嘉豪9191 personal page - To The Moon

嘉豪9191

嘉豪9191

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2025-03-08

$特斯拉(TSLA)$

2025-02-21

$英伟达(NVDA)$

2024-01-16

2022-12-02

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2022-11-02

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2022-07-07

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Apple plans to launch a locked mode to deal with hacker attacks

2022-06-20

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Reminder: US stock markets will be closed on June 20th due to Juneteenth, a US federal holiday.

2022-06-14

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@TigerEvents:Happy Birthday to TIGER!!! This year, we have prepared a time machine to go on an adventure with you. Come and find surprising gifts as we stroll down memory lane!There are so many wonderful little stories in our Tiger Quest. Collect as many coins as you can in the game, these will be your basic points of this game. Apart from one mini-game mission for SG/AU/NZ, the games will be open every week, and there are endless treasures waiting for you to discover. Points can be redeemed for multiple rewards, and you can win a share of up to USD 200,000 worth of prizes! Want to win extra points? Check out these mini-games, try them, stay with us and be PAWSITIVE!Remember to collect the cards and spell out "T.I.G.E.R" during your journey for a chance to receive the limited edition 8th Anniversary Gi

2022-04-02

Up up up@TigerEvents @美股判官 @Miller

2022-01-29

Bb omg

2022-01-28

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@小虎AV:快看！木頭姐的2022投資展望

2022-01-28

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@Daily_Discussion:🔥[Jan 27th]Share your trades today with others >>

2021-08-09

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Apple's MacBook supply chain is reportedly in mass production, and two new MacBook Pros will be launched in the second half of the year.

2021-08-07

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2021-08-06

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2021-08-04

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Foreign media headlines: US household debt saw its largest increase since 2013 in the second quarter.

2021-07-24

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NetEase Cloud Music responds to the State Administration for Market Regulation's anti-monopoly

2021-07-20

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2021-07-19

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2021-07-18

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Haitong Strategy: On the Current Market Style! Is the sound of the waves still the same?

