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2021-05-07

$Square, Inc(SQ)$?

Square reported first-quarter revenue of $5.057 billion, turning a profit year-over-year.

2022-08-03

$尚乘数科(HKD)$mark

2021-04-16

Mark 16 May

@小虎投资狮城:新加坡航空3月旅客運輸量跌了91%

2021-02-16

mark

Alibaba, JD.com, Pinduoduo, Meituan: Giants with assets worth hundreds of billions of US dollars clash.

2021-02-12

GG

Some industrial hemp stocks fell in pre-market trading, with Tilray dropping more than 12%.

2021-03-03

mark

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2021-06-08

？

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2021-06-28

？？？？

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2021-04-30

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2021-02-26

Mark

What happened during the last sharp rise in US Treasury yields?

Go to Tiger App to see more news

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21:29","market":"us","language":"zh","title":"Opening | US stocks open low, speculative stock Shangcheng Digital Technology surges again","url":"https://stock-news.laohu8.com/highlight/detail?id=1193372540","media":"老虎资讯综合","summary":"道琼斯指数开盘下跌215.87点，跌幅0.66%，报32510.95点。","content":"<p><html><head></head><body>On Friday, August 5, the Dow Jones Industrial Average opened down 215.87 points, or 0.66%, at 32,510.95. The S&P 500 opened down 40.79 points, or 0.98%, at 4111.15. The Nasdaq Composite Index opened down 160.68 points, or 1.26%, at 12,559.90.</p><p><img src=\"https://static.tigerbbs.com/1128cfea83012beb0d839f83183b33c6\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>Alibaba fell 3% after releasing its first-quarter financial report on Thursday, with revenue exceeding expectations, and rose 1.79% on the day.</p><p>\"Demon Stocks\"<a href=\"https://laohu8.com/S/HKD\">Shangchengshu Science</a>It opened higher and rose more than 12%, but fell more than 27% on Thursday.</p><p><img src=\"https://static.tigerbbs.com/15572a94b3f0f50b96c4b0a3cbf17a83\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It fell nearly 2%.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>The shareholders' meeting approved the stock split transaction plan of 1 share split into 3 shares. Musk stated that he will continue to conduct stock buybacks based on cash flow considerations in the future.</p><p>DoorDash, the \"US version of Ele.me,\" rose more than 4%, with Q2 revenue increasing by 30% year-on-year to $1.6 billion and total order value (GOV) increasing by 25% year-on-year to $13.1 billion, exceeding expectations.</p><p>Ride-hailing giant Lyft rose more than 6%, with Q2 revenue increasing by 30% year-over-year to $991 million and active passengers increasing by 16% year-over-year to 19.9 million, the highest level since the start of the pandemic.</p><p>Cloudflare rose 14%, with Q2 revenue up 54% year-over-year to $235 million, and raised its full-year revenue guidance to $968 million to $972 million, exceeding expectations.</p><p>Beyond Meat rose 1.78% after its Q2 net loss widened nearly fourfold year-over-year to $971.3 billion, and it lowered its full-year revenue to $470 million to $520 million.</p><p><a href=\"https://laohu8.com/S/SQ\">Block</a>The company fell more than 3%, reporting a net loss of $208 million in Q2, worse than expected, turning from a profit to a loss year-on-year.</p><p><a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Amazon, down 0.88%, will acquire iRobot for $61 per share in cash.</p><p>Western Digital fell more than 8%, with Q2 revenue of $4.528 billion and net profit of $301 million, both missing market expectations.</p><p>AMC Cinemas fell more than 10% after Q2 revenue of $1.166 billion slightly missed expectations. The company plans to issue approximately 517 million shares of preferred shares.</p><p><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>The stock plummeted by more than 16% after announcing another postponement of commercial space flight services until the second quarter of 2023.</p><p></body></html></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 open low, speculative stock Shangcheng Digital Technology surges again</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpening | US stocks open low, speculative stock Shangcheng Digital Technology surges again\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\">2022-08-05 21:29</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On Friday, August 5, the Dow Jones Industrial Average opened down 215.87 points, or 0.66%, at 32,510.95. The S&P 500 opened down 40.79 points, or 0.98%, at 4111.15. The Nasdaq Composite Index opened down 160.68 points, or 1.26%, at 12,559.90.</p><p><img src=\"https://static.tigerbbs.com/1128cfea83012beb0d839f83183b33c6\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>Alibaba fell 3% after releasing its first-quarter financial report on Thursday, with revenue exceeding expectations, and rose 1.79% on the day.</p><p>\"Demon Stocks\"<a href=\"https://laohu8.com/S/HKD\">Shangchengshu Science</a>It opened higher and rose more than 12%, but fell more than 27% on Thursday.</p><p><img src=\"https://static.tigerbbs.com/15572a94b3f0f50b96c4b0a3cbf17a83\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It fell nearly 2%.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>The shareholders' meeting approved the stock split transaction plan of 1 share split into 3 shares. Musk stated that he will continue to conduct stock buybacks based on cash flow considerations in the future.</p><p>DoorDash, the \"US version of Ele.me,\" rose more than 4%, with Q2 revenue increasing by 30% year-on-year to $1.6 billion and total order value (GOV) increasing by 25% year-on-year to $13.1 billion, exceeding expectations.</p><p>Ride-hailing giant Lyft rose more than 6%, with Q2 revenue increasing by 30% year-over-year to $991 million and active passengers increasing by 16% year-over-year to 19.9 million, the highest level since the start of the pandemic.</p><p>Cloudflare rose 14%, with Q2 revenue up 54% year-over-year to $235 million, and raised its full-year revenue guidance to $968 million to $972 million, exceeding expectations.</p><p>Beyond Meat rose 1.78% after its Q2 net loss widened nearly fourfold year-over-year to $971.3 billion, and it lowered its full-year revenue to $470 million to $520 million.</p><p><a href=\"https://laohu8.com/S/SQ\">Block</a>The company fell more than 3%, reporting a net loss of $208 million in Q2, worse than expected, turning from a profit to a loss year-on-year.</p><p><a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Amazon, down 0.88%, will acquire iRobot for $61 per share in cash.</p><p>Western Digital fell more than 8%, with Q2 revenue of $4.528 billion and net profit of $301 million, both missing market expectations.</p><p>AMC Cinemas fell more than 10% after Q2 revenue of $1.166 billion slightly missed expectations. The company plans to issue approximately 517 million shares of preferred shares.</p><p><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>The stock plummeted by more than 16% after announcing another postponement of commercial space flight services until the second quarter of 2023.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193372540","content_text":"8月5日周五，道琼斯指数开盘下跌215.87点，跌幅0.66%，报32510.95点；标普500指数开盘下跌40.79点，跌幅0.98%，报4111.15点；纳斯达克综合指数开盘下跌160.68点，跌幅1.26%，报12559.90点。阿里巴巴跌3%，阿里周四公布一季度财报，营收超过预期，当日涨1.79%。“妖股”尚乘数科高开涨超12%，周四跌超27%。特斯拉跌近2%。特斯拉股东大会批准1股拆3股的拆股交易方案。马斯克称未来仍将根据现金流考虑进行股票回购。“美版饿了么”DoorDash涨超4%，Q2营收同比增长30%至16亿美元，订单总价值(GOV)同比增长25%至131亿美元超预期。网约车巨头Lyft涨超6%，Q2营收同比增长30%至9.91亿美元，活跃乘客数同比增加16%达1990万，创新冠疫情开始以来的最高水平。Cloudflare涨14%，Q2营收同比增长54%至2.35亿美元，并上调全年营收指引至9.68亿-9.72亿美元超预期。Beyond Meat涨1.78%，Q2净亏损同比扩大近4倍至9713亿美元，并下调全年营收至4.7亿-5.2亿美元。Block跌超3%，Q2录得净亏损2.08亿美元差于预期，同比转盈为亏。亚马逊跌0.88%，亚马逊将以61美元/每股的价格现金收购iRobot公司。西部数据跌超8%，其Q2营收45.28亿美元，净利润3.01亿美元，均不达市场预期。AMC院线跌超10%，Q2营收11.66亿美元略不及预期，公司计划发行约5.17亿股优先股。维珍银河大跌超16%，此前宣布再次推迟太空商业飞行服务至2023年第二季度。","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":5440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9906026575,"gmtCreate":1659460353201,"gmtModify":1705980559564,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/HKD\">$尚乘数科(HKD)$</a>mark","listText":"<a href=\"https://ttm.financial/S/HKD\">$尚乘数科(HKD)$</a>mark","text":"$尚乘数科(HKD)$mark","images":[{"img":"https://community-static.tradeup.com/news/0d8e4b40419a6e519fb4de17d0367b16","width":"1125","height":"3738"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9906026575","isVote":1,"tweetType":1,"viewCount":6584,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":127587835,"gmtCreate":1624856974427,"gmtModify":1703846344042,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"？？？？","listText":"？？？？","text":"？？？？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127587835","repostId":"1115271775","repostType":4,"repost":{"id":"1115271775","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":1624849752,"share":"https://ttm.financial/m/news/1115271775?lang=en_US&edition=fundamental","pubTime":"2021-06-28 11:09","market":"hk","language":"zh","title":"The Hong Kong Stock Exchange will resume trading at 1:30 p.m.","url":"https://stock-news.laohu8.com/highlight/detail?id=1115271775","media":"老虎资讯综合","summary":"6月28日讯，香港天文台改发红色暴雨警告信号（此前为黑色暴雨警告信号），港交所下午一点半将恢复市场交易。\n根据港交所规定，若11:00-11:30解除黑色暴雨警告，下午1:30开市；11:30-12:","content":"<p>June 28 - The Hong Kong Observatory has issued a red rainstorm warning signal (previously a black rainstorm warning signal), and the Hong Kong Stock Exchange will resume market trading at 1:30 pm.</p><p>According to Hong Kong Stock Exchange regulations, if the black rainstorm warning is lifted between 11:00 and 11:30, the market will open at 1:30 p.m. The black rainstorm warning will be lifted from 11:30 to 12:00, and the market will open at 2:00 PM; If the black rainstorm warning is lifted after 12:00, the market will be closed for the whole day.<img src=\"https://static.tigerbbs.com/fa2358a6b83c103be2c4404bddf61e1a\" tg-width=\"550\" tg-height=\"296\" 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>The Hong Kong Stock Exchange will resume trading at 1:30 p.m.</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 Hong Kong Stock Exchange will resume trading at 1:30 p.m.\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\">2021-06-28 11:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 28 - The Hong Kong Observatory has issued a red rainstorm warning signal (previously a black rainstorm warning signal), and the Hong Kong Stock Exchange will resume market trading at 1:30 pm.</p><p>According to Hong Kong Stock Exchange regulations, if the black rainstorm warning is lifted between 11:00 and 11:30, the market will open at 1:30 p.m. The black rainstorm warning will be lifted from 11:30 to 12:00, and the market will open at 2:00 PM; If the black rainstorm warning is lifted after 12:00, the market will be closed for the whole day.<img src=\"https://static.tigerbbs.com/fa2358a6b83c103be2c4404bddf61e1a\" tg-width=\"550\" tg-height=\"296\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f1244793084c6388467f46fc7c39784b","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115271775","content_text":"6月28日讯，香港天文台改发红色暴雨警告信号（此前为黑色暴雨警告信号），港交所下午一点半将恢复市场交易。\n根据港交所规定，若11:00-11:30解除黑色暴雨警告，下午1:30开市；11:30-12:00解除黑色暴雨警告，下午2:00开市；12:00后解除黑色暴雨警告，则全天休市。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":4051,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117129205,"gmtCreate":1623123884507,"gmtModify":1704196573410,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"？","listText":"？","text":"？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/117129205","repostId":"2141253289","repostType":4,"isVote":1,"tweetType":1,"viewCount":8006,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104022344,"gmtCreate":1620346467988,"gmtModify":1704342233480,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SQ\">$Square, Inc(SQ)$</a>?","listText":"<a href=\"https://laohu8.com/S/SQ\">$Square, Inc(SQ)$</a>?","text":"$Square, Inc(SQ)$?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/104022344","repostId":"2133766175","repostType":4,"repost":{"id":"2133766175","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":1620332100,"share":"https://ttm.financial/m/news/2133766175?lang=en_US&edition=fundamental","pubTime":"2021-05-07 04:15","market":"us","language":"zh","title":"Square reported first-quarter revenue of $5.057 billion, turning a profit year-over-year.","url":"https://stock-news.laohu8.com/highlight/detail?id=2133766175","media":"老虎资讯综合","summary":"5月7日，移动支付公司$Square$美股盘后公布了2021财年第一季度财报。报告显示，Square第一季度总净营收为50.57亿美元，与去年同期的13.81亿美元相比增长266%；不计入比特币带来的收入，Square第一季度总净营收为15.5亿美元，与去年同期相比增长44%；Square第一季度净利润为3900万美元，相比之下去年同期的净亏损为1.06亿美元。Square第一季度营收和调整后每股收益均超出华尔街分析师预期，推动其盘后股价上涨超2%。Square第一季度调整后EBITDA为2.36亿美元，去年同期为900万美元。","content":"<p>On May 7, mobile payment companies<a href=\"https://laohu8.com/S/SQ\">Square</a>US stocks released their financial results for the first quarter of fiscal year 2021 after the market closed. The report shows that Square's total net revenue for the first quarter was $5.057 billion, a 266% increase compared to $1.381 billion in the same period last year; Excluding revenue from Bitcoin, Square's total net revenue for the first quarter was $1.55 billion, a 44% increase compared to the same period last year; Square reported a net profit of $39 million in the first quarter, compared to a net loss of $106 million in the same period last year.</p><p>Square's first-quarter revenue and adjusted earnings per share both exceeded Wall Street analysts' expectations, driving its stock price up more than 2% in after-hours trading.</p><p><img src=\"https://static.tigerbbs.com/501138f7d493a32169d49cd04b543fb7\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><b>Key achievements:</b></p><p>In the fiscal quarter ending March 31, Square reported net income of $39 million and diluted earnings per share of $0.08, which was better than the same period last year. In the first quarter of fiscal year 2020, Square reported a net loss of $106 million, or $0.24 per diluted share. Excluding certain one-time items (not in accordance with U.S. GAAP), Square reported adjusted diluted earnings per share of $0.41 for the first quarter, compared to an adjusted diluted loss of $0.02 per share in the same period last year, which exceeded analysts' expectations. according to<a href=\"https://laohu8.com/S/YHOO\">Yahoo</a>Data provided by the financial channel shows that 36 analysts had previously expected Square's first-quarter earnings per share to reach $0.16.</p><p>Square's total net revenue for the first quarter was $5.057 billion, up 266% from $1.381 billion in the same period last year, exceeding analysts' expectations. according to<a href=\"https://laohu8.com/S/YHOO\">Yahoo</a>Data provided by the financial channel shows that 31 analysts had previously expected Square's first-quarter revenue to reach $3.36 billion on average. Excluding revenue from Bitcoin, Square's total net revenue for the first quarter was $1.55 billion, a 44% increase compared to the same period last year. Square's gross profit for the first quarter was $964 million, a 79% increase compared to $539 million in the same period last year.</p><p>Square's adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the first quarter was $236 million, compared to $9 million in the same period last year.</p><p>Square reported an operating profit of $67.7 million in the first quarter, compared to an operating loss of $90.3 million in the same period last year.</p><p>Square's total operating expenses for the first quarter were $896 million, compared to $629 million in the same period last year. Of this, product development expenditures amounted to $309 million, compared to $195 million in the same period last year; Sales and marketing expenses were $349 million, compared to $195 million in the same period last year; General and administrative expenses were $196 million, compared to $129 million in the same period last year; Transaction and loan losses were $20.4 million, compared to $109 million in the same period last year; Bitcoin had an impairment loss of $19.9 million, compared to no such expense in the same period last year; Amortization expenses for acquired customer assets amounted to $1.46 million, compared to $900,000 in the same period last year.</p><p><b>Performance by Business Unit:</b></p><p>By business segment, Square's transaction-based revenue in the first quarter was $960 million, a 27% increase compared to $758 million in the same period last year; The division's gross profit was $435 million, a 49% increase compared to the same period last year. Square processed a total payment transaction volume (GPV) of $33.1 billion in the first quarter, a 29% increase compared to the same period last year. Square's gross profit based on transactions accounted for 1.31% of its GPV in the first quarter, up 17 basis points from the same period last year and 8 basis points from the previous quarter.</p><p>Square's first-quarter revenue based on subscriptions and services was $558 million, an 88% increase compared to $296 million in the same period last year; The division's gross profit was $469 million, an 84% increase compared to the same period last year.</p><p>Square's hardware revenue for the first quarter was $28.8 million, compared to $20.7 million in the same period last year.</p><p>Square's Bitcoin revenue in the first quarter was $3.511 billion, compared to $306 million in the same period last year.</p><p><b>Balance sheet information:</b></p><p>As of the end of the first quarter of 2021, Square held $4.8 billion in available liquidity, including $4.3 billion in cash, cash equivalents, restricted cash and investments in tradable debt securities, and $500 million available for drawdown from revolving credit facilities.</p><p>In February 2021, Square invested $170 million in Bitcoin because the company believed that cryptocurrencies were a tool for economic empowerment, which aligned with the company's goals. Square stated that the company hopes to hold the investment for the long term.</p><p>In April 2021, Square completed the acquisition of a majority stake in global music and entertainment platform TIDAL for a total consideration of $302 million.</p><p><b>Performance Outlook:</b></p><p>In its earnings report, Square stated that looking ahead to the remainder of 2021, the company believes that the two-year compound annual growth rate from 2019 to 2021 will help reflect the potential gross profit trends of each ecosystem. In the second quarter of 2021, as the U.S. government began spending in April 2020, the company's Cash App is expected to achieve strong gross profit growth of 167% year-over-year. On the other hand, given that significant geographical restrictions impacted face-to-face activities in the second quarter of 2020, resulting in a 9% year-over-year decrease in gross profit for the quarter, sellers are expected to benefit from growth in gross profit in the second quarter of 2021.</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>Square reported first-quarter revenue of $5.057 billion, turning a profit year-over-year.</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\">\nSquare reported first-quarter revenue of $5.057 billion, turning a profit year-over-year.\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\">2021-05-07 04:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On May 7, mobile payment companies<a href=\"https://laohu8.com/S/SQ\">Square</a>US stocks released their financial results for the first quarter of fiscal year 2021 after the market closed. The report shows that Square's total net revenue for the first quarter was $5.057 billion, a 266% increase compared to $1.381 billion in the same period last year; Excluding revenue from Bitcoin, Square's total net revenue for the first quarter was $1.55 billion, a 44% increase compared to the same period last year; Square reported a net profit of $39 million in the first quarter, compared to a net loss of $106 million in the same period last year.</p><p>Square's first-quarter revenue and adjusted earnings per share both exceeded Wall Street analysts' expectations, driving its stock price up more than 2% in after-hours trading.</p><p><img src=\"https://static.tigerbbs.com/501138f7d493a32169d49cd04b543fb7\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><b>Key achievements:</b></p><p>In the fiscal quarter ending March 31, Square reported net income of $39 million and diluted earnings per share of $0.08, which was better than the same period last year. In the first quarter of fiscal year 2020, Square reported a net loss of $106 million, or $0.24 per diluted share. Excluding certain one-time items (not in accordance with U.S. GAAP), Square reported adjusted diluted earnings per share of $0.41 for the first quarter, compared to an adjusted diluted loss of $0.02 per share in the same period last year, which exceeded analysts' expectations. according to<a href=\"https://laohu8.com/S/YHOO\">Yahoo</a>Data provided by the financial channel shows that 36 analysts had previously expected Square's first-quarter earnings per share to reach $0.16.</p><p>Square's total net revenue for the first quarter was $5.057 billion, up 266% from $1.381 billion in the same period last year, exceeding analysts' expectations. according to<a href=\"https://laohu8.com/S/YHOO\">Yahoo</a>Data provided by the financial channel shows that 31 analysts had previously expected Square's first-quarter revenue to reach $3.36 billion on average. Excluding revenue from Bitcoin, Square's total net revenue for the first quarter was $1.55 billion, a 44% increase compared to the same period last year. Square's gross profit for the first quarter was $964 million, a 79% increase compared to $539 million in the same period last year.</p><p>Square's adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the first quarter was $236 million, compared to $9 million in the same period last year.</p><p>Square reported an operating profit of $67.7 million in the first quarter, compared to an operating loss of $90.3 million in the same period last year.</p><p>Square's total operating expenses for the first quarter were $896 million, compared to $629 million in the same period last year. Of this, product development expenditures amounted to $309 million, compared to $195 million in the same period last year; Sales and marketing expenses were $349 million, compared to $195 million in the same period last year; General and administrative expenses were $196 million, compared to $129 million in the same period last year; Transaction and loan losses were $20.4 million, compared to $109 million in the same period last year; Bitcoin had an impairment loss of $19.9 million, compared to no such expense in the same period last year; Amortization expenses for acquired customer assets amounted to $1.46 million, compared to $900,000 in the same period last year.</p><p><b>Performance by Business Unit:</b></p><p>By business segment, Square's transaction-based revenue in the first quarter was $960 million, a 27% increase compared to $758 million in the same period last year; The division's gross profit was $435 million, a 49% increase compared to the same period last year. Square processed a total payment transaction volume (GPV) of $33.1 billion in the first quarter, a 29% increase compared to the same period last year. Square's gross profit based on transactions accounted for 1.31% of its GPV in the first quarter, up 17 basis points from the same period last year and 8 basis points from the previous quarter.</p><p>Square's first-quarter revenue based on subscriptions and services was $558 million, an 88% increase compared to $296 million in the same period last year; The division's gross profit was $469 million, an 84% increase compared to the same period last year.</p><p>Square's hardware revenue for the first quarter was $28.8 million, compared to $20.7 million in the same period last year.</p><p>Square's Bitcoin revenue in the first quarter was $3.511 billion, compared to $306 million in the same period last year.</p><p><b>Balance sheet information:</b></p><p>As of the end of the first quarter of 2021, Square held $4.8 billion in available liquidity, including $4.3 billion in cash, cash equivalents, restricted cash and investments in tradable debt securities, and $500 million available for drawdown from revolving credit facilities.</p><p>In February 2021, Square invested $170 million in Bitcoin because the company believed that cryptocurrencies were a tool for economic empowerment, which aligned with the company's goals. Square stated that the company hopes to hold the investment for the long term.</p><p>In April 2021, Square completed the acquisition of a majority stake in global music and entertainment platform TIDAL for a total consideration of $302 million.</p><p><b>Performance Outlook:</b></p><p>In its earnings report, Square stated that looking ahead to the remainder of 2021, the company believes that the two-year compound annual growth rate from 2019 to 2021 will help reflect the potential gross profit trends of each ecosystem. In the second quarter of 2021, as the U.S. government began spending in April 2020, the company's Cash App is expected to achieve strong gross profit growth of 167% year-over-year. On the other hand, given that significant geographical restrictions impacted face-to-face activities in the second quarter of 2020, resulting in a 9% year-over-year decrease in gross profit for the quarter, sellers are expected to benefit from growth in gross profit in the second quarter of 2021.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/26431c0734b181fb6bbdfb2d00bdf07c","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2133766175","content_text":"5月7日，移动支付公司Square美股盘后公布了2021财年第一季度财报。报告显示，Square第一季度总净营收为50.57亿美元，与去年同期的13.81亿美元相比增长266%；不计入比特币带来的收入，Square第一季度总净营收为15.5亿美元，与去年同期相比增长44%；Square第一季度净利润为3900万美元，相比之下去年同期的净亏损为1.06亿美元。Square第一季度营收和调整后每股收益均超出华尔街分析师预期，推动其盘后股价上涨超2%。主要业绩：在截至3月31日的这一财季，Square的净利润为3900万美元，每股摊薄收益为0.08美元，这一业绩好于去年同期。在2020财年第一季度，Square的净亏损为1.06亿美元，每股摊薄亏损为0.24美元。不计入某些一次性项目（不按照美国通用会计准则），Square第一季度调整后每股摊薄收益为0.41美元，相比之下去年同期的调整后每股摊薄亏损为0.02美元，这一业绩超出分析师预期。据雅虎财经频道提供的数据显示，36名分析师此前平均预期Square第一季度每股收益将达0.16美元。Square第一季度总净营收为50.57亿美元，与去年同期的13.81亿美元相比增长266%，超出分析师预期。据雅虎财经频道提供的数据显示，31名分析师此前平均预期Square第一季度营收将达33.6亿美元。不计入比特币带来的收入，Square第一季度总净营收为15.5亿美元，与去年同期相比增长44%。Square第一季度毛利润为9.64亿美元，与去年同期的5.39亿美元相比增长79%。Square第一季度调整后EBITDA（即未计入利息、税项、折旧及摊销的利润）为2.36亿美元，去年同期为900万美元。Square第一季度运营利润为6770万美元，相比之下去年同期的运营亏损为9030万美元。Square第一季度总运营支出为8.96亿美元，相比之下去年同期为6.29亿美元。其中，产品开发支出为3.09亿美元，相比之下去年同期为1.95亿美元；销售和营销支出为3.49亿美元，相比之下去年同期为1.95亿美元；总务和行政支出为1.96亿美元，相比之下去年同期为1.29亿美元；交易和贷款损失为2040万美元，相比之下去年同期为1.09亿美元；比特币减值损失为1990万美元，去年同期并无这项支出；已获得客户资产摊销支出为146万美元，相比之下去年同期为90万美元。按业务部门划分的业绩：按照业务部门划分，Square第一季度基于交易的营收为9.60亿美元，与去年同期的7.58亿美元相比增长27%；该部门的毛利润为4.35亿美元，与去年同期相比增长49%。Square在第一季度中处理的总支付交易量（GPV）为331亿美元，与去年同期相比增长29%。Square第一季度基于交易的毛利润在GPV中所占比例为1.31%，与去年同期相比上升17个基点，与上一季度相比上升8个基点。Square第一季度基于订阅和服务的营收为5.58亿美元，与去年同期的2.96亿美元相比增长88%；该部门的毛利润为4.69亿美元，与去年同期相比增长84%。Square第一季度硬件营收为2880万美元，相比之下去年同期为2070万美元。Square第一季度比特币营收为35.11亿美元，相比之下去年同期为3.06亿美元。资产负债表信息：截至2021年第一季度末，Square持有的可用流动资金为48亿美元，其中现金、现金等价物、限制性现金和可交易债务证券投资为43亿美元，可从循环信贷安排中提取的资金为5亿美元。2021年2月，Square在比特币上投资了1.7亿美元，原因是该公司相信加密货币是一种经济赋权的工具，而这与该公司的目标是一致的。Square表示，该公司希望长期持有这项投资。2021年4月，Square完成了对全球音乐和娱乐平台TIDAL的重大多数股权的收购交易，这项交易是总对价为3.02亿美元。业绩展望：Square在财报中表示，展望2021年剩余时间的前景，该公司相信，从2019年到2021年的两年复合年增长率将有助于反映每个生态系统的潜在毛利润趋势。在2021年第二季度，随着2020年4月美国政府开始支出，该公司旗下Cash App预计将可实现167%的毛利润同比强劲增长。另一方面，鉴于2020年第二季度中重大的地区限制措施影响了面对面的活动，导致该季度的毛利润同比下降9%，因此在2021年第二季度中，预计卖家毛利润的增长将会从中受益。","news_type":1,"symbols_score_info":{"SQ":0.9}},"isVote":1,"tweetType":1,"viewCount":6313,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103920770,"gmtCreate":1619743911890,"gmtModify":1704271676328,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/103920770","repostId":"2131343905","repostType":4,"isVote":1,"tweetType":1,"viewCount":5042,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347729284,"gmtCreate":1618532099848,"gmtModify":1704712243835,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"Mark 16 May","listText":"Mark 16 May","text":"Mark 16 May","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/347729284","repostId":"347819806","repostType":1,"repost":{"id":347819806,"gmtCreate":1618483125505,"gmtModify":1704711519756,"author":{"id":"3558937605407666","authorId":"3558937605407666","name":"小虎投资狮城","avatar":"https://static.tigerbbs.com/71787abf8925cc00babc5c74c39de37a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558937605407666","authorIdStr":"3558937605407666"},"themes":[],"title":"新加坡航空3月旅客運輸量跌了91%","htmlText":"[噴血]&nbsp;[噴血]&nbsp;[噴血]&nbsp;哇在海外疫情還是太嚴重了[難過]&nbsp;[難過]&nbsp;[難過]&nbsp;國營的<a target=\"_blank\" href=\"https://laohu8.com/S/C6L.SI\">$新加坡航空公司(C6L.SI)$</a>&nbsp;還是運營41個國際航線，但絕大多數國家不允許外國旅客入境或讓它們隔離[弱]&nbsp;[心碎]&nbsp;新加坡航空是全球最國際化航空公司之一（國家沒有任何國內航線）[驚嚇]&nbsp;在疫情期間公司還是面臨偉大的挑戰[汗顏]&nbsp;現在公司的航班都是這樣[白眼]&nbsp;公司剛披露今年3月時：總旅客運輸量爲10萬，與去年同期跌了91%[憤怒]&nbsp;公司的披露說它覺得從今年7月開始國際航空行業情況會好了一些。本月已經有一點點改善[笑哭]&nbsp;2月新加坡航空的旅客運輸量爲6.8萬以及1月旅客運輸量爲7.8萬。慢慢來吧[捂臉]&nbsp;新加坡航空盤後披露該數據，不知道明天市場會有什麼反應。大家記住了新加坡政府是公司的最大的股東以及去年公司籌資幾十億美金，現金餘額還是足夠了等很長時間。今年公司也又以發行可轉換債券籌資幾十億美金。公司5月16日要披露Q1財報。大家開始祈禱啊[保佑]&nbsp;[笑哭]&nbsp;[暗中觀察]&nbsp;有任何問題關於新加坡股票，歡迎各位隨時找小虎投資獅城[得意]&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/BA\">$波音(BA)$</a>&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/SPCE\">$維珍銀河(SPCE)$</a>&nbsp;","listText":"[噴血]&nbsp;[噴血]&nbsp;[噴血]&nbsp;哇在海外疫情還是太嚴重了[難過]&nbsp;[難過]&nbsp;[難過]&nbsp;國營的<a target=\"_blank\" href=\"https://laohu8.com/S/C6L.SI\">$新加坡航空公司(C6L.SI)$</a>&nbsp;還是運營41個國際航線，但絕大多數國家不允許外國旅客入境或讓它們隔離[弱]&nbsp;[心碎]&nbsp;新加坡航空是全球最國際化航空公司之一（國家沒有任何國內航線）[驚嚇]&nbsp;在疫情期間公司還是面臨偉大的挑戰[汗顏]&nbsp;現在公司的航班都是這樣[白眼]&nbsp;公司剛披露今年3月時：總旅客運輸量爲10萬，與去年同期跌了91%[憤怒]&nbsp;公司的披露說它覺得從今年7月開始國際航空行業情況會好了一些。本月已經有一點點改善[笑哭]&nbsp;2月新加坡航空的旅客運輸量爲6.8萬以及1月旅客運輸量爲7.8萬。慢慢來吧[捂臉]&nbsp;新加坡航空盤後披露該數據，不知道明天市場會有什麼反應。大家記住了新加坡政府是公司的最大的股東以及去年公司籌資幾十億美金，現金餘額還是足夠了等很長時間。今年公司也又以發行可轉換債券籌資幾十億美金。公司5月16日要披露Q1財報。大家開始祈禱啊[保佑]&nbsp;[笑哭]&nbsp;[暗中觀察]&nbsp;有任何問題關於新加坡股票，歡迎各位隨時找小虎投資獅城[得意]&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/BA\">$波音(BA)$</a>&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/SPCE\">$維珍銀河(SPCE)$</a>&nbsp;","text":"[噴血] [噴血] [噴血] 哇在海外疫情還是太嚴重了[難過] [難過] [難過] 國營的$新加坡航空公司(C6L.SI)$ 還是運營41個國際航線，但絕大多數國家不允許外國旅客入境或讓它們隔離[弱] [心碎] 新加坡航空是全球最國際化航空公司之一（國家沒有任何國內航線）[驚嚇] 在疫情期間公司還是面臨偉大的挑戰[汗顏] 現在公司的航班都是這樣[白眼] 公司剛披露今年3月時：總旅客運輸量爲10萬，與去年同期跌了91%[憤怒] 公司的披露說它覺得從今年7月開始國際航空行業情況會好了一些。本月已經有一點點改善[笑哭] 2月新加坡航空的旅客運輸量爲6.8萬以及1月旅客運輸量爲7.8萬。慢慢來吧[捂臉] 新加坡航空盤後披露該數據，不知道明天市場會有什麼反應。大家記住了新加坡政府是公司的最大的股東以及去年公司籌資幾十億美金，現金餘額還是足夠了等很長時間。今年公司也又以發行可轉換債券籌資幾十億美金。公司5月16日要披露Q1財報。大家開始祈禱啊[保佑] [笑哭] [暗中觀察] 有任何問題關於新加坡股票，歡迎各位隨時找小虎投資獅城[得意] $波音(BA)$ $維珍銀河(SPCE)$","images":[{"img":"https://static.tigerbbs.com/0237198f6642a2800c250fc50661d9e7","width":"492","height":"400"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/347819806","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":5724,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"content":"GG$SINGAPORE AIRLINES LTD (C6L. SI) $","text":"GG$SINGAPORE AIRLINES LTD (C6L. SI) $","html":"GG$SINGAPORE AIRLINES LTD (C6L. SI) $"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":321063096,"gmtCreate":1615385832415,"gmtModify":1704782003456,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/321063096","repostId":"1132443819","repostType":2,"repost":{"id":"1132443819","kind":"news","pubTimestamp":1615255748,"share":"https://ttm.financial/m/news/1132443819?lang=en_US&edition=fundamental","pubTime":"2021-03-09 10:09","market":"us","language":"zh","title":"\"Sister Wood\" responds to the tech stock crash: The bull market is expanding, presenting a good opportunity to buy dips.","url":"https://stock-news.laohu8.com/highlight/detail?id=1132443819","media":"华尔街见闻","summary":"Ark Investment Management创始人兼首席执行官Cathie Wood表示，她并不担心其基金近期的下跌。牛市只是在扩大范围。\n她说，随着时间的流逝，她的策略将获得回报，并且她会利用","content":"<p>Cathie Wood, founder and CEO of Ark Investment Management, said she is not worried about the recent decline in her fund. The bull market is just expanding.</p><p>She said her strategy will pay off over time, and she will take advantage of the recent decline to profit.</p><p>Wood said, \"The bull market is currently expanding, and we believe that in a sense, the bull market is strengthening, which will be beneficial to us in the long run.\"</p><p>Wood's Ark Innovation Fund returned nearly 150% in 2020 and currently has net assets exceeding $17 billion. However, the fund has fallen more than 11% this year due to recent weakness in technology stocks due to pressure from rising interest rates.</p><p>Wood said that \"we are getting a huge opportunity\" in the sell-off. She added, \"We are becoming increasingly optimistic about our portfolio during this sell-off.\"</p><p>Wood sees the recent weakness in tech stocks as a buying opportunity. She revealed that she had recently made large purchases.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, Teladoc,<a href=\"https://laohu8.com/S/ZM\">Zoom</a>Video and Palantir. In addition, the Ark Innovation Fund recently acquired shares in Square, Roku,<a href=\"https://laohu8.com/S/Z\">Zillow</a>And shares in Shopify.</p><p>Because bond yields have risen in recent weeks. In response, Wood stated, \"We do think the pace of interest rate increases is frightening. But the market hasn't changed much, and the Federal Reserve continues to support the market.\"</p><p>She said, \"The bull market is expanding to include value stocks or more cyclical sectors, and I think that would be very good news for our long-term strategy.\"</p><p>The Ark Innovation Fund has fallen more than 30% from its recent high. On Monday, the ETF closed down 5.8%.</p>","source":"highlight_wallstreetcn","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>\"Sister Wood\" responds to the tech stock crash: The bull market is expanding, presenting a good opportunity to buy dips.</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\"Sister Wood\" responds to the tech stock crash: The bull market is expanding, presenting a good opportunity to buy dips.\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\">2021-03-09 10:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Cathie Wood, founder and CEO of Ark Investment Management, said she is not worried about the recent decline in her fund. The bull market is just expanding.</p><p>She said her strategy will pay off over time, and she will take advantage of the recent decline to profit.</p><p>Wood said, \"The bull market is currently expanding, and we believe that in a sense, the bull market is strengthening, which will be beneficial to us in the long run.\"</p><p>Wood's Ark Innovation Fund returned nearly 150% in 2020 and currently has net assets exceeding $17 billion. However, the fund has fallen more than 11% this year due to recent weakness in technology stocks due to pressure from rising interest rates.</p><p>Wood said that \"we are getting a huge opportunity\" in the sell-off. She added, \"We are becoming increasingly optimistic about our portfolio during this sell-off.\"</p><p>Wood sees the recent weakness in tech stocks as a buying opportunity. She revealed that she had recently made large purchases.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, Teladoc,<a href=\"https://laohu8.com/S/ZM\">Zoom</a>Video and Palantir. In addition, the Ark Innovation Fund recently acquired shares in Square, Roku,<a href=\"https://laohu8.com/S/Z\">Zillow</a>And shares in Shopify.</p><p>Because bond yields have risen in recent weeks. In response, Wood stated, \"We do think the pace of interest rate increases is frightening. But the market hasn't changed much, and the Federal Reserve continues to support the market.\"</p><p>She said, \"The bull market is expanding to include value stocks or more cyclical sectors, and I think that would be very good news for our long-term strategy.\"</p><p>The Ark Innovation Fund has fallen more than 30% from its recent high. On Monday, the ETF closed down 5.8%.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3622890\">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/bc6264fca4424975bd73bf84005bdc46","relate_stocks":{"GOOG":"谷歌",".IXIC":"NASDAQ Composite","AAPL":"苹果","TSLA":"特斯拉","AMZN":"亚马逊","GOOGL":"谷歌A","MSFT":"微软"},"source_url":"https://wallstreetcn.com/articles/3622890","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1132443819","content_text":"Ark Investment Management创始人兼首席执行官Cathie Wood表示，她并不担心其基金近期的下跌。牛市只是在扩大范围。\n她说，随着时间的流逝，她的策略将获得回报，并且她会利用近期的下跌来获利。\nWood说：“目前牛市正在扩大，我们认为从某种意义上说，牛市正在加强，从长远来看，这将对我们有利。”\nWood旗下的的Ark创新基金在2020年回报近150％，目前拥有超过170亿美元的净资产。然而，由于利率上涨的压力，最近科技股疲软，今年该基金下跌了11％以上。\nWood说，在抛售中“我们正在获得巨大的机会”。她补充说：“在这次抛售中，我们对我们的投资组合越来越乐观。”\nWood将最近科技股的弱势作为买入的机会。她透露，她在近期大量买入特斯拉，Teladoc，Zoom Video和Palantir。此外，Ark创新基金最近还买入了Square，Roku，Zillow和Shopify的股份。\n由于最近几周债券收益率上升。对此，Wood表示：“我们确实认为利率上扬的速度使人们感到恐惧。但市场的变化不大，美联储一如既往的支持市场。\n她说：“牛市正在扩大，以纳入价值股或更多的周期性部门，我认为这对于我们的长期战略将是一个非常好的消息。”\nArk创新基金离最近的最高点已经跌超30％。周一，该ETF收盘下跌5.8％。","news_type":1,"symbols_score_info":{".IXIC":0.9,"AAPL":0.9,"TSLA":0.9,"AMZN":0.9,"GOOG":0.9,"GOOGL":0.9,"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":5174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320447089,"gmtCreate":1615171806041,"gmtModify":1704779076120,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"?️","listText":"?️","text":"?️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/320447089","repostId":"2117656396","repostType":4,"repost":{"id":"2117656396","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":1615158397,"share":"https://ttm.financial/m/news/2117656396?lang=en_US&edition=fundamental","pubTime":"2021-03-08 07:06","market":"fut","language":"zh","title":"This week's preview: The National People's Congress and the Chinese People's The US $1.9 trillion stimulus package is final.","url":"https://stock-news.laohu8.com/highlight/detail?id=2117656396","media":"老虎资讯综合","summary":"接下来的一周，主要关注美国2月CPI数据、加拿大央行利率决议、欧洲央行利率决议和美国3月密歇根大学消...","content":"<p>Abstract: This week's focus will be on China's February CPI annual rate, the US February seasonally adjusted CPI monthly rate, and the European Central Bank's interest rate decision. Regarding financial events, pay close attention to news related to the COVID-19 pandemic and Biden's $1.92 trillion stimulus plan; Regarding new stocks: Chaoyun Group, a one-stop multi-category home care and personal care platform, and South Korean e-commerce giant Coupang Inc., among other new stocks, were listed this week; Daylight saving time begins in North America on Sunday.<img src=\"https://static.tigerbbs.com/5982c9b2db652d657e892e0609156b34\" tg-width=\"1386\" tg-height=\"548\" referrerpolicy=\"no-referrer\"></p><p><b>Keywords for Monday (March 8): US stimulus bill, Bank of England Governor Bailey's speech</b></p><p><img src=\"https://static.tigerbbs.com/8239d30f58a0ed4b0eae5e247afa3160\" tg-width=\"951\" tg-height=\"249\" referrerpolicy=\"no-referrer\"></p><p>On Monday, investors should first pay attention to<b>News related to the new round of US COVID-19 relief package</b>。</p><p>Latest news indicates that the U.S. Senate has passed a Democratic amendment to unemployment benefits, which will provide $300 per week in aid until September 6. But the vote rejected Senator Bernie Sanders' amendment to raise the minimum wage to $15 an hour.</p><p>Investors should also pay attention to further news regarding the US $1.9 trillion stimulus package over the weekend, which may have some impact on the foreign exchange market, gold and silver market, and crude oil market.</p><p>In addition,<b>Bank of England Governor Bailey addresses the UK economic outlook</b>Investors need to pay attention to this. The pound has fluctuated significantly recently, as the Bank of England had previously suppressed negative interest rate expectations and the UK has been rolling out vaccines quickly, making it one of the best-performing G10 currencies this year.</p><p><b>Regarding financial reports,<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>、<a href=\"https://laohu8.com/S/NIU\">Niu Electric</a>、<a href=\"https://laohu8.com/S/DADA\">Dada Group</a></b>The company will release its financial report later.</p><p><b>Tuesday (March 9) Keywords: EIA Monthly Report</b></p><p><img src=\"https://static.tigerbbs.com/6319c3a3d6ac220de1424ffe55694b10\" tg-width=\"958\" tg-height=\"351\" referrerpolicy=\"no-referrer\"></p><p>There will be relatively little economic data on Tuesday. The main focus will be on Japan's revised fourth-quarter GDP figures released during the Asian session and the Eurozone's revised fourth-quarter GDP figures released during the European session. The impact is expected to be limited.