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mengseng
mengseng
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2021-08-20
?????
TuSimple soared more than 15% in the future, and it is said that it has been increased by the "Queen of the Bull Market"
周四,图森未来低开高走,股价一路抬升,截至发稿涨幅扩大至15%。 市场消息,“牛市女皇”、ARK基金的创始人凯西·伍德(Catherine Wood)在周三增持图森未来约22.1万股,当日该股收涨2
TuSimple soared more than 15% in the future, and it is said that it has been increased by the "Queen of the Bull Market"
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mengseng
mengseng
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2021-08-13
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mengseng
mengseng
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2021-08-10
???
TSMC's 3nm chip is officially mass-produced one year ahead of schedule, and Intel is the first Apple to adopt it
此次英特尔向台积电下的订单包含带有集成显卡的三种服务器CPU,均为该公司的核心产品,首批数量约为4000片,明年7月正式量产。 据中国台湾经济日报,英特尔将成为第一家采用台积电3nm芯片制程的半导体
TSMC's 3nm chip is officially mass-produced one year ahead of schedule, and Intel is the first Apple to adopt it
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mengseng
mengseng
·
2021-08-08
???
CICC Overseas: What if US Treasury yields goes up again?
摘要 周五公布的7月非农(94.3万)超出预期和前值,呈现出局部受变异病毒复发影响放缓甚至停滞、但整体依然持续改善的态势。在此基础上,我们更新了对于就业市场何时达到美联储门槛的测算,发现大概还需要5个
CICC Overseas: What if US Treasury yields goes up again?
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mengseng
mengseng
·
2021-08-05
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Front page of Securities Times: Accumulating momentum, the development of offshore RMB market is expected to accelerate again
人民银行近期公布的下半年重点工作安排中,再提“发展离岸人民币市场”。站在当前“双循环”的新发展格局下,随着人民币汇率市场化改革的深化以及跨境资金流动的日趋频繁,离岸人民币市场的发展有望再提速。 多位接受证券时报记者采访的专家认为,人民币汇率走势相对平稳、境外机构加快增配人民币资产和跨境投融资活动的需要,是当前积极推动离岸人民币市场发展的主要原因。
Front page of Securities Times: Accumulating momentum, the development of offshore RMB market is expected to accelerate again
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mengseng
mengseng
·
2021-08-04
???
Foreign media headlines: U.S. household debt hit the largest increase since 2013 in the second quarter
在抵押贷款热潮推动下,第二季度美国家庭债务创下2013年以来最快增速。低借贷成本以及对更宽敞居家办公空间的渴望催生了房贷需求。 纽约联储周二公布报告显示 ,截至6月底,家庭负债增长3130亿美元,至14.96万亿美元,较三个月前增长2.1%。 总体而言,家庭债务占经济的比重仍远低于2008年金融危机前几年创下的高点。而且一些借款余额仍低于疫情爆发前水平。
Foreign media headlines: U.S. household debt hit the largest increase since 2013 in the second quarter
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mengseng
mengseng
·
2021-07-31
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AMD rose more than 3% to a record high, and many major banks raised their target prices after the results
7月30日,AMD涨超3%,现报106.2美元,股价再创历史新高,近3个交易日累计涨幅已超16%,绩后获多家大行上调目标价。 AMD二季度营收达38.5亿美元,同比增长99%;净利润达7.1亿美元,
AMD rose more than 3% to a record high, and many major banks raised their target prices after the results
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mengseng
mengseng
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2021-07-28
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mengseng
mengseng
·
2021-07-28
?
Chinese concept stocks withdraw from the US market, is this possible?
谁都不希望坏事发生,但如果发生,也不至于措手不及。
Chinese concept stocks withdraw from the US market, is this possible?
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mengseng
mengseng
·
2021-07-26
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[Change] Intel fell more than 5%, CEO said chip shortage will last until 2023
7月23日,英特尔跌超5%,CEO 称芯片短缺将持续至2023年。 业界越来越多的人认为,芯片供应中断不会很快得到解决,Gelsinger的预测为这种观点增添了业内领先人物的声音。 在周四的采访中,他
[Change] Intel fell more than 5%, CEO said chip shortage will last until 2023
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00:01","market":"us","language":"zh","title":"TuSimple soared more than 15% in the future, and it is said that it has been increased by the \"Queen of the Bull Market\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1177892933","media":"老虎资讯综合","summary":"周四,图森未来低开高走,股价一路抬升,截至发稿涨幅扩大至15%。\n\n市场消息,“牛市女皇”、ARK基金的创始人凯西·伍德(Catherine Wood)在周三增持图森未来约22.1万股,当日该股收涨2","content":"<p>Thursday,<a href=\"https://laohu8.com/S/TSP\">TuSimple</a>Open low has gone higher, and the stock price has been rising all the way. As of press time, the increase has expanded to 15%.</p><p><img src=\"https://static.tigerbbs.com/e1212649a8e8e4b1eda6464876147076\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>According to market news, Catherine Wood, the \"Queen of the Bull Market\" and founder of ARK Fund, increased her holdings of about 221,000 shares of TuSimple on Wednesday, and the stock closed up 2.65% that day.</p><p>In terms of performance, TuSimple achieved revenue of US $1.482 million in the second quarter of 2021, a year-on-year increase of 463.5% and a quarter-on-quarter increase of 57%; The net loss was US $117 million, a year-on-year increase of 316.6%; Operating loss was US $121 million, an increase of 331.8% year-on-year.</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>TuSimple soared more than 15% in the future, and it is said that it has been increased by the \"Queen of the Bull Market\"</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\">\nTuSimple soared more than 15% in the future, and it is said that it has been increased by the \"Queen of the Bull Market\"\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-20 00:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Thursday,<a href=\"https://laohu8.com/S/TSP\">TuSimple</a>Open low has gone higher, and the stock price has been rising all the way. As of press time, the increase has expanded to 15%.</p><p><img src=\"https://static.tigerbbs.com/e1212649a8e8e4b1eda6464876147076\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>According to market news, Catherine Wood, the \"Queen of the Bull Market\" and founder of ARK Fund, increased her holdings of about 221,000 shares of TuSimple on Wednesday, and the stock closed up 2.65% that day.</p><p>In terms of performance, TuSimple achieved revenue of US $1.482 million in the second quarter of 2021, a year-on-year increase of 463.5% and a quarter-on-quarter increase of 57%; The net loss was US $117 million, a year-on-year increase of 316.6%; Operating loss was US $121 million, an increase of 331.8% year-on-year.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3b9accdc5716a7368b1240a904c5b874","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177892933","content_text":"周四,图森未来低开高走,股价一路抬升,截至发稿涨幅扩大至15%。\n\n市场消息,“牛市女皇”、ARK基金的创始人凯西·伍德(Catherine Wood)在周三增持图森未来约22.1万股,当日该股收涨2.65%。\n业绩方面,2021年第二季度图森未来实现营收148.2万美元,同比增长463.5%,环比上一季度增长57%;净亏损为1.17亿美元,同比扩大316.6%;运营亏损1.21亿美元,同比扩大331.8%。","news_type":1,"symbols_score_info":{"TSP":0.9}},"isVote":1,"tweetType":1,"viewCount":2404,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894109547,"gmtCreate":1628809820889,"gmtModify":1676529859143,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/894109547","repostId":"1160603020","repostType":4,"isVote":1,"tweetType":1,"viewCount":2730,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896349714,"gmtCreate":1628558503538,"gmtModify":1703508054394,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/896349714","repostId":"1167003752","repostType":4,"repost":{"id":"1167003752","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点,精选影响您财富的资讯,投资理财必备神器!","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1628558299,"share":"https://ttm.financial/m/news/1167003752?lang=en_US&edition=fundamental","pubTime":"2021-08-10 09:18","market":"us","language":"zh","title":"TSMC's 3nm chip is officially mass-produced one year ahead of schedule, and Intel is the first Apple to adopt it","url":"https://stock-news.laohu8.com/highlight/detail?id=1167003752","media":"华尔街见闻","summary":"此次英特尔向台积电下的订单包含带有集成显卡的三种服务器CPU,均为该公司的核心产品,首批数量约为4000片,明年7月正式量产。\n\n据中国台湾经济日报,英特尔将成为第一家采用台积电3nm芯片制程的半导体","content":"<p>This time<a href=\"https://laohu8.com/S/INTC\">Intel</a>To<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The order placed includes three kinds of server CPUs with integrated graphics cards, all of which are the company's core products. The first batch is about 4,000 pieces, which will be officially mass-produced in July next year. According to Taiwan Economic Daily, Intel will become the first semiconductor company to adopt TSMC's 3nm chip manufacturing process. This process will be used to produce server chips. It is expected to start production at TSMC's 18b factory in the second quarter of next year and officially mass-produced in July. The actual mass production time is one year earlier than originally planned.</p><p>For a long time, TSMC's most advanced chip manufacturing processes are usually based on<a href=\"https://laohu8.com/S/AAPL\">Apple</a>As the first customer, it mainly produced the A-series processor of the latest iPhone of that year.</p><p>This cooperation between Intel and TSMC means that the company is sure that TSMC is ahead of<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Dominant position. According to TSMC's previous statement, the processability of 3nm can be improved by 10 to 15% compared with 5nm, and the power consumption can be reduced by 25 to 30%.</p><p>China's Taiwan Economic Daily quoted TSMC suppliers as saying that Intel's order with TSMC includes three server CPUs with integrated graphics cards, all of which are the company's core products, and the first batch is about 4,000 pieces.</p><p>Recently, TSMC Chairman Liu Deyin answered a shareholder's question, \"What do you think of Intel's involvement in wafer foundry?\" When emphasizing that \"Intel is a customer of TSMC, and we believe that Intel will adopt TSMC's most advanced technology.\" The implication seems to be that Intel's cooperation with it in 3-nanometer chip production has long been concluded.</p><p>As of the close of U.S. stocks yesterday, Intel's stock price was at $54.05, up 0.24%; TSMC's share price was at $118.22, up 0.01%.</p><p><img src=\"https://static.tigerbbs.com/fc745ca5f258c25e7fb72f90285fa61e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/dfc30fe83cc22ec1d2c8172e669f59a1\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>TSMC's 3nm chip is officially mass-produced one year ahead of schedule, and Intel is the first Apple to adopt it</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\">\nTSMC's 3nm chip is officially mass-produced one year ahead of schedule, and Intel is the first Apple to adopt it\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2021-08-10 09:18</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>This time<a href=\"https://laohu8.com/S/INTC\">Intel</a>To<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The order placed includes three kinds of server CPUs with integrated graphics cards, all of which are the company's core products. The first batch is about 4,000 pieces, which will be officially mass-produced in July next year. According to Taiwan Economic Daily, Intel will become the first semiconductor company to adopt TSMC's 3nm chip manufacturing process. This process will be used to produce server chips. It is expected to start production at TSMC's 18b factory in the second quarter of next year and officially mass-produced in July. The actual mass production time is one year earlier than originally planned.</p><p>For a long time, TSMC's most advanced chip manufacturing processes are usually based on<a href=\"https://laohu8.com/S/AAPL\">Apple</a>As the first customer, it mainly produced the A-series processor of the latest iPhone of that year.</p><p>This cooperation between Intel and TSMC means that the company is sure that TSMC is ahead of<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Dominant position. According to TSMC's previous statement, the processability of 3nm can be improved by 10 to 15% compared with 5nm, and the power consumption can be reduced by 25 to 30%.</p><p>China's Taiwan Economic Daily quoted TSMC suppliers as saying that Intel's order with TSMC includes three server CPUs with integrated graphics cards, all of which are the company's core products, and the first batch is about 4,000 pieces.</p><p>Recently, TSMC Chairman Liu Deyin answered a shareholder's question, \"What do you think of Intel's involvement in wafer foundry?\" When emphasizing that \"Intel is a customer of TSMC, and we believe that Intel will adopt TSMC's most advanced technology.\" The implication seems to be that Intel's cooperation with it in 3-nanometer chip production has long been concluded.</p><p>As of the close of U.S. stocks yesterday, Intel's stock price was at $54.05, up 0.24%; TSMC's share price was at $118.22, up 0.01%.</p><p><img src=\"https://static.tigerbbs.com/fc745ca5f258c25e7fb72f90285fa61e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/dfc30fe83cc22ec1d2c8172e669f59a1\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/975836d8c6eb511241583dccb0d387f2","relate_stocks":{"159813":"芯片","TSM":"台积电","INTC":"英特尔","03145":"华夏亚洲高息股","EWT":"台湾ETF-iShares MSCI","AAPL":"苹果"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167003752","content_text":"此次英特尔向台积电下的订单包含带有集成显卡的三种服务器CPU,均为该公司的核心产品,首批数量约为4000片,明年7月正式量产。\n\n据中国台湾经济日报,英特尔将成为第一家采用台积电3nm芯片制程的半导体公司。该制程将用于生产服务器芯片,预计明年二季度开始在台积电18b厂投片,7月份正式量产,实际量产时间较原计划提前一年。\n长期以来,台积电最先进的芯片制程通常以苹果作为第一个客户,主要生产当年最新款iPhone的A系列处理器。\n英特尔与台积电的本次合作,意味着该公司肯定台积电领先于三星的优势地位。按照台积电此前的说法,3nm工艺性较5nm能提升10~15%,功耗降低25~30%。\n中国台湾经济日报援引台积电供应商称,此次英特尔向台积电下的订单包含带有集成显卡的三种服务器CPU,均为该公司的核心产品,首批数量约为4000片。\n近日,台积电董事长刘德音答股东问“如何看待英特尔涉足晶圆代工时强调“英特尔是台积电的客户,我们相信英特尔会采用台积电的最先进技术”。言下之意似乎对英特尔与其合作3纳米芯片生产早有定论。\n截至昨日美股收盘,英特尔股价报54.05美元,涨0.24%;台积电股价报118.22美元,涨0.01%。","news_type":1,"symbols_score_info":{"159813":0.9,"TSM":0.9,"03145":0.9,"TWmain":0.9,"INTC":0.9,"EWT":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2610,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891466099,"gmtCreate":1628413014211,"gmtModify":1703506035456,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/891466099","repostId":"1183188196","repostType":4,"repost":{"id":"1183188196","kind":"news","weMediaInfo":{"introduction":"市场策略研究、热点问题观察、分享最新观点:美国与海外市场、H股、及中概股市场","home_visible":1,"media_name":"Kevin策略研究","id":"1090746012","head_image":"https://static.tigerbbs.com/54c3f16355434883aa8d30b4dc5a7d90"},"pubTimestamp":1628405337,"share":"https://ttm.financial/m/news/1183188196?lang=en_US&edition=fundamental","pubTime":"2021-08-08 14:48","market":"us","language":"zh","title":"CICC Overseas: What if US Treasury yields goes up again?","url":"https://stock-news.laohu8.com/highlight/detail?id=1183188196","media":"Kevin策略研究","summary":"摘要\n周五公布的7月非农(94.3万)超出预期和前值,呈现出局部受变异病毒复发影响放缓甚至停滞、但整体依然持续改善的态势。在此基础上,我们更新了对于就业市场何时达到美联储门槛的测算,发现大概还需要5个","content":"<p><b>SUMMARY</b></p><p>The July non-agricultural revenue (943,000) announced on Friday exceeded expectations and the previous value, showing a partial slowdown or even stagnation due to the recurrence of mutated viruses, but the overall trend of continued improvement. On this basis, we updated our calculation of when the job market will reach the Fed's threshold, and found that it will take about five months to reach the threshold of 64% employment recovery similar to the official reduction in 2013. Therefore,<b>December FOMC officially cuts volumes</b>、<b>The revised statement in September suggested that it still seems to be a high probability event</b>。</p><p>In addition, the non-agricultural data itself may not have many circles.<b>But data that didn't exceed expectations drove US Treasury yields and the US Dollar Index sharply higher</b>, the reasons behind it are worth thinking about, which may indicate that the previous continued low interest rates and the suppressed short rebound only need an introduction.</p><p><b>We believe that the trend of interest rates in the past period is not incomprehensible in direction, but the decline is even more surprising</b>。 In this context, it is necessary to pay attention to or even guard against the possibility that the interest rate, which is continuously suppressed like a spring for whatever reason, will be induced by some catalysts.</p><p><b>What may become a catalyst for rising interest rates in the future?</b></p><p><b>1) Recovery of growth expectations</b>: If the key growth data improves or the epidemic situation of mutated viruses falls back. Biden's new round of infrastructure progress currently being promoted is also worthy of attention.</p><p><b>2)</b><b>Policy exit expectations heat up</b>: For example, the FOMC hinted at a reduction in volume in September or the Jackson Hole meeting in August began to blow. Since changes in interest rates will reflect expectations in advance, it is more important to start hinting at reductions than formal implementation. In addition, after the debt ceiling issue is resolved, the Ministry of Finance can issue bonds again, and the rising supply of Treasury Bond may also increase the upward pressure on interest rates.</p><p><b>The impact of another rise in interest rates?</b></p><p><b>1)</b><b>Velocity</b>: Excessively rapid rise in interest rates means increased volatility in bond assets, which will bring about cross-asset volatility contagion, which will in turn have an impact on U.S. stocks and other markets, especially<b>Relatively high valuation sectors</b>Bring greater disturbance;<b>2)</b><b>Orientation and structure</b>: Rising long-term interest rates, especially widening interest rate spreads, are beneficial<b>Finance</b>The performance of the sector;<b>3)</b><b>Drivers</b>: Rising real interest rates are not conducive to interest rate-sensitive assets, such as<b>Gold</b>, may also push up<b>dollar</b>。 In terms of style performance,<b>Value</b>Also relatively better than<b>grow up</b>, but high-quality growth with reasonable valuations is still attractive.