erinwong personal page - To The Moon

erinwong

erinwong

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2024-04-27

Thanks for sharing!!

2023-03-31

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@Jason Brown: Three questions to ask yourself

2022-09-20

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@中国基金报:這四個國家，開始限制俄羅斯公民入境

2022-09-19

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Hong Kong stocks open | Hang Seng Index open low 0.35%, Alibaba fell more than 2%

2022-08-28

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CICC: China and the United States signed an audit supervision cooperation agreement, how to interpret the subsequent impact

2022-06-14

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2022-05-29

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Li Yanhong wants to turn crisis into opportunity, but Baidu still lacks a product sharp knife

2022-05-29

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2022-05-29

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Twenty years ago, Zhou Hongyi's punch was not only directed at Robin Li

2022-05-09

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2022-05-09

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Morgan Stanley: The current macroeconomic environment is the most difficult to predict

2022-05-09

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China's exports rose 3.9% year-on-year in April, while imports remained unchanged from the previous month

2022-04-06

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2022-04-06

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2022-04-06

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U.S. blockchain concept stocks collectively fell, Bit Digital fell more than 7%

2022-03-25

$美国航空(AAL.US)$ I feel goood soooo good I got you❤️❤️🛫🛫🛫

2022-03-16

$美国航空(AAL.US)$ favorite airline to fly ✈️✈️✈️✈️✈️❤️❤️❤️❤️❤️

2022-03-16

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2022-03-15

$苹果(AAPL.US)$ waiting for $140-145 to add more

2022-03-10

Time to load up on Keppel before the merger with Sembmarine!$吉宝企业(BN4.SG)$

Go to Tiger App to see more news

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09:19","market":"hk","language":"zh","title":"Hong Kong stocks open | Hang Seng Index open low 0.35%, Alibaba fell more than 2%","url":"https://stock-news.laohu8.com/highlight/detail?id=1156625778","media":"老虎资讯综合","summary":"9月19日讯，港股延续上周跌势，三大指数再度低开，恒指跌0.35%，国指跌0.48%，恒生科技指数跌0.79%。盘面上，大型科技股继续走弱，阿里巴巴跌2%，网易、京东跌超1%，美团、腾讯、百度、快手均","content":"<p><html><head></head><body>On September 19, Hong Kong stocks continued their decline last week, and the three major indexes fell in open low again. The Hang Seng Index fell 0.35%, the State Index fell 0.48%, and the Hang Seng Technology Index fell 0.79%.</p><p>On the disk, large technology stocks continued to weaken,<a href=\"https://laohu8.com/S/09988\">Alibaba</a>Down 2%,<a href=\"https://laohu8.com/S/09999\">NetEase</a>、<a href=\"https://laohu8.com/S/09618\">JD.com</a>Fell more than 1%, Meituan,<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/09888\">Baidu</a>, Kuaishou all fell; Auto stocks continued to fall, with new energy stocks leading the decline.<a href=\"https://laohu8.com/S/09866\">Nio</a>Fell more than 5%,<a href=\"https://laohu8.com/S/02015\">Li Auto</a>Fell nearly 4%. Sporting goods stocks, insurance stocks, gas stocks, power stocks and dairy stocks were generally lower. On the other hand, luxury stocks<a href=\"https://laohu8.com/S/01929\">Chow Tai Fook</a>It opened up 4.4%, and biomedical stocks, building materials and cement stocks rose.<a href=\"https://laohu8.com/S/600585\">Conch Cement</a>、<a href=\"https://laohu8.com/S/03323\">China Building Materials</a>Both opened higher.<img src=\"https://static.tigerbbs.com/da3ba802395fbdf5b86bf2e848c2e369\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hong Kong stocks open | Hang Seng Index open low 0.35%, Alibaba fell more than 2%</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\">\nHong Kong stocks open | Hang Seng Index open low 0.35%, Alibaba fell more than 2%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-09-19 09:19</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On September 19, Hong Kong stocks continued their decline last week, and the three major indexes fell in open low again. The Hang Seng Index fell 0.35%, the State Index fell 0.48%, and the Hang Seng Technology Index fell 0.79%.</p><p>On the disk, large technology stocks continued to weaken,<a href=\"https://laohu8.com/S/09988\">Alibaba</a>Down 2%,<a href=\"https://laohu8.com/S/09999\">NetEase</a>、<a href=\"https://laohu8.com/S/09618\">JD.com</a>Fell more than 1%, Meituan,<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/09888\">Baidu</a>, Kuaishou all fell; Auto stocks continued to fall, with new energy stocks leading the decline.<a href=\"https://laohu8.com/S/09866\">Nio</a>Fell more than 5%,<a href=\"https://laohu8.com/S/02015\">Li Auto</a>Fell nearly 4%. Sporting goods stocks, insurance stocks, gas stocks, power stocks and dairy stocks were generally lower. On the other hand, luxury stocks<a href=\"https://laohu8.com/S/01929\">Chow Tai Fook</a>It opened up 4.4%, and biomedical stocks, building materials and cement stocks rose.