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2021-08-24

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2021-08-09

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The targets of social security, QFII, and insurance funds that increased their holdings in the second quarter have been revealed! Newly listed bull stocks surge 228%

2021-08-02

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Opening: US stocks opened higher, with Tesla rising over 2% to return to $700.

2021-08-01

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China Evergrande: Sells 11% stake in Hengten Networks for HK$3.25 billion

2021-07-30

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Behind the "buying a house with a voucher," is a major revolution in the real estate market really coming?

2021-07-25

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2021-07-24

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The "secret" of Tenfold Fund: How can fund investors truly make money?

2021-07-22

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Opening: Faraday Future rose over 22% on its first day of trading, while Didi fell over 7%.

2021-07-19

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What is the "new information" in Powell's testimony?

2021-07-19

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Pre-orders for the FF91 production version are now open, has Jia Yueting's "car manufacturing dream" come true?

2021-07-16

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2021-07-14

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2021-07-13

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Stop being blindly optimistic; Wall Street has already started secretly shorting US stocks.

2021-07-10

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2021-07-10

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Thorpe and Simmons: The Legendary Lives of Two Godfather Investment Giants

2021-07-07

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Amazon has achieved a phased victory! Microsoft loses $10 billion Department of Defense contract

2021-07-05

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Reminder: US stocks will be closed on July 5th due to the US Independence Day holiday.

2021-07-02

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2021-07-02

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2021-07-02

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Reminder: US stocks will be closed on July 5th due to the US Independence Day holiday.