</p><p>In terms of events, the main focus is on the EIA's monthly report on the crude oil market, with a particular emphasis on changes in crude oil inventories, production, and supply. Although the impact of recent EIA monthly reports has been relatively small, this one will comprehensively reflect the impact of the US cold wave on the crude oil market, and therefore still deserves attention.</p><p><b>Regarding financial reports,</b>US stocks<a href=\"https://laohu8.com/S/DQ\">Daquan New Energy</a>The financial report will be released today.</p><p><b>Keywords for Wednesday (March 10): US-China CPI data, Bank of Canada interest rate decision</b><img src=\"https://static.tigerbbs.com/4598c81a362b05a59a4d496decf7975b\" tg-width=\"626\" tg-height=\"430\" referrerpolicy=\"no-referrer\"><b>Regarding economic data,</b>Pay attention to the performance of China's February CPI data. Data released on February 10 showed that due to factors such as the different months of the Spring Festival last year and this year, and the higher base for comparison in the same period last year caused by the wrong month, the national consumer price index CPI turned from rising to falling year-on-year in January this year.</p><p>In addition, the US February CPI data will also be released on the same day. According to data released by the US Bureau of Labor Statistics on February 10, the US January CPI increased by 1.4% year-on-year, slightly lower than the market expectation of 1.5%. Month-on-month growth was 0.3%, in line with expectations, marking the eighth consecutive month of growth. If the data is better than expected, it will help the US dollar and US Treasury yields surge, thereby suppressing gold and silver prices and the trends of non-US currencies. Conversely, it could provide short-term upside opportunities for gold and silver prices and non-US currencies.</p><p><b>The Fourth Session of the 13th National Committee of the Chinese People's Political Consultative Conference (CPPCC) closed on Wednesday afternoon. The Fourth Session of the 13th National People's Congress concluded on Thursday afternoon. The session will vote on draft resolutions on the government work report, the 14th Five-Year Plan for National Economic and Social Development, and the outline of long-term goals through 2035. As is customary in previous years, Premier*will meet with reporters and answer their questions after the closing ceremony.</b></p><p><b>Regarding financial reports,</b>Hong Kong Stocks<a href=\"https://laohu8.com/S/01516.HK\">Sunac Services</a>US stocks<b><a href=\"https://laohu8.com/S/CLDR\">Cloudera, Inc.</a>、<a href=\"https://laohu8.com/S/ORCL\">Oracle bone script</a>、<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a></b>These companies will release their financial reports today, which are worth paying close attention to.</p><p><b>In terms of new shares</b>，<a href=\"https://laohu8.com/S/06601\">Chaoyun Group</a>The video game company will officially list on the Hong Kong Stock Exchange on March 10.<a href=\"https://laohu8.com/S/RBLX\">Roblox Corporation</a>Go public.</p><p><b>Keywords for Thursday (March 11): European Central Bank interest rate decision</b><img src=\"https://static.tigerbbs.com/48e6b4702f2a2b9532e1088fddd66d74\" tg-width=\"631\" tg-height=\"316\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/1a9112d474a3305a5badcf2c4d5787a5\" tg-width=\"953\" tg-height=\"470\" referrerpolicy=\"no-referrer\">The focus of the market on Thursday will be<b>The European Central Bank's interest rate decision and the ECB President's press conference. The market generally expects the European Central Bank to keep current interest rates unchanged, but may accelerate its bond purchases to curb rising yields.</b></p><p>Economists say the European Central Bank will accelerate its emergency asset purchases to prevent rising bond yields from jeopardizing the eurozone's economic growth prospects.</p><p>In addition, investors should also pay attention to changes in the number of initial jobless claims in the United States each week and the January JOLTs job openings in the United States on Thursday. OPEC will also release its monthly crude oil market report, which investors should pay attention to.</p><p><b>Regarding financial reports</b>，<a href=\"https://laohu8.com/S/09698\">GDS - SW</a>、<a href=\"https://laohu8.com/S/00066\">MTR Corporation</a>, and US stocks<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/DOCU\">DocuSign</a>The company will release its financial report today, so investors should pay attention.</p><p><b>In terms of new shares</b>，<a href=\"https://laohu8.com/S/01413\">Guanglian Engineering Holdings</a>、<a href=\"https://laohu8.com/S/CPNG\">Coupang</a>It will be listed today.</p><p><b>Keywords for Friday (March 12): US February PPI, Consumer Confidence Index</b><img src=\"https://static.tigerbbs.com/42fa220ef3ab509f757d150bbd46504e\" tg-width=\"631\" tg-height=\"473\" referrerpolicy=\"no-referrer\"></p><p>We need to pay attention to Friday<b>US February PPI annual rate data</b>Canadian February employment data and the preliminary US March University of Michigan consumer confidence index.</p><p>Currently, due to the recent price increases of most commodities,<b>The market is very optimistic about the US core PPI for February, which is expected to rise by 2.6% year-on-year, which, if expected, would be the highest level since 2019.</b></p><p><b>Regarding new stocks,</b>The largest private high school education provider in western China<a href=\"https://laohu8.com/S/FHS\">First High School Education</a>It will be listed on Friday.</p><p>Exchanges announced that North America will implement daylight saving time starting Sunday, specifically setting the clocks forward by one hour at 02:00 Eastern Time, until November 7, 2021 (02:00 Eastern Time). Trading hours in the U.S. and Canadian financial markets will be one hour ahead of winter time.</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>This week's preview: The National People's Congress and the Chinese People's The US $1.9 trillion stimulus package is final.</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\">\nThis week's preview: The National People's Congress and the Chinese People's The US $1.9 trillion stimulus package is final.\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\">2021-03-08 07:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Abstract: This week's focus will be on China's February CPI annual rate, the US February seasonally adjusted CPI monthly rate, and the European Central Bank's interest rate decision. Regarding financial events, pay close attention to news related to the COVID-19 pandemic and Biden's $1.92 trillion stimulus plan; Regarding new stocks: Chaoyun Group, a one-stop multi-category home care and personal care platform, and South Korean e-commerce giant Coupang Inc., among other new stocks, were listed this week; Daylight saving time begins in North America on Sunday.<img src=\"https://static.tigerbbs.com/5982c9b2db652d657e892e0609156b34\" tg-width=\"1386\" tg-height=\"548\" referrerpolicy=\"no-referrer\"></p><p><b>Keywords for Monday (March 8): US stimulus bill, Bank of England Governor Bailey's speech</b></p><p><img src=\"https://static.tigerbbs.com/8239d30f58a0ed4b0eae5e247afa3160\" tg-width=\"951\" tg-height=\"249\" referrerpolicy=\"no-referrer\"></p><p>On Monday, investors should first pay attention to<b>News related to the new round of US COVID-19 relief package</b>。</p><p>Latest news indicates that the U.S. Senate has passed a Democratic amendment to unemployment benefits, which will provide $300 per week in aid until September 6. But the vote rejected Senator Bernie Sanders' amendment to raise the minimum wage to $15 an hour.</p><p>Investors should also pay attention to further news regarding the US $1.9 trillion stimulus package over the weekend, which may have some impact on the foreign exchange market, gold and silver market, and crude oil market.</p><p>In addition,<b>Bank of England Governor Bailey addresses the UK economic outlook</b>Investors need to pay attention to this. The pound has fluctuated significantly recently, as the Bank of England had previously suppressed negative interest rate expectations and the UK has been rolling out vaccines quickly, making it one of the best-performing G10 currencies this year.</p><p><b>Regarding financial reports,<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>、<a href=\"https://laohu8.com/S/NIU\">Niu Electric</a>、<a href=\"https://laohu8.com/S/DADA\">Dada Group</a></b>The company will release its financial report later.</p><p><b>Tuesday (March 9) Keywords: EIA Monthly Report</b></p><p><img src=\"https://static.tigerbbs.com/6319c3a3d6ac220de1424ffe55694b10\" tg-width=\"958\" tg-height=\"351\" referrerpolicy=\"no-referrer\"></p><p>There will be relatively little economic data on Tuesday. The main focus will be on Japan's revised fourth-quarter GDP figures released during the Asian session and the Eurozone's revised fourth-quarter GDP figures released during the European session. The impact is expected to be limited.</p><p>In terms of events, the main focus is on the EIA's monthly report on the crude oil market, with a particular emphasis on changes in crude oil inventories, production, and supply. Although the impact of recent EIA monthly reports has been relatively small, this one will comprehensively reflect the impact of the US cold wave on the crude oil market, and therefore still deserves attention.</p><p><b>Regarding financial reports,</b>US stocks<a href=\"https://laohu8.com/S/DQ\">Daquan New Energy</a>The financial report will be released today.</p><p><b>Keywords for Wednesday (March 10): US-China CPI data, Bank of Canada interest rate decision</b><img src=\"https://static.tigerbbs.com/4598c81a362b05a59a4d496decf7975b\" tg-width=\"626\" tg-height=\"430\" referrerpolicy=\"no-referrer\"><b>Regarding economic data,</b>Pay attention to the performance of China's February CPI data. Data released on February 10 showed that due to factors such as the different months of the Spring Festival last year and this year, and the higher base for comparison in the same period last year caused by the wrong month, the national consumer price index CPI turned from rising to falling year-on-year in January this year.</p><p>In addition, the US February CPI data will also be released on the same day. According to data released by the US Bureau of Labor Statistics on February 10, the US January CPI increased by 1.4% year-on-year, slightly lower than the market expectation of 1.5%. Month-on-month growth was 0.3%, in line with expectations, marking the eighth consecutive month of growth. If the data is better than expected, it will help the US dollar and US Treasury yields surge, thereby suppressing gold and silver prices and the trends of non-US currencies. Conversely, it could provide short-term upside opportunities for gold and silver prices and non-US currencies.</p><p><b>The Fourth Session of the 13th National Committee of the Chinese People's Political Consultative Conference (CPPCC) closed on Wednesday afternoon. The Fourth Session of the 13th National People's Congress concluded on Thursday afternoon. The session will vote on draft resolutions on the government work report, the 14th Five-Year Plan for National Economic and Social Development, and the outline of long-term goals through 2035. As is customary in previous years, Premier*will meet with reporters and answer their questions after the closing ceremony.</b></p><p><b>Regarding financial reports,</b>Hong Kong Stocks<a href=\"https://laohu8.com/S/01516.HK\">Sunac Services</a>US stocks<b><a href=\"https://laohu8.com/S/CLDR\">Cloudera, Inc.</a>、<a href=\"https://laohu8.com/S/ORCL\">Oracle bone script</a>、<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a></b>These companies will release their financial reports today, which are worth paying close attention to.</p><p><b>In terms of new shares</b>，<a href=\"https://laohu8.com/S/06601\">Chaoyun Group</a>The video game company will officially list on the Hong Kong Stock Exchange on March 10.<a href=\"https://laohu8.com/S/RBLX\">Roblox Corporation</a>Go public.</p><p><b>Keywords for Thursday (March 11): European Central Bank interest rate decision</b><img src=\"https://static.tigerbbs.com/48e6b4702f2a2b9532e1088fddd66d74\" tg-width=\"631\" tg-height=\"316\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/1a9112d474a3305a5badcf2c4d5787a5\" tg-width=\"953\" tg-height=\"470\" referrerpolicy=\"no-referrer\">The focus of the market on Thursday will be<b>The European Central Bank's interest rate decision and the ECB President's press conference. The market generally expects the European Central Bank to keep current interest rates unchanged, but may accelerate its bond purchases to curb rising yields.</b></p><p>Economists say the European Central Bank will accelerate its emergency asset purchases to prevent rising bond yields from jeopardizing the eurozone's economic growth prospects.</p><p>In addition, investors should also pay attention to changes in the number of initial jobless claims in the United States each week and the January JOLTs job openings in the United States on Thursday. OPEC will also release its monthly crude oil market report, which investors should pay attention to.</p><p><b>Regarding financial reports</b>，<a href=\"https://laohu8.com/S/09698\">GDS - SW</a>、<a href=\"https://laohu8.com/S/00066\">MTR Corporation</a>, and US stocks<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/DOCU\">DocuSign</a>The company will release its financial report today, so investors should pay attention.</p><p><b>In terms of new shares</b>，<a href=\"https://laohu8.com/S/01413\">Guanglian Engineering Holdings</a>、<a href=\"https://laohu8.com/S/CPNG\">Coupang</a>It will be listed today.</p><p><b>Keywords for Friday (March 12): US February PPI, Consumer Confidence Index</b><img src=\"https://static.tigerbbs.com/42fa220ef3ab509f757d150bbd46504e\" tg-width=\"631\" tg-height=\"473\" referrerpolicy=\"no-referrer\"></p><p>We need to pay attention to Friday<b>US February PPI annual rate data</b>Canadian February employment data and the preliminary US March University of Michigan consumer confidence index.</p><p>Currently, due to the recent price increases of most commodities,<b>The market is very optimistic about the US core PPI for February, which is expected to rise by 2.6% year-on-year, which, if expected, would be the highest level since 2019.</b></p><p><b>Regarding new stocks,</b>The largest private high school education provider in western China<a href=\"https://laohu8.com/S/FHS\">First High School Education</a>It will be listed on Friday.</p><p>Exchanges announced that North America will implement daylight saving time starting Sunday, specifically setting the clocks forward by one hour at 02:00 Eastern Time, until November 7, 2021 (02:00 Eastern Time). Trading hours in the U.S. and Canadian financial markets will be one hour ahead of winter time.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a106188796ec9abb78b8a3cfbae334a5","relate_stocks":{"USO":"美国原油ETF","SCO":"二倍做空彭博原油指数ETF","UCO":"二倍做多彭博原油ETF","DUG":"二倍做空石油与天然气ETF(ProShares)","DWT":"三倍做空原油ETN","FXC":"加元ETF-CurrencyShares","DDG":"ProShares做空石油与天然气ETF"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2117656396","content_text":"摘要：本周关注中国2月份CPI年率、美国2月季调后CPI月率、欧洲央行利率决议等；财经事件方面，重点留意新冠疫情和拜登1.92万亿美元刺激计划的相关消息；新股方面：一站式多品类家居护理及个人护理平台朝云集团，韩国电商巨头Coupang Inc等新股本周上市；周日起北美地区开始实行夏令时。周一(3月8日)关键词：美国刺激法案、英国央行行长贝利讲话周一投资者首先需要关注美国新一轮新冠疫情救助方案的相关消息。最新消息显示，美国参议院通过了民主党人关于失业救济金的修正案，将提供每周300美元的援助至9月6日；但投票否决了参议员伯尼·桑德斯(Bernie Sanders)关于将最低工资标准提高到每小时15美元的修正案。投资者还需留意周末有关美国1.9万亿美元的刺激计划的进一步消息，对外汇市场、金银市场、原油市场都可能会有一定的影响。此外，英国央行行长贝利就英国经济前景发表讲话，投资者需要予以关注。近期英镑的波动较大，之前英国银行打压了负利率预期，而且英国疫苗接种速度较快，英镑是年内表现最佳的G10货币之一。财报方面，小鹏汽车、小牛电动、达达集团等公司将发布财报。周二(3月9日)关键词：EIA月报周二经济数据比较少，主要留意亚洲时段出炉的日本第四季度GDP修正值和欧洲时段出炉的欧元区第四季度GDP修正值，预计影响比较有限。事件方面，主要关注EIA公布原油市场月度报告，重点留意原油库存的变化、产量和供给的变化。尽管近几次EIA月报的影响力都比较小，但这次月报将能全面的反映美国寒潮对原油市场的影响，因而仍需予以关注。财报方面，美股大全新能源将于本日公布财报。周三(3月10日)关键词：中美CPI数据、加拿大央行利率决议经济数据方面，需留意中国2月份CPI数据的表现。2月10日公布的数据显示，由于去年、今年春节月份不同，受错月导致去年同期对比基数较高等因素影响，今年1月份全国居民消费价格指数CPI同比由涨转降。另外，美国2月CPI数据当日也将公布，根据美国劳工统计局2月10日公布的数据显示，美国1月CPI同比增长1.4%，小幅低于市场预期的1.5%；环比增长0.3%，持平于预期，连续第8个月维持增长。如果数据好于预期，将有助于美元和美债收益率飙升，进而打压金银价格和非美货币走势；反之，则有望给金银价格和非美货币提供短线上涨机会。周三下午，全国政协十三届四次会议闭幕。周四下午，第十三届全国人民代表大会第四次会议闭幕，会议将表决关于政府工作报告的决议草案、关于国民经济和社会发展第十四个五年规划和2035年远景目标纲要的决议草案等。按照往年惯例，闭幕会后，国务院总理李克强将会见记者并答记者问。财报方面，港股融创服务，美股Cloudera, Inc.、甲骨文、AMC院线等公司将于本日公布财报，值得重点关注。新股方面，朝云集团将于3月10日正式在港交所挂牌交易，视频游戏公司Roblox Corporation上市。周四(3月11日)关键词：欧洲央行利率决议周四市场的焦点将是欧洲央行利率决议和欧洲央行行长的新闻发布会。市场普遍预计欧洲央行将维持当前利率不变，但有可能会加快购债步伐以遏制收益率上行。经济学家称，欧洲央行将加快紧急资产购买步伐，以防债券收益率上升危害到欧元区的经济增长前景。此外，周四投资者还需留意美国每周初请失业金人数的变动和美国1月JOLTs职位空缺。OPEC也将公布原油市场月度报告，投资者需要予以留意。财报方面，万国数据-SW、港铁公司，以及美股京东、DocuSign等公司将于本日公布财报，投资者需留意。新股方面，广联工程控股、Coupang本日将上市。周五(3月12日)关键词：美国2月PPI、消费者信心指数周五需要关注美国2月PPI年率数据、加拿大2月就业数据和美国3月密歇根大学消费者信心指数初值。目前，由于近期多数大宗商品上涨，市场对美国2月核心PPI的预期非常乐观，为同比上涨2.6%，如果符合预期，将是2019年来最高水平。新股方面，中国西部最大民办高中教育提供商第一高中教育集团周五上市。交易所方面，从周日开始，北美地区开始实行夏令时，具体为美东时间02:00将时钟拨快一个小时，至2021年11月7日（美东时间02:00）终止；美国和加拿大金融市场交易时间将较冬令时提前一小时。","news_type":1,"symbols_score_info":{"ZNmain":0.9,"DUG":0.9,"BZmain":0.9,"SCO":0.9,"ZTmain":0.9,"CLmain":0.9,"TNmain":0.9,"DDG":0.9,"ZFmain":0.9,"UBmain":0.9,"QMmain":0.9,"DWT":0.9,"CADmain":0.9,"USO":0.9,"ZBmain":0.9,"UCO":0.9,"DWTIF":0.9,"UWTIF":0.9,"FXC":0.9}},"isVote":1,"tweetType":1,"viewCount":4674,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365667292,"gmtCreate":1614736409816,"gmtModify":1704774598897,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"mark","listText":"mark","text":"mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/365667292","repostId":"2116177516","repostType":4,"repost":{"id":"2116177516","kind":"news","pubTimestamp":1614732450,"share":"https://ttm.financial/m/news/2116177516?lang=en_US&edition=fundamental","pubTime":"2021-03-03 08:47","market":"us","language":"zh","title":"General Motors' Cruise reportedly plans to acquire autonomous driving company Voyage.","url":"https://stock-news.laohu8.com/highlight/detail?id=2116177516","media":"智通财经","summary":"智通财经APP获悉，据知情人士透露，通用汽车旗下自动驾驶汽车公司Cruise正在谈判收购自动驾驶技术初创公司Voyage。Voyage主要在佛罗里达的退休社区开展业务。报道称，两年前，投资者认为自动驾驶汽车可以相对较快地上路，但Cruise和Alphabet旗下自动驾驶部门Waymo在部署付费服务方面的延迟，导致一些投资者退出。据悉，为推进自动驾驶技术的商业化，Cruise不断拓展相关业务。","content":"<p>According to sources,<a href=\"https://laohu8.com/S/GM\">general motors</a>Cruise, its self-driving car company, is in talks to acquire Voyage, an autonomous driving technology startup. Voyage primarily operates in retirement communities in Florida. Sources familiar with the matter said the acquisition of Voyage would help Cruise develop its driverless taxi business.</p><p>The report states that two years ago, investors believed self-driving cars could be on the road relatively quickly, but delays in deploying paid services by Cruise and Alphabet's self-driving division Waymo led some investors to exit. Since then, self-driving cars<a href=\"https://laohu8.com/S/V03.SI\">Startup company</a>Either go bankrupt or be acquired by a larger company. For example, Starsky Robotics Inc. went bankrupt last year, and Zoox was...<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Acquisition.</p><p>It is understood that Cruise is continuously expanding its related businesses to promote the commercialization of autonomous driving technology. The company has partnered with<a href=\"https://laohu8.com/S/WMT\">Walmart</a>A delivery pilot project was established and hired in January of this year.<a href=\"https://laohu8.com/S/DAL\">Delta Airlines</a>Executive Gil West serves as Chief Operating Officer.</p>","source":"stock_zhitongcaijing","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>General Motors' Cruise reportedly plans to acquire autonomous driving company Voyage.</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\">\nGeneral Motors' Cruise reportedly plans to acquire autonomous driving company Voyage.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经</strong><span class=\"h-time small\">2021-03-03 08:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p>According to sources,<a href=\"https://laohu8.com/S/GM\">general motors</a>Cruise, its self-driving car company, is in talks to acquire Voyage, an autonomous driving technology startup. Voyage primarily operates in retirement communities in Florida. Sources familiar with the matter said the acquisition of Voyage would help Cruise develop its driverless taxi business.</p><p>The report states that two years ago, investors believed self-driving cars could be on the road relatively quickly, but delays in deploying paid services by Cruise and Alphabet's self-driving division Waymo led some investors to exit. Since then, self-driving cars<a href=\"https://laohu8.com/S/V03.SI\">Startup company</a>Either go bankrupt or be acquired by a larger company. For example, Starsky Robotics Inc. went bankrupt last year, and Zoox was...<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Acquisition.</p><p>It is understood that Cruise is continuously expanding its related businesses to promote the commercialization of autonomous driving technology. The company has partnered with<a href=\"https://laohu8.com/S/WMT\">Walmart</a>A delivery pilot project was established and hired in January of this year.<a href=\"https://laohu8.com/S/DAL\">Delta Airlines</a>Executive Gil West serves as Chief Operating Officer.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/420619.html\">智通财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/12340231b976722241abb465e8821663","relate_stocks":{"GM":"通用汽车"},"source_url":"http://www.zhitongcaijing.com/content/detail/420619.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2116177516","content_text":"据知情人士透露，通用汽车旗下自动驾驶汽车公司Cruise正在谈判收购自动驾驶技术初创公司Voyage。Voyage主要在佛罗里达的退休社区开展业务。知情人士表示，收购Voyage将有助于Cruise发展无人驾驶出租车业务。\n报道称，两年前，投资者认为自动驾驶汽车可以相对较快地上路，但Cruise和Alphabet旗下自动驾驶部门Waymo在部署付费服务方面的延迟，导致一些投资者退出。自那以后，自动驾驶汽车创业公司要么倒闭，要么被更大的公司收购。例如，Starsky Robotics Inc.去年倒闭了，Zoox公司则被亚马逊收购。\n据悉，为推进自动驾驶技术的商业化，Cruise不断拓展相关业务。该公司已与沃尔玛建立了配送试点项目，并于今年1月聘请达美航空高管Gil West担任首席运营官。","news_type":1,"symbols_score_info":{"GM":0.9}},"isVote":1,"tweetType":1,"viewCount":2470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":368806595,"gmtCreate":1614304695817,"gmtModify":1704770399861,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"Mark","listText":"Mark","text":"Mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/368806595","repostId":"1184986631","repostType":4,"repost":{"id":"1184986631","kind":"news","weMediaInfo":{"introduction":"市场策略研究、热点问题观察、分享最新观点：美国与海外市场、H股、及中概股市场","home_visible":1,"media_name":"Kevin策略研究","id":"1090746012","head_image":"https://static.tigerbbs.com/54c3f16355434883aa8d30b4dc5a7d90"},"pubTimestamp":1614299785,"share":"https://ttm.financial/m/news/1184986631?lang=en_US&edition=fundamental","pubTime":"2021-02-26 08:36","market":"hk","language":"zh","title":"What happened during the last sharp rise in US Treasury yields?","url":"https://stock-news.laohu8.com/highlight/detail?id=1184986631","media":"Kevin策略研究","summary":"隔夜美债市场出现大幅波动，债券市场遭到抛售推动长端美债快速收高，10年美债利率不仅突破关键关口1.5%，更是在盘中一度创下1.61%的高点，为2020年疫情爆发以来的新高。债券的剧烈波动迅速跨资产蔓延","content":"<p>The US Treasury market experienced significant fluctuations overnight, with a sell-off in the bond market driving long-term US Treasury bonds to close higher. The 10-year US Treasury yields not only broke through the key level of 1.5%, but also reached a high of 1.61% during the session, a new high since the outbreak of the pandemic in 2020. The sharp volatility in bonds quickly spread across assets to other assets, causing the US stock market, especially growth stocks, to plummet. The Nasdaq fell 3.5%, while the Dow Jones and S&P 500 indices fell 1.8% and 2.5%, respectively. At the sector level, discretionary consumption, technology, and communication services, which are overvalued and sensitive to rising interest rates, were the hardest hit, while safe-haven sectors such as utilities, healthcare, and banks, which benefit from rising interest rates, saw relatively small declines. Meanwhile, gold prices plummeted while the US dollar rose.</p><p>The source of the sharp fluctuations in major asset prices is still the rise in bond yields, which is in line with recent market concerns that positive growth expectations and rising inflation may push up interest rates, thereby suppressing valuations and dragging down the market. However, the pace of change has suddenly become more dramatic, which is something we should be wary of.<b>As we have pointed out many times before, in addition to the absolute level, the speed of change in interest rates is also crucial, as it essentially reflects the volatility of bond assets.</b>。</p><p>Therefore, based on the latest situation, we provide the following comments for your reference.</p><p><b>I. Why are interest rates rising so rapidly? Chain reaction after breaking through a critical juncture</b></p><p>In general, the rise in long-term US Treasury yields is consistent with the general trend of further positive growth and inflation expectations against the backdrop of the recent improvement in the global overall pandemic, accelerated vaccination, and the approaching new round of $1.9 trillion fiscal stimulus in the United States. The market has already formed a relatively sufficient consensus on this point, so it will not be elaborated further (\"After the 10-Year US Treasury yields Breaks Through 1.1%\", \"Spring Festival Review: Interest Rates Soar, Oil Prices Overbought; Improved Pandemic, Approaching Stimulus\").</p><p>However, overnight interest rates suddenly accelerated their rise.<b>We believe that a chain reaction cannot be ruled out after bond yields break through a key level, triggering positions and derivatives anchored at this level, or even algorithmic trading orders.</b>This is not entirely due to fundamental factors. After all, currently, speculative positions in long-term US Treasury yields remain net long, and a sudden rise in interest rates will put pressure on them.<b>Therefore, we also remind you that in the short term, we need to pay attention to the reasons after breaking through the key level.</b>(The Disturbance of Rising Interest Rates: Lessons from 2018).</p><p><img src=\"https://static.tigerbbs.com/9e74a112cb938257ccd8de4b5452adc7\" tg-width=\"618\" tg-height=\"379\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/79604d78c8a870cacaddfd6086600977\" tg-width=\"667\" tg-height=\"410\" referrerpolicy=\"no-referrer\"></p><p><b>II. How fast are interest rates rising? The fluctuation is close to 2 times the standard deviation</b></p><p>We have repeatedly emphasized that the absolute level of interest rates is one aspect,<b>In a sense, the speed of interest rate increases is more crucial.</b>This is because rapidly rising interest rates mean that the bond market will experience drastic fluctuations, which will then \"spread\" across assets to other assets, which is very similar to the fluctuations triggered by the US Treasury yields rapidly breaking through 2.8% in early February 2018.</p><p>So how fast do overnight bond rates fluctuate? If we take the high of 1.61% as an example, the volatility of the 10-year Treasury Bond is already close to twice the standard deviation of the past year, which is higher than the \"warning level\" of 1.5 times the standard deviation of our rising interest rate signal, and reached a peak of nearly 2.5 times in early 2018.<b>Generally speaking, historical experience shows that levels above this threshold alert level usually cause market disturbances.</b>Against this backdrop, the implied volatility of bond futures has also risen to its highest level since the pandemic.</p><p><img src=\"https://static.tigerbbs.com/7af78ac184d4226ffcefd35c6ec05240\" tg-width=\"738\" tg-height=\"453\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/20ee1037e24f9be747042526f8088891\" tg-width=\"830\" tg-height=\"509\" referrerpolicy=\"no-referrer\"></p><p><b>III. Challenges of rising real interest rates: Rising real financing costs are detrimental to gold and overvalued assets.</b></p><p>During this round of rising interest rates,<b>Another characteristic is that it is primarily based on real interest rates, rather than inflation expectations as generally referred to by the market.</b>This is consistent with the situation we suggested. Compared to its low in early January, the 10-year nominal US Treasury yields has risen by more than 45 basis points, while real interest rates have contributed nearly 43 basis points, and inflation expectations have remained basically flat. The recent price movement of gold is a good example of this, because gold often benefits from rising interest rates, which are primarily driven by inflation expectations (implying that real interest rates are under pressure or declining).</p><p><b>The actual inflation trend is often confused with the inflation expectation (breakeven) implied by the nominal interest rate minus the TIPs real interest rate. We expect interest rate increases to be primarily driven by effective interest rates.</b>This is mainly due to the following considerations: a) implied real growth and a rebound in return on investment; b) Long-term inflation expectations are close to the upper edge of the long-term range of 2.2-2.5% (this upper edge is relatively stable in the long run), reflecting the expectation of higher inflation in the future in advance; c) Short-term and long-term inflation expectations have inverted, indicating that short-term bonds have taken into account more expectations of rising inflation, and this inversion cannot be sustained based on historical experience.</p><p><b>Rising real interest rates not only imply a rise in the real rate of return after deducting price factors, but also mean a marginal increase in real financing costs.</b>(Although it is still clearly negative at present, with a 10-year yield of -0.61%), the implication of rising real interest rates for asset prices is that, on the one hand, it is not conducive to gold, and on the other hand, it will put greater pressure on marginally high valuations, especially those with crowded trading, excessive unrealized profits, and high margin leverage.</p><p><img src=\"https://static.tigerbbs.com/ef52da1b01866eedd4a022a2f3b9a90d\" tg-width=\"774\" tg-height=\"475\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a98620b61bab182ef4e00c8e4df83901\" tg-width=\"870\" tg-height=\"534\" referrerpolicy=\"no-referrer\"></p><p><b>IV. What might happen next? Bonds are oversold; The stock market is focused on a chain reaction in the short term, but its medium-term trend will depend on fundamentals.</b></p><p>First, from the perspective of interest rates themselves, after yesterday's significant fluctuations, the 10-year US Treasury yield has already reached the 1.5% first-stage target level set in our annual outlook \"2021 Overseas Market Outlook: The Pandemic Path Bends, Replenishing Inventories to Secure Tranquility\" published at the end of last year. This is because the long-term Treasury Bond is clearly oversold.<b>If there is no further chain reaction due to factors such as algorithmic bond trading or position unwind, it is possible to stabilize at this level and wait for the next catalyst factor.</b></p><p><img src=\"https://static.tigerbbs.com/22327d09a37aff72e0d2f14bdc6b1004\" tg-width=\"805\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p>Secondly, for the stock market, the surge in overnight US Treasury yields triggered increased volatility and stock market fluctuations, which are very similar in pattern to the situation in early February 2018 after the 10-year US Treasury yield rapidly broke through 2.8% due to better-than-expected non-farm payroll data. At that time, the volatility of bond yields was as high as 2.5 standard deviations.</p><p><b>Historically, after bond yields broke through a key level in early February and caused volatility, the reasons for the further amplification and prolongation of subsequent market volatility were not limited to the rise in interest rates themselves, but triggered a series of chain reactions involving volatility strategies and highly leveraged crowded trading.</b>。 As we analyzed in \"The Disturbance of Rising Interest Rates: Experiences from 2018,\" in retrospect, if interest rates had simply risen without a series of subsequent chain reactions, the period of turmoil that lasted for more than a month in February 2018 might not have been so significant. The specific process is as follows: On Monday, February 5, a further sharp drop in US stocks caused the VIX to surge by 116% (a single-day change exceeding that during the 2020 pandemic). The previously abnormally \"crowded\" bearish volatility positions needed to be quickly filled, which caused ETFs bearish on the VIX to plummet by 93% on Tuesday, triggering early redemption clauses and liquidation. Some investment strategies that directly or indirectly target volatility, such as Risk Parity and CTA (managed futures), needed to adjust their exposure to risky assets in the new volatility environment, which also brought selling pressure to the spot market. In addition, crowded trading and high leverage have increased selling pressure on individual investors. As a result, financial market liquidity indicators have generally shown signs of tightening.</p><p>However, it still needs to be emphasized that, from a long-term, medium-term perspective,<b>After short-term fluctuations, the fundamental support table for US stocks was still able to rebound and reach new highs. The reason behind this is that the tax reform at the end of 2017 supported earnings. The market didn't truly peak until October, when interest rates continued to rise and growth peaked.</b>After nearly two months of consolidation and fluctuations from February to March, US stocks bottomed out and rebounded in early April, hitting new highs until they peaked in early October under the dual pressures of interest rates breaking through 3% and peaking growth, thus starting a new round of decline. Compared to other markets at the time, such as the Chinese market, the fundamental reason why the US stock market was able to rebound and reach new highs was the additional boost to corporate profits brought about by the tax reform in 2017. This was something that the US market did not have. And when the fundamental space was exhausted, the market became unsustainable.</p><p><img src=\"https://static.tigerbbs.com/1282bf6413c6035a41385061aa932393\" tg-width=\"956\" tg-height=\"585\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/914d16d6516ec728b7fcde7ec8190ce7\" tg-width=\"834\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a812d954989f1ecfed856942880c72bf\" tg-width=\"1012\" tg-height=\"621\" referrerpolicy=\"no-referrer\"></p><p>Therefore, the lesson learned from 2018 is that rising interest rates can indeed easily cause disruptions against a backdrop of high sentiment, high valuations, and crowded trading, especially for highly valued growth stocks.<b>Now that the key level has been broken through and volatility has been triggered, we need to pay attention to whether it will trigger a chain reaction of algorithmic trading or leveraged trading, thereby prolonging and amplifying volatility. However, the medium-term market trend still depends on fundamentals.</b>If the positive trend in fundamentals remains established, then the market can still shake off the volatility caused by interest rate fluctuations until the fundamental trend begins to reverse.<b>It's important to understand that in some respects, the situation at the beginning of 2018 was not as good as it is now.</b>For example, interest rates are rising at the short end of a rate hike cycle, the implied leverage of market margin trading is as high as 3 times, and the equity risk premium is lower than currently.</p><p><img src=\"https://static.tigerbbs.com/ba1c82301f4e415993015990d008d501\" tg-width=\"806\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/398354a88b7b00bffde467e334e129d0\" tg-width=\"852\" tg-height=\"522\" referrerpolicy=\"no-referrer\"></p><p>Finally, it should be noted that although long-term interest rates are rising rapidly,<b>However, the financial market liquidity indicators and credit spreads we track have not tightened significantly.</b></p><p><img src=\"https://static.tigerbbs.com/522eafda13659c967fb09fdf4b7c4ffc\" tg-width=\"982\" tg-height=\"602\" referrerpolicy=\"no-referrer\"></p><p>This article was written by Liu Gang, US Treasury yields International Capital Corporation (CICC), and sourced from Kevin Strategy Research. The original title was \"Overseas Markets: The Challenge of China's Rapid Rise\".</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>What happened during the last sharp rise in US Treasury yields?</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 happened during the last sharp rise in US Treasury yields?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1090746012\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/54c3f16355434883aa8d30b4dc5a7d90);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Kevin策略研究 </p>\n<p class=\"h-time smaller\">2021-02-26 08:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The US Treasury market experienced significant fluctuations overnight, with a sell-off in the bond market driving long-term US Treasury bonds to close higher. The 10-year US Treasury yields not only broke through the key level of 1.5%, but also reached a high of 1.61% during the session, a new high since the outbreak of the pandemic in 2020. The sharp volatility in bonds quickly spread across assets to other assets, causing the US stock market, especially growth stocks, to plummet. The Nasdaq fell 3.5%, while the Dow Jones and S&P 500 indices fell 1.8% and 2.5%, respectively. At the sector level, discretionary consumption, technology, and communication services, which are overvalued and sensitive to rising interest rates, were the hardest hit, while safe-haven sectors such as utilities, healthcare, and banks, which benefit from rising interest rates, saw relatively small declines. Meanwhile, gold prices plummeted while the US dollar rose.</p><p>The source of the sharp fluctuations in major asset prices is still the rise in bond yields, which is in line with recent market concerns that positive growth expectations and rising inflation may push up interest rates, thereby suppressing valuations and dragging down the market. However, the pace of change has suddenly become more dramatic, which is something we should be wary of.<b>As we have pointed out many times before, in addition to the absolute level, the speed of change in interest rates is also crucial, as it essentially reflects the volatility of bond assets.</b>。</p><p>Therefore, based on the latest situation, we provide the following comments for your reference.</p><p><b>I. Why are interest rates rising so rapidly? Chain reaction after breaking through a critical juncture</b></p><p>In general, the rise in long-term US Treasury yields is consistent with the general trend of further positive growth and inflation expectations against the backdrop of the recent improvement in the global overall pandemic, accelerated vaccination, and the approaching new round of $1.9 trillion fiscal stimulus in the United States. The market has already formed a relatively sufficient consensus on this point, so it will not be elaborated further (\"After the 10-Year US Treasury yields Breaks Through 1.1%\", \"Spring Festival Review: Interest Rates Soar, Oil Prices Overbought; Improved Pandemic, Approaching Stimulus\").</p><p>However, overnight interest rates suddenly accelerated their rise.<b>We believe that a chain reaction cannot be ruled out after bond yields break through a key level, triggering positions and derivatives anchored at this level, or even algorithmic trading orders.</b>This is not entirely due to fundamental factors. After all, currently, speculative positions in long-term US Treasury yields remain net long, and a sudden rise in interest rates will put pressure on them.<b>Therefore, we also remind you that in the short term, we need to pay attention to the reasons after breaking through the key level.