</p><p><b>This week's focus: Possible triggers for another rise in interest rates and their impact</b></p><p><b>1. Non-agricultural data and its impact on monetary policy? Reductions at the end of the year and September hints are still a high probability</b></p><p>The July non-agricultural revenue (943,000) announced on Friday exceeded expectations (870,000) and the previous value (938,000), showing that some parts (such as retail, leisure hotels and other service industries) have slowed down or even stagnated due to the recurrence of mutated viruses. However, overall employment continues to improve (Charts 1 ~ 2). On this basis, we updated our calculation of when the job market will reach the Fed threshold (the so-called further substantial progress), and found that it will take about five months to reach a level similar to the 64% employment recovery during the official reduction in 2013 (Chart 3). Therefore,<b>The FOMC officially reduced volumes in December and revised the statement in September suggested that it still seems to be a high probability event</b>(Figure 4).</p><p><img src=\"https://static.tigerbbs.com/de929b3cb3fb6228e5e6c15e33c40852\" tg-width=\"941\" tg-height=\"366\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7ca7a453adbea56310974439653b4fab\" tg-width=\"739\" tg-height=\"721\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d50420cdf87bd41d7eca9eb86992c448\" tg-width=\"948\" tg-height=\"356\" referrerpolicy=\"no-referrer\"></p><p>In addition to the characteristics mentioned above, the non-agricultural data itself may not have many circles, but the data that did not exceed expectations pushed US Treasury yields and the US Dollar Index up sharply (Chart 5). The reasons behind it are worth pondering. This<b>Could indicate previously persistently lower interest rates and a suppressed short rally</b>(Figure 6)<b>, just need an introduction.</b></p><p><img src=\"https://static.tigerbbs.com/5bf8a204aa021f702ba2aea0f056cdf6\" tg-width=\"950\" tg-height=\"730\" referrerpolicy=\"no-referrer\"></p><p><b>2. What are the reasons and enlightenments for the fall in interest rates in the past period? The direction is understandable, but the level does not match</b></p><p>The 10-year U.S. bond has continued to decline since mid-May, once falling to a low of 1.17%, with a maximum drop of more than 50bp from the high point. First, the fall in inflation expectations dominated (\"Monthly Report on Overseas Asset Allocation (2021-7) Re-Fall in Inflation Trading\"). After the FOMC meeting in June, the real interest rate took over and hit a record low (\"What is the recent rise in the US dollar and the decline in long-term bonds?\" June 14 ~ June 20, 2021 \"). During this period, the Fed's dot plot and technical adjustments to Interest Rate Corridor triggered \"selling short and buying long\" (\"What is the US Treasury yields trading downward? July 5-July 11, 2021\"), short covering, and Chinese unexpected RRR cuts triggered growth concerns, the surge in reverse repurchases actually increased demand for Treasury Bond (\"How to understand the Fed's reverse repurchase surge and the Interest Rate Corridor mechanism?\" June 28-July 4, 2021 \",\" The Fed has actually \"shrinking balance sheet\"? July 19-July 25, 2021 \").</p><p><b>We believe that the trend of interest rates over the past period is not incomprehensible in that direction</b>After all, we reminded in the previous stage of rapid interest rate rise that the rise in interest rates is intermittent and requires new catalysts; At the same time, it is relatively certain that long-term inflation expectations will gradually fall, and the disturbance of short-term growth momentum caused by the recurrence of mutant viruses cannot be completely ignored.<b>In contrast, its decline is even more surprising and puzzling</b>, especially the trend of real interest rates hitting new lows is more trading expectations of an economic recession than an immediate slowdown in growth momentum<b>。</b></p><p>In this context,<b>We believe that we need to pay attention to and even guard against the possibility that interest rates, which are continuously suppressed like a spring for whatever reason, will pump back under some catalyst</b>, the performance of long-term interest rates after Friday's non-farm payrolls data may be an example.</p><p><b>3. What may be a catalyst for rising interest rates? Pandemic, FOMC, infrastructure package and debt ceiling</b></p><p>Admittedly, in many cases, the short-term trend of interest rates will be affected by trading factors and it is difficult to completely explain by fundamentals, but some inflection points still have rules to follow, especially some key event catalysts. Referring to the forces that led to the downward trend of interest rates in the previous period, we believe that the following events or time points are worthy of attention:</p><p><b>► Growth expectations are repaired: If key growth data improves or the epidemic situation of mutated viruses peaks and falls.</b></p><p>We once analyzed in the \"Overseas Asset Allocation Monthly Report (2021-8): Short-term Stagflation-like Trading\" that we believe that the market may have overestimated the impact of mutated viruses and the pressure of declining growth, which in turn has led to continued new lows in interest rates in the near future. Although the market is worried that the real interest rate may not return to the previous level because the long-term growth prospect is still unstable, it is obviously a mismatch to be at such a low position.<b>What's more, this round of recurrence of mutated viruses may not be as severe as it appears for countries that have achieved large-scale vaccination</b>。 Large-scale vaccination ensures that the number of hospitalizations and deaths can remain low while the number of new confirmed cases continues to rise, thus eliminating the need for strict blockades at the policy level to avoid a run on medical resources (Figure 11). This epidemic prevention path seems to have gradually achieved results in the UK (\"Inspiration from the UK's Phased Anti-epidemic Achievements Weekly Tracking of Epidemic Resumption (July 31)\"), and may then become a model for the future epidemic prevention path of other similar countries such as the United States (Figure 12 ~ 13). If so, there may be too much concern reflected by the market in the near future, especially through real interest rates,<b>In the future, if the epidemic falls from its high point, it may become an inflection point for interest rates to rise</b>。 Of course, some key data, such as the better-than-expected non-agricultural data released on Friday, can also have the effect of dispelling growth concerns.</p><p>Furthermore,<b>Biden's new round of infrastructure progress currently being promoted is also worthy of attention</b>, will usher in a key vote in the Senate next week. Although the scale is significantly smaller than previously expected (Chart 29), the expected changes that may be brought about by achieving breakthrough progress are still worthy of attention.</p><p><img src=\"https://static.tigerbbs.com/eaa4d382044f3e8091819910e06a8978\" tg-width=\"955\" tg-height=\"767\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7fcb63bcf80933f46eb1bf53cfa78c8c\" tg-width=\"931\" tg-height=\"516\" referrerpolicy=\"no-referrer\"></p><p><b>► Policy exit expectations are heating up: for example, the FOMC hinted at a reduction in September or the Jackson Hole meeting in August began to blow.</b></p><p><b>Since changes in interest rates will reflect expectations in advance, it is more important to start hinting at reductions than formal implementation.</b>This was the case before the official reduction in 2013. At the FOMC meeting in October of that year, the Federal Reserve maintained its September statement to establish that the reduction was coming, and interest rates bottomed out and rebounded until they peaked after the official reduction started in December. During this period, real interest rates were the main driver (Exhibit 17). Considering that the current real interest rate is at a historically low level, and the long-term inflation expectation is expected to fall with the expectation of policy tightening and the marginal easing of the contradiction between supply and demand (such as second-hand car production capacity and inventory repair, Figures 14 ~ 15), it is still possible that the real interest rate rises mainly.</p><p><img src=\"https://static.tigerbbs.com/96521f1df2184a69d1284a5913ba39ab\" tg-width=\"737\" tg-height=\"572\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/bb6eb34dcb6f4964753daf3320fd0df3\" tg-width=\"940\" tg-height=\"511\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/fdd2633cef77af2bb7189a51246cd314\" tg-width=\"936\" tg-height=\"368\" referrerpolicy=\"no-referrer\"></p><p>Furthermore,<b>After the debt ceiling issue is resolved, the Ministry of Finance can issue bonds again, and rising Treasury Bond supply may also increase upward pressure on interest rates</b>。 In the early stage, the TGA account of the Ministry of Finance released a large amount of liquidity and returned it to the Federal Reserve account through reverse repurchase, which not only \"locked\" some liquidity, but also substantially increased the demand for Treasury Bond. Looking ahead, after the debt ceiling is resolved (the emergency measures of the Ministry of Finance can last until the end of September) (Chart 19), the Ministry of Finance can issue bonds again and is expected to replenish part of TGA cash reserves (Chart 20), and the increase in Treasury Bond supply may also increase the upward pressure on interest rates.</p><p><img src=\"https://static.tigerbbs.com/eaeb4ca9f250bc987b71070d1466d870\" tg-width=\"946\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p><b>4. What is the impact of interest rate rising again? Speed, Construction and Drive</b></p><p>Based on the above analysis, under the catalysis of some future growth and liquidity events or policies,<b>Long-term interest rates do not rule out another upward trend, especially real interest rates. Among them, the signal of the Federal Reserve's September FOMC meeting on reductions deserves close attention, but it does not rule out gradual peaking after the official reduction starts</b>(Exhibit 21).</p><p>So, if interest rates go up again, what impact will it have? We believe that it is mainly reflected in the following aspects:</p><p><b>1) velocity,</b>Excessive rise in interest rates means increased volatility in bond assets, which will bring cross-asset volatility contagion, which will in turn bring greater disturbance to U.S. stocks and other markets, especially relatively high-valuation sectors (Figure 22);</p><p><b>2) Orientation and structure:</b>The rise in long-term interest rates, especially the widening of interest rate spreads, is conducive to the performance of the financial sector (Charts 23 ~ 24), as was the case after the non-agricultural data on Friday;</p><p><b>3) Drivers:</b>The rise in real interest rates is not conducive to interest rates, especially interest-sensitive assets, such as<b>Gold</b>(Chart 25), and may also push up<b>dollar</b>(Exhibit 26). In addition, in terms of style performance, value is relatively better than growth (Chart 27). However, it should be noted that since it is no longer in the acceleration stage of increase and the launch of liquidity is gradually approaching, although we expect another round of rising interest rates, it may also be the last wave.<b>Therefore, high-quality growth with reasonable valuation is still attractive.</b></p><p><img src=\"https://static.tigerbbs.com/c183194b4ae3baec72aa317f1d9adbf6\" tg-width=\"954\" tg-height=\"397\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5be2ba7872bac80f04056c66510b1587\" tg-width=\"955\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d7e9f3df9445122220011f3aee999981\" tg-width=\"956\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f076f1627a7036f0f36d5a4ad308acf1\" tg-width=\"956\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p><b>Market dynamics: Non-farm payrolls exceeded expectations, pushing US Treasury yields and the US dollar to soar, with banks leading the gains; Emerging bulls decrease, U.S. bond bulls plummet</b></p><p><b>► Asset Performance: Leading. Stocks > Bonds > Bulk; US Treasury yields Picks Up, Banks Lead Gains</b></p><p>Non-farm employment data in July exceeded expectations. Although repeated epidemics have dragged down the recovery of some service industries, the overall job market is still strong. The U.S. dollar and US Treasury yields factors have risen sharply, with banks leading the gains. Overall, among the world's major assets, stocks > bonds > bulk, natural gas, Bitcoin, Indian and Korean stock markets led the gains, while crude oil, VIX bulls, copper, and gold led the losses. In terms of sectors, financial sectors including banking, comprehensive finance, and insurance led the gains last week. The 10-year US Treasury yields closed at 1.30%, an increase of about 7bps, real interest rates rose by 11bps, and inflation expectations fell by 4bp.</p><p><img src=\"https://static.tigerbbs.com/e6b3202772105670fdedf25ab5c8ac22\" tg-width=\"943\" tg-height=\"431\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/eb5793ee0f835fc4399a6147905be212\" tg-width=\"948\" tg-height=\"355\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/df48633b96eef4a3abe734c7ea22f16c\" tg-width=\"950\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p><b>► Sentiment positions: Emerging bulls plummet, long-term U.S. bond bulls decrease</b></p><p>In the past week, the ratio of bearish/bullish options in U.S. stocks continued to fall compared with last week. In terms of positions, the net long position of U.S. stocks rose slightly, and the net long position of the US Dollar Index continued to increase; The net long position of 10-year U.S. bonds has decreased significantly, and the net short position of 2-year U.S. bonds has turned into net long.</p><p><img src=\"https://static.tigerbbs.com/91a118885ec9541cd261cae8154362a7\" tg-width=\"951\" tg-height=\"728\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8307269123bdf4233f4abd11fbcd767f\" tg-width=\"955\" tg-height=\"346\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/061f59624c4e22c051463b05dcf577d3\" tg-width=\"952\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/57c5b8402a85ace1675a182495a2a6ef\" tg-width=\"944\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p><b>► Funds Flow: Stock market inflows slow, emerging turns to outflows</b></p><p>In the past week, bond market inflows have slowed slightly, stock market inflows have slowed significantly, and money market funds have continued to flow in. Looking at different markets, the inflow of U.S. stocks slowed down sharply, Europe and Japan continued to flow in but also slowed down, and emerging markets turned into outflows.</p><p><img src=\"https://static.tigerbbs.com/18276a69b2614b955d4a258055c1724a\" tg-width=\"946\" tg-height=\"766\" referrerpolicy=\"no-referrer\"></p><p><b>► Fundamentals and policies: July non-agricultural payrolls exceeded expectations, ISM manufacturing PMI fell</b></p><p><b>The ISM manufacturing PMI fell in July, and prices and customer inventories fell significantly.</b>The July ISM manufacturing PMI fell to 59.5 in July from 60.6 in June, missing expectations of 61.0. In terms of sub-items, the price index fell the largest since March 2020, indicating to a certain extent that inflationary pressures have eased. The employment index and orders on hand index rose, and the customer inventory index hit a record low.</p><p>Furthermore,<b>Non-farm payrolls remained strong in July, and leisure hotels remained the main source</b>。 In July, 943,000 new non-agricultural jobs were created, higher than the revised previous value (938,000) and expectations (870,000); In terms of sub-items, leisure hotels are still the main source of new jobs, with an increase of 380,000 in July. Health, transportation and warehousing, financial activities, and information improved the most compared with the previous month. The unemployment rate also fell to 5.4% in July from 5.9% in the previous month, lower than the expected 5.7%. At the same time, the month-on-month wage growth rate in July remained at the level of June, reaching 0.4%, higher than the expected 0.3%.</p><p><img src=\"https://static.tigerbbs.com/4b7c8e39876fbe05cefc701f4fe09d69\" tg-width=\"949\" tg-height=\"320\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/08e6eb406a515a108821959e2ea4ccb2\" tg-width=\"952\" tg-height=\"362\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ce204e743bdd4bbac9e90b8c6e3a91d9\" tg-width=\"413\" tg-height=\"315\" referrerpolicy=\"no-referrer\"></p><p><b>► U.S. stock valuations above growth and interest rate environment support levels</b></p><p>With the 10-year US Treasury yields rising and the ISM manufacturing PMI falling, the current S&P 500 index's 27.1 times static P/E is higher than the reasonable level that growth (July PMI = 59.5) and liquidity (10-year US Treasury yields 1.30%) can support (~ 26.8 times).</p><p><img src=\"https://static.tigerbbs.com/7f99f376902d96742c5fab1597b79804\" tg-width=\"945\" tg-height=\"353\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>CICC Overseas: What if US Treasury yields goes up again?</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\">\nCICC Overseas: What if US Treasury yields goes up again?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1090746012\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/54c3f16355434883aa8d30b4dc5a7d90);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Kevin策略研究 </p>\n<p class=\"h-time smaller\">2021-08-08 14:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>SUMMARY</b></p><p>The July non-agricultural revenue (943,000) announced on Friday exceeded expectations and the previous value, showing a partial slowdown or even stagnation due to the recurrence of mutated viruses, but the overall trend of continued improvement. On this basis, we updated our calculation of when the job market will reach the Fed's threshold, and found that it will take about five months to reach the threshold of 64% employment recovery similar to the official reduction in 2013. Therefore,<b>December FOMC officially cuts volumes</b>、<b>The revised statement in September suggested that it still seems to be a high probability event</b>。</p><p>In addition, the non-agricultural data itself may not have many circles.