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2021-06-15

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Times Angel's single-lot success rate is 1.5%; subscribing to 750 lots guarantees one lot.

2021-06-15

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Ten-year-old Kuaishou, a mirror of the human world

2021-06-15

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2021-06-15

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A new group of stocks has emerged in the US stock market! The stock surged by more than 30% at one point.

2021-06-15

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Be wary of the risk of a dollar rebound; the RMB exchange rate is prone to depreciation but difficult to appreciate in the second half

2021-06-15

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2021-06-15

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2021-06-15

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2021-06-15

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The legendary "Yang Baiwan" has passed away, but the enterprising spirit of retail investors remains unabated.

2021-06-12

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Tiger Brokers helped BOSS Zhipin list on Nasdaq, which opened 75% higher on its first day of trading.

Go to Tiger App to see more news

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17:48","market":"hk","language":"zh","title":"Ten-year-old Kuaishou, a mirror of the human world","url":"https://stock-news.laohu8.com/highlight/detail?id=1186442864","media":"虎嗅APP","summary":"2011年底，刚刚组队的小创业公司GIF快手，创始人程一笑在微博、豆瓣等平台发布了一则招聘信息：诚求UI设计师一位做创业伙伴，提供有竞争力的薪酬以及丰厚的股权。\n程一笑是豆瓣深度用户，当时他经常逛的两","content":"<p>At the end of 2011, the newly formed team<a href=\"https://laohu8.com/S/V03.SI\">Startup company</a>GIF Kuaishou, founder Cheng Yixiao<a href=\"https://laohu8.com/S/WB\">Weibo</a>Platforms such as Douban posted a job posting: Seeking a UI designer to be a business partner, offering competitive compensation and generous equity.</p><p>Cheng Yixiao was a heavy user of Douban. At the time, the two groups he frequented were \"IT Recruitment King\" and \"Graphic Designer\". From the very beginning of the company to the outset of the product, this young man had an almost intuitive yearning for community and design.</p><p>2011 was a turbulent year:<b><a href=\"https://laohu8.com/S/ZH\">Zhihu</a>Having just been established, Meituan has only been online for a year, while bilibili has just changed its name from \"Mikufans\" to bilibili. With the booming development of mobile internet, coffee shops in Haidian District are as lively as farmers' markets, attracting countless people.</b></p><p>Shortly after Cheng Yixiao's job posting, a UI designer joined GIF Kuaishou, becoming one of the four earliest employees. They lived in a cramped house in Aobei Community, Lishuiqiao, Haidian District, quietly refining this product.</p><p><img src=\"https://static.tigerbbs.com/6ce1483e15c5a30766ef7457ab4b0d79\" tg-width=\"1000\" tg-height=\"750\" referrerpolicy=\"no-referrer\"></p><p>Ten years ago, the desk at the Olympic North Center</p><p>Yang Yuanxi, co-founder of Kuaishou, recalled that work and life were inseparable at the time. The four of them took turns ordering food every day at noon. \"At that time, there were only seven restaurants downstairs. We basically arranged the seven restaurants in different orders.\"</p><p>Perhaps unable to tolerate this work and life situation, or perhaps lacking hope for the future of this small company, the designer left GIF Kuaishou not long after, brushing past an era.</p><p>No one could have predicted that years later this company would pioneer the entire short video era, and after experiencing many ups and downs in development, it would be listed on the Hong Kong Stock Exchange, with a market capitalization once reaching one trillion Hong Kong dollars, becoming the fifth largest internet company in China.</p><p>To this day, the other three early employees are still leading Kuaishou forward:<b>Co-founders Cheng Yixiao, Yin Xin, and Yang Yuanxi, along with Su Hua, who joined Kuaishou in 2013, form the foundation of Kuaishou's unique product.</b></p><p>Ten years have passed in the blink of an eye, and countless companies have been lost in the fierce competition of the mobile internet. Kuaishou's ten years have been both favorable and imminent, and it has eventually surged to 300 million daily active users under intense competitive pressure.</p><p><img src=\"https://static.tigerbbs.com/c39c2e4a9ed3d8016c44153dfc68ec2c\" tg-width=\"1080\" tg-height=\"1439\" referrerpolicy=\"no-referrer\"></p><p>Kuaishou lists on the Hong Kong Stock Exchange</p><p>This is a dramatic and legendary story, and also about the past decade.<a href=\"https://laohu8.com/S/CHL\">China Mobile</a>A typical example of the evolution of internet companies. In terms of products, technology, operations, and business, when a young company has already set foot on fertile ground, but its accumulated experience is not commensurate with the enormous opportunities it faces, how can it survive, develop, persevere, and evolve, and make key and correct decisions, thus initiating a protracted battle?</p><p><b>A meeting of circumstances</b></p><p>Shanghai, 2013. That afternoon, Zhang Fei, a partner at Morningside Capital, decided to meet the young man seeking investment.<b>The other party graduated from Tsinghua University and had previously...<a href=\"https://laohu8.com/S/GOOG\">Google</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Appointment. With his extensive resume, he is also a serial entrepreneur with a resilient and energetic personality.</b></p><p>This was Zhang Fei's second meeting with him. This young man named Su Hua was preparing to abandon his current entrepreneurial project and embark on more new attempts.</p><p>According to Zhang Fei's recollection, Su Hua talked about more than 20 projects at the time. \"There were many particularly interesting entrepreneurial ideas, but after going through them one by one, I found that most of them were not mature, so I gave them direct feedback.\"</p><p><img src=\"https://static.tigerbbs.com/2dcc717dcbd72669b175a38910eeb96a\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>The four co-founders cut the cake at the IPO.</p><p>One was looking for a future-oriented investment target, and the other was seeking a new entrepreneurial direction. For most of the day, the two discussed countless entrepreneurial possibilities, and then rejected them one by one. Suddenly, an idea flashed in Zhang Fei's mind:</p><p>“I have a pretty good product manager here, why don’t you work with him?” Zhang Fei said.</p><p>This \"really good product manager\" is Cheng Yixiao. As an angel investor in GIF Kuaishou,<b>Zhang Fei is very optimistic about mobile video in the 4G era, and GIF Kuaishou, as a primitive video format, gave him a glimpse of possibility.</b></p><p>Since its launch in 2011, GIF Kuaishou has accumulated a considerable number of users and has begun to try to transform from a tool into a short video community, but it has not been successful.</p><p>As a product manager, Cheng Yixiao faces a simple challenge:<b>When users create content through GIFs on Kuaishou and are willing to upload their work to the community section, how can we ensure that everyone's work is seen by more people?</b>This is the most fundamental and ultimate incentive for creators' passion.</p><p>Initially, they used a general recommendation method, which involved creating a list of new works or works within the past seven days every day. The list was sorted by popularity weights such as comments, shares, and likes, so all users saw the same list.</p><p>The number of works that can be recommended on the list is extremely limited, making it easy for creators to become popular. Only creators with talent and good looks have a chance to become trending.<b>Cheng Yixiao especially hopes to see the works of ordinary people also make it onto the list.</b></p><p>Co-founder Yang Yuanxi recalled that in order to get as many people's works seen as possible, the first thing they did when they got to work every day was to adjust the recommendation formula. Today, adjust a from 0.7 to 0.8, and tomorrow, adjust B from 0.5 to 0.4. Over time, the formula became increasingly complex, but its efficiency and results were consistently poor.</p><p>This is not a problem that product managers alone can solve. The prototype of this video community requires the support of advanced technology and a brand-new algorithm and recommendation method.</p><p>When Zhang Fei inexplicably had the idea of bringing Su Hua and Cheng Yixiao together in Shanghai, a dramatic turn of events occurred.<b>One possesses the most advanced technological tools, while the other has a strong understanding and design capabilities for products and communities. The two met.</b></p><p>The story that followed has been widely circulated today.<b>In the summer of 2013, Su Hua and Cheng Yixiao met at the Jinyu Hotel in Beijing, and the two quiet people chatted until two or three in the morning.</b>The two share a high degree of alignment in values.<b>They believe that the community should give more people exposure opportunities so that the works of ordinary people can be seen.</b></p><p>These simple concepts were later summarized as Kuaishou's values of fairness and inclusiveness, and subtly became the underlying logic of its products and algorithms.</p><p>After the team merger and equity adjustment, Cheng Yixiao was in charge of the product, and Su Hua became the CEO. They quickly did two \"big things\": first, they moved the company to Huaqing Jiayuan in Wudaokou; and second, Su Hua wrote the first line of code for the recommendation algorithm for GIF Kuaishou.</p><p><img src=\"https://static.tigerbbs.com/7d9ec949686d4de05a208052defcf5de\" tg-width=\"840\" tg-height=\"477\" referrerpolicy=\"no-referrer\"></p><p>Kuaishou at Huaqing Jiayuan in Wudaokou</p><p>The technology is powerful. The recommendations brought by Huawei Kuaishou are personalized and tailored to each person. Everyone sees a different Kuaishou, and each work receives initial cold-start traffic. This epoch-making experience is being applied to short videos for the first time, and the explosive energy is visible to the naked eye.</p><p><b>In April 2014, \"GIF Kuaishou\" was renamed Kuaishou, officially transforming into a short video community platform; On June 6, Kuaishou's daily active users (DAU) surpassed one million for the first time; In January 2015, Kuaishou's DAU exceeded 10 million; By the end of 2016, the number of daily active users (DAU) reached 40 At the end of 2017, DAU exceeded 110 million.</b>Prior to this, Kuaishou had almost no marketing efforts, and its user growth benefited from the precision and efficiency of long-tail content distribution under the concept of inclusiveness, as well as the platform's focus on the lives of ordinary people.</p><p>An early Kuaishou employee recalled his interview with Cheng Yixiao: \"For the first fifty or sixty percent of the time, I was saying that he was listening. Then he took out his phone, showed me his list of followers, what kind of people he followed, and then talked to me about everyone, like he was talking about his family, what kind of people they were, and what they had experienced on Kuaishou.\"</p><p>Both Su Hua and Cheng Yixiao maintain this habit to this day. As founders, they gained inspiration from positive feedback, changes in their lives, and user reviews of \"thank you to the official team\" that far exceeded their business returns.</p><p>The battle began</p><p>At the end of 2017, Kuaishou, an internet application with over 100 million DAUs, had only a little over 1,000 employees. If we go back a year, the company only had 600-700 employees.</p><p>To some extent, this validates one of Su Hua's hypotheses.<b>How large a user base can a small technical team handle? Without the interference of commercialization and strong operations, how long would it take to develop from a community to a social network?</b></p><p>This was a low-key, peaceful period where people enjoyed growth and user feedback. More and more ordinary people used Kuaishou to record their lives, making the product both unique and idealistic. However, it was not perfect, controversial, and even fraught with crises. It entered a turning point in 2018-2019.</p><p><b>\"We have to do it, we have to fight!”</b>In June 2019, at Kuaishou's Xierqi headquarters, an early employee still remembers the shout made by co-founder Cheng Yixiao at the mobilization meeting.</p><p>This was a meeting that changed the course of Kuaishou's history. He said that when he saw the two taciturn founders step onto the stage, clench their fists, and call on everyone to get involved, everyone's blood boiled.</p><p>From its founding in 2011 to surpassing 100 million DAU at the end of 2017, Kuaishou, as the pioneer of the short video industry, has faced numerous challenges. One product after another, such as Meipai, has challenged Kuaishou's position. Until 2018, they encountered an unprecedentedly formidable competitor: ByteDance's...<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>Using brand-new product logic, content distribution logic, and business logic, it achieved rapid surpassing.</p><p>Finally, this battle had to be fought. According to LatePost, after the 2019 Spring Festival, Kuaishou executives and the product team conducted a user survey in Chongqing, internally known as the \"Chongqing Meeting.\" Su Hua and Cheng Yixiao were directly stimulated by the users and realized...<b>Non-aggressive growth = handing over users to others; Disunited combat = tacitly allowing the team's combat effectiveness to decline.</b></p><p>On June 18, Su Hua and Cheng Yixiao released a letter to all employees, frankly stating the challenges and hidden dangers facing Kuaishou: \"We are no longer the fastest team. As we grow, our muscles begin to weaken, our reactions slow down, and our connection with users weakens.\" The first thing to be affected is, of course, user scale. Kuaishou launched the K3 campaign and set an annual goal of 300 million daily active users before the Spring Festival.</p><p>The user base is actually just a facade.<b>Product form, user experience, distribution logic, organizational and combat capabilities, operational system, commercialization system, and infrastructure are the challenges that this \"small company\" needs to overcome.</b></p><p>If in the past it was product + technology, Xiaomi + rifle that won the guerrilla war, now Kuaishou is facing an entire establishment's trump card, with astonishing combat power, incredible speed, and bold spending. If the founder himself cannot iterate and lead the company's overall evolution, users are likely to vote with their feet.</p><p>Such cases abound in the history of the mobile internet, whether it's group buying, bike-sharing, or mobile e-commerce.<b>Many startups have stepped into the trend one or two steps ahead of schedule, only to be crushed by latecomers. In addition to luck, the core reason is that the founders and companies did not quickly evolve from \"small companies\" to \"large companies\".</b></p><p>Su Hua and Cheng Yixiao should be grateful for their courage and determination in launching the battle at that time. Today, although it is NO longer the NO. 1 in the industry, Kuaishou has not been defeated by competition. Instead, it has become stronger through repeated battles with itself, its competitors, and the market.</p><p>\"No strong company has ever been eliminated by others in competition,\" said Ma Hongbin, senior vice president of Kuaishou. He added that the more competition there is with competitors, the more it grows.</p><p>Relying on synchronized adjustments to products, algorithms, and operations, high-speed organizational operation, cooperation with the CCTV Spring Festival Gala, and the rise of the Express version, Kuaishou achieved its K3 goal.</p><p>On May 24 this year, Kuaishou, after its IPO, released its results for the first quarter of 2021. Data shows that,<b>The average daily active users of Kuaishou China's applications and mini-programs reached 379.2 million, with daily active users spending an average of 99.3 minutes per day.</b></p><p>\"It seems our competitors haven't beaten us much. No matter how much we compete, we've still reached 300 million,\" said a Kuaishou executive. He added that many people had been holding back their energy before K3, and this battle became an outlet to alleviate their anxiety, finally putting Kuaishou in a bottom out.</p><p><b>Seeking common ground while</b></p><p>K3 became a turning point for Kuaishou from a laid-back to a wolf-like approach. Since then, the team has continued to expand at an increasingly fast pace. Every few months, Su Hua and the management team have to fight a major battle.</p><p>There's no turning back. The product needs to change, the algorithm needs to change, the operation needs to change, and the business model needs to change. The team of more than 10,000 people is seeking change and victory. And will all these changes ultimately make Kuaishou Kuaishou or a competitor?</p><p>On the path of comprehensive evolution, what can and cannot change requires Kuaishou's founders and executives to define a scope and repeatedly revise it as the business grows.</p><p>In 2020, following K3, the direction, boundaries, and logic of Kuaishou's evolution gradually became clearer:<b>Should we focus on lightweight or heavy operations? Products in double or single columns; Do you value the private domain or the public domain?</b>These questions, which had caused debate and confusion internally, have all been answered.</p><p>Before 2019, Kuaishou did not have a positive operations system. Adhering to the principle of not disturbing users, the so-called operations department mainly conducted negative operations, including how to identify and handle creators who violated regulations and how to handle accounts that violated community rules.</p><p>After K3 was launched, Ma Hongbin, Senior Vice President of Kuaishou, took over and built the prototype of the operating system. The core problem to be solved<b>First, high-quality creators are introduced; second, high-quality content is distributed and creators grow. By operating creators and high-quality content, community activity, retention, and new additions are enhanced.</b></p><p>For Kuaishou, operations-driven development is a completely new approach. Kuaishou encourages ordinary people to record their lives, display content in dual columns, and provide fair traffic. However, the quality of the content varies greatly, which seriously affects Kuaishou's appearance and tone, and thus hurts the acceptance of users in first- and second-tier cities.</p><p>While taking drastic measures to regulate the community atmosphere, Kuaishou also improved content quality by introducing high-quality creators and providing operational and traffic support. This led to significant changes in Kuaishou's content ecosystem in 2018-2019, becoming the foundation for attracting new users.</p><p><img src=\"https://static.tigerbbs.com/6018cf1eb61869e628ebcc17fe3cdd61\" tg-width=\"1000\" tg-height=\"750\" referrerpolicy=\"no-referrer\"></p><p>In 2018, the team building event at the Kuaishou platform R&D department transformed into a work event.</p><p>It is understood that in the process of introducing talent and building a new operating system, the founder provided an underlying logic: no matter how the content changes, what Kuaishou focuses on and cares about most is still people. Liu Xiao, general manager of Kuaishou's content operations center, still remembers that during the interview, Su Hua spent nearly two hours telling her the story of \"Brother Grape\".</p><p>“Other companies probably wouldn’t spend an hour and a half telling a user’s story in an interview, let alone a founder.” She discovered that this company really cares about every creator.</p><p>“<b>Kuaishou and its competitors have very different operating logic. We care more about people, while they still care a lot about content, especially its visual appeal. This is a significant fundamental difference that will lead to a completely different distribution logic.</b>Liu Xiao said that in the past, Kuaishou's operations were more management-oriented, telling you what you couldn't do, but now the creator service team has become a service provider.</p><p>After Liu Xiao joined Kuaishou in early 2020, its operations began to enter a more refined stage. In her view, Kuaishou's content ecosystem is already very large, and any single vertical category can become a large-scale interest community. In such an environment, maintaining the relationship between the local area and the ecosystem, keeping the ecosystem healthy, and providing a better experience for creators is a very ambitious task.</p><p>At the same time, Kuaishou's core management finally solved two thorny problems.<b>First, there is the problem of choosing between single and double columns; second, there is the problem of balancing private and public domains.</b></p><p>Single-column and double-column formats troubled Kuaishou for a long time. Finally, the two formats were integrated in Kuaishou version 8.0. The main site retained the dual-column community format, while creating an entry point for the single-column consumer experience. Kuaishou Express fully shoulders the responsibility of scaling up and down scenarios, capturing users, and its DAU continues to grow even after exceeding 100 million.</p><p>On the other hand, at the Kuaishou Photosynthetic Creator Conference held in Guangzhou in April this year, Wang Jianwei, Senior Vice President of Kuaishou and Head of the Main Site Product Department, clarified for the first time Kuaishou's principle of focusing on private domains and expanding public domains.</p><p>\"In terms of management complexity, public domains are definitely much easier to manage. Whoever can do it can do it; if not, then so be it. But private domains are like creators having their own industry there. Whether you manage them or not, and how to manage them, is extremely difficult,\" Cheng Yixiao said.<b>Developing and managing private domains well, allowing more producers to \"blossom,\" can foster greater warmth and trust in society.</b></p><p>The integration of single and dual columns and the combination of public and private domains to create an online community full of warmth and trust has reached a high consensus within Kuaishou. \"Combining public and private domains is definitely more difficult than just creating a public domain, and much more difficult. But this difficulty is precisely Kuaishou's biggest advantage. Once established, it becomes a huge barrier to entry,\" said a Kuaishou executive. This is Kuaishou's differentiation and unique path from other platforms.</p><p><b>ecological positive circulation</b></p><p>In March 2021, Kuaishou released its first financial report since its IPO. In 2020, Kuaishou achieved revenue of 58.8 billion yuan, of which online marketing revenue was 21.9 billion yuan, accounting for 37.2%. In the fourth quarter, Kuaishou's online marketing revenue reached 8.5 billion yuan, surpassing live streaming tipping to become Kuaishou's largest source of revenue.</p><p>The subsequent Q1 financial report showed that Kuaishou's revenue structure continued this change, with online revenue accounting for more than 50%, followed closely by live streaming and e-commerce.<b>Ten years after its founding, Kuaishou has finally changed its revenue structure, which relies solely on live streaming revenue, with online marketing and emerging business revenue becoming its two wings.</b></p><p><img src=\"https://static.tigerbbs.com/fb96d21633fc5737cf83ae2a90b2303b\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>As is well known, Kuaishou's commercialization system was established relatively late. For a long time, both Su Hua and Cheng Yixiao were very wary and resistant to the idea that commercial factors would harm user experience.</p><p>Before 2018, although Kuaishou had over 100 million daily active users, it only developed live streaming as its only monetization method. The two founders believe that,<b>Live streaming is a user product and does not harm the user experience. When a live stream happens, the people who tip are happy, the people who watch the tips are happy, and the people who are tipped are happy too.</b></p><p>However, feed ads are different; they can potentially harm the user experience and lead to lost daily active users. Therefore, any core member of Kuaishou's commercialization can feel the difficulty of opening this door.</p><p>“In the past, whenever I sent the two founders revenue changes, they would react indifferently. Every time I said that I had done another experiment to optimize the user experience today, they would reply very quickly. You could see what they valued most deep down.” A person in charge of commercialization at Kuaishou has a deep understanding of this.</p><p>Another person who has a deep understanding of this is Cao Shibo, General Manager of Kuaishou Technology's Commercial Revenue Management Center. Cao Shibo, with a background in business analysis, joined Kuaishou in early 2018 and worked in multiple departments, all of which involved commercialization.</p><p>\"Before officially launching the commercial business, we spent a lot of time doing groundwork, including algorithms, user experience systems, review systems, and a lot of strategic thinking and preparation. The core is that we can make money, but we cannot harm the user experience,\" said Cao Shibo.</p><p>Later, Kuaishou built a relatively complete indicator system, which introduced economic models to measure how much money this traffic would earn and how much DAU it would lose if it were monetized through advertising, ensuring user experience through systematic indicators and monitoring.</p><p>\"Even today, we have very strict internal controls and mechanisms regarding the frequency of users viewing ads, and we also strictly control the quality of advertising content,\" said Cao Shibo.<b>They deployed hundreds of people over several months to tag users to ensure the accuracy of algorithmic recommendations and audience targeting.</b></p><p>Once these foundational tasks were completed, Kuaishou's commercialization system was launched, and the Magnet Engine went live, Kuaishou's online marketing revenue skyrocketed. In 2019, Kuaishou's online marketing revenue was 7.4 billion yuan, 7.2 billion yuan in the first half of 2020, and 21.9 billion yuan for the whole year, representing a growth rate of over 200%.</p><p>Cao Shibo stated that in 2021, Kuaishou's commercialization, whether in terms of the number of brand advertisers, affiliate advertising, or the development of more advertising formats, greatly expanded the growth potential of Kuaishou's online marketing revenue.</p><p>Similar to Kuaishou's experience in commercial expansion, Luo Qiong, Vice President of E-commerce and Head of Platform Experience at Kuaishou, was also \"very uncomfortable\" when she first joined Kuaishou.</p><p>Luo Qiong has worked on traditional e-commerce platforms for 15 years, but the industry's very mature logic of promotion and selling traffic often runs into the wall of \"community ecosystem\" on Kuaishou.</p><p>For her, the task is not to generate a lot of GMV, but to build trust between merchants, streamers and consumers, enhance community value and make the pie bigger.</p><p><b>“Traditional e-commerce relies heavily on goods, while Kuaishou actually relies heavily on people. This difference has a very strong shift in focus for traditional e-commerce practitioners. Moreover, you will find that the transition from community to people and then to transaction conversion is a slow reflex, unlike efficiency-based e-commerce, which has very good short-term benefits.”</b>Luo Qiong said that Kuaishou hopes to establish a completely new e-commerce model based on connections and trust between people.</p><p>This new type of trust relationship, built on short videos and live streaming, requires time to develop, but there is plenty of room for imagination. In 2020, Kuaishou's e-commerce GMV reached 381.2 billion yuan, a 4,000-fold increase in two years, and the average user repurchase rate was as high as 65%.</p><p>In 2021, Kuaishou further proposed the concept of trust-based e-commerce, aiming to build the mindset and perception of Kuaishou e-commerce with ultimate trust, hoping to reconstruct the decision-making process of one billion consumers in a brand-new way. In fact, the rise of Kuaishou e-commerce is already changing the traditional e-commerce industry landscape.</p><p><img src=\"https://static.tigerbbs.com/210d2ee9a518657bfd7f5b6471c11fb2\" tg-width=\"1080\" tg-height=\"586\" referrerpolicy=\"no-referrer\"></p><p>More importantly,<b>Kuaishou's business ecosystem, built on live streaming, advertising, and e-commerce, is giving back to tens of millions of content creators, enabling them to live better in this community. The business ecosystem and the content ecosystem are forming a mutually reinforcing positive cycle.</b></p><p>This positive cycle is particularly important for supporting Kuaishou's vision. Over the past decade, Kuaishou has been a unique social experiment in the internet field, focusing on ordinary people and promoting equality and inclusiveness. Such experiments went smoothly at first, but later encountered challenges. The dual-engine approach of the content ecosystem and the business ecosystem can make this machine move more smoothly. Whether Kuaishou can succeed further can also verify what kind of tool the Internet is for humanity—to rule people or to make them more equal.</p><p><b>From equality and inclusiveness to warmth and trust, the story of Kuaishou's next decade is beginning.</b></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>Ten-year-old Kuaishou, a mirror of the human world</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\">\nTen-year-old Kuaishou, a mirror of the human world\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/101\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/98669fe7974e42f3976b3db47528792d);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">虎嗅APP </p>\n<p class=\"h-time smaller\">2021-06-15 17:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>At the end of 2011, the newly formed team<a href=\"https://laohu8.com/S/V03.SI\">Startup company</a>GIF Kuaishou, founder Cheng Yixiao<a href=\"https://laohu8.com/S/WB\">Weibo</a>Platforms such as Douban posted a job posting: Seeking a UI designer to be a business partner, offering competitive compensation and generous equity.</p><p>Cheng Yixiao was a heavy user of Douban. At the time, the two groups he frequented were \"IT Recruitment King\" and \"Graphic Designer\". From the very beginning of the company to the outset of the product, this young man had an almost intuitive yearning for community and design.</p><p>2011 was a turbulent year:<b><a href=\"https://laohu8.com/S/ZH\">Zhihu</a>Having just been established, Meituan has only been online for a year, while bilibili has just changed its name from \"Mikufans\" to bilibili. With the booming development of mobile internet, coffee shops in Haidian District are as lively as farmers' markets, attracting countless people.</b></p><p>Shortly after Cheng Yixiao's job posting, a UI designer joined GIF Kuaishou, becoming one of the four earliest employees. They lived in a cramped house in Aobei Community, Lishuiqiao, Haidian District, quietly refining this product.</p><p><img src=\"https://static.tigerbbs.com/6ce1483e15c5a30766ef7457ab4b0d79\" tg-width=\"1000\" tg-height=\"750\" referrerpolicy=\"no-referrer\"></p><p>Ten years ago, the desk at the Olympic North Center</p><p>Yang Yuanxi, co-founder of Kuaishou, recalled that work and life were inseparable at the time. The four of them took turns ordering food every day at noon. \"At that time, there were only seven restaurants downstairs. We basically arranged the seven restaurants in different orders.\"</p><p>Perhaps unable to tolerate this work and life situation, or perhaps lacking hope for the future of this small company, the designer left GIF Kuaishou not long after, brushing past an era.</p><p>No one could have predicted that years later this company would pioneer the entire short video era, and after experiencing many ups and downs in development, it would be listed on the Hong Kong Stock Exchange, with a market capitalization once reaching one trillion Hong Kong dollars, becoming the fifth largest internet company in China.</p><p>To this day, the other three early employees are still leading Kuaishou forward:<b>Co-founders Cheng Yixiao, Yin Xin, and Yang Yuanxi, along with Su Hua, who joined Kuaishou in 2013, form the foundation of Kuaishou's unique product.</b></p><p>Ten years have passed in the blink of an eye, and countless companies have been lost in the fierce competition of the mobile internet. Kuaishou's ten years have been both favorable and imminent, and it has eventually surged to 300 million daily active users under intense competitive pressure.</p><p><img src=\"https://static.tigerbbs.com/c39c2e4a9ed3d8016c44153dfc68ec2c\" tg-width=\"1080\" tg-height=\"1439\" referrerpolicy=\"no-referrer\"></p><p>Kuaishou lists on the Hong Kong Stock Exchange</p><p>This is a dramatic and legendary story, and also about the past decade.<a href=\"https://laohu8.com/S/CHL\">China Mobile</a>A typical example of the evolution of internet companies. In terms of products, technology, operations, and business, when a young company has already set foot on fertile ground, but its accumulated experience is not commensurate with the enormous opportunities it faces, how can it survive, develop, persevere, and evolve, and make key and correct decisions, thus initiating a protracted battle?</p><p><b>A meeting of circumstances</b></p><p>Shanghai, 2013. That afternoon, Zhang Fei, a partner at Morningside Capital, decided to meet the young man seeking investment.<b>The other party graduated from Tsinghua University and had previously...<a href=\"https://laohu8.com/S/GOOG\">Google</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Appointment. With his extensive resume, he is also a serial entrepreneur with a resilient and energetic personality.</b></p><p>This was Zhang Fei's second meeting with him. This young man named Su Hua was preparing to abandon his current entrepreneurial project and embark on more new attempts.</p><p>According to Zhang Fei's recollection, Su Hua talked about more than 20 projects at the time. \"There were many particularly interesting entrepreneurial ideas, but after going through them one by one, I found that most of them were not mature, so I gave them direct feedback.\"</p><p><img src=\"https://static.tigerbbs.com/2dcc717dcbd72669b175a38910eeb96a\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>The four co-founders cut the cake at the IPO.</p><p>One was looking for a future-oriented investment target, and the other was seeking a new entrepreneurial direction. For most of the day, the two discussed countless entrepreneurial possibilities, and then rejected them one by one. Suddenly, an idea flashed in Zhang Fei's mind:</p><p>“I have a pretty good product manager here, why don’t you work with him?” Zhang Fei said.</p><p>This \"really good product manager\" is Cheng Yixiao. As an angel investor in GIF Kuaishou,<b>Zhang Fei is very optimistic about mobile video in the 4G era, and GIF Kuaishou, as a primitive video format, gave him a glimpse of possibility.</b></p><p>Since its launch in 2011, GIF Kuaishou has accumulated a considerable number of users and has begun to try to transform from a tool into a short video community, but it has not been successful.</p><p>As a product manager, Cheng Yixiao faces a simple challenge:<b>When users create content through GIFs on Kuaishou and are willing to upload their work to the community section, how can we ensure that everyone's work is seen by more people?</b>This is the most fundamental and ultimate incentive for creators' passion.</p><p>Initially, they used a general recommendation method, which involved creating a list of new works or works within the past seven days every day. The list was sorted by popularity weights such as comments, shares, and likes, so all users saw the same list.</p><p>The number of works that can be recommended on the list is extremely limited, making it easy for creators to become popular. Only creators with talent and good looks have a chance to become trending.<b>Cheng Yixiao especially hopes to see the works of ordinary people also make it onto the list.