Go to Tiger App to see more news

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Newly listed bull stocks surge 228%","url":"https://stock-news.laohu8.com/highlight/detail?id=1140398755","media":"中国证券报","summary":"截至8月6日晚，已有287家A股公司披露半年报，社保基金、QFII、保险公司等机构的持股情况逐渐浮出水面。百亚股份、锦浪科技、新亚强、诺德股份、永兴材料、艾德生物、信维通信等多家公司被两家机构联合增持","content":"<p><div>As of the evening of August 6, 287 A-share companies had disclosed their semi-annual reports, and the shareholdings of institutions such as social security funds, QFIIs, and insurance companies were gradually coming to light. Several companies, including Baiya Group, Ginlong Technology, Xinyaqiang, Nord Group, Yongxing Materials, Aide Bio, and Sunway Communication, saw their holdings jointly increased by the two institutions. These targets are highly valued by institutions and offer significant profit-making potential! As of August 7, Ginlong Technology's stock price has risen by 227.59% since the second quarter, Nord Technology's stock price has risen by 156.46% during the same period, and Yongxing Materials' stock price has risen by 100.76%. Social security funds favor technology; Wind Information data...</p><p><a href=\"https://mp.weixin.qq.com/s/JD-ud-T3Qw8JTjdHXYoDyw\">Web page link</a></div></p>","source":"zgzqb","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The targets of social security, QFII, and insurance funds that increased their holdings in the second quarter have been revealed! Newly listed bull stocks surge 228%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe targets of social security, QFII, and insurance funds that increased their holdings in the second quarter have been revealed! Newly listed bull stocks surge 228%\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中国证券报</strong><span class=\"h-time small\">2021-08-08 07:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>As of the evening of August 6, 287 A-share companies had disclosed their semi-annual reports, and the shareholdings of institutions such as social security funds, QFIIs, and insurance companies were gradually coming to light. Several companies, including Baiya Group, Ginlong Technology, Xinyaqiang, Nord Group, Yongxing Materials, Aide Bio, and Sunway Communication, saw their holdings jointly increased by the two institutions. These targets are highly valued by institutions and offer significant profit-making potential! As of August 7, Ginlong Technology's stock price has risen by 227.59% since the second quarter, Nord Technology's stock price has risen by 156.46% during the same period, and Yongxing Materials' stock price has risen by 100.76%. Social security funds favor technology; Wind Information data...</p><p><a href=\"https://mp.weixin.qq.com/s/JD-ud-T3Qw8JTjdHXYoDyw\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/JD-ud-T3Qw8JTjdHXYoDyw\">中国证券报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ebb146d9df27844cb787ad545c50986d","relate_stocks":{"000001.SH":"上证指数"},"source_url":"https://mp.weixin.qq.com/s/JD-ud-T3Qw8JTjdHXYoDyw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140398755","content_text":"截至8月6日晚，已有287家A股公司披露半年报，社保基金、QFII、保险公司等机构的持股情况逐渐浮出水面。百亚股份、锦浪科技、新亚强、诺德股份、永兴材料、艾德生物、信维通信等多家公司被两家机构联合增持。\n机构看重的标的，赚钱效应突出！其中，截至8月7日，锦浪科技二季度以来累计上涨227.59%%，诺德股份的同期涨幅为156.46%，永兴材料上涨100.76%。\n社保基金偏爱科技\nWind资讯数据显示，截至8月6日，社保基金成为46家上市公司的前十大流通股东。其中，厦门象屿、科尔化学、万华化学和中科创达分别被3只社保基金持有，奥特维、艾华集团、华工科技和锦浪科技分别被2只社保基金持有。社保基金持有市值最多的同样是万华化学和中科创达，分别为45.89亿元和28.81亿元。\n部分社保基金持股市值较高的个股\n\n来源：Wind\n部分社保基金持股数量较多的个股\n\n来源：Wind\n社保基金持股变动方面，二季度社保基金增持最多的公司是厦门象屿和华工科技，增持数量都超过1000万股，分别达到1724.04万股和1532.48万股。另外，锦浪科技、东方财富、鲁西化工、中科创达等9家公司在二季度被社保基金增持超过100万股。\n三安光电、福田汽车、诺德股份、中环股份、兴发集团等15家公司成为二季度社保基金新进持有的公司。\n赤峰黄金、欧普康视、万华化学等6家公司则在二季度被社保基金减持。\n社保基金新进持股情况\n\n来源：Wind\n从行业来看，社保基金在二季度增持的公司集中在电子、计算机、互联网、医药等行业，减持较多的行业为有色等。对于化工行业，社保基金出现一定的分歧，鲁西化工、利尔化学得到社保基金的增持，而万华化学则被社保基金减持，即便是对于万华化学，社保基金也持不同态度，全国社保基金103组合增持109.01万股，全国社保基金111组合增持62.68万股，而全国社保基金108组合却减持了420.38万股。\n这些被社保基金看中的个股表现如何？Wind资讯显示，二季度厦门象屿获得2.08%的涨幅，截至8月7日，7月以来厦门象屿的涨幅高达27.20%；同样，华工科技在二季度获得13.48%的涨幅，7月以来的涨幅则高达24.45%。\nQFII新进19股\nWind数据显示，截至8月7日披露的信息，共有52家上市公司二季度末前十大流通股东名单中出现了QFII机构。\n按照持股数量来看，卫星石化、东方财富、华帝股份、海大集团、拓邦股份等个股被QFII机构持股的数量较多；\n从持有市值来看，海大集团、卫星石化、迈为股份、东方财富、三棵树等个股被QFII重仓持股；\n从占流通股的比例来看，QFII机构在百亚股份、迈为股份、华帝股份、奕瑞科技、卫星石化等个股中的持有比例较高。\nQFII机构持股数量较多的个股\n\n来源：Wind\nQFII机构持股市值较高的个股\n\n来源：Wind\nQFII机构持股占流通股比例较高的个股\n\n来源：Wind\n从增减持方向来看，东方财富、信维通信、海大集团、汤臣倍健、山东海化等个股在二季度被QFII机构增持，其中在中环股份、百隆东方、金晶科技、三鑫医疗、光力科技等19只个股的流通股东名单中，有QFII机构新进。\nQFII机构新进持股情况\n\n来源：Wind\n上述新进的个股中，中环股份二季度的涨幅为36.37%，7月以来的涨幅则为27.46%；百隆东方在二季度录得24.45%的涨幅，7月以来则走势偏弱，期间上涨8.53%。\n险资进入37家公司前十大流通股名单\nWind数据显示，截至8月6日晚间，保险公司成为37家上市公司的前十大流通股东名单。其中，海晨股份被3家保险公司持有，上海钢联、图南股份等8家公司分别被2家保险公司持有。保险公司持有数量最多的是精达股份，持股1.95亿股，持有市值最多的是贵州茅台，达87.92亿元。\n保险公司持股市值较高的个股\n\n来源：Wind\n保险公司持股数量较多的个股\n\n来源：Wind\n保险公司持股变动方面，二季度保险公司增持多家公司股份，增持最多的公司是新亚强，增持180.07万股。\n诺德股份、山西焦煤等12家公司成为二季度保险公司新进持有的公司。\n保险公司新进持股情况\n\n来源：Wind\n险资的选股能力也十分突出。例如新亚强二季度涨幅高达32.21%，7月以来上涨7.85%。险资和社保基金携手新进的诺德股份，在二季度的涨幅已经高达65.71%，而二季度以来截至8月7日，更是累计上涨156.46%；永兴材料二季度以来的涨幅为100.76%。\n而同样被两家联手新进的锦浪科技在二季度上涨103.05%，二季度以来的累计涨幅已经高达227.59%，其走势可谓“旱地拔葱”。\n锦浪科技近期走势\n\n来源：Wind","news_type":1,"symbols_score_info":{"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":3876,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804032750,"gmtCreate":1627911631370,"gmtModify":1703497714174,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/804032750","repostId":"1139994539","repostType":4,"repost":{"id":"1139994539","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":1627910923,"share":"https://ttm.financial/m/news/1139994539?lang=en_US&edition=fundamental","pubTime":"2021-08-02 21:28","market":"us","language":"zh","title":"Opening: US stocks opened higher, with Tesla rising over 2% to return to $700.","url":"https://stock-news.laohu8.com/highlight/detail?id=1139994539","media":"老虎资讯综合","summary":"8月2日（周一），道琼斯指数开盘上涨105.41点，涨幅0.30%，报35040.88点；标普500指数开盘上涨19.64点，涨幅0.45%，报4414.90点；纳斯达克综合指数开盘上涨79.6点，涨","content":"<p>On Monday, August 2, the Dow Jones Industrial Average opened 105.41 points higher, or 0.30%, at 35,040.88. The S&P 500 opened up 19.64 points, or 0.45%, at 4414.90. The Nasdaq Composite Index opened up 79.6 points, or 0.54%, at 14,752.3.</p><p><img src=\"https://static.tigerbbs.com/c5c06ce68297a2bd9f1b9f46916cdb0d\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Sectors related to the fight against the pandemic and shipping rose in early trading.</p><p>Chinese concept car manufacturers collectively released their July delivery figures, and all opened higher in early trading.<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>、<a href=\"https://laohu8.com/S/LI\">Li Auto</a>It rose more than 3% in early trading.<a href=\"https://laohu8.com/S/NIO\">Nio</a>It rose 0.56%.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>The stock opened more than 2% higher and is currently trading at $703, returning to the $700 mark, with a market capitalization approaching $700 billion.</p><p><img src=\"https://static.tigerbbs.com/7218f14f735e84877a1776c58d752643\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/BEST\">Best Inc.</a>It rose 3% in early trading after announcing today that it will partner with Cainiao to launch a cross-border logistics service for Southeast Asia.</p><p><a href=\"https://laohu8.com/S/KC\">Kingsoft Cloud</a>The company rose in early trading and is currently up 4.5% after announcing today the acquisition of Camelot, a UK-based enterprise management platform, as part of its business transformation.</p><p><a href=\"https://laohu8.com/S/MOMO\">Momo</a>The company rose more than 1% today and officially changed its name to \"Hello Group\".</p><p><a href=\"https://laohu8.com/S/VXRT\">waxart</a>It rose more than 15% after its oral COVID-19 vaccine received FDA approval for human trials.</p><p><a href=\"https://laohu8.com/S/ONNN\">ON Semiconductor</a>Semiconductor (ON.O) rose more than 11% after its second-quarter financial report exceeded expectations and turned a profit.</p><p>U.S. cruise stocks surged in early trading, with Carnival Cruises up 4%, Norwegian Cruises up 3.4%, and Royal Caribbean Cruises up 3%. Cruise lines gradually resumed route operations last week.</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>Opening: US stocks opened higher, with Tesla rising over 2% to return to $700.</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\">\nOpening: US stocks opened higher, with Tesla rising over 2% to return to $700.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-02 21:28</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On Monday, August 2, the Dow Jones Industrial Average opened 105.41 points higher, or 0.30%, at 35,040.88. The S&P 500 opened up 19.64 points, or 0.45%, at 4414.90. The Nasdaq Composite Index opened up 79.6 points, or 0.54%, at 14,752.3.</p><p><img src=\"https://static.tigerbbs.com/c5c06ce68297a2bd9f1b9f46916cdb0d\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Sectors related to the fight against the pandemic and shipping rose in early trading.</p><p>Chinese concept car manufacturers collectively released their July delivery figures, and all opened higher in early trading.<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>、<a href=\"https://laohu8.com/S/LI\">Li Auto</a>It rose more than 3% in early trading.<a href=\"https://laohu8.com/S/NIO\">Nio</a>It rose 0.56%.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>The stock opened more than 2% higher and is currently trading at $703, returning to the $700 mark, with a market capitalization approaching $700 billion.</p><p><img src=\"https://static.tigerbbs.com/7218f14f735e84877a1776c58d752643\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/BEST\">Best Inc.</a>It rose 3% in early trading after announcing today that it will partner with Cainiao to launch a cross-border logistics service for Southeast Asia.</p><p><a href=\"https://laohu8.com/S/KC\">Kingsoft Cloud</a>The company rose in early trading and is currently up 4.5% after announcing today the acquisition of Camelot, a UK-based enterprise management platform, as part of its business transformation.</p><p><a href=\"https://laohu8.com/S/MOMO\">Momo</a>The company rose more than 1% today and officially changed its name to \"Hello Group\".</p><p><a href=\"https://laohu8.com/S/VXRT\">waxart</a>It rose more than 15% after its oral COVID-19 vaccine received FDA approval for human trials.</p><p><a href=\"https://laohu8.com/S/ONNN\">ON Semiconductor</a>Semiconductor (ON.O) rose more than 11% after its second-quarter financial report exceeded expectations and turned a profit.</p><p>U.S. cruise stocks surged in early trading, with Carnival Cruises up 4%, Norwegian Cruises up 3.4%, and Royal Caribbean Cruises up 3%. Cruise lines gradually resumed route operations last week.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139994539","content_text":"8月2日（周一），道琼斯指数开盘上涨105.41点，涨幅0.30%，报35040.88点；标普500指数开盘上涨19.64点，涨幅0.45%，报4414.90点；纳斯达克综合指数开盘上涨79.6点，涨幅0.54%，报14752.3点。\n\n抗疫概念、海运板块盘初走高。\n中概造车新势力集体公布7月交付量，盘初齐齐高开。小鹏汽车、理想汽车盘初涨超3%，蔚来涨0.56%。\n特斯拉高开超2%，现报703美元，股价重回700美元关口，市值接近7000亿美元。、\n\n百世集团盘初涨3%，今日宣布将与菜鸟合作推出面向东南亚的跨境物流服务。\n金山云盘初走高，现涨4.5%，公司今日宣布收购英国企业管理平台Camelot，作为业务转型的一部分。\n陌陌涨超1%，今日公司正式更名为“Hello集团”。\nVaxart涨超15%，其口服式新冠疫苗人体试验获FDA批准进行。\n安森美半导体(ON.O)涨超11%，第二季度财报各项指标均超出预期，并实现扭亏为盈。\n美股邮轮板块盘初异动拉升，嘉年华邮轮涨4%，挪威邮轮涨3.4%，皇家加勒比邮轮涨3%。各邮轮公司于上周陆续恢复航线运行。","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":5929,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805993153,"gmtCreate":1627831705372,"gmtModify":1703496386944,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/805993153","repostId":"1170169817","repostType":4,"repost":{"id":"1170169817","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":1627819590,"share":"https://ttm.financial/m/news/1170169817?lang=en_US&edition=fundamental","pubTime":"2021-08-01 20:06","market":"hk","language":"zh","title":"China Evergrande: Sells 11% stake in Hengten Networks for HK$3.25 billion","url":"https://stock-news.laohu8.com/highlight/detail?id=1170169817","media":"老虎资讯综合","summary":"8月1日，恒腾网络在港交所公告称，中国恒大出售恒腾网络合计11%股权，总代价为32.5亿港元，每股3.20港元。其中，买方一为腾讯控股全资持有的附属公司，其收购恒腾网络7%股份。截至公告日期，买方一持","content":"<p>On August 1, Hengten Networks announced on the Hong Kong Stock Exchange that China Evergrande sold a total of 11% of Hengten Networks' equity for a total consideration of HK$3.25 billion, at HK$3.20 per share. Buyer 1 is a wholly-owned subsidiary of Tencent Holdings, which acquired 7% of Hengten Networks' shares. As of the date of this announcement, Buyer 1 holds approximately 16.90% of the issued share capital of Hengten Networks; China Evergrande holds approximately 37.55% of the issued share capital of Hengten Networks.</p><p><img src=\"https://static.tigerbbs.com/4e91ded77d46b3fdfb7cd8634a833e8e\" tg-width=\"1135\" tg-height=\"768\" 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>China Evergrande: Sells 11% stake in Hengten Networks for HK$3.25 billion</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\">\nChina Evergrande: Sells 11% stake in Hengten Networks for HK$3.25 billion\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-01 20:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On August 1, Hengten Networks announced on the Hong Kong Stock Exchange that China Evergrande sold a total of 11% of Hengten Networks' equity for a total consideration of HK$3.25 billion, at HK$3.20 per share. Buyer 1 is a wholly-owned subsidiary of Tencent Holdings, which acquired 7% of Hengten Networks' shares. As of the date of this announcement, Buyer 1 holds approximately 16.90% of the issued share capital of Hengten Networks; China Evergrande holds approximately 37.55% of the issued share capital of Hengten Networks.</p><p><img src=\"https://static.tigerbbs.com/4e91ded77d46b3fdfb7cd8634a833e8e\" tg-width=\"1135\" tg-height=\"768\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c6fcdaee085f89a043698b2126b966fe","relate_stocks":{"00136":"中国儒意"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170169817","content_text":"8月1日，恒腾网络在港交所公告称，中国恒大出售恒腾网络合计11%股权，总代价为32.5亿港元，每股3.20港元。其中，买方一为腾讯控股全资持有的附属公司，其收购恒腾网络7%股份。截至公告日期，买方一持有恒腾网络已发行股本之约16.90%；而中国恒大持有恒腾网络已发行股本之约37.55%。","news_type":1,"symbols_score_info":{"00136":0.9,"03333":0.9}},"isVote":1,"tweetType":1,"viewCount":7066,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806224386,"gmtCreate":1627659405845,"gmtModify":1703494371306,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/806224386","repostId":"1198370900","repostType":4,"repost":{"id":"1198370900","kind":"news","weMediaInfo":{"introduction":"凤凰网港股官方账号，专注让专业更简单","home_visible":1,"media_name":"凤凰网港股","id":"56","head_image":"https://community-static.tradeup.com/news/63f98f2e899d607a12011e4ecf9c0ac7"},"pubTimestamp":1627658786,"share":"https://ttm.financial/m/news/1198370900?lang=en_US&edition=fundamental","pubTime":"2021-07-30 23:26","market":"sh","language":"zh","title":"Behind the \"buying a house with a voucher,\" is a major revolution in the real estate market really coming?","url":"https://stock-news.laohu8.com/highlight/detail?id=1198370900","media":"凤凰网港股","summary":"2021年春节过后，原本平静的武汉楼市突然躁动起来。\n短短两个月的时间里，武汉光谷关山大道的中建大公馆、金地格林东郡、泛悦城等楼盘，从2万元/平方米左右的价格，涨到了3、4万元/平方米。\n而房价飞涨的","content":"<p><b>After the Spring Festival in 2021, the previously calm Wuhan real estate market suddenly became restless.</b></p><p>In just two months, the prices of residential projects such as China Construction Grand Mansion, Gemdale Green East County, and Fanyue City on Guanshan Avenue in Optics Valley, Wuhan, have risen from around 20,000 yuan per square meter to 30,000 to 40,000 yuan per square meter.</p><p>Behind the soaring housing prices are investors from Shenzhen, Xuzhou, Zaozhuang and other places who are taking advantage of Wuhan's relatively relaxed household registration and purchase restriction policies to engage in frenzied \"speculation\".</p><p>At the time, Wuhan locals who suffered greatly told the media, \"I hate these out-of-town speculators. When will the government strictly restrict purchases?\"</p><p>The people of Wuhan did not wait long. Three months later, on July 28, the Wuhan Municipal Housing Administration Bureau released a draft for public comment on strengthening the management of home purchase qualifications. Following the release of the draft opinion, the topic of \"Wuhan will implement the practice of buying houses with housing vouchers\" quickly sparked heated discussions online.</p><p>Is Wuhan about to enter the era of \"buying a house with a housing voucher\"? Some people supported this news, some questioned it, and some worried that \"real estate speculation\" would turn into \"speculative housing tickets\".</p><p>However, regardless of how it is interpreted, the signal of \"tightening\" in the real estate market released by Wuhan is clear. In fact, Wuhan is not the only city that is \"tightening\" its real estate policies.</p><p>Phoenix.com's \"Eye of the Storm\" found that since the beginning of 2021, local governments, including those in Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou, have released stricter regulatory policies for the real estate market.</p><p>As the after-school education and training industry undergoes a disruptive transformation, many people can't help but ask:<b>Is a major transformation coming to China's real estate market?</b></p><p>Bai Wenxi, vice chairman of the China Enterprise Capital Alliance and chief economist of IPG China, told Phoenix.com's \"Eye of the Storm\": \"These policies will increase the difficulty and cost of purchasing housing for investment purposes in the short term, thereby curbing the overheating of the housing market to some extent. However, in the long run, if the actual market supply and demand relationship does not change, and if the population, land, and financial policies that affect housing prices do not make major changes, it will be difficult to have a substantial impact on housing prices.\"</p><p><img src=\"https://static.tigerbbs.com/93c9284d07634672a560d0f50a2e3314\" tg-width=\"1080\" tg-height=\"443\" referrerpolicy=\"no-referrer\"></p><p><b>01. What exactly is \"buying a house with a voucher\" in Wuhan?</b></p><p>What exactly does Wuhan's \"buying a house with a housing voucher\" policy, which has sparked heated discussions online, stipulate?</p><p>On July 28, in order to adhere to the principle that \"housing is for living in, not for speculation\" and further strengthen the management of housing purchase qualifications in Wuhan, the Wuhan Municipal Housing Administration Bureau issued the \"Notice of the Wuhan Municipal Housing Security and Housing Administration Bureau on Strengthening the Management of Housing Purchase Qualifications (Draft for Public Comment)\" and solicited public opinions.</p><p><img src=\"https://static.tigerbbs.com/8db8d8c23e8cca1ee4ca8d5d15731bf9\" tg-width=\"1007\" tg-height=\"537\" referrerpolicy=\"no-referrer\"></p><p>According to the draft opinion, homebuyers who meet the requirements for purchasing housing in restricted areas can apply for home purchase eligibility through official platforms or through developers and real estate agencies.</p><p>The housing management departments of each district shall complete the home purchase eligibility determination within 48 hours from the time of application and provide feedback on the determination results to the applicant. The home purchase eligibility determination results shall be valid for 60 days from the date of issuance.</p><p>The draft for comments also requires that after the home purchase registration is completed, the results of the home purchase eligibility determination are locked in immediately, and no further home purchase registration is allowed during the locking period. After the property opens for sale, the results of the purchase eligibility verification will be automatically released.</p><p>Bai Wenxi told Phoenix.com's \"Eye of the Storm\": \"The idea of 'buying a house with a voucher' in Wuhan is currently in the stage of soliciting opinions. This is a proposed institutional design to strengthen the control of the real estate market and base it on the eligibility of homebuyers.\"</p><p>So, what impact will the introduction of the policy of \"buying a house with a housing voucher\" have on Wuhan's real estate market?</p><p>Zhuge Real Estate Data Research Center told Phoenix.com's \"Eye of the Storm\": \"The policy of buying a house with a voucher is a patch to the previous policy and a supplement to the purchase restriction policy. To a certain extent, it can curb market chaos, play a positive role in regulating real estate market transactions, and has effectively cracked down on some developers who create false hot sales scenes. To a certain extent, it can curb speculation.\"</p><p>Zhu Xiaohong, president of the China Luxury Housing Research Institute, told Phoenix.com's \"Eye of the Storm\": \"Buying houses with housing vouchers is similar to housing interventions in Hong Kong and South Korea. It is beneficial for combating speculation and controlling excessive consumption of housing products, but we must prevent 'using housing vouchers for personal gain' and 'buying and selling housing vouchers,' and ensure that housing vouchers are given to the right people.\"</p><p>Bai Wenxi expressed similar concerns, saying, \"On the surface, housing vouchers will control demand and crack down on speculation, but in reality, they are done by suppressing demand and not increasing supply. If used improperly, they may actually exacerbate the contradiction between supply and demand, lead to corruption of power, and exacerbate various disguised and underground speculation.\"</p><p><b>02. Local governments have introduced a series of policies, with clear signals of \"tightening\".</b></p><p>In fact, Wuhan's policy adjustments regarding home purchase eligibility may have already begun as early as 2020.</p><p>In January last year, Wuhan implemented a fully online verification process for commercial housing qualifications. Prospective homebuyers can apply for qualifications and check the results through the official website of the Wuhan Municipal Housing Administration Bureau. If the verification is passed, they can obtain verification materials such as a number and QR code. These materials are valid for purchasing a house within 60 days, and a new application is required after the expiration date.</p><p>It can be seen that as early as 2020, Wuhan had already established the prototype of the \"buying a house with a housing voucher\" mechanism. This draft for comments is also a supplement and improvement to the existing policies.</p><p>Besides Wuhan, first-tier cities such as Beijing, Shanghai, Guangzhou, and Shenzhen, second- and third-tier cities such as Jiaxing, Foshan, and Wuxi, as well as central government departments such as the Ministry of Housing and Urban-Rural Development, have also successively released a series of policies to strengthen the supervision of the real estate market.</p><p>On January 5, Wang Menghui, Minister of Housing and Urban-Rural Development, reiterated in a media interview the policy principles of adhering to the principle that \"housing is for living in, not for speculation\" and implementing a long-term mechanism for the real estate market. He stated that \"housing is for living in, not for speculation\" will remain the main policy theme in 2021, while signaling that the long-term mechanism is being continuously implemented and improved.</p><p>For example, Shanghai also explicitly stated in January that it would continue to implement the property tax pilot program. Meanwhile, Shanghai has also stipulated, in response to the phenomenon of \"fake divorces but real home purchases,\" that if either spouse purchases commercial housing within three years from the date of divorce, the number of housing units owned by the spouse shall be calculated based on the total number of housing units owned by the family before the divorce. Adjust the value-added tax exemption period. The exemption period for value-added tax on individual housing sales will be increased from 2 years to 5 years.</p><p>In March, Xi'an also released a new purchase restriction policy, stipulating that homebuyers who fraudulently obtain or circumvent the purchase restriction policy through \"nominee shareholding\" will be included in the city's list of dishonest homebuyers and will be prohibited from purchasing homes for five years.</p><p>In June, the Ministry of Finance, the Ministry of Natural Resources, the State Taxation Administration, and the People's Bank of China jointly issued a notice that four non-tax revenues, including revenue from the transfer of state-owned land use rights, would be transferred to the tax authorities for collection, which once sparked heated discussions.</p><p>On July 23, eight departments, including the Ministry of Housing and Urban-Rural Development, the National Development and Reform Commission, and the Ministry of Public Security, jointly issued a notice on continuing to rectify and standardize the real estate market order. The notice aims to comprehensively regulate the real estate market order from four aspects: real estate development, housing sales, housing rental, and property services.</p><p>On July 30, the China Banking and Insurance Regulatory Commission (CBIRC) held a system-wide mid-year work symposium and a teleconference on discipline inspection and supervision work in 2021. The meeting emphasized the need to strictly implement the \"three lines and four tiers\" and real estate loan concentration requirements to prevent bank and insurance funds from illegally flowing into the real estate market.</p><p>According to incomplete statistics from Phoenix.com's \"Eye of the Storm,\" since January this year, local governments and relevant central departments have issued more than 40 regulatory and control policies targeting the real estate market and its derivative services. The sheer number and density are relatively rare in recent years.</p><p>Bai Wenxi told Phoenix.com's \"Eye of the Storm\": \"There are three reasons for the current adjustment of real estate policies: first, to prevent financial risks caused by real estate; second, under the domestic circulation model, it is necessary to reduce the total cost of economic operation, represented by real estate; and third, to increase the willingness to have children and maintain sustainable population development, it is necessary to reduce the pressure on housing costs.\"</p><p><img src=\"https://static.tigerbbs.com/8a08ad922ffa471f7aea8f0400a29bb4\" tg-width=\"1080\" tg-height=\"1230\" referrerpolicy=\"no-referrer\"></p><p><b>03. Real estate companies' stock prices pullback/retracement sharply as their glory fades.</b></p><p>The policy changes have also directly affected listed companies in the real estate industry.</p><p>Benefiting from the rapid development of China's real estate market in recent years, a large number of behemoth real estate listed companies have emerged in China, and real estate companies were once regarded as a symbol of \"not lacking money\".</p><p>Wanda Chairman Wang Jianlin, who has passed away<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>Chairman Zuo Hui and other real estate tycoons have all ascended to the throne of \"richest man\".</p><p>However, as the government began to regulate the \"overheated\" real estate market and introduced a series of strict regulatory policies, these listed real estate companies also encountered the problem of \"a large ship is difficult to turn around\", resulting in problems such as broken capital chains, declining revenue, falling stock prices, and high debts.</p><p>In August last year, the Ministry of Housing and Urban-Rural Development and the People's Bank of China held a symposium with key real estate enterprises in Beijing, clarifying the rules for fund monitoring and financing management of key real estate enterprises, which were the \"three red lines\" that had been rumored many times in the industry.</p><p>According to incomplete statistics from Phoenix.com's \"Eye of the Storm,\" more than half of the 40 leading real estate companies listed on the Hong Kong and A-share markets have seen their stock prices fall more than 30% from their peak pullback/retracement within 52 weeks.</p><p><img src=\"https://static.tigerbbs.com/face4ce6faa97c257718c9108ee3c3b8\" tg-width=\"1080\" tg-height=\"1003\" referrerpolicy=\"no-referrer\"></p><p>In fact, during the collective \"plunge\" in A-shares on Monday and Tuesday, A-share real estate stocks also fell sharply due to concerns about policy regulation in the real estate market.<a href=\"https://laohu8.com/S/000718\">Suning Universal</a>、<a href=\"https://laohu8.com/S/600773\">Tibet Urban Investment</a>It once fell by more than 10%.</p><p><img src=\"https://static.tigerbbs.com/0dfca5e8a01f143057cf5d1f41a95b53\" tg-width=\"324\" tg-height=\"459\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>04. Is a major revolution in the real estate market coming?</b></p><p>Wuhan's \"buying a house with housing coupons\" policy has reminded many people of the \"grain coupons\" and \"meat coupons\" of the planned economy era. So, does \"buying a house with a housing voucher\" really mean returning to the planned economy era? Will this trigger other cities to follow suit?</p><p><img src=\"https://static.tigerbbs.com/cb31adddcc3e0bf4814fad90b355b71b\" tg-width=\"1080\" tg-height=\"219\" referrerpolicy=\"no-referrer\"></p><p>Bai Wenxi stated that China has bid farewell to the era of tickets for nearly 30 years, and the introduction of Wuhan's \"housing tickets\" has touched upon and evoked people's memories of the era of insufficient supply and tickets everywhere during the planned economy era. As one of the industries with the highest public attention, the Wuhan \"housing tickets\" incident, which is still in the works, will most likely be pushed to the \"trending topics\".</p><p>Bai Wenxi believes that housing vouchers are a system designed to compress demand through entry controls, thereby changing the supply and demand relationship in the housing market and preventing the housing market from overheating. However, real estate market regulation logically needs to start from both the supply and demand sides. While limiting and suppressing demand with quantity and price tools, it is also necessary to balance the supply and demand relationship by increasing market supply.</p><p>\"Therefore, to truly stabilize the supply and demand relationship in the real estate market, we must minimize and eliminate various control measures on both the supply and demand sides, use price mechanisms to guide the allocation of resources and factors and reconstruct the supply and demand relationship, and certainly not restore the tickets of the planned economy era,\" Bai Wenxi told Phoenix.com's \"Eye of the Storm\".</p><p><img src=\"https://static.tigerbbs.com/b5109cefd2de75f41c0a1a0f3da6acbb\" tg-width=\"720\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p>Whether it's Wuhan's recent policy of \"buying a house with a housing voucher,\" a series of regulatory policies on the real estate market introduced by local governments this year, or the rumored upcoming \"real estate tax,\" do these mean that China's real estate market is about to undergo a major transformation?</p><p>Zhuge Real Estate Data Research Center told Phoenix.com's \"Eye of the Storm\": \"The introduction of the real estate tax may usher in another reshuffle of the real estate market.\"</p><p>\"Judging from the current adjustments to real estate policies, adhering to the principle that 'housing is for living in, not for speculation' is the main theme of my country's real estate market. Under this principle, first, it is necessary to curb the rapid rise in housing prices through policy regulation and promote the market to gradually return to a rational stage; second, it is necessary to continuously improve and standardize the real estate market system, promptly crack down on some behaviors that speculate on housing prices and exploit policy loopholes, and promote the healthy development of the real estate market.\" Third, limited resources should be allocated to first-time homebuyers to provide a more stable real estate environment.</p><p>Zhuge Real Estate Data Research Center believes that with the introduction of these policies, the interests of genuine first-time homebuyers have been protected, and their home-buying mentality has gradually become more rational, which has played a certain role in curbing the rapid rise in housing prices. In the long run, after strict policy regulation, housing prices in first-tier cities will tend to stabilize.</p><p>Bai Wenxi believes that if a property tax is introduced soon, it will indeed mean a major transformation in the real estate market. However, in fact, the property tax has not yet been submitted for review according to legislative procedures and will not be introduced soon, nor is there a timetable.</p><p>Bai Wenxi stated that if these policies do not start with expanding the supply side, but only adopt measures such as quantitative tools to control demand entry, such as housing vouchers, and price tools to control demand, such as mortgage ratios and interest rates, the result may only be to stir up trouble, or even to cause prices to rise further with each adjustment.</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>Behind the \"buying a house with a voucher,\" is a major revolution in the real estate market really coming?</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\">\nBehind the \"buying a house with a voucher,\" is a major revolution in the real estate market really coming?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/56\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/63f98f2e899d607a12011e4ecf9c0ac7);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">凤凰网港股 </p>\n<p class=\"h-time smaller\">2021-07-30 23:26</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>After the Spring Festival in 2021, the previously calm Wuhan real estate market suddenly became restless.</b></p><p>In just two months, the prices of residential projects such as China Construction Grand Mansion, Gemdale Green East County, and Fanyue City on Guanshan Avenue in Optics Valley, Wuhan, have risen from around 20,000 yuan per square meter to 30,000 to 40,000 yuan per square meter.</p><p>Behind the soaring housing prices are investors from Shenzhen, Xuzhou, Zaozhuang and other places who are taking advantage of Wuhan's relatively relaxed household registration and purchase restriction policies to engage in frenzied \"speculation\".</p><p>At the time, Wuhan locals who suffered greatly told the media, \"I hate these out-of-town speculators. When will the government strictly restrict purchases?\"</p><p>The people of Wuhan did not wait long. Three months later, on July 28, the Wuhan Municipal Housing Administration Bureau released a draft for public comment on strengthening the management of home purchase qualifications. Following the release of the draft opinion, the topic of \"Wuhan will implement the practice of buying houses with housing vouchers\" quickly sparked heated discussions online.</p><p>Is Wuhan about to enter the era of \"buying a house with a housing voucher\"? Some people supported this news, some questioned it, and some worried that \"real estate speculation\" would turn into \"speculative housing tickets\".</p><p>However, regardless of how it is interpreted, the signal of \"tightening\" in the real estate market released by Wuhan is clear. In fact, Wuhan is not the only city that is \"tightening\" its real estate policies.</p><p>Phoenix.com's \"Eye of the Storm\" found that since the beginning of 2021, local governments, including those in Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou, have released stricter regulatory policies for the real estate market.</p><p>As the after-school education and training industry undergoes a disruptive transformation, many people can't help but ask:<b>Is a major transformation coming to China's real estate market?</b></p><p>Bai Wenxi, vice chairman of the China Enterprise Capital Alliance and chief economist of IPG China, told Phoenix.com's \"Eye of the Storm\": \"These policies will increase the difficulty and cost of purchasing housing for investment purposes in the short term, thereby curbing the overheating of the housing market to some extent. However, in the long run, if the actual market supply and demand relationship does not change, and if the population, land, and financial policies that affect housing prices do not make major changes, it will be difficult to have a substantial impact on housing prices.\"</p><p><img src=\"https://static.tigerbbs.com/93c9284d07634672a560d0f50a2e3314\" tg-width=\"1080\" tg-height=\"443\" referrerpolicy=\"no-referrer\"></p><p><b>01. What exactly is \"buying a house with a voucher\" in Wuhan?</b></p><p>What exactly does Wuhan's \"buying a house with a housing voucher\" policy, which has sparked heated discussions online, stipulate?</p><p>On July 28, in order to adhere to the principle that \"housing is for living in, not for speculation\" and further strengthen the management of housing purchase qualifications in Wuhan, the Wuhan Municipal Housing Administration Bureau issued the \"Notice of the Wuhan Municipal Housing Security and Housing Administration Bureau on Strengthening the Management of Housing Purchase Qualifications (Draft for Public Comment)\" and solicited public opinions.</p><p><img src=\"https://static.tigerbbs.com/8db8d8c23e8cca1ee4ca8d5d15731bf9\" tg-width=\"1007\" tg-height=\"537\" referrerpolicy=\"no-referrer\"></p><p>According to the draft opinion, homebuyers who meet the requirements for purchasing housing in restricted areas can apply for home purchase eligibility through official platforms or through developers and real estate agencies.</p><p>The housing management departments of each district shall complete the home purchase eligibility determination within 48 hours from the time of application and provide feedback on the determination results to the applicant. The home purchase eligibility determination results shall be valid for 60 days from the date of issuance.</p><p>The draft for comments also requires that after the home purchase registration is completed, the results of the home purchase eligibility determination are locked in immediately, and no further home purchase registration is allowed during the locking period. After the property opens for sale, the results of the purchase eligibility verification will be automatically released.</p><p>Bai Wenxi told Phoenix.com's \"Eye of the Storm\": \"The idea of 'buying a house with a voucher' in Wuhan is currently in the stage of soliciting opinions. This is a proposed institutional design to strengthen the control of the real estate market and base it on the eligibility of homebuyers.\"</p><p>So, what impact will the introduction of the policy of \"buying a house with a housing voucher\" have on Wuhan's real estate market?</p><p>Zhuge Real Estate Data Research Center told Phoenix.com's \"Eye of the Storm\": \"The policy of buying a house with a voucher is a patch to the previous policy and a supplement to the purchase restriction policy. To a certain extent, it can curb market chaos, play a positive role in regulating real estate market transactions, and has effectively cracked down on some developers who create false hot sales scenes. To a certain extent, it can curb speculation.\"</p><p>Zhu Xiaohong, president of the China Luxury Housing Research Institute, told Phoenix.com's \"Eye of the Storm\": \"Buying houses with housing vouchers is similar to housing interventions in Hong Kong and South Korea. It is beneficial for combating speculation and controlling excessive consumption of housing products, but we must prevent 'using housing vouchers for personal gain' and 'buying and selling housing vouchers,' and ensure that housing vouchers are given to the right people.\"</p><p>Bai Wenxi expressed similar concerns, saying, \"On the surface, housing vouchers will control demand and crack down on speculation, but in reality, they are done by suppressing demand and not increasing supply. If used improperly, they may actually exacerbate the contradiction between supply and demand, lead to corruption of power, and exacerbate various disguised and underground speculation.