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2021-06-19

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With a "zongzi stock" on the horizon, Wufangzhai faces anxiety about individual products and geographical constraints.

2021-06-08

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[Unusual Movement] Stocks favored by retail investors surge, with GameStation rising over 20%.

2021-06-06

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JPMorgan Chase's funds significantly increased their holdings in Moutai and Wuliangye in April.

2021-06-05

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House Democrats unveil $547 billion infrastructure bill

2021-06-03

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In-depth analysis: Retail investors are having another blast; what are the triggers and consequences of this round of short squeeze?

2021-06-02

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2021-05-28

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Pre-market: Epic short squeeze continues! AMC surged 20% at one point.

2021-05-28

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Want to retire early? Those who want to lie flat shouldn't miss these three stocks.

2021-05-28

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2021-05-25

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iQiyi's financial report: Why is it so difficult to make some money?

2021-05-24

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The results of the Hang Seng Index's quarterly inspection are out These stocks are expected to be included in the Hong Kong Stock Connect program.

2021-05-24

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CICC: How much impact will the quarterly review of the Hang Seng Index have, and what are the capital inflows?

2021-05-19

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2021-05-17

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2021-05-17

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Tesla's sales halved in April; can it still turn things around in May?

2021-05-14

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2021-05-11

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2021-05-11

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2021-05-11

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2021-05-11

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This year is different; amidst this wave of discussions, A-shares may welcome a \"zongzi stock\". On the eve of the Dragon Boat Festival, the century-old brand Wufangzhai submitted its prospectus, seeking an A-share listing. Although the pre-disclosure documents for Wufangzhai's listing disclosed on the China Securities Regulatory Commission (CSRC) website stated that \"the issuance application has not yet been approved by the CSRC and is for pre-disclosure purposes only,\" there have been waves of discussions in the market about its bid to become the \"first stock in zongzi (sticky rice dumplings). Due to limited product categories and geographical constraints, data shows that Wufangzhai originated in...</p><p><a href=\"None\">Web page link</a></div></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>With a \"zongzi stock\" on the horizon, Wufangzhai faces anxiety about individual products and geographical constraints.</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\">\nWith a \"zongzi stock\" on the horizon, Wufangzhai faces anxiety about individual products and geographical constraints.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1014835943\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/53947f6c3e232c366cc0bd0fd311397d);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">经济观察报 </p>\n<p class=\"h-time smaller\">2021-06-19 11:28</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><div>Economic Observer reporter Ye Xinran reports that every year during the Dragon Boat Festival, sweet and savory zongzi (sticky rice dumplings) always stage a showdown among people. This year is different; amidst this wave of discussions, A-shares may welcome a \"zongzi stock\". On the eve of the Dragon Boat Festival, the century-old brand Wufangzhai submitted its prospectus, seeking an A-share listing. Although the pre-disclosure documents for Wufangzhai's listing disclosed on the China Securities Regulatory Commission (CSRC) website stated that \"the issuance application has not yet been approved by the CSRC and is for pre-disclosure purposes only,\" there have been waves of discussions in the market about its bid to become the \"first stock in zongzi (sticky rice dumplings). Due to limited product categories and geographical constraints, data shows that Wufangzhai originated in...</p><p><a href=\"None\">Web page link</a></div></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5dffa1df38264cbd5ddb690a66b76f38","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144708733","content_text":"经济观察报 记者 叶心冉 每年的端午时节，甜粽和咸粽总会在人们的津津乐道中上演一场PK战，今年不同的是，在这一波讨论声中，A股或将迎来一支“粽子股”。\n端午前夕，百岁老字号五芳斋提交招股书，谋求A股上市。尽管证监会网站披露的五芳斋上市预披露文件指出，“发行申请尚未得到中国证监会核准,仅供预先披露之用”，但市场对其冲击“粽子第一股”的讨论声已一波又一波。\n品类单一与地域束缚\n资料显示，五芳斋始于1921年，主要从事以糯米食品为主导的食品研发、生产和销售，目前已形成以粽子为主导，集月饼、汤圆、糕点、蛋制品、其他米制品等食品为一体的产品群，拥有嘉兴、成都两大生产基地。\n当前的公司主体——浙江五芳斋实业股份有限公司系1998年由嘉兴市五芳斋粽子公司整体改组，并吸纳嘉兴百货、嘉兴肉类中心、嘉兴酿造及部分自然人共同作为发起人，采取发起设立方式组建的股份有限公司。\n股份公司设立3年后，五芳斋开始进行国有股转让。2001年4月，嘉兴酿造、嘉兴肉类中心与远洋实业（五芳斋集团前身）签署股权转让协议。2004年，远洋实业又先后从原股东嘉兴商业控股、嘉兴市中华化工，及赵建平、魏荣明、倪嘉能处分别受让股份。\n经过多轮增资扩股和股权转让后，五芳斋集团现直接持有公司40.36%的股份，并通过其全资子公司远洋装饰间接持股9.7%，合计持有公司50.06%股份，为公司控股股东。\n招股书显示，五芳斋董事长厉建平持有五芳斋集团20%的股份，其子厉昊嘉持有五芳斋集团 20%的股份，厉建平与厉昊嘉从而间接持有公司主体50.06%的股份，为公司的实际控制人。\n对于这类区域性的老字号餐饮品牌，市场对其的关注和质疑多存在于品类单一和地域束缚两大点上，而再聚焦于粽子占据大幅营收的五芳斋，其还面临时令性的限制。\n招股书显示，2018年-2020年，粽子系列的营收分别为15.02亿元、16.09亿元、16.44亿元，占据主业总营收的比重分别为66.28%、67.74%、70.77%。\n并且，华东区域的营收多年来占据半壁江山。2018年-2020年，华东区域的营收分别为14.33亿元、14.60亿元、12.97亿元，分别占主业总营收的63.23%、61.45%、55.82%。\n资料显示，五芳斋主营业务收入按类别分为粽子系列、月饼系列、餐食系列和蛋制品、糕点及其他。但从2020年的营收来看，月饼系列和蛋糕系列分别占营收的比重为7.96%、11.41%。\n无论是粽子还是月饼，均带有明显的节令性。五芳斋在招股书中亦提示，公司主要产品为粽子、月饼等传统节令食品，存在明显的季节性特征。如果在粽子、月饼的集中消费季节，公司不能做好市场预测，公司将面临部分产品备货不足进而失去业务机会，或者由于外部环境重大变化造成生产过剩进而导致积压浪费的季节性经营风险。\n同时，五芳斋面临着营收增速与毛利率的双重下滑。招股书显示，2018年-2020年，公司营收分别为24.23亿元、25.07亿元和24.21亿元；归母净利润分别为9698.50万元、1.63亿元和1.42亿元。2020年公司的营收和净利润同比均为负增长。\n2018年-2020年，公司综合毛利率分别为45.24%、45.43%和 44.57%，出现一定程度的下滑。粽子销量也同样下滑，2018年-2020年，五芳斋粽子的销量分别为5027.25万kg、5024.15万kg、4462.05万kg。\n与此同时，是公司主要产品系列销售单价的提升。2018年-2020年，五芳斋粽子的销售单价从2.99元/100g上涨至3.68元/100g，涨幅达23.1%；月饼则从2018年的64.91元/kg上涨至74.42元/kg，涨幅达14.65%。\n截至 2020年 12月 31日，公司共拥有169家直营店、合作经营店43家。而在招股书中披露的各直营店相关经营指标显示，在2020年至少有118家直营门店处于亏损状态，有25家合作门店亏损。相比2018年203家的直营门店，三年之间净减少34家。\n同时，根据招股书披露的子公司经营情况，包括五芳斋餐饮、杭州五芳斋、上海优米一家、香港五芳斋、澳门五芳斋在内的多家子公司在2020年的净利润均为负值。\n老字号的新颜\n在国内，老字号品牌多以餐饮企业为主，老字号的品牌老化问题一直是明显的桎梏。根据商务部流通产业促进中心发布的《老字号数字化转型与创新发展报告》（下简称“老字号报告”）显示，在1128家中华老字号企业中，食品餐饮类企业占比高达约50%。报告提到，老字号企业的“老”“旧”“弱”等问题对其数字化转型发展造成一定程度的阻碍。\n而对于品牌焕新问题，企业们都在想方设法抓住当下代表消费主力的年轻人。五芳斋一直在致力于“破圈”，在B站，有用户戏称五芳斋是被卖粽子耽误的电影厂，称其为“五芳影业”。2017年，环时互动公司开始负责五芳斋的互联网营销，先后推出《还乡记》《招待所》等广告短片，今年端午节前夕，五芳斋推出了故事片《寻找李小芳》。\n这背后是“老”品牌对抓住新型消费者的急迫与焦虑。\n华鑫证券食品饮料分析师万蓉在接受采访时指出，总体上来说，老字号的餐饮企业在产品创新、品牌运作、多元化发展等方面落后于新兴品牌。现在的消费环境已经发生了深度变化，从产品为王、到渠道为王、再到现在的消费者为王，在消费者体验方面老字号可能还需要更多的思考和改革。\n上述老字号报告提示，未来老字号品牌可有5大发展方向，涉及加快推进数字化转型、大力开展全渠道运营、不断提升产品创新力、深入挖掘历史文化价值、持续推进体制改革。\n万蓉同时表示，“老字号”的珍贵在于它通过文化穿透所呈现出的经典，是社会发展的缩影，也是历史发展的见证者。如果能利用好这些点，在国货国潮路上找到适合自己的新打法，把话题和流量转化为实实在在的消费力，“老字号”也可以焕发新活力。\n未来走向哪\n五芳斋未来三年的发展战略是：未来三年，公司以消费者体验为核心，以“糯米”为主线，围绕“端午、中秋、春节、元宵、清明、七夕、重阳”等中华节令场景，重点打造高价值产品线。以“热爱中国味”为品牌主张，加强消费者沟通，引导消费者，形成“五芳斋=中华节令美食”的品牌心智认知，并实现品牌年轻化及品牌持续增值的目标。\n对于“五芳斋=中华节令美食”这一的品牌定位，品牌定位专家、红箭头品牌营销公司总经理张健分析指出，五芳斋试图用“热爱中国味”作为品牌主张，这没有问题，与消费者沟通也没有问题。但把“五芳斋=中华节令美食”是存在诸多不足的。“中华节令美食”并不是一个具象的、可衡量的 “产品”，把品牌等同于“中华节令美食”的价值并不大。\n并且，五芳斋提出，将扩大公司月饼、绿豆糕、蛋黄酥等焙烤类食品以及汤圆、烧卖、馄饨等速冻类食品的生产能力。但需要注意的是，在糕点、速冻食品领域，五芳斋还要面临来自于广州酒家、三全食品、安井食品等多家企业的强势竞争。张健指出，对于五芳斋而言，突破单一品类的束缚有一定难度。这是因为，在消费者的认知中，五芳斋已与粽子深度捆绑，五芳斋就是粽子，粽子就是五芳斋。“实际上，这对于五芳斋来讲是优势。突破单一品类可以通过新品牌来创建，虽然短期效果没那么明显，但长期来看，这对于企业是有利的。”\n新品类、新业务是市场对于五芳斋接下来的期待方向。万蓉表示，接下来会比较关注五芳斋在其他产品类别或者现有品类下新产品的研发和创新突破，“从财报中可以发现，50%以上的营收都发生在二季度，也就是传统的端午节前后。粽子的市场规模还相对有限。在已经做到行业龙头、市占率第一的情况下，未来企业的发展空间更多还是要来自于新品类的开发与创新。”\n在招股书中，五芳斋的门店拓展规划指出，直营门店将在2021年增加8家，2022年增加13家，2023年增加30家。但具体的全国性扩张的步伐，五芳斋并未提及。同时，对于突破单一品类的具体规划招股书中也没有提及，坊间流传按照五芳斋董事长厉建平2018年的计划，五芳斋计划在2021年将粽子营收占比降至50%以下。从现有数据来看，该目标还仍未达成。对于上述情况，记者联系五芳斋方面并发送采访提纲，了解具体计划，截至发稿，尚未获得回应。\n张健指出，五芳斋应该重新思考自己的战略，是选择多品牌还是品牌延伸。即便是品牌延伸，也要有一定的边界，要考虑消费者对五芳斋的认知范围及企业的能力边界。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":4683,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117781193,"gmtCreate":1623160824012,"gmtModify":1704197383592,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/117781193","repostId":"1180401775","repostType":4,"repost":{"id":"1180401775","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":1623160529,"share":"https://ttm.financial/m/news/1180401775?lang=en_US&edition=fundamental","pubTime":"2021-06-08 21:55","market":"us","language":"zh","title":"[Unusual Movement] Stocks favored by retail investors surge, with GameStation rising over 20%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1180401775","media":"老虎资讯综合","summary":"6月8日，散户抱团股集体发力拉升，游戏驿站涨超20%，高斯电子涨超12%，黑莓涨超7%，AMC院线涨近6%。周一，美国证券交易委员会(SEC)表示，正在密切关注MEME股票的疯狂交易，以确保市场稳定。","content":"<p>On June 8, stocks favored by retail investors collectively rallied.<a href=\"https://laohu8.com/S/GME\">Game Station</a>It rose more than 20%.<a href=\"https://laohu8.com/S/KOSS\">Gaussian electronics</a>It rose by over 12%.<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>It rose more than 7%.<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>It rose nearly 6%.</p><p>On Monday, the U.S. Securities and Exchange Commission (SEC) said it was closely monitoring the frenzied trading of MEME stocks to ensure market stability. Some securities firms have already taken action to raise the margin requirements for AMC Cinemas and Game Station to 100%, which means investors need to purchase these two securities with cash.</p><p><img src=\"https://static.tigerbbs.com/98e0075756d5292a3b8bcd86e1085893\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>[Unusual Movement] Stocks favored by retail investors surge, with GameStation rising over 20%.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n[Unusual Movement] Stocks favored by retail investors surge, with GameStation rising over 20%.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-08 21:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 8, stocks favored by retail investors collectively rallied.<a href=\"https://laohu8.com/S/GME\">Game Station</a>It rose more than 20%.<a href=\"https://laohu8.com/S/KOSS\">Gaussian electronics</a>It rose by over 12%.<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>It rose more than 7%.<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>It rose nearly 6%.</p><p>On Monday, the U.S. Securities and Exchange Commission (SEC) said it was closely monitoring the frenzied trading of MEME stocks to ensure market stability. Some securities firms have already taken action to raise the margin requirements for AMC Cinemas and Game Station to 100%, which means investors need to purchase these two securities with cash.</p><p><img src=\"https://static.tigerbbs.com/98e0075756d5292a3b8bcd86e1085893\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2946b9cd4befcf808691bc00a8ecb1be","relate_stocks":{"GME":"游戏驿站"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180401775","content_text":"6月8日，散户抱团股集体发力拉升，游戏驿站涨超20%，高斯电子涨超12%，黑莓涨超7%，AMC院线涨近6%。周一，美国证券交易委员会(SEC)表示，正在密切关注MEME股票的疯狂交易，以确保市场稳定。有券商已经采取行动，将AMC院线和游戏驿站的保证金要求提高到100%，这意味着投资者需要用现金购买这两只证券。","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":6136,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112473432,"gmtCreate":1622909646027,"gmtModify":1704193211810,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"Hi&nbsp;","listText":"Hi&nbsp;","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/112473432","repostId":"1195814090","repostType":4,"repost":{"id":"1195814090","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":1622866667,"share":"https://ttm.financial/m/news/1195814090?lang=en_US&edition=fundamental","pubTime":"2021-06-05 12:17","market":"sh","language":"zh","title":"JPMorgan Chase's funds significantly increased their holdings in Moutai and Wuliangye in April.","url":"https://stock-news.laohu8.com/highlight/detail?id=1195814090","media":"老虎资讯综合","summary":"全球第四大中国股票基金——来自摩根大通的“摩根中国A股机会基金”4月大手笔加仓茅台和五粮液。4月底基金持有的贵州茅台股份数环比增加约742%，持有的五粮液股份数增加10%。第一大重仓股中国平安股份数环","content":"<p>The JPMorgan China A-Share Opportunities Fund, the world's fourth-largest Chinese equity fund, significantly increased its holdings in Moutai and Wuliangye in April. At the end of April, the number of Kweichow Moutai shares held by the fund increased by approximately 742% month-on-month, and the number of Wuliangye shares held by the fund increased by 10%. The number of shares held by Ping An Insurance, its largest holding, increased by 1410.06% month-on-month. As of the end of April, the JPMorgan China A-Share Opportunities Fund held approximately HK$1.897 billion (approximately RMB1.565 billion) in Wuliangye and approximately HK$1.64 billion (approximately RMB1.353 billion) in Kweichow Moutai. (China Securities Journal)</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>JPMorgan Chase's funds significantly increased their holdings in Moutai and Wuliangye in April.</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\">\nJPMorgan Chase's funds significantly increased their holdings in Moutai and Wuliangye in April.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-05 12:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The JPMorgan China A-Share Opportunities Fund, the world's fourth-largest Chinese equity fund, significantly increased its holdings in Moutai and Wuliangye in April. At the end of April, the number of Kweichow Moutai shares held by the fund increased by approximately 742% month-on-month, and the number of Wuliangye shares held by the fund increased by 10%. The number of shares held by Ping An Insurance, its largest holding, increased by 1410.06% month-on-month. As of the end of April, the JPMorgan China A-Share Opportunities Fund held approximately HK$1.897 billion (approximately RMB1.565 billion) in Wuliangye and approximately HK$1.64 billion (approximately RMB1.353 billion) in Kweichow Moutai. (China Securities Journal)</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/aba16b4f88c90908701f4ff26fee613c","relate_stocks":{"600519":"贵州茅台","000858":"五粮液"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195814090","content_text":"全球第四大中国股票基金——来自摩根大通的“摩根中国A股机会基金”4月大手笔加仓茅台和五粮液。4月底基金持有的贵州茅台股份数环比增加约742%，持有的五粮液股份数增加10%。第一大重仓股中国平安股份数环比增加1410.06%。截至4月底，“摩根中国A股机会基金”持有五粮液的市值约为18.97亿港元（约折合15.65亿元人民币），持有贵州茅台的市值约为16.40亿港元（约折合13.53亿元人民币）。（中国证券报）","news_type":1,"symbols_score_info":{"600519":0.9,"000858":0.9}},"isVote":1,"tweetType":1,"viewCount":6406,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112537080,"gmtCreate":1622884282340,"gmtModify":1704192979567,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/112537080","repostId":"2141540084","repostType":4,"repost":{"id":"2141540084","kind":"news","pubTimestamp":1622854384,"share":"https://ttm.financial/m/news/2141540084?lang=en_US&edition=fundamental","pubTime":"2021-06-05 08:53","market":"us","language":"zh","title":"House Democrats unveil $547 billion infrastructure bill","url":"https://stock-news.laohu8.com/highlight/detail?id=2141540084","media":"中国新闻网","summary":"美国国会众议院民主党人当地时间4日公布了总额达5470亿美元的基础设施建设草案。\n该草案由众议院交通和基础设施委员会主席、民主党人德法齐奥 （Peter DeFazio）提出，在未来5年将在基础设施建","content":"<p><div>On the 4th local time, Democrats in the U.S. House of Representatives released a draft infrastructure construction plan totaling $547 billion. The bill, introduced by House Transportation and Infrastructure Committee Chairman Peter DeFazio, a Democrat, would spend $547 billion on infrastructure over the next five years, including the construction and renovation of highways, bridges, railways, and other facilities. The draft will be an important part of the infrastructure construction plan proposed by US President Biden. DeFazio called the plan a \"rare opportunity\" that would \"restore America's transportation infrastructure from 1950s levels...\"</p><p><a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/world/gjcj/2021-06-05/doc-ikqcfnaz9200578.shtml\">Web page link</a></div></p>","source":"zgxww","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>House Democrats unveil $547 billion infrastructure bill</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\">\nHouse Democrats unveil $547 billion infrastructure bill\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中国新闻网</strong><span class=\"h-time small\">2021-06-05 08:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>On the 4th local time, Democrats in the U.S. House of Representatives released a draft infrastructure construction plan totaling $547 billion. The bill, introduced by House Transportation and Infrastructure Committee Chairman Peter DeFazio, a Democrat, would spend $547 billion on infrastructure over the next five years, including the construction and renovation of highways, bridges, railways, and other facilities. The draft will be an important part of the infrastructure construction plan proposed by US President Biden. DeFazio called the plan a \"rare opportunity\" that would \"restore America's transportation infrastructure from 1950s levels...\"</p><p><a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/world/gjcj/2021-06-05/doc-ikqcfnaz9200578.shtml\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/world/gjcj/2021-06-05/doc-ikqcfnaz9200578.shtml\">中国新闻网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/37d43f47ff4637f33c2675f14c1cc937","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/world/gjcj/2021-06-05/doc-ikqcfnaz9200578.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2141540084","content_text":"美国国会众议院民主党人当地时间4日公布了总额达5470亿美元的基础设施建设草案。\n该草案由众议院交通和基础设施委员会主席、民主党人德法齐奥 （Peter DeFazio）提出，在未来5年将在基础设施建设方面支出5470亿美元，包括修建、改造高速公路、桥、铁路等设施。该草案将是美国总统拜登提出的基础设施建设计划中的重要部分。\n德法齐奥称该计划是“难得的机会”，将使“美国的交通设施从上世纪50年代水平向未来清洁能源趋势发展”。\n该草案公布后遭到共和党人反对。众议院交通和基础设施委员会共和党人发表声明说，该草案完全是民主党内激进派的主张，民主党人没有想要与共和党人讨论以获得共和党的支持。\n美国总统拜登上任后曾提出2.3万亿美元基础设施建设计划，并表示将通过向富人和大公司增税来实现该计划。\n目前，白宫和国会共和党人就基建计划的谈判已持续多日。拜登已表示愿意将该计划总额由2.3万亿美元降至1万亿美元。共和党人则仅同意2570亿美元的支出。\n在增税方面，由于遭到共和党人强烈反对，拜登已同意搁置提高企业税率的提议，改为设定15%的最低企业税率，以获得共和党对基建方案的支持。\n近日，共和党人提出将应对疫情经济刺激计划中剩余资金用来进行基础设施建设。该提议遭到白宫反对。\n白宫新闻秘书普萨基3日表示，白宫与国会共和党人针对基建计划的谈判将继续下去。她还表示，对于该谈判，白宫没有设置截止日期。（完）","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":5584,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118870255,"gmtCreate":1622728987677,"gmtModify":1704189939948,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"Hi&nbsp;","listText":"Hi&nbsp;","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":7,"repostSize":0,"link":"https://ttm.financial/post/118870255","repostId":"1164838585","repostType":4,"repost":{"id":"1164838585","kind":"news","pubTimestamp":1622725363,"share":"https://ttm.financial/m/news/1164838585?lang=en_US&edition=fundamental","pubTime":"2021-06-03 21:02","market":"us","language":"zh","title":"In-depth analysis: Retail investors are having another blast; what are the triggers and consequences of this round of short squeeze?","url":"https://stock-news.laohu8.com/highlight/detail?id=1164838585","media":"格隆汇","summary":"这场惊心动魄的多方混战，丝毫不亚于年初那场世纪变革。","content":"<p>Wednesday,<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>It once surged 126%, and despite several initial circuit breakers, the stock price still rose as much as 95.5% by the close.<a href=\"https://laohu8.com/S/BBBY\">3B Home</a>It surged over 62%.<a href=\"https://laohu8.com/S/KOSS\">Gaussian electronics</a>It surged over 68%.<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>Up more than 31%,<a href=\"https://laohu8.com/S/EXPR\">Express</a>Up 38%<a href=\"https://laohu8.com/S/GME\">Game Station</a>The increase also exceeded 13%.</p><p>The renewed recovery of WSB concept stocks means that after the shocking short squeeze by retail investors at the beginning of the year subsided, American retail investors have made a comeback after several months.</p><p>However, this time, the center stage protagonist has changed from Game Station to AMC. After yesterday's surge, AMC's market capitalization has surpassed $30 billion, surpassing GameStation.<b>It ranked first in the US stock market with a trading volume of nearly $40 billion that day, three times that of Tesla, which ranked second.</b></p><p><img src=\"https://static.tigerbbs.com/061520168da8949b83d102ab1434293f\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>On the other side of the ocean, we woke up to find only staggering price increases. But where we can't see it, retail investors are waving flags and shouting, short sellers are in a panic, and bulls are taking advantage of the situation to enter and exit quickly.</p><p>This thrilling multi-faceted battle was in no way inferior to the century-long change at the beginning of the year.</p><p><b>1. A sudden breeze ripples a pool of spring water.</b></p><p>Regarding the beginning of this great war, some say it was because of a bucket of popcorn.</p><p>On Wednesday, AMC CEO Adam Aaron said during his life, \"With AMC Investor Connect, we can continue to maintain good relationships with millions of retail shareholders. After all, these are the people who own AMC, and I work for them.\"</p><p>Therefore, AMC has created a program called \"AMC Investor Connect\" for retail investors on its official website. Subscribers will receive exclusive benefits including a free box of popcorn, discounted items, and screening invitations, and will be able to communicate directly with Aaron.</p><p><img src=\"https://static.tigerbbs.com/beb4131c99f66f5ac75ff8ab6d821f03\" tg-width=\"1170\" tg-height=\"1139\" referrerpolicy=\"no-referrer\"></p><p>But most of the old guys on the WSB forum are outlaws who \"die for money\".<b>For these people, a bucket of popcorn is far from worth risking their lives for; the only thing that can touch them is real dollars.</b></p><p>Some say that it was because of Wanda's departure that AMC, having regained its \"freedom,\" was able to \"make the American film great again.\"</p><p>On the morning of May 23, Wanda Group announced that it had completely withdrawn from the board of directors of AMC. The announcement brought an end to a nine-year transnational alliance and raised a total of $1.476 billion, more than double the initial investment of 700 million yuan.</p><p>But by Wednesday's close, AMC's market capitalization had surged to $31.3 billion. Based on this estimate, Wanda lost at least $2.5 billion, equivalent to approximately 15.9 billion RMB.</p><p>Although Wanda made less money, it cannot be said that it lost money, and the surge in AMC's stock price was unrelated to Wanda's sell-off.<b>In fact, within a week after Wanda left the market, AMC's stock price surged by 357%. However, since the beginning of the year, AMC's cumulative increase has exceeded 3000%.</b></p><p>Therefore, whether AMC prices rise or fall has little to do with Wanda.</p><p>The real trigger for this surge was a financing announcement released by AMC two days ago.</p><p>On June 1 local time, AMC announced a pre-market offering of 8.5 million Class A common shares to Mudrick Capital Management, raising $230.5 million. The offering price was $27.12 per share, 3.8% higher than last Friday's closing price. The announcement indicates that the financing will be used to acquire cinema assets, lease and invest, and to explore deleveraging opportunities.</p><p>The news excited stock investors. After the market opened that day, AMC Cinemas again bought shares, causing the stock price to surge, rising by more than 28% at one point during the session, and ultimately closing with a gain of 22.66%. After the US stock market closed, AMC Cinemas continued to rise, surging by more than 18%.</p><p><img src=\"https://static.tigerbbs.com/94f4a6d6ccec8a9310044c4a7c213bdc\" tg-width=\"1170\" tg-height=\"709\" referrerpolicy=\"no-referrer\"></p><p>Mudrick Capital, which participated in this financing round, is no ordinary person. This institution is a major shareholder of AMC Cinemas and made large investments in AMC in late December last year and early January this year, helping the latter avoid bankruptcy and liquidation.</p><p>During the first wave of retail investor frenzy at the beginning of the year, the continuously soaring stock price not only brought Mudrick substantial returns;<b>Furthermore, it itself profited over $200 million by going long on AMC Cinemas' debt and stock options, and by participating in the Game Station transaction.</b></p><p>This profitable institution has once again shown off its strategy.</p><p>Having just participated in AMC's financing round on June 1, Mudrick sold all of his AMC Cinemas shares during trading that day. Based on AMC's highest price of $33.53 on Tuesday, Mudrick could potentially make a profit of over 320 million RMB within a single day.</p><p>Mudrick's sudden switch of sides did not extinguish the enthusiasm of retail investors to buy AMC in large quantities, and the AMC rally subsequently reached another small climax. The major shareholders have withdrawn, but the retail investors haven't. Who gave them so much confidence?</p><p><b>2. Who wins, who loses, and who is next?</b></p><p>The hottest topic on the WSB forum, from Game Station to Dogecoin, has recently turned to AMC. This is a \"professional stock trading forum\" with the slogan \"YOLO\" and the action principle of \"going all out\". After a tough battle, some users proudly shared their achievements.</p><p><img src=\"https://static.tigerbbs.com/e50d1f9114468c1ac7fcf8937d56730c\" tg-width=\"1169\" tg-height=\"1706\" referrerpolicy=\"no-referrer\"></p><p>AMC will definitely win this major battle easily. As the stock price soared, the value of CEO Alon's holdings increased from approximately $8 million at the beginning of the year to over $220 million. Mudrick, the major shareholder who cashed out and exited the market, made a whopping 320 million RMB in one day; The earliest retail investors, of course, also made a fortune.</p><p>So who lost?</p><p>Of course, it's still the short sellers Data shows that since May 24, institutions shorting AMC have accumulated losses of more than $1.8 billion, and the losses this year have exceeded $2.5 billion.</p><p>In the first five months of this year, Wall Street short sellers who shorted the stocks of Game Station and AMC Cinemas accumulated losses of $9.25 billion, equivalent to nearly 60 billion yuan.</p><p>Short selling is a matter of willingness to accept defeat. The latest data from S3 Partners shows that AMC Cinemas has more than 20% of its outstanding shares, or approximately 95 million shares, being shorted.</p><p><b>As the stock price rises, these hedge funds that short AMC will continue to lose money until they do not have enough margin and are forced to liquidate and buy back the stock from the market. This is what is known as a short squeeze.</b></p><p><img src=\"https://static.tigerbbs.com/6679b29ff4b817c7e0d4d396077c03e3\" tg-width=\"968\" tg-height=\"515\" referrerpolicy=\"no-referrer\"></p><p>Data source: wind</p><p>Short positions are liquidated and forced to become long positions, which is when retail investors achieve great success. By selling stocks at this time, retail investors can maximize their profits. Yesterday, AMC jumped all the way to a high of $72.60, almost exceeding the highest option strike price of $73.</p><p>Therefore, this battle is not over yet.</p><p><b>If retail investors push AMC's stock price above $73 again tonight, then another short seller will suffer.</b>In theory, these market makers had no hedging tools at that time. If the stock price rose enough, it would be enough to bankrupt a number of mid-sized market makers.</p><p>Here's the question: the short squeeze at the beginning of the year, led by Game Station, had already caused many short sellers a lot of trouble, so why did they still dare to do it? As the WSB forum said: People call us idiots because we buy these stocks again and again, but why do those short sellers short them again and again?</p><p><img src=\"https://static.tigerbbs.com/83f426c1fa68fb88d6b528f684031656\" tg-width=\"1170\" tg-height=\"1945\" referrerpolicy=\"no-referrer\"></p><p><b>The reason why Wall Street bigwigs are not optimistic about this stock is that AMC has been losing money for years.</b>From 2017 to 2020, AMC suffered losses of $487 million, $110 million, $150 million and $4.59 billion respectively, and continued to suffer losses of $567 million in the first quarter of this year.</p><p>Under the asset-heavy model, years of losses have led to a mountain of debt. Currently, AMC has total liabilities of US$12.78 billion, of which current liabilities are US$1.59 billion, while its cash and cash equivalents are only US$810 million, resulting in a debt-to-asset ratio of 121.8%.</p><p>Meanwhile, under the pandemic, AMC Cinemas also faced unfavorable factors such as shortened theater window periods, fewer movies to be released, theater closures, and attacks from streaming platforms.</p><p>Therefore, Mudrick stated that AMC Cinemas' stock price is clearly overvalued and it is not a stock that can be invested in for the long term; Eric Handler, an analyst from MKM Partners, gave AMC a target price of only $1 per share.</p><p>Logically speaking, it's perfectly normal for analysts to be pessimistic about this stock. However,<b>The problem is that AMC has a total of 3.2 million individual investor shareholders, with retail investors holding 80% of the total share capital.</b></p><p>This means that regardless of the fundamentals, as long as the stock has not been delisted, and no matter how many Wall Street institutions are bearish, if retail investors unite, the stock can continue to rise forever.</p><p>Bloomberg analyst Geetha Ranganathan said, \"Individual investors want to transform Wall Street by squeezing out short sellers and hedge funds.\"</p><p>Retail investors are enjoying the game of defeating Wall Street giants, which is why AMC took off on a rocket.</p><p><b>3 Conclusion</b></p><p>The battle between bulls and bears surrounding AMC is not over yet, and whether its stock price can reach the $73 mark tonight will be a crucial turning point.</p><p>At the same time, during the short squeeze, hedge funds will have to sell some other stocks in exchange for liquidity, which will once again cause a bloodbath in the entire US stock market.</p><p>Ultimately, all of this can be traced back to the 2020 pandemic, when the Federal Reserve's excessive money supply reached a record high, with extremely low borrowing costs and excess liquidity driving up the prices of various assets.</p><p><b>The resurgence of the WSB concept demonstrates that the power of retail investors remains formidable.</b>Last year, AMC faced a bankruptcy crisis, but it weathered the risks time and time again, and its cash flow never broke down. AMC's debt crisis has temporarily eased following its latest financing round. Vaccines are gradually becoming more widespread, and the most severe moment of the epidemic is almost over.</p><p>AMC's prospects look bright, and coupled with the high enthusiasm of retail investors, the short sellers are unlikely to have a good time this time.</p>","source":"gelonghui_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>In-depth analysis: Retail investors are having another blast; what are the triggers and consequences of this round of short squeeze?</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\">\nIn-depth analysis: Retail investors are having another blast; what are the triggers and consequences of this round of short squeeze?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2021-06-03 21:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Wednesday,<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>It once surged 126%, and despite several initial circuit breakers, the stock price still rose as much as 95.5% by the close.<a href=\"https://laohu8.com/S/BBBY\">3B Home</a>It surged over 62%.<a href=\"https://laohu8.com/S/KOSS\">Gaussian electronics</a>It surged over 68%.<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>Up more than 31%,<a href=\"https://laohu8.com/S/EXPR\">Express</a>Up 38%<a href=\"https://laohu8.com/S/GME\">Game Station</a>The increase also exceeded 13%.</p><p>The renewed recovery of WSB concept stocks means that after the shocking short squeeze by retail investors at the beginning of the year subsided, American retail investors have made a comeback after several months.</p><p>However, this time, the center stage protagonist has changed from Game Station to AMC. After yesterday's surge, AMC's market capitalization has surpassed $30 billion, surpassing GameStation.<b>It ranked first in the US stock market with a trading volume of nearly $40 billion that day, three times that of Tesla, which ranked second.</b></p><p><img src=\"https://static.tigerbbs.com/061520168da8949b83d102ab1434293f\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>On the other side of the ocean, we woke up to find only staggering price increases. But where we can't see it, retail investors are waving flags and shouting, short sellers are in a panic, and bulls are taking advantage of the situation to enter and exit quickly.</p><p>This thrilling multi-faceted battle was in no way inferior to the century-long change at the beginning of the year.</p><p><b>1. A sudden breeze ripples a pool of spring water.</b></p><p>Regarding the beginning of this great war, some say it was because of a bucket of popcorn.</p><p>On Wednesday, AMC CEO Adam Aaron said during his life, \"With AMC Investor Connect, we can continue to maintain good relationships with millions of retail shareholders. After all, these are the people who own AMC, and I work for them.\"</p><p>Therefore, AMC has created a program called \"AMC Investor Connect\" for retail investors on its official website. Subscribers will receive exclusive benefits including a free box of popcorn, discounted items, and screening invitations, and will be able to communicate directly with Aaron.</p><p><img src=\"https://static.tigerbbs.com/beb4131c99f66f5ac75ff8ab6d821f03\" tg-width=\"1170\" tg-height=\"1139\" referrerpolicy=\"no-referrer\"></p><p>But most of the old guys on the WSB forum are outlaws who \"die for money\".<b>For these people, a bucket of popcorn is far from worth risking their lives for; the only thing that can touch them is real dollars.</b></p><p>Some say that it was because of Wanda's departure that AMC, having regained its \"freedom,\" was able to \"make the American film great again.\"</p><p>On the morning of May 23, Wanda Group announced that it had completely withdrawn from the board of directors of AMC. The announcement brought an end to a nine-year transnational alliance and raised a total of $1.476 billion, more than double the initial investment of 700 million yuan.</p><p>But by Wednesday's close, AMC's market capitalization had surged to $31.3 billion. Based on this estimate, Wanda lost at least $2.5 billion, equivalent to approximately 15.9 billion RMB.</p><p>Although Wanda made less money, it cannot be said that it lost money, and the surge in AMC's stock price was unrelated to Wanda's sell-off.<b>In fact, within a week after Wanda left the market, AMC's stock price surged by 357%. However, since the beginning of the year, AMC's cumulative increase has exceeded 3000%.</b></p><p>Therefore, whether AMC prices rise or fall has little to do with Wanda.</p><p>The real trigger for this surge was a financing announcement released by AMC two days ago.</p><p>On June 1 local time, AMC announced a pre-market offering of 8.5 million Class A common shares to Mudrick Capital Management, raising $230.5 million. The offering price was $27.12 per share, 3.8% higher than last Friday's closing price. The announcement indicates that the financing will be used to acquire cinema assets, lease and invest, and to explore deleveraging opportunities.</p><p>The news excited stock investors. After the market opened that day, AMC Cinemas again bought shares, causing the stock price to surge, rising by more than 28% at one point during the session, and ultimately closing with a gain of 22.66%. After the US stock market closed, AMC Cinemas continued to rise, surging by more than 18%.</p><p><img src=\"https://static.tigerbbs.com/94f4a6d6ccec8a9310044c4a7c213bdc\" tg-width=\"1170\" tg-height=\"709\" referrerpolicy=\"no-referrer\"></p><p>Mudrick Capital, which participated in this financing round, is no ordinary person. This institution is a major shareholder of AMC Cinemas and made large investments in AMC in late December last year and early January this year, helping the latter avoid bankruptcy and liquidation.</p><p>During the first wave of retail investor frenzy at the beginning of the year, the continuously soaring stock price not only brought Mudrick substantial returns;<b>Furthermore, it itself profited over $200 million by going long on AMC Cinemas' debt and stock options, and by participating in the Game Station transaction.</b></p><p>This profitable institution has once again shown off its strategy.</p><p>Having just participated in AMC's financing round on June 1, Mudrick sold all of his AMC Cinemas shares during trading that day. Based on AMC's highest price of $33.53 on Tuesday, Mudrick could potentially make a profit of over 320 million RMB within a single day.</p><p>Mudrick's sudden switch of sides did not extinguish the enthusiasm of retail investors to buy AMC in large quantities, and the AMC rally subsequently reached another small climax. The major shareholders have withdrawn, but the retail investors haven't. Who gave them so much confidence?</p><p><b>2. Who wins, who loses, and who is next?</b></p><p>The hottest topic on the WSB forum, from Game Station to Dogecoin, has recently turned to AMC. This is a \"professional stock trading forum\" with the slogan \"YOLO\" and the action principle of \"going all out\". After a tough battle, some users proudly shared their achievements.</p><p><img src=\"https://static.tigerbbs.com/e50d1f9114468c1ac7fcf8937d56730c\" tg-width=\"1169\" tg-height=\"1706\" referrerpolicy=\"no-referrer\"></p><p>AMC will definitely win this major battle easily. As the stock price soared, the value of CEO Alon's holdings increased from approximately $8 million at the beginning of the year to over $220 million. Mudrick, the major shareholder who cashed out and exited the market, made a whopping 320 million RMB in one day; The earliest retail investors, of course, also made a fortune.</p><p>So who lost?</p><p>Of course, it's still the short sellers Data shows that since May 24, institutions shorting AMC have accumulated losses of more than $1.8 billion, and the losses this year have exceeded $2.5 billion.</p><p>In the first five months of this year, Wall Street short sellers who shorted the stocks of Game Station and AMC Cinemas accumulated losses of $9.25 billion, equivalent to nearly 60 billion yuan.</p><p>Short selling is a matter of willingness to accept defeat. The latest data from S3 Partners shows that AMC Cinemas has more than 20% of its outstanding shares, or approximately 95 million shares, being shorted.</p><p><b>As the stock price rises, these hedge funds that short AMC will continue to lose money until they do not have enough margin and are forced to liquidate and buy back the stock from the market. This is what is known as a short squeeze.</b></p><p><img src=\"https://static.tigerbbs.com/6679b29ff4b817c7e0d4d396077c03e3\" tg-width=\"968\" tg-height=\"515\" referrerpolicy=\"no-referrer\"></p><p>Data source: wind</p><p>Short positions are liquidated and forced to become long positions, which is when retail investors achieve great success. By selling stocks at this time, retail investors can maximize their profits. Yesterday, AMC jumped all the way to a high of $72.60, almost exceeding the highest option strike price of $73.</p><p>Therefore, this battle is not over yet.</p><p><b>If retail investors push AMC's stock price above $73 again tonight, then another short seller will suffer.