</b>(The Disturbance of Rising Interest Rates: Lessons from 2018).</p><p><img src=\"https://static.tigerbbs.com/9e74a112cb938257ccd8de4b5452adc7\" tg-width=\"618\" tg-height=\"379\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/79604d78c8a870cacaddfd6086600977\" tg-width=\"667\" tg-height=\"410\" referrerpolicy=\"no-referrer\"></p><p><b>II. How fast are interest rates rising? The fluctuation is close to 2 times the standard deviation</b></p><p>We have repeatedly emphasized that the absolute level of interest rates is one aspect,<b>In a sense, the speed of interest rate increases is more crucial.</b>This is because rapidly rising interest rates mean that the bond market will experience drastic fluctuations, which will then \"spread\" across assets to other assets, which is very similar to the fluctuations triggered by the US Treasury yields rapidly breaking through 2.8% in early February 2018.</p><p>So how fast do overnight bond rates fluctuate? If we take the high of 1.61% as an example, the volatility of the 10-year Treasury Bond is already close to twice the standard deviation of the past year, which is higher than the \"warning level\" of 1.5 times the standard deviation of our rising interest rate signal, and reached a peak of nearly 2.5 times in early 2018.<b>Generally speaking, historical experience shows that levels above this threshold alert level usually cause market disturbances.</b>Against this backdrop, the implied volatility of bond futures has also risen to its highest level since the pandemic.</p><p><img src=\"https://static.tigerbbs.com/7af78ac184d4226ffcefd35c6ec05240\" tg-width=\"738\" tg-height=\"453\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/20ee1037e24f9be747042526f8088891\" tg-width=\"830\" tg-height=\"509\" referrerpolicy=\"no-referrer\"></p><p><b>III. Challenges of rising real interest rates: Rising real financing costs are detrimental to gold and overvalued assets.</b></p><p>During this round of rising interest rates,<b>Another characteristic is that it is primarily based on real interest rates, rather than inflation expectations as generally referred to by the market.</b>This is consistent with the situation we suggested. Compared to its low in early January, the 10-year nominal US Treasury yields has risen by more than 45 basis points, while real interest rates have contributed nearly 43 basis points, and inflation expectations have remained basically flat. The recent price movement of gold is a good example of this, because gold often benefits from rising interest rates, which are primarily driven by inflation expectations (implying that real interest rates are under pressure or declining).</p><p><b>The actual inflation trend is often confused with the inflation expectation (breakeven) implied by the nominal interest rate minus the TIPs real interest rate. We expect interest rate increases to be primarily driven by effective interest rates.</b>This is mainly due to the following considerations: a) implied real growth and a rebound in return on investment; b) Long-term inflation expectations are close to the upper edge of the long-term range of 2.2-2.5% (this upper edge is relatively stable in the long run), reflecting the expectation of higher inflation in the future in advance; c) Short-term and long-term inflation expectations have inverted, indicating that short-term bonds have taken into account more expectations of rising inflation, and this inversion cannot be sustained based on historical experience.</p><p><b>Rising real interest rates not only imply a rise in the real rate of return after deducting price factors, but also mean a marginal increase in real financing costs.</b>(Although it is still clearly negative at present, with a 10-year yield of -0.61%), the implication of rising real interest rates for asset prices is that, on the one hand, it is not conducive to gold, and on the other hand, it will put greater pressure on marginally high valuations, especially those with crowded trading, excessive unrealized profits, and high margin leverage.</p><p><img src=\"https://static.tigerbbs.com/ef52da1b01866eedd4a022a2f3b9a90d\" tg-width=\"774\" tg-height=\"475\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a98620b61bab182ef4e00c8e4df83901\" tg-width=\"870\" tg-height=\"534\" referrerpolicy=\"no-referrer\"></p><p><b>IV. What might happen next? Bonds are oversold; The stock market is focused on a chain reaction in the short term, but its medium-term trend will depend on fundamentals.</b></p><p>First, from the perspective of interest rates themselves, after yesterday's significant fluctuations, the 10-year US Treasury yield has already reached the 1.5% first-stage target level set in our annual outlook \"2021 Overseas Market Outlook: The Pandemic Path Bends, Replenishing Inventories to Secure Tranquility\" published at the end of last year. This is because the long-term Treasury Bond is clearly oversold.<b>If there is no further chain reaction due to factors such as algorithmic bond trading or position unwind, it is possible to stabilize at this level and wait for the next catalyst factor.</b></p><p><img src=\"https://static.tigerbbs.com/22327d09a37aff72e0d2f14bdc6b1004\" tg-width=\"805\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p>Secondly, for the stock market, the surge in overnight US Treasury yields triggered increased volatility and stock market fluctuations, which are very similar in pattern to the situation in early February 2018 after the 10-year US Treasury yield rapidly broke through 2.8% due to better-than-expected non-farm payroll data. At that time, the volatility of bond yields was as high as 2.5 standard deviations.</p><p><b>Historically, after bond yields broke through a key level in early February and caused volatility, the reasons for the further amplification and prolongation of subsequent market volatility were not limited to the rise in interest rates themselves, but triggered a series of chain reactions involving volatility strategies and highly leveraged crowded trading.</b>。 As we analyzed in \"The Disturbance of Rising Interest Rates: Experiences from 2018,\" in retrospect, if interest rates had simply risen without a series of subsequent chain reactions, the period of turmoil that lasted for more than a month in February 2018 might not have been so significant. The specific process is as follows: On Monday, February 5, a further sharp drop in US stocks caused the VIX to surge by 116% (a single-day change exceeding that during the 2020 pandemic). The previously abnormally \"crowded\" bearish volatility positions needed to be quickly filled, which caused ETFs bearish on the VIX to plummet by 93% on Tuesday, triggering early redemption clauses and liquidation. Some investment strategies that directly or indirectly target volatility, such as Risk Parity and CTA (managed futures), needed to adjust their exposure to risky assets in the new volatility environment, which also brought selling pressure to the spot market. In addition, crowded trading and high leverage have increased selling pressure on individual investors. As a result, financial market liquidity indicators have generally shown signs of tightening.</p><p>However, it still needs to be emphasized that, from a long-term, medium-term perspective,<b>After short-term fluctuations, the fundamental support table for US stocks was still able to rebound and reach new highs. The reason behind this is that the tax reform at the end of 2017 supported earnings. The market didn't truly peak until October, when interest rates continued to rise and growth peaked.</b>After nearly two months of consolidation and fluctuations from February to March, US stocks bottomed out and rebounded in early April, hitting new highs until they peaked in early October under the dual pressures of interest rates breaking through 3% and peaking growth, thus starting a new round of decline. Compared to other markets at the time, such as the Chinese market, the fundamental reason why the US stock market was able to rebound and reach new highs was the additional boost to corporate profits brought about by the tax reform in 2017. This was something that the US market did not have. And when the fundamental space was exhausted, the market became unsustainable.</p><p><img src=\"https://static.tigerbbs.com/1282bf6413c6035a41385061aa932393\" tg-width=\"956\" tg-height=\"585\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/914d16d6516ec728b7fcde7ec8190ce7\" tg-width=\"834\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a812d954989f1ecfed856942880c72bf\" tg-width=\"1012\" tg-height=\"621\" referrerpolicy=\"no-referrer\"></p><p>Therefore, the lesson learned from 2018 is that rising interest rates can indeed easily cause disruptions against a backdrop of high sentiment, high valuations, and crowded trading, especially for highly valued growth stocks.<b>Now that the key level has been broken through and volatility has been triggered, we need to pay attention to whether it will trigger a chain reaction of algorithmic trading or leveraged trading, thereby prolonging and amplifying volatility. However, the medium-term market trend still depends on fundamentals.</b>If the positive trend in fundamentals remains established, then the market can still shake off the volatility caused by interest rate fluctuations until the fundamental trend begins to reverse.<b>It's important to understand that in some respects, the situation at the beginning of 2018 was not as good as it is now.</b>For example, interest rates are rising at the short end of a rate hike cycle, the implied leverage of market margin trading is as high as 3 times, and the equity risk premium is lower than currently.</p><p><img src=\"https://static.tigerbbs.com/ba1c82301f4e415993015990d008d501\" tg-width=\"806\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/398354a88b7b00bffde467e334e129d0\" tg-width=\"852\" tg-height=\"522\" referrerpolicy=\"no-referrer\"></p><p>Finally, it should be noted that although long-term interest rates are rising rapidly,<b>However, the financial market liquidity indicators and credit spreads we track have not tightened significantly.</b></p><p><img src=\"https://static.tigerbbs.com/522eafda13659c967fb09fdf4b7c4ffc\" tg-width=\"982\" tg-height=\"602\" referrerpolicy=\"no-referrer\"></p><p>This article was written by Liu Gang, US Treasury yields International Capital Corporation (CICC), and sourced from Kevin Strategy Research. The original title was \"Overseas Markets: The Challenge of China's Rapid Rise\".</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/eb7789abffef4e8a7ef6093738b6ad06","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184986631","content_text":"隔夜美债市场出现大幅波动，债券市场遭到抛售推动长端美债快速收高，10年美债利率不仅突破关键关口1.5%，更是在盘中一度创下1.61%的高点，为2020年疫情爆发以来的新高。债券的剧烈波动迅速跨资产蔓延到其他资产，导致美股市场特别是成长股大跌，纳斯达克大跌3.5%，道琼斯和标普500指数分别下跌1.8%和2.5%。板块层面，估值偏高、对利率上行敏感的可选消费、科技、通信服务等成为重灾区，避险板块如公用事业、医疗保健、以及受益于利率上行的银行等跌幅相对较少。同时，黄金大跌，美元走高。主要资产价格的大幅波动的源头依然是债券利率上行，与近期市场担忧增长预期向好和通胀走高推升利率、进而可能压制估值拖累市场的担忧一脉相过程，只不过其变化速度一下子剧烈起来，这也值得我们警惕。我们此前多次提示过，除了绝对水平外，利率的变化速度也至关重要，其本质上反映了债券资产的波动。因此，针对当前最新的情况，我们点评如下，供大家参考。一、利率为何快速上行？突破关键关口后的连锁反应大方向上，美债长端利率的上行，与近期全球整体疫情改善、疫苗接种加速、美国新一轮1.9万亿财政刺激渐行渐近背景下，增长和通胀预期进一步向好的大方向一致，在这一点上市场已经形成较为充分的共识预计，因此不再赘述（《10年美债利率升破1.1%之后》、《春节盘点：利率骤升、油价超买；疫情改善，刺激渐近》）。不过，隔夜利率突然加速上行，我们认为不排除与债券利率突破关键关口后触发一些锚定在此点位的仓位和衍生品、甚至程序化交易指令后的连锁反应，而并非完全的基本面因素，毕竟目前来看，美债长端利率的投机性头寸依然为净多头，利率的突然上行会使其面临压力。因此，这也我们提示短期需要关注突破关键关口后的原因（《利率上行的扰动：来自2018年的经验》）。二、利率上行有多快？波动接近2倍标准差我们一再强调，利率绝对水平是一方面，在一定意义上，利率上行的速度更为关键，因为过快上行的利率意味着债券市场经历剧烈的波动，而这一波动又会跨资产的“传染”到其他资产，这一点与2018年2月初美债利率快速突破2.8%引发的波动极为相似。那么，隔夜债券利率的波动有多快呢？如果以1.61%的高点计，10年国债的波动率已经接近过去一年的2倍标准差，已经高于我们利率上行信号1.5倍标准差的“警戒水平”，2018年初最高接近2.5倍。一般而言，从历史经验看，高于这一阈值警戒水平通常会对市场带来扰动。在此背景下，债券期货隐含的波动率也升至疫情以来的高点。三、实际利率上行的挑战：真实融资成本走高不利于黄金和高估值部分在此轮利率走高的过程中，还有一个特点是以实际利率为主，而并非市场所泛指的通胀预期，这一点与我们提示的情形一致。相比1月初的低点，10年名义美债利率已经上行超过45个基点，而实际利率贡献了近43个基点，通胀预期则基本持平。黄金近期的走势就是一个很好的佐证，因为通胀预期为主的利率上行（隐含实际利率承压或下行），黄金往往会受益。实际的通胀走势与名义利率扣除TIPs实际利率隐含的通胀预期（breakeven）经常会被混淆。我们预计利率上行主要以实际利率为主，主要是考虑到：a）隐含的真实增长和投资回报率回升；b）长端通胀预期接近长期区间上沿2.2~2.5%（长期来看，这一上沿相对稳定），提前反应了未来通胀走高的预期；c）短端和长端的通胀预期已然倒挂，表明短期债券计入了更多通胀走高的预期，而这一倒挂从历史经验来看也不能持久。实际利率上行除了隐含扣除价格因素的实际回报率抬升外，也意味着真实的融资成本的边际走高（虽然目前依然明显为负，10年期-0.61%），那么实际利率走高对资产价格的含义是，一方面不利于黄金，另一方面也会对边际上高估值部分带来边际上更大的压力，特别是交易拥挤、浮盈过多、以及以来融资杠杆较高的部分。四、接下来可能会发生什么？债券超卖；股市短期关注连锁反应，但中期走势决定于基本面首先，从利率本身来看，经过昨天的大幅波动后，10年美债已经触及我们在去年底发表的年度展望《2021年海外市场展望：疫情径曲、补库通幽》中给出1.5%的第一阶段目标点位，由于长端国债已经明显超卖，如果不出现进一步因债券的程序化交易或仓位unwind等因素的连锁反应的话，有可能会在这个水平上稳一稳，等待下一个催化剂因素。其次，对于股市而言，隔夜美债利率骤升引发的波动率走高和股市波动，从形态上非常类似2018年2月初因非农数据大超预期后10年美债快速突破2.8%后的情形，当时债券利率的波动率高达2.5倍标准差。从当时历史经验看，在债券利率2月初突破关键关口并导致波动后，后续市场波动进一步被放大和延长的原因不仅限于利率走高本身，而是触发了波动率策略和高杠杆拥挤交易引发了一系列连锁反应。正如我们在《利率上行的扰动：来自2018年的经验》中分析的那样，后视来看，如果单纯的利率上行但没有后续的一系列连锁反应，可能也不至于造成2018年2月如此大幅且持续一个多月的动荡期。其具体过程为：2月5日周一，美股进一步大跌导致VIX骤升116%（单日变化幅度超过2020年疫情期间），此前异常“拥挤”的看空波动率头寸需要迅速回补，又使得看空VIX的ETF产品在周二大跌93%提前触发提前赎回条款而清盘，一些直接或间接盯住波动率的投资策略（VolatilityTargeting）如风险平价（Risk Parity）、CTA（管理期货）等需要在新的波动率环境下调整对风险资产的敞口也带来对现货市场的抛售压力。此外，拥挤交易和较高的融资杠杆也加大了个人投资者抛售压力。金融市场流动性指标也普遍因此出现收紧迹象。但是仍需要强调的是，拉长时间中期维度看，短期波动后，美股在基本面的支撑表依然能够反弹并再创新高，其背后的原因就在于2017年底税改对盈利的支撑；直到10月份利率继续走高且增长见顶后，市场才彻底见顶。在2月~3月经历了近2个月的盘整和波动后，美股从4月初见底反弹并再创新高，直到10月初在利率突破3%和增长见顶的双重压力下见顶，开启新一轮下跌。相比当时的其他市场比如中国市场，美股之所以还能够反弹并再创新高的根本原因在于2017年税改带来的对于企业盈利的额外推动，这一点其实他市场并不具备的，而当基本面的空间也被消耗殆尽后，市场便难以为继了。因此，2018年经验对于当下的启示是，利率走高在情绪饱满、估值偏高、交易拥挤的背景下的确容易带来扰动，特别是高估值的成长股部分，目前既然已经突破关键关口并引发波动，那么接下来我们需要关注是否会触发一些程序化交易或杠杆交易的连锁反应进而延长并放大波动，但是中期维度的市场走势还是取决于基本面，如果基本面的向好趋势依然确立，那么市场还是可以摆脱因利率扰动带来波动，直到基本面趋势也开始逆转。要知道在一些层面2018年初的情形还不如当前，例如处于加息周期短端利率抬升、市场融资盘隐含杠杆高达3倍、股权风险溢价较当前更低。最后，需要指出的是，虽然长端利率快速上行，但我们追踪的金融市场流动性指标和信用利差并未出现明显收紧。本文作者：中金公司刘刚，来源：Kevin策略研究，原文标题《海外市场：美债利率上行过快的挑战》","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1887,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382844550,"gmtCreate":1613435734370,"gmtModify":1704880408007,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"interesting","listText":"interesting","text":"interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/382844550","repostId":"1176177637","repostType":4,"repost":{"id":"1176177637","kind":"news","pubTimestamp":1613535611,"share":"https://ttm.financial/m/news/1176177637?lang=en_US&edition=fundamental","pubTime":"2021-02-17 12:20","market":"hk","language":"zh","title":"Alibaba, JD.com, Pinduoduo, Meituan: Giants with assets worth hundreds of billions of US dollars clash.","url":"https://stock-news.laohu8.com/highlight/detail?id=1176177637","media":"36氪","summary":"过去的2020年，时代不可避免地被全球蔓延的新冠疫情标记和改变，在消费领域，这种改变尤为明显，反消费主义的讨论一时甚嚣尘上。全国社会消费品零售总额、消费者信心指数等数据无不暴露出市场大环境的不确定性。","content":"<p>In 2020, the times were inevitably marked and changed by the global spread of the COVID-19 pandemic. This change was particularly evident in the consumer sector, and anti-consumerism discussions were rampant. Data such as national total retail sales of consumer goods and the consumer confidence index all reveal the uncertainty of the overall market environment.</p><p>However, a series of cold data are far from painting a picture of the consumer sector in the post-pandemic era. In fact, destruction and reconstruction are happening simultaneously.</p><p>Ali,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>E-commerce platforms such as Meituan have been hit by the pandemic, but once the clarion call to \"boost domestic demand\" is sounded, these giants are still the ones who enjoy the benefits.</p><p>Excluding the massive Alibaba, Pinduoduo, Meituan, and...<a href=\"https://laohu8.com/S/JD\">JD.com</a>Stock prices have risen by more than 100% in the past year, and market capitalizations have exceeded hundreds of billions of US dollars, which is extremely rare in any field. With online physical retail and lifestyle services having a penetration rate of only 20% in the overall market, e-commerce platforms have proven that they still have ample room for growth.</p><p>As we enter 2021, there are no signs that this market trend will be reversed in the short term, the policy environment for expanding domestic demand and boosting consumption will not waver, and the digital penetration rate across all sectors is slowly but steadily increasing.</p><p>However, we can see that the era of relying on huge scale to reap the benefits is also changing. After the State Administration for Market Regulation issued three consecutive \"anti-monopoly\" penalties, the era of internet anti-monopoly officially began in the second half of 2020.</p><p>More than one industry insider says that 2021 will be a turning point in the history of China's internet anti-monopoly efforts over the past 10 years. \"For giants, 2021 will be a pivotal year,\" said Fang Xingdong, founder of the Internet Lab, in a media interview. He added that the era of laissez-faire is over, and the Chinese Internet has officially entered a new era of rebuilding norms and reconstructing order, which is a historic turning point.</p><p>It is certain that Alibaba and Meituan will suffer greater losses in this anti-monopoly campaign, while JD.com and Pinduoduo, on the other hand, may enjoy policy support and strive to catch up. However, no one can determine how strict the enforcement of anti-monopoly measures will be or how widely they will be involved. For e-commerce platforms, instead of living in fear amidst uncertainty, they should seize opportunities in certain areas and consolidate their advantages.</p><p>The lower-tier market remains a lucrative market favored by all e-commerce platforms. The \"grocery shopping war\" that began in the middle of last year will undoubtedly intensify in 2021. For these large companies, this bears the important mission of a \"second growth curve,\" and no one wants to easily lose this war of attrition.</p><p>On the other hand, the trend of younger consumers is already very obvious, with those born in the 1990s and 2000s gradually becoming the main consumer groups. The pursuit of beauty and quality of life runs through the younger generation. Specifically, in terms of product categories, many promising companies have emerged in the beauty and skincare and food and beverage sectors, which will indirectly boost market sentiment and benefit e-commerce platforms.</p><p>In the medium to long term, the growth rates of China's GDP and total retail sales will continue to slow down, and the economy is in a downward trend, so the growth rate of the e-commerce industry will definitely slow down. With traffic peaking and growth struggling, e-commerce platforms will increasingly compete on the same battlefield in 2021, which will become the main theme for the next few years.</p><p><b>How can Alibaba overcome its internal and external difficulties?</b></p><p>Despite the stable growth of the e-commerce market, 2020 was a rare period of difficulty for Alibaba since its founding, and it encountered an unprecedented reputation crisis.</p><p>Externally, the impact of the pandemic, Ant Group's suspension of its IPO, stricter anti-monopoly regulations, and an increasingly fierce competitive landscape are all factors. Internally, problems such as sluggish growth and scandals involving several senior executives followed one after another.</p><p>Now, the impact of the pandemic is almost over, and Ant Group's crisis has temporarily come to an end with the introduction of the spin-off plan. However, it remains to be seen how long the anti-monopoly regulations will continue. This factor will not only cause Alibaba's stock price to fluctuate in the short term, but will also create obstacles to business development to some extent.</p><p>Forced by the situation, Alibaba has publicly stated its stance on the \"choose one of two\" policy for e-commerce for the first time. At the business conference held in January 2021,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Group Vice President Fubuki once stated that he does not support the \"choose one of two\" policy, which means that Alibaba will not openly restrict merchants' traffic. The lifting of the \"choose one of two\" restrictions may lead to an outflow of merchant resources in the short term, but in the long run, merchants' choices will still depend on comprehensive competitive dimensions such as traffic costs, supply chains, and logistics services on various platforms.</p><p>Besides the challenges brought about by force majeure, the pressure from external competition is only increasing. Going forward, it will probably be difficult for Alibaba to focus on dealing with competitors in a particular field as it has in the past.</p><p>In the dominant e-commerce arena, the price war between Alibaba and Pinduoduo to penetrate lower-tier cities remains close. The Taobao Special Edition, which has partnered with companies like Juhuasuan to offer a \"1 yuan special price\" and C2M factory direct supply, has been launched. Led by Wang Hai, head of 1688, it is clearly intended to leverage its B-end advantages. As of November 11, 2020, the number of annual active buyers for the Taobao Special Edition had exceeded 100 million. After assisting Taobao in attracting traffic, the discounted version may be renamed and given a more independent attitude to cope with the battle to penetrate lower-tier cities.</p><p>The content e-commerce battle with Douyin and Kuaishou is core to the competition for user time, coupled with users' shopping habits shifting from active search to...<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The mobile Taobao page has undergone a transformation since the end of last year. The strategic importance of \"Guess You Like\" and the emergence of \"Guangguang\" mean that it will fully align with the intelligent recommendation model of information feeds in communities such as Douyin and Xiaohongshu. With Tang Xing, who is good at content and technology, taking full control of Taobao, this trend will become more and more obvious this year.</p><p>The growth of internet users is approaching its peak, which is clearly evident in the case of Alibaba, a \"middle-aged giant\". Data shows that Alibaba is facing a predicament of sluggish growth, both in terms of user growth and GMV growth.</p><p>According to Alibaba's Q3 2020 financial report, the growth of monthly active users was nearly 10 million lower than market expectations. Although the Q4 financial report shows that the net increase in monthly active users exceeded 21 million in a single quarter, indicating a rebound in growth, this is largely due to the Double 11 promotion, and whether they can be retained depends on the performance in the next quarter. Furthermore, the year-on-year growth rate of GMV (Gross Merchandise Volume) was only 19%, the lowest in the quarter excluding the pandemic; Taobao Live's GMV for the whole of 2020 was 400 billion yuan, which was also lower than the internal expectation of 500 billion yuan—the impact of Douyin and Kuaishou's increased investment in live-streaming e-commerce on Taobao is gradually becoming apparent.</p><p>To overcome these challenges and increase user engagement, focusing on content is one solution, while finding untapped traffic areas is another.</p><p>This is also the underlying reason why community group buying has become a fiercely contested battleground for giants. Surprisingly, amidst the buzz, Alibaba remained remarkably low-key. Apart from its \"$4 billion investment,\" which was a step behind, it lagged behind in all other aspects: it remained undecided which business unit would handle community group buying, and its performance targets were unclear.</p><p>Chairman Zhang Yong's remarks at the Q3 2020 earnings call reveal some information: \"Competition in community group buying is fierce, but the market is still very early. Alibaba has the best conditions and will be able to attract customers later.\" At the Q4 2020 earnings call, CFO Wei Wu also stated that Taobao Maicai, a new business incubated by core e-commerce platforms, will not rely on subsidies for market share to achieve user and order volume growth.</p><p>combine<a href=\"https://laohu8.com/S/KRKR\">36Kr</a>Information obtained from sources close to Alibaba can be interpreted as suggesting that, from Alibaba's perspective, this round of price wars and competition for positions in pursuit of scale is not worth investing too much in. Focusing on quality expansion, such as improving the back-end supply chain and fulfilling contracts, is more important.</p><p>Growth or profit has become a choice that Alibaba needs to face again. At the Q4 2020 earnings call, CFO Wei Wu clearly stated that profit has never been Alibaba's top priority, and that Alibaba will continue to invest heavily in innovative businesses in the future, including e-commerce seed business and others. It is foreseeable that for a long time to come, Taobao grocery shopping, Taobao live streaming, and Taobao special offer versions will all receive substantial financial support. In addition, Alibaba also needs to divest some of its existing businesses that are difficult to support.</p><p>When enterprises are facing internal and external difficulties, organizational stability is particularly important. However, since the beginning of this year, several senior executives, including Jiang Fan, have been embroiled in sex scandals and corruption scandals, causing core e-commerce companies, which had not experienced significant changes for several years, to undergo significant organizational restructuring. Alibaba has also begun to proactively reflect on the shortcomings in its organizational culture development: changing its once high-profile communication strategy, hiding job levels, canceling weekly reports, canceling 361 performance appraisals, and changing KPIs to OKRs. A recent speech by Zhang Yong on the internal network reflecting on the middle platform is also seen as a precursor to Alibaba's plan to split the middle platform.</p><p>After letting go of some burdens, Alibaba, this giant ship, may be able to operate more flexibly.</p><p><b>How many winning tickets are there in the Pinduoduo community group buying battle?</b></p><p>At the start of the new year, Pinduoduo appeared in the public eye as a \"sweatshop,\" with a series of social incidents that endangered the company's values and reputation, such as \"sudden employee deaths\" and \"employee rights protection.\"</p><p>Pinduoduo's stock price experienced some fluctuations in the short term as a result, but the capital market remains very confident in it. However, from a business perspective, Pinduoduo, which originally won the title of interactive partner for CCTV's Spring Festival Gala red envelopes, was ultimately replaced, losing an important promotional opportunity for its payment and grocery shopping businesses.</p><p>Pinduoduo regards its grocery shopping business as an important weapon for achieving sustainable growth in users and transaction volume. In the early stages of competition, Pinduoduo seized a large market share thanks to its low prices and influence in the terminal market; however, it still has a long way to go before it achieves victory.</p><p>The community group buying industry is also developing in a more mature direction. From a financial perspective, giants are shifting their focus from order volume and transaction volume to gross profit margin, with Pinduoduo being a prime example. With fewer subsidies, maintaining strong user growth will naturally become more difficult, making it urgent to improve supply chain capabilities and fulfillment efficiency.</p><p>From an expansion perspective, following the successful experience of Xingsheng Youxuan, opening a large number of offline stores may be one of the future development directions. Currently, it seems that Meituan is testing the direct operation model, while Didi has chosen the faster franchise model. Duoduo Maicai has not yet taken any related action.</p><p>In addition to solving the problem of growth, Pinduoduo is also planning for longer-term development. For example, how to manage relationships with major brands, the extent to which new brand plans can be implemented, and whether logistics problems can be solved.</p><p>With Pinduoduo's massive traffic, it's hard for big brands not to be tempted, but rivalries between the two companies also occur frequently, such as SK2.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Big brands have also personally stepped in to maintain their pricing systems. However, it seems that cooperation with brands is either limited to the inclusion of some products or can only be done indirectly through distributors, always only scratching the surface. Pinduoduo can only hope to attract some users who favor big brands by using the low price temptation of \"10 billion yuan subsidies\", which is not a long-term solution. As a result, Pinduoduo also conceived the idea of incubating brands, but so far, the new brand plan, which focuses on the C2M model, has not been very effective.</p><p>Since last year, Pinduoduo has made significant breakthroughs in the logistics field, supporting J&T Express with its e-commerce parcel volume, second only to Alibaba. Although it is currently impossible to prove whether there is a capital tie between Pinduoduo and J&T Express, J&T's rapid development can provide Pinduoduo with more leverage to break free from Alibaba's logistics system, led by Cainiao. This year's Double Eleven and other major shopping festivals may continue to see J&T Express facing encirclement and suppression from Alibaba's logistics system.</p><p>Regardless, maintaining sales volume and user growth, while truly retaining non-lower-tier users, remains Pinduoduo's main theme this year.</p><p><b>The new story of JD Retail: Can Logistics Digital Technology successfully go public?</b></p><p>Judging from at least the first three quarters of 2020, JD.com's performance was quite good. After breaking free from nearly a year of stagnant growth, JD.com's stock price surged 140% last year, ranking second only to Meituan among internet giants with a market capitalization of over $100 billion. Thanks to its long-term logistics development, JD.com has become one of the few companies to benefit from the pandemic.</p><p>Fast-moving consumer goods (FMCG) became JD.com's fastest-growing category over the past year. In Q2 and Q3 of 2020, the sales revenue of daily necessities increased by more than 35% year-on-year. However, to support the further rise in stock prices, JD.com still needs to find a new story, and the newly established Jingxi Business Group is highly anticipated.</p><p>After Meituan, Didi, and Pinduoduo all plunged into the grocery shopping war in the middle of last year, JD.com, which arrived late, only hastily completed its restructuring in November, packaging and reorganizing Xintonglu, Jingxi, and the newly established community group buying business, intending to launch a fierce battle in the lower-tier market.</p><p>At the end of December, Jingxi Pindupin opened in 14 cities simultaneously. Earlier, they partnered with Xingsheng Youxuan, a leading community group-buying company, and made an unexpected strategic investment of $700 million in the latter, which instantly gave JD.com, which was not favored, a place in the competitive landscape.</p><p>Another surprising piece of news is that Liu Qiangdong, who had disappeared from the public eye for a long time, is now leading the Jingxi Business Group. Several JD.com insiders told 36Kr that Liu Qiangdong's willingness to return to the front lines of business has increased sharply in the past few months. \"He has inquired about the specific business situation and consulted employees for suggestions on company management on JD.com's internal forums many times,\" which is exciting news for the secondary market.</p><p>In this community group-buying battle, JD.com's only advantage may be its accumulated expertise in logistics. However, considering JD.com's execution and success rate in innovative businesses over the past few years, it is uncertain whether it can stand out in this battle to penetrate lower-tier markets.</p><p>At the end of 2020, JD Retail also made a series of personnel and structural adjustments, with a focus on integrating third-party POP platform businesses. For JD.com, to achieve \"accelerated growth\" in the four core indicators of \"transaction volume, revenue, users and profit\" in 2021, the POP category still cannot be ignored. Especially with stricter anti-monopoly regulations, JD.com, which has long suffered from the \"choose one of two\" policy, may be able to use this anti-monopoly investigation to catch up on categories such as apparel.</p><p>However, the past few months have not been easy for other JD.com subsidiaries. JD Digits became a collateral victim of Ant Group's IPO postponement, suspending its listing process, and its former CEO, Chen Shengqiang, also moved behind the scenes. In order to comply with financial regulatory requirements, Digital Technology has continuously integrated AI and cloud businesses to further enhance its technological attributes.</p><p>For several financial giants, going public may no longer be the first choice. At least after the Ant Financial incident, no one wants to be the first to \"take the plunge,\" and it is unlikely to happen in 2021.</p><p>The resignation of JD Logistics CEO Wang Zhenhui also came as a surprise to the outside world. According to market sources, JD Logistics has selected<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>and<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>The company is leading the Hong Kong IPO, with a potential valuation of approximately US$40 billion, and plans to list in the second or third quarter of 2021.</p><p>JD Logistics' revenue has maintained a year-on-year growth rate of over 50% for several quarters. Considering the improvement in the overall valuation of JD Group caused by the listing of JD Health, the listing of JD Logistics may push JD.com's market value to another level.</p><p><b>Meituan's stock price may soar alongside losses from its innovative businesses.</b></p><p>If the trend is consistent with that of 2019, Meituan will remain the fastest-rising stock price giant among Chinese internet companies in 2020, with its market capitalization surging by 170% in one year. After encountering an anti-monopoly crisis and briefly fluctuating in its stock price, Meituan's stock price surged at the beginning of 2021, increasing by 43% in just 20 days and reaching a market capitalization of over HK$2.3 trillion.</p><p>Having escaped the impact of the pandemic, Meituan's highly stable main business revenue, coupled with the market potential brought by innovative businesses such as community group buying, remains the most favored local internet company in the secondary market. However, as previously summarized, Meituan's current stock price includes a certain degree of forward-looking expectations from the market. Once its performance fluctuates, its stock price sensitivity will be greatly enhanced. This requires Meituan to balance the relationship between investment in innovative businesses and profits in the future.</p><p>Community group buying is undoubtedly the business that is currently attracting the most attention from the outside world. Since entering the market in July 2020, Meituan Youxuan has shown great momentum. According to several community group-buying practitioners who spoke to 36Kr, in the first week of the new year, Meituan Youxuan's average daily order volume nationwide reached 20 million, becoming the number one in the industry. In Wuhan and Jiangxi, it also surpassed Duoduo Maicai's daily order volume.</p><p>Meituan Youxuan, a newly entered market, continues to rely on high-pressure subsidies to compete for market share. Currently, in South and Central China, the average price of Meituan Youxuan is far lower than that of Duoduo Maicai (around 4 or 5 yuan). In relatively mature markets, Meituan no longer only focuses on order volume and repurchase rate, but gross profit has also become a new performance indicator in 2021.</p><p>Especially on the fulfillment side, Meituan has been continuously reducing costs through standardized management over the past few months. A Meituan Youxuan grid warehouse franchisee in the Jiangsu, Zhejiang and Shanghai region revealed to 36Kr that in order to optimize the grid warehouse operation process, Meituan will require its grid warehouses to add cameras for real-time monitoring, digitize each process, and then make fine adjustments through data operation. In addition, Meituan Youxuan has successively sent personnel from its headquarters to the site to closely monitor the operational process.</p><p>The latest news is that Meituan Youxuan is planning to open its first batch of offline directly operated stores in Hangzhou. There are already job postings for staff at Meituan's Hangzhou store on its intranet. However, according to sources, \"it is just a trial in the early stages, and it is uncertain whether it will be widely opened in 2021.\"</p><p>In Q3 2020, Meituan suffered a loss of 2.029 billion yuan in its innovation business, an increase of 68.8% year-on-year. Given that community group buying has become a fiercely contested battleground, Meituan may still need to burn money to build a strong competitive advantage and urgently needs to maintain profit levels in its main business.</p><p>Fortunately, Meituan's main business is stable enough, especially its food delivery business, which has shifted from being a source of traffic to a source of profit. In Q2 and Q3 of 2020, Meituan Food Delivery's operating profit was RMB 1.253 billion and RMB 768 million, respectively.</p><p>However, the hidden concern is that this profit comes at the cost of continuously increasing commissions and advertising revenue, which is an exploitation of merchants. At the beginning of last year, the Guangdong Catering Association jointly called on Meituan to reduce its commission ratio, which was an outbreak of intensified conflicts under special market conditions.</p><p>Amid anti-monopoly sentiment, forcing merchants to choose between two options may affect Meituan's control over merchants in the future, and the resulting instability in commissions and advertising revenue will also affect Meituan's profit prospects. However, judging from the current situation, this impact is negligible, and the \"choose one of two\" policy is still widespread. Judging from the stock price performance, the secondary market has not shown excessive and prolonged panic regarding the impact of anti-monopoly measures on Meituan.</p><p>Another promising business is bike sharing. For Meituan, these are the only two innovative businesses with orders in the tens of millions of yuan, which will greatly help increase the activity of the Meituan-Dianping App and thus achieve cross-selling across various businesses. Meanwhile, the end of the bike-sharing competition has given Meituan the opportunity to raise unit prices and operate it as a normal business. Last October, Meituan Bike's daily order volume exceeded 17 million orders.</p><p>How to maintain profit levels in relatively certain core businesses and quickly stand out and capture market share in highly uncertain innovative businesses will determine the direction of Meituan's stock price in the coming year.</p>","source":"36kr_stock","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>Alibaba, JD.com, Pinduoduo, Meituan: Giants with assets worth hundreds of billions of US dollars clash.</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\">\nAlibaba, JD.com, Pinduoduo, Meituan: Giants with assets worth hundreds of billions of US dollars clash.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2021-02-17 12:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In 2020, the times were inevitably marked and changed by the global spread of the COVID-19 pandemic. This change was particularly evident in the consumer sector, and anti-consumerism discussions were rampant. Data such as national total retail sales of consumer goods and the consumer confidence index all reveal the uncertainty of the overall market environment.</p><p>However, a series of cold data are far from painting a picture of the consumer sector in the post-pandemic era. In fact, destruction and reconstruction are happening simultaneously.</p><p>Ali,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>E-commerce platforms such as Meituan have been hit by the pandemic, but once the clarion call to \"boost domestic demand\" is sounded, these giants are still the ones who enjoy the benefits.