</b></p><p>Co-founder Yang Yuanxi recalled that in order to get as many people's works seen as possible, the first thing they did when they got to work every day was to adjust the recommendation formula. Today, adjust a from 0.7 to 0.8, and tomorrow, adjust B from 0.5 to 0.4. Over time, the formula became increasingly complex, but its efficiency and results were consistently poor.</p><p>This is not a problem that product managers alone can solve. The prototype of this video community requires the support of advanced technology and a brand-new algorithm and recommendation method.</p><p>When Zhang Fei inexplicably had the idea of bringing Su Hua and Cheng Yixiao together in Shanghai, a dramatic turn of events occurred.<b>One possesses the most advanced technological tools, while the other has a strong understanding and design capabilities for products and communities. The two met.</b></p><p>The story that followed has been widely circulated today.<b>In the summer of 2013, Su Hua and Cheng Yixiao met at the Jinyu Hotel in Beijing, and the two quiet people chatted until two or three in the morning.</b>The two share a high degree of alignment in values.<b>They believe that the community should give more people exposure opportunities so that the works of ordinary people can be seen.</b></p><p>These simple concepts were later summarized as Kuaishou's values of fairness and inclusiveness, and subtly became the underlying logic of its products and algorithms.</p><p>After the team merger and equity adjustment, Cheng Yixiao was in charge of the product, and Su Hua became the CEO. They quickly did two \"big things\": first, they moved the company to Huaqing Jiayuan in Wudaokou; and second, Su Hua wrote the first line of code for the recommendation algorithm for GIF Kuaishou.</p><p><img src=\"https://static.tigerbbs.com/7d9ec949686d4de05a208052defcf5de\" tg-width=\"840\" tg-height=\"477\" referrerpolicy=\"no-referrer\"></p><p>Kuaishou at Huaqing Jiayuan in Wudaokou</p><p>The technology is powerful. The recommendations brought by Huawei Kuaishou are personalized and tailored to each person. Everyone sees a different Kuaishou, and each work receives initial cold-start traffic. This epoch-making experience is being applied to short videos for the first time, and the explosive energy is visible to the naked eye.</p><p><b>In April 2014, \"GIF Kuaishou\" was renamed Kuaishou, officially transforming into a short video community platform; On June 6, Kuaishou's daily active users (DAU) surpassed one million for the first time; In January 2015, Kuaishou's DAU exceeded 10 million; By the end of 2016, the number of daily active users (DAU) reached 40 At the end of 2017, DAU exceeded 110 million.</b>Prior to this, Kuaishou had almost no marketing efforts, and its user growth benefited from the precision and efficiency of long-tail content distribution under the concept of inclusiveness, as well as the platform's focus on the lives of ordinary people.</p><p>An early Kuaishou employee recalled his interview with Cheng Yixiao: \"For the first fifty or sixty percent of the time, I was saying that he was listening. Then he took out his phone, showed me his list of followers, what kind of people he followed, and then talked to me about everyone, like he was talking about his family, what kind of people they were, and what they had experienced on Kuaishou.\"</p><p>Both Su Hua and Cheng Yixiao maintain this habit to this day. As founders, they gained inspiration from positive feedback, changes in their lives, and user reviews of \"thank you to the official team\" that far exceeded their business returns.</p><p>The battle began</p><p>At the end of 2017, Kuaishou, an internet application with over 100 million DAUs, had only a little over 1,000 employees. If we go back a year, the company only had 600-700 employees.</p><p>To some extent, this validates one of Su Hua's hypotheses.<b>How large a user base can a small technical team handle? Without the interference of commercialization and strong operations, how long would it take to develop from a community to a social network?</b></p><p>This was a low-key, peaceful period where people enjoyed growth and user feedback. More and more ordinary people used Kuaishou to record their lives, making the product both unique and idealistic. However, it was not perfect, controversial, and even fraught with crises. It entered a turning point in 2018-2019.</p><p><b>\"We have to do it, we have to fight!”</b>In June 2019, at Kuaishou's Xierqi headquarters, an early employee still remembers the shout made by co-founder Cheng Yixiao at the mobilization meeting.</p><p>This was a meeting that changed the course of Kuaishou's history. He said that when he saw the two taciturn founders step onto the stage, clench their fists, and call on everyone to get involved, everyone's blood boiled.</p><p>From its founding in 2011 to surpassing 100 million DAU at the end of 2017, Kuaishou, as the pioneer of the short video industry, has faced numerous challenges. One product after another, such as Meipai, has challenged Kuaishou's position. Until 2018, they encountered an unprecedentedly formidable competitor: ByteDance's...<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>Using brand-new product logic, content distribution logic, and business logic, it achieved rapid surpassing.</p><p>Finally, this battle had to be fought. According to LatePost, after the 2019 Spring Festival, Kuaishou executives and the product team conducted a user survey in Chongqing, internally known as the \"Chongqing Meeting.\" Su Hua and Cheng Yixiao were directly stimulated by the users and realized...<b>Non-aggressive growth = handing over users to others; Disunited combat = tacitly allowing the team's combat effectiveness to decline.</b></p><p>On June 18, Su Hua and Cheng Yixiao released a letter to all employees, frankly stating the challenges and hidden dangers facing Kuaishou: \"We are no longer the fastest team. As we grow, our muscles begin to weaken, our reactions slow down, and our connection with users weakens.\" The first thing to be affected is, of course, user scale. Kuaishou launched the K3 campaign and set an annual goal of 300 million daily active users before the Spring Festival.</p><p>The user base is actually just a facade.<b>Product form, user experience, distribution logic, organizational and combat capabilities, operational system, commercialization system, and infrastructure are the challenges that this \"small company\" needs to overcome.</b></p><p>If in the past it was product + technology, Xiaomi + rifle that won the guerrilla war, now Kuaishou is facing an entire establishment's trump card, with astonishing combat power, incredible speed, and bold spending. If the founder himself cannot iterate and lead the company's overall evolution, users are likely to vote with their feet.</p><p>Such cases abound in the history of the mobile internet, whether it's group buying, bike-sharing, or mobile e-commerce.<b>Many startups have stepped into the trend one or two steps ahead of schedule, only to be crushed by latecomers. In addition to luck, the core reason is that the founders and companies did not quickly evolve from \"small companies\" to \"large companies\".</b></p><p>Su Hua and Cheng Yixiao should be grateful for their courage and determination in launching the battle at that time. Today, although it is NO longer the NO. 1 in the industry, Kuaishou has not been defeated by competition. Instead, it has become stronger through repeated battles with itself, its competitors, and the market.</p><p>\"No strong company has ever been eliminated by others in competition,\" said Ma Hongbin, senior vice president of Kuaishou. He added that the more competition there is with competitors, the more it grows.</p><p>Relying on synchronized adjustments to products, algorithms, and operations, high-speed organizational operation, cooperation with the CCTV Spring Festival Gala, and the rise of the Express version, Kuaishou achieved its K3 goal.</p><p>On May 24 this year, Kuaishou, after its IPO, released its results for the first quarter of 2021. Data shows that,<b>The average daily active users of Kuaishou China's applications and mini-programs reached 379.2 million, with daily active users spending an average of 99.3 minutes per day.</b></p><p>\"It seems our competitors haven't beaten us much. No matter how much we compete, we've still reached 300 million,\" said a Kuaishou executive. He added that many people had been holding back their energy before K3, and this battle became an outlet to alleviate their anxiety, finally putting Kuaishou in a bottom out.</p><p><b>Seeking common ground while</b></p><p>K3 became a turning point for Kuaishou from a laid-back to a wolf-like approach. Since then, the team has continued to expand at an increasingly fast pace. Every few months, Su Hua and the management team have to fight a major battle.</p><p>There's no turning back. The product needs to change, the algorithm needs to change, the operation needs to change, and the business model needs to change. The team of more than 10,000 people is seeking change and victory. And will all these changes ultimately make Kuaishou Kuaishou or a competitor?</p><p>On the path of comprehensive evolution, what can and cannot change requires Kuaishou's founders and executives to define a scope and repeatedly revise it as the business grows.</p><p>In 2020, following K3, the direction, boundaries, and logic of Kuaishou's evolution gradually became clearer:<b>Should we focus on lightweight or heavy operations? Products in double or single columns; Do you value the private domain or the public domain?</b>These questions, which had caused debate and confusion internally, have all been answered.</p><p>Before 2019, Kuaishou did not have a positive operations system. Adhering to the principle of not disturbing users, the so-called operations department mainly conducted negative operations, including how to identify and handle creators who violated regulations and how to handle accounts that violated community rules.</p><p>After K3 was launched, Ma Hongbin, Senior Vice President of Kuaishou, took over and built the prototype of the operating system. The core problem to be solved<b>First, high-quality creators are introduced; second, high-quality content is distributed and creators grow. By operating creators and high-quality content, community activity, retention, and new additions are enhanced.</b></p><p>For Kuaishou, operations-driven development is a completely new approach. Kuaishou encourages ordinary people to record their lives, display content in dual columns, and provide fair traffic. However, the quality of the content varies greatly, which seriously affects Kuaishou's appearance and tone, and thus hurts the acceptance of users in first- and second-tier cities.</p><p>While taking drastic measures to regulate the community atmosphere, Kuaishou also improved content quality by introducing high-quality creators and providing operational and traffic support. This led to significant changes in Kuaishou's content ecosystem in 2018-2019, becoming the foundation for attracting new users.</p><p><img src=\"https://static.tigerbbs.com/6018cf1eb61869e628ebcc17fe3cdd61\" tg-width=\"1000\" tg-height=\"750\" referrerpolicy=\"no-referrer\"></p><p>In 2018, the team building event at the Kuaishou platform R&D department transformed into a work event.</p><p>It is understood that in the process of introducing talent and building a new operating system, the founder provided an underlying logic: no matter how the content changes, what Kuaishou focuses on and cares about most is still people. Liu Xiao, general manager of Kuaishou's content operations center, still remembers that during the interview, Su Hua spent nearly two hours telling her the story of \"Brother Grape\".</p><p>“Other companies probably wouldn’t spend an hour and a half telling a user’s story in an interview, let alone a founder.” She discovered that this company really cares about every creator.</p><p>“<b>Kuaishou and its competitors have very different operating logic. We care more about people, while they still care a lot about content, especially its visual appeal. This is a significant fundamental difference that will lead to a completely different distribution logic.</b>Liu Xiao said that in the past, Kuaishou's operations were more management-oriented, telling you what you couldn't do, but now the creator service team has become a service provider.</p><p>After Liu Xiao joined Kuaishou in early 2020, its operations began to enter a more refined stage. In her view, Kuaishou's content ecosystem is already very large, and any single vertical category can become a large-scale interest community. In such an environment, maintaining the relationship between the local area and the ecosystem, keeping the ecosystem healthy, and providing a better experience for creators is a very ambitious task.</p><p>At the same time, Kuaishou's core management finally solved two thorny problems.<b>First, there is the problem of choosing between single and double columns; second, there is the problem of balancing private and public domains.</b></p><p>Single-column and double-column formats troubled Kuaishou for a long time. Finally, the two formats were integrated in Kuaishou version 8.0. The main site retained the dual-column community format, while creating an entry point for the single-column consumer experience. Kuaishou Express fully shoulders the responsibility of scaling up and down scenarios, capturing users, and its DAU continues to grow even after exceeding 100 million.</p><p>On the other hand, at the Kuaishou Photosynthetic Creator Conference held in Guangzhou in April this year, Wang Jianwei, Senior Vice President of Kuaishou and Head of the Main Site Product Department, clarified for the first time Kuaishou's principle of focusing on private domains and expanding public domains.</p><p>\"In terms of management complexity, public domains are definitely much easier to manage. Whoever can do it can do it; if not, then so be it. But private domains are like creators having their own industry there. Whether you manage them or not, and how to manage them, is extremely difficult,\" Cheng Yixiao said.<b>Developing and managing private domains well, allowing more producers to \"blossom,\" can foster greater warmth and trust in society.</b></p><p>The integration of single and dual columns and the combination of public and private domains to create an online community full of warmth and trust has reached a high consensus within Kuaishou. \"Combining public and private domains is definitely more difficult than just creating a public domain, and much more difficult. But this difficulty is precisely Kuaishou's biggest advantage. Once established, it becomes a huge barrier to entry,\" said a Kuaishou executive. This is Kuaishou's differentiation and unique path from other platforms.</p><p><b>ecological positive circulation</b></p><p>In March 2021, Kuaishou released its first financial report since its IPO. In 2020, Kuaishou achieved revenue of 58.8 billion yuan, of which online marketing revenue was 21.9 billion yuan, accounting for 37.2%. In the fourth quarter, Kuaishou's online marketing revenue reached 8.5 billion yuan, surpassing live streaming tipping to become Kuaishou's largest source of revenue.</p><p>The subsequent Q1 financial report showed that Kuaishou's revenue structure continued this change, with online revenue accounting for more than 50%, followed closely by live streaming and e-commerce.<b>Ten years after its founding, Kuaishou has finally changed its revenue structure, which relies solely on live streaming revenue, with online marketing and emerging business revenue becoming its two wings.</b></p><p><img src=\"https://static.tigerbbs.com/fb96d21633fc5737cf83ae2a90b2303b\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>As is well known, Kuaishou's commercialization system was established relatively late. For a long time, both Su Hua and Cheng Yixiao were very wary and resistant to the idea that commercial factors would harm user experience.</p><p>Before 2018, although Kuaishou had over 100 million daily active users, it only developed live streaming as its only monetization method. The two founders believe that,<b>Live streaming is a user product and does not harm the user experience. When a live stream happens, the people who tip are happy, the people who watch the tips are happy, and the people who are tipped are happy too.</b></p><p>However, feed ads are different; they can potentially harm the user experience and lead to lost daily active users. Therefore, any core member of Kuaishou's commercialization can feel the difficulty of opening this door.</p><p>“In the past, whenever I sent the two founders revenue changes, they would react indifferently. Every time I said that I had done another experiment to optimize the user experience today, they would reply very quickly. You could see what they valued most deep down.” A person in charge of commercialization at Kuaishou has a deep understanding of this.</p><p>Another person who has a deep understanding of this is Cao Shibo, General Manager of Kuaishou Technology's Commercial Revenue Management Center. Cao Shibo, with a background in business analysis, joined Kuaishou in early 2018 and worked in multiple departments, all of which involved commercialization.</p><p>\"Before officially launching the commercial business, we spent a lot of time doing groundwork, including algorithms, user experience systems, review systems, and a lot of strategic thinking and preparation. The core is that we can make money, but we cannot harm the user experience,\" said Cao Shibo.</p><p>Later, Kuaishou built a relatively complete indicator system, which introduced economic models to measure how much money this traffic would earn and how much DAU it would lose if it were monetized through advertising, ensuring user experience through systematic indicators and monitoring.</p><p>\"Even today, we have very strict internal controls and mechanisms regarding the frequency of users viewing ads, and we also strictly control the quality of advertising content,\" said Cao Shibo.<b>They deployed hundreds of people over several months to tag users to ensure the accuracy of algorithmic recommendations and audience targeting.</b></p><p>Once these foundational tasks were completed, Kuaishou's commercialization system was launched, and the Magnet Engine went live, Kuaishou's online marketing revenue skyrocketed. In 2019, Kuaishou's online marketing revenue was 7.4 billion yuan, 7.2 billion yuan in the first half of 2020, and 21.9 billion yuan for the whole year, representing a growth rate of over 200%.</p><p>Cao Shibo stated that in 2021, Kuaishou's commercialization, whether in terms of the number of brand advertisers, affiliate advertising, or the development of more advertising formats, greatly expanded the growth potential of Kuaishou's online marketing revenue.</p><p>Similar to Kuaishou's experience in commercial expansion, Luo Qiong, Vice President of E-commerce and Head of Platform Experience at Kuaishou, was also \"very uncomfortable\" when she first joined Kuaishou.</p><p>Luo Qiong has worked on traditional e-commerce platforms for 15 years, but the industry's very mature logic of promotion and selling traffic often runs into the wall of \"community ecosystem\" on Kuaishou.</p><p>For her, the task is not to generate a lot of GMV, but to build trust between merchants, streamers and consumers, enhance community value and make the pie bigger.</p><p><b>“Traditional e-commerce relies heavily on goods, while Kuaishou actually relies heavily on people. This difference has a very strong shift in focus for traditional e-commerce practitioners. Moreover, you will find that the transition from community to people and then to transaction conversion is a slow reflex, unlike efficiency-based e-commerce, which has very good short-term benefits.”</b>Luo Qiong said that Kuaishou hopes to establish a completely new e-commerce model based on connections and trust between people.</p><p>This new type of trust relationship, built on short videos and live streaming, requires time to develop, but there is plenty of room for imagination. In 2020, Kuaishou's e-commerce GMV reached 381.2 billion yuan, a 4,000-fold increase in two years, and the average user repurchase rate was as high as 65%.</p><p>In 2021, Kuaishou further proposed the concept of trust-based e-commerce, aiming to build the mindset and perception of Kuaishou e-commerce with ultimate trust, hoping to reconstruct the decision-making process of one billion consumers in a brand-new way. In fact, the rise of Kuaishou e-commerce is already changing the traditional e-commerce industry landscape.</p><p><img src=\"https://static.tigerbbs.com/210d2ee9a518657bfd7f5b6471c11fb2\" tg-width=\"1080\" tg-height=\"586\" referrerpolicy=\"no-referrer\"></p><p>More importantly,<b>Kuaishou's business ecosystem, built on live streaming, advertising, and e-commerce, is giving back to tens of millions of content creators, enabling them to live better in this community. The business ecosystem and the content ecosystem are forming a mutually reinforcing positive cycle.</b></p><p>This positive cycle is particularly important for supporting Kuaishou's vision. Over the past decade, Kuaishou has been a unique social experiment in the internet field, focusing on ordinary people and promoting equality and inclusiveness. Such experiments went smoothly at first, but later encountered challenges. The dual-engine approach of the content ecosystem and the business ecosystem can make this machine move more smoothly. Whether Kuaishou can succeed further can also verify what kind of tool the Internet is for humanity—to rule people or to make them more equal.</p><p><b>From equality and inclusiveness to warmth and trust, the story of Kuaishou's next decade is beginning.</b></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b57241e30a2dc7e84d4588d7aafb919c","relate_stocks":{"01024":"快手-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186442864","content_text":"2011年底，刚刚组队的小创业公司GIF快手，创始人程一笑在微博、豆瓣等平台发布了一则招聘信息：诚求UI设计师一位做创业伙伴，提供有竞争力的薪酬以及丰厚的股权。\n程一笑是豆瓣深度用户，当时他经常逛的两个小组是“IT招聘王”和“平面设计师”。公司草创，产品肇始，这位年轻人对社区、设计有着近乎直觉般的向往。\n2011年是风起云涌的一年：知乎刚刚成立，美团也才上线一年，B站刚刚从前身“Mikufans”更名bilibili。随着移动互联网蓬勃发展，海淀区的咖啡厅像菜市场一样热闹，无数人投身其中。\n程一笑的招聘信息发出去不久，一位UI设计师加盟了GIF快手，成为最早期的4名员工之一。他们蜗居在海淀区立水桥奥北社区的一间民居里，默默打磨这款产品。\n\n十年前，奥北中心的办公桌\n快手联合创始人杨远熙回忆，当时工作和生活分不开，四个人每天中午轮班去订饭，“当时楼下一共也只有七个饭馆，基本是把七个饭馆，按照不同的顺序排一遍。”\n或许是无法忍受这样的工作和生活状态，或许对于这家小公司的未来不抱希望，那位设计师没过多久便离开了GIF快手，与一个时代擦肩而过。\n谁也无法预料，多年后这家公司会开创整个短视频时代，并在经历一番发展的风风雨雨后，在香港联交所上市，市值一度达万亿港元，成为国内第五大互联网公司。\n至今，其他三位早期员工还在带领快手前行：联合创始人程一笑、银鑫和杨远熙，连同2013年加入快手的宿华，他们构成了快手这款独特产品的底色。\n十年，转瞬即逝，无数公司湮没在移动互联网的大浪淘沙中。快手的十年，曾经风调雨顺，也曾迫在眉睫，在强大竞争压力下最终顽强冲上了3亿日活。\n\n快手登陆港交所\n这是一个跌宕传奇的故事，也是过去十年中国移动互联网公司进化的一个典型样本。产品、技术、运营、商业，当一家年轻公司提前踏上一片沃土，而它的积累又与面对的巨大机会并不匹配时，如何生存、发展、坚守、进化，做出关键且正确的决策，进而拉开了一场持久战。\n风云际会\n2013年，上海。这天下午，晨兴资本合伙人张斐决定见一见那位寻求投资的年轻人，对方毕业于清华大学，曾在谷歌、百度任职。履历丰富的同时，还是名连续创业者，性格坚韧且充满能量。\n这是张斐与他的第二次见面，这位叫宿华的年轻人正准备放弃自己手头的创业项目，展开更多新的尝试。\n据张斐回忆，宿华当时讲了20多个项目，“很多特别有趣的创业想法，但一个个过了之后，发现大部分并不成熟，我也很直接反馈。”\n\n上市现场四位联合创始人切蛋糕\n一个在寻找面向未来的投资标的，一个在寻求新的创业方向，大半天时间两个人讨论了创业的无数可能，然后一一推翻。突然间，张斐头脑中灵光一闪：\n“我这儿有一个挺好的产品经理，你要不跟他一起合作吧！”张斐开口道。\n这个“挺好的产品经理”就是程一笑。作为GIF快手的天使投资人，张斐对4G时代的手机视频十分看好，而GIF快手作为一种原始的视频形态让他看到了某种可能。\n自2011年上线，GIF快手已经积累了不少用户，并开始尝试从工具向短视频社区转型，但并不顺利。\n作为产品经理，程一笑面对着一个朴素的挑战：当用户通过GIF快手生产内容，并且愿意把作品上传到社区版块的时候，如何让每个人的作品被更多人看见？这是对创作者热情最基础，也是最终极的激励。\n最初，他们采用通用推荐的方式，就是每天把新的作品或者七天内的作品做成榜单，榜单排序是按照作品的评论、分享、点赞等热度权重打分而来，所有用户看到的是同一个榜单。\n榜单能够推荐的作品数量极其有限，容易头部化，有才艺、颜值的创作者才有机会上热门，而程一笑特别希望看到普通人的作品也能登上榜单。\n联合创始人杨远熙回忆，为了尽可能让更多人的作品被看到，他们每天上班第一件事就是调整推荐公式。今天把A从0.7调到0.8，明天把B从0.5调到0.4。时间一久，公式越改越复杂，效率和效果却始终不好。\n这不是光凭产品经理能够解决的问题，这个视频社区的雏形需要先进技术的加持，需要一种崭新的算法和推荐方式。\n当张斐在上海鬼使神差产生了将宿华、程一笑撮合到一起的想法时，风云际会。一个手握最先进的技术工具，一个对产品、社区有着强大的理解与设计能力。两个人见面了。\n后面的故事，到今天已经广为流传。2013年夏天，北京金隅酒店，宿华、程一笑见了面，两个不善言辞的人一直聊到凌晨两三点。两人在价值观上高度一致，认为社区应该给更多人曝光的机会，让普通人的作品被看到。\n这些朴素的理念，后来被总结为快手公平普惠的价值观，并在潜移默化中成为产品和算法的底层逻辑。\n团队合并、股权调整后，程一笑负责产品，宿华成为CEO，他们迅速做了两件“大事”，一是将公司搬到五道口华清嘉园，二是宿华为GIF快手写下了推荐算法的第一行代码。\n\n快手在五道口华清嘉园\n技术力量是强大的，宿华为快手带来的推荐是个性化推荐、千人千面，每个人看到的是不一样的快手，而每个作品都会给予初始的冷启动流量，这种划时代的体验第一次应用在短视频上，爆发的能量肉眼可见。\n2014年4月，“GIF快手”更名为快手，正式转型短视频社区平台；6月6日，快手DAU首次突破百万；2015年1月，快手DAU超过千万；2016年底DAU达4000万；2017年底DAU超过1.1亿。在此之前，快手几乎没有做过市场投放，用户增长得益于普惠理念下对长尾内容分发的精准和效率，以及平台对普通人生活的关注。\n一位快手早期员工这样回忆与程一笑的面试：“前面百分之五六十都是我在说他在听的状态。后来他就拿出手机，给我看他关注的列表，他关注了一些什么样的人，然后就滔滔不绝地跟我讲每个人，就像讲他的家人一样，他们是什么样的人，快手里经历过什么。”\n无论宿华还是程一笑，至今保持了这样的习惯。作为创始人，他们从一个个正向反馈、命运变迁和“感谢官方”的用户评价中，获得了远超过商业回报的信念激励。\n战斗打响\n2017年底，快手作为过亿DAU的互联网应用，员工规模只有1000多人，而再往前推一年，这家公司只有六七百人。\n在一定程度上，这验证了宿华的一种假设，一支小规模的技术团队到底可以驾驭多大用户规模的产品；没有商业化、强运营的干扰，从社区到社交，需要多长时间的沉淀。\n这是一段低调、平静、享受增长和用户反馈的日子，越来越多普通人用快手记录生活，让这款产品既独具特色，又充满理想主义，但它并不完美、不乏争议，甚至危机四伏，并在2018-2019年进入拐点。\n “必须得干，要战斗！”2019年6月，快手西二旗总部，一位早期员工至今记得联合创始人程一笑在动员大会上发出的呐喊。\n这是一次改变快手历史进程的会议。他说，当看到两位不善言辞的创始人走上台，握紧拳头，号召全员投入，在场的每个人都热血沸腾。\n自2011年创业到2017年底DAU破亿，作为短视频行业的开创者，快手不是没有打过仗，美拍等一款又一款产品，都曾挑战快手的地位。直到2018，他们遭遇了一个前所未有强大的对手，字节跳动旗下的抖音，用全新产品逻辑、内容分发逻辑、商业逻辑，实现了迅速超越。\n终于，这场仗不打不行了。据《晚点》报道，2019年春节后，快手高管和产品团队一起去重庆做了一场用户调研，内部称之为“重庆会议”，宿华和程一笑受到了来自用户的直接刺激，意识到不激进增长=把用户拱手让给他人；不团结作战=默许团队战斗力减退。\n6月18日，宿华和程一笑发布全员信，直言快手面对的挑战与隐患：“我们已经不是跑得最快的那支队伍，在长大的过程中，我们的肌肉开始变得无力，反应变慢，我们与用户的连接感知在变弱。”首当其冲的当然是用户规模，快手发起了K3战役，定下了春节前3亿日活的年度目标。\n用户规模其实只是表象，产品形态、用户体验、分发逻辑、组织作战能力、运营体系、商业化系统、基础设施才是横亘在这家“小公司”面前，需要跨越的一个个鸿沟。\n如果说过去是产品+技术、小米+步枪打赢了游击战，现在快手面对的则是整建制的王牌师、战力惊人、速度奇快、花钱大胆，如果创始人自己无法迭代，并且带领公司整体进化，用户很可能用脚投票。\n这样的案例在移动互联网历史上比比皆是，无论团购、共享单车，还是移动电商，都曾有众多创业公司提前一步或两步踏上风口，最终被后来者碾压，除了运气，核心还在于风口之上，创始人和公司没有迅速完成从“小公司”到“大公司”的进化。\n宿华和程一笑应当庆幸当时发起战斗的勇气与决心。如今，虽然不再是赛道上的NO.1，但快手没有被竞争打垮，而是在与自我、对手、市场的反复较量中，变得更强大。\n“从来没有哪家实力强的企业会在竞争中被别人干掉。”快手高级副总裁马宏彬表示，与友商之间基本是越竞争，越增长。\n依靠产品、算法、运营的同步调整，组织的高速运转、央视春晚合作以及极速版的崛起，快手实现了K3目标。\n今年5月24日，上市后的快手发布了2021年第一季度业绩。数据显示，快手中国应用程序及小程序的平均日活跃用户达到3.792亿，日活跃用户日均使用时长达99.3分钟。\n“对手好像没把我们打成什么样，别管怎么竞争，我们也涨到了3亿。“一位快手负责人表示，K3之前很多人憋了一股劲，这场战役成为一个缓解焦虑的出口，让快手处境终于触底反弹。\n求同存异\nK3成为快手从佛系到狼性的转折点，从此之后，团队持续扩张，节奏越来越快。每隔几个月，宿华和管理团队就要打一场大仗。\n开弓没有回头箭，产品要变，算法要变，运营要变，商业模式要变，1万多人的队伍求变、求胜，而所有这些变化最终要让快手成为快手，还是成为对手？\n而在全面进化的道路上，哪些能变，哪些不能变，需要快手创始人和高管划定一个范围，并在业务成长中反复修正。\nK3之后的2020年，快手进化的方向、边界和逻辑逐渐清晰：运营做轻还是做重；产品双列还是单列；重视私域还是公域，这些曾在内部引起争论和困惑的问题都有了答案。\n2019年前，快手没有正向运营体系，本着不打扰用户的理念，所谓的运营部门主要是负向运营，创作者违规了如何判定和处理，账号违反了社区规则如何处理。\nK3启动后，快手高级副总裁马宏彬接手并搭建了运营体系的雏形。核心要解决的问题，一是优质创作者引入，二是优质内容分发、创作者成长，通过运营创作者和优质内容，提升社区活跃度、留存并带来新增。\n对快手来说，运营驱动是全新尝试。快手鼓励普通人记录生活，双列展示并给予公平流量，但内容质量却参差不齐，严重影响了快手的观感和调性，进而伤害一二线城市用户的接受度。\n一边下重手治理社区风气，一边通过引入优质创作者提升内容品质，并给予运营和流量支持，这让快手内容生态在2018—2019年发生了重大变化，成为吸引增量用户的基础。\n\n2018年，快手平台研发部的团建现场变工作现场\n据了解，引入人才和建设新运营体系过程中，创始人给了一个底层逻辑，无论内容怎么变，快手最关注和最在意的仍然是人。快手内容运营中心总经理刘逍还记得，面试的时候，宿华花了近两个小时给她讲了“葡萄哥”的故事。\n“其他公司的面试，应该不会把一个半小时的时间都花在去讲某个用户的故事上，何况是创始人。”她发现，这家公司真的非常在乎每个创作者。\n“快手与友商的运营逻辑区别很大，我们更在乎人，对方此刻还是非常在乎内容，会在乎内容的好看程度，这是一个挺大的底层差异，会导致你的分发逻辑完全不一样。”刘逍说，过去快手的运营偏管理，会告诉你什么事情不能做，但现在的创作者服务团队，变成一个服务者角色。\n2020年初，刘逍入职快手后，运营开始进入精细化阶段。在她看来，快手内容生态已经非常庞大，任何单一垂类拿出来都可以成为一个大规模兴趣社区。在这样的环境下，维持局部与生态之间的关系，保持生态的健康，让创作者的体验更好，是个非常宏大的课题。\n与此同时，快手核心管理层终于解决了两个棘手问题，一是单列和双列的选择问题，二是私域和公域的平衡问题。\n单列和双列曾经困扰了快手很长时间，最终两种形态在快手8.0版本上实现了融合，主站保留双列社区形态，同时辟出单列消费体验的入口；快手极速版则全面承担起上下滑场景的重任，夺取用户，DAU破亿之后还在持续增长。\n另一方面，今年4月广州举办的快手光合创作者大会上，快手高级副总裁主站产品部负责人王剑伟首次明确了快手私域为主、公域扩容的原则。\n“从管理复杂度来讲，肯定是公域好管得多。谁行谁上，不行拉倒。但是私域相当于创作者有了自己的一点产业在那里，你到底是管还是不管、用什么样的方式管，难度特别大。”程一笑表示，把私域做好并管好，让更多生产者“绽放”，可以让社会有更多温度和信任。\n单双列融合、公私域结合，打造一个充满温度和信任的在线社区，在快手内部已经达成了高度共识，“公私域结合在一起，一定比只做公域难，而且难不少，但这个难点恰恰是快手最大的优势，一旦建立好了就是巨高的门槛。”一位快手高管表示，这就是快手与其他平台的差异化和特色道路。\n生态正循环\n2021年3月，快手发布了上市后的首份财报。2020年，快手实现营收588亿元，其中线上营销收入219亿元，占比37.2%。第四季度，快手线上营销单季收入85亿，超越直播打赏成为快手第一大收入来源。\n随后公布的Q1财报，快手收入结构延续这一变化，线上收入占比超过50%，直播、电商等紧随其后。成立十年，快手终于改变了以单一直播收入为核心的收入结构，线上营销和新兴业务收入成为两翼。\n\n众所周知，快手的商业化体系搭建较晚。在很长一段时间，宿华和程一笑都对商业因素伤害用户体验这件事十分警惕和排斥。\n2018年前，尽管快手已超过1亿日活，但只发展了直播作为唯一变现方式。两位创始人观点是，直播是一款用户产品，不伤害用户体验，当直播发生的时候，打赏的人开心，看打赏的人开心，被打赏的人也开心。\n但是，信息流广告不同，它很可能伤害用户体验，进而造成日活损失。所以，任何一个快手商业化的核心成员，都能感受到开启这扇大门的艰难。\n“过去我每次给两位创始人发收入变动，他们都反应平淡，每次说我今天又做了一个优化用户体验的实验，回复总是非常快，你就能看到他们内心深处对什么事是最重视的。”快手商业化一位负责人对此深有体会。\n另一位深有体会的是快手科技商业收益管理中心总经理曹世博。商业分析出身的曹世博2018年初加入快手，辗转过多个部门，均涉及商业化。\n“正式启动商业化业务前，我们花了大量时间做基础工作，包括算法、用户体验体系、审核体系等，很多战略层面的思考和准备，核心就是赚钱可以，但不能伤害用户体验。”曹世博说。\n后来，快手搭建了一个比较完备的指标体系，通过引入经济学模型去衡量，如果这个流量做广告变现会赚多少钱，又会损失多少DAU，通过体系化的指标、监测确保用户体验。\n“直到今天，我们内部对于用户看广告的频次有着非常严格的控制和机制，并且严控广告内容的质量。”曹世博说，他们投入了几百人花几个月之间去给用户打标签，以确保算法推荐和人群定向的精准。\n当这些基础工作搭建完成，快手商业化体系推出，磁力引擎上线后，快手线上营销收入直线上升。2019年，快手线上营销收入74亿，2020年上半年72亿，全年219亿，增速超过200%。\n曹世博表示，2021年快手商业化无论品牌广告主的数量、联盟广告以及更多广告形式的开拓，都在大大拓展快手线上营销收入的增长空间。\n与快手商业化拓土的经历类似，快手电商副总裁、平台体验负责人罗琼刚加入快手的时候，也“非常不适应”。\n罗琼在传统电商平台工作了15年，但业界非常成熟的促销、卖流量逻辑，在快手常常会撞在“社区生态”的墙上。\n对她来说，任务不是去创造多少GMV，而是构建商家、主播与消费者之间的信任度，提升社区价值，把蛋糕做大。\n“传统电商非常依赖货，快手其实非常依赖人，这种差异对传统电商从业者来说，重心有非常强烈的偏移，而且你会发现从社区到人，再到交易转化，这是个慢反射，不像效率型电商，短期效益很漂亮。”罗琼说，快手希望建立一种全新的电商形态，它基于人与人之间的连接和信任。\n这种基于短视频和直播建立的新型信任关系，需要时间沉淀，但想象空间足够大。2020年，快手电商GMV达到3812亿，两年增长了4000倍，用户平均复购率更是高达65%。\n2021年，快手进一步提出信任电商概念，以极致信任构建快手电商的心智和认知，希望用崭新方式重构十亿消费者的决策。实际上，快手电商的崛起，已经在改变传统电商行业格局。\n\n更重要的是，快手基于直播、广告、电商所搭建的商业生态，正在反哺数千万内容创作者，让他们在这个社区活得更好，商业生态正在与内容生态形成相互促进的正循环。\n这种正循环对于支撑快手的愿景尤为重要。过去十年，快手其实是互联网领域一个独一无二的社会实验，关注普通人，平等普惠。这样的实验一开始很顺利，后来遇到了的挑战，而内容生态系统和商业生态系统双轮驱动可以让这架战车更平稳前进，而快手能不能进一步成功，也可以验证互联网对人类来说是个什么性质的工具——统治人，还是让人更平等。\n从平等普惠，到温暖信任，快手下一个十年的故事正由此拉开序幕。","news_type":1,"symbols_score_info":{"90022":0.9,"01024":0.9}},"isVote":1,"tweetType":1,"viewCount":3616,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187297251,"gmtCreate":1623754754873,"gmtModify":1704210607552,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585365602016782","authorIdStr":"3585365602016782"},"themes":[],"title":"","htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187297251","repostId":"1119942956","repostType":4,"isVote":1,"tweetType":1,"viewCount":3072,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184799069,"gmtCreate":1623723738751,"gmtModify":1704209627919,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585365602016782","authorIdStr":"3585365602016782"},"themes":[],"title":"","htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184799069","repostId":"1187885612","repostType":4,"repost":{"id":"1187885612","kind":"news","pubTimestamp":1623716143,"share":"https://ttm.financial/m/news/1187885612?lang=en_US&edition=fundamental","pubTime":"2021-06-15 08:15","market":"us","language":"zh","title":"A new group of stocks has emerged in the US stock market! The stock surged by more than 30% at one point.","url":"https://stock-news.laohu8.com/highlight/detail?id=1187885612","media":"腾讯新闻 ","summary":"QQ音乐证券6月15日讯，美股市场上的“抱团股”交易找到了一个最新的目标：视频游戏硬件制造商Corsair（纳斯达克股票代码：CRSR，国内常称为“海盗船”）。在周一开盘时，该公司股价上涨31%，至4","content":"<p>QQ Music Securities, June 15th - The trading of \"group stocks\" in the US stock market has found a new target: video game hardware manufacturer Corsair (NASDAQ: CRSR, commonly known as \"pirate ship\" in China).<img src=\"https://static.tigerbbs.com/526ed9bd0e9cac06ab220066e0e90aa7\" tg-width=\"769\" tg-height=\"511\" referrerpolicy=\"no-referrer\">The company's shares rose 31% to $40.70 at the open on Monday, the highest level since late February, before paring their gains and closing up more than 11%. The main reason for the rise in Pirate Ship's stock price was the explosive growth in the number of mentions of the company on the \"Wallstreetbets\" sub-forum of Reddit.</p><p>According to data from Quiver Quantitative, as of Monday morning local time in the United States, the stock had been mentioned at least 1,180 times on the \"Wall Street Casino\" forum. Meanwhile, Wallstreetbets Trackers data shows that pirate ship-related activity has increased by 17%. Before the pirate ship, a number of other companies had become popular among Wall Street casino forum users and \"group stock\" crowds.</p><p>Founded in 1994, Pirate Ship went public in September at $15.12 per share, valuing it at $1.6 billion and raising $238 million. The stock has risen 13.08% so far this year and 169% since its IPO (initial public offering).</p><p>The Pirate Ship is best known for its gaming hardware, which includes everything from green screens to accessories such as mice and keyboards, as well as mature gaming PCs equipped with the latest chips from Intel (NASDAQ: INTC), AMD (NASDAQ: AMD), and Nvidia (NVDA).</p><p>Gaming products have performed exceptionally well over the past year as the coronavirus pandemic has prompted governments to introduce restrictions, forcing people around the world to stay at home. With not much to do, millions of people have turned to video games. However, so far this year, major gaming companies such as Activision Blizzard (NASDAQ: ATVI), Electronic Arts (NASDAQ: EA), and Take-Two Interactive (NASDAQ: TTWO) have all underperformed the S&P 500.</p><p>Following video GAME retailer GameStop (NYSE: GAME, commonly known as \"GAME Station\" in China), AMC Cinemas (NYSE: AMC), and BlackBerry (NYSE: BB), Pirates has become the latest \"darling\" in the eyes of retail traders—although given the speed of the stock's rise, it is unclear whether investor interest in the stock will continue.</p><p>The gaming industry has also been affected by a continued global chip shortage, making it difficult for gamers to buy products ranging from consoles such as Sony's PlayStation 5 and Microsoft's (NASDAQ: MSFT) Xbox Series X to graphics cards for PC games.</p><p>At the \"Wall Street Casino\" forum, Pirate Ship supporters said the stock was undervalued and therefore worth holding due to the company's brand portfolio and positioning as a top third-party hardware vendor.</p><p>“Pirate Ship is one of the few stocks I’ve mentioned here that I completely trust. You can’t go wrong buying this stock! Good luck!” wrote a Reddit user with the username “LaughingAdventureGame.”</p><p>However, pirate ships are not the only gaming stocks that retail traders are bullish on. Logitech (NASDAQ: LOGI), a company that makes standard office and gaming hardware accessories, has outperformed Pirate Ship over the past 12 months. Its stock price rose 122%, driven by growth in sales of webcams, mobile phones, and gaming peripherals. In addition, another gaming peripheral manufacturer, Razer, is also a stock favored by retail investors among gaming stocks. The company produces its own series of laptops and desktops, as well as some of the most popular mice and keyboards.</p><p>Users of the \"Wall Street Casino\" forum predict that pirate ships will \"swallow the gaming industry and become a stock that can always create millionaires.\"</p><p>Unlike other popular \"group stocks\" such as GameStation and AMC Entertainment, Pirate Ship's stock has solid fundamentals. The company went public in September 2020 and profited from accelerated sales during the pandemic as people sought home entertainment during the lockdown. In the most recent quarter, the company's earnings per share rose 383% to 58 cents; Sales increased 72% to $529 million.</p><p>Individual traders on social media platforms such as Wall Street Casino and Stocktwits encourage investors to inject funds into heavily shorted stocks, causing so-called short squeezes that drive up the prices of these stocks. Therefore, since the beginning of this year, GameStation's stock price has soared by 1086%, and AMC Entertainment's stock price has risen by 2506%.</p><p>According to MarketSmith's chart analysis, Pirate Ship's stock price rose as much as 33%, reaching a high of $42.97 during the session and breaking through the 50-day moving average. (Nebula)</p>","source":"highlight_tencentus","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A new group of stocks has emerged in the US stock market! The stock surged by more than 30% 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\">\nA new group of stocks has emerged in the US stock market! The stock surged by more than 30% at one point.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯新闻 </strong><span class=\"h-time small\">2021-06-15 08:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>QQ Music Securities, June 15th - The trading of \"group stocks\" in the US stock market has found a new target: video game hardware manufacturer Corsair (NASDAQ: CRSR, commonly known as \"pirate ship\" in China).<img src=\"https://static.tigerbbs.com/526ed9bd0e9cac06ab220066e0e90aa7\" tg-width=\"769\" tg-height=\"511\" referrerpolicy=\"no-referrer\">The company's shares rose 31% to $40.70 at the open on Monday, the highest level since late February, before paring their gains and closing up more than 11%. The main reason for the rise in Pirate Ship's stock price was the explosive growth in the number of mentions of the company on the \"Wallstreetbets\" sub-forum of Reddit.</p><p>According to data from Quiver Quantitative, as of Monday morning local time in the United States, the stock had been mentioned at least 1,180 times on the \"Wall Street Casino\" forum. Meanwhile, Wallstreetbets Trackers data shows that pirate ship-related activity has increased by 17%. Before the pirate ship, a number of other companies had become popular among Wall Street casino forum users and \"group stock\" crowds.</p><p>Founded in 1994, Pirate Ship went public in September at $15.12 per share, valuing it at $1.6 billion and raising $238 million. The stock has risen 13.08% so far this year and 169% since its IPO (initial public offering).