Go to Tiger App to see more news

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monitoring as many as 50,000 people. Developed by the Israeli software monitoring company NSO, Pegasus is used to monitor influential individuals such as journalists, lawyers, and politicians. Once Pegasus infiltrates a phone, it can extract text messages, photos, and emails, record calls, and remotely activate the phone's microphone and camera without the user's knowledge, posing a significant threat to user privacy.</p><p>NSO Group, the maker of the \"Pegasus\" software, has been sued by Apple and placed on a trade blacklist by U.S. officials.</p><p></body></html></p>","source":"sina_tech","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>Apple plans to launch a locked mode to deal with hacker attacks</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\">\nApple plans to launch a locked mode to deal with hacker attacks\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪科技</strong><span class=\"h-time small\">2022-07-07 07:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Sina Tech News reported that the Beijing incident occurred in the early hours of July 7th.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company said on Wednesday that it plans to release a new feature called \"Lock Mode\" this fall, designed to add a new layer of protection to users and prevent sophisticated hacking attacks.</p><p>Previously, a mobile phone spyware program called \"Pegasus\" infiltrated more than 50 countries around the world, potentially monitoring as many as 50,000 people. Developed by the Israeli software monitoring company NSO, Pegasus is used to monitor influential individuals such as journalists, lawyers, and politicians. Once Pegasus infiltrates a phone, it can extract text messages, photos, and emails, record calls, and remotely activate the phone's microphone and camera without the user's knowledge, posing a significant threat to user privacy.</p><p>NSO Group, the maker of the \"Pegasus\" software, has been sued by Apple and placed on a trade blacklist by U.S. officials.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://tech.sina.cn/it/2022-07-07/detail-imizirav2236354.d.html?vt=4\">新浪科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/568cfd902cc65a2f5fa2518ef2c6196d","relate_stocks":{"BK4170":"电脑硬件、储存设备及电脑周边","BK4574":"无人驾驶","BK4573":"虚拟现实","BK4532":"文艺复兴科技持仓","BK4581":"高盛持仓","AAPL":"苹果","BK4554":"元宇宙及AR概念","BK4527":"明星科技股","BK4512":"苹果概念","BK4553":"喜马拉雅资本持仓","BK4501":"段永平概念","BK4571":"数字音乐概念","BK4534":"瑞士信贷持仓","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4575":"芯片概念","BK4566":"资本集团","BK4505":"高瓴资本持仓","BK4515":"5G概念","BK4559":"巴菲特持仓","BK4579":"人工智能","BK4550":"红杉资本持仓","BK4507":"流媒体概念"},"source_url":"https://tech.sina.cn/it/2022-07-07/detail-imizirav2236354.d.html?vt=4","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2249511163","content_text":"新浪科技讯 北京事件7月7日凌晨消息，苹果公司周三表示，计划在今年秋天发布一项名为“锁定模式”的新功能，旨在为用户增加一层新的保护和防止复杂的黑客攻击。此前一款名为“飞马（Pegasus）”的手机间谍软件入侵遍布全球50多个国家，可能被监控人数高达5万，飞马由以色列软件监控公司NSO开发，用于监视记者、律师和政治家等较有影响力的人，“飞马”一旦侵入手机，就可以在使用者不知情的情况下，提取短信、照片、电子邮件，对通话进行录音，远程开启手机的麦克风和摄像头，对用户隐私造成极大威胁。“飞马”软件的制造商NSO集团已被苹果公司起诉，并被美国官员列入贸易黑名单。","news_type":1,"symbols_score_info":{"AAPL":1}},"isVote":1,"tweetType":1,"viewCount":4897,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9040285562,"gmtCreate":1655680664756,"gmtModify":1676535681778,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"title":"","htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9040285562","repostId":"1130766759","repostType":4,"repost":{"id":"1130766759","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":1655260917,"share":"https://ttm.financial/m/news/1130766759?lang=en_US&edition=fundamental","pubTime":"2022-06-15 10:41","market":"us","language":"zh","title":"Reminder: US stock markets will be closed on June 20th due to Juneteenth, a US federal holiday.","url":"https://stock-news.laohu8.com/highlight/detail?id=1130766759","media":"老虎资讯综合","summary":"这一节日是美国自1983年的“马丁·路德·金日”以来新增的第一个全国法定节日。","content":"<p><html><head></head><body>Dear Investors:</p><p><b>U.S. stocks will be closed on Monday, June 20.</b>Because June 19th (Sunday) is a federal holiday in the United States (Juneteenth). It's worth noting that this holiday is quite \"young,\" having only been legalized last year, making it the first in the United States since Martin Luther King Jr. Day in 1983.<b>The first newly added national statutory holiday.</b></p><p><img src=\"https://static.tigerbbs.com/f29a163308823ba7a1941858fd5eec00\" tg-width=\"800\" tg-height=\"750\" referrerpolicy=\"no-referrer\"/></p><p>Wishing you success in your investment</p><p>Tiger Brokers</p><p><b>Market closure arrangement</b></p><p><b>US stocks</b></p><p>The market will be closed on Monday, June 20, and will reopen as usual on Tuesday, June 21.</p><p><b>Hong Kong stocks, A-shares, Singapore stock market, Australian market</b></p><p>Trade as usual.</p><p><b>Background Introduction</b></p><p>On June 17, 2021, U.S. President Biden signed an executive order designating June 19 of each year as a national statutory holiday to commemorate the end of slavery in the United States. The holiday is named \"Juneteenth,\" a combination of June and Nineteenth. Chinese officials call this festival \"Juneteenth\".</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/10ea0fb2e3d74348973bae50742d5fef\" tg-width=\"500\" tg-height=\"288\" referrerpolicy=\"no-referrer\"/><span>Biden and \"Grandma Juneteenth\" Opal Lee</span></p><p>Perhaps precisely because Juneteenth is so \"young,\" at this time last year, the U.S. SEC (Securities and Exchange Commission) had a \"disagreement\" with the U.S. stock market over this holiday:<b>The SEC is on holiday, while the New York Stock Exchange and Nasdaq are open as usual.</b>The SEC stated, \"Exchanges decide on their own operating status during federal holidays, and we understand that major markets operate during normal hours.\" The NYSE responded at the time that it would assess whether Juneteenth would be closed for the holidays in 2022.</p><p>It appears that such \"disagreements\" will not repeat themselves this year.</p><p><img src=\"https://static.tigerbbs.com/9a9fb37a410b40a0a3403a1cc8cb8e6d\" tg-width=\"1080\" tg-height=\"768\" referrerpolicy=\"no-referrer\"/></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>Reminder: US stock markets will be closed on June 20th due to Juneteenth, a US federal holiday.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: US stock markets will be closed on June 20th due to Juneteenth, a US federal holiday.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-06-15 10:41</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Dear Investors:</p><p><b>U.S. stocks will be closed on Monday, June 20.</b>Because June 19th (Sunday) is a federal holiday in the United States (Juneteenth). It's worth noting that this holiday is quite \"young,\" having only been legalized last year, making it the first in the United States since Martin Luther King Jr. Day in 1983.<b>The first newly added national statutory holiday.</b></p><p><img src=\"https://static.tigerbbs.com/f29a163308823ba7a1941858fd5eec00\" tg-width=\"800\" tg-height=\"750\" referrerpolicy=\"no-referrer\"/></p><p>Wishing you success in your investment</p><p>Tiger Brokers</p><p><b>Market closure arrangement</b></p><p><b>US stocks</b></p><p>The market will be closed on Monday, June 20, and will reopen as usual on Tuesday, June 21.</p><p><b>Hong Kong stocks, A-shares, Singapore stock market, Australian market</b></p><p>Trade as usual.</p><p><b>Background Introduction</b></p><p>On June 17, 2021, U.S. President Biden signed an executive order designating June 19 of each year as a national statutory holiday to commemorate the end of slavery in the United States. The holiday is named \"Juneteenth,\" a combination of June and Nineteenth. Chinese officials call this festival \"Juneteenth\".</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/10ea0fb2e3d74348973bae50742d5fef\" tg-width=\"500\" tg-height=\"288\" referrerpolicy=\"no-referrer\"/><span>Biden and \"Grandma Juneteenth\" Opal Lee</span></p><p>Perhaps precisely because Juneteenth is so \"young,\" at this time last year, the U.S. SEC (Securities and Exchange Commission) had a \"disagreement\" with the U.S. stock market over this holiday:<b>The SEC is on holiday, while the New York Stock Exchange and Nasdaq are open as usual.</b>The SEC stated, \"Exchanges decide on their own operating status during federal holidays, and we understand that major markets operate during normal hours.\" The NYSE responded at the time that it would assess whether Juneteenth would be closed for the holidays in 2022.</p><p>It appears that such \"disagreements\" will not repeat themselves this year.</p><p><img src=\"https://static.tigerbbs.com/9a9fb37a410b40a0a3403a1cc8cb8e6d\" tg-width=\"1080\" tg-height=\"768\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3beebfa3e0137570abe14d50f470080d","relate_stocks":{".DJI":"道琼斯"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130766759","content_text":"尊敬的投资者：美股将于6月20日（星期一）休市，因为6月19日（星期日）是美国的联邦假日（六月节）。值得一提的是，这一节日相当“年轻”，去年才被合法化，是美国自1983年的“马丁·路德·金日”以来新增的第一个全国法定节日。预祝投资顺利老虎证券休市安排美股6月20日（周一）休市，6月21日（周二）起照常开市。港股、A股、新加坡股市、澳大利亚市场照常交易。背景介绍2021年6月17日，美国总统拜登签署法令，将每年的6月19日定为全国法定节假日以纪念美国奴隶制的终结，节日名称为“Juneteenth”，该名称取自June（六月）和Nineteenth（十九）的组合。中国官方称这一节日为“六月节”。拜登与“六月节祖母”Opal Lee或许正是因为六月节非常“年轻”，去年的这个时候，美国SEC（证券交易委员会）还因为这个节日和美股市场产生了“分歧”：SEC放假，而纽交所和纳斯达克交易所却照常开市。SEC表示：“交易所自行决定联邦假期的运营状态，我们对各主要市场在正常时间内运营表示理解。”纽交所当时回应称，将评估2022年的六月节是否停业过节。目前看来这样的“分歧”今年不会重演了。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":4577,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9052514496,"gmtCreate":1655194652315,"gmtModify":1676535579230,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"title":"","htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9052514496","repostId":"9022524674","repostType":1,"repost":{"id":9022524674,"gmtCreate":1653552819200,"gmtModify":1676535303082,"author":{"id":"3527667667103859","authorId":"3527667667103859","name":"TigerEvents","avatar":"https://community-static.tradeup.com/news/d95d339b1f41503e283097a33ab3ba9d","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667667103859","authorIdStr":"3527667667103859"},"themes":[],"title":"Time Travel with Tiger, Join the Memorabilia Adventure Now!!!","htmlText":"\n \n \n  Happy Birthday to TIGER!!! This year, we have prepared a time machine to go on an adventure with you. Come and find surprising gifts as we stroll down memory lane!There are so many wonderful little stories in our Tiger Quest. Collect as many coins as you can in the game, these will be your basic points of this game. Apart from one mini-game mission for SG/AU/NZ, the games will be open every week, and there are endless treasures waiting for you to discover. Points can be redeemed for multiple rewards, and you can win a share of up to USD 200,000 worth of prizes! Want to win extra points? Check out these mini-games, try them, stay with us and be PAWSITIVE!Remember to collect the cards and spell out \"T.I.G.E.R\" during your journey for a chance to receive the limited edition 8th Anniversary Gi\n \n","listText":"Happy Birthday to TIGER!!! This year, we have prepared a time machine to go on an adventure with you. Come and find surprising gifts as we stroll down memory lane!There are so many wonderful little stories in our Tiger Quest. Collect as many coins as you can in the game, these will be your basic points of this game. Apart from one mini-game mission for SG/AU/NZ, the games will be open every week, and there are endless treasures waiting for you to discover. Points can be redeemed for multiple rewards, and you can win a share of up to USD 200,000 worth of prizes! Want to win extra points? Check out these mini-games, try them, stay with us and be PAWSITIVE!Remember to collect the cards and spell out \"T.I.G.E.R\" during your journey for a chance to receive the limited edition 8th Anniversary Gi","text":"Happy Birthday to TIGER!!! This year, we have prepared a time machine to go on an adventure with you. Come and find surprising gifts as we stroll down memory lane!There are so many wonderful little stories in our Tiger Quest. Collect as many coins as you can in the game, these will be your basic points of this game. Apart from one mini-game mission for SG/AU/NZ, the games will be open every week, and there are endless treasures waiting for you to discover. Points can be redeemed for multiple rewards, and you can win a share of up to USD 200,000 worth of prizes! Want to win extra points? Check out these mini-games, try them, stay with us and be PAWSITIVE!Remember to collect the cards and spell out \"T.I.G.E.R\" during your journey for a chance to receive the limited edition 8th Anniversary Gi","images":[],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9022524674","isVote":1,"tweetType":2,"object":{"id":"97af7069aa6440eab7c85601f72b41b1","tweetId":"9022524674","videoUrl":"https://1254107296.vod2.myqcloud.com/73ba5544vodgzp1254107296/5836ee3f387702302012189230/1IRQdazMc4YA.mp4","poster":"https://community-static.tradeup.com/news/f2462b20b2a9a2483ae56cbb54dcb2a7"},"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":4407,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9011889337,"gmtCreate":1648855084452,"gmtModify":1676534409434,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"title":"","htmlText":"Up up up<a href=\"https://ttm.financial/U/3527667667103859\">@TigerEvents</a><a href=\"https://ttm.financial/U/3433023691829222\">@美股判官</a><a href=\"https://ttm.financial/U/11307867536043\">@Miller</a>","listText":"Up up up<a href=\"https://ttm.financial/U/3527667667103859\">@TigerEvents</a><a href=\"https://ttm.financial/U/3433023691829222\">@美股判官</a><a href=\"https://ttm.financial/U/11307867536043\">@Miller</a>","text":"Up up up@TigerEvents@美股判官@Miller","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9011889337","isVote":1,"tweetType":1,"viewCount":5495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9099419995,"gmtCreate":1643412118072,"gmtModify":1676533816906,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"title":"","htmlText":"Bb omg","listText":"Bb omg","text":"Bb omg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9099419995","isVote":1,"tweetType":1,"viewCount":5188,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9099349484,"gmtCreate":1643299446510,"gmtModify":1676533801008,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"title":"","htmlText":"B B","listText":"B B","text":"B B","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9099349484","repostId":"639367269","repostType":1,"repost":{"id":639367269,"gmtCreate":1643170686233,"gmtModify":1676532644226,"author":{"id":"3514329116425907","authorId":"3514329116425907","name":"小虎AV","avatar":"https://static.tigerbbs.com/91101bd3142b32495c3131036d5f8afa","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3514329116425907","authorIdStr":"3514329116425907"},"themes":[],"title":"快看！木頭姐的2022投資展望","htmlText":"ARK從2017年開始發佈Big&nbsp;Ideas,向投資者介紹突破性技術的影響、它們的發展速度以及它們可以創造的投資機會。今年當然也不例外，歡迎大家收看採訪視頻：<a href=\"https://laohu8.com/TW/639970680\" target=\"_blank\">凱西·伍德對2022年的展望採訪</a> 過去幾個月，創新科技股波動劇烈。在方舟投資公司，我們不認爲波動是負面的。我們關注的是長期機遇，隨着技術的融合，這些機遇可能呈指數級增長，改變整個行業，並可能創造新的世界秩序。 會議目錄 到2030年，人工智能創新可能會增加近10倍，市值超過100萬億美元 電池技術將使自動駕駛成爲可能，到2030年創造超過30萬億美元的市值 到2030年，機器人技術的進步將帶來超過10萬億美元的股本 ARK預計，到2030年，加密資產和數字錢包的股票市值將達到近50萬億美元 與自由支配上網時間相關的收入將從今天的1.8萬億美元增加到202年的4.1萬億美元 數字錢包因客戶獲取策略而有所區別 到2030年，一個比特幣的價格可能超過100萬 Web3場景下，未來十年每年的在線支出可能達到12.5萬億美元 到2026年，基因編輯和基因治療公司的市值可能達到約1.1萬億美元 多元組學可能從1100億美元發展到3000億美元的收入機會 如果傳統汽車製造商成功實現從汽油動力汽車的轉變，電動汽車的銷量將在未來五年內增長8倍，從480萬輛增長到4000萬輛。 自動叫車技術可能比歷史上任何一項創新都具有更大的經濟影響，到2030年將爲全球GDP增加約26萬億美元 到2030年，自動化物流的收入將從今天的零增長到9000億美元 ARK預計，3D打印和機器人的企業價值將從今天的700億美元擴大到2030年的6萬億美元以上 未來5-10年，衛星寬帶收入在美國每年將達到100億美元，在全球範圍內將","listText":"ARK從2017年開始發佈Big&nbsp;Ideas,向投資者介紹突破性技術的影響、它們的發展速度以及它們可以創造的投資機會。今年當然也不例外，歡迎大家收看採訪視頻：<a href=\"https://laohu8.com/TW/639970680\" target=\"_blank\">凱西·伍德對2022年的展望採訪</a> 過去幾個月，創新科技股波動劇烈。在方舟投資公司，我們不認爲波動是負面的。我們關注的是長期機遇，隨着技術的融合，這些機遇可能呈指數級增長，改變整個行業，並可能創造新的世界秩序。 會議目錄 到2030年，人工智能創新可能會增加近10倍，市值超過100萬億美元 電池技術將使自動駕駛成爲可能，到2030年創造超過30萬億美元的市值 到2030年，機器人技術的進步將帶來超過10萬億美元的股本 ARK預計，到2030年，加密資產和數字錢包的股票市值將達到近50萬億美元 與自由支配上網時間相關的收入將從今天的1.8萬億美元增加到202年的4.1萬億美元 數字錢包因客戶獲取策略而有所區別 到2030年，一個比特幣的價格可能超過100萬 Web3場景下，未來十年每年的在線支出可能達到12.5萬億美元 到2026年，基因編輯和基因治療公司的市值可能達到約1.1萬億美元 多元組學可能從1100億美元發展到3000億美元的收入機會 如果傳統汽車製造商成功實現從汽油動力汽車的轉變，電動汽車的銷量將在未來五年內增長8倍，從480萬輛增長到4000萬輛。 自動叫車技術可能比歷史上任何一項創新都具有更大的經濟影響，到2030年將爲全球GDP增加約26萬億美元 到2030年，自動化物流的收入將從今天的零增長到9000億美元 ARK預計，3D打印和機器人的企業價值將從今天的700億美元擴大到2030年的6萬億美元以上 未來5-10年，衛星寬帶收入在美國每年將達到100億美元，在全球範圍內將","text":"ARK從2017年開始發佈Big Ideas,向投資者介紹突破性技術的影響、它們的發展速度以及它們可以創造的投資機會。今年當然也不例外，歡迎大家收看採訪視頻：凱西·伍德對2022年的展望採訪 過去幾個月，創新科技股波動劇烈。在方舟投資公司，我們不認爲波動是負面的。我們關注的是長期機遇，隨着技術的融合，這些機遇可能呈指數級增長，改變整個行業，並可能創造新的世界秩序。 會議目錄 到2030年，人工智能創新可能會增加近10倍，市值超過100萬億美元 電池技術將使自動駕駛成爲可能，到2030年創造超過30萬億美元的市值 到2030年，機器人技術的進步將帶來超過10萬億美元的股本 ARK預計，到2030年，加密資產和數字錢包的股票市值將達到近50萬億美元 與自由支配上網時間相關的收入將從今天的1.8萬億美元增加到202年的4.1萬億美元 數字錢包因客戶獲取策略而有所區別 到2030年，一個比特幣的價格可能超過100萬 Web3場景下，未來十年每年的在線支出可能達到12.5萬億美元 到2026年，基因編輯和基因治療公司的市值可能達到約1.1萬億美元 多元組學可能從1100億美元發展到3000億美元的收入機會 如果傳統汽車製造商成功實現從汽油動力汽車的轉變，電動汽車的銷量將在未來五年內增長8倍，從480萬輛增長到4000萬輛。 自動叫車技術可能比歷史上任何一項創新都具有更大的經濟影響，到2030年將爲全球GDP增加約26萬億美元 到2030年，自動化物流的收入將從今天的零增長到9000億美元 ARK預計，3D打印和機器人的企業價值將從今天的700億美元擴大到2030年的6萬億美元以上 未來5-10年，衛星寬帶收入在美國每年將達到100億美元，在全球範圍內將","images":[{"img":"https://static.tigerbbs.com/14bae82a6bc1560f1d02cf374dece92d","width":"-1","height":"-1"},{"img":"https://static.tigerbbs.com/7f9e4f5b68dcb408955d1c71e85f5380","width":"-1","height":"-1"},{"img":"https://static.tigerbbs.com/d63da9acc54bb21920024b8ed7abd1da","width":"-1","height":"-1"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/639367269","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":19,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3124,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9099340941,"gmtCreate":1643299283077,"gmtModify":1676533800982,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"title":"","htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9099340941","repostId":"9090454610","repostType":1,"repost":{"id":9090454610,"gmtCreate":1643249931605,"gmtModify":1676533790701,"author":{"id":"3527667621665671","authorId":"3527667621665671","name":"Daily_Discussion","avatar":"https://community-static.tradeup.com/news/6973ef3354e752778088dfd8ca725c82","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667621665671","authorIdStr":"3527667621665671"},"themes":[],"title":"🔥[Jan 27th]Share your trades today with others >>","htmlText":"Hi,Tigers! Welcome to our official column:Daily Discussion! Here you can share your trading ideas, your opinions&nbsp;on&nbsp;market trends,the&nbsp;stocks you like(bullish on)or dislike(bearish on),and&nbsp;your investment performances,etc.. If you leave your thoughts in the comment area, you may receive Tiger Coins&nbsp;as reward&nbsp;which can be used at Gift Center! Below are Today's Key Takeaways. Top News Move the Market Tiger Community TOP10 Tickers ⭐For The Daily Most Active Stocks in S&amp;P 500, please turn to@TigerObserver ⭐For The Top 10 Popular Stcocks on WallStreetBets, Please turn to@WallStreet_Tiger Daily Focus&nbsp;Thursday Afternoon Recap U.S. equity markets finished the daylower, with theS&amp;P 500-0.15%, theDow-0.38%, theNasdaq+0.02%, and theRussell 2000-1.38%. With","listText":"Hi,Tigers! Welcome to our official column:Daily Discussion! Here you can share your trading ideas, your opinions&nbsp;on&nbsp;market trends,the&nbsp;stocks you like(bullish on)or dislike(bearish on),and&nbsp;your investment performances,etc.. If you leave your thoughts in the comment area, you may receive Tiger Coins&nbsp;as reward&nbsp;which can be used at Gift Center! Below are Today's Key Takeaways. Top News Move the Market Tiger Community TOP10 Tickers ⭐For The Daily Most Active Stocks in S&amp;P 500, please turn to@TigerObserver ⭐For The Top 10 Popular Stcocks on WallStreetBets, Please turn to@WallStreet_Tiger Daily Focus&nbsp;Thursday Afternoon Recap U.S. equity markets finished the daylower, with theS&amp;P 500-0.15%, theDow-0.38%, theNasdaq+0.02%, and theRussell 2000-1.38%. With","text":"Hi,Tigers! Welcome to our official column:Daily Discussion! Here you can share your trading ideas, your opinions on market trends,the stocks you like(bullish on)or dislike(bearish on),and your investment performances,etc.. If you leave your thoughts in the comment area, you may receive Tiger Coins as reward which can be used at Gift Center! Below are Today's Key Takeaways. Top News Move the Market Tiger Community TOP10 Tickers ⭐For The Daily Most Active Stocks in S&P 500, please turn to@TigerObserver ⭐For The Top 10 Popular Stcocks on WallStreetBets, Please turn to@WallStreet_Tiger Daily Focus Thursday Afternoon Recap U.S. equity markets finished the daylower, with theS&P 500-0.15%, theDow-0.38%, theNasdaq+0.02%, and theRussell 2000-1.38%. With","images":[{"img":"https://static.tigerbbs.com/4d88973302eced66c7cfae721c56bebb","width":"429","height":"170"},{"img":"https://static.tigerbbs.com/419852b64e141acfc924e04c1577a4b2","width":"1280","height":"720"},{"img":"https://static.tigerbbs.com/44298bd342ca71a76baead731b1dc36a","width":"758","height":"1676"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9090454610","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"subType":2,"comments":[],"imageCount":3,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898375945,"gmtCreate":1628475878887,"gmtModify":1703506652720,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"title":"","htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/898375945","repostId":"2158041619","repostType":2,"repost":{"id":"2158041619","kind":"news","pubTimestamp":1628470402,"share":"https://ttm.financial/m/news/2158041619?lang=en_US&edition=fundamental","pubTime":"2021-08-09 08:53","market":"us","language":"zh","title":"Apple's MacBook supply chain is reportedly in mass production, and two new MacBook Pros will be launched in the second half of the year.","url":"https://stock-news.laohu8.com/highlight/detail?id=2158041619","media":"IT之家","summary":"供应链媒体 Digitimes 今日报道称，苹果 MacBook供应链现已开动，将会在今年下半年推出两款新机。据称，苹果新款 MacBook Pro 自 7 月起便已进行拉货，8 月起正式量产，每月出货量将会达到 30 万~40 万台。苹果将会在今年下半年推出 2 款新的 MacBook Pro，每月出货量粗略估算可达 30 万-40 万台。从此前爆料来看，苹果可能正在准备推出传闻中的 14 英寸和 16 英寸 MacBook Pro，或将配备苹果 M1X 芯片，而重新设计的 MacBook Air 预计将在 2022 年晚些时候推出。","content":"<p><html><body><span><img src=\"http://n.sinaimg.cn/sinakd20210802ac/292/w812h1080/20210802/8c4c-a5d9c01be694a8c7e7648bc211dd5f0b.jpg\"/><em><span></span></em></span><font><a href=\"https://laohu8.com/S/AAPL\">Apple</a>The M1 MacBook Air/Pro screen has been reported to have cracks, and the official warranty is not available.</font></p><p>Supply chain media outlet Digitimes reported today that Apple's MacBook supply chain is now up and running, and two new models will be launched in the second half of this year.</p><p>It is reported that Apple's new MacBook Pro has been on sale since July, and mass production will officially begin in August, with monthly shipments expected to reach 300,000 to 400,000 units. Apple will launch two new MacBook Pros in the second half of this year, with monthly shipments roughly estimated at 300,000 to 400,000 units.</p><p>IT Home previously reported that two new MacBook models running macOS 12 Monterey had previously appeared in Eurasian Economic Commission documents (model numbers A2442 and A2485) and were expected to be released before the end of the year.</p><p><figure><img h=\"309\" src=\"http://n.sinaimg.cn/tech/crawl/59/w550h309/20210809/c3ee-b6ab9f763f1e1ceccb93ea88e73b00fa.jpg\" w=\"550\"/><h2></h2></figure>Based on previous leaks, Apple may be preparing to launch the rumored 14-inch and 16-inch MacBook Pros, which may be equipped with the Apple M1X chip, while the redesigned MacBook Air is expected to be launched later in 2022.</p><p><div sax-type=\"proxy\"></div>In Sunday's Power On newsletter, Bloomberg's Mark Gurman said that a new MacBook Pro with more \"M1X\" processors is still expected to be released \"in the coming months,\" while a new high-end Mac mini will appear \"shortly after that.\" In 2022, Gurman predicted that the iMac would \"fully transition by the end of next year\" and that \"there would also be a revamped small Mac Pro with Apple Silicon later next year.\"</p><p>With the M1X chip, the new MacBook Pro is rumored to be even more powerful, featuring a 1080p FaceTime camera, eliminating the Touch Bar, and adding more ports such as HDMI, microSD, and a new MagSafe charging port.</p><p>In terms of design, the new MacBook Pro will feature a completely new exterior design, reportedly with 14-inch and 16-inch screen sizes and new mini LED screen technology.</p><p><div><img src=\"http://n.sinaimg.cn/default/2fb77759/20151125/320X320.png\"/></div></body></html></p>","source":"sina_tech","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>Apple's MacBook supply chain is reportedly in mass production, and two new MacBook Pros will be launched in the second half of the 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\">\nApple's MacBook supply chain is reportedly in mass production, and two new MacBook Pros will be launched in the second half of the year.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">IT之家</strong><span class=\"h-time small\">2021-08-09 08:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><span><img src=\"http://n.sinaimg.cn/sinakd20210802ac/292/w812h1080/20210802/8c4c-a5d9c01be694a8c7e7648bc211dd5f0b.jpg\"/><em><span></span></em></span><font><a href=\"https://laohu8.com/S/AAPL\">Apple</a>The M1 MacBook Air/Pro screen has been reported to have cracks, and the official warranty is not available.</font></p><p>Supply chain media outlet Digitimes reported today that Apple's MacBook supply chain is now up and running, and two new models will be launched in the second half of this year.</p><p>It is reported that Apple's new MacBook Pro has been on sale since July, and mass production will officially begin in August, with monthly shipments expected to reach 300,000 to 400,000 units. Apple will launch two new MacBook Pros in the second half of this year, with monthly shipments roughly estimated at 300,000 to 400,000 units.</p><p>IT Home previously reported that two new MacBook models running macOS 12 Monterey had previously appeared in Eurasian Economic Commission documents (model numbers A2442 and A2485) and were expected to be released before the end of the year.</p><p><figure><img h=\"309\" src=\"http://n.sinaimg.cn/tech/crawl/59/w550h309/20210809/c3ee-b6ab9f763f1e1ceccb93ea88e73b00fa.jpg\" w=\"550\"/><h2></h2></figure>Based on previous leaks, Apple may be preparing to launch the rumored 14-inch and 16-inch MacBook Pros, which may be equipped with the Apple M1X chip, while the redesigned MacBook Air is expected to be launched later in 2022.</p><p><div sax-type=\"proxy\"></div>In Sunday's Power On newsletter, Bloomberg's Mark Gurman said that a new MacBook Pro with more \"M1X\" processors is still expected to be released \"in the coming months,\" while a new high-end Mac mini will appear \"shortly after that.\" In 2022, Gurman predicted that the iMac would \"fully transition by the end of next year\" and that \"there would also be a revamped small Mac Pro with Apple Silicon later next year.\"</p><p>With the M1X chip, the new MacBook Pro is rumored to be even more powerful, featuring a 1080p FaceTime camera, eliminating the Touch Bar, and adding more ports such as HDMI, microSD, and a new MagSafe charging port.</p><p>In terms of design, the new MacBook Pro will feature a completely new exterior design, reportedly with 14-inch and 16-inch screen sizes and new mini LED screen technology.</p><p><div><img src=\"http://n.sinaimg.cn/default/2fb77759/20151125/320X320.png\"/></div></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://tech.sina.cn/apple/2021-08-09/detail-ikqciyzm0352602.d.html?vt=4\">IT之家</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://k.sinaimg.cn/n/tech/667/w400h267/20210809/b4a4-18c9f40b38314e420f906eb69aa1028c.jpg/w120h90l50t1995.jpg","relate_stocks":{"AAPL":"苹果"},"source_url":"https://tech.sina.cn/apple/2021-08-09/detail-ikqciyzm0352602.d.html?vt=4","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2158041619","content_text":"苹果M1 MacBook Air/Pro被曝屏幕出现裂缝 官方不保修\n供应链媒体 Digitimes 今日报道称，苹果  MacBook 供应链现已开动，将会在今年下半年推出两款新机。\n据称，苹果新款 MacBook Pro 自 7 月起便已进行拉货，8 月起正式量产，每月出货量将会达到 30 万~40 万台。苹果将会在今年下半年推出 2 款新的 MacBook Pro，每月出货量粗略估算可达 30 万-40 万台。\nIT之家曾报道，有两款运行 macOS 12 Monterey 的新 MacBook 型号此前已出现在欧亚经济委员会的文件中（型号为 A2442 和 A2485），预计将会在年底之前发布。\n\n\n\n\n从此前爆料来看，苹果可能正在准备推出传闻中的 14 英寸和 16 英寸 MacBook Pro，或将配备苹果 M1X 芯片，而重新设计的 MacBook Air 预计将在 2022 年晚些时候推出。\n彭博社 Mark Gurman 在周日的 Power On 通讯中表示，配备更多“M1X”处理器的新 MacBook Pro 仍有望在“未来几个月”发布，而新的高端 Mac mini 将“在那之后不久”出现。在 2022 年，古尔曼预计 iMac 将“在明年年底前完全过渡”，“明年晚些时候也会有一款经过改造的、带搭载 Apple Silicon 的小型 Mac Pro”。\n有了 M1X 芯片，据传新的 MacBook Pro 将更加强大，带来 1080p FaceTime 摄像头，取消 Touch Bar，并增加更多的端口，如 HDMI、microSD 和新的 MagSafe 充电接口。