</b>In theory, these market makers had no hedging tools at that time. If the stock price rose enough, it would be enough to bankrupt a number of mid-sized market makers.</p><p>Here's the question: the short squeeze at the beginning of the year, led by Game Station, had already caused many short sellers a lot of trouble, so why did they still dare to do it? As the WSB forum said: People call us idiots because we buy these stocks again and again, but why do those short sellers short them again and again?</p><p><img src=\"https://static.tigerbbs.com/83f426c1fa68fb88d6b528f684031656\" tg-width=\"1170\" tg-height=\"1945\" referrerpolicy=\"no-referrer\"></p><p><b>The reason why Wall Street bigwigs are not optimistic about this stock is that AMC has been losing money for years.</b>From 2017 to 2020, AMC suffered losses of $487 million, $110 million, $150 million and $4.59 billion respectively, and continued to suffer losses of $567 million in the first quarter of this year.</p><p>Under the asset-heavy model, years of losses have led to a mountain of debt. Currently, AMC has total liabilities of US$12.78 billion, of which current liabilities are US$1.59 billion, while its cash and cash equivalents are only US$810 million, resulting in a debt-to-asset ratio of 121.8%.</p><p>Meanwhile, under the pandemic, AMC Cinemas also faced unfavorable factors such as shortened theater window periods, fewer movies to be released, theater closures, and attacks from streaming platforms.</p><p>Therefore, Mudrick stated that AMC Cinemas' stock price is clearly overvalued and it is not a stock that can be invested in for the long term; Eric Handler, an analyst from MKM Partners, gave AMC a target price of only $1 per share.</p><p>Logically speaking, it's perfectly normal for analysts to be pessimistic about this stock. However,<b>The problem is that AMC has a total of 3.2 million individual investor shareholders, with retail investors holding 80% of the total share capital.</b></p><p>This means that regardless of the fundamentals, as long as the stock has not been delisted, and no matter how many Wall Street institutions are bearish, if retail investors unite, the stock can continue to rise forever.</p><p>Bloomberg analyst Geetha Ranganathan said, \"Individual investors want to transform Wall Street by squeezing out short sellers and hedge funds.\"</p><p>Retail investors are enjoying the game of defeating Wall Street giants, which is why AMC took off on a rocket.</p><p><b>3 Conclusion</b></p><p>The battle between bulls and bears surrounding AMC is not over yet, and whether its stock price can reach the $73 mark tonight will be a crucial turning point.</p><p>At the same time, during the short squeeze, hedge funds will have to sell some other stocks in exchange for liquidity, which will once again cause a bloodbath in the entire US stock market.</p><p>Ultimately, all of this can be traced back to the 2020 pandemic, when the Federal Reserve's excessive money supply reached a record high, with extremely low borrowing costs and excess liquidity driving up the prices of various assets.</p><p><b>The resurgence of the WSB concept demonstrates that the power of retail investors remains formidable.</b>Last year, AMC faced a bankruptcy crisis, but it weathered the risks time and time again, and its cash flow never broke down. AMC's debt crisis has temporarily eased following its latest financing round. Vaccines are gradually becoming more widespread, and the most severe moment of the epidemic is almost over.</p><p>AMC's prospects look bright, and coupled with the high enthusiasm of retail investors, the short sellers are unlikely to have a good time this time.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.gelonghui.com/p/468634\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8cc57ed9442c6dfb543a82e73ab36c48","relate_stocks":{"EXPR":"Express, Inc.","KOSS":"高斯电子","BB":"黑莓","AMC":"AMC院线","GME":"游戏驿站"},"source_url":"https://www.gelonghui.com/p/468634","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"1164838585","content_text":"周三，AMC院线一度暴涨126%，数次初次熔断，截至收盘涨幅仍高达95.5%；3B家居大涨超62%，高斯电子大涨超68%，黑莓涨超31%，Express涨38%，游戏驿站涨幅亦超过13%。WSB概念股的再次振作，意味着年初那场惊世骇俗的散户逼空大战偃旗息鼓后，时隔数月，美国散户们卷土重来。只不过这一次，舞台最中央的主角从游戏驿站换成了AMC。昨日大涨后，AMC的市值已突破300亿美元，超过游戏驿站。当天以近400亿美元的交易量排名美股第一，足足是第二名特斯拉的三倍。大洋彼岸的我们一觉醒来，只看到令人目瞪口呆的涨幅。但在我们看不到的地方，散户摇旗呐喊，空头手忙脚乱，还有多头浑水摸鱼快进快出。这场惊心动魄的多方混战，丝毫不亚于年初那场世纪变革。1 风乍起，吹皱一池春水关于这场大战的开端，有人说，是因为一桶爆米花。周三，AMC首席执行官亚当·阿隆在生命中表示，“借助AMC Investor Connect，可以与数以百万计的散户股东继续保持良好关系。毕竟，这些人才是AMC的拥有者，而我为他们工作。”因此，AMC在其官网为散户投资者定制了名为“AMC Investor Connect”的计划。订阅股东将获得包括一盒免费爆米花、打折品和展映邀请等独家优惠，并可以与阿隆进行直接交流。但WSB论坛上的老哥们大多都是“人为财死”的亡命之徒，对这些人来说，一桶爆米花远远不值得他们为之卖命，能触动他们的只有实实在在的Dollar。也有人说，是因为万达的离场，重获“自由”的AMC才能“make the American film great again”。5月23日早间，万达集团发布消息，公司已全部退出AMC董事会。一纸通告给长达9年的跨国联姻画上了一个句号，并且累计回笼了14.76亿美元资金，相较最初7亿元的投入也赚了一倍有余。但截至周三收盘，AMC市值飙升至313亿美元。以此估算，万达至少少赚了25亿美元，约合159亿人民币。万达虽然少赚，但不能说亏，AMC的大涨也跟万达清仓无关。事实上，万达离场之后的一周内，AMC累计暴涨357%。但年初至今，AMC累计涨幅已经超过3000%。因此AMC涨不涨，跟万达关系不大。本次大涨真正的导火索，是AMC两天前发布的一则融资公告。当地时间6月1日盘前，AMC宣布向Mudrick Capital Management发行850万股A类普通股，将融资2.305亿美元，增发价格为27.12美元/股，较上周五的收盘价高出3.8%。公告显示，这笔融资将用于收购影院资产、租赁以及投资，并探索去杠杆化的机会。消息传来，股民振奋。当日开盘后再次大举买入AMC院线，股价一路高歌猛进，盘中一度大涨超28%，最终收盘涨幅仍高达22.66%，美股盘后，AMC院线继续拉升，大涨超18%。参与此次融资的Mudrick Capital可不是泛泛之辈，这家机构是AMC院线的重要股东，在去年12月底和今年1月初对AMC进行了大手笔投资，帮助后者避免了被破产清算。在年初的第一波散户狂潮中，不但连续飙升的股价给Mudrick带来了丰厚回报；并且它本身也通过做多AMC院线的债务和股票期权，并参与游戏驿站的交易，获利超2亿美元。这家会赚钱的机构，这次又狠狠秀了一把操作。6月1日刚刚参与了AMC的融资，当天盘中，Mudrick便抛售了其持有的所有AMC院线股份。按AMC周二最高价33.53美元计算，Mudrick一天以内最高可获利超过3.2亿人民币。Mudrick的突然倒戈并没有熄灭散户们大举买入AMC的热情，AMC涨势随之又来了一个小高潮。大股东都撤了散户们还不撤，是谁给了他们这么大的信心？2 谁嬴谁输，谁是下一个？WSB论坛最火的话题从游戏驿站到狗狗币，最近又变成了AMC。这是个以“YOLO”为口号，以“梭哈”为行动准则的“专业炒股论坛”，一场硬仗打下来，又有用户得意洋洋晒出了自己的战绩。这场大战，AMC肯定是躺赢。随着股价水涨船高，CEO阿隆持股价值从年初的约800万美元涨至超过2.2亿美元；套现离场的大股东Mudrick一天狂赚3.2亿人民币；最早买入的散户们当然也赚得盆满钵满。那么是谁亏了？当然还是空头们。数据显示，5月24日以来，做空AMC的机构累计损失超过18亿美元，今年以来的亏损额更是超过25亿美元。今年前5个月，做空游戏驿站、AMC院线两家公司股票的华尔街空头累计亏损达到了92.5亿美元，折合人民币接近600亿元。做空本就是愿赌服输的事，S3 Partners的最新数据显示，AMC院线有超过20%的流通股，即约9500万股被做空。随着股价上涨，这些做空AMC的对冲基金将不断亏损，直到没有足够的保证金，只能被迫清盘，从市场上买回股票。这就是所谓的逼空。数据来源：wind空头清盘、被迫变多头，也就是散户大获全胜之时。这时卖出股票，散户可以将利益最大化。昨天AMC一路跳涨，最高到72.6美元，几乎超过期权最高行权价73美元。所以说，这场战斗还没到结束的时候。如果今晚散户再次把AMC股价拉到73美元之上，那就又有空头要遭殃了。理论上，那时这些做市商已经没有了任何对冲手段，如果股票涨幅够大，足以让一批中型做市商破产。问题来了，年初那波以游戏驿站为首的逼空大战，已经让不少空头们吃足了苦头，为什么他们还敢干。就像WSB论坛中所言：人们骂我们是智障，因为我们一次又一次买这些股票，但为什么那些空头要一次又一次做空它们？华尔街的大佬们不看好这只股票的原因，在于AMC公司连年陷入亏损。2017年至2020年，AMC分别亏损4.87亿美元、1.1亿美元、1.5亿美元和45.9亿美元，今年一季度继续亏损5.67亿美元。重资产模式下，连年的亏损使其债台高筑。目前，AMC总负债规模达127.8亿美元，其中流动负债15.9亿美元，而其账面现金及现金等价物仅有8.1亿美元，资产负债率高达121.8%。同时，疫情之下，AMC院线还面临包括院线窗口期缩短、上映电影数量减少、影院关闭，和流媒体平台进攻等不利因素。因此Mudrick称，AMC院线股价被明显高估，它不是一只可以长期投资的股票；来自MKM Partners的分析师Eric Handler则对AMC给出了只有每股1美元的目标价。按常理来说，分析师们不看好这只股票再正常不过。不过，问题在于AMC总共有320万个人投资者股东，散户持股比例达到总股本的80%。这意味着，无论基本面如何，只要股票还没退市，哪怕再多华尔街机构唱空，如果散户们团结一致，这只股票就能永远涨下去。彭博分析师Geetha Ranganathan表示，“个人投资者希望通过挤压做空者和对冲基金来改造华尔街”。散户们对于战胜华尔街大佬们的游戏乐此不疲，这就是AMC坐上火箭升空的原因。3 结语围绕着AMC的多空博弈还没结束，今晚其股价能否拉上73美元关口将成为重要节点。与此同时，逼空大战时，对冲基金不得不抛售一些其它股票来换取流动性，这将使整个美股再次掀起血雨腥风。这一切归根结底，还要追究到2020年疫情时，美联储货币超发程度创下历史之最，极低的借贷成本和溢出的流动性推高了各种资产的价格所致。WSB概念卷土重来，彰显了散户们的力量依旧恐怖。去年AMC一度面临破产危机，但其一次次度过风险，资金链始终未曾断裂。最新一笔融资后，AMC的债务危机暂时缓解。疫苗渐渐普及，疫情最严峻的时刻也快要过去。AMC的前景看起来一片光明，再加上散户们昂扬的热情，这一次，空头们恐怕依然不会有好果子吃。","news_type":1,"symbols_score_info":{"KOSS":0.9,"BB":0.9,"GME":0.9,"EXPR":0.9,"AMC":0.9,"BBBY":0.9}},"isVote":1,"tweetType":1,"viewCount":5201,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113308501,"gmtCreate":1622592832603,"gmtModify":1704186848966,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/113308501","repostId":"1171929437","repostType":4,"isVote":1,"tweetType":1,"viewCount":5939,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134131461,"gmtCreate":1622210718653,"gmtModify":1704181587062,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"Hi&nbsp;","listText":"Hi&nbsp;","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/134131461","repostId":"1185375400","repostType":4,"repost":{"id":"1185375400","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":1622204864,"share":"https://ttm.financial/m/news/1185375400?lang=en_US&edition=fundamental","pubTime":"2021-05-28 20:27","market":"us","language":"zh","title":"Pre-market: Epic short squeeze continues! AMC surged 20% at one point.","url":"https://stock-news.laohu8.com/highlight/detail?id=1185375400","media":"老虎资讯综合","summary":"5月28日，美国三大股指上涨，截至发稿，道指期货涨0.46%；标普500指数期货涨0.35%；纳斯达克100指数期货涨0.33%。盘前行情部分WSB概念股上涨，截至发稿，AMC涨超12%（盘前一度涨超","content":"<p>On May 28, the three major U.S. stock indexes rose, with Dow Jones futures up 0.46% as of press time. S&P 500 futures rose 0.35%; Nasdaq 100 futures rose 0.33%.<img src=\"https://static.tigerbbs.com/4aae29bc65b3adbaa535ed4832f4249e\" tg-width=\"828\" tg-height=\"243\" referrerpolicy=\"no-referrer\"><b>Pre-market price</b></p><p>Some WSB concept stocks rose, with AMC up over 12% as of press time (up over 20% at one point in pre-market trading).<a href=\"https://laohu8.com/S/KOSS\">Gaussian electronics</a>It rose more than 8%.<a href=\"https://laohu8.com/S/EXPR\">Express</a>It rose more than 6%.<a href=\"https://laohu8.com/S/GME\">Game Station</a>、<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>It rose by more than 1%. Now,<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>It has surpassed GameStation to become the most popular stock on WallStreetBets, an American retail investor forum. Some analysts say that retail investors seem to have lost interest in the cryptocurrency world this month, so they have returned to the stock market to look for opportunities, especially on platforms such as WallStreetBets, where retail investors have become more active again.</p><p>US blockchain concept stocks weakened in pre-market trading.<a href=\"https://laohu8.com/S/CAN\">Canaan Technology</a>They fell by more than 5%, Riot Blockchain and Marathon Patent fell by more than 4%, and Bit Digital fell by more than 2%.</p><p><a href=\"https://laohu8.com/S/BA\">boeing</a>The stock fell more than 1% in pre-market trading after the company suspended 787 Dreamliner deliveries, which could further put pressure on Boeing's finances. Deliveries will also be lower than the company's CEO's expectation set last month, which was to deliver 10 to 12 787 Dreamliners to customers per month.</p><p><a href=\"https://laohu8.com/S/MOGU\">Mogujie</a>The stock rose more than 7% in pre-market trading, with live streaming GMV reaching RMB 13.855 billion in fiscal year 2021, a year-on-year increase of 38.1%.</p><p><a href=\"https://laohu8.com/S/LIZI\">lychee</a>The stock rose more than 10% in pre-market trading after the new Lizhi App was launched.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>App Store recommendation as one of its featured apps.</p><p>Palantir rose 2% in pre-market trading after market news reported that Palantir had signed a $111 million contract with the U.S. military.</p><p><a href=\"https://laohu8.com/S/CRM\">Salesforce</a>It rose nearly 5% in pre-market trading, with first-quarter net profit surging 374% year-on-year.</p><p><a href=\"https://laohu8.com/S/HBC\">HSBC Holdings</a>It rose more than 2% in pre-market trading.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>This indicates that HSBC's exit from its U.S. wealth management and personal banking (WPB) business could improve its profitability.</p><p><a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>Gaotu shares fell more than 5% in pre-market trading after responding to layoffs, stating that it was adjusting its organizational structure to comply with new regulations on preschool education. The company announced that it will stop enrolling children aged 3-6 in its early childhood education program and will adjust its organizational structure and personnel accordingly.</p><p><a href=\"https://laohu8.com/S/YY\">YY Inc.</a>The stock fell more than 3% in pre-market trading, with global average monthly active users of mobile devices decreasing by 15.1% year-on-year in the first quarter.</p><p><a href=\"https://laohu8.com/S/HPQ\">HP</a>The stock fell more than 6% in pre-market trading after the company's CEO said the supply shortage would continue until the end of the year.</p><p><b>European Market</b></p><p>Major European stock indices rose across the board. As of press time, Germany's DAX30 index was up 0.61%, France's CAC40 was up 0.66%, and the Euro Stoxx 50 was up 0.62%.<img src=\"https://static.tigerbbs.com/8b17c6c40dab2508c348733027598673\" tg-width=\"821\" tg-height=\"358\" referrerpolicy=\"no-referrer\"><b>crude oil</b></p><p>Both WTI and Brent crude oil rose. As of press time, WTI crude oil was up 0.58% at $67.23 per barrel. Brent crude rose 0.48% to $69.53 a barrel.</p><p>U.S. oil prices rose on strong U.S. economic data, market expectations of a strong rebound in global fuel demand in the third quarter, and easing concerns about the impact of the return of Iranian supplies. Oil prices rose, with both Brent crude and U.S. crude expected to rise 5%-6% this week, driven by strong U.S. economic data and a growing belief that sanctions against Iran would not be lifted immediately if the Iran nuclear deal were restarted, and that the oil market would not experience a supply glut anytime soon.</p><p><b>gold</b></p><p>Spot gold prices fell slightly during the day, down 0.25% at $1,891.00 per ounce as of press time.</p><p>Gold prices fell, with rising yields on major US Treasury bonds and the Republican Party's formal infrastructure plan putting short-term downward pressure on them. However, comments from US Treasury Secretary Yellen that inflation was temporary limited the decline in gold prices. The market's focus has now shifted to the US PCE inflation data to be released tonight.</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>Pre-market: Epic short squeeze continues! AMC surged 20% at one point.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPre-market: Epic short squeeze continues! AMC surged 20% at one point.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-28 20:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On May 28, the three major U.S. stock indexes rose, with Dow Jones futures up 0.46% as of press time. S&P 500 futures rose 0.35%; Nasdaq 100 futures rose 0.33%.<img src=\"https://static.tigerbbs.com/4aae29bc65b3adbaa535ed4832f4249e\" tg-width=\"828\" tg-height=\"243\" referrerpolicy=\"no-referrer\"><b>Pre-market price</b></p><p>Some WSB concept stocks rose, with AMC up over 12% as of press time (up over 20% at one point in pre-market trading).<a href=\"https://laohu8.com/S/KOSS\">Gaussian electronics</a>It rose more than 8%.<a href=\"https://laohu8.com/S/EXPR\">Express</a>It rose more than 6%.<a href=\"https://laohu8.com/S/GME\">Game Station</a>、<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>It rose by more than 1%. Now,<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>It has surpassed GameStation to become the most popular stock on WallStreetBets, an American retail investor forum. Some analysts say that retail investors seem to have lost interest in the cryptocurrency world this month, so they have returned to the stock market to look for opportunities, especially on platforms such as WallStreetBets, where retail investors have become more active again.</p><p>US blockchain concept stocks weakened in pre-market trading.<a href=\"https://laohu8.com/S/CAN\">Canaan Technology</a>They fell by more than 5%, Riot Blockchain and Marathon Patent fell by more than 4%, and Bit Digital fell by more than 2%.</p><p><a href=\"https://laohu8.com/S/BA\">boeing</a>The stock fell more than 1% in pre-market trading after the company suspended 787 Dreamliner deliveries, which could further put pressure on Boeing's finances. Deliveries will also be lower than the company's CEO's expectation set last month, which was to deliver 10 to 12 787 Dreamliners to customers per month.</p><p><a href=\"https://laohu8.com/S/MOGU\">Mogujie</a>The stock rose more than 7% in pre-market trading, with live streaming GMV reaching RMB 13.855 billion in fiscal year 2021, a year-on-year increase of 38.1%.</p><p><a href=\"https://laohu8.com/S/LIZI\">lychee</a>The stock rose more than 10% in pre-market trading after the new Lizhi App was launched.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>App Store recommendation as one of its featured apps.</p><p>Palantir rose 2% in pre-market trading after market news reported that Palantir had signed a $111 million contract with the U.S. military.</p><p><a href=\"https://laohu8.com/S/CRM\">Salesforce</a>It rose nearly 5% in pre-market trading, with first-quarter net profit surging 374% year-on-year.</p><p><a href=\"https://laohu8.com/S/HBC\">HSBC Holdings</a>It rose more than 2% in pre-market trading.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>This indicates that HSBC's exit from its U.S. wealth management and personal banking (WPB) business could improve its profitability.</p><p><a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>Gaotu shares fell more than 5% in pre-market trading after responding to layoffs, stating that it was adjusting its organizational structure to comply with new regulations on preschool education. The company announced that it will stop enrolling children aged 3-6 in its early childhood education program and will adjust its organizational structure and personnel accordingly.</p><p><a href=\"https://laohu8.com/S/YY\">YY Inc.</a>The stock fell more than 3% in pre-market trading, with global average monthly active users of mobile devices decreasing by 15.1% year-on-year in the first quarter.</p><p><a href=\"https://laohu8.com/S/HPQ\">HP</a>The stock fell more than 6% in pre-market trading after the company's CEO said the supply shortage would continue until the end of the year.</p><p><b>European Market</b></p><p>Major European stock indices rose across the board. As of press time, Germany's DAX30 index was up 0.61%, France's CAC40 was up 0.66%, and the Euro Stoxx 50 was up 0.62%.<img src=\"https://static.tigerbbs.com/8b17c6c40dab2508c348733027598673\" tg-width=\"821\" tg-height=\"358\" referrerpolicy=\"no-referrer\"><b>crude oil</b></p><p>Both WTI and Brent crude oil rose. As of press time, WTI crude oil was up 0.58% at $67.23 per barrel. Brent crude rose 0.48% to $69.53 a barrel.</p><p>U.S. oil prices rose on strong U.S. economic data, market expectations of a strong rebound in global fuel demand in the third quarter, and easing concerns about the impact of the return of Iranian supplies. Oil prices rose, with both Brent crude and U.S. crude expected to rise 5%-6% this week, driven by strong U.S. economic data and a growing belief that sanctions against Iran would not be lifted immediately if the Iran nuclear deal were restarted, and that the oil market would not experience a supply glut anytime soon.</p><p><b>gold</b></p><p>Spot gold prices fell slightly during the day, down 0.25% at $1,891.00 per ounce as of press time.</p><p>Gold prices fell, with rising yields on major US Treasury bonds and the Republican Party's formal infrastructure plan putting short-term downward pressure on them. However, comments from US Treasury Secretary Yellen that inflation was temporary limited the decline in gold prices. The market's focus has now shifted to the US PCE inflation data to be released tonight.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ed4ee39e6b0f45214393093d70ba81a8","relate_stocks":{".IXIC":"NASDAQ Composite","BA":"波音","RIOT":"Riot Platforms","MOGU":"蘑菇街","AMC":"AMC院线",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185375400","content_text":"5月28日，美国三大股指上涨，截至发稿，道指期货涨0.46%；标普500指数期货涨0.35%；纳斯达克100指数期货涨0.33%。盘前行情部分WSB概念股上涨，截至发稿，AMC涨超12%（盘前一度涨超20%），高斯电子涨超8%，Express涨超6%，游戏驿站、黑莓涨超1%。现在，AMC院线已经超过了游戏驿站，成为了美国散户论坛WallStreetBets上最受喜爱的股票。有分析师表示，这个月以来散户们似乎对币圈失去了激情，因此重新回到股市来寻找机会，尤其是WallStreetBets等平台上的散户们又活跃了起来。美股区块链概念股盘前走弱，嘉楠科技跌超5%，Riot Blockchain、Marathon Patent跌超4%，Bit Digital跌超2%。波音盘前跌超1%，其暂停787 Dreamliner交付，这可能会进一步给波音的财务带来压力，交付量也将低于该公司CEO上月设定的预期，即计划每月向客户交付10至12架787 Dreamliner。蘑菇街盘前涨超7%，2021财年全年直播GMV达138.55亿元，同比增长38.1%。荔枝盘前涨逾10%，新的荔枝App已被苹果App Store推荐为其特色应用之一。Palantir盘前上涨2%，市场消息：Palantir与美军签署价值1.11亿美元的合同。Salesforce盘前涨近5%，第一财季净利同比大增374%。汇丰控股盘前涨超2%，高盛指汇控退出美国财富管理及个人银行业务(WPB)可改善其盈利能力。高途盘前跌超5%，高途回应裁员：配合学前教育新规，对组织架构调整 。公司表示将停止小早启蒙面向3-6岁儿童的招生工作，并据此对组织架构和人员进行调整。欢聚集团盘前跌超3%，一季度全球移动设备平均月活用户同比降15.1%惠普盘前跌超6%，公司CEO表示供应短缺将持续到今年年底。欧洲市场欧洲主要股指集体上涨，截至发稿，德国DAX30指数涨0.61%，法国CAC40涨0.66%，欧洲斯托克50涨0.62%。原油美、布两油上涨，截止发稿，WTI原油涨0.58%，报67.23美元/桶；布伦特原油涨0.48%，报69.53美元/桶。美油上涨，美国经济数据表现强劲，市场预期第三季度全球燃料需求强劲反弹，并对伊朗供应回归影响的担忧有所缓解。由于美国经济数据强劲，且市场愈发认为如果伊朗核协议重启，将不会立即取消对伊朗的制裁，且石油市场不会很快出现供应过剩，油价因此走高，本周布伦特原油和美国原油周均有望上涨5%-6%。黄金现货黄金日内微跌，截止发稿，跌0.25%，报1891.00美元/盎司。金价回落，主要美债收益率攀升和共和党正式提出的基建计划，给金价带来短线下行压力，不过美国财政部长耶伦通胀是暂时的言论限制了金价的跌幅。目前市场焦点转向晚间即将公布的美国PCE通胀数据。","news_type":1,"symbols_score_info":{".DJI":0.9,"BA":0.9,"MOGU":0.9,".IXIC":0.9,".SPX":0.9,"RIOT":0.9,"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":4999,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134139784,"gmtCreate":1622210666248,"gmtModify":1704181584108,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/134139784","repostId":"1161339967","repostType":4,"repost":{"id":"1161339967","kind":"news","weMediaInfo":{"introduction":"全球第五大财经门户网站Investing.com中国官方微信，提供全球各国海量金融资讯和实时行情数据，包括股票股指、外汇、期货、基金、债券、加密货币等。关注全球金融市场动态的投资者千万不可错过。","home_visible":1,"media_name":"英为财情Investing","id":"92","head_image":"https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313"},"pubTimestamp":1622203003,"share":"https://ttm.financial/m/news/1161339967?lang=en_US&edition=fundamental","pubTime":"2021-05-28 19:56","market":"us","language":"zh","title":"Want to retire early? Those who want to lie flat shouldn't miss these three stocks.","url":"https://stock-news.laohu8.com/highlight/detail?id=1161339967","media":"英为财情Investing","summary":"如果你正在为退休做准备，那么买入一些高质量的分红股是不错的选择。","content":"<p>If you are a \"lying down\" person, tired of stress, and preparing for retirement, then buying some high-quality dividend stocks is a good option. These stocks often offer predictable income and long-term growth potential.</p><p>However, the biggest difficulty for newcomers to Wall Street may be how to select these types of stocks. First, you can pay attention to the S&P High Yield Dividend Aristocrats. This index includes many companies that have paid dividends for at least 25 consecutive years. It is a reliable indicator that companies can bring stable and reliable income to investors, whether during economic booms or recessions.</p><p>This article will focus on three dividend-paying stocks in the future:</p><p><b>1、<a href=\"https://laohu8.com/S/TGT\">Target</a></b></p><p>The biggest question investors should consider when choosing dividend-paying stocks for their portfolio is whether the company can generate strong cash flow during both economic downturns and recessions—and Target fits that bill.</p><p><img src=\"https://static.tigerbbs.com/46b2b1de3d6d2b8100731c1b692b49da\" tg-width=\"648\" tg-height=\"705\" referrerpolicy=\"no-referrer\">(TGT weekly chart from Investing.com)</p><p>Over the past 49 years, Target (NYSE:TGT) has steadily improved its Dividend, weathered the dot-com bubble, the 2008 financial crisis, and the recent pandemic. The discount retailer distributes cash to investors every quarter while maintaining a conservative interest rate of around 22%, below the industry average.</p><p>Target CEO Brian Cornell is working to make the company's retail outlets more attractive. He transformed hundreds of stores, launched many affordable brands, and strengthened the retailer's e-commerce business. During the pandemic, Target has been using its stores more as mini distribution centers for its booming digital business to better fulfill online orders.</p><p>Target's financial report released this month shows that its comparable sales have increased by 23% year-on-year, double the growth rate of the same period last year. Currently, Target's Dividend is $0.68 per share, with an annual Dividend rate of 1.21%. Over the past five years, Dividend has grown by more than 6% annually.</p><p><b>2、<a href=\"https://laohu8.com/S/ABT\">Abbott</a></b></p><p>Like retailers, companies in the healthcare industry can also provide a stable and growing source of revenue. Because the services of this industry are essential, even during economic recessions. Moreover, economic fluctuations usually do not inhibit the launch of new drugs and medical devices.</p><p>In this industry, we like Abbott (NYSE:ABT) - a global manufacturer of medical devices, generic drugs and nutritional products.</p><p>This Illinois-based company has been handing out Dividend every year for nearly half a century, which is enough to earn it a place in your portfolio.</p><p>During the pandemic, Abbott also invented BinaxNOW, an over-the-counter home testing device for the novel coronavirus, which greatly increased sales of its diagnostic products. In the first quarter of this year, the division brought in $2.2 billion in revenue.</p><p><img src=\"https://static.tigerbbs.com/5180dc1c19ba615e6e4e0ac18b79f4e7\" tg-width=\"648\" tg-height=\"702\" referrerpolicy=\"no-referrer\">(ABT weekly chart from Investing.com)</p><p>Even after the COVID-19 pandemic is under control, Abbott's growth prospects remain bright because it has a diversified portfolio that produces a range of products from blood glucose monitoring to surgical instruments.</p><p>Abbott's stock price has fallen by 3% this year, but the medical service provider has still brought impressive returns in the past five years. Including Dividend, the company has already achieved a 200% return, with a quarterly Dividend of $0.45 per share and an annual Dividend rate of 1.52%. Over the past five years, this expenditure has grown by more than 8% annually.</p><p><b>3、<a href=\"https://laohu8.com/S/MCD\">McDonald's</a></b></p><p>Some health-conscious consumers may not like McDonald's (NYSE:MCD) fast-food menu, but the global restaurant chain's stock offers a healthy way to lock in the dividends of steady growth—the company has increased its dividend every year since it began paying out in 1976.</p><p><img src=\"https://static.tigerbbs.com/97a78e3f848edd3c84583613bfe7cf63\" tg-width=\"651\" tg-height=\"707\" referrerpolicy=\"no-referrer\">(MCD weekly chart from Investing.com)</p><p>McDonald's stock has many characteristics that \"lying down\" people like: the company has a global competitive advantage over its competitors, stable recurring revenue, and a long history of paying dividends to investors.</p><p>After struggling with the pandemic, the restaurant business was hit by the lockdown, but the company is rapidly recovering its sales momentum. Last month, the company raised its global sales forecast for 2021, expecting U.S. sales this quarter to exceed pre-pandemic levels.</p><p>McDonald's currently pays a quarterly Dividend of $1.29 per share, which translates to an annualized Dividend yield of 2.2% based on the current share price. The 73% payout ratio remains within a manageable range, and the company is expected to continue to achieve Dividend growth in the future.</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>Want to retire early? Those who want to lie flat shouldn't miss these three stocks.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWant to retire early? Those who want to lie flat shouldn't miss these three stocks.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/92\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">英为财情Investing </p>\n<p class=\"h-time smaller\">2021-05-28 19:56</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>If you are a \"lying down\" person, tired of stress, and preparing for retirement, then buying some high-quality dividend stocks is a good option. These stocks often offer predictable income and long-term growth potential.</p><p>However, the biggest difficulty for newcomers to Wall Street may be how to select these types of stocks. First, you can pay attention to the S&P High Yield Dividend Aristocrats. This index includes many companies that have paid dividends for at least 25 consecutive years. It is a reliable indicator that companies can bring stable and reliable income to investors, whether during economic booms or recessions.</p><p>This article will focus on three dividend-paying stocks in the future:</p><p><b>1、<a href=\"https://laohu8.com/S/TGT\">Target</a></b></p><p>The biggest question investors should consider when choosing dividend-paying stocks for their portfolio is whether the company can generate strong cash flow during both economic downturns and recessions—and Target fits that bill.</p><p><img src=\"https://static.tigerbbs.com/46b2b1de3d6d2b8100731c1b692b49da\" tg-width=\"648\" tg-height=\"705\" referrerpolicy=\"no-referrer\">(TGT weekly chart from Investing.com)</p><p>Over the past 49 years, Target (NYSE:TGT) has steadily improved its Dividend, weathered the dot-com bubble, the 2008 financial crisis, and the recent pandemic. The discount retailer distributes cash to investors every quarter while maintaining a conservative interest rate of around 22%, below the industry average.</p><p>Target CEO Brian Cornell is working to make the company's retail outlets more attractive. He transformed hundreds of stores, launched many affordable brands, and strengthened the retailer's e-commerce business. During the pandemic, Target has been using its stores more as mini distribution centers for its booming digital business to better fulfill online orders.</p><p>Target's financial report released this month shows that its comparable sales have increased by 23% year-on-year, double the growth rate of the same period last year. Currently, Target's Dividend is $0.68 per share, with an annual Dividend rate of 1.21%. Over the past five years, Dividend has grown by more than 6% annually.</p><p><b>2、<a href=\"https://laohu8.com/S/ABT\">Abbott</a></b></p><p>Like retailers, companies in the healthcare industry can also provide a stable and growing source of revenue. Because the services of this industry are essential, even during economic recessions. Moreover, economic fluctuations usually do not inhibit the launch of new drugs and medical devices.</p><p>In this industry, we like Abbott (NYSE:ABT) - a global manufacturer of medical devices, generic drugs and nutritional products.</p><p>This Illinois-based company has been handing out Dividend every year for nearly half a century, which is enough to earn it a place in your portfolio.</p><p>During the pandemic, Abbott also invented BinaxNOW, an over-the-counter home testing device for the novel coronavirus, which greatly increased sales of its diagnostic products. In the first quarter of this year, the division brought in $2.2 billion in revenue.</p><p><img src=\"https://static.tigerbbs.com/5180dc1c19ba615e6e4e0ac18b79f4e7\" tg-width=\"648\" tg-height=\"702\" referrerpolicy=\"no-referrer\">(ABT weekly chart from Investing.com)</p><p>Even after the COVID-19 pandemic is under control, Abbott's growth prospects remain bright because it has a diversified portfolio that produces a range of products from blood glucose monitoring to surgical instruments.</p><p>Abbott's stock price has fallen by 3% this year, but the medical service provider has still brought impressive returns in the past five years. Including Dividend, the company has already achieved a 200% return, with a quarterly Dividend of $0.45 per share and an annual Dividend rate of 1.52%. Over the past five years, this expenditure has grown by more than 8% annually.</p><p><b>3、<a href=\"https://laohu8.com/S/MCD\">McDonald's</a></b></p><p>Some health-conscious consumers may not like McDonald's (NYSE:MCD) fast-food menu, but the global restaurant chain's stock offers a healthy way to lock in the dividends of steady growth—the company has increased its dividend every year since it began paying out in 1976.</p><p><img src=\"https://static.tigerbbs.com/97a78e3f848edd3c84583613bfe7cf63\" tg-width=\"651\" tg-height=\"707\" referrerpolicy=\"no-referrer\">(MCD weekly chart from Investing.com)</p><p>McDonald's stock has many characteristics that \"lying down\" people like: the company has a global competitive advantage over its competitors, stable recurring revenue, and a long history of paying dividends to investors.</p><p>After struggling with the pandemic, the restaurant business was hit by the lockdown, but the company is rapidly recovering its sales momentum. Last month, the company raised its global sales forecast for 2021, expecting U.S. sales this quarter to exceed pre-pandemic levels.</p><p>McDonald's currently pays a quarterly Dividend of $1.29 per share, which translates to an annualized Dividend yield of 2.2% based on the current share price. The 73% payout ratio remains within a manageable range, and the company is expected to continue to achieve Dividend growth in the future.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/591f197978533795137daedf87e7f110","relate_stocks":{"TGT":"塔吉特","ABT":"雅培","MCD":"麦当劳"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161339967","content_text":"如果你是“躺平族”，厌倦了压力，正在为退休做准备，那么买入一些高质量的分红股是不错的选择，这些股票往往可以提供可预测的收入和长期的增长潜力。\n不过，初入华尔街的投资者面临的最大困难可能是，如何挑选出这类的个股。首先你可以关注S&P High Yield Dividend Aristocrats，这只指数包括了许多至少连续25年派息的公司，这是一个可靠的指标，表明公司可以为投资者带来稳定、可靠的收入，无论是经济繁荣期还是低迷衰退期。\n本文我们将来关注三只派息股票：\n1、塔吉特\n在投资者为自己的投资组合选择派息股时，应该考虑的最大问题是，该公司能否有能力在经济景气和不景气时都产生强劲的现金流——塔吉特就符合这个要求。\n（TGT周线图来自英为财情Investing.com）\n在过去49年时间里，塔吉特 (NYSE:TGT)都在稳步提高股息，走过了互联网泡沫时期，也走过了2008年的金融危机时期，更是平稳度过了刚刚过去的疫情危机。这家折扣零售商每个季度都会向投资者派发现金，同时也保持着22%左右的保守派息率，低于行业平均水平。\n塔吉特的CEO Brian Cornell正在努力让公司的零售网点更具吸引力。他改造了数百家门店，推出了许多平价品牌，并加强了该零售商的电子商务业务。在疫情期间，塔吉特一直将其门店更多地用作蓬勃发展的数字业务的mini配送中心，以更好地完成在线订单。\n塔吉特本月发布的财报显示，其可比销售额同比已经增长了23%，增长率是去年同期的两倍。目前，塔吉特的股息为0.68美元/股，年股息率为1.21%，在过去5年时间里，股息每年增长超过6%。\n2、雅培\n和零售商一样，医疗保健行业公司也可以提供稳定且不断增长的收入来源。因为这个行业的服务，即使是在经济衰退期间，也是必不可少的。而且，经济波动通常不会抑制新药品和医疗设备的推出。\n而这个行业中，我们喜欢雅培 (NYSE:ABT)——全球医疗设备、仿制药和营养产品生产商。\n这家总部位于美国伊利诺斯州的公司，近半个世纪以来，每年都在派发股息，这足以让它在你的投资组合里占得一席之地。\n疫情期间，雅培还发明了新冠病毒的非处方家庭检测设备BinaxNOW，这让其诊断产品销量大增。今年一季度，该部门带来了22亿美元的收入。\n（ABT周线图来自英为财情Investing.com）\n即使在新冠疫情得到控制以后，雅培公司的增长前景仍然光明，因为其拥有多元化的投资组合，生产从血糖监测到手术工具等一系列产品。\n雅培股价今年以来累计下跌3%，但是，这家医疗服务商在过去5年还是带来了令人印象深刻的回报。包括股息在内，已经获得了200%的收益，该公司的季度股息为每股0.45美元，年股息率为1.52%。在过去5年里，这笔支出每年增长超过8%。\n3、麦当劳\n一些注重健康的消费者可能不喜欢麦当劳公司 (NYSE:MCD)的快餐菜单，但这一全球连锁餐厅的股票提供了一种健康的方式来锁定稳定增长的红利——从1976年开始派息以来，公司每年都会提高派息。\n（MCD周线图来自英为财情Investing.com）\n麦当劳的股票具有许多“躺平族”喜欢的特质：公司相对于竞争对手更具备全球竞争优势，拥有稳定的经常性收入，以及在投资者派息方面有着悠长的历史。\n在经历了疫情的挣扎以后，餐厅业务受到了封锁的打击，不过公司正在迅速恢复销售势头。上个月，公司上调了2021年的全球销售预期，预计本季度美国销量将会超过疫情爆发前的水平。\n麦当劳目前支付每股1.29美元的季度股息，按当前股价计算，这意味着年股息收益率为2.2%，73%的派息率仍然在可控范围内，公司未来有望继续实现股息增长。","news_type":1,"symbols_score_info":{"MCD":0.9,"ABT":0.9,"TGT":0.9}},"isVote":1,"tweetType":1,"viewCount":4845,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134130172,"gmtCreate":1622210626096,"gmtModify":1704181581329,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/134130172","repostId":"1121649348","repostType":4,"isVote":1,"tweetType":1,"viewCount":5538,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":138680576,"gmtCreate":1621933999495,"gmtModify":1704364692180,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/138680576","repostId":"2138165945","repostType":4,"repost":{"id":"2138165945","kind":"news","pubTimestamp":1621931258,"share":"https://ttm.financial/m/news/2138165945?lang=en_US&edition=fundamental","pubTime":"2021-05-25 16:27","market":"us","language":"zh","title":"iQiyi's financial report: Why is it so difficult to make some money?","url":"https://stock-news.laohu8.com/highlight/detail?id=2138165945","media":"金融外参 ","summary":"专注娱乐、兴趣长视频的爱奇艺，跌在了“饭圈”上。\n5月6日晚，爱奇艺官方微博就“倒奶事件”发文致歉并宣布停播成团之夜、调整节目规则、取消打投通道。本是粉丝、偶像双向奔赴的美好故事，因爱奇艺疏忽中止了，","content":"<p>Focusing on entertainment and long-form videos of interest<a href=\"https://laohu8.com/S/IQ\">iQiyi</a>They fell into the \"fan circle\".</p><p>On the evening of May 6th, iQiyi officially...<a href=\"https://laohu8.com/S/WB\">Weibo</a>They issued an apology for the \"milk dumping incident\" and announced the suspension of the group's formation night, adjustments to the program rules, and the cancellation of the submission channel. What was supposed to be a beautiful story of fans and idols flocking to each other was interrupted due to iQiyi's negligence. As soon as this news broke, the internet was filled with outcry from fans demanding refunds, repayments, and compensation.</p><p>With this, the success of the contestants of \"Youth With You 3\" came to an end, and iQiyi completely offended the \"fan circle,\" which is equivalent to cutting off the \"fan economy\" as a source of income. Moreover, the \"Qing3 incident\" sparked public outrage in the market, and the issue of iQiyi membership price increases was also brought up by netizens, causing iQiyi's stock price to plummet.</p><p>Meanwhile, iQiyi released its Q1 2021 financial report, showing that even after 11 years of operation, iQiyi is still struggling to make a profit.</p><p><b>01</b></p><p><b>Continued losses</b></p><p>It's 2021, and iQiyi, which was the first to propose raising membership prices, still can't escape the predicament of losses. Specific financial reports show that iQiyi's revenue in the first quarter was 8 billion yuan, a year-on-year increase of 4%, compared to market expectations of 7.674 billion yuan; The company reported a net loss of 1.3 billion yuan, compared to a loss of 2.9 billion yuan in the same period last year, further narrowing the loss.</p><p>Among them, iQiyi's membership service revenue was 4.3 billion yuan. As of the end of March this year, iQiyi had a total of 105.3 million subscribers, with the number of subscribers increasing by 3.6 million in the first quarter. The overall MAU in overseas markets increased by 77% compared with the previous quarter. Clearly, as iQiyi's main source of revenue, driving membership growth and continuously tapping into the potential of paid members remains the focus of iQiyi's operations.</p><p>In addition, the brand advertising industry is recovering, and advertisers have increased their brand spending budgets. In the first quarter, iQiyi's advertising revenue reached RMB 1.9 billion (approximately US$292.5 million), a year-on-year increase of 25%. iQiyi also pointed out that the growth in advertising revenue was due to the recovery of the macroeconomy, with both brand advertising budgets and the number of brand advertisers rebounding.</p><p>Furthermore, iQiyi's content distribution revenue reached RMB 779.1 million (approximately US$118.9 million) this quarter, representing a year-on-year increase of 29%. Other revenues contributed RMB 961 million (approximately US$146.7 million) in the first quarter, a 10% increase compared to the same period last year.</p><p>Overall, iQiyi showed growth in many of its businesses in the first quarter. However, due to its heavy reliance on online advertising and paid memberships, as well as the high cost of content and the fact that the \"eating more than one fish\" model is still in the exploratory stage, iQiyi will find it difficult to achieve profitability in the short term.</p><p>Publicly available online data shows that iQiyi's online advertising business declined continuously from 2018 to 2020; At the same time, the number of paid iQiyi members decreased, with the number of paid iQiyi members decreasing by 4.95% year-on-year in 2020. The slowdown in membership business growth or fluctuations in the number of retained members directly affected revenue.</p><p>With heavy cost pressures and obstacles to its core business, iQiyi's profitability has become even weaker, almost stagnating. iQiyi's net losses were RMB 2.575 billion, RMB 3.074 billion, RMB 3.737 billion, RMB 9 billion, RMB 10.3 billion and RMB 7 billion in 2015, 2020 and 2020, respectively, bringing the cumulative losses over the past six years to more than RMB 35 billion.</p><p>In short, both advertising and paid memberships require content support, and what ultimately affects iQiyi's development is content quality. Therefore, in the current situation of content scarcity, iQiyi is \"anxious\".</p><p><b>02</b></p><p><b>Lack of content leads to anxiety</b></p><p>As 2021 approaches, the dispute over long-form video copyrights has gradually come to an end. Opportunities for long-form video platforms to obtain high-quality copyrights through traditional channels are decreasing, and self-produced dramas have become a new option for long-form video platforms. In addition, due to the impact of the pandemic, offline film and television production almost came to a standstill in 2020, resulting in a decrease in high-quality film and television works.