</p><p>The Pirate Ship is best known for its gaming hardware, which includes everything from green screens to accessories such as mice and keyboards, as well as mature gaming PCs equipped with the latest chips from Intel (NASDAQ: INTC), AMD (NASDAQ: AMD), and Nvidia (NVDA).</p><p>Gaming products have performed exceptionally well over the past year as the coronavirus pandemic has prompted governments to introduce restrictions, forcing people around the world to stay at home. With not much to do, millions of people have turned to video games. However, so far this year, major gaming companies such as Activision Blizzard (NASDAQ: ATVI), Electronic Arts (NASDAQ: EA), and Take-Two Interactive (NASDAQ: TTWO) have all underperformed the S&P 500.</p><p>Following video GAME retailer GameStop (NYSE: GAME, commonly known as \"GAME Station\" in China), AMC Cinemas (NYSE: AMC), and BlackBerry (NYSE: BB), Pirates has become the latest \"darling\" in the eyes of retail traders—although given the speed of the stock's rise, it is unclear whether investor interest in the stock will continue.</p><p>The gaming industry has also been affected by a continued global chip shortage, making it difficult for gamers to buy products ranging from consoles such as Sony's PlayStation 5 and Microsoft's (NASDAQ: MSFT) Xbox Series X to graphics cards for PC games.</p><p>At the \"Wall Street Casino\" forum, Pirate Ship supporters said the stock was undervalued and therefore worth holding due to the company's brand portfolio and positioning as a top third-party hardware vendor.</p><p>“Pirate Ship is one of the few stocks I’ve mentioned here that I completely trust. You can’t go wrong buying this stock! Good luck!” wrote a Reddit user with the username “LaughingAdventureGame.”</p><p>However, pirate ships are not the only gaming stocks that retail traders are bullish on. Logitech (NASDAQ: LOGI), a company that makes standard office and gaming hardware accessories, has outperformed Pirate Ship over the past 12 months. Its stock price rose 122%, driven by growth in sales of webcams, mobile phones, and gaming peripherals. In addition, another gaming peripheral manufacturer, Razer, is also a stock favored by retail investors among gaming stocks. The company produces its own series of laptops and desktops, as well as some of the most popular mice and keyboards.</p><p>Users of the \"Wall Street Casino\" forum predict that pirate ships will \"swallow the gaming industry and become a stock that can always create millionaires.\"</p><p>Unlike other popular \"group stocks\" such as GameStation and AMC Entertainment, Pirate Ship's stock has solid fundamentals. The company went public in September 2020 and profited from accelerated sales during the pandemic as people sought home entertainment during the lockdown. In the most recent quarter, the company's earnings per share rose 383% to 58 cents; Sales increased 72% to $529 million.</p><p>Individual traders on social media platforms such as Wall Street Casino and Stocktwits encourage investors to inject funds into heavily shorted stocks, causing so-called short squeezes that drive up the prices of these stocks. Therefore, since the beginning of this year, GameStation's stock price has soared by 1086%, and AMC Entertainment's stock price has risen by 2506%.</p><p>According to MarketSmith's chart analysis, Pirate Ship's stock price rose as much as 33%, reaching a high of $42.97 during the session and breaking through the 50-day moving average. (Nebula)</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://new.qq.com/omn/20210615/20210615A00M0V00.html\">腾讯新闻 </a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/526ed9bd0e9cac06ab220066e0e90aa7","relate_stocks":{},"source_url":"https://new.qq.com/omn/20210615/20210615A00M0V00.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187885612","content_text":"QQ音乐证券6月15日讯，美股市场上的“抱团股”交易找到了一个最新的目标：视频游戏硬件制造商Corsair（纳斯达克股票代码：CRSR，国内常称为“海盗船”）。在周一开盘时，该公司股价上涨31%，至40.70美元，创下了自2月末以来的最高水平，随后收窄涨幅，截至收盘时上涨逾11%。推动海盗船股价上涨的主因是，Reddit论坛下属“华尔街赌场”（Wallstreetbets）子论坛上提到该公司的次数呈现出爆炸式增长。\n根据Quiver Quantitional的数据，截至美国当地时间周一上午，该股在“华尔街赌场”论坛上至少被提及1180次。与此同时，Wallstreetbets Trackers数据显示，与海盗船有关的活动增加了17%。在海盗船之前，还有一系列其他公司已经成为“华尔街赌场”论坛用户和“抱团股”人群青睐的对象。\n成立于1994年的海盗船9月份以每股15.12美元的价格挂牌上市，估值达16亿美元，筹集到了2.38亿美元资金。今年到目前为止，该股累计上涨了13.08%，自IPO（首次公开募股）上市以来上涨了169%。\n海盗船最出名的是该公司的游戏硬件，其中包括从绿幕到鼠标和键盘等配件，以及配备了英特尔（纳斯达克股票代码：INTC）、AMD（纳斯达克股票代码：AMD）和英伟达（纳斯达克股票代码：NVDA）最新芯片的成熟游戏PC等。\n由于新冠病毒大流行促使各国政府出台了限制措施，导致世界各地的人们都不得不呆在家里，游戏产品在过去的一年时间里表现出色。由于没有太多事情可做，成百上千万的人转向了电子游戏。然而，今年到目前为止，动视暴雪（纳斯达克股票代码：ATVI）、电子艺界（纳斯达克股票代码：EA）和Take-Two Interactive（纳斯达克股票代码：TTWO）等大型游戏公司的表现都逊于标普500。\n海盗船紧随视频游戏零售商GameStop（纽约证券交易所股票代码：GAME，国内常称为“游戏驿站”）、AMC院线公司（纽约证券交易所股票代码：AMC）、黑莓（纽约证券交易所股票代码：BB）等公司之后，成为了散户交易员眼中最新的“宠儿”——尽管考虑到该股上涨的速度，目前还不清楚投资者对这只股票的兴趣是否会保持下去。\n游戏行业也受到全球芯片持续短缺的影响，从索尼PlayStation5和微软（纳斯达克股票代码：MSFT）的Xbox Series X等游戏机到PC游戏的显卡，游戏玩家很难买到这些产品。\n在“华尔街赌场”论坛上，海盗船的支持者们表示，由于该公司的品牌组合和作为顶级第三方硬件销售商的定位，这只股票被低估了，因此值得持有。\n“海盗船是我在这里提到的为数不多的几只我完全信任的精选股票之一。买这只股票准没错！祝你们好运！”一位网名为“LaughingAdventureGame”的Reddit用户写道。\n不过，海盗船并不是散户交易员看好的唯一游戏类股。罗技（纳斯达克股票代码：LOGI）是一家生产标准办公和游戏硬件配件的公司，该股在过去12个月时间里的表现甚至比海盗船还要好。在网络摄像头、手机和游戏外围设备销售增长的推动下，其股价上涨了122%。此外，另一家游戏外围设备制造商Razer也是游戏股中备受散户投资者青睐的一只股票，该公司生产自己的笔记本电脑和台式机系列产品，以及最受用户青睐的一些鼠标和键盘。\n“华尔街赌场”论坛用户预测，海盗船将会“吞下游戏行业，成为一直可以制造出百万富翁的股票”。\n与游戏驿站和AMC娱乐公司等其他流行的“抱团股”不同，海盗船的股票拥有坚实的基本面。该公司于2020年9月上市，并从大流行期间的加速销售中获利，因为人们在停摆期间寻求家庭娱乐。在最近一个季度中，该公司的每股收益上涨了383%，达到58美分；销售额增长了72%，达到5.29亿美元。\n“华尔街赌场”和Stocktwits等社交媒体平台上的个人交易员鼓励投资者将资金注入严重卖空的股票，造成所谓的轧空，从而推高这些股票的价格。因此，自今年年初以来，游戏驿站的股价飙升了1086%，AMC娱乐公司的股价更是已经上涨了2506%。\n根据MarketSmith图表分析，海盗船股价一度上涨33%，盘中触及42.97美元的高点，并突破50日移动平均线。（星云）","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3458,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184707410,"gmtCreate":1623723686530,"gmtModify":1704209625642,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585365602016782","authorIdStr":"3585365602016782"},"themes":[],"title":"","htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184707410","repostId":"2143178705","repostType":4,"repost":{"id":"2143178705","kind":"news","pubTimestamp":1623717670,"share":"https://ttm.financial/m/news/2143178705?lang=en_US&edition=fundamental","pubTime":"2021-06-15 08:41","market":"us","language":"zh","title":"Be wary of the risk of a dollar rebound; the RMB exchange rate is prone to depreciation but difficult to appreciate in the second half","url":"https://stock-news.laohu8.com/highlight/detail?id=2143178705","media":"金融时报","summary":"近一段时间以来，人民币汇率走势牵动着市场神经。自央行决定上调金融机构外汇存款准备金率后，人民币对美元汇率已由6.35的近期高点贬至6.39上方。市场分析师普遍认为，人民币汇率趋近贬值拐点，下半年大概率会出现贬值压力。　　影响人民币汇率的因素是多方面的，其中美元升值风险将是最直接的一项。华创证券首席宏观分析师张瑜预计，美元在中长期会有较大反弹，人民币或已接近贬值拐点。预计美联储大概率将在三季度释放QE缩减的信号。","content":"<p>National immunity, economic recovery, rising inflation, and tightening monetary policy all point to the final realization of the logic of dollar appreciation. Recently, the trend of the RMB exchange rate has been a major concern for the market. Since the central bank decided to raise the reserve requirement ratio for foreign exchange deposits of financial institutions, the RMB exchange rate against the US dollar has depreciated from a recent high of 6.35 to above 6.39. Market analysts generally believe that the RMB exchange rate is approaching a depreciation inflection point, and there is a high probability of depreciation pressure in the second half of the year.<img src=\"https://static.tigerbbs.com/89cccc1aedcab6c848cb4f7d42a07318\" tg-width=\"550\" tg-height=\"202\" referrerpolicy=\"no-referrer\">There are many factors affecting the RMB exchange rate, among which the risk of US dollar appreciation will be the most direct.</p><p>The rise in US Treasury yields in the first quarter of this year drove a phased appreciation in the US Dollar Index, with the US Dollar Index reaching a phased high of 93.18 at the end of March. Since then, short-term factors such as rapid vaccination in Europe have weakened the US dollar in the past two months, but the US Dollar Index has recently found strong support around 90, and the market speculates that this is likely a medium-term bottom for the US dollar. Zhang Yu, chief macro analyst at Huachuang Securities, predicts that the US dollar will rebound significantly in the medium to long term, and the RMB may be approaching a depreciation turning point.</p><p>National immunity, economic recovery, rising inflation, and tightening monetary policy all point to the final realization of the logic of dollar appreciation.</p><p>Developed countries such as the United States are expected to basically achieve herd immunity in the third quarter, and PMIs in Europe and the United States have recently hit new highs.<a href=\"https://laohu8.com/S/601211\">Guotai Junan Securities</a>Chief macro analyst Dong Qi said this indicates that the economic recovery momentum is strengthening significantly, benefiting from vaccination.<a href=\"https://laohu8.com/S/601328\">Bank of Communications</a>Tang Jianwei, chief researcher at the Financial Research Center, said that a strong recovery in the US economy in the second half of the year could lead to a renewed strengthening of the US dollar.</p><p>Recently, 27 states in the United States have announced tightening of unemployment benefits. Dong Qi predicts that the job market will gradually return to a normal recovery trajectory and will not hinder the Federal Reserve's tightening of monetary policy. The Federal Reserve is expected to signal a tapering of QE in the third quarter.</p><p>The new US administration is currently planning and promoting a new round of fiscal stimulus plans, with plans to launch a $6 trillion fiscal stimulus package in the near future. \"Although there will be a series of difficulties in implementing this plan, considering the optimistic expectations for the future of the US economy and the actual effects of some measures after their implementation, it may become one of the driving forces for the US dollar's temporary strengthening,\" said Lian Ping, chief economist and dean of the research institute at Zhixin Investment. Zhang Yu also pointed out that the United States is still insisting on fiscal stimulus, which is beneficial to the US economy and inflation.</p><p>As global commodity prices continue to rise and fluctuate at high levels, inflation in the United States has risen significantly. The US CPI, released on June 10, surged 5% year-on-year, reaching a new high in nearly 13 years. The market expects the Federal Reserve to tighten monetary policy imminently. Recently, the the US Dollar Index has encountered strong downward resistance around 90 and has been unable to break through for a long time. The possibility of a significant rebound in the future cannot be ruled out.</p><p>\"In the second half of 2021, the Fed's rate hike is expected to make a comeback, and a rate hike policy window will emerge at the end of the year and the beginning of next year,\" Lian Ping said. Zhang Yu said that the United States may be the first developed country in the world to shift its monetary policy, and the probability of the dollar appreciating is higher. Lian Ping further pointed out that if the US rate hike occurs, and my country is unlikely to follow suit quickly, the interest rate differential between China and the US will narrow further, and there may even be a temporary reverse interest rate differential, which will drive the US dollar stronger.</p><p>From the perspective of US dollar liquidity, Dong Qi pointed out that a marginal inflection point in US dollar liquidity is approaching. According to the bond issuance plan announced by the U.S. Treasury Department, the department expects to significantly increase net private market financing to $821 billion in the third quarter, compared to $401 billion and $463 billion in the previous two quarters, respectively. The U.S. Treasury Department's TGA account will also rebound from $450 billion at the end of July to $750 billion in September. Dong Qi pointed out that this shows that the U.S. Treasury Department plans to increase its bond issuance in the third quarter, and the TGA account will be expanded again after it bottoms out at the end of July, thus completing the shift from easing monetary policy to pumping monetary policy.</p><p>In addition, Lian Ping pointed out that the US dollar and the US Treasury Bond market remain important safe havens globally. Global geopolitical risks will cause international safe-haven funds to favor dollar bonds, temporarily increasing demand for dollars.</p><p>Ultimately, economic fundamentals are the determining factor in exchange rates. Dong Qi pointed out that as the US economic recovery accelerates, China's relative advantage in economic fundamentals will narrow. Tang Jianwei believes that the Chinese economy will experience a high at the beginning and a low at the end in 2021, while the United States and the world may experience a low at the beginning and a high at the end. The narrowing gap between the economic growth rates of China and the United States in the second half of the year may put pressure on the RMB exchange rate.</p><p>\"Therefore, although the RMB exchange rate has continued to rise recently, it will not break out of a one-sided upward trend, and the RMB exchange rate will face depreciation pressure in the second half of the year,\" Tang Jianwei pointed out. Although China's foreign exchange authorities have withdrawn from routine intervention in the foreign exchange market, they will still use some policy tools to guide market expectations and promote the two-way fluctuation characteristics of the RMB exchange rate.</p><p>Pan Gongsheng, Vice Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange, at<a href=\"https://laohu8.com/S/600663\">Lujiazui</a>The forum stated that it will strengthen macro-prudential management and expectation guidance to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. From the perspective of corporate financial stability, Pan Gongsheng emphasized that corporate exchange rate risk management should adhere to the principle of serving the main business and \"exchange rate risk neutrality\", prudently arrange the asset, liability and currency structure, avoid \"pro-cyclical\" and \"naked\" behavior in foreign exchange risk management, and do not bet on the appreciation or depreciation of the RMB, as prolonged gambling will inevitably lead to losses.</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>Be wary of the risk of a dollar rebound; the RMB exchange rate is prone to depreciation but difficult to appreciate in the second half</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\">\nBe wary of the risk of a dollar rebound; the RMB exchange rate is prone to depreciation but difficult to appreciate in the second half\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">金融时报</strong><span class=\"h-time small\">2021-06-15 08:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>National immunity, economic recovery, rising inflation, and tightening monetary policy all point to the final realization of the logic of dollar appreciation. Recently, the trend of the RMB exchange rate has been a major concern for the market. Since the central bank decided to raise the reserve requirement ratio for foreign exchange deposits of financial institutions, the RMB exchange rate against the US dollar has depreciated from a recent high of 6.35 to above 6.39. Market analysts generally believe that the RMB exchange rate is approaching a depreciation inflection point, and there is a high probability of depreciation pressure in the second half of the year.<img src=\"https://static.tigerbbs.com/89cccc1aedcab6c848cb4f7d42a07318\" tg-width=\"550\" tg-height=\"202\" referrerpolicy=\"no-referrer\">There are many factors affecting the RMB exchange rate, among which the risk of US dollar appreciation will be the most direct.</p><p>The rise in US Treasury yields in the first quarter of this year drove a phased appreciation in the US Dollar Index, with the US Dollar Index reaching a phased high of 93.18 at the end of March. Since then, short-term factors such as rapid vaccination in Europe have weakened the US dollar in the past two months, but the US Dollar Index has recently found strong support around 90, and the market speculates that this is likely a medium-term bottom for the US dollar. Zhang Yu, chief macro analyst at Huachuang Securities, predicts that the US dollar will rebound significantly in the medium to long term, and the RMB may be approaching a depreciation turning point.</p><p>National immunity, economic recovery, rising inflation, and tightening monetary policy all point to the final realization of the logic of dollar appreciation.</p><p>Developed countries such as the United States are expected to basically achieve herd immunity in the third quarter, and PMIs in Europe and the United States have recently hit new highs.<a href=\"https://laohu8.com/S/601211\">Guotai Junan Securities</a>Chief macro analyst Dong Qi said this indicates that the economic recovery momentum is strengthening significantly, benefiting from vaccination.<a href=\"https://laohu8.com/S/601328\">Bank of Communications</a>Tang Jianwei, chief researcher at the Financial Research Center, said that a strong recovery in the US economy in the second half of the year could lead to a renewed strengthening of the US dollar.</p><p>Recently, 27 states in the United States have announced tightening of unemployment benefits. Dong Qi predicts that the job market will gradually return to a normal recovery trajectory and will not hinder the Federal Reserve's tightening of monetary policy. The Federal Reserve is expected to signal a tapering of QE in the third quarter.</p><p>The new US administration is currently planning and promoting a new round of fiscal stimulus plans, with plans to launch a $6 trillion fiscal stimulus package in the near future. \"Although there will be a series of difficulties in implementing this plan, considering the optimistic expectations for the future of the US economy and the actual effects of some measures after their implementation, it may become one of the driving forces for the US dollar's temporary strengthening,\" said Lian Ping, chief economist and dean of the research institute at Zhixin Investment. Zhang Yu also pointed out that the United States is still insisting on fiscal stimulus, which is beneficial to the US economy and inflation.</p><p>As global commodity prices continue to rise and fluctuate at high levels, inflation in the United States has risen significantly. The US CPI, released on June 10, surged 5% year-on-year, reaching a new high in nearly 13 years. The market expects the Federal Reserve to tighten monetary policy imminently. Recently, the the US Dollar Index has encountered strong downward resistance around 90 and has been unable to break through for a long time. The possibility of a significant rebound in the future cannot be ruled out.</p><p>\"In the second half of 2021, the Fed's rate hike is expected to make a comeback, and a rate hike policy window will emerge at the end of the year and the beginning of next year,\" Lian Ping said. Zhang Yu said that the United States may be the first developed country in the world to shift its monetary policy, and the probability of the dollar appreciating is higher. Lian Ping further pointed out that if the US rate hike occurs, and my country is unlikely to follow suit quickly, the interest rate differential between China and the US will narrow further, and there may even be a temporary reverse interest rate differential, which will drive the US dollar stronger.</p><p>From the perspective of US dollar liquidity, Dong Qi pointed out that a marginal inflection point in US dollar liquidity is approaching. According to the bond issuance plan announced by the U.S. Treasury Department, the department expects to significantly increase net private market financing to $821 billion in the third quarter, compared to $401 billion and $463 billion in the previous two quarters, respectively. The U.S. Treasury Department's TGA account will also rebound from $450 billion at the end of July to $750 billion in September. Dong Qi pointed out that this shows that the U.S. Treasury Department plans to increase its bond issuance in the third quarter, and the TGA account will be expanded again after it bottoms out at the end of July, thus completing the shift from easing monetary policy to pumping monetary policy.</p><p>In addition, Lian Ping pointed out that the US dollar and the US Treasury Bond market remain important safe havens globally. Global geopolitical risks will cause international safe-haven funds to favor dollar bonds, temporarily increasing demand for dollars.</p><p>Ultimately, economic fundamentals are the determining factor in exchange rates. Dong Qi pointed out that as the US economic recovery accelerates, China's relative advantage in economic fundamentals will narrow. Tang Jianwei believes that the Chinese economy will experience a high at the beginning and a low at the end in 2021, while the United States and the world may experience a low at the beginning and a high at the end. The narrowing gap between the economic growth rates of China and the United States in the second half of the year may put pressure on the RMB exchange rate.</p><p>\"Therefore, although the RMB exchange rate has continued to rise recently, it will not break out of a one-sided upward trend, and the RMB exchange rate will face depreciation pressure in the second half of the year,\" Tang Jianwei pointed out. Although China's foreign exchange authorities have withdrawn from routine intervention in the foreign exchange market, they will still use some policy tools to guide market expectations and promote the two-way fluctuation characteristics of the RMB exchange rate.</p><p>Pan Gongsheng, Vice Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange, at<a href=\"https://laohu8.com/S/600663\">Lujiazui</a>The forum stated that it will strengthen macro-prudential management and expectation guidance to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. From the perspective of corporate financial stability, Pan Gongsheng emphasized that corporate exchange rate risk management should adhere to the principle of serving the main business and \"exchange rate risk neutrality\", prudently arrange the asset, liability and currency structure, avoid \"pro-cyclical\" and \"naked\" behavior in foreign exchange risk management, and do not bet on the appreciation or depreciation of the RMB, as prolonged gambling will inevitably lead to losses.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3632888\">金融时报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ab1815ec48bd4c5f20d5928cc3337253","relate_stocks":{"CYB":"人民币ETF-WisdomTree Dreyfus"},"source_url":"https://wallstreetcn.com/articles/3632888","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"2143178705","content_text":"全民免疫、经济复苏、通胀加剧、货币政策收紧，种种迹象都在指向美元升值逻辑的最终实现。\n\n近一段时间以来，人民币汇率走势牵动着市场神经。自央行决定上调金融机构外汇存款准备金率后，人民币对美元汇率已由6.35的近期高点贬至6.39上方。市场分析师普遍认为，人民币汇率趋近贬值拐点，下半年大概率会出现贬值压力。影响人民币汇率的因素是多方面的，其中美元升值风险将是最直接的一项。\n今年一季度美债收益率走高推动美元指数出现阶段性升值，3月末美元指数曾达到93.18的阶段性高点。此后，欧洲疫苗接种较快等短期因素使美元近两月走弱，但美元指数近期已在90附近寻找到强力支撑位，市场猜测这很可能是美元的中期底部。华创证券首席宏观分析师张瑜预计，美元在中长期会有较大反弹，人民币或已接近贬值拐点。\n全民免疫、经济复苏、通胀加剧、货币政策收紧，种种迹象都在指向美元升值逻辑的最终实现。\n美国等发达国家预计将在3季度基本实现群体免疫，近期欧美PMI连创新高。国泰君安首席宏观分析师董琦表示，这表明受益于疫苗接种，经济复苏动能正显著加强。交通银行金融研究中心首席研究员唐建伟表示，下半年美国经济如果强劲复苏可能再次导致美元走强。\n近期美国已有27个州宣布收紧失业金发放，董琦预计，就业市场会逐渐回归正常修复轨道，不会对美联储收紧货币政策形成掣肘。预计美联储大概率将在三季度释放QE缩减的信号。\n目前美国新政府正在筹划和推动新一轮财政刺激计划，计划近期推出6万亿美元的财政刺激方案。“尽管这一计划落实会有一系列困难，但考虑到对美国经济未来的乐观预期和部分举措落地之后带来的实际效应，有可能成为美元阶段性走强的动力之一。”植信投资首席经济学家兼研究院院长连平说。张瑜也指出，美国仍在坚持财政刺激，利好美国的经济效益和通胀。\n随着全球大宗商品价格持续走高并在高位波动，美国通胀水平明显上升。6月10日公布的美国CPI同比大涨5%，创出近13年的新高。市场预计美联储收紧货币政策或已箭在弦上。近日美元指数在90附近遇较强下行阻力，久久不能突破，不排除未来大幅反弹的可能性。\n“2021年下半年，美联储加息的预期将卷土重来，年底和明年初将会显现出加息的政策窗口。”连平说。张瑜说，美国或是全球第一个货币政策转向的发达国家，美元升值概率更高。连平进一步指出，一旦美国加息，而我国大概率不会迅速跟进，中美利差会进一步收窄，甚至可能会出现阶段性的反向利差，其将推动美元走强。\n从美元流动性角度看，董琦指出，美元流动性边际拐点将至。根据美国财政部公布的发债计划，美国财政部预计将在三季度大幅增加私人市场净融资规模至8210亿美元，而前两个季度分别为4010亿和4630亿美元；美国财政部TGA账户也将从7月底的4500亿美元回升至9月的7500亿美元。董琦指出，由此可见，美国财政部计划在三季度加大发债规模，TGA账户将在7月底见底后重新扩容，由此完成放水到抽水的转变。\n此外，连平还指出，目前美元和美国国债市场仍是全球重要的避险港湾。全球地缘政治风险会造成国际避险资金青睐美元债券，阶段性推高美元需求。\n归根结底，经济基本面是汇率的决定性因素。董琦指出，随着美国经济复苏步伐加快，中国经济基本面相对优势将收窄。唐建伟认为，中国经济2021年将是前高后低的走势，而美国和全球可能是前低后高，下半年中美经济增速差缩小或使人民币汇率承压。\n“因此，虽然人民币汇率近一段时间持续走高，但不会走出单边上涨趋势，下半年人民币汇率面临走贬压力。”唐建伟指出，中国外汇管理部门虽然退出对外汇市场的常态化干预，但仍会通过一些政策工具引导市场预期，促成人民币汇率的双向波动特征。\n人民银行副行长、外汇局局长潘功胜在第十三届陆家嘴论坛上表示，将加强宏观审慎管理和预期引导，保持人民币汇率在合理均衡水平上的基本稳定。从企业财务稳健的角度看，潘功胜强调，企业汇率风险管理应坚持服务主业和“汇率风险中性”原则，审慎安排资产负债货币结构，避免外汇风险管理的“顺周期”和“裸奔”行为，不要赌人民币升值或贬值，久赌必输。","news_type":1,"symbols_score_info":{"CYB":0.9,"UCmain":0.9,"CNHmain":0.9}},"isVote":1,"tweetType":1,"viewCount":3023,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184707294,"gmtCreate":1623723676918,"gmtModify":1704209625319,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585365602016782","authorIdStr":"3585365602016782"},"themes":[],"title":"","htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184707294","repostId":"2143867731","repostType":4,"isVote":1,"tweetType":1,"viewCount":4074,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184707684,"gmtCreate":1623723670848,"gmtModify":1704209625157,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585365602016782","authorIdStr":"3585365602016782"},"themes":[],"title":"","htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184707684","repostId":"1159573154","repostType":4,"isVote":1,"tweetType":1,"viewCount":3833,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184707385,"gmtCreate":1623723664047,"gmtModify":1704209624668,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585365602016782","authorIdStr":"3585365602016782"},"themes":[],"title":"","htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184707385","repostId":"1152475049","repostType":4,"repost":{"id":"1152475049","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":1623720093,"share":"https://ttm.financial/m/news/1152475049?lang=en_US&edition=fundamental","pubTime":"2021-06-15 09:21","market":"hk","language":"zh","title":"Opening: The Hang Seng Index opened 0.36% higher, with blockchain concept stocks surging.","url":"https://stock-news.laohu8.com/highlight/detail?id=1152475049","media":"老虎资讯综合","summary":"6月15日讯，港股三大指数高开，恒指涨0.36%报28842点，国指涨0.32%报10784点，恒生科技指数涨0.57%报8036点。盘面上，体育用品股强势，特步大幅高开近15%，获高瓴投资5亿港元，","content":"<p>June 15 - Hong Kong's three major stock indices opened higher, with the Hang Seng Index rising 0.36% to 28,842 points, the Hang Seng Index rising 0.32% to 10,784 points, and the Hang Seng Tech Index rising 0.57% to 8,036 points.<img src=\"https://static.tigerbbs.com/90276182e30f383cf17ccda84f2625dd\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">On the market, sporting goods stocks performed strongly, with Xtep opening nearly 15% higher, receiving HK$500 million in investment from Hillhouse Capital, and Anta rising 1.7%. Power, photovoltaic, dairy, and education stocks generally rose.<a href=\"https://laohu8.com/S/02688\">ENN Energy</a>It opened more than 4% higher, hitting a record high; Major technology stocks generally rose.<a href=\"https://laohu8.com/S/NTES\">NetEase</a>It surged more than 4%.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>It rose more than 2%.<a href=\"https://laohu8.com/S/00700\">Tencent</a>Up 1.5%; Pharmaceutical stocks were mixed.<a href=\"https://laohu8.com/S/600196\">Fosun Pharma</a>open low 2%,<a href=\"https://laohu8.com/S/02186\">Luye Pharmaceutical</a>It opened 1.62% higher; Tobacco-related stocks, gold stocks, and Chinese securities firms generally fell.</p><p>Blockchain stocks opened higher.<a href=\"https://laohu8.com/S/01611\">Huobi Technology</a>Opening 13.33% higher,<a href=\"https://laohu8.com/S/01499\">OK Cloud Chain</a>Opening 11.11% higher,<a href=\"https://laohu8.com/S/01647\">Xiong'an Technology</a>Opened more than 4% higher. Bitcoin surpassed $40,000 again on Monday, reaching its highest level in more than two weeks. The world's largest cryptocurrency rose for the second consecutive day on Monday, with an intraday high of 3.9% to around $40,795. Since last Friday, Bitcoin has risen by about 9%. The Bloomberg Galaxy Cryptocurrency Index, which tracks major cryptocurrencies, rose as much as 7.7%. Musk previously stated that, upon confirming that miners are using a reasonable proportion of clean energy (approximately 50%) and that the future trend is positive,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Bitcoin trading will resume. Tesla had previously sold only 10% of its Bitcoin holdings to test Bitcoin' liquidity and confirm that settlement could be easily achieved without disrupting the market.</p><p><a href=\"https://laohu8.com/S/01368\">Xtep International</a>It opened nearly 15% higher and received a subscription from Hillhouse Capital for $65 million in zero-coupon perpetual convertible bonds.</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: The Hang Seng Index opened 0.36% higher, with blockchain concept stocks surging.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpening: The Hang Seng Index opened 0.36% higher, with blockchain concept stocks surging.\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\">2021-06-15 09:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 15 - Hong Kong's three major stock indices opened higher, with the Hang Seng Index rising 0.36% to 28,842 points, the Hang Seng Index rising 0.32% to 10,784 points, and the Hang Seng Tech Index rising 0.57% to 8,036 points.<img src=\"https://static.tigerbbs.com/90276182e30f383cf17ccda84f2625dd\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">On the market, sporting goods stocks performed strongly, with Xtep opening nearly 15% higher, receiving HK$500 million in investment from Hillhouse Capital, and Anta rising 1.7%. Power, photovoltaic, dairy, and education stocks generally rose.<a href=\"https://laohu8.com/S/02688\">ENN Energy</a>It opened more than 4% higher, hitting a record high; Major technology stocks generally rose.<a href=\"https://laohu8.com/S/NTES\">NetEase</a>It surged more than 4%.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>It rose more than 2%.<a href=\"https://laohu8.com/S/00700\">Tencent</a>Up 1.5%; Pharmaceutical stocks were mixed.<a href=\"https://laohu8.com/S/600196\">Fosun Pharma</a>open low 2%,<a href=\"https://laohu8.com/S/02186\">Luye Pharmaceutical</a>It opened 1.62% higher; Tobacco-related stocks, gold stocks, and Chinese securities firms generally fell.</p><p>Blockchain stocks opened higher.<a href=\"https://laohu8.com/S/01611\">Huobi Technology</a>Opening 13.33% higher,<a href=\"https://laohu8.com/S/01499\">OK Cloud Chain</a>Opening 11.11% higher,<a href=\"https://laohu8.com/S/01647\">Xiong'an Technology</a>Opened more than 4% higher. Bitcoin surpassed $40,000 again on Monday, reaching its highest level in more than two weeks. The world's largest cryptocurrency rose for the second consecutive day on Monday, with an intraday high of 3.9% to around $40,795. Since last Friday, Bitcoin has risen by about 9%. The Bloomberg Galaxy Cryptocurrency Index, which tracks major cryptocurrencies, rose as much as 7.7%. Musk previously stated that, upon confirming that miners are using a reasonable proportion of clean energy (approximately 50%) and that the future trend is positive,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Bitcoin trading will resume. Tesla had previously sold only 10% of its Bitcoin holdings to test Bitcoin' liquidity and confirm that settlement could be easily achieved without disrupting the market.</p><p><a href=\"https://laohu8.com/S/01368\">Xtep International</a>It opened nearly 15% higher and received a subscription from Hillhouse Capital for $65 million in zero-coupon perpetual convertible bonds.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5b3b5e72649367d0aafd9bcbbca9bcd1","relate_stocks":{"513600":"恒生指数ETF南方","HSI":"恒生指数","02833":"恒指ETF"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152475049","content_text":"6月15日讯，港股三大指数高开，恒指涨0.36%报28842点，国指涨0.32%报10784点，恒生科技指数涨0.57%报8036点。盘面上，体育用品股强势，特步大幅高开近15%，获高瓴投资5亿港元，安踏涨1.7%；电力股、光伏股、乳业股、教育股普遍上涨，新奥能源高开逾4%创历史新高；大型科技股普涨，网易大涨逾4%，阿里巴巴涨超2%，腾讯涨1.5%；医药股涨跌不一，复星医药低开2%，绿叶制药高开1.62%；烟草概念股、黄金股、中资券商股普跌。\n区块链概念股高开，火币科技高开13.33%，欧科云链高开11.11%，雄岸科技高开逾4%。比特币周一再次迈过40000美元，达到两周多以来最高水平。这种全球最大加密货币周一连续第二天上扬，盘中最高涨3.9%，至40795美元左右。上周五以来，比特币已累计上涨约9%。跟踪主要加密货币的彭博Galaxy加密货币指数一度上涨7.7%。此前马斯克称，在确认矿工使用合理比例的清洁能源(约50%)，且未来趋势向好时，特斯拉将会恢复比特币交易。特斯拉此前仅出售了10%的比特币持仓，是为了测试比特币的流动性，确认能够在不扰动市场的情况下轻松地结算。\n特步国际高开近15%，获高瓴资本认购6500万美元零息永续可转债。","news_type":1,"symbols_score_info":{"513600":0.9,"HSImain":0.9,"MHImain":0.9,"HSI":0.9,"02833":0.9,"HHImain":0.9,"MCHmain":0.9}},"isVote":1,"tweetType":1,"viewCount":3284,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184707969,"gmtCreate":1623723656451,"gmtModify":1704209624505,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585365602016782","authorIdStr":"3585365602016782"},"themes":[],"title":"","htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184707969","repostId":"1169775175","repostType":4,"repost":{"id":"1169775175","kind":"news","pubTimestamp":1623721687,"share":"https://ttm.financial/m/news/1169775175?lang=en_US&edition=fundamental","pubTime":"2021-06-15 09:48","market":"sh","language":"zh","title":"The legendary \"Yang Baiwan\" has passed away, but the enterprising spirit of retail investors remains unabated.","url":"https://stock-news.laohu8.com/highlight/detail?id=1169775175","media":"第一财经","summary":"有“中国第一股民”之称的资深投资者杨怀定，于6月13日去世，享年71岁。\n近十多年来，杨怀定逐渐淡出了人们的视野，但在上海滩，“杨百万”的故事经久流传。在A股市场，跟随他的脚步入市交易的投资者数不胜数","content":"<p><div>Yang Huaiding, a veteran investor known as \"China's number one stock investor,\" passed away on June 13 at the age of 71. Over the past decade or so, Yang Huaiding has gradually faded from people's sight, but the story of \"Yang Baiwan\" has been passed down for a long time in Shanghai. In the A-share market, countless investors followed in his footsteps and entered the market. He has many labels: \"Yang Baiwan\" who made his fortune by reselling treasury bonds, \"Oracle of Omaha\" who bought the dip steadily and accurately, and \"Big Brother\" who is the leader of ordinary stock investors... However, beneath these \"banned accounts\", Yang Huaiding is an ordinary person who is diligent, enterprising and eager to change his destiny through his own efforts. On him...</p><p><a href=\"https://m.yicai.com/news/101081647.html\">Web page link</a></div></p>","source":"dyvj","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 legendary \"Yang Baiwan\" has passed away, but the enterprising spirit of retail investors remains unabated.</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 legendary \"Yang Baiwan\" has passed away, but the enterprising spirit of retail investors remains unabated.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">第一财经</strong><span class=\"h-time small\">2021-06-15 09:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Yang Huaiding, a veteran investor known as \"China's number one stock investor,\" passed away on June 13 at the age of 71. Over the past decade or so, Yang Huaiding has gradually faded from people's sight, but the story of \"Yang Baiwan\" has been passed down for a long time in Shanghai. In the A-share market, countless investors followed in his footsteps and entered the market. He has many labels: \"Yang Baiwan\" who made his fortune by reselling treasury bonds, \"Oracle of Omaha\" who bought the dip steadily and accurately, and \"Big Brother\" who is the leader of ordinary stock investors... However, beneath these \"banned accounts\", Yang Huaiding is an ordinary person who is diligent, enterprising and eager to change his destiny through his own efforts. On him...</p><p><a href=\"https://m.yicai.com/news/101081647.html\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://m.yicai.com/news/101081647.html\">第一财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9b2e5e430b4abd61e3de4ad2d5a171fc","relate_stocks":{},"source_url":"https://m.yicai.com/news/101081647.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169775175","content_text":"有“中国第一股民”之称的资深投资者杨怀定，于6月13日去世，享年71岁。\n近十多年来，杨怀定逐渐淡出了人们的视野，但在上海滩，“杨百万”的故事经久流传。在A股市场，跟随他的脚步入市交易的投资者数不胜数。\n他身上有诸多标签，倒卖国库券发家的“杨百万”、抄底稳准狠的“股神”、草根股民的“带头大哥”……不过，在这些“江湖封号”之下的杨怀定，是一位勤奋、进取、渴望靠自己的努力改变命运的普通人。\n在他的身上，也可以看到中国证券市场散户投资文化长盛不衰的原因。\n“我们早期的投资者，有些表达能力较弱、文化程度不高，比如杨百万，中学都没毕业，但早年他就看到国库券交易的机会，上海有柜台交易，安徽、贵州、四川没有，跑去低价买了，回来市场上卖掉。”上海证券交易所首任总经理尉文渊此前接受第一财经采访时曾评价称，中国的散户投资者，极其渴望学习，善于学习。\n在中国资本市场三十年进程中，有人盈利，有人亏损，有人跟风听消息，也有人铤而走险搞内幕、搞操纵。但是，更有许许多多的散户投资者，作为幼小的个体，却依靠个人的才智、学习，以及风险的承担，在股市中找到了改变人生的可能性。\n成为“杨百万”\n在三十多年前那个“摸着石头过河”的年代，只要你敢于尝试，一不小心就会成为某个领域的“第一人”。杨怀定就是如此。\n他在成为“第一股民”之前，先成为了“国库券异地交易第一人”。\n杨怀定1988年因故从上海某工厂离职，之后开始自谋职业。据前上交所研究中心研究员陆一记录，《回眸中国股市1984-2000》一书中曾有杨怀定对自己交易国库券始末的详细记述。\n“开始我并没想到要做国库券买卖。我看到《新民晚报》上一篇报道，说温州实行利率开放，利息可以高到13%。”杨怀定称，自己确认消息属实后，就想去温州存钱。但是，到温州去的船票刚买好，他又看到上海报纸登消息称，上海要开放国债交易。\n于是，就有了后来为人所熟知的一幕——1988年4月21日，上海国债市场开市交易，杨怀定一早到场，在别人都不敢买的时候果断买进，当天下午抛掉，赚入800块钱，这个数目相当于他辞职前一年的工资。\n初尝胜果的杨怀定大受鼓舞。他发现不同试点城市之间，国库券差价很大，而金融机构之间的国库券禁止流通。于是，杨怀定开始做国库券异地交易。