<b>But data that didn't exceed expectations drove US Treasury yields and the US Dollar Index sharply higher</b>, the reasons behind it are worth thinking about, which may indicate that the previous continued low interest rates and the suppressed short rebound only need an introduction.</p><p><b>We believe that the trend of interest rates in the past period is not incomprehensible in direction, but the decline is even more surprising</b>。 In this context, it is necessary to pay attention to or even guard against the possibility that the interest rate, which is continuously suppressed like a spring for whatever reason, will be induced by some catalysts.</p><p><b>What may become a catalyst for rising interest rates in the future?</b></p><p><b>1) Recovery of growth expectations</b>: If the key growth data improves or the epidemic situation of mutated viruses falls back. Biden's new round of infrastructure progress currently being promoted is also worthy of attention.</p><p><b>2)</b><b>Policy exit expectations heat up</b>: For example, the FOMC hinted at a reduction in volume in September or the Jackson Hole meeting in August began to blow. Since changes in interest rates will reflect expectations in advance, it is more important to start hinting at reductions than formal implementation. In addition, after the debt ceiling issue is resolved, the Ministry of Finance can issue bonds again, and the rising supply of Treasury Bond may also increase the upward pressure on interest rates.</p><p><b>The impact of another rise in interest rates?</b></p><p><b>1)</b><b>Velocity</b>: Excessively rapid rise in interest rates means increased volatility in bond assets, which will bring about cross-asset volatility contagion, which will in turn have an impact on U.S. stocks and other markets, especially<b>Relatively high valuation sectors</b>Bring greater disturbance;<b>2)</b><b>Orientation and structure</b>: Rising long-term interest rates, especially widening interest rate spreads, are beneficial<b>Finance</b>The performance of the sector;<b>3)</b><b>Drivers</b>: Rising real interest rates are not conducive to interest rate-sensitive assets, such as<b>Gold</b>, may also push up<b>dollar</b>。 In terms of style performance,<b>Value</b>Also relatively better than<b>grow up</b>, but high-quality growth with reasonable valuations is still attractive.</p><p><b>This week's focus: Possible triggers for another rise in interest rates and their impact</b></p><p><b>1. Non-agricultural data and its impact on monetary policy? Reductions at the end of the year and September hints are still a high probability</b></p><p>The July non-agricultural revenue (943,000) announced on Friday exceeded expectations (870,000) and the previous value (938,000), showing that some parts (such as retail, leisure hotels and other service industries) have slowed down or even stagnated due to the recurrence of mutated viruses. However, overall employment continues to improve (Charts 1 ~ 2). On this basis, we updated our calculation of when the job market will reach the Fed threshold (the so-called further substantial progress), and found that it will take about five months to reach a level similar to the 64% employment recovery during the official reduction in 2013 (Chart 3). Therefore,<b>The FOMC officially reduced volumes in December and revised the statement in September suggested that it still seems to be a high probability event</b>(Figure 4).</p><p><img src=\"https://static.tigerbbs.com/de929b3cb3fb6228e5e6c15e33c40852\" tg-width=\"941\" tg-height=\"366\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7ca7a453adbea56310974439653b4fab\" tg-width=\"739\" tg-height=\"721\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d50420cdf87bd41d7eca9eb86992c448\" tg-width=\"948\" tg-height=\"356\" referrerpolicy=\"no-referrer\"></p><p>In addition to the characteristics mentioned above, the non-agricultural data itself may not have many circles, but the data that did not exceed expectations pushed US Treasury yields and the US Dollar Index up sharply (Chart 5). The reasons behind it are worth pondering. This<b>Could indicate previously persistently lower interest rates and a suppressed short rally</b>(Figure 6)<b>, just need an introduction.</b></p><p><img src=\"https://static.tigerbbs.com/5bf8a204aa021f702ba2aea0f056cdf6\" tg-width=\"950\" tg-height=\"730\" referrerpolicy=\"no-referrer\"></p><p><b>2. What are the reasons and enlightenments for the fall in interest rates in the past period? The direction is understandable, but the level does not match</b></p><p>The 10-year U.S. bond has continued to decline since mid-May, once falling to a low of 1.17%, with a maximum drop of more than 50bp from the high point. First, the fall in inflation expectations dominated (\"Monthly Report on Overseas Asset Allocation (2021-7) Re-Fall in Inflation Trading\"). After the FOMC meeting in June, the real interest rate took over and hit a record low (\"What is the recent rise in the US dollar and the decline in long-term bonds?\" June 14 ~ June 20, 2021 \"). During this period, the Fed's dot plot and technical adjustments to Interest Rate Corridor triggered \"selling short and buying long\" (\"What is the US Treasury yields trading downward? July 5-July 11, 2021\"), short covering, and Chinese unexpected RRR cuts triggered growth concerns, the surge in reverse repurchases actually increased demand for Treasury Bond (\"How to understand the Fed's reverse repurchase surge and the Interest Rate Corridor mechanism?\" June 28-July 4, 2021 \",\" The Fed has actually \"shrinking balance sheet\"? July 19-July 25, 2021 \").</p><p><b>We believe that the trend of interest rates over the past period is not incomprehensible in that direction</b>After all, we reminded in the previous stage of rapid interest rate rise that the rise in interest rates is intermittent and requires new catalysts; At the same time, it is relatively certain that long-term inflation expectations will gradually fall, and the disturbance of short-term growth momentum caused by the recurrence of mutant viruses cannot be completely ignored.<b>In contrast, its decline is even more surprising and puzzling</b>, especially the trend of real interest rates hitting new lows is more trading expectations of an economic recession than an immediate slowdown in growth momentum<b>。</b></p><p>In this context,<b>We believe that we need to pay attention to and even guard against the possibility that interest rates, which are continuously suppressed like a spring for whatever reason, will pump back under some catalyst</b>, the performance of long-term interest rates after Friday's non-farm payrolls data may be an example.</p><p><b>3. What may be a catalyst for rising interest rates? Pandemic, FOMC, infrastructure package and debt ceiling</b></p><p>Admittedly, in many cases, the short-term trend of interest rates will be affected by trading factors and it is difficult to completely explain by fundamentals, but some inflection points still have rules to follow, especially some key event catalysts. Referring to the forces that led to the downward trend of interest rates in the previous period, we believe that the following events or time points are worthy of attention:</p><p><b>► Growth expectations are repaired: If key growth data improves or the epidemic situation of mutated viruses peaks and falls.</b></p><p>We once analyzed in the \"Overseas Asset Allocation Monthly Report (2021-8): Short-term Stagflation-like Trading\" that we believe that the market may have overestimated the impact of mutated viruses and the pressure of declining growth, which in turn has led to continued new lows in interest rates in the near future. Although the market is worried that the real interest rate may not return to the previous level because the long-term growth prospect is still unstable, it is obviously a mismatch to be at such a low position.<b>What's more, this round of recurrence of mutated viruses may not be as severe as it appears for countries that have achieved large-scale vaccination</b>。 Large-scale vaccination ensures that the number of hospitalizations and deaths can remain low while the number of new confirmed cases continues to rise, thus eliminating the need for strict blockades at the policy level to avoid a run on medical resources (Figure 11). This epidemic prevention path seems to have gradually achieved results in the UK (\"Inspiration from the UK's Phased Anti-epidemic Achievements Weekly Tracking of Epidemic Resumption (July 31)\"), and may then become a model for the future epidemic prevention path of other similar countries such as the United States (Figure 12 ~ 13). If so, there may be too much concern reflected by the market in the near future, especially through real interest rates,<b>In the future, if the epidemic falls from its high point, it may become an inflection point for interest rates to rise</b>。 Of course, some key data, such as the better-than-expected non-agricultural data released on Friday, can also have the effect of dispelling growth concerns.</p><p>Furthermore,<b>Biden's new round of infrastructure progress currently being promoted is also worthy of attention</b>, will usher in a key vote in the Senate next week. Although the scale is significantly smaller than previously expected (Chart 29), the expected changes that may be brought about by achieving breakthrough progress are still worthy of attention.</p><p><img src=\"https://static.tigerbbs.com/eaa4d382044f3e8091819910e06a8978\" tg-width=\"955\" tg-height=\"767\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7fcb63bcf80933f46eb1bf53cfa78c8c\" tg-width=\"931\" tg-height=\"516\" referrerpolicy=\"no-referrer\"></p><p><b>► Policy exit expectations are heating up: for example, the FOMC hinted at a reduction in September or the Jackson Hole meeting in August began to blow.</b></p><p><b>Since changes in interest rates will reflect expectations in advance, it is more important to start hinting at reductions than formal implementation.</b>This was the case before the official reduction in 2013. At the FOMC meeting in October of that year, the Federal Reserve maintained its September statement to establish that the reduction was coming, and interest rates bottomed out and rebounded until they peaked after the official reduction started in December. During this period, real interest rates were the main driver (Exhibit 17). Considering that the current real interest rate is at a historically low level, and the long-term inflation expectation is expected to fall with the expectation of policy tightening and the marginal easing of the contradiction between supply and demand (such as second-hand car production capacity and inventory repair, Figures 14 ~ 15), it is still possible that the real interest rate rises mainly.</p><p><img src=\"https://static.tigerbbs.com/96521f1df2184a69d1284a5913ba39ab\" tg-width=\"737\" tg-height=\"572\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/bb6eb34dcb6f4964753daf3320fd0df3\" tg-width=\"940\" tg-height=\"511\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/fdd2633cef77af2bb7189a51246cd314\" tg-width=\"936\" tg-height=\"368\" referrerpolicy=\"no-referrer\"></p><p>Furthermore,<b>After the debt ceiling issue is resolved, the Ministry of Finance can issue bonds again, and rising Treasury Bond supply may also increase upward pressure on interest rates</b>。 In the early stage, the TGA account of the Ministry of Finance released a large amount of liquidity and returned it to the Federal Reserve account through reverse repurchase, which not only \"locked\" some liquidity, but also substantially increased the demand for Treasury Bond. Looking ahead, after the debt ceiling is resolved (the emergency measures of the Ministry of Finance can last until the end of September) (Chart 19), the Ministry of Finance can issue bonds again and is expected to replenish part of TGA cash reserves (Chart 20), and the increase in Treasury Bond supply may also increase the upward pressure on interest rates.</p><p><img src=\"https://static.tigerbbs.com/eaeb4ca9f250bc987b71070d1466d870\" tg-width=\"946\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p><b>4. What is the impact of interest rate rising again? Speed, Construction and Drive</b></p><p>Based on the above analysis, under the catalysis of some future growth and liquidity events or policies,<b>Long-term interest rates do not rule out another upward trend, especially real interest rates. Among them, the signal of the Federal Reserve's September FOMC meeting on reductions deserves close attention, but it does not rule out gradual peaking after the official reduction starts</b>(Exhibit 21).</p><p>So, if interest rates go up again, what impact will it have? We believe that it is mainly reflected in the following aspects:</p><p><b>1) velocity,</b>Excessive rise in interest rates means increased volatility in bond assets, which will bring cross-asset volatility contagion, which will in turn bring greater disturbance to U.S. stocks and other markets, especially relatively high-valuation sectors (Figure 22);</p><p><b>2) Orientation and structure:</b>The rise in long-term interest rates, especially the widening of interest rate spreads, is conducive to the performance of the financial sector (Charts 23 ~ 24), as was the case after the non-agricultural data on Friday;</p><p><b>3) Drivers:</b>The rise in real interest rates is not conducive to interest rates, especially interest-sensitive assets, such as<b>Gold</b>(Chart 25), and may also push up<b>dollar</b>(Exhibit 26). In addition, in terms of style performance, value is relatively better than growth (Chart 27). However, it should be noted that since it is no longer in the acceleration stage of increase and the launch of liquidity is gradually approaching, although we expect another round of rising interest rates, it may also be the last wave.<b>Therefore, high-quality growth with reasonable valuation is still attractive.</b></p><p><img src=\"https://static.tigerbbs.com/c183194b4ae3baec72aa317f1d9adbf6\" tg-width=\"954\" tg-height=\"397\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5be2ba7872bac80f04056c66510b1587\" tg-width=\"955\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d7e9f3df9445122220011f3aee999981\" tg-width=\"956\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f076f1627a7036f0f36d5a4ad308acf1\" tg-width=\"956\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p><b>Market dynamics: Non-farm payrolls exceeded expectations, pushing US Treasury yields and the US dollar to soar, with banks leading the gains; Emerging bulls decrease, U.S. bond bulls plummet</b></p><p><b>► Asset Performance: Leading. Stocks > Bonds > Bulk; US Treasury yields Picks Up, Banks Lead Gains</b></p><p>Non-farm employment data in July exceeded expectations. Although repeated epidemics have dragged down the recovery of some service industries, the overall job market is still strong. The U.S. dollar and US Treasury yields factors have risen sharply, with banks leading the gains. Overall, among the world's major assets, stocks > bonds > bulk, natural gas, Bitcoin, Indian and Korean stock markets led the gains, while crude oil, VIX bulls, copper, and gold led the losses. In terms of sectors, financial sectors including banking, comprehensive finance, and insurance led the gains last week. The 10-year US Treasury yields closed at 1.30%, an increase of about 7bps, real interest rates rose by 11bps, and inflation expectations fell by 4bp.</p><p><img src=\"https://static.tigerbbs.com/e6b3202772105670fdedf25ab5c8ac22\" tg-width=\"943\" tg-height=\"431\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/eb5793ee0f835fc4399a6147905be212\" tg-width=\"948\" tg-height=\"355\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/df48633b96eef4a3abe734c7ea22f16c\" tg-width=\"950\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p><b>► Sentiment positions: Emerging bulls plummet, long-term U.S. bond bulls decrease</b></p><p>In the past week, the ratio of bearish/bullish options in U.S. stocks continued to fall compared with last week. In terms of positions, the net long position of U.S. stocks rose slightly, and the net long position of the US Dollar Index continued to increase; The net long position of 10-year U.S. bonds has decreased significantly, and the net short position of 2-year U.S. bonds has turned into net long.</p><p><img src=\"https://static.tigerbbs.com/91a118885ec9541cd261cae8154362a7\" tg-width=\"951\" tg-height=\"728\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8307269123bdf4233f4abd11fbcd767f\" tg-width=\"955\" tg-height=\"346\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/061f59624c4e22c051463b05dcf577d3\" tg-width=\"952\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/57c5b8402a85ace1675a182495a2a6ef\" tg-width=\"944\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p><b>► Funds Flow: Stock market inflows slow, emerging turns to outflows</b></p><p>In the past week, bond market inflows have slowed slightly, stock market inflows have slowed significantly, and money market funds have continued to flow in. Looking at different markets, the inflow of U.S. stocks slowed down sharply, Europe and Japan continued to flow in but also slowed down, and emerging markets turned into outflows.</p><p><img src=\"https://static.tigerbbs.com/18276a69b2614b955d4a258055c1724a\" tg-width=\"946\" tg-height=\"766\" referrerpolicy=\"no-referrer\"></p><p><b>► Fundamentals and policies: July non-agricultural payrolls exceeded expectations, ISM manufacturing PMI fell</b></p><p><b>The ISM manufacturing PMI fell in July, and prices and customer inventories fell significantly.</b>The July ISM manufacturing PMI fell to 59.5 in July from 60.6 in June, missing expectations of 61.0. In terms of sub-items, the price index fell the largest since March 2020, indicating to a certain extent that inflationary pressures have eased. The employment index and orders on hand index rose, and the customer inventory index hit a record low.</p><p>Furthermore,<b>Non-farm payrolls remained strong in July, and leisure hotels remained the main source</b>。 