</p><p>According to iQiyi's internal analysis, the number of films released using the SVOD model that grossed over 100 million yuan in 2020 and from January to April 2021 decreased by about half compared to the same period in 2019, with the number of overseas films, mainly Hollywood films, decreasing by more than half.</p><p>Correspondingly, iQiyi's content costs have decreased. Financial reports show that in the first quarter of 2021, iQiyi's revenue costs decreased by 10% compared with the same period in 2020, mainly due to a decrease in content costs and bandwidth costs. In the first quarter, content costs were RMB 5.4 billion (approximately US$829.6 million), a decrease of 8% compared to the same period in 2020.</p><p>For iQiyi, high-quality content is its core competitiveness and the foundation of its survival, so acquiring and creating high-quality content is imperative. Gong Yu, founder, director and CEO of iQiyi, has also clearly instructed: \"Attracting paid members through high-quality content remains iQiyi's 'lifeline'.\"</p><p>Judging from the two hit dramas \"Son-in-Law\" and \"Little Shede\", iQiyi's original intention of creating blockbuster films and television dramas remains unchanged, and content costs still account for a high proportion of operating costs and operating revenue. However, iQiyi has placed more emphasis on cost reduction and efficiency improvement. Neither \"The Son-in-Law\" nor \"Little Shede\" has used popular celebrities to attract viewers as before, which has greatly reduced the production costs of film and television dramas.</p><p>In addition, as users' demands for the quality of film and television dramas continue to increase, the probability of the \"big IP + big star\" model producing blockbuster films and television dramas is decreasing, making it more difficult for video platforms to create blockbuster films and television dramas.</p><p>In the past, the combination of \"big IP + popular stars\" had a high chance of producing blockbusters. However, as more and more popular stars lose their appeal and big IPs are criticized for adapting screenwriters, how to create blockbuster films and television dramas has become a common \"headache\" for long-form video platforms, and iQiyi is no exception.</p><p>Faced with the challenge of creating viral content, iQiyi chose a strategy of winning through quantity, increasing the probability of generating viral content by improving the quality and quantity of content. It is reported that iQiyi will release as many as 33 films in 2021 and 2022, including anime, adaptations of popular novels, and children's films and television series.</p><p>Today, the production of high-quality content is closely related to the membership payment rate. Improving the quantity and quality of content, as well as the promotion and distribution of film and television content, all require resources, funds, human resources, and support, which greatly tests the platform's overall strength. As a leader in China's long-form video industry, iQiyi needs to build a sufficiently robust content output ecosystem in order to maintain its leading position.</p><p><b>03</b></p><p><b>Making money overseas is not easy</b></p><p>With the popularization of the Internet and the acceleration of the export of film and television culture, it is an inevitable trend for domestic dramas to be broadcast simultaneously overseas. According to data from the State Administration of Radio, Film and Television, TV dramas are currently the most important type of program in the international dissemination of Chinese television programs, accounting for about 70% of the country's television program exports, and have been exported to more than 200 countries and regions around the world.</p><p>In this context, iQiyi,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Video platforms such as Bilibili are venturing overseas to make money, constantly cultivating the \"video wasteland\" of overseas markets.</p><p>While advancing its overseas exploration process, iQiyi has maintained its leading edge. Financial reports show that iQiyi's overall MAU increased by 77% in the first quarter of 2021 compared to the previous quarter, and its new downloads ranked among the top 5 in many Southeast Asian countries and regions, especially in countries and regions such as Thailand and Malaysia, where it has maintained its number one position for a long time.</p><p>Bilibili and Tencent Video are also accelerating their overseas expansion, and the competition in the overseas long-form video market is no less intense than in the domestic market.</p><p>As for Tencent Video, since announcing the launch of WeTV in June 2019, and after its launch in countries and regions such as Indonesia, the Philippines and Malaysia, it announced again in February 2020 that it had entered multiple countries and regions such as Indonesia, Vietnam, India and Malaysia, which highly overlaps with iQiyi's overseas expansion.</p><p>Similarly, in December 2020, media outlets reported that Bilibili (hereinafter referred to as \"Bilibili\") had released local language versions in Thailand and Malaysia. In response, Bilibili stated: \"The App is<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>The official independent app released in Southeast Asia confirms rumors that Bilibili is entering the Southeast Asian market.</p><p>Of course, in addition to competing with strong competitors in the overseas video market, iQiyi also needs to cope with cultural differences, policies and regulations in various countries, and the pressure of local video platforms. In other words, overseas markets have great potential for growth but also many unknown challenges, and iQiyi has a long way to go in conquering overseas markets.</p>","source":"lsy1606712527231","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>iQiyi's financial report: Why is it so difficult to make some money?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\niQiyi's financial report: Why is it so difficult to make some money?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">金融外参 </strong><span class=\"h-time small\">2021-05-25 16:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Focusing on entertainment and long-form videos of interest<a href=\"https://laohu8.com/S/IQ\">iQiyi</a>They fell into the \"fan circle\".</p><p>On the evening of May 6th, iQiyi officially...<a href=\"https://laohu8.com/S/WB\">Weibo</a>They issued an apology for the \"milk dumping incident\" and announced the suspension of the group's formation night, adjustments to the program rules, and the cancellation of the submission channel. What was supposed to be a beautiful story of fans and idols flocking to each other was interrupted due to iQiyi's negligence. As soon as this news broke, the internet was filled with outcry from fans demanding refunds, repayments, and compensation.</p><p>With this, the success of the contestants of \"Youth With You 3\" came to an end, and iQiyi completely offended the \"fan circle,\" which is equivalent to cutting off the \"fan economy\" as a source of income. Moreover, the \"Qing3 incident\" sparked public outrage in the market, and the issue of iQiyi membership price increases was also brought up by netizens, causing iQiyi's stock price to plummet.</p><p>Meanwhile, iQiyi released its Q1 2021 financial report, showing that even after 11 years of operation, iQiyi is still struggling to make a profit.</p><p><b>01</b></p><p><b>Continued losses</b></p><p>It's 2021, and iQiyi, which was the first to propose raising membership prices, still can't escape the predicament of losses. Specific financial reports show that iQiyi's revenue in the first quarter was 8 billion yuan, a year-on-year increase of 4%, compared to market expectations of 7.674 billion yuan; The company reported a net loss of 1.3 billion yuan, compared to a loss of 2.9 billion yuan in the same period last year, further narrowing the loss.</p><p>Among them, iQiyi's membership service revenue was 4.3 billion yuan. As of the end of March this year, iQiyi had a total of 105.3 million subscribers, with the number of subscribers increasing by 3.6 million in the first quarter. The overall MAU in overseas markets increased by 77% compared with the previous quarter. Clearly, as iQiyi's main source of revenue, driving membership growth and continuously tapping into the potential of paid members remains the focus of iQiyi's operations.</p><p>In addition, the brand advertising industry is recovering, and advertisers have increased their brand spending budgets. In the first quarter, iQiyi's advertising revenue reached RMB 1.9 billion (approximately US$292.5 million), a year-on-year increase of 25%. iQiyi also pointed out that the growth in advertising revenue was due to the recovery of the macroeconomy, with both brand advertising budgets and the number of brand advertisers rebounding.</p><p>Furthermore, iQiyi's content distribution revenue reached RMB 779.1 million (approximately US$118.9 million) this quarter, representing a year-on-year increase of 29%. Other revenues contributed RMB 961 million (approximately US$146.7 million) in the first quarter, a 10% increase compared to the same period last year.</p><p>Overall, iQiyi showed growth in many of its businesses in the first quarter. However, due to its heavy reliance on online advertising and paid memberships, as well as the high cost of content and the fact that the \"eating more than one fish\" model is still in the exploratory stage, iQiyi will find it difficult to achieve profitability in the short term.</p><p>Publicly available online data shows that iQiyi's online advertising business declined continuously from 2018 to 2020; At the same time, the number of paid iQiyi members decreased, with the number of paid iQiyi members decreasing by 4.95% year-on-year in 2020. The slowdown in membership business growth or fluctuations in the number of retained members directly affected revenue.</p><p>With heavy cost pressures and obstacles to its core business, iQiyi's profitability has become even weaker, almost stagnating. iQiyi's net losses were RMB 2.575 billion, RMB 3.074 billion, RMB 3.737 billion, RMB 9 billion, RMB 10.3 billion and RMB 7 billion in 2015, 2020 and 2020, respectively, bringing the cumulative losses over the past six years to more than RMB 35 billion.</p><p>In short, both advertising and paid memberships require content support, and what ultimately affects iQiyi's development is content quality. Therefore, in the current situation of content scarcity, iQiyi is \"anxious\".</p><p><b>02</b></p><p><b>Lack of content leads to anxiety</b></p><p>As 2021 approaches, the dispute over long-form video copyrights has gradually come to an end. Opportunities for long-form video platforms to obtain high-quality copyrights through traditional channels are decreasing, and self-produced dramas have become a new option for long-form video platforms. In addition, due to the impact of the pandemic, offline film and television production almost came to a standstill in 2020, resulting in a decrease in high-quality film and television works.</p><p>According to iQiyi's internal analysis, the number of films released using the SVOD model that grossed over 100 million yuan in 2020 and from January to April 2021 decreased by about half compared to the same period in 2019, with the number of overseas films, mainly Hollywood films, decreasing by more than half.</p><p>Correspondingly, iQiyi's content costs have decreased. Financial reports show that in the first quarter of 2021, iQiyi's revenue costs decreased by 10% compared with the same period in 2020, mainly due to a decrease in content costs and bandwidth costs. In the first quarter, content costs were RMB 5.4 billion (approximately US$829.6 million), a decrease of 8% compared to the same period in 2020.</p><p>For iQiyi, high-quality content is its core competitiveness and the foundation of its survival, so acquiring and creating high-quality content is imperative. Gong Yu, founder, director and CEO of iQiyi, has also clearly instructed: \"Attracting paid members through high-quality content remains iQiyi's 'lifeline'.\"</p><p>Judging from the two hit dramas \"Son-in-Law\" and \"Little Shede\", iQiyi's original intention of creating blockbuster films and television dramas remains unchanged, and content costs still account for a high proportion of operating costs and operating revenue. However, iQiyi has placed more emphasis on cost reduction and efficiency improvement. Neither \"The Son-in-Law\" nor \"Little Shede\" has used popular celebrities to attract viewers as before, which has greatly reduced the production costs of film and television dramas.</p><p>In addition, as users' demands for the quality of film and television dramas continue to increase, the probability of the \"big IP + big star\" model producing blockbuster films and television dramas is decreasing, making it more difficult for video platforms to create blockbuster films and television dramas.</p><p>In the past, the combination of \"big IP + popular stars\" had a high chance of producing blockbusters. However, as more and more popular stars lose their appeal and big IPs are criticized for adapting screenwriters, how to create blockbuster films and television dramas has become a common \"headache\" for long-form video platforms, and iQiyi is no exception.</p><p>Faced with the challenge of creating viral content, iQiyi chose a strategy of winning through quantity, increasing the probability of generating viral content by improving the quality and quantity of content. It is reported that iQiyi will release as many as 33 films in 2021 and 2022, including anime, adaptations of popular novels, and children's films and television series.</p><p>Today, the production of high-quality content is closely related to the membership payment rate. Improving the quantity and quality of content, as well as the promotion and distribution of film and television content, all require resources, funds, human resources, and support, which greatly tests the platform's overall strength. As a leader in China's long-form video industry, iQiyi needs to build a sufficiently robust content output ecosystem in order to maintain its leading position.</p><p><b>03</b></p><p><b>Making money overseas is not easy</b></p><p>With the popularization of the Internet and the acceleration of the export of film and television culture, it is an inevitable trend for domestic dramas to be broadcast simultaneously overseas. According to data from the State Administration of Radio, Film and Television, TV dramas are currently the most important type of program in the international dissemination of Chinese television programs, accounting for about 70% of the country's television program exports, and have been exported to more than 200 countries and regions around the world.</p><p>In this context, iQiyi,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Video platforms such as Bilibili are venturing overseas to make money, constantly cultivating the \"video wasteland\" of overseas markets.</p><p>While advancing its overseas exploration process, iQiyi has maintained its leading edge. Financial reports show that iQiyi's overall MAU increased by 77% in the first quarter of 2021 compared to the previous quarter, and its new downloads ranked among the top 5 in many Southeast Asian countries and regions, especially in countries and regions such as Thailand and Malaysia, where it has maintained its number one position for a long time.</p><p>Bilibili and Tencent Video are also accelerating their overseas expansion, and the competition in the overseas long-form video market is no less intense than in the domestic market.</p><p>As for Tencent Video, since announcing the launch of WeTV in June 2019, and after its launch in countries and regions such as Indonesia, the Philippines and Malaysia, it announced again in February 2020 that it had entered multiple countries and regions such as Indonesia, Vietnam, India and Malaysia, which highly overlaps with iQiyi's overseas expansion.</p><p>Similarly, in December 2020, media outlets reported that Bilibili (hereinafter referred to as \"Bilibili\") had released local language versions in Thailand and Malaysia. In response, Bilibili stated: \"The App is<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>The official independent app released in Southeast Asia confirms rumors that Bilibili is entering the Southeast Asian market.</p><p>Of course, in addition to competing with strong competitors in the overseas video market, iQiyi also needs to cope with cultural differences, policies and regulations in various countries, and the pressure of local video platforms. In other words, overseas markets have great potential for growth but also many unknown challenges, and iQiyi has a long way to go in conquering overseas markets.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://36kr.com/p/1239588008660615\">金融外参 </a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f48fbc541b07547e95dfb5b1221fb6ed","relate_stocks":{"IQ":"爱奇艺"},"source_url":"https://36kr.com/p/1239588008660615","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2138165945","content_text":"专注娱乐、兴趣长视频的爱奇艺，跌在了“饭圈”上。\n5月6日晚，爱奇艺官方微博就“倒奶事件”发文致歉并宣布停播成团之夜、调整节目规则、取消打投通道。本是粉丝、偶像双向奔赴的美好故事，因爱奇艺疏忽中止了，此消息一出网络上均是追星一族退钱、还钱、赔钱的讨伐声。\n至此，《青春有你3》停播参赛选手的花路终止，爱奇艺彻底得罪“饭圈”，也就相当于断了“粉丝经济”这条财路。不仅如此，“青3事故”还引发市场众怒，爱奇艺会员涨价的事情也被网友翻出来鞭尸，爱奇艺股价应声而跌。\n与此同时，爱奇艺发布了2021年一季度财报，成立11年的爱奇艺依旧苦于盈利。\n01\n继续亏损\n2021年了，率先提出会员涨价的爱奇艺还逃不出亏损困局。具体财报显示，一季度爱奇艺营收80亿元，同比增长4%，市场预期76.74亿元；净亏损13亿元，上年同期亏损29亿元，亏损进一步缩窄。\n其中，爱奇艺会员服务收入为43亿元，截至今年三月底，爱奇艺总订阅会员人数为1.053亿，一季度订阅会员数增长了360万，海外市场整体MAU较上季度增长77%。显然，作为爱奇艺主要营收来源，拉动会员数量增长，持续挖掘会员付费潜力依旧是爱奇艺运营的重心。\n另外，品牌广告行业回暖广告主品牌投放预算加大，一季度爱奇艺广告营收实现收19亿元人民币（约合2.925亿美元），同比增长25%。爱奇艺官方也指出，广告营收增长得益于宏观经济的复苏，品牌广告预算和品牌广告主的数量都出现了反弹。\n再有，本季度爱奇艺的内容发行实现收入7.791亿元人民币（约合1．189亿美元），同比增长29%。其他营收第一季度贡献收入9.610亿元人民币（约合1.467亿美元），相比去年同期增长了10%。\n整体来看，爱奇艺一季度多项业务呈现增长态势，不过由于高度依赖在线广告和付费会员两大业务，以及内容成本过高且“一鱼多吃”模式扔在探索阶段，爱奇艺短时间内很难实现盈利。\n网络公开数据显示：2018年至2020年，爱奇艺在线广告业务连续下滑；与此同时，爱奇艺会员付费数减少，在2020年爱奇艺付费会员数同比下降4.95%，而会员业务增长放缓或者留存会员数出现波动直接影响营收。\n成本重压、核心业务遇阻，爱奇艺盈利能力更显疲弱，几乎陷入停滞状态。爱奇艺2015年-2020年的净亏损分别为25.75亿元、30.74亿元、37.37亿元、90亿元、103亿元和70亿元，6年累计亏损已经超过350亿元。\n总之，无论是广告业务还是会员付费都需要内容支撑，影响爱奇艺发展的终是内容质量，因此在内容匮乏的当下，爱奇艺“焦虑”了。\n02\n内容匮乏引焦虑\n2021年了，长视频版权之争已逐渐落下帷幕，长视频平台想要通过传统渠道获取优质版权的机会在减少，自制剧成为长视频平台新的选择。另外，受疫情影响2020年线下影视剧拍摄几乎停滞，优质影视作品随之减少。\n根据爱奇艺内部的分析，2020年和2021年1-4月以SVOD模式上线的票房过亿的电影的数量相比2019年同期分别下降约一半，其中以好莱坞电影为主的海外电影数量分别下降超过一半。\n与之相对应的是，爱奇艺内容成本下降。财报数据显示，2021年第一季度，爱奇艺的营收成本与2020年同期相比下降10%， 这主要归因于内容成本和带宽成本的下降。其中，第一季度内容成本为54亿元人民币（约合8.296亿美元），与2020年同期相比下降8%。\n对爱奇艺来说，优质内容是核心竞争力也是生存的根本，所以优质内容的获取和制造刻不容缓。爱奇艺创始人、董事兼首席执行官龚宇也曾明确的指示：“通过优质内容，吸引付费会员，依然是爱奇艺的“生存命脉”。”\n从《赘婿》、《小舍得》两大热播剧来看，爱奇艺制造爆款影视剧的初心不改，内容成本也依旧占营业成本和营业收入较高的比重。只不过，爱奇艺更注重降本增效了，《赘婿》和《小舍得》都没有像以往一样采用流量明星来引流，大大降低了影视剧制作成本。\n另外，随着用户对影视剧质量要求不断提高，“大IP+大明星”模式出爆款的机率在降低，视频平台制造爆款影视剧变得更艰难。\n以往，“大IP+流量明星”的组合出爆款的几率较大，但随着越来越多的流量明星失去号召力以及大IP改编剧遭诟病，如何制造爆款影视剧成为长视频平台共同的“心病”，爱奇艺也不列外。\n面对爆款制作难题，爱奇艺选择以量取胜的策略，通过提升内容质量和数量，来提高产生爆款概率。据悉爱奇艺在2021、2022年将有高达33部电影作品陆续上映，动漫、热门小说改编剧、儿童内容影视剧也只多不少。\n方今，高质量内容的产出与会员付费率息息相关，而内容数量和质量的提升以及影视剧内容的宣发，都需要资源、资金、人力还支持，十分考验平台的综合实力。作为国内长视频领域的佼佼者，爱奇艺需要建立足够有强大的内容输出生态系，才有可能保持领先地位。\n03\n出海捞金不容易\n随着互联网的普及、影视剧文化输出速度的加快，国产剧同步在海外播出已是大势所趋。据广电总局数据显示，电视剧是当前中国电视节目国际传播中最主要的节目类型，占全国电视节目出口的比重约70% ，已出口到全球200多个国家和地区。\n在此情景下，爱奇艺、腾讯视频、B站等平台纷纷出海捞金，不断开垦海外市场的“视频荒地”。\n爱奇艺在推进海外探索进程的同时，保持了领先优势。财报数据显示，爱奇艺2021第一季度整体MAU较上季度增长77%，新增下载量在东南亚多个国家和地区稳居TOP5，特别是在泰国、马来西亚等国家和地区长期保持第一。\nB站、腾讯视频也不断加快出海的步伐，海外长视频市场战况激烈程度不亚于国内市场。\n腾讯视频方面，自2019年6月宣布推出WeTV，并在在印尼、菲律宾和马来西亚等国家和地区落地之后，2020年2月又再次宣布已经进军印尼、越南、印度和马来西亚等多个国家和地区，与爱奇艺出海地高度重合。\n同样的，2020年12月有媒体爆料，Bilibili（简称“B站”）已在泰国和马来西亚发布当地语言版本。对此，B站回应称：“该App是哔哩哔哩在东南亚地区发布的官方独立应用”，确定了B站进军东南亚市场的传言。\n当然，爱奇艺在海外视频市场除了需要对抗强敌之外，还需应对各国文化差异、政策法规以及本土视频平台的压力。也就是说，海外市场有很大的增长空间也有很多未知的挑战，爱奇艺在征战海外市场任重道远。","news_type":1,"symbols_score_info":{"IQ":0.9}},"isVote":1,"tweetType":1,"viewCount":3756,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":131021569,"gmtCreate":1621817548651,"gmtModify":1704362668626,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/131021569","repostId":"2137184683","repostType":4,"repost":{"id":"2137184683","kind":"highlight","pubTimestamp":1621814678,"share":"https://ttm.financial/m/news/2137184683?lang=en_US&edition=fundamental","pubTime":"2021-05-24 08:04","market":"hk","language":"zh","title":"The results of the Hang Seng Index's quarterly inspection are out These stocks are expected to be included in the Hong Kong Stock Connect program.","url":"https://stock-news.laohu8.com/highlight/detail?id=2137184683","media":"智通财经网","summary":"5月21日，恒生指数有限公司(“恒生指数公司”)宣布截至2021年3月31日之恒生指数系列季度检讨结果，所有变动将于2021年6月7日(星期一)起生效。根据恒指公司公布的综合指数变动及港股通指数变动情况，并结合各券商机构预测，梳理出最有可能新加入港股通标的合计6只，供投资者参考，准确的港股通变动名单请以港交所、上交所、深交所官方公布为准。","content":"<p><div>On May 21, Hang Seng Indexes Company Limited (“Hang Seng Indexes Company”) announced the results of its series of quarterly reviews of the Hang Seng Index ending March 31, 2021. All changes will take effect from Monday, June 7, 2021. Based on the changes in the composite index and the Hong Kong Stock Connect index published by the Hang Seng Index Company, and in conjunction with the forecasts of various securities firms, a total of 6 stocks most likely to be newly added to the Hong Kong Stock Connect have been compiled for investors' reference. For the accurate list of changes in the Hong Kong Stock Connect, please refer to the official announcements of the Hong Kong Stock Exchange, Shanghai Stock Exchange and Shenzhen Stock Exchange. I. Constituent stocks already included in the Hang Seng Composite Mid-Cap Index will definitely be included...</p><p><a href=\"http://stock.eastmoney.com/a/202105211931753542_0.html\">Web page link</a></div></p>","source":"eastmoney_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The results of the Hang Seng Index's quarterly inspection are out These stocks are expected to be included in the Hong Kong Stock Connect program.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe results of the Hang Seng Index's quarterly inspection are out These stocks are expected to be included in the Hong Kong Stock Connect program.\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\">2021-05-24 08:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>On May 21, Hang Seng Indexes Company Limited (“Hang Seng Indexes Company”) announced the results of its series of quarterly reviews of the Hang Seng Index ending March 31, 2021. All changes will take effect from Monday, June 7, 2021. Based on the changes in the composite index and the Hong Kong Stock Connect index published by the Hang Seng Index Company, and in conjunction with the forecasts of various securities firms, a total of 6 stocks most likely to be newly added to the Hong Kong Stock Connect have been compiled for investors' reference. For the accurate list of changes in the Hong Kong Stock Connect, please refer to the official announcements of the Hong Kong Stock Exchange, Shanghai Stock Exchange and Shenzhen Stock Exchange. I. Constituent stocks already included in the Hang Seng Composite Mid-Cap Index will definitely be included...</p><p><a href=\"http://stock.eastmoney.com/a/202105211931753542_0.html\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://stock.eastmoney.com/a/202105211931753542_0.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/eb186aadd3b75b4d999192e0c06e8e03","relate_stocks":{"513600":"恒生指数ETF南方","HSI":"恒生指数","02833":"恒指ETF"},"source_url":"http://stock.eastmoney.com/a/202105211931753542_0.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2137184683","content_text":"5月21日，恒生指数有限公司(“恒生指数公司”) 宣布截至2021年3月31日之恒生指数系列季度检讨结果，所有变动将于2021年6月7日 (星期一) 起生效。\n根据恒指公司公布的综合指数变动及港股通指数变动情况，并结合各券商机构预测，梳理出最有可能新加入港股通标的合计6只，供投资者参考，准确的港股通变动名单请以港交所、上交所、深交所官方公布为准。\n一、已被纳入恒生综合中型指数的成份股，一定会被纳入港股通标的的4家公司二、其他有可能被纳入港股通标的的2家公司（文章来源：智通财经网）","news_type":1,"symbols_score_info":{"513600":0.9,"MCHmain":0.9,"MHImain":0.9,"HHImain":0.9,"HSI":0.9,"HSImain":0.9,"02833":0.9}},"isVote":1,"tweetType":1,"viewCount":1747,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":131021138,"gmtCreate":1621817534824,"gmtModify":1704362666630,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/131021138","repostId":"2137218721","repostType":4,"repost":{"id":"2137218721","kind":"news","pubTimestamp":1621814832,"share":"https://ttm.financial/m/news/2137218721?lang=en_US&edition=fundamental","pubTime":"2021-05-24 08:07","market":"hk","language":"zh","title":"CICC: How much impact will the quarterly review of the Hang Seng Index have, and what are the capital inflows?","url":"https://stock-news.laohu8.com/highlight/detail?id=2137218721","media":"中金点睛","summary":"　　恒生指数公司周五晚间公布了其定期的一季度指数调整结果，涵盖了港股主要旗舰指数如恒生指数、国企指数和恒生科技指数，直接决定港股通可投资范围的恒生综合指数也有部分调整。此外，此次也是恒指系统性优化建议后的首次调整，我们综合分析如下。　　1) 恒生指数：此次调整纳入比亚迪股份、碧桂园服务和信义光能3只股票，纳入权重分别为0.98%、0.97%和0.46%；无成分股被剔除。","content":"<p>The Hang Seng Indexes Company released its regular first-quarter index adjustment results on Friday evening (May 21) (usually released eight weeks after the end of the quarter), covering major flagship Hong Kong stock indices such as the Hang Seng Index, the China Enterprises Index and the Hang Seng Technology Index. The Hang Seng Composite Index, which directly determines the investment scope of the Hong Kong Stock Connect, also saw some adjustments. Furthermore, this is the first adjustment to the Hang Seng Index following the systemic optimization recommendations, which we will analyze comprehensively as follows.</p><p><b>Hang Seng, China Enterprises and Technology Indices: The Hang Seng Index has expanded to 58 indices; More new economy companies included</b></p><p>Changes in constituent stocks:<a href=\"https://laohu8.com/S/002594\">BYD</a>、<a href=\"https://laohu8.com/S/02007\">Country Garden</a>Services,<a href=\"https://laohu8.com/S/00968\">Xinyi Light Energy</a>Both Evergrande Properties and Evergrande Materials were included in the Hang Seng Index and state-owned enterprises,<a href=\"https://laohu8.com/S/ATHM\">Autohome</a>and<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Inclusion in the technology index</p><p>1) Hang Seng Index: Included in this adjustment<a href=\"https://laohu8.com/S/01211\">BYD Group</a>、<a href=\"https://laohu8.com/S/06098\">Country Garden Services</a>Three stocks, including Xinyi Solar, are included with weights of 0.98%, 0.97%, and 0.46%, respectively. No constituent stocks were removed. The number of constituent stocks has been expanded after the adjustment, from 55 to 58. Furthermore, since the Hang Seng Index component equity weighting cap is uniformly set at 8%, therefore<a href=\"https://laohu8.com/S/01299\">AIA Insurance</a>and<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>The weights were lowered by 2.24 and 1.38 ppt respectively, while Meituan and<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>As a company with weighted voting rights and a secondary listing, it exceeded the original upper limit of 5%, rising by 3.43 percentage points and 1.74 percentage points respectively to 7.71% to 7.33%.</p><p>2) Hang Seng State-owned Enterprises: The inclusion of BYD Co., Ltd. and<a href=\"https://laohu8.com/S/06666\">Evergrande Property</a>Two companies were included with weights of 1.43% and 0.67% respectively, while three companies were excluded, resulting in...<a href=\"https://laohu8.com/S/00788\">China Tower</a>、<a href=\"https://laohu8.com/S/00270\">Guangdong Investment</a>and<a href=\"https://laohu8.com/S/600050\">China Unicom</a>The weights before exclusion were 0.59%, 0.42%, and 0.34%, respectively. The adjusted constituent shares were replaced from 51 to 50. In addition, Meituan-W (increased by 3.64 percentage points to 8%) and Alibaba (increased by 2.31 percentage points to 8%) also saw significant changes in weighting, mainly benefiting from the fact that the state-owned enterprise index also raised the upper limit of the weighting of secondary listings and weighted voting companies from 5% to 8%.</p><p>3) Hang Seng Technology: Included in Autohome-S and Bilibili-SW, excluding...<a href=\"https://laohu8.com/S/000063\">ZTE Corporation</a>、<a href=\"https://laohu8.com/S/06088\">Hongteng Precision</a>and<a href=\"https://laohu8.com/S/09990\">Zulong Entertainment</a>。 The number of constituent shares has been reset from 31 to 30. Among them, Kuaishou, Bilibili, and Meituan, which saw significant changes in weighting, saw increases of 1.37%, 1.27%, and 1.17%, respectively. On the contrary,<a href=\"https://laohu8.com/S/00763\">ZTE Corporation</a>The weights of Hongteng Precision and Zulong Entertainment decreased from 0.15%, 0.19% and 0.75% before exclusion to 0, respectively.</p><p>The above-mentioned inclusion list differs somewhat from our previous preview results (see \"Hang Seng Index Quarterly Adjustment Preview: Focus on the New Look After Systemic Optimization\"). The main reason is that although the companies included in the listing are all on the long list screened by us based on quantitative criteria, the final short list is unpredictable and is partly based on the subjective selection of the Hang Seng Index Adjustment Committee, thus making prediction more difficult. In addition, this coincides with the first adjustment of the Hang Seng Index after its systemic optimization, and the changes in the new adjustment criteria will also have a certain impact, such as the number of final constituent stocks.</p><p><b>Potential impact of passive capital flows: Focus on the positive impact on Country Garden Services, Evergrande Property, and other companies; And the negative impact of investments by AIA and Guangdong.</b></p><p>Based on current Bloomberg aggregation, ETFs tracking the Hang Seng Index have approximately $22.1 billion in funds, while ETFs tracking the China Enterprises Index and the Hang Seng Tech Index have approximately $4.9 billion and $500 million in funds, respectively. Based on the changes in the equity weight of the aforementioned components, we calculated their potential passive capital flows. By further combining the average daily trading volume of individual stocks over the past three months, the potential impact of changes in passive funds can be calculated:</p><p>1) Hang Seng Index: Country Garden Services, BYD, Xinyi Solar, Meituan, and Alibaba, which require the longest passive capital inflows, are expected to take 2.5 to 0.5 days; Among the passive outflows of funds required for transactions, AIA is expected to...<a href=\"https://laohu8.com/S/00016\">Sun Hung Kai Properties</a>and<a href=\"https://laohu8.com/S/HBC\">HSBC Holdings</a>1.8, 0.8, and 0.7 days, respectively.</p><p>2) Hang Seng State-owned Enterprises: Evergrande Property and BYD, which require the longest passive capital inflows, are expected to trade for 1.8 and 0.3 days respectively; The necessary transactions are experiencing passive capital outflows, including Guangdong Investment, China Tower, and...<a href=\"https://laohu8.com/S/00762\">China Unicom</a>The required trading capital outflow time is the longest, ranging from 1 to 0.4 days.</p><p>3) Hang Seng Technologies: Kuaishou, Bilibili and Meituan-W are expected to see capital inflows of US$6.59 million, US$6.11 million and US$5.63 million, respectively; Xiaomi, Alibaba, and ZTE are expected to see outflows of $7.75 million, $4.43 million, and $3.61 million, respectively. The average trading time required for potential inflows and outflows is around 0.1 days.</p><p>Chart: ETF fund size tracking the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Tech Index</p><p><img src=\"http://n.sinaimg.cn/finance/crawl/16/w550h266/20210524/027b-kqpyffz0296614.png\" tg-width=\"550\" tg-height=\"266\" referrerpolicy=\"no-referrer\">Source: Bloomberg, CICC Research Department; Data as of 21 May 2021</p><p>Chart: Hang Seng Index Adjustment and Potential Passive Capital Flow Calculation<img src=\"http://n.sinaimg.cn/finance/crawl/701/w550h151/20210524/ba4e-kqpyffz0296647.png\" tg-width=\"550\" tg-height=\"151\" referrerpolicy=\"no-referrer\"></p><p>Source: Bloomberg, CICC Research Department; Note: Gray indicates a new addition; Blue indicates call-out; Data is current as of May 21, 2021; The forecast is in line with Bloomberg consensus estimates.</p><p>Chart: State-owned Enterprise Index Adjustment and Capital Flows</p><p><img src=\"http://n.sinaimg.cn/finance/crawl/754/w550h204/20210524/14d9-kqpyffz0296701.png\" tg-width=\"550\" tg-height=\"204\" referrerpolicy=\"no-referrer\"></p><p>Source: Bloomberg, CICC Research Department; Note: Gray indicates a new addition; Blue indicates call-out; Data is current as of May 21, 2021; The forecast is in line with Bloomberg consensus estimates.</p><p>Chart: Hang Seng Tech Index Adjustments and Fund Flows</p><p><img src=\"http://n.sinaimg.cn/finance/crawl/703/w550h153/20210524/a018-kqpyffz0296728.png\" tg-width=\"550\" tg-height=\"153\" referrerpolicy=\"no-referrer\"></p><p>Source: Bloomberg,<a href=\"https://laohu8.com/S/601995\">CICC</a>Research Department; Note: Gray indicates a new addition; Blue indicates call-out; Data is current as of May 21, 2021; The forecast is in line with Bloomberg consensus estimates.</p><p><b>A New Look for the Hang Seng Index: A Preliminary Test of System Optimization</b></p><p>1) Expansion of the Hang Seng Index: According to the consultation results released by the Hang Seng Index Company in March, the number of constituent stocks will increase from the current 55 to 80 in mid-2022, with a final long-term target of 100. The number of constituent stocks in the Hang Seng Index has increased slightly from 55 to 58, possibly to avoid a one-time impact, but the trend of expansion has already become apparent.</p><p>2) Increased industry representativeness: Referring to the Hang Seng Index Company's industry classification, namely the 7 industry groups, we found that the coverage of the real estate and construction industry, other and non-essential and essential consumer sectors (industrial, energy, raw materials and diversified enterprises) has all increased this time, with the coverage increasing by 4.0 ppt, 2.7 ppt and 2.0 ppt to 40.5%, 32.6% and 35.3% respectively. Based on the simulation results provided by Hang Seng Index Company in its consultation opinion, there is still a significant gap in the coverage of various industries after this adjustment, mainly because the number of constituent stocks is still far below the target. However, the general direction of further optimization will still be reflected, and we expect the proportion of the new economy to further increase.</p><p>Chart: Following the optimization and adjustment of the Hang Seng Index, the market coverage of discretionary and essential consumer goods, real estate and construction, and other sectors has improved.</p><p><img src=\"http://n.sinaimg.cn/finance/crawl/92/w550h342/20210524/9323-kqpyffz0296769.png\" tg-width=\"550\" tg-height=\"342\" referrerpolicy=\"no-referrer\"></p><p>Source: Bloomberg, Wind, CICC Research Department</p><p>Chart: Meanwhile, the proportion of the IT sector in the Hang Seng Index will increase significantly compared to before the adjustment.</p><p><img src=\"http://n.sinaimg.cn/finance/crawl/88/w550h338/20210524/c8fd-kqpyffz0296804.png\" tg-width=\"550\" tg-height=\"338\" referrerpolicy=\"no-referrer\">Source: Bloomberg, Wind,<a href=\"https://laohu8.com/S/03908\">CICC</a>Research Department</p><p>3) Weighting adjustment of leading companies: This adjustment uniformly changes the upper limit of the constituent stocks of the Hang Seng and China Enterprises Indexes to 8% (before the adjustment, the upper limit of ordinary constituent stocks was 10%, but the upper limit of secondary listings and companies with weighted voting rights is 5%). We noticed that the weightings of AIA Insurance and Tencent Holdings in the Hang Seng Index have been reduced, while Meituan and Alibaba have been raised. In the Hang Seng China Enterprises Index, the weighting caps of Meituan and Alibaba have also been raised.</p><p>Overall, after the aforementioned system optimizations, the proportion of new economy sectors in both the Hang Seng and China Enterprises Indices has increased. Specifically, the proportion of the new economy sector in the Hang Seng and CEI indices increased from 40.2% and 55.1% before the adjustment to 44.3% and 58% respectively, especially the consumer discretionary sector, whose weight increased significantly from 15.6% and 18.6% to 21.4% and 25.4% respectively.</p><p>Chart: The proportion of the new economy in the optimized Hang Seng Index has further increased from 40% to 44%.<img src=\"http://n.sinaimg.cn/finance/crawl/100/w550h350/20210524/1a75-kqpyffz0296843.png\" tg-width=\"550\" tg-height=\"350\" referrerpolicy=\"no-referrer\">Source: Bloomberg, Wind, CICC Research Department</p><p>Chart: Meanwhile, the adjusted proportion of the new economy in the Hang Seng China Enterprises Index has further increased, reaching 58%.<img src=\"http://n.sinaimg.cn/finance/crawl/103/w550h353/20210524/cb50-kqpyffz0296860.jpg\" tg-width=\"550\" tg-height=\"353\" referrerpolicy=\"no-referrer\">Source: Bloomberg, Wind, CICC Research Department</p><p><b>Hong Kong Stock Connect Adjustments: 3 Companies May Meet the Conditions for Inclusion in the Hong Kong Stock</b></p><p>Since this is a quarterly index adjustment, only stocks that meet the fast-track inclusion mechanism will be considered for inclusion in the Hang Seng Composite Index, which is adjusted every six months. Specifically, four companies were included in the index this time, namely:<a href=\"https://laohu8.com/S/02158\">Yidu Technology</a>Xintong Medical-B, Autohome-S, and Novogene Health-B; No target was eliminated.</p><p>Based on the adjustments to the Hang Seng Composite Index released by the index companies, and in conjunction with the additional requirements for inclusion in the Hong Kong Stock Connect, three companies: Medu Technology, Xintong Medical-B, and Novogene Health-B, may meet the conditions for inclusion in the Hong Kong Stock Connect investment scope. Autohome-S, being a secondary listed company, does not yet meet the inclusion criteria for the Shanghai-Hong Kong Stock Connect.</p><p>Chart: Potential adjustments to the scope of Hong Kong Stock Connect investments due to the adjustment of the Hang Seng Composite Index<img src=\"http://n.sinaimg.cn/finance/crawl/626/w550h76/20210524/a2a2-kqpyffz0296874.png\" tg-width=\"550\" tg-height=\"76\" referrerpolicy=\"no-referrer\">Source: Bloomberg, CICC Research Department; Data is current as of May 21, 2021; The forecast is in line with Bloomberg consensus estimates.</p><p><b>Timetable: Adjustments to the index and Shanghai-Hong Kong Stock Connect will take effect on June 7.</b></p><p>In terms of timing, the aforementioned index adjustment results will officially take effect on June 7 (Monday). During this period, some actively managed funds may still engage in arbitrage operations based on the results of the adjustments, but passive funds will choose to adjust their positions on the trading day before the effective date (i.e., June 4) in order to minimize tracking errors. At that time, the trading volume of related stocks may be much higher than usual, especially at the end of the trading day.</p><p>After the index adjustment takes effect on June 7, the Shanghai and Shenzhen Stock Exchanges will subsequently adjust the scope of investable assets under the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect accordingly (the specific time will be subject to the exchange's announcement).</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>CICC: How much impact will the quarterly review of the Hang Seng Index have, and what are the capital inflows?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCICC: How much impact will the quarterly review of the Hang Seng Index have, and what are the capital inflows?