\n在设计方面，新的 MacBook Pro 将采用全新的外形设计，据说将有 14 英寸和 16 英寸的屏幕尺寸，采用新的 mini LED 屏幕技术。","news_type":1,"symbols_score_info":{"AAPL":1}},"isVote":1,"tweetType":1,"viewCount":1877,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893765453,"gmtCreate":1628301620072,"gmtModify":1703504767476,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"title":"","htmlText":"Wa","listText":"Wa","text":"Wa","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/893765453","repostId":"2157912834","repostType":2,"isVote":1,"tweetType":1,"viewCount":2007,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899539876,"gmtCreate":1628205582295,"gmtModify":1703502978730,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"title":"","htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/899539876","repostId":"1145944874","repostType":2,"isVote":1,"tweetType":1,"viewCount":2182,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807872285,"gmtCreate":1628032817447,"gmtModify":1703499797297,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"title":"","htmlText":"O","listText":"O","text":"O","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/807872285","repostId":"2156201911","repostType":4,"repost":{"id":"2156201911","kind":"news","pubTimestamp":1628026500,"share":"https://ttm.financial/m/news/2156201911?lang=en_US&edition=fundamental","pubTime":"2021-08-04 05:35","market":"hk","language":"zh","title":"Foreign media headlines: US household debt saw its largest increase since 2013 in the second quarter.","url":"https://stock-news.laohu8.com/highlight/detail?id=2156201911","media":"新浪财经","summary":"　　在抵押贷款热潮推动下，第二季度美国家庭债务创下2013年以来最快增速。低借贷成本以及对更宽敞居家办公空间的渴望催生了房贷需求。　　纽约联储周二公布报告显示 ，截至6月底，家庭负债增长3130亿美元，至14.96万亿美元，较三个月前增长2.1%。　　总体而言，家庭债务占经济的比重仍远低于2008年金融危机前几年创下的高点。而且一些借款余额仍低于疫情爆发前水平。","content":"<p><b>The main headlines that global financial media focused on last night and this morning were:</b></p><p><b>1. The mortgage boom has driven the largest increase in US household debt since 2013.</b><b>2. Foreign Trade Bank: The Federal Reserve is expected to wait until after the 2024 general election before making a rate hike.</b><b>3. U.S. SEC Chairman Gensler guides Bitcoin ETFs: Accept strict regulation.</b><b>4. The Delta variant virus is on the rise, and the herd immunity threshold is expected to be raised to over 80%.</b><b>5. Major global banks earned $170 billion during the pandemic, marking their most profitable year ever.</b><b>6. The UK is reportedly considering blocking the US's largest chip manufacturer due to national security concerns.<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>Acquisition of Arm</b><img src=\"https://static.tigerbbs.com/42d7305c68055f3de54cae5c51091b1e\" tg-width=\"550\" tg-height=\"334\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The mortgage boom drove the largest increase in U.S. household debt since 2013.</b></p><p>Driven by a mortgage boom, U.S. household debt grew at its fastest rate since 2013 in the second quarter. Low borrowing costs and a desire for more spacious home office space have fueled mortgage demand.</p><p>A report released by the New York Federal Reserve on Tuesday showed that household debt rose by $313 billion to $14.96 trillion as of the end of June, a 2.1% increase from three months ago. The increase mainly comes from mortgage loan balances.</p><p>The Federal Reserve's July survey of senior lending commissioners, released Monday, showed that credit standards have been easing for other types of credit, such as auto loans and credit cards.</p><p>Overall, household debt as a percentage of the economy remains far below the peak reached in the years leading up to the 2008 financial crisis. Moreover, some loan balances are still lower than before the outbreak of the pandemic.</p><p><img src=\"https://static.tigerbbs.com/6e8de5a34c997f13ec1aab21f9a9b5ef\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>French Foreign Trade Bank: The Federal Reserve is expected to wait until after the 2024 election before rate hike.</b></p><p>Bond investors expecting the Federal Reserve to change course may have to wait a long time.</p><p>“My guess is that we won’t tighten policy until after the next presidential election,” Joseph LaVorgna, chief Americas economist at Banque Française, said in an interview on Tuesday. “Look at the last two cycles, the average time from the last interest rate cut to the first rate hike is seven years. So that’s not that unusual.”</p><p>LaVorgna previously served as a financial markets and economic advisor to former U.S. President Donald Trump, serving as special assistant and chief economist of the National Economic Council. He stated that after strong growth this year, economic growth is expected to slow in 2022, putting little pressure on the Federal Reserve to take interest rate actions.</p><p>“Next year I think the growth rate will be only 2%, or even lower,” he said. \"Inflation will be temporary. That's what the market is telling us.\"</p><p><img src=\"https://static.tigerbbs.com/efff1ba5fb6313b1cce4bfb7b8dde08f\" tg-width=\"550\" tg-height=\"378\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>U.S. SEC Chairman Gensler guides Bitcoin ETFs: subject to strict regulation</b></p><p>U.S. Securities and Exchange Commission Chairman Gary Gensler hinted at a path to approving the establishment of a Bitcoin ETF, stating that ETFs that comply with the SEC's strict rules on mutual funds would provide investors with the necessary protection.</p><p>Cryptocurrency enthusiasts believe that Bitcoin ETFs are crucial for cryptocurrencies to enter the mainstream. In his first major speech on cryptocurrencies, Gensler also hinted at being open to ETFs focused on Bitcoin futures. These futures are offered by CME group and require investors to put up a considerable amount of margin.</p><p>“With these important safeguards in place, I look forward to staff reviewing such applications, especially if these ETFs are limited to CME-traded Bitcoin futures,” he said in remarks prepared for the Aspen Security Forum on Tuesday.</p><p>Under Gensler and former chairman Jay Clayton, the SEC repeatedly refused to approve cryptocurrency ETFs, citing concerns about the transparency and manipulation risks of the Bitcoin spot market.</p><p><img src=\"https://static.tigerbbs.com/d5b16f07eb7d6ece2c21db131847c236\" tg-width=\"550\" tg-height=\"373\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The Delta variant is on the rise, and the threshold for herd immunity is expected to be raised to over 80%.</b></p><p>The Infectious Diseases Society of America said at a briefing on Tuesday that the spread of the delta variant of the novel coronavirus has pushed the threshold for herd immunity to more than 80% and may approach 90%.</p><p>Richard Franco, an assistant professor at the University of Alabama, said this is \"much higher\" than the previous estimate of 60% to 70%, because delta's transmission rate is twice that of previous viruses.</p><p>\"Obviously this is a very dangerous virus, much more dangerous than the original virus,\" Franco said.</p><p>Herd immunity is based on the idea that when a certain percentage of the population has been vaccinated or has been previously infected and is immunized, it will help protect a wider population and reduce the spread of the virus.</p><p><img src=\"https://static.tigerbbs.com/b52ef92fbf36ab71df9cf269a097a761\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Major global banks earned $170 billion during the pandemic, marking their most profitable year ever.</b></p><p>Earnings season has settled, and the combined profits of more than a dozen of the largest banks over the past four quarters have exceeded $170 billion, highlighting how much the industry has changed compared to the downturn in the early days of the pandemic.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>It was particularly outstanding, generating profits equivalent to $131 million per day.</p><p>Some successful deals early in the COVID-19 pandemic helped the industry. As market volatility subsided last year, investment bankers are preparing to drive acquisitions and financing activities through special purpose acquisition tools. Then, as the world economy began to recover, banks with wealth management and asset management divisions enjoyed the dividends of the stock market. The same trend is benefiting the retail sector, which has long been seen as a drag on performance, as they begin to cut loan loss provisions.</p><p><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>and<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Both broke their own profit records, surpassing their European counterparts.<a href=\"https://laohu8.com/S/UBS\">UBS</a>And Barclays' profits both hit their highest levels in a decade.<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>and<a href=\"https://laohu8.com/S/0J6Y.UK\">Société Générale</a>Other banks stated that their businesses benefited from the improvement in the global economy. Bank stocks reflected the impact of this strong earnings wave, with the Dow Jones...<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The industry index has risen 59% in the past year, and the Stoxx European Bank Stock Index has risen 56%.</p><p><img src=\"https://static.tigerbbs.com/a80a0b994f4a61751162e92c143ca57c\" tg-width=\"550\" tg-height=\"277\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The UK is reportedly considering blocking Nvidia's acquisition of Arm due to national security concerns.</b></p><p>According to sources, the UK is considering blocking Nvidia's acquisition of Arm Ltd. due to potential national security risks.</p><p>Nvidia, the largest chip company in the United States by market capitalization, announced last September that it would acquire Arm for $40 billion in order to expand its presence in the rapidly growing semiconductor market. Arm is currently owned by the Japanese conglomerate SoftBank.</p><p>In April of this year, British Culture Secretary Oliver Dowden asked the Competition and Markets Authority (CMA) to prepare a report on whether the deal could be considered anti-competitive and to summarize any national security concerns raised by third parties.</p><p>The assessment report, released at the end of July, included national security concerns, and the UK is currently inclined to reject the deal. Another person familiar with the matter said that the UK may conduct a more in-depth assessment of the acquisition due to national security concerns.</p>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Foreign media headlines: US household debt saw its largest increase since 2013 in the second quarter.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForeign media headlines: US household debt saw its largest increase since 2013 in the second quarter.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-08-04 05:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The main headlines that global financial media focused on last night and this morning were:</b></p><p><b>1. The mortgage boom has driven the largest increase in US household debt since 2013.</b><b>2. Foreign Trade Bank: The Federal Reserve is expected to wait until after the 2024 general election before making a rate hike.</b><b>3. U.S. SEC Chairman Gensler guides Bitcoin ETFs: Accept strict regulation.</b><b>4. The Delta variant virus is on the rise, and the herd immunity threshold is expected to be raised to over 80%.</b><b>5. Major global banks earned $170 billion during the pandemic, marking their most profitable year ever.</b><b>6. The UK is reportedly considering blocking the US's largest chip manufacturer due to national security concerns.<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>Acquisition of Arm</b><img src=\"https://static.tigerbbs.com/42d7305c68055f3de54cae5c51091b1e\" tg-width=\"550\" tg-height=\"334\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The mortgage boom drove the largest increase in U.S. household debt since 2013.</b></p><p>Driven by a mortgage boom, U.S. household debt grew at its fastest rate since 2013 in the second quarter. Low borrowing costs and a desire for more spacious home office space have fueled mortgage demand.</p><p>A report released by the New York Federal Reserve on Tuesday showed that household debt rose by $313 billion to $14.96 trillion as of the end of June, a 2.1% increase from three months ago. The increase mainly comes from mortgage loan balances.</p><p>The Federal Reserve's July survey of senior lending commissioners, released Monday, showed that credit standards have been easing for other types of credit, such as auto loans and credit cards.</p><p>Overall, household debt as a percentage of the economy remains far below the peak reached in the years leading up to the 2008 financial crisis. Moreover, some loan balances are still lower than before the outbreak of the pandemic.</p><p><img src=\"https://static.tigerbbs.com/6e8de5a34c997f13ec1aab21f9a9b5ef\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>French Foreign Trade Bank: The Federal Reserve is expected to wait until after the 2024 election before rate hike.</b></p><p>Bond investors expecting the Federal Reserve to change course may have to wait a long time.</p><p>“My guess is that we won’t tighten policy until after the next presidential election,” Joseph LaVorgna, chief Americas economist at Banque Française, said in an interview on Tuesday. “Look at the last two cycles, the average time from the last interest rate cut to the first rate hike is seven years. So that’s not that unusual.”</p><p>LaVorgna previously served as a financial markets and economic advisor to former U.S. President Donald Trump, serving as special assistant and chief economist of the National Economic Council. He stated that after strong growth this year, economic growth is expected to slow in 2022, putting little pressure on the Federal Reserve to take interest rate actions.</p><p>“Next year I think the growth rate will be only 2%, or even lower,” he said. \"Inflation will be temporary. That's what the market is telling us.\"</p><p><img src=\"https://static.tigerbbs.com/efff1ba5fb6313b1cce4bfb7b8dde08f\" tg-width=\"550\" tg-height=\"378\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>U.S. SEC Chairman Gensler guides Bitcoin ETFs: subject to strict regulation</b></p><p>U.S. Securities and Exchange Commission Chairman Gary Gensler hinted at a path to approving the establishment of a Bitcoin ETF, stating that ETFs that comply with the SEC's strict rules on mutual funds would provide investors with the necessary protection.</p><p>Cryptocurrency enthusiasts believe that Bitcoin ETFs are crucial for cryptocurrencies to enter the mainstream. In his first major speech on cryptocurrencies, Gensler also hinted at being open to ETFs focused on Bitcoin futures. These futures are offered by CME group and require investors to put up a considerable amount of margin.</p><p>“With these important safeguards in place, I look forward to staff reviewing such applications, especially if these ETFs are limited to CME-traded Bitcoin futures,” he said in remarks prepared for the Aspen Security Forum on Tuesday.</p><p>Under Gensler and former chairman Jay Clayton, the SEC repeatedly refused to approve cryptocurrency ETFs, citing concerns about the transparency and manipulation risks of the Bitcoin spot market.</p><p><img src=\"https://static.tigerbbs.com/d5b16f07eb7d6ece2c21db131847c236\" tg-width=\"550\" tg-height=\"373\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The Delta variant is on the rise, and the threshold for herd immunity is expected to be raised to over 80%.</b></p><p>The Infectious Diseases Society of America said at a briefing on Tuesday that the spread of the delta variant of the novel coronavirus has pushed the threshold for herd immunity to more than 80% and may approach 90%.</p><p>Richard Franco, an assistant professor at the University of Alabama, said this is \"much higher\" than the previous estimate of 60% to 70%, because delta's transmission rate is twice that of previous viruses.</p><p>\"Obviously this is a very dangerous virus, much more dangerous than the original virus,\" Franco said.</p><p>Herd immunity is based on the idea that when a certain percentage of the population has been vaccinated or has been previously infected and is immunized, it will help protect a wider population and reduce the spread of the virus.</p><p><img src=\"https://static.tigerbbs.com/b52ef92fbf36ab71df9cf269a097a761\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Major global banks earned $170 billion during the pandemic, marking their most profitable year ever.</b></p><p>Earnings season has settled, and the combined profits of more than a dozen of the largest banks over the past four quarters have exceeded $170 billion, highlighting how much the industry has changed compared to the downturn in the early days of the pandemic.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>It was particularly outstanding, generating profits equivalent to $131 million per day.</p><p>Some successful deals early in the COVID-19 pandemic helped the industry. As market volatility subsided last year, investment bankers are preparing to drive acquisitions and financing activities through special purpose acquisition tools. Then, as the world economy began to recover, banks with wealth management and asset management divisions enjoyed the dividends of the stock market. The same trend is benefiting the retail sector, which has long been seen as a drag on performance, as they begin to cut loan loss provisions.</p><p><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>and<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Both broke their own profit records, surpassing their European counterparts.<a href=\"https://laohu8.com/S/UBS\">UBS</a>And Barclays' profits both hit their highest levels in a decade.<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>and<a href=\"https://laohu8.com/S/0J6Y.UK\">Société Générale</a>Other banks stated that their businesses benefited from the improvement in the global economy. Bank stocks reflected the impact of this strong earnings wave, with the Dow Jones...<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The industry index has risen 59% in the past year, and the Stoxx European Bank Stock Index has risen 56%.</p><p><img src=\"https://static.tigerbbs.com/a80a0b994f4a61751162e92c143ca57c\" tg-width=\"550\" tg-height=\"277\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The UK is reportedly considering blocking Nvidia's acquisition of Arm due to national security concerns.</b></p><p>According to sources, the UK is considering blocking Nvidia's acquisition of Arm Ltd. due to potential national security risks.</p><p>Nvidia, the largest chip company in the United States by market capitalization, announced last September that it would acquire Arm for $40 billion in order to expand its presence in the rapidly growing semiconductor market. Arm is currently owned by the Japanese conglomerate SoftBank.</p><p>In April of this year, British Culture Secretary Oliver Dowden asked the Competition and Markets Authority (CMA) to prepare a report on whether the deal could be considered anti-competitive and to summarize any national security concerns raised by third parties.</p><p>The assessment report, released at the end of July, included national security concerns, and the UK is currently inclined to reject the deal. Another person familiar with the matter said that the UK may conduct a more in-depth assessment of the acquisition due to national security concerns.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2021-08-04/doc-ikqciyzk9379676.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d5b16f07eb7d6ece2c21db131847c236","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","QQQ":"纳指100ETF","UDOW":"三倍做多道指30ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","DDM":"2倍做多道指ETF-ProShares",".SPX":"S&P 500 Index","SQQQ":"纳指三倍做空ETF","SPXU":"三倍做空标普500ETF-ProShares","PSQ":"做空纳斯达克100指数ETF-ProShares","SDOW":"三倍做空道指30ETF-ProShares","EBON":"亿邦国际","DXD":"两倍做空道琼30指数ETF-ProShares","CAN":"嘉楠科技","QLD":"2倍做多纳斯达克100指数ETF-ProShares","DOG":"道指ETF-ProShares做空","SDS":"两倍做空标普500 ETF-ProShares","IVV":"标普500ETF-iShares","TQQQ":"纳指三倍做多ETF","QID":"两倍做空纳斯达克指数ETF-ProShares","OEX":"标普100","DJX":"1/100道琼斯","SSO":"2倍做多标普500ETF-ProShares","SH":"做空标普500-Proshares","OEF":"标普100指数ETF-iShares"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2021-08-04/doc-ikqciyzk9379676.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2156201911","content_text":"全球财经媒体昨夜今晨共同关注的头条新闻主要有：\n\n1、抵押贷款热潮推动美国家庭债务创2013年以来最大增幅\n\n\n2、法国外贸银行：预计美联储要等到2024年大选后才加息\n\n\n3、美国SEC主席根斯勒为比特币ETF指路：接受严格监管\n\n\n4、Delta变种病毒来势凶猛 群体免疫门槛料被推高至80%以上\n\n\n5、全球大银行疫情中盈利1700亿美元 创下有史以来最赚钱的一年\n\n\n6、英国据悉因国家安全关切考虑阻止美国最大芯片商英伟达收购Arm\n\n\n抵押贷款热潮推动美国家庭债务创2013年以来最大增幅\n在抵押贷款热潮推动下，第二季度美国家庭债务创下2013年以来最快增速。低借贷成本以及对更宽敞居家办公空间的渴望催生了房贷需求。\n纽约联储周二公布报告显示 ，截至6月底，家庭负债增长3130亿美元，至14.96万亿美元，较三个月前增长2.1%。增量主要来自抵押贷款余额。\n美联储周一公布的7月高级贷款专员意见调查显示，对于其他类型的信贷，例如汽车贷款和信用卡，信贷标准一直在放松。\n总体而言，家庭债务占经济的比重仍远低于2008年金融危机前几年创下的高点。而且一些借款余额仍低于疫情爆发前水平。\n\n法国外贸银行：预计美联储要等到2024年大选后才加息\n期待美联储改弦更张的债券投资者可能要等很久。\n“我的猜测是我们要等到下一次总统大选之后才会收紧政策，”法国外贸银行首席美洲经济学家Joseph LaVorgna周二接受采访时表示。“你看看最近两个周期，从最后一次降息到第一次加息的平均时间是七年。所以这真不是那么不寻常。”\nLaVorgna曾任美国前总统唐纳德·特朗普的金融市场和经济顾问，职务是国家经济委员会特别助理兼首席经济学家。他表示，在今年强劲增长后，2022年经济增长势将放缓，令美联储采取利率行动的压力不大。\n“明年我认为增长率只有2%，甚至更低，”他说。“通胀将是暂时的。这是市场告诉我们的。”\n\n美国SEC主席根斯勒为比特币ETF指路：接受严格监管\n美国证券交易委员会主席根斯勒（Gary Gensler）暗示了一条批准设立比特币ETF的途径，表示符合SEC关于共同基金严格规则的ETF能给投资者提供必要的保护。\n加密货币爱好者认为，比特币ETF对于加密货币进入主流领域至关重要。在他首次有关加密货币的重要演讲中，Gensler还暗示对专注于比特币期货的ETF持开放态度。这种期货由芝商所提供，并要求投资者拿出可观的保证金。\n“有了这些重要的保护措施，我期待工作人员对此类申请进行审查，特别是如果这些ETF仅限于CME交易的比特币期货，”他在周二为阿斯彭安全论坛准备的讲话中表示。\n在Gensler及前任主席Jay Clayton领导下，SEC多次拒绝批准加密货币ETF，担心比特币现货市场的透明度和操纵风险。\n\nDelta变种病毒来势凶猛 群体免疫门槛料被推高至80%以上\n美国传染病学会周二在一次情况通报会上表示，delta新冠病毒变种的传播已将群体免疫的门槛推高至80%以上，并可能接近90%。\n阿拉巴马大学助理教授Richard Franco表示，这比之前估计的60%至70%“高得多”，因为delta的传播率是先前病毒的两倍。\n“显然这是一种非常危险的病毒，比原始病毒危险得多，” Franco说。\n群体免疫是基于这样的想法：当一定比例的人口已经接种疫苗或之前曾感染而获得免疫，将有助于保护更广泛的人群并减少病毒的传播。\n\n全球大银行疫情中盈利1700亿美元 创下有史以来最赚钱的一年\n财报季尘埃落定，十几家最大银行过去四个季度的利润总和超过1700亿美元，彰显出该行业与疫情早期的低迷相比发生了多么巨大的变化。摩根大通尤为出色，所获利润相当于每天赚进1.31亿美元。\n新冠疫情早期一些成功的交易帮助了该行业。随着去年的市场波动消退，投资银行家准备通过特殊目的收购工具来推动收购和筹资活动。然后随着世界经济开始复苏，拥有财富管理和资产管理部门的银行享受到了股市的红利。同样的趋势也惠及长期以来被视为拖业绩后腿的零售部门，因为他们开始削减贷款损失拨备。\n高盛和摩根士丹利双双打破自身盈利纪录，欧洲同行瑞银和巴克莱的利润都创十年来最高水平。德意志银行和法国兴业银行等银行表示业务受益于全球经济改善。银行股反映了这一波强劲业绩的影响，道琼斯美国银行业指数过去一年上涨59%，欧洲斯托克银行股指数上涨56%。\n\n英国据悉因国家安全关切考虑阻止美国最大芯片商英伟达收购Arm\n据知情人士透露，英国因潜在国家安全风险正考虑阻止英伟达收购Arm Ltd．。\n按市值计算美国最大芯片公司英伟达去年9月宣布以400亿美元收购Arm，以在发展迅猛的半导体市场扩大地盘。Arm目前为日本企业集团软银所有。\n今年4月，英国文化大臣Oliver Dowden要求竞争和市场管理局（CMA）准备一份有关该交易是否可被视为反竞争的报告，并汇总第三方提出的任何国家安全关切。\n7月底出炉的评估报告包含国家安全关切，英国目前倾向于否定该交易。另一位知情人士表示，出于国家安全考虑，英国可能会对这笔并购进行更深入的评估。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"UDOW":0.9,"QLD":0.9,"SDS":0.9,"IVV":0.9,"PSQ":0.9,"ESmain":0.9,"MNQmain":0.9,"XBTmain":0.9,"UPRO":0.9,"NQmain":0.9,"SDOW":0.9,"TQQQ":0.9,".IXIC":0.9,"DOG":0.9,"SSO":0.9,"DDM":0.9,"EBON":0.9,".SPX":0.9,"QID":0.9,".DJI":0.9,"DXD":0.9,"OEF":0.9,"BTCmain":0.9,"OEX":0.9,"SH":0.9,"DJX":0.9,"CAN":0.9,"SQQQ":0.9,"QQQ":0.9,"SPXU":0.9}},"isVote":1,"tweetType":1,"viewCount":2140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174208005,"gmtCreate":1627098730807,"gmtModify":1703484250191,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"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/174208005","repostId":"1135225174","repostType":4,"repost":{"id":"1135225174","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":1627098358,"share":"https://ttm.financial/m/news/1135225174?lang=en_US&edition=fundamental","pubTime":"2021-07-24 11:45","market":"hk","language":"zh","title":"NetEase Cloud Music responds to the State Administration for Market Regulation's anti-monopoly","url":"https://stock-news.laohu8.com/highlight/detail?id=1135225174","media":"老虎资讯综合","summary":"针对市场监管总局责令腾讯解除网络音乐独家版权，网易云发公告称坚决支持国家市场监督管理总局处罚决定。网易云音乐认为，国家市场监督管理总局依法责令涉案公司解除网络音乐独家版权协议、停止高额预付金等版权费用","content":"<p>In response to the order of the State Administration for Market<a href=\"https://laohu8.com/S/00700\">Tencent</a>Terminate the exclusive copyright of online music.<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Yunfa issued an announcement stating that it firmly supports the State Administration for Market Regulation's penalty decision. NetEase Cloud Music believes that the State Administration for Market Regulation's measures to restore market competition, such as ordering the companies involved to terminate exclusive online music copyright agreements, cease payment of high prepayments and other copyright fees, and prohibit the implementation of most-favored-nation treatment clauses, will continue to improve China's online music copyright licensing environment, guide copyright prices back to rationality, promote the widespread dissemination of excellent music works and enhance users' music consumption experience, promote the industry's alignment with international rules, and enhance the international competitiveness of Chinese music platform companies.</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>NetEase Cloud Music responds to the State Administration for Market Regulation's anti-monopoly</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\">\nNetEase Cloud Music responds to the State Administration for Market Regulation's anti-monopoly\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-24 11:45</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>In response to the order of the State Administration for Market<a href=\"https://laohu8.com/S/00700\">Tencent</a>Terminate the exclusive copyright of online music.<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Yunfa issued an announcement stating that it firmly supports the State Administration for Market Regulation's penalty decision. NetEase Cloud Music believes that the State Administration for Market Regulation's measures to restore market competition, such as ordering the companies involved to terminate exclusive online music copyright agreements, cease payment of high prepayments and other copyright fees, and prohibit the implementation of most-favored-nation treatment clauses, will continue to improve China's online music copyright licensing environment, guide copyright prices back to rationality, promote the widespread dissemination of excellent music works and enhance users' music consumption experience, promote the industry's alignment with international rules, and enhance the international competitiveness of Chinese music platform companies.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fcabf75ca25b5c2a5767c559e42702f8","relate_stocks":{"09999":"网易","QNETCN":"纳斯达克中美互联网老虎指数","NTES":"网易"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135225174","content_text":"针对市场监管总局责令腾讯解除网络音乐独家版权，网易云发公告称坚决支持国家市场监督管理总局处罚决定。网易云音乐认为，国家市场监督管理总局依法责令涉案公司解除网络音乐独家版权协议、停止高额预付金等版权费用支付方式、不得实施最惠国待遇条款等恢复市场竞争状态的措施，将持续改善中国网络音乐版权授权环境，引导版权价格回归理性，促进优秀音乐作品的广泛传播和用户音乐消费体验提升，推动产业接轨国际规则，提升我国音乐平台企业国际竞争力。","news_type":1,"symbols_score_info":{"90033":0.9,"09999":0.9,"QNETCN":0.9,"NTES":0.9}},"isVote":1,"tweetType":1,"viewCount":1646,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171862494,"gmtCreate":1626737667018,"gmtModify":1703764071350,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"title":"","htmlText":"u","listText":"u","text":"u","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/171862494","repostId":"2152657534","repostType":4,"isVote":1,"tweetType":1,"viewCount":1889,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173671456,"gmtCreate":1626659864475,"gmtModify":1703762846546,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"title":"","htmlText":"G","listText":"G","text":"G","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/173671456","repostId":"1119317025","repostType":4,"isVote":1,"tweetType":1,"viewCount":1748,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179725510,"gmtCreate":1626579286430,"gmtModify":1703761977095,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"title":"","htmlText":"j","listText":"j","text":"j","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/179725510","repostId":"1199169547","repostType":4,"repost":{"id":"1199169547","kind":"news","weMediaInfo":{"introduction":"侃投资/话人生/广交友","home_visible":1,"media_name":"股市荀策","id":"1012219063","head_image":"https://static.tigerbbs.com/0945e49df9384880a2a850c7de1463be"},"pubTimestamp":1626577567,"share":"https://ttm.financial/m/news/1199169547?lang=en_US&edition=fundamental","pubTime":"2021-07-18 11:06","market":"sh","language":"zh","title":"Haitong Strategy: On the Current Market Style! Is the sound of the waves still the same?","url":"https://stock-news.laohu8.com/highlight/detail?id=1199169547","media":"股市荀策","summary":"核心结论：①19年初以来市场风格整体偏向成长，从风格指数和估值相对走势看成风格演化还未到极致。②经济基本面、流动性、相对估值并非决定风格的核心变量，盈利相对趋势决定当前市场风格将延续。③继续看好市场，","content":"<p><b>Key conclusions:</b>①Since the beginning of 2019, the overall market style has been biased towards growth. Judging from the relative trends of style indices and valuations, the style evolution has not yet reached its peak. ② Economic fundamentals, liquidity, and relative valuation are not the core variables that determine the style; the relative trend of profitability determines that the current market style will continue. ③ We remain optimistic about the market; large-cap growth stocks, represented by the Moutai Index, remain a good allocation.