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无欲2057
无欲2057
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2021-07-29
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无欲2057
无欲2057
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2021-07-27
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Anti-monopoly measures are being escalated The EU has set its sights on two more Google services, demanding rectification within two months.
法国对谷歌开出2.2亿欧元罚单新浪科技讯 北京时间7月26日晚间消息，据报道，欧盟委员会和欧盟消费者当局今日表示，谷歌要在两2个月的时间内，对其航班和酒店搜索服务进行调整，并解释如何对搜索结果进行排名，否则将面临制裁。长期以来，谷歌一直面临世界各地反垄断执法者和消费者团体的审查。之前，谷歌已经有三项服务遭到欧盟的发垄断罚款，罚金高达数十亿美元。
Anti-monopoly measures are being escalated The EU has set its sights on two more Google services, demanding rectification within two months.
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无欲2057
无欲2057
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2021-07-12
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Kuaishou-W's stock price continues to hit lows! It has fallen by nearly 30% cumulatively over the past ten days.
7月12日，快手-W跌逾3%，股价续刷上市以来低位，该股股价已连续十个交易日下跌，累计跌幅近30%。 摩根士丹利报告称，快手追赶竞争对手抖音的步伐不及预期，市场份额的分化将会持续，这会给快手的变现和盈
Kuaishou-W's stock price continues to hit lows! It has fallen by nearly 30% cumulatively over the past ten days.
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无欲2057
无欲2057
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2021-07-08
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CATL, with a market capitalization of trillions of yuan: Where does its confidence lie?
动力电池产业链有望承载中国从制造大国晋升为制造强国的国家层战略，宁德动力电池技术迭代毫无疑问处于领先地位。同时，成本端依靠产业链的深度整合逐步构建壁垒。 近日，宁德时代荣登中国上市公司万亿市值俱乐部
CATL, with a market capitalization of trillions of yuan: Where does its confidence lie?
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无欲2057
无欲2057
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2021-06-25
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无欲2057
无欲2057
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2021-06-25
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Foreign media headlines: Biden announces infrastructure agreement with bipartisan senatorial groups
“我们达成了协议，”拜登在参议员于白宫向他呈交协议后告诉记者。鉴于两党之间以及民主党激进派与温和派之间的分歧，目前尚不确定这两项立法能否获得国会两院通过。此次拜登与这组两党议员达成协议，是向着敲定基础设施支出计划以争取获得国会通过迈出的重要一步。全球各地的港口则因托盘和集装箱不足而出现拥堵，且运费攀升至纪录高点。
Foreign media headlines: Biden announces infrastructure agreement with bipartisan senatorial groups
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无欲2057
无欲2057
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2021-06-25
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Didi updates its prospectus, pricing the IPO at $13.50.
北京时间6月25日凌晨消息，滴滴今日更新招股书，预计将把美国IPO定价设在定价区间的中部13.5美元/ADS，计划通过美国IPO发行2.88亿份ADS，代表7200万股A类普通股。 北京时间6月11日
Didi updates its prospectus, pricing the IPO at $13.50.
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无欲2057
无欲2057
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2021-06-25
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无欲2057
无欲2057
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2021-06-25
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无欲2057
无欲2057
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2021-06-25
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XPeng Motors-W begins its IPO today, with an entry fee of approximately HK$18,181.39 per lot.
6月25日，小鹏汽车-W发布公告，公司于6月25日至6月30日招股；拟全球发售8500万股股份，其中香港发售股份425万股，国际发售股份8075万股，另有15%超额配股权；每股发行价不超过180港元，
XPeng Motors-W begins its IPO today, with an entry fee of approximately HK$18,181.39 per lot.
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08:16","market":"sh","language":"zh","title":"Anti-monopoly measures are being escalated The EU has set its sights on two more Google services, demanding rectification within two months.","url":"https://stock-news.laohu8.com/highlight/detail?id=2154684559","media":"新浪科技","summary":"法国对谷歌开出2.2亿欧元罚单新浪科技讯 北京时间7月26日晚间消息，据报道，欧盟委员会和欧盟消费者当局今日表示，谷歌要在两2个月的时间内，对其航班和酒店搜索服务进行调整，并解释如何对搜索结果进行排名，否则将面临制裁。长期以来，谷歌一直面临世界各地反垄断执法者和消费者团体的审查。之前，谷歌已经有三项服务遭到欧盟的发垄断罚款，罚金高达数十亿美元。","content":"<p><img src=\"https://static.tigerbbs.com/9b5818c36470cf9336d8469538d317a8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Complaints from three companies<a href=\"https://laohu8.com/S/GOOG\">Google</a>！ France fines Google €220 million</p><p><img src=\"https://static.tigerbbs.com/557b605849471e852d88d2600232a3ed\" tg-width=\"630\" tg-height=\"428\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><a href=\"https://laohu8.com/S/SINA\">Sina</a>Tech News reported on the evening of July 26, Beijing time, that the European Commission and the EU Consumer Authority stated today that Google must adjust its flight and hotel search services within two months and explain how it ranks search results, or face sanctions.</p><p>Google has long faced scrutiny from antitrust enforcers and consumer groups around the world. 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If Google's rectification suggestions are insufficient, the aforementioned agencies will further discuss the issue with Google and may impose sanctions.</p><p>In response, Google said in a statement: \"We welcome this dialogue and are working closely with consumer protection agencies and the European Commission to see how we can make improvements that benefit users and provide greater transparency.\"</p>","source":"sina_symbol","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Anti-monopoly measures are being escalated The EU has set its sights on two more Google services, demanding rectification within two months.</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\">\nAnti-monopoly measures are being escalated The EU has set its sights on two more Google services, demanding rectification within two months.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪科技</strong><span class=\"h-time small\">2021-07-27 08:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/9b5818c36470cf9336d8469538d317a8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Complaints from three companies<a href=\"https://laohu8.com/S/GOOG\">Google</a>！ France fines Google €220 million</p><p><img src=\"https://static.tigerbbs.com/557b605849471e852d88d2600232a3ed\" tg-width=\"630\" tg-height=\"428\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><a href=\"https://laohu8.com/S/SINA\">Sina</a>Tech News reported on the evening of July 26, Beijing time, that the European Commission and the EU Consumer Authority stated today that Google must adjust its flight and hotel search services within two months and explain how it ranks search results, or face sanctions.</p><p>Google has long faced scrutiny from antitrust enforcers and consumer groups around the world. Previously, three of Google's services had been fined billions of dollars by the European Union for monopolistic practices. The latest complaints focus on the prices of two services, Google Flights and Google Hotels.</p><p>Today, the European Commission and EU consumer authorities said in a joint statement that the final price of these products should include fees or taxes that can be calculated in advance, while the reference price used to calculate promotional discounts should be clearly identifiable.</p><p>EU Justice Commissioner Didier Reynders said: \"EU consumers cannot be misled when using search engines to plan their holidays. We need to empower consumers to make choices based on transparent and fair information.\"</p><p>The aforementioned agency also demanded that Google amend the standard terms and conditions of the Google Store, as some cases show that merchants have more rights than consumers. If Google's rectification suggestions are insufficient, the aforementioned agencies will further discuss the issue with Google and may impose sanctions.</p><p>In response, Google said in a statement: \"We welcome this dialogue and are working closely with consumer protection agencies and the European Commission to see how we can make improvements that benefit users and provide greater transparency.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/tech/2021-07-26/doc-ikqciyzk7783660.shtml\">新浪科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/557b605849471e852d88d2600232a3ed","relate_stocks":{"GOOG":"谷歌","03086":"华夏纳指","QNETCN":"纳斯达克中美互联网老虎指数","GOOGL":"谷歌A","09086":"华夏纳指-U"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/tech/2021-07-26/doc-ikqciyzk7783660.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2154684559","content_text":"三家企业投诉谷歌！法国对谷歌开出2.2亿欧元罚单\n\n新浪科技讯 北京时间7月26日晚间消息，据报道，欧盟委员会和欧盟消费者当局今日表示，谷歌要在两2个月的时间内，对其航班和酒店搜索服务进行调整，并解释如何对搜索结果进行排名，否则将面临制裁。\n长期以来，谷歌一直面临世界各地反垄断执法者和消费者团体的审查。之前，谷歌已经有三项服务遭到欧盟的发垄断罚款，罚金高达数十亿美元。而最新的不满集中在Google Flights（航班搜索）和Google Hotels（酒店搜索）两项服务的价格上。\n今日，欧盟委员会和欧盟消费者当局在一份联合声明中称，这些产品的最终价格应该包括可以提前计算的费用或税金，而用于计算促销折扣的参考价格应该是明确可识别的。\n欧盟司法专员迪迪埃·雷恩德斯（Didier Reynders）称：“在使用搜索引擎筹划假期时，欧盟消费者不能被误导。我们需要赋予消费者权力，让他们基于透明和公正的信息做出选择。”\n上述机构还要求谷歌修改谷歌应用商店Google Store的标准条款，因为一些案例表明，交易商比消费者拥有更多的权利。如果谷歌的整改建议不够充分，上述机构将与谷歌进一步讨论这一问题，并可能实施制裁。\n对此，谷歌在一份声明中表示：“我们欢迎这次对话，并正与消费者保护机构和欧盟委员会密切合作，看看我们如何能做出有利于用户的改进，并提供更高的透明度。”","news_type":1,"symbols_score_info":{"09086":0.9,"GOOGL":0.9,"QNETCN":0.9,"GOOG":0.9,"03086":0.9}},"isVote":1,"tweetType":1,"viewCount":7547,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146377798,"gmtCreate":1626056483314,"gmtModify":1703752480172,"author":{"id":"3581983097481247","authorId":"3581983097481247","name":"无欲2057","avatar":"https://static.tigerbbs.com/54e1909dfac2a022786e0d074699d2f2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581983097481247","idStr":"3581983097481247"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/146377798","repostId":"1121610023","repostType":4,"repost":{"id":"1121610023","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":1626055602,"share":"https://ttm.financial/m/news/1121610023?lang=en_US&edition=fundamental","pubTime":"2021-07-12 10:06","market":"other","language":"zh","title":"Kuaishou-W's stock price continues to hit lows! It has fallen by nearly 30% cumulatively over the past ten days.","url":"https://stock-news.laohu8.com/highlight/detail?id=1121610023","media":"老虎资讯综合","summary":"7月12日，快手-W跌逾3%，股价续刷上市以来低位，该股股价已连续十个交易日下跌，累计跌幅近30%。\n摩根士丹利报告称，快手追赶竞争对手抖音的步伐不及预期，市场份额的分化将会持续，这会给快手的变现和盈","content":"<p>On July 12,<a href=\"https://laohu8.com/S/01024\">Kuaishou-W</a>The stock price fell more than 3%, hitting a new low since its listing. The stock price has fallen for ten consecutive trading days, with a cumulative drop of nearly 30%.</p><p><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>The report states that Kuaishou is catching up with its competitors.<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>The pace is slower than expected, and the divergence in market share will continue, which will affect Kuaishou's monetization and profitability. The company's rating was downgraded to underweight, and the target price was lowered by nearly 57% to HK$130. The agency predicts that Kuaishou's net losses will exceed 12 billion yuan in both this year and next, due to declining gross profit margins in its sub-divisions and rising user acquisition costs. Kuaishou's stock price has fallen for eight consecutive days, with the latest closing price at HK$160.</p><p><img src=\"https://static.tigerbbs.com/2806e917501ba249d102394ac4c56a85\" 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>Kuaishou-W's stock price continues to hit lows! It has fallen by nearly 30% cumulatively over the past ten days.</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\">\nKuaishou-W's stock price continues to hit lows! It has fallen by nearly 30% cumulatively over the past ten days.\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\">2021-07-12 10:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 12,<a href=\"https://laohu8.com/S/01024\">Kuaishou-W</a>The stock price fell more than 3%, hitting a new low since its listing. The stock price has fallen for ten consecutive trading days, with a cumulative drop of nearly 30%.</p><p><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>The report states that Kuaishou is catching up with its competitors.<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>The pace is slower than expected, and the divergence in market share will continue, which will affect Kuaishou's monetization and profitability. The company's rating was downgraded to underweight, and the target price was lowered by nearly 57% to HK$130. The agency predicts that Kuaishou's net losses will exceed 12 billion yuan in both this year and next, due to declining gross profit margins in its sub-divisions and rising user acquisition costs. Kuaishou's stock price has fallen for eight consecutive days, with the latest closing price at HK$160.