</p><p>Excluding the massive Alibaba, Pinduoduo, Meituan, and...<a href=\"https://laohu8.com/S/JD\">JD.com</a>Stock prices have risen by more than 100% in the past year, and market capitalizations have exceeded hundreds of billions of US dollars, which is extremely rare in any field. With online physical retail and lifestyle services having a penetration rate of only 20% in the overall market, e-commerce platforms have proven that they still have ample room for growth.</p><p>As we enter 2021, there are no signs that this market trend will be reversed in the short term, the policy environment for expanding domestic demand and boosting consumption will not waver, and the digital penetration rate across all sectors is slowly but steadily increasing.</p><p>However, we can see that the era of relying on huge scale to reap the benefits is also changing. After the State Administration for Market Regulation issued three consecutive \"anti-monopoly\" penalties, the era of internet anti-monopoly officially began in the second half of 2020.</p><p>More than one industry insider says that 2021 will be a turning point in the history of China's internet anti-monopoly efforts over the past 10 years. \"For giants, 2021 will be a pivotal year,\" said Fang Xingdong, founder of the Internet Lab, in a media interview. He added that the era of laissez-faire is over, and the Chinese Internet has officially entered a new era of rebuilding norms and reconstructing order, which is a historic turning point.</p><p>It is certain that Alibaba and Meituan will suffer greater losses in this anti-monopoly campaign, while JD.com and Pinduoduo, on the other hand, may enjoy policy support and strive to catch up. However, no one can determine how strict the enforcement of anti-monopoly measures will be or how widely they will be involved. For e-commerce platforms, instead of living in fear amidst uncertainty, they should seize opportunities in certain areas and consolidate their advantages.</p><p>The lower-tier market remains a lucrative market favored by all e-commerce platforms. The \"grocery shopping war\" that began in the middle of last year will undoubtedly intensify in 2021. For these large companies, this bears the important mission of a \"second growth curve,\" and no one wants to easily lose this war of attrition.</p><p>On the other hand, the trend of younger consumers is already very obvious, with those born in the 1990s and 2000s gradually becoming the main consumer groups. The pursuit of beauty and quality of life runs through the younger generation. Specifically, in terms of product categories, many promising companies have emerged in the beauty and skincare and food and beverage sectors, which will indirectly boost market sentiment and benefit e-commerce platforms.</p><p>In the medium to long term, the growth rates of China's GDP and total retail sales will continue to slow down, and the economy is in a downward trend, so the growth rate of the e-commerce industry will definitely slow down. With traffic peaking and growth struggling, e-commerce platforms will increasingly compete on the same battlefield in 2021, which will become the main theme for the next few years.</p><p><b>How can Alibaba overcome its internal and external difficulties?</b></p><p>Despite the stable growth of the e-commerce market, 2020 was a rare period of difficulty for Alibaba since its founding, and it encountered an unprecedented reputation crisis.</p><p>Externally, the impact of the pandemic, Ant Group's suspension of its IPO, stricter anti-monopoly regulations, and an increasingly fierce competitive landscape are all factors. Internally, problems such as sluggish growth and scandals involving several senior executives followed one after another.</p><p>Now, the impact of the pandemic is almost over, and Ant Group's crisis has temporarily come to an end with the introduction of the spin-off plan. However, it remains to be seen how long the anti-monopoly regulations will continue. This factor will not only cause Alibaba's stock price to fluctuate in the short term, but will also create obstacles to business development to some extent.</p><p>Forced by the situation, Alibaba has publicly stated its stance on the \"choose one of two\" policy for e-commerce for the first time. At the business conference held in January 2021,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Group Vice President Fubuki once stated that he does not support the \"choose one of two\" policy, which means that Alibaba will not openly restrict merchants' traffic. The lifting of the \"choose one of two\" restrictions may lead to an outflow of merchant resources in the short term, but in the long run, merchants' choices will still depend on comprehensive competitive dimensions such as traffic costs, supply chains, and logistics services on various platforms.</p><p>Besides the challenges brought about by force majeure, the pressure from external competition is only increasing. Going forward, it will probably be difficult for Alibaba to focus on dealing with competitors in a particular field as it has in the past.</p><p>In the dominant e-commerce arena, the price war between Alibaba and Pinduoduo to penetrate lower-tier cities remains close. The Taobao Special Edition, which has partnered with companies like Juhuasuan to offer a \"1 yuan special price\" and C2M factory direct supply, has been launched. Led by Wang Hai, head of 1688, it is clearly intended to leverage its B-end advantages. As of November 11, 2020, the number of annual active buyers for the Taobao Special Edition had exceeded 100 million. After assisting Taobao in attracting traffic, the discounted version may be renamed and given a more independent attitude to cope with the battle to penetrate lower-tier cities.</p><p>The content e-commerce battle with Douyin and Kuaishou is core to the competition for user time, coupled with users' shopping habits shifting from active search to...<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The mobile Taobao page has undergone a transformation since the end of last year. The strategic importance of \"Guess You Like\" and the emergence of \"Guangguang\" mean that it will fully align with the intelligent recommendation model of information feeds in communities such as Douyin and Xiaohongshu. With Tang Xing, who is good at content and technology, taking full control of Taobao, this trend will become more and more obvious this year.</p><p>The growth of internet users is approaching its peak, which is clearly evident in the case of Alibaba, a \"middle-aged giant\". Data shows that Alibaba is facing a predicament of sluggish growth, both in terms of user growth and GMV growth.</p><p>According to Alibaba's Q3 2020 financial report, the growth of monthly active users was nearly 10 million lower than market expectations. Although the Q4 financial report shows that the net increase in monthly active users exceeded 21 million in a single quarter, indicating a rebound in growth, this is largely due to the Double 11 promotion, and whether they can be retained depends on the performance in the next quarter. Furthermore, the year-on-year growth rate of GMV (Gross Merchandise Volume) was only 19%, the lowest in the quarter excluding the pandemic; Taobao Live's GMV for the whole of 2020 was 400 billion yuan, which was also lower than the internal expectation of 500 billion yuan—the impact of Douyin and Kuaishou's increased investment in live-streaming e-commerce on Taobao is gradually becoming apparent.</p><p>To overcome these challenges and increase user engagement, focusing on content is one solution, while finding untapped traffic areas is another.</p><p>This is also the underlying reason why community group buying has become a fiercely contested battleground for giants. Surprisingly, amidst the buzz, Alibaba remained remarkably low-key. Apart from its \"$4 billion investment,\" which was a step behind, it lagged behind in all other aspects: it remained undecided which business unit would handle community group buying, and its performance targets were unclear.</p><p>Chairman Zhang Yong's remarks at the Q3 2020 earnings call reveal some information: \"Competition in community group buying is fierce, but the market is still very early. Alibaba has the best conditions and will be able to attract customers later.\" At the Q4 2020 earnings call, CFO Wei Wu also stated that Taobao Maicai, a new business incubated by core e-commerce platforms, will not rely on subsidies for market share to achieve user and order volume growth.</p><p>combine<a href=\"https://laohu8.com/S/KRKR\">36Kr</a>Information obtained from sources close to Alibaba can be interpreted as suggesting that, from Alibaba's perspective, this round of price wars and competition for positions in pursuit of scale is not worth investing too much in. Focusing on quality expansion, such as improving the back-end supply chain and fulfilling contracts, is more important.</p><p>Growth or profit has become a choice that Alibaba needs to face again. At the Q4 2020 earnings call, CFO Wei Wu clearly stated that profit has never been Alibaba's top priority, and that Alibaba will continue to invest heavily in innovative businesses in the future, including e-commerce seed business and others. It is foreseeable that for a long time to come, Taobao grocery shopping, Taobao live streaming, and Taobao special offer versions will all receive substantial financial support. In addition, Alibaba also needs to divest some of its existing businesses that are difficult to support.</p><p>When enterprises are facing internal and external difficulties, organizational stability is particularly important. However, since the beginning of this year, several senior executives, including Jiang Fan, have been embroiled in sex scandals and corruption scandals, causing core e-commerce companies, which had not experienced significant changes for several years, to undergo significant organizational restructuring. Alibaba has also begun to proactively reflect on the shortcomings in its organizational culture development: changing its once high-profile communication strategy, hiding job levels, canceling weekly reports, canceling 361 performance appraisals, and changing KPIs to OKRs. A recent speech by Zhang Yong on the internal network reflecting on the middle platform is also seen as a precursor to Alibaba's plan to split the middle platform.</p><p>After letting go of some burdens, Alibaba, this giant ship, may be able to operate more flexibly.</p><p><b>How many winning tickets are there in the Pinduoduo community group buying battle?</b></p><p>At the start of the new year, Pinduoduo appeared in the public eye as a \"sweatshop,\" with a series of social incidents that endangered the company's values and reputation, such as \"sudden employee deaths\" and \"employee rights protection.\"</p><p>Pinduoduo's stock price experienced some fluctuations in the short term as a result, but the capital market remains very confident in it. However, from a business perspective, Pinduoduo, which originally won the title of interactive partner for CCTV's Spring Festival Gala red envelopes, was ultimately replaced, losing an important promotional opportunity for its payment and grocery shopping businesses.</p><p>Pinduoduo regards its grocery shopping business as an important weapon for achieving sustainable growth in users and transaction volume. In the early stages of competition, Pinduoduo seized a large market share thanks to its low prices and influence in the terminal market; however, it still has a long way to go before it achieves victory.</p><p>The community group buying industry is also developing in a more mature direction. From a financial perspective, giants are shifting their focus from order volume and transaction volume to gross profit margin, with Pinduoduo being a prime example. With fewer subsidies, maintaining strong user growth will naturally become more difficult, making it urgent to improve supply chain capabilities and fulfillment efficiency.</p><p>From an expansion perspective, following the successful experience of Xingsheng Youxuan, opening a large number of offline stores may be one of the future development directions. Currently, it seems that Meituan is testing the direct operation model, while Didi has chosen the faster franchise model. Duoduo Maicai has not yet taken any related action.</p><p>In addition to solving the problem of growth, Pinduoduo is also planning for longer-term development. For example, how to manage relationships with major brands, the extent to which new brand plans can be implemented, and whether logistics problems can be solved.</p><p>With Pinduoduo's massive traffic, it's hard for big brands not to be tempted, but rivalries between the two companies also occur frequently, such as SK2.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Big brands have also personally stepped in to maintain their pricing systems. However, it seems that cooperation with brands is either limited to the inclusion of some products or can only be done indirectly through distributors, always only scratching the surface. Pinduoduo can only hope to attract some users who favor big brands by using the low price temptation of \"10 billion yuan subsidies\", which is not a long-term solution. As a result, Pinduoduo also conceived the idea of incubating brands, but so far, the new brand plan, which focuses on the C2M model, has not been very effective.</p><p>Since last year, Pinduoduo has made significant breakthroughs in the logistics field, supporting J&T Express with its e-commerce parcel volume, second only to Alibaba. Although it is currently impossible to prove whether there is a capital tie between Pinduoduo and J&T Express, J&T's rapid development can provide Pinduoduo with more leverage to break free from Alibaba's logistics system, led by Cainiao. This year's Double Eleven and other major shopping festivals may continue to see J&T Express facing encirclement and suppression from Alibaba's logistics system.</p><p>Regardless, maintaining sales volume and user growth, while truly retaining non-lower-tier users, remains Pinduoduo's main theme this year.</p><p><b>The new story of JD Retail: Can Logistics Digital Technology successfully go public?</b></p><p>Judging from at least the first three quarters of 2020, JD.com's performance was quite good. After breaking free from nearly a year of stagnant growth, JD.com's stock price surged 140% last year, ranking second only to Meituan among internet giants with a market capitalization of over $100 billion. Thanks to its long-term logistics development, JD.com has become one of the few companies to benefit from the pandemic.</p><p>Fast-moving consumer goods (FMCG) became JD.com's fastest-growing category over the past year. In Q2 and Q3 of 2020, the sales revenue of daily necessities increased by more than 35% year-on-year. However, to support the further rise in stock prices, JD.com still needs to find a new story, and the newly established Jingxi Business Group is highly anticipated.</p><p>After Meituan, Didi, and Pinduoduo all plunged into the grocery shopping war in the middle of last year, JD.com, which arrived late, only hastily completed its restructuring in November, packaging and reorganizing Xintonglu, Jingxi, and the newly established community group buying business, intending to launch a fierce battle in the lower-tier market.</p><p>At the end of December, Jingxi Pindupin opened in 14 cities simultaneously. Earlier, they partnered with Xingsheng Youxuan, a leading community group-buying company, and made an unexpected strategic investment of $700 million in the latter, which instantly gave JD.com, which was not favored, a place in the competitive landscape.</p><p>Another surprising piece of news is that Liu Qiangdong, who had disappeared from the public eye for a long time, is now leading the Jingxi Business Group. Several JD.com insiders told 36Kr that Liu Qiangdong's willingness to return to the front lines of business has increased sharply in the past few months. \"He has inquired about the specific business situation and consulted employees for suggestions on company management on JD.com's internal forums many times,\" which is exciting news for the secondary market.</p><p>In this community group-buying battle, JD.com's only advantage may be its accumulated expertise in logistics. However, considering JD.com's execution and success rate in innovative businesses over the past few years, it is uncertain whether it can stand out in this battle to penetrate lower-tier markets.</p><p>At the end of 2020, JD Retail also made a series of personnel and structural adjustments, with a focus on integrating third-party POP platform businesses. For JD.com, to achieve \"accelerated growth\" in the four core indicators of \"transaction volume, revenue, users and profit\" in 2021, the POP category still cannot be ignored. Especially with stricter anti-monopoly regulations, JD.com, which has long suffered from the \"choose one of two\" policy, may be able to use this anti-monopoly investigation to catch up on categories such as apparel.</p><p>However, the past few months have not been easy for other JD.com subsidiaries. JD Digits became a collateral victim of Ant Group's IPO postponement, suspending its listing process, and its former CEO, Chen Shengqiang, also moved behind the scenes. In order to comply with financial regulatory requirements, Digital Technology has continuously integrated AI and cloud businesses to further enhance its technological attributes.</p><p>For several financial giants, going public may no longer be the first choice. At least after the Ant Financial incident, no one wants to be the first to \"take the plunge,\" and it is unlikely to happen in 2021.</p><p>The resignation of JD Logistics CEO Wang Zhenhui also came as a surprise to the outside world. According to market sources, JD Logistics has selected<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>and<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>The company is leading the Hong Kong IPO, with a potential valuation of approximately US$40 billion, and plans to list in the second or third quarter of 2021.</p><p>JD Logistics' revenue has maintained a year-on-year growth rate of over 50% for several quarters. Considering the improvement in the overall valuation of JD Group caused by the listing of JD Health, the listing of JD Logistics may push JD.com's market value to another level.</p><p><b>Meituan's stock price may soar alongside losses from its innovative businesses.</b></p><p>If the trend is consistent with that of 2019, Meituan will remain the fastest-rising stock price giant among Chinese internet companies in 2020, with its market capitalization surging by 170% in one year. After encountering an anti-monopoly crisis and briefly fluctuating in its stock price, Meituan's stock price surged at the beginning of 2021, increasing by 43% in just 20 days and reaching a market capitalization of over HK$2.3 trillion.</p><p>Having escaped the impact of the pandemic, Meituan's highly stable main business revenue, coupled with the market potential brought by innovative businesses such as community group buying, remains the most favored local internet company in the secondary market. However, as previously summarized, Meituan's current stock price includes a certain degree of forward-looking expectations from the market. Once its performance fluctuates, its stock price sensitivity will be greatly enhanced. This requires Meituan to balance the relationship between investment in innovative businesses and profits in the future.</p><p>Community group buying is undoubtedly the business that is currently attracting the most attention from the outside world. Since entering the market in July 2020, Meituan Youxuan has shown great momentum. According to several community group-buying practitioners who spoke to 36Kr, in the first week of the new year, Meituan Youxuan's average daily order volume nationwide reached 20 million, becoming the number one in the industry. In Wuhan and Jiangxi, it also surpassed Duoduo Maicai's daily order volume.</p><p>Meituan Youxuan, a newly entered market, continues to rely on high-pressure subsidies to compete for market share. Currently, in South and Central China, the average price of Meituan Youxuan is far lower than that of Duoduo Maicai (around 4 or 5 yuan). In relatively mature markets, Meituan no longer only focuses on order volume and repurchase rate, but gross profit has also become a new performance indicator in 2021.</p><p>Especially on the fulfillment side, Meituan has been continuously reducing costs through standardized management over the past few months. A Meituan Youxuan grid warehouse franchisee in the Jiangsu, Zhejiang and Shanghai region revealed to 36Kr that in order to optimize the grid warehouse operation process, Meituan will require its grid warehouses to add cameras for real-time monitoring, digitize each process, and then make fine adjustments through data operation. In addition, Meituan Youxuan has successively sent personnel from its headquarters to the site to closely monitor the operational process.</p><p>The latest news is that Meituan Youxuan is planning to open its first batch of offline directly operated stores in Hangzhou. There are already job postings for staff at Meituan's Hangzhou store on its intranet. However, according to sources, \"it is just a trial in the early stages, and it is uncertain whether it will be widely opened in 2021.\"</p><p>In Q3 2020, Meituan suffered a loss of 2.029 billion yuan in its innovation business, an increase of 68.8% year-on-year. Given that community group buying has become a fiercely contested battleground, Meituan may still need to burn money to build a strong competitive advantage and urgently needs to maintain profit levels in its main business.</p><p>Fortunately, Meituan's main business is stable enough, especially its food delivery business, which has shifted from being a source of traffic to a source of profit. In Q2 and Q3 of 2020, Meituan Food Delivery's operating profit was RMB 1.253 billion and RMB 768 million, respectively.</p><p>However, the hidden concern is that this profit comes at the cost of continuously increasing commissions and advertising revenue, which is an exploitation of merchants. At the beginning of last year, the Guangdong Catering Association jointly called on Meituan to reduce its commission ratio, which was an outbreak of intensified conflicts under special market conditions.</p><p>Amid anti-monopoly sentiment, forcing merchants to choose between two options may affect Meituan's control over merchants in the future, and the resulting instability in commissions and advertising revenue will also affect Meituan's profit prospects. However, judging from the current situation, this impact is negligible, and the \"choose one of two\" policy is still widespread. Judging from the stock price performance, the secondary market has not shown excessive and prolonged panic regarding the impact of anti-monopoly measures on Meituan.</p><p>Another promising business is bike sharing. For Meituan, these are the only two innovative businesses with orders in the tens of millions of yuan, which will greatly help increase the activity of the Meituan-Dianping App and thus achieve cross-selling across various businesses. Meanwhile, the end of the bike-sharing competition has given Meituan the opportunity to raise unit prices and operate it as a normal business. Last October, Meituan Bike's daily order volume exceeded 17 million orders.</p><p>How to maintain profit levels in relatively certain core businesses and quickly stand out and capture market share in highly uncertain innovative businesses will determine the direction of Meituan's stock price in the coming year.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/E9OgvUb6VvBZT1ZHhKijWQ\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{"BABA":"阿里巴巴","09618":"京东集团-SW","09988":"阿里巴巴-W","JD":"京东","03690":"美团-W"},"source_url":"https://mp.weixin.qq.com/s/E9OgvUb6VvBZT1ZHhKijWQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176177637","content_text":"过去的2020年，时代不可避免地被全球蔓延的新冠疫情标记和改变，在消费领域，这种改变尤为明显，反消费主义的讨论一时甚嚣尘上。全国社会消费品零售总额、消费者信心指数等数据无不暴露出市场大环境的不确定性。但是，一系列冰冷的数据远远无法勾画出后疫情时代消费领域的全貌，事实上，破坏、重建正在同步发生。阿里、拼多多、美团等一众电商平台遭遇疫情打击，但“拉动内需”的号角一吹响，坐享红利的仍是这些巨头公司。不算体量巨大的阿里，拼多多、美团和京东过去一年的股价涨幅均超过了100%，且市值均超过了千亿美金，这在任何领域都极其罕见。在线上实物零售及生活服务在整个大盘的渗透率只有20%的前提下，电商平台们证明了自己的增长空间仍然广阔。迈入2021年，没有迹象显示这一市场趋势会短期内遭到逆转，扩大内需、提振消费的政策大环境也不会动摇，全领域的数字化渗透率亦在缓慢而坚定地提高。但我们能看到，依靠巨大体量享尽红利的时代也正在发生变化。在市场监管总局连续发出三张“反垄断”罚单后，互联网反垄断的时代在2020年下半年正式开启。不止一位业内人士称，2021年会是中国互联网反垄断史上以10年计的大转折之年。“于巨头而言，2021年会是伤筋动骨的一年。”互联网实验室创始人方兴东在接受媒体采访时表示，自由放任时代结束，中国互联网正式进入重建规范、重构秩序的新时代，这是历史性的转向。可以肯定的是，阿里和美团将在这场反垄断大幕中，遭受更大的利益损害，而另一端的京东和拼多多或将享受政策之力，奋力追赶。但反垄断将执行多严格，涉及多广泛，无人可以确定。对电商平台来说，与其在不确定性中担惊受怕，不如在确定的事情上抓紧机会，巩固优势。下沉市场仍是那块被所有电商平台都垂青的肥肉，从去年年中展开的“买菜大战”毫无疑问将在2021年更加激烈，对于体量庞大的各家来说，这承担着“第二增长曲线”的重大使命，谁都不愿意在这场消耗战中轻易败下阵来；另一方面，消费年轻化趋势已非常明显，90后、00后逐渐成为主力消费人群。对于美和生活品质的相关追求贯穿年轻一代，具体到品类来说，美妆护肤类、食品饮料类都诞生了多家潜力公司，这变相仍会推动市场情绪的高涨，利好电商平台。中长期来看，中国GDP、社会零售总额增速持续放缓，经济正处在下行区间，电商行业增速肯定会放缓。流量见顶、增量难寻，2021年电商平台们将更多地在同一战场厮杀，这将成为未来几年的主旋律。阿里如何走出内外交困？尽管电商大盘仍保持着稳定增长，但对阿里而言，2020是其创业以来罕见的困顿时期，并遭遇了前所未有的声望危机。在外，疫情冲击、蚂蚁暂缓IPO、反垄断监管趋严、竞争局势日趋严峻；在内，增长乏力、数位高管的丑闻等问题接踵而至。如今，疫情的影响几乎可以翻篇，蚂蚁的危机随着拆分方案的出台暂告一段落。不过，反垄断监管还将持续多少时日仍未可知，这一因素不仅导致阿里股价在短期内震荡，还将一定程度造成业务发展上的障碍。受形势所迫，阿里首次公开对电商“二选一”表态。2021年1月举办的商家大会上，阿里巴巴集团副总裁吹雪曾表示不支持“二选一”，这意味着阿里不会明着对商家限流。“二选一”限制放开后，短期或造成商户资源外流，但长远看，商家的选择仍然要看各平台的流量成本、供应链、物流服务等综合竞争维度。除了不可抗力因素带来的挑战，来自外部竞争的压力也只增不减，接下来，阿里恐怕很难如以往那般，专心对付某一个领域的竞争对手。电商主场，阿里与拼多多的下沉价格战依然胶着。与聚划算等形成组合拳、打出“1元特价”和C2M工厂直供的淘宝特价版被推向台前，由1688负责人汪海主导，显然是要发挥B端优势。截至2020年11月11日，淘宝特价版的年度活跃买家已突破1亿人。在辅助淘宝引流后，特价版或将更名换姓，以更独立的姿态，应对下沉之战。与抖音和快手的内容电商大战，核心是对用户时长的争夺，再加上用户的购物习惯正从主动搜索转向智能化推荐，手淘页面自去年底起改头换面，“猜你喜欢”战略地位的提升、“逛逛”的出现，意味着其将全面向抖音、小红书等社区的信息流智能推荐模式看齐，而随着擅长内容和技术的汤兴全面掌管淘宝，这个趋势在今年将愈发明显。互联网用户的增长正日趋见顶，这一点在“中年巨头”阿里身上显露无疑。从数据来看，无论从用户增长还是GMV增速来看，都显示着阿里正面临增长乏力的困境。2020年Q3财报显示，阿里月活用户的增长低于市场预估近1000万。虽然Q4财报显示，月活用户单季净增超过2100万，增速回暖，但这很大程度是双11大促带来的，能否留存还需要看下个季度的表现。此外，GMV（即成交额）同比增速仅为19%，是除疫情外最低的一个季度；淘宝直播2020年全年GMV为4000亿元，也低于内部预期的5000亿元——抖音快手加码直播电商对于淘宝的冲击，开始逐渐显现。若要攻破难题，增加用户时长，发力内容是一个解决方案，寻找仍待开采的流量洼地是另一个。这也是社区团购成为巨头必争之地的底层原因。令人意外的是，在一片热闹中，阿里却显得格外低调，除了慢人一拍的“40亿美元投入”，在其他方面的表现上全面落后：社区团购由哪个业务部门操盘仍无定论、业绩目标也不明确。董事长张勇在2020年Q3财报会上的一席话能透露出些许信息：“社区团购竞争白热化，但市场还非常早期，阿里条件最好，之后能把客户吸引过来。”在2020年Q4财报会上，CFO卫武也表示，核心电商孵化的新业务淘宝买菜将不会采取补贴换市场的形式来实现用户和单量的增长。结合36氪从接近阿里的人士处获取的信息，可以解读为，在阿里视角，这轮为了追求规模而打出的价格战和抢点位战，并不值得投入太多，先做好质量的扩张如提升后端的供应链和履约才更要紧。要增长还是要利润，成了阿里需要重新面对的选择题。2020年Q4财报会上，CFO卫武明确表示，利润从不是阿里的第一优先选择，未来仍将大量投资创新业务，包括电商种子业务和其他。可以预见，在很长一段时间内，淘宝买菜、淘宝直播、淘宝特价版等都将获得大量的资金支持。此外，对于已有的难以扶持的部分业务，阿里也需要断舍离一番。企业处于内外交困之际，组织的稳定性显得尤为重要。然而，今年以来，包括蒋凡在内的数位高管传出的桃色新闻和贪腐丑闻，数年未大动的核心电商因此经历了较大幅度的组织调整。阿里也开始主动反思组织文化建设上存在的缺陷：改变曾经高调的传播策略、隐藏职级、取消周报、取消361绩效考核、改KPI为OKR，近期张勇在内网的一次反思中台的演讲也被视作阿里将拆分中台的前兆。放下一些包袱后，阿里这艘大船或许能运转得更为灵活。拼多多社区团购之战胜券几何？新年开局，拼多多是以“血汗工厂”的面貌出现在大众视野里，“员工猝死”、“员工维权”等危及企业价值观和声望的社会性事件接连发生。拼多多的股价因此在短期内经历一番起伏，不过，资本市场对其信心仍然十分强劲。但从业务角度来看，原本拿下央视春晚红包互动合作伙伴头衔的拼多多，最终被替换，失去了给支付业务和买菜业务的一次重要推广机会。买菜业务被拼多多视为能否持续实现用户和成交额增长重要武器。在竞争早期，拼多多凭借低价和在终端的影响力，抢到了较大的市场份额，不过，距离其取得胜利还有很长的路。社区团购行业也在向更成熟的方向发展。从财务指标上来看，巨头们正从追求订单量和成交额等转向看重毛利率，拼多多是其中代表。补贴变少之后，要想保持强劲的用户增长，困难自然会变大，提高供应链能力和履约效率变得紧迫起来。从扩张层面来看，效仿兴盛优选曾经的成功经验，开出大量线下门店或将是接下来的发展方向之一，目前看来，美团在试水直营模式，而滴滴选择了速度更快的加盟模式。多多买菜目前还没有相关动作。不止要解决增长的问题，拼多多还在为更长远的发展谋划。例如如何处理好与大品牌的关系、能在多大程度上推行新品牌计划、能否解决物流隐患。拼多多如今的流量之大，大品牌很难不心动，但双方的撕扯也频繁发生，SK2、特斯拉等大牌也都曾亲自下场维护其价格体系，眼看和品牌的合作要么停留在部分商品入驻，要么只能通过经销商间接合作，总是浅尝辄止，拼多多只能寄望于通过“百亿补贴”打出的低价诱惑来吸引部分青睐大牌的用户，这非长久之计。由此，拼多多也萌生孵化品牌的想法，但目前来看，主打C2M模式的新品牌计划目前成效依然不大。自去年起，拼多多在物流领域有了较大的突破，用仅次于阿里的电商件数扶植起了极兔快递。虽然目前还无法证明拼多多与极兔之间是否存在资本绑定，但极兔的迅猛发展能为拼多多摆脱以菜鸟为首的阿里物流体系提供更多筹码。今年双十一等大促或将继续上演极兔遭遇阿里系物流围剿的局面。无论如何，如何保持成交额和用户的增长，并真正留住非下沉人群，仍然是拼多多今年的主旋律。京东零售的新故事，物流数科能否成功上市？至少从2020年的前三个季度看，京东的业绩表现是相当可以的。在摆脱了近一年的增长停滞后，京东股价在去年实现了140%的涨幅，在市值超1000亿美金的一众互联网巨头中，仅次于美团。得益于物流的长期建设，京东成了为数不多受益疫情的企业。大快消成为过去一年京东增长势头最快的品类，2020年的Q2和Q3，日用百货商品销售收入同比增长均超过了35%，但眼下要想支撑股价的进一步上扬，京东仍需找到新故事，最新组建的京喜事业群被寄予厚望。美团、滴滴、拼多多在去年年中纷纷扎入买菜大战后，姗姗来迟的京东在11月才匆匆完成架构调整，将新通路、京喜和新成立的社区团购业务等打包重组，打算在下沉市场展开殊死搏斗。12月底，京喜拼拼在14城同时开城。而在更早前，他们牵手了社区团购龙头——兴盛优选，令人意外的战略投资后者7亿美金，这让不被看好的京东，瞬间在竞争局势中有了一席之地。另一个让外界惊讶的消息是，此次统领京喜事业群的是消失在公众面前许久的刘强东，多位京东内部人士向36氪表示，刘强东重返业务一线的意愿在过去几个月内陡增，“已经多次在京东内部论坛上询问具体业务情况，咨询员工对公司管理的建议”，这对二级市场来说这是个令人振奋的消息。在这场社区团购大战中，京东唯一的优势可能是物流端的积累，但考虑过去几年京东在创新业务上的执行力和成功率，能否在这场下沉市场的战斗中脱颖而出并不确定。2020年终，京东零售也进行了一系列的人员和架构调整，重点在于整合第三方的POP平台业务。对于京东来说，要在2021年实现“交易额、收入、用户和利润四大核心指标上”的“加速增长”，POP品类仍然不容忽视，尤其是在反垄断监管趋严的情况下，长期遭受“二选一”打压的京东，或许能借这次反垄断调查，在服饰等品类上抓紧补课。不过对于其他京东子集团，过去几个月并不好受。京东数科成为了蚂蚁IPO暂缓事件的连带受害者，上市之路就此暂停，数科原CEO陈生强也转至幕后。为了符合金融监管要求，数科连续整合了AI和云业务，进一步增强科技属性。对于几家金融巨头来说，眼下或许上市已经不再是第一选择，至少在蚂蚁事件之后，没有人会想成为第一个“吃螃蟹的人”，至少在2021年，可能不太会发生。京东物流CEO王振辉的辞职也让外界倍感意外。根据市场消息，京东物流已挑选美国银行和高盛牵头经办香港IPO事宜，公司估值可能达约400亿美元，并计划在2021年第二季度或第三季度上市。京东物流收入已经保持了多个季度50%以上的同比增长，参考京东健康上市对京东集团整体估值的提升，京东物流的上市或许会将京东市值再推一个台阶。美团股价或与创新业务亏损齐飞如2019年的走势一致，2020年的美团仍然是中国互联网公司中股价蹿升最快的巨头，市值一年大涨170%。在遭遇反垄断风波，股价短暂波动后，2021开年的美团股价势如破竹，短短20天增幅43%，市值超23000亿港币。摆脱疫情影响，高度稳定的主营业务收入，叠加社区团购等创新业务带给市场的想象力，美团仍是最被二级市场看好的本土互联网公司。但还是之前总结的，当前美团股价包含市场一定程度的超前预期，一旦业绩出现波动，其股价敏感度将大大增强，这需要美团在未来平衡好创新业务投入与利润之间的关系。社区团购无疑是美团当前最受外界关注的业务，自2020年7月入局以来，美团优选后劲十足。据多位社区团购从业者向36氪透露，新年第一周，美团优选的全国日均订单量已经达到2000万，成为行业第一，并在武汉和江西先后完成了对多多买菜日单量的反超。对于新近进入的市场美团优选继续靠高压补贴来争夺市场，目前在华南、华中一带，美团优选的件均价已远低于多多买菜（大概在4、5块上下），而在相对成熟的市场，美团已不仅仅关注单量和复购率，毛利也成为了2021年新的考核指标。尤其在履约端，过去几个月美团在持续通过规范管理来降低成本。一位江浙沪区域的美团优选网格仓加盟商向36氪透露，为了优化网格仓作业流程，美团会要求旗下的网格仓加入摄像头，实时监控，把每个流程数据化，通过数据运营再做精细化调整；另外美团优选陆续派总部人员前往驻点，紧盯操作流程。最新的消息是，美团优选已经计划在杭州筹备首批线下直营店。在美团内网上，已经有杭州门店人员的招聘帖。不过据知情人士透露，“前期只是尝试，2021年是否会大范围开设并不确定。”2020年Q3，美团在创新业务上亏损了20.29亿元，同比扩大68.8%。考虑到社区团购业务如今成了兵家必争之地，美团或仍需烧钱来高筑护城河，也急需要在主营业务上保持住利润水平。不过好在，美团的主营业务足够稳定，尤其是外卖业务，已经从流量担当开始成为盈利担当。2020年Q2和Q3，美团餐饮外卖的经营利润分别为12.53亿元和7.68亿元。但隐忧的地方是，这一利润代价是佣金和广告业务不断提高，背后是对商家的压榨。去年年初，广东餐饮协会联名喊话美团，要求降低佣金比例，就是矛盾激化在特殊行情下的爆发。在反垄断情绪下，逼迫商家“二选一”或许将在未来影响美团对于商家的控制，由此带来的佣金和广告收入的不稳定性也将影响美团的利润前景。不过从目前来看，这一影响还微乎其微，“二选一”仍广泛存在。 从股价行情看，二级市场对于反垄断之于美团的影响也并未展现出过度持久的恐慌。另一个值得期待的业务是共享单车。对美团来说，这是创新业务中唯二单量在千万级别的，对于提升美团点评App活跃度，进而实现各个业务的交叉销售有极大帮助。同时，单车赛道大战落幕也使得美团有机会提升单价，把它作为一个正常的生意来运转，去年10月，美团单车的日订单量已经突破1700万单。如何在相对确定性的主营业务中保持住利润水平，在高度不确定性的创新业务中尽快脱颖而出，占据市场份额，决定美团未来一年股价走向。","news_type":1,"symbols_score_info":{"09988":0.9,"09618":0.9,"03690":0.9,"BABA":0.9,"JD":0.9}},"isVote":1,"tweetType":1,"viewCount":2301,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382844915,"gmtCreate":1613435677437,"gmtModify":1704880407356,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"mark","listText":"mark","text":"mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/382844915","repostId":"1176177637","repostType":4,"repost":{"id":"1176177637","kind":"news","pubTimestamp":1613535611,"share":"https://ttm.financial/m/news/1176177637?lang=en_US&edition=fundamental","pubTime":"2021-02-17 12:20","market":"hk","language":"zh","title":"Alibaba, JD.com, Pinduoduo, Meituan: Giants with assets worth hundreds of billions of US dollars clash.","url":"https://stock-news.laohu8.com/highlight/detail?id=1176177637","media":"36氪","summary":"过去的2020年，时代不可避免地被全球蔓延的新冠疫情标记和改变，在消费领域，这种改变尤为明显，反消费主义的讨论一时甚嚣尘上。全国社会消费品零售总额、消费者信心指数等数据无不暴露出市场大环境的不确定性。","content":"<p>In 2020, the times were inevitably marked and changed by the global spread of the COVID-19 pandemic. This change was particularly evident in the consumer sector, and anti-consumerism discussions were rampant. Data such as national total retail sales of consumer goods and the consumer confidence index all reveal the uncertainty of the overall market environment.</p><p>However, a series of cold data are far from painting a picture of the consumer sector in the post-pandemic era. In fact, destruction and reconstruction are happening simultaneously.</p><p>Ali,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>E-commerce platforms such as Meituan have been hit by the pandemic, but once the clarion call to \"boost domestic demand\" is sounded, these giants are still the ones who enjoy the benefits.</p><p>Excluding the massive Alibaba, Pinduoduo, Meituan, and...<a href=\"https://laohu8.com/S/JD\">JD.com</a>Stock prices have risen by more than 100% in the past year, and market capitalizations have exceeded hundreds of billions of US dollars, which is extremely rare in any field. With online physical retail and lifestyle services having a penetration rate of only 20% in the overall market, e-commerce platforms have proven that they still have ample room for growth.</p><p>As we enter 2021, there are no signs that this market trend will be reversed in the short term, the policy environment for expanding domestic demand and boosting consumption will not waver, and the digital penetration rate across all sectors is slowly but steadily increasing.</p><p>However, we can see that the era of relying on huge scale to reap the benefits is also changing. After the State Administration for Market Regulation issued three consecutive \"anti-monopoly\" penalties, the era of internet anti-monopoly officially began in the second half of 2020.</p><p>More than one industry insider says that 2021 will be a turning point in the history of China's internet anti-monopoly efforts over the past 10 years. \"For giants, 2021 will be a pivotal year,\" said Fang Xingdong, founder of the Internet Lab, in a media interview. He added that the era of laissez-faire is over, and the Chinese Internet has officially entered a new era of rebuilding norms and reconstructing order, which is a historic turning point.</p><p>It is certain that Alibaba and Meituan will suffer greater losses in this anti-monopoly campaign, while JD.com and Pinduoduo, on the other hand, may enjoy policy support and strive to catch up. However, no one can determine how strict the enforcement of anti-monopoly measures will be or how widely they will be involved. For e-commerce platforms, instead of living in fear amidst uncertainty, they should seize opportunities in certain areas and consolidate their advantages.</p><p>The lower-tier market remains a lucrative market favored by all e-commerce platforms. The \"grocery shopping war\" that began in the middle of last year will undoubtedly intensify in 2021. For these large companies, this bears the important mission of a \"second growth curve,\" and no one wants to easily lose this war of attrition.</p><p>On the other hand, the trend of younger consumers is already very obvious, with those born in the 1990s and 2000s gradually becoming the main consumer groups. The pursuit of beauty and quality of life runs through the younger generation. Specifically, in terms of product categories, many promising companies have emerged in the beauty and skincare and food and beverage sectors, which will indirectly boost market sentiment and benefit e-commerce platforms.</p><p>In the medium to long term, the growth rates of China's GDP and total retail sales will continue to slow down, and the economy is in a downward trend, so the growth rate of the e-commerce industry will definitely slow down. With traffic peaking and growth struggling, e-commerce platforms will increasingly compete on the same battlefield in 2021, which will become the main theme for the next few years.</p><p><b>How can Alibaba overcome its internal and external difficulties?</b></p><p>Despite the stable growth of the e-commerce market, 2020 was a rare period of difficulty for Alibaba since its founding, and it encountered an unprecedented reputation crisis.</p><p>Externally, the impact of the pandemic, Ant Group's suspension of its IPO, stricter anti-monopoly regulations, and an increasingly fierce competitive landscape are all factors. Internally, problems such as sluggish growth and scandals involving several senior executives followed one after another.</p><p>Now, the impact of the pandemic is almost over, and Ant Group's crisis has temporarily come to an end with the introduction of the spin-off plan. However, it remains to be seen how long the anti-monopoly regulations will continue. This factor will not only cause Alibaba's stock price to fluctuate in the short term, but will also create obstacles to business development to some extent.</p><p>Forced by the situation, Alibaba has publicly stated its stance on the \"choose one of two\" policy for e-commerce for the first time. At the business conference held in January 2021,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Group Vice President Fubuki once stated that he does not support the \"choose one of two\" policy, which means that Alibaba will not openly restrict merchants' traffic. The lifting of the \"choose one of two\" restrictions may lead to an outflow of merchant resources in the short term, but in the long run, merchants' choices will still depend on comprehensive competitive dimensions such as traffic costs, supply chains, and logistics services on various platforms.</p><p>Besides the challenges brought about by force majeure, the pressure from external competition is only increasing. Going forward, it will probably be difficult for Alibaba to focus on dealing with competitors in a particular field as it has in the past.</p><p>In the dominant e-commerce arena, the price war between Alibaba and Pinduoduo to penetrate lower-tier cities remains close. The Taobao Special Edition, which has partnered with companies like Juhuasuan to offer a \"1 yuan special price\" and C2M factory direct supply, has been launched. Led by Wang Hai, head of 1688, it is clearly intended to leverage its B-end advantages. As of November 11, 2020, the number of annual active buyers for the Taobao Special Edition had exceeded 100 million. After assisting Taobao in attracting traffic, the discounted version may be renamed and given a more independent attitude to cope with the battle to penetrate lower-tier cities.</p><p>The content e-commerce battle with Douyin and Kuaishou is core to the competition for user time, coupled with users' shopping habits shifting from active search to...<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The mobile Taobao page has undergone a transformation since the end of last year. The strategic importance of \"Guess You Like\" and the emergence of \"Guangguang\" mean that it will fully align with the intelligent recommendation model of information feeds in communities such as Douyin and Xiaohongshu. With Tang Xing, who is good at content and technology, taking full control of Taobao, this trend will become more and more obvious this year.</p><p>The growth of internet users is approaching its peak, which is clearly evident in the case of Alibaba, a \"middle-aged giant\". Data shows that Alibaba is facing a predicament of sluggish growth, both in terms of user growth and GMV growth.</p><p>According to Alibaba's Q3 2020 financial report, the growth of monthly active users was nearly 10 million lower than market expectations. Although the Q4 financial report shows that the net increase in monthly active users exceeded 21 million in a single quarter, indicating a rebound in growth, this is largely due to the Double 11 promotion, and whether they can be retained depends on the performance in the next quarter. Furthermore, the year-on-year growth rate of GMV (Gross Merchandise Volume) was only 19%, the lowest in the quarter excluding the pandemic; Taobao Live's GMV for the whole of 2020 was 400 billion yuan, which was also lower than the internal expectation of 500 billion yuan—the impact of Douyin and Kuaishou's increased investment in live-streaming e-commerce on Taobao is gradually becoming apparent.</p><p>To overcome these challenges and increase user engagement, focusing on content is one solution, while finding untapped traffic areas is another.</p><p>This is also the underlying reason why community group buying has become a fiercely contested battleground for giants. Surprisingly, amidst the buzz, Alibaba remained remarkably low-key. Apart from its \"$4 billion investment,\" which was a step behind, it lagged behind in all other aspects: it remained undecided which business unit would handle community group buying, and its performance targets were unclear.</p><p>Chairman Zhang Yong's remarks at the Q3 2020 earnings call reveal some information: \"Competition in community group buying is fierce, but the market is still very early. Alibaba has the best conditions and will be able to attract customers later.\" At the Q4 2020 earnings call, CFO Wei Wu also stated that Taobao Maicai, a new business incubated by core e-commerce platforms, will not rely on subsidies for market share to achieve user and order volume growth.