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Mid-cap growth, represented by manufacturing, is more resilient.</p><p><b>Is the sound of the waves still the same?</b></p><p><b>—On the current market style</b></p><p>Overall, this is the third year that growth stocks have dominated the A-share market, and the sixth year that the broader market has dominated the market. Some investors are concerned that the current market style divergence is too extreme and that a style shift is imminent. We reviewed the past style shifts in the A-share market, identified the core variables that determine style, and attempted to address this market concern.</p><p><b>1. The current market style still leans towards overall growth.</b></p><p><b>Currently, growth stocks still dominate the A-share market.</b>There are two main types of market styles: large and small cap styles and value growth styles. Looking back at history, both the US stock market and the A-share market have exhibited typical style rotation characteristics between large and small caps. The rotation cycle between large and small-cap stocks in the US stock market is 3-6 years. Between 2015 and 2019, large-cap stocks (S&P 100) dominated, but over the past 20 years, the style has shown a trend towards small-cap stocks (Russell 2000). As an emerging market, the A-share market has a shorter rotation cycle between large and small-cap stocks, generally 2-3 years. From the end of 2013 to 2015, small-cap stocks (Shenwan small-cap stocks) emerged victorious, while large-cap stocks (Shenwan large-cap stocks) have outperformed since 2016. In terms of the rotation of value growth styles, the value growth style (value: Dow Jones Industrial Average, growth: Nasdaq Industrial Average) in the US stock market switched rapidly between 2000 and 2009, but the growth style has continued to dominate since 2010. Before 2019, the rotation of value growth (value: SSE 50, growth: ChiNext Index) styles in A-shares was basically synchronized with the rotation of small and medium-cap styles. That is, when value stocks dominated, large-cap stocks won, and when growth stocks dominated, small-cap stocks performed well. However, since 2019, the rotation of growth value and small and medium-cap styles has diverged. When large-cap stocks continued to dominate, the style returned to growth, and it is still in the trend of growth dominance.</p><p><img src=\"https://static.tigerbbs.com/d234eaf8393cf8c2f1b38a1970b8ab19\" tg-width=\"1080\" tg-height=\"364\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/61081654eab0e55431418ed51416e85f\" tg-width=\"1080\" tg-height=\"368\" referrerpolicy=\"no-referrer\"></p><p><b>The evolution of market styles has not yet reached its limit.</b>Although the growth market and the broader market have been outperforming for three and six years respectively, the market evolution is still far from its peak. From a value growth perspective, we use the relative trends of the ChiNext Index/SSE 50 and PE valuations to describe the growth value style. Currently (as of 21/07/16, the same below), the ChiNext Index/SSE 50 is 1.03, which is already higher than one standard deviation of the upward trend. It seems that the advantage of the growth style is quite extreme. However, from a valuation perspective, the current PE ratio of the ChiNext Index to the SSE 50 Index is 5.17, which is near the historical average, indicating that the dominance of growth stocks has not reached its extreme. From the perspective of large and small caps, we use the relative trends of the Shenwan Large Cap/Shenwan Small Cap Index and PE valuations to describe the style of large and small caps. Since 2016, the trend of the Shenwan Large Cap/Shenwan Small Cap has continued to rise. Since February this year, there has been a slight adjustment, and the current level is 0.93, which is close to the historical average. The style divergence between large and small caps is not extreme. Looking at the relative PE trend, the current PE ratio of Shenwan large-cap stocks to Shenwan small-cap stocks is 0.75, which is far higher than the standard deviation of 1. This phenomenon does not mean that the market style has reached its extreme, but rather that the valuation premium of small-cap stocks has been decreasing since 2016. The reason behind this is that the registration system is strengthening the differentiation between large and small-cap stocks. Before the implementation of the registration-based IPO system, the IPO approval system greatly increased the listing costs of companies. Many companies would find alternative ways and seek backdoor listings. Therefore, even if some small-cap listed companies are not well-managed, they still have considerable \"shell value\". Since 2019, the implementation of the registration-based IPO system has greatly compressed the \"shell value,\" further strengthened the connection between listed companies' stock price performance and fundamentals, and continuously reduced the valuation premium of small-cap stocks relative to large-cap stocks. The Shenwan Large-Cap PE/Shenwan Small-Cap PE ratio has risen from 0.61 on 19/07/22 to the current 0.75.</p><p><img src=\"https://static.tigerbbs.com/979f4f6104ab2087465e1c3038a170b9\" tg-width=\"1080\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f7865a2e9c4bee78237b7998803aa646\" tg-width=\"1080\" tg-height=\"370\" referrerpolicy=\"no-referrer\"></p><p><b>In a bull market, the style may fluctuate briefly, but the market style will continue its original trend in the later stages.</b>Historically, the market style experienced short-term fluctuations in the later stages of the 2005-2007 and 2012-2015 bull markets, but the market subsequently continued to maintain the characteristics of the previous style. From 2005 to 2007, the bull market was dominated by large-cap blue-chip stocks, represented by real estate and banking, with a generally superior value style. However, value stocks that had seen strong gains in the early stages of January-March 2007 were generally pullback/retracement, while small-cap stocks performed better. During this period, the Shenwan large-cap index saw a maximum decline of 27%, while the Shenwan small-cap index saw a maximum increase of 63%. The relative trend ratio of the Shenwan large-cap/small-cap index dropped from a high of 1.62 on January 10, 2007 to a low of 1.36 on March 23, 2007. However, after the market correction ended, the previous value style continued, and the relative trend ratio of the Shenwan large-cap/small-cap index climbed all the way up, reaching a high of 2.04 on March 10, 2007. The bull market from 2012 to 2015 was dominated by technology stocks, represented by TMT, and growth stocks generally dominated. However, from October 2014 to January 2015, a recovery in value stocks, represented by finance and real estate, also occurred. During this period, the SSE 50 index rose by a maximum of 65%, while the ChiNext index fell by a maximum of 13%. The relative ratio of the ChiNext index to the SSE 50 index dropped from a high of 0.96 on October 13, 2014 to a low of 0.55 on January 5, 2015. After the adjustment, the relative ratio of the ChiNext index to the SSE 50 index climbed all the way up, reaching a high of 1.23 in June 2015. In this bull market, the growth and broader market styles dominated. After the Spring Festival, the market experienced a brief correction due to inflation concerns and rising US Treasury yields, but looking ahead, the growth and broader market styles remain dominant.</p><p><b>2. Profitability is the core variable determining style.</b></p><p><b>Economic fundamentals, liquidity, and relative valuations are not the core variables that determine style.</b>With the recent comprehensive reserve requirement ratio cut by the central bank and the release of second-quarter macroeconomic data, some investors are concerned that changes in the liquidity environment and economic growth rate will affect the style. Our analysis revealed that factors such as liquidity, economic fundamentals, and relative valuations are not the core variables determining market style. This can be gleaned from a review of historical data.</p><p>The tightness of liquidity has little impact on style. In terms of large and small-cap stocks, during the two periods from January 13 to February 14, when small-cap stocks dominated, and from October 16 to January 18, when large-cap stocks dominated, the yield of the 10-year Treasury Bond was in an upward range, rising from 3.57% on January 13 to 4.51% on February 14, and from 2.65% on October 16 to 3.94% on January 18, respectively. In terms of growth value styles, the 10-year Treasury Bond yield continued to rise between October 16-January 18 and April 20-November 20, but value outperformed from October 16-January 18 and growth outperformed from April 20-November 20.</p><p>Economic fundamentals have a certain impact on style. When economic data improves, it favors value/large-cap stocks, but the two have also diverged: in terms of the year-on-year GDP growth rate in the current quarter, small-cap stocks generally outperformed during the economic upturn in 2009-10; Looking at the year-on-year growth rate of industrial added value in the current quarter, industrial added value continued to decline in 2011-12, but the value style dominated during this period.</p><p>Relative valuation changes are the price performance of style shifts, and touching the extreme value of the valuation range can easily trigger a style shift. For example, in October 2014, the valuation premium of growth stocks relative to value stocks was at a historical high, and from the end of 2014 to January 2015, a recovery in value stocks, represented by finance and real estate, occurred. However, from the perspective of large and small-cap stocks, in recent years, due to the advancement of the registration system, the valuation premium of small-cap stocks has been decreasing, and the relative valuation of large and small-cap stocks has weakened the impact of style switching.</p><p><img src=\"https://static.tigerbbs.com/2dae2ed3fc56a9bde662c6297d0485c2\" tg-width=\"1080\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/30a81a27008103f93ed2c5aa6de3bcd3\" tg-width=\"1080\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p><p><b>The relative trend of profitability is the core variable determining style.</b>In the long run, stocks are like weighing machines. From a long-term perspective, fundamentals determine stock price fluctuations, and the divergence of earnings trends is a watershed moment for style shifts. In terms of value growth styles, whether value dominated in 2016-17 or the style has weakened since 2019, the core variable behind it is profitability. During the period of value dominance in 2016-17, the cumulative year-on-year growth rate of net profit attributable to the parent company of the SSE 50 Index rose from -7.6% in Q1 2016 (ROE-TTM was 11.6%) to 13.9% (11.8%) in Q4 2017. The ChiNext Index fell from 77.1% (12.5%) in Q1 2016 to -39.8% (6.0%) in Q4 2017. The difference between the cumulative year-on-year net profit attributable to the parent company of the ChiNext Index and the SSE 50 Index (the difference between ROE and TTM) declined from 84.7% (0.78%) in Q1 2016 to -53.8% (-5.74%) in Q4 2017. The reason for the weakening of the value growth style in 2019 is that the profit growth rate of the ChiNext Index rebounded more significantly. The cumulative year-on-year growth rate of net profit attributable to the parent company of the SSE 50 Index changed from 8.1% (12.1%) in Q4 2018 to 43.2% (10.9%) in Q1 2021. However, the net profit growth rate of the ChiNext Index rose from -38.4% (7.0%) to 94.2% (13.5%), and the difference between the ChiNext Index and the SSE 50 Index rose from -46.5% (-5.1%) in Q4 2018 to 50.9% (2.6%) in Q1 2021.</p><p><b>3. Go with the flow, uphold principles, and explore new avenues.</b></p><p><b>The bull market remains unchanged, and the market is expected to reach new highs.</b>We remain optimistic about the second half of the year. From a macro perspective, the investment clock is a good tool for asset allocation analysis based on the macro background. Several of our previous reports have pointed out that the investment clock is still in an overheated period. The newly released economic data shows that my country's GDP grew by 7.9% year-on-year in the second quarter, with a two-year compound annual growth rate of 5.5%, higher than the 5.0% in the first quarter. From the perspective of the investment clock, this further confirms that this year is still in an overheated period. From a micro perspective, there are three specific reasons: First, macro liquidity is neutral and micro liquidity is ample. In terms of macro liquidity, the average yield of the ten-year Treasury Bond from the beginning of 2021 to the present (as of 21/07/16) was 3.16%, while the averages in 2018, 2019 and 2020 were 3.64%, 3.20% and 2.98%, respectively. This year, the tightness of macro liquidity has only returned to near the level of 2019. From the perspective of micro-liquidity, equity-oriented public funds have issued a total of 1.3 trillion yuan this year, compared to 2.0 trillion yuan for the whole of 2020. Northbound capital has seen a net inflow of 238.6 billion yuan, compared to 208.9 billion yuan in 2020. In comparison, micro-liquidity is very ample this year. Second, corporate profits are expanding. Looking back at history, the index peak of a bull market is slightly earlier than the profit indicator peak. Specifically, the index peak is more related to the ROE peak. Although the year-on-year peak of corporate profits in a single quarter was in Q1 2021, after excluding the impact of the low base, the ROE peak of this round of profit cycle is in Q4 2021 or Q1 2022. The year-on-year growth rate of A-share net profit for the whole year is expected to be 20%. Looking ahead to the second half of the year, the continued improvement of fundamentals is expected to support the continuous rise of the market center. Third, market risk appetite is rising. Sectors with the largest stock price increases this year tend to have higher valuations. This is actually a characteristic of the mid-to-late stages of a bull market: market risk appetite continues to rise, investors focus on trends and are willing to give high valuations to high-growth sectors. In addition, judging from sentiment indicators, the current market sentiment is around 60-65 degrees Celsius, and there is still room for further improvement in risk appetite.</p><p><img src=\"https://static.tigerbbs.com/85f19ea50e5defc481714feaf51fba50\" tg-width=\"1080\" tg-height=\"359\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5dba53f1541db8df58370e3ae9e3a92f\" tg-width=\"1080\" tg-height=\"369\" referrerpolicy=\"no-referrer\"></p><p><b>The interim earnings forecast and preliminary report confirm that profits are still in an upward cycle, and the performance of the Science and Technology Innovation Board has improved significantly.</b>As of July 15, excluding ST companies, the number of companies that disclosed interim earnings forecasts and preliminary reports in 2021 accounted for 33% of all A-shares. Taking companies that have already disclosed forecasts/preliminary reports as a sample, we calculate the interim results of each sector. By using the two-year annualized compound growth rate to eliminate the low base effect in the first quarter of last year, we can find that the rebound trend in performance in the first half of this year continues. Specifically, the compound annualized growth rate of net profit attributable to the parent company for all A-shares in the first half of 2021 compared to the first half of 19H was 35% (the compound annualized growth rate in the first half of 21Q was 35%, the same below), the ChiNext board was 38%, and the STAR Market was 92% and 89%, respectively. In terms of major industry categories, the financial and real estate sector saw the most significant improvement in performance in the first half of 2021 compared to the first quarter, with annualized growth rates of 10% and 0% in net profit attributable to the parent company in H1 and Q1 of 2021, respectively. This was followed by technology (computer, media, communications, and electronics), with growth rates of 48% and 45% in H1 and Q1 of 2021, respectively. In addition to industry sectors, we also analyzed the concept indices and the Moutai Index, which saw significant gains in the first half of this year. The largest difference in the annualized growth rate of net profit attributable to the parent company between H1 and Q1 2021 was in the new energy vehicle index, with an annualized growth rate of 72% in H1 2021 (56% in Q1 2021, the same below). The growth rate of net profit attributable to the parent company of the lithium battery index also increased significantly, with an annualized growth rate of 53% in the first half of 2021 (44% in Q1 2021). The growth rates of net profit attributable to the parent company of the Maotai Index and the Semiconductor Index declined slightly, but still remained at a high level. Among them, the annualized growth rate of the Maotai Index in the first half of 21H1 was 62% (69% in 21Q1), and the growth rate of the Semiconductor Index in the first half of 21H1 was 114% (121% in 21Q1). Overall, the profitability trend of growth relative value may expand, and the growth style will continue. For details, please refer to our previous report, \"Significant Improvement in the Performance of the Science and Technology Innovation Board - 2021 Interim Results Forecast and Preliminary Report Commentary - 20210715\".</p><p><img src=\"https://static.tigerbbs.com/59e6a24bff781155770bbf40e8c9ffbe\" tg-width=\"1080\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p><b>Only by upholding principles and striving for excellence can we achieve</b>Shougeng: Large-cap growth stocks, represented by the Moutai Index, remain a good allocation. In the era of a stock economy, industry concentration is increasing, high-quality leading companies have better fundamentals, and the profitability of large-cap growth stocks represented by the Moutai Index will continue. As my country enters the era of equity investment, the institutionalization and internationalization of A-shares will gradually increase, and the allocation of leading stocks with excellent fundamentals will be consolidated. Driven by fundamentals and institutional allocation, the Moutai Index has shown signs of becoming a US stock market since 2016, generally showing a sawtooth upward trend of long and slow bull market, and the valuation center is gradually rising: since 2016, the PE valuation center (TTM, overall method) of the Moutai Index has moved up from 15.7 times between 2009 and 2015 to 28.8 times. Affected by inflation since the Spring Festival, the pullback in the Moutai Index is merely a self-correction of cost-effectiveness. As inflationary pressures gradually ease in the second half of the year, and driven by stable performance and continued favor from institutional investors, the Moutai Index is expected to return to its previous high. For details, please see \"Moutai Index Positive US Equitization - 20210617\". Surprisingly, mid-cap growth stocks, represented by intelligent manufacturing, are more elastic. From the perspective of market capitalization structure, we estimate that the two-year annualized growth rate of net profit attributable to the parent company of mid-cap companies in Q1 2021 is 19%, and the current PE ratio is 29 times. The earnings-valuation match is better than that of large-cap and small-cap stocks. From an industry perspective, the most prominent mid-cap growth sector is the intelligent manufacturing-related industry, as detailed in \"China Intelligent Manufacturing Series Reports 1-5\". The current rise of intelligent manufacturing has three main logics: First, driven by technological progress, the restructuring of the industrial chain due to the pandemic, and moderate inflation, the fundamentals of intelligent manufacturing are stronger. Second, important policies such as the \"14th Five-Year Plan for the Development of Intelligent Manufacturing\" have been frequently introduced to support the rapid rise of intelligent manufacturing. Third, institutions, represented by funds, have not had a high allocation to intelligent manufacturing. In Q1 2021, the intelligent manufacturing sector accounted for only 26.6% of the fund's top holdings, while the peak in Q2 2020 was 32.3%, indicating that it is still slightly underallocated. Moreover, the recently released Innovation and Entrepreneurship 50 Index is expected to attract more funds to allocate to the intelligent manufacturing sector. Investment opportunities can be explored from three directions: ① Application of information technology: including fields such as artificial intelligence, industrial software, and industrial internet; ② Applications of new energy technologies: including fields such as intelligent vehicles; ③ Improvement and upgrading of traditional manufacturing technologies: including smart home appliances, industrial<a href=\"https://laohu8.com/S/300024\">Robot</a>Fields such as...</p><p><img src=\"https://static.tigerbbs.com/13bbb3d03d168bcf975405e5d25e804f\" tg-width=\"1080\" tg-height=\"273\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/094a9ec6166bd3fc67b959f8dae36b8f\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/48f9fd25c53f084111e5e634b83d8c6e\" tg-width=\"1080\" tg-height=\"371\" referrerpolicy=\"no-referrer\"></p><p><b>Risk Warning:</b>Inflation continues to rise sharply, and the investment clock has entered a period of stagflation ahead of schedule.</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>Haitong Strategy: On the Current Market Style! Is the sound of the waves still the same?</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\">\nHaitong Strategy: On the Current Market Style! Is the sound of the waves still the same?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1012219063\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/0945e49df9384880a2a850c7de1463be);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">股市荀策 </p>\n<p class=\"h-time smaller\">2021-07-18 11:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Key conclusions:</b>①Since the beginning of 2019, the overall market style has been biased towards growth. Judging from the relative trends of style indices and valuations, the style evolution has not yet reached its peak. ② Economic fundamentals, liquidity, and relative valuation are not the core variables that determine the style; the relative trend of profitability determines that the current market style will continue. ③ We remain optimistic about the market; large-cap growth stocks, represented by the Moutai Index, remain a good allocation.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Mid-cap growth, represented by manufacturing, is more resilient.</p><p><b>Is the sound of the waves still the same?</b></p><p><b>—On the current market style</b></p><p>Overall, this is the third year that growth stocks have dominated the A-share market, and the sixth year that the broader market has dominated the market. Some investors are concerned that the current market style divergence is too extreme and that a style shift is imminent. We reviewed the past style shifts in the A-share market, identified the core variables that determine style, and attempted to address this market concern.</p><p><b>1. The current market style still leans towards overall growth.</b></p><p><b>Currently, growth stocks still dominate the A-share market.</b>There are two main types of market styles: large and small cap styles and value growth styles. Looking back at history, both the US stock market and the A-share market have exhibited typical style rotation characteristics between large and small caps. The rotation cycle between large and small-cap stocks in the US stock market is 3-6 years. Between 2015 and 2019, large-cap stocks (S&P 100) dominated, but over the past 20 years, the style has shown a trend towards small-cap stocks (Russell 2000). As an emerging market, the A-share market has a shorter rotation cycle between large and small-cap stocks, generally 2-3 years. From the end of 2013 to 2015, small-cap stocks (Shenwan small-cap stocks) emerged victorious, while large-cap stocks (Shenwan large-cap stocks) have outperformed since 2016. In terms of the rotation of value growth styles, the value growth style (value: Dow Jones Industrial Average, growth: Nasdaq Industrial Average) in the US stock market switched rapidly between 2000 and 2009, but the growth style has continued to dominate since 2010. Before 2019, the rotation of value growth (value: SSE 50, growth: ChiNext Index) styles in A-shares was basically synchronized with the rotation of small and medium-cap styles. That is, when value stocks dominated, large-cap stocks won, and when growth stocks dominated, small-cap stocks performed well. However, since 2019, the rotation of growth value and small and medium-cap styles has diverged. When large-cap stocks continued to dominate, the style returned to growth, and it is still in the trend of growth dominance.</p><p><img src=\"https://static.tigerbbs.com/d234eaf8393cf8c2f1b38a1970b8ab19\" tg-width=\"1080\" tg-height=\"364\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/61081654eab0e55431418ed51416e85f\" tg-width=\"1080\" tg-height=\"368\" referrerpolicy=\"no-referrer\"></p><p><b>The evolution of market styles has not yet reached its limit.</b>Although the growth market and the broader market have been outperforming for three and six years respectively, the market evolution is still far from its peak. From a value growth perspective, we use the relative trends of the ChiNext Index/SSE 50 and PE valuations to describe the growth value style. Currently (as of 21/07/16, the same below), the ChiNext Index/SSE 50 is 1.03, which is already higher than one standard deviation of the upward trend. It seems that the advantage of the growth style is quite extreme. However, from a valuation perspective, the current PE ratio of the ChiNext Index to the SSE 50 Index is 5.17, which is near the historical average, indicating that the dominance of growth stocks has not reached its extreme. From the perspective of large and small caps, we use the relative trends of the Shenwan Large Cap/Shenwan Small Cap Index and PE valuations to describe the style of large and small caps. Since 2016, the trend of the Shenwan Large Cap/Shenwan Small Cap has continued to rise. Since February this year, there has been a slight adjustment, and the current level is 0.93, which is close to the historical average. The style divergence between large and small caps is not extreme. Looking at the relative PE trend, the current PE ratio of Shenwan large-cap stocks to Shenwan small-cap stocks is 0.75, which is far higher than the standard deviation of 1. This phenomenon does not mean that the market style has reached its extreme, but rather that the valuation premium of small-cap stocks has been decreasing since 2016. The reason behind this is that the registration system is strengthening the differentiation between large and small-cap stocks. Before the implementation of the registration-based IPO system, the IPO approval system greatly increased the listing costs of companies. Many companies would find alternative ways and seek backdoor listings. Therefore, even if some small-cap listed companies are not well-managed, they still have considerable \"shell value\". Since 2019, the implementation of the registration-based IPO system has greatly compressed the \"shell value,\" further strengthened the connection between listed companies' stock price performance and fundamentals, and continuously reduced the valuation premium of small-cap stocks relative to large-cap stocks. The Shenwan Large-Cap PE/Shenwan Small-Cap PE ratio has risen from 0.61 on 19/07/22 to the current 0.75.</p><p><img src=\"https://static.tigerbbs.com/979f4f6104ab2087465e1c3038a170b9\" tg-width=\"1080\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f7865a2e9c4bee78237b7998803aa646\" tg-width=\"1080\" tg-height=\"370\" referrerpolicy=\"no-referrer\"></p><p><b>In a bull market, the style may fluctuate briefly, but the market style will continue its original trend in the later stages.