</p><p><img src=\"https://static.tigerbbs.com/2806e917501ba249d102394ac4c56a85\" 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/3755fdda80ee4878d06bf1bcbfdbf496","relate_stocks":{"01024":"快手-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121610023","content_text":"7月12日，快手-W跌逾3%，股价续刷上市以来低位，该股股价已连续十个交易日下跌，累计跌幅近30%。\n摩根士丹利报告称，快手追赶竞争对手抖音的步伐不及预期，市场份额的分化将会持续，这会给快手的变现和盈利能力产生影响，下调公司评级至低配，并调降目标价近57%至130港元。该机构预计快手今明两年的净亏损将均超过120亿元人民币，因细分部门毛利率下降，用户获取成本的上升等。快手股价已八日连跌，最新收盘价为160港元。","news_type":1,"symbols_score_info":{"01024":0.9}},"isVote":1,"tweetType":1,"viewCount":5465,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149185285,"gmtCreate":1625709458447,"gmtModify":1703746837064,"author":{"id":"3581983097481247","authorId":"3581983097481247","name":"无欲2057","avatar":"https://static.tigerbbs.com/54e1909dfac2a022786e0d074699d2f2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581983097481247","idStr":"3581983097481247"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/149185285","repostId":"1114715564","repostType":4,"repost":{"id":"1114715564","kind":"news","pubTimestamp":1625706507,"share":"https://ttm.financial/m/news/1114715564?lang=en_US&edition=fundamental","pubTime":"2021-07-08 09:08","market":"sh","language":"zh","title":"CATL, with a market capitalization of trillions of yuan: Where does its confidence lie?","url":"https://stock-news.laohu8.com/highlight/detail?id=1114715564","media":"海豚投研","summary":"动力电池产业链有望承载中国从制造大国晋升为制造强国的国家层战略，宁德动力电池技术迭代毫无疑问处于领先地位。同时，成本端依靠产业链的深度整合逐步构建壁垒。\n\n近日，宁德时代荣登中国上市公司万亿市值俱乐部","content":"<p>The power battery industry chain is expected to support China's national strategy of transforming from a manufacturing giant to a manufacturing powerhouse, and Ningde is undoubtedly in a leading position in the iteration of power battery technology. At the same time, on the cost side, barriers are gradually built by relying on the deep integration of the industrial chain. Recently,<a href=\"https://laohu8.com/S/300750\">CATL</a>It has been included in the trillion-yuan market capitalization club of Chinese listed companies, while other members include internet giants.<a href=\"https://laohu8.com/S/00700\">Tencent</a>and<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>A-share \"technology stocks\"<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>and<a href=\"https://laohu8.com/S/000858\">Wuliangye</a>It is basically monopolized by the three major industries: the internet, liquor, and finance.</p><p>CATL likely leverages its strength in the new energy vehicle industry, and...<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>They probably only got their tickets because they were like trendsetters.</p><p><img src=\"https://static.tigerbbs.com/a9e4dec785f1bf26e5c623c7cb306438\" tg-width=\"433\" tg-height=\"563\" referrerpolicy=\"no-referrer\"></p><p>Behind CATL's trillion-yuan market capitalization, in addition to the vast market space for power batteries that has become an industry consensus and the tenfold growth in ten years, Dolphin Jun believes that China has also achieved an objective leading advantage in the power battery industry chain.</p><p>As a high-end manufacturing industry<a href=\"https://laohu8.com/S/600482\">China Power</a>CATL holds an absolute leading position in the global market share of batteries and major upstream raw materials. Since 2017, CATL has firmly established itself as the world's number one power battery manufacturer, which has also driven Chinese raw material companies to occupy more than half of the global market share.</p><p><b>Therefore, the power battery industry chain is expected to support China's national-level strategy of transforming from a manufacturing giant to a manufacturing powerhouse. As a leading player, it seems reasonable for CATL to have a market value of over one trillion yuan. This is the macro tone that Dolphin Jun has set for CATL.</b></p><p><img src=\"https://static.tigerbbs.com/59ea5a78cc8fe1b5c82f72c60dc641ce\" tg-width=\"554\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p>Data source: GGII, compiled by Dolphin Investment Research</p><p>However, studying a company cannot rely solely on faith. Regarding CATL itself, I believe the core focus should be on the following questions. This article mainly answers the first two questions:</p><p><ul><li>Power batteries are still in a stage of rapid technological iteration. Is CATL's current technological level absolutely leading? Can we maintain our leading position? How much of a threat does the change in technological route pose to CATL's leading position?</p><p></li><li>The ultimate goal of most manufacturing industries is to compete on cost. Is the power battery industry also ultimately a competition on cost? If it's a cost competition, can CATL build barriers to entry in cost control?</p><p></li><li>Driven by downstream demand, the global power battery industry is in a rapid expansion cycle. How is CATL's expansion progress?</p><p></li><li>From a financial perspective, what are the characteristics of CATL? Given these financial characteristics, how should it be valued?</p><p></li></ul>The following is the main text:</p><p>First, solid technological accumulation basically represents the high standard of mass-produced batteries.</p><p>The power battery industry originates from technological innovation. Until the technology matures, technological leadership will always be a very important competitive dimension.</p><p>Most people are not very familiar with the underlying technologies of power batteries. Therefore, judging from the results, CATL's global market share was 25% in 2020 and exceeded 30% in the first quarter of 2021. In addition to established OEMs such as BMW and Yutong, its supporting customers are also gradually entering the supply chains of Tesla and emerging car manufacturers. Therefore, CATL is undoubtedly in a leading position in power battery technology.</p><p><img src=\"https://static.tigerbbs.com/f97663b80ef7e3c1c9e5d7c77dc7f94e\" tg-width=\"554\" tg-height=\"338\" referrerpolicy=\"no-referrer\"></p><p>Data source: SNE Research, compiled by Dolphin Research</p><p><img src=\"https://static.tigerbbs.com/faa65daa1a17f20bcbaac483b30ed4ff\" tg-width=\"554\" tg-height=\"301\" referrerpolicy=\"no-referrer\"></p><p>Data source: GICC, compiled by Dolphin Research</p><p><b>As can be seen from the market share chart above, the world's leading power battery companies are basically located in China, Japan and South Korea.</b></p><p>Domestic CATL and<a href=\"https://laohu8.com/S/002594\">BYD</a>BYD has adopted a strategy of developing both ternary lithium batteries and lithium iron phosphate batteries, with a more obvious bias towards lithium iron phosphate batteries, and the batteries are all square in shape.</p><p>LG Chem of Japan and South Korea<a href=\"https://laohu8.com/S/PC\">Panasonic</a>and<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>The focus is mainly on ternary lithium batteries, betting that ternary lithium batteries will become mainstream due to their high energy density, and that the battery shape will all be cylindrical.</p><p>However, judging from the battery performance comparison table of various manufacturers below, CATL represents a high level in the power battery field and has not achieved an absolute leading advantage that \"what others don't have, we have\".<b>Mainstream competitors differ in their choice of technological routes, their products are not standardized, and they are still in a stage of contention. Consumers' concerns about the range, safety, and lifespan of electric vehicles still need to be gradually alleviated by the advancement of batteries.</b></p><p>In the ternary lithium battery camp, CATL's NCM811 basically represents a high level among large-scale installed power batteries. At the same level, including LG Chem's 811 batteries, all belong to the high-nickel, low-cobalt technology direction.</p><p>In the lithium iron phosphate battery camp, BYD's blade batteries have achieved certain performance advantages due to their moduleless process design, but CATL's lithium iron phosphate batteries have just been added to Tesla's supply and should have good performance.</p><p><img src=\"https://static.tigerbbs.com/44ff95c84637c28567f37cc01ba3400d\" tg-width=\"1080\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p>Data source: Brokerage research reports, news information, compiled by Dolphin Investment Research.</p><p>Next, let's look at the direction of technological progress. Is CATL at risk of being left behind? Dolphin has provided a systematic overview of the technological development of batteries.<b>It is divided into two aspects: the breakthrough of the material system and the improvement of the manufacturing process.</b>Breakthroughs in material systems can be further divided into various aspects such as positive electrodes, negative electrodes, and electrolytes. The current mainstream technologies and development directions in various aspects are shown in the table below:</p><p><img src=\"https://static.tigerbbs.com/943636fd4b22d73f81f3016db736d4d0\" tg-width=\"865\" tg-height=\"228\" referrerpolicy=\"no-referrer\"></p><p>Data source: Brokerage research reports, news information, compiled by Dolphin Investment Research.</p><p>Whether it's the high nickel content and cobalt-free content of cathode materials, the silicon-based + lithium supplementation of anode materials, the transition from liquid to solid electrolytes, or the modular-free structural design, CATL has made active arrangements, kept up with the direction of technological development, and made sufficient technological reserves.<b>Even if the risk of a change in technological route objectively exists, the probability of Ningde being left behind in terms of technology in the short to medium term should be relatively low.</b></p><p>Going back a step further, the root cause of CATL's current technological leadership and its continued leading position in the future is its corporate DNA that focuses on research and development, and the management team with a technical background has a strong awareness of R&D investment.</p><p>The image below shows CATL's core management team. The company's core team comes from the power battery division of ATL, a leader in the digital lithium battery industry. Chairman Zeng Yuqun and Vice Chairman Huang Shilin previously held core positions (President and R&D Director) at ATL. Later, after ATL was acquired by Japanese capital, Zeng Yuqun and Huang Shilin separated from ATL's battery business unit in 2011 and gradually became independent.</p><p>Therefore, although CATL was founded in 2011 and may seem to have a relatively short history, it has a heritage of concepts and technologies at its root, which is why BMW,<a href=\"https://laohu8.com/S/600066\">Yutong Bus</a>With the help of benefactors, and to secure the world's number one position in the future.</p><p><img src=\"https://static.tigerbbs.com/8d7b62e6cd87967698366c0d689200ba\" tg-width=\"1080\" tg-height=\"773\" referrerpolicy=\"no-referrer\"></p><p>Data source: Company announcements, compiled by Dolphin Investment Research</p><p>Driven by its corporate DNA of focusing on research and development, CATL has also invested heavily. In 2018, its absolute R&D investment surpassed that of LG Chem, ranking first in the world for three consecutive years and far exceeding that of second-tier domestic battery companies. In 2020, R&D investment reached 3.6 billion yuan, accounting for more than 7% of revenue.</p><p>From the perspective of the R&D team, as a manufacturing company, the company had 5,592 R&D personnel in 2020, accounting for 18%.</p><p><img src=\"https://static.tigerbbs.com/3a40f19241c7713cd6d44966e2e8b931\" tg-width=\"554\" tg-height=\"288\" referrerpolicy=\"no-referrer\"></p><p>Data source: wind, compiled by Dolphin Investment Research.</p><p>In summary, CATL's concepts and technologies are inherited from ATL, and it has accumulated solid foundations, basically representing a high level of power battery technology, but it has not achieved an absolute leading advantage that \"others do not have but we have\".</p><p>Meanwhile, power batteries are in a stage of rapid technological iteration, and CATL must continue to conduct research and development of cutting-edge technologies in order to secure its leading position in the industry.</p><p>Second, after comparing technology and cost, CATL deeply integrates the industrial chain and builds cost barriers.</p><p>The ultimate goal of most manufacturing sectors is to compete on costs; it's a labor-intensive industry that can't be earned passively. Therefore, only two manufacturing sectors in Greater China have entered the trillion-yuan club: one with a market capitalization of 3.5 trillion yuan.