\n由于国库券行情不公开，杨怀定就到上海图书馆，挨个查找各省市的报纸。比如查到安徽合肥开盘94元，卖出98元，他就连夜上合肥买来，然后再回上海卖掉。\n“我没日没夜地乘火车在全国跑。”杨怀定发现，什么地方穷，什么地方就更便宜，不同地方差价可以大到每百元国库券超过10元。\n在后来接受采访时，他说：“人家当时就问我，你累不累呀？我说不累呀，这干一天就是几年的工资啊！”\n成为“第一股民”\n国库券交易让杨怀定获得了巨大的财富，同时，也让他坚定了自己的投资方向，即紧跟改革开放的步伐，抓住趋势性机会。\n1989年，杨怀定意识到政策的重点转向支持资本市场，于是开始投资股票。\n早上8点起床，听电台财经新闻，9点15打开电脑看行情，11点半到1点午饭休息，1点到3点看行情，3点以后看电脑资讯，5点看晚报，5点50看中央台财经报道，8点看书，10点复盘，每天花在股市的时间不少于8小时。这是杨怀定做股票之后的每日例行安排。\n自证券市场建立以来，A股经历多次大幅波动，多轮牛熊，杨怀定幸运的躲过几次危机，不少股民奉之为“神”，但实际上，他也曾不止一次走到绝望边缘。\n在股票市场，真正能够笑到最后的投资者，往往不是做对选择最多人的，而是做错选择最少的人。一次错误的决策，就可能让多年积累的财富化为泡影。\n1992年下半年开始，A股经历开市以来第一次最大熊市。\n上证指数一路从1400多点跌至400多点。然后，杨怀定判断，股市已经跌得差不多了，于是进场抄底，但没想到，股市继续下跌，杨怀定日渐开始“绝望”。\n1994年7月29日，上证指数最低探至325.89点。\n杨怀定后来接受采访时回忆称：“就在我最绝望的那一天，我跟我太太讲，我还有20万现金，不买股票了，你放着，不知道哪一天会涨了。”\n然而，1994年7月30日，中国证监会宣布“救市”，并出台三大“救市”措施：年内暂停新股发行与上市；严格控制上市公司配股规模；采取措施扩大入市资金范围。\n随后，A股市场出现“8月狂潮”。仅用了两周时间，杨怀定手中股票的市值就翻了四倍。这让杨怀定在股票市场再次声名大振。\n有人说，杨怀定是凭借自己的分析能力，敏锐地觉察到管理层即将出台救市政策。但事实是否如此呢？\n“我耳朵蛮大的，人家讲我是福将。”杨怀定回忆起自己的此次战绩时曾如此调侃。但实际上，杨怀定此前曾参与过交易所的相关座谈会，对救市政策即将出台有所察觉。\n他后来公开说：“出了三大救市政策，很多人就知道我，分析能力特别强。其实，开过会的，呵呵。”\n成为“合法投资者”\n事实上，在成为“杨百万”和“第一股民”之前，杨怀定首先是成为一名“合法投资者”。\n在资本市场从草莽走向规范的进程中，显赫一时的“弄潮儿”跌下神坛的故事并不罕见。作为多个市场创新领域的“第一人”，杨怀定能够一路走到最后，与他从一开始就主动寻求遵守法律法规的意识密切相关。\n早在做国库券交易时期，杨怀定就意识到，自己的行为受到了监管部门的注意，并对合法性存在一定争议。\n“后来我（国库券交易）进出都是上百万元了，银行开始注意我了，内部有争论。”杨怀定后来回忆称，当时争议有两个，一是他的行为是否属于经营金融，二是算不算投机倒把。\n为了弄清楚此二问题，杨怀定就到中国人民银行去做“人民来访”。“接待人问我啥事。我说我有些金融法规‘搞不清爽’，想主动接受党和政府的教育。”杨怀定称。\n此次去“人民来访”并没有完全打消他交易国库券的疑虑。一方面害怕政策有变，另一方面，也害怕大笔资金随身携带不安全，他又做了一件空前的创举——跑到公安局去，说“现在改革开放了，我要从事国库券交易，能否请保安人员”。最后，杨怀定开创了上海第一例私人聘任公安任保安人员的先例。\n不过，杨怀定此举的深层用意，仍然是为了寻求合法。\n“我其实还有一个想法：中国人民银行如果认为我不合法，那么现在公安人员跟着我，我怎么做买卖的他们都看得见，有事你们可以去问公安局。”杨怀定后来称。\n不仅如此，赚了钱之后，杨怀定担心以后被说偷税漏税，于是1989年他又跑到税务局，咨询是否需要缴税。\n“当时有关部门认为有几种人赚钱最多，我的名字排在第四位：上海市民杨怀定，利用国债买卖获取暴利。我马上跑到税务局咨询是否要交税。税务局的同志讲，我们早知道你了，并且表扬我主动上门报税。”杨怀定回忆称，报纸后来登了消息：上海市民杨怀定主动报税。\n凭借早年的声名累积和几十年的股市交易，杨怀定生前追随者众多。\n在杨怀定去世之后，有不少人士公开悼念。有人缅怀杨怀定个人早年的股海沉浮，更有人感慨中国改革开放大浪淘沙。\n如今，中国已成为世界第二大经济体，股票、债券市场规模也均达到全球第二，市场基础制度也已经走过了多个阶段，进入更加市场化、法制化、国际化的新时代。\n机构在资本市场的力量，必将越来越壮大，但中国证券市场独有的散户投资文化短期并不会消失。传奇人物已逝，散户精神不息。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3622,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184704508,"gmtCreate":1623723646704,"gmtModify":1704209624016,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585365602016782","authorIdStr":"3585365602016782"},"themes":[],"title":"","htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184704508","repostId":"1112473662","repostType":4,"repost":{"id":"1112473662","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":1623721000,"share":"https://ttm.financial/m/news/1112473662?lang=en_US&edition=fundamental","pubTime":"2021-06-15 09:36","market":"hk","language":"zh","title":"Times Angel's single-lot success rate is 1.5%; subscribing to 750 lots guarantees one lot.","url":"https://stock-news.laohu8.com/highlight/detail?id=1112473662","media":"老虎资讯综合","summary":"6月15日消息，本周二时代天使发布公告，公司发行1682.96万股股份，每股定价173港元，每手200股，预期将于6月16日上市。\n公开发售阶段时代天使获2079.16倍认购，分配至公开发售的发售股份","content":"<p>June 15th news, this Tuesday<a href=\"https://laohu8.com/S/06699\">Times Angel</a>The company issued an announcement stating that it will issue 16.8296 million shares at a price of HK$173 per share, with 200 shares per lot, and is expected to be listed on June 16.</p><p>During the public offering phase, Times Angel was subscribed 2,079.16 times, and the final number of offer shares allocated to the public offering was 8,414,800 shares, accounting for 50% of the total number of offer shares (before any over-allotment option was exercised). A total of 792,388 valid applications were received, with a single-lot success rate of 1.5%, and one lot was guaranteed to be won after subscribing to 750 lots.</p><p>In addition, the international offering was significantly oversubscribed, with the final number of shares offered being 8.4148 million (excluding over-allocated shares), equivalent to 50% of the total number of shares offered. The relevant data compiled by Tiger News is shown in the table below:<img src=\"https://static.tigerbbs.com/59668ed8a0d3f43ea5d4bac2319b2d55\" tg-width=\"701\" tg-height=\"589\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>Each lot contains 200 shares, with an entry fee of HK$34,948.66. The winning rate for one lot is 1.5%, and subscribing to 750 lots guarantees one lot.</p><p>The threshold for Group B is 30,000 shares, and the funds required for subscription are approximately HK$5,242,299.63.<img src=\"https://static.tigerbbs.com/ba283b41439eead634c95e73e52b3b68\" tg-width=\"1110\" tg-height=\"808\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6251941867d64b573d06a4dc4f827636\" tg-width=\"573\" tg-height=\"700\" referrerpolicy=\"no-referrer\"></p><p>It is understood that the company is a leading provider of invisible orthodontic solutions in China. According to a report by Frost & Sullivan, China's invisible orthodontic solutions market is highly concentrated. Measured by cases completed in 2020, the top two market participants accounted for a combined market share of 82.4%. According to the same data, the company's market share in the same year was approximately 41.0%.</p><p>During the Track Record Period, the number of dentists served by the Company increased from approximately 11,500 in 2018 to approximately 15,800 in 2019, and further to 19,900 in 2020. The number of cases completed by the company increased from approximately 77,700 in 2018 to approximately 120,100 in 2019, and further to 137,600 in 2020.</p><p>In terms of financial position, the company's revenue was RMB 488 million, RMB 646 million and RMB 817 million in 2018, 2019 and 2020, respectively, with a compound annual growth rate of 29.26% from 2018 to 2020; Net profits were RMB 58.2 million, RMB 67.7 million, and RMB 151 million, respectively, with a compound annual growth rate of 61.07% from 2018 to 2020. Adjusted EBITDA (non-IFRS measured) for the same periods was RMB129 million, RMB175 million and RMB297 million, respectively.</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>Times Angel's single-lot success rate is 1.5%; subscribing to 750 lots guarantees one lot.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTimes Angel's single-lot success rate is 1.5%; subscribing to 750 lots guarantees one lot.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-15 09:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 15th news, this Tuesday<a href=\"https://laohu8.com/S/06699\">Times Angel</a>The company issued an announcement stating that it will issue 16.8296 million shares at a price of HK$173 per share, with 200 shares per lot, and is expected to be listed on June 16.</p><p>During the public offering phase, Times Angel was subscribed 2,079.16 times, and the final number of offer shares allocated to the public offering was 8,414,800 shares, accounting for 50% of the total number of offer shares (before any over-allotment option was exercised). A total of 792,388 valid applications were received, with a single-lot success rate of 1.5%, and one lot was guaranteed to be won after subscribing to 750 lots.</p><p>In addition, the international offering was significantly oversubscribed, with the final number of shares offered being 8.4148 million (excluding over-allocated shares), equivalent to 50% of the total number of shares offered. The relevant data compiled by Tiger News is shown in the table below:<img src=\"https://static.tigerbbs.com/59668ed8a0d3f43ea5d4bac2319b2d55\" tg-width=\"701\" tg-height=\"589\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>Each lot contains 200 shares, with an entry fee of HK$34,948.66. The winning rate for one lot is 1.5%, and subscribing to 750 lots guarantees one lot.</p><p>The threshold for Group B is 30,000 shares, and the funds required for subscription are approximately HK$5,242,299.63.<img src=\"https://static.tigerbbs.com/ba283b41439eead634c95e73e52b3b68\" tg-width=\"1110\" tg-height=\"808\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6251941867d64b573d06a4dc4f827636\" tg-width=\"573\" tg-height=\"700\" referrerpolicy=\"no-referrer\"></p><p>It is understood that the company is a leading provider of invisible orthodontic solutions in China. According to a report by Frost & Sullivan, China's invisible orthodontic solutions market is highly concentrated. Measured by cases completed in 2020, the top two market participants accounted for a combined market share of 82.4%. According to the same data, the company's market share in the same year was approximately 41.0%.</p><p>During the Track Record Period, the number of dentists served by the Company increased from approximately 11,500 in 2018 to approximately 15,800 in 2019, and further to 19,900 in 2020. The number of cases completed by the company increased from approximately 77,700 in 2018 to approximately 120,100 in 2019, and further to 137,600 in 2020.</p><p>In terms of financial position, the company's revenue was RMB 488 million, RMB 646 million and RMB 817 million in 2018, 2019 and 2020, respectively, with a compound annual growth rate of 29.26% from 2018 to 2020; Net profits were RMB 58.2 million, RMB 67.7 million, and RMB 151 million, respectively, with a compound annual growth rate of 61.07% from 2018 to 2020. Adjusted EBITDA (non-IFRS measured) for the same periods was RMB129 million, RMB175 million and RMB297 million, respectively.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/22fb0a544aa253b668379d9f58bbe5a9","relate_stocks":{"06699":"时代天使"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112473662","content_text":"6月15日消息，本周二时代天使发布公告，公司发行1682.96万股股份，每股定价173港元，每手200股，预期将于6月16日上市。\n公开发售阶段时代天使获2079.16倍认购，分配至公开发售的发售股份最终数目为841.48万股，占发售股份总数的50%（任何超额配股权获行使前）。合共接获792388份有效申请，一手中签率1.5%，认购750手稳中一手。\n此外，国际发售获大幅超额认购，发售股份最终数目为841.48万股（不包括超额分配股份），相当于发售股份总数的50%。老虎资讯整理相关数据如下表：申购阶梯：\n每手200股，入场费34948.66港元。一手中签率1.5%，认购750手稳中一手。\n乙组门槛为3万股，申购所需资金约5242299.63港元。\n据悉，公司是中国领先的隐形矫治解决方案提供商。根据灼识咨询报告，中国的隐形矫治解决方案市场高度集中，按2020年的达成案例计量，前两大市场参与者的市场占有率总计为82.4%。据同一份资料显示，公司于同年的市场份额为约41.0%。\n于业绩纪录期，公司服务的牙科医生人数由2018年的约1.15万名增至2019年的约1.58万名，并进一步增至2020年的1.99万名。公司的达成案例由2018年的约7.77万个增至2019年的约12.01万个，并进一步增至2020年的13.76万个。\n财务状况方面，于2018年、2019年及2020年，公司的收入分别为人民币4.88亿元、6.46亿元及8.17亿元，2018~2020年的复合增长率达29.26%；净利润分别为5820万元、6770万元及1.51亿元，2018~2020年的复合增长率达61.07%；同期经调整EBITDA（非国际财务报告准则计量）分别为1.29亿元、1.75亿元及2.97亿元。","news_type":1,"symbols_score_info":{"06699":0.9}},"isVote":1,"tweetType":1,"viewCount":3984,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188665565,"gmtCreate":1623433421657,"gmtModify":1704203715529,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585365602016782","authorIdStr":"3585365602016782"},"themes":[],"title":"","htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/188665565","repostId":"1156959915","repostType":4,"repost":{"id":"1156959915","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":1623429803,"share":"https://ttm.financial/m/news/1156959915?lang=en_US&edition=fundamental","pubTime":"2021-06-12 00:43","market":"us","language":"zh","title":"Tiger Brokers helped BOSS Zhipin list on Nasdaq, which opened 75% higher on its first day of trading.","url":"https://stock-news.laohu8.com/highlight/detail?id=1156959915","media":"老虎资讯综合","summary":"北京时间6月12日，BOSS直聘登陆纳斯达克，首日开涨75%。\n老虎证券作为互联网承销商，与高盛、摩根士丹利、UBS、华兴、海通等国际知名大行同列BOSS直聘招股书封面，展现出老虎证券作为头部互联网科","content":"<p>On June 12, Beijing time, BOSS Zhipin listed on Nasdaq, rising 75% on its first day.<img src=\"https://static.tigerbbs.com/57551fd25362c75885fbb928efe43f8a\"></p><p>As an internet underwriter, Tiger Brokers was featured on the cover of BOSS Zhipin's prospectus alongside internationally renowned banks such as Goldman Sachs, Morgan Stanley, UBS, China Renaissance, and Haitong, demonstrating Tiger Brokers' influence as a leading internet technology investment bank.<br></p><p><br></p><p>According to the latest prospectus, BOSS Zhipin will publicly issue 48 million American Depositary Shares (ADSs) at a price of $19 per share, raising approximately $912 million, with a total market capitalization of $7.599 billion at the opening.</p><p>This valuation has surpassed the combined valuation of 51job, which is publicly valued at $5 billion, and Zhaopin.com, which is only valued at $1.7 billion in the private equity market due to delisting, making it the most valuable Chinese recruitment platform.</p><p>Of course, achieving such a high valuation indicates, to some extent, that BOSS Zhipin has also gained recognition from the capital market for its financial performance.</p><p><b>Financial Performance</b></p><p>BOSS Zhipin's recent financial performance can be summarized as follows: strong revenue growth momentum; Gross profit grew strongly, and the gross profit margin remained stable; Although operating profit is low, it has already achieved a turnaround from loss to profit; Operating cash flow surged.</p><p>Specifically, BOSS Zhipin's revenue reached $298 million in 2020, a surge of 95.4% compared to $152 million in 2019. In the first quarter of 2021, the company's revenue reached $120 million, a year-on-year increase of 178.9%.</p><p>BOSS Zhipin's gross profit was $261 million in 2020, a 98.7% increase from $131 million in 2019, while it reached $104 million in the first quarter of 2021, a year-on-year increase of 178.4%. Meanwhile, the company's gross profit margins remained almost unchanged at 86.20%, 87.65% and 86.45% in 2019, 2020 and the first quarter of 2021, respectively.</p><p>In 2019, 2020, and the first quarter of 2021, BOSS Zhipin achieved operating profits of US$392,800, US$1,356,000, and US$350,000 and US$400,000, respectively, with operating profit margins of 0.3%, 0.5%, and 0.3%. During the same period, the company reported net losses of US$112 million, US$188 million and US$40.972 million, respectively.</p><p>In 2019, 2020, and the first quarter of 2021, BOSS Zhipin's operating cash flow was -$16.1318 million, $60.676 million, and $25.235 million, respectively.</p><p>As of March 31, 2021, BOSS Zhipin held $626 million in cash and $332 million in liabilities. During the twelve months ended March 31, 2021, the company had free cash flow of US$102 million.</p><p><b>Research Analysis</b></p><p>BOSS Zhipin hopes to gain support from the US capital market to help them continue their expansion in the Chinese market.</p><p>Judging from the company's financial performance, their revenue and gross profit margin have grown rapidly, and they have achieved a turnaround from loss to profit at the operational level. The free cash flow as of March 31, 2021, exceeded $101 million, which is impressive.</p><p>In China, the market for providing online recruitment services for job seekers and employers is huge and has a promising future.</p><p>Goldman Sachs is the lead underwriter for this transaction. Over the past twelve months, the company has led the underwriting of IPO shares with an average return of 42.9%, which is in the middle range compared to the performance of all major underwriters during the same period.</p><p>The number one risk facing BOSS Zhipin is that the company may face a series of competitive pressures, such as talent networks or other mainstream international recruitment companies entering their markets. Once these become a reality, they will threaten their growth prospects or force them to significantly increase marketing spending, suppressing profitability.</p><p>China's various high-margin online businesses often eventually attract a large number of competitors, and the main means of competition is price wars, which is obviously not good news for the future returns of stocks.</p><p>From a valuation perspective, the price BOSS Zhipin offered to US IPO investors implies a company value-to-revenue ratio of around 19.2. Although this figure is higher than the current overall level of software-as-a-service stocks, BOSS Zhipin's revenue growth momentum is stronger. They have already crossed the profitability threshold at the operational level and generated considerable free cash flow.</p><p>Therefore, although BOSS Zhipin's IPO price is not cheap, it is still worth paying attention to for investors interested in the growth prospects of China's online recruitment market.</p><p><img src=\"https://static.tigerbbs.com/361ada34c84eeaafbb2e860b6eb0db6f\"></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>Tiger Brokers helped BOSS Zhipin list on Nasdaq, which opened 75% higher on its first day of trading.</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\">\nTiger Brokers helped BOSS Zhipin list on Nasdaq, which opened 75% higher on its first day of trading.\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\">2021-06-12 00:43</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 12, Beijing time, BOSS Zhipin listed on Nasdaq, rising 75% on its first day.<img src=\"https://static.tigerbbs.com/57551fd25362c75885fbb928efe43f8a\"></p><p>As an internet underwriter, Tiger Brokers was featured on the cover of BOSS Zhipin's prospectus alongside internationally renowned banks such as Goldman Sachs, Morgan Stanley, UBS, China Renaissance, and Haitong, demonstrating Tiger Brokers' influence as a leading internet technology investment bank.<br></p><p><br></p><p>According to the latest prospectus, BOSS Zhipin will publicly issue 48 million American Depositary Shares (ADSs) at a price of $19 per share, raising approximately $912 million, with a total market capitalization of $7.599 billion at the opening.</p><p>This valuation has surpassed the combined valuation of 51job, which is publicly valued at $5 billion, and Zhaopin.com, which is only valued at $1.7 billion in the private equity market due to delisting, making it the most valuable Chinese recruitment platform.</p><p>Of course, achieving such a high valuation indicates, to some extent, that BOSS Zhipin has also gained recognition from the capital market for its financial performance.</p><p><b>Financial Performance</b></p><p>BOSS Zhipin's recent financial performance can be summarized as follows: strong revenue growth momentum; Gross profit grew strongly, and the gross profit margin remained stable; Although operating profit is low, it has already achieved a turnaround from loss to profit; Operating cash flow surged.</p><p>Specifically, BOSS Zhipin's revenue reached $298 million in 2020, a surge of 95.4% compared to $152 million in 2019. In the first quarter of 2021, the company's revenue reached $120 million, a year-on-year increase of 178.9%.</p><p>BOSS Zhipin's gross profit was $261 million in 2020, a 98.7% increase from $131 million in 2019, while it reached $104 million in the first quarter of 2021, a year-on-year increase of 178.4%. Meanwhile, the company's gross profit margins remained almost unchanged at 86.20%, 87.65% and 86.45% in 2019, 2020 and the first quarter of 2021, respectively.</p><p>In 2019, 2020, and the first quarter of 2021, BOSS Zhipin achieved operating profits of US$392,800, US$1,356,000, and US$350,000 and US$400,000, respectively, with operating profit margins of 0.3%, 0.5%, and 0.3%. During the same period, the company reported net losses of US$112 million, US$188 million and US$40.972 million, respectively.</p><p>In 2019, 2020, and the first quarter of 2021, BOSS Zhipin's operating cash flow was -$16.1318 million, $60.676 million, and $25.235 million, respectively.</p><p>As of March 31, 2021, BOSS Zhipin held $626 million in cash and $332 million in liabilities. During the twelve months ended March 31, 2021, the company had free cash flow of US$102 million.</p><p><b>Research Analysis</b></p><p>BOSS Zhipin hopes to gain support from the US capital market to help them continue their expansion in the Chinese market.</p><p>Judging from the company's financial performance, their revenue and gross profit margin have grown rapidly, and they have achieved a turnaround from loss to profit at the operational level. The free cash flow as of March 31, 2021, exceeded $101 million, which is impressive.</p><p>In China, the market for providing online recruitment services for job seekers and employers is huge and has a promising future.</p><p>Goldman Sachs is the lead underwriter for this transaction. Over the past twelve months, the company has led the underwriting of IPO shares with an average return of 42.9%, which is in the middle range compared to the performance of all major underwriters during the same period.</p><p>The number one risk facing BOSS Zhipin is that the company may face a series of competitive pressures, such as talent networks or other mainstream international recruitment companies entering their markets. Once these become a reality, they will threaten their growth prospects or force them to significantly increase marketing spending, suppressing profitability.</p><p>China's various high-margin online businesses often eventually attract a large number of competitors, and the main means of competition is price wars, which is obviously not good news for the future returns of stocks.</p><p>From a valuation perspective, the price BOSS Zhipin offered to US IPO investors implies a company value-to-revenue ratio of around 19.2. Although this figure is higher than the current overall level of software-as-a-service stocks, BOSS Zhipin's revenue growth momentum is stronger. They have already crossed the profitability threshold at the operational level and generated considerable free cash flow.</p><p>Therefore, although BOSS Zhipin's IPO price is not cheap, it is still worth paying attention to for investors interested in the growth prospects of China's online recruitment market.</p><p><img src=\"https://static.tigerbbs.com/361ada34c84eeaafbb2e860b6eb0db6f\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3aee31599ee7010691cc73f0ff8ac182","relate_stocks":{"BZ":"BOSS直聘"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156959915","content_text":"北京时间6月12日，BOSS直聘登陆纳斯达克，首日开涨75%。\n老虎证券作为互联网承销商，与高盛、摩根士丹利、UBS、华兴、海通等国际知名大行同列BOSS直聘招股书封面，展现出老虎证券作为头部互联网科技投行的影响力。\n\n根据最新招股书信息显示，BOSS直聘将公开发行4800万股美国存托股份（ADS），发行价定为每股19美元，募资约9.12亿美元，总市值开盘时是75.99亿美元。\n而这个估值已经超过公开估值50亿美元的前程无忧和由于退市只能在私募基金市场有估值17亿美元的智联招聘之和，成为估值最高的中国招聘平台。\n当然，能达到如此高额的估值，在一定程度上表明BOSS直聘也有着自己的在财务上的表现得到了资本市场的认可。\n财务表现\nBOSS直聘近期的财务表现大约可以做如下概括：营收增长势头强劲；毛利润增长强劲，毛利润率保持稳定；运营利润虽然低，但是已经实现了扭亏为盈；运营现金流猛增。\n具体而言，BOSS直聘2020年营收达到了2.98亿美元，较之2019年的1.52亿美元猛增95.4%之多，而2021年第一季度，公司营收就达到了1.20亿美元，同比增幅更高达178.9%。\nBOSS直聘毛利润2020年为2.61亿美元，较之2019年的1.31亿美元增长98.7%，而2021年第一季度达到1.04亿美元，同比增幅高达178.4%。与此同时，在2019年、2020年和2021年第一季度当中，公司毛利润率分别为86.20%、87.65%和86.45%，几乎保持不变。\n2019年、2020年和2021年第一季度，BOSS直聘分别实现运营利润39.28万美元、135.60万美元和35、40万美元，运营利润率分别为0.3%、0.5%和0.3%。同期内，公司净亏损分别为1.12亿美元、1.88亿美元和4097.20万美元。\n2019年、2020年和2021年第一季度，BOSS直聘运营现金流分别为-1613.18万美元、6067.60万美元和2523.50万美元。\n截至2021年3月31日，BOSS直聘持有现金6.26亿美元，负债3.32亿美元。截至2021年3月31日的十二个月内，公司自由现金流为1.02亿美元。\n研究分析\nBOSS直聘希望获得美国资本市场的支持，帮助他们在中国市场上继续扩张。\n从公司的财务表现看，他们营收和毛利润率增长迅猛，运营层面已经实现扭亏为盈。截至2021年3月31日的自由现金流超过1.01亿美元，令人印象深刻。\n在中国，为求职者和雇主提供线上招聘服务，市场体量是很巨大的，前景是很可观的。\n高盛是本次交易的领衔承销商，在过去十二个月时间内，该公司领衔承销的IPO股票，平均回报率为42.9%，在所有主要承销商同期业绩的比较当中位于中游水平。\nBOSS直聘面前的头号风险是，该公司可能会面对一系列竞争压力，比如人才网络，或者其他主流国际招聘公司进入他们所在的市场，而这些一旦成为现实，就将威胁到他们的增长前景，或者是迫使他们大幅提升营销支出，打压盈利能力。\n中国各种利润率较高的线上业务，往往最终都会吸引大量竞争者，而最主要的竞争手段就是大打价格战，而这对于股票未来的回报显然不是什么好消息。\n从估值角度看，BOSS直聘为美国IPO投资者开出的价格意味着公司企业价值营收比率为19.2左右，虽然这一数字高于软件即服务股票当前的总体水平，但是BOSS直聘的营收增长势头更为强劲，他们已经在运营层面越过盈利门槛，并且产生了可观的自由现金流。\n因此，虽然BOSS直聘IPO价格称不上低廉，但是对于那些有意于中国线上招聘市场成长前景的投资者而言，这一股票还是值得关注的。","news_type":1,"symbols_score_info":{"BZ":0.9}},"isVote":1,"tweetType":1,"viewCount":3937,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188617906,"gmtCreate":1623432045305,"gmtModify":1704203691239,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585365602016782","authorIdStr":"3585365602016782"},"themes":[],"title":"","htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/188617906","repostId":"1150330661","repostType":4,"repost":{"id":"1150330661","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":1623415388,"share":"https://ttm.financial/m/news/1150330661?lang=en_US&edition=fundamental","pubTime":"2021-06-11 20:43","market":"us","language":"zh","title":"Pre-market: WSB concept stocks are \"rallied\" again! A biopharmaceutical stock rose 27%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1150330661","media":"老虎资讯综合","summary":"6月11日，美国三大股指上涨，截至发稿，道指期货涨0.20%；标普500指数期货涨0.12%；纳斯达克100指数期货涨0.14%。市场要闻\n银保监、央行发文规范现金管理类理财产品：杠杆水平不得超120","content":"<p>On June 11, the three major U.S. stock indexes rose, with Dow Jones futures up 0.20% as of press time. S&P 500 futures rose 0.12%; Nasdaq 100 futures rose 0.14%.<img src=\"https://static.tigerbbs.com/13bf46ef127e8fece8f8a018e56a31f0\" tg-width=\"828\" tg-height=\"247\" referrerpolicy=\"no-referrer\"><b>Market News</b></p><p>The China Banking and Insurance Regulatory Commission (CBIRC) and the People's Bank of China (PBOC) have issued a document to regulate cash management wealth management products: leverage</p><p>IEA monthly report: Global crude oil demand may reach pre-pandemic levels next year;</p><p>The Hong Kong Stock Exchange will consult with the market in the third quarter on the specific proposal to \"establish a listing system for special purpose acquisition companies\";</p><p>Krafton, the parent company of PlayerUnknown's Battlegrounds (PUBG), will conduct a $5 billion IPO in South Korea next week;</p><p>TSMC is considering building its first chip packaging plant in the United States;</p><p>McDonald's confirmed a data breach, with hackers accessing \"a small number of files,\" some of which contained customers' personal data.</p><p>According to Bloomberg, JD.com will place 2.75 million shares at a price of $70.75 per share.</p><p><b>Pre-market price</b></p><p>Some WSB concept stocks are \"restless\" again.<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>、<a href=\"https://laohu8.com/S/GME\">Game Station</a>Rising more than 6%, Clover Health rose more than 4%,<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>It rose by more than 2%.</p><p>Oil-related stocks generally rose in pre-market trading.<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>It rose more than 3% in pre-market trading.<a href=\"https://laohu8.com/S/CPE\">Caron Petroleum</a>Royal Dutch Shell Oil B rose more than 1%, and Royal Dutch Shell Oil A...<a href=\"https://laohu8.com/S/BP\">BP</a>It rose nearly 1%.</p><p>Some blockchain sectors rose in pre-market trading, with SOS...<a href=\"https://laohu8.com/S/NCTY\">Ninth City</a>It rose more than 3%.<a href=\"https://laohu8.com/S/CAN\">Canaan Technology</a>It rose by more than 2%.</p><p>Biopharmaceutical companies<a href=\"https://laohu8.com/S/PGEN\">precise</a>The stock rose more than 27% in pre-market trading after the company released research data on type 1 diabetes.</p><p>Online Education Course Solutions Amister<a href=\"https://laohu8.com/S/AMST\">Amesite Inc.</a>(AMST.O) surged in pre-market trading and is now up over 57%.</p><p><a href=\"https://laohu8.com/S/AEHL\">Antelope Holding</a>The stock fell more than 14% in pre-market trading after the company announced that it had reached a final agreement with certain institutional investors to issue 913,875 common shares through a private placement at a price of $3.84 per common share. Total proceeds are expected to be $3.18 million before commissions and fees, and the offering is expected to close on or around June 14, 2021.</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 0.49%, France's CAC40 was up 0.72%, and the Euro Stoxx 50 was up 0.55%.<img src=\"https://static.tigerbbs.com/7f2b003ef84657818b2d73e2dfc4f003\" tg-width=\"822\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><b>crude oil</b></p><p>Both WTI and Brent crude oil prices fell slightly. As of press time, WTI crude oil was down 0.18% at $70.18 per barrel. Brent crude oil fell 0.11% to $72.43 a barrel.</p><p>U.S. crude oil prices fell slightly above $70, expecting a third consecutive week of gains. Markets anticipate a recovery in fuel demand in Europe, China, and the United States as rising vaccination rates lead to easing of pandemic control measures, accelerated growth in aviation fuel demand, and continued growth in crude oil demand. Summer Brent crude futures prices are expected to rise to $80 per barrel, with both U.S. and Brent crude oil expected to record three consecutive weekly gains this week.</p><p><b>gold</b></p><p>Spot gold fell 0.33% to $1,890.15 per ounce on the day.</p><p>The market expects the Federal Reserve to remain unchanged in its accommodative policy stance, and factors such as the European Central Bank's easing stance, inflows of cryptocurrency funds, and the US fiscal deficit all support gold prices. However, some progress has been made in US infrastructure negotiations, and the market is awaiting the Fed's decision next week, so short-term trading is cautious.</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: WSB concept stocks are \"rallied\" again! A biopharmaceutical stock rose 27%.</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: WSB concept stocks are \"rallied\" again! A biopharmaceutical stock rose 27%.\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\">2021-06-11 20:43</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 11, the three major U.S. stock indexes rose, with Dow Jones futures up 0.20% as of press time. S&P 500 futures rose 0.12%; Nasdaq 100 futures rose 0.14%.<img src=\"https://static.tigerbbs.com/13bf46ef127e8fece8f8a018e56a31f0\" tg-width=\"828\" tg-height=\"247\" referrerpolicy=\"no-referrer\"><b>Market News</b></p><p>The China Banking and Insurance Regulatory Commission (CBIRC) and the People's Bank of China (PBOC) have issued a document to regulate cash management wealth management products: leverage</p><p>IEA monthly report: Global crude oil demand may reach pre-pandemic levels next year;</p><p>The Hong Kong Stock Exchange will consult with the market in the third quarter on the specific proposal to \"establish a listing system for special purpose acquisition companies\";</p><p>Krafton, the parent company of PlayerUnknown's Battlegrounds (PUBG), will conduct a $5 billion IPO in South Korea next week;</p><p>TSMC is considering building its first chip packaging plant in the United States;</p><p>McDonald's confirmed a data breach, with hackers accessing \"a small number of files,\" some of which contained customers' personal data.</p><p>According to Bloomberg, JD.com will place 2.75 million shares at a price of $70.75 per share.</p><p><b>Pre-market price</b></p><p>Some WSB concept stocks are \"restless\" again.<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>、<a href=\"https://laohu8.com/S/GME\">Game Station</a>Rising more than 6%, Clover Health rose more than 4%,<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>It rose by more than 2%.</p><p>Oil-related stocks generally rose in pre-market trading.<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>It rose more than 3% in pre-market trading.<a href=\"https://laohu8.com/S/CPE\">Caron Petroleum</a>Royal Dutch Shell Oil B rose more than 1%, and Royal Dutch Shell Oil A...<a href=\"https://laohu8.com/S/BP\">BP</a>It rose nearly 1%.</p><p>Some blockchain sectors rose in pre-market trading, with SOS...<a href=\"https://laohu8.com/S/NCTY\">Ninth City</a>It rose more than 3%.<a href=\"https://laohu8.com/S/CAN\">Canaan Technology</a>It rose by more than 2%.</p><p>Biopharmaceutical companies<a href=\"https://laohu8.com/S/PGEN\">precise</a>The stock rose more than 27% in pre-market trading after the company released research data on type 1 diabetes.</p><p>Online Education Course Solutions Amister<a href=\"https://laohu8.com/S/AMST\">Amesite Inc.</a>(AMST.O) surged in pre-market trading and is now up over 57%.</p><p><a href=\"https://laohu8.com/S/AEHL\">Antelope Holding</a>The stock fell more than 14% in pre-market trading after the company announced that it had reached a final agreement with certain institutional investors to issue 913,875 common shares through a private placement at a price of $3.84 per common share. Total proceeds are expected to be $3.18 million before commissions and fees, and the offering is expected to close on or around June 14, 2021.</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 0.49%, France's CAC40 was up 0.72%, and the Euro Stoxx 50 was up 0.55%.<img src=\"https://static.tigerbbs.com/7f2b003ef84657818b2d73e2dfc4f003\" tg-width=\"822\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><b>crude oil</b></p><p>Both WTI and Brent crude oil prices fell slightly. As of press time, WTI crude oil was down 0.18% at $70.18 per barrel. Brent crude oil fell 0.11% to $72.43 a barrel.</p><p>U.S. crude oil prices fell slightly above $70, expecting a third consecutive week of gains. Markets anticipate a recovery in fuel demand in Europe, China, and the United States as rising vaccination rates lead to easing of pandemic control measures, accelerated growth in aviation fuel demand, and continued growth in crude oil demand. Summer Brent crude futures prices are expected to rise to $80 per barrel, with both U.S. and Brent crude oil expected to record three consecutive weekly gains this week.</p><p><b>gold</b></p><p>Spot gold fell 0.33% to $1,890.15 per ounce on the day.</p><p>The market expects the Federal Reserve to remain unchanged in its accommodative policy stance, and factors such as the European Central Bank's easing stance, inflows of cryptocurrency funds, and the US fiscal deficit all support gold prices. However, some progress has been made in US infrastructure negotiations, and the market is awaiting the Fed's decision next week, so short-term trading is cautious.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ed4ee39e6b0f45214393093d70ba81a8","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","UDOW":"三倍做多道指30ETF-ProShares","SPXU":"三倍做空标普500ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares","UCO":"二倍做多彭博原油ETF","SH":"做空标普500-Proshares","UPRO":"三倍做多标普500ETF-ProShares",".IXIC":"NASDAQ Composite","SCO":"二倍做空彭博原油指数ETF",".SPX":"S&P 500 Index","DDM":"2倍做多道指ETF-ProShares","DXD":"两倍做空道琼30指数ETF-ProShares","DUG":"二倍做空石油与天然气ETF(ProShares)",".DJI":"道琼斯","USO":"美国原油ETF"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150330661","content_text":"6月11日，美国三大股指上涨，截至发稿，道指期货涨0.20%；标普500指数期货涨0.12%；纳斯达克100指数期货涨0.14%。市场要闻\n银保监、央行发文规范现金管理类理财产品：杠杆水平不得超120%；\nIEA月报：全球原油需求可能在明年达到疫情前水平；\n港交所将在第三季度就“设立特殊目的收购公司上市制度”的具体建议咨询市场意见；\n《绝地求生》母公司Krafton下周将进行50亿美元的韩国IPO；\n台积电考虑在美国建立第一家芯片封装工厂；\n麦当劳确认数据遭泄露，黑客访问了“少量文件”，其中一些包含客户个人数据；\n据彭博，京东将以每股70.75美元价格配售275万股。\n盘前行情\n部分WSB概念股再次“躁动”，AMC院线、游戏驿站涨超6%，Clover Health涨超4%，黑莓涨超2%。\n石油概念股盘前普涨，中石油盘前涨超3%，卡隆石油、荷兰皇家壳牌石油B涨超1%，荷兰皇家壳牌石油A、英国石油涨近1%。\n部分区块链板块盘前走高，SOS、第九城市涨超3%，嘉楠科技涨超2%。\n生物制药公司Precigen盘前涨超27%，公司公布了1型糖尿病研究数据。\n在线教育课程解决方案阿米斯特Amesite Inc.(AMST.O)盘前暴涨，现涨超57%。\n羚羊控股盘前跌超14%，该公司宣布已与某些机构投资者达成最终协议，将定向增发913,875股普通股，每股普通股价格为3.84美元。在支付佣金和费用之前，总收益预计为318万美元，本次发行预计将于2021年6月14日或前后完成。\n欧洲市场\n欧洲主要股指集体上涨，截至发稿，德国DAX30指数涨0.49%，法国CAC40涨0.72%，欧洲斯托克50涨0.55%。原油\n美、布两油微跌，截止发稿，WTI原油跌0.18%，报70.18美元/桶；布伦特原油跌0.11%，报72.43美元/桶。\n美油于70美元上方微跌，预计将迎来连续第三周收涨，市场预期欧洲、中国和美国的燃料需求将复苏，因疫苗接种率上升使得疫情控制措施放松，航空燃料需求将加速增长，原油需求将持续增长，夏季布伦特原油期货价格有望涨至80美元/桶，本周美布两油周线均有望录得三连阳。\n黄金\n现货黄金日内下跌0.33%，报1890.15美元/盎司。\n市场预期美联储不会改变宽松的政策立场，且欧洲央行宽松，加密货币资金流入，美国财政赤字等因素都支持金价，不过美国基础设施谈判有了一些进展，且市场都在等待下周美联储决议，因此短线交投谨慎。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"BZmain":0.9,"ESmain":0.9,"SCO":0.9,"QMmain":0.9,"DUG":0.9,".SPX":0.9,"DDM":0.9,"USO":0.9,"SPXU":0.9,"UDOW":0.9,"UPRO":0.9,"UWTIF":0.9,"SSO":0.9,".DJI":0.9,"DXD":0.9,"CLmain":0.9,"UCO":0.9,".IXIC":0.9,"SH":0.9,"DWTIF":0.9}},"isVote":1,"tweetType":1,"viewCount":1284,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188617053,"gmtCreate":1623432035572,"gmtModify":1704203691400,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585365602016782","authorIdStr":"3585365602016782"},"themes":[],"title":"","htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/188617053","repostId":"1184397286","repostType":4,"repost":{"id":"1184397286","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":1623418325,"share":"https://ttm.financial/m/news/1184397286?lang=en_US&edition=fundamental","pubTime":"2021-06-11 21:32","market":"us","language":"zh","title":"Opening: The three major indices opened higher, with Precigen rising over 20%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1184397286","media":"老虎资讯综合","summary":"6月11日，美股三大指数集体高开，道指涨0.25%，纳指涨0.08%，标普500指数涨0.17%。\n生物制药公司Precigen涨超20%，公司公布了其主要候选药物针对Ⅰ型糖尿病药物实验数据良好。\nC","content":"<p>On June 11, the three major U.S. stock indexes opened higher, with the Dow Jones Industrial Average up 0.25%, the Nasdaq Composite up 0.08%, and the S&P 500 up 0.17%.</p><p><img src=\"https://static.tigerbbs.com/378fdeec51fef2ebfab9f7f999d16de3\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">Biopharmaceutical companies<a href=\"https://laohu8.com/S/PGEN\">precise</a>The stock rose more than 20% after the company announced that its main drug candidate for type 1 diabetes had good experimental data.</p><p>CureVac opened more than 8% lower after the EU recently stated that the company's COVID-19 vaccine would not be approved for market launch as scheduled in August.</p><p><a href=\"https://laohu8.com/S/SNOW\">Snowflake</a>The company fell nearly 4%, with investment banks generally believing that the financial guidance provided by the company was somewhat conservative.