</b>Historically, the market style experienced short-term fluctuations in the later stages of the 2005-2007 and 2012-2015 bull markets, but the market subsequently continued to maintain the characteristics of the previous style. From 2005 to 2007, the bull market was dominated by large-cap blue-chip stocks, represented by real estate and banking, with a generally superior value style. However, value stocks that had seen strong gains in the early stages of January-March 2007 were generally pullback/retracement, while small-cap stocks performed better. During this period, the Shenwan large-cap index saw a maximum decline of 27%, while the Shenwan small-cap index saw a maximum increase of 63%. The relative trend ratio of the Shenwan large-cap/small-cap index dropped from a high of 1.62 on January 10, 2007 to a low of 1.36 on March 23, 2007. However, after the market correction ended, the previous value style continued, and the relative trend ratio of the Shenwan large-cap/small-cap index climbed all the way up, reaching a high of 2.04 on March 10, 2007. The bull market from 2012 to 2015 was dominated by technology stocks, represented by TMT, and growth stocks generally dominated. However, from October 2014 to January 2015, a recovery in value stocks, represented by finance and real estate, also occurred. During this period, the SSE 50 index rose by a maximum of 65%, while the ChiNext index fell by a maximum of 13%. The relative ratio of the ChiNext index to the SSE 50 index dropped from a high of 0.96 on October 13, 2014 to a low of 0.55 on January 5, 2015. After the adjustment, the relative ratio of the ChiNext index to the SSE 50 index climbed all the way up, reaching a high of 1.23 in June 2015. In this bull market, the growth and broader market styles dominated. After the Spring Festival, the market experienced a brief correction due to inflation concerns and rising US Treasury yields, but looking ahead, the growth and broader market styles remain dominant.</p><p><b>2. Profitability is the core variable determining style.</b></p><p><b>Economic fundamentals, liquidity, and relative valuations are not the core variables that determine style.</b>With the recent comprehensive reserve requirement ratio cut by the central bank and the release of second-quarter macroeconomic data, some investors are concerned that changes in the liquidity environment and economic growth rate will affect the style. Our analysis revealed that factors such as liquidity, economic fundamentals, and relative valuations are not the core variables determining market style. This can be gleaned from a review of historical data.</p><p>The tightness of liquidity has little impact on style. In terms of large and small-cap stocks, during the two periods from January 13 to February 14, when small-cap stocks dominated, and from October 16 to January 18, when large-cap stocks dominated, the yield of the 10-year Treasury Bond was in an upward range, rising from 3.57% on January 13 to 4.51% on February 14, and from 2.65% on October 16 to 3.94% on January 18, respectively. In terms of growth value styles, the 10-year Treasury Bond yield continued to rise between October 16-January 18 and April 20-November 20, but value outperformed from October 16-January 18 and growth outperformed from April 20-November 20.</p><p>Economic fundamentals have a certain impact on style. When economic data improves, it favors value/large-cap stocks, but the two have also diverged: in terms of the year-on-year GDP growth rate in the current quarter, small-cap stocks generally outperformed during the economic upturn in 2009-10; Looking at the year-on-year growth rate of industrial added value in the current quarter, industrial added value continued to decline in 2011-12, but the value style dominated during this period.</p><p>Relative valuation changes are the price performance of style shifts, and touching the extreme value of the valuation range can easily trigger a style shift. For example, in October 2014, the valuation premium of growth stocks relative to value stocks was at a historical high, and from the end of 2014 to January 2015, a recovery in value stocks, represented by finance and real estate, occurred. However, from the perspective of large and small-cap stocks, in recent years, due to the advancement of the registration system, the valuation premium of small-cap stocks has been decreasing, and the relative valuation of large and small-cap stocks has weakened the impact of style switching.</p><p><img src=\"https://static.tigerbbs.com/2dae2ed3fc56a9bde662c6297d0485c2\" tg-width=\"1080\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/30a81a27008103f93ed2c5aa6de3bcd3\" tg-width=\"1080\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p><p><b>The relative trend of profitability is the core variable determining style.</b>In the long run, stocks are like weighing machines. From a long-term perspective, fundamentals determine stock price fluctuations, and the divergence of earnings trends is a watershed moment for style shifts. In terms of value growth styles, whether value dominated in 2016-17 or the style has weakened since 2019, the core variable behind it is profitability. During the period of value dominance in 2016-17, the cumulative year-on-year growth rate of net profit attributable to the parent company of the SSE 50 Index rose from -7.6% in Q1 2016 (ROE-TTM was 11.6%) to 13.9% (11.8%) in Q4 2017. The ChiNext Index fell from 77.1% (12.5%) in Q1 2016 to -39.8% (6.0%) in Q4 2017. The difference between the cumulative year-on-year net profit attributable to the parent company of the ChiNext Index and the SSE 50 Index (the difference between ROE and TTM) declined from 84.7% (0.78%) in Q1 2016 to -53.8% (-5.74%) in Q4 2017. The reason for the weakening of the value growth style in 2019 is that the profit growth rate of the ChiNext Index rebounded more significantly. The cumulative year-on-year growth rate of net profit attributable to the parent company of the SSE 50 Index changed from 8.1% (12.1%) in Q4 2018 to 43.2% (10.9%) in Q1 2021. However, the net profit growth rate of the ChiNext Index rose from -38.4% (7.0%) to 94.2% (13.5%), and the difference between the ChiNext Index and the SSE 50 Index rose from -46.5% (-5.1%) in Q4 2018 to 50.9% (2.6%) in Q1 2021.</p><p><b>3. Go with the flow, uphold principles, and explore new avenues.</b></p><p><b>The bull market remains unchanged, and the market is expected to reach new highs.</b>We remain optimistic about the second half of the year. From a macro perspective, the investment clock is a good tool for asset allocation analysis based on the macro background. Several of our previous reports have pointed out that the investment clock is still in an overheated period. The newly released economic data shows that my country's GDP grew by 7.9% year-on-year in the second quarter, with a two-year compound annual growth rate of 5.5%, higher than the 5.0% in the first quarter. From the perspective of the investment clock, this further confirms that this year is still in an overheated period. From a micro perspective, there are three specific reasons: First, macro liquidity is neutral and micro liquidity is ample. In terms of macro liquidity, the average yield of the ten-year Treasury Bond from the beginning of 2021 to the present (as of 21/07/16) was 3.16%, while the averages in 2018, 2019 and 2020 were 3.64%, 3.20% and 2.98%, respectively. This year, the tightness of macro liquidity has only returned to near the level of 2019. From the perspective of micro-liquidity, equity-oriented public funds have issued a total of 1.3 trillion yuan this year, compared to 2.0 trillion yuan for the whole of 2020. Northbound capital has seen a net inflow of 238.6 billion yuan, compared to 208.9 billion yuan in 2020. In comparison, micro-liquidity is very ample this year. Second, corporate profits are expanding. Looking back at history, the index peak of a bull market is slightly earlier than the profit indicator peak. Specifically, the index peak is more related to the ROE peak. Although the year-on-year peak of corporate profits in a single quarter was in Q1 2021, after excluding the impact of the low base, the ROE peak of this round of profit cycle is in Q4 2021 or Q1 2022. The year-on-year growth rate of A-share net profit for the whole year is expected to be 20%. Looking ahead to the second half of the year, the continued improvement of fundamentals is expected to support the continuous rise of the market center. Third, market risk appetite is rising. Sectors with the largest stock price increases this year tend to have higher valuations. This is actually a characteristic of the mid-to-late stages of a bull market: market risk appetite continues to rise, investors focus on trends and are willing to give high valuations to high-growth sectors. In addition, judging from sentiment indicators, the current market sentiment is around 60-65 degrees Celsius, and there is still room for further improvement in risk appetite.</p><p><img src=\"https://static.tigerbbs.com/85f19ea50e5defc481714feaf51fba50\" tg-width=\"1080\" tg-height=\"359\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5dba53f1541db8df58370e3ae9e3a92f\" tg-width=\"1080\" tg-height=\"369\" referrerpolicy=\"no-referrer\"></p><p><b>The interim earnings forecast and preliminary report confirm that profits are still in an upward cycle, and the performance of the Science and Technology Innovation Board has improved significantly.</b>As of July 15, excluding ST companies, the number of companies that disclosed interim earnings forecasts and preliminary reports in 2021 accounted for 33% of all A-shares. Taking companies that have already disclosed forecasts/preliminary reports as a sample, we calculate the interim results of each sector. By using the two-year annualized compound growth rate to eliminate the low base effect in the first quarter of last year, we can find that the rebound trend in performance in the first half of this year continues. Specifically, the compound annualized growth rate of net profit attributable to the parent company for all A-shares in the first half of 2021 compared to the first half of 19H was 35% (the compound annualized growth rate in the first half of 21Q was 35%, the same below), the ChiNext board was 38%, and the STAR Market was 92% and 89%, respectively. In terms of major industry categories, the financial and real estate sector saw the most significant improvement in performance in the first half of 2021 compared to the first quarter, with annualized growth rates of 10% and 0% in net profit attributable to the parent company in H1 and Q1 of 2021, respectively. This was followed by technology (computer, media, communications, and electronics), with growth rates of 48% and 45% in H1 and Q1 of 2021, respectively. In addition to industry sectors, we also analyzed the concept indices and the Moutai Index, which saw significant gains in the first half of this year. The largest difference in the annualized growth rate of net profit attributable to the parent company between H1 and Q1 2021 was in the new energy vehicle index, with an annualized growth rate of 72% in H1 2021 (56% in Q1 2021, the same below). The growth rate of net profit attributable to the parent company of the lithium battery index also increased significantly, with an annualized growth rate of 53% in the first half of 2021 (44% in Q1 2021). The growth rates of net profit attributable to the parent company of the Maotai Index and the Semiconductor Index declined slightly, but still remained at a high level. Among them, the annualized growth rate of the Maotai Index in the first half of 21H1 was 62% (69% in 21Q1), and the growth rate of the Semiconductor Index in the first half of 21H1 was 114% (121% in 21Q1). Overall, the profitability trend of growth relative value may expand, and the growth style will continue. For details, please refer to our previous report, \"Significant Improvement in the Performance of the Science and Technology Innovation Board - 2021 Interim Results Forecast and Preliminary Report Commentary - 20210715\".</p><p><img src=\"https://static.tigerbbs.com/59e6a24bff781155770bbf40e8c9ffbe\" tg-width=\"1080\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p><b>Only by upholding principles and striving for excellence can we achieve</b>Shougeng: Large-cap growth stocks, represented by the Moutai Index, remain a good allocation. In the era of a stock economy, industry concentration is increasing, high-quality leading companies have better fundamentals, and the profitability of large-cap growth stocks represented by the Moutai Index will continue. As my country enters the era of equity investment, the institutionalization and internationalization of A-shares will gradually increase, and the allocation of leading stocks with excellent fundamentals will be consolidated. Driven by fundamentals and institutional allocation, the Moutai Index has shown signs of becoming a US stock market since 2016, generally showing a sawtooth upward trend of long and slow bull market, and the valuation center is gradually rising: since 2016, the PE valuation center (TTM, overall method) of the Moutai Index has moved up from 15.7 times between 2009 and 2015 to 28.8 times. Affected by inflation since the Spring Festival, the pullback in the Moutai Index is merely a self-correction of cost-effectiveness. As inflationary pressures gradually ease in the second half of the year, and driven by stable performance and continued favor from institutional investors, the Moutai Index is expected to return to its previous high. For details, please see \"Moutai Index Positive US Equitization - 20210617\". Surprisingly, mid-cap growth stocks, represented by intelligent manufacturing, are more elastic. From the perspective of market capitalization structure, we estimate that the two-year annualized growth rate of net profit attributable to the parent company of mid-cap companies in Q1 2021 is 19%, and the current PE ratio is 29 times. The earnings-valuation match is better than that of large-cap and small-cap stocks. From an industry perspective, the most prominent mid-cap growth sector is the intelligent manufacturing-related industry, as detailed in \"China Intelligent Manufacturing Series Reports 1-5\". The current rise of intelligent manufacturing has three main logics: First, driven by technological progress, the restructuring of the industrial chain due to the pandemic, and moderate inflation, the fundamentals of intelligent manufacturing are stronger. Second, important policies such as the \"14th Five-Year Plan for the Development of Intelligent Manufacturing\" have been frequently introduced to support the rapid rise of intelligent manufacturing. Third, institutions, represented by funds, have not had a high allocation to intelligent manufacturing. In Q1 2021, the intelligent manufacturing sector accounted for only 26.6% of the fund's top holdings, while the peak in Q2 2020 was 32.3%, indicating that it is still slightly underallocated. Moreover, the recently released Innovation and Entrepreneurship 50 Index is expected to attract more funds to allocate to the intelligent manufacturing sector. Investment opportunities can be explored from three directions: ① Application of information technology: including fields such as artificial intelligence, industrial software, and industrial internet; ② Applications of new energy technologies: including fields such as intelligent vehicles; ③ Improvement and upgrading of traditional manufacturing technologies: including smart home appliances, industrial<a href=\"https://laohu8.com/S/300024\">Robot</a>Fields such as...</p><p><img src=\"https://static.tigerbbs.com/13bbb3d03d168bcf975405e5d25e804f\" tg-width=\"1080\" tg-height=\"273\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/094a9ec6166bd3fc67b959f8dae36b8f\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/48f9fd25c53f084111e5e634b83d8c6e\" tg-width=\"1080\" tg-height=\"371\" referrerpolicy=\"no-referrer\"></p><p><b>Risk Warning:</b>Inflation continues to rise sharply, and the investment clock has entered a period of stagflation ahead of schedule.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4a10424fe3b1f29e8d28fdc0dc474e86","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199169547","content_text":"核心结论：①19年初以来市场风格整体偏向成长，从风格指数和估值相对走势看成风格演化还未到极致。②经济基本面、流动性、相对估值并非决定风格的核心变量，盈利相对趋势决定当前市场风格将延续。③继续看好市场，以茅指数为代表的大盘成长仍是较好配置，以智能制造为代表的中盘成长更有弹性。\n涛声是否依旧？\n——论当前市场风格\n整体上看，A股成长风格占优已是第三年，大盘风格占优也已是第六年，有投资者担忧当前市场风格分化过于极致、风格切换近在眼前。我们回顾A股历次风格切换情况，寻找决定风格的核心变量，尝试解答这一市场担忧。\n1.当前市场风格仍偏向大盘成长\n当前A股大盘成长风格仍占优。市场风格的划分主要有两种，一是大小盘风格，二是价值成长风格。回顾历史，美股和A股都存在典型的大小盘风格轮换特征。美股大小盘轮换周期为 3-6 年，2015-2019年间大盘（标普100）占优，20年以来风格有回归小盘（罗素2000）的趋势。A 股作为新兴市场，大小盘轮换周期更短，一般是2-3年，2013-2015年末A股小盘（申万小盘）胜出， 2016年至今大盘（申万大盘）占优。从价值成长风格轮换来看，美股2000-2009年间价值成长（价值：道指，成长：纳指）风格切换较快，但2010年起成长风格持续占优。A股的价值成长（价值：上证50，成长：创业板指）风格轮换在2019年之前与大小盘风格轮换基本同步，即价值占优时大盘股胜出，成长占优时小盘股表现优异，但2019年起成长价值和大小盘风格的轮换出现分化，在大盘股持续占优时，风格回归成长，至今仍在成长占优的趋势中。\n\n目前市场风格演化并未到极致。虽然目前成长、大盘占优持续分别达三年和六年，但市场演化离极致尚早。从价值成长看，我们以创业板指/上证50及PE估值相对走势来刻画成长价值风格，当前（截至21/07/16，下同）创业板指/上证50为1.03，已经高于向上1倍标准差，看似成长风格占优已经较为极致；但如果从估值角度看，目前创业板指PE/上证50PE为5.17、位于历史均值附近，成长风格的占优未到极致的地步。从大小盘看，我们以申万大盘/申万小盘指数及PE估值相对走势来刻画大小盘风格，16年以来申万大盘/申万小盘走势持续向上，今年2月以来略有调整，当前为0.93、接近历史均值，大小盘风格分化并不算极致；从PE相对走势看，目前申万大盘PE/申万小盘PE为0.75，远高于向上1倍标准差，这一现象并非意味着大盘风格演绎到极致，而是说明2016年以来小盘股的估值溢价在不断降低，背后的原因是注册制正加强大小盘风格的分化。注册制实施之前，IPO核准制极大地增加了企业的上市成本，不少企业会另辟蹊径、寻求借壳上市，因此一些小市值上市公司即使运营不善，也具有可观的“壳价值”。2019年来，注册制的推进使得“壳价值”被极大压缩，上市公司股价表现与基本面的联系进一步加强，小盘股相对大盘股的估值溢价在不断降低，申万大盘PE/申万小盘PE从19/07/22的0.61升至目前的0.75。\n\n牛市中风格会出现短暂摇摆，但后期市场风格延续原有趋势。从历史上看，05-07年、12-15年两轮牛市后期市场风格都曾出现短期摇摆，但随后市场继续延续前期风格特征。05-07年牛市主导行业是地产银行为代表的大盘蓝筹股，价值风格整体占优，但07年1-3月前期涨幅强势的价值股普遍回撤，而小盘股表现更好，这一期间申万大盘指数最大跌幅达27%、申万小盘指数最大涨幅达63%，申万大盘/小盘相对走势之比从07/01/10的阶段性高点1.62一路降至07/03/23的低点1.36，但市场调整结束后前期价值风格得到延续，申万大盘/小盘相对走势之比一路攀升，并在07/10达到2.04的最高点；12-15年牛市主导行业是TMT为代表的科技股，成长风格整体占优，但在14年10月至15年1月也出现了金融地产为代表的价值股修复行情，期间上证50最大涨幅65%，同期创业板指最大跌幅13%，创业板指/上证50相对走势之比从14/10/13的阶段性高点0.96一路降至15/01/05的低点0.55，调整结束后创业板指/上证50相对走势之比一路攀升，并在15年6月达到1.23的最高点。本轮牛市成长、大盘风格占优，春节后因通胀担忧和美债利率上行，市场出现短暂调整，但往后看成长、大盘风格占优不变。\n2.盈利是决定风格的核心变量\n经济基本面、流动性、相对估值并非决定风格的核心变量。近期央行全面降准以及二季度宏观经济数据公布，有投资者担心流动性环境和经济增速的变化会对风格带来影响。我们经过分析发现，流动性、经济基本面、相对估值等因素并非决定市场风格的核心变量，具体通过回顾历史数据可以一窥究竟。\n流动性松紧对风格影响不大。大小盘风格上，在13/01-14/02小盘占优和16/10-18/01大盘占优的两个时段内，十年期国债收益率均处在上升区间，分别从13/1的3.57%升至14/2的4.51%，从16/10的2.65%升至18/01的3.94%。成长价值风格方面，十年期国债收益率在16/10-18/01和20/04-20/11期间持续上行，但16/10-18/01价值占优，20/04-20/11成长占优。\n经济基本面对风格有一定的影响。经济数据好转时利于价值/大盘股，但两者也出现过背离：从GDP当季同比增速来看，2009-10年经济上行时小盘股整体占优；从工业增加值当季同比增速来看，2011-12年工业增加值持续下行，但此阶段中价值风格占优。\n相对估值变化是风格切换的价格表现，触及估值区间极值易促成风格转变。例如，14年10月成长股相对价值股的估值溢价处于历史高位，14年底至15年1月出现了金融地产为代表的价值股修复行情。但从大小盘风格来看，近年来由于注册制推进，小盘股的估值溢价不断降低，大小盘相对估值对风格切换的影响减弱。\n\n盈利相对趋势才是风格决定的核心变量。股票长期看是称重机，站在长周期看基本面决定股价涨跌，盈利趋势分化是风格切换的分水岭。价值成长风格方面，无论是16-17年价值占优还是19年以来风格弱化，背后的核心变量都是盈利。16-17年价值占优期间，上证50归母净利润累计同比增速从16Q1的-7.6%（ROE-TTM为11.6%）上升至17Q4的13.9%（11.8%）；创业板指从16Q1的77.1%（12.5%）降至17Q4的-39.8%（6.0%），创业板指与上证50归母净利润累计同比之差（ROE-TTM之差）从16年Q1的84.7%（0.78%）一路下降至17年Q4的-53.8%（-5.74%）。而19年价值成长风格弱化的原因则是创业板指的盈利增速回升幅度更大，上证50归母净利润累计同比增速从18Q4的8.1%（12.1%）变为21Q1的43.2%（10.9%），但创业板指净利润增速从-38.4%（7.0%）上升至94.2%（13.5%），创业板指与上证50两者之差从18Q4的-46.5%（-5.1%）升至21Q1的50.9%（2.6%）。\n3.顺势而上，守正出奇\n牛市不变，市场有望创新高。对于下半年，我们保持乐观态度。宏观角度上看，投资时钟是基于宏观背景做资产配置分析时很好的工具，我们前期多篇报告指出当前投资时钟仍处过热期，刚刚公布的经济数据显示我国二季度 GDP 同比增长 7.9%，2年复合增速为 5.5%，高于一季度的5.0%，从投资时钟角度进一步印证今年仍处于过热期。微观角度看，具体理由有三：第一，宏观流动性中性、微观流动性充裕。宏观流动性上，2021年初至今（截至21/07/16）十年期国债收益率均值3.16%，而2018年、2019年、2020年均值为3.64%、3.20%、2.98%，今年宏观流动性的松紧程度只是回到了2019年的水平附近。从微观流动性看，今年以来偏股公募基金累计发行1.3万亿元，而2020年全年为2.0万亿元，北上资金累计净流入2386亿元，而2020年为2089亿元，相较而言今年微观流动性非常充裕。第二，企业盈利扩张中。回顾历史，牛市的指数高点略提前于盈利指标高点，具体而言指数高点与ROE高点更相关，虽然企业利润单季度同比高点在21Q1，但是剔除低基数影响后，本轮盈利周期ROE高点在21Q4或22Q1，预计全年A股净利同比增速为20%，展望下半年，基本面继续改善有望支撑市场中枢不断抬高。第三，市场风险偏好上升中。今年以来股价涨幅大的板块估值往往较高，其实这就是牛市中后期的特征，即市场风险偏好持续上升，投资者重趋势，愿意给高景气板块高估值，此外从情绪指标来看，当前市场情绪温度大约为60-65度，风险偏好还有进一步提升的空间。\n\n中报业绩预告及快报印证盈利仍处上行周期，科创板业绩明显改善。截至7月15日，剔除ST公司后，以披露家数计算，2021年披露中报业绩预告及快报的公司数占全部A股的比例为33%。我们以已披露预告/快报的公司为样本，测算各板块中报业绩，用两年年化复合增速来剔除去年一季度的低基数效应，可以发现今年上半年业绩回升的趋势仍在延续。具体而言，全部A股21H1相对19H1的归母净利润两年年化复合增速为35%（21Q1两年年化增速为35%，下同），创业板均为38%，科创板分别为92%和89%。大类行业上，21年上半年较一季度业绩改善最明显的是金融地产，其21H1和21Q1归母净利润两年年化增速分别为10%和0%，其次是科技（计算机、传媒、通信、电子），其21H1和21Q1增速分别为48%和45%。除行业外，我们同样对今年上半年涨幅较大的概念指数和茅指数进行分析。21H1和21Q1归母净利润两年年化增速差最大的是新能源汽车指数，其21H1两年年化增速为72%（21Q1为56%，下同）；锂电池指数的归母净利增速同样明显上升，其21H1两年年化增速为53%（21Q1为44%）；茅指数和半导体指数的归母净利润增速则是略有回落，但仍维持在较高的水平，其中茅指数21H1两年年化增速为62%（21Q1为69%），半导体指数21H1增速为114%（21Q1为121%）。整体上看，成长相对价值的盈利趋势或将扩大，成长风格延续。详见我们前期报告《科创板业绩改善明显——21年中报业绩预告及快报点评-20210715》。\n\n守正出奇方能致胜。守正：茅指数为代表的大盘成长仍是较好配置。存量经济时代行业集中度提升，优质龙头公司基本面更优，茅指数为代表的大盘成长股盈利水平将持续。我国进入股权投资时代也将逐渐提升A股机构化、国际化程度，基本面优异的龙头股配置将得到巩固。基本面+机构配置推动下，2016年以来茅指数已现美股化端倪，总体上呈现锯齿形向上的长牛慢牛趋势，估值中枢正逐渐抬高：茅指数16年至今PE估值中枢（TTM，整体法）已经从09-15年间的15.7倍上移至28.8倍。春节以来通胀影响下，茅指数回调只是性价比的自我修正，随着下半年通胀压力逐渐缓解，在稳健业绩水平和机构投资者持续青睐推动下，茅指数有望回到前期高点，详见《茅指数正美股化-20210617》。出奇：智能制造为代表的中盘成长更有弹性。从市值结构看，我们测算中市值公司21Q1归母净利润两年年化增速为19%，当前PE为29倍，盈利估值匹配度优于大市值和小市值股。从行业层面来看，中盘成长中最为凸显就是智能制造相关行业，详见“中国智造系列报告1-5”。当前智能制造崛起有三大逻辑：第一，技术进步、疫情重构产业链、温和通胀推动下，智能制造基本面更强。第二，《“十四五”智能制造发展规划》等重要政策频频出台，支持智能制造快速崛起。第三，基金为代表的机构对智能制造配置不高，21Q1基金重仓股中智能制造类行业占比仅26.6%，而20Q2的高点为32.3%，目前仍略微低配，而且近期发布的双创50指数有望吸引更多资金配置智能制造板块。可从三个方向挖掘投资机会：①信息技术的应用：包括人工智能、工业软件、工业互联网等领域；②新能源技术的应用：包括智能汽车等领域；③传统制造技术改进与升级：包括智能家电、工业机器人等领域。\n\n风险提示：通胀继续大幅上行，投资时钟提前进入滞胀期。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":1616,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":411270253080928,"gmtCreate":1741394706406,"gmtModify":1741394710780,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$特斯拉(TSLA)$ </a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/TSLA\">$特斯拉(TSLA)$ </a>&nbsp;","text":"$特斯拉(TSLA)$","images":[{"img":"https://community-static.tradeup.com/news/d1368eb3b44d0404fb48a536bbdbb85d","width":"870","height":"1772"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/411270253080928","isVote":1,"tweetType":1,"viewCount":5618,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4203678803747912","authorId":"4203678803747912","name":"首席分析师Marco","avatar":"https://community-static.tradeup.com/news/65426d7905470020631382dc2da12627","crmLevel":1,"crmLevelSwitch":0,"idStr":"4203678803747912","authorIdStr":"4203678803747912"},"content":"Your cost is a bit high","text":"Your cost is a bit high","html":"Your cost is a bit high"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":807872285,"gmtCreate":1628032817447,"gmtModify":1703499797297,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"title":"","htmlText":"O","listText":"O","text":"O","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/807872285","repostId":"2156201911","repostType":4,"repost":{"id":"2156201911","kind":"news","pubTimestamp":1628026500,"share":"https://ttm.financial/m/news/2156201911?lang=en_US&edition=fundamental","pubTime":"2021-08-04 05:35","market":"hk","language":"zh","title":"Foreign media headlines: US household debt saw its largest increase since 2013 in the second quarter.","url":"https://stock-news.laohu8.com/highlight/detail?id=2156201911","media":"新浪财经","summary":"　　在抵押贷款热潮推动下，第二季度美国家庭债务创下2013年以来最快增速。低借贷成本以及对更宽敞居家办公空间的渴望催生了房贷需求。　　纽约联储周二公布报告显示 ，截至6月底，家庭负债增长3130亿美元，至14.96万亿美元，较三个月前增长2.1%。　　总体而言，家庭债务占经济的比重仍远低于2008年金融危机前几年创下的高点。而且一些借款余额仍低于疫情爆发前水平。","content":"<p><b>The main headlines that global financial media focused on last night and this morning were:</b></p><p><b>1. The mortgage boom has driven the largest increase in US household debt since 2013.</b><b>2. Foreign Trade Bank: The Federal Reserve is expected to wait until after the 2024 general election before making a rate hike.</b><b>3. U.S. SEC Chairman Gensler guides Bitcoin ETFs: Accept strict regulation.</b><b>4. The Delta variant virus is on the rise, and the herd immunity threshold is expected to be raised to over 80%.</b><b>5. Major global banks earned $170 billion during the pandemic, marking their most profitable year ever.</b><b>6. The UK is reportedly considering blocking the US's largest chip manufacturer due to national security concerns.<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>Acquisition of Arm</b><img src=\"https://static.tigerbbs.com/42d7305c68055f3de54cae5c51091b1e\" tg-width=\"550\" tg-height=\"334\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The mortgage boom drove the largest increase in U.S. household debt since 2013.</b></p><p>Driven by a mortgage boom, U.S. household debt grew at its fastest rate since 2013 in the second quarter. Low borrowing costs and a desire for more spacious home office space have fueled mortgage demand.</p><p>A report released by the New York Federal Reserve on Tuesday showed that household debt rose by $313 billion to $14.96 trillion as of the end of June, a 2.1% increase from three months ago. The increase mainly comes from mortgage loan balances.</p><p>The Federal Reserve's July survey of senior lending commissioners, released Monday, showed that credit standards have been easing for other types of credit, such as auto loans and credit cards.</p><p>Overall, household debt as a percentage of the economy remains far below the peak reached in the years leading up to the 2008 financial crisis. Moreover, some loan balances are still lower than before the outbreak of the pandemic.</p><p><img src=\"https://static.tigerbbs.com/6e8de5a34c997f13ec1aab21f9a9b5ef\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>French Foreign Trade Bank: The Federal Reserve is expected to wait until after the 2024 election before rate hike.</b></p><p>Bond investors expecting the Federal Reserve to change course may have to wait a long time.</p><p>“My guess is that we won’t tighten policy until after the next presidential election,” Joseph LaVorgna, chief Americas economist at Banque Française, said in an interview on Tuesday. “Look at the last two cycles, the average time from the last interest rate cut to the first rate hike is seven years. So that’s not that unusual.”</p><p>LaVorgna previously served as a financial markets and economic advisor to former U.S. President Donald Trump, serving as special assistant and chief economist of the National Economic Council. He stated that after strong growth this year, economic growth is expected to slow in 2022, putting little pressure on the Federal Reserve to take interest rate actions.</p><p>“Next year I think the growth rate will be only 2%, or even lower,” he said. \"Inflation will be temporary. That's what the market is telling us.\"</p><p><img src=\"https://static.tigerbbs.com/efff1ba5fb6313b1cce4bfb7b8dde08f\" tg-width=\"550\" tg-height=\"378\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>U.S. SEC Chairman Gensler guides Bitcoin ETFs: subject to strict regulation</b></p><p>U.S. Securities and Exchange Commission Chairman Gary Gensler hinted at a path to approving the establishment of a Bitcoin ETF, stating that ETFs that comply with the SEC's strict rules on mutual funds would provide investors with the necessary protection.</p><p>Cryptocurrency enthusiasts believe that Bitcoin ETFs are crucial for cryptocurrencies to enter the mainstream. In his first major speech on cryptocurrencies, Gensler also hinted at being open to ETFs focused on Bitcoin futures. These futures are offered by CME group and require investors to put up a considerable amount of margin.</p><p>“With these important safeguards in place, I look forward to staff reviewing such applications, especially if these ETFs are limited to CME-traded Bitcoin futures,” he said in remarks prepared for the Aspen Security Forum on Tuesday.</p><p>Under Gensler and former chairman Jay Clayton, the SEC repeatedly refused to approve cryptocurrency ETFs, citing concerns about the transparency and manipulation risks of the Bitcoin spot market.</p><p><img src=\"https://static.tigerbbs.com/d5b16f07eb7d6ece2c21db131847c236\" tg-width=\"550\" tg-height=\"373\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The Delta variant is on the rise, and the threshold for herd immunity is expected to be raised to over 80%.</b></p><p>The Infectious Diseases Society of America said at a briefing on Tuesday that the spread of the delta variant of the novel coronavirus has pushed the threshold for herd immunity to more than 80% and may approach 90%.</p><p>Richard Franco, an assistant professor at the University of Alabama, said this is \"much higher\" than the previous estimate of 60% to 70%, because delta's transmission rate is twice that of previous viruses.</p><p>\"Obviously this is a very dangerous virus, much more dangerous than the original virus,\" Franco said.</p><p>Herd immunity is based on the idea that when a certain percentage of the population has been vaccinated or has been previously infected and is immunized, it will help protect a wider population and reduce the spread of the virus.</p><p><img src=\"https://static.tigerbbs.com/b52ef92fbf36ab71df9cf269a097a761\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Major global banks earned $170 billion during the pandemic, marking their most profitable year ever.</b></p><p>Earnings season has settled, and the combined profits of more than a dozen of the largest banks over the past four quarters have exceeded $170 billion, highlighting how much the industry has changed compared to the downturn in the early days of the pandemic.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>It was particularly outstanding, generating profits equivalent to $131 million per day.</p><p>Some successful deals early in the COVID-19 pandemic helped the industry. As market volatility subsided last year, investment bankers are preparing to drive acquisitions and financing activities through special purpose acquisition tools. Then, as the world economy began to recover, banks with wealth management and asset management divisions enjoyed the dividends of the stock market. The same trend is benefiting the retail sector, which has long been seen as a drag on performance, as they begin to cut loan loss provisions.</p><p><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>and<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Both broke their own profit records, surpassing their European counterparts.