<a href=\"https://laohu8.com/S/TSM\">TSMC</a>One is CATL, a newly listed company with a market capitalization of 1.2 trillion yuan.</p><p>The core reason TSMC has been able to grow into such a behemoth is that it is not essentially competing on cost but on the manufacturing process itself. Chip manufacturing itself has rapid technological iteration. TSMC's technological advantages in advanced processes can ensure the company's excess profit margin. However, when second- and third-tier companies catch up in technology, TSMC's advanced process products will be positioned as mature products within the company. Through the advantage of scale, prices will be lowered, thereby suppressing the progress of second- and third-tier companies and compressing their profit levels.</p><p>Furthermore, chips themselves are precision components with low raw material costs, nearly 90% of which are manufacturing costs. The large investment in equipment and production lines creates barriers to entry, especially amplifying the economies of scale of leading companies, where the strong get stronger and one company dominates.</p><p>Therefore, TSMC has captured approximately 60% of the global market share and achieved profitability levels far exceeding those of its peers (net profit margin of 38% in 2020, compared to around 5% for second-tier companies). It has captured over 90% of the profits in the chip foundry industry and has a solid competitive moat.</p><p><img src=\"https://static.tigerbbs.com/a96919e15621517702e689e413c61ae7\" tg-width=\"554\" tg-height=\"323\" referrerpolicy=\"no-referrer\"></p><p>Data source: wind, compiled by Dolphin Investment Research.</p><p>Recently, CATL became the second manufacturing company with a market capitalization of one trillion yuan. Is it expected to become the next TSMC?</p><p>Dolphin Jun believes that CATL's logic is weaker than TSMC's, and there are fundamental differences in core elements between power battery manufacturing and chip manufacturing (as shown in the figure below).</p><p><img src=\"https://static.tigerbbs.com/0f9e55444419e96728e9551e11f3697b\" tg-width=\"554\" tg-height=\"329\" referrerpolicy=\"no-referrer\"></p><p>Data source: Company financial report, compiled by Dolphin Investment Research.</p><p>TSMC: As Dolphin just mentioned, chips are precision components, with raw material costs accounting for less than 10% and manufacturing costs accounting for about 90%. Among these, manufacturing costs are mainly the depreciation and amortization of equipment and production lines. Therefore, the core elements of TSMC's manufacturing are the equipment and production lines required for production, as well as the underlying process capabilities.</p><p>Starting from production equipment, chip foundries and upstream equipment manufacturers have strong R&D synergy. TSMC's deeply integrated equipment manufacturer is ASML (a Dutch, lithography manufacturer). In collaboration with TSMC, ASML released its first immersive lithography, successfully surpassing the previous leader, Nikon.</p><p>Therefore, when domestic manufacturers could not obtain the equipment even after paying in full, and Samsung equipment was out of stock, ASML gave TSMC its scarce production capacity due to the synergy between ASML and TSMC, and TSMC's leading advantage in advanced manufacturing processes continued to be maintained.</p><p>CATL: From the perspective of cost structure breakdown, the power battery industry does not rely much on fixed asset investment, with manufacturing costs accounting for only 12% of costs. On the contrary, material procurement accounts for more than 80%. Therefore, the core element of CATL's manufacturing is raw materials.</p><p>Starting with raw materials, CATL has launched a massive vertical integration of its industrial chain, including upstream mineral resources, midstream raw materials and production equipment. At the same time, it has achieved a closed loop of the industrial chain through battery recycling, basically involving the entire power battery industrial chain, especially in cathode materials, which determine key performance such as battery capacity and safety.</p><p><ul><li>Cathode materials: In 2015, it acquired Guangdong Bangpu to produce ternary precursors, and subsequently established a joint venture, Ningbo Bangpu, to expand its production capacity; The lithium iron phosphate cathode holds a 40% stake in Qujing Lintie, locking in lithium iron phosphate production capacity and jointly building production capacity with multiple partners.</p><p></li><li>Upstream cathode mineral resources: Deepen control over mineral resources through holding companies, mergers and acquisitions, and long-term order locking, and establish a global presence to ensure the normal production of cathodes, anodes, and electrolytes;</p><p></li><li>Anode materials: Except for the silicon-based anode supplied by Pingnan Times, which is wholly owned by the company, other materials are basically supplied by external suppliers;</p><p></li><li>Electrolyte: Times Sikang, which holds a 66% stake, is constructing a lithium salt project; the rest is supplied externally.</p><p></li><li>Diaphragm: Basically supplied externally;</p><p></li><li>Equipment: Participation<a href=\"https://laohu8.com/S/300450\">pilot intelligent</a>and<a href=\"https://laohu8.com/S/300648\">Nebula Co., Ltd.</a>Private placements facilitate the securing of core equipment production capacity.</p><p></li></ul>CATL's deep integration of the industrial chain has a strong appeal to companies in the industrial chain. In the current stage of demand-driven expansion across the entire industry chain, the layout of the entire industry chain enables CATL to ensure that the supply of each link keeps pace with its expansion pace, maintain its leading market advantage, and at the same time, control the disturbance of raw material price fluctuations on profitability to a certain extent. Effective cost control will only be reflected when subsequent production capacity is sufficient.</p><p>In addition, mineral resources are relatively scarce, and CATL's focus on upstream mineral resources may, to some extent, be comparable to TSMC's advantages in production equipment with limited production capacity.</p><p><img src=\"https://static.tigerbbs.com/8e9ab04090f3b5be244bfd7c4653df3d\" tg-width=\"554\" tg-height=\"220\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/e43f6345d4372009cd594bddb6fce5f9\" tg-width=\"554\" tg-height=\"564\" referrerpolicy=\"no-referrer\"></p><p>Data sources: Company announcements, securities firm research reports, news, and compiled by Dolphin Investment Research.</p><p>In addition to the deep integration of the vertical industrial chain, compared with overseas competitors, CATL basically uses domestic suppliers, Panasonic basically uses Japanese suppliers, and LG Chem and Samsung SDI have relatively obvious global procurement characteristics. Therefore, the advantage of low-cost manufacturing in China is conducive to CATL further gaining a relative advantage.</p><p><img src=\"https://static.tigerbbs.com/3f55d4892a4adc48613a4b9c2d3a97af\" tg-width=\"554\" tg-height=\"197\" referrerpolicy=\"no-referrer\"></p><p>Data source: Brokerage research reports, news, and compiled by Dolphin Investment Research.</p><p>Following the deep integration of the aforementioned industrial chain, CATL has achieved profitability far superior to its competitors. The complex business structures of the three Japanese and South Korean giants have affected operating profit margins to some extent, but the significant gap with CATL is difficult to conceal.</p><p><img src=\"https://static.tigerbbs.com/9755b3a2b04ff5ab0c3ff35928a5dad2\" tg-width=\"554\" tg-height=\"314\" referrerpolicy=\"no-referrer\"></p><p>Data source: wind, compiled by Dolphin Investment Research (Note: CATL's statistics show net profit margin; LG Chem, Panasonic, and Samsung SDI statistics show operating profit margin)</p><p>Looking ahead, power batteries, which account for about 40% of the cost of new energy vehicles, will inevitably see a downward trend in price as technology advances. Therefore, controlling costs is the key to ensuring profitability. CATL remains destined to compete on costs in the manufacturing industry, and its barriers to entry and leading advantages cannot compare to TSMC's.</p><p><img src=\"https://static.tigerbbs.com/87b3d365fc41f0ce675689638218564a\" tg-width=\"554\" tg-height=\"296\" referrerpolicy=\"no-referrer\"></p><p>Data source: Company financial reports, compiled by Dolphin Investment Research.</p><p>However, Dolphin Jun believes that although the final competition will be based on cost, the thresholds for capital and technology are still relatively high. Excessive competition is unlikely to suppress profits, and it is more likely that a few companies will dominate. Although it is not as lucrative as TSMC, the power battery industry will have a similar structure to automotive glass and a global market space of trillions of dollars, and the final outcome will not be bad.</p><p>CATL is unlikely to lose its leading position at present. It continues to make progress in technology, while on the cost side, it is gradually building a moat by deeply integrating the industrial chain and locking in scarce upstream mineral resources.</p><p>Considering that its main global competitors are large conglomerates from Japan and South Korea, China's huge domestic market is a unique advantage for NINGDE. In the future, Chinese electric vehicle companies will first need to bring their own power battery companies to the forefront.</p><p>In addition, compared to LG Chem, Panasonic, and Samsung SDI, NATD's focus on power batteries and the higher operational efficiency of private enterprises also increase its probability of ultimately winning.</p><p>In short, whether comparing technology or cost, CATL is the company with the highest probability of succeeding in the power battery industry.</p><p><img src=\"https://static.tigerbbs.com/0f41e5837b72b81357be0e84aaeae5c6\" tg-width=\"554\" tg-height=\"167\" referrerpolicy=\"no-referrer\"></p><p>Data source: Marklines, EV Sales, Dolphin Investment Research</p>","source":"lsy1607051923659","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>CATL, with a market capitalization of trillions of yuan: Where does its confidence lie?</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\">\nCATL, with a market capitalization of trillions of yuan: Where does its confidence lie?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">海豚投研</strong><span class=\"h-time small\">2021-07-08 09:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The power battery industry chain is expected to support China's national strategy of transforming from a manufacturing giant to a manufacturing powerhouse, and Ningde is undoubtedly in a leading position in the iteration of power battery technology. At the same time, on the cost side, barriers are gradually built by relying on the deep integration of the industrial chain. Recently,<a href=\"https://laohu8.com/S/300750\">CATL</a>It has been included in the trillion-yuan market capitalization club of Chinese listed companies, while other members include internet giants.<a href=\"https://laohu8.com/S/00700\">Tencent</a>and<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>A-share \"technology stocks\"<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>and<a href=\"https://laohu8.com/S/000858\">Wuliangye</a>It is basically monopolized by the three major industries: the internet, liquor, and finance.</p><p>CATL likely leverages its strength in the new energy vehicle industry, and...<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>They probably only got their tickets because they were like trendsetters.</p><p><img src=\"https://static.tigerbbs.com/a9e4dec785f1bf26e5c623c7cb306438\" tg-width=\"433\" tg-height=\"563\" referrerpolicy=\"no-referrer\"></p><p>Behind CATL's trillion-yuan market capitalization, in addition to the vast market space for power batteries that has become an industry consensus and the tenfold growth in ten years, Dolphin Jun believes that China has also achieved an objective leading advantage in the power battery industry chain.</p><p>As a high-end manufacturing industry<a href=\"https://laohu8.com/S/600482\">China Power</a>CATL holds an absolute leading position in the global market share of batteries and major upstream raw materials. Since 2017, CATL has firmly established itself as the world's number one power battery manufacturer, which has also driven Chinese raw material companies to occupy more than half of the global market share.</p><p><b>Therefore, the power battery industry chain is expected to support China's national-level strategy of transforming from a manufacturing giant to a manufacturing powerhouse. As a leading player, it seems reasonable for CATL to have a market value of over one trillion yuan. This is the macro tone that Dolphin Jun has set for CATL.