</p><p>combine<a href=\"https://laohu8.com/S/KRKR\">36Kr</a>Information obtained from sources close to Alibaba can be interpreted as suggesting that, from Alibaba's perspective, this round of price wars and competition for positions in pursuit of scale is not worth investing too much in. Focusing on quality expansion, such as improving the back-end supply chain and fulfilling contracts, is more important.</p><p>Growth or profit has become a choice that Alibaba needs to face again. At the Q4 2020 earnings call, CFO Wei Wu clearly stated that profit has never been Alibaba's top priority, and that Alibaba will continue to invest heavily in innovative businesses in the future, including e-commerce seed business and others. It is foreseeable that for a long time to come, Taobao grocery shopping, Taobao live streaming, and Taobao special offer versions will all receive substantial financial support. In addition, Alibaba also needs to divest some of its existing businesses that are difficult to support.</p><p>When enterprises are facing internal and external difficulties, organizational stability is particularly important. However, since the beginning of this year, several senior executives, including Jiang Fan, have been embroiled in sex scandals and corruption scandals, causing core e-commerce companies, which had not experienced significant changes for several years, to undergo significant organizational restructuring. Alibaba has also begun to proactively reflect on the shortcomings in its organizational culture development: changing its once high-profile communication strategy, hiding job levels, canceling weekly reports, canceling 361 performance appraisals, and changing KPIs to OKRs. A recent speech by Zhang Yong on the internal network reflecting on the middle platform is also seen as a precursor to Alibaba's plan to split the middle platform.</p><p>After letting go of some burdens, Alibaba, this giant ship, may be able to operate more flexibly.</p><p><b>How many winning tickets are there in the Pinduoduo community group buying battle?</b></p><p>At the start of the new year, Pinduoduo appeared in the public eye as a \"sweatshop,\" with a series of social incidents that endangered the company's values and reputation, such as \"sudden employee deaths\" and \"employee rights protection.\"</p><p>Pinduoduo's stock price experienced some fluctuations in the short term as a result, but the capital market remains very confident in it. However, from a business perspective, Pinduoduo, which originally won the title of interactive partner for CCTV's Spring Festival Gala red envelopes, was ultimately replaced, losing an important promotional opportunity for its payment and grocery shopping businesses.</p><p>Pinduoduo regards its grocery shopping business as an important weapon for achieving sustainable growth in users and transaction volume. In the early stages of competition, Pinduoduo seized a large market share thanks to its low prices and influence in the terminal market; however, it still has a long way to go before it achieves victory.</p><p>The community group buying industry is also developing in a more mature direction. From a financial perspective, giants are shifting their focus from order volume and transaction volume to gross profit margin, with Pinduoduo being a prime example. With fewer subsidies, maintaining strong user growth will naturally become more difficult, making it urgent to improve supply chain capabilities and fulfillment efficiency.</p><p>From an expansion perspective, following the successful experience of Xingsheng Youxuan, opening a large number of offline stores may be one of the future development directions. Currently, it seems that Meituan is testing the direct operation model, while Didi has chosen the faster franchise model. Duoduo Maicai has not yet taken any related action.</p><p>In addition to solving the problem of growth, Pinduoduo is also planning for longer-term development. For example, how to manage relationships with major brands, the extent to which new brand plans can be implemented, and whether logistics problems can be solved.</p><p>With Pinduoduo's massive traffic, it's hard for big brands not to be tempted, but rivalries between the two companies also occur frequently, such as SK2.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Big brands have also personally stepped in to maintain their pricing systems. However, it seems that cooperation with brands is either limited to the inclusion of some products or can only be done indirectly through distributors, always only scratching the surface. Pinduoduo can only hope to attract some users who favor big brands by using the low price temptation of \"10 billion yuan subsidies\", which is not a long-term solution. As a result, Pinduoduo also conceived the idea of incubating brands, but so far, the new brand plan, which focuses on the C2M model, has not been very effective.</p><p>Since last year, Pinduoduo has made significant breakthroughs in the logistics field, supporting J&T Express with its e-commerce parcel volume, second only to Alibaba. Although it is currently impossible to prove whether there is a capital tie between Pinduoduo and J&T Express, J&T's rapid development can provide Pinduoduo with more leverage to break free from Alibaba's logistics system, led by Cainiao. This year's Double Eleven and other major shopping festivals may continue to see J&T Express facing encirclement and suppression from Alibaba's logistics system.</p><p>Regardless, maintaining sales volume and user growth, while truly retaining non-lower-tier users, remains Pinduoduo's main theme this year.</p><p><b>The new story of JD Retail: Can Logistics Digital Technology successfully go public?</b></p><p>Judging from at least the first three quarters of 2020, JD.com's performance was quite good. After breaking free from nearly a year of stagnant growth, JD.com's stock price surged 140% last year, ranking second only to Meituan among internet giants with a market capitalization of over $100 billion. Thanks to its long-term logistics development, JD.com has become one of the few companies to benefit from the pandemic.</p><p>Fast-moving consumer goods (FMCG) became JD.com's fastest-growing category over the past year. In Q2 and Q3 of 2020, the sales revenue of daily necessities increased by more than 35% year-on-year. However, to support the further rise in stock prices, JD.com still needs to find a new story, and the newly established Jingxi Business Group is highly anticipated.</p><p>After Meituan, Didi, and Pinduoduo all plunged into the grocery shopping war in the middle of last year, JD.com, which arrived late, only hastily completed its restructuring in November, packaging and reorganizing Xintonglu, Jingxi, and the newly established community group buying business, intending to launch a fierce battle in the lower-tier market.</p><p>At the end of December, Jingxi Pindupin opened in 14 cities simultaneously. Earlier, they partnered with Xingsheng Youxuan, a leading community group-buying company, and made an unexpected strategic investment of $700 million in the latter, which instantly gave JD.com, which was not favored, a place in the competitive landscape.</p><p>Another surprising piece of news is that Liu Qiangdong, who had disappeared from the public eye for a long time, is now leading the Jingxi Business Group. Several JD.com insiders told 36Kr that Liu Qiangdong's willingness to return to the front lines of business has increased sharply in the past few months. \"He has inquired about the specific business situation and consulted employees for suggestions on company management on JD.com's internal forums many times,\" which is exciting news for the secondary market.</p><p>In this community group-buying battle, JD.com's only advantage may be its accumulated expertise in logistics. However, considering JD.com's execution and success rate in innovative businesses over the past few years, it is uncertain whether it can stand out in this battle to penetrate lower-tier markets.</p><p>At the end of 2020, JD Retail also made a series of personnel and structural adjustments, with a focus on integrating third-party POP platform businesses. For JD.com, to achieve \"accelerated growth\" in the four core indicators of \"transaction volume, revenue, users and profit\" in 2021, the POP category still cannot be ignored. Especially with stricter anti-monopoly regulations, JD.com, which has long suffered from the \"choose one of two\" policy, may be able to use this anti-monopoly investigation to catch up on categories such as apparel.</p><p>However, the past few months have not been easy for other JD.com subsidiaries. JD Digits became a collateral victim of Ant Group's IPO postponement, suspending its listing process, and its former CEO, Chen Shengqiang, also moved behind the scenes. In order to comply with financial regulatory requirements, Digital Technology has continuously integrated AI and cloud businesses to further enhance its technological attributes.</p><p>For several financial giants, going public may no longer be the first choice. At least after the Ant Financial incident, no one wants to be the first to \"take the plunge,\" and it is unlikely to happen in 2021.</p><p>The resignation of JD Logistics CEO Wang Zhenhui also came as a surprise to the outside world. According to market sources, JD Logistics has selected<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>and<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>The company is leading the Hong Kong IPO, with a potential valuation of approximately US$40 billion, and plans to list in the second or third quarter of 2021.</p><p>JD Logistics' revenue has maintained a year-on-year growth rate of over 50% for several quarters. Considering the improvement in the overall valuation of JD Group caused by the listing of JD Health, the listing of JD Logistics may push JD.com's market value to another level.</p><p><b>Meituan's stock price may soar alongside losses from its innovative businesses.</b></p><p>If the trend is consistent with that of 2019, Meituan will remain the fastest-rising stock price giant among Chinese internet companies in 2020, with its market capitalization surging by 170% in one year. After encountering an anti-monopoly crisis and briefly fluctuating in its stock price, Meituan's stock price surged at the beginning of 2021, increasing by 43% in just 20 days and reaching a market capitalization of over HK$2.3 trillion.</p><p>Having escaped the impact of the pandemic, Meituan's highly stable main business revenue, coupled with the market potential brought by innovative businesses such as community group buying, remains the most favored local internet company in the secondary market. However, as previously summarized, Meituan's current stock price includes a certain degree of forward-looking expectations from the market. Once its performance fluctuates, its stock price sensitivity will be greatly enhanced. This requires Meituan to balance the relationship between investment in innovative businesses and profits in the future.</p><p>Community group buying is undoubtedly the business that is currently attracting the most attention from the outside world. Since entering the market in July 2020, Meituan Youxuan has shown great momentum. According to several community group-buying practitioners who spoke to 36Kr, in the first week of the new year, Meituan Youxuan's average daily order volume nationwide reached 20 million, becoming the number one in the industry. In Wuhan and Jiangxi, it also surpassed Duoduo Maicai's daily order volume.</p><p>Meituan Youxuan, a newly entered market, continues to rely on high-pressure subsidies to compete for market share. Currently, in South and Central China, the average price of Meituan Youxuan is far lower than that of Duoduo Maicai (around 4 or 5 yuan). In relatively mature markets, Meituan no longer only focuses on order volume and repurchase rate, but gross profit has also become a new performance indicator in 2021.</p><p>Especially on the fulfillment side, Meituan has been continuously reducing costs through standardized management over the past few months. A Meituan Youxuan grid warehouse franchisee in the Jiangsu, Zhejiang and Shanghai region revealed to 36Kr that in order to optimize the grid warehouse operation process, Meituan will require its grid warehouses to add cameras for real-time monitoring, digitize each process, and then make fine adjustments through data operation. In addition, Meituan Youxuan has successively sent personnel from its headquarters to the site to closely monitor the operational process.</p><p>The latest news is that Meituan Youxuan is planning to open its first batch of offline directly operated stores in Hangzhou. There are already job postings for staff at Meituan's Hangzhou store on its intranet. However, according to sources, \"it is just a trial in the early stages, and it is uncertain whether it will be widely opened in 2021.\"</p><p>In Q3 2020, Meituan suffered a loss of 2.029 billion yuan in its innovation business, an increase of 68.8% year-on-year. Given that community group buying has become a fiercely contested battleground, Meituan may still need to burn money to build a strong competitive advantage and urgently needs to maintain profit levels in its main business.</p><p>Fortunately, Meituan's main business is stable enough, especially its food delivery business, which has shifted from being a source of traffic to a source of profit. In Q2 and Q3 of 2020, Meituan Food Delivery's operating profit was RMB 1.253 billion and RMB 768 million, respectively.</p><p>However, the hidden concern is that this profit comes at the cost of continuously increasing commissions and advertising revenue, which is an exploitation of merchants. At the beginning of last year, the Guangdong Catering Association jointly called on Meituan to reduce its commission ratio, which was an outbreak of intensified conflicts under special market conditions.</p><p>Amid anti-monopoly sentiment, forcing merchants to choose between two options may affect Meituan's control over merchants in the future, and the resulting instability in commissions and advertising revenue will also affect Meituan's profit prospects. However, judging from the current situation, this impact is negligible, and the \"choose one of two\" policy is still widespread. Judging from the stock price performance, the secondary market has not shown excessive and prolonged panic regarding the impact of anti-monopoly measures on Meituan.</p><p>Another promising business is bike sharing. For Meituan, these are the only two innovative businesses with orders in the tens of millions of yuan, which will greatly help increase the activity of the Meituan-Dianping App and thus achieve cross-selling across various businesses. Meanwhile, the end of the bike-sharing competition has given Meituan the opportunity to raise unit prices and operate it as a normal business. Last October, Meituan Bike's daily order volume exceeded 17 million orders.</p><p>How to maintain profit levels in relatively certain core businesses and quickly stand out and capture market share in highly uncertain innovative businesses will determine the direction of Meituan's stock price in the coming year.</p>","source":"36kr_stock","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>Alibaba, JD.com, Pinduoduo, Meituan: Giants with assets worth hundreds of billions of US dollars clash.</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\">\nAlibaba, JD.com, Pinduoduo, Meituan: Giants with assets worth hundreds of billions of US dollars clash.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2021-02-17 12:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In 2020, the times were inevitably marked and changed by the global spread of the COVID-19 pandemic. This change was particularly evident in the consumer sector, and anti-consumerism discussions were rampant. Data such as national total retail sales of consumer goods and the consumer confidence index all reveal the uncertainty of the overall market environment.</p><p>However, a series of cold data are far from painting a picture of the consumer sector in the post-pandemic era. In fact, destruction and reconstruction are happening simultaneously.</p><p>Ali,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>E-commerce platforms such as Meituan have been hit by the pandemic, but once the clarion call to \"boost domestic demand\" is sounded, these giants are still the ones who enjoy the benefits.</p><p>Excluding the massive Alibaba, Pinduoduo, Meituan, and...<a href=\"https://laohu8.com/S/JD\">JD.com</a>Stock prices have risen by more than 100% in the past year, and market capitalizations have exceeded hundreds of billions of US dollars, which is extremely rare in any field. With online physical retail and lifestyle services having a penetration rate of only 20% in the overall market, e-commerce platforms have proven that they still have ample room for growth.</p><p>As we enter 2021, there are no signs that this market trend will be reversed in the short term, the policy environment for expanding domestic demand and boosting consumption will not waver, and the digital penetration rate across all sectors is slowly but steadily increasing.</p><p>However, we can see that the era of relying on huge scale to reap the benefits is also changing. After the State Administration for Market Regulation issued three consecutive \"anti-monopoly\" penalties, the era of internet anti-monopoly officially began in the second half of 2020.</p><p>More than one industry insider says that 2021 will be a turning point in the history of China's internet anti-monopoly efforts over the past 10 years. \"For giants, 2021 will be a pivotal year,\" said Fang Xingdong, founder of the Internet Lab, in a media interview. He added that the era of laissez-faire is over, and the Chinese Internet has officially entered a new era of rebuilding norms and reconstructing order, which is a historic turning point.</p><p>It is certain that Alibaba and Meituan will suffer greater losses in this anti-monopoly campaign, while JD.com and Pinduoduo, on the other hand, may enjoy policy support and strive to catch up. However, no one can determine how strict the enforcement of anti-monopoly measures will be or how widely they will be involved. For e-commerce platforms, instead of living in fear amidst uncertainty, they should seize opportunities in certain areas and consolidate their advantages.</p><p>The lower-tier market remains a lucrative market favored by all e-commerce platforms. The \"grocery shopping war\" that began in the middle of last year will undoubtedly intensify in 2021. For these large companies, this bears the important mission of a \"second growth curve,\" and no one wants to easily lose this war of attrition.</p><p>On the other hand, the trend of younger consumers is already very obvious, with those born in the 1990s and 2000s gradually becoming the main consumer groups. The pursuit of beauty and quality of life runs through the younger generation. Specifically, in terms of product categories, many promising companies have emerged in the beauty and skincare and food and beverage sectors, which will indirectly boost market sentiment and benefit e-commerce platforms.</p><p>In the medium to long term, the growth rates of China's GDP and total retail sales will continue to slow down, and the economy is in a downward trend, so the growth rate of the e-commerce industry will definitely slow down. With traffic peaking and growth struggling, e-commerce platforms will increasingly compete on the same battlefield in 2021, which will become the main theme for the next few years.</p><p><b>How can Alibaba overcome its internal and external difficulties?</b></p><p>Despite the stable growth of the e-commerce market, 2020 was a rare period of difficulty for Alibaba since its founding, and it encountered an unprecedented reputation crisis.</p><p>Externally, the impact of the pandemic, Ant Group's suspension of its IPO, stricter anti-monopoly regulations, and an increasingly fierce competitive landscape are all factors. Internally, problems such as sluggish growth and scandals involving several senior executives followed one after another.</p><p>Now, the impact of the pandemic is almost over, and Ant Group's crisis has temporarily come to an end with the introduction of the spin-off plan. However, it remains to be seen how long the anti-monopoly regulations will continue. This factor will not only cause Alibaba's stock price to fluctuate in the short term, but will also create obstacles to business development to some extent.</p><p>Forced by the situation, Alibaba has publicly stated its stance on the \"choose one of two\" policy for e-commerce for the first time. At the business conference held in January 2021,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Group Vice President Fubuki once stated that he does not support the \"choose one of two\" policy, which means that Alibaba will not openly restrict merchants' traffic. The lifting of the \"choose one of two\" restrictions may lead to an outflow of merchant resources in the short term, but in the long run, merchants' choices will still depend on comprehensive competitive dimensions such as traffic costs, supply chains, and logistics services on various platforms.</p><p>Besides the challenges brought about by force majeure, the pressure from external competition is only increasing. Going forward, it will probably be difficult for Alibaba to focus on dealing with competitors in a particular field as it has in the past.</p><p>In the dominant e-commerce arena, the price war between Alibaba and Pinduoduo to penetrate lower-tier cities remains close. The Taobao Special Edition, which has partnered with companies like Juhuasuan to offer a \"1 yuan special price\" and C2M factory direct supply, has been launched. Led by Wang Hai, head of 1688, it is clearly intended to leverage its B-end advantages. As of November 11, 2020, the number of annual active buyers for the Taobao Special Edition had exceeded 100 million. After assisting Taobao in attracting traffic, the discounted version may be renamed and given a more independent attitude to cope with the battle to penetrate lower-tier cities.</p><p>The content e-commerce battle with Douyin and Kuaishou is core to the competition for user time, coupled with users' shopping habits shifting from active search to...<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The mobile Taobao page has undergone a transformation since the end of last year. The strategic importance of \"Guess You Like\" and the emergence of \"Guangguang\" mean that it will fully align with the intelligent recommendation model of information feeds in communities such as Douyin and Xiaohongshu. With Tang Xing, who is good at content and technology, taking full control of Taobao, this trend will become more and more obvious this year.</p><p>The growth of internet users is approaching its peak, which is clearly evident in the case of Alibaba, a \"middle-aged giant\". Data shows that Alibaba is facing a predicament of sluggish growth, both in terms of user growth and GMV growth.</p><p>According to Alibaba's Q3 2020 financial report, the growth of monthly active users was nearly 10 million lower than market expectations. Although the Q4 financial report shows that the net increase in monthly active users exceeded 21 million in a single quarter, indicating a rebound in growth, this is largely due to the Double 11 promotion, and whether they can be retained depends on the performance in the next quarter. Furthermore, the year-on-year growth rate of GMV (Gross Merchandise Volume) was only 19%, the lowest in the quarter excluding the pandemic; Taobao Live's GMV for the whole of 2020 was 400 billion yuan, which was also lower than the internal expectation of 500 billion yuan—the impact of Douyin and Kuaishou's increased investment in live-streaming e-commerce on Taobao is gradually becoming apparent.</p><p>To overcome these challenges and increase user engagement, focusing on content is one solution, while finding untapped traffic areas is another.</p><p>This is also the underlying reason why community group buying has become a fiercely contested battleground for giants. Surprisingly, amidst the buzz, Alibaba remained remarkably low-key. Apart from its \"$4 billion investment,\" which was a step behind, it lagged behind in all other aspects: it remained undecided which business unit would handle community group buying, and its performance targets were unclear.</p><p>Chairman Zhang Yong's remarks at the Q3 2020 earnings call reveal some information: \"Competition in community group buying is fierce, but the market is still very early. Alibaba has the best conditions and will be able to attract customers later.\" At the Q4 2020 earnings call, CFO Wei Wu also stated that Taobao Maicai, a new business incubated by core e-commerce platforms, will not rely on subsidies for market share to achieve user and order volume growth.</p><p>combine<a href=\"https://laohu8.com/S/KRKR\">36Kr</a>Information obtained from sources close to Alibaba can be interpreted as suggesting that, from Alibaba's perspective, this round of price wars and competition for positions in pursuit of scale is not worth investing too much in. Focusing on quality expansion, such as improving the back-end supply chain and fulfilling contracts, is more important.</p><p>Growth or profit has become a choice that Alibaba needs to face again. At the Q4 2020 earnings call, CFO Wei Wu clearly stated that profit has never been Alibaba's top priority, and that Alibaba will continue to invest heavily in innovative businesses in the future, including e-commerce seed business and others. It is foreseeable that for a long time to come, Taobao grocery shopping, Taobao live streaming, and Taobao special offer versions will all receive substantial financial support. In addition, Alibaba also needs to divest some of its existing businesses that are difficult to support.</p><p>When enterprises are facing internal and external difficulties, organizational stability is particularly important. However, since the beginning of this year, several senior executives, including Jiang Fan, have been embroiled in sex scandals and corruption scandals, causing core e-commerce companies, which had not experienced significant changes for several years, to undergo significant organizational restructuring. Alibaba has also begun to proactively reflect on the shortcomings in its organizational culture development: changing its once high-profile communication strategy, hiding job levels, canceling weekly reports, canceling 361 performance appraisals, and changing KPIs to OKRs. A recent speech by Zhang Yong on the internal network reflecting on the middle platform is also seen as a precursor to Alibaba's plan to split the middle platform.</p><p>After letting go of some burdens, Alibaba, this giant ship, may be able to operate more flexibly.</p><p><b>How many winning tickets are there in the Pinduoduo community group buying battle?</b></p><p>At the start of the new year, Pinduoduo appeared in the public eye as a \"sweatshop,\" with a series of social incidents that endangered the company's values and reputation, such as \"sudden employee deaths\" and \"employee rights protection.\"</p><p>Pinduoduo's stock price experienced some fluctuations in the short term as a result, but the capital market remains very confident in it. However, from a business perspective, Pinduoduo, which originally won the title of interactive partner for CCTV's Spring Festival Gala red envelopes, was ultimately replaced, losing an important promotional opportunity for its payment and grocery shopping businesses.</p><p>Pinduoduo regards its grocery shopping business as an important weapon for achieving sustainable growth in users and transaction volume. In the early stages of competition, Pinduoduo seized a large market share thanks to its low prices and influence in the terminal market; however, it still has a long way to go before it achieves victory.</p><p>The community group buying industry is also developing in a more mature direction. From a financial perspective, giants are shifting their focus from order volume and transaction volume to gross profit margin, with Pinduoduo being a prime example. With fewer subsidies, maintaining strong user growth will naturally become more difficult, making it urgent to improve supply chain capabilities and fulfillment efficiency.</p><p>From an expansion perspective, following the successful experience of Xingsheng Youxuan, opening a large number of offline stores may be one of the future development directions. Currently, it seems that Meituan is testing the direct operation model, while Didi has chosen the faster franchise model. Duoduo Maicai has not yet taken any related action.</p><p>In addition to solving the problem of growth, Pinduoduo is also planning for longer-term development. For example, how to manage relationships with major brands, the extent to which new brand plans can be implemented, and whether logistics problems can be solved.</p><p>With Pinduoduo's massive traffic, it's hard for big brands not to be tempted, but rivalries between the two companies also occur frequently, such as SK2.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Big brands have also personally stepped in to maintain their pricing systems. However, it seems that cooperation with brands is either limited to the inclusion of some products or can only be done indirectly through distributors, always only scratching the surface. Pinduoduo can only hope to attract some users who favor big brands by using the low price temptation of \"10 billion yuan subsidies\", which is not a long-term solution. As a result, Pinduoduo also conceived the idea of incubating brands, but so far, the new brand plan, which focuses on the C2M model, has not been very effective.</p><p>Since last year, Pinduoduo has made significant breakthroughs in the logistics field, supporting J&T Express with its e-commerce parcel volume, second only to Alibaba. Although it is currently impossible to prove whether there is a capital tie between Pinduoduo and J&T Express, J&T's rapid development can provide Pinduoduo with more leverage to break free from Alibaba's logistics system, led by Cainiao. This year's Double Eleven and other major shopping festivals may continue to see J&T Express facing encirclement and suppression from Alibaba's logistics system.</p><p>Regardless, maintaining sales volume and user growth, while truly retaining non-lower-tier users, remains Pinduoduo's main theme this year.</p><p><b>The new story of JD Retail: Can Logistics Digital Technology successfully go public?</b></p><p>Judging from at least the first three quarters of 2020, JD.com's performance was quite good. After breaking free from nearly a year of stagnant growth, JD.com's stock price surged 140% last year, ranking second only to Meituan among internet giants with a market capitalization of over $100 billion. Thanks to its long-term logistics development, JD.com has become one of the few companies to benefit from the pandemic.</p><p>Fast-moving consumer goods (FMCG) became JD.com's fastest-growing category over the past year. In Q2 and Q3 of 2020, the sales revenue of daily necessities increased by more than 35% year-on-year. However, to support the further rise in stock prices, JD.com still needs to find a new story, and the newly established Jingxi Business Group is highly anticipated.</p><p>After Meituan, Didi, and Pinduoduo all plunged into the grocery shopping war in the middle of last year, JD.com, which arrived late, only hastily completed its restructuring in November, packaging and reorganizing Xintonglu, Jingxi, and the newly established community group buying business, intending to launch a fierce battle in the lower-tier market.</p><p>At the end of December, Jingxi Pindupin opened in 14 cities simultaneously. Earlier, they partnered with Xingsheng Youxuan, a leading community group-buying company, and made an unexpected strategic investment of $700 million in the latter, which instantly gave JD.com, which was not favored, a place in the competitive landscape.</p><p>Another surprising piece of news is that Liu Qiangdong, who had disappeared from the public eye for a long time, is now leading the Jingxi Business Group. Several JD.com insiders told 36Kr that Liu Qiangdong's willingness to return to the front lines of business has increased sharply in the past few months. \"He has inquired about the specific business situation and consulted employees for suggestions on company management on JD.com's internal forums many times,\" which is exciting news for the secondary market.</p><p>In this community group-buying battle, JD.com's only advantage may be its accumulated expertise in logistics. However, considering JD.com's execution and success rate in innovative businesses over the past few years, it is uncertain whether it can stand out in this battle to penetrate lower-tier markets.</p><p>At the end of 2020, JD Retail also made a series of personnel and structural adjustments, with a focus on integrating third-party POP platform businesses. For JD.com, to achieve \"accelerated growth\" in the four core indicators of \"transaction volume, revenue, users and profit\" in 2021, the POP category still cannot be ignored. Especially with stricter anti-monopoly regulations, JD.com, which has long suffered from the \"choose one of two\" policy, may be able to use this anti-monopoly investigation to catch up on categories such as apparel.</p><p>However, the past few months have not been easy for other JD.com subsidiaries. JD Digits became a collateral victim of Ant Group's IPO postponement, suspending its listing process, and its former CEO, Chen Shengqiang, also moved behind the scenes. In order to comply with financial regulatory requirements, Digital Technology has continuously integrated AI and cloud businesses to further enhance its technological attributes.</p><p>For several financial giants, going public may no longer be the first choice. At least after the Ant Financial incident, no one wants to be the first to \"take the plunge,\" and it is unlikely to happen in 2021.</p><p>The resignation of JD Logistics CEO Wang Zhenhui also came as a surprise to the outside world. According to market sources, JD Logistics has selected<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>and<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>The company is leading the Hong Kong IPO, with a potential valuation of approximately US$40 billion, and plans to list in the second or third quarter of 2021.</p><p>JD Logistics' revenue has maintained a year-on-year growth rate of over 50% for several quarters. Considering the improvement in the overall valuation of JD Group caused by the listing of JD Health, the listing of JD Logistics may push JD.com's market value to another level.</p><p><b>Meituan's stock price may soar alongside losses from its innovative businesses.</b></p><p>If the trend is consistent with that of 2019, Meituan will remain the fastest-rising stock price giant among Chinese internet companies in 2020, with its market capitalization surging by 170% in one year. After encountering an anti-monopoly crisis and briefly fluctuating in its stock price, Meituan's stock price surged at the beginning of 2021, increasing by 43% in just 20 days and reaching a market capitalization of over HK$2.3 trillion.</p><p>Having escaped the impact of the pandemic, Meituan's highly stable main business revenue, coupled with the market potential brought by innovative businesses such as community group buying, remains the most favored local internet company in the secondary market. However, as previously summarized, Meituan's current stock price includes a certain degree of forward-looking expectations from the market. Once its performance fluctuates, its stock price sensitivity will be greatly enhanced. This requires Meituan to balance the relationship between investment in innovative businesses and profits in the future.</p><p>Community group buying is undoubtedly the business that is currently attracting the most attention from the outside world. Since entering the market in July 2020, Meituan Youxuan has shown great momentum. According to several community group-buying practitioners who spoke to 36Kr, in the first week of the new year, Meituan Youxuan's average daily order volume nationwide reached 20 million, becoming the number one in the industry. In Wuhan and Jiangxi, it also surpassed Duoduo Maicai's daily order volume.</p><p>Meituan Youxuan, a newly entered market, continues to rely on high-pressure subsidies to compete for market share. Currently, in South and Central China, the average price of Meituan Youxuan is far lower than that of Duoduo Maicai (around 4 or 5 yuan). In relatively mature markets, Meituan no longer only focuses on order volume and repurchase rate, but gross profit has also become a new performance indicator in 2021.</p><p>Especially on the fulfillment side, Meituan has been continuously reducing costs through standardized management over the past few months. A Meituan Youxuan grid warehouse franchisee in the Jiangsu, Zhejiang and Shanghai region revealed to 36Kr that in order to optimize the grid warehouse operation process, Meituan will require its grid warehouses to add cameras for real-time monitoring, digitize each process, and then make fine adjustments through data operation. In addition, Meituan Youxuan has successively sent personnel from its headquarters to the site to closely monitor the operational process.</p><p>The latest news is that Meituan Youxuan is planning to open its first batch of offline directly operated stores in Hangzhou. There are already job postings for staff at Meituan's Hangzhou store on its intranet. However, according to sources, \"it is just a trial in the early stages, and it is uncertain whether it will be widely opened in 2021.\"</p><p>In Q3 2020, Meituan suffered a loss of 2.029 billion yuan in its innovation business, an increase of 68.8% year-on-year. Given that community group buying has become a fiercely contested battleground, Meituan may still need to burn money to build a strong competitive advantage and urgently needs to maintain profit levels in its main business.</p><p>Fortunately, Meituan's main business is stable enough, especially its food delivery business, which has shifted from being a source of traffic to a source of profit. In Q2 and Q3 of 2020, Meituan Food Delivery's operating profit was RMB 1.253 billion and RMB 768 million, respectively.</p><p>However, the hidden concern is that this profit comes at the cost of continuously increasing commissions and advertising revenue, which is an exploitation of merchants. At the beginning of last year, the Guangdong Catering Association jointly called on Meituan to reduce its commission ratio, which was an outbreak of intensified conflicts under special market conditions.</p><p>Amid anti-monopoly sentiment, forcing merchants to choose between two options may affect Meituan's control over merchants in the future, and the resulting instability in commissions and advertising revenue will also affect Meituan's profit prospects. However, judging from the current situation, this impact is negligible, and the \"choose one of two\" policy is still widespread. Judging from the stock price performance, the secondary market has not shown excessive and prolonged panic regarding the impact of anti-monopoly measures on Meituan.</p><p>Another promising business is bike sharing. For Meituan, these are the only two innovative businesses with orders in the tens of millions of yuan, which will greatly help increase the activity of the Meituan-Dianping App and thus achieve cross-selling across various businesses. Meanwhile, the end of the bike-sharing competition has given Meituan the opportunity to raise unit prices and operate it as a normal business. Last October, Meituan Bike's daily order volume exceeded 17 million orders.</p><p>How to maintain profit levels in relatively certain core businesses and quickly stand out and capture market share in highly uncertain innovative businesses will determine the direction of Meituan's stock price in the coming year.