In July, 943,000 new non-agricultural jobs were created, higher than the revised previous value (938,000) and expectations (870,000); In terms of sub-items, leisure hotels are still the main source of new jobs, with an increase of 380,000 in July. Health, transportation and warehousing, financial activities, and information improved the most compared with the previous month. The unemployment rate also fell to 5.4% in July from 5.9% in the previous month, lower than the expected 5.7%. At the same time, the month-on-month wage growth rate in July remained at the level of June, reaching 0.4%, higher than the expected 0.3%.</p><p><img src=\"https://static.tigerbbs.com/4b7c8e39876fbe05cefc701f4fe09d69\" tg-width=\"949\" tg-height=\"320\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/08e6eb406a515a108821959e2ea4ccb2\" tg-width=\"952\" tg-height=\"362\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ce204e743bdd4bbac9e90b8c6e3a91d9\" tg-width=\"413\" tg-height=\"315\" referrerpolicy=\"no-referrer\"></p><p><b>► U.S. stock valuations above growth and interest rate environment support levels</b></p><p>With the 10-year US Treasury yields rising and the ISM manufacturing PMI falling, the current S&P 500 index's 27.1 times static P/E is higher than the reasonable level that growth (July PMI = 59.5) and liquidity (10-year US Treasury yields 1.30%) can support (~ 26.8 times).</p><p><img src=\"https://static.tigerbbs.com/7f99f376902d96742c5fab1597b79804\" tg-width=\"945\" tg-height=\"353\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a82005fdd5a20870413111b3adc1a547","relate_stocks":{"IEI":"iShares Barclays 3-7 Year Trea","SHY":"债券指数ETF-iShares Barclays 1-3年国债","GOVT":"iShares安硕核心美国国债ETF","BND":"债券指数ETF-Vanguard美国","TLT":"20+年以上美国国债ETF-iShares","IEF":"债券指数ETF-iShares Barclays 7-10年"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183188196","content_text":"摘要\n周五公布的7月非农(94.3万)超出预期和前值,呈现出局部受变异病毒复发影响放缓甚至停滞、但整体依然持续改善的态势。在此基础上,我们更新了对于就业市场何时达到美联储门槛的测算,发现大概还需要5个月达到类似2013年正式减量时就业修复至64%的门槛。因此,12月FOMC正式减量、9月份修改声明暗示目前看来依然是大概率事件。\n除此之外,此次非农数据本身可能并无太多圈点之处,但并未太超预期的数据却推动美债利率和美元指数大幅走高,背后原因值得寻味,这可能说明此前持续走低的利率和被压制的空头反弹,只需要一个引子而已。\n我们认为,过去一段时间利率走向在方向上并非不能理解,但回落幅度更让人意外。在这一背景下,需要关注甚至防范,不管因为何种原因像弹簧一样被持续压制的利率在一些催化剂诱发下反抽的可能性。\n后续有什么可能成为利率上行的催化剂?\n1)增长预期修复:如关键增长数据向好或者变异病毒疫情回落。当前正在推进的拜登新一轮基建进展也值得关注。\n2)政策退出预期升温:如9月FOMC暗示减量或者8月Jackson Hole会议开始吹风。由于利率变化会提前反应预期,因此比起正式执行,开始暗示减量的时点更为重要。此外,债务上限问题解决后财政部可以再度发债,国债供给上升也可能增加利率上行压力。\n利率再度上行的影响?\n1)速度:利率过快上行意味着债券资产波动加大,将会带来跨资产的波动传染,进而对美股和其他市场、特别是相对高估值板块带来较大扰动;2)方向和结构:长端利率上行特别是利差走阔有利于金融板块的表现;3)驱动因素:实际利率上行不利于利率敏感型资产,例如黄金,同时也可能推升美元。从风格表现上,价值也相对好于成长,但估值合理的优质成长仍具吸引力。\n本周焦点:利率再度上行的可能触发因素及其影响\n1. 非农数据及其对货币政策的影响?年底减量、9月暗示仍是大概率\n周五公布的7月非农(94.3万)超出预期(87.0万)和前值(93.8万),呈现出局部(如零售、休闲酒店等服务业)受变异病毒复发影响步伐放缓甚至停滞、但整体就业依然持续改善的态势(图表1~2)。在此基础上,我们更新了对于就业市场何时达到美联储门槛(所谓进一步重大进展further substantial progress)的测算,发现大概还需要5个月达到类似2013年正式减量时就业修复64%的水平(图表3)。因此,12月FOMC正式减量、9月份修改声明暗示目前看来依然是大概率事件(图表4)。\n\n除了上文中提到的特征外,此次非农数据本身可能并无太多圈点之处,但并未太超预期的数据却推动美债利率和美元指数大幅走高(图表5),背后原因值得寻味,这可能说明此前持续走低的利率和被压制的空头反弹(图表6),只需要一个引子而已。\n\n2. 过去一段时间利率回落的原因与启示?方向可以理解,水平并不匹配\n10年美债自5月中旬以来持续下行,一度降至1.17%的低位,从高点计最多降幅超过50bp。先是通胀预期回落主导(《海外资产配置月报(2021-7)再通胀交易的回落》),6月FOMC会议后实际利率接棒下行并创历史新低(《近期美元涨长债跌为哪般?2021年6月14日~6月20日》)。这期间,美联储点阵图和对利率走廊的技术调整引发“卖短买长”(《美债利率下行在交易什么?2021年7月5日~7月11日》)、空头回补、中国意外降准引发增长担忧、逆回购激增实质上增加对国债需求(《如何理解美联储逆回购激增与利率走廊机制?2021年6月28日~7月4日》、《美联储已经事实上“缩表”?2021年7月19日~7月25日》)以及近期Delta变异病毒复发(《引发市场大跌的变种疫情有多严重?》),虽然可能存在巧合,但却给了多头不断看多债券一环扣一环的理由,进而促成了长达3个月且幅度超预期的利率下行(图表9~10)。\n我们认为,过去一段时间利率走向在方向上并非不能理解,毕竟我们在此前利率快速上行阶段就提示利率上行是间歇性的、且需要新的催化剂;同时,长端通胀预期逐步回落较为确定,变异病毒复发对短期增长动能的扰动也不能完全无视。相比之下,其回落幅度更让人意外和费解,特别是实际利率创新低的走势更多是在交易经济衰退而非眼下增长动能放缓的预期。\n在这一背景下,我们认为就需要关注甚至防范,不管因为何种原因像弹簧一样被持续压制的利率在一些催化剂诱发下反抽的可能性,周五非农数据后长端利率的表现可能就是一个例子。\n3. 什么可能成为利率上行的催化剂?疫情、FOMC、基建方案和债务上限\n诚然,很多时候,利率的短期走势会受交易因素影响而难以完全用基本面来解释,但是一些拐点依然有规律可循,特别是一些关键的事件性催化剂。参考前期导致利率下行的力量,我们认为以下事件或时间点值得关注:\n►增长预期修复:如关键增长数据向好或者变异病毒疫情见顶回落。\n我们在《海外资产配置月报(2021-8):短暂的类滞胀交易》中曾经分析到,我们认为市场可能高估了变异病毒的影响和增长回落的压力,进而导致近期利率持续新低。虽然市场担心因为长期增长前景依然不稳固可能使得实际利率回不到此前水平,但处于这么低的位置显然是不匹配的。更何况,此轮变异病毒复发对已经实现大规模疫苗接种的国家而言可能也没有表面上显现的那么严峻。大规模疫苗接种保证了新增确诊不断攀升时住院和死亡人数却能维持低位,进而无需采取从政策层面严格封锁以避免对对医疗资源的挤兑(图表11)。这一防疫路径似乎在英国已经逐渐成效(《英国阶段性抗疫成果的启示疫情复工周度追踪(7月31日)》),进而可能成为其他类似国家如美国未来防疫路径的样板(图表12~13)。如果是这样的话,近期市场特别是通过实际利率所反映的担忧可能就过多,未来疫情从高点回落就有可能成为利率回升的拐点。当然,一些关键数据,例如周五公布的非农数据好于预期也可以起到打消增长担忧的效果。\n此外,当前正在推进的拜登新一轮基建进展也值得关注,下周将在参议院迎来关键投票。尽管规模明显小于此前预期(图表29),但实现突破性进展可能带来的预期变化依然值得关注。\n\n►政策退出预期升温:如9月FOMC暗示减量或者8月Jackson Hole会议开始吹风。\n由于利率变化会提前反应预期,因此比起正式执行,开始暗示减量的时点更为重要。2013年正式减量之前就是如此,当年10月FOMC会议美联储维持9月声明确立减量即将到来后利率见底回升,直到12月正式减量开启后见顶。这一期间,实际利率是主要驱动力(图表17)。考虑到当前实际利率处于历史低位,而长端通胀预期随着政策收紧预期和供需矛盾边际缓解有望回落(如二手车产能和库存修复,图表14~15),因此依然可能是以实际利率上行为主。\n\n此外,债务上限问题解决后财政部可以再度发债,国债供给上升也可能增加利率上行压力。前期财政部TGA账户释放大量流动性通过逆回购又回到美联储账上,在“锁住”部分流动性的同时、也实质上增加了国债的需求。往前看,待债务上限得到解决后(财政部紧急措施可以持续到9月末)(图表19),财政部可以再度发债并预计补充部分TGA现金储备(图表20),而国债供给增加也可能会增加利率上行的压力。\n\n4. 利率再度上行的影响?速度、结构和驱动\n综合上文分析,在未来一些增长和流动性事件或政策的催化下,长端利率不排除再度上行、特别是实际利率,这其中美联储9月FOMC会议关于减量的信号值得密切关注,但待正式减量开启后不排除逐步筑顶(图表21)。\n那么,如果利率再度上行,会带来什么影响呢?我们认为主要体现在以下几个方面:\n1)速度,利率过快上行意味着债券资产波动加大,将会带来跨资产的波动传染,进而对美股和其他市场、特别是相对高估值板块带来较大扰动(图表22);\n2)方向和结构:长端利率上行特别是利差走阔有利于金融板块的表现(图表23~24),周五非农数据后的情形便是如此;\n3)驱动因素:实际利率的上行不利于对利率特别是利率敏感型资产,例如黄金(图表25),同时也可能推升美元(图表26)。此外,从风格表现上,价值也相对好于成长(图表27)。不过,需要说明的是,由于当前已经不处于增加加速阶段且流动性推出逐步临近,同时我们虽然预期利率还有一轮上行但也有可能是最后一波,因此估值合理的优质成长依然具有吸引力。\n\n市场动态:非农超预期,推动美债利率和美元大涨,银行领涨;新兴多头减少,美债多头骤降\n►资产表现:领先。股>债>大宗;美债利率回升,银行领涨\n7月非农就业数据超预期,虽然疫情反复对于部分服务行业的修复产生拖累,但整体就业市场依然强劲,美元和美债利率因素大幅抬升,银行领涨。整体看,全球主要资产中,股>债>大宗,天然气、比特币、印度及韩国股市领涨,原油、VIX多头、铜、黄金领跌。分板块看,包括银行、综合金融、保险在内的金融板块上周领涨。10年美债利率收于1.30%,抬升约7bps,实际利率抬升11bps,通胀预期回落4bp。\n\n►情绪仓位:新兴多头骤降,长端美债多头减少\n过去一周,美股看空/看多期权比例较上周继续回落。仓位方面,美股净多头仓位略有抬升,美元指数净多头仓位继续增加;10年美债净多头仓位大幅减少,2年美债净空头转为净多头。\n\n►资金流向:股市流入放缓、新兴转为流出\n过去一周,债市流入略有放缓,股市流入大幅放缓,货币市场基金持续流入。分市场看,美股流入大幅放缓,欧洲和日本继续流入但同样放缓,新兴市场转为流出。\n\n►基本面与政策:7月非农超预期,ISM制造业PMI下滑\n7月ISM制造业PMI下滑,物价及客户库存回落明显。7月ISM制造业PMI从6月的60.6降至7月的59.5,不及预期的61.0。分项看,物价指数降幅创2020年3月以来最大,一定程度上说明通胀压力有所缓解。就业指数及在手订单指数抬升,客户库存指数创历史新低。\n此外,7月非农依旧强劲,休闲酒店仍是主要来源。7月非农新增就业94.3万,高于修正后前值(93.8万)和预期(87.0万);分项看,休闲酒店依然是新增就业的主要来源,7月新增38.0万。教育健康、运输仓储业、金融活动、信息业较前月改善最多。7月失业率也从前月5.9%回落至5.4%,低于预期的5.7%。与此同时,7月工资环比增速维持6月水平,达0.4%,高于预期的0.3%。\n\n►美股估值高于增长和利率环境支撑水平\n伴随10年美债利率抬升及ISM制造业PMI回落,当前标普500指数27.1倍静态P/E高于增长(7月PMI=59.5)和流动性(10年美债利率1.30%)能够支撑的合理水平(~26.8倍)。","news_type":1,"symbols_score_info":{"BND":0.9,"ZFmain":0.9,"TLT":0.9,"SHY":0.9,"TNmain":0.9,"UBmain":0.9,"IEF":0.9,"ZTmain":0.9,"IEI":0.9,"GOVT":0.9,"ZNmain":0.9,"ZBmain":0.9}},"isVote":1,"tweetType":1,"viewCount":3352,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890549697,"gmtCreate":1628125594719,"gmtModify":1703501638499,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/890549697","repostId":"2157748502","repostType":4,"repost":{"id":"2157748502","kind":"news","pubTimestamp":1628124485,"share":"https://ttm.financial/m/news/2157748502?lang=en_US&edition=fundamental","pubTime":"2021-08-05 08:48","market":"sh","language":"zh","title":"Front page of Securities Times: Accumulating momentum, the development of offshore RMB market is expected to accelerate again","url":"https://stock-news.laohu8.com/highlight/detail?id=2157748502","media":"证券时报网","summary":" 人民银行近期公布的下半年重点工作安排中,再提“发展离岸人民币市场”。站在当前“双循环”的新发展格局下,随着人民币汇率市场化改革的深化以及跨境资金流动的日趋频繁,离岸人民币市场的发展有望再提速。 多位接受证券时报记者采访的专家认为,人民币汇率走势相对平稳、境外机构加快增配人民币资产和跨境投融资活动的需要,是当前积极推动离岸人民币市场发展的主要原因。","content":"<p><div>In the key work arrangements for the second half of the year recently announced by the People's Bank of China, \"developing the offshore RMB market\" was mentioned again. Under the current new development pattern of \"dual circulation\", with the deepening of the market-oriented reform of the RMB exchange rate and the increasingly frequent cross-border capital flows, the development of the offshore RMB market is expected to accelerate again. Many experts interviewed by Securities Times reporters believe that the relatively stable trend of the RMB exchange rate and the need for overseas institutions to accelerate the allocation of RMB assets and cross-border investment and financing activities are the main reasons for actively promoting the development of the offshore RMB market. However, compared with simply increasing the supply of RMB liquidity in the offshore market, the future...</p><p><a href=\"https://finance.sina.com.cn/roll/2021-08-05/doc-ikqcfncc0977755.shtml\">Web link</a></div></p>","source":"sina_fut","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>Front page of Securities Times: Accumulating momentum, the development of offshore RMB market is expected to accelerate again</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\">\nFront page of Securities Times: Accumulating momentum, the development of offshore RMB market is expected to accelerate again\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">证券时报网</strong><span class=\"h-time small\">2021-08-05 08:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>In the key work arrangements for the second half of the year recently announced by the People's Bank of China, \"developing the offshore RMB market\" was mentioned again. Under the current new development pattern of \"dual circulation\", with the deepening of the market-oriented reform of the RMB exchange rate and the increasingly frequent cross-border capital flows, the development of the offshore RMB market is expected to accelerate again. Many experts interviewed by Securities Times reporters believe that the relatively stable trend of the RMB exchange rate and the need for overseas institutions to accelerate the allocation of RMB assets and cross-border investment and financing activities are the main reasons for actively promoting the development of the offshore RMB market. However, compared with simply increasing the supply of RMB liquidity in the offshore market, the future...</p><p><a href=\"https://finance.sina.com.cn/roll/2021-08-05/doc-ikqcfncc0977755.shtml\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"https://finance.sina.com.cn/roll/2021-08-05/doc-ikqcfncc0977755.shtml\">证券时报网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/62b889d823b16eb88fde7821485a6ea1","relate_stocks":{"CYB":"人民币ETF-WisdomTree Dreyfus"},"source_url":"https://finance.sina.com.cn/roll/2021-08-05/doc-ikqcfncc0977755.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2157748502","content_text":"人民银行近期公布的下半年重点工作安排中,再提“发展离岸人民币市场”。站在当前“双循环”的新发展格局下,随着人民币汇率市场化改革的深化以及跨境资金流动的日趋频繁,离岸人民币市场的发展有望再提速。\n多位接受证券时报记者采访的专家认为,人民币汇率走势相对平稳、境外机构加快增配人民币资产和跨境投融资活动的需要,是当前积极推动离岸人民币市场发展的主要原因。不过,相比于单纯增加离岸市场的人民币流动性供给,未来离岸人民币市场的发展需要全方位深化,包括深化人民币汇率市场化改革,丰富和活跃香港、伦敦等主要离岸人民币市场外汇衍生品交易产品,完善离岸人民币清算体系,以及完善人民币跨境资本流动管理框架等,以实现与在岸市场有出有进的内外畅通。\n离岸人民币市场\n正积蓄提速发展动能\n2015年“8·11”汇改后,人民币汇率经历过一轮急跌的惊心动魄时刻。彼时为稳定汇率,离岸人民币流动性受到一定控制,离岸人民币市场规模也相应地萎缩。香港金管局公布的数据显示,作为第一大离岸人民币市场,香港银行体系的人民币存款在“8·11”之前一度高达1万多亿元,但“8·11”之后一路震荡走低,一度低至5000亿元左右。\n离岸人民币流动性的收紧客观上起到了对冲人民币贬值预期、稳定人民币汇率的作用,但相应的,也会降低离岸市场人民币交易的活跃度。不过,随着汇改后人民币汇率的逐步企稳,恢复离岸人民币市场发展的动能重新积蓄。\n从市场主体的交易层面看,国际清算银行(BIS)发布的最新数据显示,全球交易最活跃货币中人民币排名第八位,在新兴市场国家货币中排名第一,全球人民币日均交易量从2016年的2020亿美元增至2840亿美元。从货币当局的举措看,2018年底,人民银行在香港推出离岸央票,这一工具通过对离岸人民币流动性的调节,可以不断完善离岸人民币市场利率曲线,目前已形成常态化的发行机制;同时,近年来推出的债券通等跨境证券投资开放管道,其交易汇兑环节也放在离岸市场完成,增强了离岸人民币市场交易的活跃性。\n香港金管局的最新数据显示,截至2021年5月末,香港银行体系的人民币存款已达8211亿元,逼近“8·11”汇改前的万亿高峰。\n发展离岸市场有何用意?\n官方政策的正式推出与实施往往有迹可循而非突然之举,就在央行此番年中工作会议正式提出“发展离岸人民币市场”之前,政策“吹风”实际上时有发生。\n2020年底,央行金融研究所所长周诚君就在公开场合提出,人民币资产的投资回报大幅优于其它货币资产,目前持有人民币的境外投资者占比相对较低。下一步要广泛地促进离岸人民币市场,尤其是离岸人民币外汇市场建设,为不同时区的投资者提供7×24小时不间断的外汇交易所需要的流动性,这需要中央银行和监管部门共同努力和推动。\n中国银行研究院高级研究员王有鑫对证券时报记者表示,目前积极推动离岸人民币市场发展主要有以下方面考量:一方面,在外部形势波动背景下,人民币汇率走势相对稳定,境外机构加快增配人民币资产,深化离岸市场发展有利于进一步便利人民币跨境使用,吸引更多外资流入。\n“从外资便利化投资的角度看,发展离岸人民币市场可以提供流动性管理渠道,互联互通机制下外资买卖内地证券以人民币报价和交易,丰富离岸人民币流动性可满足更多境外投资者投资内地资本市场需求。”王有鑫称。\n另一方面,王有鑫表示,“双循环”新发展格局下人民币离岸市场发展是重要配套措施,是题中应有之义。人民币内外循环畅通有利于推动跨境贸易、投融资等活动开展。此外,根据国际货币基金组织(IMF)统计,目前国际主权财富机构、央行等持有的人民币储备资产越来越多,具有深度的离岸市场、丰富的离岸人民币金融产品体系、便利的投融资渠道和汇兑安排,以及完善的金融基础设施,都将进一步推动人民币承担储备货币职能。\n德意志银行大中华区宏观策略主管刘立男对证券时报记者表示,发展离岸人民币市场将为外资提供更多投资渠道,并推进人民币的自由可兑换,提升流动性。同时,央行此时再提发展离岸人民币市场,可能也是在为债券通开放“南向通”做准备,随着跨境资本市场的进一步放开以及海外人民币资金池的增长,必然要求离岸人民币市场与之匹配协调发展。\n离岸人民币市场发展≠增加流动性\n随着跨境资金流动的日趋频繁,不少分析指出,相比于单纯增加离岸市场的人民币流动性供给,未来发展离岸人民币市场的内涵也有望进一步丰富,深化人民币汇率市场化改革、活跃主要离岸人民币市场外汇衍生品交易产品、完善离岸人民币清算体系,以及完善人民币跨境资本流动管理框架等均有发展空间,以实现与在岸市场有出有进的内外畅通。\n一在港中资机构的外汇交易员对记者表示,发展离岸人民币市场不是让离岸市场独大,核心目的还是要形成良好的人民币内外循环机制,让离岸人民币流动性既能放出去也能收回来。否则仅仅增加离岸人民币流动性,而没有太多可供投资的人民币资产标的,万一遭遇极端风险,就容易成为境外机构用来集中做空汇率的“武器”。\n“离岸央票是一种调节流动性的方式,但这一工具的作用是有限的,要实现人民币内外畅通,以及离岸流动性的收放自如,关键还是要丰富境外投资人民币资产的品种和渠道,以及人民币汇率形成机制的更加市场化。”上述外汇交易员称。\n丰富境外投资人民币资产的品种不仅包括境内的债券、股权等资产,也可进一步发展壮大离岸人民币债券市场。刘立男就表示,如何在离岸市场推动人民币国际化,提供更多人民币资产的投资机会等议题愈发重要。目前海外央行量化宽松政策下,美元、欧元的绝对利率较低,使得企业通过美元、欧元融资的成本较低,相较而言,离岸人民币的融资成本仍相对较高。未来可考虑进一步提升人民币资金流动性保障,以吸引发行人在离岸人民币市场发债。\n此外,对于持有外币的市场主体而言,汇率风险对冲的需求会一直存在,这就需要发展完善的外汇衍生工具。央行近期发布的工作论文中就建议,研究各类汇率衍生品对汇率形成作用,适时建立人民币汇率期货市场,或引导境内相关主体有效利用离岸期货市场规避汇率风险;加强对全球人民币流动、资产配置和价格变动的监测,健全人民币汇率风险的宏观审慎管理体系,稳步推进人民币国际化。\n不过,即使离岸人民币市场有望再获提速发展,但也并不意味着会一路坦途。王有鑫表示,发展离岸市场将主要面临三方面挑战:一是人民币定价权问题,参考离岸美元利率定价权旁落教训,离岸市场人民币快速发展,可能加大对在岸市场利率和汇率的冲击,特别是在人民币贬值阶段,在岸汇率通常跟随离岸汇率波动。二是人民币跨境流动规模增加可能加大货币政策管理难度,货币政策除要考虑对国内流动性影响,还要考虑对离岸市场的影响及离岸市场的可能反应。三是离岸人民币清算系统有待进一步完善,离岸人民币产品创新有待强化,人民币跨境资本流动管理框架有待完善。\n上述外汇交易员还表示,美联储可能会于今年底或明年初开始缩减购债规模,美联储货币政策逐步回归正常化势必会引发全球外汇市场和跨境流动资金的波动,届时过快地向离岸人民币市场注入大规模流动性反而会增加风险。\n“当年‘8·11’汇改前,全球也是面临着美联储缩减购债、加息的货币政策环境,当前及未来一段时间所面临的大环境与当年有些类似。有了此前汇改的经验教训,相信央行会注意把握离岸人民币市场发展的节奏。”上述外汇交易员称。","news_type":1,"symbols_score_info":{"CYB":0.9,"CNHmain":0.9,"UCmain":0.9}},"isVote":1,"tweetType":1,"viewCount":2242,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807873964,"gmtCreate":1628032597958,"gmtModify":1703499790819,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/807873964","repostId":"2156201911","repostType":4,"repost":{"id":"2156201911","kind":"news","pubTimestamp":1628026500,"share":"https://ttm.financial/m/news/2156201911?lang=en_US&edition=fundamental","pubTime":"2021-08-04 05:35","market":"us","language":"zh","title":"Foreign media headlines: U.S. household debt hit the largest increase since 2013 in the second quarter","url":"https://stock-news.laohu8.com/highlight/detail?id=2156201911","media":"新浪财经","summary":" 在抵押贷款热潮推动下,第二季度美国家庭债务创下2013年以来最快增速。低借贷成本以及对更宽敞居家办公空间的渴望催生了房贷需求。 纽约联储周二公布报告显示 ,截至6月底,家庭负债增长3130亿美元,至14.96万亿美元,较三个月前增长2.1%。 总体而言,家庭债务占经济的比重仍远低于2008年金融危机前几年创下的高点。而且一些借款余额仍低于疫情爆发前水平。","content":"<p><b>The headlines that the global financial media paid attention to last night and this morning mainly include:</b></p><p><b>1. Mortgage boom drives U.S. household debt to the biggest increase since 2013</b><b>2. Natixis: It is expected that the Fed will wait until after the 2024 election before rate hike</b><b>3. US SEC Chairman Gensler guides Bitcoin ETFs: accept strict supervision</b><b>4. The Delta variant virus is fierce, and the herd immunity threshold is expected to be pushed up to more than 80%</b><b>5. The world's major banks made US $170 billion in profits amid the epidemic, setting the most profitable year ever</b><b>6. The UK is reported to be considering blocking the largest chip manufacturer in the United States due to national security concerns<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>Arm Acquisition</b><img src=\"https://static.tigerbbs.com/42d7305c68055f3de54cae5c51091b1e\" tg-width=\"550\" tg-height=\"334\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Mortgage boom drives U.S. household debt to biggest increase since 2013</b></p><p>U.S. household debt grew at its fastest pace since 2013 in the second quarter, driven by the mortgage boom. Low borrowing costs and the desire for more spacious home office spaces have spawned mortgage demand.</p><p>The New York Fed released a report on Tuesday showing that as of the end of June, household debt increased by $313 billion to $14.96 trillion, an increase of 2.1% from three months ago. The increment mainly comes from mortgage balances.</p><p>For other types of credit, such as auto loans and credit cards, credit standards have been easing, according to the Federal Reserve's July Senior Loan Commissioner Opinion Survey released Monday.</p><p>Overall, household debt as a share of the economy remains well below the highs set in the years leading up to the 2008 financial crisis. And some borrowing balances are still below pre-pandemic levels.</p><p><img src=\"https://static.tigerbbs.com/6e8de5a34c997f13ec1aab21f9a9b5ef\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Natixis: The Fed is expected to wait until after the 2024 election to rate hike</b></p><p>Bond investors expecting the Fed to change course may have to wait a long time.</p><p>\"My guess is that we won't tighten policy until after the next presidential election,\" Joseph LaVorgna, chief Americas economist at Natixis, said in an interview on Tuesday. \"You look at the last two cycles, the average time from the last rate cut to the first rate hike is seven years. So it's really not that unusual.\"</p><p>LaVorgna served as a financial market and economic adviser to former US President Donald Trump, where he was special assistant and chief economist of the National Economic Council. He said economic growth is poised to slow in 2022 after strong growth this year, putting little pressure on the Fed to take interest rate action.</p><p>\"Next year I think the growth rate is only 2% or even lower,\" he said. \"Inflation will be temporary. That's what the market is telling us.\"</p><p><img src=\"https://static.tigerbbs.com/efff1ba5fb6313b1cce4bfb7b8dde08f\" tg-width=\"550\" tg-height=\"378\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>US SEC Chairman Gensler guides Bitcoin ETFs: accept strict supervision</b></p><p>Gary Gensler, chairman of the US Securities and Exchange Commission, hinted at a way to approve the establishment of Bitcoin ETFs, saying that ETFs that meet the SEC's strict rules on mutual funds can provide investors with the necessary protection.</p><p>Crypto enthusiasts believe that Bitcoin ETFs are crucial for cryptocurrencies to enter the mainstream space. In his first major talk on cryptocurrencies, Gensler also hinted at openness to an ETF focused on Bitcoin futures. Such futures are offered by CME group and require investors to put up a considerable margin.</p><p>\"With these important protections in place, I look forward to staff review of such applications, especially if these ETFs are limited to CME-traded Bitcoin futures,\" he said in remarks prepared for the Aspen Security Forum on Tuesday.