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中金点睛</strong><span class=\"h-time small\">2021-05-24 08:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Hang Seng Indexes Company released its regular first-quarter index adjustment results on Friday evening (May 21) (usually released eight weeks after the end of the quarter), covering major flagship Hong Kong stock indices such as the Hang Seng Index, the China Enterprises Index and the Hang Seng Technology Index. The Hang Seng Composite Index, which directly determines the investment scope of the Hong Kong Stock Connect, also saw some adjustments. Furthermore, this is the first adjustment to the Hang Seng Index following the systemic optimization recommendations, which we will analyze comprehensively as follows.</p><p><b>Hang Seng, China Enterprises and Technology Indices: The Hang Seng Index has expanded to 58 indices; More new economy companies included</b></p><p>Changes in constituent stocks:<a href=\"https://laohu8.com/S/002594\">BYD</a>、<a href=\"https://laohu8.com/S/02007\">Country Garden</a>Services,<a href=\"https://laohu8.com/S/00968\">Xinyi Light Energy</a>Both Evergrande Properties and Evergrande Materials were included in the Hang Seng Index and state-owned enterprises,<a href=\"https://laohu8.com/S/ATHM\">Autohome</a>and<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Inclusion in the technology index</p><p>1) Hang Seng Index: Included in this adjustment<a href=\"https://laohu8.com/S/01211\">BYD Group</a>、<a href=\"https://laohu8.com/S/06098\">Country Garden Services</a>Three stocks, including Xinyi Solar, are included with weights of 0.98%, 0.97%, and 0.46%, respectively. No constituent stocks were removed. The number of constituent stocks has been expanded after the adjustment, from 55 to 58. Furthermore, since the Hang Seng Index component equity weighting cap is uniformly set at 8%, therefore<a href=\"https://laohu8.com/S/01299\">AIA Insurance</a>and<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>The weights were lowered by 2.24 and 1.38 ppt respectively, while Meituan and<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>As a company with weighted voting rights and a secondary listing, it exceeded the original upper limit of 5%, rising by 3.43 percentage points and 1.74 percentage points respectively to 7.71% to 7.33%.</p><p>2) Hang Seng State-owned Enterprises: The inclusion of BYD Co., Ltd. and<a href=\"https://laohu8.com/S/06666\">Evergrande Property</a>Two companies were included with weights of 1.43% and 0.67% respectively, while three companies were excluded, resulting in...<a href=\"https://laohu8.com/S/00788\">China Tower</a>、<a href=\"https://laohu8.com/S/00270\">Guangdong Investment</a>and<a href=\"https://laohu8.com/S/600050\">China Unicom</a>The weights before exclusion were 0.59%, 0.42%, and 0.34%, respectively. The adjusted constituent shares were replaced from 51 to 50. In addition, Meituan-W (increased by 3.64 percentage points to 8%) and Alibaba (increased by 2.31 percentage points to 8%) also saw significant changes in weighting, mainly benefiting from the fact that the state-owned enterprise index also raised the upper limit of the weighting of secondary listings and weighted voting companies from 5% to 8%.</p><p>3) Hang Seng Technology: Included in Autohome-S and Bilibili-SW, excluding...<a href=\"https://laohu8.com/S/000063\">ZTE Corporation</a>、<a href=\"https://laohu8.com/S/06088\">Hongteng Precision</a>and<a href=\"https://laohu8.com/S/09990\">Zulong Entertainment</a>。 The number of constituent shares has been reset from 31 to 30. Among them, Kuaishou, Bilibili, and Meituan, which saw significant changes in weighting, saw increases of 1.37%, 1.27%, and 1.17%, respectively. On the contrary,<a href=\"https://laohu8.com/S/00763\">ZTE Corporation</a>The weights of Hongteng Precision and Zulong Entertainment decreased from 0.15%, 0.19% and 0.75% before exclusion to 0, respectively.</p><p>The above-mentioned inclusion list differs somewhat from our previous preview results (see \"Hang Seng Index Quarterly Adjustment Preview: Focus on the New Look After Systemic Optimization\"). The main reason is that although the companies included in the listing are all on the long list screened by us based on quantitative criteria, the final short list is unpredictable and is partly based on the subjective selection of the Hang Seng Index Adjustment Committee, thus making prediction more difficult. In addition, this coincides with the first adjustment of the Hang Seng Index after its systemic optimization, and the changes in the new adjustment criteria will also have a certain impact, such as the number of final constituent stocks.</p><p><b>Potential impact of passive capital flows: Focus on the positive impact on Country Garden Services, Evergrande Property, and other companies; And the negative impact of investments by AIA and Guangdong.</b></p><p>Based on current Bloomberg aggregation, ETFs tracking the Hang Seng Index have approximately $22.1 billion in funds, while ETFs tracking the China Enterprises Index and the Hang Seng Tech Index have approximately $4.9 billion and $500 million in funds, respectively. Based on the changes in the equity weight of the aforementioned components, we calculated their potential passive capital flows. By further combining the average daily trading volume of individual stocks over the past three months, the potential impact of changes in passive funds can be calculated:</p><p>1) Hang Seng Index: Country Garden Services, BYD, Xinyi Solar, Meituan, and Alibaba, which require the longest passive capital inflows, are expected to take 2.5 to 0.5 days; Among the passive outflows of funds required for transactions, AIA is expected to...<a href=\"https://laohu8.com/S/00016\">Sun Hung Kai Properties</a>and<a href=\"https://laohu8.com/S/HBC\">HSBC Holdings</a>1.8, 0.8, and 0.7 days, respectively.</p><p>2) Hang Seng State-owned Enterprises: Evergrande Property and BYD, which require the longest passive capital inflows, are expected to trade for 1.8 and 0.3 days respectively; The necessary transactions are experiencing passive capital outflows, including Guangdong Investment, China Tower, and...<a href=\"https://laohu8.com/S/00762\">China Unicom</a>The required trading capital outflow time is the longest, ranging from 1 to 0.4 days.</p><p>3) Hang Seng Technologies: Kuaishou, Bilibili and Meituan-W are expected to see capital inflows of US$6.59 million, US$6.11 million and US$5.63 million, respectively; Xiaomi, Alibaba, and ZTE are expected to see outflows of $7.75 million, $4.43 million, and $3.61 million, respectively. The average trading time required for potential inflows and outflows is around 0.1 days.</p><p>Chart: ETF fund size tracking the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Tech Index</p><p><img src=\"http://n.sinaimg.cn/finance/crawl/16/w550h266/20210524/027b-kqpyffz0296614.png\" tg-width=\"550\" tg-height=\"266\" referrerpolicy=\"no-referrer\">Source: Bloomberg, CICC Research Department; Data as of 21 May 2021</p><p>Chart: Hang Seng Index Adjustment and Potential Passive Capital Flow Calculation<img src=\"http://n.sinaimg.cn/finance/crawl/701/w550h151/20210524/ba4e-kqpyffz0296647.png\" tg-width=\"550\" tg-height=\"151\" referrerpolicy=\"no-referrer\"></p><p>Source: Bloomberg, CICC Research Department; Note: Gray indicates a new addition; Blue indicates call-out; Data is current as of May 21, 2021; The forecast is in line with Bloomberg consensus estimates.</p><p>Chart: State-owned Enterprise Index Adjustment and Capital Flows</p><p><img src=\"http://n.sinaimg.cn/finance/crawl/754/w550h204/20210524/14d9-kqpyffz0296701.png\" tg-width=\"550\" tg-height=\"204\" referrerpolicy=\"no-referrer\"></p><p>Source: Bloomberg, CICC Research Department; Note: Gray indicates a new addition; Blue indicates call-out; Data is current as of May 21, 2021; The forecast is in line with Bloomberg consensus estimates.</p><p>Chart: Hang Seng Tech Index Adjustments and Fund Flows</p><p><img src=\"http://n.sinaimg.cn/finance/crawl/703/w550h153/20210524/a018-kqpyffz0296728.png\" tg-width=\"550\" tg-height=\"153\" referrerpolicy=\"no-referrer\"></p><p>Source: Bloomberg,<a href=\"https://laohu8.com/S/601995\">CICC</a>Research Department; Note: Gray indicates a new addition; Blue indicates call-out; Data is current as of May 21, 2021; The forecast is in line with Bloomberg consensus estimates.</p><p><b>A New Look for the Hang Seng Index: A Preliminary Test of System Optimization</b></p><p>1) Expansion of the Hang Seng Index: According to the consultation results released by the Hang Seng Index Company in March, the number of constituent stocks will increase from the current 55 to 80 in mid-2022, with a final long-term target of 100. The number of constituent stocks in the Hang Seng Index has increased slightly from 55 to 58, possibly to avoid a one-time impact, but the trend of expansion has already become apparent.</p><p>2) Increased industry representativeness: Referring to the Hang Seng Index Company's industry classification, namely the 7 industry groups, we found that the coverage of the real estate and construction industry, other and non-essential and essential consumer sectors (industrial, energy, raw materials and diversified enterprises) has all increased this time, with the coverage increasing by 4.0 ppt, 2.7 ppt and 2.0 ppt to 40.5%, 32.6% and 35.3% respectively. Based on the simulation results provided by Hang Seng Index Company in its consultation opinion, there is still a significant gap in the coverage of various industries after this adjustment, mainly because the number of constituent stocks is still far below the target. However, the general direction of further optimization will still be reflected, and we expect the proportion of the new economy to further increase.</p><p>Chart: Following the optimization and adjustment of the Hang Seng Index, the market coverage of discretionary and essential consumer goods, real estate and construction, and other sectors has improved.</p><p><img src=\"http://n.sinaimg.cn/finance/crawl/92/w550h342/20210524/9323-kqpyffz0296769.png\" tg-width=\"550\" tg-height=\"342\" referrerpolicy=\"no-referrer\"></p><p>Source: Bloomberg, Wind, CICC Research Department</p><p>Chart: Meanwhile, the proportion of the IT sector in the Hang Seng Index will increase significantly compared to before the adjustment.</p><p><img src=\"http://n.sinaimg.cn/finance/crawl/88/w550h338/20210524/c8fd-kqpyffz0296804.png\" tg-width=\"550\" tg-height=\"338\" referrerpolicy=\"no-referrer\">Source: Bloomberg, Wind,<a href=\"https://laohu8.com/S/03908\">CICC</a>Research Department</p><p>3) Weighting adjustment of leading companies: This adjustment uniformly changes the upper limit of the constituent stocks of the Hang Seng and China Enterprises Indexes to 8% (before the adjustment, the upper limit of ordinary constituent stocks was 10%, but the upper limit of secondary listings and companies with weighted voting rights is 5%). We noticed that the weightings of AIA Insurance and Tencent Holdings in the Hang Seng Index have been reduced, while Meituan and Alibaba have been raised. In the Hang Seng China Enterprises Index, the weighting caps of Meituan and Alibaba have also been raised.</p><p>Overall, after the aforementioned system optimizations, the proportion of new economy sectors in both the Hang Seng and China Enterprises Indices has increased. Specifically, the proportion of the new economy sector in the Hang Seng and CEI indices increased from 40.2% and 55.1% before the adjustment to 44.3% and 58% respectively, especially the consumer discretionary sector, whose weight increased significantly from 15.6% and 18.6% to 21.4% and 25.4% respectively.</p><p>Chart: The proportion of the new economy in the optimized Hang Seng Index has further increased from 40% to 44%.<img src=\"http://n.sinaimg.cn/finance/crawl/100/w550h350/20210524/1a75-kqpyffz0296843.png\" tg-width=\"550\" tg-height=\"350\" referrerpolicy=\"no-referrer\">Source: Bloomberg, Wind, CICC Research Department</p><p>Chart: Meanwhile, the adjusted proportion of the new economy in the Hang Seng China Enterprises Index has further increased, reaching 58%.<img src=\"http://n.sinaimg.cn/finance/crawl/103/w550h353/20210524/cb50-kqpyffz0296860.jpg\" tg-width=\"550\" tg-height=\"353\" referrerpolicy=\"no-referrer\">Source: Bloomberg, Wind, CICC Research Department</p><p><b>Hong Kong Stock Connect Adjustments: 3 Companies May Meet the Conditions for Inclusion in the Hong Kong Stock</b></p><p>Since this is a quarterly index adjustment, only stocks that meet the fast-track inclusion mechanism will be considered for inclusion in the Hang Seng Composite Index, which is adjusted every six months. Specifically, four companies were included in the index this time, namely:<a href=\"https://laohu8.com/S/02158\">Yidu Technology</a>Xintong Medical-B, Autohome-S, and Novogene Health-B; No target was eliminated.</p><p>Based on the adjustments to the Hang Seng Composite Index released by the index companies, and in conjunction with the additional requirements for inclusion in the Hong Kong Stock Connect, three companies: Medu Technology, Xintong Medical-B, and Novogene Health-B, may meet the conditions for inclusion in the Hong Kong Stock Connect investment scope. Autohome-S, being a secondary listed company, does not yet meet the inclusion criteria for the Shanghai-Hong Kong Stock Connect.</p><p>Chart: Potential adjustments to the scope of Hong Kong Stock Connect investments due to the adjustment of the Hang Seng Composite Index<img src=\"http://n.sinaimg.cn/finance/crawl/626/w550h76/20210524/a2a2-kqpyffz0296874.png\" tg-width=\"550\" tg-height=\"76\" referrerpolicy=\"no-referrer\">Source: Bloomberg, CICC Research Department; Data is current as of May 21, 2021; The forecast is in line with Bloomberg consensus estimates.</p><p><b>Timetable: Adjustments to the index and Shanghai-Hong Kong Stock Connect will take effect on June 7.</b></p><p>In terms of timing, the aforementioned index adjustment results will officially take effect on June 7 (Monday). During this period, some actively managed funds may still engage in arbitrage operations based on the results of the adjustments, but passive funds will choose to adjust their positions on the trading day before the effective date (i.e., June 4) in order to minimize tracking errors. At that time, the trading volume of related stocks may be much higher than usual, especially at the end of the trading day.</p><p>After the index adjustment takes effect on June 7, the Shanghai and Shenzhen Stock Exchanges will subsequently adjust the scope of investable assets under the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect accordingly (the specific time will be subject to the exchange's announcement).</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/hkstock/hkstocknews/2021-05-24/doc-ikmyaawc7116355.shtml\">中金点睛</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"http://n.sinaimg.cn/finance/crawl/740/w550h190/20210524/b466-kqpyffz0296559.jpg","relate_stocks":{"513600":"恒生指数ETF南方","02833":"恒指ETF","01211":"比亚迪股份","002594":"比亚迪","06098":"碧桂园服务"},"source_url":"https://finance.sina.com.cn/stock/hkstock/hkstocknews/2021-05-24/doc-ikmyaawc7116355.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2137218721","content_text":"恒生指数公司周五（5月21日）晚间公布了其定期的一季度指数调整结果（一般在季度截止后8周公布），涵盖了港股主要旗舰指数如恒生指数、国企指数和恒生科技指数，直接决定港股通可投资范围的恒生综合指数也有部分调整。此外，此次也是恒指系统性优化建议后的首次调整，我们综合分析如下。恒生、国企和科技指数：恒生指数扩容至58只；更多新经济公司获纳入成分股变化：比亚迪、碧桂园服务、信义光能和恒大物产分获纳入恒指与国企；汽车之家和哔哩哔哩纳入科技指数1) 恒生指数：此次调整纳入比亚迪股份、碧桂园服务和信义光能3只股票，纳入权重分别为0.98%、0.97%和0.46%；无成分股被剔除。调整后成分股数量扩容，由55只增加至58只。此外，由于恒指成分股权重上限统一设定为8%，因此友邦保险和腾讯控股权重分别下调2.24ppt和1.38ppt，而美团和阿里巴巴则作为同股不同权和二次上市公司，突破5%的原有上限，分别上升3.43ppt和1.74ppt至7.71%至7.33%。2) 恒生国企：此次纳入比亚迪股份和恒大物业2家公司，纳入权重分别为1.43%和0.67%，同时剔除3家公司，为中国铁塔、粤海投资和中国联通，剔除前权重分别为0.59%、0.42%和0.34%。调整后成分股由51只重置至50支。此外，权重变化较大还有美团－W（增加3.64ppt至8%）和阿里巴巴（增加2.31ppt至8%），主要受益于国企指数同样也将二次上市和同股不同权公司权重上限由5%提升至8%。3) 恒生科技：纳入汽车之家－S和哔哩哔哩－SW 2家公司，剔除中兴通讯、鸿腾精密和祖龙娱乐。成分股数量由31支重置为30支。其中权重变化较大的快手、哔哩哔哩和美团分别增加1.37%、1.27%和1.17%；相反，中兴通讯、鸿腾精密和祖龙娱乐的权重从剔除前的0.15%、0.19%和0.75%分别降至0。上述纳入名单与我们此前预览的结果存在部分差异，《恒指季度调整预览：关注系统性优化后的新面貌》），主要原因在于尽管上市被纳入公司都在我们根据量化标准筛选的长名单里，但最终筛选的纳入短名单却无据可循，部分是根据恒生指数调整委员会的主观选择，因此存在加大的预测难度。此外，此次适逢恒指系统性优化后的首次调整，新调整标准的变化也会带来一定影响，如最终成分股个数。潜在被动资金流向影响：关注对碧桂园服务、恒大物业等正面影响；以及友邦、粤海投资的负面冲击基于当前Bloomberg汇总，追踪恒生指数的ETF资金规模约为221亿美元，追踪国企指数和恒生科技指数的ETF资金规模分别约为49亿美元和5亿美元。结合上述成分股权重变化，我们测算了其潜在被动资金流向。进一步结合个股过去3个月日均成交额，便可以测算被动资金变化可能带来的影响：1) 恒生指数：被动资金流入所需时间最多的碧桂园服务、比亚迪、信义光能、美团、阿里巴巴，预计需要2.5至0.5天不等；所需交易被动资金流出中，预计友邦保险、新鸿基地产和汇丰控股分别需要1.8、0.8和0.7天。2) 恒生国企：被动资金流入所需时间最多的恒大物业和比亚迪，预计交易时间为1.8和0.3天；所需交易被动资金流出中，粤海投资、中国铁塔和中国联通所需要的交易资金流出时间最长，在1至0.4天左右。3) 恒生科技：预计快手、哔哩哔哩和美团－W将出现659万、611万和563万美元的资金流入；小米、阿里巴巴和中兴通讯预计将出现775万、443万和361万美元资金流出。潜在流入和流出所需交易平均在0.1天左右。图表：追踪恒生指数、恒生国企指数和恒生科技指数的ETF基金规模资料来源：Bloomberg，中金公司研究部；数据截止至2021年5月21日图表：恒生指数调整与潜在被动资金流向测算资料来源：Bloomberg，中金公司研究部；注：灰色为此次新纳入；蓝色为调出；数据截止至2021年5月21日；预测值为Bloomberg一致预期图表：国企指数调整与资金流向资料来源：Bloomberg，中金公司研究部；注：灰色为此次新纳入；蓝色为调出；数据截止至2021年5月21日；预测值为Bloomberg一致预期图表：恒生科技指数调整与资金流向资料来源：Bloomberg，中金公司研究部；注：灰色为此次新纳入；蓝色为调出；数据截止至2021年5月21日；预测值为Bloomberg一致预期恒生指数新面貌：系统优化“初试牛刀”1) 恒生指数扩容：根据恒指公司3月发布的咨询结果，2022年中前成分股数将由目前的55只增至80只，最终远期目标为100只。此次恒指调整成分股由55只小幅增加至58只，可能是避免一次性冲击过大，但扩容趋势已经显现。2) 行业代表性提升：参照恒指公司的对行业分类，即7个行业组，我们发现地产建筑业、其他和非必需及必需性消费板块（工业、能源业、原材料业和综合企业）覆盖度此次均有所提升，覆盖度分别增加4.0ppt、2.7ppt和2.0ppt至40.5%、32.6%和35.3%。对照恒指公司在咨询意见中给出的模拟结果，此次调整后的各行业覆盖度仍有较大差距，主要是由于成分股数量还远低于目标所致，不过进一步优化的大方向仍将得到体现，我们预计新经济占比将进一步提升。图表：恒指优化调整后，非必需及必需性消费和地产建筑业以及其他板块的行业市场覆盖度有所提升资料来源：Bloomberg，Wind，中金公司研究部图表：同时，资讯科技业在恒指中的比重较调整前将有明显提升资料来源：Bloomberg，Wind，中金公司研究部3) 龙头公司权重调整：此次调整统一将恒生和国企指数成分股上限改为8%（调整前普通成分股上限为10%，但二次上市和同股不同权公司的上限为5%），我们注意到恒指中友邦保险和腾讯控股权重有所下调，而美团和阿里巴巴有所上调。在恒生国企指数中，美团和阿里巴巴权重上限同样得到提升。综合来看，在上述系统优化后，恒生和国企指数的新经济板块占比均有所提升。具体来看，恒生和国企指数的新经济板块占比分别从调整前的40.2%和55.1%提升至44.3%和58%，尤其是可选消费板块，其权重分别从15.6%和18.6%大幅提升至21.4%和25.4%。图表：恒生指数优化后新经济占比在40%的基础上进一步提升至44%资料来源：Bloomberg，Wind，中金公司研究部图表：同时，恒生国企指数调整后新经济比重也进一步提升，占比达到58%资料来源：Bloomberg，Wind，中金公司研究部港股通调整：3家公司可能符合港股通纳入条件由于此次是季度指数调整，因此对于每半年度调整一次的恒生综合指数而言，只有符合快速纳入机制的股票才考虑纳入。具体而言，此次有4家公司纳入指数，分别为医渡科技、心通医疗－B、汽车之家－S和诺辉健康－B；无标的剔除。根据指数公司公布的恒生综指的调整情况，并结合港股通纳入的额外要求，医渡科技、心通医疗－B和诺辉健康－B这3家公司可能符合被纳入港股通投资范围的条件；而汽车之家－S由于是二次上市公司，因此尚不符合沪港通纳入标准。图表：因恒生综指调整可能带来的港股通投资范围调整资料来源：Bloomberg，中金公司研究部；数据截止至2021年5月21日；预测值为Bloomberg一致预期时间表：指数和沪港通调整6月7日生效时间安排上，上述指数调整结果将于6月7日（星期一）正式实施。在此期间，部分主动型资金仍不排除会根据调整公布结果采取一定的套利操作，但被动资金为了最大程度上减少追踪误差将选择在生效前一个交易日（即6月4日）调仓。届时相关股票成交或将会出现远大于平时的“异常放量”情形，特别是在尾盘。在6月7日指数调整生效后，上海与深圳交易所会在随后（具体时间视交易所公布而定）以此为依据相应调整沪深港通的可投资标的范围。","news_type":1,"symbols_score_info":{"513600":0.9,"MCHmain":0.9,"002594":0.9,"02833":0.9,"01211":0.9,"MHImain":0.9,"HHImain":0.9,"HSImain":0.9,"06098":0.9}},"isVote":1,"tweetType":1,"viewCount":1869,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194733911,"gmtCreate":1621399458433,"gmtModify":1704357004794,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/194733911","repostId":"312925574","repostType":1,"isVote":1,"tweetType":1,"viewCount":1963,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192765553,"gmtCreate":1621231928972,"gmtModify":1704354333613,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/192765553","repostId":"1177886120","repostType":4,"isVote":1,"tweetType":1,"viewCount":1046,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192765178,"gmtCreate":1621231901394,"gmtModify":1704354333936,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/192765178","repostId":"1140629708","repostType":4,"repost":{"id":"1140629708","kind":"news","pubTimestamp":1621229856,"share":"https://ttm.financial/m/news/1140629708?lang=en_US&edition=fundamental","pubTime":"2021-05-17 13:37","market":"us","language":"zh","title":"Tesla's sales halved in April; can it still turn things around in May?","url":"https://stock-news.laohu8.com/highlight/detail?id=1140629708","media":"上游新闻","summary":"国内自主品牌的新能源汽车正呈现多元化。","content":"<p>April's new energy vehicle sales figures have been released. In this month when the brakes frequently spiral out of control, the \"sales champion\" has emerged.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It was finally pulled down from its \"pedestal\" and replaced by the national legend Wuling Hongguang MINI EV. According to the latest sales data released by the China Passenger Car Association, Tesla Model 3 sales reached 6,264 units in April, a year-on-year increase of 72.3%, second only to the Hongguang MINIEV. However, compared to the 25,327 units sold in March, this decline does make Tesla look a bit \"bad\".</p><p><b>Tesla's April sales halved.</b></p><p>Although the Tesla Model 3 still held the second-best-selling position among new energy vehicles in April, less than 4,000 units behind the Hongguang MINIEV, and even surpassed the Volkswagen Magotan in the sedan sales rankings to reach 8th place, it still could not hide the fact that its sales had been \"halved\". Tesla Model 3 sales in April were 6,264 units, a 75.26% decrease compared to the previous month.</p><p>Similarly, the Tesla Model Y, which just achieved domestic production at the beginning of this year, was only a flash in the pan after ranking third on the list in March with 10,151 units sold. Its sales in April were only 5,407 units, a decrease of nearly 50% month-on-month, dropping it directly to 6th place on the list.</p><p><b>Li Auto narrowly defeats Tesla</b></p><p>The Wuling Hongguang MINI EV, which has recently held the top spot in sales, is not a true competitor to Tesla in terms of price, positioning, or model. Tesla has always been a tough opponent.<a href=\"https://laohu8.com/S/NIO\">Nio</a>Emerging car manufacturers such as Li Auto and XPeng have also been slow to break through. However, the situation changed this April.</p><p>Li Auto finally defeated its rival, the Tesla Model Y, to become the best-selling new energy SUV in April. Li Auto's Li ONE model sold 5,539 units in April; Tesla sold 5,407 Model Y units, with Li Auto narrowly surpassing Tesla.</p><p>In response, Li Xiang, the founder of Li Auto, was happy but also expressed his attitude in a very open-minded manner: \"The core reason is Tesla's production line adjustments, and next month Y will be number one again.\"</p><p>Domestic domestic brands of new energy vehicles are becoming more diversified.</p><p>Data shows that the Nio ES6 sold 3,163 units in April, and the Nezha V sold 3,846 units, both of which were close behind. SAIC Roewe's Kelaiwei vehicles made it onto the list with 4,130 units, a year-on-year increase of 629.7%, while Changan New Energy's Benben EV made it onto the list with 3,826 units, a huge year-on-year increase of 977.7%. Their future potential should not be underestimated.</p><p>In addition, Tesla's decline also caused...<a href=\"https://laohu8.com/S/002594\">BYD</a>The Han EV rose to prominence, ranking third on the list with 5,746 units sold. The BYD Qin PLUS DMi also made its debut on the list, with monthly sales reaching 3,603 units. In addition, the BYD e2 also ranked 15th on the list with a growth rate of 120.7% and monthly sales of nearly 3,000 units.</p><p><b>Tesla's future market may be quite \"tortuous\".</b></p><p>Tesla officially stated that the decline in sales was due to the two-week shutdown of the Model Y production line at its Shanghai Gigafactory in April to upgrade production line equipment, which caused fluctuations in sales.</p><p>However, at the Shanghai Auto Show, which opened on April 19, the Tesla owners' rights protection incident continued to escalate. The issue of brake failure in the Model 3 has once again been thrust into the spotlight. In addition, Tesla's tough approach and inadequate communication with car owners have led to enormous public pressure. Since the incident occurred until the end of April, its impact on Model 3 sales in April has not yet been fully realized.</p><p>Meanwhile, as the first wholly-owned automaker in China to build a factory, Tesla's construction of its Gigafactory in Shanghai not only meets the needs of the Chinese consumer market, but also aims to build it into a global export center. Previously, Tesla planned to bid for approximately 40 hectares of new land near the factory to expand the factory, increasing annual production capacity by 200,000 to 300,000 vehicles. However, it is reported that Tesla did not participate in the bidding for the new land in March of this year, which also indicates that Tesla has put the factory expansion plan on hold.</p><p>Industry insiders believe that with the further escalation of the rights protection incident at the Shanghai Auto Show, the decline in brand reputation, the tense international situation, the increase in competing models, and frequent price adjustments, Tesla's market performance in May and beyond will be very \"tortuous\".</p>","source":"lsy1577949409141","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>Tesla's sales halved in April; can it still turn things around in May?</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\">\nTesla's sales halved in April; can it still turn things around in May?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">上游新闻</strong><span class=\"h-time small\">2021-05-17 13:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p>April's new energy vehicle sales figures have been released. In this month when the brakes frequently spiral out of control, the \"sales champion\" has emerged.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It was finally pulled down from its \"pedestal\" and replaced by the national legend Wuling Hongguang MINI EV. According to the latest sales data released by the China Passenger Car Association, Tesla Model 3 sales reached 6,264 units in April, a year-on-year increase of 72.3%, second only to the Hongguang MINIEV. However, compared to the 25,327 units sold in March, this decline does make Tesla look a bit \"bad\".</p><p><b>Tesla's April sales halved.</b></p><p>Although the Tesla Model 3 still held the second-best-selling position among new energy vehicles in April, less than 4,000 units behind the Hongguang MINIEV, and even surpassed the Volkswagen Magotan in the sedan sales rankings to reach 8th place, it still could not hide the fact that its sales had been \"halved\". Tesla Model 3 sales in April were 6,264 units, a 75.26% decrease compared to the previous month.</p><p>Similarly, the Tesla Model Y, which just achieved domestic production at the beginning of this year, was only a flash in the pan after ranking third on the list in March with 10,151 units sold. Its sales in April were only 5,407 units, a decrease of nearly 50% month-on-month, dropping it directly to 6th place on the list.</p><p><b>Li Auto narrowly defeats Tesla</b></p><p>The Wuling Hongguang MINI EV, which has recently held the top spot in sales, is not a true competitor to Tesla in terms of price, positioning, or model. Tesla has always been a tough opponent.<a href=\"https://laohu8.com/S/NIO\">Nio</a>Emerging car manufacturers such as Li Auto and XPeng have also been slow to break through. However, the situation changed this April.</p><p>Li Auto finally defeated its rival, the Tesla Model Y, to become the best-selling new energy SUV in April. Li Auto's Li ONE model sold 5,539 units in April; Tesla sold 5,407 Model Y units, with Li Auto narrowly surpassing Tesla.</p><p>In response, Li Xiang, the founder of Li Auto, was happy but also expressed his attitude in a very open-minded manner: \"The core reason is Tesla's production line adjustments, and next month Y will be number one again.\"</p><p>Domestic domestic brands of new energy vehicles are becoming more diversified.</p><p>Data shows that the Nio ES6 sold 3,163 units in April, and the Nezha V sold 3,846 units, both of which were close behind. SAIC Roewe's Kelaiwei vehicles made it onto the list with 4,130 units, a year-on-year increase of 629.7%, while Changan New Energy's Benben EV made it onto the list with 3,826 units, a huge year-on-year increase of 977.7%. Their future potential should not be underestimated.</p><p>In addition, Tesla's decline also caused...<a href=\"https://laohu8.com/S/002594\">BYD</a>The Han EV rose to prominence, ranking third on the list with 5,746 units sold. The BYD Qin PLUS DMi also made its debut on the list, with monthly sales reaching 3,603 units. In addition, the BYD e2 also ranked 15th on the list with a growth rate of 120.7% and monthly sales of nearly 3,000 units.</p><p><b>Tesla's future market may be quite \"tortuous\".</b></p><p>Tesla officially stated that the decline in sales was due to the two-week shutdown of the Model Y production line at its Shanghai Gigafactory in April to upgrade production line equipment, which caused fluctuations in sales.</p><p>However, at the Shanghai Auto Show, which opened on April 19, the Tesla owners' rights protection incident continued to escalate. The issue of brake failure in the Model 3 has once again been thrust into the spotlight. In addition, Tesla's tough approach and inadequate communication with car owners have led to enormous public pressure. Since the incident occurred until the end of April, its impact on Model 3 sales in April has not yet been fully realized.</p><p>Meanwhile, as the first wholly-owned automaker in China to build a factory, Tesla's construction of its Gigafactory in Shanghai not only meets the needs of the Chinese consumer market, but also aims to build it into a global export center. Previously, Tesla planned to bid for approximately 40 hectares of new land near the factory to expand the factory, increasing annual production capacity by 200,000 to 300,000 vehicles. However, it is reported that Tesla did not participate in the bidding for the new land in March of this year, which also indicates that Tesla has put the factory expansion plan on hold.</p><p>Industry insiders believe that with the further escalation of the rights protection incident at the Shanghai Auto Show, the decline in brand reputation, the tense international situation, the increase in competing models, and frequent price adjustments, Tesla's market performance in May and beyond will be very \"tortuous\".</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.cqcb.com/wealth/2021-05-17/4141813_pc.html\">上游新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/577e499e898d722a6d935282f36956a3","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.cqcb.com/wealth/2021-05-17/4141813_pc.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140629708","content_text":"4月的新能源汽车销量出炉了，在这个“刹车”频频失控的月份，“销冠”特斯拉终于被拉下“神坛”，取而代之的是国民神车五菱宏光MINI EV。近日，根据乘联会公布的最新销量数据来看，4月特斯拉Model 3的销量为6264辆，同比上涨72.3%，仅次于宏光MINIEV，但相较于3月份25327辆来看，这样的降幅确实让特斯拉有点“难看”。\n特斯拉4月销量“腰斩”\n尽管特斯拉Model 3在4月依然占据新能源汽车销量第二的位置，距离宏光MINIEV只差了不到4000台，甚至其在轿车销量榜单中，赶超大众迈腾，来到了第8位，却仍然难以掩饰其销量“腰斩”的现实。4月特斯拉Model 3的销量为6264辆，环比下降了75.26%。\n同样，今年年初刚刚实现国产化的特斯拉Model Y，也在3月以10151辆的成绩位居榜单第三位后，“昙花一现”。其4月销量仅为5407辆，环比下降接近50%，直接跌到了榜单第6位。\n理想“险胜”特斯拉\n近期稳坐“销冠”的五菱宏光MINI EV，无论是价格、定位还是车型，并非特斯拉的真正对手。一直以来“硬扛”特斯拉的蔚来、理想、小鹏等造车新势力，也迟迟没能突围。不过，这个4月，情况出现了变化。\n理想，终于将自己的对手特斯拉Model Y打下擂台，获得4月新能源SUV的销量冠军。理想旗下的理想ONE车型在4月份销量5539辆；而特斯拉Model Y的销量5407辆，理想以微弱差距“险胜”特斯拉。\n对此，理想创始人李想在开心之余也十分开明地表明了自己的态度：“核心原因是特斯拉的生产线调整，下个月Y又是第一了。”\n国内自主品牌的新能源汽车正呈现多元化。\n数据显示，蔚来ES6的4月销量3163辆，哪吒V的销量3846辆也都紧追不舍。上汽荣威旗下的柯莱威汽车以4130辆，同比增长629.7%，长安新能源的奔奔EV以3826辆，同比增长977.7%的巨大增幅，跻身榜单，未来潜力也不容小觑。\n另外，特斯拉的下滑，也让比亚迪汉EV乘势而起，以5746辆的成绩位居榜单第三位。而比亚迪秦PLUS DMi也首次入榜，单月销量达3603辆。此外，比亚迪e2也以120.7%的增幅，近3000辆的月销位居榜单第15位。\n特斯拉未来市场或相当“曲折”\n对于特斯拉销量的下滑，特斯拉官方表示，因上海超级工厂Model Y生产线在4月份停产两周升级产线设备，对销量产生了波动。\n然而，4月19日开幕的上海车展上，特斯拉车主维权事件不断发酵。Model 3刹车失灵的问题又被推到了风口浪尖上。加之特斯拉强硬处理的方式，和车主沟通的不到位，导致其舆论压力也非常巨大。由于该事件发生至发酵的时间都是4月底，因而，其实对Model 3的4月销量影响尚未完全显现。\n同时，作为国内首个独资建厂的车企，特斯拉在上海建设超级工厂除了满足中国消费市场的需求外，也是计划将其打造为全球的出口中心。此前，特斯拉计划在工厂附近投标约40公顷的新土地以扩建工厂，将年产能扩增20万至30万辆。然而，据悉在今年3月份特斯拉并没有参加新土地的投标，这也表明着特斯拉对工厂扩建计划按下了暂停键。\n业内人士认为，随着上海车展维权事件的进一步发酵、品牌口碑下跌、国际形势紧张、竞品车型增多、频繁调价等多重因素影响下，特斯拉5月及未来的市场表现都会非常“曲折”。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1658,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":196912436,"gmtCreate":1621004467625,"gmtModify":1704351889752,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[{"img":"https://static.tigerbbs.com/7eca02ddce76f88581dfda9475f2baf6","width":"1125","height":"2249"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/196912436","isVote":1,"tweetType":1,"viewCount":2342,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":199646303,"gmtCreate":1620702535702,"gmtModify":1704347023763,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"Hi???","listText":"Hi???","text":"Hi???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/199646303","isVote":1,"tweetType":1,"viewCount":2198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199648403,"gmtCreate":1620702522902,"gmtModify":1704347023119,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"Hi???","listText":"Hi???","text":"Hi???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/199648403","isVote":1,"tweetType":1,"viewCount":1989,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199669224,"gmtCreate":1620700361568,"gmtModify":1704346976471,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/199669224","repostId":"2134265445","repostType":4,"isVote":1,"tweetType":1,"viewCount":1825,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199669054,"gmtCreate":1620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21:02","market":"us","language":"zh","title":"In-depth analysis: Retail investors are having another blast; what are the triggers and consequences of this round of short squeeze?","url":"https://stock-news.laohu8.com/highlight/detail?id=1164838585","media":"格隆汇","summary":"这场惊心动魄的多方混战，丝毫不亚于年初那场世纪变革。","content":"<p>Wednesday,<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>It once surged 126%, and despite several initial circuit breakers, the stock price still rose as much as 95.5% by the close.<a href=\"https://laohu8.com/S/BBBY\">3B Home</a>It surged over 62%.<a href=\"https://laohu8.com/S/KOSS\">Gaussian electronics</a>It surged over 68%.<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>Up more than 31%,<a href=\"https://laohu8.com/S/EXPR\">Express</a>Up 38%<a href=\"https://laohu8.com/S/GME\">Game Station</a>The increase also exceeded 13%.</p><p>The renewed recovery of WSB concept stocks means that after the shocking short squeeze by retail investors at the beginning of the year subsided, American retail investors have made a comeback after several months.</p><p>However, this time, the center stage protagonist has changed from Game Station to AMC. After yesterday's surge, AMC's market capitalization has surpassed $30 billion, surpassing GameStation.<b>It ranked first in the US stock market with a trading volume of nearly $40 billion that day, three times that of Tesla, which ranked second.</b></p><p><img src=\"https://static.tigerbbs.com/061520168da8949b83d102ab1434293f\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>On the other side of the ocean, we woke up to find only staggering price increases. But where we can't see it, retail investors are waving flags and shouting, short sellers are in a panic, and bulls are taking advantage of the situation to enter and exit quickly.</p><p>This thrilling multi-faceted battle was in no way inferior to the century-long change at the beginning of the year.</p><p><b>1. A sudden breeze ripples a pool of spring water.</b></p><p>Regarding the beginning of this great war, some say it was because of a bucket of popcorn.</p><p>On Wednesday, AMC CEO Adam Aaron said during his life, \"With AMC Investor Connect, we can continue to maintain good relationships with millions of retail shareholders. After all, these are the people who own AMC, and I work for them.\"</p><p>Therefore, AMC has created a program called \"AMC Investor Connect\" for retail investors on its official website. Subscribers will receive exclusive benefits including a free box of popcorn, discounted items, and screening invitations, and will be able to communicate directly with Aaron.</p><p><img src=\"https://static.tigerbbs.com/beb4131c99f66f5ac75ff8ab6d821f03\" tg-width=\"1170\" tg-height=\"1139\" referrerpolicy=\"no-referrer\"></p><p>But most of the old guys on the WSB forum are outlaws who \"die for money\".<b>For these people, a bucket of popcorn is far from worth risking their lives for; the only thing that can touch them is real dollars.</b></p><p>Some say that it was because of Wanda's departure that AMC, having regained its \"freedom,\" was able to \"make the American film great again.\"</p><p>On the morning of May 23, Wanda Group announced that it had completely withdrawn from the board of directors of AMC. The announcement brought an end to a nine-year transnational alliance and raised a total of $1.476 billion, more than double the initial investment of 700 million yuan.</p><p>But by Wednesday's close, AMC's market capitalization had surged to $31.3 billion. Based on this estimate, Wanda lost at least $2.5 billion, equivalent to approximately 15.9 billion RMB.</p><p>Although Wanda made less money, it cannot be said that it lost money, and the surge in AMC's stock price was unrelated to Wanda's sell-off.<b>In fact, within a week after Wanda left the market, AMC's stock price surged by 357%. However, since the beginning of the year, AMC's cumulative increase has exceeded 3000%.</b></p><p>Therefore, whether AMC prices rise or fall has little to do with Wanda.</p><p>The real trigger for this surge was a financing announcement released by AMC two days ago.</p><p>On June 1 local time, AMC announced a pre-market offering of 8.5 million Class A common shares to Mudrick Capital Management, raising $230.5 million. The offering price was $27.12 per share, 3.8% higher than last Friday's closing price. The announcement indicates that the financing will be used to acquire cinema assets, lease and invest, and to explore deleveraging opportunities.</p><p>The news excited stock investors. After the market opened that day, AMC Cinemas again bought shares, causing the stock price to surge, rising by more than 28% at one point during the session, and ultimately closing with a gain of 22.66%. After the US stock market closed, AMC Cinemas continued to rise, surging by more than 18%.</p><p><img src=\"https://static.tigerbbs.com/94f4a6d6ccec8a9310044c4a7c213bdc\" tg-width=\"1170\" tg-height=\"709\" referrerpolicy=\"no-referrer\"></p><p>Mudrick Capital, which participated in this financing round, is no ordinary person. This institution is a major shareholder of AMC Cinemas and made large investments in AMC in late December last year and early January this year, helping the latter avoid bankruptcy and liquidation.</p><p>During the first wave of retail investor frenzy at the beginning of the year, the continuously soaring stock price not only brought Mudrick substantial returns;<b>Furthermore, it itself profited over $200 million by going long on AMC Cinemas' debt and stock options, and by participating in the Game Station transaction.</b></p><p>This profitable institution has once again shown off its strategy.</p><p>Having just participated in AMC's financing round on June 1, Mudrick sold all of his AMC Cinemas shares during trading that day. Based on AMC's highest price of $33.53 on Tuesday, Mudrick could potentially make a profit of over 320 million RMB within a single day.</p><p>Mudrick's sudden switch of sides did not extinguish the enthusiasm of retail investors to buy AMC in large quantities, and the AMC rally subsequently reached another small climax. The major shareholders have withdrawn, but the retail investors haven't. Who gave them so much confidence?</p><p><b>2. Who wins, who loses, and who is next?</b></p><p>The hottest topic on the WSB forum, from Game Station to Dogecoin, has recently turned to AMC. This is a \"professional stock trading forum\" with the slogan \"YOLO\" and the action principle of \"going all out\". After a tough battle, some users proudly shared their achievements.</p><p><img src=\"https://static.tigerbbs.com/e50d1f9114468c1ac7fcf8937d56730c\" tg-width=\"1169\" tg-height=\"1706\" referrerpolicy=\"no-referrer\"></p><p>AMC will definitely win this major battle easily. As the stock price soared, the value of CEO Alon's holdings increased from approximately $8 million at the beginning of the year to over $220 million. Mudrick, the major shareholder who cashed out and exited the market, made a whopping 320 million RMB in one day; The earliest retail investors, of course, also made a fortune.</p><p>So who lost?</p><p>Of course, it's still the short sellers Data shows that since May 24, institutions shorting AMC have accumulated losses of more than $1.8 billion, and the losses this year have exceeded $2.5 billion.