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/E9OgvUb6VvBZT1ZHhKijWQ\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{"BABA":"阿里巴巴","09618":"京东集团-SW","09988":"阿里巴巴-W","JD":"京东","03690":"美团-W"},"source_url":"https://mp.weixin.qq.com/s/E9OgvUb6VvBZT1ZHhKijWQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176177637","content_text":"过去的2020年，时代不可避免地被全球蔓延的新冠疫情标记和改变，在消费领域，这种改变尤为明显，反消费主义的讨论一时甚嚣尘上。全国社会消费品零售总额、消费者信心指数等数据无不暴露出市场大环境的不确定性。但是，一系列冰冷的数据远远无法勾画出后疫情时代消费领域的全貌，事实上，破坏、重建正在同步发生。阿里、拼多多、美团等一众电商平台遭遇疫情打击，但“拉动内需”的号角一吹响，坐享红利的仍是这些巨头公司。不算体量巨大的阿里，拼多多、美团和京东过去一年的股价涨幅均超过了100%，且市值均超过了千亿美金，这在任何领域都极其罕见。在线上实物零售及生活服务在整个大盘的渗透率只有20%的前提下，电商平台们证明了自己的增长空间仍然广阔。迈入2021年，没有迹象显示这一市场趋势会短期内遭到逆转，扩大内需、提振消费的政策大环境也不会动摇，全领域的数字化渗透率亦在缓慢而坚定地提高。但我们能看到，依靠巨大体量享尽红利的时代也正在发生变化。在市场监管总局连续发出三张“反垄断”罚单后，互联网反垄断的时代在2020年下半年正式开启。不止一位业内人士称，2021年会是中国互联网反垄断史上以10年计的大转折之年。“于巨头而言，2021年会是伤筋动骨的一年。”互联网实验室创始人方兴东在接受媒体采访时表示，自由放任时代结束，中国互联网正式进入重建规范、重构秩序的新时代，这是历史性的转向。可以肯定的是，阿里和美团将在这场反垄断大幕中，遭受更大的利益损害，而另一端的京东和拼多多或将享受政策之力，奋力追赶。但反垄断将执行多严格，涉及多广泛，无人可以确定。对电商平台来说，与其在不确定性中担惊受怕，不如在确定的事情上抓紧机会，巩固优势。下沉市场仍是那块被所有电商平台都垂青的肥肉，从去年年中展开的“买菜大战”毫无疑问将在2021年更加激烈，对于体量庞大的各家来说，这承担着“第二增长曲线”的重大使命，谁都不愿意在这场消耗战中轻易败下阵来；另一方面，消费年轻化趋势已非常明显，90后、00后逐渐成为主力消费人群。对于美和生活品质的相关追求贯穿年轻一代，具体到品类来说，美妆护肤类、食品饮料类都诞生了多家潜力公司，这变相仍会推动市场情绪的高涨，利好电商平台。中长期来看，中国GDP、社会零售总额增速持续放缓，经济正处在下行区间，电商行业增速肯定会放缓。流量见顶、增量难寻，2021年电商平台们将更多地在同一战场厮杀，这将成为未来几年的主旋律。阿里如何走出内外交困？尽管电商大盘仍保持着稳定增长，但对阿里而言，2020是其创业以来罕见的困顿时期，并遭遇了前所未有的声望危机。在外，疫情冲击、蚂蚁暂缓IPO、反垄断监管趋严、竞争局势日趋严峻；在内，增长乏力、数位高管的丑闻等问题接踵而至。如今，疫情的影响几乎可以翻篇，蚂蚁的危机随着拆分方案的出台暂告一段落。不过，反垄断监管还将持续多少时日仍未可知，这一因素不仅导致阿里股价在短期内震荡，还将一定程度造成业务发展上的障碍。受形势所迫，阿里首次公开对电商“二选一”表态。2021年1月举办的商家大会上，阿里巴巴集团副总裁吹雪曾表示不支持“二选一”，这意味着阿里不会明着对商家限流。“二选一”限制放开后，短期或造成商户资源外流，但长远看，商家的选择仍然要看各平台的流量成本、供应链、物流服务等综合竞争维度。除了不可抗力因素带来的挑战，来自外部竞争的压力也只增不减，接下来，阿里恐怕很难如以往那般，专心对付某一个领域的竞争对手。电商主场，阿里与拼多多的下沉价格战依然胶着。与聚划算等形成组合拳、打出“1元特价”和C2M工厂直供的淘宝特价版被推向台前，由1688负责人汪海主导，显然是要发挥B端优势。截至2020年11月11日，淘宝特价版的年度活跃买家已突破1亿人。在辅助淘宝引流后，特价版或将更名换姓，以更独立的姿态，应对下沉之战。与抖音和快手的内容电商大战，核心是对用户时长的争夺，再加上用户的购物习惯正从主动搜索转向智能化推荐，手淘页面自去年底起改头换面，“猜你喜欢”战略地位的提升、“逛逛”的出现，意味着其将全面向抖音、小红书等社区的信息流智能推荐模式看齐，而随着擅长内容和技术的汤兴全面掌管淘宝，这个趋势在今年将愈发明显。互联网用户的增长正日趋见顶，这一点在“中年巨头”阿里身上显露无疑。从数据来看，无论从用户增长还是GMV增速来看，都显示着阿里正面临增长乏力的困境。2020年Q3财报显示，阿里月活用户的增长低于市场预估近1000万。虽然Q4财报显示，月活用户单季净增超过2100万，增速回暖，但这很大程度是双11大促带来的，能否留存还需要看下个季度的表现。此外，GMV（即成交额）同比增速仅为19%，是除疫情外最低的一个季度；淘宝直播2020年全年GMV为4000亿元，也低于内部预期的5000亿元——抖音快手加码直播电商对于淘宝的冲击，开始逐渐显现。若要攻破难题，增加用户时长，发力内容是一个解决方案，寻找仍待开采的流量洼地是另一个。这也是社区团购成为巨头必争之地的底层原因。令人意外的是，在一片热闹中，阿里却显得格外低调，除了慢人一拍的“40亿美元投入”，在其他方面的表现上全面落后：社区团购由哪个业务部门操盘仍无定论、业绩目标也不明确。董事长张勇在2020年Q3财报会上的一席话能透露出些许信息：“社区团购竞争白热化，但市场还非常早期，阿里条件最好，之后能把客户吸引过来。”在2020年Q4财报会上，CFO卫武也表示，核心电商孵化的新业务淘宝买菜将不会采取补贴换市场的形式来实现用户和单量的增长。结合36氪从接近阿里的人士处获取的信息，可以解读为，在阿里视角，这轮为了追求规模而打出的价格战和抢点位战，并不值得投入太多，先做好质量的扩张如提升后端的供应链和履约才更要紧。要增长还是要利润，成了阿里需要重新面对的选择题。2020年Q4财报会上，CFO卫武明确表示，利润从不是阿里的第一优先选择，未来仍将大量投资创新业务，包括电商种子业务和其他。可以预见，在很长一段时间内，淘宝买菜、淘宝直播、淘宝特价版等都将获得大量的资金支持。此外，对于已有的难以扶持的部分业务，阿里也需要断舍离一番。企业处于内外交困之际，组织的稳定性显得尤为重要。然而，今年以来，包括蒋凡在内的数位高管传出的桃色新闻和贪腐丑闻，数年未大动的核心电商因此经历了较大幅度的组织调整。阿里也开始主动反思组织文化建设上存在的缺陷：改变曾经高调的传播策略、隐藏职级、取消周报、取消361绩效考核、改KPI为OKR，近期张勇在内网的一次反思中台的演讲也被视作阿里将拆分中台的前兆。放下一些包袱后，阿里这艘大船或许能运转得更为灵活。拼多多社区团购之战胜券几何？新年开局，拼多多是以“血汗工厂”的面貌出现在大众视野里，“员工猝死”、“员工维权”等危及企业价值观和声望的社会性事件接连发生。拼多多的股价因此在短期内经历一番起伏，不过，资本市场对其信心仍然十分强劲。但从业务角度来看，原本拿下央视春晚红包互动合作伙伴头衔的拼多多，最终被替换，失去了给支付业务和买菜业务的一次重要推广机会。买菜业务被拼多多视为能否持续实现用户和成交额增长重要武器。在竞争早期，拼多多凭借低价和在终端的影响力，抢到了较大的市场份额，不过，距离其取得胜利还有很长的路。社区团购行业也在向更成熟的方向发展。从财务指标上来看，巨头们正从追求订单量和成交额等转向看重毛利率，拼多多是其中代表。补贴变少之后，要想保持强劲的用户增长，困难自然会变大，提高供应链能力和履约效率变得紧迫起来。从扩张层面来看，效仿兴盛优选曾经的成功经验，开出大量线下门店或将是接下来的发展方向之一，目前看来，美团在试水直营模式，而滴滴选择了速度更快的加盟模式。多多买菜目前还没有相关动作。不止要解决增长的问题，拼多多还在为更长远的发展谋划。例如如何处理好与大品牌的关系、能在多大程度上推行新品牌计划、能否解决物流隐患。拼多多如今的流量之大，大品牌很难不心动，但双方的撕扯也频繁发生，SK2、特斯拉等大牌也都曾亲自下场维护其价格体系，眼看和品牌的合作要么停留在部分商品入驻，要么只能通过经销商间接合作，总是浅尝辄止，拼多多只能寄望于通过“百亿补贴”打出的低价诱惑来吸引部分青睐大牌的用户，这非长久之计。由此，拼多多也萌生孵化品牌的想法，但目前来看，主打C2M模式的新品牌计划目前成效依然不大。自去年起，拼多多在物流领域有了较大的突破，用仅次于阿里的电商件数扶植起了极兔快递。虽然目前还无法证明拼多多与极兔之间是否存在资本绑定，但极兔的迅猛发展能为拼多多摆脱以菜鸟为首的阿里物流体系提供更多筹码。今年双十一等大促或将继续上演极兔遭遇阿里系物流围剿的局面。无论如何，如何保持成交额和用户的增长，并真正留住非下沉人群，仍然是拼多多今年的主旋律。京东零售的新故事，物流数科能否成功上市？至少从2020年的前三个季度看，京东的业绩表现是相当可以的。在摆脱了近一年的增长停滞后，京东股价在去年实现了140%的涨幅，在市值超1000亿美金的一众互联网巨头中，仅次于美团。得益于物流的长期建设，京东成了为数不多受益疫情的企业。大快消成为过去一年京东增长势头最快的品类，2020年的Q2和Q3，日用百货商品销售收入同比增长均超过了35%，但眼下要想支撑股价的进一步上扬，京东仍需找到新故事，最新组建的京喜事业群被寄予厚望。美团、滴滴、拼多多在去年年中纷纷扎入买菜大战后，姗姗来迟的京东在11月才匆匆完成架构调整，将新通路、京喜和新成立的社区团购业务等打包重组，打算在下沉市场展开殊死搏斗。12月底，京喜拼拼在14城同时开城。而在更早前，他们牵手了社区团购龙头——兴盛优选，令人意外的战略投资后者7亿美金，这让不被看好的京东，瞬间在竞争局势中有了一席之地。另一个让外界惊讶的消息是，此次统领京喜事业群的是消失在公众面前许久的刘强东，多位京东内部人士向36氪表示，刘强东重返业务一线的意愿在过去几个月内陡增，“已经多次在京东内部论坛上询问具体业务情况，咨询员工对公司管理的建议”，这对二级市场来说这是个令人振奋的消息。在这场社区团购大战中，京东唯一的优势可能是物流端的积累，但考虑过去几年京东在创新业务上的执行力和成功率，能否在这场下沉市场的战斗中脱颖而出并不确定。2020年终，京东零售也进行了一系列的人员和架构调整，重点在于整合第三方的POP平台业务。对于京东来说，要在2021年实现“交易额、收入、用户和利润四大核心指标上”的“加速增长”，POP品类仍然不容忽视，尤其是在反垄断监管趋严的情况下，长期遭受“二选一”打压的京东，或许能借这次反垄断调查，在服饰等品类上抓紧补课。不过对于其他京东子集团，过去几个月并不好受。京东数科成为了蚂蚁IPO暂缓事件的连带受害者，上市之路就此暂停，数科原CEO陈生强也转至幕后。为了符合金融监管要求，数科连续整合了AI和云业务，进一步增强科技属性。对于几家金融巨头来说，眼下或许上市已经不再是第一选择，至少在蚂蚁事件之后，没有人会想成为第一个“吃螃蟹的人”，至少在2021年，可能不太会发生。京东物流CEO王振辉的辞职也让外界倍感意外。根据市场消息，京东物流已挑选美国银行和高盛牵头经办香港IPO事宜，公司估值可能达约400亿美元，并计划在2021年第二季度或第三季度上市。京东物流收入已经保持了多个季度50%以上的同比增长，参考京东健康上市对京东集团整体估值的提升，京东物流的上市或许会将京东市值再推一个台阶。美团股价或与创新业务亏损齐飞如2019年的走势一致，2020年的美团仍然是中国互联网公司中股价蹿升最快的巨头，市值一年大涨170%。在遭遇反垄断风波，股价短暂波动后，2021开年的美团股价势如破竹，短短20天增幅43%，市值超23000亿港币。摆脱疫情影响，高度稳定的主营业务收入，叠加社区团购等创新业务带给市场的想象力，美团仍是最被二级市场看好的本土互联网公司。但还是之前总结的，当前美团股价包含市场一定程度的超前预期，一旦业绩出现波动，其股价敏感度将大大增强，这需要美团在未来平衡好创新业务投入与利润之间的关系。社区团购无疑是美团当前最受外界关注的业务，自2020年7月入局以来，美团优选后劲十足。据多位社区团购从业者向36氪透露，新年第一周，美团优选的全国日均订单量已经达到2000万，成为行业第一，并在武汉和江西先后完成了对多多买菜日单量的反超。对于新近进入的市场美团优选继续靠高压补贴来争夺市场，目前在华南、华中一带，美团优选的件均价已远低于多多买菜（大概在4、5块上下），而在相对成熟的市场，美团已不仅仅关注单量和复购率，毛利也成为了2021年新的考核指标。尤其在履约端，过去几个月美团在持续通过规范管理来降低成本。一位江浙沪区域的美团优选网格仓加盟商向36氪透露，为了优化网格仓作业流程，美团会要求旗下的网格仓加入摄像头，实时监控，把每个流程数据化，通过数据运营再做精细化调整；另外美团优选陆续派总部人员前往驻点，紧盯操作流程。最新的消息是，美团优选已经计划在杭州筹备首批线下直营店。在美团内网上，已经有杭州门店人员的招聘帖。不过据知情人士透露，“前期只是尝试，2021年是否会大范围开设并不确定。”2020年Q3，美团在创新业务上亏损了20.29亿元，同比扩大68.8%。考虑到社区团购业务如今成了兵家必争之地，美团或仍需烧钱来高筑护城河，也急需要在主营业务上保持住利润水平。不过好在，美团的主营业务足够稳定，尤其是外卖业务，已经从流量担当开始成为盈利担当。2020年Q2和Q3，美团餐饮外卖的经营利润分别为12.53亿元和7.68亿元。但隐忧的地方是，这一利润代价是佣金和广告业务不断提高，背后是对商家的压榨。去年年初，广东餐饮协会联名喊话美团，要求降低佣金比例，就是矛盾激化在特殊行情下的爆发。在反垄断情绪下，逼迫商家“二选一”或许将在未来影响美团对于商家的控制，由此带来的佣金和广告收入的不稳定性也将影响美团的利润前景。不过从目前来看，这一影响还微乎其微，“二选一”仍广泛存在。 从股价行情看，二级市场对于反垄断之于美团的影响也并未展现出过度持久的恐慌。另一个值得期待的业务是共享单车。对美团来说，这是创新业务中唯二单量在千万级别的，对于提升美团点评App活跃度，进而实现各个业务的交叉销售有极大帮助。同时，单车赛道大战落幕也使得美团有机会提升单价，把它作为一个正常的生意来运转，去年10月，美团单车的日订单量已经突破1700万单。如何在相对确定性的主营业务中保持住利润水平，在高度不确定性的创新业务中尽快脱颖而出，占据市场份额，决定美团未来一年股价走向。","news_type":1,"symbols_score_info":{"09988":0.9,"09618":0.9,"03690":0.9,"BABA":0.9,"JD":0.9}},"isVote":1,"tweetType":1,"viewCount":2003,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":388452346,"gmtCreate":1613088443285,"gmtModify":1704878290116,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573599245411531","authorIdStr":"3573599245411531"},"themes":[],"title":"","htmlText":"GG","listText":"GG","text":"GG","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/388452346","repostId":"1138841526","repostType":4,"repost":{"id":"1138841526","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":1613053269,"share":"https://ttm.financial/m/news/1138841526?lang=en_US&edition=fundamental","pubTime":"2021-02-11 22:21","market":"us","language":"zh","title":"Some industrial hemp stocks fell in pre-market trading, with Tilray dropping more than 12%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1138841526","media":"老虎资讯综合","summary":"部分工业大麻股盘前走低，Tilray跌超12%，Aphria跌超6%，Veru跌约5%，奥罗拉大麻公司跌近1%。","content":"<p>Some industrial hemp stocks fell in pre-market trading, with Tilray down more than 12%, Aphria down more than 6%, Veru down about 5%, and Aurora Hemp down nearly 1%.</p><p><img src=\"https://static.tigerbbs.com/26e0e9875f710b7daf2656b71d12e0d6\" tg-width=\"288\" tg-height=\"194\"></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>Some industrial hemp stocks fell in pre-market trading, with Tilray dropping more than 12%.</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\">\nSome industrial hemp stocks fell in pre-market trading, with Tilray dropping more than 12%.\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\">2021-02-11 22:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Some industrial hemp stocks fell in pre-market trading, with Tilray down more than 12%, Aphria down more than 6%, Veru down about 5%, and Aurora Hemp down nearly 1%.</p><p><img src=\"https://static.tigerbbs.com/26e0e9875f710b7daf2656b71d12e0d6\" tg-width=\"288\" tg-height=\"194\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a7ed81b1e72df2f2f0f21497fe08eaed","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138841526","content_text":"部分工业大麻股盘前走低，Tilray跌超12%，Aphria跌超6%，Veru跌约5%，奥罗拉大麻公司跌近1%。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1808,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":104022344,"gmtCreate":1620346467988,"gmtModify":1704342233480,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573599245411531","idStr":"3573599245411531"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SQ\">$Square, Inc(SQ)$</a>?","listText":"<a href=\"https://laohu8.com/S/SQ\">$Square, Inc(SQ)$</a>?","text":"$Square, Inc(SQ)$?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/104022344","repostId":"2133766175","repostType":4,"repost":{"id":"2133766175","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":1620332100,"share":"https://ttm.financial/m/news/2133766175?lang=en_US&edition=fundamental","pubTime":"2021-05-07 04:15","market":"us","language":"zh","title":"Square reported first-quarter revenue of $5.057 billion, turning a profit year-over-year.","url":"https://stock-news.laohu8.com/highlight/detail?id=2133766175","media":"老虎资讯综合","summary":"5月7日，移动支付公司$Square$美股盘后公布了2021财年第一季度财报。报告显示，Square第一季度总净营收为50.57亿美元，与去年同期的13.81亿美元相比增长266%；不计入比特币带来的收入，Square第一季度总净营收为15.5亿美元，与去年同期相比增长44%；Square第一季度净利润为3900万美元，相比之下去年同期的净亏损为1.06亿美元。Square第一季度营收和调整后每股收益均超出华尔街分析师预期，推动其盘后股价上涨超2%。Square第一季度调整后EBITDA为2.36亿美元，去年同期为900万美元。","content":"<p>On May 7, mobile payment companies<a href=\"https://laohu8.com/S/SQ\">Square</a>US stocks released their financial results for the first quarter of fiscal year 2021 after the market closed. The report shows that Square's total net revenue for the first quarter was $5.057 billion, a 266% increase compared to $1.381 billion in the same period last year; Excluding revenue from Bitcoin, Square's total net revenue for the first quarter was $1.55 billion, a 44% increase compared to the same period last year; Square reported a net profit of $39 million in the first quarter, compared to a net loss of $106 million in the same period last year.</p><p>Square's first-quarter revenue and adjusted earnings per share both exceeded Wall Street analysts' expectations, driving its stock price up more than 2% in after-hours trading.</p><p><img src=\"https://static.tigerbbs.com/501138f7d493a32169d49cd04b543fb7\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><b>Key achievements:</b></p><p>In the fiscal quarter ending March 31, Square reported net income of $39 million and diluted earnings per share of $0.08, which was better than the same period last year. In the first quarter of fiscal year 2020, Square reported a net loss of $106 million, or $0.24 per diluted share. Excluding certain one-time items (not in accordance with U.S. GAAP), Square reported adjusted diluted earnings per share of $0.41 for the first quarter, compared to an adjusted diluted loss of $0.02 per share in the same period last year, which exceeded analysts' expectations. according to<a href=\"https://laohu8.com/S/YHOO\">Yahoo</a>Data provided by the financial channel shows that 36 analysts had previously expected Square's first-quarter earnings per share to reach $0.16.</p><p>Square's total net revenue for the first quarter was $5.057 billion, up 266% from $1.381 billion in the same period last year, exceeding analysts' expectations. according to<a href=\"https://laohu8.com/S/YHOO\">Yahoo</a>Data provided by the financial channel shows that 31 analysts had previously expected Square's first-quarter revenue to reach $3.36 billion on average. Excluding revenue from Bitcoin, Square's total net revenue for the first quarter was $1.55 billion, a 44% increase compared to the same period last year. Square's gross profit for the first quarter was $964 million, a 79% increase compared to $539 million in the same period last year.</p><p>Square's adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the first quarter was $236 million, compared to $9 million in the same period last year.</p><p>Square reported an operating profit of $67.7 million in the first quarter, compared to an operating loss of $90.3 million in the same period last year.</p><p>Square's total operating expenses for the first quarter were $896 million, compared to $629 million in the same period last year. Of this, product development expenditures amounted to $309 million, compared to $195 million in the same period last year; Sales and marketing expenses were $349 million, compared to $195 million in the same period last year; General and administrative expenses were $196 million, compared to $129 million in the same period last year; Transaction and loan losses were $20.4 million, compared to $109 million in the same period last year; Bitcoin had an impairment loss of $19.9 million, compared to no such expense in the same period last year; Amortization expenses for acquired customer assets amounted to $1.46 million, compared to $900,000 in the same period last year.</p><p><b>Performance by Business Unit:</b></p><p>By business segment, Square's transaction-based revenue in the first quarter was $960 million, a 27% increase compared to $758 million in the same period last year; The division's gross profit was $435 million, a 49% increase compared to the same period last year. Square processed a total payment transaction volume (GPV) of $33.1 billion in the first quarter, a 29% increase compared to the same period last year. Square's gross profit based on transactions accounted for 1.31% of its GPV in the first quarter, up 17 basis points from the same period last year and 8 basis points from the previous quarter.</p><p>Square's first-quarter revenue based on subscriptions and services was $558 million, an 88% increase compared to $296 million in the same period last year; The division's gross profit was $469 million, an 84% increase compared to the same period last year.</p><p>Square's hardware revenue for the first quarter was $28.8 million, compared to $20.7 million in the same period last year.</p><p>Square's Bitcoin revenue in the first quarter was $3.511 billion, compared to $306 million in the same period last year.</p><p><b>Balance sheet information:</b></p><p>As of the end of the first quarter of 2021, Square held $4.8 billion in available liquidity, including $4.3 billion in cash, cash equivalents, restricted cash and investments in tradable debt securities, and $500 million available for drawdown from revolving credit facilities.</p><p>In February 2021, Square invested $170 million in Bitcoin because the company believed that cryptocurrencies were a tool for economic empowerment, which aligned with the company's goals. Square stated that the company hopes to hold the investment for the long term.</p><p>In April 2021, Square completed the acquisition of a majority stake in global music and entertainment platform TIDAL for a total consideration of $302 million.</p><p><b>Performance Outlook:</b></p><p>In its earnings report, Square stated that looking ahead to the remainder of 2021, the company believes that the two-year compound annual growth rate from 2019 to 2021 will help reflect the potential gross profit trends of each ecosystem. In the second quarter of 2021, as the U.S. government began spending in April 2020, the company's Cash App is expected to achieve strong gross profit growth of 167% year-over-year. On the other hand, given that significant geographical restrictions impacted face-to-face activities in the second quarter of 2020, resulting in a 9% year-over-year decrease in gross profit for the quarter, sellers are expected to benefit from growth in gross profit in the second quarter of 2021.</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>Square reported first-quarter revenue of $5.057 billion, turning a profit year-over-year.</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\">\nSquare reported first-quarter revenue of $5.057 billion, turning a profit year-over-year.\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\">2021-05-07 04:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On May 7, mobile payment companies<a href=\"https://laohu8.com/S/SQ\">Square</a>US stocks released their financial results for the first quarter of fiscal year 2021 after the market closed. The report shows that Square's total net revenue for the first quarter was $5.057 billion, a 266% increase compared to $1.381 billion in the same period last year; Excluding revenue from Bitcoin, Square's total net revenue for the first quarter was $1.55 billion, a 44% increase compared to the same period last year; Square reported a net profit of $39 million in the first quarter, compared to a net loss of $106 million in the same period last year.</p><p>Square's first-quarter revenue and adjusted earnings per share both exceeded Wall Street analysts' expectations, driving its stock price up more than 2% in after-hours trading.</p><p><img src=\"https://static.tigerbbs.com/501138f7d493a32169d49cd04b543fb7\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><b>Key achievements:</b></p><p>In the fiscal quarter ending March 31, Square reported net income of $39 million and diluted earnings per share of $0.08, which was better than the same period last year. In the first quarter of fiscal year 2020, Square reported a net loss of $106 million, or $0.24 per diluted share. Excluding certain one-time items (not in accordance with U.S. GAAP), Square reported adjusted diluted earnings per share of $0.41 for the first quarter, compared to an adjusted diluted loss of $0.02 per share in the same period last year, which exceeded analysts' expectations. according to<a href=\"https://laohu8.com/S/YHOO\">Yahoo</a>Data provided by the financial channel shows that 36 analysts had previously expected Square's first-quarter earnings per share to reach $0.16.</p><p>Square's total net revenue for the first quarter was $5.057 billion, up 266% from $1.381 billion in the same period last year, exceeding analysts' expectations. according to<a href=\"https://laohu8.com/S/YHOO\">Yahoo</a>Data provided by the financial channel shows that 31 analysts had previously expected Square's first-quarter revenue to reach $3.36 billion on average. Excluding revenue from Bitcoin, Square's total net revenue for the first quarter was $1.55 billion, a 44% increase compared to the same period last year. Square's gross profit for the first quarter was $964 million, a 79% increase compared to $539 million in the same period last year.</p><p>Square's adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the first quarter was $236 million, compared to $9 million in the same period last year.</p><p>Square reported an operating profit of $67.7 million in the first quarter, compared to an operating loss of $90.3 million in the same period last year.</p><p>Square's total operating expenses for the first quarter were $896 million, compared to $629 million in the same period last year. Of this, product development expenditures amounted to $309 million, compared to $195 million in the same period last year; Sales and marketing expenses were $349 million, compared to $195 million in the same period last year; General and administrative expenses were $196 million, compared to $129 million in the same period last year; Transaction and loan losses were $20.4 million, compared to $109 million in the same period last year; Bitcoin had an impairment loss of $19.9 million, compared to no such expense in the same period last year; Amortization expenses for acquired customer assets amounted to $1.46 million, compared to $900,000 in the same period last year.</p><p><b>Performance by Business Unit:</b></p><p>By business segment, Square's transaction-based revenue in the first quarter was $960 million, a 27% increase compared to $758 million in the same period last year; The division's gross profit was $435 million, a 49% increase compared to the same period last year. Square processed a total payment transaction volume (GPV) of $33.1 billion in the first quarter, a 29% increase compared to the same period last year. Square's gross profit based on transactions accounted for 1.31% of its GPV in the first quarter, up 17 basis points from the same period last year and 8 basis points from the previous quarter.</p><p>Square's first-quarter revenue based on subscriptions and services was $558 million, an 88% increase compared to $296 million in the same period last year; The division's gross profit was $469 million, an 84% increase compared to the same period last year.</p><p>Square's hardware revenue for the first quarter was $28.8 million, compared to $20.7 million in the same period last year.</p><p>Square's Bitcoin revenue in the first quarter was $3.511 billion, compared to $306 million in the same period last year.</p><p><b>Balance sheet information:</b></p><p>As of the end of the first quarter of 2021, Square held $4.8 billion in available liquidity, including $4.3 billion in cash, cash equivalents, restricted cash and investments in tradable debt securities, and $500 million available for drawdown from revolving credit facilities.</p><p>In February 2021, Square invested $170 million in Bitcoin because the company believed that cryptocurrencies were a tool for economic empowerment, which aligned with the company's goals. Square stated that the company hopes to hold the investment for the long term.</p><p>In April 2021, Square completed the acquisition of a majority stake in global music and entertainment platform TIDAL for a total consideration of $302 million.</p><p><b>Performance Outlook:</b></p><p>In its earnings report, Square stated that looking ahead to the remainder of 2021, the company believes that the two-year compound annual growth rate from 2019 to 2021 will help reflect the potential gross profit trends of each ecosystem. In the second quarter of 2021, as the U.S. government began spending in April 2020, the company's Cash App is expected to achieve strong gross profit growth of 167% year-over-year. On the other hand, given that significant geographical restrictions impacted face-to-face activities in the second quarter of 2020, resulting in a 9% year-over-year decrease in gross profit for the quarter, sellers are expected to benefit from growth in gross profit in the second quarter of 2021.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/26431c0734b181fb6bbdfb2d00bdf07c","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2133766175","content_text":"5月7日，移动支付公司Square美股盘后公布了2021财年第一季度财报。报告显示，Square第一季度总净营收为50.57亿美元，与去年同期的13.81亿美元相比增长266%；不计入比特币带来的收入，Square第一季度总净营收为15.5亿美元，与去年同期相比增长44%；Square第一季度净利润为3900万美元，相比之下去年同期的净亏损为1.06亿美元。Square第一季度营收和调整后每股收益均超出华尔街分析师预期，推动其盘后股价上涨超2%。主要业绩：在截至3月31日的这一财季，Square的净利润为3900万美元，每股摊薄收益为0.08美元，这一业绩好于去年同期。在2020财年第一季度，Square的净亏损为1.06亿美元，每股摊薄亏损为0.24美元。不计入某些一次性项目（不按照美国通用会计准则），Square第一季度调整后每股摊薄收益为0.41美元，相比之下去年同期的调整后每股摊薄亏损为0.02美元，这一业绩超出分析师预期。据雅虎财经频道提供的数据显示，36名分析师此前平均预期Square第一季度每股收益将达0.16美元。Square第一季度总净营收为50.57亿美元，与去年同期的13.81亿美元相比增长266%，超出分析师预期。据雅虎财经频道提供的数据显示，31名分析师此前平均预期Square第一季度营收将达33.6亿美元。不计入比特币带来的收入，Square第一季度总净营收为15.5亿美元，与去年同期相比增长44%。Square第一季度毛利润为9.64亿美元，与去年同期的5.39亿美元相比增长79%。Square第一季度调整后EBITDA（即未计入利息、税项、折旧及摊销的利润）为2.36亿美元，去年同期为900万美元。Square第一季度运营利润为6770万美元，相比之下去年同期的运营亏损为9030万美元。Square第一季度总运营支出为8.96亿美元，相比之下去年同期为6.29亿美元。其中，产品开发支出为3.09亿美元，相比之下去年同期为1.95亿美元；销售和营销支出为3.49亿美元，相比之下去年同期为1.95亿美元；总务和行政支出为1.96亿美元，相比之下去年同期为1.29亿美元；交易和贷款损失为2040万美元，相比之下去年同期为1.09亿美元；比特币减值损失为1990万美元，去年同期并无这项支出；已获得客户资产摊销支出为146万美元，相比之下去年同期为90万美元。按业务部门划分的业绩：按照业务部门划分，Square第一季度基于交易的营收为9.60亿美元，与去年同期的7.58亿美元相比增长27%；该部门的毛利润为4.35亿美元，与去年同期相比增长49%。Square在第一季度中处理的总支付交易量（GPV）为331亿美元，与去年同期相比增长29%。Square第一季度基于交易的毛利润在GPV中所占比例为1.31%，与去年同期相比上升17个基点，与上一季度相比上升8个基点。Square第一季度基于订阅和服务的营收为5.58亿美元，与去年同期的2.96亿美元相比增长88%；该部门的毛利润为4.69亿美元，与去年同期相比增长84%。Square第一季度硬件营收为2880万美元，相比之下去年同期为2070万美元。Square第一季度比特币营收为35.11亿美元，相比之下去年同期为3.06亿美元。资产负债表信息：截至2021年第一季度末，Square持有的可用流动资金为48亿美元，其中现金、现金等价物、限制性现金和可交易债务证券投资为43亿美元，可从循环信贷安排中提取的资金为5亿美元。2021年2月，Square在比特币上投资了1.7亿美元，原因是该公司相信加密货币是一种经济赋权的工具，而这与该公司的目标是一致的。Square表示，该公司希望长期持有这项投资。2021年4月，Square完成了对全球音乐和娱乐平台TIDAL的重大多数股权的收购交易，这项交易是总对价为3.02亿美元。业绩展望：Square在财报中表示，展望2021年剩余时间的前景，该公司相信，从2019年到2021年的两年复合年增长率将有助于反映每个生态系统的潜在毛利润趋势。在2021年第二季度，随着2020年4月美国政府开始支出，该公司旗下Cash App预计将可实现167%的毛利润同比强劲增长。另一方面，鉴于2020年第二季度中重大的地区限制措施影响了面对面的活动，导致该季度的毛利润同比下降9%，因此在2021年第二季度中，预计卖家毛利润的增长将会从中受益。","news_type":1,"symbols_score_info":{"SQ":0.9}},"isVote":1,"tweetType":1,"viewCount":6313,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9906026575,"gmtCreate":1659460353201,"gmtModify":1705980559564,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573599245411531","idStr":"3573599245411531"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/HKD\">$尚乘数科(HKD)$</a>mark","listText":"<a href=\"https://ttm.financial/S/HKD\">$尚乘数科(HKD)$</a>mark","text":"$尚乘数科(HKD)$mark","images":[{"img":"https://community-static.tradeup.com/news/0d8e4b40419a6e519fb4de17d0367b16","width":"1125","height":"3738"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9906026575","isVote":1,"tweetType":1,"viewCount":6584,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":347729284,"gmtCreate":1618532099848,"gmtModify":1704712243835,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573599245411531","idStr":"3573599245411531"},"themes":[],"title":"","htmlText":"Mark 16 May","listText":"Mark 16 May","text":"Mark 16 May","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/347729284","repostId":"347819806","repostType":1,"repost":{"id":347819806,"gmtCreate":1618483125505,"gmtModify":1704711519756,"author":{"id":"3558937605407666","authorId":"3558937605407666","name":"小虎投资狮城","avatar":"https://static.tigerbbs.com/71787abf8925cc00babc5c74c39de37a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3558937605407666","idStr":"3558937605407666"},"themes":[],"title":"新加坡航空3月旅客運輸量跌了91%","htmlText":"[噴血]&nbsp;[噴血]&nbsp;[噴血]&nbsp;哇在海外疫情還是太嚴重了[難過]&nbsp;[難過]&nbsp;[難過]&nbsp;國營的<a target=\"_blank\" href=\"https://laohu8.com/S/C6L.SI\">$新加坡航空公司(C6L.SI)$</a>&nbsp;還是運營41個國際航線，但絕大多數國家不允許外國旅客入境或讓它們隔離[弱]&nbsp;[心碎]&nbsp;新加坡航空是全球最國際化航空公司之一（國家沒有任何國內航線）[驚嚇]&nbsp;在疫情期間公司還是面臨偉大的挑戰[汗顏]&nbsp;現在公司的航班都是這樣[白眼]&nbsp;公司剛披露今年3月時：總旅客運輸量爲10萬，與去年同期跌了91%[憤怒]&nbsp;公司的披露說它覺得從今年7月開始國際航空行業情況會好了一些。本月已經有一點點改善[笑哭]&nbsp;2月新加坡航空的旅客運輸量爲6.8萬以及1月旅客運輸量爲7.8萬。慢慢來吧[捂臉]&nbsp;新加坡航空盤後披露該數據，不知道明天市場會有什麼反應。大家記住了新加坡政府是公司的最大的股東以及去年公司籌資幾十億美金，現金餘額還是足夠了等很長時間。今年公司也又以發行可轉換債券籌資幾十億美金。公司5月16日要披露Q1財報。大家開始祈禱啊[保佑]&nbsp;[笑哭]&nbsp;[暗中觀察]&nbsp;有任何問題關於新加坡股票，歡迎各位隨時找小虎投資獅城[得意]&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/BA\">$波音(BA)$</a>&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/SPCE\">$維珍銀河(SPCE)$</a>&nbsp;","listText":"[噴血]&nbsp;[噴血]&nbsp;[噴血]&nbsp;哇在海外疫情還是太嚴重了[難過]&nbsp;[難過]&nbsp;[難過]&nbsp;國營的<a target=\"_blank\" href=\"https://laohu8.com/S/C6L.SI\">$新加坡航空公司(C6L.SI)$</a>&nbsp;還是運營41個國際航線，但絕大多數國家不允許外國旅客入境或讓它們隔離[弱]&nbsp;[心碎]&nbsp;新加坡航空是全球最國際化航空公司之一（國家沒有任何國內航線）[驚嚇]&nbsp;在疫情期間公司還是面臨偉大的挑戰[汗顏]&nbsp;現在公司的航班都是這樣[白眼]&nbsp;公司剛披露今年3月時：總旅客運輸量爲10萬，與去年同期跌了91%[憤怒]&nbsp;公司的披露說它覺得從今年7月開始國際航空行業情況會好了一些。本月已經有一點點改善[笑哭]&nbsp;2月新加坡航空的旅客運輸量爲6.8萬以及1月旅客運輸量爲7.8萬。慢慢來吧[捂臉]&nbsp;新加坡航空盤後披露該數據，不知道明天市場會有什麼反應。大家記住了新加坡政府是公司的最大的股東以及去年公司籌資幾十億美金，現金餘額還是足夠了等很長時間。今年公司也又以發行可轉換債券籌資幾十億美金。公司5月16日要披露Q1財報。大家開始祈禱啊[保佑]&nbsp;[笑哭]&nbsp;[暗中觀察]&nbsp;有任何問題關於新加坡股票，歡迎各位隨時找小虎投資獅城[得意]&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/BA\">$波音(BA)$</a>&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/SPCE\">$維珍銀河(SPCE)$</a>&nbsp;","text":"[噴血] [噴血] [噴血] 哇在海外疫情還是太嚴重了[難過] [難過] [難過] 國營的$新加坡航空公司(C6L.SI)$ 還是運營41個國際航線，但絕大多數國家不允許外國旅客入境或讓它們隔離[弱] [心碎] 新加坡航空是全球最國際化航空公司之一（國家沒有任何國內航線）[驚嚇] 在疫情期間公司還是面臨偉大的挑戰[汗顏] 現在公司的航班都是這樣[白眼] 公司剛披露今年3月時：總旅客運輸量爲10萬，與去年同期跌了91%[憤怒] 公司的披露說它覺得從今年7月開始國際航空行業情況會好了一些。本月已經有一點點改善[笑哭] 2月新加坡航空的旅客運輸量爲6.8萬以及1月旅客運輸量爲7.8萬。慢慢來吧[捂臉] 新加坡航空盤後披露該數據，不知道明天市場會有什麼反應。大家記住了新加坡政府是公司的最大的股東以及去年公司籌資幾十億美金，現金餘額還是足夠了等很長時間。今年公司也又以發行可轉換債券籌資幾十億美金。公司5月16日要披露Q1財報。大家開始祈禱啊[保佑] [笑哭] [暗中觀察] 有任何問題關於新加坡股票，歡迎各位隨時找小虎投資獅城[得意] $波音(BA)$ $維珍銀河(SPCE)$","images":[{"img":"https://static.tigerbbs.com/0237198f6642a2800c250fc50661d9e7","width":"492","height":"400"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/347819806","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":5724,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3573599245411531","idStr":"3573599245411531"},"content":"GG$SINGAPORE AIRLINES LTD (C6L. SI) $","text":"GG$SINGAPORE AIRLINES LTD (C6L. SI) $","html":"GG$SINGAPORE AIRLINES LTD (C6L. SI) $"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382844915,"gmtCreate":1613435677437,"gmtModify":1704880407356,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573599245411531","idStr":"3573599245411531"},"themes":[],"title":"","htmlText":"mark","listText":"mark","text":"mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/382844915","repostId":"1176177637","repostType":4,"repost":{"id":"1176177637","kind":"news","pubTimestamp":1613535611,"share":"https://ttm.financial/m/news/1176177637?lang=en_US&edition=fundamental","pubTime":"2021-02-17 12:20","market":"hk","language":"zh","title":"Alibaba, JD.com, Pinduoduo, Meituan: Giants with assets worth hundreds of billions of US dollars clash.","url":"https://stock-news.laohu8.com/highlight/detail?id=1176177637","media":"36氪","summary":"过去的2020年，时代不可避免地被全球蔓延的新冠疫情标记和改变，在消费领域，这种改变尤为明显，反消费主义的讨论一时甚嚣尘上。全国社会消费品零售总额、消费者信心指数等数据无不暴露出市场大环境的不确定性。","content":"<p>In 2020, the times were inevitably marked and changed by the global spread of the COVID-19 pandemic. This change was particularly evident in the consumer sector, and anti-consumerism discussions were rampant. Data such as national total retail sales of consumer goods and the consumer confidence index all reveal the uncertainty of the overall market environment.</p><p>However, a series of cold data are far from painting a picture of the consumer sector in the post-pandemic era. In fact, destruction and reconstruction are happening simultaneously.</p><p>Ali,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>E-commerce platforms such as Meituan have been hit by the pandemic, but once the clarion call to \"boost domestic demand\" is sounded, these giants are still the ones who enjoy the benefits.</p><p>Excluding the massive Alibaba, Pinduoduo, Meituan, and...<a href=\"https://laohu8.com/S/JD\">JD.com</a>Stock prices have risen by more than 100% in the past year, and market capitalizations have exceeded hundreds of billions of US dollars, which is extremely rare in any field. With online physical retail and lifestyle services having a penetration rate of only 20% in the overall market, e-commerce platforms have proven that they still have ample room for growth.</p><p>As we enter 2021, there are no signs that this market trend will be reversed in the short term, the policy environment for expanding domestic demand and boosting consumption will not waver, and the digital penetration rate across all sectors is slowly but steadily increasing.</p><p>However, we can see that the era of relying on huge scale to reap the benefits is also changing. After the State Administration for Market Regulation issued three consecutive \"anti-monopoly\" penalties, the era of internet anti-monopoly officially began in the second half of 2020.</p><p>More than one industry insider says that 2021 will be a turning point in the history of China's internet anti-monopoly efforts over the past 10 years. \"For giants, 2021 will be a pivotal year,\" said Fang Xingdong, founder of the Internet Lab, in a media interview. He added that the era of laissez-faire is over, and the Chinese Internet has officially entered a new era of rebuilding norms and reconstructing order, which is a historic turning point.</p><p>It is certain that Alibaba and Meituan will suffer greater losses in this anti-monopoly campaign, while JD.com and Pinduoduo, on the other hand, may enjoy policy support and strive to catch up. However, no one can determine how strict the enforcement of anti-monopoly measures will be or how widely they will be involved. For e-commerce platforms, instead of living in fear amidst uncertainty, they should seize opportunities in certain areas and consolidate their advantages.</p><p>The lower-tier market remains a lucrative market favored by all e-commerce platforms. The \"grocery shopping war\" that began in the middle of last year will undoubtedly intensify in 2021. For these large companies, this bears the important mission of a \"second growth curve,\" and no one wants to easily lose this war of attrition.</p><p>On the other hand, the trend of younger consumers is already very obvious, with those born in the 1990s and 2000s gradually becoming the main consumer groups. The pursuit of beauty and quality of life runs through the younger generation. Specifically, in terms of product categories, many promising companies have emerged in the beauty and skincare and food and beverage sectors, which will indirectly boost market sentiment and benefit e-commerce platforms.</p><p>In the medium to long term, the growth rates of China's GDP and total retail sales will continue to slow down, and the economy is in a downward trend, so the growth rate of the e-commerce industry will definitely slow down. With traffic peaking and growth struggling, e-commerce platforms will increasingly compete on the same battlefield in 2021, which will become the main theme for the next few years.</p><p><b>How can Alibaba overcome its internal and external difficulties?</b></p><p>Despite the stable growth of the e-commerce market, 2020 was a rare period of difficulty for Alibaba since its founding, and it encountered an unprecedented reputation crisis.</p><p>Externally, the impact of the pandemic, Ant Group's suspension of its IPO, stricter anti-monopoly regulations, and an increasingly fierce competitive landscape are all factors. Internally, problems such as sluggish growth and scandals involving several senior executives followed one after another.</p><p>Now, the impact of the pandemic is almost over, and Ant Group's crisis has temporarily come to an end with the introduction of the spin-off plan. However, it remains to be seen how long the anti-monopoly regulations will continue. This factor will not only cause Alibaba's stock price to fluctuate in the short term, but will also create obstacles to business development to some extent.</p><p>Forced by the situation, Alibaba has publicly stated its stance on the \"choose one of two\" policy for e-commerce for the first time. At the business conference held in January 2021,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Group Vice President Fubuki once stated that he does not support the \"choose one of two\" policy, which means that Alibaba will not openly restrict merchants' traffic. The lifting of the \"choose one of two\" restrictions may lead to an outflow of merchant resources in the short term, but in the long run, merchants' choices will still depend on comprehensive competitive dimensions such as traffic costs, supply chains, and logistics services on various platforms.</p><p>Besides the challenges brought about by force majeure, the pressure from external competition is only increasing. Going forward, it will probably be difficult for Alibaba to focus on dealing with competitors in a particular field as it has in the past.</p><p>In the dominant e-commerce arena, the price war between Alibaba and Pinduoduo to penetrate lower-tier cities remains close. The Taobao Special Edition, which has partnered with companies like Juhuasuan to offer a \"1 yuan special price\" and C2M factory direct supply, has been launched. Led by Wang Hai, head of 1688, it is clearly intended to leverage its B-end advantages. As of November 11, 2020, the number of annual active buyers for the Taobao Special Edition had exceeded 100 million. After assisting Taobao in attracting traffic, the discounted version may be renamed and given a more independent attitude to cope with the battle to penetrate lower-tier cities.</p><p>The content e-commerce battle with Douyin and Kuaishou is core to the competition for user time, coupled with users' shopping habits shifting from active search to...<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The mobile Taobao page has undergone a transformation since the end of last year. The strategic importance of \"Guess You Like\" and the emergence of \"Guangguang\" mean that it will fully align with the intelligent recommendation model of information feeds in communities such as Douyin and Xiaohongshu. With Tang Xing, who is good at content and technology, taking full control of Taobao, this trend will become more and more obvious this year.</p><p>The growth of internet users is approaching its peak, which is clearly evident in the case of Alibaba, a \"middle-aged giant\". Data shows that Alibaba is facing a predicament of sluggish growth, both in terms of user growth and GMV growth.</p><p>According to Alibaba's Q3 2020 financial report, the growth of monthly active users was nearly 10 million lower than market expectations. Although the Q4 financial report shows that the net increase in monthly active users exceeded 21 million in a single quarter, indicating a rebound in growth, this is largely due to the Double 11 promotion, and whether they can be retained depends on the performance in the next quarter. Furthermore, the year-on-year growth rate of GMV (Gross Merchandise Volume) was only 19%, the lowest in the quarter excluding the pandemic; Taobao Live's GMV for the whole of 2020 was 400 billion yuan, which was also lower than the internal expectation of 500 billion yuan—the impact of Douyin and Kuaishou's increased investment in live-streaming e-commerce on Taobao is gradually becoming apparent.</p><p>To overcome these challenges and increase user engagement, focusing on content is one solution, while finding untapped traffic areas is another.</p><p>This is also the underlying reason why community group buying has become a fiercely contested battleground for giants. Surprisingly, amidst the buzz, Alibaba remained remarkably low-key. Apart from its \"$4 billion investment,\" which was a step behind, it lagged behind in all other aspects: it remained undecided which business unit would handle community group buying, and its performance targets were unclear.</p><p>Chairman Zhang Yong's remarks at the Q3 2020 earnings call reveal some information: \"Competition in community group buying is fierce, but the market is still very early. Alibaba has the best conditions and will be able to attract customers later.\" At the Q4 2020 earnings call, CFO Wei Wu also stated that Taobao Maicai, a new business incubated by core e-commerce platforms, will not rely on subsidies for market share to achieve user and order volume growth.</p><p>combine<a href=\"https://laohu8.com/S/KRKR\">36Kr</a>Information obtained from sources close to Alibaba can be interpreted as suggesting that, from Alibaba's perspective, this round of price wars and competition for positions in pursuit of scale is not worth investing too much in. Focusing on quality expansion, such as improving the back-end supply chain and fulfilling contracts, is more important.</p><p>Growth or profit has become a choice that Alibaba needs to face again. At the Q4 2020 earnings call, CFO Wei Wu clearly stated that profit has never been Alibaba's top priority, and that Alibaba will continue to invest heavily in innovative businesses in the future, including e-commerce seed business and others. It is foreseeable that for a long time to come, Taobao grocery shopping, Taobao live streaming, and Taobao special offer versions will all receive substantial financial support. In addition, Alibaba also needs to divest some of its existing businesses that are difficult to support.</p><p>When enterprises are facing internal and external difficulties, organizational stability is particularly important. However, since the beginning of this year, several senior executives, including Jiang Fan, have been embroiled in sex scandals and corruption scandals, causing core e-commerce companies, which had not experienced significant changes for several years, to undergo significant organizational restructuring. Alibaba has also begun to proactively reflect on the shortcomings in its organizational culture development: changing its once high-profile communication strategy, hiding job levels, canceling weekly reports, canceling 361 performance appraisals, and changing KPIs to OKRs. A recent speech by Zhang Yong on the internal network reflecting on the middle platform is also seen as a precursor to Alibaba's plan to split the middle platform.