</b></p><p><img src=\"https://static.tigerbbs.com/59ea5a78cc8fe1b5c82f72c60dc641ce\" tg-width=\"554\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p>Data source: GGII, compiled by Dolphin Investment Research</p><p>However, studying a company cannot rely solely on faith. Regarding CATL itself, I believe the core focus should be on the following questions. This article mainly answers the first two questions:</p><p><ul><li>Power batteries are still in a stage of rapid technological iteration. Is CATL's current technological level absolutely leading? Can we maintain our leading position? How much of a threat does the change in technological route pose to CATL's leading position?</p><p></li><li>The ultimate goal of most manufacturing industries is to compete on cost. Is the power battery industry also ultimately a competition on cost? If it's a cost competition, can CATL build barriers to entry in cost control?</p><p></li><li>Driven by downstream demand, the global power battery industry is in a rapid expansion cycle. How is CATL's expansion progress?</p><p></li><li>From a financial perspective, what are the characteristics of CATL? Given these financial characteristics, how should it be valued?</p><p></li></ul>The following is the main text:</p><p>First, solid technological accumulation basically represents the high standard of mass-produced batteries.</p><p>The power battery industry originates from technological innovation. Until the technology matures, technological leadership will always be a very important competitive dimension.</p><p>Most people are not very familiar with the underlying technologies of power batteries. Therefore, judging from the results, CATL's global market share was 25% in 2020 and exceeded 30% in the first quarter of 2021. In addition to established OEMs such as BMW and Yutong, its supporting customers are also gradually entering the supply chains of Tesla and emerging car manufacturers. Therefore, CATL is undoubtedly in a leading position in power battery technology.</p><p><img src=\"https://static.tigerbbs.com/f97663b80ef7e3c1c9e5d7c77dc7f94e\" tg-width=\"554\" tg-height=\"338\" referrerpolicy=\"no-referrer\"></p><p>Data source: SNE Research, compiled by Dolphin Research</p><p><img src=\"https://static.tigerbbs.com/faa65daa1a17f20bcbaac483b30ed4ff\" tg-width=\"554\" tg-height=\"301\" referrerpolicy=\"no-referrer\"></p><p>Data source: GICC, compiled by Dolphin Research</p><p><b>As can be seen from the market share chart above, the world's leading power battery companies are basically located in China, Japan and South Korea.</b></p><p>Domestic CATL and<a href=\"https://laohu8.com/S/002594\">BYD</a>BYD has adopted a strategy of developing both ternary lithium batteries and lithium iron phosphate batteries, with a more obvious bias towards lithium iron phosphate batteries, and the batteries are all square in shape.</p><p>LG Chem of Japan and South Korea<a href=\"https://laohu8.com/S/PC\">Panasonic</a>and<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>The focus is mainly on ternary lithium batteries, betting that ternary lithium batteries will become mainstream due to their high energy density, and that the battery shape will all be cylindrical.</p><p>However, judging from the battery performance comparison table of various manufacturers below, CATL represents a high level in the power battery field and has not achieved an absolute leading advantage that \"what others don't have, we have\".<b>Mainstream competitors differ in their choice of technological routes, their products are not standardized, and they are still in a stage of contention. Consumers' concerns about the range, safety, and lifespan of electric vehicles still need to be gradually alleviated by the advancement of batteries.</b></p><p>In the ternary lithium battery camp, CATL's NCM811 basically represents a high level among large-scale installed power batteries. At the same level, including LG Chem's 811 batteries, all belong to the high-nickel, low-cobalt technology direction.</p><p>In the lithium iron phosphate battery camp, BYD's blade batteries have achieved certain performance advantages due to their moduleless process design, but CATL's lithium iron phosphate batteries have just been added to Tesla's supply and should have good performance.</p><p><img src=\"https://static.tigerbbs.com/44ff95c84637c28567f37cc01ba3400d\" tg-width=\"1080\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p>Data source: Brokerage research reports, news information, compiled by Dolphin Investment Research.</p><p>Next, let's look at the direction of technological progress. Is CATL at risk of being left behind? Dolphin has provided a systematic overview of the technological development of batteries.<b>It is divided into two aspects: the breakthrough of the material system and the improvement of the manufacturing process.</b>Breakthroughs in material systems can be further divided into various aspects such as positive electrodes, negative electrodes, and electrolytes. The current mainstream technologies and development directions in various aspects are shown in the table below:</p><p><img src=\"https://static.tigerbbs.com/943636fd4b22d73f81f3016db736d4d0\" tg-width=\"865\" tg-height=\"228\" referrerpolicy=\"no-referrer\"></p><p>Data source: Brokerage research reports, news information, compiled by Dolphin Investment Research.</p><p>Whether it's the high nickel content and cobalt-free content of cathode materials, the silicon-based + lithium supplementation of anode materials, the transition from liquid to solid electrolytes, or the modular-free structural design, CATL has made active arrangements, kept up with the direction of technological development, and made sufficient technological reserves.<b>Even if the risk of a change in technological route objectively exists, the probability of Ningde being left behind in terms of technology in the short to medium term should be relatively low.</b></p><p>Going back a step further, the root cause of CATL's current technological leadership and its continued leading position in the future is its corporate DNA that focuses on research and development, and the management team with a technical background has a strong awareness of R&D investment.</p><p>The image below shows CATL's core management team. The company's core team comes from the power battery division of ATL, a leader in the digital lithium battery industry. Chairman Zeng Yuqun and Vice Chairman Huang Shilin previously held core positions (President and R&D Director) at ATL. Later, after ATL was acquired by Japanese capital, Zeng Yuqun and Huang Shilin separated from ATL's battery business unit in 2011 and gradually became independent.</p><p>Therefore, although CATL was founded in 2011 and may seem to have a relatively short history, it has a heritage of concepts and technologies at its root, which is why BMW,<a href=\"https://laohu8.com/S/600066\">Yutong Bus</a>With the help of benefactors, and to secure the world's number one position in the future.</p><p><img src=\"https://static.tigerbbs.com/8d7b62e6cd87967698366c0d689200ba\" tg-width=\"1080\" tg-height=\"773\" referrerpolicy=\"no-referrer\"></p><p>Data source: Company announcements, compiled by Dolphin Investment Research</p><p>Driven by its corporate DNA of focusing on research and development, CATL has also invested heavily. In 2018, its absolute R&D investment surpassed that of LG Chem, ranking first in the world for three consecutive years and far exceeding that of second-tier domestic battery companies. In 2020, R&D investment reached 3.6 billion yuan, accounting for more than 7% of revenue.</p><p>From the perspective of the R&D team, as a manufacturing company, the company had 5,592 R&D personnel in 2020, accounting for 18%.</p><p><img src=\"https://static.tigerbbs.com/3a40f19241c7713cd6d44966e2e8b931\" tg-width=\"554\" tg-height=\"288\" referrerpolicy=\"no-referrer\"></p><p>Data source: wind, compiled by Dolphin Investment Research.</p><p>In summary, CATL's concepts and technologies are inherited from ATL, and it has accumulated solid foundations, basically representing a high level of power battery technology, but it has not achieved an absolute leading advantage that \"others do not have but we have\".</p><p>Meanwhile, power batteries are in a stage of rapid technological iteration, and CATL must continue to conduct research and development of cutting-edge technologies in order to secure its leading position in the industry.</p><p>Second, after comparing technology and cost, CATL deeply integrates the industrial chain and builds cost barriers.</p><p>The ultimate goal of most manufacturing sectors is to compete on costs; it's a labor-intensive industry that can't be earned passively. Therefore, only two manufacturing sectors in Greater China have entered the trillion-yuan club: one with a market capitalization of 3.5 trillion yuan.<a href=\"https://laohu8.com/S/TSM\">TSMC</a>One is CATL, a newly listed company with a market capitalization of 1.2 trillion yuan.</p><p>The core reason TSMC has been able to grow into such a behemoth is that it is not essentially competing on cost but on the manufacturing process itself. Chip manufacturing itself has rapid technological iteration. TSMC's technological advantages in advanced processes can ensure the company's excess profit margin. However, when second- and third-tier companies catch up in technology, TSMC's advanced process products will be positioned as mature products within the company. Through the advantage of scale, prices will be lowered, thereby suppressing the progress of second- and third-tier companies and compressing their profit levels.</p><p>Furthermore, chips themselves are precision components with low raw material costs, nearly 90% of which are manufacturing costs. The large investment in equipment and production lines creates barriers to entry, especially amplifying the economies of scale of leading companies, where the strong get stronger and one company dominates.</p><p>Therefore, TSMC has captured approximately 60% of the global market share and achieved profitability levels far exceeding those of its peers (net profit margin of 38% in 2020, compared to around 5% for second-tier companies). It has captured over 90% of the profits in the chip foundry industry and has a solid competitive moat.</p><p><img src=\"https://static.tigerbbs.com/a96919e15621517702e689e413c61ae7\" tg-width=\"554\" tg-height=\"323\" referrerpolicy=\"no-referrer\"></p><p>Data source: wind, compiled by Dolphin Investment Research.</p><p>Recently, CATL became the second manufacturing company with a market capitalization of one trillion yuan. Is it expected to become the next TSMC?</p><p>Dolphin Jun believes that CATL's logic is weaker than TSMC's, and there are fundamental differences in core elements between power battery manufacturing and chip manufacturing (as shown in the figure below).</p><p><img src=\"https://static.tigerbbs.com/0f9e55444419e96728e9551e11f3697b\" tg-width=\"554\" tg-height=\"329\" referrerpolicy=\"no-referrer\"></p><p>Data source: Company financial report, compiled by Dolphin Investment Research.</p><p>TSMC: As Dolphin just mentioned, chips are precision components, with raw material costs accounting for less than 10% and manufacturing costs accounting for about 90%. Among these, manufacturing costs are mainly the depreciation and amortization of equipment and production lines. Therefore, the core elements of TSMC's manufacturing are the equipment and production lines required for production, as well as the underlying process capabilities.</p><p>Starting from production equipment, chip foundries and upstream equipment manufacturers have strong R&D synergy. TSMC's deeply integrated equipment manufacturer is ASML (a Dutch, lithography manufacturer). In collaboration with TSMC, ASML released its first immersive lithography, successfully surpassing the previous leader, Nikon.</p><p>Therefore, when domestic manufacturers could not obtain the equipment even after paying in full, and Samsung equipment was out of stock, ASML gave TSMC its scarce production capacity due to the synergy between ASML and TSMC, and TSMC's leading advantage in advanced manufacturing processes continued to be maintained.</p><p>CATL: From the perspective of cost structure breakdown, the power battery industry does not rely much on fixed asset investment, with manufacturing costs accounting for only 12% of costs. On the contrary, material procurement accounts for more than 80%. Therefore, the core element of CATL's manufacturing is raw materials.