</p><p>In the first five months of this year, Wall Street short sellers who shorted the stocks of Game Station and AMC Cinemas accumulated losses of $9.25 billion, equivalent to nearly 60 billion yuan.</p><p>Short selling is a matter of willingness to accept defeat. The latest data from S3 Partners shows that AMC Cinemas has more than 20% of its outstanding shares, or approximately 95 million shares, being shorted.</p><p><b>As the stock price rises, these hedge funds that short AMC will continue to lose money until they do not have enough margin and are forced to liquidate and buy back the stock from the market. This is what is known as a short squeeze.</b></p><p><img src=\"https://static.tigerbbs.com/6679b29ff4b817c7e0d4d396077c03e3\" tg-width=\"968\" tg-height=\"515\" referrerpolicy=\"no-referrer\"></p><p>Data source: wind</p><p>Short positions are liquidated and forced to become long positions, which is when retail investors achieve great success. By selling stocks at this time, retail investors can maximize their profits. Yesterday, AMC jumped all the way to a high of $72.60, almost exceeding the highest option strike price of $73.</p><p>Therefore, this battle is not over yet.</p><p><b>If retail investors push AMC's stock price above $73 again tonight, then another short seller will suffer.</b>In theory, these market makers had no hedging tools at that time. If the stock price rose enough, it would be enough to bankrupt a number of mid-sized market makers.</p><p>Here's the question: the short squeeze at the beginning of the year, led by Game Station, had already caused many short sellers a lot of trouble, so why did they still dare to do it? As the WSB forum said: People call us idiots because we buy these stocks again and again, but why do those short sellers short them again and again?</p><p><img src=\"https://static.tigerbbs.com/83f426c1fa68fb88d6b528f684031656\" tg-width=\"1170\" tg-height=\"1945\" referrerpolicy=\"no-referrer\"></p><p><b>The reason why Wall Street bigwigs are not optimistic about this stock is that AMC has been losing money for years.</b>From 2017 to 2020, AMC suffered losses of $487 million, $110 million, $150 million and $4.59 billion respectively, and continued to suffer losses of $567 million in the first quarter of this year.</p><p>Under the asset-heavy model, years of losses have led to a mountain of debt. Currently, AMC has total liabilities of US$12.78 billion, of which current liabilities are US$1.59 billion, while its cash and cash equivalents are only US$810 million, resulting in a debt-to-asset ratio of 121.8%.</p><p>Meanwhile, under the pandemic, AMC Cinemas also faced unfavorable factors such as shortened theater window periods, fewer movies to be released, theater closures, and attacks from streaming platforms.</p><p>Therefore, Mudrick stated that AMC Cinemas' stock price is clearly overvalued and it is not a stock that can be invested in for the long term; Eric Handler, an analyst from MKM Partners, gave AMC a target price of only $1 per share.</p><p>Logically speaking, it's perfectly normal for analysts to be pessimistic about this stock. However,<b>The problem is that AMC has a total of 3.2 million individual investor shareholders, with retail investors holding 80% of the total share capital.</b></p><p>This means that regardless of the fundamentals, as long as the stock has not been delisted, and no matter how many Wall Street institutions are bearish, if retail investors unite, the stock can continue to rise forever.</p><p>Bloomberg analyst Geetha Ranganathan said, \"Individual investors want to transform Wall Street by squeezing out short sellers and hedge funds.\"</p><p>Retail investors are enjoying the game of defeating Wall Street giants, which is why AMC took off on a rocket.</p><p><b>3 Conclusion</b></p><p>The battle between bulls and bears surrounding AMC is not over yet, and whether its stock price can reach the $73 mark tonight will be a crucial turning point.</p><p>At the same time, during the short squeeze, hedge funds will have to sell some other stocks in exchange for liquidity, which will once again cause a bloodbath in the entire US stock market.</p><p>Ultimately, all of this can be traced back to the 2020 pandemic, when the Federal Reserve's excessive money supply reached a record high, with extremely low borrowing costs and excess liquidity driving up the prices of various assets.</p><p><b>The resurgence of the WSB concept demonstrates that the power of retail investors remains formidable.</b>Last year, AMC faced a bankruptcy crisis, but it weathered the risks time and time again, and its cash flow never broke down. AMC's debt crisis has temporarily eased following its latest financing round. Vaccines are gradually becoming more widespread, and the most severe moment of the epidemic is almost over.</p><p>AMC's prospects look bright, and coupled with the high enthusiasm of retail investors, the short sellers are unlikely to have a good time this time.</p>","source":"gelonghui_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>In-depth analysis: Retail investors are having another blast; what are the triggers and consequences of this round of short squeeze?</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\">\nIn-depth analysis: Retail investors are having another blast; what are the triggers and consequences of this round of short squeeze?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2021-06-03 21:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Wednesday,<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>It once surged 126%, and despite several initial circuit breakers, the stock price still rose as much as 95.5% by the close.<a href=\"https://laohu8.com/S/BBBY\">3B Home</a>It surged over 62%.<a href=\"https://laohu8.com/S/KOSS\">Gaussian electronics</a>It surged over 68%.<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>Up more than 31%,<a href=\"https://laohu8.com/S/EXPR\">Express</a>Up 38%<a href=\"https://laohu8.com/S/GME\">Game Station</a>The increase also exceeded 13%.</p><p>The renewed recovery of WSB concept stocks means that after the shocking short squeeze by retail investors at the beginning of the year subsided, American retail investors have made a comeback after several months.</p><p>However, this time, the center stage protagonist has changed from Game Station to AMC. After yesterday's surge, AMC's market capitalization has surpassed $30 billion, surpassing GameStation.<b>It ranked first in the US stock market with a trading volume of nearly $40 billion that day, three times that of Tesla, which ranked second.</b></p><p><img src=\"https://static.tigerbbs.com/061520168da8949b83d102ab1434293f\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>On the other side of the ocean, we woke up to find only staggering price increases. But where we can't see it, retail investors are waving flags and shouting, short sellers are in a panic, and bulls are taking advantage of the situation to enter and exit quickly.</p><p>This thrilling multi-faceted battle was in no way inferior to the century-long change at the beginning of the year.</p><p><b>1. A sudden breeze ripples a pool of spring water.</b></p><p>Regarding the beginning of this great war, some say it was because of a bucket of popcorn.</p><p>On Wednesday, AMC CEO Adam Aaron said during his life, \"With AMC Investor Connect, we can continue to maintain good relationships with millions of retail shareholders. After all, these are the people who own AMC, and I work for them.\"</p><p>Therefore, AMC has created a program called \"AMC Investor Connect\" for retail investors on its official website. Subscribers will receive exclusive benefits including a free box of popcorn, discounted items, and screening invitations, and will be able to communicate directly with Aaron.</p><p><img src=\"https://static.tigerbbs.com/beb4131c99f66f5ac75ff8ab6d821f03\" tg-width=\"1170\" tg-height=\"1139\" referrerpolicy=\"no-referrer\"></p><p>But most of the old guys on the WSB forum are outlaws who \"die for money\".<b>For these people, a bucket of popcorn is far from worth risking their lives for; the only thing that can touch them is real dollars.</b></p><p>Some say that it was because of Wanda's departure that AMC, having regained its \"freedom,\" was able to \"make the American film great again.\"</p><p>On the morning of May 23, Wanda Group announced that it had completely withdrawn from the board of directors of AMC. The announcement brought an end to a nine-year transnational alliance and raised a total of $1.476 billion, more than double the initial investment of 700 million yuan.</p><p>But by Wednesday's close, AMC's market capitalization had surged to $31.3 billion. Based on this estimate, Wanda lost at least $2.5 billion, equivalent to approximately 15.9 billion RMB.</p><p>Although Wanda made less money, it cannot be said that it lost money, and the surge in AMC's stock price was unrelated to Wanda's sell-off.<b>In fact, within a week after Wanda left the market, AMC's stock price surged by 357%. However, since the beginning of the year, AMC's cumulative increase has exceeded 3000%.</b></p><p>Therefore, whether AMC prices rise or fall has little to do with Wanda.</p><p>The real trigger for this surge was a financing announcement released by AMC two days ago.</p><p>On June 1 local time, AMC announced a pre-market offering of 8.5 million Class A common shares to Mudrick Capital Management, raising $230.5 million. The offering price was $27.12 per share, 3.8% higher than last Friday's closing price. The announcement indicates that the financing will be used to acquire cinema assets, lease and invest, and to explore deleveraging opportunities.</p><p>The news excited stock investors. After the market opened that day, AMC Cinemas again bought shares, causing the stock price to surge, rising by more than 28% at one point during the session, and ultimately closing with a gain of 22.66%. After the US stock market closed, AMC Cinemas continued to rise, surging by more than 18%.</p><p><img src=\"https://static.tigerbbs.com/94f4a6d6ccec8a9310044c4a7c213bdc\" tg-width=\"1170\" tg-height=\"709\" referrerpolicy=\"no-referrer\"></p><p>Mudrick Capital, which participated in this financing round, is no ordinary person. This institution is a major shareholder of AMC Cinemas and made large investments in AMC in late December last year and early January this year, helping the latter avoid bankruptcy and liquidation.</p><p>During the first wave of retail investor frenzy at the beginning of the year, the continuously soaring stock price not only brought Mudrick substantial returns;<b>Furthermore, it itself profited over $200 million by going long on AMC Cinemas' debt and stock options, and by participating in the Game Station transaction.</b></p><p>This profitable institution has once again shown off its strategy.</p><p>Having just participated in AMC's financing round on June 1, Mudrick sold all of his AMC Cinemas shares during trading that day. Based on AMC's highest price of $33.53 on Tuesday, Mudrick could potentially make a profit of over 320 million RMB within a single day.</p><p>Mudrick's sudden switch of sides did not extinguish the enthusiasm of retail investors to buy AMC in large quantities, and the AMC rally subsequently reached another small climax. The major shareholders have withdrawn, but the retail investors haven't. Who gave them so much confidence?</p><p><b>2. Who wins, who loses, and who is next?</b></p><p>The hottest topic on the WSB forum, from Game Station to Dogecoin, has recently turned to AMC. This is a \"professional stock trading forum\" with the slogan \"YOLO\" and the action principle of \"going all out\". After a tough battle, some users proudly shared their achievements.</p><p><img src=\"https://static.tigerbbs.com/e50d1f9114468c1ac7fcf8937d56730c\" tg-width=\"1169\" tg-height=\"1706\" referrerpolicy=\"no-referrer\"></p><p>AMC will definitely win this major battle easily. As the stock price soared, the value of CEO Alon's holdings increased from approximately $8 million at the beginning of the year to over $220 million. Mudrick, the major shareholder who cashed out and exited the market, made a whopping 320 million RMB in one day; The earliest retail investors, of course, also made a fortune.</p><p>So who lost?</p><p>Of course, it's still the short sellers Data shows that since May 24, institutions shorting AMC have accumulated losses of more than $1.8 billion, and the losses this year have exceeded $2.5 billion.</p><p>In the first five months of this year, Wall Street short sellers who shorted the stocks of Game Station and AMC Cinemas accumulated losses of $9.25 billion, equivalent to nearly 60 billion yuan.</p><p>Short selling is a matter of willingness to accept defeat. The latest data from S3 Partners shows that AMC Cinemas has more than 20% of its outstanding shares, or approximately 95 million shares, being shorted.</p><p><b>As the stock price rises, these hedge funds that short AMC will continue to lose money until they do not have enough margin and are forced to liquidate and buy back the stock from the market. This is what is known as a short squeeze.</b></p><p><img src=\"https://static.tigerbbs.com/6679b29ff4b817c7e0d4d396077c03e3\" tg-width=\"968\" tg-height=\"515\" referrerpolicy=\"no-referrer\"></p><p>Data source: wind</p><p>Short positions are liquidated and forced to become long positions, which is when retail investors achieve great success. By selling stocks at this time, retail investors can maximize their profits. Yesterday, AMC jumped all the way to a high of $72.60, almost exceeding the highest option strike price of $73.</p><p>Therefore, this battle is not over yet.</p><p><b>If retail investors push AMC's stock price above $73 again tonight, then another short seller will suffer.</b>In theory, these market makers had no hedging tools at that time. If the stock price rose enough, it would be enough to bankrupt a number of mid-sized market makers.</p><p>Here's the question: the short squeeze at the beginning of the year, led by Game Station, had already caused many short sellers a lot of trouble, so why did they still dare to do it? As the WSB forum said: People call us idiots because we buy these stocks again and again, but why do those short sellers short them again and again?</p><p><img src=\"https://static.tigerbbs.com/83f426c1fa68fb88d6b528f684031656\" tg-width=\"1170\" tg-height=\"1945\" referrerpolicy=\"no-referrer\"></p><p><b>The reason why Wall Street bigwigs are not optimistic about this stock is that AMC has been losing money for years.</b>From 2017 to 2020, AMC suffered losses of $487 million, $110 million, $150 million and $4.59 billion respectively, and continued to suffer losses of $567 million in the first quarter of this year.</p><p>Under the asset-heavy model, years of losses have led to a mountain of debt. Currently, AMC has total liabilities of US$12.78 billion, of which current liabilities are US$1.59 billion, while its cash and cash equivalents are only US$810 million, resulting in a debt-to-asset ratio of 121.8%.</p><p>Meanwhile, under the pandemic, AMC Cinemas also faced unfavorable factors such as shortened theater window periods, fewer movies to be released, theater closures, and attacks from streaming platforms.</p><p>Therefore, Mudrick stated that AMC Cinemas' stock price is clearly overvalued and it is not a stock that can be invested in for the long term; Eric Handler, an analyst from MKM Partners, gave AMC a target price of only $1 per share.</p><p>Logically speaking, it's perfectly normal for analysts to be pessimistic about this stock. However,<b>The problem is that AMC has a total of 3.2 million individual investor shareholders, with retail investors holding 80% of the total share capital.</b></p><p>This means that regardless of the fundamentals, as long as the stock has not been delisted, and no matter how many Wall Street institutions are bearish, if retail investors unite, the stock can continue to rise forever.</p><p>Bloomberg analyst Geetha Ranganathan said, \"Individual investors want to transform Wall Street by squeezing out short sellers and hedge funds.\"</p><p>Retail investors are enjoying the game of defeating Wall Street giants, which is why AMC took off on a rocket.</p><p><b>3 Conclusion</b></p><p>The battle between bulls and bears surrounding AMC is not over yet, and whether its stock price can reach the $73 mark tonight will be a crucial turning point.</p><p>At the same time, during the short squeeze, hedge funds will have to sell some other stocks in exchange for liquidity, which will once again cause a bloodbath in the entire US stock market.</p><p>Ultimately, all of this can be traced back to the 2020 pandemic, when the Federal Reserve's excessive money supply reached a record high, with extremely low borrowing costs and excess liquidity driving up the prices of various assets.</p><p><b>The resurgence of the WSB concept demonstrates that the power of retail investors remains formidable.</b>Last year, AMC faced a bankruptcy crisis, but it weathered the risks time and time again, and its cash flow never broke down. AMC's debt crisis has temporarily eased following its latest financing round. Vaccines are gradually becoming more widespread, and the most severe moment of the epidemic is almost over.</p><p>AMC's prospects look bright, and coupled with the high enthusiasm of retail investors, the short sellers are unlikely to have a good time this time.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.gelonghui.com/p/468634\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8cc57ed9442c6dfb543a82e73ab36c48","relate_stocks":{"EXPR":"Express, Inc.","KOSS":"高斯电子","BB":"黑莓","AMC":"AMC院线","GME":"游戏驿站"},"source_url":"https://www.gelonghui.com/p/468634","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"1164838585","content_text":"周三，AMC院线一度暴涨126%，数次初次熔断，截至收盘涨幅仍高达95.5%；3B家居大涨超62%，高斯电子大涨超68%，黑莓涨超31%，Express涨38%，游戏驿站涨幅亦超过13%。WSB概念股的再次振作，意味着年初那场惊世骇俗的散户逼空大战偃旗息鼓后，时隔数月，美国散户们卷土重来。只不过这一次，舞台最中央的主角从游戏驿站换成了AMC。昨日大涨后，AMC的市值已突破300亿美元，超过游戏驿站。当天以近400亿美元的交易量排名美股第一，足足是第二名特斯拉的三倍。大洋彼岸的我们一觉醒来，只看到令人目瞪口呆的涨幅。但在我们看不到的地方，散户摇旗呐喊，空头手忙脚乱，还有多头浑水摸鱼快进快出。这场惊心动魄的多方混战，丝毫不亚于年初那场世纪变革。1 风乍起，吹皱一池春水关于这场大战的开端，有人说，是因为一桶爆米花。周三，AMC首席执行官亚当·阿隆在生命中表示，“借助AMC Investor Connect，可以与数以百万计的散户股东继续保持良好关系。毕竟，这些人才是AMC的拥有者，而我为他们工作。”因此，AMC在其官网为散户投资者定制了名为“AMC Investor Connect”的计划。订阅股东将获得包括一盒免费爆米花、打折品和展映邀请等独家优惠，并可以与阿隆进行直接交流。但WSB论坛上的老哥们大多都是“人为财死”的亡命之徒，对这些人来说，一桶爆米花远远不值得他们为之卖命，能触动他们的只有实实在在的Dollar。也有人说，是因为万达的离场，重获“自由”的AMC才能“make the American film great again”。5月23日早间，万达集团发布消息，公司已全部退出AMC董事会。一纸通告给长达9年的跨国联姻画上了一个句号，并且累计回笼了14.76亿美元资金，相较最初7亿元的投入也赚了一倍有余。但截至周三收盘，AMC市值飙升至313亿美元。以此估算，万达至少少赚了25亿美元，约合159亿人民币。万达虽然少赚，但不能说亏，AMC的大涨也跟万达清仓无关。事实上，万达离场之后的一周内，AMC累计暴涨357%。但年初至今，AMC累计涨幅已经超过3000%。因此AMC涨不涨，跟万达关系不大。本次大涨真正的导火索，是AMC两天前发布的一则融资公告。当地时间6月1日盘前，AMC宣布向Mudrick Capital Management发行850万股A类普通股，将融资2.305亿美元，增发价格为27.12美元/股，较上周五的收盘价高出3.8%。公告显示，这笔融资将用于收购影院资产、租赁以及投资，并探索去杠杆化的机会。消息传来，股民振奋。当日开盘后再次大举买入AMC院线，股价一路高歌猛进，盘中一度大涨超28%，最终收盘涨幅仍高达22.66%，美股盘后，AMC院线继续拉升，大涨超18%。参与此次融资的Mudrick Capital可不是泛泛之辈，这家机构是AMC院线的重要股东，在去年12月底和今年1月初对AMC进行了大手笔投资，帮助后者避免了被破产清算。在年初的第一波散户狂潮中，不但连续飙升的股价给Mudrick带来了丰厚回报；并且它本身也通过做多AMC院线的债务和股票期权，并参与游戏驿站的交易，获利超2亿美元。这家会赚钱的机构，这次又狠狠秀了一把操作。6月1日刚刚参与了AMC的融资，当天盘中，Mudrick便抛售了其持有的所有AMC院线股份。按AMC周二最高价33.53美元计算，Mudrick一天以内最高可获利超过3.2亿人民币。Mudrick的突然倒戈并没有熄灭散户们大举买入AMC的热情，AMC涨势随之又来了一个小高潮。大股东都撤了散户们还不撤，是谁给了他们这么大的信心？2 谁嬴谁输，谁是下一个？WSB论坛最火的话题从游戏驿站到狗狗币，最近又变成了AMC。这是个以“YOLO”为口号，以“梭哈”为行动准则的“专业炒股论坛”，一场硬仗打下来，又有用户得意洋洋晒出了自己的战绩。这场大战，AMC肯定是躺赢。随着股价水涨船高，CEO阿隆持股价值从年初的约800万美元涨至超过2.2亿美元；套现离场的大股东Mudrick一天狂赚3.2亿人民币；最早买入的散户们当然也赚得盆满钵满。那么是谁亏了？当然还是空头们。数据显示，5月24日以来，做空AMC的机构累计损失超过18亿美元，今年以来的亏损额更是超过25亿美元。今年前5个月，做空游戏驿站、AMC院线两家公司股票的华尔街空头累计亏损达到了92.5亿美元，折合人民币接近600亿元。做空本就是愿赌服输的事，S3 Partners的最新数据显示，AMC院线有超过20%的流通股，即约9500万股被做空。随着股价上涨，这些做空AMC的对冲基金将不断亏损，直到没有足够的保证金，只能被迫清盘，从市场上买回股票。这就是所谓的逼空。数据来源：wind空头清盘、被迫变多头，也就是散户大获全胜之时。这时卖出股票，散户可以将利益最大化。昨天AMC一路跳涨，最高到72.6美元，几乎超过期权最高行权价73美元。所以说，这场战斗还没到结束的时候。如果今晚散户再次把AMC股价拉到73美元之上，那就又有空头要遭殃了。理论上，那时这些做市商已经没有了任何对冲手段，如果股票涨幅够大，足以让一批中型做市商破产。问题来了，年初那波以游戏驿站为首的逼空大战，已经让不少空头们吃足了苦头，为什么他们还敢干。就像WSB论坛中所言：人们骂我们是智障，因为我们一次又一次买这些股票，但为什么那些空头要一次又一次做空它们？华尔街的大佬们不看好这只股票的原因，在于AMC公司连年陷入亏损。2017年至2020年，AMC分别亏损4.87亿美元、1.1亿美元、1.5亿美元和45.9亿美元，今年一季度继续亏损5.67亿美元。重资产模式下，连年的亏损使其债台高筑。目前，AMC总负债规模达127.8亿美元，其中流动负债15.9亿美元，而其账面现金及现金等价物仅有8.1亿美元，资产负债率高达121.8%。同时，疫情之下，AMC院线还面临包括院线窗口期缩短、上映电影数量减少、影院关闭，和流媒体平台进攻等不利因素。因此Mudrick称，AMC院线股价被明显高估，它不是一只可以长期投资的股票；来自MKM Partners的分析师Eric Handler则对AMC给出了只有每股1美元的目标价。按常理来说，分析师们不看好这只股票再正常不过。不过，问题在于AMC总共有320万个人投资者股东，散户持股比例达到总股本的80%。这意味着，无论基本面如何，只要股票还没退市，哪怕再多华尔街机构唱空，如果散户们团结一致，这只股票就能永远涨下去。彭博分析师Geetha Ranganathan表示，“个人投资者希望通过挤压做空者和对冲基金来改造华尔街”。散户们对于战胜华尔街大佬们的游戏乐此不疲，这就是AMC坐上火箭升空的原因。3 结语围绕着AMC的多空博弈还没结束，今晚其股价能否拉上73美元关口将成为重要节点。与此同时，逼空大战时，对冲基金不得不抛售一些其它股票来换取流动性，这将使整个美股再次掀起血雨腥风。这一切归根结底，还要追究到2020年疫情时，美联储货币超发程度创下历史之最，极低的借贷成本和溢出的流动性推高了各种资产的价格所致。WSB概念卷土重来，彰显了散户们的力量依旧恐怖。去年AMC一度面临破产危机，但其一次次度过风险，资金链始终未曾断裂。最新一笔融资后，AMC的债务危机暂时缓解。疫苗渐渐普及，疫情最严峻的时刻也快要过去。AMC的前景看起来一片光明，再加上散户们昂扬的热情，这一次，空头们恐怕依然不会有好果子吃。","news_type":1,"symbols_score_info":{"KOSS":0.9,"BB":0.9,"GME":0.9,"EXPR":0.9,"AMC":0.9,"BBBY":0.9}},"isVote":1,"tweetType":1,"viewCount":5201,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107815057,"gmtCreate":1620463499779,"gmtModify":1704344104341,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"Hi&nbsp;","listText":"Hi&nbsp;","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/107815057","repostId":"1178459103","repostType":4,"repost":{"id":"1178459103","kind":"news","pubTimestamp":1620462728,"share":"https://ttm.financial/m/news/1178459103?lang=en_US&edition=fundamental","pubTime":"2021-05-08 16:32","market":"us","language":"zh","title":"Holdings were reduced twice in one week! Bezos dumps $5 billion in Amazon stock","url":"https://stock-news.laohu8.com/highlight/detail?id=1178459103","media":"华尔街见闻","summary":"摘要：目前，贝索斯持有的亚马逊股票依然超过10%，并以1920亿美元的身价位列世界首富，领先第二名马斯克的1840亿美元。\n\n一周之内，亚马逊创始人贝索斯连续两次减持股票，累计规模达到近50亿美元。\n","content":"<p>Abstract: Currently, Bezos still holds more than 10% of Amazon stock and ranks as the world's richest person with a net worth of $192 billion, ahead of Elon Musk's $184 billion. Within a week, Amazon founder Jeff Bezos reduced his stock holdings twice in a row, totaling nearly $5 billion.</p><p>According to the latest documents disclosed by the U.S. Securities and Exchange Commission on Friday, Bezos sold 739,032 Amazon shares as planned. Earlier this week, he had just reduced his holdings by the same number of shares.</p><p>In 2020, Bezos reduced his stock holdings by more than $10 billion in three separate instances: February, August, and November. According to this plan, Bezos will sell more than 2 million Amazon shares in this round.</p><p>Currently, Bezos still holds more than 10% of Amazon stock and ranks as the world's richest person with a net worth of $192 billion, ahead of Elon Musk's $184 billion in second place.</p><p>Last year, driven by the pandemic, Amazon's stock price surged 76%, and this year it rose by more than 9% at one point. However, due to the sharp drop in tech stocks last week, the gains this year had narrowed to 1.1% as of Friday.</p><p><img src=\"https://static.tigerbbs.com/61006c20a59fc1bee56fc7c55c684c89\" tg-width=\"873\" tg-height=\"535\" referrerpolicy=\"no-referrer\"></p><p>How does Bezos plan to use the enormous wealth he has cashed out? Previously, much of the money Bezos cashed out was invested in his airline, Blue Origin. Last February, he also launched the Earth Fund, a charitable project, pledging to spend 10 billion over 10 years to combat global warming.</p><p>However, Bezos's money may have another important use this time—to buy a yacht. According to media reports, Amazon CEO Jeff Bezos recently commissioned a 127-meter-long superyacht from Dutch shipbuilder Marine. This yacht cost $500 million and is expected to become \"one of the best yachts in existence.\"</p><p>It is said that the yacht was \"so big\" that Bezos even custom-built a second, smaller \"support yacht,\" which also included a helipad. Bezos's girlfriend, Lauren Sanchez, is a helicopter pilot, and Bezos has also taken flight lessons.</p><p>Earlier this year, Bezos announced that he would step down as Amazon CEO by the end of the year, which would give him more time to devote to his other businesses, including Blue Origin, The Washington Post, and the Earth Foundation.</p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Holdings were reduced twice in one week! Bezos dumps $5 billion in Amazon stock</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\">\nHoldings were reduced twice in one week! Bezos dumps $5 billion in Amazon stock\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-05-08 16:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Abstract: Currently, Bezos still holds more than 10% of Amazon stock and ranks as the world's richest person with a net worth of $192 billion, ahead of Elon Musk's $184 billion. Within a week, Amazon founder Jeff Bezos reduced his stock holdings twice in a row, totaling nearly $5 billion.</p><p>According to the latest documents disclosed by the U.S. Securities and Exchange Commission on Friday, Bezos sold 739,032 Amazon shares as planned. Earlier this week, he had just reduced his holdings by the same number of shares.</p><p>In 2020, Bezos reduced his stock holdings by more than $10 billion in three separate instances: February, August, and November. According to this plan, Bezos will sell more than 2 million Amazon shares in this round.</p><p>Currently, Bezos still holds more than 10% of Amazon stock and ranks as the world's richest person with a net worth of $192 billion, ahead of Elon Musk's $184 billion in second place.</p><p>Last year, driven by the pandemic, Amazon's stock price surged 76%, and this year it rose by more than 9% at one point. However, due to the sharp drop in tech stocks last week, the gains this year had narrowed to 1.1% as of Friday.</p><p><img src=\"https://static.tigerbbs.com/61006c20a59fc1bee56fc7c55c684c89\" tg-width=\"873\" tg-height=\"535\" referrerpolicy=\"no-referrer\"></p><p>How does Bezos plan to use the enormous wealth he has cashed out? Previously, much of the money Bezos cashed out was invested in his airline, Blue Origin. Last February, he also launched the Earth Fund, a charitable project, pledging to spend 10 billion over 10 years to combat global warming.</p><p>However, Bezos's money may have another important use this time—to buy a yacht. According to media reports, Amazon CEO Jeff Bezos recently commissioned a 127-meter-long superyacht from Dutch shipbuilder Marine. This yacht cost $500 million and is expected to become \"one of the best yachts in existence.\"</p><p>It is said that the yacht was \"so big\" that Bezos even custom-built a second, smaller \"support yacht,\" which also included a helipad. Bezos's girlfriend, Lauren Sanchez, is a helicopter pilot, and Bezos has also taken flight lessons.</p><p>Earlier this year, Bezos announced that he would step down as Amazon CEO by the end of the year, which would give him more time to devote to his other businesses, including Blue Origin, The Washington Post, and the Earth Foundation.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3629823\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9dffe01d72356572c6df4fa7726ddb0c","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://wallstreetcn.com/articles/3629823","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1178459103","content_text":"摘要：目前，贝索斯持有的亚马逊股票依然超过10%，并以1920亿美元的身价位列世界首富，领先第二名马斯克的1840亿美元。\n\n一周之内，亚马逊创始人贝索斯连续两次减持股票，累计规模达到近50亿美元。\n据美国证监会周五披露的最新文件，贝索斯按计划出售了739032股亚马逊股票。本周早些时候，他刚刚减持了相同数量的股票。\n2020年，贝索斯分别于2月、8月和11月三次累计减持了超过100亿美元股票。而根据这次计划，贝索斯这轮将抛售200多万股亚马逊股票。\n目前，贝索斯持有的亚马逊股票依然超过10%，并以1920亿美元的身价位列世界首富，领先第二名马斯克的1840亿美元。\n去年，在疫情推动下，亚马逊股价大涨了76%，今年一度涨逾9%，但由于上周科技股大跌，截至周五，今年的涨幅已经收窄至1.1%。\n\n套现的巨额财富，贝索斯准备怎么用呢？此前，贝索斯套现的很多资金都被他投资于旗下的航空公司蓝色起源。去年2月，他还推出了慈善项目地球基金，承诺要10年花光100亿，应对全球气候变暖。\n不过这次贝索斯的钱可能还有一个重要用途——买游艇。据媒体报道，亚马逊CEO贝佐斯前不久从荷兰造船商海洋公司定制了一艘127米长的超大型游艇。这艘游艇造价5亿美元，有望成为\"现存最好的游艇之一\"。\n据称，由于这艘游艇“太大了”，以至于贝索斯还专门定制了第二艘规模较小的“支持游艇”，其中还建造了直升机停机坪。贝索斯的女友劳伦·桑切斯是一名直升机飞行员，贝索斯也上过飞行课。\n今年年初，贝索斯宣布将于今年年底前卸去亚马逊CEO一职，这将使他有更多时间投入他的其他业务中去，包括蓝色起源、华盛顿邮报和地球基金等等。","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":1802,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104271300,"gmtCreate":1620395945900,"gmtModify":1704343098976,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/104271300","repostId":"2133050027","repostType":4,"repost":{"id":"2133050027","kind":"news","pubTimestamp":1620395795,"share":"https://ttm.financial/m/news/2133050027?lang=en_US&edition=fundamental","pubTime":"2021-05-07 21:56","market":"us","language":"zh","title":"After reading Bezos's letter to shareholders 23 years ago, I learned these things.","url":"https://stock-news.laohu8.com/highlight/detail?id=2133050027","media":"36氪","summary":"编者按：一家企业的致股东的信往往能反映这个企业及领导者的价值观和理念。在所有致股东的信中，研究最多的是巴菲特致股东的信。除此之外，亚马逊作为一个伟大的互联网零售企业，其领导者贝索斯致股东的信也值得深入","content":"<p>Editor's Note: A company's letter to shareholders often reflects the values and philosophies of the company and its leaders. Of all the letters to shareholders, Buffett's letter to shareholders has been the most studied. In addition, as a great internet retail company, Amazon's leader Jeff Bezos's letter to shareholders is also worth studying in depth. This article reviews Bezos's letters to shareholders over the past 23 years, condensing the essence of the letters to share with you. This article was translated from Medium by Sumit Grrg, originally titled \"Read 23 Years Worth of Jeff Bezos' Amazon Shareholder Letters — Here's What I Learned\"， Hopefully, this will inspire you.</p><p><img src=\"https://static.tigerbbs.com/02c1e7f37ab0059568a615de8884c1b1\" tg-width=\"550\" tg-height=\"380\" referrerpolicy=\"no-referrer\">Jeff Bezos speaks after accepting the 2019 International Astronautical Federation Industrial Excellence Award in Washington, D.C., on October 22, 2019. pictures :MANDEL NGAN/AFP/Getty Images</p><p>In the early 1990s, few people had heard of the Internet. Jeff Bezos happens to be one of those who has heard of the concept of the Internet.</p><p>Bezos saw that the internet was growing at a rate of 2,300 percent per year, and he decided to come up with a business idea to ride this wave. He made a list of products to sell online and quickly locked in books.</p><p>Bezos originally named his online bookstore Cadabra. But just three months later, he changed his name to the Amazon, after the largest river on Earth, which is naturally the choice of most people on Earth. Although the company still lives up to its name today, it has come a long way to get to where it is today. In the early days of his startup, Bezos held more than 50 meetings to raise $1 million from investors. The most common question in these meetings was, \"What is the Internet?\"</p><p>Today, Amazon's market capitalization is close to $1.7 trillion. Jeff Bezos, who was recently surpassed by Elon Musk, has topped the list of the world's richest people for the third consecutive year.</p><p>But for Bezos, the title of \"world's richest man\" is not that valuable, because he prefers to be called an inventor or entrepreneur. He's right. The outgoing Amazon CEO is one of the world's finest entrepreneurs. Jeff Bezos forever changed the way we shop, transforming (and disrupting) multiple industries.</p><p>Over the past few years, I have repeatedly read every open letter Bezos has written to Amazon shareholders over the past 23 years. These letters not only provide us with a brief history of Amazon, but also give us a deeper understanding of the masterminds behind this massive internet company.</p><p>The following is a summary of the key points in these letters.</p><p><b>1997: Pursue long-term leadership, not short-term profitability</b></p><p>By selling books online, Amazon discovered a unique opportunity and began offering customers a much wider selection of books than in physical stores, \"and in bookstores that are open 24 hours a day, 365 days a year, presented to customers in a useful, easy-to-search, and easy-to-navigate format.\"</p><p>Amazon went public in 1997, and shortly after that, Bezos wrote his first letter to shareholders, which truly reflected his now famous Day-1 mentality—a principle widely adopted in the entrepreneurial community: to always maintain the same initial enthusiasm and passion for the company as in its early days.</p><p>\"The internet was, and still is, the wait of the whole world.\"</p><p>Bezos has long-term goals, and he makes decisions and weighs trade-offs differently from most other business leaders:</p><p>Continuous focus on customers.</p><p>Prioritize growth (scale), long-term market leadership, and long-term profitability over short-term profitability. Amazon hopes to solidify its market leadership amidst fierce competition from numerous large entrants and companies such as bookselling giant Barnes & Noble.</p><p>Hiring and retaining talent, with a compensation structure that emphasizes stock options rather than cash, and using \"benefits linked to risk sharing\" to make them think and act like masters.</p><p>Like a true dreamer, Bezos was visionary from the start: \"Today, e-commerce saves customers money and time. Tomorrow, through personalization, it will accelerate the entire discovery process.\"</p><p><b>1998: 3 criteria to consider when recruiting</b></p><p>Bezos stated that setting high barriers to entry during hiring is the most important factor in Amazon's success. At the hiring meeting, he suggested that managers consider the following three questions:</p><p>1. Would you admire this person? The person you admire is someone you can learn from.</p><p>2. Will this person improve the team's average efficiency level? The threshold must be increasingly high.</p><p>3. To what extent is this person likely to become a superstar? Most people have unique skills that can enrich the work environment for everyone else.</p><p><b>1999: Today is good enough, but it can get better</b></p><p>“The current online shopping experience is the worst. It’s already attracting 17 million users, but it will only get better.” Bezos, with his sights set on long-term success and business dominance, is determined to build a culture that will never be stable at Amazon.</p><p>After adding discounted music to its online retail offerings in 1998, Amazon took a series of major initiatives in 1999, including the introduction of zShops (now Marketplace), a trading platform that supports third-party sellers, and a \"one-click\" payment solution that revolutionized e-commerce checkout.</p><p><b>2000: A company that wants to be a heavyweight</b></p><p>Bezos's letter this year begins with one word: \"Ouch.\"</p><p>Although Amazon was one of the few internet companies to survive the bursting of the dot-com bubble, its stock price plummeted from $116 at the peak of the dot-com bubble to $6.</p><p>To explain the turmoil caused by the stock market crash, Bezos borrowed the words of investor Benjamin Graham, who once said, \"In the short term, the stock market is a voting machine; in the long term, it is a weighing machine.\"</p><p>Amazon, as Bezos said in his letter to shareholders, is a \"company that wants to be weighed.\"</p><p>In another letter, he added, “We won’t celebrate a 10% increase in stock price the way we celebrate an excellent customer experience. A 10% increase in stock price doesn’t increase our intelligence by 10%, and conversely, we won’t be 10% stupid when stock prices fall. We want to be weighed, and we’ve been working hard to build a heavier company.”</p><p><b>2001: Eliminating errors at their root</b></p><p>Bezos launched features such as \"Look Inside the Book,\" a free program that allows authors and publishers to promote their books. Bezos emphasized Amazon's efforts to always improve the customer experience while encouraging merchants and small businesses to thrive in its ecosystem.</p><p>Bezos added, \"One of the most important things we do to improve customer convenience and experience happens to be a huge driver of variable cost productivity: fundamentally eliminating errors and mistakes.\" Because when you implement an eradication program, you're not just solving a customer's problem, but also solving a problem for every customer. Bezos said, \"Eliminating the root causes of errors can save us money and save our customers time.\"</p><p><b>2002: What's good for customers is good for shareholders</b></p><p>For example, Bezos insists on constantly lowering prices to beat competitors and win customers. In the long run, increased sales will in turn drive profit growth, which is best for shareholders.</p><p><b>2003: Long-term investment, being the real master</b></p><p>“I know a couple who rented out their house, and the family who moved in nailed the Christmas tree to the hardwood floor instead of using a tree stand. I think it was a stopgap measure. Admittedly, these tenants were terrible, but no landlord would be so short-sighted. Landlords and tenants are different.” Long-term thinking is both a necessary condition and a result of true mastery.</p><p>Bezos added, \"Similarly, many investors are actually short-term tenants whose portfolios change very quickly, essentially just renting stocks they hold temporarily.\" Bezos reiterated that his business case is to remain optimistic about the long-term vision.</p><p>In 2003, at an executive retreat held at Bezos's home, the seeds of the cloud computing business Amazon Web Services (AWS) were planted. This business was initially invented to help Amazon solve its own problems, but it quickly became obvious that every company wanted it. Today, AWS has dominated the public cloud market and become the company's largest source of profit. A few years later, when commenting on the success of AWS, Bezos spoke about what he considered a business miracle: \"We didn't encounter a competitor with similar views for seven whole years. As a pioneer, if you're lucky, you can probably get a two-year lead. But no one can get a seven-year lead, which is simply unbelievable.\"</p><p><b>2004: Cash is King</b></p><p>“Cash flow best explains a company’s long-term stock price. Amazon has a cash-generating operating cycle because it turns around quickly and can collect payments from customers before paying suppliers.”</p><p>Free cash flow is the reason Amazon continues to grow despite low profits, year after year. For ease of understanding, here is an excerpt from Vox explaining how \"small profits\" compound over time:</p><p>\"Free cash flow is somewhat similar to profit, except it doesn't assume that Amazon has to pay everything within the same timeframe for selling items. And because of Amazon's payment cycle mechanism, companies often receive payment for items sold long before they have to pay for them. For example,<a href=\"https://laohu8.com/S/WMT\">Walmart</a>It takes an average of three days to receive payment from suppliers, while Amazon pays suppliers an average of 18 days after receiving payment.</p><p><b>2005: Dare to make bold decisions</b></p><p>Bezos identified two types of decisions that companies must frequently face:</p><p>1. Mathematical-based decision-making: Decisions that can be made using data, where \"there is a right answer or a wrong answer, a better answer or a worse answer, and mathematics tells us which is which. These decisions still require us to make some assumptions and judgments, but the heaviest work is done by mathematics.\"</p><p>2. Judgment-based decision-making: \"While data, analysis, and mathematics all play a role, the main factor in these decisions is judgment. In this case, there is almost no historical data to guide us, and prospective experiments are either impossible, impractical, or no different from making decisions.\"</p><p>Bezos believes that \"any organization unwilling to tolerate controversy must limit its decision-making to the first type. But doing so not only limits controversy, but also significantly limits innovation and long-term value creation.\" He advises companies to \"combine their strong quantitative and analytical culture with a willingness to make bold decisions.