<a href=\"https://laohu8.com/S/600585\">Conch Cement</a>、<a href=\"https://laohu8.com/S/03323\">China Building Materials</a>Both opened higher.<img src=\"https://static.tigerbbs.com/da3ba802395fbdf5b86bf2e848c2e369\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{"BK4524":"宅经济概念","BK4581":"高盛持仓","BK4554":"元宇宙及AR概念","BK4527":"明星科技股","QNETCN":"纳斯达克中美互联网老虎指数","BK4526":"热门中概股","BK4534":"瑞士信贷持仓","HSI":"恒生指数","BK4533":"AQR资本管理(全球第二大对冲基金)","BABA":"阿里巴巴","BK4575":"芯片概念","BK4558":"双十一","BK4505":"高瓴资本持仓","BK4535":"淡马锡持仓","BK4504":"桥水持仓","BK4538":"云计算","BK4548":"巴美列捷福持仓","BK4565":"NFT概念","09988":"阿里巴巴-W"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156625778","content_text":"9月19日讯，港股延续上周跌势，三大指数再度低开，恒指跌0.35%，国指跌0.48%，恒生科技指数跌0.79%。盘面上，大型科技股继续走弱，阿里巴巴跌2%，网易、京东跌超1%，美团、腾讯、百度、快手均下跌；汽车股跌势不止，新能源股领衔下跌，蔚来跌超5%，理想汽车跌近4%。体育用品股、保险股、燃气股、电力股、乳制品股普遍走低。另一方面，奢侈品股周大福开涨4.4%，生物医药股、建材水泥股部分上涨，海螺水泥、中国建材均高开。","news_type":1,"symbols_score_info":{"HSImain":0.9,"QNETCN":0.9,"MCHmain":0.9,"09988":0.9,"HSI":0.9,"BABA":0.9,"MHImain":0.9}},"isVote":1,"tweetType":1,"viewCount":2538,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9994277853,"gmtCreate":1661653406273,"gmtModify":1676536555306,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586317757274365","authorIdStr":"3586317757274365"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9994277853","repostId":"1133824414","repostType":2,"repost":{"id":"1133824414","kind":"news","weMediaInfo":{"introduction":"图文并茂讲解中金深度研究报告","home_visible":1,"media_name":"中金点睛","id":"1012212489","head_image":"https://static.tigerbbs.com/6b16ed39660b4e0c835afdaf1c94aa75"},"pubTimestamp":1661574905,"share":"https://ttm.financial/m/news/1133824414?lang=en_US&edition=fundamental","pubTime":"2022-08-27 12:35","market":"us","language":"zh","title":"CICC: China and the United States signed an audit supervision cooperation agreement, how to interpret the subsequent impact","url":"https://stock-news.laohu8.com/highlight/detail?id=1133824414","media":"中金点睛","summary":"如果取得实质性进展，或将有助于缓解多数公司退市的尾部风险和市场短期压力。","content":"<p><html><head></head><body>Author: Liu Gang, Kou Yue, Zhang Weihan, etc.</p><p>On the evening of August 26, Beijing time, the website of China Securities Regulatory Commission announced that China Securities Regulatory Commission, Ministry of Finance and US regulatory agencies signed an audit cooperation agreement [1]. According to the announcement, the cooperation agreement is based on the laws and regulations of the two countries, respects international common practices, and in accordance with the principle of reciprocity and mutual benefit, makes a clear agreement on the cooperation between the two sides in regulatory inspection and investigation activities of relevant accounting firms, forming a cooperation framework that meets the laws and regulatory requirements of both sides. Correspondingly, the US Public Company Accounting Oversight Board (PCAOB) and the US Securities and Exchange Commission (SEC) have also issued relevant statements [2] [3].</p><p>Overall, we believe that the signing of the audit supervision cooperation agreement between China and the United States is the first breakthrough since the SEC included Chinese concept stock companies listed in the United States in the \"delisting risk list\" in early March this year, which triggered a series of fluctuations.<b>It is the first step to solve the long-standing regulatory risks that plague Chinese concept stocks</b>, laying the foundation for further supervision cooperation between China and the United States. Looking ahead, how the regulatory agencies of the two countries will specifically advance it will be the focus. In this process, we still need to pay attention to the consistency of the requirements of China and the United States.<b>If substantial progress is made, it may help alleviate the tail risks and short-term market pressure of most companies' delisting.</b>The subsequent medium-term trend of Chinese concept stocks and Hong Kong stock markets will still depend more on the repair of fundamentals.</p><p>Based on the latest regulatory trends, we further analyze the possible impact of the signing of this agreement, the future evolution path, and the prospects of the Chinese concept stock market.</p><p><b>The ins and outs of the Chinese concept stock issue: a long history, extensive influence, and continuous negotiation</b></p><p>The problem of Chinese concept stocks has a long history. This round of Chinese concept stock turmoil can be traced back to the signing of the \"Foreign Company Accountability Act\" by then President Trump at the end of 2020. At the end of 2021, the U.S. Securities and Exchange Commission (SEC) further issued the implementation details of the bill, and in March this year, it officially gradually included companies that did not meet its requirements in the so-called \"preliminary identification list\" and entered the actual implementation stage. Up to now, a total of more than 150 Chinese concept stock companies have been on the list [4].