</p><p>After letting go of some burdens, Alibaba, this giant ship, may be able to operate more flexibly.</p><p><b>How many winning tickets are there in the Pinduoduo community group buying battle?</b></p><p>At the start of the new year, Pinduoduo appeared in the public eye as a \"sweatshop,\" with a series of social incidents that endangered the company's values and reputation, such as \"sudden employee deaths\" and \"employee rights protection.\"</p><p>Pinduoduo's stock price experienced some fluctuations in the short term as a result, but the capital market remains very confident in it. However, from a business perspective, Pinduoduo, which originally won the title of interactive partner for CCTV's Spring Festival Gala red envelopes, was ultimately replaced, losing an important promotional opportunity for its payment and grocery shopping businesses.</p><p>Pinduoduo regards its grocery shopping business as an important weapon for achieving sustainable growth in users and transaction volume. In the early stages of competition, Pinduoduo seized a large market share thanks to its low prices and influence in the terminal market; however, it still has a long way to go before it achieves victory.</p><p>The community group buying industry is also developing in a more mature direction. From a financial perspective, giants are shifting their focus from order volume and transaction volume to gross profit margin, with Pinduoduo being a prime example. With fewer subsidies, maintaining strong user growth will naturally become more difficult, making it urgent to improve supply chain capabilities and fulfillment efficiency.</p><p>From an expansion perspective, following the successful experience of Xingsheng Youxuan, opening a large number of offline stores may be one of the future development directions. Currently, it seems that Meituan is testing the direct operation model, while Didi has chosen the faster franchise model. Duoduo Maicai has not yet taken any related action.</p><p>In addition to solving the problem of growth, Pinduoduo is also planning for longer-term development. For example, how to manage relationships with major brands, the extent to which new brand plans can be implemented, and whether logistics problems can be solved.</p><p>With Pinduoduo's massive traffic, it's hard for big brands not to be tempted, but rivalries between the two companies also occur frequently, such as SK2.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Big brands have also personally stepped in to maintain their pricing systems. However, it seems that cooperation with brands is either limited to the inclusion of some products or can only be done indirectly through distributors, always only scratching the surface. Pinduoduo can only hope to attract some users who favor big brands by using the low price temptation of \"10 billion yuan subsidies\", which is not a long-term solution. As a result, Pinduoduo also conceived the idea of incubating brands, but so far, the new brand plan, which focuses on the C2M model, has not been very effective.</p><p>Since last year, Pinduoduo has made significant breakthroughs in the logistics field, supporting J&T Express with its e-commerce parcel volume, second only to Alibaba. Although it is currently impossible to prove whether there is a capital tie between Pinduoduo and J&T Express, J&T's rapid development can provide Pinduoduo with more leverage to break free from Alibaba's logistics system, led by Cainiao. This year's Double Eleven and other major shopping festivals may continue to see J&T Express facing encirclement and suppression from Alibaba's logistics system.</p><p>Regardless, maintaining sales volume and user growth, while truly retaining non-lower-tier users, remains Pinduoduo's main theme this year.</p><p><b>The new story of JD Retail: Can Logistics Digital Technology successfully go public?</b></p><p>Judging from at least the first three quarters of 2020, JD.com's performance was quite good. After breaking free from nearly a year of stagnant growth, JD.com's stock price surged 140% last year, ranking second only to Meituan among internet giants with a market capitalization of over $100 billion. Thanks to its long-term logistics development, JD.com has become one of the few companies to benefit from the pandemic.</p><p>Fast-moving consumer goods (FMCG) became JD.com's fastest-growing category over the past year. In Q2 and Q3 of 2020, the sales revenue of daily necessities increased by more than 35% year-on-year. However, to support the further rise in stock prices, JD.com still needs to find a new story, and the newly established Jingxi Business Group is highly anticipated.</p><p>After Meituan, Didi, and Pinduoduo all plunged into the grocery shopping war in the middle of last year, JD.com, which arrived late, only hastily completed its restructuring in November, packaging and reorganizing Xintonglu, Jingxi, and the newly established community group buying business, intending to launch a fierce battle in the lower-tier market.</p><p>At the end of December, Jingxi Pindupin opened in 14 cities simultaneously. Earlier, they partnered with Xingsheng Youxuan, a leading community group-buying company, and made an unexpected strategic investment of $700 million in the latter, which instantly gave JD.com, which was not favored, a place in the competitive landscape.</p><p>Another surprising piece of news is that Liu Qiangdong, who had disappeared from the public eye for a long time, is now leading the Jingxi Business Group. Several JD.com insiders told 36Kr that Liu Qiangdong's willingness to return to the front lines of business has increased sharply in the past few months. \"He has inquired about the specific business situation and consulted employees for suggestions on company management on JD.com's internal forums many times,\" which is exciting news for the secondary market.</p><p>In this community group-buying battle, JD.com's only advantage may be its accumulated expertise in logistics. However, considering JD.com's execution and success rate in innovative businesses over the past few years, it is uncertain whether it can stand out in this battle to penetrate lower-tier markets.</p><p>At the end of 2020, JD Retail also made a series of personnel and structural adjustments, with a focus on integrating third-party POP platform businesses. For JD.com, to achieve \"accelerated growth\" in the four core indicators of \"transaction volume, revenue, users and profit\" in 2021, the POP category still cannot be ignored. Especially with stricter anti-monopoly regulations, JD.com, which has long suffered from the \"choose one of two\" policy, may be able to use this anti-monopoly investigation to catch up on categories such as apparel.</p><p>However, the past few months have not been easy for other JD.com subsidiaries. JD Digits became a collateral victim of Ant Group's IPO postponement, suspending its listing process, and its former CEO, Chen Shengqiang, also moved behind the scenes. In order to comply with financial regulatory requirements, Digital Technology has continuously integrated AI and cloud businesses to further enhance its technological attributes.</p><p>For several financial giants, going public may no longer be the first choice. At least after the Ant Financial incident, no one wants to be the first to \"take the plunge,\" and it is unlikely to happen in 2021.</p><p>The resignation of JD Logistics CEO Wang Zhenhui also came as a surprise to the outside world. According to market sources, JD Logistics has selected<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>and<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>The company is leading the Hong Kong IPO, with a potential valuation of approximately US$40 billion, and plans to list in the second or third quarter of 2021.</p><p>JD Logistics' revenue has maintained a year-on-year growth rate of over 50% for several quarters. Considering the improvement in the overall valuation of JD Group caused by the listing of JD Health, the listing of JD Logistics may push JD.com's market value to another level.</p><p><b>Meituan's stock price may soar alongside losses from its innovative businesses.</b></p><p>If the trend is consistent with that of 2019, Meituan will remain the fastest-rising stock price giant among Chinese internet companies in 2020, with its market capitalization surging by 170% in one year. After encountering an anti-monopoly crisis and briefly fluctuating in its stock price, Meituan's stock price surged at the beginning of 2021, increasing by 43% in just 20 days and reaching a market capitalization of over HK$2.3 trillion.</p><p>Having escaped the impact of the pandemic, Meituan's highly stable main business revenue, coupled with the market potential brought by innovative businesses such as community group buying, remains the most favored local internet company in the secondary market. However, as previously summarized, Meituan's current stock price includes a certain degree of forward-looking expectations from the market. Once its performance fluctuates, its stock price sensitivity will be greatly enhanced. This requires Meituan to balance the relationship between investment in innovative businesses and profits in the future.</p><p>Community group buying is undoubtedly the business that is currently attracting the most attention from the outside world. Since entering the market in July 2020, Meituan Youxuan has shown great momentum. According to several community group-buying practitioners who spoke to 36Kr, in the first week of the new year, Meituan Youxuan's average daily order volume nationwide reached 20 million, becoming the number one in the industry. In Wuhan and Jiangxi, it also surpassed Duoduo Maicai's daily order volume.</p><p>Meituan Youxuan, a newly entered market, continues to rely on high-pressure subsidies to compete for market share. Currently, in South and Central China, the average price of Meituan Youxuan is far lower than that of Duoduo Maicai (around 4 or 5 yuan). In relatively mature markets, Meituan no longer only focuses on order volume and repurchase rate, but gross profit has also become a new performance indicator in 2021.</p><p>Especially on the fulfillment side, Meituan has been continuously reducing costs through standardized management over the past few months. A Meituan Youxuan grid warehouse franchisee in the Jiangsu, Zhejiang and Shanghai region revealed to 36Kr that in order to optimize the grid warehouse operation process, Meituan will require its grid warehouses to add cameras for real-time monitoring, digitize each process, and then make fine adjustments through data operation. In addition, Meituan Youxuan has successively sent personnel from its headquarters to the site to closely monitor the operational process.</p><p>The latest news is that Meituan Youxuan is planning to open its first batch of offline directly operated stores in Hangzhou. There are already job postings for staff at Meituan's Hangzhou store on its intranet. However, according to sources, \"it is just a trial in the early stages, and it is uncertain whether it will be widely opened in 2021.\"</p><p>In Q3 2020, Meituan suffered a loss of 2.029 billion yuan in its innovation business, an increase of 68.8% year-on-year. Given that community group buying has become a fiercely contested battleground, Meituan may still need to burn money to build a strong competitive advantage and urgently needs to maintain profit levels in its main business.</p><p>Fortunately, Meituan's main business is stable enough, especially its food delivery business, which has shifted from being a source of traffic to a source of profit. In Q2 and Q3 of 2020, Meituan Food Delivery's operating profit was RMB 1.253 billion and RMB 768 million, respectively.</p><p>However, the hidden concern is that this profit comes at the cost of continuously increasing commissions and advertising revenue, which is an exploitation of merchants. At the beginning of last year, the Guangdong Catering Association jointly called on Meituan to reduce its commission ratio, which was an outbreak of intensified conflicts under special market conditions.</p><p>Amid anti-monopoly sentiment, forcing merchants to choose between two options may affect Meituan's control over merchants in the future, and the resulting instability in commissions and advertising revenue will also affect Meituan's profit prospects. However, judging from the current situation, this impact is negligible, and the \"choose one of two\" policy is still widespread. Judging from the stock price performance, the secondary market has not shown excessive and prolonged panic regarding the impact of anti-monopoly measures on Meituan.</p><p>Another promising business is bike sharing. For Meituan, these are the only two innovative businesses with orders in the tens of millions of yuan, which will greatly help increase the activity of the Meituan-Dianping App and thus achieve cross-selling across various businesses. Meanwhile, the end of the bike-sharing competition has given Meituan the opportunity to raise unit prices and operate it as a normal business. Last October, Meituan Bike's daily order volume exceeded 17 million orders.</p><p>How to maintain profit levels in relatively certain core businesses and quickly stand out and capture market share in highly uncertain innovative businesses will determine the direction of Meituan's stock price in the coming year.</p>","source":"36kr_stock","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>Alibaba, JD.com, Pinduoduo, Meituan: Giants with assets worth hundreds of billions of US dollars clash.</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\">\nAlibaba, JD.com, Pinduoduo, Meituan: Giants with assets worth hundreds of billions of US dollars clash.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2021-02-17 12:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In 2020, the times were inevitably marked and changed by the global spread of the COVID-19 pandemic. This change was particularly evident in the consumer sector, and anti-consumerism discussions were rampant. Data such as national total retail sales of consumer goods and the consumer confidence index all reveal the uncertainty of the overall market environment.</p><p>However, a series of cold data are far from painting a picture of the consumer sector in the post-pandemic era. In fact, destruction and reconstruction are happening simultaneously.</p><p>Ali,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>E-commerce platforms such as Meituan have been hit by the pandemic, but once the clarion call to \"boost domestic demand\" is sounded, these giants are still the ones who enjoy the benefits.</p><p>Excluding the massive Alibaba, Pinduoduo, Meituan, and...<a href=\"https://laohu8.com/S/JD\">JD.com</a>Stock prices have risen by more than 100% in the past year, and market capitalizations have exceeded hundreds of billions of US dollars, which is extremely rare in any field. With online physical retail and lifestyle services having a penetration rate of only 20% in the overall market, e-commerce platforms have proven that they still have ample room for growth.</p><p>As we enter 2021, there are no signs that this market trend will be reversed in the short term, the policy environment for expanding domestic demand and boosting consumption will not waver, and the digital penetration rate across all sectors is slowly but steadily increasing.</p><p>However, we can see that the era of relying on huge scale to reap the benefits is also changing. After the State Administration for Market Regulation issued three consecutive \"anti-monopoly\" penalties, the era of internet anti-monopoly officially began in the second half of 2020.</p><p>More than one industry insider says that 2021 will be a turning point in the history of China's internet anti-monopoly efforts over the past 10 years. \"For giants, 2021 will be a pivotal year,\" said Fang Xingdong, founder of the Internet Lab, in a media interview. He added that the era of laissez-faire is over, and the Chinese Internet has officially entered a new era of rebuilding norms and reconstructing order, which is a historic turning point.</p><p>It is certain that Alibaba and Meituan will suffer greater losses in this anti-monopoly campaign, while JD.com and Pinduoduo, on the other hand, may enjoy policy support and strive to catch up. However, no one can determine how strict the enforcement of anti-monopoly measures will be or how widely they will be involved. For e-commerce platforms, instead of living in fear amidst uncertainty, they should seize opportunities in certain areas and consolidate their advantages.</p><p>The lower-tier market remains a lucrative market favored by all e-commerce platforms. The \"grocery shopping war\" that began in the middle of last year will undoubtedly intensify in 2021. For these large companies, this bears the important mission of a \"second growth curve,\" and no one wants to easily lose this war of attrition.</p><p>On the other hand, the trend of younger consumers is already very obvious, with those born in the 1990s and 2000s gradually becoming the main consumer groups. The pursuit of beauty and quality of life runs through the younger generation. Specifically, in terms of product categories, many promising companies have emerged in the beauty and skincare and food and beverage sectors, which will indirectly boost market sentiment and benefit e-commerce platforms.</p><p>In the medium to long term, the growth rates of China's GDP and total retail sales will continue to slow down, and the economy is in a downward trend, so the growth rate of the e-commerce industry will definitely slow down. With traffic peaking and growth struggling, e-commerce platforms will increasingly compete on the same battlefield in 2021, which will become the main theme for the next few years.</p><p><b>How can Alibaba overcome its internal and external difficulties?</b></p><p>Despite the stable growth of the e-commerce market, 2020 was a rare period of difficulty for Alibaba since its founding, and it encountered an unprecedented reputation crisis.</p><p>Externally, the impact of the pandemic, Ant Group's suspension of its IPO, stricter anti-monopoly regulations, and an increasingly fierce competitive landscape are all factors. Internally, problems such as sluggish growth and scandals involving several senior executives followed one after another.</p><p>Now, the impact of the pandemic is almost over, and Ant Group's crisis has temporarily come to an end with the introduction of the spin-off plan. However, it remains to be seen how long the anti-monopoly regulations will continue. This factor will not only cause Alibaba's stock price to fluctuate in the short term, but will also create obstacles to business development to some extent.</p><p>Forced by the situation, Alibaba has publicly stated its stance on the \"choose one of two\" policy for e-commerce for the first time. At the business conference held in January 2021,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Group Vice President Fubuki once stated that he does not support the \"choose one of two\" policy, which means that Alibaba will not openly restrict merchants' traffic. The lifting of the \"choose one of two\" restrictions may lead to an outflow of merchant resources in the short term, but in the long run, merchants' choices will still depend on comprehensive competitive dimensions such as traffic costs, supply chains, and logistics services on various platforms.</p><p>Besides the challenges brought about by force majeure, the pressure from external competition is only increasing. Going forward, it will probably be difficult for Alibaba to focus on dealing with competitors in a particular field as it has in the past.</p><p>In the dominant e-commerce arena, the price war between Alibaba and Pinduoduo to penetrate lower-tier cities remains close. The Taobao Special Edition, which has partnered with companies like Juhuasuan to offer a \"1 yuan special price\" and C2M factory direct supply, has been launched. Led by Wang Hai, head of 1688, it is clearly intended to leverage its B-end advantages. As of November 11, 2020, the number of annual active buyers for the Taobao Special Edition had exceeded 100 million. After assisting Taobao in attracting traffic, the discounted version may be renamed and given a more independent attitude to cope with the battle to penetrate lower-tier cities.</p><p>The content e-commerce battle with Douyin and Kuaishou is core to the competition for user time, coupled with users' shopping habits shifting from active search to...<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The mobile Taobao page has undergone a transformation since the end of last year. The strategic importance of \"Guess You Like\" and the emergence of \"Guangguang\" mean that it will fully align with the intelligent recommendation model of information feeds in communities such as Douyin and Xiaohongshu. With Tang Xing, who is good at content and technology, taking full control of Taobao, this trend will become more and more obvious this year.</p><p>The growth of internet users is approaching its peak, which is clearly evident in the case of Alibaba, a \"middle-aged giant\". Data shows that Alibaba is facing a predicament of sluggish growth, both in terms of user growth and GMV growth.</p><p>According to Alibaba's Q3 2020 financial report, the growth of monthly active users was nearly 10 million lower than market expectations. Although the Q4 financial report shows that the net increase in monthly active users exceeded 21 million in a single quarter, indicating a rebound in growth, this is largely due to the Double 11 promotion, and whether they can be retained depends on the performance in the next quarter. Furthermore, the year-on-year growth rate of GMV (Gross Merchandise Volume) was only 19%, the lowest in the quarter excluding the pandemic; Taobao Live's GMV for the whole of 2020 was 400 billion yuan, which was also lower than the internal expectation of 500 billion yuan—the impact of Douyin and Kuaishou's increased investment in live-streaming e-commerce on Taobao is gradually becoming apparent.</p><p>To overcome these challenges and increase user engagement, focusing on content is one solution, while finding untapped traffic areas is another.</p><p>This is also the underlying reason why community group buying has become a fiercely contested battleground for giants. Surprisingly, amidst the buzz, Alibaba remained remarkably low-key. Apart from its \"$4 billion investment,\" which was a step behind, it lagged behind in all other aspects: it remained undecided which business unit would handle community group buying, and its performance targets were unclear.</p><p>Chairman Zhang Yong's remarks at the Q3 2020 earnings call reveal some information: \"Competition in community group buying is fierce, but the market is still very early. Alibaba has the best conditions and will be able to attract customers later.\" At the Q4 2020 earnings call, CFO Wei Wu also stated that Taobao Maicai, a new business incubated by core e-commerce platforms, will not rely on subsidies for market share to achieve user and order volume growth.</p><p>combine<a href=\"https://laohu8.com/S/KRKR\">36Kr</a>Information obtained from sources close to Alibaba can be interpreted as suggesting that, from Alibaba's perspective, this round of price wars and competition for positions in pursuit of scale is not worth investing too much in. Focusing on quality expansion, such as improving the back-end supply chain and fulfilling contracts, is more important.</p><p>Growth or profit has become a choice that Alibaba needs to face again. At the Q4 2020 earnings call, CFO Wei Wu clearly stated that profit has never been Alibaba's top priority, and that Alibaba will continue to invest heavily in innovative businesses in the future, including e-commerce seed business and others. It is foreseeable that for a long time to come, Taobao grocery shopping, Taobao live streaming, and Taobao special offer versions will all receive substantial financial support. In addition, Alibaba also needs to divest some of its existing businesses that are difficult to support.</p><p>When enterprises are facing internal and external difficulties, organizational stability is particularly important. However, since the beginning of this year, several senior executives, including Jiang Fan, have been embroiled in sex scandals and corruption scandals, causing core e-commerce companies, which had not experienced significant changes for several years, to undergo significant organizational restructuring. Alibaba has also begun to proactively reflect on the shortcomings in its organizational culture development: changing its once high-profile communication strategy, hiding job levels, canceling weekly reports, canceling 361 performance appraisals, and changing KPIs to OKRs. A recent speech by Zhang Yong on the internal network reflecting on the middle platform is also seen as a precursor to Alibaba's plan to split the middle platform.</p><p>After letting go of some burdens, Alibaba, this giant ship, may be able to operate more flexibly.</p><p><b>How many winning tickets are there in the Pinduoduo community group buying battle?</b></p><p>At the start of the new year, Pinduoduo appeared in the public eye as a \"sweatshop,\" with a series of social incidents that endangered the company's values and reputation, such as \"sudden employee deaths\" and \"employee rights protection.\"</p><p>Pinduoduo's stock price experienced some fluctuations in the short term as a result, but the capital market remains very confident in it. However, from a business perspective, Pinduoduo, which originally won the title of interactive partner for CCTV's Spring Festival Gala red envelopes, was ultimately replaced, losing an important promotional opportunity for its payment and grocery shopping businesses.</p><p>Pinduoduo regards its grocery shopping business as an important weapon for achieving sustainable growth in users and transaction volume. In the early stages of competition, Pinduoduo seized a large market share thanks to its low prices and influence in the terminal market; however, it still has a long way to go before it achieves victory.</p><p>The community group buying industry is also developing in a more mature direction. From a financial perspective, giants are shifting their focus from order volume and transaction volume to gross profit margin, with Pinduoduo being a prime example. With fewer subsidies, maintaining strong user growth will naturally become more difficult, making it urgent to improve supply chain capabilities and fulfillment efficiency.</p><p>From an expansion perspective, following the successful experience of Xingsheng Youxuan, opening a large number of offline stores may be one of the future development directions. Currently, it seems that Meituan is testing the direct operation model, while Didi has chosen the faster franchise model. Duoduo Maicai has not yet taken any related action.</p><p>In addition to solving the problem of growth, Pinduoduo is also planning for longer-term development. For example, how to manage relationships with major brands, the extent to which new brand plans can be implemented, and whether logistics problems can be solved.</p><p>With Pinduoduo's massive traffic, it's hard for big brands not to be tempted, but rivalries between the two companies also occur frequently, such as SK2.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Big brands have also personally stepped in to maintain their pricing systems. However, it seems that cooperation with brands is either limited to the inclusion of some products or can only be done indirectly through distributors, always only scratching the surface. Pinduoduo can only hope to attract some users who favor big brands by using the low price temptation of \"10 billion yuan subsidies\", which is not a long-term solution. As a result, Pinduoduo also conceived the idea of incubating brands, but so far, the new brand plan, which focuses on the C2M model, has not been very effective.</p><p>Since last year, Pinduoduo has made significant breakthroughs in the logistics field, supporting J&T Express with its e-commerce parcel volume, second only to Alibaba. Although it is currently impossible to prove whether there is a capital tie between Pinduoduo and J&T Express, J&T's rapid development can provide Pinduoduo with more leverage to break free from Alibaba's logistics system, led by Cainiao. This year's Double Eleven and other major shopping festivals may continue to see J&T Express facing encirclement and suppression from Alibaba's logistics system.</p><p>Regardless, maintaining sales volume and user growth, while truly retaining non-lower-tier users, remains Pinduoduo's main theme this year.</p><p><b>The new story of JD Retail: Can Logistics Digital Technology successfully go public?</b></p><p>Judging from at least the first three quarters of 2020, JD.com's performance was quite good. After breaking free from nearly a year of stagnant growth, JD.com's stock price surged 140% last year, ranking second only to Meituan among internet giants with a market capitalization of over $100 billion. Thanks to its long-term logistics development, JD.com has become one of the few companies to benefit from the pandemic.</p><p>Fast-moving consumer goods (FMCG) became JD.com's fastest-growing category over the past year. In Q2 and Q3 of 2020, the sales revenue of daily necessities increased by more than 35% year-on-year. However, to support the further rise in stock prices, JD.com still needs to find a new story, and the newly established Jingxi Business Group is highly anticipated.</p><p>After Meituan, Didi, and Pinduoduo all plunged into the grocery shopping war in the middle of last year, JD.com, which arrived late, only hastily completed its restructuring in November, packaging and reorganizing Xintonglu, Jingxi, and the newly established community group buying business, intending to launch a fierce battle in the lower-tier market.</p><p>At the end of December, Jingxi Pindupin opened in 14 cities simultaneously. Earlier, they partnered with Xingsheng Youxuan, a leading community group-buying company, and made an unexpected strategic investment of $700 million in the latter, which instantly gave JD.com, which was not favored, a place in the competitive landscape.</p><p>Another surprising piece of news is that Liu Qiangdong, who had disappeared from the public eye for a long time, is now leading the Jingxi Business Group. Several JD.com insiders told 36Kr that Liu Qiangdong's willingness to return to the front lines of business has increased sharply in the past few months. \"He has inquired about the specific business situation and consulted employees for suggestions on company management on JD.com's internal forums many times,\" which is exciting news for the secondary market.</p><p>In this community group-buying battle, JD.com's only advantage may be its accumulated expertise in logistics. However, considering JD.com's execution and success rate in innovative businesses over the past few years, it is uncertain whether it can stand out in this battle to penetrate lower-tier markets.</p><p>At the end of 2020, JD Retail also made a series of personnel and structural adjustments, with a focus on integrating third-party POP platform businesses. For JD.com, to achieve \"accelerated growth\" in the four core indicators of \"transaction volume, revenue, users and profit\" in 2021, the POP category still cannot be ignored. Especially with stricter anti-monopoly regulations, JD.com, which has long suffered from the \"choose one of two\" policy, may be able to use this anti-monopoly investigation to catch up on categories such as apparel.</p><p>However, the past few months have not been easy for other JD.com subsidiaries. JD Digits became a collateral victim of Ant Group's IPO postponement, suspending its listing process, and its former CEO, Chen Shengqiang, also moved behind the scenes. In order to comply with financial regulatory requirements, Digital Technology has continuously integrated AI and cloud businesses to further enhance its technological attributes.</p><p>For several financial giants, going public may no longer be the first choice. At least after the Ant Financial incident, no one wants to be the first to \"take the plunge,\" and it is unlikely to happen in 2021.</p><p>The resignation of JD Logistics CEO Wang Zhenhui also came as a surprise to the outside world. According to market sources, JD Logistics has selected<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>and<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>The company is leading the Hong Kong IPO, with a potential valuation of approximately US$40 billion, and plans to list in the second or third quarter of 2021.</p><p>JD Logistics' revenue has maintained a year-on-year growth rate of over 50% for several quarters. Considering the improvement in the overall valuation of JD Group caused by the listing of JD Health, the listing of JD Logistics may push JD.com's market value to another level.</p><p><b>Meituan's stock price may soar alongside losses from its innovative businesses.</b></p><p>If the trend is consistent with that of 2019, Meituan will remain the fastest-rising stock price giant among Chinese internet companies in 2020, with its market capitalization surging by 170% in one year. After encountering an anti-monopoly crisis and briefly fluctuating in its stock price, Meituan's stock price surged at the beginning of 2021, increasing by 43% in just 20 days and reaching a market capitalization of over HK$2.3 trillion.</p><p>Having escaped the impact of the pandemic, Meituan's highly stable main business revenue, coupled with the market potential brought by innovative businesses such as community group buying, remains the most favored local internet company in the secondary market. However, as previously summarized, Meituan's current stock price includes a certain degree of forward-looking expectations from the market. Once its performance fluctuates, its stock price sensitivity will be greatly enhanced. This requires Meituan to balance the relationship between investment in innovative businesses and profits in the future.</p><p>Community group buying is undoubtedly the business that is currently attracting the most attention from the outside world. Since entering the market in July 2020, Meituan Youxuan has shown great momentum. According to several community group-buying practitioners who spoke to 36Kr, in the first week of the new year, Meituan Youxuan's average daily order volume nationwide reached 20 million, becoming the number one in the industry. In Wuhan and Jiangxi, it also surpassed Duoduo Maicai's daily order volume.</p><p>Meituan Youxuan, a newly entered market, continues to rely on high-pressure subsidies to compete for market share. Currently, in South and Central China, the average price of Meituan Youxuan is far lower than that of Duoduo Maicai (around 4 or 5 yuan). In relatively mature markets, Meituan no longer only focuses on order volume and repurchase rate, but gross profit has also become a new performance indicator in 2021.</p><p>Especially on the fulfillment side, Meituan has been continuously reducing costs through standardized management over the past few months. A Meituan Youxuan grid warehouse franchisee in the Jiangsu, Zhejiang and Shanghai region revealed to 36Kr that in order to optimize the grid warehouse operation process, Meituan will require its grid warehouses to add cameras for real-time monitoring, digitize each process, and then make fine adjustments through data operation. In addition, Meituan Youxuan has successively sent personnel from its headquarters to the site to closely monitor the operational process.</p><p>The latest news is that Meituan Youxuan is planning to open its first batch of offline directly operated stores in Hangzhou. There are already job postings for staff at Meituan's Hangzhou store on its intranet. However, according to sources, \"it is just a trial in the early stages, and it is uncertain whether it will be widely opened in 2021.\"</p><p>In Q3 2020, Meituan suffered a loss of 2.029 billion yuan in its innovation business, an increase of 68.8% year-on-year. Given that community group buying has become a fiercely contested battleground, Meituan may still need to burn money to build a strong competitive advantage and urgently needs to maintain profit levels in its main business.</p><p>Fortunately, Meituan's main business is stable enough, especially its food delivery business, which has shifted from being a source of traffic to a source of profit. In Q2 and Q3 of 2020, Meituan Food Delivery's operating profit was RMB 1.253 billion and RMB 768 million, respectively.</p><p>However, the hidden concern is that this profit comes at the cost of continuously increasing commissions and advertising revenue, which is an exploitation of merchants. At the beginning of last year, the Guangdong Catering Association jointly called on Meituan to reduce its commission ratio, which was an outbreak of intensified conflicts under special market conditions.</p><p>Amid anti-monopoly sentiment, forcing merchants to choose between two options may affect Meituan's control over merchants in the future, and the resulting instability in commissions and advertising revenue will also affect Meituan's profit prospects. However, judging from the current situation, this impact is negligible, and the \"choose one of two\" policy is still widespread. Judging from the stock price performance, the secondary market has not shown excessive and prolonged panic regarding the impact of anti-monopoly measures on Meituan.</p><p>Another promising business is bike sharing. For Meituan, these are the only two innovative businesses with orders in the tens of millions of yuan, which will greatly help increase the activity of the Meituan-Dianping App and thus achieve cross-selling across various businesses. Meanwhile, the end of the bike-sharing competition has given Meituan the opportunity to raise unit prices and operate it as a normal business. Last October, Meituan Bike's daily order volume exceeded 17 million orders.</p><p>How to maintain profit levels in relatively certain core businesses and quickly stand out and capture market share in highly uncertain innovative businesses will determine the direction of Meituan's stock price in the coming year.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/E9OgvUb6VvBZT1ZHhKijWQ\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{"BABA":"阿里巴巴","09618":"京东集团-SW","09988":"阿里巴巴-W","JD":"京东","03690":"美团-W"},"source_url":"https://mp.weixin.qq.com/s/E9OgvUb6VvBZT1ZHhKijWQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176177637","content_text":"过去的2020年，时代不可避免地被全球蔓延的新冠疫情标记和改变，在消费领域，这种改变尤为明显，反消费主义的讨论一时甚嚣尘上。全国社会消费品零售总额、消费者信心指数等数据无不暴露出市场大环境的不确定性。但是，一系列冰冷的数据远远无法勾画出后疫情时代消费领域的全貌，事实上，破坏、重建正在同步发生。阿里、拼多多、美团等一众电商平台遭遇疫情打击，但“拉动内需”的号角一吹响，坐享红利的仍是这些巨头公司。不算体量巨大的阿里，拼多多、美团和京东过去一年的股价涨幅均超过了100%，且市值均超过了千亿美金，这在任何领域都极其罕见。在线上实物零售及生活服务在整个大盘的渗透率只有20%的前提下，电商平台们证明了自己的增长空间仍然广阔。迈入2021年，没有迹象显示这一市场趋势会短期内遭到逆转，扩大内需、提振消费的政策大环境也不会动摇，全领域的数字化渗透率亦在缓慢而坚定地提高。但我们能看到，依靠巨大体量享尽红利的时代也正在发生变化。在市场监管总局连续发出三张“反垄断”罚单后，互联网反垄断的时代在2020年下半年正式开启。不止一位业内人士称，2021年会是中国互联网反垄断史上以10年计的大转折之年。“于巨头而言，2021年会是伤筋动骨的一年。”互联网实验室创始人方兴东在接受媒体采访时表示，自由放任时代结束，中国互联网正式进入重建规范、重构秩序的新时代，这是历史性的转向。可以肯定的是，阿里和美团将在这场反垄断大幕中，遭受更大的利益损害，而另一端的京东和拼多多或将享受政策之力，奋力追赶。但反垄断将执行多严格，涉及多广泛，无人可以确定。对电商平台来说，与其在不确定性中担惊受怕，不如在确定的事情上抓紧机会，巩固优势。下沉市场仍是那块被所有电商平台都垂青的肥肉，从去年年中展开的“买菜大战”毫无疑问将在2021年更加激烈，对于体量庞大的各家来说，这承担着“第二增长曲线”的重大使命，谁都不愿意在这场消耗战中轻易败下阵来；另一方面，消费年轻化趋势已非常明显，90后、00后逐渐成为主力消费人群。对于美和生活品质的相关追求贯穿年轻一代，具体到品类来说，美妆护肤类、食品饮料类都诞生了多家潜力公司，这变相仍会推动市场情绪的高涨，利好电商平台。中长期来看，中国GDP、社会零售总额增速持续放缓，经济正处在下行区间，电商行业增速肯定会放缓。流量见顶、增量难寻，2021年电商平台们将更多地在同一战场厮杀，这将成为未来几年的主旋律。阿里如何走出内外交困？尽管电商大盘仍保持着稳定增长，但对阿里而言，2020是其创业以来罕见的困顿时期，并遭遇了前所未有的声望危机。在外，疫情冲击、蚂蚁暂缓IPO、反垄断监管趋严、竞争局势日趋严峻；在内，增长乏力、数位高管的丑闻等问题接踵而至。如今，疫情的影响几乎可以翻篇，蚂蚁的危机随着拆分方案的出台暂告一段落。不过，反垄断监管还将持续多少时日仍未可知，这一因素不仅导致阿里股价在短期内震荡，还将一定程度造成业务发展上的障碍。受形势所迫，阿里首次公开对电商“二选一”表态。2021年1月举办的商家大会上，阿里巴巴集团副总裁吹雪曾表示不支持“二选一”，这意味着阿里不会明着对商家限流。“二选一”限制放开后，短期或造成商户资源外流，但长远看，商家的选择仍然要看各平台的流量成本、供应链、物流服务等综合竞争维度。