</p><p>Starting with raw materials, CATL has launched a massive vertical integration of its industrial chain, including upstream mineral resources, midstream raw materials and production equipment. At the same time, it has achieved a closed loop of the industrial chain through battery recycling, basically involving the entire power battery industrial chain, especially in cathode materials, which determine key performance such as battery capacity and safety.</p><p><ul><li>Cathode materials: In 2015, it acquired Guangdong Bangpu to produce ternary precursors, and subsequently established a joint venture, Ningbo Bangpu, to expand its production capacity; The lithium iron phosphate cathode holds a 40% stake in Qujing Lintie, locking in lithium iron phosphate production capacity and jointly building production capacity with multiple partners.</p><p></li><li>Upstream cathode mineral resources: Deepen control over mineral resources through holding companies, mergers and acquisitions, and long-term order locking, and establish a global presence to ensure the normal production of cathodes, anodes, and electrolytes;</p><p></li><li>Anode materials: Except for the silicon-based anode supplied by Pingnan Times, which is wholly owned by the company, other materials are basically supplied by external suppliers;</p><p></li><li>Electrolyte: Times Sikang, which holds a 66% stake, is constructing a lithium salt project; the rest is supplied externally.</p><p></li><li>Diaphragm: Basically supplied externally;</p><p></li><li>Equipment: Participation<a href=\"https://laohu8.com/S/300450\">pilot intelligent</a>and<a href=\"https://laohu8.com/S/300648\">Nebula Co., Ltd.</a>Private placements facilitate the securing of core equipment production capacity.</p><p></li></ul>CATL's deep integration of the industrial chain has a strong appeal to companies in the industrial chain. In the current stage of demand-driven expansion across the entire industry chain, the layout of the entire industry chain enables CATL to ensure that the supply of each link keeps pace with its expansion pace, maintain its leading market advantage, and at the same time, control the disturbance of raw material price fluctuations on profitability to a certain extent. Effective cost control will only be reflected when subsequent production capacity is sufficient.</p><p>In addition, mineral resources are relatively scarce, and CATL's focus on upstream mineral resources may, to some extent, be comparable to TSMC's advantages in production equipment with limited production capacity.</p><p><img src=\"https://static.tigerbbs.com/8e9ab04090f3b5be244bfd7c4653df3d\" tg-width=\"554\" tg-height=\"220\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/e43f6345d4372009cd594bddb6fce5f9\" tg-width=\"554\" tg-height=\"564\" referrerpolicy=\"no-referrer\"></p><p>Data sources: Company announcements, securities firm research reports, news, and compiled by Dolphin Investment Research.</p><p>In addition to the deep integration of the vertical industrial chain, compared with overseas competitors, CATL basically uses domestic suppliers, Panasonic basically uses Japanese suppliers, and LG Chem and Samsung SDI have relatively obvious global procurement characteristics. Therefore, the advantage of low-cost manufacturing in China is conducive to CATL further gaining a relative advantage.</p><p><img src=\"https://static.tigerbbs.com/3f55d4892a4adc48613a4b9c2d3a97af\" tg-width=\"554\" tg-height=\"197\" referrerpolicy=\"no-referrer\"></p><p>Data source: Brokerage research reports, news, and compiled by Dolphin Investment Research.</p><p>Following the deep integration of the aforementioned industrial chain, CATL has achieved profitability far superior to its competitors. The complex business structures of the three Japanese and South Korean giants have affected operating profit margins to some extent, but the significant gap with CATL is difficult to conceal.</p><p><img src=\"https://static.tigerbbs.com/9755b3a2b04ff5ab0c3ff35928a5dad2\" tg-width=\"554\" tg-height=\"314\" referrerpolicy=\"no-referrer\"></p><p>Data source: wind, compiled by Dolphin Investment Research (Note: CATL's statistics show net profit margin; LG Chem, Panasonic, and Samsung SDI statistics show operating profit margin)</p><p>Looking ahead, power batteries, which account for about 40% of the cost of new energy vehicles, will inevitably see a downward trend in price as technology advances. Therefore, controlling costs is the key to ensuring profitability. CATL remains destined to compete on costs in the manufacturing industry, and its barriers to entry and leading advantages cannot compare to TSMC's.</p><p><img src=\"https://static.tigerbbs.com/87b3d365fc41f0ce675689638218564a\" tg-width=\"554\" tg-height=\"296\" referrerpolicy=\"no-referrer\"></p><p>Data source: Company financial reports, compiled by Dolphin Investment Research.</p><p>However, Dolphin Jun believes that although the final competition will be based on cost, the thresholds for capital and technology are still relatively high. Excessive competition is unlikely to suppress profits, and it is more likely that a few companies will dominate. Although it is not as lucrative as TSMC, the power battery industry will have a similar structure to automotive glass and a global market space of trillions of dollars, and the final outcome will not be bad.</p><p>CATL is unlikely to lose its leading position at present. It continues to make progress in technology, while on the cost side, it is gradually building a moat by deeply integrating the industrial chain and locking in scarce upstream mineral resources.</p><p>Considering that its main global competitors are large conglomerates from Japan and South Korea, China's huge domestic market is a unique advantage for NINGDE. In the future, Chinese electric vehicle companies will first need to bring their own power battery companies to the forefront.</p><p>In addition, compared to LG Chem, Panasonic, and Samsung SDI, NATD's focus on power batteries and the higher operational efficiency of private enterprises also increase its probability of ultimately winning.</p><p>In short, whether comparing technology or cost, CATL is the company with the highest probability of succeeding in the power battery industry.</p><p><img src=\"https://static.tigerbbs.com/0f41e5837b72b81357be0e84aaeae5c6\" tg-width=\"554\" tg-height=\"167\" referrerpolicy=\"no-referrer\"></p><p>Data source: Marklines, EV Sales, Dolphin Investment Research</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/skEQIUmG4DelypWVwD5BNA\">海豚投研</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/983e0432c72ee1117f6c5b8a19ed6e25","relate_stocks":{"300750":"宁德时代"},"source_url":"https://mp.weixin.qq.com/s/skEQIUmG4DelypWVwD5BNA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114715564","content_text":"动力电池产业链有望承载中国从制造大国晋升为制造强国的国家层战略，宁德动力电池技术迭代毫无疑问处于领先地位。同时，成本端依靠产业链的深度整合逐步构建壁垒。\n\n近日，宁德时代荣登中国上市公司万亿市值俱乐部，其他会员则包括了互联网巨无霸腾讯和阿里巴巴、A股“科技票”贵州茅台和五粮液、宇宙行和宇宙险，所以基本上被互联网、白酒和金融三大行业垄断了。\n宁德时代大概是凭借自身在新能源汽车行业，与特斯拉一样的风向标式的存在，才取得的入场券吧。\n\n宁德时代万亿市值背后，除了已经形成行业共识的动力电池广阔的市场空间和十年十倍的高增长之外，海豚君认为，还有中国在动力电池产业链上已经取得的客观的领先优势。\n作为高端制造业，中国动力电池及上游主要原材料在全球市占率处于绝对领先地位，宁德时代自2017年开始便坐稳全球动力电池第一宝座，同时带动了中国原材料公司占据全球一半以上的市场份额。\n因此，动力电池产业链有望承载中国从制造大国晋升为制造强国的国家层战略，宁德作为带头大哥，市值站上万亿似乎也在情理之中，这是海豚君给宁德时代的宏观定调。\n\n数据来源：GGII、海豚投研整理\n但是研究一家公司不能单纯靠信仰，就宁德时代本身，海豚君认为应该核心关注以下几个问题，本篇主要回答前两个问题：\n\n动力电池仍处于技术路线快速迭代的阶段，目前宁德时代的技术水平是否绝对领先？能否继续保持领先优势？技术路线变更对宁德时代的龙头地位的威胁有多大？\n制造业大多数的终局是比拼成本，动力电池最终是否也是比拼成本？如果是比拼成本的话，宁德时代能否在成本管控上构建壁垒？\n受下游需求的带动，全球动力电池正处于快速扩产周期，宁德的扩产情况如何？\n财务角度，宁德时代有哪些特征？在这些财务特征下，如何估值？\n\n以下为正文：\n一 技术积淀扎实 基本代表量产电池高水准\n动力电池是一个源于技术创新的行业，在实现技术成熟之前，技术的领先性一直会是很重要的竞争维度。\n而动力电池底层的技术，大多数人也是不甚了解，因此我们从结果来看，宁德时代2020年全球市占率25%，2021年一季度超过30%，配套客户除了宝马、宇通这些老牌主机厂之外，也逐步走进特斯拉和造车新势力的供应链，因此宁德在动力电池技术方面毫无疑问是处于领先地位的。\n\n数据来源：SNE Research，海豚投研整理\n\n数据来源：GICC，海豚投研整理\n从上述市占率的图也可以看出，全球动力电池强企基本落在中日韩三国。\n国内的宁德时代和比亚迪采取了三元和磷酸铁锂一并发展的策略，比亚迪更加明显地偏科磷酸铁锂，电池形状上均为方形电池；\n日韩的LG化学、松下和三星则主要聚焦在三元电池上，押宝三元电池因高能量密度会成为主流，电池形状则均采用圆柱型。\n不过从下面各厂商电池性能对比表来看，宁德时代代表了动力电池领域的高水准，并没有达到“人无我有”的绝对领先优势。主流的竞争对手在技术路线选择上存在差异，产品未标准化，仍属于百家争鸣的阶段，消费者对电动车的续航、安全和寿命的担忧也还需要依靠电池的进步来逐渐消除。\n三元电池阵营，宁德时代的NCM811基本代表了大规模装机动力电池中的高水准，与之同水平的包括LG化学的811电池，均属于高镍低钴的技术方向；\n磷酸铁锂电池阵营，比亚迪的刀片电池因无模组的工艺设计取得了一定的性能优势，但宁德时代的磷酸铁锂电池新晋配套特斯拉，应该性能不差；\n\n数据来源：券商研报、新闻资讯、海豚投研整理\n那么接下来再来看看技术进步的方向，宁德时代是否有被甩开的风险呢？海豚君对电池的技术发展进行了条理性地梳理，分为材料体系的突破和制造工艺的改良两个方面，材料体系的突破又可以分为正极、负极、电解液等各个方面。各方面当前的技术主流和发展方向如下表所示：\n\n数据来源：券商研报、新闻资讯、海豚投研整理\n无论是正极材料的高镍化和无钴化、负极材料的硅基+补锂、电解质从液态到固态，还是结构设计上的无模组形式，宁德时代都进行了积极布局，紧跟技术发展方向，做了充分的技术储备。即使技术路线变更的风险客观存在，中短期内宁德在技术上被甩开的概率应该也比较低。\n再向前追溯一步，宁德时代当前的技术领先性和未来持续保持领先地位的根源是其注重研发的企业基因，技术出身的管理层具备较强的研发投入的意识。\n下图是宁德时代核心管理层，公司核心团队来源于数码锂电池行业龙头ATL的动力电池部门，董事长曾毓群和副董事长黄世霖曾在ATL担任核心岗位（总裁和研发总监），后来ATL被日资收购后，2011年曾毓群和黄世霖从ATL电池事业部中脱离出来，逐步独立。\n所以，虽然宁德时代成立于2011年，看起来历史沿革比较短，但从根源是有理念和技术传承的，也因此才有宝马、宇通客车等贵人的相助，以及后续坐稳全球第一的宝座。\n\n数据来源：公司公告、海豚投研整理\n在注重研发的企业基因下，宁德时代也砸了真金白银。2018年研发投入绝对金额超越LG化学，连续三年位居全球第一，远超国内二线电池企业；2020年研发投入36亿元，营收占比超7%。\n从研发团队的角度看，作为制造企业，2020年公司研发人员5592人，占比18%。\n\n数据来源：wind，海豚投研整理\n小结：宁德时代理念和技术传承自ATL，积淀扎实，基本代表了动力电池技术的高水准，但并没有达到“人无我有”的绝对领先优势。\n同时动力电池处于技术快速迭代阶段，宁德后续必须持续进行前沿技术的研发，才有望坐稳行业第一把交椅的位置。\n二 比完技术比成本 宁德时代深度整合产业链 构建成本壁垒\n制造业大多数的终局是比拼成本，是不能躺赚的有苦力行业，所以整个大中华区进入万亿俱乐部的只有两家制造业，一个是市值3.5万亿的台积电，一个是新晋的市值1.2万亿的宁德时代。\n台积电能成长为如此体量的巨无霸，核心是台积电本质上不是比拼成本而是比拼制造工艺本身的制造业。芯片制造本身技术迭代快，台积电在先进制程上的技术优势可以保障公司超额利润率水平，而在二三线公司实现技术追赶时，台积电的先进制程产品在公司内部会被定位为成熟产品，通过规模优势压低价格，从而打压二三线公司的进步、压缩二三线公司的利润水平。\n并且芯片本身属于精密部件，原材料成本占比低，接近90%的成本在制造费用上，设备和产线投资规模大，构成进入壁垒的同时，尤其放大了头部公司的规模效应，强者恒强，一家独大。\n所以台积电抢占了全球大约60%的市占率，还取得了远超同行的盈利水平（2020年净利率38%，二线公司净利率5%左右），攫取了芯片代工行业超90%的利润，并且护城河牢固。\n\n数据来源：wind，海豚投研整理\n而最近，宁德时代成为第二个万亿市值的制造业公司，有望成为下一个台积电吗？\n海豚君认为，宁德时代的逻辑是比台积电弱的，动力电池制造和芯片制造在核心要素上存在本质差异（如下图）。\n\n数据来源：公司财报，海豚投研整理\n台积电：海豚君刚刚提到，芯片是精密部件，原材料成本占比不足10%，而制造费用占比约90%，其中制造费用中又以设备和产线的折旧摊销为主，因此台积电生产制造的核心要素是生产所需要的设备和产线，以及背后的工艺能力；\n从生产设备下手，芯片代工厂与上游设备厂具备较强的研发协同性，台积电深度绑定的设备制造商是ASML（荷兰，光刻机制造商）。ASML在与台积电的协同研发下，发布了首款浸润式光刻机，成功超越了之前的龙头尼康。\n因此，在国内厂商全款付钱都拿不到设备、三星设备缺货的情况下，因为ASML和台积电之间的协同性，ASML把紧缺的产能给了台积电，台积电在先进制程上的领先优势持续保持。\n宁德时代：从成本结构拆分的角度看，动力电池产业不太依赖固定资产的投资，制造费用仅占成本的12%，相反，材料采购的占比则高超80%，所以宁德时代生产制造的核心要素是原材料。\n从原材料下手，宁德时代展开了其浩浩荡荡的产业链纵向整合，包括上游的矿产资源、中游的原材料和生产设备，同时通过电池回收实现了产业链的闭环，基本涉足了动力电池整条产业链，尤其是在决定电池容量、安全等关键性能的正极材料方面。\n\n正极材料：2015年收购广东邦普，生产三元前驱体，随后建立合资公司宁波邦普扩大产能；磷酸铁锂正极则持股曲靖麟铁40%股权，锁定磷酸铁锂产能，并与多方合作厂商合建产能；\n正极上游矿产资源：通过控股、兼并收购、长单锁定等方式加深对矿产资源的掌控，全球布局，保障正负极及电解液的正常生产；\n负极材料：100%控股的屏南时代自供硅基负极之外，其他基本由外部供应商供应；\n电解液：持股66%的时代思康建设锂盐项目，其他外供；\n隔膜：基本为外供；\n设备：参与先导智能和星云股份定增，方便锁定核心设备产能。\n\n宁德时代对产业链进行深度整合，对产业链公司的号召力是极强的。在当前全产业链需求驱动扩产的阶段，全产业链布局使得宁德时代有能力保障各环节的供应跟得上自己的扩产节奏，保持市场领先优势，同时可以在一定程度上控制原材料价格波动对盈利能力的扰动。在后续产能充足时才更多体现为对成本的有效管控。\n另外，矿产资源相对具备稀缺性，宁德对上游矿产资源的锁定，也许在一定程度上可对标台积电在产能有限的生产设备上的优势。\n\n\n数据来源：公司公告、券商研报、新闻、海豚投研整理\n除了纵向产业链的深度整合之外，相比海外竞争对手，宁德时代基本采用国产供应商，松下基本为日本供应商，LG化学和三星SDI全球采购的特征相对明显，因此国内低成本制造的优势有利于宁德时代进一步取得相对优势；\n\n数据来源：券商研报、新闻、海豚投研整理\n在上述产业链深度整合之后，宁德时代取得了远好于竞争对手的盈利能力，日韩三家巨头复杂的业务结构在一定程度上影响营业利润率，但与宁德时代较大的差距是难以掩盖的。\n\n数据来源：wind、海豚投研整理（注：宁德时代统计的为净利率；LG化学、松下和三星SDI统计的为营业利润率）\n展望未来，占据新能源车40%左右成本的动力电池，技术进步的同时，价格必定还要呈现下降趋势，因此控制成本是保障盈利的制高点。宁德时代依然没有脱离制造业拼成本的宿命，壁垒和领先优势都无法媲美台积电。\n\n数据来源：公司财报、海豚投研整理\n不过海豚君认为，虽然最终要比成本，但资金、技术等门槛还是比较高的，应该不太会过度竞争压低利润，比较可能会形成几家独大的格局，虽不像台积电一样滋润，但类似汽车玻璃一样的格局&全球数万亿的市场空间，动力电池行业的终局也不会差。\n而宁德时代是目前来看不太可能缺席龙头地位的公司，技术上保持进步，成本端则凭借对产业链的深度整合以及对具备稀缺性的上游矿产资源的锁定逐步构筑护城河；\n同时考虑全球主要竞争对手来自日韩的大集团公司，中国巨大的本土市场对宁德来讲是得天独厚的优势，未来中国电动车企的弯道超车首先要带的也是中国自己的动力电池企业。\n另外相对LG化学、松下和三星SDI，宁德对动力电池的聚焦和民营企业更高的运营效率，也增大了其最终获胜的概率。\n总结一句话，不论是比技术还是比成本，宁德时代都是动力电池行业有最大概率能走出来的企业。\n\n数据来源：Marklines、EV Sales、海豚投研整理","news_type":1,"symbols_score_info":{"300750":0.9}},"isVote":1,"tweetType":1,"viewCount":5390,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126782508,"gmtCreate":1624584774404,"gmtModify":1703840963749,"author":{"id":"3581983097481247","authorId":"3581983097481247","name":"无欲2057","avatar":"https://static.tigerbbs.com/54e1909dfac2a022786e0d074699d2f2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581983097481247","idStr":"3581983097481247"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/126782508","repostId":"1182915557","repostType":4,"isVote":1,"tweetType":1,"viewCount":5416,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126788706,"gmtCreate":1624584740805,"gmtModify":1703840961800,"author":{"id":"3581983097481247","authorId":"3581983097481247","name":"无欲2057","avatar":"https://static.tigerbbs.com/54e1909dfac2a022786e0d074699d2f2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581983097481247","idStr":"3581983097481247"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/126788706","repostId":"2146025528","repostType":4,"repost":{"id":"2146025528","kind":"news","pubTimestamp":1624570774,"share":"https://ttm.financial/m/news/2146025528?lang=en_US&edition=fundamental","pubTime":"2021-06-25 05:39","market":"hk","language":"zh","title":"Foreign media headlines: Biden announces infrastructure agreement with bipartisan senatorial groups","url":"https://stock-news.laohu8.com/highlight/detail?id=2146025528","media":"新浪财经","summary":"“我们达成了协议，”拜登在参议员于白宫向他呈交协议后告诉记者。