<a href=\"https://laohu8.com/S/UBS\">UBS</a>And Barclays' profits both hit their highest levels in a decade.<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>and<a href=\"https://laohu8.com/S/0J6Y.UK\">Société Générale</a>Other banks stated that their businesses benefited from the improvement in the global economy. Bank stocks reflected the impact of this strong earnings wave, with the Dow Jones...<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The industry index has risen 59% in the past year, and the Stoxx European Bank Stock Index has risen 56%.</p><p><img src=\"https://static.tigerbbs.com/a80a0b994f4a61751162e92c143ca57c\" tg-width=\"550\" tg-height=\"277\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The UK is reportedly considering blocking Nvidia's acquisition of Arm due to national security concerns.</b></p><p>According to sources, the UK is considering blocking Nvidia's acquisition of Arm Ltd. due to potential national security risks.</p><p>Nvidia, the largest chip company in the United States by market capitalization, announced last September that it would acquire Arm for $40 billion in order to expand its presence in the rapidly growing semiconductor market. Arm is currently owned by the Japanese conglomerate SoftBank.</p><p>In April of this year, British Culture Secretary Oliver Dowden asked the Competition and Markets Authority (CMA) to prepare a report on whether the deal could be considered anti-competitive and to summarize any national security concerns raised by third parties.</p><p>The assessment report, released at the end of July, included national security concerns, and the UK is currently inclined to reject the deal. Another person familiar with the matter said that the UK may conduct a more in-depth assessment of the acquisition due to national security concerns.</p>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Foreign media headlines: US household debt saw its largest increase since 2013 in the second quarter.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForeign media headlines: US household debt saw its largest increase since 2013 in the second quarter.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-08-04 05:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The main headlines that global financial media focused on last night and this morning were:</b></p><p><b>1. The mortgage boom has driven the largest increase in US household debt since 2013.</b><b>2. Foreign Trade Bank: The Federal Reserve is expected to wait until after the 2024 general election before making a rate hike.</b><b>3. U.S. SEC Chairman Gensler guides Bitcoin ETFs: Accept strict regulation.</b><b>4. The Delta variant virus is on the rise, and the herd immunity threshold is expected to be raised to over 80%.</b><b>5. Major global banks earned $170 billion during the pandemic, marking their most profitable year ever.</b><b>6. The UK is reportedly considering blocking the US's largest chip manufacturer due to national security concerns.<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>Acquisition of Arm</b><img src=\"https://static.tigerbbs.com/42d7305c68055f3de54cae5c51091b1e\" tg-width=\"550\" tg-height=\"334\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The mortgage boom drove the largest increase in U.S. household debt since 2013.</b></p><p>Driven by a mortgage boom, U.S. household debt grew at its fastest rate since 2013 in the second quarter. Low borrowing costs and a desire for more spacious home office space have fueled mortgage demand.</p><p>A report released by the New York Federal Reserve on Tuesday showed that household debt rose by $313 billion to $14.96 trillion as of the end of June, a 2.1% increase from three months ago. The increase mainly comes from mortgage loan balances.</p><p>The Federal Reserve's July survey of senior lending commissioners, released Monday, showed that credit standards have been easing for other types of credit, such as auto loans and credit cards.</p><p>Overall, household debt as a percentage of the economy remains far below the peak reached in the years leading up to the 2008 financial crisis. Moreover, some loan balances are still lower than before the outbreak of the pandemic.</p><p><img src=\"https://static.tigerbbs.com/6e8de5a34c997f13ec1aab21f9a9b5ef\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>French Foreign Trade Bank: The Federal Reserve is expected to wait until after the 2024 election before rate hike.</b></p><p>Bond investors expecting the Federal Reserve to change course may have to wait a long time.</p><p>“My guess is that we won’t tighten policy until after the next presidential election,” Joseph LaVorgna, chief Americas economist at Banque Française, said in an interview on Tuesday. “Look at the last two cycles, the average time from the last interest rate cut to the first rate hike is seven years. So that’s not that unusual.”</p><p>LaVorgna previously served as a financial markets and economic advisor to former U.S. President Donald Trump, serving as special assistant and chief economist of the National Economic Council. He stated that after strong growth this year, economic growth is expected to slow in 2022, putting little pressure on the Federal Reserve to take interest rate actions.</p><p>“Next year I think the growth rate will be only 2%, or even lower,” he said. \"Inflation will be temporary. That's what the market is telling us.\"</p><p><img src=\"https://static.tigerbbs.com/efff1ba5fb6313b1cce4bfb7b8dde08f\" tg-width=\"550\" tg-height=\"378\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>U.S. SEC Chairman Gensler guides Bitcoin ETFs: subject to strict regulation</b></p><p>U.S. Securities and Exchange Commission Chairman Gary Gensler hinted at a path to approving the establishment of a Bitcoin ETF, stating that ETFs that comply with the SEC's strict rules on mutual funds would provide investors with the necessary protection.</p><p>Cryptocurrency enthusiasts believe that Bitcoin ETFs are crucial for cryptocurrencies to enter the mainstream. In his first major speech on cryptocurrencies, Gensler also hinted at being open to ETFs focused on Bitcoin futures. These futures are offered by CME group and require investors to put up a considerable amount of margin.</p><p>“With these important safeguards in place, I look forward to staff reviewing such applications, especially if these ETFs are limited to CME-traded Bitcoin futures,” he said in remarks prepared for the Aspen Security Forum on Tuesday.</p><p>Under Gensler and former chairman Jay Clayton, the SEC repeatedly refused to approve cryptocurrency ETFs, citing concerns about the transparency and manipulation risks of the Bitcoin spot market.</p><p><img src=\"https://static.tigerbbs.com/d5b16f07eb7d6ece2c21db131847c236\" tg-width=\"550\" tg-height=\"373\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The Delta variant is on the rise, and the threshold for herd immunity is expected to be raised to over 80%.</b></p><p>The Infectious Diseases Society of America said at a briefing on Tuesday that the spread of the delta variant of the novel coronavirus has pushed the threshold for herd immunity to more than 80% and may approach 90%.</p><p>Richard Franco, an assistant professor at the University of Alabama, said this is \"much higher\" than the previous estimate of 60% to 70%, because delta's transmission rate is twice that of previous viruses.</p><p>\"Obviously this is a very dangerous virus, much more dangerous than the original virus,\" Franco said.</p><p>Herd immunity is based on the idea that when a certain percentage of the population has been vaccinated or has been previously infected and is immunized, it will help protect a wider population and reduce the spread of the virus.</p><p><img src=\"https://static.tigerbbs.com/b52ef92fbf36ab71df9cf269a097a761\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Major global banks earned $170 billion during the pandemic, marking their most profitable year ever.</b></p><p>Earnings season has settled, and the combined profits of more than a dozen of the largest banks over the past four quarters have exceeded $170 billion, highlighting how much the industry has changed compared to the downturn in the early days of the pandemic.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>It was particularly outstanding, generating profits equivalent to $131 million per day.</p><p>Some successful deals early in the COVID-19 pandemic helped the industry. As market volatility subsided last year, investment bankers are preparing to drive acquisitions and financing activities through special purpose acquisition tools. Then, as the world economy began to recover, banks with wealth management and asset management divisions enjoyed the dividends of the stock market. The same trend is benefiting the retail sector, which has long been seen as a drag on performance, as they begin to cut loan loss provisions.</p><p><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>and<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Both broke their own profit records, surpassing their European counterparts.<a href=\"https://laohu8.com/S/UBS\">UBS</a>And Barclays' profits both hit their highest levels in a decade.<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>and<a href=\"https://laohu8.com/S/0J6Y.UK\">Société Générale</a>Other banks stated that their businesses benefited from the improvement in the global economy. Bank stocks reflected the impact of this strong earnings wave, with the Dow Jones...<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The industry index has risen 59% in the past year, and the Stoxx European Bank Stock Index has risen 56%.</p><p><img src=\"https://static.tigerbbs.com/a80a0b994f4a61751162e92c143ca57c\" tg-width=\"550\" tg-height=\"277\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The UK is reportedly considering blocking Nvidia's acquisition of Arm due to national security concerns.</b></p><p>According to sources, the UK is considering blocking Nvidia's acquisition of Arm Ltd. due to potential national security risks.</p><p>Nvidia, the largest chip company in the United States by market capitalization, announced last September that it would acquire Arm for $40 billion in order to expand its presence in the rapidly growing semiconductor market. Arm is currently owned by the Japanese conglomerate SoftBank.</p><p>In April of this year, British Culture Secretary Oliver Dowden asked the Competition and Markets Authority (CMA) to prepare a report on whether the deal could be considered anti-competitive and to summarize any national security concerns raised by third parties.</p><p>The assessment report, released at the end of July, included national security concerns, and the UK is currently inclined to reject the deal. Another person familiar with the matter said that the UK may conduct a more in-depth assessment of the acquisition due to national security concerns.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2021-08-04/doc-ikqciyzk9379676.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d5b16f07eb7d6ece2c21db131847c236","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","QQQ":"纳指100ETF","UDOW":"三倍做多道指30ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","DDM":"2倍做多道指ETF-ProShares",".SPX":"S&P 500 Index","SQQQ":"纳指三倍做空ETF","SPXU":"三倍做空标普500ETF-ProShares","PSQ":"做空纳斯达克100指数ETF-ProShares","SDOW":"三倍做空道指30ETF-ProShares","EBON":"亿邦国际","DXD":"两倍做空道琼30指数ETF-ProShares","CAN":"嘉楠科技","QLD":"2倍做多纳斯达克100指数ETF-ProShares","DOG":"道指ETF-ProShares做空","SDS":"两倍做空标普500 ETF-ProShares","IVV":"标普500ETF-iShares","TQQQ":"纳指三倍做多ETF","QID":"两倍做空纳斯达克指数ETF-ProShares","OEX":"标普100","DJX":"1/100道琼斯","SSO":"2倍做多标普500ETF-ProShares","SH":"做空标普500-Proshares","OEF":"标普100指数ETF-iShares"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2021-08-04/doc-ikqciyzk9379676.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2156201911","content_text":"全球财经媒体昨夜今晨共同关注的头条新闻主要有：\n\n1、抵押贷款热潮推动美国家庭债务创2013年以来最大增幅\n\n\n2、法国外贸银行：预计美联储要等到2024年大选后才加息\n\n\n3、美国SEC主席根斯勒为比特币ETF指路：接受严格监管\n\n\n4、Delta变种病毒来势凶猛 群体免疫门槛料被推高至80%以上\n\n\n5、全球大银行疫情中盈利1700亿美元 创下有史以来最赚钱的一年\n\n\n6、英国据悉因国家安全关切考虑阻止美国最大芯片商英伟达收购Arm\n\n\n抵押贷款热潮推动美国家庭债务创2013年以来最大增幅\n在抵押贷款热潮推动下，第二季度美国家庭债务创下2013年以来最快增速。低借贷成本以及对更宽敞居家办公空间的渴望催生了房贷需求。\n纽约联储周二公布报告显示 ，截至6月底，家庭负债增长3130亿美元，至14.96万亿美元，较三个月前增长2.1%。增量主要来自抵押贷款余额。\n美联储周一公布的7月高级贷款专员意见调查显示，对于其他类型的信贷，例如汽车贷款和信用卡，信贷标准一直在放松。\n总体而言，家庭债务占经济的比重仍远低于2008年金融危机前几年创下的高点。而且一些借款余额仍低于疫情爆发前水平。\n\n法国外贸银行：预计美联储要等到2024年大选后才加息\n期待美联储改弦更张的债券投资者可能要等很久。\n“我的猜测是我们要等到下一次总统大选之后才会收紧政策，”法国外贸银行首席美洲经济学家Joseph LaVorgna周二接受采访时表示。“你看看最近两个周期，从最后一次降息到第一次加息的平均时间是七年。所以这真不是那么不寻常。”\nLaVorgna曾任美国前总统唐纳德·特朗普的金融市场和经济顾问，职务是国家经济委员会特别助理兼首席经济学家。他表示，在今年强劲增长后，2022年经济增长势将放缓，令美联储采取利率行动的压力不大。\n“明年我认为增长率只有2%，甚至更低，”他说。“通胀将是暂时的。这是市场告诉我们的。”\n\n美国SEC主席根斯勒为比特币ETF指路：接受严格监管\n美国证券交易委员会主席根斯勒（Gary Gensler）暗示了一条批准设立比特币ETF的途径，表示符合SEC关于共同基金严格规则的ETF能给投资者提供必要的保护。\n加密货币爱好者认为，比特币ETF对于加密货币进入主流领域至关重要。在他首次有关加密货币的重要演讲中，Gensler还暗示对专注于比特币期货的ETF持开放态度。这种期货由芝商所提供，并要求投资者拿出可观的保证金。\n“有了这些重要的保护措施，我期待工作人员对此类申请进行审查，特别是如果这些ETF仅限于CME交易的比特币期货，”他在周二为阿斯彭安全论坛准备的讲话中表示。\n在Gensler及前任主席Jay Clayton领导下，SEC多次拒绝批准加密货币ETF，担心比特币现货市场的透明度和操纵风险。\n\nDelta变种病毒来势凶猛 群体免疫门槛料被推高至80%以上\n美国传染病学会周二在一次情况通报会上表示，delta新冠病毒变种的传播已将群体免疫的门槛推高至80%以上，并可能接近90%。\n阿拉巴马大学助理教授Richard Franco表示，这比之前估计的60%至70%“高得多”，因为delta的传播率是先前病毒的两倍。\n“显然这是一种非常危险的病毒，比原始病毒危险得多，” Franco说。\n群体免疫是基于这样的想法：当一定比例的人口已经接种疫苗或之前曾感染而获得免疫，将有助于保护更广泛的人群并减少病毒的传播。\n\n全球大银行疫情中盈利1700亿美元 创下有史以来最赚钱的一年\n财报季尘埃落定，十几家最大银行过去四个季度的利润总和超过1700亿美元，彰显出该行业与疫情早期的低迷相比发生了多么巨大的变化。摩根大通尤为出色，所获利润相当于每天赚进1.31亿美元。\n新冠疫情早期一些成功的交易帮助了该行业。随着去年的市场波动消退，投资银行家准备通过特殊目的收购工具来推动收购和筹资活动。然后随着世界经济开始复苏，拥有财富管理和资产管理部门的银行享受到了股市的红利。同样的趋势也惠及长期以来被视为拖业绩后腿的零售部门，因为他们开始削减贷款损失拨备。\n高盛和摩根士丹利双双打破自身盈利纪录，欧洲同行瑞银和巴克莱的利润都创十年来最高水平。德意志银行和法国兴业银行等银行表示业务受益于全球经济改善。银行股反映了这一波强劲业绩的影响，道琼斯美国银行业指数过去一年上涨59%，欧洲斯托克银行股指数上涨56%。\n\n英国据悉因国家安全关切考虑阻止美国最大芯片商英伟达收购Arm\n据知情人士透露，英国因潜在国家安全风险正考虑阻止英伟达收购Arm Ltd．。\n按市值计算美国最大芯片公司英伟达去年9月宣布以400亿美元收购Arm，以在发展迅猛的半导体市场扩大地盘。Arm目前为日本企业集团软银所有。\n今年4月，英国文化大臣Oliver Dowden要求竞争和市场管理局（CMA）准备一份有关该交易是否可被视为反竞争的报告，并汇总第三方提出的任何国家安全关切。\n7月底出炉的评估报告包含国家安全关切，英国目前倾向于否定该交易。另一位知情人士表示，出于国家安全考虑，英国可能会对这笔并购进行更深入的评估。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"UDOW":0.9,"QLD":0.9,"SDS":0.9,"IVV":0.9,"PSQ":0.9,"ESmain":0.9,"MNQmain":0.9,"XBTmain":0.9,"UPRO":0.9,"NQmain":0.9,"SDOW":0.9,"TQQQ":0.9,".IXIC":0.9,"DOG":0.9,"SSO":0.9,"DDM":0.9,"EBON":0.9,".SPX":0.9,"QID":0.9,".DJI":0.9,"DXD":0.9,"OEF":0.9,"BTCmain":0.9,"OEX":0.9,"SH":0.9,"DJX":0.9,"CAN":0.9,"SQQQ":0.9,"QQQ":0.9,"SPXU":0.9}},"isVote":1,"tweetType":1,"viewCount":2140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171862494,"gmtCreate":1626737667018,"gmtModify":1703764071350,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"title":"","htmlText":"u","listText":"u","text":"u","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/171862494","repostId":"2152657534","repostType":4,"repost":{"id":"2152657534","kind":"highlight","pubTimestamp":1626732000,"share":"https://ttm.financial/m/news/2152657534?lang=en_US&edition=fundamental","pubTime":"2021-07-20 06:00","market":"hk","language":"zh","title":"US stocks experienced another crash! Investors rushed into this sector to avoid risk.","url":"https://stock-news.laohu8.com/highlight/detail?id=2152657534","media":"智通财经网","summary":"因市场对新冠疫情升温的担忧，周一美股出现大幅调整，道指跌超2%，为去年十月下旬以来最大单日跌幅，航空股、石油股、银行股普跌。","content":"<p>According to Zhitong Finance APP, US stocks experienced a sharp correction on Monday due to market concerns about the escalation of the COVID-19 pandemic, with the Dow Jones Industrial Average falling by more than 2%, its biggest single-day drop since late October last year. Airline stocks, oil stocks, and bank stocks generally fell. The Nasdaq and S&P 500 both fell by more than 1%.<a href=\"https://laohu8.com/S/CBOE\">Chicago Board Options Exchange</a>The volatility index VIX once surged by more than 30%. Crude oil futures fell sharply.</p><p>Investors began betting on sectors that would benefit from the pandemic, such as grocery stores. On Monday, shares of Kroger (KR) and Albertsons (ACI) both rose.<a href=\"https://laohu8.com/S/COST\">Costco</a>It hit a record high of $415.317 during the session.</p><p>Grocery stores have been beneficiaries of the pandemic over the past year, as restaurants have temporarily closed, forcing people to stock up on food and cook at home. These retailers will face profitability challenges in the coming quarters, as they will need to compare their exceptionally high sales growth and profitability figures last year. Investors and companies have been trying to figure out when (and to what extent) consumers will resume dining out as more people are fully vaccinated and restrictions are eased. However, in recent weeks, with the widespread spread of the Delta virus, some regions have begun to implement measures implemented during the partial lockdown period, which has made things more complicated.</p><p>Brian Yarbrough, a retail analyst at Edward Jones, pointed out that investors are being frightened by news about the Delta virus, which has led them to return to the embrace of stocks that have benefited from the epidemic. \"</p><p>The D.A. Michael Baker, a retail analyst at Davidson, said grocers are performing \"the opposite of what you see in airline stocks.\" Airlines and cruise ships were the hardest hit sectors as investors worried about a potential slowdown or reversal in tourism trends.</p><p>Food sales remain above pre-pandemic levels, according to market research firm IRI, which tracks sales patterns in supermarkets, hypermarkets and convenience stores. In the week ending July 4, total demand for packaged goods was roughly flat compared to the same period last year, although total sales of perishable and non-edible items declined slightly.</p><p>Baker said that over the past year, people have developed the habit of cooking at home. In addition, labor shortages have affected customer service in some restaurants, giving customers another reason to eat at home.</p><p>He pointed out that recent data also supports the stickiness of the eat-at-home pattern. According to data from the U.S. Department of Commerce, revenue at food and beverage stores increased by 0.6% in June compared to the previous month. On the other hand, according to OpenTable reservations, restaurant dining still declined by 8% in July compared to a year ago.</p><p>However, not all stocks that benefited from the pandemic rose against the market trend on Monday.<a href=\"https://laohu8.com/S/WMT\">Walmart</a>、<a href=\"https://laohu8.com/S/HD\">Home Depot</a>and<a href=\"https://laohu8.com/S/LOW\">Lowe's</a>The stock price fell.</p><p>Yarbrough believes this is because<a href=\"https://laohu8.com/S/WMT\">Walmart</a>Selling general merchandise and discretionary items, rather than a pure grocery store. Compared to grocery stores, the sales growth of home improvement retailers may not be as surprising.</p>","source":"highlight_zhitongcaijin","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>US stocks experienced another crash! Investors rushed into this sector to avoid risk.</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\">\nUS stocks experienced another crash! Investors rushed into this sector to avoid risk.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2021-07-20 06:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>According to Zhitong Finance APP, US stocks experienced a sharp correction on Monday due to market concerns about the escalation of the COVID-19 pandemic, with the Dow Jones Industrial Average falling by more than 2%, its biggest single-day drop since late October last year. Airline stocks, oil stocks, and bank stocks generally fell. The Nasdaq and S&P 500 both fell by more than 1%.<a href=\"https://laohu8.com/S/CBOE\">Chicago Board Options Exchange</a>The volatility index VIX once surged by more than 30%. Crude oil futures fell sharply.</p><p>Investors began betting on sectors that would benefit from the pandemic, such as grocery stores. On Monday, shares of Kroger (KR) and Albertsons (ACI) both rose.<a href=\"https://laohu8.com/S/COST\">Costco</a>It hit a record high of $415.317 during the session.</p><p>Grocery stores have been beneficiaries of the pandemic over the past year, as restaurants have temporarily closed, forcing people to stock up on food and cook at home. These retailers will face profitability challenges in the coming quarters, as they will need to compare their exceptionally high sales growth and profitability figures last year. Investors and companies have been trying to figure out when (and to what extent) consumers will resume dining out as more people are fully vaccinated and restrictions are eased. However, in recent weeks, with the widespread spread of the Delta virus, some regions have begun to implement measures implemented during the partial lockdown period, which has made things more complicated.</p><p>Brian Yarbrough, a retail analyst at Edward Jones, pointed out that investors are being frightened by news about the Delta virus, which has led them to return to the embrace of stocks that have benefited from the epidemic. \"</p><p>The D.A. Michael Baker, a retail analyst at Davidson, said grocers are performing \"the opposite of what you see in airline stocks.\" Airlines and cruise ships were the hardest hit sectors as investors worried about a potential slowdown or reversal in tourism trends.</p><p>Food sales remain above pre-pandemic levels, according to market research firm IRI, which tracks sales patterns in supermarkets, hypermarkets and convenience stores. In the week ending July 4, total demand for packaged goods was roughly flat compared to the same period last year, although total sales of perishable and non-edible items declined slightly.</p><p>Baker said that over the past year, people have developed the habit of cooking at home. In addition, labor shortages have affected customer service in some restaurants, giving customers another reason to eat at home.</p><p>He pointed out that recent data also supports the stickiness of the eat-at-home pattern. According to data from the U.S. Department of Commerce, revenue at food and beverage stores increased by 0.6% in June compared to the previous month. On the other hand, according to OpenTable reservations, restaurant dining still declined by 8% in July compared to a year ago.</p><p>However, not all stocks that benefited from the pandemic rose against the market trend on Monday.<a href=\"https://laohu8.com/S/WMT\">Walmart</a>、<a href=\"https://laohu8.com/S/HD\">Home Depot</a>and<a href=\"https://laohu8.com/S/LOW\">Lowe's</a>The stock price fell.</p><p>Yarbrough believes this is because<a href=\"https://laohu8.com/S/WMT\">Walmart</a>Selling general merchandise and discretionary items, rather than a pure grocery store. Compared to grocery stores, the sales growth of home improvement retailers may not be as surprising.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/517189.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f6b557122b30390aec7062249e24940a","relate_stocks":{"WMT":"沃尔玛"},"source_url":"http://www.zhitongcaijing.com/content/detail/517189.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2152657534","content_text":"智通财经APP获悉，因市场对新冠疫情升温的担忧，周一美股出现大幅调整，道指跌超2%，为去年十月下旬以来最大单日跌幅，航空股、石油股、银行股普跌；纳指及标普500指数均跌超1%。芝加哥期权交易所波动率指数VIX一度狂飙超30%。原油期货大幅下跌。\n投资者开始转向押注食品杂货店等疫情受益板块，周一，Kroger(KR)及Albertsons(ACI)的股价均有上涨，好市多盘中触及历史新高415.317美元。\n在过去的一年里，食品杂货店是疫情的受益者，因为餐馆暂时关闭，迫使人们囤积食物并在家里做饭。这些零售商在未来几个季度将面临盈利挑战，因其需要做对比的是去年异常高的销售增长及盈利数据。投资者和公司一直在试图弄清楚，随着越来越多的人全面接种疫苗和限制措施的放松，消费者何时(以及在多大程度上)会恢复外出就餐的习惯。然而，最近几周，随着Delta病毒的广泛传播，一些地区又开始实施了部分封锁时期实施的措施，这使得事情变得更为复杂。\nEdward Jones的零售分析师Brian Yarbrough指出，投资者正被有关Delta病毒的消息吓坏了，这导致他们又重新回到了疫情受益股的怀抱。”\nD.A. Davidson公司的零售分析师Michael Baker表示，食品杂货商在市场上的表现“与你在航空股上看到的情况相反”。由于投资者担心旅游趋势可能放缓或逆转，航空公司和游轮是受打击最严重的板块。”\n根据市场调研公司IRI的数据，食品销售仍然高于疫情前的水平，IRI追踪超市、大卖场和便利店的销售模式。在截至7月4日的一周内，对包装商品的总需求与去年同期水平基本持平，尽管易腐物品和非食用物品的总销量略有下降。\nBaker表示，在过去一年里，人们养成了在家做饭的习惯。另外，劳动力的短缺使一些餐馆的客户服务受到影响，给顾客提供了另一个在家吃饭的理由。\n他指出，最近的数据也支持了在家吃饭模式的粘性。根据美国商务部的数据，6月份食品和饮料商店的收入比上个月增加了0.6%。另一方面，根据OpenTable的预订情况，7月份餐厅餐饮与一年前相比仍然下降了8%。\n然而，并非所有疫情受益股都在周一逆市上涨。沃尔玛、家得宝和劳氏的股价出现了下跌。\nYarbrough认为，这是因为沃尔玛销售一般商品和可自由支配的物品，而不是一个纯粹的食品杂货店。而相比起食品杂货店，家庭装修零售商的销售增长可能不会有太多惊喜。”","news_type":1,"symbols_score_info":{"WMT":0.9}},"isVote":1,"tweetType":1,"viewCount":1889,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9099419995,"gmtCreate":1643412118072,"gmtModify":1676533816906,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"title":"","htmlText":"Bb omg","listText":"Bb omg","text":"Bb omg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9099419995","isVote":1,"tweetType":1,"viewCount":5188,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9099349484,"gmtCreate":1643299446510,"gmtModify":1676533801008,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"title":"","htmlText":"B B","listText":"B B","text":"B B","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9099349484","repostId":"639367269","repostType":1,"repost":{"id":639367269,"gmtCreate":1643170686233,"gmtModify":1676532644226,"author":{"id":"3514329116425907","authorId":"3514329116425907","name":"小虎AV","avatar":"https://static.tigerbbs.com/91101bd3142b32495c3131036d5f8afa","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3514329116425907","authorIdStr":"3514329116425907"},"themes":[],"title":"快看！木頭姐的2022投資展望","htmlText":"ARK從2017年開始發佈Big&nbsp;Ideas,向投資者介紹突破性技術的影響、它們的發展速度以及它們可以創造的投資機會。今年當然也不例外，歡迎大家收看採訪視頻：<a href=\"https://laohu8.com/TW/639970680\" target=\"_blank\">凱西·伍德對2022年的展望採訪</a> 過去幾個月，創新科技股波動劇烈。在方舟投資公司，我們不認爲波動是負面的。我們關注的是長期機遇，隨着技術的融合，這些機遇可能呈指數級增長，改變整個行業，並可能創造新的世界秩序。 會議目錄 到2030年，人工智能創新可能會增加近10倍，市值超過100萬億美元 電池技術將使自動駕駛成爲可能，到2030年創造超過30萬億美元的市值 到2030年，機器人技術的進步將帶來超過10萬億美元的股本 ARK預計，到2030年，加密資產和數字錢包的股票市值將達到近50萬億美元 與自由支配上網時間相關的收入將從今天的1.8萬億美元增加到202年的4.1萬億美元 數字錢包因客戶獲取策略而有所區別 到2030年，一個比特幣的價格可能超過100萬 Web3場景下，未來十年每年的在線支出可能達到12.5萬億美元 到2026年，基因編輯和基因治療公司的市值可能達到約1.1萬億美元 多元組學可能從1100億美元發展到3000億美元的收入機會 如果傳統汽車製造商成功實現從汽油動力汽車的轉變，電動汽車的銷量將在未來五年內增長8倍，從480萬輛增長到4000萬輛。 自動叫車技術可能比歷史上任何一項創新都具有更大的經濟影響，到2030年將爲全球GDP增加約26萬億美元 到2030年，自動化物流的收入將從今天的零增長到9000億美元 ARK預計，3D打印和機器人的企業價值將從今天的700億美元擴大到2030年的6萬億美元以上 未來5-10年，衛星寬帶收入在美國每年將達到100億美元，在全球範圍內將","listText":"ARK從2017年開始發佈Big&nbsp;Ideas,向投資者介紹突破性技術的影響、它們的發展速度以及它們可以創造的投資機會。今年當然也不例外，歡迎大家收看採訪視頻：<a href=\"https://laohu8.com/TW/639970680\" target=\"_blank\">凱西·伍德對2022年的展望採訪</a> 過去幾個月，創新科技股波動劇烈。在方舟投資公司，我們不認爲波動是負面的。我們關注的是長期機遇，隨着技術的融合，這些機遇可能呈指數級增長，改變整個行業，並可能創造新的世界秩序。 會議目錄 到2030年，人工智能創新可能會增加近10倍，市值超過100萬億美元 電池技術將使自動駕駛成爲可能，到2030年創造超過30萬億美元的市值 到2030年，機器人技術的進步將帶來超過10萬億美元的股本 ARK預計，到2030年，加密資產和數字錢包的股票市值將達到近50萬億美元 與自由支配上網時間相關的收入將從今天的1.8萬億美元增加到202年的4.1萬億美元 數字錢包因客戶獲取策略而有所區別 到2030年，一個比特幣的價格可能超過100萬 Web3場景下，未來十年每年的在線支出可能達到12.5萬億美元 到2026年，基因編輯和基因治療公司的市值可能達到約1.1萬億美元 多元組學可能從1100億美元發展到3000億美元的收入機會 如果傳統汽車製造商成功實現從汽油動力汽車的轉變，電動汽車的銷量將在未來五年內增長8倍，從480萬輛增長到4000萬輛。 自動叫車技術可能比歷史上任何一項創新都具有更大的經濟影響，到2030年將爲全球GDP增加約26萬億美元 到2030年，自動化物流的收入將從今天的零增長到9000億美元 ARK預計，3D打印和機器人的企業價值將從今天的700億美元擴大到2030年的6萬億美元以上 未來5-10年，衛星寬帶收入在美國每年將達到100億美元，在全球範圍內將","text":"ARK從2017年開始發佈Big Ideas,向投資者介紹突破性技術的影響、它們的發展速度以及它們可以創造的投資機會。今年當然也不例外，歡迎大家收看採訪視頻：凱西·伍德對2022年的展望採訪 過去幾個月，創新科技股波動劇烈。在方舟投資公司，我們不認爲波動是負面的。我們關注的是長期機遇，隨着技術的融合，這些機遇可能呈指數級增長，改變整個行業，並可能創造新的世界秩序。 會議目錄 到2030年，人工智能創新可能會增加近10倍，市值超過100萬億美元 電池技術將使自動駕駛成爲可能，到2030年創造超過30萬億美元的市值 到2030年，機器人技術的進步將帶來超過10萬億美元的股本 ARK預計，到2030年，加密資產和數字錢包的股票市值將達到近50萬億美元 與自由支配上網時間相關的收入將從今天的1.8萬億美元增加到202年的4.1萬億美元 數字錢包因客戶獲取策略而有所區別 到2030年，一個比特幣的價格可能超過100萬 Web3場景下，未來十年每年的在線支出可能達到12.5萬億美元 到2026年，基因編輯和基因治療公司的市值可能達到約1.1萬億美元 多元組學可能從1100億美元發展到3000億美元的收入機會 如果傳統汽車製造商成功實現從汽油動力汽車的轉變，電動汽車的銷量將在未來五年內增長8倍，從480萬輛增長到4000萬輛。 自動叫車技術可能比歷史上任何一項創新都具有更大的經濟影響，到2030年將爲全球GDP增加約26萬億美元 到2030年，自動化物流的收入將從今天的零增長到9000億美元 ARK預計，3D打印和機器人的企業價值將從今天的700億美元擴大到2030年的6萬億美元以上 未來5-10年，衛星寬帶收入在美國每年將達到100億美元，在全球範圍內將","images":[{"img":"https://static.tigerbbs.com/14bae82a6bc1560f1d02cf374dece92d","width":"-1","height":"-1"},{"img":"https://static.tigerbbs.com/7f9e4f5b68dcb408955d1c71e85f5380","width":"-1","height":"-1"},{"img":"https://static.tigerbbs.com/d63da9acc54bb21920024b8ed7abd1da","width":"-1","height":"-1"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/639367269","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":19,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3124,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173671456,"gmtCreate":1626659864475,"gmtModify":1703762846546,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"title":"","htmlText":"G","listText":"G","text":"G","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/173671456","repostId":"1119317025","repostType":4,"isVote":1,"tweetType":1,"viewCount":1748,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179725510,"gmtCreate":1626579286430,"gmtModify":1703761977095,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"title":"","htmlText":"j","listText":"j","text":"j","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/179725510","repostId":"1199169547","repostType":4,"repost":{"id":"1199169547","kind":"news","weMediaInfo":{"introduction":"侃投资/话人生/广交友","home_visible":1,"media_name":"股市荀策","id":"1012219063","head_image":"https://static.tigerbbs.com/0945e49df9384880a2a850c7de1463be"},"pubTimestamp":1626577567,"share":"https://ttm.financial/m/news/1199169547?lang=en_US&edition=fundamental","pubTime":"2021-07-18 11:06","market":"sh","language":"zh","title":"Haitong Strategy: On the Current Market Style! Is the sound of the waves still the same?","url":"https://stock-news.laohu8.com/highlight/detail?id=1199169547","media":"股市荀策","summary":"核心结论：①19年初以来市场风格整体偏向成长，从风格指数和估值相对走势看成风格演化还未到极致。