\"</p><p>It was precisely because of this bold theme that 2005 was also the year Amazon Prime was born. It all started with the idea of a junior software engineer at Amazon to offer customers a \"fast, free delivery buffet\". By 2018, Amazon will become the second largest paid membership program, after Netflix. Moreover, Amazon Prime remains one of Amazon's most valuable and brand-recognized assets.</p><p><b>2006: Sowing seeds for new business</b></p><p>Bezos suggests carefully evaluating this checklist before investing in a new business:</p><p>Whether the new opportunity can generate the expected return on capital.</p><p>How large can it grow to?</p><p>Is the service in this market still inadequate?</p><p>Do you possess the necessary capabilities to introduce strong customer-facing differentiation to the market?</p><p>Bezos used the above factors to explain why Amazon has so far refused to open physical stores.</p><p>He said, \"The potential scale of the physical store network is exciting. However, we don't know how to achieve low capital and high returns. Retail in the physical world is a cautious and ancient industry with very well-developed services, and we don't have any new ideas to build a physical store that would give customers a better sense of differentiation.\"</p><p>He added, \"When you see us entering new business areas, it's because we believe the tests mentioned above have passed.\"</p><p>It wasn't until 2015 that Amazon opened its first physical bookstore. Then it will acquire<a href=\"https://laohu8.com/S/WFM\">Whole Foods Market</a>Whole Foods entered the grocery retail sector and opened an Amazon Go convenience store without cashiers.</p><p><b>2007: \"Missionaries\" can make better products</b></p><p>On November 19, 2007, Amazon introduced the Kindle e-reader to the world, redefining the way we consume books.</p><p>Bezos said, \"We set a long-term vision from the beginning: regardless of the language, as long as a book has been published, users can read it in 60 seconds. We started by setting ourselves an obviously very bold goal to improve the physical book. This goal is not easily chosen. Anything that exists in roughly the same form and resists changing for 500 years cannot be easily improved.\"</p><p>Bezos said that as an inventor, you are either a mercenary or a missionary. The mercenaries were thinking about how to sell their things. Missionaries, however, love their products, their customers, and strive to provide excellent service. He said, but paradoxically, \"it is often the missionaries who make more money.\" Products like the Kindle can only be created with pure passion and true belief.</p><p>\"The Kindle is designed for long periods of reading. We hope that the Kindle and its subsequent products will gradually extend the time we can concentrate on reading over several years, buffering the recent tendency to read fragmented information. I know I sound like a missionary, and I can assure you I mean it from the bottom of my heart.\" This is not just my idea; a large group of people in our company also have this idea. I'm happy about that, because the missionaries' dedication helps us create better products.</p><p>However, Bezos was quick to admit that innovation waits for no one. So, if you don't execute well or fast enough, others will seize the opportunity.</p><p><b>2008: Safeguarding the long-term interests of the company</b></p><p>Bezos wrote, \"Seeking immediate gratification or making unattainable promises, you'll likely find that a group of people are already ahead of you.\" Conversely, long-term thinking:</p><p>Give full play to our existing capabilities.</p><p>It allows us to do new things that we couldn't think of before.</p><p>Support the failures and iterations required for the invention.</p><p>Free us to explore the unknown.</p><p>This year, Amazon acquired Audible, which is now the leader in the audiobook market.</p><p><b>2009: Listen to our customers' voices and innovate for them.</b></p><p>Bezos's definition of Amazon's basic policy is: \"Start with the customer and work backwards. Listen to the customer's opinion, but don't just listen to the customer's opinion; invent for them.\"</p><p>Although he did not mention the now obvious and infamous rebuttal in his letter, \"If you can't beat them, then acquire them.\" Early footwear e-commerce giant Zappos is an example. After finding it difficult to catch up with the former, Amazon acquired it directly.</p><p><b>2010: Invention of new methods</b></p><p>Invention is a fundamental tool for developing and improving all aspects of the customer experience. “While many of our systems are based on the latest findings in computer science research, this is often not enough: our architects and engineers have to pursue further research in areas that have not yet been explored academically, and we face many problems that have not yet been solved in textbooks, so we are happy to invent new approaches,” Bezos wrote.</p><p>Corporate milestone: In July 2010, Amazon announced that in the three years since the Kindle was launched, e-book sales had surpassed physical books.</p><p><b>2011: The most radical inventions are those that \"enable others to pursue their dreams.\"</b></p><p>\"Even well-meaning gatekeepers can hinder innovation,\" Bezos said, emphasizing the self-service nature of various Amazon platforms, including Amazon Web Services, Marketplace, and Kindle Direct Publishing. \"When a platform is self-service, even unlikely ideas will be tried, and many of them are indeed feasible, and society is the beneficiary of this diversity.\"</p><p><b>2012: Prioritize customers over chasing competitors</b></p><p>Bezos believes that one of the advantages of focusing on customer orientation is that \"it helps with a certain type of initiative. When we're at our best, we don't have to wait for external pressure. Before we're forced to do it, we're already being pushed internally to improve our services, add benefits and features. We're already lowering prices and adding value for our customers before we're forced to.\" We invented it before we had to.”</p><p>He added, “These investments are motivated by a customer-centric approach rather than a reaction to competition. We believe this approach has earned more customer trust and driven rapid improvements in customer experience—importantly—even in areas where we have already become leaders.”</p><p><b>2013: Severance pay</b></p><p>Amazon pays employees severance pay once a year. Although, the title of this offer is \"Please do not accept this invitation\". “Our goal is to encourage people to take some time to think about what they really want. In the long run, if an employee reluctantly stays at the company, it’s not only bad for them, but also for the company.”</p><p>In 2013, Bezos acquired the company from the Graham family for $250 million in cash.<a href=\"https://laohu8.com/S/WPO\">The Washington Post</a>\"(The Washington Post).</p><p><b>2014: When you find a dream business opportunity, act</b></p><p>Bezos believes that a \"dream business product\" has at least four characteristics:</p><p>1. Customers like it.</p><p>2. It can grow to be very powerful.</p><p>3. It has a high rate of return.</p><p>4. It could last for decades.</p><p>In 2014, Amazon launched Fire TV and introduced the first Echo smart speaker for users to choose from.</p><p><b>2015: Big winners pay for numerous experiments</b></p><p>This year, Amazon launched its first and last smartphone, the Fire. The phone proved to be a huge failure, and Bezos talked about the importance of failure.</p><p>“If there’s a 10% chance of getting a 100x return, you should bet every time, which is usually right. But nine times out of ten you’ll still be wrong,” Bezos wrote.</p><p>With entrepreneurial enthusiasm, he added, \"We aspire to become a large company that also invents machines. We hope to combine the exceptional customer service capabilities offered by our scale with the usual...\"<a href=\"https://laohu8.com/S/V03.SI\">Startup company</a>Only then can the speed of action, flexibility, and risk-taking mindset be combined.</p><p>Amazon also acquired Twitch, a video game streaming site, this year. The Echo smart speaker was also rolled out across the board just before the holiday season.</p><p><b>2016: Always the first day</b></p><p>Bezos said, \"The 'second day' company stagnates, immediately becomes irrelevant, followed by a painful recession, and then death.\" How can we avoid entering the second day? Ask yourself these simple questions:</p><p>Will you satisfy your customers?</p><p>Are you a victim of agencies, or are they serving you? Are you the master of the process, or is the process your master?</p><p>Are world trends in your favor?</p><p>Are you only satisfied with the quality of decision-making, or are you also concerned with the speed of decision-making?</p><p>Bezos details how to make high-quality, high-speed decisions:</p><p>1. What if you're wrong? Some decisions are irreversible and must be made slowly and thoughtfully. However, most decisions are reversible and can be easily corrected. It is important to determine which is which, rather than using a \"one-size-fits-all\" approach.</p><p>2. Once you have 70% of the information you want to obtain, you should be able to make most decisions. If you insist on waiting until you have mastered 90%, then you are slow. If you are good at course correction, the cost of making mistakes will be less than slow decision-making.</p><p>3. Dare to offer advice and obey the overall situation. Bezos explained, \"If you're absolutely certain about a particular direction, even if there's no consensus, it's helpful to bring it up: 'I know everyone disagrees with this, but are you willing to make a bet with me? Disagree but obey?' At this point, no one can be sure they know the answer, and you might get everyone's agreement very quickly.\"</p><p>4. “Sometimes teams have different goals and fundamentally different perspectives. They are inconsistent, and no amount of discussion or meeting can resolve this serious misalignment,” Bezos wrote. Therefore, it is best to detect misalignment problems as early as possible and pay attention to them immediately.</p><p><b>2017: Yesterday's \"wow\" quickly turned into today's \"ordinary\"</b></p><p>No matter how much customer demands and expectations continue to rise, Amazon always manages to stay ahead to some extent. And why? According to Bezos, the reason is their high standards.</p><p>Bezos believes that setting high standards is teachable, contagious, and domain-related, meaning you must learn high standards separately in each area of interest. To achieve high standards:</p><p>1. You must know what is good.</p><p>2. Your expectations must be realistic, and you must be aware of the difficulty of achieving the goal, or how much effort it will take.</p><p>According to Bezos, identification and scope are the two most important principles for high-standard delivery.</p><p>Leaders relentlessly set high standards, which many would even consider outrageously high. —Amazon Leadership Principles</p><p>For example, PowerPoint is nothing to Amazon. Instead, their employees had to write a six-page narrative, structured memo and speak it out. According to Bezos,</p><p>Good memos need to be written over and over again.</p><p>Also share with colleagues who are asked to improve their work.</p><p>Give yourself a few days, and then re-edit with a new mindset.</p><p>Bezos said, \"Poorly written memos are often not because writers don't recognize what high standards look like, but because they have wrong expectations of scope: they mistakenly believe that they can write a high-standard six-page memo in a day or two or even a few hours, but it can actually take a week or more! They want to do a perfect handstand in just two weeks, and we haven't taught them well.\"</p><p>He said, \"The key is that simply teaching them the scope can improve the results—letting them know that a good memo can take a week or more.\"</p><p>In 2017, Amazon acquired Whole Foods Market.</p><p><b>2018: The road to success will not be smooth sailing</b></p><p>Sometimes running a business is like this: you know where you're going, and you can get there very efficiently. However, those major \"nonlinear\" discoveries may require you to take detours, relying on intuition or curiosity to guide you. In order to find a way out, it is worthwhile to be a little chaotic and go astray.</p><p>\"Extremely large 'nonlinear' discoveries require taking detours.\"</p><p>In 2013, if you went to a customer and said, \"Would you like to put a black cylinder in the kitchen, about the size of a Pringles, where you can chat with it, ask questions, and turn on the lights and play music for you?\" I guarantee they'd look at you strangely and say, \"No, thank you.\" No customer wants an Echo,\" Bezos explained.</p><p>“This is definitely a detour we took,” he said.</p><p><b>2019: It's still day one</b></p><p>Bezos's letter was written in April 2020, when the world was being hit hard by the pandemic. Bezos explained Amazon's role in fighting the pandemic and meeting growing demand, as consumers now rely more than ever on Amazon's services to deliver goods to their doorsteps.</p><p>Bezos concluded with a quote from Theodor Seuss Geisel: \"When something bad happens, you have three choices: you can let it define you, let it destroy you, or let it make you stronger.\"</p><p>Bezos reiterated, \"Even in this situation, we still need to maintain a Day 1 mindset.\"</p>","source":"36k","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>After reading Bezos's letter to shareholders 23 years ago, I learned these things.</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\">\nAfter reading Bezos's letter to shareholders 23 years ago, I learned these things.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2021-05-07 21:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Editor's Note: A company's letter to shareholders often reflects the values and philosophies of the company and its leaders. Of all the letters to shareholders, Buffett's letter to shareholders has been the most studied. In addition, as a great internet retail company, Amazon's leader Jeff Bezos's letter to shareholders is also worth studying in depth. This article reviews Bezos's letters to shareholders over the past 23 years, condensing the essence of the letters to share with you. This article was translated from Medium by Sumit Grrg, originally titled \"Read 23 Years Worth of Jeff Bezos' Amazon Shareholder Letters — Here's What I Learned\"， Hopefully, this will inspire you.</p><p><img src=\"https://static.tigerbbs.com/02c1e7f37ab0059568a615de8884c1b1\" tg-width=\"550\" tg-height=\"380\" referrerpolicy=\"no-referrer\">Jeff Bezos speaks after accepting the 2019 International Astronautical Federation Industrial Excellence Award in Washington, D.C., on October 22, 2019. pictures :MANDEL NGAN/AFP/Getty Images</p><p>In the early 1990s, few people had heard of the Internet. Jeff Bezos happens to be one of those who has heard of the concept of the Internet.</p><p>Bezos saw that the internet was growing at a rate of 2,300 percent per year, and he decided to come up with a business idea to ride this wave. He made a list of products to sell online and quickly locked in books.</p><p>Bezos originally named his online bookstore Cadabra. But just three months later, he changed his name to the Amazon, after the largest river on Earth, which is naturally the choice of most people on Earth. Although the company still lives up to its name today, it has come a long way to get to where it is today. In the early days of his startup, Bezos held more than 50 meetings to raise $1 million from investors. The most common question in these meetings was, \"What is the Internet?\"</p><p>Today, Amazon's market capitalization is close to $1.7 trillion. Jeff Bezos, who was recently surpassed by Elon Musk, has topped the list of the world's richest people for the third consecutive year.</p><p>But for Bezos, the title of \"world's richest man\" is not that valuable, because he prefers to be called an inventor or entrepreneur. He's right. The outgoing Amazon CEO is one of the world's finest entrepreneurs. Jeff Bezos forever changed the way we shop, transforming (and disrupting) multiple industries.</p><p>Over the past few years, I have repeatedly read every open letter Bezos has written to Amazon shareholders over the past 23 years. These letters not only provide us with a brief history of Amazon, but also give us a deeper understanding of the masterminds behind this massive internet company.</p><p>The following is a summary of the key points in these letters.</p><p><b>1997: Pursue long-term leadership, not short-term profitability</b></p><p>By selling books online, Amazon discovered a unique opportunity and began offering customers a much wider selection of books than in physical stores, \"and in bookstores that are open 24 hours a day, 365 days a year, presented to customers in a useful, easy-to-search, and easy-to-navigate format.\"</p><p>Amazon went public in 1997, and shortly after that, Bezos wrote his first letter to shareholders, which truly reflected his now famous Day-1 mentality—a principle widely adopted in the entrepreneurial community: to always maintain the same initial enthusiasm and passion for the company as in its early days.</p><p>\"The internet was, and still is, the wait of the whole world.\"</p><p>Bezos has long-term goals, and he makes decisions and weighs trade-offs differently from most other business leaders:</p><p>Continuous focus on customers.</p><p>Prioritize growth (scale), long-term market leadership, and long-term profitability over short-term profitability. Amazon hopes to solidify its market leadership amidst fierce competition from numerous large entrants and companies such as bookselling giant Barnes & Noble.</p><p>Hiring and retaining talent, with a compensation structure that emphasizes stock options rather than cash, and using \"benefits linked to risk sharing\" to make them think and act like masters.</p><p>Like a true dreamer, Bezos was visionary from the start: \"Today, e-commerce saves customers money and time. Tomorrow, through personalization, it will accelerate the entire discovery process.\"</p><p><b>1998: 3 criteria to consider when recruiting</b></p><p>Bezos stated that setting high barriers to entry during hiring is the most important factor in Amazon's success. At the hiring meeting, he suggested that managers consider the following three questions:</p><p>1. Would you admire this person? The person you admire is someone you can learn from.</p><p>2. Will this person improve the team's average efficiency level? The threshold must be increasingly high.</p><p>3. To what extent is this person likely to become a superstar? Most people have unique skills that can enrich the work environment for everyone else.</p><p><b>1999: Today is good enough, but it can get better</b></p><p>“The current online shopping experience is the worst. It’s already attracting 17 million users, but it will only get better.” Bezos, with his sights set on long-term success and business dominance, is determined to build a culture that will never be stable at Amazon.</p><p>After adding discounted music to its online retail offerings in 1998, Amazon took a series of major initiatives in 1999, including the introduction of zShops (now Marketplace), a trading platform that supports third-party sellers, and a \"one-click\" payment solution that revolutionized e-commerce checkout.</p><p><b>2000: A company that wants to be a heavyweight</b></p><p>Bezos's letter this year begins with one word: \"Ouch.\"</p><p>Although Amazon was one of the few internet companies to survive the bursting of the dot-com bubble, its stock price plummeted from $116 at the peak of the dot-com bubble to $6.</p><p>To explain the turmoil caused by the stock market crash, Bezos borrowed the words of investor Benjamin Graham, who once said, \"In the short term, the stock market is a voting machine; in the long term, it is a weighing machine.\"</p><p>Amazon, as Bezos said in his letter to shareholders, is a \"company that wants to be weighed.\"</p><p>In another letter, he added, “We won’t celebrate a 10% increase in stock price the way we celebrate an excellent customer experience. A 10% increase in stock price doesn’t increase our intelligence by 10%, and conversely, we won’t be 10% stupid when stock prices fall. We want to be weighed, and we’ve been working hard to build a heavier company.”</p><p><b>2001: Eliminating errors at their root</b></p><p>Bezos launched features such as \"Look Inside the Book,\" a free program that allows authors and publishers to promote their books. Bezos emphasized Amazon's efforts to always improve the customer experience while encouraging merchants and small businesses to thrive in its ecosystem.</p><p>Bezos added, \"One of the most important things we do to improve customer convenience and experience happens to be a huge driver of variable cost productivity: fundamentally eliminating errors and mistakes.\" Because when you implement an eradication program, you're not just solving a customer's problem, but also solving a problem for every customer. Bezos said, \"Eliminating the root causes of errors can save us money and save our customers time.\"</p><p><b>2002: What's good for customers is good for shareholders</b></p><p>For example, Bezos insists on constantly lowering prices to beat competitors and win customers. In the long run, increased sales will in turn drive profit growth, which is best for shareholders.</p><p><b>2003: Long-term investment, being the real master</b></p><p>“I know a couple who rented out their house, and the family who moved in nailed the Christmas tree to the hardwood floor instead of using a tree stand. I think it was a stopgap measure. Admittedly, these tenants were terrible, but no landlord would be so short-sighted. Landlords and tenants are different.” Long-term thinking is both a necessary condition and a result of true mastery.</p><p>Bezos added, \"Similarly, many investors are actually short-term tenants whose portfolios change very quickly, essentially just renting stocks they hold temporarily.\" Bezos reiterated that his business case is to remain optimistic about the long-term vision.</p><p>In 2003, at an executive retreat held at Bezos's home, the seeds of the cloud computing business Amazon Web Services (AWS) were planted. This business was initially invented to help Amazon solve its own problems, but it quickly became obvious that every company wanted it. Today, AWS has dominated the public cloud market and become the company's largest source of profit. A few years later, when commenting on the success of AWS, Bezos spoke about what he considered a business miracle: \"We didn't encounter a competitor with similar views for seven whole years. As a pioneer, if you're lucky, you can probably get a two-year lead. But no one can get a seven-year lead, which is simply unbelievable.\"</p><p><b>2004: Cash is King</b></p><p>“Cash flow best explains a company’s long-term stock price. Amazon has a cash-generating operating cycle because it turns around quickly and can collect payments from customers before paying suppliers.”</p><p>Free cash flow is the reason Amazon continues to grow despite low profits, year after year. For ease of understanding, here is an excerpt from Vox explaining how \"small profits\" compound over time:</p><p>\"Free cash flow is somewhat similar to profit, except it doesn't assume that Amazon has to pay everything within the same timeframe for selling items. And because of Amazon's payment cycle mechanism, companies often receive payment for items sold long before they have to pay for them. For example,<a href=\"https://laohu8.com/S/WMT\">Walmart</a>It takes an average of three days to receive payment from suppliers, while Amazon pays suppliers an average of 18 days after receiving payment.</p><p><b>2005: Dare to make bold decisions</b></p><p>Bezos identified two types of decisions that companies must frequently face:</p><p>1. Mathematical-based decision-making: Decisions that can be made using data, where \"there is a right answer or a wrong answer, a better answer or a worse answer, and mathematics tells us which is which. These decisions still require us to make some assumptions and judgments, but the heaviest work is done by mathematics.\"</p><p>2. Judgment-based decision-making: \"While data, analysis, and mathematics all play a role, the main factor in these decisions is judgment. In this case, there is almost no historical data to guide us, and prospective experiments are either impossible, impractical, or no different from making decisions.\"</p><p>Bezos believes that \"any organization unwilling to tolerate controversy must limit its decision-making to the first type. But doing so not only limits controversy, but also significantly limits innovation and long-term value creation.\" He advises companies to \"combine their strong quantitative and analytical culture with a willingness to make bold decisions.\"</p><p>It was precisely because of this bold theme that 2005 was also the year Amazon Prime was born. It all started with the idea of a junior software engineer at Amazon to offer customers a \"fast, free delivery buffet\". By 2018, Amazon will become the second largest paid membership program, after Netflix. Moreover, Amazon Prime remains one of Amazon's most valuable and brand-recognized assets.</p><p><b>2006: Sowing seeds for new business</b></p><p>Bezos suggests carefully evaluating this checklist before investing in a new business:</p><p>Whether the new opportunity can generate the expected return on capital.</p><p>How large can it grow to?</p><p>Is the service in this market still inadequate?</p><p>Do you possess the necessary capabilities to introduce strong customer-facing differentiation to the market?</p><p>Bezos used the above factors to explain why Amazon has so far refused to open physical stores.</p><p>He said, \"The potential scale of the physical store network is exciting. However, we don't know how to achieve low capital and high returns. Retail in the physical world is a cautious and ancient industry with very well-developed services, and we don't have any new ideas to build a physical store that would give customers a better sense of differentiation.\"</p><p>He added, \"When you see us entering new business areas, it's because we believe the tests mentioned above have passed.\"</p><p>It wasn't until 2015 that Amazon opened its first physical bookstore. Then it will acquire<a href=\"https://laohu8.com/S/WFM\">Whole Foods Market</a>Whole Foods entered the grocery retail sector and opened an Amazon Go convenience store without cashiers.</p><p><b>2007: \"Missionaries\" can make better products</b></p><p>On November 19, 2007, Amazon introduced the Kindle e-reader to the world, redefining the way we consume books.</p><p>Bezos said, \"We set a long-term vision from the beginning: regardless of the language, as long as a book has been published, users can read it in 60 seconds. We started by setting ourselves an obviously very bold goal to improve the physical book. This goal is not easily chosen. Anything that exists in roughly the same form and resists changing for 500 years cannot be easily improved.\"</p><p>Bezos said that as an inventor, you are either a mercenary or a missionary. The mercenaries were thinking about how to sell their things. Missionaries, however, love their products, their customers, and strive to provide excellent service. He said, but paradoxically, \"it is often the missionaries who make more money.\" Products like the Kindle can only be created with pure passion and true belief.</p><p>\"The Kindle is designed for long periods of reading. We hope that the Kindle and its subsequent products will gradually extend the time we can concentrate on reading over several years, buffering the recent tendency to read fragmented information. I know I sound like a missionary, and I can assure you I mean it from the bottom of my heart.\" This is not just my idea; a large group of people in our company also have this idea. I'm happy about that, because the missionaries' dedication helps us create better products.</p><p>However, Bezos was quick to admit that innovation waits for no one. So, if you don't execute well or fast enough, others will seize the opportunity.</p><p><b>2008: Safeguarding the long-term interests of the company</b></p><p>Bezos wrote, \"Seeking immediate gratification or making unattainable promises, you'll likely find that a group of people are already ahead of you.\" Conversely, long-term thinking:</p><p>Give full play to our existing capabilities.</p><p>It allows us to do new things that we couldn't think of before.</p><p>Support the failures and iterations required for the invention.</p><p>Free us to explore the unknown.</p><p>This year, Amazon acquired Audible, which is now the leader in the audiobook market.</p><p><b>2009: Listen to our customers' voices and innovate for them.</b></p><p>Bezos's definition of Amazon's basic policy is: \"Start with the customer and work backwards. Listen to the customer's opinion, but don't just listen to the customer's opinion; invent for them.\"</p><p>Although he did not mention the now obvious and infamous rebuttal in his letter, \"If you can't beat them, then acquire them.\" Early footwear e-commerce giant Zappos is an example. After finding it difficult to catch up with the former, Amazon acquired it directly.</p><p><b>2010: Invention of new methods</b></p><p>Invention is a fundamental tool for developing and improving all aspects of the customer experience. “While many of our systems are based on the latest findings in computer science research, this is often not enough: our architects and engineers have to pursue further research in areas that have not yet been explored academically, and we face many problems that have not yet been solved in textbooks, so we are happy to invent new approaches,” Bezos wrote.</p><p>Corporate milestone: In July 2010, Amazon announced that in the three years since the Kindle was launched, e-book sales had surpassed physical books.</p><p><b>2011: The most radical inventions are those that \"enable others to pursue their dreams.\"</b></p><p>\"Even well-meaning gatekeepers can hinder innovation,\" Bezos said, emphasizing the self-service nature of various Amazon platforms, including Amazon Web Services, Marketplace, and Kindle Direct Publishing. \"When a platform is self-service, even unlikely ideas will be tried, and many of them are indeed feasible, and society is the beneficiary of this diversity.\"</p><p><b>2012: Prioritize customers over chasing competitors</b></p><p>Bezos believes that one of the advantages of focusing on customer orientation is that \"it helps with a certain type of initiative. When we're at our best, we don't have to wait for external pressure. Before we're forced to do it, we're already being pushed internally to improve our services, add benefits and features. We're already lowering prices and adding value for our customers before we're forced to.\" We invented it before we had to.”</p><p>He added, “These investments are motivated by a customer-centric approach rather than a reaction to competition. We believe this approach has earned more customer trust and driven rapid improvements in customer experience—importantly—even in areas where we have already become leaders.”</p><p><b>2013: Severance pay</b></p><p>Amazon pays employees severance pay once a year. Although, the title of this offer is \"Please do not accept this invitation\". “Our goal is to encourage people to take some time to think about what they really want. In the long run, if an employee reluctantly stays at the company, it’s not only bad for them, but also for the company.”</p><p>In 2013, Bezos acquired the company from the Graham family for $250 million in cash.<a href=\"https://laohu8.com/S/WPO\">The Washington Post</a>\"(The Washington Post).</p><p><b>2014: When you find a dream business opportunity, act</b></p><p>Bezos believes that a \"dream business product\" has at least four characteristics:</p><p>1. Customers like it.</p><p>2. It can grow to be very powerful.</p><p>3. It has a high rate of return.</p><p>4. It could last for decades.</p><p>In 2014, Amazon launched Fire TV and introduced the first Echo smart speaker for users to choose from.</p><p><b>2015: Big winners pay for numerous experiments</b></p><p>This year, Amazon launched its first and last smartphone, the Fire. The phone proved to be a huge failure, and Bezos talked about the importance of failure.</p><p>“If there’s a 10% chance of getting a 100x return, you should bet every time, which is usually right. But nine times out of ten you’ll still be wrong,” Bezos wrote.</p><p>With entrepreneurial enthusiasm, he added, \"We aspire to become a large company that also invents machines. We hope to combine the exceptional customer service capabilities offered by our scale with the usual...\"<a href=\"https://laohu8.com/S/V03.SI\">Startup company</a>Only then can the speed of action, flexibility, and risk-taking mindset be combined.</p><p>Amazon also acquired Twitch, a video game streaming site, this year. The Echo smart speaker was also rolled out across the board just before the holiday season.</p><p><b>2016: Always the first day</b></p><p>Bezos said, \"The 'second day' company stagnates, immediately becomes irrelevant, followed by a painful recession, and then death.\" How can we avoid entering the second day? Ask yourself these simple questions:</p><p>Will you satisfy your customers?</p><p>Are you a victim of agencies, or are they serving you? Are you the master of the process, or is the process your master?</p><p>Are world trends in your favor?</p><p>Are you only satisfied with the quality of decision-making, or are you also concerned with the speed of decision-making?</p><p>Bezos details how to make high-quality, high-speed decisions:</p><p>1. What if you're wrong? Some decisions are irreversible and must be made slowly and thoughtfully. However, most decisions are reversible and can be easily corrected. It is important to determine which is which, rather than using a \"one-size-fits-all\" approach.</p><p>2. Once you have 70% of the information you want to obtain, you should be able to make most decisions. If you insist on waiting until you have mastered 90%, then you are slow. If you are good at course correction, the cost of making mistakes will be less than slow decision-making.</p><p>3. Dare to offer advice and obey the overall situation. Bezos explained, \"If you're absolutely certain about a particular direction, even if there's no consensus, it's helpful to bring it up: 'I know everyone disagrees with this, but are you willing to make a bet with me? Disagree but obey?' At this point, no one can be sure they know the answer, and you might get everyone's agreement very quickly.\"</p><p>4. “Sometimes teams have different goals and fundamentally different perspectives. They are inconsistent, and no amount of discussion or meeting can resolve this serious misalignment,” Bezos wrote. Therefore, it is best to detect misalignment problems as early as possible and pay attention to them immediately.</p><p><b>2017: Yesterday's \"wow\" quickly turned into today's \"ordinary\"</b></p><p>No matter how much customer demands and expectations continue to rise, Amazon always manages to stay ahead to some extent. And why? According to Bezos, the reason is their high standards.</p><p>Bezos believes that setting high standards is teachable, contagious, and domain-related, meaning you must learn high standards separately in each area of interest. To achieve high standards:</p><p>1. You must know what is good.</p><p>2. Your expectations must be realistic, and you must be aware of the difficulty of achieving the goal, or how much effort it will take.</p><p>According to Bezos, identification and scope are the two most important principles for high-standard delivery.</p><p>Leaders relentlessly set high standards, which many would even consider outrageously high. —Amazon Leadership Principles</p><p>For example, PowerPoint is nothing to Amazon. Instead, their employees had to write a six-page narrative, structured memo and speak it out. According to Bezos,</p><p>Good memos need to be written over and over again.</p><p>Also share with colleagues who are asked to improve their work.</p><p>Give yourself a few days, and then re-edit with a new mindset.</p><p>Bezos said, \"Poorly written memos are often not because writers don't recognize what high standards look like, but because they have wrong expectations of scope: they mistakenly believe that they can write a high-standard six-page memo in a day or two or even a few hours, but it can actually take a week or more! They want to do a perfect handstand in just two weeks, and we haven't taught them well.\"</p><p>He said, \"The key is that simply teaching them the scope can improve the results—letting them know that a good memo can take a week or more.\"</p><p>In 2017, Amazon acquired Whole Foods Market.</p><p><b>2018: The road to success will not be smooth sailing</b></p><p>Sometimes running a business is like this: you know where you're going, and you can get there very efficiently. However, those major \"nonlinear\" discoveries may require you to take detours, relying on intuition or curiosity to guide you. In order to find a way out, it is worthwhile to be a little chaotic and go astray.</p><p>\"Extremely large 'nonlinear' discoveries require taking detours.\"</p><p>In 2013, if you went to a customer and said, \"Would you like to put a black cylinder in the kitchen, about the size of a Pringles, where you can chat with it, ask questions, and turn on the lights and play music for you?\" I guarantee they'd look at you strangely and say, \"No, thank you.\" No customer wants an Echo,\" Bezos explained.</p><p>“This is definitely a detour we took,” he said.</p><p><b>2019: It's still day one</b></p><p>Bezos's letter was written in April 2020, when the world was being hit hard by the pandemic. Bezos explained Amazon's role in fighting the pandemic and meeting growing demand, as consumers now rely more than ever on Amazon's services to deliver goods to their doorsteps.</p><p>Bezos concluded with a quote from Theodor Seuss Geisel: \"When something bad happens, you have three choices: you can let it define you, let it destroy you, or let it make you stronger.\"</p><p>Bezos reiterated, \"Even in this situation, we still need to maintain a Day 1 mindset.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://tech.sina.cn/i/gj/2021-05-07/detail-ikmyaawc3966834.d.html?vt=4\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9666a5b83e36990bd4e534d3ea5b2003","relate_stocks":{"AMZN":"亚马逊","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"https://tech.sina.cn/i/gj/2021-05-07/detail-ikmyaawc3966834.d.html?vt=4","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2133050027","content_text":"编者按：一家企业的致股东的信往往能反映这个企业及领导者的价值观和理念。在所有致股东的信中，研究最多的是巴菲特致股东的信。除此之外，亚马逊作为一个伟大的互联网零售企业，其领导者贝索斯致股东的信也值得深入研究。本文回顾了23年来贝索斯致股东的信，浓缩了信中的精华部分，与君分享。本文译自Medium，作者Sumit Grrg，原标题为\" Read 23 Years Worth of Jeff Bezos’ Amazon Shareholder Letters — Here’s What I Learned\"，希望对您有所启发。\n2019年10月22日，杰夫·贝索斯在华盛顿特区接受2019年国际宇航联合会卓越工业奖后发表讲话。图片:MANDEL NGAN/AFP/Getty Images\n在90年代初期，很少有人听说过互联网。杰夫·贝索斯(Jeff Bezos)恰好是听过互联网概念的人之一。\n贝索斯看到，互联网以每年2300%的速度增长，他决定要想出一个商业创意来驾驭这股浪潮。他列了一个网上销售产品的清单，很快就锁定了书籍。\n贝索斯最初将他的网上书店命名为Cadabra。但仅仅过了三个月，他就把名字改成了亚马逊（Amazon），以地球上最大的河流命名，自然也是地球上最多人的选择。虽然这家公司到今天也算名副其实，但它走了很长一段路才走到今天。在创业初期，贝索斯开了50多次会才从投资者那里筹集到100万美元，在这些会议中，最常见的问题是，“什么是互联网？”\n如今，亚马逊的市值接近1.7万亿美元。最近刚刚被埃隆·马斯克(Elon Musk)超越的杰夫·贝索斯，连续三年蝉联全球富豪榜榜首。\n但对于贝索斯来说，“世界首富”的头衔并没有那么有价值，因为他更喜欢被称为发明家或企业家。他是对的。这位即将卸任的亚马逊首席执行官是世界上最优秀的企业家之一。杰夫·贝索斯永远地改变了我们的购物方式，改变(并颠覆)了多个行业。\n在过去的几年里，我反复阅读了这23年来贝索斯的每一封致亚马逊股东公开信。这些信件除了为我们提供了亚马逊的简史之外，还让我们深入了解了这家庞大互联网企业背后的幕后操盘者。\n以下是这些信件中的关键要点总结。\n1997年：追求长期的领导力，而不是短期的获利能力\n通过在网上卖书，亚马逊发现了一个独特的机会，并开始为顾客提供比实体店多得多的图书选择，“而且是在一年365天一天24小时不打烊的书店里面，用一种有用的，易于搜索且易于浏览的格式呈现给顾客。”\n亚马逊于1997年上市，不久之后贝索斯就写了他的第一封致股东信，这封信真实地反映了他现在著名的第一天心态(Day-1心态)——这是一个被创业界广泛采用的原则，即要像一开始的日子那样，始终对企业保持最初的狂热和激情。\n“网络曾经是，现在仍然是，全世界的等待。”\n贝索斯的目标是长远，他在做决定和权衡取舍时的方式与其他大多数商业领袖不同：\n对客户的持续关注。\n优先考虑增长(规模)、长期市场领导地位和长期盈利能力，而不是短期盈利能力。亚马逊希望在众多大型进入者以及来自图书销售巨头Barnes & Noble等公司的激烈竞争中巩固其市场领导地位。