\"</p><p><b>02. Local governments have introduced a series of policies, with clear signals of \"tightening\".</b></p><p>In fact, Wuhan's policy adjustments regarding home purchase eligibility may have already begun as early as 2020.</p><p>In January last year, Wuhan implemented a fully online verification process for commercial housing qualifications. Prospective homebuyers can apply for qualifications and check the results through the official website of the Wuhan Municipal Housing Administration Bureau. If the verification is passed, they can obtain verification materials such as a number and QR code. These materials are valid for purchasing a house within 60 days, and a new application is required after the expiration date.</p><p>It can be seen that as early as 2020, Wuhan had already established the prototype of the \"buying a house with a housing voucher\" mechanism. This draft for comments is also a supplement and improvement to the existing policies.</p><p>Besides Wuhan, first-tier cities such as Beijing, Shanghai, Guangzhou, and Shenzhen, second- and third-tier cities such as Jiaxing, Foshan, and Wuxi, as well as central government departments such as the Ministry of Housing and Urban-Rural Development, have also successively released a series of policies to strengthen the supervision of the real estate market.</p><p>On January 5, Wang Menghui, Minister of Housing and Urban-Rural Development, reiterated in a media interview the policy principles of adhering to the principle that \"housing is for living in, not for speculation\" and implementing a long-term mechanism for the real estate market. He stated that \"housing is for living in, not for speculation\" will remain the main policy theme in 2021, while signaling that the long-term mechanism is being continuously implemented and improved.</p><p>For example, Shanghai also explicitly stated in January that it would continue to implement the property tax pilot program. Meanwhile, Shanghai has also stipulated, in response to the phenomenon of \"fake divorces but real home purchases,\" that if either spouse purchases commercial housing within three years from the date of divorce, the number of housing units owned by the spouse shall be calculated based on the total number of housing units owned by the family before the divorce. Adjust the value-added tax exemption period. The exemption period for value-added tax on individual housing sales will be increased from 2 years to 5 years.</p><p>In March, Xi'an also released a new purchase restriction policy, stipulating that homebuyers who fraudulently obtain or circumvent the purchase restriction policy through \"nominee shareholding\" will be included in the city's list of dishonest homebuyers and will be prohibited from purchasing homes for five years.</p><p>In June, the Ministry of Finance, the Ministry of Natural Resources, the State Taxation Administration, and the People's Bank of China jointly issued a notice that four non-tax revenues, including revenue from the transfer of state-owned land use rights, would be transferred to the tax authorities for collection, which once sparked heated discussions.</p><p>On July 23, eight departments, including the Ministry of Housing and Urban-Rural Development, the National Development and Reform Commission, and the Ministry of Public Security, jointly issued a notice on continuing to rectify and standardize the real estate market order. The notice aims to comprehensively regulate the real estate market order from four aspects: real estate development, housing sales, housing rental, and property services.</p><p>On July 30, the China Banking and Insurance Regulatory Commission (CBIRC) held a system-wide mid-year work symposium and a teleconference on discipline inspection and supervision work in 2021. The meeting emphasized the need to strictly implement the \"three lines and four tiers\" and real estate loan concentration requirements to prevent bank and insurance funds from illegally flowing into the real estate market.</p><p>According to incomplete statistics from Phoenix.com's \"Eye of the Storm,\" since January this year, local governments and relevant central departments have issued more than 40 regulatory and control policies targeting the real estate market and its derivative services. The sheer number and density are relatively rare in recent years.</p><p>Bai Wenxi told Phoenix.com's \"Eye of the Storm\": \"There are three reasons for the current adjustment of real estate policies: first, to prevent financial risks caused by real estate; second, under the domestic circulation model, it is necessary to reduce the total cost of economic operation, represented by real estate; and third, to increase the willingness to have children and maintain sustainable population development, it is necessary to reduce the pressure on housing costs.\"</p><p><img src=\"https://static.tigerbbs.com/8a08ad922ffa471f7aea8f0400a29bb4\" tg-width=\"1080\" tg-height=\"1230\" referrerpolicy=\"no-referrer\"></p><p><b>03. Real estate companies' stock prices pullback/retracement sharply as their glory fades.</b></p><p>The policy changes have also directly affected listed companies in the real estate industry.</p><p>Benefiting from the rapid development of China's real estate market in recent years, a large number of behemoth real estate listed companies have emerged in China, and real estate companies were once regarded as a symbol of \"not lacking money\".</p><p>Wanda Chairman Wang Jianlin, who has passed away<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>Chairman Zuo Hui and other real estate tycoons have all ascended to the throne of \"richest man\".</p><p>However, as the government began to regulate the \"overheated\" real estate market and introduced a series of strict regulatory policies, these listed real estate companies also encountered the problem of \"a large ship is difficult to turn around\", resulting in problems such as broken capital chains, declining revenue, falling stock prices, and high debts.</p><p>In August last year, the Ministry of Housing and Urban-Rural Development and the People's Bank of China held a symposium with key real estate enterprises in Beijing, clarifying the rules for fund monitoring and financing management of key real estate enterprises, which were the \"three red lines\" that had been rumored many times in the industry.</p><p>According to incomplete statistics from Phoenix.com's \"Eye of the Storm,\" more than half of the 40 leading real estate companies listed on the Hong Kong and A-share markets have seen their stock prices fall more than 30% from their peak pullback/retracement within 52 weeks.</p><p><img src=\"https://static.tigerbbs.com/face4ce6faa97c257718c9108ee3c3b8\" tg-width=\"1080\" tg-height=\"1003\" referrerpolicy=\"no-referrer\"></p><p>In fact, during the collective \"plunge\" in A-shares on Monday and Tuesday, A-share real estate stocks also fell sharply due to concerns about policy regulation in the real estate market.<a href=\"https://laohu8.com/S/000718\">Suning Universal</a>、<a href=\"https://laohu8.com/S/600773\">Tibet Urban Investment</a>It once fell by more than 10%.</p><p><img src=\"https://static.tigerbbs.com/0dfca5e8a01f143057cf5d1f41a95b53\" tg-width=\"324\" tg-height=\"459\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>04. Is a major revolution in the real estate market coming?</b></p><p>Wuhan's \"buying a house with housing coupons\" policy has reminded many people of the \"grain coupons\" and \"meat coupons\" of the planned economy era. So, does \"buying a house with a housing voucher\" really mean returning to the planned economy era? Will this trigger other cities to follow suit?</p><p><img src=\"https://static.tigerbbs.com/cb31adddcc3e0bf4814fad90b355b71b\" tg-width=\"1080\" tg-height=\"219\" referrerpolicy=\"no-referrer\"></p><p>Bai Wenxi stated that China has bid farewell to the era of tickets for nearly 30 years, and the introduction of Wuhan's \"housing tickets\" has touched upon and evoked people's memories of the era of insufficient supply and tickets everywhere during the planned economy era. As one of the industries with the highest public attention, the Wuhan \"housing tickets\" incident, which is still in the works, will most likely be pushed to the \"trending topics\".</p><p>Bai Wenxi believes that housing vouchers are a system designed to compress demand through entry controls, thereby changing the supply and demand relationship in the housing market and preventing the housing market from overheating. However, real estate market regulation logically needs to start from both the supply and demand sides. While limiting and suppressing demand with quantity and price tools, it is also necessary to balance the supply and demand relationship by increasing market supply.</p><p>\"Therefore, to truly stabilize the supply and demand relationship in the real estate market, we must minimize and eliminate various control measures on both the supply and demand sides, use price mechanisms to guide the allocation of resources and factors and reconstruct the supply and demand relationship, and certainly not restore the tickets of the planned economy era,\" Bai Wenxi told Phoenix.com's \"Eye of the Storm\".</p><p><img src=\"https://static.tigerbbs.com/b5109cefd2de75f41c0a1a0f3da6acbb\" tg-width=\"720\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p>Whether it's Wuhan's recent policy of \"buying a house with a housing voucher,\" a series of regulatory policies on the real estate market introduced by local governments this year, or the rumored upcoming \"real estate tax,\" do these mean that China's real estate market is about to undergo a major transformation?</p><p>Zhuge Real Estate Data Research Center told Phoenix.com's \"Eye of the Storm\": \"The introduction of the real estate tax may usher in another reshuffle of the real estate market.\"</p><p>\"Judging from the current adjustments to real estate policies, adhering to the principle that 'housing is for living in, not for speculation' is the main theme of my country's real estate market. Under this principle, first, it is necessary to curb the rapid rise in housing prices through policy regulation and promote the market to gradually return to a rational stage; second, it is necessary to continuously improve and standardize the real estate market system, promptly crack down on some behaviors that speculate on housing prices and exploit policy loopholes, and promote the healthy development of the real estate market.\" Third, limited resources should be allocated to first-time homebuyers to provide a more stable real estate environment.</p><p>Zhuge Real Estate Data Research Center believes that with the introduction of these policies, the interests of genuine first-time homebuyers have been protected, and their home-buying mentality has gradually become more rational, which has played a certain role in curbing the rapid rise in housing prices. In the long run, after strict policy regulation, housing prices in first-tier cities will tend to stabilize.</p><p>Bai Wenxi believes that if a property tax is introduced soon, it will indeed mean a major transformation in the real estate market. However, in fact, the property tax has not yet been submitted for review according to legislative procedures and will not be introduced soon, nor is there a timetable.</p><p>Bai Wenxi stated that if these policies do not start with expanding the supply side, but only adopt measures such as quantitative tools to control demand entry, such as housing vouchers, and price tools to control demand, such as mortgage ratios and interest rates, the result may only be to stir up trouble, or even to cause prices to rise further with each adjustment.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c3c5822c22b6cfd1d0ae2625b7bc085e","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198370900","content_text":"2021年春节过后，原本平静的武汉楼市突然躁动起来。\n短短两个月的时间里，武汉光谷关山大道的中建大公馆、金地格林东郡、泛悦城等楼盘，从2万元/平方米左右的价格，涨到了3、4万元/平方米。\n而房价飞涨的背后，是来自深圳、徐州、枣庄等地的投资客们，利用武汉市相对宽松的落户政策和限购政策，疯狂“炒房”。\n当时，深受其害的武汉当地人对媒体表示：“恨死了这些外地炒房客，政府啥时候能严格限购啊？”\n武汉人民并未等太久。3个月后，7月28日，武汉市房管局发布了关于加强购房资格管理的征求意见稿。意见稿发布后，“武汉将实施凭房票买房”的话题也迅速在网络上引起热议。\n武汉要进入“凭房票买房”时代了？对这个消息，有人支持，有人质疑，还有人担心“炒房”会变成“炒房票”。\n不过，无论如何解读，武汉释放出的楼市“收紧”的信号则是明确的。实际上，正在“收紧”楼市政策的不止武汉一个城市。\n凤凰网《风暴眼》发现，进入2021年以来，包括北京、上海、广州、深圳、杭州等在内的地方政府，都发布了针对房地产市场的更为严格的监管政策。\n随着校外教培行业迎来颠覆式的大变革，很多人也不禁发问：中国楼市的大变革，也要来了吗？\n中国企业资本联盟副理事长、IPG中国首席经济学家柏文喜对凤凰网《风暴眼》表示：“这些政策在短期内会加大和提升投资性需求的购房难度与成本，从而从一定程度上抑制楼市过热问题。但长期来看，如果实际的市场供求关系不改变，影响房价的人口、土地、金融政策不作大的改变，则很难对房价产生实质性影响。”\n\n01、武汉的“凭票买房”，到底是什么？\n在网上引起热议的武汉“凭房票买房”的政策，到底规定了哪些内容呢？\n7月28日，为坚持“房住不炒”定位，进一步加强武汉市购房资格管理工作，武汉市房管局发布《市住房保障房管局关于加强购房资格管理工作的通知（征求意见稿）》，并公开征求意见。\n\n根据意见稿，在购房资格申请上，符合限购区域购买住房的意向购房人可通过官方平台或者通过开发商和中介机构申请购房资格。\n各区房管部门在申请之时起48个小时内完成购房资格认定，并将认定结果反馈给申请人，购房资格认定结果自出具之日起60日内有效。\n《征求意见稿》还要求，购房登记完成后，购房资格认定结果即时锁定，锁定期间不得再次进行购房登记。开盘销售后，购房资格认定结果自动解除锁定。\n柏文喜对凤凰网《风暴眼》表示：“武汉‘凭票买房’的相关设想目前尚处于征求意见阶段，这是为加强楼市管控、立足于购房者资格准入提出的拟意中的制度设计。”\n那么，“凭房票购房”的政策出台后，会对武汉的楼市造成哪些影响呢？\n诸葛找房数据研究中心对凤凰网《风暴眼》表示：“凭票买房政策，是前期政策的一个打补丁新政，也是对限购政策的补充完善，一定程度上可以遏制市场乱象，对规范房地产市场交易有着积极作用，较有力地打击了部分制造虚假热售场面的开发商，一定程度上可以抑制炒房现象。”\n中国豪宅研究院院长朱晓红对凤凰网《风暴眼》表示：“凭票买房与香港、韩国的住房干预有异曲同工之处。对打击炒房，控制过度消费住房产品有好处，但要防止‘以房票谋私’和‘房票买卖’，一定要确保房票给对人。”\n柏文喜也表达了类似的担忧，他表示：“房票表面上会控制需求和打击炒房，但实际上是通过压抑需求和不增加供给进行的，如果运用不当，可能反而会加剧供求矛盾，引发权力腐败、加剧各类变相炒房和地下炒房等行为。”\n02、地方政府密集出台政策，“收紧”信号明显\n实际上，武汉市对于购房资格的政策调整，可能早在2020年就已经开始了。\n去年1月，武汉实行了商品房资格核查全程网办，意向购房者可通过武汉市房管局官网申请资格并查询结果，如果通过审核，即可获取编号和二维码等审核资料信息，该资料60日内购房有效，过期需重新申请。\n可以看出，早在2020年武汉市就已搭建出“凭房票买房”的机制雏形。而此次的征求意见稿，也是对先关政策的补充和完善。\n而除了武汉外，北上广深等一线城市，嘉兴、佛山、无锡等二三线城市，以及住建部等中央部门，也都陆续发布了一系列政策来对房地产市场加强监管。\n1月5日，住建部部长王蒙徽在接受媒体采访时，重申了坚持房住不炒，落实房地产长效机制等政策原则，表示2021年房住不炒仍然作为政策主基调不改变，同时长效机制不断落实完善的信号。\n例如，上海市也在1月份明确继续实施房产税试点。同时，上海市还针对“假离婚，真购房”现象，规定：夫妻离异的，任何一方自夫妻离异之日起3年内购买商品住房的，其拥有住房套数按离异前家庭总套数计算。调整增值税征免年限。将个人对外销售住房增值税征免年限从2年提高至5年。\n3月，西安也发布限购新政，规定购房人骗取或通过“代持”方式规避限购政策的，其本人及“代持人”将列入我市购房失信人员名册，5年内不得购房\n6月，财政部、自然资源部、税务总局、人民银行联合发布通知，国有土地使用权出让收入等四项政府非税收入将划转税务部门征收，一度引起热议。\n7月23日，住建部、发改委、公安部等八部门共同发布关于持续整治规范房地产市场秩序的通知，从房地产开发、房屋买卖、住房租赁以及物业服务四个方面切入，对房地产市场秩序进行全面规范。\n7月30日，银保监会召开全系统2021年年中工作座谈会暨纪检监察工作（电视电话）座谈会。会议强调，要严格执行“三线四档”和房地产贷款集中度要求，防止银行保险资金绕道违规流入房地产市场。\n据凤凰网《风暴眼》不完全统计，从今年1月至今，各地政府和中央相关部门共发布了超过40项针对房地产市场以及其衍生服务的监管和调控政策。数量之多，密度之大，在近年来都是比较罕见的。\n柏文喜对凤凰网《风暴眼》表示：“目前针对房地产政策的调整的原因有三个：第一是防范房地产引发的金融风险问题；第二是内循环模式下需要降低以房地产为代表的经济运行总成本；第三是提升生育意愿和保持人口可持续发展需要降低居住成本压力。”\n\n03、地产公司“风头不再” 股价大幅回撤\n政策的变化，也直接影响到了地产行业的上市公司身上。\n受益于中国房地产市场近年来的快速发展，中国也诞生了一大批巨无霸类的地产上市公司，地产企业也一度被视为“不差钱”的象征。\n万达董事长王健林、已经去世的贝壳董事长左晖等地产大亨们，都曾登上过“首富”的宝座。\n然而随着国家开始对“过热”的房地产市场进行调控，以及一系列严格的监管政策的出台，这些地产上市公司也纷纷遭遇了“船大难掉头”的难题，资金链断裂、收入下滑、股价下跌、高额负债等问题也随之而来。\n去年8月，住房城乡建设部、人民银行在北京召开重点房地产企业座谈会，明确了重点房地产企业资金监测和融资管理规则，也就是此前业内多次传闻的“三条红线”。\n据凤凰网《风暴眼》不完全统计，在港股和A股上市的40家头部地产公司中，有一半以上的公司股价在52周内距最高点回撤超过30%。\n\n事实上，就在本周一、周二的A股集体“大跳水”中，出于对房地产市场政策监管的担忧情绪，A股地产股也集体大跌，苏宁环球、西藏城投一度跌超10%。\n\n04、楼市的大变革，要来了吗\n武汉“凭房票买房”政策，也让很多人联想到了计划经济时代的“粮票”、“肉票”。那么，“凭房票购房”，是否真的意味着回到计划经济时代？是否又会引发其他城市跟进？\n\n柏文喜表示，中国告别票证时代已近三十年了，而武汉“房票”的推出触碰和勾起了了人们对计划经济年代供给不足、处处票证的时代记忆，房地产作为公众关注度最高的行业之一，尚在酝酿之中的武汉“房票”事件大概率会被推上“热搜”。\n柏文喜认为，房票本身是立足于以准入管制来压缩需求，进而改变楼市供求关系以防止楼市过热的制度设计。但是楼市调控逻辑上需要从供求两端着手，在以数量工具与价格工具限制与压抑需求的同时，还要通过增加市场供给来平衡供求关系。\n“因此，真正要平抑楼市供求关系的话，则要尽量减少和消除供求两端的各类管制措施，以价格机制引导资源和要素配置并重构供求关系，更不能恢复计划经济时代的票证。”柏文喜对凤凰网《风暴眼》表示。\n\n无论是武汉市此次出台的“凭房票买房”的政策，还是今年以来各地政府出台的一系列对房地产市场的监管政策，抑或是传闻中即将出台的“房地产税”，这些是否意味着中国楼市将迎来一次大变革呢？\n诸葛找房数据研究中心对凤凰网《风暴眼》表示：“房地产税的出台，或将迎来房地产市场的又一次洗牌。”\n“从目前房地产政策调整来看，坚持房住不炒是我国房地产市场的主基调。在此原则之下，首先需通过政策调控抑制房价上涨过快，促进市场逐渐回归理性阶段；其次，不断完善和规范房地产市场体系，对一些炒作房价、钻政策空子的行为及时进行打击，促进房地产市场健康发展；第三，将有限的资源向刚需群体倾斜，为购房者提供一个更为稳定的房地产环境。”\n诸葛找房数据研究中心认为，随着这些政策出台，真正的刚需群体利益得到保障，购房心态也逐渐理性，对房价过快上涨起到一定的抑制作用。长期来看，一线城市房价在经过严格的政策调控后，房价将趋于平稳运行。\n柏文喜认为，如果房产税真的很快出台，确实意味着房地产市场将迎来一次大变革，但是事实上房地产税按照立法程序尚未提交审议，是不会很快出台，也没有时间表的。\n柏文喜表示，这些政策如果不是从扩大供给端入手，而是仅仅采取控制需求端准入的数量工具如房票、控制需求端的价格工具如按揭成数与利率等措施，结果可能只是扬汤止沸，甚至越调越涨。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":7616,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177980261,"gmtCreate":1627175634753,"gmtModify":1703485011521,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/177980261","repostId":"2154558939","repostType":4,"isVote":1,"tweetType":1,"viewCount":5823,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174714159,"gmtCreate":1627138973271,"gmtModify":1703484725822,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/174714159","repostId":"1194494092","repostType":4,"repost":{"id":"1194494092","kind":"news","pubTimestamp":1627109486,"share":"https://ttm.financial/m/news/1194494092?lang=en_US&edition=fundamental","pubTime":"2021-07-24 14:51","market":"sh","language":"zh","title":"The \"secret\" of Tenfold Fund: How can fund investors truly make money?","url":"https://stock-news.laohu8.com/highlight/detail?id=1194494092","media":" 兴证全球基金","summary":"挖掘出十倍的投资标的，无疑是所有投资者的梦想。正所谓难以实现才叫梦想，但是我们发现身边依旧有着这样一些“梦想实现者”。他们是如何做到的呢？\n为什么是十倍？\n“十倍”（Tenbagger）是美国投资大师","content":"<p>Finding a tenfold investment target is undoubtedly every investor's dream. As the saying goes, a dream is something that is difficult to achieve, but we have found that there are still some \"dream realizers\" around us. How did they do it?</p><p><b>Why ten times?</b></p><p>\"Tenbagger\" is a term mentioned by American investment guru Peter Lynch in his autobiography \"One Up On Wall Street\".</p><p>This roughly refers to stocks whose stock price can increase tenfold after long-term development, supported by revenue and profit growth.</p><p>Peter Lynch wrote in his autobiography:<b>The best way to find ten-fold stocks is to start looking around you. If you can't find them there, go to the shopping mall to look for them. His early connection with ten-fold stocks started from \"around him\".</b></p><p>Peter Lynch once discovered that his three daughters were all using cosmetics from a company called The body Shop. Although The body Shop is a beauty brand, most of its chain stores in Europe and America are located in prominent places such as street corners, rather than just in shopping malls.</p><p>Peter Lynch's research found that the company's products are relatively standardized, affordable, and cover a wide range of age groups. They expanded by adding franchise stores and engaged in multinational operations from the outset, demonstrating strong market expansion capabilities.</p><p>Peter Lynch seized this opportunity, and after The body Shop went public in The UK, its stock price soared, eventually becoming a veritable Tenbagger.</p><p><b>Tenbagger in the mutual fund market</b></p><p>Tenbagger was later extended to the fund industry, referring to funds whose net asset value has increased ten times or more compared to the time of launch. As of June 25, 2021, there were 56 domestic public funds with a tenfold increase. (Data source: Galaxy Securities, as of June 25, 2021)</p><p>What kind of markets have these funds experienced, and what common characteristics do they share?</p><p><b>Births - Most were born in 2006 and before</b></p><p>Of the 56 funds, only 2 were established in 2006 or earlier. They experienced the bull market of 2006-2007 and the market decline of 2008, and went through several bull and bear market cycles. As of June 25, 2021, their average establishment time was 16.6 years. (Data source: Galaxy Securities, as of June 25, 2021)</p><p><b>It is clear that good investments do indeed require time to witness.</b></p><p>The establishment time of the ten-fold base and the corresponding index points</p><p><img src=\"https://static.tigerbbs.com/2287c6895d9a9cc1d15c36637e290d10\" tg-width=\"1000\" tg-height=\"407\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities. As of June 25, 2021, the bar chart represents the number of tenfold funds established in that year, the line chart represents the Shanghai Composite Index, the left axis represents the corresponding index points, and the right axis represents the number of funds established. Historical performance does not guarantee the future, and fund investment requires caution.</p><p><b>Growth – Not always among the top students in the class</b></p><p>In the growth of tenfold funds, we have found that they rarely consistently rank among the top in their categories in a single year. One of the important reasons is that these funds are less likely to pursue short-term hot topics and abandon long-term investment strategies and styles.</p><p>Among the 56 tenfold funds, only 7 funds have ever won the championship in their category (2007-2020), 13 funds have never entered the top 10 of their category in a single year, and few funds have been able to rank in the top 10 of their category for two consecutive years. (Data source: Galaxy Securities, as of June 25, 2021)</p><p>We have listed the annual \"report cards\" of the top ten funds. These funds may not always be in the top quarter in the short term, but their value will become more prominent over time.</p><p>Some ten-fold basis \"report cards\"</p><p><img src=\"https://static.tigerbbs.com/971280df3e4665bafe1a50e179559917\" tg-width=\"1000\" tg-height=\"506\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities, as of June 25, 2021. Historical performance does not guarantee the future, and fund investment requires caution.</p><p><b>Adults - Solving \"difficult problems\" is a compulsory course</b></p><p>The A-share market is characterized by short bull markets and long bear markets. Ten-fold funds have often experienced several bear markets, and challenges are an essential lesson for them.</p><p>We selected several typical one-sided downward markets in the A-share market, and the average decline of the Tenfold Fund in these markets was lower than that of the Shanghai Composite Index and equity fund indices.</p><p>Market performance in a unilateral downward trend based on ten-fold basis</p><p><img src=\"https://static.tigerbbs.com/7eb0ab7b7db6441e489079d3818e347c\" tg-width=\"1000\" tg-height=\"453\" referrerpolicy=\"no-referrer\"></p><p>Data source: wind, Galaxy Securities, as of 2021/6/25</p><p>Although this is a \"God's perspective\" approach to exploration, the performance of these funds in a one-sided downward market still gives us some inspiration.</p><p>One very important one is that,<b>\"First strive to remain undefeated, then strive to win,\" and seasoned investors know that a 50% drop requires approximately a 100% increase to return to the starting point.</b>。</p><p>Moreover, in Tenfold Fund's periodic reports, we found that during periods of market heat, most Tenfold Funds had a certain defensive tendency towards the market. In the first quarter reports of 2007, many of the aforementioned funds mentioned \"improving portfolio defensiveness\" in their reports. Some tenfold funds mentioned \"reducing the concentration of shareholdings\" in their 2015 reports.</p><p><b>Therefore, Tenfold Base not only relies on its rise in an \"easy\" market, but also on its ability to perform too well when faced with difficult \"tests\".</b></p><p><b>Success—The Bonus of \"Family Background\" and \"Benefactors\"</b></p><p>When exploring the Tenfold Fund, fund companies and fund managers play an important role.</p><p>Most funds with ten-fold funds come from families with solid investment research capabilities, which is one of the foundations supporting the fund's long-term outstanding performance.</p><p><b>From the perspective of fund managers, a good fund manager can be considered the \"benefactor\" of a tenfold fund.</b></p><p>Huabao Securities once produced a four-quadrant chart for fund managers to depict their industry allocation and investment philosophy.</p><p>Overall, there are more quadrants on the left for ten-fold fund managers, namely, industries are scattered or concentrated, and industries switch less frequently. A balanced and diversified portfolio combined with minimal industry switching can minimize portfolio risk. Fund managers with concentrated industry allocation and minimal industry switching are usually more optimistic about a particular high-quality sector and hold it for the long term.</p><p><img src=\"https://static.tigerbbs.com/b85062db9868a316890ff75fbab0ea3b\" tg-width=\"524\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>Source: Huabao Securities</p><p>Of course, when choosing a 10x fund, you should also pay attention to analyzing the current fund manager's time under management and related performance, and choose a product that better suits your risk-return preferences.</p><p><b>Who is protecting the \"tenfold base\"?</b></p><p><b>In reality, a fund's growth, adulthood, and the \"difficult periods\" it goes through are also experienced by its holders. Many people can accompany a fund for a year, but very few can accompany it for ten years.</b></p><p><b>The philosophy of long-term investing is to be friends with time. 'The most romantic thing I can think of is growing old with you.'</b></p><p><b>Mr. Li has held the fund for 17 years.</b></p><p><b>The longest-term fund investment is more than 10 years; it was initially purchased with children's New Year's money. I believe that the long-term power of investment will continue.</b></p><p><b>—Ms. Han held the fund for 13 years</b></p><p><b>I might be the only one who has only bought and not sold since its release.</b></p><p><b>— Message from the \"Finding Trend Millionaires\" campaign</b></p><p><b>Only through time and hard work can we achieve qualitative change, grow together, and move forward together.</b></p><p><b>— Fund Investors in the Discussion Forum</b></p><p>Investor Records once conducted relevant research and found the holders of the Tenfold Fund from the fund's periodic reports. Their characteristics are that they dare to buy during market panic and are more patient than most investors. Some people say that they may have \"forgotten\" their holdings, but this \"forgetting\" also makes them staunch guardians of the Tenfold Fund from another perspective.</p><p><b>Finally, reasonable expectations are a prerequisite for investment and companionship. The path of investing requires both strength and endurance. If it's a high-quality fund, you might as well give it more time to allow its value to accumulate.</b></p>","source":"lsy1619314504794","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The \"secret\" of Tenfold Fund: How can fund investors truly make money?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe \"secret\" of Tenfold Fund: How can fund investors truly make money?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 兴证全球基金</strong><span class=\"h-time small\">2021-07-24 14:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Finding a tenfold investment target is undoubtedly every investor's dream. As the saying goes, a dream is something that is difficult to achieve, but we have found that there are still some \"dream realizers\" around us. How did they do it?</p><p><b>Why ten times?</b></p><p>\"Tenbagger\" is a term mentioned by American investment guru Peter Lynch in his autobiography \"One Up On Wall Street\".</p><p>This roughly refers to stocks whose stock price can increase tenfold after long-term development, supported by revenue and profit growth.</p><p>Peter Lynch wrote in his autobiography:<b>The best way to find ten-fold stocks is to start looking around you. If you can't find them there, go to the shopping mall to look for them. His early connection with ten-fold stocks started from \"around him\".</b></p><p>Peter Lynch once discovered that his three daughters were all using cosmetics from a company called The body Shop. Although The body Shop is a beauty brand, most of its chain stores in Europe and America are located in prominent places such as street corners, rather than just in shopping malls.</p><p>Peter Lynch's research found that the company's products are relatively standardized, affordable, and cover a wide range of age groups. They expanded by adding franchise stores and engaged in multinational operations from the outset, demonstrating strong market expansion capabilities.</p><p>Peter Lynch seized this opportunity, and after The body Shop went public in The UK, its stock price soared, eventually becoming a veritable Tenbagger.</p><p><b>Tenbagger in the mutual fund market</b></p><p>Tenbagger was later extended to the fund industry, referring to funds whose net asset value has increased ten times or more compared to the time of launch. As of June 25, 2021, there were 56 domestic public funds with a tenfold increase. (Data source: Galaxy Securities, as of June 25, 2021)</p><p>What kind of markets have these funds experienced, and what common characteristics do they share?</p><p><b>Births - Most were born in 2006 and before</b></p><p>Of the 56 funds, only 2 were established in 2006 or earlier. They experienced the bull market of 2006-2007 and the market decline of 2008, and went through several bull and bear market cycles. As of June 25, 2021, their average establishment time was 16.6 years. (Data source: Galaxy Securities, as of June 25, 2021)</p><p><b>It is clear that good investments do indeed require time to witness.</b></p><p>The establishment time of the ten-fold base and the corresponding index points</p><p><img src=\"https://static.tigerbbs.com/2287c6895d9a9cc1d15c36637e290d10\" tg-width=\"1000\" tg-height=\"407\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities. As of June 25, 2021, the bar chart represents the number of tenfold funds established in that year, the line chart represents the Shanghai Composite Index, the left axis represents the corresponding index points, and the right axis represents the number of funds established. Historical performance does not guarantee the future, and fund investment requires caution.</p><p><b>Growth – Not always among the top students in the class</b></p><p>In the growth of tenfold funds, we have found that they rarely consistently rank among the top in their categories in a single year. One of the important reasons is that these funds are less likely to pursue short-term hot topics and abandon long-term investment strategies and styles.</p><p>Among the 56 tenfold funds, only 7 funds have ever won the championship in their category (2007-2020), 13 funds have never entered the top 10 of their category in a single year, and few funds have been able to rank in the top 10 of their category for two consecutive years. (Data source: Galaxy Securities, as of June 25, 2021)</p><p>We have listed the annual \"report cards\" of the top ten funds. These funds may not always be in the top quarter in the short term, but their value will become more prominent over time.</p><p>Some ten-fold basis \"report cards\"</p><p><img src=\"https://static.tigerbbs.com/971280df3e4665bafe1a50e179559917\" tg-width=\"1000\" tg-height=\"506\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities, as of June 25, 2021. Historical performance does not guarantee the future, and fund investment requires caution.</p><p><b>Adults - Solving \"difficult problems\" is a compulsory course</b></p><p>The A-share market is characterized by short bull markets and long bear markets. Ten-fold funds have often experienced several bear markets, and challenges are an essential lesson for them.</p><p>We selected several typical one-sided downward markets in the A-share market, and the average decline of the Tenfold Fund in these markets was lower than that of the Shanghai Composite Index and equity fund indices.</p><p>Market performance in a unilateral downward trend based on ten-fold basis</p><p><img src=\"https://static.tigerbbs.com/7eb0ab7b7db6441e489079d3818e347c\" tg-width=\"1000\" tg-height=\"453\" referrerpolicy=\"no-referrer\"></p><p>Data source: wind, Galaxy Securities, as of 2021/6/25</p><p>Although this is a \"God's perspective\" approach to exploration, the performance of these funds in a one-sided downward market still gives us some inspiration.</p><p>One very important one is that,<b>\"First strive to remain undefeated, then strive to win,\" and seasoned investors know that a 50% drop requires approximately a 100% increase to return to the starting point.</b>。</p><p>Moreover, in Tenfold Fund's periodic reports, we found that during periods of market heat, most Tenfold Funds had a certain defensive tendency towards the market. In the first quarter reports of 2007, many of the aforementioned funds mentioned \"improving portfolio defensiveness\" in their reports. Some tenfold funds mentioned \"reducing the concentration of shareholdings\" in their 2015 reports.</p><p><b>Therefore, Tenfold Base not only relies on its rise in an \"easy\" market, but also on its ability to perform too well when faced with difficult \"tests\".</b></p><p><b>Success—The Bonus of \"Family Background\" and \"Benefactors\"</b></p><p>When exploring the Tenfold Fund, fund companies and fund managers play an important role.</p><p>Most funds with ten-fold funds come from families with solid investment research capabilities, which is one of the foundations supporting the fund's long-term outstanding performance.</p><p><b>From the perspective of fund managers, a good fund manager can be considered the \"benefactor\" of a tenfold fund.</b></p><p>Huabao Securities once produced a four-quadrant chart for fund managers to depict their industry allocation and investment philosophy.</p><p>Overall, there are more quadrants on the left for ten-fold fund managers, namely, industries are scattered or concentrated, and industries switch less frequently. A balanced and diversified portfolio combined with minimal industry switching can minimize portfolio risk. Fund managers with concentrated industry allocation and minimal industry switching are usually more optimistic about a particular high-quality sector and hold it for the long term.</p><p><img src=\"https://static.tigerbbs.com/b85062db9868a316890ff75fbab0ea3b\" tg-width=\"524\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>Source: Huabao Securities</p><p>Of course, when choosing a 10x fund, you should also pay attention to analyzing the current fund manager's time under management and related performance, and choose a product that better suits your risk-return preferences.</p><p><b>Who is protecting the \"tenfold base\"?</b></p><p><b>In reality, a fund's growth, adulthood, and the \"difficult periods\" it goes through are also experienced by its holders. Many people can accompany a fund for a year, but very few can accompany it for ten years.</b></p><p><b>The philosophy of long-term investing is to be friends with time. 'The most romantic thing I can think of is growing old with you.'</b></p><p><b>Mr. Li has held the fund for 17 years.</b></p><p><b>The longest-term fund investment is more than 10 years; it was initially purchased with children's New Year's money. I believe that the long-term power of investment will continue.</b></p><p><b>—Ms. Han held the fund for 13 years</b></p><p><b>I might be the only one who has only bought and not sold since its release.</b></p><p><b>— Message from the \"Finding Trend Millionaires\" campaign</b></p><p><b>Only through time and hard work can we achieve qualitative change, grow together, and move forward together.</b></p><p><b>— Fund Investors in the Discussion Forum</b></p><p>Investor Records once conducted relevant research and found the holders of the Tenfold Fund from the fund's periodic reports. Their characteristics are that they dare to buy during market panic and are more patient than most investors. Some people say that they may have \"forgotten\" their holdings, but this \"forgetting\" also makes them staunch guardians of the Tenfold Fund from another perspective.</p><p><b>Finally, reasonable expectations are a prerequisite for investment and companionship. The path of investing requires both strength and endurance. If it's a high-quality fund, you might as well give it more time to allow its value to accumulate.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/yZkwS_Je07rH8a47gyUlEA\"> 兴证全球基金</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/yZkwS_Je07rH8a47gyUlEA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194494092","content_text":"挖掘出十倍的投资标的，无疑是所有投资者的梦想。正所谓难以实现才叫梦想，但是我们发现身边依旧有着这样一些“梦想实现者”。他们是如何做到的呢？\n为什么是十倍？\n“十倍”（Tenbagger）是美国投资大师彼得·林奇在其自传《One Up On Wall Street》中提及的词汇。\n大概意思是指企业经过长期发展，在营收与利润增长的支持下，股价能够上涨10倍的股票。\n彼得·林奇在自传中曾写道：寻找十倍股最佳的方式就是从身边找起，在那里找不到，就去购物中心里去找，而他早期与十倍股结缘，也正是从“身边”开始的。\n彼得·林奇有一次发现自己的三个女儿都在使用来自一家名叫美体小铺（The body Shop）公司的化妆品。The body Shop 虽然是一个美妆品牌，但它在欧美地区的大多数连锁店，都是开在街角等较为显眼的地方，而不仅仅是在商场里。\n彼得·林奇研究发现，这家公司的产品相对标准化，价格亲民，客户覆盖的年龄段相当宽泛。通过增加特许连锁店的方式进行扩张，而且一开始就进行跨国经营，市场扩张能力很强。\n彼得·林奇把握住了这一机会，The body Shop 在英国上市后，股价节节攀升，最终成为名副其实的Tenbagger（十倍股）。\n公募基金市场中的Tenbagger\nTenbagger后来也被延用到了基金圈，意指基金净值较发行时增长十倍及以上的基金，截至到2021年6月25日，国内公募基金共有56只十倍基。（数据来源：银河证券，截至2021/6/25）\n这些基金都经历过怎样的市场，又都有什么共同的特点呢？\n出生——大部分生于2006年及之前\n在56只基金中，除了2只基金，其余54只基金均成立于2006年及之前，经历过2006年-2007年的大牛市，也经历过2008年市场下跌，历经数度牛熊转换，截至2021年6月25日，平均成立时间16.6年。（数据来源：银河证券，截至2021/6/25）\n可见，好的投资，确实需要时间的见证。\n十倍基成立时间及对应指数点位\n\n数据来源：银河证券，截至2021/6/25，柱状图代表在当年成立的十倍基数量，折线图代表沪指，左侧轴为相对应指数点位，右侧为基金成立数量。历史业绩不代表未来，基金投资需谨慎。\n成长——不总是“班上”前几名\n在十倍基的成长过程中，我们发现，它们很少能连续在单一年度业绩排在同类前几名，其中重要的原因之一是，这些基金较少会追求短期热点而放弃长期坚持的投资策略和风格。\n在56只十倍基中，仅有7只基金曾获得过同类别冠军（2007年-2020年），有13只基金未进入过单一年度同类前10，鲜有基金能连续两年排进同类前10。（数据来源：银河证券，截至2021/6/25）\n我们罗列了排在前几位的十倍基每年的“成绩单”，这些基金在短期内无法总在前1/4，但在时间的作用下价值凸显。\n部分十倍基“成绩单”\n\n数据来源：银河证券，截至2021/6/25。历史业绩不代表未来，基金投资需谨慎。\n成人——解决“难题”是必修课\nA股市场牛短熊长，十倍基往往都经历过数个熊市，而难题也是它们的必修课。\n我们选取了A股市场中几个较为典型的单边下行市场，十倍基在这些市场中的平均跌幅均低于上证指数及偏股基金指数。\n十倍基单边下行市场表现情况\n\n数据来源：wind，银河证券，截至2021/6/25\n尽管这是一种“上帝视角”的探究方式，但这些基金在单边下行市场中的表现，还是给了我们一定的启发。\n其中很重要的一条是，“先求不败，再求胜”，而老练的投资者熟知，下跌50%，需要约100%的涨幅才能回到原点。\n不仅如此，在十倍基的定期报告中我们发现，在市场较热时期，大部分的十倍基金对市场都有一定的防守倾向，2007年一季报中，上述基金中多只基金的报告中提到“提高组合防御性”；2015年部分十倍基金报告中提及“降低持股集中度”等。\n所以，十倍基不仅仅是靠着“容易”市场中的上涨，还靠着在面对难“试卷”的时候，也不会表现得太差。\n成功 —— “家世”与“贵人”的加成\n探究十倍基，基金公司及基金经理扮演着重要的角色。\n十倍基的家世，多数都拥有扎实的投研实力，这是支撑基金长期业绩优异的基础之一。\n从基金经理来看，好的基金经理可谓是十倍基的“贵人”。\n华宝证券曾制作基金经理四象限图，刻画基金经理的行业配置及投资理念。\n整体来看，十倍基基金经理在左侧象限较多，即行业分散或集中、行业少切换。行业均衡分散+行业少切换可以尽可能控制组合的风险；行业集中配置+行业少切换的基金经理通常较为坚定看好某一优质赛道并长期持有。\n\n资料来源：华宝证券\n当然，在选择十倍基的时候，也要注意分析现任基金经理的在管时间和相关业绩表现，选择更符合自己风险收益偏好的产品。\n谁在守护“十倍基”？\n实际上，一只基金经历的成长、成人以及过程中的“困难时期”，持有人也一样会经历，而能陪伴基金一年者甚多，但十年者甚少。\n长期投资的理念是要做时间的朋友，‘我能想到最浪漫的事就是和你一起慢慢变老’。\n——李先生 持有基金17年\n最长期的基金投资不止10年，最开始是用小孩的压岁钱买的。相信投资的长期力量，会一直坚持。\n——韩女士 持有基金13年\n我有可能是唯一一个从发行到现在只买不卖的人。\n—— “寻找趋势百万持有人”活动留言\n只有经过时间的积累和努力才有收获质变的可能，一起成长，共同前行。\n—— 讨论区基民\n投资人记事曾做过相关研究，从基金定期报告中，找到十倍基的持有者，他们的特点是，敢于在市场恐慌的时候买入，并比多数投资者更有耐心，有人说，也许他“遗忘”了自己的持仓，但这种“遗忘”，也从另一个侧面成为了十倍基的坚定守护者。\n最后，合理的预期是投资和陪伴的前提。投资之路，既要比拼实力，也要比拼耐力，如果是一只优质的基金，不妨多给它一些时间，让价值沉淀。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":7430,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172238652,"gmtCreate":1626961851376,"gmtModify":1703481445204,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/172238652","repostId":"1138338643","repostType":4,"repost":{"id":"1138338643","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":1626960724,"share":"https://ttm.financial/m/news/1138338643?lang=en_US&edition=fundamental","pubTime":"2021-07-22 21:32","market":"us","language":"zh","title":"Opening: Faraday Future rose over 22% on its first day of trading, while Didi fell over 7%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1138338643","media":"老虎资讯综合","summary":"7月22日，美股三大指数基本平开，道指跌0.05%，标普500指数涨0.07%，纳指涨0.17%。\n法拉第未来（FFIE）美股上市首日涨超22%，总市值达54亿美元。贾跃亭现身上市敲钟现场。\n滴滴美股","content":"<p>On July 22, the three major U.S. stock indexes opened largely flat, with the Dow Jones Industrial Average down 0.05%, the S&P 500 up 0.07%, and the Nasdaq Composite up 0.17%.<img src=\"https://static.tigerbbs.com/2bb63859800e23852faa83b133a11fb9\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Faraday Future (FFIE) rose more than 22% on its first day of trading on the U.S. stock market, bringing its total market capitalization to $5.4 billion. Jia Yueting appeared at the IPO bell ringing ceremony.</p><p><a href=\"https://laohu8.com/S/DIDI\">Didi</a>U.S. stocks opened down more than 7%. The stock price hit a record low, and its market capitalization has evaporated by more than $15 billion since its listing.</p><p><a href=\"https://laohu8.com/S/KALU\">Caesar Aluminum</a>It fell 4% after adjusted earnings per share for the second quarter fell short of expectations.</p><p><a href=\"https://laohu8.com/S/CCC.U\">Churchill Capital</a>IV rose more than 3% as shareholders voted on the merger of electric vehicle company Lucid Motors.</p><p><a href=\"https://laohu8.com/S/TXN\">Texas Instruments</a>The company fell 4.3%, with the midpoint of its third-quarter revenue guidance range falling short of analysts' expectations.