</p><p>Under the leadership of Gensler and former Chairman Jay Clayton, the SEC has repeatedly refused to approve cryptocurrency ETFs, concerned about transparency and manipulation risks in Bitcoin's spot market.</p><p><img src=\"https://static.tigerbbs.com/d5b16f07eb7d6ece2c21db131847c236\" tg-width=\"550\" tg-height=\"373\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The Delta variant virus is coming fiercely, and the herd immunity threshold is expected to be pushed up to more than 80%</b></p><p>The spread of the delta Novel Coronavirus variant has pushed the threshold for herd immunity above 80% and could approach 90%, the Infectious Diseases Society of America said Tuesday at a briefing.</p><p>Richard Franco, an assistant professor at the University of Alabama, said that's \"much higher\" than previous estimates of 60% to 70% because delta spreads twice as fast as previous viruses.</p><p>\"Obviously this is a very dangerous virus, much more dangerous than the original virus,\" Franco said.</p><p>Herd immunity is based on the idea that immunization when a percentage of the population has been vaccinated or has been previously infected will help protect the wider population and reduce the spread of the virus.</p><p><img src=\"https://static.tigerbbs.com/b52ef92fbf36ab71df9cf269a097a761\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Big global banks make $170 billion in pandemic profits, record their most profitable year ever</b></p><p>The dust has settled on earnings season, with more than a dozen of the largest banks making combined profits of more than $170 billion in the past four quarters, underscoring how dramatically the industry has changed from the downturn earlier in the pandemic.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Especially outstanding, the profit earned is equivalent to $131 million a day.</p><p>Some of COVID-19 pandemic's early successful deals helped the industry. As last year's market volatility subsides, investment bankers are poised to drive acquisition and fundraising activity with special purpose acquisition vehicles. Then as the world economy began to recover, banks with wealth management and asset management departments enjoyed the dividends of the stock market. The same trend has also benefited the retail sector, which has long been regarded as a drag on performance, as they begin to cut loan loss provisions.</p><p><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Both broke their own earnings records, European peers<a href=\"https://laohu8.com/S/UBS\">UBS</a>And Barclays both posted their highest profits in a decade.<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>And<a href=\"https://laohu8.com/S/0J6Y.UK\">Societe Generale</a>And other banks said their business benefited from the improvement of the global economy. Bank stocks reflect the impact of this wave of strong results, and Dow Jones<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The industry index has risen 59% in the past year, and the European Stoxx banking index has risen 56%.</p><p><img src=\"https://static.tigerbbs.com/a80a0b994f4a61751162e92c143ca57c\" tg-width=\"550\" tg-height=\"277\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The UK is reported to be considering blocking Nvidia, the largest U.S. chip maker, from acquiring Arm due to national security concerns</b></p><p>The UK is considering blocking Nvidia's acquisition of Arm Ltd. due to potential national security risks, according to people familiar with the matter.</p><p>Nvidia, the largest chip company in the United States by market value, announced in September last year that it would acquire Arm for US $40 billion to expand its presence in the rapidly growing semiconductor market. Arm is currently owned by Japanese conglomerate SoftBank.</p><p>In April, Culture Secretary Oliver Dowden asked the Competition and Markets Authority (CMA) to prepare a report on whether the deal could be considered anti-competitive and to aggregate any national security concerns raised by third parties.</p><p>The assessment report released at the end of July contains national security concerns, and Britain is currently inclined to deny the deal. Another person familiar with the matter said that due to national security concerns, the UK may conduct a more in-depth evaluation of the merger.</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>Foreign media headlines: U.S. household debt hit the largest increase since 2013 in the second quarter</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\">\nForeign media headlines: U.S. household debt hit the largest increase since 2013 in the second quarter\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-08-04 05:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The headlines that the global financial media paid attention to last night and this morning mainly include:</b></p><p><b>1. Mortgage boom drives U.S. household debt to the biggest increase since 2013</b><b>2. Natixis: It is expected that the Fed will wait until after the 2024 election before rate hike</b><b>3. US SEC Chairman Gensler guides Bitcoin ETFs: accept strict supervision</b><b>4. The Delta variant virus is fierce, and the herd immunity threshold is expected to be pushed up to more than 80%</b><b>5. The world's major banks made US $170 billion in profits amid the epidemic, setting the most profitable year ever</b><b>6. The UK is reported to be considering blocking the largest chip manufacturer in the United States due to national security concerns<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>Arm Acquisition</b><img src=\"https://static.tigerbbs.com/42d7305c68055f3de54cae5c51091b1e\" tg-width=\"550\" tg-height=\"334\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Mortgage boom drives U.S. household debt to biggest increase since 2013</b></p><p>U.S. household debt grew at its fastest pace since 2013 in the second quarter, driven by the mortgage boom. Low borrowing costs and the desire for more spacious home office spaces have spawned mortgage demand.</p><p>The New York Fed released a report on Tuesday showing that as of the end of June, household debt increased by $313 billion to $14.96 trillion, an increase of 2.1% from three months ago. The increment mainly comes from mortgage balances.</p><p>For other types of credit, such as auto loans and credit cards, credit standards have been easing, according to the Federal Reserve's July Senior Loan Commissioner Opinion Survey released Monday.</p><p>Overall, household debt as a share of the economy remains well below the highs set in the years leading up to the 2008 financial crisis. And some borrowing balances are still below pre-pandemic levels.</p><p><img src=\"https://static.tigerbbs.com/6e8de5a34c997f13ec1aab21f9a9b5ef\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Natixis: The Fed is expected to wait until after the 2024 election to rate hike</b></p><p>Bond investors expecting the Fed to change course may have to wait a long time.</p><p>\"My guess is that we won't tighten policy until after the next presidential election,\" Joseph LaVorgna, chief Americas economist at Natixis, said in an interview on Tuesday. \"You look at the last two cycles, the average time from the last rate cut to the first rate hike is seven years. So it's really not that unusual.\"</p><p>LaVorgna served as a financial market and economic adviser to former US President Donald Trump, where he was special assistant and chief economist of the National Economic Council. He said economic growth is poised to slow in 2022 after strong growth this year, putting little pressure on the Fed to take interest rate action.</p><p>\"Next year I think the growth rate is only 2% or even lower,\" he said. \"Inflation will be temporary. That's what the market is telling us.\"</p><p><img src=\"https://static.tigerbbs.com/efff1ba5fb6313b1cce4bfb7b8dde08f\" tg-width=\"550\" tg-height=\"378\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>US SEC Chairman Gensler guides Bitcoin ETFs: accept strict supervision</b></p><p>Gary Gensler, chairman of the US Securities and Exchange Commission, hinted at a way to approve the establishment of Bitcoin ETFs, saying that ETFs that meet the SEC's strict rules on mutual funds can provide investors with the necessary protection.</p><p>Crypto enthusiasts believe that Bitcoin ETFs are crucial for cryptocurrencies to enter the mainstream space. In his first major talk on cryptocurrencies, Gensler also hinted at openness to an ETF focused on Bitcoin futures. Such futures are offered by CME group and require investors to put up a considerable margin.</p><p>\"With these important protections in place, I look forward to staff review of such applications, especially if these ETFs are limited to CME-traded Bitcoin futures,\" he said in remarks prepared for the Aspen Security Forum on Tuesday.</p><p>Under the leadership of Gensler and former Chairman Jay Clayton, the SEC has repeatedly refused to approve cryptocurrency ETFs, concerned about transparency and manipulation risks in Bitcoin's spot market.</p><p><img src=\"https://static.tigerbbs.com/d5b16f07eb7d6ece2c21db131847c236\" tg-width=\"550\" tg-height=\"373\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The Delta variant virus is coming fiercely, and the herd immunity threshold is expected to be pushed up to more than 80%</b></p><p>The spread of the delta Novel Coronavirus variant has pushed the threshold for herd immunity above 80% and could approach 90%, the Infectious Diseases Society of America said Tuesday at a briefing.</p><p>Richard Franco, an assistant professor at the University of Alabama, said that's \"much higher\" than previous estimates of 60% to 70% because delta spreads twice as fast as previous viruses.</p><p>\"Obviously this is a very dangerous virus, much more dangerous than the original virus,\" Franco said.</p><p>Herd immunity is based on the idea that immunization when a percentage of the population has been vaccinated or has been previously infected will help protect the wider population and reduce the spread of the virus.</p><p><img src=\"https://static.tigerbbs.com/b52ef92fbf36ab71df9cf269a097a761\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Big global banks make $170 billion in pandemic profits, record their most profitable year ever</b></p><p>The dust has settled on earnings season, with more than a dozen of the largest banks making combined profits of more than $170 billion in the past four quarters, underscoring how dramatically the industry has changed from the downturn earlier in the pandemic.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Especially outstanding, the profit earned is equivalent to $131 million a day.</p><p>Some of COVID-19 pandemic's early successful deals helped the industry. As last year's market volatility subsides, investment bankers are poised to drive acquisition and fundraising activity with special purpose acquisition vehicles. Then as the world economy began to recover, banks with wealth management and asset management departments enjoyed the dividends of the stock market. The same trend has also benefited the retail sector, which has long been regarded as a drag on performance, as they begin to cut loan loss provisions.</p><p><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Both broke their own earnings records, European peers<a href=\"https://laohu8.com/S/UBS\">UBS</a>And Barclays both posted their highest profits in a decade.<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>And<a href=\"https://laohu8.com/S/0J6Y.UK\">Societe Generale</a>And other banks said their business benefited from the improvement of the global economy. Bank stocks reflect the impact of this wave of strong results, and Dow Jones<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The industry index has risen 59% in the past year, and the European Stoxx banking index has risen 56%.</p><p><img src=\"https://static.tigerbbs.com/a80a0b994f4a61751162e92c143ca57c\" tg-width=\"550\" tg-height=\"277\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The UK is reported to be considering blocking Nvidia, the largest U.S. chip maker, from acquiring Arm due to national security concerns</b></p><p>The UK is considering blocking Nvidia's acquisition of Arm Ltd. due to potential national security risks, according to people familiar with the matter.</p><p>Nvidia, the largest chip company in the United States by market value, announced in September last year that it would acquire Arm for US $40 billion to expand its presence in the rapidly growing semiconductor market. Arm is currently owned by Japanese conglomerate SoftBank.</p><p>In April, Culture Secretary Oliver Dowden asked the Competition and Markets Authority (CMA) to prepare a report on whether the deal could be considered anti-competitive and to aggregate any national security concerns raised by third parties.</p><p>The assessment report released at the end of July contains national security concerns, and Britain is currently inclined to deny the deal. Another person familiar with the matter said that due to national security concerns, the UK may conduct a more in-depth evaluation of the merger.</p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"https://finance.sina.com.cn/stock/usstock/c/2021-08-04/doc-ikqciyzk9379676.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d5b16f07eb7d6ece2c21db131847c236","relate_stocks":{"161125":"标普500","513500":"标普500ETF","SDS":"两倍做空标普500 ETF-ProShares","EBON":"亿邦国际","UDOW":"三倍做多道指30ETF-ProShares","DDM":"2倍做多道指ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","CAN":"嘉楠科技",".SPX":"S&P 500 Index","DXD":"两倍做空道琼30指数ETF-ProShares","SQQQ":"纳指三倍做空ETF","PSQ":"做空纳斯达克100指数ETF-ProShares","DOG":"道指ETF-ProShares做空","QQQ":"纳指100ETF","SH":"做空标普500-Proshares","SPXU":"三倍做空标普500ETF-ProShares",".IXIC":"NASDAQ Composite","OEF":"标普100指数ETF-iShares","SSO":"2倍做多标普500ETF-ProShares","DJX":"1/100道琼斯","IVV":"标普500ETF-iShares","OEX":"标普100","SDOW":"三倍做空道指30ETF-ProShares",".DJI":"道琼斯","QLD":"2倍做多纳斯达克100指数ETF-ProShares","TQQQ":"纳指三倍做多ETF"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2021-08-04/doc-ikqciyzk9379676.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2156201911","content_text":"全球财经媒体昨夜今晨共同关注的头条新闻主要有:\n\n1、抵押贷款热潮推动美国家庭债务创2013年以来最大增幅\n\n\n2、法国外贸银行:预计美联储要等到2024年大选后才加息\n\n\n3、美国SEC主席根斯勒为比特币ETF指路:接受严格监管\n\n\n4、Delta变种病毒来势凶猛 群体免疫门槛料被推高至80%以上\n\n\n5、全球大银行疫情中盈利1700亿美元 创下有史以来最赚钱的一年\n\n\n6、英国据悉因国家安全关切考虑阻止美国最大芯片商英伟达收购Arm\n\n\n抵押贷款热潮推动美国家庭债务创2013年以来最大增幅\n在抵押贷款热潮推动下,第二季度美国家庭债务创下2013年以来最快增速。低借贷成本以及对更宽敞居家办公空间的渴望催生了房贷需求。\n纽约联储周二公布报告显示 ,截至6月底,家庭负债增长3130亿美元,至14.96万亿美元,较三个月前增长2.1%。增量主要来自抵押贷款余额。\n美联储周一公布的7月高级贷款专员意见调查显示,对于其他类型的信贷,例如汽车贷款和信用卡,信贷标准一直在放松。\n总体而言,家庭债务占经济的比重仍远低于2008年金融危机前几年创下的高点。而且一些借款余额仍低于疫情爆发前水平。\n\n法国外贸银行:预计美联储要等到2024年大选后才加息\n期待美联储改弦更张的债券投资者可能要等很久。\n“我的猜测是我们要等到下一次总统大选之后才会收紧政策,”法国外贸银行首席美洲经济学家Joseph LaVorgna周二接受采访时表示。“你看看最近两个周期,从最后一次降息到第一次加息的平均时间是七年。所以这真不是那么不寻常。”\nLaVorgna曾任美国前总统唐纳德·特朗普的金融市场和经济顾问,职务是国家经济委员会特别助理兼首席经济学家。他表示,在今年强劲增长后,2022年经济增长势将放缓,令美联储采取利率行动的压力不大。\n“明年我认为增长率只有2%,甚至更低,”他说。“通胀将是暂时的。这是市场告诉我们的。”\n\n美国SEC主席根斯勒为比特币ETF指路:接受严格监管\n美国证券交易委员会主席根斯勒(Gary Gensler)暗示了一条批准设立比特币ETF的途径,表示符合SEC关于共同基金严格规则的ETF能给投资者提供必要的保护。\n加密货币爱好者认为,比特币ETF对于加密货币进入主流领域至关重要。在他首次有关加密货币的重要演讲中,Gensler还暗示对专注于比特币期货的ETF持开放态度。这种期货由芝商所提供,并要求投资者拿出可观的保证金。\n“有了这些重要的保护措施,我期待工作人员对此类申请进行审查,特别是如果这些ETF仅限于CME交易的比特币期货,”他在周二为阿斯彭安全论坛准备的讲话中表示。\n在Gensler及前任主席Jay Clayton领导下,SEC多次拒绝批准加密货币ETF,担心比特币现货市场的透明度和操纵风险。\n\nDelta变种病毒来势凶猛 群体免疫门槛料被推高至80%以上\n美国传染病学会周二在一次情况通报会上表示,delta新冠病毒变种的传播已将群体免疫的门槛推高至80%以上,并可能接近90%。\n阿拉巴马大学助理教授Richard Franco表示,这比之前估计的60%至70%“高得多”,因为delta的传播率是先前病毒的两倍。\n“显然这是一种非常危险的病毒,比原始病毒危险得多,” Franco说。\n群体免疫是基于这样的想法:当一定比例的人口已经接种疫苗或之前曾感染而获得免疫,将有助于保护更广泛的人群并减少病毒的传播。\n\n全球大银行疫情中盈利1700亿美元 创下有史以来最赚钱的一年\n财报季尘埃落定,十几家最大银行过去四个季度的利润总和超过1700亿美元,彰显出该行业与疫情早期的低迷相比发生了多么巨大的变化。摩根大通尤为出色,所获利润相当于每天赚进1.31亿美元。\n新冠疫情早期一些成功的交易帮助了该行业。随着去年的市场波动消退,投资银行家准备通过特殊目的收购工具来推动收购和筹资活动。然后随着世界经济开始复苏,拥有财富管理和资产管理部门的银行享受到了股市的红利。同样的趋势也惠及长期以来被视为拖业绩后腿的零售部门,因为他们开始削减贷款损失拨备。\n高盛和摩根士丹利双双打破自身盈利纪录,欧洲同行瑞银和巴克莱的利润都创十年来最高水平。德意志银行和法国兴业银行等银行表示业务受益于全球经济改善。银行股反映了这一波强劲业绩的影响,道琼斯美国银行业指数过去一年上涨59%,欧洲斯托克银行股指数上涨56%。\n\n英国据悉因国家安全关切考虑阻止美国最大芯片商英伟达收购Arm\n据知情人士透露,英国因潜在国家安全风险正考虑阻止英伟达收购Arm Ltd.。\n按市值计算美国最大芯片公司英伟达去年9月宣布以400亿美元收购Arm,以在发展迅猛的半导体市场扩大地盘。Arm目前为日本企业集团软银所有。\n今年4月,英国文化大臣Oliver Dowden要求竞争和市场管理局(CMA)准备一份有关该交易是否可被视为反竞争的报告,并汇总第三方提出的任何国家安全关切。\n7月底出炉的评估报告包含国家安全关切,英国目前倾向于否定该交易。另一位知情人士表示,出于国家安全考虑,英国可能会对这笔并购进行更深入的评估。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"SDOW":0.9,"PSQ":0.9,"SPXU":0.9,"QQQ":0.9,".IXIC":0.9,"SSO":0.9,"SQQQ":0.9,".DJI":0.9,"UDOW":0.9,"TQQQ":0.9,"XBTmain":0.9,"ESmain":0.9,"IVV":0.9,"SH":0.9,"CAN":0.9,"MNQmain":0.9,"QID":0.9,"NQmain":0.9,"EBON":0.9,"DDM":0.9,"OEX":0.9,"BTCmain":0.9,"SDS":0.9,".SPX":0.9,"DOG":0.9,"UPRO":0.9,"DXD":0.9,"DJX":0.9,"QLD":0.9,"OEF":0.9}},"isVote":1,"tweetType":1,"viewCount":2215,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806564390,"gmtCreate":1627680566410,"gmtModify":1703494497374,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/806564390","repostId":"1114965747","repostType":4,"repost":{"id":"1114965747","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":1627655569,"share":"https://ttm.financial/m/news/1114965747?lang=en_US&edition=fundamental","pubTime":"2021-07-30 22:32","market":"other","language":"zh","title":"AMD rose more than 3% to a record high, and many major banks raised their target prices after the results","url":"https://stock-news.laohu8.com/highlight/detail?id=1114965747","media":"老虎资讯综合","summary":"7月30日,AMD涨超3%,现报106.2美元,股价再创历史新高,近3个交易日累计涨幅已超16%,绩后获多家大行上调目标价。\n\nAMD二季度营收达38.5亿美元,同比增长99%;净利润达7.1亿美元,","content":"<p>July 30th,<a href=\"https://laohu8.com/S/AMD\">AMD</a>It rose more than 3% and is now quoted at US $106.2. The stock price has hit a record high again. The cumulative increase in the past three trading days has exceeded 16%. After the results, many major banks raised their target prices.</p><p><img src=\"https://static.tigerbbs.com/6ff371be500c72b396cac54bbf67a525\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>AMD's revenue in the second quarter reached US $3.85 billion, a year-on-year increase of 99%; Net profit reached US $710 million, a year-on-year increase of 352%. After the company's performance, many major banks raised their target prices.