\n雇佣并留住人才，薪酬结构偏重股票期权而不是现金，用“利益绑定风险共担”来让他们就必须像主人翁一样去思考与行动。\n就像一个真正的梦想家，贝索斯从一开始就有先见之明：“今天，电子商务为顾客节省了金钱和时间。明天，通过个性化，它将加速发现的整个过程。”\n1998：招聘时要考虑的3条标准\n贝索斯表示，在招聘时设置高门槛是亚马逊成功的最重要因素。在招聘会议上，他建议经理们考虑以下三个问题:\n1.  你会欣赏这个人吗？你敬佩的人是你可以向他学习的人。\n2.  这个人会提高团队的平均效率水平吗？门槛必须越来越高。\n3.  这个人在多大程度上有可能成为超级明星？大多数人都具备可以为其他所有人充实工作环境的独特的技能。\n1999年：今天已经足够好了，但它还可以变得更好\n“目前的网上购物体验是最糟糕的。现在它已经足够吸引1700万用户了，但它还会变得更好。”贝索斯着眼于长期的成功和商业统治地位，他决心在亚马逊建立一种永不安定的文化。\n在1998年将打折音乐加入其在线零售产品之后，亚马逊在1999年采取了一系列重大举措，其中包括引入支持第三方卖家的交易平台zShops（也就是现在的Marketplace），以及彻底改变了电子商务结帐方式的“一键式”付款解决方案。\n2000年：一家想要作为重量级的公司\n贝索斯今年的信以一个词开头：“哎呦。”\n尽管亚马逊是在互联网泡沫破灭后幸存下来的少数几家互联网公司之一，但其股价却从互联网泡沫顶峰时的116美元暴跌至6美元。\n为了解释股市崩盘带来的动荡，贝索斯借用了投资者本杰明·格雷厄姆(Benjamin Graham)的话，格雷厄姆曾说：“短期内，股市是一台投票机，从长远来看，它是一台称量机。”\n而亚马逊，正如贝索斯在给股东的信中所说，是一家“希望被称重的公司”。\n在另一封信中，他补充道：“我们不会像庆祝卓越的客户体验那样庆祝股价上涨10%。股价上涨10%不能让我们的智慧提高10％，反之，当股价下跌时，我们也不会愚蠢10%。我们想要被称重，我们一直在努力打造一个更重的公司。”\n2001年：从根源上消除错误\n贝索斯推出了“看书”(Look Inside the Book)等功能，这是一个免费程序，允许作者和出版商推广他们的书籍。贝索斯强调了亚马逊的努力，即永远改善客户体验，同时鼓励商家和小企业在其生态系统中蓬勃发展。\n贝索斯补充说：“我们为提高顾客的便利性和体验所做的最重要的事情之一，恰好也是可变成本生产率的巨大驱动力：从根本上消除错误和失误。”因为当你实施根除计划时，你解决的不只是一个客户的问题，而且也在为每一位客户解决问题。贝索斯说：“消除错误的根源可为我们节省金钱，并为客户节省客户时间。”\n2002年：对客户有利的，就是对股东有利的\n例如贝索斯坚持不断降低价格，以击败竞争对手，赢得顾客。从长远来看，销售额的增加反过来又会推动利润的增长，这对股东来说是最好的。\n2003年：长期投资，做真正的主人\n“我认识一对夫妇，他们把房子租了出去，搬进来的那一家人把圣诞树钉在了硬木地板上，而不是用树架。我想这是权宜之计，诚然，这些房客非常糟糕，但没有哪个业主会如此目光短浅。业主和租户是不同的。而长期思维既是真正主人的必要条件，也是其结果。\n贝索斯补充道：“同样，许多投资者实际上都是短期租户，他们的投资组合转换得非常之快，实际上只是租用他们暂时持有的股票。”贝索斯再次指出，他的商业理由是保持对长期愿景的乐观。\n2003年，在贝索斯家里举行的一次高管务虚会上，云计算业务Amazon Web Services（AWS）的种子开始种下。这项业务一开始是为了帮助亚马逊解决自己的问题而发明的，但情况很快变得很明显，每一家公司都想要它。现如今，AWS已经统治了公有云市场，成为该公司最大的利润来源。几年后，在点评AWS的成功时，贝索斯谈到了这个自己心目当中的商业奇迹：“整整七年我们都没有遇到有相似看法的竞争对手。作为先驱，如果幸运的话，你大概能获得两年的领先优势。但没有人能够获得长达7年的领先优势，这简直令人难以置信。”\n2004年：现金为王\n“现金流最能解释一家公司的长期股价。亚马逊有一个现金产生的运营周期，因为它周转迅速，在付款给供应商之前就能从客户那里收取款项。”\n自由现金流是亚马逊在低利润的情况下不断壮大的原因，年复一年。为了便于理解，以下是Vox的一段摘录，解释了“微利”是如何随着时间的推移而产生复利效应的：\n“自由现金流跟利润有点像，只是它不假定亚马逊必须在卖东西的同一时间范围内支付一切费用。而且由于亚马逊的付款周期的机制，公司往往在必须支付卖出的东西的费用之前很久就能收到卖出东西的钱。比方说，沃尔玛在向供应商付款后平均要用三天时间才能收到货款，而亚马逊在收到货款平均18天后才向供应商付款。”\n2005年：敢于做出大胆决定\n贝索斯提出了两种企业必须经常面对的决策：\n1.  基于数学的决策：可以用数据做出的决策，其中“有一个正确答案或错误答案，一个更好的答案或一个更坏的答案，数学会告诉我们哪个是哪个。这些决定仍然需要我们做出一些假设和判断，但最繁重的工作是由数学完成的。”\n2.  基于判断的决策：“虽然数据、分析和数学都起着作用，但这些决定的主要因素是判断。这种情况下几乎没有历史数据可以指导我们，而前瞻性的试验要么不可能，要么不切实际或者跟要做决定无异。”\n贝索斯认为，“任何不愿忍受争议的机构都必须把自己的决策限制在第一种类型。但这样做不仅会限制争议，还会显著限制创新和长期价值创造。”他建议企业“将其强大的量化和分析文化与大胆决策的意愿结合起来。”\n正是因为秉承了大胆这个主题，2005年也是Amazon Prime诞生之年。这一切都始于亚马逊的一名初级软件工程师提出的想法，为客户提供“快速、免费送货的自助餐”。到2018年时，亚马逊将成为第二大的付费会员计划，仅次于Netflix。而且Amazon Prime仍然是亚马逊目前最有价值，品牌知名度最高的资产之一。\n2006年：为新业务播下种子\n贝索斯建议，在对新业务进行投资之前，请先仔细评估一下这份检查清单：\n新的机会是否可以产生预期的资本回报。\n它可以发展到多大的规模。\n这个市场现在是不是服务还不到位。\n你是不是具备必要的能力把强大的面向客户的差异化引入到市场。\n贝索斯利用上述因素解释了为什么亚马逊到目前为止拒绝开设实体店。\n他说：“实体店网络的潜在规模令人兴奋。然而，我们不知道如何做到低资本和高回报。实体世界的零售是一个谨慎而古老的行业，服务已经非常完善，我们没有任何新想法来建立一个实体的商店，让客户感受到更好的差异化。”\n他补充道：“当你看到我们进入新的业务领域时，那是因为我们相信上述测试已经通过了。”\n直到2015年，亚马逊才开设自己的第一家实体书店。然后它将收购全食超市（Whole Foods），进军食品杂货零售领域，并开设没有收银员的Amazon Go便利店。\n2007年：“传教士”能制造出更好的产品\n2007年11月19日，亚马逊向世界推出了Kindle电子阅读器，重新定义了我们消费书籍的方式。\n贝索斯说：“我们从一开始就设定了长期愿景：无论哪种语言，只要是出版过的书，用户都能在60秒中读到。我们从给自己设定显然十分大胆的目标开始，去改进实体书。这个目标不是轻易选择出来的。任何以大致相同的形式存在，并且抵触改变已经有500年时间的事物，都不可能轻易就得到改善的。”\n贝索斯说，作为一个发明家，你要么是一个雇佣军，要么是一个传教士。雇佣军就想着怎么把东西卖掉。传教士却热爱自己的产品，自己的客户，并设法做出优质的服务。他说，但自相矛盾的是，“赚更多钱的往往是传教士。” 类似Kindle这样的产品唯有凭借着一股纯粹热情，自己真正相信，才能打造得出。\n“Kindle是专为长时间阅读而设计的。我们希望Kindle和其之后的产品能用几年的时间，逐渐地延长我们能专心阅读的时间，对最近盛行的阅读零碎信息的倾向有所缓冲。我知道我的语气像个传教士，我可以向您保证我是发自内心的。这并不是我一个人的想法，我们公司有一大帮人也有这想法。对此我很高兴，因为传教士的那种执着精神能帮助我们打造出更好的产品”\n不过贝索斯也很快承认，创新不会等待任何人。所以，如果你执行得不够好不够快的话，别人就会抓住机会。\n2008年：维护公司的长远利益\n贝索斯写道：“寻求即时的满足，或做出遥不可及的承诺，很可能你会发现已经有一帮人在前面了。”反过来，长期思维则：\n发挥我们现有的能力。\n允许我们做一些之前无法思考的新事情。\n支持发明所需的失败和迭代。\n解放我们去探索未知的空间。\n今年，亚马逊收购了Audible，后者现在是有声读物市场的领导者。\n2009年：倾听客户的心声，同时替他们去创新\n贝索斯对亚马逊的基本方针的定义是：“从客户开始，向后退。倾听顾客的意见，但不要只听顾客的意见，还要替他们去发明。”\n尽管他在信中并没有提到那句现在已显而易见，而且臭名昭著的反驳，“如果你没法打败它们，那就收购对方。”早期鞋类电商巨头Zappos就是例子。发现自己很难赶上前者之后，亚马逊直接就把它给收购了。\n2010年：发明新方法\n发明是发展和改善客户体验各个方面的基本工具。“虽然我们的许多系统都是基于计算机科学研究的最新成果，但这往往还不够：我们的构架师和工程师不得不在学术上还没探讨的方向进行进一步研究，我们面对很多问题在教科书上还没有给出解决方案，所以我们很高兴去发明新办法，”贝索斯写道。\n企业里程碑：2010年7月，亚马逊宣布，Kindle推出三年来，电子书的销量已经超过了实体书。\n2011年：最激进的发明是那些“能让别人追求自己梦想”的发明\n贝索斯说道：“就算是善意的看门人也会阻碍创新。”他强调了包括Amazon Web Services，Marketplace以及Kindle Direct Publishing在内的各种Amazon平台的自服务性。“当平台是自服务时，哪怕是不大可能的想法也会有人尝试，而且其中的很多想法确实是行得通的，而社会就是这种多样性的受益者。\n2012年：优先考虑客户，而不是追赶竞争对手\n贝索斯认为，聚焦于客户导向的优势之一是“这有助于某种类型的主动性。当我们处在最佳状态时，我们就不必等待外部施加压力。在我们被迫去做之前，内部就已经推动我们要改善服务，增加好处和功能了。我们在被迫之前就已经替客户降低价格和增加价值了。在不得不这样做之前我们就先发明了。”\n他补充道：“激励这些投资的是以顾客为导向而不是对竞争的反应。我们认为，这种做法赢得了客户更多的信任，并推动了客户体验的快速改善——重要的是——甚至在那些我们已经成为领导者的领域也是如此。”\n2013年：离职金\n亚马逊每年向员工支付一次离职费用。尽管，这个offer的标题是“请不要接受这个邀请”。“我们的目标是鼓励人们花点时间想想自己真正想要的是什么。从长期来看，如果员工勉强留在公司，不仅对他自己不好，对公司同样不利。”\n2013年，贝索斯以2.5亿美元现金从格雷厄姆家族手中收购了《华盛顿邮报》(The Washington Post)。\n2014年：当你找到一个梦幻的商机时，行动起来\n贝索斯认为，“梦幻般的商业产品”至少有四个特点：\n1.  客户喜欢它。\n2.  它可以发展到非常强大。\n3.  它的回报率很高。\n4.  有可能持续几十年。\n2014年，亚马逊推出了Fire TV，并推出了首款Echo智能音箱供用户选择。\n2015年：大赢家为众多实验买单\n今年，亚马逊推出了第一款也是最后一款智能手机Fire。这款手机被证明是一个巨大的失败，贝索斯谈到了失败的重要性。\n“如果有10%的机会获得100倍的回报，你应该每次都下注，这通常是对的。但十有八九你还是会错。”贝索斯写道。\n带着企业家的热情，他补充道：“我们希望成为一家同时也是发明机器的大公司。我们希望将规模所赋予的非凡客户服务能力，与通常创业公司才有的行动速度、灵活性和风险接受心态结合起来。”\n亚马逊今年还收购了视频游戏流媒体网站Twitch。而Echo智能音箱也正好赶在假日季之前全线铺开。\n2016：永远是第一天\n贝索斯说:“‘第二天’的公司是停滞的，会紧接着变得无关紧要，随后是痛苦的衰退，然后就是死亡。”怎么才能避免步入第二天？可以自问一下这几个简单的问题：\n你会让顾客满意吗？\n你是代理的牺牲品，还是它们为你服务？你是流程的主人，还是流程是你的主人？\n世界潮流对你有利吗？\n你只满足于决策的质量，还是也关注决策的速度？\n贝索斯详述了如何做出高质量、高速度的决策：\n1.如果你错了怎么办？有些决定是不可逆的，得慢慢地，深思熟虑地做决定。但是大多数的决策都是可逆的，是很容易做路线修正的。重要的是要确定哪个是哪个，而不要用“一刀切”的方法。\n2.在掌握了你希望获得的信息的70%之后，应该就可以做出大多数的决定了。如果你非要等到掌握了90％，那你就慢了。如果你擅长路线修正，那犯错的代价会比决策慢要小。\n3.敢于谏言，服从大局。贝索斯解释说：“如果你对特定方向十分确信，就算没有共识，你提出来也是有帮助的：“我知道大家都不同意这一点，但你们愿意跟我打赌吗？不同意但是服从？” 到了这个时候，没人敢肯定自己知道答案，这时候你可能很快就能得到大家的同意。”\n4.  “有时候团队有不同的目标和根本不同的观点。他们不一致，再多的讨论、再多的会议也无法解决这种严重的错位。,”贝索斯写道。因此，最好及早发现错位问题，并立即重视起来。\n2017：昨天的“哇”很快变成了今天的“平凡”\n不管客户要求和期望再怎么的不断提高，亚马逊总能多多少少赶在前头。为什么呢？按照贝索斯的说法，原因在于他们的高标准。\n贝索斯认为，设定高标准是可传授的，会感染的，而且是领域相关的，这意味着你必须在每个感兴趣的领域分别去学习高标准。要想达到高标准：\n1.  你必须知道什么是好的。\n2.  你的期望必须具有现实性，对实现目标的难度，或者需要付出多少努力要心中有数。\n根据贝索斯的说法，识别和范围是高标准交付的两个最重要的原则。\n领导者不懈制定高标准，甚至很多人会认为这些标准高得离谱。——亚马逊领导力原则\n比方说，PPT在亚马逊这里根本就不算什么。相反，他们这里的员工得写6页纸叙述性结构化的备忘录，还得讲出来。根据贝索斯的说法，\n好的备忘录要一遍又一遍地写。\n还要与被要求改进工作的同事分享。\n留出几天时间，然后以新的思路重新编辑。\n贝索斯说：“备忘录写得不好往往不是作者认识不到高标准是什么样的，而是对范围有着错误的期望：他们错误地认为一两天甚至几个小时就能写出高标准的六页纸备忘录，但其实这可能要花费一周或更长时间！他们想在短短两周内就做出完美倒立，而我们没有教好他们。”\n他说：“关键是，只需要把范围教给他们就可以改善结果了——让他们知道，一份好的备忘录可能需要一周或更长时间。”\n2017年，亚马逊收购了全食超市。\n2018年：通往成功的道路绝不是一帆风顺\n做企业有时候是这样的，你知道要去哪里，而且也可以很高效地去到那里。但是，那些特大的“非线性”的发现，却可能需要你走走弯路，要靠直觉或好奇心的引导，为了找到出路，有点乱有点跑偏也是值得的。\n“特大的‘非线性’发现需要走走弯路。”\n2013年，如果你去找一位顾客，对他说：“你想不想在厨房里放一个黑色圆筒，大小和品客薯片(Pringles)差不多，你可以一边跟它聊天，一边问问题，同时还能帮你打开灯，播放音乐？”我保证他们会奇怪地看着你然后说，“不，谢谢。”没有顾客想要Echo，”贝索斯解释说。\n“这绝对是我们走的弯路，”他说。\n2019年：现在仍是第一天\n贝索斯的这封信写于2020年4月，当时全球正遭受疫情的严重打击。贝索斯解释了亚马逊在抗击疫情以及满足日益增长的需求方面的作用，因为现在消费者比以往任何时候都更依赖亚马逊的服务，将商品送货上门。\n贝索斯以西奥多·苏斯·盖泽尔(Theodor Seuss Geisel)的一句话作为结尾，他说：“当不好的事情发生时，你有三种选择：你可以让它定义你，让它摧毁你，或者让它使你变得更强。”\n贝索斯重申，“即使在这种情况下，仍然要保持第一天心态。”","news_type":1,"symbols_score_info":{"AMZN":0.9,"QNETCN":0.9}},"isVote":1,"tweetType":1,"viewCount":1685,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104271201,"gmtCreate":1620395968003,"gmtModify":1704343097683,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/104271201","repostId":"2133050027","repostType":4,"repost":{"id":"2133050027","kind":"news","pubTimestamp":1620395795,"share":"https://ttm.financial/m/news/2133050027?lang=en_US&edition=fundamental","pubTime":"2021-05-07 21:56","market":"us","language":"zh","title":"After reading Bezos's letter to shareholders 23 years ago, I learned these things.","url":"https://stock-news.laohu8.com/highlight/detail?id=2133050027","media":"36氪","summary":"编者按：一家企业的致股东的信往往能反映这个企业及领导者的价值观和理念。在所有致股东的信中，研究最多的是巴菲特致股东的信。除此之外，亚马逊作为一个伟大的互联网零售企业，其领导者贝索斯致股东的信也值得深入","content":"<p>Editor's Note: A company's letter to shareholders often reflects the values and philosophies of the company and its leaders. Of all the letters to shareholders, Buffett's letter to shareholders has been the most studied. In addition, as a great internet retail company, Amazon's leader Jeff Bezos's letter to shareholders is also worth studying in depth. This article reviews Bezos's letters to shareholders over the past 23 years, condensing the essence of the letters to share with you. This article was translated from Medium by Sumit Grrg, originally titled \"Read 23 Years Worth of Jeff Bezos' Amazon Shareholder Letters — Here's What I Learned\"， Hopefully, this will inspire you.</p><p><img src=\"https://static.tigerbbs.com/02c1e7f37ab0059568a615de8884c1b1\" tg-width=\"550\" tg-height=\"380\" referrerpolicy=\"no-referrer\">Jeff Bezos speaks after accepting the 2019 International Astronautical Federation Industrial Excellence Award in Washington, D.C., on October 22, 2019. pictures :MANDEL NGAN/AFP/Getty Images</p><p>In the early 1990s, few people had heard of the Internet. Jeff Bezos happens to be one of those who has heard of the concept of the Internet.</p><p>Bezos saw that the internet was growing at a rate of 2,300 percent per year, and he decided to come up with a business idea to ride this wave. He made a list of products to sell online and quickly locked in books.</p><p>Bezos originally named his online bookstore Cadabra. But just three months later, he changed his name to the Amazon, after the largest river on Earth, which is naturally the choice of most people on Earth. Although the company still lives up to its name today, it has come a long way to get to where it is today. In the early days of his startup, Bezos held more than 50 meetings to raise $1 million from investors. The most common question in these meetings was, \"What is the Internet?\"</p><p>Today, Amazon's market capitalization is close to $1.7 trillion. Jeff Bezos, who was recently surpassed by Elon Musk, has topped the list of the world's richest people for the third consecutive year.</p><p>But for Bezos, the title of \"world's richest man\" is not that valuable, because he prefers to be called an inventor or entrepreneur. He's right. The outgoing Amazon CEO is one of the world's finest entrepreneurs. Jeff Bezos forever changed the way we shop, transforming (and disrupting) multiple industries.</p><p>Over the past few years, I have repeatedly read every open letter Bezos has written to Amazon shareholders over the past 23 years. These letters not only provide us with a brief history of Amazon, but also give us a deeper understanding of the masterminds behind this massive internet company.</p><p>The following is a summary of the key points in these letters.</p><p><b>1997: Pursue long-term leadership, not short-term profitability</b></p><p>By selling books online, Amazon discovered a unique opportunity and began offering customers a much wider selection of books than in physical stores, \"and in bookstores that are open 24 hours a day, 365 days a year, presented to customers in a useful, easy-to-search, and easy-to-navigate format.\"</p><p>Amazon went public in 1997, and shortly after that, Bezos wrote his first letter to shareholders, which truly reflected his now famous Day-1 mentality—a principle widely adopted in the entrepreneurial community: to always maintain the same initial enthusiasm and passion for the company as in its early days.</p><p>\"The internet was, and still is, the wait of the whole world.\"</p><p>Bezos has long-term goals, and he makes decisions and weighs trade-offs differently from most other business leaders:</p><p>Continuous focus on customers.</p><p>Prioritize growth (scale), long-term market leadership, and long-term profitability over short-term profitability. Amazon hopes to solidify its market leadership amidst fierce competition from numerous large entrants and companies such as bookselling giant Barnes & Noble.</p><p>Hiring and retaining talent, with a compensation structure that emphasizes stock options rather than cash, and using \"benefits linked to risk sharing\" to make them think and act like masters.</p><p>Like a true dreamer, Bezos was visionary from the start: \"Today, e-commerce saves customers money and time. Tomorrow, through personalization, it will accelerate the entire discovery process.\"</p><p><b>1998: 3 criteria to consider when recruiting</b></p><p>Bezos stated that setting high barriers to entry during hiring is the most important factor in Amazon's success. At the hiring meeting, he suggested that managers consider the following three questions:</p><p>1. Would you admire this person? The person you admire is someone you can learn from.</p><p>2. Will this person improve the team's average efficiency level? The threshold must be increasingly high.</p><p>3. To what extent is this person likely to become a superstar? Most people have unique skills that can enrich the work environment for everyone else.</p><p><b>1999: Today is good enough, but it can get better</b></p><p>“The current online shopping experience is the worst. It’s already attracting 17 million users, but it will only get better.” Bezos, with his sights set on long-term success and business dominance, is determined to build a culture that will never be stable at Amazon.</p><p>After adding discounted music to its online retail offerings in 1998, Amazon took a series of major initiatives in 1999, including the introduction of zShops (now Marketplace), a trading platform that supports third-party sellers, and a \"one-click\" payment solution that revolutionized e-commerce checkout.</p><p><b>2000: A company that wants to be a heavyweight</b></p><p>Bezos's letter this year begins with one word: \"Ouch.\"</p><p>Although Amazon was one of the few internet companies to survive the bursting of the dot-com bubble, its stock price plummeted from $116 at the peak of the dot-com bubble to $6.</p><p>To explain the turmoil caused by the stock market crash, Bezos borrowed the words of investor Benjamin Graham, who once said, \"In the short term, the stock market is a voting machine; in the long term, it is a weighing machine.\"</p><p>Amazon, as Bezos said in his letter to shareholders, is a \"company that wants to be weighed.\"</p><p>In another letter, he added, “We won’t celebrate a 10% increase in stock price the way we celebrate an excellent customer experience. A 10% increase in stock price doesn’t increase our intelligence by 10%, and conversely, we won’t be 10% stupid when stock prices fall. We want to be weighed, and we’ve been working hard to build a heavier company.”</p><p><b>2001: Eliminating errors at their root</b></p><p>Bezos launched features such as \"Look Inside the Book,\" a free program that allows authors and publishers to promote their books. Bezos emphasized Amazon's efforts to always improve the customer experience while encouraging merchants and small businesses to thrive in its ecosystem.</p><p>Bezos added, \"One of the most important things we do to improve customer convenience and experience happens to be a huge driver of variable cost productivity: fundamentally eliminating errors and mistakes.\" Because when you implement an eradication program, you're not just solving a customer's problem, but also solving a problem for every customer. Bezos said, \"Eliminating the root causes of errors can save us money and save our customers time.\"</p><p><b>2002: What's good for customers is good for shareholders</b></p><p>For example, Bezos insists on constantly lowering prices to beat competitors and win customers. In the long run, increased sales will in turn drive profit growth, which is best for shareholders.</p><p><b>2003: Long-term investment, being the real master</b></p><p>“I know a couple who rented out their house, and the family who moved in nailed the Christmas tree to the hardwood floor instead of using a tree stand. I think it was a stopgap measure. Admittedly, these tenants were terrible, but no landlord would be so short-sighted. Landlords and tenants are different.” Long-term thinking is both a necessary condition and a result of true mastery.</p><p>Bezos added, \"Similarly, many investors are actually short-term tenants whose portfolios change very quickly, essentially just renting stocks they hold temporarily.\" Bezos reiterated that his business case is to remain optimistic about the long-term vision.</p><p>In 2003, at an executive retreat held at Bezos's home, the seeds of the cloud computing business Amazon Web Services (AWS) were planted. This business was initially invented to help Amazon solve its own problems, but it quickly became obvious that every company wanted it. Today, AWS has dominated the public cloud market and become the company's largest source of profit. A few years later, when commenting on the success of AWS, Bezos spoke about what he considered a business miracle: \"We didn't encounter a competitor with similar views for seven whole years. As a pioneer, if you're lucky, you can probably get a two-year lead. But no one can get a seven-year lead, which is simply unbelievable.\"</p><p><b>2004: Cash is King</b></p><p>“Cash flow best explains a company’s long-term stock price. Amazon has a cash-generating operating cycle because it turns around quickly and can collect payments from customers before paying suppliers.”</p><p>Free cash flow is the reason Amazon continues to grow despite low profits, year after year. For ease of understanding, here is an excerpt from Vox explaining how \"small profits\" compound over time:</p><p>\"Free cash flow is somewhat similar to profit, except it doesn't assume that Amazon has to pay everything within the same timeframe for selling items. And because of Amazon's payment cycle mechanism, companies often receive payment for items sold long before they have to pay for them. For example,<a href=\"https://laohu8.com/S/WMT\">Walmart</a>It takes an average of three days to receive payment from suppliers, while Amazon pays suppliers an average of 18 days after receiving payment.</p><p><b>2005: Dare to make bold decisions</b></p><p>Bezos identified two types of decisions that companies must frequently face:</p><p>1. Mathematical-based decision-making: Decisions that can be made using data, where \"there is a right answer or a wrong answer, a better answer or a worse answer, and mathematics tells us which is which. These decisions still require us to make some assumptions and judgments, but the heaviest work is done by mathematics.\"</p><p>2. Judgment-based decision-making: \"While data, analysis, and mathematics all play a role, the main factor in these decisions is judgment. In this case, there is almost no historical data to guide us, and prospective experiments are either impossible, impractical, or no different from making decisions.\"</p><p>Bezos believes that \"any organization unwilling to tolerate controversy must limit its decision-making to the first type. But doing so not only limits controversy, but also significantly limits innovation and long-term value creation.\" He advises companies to \"combine their strong quantitative and analytical culture with a willingness to make bold decisions.\"</p><p>It was precisely because of this bold theme that 2005 was also the year Amazon Prime was born. It all started with the idea of a junior software engineer at Amazon to offer customers a \"fast, free delivery buffet\". By 2018, Amazon will become the second largest paid membership program, after Netflix. Moreover, Amazon Prime remains one of Amazon's most valuable and brand-recognized assets.</p><p><b>2006: Sowing seeds for new business</b></p><p>Bezos suggests carefully evaluating this checklist before investing in a new business:</p><p>Whether the new opportunity can generate the expected return on capital.</p><p>How large can it grow to?</p><p>Is the service in this market still inadequate?</p><p>Do you possess the necessary capabilities to introduce strong customer-facing differentiation to the market?</p><p>Bezos used the above factors to explain why Amazon has so far refused to open physical stores.</p><p>He said, \"The potential scale of the physical store network is exciting. However, we don't know how to achieve low capital and high returns. Retail in the physical world is a cautious and ancient industry with very well-developed services, and we don't have any new ideas to build a physical store that would give customers a better sense of differentiation.\"</p><p>He added, \"When you see us entering new business areas, it's because we believe the tests mentioned above have passed.\"</p><p>It wasn't until 2015 that Amazon opened its first physical bookstore. Then it will acquire<a href=\"https://laohu8.com/S/WFM\">Whole Foods Market</a>Whole Foods entered the grocery retail sector and opened an Amazon Go convenience store without cashiers.</p><p><b>2007: \"Missionaries\" can make better products</b></p><p>On November 19, 2007, Amazon introduced the Kindle e-reader to the world, redefining the way we consume books.</p><p>Bezos said, \"We set a long-term vision from the beginning: regardless of the language, as long as a book has been published, users can read it in 60 seconds. We started by setting ourselves an obviously very bold goal to improve the physical book. This goal is not easily chosen. Anything that exists in roughly the same form and resists changing for 500 years cannot be easily improved.\"</p><p>Bezos said that as an inventor, you are either a mercenary or a missionary. The mercenaries were thinking about how to sell their things. Missionaries, however, love their products, their customers, and strive to provide excellent service. He said, but paradoxically, \"it is often the missionaries who make more money.\" Products like the Kindle can only be created with pure passion and true belief.</p><p>\"The Kindle is designed for long periods of reading. We hope that the Kindle and its subsequent products will gradually extend the time we can concentrate on reading over several years, buffering the recent tendency to read fragmented information. I know I sound like a missionary, and I can assure you I mean it from the bottom of my heart.\" This is not just my idea; a large group of people in our company also have this idea. I'm happy about that, because the missionaries' dedication helps us create better products.</p><p>However, Bezos was quick to admit that innovation waits for no one. So, if you don't execute well or fast enough, others will seize the opportunity.</p><p><b>2008: Safeguarding the long-term interests of the company</b></p><p>Bezos wrote, \"Seeking immediate gratification or making unattainable promises, you'll likely find that a group of people are already ahead of you.\" Conversely, long-term thinking:</p><p>Give full play to our existing capabilities.</p><p>It allows us to do new things that we couldn't think of before.</p><p>Support the failures and iterations required for the invention.</p><p>Free us to explore the unknown.</p><p>This year, Amazon acquired Audible, which is now the leader in the audiobook market.</p><p><b>2009: Listen to our customers' voices and innovate for them.</b></p><p>Bezos's definition of Amazon's basic policy is: \"Start with the customer and work backwards. Listen to the customer's opinion, but don't just listen to the customer's opinion; invent for them.\"</p><p>Although he did not mention the now obvious and infamous rebuttal in his letter, \"If you can't beat them, then acquire them.\" Early footwear e-commerce giant Zappos is an example. After finding it difficult to catch up with the former, Amazon acquired it directly.</p><p><b>2010: Invention of new methods</b></p><p>Invention is a fundamental tool for developing and improving all aspects of the customer experience. “While many of our systems are based on the latest findings in computer science research, this is often not enough: our architects and engineers have to pursue further research in areas that have not yet been explored academically, and we face many problems that have not yet been solved in textbooks, so we are happy to invent new approaches,” Bezos wrote.</p><p>Corporate milestone: In July 2010, Amazon announced that in the three years since the Kindle was launched, e-book sales had surpassed physical books.</p><p><b>2011: The most radical inventions are those that \"enable others to pursue their dreams.\"</b></p><p>\"Even well-meaning gatekeepers can hinder innovation,\" Bezos said, emphasizing the self-service nature of various Amazon platforms, including Amazon Web Services, Marketplace, and Kindle Direct Publishing. \"When a platform is self-service, even unlikely ideas will be tried, and many of them are indeed feasible, and society is the beneficiary of this diversity.\"</p><p><b>2012: Prioritize customers over chasing competitors</b></p><p>Bezos believes that one of the advantages of focusing on customer orientation is that \"it helps with a certain type of initiative. When we're at our best, we don't have to wait for external pressure. Before we're forced to do it, we're already being pushed internally to improve our services, add benefits and features. We're already lowering prices and adding value for our customers before we're forced to.\" We invented it before we had to.”</p><p>He added, “These investments are motivated by a customer-centric approach rather than a reaction to competition. We believe this approach has earned more customer trust and driven rapid improvements in customer experience—importantly—even in areas where we have already become leaders.”</p><p><b>2013: Severance pay</b></p><p>Amazon pays employees severance pay once a year. Although, the title of this offer is \"Please do not accept this invitation\". “Our goal is to encourage people to take some time to think about what they really want. In the long run, if an employee reluctantly stays at the company, it’s not only bad for them, but also for the company.”</p><p>In 2013, Bezos acquired the company from the Graham family for $250 million in cash.<a href=\"https://laohu8.com/S/WPO\">The Washington Post</a>\"(The Washington Post).</p><p><b>2014: When you find a dream business opportunity, act</b></p><p>Bezos believes that a \"dream business product\" has at least four characteristics:</p><p>1. Customers like it.</p><p>2. It can grow to be very powerful.</p><p>3. It has a high rate of return.</p><p>4. It could last for decades.</p><p>In 2014, Amazon launched Fire TV and introduced the first Echo smart speaker for users to choose from.</p><p><b>2015: Big winners pay for numerous experiments</b></p><p>This year, Amazon launched its first and last smartphone, the Fire. The phone proved to be a huge failure, and Bezos talked about the importance of failure.</p><p>“If there’s a 10% chance of getting a 100x return, you should bet every time, which is usually right. But nine times out of ten you’ll still be wrong,” Bezos wrote.</p><p>With entrepreneurial enthusiasm, he added, \"We aspire to become a large company that also invents machines. We hope to combine the exceptional customer service capabilities offered by our scale with the usual...\"<a href=\"https://laohu8.com/S/V03.SI\">Startup company</a>Only then can the speed of action, flexibility, and risk-taking mindset be combined.</p><p>Amazon also acquired Twitch, a video game streaming site, this year. The Echo smart speaker was also rolled out across the board just before the holiday season.</p><p><b>2016: Always the first day</b></p><p>Bezos said, \"The 'second day' company stagnates, immediately becomes irrelevant, followed by a painful recession, and then death.\" How can we avoid entering the second day? Ask yourself these simple questions:</p><p>Will you satisfy your customers?</p><p>Are you a victim of agencies, or are they serving you? Are you the master of the process, or is the process your master?</p><p>Are world trends in your favor?</p><p>Are you only satisfied with the quality of decision-making, or are you also concerned with the speed of decision-making?</p><p>Bezos details how to make high-quality, high-speed decisions:</p><p>1. What if you're wrong? Some decisions are irreversible and must be made slowly and thoughtfully. However, most decisions are reversible and can be easily corrected. It is important to determine which is which, rather than using a \"one-size-fits-all\" approach.</p><p>2. Once you have 70% of the information you want to obtain, you should be able to make most decisions. If you insist on waiting until you have mastered 90%, then you are slow. If you are good at course correction, the cost of making mistakes will be less than slow decision-making.</p><p>3. Dare to offer advice and obey the overall situation. Bezos explained, \"If you're absolutely certain about a particular direction, even if there's no consensus, it's helpful to bring it up: 'I know everyone disagrees with this, but are you willing to make a bet with me? Disagree but obey?' At this point, no one can be sure they know the answer, and you might get everyone's agreement very quickly.\"</p><p>4. “Sometimes teams have different goals and fundamentally different perspectives. They are inconsistent, and no amount of discussion or meeting can resolve this serious misalignment,” Bezos wrote. Therefore, it is best to detect misalignment problems as early as possible and pay attention to them immediately.</p><p><b>2017: Yesterday's \"wow\" quickly turned into today's \"ordinary\"</b></p><p>No matter how much customer demands and expectations continue to rise, Amazon always manages to stay ahead to some extent. And why? According to Bezos, the reason is their high standards.</p><p>Bezos believes that setting high standards is teachable, contagious, and domain-related, meaning you must learn high standards separately in each area of interest. To achieve high standards:</p><p>1. You must know what is good.</p><p>2. Your expectations must be realistic, and you must be aware of the difficulty of achieving the goal, or how much effort it will take.</p><p>According to Bezos, identification and scope are the two most important principles for high-standard delivery.</p><p>Leaders relentlessly set high standards, which many would even consider outrageously high. —Amazon Leadership Principles</p><p>For example, PowerPoint is nothing to Amazon. Instead, their employees had to write a six-page narrative, structured memo and speak it out. According to Bezos,</p><p>Good memos need to be written over and over again.</p><p>Also share with colleagues who are asked to improve their work.</p><p>Give yourself a few days, and then re-edit with a new mindset.</p><p>Bezos said, \"Poorly written memos are often not because writers don't recognize what high standards look like, but because they have wrong expectations of scope: they mistakenly believe that they can write a high-standard six-page memo in a day or two or even a few hours, but it can actually take a week or more! They want to do a perfect handstand in just two weeks, and we haven't taught them well.\"</p><p>He said, \"The key is that simply teaching them the scope can improve the results—letting them know that a good memo can take a week or more.\"</p><p>In 2017, Amazon acquired Whole Foods Market.</p><p><b>2018: The road to success will not be smooth sailing</b></p><p>Sometimes running a business is like this: you know where you're going, and you can get there very efficiently. However, those major \"nonlinear\" discoveries may require you to take detours, relying on intuition or curiosity to guide you. In order to find a way out, it is worthwhile to be a little chaotic and go astray.</p><p>\"Extremely large 'nonlinear' discoveries require taking detours.\"</p><p>In 2013, if you went to a customer and said, \"Would you like to put a black cylinder in the kitchen, about the size of a Pringles, where you can chat with it, ask questions, and turn on the lights and play music for you?\" I guarantee they'd look at you strangely and say, \"No, thank you.\" No customer wants an Echo,\" Bezos explained.</p><p>“This is definitely a detour we took,” he said.</p><p><b>2019: It's still day one</b></p><p>Bezos's letter was written in April 2020, when the world was being hit hard by the pandemic. Bezos explained Amazon's role in fighting the pandemic and meeting growing demand, as consumers now rely more than ever on Amazon's services to deliver goods to their doorsteps.</p><p>Bezos concluded with a quote from Theodor Seuss Geisel: \"When something bad happens, you have three choices: you can let it define you, let it destroy you, or let it make you stronger.\"</p><p>Bezos reiterated, \"Even in this situation, we still need to maintain a Day 1 mindset.\"</p>","source":"36k","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>After reading Bezos's letter to shareholders 23 years ago, I learned these things.</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\">\nAfter reading Bezos's letter to shareholders 23 years ago, I learned these things.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2021-05-07 21:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Editor's Note: A company's letter to shareholders often reflects the values and philosophies of the company and its leaders. Of all the letters to shareholders, Buffett's letter to shareholders has been the most studied. In addition, as a great internet retail company, Amazon's leader Jeff Bezos's letter to shareholders is also worth studying in depth. This article reviews Bezos's letters to shareholders over the past 23 years, condensing the essence of the letters to share with you. This article was translated from Medium by Sumit Grrg, originally titled \"Read 23 Years Worth of Jeff Bezos' Amazon Shareholder Letters — Here's What I Learned\"， Hopefully, this will inspire you.</p><p><img src=\"https://static.tigerbbs.com/02c1e7f37ab0059568a615de8884c1b1\" tg-width=\"550\" tg-height=\"380\" referrerpolicy=\"no-referrer\">Jeff Bezos speaks after accepting the 2019 International Astronautical Federation Industrial Excellence Award in Washington, D.C., on October 22, 2019. pictures :MANDEL NGAN/AFP/Getty Images</p><p>In the early 1990s, few people had heard of the Internet. Jeff Bezos happens to be one of those who has heard of the concept of the Internet.</p><p>Bezos saw that the internet was growing at a rate of 2,300 percent per year, and he decided to come up with a business idea to ride this wave. He made a list of products to sell online and quickly locked in books.</p><p>Bezos originally named his online bookstore Cadabra. But just three months later, he changed his name to the Amazon, after the largest river on Earth, which is naturally the choice of most people on Earth. Although the company still lives up to its name today, it has come a long way to get to where it is today. In the early days of his startup, Bezos held more than 50 meetings to raise $1 million from investors. The most common question in these meetings was, \"What is the Internet?\"</p><p>Today, Amazon's market capitalization is close to $1.7 trillion. Jeff Bezos, who was recently surpassed by Elon Musk, has topped the list of the world's richest people for the third consecutive year.</p><p>But for Bezos, the title of \"world's richest man\" is not that valuable, because he prefers to be called an inventor or entrepreneur. He's right. The outgoing Amazon CEO is one of the world's finest entrepreneurs. Jeff Bezos forever changed the way we shop, transforming (and disrupting) multiple industries.</p><p>Over the past few years, I have repeatedly read every open letter Bezos has written to Amazon shareholders over the past 23 years. These letters not only provide us with a brief history of Amazon, but also give us a deeper understanding of the masterminds behind this massive internet company.</p><p>The following is a summary of the key points in these letters.</p><p><b>1997: Pursue long-term leadership, not short-term profitability</b></p><p>By selling books online, Amazon discovered a unique opportunity and began offering customers a much wider selection of books than in physical stores, \"and in bookstores that are open 24 hours a day, 365 days a year, presented to customers in a useful, easy-to-search, and easy-to-navigate format.\"</p><p>Amazon went public in 1997, and shortly after that, Bezos wrote his first letter to shareholders, which truly reflected his now famous Day-1 mentality—a principle widely adopted in the entrepreneurial community: to always maintain the same initial enthusiasm and passion for the company as in its early days.</p><p>\"The internet was, and still is, the wait of the whole world.\"</p><p>Bezos has long-term goals, and he makes decisions and weighs trade-offs differently from most other business leaders:</p><p>Continuous focus on customers.</p><p>Prioritize growth (scale), long-term market leadership, and long-term profitability over short-term profitability. Amazon hopes to solidify its market leadership amidst fierce competition from numerous large entrants and companies such as bookselling giant Barnes & Noble.</p><p>Hiring and retaining talent, with a compensation structure that emphasizes stock options rather than cash, and using \"benefits linked to risk sharing\" to make them think and act like masters.</p><p>Like a true dreamer, Bezos was visionary from the start: \"Today, e-commerce saves customers money and time. Tomorrow, through personalization, it will accelerate the entire discovery process.\"</p><p><b>1998: 3 criteria to consider when recruiting</b></p><p>Bezos stated that setting high barriers to entry during hiring is the most important factor in Amazon's success. At the hiring meeting, he suggested that managers consider the following three questions:</p><p>1. Would you admire this person? The person you admire is someone you can learn from.</p><p>2. Will this person improve the team's average efficiency level? The threshold must be increasingly high.</p><p>3. To what extent is this person likely to become a superstar? Most people have unique skills that can enrich the work environment for everyone else.</p><p><b>1999: Today is good enough, but it can get better</b></p><p>“The current online shopping experience is the worst. It’s already attracting 17 million users, but it will only get better.” Bezos, with his sights set on long-term success and business dominance, is determined to build a culture that will never be stable at Amazon.</p><p>After adding discounted music to its online retail offerings in 1998, Amazon took a series of major initiatives in 1999, including the introduction of zShops (now Marketplace), a trading platform that supports third-party sellers, and a \"one-click\" payment solution that revolutionized e-commerce checkout.</p><p><b>2000: A company that wants to be a heavyweight</b></p><p>Bezos's letter this year begins with one word: \"Ouch.\"</p><p>Although Amazon was one of the few internet companies to survive the bursting of the dot-com bubble, its stock price plummeted from $116 at the peak of the dot-com bubble to $6.</p><p>To explain the turmoil caused by the stock market crash, Bezos borrowed the words of investor Benjamin Graham, who once said, \"In the short term, the stock market is a voting machine; in the long term, it is a weighing machine.\"</p><p>Amazon, as Bezos said in his letter to shareholders, is a \"company that wants to be weighed.\"</p><p>In another letter, he added, “We won’t celebrate a 10% increase in stock price the way we celebrate an excellent customer experience. A 10% increase in stock price doesn’t increase our intelligence by 10%, and conversely, we won’t be 10% stupid when stock prices fall. We want to be weighed, and we’ve been working hard to build a heavier company.”</p><p><b>2001: Eliminating errors at their root</b></p><p>Bezos launched features such as \"Look Inside the Book,\" a free program that allows authors and publishers to promote their books. Bezos emphasized Amazon's efforts to always improve the customer experience while encouraging merchants and small businesses to thrive in its ecosystem.</p><p>Bezos added, \"One of the most important things we do to improve customer convenience and experience happens to be a huge driver of variable cost productivity: fundamentally eliminating errors and mistakes.\" Because when you implement an eradication program, you're not just solving a customer's problem, but also solving a problem for every customer. Bezos said, \"Eliminating the root causes of errors can save us money and save our customers time.\"</p><p><b>2002: What's good for customers is good for shareholders</b></p><p>For example, Bezos insists on constantly lowering prices to beat competitors and win customers. In the long run, increased sales will in turn drive profit growth, which is best for shareholders.