</p><p>Chinese education stocks listed in the US fell.<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>It fell nearly 4%.<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>It fell more than 3%.<a href=\"https://laohu8.com/S/ONE\">Elite Education</a>It fell 2.5%.</p><p>Online Education Course Solutions Amister<a href=\"https://laohu8.com/S/AMST\">Amesite Inc.</a>It opened up 47%.</p><p>Some WSB concept stocks rose.<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>Up 6.49%<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>Up 1.45%.</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: The three major indices opened higher, with Precigen 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; 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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: The three major indices opened higher, with Precigen 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\">2021-06-11 21:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 11, the three major U.S. stock indexes opened higher, with the Dow Jones Industrial Average up 0.25%, the Nasdaq Composite up 0.08%, and the S&P 500 up 0.17%.</p><p><img src=\"https://static.tigerbbs.com/378fdeec51fef2ebfab9f7f999d16de3\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">Biopharmaceutical companies<a href=\"https://laohu8.com/S/PGEN\">precise</a>The stock rose more than 20% after the company announced that its main drug candidate for type 1 diabetes had good experimental data.</p><p>CureVac opened more than 8% lower after the EU recently stated that the company's COVID-19 vaccine would not be approved for market launch as scheduled in August.</p><p><a href=\"https://laohu8.com/S/SNOW\">Snowflake</a>The company fell nearly 4%, with investment banks generally believing that the financial guidance provided by the company was somewhat conservative.</p><p>Chinese education stocks listed in the US fell.<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>It fell nearly 4%.<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>It fell more than 3%.<a href=\"https://laohu8.com/S/ONE\">Elite Education</a>It fell 2.5%.</p><p>Online Education Course Solutions Amister<a href=\"https://laohu8.com/S/AMST\">Amesite Inc.</a>It opened up 47%.</p><p>Some WSB concept stocks rose.<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>Up 6.49%<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>Up 1.45%.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{"PGEN":"Precigen",".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184397286","content_text":"6月11日，美股三大指数集体高开，道指涨0.25%，纳指涨0.08%，标普500指数涨0.17%。\n生物制药公司Precigen涨超20%，公司公布了其主要候选药物针对Ⅰ型糖尿病药物实验数据良好。\nCureVac低开超8%，欧盟近期称公司的新冠疫苗不会在8月如期获批上市。\nSnowflake跌近4%，投行普遍认为公司给出的财务指引稍显保守。\n中概教育股走低，高途跌近4%，好未来跌超3%，精锐教育跌2.5%。\n在线教育课程解决方案阿米斯特Amesite Inc.开涨47%。\n部分WSB概念股上涨，AMC院线涨6.49%，黑莓涨1.45%。","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9,"PGEN":0.9}},"isVote":1,"tweetType":1,"viewCount":1248,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188614285,"gmtCreate":1623432021347,"gmtModify":1704203690917,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585365602016782","authorIdStr":"3585365602016782"},"themes":[],"title":"","htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/188614285","repostId":"2142205292","repostType":4,"isVote":1,"tweetType":1,"viewCount":1190,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188614863,"gmtCreate":1623432011452,"gmtModify":1704203690594,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585365602016782","authorIdStr":"3585365602016782"},"themes":[],"title":"","htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/188614863","repostId":"1152296910","repostType":4,"repost":{"id":"1152296910","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":1623420199,"share":"https://ttm.financial/m/news/1152296910?lang=en_US&edition=fundamental","pubTime":"2021-06-11 22:03","market":"us","language":"zh","title":"[Focus] Steel stocks rose in early trading, with U.S. Steel gaining over 3%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1152296910","media":"老虎资讯综合","summary":"6月11日，美股钢铁板块盘初走高，麦克莫兰铜金涨超4%，美国钢铁、浦项钢铁涨超3%，安赛乐米塔尔涨近2%。据悉，GLJ Research给予美国钢铁“买入”评级，目标价由23.89美元升至39.55美","content":"<p>On June 11, U.S. steel stocks rose in early trading.<a href=\"https://laohu8.com/S/FCX\">McMoran Copper Gold</a>It rose more than 4%.<a href=\"https://laohu8.com/S/X\">American Steel</a>、<a href=\"https://laohu8.com/S/PKX\">POSCO Steel</a>It rose more than 3%.<a href=\"https://laohu8.com/S/MT\">ArcelorMittal</a>It rose nearly 2%. GLJ Research has reportedly given U.S. Steel a \"buy\" rating, raising its target price from $23.89 to $39.55.</p><p><img src=\"https://static.tigerbbs.com/7ec431cbeceaba30ae2fdbc574fe59d1\" 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>[Focus] Steel stocks rose in early trading, with U.S. Steel gaining over 3%.</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[Focus] Steel stocks rose in early trading, with U.S. Steel gaining over 3%.\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\">2021-06-11 22:03</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 11, U.S. steel stocks rose in early trading.<a href=\"https://laohu8.com/S/FCX\">McMoran Copper Gold</a>It rose more than 4%.<a href=\"https://laohu8.com/S/X\">American Steel</a>、<a href=\"https://laohu8.com/S/PKX\">POSCO Steel</a>It rose more than 3%.<a href=\"https://laohu8.com/S/MT\">ArcelorMittal</a>It rose nearly 2%. GLJ Research has reportedly given U.S. Steel a \"buy\" rating, raising its target price from $23.89 to $39.55.</p><p><img src=\"https://static.tigerbbs.com/7ec431cbeceaba30ae2fdbc574fe59d1\" 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/13952713ea11f2a94ef02b2895f239d7","relate_stocks":{"FCX":"麦克莫兰铜金"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152296910","content_text":"6月11日，美股钢铁板块盘初走高，麦克莫兰铜金涨超4%，美国钢铁、浦项钢铁涨超3%，安赛乐米塔尔涨近2%。据悉，GLJ Research给予美国钢铁“买入”评级，目标价由23.89美元升至39.55美元。","news_type":1,"symbols_score_info":{"FCX":0.9,"X":0.9}},"isVote":1,"tweetType":1,"viewCount":885,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188637748,"gmtCreate":1623431562784,"gmtModify":1704203678213,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585365602016782","authorIdStr":"3585365602016782"},"themes":[],"title":"","htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/188637748","repostId":"2142205569","repostType":4,"repost":{"id":"2142205569","kind":"highlight","pubTimestamp":1623422311,"share":"https://ttm.financial/m/news/2142205569?lang=en_US&edition=fundamental","pubTime":"2021-06-11 22:38","market":"us","language":"zh","title":"How dangerous is Bezos's space trip?","url":"https://stock-news.laohu8.com/highlight/detail?id=2142205569","media":"36氪","summary":"6月11日消息，亚马逊创始人杰夫·贝索斯（Jeff Bezos）可以乘坐私人飞机环游地球，也可以乘坐大型游艇进行环球航行；他可以买下整个美国国家橄榄球联盟，也可以随手给亲友买下一座群岛；他还可以买下6","content":"<p>June 11 news,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Founder Jeff Bezos can travel around the world in a private jet or sail around the world in a large yacht. He could buy the entire National Football League, or he could casually buy an archipelago for his relatives and friends. He can also buy 65,000 Bugatti Chirons starting at $2.9 million. As one of the richest people in the world, Bezos can get anything on Earth. But Bezos seems prepared to risk everything for an 11-minute trip to space.</p><p><h2><b>Just how risky is his decision?</b></h2>The answer may not be what you expect. Historically, space flight has been fraught with danger. But the stakes aren't necessarily high for Bezos's space journey, as his space company, Blue Origin, has repeatedly tested the new Shepard suborbital stage rocket for much of the past decade, achieving a series of successes. Bezos will complete his space flight aboard this rocket.</p><p>However, Bezos's spaceflight with his brother Mark Bezos will be the first manned flight test of the new Shepard rocket, and it is not entirely without risk.</p><p>What will Bezos's first spaceflight look like? What are the risks of people going into space now?</p><p><h2><b>What's Bezos's space trip like?</b></h2>When most people think of spaceflight, they think of astronauts flying around the Earth and spending at least a few days in space.</p><p>The Bezos brothers and other passengers wouldn't do that.</p><p>They get there and back quickly, and it takes them less time than most people spend commuting to work, about 11 minutes in total.</p><p>Suborbital flight is very different from the orbital flight that most of us think of when we think of spaceflight. Blue Origin's New Shepard rocket flew for a short time, straight up and down, reaching only 100 kilometers above the edge of outer space.</p><p><img src=\"https://static.tigerbbs.com/25f0ed4d2e7cb17e1956f78a74c944cf\" tg-width=\"1000\" tg-height=\"563\" referrerpolicy=\"no-referrer\"></p><p>Orbital rockets need to gain enough thrust to reach a speed of at least 27,000 kilometers per hour, which is what we call orbital speed. Essentially, it gives the spacecraft enough energy to continue orbiting the Earth instead of being immediately pulled back to the ground by gravity.</p><p>Suborbital flight requires much less thrust and speed. This means that the rocket burns for a shorter time, the external temperature and pressure of the spacecraft are lower, and the possibility of serious errors is usually less.</p><p>The new Shepard rocket travels at suborbital speeds of about three times the speed of sound, or about 3,700 kilometers per hour. The rocket will travel vertically upwards until it uses up most of its fuel. The crew module will separate from the rocket at the highest point of the orbit and continue to rise for a short distance. Then the crew module will briefly operate at the highest point of the orbit, allowing passengers to experience weightlessness for a few minutes.</p><p>After that, the new Shepard's crew module will open a large number of parachutes during the descent, reducing the descent speed to below 32 kilometers per hour.</p><p>The rocket boosters will reignite the engines and use the onboard computer to accurately complete the vertical landing. The booster landing looks similar to SpaceX's Falcon 9 rocket, although the latter has much greater thrust and is more likely to explode upon impact.</p><p><h2><b>How risky is this kind of space flight?</b></h2>Blue Origin's new Shepard rocket crew module is fully automated and does not require flight controllers. It has conducted 15 flight tests and has never experienced an explosion. Compared to ambitious space travel, the nature of Bezos's spaceflight means that the risk itself is low, but it does not mean that the risk is zero.</p><p><img src=\"https://static.tigerbbs.com/614a8ab2cf54dc3204b9f7dfb54ab8d0\" tg-width=\"1000\" tg-height=\"563\" referrerpolicy=\"no-referrer\"></p><p>Suborbital flight is much less risky than orbital flight because it doesn't require such high speeds or incredible speeds to re-enter Earth's atmosphere. During the return of a spacecraft from orbit to Earth, the external temperature of the spacecraft can reach nearly 2,000 degrees Celsius, and astronauts at one point have to endure an acceleration of 4.5G. At the same time, the ever-thickening atmosphere puts increasing pressure on the spacecraft.</p><p>Both high speeds and high altitudes carry inherent risks, and even small mistakes can have serious consequences. At altitudes above 15,000 meters, people cannot survive without wearing spacesuits, and Bezos will fly to an altitude of 100 kilometers above the ground. But the capsule he was riding in was pressurized, so he didn't need a spacesuit to keep himself safe, and Bezos could use an oxygen mask if the cabin lost pressure. The new Shepherd rocket is also equipped with a suspension system to push the crew cabin and passengers away from the rocket in an emergency. The crew cabin also has a backup safety feature, which can allow the crew cabin to land safely even if several parachutes fail to open.</p><p>Even so, if the New Shepard rocket malfunctions, there is no way to absolutely guarantee safety.</p><p>Although suborbital flights are less risky than orbital flights, they still have the potential to be fatal.</p><p>For example,<a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>A suborbital vehicle disintegrated during a test flight in 2014 because one of the aircraft's co-pilots prematurely activated the plume system used to keep the vehicle stable during the descent phase. The sudden increase in drag tore the aircraft to pieces, resulting in the death of one pilot.</p><p>Since then, Virgin Galactic has conducted three successful test flights of the improved version of the Spacecraft 2 spacecraft. Blue Origin has not yet encountered a similar accident during the testing phase. But as has long been said in the industry, getting into space is really difficult.</p><p>But Bezos said the risk was worth it.</p>","source":"36kr_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How dangerous is Bezos's space trip?</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\">\nHow dangerous is Bezos's space trip?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2021-06-11 22:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>June 11 news,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Founder Jeff Bezos can travel around the world in a private jet or sail around the world in a large yacht. He could buy the entire National Football League, or he could casually buy an archipelago for his relatives and friends. He can also buy 65,000 Bugatti Chirons starting at $2.9 million. As one of the richest people in the world, Bezos can get anything on Earth. But Bezos seems prepared to risk everything for an 11-minute trip to space.</p><p><h2><b>Just how risky is his decision?</b></h2>The answer may not be what you expect. Historically, space flight has been fraught with danger. But the stakes aren't necessarily high for Bezos's space journey, as his space company, Blue Origin, has repeatedly tested the new Shepard suborbital stage rocket for much of the past decade, achieving a series of successes. Bezos will complete his space flight aboard this rocket.</p><p>However, Bezos's spaceflight with his brother Mark Bezos will be the first manned flight test of the new Shepard rocket, and it is not entirely without risk.</p><p>What will Bezos's first spaceflight look like? What are the risks of people going into space now?</p><p><h2><b>What's Bezos's space trip like?</b></h2>When most people think of spaceflight, they think of astronauts flying around the Earth and spending at least a few days in space.</p><p>The Bezos brothers and other passengers wouldn't do that.</p><p>They get there and back quickly, and it takes them less time than most people spend commuting to work, about 11 minutes in total.</p><p>Suborbital flight is very different from the orbital flight that most of us think of when we think of spaceflight. Blue Origin's New Shepard rocket flew for a short time, straight up and down, reaching only 100 kilometers above the edge of outer space.</p><p><img src=\"https://static.tigerbbs.com/25f0ed4d2e7cb17e1956f78a74c944cf\" tg-width=\"1000\" tg-height=\"563\" referrerpolicy=\"no-referrer\"></p><p>Orbital rockets need to gain enough thrust to reach a speed of at least 27,000 kilometers per hour, which is what we call orbital speed. Essentially, it gives the spacecraft enough energy to continue orbiting the Earth instead of being immediately pulled back to the ground by gravity.</p><p>Suborbital flight requires much less thrust and speed. This means that the rocket burns for a shorter time, the external temperature and pressure of the spacecraft are lower, and the possibility of serious errors is usually less.</p><p>The new Shepard rocket travels at suborbital speeds of about three times the speed of sound, or about 3,700 kilometers per hour. The rocket will travel vertically upwards until it uses up most of its fuel. The crew module will separate from the rocket at the highest point of the orbit and continue to rise for a short distance. Then the crew module will briefly operate at the highest point of the orbit, allowing passengers to experience weightlessness for a few minutes.</p><p>After that, the new Shepard's crew module will open a large number of parachutes during the descent, reducing the descent speed to below 32 kilometers per hour.</p><p>The rocket boosters will reignite the engines and use the onboard computer to accurately complete the vertical landing. The booster landing looks similar to SpaceX's Falcon 9 rocket, although the latter has much greater thrust and is more likely to explode upon impact.</p><p><h2><b>How risky is this kind of space flight?</b></h2>Blue Origin's new Shepard rocket crew module is fully automated and does not require flight controllers. It has conducted 15 flight tests and has never experienced an explosion. Compared to ambitious space travel, the nature of Bezos's spaceflight means that the risk itself is low, but it does not mean that the risk is zero.</p><p><img src=\"https://static.tigerbbs.com/614a8ab2cf54dc3204b9f7dfb54ab8d0\" tg-width=\"1000\" tg-height=\"563\" referrerpolicy=\"no-referrer\"></p><p>Suborbital flight is much less risky than orbital flight because it doesn't require such high speeds or incredible speeds to re-enter Earth's atmosphere. During the return of a spacecraft from orbit to Earth, the external temperature of the spacecraft can reach nearly 2,000 degrees Celsius, and astronauts at one point have to endure an acceleration of 4.5G. At the same time, the ever-thickening atmosphere puts increasing pressure on the spacecraft.</p><p>Both high speeds and high altitudes carry inherent risks, and even small mistakes can have serious consequences. At altitudes above 15,000 meters, people cannot survive without wearing spacesuits, and Bezos will fly to an altitude of 100 kilometers above the ground. But the capsule he was riding in was pressurized, so he didn't need a spacesuit to keep himself safe, and Bezos could use an oxygen mask if the cabin lost pressure. The new Shepherd rocket is also equipped with a suspension system to push the crew cabin and passengers away from the rocket in an emergency. The crew cabin also has a backup safety feature, which can allow the crew cabin to land safely even if several parachutes fail to open.</p><p>Even so, if the New Shepard rocket malfunctions, there is no way to absolutely guarantee safety.</p><p>Although suborbital flights are less risky than orbital flights, they still have the potential to be fatal.</p><p>For example,<a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>A suborbital vehicle disintegrated during a test flight in 2014 because one of the aircraft's co-pilots prematurely activated the plume system used to keep the vehicle stable during the descent phase. The sudden increase in drag tore the aircraft to pieces, resulting in the death of one pilot.</p><p>Since then, Virgin Galactic has conducted three successful test flights of the improved version of the Spacecraft 2 spacecraft. Blue Origin has not yet encountered a similar accident during the testing phase. But as has long been said in the industry, getting into space is really difficult.</p><p>But Bezos said the risk was worth it.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://36kr.com/p/1263912507152256\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9e340c05ca20f874e1ef85f7592a0fa0","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://36kr.com/p/1263912507152256","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142205569","content_text":"6月11日消息，亚马逊创始人杰夫·贝索斯（Jeff Bezos）可以乘坐私人飞机环游地球，也可以乘坐大型游艇进行环球航行；他可以买下整个美国国家橄榄球联盟，也可以随手给亲友买下一座群岛；他还可以买下65000辆起售价290万美元的布加迪Chirons跑车。作为世界上最富有的人之一，贝索斯可以得到地球上的任何东西。但贝索斯似乎准备冒着一切风险，进行11分钟的太空之旅。\n他的这个决定到底有多大风险?\n答案可能不是你所期望的那样。从历史上看，太空飞行充满危险。但对于贝索斯的太空之旅来说，风险不一定很大，因为他资助的太空公司蓝色起源在过去十年的大部分时间里都在反复测试新谢泼德号亚轨道级火箭，也获得了一系列成功。贝索斯将搭乘这种火箭完成太空飞行。\n不过，贝索斯和他兄弟马克·贝索斯（Mark Bezos）一道进行的太空飞行将是新谢泼德号火箭的首次载人飞行测试，并非完全没有风险。\n贝索斯的首次太空飞行将会是什么样子？现在人们进入太空的风险又有多大呢？\n贝索斯的太空之旅什么样？\n当大多数人想到太空飞行时，他们想到的是宇航员绕地球飞行，在太空中至少待上几天时间。\n贝索斯兄弟两人和其他乘客不会这么做。\n他们会快去快回，而且用的时间比大多数人花在上班路上的时间都要短，总共大约只有11分钟的时间。\n亚轨道飞行与我们大多数人提及太空飞行时想到的轨道飞行有很大不同。蓝色起源的新谢泼德号火箭飞行时间很短，而且是直上直下，只会抵达距地100公里的外太空边缘。\n\n轨道级火箭需要获得足够推力，从而达到至少每小时27000公里的速度，这也就是我们所说的轨道速度，本质上是让飞船有足够能量可以继续绕着地球旋转，而不是立即被重力拉回地面。\n亚轨道飞行所需要的推力和速度要小得多。这意味着火箭燃烧时间更短，飞船外部承受的温度和压力更低，通常情况下发生严重错误的可能性更小。\n新谢泼德号火箭的亚轨道飞行速度约为三倍音速，大约每小时3700公里。火箭将一路垂直向上，直至消耗掉大部分燃料。乘员舱将在轨道最高点与火箭分离，并继续上升一小段，然后乘员舱会在运行轨道的最高段短暂运行，让乘客体验几分钟的失重状态。\n在此之后，新谢泼德号乘员舱会在下降过程中打开大量降落伞，将降落速度降低到每小时32公里以下。\n而火箭助推器将重新点燃发动机，利用机载计算机精确完成垂直着陆。助推器着陆看起来类似于SpaceX的猎鹰9号火箭，当然后者的推力要大得多，而且更容易在撞击时爆炸。\n这种太空飞行的风险有多大?\n蓝色起源公司的新谢泼德号火箭乘员舱是完全自动化运行的，不需要飞行控制人员。其已经进行了15次飞行测试，从未发生过爆炸事故。与雄心勃勃的太空旅行相比，贝索斯这次太空飞行的性质意味着其本身风险很低，但并不意味着风险为零。\n\n由于亚轨道飞行不需要那么快的速度，也不需要以难以置信的速度重返地球大气层，因此比轨道飞行的风险小得多。在进行轨道飞行的太空舱重返地球过程中，飞船外部温度可以达到近2000摄氏度，宇航员一度需要承受4.5G的加速度，而与此同时，不断变厚的大气层对飞船周围的压力越来越大。\n高速和高空都有着固有风险，即使是很小的错误也会带来严重后果。在15000米以上的高度，如果人不穿宇航服就无法存活，而贝索斯将飞行到距地100公里的高度。但他乘坐的太空舱是加压的，所以他不需要宇航服来保证自身安全，而且如果客舱失压，贝索斯可以使用氧气面罩。新谢泼德号火箭还配备了一个中止系统，用于在紧急情况下将乘员舱和乘客推离火箭。乘员舱还有备份安全功能，即使有数个降落伞无法打开，也可以让乘员舱安全着陆。\n即便如此，如果新谢泼德号火箭发生故障，也没有办法绝对保证安全。\n虽然亚轨道飞行比轨道飞行风险小，但它们仍然有致命的可能性。\n例如，维珍银河一架亚轨道飞行器在2014年一次试飞中解体，原因是飞机一名副驾驶员过早启动了用于在下降阶段保持飞行器稳定的羽状系统。陡然增加的阻力将飞行器撕裂成碎片，导致一名飞行员死亡。\n此后，维珍银河已经对改进版的“太空船二号”飞行器进行了三次成功试飞。蓝色起源在测试阶段还没有遇到过类似的事故。但正如行内流传已久的说法，进入太空真的很难。\n但贝索斯表示，冒这种险是值得的。","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":1140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":184704508,"gmtCreate":1623723646704,"gmtModify":1704209624016,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"title":"","htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184704508","repostId":"1112473662","repostType":4,"repost":{"id":"1112473662","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":1623721000,"share":"https://ttm.financial/m/news/1112473662?lang=en_US&edition=fundamental","pubTime":"2021-06-15 09:36","market":"hk","language":"zh","title":"Times Angel's single-lot success rate is 1.5%; subscribing to 750 lots guarantees one lot.","url":"https://stock-news.laohu8.com/highlight/detail?id=1112473662","media":"老虎资讯综合","summary":"6月15日消息，本周二时代天使发布公告，公司发行1682.96万股股份，每股定价173港元，每手200股，预期将于6月16日上市。\n公开发售阶段时代天使获2079.16倍认购，分配至公开发售的发售股份","content":"<p>June 15th news, this Tuesday<a href=\"https://laohu8.com/S/06699\">Times Angel</a>The company issued an announcement stating that it will issue 16.8296 million shares at a price of HK$173 per share, with 200 shares per lot, and is expected to be listed on June 16.</p><p>During the public offering phase, Times Angel was subscribed 2,079.16 times, and the final number of offer shares allocated to the public offering was 8,414,800 shares, accounting for 50% of the total number of offer shares (before any over-allotment option was exercised). A total of 792,388 valid applications were received, with a single-lot success rate of 1.5%, and one lot was guaranteed to be won after subscribing to 750 lots.</p><p>In addition, the international offering was significantly oversubscribed, with the final number of shares offered being 8.4148 million (excluding over-allocated shares), equivalent to 50% of the total number of shares offered. The relevant data compiled by Tiger News is shown in the table below:<img src=\"https://static.tigerbbs.com/59668ed8a0d3f43ea5d4bac2319b2d55\" tg-width=\"701\" tg-height=\"589\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>Each lot contains 200 shares, with an entry fee of HK$34,948.66. The winning rate for one lot is 1.5%, and subscribing to 750 lots guarantees one lot.</p><p>The threshold for Group B is 30,000 shares, and the funds required for subscription are approximately HK$5,242,299.63.<img src=\"https://static.tigerbbs.com/ba283b41439eead634c95e73e52b3b68\" tg-width=\"1110\" tg-height=\"808\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6251941867d64b573d06a4dc4f827636\" tg-width=\"573\" tg-height=\"700\" referrerpolicy=\"no-referrer\"></p><p>It is understood that the company is a leading provider of invisible orthodontic solutions in China. According to a report by Frost & Sullivan, China's invisible orthodontic solutions market is highly concentrated. Measured by cases completed in 2020, the top two market participants accounted for a combined market share of 82.4%. According to the same data, the company's market share in the same year was approximately 41.0%.</p><p>During the Track Record Period, the number of dentists served by the Company increased from approximately 11,500 in 2018 to approximately 15,800 in 2019, and further to 19,900 in 2020. The number of cases completed by the company increased from approximately 77,700 in 2018 to approximately 120,100 in 2019, and further to 137,600 in 2020.</p><p>In terms of financial position, the company's revenue was RMB 488 million, RMB 646 million and RMB 817 million in 2018, 2019 and 2020, respectively, with a compound annual growth rate of 29.26% from 2018 to 2020; Net profits were RMB 58.2 million, RMB 67.7 million, and RMB 151 million, respectively, with a compound annual growth rate of 61.07% from 2018 to 2020. Adjusted EBITDA (non-IFRS measured) for the same periods was RMB129 million, RMB175 million and RMB297 million, respectively.</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>Times Angel's single-lot success rate is 1.5%; subscribing to 750 lots guarantees one lot.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTimes Angel's single-lot success rate is 1.5%; subscribing to 750 lots guarantees one lot.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-15 09:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 15th news, this Tuesday<a href=\"https://laohu8.com/S/06699\">Times Angel</a>The company issued an announcement stating that it will issue 16.8296 million shares at a price of HK$173 per share, with 200 shares per lot, and is expected to be listed on June 16.</p><p>During the public offering phase, Times Angel was subscribed 2,079.16 times, and the final number of offer shares allocated to the public offering was 8,414,800 shares, accounting for 50% of the total number of offer shares (before any over-allotment option was exercised). A total of 792,388 valid applications were received, with a single-lot success rate of 1.5%, and one lot was guaranteed to be won after subscribing to 750 lots.</p><p>In addition, the international offering was significantly oversubscribed, with the final number of shares offered being 8.4148 million (excluding over-allocated shares), equivalent to 50% of the total number of shares offered. The relevant data compiled by Tiger News is shown in the table below:<img src=\"https://static.tigerbbs.com/59668ed8a0d3f43ea5d4bac2319b2d55\" tg-width=\"701\" tg-height=\"589\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>Each lot contains 200 shares, with an entry fee of HK$34,948.66. The winning rate for one lot is 1.5%, and subscribing to 750 lots guarantees one lot.</p><p>The threshold for Group B is 30,000 shares, and the funds required for subscription are approximately HK$5,242,299.63.<img src=\"https://static.tigerbbs.com/ba283b41439eead634c95e73e52b3b68\" tg-width=\"1110\" tg-height=\"808\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6251941867d64b573d06a4dc4f827636\" tg-width=\"573\" tg-height=\"700\" referrerpolicy=\"no-referrer\"></p><p>It is understood that the company is a leading provider of invisible orthodontic solutions in China. According to a report by Frost & Sullivan, China's invisible orthodontic solutions market is highly concentrated. Measured by cases completed in 2020, the top two market participants accounted for a combined market share of 82.4%. According to the same data, the company's market share in the same year was approximately 41.0%.</p><p>During the Track Record Period, the number of dentists served by the Company increased from approximately 11,500 in 2018 to approximately 15,800 in 2019, and further to 19,900 in 2020. The number of cases completed by the company increased from approximately 77,700 in 2018 to approximately 120,100 in 2019, and further to 137,600 in 2020.</p><p>In terms of financial position, the company's revenue was RMB 488 million, RMB 646 million and RMB 817 million in 2018, 2019 and 2020, respectively, with a compound annual growth rate of 29.26% from 2018 to 2020; Net profits were RMB 58.2 million, RMB 67.7 million, and RMB 151 million, respectively, with a compound annual growth rate of 61.07% from 2018 to 2020. Adjusted EBITDA (non-IFRS measured) for the same periods was RMB129 million, RMB175 million and RMB297 million, respectively.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/22fb0a544aa253b668379d9f58bbe5a9","relate_stocks":{"06699":"时代天使"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112473662","content_text":"6月15日消息，本周二时代天使发布公告，公司发行1682.96万股股份，每股定价173港元，每手200股，预期将于6月16日上市。\n公开发售阶段时代天使获2079.16倍认购，分配至公开发售的发售股份最终数目为841.48万股，占发售股份总数的50%（任何超额配股权获行使前）。合共接获792388份有效申请，一手中签率1.5%，认购750手稳中一手。\n此外，国际发售获大幅超额认购，发售股份最终数目为841.48万股（不包括超额分配股份），相当于发售股份总数的50%。老虎资讯整理相关数据如下表：申购阶梯：\n每手200股，入场费34948.66港元。一手中签率1.5%，认购750手稳中一手。\n乙组门槛为3万股，申购所需资金约5242299.63港元。\n据悉，公司是中国领先的隐形矫治解决方案提供商。根据灼识咨询报告，中国的隐形矫治解决方案市场高度集中，按2020年的达成案例计量，前两大市场参与者的市场占有率总计为82.4%。据同一份资料显示，公司于同年的市场份额为约41.0%。\n于业绩纪录期，公司服务的牙科医生人数由2018年的约1.15万名增至2019年的约1.58万名，并进一步增至2020年的1.99万名。公司的达成案例由2018年的约7.77万个增至2019年的约12.01万个，并进一步增至2020年的13.76万个。\n财务状况方面，于2018年、2019年及2020年，公司的收入分别为人民币4.88亿元、6.46亿元及8.17亿元，2018~2020年的复合增长率达29.26%；净利润分别为5820万元、6770万元及1.51亿元，2018~2020年的复合增长率达61.07%；同期经调整EBITDA（非国际财务报告准则计量）分别为1.29亿元、1.75亿元及2.97亿元。","news_type":1,"symbols_score_info":{"06699":0.9}},"isVote":1,"tweetType":1,"viewCount":3984,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187230907,"gmtCreate":1623754769209,"gmtModify":1704210608526,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"title":"","htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187230907","repostId":"1186442864","repostType":4,"repost":{"id":"1186442864","kind":"news","weMediaInfo":{"introduction":"有视角的商业资讯交流平台","home_visible":1,"media_name":"虎嗅APP","id":"101","head_image":"https://static.tigerbbs.com/98669fe7974e42f3976b3db47528792d"},"pubTimestamp":1623750513,"share":"https://ttm.financial/m/news/1186442864?lang=en_US&edition=fundamental","pubTime":"2021-06-15 17:48","market":"hk","language":"zh","title":"Ten-year-old Kuaishou, a mirror of the human world","url":"https://stock-news.laohu8.com/highlight/detail?id=1186442864","media":"虎嗅APP","summary":"2011年底，刚刚组队的小创业公司GIF快手，创始人程一笑在微博、豆瓣等平台发布了一则招聘信息：诚求UI设计师一位做创业伙伴，提供有竞争力的薪酬以及丰厚的股权。\n程一笑是豆瓣深度用户，当时他经常逛的两","content":"<p>At the end of 2011, the newly formed team<a href=\"https://laohu8.com/S/V03.SI\">Startup company</a>GIF Kuaishou, founder Cheng Yixiao<a href=\"https://laohu8.com/S/WB\">Weibo</a>Platforms such as Douban posted a job posting: Seeking a UI designer to be a business partner, offering competitive compensation and generous equity.</p><p>Cheng Yixiao was a heavy user of Douban. At the time, the two groups he frequented were \"IT Recruitment King\" and \"Graphic Designer\". From the very beginning of the company to the outset of the product, this young man had an almost intuitive yearning for community and design.</p><p>2011 was a turbulent year:<b><a href=\"https://laohu8.com/S/ZH\">Zhihu</a>Having just been established, Meituan has only been online for a year, while bilibili has just changed its name from \"Mikufans\" to bilibili. With the booming development of mobile internet, coffee shops in Haidian District are as lively as farmers' markets, attracting countless people.</b></p><p>Shortly after Cheng Yixiao's job posting, a UI designer joined GIF Kuaishou, becoming one of the four earliest employees. They lived in a cramped house in Aobei Community, Lishuiqiao, Haidian District, quietly refining this product.</p><p><img src=\"https://static.tigerbbs.com/6ce1483e15c5a30766ef7457ab4b0d79\" tg-width=\"1000\" tg-height=\"750\" referrerpolicy=\"no-referrer\"></p><p>Ten years ago, the desk at the Olympic North Center</p><p>Yang Yuanxi, co-founder of Kuaishou, recalled that work and life were inseparable at the time. The four of them took turns ordering food every day at noon. \"At that time, there were only seven restaurants downstairs. We basically arranged the seven restaurants in different orders.\"</p><p>Perhaps unable to tolerate this work and life situation, or perhaps lacking hope for the future of this small company, the designer left GIF Kuaishou not long after, brushing past an era.</p><p>No one could have predicted that years later this company would pioneer the entire short video era, and after experiencing many ups and downs in development, it would be listed on the Hong Kong Stock Exchange, with a market capitalization once reaching one trillion Hong Kong dollars, becoming the fifth largest internet company in China.</p><p>To this day, the other three early employees are still leading Kuaishou forward:<b>Co-founders Cheng Yixiao, Yin Xin, and Yang Yuanxi, along with Su Hua, who joined Kuaishou in 2013, form the foundation of Kuaishou's unique product.</b></p><p>Ten years have passed in the blink of an eye, and countless companies have been lost in the fierce competition of the mobile internet. Kuaishou's ten years have been both favorable and imminent, and it has eventually surged to 300 million daily active users under intense competitive pressure.</p><p><img src=\"https://static.tigerbbs.com/c39c2e4a9ed3d8016c44153dfc68ec2c\" tg-width=\"1080\" tg-height=\"1439\" referrerpolicy=\"no-referrer\"></p><p>Kuaishou lists on the Hong Kong Stock Exchange</p><p>This is a dramatic and legendary story, and also about the past decade.<a href=\"https://laohu8.com/S/CHL\">China Mobile</a>A typical example of the evolution of internet companies. In terms of products, technology, operations, and business, when a young company has already set foot on fertile ground, but its accumulated experience is not commensurate with the enormous opportunities it faces, how can it survive, develop, persevere, and evolve, and make key and correct decisions, thus initiating a protracted battle?</p><p><b>A meeting of circumstances</b></p><p>Shanghai, 2013. That afternoon, Zhang Fei, a partner at Morningside Capital, decided to meet the young man seeking investment.<b>The other party graduated from Tsinghua University and had previously...<a href=\"https://laohu8.com/S/GOOG\">Google</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Appointment. With his extensive resume, he is also a serial entrepreneur with a resilient and energetic personality.</b></p><p>This was Zhang Fei's second meeting with him. This young man named Su Hua was preparing to abandon his current entrepreneurial project and embark on more new attempts.</p><p>According to Zhang Fei's recollection, Su Hua talked about more than 20 projects at the time. \"There were many particularly interesting entrepreneurial ideas, but after going through them one by one, I found that most of them were not mature, so I gave them direct feedback.\"</p><p><img src=\"https://static.tigerbbs.com/2dcc717dcbd72669b175a38910eeb96a\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>The four co-founders cut the cake at the IPO.</p><p>One was looking for a future-oriented investment target, and the other was seeking a new entrepreneurial direction. For most of the day, the two discussed countless entrepreneurial possibilities, and then rejected them one by one. Suddenly, an idea flashed in Zhang Fei's mind:</p><p>“I have a pretty good product manager here, why don’t you work with him?” Zhang Fei said.</p><p>This \"really good product manager\" is Cheng Yixiao. As an angel investor in GIF Kuaishou,<b>Zhang Fei is very optimistic about mobile video in the 4G era, and GIF Kuaishou, as a primitive video format, gave him a glimpse of possibility.</b></p><p>Since its launch in 2011, GIF Kuaishou has accumulated a considerable number of users and has begun to try to transform from a tool into a short video community, but it has not been successful.</p><p>As a product manager, Cheng Yixiao faces a simple challenge:<b>When users create content through GIFs on Kuaishou and are willing to upload their work to the community section, how can we ensure that everyone's work is seen by more people?</b>This is the most fundamental and ultimate incentive for creators' passion.</p><p>Initially, they used a general recommendation method, which involved creating a list of new works or works within the past seven days every day. The list was sorted by popularity weights such as comments, shares, and likes, so all users saw the same list.</p><p>The number of works that can be recommended on the list is extremely limited, making it easy for creators to become popular. Only creators with talent and good looks have a chance to become trending.<b>Cheng Yixiao especially hopes to see the works of ordinary people also make it onto the list.