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>It believes that Wall Street underestimates AMD's potential for long-and short-term revenue growth and margin expansion, so it raised its price target from $106 to $115. Goldman Sachs reiterated Supermicro's \"buy\" rating and reiterated Supermicro's position on its sure buy list.</p><p>Mizuho raises AMD price target to $110 from $107; Argus rose to $120 from $106 price target, maintaining a \"buy\" rating.</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>AMD rose more than 3% to a record high, and many major banks raised their target prices after the results</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\">\nAMD rose more than 3% to a record high, and many major banks raised their target prices after the results\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-30 22:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>July 30th,<a href=\"https://laohu8.com/S/AMD\">AMD</a>It rose more than 3% and is now quoted at US $106.2. The stock price has hit a record high again. The cumulative increase in the past three trading days has exceeded 16%. After the results, many major banks raised their target prices.</p><p><img src=\"https://static.tigerbbs.com/6ff371be500c72b396cac54bbf67a525\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>AMD's revenue in the second quarter reached US $3.85 billion, a year-on-year increase of 99%; Net profit reached US $710 million, a year-on-year increase of 352%. After the company's performance, many major banks raised their target prices.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>It believes that Wall Street underestimates AMD's potential for long-and short-term revenue growth and margin expansion, so it raised its price target from $106 to $115. Goldman Sachs reiterated Supermicro's \"buy\" rating and reiterated Supermicro's position on its sure buy list.</p><p>Mizuho raises AMD price target to $110 from $107; Argus rose to $120 from $106 price target, maintaining a \"buy\" rating.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a593d85be38c3aa543ab3056553101ff","relate_stocks":{"GS":"高盛","AMD":"美国超微公司"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114965747","content_text":"7月30日,AMD涨超3%,现报106.2美元,股价再创历史新高,近3个交易日累计涨幅已超16%,绩后获多家大行上调目标价。\n\nAMD二季度营收达38.5亿美元,同比增长99%;净利润达7.1亿美元,同比增长352%。公司绩后获多家大行上调目标价,高盛认为华尔街低估了AMD的长短期收入增长和利润率扩张的潜力,因此将其目标价从106美元上调至115美元。高盛重申了美国超微公司“买入”评级,同时重申美国超微公司在其确信购买名单上的位置。\n瑞穗将AMD目标价从107美元上调至110美元;Argus从目标价106美元升至120美元,维持“买入”评级。","news_type":1,"symbols_score_info":{"AMD":0.9,"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":2036,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803360000,"gmtCreate":1627421480300,"gmtModify":1703489466813,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803360000","repostId":"1168202239","repostType":4,"isVote":1,"tweetType":1,"viewCount":4295,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803384752,"gmtCreate":1627421314776,"gmtModify":1703489464968,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803384752","repostId":"1120859674","repostType":4,"repost":{"id":"1120859674","kind":"news","weMediaInfo":{"introduction":"秦朔朋友圈是由中国著名媒体人、财经观察家秦朔牵头创立的一个新媒体与专业服务品牌,包括微信公众号、微博、视频节目、音频节目等。内容聚焦于经济、金融和商业领域,关注重点为全球和中国财经商业热点、企业家精神、创新与发明创造、商业文明探索等。","home_visible":1,"media_name":"秦朔朋友圈","id":"60","head_image":"https://static.tigerbbs.com/707686f07ebc41778130c729f4eea24e"},"pubTimestamp":1627352185,"share":"https://ttm.financial/m/news/1120859674?lang=en_US&edition=fundamental","pubTime":"2021-07-27 10:16","market":"us","language":"zh","title":"Chinese concept stocks withdraw from the US market, is this possible?","url":"https://stock-news.laohu8.com/highlight/detail?id=1120859674","media":"秦朔朋友圈","summary":"谁都不希望坏事发生,但如果发生,也不至于措手不及。","content":"<p>Text/Jia Ming</p><p>On July 23rd, a document issued by the Central Office titled \"Opinions on Further Reducing the Burden of Students' Homework and Off-campus Training in Compulsory Education\" was circulated on the Internet. The \"Opinions\" include measures such as strictly prohibiting the \"capitalization\" operation of education and training institutions, and not allowing subject training institutions to go public for financing. Overseas listed education stocks fell in response. For example, New Oriental'S stock price on the Hong Kong Stock Exchange was once \"halved\" (New Oriental S, closed down 40.61% on the 23rd, and closed down 47.02% on the 26th; New Oriental Online closed down 28.07% and 33.45% on the 23rd and 26th respectively; New Oriental closed down 54.22% on the 23rd), on the 23rd, Gaotu fell 63.26% in the US stock market, and TAL fell more than 70%.</p><p>The official officially announced the document on the evening of July 24th, and many media have forwarded the full text. Interested readers can look for it.</p><p>Today's article does not analyze Circular No.40 issued by the Central Committee of the Communist Party of China, but wants to discuss two issues.</p><p>First, why do so many Chinese companies choose to list in the United States?</p><p>Second, considering Sino-US relations, Ruixing's fraud, Didi's delisting and other incidents, what is the future fate of these Chinese concept stocks listed overseas?</p><p><b>Main reasons</b></p><p>Chinese companies are more enthusiastic about listing on American stock exchanges than almost any other non-American company, even after Sino-US relations have become obviously cold.</p><p>In 2019, 32 companies went public in the United States, compared with 34 in 2020. In the first half of 2021, 37 companies have completed listing in the United States. According to wind data, as of July 2021, a total of 286 Chinese companies have been listed in the United States-including those registered in offshore centers such as Hong Kong or the Cayman Islands, but most of their revenue and profits come from mainland China-in fact, Most Chinese companies listed in the United States have basically adopted this listing method.</p><p>Since 2018, while suppressing Chinese technology companies, the United States has raised audit requirements for Chinese companies listed in the United States. The overall environment for Chinese companies to go public in the United States is not good, so why do Chinese companies still resolutely choose to go public in the United States?</p><p>Several reasons that are well known are;</p><p>First, the capital market in the United States was built relatively early, and the financing system and laws and regulations are relatively more mature and perfect. From the overall financing environment, the United States is generally optimistic about Internet companies and high-tech companies. If the same stock is listed in the United States, it is relatively easy to obtain a higher valuation and raise more funds.</p><p>Second, and more importantly, the U.S. capital market adopts a registration system, and there is no profit threshold for companies to be listed. As long as your company's business grows rapidly and occupies a large market share, you can go public even if you lose money. China adopts the audit system, and the necessary condition for applying for A-share listing is to make profits for three consecutive years.</p><p>Internet companies are growing rapidly, so they are always short of money. Some Internet companies, perhaps just a few years after their establishment, have become unicorns with a valuation of more than one billion. At this time, facing the pressure of investors to realize cash and further develop, they have to prepare to go public for large-scale financing. However, most companies may have just started to make profits at this time, or even haven't made a profit yet. Therefore, if they can't meet the conditions of making profits for three consecutive years, they can't list and raise funds in the A-share market. If you wait two or three years before going public to raise funds, you may not only miss the best development opportunity, but also fail to raise funds, and it is unknown whether the company can survive. Therefore, you can only go abroad.</p><p>Third, the length of my country's listing approval cycle is uncertain. When the listing approval is suspended and a company wants to go public, the entire process may take three or four years if it is long. Time is money, and many enterprises can't afford to wait.</p><p>The above three reasons, especially the second and third, should be the two main reasons for Chinese companies to go public in the United States. But beyond that, there are several reasons that shouldn't be overlooked.</p><p><img src=\"https://static.tigerbbs.com/24b35bd20e43d6773e8057d5090c82e8\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Reason of birth</b></p><p>Now we often say that Chinese Internet companies are doing very well. We usually call around 2000 the first year of China's Internet. But we can't forget that in the early days of the development of the Internet, few people could understand this format, so it was impossible for these enterprises to get bank loans.</p><p>In fact, it is difficult to get bank loans not only in the start-up stage of the Internet, but also in the start-up stage of all enterprises. Because of the strict loan approval procedures and innate risk aversion, commercial banks would rather earn less loan interest than lend money to stable enterprises.</p><p>Banks are not institutions that invest in start-ups. Investing in start-ups should be done by angel investors and venture capital institutions. At that time, there was no venture capital (VC) and private equity (PE) in China. These Internet companies can't find money in China, but they need money for development. What should they do? Only overseas capital can be introduced.</p><p>You know, in the early days of our reform and opening up, we also exchanged domestic markets for overseas capital and technology. So as Deng Gong said, regardless of whether it is a black cat or a white cat, it is a good cat if it can catch mice. Capital is neutral, and it doesn't matter if it is good or bad. If you only use the region as the basis for classification, it is of course possible. But if you want to make a value judgment, it is more important to look at the specific things that the capital is used for, rather than the origin of the capital.</p><p>Therefore, many Internet giants in China (in order to avoid unnecessary troubles, I won't give examples here) were Sino-foreign joint ventures at the beginning of their establishment. This leads to another question: the legitimacy of the VIE architecture.</p><p>Variable Interest Entity (VIE structure), referred to as VIE structure for short, is usually referred to as \"agreement control\". It refers to the listed entity registered overseas by the company to be listed, which is separated from the mainland business operating entity, and the overseas listed entity controls domestic business operating entities through agreements and transfers income and profits to overseas companies. The VIE architecture has derived many different forms, but the essence is the same, so it will not be expanded here.</p><p>Because China's laws strictly restrict the access of overseas funds in \"information transmission, software and information technology services\", overseas capital is not allowed to directly invest in telecommunications and Internet-related enterprises. Of course, companies in these industries are not allowed to directly raise funds or go public overseas. Therefore, these companies adopt the VIE structure to bypass supervision.</p><p>Of course, supervision knows this form. The reason why it is not completely banned is that on the one hand, this structure is not \"obviously illegal\", and on the other hand, it is also a kind of regulatory wisdom.</p><p>However, if this kind of enterprise is listed in China, it still has to strictly follow the regulatory requirements for listing. Then the legality of this VIE structure becomes a problem, so it cannot be directly listed in China.</p><p>This means that some Internet companies have crooked roots since the day they were born. If the roots are not crooked, you will not be able to survive, and if you survive, you will leave a bad background-\"lack of money-introducing foreign capital-becoming a joint venture-adopting a VIE structure-problematic legality of domestic listing-overseas listing\".</p><p>It's much better now. The construction of China's multi-level capital market is becoming more and more perfect, and there are more RMB venture capital and private equity. The problem of not finding money in China has been greatly alleviated.</p><p>Wang Xiaobo said in The Silent Majority that it is too easy to make value judgments. If we are a male rabbit, we naturally know that the big bad wolf is bad and the female rabbit is good. But the rabbit doesn't know how to memorize the nine-nine times table. Understanding the above background is a bit like a ninety-nine multiplication table. No matter what kind of value evaluation we make of Internet companies going overseas to go public-how to evaluate it is our freedom-but at least our judgment is based on the complete ins and outs of the matter.</p><p><img src=\"https://static.tigerbbs.com/1f4d1b82e56c3a630026ec35cf9663d6\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Other reasons</b></p><p>There are two other reasons: the free circulation of capital and the pursuit of different rights for the same shares.</p><p>As mentioned earlier, because the funding sources of many enterprises include international private equity funds and venture capital companies, and China implements foreign exchange controls, it will be very troublesome for venture capital to make profits and withdraw from them, and there will be exchange risks, so they also have the incentive to encourage business owners to list overseas. Some business owners have the ambition to be multinational enterprises and are willing to list in the United States, which is not only conducive to expanding the popularity of enterprises, but also conducive to the global layout of corporate fund-raising and assets, killing multiple goals with one stone.</p><p>It has to be wordy again. Private equity and venture capital eat the bowl of high risk and high return. As long as they can make money in accordance with the law, they can't say that there is anything wrong with people making profits and withdrawing after the company goes public. Of course, if you violate the law and discipline, you must be held accountable according to law.</p><p>Some people may ask, if you are listed in Hong Kong, capital can flow freely. Entrepreneurs and early investors of listed companies can easily convert Hong Kong dollars raised by listing into US dollars or any other currency. This brings us to another reason, \"same rights for the same shares\" and \"different rights for the same shares\".</p><p>Companies listed in mainland China must strictly abide by the regulations of equal shares and equal rights, that is, as many shares you own in the company, you have as many voting rights when voting on major events. This is the reason why many companies do not want to go public, fearing the shares they will own after listing. There are not many, resulting in the founder of the company being unable to speak at the board of directors or even being kicked out. This is also the reason for the popular hostile takeover of \"barbarians\" before. As long as others hold more shares than you, even if you are the founder, you will be kicked out.</p><p>Before 2018, listing in Hong Kong was also a requirement for the same shares and rights. In 2018, the Hong Kong Stock Exchange introduced a reform that allows technology companies and companies in the life sciences fields to adopt an American-style structure of the same shares but different rights. Since then, more and more Chinese companies have chosen to list in Hong Kong, or both in Hong Kong, China and new york, USA.</p><p>It's not that the same shares and rights are bad. Everything has its advantages and disadvantages. Same shares and equal rights require founders who hold few shares to go public cautiously, because they may be overhead or even kicked out of the decision-making level after listing, but cautious listing may slow down the development of enterprises and miss the golden development period.</p><p>Going public in the United States provides an option of different rights for the same shares, which means that even if you hold less than 50% of the company's equity, even if you only hold 10% or even less, you can still maintain control of the company. Although it is convenient for enterprises to go public and raise funds, it can easily lead to the problem of \"insider control\". Since the actual controller of an enterprise is not the largest shareholder, when there is a conflict between the interests of shareholders and the interests of operators, it is easy for the actual controller to pretend to benefit the public for personal gain, enrich his own pockets, or adopt some risky business practices. In some countries, different rights for the same share are considered to be one of the root causes of corporate governance problems.</p><p><img src=\"https://static.tigerbbs.com/c43b7c0037505392758b59f3788cc488\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Crisis of trust</b></p><p>The previous article basically explains why Chinese companies are more willing to go public in the United States. There are various reasons, including regulatory systems and business operations. Generally speaking, it is a normal business behavior of seeking advantages and avoiding disadvantages.</p><p>However, after the Sino-US trade conflict escalated, the United States successively sanctioned Chinese companies, some of which were Chinese companies listed in the United States. This increases the risk of listing in the United States. Even if some listed companies have not been sanctioned, the risks caused by changes in international relations between the two countries are increasing. In 2020, Ruixing's financial fraud exacerbated the crisis of confidence in Chinese concept stocks.