</p><p>Medical Device Company<a href=\"https://laohu8.com/S/NURO\">neurometric</a>The stock rose 82.11%, after a cumulative increase of over 300% in the previous two trading days.</p><p><a href=\"https://laohu8.com/S/DQ\">Daquan New Energy</a>It rose 13.38% to $90.00. Xinjiang Daquan Energy (688303.SH), an operating subsidiary of Daquan New Energy, was listed on the Science and Technology Innovation Board today, with a price of 21.49 yuan per share. On its first day of trading, it closed up 184.36% at 61.11 yuan, with a market capitalization of 117.6 billion yuan. After its listing, Daquan New Energy holds 79.57% of the shares of Xinjiang Daquan.</p><p>Blockchain concept stocks rallied, with SOS up 14.29% and Bit Digital up 3.52%.</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>Opening: Faraday Future rose over 22% on its first day of trading, while Didi fell over 7%.</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\">\nOpening: Faraday Future rose over 22% on its first day of trading, while Didi fell over 7%.\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\">2021-07-22 21:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 22, the three major U.S. stock indexes opened largely flat, with the Dow Jones Industrial Average down 0.05%, the S&P 500 up 0.07%, and the Nasdaq Composite up 0.17%.<img src=\"https://static.tigerbbs.com/2bb63859800e23852faa83b133a11fb9\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Faraday Future (FFIE) rose more than 22% on its first day of trading on the U.S. stock market, bringing its total market capitalization to $5.4 billion. Jia Yueting appeared at the IPO bell ringing ceremony.</p><p><a href=\"https://laohu8.com/S/DIDI\">Didi</a>U.S. stocks opened down more than 7%. The stock price hit a record low, and its market capitalization has evaporated by more than $15 billion since its listing.</p><p><a href=\"https://laohu8.com/S/KALU\">Caesar Aluminum</a>It fell 4% after adjusted earnings per share for the second quarter fell short of expectations.</p><p><a href=\"https://laohu8.com/S/CCC.U\">Churchill Capital</a>IV rose more than 3% as shareholders voted on the merger of electric vehicle company Lucid Motors.</p><p><a href=\"https://laohu8.com/S/TXN\">Texas Instruments</a>The company fell 4.3%, with the midpoint of its third-quarter revenue guidance range falling short of analysts' expectations.</p><p>Medical Device Company<a href=\"https://laohu8.com/S/NURO\">neurometric</a>The stock rose 82.11%, after a cumulative increase of over 300% in the previous two trading days.</p><p><a href=\"https://laohu8.com/S/DQ\">Daquan New Energy</a>It rose 13.38% to $90.00. Xinjiang Daquan Energy (688303.SH), an operating subsidiary of Daquan New Energy, was listed on the Science and Technology Innovation Board today, with a price of 21.49 yuan per share. On its first day of trading, it closed up 184.36% at 61.11 yuan, with a market capitalization of 117.6 billion yuan. After its listing, Daquan New Energy holds 79.57% of the shares of Xinjiang Daquan.</p><p>Blockchain concept stocks rallied, with SOS up 14.29% and Bit Digital up 3.52%.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯","DIDI":"滴滴(已退市)",".SPX":"S&P 500 Index"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138338643","content_text":"7月22日，美股三大指数基本平开，道指跌0.05%，标普500指数涨0.07%，纳指涨0.17%。\n法拉第未来（FFIE）美股上市首日涨超22%，总市值达54亿美元。贾跃亭现身上市敲钟现场。\n滴滴美股开盘跌超7%。股价刷新历史新低，上市以来市值蒸发超150亿美元。\n凯撒铝业跌4%，第二季度调整每股收益不及预期。\nChurchill Capital IV涨超3%，公司股东将就电动汽车公司Lucid Motors的合并事项进行投票。\n德州仪器跌4.3%，第三季度营收指引区间中点低于分析师预期。\n医疗设备公司NeuroMetrix涨82.11%，该股此前2个交易日累计上涨超300%。\n大全新能源涨13.38%，报90.00美元。大全新能源运营子公司新疆大全能源(688303.SH)今日在科创板上市，每股定价为21.49元，上市首日收涨184.36%报61.11元，市值1176亿元。上市后，大全新能源持有新疆大全79.57%的股份。\n区块链概念股走强，SOS涨14.29%，Bit Digital涨3.52%。","news_type":1,"symbols_score_info":{".SPX":0.9,"FFIE":0.9,".IXIC":0.9,"DIDI":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":4547,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171991508,"gmtCreate":1626701332904,"gmtModify":1703763586089,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/171991508","repostId":"2152763544","repostType":4,"repost":{"id":"2152763544","kind":"highlight","pubTimestamp":1626676742,"share":"https://ttm.financial/m/news/2152763544?lang=en_US&edition=fundamental","pubTime":"2021-07-19 14:39","market":"us","language":"zh","title":"What is the \"new information\" in Powell's testimony?","url":"https://stock-news.laohu8.com/highlight/detail?id=2152763544","media":"格隆汇","summary":"一、主题评论：鲍威尔证词里的“新信息”\n7月14日，美联储公布了主席鲍威尔将于7月15日向美国参议院银行、住房和城市事务委员会提交的证词，以及美联储半年度货币政策报告。\n整体而言，鲍威尔的讲话维持鸽派","content":"<p><h3>I.<b>Topic Commentary: \"New Information\" in Powell's Testimony</b></h3>On July 14, the Federal Reserve released Chairman Jerome Powell's testimony to be submitted to the U.S. Senate Committee on Banking, Housing and Urban Affairs on July 15, as well as the Fed's semi-annual monetary policy report.</p><p><b>Overall, Powell's speech remained dovish. This is reflected in: \"touting\" the positive impact of loose monetary policy on the US economy, believing that the labor market still has a long way to go to recover, emphasizing that the rise in inflation is mainly due to the base effect and supply chain bottlenecks, not worrying about the fragility of the financial system, and emphasizing that the US economy has not yet made the \"substantial further progress\" needed to implement Taper, and that there will be \"advance notice\" before Taper.</b></p><p>After Powell's testimony was released, the market also felt the familiar \"dovish voice,\" and the market panic caused by the surge in US inflation indicators in June eased slightly. The S&P 500 hit a new intraday high, the 10-year U.S. Treasury yield fell by more than 5 basis points, and the US Dollar Index declined in the short term. It is worth noting that the Reserve Bank of New Zealand has stopped Treasury Bond purchases, and the Bank of Canada has begun implementing Taper.<b>We believe that the Federal Reserve is still trying to \"avoid a sharp turn,\" but if the US job market recovers as expected and inflation indicators remain high in the near future, coupled with foreign central banks taking the lead, then the Fed's \"excuse\" will be even less sufficient, and we still need to be wary of the risk that the Fed's policy shift will come \"earlier\" or \"stronger\" than expected.</b></p><p>Specifically, the key information in Powell's testimony includes:</p><p><b>1) The US economy is recovering rapidly, but supply chain bottlenecks are affecting some industries.</b>Powell believes that the reopening and strong economic growth of the U.S. economy in the first half of 2021 were partly helped by COVID-19 vaccinations, but also inseparable from the support of loose monetary and fiscal policies. Most notably, household spending is growing at a particularly rapid pace, housing demand is very strong, and business investment is steadily increasing. At the same time, however, supply constraints have restricted activity in some industries, most notably the automotive sector. So far this year, a global semiconductor shortage has significantly reduced production in the automotive industry.</p><p><b>2) Labor market conditions continue to improve, but there is still a long way to go.</b>Powell believes that labor demand in the United States appears to be very strong, with job vacancies currently at record highs, hiring momentum strong, and many people leaving to seek better jobs. U.S. employers added 1.7 million workers in April and June. However, the U.S. unemployment rate remained as high as 5.9% in June, and this figure underestimates the insufficiency of the job recovery, as the labor force participation rate remains low. However, as the pandemic improves and its impact on employment diminishes, U.S. job growth should be strong in the coming months. In addition, he emphasized that employment for low-income groups and people of color has been more affected and needs to be restored.</p><p><b>3) The inflation rate has risen significantly and is likely to remain high in the coming months before easing.</b>Powell believes that firstly, the base effect temporarily pushed up inflation, and secondly, against the backdrop of strong demand, supply bottlenecks led to a rapid rise in the prices of certain goods and services. However, as supply chain bottlenecks ease in the future, this situation should be reversed to some extent. In recent months, service prices, which have been severely affected by the pandemic, have also risen sharply as demand in the service sector increases significantly as the economy reopens. He emphasized that the Federal Reserve has adjusted its monetary policy framework, seeking to stabilize long-term inflation expectations at 2%, and that indicators measuring long-term inflation expectations have rebounded from their lows and are currently in a range roughly consistent with the Federal Reserve's long-term inflation target.</p><p><b>4) The Federal Reserve is not yet worried about asset prices and the vulnerability of the financial system.</b>Powell stated that sustainable employment maximization and price stability depend on a stable financial system, and therefore the Federal Reserve will continue to monitor the vulnerabilities of the financial system. However, despite the general rise in valuations of various assets as fundamentals improve and investors' risk appetite increases, U.S. household balance sheets remain quite strong, corporate leverage levels have been declining from high levels, and institutions at the core of the financial system remain resilient.</p><p><b>5) Powell continues to deny that the economy has made \"substantial further progress\" and maintains a dovish stance.</b>Powell stated that the combination of \"zero interest rates\" and asset purchases, coupled with \"strong guidance\" on interest rates and balance sheets, will ensure that monetary policy continues to provide strong support for the U.S. economy until the recovery is complete. It reiterated the main point of the June FOMC meeting: for interest rate adjustments, it is necessary to wait until the economy has truly achieved its maximum employment and long-term inflation targets; For asset purchases, the current pace will be maintained at least until \"substantial further progress\" is achieved. Powell further revealed that at the June policy meeting, the committee discussed the progress made by the U.S. economy since December of last year. Although it is still some distance from meeting the standard of \"substantial further progress,\" progress is expected to continue. The Federal Reserve will continue to discuss these issues at future meetings. The Federal Reserve will provide advance notice before announcing any changes to its asset purchase decisions.</p><p><h3><b>II.</b><b>Overseas economic tracking</b></h3>1</p><p><b>US Economy: Inflation hit a new high in June, while consumption of non-durable goods and services gradually picked up momentum.</b></p><p>The US CPI continued to hit a new high year-on-year in June, surging 0.9% month-on-month, significantly higher than the average growth rate over the past five years (around 0.2%). Looking at the breakdown items, most of them are accelerating month-on-month.<b>The most \"exaggerated\" aspect was the 3.6% month-on-month increase in transportation (compared to 2.1% in the previous month), which was still due to the rise in used car prices.</b>Currently, it is difficult to determine the inflection point of used car price growth, but it may still have an unexpected boosting effect on the US CPI in the second half of the year.</p><p><img src=\"https://static.tigerbbs.com/18bc1d3f271ec0d93b01c0be754f4b07\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The US PPI also saw record year-on-year and month-on-month growth in June, with all sub-items rising month-on-month, with the \"trade\" sub-item surging by 2.1% month-on-month. In the past month,<b>Rising international oil prices have not only directly increased the cost pressure of energy products, but have also led to rising international freight rates and a significant increase in the prices of imported goods from the United States.</b></p><p><img src=\"https://static.tigerbbs.com/788dd66c7ab2ea169c154ddbe5b870c8\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>U.S. retail sales rose slightly by 0.55% month-on-month in June, better than expected and the previous value.<b>The structural changes in retail sales are noteworthy, with \"small items\" selling better than \"large items\".</b>Sales of department stores, clothing and accessories, and food and beverages continued to rise, while sales of automobiles, furniture and home decoration, and building materials continued to decline. We continue to emphasize that in the second half of the year, U.S. consumption power will shift from durable goods to non-durable goods and services, and service consumption accounts for the majority of U.S. residents' consumption, so there is still ample room for consumption growth.</p><p><img src=\"https://static.tigerbbs.com/4f2db4d79190094ea518b852220b8f58\" tg-width=\"1080\" tg-height=\"461\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The preliminary reading of the University of Michigan's consumer confidence index for July in the United States fell significantly.</b>Rapidly rising prices and expectations of a marginal slowdown in the US economy may have dampened consumer confidence to some extent. However,<b>Employment indicators still send optimistic signals.</b>In the week ending July 3, the number of continuous jobless claims in the United States fell significantly by 126,000 to 3.241 million, and the latest number of initial jobless claims also continued to decline. As additional unemployment benefits in the United States gradually expire, there is still hope for a rapid recovery in U.S. employment.</p><p><img src=\"https://static.tigerbbs.com/912f8e51be197290db777f52cf9d37ec\" tg-width=\"1080\" tg-height=\"459\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>2</p><p><b>Overseas Epidemic and Vaccine Tracking: A New Wave of the Global Epidemic Hits</b></p><p><b>Since late June, and especially since July, the world may be at the starting point of a new wave of the pandemic.</b>This followed a significant resurgence of the COVID-19 pandemic in India, which posed a certain degree of threat to the global economy. However, the epidemic in India has gradually eased, and the new wave of the epidemic has affected a wider area. Currently, many regions are affected by the Delta virus, and the number of new confirmed cases has risen again. In Europe, the UK was the first to see a surge in the epidemic and is approaching its peak in January this year. However, the UK will fully lift its lockdown on July 19 (restrictions such as wearing masks, social distancing of 1 meter, working from home, and crowd density in public places will be lifted), which is a noteworthy new development in global epidemic prevention policies. In the past week, new confirmed cases in France have also shown signs of rising, while the epidemic situation in other EU countries such as Germany and Italy remains stable. The COVID-19 situation in Japan has only recently eased and has risen significantly in the past week. With the Olympics approaching, the risks of the epidemic have attracted global attention. The epidemic situation in Southeast Asian countries has been fluctuating, with countries such as Vietnam and Thailand experiencing significant deterioration recently, and related stock markets have also been significantly impacted. The Israeli epidemic has also unexpectedly rebounded, and the effectiveness of vaccination against the new virus may be \"discounted\". However, a closer look at the UK epidemic data shows that vaccination has greatly reduced the mortality rate. It is not impossible that the COVID-19 pandemic will continue to survive like the flu, but its impact will be controllable. But,<b>Concerns about the global pandemic are, to some extent, cooling risk appetite in the capital market recently, raising questions about reflation trading and warranting continued attention.</b></p><p><img src=\"https://static.tigerbbs.com/0dbf848a54d0d9c8c1eccaec1359aa62\" tg-width=\"1080\" tg-height=\"461\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><img src=\"https://static.tigerbbs.com/6cd919d9bf8e9457c68df716ef4280cc\" tg-width=\"1080\" tg-height=\"464\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><img src=\"https://static.tigerbbs.com/cf9bae175032440d3c388e9ca605b33e\" tg-width=\"1080\" tg-height=\"459\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">III. Global Asset</p><p>1</p><p><b>Global stock markets – emerging markets rebound, developed markets correct</b></p><p>Emerging markets, especially Asian emerging market stocks, have been underperforming developed markets since late June due to a resurgence of the pandemic and wariness of \"austerity panic\". In the past week, a rebound has finally occurred, with stock indices in major markets such as South Korea, India, Taiwan, Mexico, China (ChiNext and CSI 300), Indonesia, and Brazil all rising. Meanwhile, most developed market stock markets corrected, but the Dow Jones Industrial Average (-0.5%) fell less than the Nasdaq Industrial Average (-1.9%), indicating that cyclical sectors in the US stock market showed stronger resilience.</p><p><b>The Vietnamese stock market has suffered a severe blow in the past two weeks.</b>On July 14, Vietnam's Ho Chi Minh City Index fell by nearly 10% compared to July 2. Vietnam's stock market has performed exceptionally well this year, maintaining a one-sided upward trend until July. Vietnam's strong export performance is the cornerstone of market confidence. According to Vietnamplus, Vietnam's merchandise exports increased by 28.4% year-on-year in the first half of this year. But please note<b>Possible changes in confidence in the Vietnamese market following a marginal slowdown in external demand in the second half of the year.</b>On July 5, 11 and 16, Vietnam reported more than 1,000, 2,000 and 4,000 new confirmed cases in a single day, respectively, while before May this year, the number had not exceeded 100. The sudden surge in the pandemic is likely the trigger for this stock market correction.</p><p><img src=\"https://static.tigerbbs.com/9691c486b0bd2aec0923cc0031fc6e38\" tg-width=\"1080\" tg-height=\"569\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/98124ab0b82d7230c0778dd983cb3221\" tg-width=\"1080\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">2</p><p><b>Global Bond Market – 10-Year US Treasury Yield Falls Below -1%</b></p><p>Over the past week, long-term US Treasury yields have continued to decline, with yields on 7-year and above US Treasury bonds falling 4-6 basis points throughout the week. The 10-year U.S. Treasury yield fell 6 basis points to 1.31% for the week, with the 10-year TIPS (real) yield falling 11 basis points to -1.02%, and implied inflation expectations rising 5 basis points to 2.33%.<b>On July 15, the 10-year TIPS rate fell below -1%, hitting a new low since February 12. The yield on 10-year US Treasury bonds has recently fallen to an unimaginable low, mainly due to a lack of market confidence in the US economic outlook.</b>On the one hand, the reduction in the size of the US fiscal plan has lowered the market's medium- to long-term inflation expectations for the US. Furthermore, although inflation indicators are still \"off the charts\" in the short term, it is difficult for the market to continue making significant bets because inflation expectations are already at historical highs. However, factors such as the slowdown in vaccination rates and the disturbance of mutated viruses. This exacerbated market concerns about whether \"herd immunity\" could be achieved in the second half of the year and whether economic activity could resume on time, leading to a significant decline in real US Treasury yields. In the early stages, the market had largely incorporated optimistic expectations into asset pricing, resulting in continuously record highs in US stocks and US corporate bonds. Recently, the market has undoubtedly been experiencing huge changes in expectations. In the global bond market, 10-year Treasury Bond/Treasury yields continued to rise along with US Treasury yields in most regions, but Treasury Bond yields rose in regions such as Thailand and Malaysia due to the sharp deterioration of the pandemic.</p><p><img src=\"https://static.tigerbbs.com/926368c7d4bdf8bf2910663929dca4d8\" tg-width=\"1080\" tg-height=\"459\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><img src=\"https://static.tigerbbs.com/dc40a8708bcb3030bf1e3a9a8e42a388\" tg-width=\"1080\" tg-height=\"453\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>3</p><p><b>Commodity market – Oil prices fell, while ferrous metals rose continuously.<a href=\"https://laohu8.com/S/000061\">agricultural products</a>rebound</b></p><p>International oil prices have corrected significantly in the past week, with WTI crude oil and Brent crude oil futures prices falling 3.7% and 2.6% respectively, closing at $71.81 and $73.59 per barrel. However, in the week ending July 9, EIA U.S. crude oil inventories continued to decline by 7.9 million barrels, a rate of decline roughly the same as the previous two weeks. The main reason for the fluctuations in oil prices over the past week is changes in supply and demand expectations: on the supply side, the resumption of negotiations between the UAE and OPEC means that the production increase plan is expected to proceed smoothly (Saudi Arabia agreed to raise the UAE's production cut benchmark in exchange for the UAE agreeing to extend the overall production cut agreement from April 2022 to the end of that year). On the demand side, the recent disruptions caused by the COVID-19 pandemic and market concerns about the US economy \"peaking\" may, to some extent, make the market more cautious in its assessment of crude oil demand.<b>In our report, \"Will Oil Prices Be the Next 'Gray Rhino'?\", we pointed out that supply constraints are key to oil price trends in the second half of the year. Currently, it is highly likely that US shale oil production increases will be limited, and close attention needs to be paid to whether OPEC+ can uphold its previous production increase commitments. If there is no significant increase in production, international oil prices may fluctuate at a high level of $70-80 per barrel in the second half of the year.</b></p><p>Domestic prices of ferrous metals (iron ore, rebar, thermal coal, etc.) have risen for 2-3 consecutive weeks. In our March report, \"Has the 'Super Cycle' of Commodities Arrived?\", we warned of the risks of a \"green bubble\" because behind the rise in copper prices, in addition to the real supply and demand contradiction, there is also speculation and support from the capital market. After a significant correction in mid-June, LME copper prices have recently fluctuated narrowly within a range of $9,100-9,500 per ton. Currently, LME copper inventories have risen to their highest level in nearly a year, and the reduction in \"Biden infrastructure\" has also put pressure on demand expectations, showing some signs of easing the tight copper supply and demand situation.<b>In the near future, market inflation expectations and risk appetite may also decline from high levels, making it more difficult for copper prices to rise and likely to experience more volatility.</b></p><p><img src=\"https://static.tigerbbs.com/55e6ad7c58aefe649d33c4ac2321641d\" tg-width=\"1080\" tg-height=\"474\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/880f378ea54447226750849c934fe3a0\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">4</p><p><b>Foreign Exchange Market – the US Dollar Index Hits New High Since Q2</b></p><p>On July 13, the the US Dollar Index rose to 92.79, surpassing the previous high of 92.72 on July 7 and reaching a new high since April this year.<b>How should we understand the relationship between the recent decline in US Treasury yields and the appreciation of the US dollar? We believe that attention needs to be paid to the difference between vertical and horizontal comparisons of the US economy.</b>Recently, the US Treasury market has been trading as the US economy has \"peaked,\" which is the main driving force behind the significant decline in US Treasury yields. However, with the recent resurgence of the epidemic in many places, including the UK, the economic outlook for non-US regions outside the Eurozone remains worrying. Therefore, the relative performance of the US economy this year remains \"outstanding,\" and market expectations for a stronger dollar are constantly strengthening. We maintain our view that the US dollar is likely to strengthen in stages in the second half of the year (see our report \"The Next Steps for the US Dollar\"). In addition, some new changes have recently supported the strengthening of the US dollar: after the European Central Bank adjusted its monetary policy decision, the ECB may further accelerate its balance sheet expansion and delay Taper. The difference in the pace of monetary policy between the US and European central banks may further release the room for the US dollar to appreciate against the euro. It is worth noting that since the outbreak of the COVID-19 pandemic, the US dollar has mainly depreciated against developed markets, while its value against emerging markets this year has remained basically the same as in the second half of 2019. This may mean that the room for currency depreciation in emerging markets is relatively limited. In the past week, Bitcoin prices have hit a new low since February this year.</p><p><img src=\"https://static.tigerbbs.com/09b6b3535060790986839dc811272b2a\" tg-width=\"1080\" tg-height=\"461\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><img src=\"https://static.tigerbbs.com/d0d2421b79d6ce17f8f080b339b33ea9\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>","source":"gelonghui_highlight","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>What is the \"new information\" in Powell's testimony?</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\">\nWhat is the \"new information\" in Powell's testimony?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2021-07-19 14:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p><h3>I.<b>Topic Commentary: \"New Information\" in Powell's Testimony</b></h3>On July 14, the Federal Reserve released Chairman Jerome Powell's testimony to be submitted to the U.S. Senate Committee on Banking, Housing and Urban Affairs on July 15, as well as the Fed's semi-annual monetary policy report.</p><p><b>Overall, Powell's speech remained dovish. This is reflected in: \"touting\" the positive impact of loose monetary policy on the US economy, believing that the labor market still has a long way to go to recover, emphasizing that the rise in inflation is mainly due to the base effect and supply chain bottlenecks, not worrying about the fragility of the financial system, and emphasizing that the US economy has not yet made the \"substantial further progress\" needed to implement Taper, and that there will be \"advance notice\" before Taper.</b></p><p>After Powell's testimony was released, the market also felt the familiar \"dovish voice,\" and the market panic caused by the surge in US inflation indicators in June eased slightly. The S&P 500 hit a new intraday high, the 10-year U.S. Treasury yield fell by more than 5 basis points, and the US Dollar Index declined in the short term. It is worth noting that the Reserve Bank of New Zealand has stopped Treasury Bond purchases, and the Bank of Canada has begun implementing Taper.<b>We believe that the Federal Reserve is still trying to \"avoid a sharp turn,\" but if the US job market recovers as expected and inflation indicators remain high in the near future, coupled with foreign central banks taking the lead, then the Fed's \"excuse\" will be even less sufficient, and we still need to be wary of the risk that the Fed's policy shift will come \"earlier\" or \"stronger\" than expected.</b></p><p>Specifically, the key information in Powell's testimony includes:</p><p><b>1) The US economy is recovering rapidly, but supply chain bottlenecks are affecting some industries.</b>Powell believes that the reopening and strong economic growth of the U.S. economy in the first half of 2021 were partly helped by COVID-19 vaccinations, but also inseparable from the support of loose monetary and fiscal policies. Most notably, household spending is growing at a particularly rapid pace, housing demand is very strong, and business investment is steadily increasing. At the same time, however, supply constraints have restricted activity in some industries, most notably the automotive sector. So far this year, a global semiconductor shortage has significantly reduced production in the automotive industry.</p><p><b>2) Labor market conditions continue to improve, but there is still a long way to go.</b>Powell believes that labor demand in the United States appears to be very strong, with job vacancies currently at record highs, hiring momentum strong, and many people leaving to seek better jobs. U.S. employers added 1.7 million workers in April and June. However, the U.S. unemployment rate remained as high as 5.9% in June, and this figure underestimates the insufficiency of the job recovery, as the labor force participation rate remains low. However, as the pandemic improves and its impact on employment diminishes, U.S. job growth should be strong in the coming months. In addition, he emphasized that employment for low-income groups and people of color has been more affected and needs to be restored.</p><p><b>3) The inflation rate has risen significantly and is likely to remain high in the coming months before easing.</b>Powell believes that firstly, the base effect temporarily pushed up inflation, and secondly, against the backdrop of strong demand, supply bottlenecks led to a rapid rise in the prices of certain goods and services. However, as supply chain bottlenecks ease in the future, this situation should be reversed to some extent. In recent months, service prices, which have been severely affected by the pandemic, have also risen sharply as demand in the service sector increases significantly as the economy reopens. He emphasized that the Federal Reserve has adjusted its monetary policy framework, seeking to stabilize long-term inflation expectations at 2%, and that indicators measuring long-term inflation expectations have rebounded from their lows and are currently in a range roughly consistent with the Federal Reserve's long-term inflation target.</p><p><b>4) The Federal Reserve is not yet worried about asset prices and the vulnerability of the financial system.</b>Powell stated that sustainable employment maximization and price stability depend on a stable financial system, and therefore the Federal Reserve will continue to monitor the vulnerabilities of the financial system. However, despite the general rise in valuations of various assets as fundamentals improve and investors' risk appetite increases, U.S. household balance sheets remain quite strong, corporate leverage levels have been declining from high levels, and institutions at the core of the financial system remain resilient.</p><p><b>5) Powell continues to deny that the economy has made \"substantial further progress\" and maintains a dovish stance.</b>Powell stated that the combination of \"zero interest rates\" and asset purchases, coupled with \"strong guidance\" on interest rates and balance sheets, will ensure that monetary policy continues to provide strong support for the U.S. economy until the recovery is complete. It reiterated the main point of the June FOMC meeting: for interest rate adjustments, it is necessary to wait until the economy has truly achieved its maximum employment and long-term inflation targets; For asset purchases, the current pace will be maintained at least until \"substantial further progress\" is achieved. Powell further revealed that at the June policy meeting, the committee discussed the progress made by the U.S. economy since December of last year. Although it is still some distance from meeting the standard of \"substantial further progress,\" progress is expected to continue. The Federal Reserve will continue to discuss these issues at future meetings. The Federal Reserve will provide advance notice before announcing any changes to its asset purchase decisions.</p><p><h3><b>II.</b><b>Overseas economic tracking</b></h3>1</p><p><b>US Economy: Inflation hit a new high in June, while consumption of non-durable goods and services gradually picked up momentum.</b></p><p>The US CPI continued to hit a new high year-on-year in June, surging 0.9% month-on-month, significantly higher than the average growth rate over the past five years (around 0.2%). Looking at the breakdown items, most of them are accelerating month-on-month.<b>The most \"exaggerated\" aspect was the 3.6% month-on-month increase in transportation (compared to 2.1% in the previous month), which was still due to the rise in used car prices.</b>Currently, it is difficult to determine the inflection point of used car price growth, but it may still have an unexpected boosting effect on the US CPI in the second half of the year.</p><p><img src=\"https://static.tigerbbs.com/18bc1d3f271ec0d93b01c0be754f4b07\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The US PPI also saw record year-on-year and month-on-month growth in June, with all sub-items rising month-on-month, with the \"trade\" sub-item surging by 2.1% month-on-month. In the past month,<b>Rising international oil prices have not only directly increased the cost pressure of energy products, but have also led to rising international freight rates and a significant increase in the prices of imported goods from the United States.</b></p><p><img src=\"https://static.tigerbbs.com/788dd66c7ab2ea169c154ddbe5b870c8\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>U.S. retail sales rose slightly by 0.55% month-on-month in June, better than expected and the previous value.<b>The structural changes in retail sales are noteworthy, with \"small items\" selling better than \"large items\".</b>Sales of department stores, clothing and accessories, and food and beverages continued to rise, while sales of automobiles, furniture and home decoration, and building materials continued to decline. We continue to emphasize that in the second half of the year, U.S. consumption power will shift from durable goods to non-durable goods and services, and service consumption accounts for the majority of U.S. residents' consumption, so there is still ample room for consumption growth.</p><p><img src=\"https://static.tigerbbs.com/4f2db4d79190094ea518b852220b8f58\" tg-width=\"1080\" tg-height=\"461\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The preliminary reading of the University of Michigan's consumer confidence index for July in the United States fell significantly.</b>Rapidly rising prices and expectations of a marginal slowdown in the US economy may have dampened consumer confidence to some extent. However,<b>Employment indicators still send optimistic signals.</b>In the week ending July 3, the number of continuous jobless claims in the United States fell significantly by 126,000 to 3.241 million, and the latest number of initial jobless claims also continued to decline. As additional unemployment benefits in the United States gradually expire, there is still hope for a rapid recovery in U.S. employment.</p><p><img src=\"https://static.tigerbbs.com/912f8e51be197290db777f52cf9d37ec\" tg-width=\"1080\" tg-height=\"459\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>2</p><p><b>Overseas Epidemic and Vaccine Tracking: A New Wave of the Global Epidemic Hits</b></p><p><b>Since late June, and especially since July, the world may be at the starting point of a new wave of the pandemic.</b>This followed a significant resurgence of the COVID-19 pandemic in India, which posed a certain degree of threat to the global economy. However, the epidemic in India has gradually eased, and the new wave of the epidemic has affected a wider area. Currently, many regions are affected by the Delta virus, and the number of new confirmed cases has risen again. In Europe, the UK was the first to see a surge in the epidemic and is approaching its peak in January this year. However, the UK will fully lift its lockdown on July 19 (restrictions such as wearing masks, social distancing of 1 meter, working from home, and crowd density in public places will be lifted), which is a noteworthy new development in global epidemic prevention policies. In the past week, new confirmed cases in France have also shown signs of rising, while the epidemic situation in other EU countries such as Germany and Italy remains stable. The COVID-19 situation in Japan has only recently eased and has risen significantly in the past week. With the Olympics approaching, the risks of the epidemic have attracted global attention. The epidemic situation in Southeast Asian countries has been fluctuating, with countries such as Vietnam and Thailand experiencing significant deterioration recently, and related stock markets have also been significantly impacted. The Israeli epidemic has also unexpectedly rebounded, and the effectiveness of vaccination against the new virus may be \"discounted\". However, a closer look at the UK epidemic data shows that vaccination has greatly reduced the mortality rate. It is not impossible that the COVID-19 pandemic will continue to survive like the flu, but its impact will be controllable. But,<b>Concerns about the global pandemic are, to some extent, cooling risk appetite in the capital market recently, raising questions about reflation trading and warranting continued attention.</b></p><p><img src=\"https://static.tigerbbs.com/0dbf848a54d0d9c8c1eccaec1359aa62\" tg-width=\"1080\" tg-height=\"461\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><img src=\"https://static.tigerbbs.com/6cd919d9bf8e9457c68df716ef4280cc\" tg-width=\"1080\" tg-height=\"464\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><img src=\"https://static.tigerbbs.com/cf9bae175032440d3c388e9ca605b33e\" tg-width=\"1080\" tg-height=\"459\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">III. Global Asset</p><p>1</p><p><b>Global stock markets – emerging markets rebound, developed markets correct</b></p><p>Emerging markets, especially Asian emerging market stocks, have been underperforming developed markets since late June due to a resurgence of the pandemic and wariness of \"austerity panic\". In the past week, a rebound has finally occurred, with stock indices in major markets such as South Korea, India, Taiwan, Mexico, China (ChiNext and CSI 300), Indonesia, and Brazil all rising. Meanwhile, most developed market stock markets corrected, but the Dow Jones Industrial Average (-0.5%) fell less than the Nasdaq Industrial Average (-1.9%), indicating that cyclical sectors in the US stock market showed stronger resilience.</p><p><b>The Vietnamese stock market has suffered a severe blow in the past two weeks.</b>On July 14, Vietnam's Ho Chi Minh City Index fell by nearly 10% compared to July 2. Vietnam's stock market has performed exceptionally well this year, maintaining a one-sided upward trend until July. Vietnam's strong export performance is the cornerstone of market confidence. According to Vietnamplus, Vietnam's merchandise exports increased by 28.4% year-on-year in the first half of this year. But please note<b>Possible changes in confidence in the Vietnamese market following a marginal slowdown in external demand in the second half of the year.</b>On July 5, 11 and 16, Vietnam reported more than 1,000, 2,000 and 4,000 new confirmed cases in a single day, respectively, while before May this year, the number had not exceeded 100. The sudden surge in the pandemic is likely the trigger for this stock market correction.