除了不可抗力因素带来的挑战，来自外部竞争的压力也只增不减，接下来，阿里恐怕很难如以往那般，专心对付某一个领域的竞争对手。电商主场，阿里与拼多多的下沉价格战依然胶着。与聚划算等形成组合拳、打出“1元特价”和C2M工厂直供的淘宝特价版被推向台前，由1688负责人汪海主导，显然是要发挥B端优势。截至2020年11月11日，淘宝特价版的年度活跃买家已突破1亿人。在辅助淘宝引流后，特价版或将更名换姓，以更独立的姿态，应对下沉之战。与抖音和快手的内容电商大战，核心是对用户时长的争夺，再加上用户的购物习惯正从主动搜索转向智能化推荐，手淘页面自去年底起改头换面，“猜你喜欢”战略地位的提升、“逛逛”的出现，意味着其将全面向抖音、小红书等社区的信息流智能推荐模式看齐，而随着擅长内容和技术的汤兴全面掌管淘宝，这个趋势在今年将愈发明显。互联网用户的增长正日趋见顶，这一点在“中年巨头”阿里身上显露无疑。从数据来看，无论从用户增长还是GMV增速来看，都显示着阿里正面临增长乏力的困境。2020年Q3财报显示，阿里月活用户的增长低于市场预估近1000万。虽然Q4财报显示，月活用户单季净增超过2100万，增速回暖，但这很大程度是双11大促带来的，能否留存还需要看下个季度的表现。此外，GMV（即成交额）同比增速仅为19%，是除疫情外最低的一个季度；淘宝直播2020年全年GMV为4000亿元，也低于内部预期的5000亿元——抖音快手加码直播电商对于淘宝的冲击，开始逐渐显现。若要攻破难题，增加用户时长，发力内容是一个解决方案，寻找仍待开采的流量洼地是另一个。这也是社区团购成为巨头必争之地的底层原因。令人意外的是，在一片热闹中，阿里却显得格外低调，除了慢人一拍的“40亿美元投入”，在其他方面的表现上全面落后：社区团购由哪个业务部门操盘仍无定论、业绩目标也不明确。董事长张勇在2020年Q3财报会上的一席话能透露出些许信息：“社区团购竞争白热化，但市场还非常早期，阿里条件最好，之后能把客户吸引过来。”在2020年Q4财报会上，CFO卫武也表示，核心电商孵化的新业务淘宝买菜将不会采取补贴换市场的形式来实现用户和单量的增长。结合36氪从接近阿里的人士处获取的信息，可以解读为，在阿里视角，这轮为了追求规模而打出的价格战和抢点位战，并不值得投入太多，先做好质量的扩张如提升后端的供应链和履约才更要紧。要增长还是要利润，成了阿里需要重新面对的选择题。2020年Q4财报会上，CFO卫武明确表示，利润从不是阿里的第一优先选择，未来仍将大量投资创新业务，包括电商种子业务和其他。可以预见，在很长一段时间内，淘宝买菜、淘宝直播、淘宝特价版等都将获得大量的资金支持。此外，对于已有的难以扶持的部分业务，阿里也需要断舍离一番。企业处于内外交困之际，组织的稳定性显得尤为重要。然而，今年以来，包括蒋凡在内的数位高管传出的桃色新闻和贪腐丑闻，数年未大动的核心电商因此经历了较大幅度的组织调整。阿里也开始主动反思组织文化建设上存在的缺陷：改变曾经高调的传播策略、隐藏职级、取消周报、取消361绩效考核、改KPI为OKR，近期张勇在内网的一次反思中台的演讲也被视作阿里将拆分中台的前兆。放下一些包袱后，阿里这艘大船或许能运转得更为灵活。拼多多社区团购之战胜券几何？新年开局，拼多多是以“血汗工厂”的面貌出现在大众视野里，“员工猝死”、“员工维权”等危及企业价值观和声望的社会性事件接连发生。拼多多的股价因此在短期内经历一番起伏，不过，资本市场对其信心仍然十分强劲。但从业务角度来看，原本拿下央视春晚红包互动合作伙伴头衔的拼多多，最终被替换，失去了给支付业务和买菜业务的一次重要推广机会。买菜业务被拼多多视为能否持续实现用户和成交额增长重要武器。在竞争早期，拼多多凭借低价和在终端的影响力，抢到了较大的市场份额，不过，距离其取得胜利还有很长的路。社区团购行业也在向更成熟的方向发展。从财务指标上来看，巨头们正从追求订单量和成交额等转向看重毛利率，拼多多是其中代表。补贴变少之后，要想保持强劲的用户增长，困难自然会变大，提高供应链能力和履约效率变得紧迫起来。从扩张层面来看，效仿兴盛优选曾经的成功经验，开出大量线下门店或将是接下来的发展方向之一，目前看来，美团在试水直营模式，而滴滴选择了速度更快的加盟模式。多多买菜目前还没有相关动作。不止要解决增长的问题，拼多多还在为更长远的发展谋划。例如如何处理好与大品牌的关系、能在多大程度上推行新品牌计划、能否解决物流隐患。拼多多如今的流量之大，大品牌很难不心动，但双方的撕扯也频繁发生，SK2、特斯拉等大牌也都曾亲自下场维护其价格体系，眼看和品牌的合作要么停留在部分商品入驻，要么只能通过经销商间接合作，总是浅尝辄止，拼多多只能寄望于通过“百亿补贴”打出的低价诱惑来吸引部分青睐大牌的用户，这非长久之计。由此，拼多多也萌生孵化品牌的想法，但目前来看，主打C2M模式的新品牌计划目前成效依然不大。自去年起，拼多多在物流领域有了较大的突破，用仅次于阿里的电商件数扶植起了极兔快递。虽然目前还无法证明拼多多与极兔之间是否存在资本绑定，但极兔的迅猛发展能为拼多多摆脱以菜鸟为首的阿里物流体系提供更多筹码。今年双十一等大促或将继续上演极兔遭遇阿里系物流围剿的局面。无论如何，如何保持成交额和用户的增长，并真正留住非下沉人群，仍然是拼多多今年的主旋律。京东零售的新故事，物流数科能否成功上市？至少从2020年的前三个季度看，京东的业绩表现是相当可以的。在摆脱了近一年的增长停滞后，京东股价在去年实现了140%的涨幅，在市值超1000亿美金的一众互联网巨头中，仅次于美团。得益于物流的长期建设，京东成了为数不多受益疫情的企业。大快消成为过去一年京东增长势头最快的品类，2020年的Q2和Q3，日用百货商品销售收入同比增长均超过了35%，但眼下要想支撑股价的进一步上扬，京东仍需找到新故事，最新组建的京喜事业群被寄予厚望。美团、滴滴、拼多多在去年年中纷纷扎入买菜大战后，姗姗来迟的京东在11月才匆匆完成架构调整，将新通路、京喜和新成立的社区团购业务等打包重组，打算在下沉市场展开殊死搏斗。12月底，京喜拼拼在14城同时开城。而在更早前，他们牵手了社区团购龙头——兴盛优选，令人意外的战略投资后者7亿美金，这让不被看好的京东，瞬间在竞争局势中有了一席之地。另一个让外界惊讶的消息是，此次统领京喜事业群的是消失在公众面前许久的刘强东，多位京东内部人士向36氪表示，刘强东重返业务一线的意愿在过去几个月内陡增，“已经多次在京东内部论坛上询问具体业务情况，咨询员工对公司管理的建议”，这对二级市场来说这是个令人振奋的消息。在这场社区团购大战中，京东唯一的优势可能是物流端的积累，但考虑过去几年京东在创新业务上的执行力和成功率，能否在这场下沉市场的战斗中脱颖而出并不确定。2020年终，京东零售也进行了一系列的人员和架构调整，重点在于整合第三方的POP平台业务。对于京东来说，要在2021年实现“交易额、收入、用户和利润四大核心指标上”的“加速增长”，POP品类仍然不容忽视，尤其是在反垄断监管趋严的情况下，长期遭受“二选一”打压的京东，或许能借这次反垄断调查，在服饰等品类上抓紧补课。不过对于其他京东子集团，过去几个月并不好受。京东数科成为了蚂蚁IPO暂缓事件的连带受害者，上市之路就此暂停，数科原CEO陈生强也转至幕后。为了符合金融监管要求，数科连续整合了AI和云业务，进一步增强科技属性。对于几家金融巨头来说，眼下或许上市已经不再是第一选择，至少在蚂蚁事件之后，没有人会想成为第一个“吃螃蟹的人”，至少在2021年，可能不太会发生。京东物流CEO王振辉的辞职也让外界倍感意外。根据市场消息，京东物流已挑选美国银行和高盛牵头经办香港IPO事宜，公司估值可能达约400亿美元，并计划在2021年第二季度或第三季度上市。京东物流收入已经保持了多个季度50%以上的同比增长，参考京东健康上市对京东集团整体估值的提升，京东物流的上市或许会将京东市值再推一个台阶。美团股价或与创新业务亏损齐飞如2019年的走势一致，2020年的美团仍然是中国互联网公司中股价蹿升最快的巨头，市值一年大涨170%。在遭遇反垄断风波，股价短暂波动后，2021开年的美团股价势如破竹，短短20天增幅43%，市值超23000亿港币。摆脱疫情影响，高度稳定的主营业务收入，叠加社区团购等创新业务带给市场的想象力，美团仍是最被二级市场看好的本土互联网公司。但还是之前总结的，当前美团股价包含市场一定程度的超前预期，一旦业绩出现波动，其股价敏感度将大大增强，这需要美团在未来平衡好创新业务投入与利润之间的关系。社区团购无疑是美团当前最受外界关注的业务，自2020年7月入局以来，美团优选后劲十足。据多位社区团购从业者向36氪透露，新年第一周，美团优选的全国日均订单量已经达到2000万，成为行业第一，并在武汉和江西先后完成了对多多买菜日单量的反超。对于新近进入的市场美团优选继续靠高压补贴来争夺市场，目前在华南、华中一带，美团优选的件均价已远低于多多买菜（大概在4、5块上下），而在相对成熟的市场，美团已不仅仅关注单量和复购率，毛利也成为了2021年新的考核指标。尤其在履约端，过去几个月美团在持续通过规范管理来降低成本。一位江浙沪区域的美团优选网格仓加盟商向36氪透露，为了优化网格仓作业流程，美团会要求旗下的网格仓加入摄像头，实时监控，把每个流程数据化，通过数据运营再做精细化调整；另外美团优选陆续派总部人员前往驻点，紧盯操作流程。最新的消息是，美团优选已经计划在杭州筹备首批线下直营店。在美团内网上，已经有杭州门店人员的招聘帖。不过据知情人士透露，“前期只是尝试，2021年是否会大范围开设并不确定。”2020年Q3，美团在创新业务上亏损了20.29亿元，同比扩大68.8%。考虑到社区团购业务如今成了兵家必争之地，美团或仍需烧钱来高筑护城河，也急需要在主营业务上保持住利润水平。不过好在，美团的主营业务足够稳定，尤其是外卖业务，已经从流量担当开始成为盈利担当。2020年Q2和Q3，美团餐饮外卖的经营利润分别为12.53亿元和7.68亿元。但隐忧的地方是，这一利润代价是佣金和广告业务不断提高，背后是对商家的压榨。去年年初，广东餐饮协会联名喊话美团，要求降低佣金比例，就是矛盾激化在特殊行情下的爆发。在反垄断情绪下，逼迫商家“二选一”或许将在未来影响美团对于商家的控制，由此带来的佣金和广告收入的不稳定性也将影响美团的利润前景。不过从目前来看，这一影响还微乎其微，“二选一”仍广泛存在。 从股价行情看，二级市场对于反垄断之于美团的影响也并未展现出过度持久的恐慌。另一个值得期待的业务是共享单车。对美团来说，这是创新业务中唯二单量在千万级别的，对于提升美团点评App活跃度，进而实现各个业务的交叉销售有极大帮助。同时，单车赛道大战落幕也使得美团有机会提升单价，把它作为一个正常的生意来运转，去年10月，美团单车的日订单量已经突破1700万单。如何在相对确定性的主营业务中保持住利润水平，在高度不确定性的创新业务中尽快脱颖而出，占据市场份额，决定美团未来一年股价走向。","news_type":1,"symbols_score_info":{"09988":0.9,"09618":0.9,"03690":0.9,"BABA":0.9,"JD":0.9}},"isVote":1,"tweetType":1,"viewCount":2003,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":388452346,"gmtCreate":1613088443285,"gmtModify":1704878290116,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573599245411531","idStr":"3573599245411531"},"themes":[],"title":"","htmlText":"GG","listText":"GG","text":"GG","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/388452346","repostId":"1138841526","repostType":4,"repost":{"id":"1138841526","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":1613053269,"share":"https://ttm.financial/m/news/1138841526?lang=en_US&edition=fundamental","pubTime":"2021-02-11 22:21","market":"us","language":"zh","title":"Some industrial hemp stocks fell in pre-market trading, with Tilray dropping more than 12%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1138841526","media":"老虎资讯综合","summary":"部分工业大麻股盘前走低，Tilray跌超12%，Aphria跌超6%，Veru跌约5%，奥罗拉大麻公司跌近1%。","content":"<p>Some industrial hemp stocks fell in pre-market trading, with Tilray down more than 12%, Aphria down more than 6%, Veru down about 5%, and Aurora Hemp down nearly 1%.</p><p><img src=\"https://static.tigerbbs.com/26e0e9875f710b7daf2656b71d12e0d6\" tg-width=\"288\" tg-height=\"194\"></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>Some industrial hemp stocks fell in pre-market trading, with Tilray dropping more than 12%.</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\">\nSome industrial hemp stocks fell in pre-market trading, with Tilray dropping more than 12%.\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\">2021-02-11 22:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Some industrial hemp stocks fell in pre-market trading, with Tilray down more than 12%, Aphria down more than 6%, Veru down about 5%, and Aurora Hemp down nearly 1%.</p><p><img src=\"https://static.tigerbbs.com/26e0e9875f710b7daf2656b71d12e0d6\" tg-width=\"288\" tg-height=\"194\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a7ed81b1e72df2f2f0f21497fe08eaed","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138841526","content_text":"部分工业大麻股盘前走低，Tilray跌超12%，Aphria跌超6%，Veru跌约5%，奥罗拉大麻公司跌近1%。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1808,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365667292,"gmtCreate":1614736409816,"gmtModify":1704774598897,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573599245411531","idStr":"3573599245411531"},"themes":[],"title":"","htmlText":"mark","listText":"mark","text":"mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/365667292","repostId":"2116177516","repostType":4,"isVote":1,"tweetType":1,"viewCount":2470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117129205,"gmtCreate":1623123884507,"gmtModify":1704196573410,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573599245411531","idStr":"3573599245411531"},"themes":[],"title":"","htmlText":"？","listText":"？","text":"？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/117129205","repostId":"2141253289","repostType":4,"isVote":1,"tweetType":1,"viewCount":8006,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127587835,"gmtCreate":1624856974427,"gmtModify":1703846344042,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573599245411531","idStr":"3573599245411531"},"themes":[],"title":"","htmlText":"？？？？","listText":"？？？？","text":"？？？？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127587835","repostId":"1115271775","repostType":4,"isVote":1,"tweetType":1,"viewCount":4051,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103920770,"gmtCreate":1619743911890,"gmtModify":1704271676328,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573599245411531","idStr":"3573599245411531"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/103920770","repostId":"2131343905","repostType":4,"isVote":1,"tweetType":1,"viewCount":5042,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":368806595,"gmtCreate":1614304695817,"gmtModify":1704770399861,"author":{"id":"3573599245411531","authorId":"3573599245411531","name":"尼克欢","avatar":"https://static.tigerbbs.com/6dc6e127e28e934f3cc7b8dc2b4e380b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573599245411531","idStr":"3573599245411531"},"themes":[],"title":"","htmlText":"Mark","listText":"Mark","text":"Mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/368806595","repostId":"1184986631","repostType":4,"repost":{"id":"1184986631","kind":"news","weMediaInfo":{"introduction":"市场策略研究、热点问题观察、分享最新观点：美国与海外市场、H股、及中概股市场","home_visible":1,"media_name":"Kevin策略研究","id":"1090746012","head_image":"https://static.tigerbbs.com/54c3f16355434883aa8d30b4dc5a7d90"},"pubTimestamp":1614299785,"share":"https://ttm.financial/m/news/1184986631?lang=en_US&edition=fundamental","pubTime":"2021-02-26 08:36","market":"hk","language":"zh","title":"What happened during the last sharp rise in US Treasury yields?","url":"https://stock-news.laohu8.com/highlight/detail?id=1184986631","media":"Kevin策略研究","summary":"隔夜美债市场出现大幅波动，债券市场遭到抛售推动长端美债快速收高，10年美债利率不仅突破关键关口1.5%，更是在盘中一度创下1.61%的高点，为2020年疫情爆发以来的新高。债券的剧烈波动迅速跨资产蔓延","content":"<p>The US Treasury market experienced significant fluctuations overnight, with a sell-off in the bond market driving long-term US Treasury bonds to close higher. The 10-year US Treasury yields not only broke through the key level of 1.5%, but also reached a high of 1.61% during the session, a new high since the outbreak of the pandemic in 2020. The sharp volatility in bonds quickly spread across assets to other assets, causing the US stock market, especially growth stocks, to plummet. The Nasdaq fell 3.5%, while the Dow Jones and S&P 500 indices fell 1.8% and 2.5%, respectively. At the sector level, discretionary consumption, technology, and communication services, which are overvalued and sensitive to rising interest rates, were the hardest hit, while safe-haven sectors such as utilities, healthcare, and banks, which benefit from rising interest rates, saw relatively small declines. Meanwhile, gold prices plummeted while the US dollar rose.</p><p>The source of the sharp fluctuations in major asset prices is still the rise in bond yields, which is in line with recent market concerns that positive growth expectations and rising inflation may push up interest rates, thereby suppressing valuations and dragging down the market. However, the pace of change has suddenly become more dramatic, which is something we should be wary of.<b>As we have pointed out many times before, in addition to the absolute level, the speed of change in interest rates is also crucial, as it essentially reflects the volatility of bond assets.</b>。</p><p>Therefore, based on the latest situation, we provide the following comments for your reference.</p><p><b>I. Why are interest rates rising so rapidly? Chain reaction after breaking through a critical juncture</b></p><p>In general, the rise in long-term US Treasury yields is consistent with the general trend of further positive growth and inflation expectations against the backdrop of the recent improvement in the global overall pandemic, accelerated vaccination, and the approaching new round of $1.9 trillion fiscal stimulus in the United States. The market has already formed a relatively sufficient consensus on this point, so it will not be elaborated further (\"After the 10-Year US Treasury yields Breaks Through 1.1%\", \"Spring Festival Review: Interest Rates Soar, Oil Prices Overbought; Improved Pandemic, Approaching Stimulus\").</p><p>However, overnight interest rates suddenly accelerated their rise.<b>We believe that a chain reaction cannot be ruled out after bond yields break through a key level, triggering positions and derivatives anchored at this level, or even algorithmic trading orders.</b>This is not entirely due to fundamental factors. After all, currently, speculative positions in long-term US Treasury yields remain net long, and a sudden rise in interest rates will put pressure on them.<b>Therefore, we also remind you that in the short term, we need to pay attention to the reasons after breaking through the key level.</b>(The Disturbance of Rising Interest Rates: Lessons from 2018).</p><p><img src=\"https://static.tigerbbs.com/9e74a112cb938257ccd8de4b5452adc7\" tg-width=\"618\" tg-height=\"379\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/79604d78c8a870cacaddfd6086600977\" tg-width=\"667\" tg-height=\"410\" referrerpolicy=\"no-referrer\"></p><p><b>II. How fast are interest rates rising? The fluctuation is close to 2 times the standard deviation</b></p><p>We have repeatedly emphasized that the absolute level of interest rates is one aspect,<b>In a sense, the speed of interest rate increases is more crucial.</b>This is because rapidly rising interest rates mean that the bond market will experience drastic fluctuations, which will then \"spread\" across assets to other assets, which is very similar to the fluctuations triggered by the US Treasury yields rapidly breaking through 2.8% in early February 2018.</p><p>So how fast do overnight bond rates fluctuate? If we take the high of 1.61% as an example, the volatility of the 10-year Treasury Bond is already close to twice the standard deviation of the past year, which is higher than the \"warning level\" of 1.5 times the standard deviation of our rising interest rate signal, and reached a peak of nearly 2.5 times in early 2018.<b>Generally speaking, historical experience shows that levels above this threshold alert level usually cause market disturbances.</b>Against this backdrop, the implied volatility of bond futures has also risen to its highest level since the pandemic.</p><p><img src=\"https://static.tigerbbs.com/7af78ac184d4226ffcefd35c6ec05240\" tg-width=\"738\" tg-height=\"453\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/20ee1037e24f9be747042526f8088891\" tg-width=\"830\" tg-height=\"509\" referrerpolicy=\"no-referrer\"></p><p><b>III. Challenges of rising real interest rates: Rising real financing costs are detrimental to gold and overvalued assets.</b></p><p>During this round of rising interest rates,<b>Another characteristic is that it is primarily based on real interest rates, rather than inflation expectations as generally referred to by the market.</b>This is consistent with the situation we suggested. Compared to its low in early January, the 10-year nominal US Treasury yields has risen by more than 45 basis points, while real interest rates have contributed nearly 43 basis points, and inflation expectations have remained basically flat. The recent price movement of gold is a good example of this, because gold often benefits from rising interest rates, which are primarily driven by inflation expectations (implying that real interest rates are under pressure or declining).</p><p><b>The actual inflation trend is often confused with the inflation expectation (breakeven) implied by the nominal interest rate minus the TIPs real interest rate. We expect interest rate increases to be primarily driven by effective interest rates.</b>This is mainly due to the following considerations: a) implied real growth and a rebound in return on investment; b) Long-term inflation expectations are close to the upper edge of the long-term range of 2.2-2.5% (this upper edge is relatively stable in the long run), reflecting the expectation of higher inflation in the future in advance; c) Short-term and long-term inflation expectations have inverted, indicating that short-term bonds have taken into account more expectations of rising inflation, and this inversion cannot be sustained based on historical experience.</p><p><b>Rising real interest rates not only imply a rise in the real rate of return after deducting price factors, but also mean a marginal increase in real financing costs.</b>(Although it is still clearly negative at present, with a 10-year yield of -0.61%), the implication of rising real interest rates for asset prices is that, on the one hand, it is not conducive to gold, and on the other hand, it will put greater pressure on marginally high valuations, especially those with crowded trading, excessive unrealized profits, and high margin leverage.</p><p><img src=\"https://static.tigerbbs.com/ef52da1b01866eedd4a022a2f3b9a90d\" tg-width=\"774\" tg-height=\"475\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a98620b61bab182ef4e00c8e4df83901\" tg-width=\"870\" tg-height=\"534\" referrerpolicy=\"no-referrer\"></p><p><b>IV. What might happen next? Bonds are oversold; The stock market is focused on a chain reaction in the short term, but its medium-term trend will depend on fundamentals.</b></p><p>First, from the perspective of interest rates themselves, after yesterday's significant fluctuations, the 10-year US Treasury yield has already reached the 1.5% first-stage target level set in our annual outlook \"2021 Overseas Market Outlook: The Pandemic Path Bends, Replenishing Inventories to Secure Tranquility\" published at the end of last year. This is because the long-term Treasury Bond is clearly oversold.<b>If there is no further chain reaction due to factors such as algorithmic bond trading or position unwind, it is possible to stabilize at this level and wait for the next catalyst factor.</b></p><p><img src=\"https://static.tigerbbs.com/22327d09a37aff72e0d2f14bdc6b1004\" tg-width=\"805\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p>Secondly, for the stock market, the surge in overnight US Treasury yields triggered increased volatility and stock market fluctuations, which are very similar in pattern to the situation in early February 2018 after the 10-year US Treasury yield rapidly broke through 2.8% due to better-than-expected non-farm payroll data. At that time, the volatility of bond yields was as high as 2.5 standard deviations.</p><p><b>Historically, after bond yields broke through a key level in early February and caused volatility, the reasons for the further amplification and prolongation of subsequent market volatility were not limited to the rise in interest rates themselves, but triggered a series of chain reactions involving volatility strategies and highly leveraged crowded trading.</b>。 As we analyzed in \"The Disturbance of Rising Interest Rates: Experiences from 2018,\" in retrospect, if interest rates had simply risen without a series of subsequent chain reactions, the period of turmoil that lasted for more than a month in February 2018 might not have been so significant. The specific process is as follows: On Monday, February 5, a further sharp drop in US stocks caused the VIX to surge by 116% (a single-day change exceeding that during the 2020 pandemic). The previously abnormally \"crowded\" bearish volatility positions needed to be quickly filled, which caused ETFs bearish on the VIX to plummet by 93% on Tuesday, triggering early redemption clauses and liquidation. Some investment strategies that directly or indirectly target volatility, such as Risk Parity and CTA (managed futures), needed to adjust their exposure to risky assets in the new volatility environment, which also brought selling pressure to the spot market. In addition, crowded trading and high leverage have increased selling pressure on individual investors. As a result, financial market liquidity indicators have generally shown signs of tightening.</p><p>However, it still needs to be emphasized that, from a long-term, medium-term perspective,<b>After short-term fluctuations, the fundamental support table for US stocks was still able to rebound and reach new highs. The reason behind this is that the tax reform at the end of 2017 supported earnings. The market didn't truly peak until October, when interest rates continued to rise and growth peaked.</b>After nearly two months of consolidation and fluctuations from February to March, US stocks bottomed out and rebounded in early April, hitting new highs until they peaked in early October under the dual pressures of interest rates breaking through 3% and peaking growth, thus starting a new round of decline. Compared to other markets at the time, such as the Chinese market, the fundamental reason why the US stock market was able to rebound and reach new highs was the additional boost to corporate profits brought about by the tax reform in 2017. This was something that the US market did not have. And when the fundamental space was exhausted, the market became unsustainable.</p><p><img src=\"https://static.tigerbbs.com/1282bf6413c6035a41385061aa932393\" tg-width=\"956\" tg-height=\"585\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/914d16d6516ec728b7fcde7ec8190ce7\" tg-width=\"834\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a812d954989f1ecfed856942880c72bf\" tg-width=\"1012\" tg-height=\"621\" referrerpolicy=\"no-referrer\"></p><p>Therefore, the lesson learned from 2018 is that rising interest rates can indeed easily cause disruptions against a backdrop of high sentiment, high valuations, and crowded trading, especially for highly valued growth stocks.<b>Now that the key level has been broken through and volatility has been triggered, we need to pay attention to whether it will trigger a chain reaction of algorithmic trading or leveraged trading, thereby prolonging and amplifying volatility. However, the medium-term market trend still depends on fundamentals.</b>If the positive trend in fundamentals remains established, then the market can still shake off the volatility caused by interest rate fluctuations until the fundamental trend begins to reverse.<b>It's important to understand that in some respects, the situation at the beginning of 2018 was not as good as it is now.</b>For example, interest rates are rising at the short end of a rate hike cycle, the implied leverage of market margin trading is as high as 3 times, and the equity risk premium is lower than currently.</p><p><img src=\"https://static.tigerbbs.com/ba1c82301f4e415993015990d008d501\" tg-width=\"806\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/398354a88b7b00bffde467e334e129d0\" tg-width=\"852\" tg-height=\"522\" referrerpolicy=\"no-referrer\"></p><p>Finally, it should be noted that although long-term interest rates are rising rapidly,<b>However, the financial market liquidity indicators and credit spreads we track have not tightened significantly.</b></p><p><img src=\"https://static.tigerbbs.com/522eafda13659c967fb09fdf4b7c4ffc\" tg-width=\"982\" tg-height=\"602\" referrerpolicy=\"no-referrer\"></p><p>This article was written by Liu Gang, US Treasury yields International Capital Corporation (CICC), and sourced from Kevin Strategy Research. The original title was \"Overseas Markets: The Challenge of China's Rapid Rise\".</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>What happened during the last sharp rise in US Treasury yields?</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 happened during the last sharp rise in US Treasury yields?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1090746012\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/54c3f16355434883aa8d30b4dc5a7d90);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Kevin策略研究 </p>\n<p class=\"h-time smaller\">2021-02-26 08:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The US Treasury market experienced significant fluctuations overnight, with a sell-off in the bond market driving long-term US Treasury bonds to close higher. The 10-year US Treasury yields not only broke through the key level of 1.5%, but also reached a high of 1.61% during the session, a new high since the outbreak of the pandemic in 2020. The sharp volatility in bonds quickly spread across assets to other assets, causing the US stock market, especially growth stocks, to plummet. The Nasdaq fell 3.5%, while the Dow Jones and S&P 500 indices fell 1.8% and 2.5%, respectively. At the sector level, discretionary consumption, technology, and communication services, which are overvalued and sensitive to rising interest rates, were the hardest hit, while safe-haven sectors such as utilities, healthcare, and banks, which benefit from rising interest rates, saw relatively small declines. Meanwhile, gold prices plummeted while the US dollar rose.</p><p>The source of the sharp fluctuations in major asset prices is still the rise in bond yields, which is in line with recent market concerns that positive growth expectations and rising inflation may push up interest rates, thereby suppressing valuations and dragging down the market. However, the pace of change has suddenly become more dramatic, which is something we should be wary of.<b>As we have pointed out many times before, in addition to the absolute level, the speed of change in interest rates is also crucial, as it essentially reflects the volatility of bond assets.</b>。</p><p>Therefore, based on the latest situation, we provide the following comments for your reference.</p><p><b>I. Why are interest rates rising so rapidly? Chain reaction after breaking through a critical juncture</b></p><p>In general, the rise in long-term US Treasury yields is consistent with the general trend of further positive growth and inflation expectations against the backdrop of the recent improvement in the global overall pandemic, accelerated vaccination, and the approaching new round of $1.9 trillion fiscal stimulus in the United States. The market has already formed a relatively sufficient consensus on this point, so it will not be elaborated further (\"After the 10-Year US Treasury yields Breaks Through 1.1%\", \"Spring Festival Review: Interest Rates Soar, Oil Prices Overbought; Improved Pandemic, Approaching Stimulus\").</p><p>However, overnight interest rates suddenly accelerated their rise.<b>We believe that a chain reaction cannot be ruled out after bond yields break through a key level, triggering positions and derivatives anchored at this level, or even algorithmic trading orders.</b>This is not entirely due to fundamental factors. After all, currently, speculative positions in long-term US Treasury yields remain net long, and a sudden rise in interest rates will put pressure on them.<b>Therefore, we also remind you that in the short term, we need to pay attention to the reasons after breaking through the key level.</b>(The Disturbance of Rising Interest Rates: Lessons from 2018).</p><p><img src=\"https://static.tigerbbs.com/9e74a112cb938257ccd8de4b5452adc7\" tg-width=\"618\" tg-height=\"379\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/79604d78c8a870cacaddfd6086600977\" tg-width=\"667\" tg-height=\"410\" referrerpolicy=\"no-referrer\"></p><p><b>II. How fast are interest rates rising? The fluctuation is close to 2 times the standard deviation</b></p><p>We have repeatedly emphasized that the absolute level of interest rates is one aspect,<b>In a sense, the speed of interest rate increases is more crucial.</b>This is because rapidly rising interest rates mean that the bond market will experience drastic fluctuations, which will then \"spread\" across assets to other assets, which is very similar to the fluctuations triggered by the US Treasury yields rapidly breaking through 2.8% in early February 2018.</p><p>So how fast do overnight bond rates fluctuate? If we take the high of 1.61% as an example, the volatility of the 10-year Treasury Bond is already close to twice the standard deviation of the past year, which is higher than the \"warning level\" of 1.5 times the standard deviation of our rising interest rate signal, and reached a peak of nearly 2.5 times in early 2018.<b>Generally speaking, historical experience shows that levels above this threshold alert level usually cause market disturbances.</b>Against this backdrop, the implied volatility of bond futures has also risen to its highest level since the pandemic.</p><p><img src=\"https://static.tigerbbs.com/7af78ac184d4226ffcefd35c6ec05240\" tg-width=\"738\" tg-height=\"453\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/20ee1037e24f9be747042526f8088891\" tg-width=\"830\" tg-height=\"509\" referrerpolicy=\"no-referrer\"></p><p><b>III. Challenges of rising real interest rates: Rising real financing costs are detrimental to gold and overvalued assets.</b></p><p>During this round of rising interest rates,<b>Another characteristic is that it is primarily based on real interest rates, rather than inflation expectations as generally referred to by the market.</b>This is consistent with the situation we suggested. Compared to its low in early January, the 10-year nominal US Treasury yields has risen by more than 45 basis points, while real interest rates have contributed nearly 43 basis points, and inflation expectations have remained basically flat. The recent price movement of gold is a good example of this, because gold often benefits from rising interest rates, which are primarily driven by inflation expectations (implying that real interest rates are under pressure or declining).</p><p><b>The actual inflation trend is often confused with the inflation expectation (breakeven) implied by the nominal interest rate minus the TIPs real interest rate. We expect interest rate increases to be primarily driven by effective interest rates.</b>This is mainly due to the following considerations: a) implied real growth and a rebound in return on investment; b) Long-term inflation expectations are close to the upper edge of the long-term range of 2.2-2.5% (this upper edge is relatively stable in the long run), reflecting the expectation of higher inflation in the future in advance; c) Short-term and long-term inflation expectations have inverted, indicating that short-term bonds have taken into account more expectations of rising inflation, and this inversion cannot be sustained based on historical experience.</p><p><b>Rising real interest rates not only imply a rise in the real rate of return after deducting price factors, but also mean a marginal increase in real financing costs.</b>(Although it is still clearly negative at present, with a 10-year yield of -0.61%), the implication of rising real interest rates for asset prices is that, on the one hand, it is not conducive to gold, and on the other hand, it will put greater pressure on marginally high valuations, especially those with crowded trading, excessive unrealized profits, and high margin leverage.</p><p><img src=\"https://static.tigerbbs.com/ef52da1b01866eedd4a022a2f3b9a90d\" tg-width=\"774\" tg-height=\"475\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a98620b61bab182ef4e00c8e4df83901\" tg-width=\"870\" tg-height=\"534\" referrerpolicy=\"no-referrer\"></p><p><b>IV. What might happen next? Bonds are oversold; The stock market is focused on a chain reaction in the short term, but its medium-term trend will depend on fundamentals.</b></p><p>First, from the perspective of interest rates themselves, after yesterday's significant fluctuations, the 10-year US Treasury yield has already reached the 1.5% first-stage target level set in our annual outlook \"2021 Overseas Market Outlook: The Pandemic Path Bends, Replenishing Inventories to Secure Tranquility\" published at the end of last year. This is because the long-term Treasury Bond is clearly oversold.<b>If there is no further chain reaction due to factors such as algorithmic bond trading or position unwind, it is possible to stabilize at this level and wait for the next catalyst factor.</b></p><p><img src=\"https://static.tigerbbs.com/22327d09a37aff72e0d2f14bdc6b1004\" tg-width=\"805\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p>Secondly, for the stock market, the surge in overnight US Treasury yields triggered increased volatility and stock market fluctuations, which are very similar in pattern to the situation in early February 2018 after the 10-year US Treasury yield rapidly broke through 2.8% due to better-than-expected non-farm payroll data. At that time, the volatility of bond yields was as high as 2.5 standard deviations.</p><p><b>Historically, after bond yields broke through a key level in early February and caused volatility, the reasons for the further amplification and prolongation of subsequent market volatility were not limited to the rise in interest rates themselves, but triggered a series of chain reactions involving volatility strategies and highly leveraged crowded trading.</b>。 As we analyzed in \"The Disturbance of Rising Interest Rates: Experiences from 2018,\" in retrospect, if interest rates had simply risen without a series of subsequent chain reactions, the period of turmoil that lasted for more than a month in February 2018 might not have been so significant. The specific process is as follows: On Monday, February 5, a further sharp drop in US stocks caused the VIX to surge by 116% (a single-day change exceeding that during the 2020 pandemic). The previously abnormally \"crowded\" bearish volatility positions needed to be quickly filled, which caused ETFs bearish on the VIX to plummet by 93% on Tuesday, triggering early redemption clauses and liquidation. Some investment strategies that directly or indirectly target volatility, such as Risk Parity and CTA (managed futures), needed to adjust their exposure to risky assets in the new volatility environment, which also brought selling pressure to the spot market. In addition, crowded trading and high leverage have increased selling pressure on individual investors. As a result, financial market liquidity indicators have generally shown signs of tightening.</p><p>However, it still needs to be emphasized that, from a long-term, medium-term perspective,<b>After short-term fluctuations, the fundamental support table for US stocks was still able to rebound and reach new highs. The reason behind this is that the tax reform at the end of 2017 supported earnings. The market didn't truly peak until October, when interest rates continued to rise and growth peaked.</b>After nearly two months of consolidation and fluctuations from February to March, US stocks bottomed out and rebounded in early April, hitting new highs until they peaked in early October under the dual pressures of interest rates breaking through 3% and peaking growth, thus starting a new round of decline. Compared to other markets at the time, such as the Chinese market, the fundamental reason why the US stock market was able to rebound and reach new highs was the additional boost to corporate profits brought about by the tax reform in 2017. This was something that the US market did not have. And when the fundamental space was exhausted, the market became unsustainable.</p><p><img src=\"https://static.tigerbbs.com/1282bf6413c6035a41385061aa932393\" tg-width=\"956\" tg-height=\"585\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/914d16d6516ec728b7fcde7ec8190ce7\" tg-width=\"834\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a812d954989f1ecfed856942880c72bf\" tg-width=\"1012\" tg-height=\"621\" referrerpolicy=\"no-referrer\"></p><p>Therefore, the lesson learned from 2018 is that rising interest rates can indeed easily cause disruptions against a backdrop of high sentiment, high valuations, and crowded trading, especially for highly valued growth stocks.<b>Now that the key level has been broken through and volatility has been triggered, we need to pay attention to whether it will trigger a chain reaction of algorithmic trading or leveraged trading, thereby prolonging and amplifying volatility. However, the medium-term market trend still depends on fundamentals.</b>If the positive trend in fundamentals remains established, then the market can still shake off the volatility caused by interest rate fluctuations until the fundamental trend begins to reverse.<b>It's important to understand that in some respects, the situation at the beginning of 2018 was not as good as it is now.</b>For example, interest rates are rising at the short end of a rate hike cycle, the implied leverage of market margin trading is as high as 3 times, and the equity risk premium is lower than currently.</p><p><img src=\"https://static.tigerbbs.com/ba1c82301f4e415993015990d008d501\" tg-width=\"806\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/398354a88b7b00bffde467e334e129d0\" tg-width=\"852\" tg-height=\"522\" referrerpolicy=\"no-referrer\"></p><p>Finally, it should be noted that although long-term interest rates are rising rapidly,<b>However, the financial market liquidity indicators and credit spreads we track have not tightened significantly.</b></p><p><img src=\"https://static.tigerbbs.com/522eafda13659c967fb09fdf4b7c4ffc\" tg-width=\"982\" tg-height=\"602\" referrerpolicy=\"no-referrer\"></p><p>This article was written by Liu Gang, US Treasury yields International Capital Corporation (CICC), and sourced from Kevin Strategy Research. The original title was \"Overseas Markets: The Challenge of China's Rapid Rise\".</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/eb7789abffef4e8a7ef6093738b6ad06","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184986631","content_text":"隔夜美债市场出现大幅波动，债券市场遭到抛售推动长端美债快速收高，10年美债利率不仅突破关键关口1.5%，更是在盘中一度创下1.61%的高点，为2020年疫情爆发以来的新高。债券的剧烈波动迅速跨资产蔓延到其他资产，导致美股市场特别是成长股大跌，纳斯达克大跌3.5%，道琼斯和标普500指数分别下跌1.8%和2.5%。板块层面，估值偏高、对利率上行敏感的可选消费、科技、通信服务等成为重灾区，避险板块如公用事业、医疗保健、以及受益于利率上行的银行等跌幅相对较少。同时，黄金大跌，美元走高。主要资产价格的大幅波动的源头依然是债券利率上行，与近期市场担忧增长预期向好和通胀走高推升利率、进而可能压制估值拖累市场的担忧一脉相过程，只不过其变化速度一下子剧烈起来，这也值得我们警惕。我们此前多次提示过，除了绝对水平外，利率的变化速度也至关重要，其本质上反映了债券资产的波动。因此，针对当前最新的情况，我们点评如下，供大家参考。一、利率为何快速上行？突破关键关口后的连锁反应大方向上，美债长端利率的上行，与近期全球整体疫情改善、疫苗接种加速、美国新一轮1.9万亿财政刺激渐行渐近背景下，增长和通胀预期进一步向好的大方向一致，在这一点上市场已经形成较为充分的共识预计，因此不再赘述（《10年美债利率升破1.1%之后》、《春节盘点：利率骤升、油价超买；疫情改善，刺激渐近》）。不过，隔夜利率突然加速上行，我们认为不排除与债券利率突破关键关口后触发一些锚定在此点位的仓位和衍生品、甚至程序化交易指令后的连锁反应，而并非完全的基本面因素，毕竟目前来看，美债长端利率的投机性头寸依然为净多头，利率的突然上行会使其面临压力。因此，这也我们提示短期需要关注突破关键关口后的原因（《利率上行的扰动：来自2018年的经验》）。二、利率上行有多快？波动接近2倍标准差我们一再强调，利率绝对水平是一方面，在一定意义上，利率上行的速度更为关键，因为过快上行的利率意味着债券市场经历剧烈的波动，而这一波动又会跨资产的“传染”到其他资产，这一点与2018年2月初美债利率快速突破2.8%引发的波动极为相似。那么，隔夜债券利率的波动有多快呢？如果以1.61%的高点计，10年国债的波动率已经接近过去一年的2倍标准差，已经高于我们利率上行信号1.5倍标准差的“警戒水平”，2018年初最高接近2.5倍。一般而言，从历史经验看，高于这一阈值警戒水平通常会对市场带来扰动。在此背景下，债券期货隐含的波动率也升至疫情以来的高点。三、实际利率上行的挑战：真实融资成本走高不利于黄金和高估值部分在此轮利率走高的过程中，还有一个特点是以实际利率为主，而并非市场所泛指的通胀预期，这一点与我们提示的情形一致。相比1月初的低点，10年名义美债利率已经上行超过45个基点，而实际利率贡献了近43个基点，通胀预期则基本持平。黄金近期的走势就是一个很好的佐证，因为通胀预期为主的利率上行（隐含实际利率承压或下行），黄金往往会受益。实际的通胀走势与名义利率扣除TIPs实际利率隐含的通胀预期（breakeven）经常会被混淆。我们预计利率上行主要以实际利率为主，主要是考虑到：a）隐含的真实增长和投资回报率回升；b）长端通胀预期接近长期区间上沿2.2~2.5%（长期来看，这一上沿相对稳定），提前反应了未来通胀走高的预期；c）短端和长端的通胀预期已然倒挂，表明短期债券计入了更多通胀走高的预期，而这一倒挂从历史经验来看也不能持久。实际利率上行除了隐含扣除价格因素的实际回报率抬升外，也意味着真实的融资成本的边际走高（虽然目前依然明显为负，10年期-0.61%），那么实际利率走高对资产价格的含义是，一方面不利于黄金，另一方面也会对边际上高估值部分带来边际上更大的压力，特别是交易拥挤、浮盈过多、以及以来融资杠杆较高的部分。四、接下来可能会发生什么？债券超卖；股市短期关注连锁反应，但中期走势决定于基本面首先，从利率本身来看，经过昨天的大幅波动后，10年美债已经触及我们在去年底发表的年度展望《2021年海外市场展望：疫情径曲、补库通幽》中给出1.5%的第一阶段目标点位，由于长端国债已经明显超卖，如果不出现进一步因债券的程序化交易或仓位unwind等因素的连锁反应的话，有可能会在这个水平上稳一稳，等待下一个催化剂因素。其次，对于股市而言，隔夜美债利率骤升引发的波动率走高和股市波动，从形态上非常类似2018年2月初因非农数据大超预期后10年美债快速突破2.8%后的情形，当时债券利率的波动率高达2.5倍标准差。从当时历史经验看，在债券利率2月初突破关键关口并导致波动后，后续市场波动进一步被放大和延长的原因不仅限于利率走高本身，而是触发了波动率策略和高杠杆拥挤交易引发了一系列连锁反应。正如我们在《利率上行的扰动：来自2018年的经验》中分析的那样，后视来看，如果单纯的利率上行但没有后续的一系列连锁反应，可能也不至于造成2018年2月如此大幅且持续一个多月的动荡期。其具体过程为：2月5日周一，美股进一步大跌导致VIX骤升116%（单日变化幅度超过2020年疫情期间），此前异常“拥挤”的看空波动率头寸需要迅速回补，又使得看空VIX的ETF产品在周二大跌93%提前触发提前赎回条款而清盘，一些直接或间接盯住波动率的投资策略（VolatilityTargeting）如风险平价（Risk Parity）、CTA（管理期货）等需要在新的波动率环境下调整对风险资产的敞口也带来对现货市场的抛售压力。此外，拥挤交易和较高的融资杠杆也加大了个人投资者抛售压力。金融市场流动性指标也普遍因此出现收紧迹象。但是仍需要强调的是，拉长时间中期维度看，短期波动后，美股在基本面的支撑表依然能够反弹并再创新高，其背后的原因就在于2017年底税改对盈利的支撑；直到10月份利率继续走高且增长见顶后，市场才彻底见顶。在2月~3月经历了近2个月的盘整和波动后，美股从4月初见底反弹并再创新高，直到10月初在利率突破3%和增长见顶的双重压力下见顶，开启新一轮下跌。相比当时的其他市场比如中国市场，美股之所以还能够反弹并再创新高的根本原因在于2017年税改带来的对于企业盈利的额外推动，这一点其实他市场并不具备的，而当基本面的空间也被消耗殆尽后，市场便难以为继了。因此，2018年经验对于当下的启示是，利率走高在情绪饱满、估值偏高、交易拥挤的背景下的确容易带来扰动，特别是高估值的成长股部分，目前既然已经突破关键关口并引发波动，那么接下来我们需要关注是否会触发一些程序化交易或杠杆交易的连锁反应进而延长并放大波动，但是中期维度的市场走势还是取决于基本面，如果基本面的向好趋势依然确立，那么市场还是可以摆脱因利率扰动带来波动，直到基本面趋势也开始逆转。要知道在一些层面2018年初的情形还不如当前，例如处于加息周期短端利率抬升、市场融资盘隐含杠杆高达3倍、股权风险溢价较当前更低。最后，需要指出的是，虽然长端利率快速上行，但我们追踪的金融市场流动性指标和信用利差并未出现明显收紧。本文作者：中金公司刘刚，来源：Kevin策略研究，原文标题《海外市场：美债利率上行过快的挑战》","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1887,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}