</b></p><p>Co-founder Yang Yuanxi recalled that in order to get as many people's works seen as possible, the first thing they did when they got to work every day was to adjust the recommendation formula. Today, adjust a from 0.7 to 0.8, and tomorrow, adjust B from 0.5 to 0.4. Over time, the formula became increasingly complex, but its efficiency and results were consistently poor.</p><p>This is not a problem that product managers alone can solve. The prototype of this video community requires the support of advanced technology and a brand-new algorithm and recommendation method.</p><p>When Zhang Fei inexplicably had the idea of bringing Su Hua and Cheng Yixiao together in Shanghai, a dramatic turn of events occurred.<b>One possesses the most advanced technological tools, while the other has a strong understanding and design capabilities for products and communities. The two met.</b></p><p>The story that followed has been widely circulated today.<b>In the summer of 2013, Su Hua and Cheng Yixiao met at the Jinyu Hotel in Beijing, and the two quiet people chatted until two or three in the morning.</b>The two share a high degree of alignment in values.<b>They believe that the community should give more people exposure opportunities so that the works of ordinary people can be seen.</b></p><p>These simple concepts were later summarized as Kuaishou's values of fairness and inclusiveness, and subtly became the underlying logic of its products and algorithms.</p><p>After the team merger and equity adjustment, Cheng Yixiao was in charge of the product, and Su Hua became the CEO. They quickly did two \"big things\": first, they moved the company to Huaqing Jiayuan in Wudaokou; and second, Su Hua wrote the first line of code for the recommendation algorithm for GIF Kuaishou.</p><p><img src=\"https://static.tigerbbs.com/7d9ec949686d4de05a208052defcf5de\" tg-width=\"840\" tg-height=\"477\" referrerpolicy=\"no-referrer\"></p><p>Kuaishou at Huaqing Jiayuan in Wudaokou</p><p>The technology is powerful. The recommendations brought by Huawei Kuaishou are personalized and tailored to each person. Everyone sees a different Kuaishou, and each work receives initial cold-start traffic. This epoch-making experience is being applied to short videos for the first time, and the explosive energy is visible to the naked eye.</p><p><b>In April 2014, \"GIF Kuaishou\" was renamed Kuaishou, officially transforming into a short video community platform; On June 6, Kuaishou's daily active users (DAU) surpassed one million for the first time; In January 2015, Kuaishou's DAU exceeded 10 million; By the end of 2016, the number of daily active users (DAU) reached 40 At the end of 2017, DAU exceeded 110 million.</b>Prior to this, Kuaishou had almost no marketing efforts, and its user growth benefited from the precision and efficiency of long-tail content distribution under the concept of inclusiveness, as well as the platform's focus on the lives of ordinary people.</p><p>An early Kuaishou employee recalled his interview with Cheng Yixiao: \"For the first fifty or sixty percent of the time, I was saying that he was listening. Then he took out his phone, showed me his list of followers, what kind of people he followed, and then talked to me about everyone, like he was talking about his family, what kind of people they were, and what they had experienced on Kuaishou.\"</p><p>Both Su Hua and Cheng Yixiao maintain this habit to this day. As founders, they gained inspiration from positive feedback, changes in their lives, and user reviews of \"thank you to the official team\" that far exceeded their business returns.</p><p>The battle began</p><p>At the end of 2017, Kuaishou, an internet application with over 100 million DAUs, had only a little over 1,000 employees. If we go back a year, the company only had 600-700 employees.</p><p>To some extent, this validates one of Su Hua's hypotheses.<b>How large a user base can a small technical team handle? Without the interference of commercialization and strong operations, how long would it take to develop from a community to a social network?</b></p><p>This was a low-key, peaceful period where people enjoyed growth and user feedback. More and more ordinary people used Kuaishou to record their lives, making the product both unique and idealistic. However, it was not perfect, controversial, and even fraught with crises. It entered a turning point in 2018-2019.</p><p><b>\"We have to do it, we have to fight!”</b>In June 2019, at Kuaishou's Xierqi headquarters, an early employee still remembers the shout made by co-founder Cheng Yixiao at the mobilization meeting.</p><p>This was a meeting that changed the course of Kuaishou's history. He said that when he saw the two taciturn founders step onto the stage, clench their fists, and call on everyone to get involved, everyone's blood boiled.</p><p>From its founding in 2011 to surpassing 100 million DAU at the end of 2017, Kuaishou, as the pioneer of the short video industry, has faced numerous challenges. One product after another, such as Meipai, has challenged Kuaishou's position. Until 2018, they encountered an unprecedentedly formidable competitor: ByteDance's...<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>Using brand-new product logic, content distribution logic, and business logic, it achieved rapid surpassing.</p><p>Finally, this battle had to be fought. According to LatePost, after the 2019 Spring Festival, Kuaishou executives and the product team conducted a user survey in Chongqing, internally known as the \"Chongqing Meeting.\" Su Hua and Cheng Yixiao were directly stimulated by the users and realized...<b>Non-aggressive growth = handing over users to others; Disunited combat = tacitly allowing the team's combat effectiveness to decline.</b></p><p>On June 18, Su Hua and Cheng Yixiao released a letter to all employees, frankly stating the challenges and hidden dangers facing Kuaishou: \"We are no longer the fastest team. As we grow, our muscles begin to weaken, our reactions slow down, and our connection with users weakens.\" The first thing to be affected is, of course, user scale. Kuaishou launched the K3 campaign and set an annual goal of 300 million daily active users before the Spring Festival.</p><p>The user base is actually just a facade.<b>Product form, user experience, distribution logic, organizational and combat capabilities, operational system, commercialization system, and infrastructure are the challenges that this \"small company\" needs to overcome.</b></p><p>If in the past it was product + technology, Xiaomi + rifle that won the guerrilla war, now Kuaishou is facing an entire establishment's trump card, with astonishing combat power, incredible speed, and bold spending. If the founder himself cannot iterate and lead the company's overall evolution, users are likely to vote with their feet.</p><p>Such cases abound in the history of the mobile internet, whether it's group buying, bike-sharing, or mobile e-commerce.<b>Many startups have stepped into the trend one or two steps ahead of schedule, only to be crushed by latecomers. In addition to luck, the core reason is that the founders and companies did not quickly evolve from \"small companies\" to \"large companies\".</b></p><p>Su Hua and Cheng Yixiao should be grateful for their courage and determination in launching the battle at that time. Today, although it is NO longer the NO. 1 in the industry, Kuaishou has not been defeated by competition. Instead, it has become stronger through repeated battles with itself, its competitors, and the market.</p><p>\"No strong company has ever been eliminated by others in competition,\" said Ma Hongbin, senior vice president of Kuaishou. He added that the more competition there is with competitors, the more it grows.</p><p>Relying on synchronized adjustments to products, algorithms, and operations, high-speed organizational operation, cooperation with the CCTV Spring Festival Gala, and the rise of the Express version, Kuaishou achieved its K3 goal.</p><p>On May 24 this year, Kuaishou, after its IPO, released its results for the first quarter of 2021. Data shows that,<b>The average daily active users of Kuaishou China's applications and mini-programs reached 379.2 million, with daily active users spending an average of 99.3 minutes per day.</b></p><p>\"It seems our competitors haven't beaten us much. No matter how much we compete, we've still reached 300 million,\" said a Kuaishou executive. He added that many people had been holding back their energy before K3, and this battle became an outlet to alleviate their anxiety, finally putting Kuaishou in a bottom out.</p><p><b>Seeking common ground while</b></p><p>K3 became a turning point for Kuaishou from a laid-back to a wolf-like approach. Since then, the team has continued to expand at an increasingly fast pace. Every few months, Su Hua and the management team have to fight a major battle.</p><p>There's no turning back. The product needs to change, the algorithm needs to change, the operation needs to change, and the business model needs to change. The team of more than 10,000 people is seeking change and victory. And will all these changes ultimately make Kuaishou Kuaishou or a competitor?</p><p>On the path of comprehensive evolution, what can and cannot change requires Kuaishou's founders and executives to define a scope and repeatedly revise it as the business grows.</p><p>In 2020, following K3, the direction, boundaries, and logic of Kuaishou's evolution gradually became clearer:<b>Should we focus on lightweight or heavy operations? Products in double or single columns; Do you value the private domain or the public domain?</b>These questions, which had caused debate and confusion internally, have all been answered.</p><p>Before 2019, Kuaishou did not have a positive operations system. Adhering to the principle of not disturbing users, the so-called operations department mainly conducted negative operations, including how to identify and handle creators who violated regulations and how to handle accounts that violated community rules.</p><p>After K3 was launched, Ma Hongbin, Senior Vice President of Kuaishou, took over and built the prototype of the operating system. The core problem to be solved<b>First, high-quality creators are introduced; second, high-quality content is distributed and creators grow. By operating creators and high-quality content, community activity, retention, and new additions are enhanced.</b></p><p>For Kuaishou, operations-driven development is a completely new approach. Kuaishou encourages ordinary people to record their lives, display content in dual columns, and provide fair traffic. However, the quality of the content varies greatly, which seriously affects Kuaishou's appearance and tone, and thus hurts the acceptance of users in first- and second-tier cities.</p><p>While taking drastic measures to regulate the community atmosphere, Kuaishou also improved content quality by introducing high-quality creators and providing operational and traffic support. This led to significant changes in Kuaishou's content ecosystem in 2018-2019, becoming the foundation for attracting new users.</p><p><img src=\"https://static.tigerbbs.com/6018cf1eb61869e628ebcc17fe3cdd61\" tg-width=\"1000\" tg-height=\"750\" referrerpolicy=\"no-referrer\"></p><p>In 2018, the team building event at the Kuaishou platform R&D department transformed into a work event.</p><p>It is understood that in the process of introducing talent and building a new operating system, the founder provided an underlying logic: no matter how the content changes, what Kuaishou focuses on and cares about most is still people. Liu Xiao, general manager of Kuaishou's content operations center, still remembers that during the interview, Su Hua spent nearly two hours telling her the story of \"Brother Grape\".</p><p>“Other companies probably wouldn’t spend an hour and a half telling a user’s story in an interview, let alone a founder.” She discovered that this company really cares about every creator.</p><p>“<b>Kuaishou and its competitors have very different operating logic. We care more about people, while they still care a lot about content, especially its visual appeal. This is a significant fundamental difference that will lead to a completely different distribution logic.</b>Liu Xiao said that in the past, Kuaishou's operations were more management-oriented, telling you what you couldn't do, but now the creator service team has become a service provider.</p><p>After Liu Xiao joined Kuaishou in early 2020, its operations began to enter a more refined stage. In her view, Kuaishou's content ecosystem is already very large, and any single vertical category can become a large-scale interest community. In such an environment, maintaining the relationship between the local area and the ecosystem, keeping the ecosystem healthy, and providing a better experience for creators is a very ambitious task.</p><p>At the same time, Kuaishou's core management finally solved two thorny problems.<b>First, there is the problem of choosing between single and double columns; second, there is the problem of balancing private and public domains.</b></p><p>Single-column and double-column formats troubled Kuaishou for a long time. Finally, the two formats were integrated in Kuaishou version 8.0. The main site retained the dual-column community format, while creating an entry point for the single-column consumer experience. Kuaishou Express fully shoulders the responsibility of scaling up and down scenarios, capturing users, and its DAU continues to grow even after exceeding 100 million.</p><p>On the other hand, at the Kuaishou Photosynthetic Creator Conference held in Guangzhou in April this year, Wang Jianwei, Senior Vice President of Kuaishou and Head of the Main Site Product Department, clarified for the first time Kuaishou's principle of focusing on private domains and expanding public domains.</p><p>\"In terms of management complexity, public domains are definitely much easier to manage. Whoever can do it can do it; if not, then so be it. But private domains are like creators having their own industry there. Whether you manage them or not, and how to manage them, is extremely difficult,\" Cheng Yixiao said.<b>Developing and managing private domains well, allowing more producers to \"blossom,\" can foster greater warmth and trust in society.</b></p><p>The integration of single and dual columns and the combination of public and private domains to create an online community full of warmth and trust has reached a high consensus within Kuaishou. \"Combining public and private domains is definitely more difficult than just creating a public domain, and much more difficult. But this difficulty is precisely Kuaishou's biggest advantage. Once established, it becomes a huge barrier to entry,\" said a Kuaishou executive. This is Kuaishou's differentiation and unique path from other platforms.</p><p><b>ecological positive circulation</b></p><p>In March 2021, Kuaishou released its first financial report since its IPO. In 2020, Kuaishou achieved revenue of 58.8 billion yuan, of which online marketing revenue was 21.9 billion yuan, accounting for 37.2%. In the fourth quarter, Kuaishou's online marketing revenue reached 8.5 billion yuan, surpassing live streaming tipping to become Kuaishou's largest source of revenue.</p><p>The subsequent Q1 financial report showed that Kuaishou's revenue structure continued this change, with online revenue accounting for more than 50%, followed closely by live streaming and e-commerce.<b>Ten years after its founding, Kuaishou has finally changed its revenue structure, which relies solely on live streaming revenue, with online marketing and emerging business revenue becoming its two wings.</b></p><p><img src=\"https://static.tigerbbs.com/fb96d21633fc5737cf83ae2a90b2303b\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>As is well known, Kuaishou's commercialization system was established relatively late. For a long time, both Su Hua and Cheng Yixiao were very wary and resistant to the idea that commercial factors would harm user experience.</p><p>Before 2018, although Kuaishou had over 100 million daily active users, it only developed live streaming as its only monetization method. The two founders believe that,<b>Live streaming is a user product and does not harm the user experience. When a live stream happens, the people who tip are happy, the people who watch the tips are happy, and the people who are tipped are happy too.</b></p><p>However, feed ads are different; they can potentially harm the user experience and lead to lost daily active users. Therefore, any core member of Kuaishou's commercialization can feel the difficulty of opening this door.</p><p>“In the past, whenever I sent the two founders revenue changes, they would react indifferently. Every time I said that I had done another experiment to optimize the user experience today, they would reply very quickly. You could see what they valued most deep down.” A person in charge of commercialization at Kuaishou has a deep understanding of this.</p><p>Another person who has a deep understanding of this is Cao Shibo, General Manager of Kuaishou Technology's Commercial Revenue Management Center. Cao Shibo, with a background in business analysis, joined Kuaishou in early 2018 and worked in multiple departments, all of which involved commercialization.</p><p>\"Before officially launching the commercial business, we spent a lot of time doing groundwork, including algorithms, user experience systems, review systems, and a lot of strategic thinking and preparation. The core is that we can make money, but we cannot harm the user experience,\" said Cao Shibo.</p><p>Later, Kuaishou built a relatively complete indicator system, which introduced economic models to measure how much money this traffic would earn and how much DAU it would lose if it were monetized through advertising, ensuring user experience through systematic indicators and monitoring.</p><p>\"Even today, we have very strict internal controls and mechanisms regarding the frequency of users viewing ads, and we also strictly control the quality of advertising content,\" said Cao Shibo.<b>They deployed hundreds of people over several months to tag users to ensure the accuracy of algorithmic recommendations and audience targeting.</b></p><p>Once these foundational tasks were completed, Kuaishou's commercialization system was launched, and the Magnet Engine went live, Kuaishou's online marketing revenue skyrocketed. In 2019, Kuaishou's online marketing revenue was 7.4 billion yuan, 7.2 billion yuan in the first half of 2020, and 21.9 billion yuan for the whole year, representing a growth rate of over 200%.</p><p>Cao Shibo stated that in 2021, Kuaishou's commercialization, whether in terms of the number of brand advertisers, affiliate advertising, or the development of more advertising formats, greatly expanded the growth potential of Kuaishou's online marketing revenue.</p><p>Similar to Kuaishou's experience in commercial expansion, Luo Qiong, Vice President of E-commerce and Head of Platform Experience at Kuaishou, was also \"very uncomfortable\" when she first joined Kuaishou.</p><p>Luo Qiong has worked on traditional e-commerce platforms for 15 years, but the industry's very mature logic of promotion and selling traffic often runs into the wall of \"community ecosystem\" on Kuaishou.</p><p>For her, the task is not to generate a lot of GMV, but to build trust between merchants, streamers and consumers, enhance community value and make the pie bigger.</p><p><b>“Traditional e-commerce relies heavily on goods, while Kuaishou actually relies heavily on people. This difference has a very strong shift in focus for traditional e-commerce practitioners. Moreover, you will find that the transition from community to people and then to transaction conversion is a slow reflex, unlike efficiency-based e-commerce, which has very good short-term benefits.”</b>Luo Qiong said that Kuaishou hopes to establish a completely new e-commerce model based on connections and trust between people.</p><p>This new type of trust relationship, built on short videos and live streaming, requires time to develop, but there is plenty of room for imagination. In 2020, Kuaishou's e-commerce GMV reached 381.2 billion yuan, a 4,000-fold increase in two years, and the average user repurchase rate was as high as 65%.</p><p>In 2021, Kuaishou further proposed the concept of trust-based e-commerce, aiming to build the mindset and perception of Kuaishou e-commerce with ultimate trust, hoping to reconstruct the decision-making process of one billion consumers in a brand-new way. In fact, the rise of Kuaishou e-commerce is already changing the traditional e-commerce industry landscape.</p><p><img src=\"https://static.tigerbbs.com/210d2ee9a518657bfd7f5b6471c11fb2\" tg-width=\"1080\" tg-height=\"586\" referrerpolicy=\"no-referrer\"></p><p>More importantly,<b>Kuaishou's business ecosystem, built on live streaming, advertising, and e-commerce, is giving back to tens of millions of content creators, enabling them to live better in this community. The business ecosystem and the content ecosystem are forming a mutually reinforcing positive cycle.</b></p><p>This positive cycle is particularly important for supporting Kuaishou's vision. Over the past decade, Kuaishou has been a unique social experiment in the internet field, focusing on ordinary people and promoting equality and inclusiveness. Such experiments went smoothly at first, but later encountered challenges. The dual-engine approach of the content ecosystem and the business ecosystem can make this machine move more smoothly. Whether Kuaishou can succeed further can also verify what kind of tool the Internet is for humanity—to rule people or to make them more equal.</p><p><b>From equality and inclusiveness to warmth and trust, the story of Kuaishou's next decade is beginning.</b></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>Ten-year-old Kuaishou, a mirror of the human world</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\">\nTen-year-old Kuaishou, a mirror of the human world\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/101\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/98669fe7974e42f3976b3db47528792d);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">虎嗅APP </p>\n<p class=\"h-time smaller\">2021-06-15 17:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>At the end of 2011, the newly formed team<a href=\"https://laohu8.com/S/V03.SI\">Startup company</a>GIF Kuaishou, founder Cheng Yixiao<a href=\"https://laohu8.com/S/WB\">Weibo</a>Platforms such as Douban posted a job posting: Seeking a UI designer to be a business partner, offering competitive compensation and generous equity.</p><p>Cheng Yixiao was a heavy user of Douban. At the time, the two groups he frequented were \"IT Recruitment King\" and \"Graphic Designer\". From the very beginning of the company to the outset of the product, this young man had an almost intuitive yearning for community and design.</p><p>2011 was a turbulent year:<b><a href=\"https://laohu8.com/S/ZH\">Zhihu</a>Having just been established, Meituan has only been online for a year, while bilibili has just changed its name from \"Mikufans\" to bilibili. With the booming development of mobile internet, coffee shops in Haidian District are as lively as farmers' markets, attracting countless people.</b></p><p>Shortly after Cheng Yixiao's job posting, a UI designer joined GIF Kuaishou, becoming one of the four earliest employees. They lived in a cramped house in Aobei Community, Lishuiqiao, Haidian District, quietly refining this product.</p><p><img src=\"https://static.tigerbbs.com/6ce1483e15c5a30766ef7457ab4b0d79\" tg-width=\"1000\" tg-height=\"750\" referrerpolicy=\"no-referrer\"></p><p>Ten years ago, the desk at the Olympic North Center</p><p>Yang Yuanxi, co-founder of Kuaishou, recalled that work and life were inseparable at the time. The four of them took turns ordering food every day at noon. \"At that time, there were only seven restaurants downstairs. We basically arranged the seven restaurants in different orders.\"</p><p>Perhaps unable to tolerate this work and life situation, or perhaps lacking hope for the future of this small company, the designer left GIF Kuaishou not long after, brushing past an era.</p><p>No one could have predicted that years later this company would pioneer the entire short video era, and after experiencing many ups and downs in development, it would be listed on the Hong Kong Stock Exchange, with a market capitalization once reaching one trillion Hong Kong dollars, becoming the fifth largest internet company in China.</p><p>To this day, the other three early employees are still leading Kuaishou forward:<b>Co-founders Cheng Yixiao, Yin Xin, and Yang Yuanxi, along with Su Hua, who joined Kuaishou in 2013, form the foundation of Kuaishou's unique product.</b></p><p>Ten years have passed in the blink of an eye, and countless companies have been lost in the fierce competition of the mobile internet. Kuaishou's ten years have been both favorable and imminent, and it has eventually surged to 300 million daily active users under intense competitive pressure.</p><p><img src=\"https://static.tigerbbs.com/c39c2e4a9ed3d8016c44153dfc68ec2c\" tg-width=\"1080\" tg-height=\"1439\" referrerpolicy=\"no-referrer\"></p><p>Kuaishou lists on the Hong Kong Stock Exchange</p><p>This is a dramatic and legendary story, and also about the past decade.<a href=\"https://laohu8.com/S/CHL\">China Mobile</a>A typical example of the evolution of internet companies. In terms of products, technology, operations, and business, when a young company has already set foot on fertile ground, but its accumulated experience is not commensurate with the enormous opportunities it faces, how can it survive, develop, persevere, and evolve, and make key and correct decisions, thus initiating a protracted battle?</p><p><b>A meeting of circumstances</b></p><p>Shanghai, 2013. That afternoon, Zhang Fei, a partner at Morningside Capital, decided to meet the young man seeking investment.<b>The other party graduated from Tsinghua University and had previously...<a href=\"https://laohu8.com/S/GOOG\">Google</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Appointment. With his extensive resume, he is also a serial entrepreneur with a resilient and energetic personality.</b></p><p>This was Zhang Fei's second meeting with him. This young man named Su Hua was preparing to abandon his current entrepreneurial project and embark on more new attempts.</p><p>According to Zhang Fei's recollection, Su Hua talked about more than 20 projects at the time. \"There were many particularly interesting entrepreneurial ideas, but after going through them one by one, I found that most of them were not mature, so I gave them direct feedback.\"</p><p><img src=\"https://static.tigerbbs.com/2dcc717dcbd72669b175a38910eeb96a\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>The four co-founders cut the cake at the IPO.</p><p>One was looking for a future-oriented investment target, and the other was seeking a new entrepreneurial direction. For most of the day, the two discussed countless entrepreneurial possibilities, and then rejected them one by one. Suddenly, an idea flashed in Zhang Fei's mind:</p><p>“I have a pretty good product manager here, why don’t you work with him?” Zhang Fei said.</p><p>This \"really good product manager\" is Cheng Yixiao. As an angel investor in GIF Kuaishou,<b>Zhang Fei is very optimistic about mobile video in the 4G era, and GIF Kuaishou, as a primitive video format, gave him a glimpse of possibility.</b></p><p>Since its launch in 2011, GIF Kuaishou has accumulated a considerable number of users and has begun to try to transform from a tool into a short video community, but it has not been successful.</p><p>As a product manager, Cheng Yixiao faces a simple challenge:<b>When users create content through GIFs on Kuaishou and are willing to upload their work to the community section, how can we ensure that everyone's work is seen by more people?</b>This is the most fundamental and ultimate incentive for creators' passion.</p><p>Initially, they used a general recommendation method, which involved creating a list of new works or works within the past seven days every day. The list was sorted by popularity weights such as comments, shares, and likes, so all users saw the same list.</p><p>The number of works that can be recommended on the list is extremely limited, making it easy for creators to become popular. Only creators with talent and good looks have a chance to become trending.<b>Cheng Yixiao especially hopes to see the works of ordinary people also make it onto the list.</b></p><p>Co-founder Yang Yuanxi recalled that in order to get as many people's works seen as possible, the first thing they did when they got to work every day was to adjust the recommendation formula. Today, adjust a from 0.7 to 0.8, and tomorrow, adjust B from 0.5 to 0.4. Over time, the formula became increasingly complex, but its efficiency and results were consistently poor.</p><p>This is not a problem that product managers alone can solve. The prototype of this video community requires the support of advanced technology and a brand-new algorithm and recommendation method.</p><p>When Zhang Fei inexplicably had the idea of bringing Su Hua and Cheng Yixiao together in Shanghai, a dramatic turn of events occurred.<b>One possesses the most advanced technological tools, while the other has a strong understanding and design capabilities for products and communities. The two met.</b></p><p>The story that followed has been widely circulated today.<b>In the summer of 2013, Su Hua and Cheng Yixiao met at the Jinyu Hotel in Beijing, and the two quiet people chatted until two or three in the morning.</b>The two share a high degree of alignment in values.<b>They believe that the community should give more people exposure opportunities so that the works of ordinary people can be seen.</b></p><p>These simple concepts were later summarized as Kuaishou's values of fairness and inclusiveness, and subtly became the underlying logic of its products and algorithms.</p><p>After the team merger and equity adjustment, Cheng Yixiao was in charge of the product, and Su Hua became the CEO. They quickly did two \"big things\": first, they moved the company to Huaqing Jiayuan in Wudaokou; and second, Su Hua wrote the first line of code for the recommendation algorithm for GIF Kuaishou.</p><p><img src=\"https://static.tigerbbs.com/7d9ec949686d4de05a208052defcf5de\" tg-width=\"840\" tg-height=\"477\" referrerpolicy=\"no-referrer\"></p><p>Kuaishou at Huaqing Jiayuan in Wudaokou</p><p>The technology is powerful. The recommendations brought by Huawei Kuaishou are personalized and tailored to each person. Everyone sees a different Kuaishou, and each work receives initial cold-start traffic. This epoch-making experience is being applied to short videos for the first time, and the explosive energy is visible to the naked eye.</p><p><b>In April 2014, \"GIF Kuaishou\" was renamed Kuaishou, officially transforming into a short video community platform; On June 6, Kuaishou's daily active users (DAU) surpassed one million for the first time; In January 2015, Kuaishou's DAU exceeded 10 million; By the end of 2016, the number of daily active users (DAU) reached 40 At the end of 2017, DAU exceeded 110 million.</b>Prior to this, Kuaishou had almost no marketing efforts, and its user growth benefited from the precision and efficiency of long-tail content distribution under the concept of inclusiveness, as well as the platform's focus on the lives of ordinary people.</p><p>An early Kuaishou employee recalled his interview with Cheng Yixiao: \"For the first fifty or sixty percent of the time, I was saying that he was listening. Then he took out his phone, showed me his list of followers, what kind of people he followed, and then talked to me about everyone, like he was talking about his family, what kind of people they were, and what they had experienced on Kuaishou.\"</p><p>Both Su Hua and Cheng Yixiao maintain this habit to this day. As founders, they gained inspiration from positive feedback, changes in their lives, and user reviews of \"thank you to the official team\" that far exceeded their business returns.</p><p>The battle began</p><p>At the end of 2017, Kuaishou, an internet application with over 100 million DAUs, had only a little over 1,000 employees. If we go back a year, the company only had 600-700 employees.</p><p>To some extent, this validates one of Su Hua's hypotheses.<b>How large a user base can a small technical team handle? Without the interference of commercialization and strong operations, how long would it take to develop from a community to a social network?</b></p><p>This was a low-key, peaceful period where people enjoyed growth and user feedback. More and more ordinary people used Kuaishou to record their lives, making the product both unique and idealistic. However, it was not perfect, controversial, and even fraught with crises. It entered a turning point in 2018-2019.</p><p><b>\"We have to do it, we have to fight!”</b>In June 2019, at Kuaishou's Xierqi headquarters, an early employee still remembers the shout made by co-founder Cheng Yixiao at the mobilization meeting.</p><p>This was a meeting that changed the course of Kuaishou's history. He said that when he saw the two taciturn founders step onto the stage, clench their fists, and call on everyone to get involved, everyone's blood boiled.</p><p>From its founding in 2011 to surpassing 100 million DAU at the end of 2017, Kuaishou, as the pioneer of the short video industry, has faced numerous challenges. One product after another, such as Meipai, has challenged Kuaishou's position. Until 2018, they encountered an unprecedentedly formidable competitor: ByteDance's...<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>Using brand-new product logic, content distribution logic, and business logic, it achieved rapid surpassing.</p><p>Finally, this battle had to be fought. According to LatePost, after the 2019 Spring Festival, Kuaishou executives and the product team conducted a user survey in Chongqing, internally known as the \"Chongqing Meeting.\" Su Hua and Cheng Yixiao were directly stimulated by the users and realized...<b>Non-aggressive growth = handing over users to others; Disunited combat = tacitly allowing the team's combat effectiveness to decline.</b></p><p>On June 18, Su Hua and Cheng Yixiao released a letter to all employees, frankly stating the challenges and hidden dangers facing Kuaishou: \"We are no longer the fastest team. As we grow, our muscles begin to weaken, our reactions slow down, and our connection with users weakens.\" The first thing to be affected is, of course, user scale. Kuaishou launched the K3 campaign and set an annual goal of 300 million daily active users before the Spring Festival.</p><p>The user base is actually just a facade.<b>Product form, user experience, distribution logic, organizational and combat capabilities, operational system, commercialization system, and infrastructure are the challenges that this \"small company\" needs to overcome.</b></p><p>If in the past it was product + technology, Xiaomi + rifle that won the guerrilla war, now Kuaishou is facing an entire establishment's trump card, with astonishing combat power, incredible speed, and bold spending. If the founder himself cannot iterate and lead the company's overall evolution, users are likely to vote with their feet.</p><p>Such cases abound in the history of the mobile internet, whether it's group buying, bike-sharing, or mobile e-commerce.<b>Many startups have stepped into the trend one or two steps ahead of schedule, only to be crushed by latecomers. In addition to luck, the core reason is that the founders and companies did not quickly evolve from \"small companies\" to \"large companies\".</b></p><p>Su Hua and Cheng Yixiao should be grateful for their courage and determination in launching the battle at that time. Today, although it is NO longer the NO. 1 in the industry, Kuaishou has not been defeated by competition. Instead, it has become stronger through repeated battles with itself, its competitors, and the market.</p><p>\"No strong company has ever been eliminated by others in competition,\" said Ma Hongbin, senior vice president of Kuaishou. He added that the more competition there is with competitors, the more it grows.</p><p>Relying on synchronized adjustments to products, algorithms, and operations, high-speed organizational operation, cooperation with the CCTV Spring Festival Gala, and the rise of the Express version, Kuaishou achieved its K3 goal.</p><p>On May 24 this year, Kuaishou, after its IPO, released its results for the first quarter of 2021. Data shows that,<b>The average daily active users of Kuaishou China's applications and mini-programs reached 379.2 million, with daily active users spending an average of 99.3 minutes per day.