</p><p><img src=\"https://static.tigerbbs.com/9691c486b0bd2aec0923cc0031fc6e38\" tg-width=\"1080\" tg-height=\"569\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/98124ab0b82d7230c0778dd983cb3221\" tg-width=\"1080\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">2</p><p><b>Global Bond Market – 10-Year US Treasury Yield Falls Below -1%</b></p><p>Over the past week, long-term US Treasury yields have continued to decline, with yields on 7-year and above US Treasury bonds falling 4-6 basis points throughout the week. The 10-year U.S. Treasury yield fell 6 basis points to 1.31% for the week, with the 10-year TIPS (real) yield falling 11 basis points to -1.02%, and implied inflation expectations rising 5 basis points to 2.33%.<b>On July 15, the 10-year TIPS rate fell below -1%, hitting a new low since February 12. The yield on 10-year US Treasury bonds has recently fallen to an unimaginable low, mainly due to a lack of market confidence in the US economic outlook.</b>On the one hand, the reduction in the size of the US fiscal plan has lowered the market's medium- to long-term inflation expectations for the US. Furthermore, although inflation indicators are still \"off the charts\" in the short term, it is difficult for the market to continue making significant bets because inflation expectations are already at historical highs. However, factors such as the slowdown in vaccination rates and the disturbance of mutated viruses. This exacerbated market concerns about whether \"herd immunity\" could be achieved in the second half of the year and whether economic activity could resume on time, leading to a significant decline in real US Treasury yields. In the early stages, the market had largely incorporated optimistic expectations into asset pricing, resulting in continuously record highs in US stocks and US corporate bonds. Recently, the market has undoubtedly been experiencing huge changes in expectations. In the global bond market, 10-year Treasury Bond/Treasury yields continued to rise along with US Treasury yields in most regions, but Treasury Bond yields rose in regions such as Thailand and Malaysia due to the sharp deterioration of the pandemic.</p><p><img src=\"https://static.tigerbbs.com/926368c7d4bdf8bf2910663929dca4d8\" tg-width=\"1080\" tg-height=\"459\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><img src=\"https://static.tigerbbs.com/dc40a8708bcb3030bf1e3a9a8e42a388\" tg-width=\"1080\" tg-height=\"453\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>3</p><p><b>Commodity market – Oil prices fell, while ferrous metals rose continuously.<a href=\"https://laohu8.com/S/000061\">agricultural products</a>rebound</b></p><p>International oil prices have corrected significantly in the past week, with WTI crude oil and Brent crude oil futures prices falling 3.7% and 2.6% respectively, closing at $71.81 and $73.59 per barrel. However, in the week ending July 9, EIA U.S. crude oil inventories continued to decline by 7.9 million barrels, a rate of decline roughly the same as the previous two weeks. The main reason for the fluctuations in oil prices over the past week is changes in supply and demand expectations: on the supply side, the resumption of negotiations between the UAE and OPEC means that the production increase plan is expected to proceed smoothly (Saudi Arabia agreed to raise the UAE's production cut benchmark in exchange for the UAE agreeing to extend the overall production cut agreement from April 2022 to the end of that year). On the demand side, the recent disruptions caused by the COVID-19 pandemic and market concerns about the US economy \"peaking\" may, to some extent, make the market more cautious in its assessment of crude oil demand.<b>In our report, \"Will Oil Prices Be the Next 'Gray Rhino'?\", we pointed out that supply constraints are key to oil price trends in the second half of the year. Currently, it is highly likely that US shale oil production increases will be limited, and close attention needs to be paid to whether OPEC+ can uphold its previous production increase commitments. If there is no significant increase in production, international oil prices may fluctuate at a high level of $70-80 per barrel in the second half of the year.</b></p><p>Domestic prices of ferrous metals (iron ore, rebar, thermal coal, etc.) have risen for 2-3 consecutive weeks. In our March report, \"Has the 'Super Cycle' of Commodities Arrived?\", we warned of the risks of a \"green bubble\" because behind the rise in copper prices, in addition to the real supply and demand contradiction, there is also speculation and support from the capital market. After a significant correction in mid-June, LME copper prices have recently fluctuated narrowly within a range of $9,100-9,500 per ton. Currently, LME copper inventories have risen to their highest level in nearly a year, and the reduction in \"Biden infrastructure\" has also put pressure on demand expectations, showing some signs of easing the tight copper supply and demand situation.<b>In the near future, market inflation expectations and risk appetite may also decline from high levels, making it more difficult for copper prices to rise and likely to experience more volatility.</b></p><p><img src=\"https://static.tigerbbs.com/55e6ad7c58aefe649d33c4ac2321641d\" tg-width=\"1080\" tg-height=\"474\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/880f378ea54447226750849c934fe3a0\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">4</p><p><b>Foreign Exchange Market – the US Dollar Index Hits New High Since Q2</b></p><p>On July 13, the the US Dollar Index rose to 92.79, surpassing the previous high of 92.72 on July 7 and reaching a new high since April this year.<b>How should we understand the relationship between the recent decline in US Treasury yields and the appreciation of the US dollar? We believe that attention needs to be paid to the difference between vertical and horizontal comparisons of the US economy.</b>Recently, the US Treasury market has been trading as the US economy has \"peaked,\" which is the main driving force behind the significant decline in US Treasury yields. However, with the recent resurgence of the epidemic in many places, including the UK, the economic outlook for non-US regions outside the Eurozone remains worrying. Therefore, the relative performance of the US economy this year remains \"outstanding,\" and market expectations for a stronger dollar are constantly strengthening. We maintain our view that the US dollar is likely to strengthen in stages in the second half of the year (see our report \"The Next Steps for the US Dollar\"). In addition, some new changes have recently supported the strengthening of the US dollar: after the European Central Bank adjusted its monetary policy decision, the ECB may further accelerate its balance sheet expansion and delay Taper. The difference in the pace of monetary policy between the US and European central banks may further release the room for the US dollar to appreciate against the euro. It is worth noting that since the outbreak of the COVID-19 pandemic, the US dollar has mainly depreciated against developed markets, while its value against emerging markets this year has remained basically the same as in the second half of 2019. This may mean that the room for currency depreciation in emerging markets is relatively limited. In the past week, Bitcoin prices have hit a new low since February this year.</p><p><img src=\"https://static.tigerbbs.com/09b6b3535060790986839dc811272b2a\" tg-width=\"1080\" tg-height=\"461\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><img src=\"https://static.tigerbbs.com/d0d2421b79d6ce17f8f080b339b33ea9\" tg-width=\"1080\" tg-height=\"458\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.gelonghui.com/p/476315\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e4f265653009ef8be3e9588861c69d25","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时",".SPX":"S&P 500 Index","PSQ":"做空纳斯达克100指数ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","SQQQ":"纳指三倍做空ETF","SPXU":"三倍做空标普500ETF-ProShares","DXD":"两倍做空道琼30指数ETF-ProShares","SDOW":"三倍做空道指30ETF-ProShares","DOG":"道指ETF-ProShares做空","QLD":"2倍做多纳斯达克100指数ETF-ProShares","SPY":"标普500ETF","OEX":"标普100","QID":"两倍做空纳斯达克指数ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","DJX":"1/100道琼斯","TQQQ":"纳指三倍做多ETF",".IXIC":"NASDAQ Composite","SSO":"2倍做多标普500ETF-ProShares","DDM":"2倍做多道指ETF-ProShares","OEF":"标普100指数ETF-iShares","SH":"做空标普500-Proshares",".DJI":"道琼斯","QQQ":"纳指100ETF","IVV":"标普500ETF-iShares"},"source_url":"http://www.gelonghui.com/p/476315","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2152763544","content_text":"一、主题评论：鲍威尔证词里的“新信息”\n7月14日，美联储公布了主席鲍威尔将于7月15日向美国参议院银行、住房和城市事务委员会提交的证词，以及美联储半年度货币政策报告。\n整体而言，鲍威尔的讲话维持鸽派。这体现在：“标榜”宽松的货币政策对美国经济的积极影响，认为劳动力市场恢复还有很长的路要走，强调通胀率走高主要是基数效应与供应链瓶颈所致，不担心金融体系的脆弱性，以及强调美国经济尚未取得实施Taper所需的“实质性进一步进展”、Taper前会“提前通知”等。\n鲍威尔的证词公布后，市场亦感受到了熟悉的“鸽声”，6月美国通胀指标蹿升带来的市场恐慌稍有缓解。标普500指数盘中创新高，10年期美债收益率最深跌超5个基点，美元指数短线走低。值得注意的是，目前新西兰央行已经停止国债购买，加拿大央行已经开始实施Taper。我们认为，美联储仍在试图“不急转弯”，但未来一段时间如果美国就业市场如期恢复，通胀指标居高不下，加上外国央行“抢跑”，那么美联储的“借口”将更加不足，仍需警惕美联储政策转向比预期来得“更早”，或力度“更大”的风险。\n具体来看，鲍威尔证词中的重点信息包括：\n1）美国经济快速恢复，但供应链瓶颈对部分行业造成影响。鲍威尔认为，在2021年上半年，美国经济的重新开放和强劲的经济增长，一方面受新冠疫苗接种的帮助，另一方面也离不开宽松的货币和财政政策的支持。其中最明显的是，家庭支出正以特别快的速度增长，住房需求非常强劲，商业投资也在稳步增长。但与此同时，供应限制已经限制一些行业的活动，其中最明显的是汽车行业。今年迄今为止，全球半导体短缺已大幅削减了汽车行业的生产。\n2）劳动力市场状况持续改善，但仍有很长的路要走。鲍威尔认为，美国劳动力需求似乎非常强劲，目前职位空缺处于历史新高，招聘势头强劲，许多人离职而寻求更好的工作。4-6月美国雇主新增170万劳工。但是，6月美国失业率仍然高达5.9%，且这一数字还低估了就业恢复的不足，因劳动参与率仍然低迷。但随着疫情改善及其对就业的影响减少，未来几个月美国就业增长应该会强劲。此外，他还强调了低收入群体和有色人种的就业受影响更大，有待恢复。\n3）通胀率已经明显上升，且未来几月可能仍然居高不下，之后才会有所缓和。鲍威尔认为，第一是基数效应暂时推高通胀，第二是在需求旺盛的背景下，供给瓶颈导致某些商品和服务价格迅速上涨。但未来随着供应链瓶颈缓解，类似情况应会一定程度上得到逆转。近几个月，受疫情严重影响的服务价格也大幅上涨，因随着经济重新开放，服务业需求正在大幅上升。他强调美联储已经调整了货币政策框架，寻求将长期通胀预期稳定在2%，而衡量长期通胀预期的指标已从低点回升，目前处于与美联储长期通胀目标大致一致的区间。\n4）美联储尚不担心资产价格与金融体系脆弱性。鲍威尔表示，可持续地实现就业最大化和价格稳定取决于一个稳定的金融体系，因此美联储将继续监测金融体系的脆弱性。不过，尽管随着基本面改善和投资者风险偏好增强，各类资产估值普遍上升，但美国家庭资产负债表相当强劲，企业杠杆水平一直从高水平下降，处于金融体系核心的机构仍保持弹性。\n5）鲍威尔仍然否认经济已经取得“实质性进一步进展”，维持偏鸽论调。鲍威尔表示，“零利率”+资产购买的组合，加上对利率和资产负债表的“有力指导”，将确保货币政策继续为美国经济提供强有力的支持，直到复苏完成。其重申了6月FOMC会议的主要观点：对于利率调整而言，需要等到经济真正实现了最大就业和长期通胀目标；而对于资产购买，将至少维持现在的速度，直到取得“实质性进一步进展”（substantial further progress）。鲍威尔进一步透露，在6月议息会议上，委员会讨论了去年12月以来美国经济取得的进展，虽然距离达到“实质性进一步进展”的标准还有一段距离，但预计进展将继续下去。而美联储将在今后的会议中继续讨论这些问题。美联储将在宣布任何更改资产购买决定之前给出提前通知（provide advance notice）。\n二、海外经济跟踪\n1\n美国经济：6月通胀指标再创新高，非耐用品和服务消费逐渐起势\n美国6月CPI同比继续创新高，环比大涨0.9%，明显高于过去5年平均增速（0.2%左右）。分项看，大部分环比在加速，最“夸张”的是交通运输项环比大涨3.6%（前值2.1%），这仍是由于二手车价格的上涨。目前，比较难以判断二手车价格增速的拐点，下半年其对美国CPI仍可能带来超预期的拉动作用。\n\n美国6月PPI同比与环比增速也在创新高，所有分项环比均上涨，其中“贸易”分项环比大涨2.1%。近一个月，国际油价走高，不仅直接加大了能源品的成本压力，亦使国际运价上升以及美国进口商品价格大幅上涨。\n\n美国6月零售销售环比小幅上涨0.55%，好于预期和前值。零售销售的结构变化值得关注，“小件”销售好于“大件”，百货商店、服装配饰、食品饮料等销售连续上涨，而汽车、家具家装、建材物料等销售连续下滑。我们继续强调，下半年美国消费力量将由耐用品向非耐用品及服务转移，而服务消费是美国居民消费的大头，因此消费增长空间仍足。\n\n美国7月密歇根大学消费者信心指数初值明显滑落。物价快速攀升以及对于美国经济边际放缓的预期，可能均一定程度上抑制了消费信心。不过，就业指标仍传递了乐观信号，截至7月3日当周，美国持续申请失业金人数显著下降12.6万人，至324.1万人，最新的初请失业金人数也继续下降。随着美国额外失业补贴的陆续到期，美国就业快速恢复仍是有希望的。\n\n2\n海外疫情与疫苗跟踪：全球新一波疫情来袭\n自6月下旬尤其7月以来，全球或正处于新一波疫情来临的起点。此前是印度疫情显著抬头并对全球经济造成了一定程度的威胁。但目前印度疫情已经逐渐缓和，而新一波疫情所波及的范围更大，目前很多地区受Delta病毒扰动，新增确诊重新上升。欧洲方面，英国疫情率先抬头，并开始逼近今年1月的高点，但英国将于7月19日全面解封（佩戴口罩、1米社交距离、居家办公、公共场所人员密度等限制将解除），这是一个值得关注的全球防疫政策的新动向。近一周法国新增确诊也出现了抬头迹象，德国、意大利等其他欧盟国家疫情尚稳定。日本疫情刚刚缓和不久，近一周又明显上升，奥运会举办在即，疫情风险受到全球关注。东南亚国家疫情“此消彼长”，近期是越南、泰国等国家显著恶化，相关股市亦受到明显冲击。以色列疫情也意外反扑，疫苗接种对于新病毒的效用可能“打折”。不过，进一步看英国疫情数据，疫苗接种在很大程度上降低了死亡率，未来新冠疫情会否像“流感”一样虽持续生存但影响可控，不是没有可能。但是，对全球疫情的担忧，一定程度上正在使近期资本市场风险偏好降温，再通胀交易受到质疑，值得继续关注。\n\n\n三、全球资产表现\n1\n全球股市——新兴市场反弹、发达市场回调\n新兴市场尤其亚洲新兴市场股市，因疫情反扑和“紧缩恐慌”的戒备之心，自6月下旬开始一直跑输发达市场。而近一周终于等到反弹，韩国、印度、中国台湾、墨西哥、中国（创业板和沪深300）、印尼、巴西等主要市场股指皆有上涨。与此同时，大部分发达市场股市回调，但美股道指（-0.5%）跌幅小于纳指（-1.9%），美股周期板块表现出更强韧性。\n越南股市近两周遭遇重创，7月14日越南胡志明指数较7月2日下跌了近10%。今年以来越南股市表现亮眼，7月以前基本维持单边上涨趋势，越南强劲的出口表现是市场信心的基石。据Vietnamplus报道，今年1-6月越南货物出口额同比增长28.4%。但需注意下半年外需边际放缓后越南市场可能出现的信心变化。7月5日、11日和16日越南单日新增确诊数分别破1000、2000和4000例，而今年5月以前该数字均未超过100。疫情陡然升温应是这次股市调整的导火索。\n2\n全球债市——10年美债实际利率跌破-1%\n近一周，长端美债收益率继续下降，7年期及以上美债收益率整周跌4-6bp。10年美债收益率整周跌6bp，至1.31%，其中10年TIPS（实际）利率跌11bp，至-1.02%，隐含通胀预期升5bp，至2.33%。7月15日，10年TIPS利率跌破-1%，创2月12日以来新低。近期10年美债收益率降至此前难以想象的低位，主因是市场对于美国经济前景信心不足：一方面，美国财政计划规模打折，拉低了市场对美国的中长期通胀预期。且通胀指标虽然仍然短期“爆表”，但由于通胀预期已经处于历史高位，市场很难继续大幅押注。而疫苗接种速度放缓、变异病毒扰动等因素。加剧了市场对于下半年“群体免疫”能否实现，经济活动能否按时重启的担忧，致使美债实际利率明显下滑。前期市场已经很大程度上将乐观预期纳入资产定价，造就了不断创新高的美股和美国公司债，近期市场无疑正在经历预期上的巨大变化。全球债市方面，大部分地区10y国债/公债继续随美债走牛，但泰国、马来西亚等地区因疫情急剧恶化、国债收益率上升。\n\n\n3\n商品市场——油价回落，黑色系连涨，农产品反弹\n近一周，国际油价明显回调，WTI原油和布伦特原油期货价整周分别跌3.7%和2.6%，分别收于71.81和73.59美元/桶。然而，截至7月9日当周，EIA美国原油库存继续下降790万桶，下降速度与前两周基本持平。近一周油价波动的主因是供给和需求预期变化：供给方面，阿联酋与OPEC恢复谈判意味着增产计划有望顺利进行（沙特同意将阿联酋的减产基准调高，以换取阿联酋同意将整体减产协议从2022年4月延长至当年年底）；需求方面，近期新冠疫情扰动以及市场对于美国经济“见顶”的担忧，都可能一定程度上使市场对原油需求的判断更加谨慎。我们在报告《油价会不会是下一个“灰犀牛”？》中指出，供给约束是下半年油价走势之关键。目前，美国页岩油增产受限是大概率，未来需密切关注OPEC+能否坚守前期增产承诺。假如未出现大幅增产，则下半年国际油价可能在70-80美元/桶区间高位震荡。\n国内黑色系商品（铁矿石、螺纹钢、动力煤等）价格连续2-3周上涨。我们在3月报告《大宗商品的“超级周期”来了吗？》提示了“绿色泡沫”的风险，因铜价涨价背后，除了真实供需矛盾外，还有来自资本市场的炒作与助推。LME铜价自6月中旬显著回调后，近期保持在9100-9500美元/吨内窄幅震荡。目前，LME铜库存升至近一年以来的高位，“拜登基建”缩水亦对需求预期形成打压，铜供需紧张的局面出现一些缓解迹象。未来一段时间，市场通胀预期与风险偏好亦可能于高位回落，铜价上行或更加困难，可能经历更多波动。\n4\n外汇市场——美元指数创2季度以来新高\n7月13日美元指数升至92.79，超过7月7日92.72的前期高点，创下今年4月以来的新高。如何理解近期美债收益率下降与美元升值的关系？我们认为，需要注意美国经济纵向和横向比较的区别。近期，美债市场正在交易美国经济“见顶”，这是美债利率明显回落的主要驱动力量。然而，近期包括英国在内的多地疫情反扑，除欧元区外的非美地区经济前景仍然堪忧。因此，美国经济在今年的相对表现仍然是“一枝独秀”的，市场对于美元阶段走强的预期也在不断强化。我们继续维持下半年美元有望阶段性走强的判断（参考我们报告《美元下一步》）。此外，最近还有一些新的变化支撑美元走强：欧洲央行调整货币政策决策后，欧洲央行可能进一步加快扩表，并延缓Taper，美欧央行货币政策节奏的差异，可能令美元兑欧元的升值空间进一步释放。值得注意的是，美元自新冠疫情爆发以来主要是对发达市场贬值，而今年以来对新兴市场的价值基本持平于2019年下半年水平，这或意味着新兴市场货币贬值的空间是相对有限的。近一周，比特币价格触碰今年2月以来新低。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"OEF":0.9,"QQQ":0.9,"SPXU":0.9,"TQQQ":0.9,"PSQ":0.9,"SQQQ":0.9,"DDM":0.9,"OEX":0.9,"DOG":0.9,"ESmain":0.9,"UDOW":0.9,"IVV":0.9,"SSO":0.9,".DJI":0.9,"QID":0.9,"NQmain":0.9,"DXD":0.9,".SPX":0.9,"SDS":0.9,"DJX":0.9,"SDOW":0.9,"UPRO":0.9,"MNQmain":0.9,"QLD":0.9,"SH":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":5011,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171991923,"gmtCreate":1626701263962,"gmtModify":1703763585427,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/171991923","repostId":"2152658015","repostType":4,"repost":{"id":"2152658015","kind":"highlight","pubTimestamp":1626701023,"share":"https://ttm.financial/m/news/2152658015?lang=en_US&edition=fundamental","pubTime":"2021-07-19 21:23","market":"us","language":"zh","title":"Pre-orders for the FF91 production version are now open, has Jia Yueting's \"car manufacturing dream\" come true?","url":"https://stock-news.laohu8.com/highlight/detail?id=2152658015","media":"智驾网","summary":"这一次，你准备好为梦想而窒息了吗？\n\n近日，根据法拉第未来官网显示，其首款量产车型FF91已开启预订，用户支付5万元的预订金即可优先预订未来主义者版（量产版）FF 91，并参加“未来主义者体验官”活动","content":"<p><img src=\"https://static.tigerbbs.com/b2b574e8b0f2cc6c286e64e536933dfd\" tg-width=\"1080\" tg-height=\"573\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Are you ready to suffocate for your dreams this time?</b>Recently, according to Faraday Future's official website, its first mass-produced model, the FF91, has opened for pre-order. Users can pay a pre-order deposit of 50,000 yuan to have priority in pre-ordering the Futurist Edition (mass-produced version) FF 91 and participate in the \"Futurist Experience Officer\" event. The deposit supports a full refund before the contract is signed.</p><p>It is understood that after submitting a pre-order application for the FF 91 production version, users can receive four services provided by Faraday Future: a globally exclusive FFID, the latest product/event information, the right to participate in online/offline sales activities, and personalized customization.</p><p>Previously, its official<a href=\"https://laohu8.com/S/WB\">Weibo</a>It has been revealed that the production version of the FF 91 will be officially launched in the first half of 2022. With pre-orders now open, will the FF 91, which has been delayed for many years, really be launched as scheduled?</p><p><h2><b>The belated FF 91</b></h2>According to Business Wire, Faraday Future will hold an investor day in Los Angeles on September 21, 2021. Meanwhile, Faraday Future will also release detailed information about the FF91 and open it for test drives on the same day.</p><p>According to Faraday Future's official website, the FF 91 is its flagship model with a highly futuristic design. Although the official information has not yet been systematically released, we can learn a little about it through publicly available information.</p><p>On April 13, Faraday Future announced on Weibo that the FF 91 will be equipped with the NVIDIA DRIVE Orin system-on-chip (SoC) and plans to have highway autonomous driving functions and parking summoning functions upon launch.</p><p>It is reported that NVIDIA DRIVE Orin can run 254 trillion times per second.</p><p>In terms of lidar, the FF 91 is equipped with Velodyne's first solid-state lidar, the Velarray H800. The Velarray H800 is an automotive-grade LiDAR that can be installed behind a vehicle's windshield.</p><p>In addition, Velodyne also announced that it is the exclusive LiDAR supplier for Faraday Future FF 91.</p><p><img src=\"https://static.tigerbbs.com/0de02c759a136ccff39b28435fa70f98\" tg-width=\"846\" tg-height=\"476\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Regarding batteries, Faraday Future stated that the energy density of its lithium-ion battery cells is almost twice that of mass-produced electric vehicle batteries, and the driving range on a single charge can exceed 482 kilometers.</p><p>In terms of power, the FF 91 features a modular variable electric drive chassis architecture that can include the battery, powertrain system, and its patented component, the \"trapezoidal inverter\". It has a power output of up to 1050 horsepower and accelerates from 0-60 mph in 2.39 seconds.</p><p>Inside, the FF 91 features zero-gravity seats, giving rear passengers 48.9 inches of legroom. The cockpit features a 27-inch display and a patented connectivity module, supporting three different network operators simultaneously.</p><p>Currently, the FF 91 is being produced in a factory in Hanford, California, covering approximately 1.02 million square meters. According to a video posted by Faraday Future on Weibo, most of the FF 91's production process requires manual assembly.</p><p>Faraday Future previously disclosed plans for more mass-produced models. It is understood that the FF 81 and FF 71 are expected to begin mass production in 2023 and 2024, respectively.</p><p><h2><b>Is the countdown to IPO just beginning?</b></h2>In addition to the latest developments regarding the FF 91, Faraday Future's IPO process has also been further disclosed in recent announcements.</p><p>It is reported that PSAC (Property Solutions Acquisitions Corp.), the company being merged with Faraday Future, will hold an online shareholders' meeting on July 20 to approve the business merger between PSAC and Faraday Future.</p><p>Upon completion of the transaction, the combined company's stock and warrants will be traded on Nasdaq under the ticker symbols \"FFIE\" and \"FFIEW\", respectively.</p><p><img src=\"https://static.tigerbbs.com/de798a525e337c3318cb2d6d9cdecb0d\" tg-width=\"1021\" tg-height=\"752\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The transaction is expected to generate nearly $1 billion in total proceeds for Faraday, including approximately $230 million in cash (unredeemed) held by PSAC in trust, as well as $775 million in common shares of PIPE. The post-transaction equity value of the merged company is approximately US$3.4 billion.</p><p>In fact, Faraday Future originally planned to go public through an IPO, but the pandemic forced it to choose a less difficult backdoor listing.</p><p>Faraday Future CEO Carsten Breitfeld told Robb Report that before the pandemic in 2020, Faraday Future had discussed with many private equity firms plans to list it through an IPO. After the pandemic hit, private equity firms withdrew one after another due to uncertainty about the future.</p><p>Fortunately, after 2020, the company's SPAC listing became popular in the industry. Faraday Future has partnered with RMG (Riverside Management Group) and PSAC for long-term cooperation, receiving more than $1 billion in cash.</p><p>According to MARKET REALIST, Faraday Future has spent approximately $2 billion without generating any revenue over the past seven years. Meanwhile, in order to generate more revenue, Faraday Future took on more debt and sold a small stake in the company.</p><p>MARKET REALIST points out that Faraday Future's bank balance was only $1 million at the end of 2020.</p><p>However, according to data, between 2015 and October 2020, Faraday Future raised at least US$4.5 billion through financing, mergers and acquisitions.</p><p>Of course, one of the biggest achievements of this merger may be the successful launch of the production version of the FF 91.</p><p>Carsten Breitfeld stated, \"This business combination will enable us to launch a brand new species, the FF 91, an ultimate...\"<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>technology<a href=\"https://laohu8.com/S/DLX\">luxury</a>Electric vehicles aim to realize the founders' original vision, inviting users and shareholders to participate and jointly shape an innovative future mobile ecosystem.</p><p>That said, the FF 91 production edition is now available for pre-order. Are you willing to suffocate for your dream?</p>","source":"lsy1626700557210","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>Pre-orders for the FF91 production version are now open, has Jia Yueting's \"car manufacturing dream\" come true?</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\">\nPre-orders for the FF91 production version are now open, has Jia Yueting's \"car manufacturing dream\" come true?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智驾网</strong><span class=\"h-time small\">2021-07-19 21:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/b2b574e8b0f2cc6c286e64e536933dfd\" tg-width=\"1080\" tg-height=\"573\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Are you ready to suffocate for your dreams this time?</b>Recently, according to Faraday Future's official website, its first mass-produced model, the FF91, has opened for pre-order. Users can pay a pre-order deposit of 50,000 yuan to have priority in pre-ordering the Futurist Edition (mass-produced version) FF 91 and participate in the \"Futurist Experience Officer\" event. The deposit supports a full refund before the contract is signed.</p><p>It is understood that after submitting a pre-order application for the FF 91 production version, users can receive four services provided by Faraday Future: a globally exclusive FFID, the latest product/event information, the right to participate in online/offline sales activities, and personalized customization.</p><p>Previously, its official<a href=\"https://laohu8.com/S/WB\">Weibo</a>It has been revealed that the production version of the FF 91 will be officially launched in the first half of 2022. With pre-orders now open, will the FF 91, which has been delayed for many years, really be launched as scheduled?</p><p><h2><b>The belated FF 91</b></h2>According to Business Wire, Faraday Future will hold an investor day in Los Angeles on September 21, 2021. Meanwhile, Faraday Future will also release detailed information about the FF91 and open it for test drives on the same day.</p><p>According to Faraday Future's official website, the FF 91 is its flagship model with a highly futuristic design. Although the official information has not yet been systematically released, we can learn a little about it through publicly available information.</p><p>On April 13, Faraday Future announced on Weibo that the FF 91 will be equipped with the NVIDIA DRIVE Orin system-on-chip (SoC) and plans to have highway autonomous driving functions and parking summoning functions upon launch.</p><p>It is reported that NVIDIA DRIVE Orin can run 254 trillion times per second.</p><p>In terms of lidar, the FF 91 is equipped with Velodyne's first solid-state lidar, the Velarray H800. The Velarray H800 is an automotive-grade LiDAR that can be installed behind a vehicle's windshield.</p><p>In addition, Velodyne also announced that it is the exclusive LiDAR supplier for Faraday Future FF 91.</p><p><img src=\"https://static.tigerbbs.com/0de02c759a136ccff39b28435fa70f98\" tg-width=\"846\" tg-height=\"476\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Regarding batteries, Faraday Future stated that the energy density of its lithium-ion battery cells is almost twice that of mass-produced electric vehicle batteries, and the driving range on a single charge can exceed 482 kilometers.</p><p>In terms of power, the FF 91 features a modular variable electric drive chassis architecture that can include the battery, powertrain system, and its patented component, the \"trapezoidal inverter\". It has a power output of up to 1050 horsepower and accelerates from 0-60 mph in 2.39 seconds.</p><p>Inside, the FF 91 features zero-gravity seats, giving rear passengers 48.9 inches of legroom. The cockpit features a 27-inch display and a patented connectivity module, supporting three different network operators simultaneously.</p><p>Currently, the FF 91 is being produced in a factory in Hanford, California, covering approximately 1.02 million square meters. According to a video posted by Faraday Future on Weibo, most of the FF 91's production process requires manual assembly.</p><p>Faraday Future previously disclosed plans for more mass-produced models. It is understood that the FF 81 and FF 71 are expected to begin mass production in 2023 and 2024, respectively.</p><p><h2><b>Is the countdown to IPO just beginning?</b></h2>In addition to the latest developments regarding the FF 91, Faraday Future's IPO process has also been further disclosed in recent announcements.</p><p>It is reported that PSAC (Property Solutions Acquisitions Corp.), the company being merged with Faraday Future, will hold an online shareholders' meeting on July 20 to approve the business merger between PSAC and Faraday Future.</p><p>Upon completion of the transaction, the combined company's stock and warrants will be traded on Nasdaq under the ticker symbols \"FFIE\" and \"FFIEW\", respectively.</p><p><img src=\"https://static.tigerbbs.com/de798a525e337c3318cb2d6d9cdecb0d\" tg-width=\"1021\" tg-height=\"752\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The transaction is expected to generate nearly $1 billion in total proceeds for Faraday, including approximately $230 million in cash (unredeemed) held by PSAC in trust, as well as $775 million in common shares of PIPE. The post-transaction equity value of the merged company is approximately US$3.4 billion.</p><p>In fact, Faraday Future originally planned to go public through an IPO, but the pandemic forced it to choose a less difficult backdoor listing.</p><p>Faraday Future CEO Carsten Breitfeld told Robb Report that before the pandemic in 2020, Faraday Future had discussed with many private equity firms plans to list it through an IPO. After the pandemic hit, private equity firms withdrew one after another due to uncertainty about the future.</p><p>Fortunately, after 2020, the company's SPAC listing became popular in the industry. Faraday Future has partnered with RMG (Riverside Management Group) and PSAC for long-term cooperation, receiving more than $1 billion in cash.</p><p>According to MARKET REALIST, Faraday Future has spent approximately $2 billion without generating any revenue over the past seven years. Meanwhile, in order to generate more revenue, Faraday Future took on more debt and sold a small stake in the company.</p><p>MARKET REALIST points out that Faraday Future's bank balance was only $1 million at the end of 2020.</p><p>However, according to data, between 2015 and October 2020, Faraday Future raised at least US$4.5 billion through financing, mergers and acquisitions.</p><p>Of course, one of the biggest achievements of this merger may be the successful launch of the production version of the FF 91.</p><p>Carsten Breitfeld stated, \"This business combination will enable us to launch a brand new species, the FF 91, an ultimate...\"<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>technology<a href=\"https://laohu8.com/S/DLX\">luxury</a>Electric vehicles aim to realize the founders' original vision, inviting users and shareholders to participate and jointly shape an innovative future mobile ecosystem.</p><p>That said, the FF 91 production edition is now available for pre-order. Are you willing to suffocate for your dream?</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://36kr.com/p/1317609755347713\">智驾网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0de02c759a136ccff39b28435fa70f98","relate_stocks":{},"source_url":"https://36kr.com/p/1317609755347713","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2152658015","content_text":"这一次，你准备好为梦想而窒息了吗？\n\n近日，根据法拉第未来官网显示，其首款量产车型FF91已开启预订，用户支付5万元的预订金即可优先预订未来主义者版（量产版）FF 91，并参加“未来主义者体验官”活动。该订金支持签署合同前的全额退款。\n据悉，提交FF 91量产版预约申请后，用户可获得法拉第未来提供的全球专属FFID、最新产品/活动信息、 线上/线下销售活动参与权以及个性化定制四项服务。\n此前，其官方微博透露，FF 91量产版将在2022年上半年正式上市。随着预订开启，跳票多年的 FF 91此次真的能如约上市吗？\n姗姗来迟的FF 91\n据美国商业资讯报道，法拉第未来将在2021年9月21日于洛杉矶举办投资者日。同时，法拉第未来也将在当日公布FF91的详细信息，以及开放试驾。\n根据法拉第未来官网介绍，FF 91是其极具未来感设计的旗舰车型。尽管目前官方并未系统性公布其详细资料，但通过公开信息，我们也可略知一二。\n4月13日，法拉第未来在微博宣布，FF 91将搭载NVIDIA DRIVE Orin系统级芯片(SoC)，并计划在上市时即具备高速公路自动驾驶功能，以及停车召唤功能。\n据悉，NVIDIA DRIVE Orin每秒可运行254万亿次。\n在激光雷达方面，FF 91配置了Velodyne的首款固态激光雷达Velarray H800。Velarray H800为车规级激光雷达，可安装在车辆挡风玻璃后。\n除此之外，Velodyne还宣布其为法拉第未来FF 91的独家激光雷达供应商。\n\n电池方面，法拉第未来表示其锂离子电池电芯的能量密度，几乎是量产电动车电池的两倍，单次充电行驶里程可超过482公里。\n在动力方面，FF 91内置模块化的可变电驱动底盘架构，可将电池、动力总成系统，以及其专利组件“梯形逆变器”囊括其中。其功率可达1050马力，0-60英里/时的加速为2.39秒。\n在内饰方面，FF 91配置零重力座椅，后排乘客可拥有 48.9 英寸的腿部空间。驾驶舱配备 27 英寸显示屏和专利连接模块，可同时支持三个不同的网络运营商。\n目前，FF 91正在加利福尼亚州汉福德约102万平方米的工厂中生产。根据法拉第未来在微博发布的视频显示，FF 91的生产环节大部分需要手工装配。\n法拉第未来此前还披露了更多量产车型计划，据了解，FF 81 和 FF 71 预计分别于 2023 年和 2024 年开启量产。\n上市倒计时开启？\n除了 FF 91 的最新动态，在近期宣布的消息中，法拉第未来的上市进程也进一步公开。\n据悉，法拉第未来合并交易的公司PSAC（Property Solutions Acquisitions Corp.），将在7月20日通过线上举办股东大会，大会目的为批准PSAC与法拉第未来的业务合并。\n交易完成后，完成合并的公司股票以及认股权证将在纳斯达克交易，股票代码分别为“FFIE”和“FFIEW”。\n\n据推测，该笔交易将为法拉第带来近 10 亿美元的总收益，其中包括 PSAC 以信托方式持有的约 2.3 亿美元现金（未赎回情况下），以及 7.75 亿美元的普通股 PIPE。合并后公司的交易后股权价值约为 34 亿美元。\n事实上，法拉第未来本计划通过IPO上市，却因疫情原因迫使其选择难度较低的借壳上市。\n法拉第未来CEO Carsten Breitfeld曾对媒体Robb Report表示，法拉第未来在2020年的疫情之前，曾与许多私募股权公司讨论，计划使其通过IPO上市。在疫情袭来之后，私募股权公司出于对未来的不确定性而纷纷退出。\n幸运的是，2020年后公司通过SPAC上市的方式开始在业内流行。法拉第未来以长期合作的目的先后与 RMG （Riverside Management Group）和 PSAC 两家公司达成合作，获得超过10亿美元的现金。\n根据媒体MARKET REALIST的报道，在过去近7年的公司运营中，法拉第未来在没有任何收入的情况下花费了约 20 亿美元。同时，为了获得更多的收入，法拉第未来承担了更多债务，以及出售了公司少量股权。\nMARKET REALIST指出，法拉第未来的银行余额在 2020 年底只有 100 万美元。\n不过根据数据显示，在2015年-2020年10月间，法拉第未来通过融资、并购等方式至少获得45亿美金。\n当然，此次合并的最大成果之一或为FF 91量产版得以顺利上市。\nCarsten Breitfeld表示：“此次业务合并将使我们能够推出全新物种FF 91，一款极致智能的科技豪华电动汽车，旨在实现创始人的初衷，邀请用户和股东参与，共同塑造创新的未来移动生态系统。”\n话说回来，FF 91量产版已经开启预订，你愿意为了梦想而窒息吗？","news_type":1,"symbols_score_info":{"FFIE":0.9,"PSAC":0.9}},"isVote":1,"tweetType":1,"viewCount":4477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170734623,"gmtCreate":1626450468762,"gmtModify":1703760513463,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/170734623","repostId":"1174712972","repostType":4,"isVote":1,"tweetType":1,"viewCount":2098,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144336202,"gmtCreate":1626267041906,"gmtModify":1703756659159,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/144336202","repostId":"1167929244","repostType":4,"isVote":1,"tweetType":1,"viewCount":2493,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145369887,"gmtCreate":1626190210749,"gmtModify":1703755282469,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/145369887","repostId":"1170391792","repostType":4,"repost":{"id":"1170391792","kind":"news","weMediaInfo":{"introduction":"全球第五大财经门户网站Investing.com中国官方微信，提供全球各国海量金融资讯和实时行情数据，包括股票股指、外汇、期货、基金、债券、加密货币等。关注全球金融市场动态的投资者千万不可错过。","home_visible":1,"media_name":"英为财情Investing","id":"92","head_image":"https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313"},"pubTimestamp":1626186576,"share":"https://ttm.financial/m/news/1170391792?lang=en_US&edition=fundamental","pubTime":"2021-07-13 22:29","market":"us","language":"zh","title":"Stop being blindly optimistic; Wall Street has already started secretly shorting US stocks.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170391792","media":"英为财情Investing","summary":"英为财情Investing.com –周一美股小幅上涨，美国标准普尔500指数和纳斯达克综合指数再创新高，道琼斯工业平均指数则刷新5月11日以来新高，距历史最高点也仅有一步之遥。\n近几年美国股市像坐了","content":"<p><b>Investing.com –</b>U.S. stocks rose slightly on Monday, with the S&P 500 and Nasdaq Composite reaching new highs, while the Dow Jones Industrial Average hit a new high since May 11, just one step away from its all-time high.</p><p>In recent years, the US stock market has skyrocketed, breaking one historical record after another. Apart from a significant pullback/retracement in 2020, the US stock market has been rising for 11 consecutive years.</p><p>Data shows that the S&P 500 index has fallen by at least 5% on average every 178 days, and the market has not seen this for 292 days, the longest period since January 2018, when the S&P 500 index fell 10.8% after a 715-day rally.</p><p>The market has become numb to the rise in US stocks, with blind optimism spreading throughout the market and any potential risks being ignored. The VIX, which measures market volatility and is known as the \"panic index,\" has fallen back to near its post-pandemic low, and investors are almost completely unconcerned about the stock market weakening.</p><p><img src=\"https://static.tigerbbs.com/1f36f5b9563e63b9ea8a1f1f45a06a6c\" tg-width=\"840\" tg-height=\"470\"></p><p>However, there is one sign that some people on Wall Street have begun to quietly prepare for a decline in US stocks.</p><p>Many hedge funds have found that put options on the stock market are now much more expensive than call options. For example, the price of a put option that caused the S&P 500 to fall 10% before August is about 35 times the price of a call option that could profit from a 10% increase. At the height of the stock market panic in March 2020, the price of a put option was only 11 times that of a call option.</p><p>This situation indicates that many people are quietly buying put options, which is causing their prices to rise.</p><p>During the pandemic, especially with the continued spread of the Delta variant, investors were concerned about the U.S. economic recovery. Rising inflation data also made the market uneasy about the Federal Reserve's rate hike path. Coupled with the influence of seasonal factors, the period from mid-July to October is traditionally the weakest time of year for the stock market, and some investors began to prepare for possible pullback/retracement in the future.</p><p>However, with major banks beginning to release their earnings reports this week, earnings season is approaching in the United States. Major investment banks currently expect strong performance this earnings season, which will provide support for US stocks in the short term.</p><p>Finally, it needs to be clarified that the possibility of a pullback/retracement in the US stock market in the future is relatively high, but unless systemic risks occur, the possibility of a US stock market crash is not high. The US stock market is now crucial for the United States. It is an important channel for preserving asset value and hedging against inflation, and a large amount of capital has gathered here. If the US stock market crashes, it means that the US economy has collapsed. The current status of the US stock market is similar to that of our housing market, with far-reaching consequences. Although the \"guardian\" Comrade Trump has stepped down, the Biden administration and the Federal Reserve will not stand idly by.</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>Stop being blindly optimistic; Wall Street has already started secretly shorting US stocks.</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\">\nStop being blindly optimistic; Wall Street has already started secretly shorting US stocks.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/92\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">英为财情Investing </p>\n<p class=\"h-time smaller\">2021-07-13 22:29</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Investing.com –</b>U.S. stocks rose slightly on Monday, with the S&P 500 and Nasdaq Composite reaching new highs, while the Dow Jones Industrial Average hit a new high since May 11, just one step away from its all-time high.</p><p>In recent years, the US stock market has skyrocketed, breaking one historical record after another. Apart from a significant pullback/retracement in 2020, the US stock market has been rising for 11 consecutive years.</p><p>Data shows that the S&P 500 index has fallen by at least 5% on average every 178 days, and the market has not seen this for 292 days, the longest period since January 2018, when the S&P 500 index fell 10.8% after a 715-day rally.</p><p>The market has become numb to the rise in US stocks, with blind optimism spreading throughout the market and any potential risks being ignored. The VIX, which measures market volatility and is known as the \"panic index,\" has fallen back to near its post-pandemic low, and investors are almost completely unconcerned about the stock market weakening.</p><p><img src=\"https://static.tigerbbs.com/1f36f5b9563e63b9ea8a1f1f45a06a6c\" tg-width=\"840\" tg-height=\"470\"></p><p>However, there is one sign that some people on Wall Street have begun to quietly prepare for a decline in US stocks.</p><p>Many hedge funds have found that put options on the stock market are now much more expensive than call options. For example, the price of a put option that caused the S&P 500 to fall 10% before August is about 35 times the price of a call option that could profit from a 10% increase. At the height of the stock market panic in March 2020, the price of a put option was only 11 times that of a call option.</p><p>This situation indicates that many people are quietly buying put options, which is causing their prices to rise.</p><p>During the pandemic, especially with the continued spread of the Delta variant, investors were concerned about the U.S. economic recovery. Rising inflation data also made the market uneasy about the Federal Reserve's rate hike path. Coupled with the influence of seasonal factors, the period from mid-July to October is traditionally the weakest time of year for the stock market, and some investors began to prepare for possible pullback/retracement in the future.</p><p>However, with major banks beginning to release their earnings reports this week, earnings season is approaching in the United States. Major investment banks currently expect strong performance this earnings season, which will provide support for US stocks in the short term.</p><p>Finally, it needs to be clarified that the possibility of a pullback/retracement in the US stock market in the future is relatively high, but unless systemic risks occur, the possibility of a US stock market crash is not high. The US stock market is now crucial for the United States. It is an important channel for preserving asset value and hedging against inflation, and a large amount of capital has gathered here. If the US stock market crashes, it means that the US economy has collapsed. The current status of the US stock market is similar to that of our housing market, with far-reaching consequences. Although the \"guardian\" Comrade Trump has stepped down, the Biden administration and the Federal Reserve will not stand idly by.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/347452cc99fb488c45ccd900fcf3aa20","relate_stocks":{"VIX":"标普500波动率指数",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170391792","content_text":"英为财情Investing.com –周一美股小幅上涨，美国标准普尔500指数和纳斯达克综合指数再创新高，道琼斯工业平均指数则刷新5月11日以来新高，距历史最高点也仅有一步之遥。\n近几年美国股市像坐了火箭般一路蹿升，一个接一个的历史记录被刷新，除了2020年美股出现一个较大幅度的回撤外，不知不觉间美股已经连续上涨了11年之久。\n数据显示，标普500指数平均每178天下跌至少5%，而此次市场已经有292天没有出现这样的情况，这是自2018年1月以来最长的一段时间，当时美国标准普尔500指数在经过一段715天的上涨后下跌了10.8%。\n目前市场对于美股的上涨已经麻木了，盲目的乐观情绪在整个市场蔓延，任何潜在的风险都被视而不见，衡量市场波动率素有“恐慌指数”之称的VIX已经回落到疫情后的低点附近，投资者几乎完全不担心股市会走软。\n\n但是有一个迹象却表明，华尔街有一部分人已经开始为美股的下跌悄悄做准备了。\n很多对冲基金发现，现在对股市看跌期权的价格比看涨期权的价格要昂贵的多。比如，标普500指数8月前下跌10%的看跌期权的价格，是可从上涨10%中获利的看涨期权价格的35倍左右。而在2020年3月股市恐慌最严重的时候，下行看跌期权的价格仅为上行看涨期权的11倍而已。\n这一情况的出现表明，很多人在悄悄的购买看跌期权从而导致其价格的上涨。\n在疫情期间，尤其是在Delta变种病毒不断扩散的情况下，投资者对美国经济复苏的情况感到担忧，不断上涨的通胀数据也令市场对美联储的加息路径感到不安，加上季节性因素的影响，一般7月中旬至10月这段时间传统上是一年中股市最疲软的时间，一些投资者开始为将来可能出现的回撤做准备。\n不过，随着本周各大银行开始披露财报，美国的财报季来临。目前各大投行都预期本次财报季将会有靓丽表现，短期内这将对美股构成支撑。\n最后，需要明确的一点是，美股未来出现回撤的可能性是比较高的，但是除非发生系统性风险，不然美股崩盘的可能性并不大。美股现在对美国来说是至关重要的，它是资产保值、抵御通胀的重要通道，大量的资本也在此聚集，如果美股崩了，意味着美国经济崩了。