鉴于两党之间以及民主党激进派与温和派之间的分歧，目前尚不确定这两项立法能否获得国会两院通过。此次拜登与这组两党议员达成协议，是向着敲定基础设施支出计划以争取获得国会通过迈出的重要一步。全球各地的港口则因托盘和集装箱不足而出现拥堵，且运费攀升至纪录高点。","content":"<p><b>The main headlines that global financial media focused on last night and this morning were:</b></p><p><b>1. Biden announced an infrastructure agreement with a bipartisan group of senators.</b><b>2. Federal Reserve's Bullard warns: Economic restart inflation may exceed expectations.</b><b>3. The Federal Reserve's recent move is not about abandoning dovish to hawkish, but rather about learning from the lessons of 2018.</b><b>4. ECB Executive Board member Schnabel warned governments against prematurely ending crisis support measures.</b><b>5. The US merchandise trade deficit widened in May, with imports approaching a record high.</b><b>6、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>The launch of the new Windows 11 system was announced, marking the first time a new Windows system has been launched in six years.</b><img src=\"https://static.tigerbbs.com/299b468b66bcd38d88675e9d9edcda17\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><b>Biden announces infrastructure deal with bipartisan group of senators</b></p><p>US President Joe Biden said on Thursday that he had reached a preliminary agreement with a bipartisan group of senators on a bipartisan infrastructure plan. According to reports, the total cost of the eight-year plan is $1.2 trillion, of which $579 billion is new spending.</p><p>Biden acknowledged that the deal would not include his previous proposals to support American families, but he has strongly supported the infrastructure deal in public remarks, including aid agreements for American families.</p><p>\"We have an agreement,\" Biden told reporters after the senator presented the agreement to him at the White House. This bipartisan bill is expected to advance in Congress simultaneously with another bill supported solely by Democrats, which involves trillions of dollars in \"Social Security infrastructure\" spending opposed by Republicans. Given the divisions between the two parties and between the radical and moderate factions of the Democratic Party, it is uncertain whether these two pieces of legislation will pass both houses of Congress.</p><p>Biden's agreement with this bipartisan group of lawmakers is an important step toward finalizing an infrastructure spending plan to secure congressional approval.</p><p><img src=\"https://static.tigerbbs.com/c2f7d014d43f38cf347d9718b841eef3\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><b>Federal Reserve's Bullard warns: Economic restart inflation may exceed expectations.</b></p><p>St. Louis Federal Reserve President James Bullard said that while central bank officials hope inflation will exceed 2% to make up for past shortfalls, there is a risk of excessive price increases.</p><p>“The new risk is that as the reopening process continues, inflation could rise further than expected, beyond the levels necessary to simply make up for past shortfalls,” Bullard said in a speech at the Clayton Chamber of Commerce.</p><p>Bullard stated that this risk is real, partly because many people expect more good news for the U.S. economy in September and October, when schools will return to normal and work patterns will return to normal. The global restart process will closely follow the US process, which may bring more benefits to the United States.</p><p>Bullard stated, \"Policymakers will have to consider this new risk in the coming months and quarters. Inflation is likely to be significantly higher than 2% during the forecast period, so the FOMC can address key elements of its new policy framework through appropriate monetary policy.\"</p><p><img src=\"https://static.tigerbbs.com/0e501dcc210b77c55b05441b65963c75\" tg-width=\"550\" tg-height=\"369\" referrerpolicy=\"no-referrer\"></p><p><b>The Federal Reserve's recent move is not a shift from dovish to hawkish, but rather a move to learn from the lessons of 2018.</b></p><p>Don't mistake the Fed's recent actions for a change of heart. In fact, although many people believe they have become hawkish, the Federal Reserve is actually more dovish than when it first started talking about \"catching up\" with inflation. This is beneficial to risky assets.</p><p>When the Federal Reserve first used \"symmetry\" in its policy statement in March 2017 to describe its tolerance for inflation exceeding its 2% target, it was intended to imply that policy would remain accommodative even if inflation temporarily exceeded 2%. However, when the core PCE deflator finally exceeded 2% in 2018, the Federal Reserve's actions were a different matter, as it was in the midst of an accelerated tightening cycle. The market began expecting two rate hike that year, and the Federal Reserve promised three rate hike, eventually adding four. The core PCE deflator, which the Federal Reserve considers a target, had been below the target since April 2012 and only began to slightly exceed it in 2018.</p><p>So how does the Federal Reserve, which adopts an average inflation target system, justify accelerating rate hike? How can we justify claiming that \"we still have a long way to go before neutrality\" when inflation has been below target for nearly six years and then exceeds the target a little? This only makes sense if the Federal Reserve expects more inflation in the future and believes that the non-accelerated inflation rate (NAIRU) of the unemployment rate is an integral part of its response mechanism.</p><p><img src=\"https://static.tigerbbs.com/2d66a1848bf501f595530c46bd1141ef\" tg-width=\"550\" tg-height=\"306\" referrerpolicy=\"no-referrer\"></p><p><b>ECB Executive Board member Schnabel warned governments against prematurely ending crisis support measures.</b></p><p>European Central Bank Executive Board member Isabel Schnabel pledged that she and her colleagues would do everything in their power to support the economic recovery and warned the government against prematurely tightening fiscal policy.</p><p>“The worst that could happen is to end support prematurely. I can assure you that in terms of monetary policy, we will do everything we can to prevent that from happening,” Schnabel said at an online event on Thursday.</p><p>“Perhaps we should be more concerned about fiscal policy,” she added, noting that in some countries “discussions about public fiscal consolidation are already underway, and it may actually be premature.”</p><p>This controversy has already emerged this week. Former European Central Bank President and Italian Prime Minister Mario Draghi insists that Eurozone fiscal rules cannot return to pre-pandemic levels.</p><p><img src=\"https://static.tigerbbs.com/2e50af7e80efaac5de85f32c8c565980\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"><b>The US merchandise trade deficit widened in May, with imports nearing a record high.</b></p><p>The U.S. merchandise trade deficit widened more than expected in May, with imports rising to near a record high and exports declining.</p><p>According to data released by the U.S. Department of Commerce on Thursday, the trade deficit widened to $88.1 billion, compared to a revised $85.7 billion in April. Economists surveyed estimated the median deficit at $87.5 billion.</p><p>Imports rose 0.8% to $232.4 billion, while exports fell 0.3% to $144.3 billion. Imports of consumer goods climbed to $63.8 billion.</p><p>U.S. imports have resumed growth as people staying at home buy household goods and retailers replenish inventory after the global shutdown in the early stages of the pandemic. Ports around the world are congested due to a shortage of pallets and containers, and freight rates have climbed to record highs.<img src=\"https://static.tigerbbs.com/b5810611f0cfdabb18b1854df75c4083\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"><b>Microsoft announced the launch of the new Windows 11 system, the first new Windows system in six years.</b></p><p>At the Windows 11 launch event, Microsoft announced the launch of a new Windows 11 system, marking the first time in six years that a new Windows system has been released.</p><p>Microsoft's chief product officer, Panos Panay, described the new operating system as \"Windows that brings you closer to the things you love.\" The new Windows system reportedly features rounded corners, a new desktop wallpaper, and a centered Start menu.</p><p>At the Windows 11 launch event, Microsoft stated that Windows 11 will support Android applications. This means that millions of popular apps people use on their phones will appear directly on their desktops, in the Start menu, and more. This is also significant for Microsoft's efforts to build ARM-based Windows systems.</p>","source":"sina_symbol","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Foreign media headlines: Biden announces infrastructure agreement with bipartisan senatorial groups</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: Biden announces infrastructure agreement with bipartisan senatorial groups\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\">2021-06-25 05:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The main headlines that global financial media focused on last night and this morning were:</b></p><p><b>1. Biden announced an infrastructure agreement with a bipartisan group of senators.</b><b>2. Federal Reserve's Bullard warns: Economic restart inflation may exceed expectations.</b><b>3. The Federal Reserve's recent move is not about abandoning dovish to hawkish, but rather about learning from the lessons of 2018.</b><b>4. ECB Executive Board member Schnabel warned governments against prematurely ending crisis support measures.</b><b>5. The US merchandise trade deficit widened in May, with imports approaching a record high.</b><b>6、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>The launch of the new Windows 11 system was announced, marking the first time a new Windows system has been launched in six years.</b><img src=\"https://static.tigerbbs.com/299b468b66bcd38d88675e9d9edcda17\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><b>Biden announces infrastructure deal with bipartisan group of senators</b></p><p>US President Joe Biden said on Thursday that he had reached a preliminary agreement with a bipartisan group of senators on a bipartisan infrastructure plan. According to reports, the total cost of the eight-year plan is $1.2 trillion, of which $579 billion is new spending.</p><p>Biden acknowledged that the deal would not include his previous proposals to support American families, but he has strongly supported the infrastructure deal in public remarks, including aid agreements for American families.</p><p>\"We have an agreement,\" Biden told reporters after the senator presented the agreement to him at the White House. This bipartisan bill is expected to advance in Congress simultaneously with another bill supported solely by Democrats, which involves trillions of dollars in \"Social Security infrastructure\" spending opposed by Republicans. Given the divisions between the two parties and between the radical and moderate factions of the Democratic Party, it is uncertain whether these two pieces of legislation will pass both houses of Congress.</p><p>Biden's agreement with this bipartisan group of lawmakers is an important step toward finalizing an infrastructure spending plan to secure congressional approval.</p><p><img src=\"https://static.tigerbbs.com/c2f7d014d43f38cf347d9718b841eef3\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><b>Federal Reserve's Bullard warns: Economic restart inflation may exceed expectations.</b></p><p>St. Louis Federal Reserve President James Bullard said that while central bank officials hope inflation will exceed 2% to make up for past shortfalls, there is a risk of excessive price increases.</p><p>“The new risk is that as the reopening process continues, inflation could rise further than expected, beyond the levels necessary to simply make up for past shortfalls,” Bullard said in a speech at the Clayton Chamber of Commerce.</p><p>Bullard stated that this risk is real, partly because many people expect more good news for the U.S. economy in September and October, when schools will return to normal and work patterns will return to normal. The global restart process will closely follow the US process, which may bring more benefits to the United States.</p><p>Bullard stated, \"Policymakers will have to consider this new risk in the coming months and quarters. Inflation is likely to be significantly higher than 2% during the forecast period, so the FOMC can address key elements of its new policy framework through appropriate monetary policy.