</p><p>The Trump administration took the opportunity to sign the Holding Foreign Companies Accountable Act before the end of his term, threatening that if China failed to get the audit working papers of the US Listed Company Accounting Oversight Board (PCAOB) for three consecutive years, Chinese listed companies would be delisted by the US stock exchange.</p><p>On June 22, 2021, the U.S. Senate passed another proposal, proposing that the delisting time can be advanced by one year.</p><p>The direct reason for the U.S. threat to delist Chinese companies is to protect U.S. investors from losses caused by accounting fraud similar to that of Luckin Coffee last year. To be honest, this actually seems quite reasonable. Financial fraud is a crime. Not only the United States, but we believe that the capital market of any country must crack down on financial fraud.</p><p>But there are a few problems here.</p><p>First, China and the United States have been negotiating on the issue of audit papers, but why do they suddenly turn against each other now?</p><p>In 2009, China promulgated a law requiring enterprises to \"store the working papers and other files formed by securities companies and securities service institutions that provide related securities services in China in the process of issuing and listing securities overseas\".</p><p>In 2013, the PCAOB of China and the United States signed a memorandum of understanding on cooperation, and provided the audit working papers of four enterprises to the PCAOB.</p><p>From 2016 to 2019, the regulatory authorities of both parties have also made some cooperation attempts on how to effectively inspect. When the relationship is good, there is business and quantity, but when the relationship is bad, it means turning your face and denying others.</p><p>Second, whether providing accounting papers is an effective form to combat financial fraud.</p><p>For example, in 2002, the Securities Act of 1933 and the Securities Exchange Act of 1934 were greatly revised in response to Enron's financial fraud incident, forming the Public Company Accounting Reform and Investor Protection Act of 2002, referred to as Sarbanes-Oxley Act, which made many new regulations in corporate governance, accounting professional supervision and securities market supervision. In fact, this is conducive to protecting both listed companies and investors, which is a good thing.</p><p>However, the American Public Company Accounting Oversight Board established after the Sarbanes-Oxley Act can already review the audit papers of public companies, but then the accounting problems of WorldCom, Southern Healthcare, Freddie Mac, American International Group and Lehman Brothers appeared. However, most serious accounting fraud incidents are often found by professional short-selling agencies through the use of \"unannounced visits to private servers\" on-the-spot investigation of the company's business flow and other techniques, and audit companies will not use these methods.</p><p>The U.S. Public Company Accounting Oversight Board (PCAOB) may not necessarily be able to detect these financial frauds by auditing the working papers. In other words, audit papers may help to combat financial fraud, but they are not an essential way, nor are they always 100% effective.</p><p>Third, Holding Foreign Companies Accountable Act's important target is Chinese concept stock companies, but this is not the first day the United States knows that Chinese listed companies adopt the VIE structure. If the United States believes that there is a problem with the VIE structure, it can directly ban the listing of Chinese concept stocks.</p><p>When the two countries have friendly relations, audit papers are not a very important issue. The two countries can solve it through consultation and cooperate in supervision because of mutual trust. Now this mutual trust is gone.</p><p><img src=\"https://static.tigerbbs.com/69e2b71cb10ca93f5741a9e9b49df382\" tg-width=\"550\" tg-height=\"428\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Prepare for a rainy day</b></p><p>We hope that Sino-US relations can return to friendship in a new competitive relationship. But if the gap between the two countries is getting wider and wider, Chinese companies listed in the United States really need to be prepared with both hands.</p><p>For both China and the United States, the delisting of Chinese companies from the US market does not seem to be an unbearable price.</p><p>As far as the United States is concerned, although the volatility of Chinese concept stocks is relatively large, the overall performance of Chinese concept stocks is better than that of most American listed companies, and the losses caused by financial fraud of Chinese companies are far smaller than those of American companies such as Enron and Lehman.</p><p>If Chinese concept stocks are delisted, American investors will lose a better investment target. However, after Chinese concept stocks are delisted, they can be listed on Hong Kong stocks and A-shares. If American investors are still optimistic about Chinese companies, they can continue to buy and invest in Hong Kong through the Qualified Foreign Investor Mechanism (QFII) or the interconnection mechanism.</p><p>As far as China is concerned, China is a high savings country and a net exporter of capital, so it is not necessary to list in the United States to raise funds. My country's own capital market is also gradually improving, and the registration system is also being piloted on the Science and Technology Innovation Board. It is likely that it will be fully rolled out in the near future. In the future, the convenience of Chinese companies listing in China will be greatly improved. Although in A-shares or Hong Kong stocks When listed, the valuation is likely to shrink, but this is not an unacceptable challenge for the whole country.</p><p>Therefore, if the delisting of Chinese enterprises in the United States is not an unacceptable event for the two countries, then their fate will be more influenced by international relations and historical processes. At this time, what enterprises should do is to take precautions and prevent problems before they happen.</p><p>No one wants bad things to happen, but if they happen, they won't be caught off guard.</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>Chinese concept stocks withdraw from the US market, is this possible?</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\">\nChinese concept stocks withdraw from the US market, is this possible?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/60\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/707686f07ebc41778130c729f4eea24e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">秦朔朋友圈 </p>\n<p class=\"h-time smaller\">2021-07-27 10:16</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Text/Jia Ming</p><p>On July 23rd, a document issued by the Central Office titled \"Opinions on Further Reducing the Burden of Students' Homework and Off-campus Training in Compulsory Education\" was circulated on the Internet. The \"Opinions\" include measures such as strictly prohibiting the \"capitalization\" operation of education and training institutions, and not allowing subject training institutions to go public for financing. Overseas listed education stocks fell in response. For example, New Oriental'S stock price on the Hong Kong Stock Exchange was once \"halved\" (New Oriental S, closed down 40.61% on the 23rd, and closed down 47.02% on the 26th; New Oriental Online closed down 28.07% and 33.45% on the 23rd and 26th respectively; New Oriental closed down 54.22% on the 23rd), on the 23rd, Gaotu fell 63.26% in the US stock market, and TAL fell more than 70%.</p><p>The official officially announced the document on the evening of July 24th, and many media have forwarded the full text. Interested readers can look for it.</p><p>Today's article does not analyze Circular No.40 issued by the Central Committee of the Communist Party of China, but wants to discuss two issues.</p><p>First, why do so many Chinese companies choose to list in the United States?</p><p>Second, considering Sino-US relations, Ruixing's fraud, Didi's delisting and other incidents, what is the future fate of these Chinese concept stocks listed overseas?</p><p><b>Main reasons</b></p><p>Chinese companies are more enthusiastic about listing on American stock exchanges than almost any other non-American company, even after Sino-US relations have become obviously cold.</p><p>In 2019, 32 companies went public in the United States, compared with 34 in 2020. In the first half of 2021, 37 companies have completed listing in the United States. According to wind data, as of July 2021, a total of 286 Chinese companies have been listed in the United States-including those registered in offshore centers such as Hong Kong or the Cayman Islands, but most of their revenue and profits come from mainland China-in fact, Most Chinese companies listed in the United States have basically adopted this listing method.</p><p>Since 2018, while suppressing Chinese technology companies, the United States has raised audit requirements for Chinese companies listed in the United States. The overall environment for Chinese companies to go public in the United States is not good, so why do Chinese companies still resolutely choose to go public in the United States?</p><p>Several reasons that are well known are;</p><p>First, the capital market in the United States was built relatively early, and the financing system and laws and regulations are relatively more mature and perfect. From the overall financing environment, the United States is generally optimistic about Internet companies and high-tech companies. If the same stock is listed in the United States, it is relatively easy to obtain a higher valuation and raise more funds.</p><p>Second, and more importantly, the U.S. capital market adopts a registration system, and there is no profit threshold for companies to be listed. As long as your company's business grows rapidly and occupies a large market share, you can go public even if you lose money. China adopts the audit system, and the necessary condition for applying for A-share listing is to make profits for three consecutive years.</p><p>Internet companies are growing rapidly, so they are always short of money. Some Internet companies, perhaps just a few years after their establishment, have become unicorns with a valuation of more than one billion. At this time, facing the pressure of investors to realize cash and further develop, they have to prepare to go public for large-scale financing. However, most companies may have just started to make profits at this time, or even haven't made a profit yet. Therefore, if they can't meet the conditions of making profits for three consecutive years, they can't list and raise funds in the A-share market. If you wait two or three years before going public to raise funds, you may not only miss the best development opportunity, but also fail to raise funds, and it is unknown whether the company can survive. Therefore, you can only go abroad.</p><p>Third, the length of my country's listing approval cycle is uncertain. When the listing approval is suspended and a company wants to go public, the entire process may take three or four years if it is long. Time is money, and many enterprises can't afford to wait.</p><p>The above three reasons, especially the second and third, should be the two main reasons for Chinese companies to go public in the United States. But beyond that, there are several reasons that shouldn't be overlooked.</p><p><img src=\"https://static.tigerbbs.com/24b35bd20e43d6773e8057d5090c82e8\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Reason of birth</b></p><p>Now we often say that Chinese Internet companies are doing very well. We usually call around 2000 the first year of China's Internet. But we can't forget that in the early days of the development of the Internet, few people could understand this format, so it was impossible for these enterprises to get bank loans.</p><p>In fact, it is difficult to get bank loans not only in the start-up stage of the Internet, but also in the start-up stage of all enterprises. Because of the strict loan approval procedures and innate risk aversion, commercial banks would rather earn less loan interest than lend money to stable enterprises.</p><p>Banks are not institutions that invest in start-ups. Investing in start-ups should be done by angel investors and venture capital institutions. At that time, there was no venture capital (VC) and private equity (PE) in China. These Internet companies can't find money in China, but they need money for development. What should they do? Only overseas capital can be introduced.</p><p>You know, in the early days of our reform and opening up, we also exchanged domestic markets for overseas capital and technology. So as Deng Gong said, regardless of whether it is a black cat or a white cat, it is a good cat if it can catch mice. Capital is neutral, and it doesn't matter if it is good or bad. If you only use the region as the basis for classification, it is of course possible. But if you want to make a value judgment, it is more important to look at the specific things that the capital is used for, rather than the origin of the capital.</p><p>Therefore, many Internet giants in China (in order to avoid unnecessary troubles, I won't give examples here) were Sino-foreign joint ventures at the beginning of their establishment. This leads to another question: the legitimacy of the VIE architecture.</p><p>Variable Interest Entity (VIE structure), referred to as VIE structure for short, is usually referred to as \"agreement control\". It refers to the listed entity registered overseas by the company to be listed, which is separated from the mainland business operating entity, and the overseas listed entity controls domestic business operating entities through agreements and transfers income and profits to overseas companies. The VIE architecture has derived many different forms, but the essence is the same, so it will not be expanded here.</p><p>Because China's laws strictly restrict the access of overseas funds in \"information transmission, software and information technology services\", overseas capital is not allowed to directly invest in telecommunications and Internet-related enterprises. Of course, companies in these industries are not allowed to directly raise funds or go public overseas. Therefore, these companies adopt the VIE structure to bypass supervision.</p><p>Of course, supervision knows this form. The reason why it is not completely banned is that on the one hand, this structure is not \"obviously illegal\", and on the other hand, it is also a kind of regulatory wisdom.</p><p>However, if this kind of enterprise is listed in China, it still has to strictly follow the regulatory requirements for listing. Then the legality of this VIE structure becomes a problem, so it cannot be directly listed in China.</p><p>This means that some Internet companies have crooked roots since the day they were born. If the roots are not crooked, you will not be able to survive, and if you survive, you will leave a bad background-\"lack of money-introducing foreign capital-becoming a joint venture-adopting a VIE structure-problematic legality of domestic listing-overseas listing\".</p><p>It's much better now. The construction of China's multi-level capital market is becoming more and more perfect, and there are more RMB venture capital and private equity. The problem of not finding money in China has been greatly alleviated.</p><p>Wang Xiaobo said in The Silent Majority that it is too easy to make value judgments. If we are a male rabbit, we naturally know that the big bad wolf is bad and the female rabbit is good. But the rabbit doesn't know how to memorize the nine-nine times table. Understanding the above background is a bit like a ninety-nine multiplication table. No matter what kind of value evaluation we make of Internet companies going overseas to go public-how to evaluate it is our freedom-but at least our judgment is based on the complete ins and outs of the matter.</p><p><img src=\"https://static.tigerbbs.com/1f4d1b82e56c3a630026ec35cf9663d6\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Other reasons</b></p><p>There are two other reasons: the free circulation of capital and the pursuit of different rights for the same shares.</p><p>As mentioned earlier, because the funding sources of many enterprises include international private equity funds and venture capital companies, and China implements foreign exchange controls, it will be very troublesome for venture capital to make profits and withdraw from them, and there will be exchange risks, so they also have the incentive to encourage business owners to list overseas. Some business owners have the ambition to be multinational enterprises and are willing to list in the United States, which is not only conducive to expanding the popularity of enterprises, but also conducive to the global layout of corporate fund-raising and assets, killing multiple goals with one stone.</p><p>It has to be wordy again. Private equity and venture capital eat the bowl of high risk and high return. As long as they can make money in accordance with the law, they can't say that there is anything wrong with people making profits and withdrawing after the company goes public. Of course, if you violate the law and discipline, you must be held accountable according to law.</p><p>Some people may ask, if you are listed in Hong Kong, capital can flow freely. Entrepreneurs and early investors of listed companies can easily convert Hong Kong dollars raised by listing into US dollars or any other currency. This brings us to another reason, \"same rights for the same shares\" and \"different rights for the same shares\".