美股现在的地位类似于我们的房市，牵一发而动全身，虽然“守护神”特朗普同志下台了，但是拜登政府和美联储也不会坐视不管。","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,"VIX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1957,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148306314,"gmtCreate":1625925371538,"gmtModify":1703750951066,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"hi","listText":"hi","text":"hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/148306314","repostId":"1137161300","repostType":4,"isVote":1,"tweetType":1,"viewCount":2211,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148308287,"gmtCreate":1625925317849,"gmtModify":1703750950416,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/148308287","repostId":"1124741749","repostType":4,"repost":{"id":"1124741749","kind":"news","pubTimestamp":1625910991,"share":"https://ttm.financial/m/news/1124741749?lang=en_US&edition=fundamental","pubTime":"2021-07-10 17:56","market":"us","language":"zh","title":"Thorpe and Simmons: The Legendary Lives of Two Godfather Investment Giants","url":"https://stock-news.laohu8.com/highlight/detail?id=1124741749","media":"SMARTMATRIX","summary":"他们都出生于30年代，自幼天赋异禀、身在学术圈但都一心向钱，有两个共同的母校。","content":"<p>A Man for All Markets is Edward Thorp's personal biography. Based on Thorp's experience, from beating casinos to entering Wall Street, he ventured into OTC options, convertible bonds, stocks, futures and other derivatives, making him a true All Markets. In his preface, Taleb said that his memoir reads like a thriller.</p><p>As a mathematical genius and The godfather of quantitative investing, he pioneered The introduction of probability theory, information theory, and computer programming into financial trading, influencing countless Quant leaders in later generations: Bill Gross, David Shaw, Ken Griffin... including The renowned James Simons, whose Renaissance Technology company created a legend of returns in financial history. Similarly, Simons' biography, The Man Who Solved The Market, details The ups and downs of his and his team's conquest of The financial markets. Although it was compiled by a Wall Street Journal writer based on interviews, it contains many fascinating stories that have never been disclosed before.</p><p><b>academic origin</b></p><p>A thriving culture leads to outstanding people. The so-called place of outstanding people and beautiful resources, for example, the Hunan School since the late Ming Dynasty in China, made Hunan the cradle of revolutionaries. A similar phenomenon exists in academia. A closer look at the backgrounds of the two big shots reveals many commonalities. They were both born in the 1930s, were exceptionally talented from a young age, were in academia, but both were focused on money, and shared two alma maters: the University of California, Berkeley and MIT. Both universities' academic achievements reached their peak after the war, primarily due to the large-scale military research activities spurred by World War II (the famous Manhattan Project, cryptography, information theory, and modern computers). Thorp and Simons both happened to catch this academic boom. In the 1950s, Thorp was engrossed in studying roulette with Shannon, while Simons remained engrossed in theoretical mathematical problems, which further enhanced his academic achievements (Chern-Simons Theroy). In the 1960s, MIT became the center of the computer revolution, and mathematics and computers were the two keys to Wall Street, and Thorp was the lucky one to hold these two keys.</p><p><b>Casinos vs Wall Street</b></p><p>A popular story today is that Thorp used the Law of Large Numbers and Kelly's formula to defeat the casino, becoming the first person in history to be \"blacklisted\" by a Las Vegas casino. In contrast, the hedge fund he founded, Princeton Newport Partners (PNP), is much less well-known. In fact, from 1969 to 1988, the annualized returns of the two PNP funds reached 19.1% and 15.1% respectively, while the average annual growth rate of the S&P 500 index was 10.2% during the same period. Over the past 19 years, through two oil crises in the 1970s and the 1987 stock market crash, neither fund has ever suffered a single quarterly loss, let alone an annual loss. At the world's largest casino, its performance was unparalleled at the time, and its investment model was 20 years ahead of the customers who subsequently flocked to Wall Street.</p><p>In 1988, Thorp's fund was forced to close due to its implications in the Milken case, the king of junk bonds. It was in that year that Simons established the Grand Medal Fund. Now over fifty, he was a late bloomer. He had been exploring successful investment models for 10 years, oscillating between subjective and quantitative approaches. Although Simons has always been regarded as a quantitative investment master, his role is actually completely different from Thorp's. His main job is not to develop quantitative models, but to discover various scientists from academia to help the company develop quantitative models and to shape the company's corporate culture as a spiritual leader. As a world-class mathematician and outstanding salesperson, he can get along well with different people, which is a rare ability.</p><p><b>The road to quantification</b></p><p>As a pioneer in quantitative trading, Thorp excelled at hedging and arbitraging various derivatives, and the bear market and volatility of the 1970s made this strategy work perfectly. Relying on his mathematical talent and market sense, he discovered new blue oceans: Statistical Arbitrage and factor models—early quant prototypes. The risks under this model are theoretically infinite, especially since the maximum loss from shorting overvalued stocks is infinite. Thorp's main risk control strategy is diversified investment. LTCM subsequently adopted a similar arbitrage model, but lacked risk control strategies like Thorp, and was defeated by black swan events. To improve investment efficiency, Thorp turned investment strategies into programs, once again becoming a pioneer in algorithmic Trading.</p><p>In contrast, Simons wasn't so lucky. From early attempts at intuitive investing to trend-based momentum trading, reversal trading, and continuous collection and mining of massive amounts of data, including data cleansing, signaling mechanisms, and backtesting. In 1986, a model framework was used to identify hidden price trends; in 1989, abnormal trading signals were used for short-term high-frequency trading; in 1992, only a single model was used (a key breakthrough), and then speech recognition experts helped make various technological breakthroughs (financial models have similarities to speech recognition). The model went through a long process of iterative improvement. Ultimately, the model developed important core capabilities: identifying the \"value of trading,\" including: the certainty of price trends, weight trade-offs between trading signals, and judging the impact of trading based on signals on the market. This capability is particularly important for high-frequency, full-commodity trading.</p><p><b>Winning System: Probabilistic Thinking & Modeling Human Behavior</b></p><p>For Thorp, both gambling and investing are games based on probability statistics, allocating bets based on the odds of winning (money management based on Kelly's Law). The first major breakthrough for the Grand Medal Fund came from the application of Kelly's Law and the reduction in trading frequency to make its trading more reflective of the law of large numbers. The Grand Medal system makes money as long as the win rate is slightly above 50%, regardless of the profit or loss of each transaction. Essentially, it is making money by taking advantage of the negligence and mistakes of other traders (the market is ineffective). Human behavior under high pressure is highly predictable, and they instinctively exhibit panic. The premise of modeling is that humans will constantly repeat past behaviors. Soros used reflexive philosophical theories to model human behavior, while Simons' team used data and algorithms to model human behavior, thereby confirming the theories of behavioral finance.</p><p>Unlike traditional value investing, which simplifies the market to Mr. Market, the experience of quantitative investing is that there are far more factors and variables influencing financial markets and investments than most people realize, and the factors that lead to market inefficiency can even be said to be encrypted (Thorp also goes to great lengths to refute the efficient market hypothesis in his book). Investors strive to find the most basic drivers, but what may be missing is an entire dimension of information. The Grand Medal Fund cannot explain the logic behind every profit pattern, just as humans cannot understand Alpha Go, which may be a higher dimension.</p><p>Models are abstractions and simplifications of the world, but models are not omnipotent. When data and desire conflict, even rational scientists cannot be completely rational. Simons' original intention was to create an algorithm-driven automated trading system that completely shielded human subjective judgment. However, in every crisis, he still couldn't help but intervene manually to reduce his dependence on signals and actively reduce his trading positions. The results of these interventions were not very ideal. His colleague Patterson also said:<b>Never place too much trust in a trading model. The fundamental mistake made by long-term capital management firms is to believe that models are the truth. We have never believed that our models reflect the whole truth; they only reflect part of it.</b>。”</p><p><b>Kuanke Life</b></p><p>In fact, the interaction between many big shots is far greater than we imagine. For example, Thorp and Buffett played at the bridge table, and after confirming that Buffett would eventually become the richest man in the United States, they decisively invested in BRK stock. Many people believe that top students don't necessarily have a good life. After all, there is a huge gap between book smart and street smart, and the rules of the real world are much more complicated than those of school. However, Thorp practiced the way of thinking that applies abstract thinking to real life, truly interpreting \"a fierce life needs no explanation.\" He achieved academic, wealth, and family success, and realized early on that life itself is more important than making money. Compared to Thorp's remarkable life, Simons' life has been full of twists and turns. He has been divorced, his two sons have suffered misfortunes, and he has been betrayed by his partners. But in the end, he chose to make peace with life and devote himself to philanthropy, exploring the true meaning of destiny through ups and downs from his academic career to his wide-ranging life, and the experience itself is the meaning. As Thorp said at the end of his autobiography: Life is like reading a novel or running a marathon. Reaching the finish line is often not so important; the journey itself and the experiences along the way are more precious.<b>No body can take away the dance you have danced.</b></p>","source":"lsy1625911325017","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>Thorpe and Simmons: The Legendary Lives of Two Godfather Investment Giants</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\">\nThorpe and Simmons: The Legendary Lives of Two Godfather Investment Giants\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">SMARTMATRIX</strong><span class=\"h-time small\">2021-07-10 17:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A Man for All Markets is Edward Thorp's personal biography. Based on Thorp's experience, from beating casinos to entering Wall Street, he ventured into OTC options, convertible bonds, stocks, futures and other derivatives, making him a true All Markets. In his preface, Taleb said that his memoir reads like a thriller.</p><p>As a mathematical genius and The godfather of quantitative investing, he pioneered The introduction of probability theory, information theory, and computer programming into financial trading, influencing countless Quant leaders in later generations: Bill Gross, David Shaw, Ken Griffin... including The renowned James Simons, whose Renaissance Technology company created a legend of returns in financial history. Similarly, Simons' biography, The Man Who Solved The Market, details The ups and downs of his and his team's conquest of The financial markets. Although it was compiled by a Wall Street Journal writer based on interviews, it contains many fascinating stories that have never been disclosed before.</p><p><b>academic origin</b></p><p>A thriving culture leads to outstanding people. The so-called place of outstanding people and beautiful resources, for example, the Hunan School since the late Ming Dynasty in China, made Hunan the cradle of revolutionaries. A similar phenomenon exists in academia. A closer look at the backgrounds of the two big shots reveals many commonalities. They were both born in the 1930s, were exceptionally talented from a young age, were in academia, but both were focused on money, and shared two alma maters: the University of California, Berkeley and MIT. Both universities' academic achievements reached their peak after the war, primarily due to the large-scale military research activities spurred by World War II (the famous Manhattan Project, cryptography, information theory, and modern computers). Thorp and Simons both happened to catch this academic boom. In the 1950s, Thorp was engrossed in studying roulette with Shannon, while Simons remained engrossed in theoretical mathematical problems, which further enhanced his academic achievements (Chern-Simons Theroy). In the 1960s, MIT became the center of the computer revolution, and mathematics and computers were the two keys to Wall Street, and Thorp was the lucky one to hold these two keys.</p><p><b>Casinos vs Wall Street</b></p><p>A popular story today is that Thorp used the Law of Large Numbers and Kelly's formula to defeat the casino, becoming the first person in history to be \"blacklisted\" by a Las Vegas casino. In contrast, the hedge fund he founded, Princeton Newport Partners (PNP), is much less well-known. In fact, from 1969 to 1988, the annualized returns of the two PNP funds reached 19.1% and 15.1% respectively, while the average annual growth rate of the S&P 500 index was 10.2% during the same period. Over the past 19 years, through two oil crises in the 1970s and the 1987 stock market crash, neither fund has ever suffered a single quarterly loss, let alone an annual loss. At the world's largest casino, its performance was unparalleled at the time, and its investment model was 20 years ahead of the customers who subsequently flocked to Wall Street.</p><p>In 1988, Thorp's fund was forced to close due to its implications in the Milken case, the king of junk bonds. It was in that year that Simons established the Grand Medal Fund. Now over fifty, he was a late bloomer. He had been exploring successful investment models for 10 years, oscillating between subjective and quantitative approaches. Although Simons has always been regarded as a quantitative investment master, his role is actually completely different from Thorp's. His main job is not to develop quantitative models, but to discover various scientists from academia to help the company develop quantitative models and to shape the company's corporate culture as a spiritual leader. As a world-class mathematician and outstanding salesperson, he can get along well with different people, which is a rare ability.</p><p><b>The road to quantification</b></p><p>As a pioneer in quantitative trading, Thorp excelled at hedging and arbitraging various derivatives, and the bear market and volatility of the 1970s made this strategy work perfectly. Relying on his mathematical talent and market sense, he discovered new blue oceans: Statistical Arbitrage and factor models—early quant prototypes. The risks under this model are theoretically infinite, especially since the maximum loss from shorting overvalued stocks is infinite. Thorp's main risk control strategy is diversified investment. LTCM subsequently adopted a similar arbitrage model, but lacked risk control strategies like Thorp, and was defeated by black swan events. To improve investment efficiency, Thorp turned investment strategies into programs, once again becoming a pioneer in algorithmic Trading.</p><p>In contrast, Simons wasn't so lucky. From early attempts at intuitive investing to trend-based momentum trading, reversal trading, and continuous collection and mining of massive amounts of data, including data cleansing, signaling mechanisms, and backtesting. In 1986, a model framework was used to identify hidden price trends; in 1989, abnormal trading signals were used for short-term high-frequency trading; in 1992, only a single model was used (a key breakthrough), and then speech recognition experts helped make various technological breakthroughs (financial models have similarities to speech recognition). The model went through a long process of iterative improvement. Ultimately, the model developed important core capabilities: identifying the \"value of trading,\" including: the certainty of price trends, weight trade-offs between trading signals, and judging the impact of trading based on signals on the market. This capability is particularly important for high-frequency, full-commodity trading.</p><p><b>Winning System: Probabilistic Thinking & Modeling Human Behavior</b></p><p>For Thorp, both gambling and investing are games based on probability statistics, allocating bets based on the odds of winning (money management based on Kelly's Law). The first major breakthrough for the Grand Medal Fund came from the application of Kelly's Law and the reduction in trading frequency to make its trading more reflective of the law of large numbers. The Grand Medal system makes money as long as the win rate is slightly above 50%, regardless of the profit or loss of each transaction. Essentially, it is making money by taking advantage of the negligence and mistakes of other traders (the market is ineffective). Human behavior under high pressure is highly predictable, and they instinctively exhibit panic. The premise of modeling is that humans will constantly repeat past behaviors. Soros used reflexive philosophical theories to model human behavior, while Simons' team used data and algorithms to model human behavior, thereby confirming the theories of behavioral finance.</p><p>Unlike traditional value investing, which simplifies the market to Mr. Market, the experience of quantitative investing is that there are far more factors and variables influencing financial markets and investments than most people realize, and the factors that lead to market inefficiency can even be said to be encrypted (Thorp also goes to great lengths to refute the efficient market hypothesis in his book). Investors strive to find the most basic drivers, but what may be missing is an entire dimension of information. The Grand Medal Fund cannot explain the logic behind every profit pattern, just as humans cannot understand Alpha Go, which may be a higher dimension.</p><p>Models are abstractions and simplifications of the world, but models are not omnipotent. When data and desire conflict, even rational scientists cannot be completely rational. Simons' original intention was to create an algorithm-driven automated trading system that completely shielded human subjective judgment. However, in every crisis, he still couldn't help but intervene manually to reduce his dependence on signals and actively reduce his trading positions. The results of these interventions were not very ideal. His colleague Patterson also said:<b>Never place too much trust in a trading model. The fundamental mistake made by long-term capital management firms is to believe that models are the truth. We have never believed that our models reflect the whole truth; they only reflect part of it.</b>。”</p><p><b>Kuanke Life</b></p><p>In fact, the interaction between many big shots is far greater than we imagine. For example, Thorp and Buffett played at the bridge table, and after confirming that Buffett would eventually become the richest man in the United States, they decisively invested in BRK stock. Many people believe that top students don't necessarily have a good life. After all, there is a huge gap between book smart and street smart, and the rules of the real world are much more complicated than those of school. However, Thorp practiced the way of thinking that applies abstract thinking to real life, truly interpreting \"a fierce life needs no explanation.\" He achieved academic, wealth, and family success, and realized early on that life itself is more important than making money. Compared to Thorp's remarkable life, Simons' life has been full of twists and turns. He has been divorced, his two sons have suffered misfortunes, and he has been betrayed by his partners. But in the end, he chose to make peace with life and devote himself to philanthropy, exploring the true meaning of destiny through ups and downs from his academic career to his wide-ranging life, and the experience itself is the meaning. As Thorp said at the end of his autobiography: Life is like reading a novel or running a marathon. Reaching the finish line is often not so important; the journey itself and the experiences along the way are more precious.<b>No body can take away the dance you have danced.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/g5Zdx-uS3wl9QbsHZm1DVw\">SMARTMATRIX</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/388d882133df2db2363aa871ff756c47","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://mp.weixin.qq.com/s/g5Zdx-uS3wl9QbsHZm1DVw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124741749","content_text":"A Man for All Markets是Edward Thorp的个人传记，中文翻译《战胜一切市场的人》，从Thorp的经历来看，从打败赌场到进入华尔街，OTC期权、可转债、股票、期货等衍生品，全部涉猎，名副其实的All Markets。塔勒布在序言里说，他的回忆录读起来像一部惊悚小说。\n作为一个数学天才、量化投资教父级人物，他开创性的将概率论、信息论、计算机编程引入金融交易，影响了后世无数Quant大佬：Bill Gross、David Shaw、Ken Griffin...其中也包括大名鼎鼎的James Simons，后者的文艺复兴科技公司创造了金融史上的回报率神话，同样，讲述Simons的传记The Man Who Solved The Market，详细记录了他和他的团队征服金融市场的起起落落，虽是一位华尔街日报作家根据采访汇编而成，但其中不少以前从未披露过的精彩故事。\n学术源流\n文化兴，则人杰出，所谓的人杰地灵，比如中国明末以来的湖湘学派让湖南成为革命党人的摇篮。在学术圈，也有类似的现象。仔细研究两位大佬的背景，会发现很多共通点，他们都出生于30年代，自幼天赋异禀、身在学术圈但都一心向钱，有两个共同的母校：加州大学伯克利分校和MIT。两校的学术在战后都达到了巅峰，主要一个原因就是二战催生的大规军事科研活动（著名的曼哈顿计划、密码学、信息论和现代计算机），Thorp和Simons都恰好赶上了这波学术红利。50年代，Thorp醉心于和香农一起研究轮盘赌，而Simons仍埋头于理论数学问题，这也使得其在学术上的成就更高（Chern-Simons Theroy）。60年代，MIT成为计算机革命的中心，而数学和计算机正是通向华尔街的两把钥匙，Thorp正是手握这两把钥匙的幸运儿。\n赌场vs华尔街\n如今为人津津乐道的故事是Thorp利用大数定律和凯利公式打败了赌场，他也成了历史上第一个被拉斯维加斯赌场“拉黑”的人。相比之下，他创设的对冲基金PNP（Princeton Newport Partners）知名度黯淡不少。实际上，从1969年到1988年，PNP两支基金的年化收益率分别达到19.1%和15.1%，同期标普指数年均增长率为10.2%。19年间历经70年代两次石油危机、87年股灾，两只基金从未发生单季亏损，更没有年度亏损。在世间最大的赌场，其业绩冠绝其时，其投资模式，领先此后鱼贯进入华尔街的宽客们20年。\n1988年，Thorp的基金因为受到垃圾债券之王米尔肯一案的牵连被迫关闭。正是在这一年，Simons成立大奖章基金，已年过半百的他，可谓大器晚成，在此前为了寻找成功的投资模型已经摸索了10年之久，一直在主观和量化之间摇摆。尽管外界一直都把Simons视作量化投资大师，但实际上他点角色和Thorp完全不同，他的主要工作并不是开发量化模型，而是从学术圈挖掘各类科学家来帮助公司开发量化模型，并且作为精神领袖塑造公司企业文化。作为一名世界级的数学家+卓越的销售，他与不同的人都能融洽的打交道，这是一种罕见的能力。\n量化之路\n作为量化交易的先驱，Thorp擅长各种衍生品的对冲套利，70年代的熊市和波动率让这种策略运行的非常完美。依靠自己的数学天赋和市场嗅觉发现了新的蓝海：统计套利（Statistical Arbitrage）和因子模型（factors model）——早期的quant原型。这种模式下的风险理论上是无穷的，尤其是做空那些价格高估的股票的损失上限是无穷大，Thorp主要风控策略是分散化投资。此后的LTCM采用类似的套利模式，但缺少Thorp这样的风控策略，被黑天鹅击败。为了提升投资效率，Thorp将投资策略变成程序，再次成为程序化交易（Algorithm Trading）的先驱。\n相比之下，Simons就没那么幸运了。从早期尝试直觉投资到基于趋势的动量交易、反转交易再到持续收集挖掘海量数据包括数据清洗、信号机制和回溯测试。1986年使用识别隐藏价格趋势的模型框架——1989年利用异常交易信号进行短期高频交易——1992年改为只用单一模型（关键性突破），而后语音识别专家帮助进行各种技术突破（金融模型与语音识别有相似之处），模型经历了漫长迭代改进的过程。最终练就了模型重要核心能力：识别出“交易的价值”，包括：价格趋势的确定性大小、交易信号之间的权重取舍、根据信号进行交易对市场造成的影响的判断。这项能力对于高频全品种交易尤为重要。\n取胜系统：概率思考&对人类行为建模\n对Thorp来说，赌博和投资都是以概率统计为基础的游戏，根据胜率的大小来分配下注金额的大小（基于凯利法则的资金管理），而大奖章基金的第一次重大突破也来自于对凯利法则的运用以及缩短交易频率使其交易更体现大数定律。大奖章的系统只要胜率略高于50%就能赚钱，而不在乎每一笔买卖的盈亏。本质上，是在利用其他交易者的疏忽和错误赚钱（市场无效）。人类在高压下的行为具有很高的可预测性，他们会本能地表现出恐慌。建模的前提是人类会不断重复过去的行为。索罗斯曾以反身性的哲学理论对人类行为建模，而Simons的团队利用数据和算法对人类行为建模，以此印证行为金融学的理论。\n与传统的价值投资把市场面简化成一位市场先生不同，量化投资的经验是，影响金融市场和投资的因素和变量远远比大多数人意识到的更多，导致市场无效的因素甚至可以说是加密的（Thorp在书中对有效市场假说也不遗余力的进行驳斥）。投资者努力寻找最基本的推动因素，但是遗漏的也许是一整个维度的信息。大奖章基金无法对每一条盈利的规律背后的逻辑进行解释，就如同人类无法理解阿尔法围棋一样，也许是更高纬度的存在。\n模型是对世界的抽象和简化，但模型并不是万能的。当数据和欲望相冲突，即便是理性的科学家，也无法做到完全理性。Simons的初心是创建的算法驱动的自动交易系统，完全屏蔽人类的主观判断，但每一次危机，他仍忍不住会手动干预，减少对信号的依赖，主动缩减交易头寸，可干预的结果并不十分理想。他的同事帕特森也说：”永远不要对交易模型过于信任。长期资本管理公司的基本错误是认为模型就是事实真相，我们从未相信我们的模型能够反映全部事实，它只反映事实的一部分。”\n宽客人生\n其实很多大佬的交集，远远超过我们想象。比如Thorp和巴菲特在桥牌桌上过过招，在确认巴菲特最终会成为全美最富有的人之后，果断投资了BRK的股票。很多人以为，学霸不一定会拥有好人生，毕竟，book smart和street smart之间的有极大的鸿沟，现实世界的规则比学校要复杂太多，但Thorp践行了将抽象思维运用到现实生活中的思维方式，真正诠释了“彪悍的人生不需要解释”，学术、财富、家庭圆满，很早就意识到在生活本身高于赚钱。相比较Thorp精彩纷呈的人生，Simons的人生曲折太多，离过婚，他的两个儿子先后遭受不幸，还遭遇过伙伴背叛。但最终还是选择和生活讲和，并投身慈善事业，从学术生涯到宽客人生，在跌宕起伏中探寻命运的真谛，而经历本身就是意义所在。就像Thorp在自传末尾所说：生活像是读一本小说或者跑一场马拉松，到达终点往往不是那么重要，旅途本身和沿途的体验更为珍贵。No body can take away the dance you have danced.","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2642,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140051933,"gmtCreate":1625620774422,"gmtModify":1703745025151,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"?&nbsp;","listText":"?&nbsp;","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/140051933","repostId":"1154903802","repostType":4,"repost":{"id":"1154903802","kind":"news","weMediaInfo":{"introduction":"中国智能硬件第一媒体","home_visible":1,"media_name":"雷峰网","id":"1035809132","head_image":"https://static.tigerbbs.com/e82b7d80628947a3824c7ea172002b74"},"pubTimestamp":1625611904,"share":"https://ttm.financial/m/news/1154903802?lang=en_US&edition=fundamental","pubTime":"2021-07-07 06:51","market":"us","language":"zh","title":"Amazon has achieved a phased victory! Microsoft loses $10 billion Department of Defense contract","url":"https://stock-news.laohu8.com/highlight/detail?id=1154903802","media":"雷峰网","summary":"当地时间周二，美国国防部宣布取消了一项价值100亿美元的云计算合同，该合同曾是亚马逊和微软之间的法律纠纷之一。\nJEDI，也称作联合企业防御基础设施，该交易已成为美国国防部最纠结的合同之一。美国国防部","content":"<p>On Tuesday local time, the U.S. Department of Defense announced the cancellation of a $10 billion cloud computing contract that had been...<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>and<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>One of the legal disputes between them.</p><p>JEDI, also known as Joint Enterprise Defense Infrastructure, has become one of the most contentious contracts at the U.S. Department of Defense. In a press release on Tuesday, the U.S. Department of Defense said, \"As demand continues to evolve, cloud computing becomes more widespread, and the industry advances, JEDI can no longer meet the needs of the Department of Defense.\"</p><p>At the close of trading, Microsoft's stock price remained flat, while Amazon's stock price rose 4.69%, hitting a record high.</p><p><img src=\"https://static.tigerbbs.com/6e78dadc22376c6d1a9984b4ba7bf15c\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9bf1b47bfdbdb0f5e1201e37886c398f\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>But the battle over cloud computing projects doesn't seem to be completely over. The U.S. Department of Defense stated in a press release that it still needs enterprise-grade cloud capabilities, while also announcing a multi-vendor contract called Joint Operations Cloud Capabilities.</p><p>The U.S. Department of Defense also stated that, given that only Amazon and Microsoft are cloud service providers capable of meeting its needs, it is currently planning to solicit contract proposals from these two companies. However, the U.S. Department of Defense will continue to conduct market research to investigate whether other companies can also meet its own specifications.</p><p>In fact, the U.S. Department of Defense wanted to use this lucrative JEDI contract to modernize the Pentagon's IT operations through 10 years of service.</p><p>In 2019, Microsoft defeated Amazon to win the cloud computing contract. A month later, Amazon's cloud computing division filed a lawsuit in the U.S. Court of Federal Claims to protest JEDI's decision. Amazon stated that Trump's bias towards Amazon and Bezos led the U.S. Department of Defense to award the contract to Microsoft.</p><p>Last year, the U.S. Department of Defense's inspector general released a report stating that the grant was not influenced by the White House. However, he noted in a 313-page report released in April 2020 that there was limited cooperation from White House officials throughout the review process, making it impossible to assess the allegations of ethical misconduct.</p><p>In a blog post, Microsoft stated that the company understands the U.S. Department of Defense's decision to cancel the JEDI contract, but the legal battle surrounding the issue illustrates the need for reform.</p><p>Toni Townes-Whitley, president of Microsoft's U.S. regulatory practice, wrote: \"In the 20 months since the Department of Defense selected Microsoft as a JEDI partner, we want to emphasize an issue that policymakers need to pay attention to: when a company can postpone upgrading technology that can defend its people for years, this protest process needs to be reformed.\"</p><p>Townes-Whitley added, \"Despite this decision by the U.S. Department of Defense, it does not change the fact that, after careful review by professional procurement personnel, the Department of Defense determined not once but twice that Microsoft and Microsoft's technology best meet their needs.\"</p><p>This decision does not change the Department of Defense Inspector General's conclusion that there is no evidence of interference in the Department of Defense's procurement process, nor does it change the fact that the Department of Defense and other federal agencies, as well as large global enterprises, regularly choose Microsoft to support their cloud computing and digital transformation needs.</p><p>Amazon did not immediately respond to CNBC's request for comment.</p><p>In a telephone interview, a U.S. Department of Defense official said that Amazon's lawsuit was not the reason for changing the Pentagon's decision, but considering that the situation has changed during this period, the Pentagon's needs have also changed.</p><p>\"Mission requirements have always been our driving force,\" said John Sherman, acting chief information officer of the U.S. Department of Defense.</p><p>The U.S. Department of Defense stated that cloud vendors executing the new contract must meet several criteria, such as being globally available and possessing top-tier cybersecurity controls while operating in three classification levels (non-classified, confidential, or top secret).</p><p>Furthermore, the contract could be worth billions of dollars, although the maximum value is still being determined. The contract is expected to have a maximum term of five years, including a three-year performance base period and two one-year option periods.</p><p>Sherman stated that the Pentagon hopes the JWCC will be \"a bridge to achieve our long-term goals.\" He stated that he expects the U.S. Department of Defense to directly award contracts in April 2022, and to launch broader competition as early as 2025.</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>Amazon has achieved a phased victory! Microsoft loses $10 billion Department of Defense contract</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\">\nAmazon has achieved a phased victory! Microsoft loses $10 billion Department of Defense contract\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1035809132\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/e82b7d80628947a3824c7ea172002b74);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">雷峰网 </p>\n<p class=\"h-time smaller\">2021-07-07 06:51</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On Tuesday local time, the U.S. Department of Defense announced the cancellation of a $10 billion cloud computing contract that had been...<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>and<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>One of the legal disputes between them.</p><p>JEDI, also known as Joint Enterprise Defense Infrastructure, has become one of the most contentious contracts at the U.S. Department of Defense. In a press release on Tuesday, the U.S. Department of Defense said, \"As demand continues to evolve, cloud computing becomes more widespread, and the industry advances, JEDI can no longer meet the needs of the Department of Defense.\"</p><p>At the close of trading, Microsoft's stock price remained flat, while Amazon's stock price rose 4.69%, hitting a record high.</p><p><img src=\"https://static.tigerbbs.com/6e78dadc22376c6d1a9984b4ba7bf15c\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9bf1b47bfdbdb0f5e1201e37886c398f\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>But the battle over cloud computing projects doesn't seem to be completely over. The U.S. Department of Defense stated in a press release that it still needs enterprise-grade cloud capabilities, while also announcing a multi-vendor contract called Joint Operations Cloud Capabilities.</p><p>The U.S. Department of Defense also stated that, given that only Amazon and Microsoft are cloud service providers capable of meeting its needs, it is currently planning to solicit contract proposals from these two companies. However, the U.S. Department of Defense will continue to conduct market research to investigate whether other companies can also meet its own specifications.</p><p>In fact, the U.S. Department of Defense wanted to use this lucrative JEDI contract to modernize the Pentagon's IT operations through 10 years of service.</p><p>In 2019, Microsoft defeated Amazon to win the cloud computing contract. A month later, Amazon's cloud computing division filed a lawsuit in the U.S. Court of Federal Claims to protest JEDI's decision. Amazon stated that Trump's bias towards Amazon and Bezos led the U.S. Department of Defense to award the contract to Microsoft.</p><p>Last year, the U.S. Department of Defense's inspector general released a report stating that the grant was not influenced by the White House. However, he noted in a 313-page report released in April 2020 that there was limited cooperation from White House officials throughout the review process, making it impossible to assess the allegations of ethical misconduct.</p><p>In a blog post, Microsoft stated that the company understands the U.S. Department of Defense's decision to cancel the JEDI contract, but the legal battle surrounding the issue illustrates the need for reform.</p><p>Toni Townes-Whitley, president of Microsoft's U.S. regulatory practice, wrote: \"In the 20 months since the Department of Defense selected Microsoft as a JEDI partner, we want to emphasize an issue that policymakers need to pay attention to: when a company can postpone upgrading technology that can defend its people for years, this protest process needs to be reformed.\"</p><p>Townes-Whitley added, \"Despite this decision by the U.S. Department of Defense, it does not change the fact that, after careful review by professional procurement personnel, the Department of Defense determined not once but twice that Microsoft and Microsoft's technology best meet their needs.\"</p><p>This decision does not change the Department of Defense Inspector General's conclusion that there is no evidence of interference in the Department of Defense's procurement process, nor does it change the fact that the Department of Defense and other federal agencies, as well as large global enterprises, regularly choose Microsoft to support their cloud computing and digital transformation needs.</p><p>Amazon did not immediately respond to CNBC's request for comment.</p><p>In a telephone interview, a U.S. Department of Defense official said that Amazon's lawsuit was not the reason for changing the Pentagon's decision, but considering that the situation has changed during this period, the Pentagon's needs have also changed.</p><p>\"Mission requirements have always been our driving force,\" said John Sherman, acting chief information officer of the U.S. Department of Defense.</p><p>The U.S. Department of Defense stated that cloud vendors executing the new contract must meet several criteria, such as being globally available and possessing top-tier cybersecurity controls while operating in three classification levels (non-classified, confidential, or top secret).</p><p>Furthermore, the contract could be worth billions of dollars, although the maximum value is still being determined. The contract is expected to have a maximum term of five years, including a three-year performance base period and two one-year option periods.</p><p>Sherman stated that the Pentagon hopes the JWCC will be \"a bridge to achieve our long-term goals.\" He stated that he expects the U.S. Department of Defense to directly award contracts in April 2022, and to launch broader competition as early as 2025.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3473f757d00eee50292777a0505620c4","relate_stocks":{"MSFT":"微软","AMZN":"亚马逊"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154903802","content_text":"当地时间周二，美国国防部宣布取消了一项价值100亿美元的云计算合同，该合同曾是亚马逊和微软之间的法律纠纷之一。\nJEDI，也称作联合企业防御基础设施，该交易已成为美国国防部最纠结的合同之一。美国国防部在周二的一份新闻稿中表示：“随着需求的不断发展、云计算的普及以及行业的进步，JEDI已经不能满足国防部的需求。”\n截止收盘，微软股价持平，而亚马逊的股价上涨4.69%，创历史新高。\n\n但围绕云计算项目的争夺战似乎没完全结束。美国国防部在新闻稿中表示，国防部仍然需要企业级的云能力，同时宣布了一项称为联合作战人员云能力的多供应商合同。\n美国国防部还表示，考虑到只有亚马逊和微软是能满足其需求的云服务供应商，目前正计划向这两家企业征求合同提案。不过美国国防部也将继续通过市场研究调研其他公司，是否也能满足自己需要的规格。\n其实，美国国防部是想利用这份利润丰厚的JEDI合同，通过长达10年的服务让五角大楼的IT运营实现现代化。\n2019年微软击败亚马逊获得云计算的合同，一个月后亚马逊的云计算部门向美国联邦索赔法院提起诉讼，抗议JEDI的决定。亚马逊表示，特朗普对亚马逊和贝索斯的偏见导致了美国国防部将合同给了微软。\n去年，美国国防部监察长发布报告表示，该授予没受到白宫的影响。不过，他在2020年4月发布的一份313页的报告中指出，在整个审查过程中白宫官员的合作有限，因此无法对道德不端行为的指控进行评估。\n微软在一篇博客文章中表示，公司理解美国国防部取消JEDI合同的决定，但是围绕这一问题的法律斗争说明了改革的必要性。\n微软美国监管行业总裁Toni Townes-Whitley写到：“自国防部选择微软作为JEDI 合作伙伴以来的20个月，我们要强调一下关于决策者需要关注的问题：当一家公司可以推迟升级能捍卫国家人民的技术数年时，这种抗议的过程需要改革。”\nTownes-Whitley补充道：“尽管美国国防部下此决定，但是并没有改变这样的事实：经过专业采购人员的仔细审查，国防部不是一次而是两次认定微软和微软的技术最能满足他们的需求。\n这项决定也不会改变国防部监察长，关于没有证据表明国防部的采购过程受到干扰的结论，也没有改变这样的事实，即国防部和其他联邦机构、全球的大型企业，都选择微软来定期支持他们的云计算和数字化转型需求。”\n亚马逊没有立即回应CNBC的置评请求。\n美国国防部的一名官员在接受记者的电话采访中表示，亚马逊的诉讼并不是改变五角大楼决定的原因，但考虑到在这段时间内形势有变，五角大楼的需求也已经发生了变化。\n美国国防部代理首席信息官John Sherman表示：“任务需求一直是我们的驱动力。”\n美国国防部表示，关于执行新合同的云供应商必须满足几个标准，比如在三个分类级别（非机密、机密或绝密）中工作时，在全球范围内可用并拥有顶级的网络安全控制。\n并且，这份合同的价值或将达到数十亿美元，不过目前仍在确定最大值。并且预计该合同的最长期限为五年，包括三年的绩效基期和两个一年的期权期。\nSherman表示，五角大楼希望JWCC成为“我们实现长期目标的桥梁”。他表示，预计2022年4月美国国防部通过合同直接奖励，最快在2025年展开更广泛的竞争。","news_type":1,"symbols_score_info":{"AMZN":0.9,"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":1970,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154070532,"gmtCreate":1625463903826,"gmtModify":1703742230169,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"Rr","listText":"Rr","text":"Rr","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/154070532","repostId":"1168133884","repostType":4,"repost":{"id":"1168133884","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625021330,"share":"https://ttm.financial/m/news/1168133884?lang=en_US&edition=fundamental","pubTime":"2021-06-30 10:48","market":"uk","language":"zh","title":"Reminder: US stocks will be closed on July 5th due to the US Independence Day holiday.","url":"https://stock-news.laohu8.com/highlight/detail?id=1168133884","media":"老虎资讯综合","summary":"因美国独立日假期，7月5日（周一）美股休市一日，7月6日（周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n独立日是美国法定国庆日，日期为每年7月4日，以纪念1776年7月","content":"<p><b>Due to the U.S. Independence Day holiday, U.S. stocks will be closed on Monday, July 5, and will resume trading on Tuesday, July 6.</b></p><p>Trading in Hong Kong, A-shares, UK, Macau, and Singapore stock markets will continue as usual.</p><p><b>Background Introduction:</b></p><p><b>Independence Day</b>It is a statutory national holiday in the United States, celebrated annually on July 4th to commemorate the formal adoption of the Declaration of Independence by the Continental Congress in Philadelphia on July 4, 1776. Independence Day in the United States is as solemn as religious and folk holidays. Before the holiday, people clean their yards, decorate their homes, and hang the national flag.<img src=\"https://static.tigerbbs.com/f87ddb03d9b4d56cf0dce9450e742016\" tg-width=\"626\" tg-height=\"417\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: US stocks will be closed on July 5th due to the US Independence Day holiday.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: US stocks will be closed on July 5th due to the US Independence Day holiday.