\"</p><p><img src=\"https://static.tigerbbs.com/0e501dcc210b77c55b05441b65963c75\" tg-width=\"550\" tg-height=\"369\" referrerpolicy=\"no-referrer\"></p><p><b>The Federal Reserve's recent move is not a shift from dovish to hawkish, but rather a move to learn from the lessons of 2018.</b></p><p>Don't mistake the Fed's recent actions for a change of heart. In fact, although many people believe they have become hawkish, the Federal Reserve is actually more dovish than when it first started talking about \"catching up\" with inflation. This is beneficial to risky assets.</p><p>When the Federal Reserve first used \"symmetry\" in its policy statement in March 2017 to describe its tolerance for inflation exceeding its 2% target, it was intended to imply that policy would remain accommodative even if inflation temporarily exceeded 2%. However, when the core PCE deflator finally exceeded 2% in 2018, the Federal Reserve's actions were a different matter, as it was in the midst of an accelerated tightening cycle. The market began expecting two rate hike that year, and the Federal Reserve promised three rate hike, eventually adding four. The core PCE deflator, which the Federal Reserve considers a target, had been below the target since April 2012 and only began to slightly exceed it in 2018.</p><p>So how does the Federal Reserve, which adopts an average inflation target system, justify accelerating rate hike? How can we justify claiming that \"we still have a long way to go before neutrality\" when inflation has been below target for nearly six years and then exceeds the target a little? This only makes sense if the Federal Reserve expects more inflation in the future and believes that the non-accelerated inflation rate (NAIRU) of the unemployment rate is an integral part of its response mechanism.</p><p><img src=\"https://static.tigerbbs.com/2d66a1848bf501f595530c46bd1141ef\" tg-width=\"550\" tg-height=\"306\" referrerpolicy=\"no-referrer\"></p><p><b>ECB Executive Board member Schnabel warned governments against prematurely ending crisis support measures.</b></p><p>European Central Bank Executive Board member Isabel Schnabel pledged that she and her colleagues would do everything in their power to support the economic recovery and warned the government against prematurely tightening fiscal policy.</p><p>“The worst that could happen is to end support prematurely. I can assure you that in terms of monetary policy, we will do everything we can to prevent that from happening,” Schnabel said at an online event on Thursday.</p><p>“Perhaps we should be more concerned about fiscal policy,” she added, noting that in some countries “discussions about public fiscal consolidation are already underway, and it may actually be premature.”</p><p>This controversy has already emerged this week. Former European Central Bank President and Italian Prime Minister Mario Draghi insists that Eurozone fiscal rules cannot return to pre-pandemic levels.</p><p><img src=\"https://static.tigerbbs.com/2e50af7e80efaac5de85f32c8c565980\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"><b>The US merchandise trade deficit widened in May, with imports nearing a record high.</b></p><p>The U.S. merchandise trade deficit widened more than expected in May, with imports rising to near a record high and exports declining.</p><p>According to data released by the U.S. Department of Commerce on Thursday, the trade deficit widened to $88.1 billion, compared to a revised $85.7 billion in April. Economists surveyed estimated the median deficit at $87.5 billion.</p><p>Imports rose 0.8% to $232.4 billion, while exports fell 0.3% to $144.3 billion. Imports of consumer goods climbed to $63.8 billion.</p><p>U.S. imports have resumed growth as people staying at home buy household goods and retailers replenish inventory after the global shutdown in the early stages of the pandemic. Ports around the world are congested due to a shortage of pallets and containers, and freight rates have climbed to record highs.<img src=\"https://static.tigerbbs.com/b5810611f0cfdabb18b1854df75c4083\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"><b>Microsoft announced the launch of the new Windows 11 system, the first new Windows system in six years.</b></p><p>At the Windows 11 launch event, Microsoft announced the launch of a new Windows 11 system, marking the first time in six years that a new Windows system has been released.</p><p>Microsoft's chief product officer, Panos Panay, described the new operating system as \"Windows that brings you closer to the things you love.\" The new Windows system reportedly features rounded corners, a new desktop wallpaper, and a centered Start menu.</p><p>At the Windows 11 launch event, Microsoft stated that Windows 11 will support Android applications. This means that millions of popular apps people use on their phones will appear directly on their desktops, in the Start menu, and more. This is also significant for Microsoft's efforts to build ARM-based Windows systems.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2021-06-25/doc-ikqcfnca3074590.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/a06fb8b1db7037b689423e44b4d5b305","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","SPXU":"三倍做空标普500ETF-ProShares","09086":"华夏纳指-U",".IXIC":"NASDAQ Composite","SQQQ":"纳指三倍做空ETF",".SPX":"S&P 500 Index","DXD":"两倍做空道琼30指数ETF-ProShares","PSQ":"做空纳斯达克100指数ETF-ProShares","DOG":"道指ETF-ProShares做空","SPY":"标普500ETF","QQQ":"纳指100ETF","SDOW":"三倍做空道指30ETF-ProShares","TQQQ":"纳指三倍做多ETF","UPRO":"三倍做多标普500ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","OEX":"标普100","OEF":"标普100指数ETF-iShares","SSO":"2倍做多标普500ETF-ProShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","DJX":"1/100道琼斯","03086":"华夏纳指","DDM":"2倍做多道指ETF-ProShares","SH":"做空标普500-Proshares","IVV":"标普500ETF-iShares",".DJI":"道琼斯"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2021-06-25/doc-ikqcfnca3074590.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146025528","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、拜登宣布与两党参议员团体达成基础设施协议\n\n\n2、美联储Bullard警告：经济重启型通胀可能超乎意料\n\n\n3、美联储最近做法并非弃鸽转鹰 而是在吸取2018年教训\n\n\n4、欧央行执委Schnabel警告各国政府不要提前结束危机期支持措施\n\n\n5、美国5月商品贸易逆差扩大 进口逼近纪录高位\n\n\n6、微软宣布推出新Windows 11系统 为6年来首次推出新Windows系统\n\n\n拜登宣布与两党参议员团体达成基础设施协议\n美国总统拜登周四称，他与一组两党参议员就两党共同发起的基础设施计划达成了初步协议。据报道，该为期八年的方案总成本为1.2万亿美元，其中5790亿美元属于新支出。\n拜登承认，该协议将不包括他此前提出的支援美国家庭的建议，但他在公开讲话中曾坚定地支持基础设施协议包含对美国家庭的援助协议。\n“我们达成了协议，”拜登在参议员于白宫向他呈交协议后告诉记者。预计这项两党发起的法案将与另一项民主党单独支持的法案同时在国会推进，后者涉及数万亿美元遭共和党反对的“社会保障类基础设施”支出。鉴于两党之间以及民主党激进派与温和派之间的分歧，目前尚不确定这两项立法能否获得国会两院通过。\n此次拜登与这组两党议员达成协议，是向着敲定基础设施支出计划以争取获得国会通过迈出的重要一步。\n\n美联储Bullard警告：经济重启型通胀可能超乎意料\n圣路易斯联储行长James Bullard表示，虽然央行官员希望通胀率超过2%以弥补过去的不足，但存在价格上涨过头的风险。\n“新的风险是，随着重新开放的进程继续，通胀可能超乎意料进一步上行，超出简单弥补过去不足所必需的水平，”Bullard在克莱顿商会的演讲中说。\nBullard表示，这种风险是现实的，部分原因是许多人预计美国经济9月至10月会有更多好消息，届时学校将恢复正常，工作模式恢复正常。全球重启进程将紧随美国进程之后，可能给美国带来更多的利好。\nBullard称，“政策制定者将不得不在未来几个月和几个季度考虑这一新风险。在预测期内，通胀率可能会显著高于2%，因此FOMC可以通过适当的货币政策来满足其新政策框架的关键内容。”\n\n美联储最近做法并非弃鸽转鹰 而是在吸取2018年教训\n不要误以为美联储最近的行动是转变心意了。事实上，尽管许多人认为他们变得鹰派了，美联储实际上比刚开始谈要把通胀“补回来”的时候更鸽派。这利好风险资产。\n当2017年3月美联储首次在政策声明中用“对称”来形容对通胀率超过2%目标的容忍度时，就意在暗示即便通胀率暂时超过2%，政策也将保持宽松。然而，当2018年核心PCE平减指数最终超过2%时，美联储的行动却是另一回事，因为彼时正处于加速紧缩周期中。市场那一年开始预期会有两次加息，美联储承诺会加息三次，最终加了四次。被美联储视为目标的核心PCE平减指数自2012年4月起一直低于目标，2018年才开始略超目标。\n所以说，采用了平均通胀目标制的美联储怎么证明加速加息是合理的？怎么证明在通胀率将近六年时间都低于目标，然后刚开始超出目标一点就声称“我们距离中性还有漫漫长路要走”是合理的？仅当美联储预期未来会有更多通胀，而且相信失业率的非加速通胀率（NAIRU）是其应对机制的有机组成部分，这样做才说得通。\n\n欧央行执委Schnabel警告各国政府不要提前结束危机期支持措施\n欧洲央行执委Isabel Schnabel承诺，她和她的同事将竭尽所能支持经济复苏，并警告政府不要过早收紧财政政策。\n“可能发生的最糟糕的情况是过早结束支撑。我可以向你保证，在货币政策方面，我们将尽一切努力避免这种情况发生，”Schnabel周四在一个在线活动中说。\n“也许我们应该更担心财政政策，”她补充说，并表示在一些国家“有关公共财政整合的讨论已经在进行，可能实际上为时过早。”\n本周已经出现这种争议。前欧洲央行行长、意大利总理马里奥·德拉吉坚称欧元区财政规则不能回到疫情爆发前的水平。\n美国5月商品贸易逆差扩大 进口逼近纪录高位\n美国5月商品贸易逆差扩大幅度超过预期，进口额升至纪录高位附近，且出口下降。\n根据美国商务部周四发布的数据，贸易逆差扩大到881亿美元，4月修正后为857亿美元。接受调查的经济学家预估中值为逆差875亿美元。\n进口增长0.8%，至2324亿美元，出口下降0.3%，至1443亿美元。消费品输入额攀升至638亿美元。\n由于宅家的民众购买家居用品，同时零售商在疫情初期全球停摆之后纷纷补充库存，美国进口已恢复增长。全球各地的港口则因托盘和集装箱不足而出现拥堵，且运费攀升至纪录高点。微软宣布推出新Windows 11系统 为6年来首次推出新Windows系统\n在windows11发布会上，微软宣布推出新的Windows 11系统，这是6年来首次推出新的Windows系统。\n微软首席产品官帕诺斯·潘乃（Panos Panay）将这款新的操作系统描述为“让你更接近自己喜爱的东西的Windows”。据悉，新的Windows系统有圆角，新的桌面壁纸和居中的开始菜单。\n在Windows11发布会上，微软表示，Windows 11将支持Android应用程序。这意味着，人们在手机上使用的数百万款流行应用程序，将直接出现在桌面上、开始菜单和更多地方。这对微软基于ARM的Windows系统的努力也意义重大。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"SQQQ":0.9,"DXD":0.9,"QID":0.9,"SPXU":0.9,"UDOW":0.9,"IVV":0.9,"QLD":0.9,"MNQmain":0.9,"OEX":0.9,"UPRO":0.9,"DDM":0.9,".DJI":0.9,"NQmain":0.9,"SPY":0.9,"09086":0.9,"DOG":0.9,"TQQQ":0.9,".SPX":0.9,"03086":0.9,"PSQ":0.9,"SSO":0.9,"SH":0.9,"OEF":0.9,"SDS":0.9,"ESmain":0.9,".IXIC":0.9,"SDOW":0.9,"DJX":0.9,"QQQ":0.9}},"isVote":1,"tweetType":1,"viewCount":5090,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126788032,"gmtCreate":1624584720226,"gmtModify":1703840960180,"author":{"id":"3581983097481247","authorId":"3581983097481247","name":"无欲2057","avatar":"https://static.tigerbbs.com/54e1909dfac2a022786e0d074699d2f2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581983097481247","idStr":"3581983097481247"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/126788032","repostId":"1190242896","repostType":4,"repost":{"id":"1190242896","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":1624571770,"share":"https://ttm.financial/m/news/1190242896?lang=en_US&edition=fundamental","pubTime":"2021-06-25 05:56","market":"hk","language":"zh","title":"Didi updates its prospectus, pricing the IPO at $13.50.","url":"https://stock-news.laohu8.com/highlight/detail?id=1190242896","media":"老虎资讯综合","summary":"北京时间6月25日凌晨消息，滴滴今日更新招股书，预计将把美国IPO定价设在定价区间的中部13.5美元/ADS，计划通过美国IPO发行2.88亿份ADS，代表7200万股A类普通股。\n北京时间6月11日","content":"<p>Early morning of June 25th, Beijing time, Didi updated its prospectus today, expecting to price its US IPO at $13.50 per ADS in the middle of the pricing range. It plans to issue 288 million ADS through the US IPO, representing 72 million Class A common shares.</p><p>On June 11, Beijing time, DIDI Chuxing officially filed for an IPO with the U.S. Securities and Exchange Commission (SEC), intending to list on the New York Stock Exchange under the ticker symbol \"DIDI.\" Goldman Sachs, Morgan Stanley, JPMorgan Chase, and China Renaissance Capital served as underwriters.</p><p>According to the prospectus, in the 12 months ending March 31, 2021, Didi had 493 million annual active users and 15 million annual active drivers worldwide. From March 31, 2020 to March 31, 2021, Didi had 377 million annual active users and 13 million annual active drivers in China. In the first quarter of 2021, Didi China Mobility had 156 million monthly active users and an average daily transaction volume of 25 million rides in China.</p><p>As of March 2021, Didi operated in more than 4,000 towns in 15 countries, including China, providing services such as ride-hailing, taxis, ride-sharing, bike-sharing, electric bike-sharing, chauffeur service, car service, freight, finance, and autonomous driving.</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>Didi updates its prospectus, pricing the IPO at $13.50.</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\">\nDidi updates its prospectus, pricing the IPO at $13.50.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-25 05:56</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Early morning of June 25th, Beijing time, Didi updated its prospectus today, expecting to price its US IPO at $13.50 per ADS in the middle of the pricing range. It plans to issue 288 million ADS through the US IPO, representing 72 million Class A common shares.</p><p>On June 11, Beijing time, DIDI Chuxing officially filed for an IPO with the U.S. Securities and Exchange Commission (SEC), intending to list on the New York Stock Exchange under the ticker symbol \"DIDI.\" Goldman Sachs, Morgan Stanley, JPMorgan Chase, and China Renaissance Capital served as underwriters.</p><p>According to the prospectus, in the 12 months ending March 31, 2021, Didi had 493 million annual active users and 15 million annual active drivers worldwide. From March 31, 2020 to March 31, 2021, Didi had 377 million annual active users and 13 million annual active drivers in China. In the first quarter of 2021, Didi China Mobility had 156 million monthly active users and an average daily transaction volume of 25 million rides in China.</p><p>As of March 2021, Didi operated in more than 4,000 towns in 15 countries, including China, providing services such as ride-hailing, taxis, ride-sharing, bike-sharing, electric bike-sharing, chauffeur service, car service, freight, finance, and autonomous driving.