</p><p>Companies listed in mainland China must strictly abide by the regulations of equal shares and equal rights, that is, as many shares you own in the company, you have as many voting rights when voting on major events. This is the reason why many companies do not want to go public, fearing the shares they will own after listing. There are not many, resulting in the founder of the company being unable to speak at the board of directors or even being kicked out. This is also the reason for the popular hostile takeover of \"barbarians\" before. As long as others hold more shares than you, even if you are the founder, you will be kicked out.</p><p>Before 2018, listing in Hong Kong was also a requirement for the same shares and rights. In 2018, the Hong Kong Stock Exchange introduced a reform that allows technology companies and companies in the life sciences fields to adopt an American-style structure of the same shares but different rights. Since then, more and more Chinese companies have chosen to list in Hong Kong, or both in Hong Kong, China and new york, USA.</p><p>It's not that the same shares and rights are bad. Everything has its advantages and disadvantages. Same shares and equal rights require founders who hold few shares to go public cautiously, because they may be overhead or even kicked out of the decision-making level after listing, but cautious listing may slow down the development of enterprises and miss the golden development period.</p><p>Going public in the United States provides an option of different rights for the same shares, which means that even if you hold less than 50% of the company's equity, even if you only hold 10% or even less, you can still maintain control of the company. Although it is convenient for enterprises to go public and raise funds, it can easily lead to the problem of \"insider control\". Since the actual controller of an enterprise is not the largest shareholder, when there is a conflict between the interests of shareholders and the interests of operators, it is easy for the actual controller to pretend to benefit the public for personal gain, enrich his own pockets, or adopt some risky business practices. In some countries, different rights for the same share are considered to be one of the root causes of corporate governance problems.</p><p><img src=\"https://static.tigerbbs.com/c43b7c0037505392758b59f3788cc488\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Crisis of trust</b></p><p>The previous article basically explains why Chinese companies are more willing to go public in the United States. There are various reasons, including regulatory systems and business operations. Generally speaking, it is a normal business behavior of seeking advantages and avoiding disadvantages.</p><p>However, after the Sino-US trade conflict escalated, the United States successively sanctioned Chinese companies, some of which were Chinese companies listed in the United States. This increases the risk of listing in the United States. Even if some listed companies have not been sanctioned, the risks caused by changes in international relations between the two countries are increasing. In 2020, Ruixing's financial fraud exacerbated the crisis of confidence in Chinese concept stocks.</p><p>The Trump administration took the opportunity to sign the Holding Foreign Companies Accountable Act before the end of his term, threatening that if China failed to get the audit working papers of the US Listed Company Accounting Oversight Board (PCAOB) for three consecutive years, Chinese listed companies would be delisted by the US stock exchange.</p><p>On June 22, 2021, the U.S. Senate passed another proposal, proposing that the delisting time can be advanced by one year.</p><p>The direct reason for the U.S. threat to delist Chinese companies is to protect U.S. investors from losses caused by accounting fraud similar to that of Luckin Coffee last year. To be honest, this actually seems quite reasonable. Financial fraud is a crime. Not only the United States, but we believe that the capital market of any country must crack down on financial fraud.</p><p>But there are a few problems here.</p><p>First, China and the United States have been negotiating on the issue of audit papers, but why do they suddenly turn against each other now?</p><p>In 2009, China promulgated a law requiring enterprises to \"store the working papers and other files formed by securities companies and securities service institutions that provide related securities services in China in the process of issuing and listing securities overseas\".</p><p>In 2013, the PCAOB of China and the United States signed a memorandum of understanding on cooperation, and provided the audit working papers of four enterprises to the PCAOB.</p><p>From 2016 to 2019, the regulatory authorities of both parties have also made some cooperation attempts on how to effectively inspect. When the relationship is good, there is business and quantity, but when the relationship is bad, it means turning your face and denying others.</p><p>Second, whether providing accounting papers is an effective form to combat financial fraud.</p><p>For example, in 2002, the Securities Act of 1933 and the Securities Exchange Act of 1934 were greatly revised in response to Enron's financial fraud incident, forming the Public Company Accounting Reform and Investor Protection Act of 2002, referred to as Sarbanes-Oxley Act, which made many new regulations in corporate governance, accounting professional supervision and securities market supervision. In fact, this is conducive to protecting both listed companies and investors, which is a good thing.</p><p>However, the American Public Company Accounting Oversight Board established after the Sarbanes-Oxley Act can already review the audit papers of public companies, but then the accounting problems of WorldCom, Southern Healthcare, Freddie Mac, American International Group and Lehman Brothers appeared. However, most serious accounting fraud incidents are often found by professional short-selling agencies through the use of \"unannounced visits to private servers\" on-the-spot investigation of the company's business flow and other techniques, and audit companies will not use these methods.</p><p>The U.S. Public Company Accounting Oversight Board (PCAOB) may not necessarily be able to detect these financial frauds by auditing the working papers. In other words, audit papers may help to combat financial fraud, but they are not an essential way, nor are they always 100% effective.</p><p>Third, Holding Foreign Companies Accountable Act's important target is Chinese concept stock companies, but this is not the first day the United States knows that Chinese listed companies adopt the VIE structure. If the United States believes that there is a problem with the VIE structure, it can directly ban the listing of Chinese concept stocks.</p><p>When the two countries have friendly relations, audit papers are not a very important issue. The two countries can solve it through consultation and cooperate in supervision because of mutual trust. Now this mutual trust is gone.</p><p><img src=\"https://static.tigerbbs.com/69e2b71cb10ca93f5741a9e9b49df382\" tg-width=\"550\" tg-height=\"428\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Prepare for a rainy day</b></p><p>We hope that Sino-US relations can return to friendship in a new competitive relationship. But if the gap between the two countries is getting wider and wider, Chinese companies listed in the United States really need to be prepared with both hands.</p><p>For both China and the United States, the delisting of Chinese companies from the US market does not seem to be an unbearable price.</p><p>As far as the United States is concerned, although the volatility of Chinese concept stocks is relatively large, the overall performance of Chinese concept stocks is better than that of most American listed companies, and the losses caused by financial fraud of Chinese companies are far smaller than those of American companies such as Enron and Lehman.</p><p>If Chinese concept stocks are delisted, American investors will lose a better investment target. However, after Chinese concept stocks are delisted, they can be listed on Hong Kong stocks and A-shares. If American investors are still optimistic about Chinese companies, they can continue to buy and invest in Hong Kong through the Qualified Foreign Investor Mechanism (QFII) or the interconnection mechanism.</p><p>As far as China is concerned, China is a high savings country and a net exporter of capital, so it is not necessary to list in the United States to raise funds. My country's own capital market is also gradually improving, and the registration system is also being piloted on the Science and Technology Innovation Board. It is likely that it will be fully rolled out in the near future. In the future, the convenience of Chinese companies listing in China will be greatly improved. Although in A-shares or Hong Kong stocks When listed, the valuation is likely to shrink, but this is not an unacceptable challenge for the whole country.</p><p>Therefore, if the delisting of Chinese enterprises in the United States is not an unacceptable event for the two countries, then their fate will be more influenced by international relations and historical processes. At this time, what enterprises should do is to take precautions and prevent problems before they happen.</p><p>No one wants bad things to happen, but if they happen, they won't be caught off guard.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ab6f6a5034baf0d08c9227da13ca9733","relate_stocks":{"513050":"中概互联网ETF"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120859674","content_text":"文/贾铭\n7月23日,一份名为《关于进一步减轻义务教育阶段学生作业负担和校外培训负担的意见》的中办发文件在网络流传。《意见》包含,严禁教育培训机构“资本化”运作,学科类培训机构一律不得上市融资等措施,海外上市的教育类股票应声而跌。比如,新东方在港交所的股价一度“腰斩”(新东方S,23号收跌40.61%,26号再收跌47.02%;新东方在线23号和26号分别收跌28.07%、33.45%;新东方在美股收盘跌幅23号为54.22%),23号,高途在美股跌幅达63.26%,好未来跌幅更是超过70%。\n官方已经于7月24日晚正式公布该文件,多家媒体有全文转发,感兴趣的读者可以找来看。\n今天这篇文章,并不分析中办的40号文,而是想探讨两个问题。\n第一,为什么这么多中国企业选择在美上市?\n第二,考虑到中美关系、瑞幸造假、滴滴下架等事件,在海外上市的这些中概股,未来命运如何?\n主要原因\n中国企业在美国的证券交易所上市的热情,差不多超过其他任何非美国的企业,即使在中美关系明显遇冷之后,依然如此。\n2019年,有32家企业赴美上市,2020年为34家,2021年上半年,已完成赴美上市的企业有37家。据wind数据,截至2021年7月,共有286家中国企业在美国上市——包括那些注册在中国香港或者开曼群岛等离岸中心,但大部分收入和利润来自中国内地的企业——事实上,大部分在美国上市的中国企业,基本都采取了这种上市方式。\n2018年以来,美国在打压中国科技企业的同时,提高了对赴美上市中国企业的审计要求,中企赴美上市的整体环境并不佳,那为什么中国企业仍毅然选择赴美上市呢?\n众所周知的几个原因是:\n第一,美国的资本市场建设比较早,融资体系和法律法规相对来讲更加成熟和完善。从总体融资环境看,美国对于互联网公司、高科技公司普遍看好,同样的一只股票,在美国上市,相对容易获得更高的估值,募集更多的资金。\n第二,更重要的是,美国资本市场采取注册制,对于拟上市公司不设盈利门槛。只要你的公司业务高速增长,占据很大的市场份额,即便亏损也能上市。我国采取审核制,申请A股上市的必要条件是连续三年盈利。\n互联网企业成长很快,所以总是非常缺钱。有的互联网企业,或许仅仅创立几年,就成为了估值超过十亿的独角兽,这时候面临投资人变现的压力和进一步发展的压力,就要准备上市做大规模筹资了,但是多数企业这时候可能才刚刚开始盈利,甚至还没有盈利,所以达不到连续三年盈利的条件,也就无法在A股市场上市融资。要是等两三年后再去上市筹资,不仅可能错过最好的发展时机,融不到资,企业能不能活下去都成了未知数。所以,只能去国外。\n第三,我国的上市审批周期长短不定,遇到上市审批暂停,企业想上市,整个流程长的话可能要三四年。时间就是金钱,很多企业等不起。\n以上三个原因,尤其是第二和第三,应该是中国企业赴美上市最主要的两个原因。但除此之外,还有以下几个原因不应该被忽视。\n\n出身原因\n我们现在经常说,中国的互联网企业做的很好。我们又通常把2000年前后,称为中国的互联网元年。但我们不能忘记,在互联网发展初期,没有几个人能看得懂这种业态,所以这些企业不可能拿到银行贷款。\n其实不仅仅是互联网初创期,所有企业初创期,都很难拿到银行贷款。由于商业银行严格的贷款审批手续和天生的风险厌恶属性,它宁愿少赚点贷款利息,也更愿意把钱贷给四平八稳的企业。\n银行本来就不是给初创企业投资的机构,给初创企业投资,应该是天使投资人和风投机构干的事儿,而我国那时候没有什么风险投资(VC)和私募股权(PE)。这些互联网企业在国内找不到钱,但发展又需要钱,怎么办?只能引进境外资本。\n要知道,我们的改革开放早期,也是用境内的市场换境外的资本和技术。所以还是邓公说的好,管它黑猫白猫,能抓老鼠就是好猫。资本本是中性,无所谓好坏,如果只是用地域作为分类依据,当然是可以的。但如果要做价值判断,更重要的是要看这些资本被用来做的具体的事情,而不是这些资本的出身。\n所以,我国的很多互联网巨头(为了避免不必要的麻烦,这里就不举例了),在设立之初,就是中外合资企业。这又引出了另一个问题:VIE架构的合法性问题。\n可变利益实体架构(Variable Interest Entity),简称VIE架构,通常被称为“协议控制”,是指拟上市公司在境外注册的上市实体,与内地业务经营主体分离,由境外上市实体透过协议方式控制境内业务经营主体,并把收入和利润转移到境外公司。VIE架构又衍生出很多不同的形式,但本质是一样的,这里不展开。\n因为我国法律对境外资金在“信息传输、软件和信息技术服务业”的行业准入有严格限制,不允许境外资本直接投资电信、互联网相关企业。当然也不允许这些行业的公司直接在海外集资或者上市。所以,这些企业采取VIE架构绕开监管。\n监管当然知道这种形式,之所以没有完全禁绝,一方面是这种架构并不“明显违法”,另一方面当然也是一种监管智慧。\n但这种企业在境内上市的话,还是要严格按照上市的监管要求,那这种VIE架构的合法性就成了问题,所以不能直接境内上市。\n这就意味着,一部分互联网企业从诞生的那天起,根就是歪的。根不歪就活不下来,活下来了又留下了不好的出身——“缺钱-引进外资-变成合资企业-采取VIE架构-境内上市的合法性有问题-境外上市”。\n现在好多了,我国的多层次资本市场建设越来越完善,人民币风投和私募也多了,在国内找不到钱的问题,得到了很大的缓解。\n王小波在《沉默的大多数》中说,做价值判断太容易了,如果我们是一只公兔子,我们天然就知道大灰狼坏,母兔子好。但兔子不知道怎么背九九乘法表。搞清楚上面这个背景,就有点九九乘法表的意思,无论我们对互联网企业去境外上市做出何种价值评价——如何评价是我们的自由——但起码我们的评判是基于事情完整的来龙去脉做出来的。\n\n其他原因\n还有两个原因分别是,资本的自由流通和同股不同权的追求。\n如前所述,由于很多企业的资金来源包括国际私募基金和风险投资公司,而中国又实行外汇管制,在境内上市,风投资金获利退出会很麻烦,有汇兑风险,所以他们也有动力鼓励企业所有者在境外上市。有的企业所有者有做跨国企业的雄心,也愿意在美国上市,这既有利于拓展企业的知名度,又有利于企业募资和资产的全球布局,一举多得。\n又得啰嗦一点,私募和风投吃的就是高风险高收益这碗饭,只要他们能遵纪守法地赚钱,就不能说人家在企业上市后获利退出有什么不对。当然,如果违法乱纪,那必然是要依法追责的。\n有人可能会问,在香港上市,资本也可以自由流动啊。上市公司创业者与早期投资者可以轻松地将上市筹集的港元兑换成美元或其他任何货币。这就到了另一个原因,“同股同权”和“同股不同权”。\n在我国内地上市的公司要严格遵守同股同权的条例,即你拥有该公司多少股份,在重大事件投票时就拥有多少的投票权,这就是很多公司不想上市的原因,害怕上市之后拥有的股份不多,导致公司创始人在董事会说不上话甚至会被踢出局。这也是之前流行的“野蛮人”恶意收购的原因,只要别人持有比你更多的股份,哪怕你是创始人,也会被踢出局。\n在2018年以前,在香港上市,也是同股同权的要求。2018年,港交所推出了一项改革,允许科技企业和生命科学领域里的企业采用美国式的同股不同权的结构。此后,越来越多的中国企业选择在香港上市,或者在中国香港和美国纽约两地同时挂牌。\n不是说同股同权不好。凡事都是有利有弊。同股同权要求持股不多的创始人谨慎上市,因为上市后可能被架空甚至踢出决策层,但谨慎上市又可能拖慢企业发展的速度,错过黄金发展期。\n赴美上市提供了一个同股不同权的选项,这就意味着,即使持有企业小于50%的股权,哪怕只持有10%甚至更低,也可以保持对企业的控制权。虽然方便了企业上市融资,但这很容易导致“内部人控制”问题。由于企业的实际控制人并不是最大的股东,那股东利益与经营者利益存在冲突的时候,实控人就容易假公济私,中饱私囊,或者采取一些风险比较大的经营行为。在一些国家,同股不同权被认为是企业治理问题的根源之一。\n\n信任危机\n前文基本解释了中国企业为啥更愿意去美国上市,有各种原因,有监管制度上的,有企业经营上的,总体而言,是一种很正常的趋利避害的商业行为。\n但中美贸易冲突升级以后,美国接连制裁中国的企业,有一些就是在美上市的中国企业。这增大了在美上市的风险,已经上市的部分企业,即使没有被制裁,因两国国际关系变动而带来的风险也在变大。2020年,瑞幸财务造假,更加剧了中概股的信任危机。\n特朗普政府趁机在任期结束之前签署《外国公司问责法案》,威胁说,如果中国方面连续三年不能够让美国上市公司会计监督委员会(PCAOB)获得审计工作底稿,中国的上市企业将会被美国证券交易所摘牌。\n2021年6月22日,美国参议院又通过了另一项提案,提出退市时间可以提前一年。\n美国威胁要让中国企业退市的直接理由是保护美国投资者免受类似于去年瑞幸咖啡那样的会计造假带来的损失。说实话,这看起来其实挺有道理。财务造假是犯罪,不仅美国,我们相信任何一个国家的资本市场都要打击财务造假。\n但这里有几个问题。\n第一,中美双方一直在就审计底稿的问题进行磋商,但为啥现在突然翻脸。\n2009年,我国出台法律,要求企业“在境外发行证券与上市过程中,提供相关证券服务的证券公司、证券服务机构在境内形成的工作底稿等档案应当存放在境内”。\n2013年,我国和美国的PCAOB签署了一份合作谅解备忘录,并向PCAOB提供了4家企业的审计工作底稿。\n2016年到2019年,双方监管部门也一直就如何来有效地检查,有过一些合作尝试。关系好的时候有商有量,关系不好的时候就有点翻脸不认人的意思。\n第二,提供会计底稿是不是打击财务造假的一种有效形式。\n美国的证券市场监管法规一直在不断升级,比如2002年针对安然公司财务造假事件对《1933年证券法》《1934年证券交易法》做出大幅修订,形成了《2002年上市公司会计改革和投资者保护法案》(Public Company Accounting Reform and Investor Protection Act of 2002),简称《萨班斯-奥克斯利法案》,在公司治理、会计职业监管、证券市场监管等方面作出了许多新的规定。这事实上既有利于保护上市公司,也有利于保护投资者,是好事儿。\n但《萨班斯-奥克斯利法案》之后建立的美国上市公司会计监督委员会已经可以审阅上市公司的审计底稿了,可之后又出现了世通、南方保健、房地美、美国国际集团和雷曼兄弟的会计问题。而大多数比较严重的会计造假事件,往往是由专业的卖空机构,通过使用“私服暗访”实地调查公司业务流量等技巧手段发现问题的,审计公司不会使用这些手段。\n美国上市公司会计监督委员会(PCAOB)不一定能通过审计工作底稿来发现这些财务造假。换言之,审计底稿或许有助于打击财务造假,但并不是一种必不可少的方式,也不总是百分百有效。\n第三,《外国公司问责法案》的重要目标就是中概股公司,但美国不是第一天知道中国上市公司采用VIE架构。如果美国认为VIE架构有问题,那直接禁止中概股上市即可。\n两国在关系友好的时候,审计底稿并不是一个很重要的问题,两国可以协商解决,合作监管,因为互相信任。现在这种互信没有了。\n\n未雨绸缪\n我们希望中美关系可以在新的竞争关系中复归友好。但如果两国的隔阂越来越大,那在美上市的中国企业,确实需要做好两手准备。\n对中美两国来讲,中国企业从美国市场退市,似乎都不是难以承受的代价。\n对美国来讲,尽管中概股的波动比较大,但中概股的整体表现优于大部分美国上市公司股票,中国企业财务造假带来的损失,也远小于安然、雷曼这些美国公司。\n如果中概股退市,美国投资者会失去一个比较好的投资标的。但中概股退市后可以去港股和A股上市,如果美国投资者依旧看好中国企业,可以继续在香港地区通过合格境外投资者机制(QFII)或者互联互通机制买进,进行投资。\n对中国来讲,我国是一个高储蓄国家和资本净出口国,并非一定要在美国上市募资。我国自己的资本市场也在逐渐完善,注册制也在科创板试点,很可能不久后的未来就会全面铺开,未来中国企业在国内上市的便利度会大幅度提升,虽然在A股或者港股上市,估值很可能有缩水,但这对整个国家来讲,并不是什么不可接受的挑战。\n所以,如果中国企业在美退市,对两国来讲并不是什么不可接受的事件,那它们的命运就更多地受国际关系和历史进程的影响。这时候,企业应该做的就是未雨绸缪,防患于未然。\n谁都不希望坏事发生,但如果发生,也不至于措手不及。","news_type":1,"symbols_score_info":{"513050":0.9}},"isVote":1,"tweetType":1,"viewCount":2334,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177492503,"gmtCreate":1627256637602,"gmtModify":1703485974163,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177492503","repostId":"2153840759","repostType":4,"repost":{"id":"2153840759","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":1627052471,"share":"https://ttm.financial/m/news/2153840759?lang=en_US&edition=fundamental","pubTime":"2021-07-23 23:01","market":"us","language":"zh","title":"[Change] Intel fell more than 5%, CEO said chip shortage will last until 2023","url":"https://stock-news.laohu8.com/highlight/detail?id=2153840759","media":"老虎资讯综合","summary":"7月23日,英特尔跌超5%,CEO 称芯片短缺将持续至2023年。\n业界越来越多的人认为,芯片供应中断不会很快得到解决,Gelsinger的预测为这种观点增添了业内领先人物的声音。 在周四的采访中,他","content":"<p>July 23,<a href=\"https://laohu8.com/S/INTC\">Intel</a>Falling more than 5%, the CEO said the chip shortage will continue until 2023.</p><p>There is a growing belief in the industry that chip supply disruptions won't be resolved anytime soon, and Gelsinger's forecast adds voices from leading figures in the industry to that view. In an interview Thursday, he said it could take one to two years for the semiconductor industry to return to a reasonable balance between supply and demand. We still have a long way to go because it takes a long time to build manufacturing capacity. In addition, Intel is already adding new chip production plants, though some of these capacities won't be in place for about two years.<img src=\"https://static.tigerbbs.com/198a9c06c3ac52d89ba193e88d320c04\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></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>[Change] Intel fell more than 5%, CEO said chip shortage will last until 2023</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n[Change] Intel fell more than 5%, CEO said chip shortage will last until 2023\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-23 23:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>July 23,<a href=\"https://laohu8.com/S/INTC\">Intel</a>Falling more than 5%, the CEO said the chip shortage will continue until 2023.</p><p>There is a growing belief in the industry that chip supply disruptions won't be resolved anytime soon, and Gelsinger's forecast adds voices from leading figures in the industry to that view. In an interview Thursday, he said it could take one to two years for the semiconductor industry to return to a reasonable balance between supply and demand. We still have a long way to go because it takes a long time to build manufacturing capacity. In addition, Intel is already adding new chip production plants, though some of these capacities won't be in place for about two years.<img src=\"https://static.tigerbbs.com/198a9c06c3ac52d89ba193e88d320c04\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c74be4c2a08964ef2daf32217f693b44","relate_stocks":{"INTC":"英特尔"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2153840759","content_text":"7月23日,英特尔跌超5%,CEO 称芯片短缺将持续至2023年。\n业界越来越多的人认为,芯片供应中断不会很快得到解决,Gelsinger的预测为这种观点增添了业内领先人物的声音。 在周四的采访中,他表示,半导体行业可能需要一到两年时间才能恢复合理的供需平衡。 我们还有很长的路要走,因为建立制造产能需要很长的时间。此外,英特尔已经在增加新的芯片生产工厂,不过其中一些产能在大约两年内不会到位。","news_type":1,"symbols_score_info":{"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":3013,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"following","isTTM":true}