②经济基本面、流动性、相对估值并非决定风格的核心变量，盈利相对趋势决定当前市场风格将延续。③继续看好市场，","content":"<p><b>Key conclusions:</b>①Since the beginning of 2019, the overall market style has been biased towards growth. Judging from the relative trends of style indices and valuations, the style evolution has not yet reached its peak. ② Economic fundamentals, liquidity, and relative valuation are not the core variables that determine the style; the relative trend of profitability determines that the current market style will continue. ③ We remain optimistic about the market; large-cap growth stocks, represented by the Moutai Index, remain a good allocation.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Mid-cap growth, represented by manufacturing, is more resilient.</p><p><b>Is the sound of the waves still the same?</b></p><p><b>—On the current market style</b></p><p>Overall, this is the third year that growth stocks have dominated the A-share market, and the sixth year that the broader market has dominated the market. Some investors are concerned that the current market style divergence is too extreme and that a style shift is imminent. We reviewed the past style shifts in the A-share market, identified the core variables that determine style, and attempted to address this market concern.</p><p><b>1. The current market style still leans towards overall growth.</b></p><p><b>Currently, growth stocks still dominate the A-share market.</b>There are two main types of market styles: large and small cap styles and value growth styles. Looking back at history, both the US stock market and the A-share market have exhibited typical style rotation characteristics between large and small caps. The rotation cycle between large and small-cap stocks in the US stock market is 3-6 years. Between 2015 and 2019, large-cap stocks (S&P 100) dominated, but over the past 20 years, the style has shown a trend towards small-cap stocks (Russell 2000). As an emerging market, the A-share market has a shorter rotation cycle between large and small-cap stocks, generally 2-3 years. From the end of 2013 to 2015, small-cap stocks (Shenwan small-cap stocks) emerged victorious, while large-cap stocks (Shenwan large-cap stocks) have outperformed since 2016. In terms of the rotation of value growth styles, the value growth style (value: Dow Jones Industrial Average, growth: Nasdaq Industrial Average) in the US stock market switched rapidly between 2000 and 2009, but the growth style has continued to dominate since 2010. Before 2019, the rotation of value growth (value: SSE 50, growth: ChiNext Index) styles in A-shares was basically synchronized with the rotation of small and medium-cap styles. That is, when value stocks dominated, large-cap stocks won, and when growth stocks dominated, small-cap stocks performed well. However, since 2019, the rotation of growth value and small and medium-cap styles has diverged. When large-cap stocks continued to dominate, the style returned to growth, and it is still in the trend of growth dominance.</p><p><img src=\"https://static.tigerbbs.com/d234eaf8393cf8c2f1b38a1970b8ab19\" tg-width=\"1080\" tg-height=\"364\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/61081654eab0e55431418ed51416e85f\" tg-width=\"1080\" tg-height=\"368\" referrerpolicy=\"no-referrer\"></p><p><b>The evolution of market styles has not yet reached its limit.</b>Although the growth market and the broader market have been outperforming for three and six years respectively, the market evolution is still far from its peak. From a value growth perspective, we use the relative trends of the ChiNext Index/SSE 50 and PE valuations to describe the growth value style. Currently (as of 21/07/16, the same below), the ChiNext Index/SSE 50 is 1.03, which is already higher than one standard deviation of the upward trend. It seems that the advantage of the growth style is quite extreme. However, from a valuation perspective, the current PE ratio of the ChiNext Index to the SSE 50 Index is 5.17, which is near the historical average, indicating that the dominance of growth stocks has not reached its extreme. From the perspective of large and small caps, we use the relative trends of the Shenwan Large Cap/Shenwan Small Cap Index and PE valuations to describe the style of large and small caps. Since 2016, the trend of the Shenwan Large Cap/Shenwan Small Cap has continued to rise. Since February this year, there has been a slight adjustment, and the current level is 0.93, which is close to the historical average. The style divergence between large and small caps is not extreme. Looking at the relative PE trend, the current PE ratio of Shenwan large-cap stocks to Shenwan small-cap stocks is 0.75, which is far higher than the standard deviation of 1. This phenomenon does not mean that the market style has reached its extreme, but rather that the valuation premium of small-cap stocks has been decreasing since 2016. The reason behind this is that the registration system is strengthening the differentiation between large and small-cap stocks. Before the implementation of the registration-based IPO system, the IPO approval system greatly increased the listing costs of companies. Many companies would find alternative ways and seek backdoor listings. Therefore, even if some small-cap listed companies are not well-managed, they still have considerable \"shell value\". Since 2019, the implementation of the registration-based IPO system has greatly compressed the \"shell value,\" further strengthened the connection between listed companies' stock price performance and fundamentals, and continuously reduced the valuation premium of small-cap stocks relative to large-cap stocks. The Shenwan Large-Cap PE/Shenwan Small-Cap PE ratio has risen from 0.61 on 19/07/22 to the current 0.75.</p><p><img src=\"https://static.tigerbbs.com/979f4f6104ab2087465e1c3038a170b9\" tg-width=\"1080\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f7865a2e9c4bee78237b7998803aa646\" tg-width=\"1080\" tg-height=\"370\" referrerpolicy=\"no-referrer\"></p><p><b>In a bull market, the style may fluctuate briefly, but the market style will continue its original trend in the later stages.</b>Historically, the market style experienced short-term fluctuations in the later stages of the 2005-2007 and 2012-2015 bull markets, but the market subsequently continued to maintain the characteristics of the previous style. From 2005 to 2007, the bull market was dominated by large-cap blue-chip stocks, represented by real estate and banking, with a generally superior value style. However, value stocks that had seen strong gains in the early stages of January-March 2007 were generally pullback/retracement, while small-cap stocks performed better. During this period, the Shenwan large-cap index saw a maximum decline of 27%, while the Shenwan small-cap index saw a maximum increase of 63%. The relative trend ratio of the Shenwan large-cap/small-cap index dropped from a high of 1.62 on January 10, 2007 to a low of 1.36 on March 23, 2007. However, after the market correction ended, the previous value style continued, and the relative trend ratio of the Shenwan large-cap/small-cap index climbed all the way up, reaching a high of 2.04 on March 10, 2007. The bull market from 2012 to 2015 was dominated by technology stocks, represented by TMT, and growth stocks generally dominated. However, from October 2014 to January 2015, a recovery in value stocks, represented by finance and real estate, also occurred. During this period, the SSE 50 index rose by a maximum of 65%, while the ChiNext index fell by a maximum of 13%. The relative ratio of the ChiNext index to the SSE 50 index dropped from a high of 0.96 on October 13, 2014 to a low of 0.55 on January 5, 2015. After the adjustment, the relative ratio of the ChiNext index to the SSE 50 index climbed all the way up, reaching a high of 1.23 in June 2015. In this bull market, the growth and broader market styles dominated. After the Spring Festival, the market experienced a brief correction due to inflation concerns and rising US Treasury yields, but looking ahead, the growth and broader market styles remain dominant.</p><p><b>2. Profitability is the core variable determining style.</b></p><p><b>Economic fundamentals, liquidity, and relative valuations are not the core variables that determine style.</b>With the recent comprehensive reserve requirement ratio cut by the central bank and the release of second-quarter macroeconomic data, some investors are concerned that changes in the liquidity environment and economic growth rate will affect the style. Our analysis revealed that factors such as liquidity, economic fundamentals, and relative valuations are not the core variables determining market style. This can be gleaned from a review of historical data.</p><p>The tightness of liquidity has little impact on style. In terms of large and small-cap stocks, during the two periods from January 13 to February 14, when small-cap stocks dominated, and from October 16 to January 18, when large-cap stocks dominated, the yield of the 10-year Treasury Bond was in an upward range, rising from 3.57% on January 13 to 4.51% on February 14, and from 2.65% on October 16 to 3.94% on January 18, respectively. In terms of growth value styles, the 10-year Treasury Bond yield continued to rise between October 16-January 18 and April 20-November 20, but value outperformed from October 16-January 18 and growth outperformed from April 20-November 20.</p><p>Economic fundamentals have a certain impact on style. When economic data improves, it favors value/large-cap stocks, but the two have also diverged: in terms of the year-on-year GDP growth rate in the current quarter, small-cap stocks generally outperformed during the economic upturn in 2009-10; Looking at the year-on-year growth rate of industrial added value in the current quarter, industrial added value continued to decline in 2011-12, but the value style dominated during this period.</p><p>Relative valuation changes are the price performance of style shifts, and touching the extreme value of the valuation range can easily trigger a style shift. For example, in October 2014, the valuation premium of growth stocks relative to value stocks was at a historical high, and from the end of 2014 to January 2015, a recovery in value stocks, represented by finance and real estate, occurred. However, from the perspective of large and small-cap stocks, in recent years, due to the advancement of the registration system, the valuation premium of small-cap stocks has been decreasing, and the relative valuation of large and small-cap stocks has weakened the impact of style switching.</p><p><img src=\"https://static.tigerbbs.com/2dae2ed3fc56a9bde662c6297d0485c2\" tg-width=\"1080\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/30a81a27008103f93ed2c5aa6de3bcd3\" tg-width=\"1080\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p><p><b>The relative trend of profitability is the core variable determining style.</b>In the long run, stocks are like weighing machines. From a long-term perspective, fundamentals determine stock price fluctuations, and the divergence of earnings trends is a watershed moment for style shifts. In terms of value growth styles, whether value dominated in 2016-17 or the style has weakened since 2019, the core variable behind it is profitability. During the period of value dominance in 2016-17, the cumulative year-on-year growth rate of net profit attributable to the parent company of the SSE 50 Index rose from -7.6% in Q1 2016 (ROE-TTM was 11.6%) to 13.9% (11.8%) in Q4 2017. The ChiNext Index fell from 77.1% (12.5%) in Q1 2016 to -39.8% (6.0%) in Q4 2017. The difference between the cumulative year-on-year net profit attributable to the parent company of the ChiNext Index and the SSE 50 Index (the difference between ROE and TTM) declined from 84.7% (0.78%) in Q1 2016 to -53.8% (-5.74%) in Q4 2017. The reason for the weakening of the value growth style in 2019 is that the profit growth rate of the ChiNext Index rebounded more significantly. The cumulative year-on-year growth rate of net profit attributable to the parent company of the SSE 50 Index changed from 8.1% (12.1%) in Q4 2018 to 43.2% (10.9%) in Q1 2021. However, the net profit growth rate of the ChiNext Index rose from -38.4% (7.0%) to 94.2% (13.5%), and the difference between the ChiNext Index and the SSE 50 Index rose from -46.5% (-5.1%) in Q4 2018 to 50.9% (2.6%) in Q1 2021.</p><p><b>3. Go with the flow, uphold principles, and explore new avenues.</b></p><p><b>The bull market remains unchanged, and the market is expected to reach new highs.</b>We remain optimistic about the second half of the year. From a macro perspective, the investment clock is a good tool for asset allocation analysis based on the macro background. Several of our previous reports have pointed out that the investment clock is still in an overheated period. The newly released economic data shows that my country's GDP grew by 7.9% year-on-year in the second quarter, with a two-year compound annual growth rate of 5.5%, higher than the 5.0% in the first quarter. From the perspective of the investment clock, this further confirms that this year is still in an overheated period. From a micro perspective, there are three specific reasons: First, macro liquidity is neutral and micro liquidity is ample. In terms of macro liquidity, the average yield of the ten-year Treasury Bond from the beginning of 2021 to the present (as of 21/07/16) was 3.16%, while the averages in 2018, 2019 and 2020 were 3.64%, 3.20% and 2.98%, respectively. This year, the tightness of macro liquidity has only returned to near the level of 2019. From the perspective of micro-liquidity, equity-oriented public funds have issued a total of 1.3 trillion yuan this year, compared to 2.0 trillion yuan for the whole of 2020. Northbound capital has seen a net inflow of 238.6 billion yuan, compared to 208.9 billion yuan in 2020. In comparison, micro-liquidity is very ample this year. Second, corporate profits are expanding. Looking back at history, the index peak of a bull market is slightly earlier than the profit indicator peak. Specifically, the index peak is more related to the ROE peak. Although the year-on-year peak of corporate profits in a single quarter was in Q1 2021, after excluding the impact of the low base, the ROE peak of this round of profit cycle is in Q4 2021 or Q1 2022. The year-on-year growth rate of A-share net profit for the whole year is expected to be 20%. Looking ahead to the second half of the year, the continued improvement of fundamentals is expected to support the continuous rise of the market center. Third, market risk appetite is rising. Sectors with the largest stock price increases this year tend to have higher valuations. This is actually a characteristic of the mid-to-late stages of a bull market: market risk appetite continues to rise, investors focus on trends and are willing to give high valuations to high-growth sectors. In addition, judging from sentiment indicators, the current market sentiment is around 60-65 degrees Celsius, and there is still room for further improvement in risk appetite.</p><p><img src=\"https://static.tigerbbs.com/85f19ea50e5defc481714feaf51fba50\" tg-width=\"1080\" tg-height=\"359\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5dba53f1541db8df58370e3ae9e3a92f\" tg-width=\"1080\" tg-height=\"369\" referrerpolicy=\"no-referrer\"></p><p><b>The interim earnings forecast and preliminary report confirm that profits are still in an upward cycle, and the performance of the Science and Technology Innovation Board has improved significantly.</b>As of July 15, excluding ST companies, the number of companies that disclosed interim earnings forecasts and preliminary reports in 2021 accounted for 33% of all A-shares. Taking companies that have already disclosed forecasts/preliminary reports as a sample, we calculate the interim results of each sector. By using the two-year annualized compound growth rate to eliminate the low base effect in the first quarter of last year, we can find that the rebound trend in performance in the first half of this year continues. Specifically, the compound annualized growth rate of net profit attributable to the parent company for all A-shares in the first half of 2021 compared to the first half of 19H was 35% (the compound annualized growth rate in the first half of 21Q was 35%, the same below), the ChiNext board was 38%, and the STAR Market was 92% and 89%, respectively. In terms of major industry categories, the financial and real estate sector saw the most significant improvement in performance in the first half of 2021 compared to the first quarter, with annualized growth rates of 10% and 0% in net profit attributable to the parent company in H1 and Q1 of 2021, respectively. This was followed by technology (computer, media, communications, and electronics), with growth rates of 48% and 45% in H1 and Q1 of 2021, respectively. In addition to industry sectors, we also analyzed the concept indices and the Moutai Index, which saw significant gains in the first half of this year. The largest difference in the annualized growth rate of net profit attributable to the parent company between H1 and Q1 2021 was in the new energy vehicle index, with an annualized growth rate of 72% in H1 2021 (56% in Q1 2021, the same below). The growth rate of net profit attributable to the parent company of the lithium battery index also increased significantly, with an annualized growth rate of 53% in the first half of 2021 (44% in Q1 2021). The growth rates of net profit attributable to the parent company of the Maotai Index and the Semiconductor Index declined slightly, but still remained at a high level. Among them, the annualized growth rate of the Maotai Index in the first half of 21H1 was 62% (69% in 21Q1), and the growth rate of the Semiconductor Index in the first half of 21H1 was 114% (121% in 21Q1). Overall, the profitability trend of growth relative value may expand, and the growth style will continue. For details, please refer to our previous report, \"Significant Improvement in the Performance of the Science and Technology Innovation Board - 2021 Interim Results Forecast and Preliminary Report Commentary - 20210715\".</p><p><img src=\"https://static.tigerbbs.com/59e6a24bff781155770bbf40e8c9ffbe\" tg-width=\"1080\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p><b>Only by upholding principles and striving for excellence can we achieve</b>Shougeng: Large-cap growth stocks, represented by the Moutai Index, remain a good allocation. In the era of a stock economy, industry concentration is increasing, high-quality leading companies have better fundamentals, and the profitability of large-cap growth stocks represented by the Moutai Index will continue. As my country enters the era of equity investment, the institutionalization and internationalization of A-shares will gradually increase, and the allocation of leading stocks with excellent fundamentals will be consolidated. Driven by fundamentals and institutional allocation, the Moutai Index has shown signs of becoming a US stock market since 2016, generally showing a sawtooth upward trend of long and slow bull market, and the valuation center is gradually rising: since 2016, the PE valuation center (TTM, overall method) of the Moutai Index has moved up from 15.7 times between 2009 and 2015 to 28.8 times. Affected by inflation since the Spring Festival, the pullback in the Moutai Index is merely a self-correction of cost-effectiveness. As inflationary pressures gradually ease in the second half of the year, and driven by stable performance and continued favor from institutional investors, the Moutai Index is expected to return to its previous high. For details, please see \"Moutai Index Positive US Equitization - 20210617\". Surprisingly, mid-cap growth stocks, represented by intelligent manufacturing, are more elastic. From the perspective of market capitalization structure, we estimate that the two-year annualized growth rate of net profit attributable to the parent company of mid-cap companies in Q1 2021 is 19%, and the current PE ratio is 29 times. The earnings-valuation match is better than that of large-cap and small-cap stocks. From an industry perspective, the most prominent mid-cap growth sector is the intelligent manufacturing-related industry, as detailed in \"China Intelligent Manufacturing Series Reports 1-5\". The current rise of intelligent manufacturing has three main logics: First, driven by technological progress, the restructuring of the industrial chain due to the pandemic, and moderate inflation, the fundamentals of intelligent manufacturing are stronger. Second, important policies such as the \"14th Five-Year Plan for the Development of Intelligent Manufacturing\" have been frequently introduced to support the rapid rise of intelligent manufacturing. Third, institutions, represented by funds, have not had a high allocation to intelligent manufacturing. In Q1 2021, the intelligent manufacturing sector accounted for only 26.6% of the fund's top holdings, while the peak in Q2 2020 was 32.3%, indicating that it is still slightly underallocated. Moreover, the recently released Innovation and Entrepreneurship 50 Index is expected to attract more funds to allocate to the intelligent manufacturing sector. Investment opportunities can be explored from three directions: ① Application of information technology: including fields such as artificial intelligence, industrial software, and industrial internet; ② Applications of new energy technologies: including fields such as intelligent vehicles; ③ Improvement and upgrading of traditional manufacturing technologies: including smart home appliances, industrial<a href=\"https://laohu8.com/S/300024\">Robot</a>Fields such as...</p><p><img src=\"https://static.tigerbbs.com/13bbb3d03d168bcf975405e5d25e804f\" tg-width=\"1080\" tg-height=\"273\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/094a9ec6166bd3fc67b959f8dae36b8f\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/48f9fd25c53f084111e5e634b83d8c6e\" tg-width=\"1080\" tg-height=\"371\" referrerpolicy=\"no-referrer\"></p><p><b>Risk Warning:</b>Inflation continues to rise sharply, and the investment clock has entered a period of stagflation ahead of schedule.</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>Haitong Strategy: On the Current Market Style! 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Is the sound of the waves still the same?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1012219063\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/0945e49df9384880a2a850c7de1463be);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">股市荀策 </p>\n<p class=\"h-time smaller\">2021-07-18 11:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Key conclusions:</b>①Since the beginning of 2019, the overall market style has been biased towards growth. Judging from the relative trends of style indices and valuations, the style evolution has not yet reached its peak. ② Economic fundamentals, liquidity, and relative valuation are not the core variables that determine the style; the relative trend of profitability determines that the current market style will continue. ③ We remain optimistic about the market; large-cap growth stocks, represented by the Moutai Index, remain a good allocation.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Mid-cap growth, represented by manufacturing, is more resilient.</p><p><b>Is the sound of the waves still the same?</b></p><p><b>—On the current market style</b></p><p>Overall, this is the third year that growth stocks have dominated the A-share market, and the sixth year that the broader market has dominated the market. Some investors are concerned that the current market style divergence is too extreme and that a style shift is imminent. We reviewed the past style shifts in the A-share market, identified the core variables that determine style, and attempted to address this market concern.</p><p><b>1. The current market style still leans towards overall growth.</b></p><p><b>Currently, growth stocks still dominate the A-share market.</b>There are two main types of market styles: large and small cap styles and value growth styles. Looking back at history, both the US stock market and the A-share market have exhibited typical style rotation characteristics between large and small caps. The rotation cycle between large and small-cap stocks in the US stock market is 3-6 years. Between 2015 and 2019, large-cap stocks (S&P 100) dominated, but over the past 20 years, the style has shown a trend towards small-cap stocks (Russell 2000). As an emerging market, the A-share market has a shorter rotation cycle between large and small-cap stocks, generally 2-3 years. From the end of 2013 to 2015, small-cap stocks (Shenwan small-cap stocks) emerged victorious, while large-cap stocks (Shenwan large-cap stocks) have outperformed since 2016. In terms of the rotation of value growth styles, the value growth style (value: Dow Jones Industrial Average, growth: Nasdaq Industrial Average) in the US stock market switched rapidly between 2000 and 2009, but the growth style has continued to dominate since 2010. Before 2019, the rotation of value growth (value: SSE 50, growth: ChiNext Index) styles in A-shares was basically synchronized with the rotation of small and medium-cap styles. That is, when value stocks dominated, large-cap stocks won, and when growth stocks dominated, small-cap stocks performed well. However, since 2019, the rotation of growth value and small and medium-cap styles has diverged. When large-cap stocks continued to dominate, the style returned to growth, and it is still in the trend of growth dominance.</p><p><img src=\"https://static.tigerbbs.com/d234eaf8393cf8c2f1b38a1970b8ab19\" tg-width=\"1080\" tg-height=\"364\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/61081654eab0e55431418ed51416e85f\" tg-width=\"1080\" tg-height=\"368\" referrerpolicy=\"no-referrer\"></p><p><b>The evolution of market styles has not yet reached its limit.</b>Although the growth market and the broader market have been outperforming for three and six years respectively, the market evolution is still far from its peak. From a value growth perspective, we use the relative trends of the ChiNext Index/SSE 50 and PE valuations to describe the growth value style. Currently (as of 21/07/16, the same below), the ChiNext Index/SSE 50 is 1.03, which is already higher than one standard deviation of the upward trend. It seems that the advantage of the growth style is quite extreme. However, from a valuation perspective, the current PE ratio of the ChiNext Index to the SSE 50 Index is 5.17, which is near the historical average, indicating that the dominance of growth stocks has not reached its extreme. From the perspective of large and small caps, we use the relative trends of the Shenwan Large Cap/Shenwan Small Cap Index and PE valuations to describe the style of large and small caps. Since 2016, the trend of the Shenwan Large Cap/Shenwan Small Cap has continued to rise. Since February this year, there has been a slight adjustment, and the current level is 0.93, which is close to the historical average. The style divergence between large and small caps is not extreme. Looking at the relative PE trend, the current PE ratio of Shenwan large-cap stocks to Shenwan small-cap stocks is 0.75, which is far higher than the standard deviation of 1. This phenomenon does not mean that the market style has reached its extreme, but rather that the valuation premium of small-cap stocks has been decreasing since 2016. The reason behind this is that the registration system is strengthening the differentiation between large and small-cap stocks. Before the implementation of the registration-based IPO system, the IPO approval system greatly increased the listing costs of companies. Many companies would find alternative ways and seek backdoor listings. Therefore, even if some small-cap listed companies are not well-managed, they still have considerable \"shell value\". Since 2019, the implementation of the registration-based IPO system has greatly compressed the \"shell value,\" further strengthened the connection between listed companies' stock price performance and fundamentals, and continuously reduced the valuation premium of small-cap stocks relative to large-cap stocks. The Shenwan Large-Cap PE/Shenwan Small-Cap PE ratio has risen from 0.61 on 19/07/22 to the current 0.75.</p><p><img src=\"https://static.tigerbbs.com/979f4f6104ab2087465e1c3038a170b9\" tg-width=\"1080\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f7865a2e9c4bee78237b7998803aa646\" tg-width=\"1080\" tg-height=\"370\" referrerpolicy=\"no-referrer\"></p><p><b>In a bull market, the style may fluctuate briefly, but the market style will continue its original trend in the later stages.