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bf210b0a9da00c82cb2c925171714e26","relate_stocks":{"DIDI":"滴滴(已退市)"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190242896","content_text":"北京时间6月25日凌晨消息，滴滴今日更新招股书，预计将把美国IPO定价设在定价区间的中部13.5美元/ADS，计划通过美国IPO发行2.88亿份ADS，代表7200万股A类普通股。\n北京时间6月11日，滴滴出行正式向美国证券交易委员会（SEC）递交IPO申请，拟于纽交所挂牌上市，股票代码为“DIDI“。高盛、摩根士丹利、摩根大通、华兴资本担任承销商。\n招股书显示，在截至2021年3月31日的12个月里，滴滴全球年活跃用户为4.93亿，全球年活跃司机1500万。其中，自2020年3月31日至2021年3月31日，滴滴在中国拥有3.77亿年活跃用户和1300万年活跃司机。2021年第一季度，滴滴中国出行拥有1.56亿月活用户，中国出行业务日均交易量为2500万次。\n截至2021年3月，滴滴在包括中国在内的15个国家约4000多个城镇开展业务，提供网约车、出租车、顺风车、共享单车、共享电单车、代驾、车服、货运、金融和自动驾驶等服务。","news_type":1,"symbols_score_info":{"DIDI":0.9}},"isVote":1,"tweetType":1,"viewCount":5192,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126783343,"gmtCreate":1624584689882,"gmtModify":1703840957111,"author":{"id":"3581983097481247","authorId":"3581983097481247","name":"无欲2057","avatar":"https://static.tigerbbs.com/54e1909dfac2a022786e0d074699d2f2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581983097481247","idStr":"3581983097481247"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/126783343","repostId":"1183560687","repostType":4,"isVote":1,"tweetType":1,"viewCount":5155,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126789989,"gmtCreate":1624584667441,"gmtModify":1703840955817,"author":{"id":"3581983097481247","authorId":"3581983097481247","name":"无欲2057","avatar":"https://static.tigerbbs.com/54e1909dfac2a022786e0d074699d2f2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581983097481247","idStr":"3581983097481247"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/126789989","repostId":"1183560687","repostType":4,"isVote":1,"tweetType":1,"viewCount":4822,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126780976,"gmtCreate":1624584628395,"gmtModify":1703840953555,"author":{"id":"3581983097481247","authorId":"3581983097481247","name":"无欲2057","avatar":"https://static.tigerbbs.com/54e1909dfac2a022786e0d074699d2f2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581983097481247","idStr":"3581983097481247"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/126780976","repostId":"1102925117","repostType":4,"repost":{"id":"1102925117","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":1624582814,"share":"https://ttm.financial/m/news/1102925117?lang=en_US&edition=fundamental","pubTime":"2021-06-25 09:00","market":"hk","language":"zh","title":"XPeng Motors-W begins its IPO today, with an entry fee of approximately HK$18,181.39 per lot.","url":"https://stock-news.laohu8.com/highlight/detail?id=1102925117","media":"老虎资讯综合","summary":"6月25日，小鹏汽车-W发布公告，公司于6月25日至6月30日招股；拟全球发售8500万股股份，其中香港发售股份425万股，国际发售股份8075万股，另有15%超额配股权；每股发行价不超过180港元，","content":"<p>On June 25,<a href=\"https://laohu8.com/S/09868\">XPeng Automobile - W</a>The company announced that its IPO will be conducted from June 25 to June 30. The company plans to offer 85 million shares globally, including 4.25 million shares offered in Hong Kong and 80.75 million shares offered internationally, with a 15% over-allotment option. The issue price per share will not exceed HK$180, with trading units of 100 shares per lot, and an entry fee of approximately HK$18,181.39. The Shares are expected to be listed on the Main Board of the Stock Exchange on 7 July.</p><p><b>Tiger Trade will open for subscription at 11:30.</b><a href=\"https://www-web.itiger.com/mi/ipo/index/hk/listing\" target=\"_blank\"><b>Subscription portal</b></a><b>】</b></p><p><img src=\"https://static.tigerbbs.com/1e2905fbe978b70a1fadc57bfb9804ec\" tg-width=\"891\" tg-height=\"622\" referrerpolicy=\"no-referrer\"></p><p>Subscription ladder:</p><p>Each lot contains 100 shares, with an entry fee of HK$18,181.39.</p><p>The threshold for Group B is 30,000 shares, and the funds required for subscription are approximately HK$5,454,415.8.</p><p><img src=\"https://static.tigerbbs.com/a8dafe8d708afb61e06e25e0b275bf27\" tg-width=\"934\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p>Founded in 2015, XPeng has grown into China's leading smart electric vehicle company and went public on the New York Stock Exchange in August 2020. XPeng Automobile is engaged in the design, research and development, manufacturing and marketing of intelligent electric vehicles in the PRC. According to data from IHS Markit, as of the Latest Practicable Date, the company was the only automaker in China to independently develop full-stack autonomous driving technology and apply the software to mass-produced vehicles. The company is building a rapidly expanding, diversified, and attractive portfolio of intelligent electric vehicle models to meet the growing demand for intelligent electric vehicles and the differentiated needs of a wide range of customers.</p><p>As of Q1 2021, XPeng had 178 sales stores and 61 service centers nationwide, covering 70 cities, with the vast majority of stores located in shopping malls. In terms of charging infrastructure network layout, as of Q1 2021, there were 172 XPeng brand Supercharger stations nationwide, covering 60 cities. The company offers a free charging plan to eligible car owners, and as of the end of March, the plan had covered more than 140 cities.</p><p>In terms of financial data, the company achieved significant growth and strong operating results during the track record period. From 2018 to 2020, the company's total revenue increased from RMB 9.706 million to RMB 5.844 billion. With strong revenue growth, the company's gross profit margin increased from 24.3% in 2018 to 4.6% in 2020, turning positive. In the first quarter of 2021, the company recorded total revenue of 450 million yuan, a net loss of 120 million yuan, and a gross profit margin of 11.2%.</p><p><img src=\"https://static.tigerbbs.com/853e033a96dad5cd098377abcd2fede8\" tg-width=\"973\" tg-height=\"762\" referrerpolicy=\"no-referrer\"></p><p>Regarding the use of funds, based on the upper limit of the Offer Price of HK$180, the IPO is expected to receive net proceeds of approximately HK$15,039 million from the Global Offering (after deducting underwriting commissions and other estimated expenses related to the Global Offering). The company intends to use the net proceeds from the share offering for the following purposes: approximately 45% is expected to be used to expand the company's product portfolio and develop more advanced technologies; Approximately 35% is expected to be used to accelerate the company's business expansion by enhancing brand awareness, acquiring customers through omnichannel marketing strategies, and increasing sales and service coverage in domestic and international markets. Approximately 10% is expected to be used to enhance production capacity, including expanding production capacity, upgrading production facilities, and developing production technologies; Approximately 10% is expected to be used for general corporate purposes, including for working capital.</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>XPeng Motors-W begins its IPO today, with an entry fee of approximately HK$18,181.39 per lot.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXPeng Motors-W begins its IPO today, with an entry fee of approximately HK$18,181.39 per lot.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-25 09:00</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 25,<a href=\"https://laohu8.com/S/09868\">XPeng Automobile - W</a>The company announced that its IPO will be conducted from June 25 to June 30. The company plans to offer 85 million shares globally, including 4.25 million shares offered in Hong Kong and 80.75 million shares offered internationally, with a 15% over-allotment option. The issue price per share will not exceed HK$180, with trading units of 100 shares per lot, and an entry fee of approximately HK$18,181.39. The Shares are expected to be listed on the Main Board of the Stock Exchange on 7 July.</p><p><b>Tiger Trade will open for subscription at 11:30.</b><a href=\"https://www-web.itiger.com/mi/ipo/index/hk/listing\" target=\"_blank\"><b>Subscription portal</b></a><b>】</b></p><p><img src=\"https://static.tigerbbs.com/1e2905fbe978b70a1fadc57bfb9804ec\" tg-width=\"891\" tg-height=\"622\" referrerpolicy=\"no-referrer\"></p><p>Subscription ladder:</p><p>Each lot contains 100 shares, with an entry fee of HK$18,181.39.</p><p>The threshold for Group B is 30,000 shares, and the funds required for subscription are approximately HK$5,454,415.8.</p><p><img src=\"https://static.tigerbbs.com/a8dafe8d708afb61e06e25e0b275bf27\" tg-width=\"934\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p>Founded in 2015, XPeng has grown into China's leading smart electric vehicle company and went public on the New York Stock Exchange in August 2020. XPeng Automobile is engaged in the design, research and development, manufacturing and marketing of intelligent electric vehicles in the PRC. According to data from IHS Markit, as of the Latest Practicable Date, the company was the only automaker in China to independently develop full-stack autonomous driving technology and apply the software to mass-produced vehicles. The company is building a rapidly expanding, diversified, and attractive portfolio of intelligent electric vehicle models to meet the growing demand for intelligent electric vehicles and the differentiated needs of a wide range of customers.</p><p>As of Q1 2021, XPeng had 178 sales stores and 61 service centers nationwide, covering 70 cities, with the vast majority of stores located in shopping malls. In terms of charging infrastructure network layout, as of Q1 2021, there were 172 XPeng brand Supercharger stations nationwide, covering 60 cities. The company offers a free charging plan to eligible car owners, and as of the end of March, the plan had covered more than 140 cities.</p><p>In terms of financial data, the company achieved significant growth and strong operating results during the track record period. From 2018 to 2020, the company's total revenue increased from RMB 9.706 million to RMB 5.844 billion. With strong revenue growth, the company's gross profit margin increased from 24.3% in 2018 to 4.6% in 2020, turning positive. In the first quarter of 2021, the company recorded total revenue of 450 million yuan, a net loss of 120 million yuan, and a gross profit margin of 11.2%.</p><p><img src=\"https://static.tigerbbs.com/853e033a96dad5cd098377abcd2fede8\" tg-width=\"973\" tg-height=\"762\" referrerpolicy=\"no-referrer\"></p><p>Regarding the use of funds, based on the upper limit of the Offer Price of HK$180, the IPO is expected to receive net proceeds of approximately HK$15,039 million from the Global Offering (after deducting underwriting commissions and other estimated expenses related to the Global Offering). The company intends to use the net proceeds from the share offering for the following purposes: approximately 45% is expected to be used to expand the company's product portfolio and develop more advanced technologies; Approximately 35% is expected to be used to accelerate the company's business expansion by enhancing brand awareness, acquiring customers through omnichannel marketing strategies, and increasing sales and service coverage in domestic and international markets. Approximately 10% is expected to be used to enhance production capacity, including expanding production capacity, upgrading production facilities, and developing production technologies; Approximately 10% is expected to be used for general corporate purposes, including for working capital.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8a7cf240033f083a329240e6179df017","relate_stocks":{"09868":"小鹏集团-W","XPEV":"小鹏集团"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102925117","content_text":"6月25日，小鹏汽车-W发布公告，公司于6月25日至6月30日招股；拟全球发售8500万股股份，其中香港发售股份425万股，国际发售股份8075万股，另有15%超额配股权；每股发行价不超过180港元，每手买卖单位100股，入场费约18181.39港元；预期股份将于7月7日于联交所主板挂牌上市。\nTiger Trade将于11:30开放申购【申购入口】\n\n申购阶梯：\n每手100股，入场费18181.39港元。\n乙组门槛为3万股，申购所需资金约5454415.8港元。\n\n小鹏汽车成立于2015年，目前已发展成中国领先的智能电动汽车公司，于2020年8月在纽交所上市。小鹏汽车在中国从事智能电动汽车的设计、研发、制造及营销。根据IHS Markit的数据，截至最后实际可行日期，公司是中国唯一一家自主开发全栈式自动驾驶技术，并在量产汽车上应用该软件的汽车公司。公司正在打造一个快速扩展、多元化的具有吸引力的智能电动汽车车型组合，以满足智能电动汽车日益增长的需求以及广大客户群的差异化需求。\n截至2021Q1，小鹏汽车全国销售门店达178家，服务中心达61家，覆盖70个城市，绝大多数门店均位于购物中心。充电设施网络布局方面，截至2021Q1，全国共有172座小鹏品牌超级充电站，覆盖60个城市。公司向符合条件的车主提供免费充电计划，截至3月底，该计划已覆盖超过140个城市。\n财务数据方面，于往绩记录期间，公司实现了显著的增长及强劲的经营业绩。2018年至2020年，公司总收入由970.6万元增长至58.44亿元。随着收入的强劲增长，公司毛利率从2018年的(24.3%)增长至2020年的4.6%，实现转正。2021年一季度，公司录得总收入4.50亿元，净亏损1.20亿元，毛利率达到11.2%。\n\n筹资用途方面，以发售价的上限180港元计算，此次IPO预计自全球发售收取所得款项净额约150.39亿港元（经扣除包销佣金及与全球发售有关的其他估计开支）。公司拟将股份发售所得款项净额用于以下用途：约45%预期将用于拓展公司的产品组合及开发更先进的技术；约35%预期将用于通过提升公司的品牌认知度，借助全渠道营销策略获取客户，以及在国内及国际市场增加销售及服务覆盖，来加速公司的业务扩张；约10%预期将用于提升生产能力，包括扩大产能、升级生产设施和开发生产技术；约10%预期将用于一般公司用途，包括用作运营资金。","news_type":1,"symbols_score_info":{"09868":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":5849,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}