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-30 10:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Due to the U.S. Independence Day holiday, U.S. stocks will be closed on Monday, July 5, and will resume trading on Tuesday, July 6.</b></p><p>Trading in Hong Kong, A-shares, UK, Macau, and Singapore stock markets will continue as usual.</p><p><b>Background Introduction:</b></p><p><b>Independence Day</b>It is a statutory national holiday in the United States, celebrated annually on July 4th to commemorate the formal adoption of the Declaration of Independence by the Continental Congress in Philadelphia on July 4, 1776. Independence Day in the United States is as solemn as religious and folk holidays. Before the holiday, people clean their yards, decorate their homes, and hang the national flag.<img src=\"https://static.tigerbbs.com/f87ddb03d9b4d56cf0dce9450e742016\" tg-width=\"626\" tg-height=\"417\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/21dd6adec6b29203b5bca22347419441","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168133884","content_text":"因美国独立日假期，7月5日（周一）美股休市一日，7月6日（周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n独立日是美国法定国庆日，日期为每年7月4日，以纪念1776年7月4日大陆会议在费城正式通过《独立宣言》。美国的独立日，与宗教、民俗节日一样隆重，老百姓在节日前清洁院落，装饰家居，悬挂国旗。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2362,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156841816,"gmtCreate":1625213918035,"gmtModify":1703738487401,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"OK&nbsp;","listText":"OK&nbsp;","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/156841816","repostId":"1100750301","repostType":4,"isVote":1,"tweetType":1,"viewCount":1569,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156841087,"gmtCreate":1625213900649,"gmtModify":1703738486580,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"Ok&nbsp;","listText":"Ok&nbsp;","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/156841087","repostId":"1100750301","repostType":4,"isVote":1,"tweetType":1,"viewCount":1821,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156855528,"gmtCreate":1625213694564,"gmtModify":1703738478449,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"Ok&nbsp;","listText":"Ok&nbsp;","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/156855528","repostId":"1168133884","repostType":4,"repost":{"id":"1168133884","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625021330,"share":"https://ttm.financial/m/news/1168133884?lang=en_US&edition=fundamental","pubTime":"2021-06-30 10:48","market":"uk","language":"zh","title":"Reminder: US stocks will be closed on July 5th due to the US Independence Day holiday.","url":"https://stock-news.laohu8.com/highlight/detail?id=1168133884","media":"老虎资讯综合","summary":"因美国独立日假期，7月5日（周一）美股休市一日，7月6日（周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n独立日是美国法定国庆日，日期为每年7月4日，以纪念1776年7月","content":"<p><b>Due to the U.S. Independence Day holiday, U.S. stocks will be closed on Monday, July 5, and will resume trading on Tuesday, July 6.</b></p><p>Trading in Hong Kong, A-shares, UK, Macau, and Singapore stock markets will continue as usual.</p><p><b>Background Introduction:</b></p><p><b>Independence Day</b>It is a statutory national holiday in the United States, celebrated annually on July 4th to commemorate the formal adoption of the Declaration of Independence by the Continental Congress in Philadelphia on July 4, 1776. Independence Day in the United States is as solemn as religious and folk holidays. Before the holiday, people clean their yards, decorate their homes, and hang the national flag.<img src=\"https://static.tigerbbs.com/f87ddb03d9b4d56cf0dce9450e742016\" tg-width=\"626\" tg-height=\"417\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: US stocks will be closed on July 5th due to the US Independence Day holiday.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: US stocks will be closed on July 5th due to the US Independence Day holiday.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-30 10:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Due to the U.S. Independence Day holiday, U.S. stocks will be closed on Monday, July 5, and will resume trading on Tuesday, July 6.</b></p><p>Trading in Hong Kong, A-shares, UK, Macau, and Singapore stock markets will continue as usual.</p><p><b>Background Introduction:</b></p><p><b>Independence Day</b>It is a statutory national holiday in the United States, celebrated annually on July 4th to commemorate the formal adoption of the Declaration of Independence by the Continental Congress in Philadelphia on July 4, 1776. Independence Day in the United States is as solemn as religious and folk holidays. Before the holiday, people clean their yards, decorate their homes, and hang the national flag.<img src=\"https://static.tigerbbs.com/f87ddb03d9b4d56cf0dce9450e742016\" tg-width=\"626\" tg-height=\"417\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/21dd6adec6b29203b5bca22347419441","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168133884","content_text":"因美国独立日假期，7月5日（周一）美股休市一日，7月6日（周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n独立日是美国法定国庆日，日期为每年7月4日，以纪念1776年7月4日大陆会议在费城正式通过《独立宣言》。美国的独立日，与宗教、民俗节日一样隆重，老百姓在节日前清洁院落，装饰家居，悬挂国旗。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1879,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":183416372,"gmtCreate":1623340464796,"gmtModify":1704201369475,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"Yi","listText":"Yi","text":"Yi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/183416372","repostId":"2142526221","repostType":4,"isVote":1,"tweetType":1,"viewCount":1474,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114405475,"gmtCreate":1623083855997,"gmtModify":1704195811186,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"Q","listText":"Q","text":"Q","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/114405475","repostId":"2141823276","repostType":4,"repost":{"id":"2141823276","kind":"highlight","pubTimestamp":1623080428,"share":"https://ttm.financial/m/news/2141823276?lang=en_US&edition=fundamental","pubTime":"2021-06-07 23:40","market":"us","language":"zh","title":"Bank of America: Some Investment Patterns in US Stocks Since 1928","url":"https://stock-news.laohu8.com/highlight/detail?id=2141823276","media":"华尔街见闻","summary":"目前市场对于美股是否“过度繁荣”的讨论非常热烈，有投资者担心美股或因美联储政策变化而出现大规模调整。\n美国银行试图从历史数据中寻找线索。该行统计显示，自1928年的月度数据表明传统“5月卖出”的股市谚","content":"<p>There is currently a heated discussion in the market about whether the US stock market is \"overprosperous,\" with some investors worried that the US stock market may experience a large-scale correction due to changes in the Federal Reserve's policies.</p><p><a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Trying to find clues from historical data. The bank's statistics show that monthly data since 1928 indicates that the traditional stock market adage of \"selling in May\" is not true, and US stocks are likely to experience a summer rally.</p><p><h2>The stock market proverb \"sell in May\" does not hold true</h2>Bank of America stated that monthly data since 1928 shows that the traditional \"May sell\" strategy does not hold true, and the S&P 500 is likely to experience a summer rally.</p><p><b>From a monthly perspective, although the return in May was negative, it was an excellent monthly buying opportunity.</b>The average return in June was approximately 0.77%; The average return in July was 1.58%, the highest of the year; The return in August was also quite good, averaging 0.7%.</p><p>September was the weakest month of the year, with an average return of -1.03%.<img src=\"https://static.tigerbbs.com/ffef396fe83da8fb05a1fcf928aca356\" tg-width=\"1095\" tg-height=\"760\" referrerpolicy=\"no-referrer\"></p><p>The \"presidential rally\" also confirms the pattern of the summer rally in US stocks.</p><p><b>Statistics show that in the first year of a new US president's term, large-scale rebounds in US stocks are typically concentrated in July and August.</b>The probability of a rise in July reached 65%, with a historical average return of 2.28%. September and October were relatively weak months.</p><p><img src=\"https://static.tigerbbs.com/0ac31bf82d51f9dc069f81cb79ee98d7\" tg-width=\"1103\" tg-height=\"790\" referrerpolicy=\"no-referrer\"></p><p><h2>The cross-month pattern also reflects the summer upward trend.</h2>From a monthly perspective, Bank of America statistics show that June-August was the second best-performing three months of the year, with a 65% probability of an increase and an average return of 3.18%. The weakest three months of the year are August to October, with a 55% probability of an increase, but an average return of only -0.03%.</p><p><img src=\"https://static.tigerbbs.com/b723af01581079a022899a5dacf947ed\" tg-width=\"1119\" tg-height=\"816\" referrerpolicy=\"no-referrer\"></p><p>August to October are the three weakest months of the year.<b>This means that there is a risk of a correction in US stocks in the fall.</b><img src=\"https://static.tigerbbs.com/9b56d223976b66649f0adb71a21b3cce\" tg-width=\"1106\" tg-height=\"802\" referrerpolicy=\"no-referrer\"></p><p><h2>The first 10 trading days of a month yield higher returns</h2>In terms of short-swing trading, monthly data since 1928 shows that<b>The market tends to perform better in the first 10 trading days of a month than in the last 10 trading days (except in December).</b><img src=\"https://static.tigerbbs.com/2d0204fb5c8b49191b3a1d854be72a01\" tg-width=\"1097\" tg-height=\"433\" referrerpolicy=\"no-referrer\"></p><p><b>June and July are the months when the relevant patterns are most obvious.</b>The average probability of an increase in the first 10 trading days of June was 59%, with an average return of 0.71%, and the probability of an increase in the last 10 trading days was 47%, with an average return of -0.01%. The probability of an increase in the first 10 trading days of July is 68%, with an average return of 1.53%, and the probability of an increase in the last 10 trading days is 59%, with an average return of -0.02%.<img src=\"https://static.tigerbbs.com/ea32f3689760a04aa567b8b1c2daaaa1\" tg-width=\"1094\" tg-height=\"827\" referrerpolicy=\"no-referrer\"></p><p><h2>The rebound in US stocks may continue.</h2>Bank of America emphasized that the Bloomberg U.S. Financial Conditions Index has reached a new high, which is precisely the leading indicator for the S&P 500's record high. This may indicate that the market will continue to rise.<img src=\"https://static.tigerbbs.com/9d72ba609108e876b7927dd14251dae4\" tg-width=\"1096\" tg-height=\"751\" referrerpolicy=\"no-referrer\">Bank of America predicts that if the indicator continues to rise, the S&P 500 is expected to gain further upward momentum and move towards the 4,400-4,500 point range.<img src=\"https://static.tigerbbs.com/9c480d60762f6cae516e86860cf3bbbc\" tg-width=\"1112\" tg-height=\"749\" referrerpolicy=\"no-referrer\"></p>","source":"wallstreetcn_api","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>Bank of America: Some Investment Patterns in US Stocks Since 1928</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\">\nBank of America: Some Investment Patterns in US Stocks Since 1928\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-06-07 23:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>There is currently a heated discussion in the market about whether the US stock market is \"overprosperous,\" with some investors worried that the US stock market may experience a large-scale correction due to changes in the Federal Reserve's policies.</p><p><a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Trying to find clues from historical data. The bank's statistics show that monthly data since 1928 indicates that the traditional stock market adage of \"selling in May\" is not true, and US stocks are likely to experience a summer rally.</p><p><h2>The stock market proverb \"sell in May\" does not hold true</h2>Bank of America stated that monthly data since 1928 shows that the traditional \"May sell\" strategy does not hold true, and the S&P 500 is likely to experience a summer rally.</p><p><b>From a monthly perspective, although the return in May was negative, it was an excellent monthly buying opportunity.</b>The average return in June was approximately 0.77%; The average return in July was 1.58%, the highest of the year; The return in August was also quite good, averaging 0.7%.</p><p>September was the weakest month of the year, with an average return of -1.03%.<img src=\"https://static.tigerbbs.com/ffef396fe83da8fb05a1fcf928aca356\" tg-width=\"1095\" tg-height=\"760\" referrerpolicy=\"no-referrer\"></p><p>The \"presidential rally\" also confirms the pattern of the summer rally in US stocks.</p><p><b>Statistics show that in the first year of a new US president's term, large-scale rebounds in US stocks are typically concentrated in July and August.</b>The probability of a rise in July reached 65%, with a historical average return of 2.28%. September and October were relatively weak months.</p><p><img src=\"https://static.tigerbbs.com/0ac31bf82d51f9dc069f81cb79ee98d7\" tg-width=\"1103\" tg-height=\"790\" referrerpolicy=\"no-referrer\"></p><p><h2>The cross-month pattern also reflects the summer upward trend.</h2>From a monthly perspective, Bank of America statistics show that June-August was the second best-performing three months of the year, with a 65% probability of an increase and an average return of 3.18%. The weakest three months of the year are August to October, with a 55% probability of an increase, but an average return of only -0.03%.</p><p><img src=\"https://static.tigerbbs.com/b723af01581079a022899a5dacf947ed\" tg-width=\"1119\" tg-height=\"816\" referrerpolicy=\"no-referrer\"></p><p>August to October are the three weakest months of the year.<b>This means that there is a risk of a correction in US stocks in the fall.</b><img src=\"https://static.tigerbbs.com/9b56d223976b66649f0adb71a21b3cce\" tg-width=\"1106\" tg-height=\"802\" referrerpolicy=\"no-referrer\"></p><p><h2>The first 10 trading days of a month yield higher returns</h2>In terms of short-swing trading, monthly data since 1928 shows that<b>The market tends to perform better in the first 10 trading days of a month than in the last 10 trading days (except in December).</b><img src=\"https://static.tigerbbs.com/2d0204fb5c8b49191b3a1d854be72a01\" tg-width=\"1097\" tg-height=\"433\" referrerpolicy=\"no-referrer\"></p><p><b>June and July are the months when the relevant patterns are most obvious.</b>The average probability of an increase in the first 10 trading days of June was 59%, with an average return of 0.71%, and the probability of an increase in the last 10 trading days was 47%, with an average return of -0.01%. The probability of an increase in the first 10 trading days of July is 68%, with an average return of 1.53%, and the probability of an increase in the last 10 trading days is 59%, with an average return of -0.02%.<img src=\"https://static.tigerbbs.com/ea32f3689760a04aa567b8b1c2daaaa1\" tg-width=\"1094\" tg-height=\"827\" referrerpolicy=\"no-referrer\"></p><p><h2>The rebound in US stocks may continue.</h2>Bank of America emphasized that the Bloomberg U.S. Financial Conditions Index has reached a new high, which is precisely the leading indicator for the S&P 500's record high. This may indicate that the market will continue to rise.<img src=\"https://static.tigerbbs.com/9d72ba609108e876b7927dd14251dae4\" tg-width=\"1096\" tg-height=\"751\" referrerpolicy=\"no-referrer\">Bank of America predicts that if the indicator continues to rise, the S&P 500 is expected to gain further upward momentum and move towards the 4,400-4,500 point range.<img src=\"https://static.tigerbbs.com/9c480d60762f6cae516e86860cf3bbbc\" tg-width=\"1112\" tg-height=\"749\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3632326\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/271cfa4439cda1437f20c9b60f7c187d","relate_stocks":{"BAC":"美国银行"},"source_url":"https://wallstreetcn.com/articles/3632326","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2141823276","content_text":"目前市场对于美股是否“过度繁荣”的讨论非常热烈，有投资者担心美股或因美联储政策变化而出现大规模调整。\n美国银行试图从历史数据中寻找线索。该行统计显示，自1928年的月度数据表明传统“5月卖出”的股市谚语并不成立，美股大概率将经历夏季上涨行情。\n“5月卖出”的股市谚语并不成立\n美国银行表示，自1928年的月度数据显示，传统的“5月卖出”的策略并不成立，标普500指数大概率经历夏季上涨行情。\n从月份角度，5月回报率虽然为负但是绝佳的阶段性月度买点：6月的平均回报率约为0.77%；7月的平均回报率为1.58%，为全年最高；8月的回报率也相当不错，平均达到0.7%。\n9月才是全年表现最弱的月度，平均回报率为-1.03%。\n“总统行情”也确认美股夏季行情的规律。\n统计显示在美国新总统上任的第1年，美股的大规模反弹通常集中在7—8月：7月相关上涨概率达到65%，历史平均回报率达到2.28%。9-10月份则是相对疲弱的月份。\n\n跨月规律也显示夏季上涨规律\n在跨月角度，美国银行统计显示，6—8月是全年中表现第2好的3个月，相关上涨概率达到65%，平均回报率达到3.18%；1年中最弱的3个月是8月至10月，上涨概率为55%，但平均回报率仅为—0.03%\n\n而8月—10月则是全年中最弱的3个月，这意味着美股存在秋季回调的风险。\n单月中的头10个交易日回报率更高\n在短线交易方面，自1928年的月度数据显示，单月的前10个交易日市场表现往往比后10个交易日更强（12月除外）。\n6、7月份是相关规律显示最为明显的月份。6月前10个交易日平均上涨概率为59%，平均回报率为0.71%，后10个交易日上涨概率为47%，平均回报率为—0.01%。7月前10个交易日上涨概率为68%，平均回报率为1.53%，后10个交易日上涨概率59%，平均回报率为-0.02%。\n美股反弹或将继续延续\n美国银行强调，目前彭博美国金融状况指数突破新高，而这恰恰是标普500指突破新高的领先性指标。这或许暗示市场将继续上行。美国银行预测认为，如果该指标继续上行，标普500指数有望获得进一步上涨动能，向4400—4500点区间迈进。","news_type":1,"symbols_score_info":{"BAC":0.9}},"isVote":1,"tweetType":1,"viewCount":1833,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185724740,"gmtCreate":1623674907480,"gmtModify":1704208334806,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"Te","listText":"Te","text":"Te","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/185724740","repostId":"1100068311","repostType":4,"isVote":1,"tweetType":1,"viewCount":1375,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188910212,"gmtCreate":1623419146536,"gmtModify":1704203133636,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"T","listText":"T","text":"T","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/188910212","repostId":"1105134625","repostType":4,"repost":{"id":"1105134625","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1623140058,"share":"https://ttm.financial/m/news/1105134625?lang=en_US&edition=fundamental","pubTime":"2021-06-08 16:14","market":"hk","language":"zh","title":"Reminder: The market closure schedule for the Dragon Boat Festival is here! Hong Kong stocks will be closed for one day on June 14.","url":"https://stock-news.laohu8.com/highlight/detail?id=1105134625","media":"老虎资讯综合","summary":"6月14日（周一）休市，6月15日（周二）起照常开市。美股、英股、新加坡股市照常交易。端午节，又称端阳节、龙舟节、天中节等，源于自然天象崇拜，由上古时代祭龙演变而来。因传说战国时期的楚国诗人屈原在五月五日跳汨罗江自尽，后来人们亦将端午节作为纪念屈原的节日；也有纪念伍子胥、曹娥及介子推等说法。总的来说，端午节起源于上古先民择“飞龙在天”吉日拜祭龙祖、祈福辟邪，注入夏季时令“祛病防疫\"风尚。","content":"<p>With the Dragon Boat Festival, a traditional Chinese festival, approaching, the closure arrangements for major markets are as follows:<img src=\"https://static.tigerbbs.com/ad358d24b10a4ecf9c9fa183f3c2ab9b\" tg-width=\"779\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A-shares:</b></p><p>The market will be closed on Monday, June 14, and will reopen as usual on Tuesday, June 15.</p><p><b>Hong Kong stocks:</b></p><p>The market will be closed on Monday, June 14, and will reopen as usual on Tuesday, June 15.</p><p><b>Australian stocks:</b></p><p>The market will be closed on June 14 (Monday) due to Queen's Birthday, and will reopen as usual from June 15 (Tuesday).</p><p><b>US, UK, and Singapore stock markets are trading as usual.</b></p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>Services will not be provided on Monday, June 14, but will resume as usual on Tuesday, June 15.</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will not be provided on Monday, June 14, but will resume as usual on Tuesday, June 15.</p><p><b>Background Introduction:</b></p><p>The Dragon Boat Festival, also known as the Dragon Boat Festival, the Dragon Boat Festival, or the Heavenly Festival, originated from the worship of natural celestial phenomena and evolved from dragon worship in ancient times. During the Dragon Boat Festival in midsummer, the seven constellations of the Azure Dragon soar in the south, occupying the most \"central\" position of the year, as the line of the fifth line of the Qian Hexagram of the I Ching says: \"The dragon flies in the sky.\" Its origins cover ancient astrological culture, humanistic philosophy and other aspects, and it contains profound and rich cultural connotations. In the process of inheritance and development, it has mixed various folk customs into one, and the content of festivals is rich. Dragon boat racing and eating zongzi (sticky rice dumplings) are two major customs of the Dragon Boat Festival, which have been passed down in China since ancient times and continue to this day.</p><p>The Dragon Boat Festival was originally a festival created by ancient people to pay homage to the Dragon Ancestor and pray for blessings and ward off evil spirits. Legend has it that Qu Yuan, a poet from the State of Chu during the Warring States period, committed suicide by jumping into the Miluo River on May 5th. Later, people also regarded the Dragon Boat Festival as a festival to commemorate Qu Yuan. There are also claims to commemorate Wu Zixu, Cao E, and Jie Zitui. In general, the Dragon Boat Festival originated from the fact that ancient people chose the auspicious day of \"flying dragons in the sky\" to worship the Dragon Ancestor and pray for blessings and ward off evil spirits, injecting the summer season trend of \"curing diseases and preventing epidemics\".<img src=\"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b\" tg-width=\"640\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: The market closure schedule for the Dragon Boat Festival is here! Hong Kong stocks will be closed for one day on June 14.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: The market closure schedule for the Dragon Boat Festival is here! Hong Kong stocks will be closed for one day on June 14.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-08 16:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>With the Dragon Boat Festival, a traditional Chinese festival, approaching, the closure arrangements for major markets are as follows:<img src=\"https://static.tigerbbs.com/ad358d24b10a4ecf9c9fa183f3c2ab9b\" tg-width=\"779\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A-shares:</b></p><p>The market will be closed on Monday, June 14, and will reopen as usual on Tuesday, June 15.</p><p><b>Hong Kong stocks:</b></p><p>The market will be closed on Monday, June 14, and will reopen as usual on Tuesday, June 15.</p><p><b>Australian stocks:</b></p><p>The market will be closed on June 14 (Monday) due to Queen's Birthday, and will reopen as usual from June 15 (Tuesday).</p><p><b>US, UK, and Singapore stock markets are trading as usual.</b></p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>Services will not be provided on Monday, June 14, but will resume as usual on Tuesday, June 15.</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will not be provided on Monday, June 14, but will resume as usual on Tuesday, June 15.</p><p><b>Background Introduction:</b></p><p>The Dragon Boat Festival, also known as the Dragon Boat Festival, the Dragon Boat Festival, or the Heavenly Festival, originated from the worship of natural celestial phenomena and evolved from dragon worship in ancient times. During the Dragon Boat Festival in midsummer, the seven constellations of the Azure Dragon soar in the south, occupying the most \"central\" position of the year, as the line of the fifth line of the Qian Hexagram of the I Ching says: \"The dragon flies in the sky.\" Its origins cover ancient astrological culture, humanistic philosophy and other aspects, and it contains profound and rich cultural connotations. In the process of inheritance and development, it has mixed various folk customs into one, and the content of festivals is rich. Dragon boat racing and eating zongzi (sticky rice dumplings) are two major customs of the Dragon Boat Festival, which have been passed down in China since ancient times and continue to this day.</p><p>The Dragon Boat Festival was originally a festival created by ancient people to pay homage to the Dragon Ancestor and pray for blessings and ward off evil spirits. Legend has it that Qu Yuan, a poet from the State of Chu during the Warring States period, committed suicide by jumping into the Miluo River on May 5th. Later, people also regarded the Dragon Boat Festival as a festival to commemorate Qu Yuan. There are also claims to commemorate Wu Zixu, Cao E, and Jie Zitui. In general, the Dragon Boat Festival originated from the fact that ancient people chose the auspicious day of \"flying dragons in the sky\" to worship the Dragon Ancestor and pray for blessings and ward off evil spirits, injecting the summer season trend of \"curing diseases and preventing epidemics\".<img src=\"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b\" tg-width=\"640\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/09ea6dbc4088c8bacb63a863e559c64b","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105134625","content_text":"临近中国传统节日端午节假期，各主要市场休市安排如下：A股：6月14日（周一）休市，6月15日（周二）起照常开市。港股：6月14日（周一）休市，6月15日（周二）起照常开市。澳股：6月14日（周一）因 Queen's Birthday 休市，6月15日（周二）起照常开市。美股、英股、新加坡股市照常交易。沪股通、深股通：6月14日（周一）不提供服务，6月15日（周二）起照常开通。港股通：6月14日（周一）不提供服务，6月15日（周二）起照常开通。背景介绍：端午节，又称端阳节、龙舟节、天中节等，源于自然天象崇拜，由上古时代祭龙演变而来。仲夏端午，苍龙七宿飞升于正南中天，处于全年最“正中”之位，即如《易经·乾卦》第五爻的爻辞曰：“飞龙在天”。其起源涵盖了古老星象文化、人文哲学等方面内容，蕴含着深邃丰厚的文化内涵，在传承发展中杂糅了多种民俗为一体，节俗内容丰富。扒龙舟与食粽是端午节的两大礼俗，这两大礼俗在中国自古传承，至今不辍。端午节，本是上古先民创立用于拜祭龙祖、祈福辟邪的节日。因传说战国时期的楚国诗人屈原在五月五日跳汨罗江自尽，后来人们亦将端午节作为纪念屈原的节日；也有纪念伍子胥、曹娥及介子推等说法。总的来说，端午节起源于上古先民择“飞龙在天”吉日拜祭龙祖、祈福辟邪，注入夏季时令“祛病防疫\"风尚。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1841,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180087151,"gmtCreate":1623164606273,"gmtModify":1704197526380,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"y","listText":"y","text":"y","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/180087151","repostId":"2141264113","repostType":4,"repost":{"id":"2141264113","kind":"highlight","pubTimestamp":1623164284,"share":"https://ttm.financial/m/news/2141264113?lang=en_US&edition=fundamental","pubTime":"2021-06-08 22:58","market":"us","language":"zh","title":"$3 trillion next year! This \"big bull\" set a \"small target\" for Apple.","url":"https://stock-news.laohu8.com/highlight/detail?id=2141264113","media":"华尔街见闻","summary":"虽然今年迄今苹果公司股价已经累计下跌5%，但华尔街券商Wedbush分析师Dan Ives看好苹果公司股价，认为2022年苹果公司市值将达到3万亿美元。\n自2018年跨过1万亿美元市值，2020年跨过","content":"<p>Although so far this year<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company's stock price has fallen by 5% cumulatively, but Dan Ives, an analyst at Wall Street brokerage firm Wedbush, is bullish on Apple's stock price, believing that Apple's market capitalization will reach $3 trillion in 2022.</p><p>Since surpassing $1 trillion in market capitalization in 2018 and $2 trillion in 2020, Apple's current market capitalization has reached $2.1 trillion, the highest in the world. However, Ives believes that Apple's market capitalization will surpass a third milestone—$3 trillion. \"We believe Apple will achieve this goal within the next 12 to 18 months.\"</p><p>Judging from Apple's innovation and the super cycle it is in in its services business, I think this is just the next stage of growth, Ives said.</p><p>Apple's stock price is currently trading around $125, but in late April, Ives raised his target price for Apple from $175 to $185 per share and maintained his \"Outperform\" rating.</p><p>He believes that Apple's current software services business is valued at approximately $1 trillion and is expected to rise to $1.5 trillion, thanks to the competitive advantage of the Apple ecosystem, which will help Apple's total market capitalization reach $3 trillion.</p><p>At Apple's annual Worldwide Developers Conference (WWDC), which began on Monday, Apple released its new mobile operating system, iOS 15, and is expected to release a new iPhone later this year. An Apple car is also at the research and development center.</p><p>Ives stated that Apple is currently laying the foundation for the next phase of growth, in which software and services play a crucial role.</p><p>However, achieving the $3 trillion \"small goal\" will not be achieved overnight, and there are several potential risks, including the dispute between Apple and Epic Games. Last year, Apple removed Epic Games' popular game Fortnite from the App Store because it violated App Store guidelines and in-app payment rules. Epic Games subsequently sued Apple, claiming that Apple's removal of its Fortnite App violated its competition terms. Last month, Apple CEO Tim Cook had to appear in court to face severe questioning.</p><p>Antitrust pressure is another factor hindering Apple's market capitalization growth. Ives points out that regulatory scrutiny is becoming increasingly stringent around the world. The European Commission said in April that Apple \"abused its dominant position\" in distributing music streaming apps through its app store.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>$3 trillion next year! This \"big bull\" set a \"small target\" for Apple.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n$3 trillion next year! This \"big bull\" set a \"small target\" for Apple.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-06-08 22:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Although so far this year<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company's stock price has fallen by 5% cumulatively, but Dan Ives, an analyst at Wall Street brokerage firm Wedbush, is bullish on Apple's stock price, believing that Apple's market capitalization will reach $3 trillion in 2022.</p><p>Since surpassing $1 trillion in market capitalization in 2018 and $2 trillion in 2020, Apple's current market capitalization has reached $2.1 trillion, the highest in the world. However, Ives believes that Apple's market capitalization will surpass a third milestone—$3 trillion. \"We believe Apple will achieve this goal within the next 12 to 18 months.\"</p><p>Judging from Apple's innovation and the super cycle it is in in its services business, I think this is just the next stage of growth, Ives said.</p><p>Apple's stock price is currently trading around $125, but in late April, Ives raised his target price for Apple from $175 to $185 per share and maintained his \"Outperform\" rating.</p><p>He believes that Apple's current software services business is valued at approximately $1 trillion and is expected to rise to $1.5 trillion, thanks to the competitive advantage of the Apple ecosystem, which will help Apple's total market capitalization reach $3 trillion.</p><p>At Apple's annual Worldwide Developers Conference (WWDC), which began on Monday, Apple released its new mobile operating system, iOS 15, and is expected to release a new iPhone later this year. An Apple car is also at the research and development center.</p><p>Ives stated that Apple is currently laying the foundation for the next phase of growth, in which software and services play a crucial role.</p><p>However, achieving the $3 trillion \"small goal\" will not be achieved overnight, and there are several potential risks, including the dispute between Apple and Epic Games. Last year, Apple removed Epic Games' popular game Fortnite from the App Store because it violated App Store guidelines and in-app payment rules. Epic Games subsequently sued Apple, claiming that Apple's removal of its Fortnite App violated its competition terms. Last month, Apple CEO Tim Cook had to appear in court to face severe questioning.</p><p>Antitrust pressure is another factor hindering Apple's market capitalization growth. Ives points out that regulatory scrutiny is becoming increasingly stringent around the world. The European Commission said in April that Apple \"abused its dominant position\" in distributing music streaming apps through its app store.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3632470\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fd680cd945fd32917c8ece66ec685e5f","relate_stocks":{"AAPL":"苹果"},"source_url":"https://wallstreetcn.com/articles/3632470","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2141264113","content_text":"虽然今年迄今苹果公司股价已经累计下跌5%，但华尔街券商Wedbush分析师Dan Ives看好苹果公司股价，认为2022年苹果公司市值将达到3万亿美元。\n自2018年跨过1万亿美元市值，2020年跨过2万亿美元市值之后，苹果公司目前市值达到2.1万亿美元，傲居全球最高。不过Ives认为，苹果市值还将跨过第三个里程碑——3万亿美元，“我们认为苹果将在未来12至18个月内达成该目标”。\n从苹果的创新、其在服务业务上所处的超级周期来看，我认为这只是下一个增长阶段而已，Ives说。\n目前苹果股价交投于125美元左右，但4月下旬，Ives就将苹果的目标价格从每股175美元提高到185美元，并维持跑赢大盘评级。\n他认为，苹果目前的软件服务业务估值大约在1万亿美元，并有望升至1.5万亿美元，得益于苹果生态的护城河，这将助推苹果总市值达到3万亿美元。\n在周一开始的一年一度苹果全球开发者大会（WWDC）上，苹果新发手机操作系统iOS 15，并预计今年稍晚将发售新的iPhone，且苹果汽车也在研发中心。\nIves表示，苹果当下正在为下一阶段的增长打下基础，在这个阶段，软件和服务发挥着重要作用。\n但要达成3万亿美元“小目标”并非一蹴而就，存在几个潜在风险，其中就包括苹果与Epic Games的纷争。去年苹果将Epic Games旗下热门游戏《堡垒之夜》从App Store中下架，因其违反了应用商店的指引，违反了应用内支付规则。随后Epic Games 起诉苹果，称苹果将其游戏《堡垒之夜》App下架违反竞争条款。上月，苹果CEO库克不得不出庭面临严厉质询。\n反垄断压力也是阻碍苹果市值增长的又一因素。Ives指出，世界各地的监管审查越来越严格。欧盟委员会在4月表示，苹果在通过其应用程序商店分发音乐流媒体应用程序方面 \"滥用了其主导地位\"。","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1754,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115280384,"gmtCreate":1623000510648,"gmtModify":1704194211569,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"D","listText":"D","text":"D","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/115280384","repostId":"2141289311","repostType":4,"repost":{"id":"2141289311","kind":"highlight","pubTimestamp":1622984559,"share":"https://ttm.financial/m/news/2141289311?lang=en_US&edition=fundamental","pubTime":"2021-06-06 21:02","market":"hk","language":"zh","title":"A picture to understand Nayuki's tea IPO","url":"https://stock-news.laohu8.com/highlight/detail?id=2141289311","media":"格隆汇","summary":"奈雪的茶6月6日通过港交所上市聆讯","content":"<p>According to Hong Kong Stock Exchange documents, Nayuki Tea passed its listing hearing on the Hong Kong Stock Exchange on June 6.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>CMB International and Huatai International are the joint sponsors. Let's understand Nayuki's basic situation through a picture.</p><p><img src=\"https://img3.gelonghui.com/bb90c-5092c731-5ebf-4e04-8209-94e0ea4dedad.jpg\" tg-width=\"1241\" tg-height=\"14356\" referrerpolicy=\"no-referrer\"></p>","source":"gelonghui_highlight","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>A picture to understand Nayuki's tea IPO</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\">\nA picture to understand Nayuki's tea IPO\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2021-06-06 21:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>According to Hong Kong Stock Exchange documents, Nayuki Tea passed its listing hearing on the Hong Kong Stock Exchange on June 6.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>CMB International and Huatai International are the joint sponsors. Let's understand Nayuki's basic situation through a picture.</p><p><img src=\"https://img3.gelonghui.com/bb90c-5092c731-5ebf-4e04-8209-94e0ea4dedad.jpg\" tg-width=\"1241\" tg-height=\"14356\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.gelonghui.com/p/468995\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a8caeb63df9cee101ea6627464adb251","relate_stocks":{},"source_url":"http://www.gelonghui.com/p/468995","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2141289311","content_text":"据港交所文件显示，奈雪的茶6月6日通过港交所上市聆讯，摩根大通、招银国际、华泰国际为联席保荐人。下面让我们通过一图来看懂奈雪的基本情况。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1409,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118252004,"gmtCreate":1622734915408,"gmtModify":1704190184383,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"Jy","listText":"Jy","text":"Jy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/118252004","repostId":"1112529009","repostType":4,"repost":{"id":"1112529009","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":1622730655,"share":"https://ttm.financial/m/news/1112529009?lang=en_US&edition=fundamental","pubTime":"2021-06-03 22:30","market":"us","language":"zh","title":"Chinese education stocks listed in the US fell across the board, with New Oriental's stock price plummeting by more than 20% at one point.","url":"https://stock-news.laohu8.com/highlight/detail?id=1112529009","media":"老虎资讯综合","summary":"周四美股盘中，中概教育股集体下跌，新东方股价盘中一度跳水，现跌超15%。同时，好未来跌超13%，高途跌超11%，网网易有道跌超4%。","content":"<p>On Thursday, Chinese education stocks listed in the US fell across the board during trading.<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>The stock price plunged at one point during trading and is now down more than 15%. At the same time,<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>It fell more than 13%.<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>It fell by more than 11%, and NetEase Youdao fell by more than 4%.</p><p><img src=\"https://static.tigerbbs.com/bf1342cdd778fecbfa1ee221254fd6cc\" 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>Chinese education stocks listed in the US fell across the board, with New Oriental's stock price plummeting by more than 20% at one point.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChinese education stocks listed in the US fell across the board, with New Oriental's stock price plummeting by more than 20% at one point.\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\">2021-06-03 22:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On Thursday, Chinese education stocks listed in the US fell across the board during trading.<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>The stock price plunged at one point during trading and is now down more than 15%. At the same time,<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>It fell more than 13%.<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>It fell by more than 11%, and NetEase Youdao fell by more than 4%.</p><p><img src=\"https://static.tigerbbs.com/bf1342cdd778fecbfa1ee221254fd6cc\" 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/01a671cf129d3f10de6e09ec0c46d949","relate_stocks":{"TAL":"好未来","DAO":"有道","GOTU":"高途","EDU":"新东方"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112529009","content_text":"周四美股盘中，中概教育股集体下跌，新东方股价盘中一度跳水，现跌超15%。同时，好未来跌超13%，高途跌超11%，网网易有道跌超4%。","news_type":1,"symbols_score_info":{"TAL":0.9,"GOTU":0.9,"EDU":0.9,"DAO":0.9}},"isVote":1,"tweetType":1,"viewCount":1496,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806224386,"gmtCreate":1627659405845,"gmtModify":1703494371306,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/806224386","repostId":"1198370900","repostType":4,"repost":{"id":"1198370900","kind":"news","weMediaInfo":{"introduction":"凤凰网港股官方账号，专注让专业更简单","home_visible":1,"media_name":"凤凰网港股","id":"56","head_image":"https://community-static.tradeup.com/news/63f98f2e899d607a12011e4ecf9c0ac7"},"pubTimestamp":1627658786,"share":"https://ttm.financial/m/news/1198370900?lang=en_US&edition=fundamental","pubTime":"2021-07-30 23:26","market":"sh","language":"zh","title":"Behind the \"buying a house with a voucher,\" is a major revolution in the real estate market really coming?","url":"https://stock-news.laohu8.com/highlight/detail?id=1198370900","media":"凤凰网港股","summary":"2021年春节过后，原本平静的武汉楼市突然躁动起来。\n短短两个月的时间里，武汉光谷关山大道的中建大公馆、金地格林东郡、泛悦城等楼盘，从2万元/平方米左右的价格，涨到了3、4万元/平方米。\n而房价飞涨的","content":"<p><b>After the Spring Festival in 2021, the previously calm Wuhan real estate market suddenly became restless.</b></p><p>In just two months, the prices of residential projects such as China Construction Grand Mansion, Gemdale Green East County, and Fanyue City on Guanshan Avenue in Optics Valley, Wuhan, have risen from around 20,000 yuan per square meter to 30,000 to 40,000 yuan per square meter.</p><p>Behind the soaring housing prices are investors from Shenzhen, Xuzhou, Zaozhuang and other places who are taking advantage of Wuhan's relatively relaxed household registration and purchase restriction policies to engage in frenzied \"speculation\".</p><p>At the time, Wuhan locals who suffered greatly told the media, \"I hate these out-of-town speculators. When will the government strictly restrict purchases?\"</p><p>The people of Wuhan did not wait long. Three months later, on July 28, the Wuhan Municipal Housing Administration Bureau released a draft for public comment on strengthening the management of home purchase qualifications. Following the release of the draft opinion, the topic of \"Wuhan will implement the practice of buying houses with housing vouchers\" quickly sparked heated discussions online.</p><p>Is Wuhan about to enter the era of \"buying a house with a housing voucher\"? Some people supported this news, some questioned it, and some worried that \"real estate speculation\" would turn into \"speculative housing tickets\".