</b>Historically, the market style experienced short-term fluctuations in the later stages of the 2005-2007 and 2012-2015 bull markets, but the market subsequently continued to maintain the characteristics of the previous style. From 2005 to 2007, the bull market was dominated by large-cap blue-chip stocks, represented by real estate and banking, with a generally superior value style. However, value stocks that had seen strong gains in the early stages of January-March 2007 were generally pullback/retracement, while small-cap stocks performed better. During this period, the Shenwan large-cap index saw a maximum decline of 27%, while the Shenwan small-cap index saw a maximum increase of 63%. The relative trend ratio of the Shenwan large-cap/small-cap index dropped from a high of 1.62 on January 10, 2007 to a low of 1.36 on March 23, 2007. However, after the market correction ended, the previous value style continued, and the relative trend ratio of the Shenwan large-cap/small-cap index climbed all the way up, reaching a high of 2.04 on March 10, 2007. The bull market from 2012 to 2015 was dominated by technology stocks, represented by TMT, and growth stocks generally dominated. However, from October 2014 to January 2015, a recovery in value stocks, represented by finance and real estate, also occurred. During this period, the SSE 50 index rose by a maximum of 65%, while the ChiNext index fell by a maximum of 13%. The relative ratio of the ChiNext index to the SSE 50 index dropped from a high of 0.96 on October 13, 2014 to a low of 0.55 on January 5, 2015. After the adjustment, the relative ratio of the ChiNext index to the SSE 50 index climbed all the way up, reaching a high of 1.23 in June 2015. In this bull market, the growth and broader market styles dominated. After the Spring Festival, the market experienced a brief correction due to inflation concerns and rising US Treasury yields, but looking ahead, the growth and broader market styles remain dominant.</p><p><b>2. Profitability is the core variable determining style.</b></p><p><b>Economic fundamentals, liquidity, and relative valuations are not the core variables that determine style.</b>With the recent comprehensive reserve requirement ratio cut by the central bank and the release of second-quarter macroeconomic data, some investors are concerned that changes in the liquidity environment and economic growth rate will affect the style. Our analysis revealed that factors such as liquidity, economic fundamentals, and relative valuations are not the core variables determining market style. This can be gleaned from a review of historical data.</p><p>The tightness of liquidity has little impact on style. In terms of large and small-cap stocks, during the two periods from January 13 to February 14, when small-cap stocks dominated, and from October 16 to January 18, when large-cap stocks dominated, the yield of the 10-year Treasury Bond was in an upward range, rising from 3.57% on January 13 to 4.51% on February 14, and from 2.65% on October 16 to 3.94% on January 18, respectively. In terms of growth value styles, the 10-year Treasury Bond yield continued to rise between October 16-January 18 and April 20-November 20, but value outperformed from October 16-January 18 and growth outperformed from April 20-November 20.</p><p>Economic fundamentals have a certain impact on style. When economic data improves, it favors value/large-cap stocks, but the two have also diverged: in terms of the year-on-year GDP growth rate in the current quarter, small-cap stocks generally outperformed during the economic upturn in 2009-10; Looking at the year-on-year growth rate of industrial added value in the current quarter, industrial added value continued to decline in 2011-12, but the value style dominated during this period.</p><p>Relative valuation changes are the price performance of style shifts, and touching the extreme value of the valuation range can easily trigger a style shift. For example, in October 2014, the valuation premium of growth stocks relative to value stocks was at a historical high, and from the end of 2014 to January 2015, a recovery in value stocks, represented by finance and real estate, occurred. However, from the perspective of large and small-cap stocks, in recent years, due to the advancement of the registration system, the valuation premium of small-cap stocks has been decreasing, and the relative valuation of large and small-cap stocks has weakened the impact of style switching.</p><p><img src=\"https://static.tigerbbs.com/2dae2ed3fc56a9bde662c6297d0485c2\" tg-width=\"1080\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/30a81a27008103f93ed2c5aa6de3bcd3\" tg-width=\"1080\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p><p><b>The relative trend of profitability is the core variable determining style.</b>In the long run, stocks are like weighing machines. From a long-term perspective, fundamentals determine stock price fluctuations, and the divergence of earnings trends is a watershed moment for style shifts. In terms of value growth styles, whether value dominated in 2016-17 or the style has weakened since 2019, the core variable behind it is profitability. During the period of value dominance in 2016-17, the cumulative year-on-year growth rate of net profit attributable to the parent company of the SSE 50 Index rose from -7.6% in Q1 2016 (ROE-TTM was 11.6%) to 13.9% (11.8%) in Q4 2017. The ChiNext Index fell from 77.1% (12.5%) in Q1 2016 to -39.8% (6.0%) in Q4 2017. The difference between the cumulative year-on-year net profit attributable to the parent company of the ChiNext Index and the SSE 50 Index (the difference between ROE and TTM) declined from 84.7% (0.78%) in Q1 2016 to -53.8% (-5.74%) in Q4 2017. The reason for the weakening of the value growth style in 2019 is that the profit growth rate of the ChiNext Index rebounded more significantly. The cumulative year-on-year growth rate of net profit attributable to the parent company of the SSE 50 Index changed from 8.1% (12.1%) in Q4 2018 to 43.2% (10.9%) in Q1 2021. However, the net profit growth rate of the ChiNext Index rose from -38.4% (7.0%) to 94.2% (13.5%), and the difference between the ChiNext Index and the SSE 50 Index rose from -46.5% (-5.1%) in Q4 2018 to 50.9% (2.6%) in Q1 2021.</p><p><b>3. Go with the flow, uphold principles, and explore new avenues.</b></p><p><b>The bull market remains unchanged, and the market is expected to reach new highs.</b>We remain optimistic about the second half of the year. From a macro perspective, the investment clock is a good tool for asset allocation analysis based on the macro background. Several of our previous reports have pointed out that the investment clock is still in an overheated period. The newly released economic data shows that my country's GDP grew by 7.9% year-on-year in the second quarter, with a two-year compound annual growth rate of 5.5%, higher than the 5.0% in the first quarter. From the perspective of the investment clock, this further confirms that this year is still in an overheated period. From a micro perspective, there are three specific reasons: First, macro liquidity is neutral and micro liquidity is ample. In terms of macro liquidity, the average yield of the ten-year Treasury Bond from the beginning of 2021 to the present (as of 21/07/16) was 3.16%, while the averages in 2018, 2019 and 2020 were 3.64%, 3.20% and 2.98%, respectively. This year, the tightness of macro liquidity has only returned to near the level of 2019. From the perspective of micro-liquidity, equity-oriented public funds have issued a total of 1.3 trillion yuan this year, compared to 2.0 trillion yuan for the whole of 2020. Northbound capital has seen a net inflow of 238.6 billion yuan, compared to 208.9 billion yuan in 2020. In comparison, micro-liquidity is very ample this year. Second, corporate profits are expanding. Looking back at history, the index peak of a bull market is slightly earlier than the profit indicator peak. Specifically, the index peak is more related to the ROE peak. Although the year-on-year peak of corporate profits in a single quarter was in Q1 2021, after excluding the impact of the low base, the ROE peak of this round of profit cycle is in Q4 2021 or Q1 2022. The year-on-year growth rate of A-share net profit for the whole year is expected to be 20%. Looking ahead to the second half of the year, the continued improvement of fundamentals is expected to support the continuous rise of the market center. Third, market risk appetite is rising. Sectors with the largest stock price increases this year tend to have higher valuations. This is actually a characteristic of the mid-to-late stages of a bull market: market risk appetite continues to rise, investors focus on trends and are willing to give high valuations to high-growth sectors. In addition, judging from sentiment indicators, the current market sentiment is around 60-65 degrees Celsius, and there is still room for further improvement in risk appetite.</p><p><img src=\"https://static.tigerbbs.com/85f19ea50e5defc481714feaf51fba50\" tg-width=\"1080\" tg-height=\"359\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5dba53f1541db8df58370e3ae9e3a92f\" tg-width=\"1080\" tg-height=\"369\" referrerpolicy=\"no-referrer\"></p><p><b>The interim earnings forecast and preliminary report confirm that profits are still in an upward cycle, and the performance of the Science and Technology Innovation Board has improved significantly.</b>As of July 15, excluding ST companies, the number of companies that disclosed interim earnings forecasts and preliminary reports in 2021 accounted for 33% of all A-shares. Taking companies that have already disclosed forecasts/preliminary reports as a sample, we calculate the interim results of each sector. By using the two-year annualized compound growth rate to eliminate the low base effect in the first quarter of last year, we can find that the rebound trend in performance in the first half of this year continues. Specifically, the compound annualized growth rate of net profit attributable to the parent company for all A-shares in the first half of 2021 compared to the first half of 19H was 35% (the compound annualized growth rate in the first half of 21Q was 35%, the same below), the ChiNext board was 38%, and the STAR Market was 92% and 89%, respectively. In terms of major industry categories, the financial and real estate sector saw the most significant improvement in performance in the first half of 2021 compared to the first quarter, with annualized growth rates of 10% and 0% in net profit attributable to the parent company in H1 and Q1 of 2021, respectively. This was followed by technology (computer, media, communications, and electronics), with growth rates of 48% and 45% in H1 and Q1 of 2021, respectively. In addition to industry sectors, we also analyzed the concept indices and the Moutai Index, which saw significant gains in the first half of this year. The largest difference in the annualized growth rate of net profit attributable to the parent company between H1 and Q1 2021 was in the new energy vehicle index, with an annualized growth rate of 72% in H1 2021 (56% in Q1 2021, the same below). The growth rate of net profit attributable to the parent company of the lithium battery index also increased significantly, with an annualized growth rate of 53% in the first half of 2021 (44% in Q1 2021). The growth rates of net profit attributable to the parent company of the Maotai Index and the Semiconductor Index declined slightly, but still remained at a high level. Among them, the annualized growth rate of the Maotai Index in the first half of 21H1 was 62% (69% in 21Q1), and the growth rate of the Semiconductor Index in the first half of 21H1 was 114% (121% in 21Q1). Overall, the profitability trend of growth relative value may expand, and the growth style will continue. For details, please refer to our previous report, \"Significant Improvement in the Performance of the Science and Technology Innovation Board - 2021 Interim Results Forecast and Preliminary Report Commentary - 20210715\".</p><p><img src=\"https://static.tigerbbs.com/59e6a24bff781155770bbf40e8c9ffbe\" tg-width=\"1080\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p><b>Only by upholding principles and striving for excellence can we achieve</b>Shougeng: Large-cap growth stocks, represented by the Moutai Index, remain a good allocation. In the era of a stock economy, industry concentration is increasing, high-quality leading companies have better fundamentals, and the profitability of large-cap growth stocks represented by the Moutai Index will continue. As my country enters the era of equity investment, the institutionalization and internationalization of A-shares will gradually increase, and the allocation of leading stocks with excellent fundamentals will be consolidated. Driven by fundamentals and institutional allocation, the Moutai Index has shown signs of becoming a US stock market since 2016, generally showing a sawtooth upward trend of long and slow bull market, and the valuation center is gradually rising: since 2016, the PE valuation center (TTM, overall method) of the Moutai Index has moved up from 15.7 times between 2009 and 2015 to 28.8 times. Affected by inflation since the Spring Festival, the pullback in the Moutai Index is merely a self-correction of cost-effectiveness. As inflationary pressures gradually ease in the second half of the year, and driven by stable performance and continued favor from institutional investors, the Moutai Index is expected to return to its previous high. For details, please see \"Moutai Index Positive US Equitization - 20210617\". Surprisingly, mid-cap growth stocks, represented by intelligent manufacturing, are more elastic. From the perspective of market capitalization structure, we estimate that the two-year annualized growth rate of net profit attributable to the parent company of mid-cap companies in Q1 2021 is 19%, and the current PE ratio is 29 times. The earnings-valuation match is better than that of large-cap and small-cap stocks. From an industry perspective, the most prominent mid-cap growth sector is the intelligent manufacturing-related industry, as detailed in \"China Intelligent Manufacturing Series Reports 1-5\". The current rise of intelligent manufacturing has three main logics: First, driven by technological progress, the restructuring of the industrial chain due to the pandemic, and moderate inflation, the fundamentals of intelligent manufacturing are stronger. Second, important policies such as the \"14th Five-Year Plan for the Development of Intelligent Manufacturing\" have been frequently introduced to support the rapid rise of intelligent manufacturing. Third, institutions, represented by funds, have not had a high allocation to intelligent manufacturing. In Q1 2021, the intelligent manufacturing sector accounted for only 26.6% of the fund's top holdings, while the peak in Q2 2020 was 32.3%, indicating that it is still slightly underallocated. Moreover, the recently released Innovation and Entrepreneurship 50 Index is expected to attract more funds to allocate to the intelligent manufacturing sector. Investment opportunities can be explored from three directions: ① Application of information technology: including fields such as artificial intelligence, industrial software, and industrial internet; ② Applications of new energy technologies: including fields such as intelligent vehicles; ③ Improvement and upgrading of traditional manufacturing technologies: including smart home appliances, industrial<a href=\"https://laohu8.com/S/300024\">Robot</a>Fields such as...</p><p><img src=\"https://static.tigerbbs.com/13bbb3d03d168bcf975405e5d25e804f\" tg-width=\"1080\" tg-height=\"273\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/094a9ec6166bd3fc67b959f8dae36b8f\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/48f9fd25c53f084111e5e634b83d8c6e\" tg-width=\"1080\" tg-height=\"371\" referrerpolicy=\"no-referrer\"></p><p><b>Risk Warning:</b>Inflation continues to rise sharply, and the investment clock has entered a period of stagflation ahead of schedule.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4a10424fe3b1f29e8d28fdc0dc474e86","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199169547","content_text":"核心结论：①19年初以来市场风格整体偏向成长，从风格指数和估值相对走势看成风格演化还未到极致。②经济基本面、流动性、相对估值并非决定风格的核心变量，盈利相对趋势决定当前市场风格将延续。③继续看好市场，以茅指数为代表的大盘成长仍是较好配置，以智能制造为代表的中盘成长更有弹性。\n涛声是否依旧？\n——论当前市场风格\n整体上看，A股成长风格占优已是第三年，大盘风格占优也已是第六年，有投资者担忧当前市场风格分化过于极致、风格切换近在眼前。我们回顾A股历次风格切换情况，寻找决定风格的核心变量，尝试解答这一市场担忧。\n1.当前市场风格仍偏向大盘成长\n当前A股大盘成长风格仍占优。市场风格的划分主要有两种，一是大小盘风格，二是价值成长风格。回顾历史，美股和A股都存在典型的大小盘风格轮换特征。美股大小盘轮换周期为 3-6 年，2015-2019年间大盘（标普100）占优，20年以来风格有回归小盘（罗素2000）的趋势。A 股作为新兴市场，大小盘轮换周期更短，一般是2-3年，2013-2015年末A股小盘（申万小盘）胜出， 2016年至今大盘（申万大盘）占优。从价值成长风格轮换来看，美股2000-2009年间价值成长（价值：道指，成长：纳指）风格切换较快，但2010年起成长风格持续占优。A股的价值成长（价值：上证50，成长：创业板指）风格轮换在2019年之前与大小盘风格轮换基本同步，即价值占优时大盘股胜出，成长占优时小盘股表现优异，但2019年起成长价值和大小盘风格的轮换出现分化，在大盘股持续占优时，风格回归成长，至今仍在成长占优的趋势中。\n\n目前市场风格演化并未到极致。虽然目前成长、大盘占优持续分别达三年和六年，但市场演化离极致尚早。从价值成长看，我们以创业板指/上证50及PE估值相对走势来刻画成长价值风格，当前（截至21/07/16，下同）创业板指/上证50为1.03，已经高于向上1倍标准差，看似成长风格占优已经较为极致；但如果从估值角度看，目前创业板指PE/上证50PE为5.17、位于历史均值附近，成长风格的占优未到极致的地步。从大小盘看，我们以申万大盘/申万小盘指数及PE估值相对走势来刻画大小盘风格，16年以来申万大盘/申万小盘走势持续向上，今年2月以来略有调整，当前为0.93、接近历史均值，大小盘风格分化并不算极致；从PE相对走势看，目前申万大盘PE/申万小盘PE为0.75，远高于向上1倍标准差，这一现象并非意味着大盘风格演绎到极致，而是说明2016年以来小盘股的估值溢价在不断降低，背后的原因是注册制正加强大小盘风格的分化。注册制实施之前，IPO核准制极大地增加了企业的上市成本，不少企业会另辟蹊径、寻求借壳上市，因此一些小市值上市公司即使运营不善，也具有可观的“壳价值”。2019年来，注册制的推进使得“壳价值”被极大压缩，上市公司股价表现与基本面的联系进一步加强，小盘股相对大盘股的估值溢价在不断降低，申万大盘PE/申万小盘PE从19/07/22的0.61升至目前的0.75。\n\n牛市中风格会出现短暂摇摆，但后期市场风格延续原有趋势。从历史上看，05-07年、12-15年两轮牛市后期市场风格都曾出现短期摇摆，但随后市场继续延续前期风格特征。05-07年牛市主导行业是地产银行为代表的大盘蓝筹股，价值风格整体占优，但07年1-3月前期涨幅强势的价值股普遍回撤，而小盘股表现更好，这一期间申万大盘指数最大跌幅达27%、申万小盘指数最大涨幅达63%，申万大盘/小盘相对走势之比从07/01/10的阶段性高点1.62一路降至07/03/23的低点1.36，但市场调整结束后前期价值风格得到延续，申万大盘/小盘相对走势之比一路攀升，并在07/10达到2.04的最高点；12-15年牛市主导行业是TMT为代表的科技股，成长风格整体占优，但在14年10月至15年1月也出现了金融地产为代表的价值股修复行情，期间上证50最大涨幅65%，同期创业板指最大跌幅13%，创业板指/上证50相对走势之比从14/10/13的阶段性高点0.96一路降至15/01/05的低点0.55，调整结束后创业板指/上证50相对走势之比一路攀升，并在15年6月达到1.23的最高点。本轮牛市成长、大盘风格占优，春节后因通胀担忧和美债利率上行，市场出现短暂调整，但往后看成长、大盘风格占优不变。\n2.盈利是决定风格的核心变量\n经济基本面、流动性、相对估值并非决定风格的核心变量。近期央行全面降准以及二季度宏观经济数据公布，有投资者担心流动性环境和经济增速的变化会对风格带来影响。我们经过分析发现，流动性、经济基本面、相对估值等因素并非决定市场风格的核心变量，具体通过回顾历史数据可以一窥究竟。\n流动性松紧对风格影响不大。大小盘风格上，在13/01-14/02小盘占优和16/10-18/01大盘占优的两个时段内，十年期国债收益率均处在上升区间，分别从13/1的3.57%升至14/2的4.51%，从16/10的2.65%升至18/01的3.94%。成长价值风格方面，十年期国债收益率在16/10-18/01和20/04-20/11期间持续上行，但16/10-18/01价值占优，20/04-20/11成长占优。\n经济基本面对风格有一定的影响。经济数据好转时利于价值/大盘股，但两者也出现过背离：从GDP当季同比增速来看，2009-10年经济上行时小盘股整体占优；从工业增加值当季同比增速来看，2011-12年工业增加值持续下行，但此阶段中价值风格占优。\n相对估值变化是风格切换的价格表现，触及估值区间极值易促成风格转变。例如，14年10月成长股相对价值股的估值溢价处于历史高位，14年底至15年1月出现了金融地产为代表的价值股修复行情。但从大小盘风格来看，近年来由于注册制推进，小盘股的估值溢价不断降低，大小盘相对估值对风格切换的影响减弱。\n\n盈利相对趋势才是风格决定的核心变量。股票长期看是称重机，站在长周期看基本面决定股价涨跌，盈利趋势分化是风格切换的分水岭。价值成长风格方面，无论是16-17年价值占优还是19年以来风格弱化，背后的核心变量都是盈利。16-17年价值占优期间，上证50归母净利润累计同比增速从16Q1的-7.6%（ROE-TTM为11.6%）上升至17Q4的13.9%（11.8%）；创业板指从16Q1的77.1%（12.5%）降至17Q4的-39.8%（6.0%），创业板指与上证50归母净利润累计同比之差（ROE-TTM之差）从16年Q1的84.7%（0.78%）一路下降至17年Q4的-53.8%（-5.74%）。而19年价值成长风格弱化的原因则是创业板指的盈利增速回升幅度更大，上证50归母净利润累计同比增速从18Q4的8.1%（12.1%）变为21Q1的43.2%（10.9%），但创业板指净利润增速从-38.4%（7.0%）上升至94.2%（13.5%），创业板指与上证50两者之差从18Q4的-46.5%（-5.1%）升至21Q1的50.9%（2.6%）。\n3.顺势而上，守正出奇\n牛市不变，市场有望创新高。对于下半年，我们保持乐观态度。宏观角度上看，投资时钟是基于宏观背景做资产配置分析时很好的工具，我们前期多篇报告指出当前投资时钟仍处过热期，刚刚公布的经济数据显示我国二季度 GDP 同比增长 7.9%，2年复合增速为 5.5%，高于一季度的5.0%，从投资时钟角度进一步印证今年仍处于过热期。微观角度看，具体理由有三：第一，宏观流动性中性、微观流动性充裕。宏观流动性上，2021年初至今（截至21/07/16）十年期国债收益率均值3.16%，而2018年、2019年、2020年均值为3.64%、3.20%、2.98%，今年宏观流动性的松紧程度只是回到了2019年的水平附近。从微观流动性看，今年以来偏股公募基金累计发行1.3万亿元，而2020年全年为2.0万亿元，北上资金累计净流入2386亿元，而2020年为2089亿元，相较而言今年微观流动性非常充裕。第二，企业盈利扩张中。回顾历史，牛市的指数高点略提前于盈利指标高点，具体而言指数高点与ROE高点更相关，虽然企业利润单季度同比高点在21Q1，但是剔除低基数影响后，本轮盈利周期ROE高点在21Q4或22Q1，预计全年A股净利同比增速为20%，展望下半年，基本面继续改善有望支撑市场中枢不断抬高。第三，市场风险偏好上升中。今年以来股价涨幅大的板块估值往往较高，其实这就是牛市中后期的特征，即市场风险偏好持续上升，投资者重趋势，愿意给高景气板块高估值，此外从情绪指标来看，当前市场情绪温度大约为60-65度，风险偏好还有进一步提升的空间。\n\n中报业绩预告及快报印证盈利仍处上行周期，科创板业绩明显改善。截至7月15日，剔除ST公司后，以披露家数计算，2021年披露中报业绩预告及快报的公司数占全部A股的比例为33%。我们以已披露预告/快报的公司为样本，测算各板块中报业绩，用两年年化复合增速来剔除去年一季度的低基数效应，可以发现今年上半年业绩回升的趋势仍在延续。具体而言，全部A股21H1相对19H1的归母净利润两年年化复合增速为35%（21Q1两年年化增速为35%，下同），创业板均为38%，科创板分别为92%和89%。大类行业上，21年上半年较一季度业绩改善最明显的是金融地产，其21H1和21Q1归母净利润两年年化增速分别为10%和0%，其次是科技（计算机、传媒、通信、电子），其21H1和21Q1增速分别为48%和45%。除行业外，我们同样对今年上半年涨幅较大的概念指数和茅指数进行分析。21H1和21Q1归母净利润两年年化增速差最大的是新能源汽车指数，其21H1两年年化增速为72%（21Q1为56%，下同）；锂电池指数的归母净利增速同样明显上升，其21H1两年年化增速为53%（21Q1为44%）；茅指数和半导体指数的归母净利润增速则是略有回落，但仍维持在较高的水平，其中茅指数21H1两年年化增速为62%（21Q1为69%），半导体指数21H1增速为114%（21Q1为121%）。整体上看，成长相对价值的盈利趋势或将扩大，成长风格延续。详见我们前期报告《科创板业绩改善明显——21年中报业绩预告及快报点评-20210715》。\n\n守正出奇方能致胜。守正：茅指数为代表的大盘成长仍是较好配置。存量经济时代行业集中度提升，优质龙头公司基本面更优，茅指数为代表的大盘成长股盈利水平将持续。我国进入股权投资时代也将逐渐提升A股机构化、国际化程度，基本面优异的龙头股配置将得到巩固。基本面+机构配置推动下，2016年以来茅指数已现美股化端倪，总体上呈现锯齿形向上的长牛慢牛趋势，估值中枢正逐渐抬高：茅指数16年至今PE估值中枢（TTM，整体法）已经从09-15年间的15.7倍上移至28.8倍。春节以来通胀影响下，茅指数回调只是性价比的自我修正，随着下半年通胀压力逐渐缓解，在稳健业绩水平和机构投资者持续青睐推动下，茅指数有望回到前期高点，详见《茅指数正美股化-20210617》。出奇：智能制造为代表的中盘成长更有弹性。从市值结构看，我们测算中市值公司21Q1归母净利润两年年化增速为19%，当前PE为29倍，盈利估值匹配度优于大市值和小市值股。从行业层面来看，中盘成长中最为凸显就是智能制造相关行业，详见“中国智造系列报告1-5”。当前智能制造崛起有三大逻辑：第一，技术进步、疫情重构产业链、温和通胀推动下，智能制造基本面更强。第二，《“十四五”智能制造发展规划》等重要政策频频出台，支持智能制造快速崛起。第三，基金为代表的机构对智能制造配置不高，21Q1基金重仓股中智能制造类行业占比仅26.6%，而20Q2的高点为32.3%，目前仍略微低配，而且近期发布的双创50指数有望吸引更多资金配置智能制造板块。可从三个方向挖掘投资机会：①信息技术的应用：包括人工智能、工业软件、工业互联网等领域；②新能源技术的应用：包括智能汽车等领域；③传统制造技术改进与升级：包括智能家电、工业机器人等领域。\n\n风险提示：通胀继续大幅上行，投资时钟提前进入滞胀期。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":1616,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":263486000529576,"gmtCreate":1705362175680,"gmtModify":1705362178431,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/NIO\">$蔚来(NIO)$ </a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/NIO\">$蔚来(NIO)$ </a>&nbsp;","text":"$蔚来(NIO)$","images":[{"img":"https://community-static.tradeup.com/news/967d93ee8088eb5de33f6fc3ba50828c","width":"882","height":"1608"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/263486000529576","isVote":1,"tweetType":1,"viewCount":4516,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9011889337,"gmtCreate":1648855084452,"gmtModify":1676534409434,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"title":"","htmlText":"Up up up<a href=\"https://ttm.financial/U/3527667667103859\">@TigerEvents</a><a href=\"https://ttm.financial/U/3433023691829222\">@美股判官</a><a href=\"https://ttm.financial/U/11307867536043\">@Miller</a>","listText":"Up up up<a href=\"https://ttm.financial/U/3527667667103859\">@TigerEvents</a><a href=\"https://ttm.financial/U/3433023691829222\">@美股判官</a><a href=\"https://ttm.financial/U/11307867536043\">@Miller</a>","text":"Up up up@TigerEvents@美股判官@Miller","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9011889337","isVote":1,"tweetType":1,"viewCount":5495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9040285562,"gmtCreate":1655680664756,"gmtModify":1676535681778,"author":{"id":"3575111006123483","authorId":"3575111006123483","name":"嘉豪9191","avatar":"https://static.tigerbbs.com/e18c923a17c09d8365f614d378b3a15b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575111006123483","authorIdStr":"3575111006123483"},"themes":[],"title":"","htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9040285562","repostId":"1130766759","repostType":4,"repost":{"id":"1130766759","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":1655260917,"share":"https://ttm.financial/m/news/1130766759?lang=en_US&edition=fundamental","pubTime":"2022-06-15 10:41","market":"us","language":"zh","title":"Reminder: US stock markets will be closed on June 20th due to Juneteenth, a US federal holiday.","url":"https://stock-news.laohu8.com/highlight/detail?id=1130766759","media":"老虎资讯综合","summary":"这一节日是美国自1983年的“马丁·路德·金日”以来新增的第一个全国法定节日。","content":"<p><html><head></head><body>Dear Investors:</p><p><b>U.S. stocks will be closed on Monday, June 20.</b>Because June 19th (Sunday) is a federal holiday in the United States (Juneteenth). It's worth noting that this holiday is quite \"young,\" having only been legalized last year, making it the first in the United States since Martin Luther King Jr. Day in 1983.<b>The first newly added national statutory holiday.</b></p><p><img src=\"https://static.tigerbbs.com/f29a163308823ba7a1941858fd5eec00\" tg-width=\"800\" tg-height=\"750\" referrerpolicy=\"no-referrer\"/></p><p>Wishing you success in your investment</p><p>Tiger Brokers</p><p><b>Market closure arrangement</b></p><p><b>US stocks</b></p><p>The market will be closed on Monday, June 20, and will reopen as usual on Tuesday, June 21.</p><p><b>Hong Kong stocks, A-shares, Singapore stock market, Australian market</b></p><p>Trade as usual.</p><p><b>Background Introduction</b></p><p>On June 17, 2021, U.S. President Biden signed an executive order designating June 19 of each year as a national statutory holiday to commemorate the end of slavery in the United States. The holiday is named \"Juneteenth,\" a combination of June and Nineteenth. Chinese officials call this festival \"Juneteenth\".</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/10ea0fb2e3d74348973bae50742d5fef\" tg-width=\"500\" tg-height=\"288\" referrerpolicy=\"no-referrer\"/><span>Biden and \"Grandma Juneteenth\" Opal Lee</span></p><p>Perhaps precisely because Juneteenth is so \"young,\" at this time last year, the U.S. SEC (Securities and Exchange Commission) had a \"disagreement\" with the U.S. stock market over this holiday:<b>The SEC is on holiday, while the New York Stock Exchange and Nasdaq are open as usual.</b>The SEC stated, \"Exchanges decide on their own operating status during federal holidays, and we understand that major markets operate during normal hours.\" The NYSE responded at the time that it would assess whether Juneteenth would be closed for the holidays in 2022.</p><p>It appears that such \"disagreements\" will not repeat themselves this year.</p><p><img src=\"https://static.tigerbbs.com/9a9fb37a410b40a0a3403a1cc8cb8e6d\" tg-width=\"1080\" tg-height=\"768\" referrerpolicy=\"no-referrer\"/></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>Reminder: US stock markets will be closed on June 20th due to Juneteenth, a US federal holiday.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: US stock markets will be closed on June 20th due to Juneteenth, a US federal holiday.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-06-15 10:41</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Dear Investors:</p><p><b>U.S. stocks will be closed on Monday, June 20.</b>Because June 19th (Sunday) is a federal holiday in the United States (Juneteenth). It's worth noting that this holiday is quite \"young,\" having only been legalized last year, making it the first in the United States since Martin Luther King Jr. Day in 1983.<b>The first newly added national statutory holiday.</b></p><p><img src=\"https://static.tigerbbs.com/f29a163308823ba7a1941858fd5eec00\" tg-width=\"800\" tg-height=\"750\" referrerpolicy=\"no-referrer\"/></p><p>Wishing you success in your investment</p><p>Tiger Brokers</p><p><b>Market closure arrangement</b></p><p><b>US stocks</b></p><p>The market will be closed on Monday, June 20, and will reopen as usual on Tuesday, June 21.</p><p><b>Hong Kong stocks, A-shares, Singapore stock market, Australian market</b></p><p>Trade as usual.</p><p><b>Background Introduction</b></p><p>On June 17, 2021, U.S. President Biden signed an executive order designating June 19 of each year as a national statutory holiday to commemorate the end of slavery in the United States. The holiday is named \"Juneteenth,\" a combination of June and Nineteenth. Chinese officials call this festival \"Juneteenth\".</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/10ea0fb2e3d74348973bae50742d5fef\" tg-width=\"500\" tg-height=\"288\" referrerpolicy=\"no-referrer\"/><span>Biden and \"Grandma Juneteenth\" Opal Lee</span></p><p>Perhaps precisely because Juneteenth is so \"young,\" at this time last year, the U.S. SEC (Securities and Exchange Commission) had a \"disagreement\" with the U.S. stock market over this holiday:<b>The SEC is on holiday, while the New York Stock Exchange and Nasdaq are open as usual.</b>The SEC stated, \"Exchanges decide on their own operating status during federal holidays, and we understand that major markets operate during normal hours.\" The NYSE responded at the time that it would assess whether Juneteenth would be closed for the holidays in 2022.</p><p>It appears that such \"disagreements\" will not repeat themselves this year.</p><p><img src=\"https://static.tigerbbs.com/9a9fb37a410b40a0a3403a1cc8cb8e6d\" tg-width=\"1080\" tg-height=\"768\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3beebfa3e0137570abe14d50f470080d","relate_stocks":{".DJI":"道琼斯"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130766759","content_text":"尊敬的投资者：美股将于6月20日（星期一）休市，因为6月19日（星期日）是美国的联邦假日（六月节）。值得一提的是，这一节日相当“年轻”，去年才被合法化，是美国自1983年的“马丁·路德·金日”以来新增的第一个全国法定节日。预祝投资顺利老虎证券休市安排美股6月20日（周一）休市，6月21日（周二）起照常开市。港股、A股、新加坡股市、澳大利亚市场照常交易。背景介绍2021年6月17日，美国总统拜登签署法令，将每年的6月19日定为全国法定节假日以纪念美国奴隶制的终结，节日名称为“Juneteenth”，该名称取自June（六月）和Nineteenth（十九）的组合。中国官方称这一节日为“六月节”。拜登与“六月节祖母”Opal Lee或许正是因为六月节非常“年轻”，去年的这个时候，美国SEC（证券交易委员会）还因为这个节日和美股市场产生了“分歧”：SEC放假，而纽交所和纳斯达克交易所却照常开市。SEC表示：“交易所自行决定联邦假期的运营状态，我们对各主要市场在正常时间内运营表示理解。”纽交所当时回应称，将评估2022年的六月节是否停业过节。目前看来这样的“分歧”今年不会重演了。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":4577,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}