人员和药企，其次也要归因于特朗普政府。因为现在美国当权的是特朗普团队，他们在政策、资金和各方面都在帮助并督促研发机构和药企快马加鞭，拜登既说不上话，也插不上手，当然功劳在特朗普政府。只是，特朗普最想要的是疫苗或药物在大选前取得突破性进展，但辉瑞公司、BioNTech公司和FDA首要考虑的是科学证据的力度。两者考虑的主要因素和方向不同，才会有现在特朗普的抱怨和社会产生的辉瑞挺拜登而阻碍特朗普连任选举的表面解读。","news_type":1,"symbols_score_info":{"PFE":0.9}},"isVote":1,"tweetType":1,"viewCount":1781,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}