</p><p><b>2003: Long-term investment, being the real master</b></p><p>“I know a couple who rented out their house, and the family who moved in nailed the Christmas tree to the hardwood floor instead of using a tree stand. I think it was a stopgap measure. Admittedly, these tenants were terrible, but no landlord would be so short-sighted. Landlords and tenants are different.” Long-term thinking is both a necessary condition and a result of true mastery.</p><p>Bezos added, \"Similarly, many investors are actually short-term tenants whose portfolios change very quickly, essentially just renting stocks they hold temporarily.\" Bezos reiterated that his business case is to remain optimistic about the long-term vision.</p><p>In 2003, at an executive retreat held at Bezos's home, the seeds of the cloud computing business Amazon Web Services (AWS) were planted. This business was initially invented to help Amazon solve its own problems, but it quickly became obvious that every company wanted it. Today, AWS has dominated the public cloud market and become the company's largest source of profit. A few years later, when commenting on the success of AWS, Bezos spoke about what he considered a business miracle: \"We didn't encounter a competitor with similar views for seven whole years. As a pioneer, if you're lucky, you can probably get a two-year lead. But no one can get a seven-year lead, which is simply unbelievable.\"</p><p><b>2004: Cash is King</b></p><p>“Cash flow best explains a company’s long-term stock price. Amazon has a cash-generating operating cycle because it turns around quickly and can collect payments from customers before paying suppliers.”</p><p>Free cash flow is the reason Amazon continues to grow despite low profits, year after year. For ease of understanding, here is an excerpt from Vox explaining how \"small profits\" compound over time:</p><p>\"Free cash flow is somewhat similar to profit, except it doesn't assume that Amazon has to pay everything within the same timeframe for selling items. And because of Amazon's payment cycle mechanism, companies often receive payment for items sold long before they have to pay for them. For example,<a href=\"https://laohu8.com/S/WMT\">Walmart</a>It takes an average of three days to receive payment from suppliers, while Amazon pays suppliers an average of 18 days after receiving payment.</p><p><b>2005: Dare to make bold decisions</b></p><p>Bezos identified two types of decisions that companies must frequently face:</p><p>1. Mathematical-based decision-making: Decisions that can be made using data, where \"there is a right answer or a wrong answer, a better answer or a worse answer, and mathematics tells us which is which. These decisions still require us to make some assumptions and judgments, but the heaviest work is done by mathematics.\"</p><p>2. Judgment-based decision-making: \"While data, analysis, and mathematics all play a role, the main factor in these decisions is judgment. In this case, there is almost no historical data to guide us, and prospective experiments are either impossible, impractical, or no different from making decisions.\"</p><p>Bezos believes that \"any organization unwilling to tolerate controversy must limit its decision-making to the first type. But doing so not only limits controversy, but also significantly limits innovation and long-term value creation.\" He advises companies to \"combine their strong quantitative and analytical culture with a willingness to make bold decisions.\"</p><p>It was precisely because of this bold theme that 2005 was also the year Amazon Prime was born. It all started with the idea of a junior software engineer at Amazon to offer customers a \"fast, free delivery buffet\". By 2018, Amazon will become the second largest paid membership program, after Netflix. Moreover, Amazon Prime remains one of Amazon's most valuable and brand-recognized assets.</p><p><b>2006: Sowing seeds for new business</b></p><p>Bezos suggests carefully evaluating this checklist before investing in a new business:</p><p>Whether the new opportunity can generate the expected return on capital.</p><p>How large can it grow to?</p><p>Is the service in this market still inadequate?</p><p>Do you possess the necessary capabilities to introduce strong customer-facing differentiation to the market?</p><p>Bezos used the above factors to explain why Amazon has so far refused to open physical stores.</p><p>He said, \"The potential scale of the physical store network is exciting. However, we don't know how to achieve low capital and high returns. Retail in the physical world is a cautious and ancient industry with very well-developed services, and we don't have any new ideas to build a physical store that would give customers a better sense of differentiation.\"</p><p>He added, \"When you see us entering new business areas, it's because we believe the tests mentioned above have passed.\"</p><p>It wasn't until 2015 that Amazon opened its first physical bookstore. Then it will acquire<a href=\"https://laohu8.com/S/WFM\">Whole Foods Market</a>Whole Foods entered the grocery retail sector and opened an Amazon Go convenience store without cashiers.</p><p><b>2007: \"Missionaries\" can make better products</b></p><p>On November 19, 2007, Amazon introduced the Kindle e-reader to the world, redefining the way we consume books.</p><p>Bezos said, \"We set a long-term vision from the beginning: regardless of the language, as long as a book has been published, users can read it in 60 seconds. We started by setting ourselves an obviously very bold goal to improve the physical book. This goal is not easily chosen. Anything that exists in roughly the same form and resists changing for 500 years cannot be easily improved.\"</p><p>Bezos said that as an inventor, you are either a mercenary or a missionary. The mercenaries were thinking about how to sell their things. Missionaries, however, love their products, their customers, and strive to provide excellent service. He said, but paradoxically, \"it is often the missionaries who make more money.\" Products like the Kindle can only be created with pure passion and true belief.</p><p>\"The Kindle is designed for long periods of reading. We hope that the Kindle and its subsequent products will gradually extend the time we can concentrate on reading over several years, buffering the recent tendency to read fragmented information. I know I sound like a missionary, and I can assure you I mean it from the bottom of my heart.\" This is not just my idea; a large group of people in our company also have this idea. I'm happy about that, because the missionaries' dedication helps us create better products.</p><p>However, Bezos was quick to admit that innovation waits for no one. So, if you don't execute well or fast enough, others will seize the opportunity.</p><p><b>2008: Safeguarding the long-term interests of the company</b></p><p>Bezos wrote, \"Seeking immediate gratification or making unattainable promises, you'll likely find that a group of people are already ahead of you.\" Conversely, long-term thinking:</p><p>Give full play to our existing capabilities.</p><p>It allows us to do new things that we couldn't think of before.</p><p>Support the failures and iterations required for the invention.</p><p>Free us to explore the unknown.</p><p>This year, Amazon acquired Audible, which is now the leader in the audiobook market.</p><p><b>2009: Listen to our customers' voices and innovate for them.</b></p><p>Bezos's definition of Amazon's basic policy is: \"Start with the customer and work backwards. Listen to the customer's opinion, but don't just listen to the customer's opinion; invent for them.\"</p><p>Although he did not mention the now obvious and infamous rebuttal in his letter, \"If you can't beat them, then acquire them.\" Early footwear e-commerce giant Zappos is an example. After finding it difficult to catch up with the former, Amazon acquired it directly.</p><p><b>2010: Invention of new methods</b></p><p>Invention is a fundamental tool for developing and improving all aspects of the customer experience. “While many of our systems are based on the latest findings in computer science research, this is often not enough: our architects and engineers have to pursue further research in areas that have not yet been explored academically, and we face many problems that have not yet been solved in textbooks, so we are happy to invent new approaches,” Bezos wrote.</p><p>Corporate milestone: In July 2010, Amazon announced that in the three years since the Kindle was launched, e-book sales had surpassed physical books.</p><p><b>2011: The most radical inventions are those that \"enable others to pursue their dreams.\"</b></p><p>\"Even well-meaning gatekeepers can hinder innovation,\" Bezos said, emphasizing the self-service nature of various Amazon platforms, including Amazon Web Services, Marketplace, and Kindle Direct Publishing. \"When a platform is self-service, even unlikely ideas will be tried, and many of them are indeed feasible, and society is the beneficiary of this diversity.\"</p><p><b>2012: Prioritize customers over chasing competitors</b></p><p>Bezos believes that one of the advantages of focusing on customer orientation is that \"it helps with a certain type of initiative. When we're at our best, we don't have to wait for external pressure. Before we're forced to do it, we're already being pushed internally to improve our services, add benefits and features. We're already lowering prices and adding value for our customers before we're forced to.\" We invented it before we had to.”</p><p>He added, “These investments are motivated by a customer-centric approach rather than a reaction to competition. We believe this approach has earned more customer trust and driven rapid improvements in customer experience—importantly—even in areas where we have already become leaders.”</p><p><b>2013: Severance pay</b></p><p>Amazon pays employees severance pay once a year. Although, the title of this offer is \"Please do not accept this invitation\". “Our goal is to encourage people to take some time to think about what they really want. In the long run, if an employee reluctantly stays at the company, it’s not only bad for them, but also for the company.”</p><p>In 2013, Bezos acquired the company from the Graham family for $250 million in cash.<a href=\"https://laohu8.com/S/WPO\">The Washington Post</a>\"(The Washington Post).</p><p><b>2014: When you find a dream business opportunity, act</b></p><p>Bezos believes that a \"dream business product\" has at least four characteristics:</p><p>1. Customers like it.</p><p>2. It can grow to be very powerful.</p><p>3. It has a high rate of return.</p><p>4. It could last for decades.</p><p>In 2014, Amazon launched Fire TV and introduced the first Echo smart speaker for users to choose from.</p><p><b>2015: Big winners pay for numerous experiments</b></p><p>This year, Amazon launched its first and last smartphone, the Fire. The phone proved to be a huge failure, and Bezos talked about the importance of failure.</p><p>“If there’s a 10% chance of getting a 100x return, you should bet every time, which is usually right. But nine times out of ten you’ll still be wrong,” Bezos wrote.</p><p>With entrepreneurial enthusiasm, he added, \"We aspire to become a large company that also invents machines. We hope to combine the exceptional customer service capabilities offered by our scale with the usual...\"<a href=\"https://laohu8.com/S/V03.SI\">Startup company</a>Only then can the speed of action, flexibility, and risk-taking mindset be combined.</p><p>Amazon also acquired Twitch, a video game streaming site, this year. The Echo smart speaker was also rolled out across the board just before the holiday season.</p><p><b>2016: Always the first day</b></p><p>Bezos said, \"The 'second day' company stagnates, immediately becomes irrelevant, followed by a painful recession, and then death.\" How can we avoid entering the second day? Ask yourself these simple questions:</p><p>Will you satisfy your customers?</p><p>Are you a victim of agencies, or are they serving you? Are you the master of the process, or is the process your master?</p><p>Are world trends in your favor?</p><p>Are you only satisfied with the quality of decision-making, or are you also concerned with the speed of decision-making?</p><p>Bezos details how to make high-quality, high-speed decisions:</p><p>1. What if you're wrong? Some decisions are irreversible and must be made slowly and thoughtfully. However, most decisions are reversible and can be easily corrected. It is important to determine which is which, rather than using a \"one-size-fits-all\" approach.</p><p>2. Once you have 70% of the information you want to obtain, you should be able to make most decisions. If you insist on waiting until you have mastered 90%, then you are slow. If you are good at course correction, the cost of making mistakes will be less than slow decision-making.</p><p>3. Dare to offer advice and obey the overall situation. Bezos explained, \"If you're absolutely certain about a particular direction, even if there's no consensus, it's helpful to bring it up: 'I know everyone disagrees with this, but are you willing to make a bet with me? Disagree but obey?' At this point, no one can be sure they know the answer, and you might get everyone's agreement very quickly.\"</p><p>4. “Sometimes teams have different goals and fundamentally different perspectives. They are inconsistent, and no amount of discussion or meeting can resolve this serious misalignment,” Bezos wrote. Therefore, it is best to detect misalignment problems as early as possible and pay attention to them immediately.</p><p><b>2017: Yesterday's \"wow\" quickly turned into today's \"ordinary\"</b></p><p>No matter how much customer demands and expectations continue to rise, Amazon always manages to stay ahead to some extent. And why? According to Bezos, the reason is their high standards.</p><p>Bezos believes that setting high standards is teachable, contagious, and domain-related, meaning you must learn high standards separately in each area of interest. To achieve high standards:</p><p>1. You must know what is good.</p><p>2. Your expectations must be realistic, and you must be aware of the difficulty of achieving the goal, or how much effort it will take.</p><p>According to Bezos, identification and scope are the two most important principles for high-standard delivery.</p><p>Leaders relentlessly set high standards, which many would even consider outrageously high. —Amazon Leadership Principles</p><p>For example, PowerPoint is nothing to Amazon. Instead, their employees had to write a six-page narrative, structured memo and speak it out. According to Bezos,</p><p>Good memos need to be written over and over again.</p><p>Also share with colleagues who are asked to improve their work.</p><p>Give yourself a few days, and then re-edit with a new mindset.</p><p>Bezos said, \"Poorly written memos are often not because writers don't recognize what high standards look like, but because they have wrong expectations of scope: they mistakenly believe that they can write a high-standard six-page memo in a day or two or even a few hours, but it can actually take a week or more! They want to do a perfect handstand in just two weeks, and we haven't taught them well.\"</p><p>He said, \"The key is that simply teaching them the scope can improve the results—letting them know that a good memo can take a week or more.\"</p><p>In 2017, Amazon acquired Whole Foods Market.</p><p><b>2018: The road to success will not be smooth sailing</b></p><p>Sometimes running a business is like this: you know where you're going, and you can get there very efficiently. However, those major \"nonlinear\" discoveries may require you to take detours, relying on intuition or curiosity to guide you. In order to find a way out, it is worthwhile to be a little chaotic and go astray.</p><p>\"Extremely large 'nonlinear' discoveries require taking detours.\"</p><p>In 2013, if you went to a customer and said, \"Would you like to put a black cylinder in the kitchen, about the size of a Pringles, where you can chat with it, ask questions, and turn on the lights and play music for you?\" I guarantee they'd look at you strangely and say, \"No, thank you.\" No customer wants an Echo,\" Bezos explained.</p><p>“This is definitely a detour we took,” he said.</p><p><b>2019: It's still day one</b></p><p>Bezos's letter was written in April 2020, when the world was being hit hard by the pandemic. Bezos explained Amazon's role in fighting the pandemic and meeting growing demand, as consumers now rely more than ever on Amazon's services to deliver goods to their doorsteps.</p><p>Bezos concluded with a quote from Theodor Seuss Geisel: \"When something bad happens, you have three choices: you can let it define you, let it destroy you, or let it make you stronger.\"</p><p>Bezos reiterated, \"Even in this situation, we still need to maintain a Day 1 mindset.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://tech.sina.cn/i/gj/2021-05-07/detail-ikmyaawc3966834.d.html?vt=4\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9666a5b83e36990bd4e534d3ea5b2003","relate_stocks":{"AMZN":"亚马逊","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"https://tech.sina.cn/i/gj/2021-05-07/detail-ikmyaawc3966834.d.html?vt=4","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2133050027","content_text":"编者按：一家企业的致股东的信往往能反映这个企业及领导者的价值观和理念。在所有致股东的信中，研究最多的是巴菲特致股东的信。除此之外，亚马逊作为一个伟大的互联网零售企业，其领导者贝索斯致股东的信也值得深入研究。本文回顾了23年来贝索斯致股东的信，浓缩了信中的精华部分，与君分享。本文译自Medium，作者Sumit Grrg，原标题为\" Read 23 Years Worth of Jeff Bezos’ Amazon Shareholder Letters — Here’s What I Learned\"，希望对您有所启发。\n2019年10月22日，杰夫·贝索斯在华盛顿特区接受2019年国际宇航联合会卓越工业奖后发表讲话。图片:MANDEL NGAN/AFP/Getty Images\n在90年代初期，很少有人听说过互联网。杰夫·贝索斯(Jeff Bezos)恰好是听过互联网概念的人之一。\n贝索斯看到，互联网以每年2300%的速度增长，他决定要想出一个商业创意来驾驭这股浪潮。他列了一个网上销售产品的清单，很快就锁定了书籍。\n贝索斯最初将他的网上书店命名为Cadabra。但仅仅过了三个月，他就把名字改成了亚马逊（Amazon），以地球上最大的河流命名，自然也是地球上最多人的选择。虽然这家公司到今天也算名副其实，但它走了很长一段路才走到今天。在创业初期，贝索斯开了50多次会才从投资者那里筹集到100万美元，在这些会议中，最常见的问题是，“什么是互联网？”\n如今，亚马逊的市值接近1.7万亿美元。最近刚刚被埃隆·马斯克(Elon Musk)超越的杰夫·贝索斯，连续三年蝉联全球富豪榜榜首。\n但对于贝索斯来说，“世界首富”的头衔并没有那么有价值，因为他更喜欢被称为发明家或企业家。他是对的。这位即将卸任的亚马逊首席执行官是世界上最优秀的企业家之一。杰夫·贝索斯永远地改变了我们的购物方式，改变(并颠覆)了多个行业。\n在过去的几年里，我反复阅读了这23年来贝索斯的每一封致亚马逊股东公开信。这些信件除了为我们提供了亚马逊的简史之外，还让我们深入了解了这家庞大互联网企业背后的幕后操盘者。\n以下是这些信件中的关键要点总结。\n1997年：追求长期的领导力，而不是短期的获利能力\n通过在网上卖书，亚马逊发现了一个独特的机会，并开始为顾客提供比实体店多得多的图书选择，“而且是在一年365天一天24小时不打烊的书店里面，用一种有用的，易于搜索且易于浏览的格式呈现给顾客。”\n亚马逊于1997年上市，不久之后贝索斯就写了他的第一封致股东信，这封信真实地反映了他现在著名的第一天心态(Day-1心态)——这是一个被创业界广泛采用的原则，即要像一开始的日子那样，始终对企业保持最初的狂热和激情。\n“网络曾经是，现在仍然是，全世界的等待。”\n贝索斯的目标是长远，他在做决定和权衡取舍时的方式与其他大多数商业领袖不同：\n对客户的持续关注。\n优先考虑增长(规模)、长期市场领导地位和长期盈利能力，而不是短期盈利能力。亚马逊希望在众多大型进入者以及来自图书销售巨头Barnes & Noble等公司的激烈竞争中巩固其市场领导地位。\n雇佣并留住人才，薪酬结构偏重股票期权而不是现金，用“利益绑定风险共担”来让他们就必须像主人翁一样去思考与行动。\n就像一个真正的梦想家，贝索斯从一开始就有先见之明：“今天，电子商务为顾客节省了金钱和时间。明天，通过个性化，它将加速发现的整个过程。”\n1998：招聘时要考虑的3条标准\n贝索斯表示，在招聘时设置高门槛是亚马逊成功的最重要因素。在招聘会议上，他建议经理们考虑以下三个问题:\n1.  你会欣赏这个人吗？你敬佩的人是你可以向他学习的人。\n2.  这个人会提高团队的平均效率水平吗？门槛必须越来越高。\n3.  这个人在多大程度上有可能成为超级明星？大多数人都具备可以为其他所有人充实工作环境的独特的技能。\n1999年：今天已经足够好了，但它还可以变得更好\n“目前的网上购物体验是最糟糕的。现在它已经足够吸引1700万用户了，但它还会变得更好。”贝索斯着眼于长期的成功和商业统治地位，他决心在亚马逊建立一种永不安定的文化。\n在1998年将打折音乐加入其在线零售产品之后，亚马逊在1999年采取了一系列重大举措，其中包括引入支持第三方卖家的交易平台zShops（也就是现在的Marketplace），以及彻底改变了电子商务结帐方式的“一键式”付款解决方案。\n2000年：一家想要作为重量级的公司\n贝索斯今年的信以一个词开头：“哎呦。”\n尽管亚马逊是在互联网泡沫破灭后幸存下来的少数几家互联网公司之一，但其股价却从互联网泡沫顶峰时的116美元暴跌至6美元。\n为了解释股市崩盘带来的动荡，贝索斯借用了投资者本杰明·格雷厄姆(Benjamin Graham)的话，格雷厄姆曾说：“短期内，股市是一台投票机，从长远来看，它是一台称量机。”\n而亚马逊，正如贝索斯在给股东的信中所说，是一家“希望被称重的公司”。\n在另一封信中，他补充道：“我们不会像庆祝卓越的客户体验那样庆祝股价上涨10%。股价上涨10%不能让我们的智慧提高10％，反之，当股价下跌时，我们也不会愚蠢10%。我们想要被称重，我们一直在努力打造一个更重的公司。”\n2001年：从根源上消除错误\n贝索斯推出了“看书”(Look Inside the Book)等功能，这是一个免费程序，允许作者和出版商推广他们的书籍。贝索斯强调了亚马逊的努力，即永远改善客户体验，同时鼓励商家和小企业在其生态系统中蓬勃发展。\n贝索斯补充说：“我们为提高顾客的便利性和体验所做的最重要的事情之一，恰好也是可变成本生产率的巨大驱动力：从根本上消除错误和失误。”因为当你实施根除计划时，你解决的不只是一个客户的问题，而且也在为每一位客户解决问题。贝索斯说：“消除错误的根源可为我们节省金钱，并为客户节省客户时间。”\n2002年：对客户有利的，就是对股东有利的\n例如贝索斯坚持不断降低价格，以击败竞争对手，赢得顾客。从长远来看，销售额的增加反过来又会推动利润的增长，这对股东来说是最好的。\n2003年：长期投资，做真正的主人\n“我认识一对夫妇，他们把房子租了出去，搬进来的那一家人把圣诞树钉在了硬木地板上，而不是用树架。我想这是权宜之计，诚然，这些房客非常糟糕，但没有哪个业主会如此目光短浅。业主和租户是不同的。而长期思维既是真正主人的必要条件，也是其结果。\n贝索斯补充道：“同样，许多投资者实际上都是短期租户，他们的投资组合转换得非常之快，实际上只是租用他们暂时持有的股票。”贝索斯再次指出，他的商业理由是保持对长期愿景的乐观。\n2003年，在贝索斯家里举行的一次高管务虚会上，云计算业务Amazon Web Services（AWS）的种子开始种下。这项业务一开始是为了帮助亚马逊解决自己的问题而发明的，但情况很快变得很明显，每一家公司都想要它。现如今，AWS已经统治了公有云市场，成为该公司最大的利润来源。几年后，在点评AWS的成功时，贝索斯谈到了这个自己心目当中的商业奇迹：“整整七年我们都没有遇到有相似看法的竞争对手。作为先驱，如果幸运的话，你大概能获得两年的领先优势。但没有人能够获得长达7年的领先优势，这简直令人难以置信。”\n2004年：现金为王\n“现金流最能解释一家公司的长期股价。亚马逊有一个现金产生的运营周期，因为它周转迅速，在付款给供应商之前就能从客户那里收取款项。”\n自由现金流是亚马逊在低利润的情况下不断壮大的原因，年复一年。为了便于理解，以下是Vox的一段摘录，解释了“微利”是如何随着时间的推移而产生复利效应的：\n“自由现金流跟利润有点像，只是它不假定亚马逊必须在卖东西的同一时间范围内支付一切费用。而且由于亚马逊的付款周期的机制，公司往往在必须支付卖出的东西的费用之前很久就能收到卖出东西的钱。比方说，沃尔玛在向供应商付款后平均要用三天时间才能收到货款，而亚马逊在收到货款平均18天后才向供应商付款。”\n2005年：敢于做出大胆决定\n贝索斯提出了两种企业必须经常面对的决策：\n1.  基于数学的决策：可以用数据做出的决策，其中“有一个正确答案或错误答案，一个更好的答案或一个更坏的答案，数学会告诉我们哪个是哪个。这些决定仍然需要我们做出一些假设和判断，但最繁重的工作是由数学完成的。”\n2.  基于判断的决策：“虽然数据、分析和数学都起着作用，但这些决定的主要因素是判断。这种情况下几乎没有历史数据可以指导我们，而前瞻性的试验要么不可能，要么不切实际或者跟要做决定无异。”\n贝索斯认为，“任何不愿忍受争议的机构都必须把自己的决策限制在第一种类型。但这样做不仅会限制争议，还会显著限制创新和长期价值创造。”他建议企业“将其强大的量化和分析文化与大胆决策的意愿结合起来。”\n正是因为秉承了大胆这个主题，2005年也是Amazon Prime诞生之年。这一切都始于亚马逊的一名初级软件工程师提出的想法，为客户提供“快速、免费送货的自助餐”。到2018年时，亚马逊将成为第二大的付费会员计划，仅次于Netflix。而且Amazon Prime仍然是亚马逊目前最有价值，品牌知名度最高的资产之一。\n2006年：为新业务播下种子\n贝索斯建议，在对新业务进行投资之前，请先仔细评估一下这份检查清单：\n新的机会是否可以产生预期的资本回报。\n它可以发展到多大的规模。\n这个市场现在是不是服务还不到位。\n你是不是具备必要的能力把强大的面向客户的差异化引入到市场。\n贝索斯利用上述因素解释了为什么亚马逊到目前为止拒绝开设实体店。\n他说：“实体店网络的潜在规模令人兴奋。然而，我们不知道如何做到低资本和高回报。实体世界的零售是一个谨慎而古老的行业，服务已经非常完善，我们没有任何新想法来建立一个实体的商店，让客户感受到更好的差异化。”\n他补充道：“当你看到我们进入新的业务领域时，那是因为我们相信上述测试已经通过了。”\n直到2015年，亚马逊才开设自己的第一家实体书店。然后它将收购全食超市（Whole Foods），进军食品杂货零售领域，并开设没有收银员的Amazon Go便利店。\n2007年：“传教士”能制造出更好的产品\n2007年11月19日，亚马逊向世界推出了Kindle电子阅读器，重新定义了我们消费书籍的方式。\n贝索斯说：“我们从一开始就设定了长期愿景：无论哪种语言，只要是出版过的书，用户都能在60秒中读到。我们从给自己设定显然十分大胆的目标开始，去改进实体书。这个目标不是轻易选择出来的。任何以大致相同的形式存在，并且抵触改变已经有500年时间的事物，都不可能轻易就得到改善的。”\n贝索斯说，作为一个发明家，你要么是一个雇佣军，要么是一个传教士。雇佣军就想着怎么把东西卖掉。传教士却热爱自己的产品，自己的客户，并设法做出优质的服务。他说，但自相矛盾的是，“赚更多钱的往往是传教士。” 类似Kindle这样的产品唯有凭借着一股纯粹热情，自己真正相信，才能打造得出。\n“Kindle是专为长时间阅读而设计的。我们希望Kindle和其之后的产品能用几年的时间，逐渐地延长我们能专心阅读的时间，对最近盛行的阅读零碎信息的倾向有所缓冲。我知道我的语气像个传教士，我可以向您保证我是发自内心的。这并不是我一个人的想法，我们公司有一大帮人也有这想法。对此我很高兴，因为传教士的那种执着精神能帮助我们打造出更好的产品”\n不过贝索斯也很快承认，创新不会等待任何人。所以，如果你执行得不够好不够快的话，别人就会抓住机会。\n2008年：维护公司的长远利益\n贝索斯写道：“寻求即时的满足，或做出遥不可及的承诺，很可能你会发现已经有一帮人在前面了。”反过来，长期思维则：\n发挥我们现有的能力。\n允许我们做一些之前无法思考的新事情。\n支持发明所需的失败和迭代。\n解放我们去探索未知的空间。\n今年，亚马逊收购了Audible，后者现在是有声读物市场的领导者。\n2009年：倾听客户的心声，同时替他们去创新\n贝索斯对亚马逊的基本方针的定义是：“从客户开始，向后退。倾听顾客的意见，但不要只听顾客的意见，还要替他们去发明。”\n尽管他在信中并没有提到那句现在已显而易见，而且臭名昭著的反驳，“如果你没法打败它们，那就收购对方。”早期鞋类电商巨头Zappos就是例子。发现自己很难赶上前者之后，亚马逊直接就把它给收购了。\n2010年：发明新方法\n发明是发展和改善客户体验各个方面的基本工具。“虽然我们的许多系统都是基于计算机科学研究的最新成果，但这往往还不够：我们的构架师和工程师不得不在学术上还没探讨的方向进行进一步研究，我们面对很多问题在教科书上还没有给出解决方案，所以我们很高兴去发明新办法，”贝索斯写道。\n企业里程碑：2010年7月，亚马逊宣布，Kindle推出三年来，电子书的销量已经超过了实体书。\n2011年：最激进的发明是那些“能让别人追求自己梦想”的发明\n贝索斯说道：“就算是善意的看门人也会阻碍创新。”他强调了包括Amazon Web Services，Marketplace以及Kindle Direct Publishing在内的各种Amazon平台的自服务性。“当平台是自服务时，哪怕是不大可能的想法也会有人尝试，而且其中的很多想法确实是行得通的，而社会就是这种多样性的受益者。\n2012年：优先考虑客户，而不是追赶竞争对手\n贝索斯认为，聚焦于客户导向的优势之一是“这有助于某种类型的主动性。当我们处在最佳状态时，我们就不必等待外部施加压力。在我们被迫去做之前，内部就已经推动我们要改善服务，增加好处和功能了。我们在被迫之前就已经替客户降低价格和增加价值了。在不得不这样做之前我们就先发明了。”\n他补充道：“激励这些投资的是以顾客为导向而不是对竞争的反应。我们认为，这种做法赢得了客户更多的信任，并推动了客户体验的快速改善——重要的是——甚至在那些我们已经成为领导者的领域也是如此。”\n2013年：离职金\n亚马逊每年向员工支付一次离职费用。尽管，这个offer的标题是“请不要接受这个邀请”。“我们的目标是鼓励人们花点时间想想自己真正想要的是什么。从长期来看，如果员工勉强留在公司，不仅对他自己不好，对公司同样不利。”\n2013年，贝索斯以2.5亿美元现金从格雷厄姆家族手中收购了《华盛顿邮报》(The Washington Post)。\n2014年：当你找到一个梦幻的商机时，行动起来\n贝索斯认为，“梦幻般的商业产品”至少有四个特点：\n1.  客户喜欢它。\n2.  它可以发展到非常强大。\n3.  它的回报率很高。\n4.  有可能持续几十年。\n2014年，亚马逊推出了Fire TV，并推出了首款Echo智能音箱供用户选择。\n2015年：大赢家为众多实验买单\n今年，亚马逊推出了第一款也是最后一款智能手机Fire。这款手机被证明是一个巨大的失败，贝索斯谈到了失败的重要性。\n“如果有10%的机会获得100倍的回报，你应该每次都下注，这通常是对的。但十有八九你还是会错。”贝索斯写道。\n带着企业家的热情，他补充道：“我们希望成为一家同时也是发明机器的大公司。我们希望将规模所赋予的非凡客户服务能力，与通常创业公司才有的行动速度、灵活性和风险接受心态结合起来。”\n亚马逊今年还收购了视频游戏流媒体网站Twitch。而Echo智能音箱也正好赶在假日季之前全线铺开。\n2016：永远是第一天\n贝索斯说:“‘第二天’的公司是停滞的，会紧接着变得无关紧要，随后是痛苦的衰退，然后就是死亡。”怎么才能避免步入第二天？可以自问一下这几个简单的问题：\n你会让顾客满意吗？\n你是代理的牺牲品，还是它们为你服务？你是流程的主人，还是流程是你的主人？\n世界潮流对你有利吗？\n你只满足于决策的质量，还是也关注决策的速度？\n贝索斯详述了如何做出高质量、高速度的决策：\n1.如果你错了怎么办？有些决定是不可逆的，得慢慢地，深思熟虑地做决定。但是大多数的决策都是可逆的，是很容易做路线修正的。重要的是要确定哪个是哪个，而不要用“一刀切”的方法。\n2.在掌握了你希望获得的信息的70%之后，应该就可以做出大多数的决定了。如果你非要等到掌握了90％，那你就慢了。如果你擅长路线修正，那犯错的代价会比决策慢要小。\n3.敢于谏言，服从大局。贝索斯解释说：“如果你对特定方向十分确信，就算没有共识，你提出来也是有帮助的：“我知道大家都不同意这一点，但你们愿意跟我打赌吗？不同意但是服从？” 到了这个时候，没人敢肯定自己知道答案，这时候你可能很快就能得到大家的同意。”\n4.  “有时候团队有不同的目标和根本不同的观点。他们不一致，再多的讨论、再多的会议也无法解决这种严重的错位。,”贝索斯写道。因此，最好及早发现错位问题，并立即重视起来。\n2017：昨天的“哇”很快变成了今天的“平凡”\n不管客户要求和期望再怎么的不断提高，亚马逊总能多多少少赶在前头。为什么呢？按照贝索斯的说法，原因在于他们的高标准。\n贝索斯认为，设定高标准是可传授的，会感染的，而且是领域相关的，这意味着你必须在每个感兴趣的领域分别去学习高标准。要想达到高标准：\n1.  你必须知道什么是好的。\n2.  你的期望必须具有现实性，对实现目标的难度，或者需要付出多少努力要心中有数。\n根据贝索斯的说法，识别和范围是高标准交付的两个最重要的原则。\n领导者不懈制定高标准，甚至很多人会认为这些标准高得离谱。——亚马逊领导力原则\n比方说，PPT在亚马逊这里根本就不算什么。相反，他们这里的员工得写6页纸叙述性结构化的备忘录，还得讲出来。根据贝索斯的说法，\n好的备忘录要一遍又一遍地写。\n还要与被要求改进工作的同事分享。\n留出几天时间，然后以新的思路重新编辑。\n贝索斯说：“备忘录写得不好往往不是作者认识不到高标准是什么样的，而是对范围有着错误的期望：他们错误地认为一两天甚至几个小时就能写出高标准的六页纸备忘录，但其实这可能要花费一周或更长时间！他们想在短短两周内就做出完美倒立，而我们没有教好他们。”\n他说：“关键是，只需要把范围教给他们就可以改善结果了——让他们知道，一份好的备忘录可能需要一周或更长时间。”\n2017年，亚马逊收购了全食超市。\n2018年：通往成功的道路绝不是一帆风顺\n做企业有时候是这样的，你知道要去哪里，而且也可以很高效地去到那里。但是，那些特大的“非线性”的发现，却可能需要你走走弯路，要靠直觉或好奇心的引导，为了找到出路，有点乱有点跑偏也是值得的。\n“特大的‘非线性’发现需要走走弯路。”\n2013年，如果你去找一位顾客，对他说：“你想不想在厨房里放一个黑色圆筒，大小和品客薯片(Pringles)差不多，你可以一边跟它聊天，一边问问题，同时还能帮你打开灯，播放音乐？”我保证他们会奇怪地看着你然后说，“不，谢谢。”没有顾客想要Echo，”贝索斯解释说。\n“这绝对是我们走的弯路，”他说。\n2019年：现在仍是第一天\n贝索斯的这封信写于2020年4月，当时全球正遭受疫情的严重打击。贝索斯解释了亚马逊在抗击疫情以及满足日益增长的需求方面的作用，因为现在消费者比以往任何时候都更依赖亚马逊的服务，将商品送货上门。\n贝索斯以西奥多·苏斯·盖泽尔(Theodor Seuss Geisel)的一句话作为结尾，他说：“当不好的事情发生时，你有三种选择：你可以让它定义你，让它摧毁你，或者让它使你变得更强。”\n贝索斯重申，“即使在这种情况下，仍然要保持第一天心态。”","news_type":1,"symbols_score_info":{"AMZN":0.9,"QNETCN":0.9}},"isVote":1,"tweetType":1,"viewCount":1737,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113308501,"gmtCreate":1622592832603,"gmtModify":1704186848966,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/113308501","repostId":"1171929437","repostType":4,"isVote":1,"tweetType":1,"viewCount":5939,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112537080,"gmtCreate":1622884282340,"gmtModify":1704192979567,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/112537080","repostId":"2141540084","repostType":4,"repost":{"id":"2141540084","kind":"news","pubTimestamp":1622854384,"share":"https://ttm.financial/m/news/2141540084?lang=en_US&edition=fundamental","pubTime":"2021-06-05 08:53","market":"us","language":"zh","title":"House Democrats unveil $547 billion infrastructure bill","url":"https://stock-news.laohu8.com/highlight/detail?id=2141540084","media":"中国新闻网","summary":"美国国会众议院民主党人当地时间4日公布了总额达5470亿美元的基础设施建设草案。\n该草案由众议院交通和基础设施委员会主席、民主党人德法齐奥 （Peter DeFazio）提出，在未来5年将在基础设施建","content":"<p><div>On the 4th local time, Democrats in the U.S. House of Representatives released a draft infrastructure construction plan totaling $547 billion. The bill, introduced by House Transportation and Infrastructure Committee Chairman Peter DeFazio, a Democrat, would spend $547 billion on infrastructure over the next five years, including the construction and renovation of highways, bridges, railways, and other facilities. The draft will be an important part of the infrastructure construction plan proposed by US President Biden. DeFazio called the plan a \"rare opportunity\" that would \"restore America's transportation infrastructure from 1950s levels...\"</p><p><a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/world/gjcj/2021-06-05/doc-ikqcfnaz9200578.shtml\">Web page link</a></div></p>","source":"zgxww","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>House Democrats unveil $547 billion infrastructure bill</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\">\nHouse Democrats unveil $547 billion infrastructure bill\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中国新闻网</strong><span class=\"h-time small\">2021-06-05 08:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>On the 4th local time, Democrats in the U.S. House of Representatives released a draft infrastructure construction plan totaling $547 billion. The bill, introduced by House Transportation and Infrastructure Committee Chairman Peter DeFazio, a Democrat, would spend $547 billion on infrastructure over the next five years, including the construction and renovation of highways, bridges, railways, and other facilities. The draft will be an important part of the infrastructure construction plan proposed by US President Biden. DeFazio called the plan a \"rare opportunity\" that would \"restore America's transportation infrastructure from 1950s levels...\"</p><p><a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/world/gjcj/2021-06-05/doc-ikqcfnaz9200578.shtml\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/world/gjcj/2021-06-05/doc-ikqcfnaz9200578.shtml\">中国新闻网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/37d43f47ff4637f33c2675f14c1cc937","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/world/gjcj/2021-06-05/doc-ikqcfnaz9200578.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2141540084","content_text":"美国国会众议院民主党人当地时间4日公布了总额达5470亿美元的基础设施建设草案。\n该草案由众议院交通和基础设施委员会主席、民主党人德法齐奥 （Peter DeFazio）提出，在未来5年将在基础设施建设方面支出5470亿美元，包括修建、改造高速公路、桥、铁路等设施。该草案将是美国总统拜登提出的基础设施建设计划中的重要部分。\n德法齐奥称该计划是“难得的机会”，将使“美国的交通设施从上世纪50年代水平向未来清洁能源趋势发展”。\n该草案公布后遭到共和党人反对。众议院交通和基础设施委员会共和党人发表声明说，该草案完全是民主党内激进派的主张，民主党人没有想要与共和党人讨论以获得共和党的支持。\n美国总统拜登上任后曾提出2.3万亿美元基础设施建设计划，并表示将通过向富人和大公司增税来实现该计划。\n目前，白宫和国会共和党人就基建计划的谈判已持续多日。拜登已表示愿意将该计划总额由2.3万亿美元降至1万亿美元。共和党人则仅同意2570亿美元的支出。\n在增税方面，由于遭到共和党人强烈反对，拜登已同意搁置提高企业税率的提议，改为设定15%的最低企业税率，以获得共和党对基建方案的支持。\n近日，共和党人提出将应对疫情经济刺激计划中剩余资金用来进行基础设施建设。该提议遭到白宫反对。\n白宫新闻秘书普萨基3日表示，白宫与国会共和党人针对基建计划的谈判将继续下去。她还表示，对于该谈判，白宫没有设置截止日期。（完）","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":5584,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100549125,"gmtCreate":1619623895667,"gmtModify":1704727044886,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"[Sly]&nbsp;","listText":"[Sly]&nbsp;","text":"[Sly]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/100549125","repostId":"1131068131","repostType":4,"isVote":1,"tweetType":1,"viewCount":1328,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112473432,"gmtCreate":1622909646027,"gmtModify":1704193211810,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"Hi&nbsp;","listText":"Hi&nbsp;","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/112473432","repostId":"1195814090","repostType":4,"repost":{"id":"1195814090","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":1622866667,"share":"https://ttm.financial/m/news/1195814090?lang=en_US&edition=fundamental","pubTime":"2021-06-05 12:17","market":"sh","language":"zh","title":"JPMorgan Chase's funds significantly increased their holdings in Moutai and Wuliangye in April.","url":"https://stock-news.laohu8.com/highlight/detail?id=1195814090","media":"老虎资讯综合","summary":"全球第四大中国股票基金——来自摩根大通的“摩根中国A股机会基金”4月大手笔加仓茅台和五粮液。4月底基金持有的贵州茅台股份数环比增加约742%，持有的五粮液股份数增加10%。第一大重仓股中国平安股份数环","content":"<p>The JPMorgan China A-Share Opportunities Fund, the world's fourth-largest Chinese equity fund, significantly increased its holdings in Moutai and Wuliangye in April. At the end of April, the number of Kweichow Moutai shares held by the fund increased by approximately 742% month-on-month, and the number of Wuliangye shares held by the fund increased by 10%. The number of shares held by Ping An Insurance, its largest holding, increased by 1410.06% month-on-month. As of the end of April, the JPMorgan China A-Share Opportunities Fund held approximately HK$1.897 billion (approximately RMB1.565 billion) in Wuliangye and approximately HK$1.64 billion (approximately RMB1.353 billion) in Kweichow Moutai. (China Securities Journal)</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>JPMorgan Chase's funds significantly increased their holdings in Moutai and Wuliangye in April.</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\">\nJPMorgan Chase's funds significantly increased their holdings in Moutai and Wuliangye in April.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-05 12:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The JPMorgan China A-Share Opportunities Fund, the world's fourth-largest Chinese equity fund, significantly increased its holdings in Moutai and Wuliangye in April. At the end of April, the number of Kweichow Moutai shares held by the fund increased by approximately 742% month-on-month, and the number of Wuliangye shares held by the fund increased by 10%. The number of shares held by Ping An Insurance, its largest holding, increased by 1410.06% month-on-month. As of the end of April, the JPMorgan China A-Share Opportunities Fund held approximately HK$1.897 billion (approximately RMB1.565 billion) in Wuliangye and approximately HK$1.64 billion (approximately RMB1.353 billion) in Kweichow Moutai. (China Securities Journal)</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/aba16b4f88c90908701f4ff26fee613c","relate_stocks":{"600519":"贵州茅台","000858":"五粮液"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195814090","content_text":"全球第四大中国股票基金——来自摩根大通的“摩根中国A股机会基金”4月大手笔加仓茅台和五粮液。4月底基金持有的贵州茅台股份数环比增加约742%，持有的五粮液股份数增加10%。第一大重仓股中国平安股份数环比增加1410.06%。截至4月底，“摩根中国A股机会基金”持有五粮液的市值约为18.97亿港元（约折合15.65亿元人民币），持有贵州茅台的市值约为16.40亿港元（约折合13.53亿元人民币）。（中国证券报）","news_type":1,"symbols_score_info":{"600519":0.9,"000858":0.9}},"isVote":1,"tweetType":1,"viewCount":6406,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134130172,"gmtCreate":1622210626096,"gmtModify":1704181581329,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/134130172","repostId":"1121649348","repostType":4,"repost":{"id":"1121649348","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":1622208665,"share":"https://ttm.financial/m/news/1121649348?lang=en_US&edition=fundamental","pubTime":"2021-05-28 21:31","market":"us","language":"zh","title":"Opening: All three major indices opened higher, with AMC Cinemas rising 20%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1121649348","media":"老虎资讯综合","summary":"5月28日，美股三大指数集体高开，道指涨0.40%，纳指涨0.41%，标普500指数涨0.34%。高途跌近6%，报道称高途集团小早启蒙项目被砍，将大批裁员。WSB概念股多数走高，AMC院线涨20%，高","content":"<p>On May 28, the three major U.S. stock indexes opened higher, with the Dow Jones Industrial Average up 0.40%, the Nasdaq Composite up 0.41%, and the S&P 500 up 0.34%.</p><p><img src=\"https://static.tigerbbs.com/cd75fdf22f666f8ed7e0f140b02bf670\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>It fell nearly 6%, according to reports.<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>The group's early childhood education program has been canceled, and a large number of employees will be laid off.</p><p>Most WSB concept stocks rose.<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>Up 20%,<a href=\"https://laohu8.com/S/KOSS\">Gaussian electronics</a>Up 15%<a href=\"https://laohu8.com/S/GME\">Game Station</a>It rose more than 3%.</p><p><a href=\"https://laohu8.com/S/MOGU\">Mogujie</a>It rose 10%, with live streaming GMV reaching RMB 13.855 billion in fiscal year 2021, a year-on-year increase of 38.1%.</p><p><a href=\"https://laohu8.com/S/BA\">boeing</a>It fell 1.4% after previously announcing that it would suspend deliveries of the 787 Dreamliner.</p><p><a href=\"https://laohu8.com/S/HPQ\">HP</a>The stock fell by more than 7%, and the company's CEO stated that the supply shortage will continue until the end of this year.</p><p><a href=\"https://laohu8.com/S/CRM\">Salesforce</a>It rose over 7%, with first-quarter net profit surging 374% year-on-year.</p><p><a href=\"https://laohu8.com/S/MOGU\">Mogujie</a>Rising more than 10%, Mogujie announced its financial results for the fourth quarter and full year of fiscal year 2021, ending March 31, 2021. The financial report shows that the company's total revenue in Q4 was 90.864 million yuan, compared to 119 million yuan in the same period last year, a year-on-year decrease of 23.64%; The net loss was 109 million yuan, compared to 142 million yuan in the same period last year; Both basic and diluted losses per ADS were RMB 1.07, compared to RMB 1.30 in the same period last year.</p><p>Palantir Technologies rose nearly 3% after signing a contract with the U.S. Special Operations Command worth a total of $111 million, of which the company was granted an option agreement worth $52.5 million upon execution of the contract. The basic term of the contract is one year, and the option period is one year.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opening: All three major indices opened higher, with AMC Cinemas rising 20%.</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; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpening: All three major indices opened higher, with AMC Cinemas rising 20%.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-28 21:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On May 28, the three major U.S. stock indexes opened higher, with the Dow Jones Industrial Average up 0.40%, the Nasdaq Composite up 0.41%, and the S&P 500 up 0.34%.</p><p><img src=\"https://static.tigerbbs.com/cd75fdf22f666f8ed7e0f140b02bf670\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>It fell nearly 6%, according to reports.<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>The group's early childhood education program has been canceled, and a large number of employees will be laid off.</p><p>Most WSB concept stocks rose.<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>Up 20%,<a href=\"https://laohu8.com/S/KOSS\">Gaussian electronics</a>Up 15%<a href=\"https://laohu8.com/S/GME\">Game Station</a>It rose more than 3%.</p><p><a href=\"https://laohu8.com/S/MOGU\">Mogujie</a>It rose 10%, with live streaming GMV reaching RMB 13.855 billion in fiscal year 2021, a year-on-year increase of 38.1%.</p><p><a href=\"https://laohu8.com/S/BA\">boeing</a>It fell 1.4% after previously announcing that it would suspend deliveries of the 787 Dreamliner.</p><p><a href=\"https://laohu8.com/S/HPQ\">HP</a>The stock fell by more than 7%, and the company's CEO stated that the supply shortage will continue until the end of this year.</p><p><a href=\"https://laohu8.com/S/CRM\">Salesforce</a>It rose over 7%, with first-quarter net profit surging 374% year-on-year.</p><p><a href=\"https://laohu8.com/S/MOGU\">Mogujie</a>Rising more than 10%, Mogujie announced its financial results for the fourth quarter and full year of fiscal year 2021, ending March 31, 2021. The financial report shows that the company's total revenue in Q4 was 90.864 million yuan, compared to 119 million yuan in the same period last year, a year-on-year decrease of 23.64%; The net loss was 109 million yuan, compared to 142 million yuan in the same period last year; Both basic and diluted losses per ADS were RMB 1.07, compared to RMB 1.30 in the same period last year.</p><p>Palantir Technologies rose nearly 3% after signing a contract with the U.S. Special Operations Command worth a total of $111 million, of which the company was granted an option agreement worth $52.5 million upon execution of the contract. The basic term of the contract is one year, and the option period is one year.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","AMC":"AMC院线"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121649348","content_text":"5月28日，美股三大指数集体高开，道指涨0.40%，纳指涨0.41%，标普500指数涨0.34%。高途跌近6%，报道称高途集团小早启蒙项目被砍，将大批裁员。WSB概念股多数走高，AMC院线涨20%，高斯电子涨15%，游戏驿站涨超3%。蘑菇街涨10%，2021财年全年直播GMV达138.55亿元，同比增长38.1%。波音跌1.4%，此前表示将暂停787 Dreamliner交付。惠普跌超7%，公司CEO表示供应短缺将持续到今年年底。Salesforce涨超7%，第一财季净利同比大增374%蘑菇街涨超10%，消息面上蘑菇街公布截至2021年3月31日的2021财年第四季度及全年财务业绩。财报显示，该公司Q4总营收9086.4万元，上年同期1.19亿元，同比下降23.64%;净亏损为1.09亿元，上年同期1.42亿元;基本和摊薄后每ADS亏损均为1.07元，上年同期为1.30元。Palantir Technologies涨近3%，公司已与美国特种作战司令部签署总价值为1.11亿美元的合同，其中，公司被授予在合同执行后价值5250万美元的选择权协议。该份合同的基本期限为一年，选择权期限为一年。","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9,"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":5538,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194733911,"gmtCreate":1621399458433,"gmtModify":1704357004794,"author":{"id":"3582715449264548","authorId":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582715449264548","authorIdStr":"3582715449264548"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/194733911","repostId":"312925574","repostType":1,"isVote":1,"tweetType":1,"viewCount":1963,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}