</b></p><p>\"It seems our competitors haven't beaten us much. No matter how much we compete, we've still reached 300 million,\" said a Kuaishou executive. He added that many people had been holding back their energy before K3, and this battle became an outlet to alleviate their anxiety, finally putting Kuaishou in a bottom out.</p><p><b>Seeking common ground while</b></p><p>K3 became a turning point for Kuaishou from a laid-back to a wolf-like approach. Since then, the team has continued to expand at an increasingly fast pace. Every few months, Su Hua and the management team have to fight a major battle.</p><p>There's no turning back. The product needs to change, the algorithm needs to change, the operation needs to change, and the business model needs to change. The team of more than 10,000 people is seeking change and victory. And will all these changes ultimately make Kuaishou Kuaishou or a competitor?</p><p>On the path of comprehensive evolution, what can and cannot change requires Kuaishou's founders and executives to define a scope and repeatedly revise it as the business grows.</p><p>In 2020, following K3, the direction, boundaries, and logic of Kuaishou's evolution gradually became clearer:<b>Should we focus on lightweight or heavy operations? Products in double or single columns; Do you value the private domain or the public domain?</b>These questions, which had caused debate and confusion internally, have all been answered.</p><p>Before 2019, Kuaishou did not have a positive operations system. Adhering to the principle of not disturbing users, the so-called operations department mainly conducted negative operations, including how to identify and handle creators who violated regulations and how to handle accounts that violated community rules.</p><p>After K3 was launched, Ma Hongbin, Senior Vice President of Kuaishou, took over and built the prototype of the operating system. The core problem to be solved<b>First, high-quality creators are introduced; second, high-quality content is distributed and creators grow. By operating creators and high-quality content, community activity, retention, and new additions are enhanced.</b></p><p>For Kuaishou, operations-driven development is a completely new approach. Kuaishou encourages ordinary people to record their lives, display content in dual columns, and provide fair traffic. However, the quality of the content varies greatly, which seriously affects Kuaishou's appearance and tone, and thus hurts the acceptance of users in first- and second-tier cities.</p><p>While taking drastic measures to regulate the community atmosphere, Kuaishou also improved content quality by introducing high-quality creators and providing operational and traffic support. This led to significant changes in Kuaishou's content ecosystem in 2018-2019, becoming the foundation for attracting new users.</p><p><img src=\"https://static.tigerbbs.com/6018cf1eb61869e628ebcc17fe3cdd61\" tg-width=\"1000\" tg-height=\"750\" referrerpolicy=\"no-referrer\"></p><p>In 2018, the team building event at the Kuaishou platform R&D department transformed into a work event.</p><p>It is understood that in the process of introducing talent and building a new operating system, the founder provided an underlying logic: no matter how the content changes, what Kuaishou focuses on and cares about most is still people. Liu Xiao, general manager of Kuaishou's content operations center, still remembers that during the interview, Su Hua spent nearly two hours telling her the story of \"Brother Grape\".</p><p>“Other companies probably wouldn’t spend an hour and a half telling a user’s story in an interview, let alone a founder.” She discovered that this company really cares about every creator.</p><p>“<b>Kuaishou and its competitors have very different operating logic. We care more about people, while they still care a lot about content, especially its visual appeal. This is a significant fundamental difference that will lead to a completely different distribution logic.</b>Liu Xiao said that in the past, Kuaishou's operations were more management-oriented, telling you what you couldn't do, but now the creator service team has become a service provider.</p><p>After Liu Xiao joined Kuaishou in early 2020, its operations began to enter a more refined stage. In her view, Kuaishou's content ecosystem is already very large, and any single vertical category can become a large-scale interest community. In such an environment, maintaining the relationship between the local area and the ecosystem, keeping the ecosystem healthy, and providing a better experience for creators is a very ambitious task.</p><p>At the same time, Kuaishou's core management finally solved two thorny problems.<b>First, there is the problem of choosing between single and double columns; second, there is the problem of balancing private and public domains.</b></p><p>Single-column and double-column formats troubled Kuaishou for a long time. Finally, the two formats were integrated in Kuaishou version 8.0. The main site retained the dual-column community format, while creating an entry point for the single-column consumer experience. Kuaishou Express fully shoulders the responsibility of scaling up and down scenarios, capturing users, and its DAU continues to grow even after exceeding 100 million.</p><p>On the other hand, at the Kuaishou Photosynthetic Creator Conference held in Guangzhou in April this year, Wang Jianwei, Senior Vice President of Kuaishou and Head of the Main Site Product Department, clarified for the first time Kuaishou's principle of focusing on private domains and expanding public domains.</p><p>\"In terms of management complexity, public domains are definitely much easier to manage. Whoever can do it can do it; if not, then so be it. But private domains are like creators having their own industry there. Whether you manage them or not, and how to manage them, is extremely difficult,\" Cheng Yixiao said.<b>Developing and managing private domains well, allowing more producers to \"blossom,\" can foster greater warmth and trust in society.</b></p><p>The integration of single and dual columns and the combination of public and private domains to create an online community full of warmth and trust has reached a high consensus within Kuaishou. \"Combining public and private domains is definitely more difficult than just creating a public domain, and much more difficult. But this difficulty is precisely Kuaishou's biggest advantage. Once established, it becomes a huge barrier to entry,\" said a Kuaishou executive. This is Kuaishou's differentiation and unique path from other platforms.</p><p><b>ecological positive circulation</b></p><p>In March 2021, Kuaishou released its first financial report since its IPO. In 2020, Kuaishou achieved revenue of 58.8 billion yuan, of which online marketing revenue was 21.9 billion yuan, accounting for 37.2%. In the fourth quarter, Kuaishou's online marketing revenue reached 8.5 billion yuan, surpassing live streaming tipping to become Kuaishou's largest source of revenue.</p><p>The subsequent Q1 financial report showed that Kuaishou's revenue structure continued this change, with online revenue accounting for more than 50%, followed closely by live streaming and e-commerce.<b>Ten years after its founding, Kuaishou has finally changed its revenue structure, which relies solely on live streaming revenue, with online marketing and emerging business revenue becoming its two wings.</b></p><p><img src=\"https://static.tigerbbs.com/fb96d21633fc5737cf83ae2a90b2303b\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>As is well known, Kuaishou's commercialization system was established relatively late. For a long time, both Su Hua and Cheng Yixiao were very wary and resistant to the idea that commercial factors would harm user experience.</p><p>Before 2018, although Kuaishou had over 100 million daily active users, it only developed live streaming as its only monetization method. The two founders believe that,<b>Live streaming is a user product and does not harm the user experience. When a live stream happens, the people who tip are happy, the people who watch the tips are happy, and the people who are tipped are happy too.</b></p><p>However, feed ads are different; they can potentially harm the user experience and lead to lost daily active users. Therefore, any core member of Kuaishou's commercialization can feel the difficulty of opening this door.</p><p>“In the past, whenever I sent the two founders revenue changes, they would react indifferently. Every time I said that I had done another experiment to optimize the user experience today, they would reply very quickly. You could see what they valued most deep down.” A person in charge of commercialization at Kuaishou has a deep understanding of this.</p><p>Another person who has a deep understanding of this is Cao Shibo, General Manager of Kuaishou Technology's Commercial Revenue Management Center. Cao Shibo, with a background in business analysis, joined Kuaishou in early 2018 and worked in multiple departments, all of which involved commercialization.</p><p>\"Before officially launching the commercial business, we spent a lot of time doing groundwork, including algorithms, user experience systems, review systems, and a lot of strategic thinking and preparation. The core is that we can make money, but we cannot harm the user experience,\" said Cao Shibo.</p><p>Later, Kuaishou built a relatively complete indicator system, which introduced economic models to measure how much money this traffic would earn and how much DAU it would lose if it were monetized through advertising, ensuring user experience through systematic indicators and monitoring.</p><p>\"Even today, we have very strict internal controls and mechanisms regarding the frequency of users viewing ads, and we also strictly control the quality of advertising content,\" said Cao Shibo.<b>They deployed hundreds of people over several months to tag users to ensure the accuracy of algorithmic recommendations and audience targeting.</b></p><p>Once these foundational tasks were completed, Kuaishou's commercialization system was launched, and the Magnet Engine went live, Kuaishou's online marketing revenue skyrocketed. In 2019, Kuaishou's online marketing revenue was 7.4 billion yuan, 7.2 billion yuan in the first half of 2020, and 21.9 billion yuan for the whole year, representing a growth rate of over 200%.</p><p>Cao Shibo stated that in 2021, Kuaishou's commercialization, whether in terms of the number of brand advertisers, affiliate advertising, or the development of more advertising formats, greatly expanded the growth potential of Kuaishou's online marketing revenue.</p><p>Similar to Kuaishou's experience in commercial expansion, Luo Qiong, Vice President of E-commerce and Head of Platform Experience at Kuaishou, was also \"very uncomfortable\" when she first joined Kuaishou.</p><p>Luo Qiong has worked on traditional e-commerce platforms for 15 years, but the industry's very mature logic of promotion and selling traffic often runs into the wall of \"community ecosystem\" on Kuaishou.</p><p>For her, the task is not to generate a lot of GMV, but to build trust between merchants, streamers and consumers, enhance community value and make the pie bigger.</p><p><b>“Traditional e-commerce relies heavily on goods, while Kuaishou actually relies heavily on people. This difference has a very strong shift in focus for traditional e-commerce practitioners. Moreover, you will find that the transition from community to people and then to transaction conversion is a slow reflex, unlike efficiency-based e-commerce, which has very good short-term benefits.”</b>Luo Qiong said that Kuaishou hopes to establish a completely new e-commerce model based on connections and trust between people.</p><p>This new type of trust relationship, built on short videos and live streaming, requires time to develop, but there is plenty of room for imagination. In 2020, Kuaishou's e-commerce GMV reached 381.2 billion yuan, a 4,000-fold increase in two years, and the average user repurchase rate was as high as 65%.</p><p>In 2021, Kuaishou further proposed the concept of trust-based e-commerce, aiming to build the mindset and perception of Kuaishou e-commerce with ultimate trust, hoping to reconstruct the decision-making process of one billion consumers in a brand-new way. In fact, the rise of Kuaishou e-commerce is already changing the traditional e-commerce industry landscape.</p><p><img src=\"https://static.tigerbbs.com/210d2ee9a518657bfd7f5b6471c11fb2\" tg-width=\"1080\" tg-height=\"586\" referrerpolicy=\"no-referrer\"></p><p>More importantly,<b>Kuaishou's business ecosystem, built on live streaming, advertising, and e-commerce, is giving back to tens of millions of content creators, enabling them to live better in this community. The business ecosystem and the content ecosystem are forming a mutually reinforcing positive cycle.</b></p><p>This positive cycle is particularly important for supporting Kuaishou's vision. Over the past decade, Kuaishou has been a unique social experiment in the internet field, focusing on ordinary people and promoting equality and inclusiveness. Such experiments went smoothly at first, but later encountered challenges. The dual-engine approach of the content ecosystem and the business ecosystem can make this machine move more smoothly. Whether Kuaishou can succeed further can also verify what kind of tool the Internet is for humanity—to rule people or to make them more equal.</p><p><b>From equality and inclusiveness to warmth and trust, the story of Kuaishou's next decade is beginning.</b></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b57241e30a2dc7e84d4588d7aafb919c","relate_stocks":{"01024":"快手-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186442864","content_text":"2011年底，刚刚组队的小创业公司GIF快手，创始人程一笑在微博、豆瓣等平台发布了一则招聘信息：诚求UI设计师一位做创业伙伴，提供有竞争力的薪酬以及丰厚的股权。\n程一笑是豆瓣深度用户，当时他经常逛的两个小组是“IT招聘王”和“平面设计师”。公司草创，产品肇始，这位年轻人对社区、设计有着近乎直觉般的向往。\n2011年是风起云涌的一年：知乎刚刚成立，美团也才上线一年，B站刚刚从前身“Mikufans”更名bilibili。随着移动互联网蓬勃发展，海淀区的咖啡厅像菜市场一样热闹，无数人投身其中。\n程一笑的招聘信息发出去不久，一位UI设计师加盟了GIF快手，成为最早期的4名员工之一。他们蜗居在海淀区立水桥奥北社区的一间民居里，默默打磨这款产品。\n\n十年前，奥北中心的办公桌\n快手联合创始人杨远熙回忆，当时工作和生活分不开，四个人每天中午轮班去订饭，“当时楼下一共也只有七个饭馆，基本是把七个饭馆，按照不同的顺序排一遍。”\n或许是无法忍受这样的工作和生活状态，或许对于这家小公司的未来不抱希望，那位设计师没过多久便离开了GIF快手，与一个时代擦肩而过。\n谁也无法预料，多年后这家公司会开创整个短视频时代，并在经历一番发展的风风雨雨后，在香港联交所上市，市值一度达万亿港元，成为国内第五大互联网公司。\n至今，其他三位早期员工还在带领快手前行：联合创始人程一笑、银鑫和杨远熙，连同2013年加入快手的宿华，他们构成了快手这款独特产品的底色。\n十年，转瞬即逝，无数公司湮没在移动互联网的大浪淘沙中。快手的十年，曾经风调雨顺，也曾迫在眉睫，在强大竞争压力下最终顽强冲上了3亿日活。\n\n快手登陆港交所\n这是一个跌宕传奇的故事，也是过去十年中国移动互联网公司进化的一个典型样本。产品、技术、运营、商业，当一家年轻公司提前踏上一片沃土，而它的积累又与面对的巨大机会并不匹配时，如何生存、发展、坚守、进化，做出关键且正确的决策，进而拉开了一场持久战。\n风云际会\n2013年，上海。这天下午，晨兴资本合伙人张斐决定见一见那位寻求投资的年轻人，对方毕业于清华大学，曾在谷歌、百度任职。履历丰富的同时，还是名连续创业者，性格坚韧且充满能量。\n这是张斐与他的第二次见面，这位叫宿华的年轻人正准备放弃自己手头的创业项目，展开更多新的尝试。\n据张斐回忆，宿华当时讲了20多个项目，“很多特别有趣的创业想法，但一个个过了之后，发现大部分并不成熟，我也很直接反馈。”\n\n上市现场四位联合创始人切蛋糕\n一个在寻找面向未来的投资标的，一个在寻求新的创业方向，大半天时间两个人讨论了创业的无数可能，然后一一推翻。突然间，张斐头脑中灵光一闪：\n“我这儿有一个挺好的产品经理，你要不跟他一起合作吧！”张斐开口道。\n这个“挺好的产品经理”就是程一笑。作为GIF快手的天使投资人，张斐对4G时代的手机视频十分看好，而GIF快手作为一种原始的视频形态让他看到了某种可能。\n自2011年上线，GIF快手已经积累了不少用户，并开始尝试从工具向短视频社区转型，但并不顺利。\n作为产品经理，程一笑面对着一个朴素的挑战：当用户通过GIF快手生产内容，并且愿意把作品上传到社区版块的时候，如何让每个人的作品被更多人看见？这是对创作者热情最基础，也是最终极的激励。\n最初，他们采用通用推荐的方式，就是每天把新的作品或者七天内的作品做成榜单，榜单排序是按照作品的评论、分享、点赞等热度权重打分而来，所有用户看到的是同一个榜单。\n榜单能够推荐的作品数量极其有限，容易头部化，有才艺、颜值的创作者才有机会上热门，而程一笑特别希望看到普通人的作品也能登上榜单。\n联合创始人杨远熙回忆，为了尽可能让更多人的作品被看到，他们每天上班第一件事就是调整推荐公式。今天把A从0.7调到0.8，明天把B从0.5调到0.4。时间一久，公式越改越复杂，效率和效果却始终不好。\n这不是光凭产品经理能够解决的问题，这个视频社区的雏形需要先进技术的加持，需要一种崭新的算法和推荐方式。\n当张斐在上海鬼使神差产生了将宿华、程一笑撮合到一起的想法时，风云际会。一个手握最先进的技术工具，一个对产品、社区有着强大的理解与设计能力。两个人见面了。\n后面的故事，到今天已经广为流传。2013年夏天，北京金隅酒店，宿华、程一笑见了面，两个不善言辞的人一直聊到凌晨两三点。两人在价值观上高度一致，认为社区应该给更多人曝光的机会，让普通人的作品被看到。\n这些朴素的理念，后来被总结为快手公平普惠的价值观，并在潜移默化中成为产品和算法的底层逻辑。\n团队合并、股权调整后，程一笑负责产品，宿华成为CEO，他们迅速做了两件“大事”，一是将公司搬到五道口华清嘉园，二是宿华为GIF快手写下了推荐算法的第一行代码。\n\n快手在五道口华清嘉园\n技术力量是强大的，宿华为快手带来的推荐是个性化推荐、千人千面，每个人看到的是不一样的快手，而每个作品都会给予初始的冷启动流量，这种划时代的体验第一次应用在短视频上，爆发的能量肉眼可见。\n2014年4月，“GIF快手”更名为快手，正式转型短视频社区平台；6月6日，快手DAU首次突破百万；2015年1月，快手DAU超过千万；2016年底DAU达4000万；2017年底DAU超过1.1亿。在此之前，快手几乎没有做过市场投放，用户增长得益于普惠理念下对长尾内容分发的精准和效率，以及平台对普通人生活的关注。\n一位快手早期员工这样回忆与程一笑的面试：“前面百分之五六十都是我在说他在听的状态。后来他就拿出手机，给我看他关注的列表，他关注了一些什么样的人，然后就滔滔不绝地跟我讲每个人，就像讲他的家人一样，他们是什么样的人，快手里经历过什么。”\n无论宿华还是程一笑，至今保持了这样的习惯。作为创始人，他们从一个个正向反馈、命运变迁和“感谢官方”的用户评价中，获得了远超过商业回报的信念激励。\n战斗打响\n2017年底，快手作为过亿DAU的互联网应用，员工规模只有1000多人，而再往前推一年，这家公司只有六七百人。\n在一定程度上，这验证了宿华的一种假设，一支小规模的技术团队到底可以驾驭多大用户规模的产品；没有商业化、强运营的干扰，从社区到社交，需要多长时间的沉淀。\n这是一段低调、平静、享受增长和用户反馈的日子，越来越多普通人用快手记录生活，让这款产品既独具特色，又充满理想主义，但它并不完美、不乏争议，甚至危机四伏，并在2018-2019年进入拐点。\n “必须得干，要战斗！”2019年6月，快手西二旗总部，一位早期员工至今记得联合创始人程一笑在动员大会上发出的呐喊。\n这是一次改变快手历史进程的会议。他说，当看到两位不善言辞的创始人走上台，握紧拳头，号召全员投入，在场的每个人都热血沸腾。\n自2011年创业到2017年底DAU破亿，作为短视频行业的开创者，快手不是没有打过仗，美拍等一款又一款产品，都曾挑战快手的地位。直到2018，他们遭遇了一个前所未有强大的对手，字节跳动旗下的抖音，用全新产品逻辑、内容分发逻辑、商业逻辑，实现了迅速超越。\n终于，这场仗不打不行了。据《晚点》报道，2019年春节后，快手高管和产品团队一起去重庆做了一场用户调研，内部称之为“重庆会议”，宿华和程一笑受到了来自用户的直接刺激，意识到不激进增长=把用户拱手让给他人；不团结作战=默许团队战斗力减退。\n6月18日，宿华和程一笑发布全员信，直言快手面对的挑战与隐患：“我们已经不是跑得最快的那支队伍，在长大的过程中，我们的肌肉开始变得无力，反应变慢，我们与用户的连接感知在变弱。”首当其冲的当然是用户规模，快手发起了K3战役，定下了春节前3亿日活的年度目标。\n用户规模其实只是表象，产品形态、用户体验、分发逻辑、组织作战能力、运营体系、商业化系统、基础设施才是横亘在这家“小公司”面前，需要跨越的一个个鸿沟。\n如果说过去是产品+技术、小米+步枪打赢了游击战，现在快手面对的则是整建制的王牌师、战力惊人、速度奇快、花钱大胆，如果创始人自己无法迭代，并且带领公司整体进化，用户很可能用脚投票。\n这样的案例在移动互联网历史上比比皆是，无论团购、共享单车，还是移动电商，都曾有众多创业公司提前一步或两步踏上风口，最终被后来者碾压，除了运气，核心还在于风口之上，创始人和公司没有迅速完成从“小公司”到“大公司”的进化。\n宿华和程一笑应当庆幸当时发起战斗的勇气与决心。如今，虽然不再是赛道上的NO.1，但快手没有被竞争打垮，而是在与自我、对手、市场的反复较量中，变得更强大。\n“从来没有哪家实力强的企业会在竞争中被别人干掉。”快手高级副总裁马宏彬表示，与友商之间基本是越竞争，越增长。\n依靠产品、算法、运营的同步调整，组织的高速运转、央视春晚合作以及极速版的崛起，快手实现了K3目标。\n今年5月24日，上市后的快手发布了2021年第一季度业绩。数据显示，快手中国应用程序及小程序的平均日活跃用户达到3.792亿，日活跃用户日均使用时长达99.3分钟。\n“对手好像没把我们打成什么样，别管怎么竞争，我们也涨到了3亿。“一位快手负责人表示，K3之前很多人憋了一股劲，这场战役成为一个缓解焦虑的出口，让快手处境终于触底反弹。\n求同存异\nK3成为快手从佛系到狼性的转折点，从此之后，团队持续扩张，节奏越来越快。每隔几个月，宿华和管理团队就要打一场大仗。\n开弓没有回头箭，产品要变，算法要变，运营要变，商业模式要变，1万多人的队伍求变、求胜，而所有这些变化最终要让快手成为快手，还是成为对手？\n而在全面进化的道路上，哪些能变，哪些不能变，需要快手创始人和高管划定一个范围，并在业务成长中反复修正。\nK3之后的2020年，快手进化的方向、边界和逻辑逐渐清晰：运营做轻还是做重；产品双列还是单列；重视私域还是公域，这些曾在内部引起争论和困惑的问题都有了答案。\n2019年前，快手没有正向运营体系，本着不打扰用户的理念，所谓的运营部门主要是负向运营，创作者违规了如何判定和处理，账号违反了社区规则如何处理。\nK3启动后，快手高级副总裁马宏彬接手并搭建了运营体系的雏形。核心要解决的问题，一是优质创作者引入，二是优质内容分发、创作者成长，通过运营创作者和优质内容，提升社区活跃度、留存并带来新增。\n对快手来说，运营驱动是全新尝试。快手鼓励普通人记录生活，双列展示并给予公平流量，但内容质量却参差不齐，严重影响了快手的观感和调性，进而伤害一二线城市用户的接受度。\n一边下重手治理社区风气，一边通过引入优质创作者提升内容品质，并给予运营和流量支持，这让快手内容生态在2018—2019年发生了重大变化，成为吸引增量用户的基础。\n\n2018年，快手平台研发部的团建现场变工作现场\n据了解，引入人才和建设新运营体系过程中，创始人给了一个底层逻辑，无论内容怎么变，快手最关注和最在意的仍然是人。快手内容运营中心总经理刘逍还记得，面试的时候，宿华花了近两个小时给她讲了“葡萄哥”的故事。\n“其他公司的面试，应该不会把一个半小时的时间都花在去讲某个用户的故事上，何况是创始人。”她发现，这家公司真的非常在乎每个创作者。\n“快手与友商的运营逻辑区别很大，我们更在乎人，对方此刻还是非常在乎内容，会在乎内容的好看程度，这是一个挺大的底层差异，会导致你的分发逻辑完全不一样。”刘逍说，过去快手的运营偏管理，会告诉你什么事情不能做，但现在的创作者服务团队，变成一个服务者角色。\n2020年初，刘逍入职快手后，运营开始进入精细化阶段。在她看来，快手内容生态已经非常庞大，任何单一垂类拿出来都可以成为一个大规模兴趣社区。在这样的环境下，维持局部与生态之间的关系，保持生态的健康，让创作者的体验更好，是个非常宏大的课题。\n与此同时，快手核心管理层终于解决了两个棘手问题，一是单列和双列的选择问题，二是私域和公域的平衡问题。\n单列和双列曾经困扰了快手很长时间，最终两种形态在快手8.0版本上实现了融合，主站保留双列社区形态，同时辟出单列消费体验的入口；快手极速版则全面承担起上下滑场景的重任，夺取用户，DAU破亿之后还在持续增长。\n另一方面，今年4月广州举办的快手光合创作者大会上，快手高级副总裁主站产品部负责人王剑伟首次明确了快手私域为主、公域扩容的原则。\n“从管理复杂度来讲，肯定是公域好管得多。谁行谁上，不行拉倒。但是私域相当于创作者有了自己的一点产业在那里，你到底是管还是不管、用什么样的方式管，难度特别大。”程一笑表示，把私域做好并管好，让更多生产者“绽放”，可以让社会有更多温度和信任。\n单双列融合、公私域结合，打造一个充满温度和信任的在线社区，在快手内部已经达成了高度共识，“公私域结合在一起，一定比只做公域难，而且难不少，但这个难点恰恰是快手最大的优势，一旦建立好了就是巨高的门槛。”一位快手高管表示，这就是快手与其他平台的差异化和特色道路。\n生态正循环\n2021年3月，快手发布了上市后的首份财报。2020年，快手实现营收588亿元，其中线上营销收入219亿元，占比37.2%。第四季度，快手线上营销单季收入85亿，超越直播打赏成为快手第一大收入来源。\n随后公布的Q1财报，快手收入结构延续这一变化，线上收入占比超过50%，直播、电商等紧随其后。成立十年，快手终于改变了以单一直播收入为核心的收入结构，线上营销和新兴业务收入成为两翼。\n\n众所周知，快手的商业化体系搭建较晚。在很长一段时间，宿华和程一笑都对商业因素伤害用户体验这件事十分警惕和排斥。\n2018年前，尽管快手已超过1亿日活，但只发展了直播作为唯一变现方式。两位创始人观点是，直播是一款用户产品，不伤害用户体验，当直播发生的时候，打赏的人开心，看打赏的人开心，被打赏的人也开心。\n但是，信息流广告不同，它很可能伤害用户体验，进而造成日活损失。所以，任何一个快手商业化的核心成员，都能感受到开启这扇大门的艰难。\n“过去我每次给两位创始人发收入变动，他们都反应平淡，每次说我今天又做了一个优化用户体验的实验，回复总是非常快，你就能看到他们内心深处对什么事是最重视的。”快手商业化一位负责人对此深有体会。\n另一位深有体会的是快手科技商业收益管理中心总经理曹世博。商业分析出身的曹世博2018年初加入快手，辗转过多个部门，均涉及商业化。\n“正式启动商业化业务前，我们花了大量时间做基础工作，包括算法、用户体验体系、审核体系等，很多战略层面的思考和准备，核心就是赚钱可以，但不能伤害用户体验。”曹世博说。\n后来，快手搭建了一个比较完备的指标体系，通过引入经济学模型去衡量，如果这个流量做广告变现会赚多少钱，又会损失多少DAU，通过体系化的指标、监测确保用户体验。\n“直到今天，我们内部对于用户看广告的频次有着非常严格的控制和机制，并且严控广告内容的质量。”曹世博说，他们投入了几百人花几个月之间去给用户打标签，以确保算法推荐和人群定向的精准。\n当这些基础工作搭建完成，快手商业化体系推出，磁力引擎上线后，快手线上营销收入直线上升。2019年，快手线上营销收入74亿，2020年上半年72亿，全年219亿，增速超过200%。\n曹世博表示，2021年快手商业化无论品牌广告主的数量、联盟广告以及更多广告形式的开拓，都在大大拓展快手线上营销收入的增长空间。\n与快手商业化拓土的经历类似，快手电商副总裁、平台体验负责人罗琼刚加入快手的时候，也“非常不适应”。\n罗琼在传统电商平台工作了15年，但业界非常成熟的促销、卖流量逻辑，在快手常常会撞在“社区生态”的墙上。\n对她来说，任务不是去创造多少GMV，而是构建商家、主播与消费者之间的信任度，提升社区价值，把蛋糕做大。\n“传统电商非常依赖货，快手其实非常依赖人，这种差异对传统电商从业者来说，重心有非常强烈的偏移，而且你会发现从社区到人，再到交易转化，这是个慢反射，不像效率型电商，短期效益很漂亮。”罗琼说，快手希望建立一种全新的电商形态，它基于人与人之间的连接和信任。\n这种基于短视频和直播建立的新型信任关系，需要时间沉淀，但想象空间足够大。2020年，快手电商GMV达到3812亿，两年增长了4000倍，用户平均复购率更是高达65%。\n2021年，快手进一步提出信任电商概念，以极致信任构建快手电商的心智和认知，希望用崭新方式重构十亿消费者的决策。实际上，快手电商的崛起，已经在改变传统电商行业格局。\n\n更重要的是，快手基于直播、广告、电商所搭建的商业生态，正在反哺数千万内容创作者，让他们在这个社区活得更好，商业生态正在与内容生态形成相互促进的正循环。\n这种正循环对于支撑快手的愿景尤为重要。过去十年，快手其实是互联网领域一个独一无二的社会实验，关注普通人，平等普惠。这样的实验一开始很顺利，后来遇到了的挑战，而内容生态系统和商业生态系统双轮驱动可以让这架战车更平稳前进，而快手能不能进一步成功，也可以验证互联网对人类来说是个什么性质的工具——统治人，还是让人更平等。\n从平等普惠，到温暖信任，快手下一个十年的故事正由此拉开序幕。","news_type":1,"symbols_score_info":{"90022":0.9,"01024":0.9}},"isVote":1,"tweetType":1,"viewCount":3616,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187297251,"gmtCreate":1623754754873,"gmtModify":1704210607552,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"title":"","htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187297251","repostId":"1119942956","repostType":4,"isVote":1,"tweetType":1,"viewCount":3072,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184799069,"gmtCreate":1623723738751,"gmtModify":1704209627919,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"title":"","htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184799069","repostId":"1187885612","repostType":4,"repost":{"id":"1187885612","kind":"news","pubTimestamp":1623716143,"share":"https://ttm.financial/m/news/1187885612?lang=en_US&edition=fundamental","pubTime":"2021-06-15 08:15","market":"us","language":"zh","title":"A new group of stocks has emerged in the US stock market! The stock surged by more than 30% at one point.","url":"https://stock-news.laohu8.com/highlight/detail?id=1187885612","media":"腾讯新闻 ","summary":"QQ音乐证券6月15日讯，美股市场上的“抱团股”交易找到了一个最新的目标：视频游戏硬件制造商Corsair（纳斯达克股票代码：CRSR，国内常称为“海盗船”）。在周一开盘时，该公司股价上涨31%，至4","content":"<p>QQ Music Securities, June 15th - The trading of \"group stocks\" in the US stock market has found a new target: video game hardware manufacturer Corsair (NASDAQ: CRSR, commonly known as \"pirate ship\" in China).<img src=\"https://static.tigerbbs.com/526ed9bd0e9cac06ab220066e0e90aa7\" tg-width=\"769\" tg-height=\"511\" referrerpolicy=\"no-referrer\">The company's shares rose 31% to $40.70 at the open on Monday, the highest level since late February, before paring their gains and closing up more than 11%. The main reason for the rise in Pirate Ship's stock price was the explosive growth in the number of mentions of the company on the \"Wallstreetbets\" sub-forum of Reddit.</p><p>According to data from Quiver Quantitative, as of Monday morning local time in the United States, the stock had been mentioned at least 1,180 times on the \"Wall Street Casino\" forum. Meanwhile, Wallstreetbets Trackers data shows that pirate ship-related activity has increased by 17%. Before the pirate ship, a number of other companies had become popular among Wall Street casino forum users and \"group stock\" crowds.</p><p>Founded in 1994, Pirate Ship went public in September at $15.12 per share, valuing it at $1.6 billion and raising $238 million. The stock has risen 13.08% so far this year and 169% since its IPO (initial public offering).</p><p>The Pirate Ship is best known for its gaming hardware, which includes everything from green screens to accessories such as mice and keyboards, as well as mature gaming PCs equipped with the latest chips from Intel (NASDAQ: INTC), AMD (NASDAQ: AMD), and Nvidia (NVDA).</p><p>Gaming products have performed exceptionally well over the past year as the coronavirus pandemic has prompted governments to introduce restrictions, forcing people around the world to stay at home. With not much to do, millions of people have turned to video games. However, so far this year, major gaming companies such as Activision Blizzard (NASDAQ: ATVI), Electronic Arts (NASDAQ: EA), and Take-Two Interactive (NASDAQ: TTWO) have all underperformed the S&P 500.</p><p>Following video GAME retailer GameStop (NYSE: GAME, commonly known as \"GAME Station\" in China), AMC Cinemas (NYSE: AMC), and BlackBerry (NYSE: BB), Pirates has become the latest \"darling\" in the eyes of retail traders—although given the speed of the stock's rise, it is unclear whether investor interest in the stock will continue.</p><p>The gaming industry has also been affected by a continued global chip shortage, making it difficult for gamers to buy products ranging from consoles such as Sony's PlayStation 5 and Microsoft's (NASDAQ: MSFT) Xbox Series X to graphics cards for PC games.</p><p>At the \"Wall Street Casino\" forum, Pirate Ship supporters said the stock was undervalued and therefore worth holding due to the company's brand portfolio and positioning as a top third-party hardware vendor.</p><p>“Pirate Ship is one of the few stocks I’ve mentioned here that I completely trust. You can’t go wrong buying this stock! Good luck!” wrote a Reddit user with the username “LaughingAdventureGame.”</p><p>However, pirate ships are not the only gaming stocks that retail traders are bullish on. Logitech (NASDAQ: LOGI), a company that makes standard office and gaming hardware accessories, has outperformed Pirate Ship over the past 12 months. Its stock price rose 122%, driven by growth in sales of webcams, mobile phones, and gaming peripherals. In addition, another gaming peripheral manufacturer, Razer, is also a stock favored by retail investors among gaming stocks. The company produces its own series of laptops and desktops, as well as some of the most popular mice and keyboards.</p><p>Users of the \"Wall Street Casino\" forum predict that pirate ships will \"swallow the gaming industry and become a stock that can always create millionaires.\"</p><p>Unlike other popular \"group stocks\" such as GameStation and AMC Entertainment, Pirate Ship's stock has solid fundamentals. The company went public in September 2020 and profited from accelerated sales during the pandemic as people sought home entertainment during the lockdown. In the most recent quarter, the company's earnings per share rose 383% to 58 cents; Sales increased 72% to $529 million.</p><p>Individual traders on social media platforms such as Wall Street Casino and Stocktwits encourage investors to inject funds into heavily shorted stocks, causing so-called short squeezes that drive up the prices of these stocks. Therefore, since the beginning of this year, GameStation's stock price has soared by 1086%, and AMC Entertainment's stock price has risen by 2506%.</p><p>According to MarketSmith's chart analysis, Pirate Ship's stock price rose as much as 33%, reaching a high of $42.97 during the session and breaking through the 50-day moving average. (Nebula)</p>","source":"highlight_tencentus","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A new group of stocks has emerged in the US stock market! The stock surged by more than 30% 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\">\nA new group of stocks has emerged in the US stock market! The stock surged by more than 30% at one point.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯新闻 </strong><span class=\"h-time small\">2021-06-15 08:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>QQ Music Securities, June 15th - The trading of \"group stocks\" in the US stock market has found a new target: video game hardware manufacturer Corsair (NASDAQ: CRSR, commonly known as \"pirate ship\" in China).<img src=\"https://static.tigerbbs.com/526ed9bd0e9cac06ab220066e0e90aa7\" tg-width=\"769\" tg-height=\"511\" referrerpolicy=\"no-referrer\">The company's shares rose 31% to $40.70 at the open on Monday, the highest level since late February, before paring their gains and closing up more than 11%. The main reason for the rise in Pirate Ship's stock price was the explosive growth in the number of mentions of the company on the \"Wallstreetbets\" sub-forum of Reddit.</p><p>According to data from Quiver Quantitative, as of Monday morning local time in the United States, the stock had been mentioned at least 1,180 times on the \"Wall Street Casino\" forum. Meanwhile, Wallstreetbets Trackers data shows that pirate ship-related activity has increased by 17%. Before the pirate ship, a number of other companies had become popular among Wall Street casino forum users and \"group stock\" crowds.</p><p>Founded in 1994, Pirate Ship went public in September at $15.12 per share, valuing it at $1.6 billion and raising $238 million. The stock has risen 13.08% so far this year and 169% since its IPO (initial public offering).</p><p>The Pirate Ship is best known for its gaming hardware, which includes everything from green screens to accessories such as mice and keyboards, as well as mature gaming PCs equipped with the latest chips from Intel (NASDAQ: INTC), AMD (NASDAQ: AMD), and Nvidia (NVDA).</p><p>Gaming products have performed exceptionally well over the past year as the coronavirus pandemic has prompted governments to introduce restrictions, forcing people around the world to stay at home. With not much to do, millions of people have turned to video games. However, so far this year, major gaming companies such as Activision Blizzard (NASDAQ: ATVI), Electronic Arts (NASDAQ: EA), and Take-Two Interactive (NASDAQ: TTWO) have all underperformed the S&P 500.</p><p>Following video GAME retailer GameStop (NYSE: GAME, commonly known as \"GAME Station\" in China), AMC Cinemas (NYSE: AMC), and BlackBerry (NYSE: BB), Pirates has become the latest \"darling\" in the eyes of retail traders—although given the speed of the stock's rise, it is unclear whether investor interest in the stock will continue.</p><p>The gaming industry has also been affected by a continued global chip shortage, making it difficult for gamers to buy products ranging from consoles such as Sony's PlayStation 5 and Microsoft's (NASDAQ: MSFT) Xbox Series X to graphics cards for PC games.</p><p>At the \"Wall Street Casino\" forum, Pirate Ship supporters said the stock was undervalued and therefore worth holding due to the company's brand portfolio and positioning as a top third-party hardware vendor.</p><p>“Pirate Ship is one of the few stocks I’ve mentioned here that I completely trust. You can’t go wrong buying this stock! Good luck!” wrote a Reddit user with the username “LaughingAdventureGame.”</p><p>However, pirate ships are not the only gaming stocks that retail traders are bullish on. Logitech (NASDAQ: LOGI), a company that makes standard office and gaming hardware accessories, has outperformed Pirate Ship over the past 12 months. Its stock price rose 122%, driven by growth in sales of webcams, mobile phones, and gaming peripherals. In addition, another gaming peripheral manufacturer, Razer, is also a stock favored by retail investors among gaming stocks. The company produces its own series of laptops and desktops, as well as some of the most popular mice and keyboards.</p><p>Users of the \"Wall Street Casino\" forum predict that pirate ships will \"swallow the gaming industry and become a stock that can always create millionaires.\"</p><p>Unlike other popular \"group stocks\" such as GameStation and AMC Entertainment, Pirate Ship's stock has solid fundamentals. The company went public in September 2020 and profited from accelerated sales during the pandemic as people sought home entertainment during the lockdown. In the most recent quarter, the company's earnings per share rose 383% to 58 cents; Sales increased 72% to $529 million.</p><p>Individual traders on social media platforms such as Wall Street Casino and Stocktwits encourage investors to inject funds into heavily shorted stocks, causing so-called short squeezes that drive up the prices of these stocks. Therefore, since the beginning of this year, GameStation's stock price has soared by 1086%, and AMC Entertainment's stock price has risen by 2506%.</p><p>According to MarketSmith's chart analysis, Pirate Ship's stock price rose as much as 33%, reaching a high of $42.97 during the session and breaking through the 50-day moving average. (Nebula)</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://new.qq.com/omn/20210615/20210615A00M0V00.html\">腾讯新闻 </a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/526ed9bd0e9cac06ab220066e0e90aa7","relate_stocks":{},"source_url":"https://new.qq.com/omn/20210615/20210615A00M0V00.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187885612","content_text":"QQ音乐证券6月15日讯，美股市场上的“抱团股”交易找到了一个最新的目标：视频游戏硬件制造商Corsair（纳斯达克股票代码：CRSR，国内常称为“海盗船”）。在周一开盘时，该公司股价上涨31%，至40.70美元，创下了自2月末以来的最高水平，随后收窄涨幅，截至收盘时上涨逾11%。推动海盗船股价上涨的主因是，Reddit论坛下属“华尔街赌场”（Wallstreetbets）子论坛上提到该公司的次数呈现出爆炸式增长。\n根据Quiver Quantitional的数据，截至美国当地时间周一上午，该股在“华尔街赌场”论坛上至少被提及1180次。与此同时，Wallstreetbets Trackers数据显示，与海盗船有关的活动增加了17%。在海盗船之前，还有一系列其他公司已经成为“华尔街赌场”论坛用户和“抱团股”人群青睐的对象。\n成立于1994年的海盗船9月份以每股15.12美元的价格挂牌上市，估值达16亿美元，筹集到了2.38亿美元资金。今年到目前为止，该股累计上涨了13.08%，自IPO（首次公开募股）上市以来上涨了169%。\n海盗船最出名的是该公司的游戏硬件，其中包括从绿幕到鼠标和键盘等配件，以及配备了英特尔（纳斯达克股票代码：INTC）、AMD（纳斯达克股票代码：AMD）和英伟达（纳斯达克股票代码：NVDA）最新芯片的成熟游戏PC等。\n由于新冠病毒大流行促使各国政府出台了限制措施，导致世界各地的人们都不得不呆在家里，游戏产品在过去的一年时间里表现出色。由于没有太多事情可做，成百上千万的人转向了电子游戏。然而，今年到目前为止，动视暴雪（纳斯达克股票代码：ATVI）、电子艺界（纳斯达克股票代码：EA）和Take-Two Interactive（纳斯达克股票代码：TTWO）等大型游戏公司的表现都逊于标普500。\n海盗船紧随视频游戏零售商GameStop（纽约证券交易所股票代码：GAME，国内常称为“游戏驿站”）、AMC院线公司（纽约证券交易所股票代码：AMC）、黑莓（纽约证券交易所股票代码：BB）等公司之后，成为了散户交易员眼中最新的“宠儿”——尽管考虑到该股上涨的速度，目前还不清楚投资者对这只股票的兴趣是否会保持下去。\n游戏行业也受到全球芯片持续短缺的影响，从索尼PlayStation5和微软（纳斯达克股票代码：MSFT）的Xbox Series X等游戏机到PC游戏的显卡，游戏玩家很难买到这些产品。\n在“华尔街赌场”论坛上，海盗船的支持者们表示，由于该公司的品牌组合和作为顶级第三方硬件销售商的定位，这只股票被低估了，因此值得持有。\n“海盗船是我在这里提到的为数不多的几只我完全信任的精选股票之一。买这只股票准没错！祝你们好运！”一位网名为“LaughingAdventureGame”的Reddit用户写道。\n不过，海盗船并不是散户交易员看好的唯一游戏类股。罗技（纳斯达克股票代码：LOGI）是一家生产标准办公和游戏硬件配件的公司，该股在过去12个月时间里的表现甚至比海盗船还要好。在网络摄像头、手机和游戏外围设备销售增长的推动下，其股价上涨了122%。此外，另一家游戏外围设备制造商Razer也是游戏股中备受散户投资者青睐的一只股票，该公司生产自己的笔记本电脑和台式机系列产品，以及最受用户青睐的一些鼠标和键盘。\n“华尔街赌场”论坛用户预测，海盗船将会“吞下游戏行业，成为一直可以制造出百万富翁的股票”。\n与游戏驿站和AMC娱乐公司等其他流行的“抱团股”不同，海盗船的股票拥有坚实的基本面。该公司于2020年9月上市，并从大流行期间的加速销售中获利，因为人们在停摆期间寻求家庭娱乐。在最近一个季度中，该公司的每股收益上涨了383%，达到58美分；销售额增长了72%，达到5.29亿美元。\n“华尔街赌场”和Stocktwits等社交媒体平台上的个人交易员鼓励投资者将资金注入严重卖空的股票，造成所谓的轧空，从而推高这些股票的价格。因此，自今年年初以来，游戏驿站的股价飙升了1086%，AMC娱乐公司的股价更是已经上涨了2506%。\n根据MarketSmith图表分析，海盗船股价一度上涨33%，盘中触及42.97美元的高点，并突破50日移动平均线。（星云）","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3458,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184707410,"gmtCreate":1623723686530,"gmtModify":1704209625642,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"title":"","htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184707410","repostId":"2143178705","repostType":4,"repost":{"id":"2143178705","kind":"news","pubTimestamp":1623717670,"share":"https://ttm.financial/m/news/2143178705?lang=en_US&edition=fundamental","pubTime":"2021-06-15 08:41","market":"us","language":"zh","title":"Be wary of the risk of a dollar rebound; the RMB exchange rate is prone to depreciation but difficult to appreciate in the second half","url":"https://stock-news.laohu8.com/highlight/detail?id=2143178705","media":"金融时报","summary":"近一段时间以来，人民币汇率走势牵动着市场神经。自央行决定上调金融机构外汇存款准备金率后，人民币对美元汇率已由6.35的近期高点贬至6.39上方。市场分析师普遍认为，人民币汇率趋近贬值拐点，下半年大概率会出现贬值压力。　　影响人民币汇率的因素是多方面的，其中美元升值风险将是最直接的一项。华创证券首席宏观分析师张瑜预计，美元在中长期会有较大反弹，人民币或已接近贬值拐点。预计美联储大概率将在三季度释放QE缩减的信号。","content":"<p>National immunity, economic recovery, rising inflation, and tightening monetary policy all point to the final realization of the logic of dollar appreciation. Recently, the trend of the RMB exchange rate has been a major concern for the market. Since the central bank decided to raise the reserve requirement ratio for foreign exchange deposits of financial institutions, the RMB exchange rate against the US dollar has depreciated from a recent high of 6.35 to above 6.39. Market analysts generally believe that the RMB exchange rate is approaching a depreciation inflection point, and there is a high probability of depreciation pressure in the second half of the year.<img src=\"https://static.tigerbbs.com/89cccc1aedcab6c848cb4f7d42a07318\" tg-width=\"550\" tg-height=\"202\" referrerpolicy=\"no-referrer\">There are many factors affecting the RMB exchange rate, among which the risk of US dollar appreciation will be the most direct.</p><p>The rise in US Treasury yields in the first quarter of this year drove a phased appreciation in the US Dollar Index, with the US Dollar Index reaching a phased high of 93.18 at the end of March. Since then, short-term factors such as rapid vaccination in Europe have weakened the US dollar in the past two months, but the US Dollar Index has recently found strong support around 90, and the market speculates that this is likely a medium-term bottom for the US dollar. Zhang Yu, chief macro analyst at Huachuang Securities, predicts that the US dollar will rebound significantly in the medium to long term, and the RMB may be approaching a depreciation turning point.