</p><p>However, regardless of how it is interpreted, the signal of \"tightening\" in the real estate market released by Wuhan is clear. In fact, Wuhan is not the only city that is \"tightening\" its real estate policies.</p><p>Phoenix.com's \"Eye of the Storm\" found that since the beginning of 2021, local governments, including those in Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou, have released stricter regulatory policies for the real estate market.</p><p>As the after-school education and training industry undergoes a disruptive transformation, many people can't help but ask:<b>Is a major transformation coming to China's real estate market?</b></p><p>Bai Wenxi, vice chairman of the China Enterprise Capital Alliance and chief economist of IPG China, told Phoenix.com's \"Eye of the Storm\": \"These policies will increase the difficulty and cost of purchasing housing for investment purposes in the short term, thereby curbing the overheating of the housing market to some extent. However, in the long run, if the actual market supply and demand relationship does not change, and if the population, land, and financial policies that affect housing prices do not make major changes, it will be difficult to have a substantial impact on housing prices.\"</p><p><img src=\"https://static.tigerbbs.com/93c9284d07634672a560d0f50a2e3314\" tg-width=\"1080\" tg-height=\"443\" referrerpolicy=\"no-referrer\"></p><p><b>01. What exactly is \"buying a house with a voucher\" in Wuhan?</b></p><p>What exactly does Wuhan's \"buying a house with a housing voucher\" policy, which has sparked heated discussions online, stipulate?</p><p>On July 28, in order to adhere to the principle that \"housing is for living in, not for speculation\" and further strengthen the management of housing purchase qualifications in Wuhan, the Wuhan Municipal Housing Administration Bureau issued the \"Notice of the Wuhan Municipal Housing Security and Housing Administration Bureau on Strengthening the Management of Housing Purchase Qualifications (Draft for Public Comment)\" and solicited public opinions.</p><p><img src=\"https://static.tigerbbs.com/8db8d8c23e8cca1ee4ca8d5d15731bf9\" tg-width=\"1007\" tg-height=\"537\" referrerpolicy=\"no-referrer\"></p><p>According to the draft opinion, homebuyers who meet the requirements for purchasing housing in restricted areas can apply for home purchase eligibility through official platforms or through developers and real estate agencies.</p><p>The housing management departments of each district shall complete the home purchase eligibility determination within 48 hours from the time of application and provide feedback on the determination results to the applicant. The home purchase eligibility determination results shall be valid for 60 days from the date of issuance.</p><p>The draft for comments also requires that after the home purchase registration is completed, the results of the home purchase eligibility determination are locked in immediately, and no further home purchase registration is allowed during the locking period. After the property opens for sale, the results of the purchase eligibility verification will be automatically released.</p><p>Bai Wenxi told Phoenix.com's \"Eye of the Storm\": \"The idea of 'buying a house with a voucher' in Wuhan is currently in the stage of soliciting opinions. This is a proposed institutional design to strengthen the control of the real estate market and base it on the eligibility of homebuyers.\"</p><p>So, what impact will the introduction of the policy of \"buying a house with a housing voucher\" have on Wuhan's real estate market?</p><p>Zhuge Real Estate Data Research Center told Phoenix.com's \"Eye of the Storm\": \"The policy of buying a house with a voucher is a patch to the previous policy and a supplement to the purchase restriction policy. To a certain extent, it can curb market chaos, play a positive role in regulating real estate market transactions, and has effectively cracked down on some developers who create false hot sales scenes. To a certain extent, it can curb speculation.\"</p><p>Zhu Xiaohong, president of the China Luxury Housing Research Institute, told Phoenix.com's \"Eye of the Storm\": \"Buying houses with housing vouchers is similar to housing interventions in Hong Kong and South Korea. It is beneficial for combating speculation and controlling excessive consumption of housing products, but we must prevent 'using housing vouchers for personal gain' and 'buying and selling housing vouchers,' and ensure that housing vouchers are given to the right people.\"</p><p>Bai Wenxi expressed similar concerns, saying, \"On the surface, housing vouchers will control demand and crack down on speculation, but in reality, they are done by suppressing demand and not increasing supply. If used improperly, they may actually exacerbate the contradiction between supply and demand, lead to corruption of power, and exacerbate various disguised and underground speculation.\"</p><p><b>02. Local governments have introduced a series of policies, with clear signals of \"tightening\".</b></p><p>In fact, Wuhan's policy adjustments regarding home purchase eligibility may have already begun as early as 2020.</p><p>In January last year, Wuhan implemented a fully online verification process for commercial housing qualifications. Prospective homebuyers can apply for qualifications and check the results through the official website of the Wuhan Municipal Housing Administration Bureau. If the verification is passed, they can obtain verification materials such as a number and QR code. These materials are valid for purchasing a house within 60 days, and a new application is required after the expiration date.</p><p>It can be seen that as early as 2020, Wuhan had already established the prototype of the \"buying a house with a housing voucher\" mechanism. This draft for comments is also a supplement and improvement to the existing policies.</p><p>Besides Wuhan, first-tier cities such as Beijing, Shanghai, Guangzhou, and Shenzhen, second- and third-tier cities such as Jiaxing, Foshan, and Wuxi, as well as central government departments such as the Ministry of Housing and Urban-Rural Development, have also successively released a series of policies to strengthen the supervision of the real estate market.</p><p>On January 5, Wang Menghui, Minister of Housing and Urban-Rural Development, reiterated in a media interview the policy principles of adhering to the principle that \"housing is for living in, not for speculation\" and implementing a long-term mechanism for the real estate market. He stated that \"housing is for living in, not for speculation\" will remain the main policy theme in 2021, while signaling that the long-term mechanism is being continuously implemented and improved.</p><p>For example, Shanghai also explicitly stated in January that it would continue to implement the property tax pilot program. Meanwhile, Shanghai has also stipulated, in response to the phenomenon of \"fake divorces but real home purchases,\" that if either spouse purchases commercial housing within three years from the date of divorce, the number of housing units owned by the spouse shall be calculated based on the total number of housing units owned by the family before the divorce. Adjust the value-added tax exemption period. The exemption period for value-added tax on individual housing sales will be increased from 2 years to 5 years.</p><p>In March, Xi'an also released a new purchase restriction policy, stipulating that homebuyers who fraudulently obtain or circumvent the purchase restriction policy through \"nominee shareholding\" will be included in the city's list of dishonest homebuyers and will be prohibited from purchasing homes for five years.</p><p>In June, the Ministry of Finance, the Ministry of Natural Resources, the State Taxation Administration, and the People's Bank of China jointly issued a notice that four non-tax revenues, including revenue from the transfer of state-owned land use rights, would be transferred to the tax authorities for collection, which once sparked heated discussions.</p><p>On July 23, eight departments, including the Ministry of Housing and Urban-Rural Development, the National Development and Reform Commission, and the Ministry of Public Security, jointly issued a notice on continuing to rectify and standardize the real estate market order. The notice aims to comprehensively regulate the real estate market order from four aspects: real estate development, housing sales, housing rental, and property services.</p><p>On July 30, the China Banking and Insurance Regulatory Commission (CBIRC) held a system-wide mid-year work symposium and a teleconference on discipline inspection and supervision work in 2021. The meeting emphasized the need to strictly implement the \"three lines and four tiers\" and real estate loan concentration requirements to prevent bank and insurance funds from illegally flowing into the real estate market.</p><p>According to incomplete statistics from Phoenix.com's \"Eye of the Storm,\" since January this year, local governments and relevant central departments have issued more than 40 regulatory and control policies targeting the real estate market and its derivative services. The sheer number and density are relatively rare in recent years.</p><p>Bai Wenxi told Phoenix.com's \"Eye of the Storm\": \"There are three reasons for the current adjustment of real estate policies: first, to prevent financial risks caused by real estate; second, under the domestic circulation model, it is necessary to reduce the total cost of economic operation, represented by real estate; and third, to increase the willingness to have children and maintain sustainable population development, it is necessary to reduce the pressure on housing costs.\"</p><p><img src=\"https://static.tigerbbs.com/8a08ad922ffa471f7aea8f0400a29bb4\" tg-width=\"1080\" tg-height=\"1230\" referrerpolicy=\"no-referrer\"></p><p><b>03. Real estate companies' stock prices pullback/retracement sharply as their glory fades.</b></p><p>The policy changes have also directly affected listed companies in the real estate industry.</p><p>Benefiting from the rapid development of China's real estate market in recent years, a large number of behemoth real estate listed companies have emerged in China, and real estate companies were once regarded as a symbol of \"not lacking money\".</p><p>Wanda Chairman Wang Jianlin, who has passed away<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>Chairman Zuo Hui and other real estate tycoons have all ascended to the throne of \"richest man\".</p><p>However, as the government began to regulate the \"overheated\" real estate market and introduced a series of strict regulatory policies, these listed real estate companies also encountered the problem of \"a large ship is difficult to turn around\", resulting in problems such as broken capital chains, declining revenue, falling stock prices, and high debts.</p><p>In August last year, the Ministry of Housing and Urban-Rural Development and the People's Bank of China held a symposium with key real estate enterprises in Beijing, clarifying the rules for fund monitoring and financing management of key real estate enterprises, which were the \"three red lines\" that had been rumored many times in the industry.</p><p>According to incomplete statistics from Phoenix.com's \"Eye of the Storm,\" more than half of the 40 leading real estate companies listed on the Hong Kong and A-share markets have seen their stock prices fall more than 30% from their peak pullback/retracement within 52 weeks.</p><p><img src=\"https://static.tigerbbs.com/face4ce6faa97c257718c9108ee3c3b8\" tg-width=\"1080\" tg-height=\"1003\" referrerpolicy=\"no-referrer\"></p><p>In fact, during the collective \"plunge\" in A-shares on Monday and Tuesday, A-share real estate stocks also fell sharply due to concerns about policy regulation in the real estate market.<a href=\"https://laohu8.com/S/000718\">Suning Universal</a>、<a href=\"https://laohu8.com/S/600773\">Tibet Urban Investment</a>It once fell by more than 10%.</p><p><img src=\"https://static.tigerbbs.com/0dfca5e8a01f143057cf5d1f41a95b53\" tg-width=\"324\" tg-height=\"459\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>04. Is a major revolution in the real estate market coming?</b></p><p>Wuhan's \"buying a house with housing coupons\" policy has reminded many people of the \"grain coupons\" and \"meat coupons\" of the planned economy era. So, does \"buying a house with a housing voucher\" really mean returning to the planned economy era? Will this trigger other cities to follow suit?</p><p><img src=\"https://static.tigerbbs.com/cb31adddcc3e0bf4814fad90b355b71b\" tg-width=\"1080\" tg-height=\"219\" referrerpolicy=\"no-referrer\"></p><p>Bai Wenxi stated that China has bid farewell to the era of tickets for nearly 30 years, and the introduction of Wuhan's \"housing tickets\" has touched upon and evoked people's memories of the era of insufficient supply and tickets everywhere during the planned economy era. As one of the industries with the highest public attention, the Wuhan \"housing tickets\" incident, which is still in the works, will most likely be pushed to the \"trending topics\".</p><p>Bai Wenxi believes that housing vouchers are a system designed to compress demand through entry controls, thereby changing the supply and demand relationship in the housing market and preventing the housing market from overheating. However, real estate market regulation logically needs to start from both the supply and demand sides. While limiting and suppressing demand with quantity and price tools, it is also necessary to balance the supply and demand relationship by increasing market supply.</p><p>\"Therefore, to truly stabilize the supply and demand relationship in the real estate market, we must minimize and eliminate various control measures on both the supply and demand sides, use price mechanisms to guide the allocation of resources and factors and reconstruct the supply and demand relationship, and certainly not restore the tickets of the planned economy era,\" Bai Wenxi told Phoenix.com's \"Eye of the Storm\".</p><p><img src=\"https://static.tigerbbs.com/b5109cefd2de75f41c0a1a0f3da6acbb\" tg-width=\"720\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p>Whether it's Wuhan's recent policy of \"buying a house with a housing voucher,\" a series of regulatory policies on the real estate market introduced by local governments this year, or the rumored upcoming \"real estate tax,\" do these mean that China's real estate market is about to undergo a major transformation?</p><p>Zhuge Real Estate Data Research Center told Phoenix.com's \"Eye of the Storm\": \"The introduction of the real estate tax may usher in another reshuffle of the real estate market.\"</p><p>\"Judging from the current adjustments to real estate policies, adhering to the principle that 'housing is for living in, not for speculation' is the main theme of my country's real estate market. Under this principle, first, it is necessary to curb the rapid rise in housing prices through policy regulation and promote the market to gradually return to a rational stage; second, it is necessary to continuously improve and standardize the real estate market system, promptly crack down on some behaviors that speculate on housing prices and exploit policy loopholes, and promote the healthy development of the real estate market.\" Third, limited resources should be allocated to first-time homebuyers to provide a more stable real estate environment.</p><p>Zhuge Real Estate Data Research Center believes that with the introduction of these policies, the interests of genuine first-time homebuyers have been protected, and their home-buying mentality has gradually become more rational, which has played a certain role in curbing the rapid rise in housing prices. In the long run, after strict policy regulation, housing prices in first-tier cities will tend to stabilize.</p><p>Bai Wenxi believes that if a property tax is introduced soon, it will indeed mean a major transformation in the real estate market. However, in fact, the property tax has not yet been submitted for review according to legislative procedures and will not be introduced soon, nor is there a timetable.</p><p>Bai Wenxi stated that if these policies do not start with expanding the supply side, but only adopt measures such as quantitative tools to control demand entry, such as housing vouchers, and price tools to control demand, such as mortgage ratios and interest rates, the result may only be to stir up trouble, or even to cause prices to rise further with each adjustment.</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>Behind the \"buying a house with a voucher,\" is a major revolution in the real estate market really coming?</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\">\nBehind the \"buying a house with a voucher,\" is a major revolution in the real estate market really coming?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/56\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/63f98f2e899d607a12011e4ecf9c0ac7);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">凤凰网港股 </p>\n<p class=\"h-time smaller\">2021-07-30 23:26</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>After the Spring Festival in 2021, the previously calm Wuhan real estate market suddenly became restless.</b></p><p>In just two months, the prices of residential projects such as China Construction Grand Mansion, Gemdale Green East County, and Fanyue City on Guanshan Avenue in Optics Valley, Wuhan, have risen from around 20,000 yuan per square meter to 30,000 to 40,000 yuan per square meter.</p><p>Behind the soaring housing prices are investors from Shenzhen, Xuzhou, Zaozhuang and other places who are taking advantage of Wuhan's relatively relaxed household registration and purchase restriction policies to engage in frenzied \"speculation\".</p><p>At the time, Wuhan locals who suffered greatly told the media, \"I hate these out-of-town speculators. When will the government strictly restrict purchases?\"</p><p>The people of Wuhan did not wait long. Three months later, on July 28, the Wuhan Municipal Housing Administration Bureau released a draft for public comment on strengthening the management of home purchase qualifications. Following the release of the draft opinion, the topic of \"Wuhan will implement the practice of buying houses with housing vouchers\" quickly sparked heated discussions online.</p><p>Is Wuhan about to enter the era of \"buying a house with a housing voucher\"? Some people supported this news, some questioned it, and some worried that \"real estate speculation\" would turn into \"speculative housing tickets\".</p><p>However, regardless of how it is interpreted, the signal of \"tightening\" in the real estate market released by Wuhan is clear. In fact, Wuhan is not the only city that is \"tightening\" its real estate policies.</p><p>Phoenix.com's \"Eye of the Storm\" found that since the beginning of 2021, local governments, including those in Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou, have released stricter regulatory policies for the real estate market.</p><p>As the after-school education and training industry undergoes a disruptive transformation, many people can't help but ask:<b>Is a major transformation coming to China's real estate market?</b></p><p>Bai Wenxi, vice chairman of the China Enterprise Capital Alliance and chief economist of IPG China, told Phoenix.com's \"Eye of the Storm\": \"These policies will increase the difficulty and cost of purchasing housing for investment purposes in the short term, thereby curbing the overheating of the housing market to some extent. However, in the long run, if the actual market supply and demand relationship does not change, and if the population, land, and financial policies that affect housing prices do not make major changes, it will be difficult to have a substantial impact on housing prices.\"</p><p><img src=\"https://static.tigerbbs.com/93c9284d07634672a560d0f50a2e3314\" tg-width=\"1080\" tg-height=\"443\" referrerpolicy=\"no-referrer\"></p><p><b>01. What exactly is \"buying a house with a voucher\" in Wuhan?</b></p><p>What exactly does Wuhan's \"buying a house with a housing voucher\" policy, which has sparked heated discussions online, stipulate?</p><p>On July 28, in order to adhere to the principle that \"housing is for living in, not for speculation\" and further strengthen the management of housing purchase qualifications in Wuhan, the Wuhan Municipal Housing Administration Bureau issued the \"Notice of the Wuhan Municipal Housing Security and Housing Administration Bureau on Strengthening the Management of Housing Purchase Qualifications (Draft for Public Comment)\" and solicited public opinions.</p><p><img src=\"https://static.tigerbbs.com/8db8d8c23e8cca1ee4ca8d5d15731bf9\" tg-width=\"1007\" tg-height=\"537\" referrerpolicy=\"no-referrer\"></p><p>According to the draft opinion, homebuyers who meet the requirements for purchasing housing in restricted areas can apply for home purchase eligibility through official platforms or through developers and real estate agencies.</p><p>The housing management departments of each district shall complete the home purchase eligibility determination within 48 hours from the time of application and provide feedback on the determination results to the applicant. The home purchase eligibility determination results shall be valid for 60 days from the date of issuance.</p><p>The draft for comments also requires that after the home purchase registration is completed, the results of the home purchase eligibility determination are locked in immediately, and no further home purchase registration is allowed during the locking period. After the property opens for sale, the results of the purchase eligibility verification will be automatically released.</p><p>Bai Wenxi told Phoenix.com's \"Eye of the Storm\": \"The idea of 'buying a house with a voucher' in Wuhan is currently in the stage of soliciting opinions. This is a proposed institutional design to strengthen the control of the real estate market and base it on the eligibility of homebuyers.\"</p><p>So, what impact will the introduction of the policy of \"buying a house with a housing voucher\" have on Wuhan's real estate market?</p><p>Zhuge Real Estate Data Research Center told Phoenix.com's \"Eye of the Storm\": \"The policy of buying a house with a voucher is a patch to the previous policy and a supplement to the purchase restriction policy. To a certain extent, it can curb market chaos, play a positive role in regulating real estate market transactions, and has effectively cracked down on some developers who create false hot sales scenes. To a certain extent, it can curb speculation.\"</p><p>Zhu Xiaohong, president of the China Luxury Housing Research Institute, told Phoenix.com's \"Eye of the Storm\": \"Buying houses with housing vouchers is similar to housing interventions in Hong Kong and South Korea. It is beneficial for combating speculation and controlling excessive consumption of housing products, but we must prevent 'using housing vouchers for personal gain' and 'buying and selling housing vouchers,' and ensure that housing vouchers are given to the right people.\"</p><p>Bai Wenxi expressed similar concerns, saying, \"On the surface, housing vouchers will control demand and crack down on speculation, but in reality, they are done by suppressing demand and not increasing supply. If used improperly, they may actually exacerbate the contradiction between supply and demand, lead to corruption of power, and exacerbate various disguised and underground speculation.\"</p><p><b>02. Local governments have introduced a series of policies, with clear signals of \"tightening\".</b></p><p>In fact, Wuhan's policy adjustments regarding home purchase eligibility may have already begun as early as 2020.</p><p>In January last year, Wuhan implemented a fully online verification process for commercial housing qualifications. Prospective homebuyers can apply for qualifications and check the results through the official website of the Wuhan Municipal Housing Administration Bureau. If the verification is passed, they can obtain verification materials such as a number and QR code. These materials are valid for purchasing a house within 60 days, and a new application is required after the expiration date.</p><p>It can be seen that as early as 2020, Wuhan had already established the prototype of the \"buying a house with a housing voucher\" mechanism. This draft for comments is also a supplement and improvement to the existing policies.</p><p>Besides Wuhan, first-tier cities such as Beijing, Shanghai, Guangzhou, and Shenzhen, second- and third-tier cities such as Jiaxing, Foshan, and Wuxi, as well as central government departments such as the Ministry of Housing and Urban-Rural Development, have also successively released a series of policies to strengthen the supervision of the real estate market.</p><p>On January 5, Wang Menghui, Minister of Housing and Urban-Rural Development, reiterated in a media interview the policy principles of adhering to the principle that \"housing is for living in, not for speculation\" and implementing a long-term mechanism for the real estate market. He stated that \"housing is for living in, not for speculation\" will remain the main policy theme in 2021, while signaling that the long-term mechanism is being continuously implemented and improved.</p><p>For example, Shanghai also explicitly stated in January that it would continue to implement the property tax pilot program. Meanwhile, Shanghai has also stipulated, in response to the phenomenon of \"fake divorces but real home purchases,\" that if either spouse purchases commercial housing within three years from the date of divorce, the number of housing units owned by the spouse shall be calculated based on the total number of housing units owned by the family before the divorce. Adjust the value-added tax exemption period. The exemption period for value-added tax on individual housing sales will be increased from 2 years to 5 years.</p><p>In March, Xi'an also released a new purchase restriction policy, stipulating that homebuyers who fraudulently obtain or circumvent the purchase restriction policy through \"nominee shareholding\" will be included in the city's list of dishonest homebuyers and will be prohibited from purchasing homes for five years.</p><p>In June, the Ministry of Finance, the Ministry of Natural Resources, the State Taxation Administration, and the People's Bank of China jointly issued a notice that four non-tax revenues, including revenue from the transfer of state-owned land use rights, would be transferred to the tax authorities for collection, which once sparked heated discussions.</p><p>On July 23, eight departments, including the Ministry of Housing and Urban-Rural Development, the National Development and Reform Commission, and the Ministry of Public Security, jointly issued a notice on continuing to rectify and standardize the real estate market order. The notice aims to comprehensively regulate the real estate market order from four aspects: real estate development, housing sales, housing rental, and property services.</p><p>On July 30, the China Banking and Insurance Regulatory Commission (CBIRC) held a system-wide mid-year work symposium and a teleconference on discipline inspection and supervision work in 2021. The meeting emphasized the need to strictly implement the \"three lines and four tiers\" and real estate loan concentration requirements to prevent bank and insurance funds from illegally flowing into the real estate market.</p><p>According to incomplete statistics from Phoenix.com's \"Eye of the Storm,\" since January this year, local governments and relevant central departments have issued more than 40 regulatory and control policies targeting the real estate market and its derivative services. The sheer number and density are relatively rare in recent years.</p><p>Bai Wenxi told Phoenix.com's \"Eye of the Storm\": \"There are three reasons for the current adjustment of real estate policies: first, to prevent financial risks caused by real estate; second, under the domestic circulation model, it is necessary to reduce the total cost of economic operation, represented by real estate; and third, to increase the willingness to have children and maintain sustainable population development, it is necessary to reduce the pressure on housing costs.\"</p><p><img src=\"https://static.tigerbbs.com/8a08ad922ffa471f7aea8f0400a29bb4\" tg-width=\"1080\" tg-height=\"1230\" referrerpolicy=\"no-referrer\"></p><p><b>03. Real estate companies' stock prices pullback/retracement sharply as their glory fades.</b></p><p>The policy changes have also directly affected listed companies in the real estate industry.</p><p>Benefiting from the rapid development of China's real estate market in recent years, a large number of behemoth real estate listed companies have emerged in China, and real estate companies were once regarded as a symbol of \"not lacking money\".</p><p>Wanda Chairman Wang Jianlin, who has passed away<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>Chairman Zuo Hui and other real estate tycoons have all ascended to the throne of \"richest man\".</p><p>However, as the government began to regulate the \"overheated\" real estate market and introduced a series of strict regulatory policies, these listed real estate companies also encountered the problem of \"a large ship is difficult to turn around\", resulting in problems such as broken capital chains, declining revenue, falling stock prices, and high debts.</p><p>In August last year, the Ministry of Housing and Urban-Rural Development and the People's Bank of China held a symposium with key real estate enterprises in Beijing, clarifying the rules for fund monitoring and financing management of key real estate enterprises, which were the \"three red lines\" that had been rumored many times in the industry.</p><p>According to incomplete statistics from Phoenix.com's \"Eye of the Storm,\" more than half of the 40 leading real estate companies listed on the Hong Kong and A-share markets have seen their stock prices fall more than 30% from their peak pullback/retracement within 52 weeks.</p><p><img src=\"https://static.tigerbbs.com/face4ce6faa97c257718c9108ee3c3b8\" tg-width=\"1080\" tg-height=\"1003\" referrerpolicy=\"no-referrer\"></p><p>In fact, during the collective \"plunge\" in A-shares on Monday and Tuesday, A-share real estate stocks also fell sharply due to concerns about policy regulation in the real estate market.<a href=\"https://laohu8.com/S/000718\">Suning Universal</a>、<a href=\"https://laohu8.com/S/600773\">Tibet Urban Investment</a>It once fell by more than 10%.</p><p><img src=\"https://static.tigerbbs.com/0dfca5e8a01f143057cf5d1f41a95b53\" tg-width=\"324\" tg-height=\"459\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>04. Is a major revolution in the real estate market coming?</b></p><p>Wuhan's \"buying a house with housing coupons\" policy has reminded many people of the \"grain coupons\" and \"meat coupons\" of the planned economy era. So, does \"buying a house with a housing voucher\" really mean returning to the planned economy era? Will this trigger other cities to follow suit?</p><p><img src=\"https://static.tigerbbs.com/cb31adddcc3e0bf4814fad90b355b71b\" tg-width=\"1080\" tg-height=\"219\" referrerpolicy=\"no-referrer\"></p><p>Bai Wenxi stated that China has bid farewell to the era of tickets for nearly 30 years, and the introduction of Wuhan's \"housing tickets\" has touched upon and evoked people's memories of the era of insufficient supply and tickets everywhere during the planned economy era. As one of the industries with the highest public attention, the Wuhan \"housing tickets\" incident, which is still in the works, will most likely be pushed to the \"trending topics\".</p><p>Bai Wenxi believes that housing vouchers are a system designed to compress demand through entry controls, thereby changing the supply and demand relationship in the housing market and preventing the housing market from overheating. However, real estate market regulation logically needs to start from both the supply and demand sides. While limiting and suppressing demand with quantity and price tools, it is also necessary to balance the supply and demand relationship by increasing market supply.</p><p>\"Therefore, to truly stabilize the supply and demand relationship in the real estate market, we must minimize and eliminate various control measures on both the supply and demand sides, use price mechanisms to guide the allocation of resources and factors and reconstruct the supply and demand relationship, and certainly not restore the tickets of the planned economy era,\" Bai Wenxi told Phoenix.com's \"Eye of the Storm\".</p><p><img src=\"https://static.tigerbbs.com/b5109cefd2de75f41c0a1a0f3da6acbb\" tg-width=\"720\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p>Whether it's Wuhan's recent policy of \"buying a house with a housing voucher,\" a series of regulatory policies on the real estate market introduced by local governments this year, or the rumored upcoming \"real estate tax,\" do these mean that China's real estate market is about to undergo a major transformation?</p><p>Zhuge Real Estate Data Research Center told Phoenix.com's \"Eye of the Storm\": \"The introduction of the real estate tax may usher in another reshuffle of the real estate market.\"</p><p>\"Judging from the current adjustments to real estate policies, adhering to the principle that 'housing is for living in, not for speculation' is the main theme of my country's real estate market. Under this principle, first, it is necessary to curb the rapid rise in housing prices through policy regulation and promote the market to gradually return to a rational stage; second, it is necessary to continuously improve and standardize the real estate market system, promptly crack down on some behaviors that speculate on housing prices and exploit policy loopholes, and promote the healthy development of the real estate market.\" Third, limited resources should be allocated to first-time homebuyers to provide a more stable real estate environment.</p><p>Zhuge Real Estate Data Research Center believes that with the introduction of these policies, the interests of genuine first-time homebuyers have been protected, and their home-buying mentality has gradually become more rational, which has played a certain role in curbing the rapid rise in housing prices. In the long run, after strict policy regulation, housing prices in first-tier cities will tend to stabilize.</p><p>Bai Wenxi believes that if a property tax is introduced soon, it will indeed mean a major transformation in the real estate market. However, in fact, the property tax has not yet been submitted for review according to legislative procedures and will not be introduced soon, nor is there a timetable.</p><p>Bai Wenxi stated that if these policies do not start with expanding the supply side, but only adopt measures such as quantitative tools to control demand entry, such as housing vouchers, and price tools to control demand, such as mortgage ratios and interest rates, the result may only be to stir up trouble, or even to cause prices to rise further with each adjustment.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c3c5822c22b6cfd1d0ae2625b7bc085e","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198370900","content_text":"2021年春节过后，原本平静的武汉楼市突然躁动起来。\n短短两个月的时间里，武汉光谷关山大道的中建大公馆、金地格林东郡、泛悦城等楼盘，从2万元/平方米左右的价格，涨到了3、4万元/平方米。\n而房价飞涨的背后，是来自深圳、徐州、枣庄等地的投资客们，利用武汉市相对宽松的落户政策和限购政策，疯狂“炒房”。\n当时，深受其害的武汉当地人对媒体表示：“恨死了这些外地炒房客，政府啥时候能严格限购啊？”\n武汉人民并未等太久。3个月后，7月28日，武汉市房管局发布了关于加强购房资格管理的征求意见稿。意见稿发布后，“武汉将实施凭房票买房”的话题也迅速在网络上引起热议。\n武汉要进入“凭房票买房”时代了？对这个消息，有人支持，有人质疑，还有人担心“炒房”会变成“炒房票”。\n不过，无论如何解读，武汉释放出的楼市“收紧”的信号则是明确的。实际上，正在“收紧”楼市政策的不止武汉一个城市。\n凤凰网《风暴眼》发现，进入2021年以来，包括北京、上海、广州、深圳、杭州等在内的地方政府，都发布了针对房地产市场的更为严格的监管政策。\n随着校外教培行业迎来颠覆式的大变革，很多人也不禁发问：中国楼市的大变革，也要来了吗？\n中国企业资本联盟副理事长、IPG中国首席经济学家柏文喜对凤凰网《风暴眼》表示：“这些政策在短期内会加大和提升投资性需求的购房难度与成本，从而从一定程度上抑制楼市过热问题。但长期来看，如果实际的市场供求关系不改变，影响房价的人口、土地、金融政策不作大的改变，则很难对房价产生实质性影响。”\n\n01、武汉的“凭票买房”，到底是什么？\n在网上引起热议的武汉“凭房票买房”的政策，到底规定了哪些内容呢？\n7月28日，为坚持“房住不炒”定位，进一步加强武汉市购房资格管理工作，武汉市房管局发布《市住房保障房管局关于加强购房资格管理工作的通知（征求意见稿）》，并公开征求意见。\n\n根据意见稿，在购房资格申请上，符合限购区域购买住房的意向购房人可通过官方平台或者通过开发商和中介机构申请购房资格。\n各区房管部门在申请之时起48个小时内完成购房资格认定，并将认定结果反馈给申请人，购房资格认定结果自出具之日起60日内有效。\n《征求意见稿》还要求，购房登记完成后，购房资格认定结果即时锁定，锁定期间不得再次进行购房登记。开盘销售后，购房资格认定结果自动解除锁定。\n柏文喜对凤凰网《风暴眼》表示：“武汉‘凭票买房’的相关设想目前尚处于征求意见阶段，这是为加强楼市管控、立足于购房者资格准入提出的拟意中的制度设计。”\n那么，“凭房票购房”的政策出台后，会对武汉的楼市造成哪些影响呢？\n诸葛找房数据研究中心对凤凰网《风暴眼》表示：“凭票买房政策，是前期政策的一个打补丁新政，也是对限购政策的补充完善，一定程度上可以遏制市场乱象，对规范房地产市场交易有着积极作用，较有力地打击了部分制造虚假热售场面的开发商，一定程度上可以抑制炒房现象。”\n中国豪宅研究院院长朱晓红对凤凰网《风暴眼》表示：“凭票买房与香港、韩国的住房干预有异曲同工之处。对打击炒房，控制过度消费住房产品有好处，但要防止‘以房票谋私’和‘房票买卖’，一定要确保房票给对人。”\n柏文喜也表达了类似的担忧，他表示：“房票表面上会控制需求和打击炒房，但实际上是通过压抑需求和不增加供给进行的，如果运用不当，可能反而会加剧供求矛盾，引发权力腐败、加剧各类变相炒房和地下炒房等行为。”\n02、地方政府密集出台政策，“收紧”信号明显\n实际上，武汉市对于购房资格的政策调整，可能早在2020年就已经开始了。\n去年1月，武汉实行了商品房资格核查全程网办，意向购房者可通过武汉市房管局官网申请资格并查询结果，如果通过审核，即可获取编号和二维码等审核资料信息，该资料60日内购房有效，过期需重新申请。\n可以看出，早在2020年武汉市就已搭建出“凭房票买房”的机制雏形。而此次的征求意见稿，也是对先关政策的补充和完善。\n而除了武汉外，北上广深等一线城市，嘉兴、佛山、无锡等二三线城市，以及住建部等中央部门，也都陆续发布了一系列政策来对房地产市场加强监管。\n1月5日，住建部部长王蒙徽在接受媒体采访时，重申了坚持房住不炒，落实房地产长效机制等政策原则，表示2021年房住不炒仍然作为政策主基调不改变，同时长效机制不断落实完善的信号。\n例如，上海市也在1月份明确继续实施房产税试点。同时，上海市还针对“假离婚，真购房”现象，规定：夫妻离异的，任何一方自夫妻离异之日起3年内购买商品住房的，其拥有住房套数按离异前家庭总套数计算。调整增值税征免年限。将个人对外销售住房增值税征免年限从2年提高至5年。\n3月，西安也发布限购新政，规定购房人骗取或通过“代持”方式规避限购政策的，其本人及“代持人”将列入我市购房失信人员名册，5年内不得购房\n6月，财政部、自然资源部、税务总局、人民银行联合发布通知，国有土地使用权出让收入等四项政府非税收入将划转税务部门征收，一度引起热议。\n7月23日，住建部、发改委、公安部等八部门共同发布关于持续整治规范房地产市场秩序的通知，从房地产开发、房屋买卖、住房租赁以及物业服务四个方面切入，对房地产市场秩序进行全面规范。\n7月30日，银保监会召开全系统2021年年中工作座谈会暨纪检监察工作（电视电话）座谈会。会议强调，要严格执行“三线四档”和房地产贷款集中度要求，防止银行保险资金绕道违规流入房地产市场。\n据凤凰网《风暴眼》不完全统计，从今年1月至今，各地政府和中央相关部门共发布了超过40项针对房地产市场以及其衍生服务的监管和调控政策。数量之多，密度之大，在近年来都是比较罕见的。\n柏文喜对凤凰网《风暴眼》表示：“目前针对房地产政策的调整的原因有三个：第一是防范房地产引发的金融风险问题；第二是内循环模式下需要降低以房地产为代表的经济运行总成本；第三是提升生育意愿和保持人口可持续发展需要降低居住成本压力。”\n\n03、地产公司“风头不再” 股价大幅回撤\n政策的变化，也直接影响到了地产行业的上市公司身上。\n受益于中国房地产市场近年来的快速发展，中国也诞生了一大批巨无霸类的地产上市公司，地产企业也一度被视为“不差钱”的象征。\n万达董事长王健林、已经去世的贝壳董事长左晖等地产大亨们，都曾登上过“首富”的宝座。\n然而随着国家开始对“过热”的房地产市场进行调控，以及一系列严格的监管政策的出台，这些地产上市公司也纷纷遭遇了“船大难掉头”的难题，资金链断裂、收入下滑、股价下跌、高额负债等问题也随之而来。\n去年8月，住房城乡建设部、人民银行在北京召开重点房地产企业座谈会，明确了重点房地产企业资金监测和融资管理规则，也就是此前业内多次传闻的“三条红线”。\n据凤凰网《风暴眼》不完全统计，在港股和A股上市的40家头部地产公司中，有一半以上的公司股价在52周内距最高点回撤超过30%。\n\n事实上，就在本周一、周二的A股集体“大跳水”中，出于对房地产市场政策监管的担忧情绪，A股地产股也集体大跌，苏宁环球、西藏城投一度跌超10%。\n\n04、楼市的大变革，要来了吗\n武汉“凭房票买房”政策，也让很多人联想到了计划经济时代的“粮票”、“肉票”。那么，“凭房票购房”，是否真的意味着回到计划经济时代？是否又会引发其他城市跟进？\n\n柏文喜表示，中国告别票证时代已近三十年了，而武汉“房票”的推出触碰和勾起了了人们对计划经济年代供给不足、处处票证的时代记忆，房地产作为公众关注度最高的行业之一，尚在酝酿之中的武汉“房票”事件大概率会被推上“热搜”。\n柏文喜认为，房票本身是立足于以准入管制来压缩需求，进而改变楼市供求关系以防止楼市过热的制度设计。但是楼市调控逻辑上需要从供求两端着手，在以数量工具与价格工具限制与压抑需求的同时，还要通过增加市场供给来平衡供求关系。\n“因此，真正要平抑楼市供求关系的话，则要尽量减少和消除供求两端的各类管制措施，以价格机制引导资源和要素配置并重构供求关系，更不能恢复计划经济时代的票证。”柏文喜对凤凰网《风暴眼》表示。\n\n无论是武汉市此次出台的“凭房票买房”的政策，还是今年以来各地政府出台的一系列对房地产市场的监管政策，抑或是传闻中即将出台的“房地产税”，这些是否意味着中国楼市将迎来一次大变革呢？\n诸葛找房数据研究中心对凤凰网《风暴眼》表示：“房地产税的出台，或将迎来房地产市场的又一次洗牌。”\n“从目前房地产政策调整来看，坚持房住不炒是我国房地产市场的主基调。在此原则之下，首先需通过政策调控抑制房价上涨过快，促进市场逐渐回归理性阶段；其次，不断完善和规范房地产市场体系，对一些炒作房价、钻政策空子的行为及时进行打击，促进房地产市场健康发展；第三，将有限的资源向刚需群体倾斜，为购房者提供一个更为稳定的房地产环境。”\n诸葛找房数据研究中心认为，随着这些政策出台，真正的刚需群体利益得到保障，购房心态也逐渐理性，对房价过快上涨起到一定的抑制作用。长期来看，一线城市房价在经过严格的政策调控后，房价将趋于平稳运行。\n柏文喜认为，如果房产税真的很快出台，确实意味着房地产市场将迎来一次大变革，但是事实上房地产税按照立法程序尚未提交审议，是不会很快出台，也没有时间表的。\n柏文喜表示，这些政策如果不是从扩大供给端入手，而是仅仅采取控制需求端准入的数量工具如房票、控制需求端的价格工具如按揭成数与利率等措施，结果可能只是扬汤止沸，甚至越调越涨。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":7616,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177980261,"gmtCreate":1627175634753,"gmtModify":1703485011521,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/177980261","repostId":"2154558939","repostType":4,"isVote":1,"tweetType":1,"viewCount":5823,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144336202,"gmtCreate":1626267041906,"gmtModify":1703756659159,"author":{"id":"3571305293972802","authorId":"3571305293972802","name":"puah","avatar":"https://static.tigerbbs.com/28e10f2ac6e631dd9d794c3a57c13f69","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571305293972802","authorIdStr":"3571305293972802"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/144336202","repostId":"1167929244","repostType":4,"isVote":1,"tweetType":1,"viewCount":2493,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}