</p><p>National immunity, economic recovery, rising inflation, and tightening monetary policy all point to the final realization of the logic of dollar appreciation.</p><p>Developed countries such as the United States are expected to basically achieve herd immunity in the third quarter, and PMIs in Europe and the United States have recently hit new highs.<a href=\"https://laohu8.com/S/601211\">Guotai Junan Securities</a>Chief macro analyst Dong Qi said this indicates that the economic recovery momentum is strengthening significantly, benefiting from vaccination.<a href=\"https://laohu8.com/S/601328\">Bank of Communications</a>Tang Jianwei, chief researcher at the Financial Research Center, said that a strong recovery in the US economy in the second half of the year could lead to a renewed strengthening of the US dollar.</p><p>Recently, 27 states in the United States have announced tightening of unemployment benefits. Dong Qi predicts that the job market will gradually return to a normal recovery trajectory and will not hinder the Federal Reserve's tightening of monetary policy. The Federal Reserve is expected to signal a tapering of QE in the third quarter.</p><p>The new US administration is currently planning and promoting a new round of fiscal stimulus plans, with plans to launch a $6 trillion fiscal stimulus package in the near future. \"Although there will be a series of difficulties in implementing this plan, considering the optimistic expectations for the future of the US economy and the actual effects of some measures after their implementation, it may become one of the driving forces for the US dollar's temporary strengthening,\" said Lian Ping, chief economist and dean of the research institute at Zhixin Investment. Zhang Yu also pointed out that the United States is still insisting on fiscal stimulus, which is beneficial to the US economy and inflation.</p><p>As global commodity prices continue to rise and fluctuate at high levels, inflation in the United States has risen significantly. The US CPI, released on June 10, surged 5% year-on-year, reaching a new high in nearly 13 years. The market expects the Federal Reserve to tighten monetary policy imminently. Recently, the the US Dollar Index has encountered strong downward resistance around 90 and has been unable to break through for a long time. The possibility of a significant rebound in the future cannot be ruled out.</p><p>\"In the second half of 2021, the Fed's rate hike is expected to make a comeback, and a rate hike policy window will emerge at the end of the year and the beginning of next year,\" Lian Ping said. Zhang Yu said that the United States may be the first developed country in the world to shift its monetary policy, and the probability of the dollar appreciating is higher. Lian Ping further pointed out that if the US rate hike occurs, and my country is unlikely to follow suit quickly, the interest rate differential between China and the US will narrow further, and there may even be a temporary reverse interest rate differential, which will drive the US dollar stronger.</p><p>From the perspective of US dollar liquidity, Dong Qi pointed out that a marginal inflection point in US dollar liquidity is approaching. According to the bond issuance plan announced by the U.S. Treasury Department, the department expects to significantly increase net private market financing to $821 billion in the third quarter, compared to $401 billion and $463 billion in the previous two quarters, respectively. The U.S. Treasury Department's TGA account will also rebound from $450 billion at the end of July to $750 billion in September. Dong Qi pointed out that this shows that the U.S. Treasury Department plans to increase its bond issuance in the third quarter, and the TGA account will be expanded again after it bottoms out at the end of July, thus completing the shift from easing monetary policy to pumping monetary policy.</p><p>In addition, Lian Ping pointed out that the US dollar and the US Treasury Bond market remain important safe havens globally. Global geopolitical risks will cause international safe-haven funds to favor dollar bonds, temporarily increasing demand for dollars.</p><p>Ultimately, economic fundamentals are the determining factor in exchange rates. Dong Qi pointed out that as the US economic recovery accelerates, China's relative advantage in economic fundamentals will narrow. Tang Jianwei believes that the Chinese economy will experience a high at the beginning and a low at the end in 2021, while the United States and the world may experience a low at the beginning and a high at the end. The narrowing gap between the economic growth rates of China and the United States in the second half of the year may put pressure on the RMB exchange rate.</p><p>\"Therefore, although the RMB exchange rate has continued to rise recently, it will not break out of a one-sided upward trend, and the RMB exchange rate will face depreciation pressure in the second half of the year,\" Tang Jianwei pointed out. Although China's foreign exchange authorities have withdrawn from routine intervention in the foreign exchange market, they will still use some policy tools to guide market expectations and promote the two-way fluctuation characteristics of the RMB exchange rate.</p><p>Pan Gongsheng, Vice Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange, at<a href=\"https://laohu8.com/S/600663\">Lujiazui</a>The forum stated that it will strengthen macro-prudential management and expectation guidance to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. From the perspective of corporate financial stability, Pan Gongsheng emphasized that corporate exchange rate risk management should adhere to the principle of serving the main business and \"exchange rate risk neutrality\", prudently arrange the asset, liability and currency structure, avoid \"pro-cyclical\" and \"naked\" behavior in foreign exchange risk management, and do not bet on the appreciation or depreciation of the RMB, as prolonged gambling will inevitably lead to losses.</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>Be wary of the risk of a dollar rebound; the RMB exchange rate is prone to depreciation but difficult to appreciate in the second half</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\">\nBe wary of the risk of a dollar rebound; the RMB exchange rate is prone to depreciation but difficult to appreciate in the second half\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">金融时报</strong><span class=\"h-time small\">2021-06-15 08:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>National immunity, economic recovery, rising inflation, and tightening monetary policy all point to the final realization of the logic of dollar appreciation. Recently, the trend of the RMB exchange rate has been a major concern for the market. Since the central bank decided to raise the reserve requirement ratio for foreign exchange deposits of financial institutions, the RMB exchange rate against the US dollar has depreciated from a recent high of 6.35 to above 6.39. Market analysts generally believe that the RMB exchange rate is approaching a depreciation inflection point, and there is a high probability of depreciation pressure in the second half of the year.<img src=\"https://static.tigerbbs.com/89cccc1aedcab6c848cb4f7d42a07318\" tg-width=\"550\" tg-height=\"202\" referrerpolicy=\"no-referrer\">There are many factors affecting the RMB exchange rate, among which the risk of US dollar appreciation will be the most direct.</p><p>The rise in US Treasury yields in the first quarter of this year drove a phased appreciation in the US Dollar Index, with the US Dollar Index reaching a phased high of 93.18 at the end of March. Since then, short-term factors such as rapid vaccination in Europe have weakened the US dollar in the past two months, but the US Dollar Index has recently found strong support around 90, and the market speculates that this is likely a medium-term bottom for the US dollar. Zhang Yu, chief macro analyst at Huachuang Securities, predicts that the US dollar will rebound significantly in the medium to long term, and the RMB may be approaching a depreciation turning point.</p><p>National immunity, economic recovery, rising inflation, and tightening monetary policy all point to the final realization of the logic of dollar appreciation.</p><p>Developed countries such as the United States are expected to basically achieve herd immunity in the third quarter, and PMIs in Europe and the United States have recently hit new highs.<a href=\"https://laohu8.com/S/601211\">Guotai Junan Securities</a>Chief macro analyst Dong Qi said this indicates that the economic recovery momentum is strengthening significantly, benefiting from vaccination.<a href=\"https://laohu8.com/S/601328\">Bank of Communications</a>Tang Jianwei, chief researcher at the Financial Research Center, said that a strong recovery in the US economy in the second half of the year could lead to a renewed strengthening of the US dollar.</p><p>Recently, 27 states in the United States have announced tightening of unemployment benefits. Dong Qi predicts that the job market will gradually return to a normal recovery trajectory and will not hinder the Federal Reserve's tightening of monetary policy. The Federal Reserve is expected to signal a tapering of QE in the third quarter.</p><p>The new US administration is currently planning and promoting a new round of fiscal stimulus plans, with plans to launch a $6 trillion fiscal stimulus package in the near future. \"Although there will be a series of difficulties in implementing this plan, considering the optimistic expectations for the future of the US economy and the actual effects of some measures after their implementation, it may become one of the driving forces for the US dollar's temporary strengthening,\" said Lian Ping, chief economist and dean of the research institute at Zhixin Investment. Zhang Yu also pointed out that the United States is still insisting on fiscal stimulus, which is beneficial to the US economy and inflation.</p><p>As global commodity prices continue to rise and fluctuate at high levels, inflation in the United States has risen significantly. The US CPI, released on June 10, surged 5% year-on-year, reaching a new high in nearly 13 years. The market expects the Federal Reserve to tighten monetary policy imminently. Recently, the the US Dollar Index has encountered strong downward resistance around 90 and has been unable to break through for a long time. The possibility of a significant rebound in the future cannot be ruled out.</p><p>\"In the second half of 2021, the Fed's rate hike is expected to make a comeback, and a rate hike policy window will emerge at the end of the year and the beginning of next year,\" Lian Ping said. Zhang Yu said that the United States may be the first developed country in the world to shift its monetary policy, and the probability of the dollar appreciating is higher. Lian Ping further pointed out that if the US rate hike occurs, and my country is unlikely to follow suit quickly, the interest rate differential between China and the US will narrow further, and there may even be a temporary reverse interest rate differential, which will drive the US dollar stronger.</p><p>From the perspective of US dollar liquidity, Dong Qi pointed out that a marginal inflection point in US dollar liquidity is approaching. According to the bond issuance plan announced by the U.S. Treasury Department, the department expects to significantly increase net private market financing to $821 billion in the third quarter, compared to $401 billion and $463 billion in the previous two quarters, respectively. The U.S. Treasury Department's TGA account will also rebound from $450 billion at the end of July to $750 billion in September. Dong Qi pointed out that this shows that the U.S. Treasury Department plans to increase its bond issuance in the third quarter, and the TGA account will be expanded again after it bottoms out at the end of July, thus completing the shift from easing monetary policy to pumping monetary policy.</p><p>In addition, Lian Ping pointed out that the US dollar and the US Treasury Bond market remain important safe havens globally. Global geopolitical risks will cause international safe-haven funds to favor dollar bonds, temporarily increasing demand for dollars.</p><p>Ultimately, economic fundamentals are the determining factor in exchange rates. Dong Qi pointed out that as the US economic recovery accelerates, China's relative advantage in economic fundamentals will narrow. Tang Jianwei believes that the Chinese economy will experience a high at the beginning and a low at the end in 2021, while the United States and the world may experience a low at the beginning and a high at the end. The narrowing gap between the economic growth rates of China and the United States in the second half of the year may put pressure on the RMB exchange rate.</p><p>\"Therefore, although the RMB exchange rate has continued to rise recently, it will not break out of a one-sided upward trend, and the RMB exchange rate will face depreciation pressure in the second half of the year,\" Tang Jianwei pointed out. Although China's foreign exchange authorities have withdrawn from routine intervention in the foreign exchange market, they will still use some policy tools to guide market expectations and promote the two-way fluctuation characteristics of the RMB exchange rate.</p><p>Pan Gongsheng, Vice Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange, at<a href=\"https://laohu8.com/S/600663\">Lujiazui</a>The forum stated that it will strengthen macro-prudential management and expectation guidance to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. From the perspective of corporate financial stability, Pan Gongsheng emphasized that corporate exchange rate risk management should adhere to the principle of serving the main business and \"exchange rate risk neutrality\", prudently arrange the asset, liability and currency structure, avoid \"pro-cyclical\" and \"naked\" behavior in foreign exchange risk management, and do not bet on the appreciation or depreciation of the RMB, as prolonged gambling will inevitably lead to losses.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3632888\">金融时报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ab1815ec48bd4c5f20d5928cc3337253","relate_stocks":{"CYB":"人民币ETF-WisdomTree Dreyfus"},"source_url":"https://wallstreetcn.com/articles/3632888","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"2143178705","content_text":"全民免疫、经济复苏、通胀加剧、货币政策收紧，种种迹象都在指向美元升值逻辑的最终实现。\n\n近一段时间以来，人民币汇率走势牵动着市场神经。自央行决定上调金融机构外汇存款准备金率后，人民币对美元汇率已由6.35的近期高点贬至6.39上方。市场分析师普遍认为，人民币汇率趋近贬值拐点，下半年大概率会出现贬值压力。影响人民币汇率的因素是多方面的，其中美元升值风险将是最直接的一项。\n今年一季度美债收益率走高推动美元指数出现阶段性升值，3月末美元指数曾达到93.18的阶段性高点。此后，欧洲疫苗接种较快等短期因素使美元近两月走弱，但美元指数近期已在90附近寻找到强力支撑位，市场猜测这很可能是美元的中期底部。华创证券首席宏观分析师张瑜预计，美元在中长期会有较大反弹，人民币或已接近贬值拐点。\n全民免疫、经济复苏、通胀加剧、货币政策收紧，种种迹象都在指向美元升值逻辑的最终实现。\n美国等发达国家预计将在3季度基本实现群体免疫，近期欧美PMI连创新高。国泰君安首席宏观分析师董琦表示，这表明受益于疫苗接种，经济复苏动能正显著加强。交通银行金融研究中心首席研究员唐建伟表示，下半年美国经济如果强劲复苏可能再次导致美元走强。\n近期美国已有27个州宣布收紧失业金发放，董琦预计，就业市场会逐渐回归正常修复轨道，不会对美联储收紧货币政策形成掣肘。预计美联储大概率将在三季度释放QE缩减的信号。\n目前美国新政府正在筹划和推动新一轮财政刺激计划，计划近期推出6万亿美元的财政刺激方案。“尽管这一计划落实会有一系列困难，但考虑到对美国经济未来的乐观预期和部分举措落地之后带来的实际效应，有可能成为美元阶段性走强的动力之一。”植信投资首席经济学家兼研究院院长连平说。张瑜也指出，美国仍在坚持财政刺激，利好美国的经济效益和通胀。\n随着全球大宗商品价格持续走高并在高位波动，美国通胀水平明显上升。6月10日公布的美国CPI同比大涨5%，创出近13年的新高。市场预计美联储收紧货币政策或已箭在弦上。近日美元指数在90附近遇较强下行阻力，久久不能突破，不排除未来大幅反弹的可能性。\n“2021年下半年，美联储加息的预期将卷土重来，年底和明年初将会显现出加息的政策窗口。”连平说。张瑜说，美国或是全球第一个货币政策转向的发达国家，美元升值概率更高。连平进一步指出，一旦美国加息，而我国大概率不会迅速跟进，中美利差会进一步收窄，甚至可能会出现阶段性的反向利差，其将推动美元走强。\n从美元流动性角度看，董琦指出，美元流动性边际拐点将至。根据美国财政部公布的发债计划，美国财政部预计将在三季度大幅增加私人市场净融资规模至8210亿美元，而前两个季度分别为4010亿和4630亿美元；美国财政部TGA账户也将从7月底的4500亿美元回升至9月的7500亿美元。董琦指出，由此可见，美国财政部计划在三季度加大发债规模，TGA账户将在7月底见底后重新扩容，由此完成放水到抽水的转变。\n此外，连平还指出，目前美元和美国国债市场仍是全球重要的避险港湾。全球地缘政治风险会造成国际避险资金青睐美元债券，阶段性推高美元需求。\n归根结底，经济基本面是汇率的决定性因素。董琦指出，随着美国经济复苏步伐加快，中国经济基本面相对优势将收窄。唐建伟认为，中国经济2021年将是前高后低的走势，而美国和全球可能是前低后高，下半年中美经济增速差缩小或使人民币汇率承压。\n“因此，虽然人民币汇率近一段时间持续走高，但不会走出单边上涨趋势，下半年人民币汇率面临走贬压力。”唐建伟指出，中国外汇管理部门虽然退出对外汇市场的常态化干预，但仍会通过一些政策工具引导市场预期，促成人民币汇率的双向波动特征。\n人民银行副行长、外汇局局长潘功胜在第十三届陆家嘴论坛上表示，将加强宏观审慎管理和预期引导，保持人民币汇率在合理均衡水平上的基本稳定。从企业财务稳健的角度看，潘功胜强调，企业汇率风险管理应坚持服务主业和“汇率风险中性”原则，审慎安排资产负债货币结构，避免外汇风险管理的“顺周期”和“裸奔”行为，不要赌人民币升值或贬值，久赌必输。","news_type":1,"symbols_score_info":{"CYB":0.9,"UCmain":0.9,"CNHmain":0.9}},"isVote":1,"tweetType":1,"viewCount":3023,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184707294,"gmtCreate":1623723676918,"gmtModify":1704209625319,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"title":"","htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184707294","repostId":"2143867731","repostType":4,"isVote":1,"tweetType":1,"viewCount":4074,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184707684,"gmtCreate":1623723670848,"gmtModify":1704209625157,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"title":"","htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184707684","repostId":"1159573154","repostType":4,"isVote":1,"tweetType":1,"viewCount":3833,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184707385,"gmtCreate":1623723664047,"gmtModify":1704209624668,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"title":"","htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184707385","repostId":"1152475049","repostType":4,"isVote":1,"tweetType":1,"viewCount":3284,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184707969,"gmtCreate":1623723656451,"gmtModify":1704209624505,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"title":"","htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184707969","repostId":"1169775175","repostType":4,"repost":{"id":"1169775175","kind":"news","pubTimestamp":1623721687,"share":"https://ttm.financial/m/news/1169775175?lang=en_US&edition=fundamental","pubTime":"2021-06-15 09:48","market":"sh","language":"zh","title":"The legendary \"Yang Baiwan\" has passed away, but the enterprising spirit of retail investors remains unabated.","url":"https://stock-news.laohu8.com/highlight/detail?id=1169775175","media":"第一财经","summary":"有“中国第一股民”之称的资深投资者杨怀定，于6月13日去世，享年71岁。\n近十多年来，杨怀定逐渐淡出了人们的视野，但在上海滩，“杨百万”的故事经久流传。在A股市场，跟随他的脚步入市交易的投资者数不胜数","content":"<p><div>Yang Huaiding, a veteran investor known as \"China's number one stock investor,\" passed away on June 13 at the age of 71. Over the past decade or so, Yang Huaiding has gradually faded from people's sight, but the story of \"Yang Baiwan\" has been passed down for a long time in Shanghai. In the A-share market, countless investors followed in his footsteps and entered the market. He has many labels: \"Yang Baiwan\" who made his fortune by reselling treasury bonds, \"Oracle of Omaha\" who bought the dip steadily and accurately, and \"Big Brother\" who is the leader of ordinary stock investors... However, beneath these \"banned accounts\", Yang Huaiding is an ordinary person who is diligent, enterprising and eager to change his destiny through his own efforts. On him...</p><p><a href=\"https://m.yicai.com/news/101081647.html\">Web page link</a></div></p>","source":"dyvj","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 legendary \"Yang Baiwan\" has passed away, but the enterprising spirit of retail investors remains unabated.</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 legendary \"Yang Baiwan\" has passed away, but the enterprising spirit of retail investors remains unabated.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">第一财经</strong><span class=\"h-time small\">2021-06-15 09:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Yang Huaiding, a veteran investor known as \"China's number one stock investor,\" passed away on June 13 at the age of 71. Over the past decade or so, Yang Huaiding has gradually faded from people's sight, but the story of \"Yang Baiwan\" has been passed down for a long time in Shanghai. In the A-share market, countless investors followed in his footsteps and entered the market. He has many labels: \"Yang Baiwan\" who made his fortune by reselling treasury bonds, \"Oracle of Omaha\" who bought the dip steadily and accurately, and \"Big Brother\" who is the leader of ordinary stock investors... However, beneath these \"banned accounts\", Yang Huaiding is an ordinary person who is diligent, enterprising and eager to change his destiny through his own efforts. On him...</p><p><a href=\"https://m.yicai.com/news/101081647.html\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://m.yicai.com/news/101081647.html\">第一财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9b2e5e430b4abd61e3de4ad2d5a171fc","relate_stocks":{},"source_url":"https://m.yicai.com/news/101081647.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169775175","content_text":"有“中国第一股民”之称的资深投资者杨怀定，于6月13日去世，享年71岁。\n近十多年来，杨怀定逐渐淡出了人们的视野，但在上海滩，“杨百万”的故事经久流传。在A股市场，跟随他的脚步入市交易的投资者数不胜数。\n他身上有诸多标签，倒卖国库券发家的“杨百万”、抄底稳准狠的“股神”、草根股民的“带头大哥”……不过，在这些“江湖封号”之下的杨怀定，是一位勤奋、进取、渴望靠自己的努力改变命运的普通人。\n在他的身上，也可以看到中国证券市场散户投资文化长盛不衰的原因。\n“我们早期的投资者，有些表达能力较弱、文化程度不高，比如杨百万，中学都没毕业，但早年他就看到国库券交易的机会，上海有柜台交易，安徽、贵州、四川没有，跑去低价买了，回来市场上卖掉。”上海证券交易所首任总经理尉文渊此前接受第一财经采访时曾评价称，中国的散户投资者，极其渴望学习，善于学习。\n在中国资本市场三十年进程中，有人盈利，有人亏损，有人跟风听消息，也有人铤而走险搞内幕、搞操纵。但是，更有许许多多的散户投资者，作为幼小的个体，却依靠个人的才智、学习，以及风险的承担，在股市中找到了改变人生的可能性。\n成为“杨百万”\n在三十多年前那个“摸着石头过河”的年代，只要你敢于尝试，一不小心就会成为某个领域的“第一人”。杨怀定就是如此。\n他在成为“第一股民”之前，先成为了“国库券异地交易第一人”。\n杨怀定1988年因故从上海某工厂离职，之后开始自谋职业。据前上交所研究中心研究员陆一记录，《回眸中国股市1984-2000》一书中曾有杨怀定对自己交易国库券始末的详细记述。\n“开始我并没想到要做国库券买卖。我看到《新民晚报》上一篇报道，说温州实行利率开放，利息可以高到13%。”杨怀定称，自己确认消息属实后，就想去温州存钱。但是，到温州去的船票刚买好，他又看到上海报纸登消息称，上海要开放国债交易。\n于是，就有了后来为人所熟知的一幕——1988年4月21日，上海国债市场开市交易，杨怀定一早到场，在别人都不敢买的时候果断买进，当天下午抛掉，赚入800块钱，这个数目相当于他辞职前一年的工资。\n初尝胜果的杨怀定大受鼓舞。他发现不同试点城市之间，国库券差价很大，而金融机构之间的国库券禁止流通。于是，杨怀定开始做国库券异地交易。\n由于国库券行情不公开，杨怀定就到上海图书馆，挨个查找各省市的报纸。比如查到安徽合肥开盘94元，卖出98元，他就连夜上合肥买来，然后再回上海卖掉。\n“我没日没夜地乘火车在全国跑。”杨怀定发现，什么地方穷，什么地方就更便宜，不同地方差价可以大到每百元国库券超过10元。\n在后来接受采访时，他说：“人家当时就问我，你累不累呀？我说不累呀，这干一天就是几年的工资啊！”\n成为“第一股民”\n国库券交易让杨怀定获得了巨大的财富，同时，也让他坚定了自己的投资方向，即紧跟改革开放的步伐，抓住趋势性机会。\n1989年，杨怀定意识到政策的重点转向支持资本市场，于是开始投资股票。\n早上8点起床，听电台财经新闻，9点15打开电脑看行情，11点半到1点午饭休息，1点到3点看行情，3点以后看电脑资讯，5点看晚报，5点50看中央台财经报道，8点看书，10点复盘，每天花在股市的时间不少于8小时。这是杨怀定做股票之后的每日例行安排。\n自证券市场建立以来，A股经历多次大幅波动，多轮牛熊，杨怀定幸运的躲过几次危机，不少股民奉之为“神”，但实际上，他也曾不止一次走到绝望边缘。\n在股票市场，真正能够笑到最后的投资者，往往不是做对选择最多人的，而是做错选择最少的人。一次错误的决策，就可能让多年积累的财富化为泡影。\n1992年下半年开始，A股经历开市以来第一次最大熊市。\n上证指数一路从1400多点跌至400多点。然后，杨怀定判断，股市已经跌得差不多了，于是进场抄底，但没想到，股市继续下跌，杨怀定日渐开始“绝望”。\n1994年7月29日，上证指数最低探至325.89点。\n杨怀定后来接受采访时回忆称：“就在我最绝望的那一天，我跟我太太讲，我还有20万现金，不买股票了，你放着，不知道哪一天会涨了。”\n然而，1994年7月30日，中国证监会宣布“救市”，并出台三大“救市”措施：年内暂停新股发行与上市；严格控制上市公司配股规模；采取措施扩大入市资金范围。\n随后，A股市场出现“8月狂潮”。仅用了两周时间，杨怀定手中股票的市值就翻了四倍。这让杨怀定在股票市场再次声名大振。\n有人说，杨怀定是凭借自己的分析能力，敏锐地觉察到管理层即将出台救市政策。但事实是否如此呢？\n“我耳朵蛮大的，人家讲我是福将。”杨怀定回忆起自己的此次战绩时曾如此调侃。但实际上，杨怀定此前曾参与过交易所的相关座谈会，对救市政策即将出台有所察觉。\n他后来公开说：“出了三大救市政策，很多人就知道我，分析能力特别强。其实，开过会的，呵呵。”\n成为“合法投资者”\n事实上，在成为“杨百万”和“第一股民”之前，杨怀定首先是成为一名“合法投资者”。\n在资本市场从草莽走向规范的进程中，显赫一时的“弄潮儿”跌下神坛的故事并不罕见。作为多个市场创新领域的“第一人”，杨怀定能够一路走到最后，与他从一开始就主动寻求遵守法律法规的意识密切相关。\n早在做国库券交易时期，杨怀定就意识到，自己的行为受到了监管部门的注意，并对合法性存在一定争议。\n“后来我（国库券交易）进出都是上百万元了，银行开始注意我了，内部有争论。”杨怀定后来回忆称，当时争议有两个，一是他的行为是否属于经营金融，二是算不算投机倒把。\n为了弄清楚此二问题，杨怀定就到中国人民银行去做“人民来访”。“接待人问我啥事。我说我有些金融法规‘搞不清爽’，想主动接受党和政府的教育。”杨怀定称。\n此次去“人民来访”并没有完全打消他交易国库券的疑虑。一方面害怕政策有变，另一方面，也害怕大笔资金随身携带不安全，他又做了一件空前的创举——跑到公安局去，说“现在改革开放了，我要从事国库券交易，能否请保安人员”。最后，杨怀定开创了上海第一例私人聘任公安任保安人员的先例。\n不过，杨怀定此举的深层用意，仍然是为了寻求合法。\n“我其实还有一个想法：中国人民银行如果认为我不合法，那么现在公安人员跟着我，我怎么做买卖的他们都看得见，有事你们可以去问公安局。”杨怀定后来称。\n不仅如此，赚了钱之后，杨怀定担心以后被说偷税漏税，于是1989年他又跑到税务局，咨询是否需要缴税。\n“当时有关部门认为有几种人赚钱最多，我的名字排在第四位：上海市民杨怀定，利用国债买卖获取暴利。我马上跑到税务局咨询是否要交税。税务局的同志讲，我们早知道你了，并且表扬我主动上门报税。”杨怀定回忆称，报纸后来登了消息：上海市民杨怀定主动报税。\n凭借早年的声名累积和几十年的股市交易，杨怀定生前追随者众多。\n在杨怀定去世之后，有不少人士公开悼念。有人缅怀杨怀定个人早年的股海沉浮，更有人感慨中国改革开放大浪淘沙。\n如今，中国已成为世界第二大经济体，股票、债券市场规模也均达到全球第二，市场基础制度也已经走过了多个阶段，进入更加市场化、法制化、国际化的新时代。\n机构在资本市场的力量，必将越来越壮大，但中国证券市场独有的散户投资文化短期并不会消失。传奇人物已逝，散户精神不息。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3622,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188665565,"gmtCreate":1623433421657,"gmtModify":1704203715529,"author":{"id":"3585365602016782","authorId":"3585365602016782","name":"Singhan","avatar":"https://static.tigerbbs.com/3db174727ab43bc8cf21721989b03a69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585365602016782","idStr":"3585365602016782"},"themes":[],"title":"","htmlText":"Nb","listText":"Nb","text":"Nb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/188665565","repostId":"1156959915","repostType":4,"repost":{"id":"1156959915","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":1623429803,"share":"https://ttm.financial/m/news/1156959915?lang=en_US&edition=fundamental","pubTime":"2021-06-12 00:43","market":"us","language":"zh","title":"Tiger Brokers helped BOSS Zhipin list on Nasdaq, which opened 75% higher on its first day of trading.","url":"https://stock-news.laohu8.com/highlight/detail?id=1156959915","media":"老虎资讯综合","summary":"北京时间6月12日，BOSS直聘登陆纳斯达克，首日开涨75%。\n老虎证券作为互联网承销商，与高盛、摩根士丹利、UBS、华兴、海通等国际知名大行同列BOSS直聘招股书封面，展现出老虎证券作为头部互联网科","content":"<p>On June 12, Beijing time, BOSS Zhipin listed on Nasdaq, rising 75% on its first day.<img src=\"https://static.tigerbbs.com/57551fd25362c75885fbb928efe43f8a\"></p><p>As an internet underwriter, Tiger Brokers was featured on the cover of BOSS Zhipin's prospectus alongside internationally renowned banks such as Goldman Sachs, Morgan Stanley, UBS, China Renaissance, and Haitong, demonstrating Tiger Brokers' influence as a leading internet technology investment bank.<br></p><p><br></p><p>According to the latest prospectus, BOSS Zhipin will publicly issue 48 million American Depositary Shares (ADSs) at a price of $19 per share, raising approximately $912 million, with a total market capitalization of $7.599 billion at the opening.</p><p>This valuation has surpassed the combined valuation of 51job, which is publicly valued at $5 billion, and Zhaopin.com, which is only valued at $1.7 billion in the private equity market due to delisting, making it the most valuable Chinese recruitment platform.</p><p>Of course, achieving such a high valuation indicates, to some extent, that BOSS Zhipin has also gained recognition from the capital market for its financial performance.</p><p><b>Financial Performance</b></p><p>BOSS Zhipin's recent financial performance can be summarized as follows: strong revenue growth momentum; Gross profit grew strongly, and the gross profit margin remained stable; Although operating profit is low, it has already achieved a turnaround from loss to profit; Operating cash flow surged.</p><p>Specifically, BOSS Zhipin's revenue reached $298 million in 2020, a surge of 95.4% compared to $152 million in 2019. In the first quarter of 2021, the company's revenue reached $120 million, a year-on-year increase of 178.9%.</p><p>BOSS Zhipin's gross profit was $261 million in 2020, a 98.7% increase from $131 million in 2019, while it reached $104 million in the first quarter of 2021, a year-on-year increase of 178.4%. Meanwhile, the company's gross profit margins remained almost unchanged at 86.20%, 87.65% and 86.45% in 2019, 2020 and the first quarter of 2021, respectively.</p><p>In 2019, 2020, and the first quarter of 2021, BOSS Zhipin achieved operating profits of US$392,800, US$1,356,000, and US$350,000 and US$400,000, respectively, with operating profit margins of 0.3%, 0.5%, and 0.3%. During the same period, the company reported net losses of US$112 million, US$188 million and US$40.972 million, respectively.</p><p>In 2019, 2020, and the first quarter of 2021, BOSS Zhipin's operating cash flow was -$16.1318 million, $60.676 million, and $25.235 million, respectively.</p><p>As of March 31, 2021, BOSS Zhipin held $626 million in cash and $332 million in liabilities. During the twelve months ended March 31, 2021, the company had free cash flow of US$102 million.</p><p><b>Research Analysis</b></p><p>BOSS Zhipin hopes to gain support from the US capital market to help them continue their expansion in the Chinese market.</p><p>Judging from the company's financial performance, their revenue and gross profit margin have grown rapidly, and they have achieved a turnaround from loss to profit at the operational level. The free cash flow as of March 31, 2021, exceeded $101 million, which is impressive.</p><p>In China, the market for providing online recruitment services for job seekers and employers is huge and has a promising future.</p><p>Goldman Sachs is the lead underwriter for this transaction. Over the past twelve months, the company has led the underwriting of IPO shares with an average return of 42.9%, which is in the middle range compared to the performance of all major underwriters during the same period.</p><p>The number one risk facing BOSS Zhipin is that the company may face a series of competitive pressures, such as talent networks or other mainstream international recruitment companies entering their markets. Once these become a reality, they will threaten their growth prospects or force them to significantly increase marketing spending, suppressing profitability.</p><p>China's various high-margin online businesses often eventually attract a large number of competitors, and the main means of competition is price wars, which is obviously not good news for the future returns of stocks.</p><p>From a valuation perspective, the price BOSS Zhipin offered to US IPO investors implies a company value-to-revenue ratio of around 19.2. Although this figure is higher than the current overall level of software-as-a-service stocks, BOSS Zhipin's revenue growth momentum is stronger. They have already crossed the profitability threshold at the operational level and generated considerable free cash flow.</p><p>Therefore, although BOSS Zhipin's IPO price is not cheap, it is still worth paying attention to for investors interested in the growth prospects of China's online recruitment market.</p><p><img src=\"https://static.tigerbbs.com/361ada34c84eeaafbb2e860b6eb0db6f\"></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>Tiger Brokers helped BOSS Zhipin list on Nasdaq, which opened 75% higher on its first day of trading.</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\">\nTiger Brokers helped BOSS Zhipin list on Nasdaq, which opened 75% higher on its first day of trading.\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\">2021-06-12 00:43</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 12, Beijing time, BOSS Zhipin listed on Nasdaq, rising 75% on its first day.<img src=\"https://static.tigerbbs.com/57551fd25362c75885fbb928efe43f8a\"></p><p>As an internet underwriter, Tiger Brokers was featured on the cover of BOSS Zhipin's prospectus alongside internationally renowned banks such as Goldman Sachs, Morgan Stanley, UBS, China Renaissance, and Haitong, demonstrating Tiger Brokers' influence as a leading internet technology investment bank.<br></p><p><br></p><p>According to the latest prospectus, BOSS Zhipin will publicly issue 48 million American Depositary Shares (ADSs) at a price of $19 per share, raising approximately $912 million, with a total market capitalization of $7.599 billion at the opening.</p><p>This valuation has surpassed the combined valuation of 51job, which is publicly valued at $5 billion, and Zhaopin.com, which is only valued at $1.7 billion in the private equity market due to delisting, making it the most valuable Chinese recruitment platform.</p><p>Of course, achieving such a high valuation indicates, to some extent, that BOSS Zhipin has also gained recognition from the capital market for its financial performance.</p><p><b>Financial Performance</b></p><p>BOSS Zhipin's recent financial performance can be summarized as follows: strong revenue growth momentum; Gross profit grew strongly, and the gross profit margin remained stable; Although operating profit is low, it has already achieved a turnaround from loss to profit; Operating cash flow surged.</p><p>Specifically, BOSS Zhipin's revenue reached $298 million in 2020, a surge of 95.4% compared to $152 million in 2019. In the first quarter of 2021, the company's revenue reached $120 million, a year-on-year increase of 178.9%.</p><p>BOSS Zhipin's gross profit was $261 million in 2020, a 98.7% increase from $131 million in 2019, while it reached $104 million in the first quarter of 2021, a year-on-year increase of 178.4%. Meanwhile, the company's gross profit margins remained almost unchanged at 86.20%, 87.65% and 86.45% in 2019, 2020 and the first quarter of 2021, respectively.</p><p>In 2019, 2020, and the first quarter of 2021, BOSS Zhipin achieved operating profits of US$392,800, US$1,356,000, and US$350,000 and US$400,000, respectively, with operating profit margins of 0.3%, 0.5%, and 0.3%. During the same period, the company reported net losses of US$112 million, US$188 million and US$40.972 million, respectively.</p><p>In 2019, 2020, and the first quarter of 2021, BOSS Zhipin's operating cash flow was -$16.1318 million, $60.676 million, and $25.235 million, respectively.</p><p>As of March 31, 2021, BOSS Zhipin held $626 million in cash and $332 million in liabilities. During the twelve months ended March 31, 2021, the company had free cash flow of US$102 million.</p><p><b>Research Analysis</b></p><p>BOSS Zhipin hopes to gain support from the US capital market to help them continue their expansion in the Chinese market.</p><p>Judging from the company's financial performance, their revenue and gross profit margin have grown rapidly, and they have achieved a turnaround from loss to profit at the operational level. The free cash flow as of March 31, 2021, exceeded $101 million, which is impressive.</p><p>In China, the market for providing online recruitment services for job seekers and employers is huge and has a promising future.</p><p>Goldman Sachs is the lead underwriter for this transaction. Over the past twelve months, the company has led the underwriting of IPO shares with an average return of 42.9%, which is in the middle range compared to the performance of all major underwriters during the same period.</p><p>The number one risk facing BOSS Zhipin is that the company may face a series of competitive pressures, such as talent networks or other mainstream international recruitment companies entering their markets. Once these become a reality, they will threaten their growth prospects or force them to significantly increase marketing spending, suppressing profitability.</p><p>China's various high-margin online businesses often eventually attract a large number of competitors, and the main means of competition is price wars, which is obviously not good news for the future returns of stocks.</p><p>From a valuation perspective, the price BOSS Zhipin offered to US IPO investors implies a company value-to-revenue ratio of around 19.2. Although this figure is higher than the current overall level of software-as-a-service stocks, BOSS Zhipin's revenue growth momentum is stronger. They have already crossed the profitability threshold at the operational level and generated considerable free cash flow.</p><p>Therefore, although BOSS Zhipin's IPO price is not cheap, it is still worth paying attention to for investors interested in the growth prospects of China's online recruitment market.</p><p><img src=\"https://static.tigerbbs.com/361ada34c84eeaafbb2e860b6eb0db6f\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3aee31599ee7010691cc73f0ff8ac182","relate_stocks":{"BZ":"BOSS直聘"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156959915","content_text":"北京时间6月12日，BOSS直聘登陆纳斯达克，首日开涨75%。\n老虎证券作为互联网承销商，与高盛、摩根士丹利、UBS、华兴、海通等国际知名大行同列BOSS直聘招股书封面，展现出老虎证券作为头部互联网科技投行的影响力。\n\n根据最新招股书信息显示，BOSS直聘将公开发行4800万股美国存托股份（ADS），发行价定为每股19美元，募资约9.12亿美元，总市值开盘时是75.99亿美元。\n而这个估值已经超过公开估值50亿美元的前程无忧和由于退市只能在私募基金市场有估值17亿美元的智联招聘之和，成为估值最高的中国招聘平台。\n当然，能达到如此高额的估值，在一定程度上表明BOSS直聘也有着自己的在财务上的表现得到了资本市场的认可。\n财务表现\nBOSS直聘近期的财务表现大约可以做如下概括：营收增长势头强劲；毛利润增长强劲，毛利润率保持稳定；运营利润虽然低，但是已经实现了扭亏为盈；运营现金流猛增。\n具体而言，BOSS直聘2020年营收达到了2.98亿美元，较之2019年的1.52亿美元猛增95.4%之多，而2021年第一季度，公司营收就达到了1.20亿美元，同比增幅更高达178.9%。\nBOSS直聘毛利润2020年为2.61亿美元，较之2019年的1.31亿美元增长98.7%，而2021年第一季度达到1.04亿美元，同比增幅高达178.4%。与此同时，在2019年、2020年和2021年第一季度当中，公司毛利润率分别为86.20%、87.65%和86.45%，几乎保持不变。\n2019年、2020年和2021年第一季度，BOSS直聘分别实现运营利润39.28万美元、135.60万美元和35、40万美元，运营利润率分别为0.3%、0.5%和0.3%。同期内，公司净亏损分别为1.12亿美元、1.88亿美元和4097.20万美元。\n2019年、2020年和2021年第一季度，BOSS直聘运营现金流分别为-1613.18万美元、6067.60万美元和2523.50万美元。\n截至2021年3月31日，BOSS直聘持有现金6.26亿美元，负债3.32亿美元。截至2021年3月31日的十二个月内，公司自由现金流为1.02亿美元。\n研究分析\nBOSS直聘希望获得美国资本市场的支持，帮助他们在中国市场上继续扩张。\n从公司的财务表现看，他们营收和毛利润率增长迅猛，运营层面已经实现扭亏为盈。截至2021年3月31日的自由现金流超过1.01亿美元，令人印象深刻。\n在中国，为求职者和雇主提供线上招聘服务，市场体量是很巨大的，前景是很可观的。\n高盛是本次交易的领衔承销商，在过去十二个月时间内，该公司领衔承销的IPO股票，平均回报率为42.9%，在所有主要承销商同期业绩的比较当中位于中游水平。\nBOSS直聘面前的头号风险是，该公司可能会面对一系列竞争压力，比如人才网络，或者其他主流国际招聘公司进入他们所在的市场，而这些一旦成为现实，就将威胁到他们的增长前景，或者是迫使他们大幅提升营销支出，打压盈利能力。\n中国各种利润率较高的线上业务，往往最终都会吸引大量竞争者，而最主要的竞争手段就是大打价格战，而这对于股票未来的回报显然不是什么好消息。\n从估值角度看，BOSS直聘为美国IPO投资者开出的价格意味着公司企业价值营收比率为19.2左右，虽然这一数字高于软件即服务股票当前的总体水平，但是BOSS直聘的营收增长势头更为强劲，他们已经在运营层面越过盈利门槛，并且产生了可观的自由现金流。\n因此，虽然BOSS直聘IPO价格称不上低廉，但是对于那些有意于中国线上招聘市场成长前景的投资者而言，这一股票还是值得关注的。","news_type":1,"symbols_score_info":{"BZ":0.9}},"isVote":1,"tweetType":1,"viewCount":3937,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}