</p><p>One of the core contents of the bill is to require accounting firms of foreign companies to submit audit papers. If they fail to provide them for three consecutive years, they may face the risk of delisting. In addition, the bill requires foreign companies to disclose their relationships with foreign governments and prove that they are not owned or controlled by foreign governments. Therefore, since the implementation of this bill, regulatory uncertainty has become one of the important factors suppressing the performance of Chinese concept stocks and Hong Kong-listed technology stocks.</p><p>However, in response to this external uncertainty, negotiations between China and the United States have been going on. For example, after the SEC included the first batch of Chinese concept stocks in the \"preliminary identification list\" on March 10, the China Securities Regulatory Commission issued an announcement in the early morning of March 11 stating that it is \"willing to solve related issues through regulatory cooperation\" [5]. On March 16, Vice Premier Liu He of the State Council presided over a meeting of the Financial Committee, saying that the regulatory agencies of China and the United States have maintained good communication [6], made positive progress, and are working to form specific cooperation plans. China continues to support all kinds of enterprises to go public overseas. Not only that, but China is also promoting the revision of some supporting policies and regulations to adapt to the new external environment. For example, in December 2021 and April 2022, the State Council and the China Securities Regulatory Commission successively drafted the \"Regulations of the State Council on the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises (Draft for Comment)\" and revised the \"Regulations on Strengthening the Overseas Issuance and Listing of Securities by Domestic Enterprises\". Relevant Confidentiality and File Management Work (Draft for Comment) \"solicits opinions, increases the coverage of domestic companies listed in Hong Kong and the United States, and provides institutional guarantees for cross-border regulatory cooperation. Therefore, it can be seen that Sino-US regulatory cooperation is also the general direction.</p><p>Chart: Summary of overseas Chinese stock market performance and major events since 2020</p><p><img src=\"https://static.tigerbbs.com/b1ad838ac0bc148dfa2ed35a07c05033\" tg-width=\"1080\" tg-height=\"473\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, China Securities Regulatory Commission, US Securities Regulatory Commission, Hong Kong Stock Exchange, CICC Research Department</p><p>Chart: Since 2020, the uncertainty of the external regulatory environment faced by Chinese concept stocks has continued to increase</p><p><img src=\"https://static.tigerbbs.com/d563c8e97908433339870d8830d1ee54\" tg-width=\"1080\" tg-height=\"264\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: China Securities Regulatory Commission, US Securities Regulatory Commission, Hong Kong Stock Exchange, CICC Research Department</p><p><b>The main contents of the Sino-US Audit Supervision Cooperation Agreement: determining the operation process and mode, and providing sensitive information processing procedures</b></p><p>This cooperation agreement mainly makes specific arrangements for audit papers and regulatory cooperation issues that plague whether Chinese concept stocks can continue to be listed in the United States. Refer to the announcement of the CSRC:</p><p>1) Main content: The two parties have made specific arrangements for daily inspections and law enforcement investigations to cooperate with relevant accounting firms, and agreed on important matters such as the purpose of cooperation, scope of cooperation, form of cooperation, information use, and specific data protection;</p><p>2) Scope of cooperation: including assisting the other party in carrying out inspections and investigations of relevant firms. Among them, the scope of assistance provided by the Chinese side also involves some Hong Kong firms that provide audit services for Chinese concept stocks, and the audit papers are stored in the mainland;</p><p>3) Collaboration method: The two parties will communicate and coordinate the inspection and investigation activity plan in advance. The United States must obtain audit papers and other documents through the Chinese regulatory authorities, and conduct interviews and inquiries with relevant personnel of the accounting firm with the participation and assistance of the Chinese side.</p><p>In addition, this cooperation agreement also points out the following issues that the market is more concerned about or may be confused about, such as the content of audit papers, supervision forms and sensitive information:</p><p>1) Content of the manuscript: The main function of the audit working paper is to record whether the auditor has dutifully verified the accuracy of financial information such as enterprise income and expenditure in accordance with auditing standards. Therefore, it generally does not include sensitive information such as state secrets, personal privacy or underlying enterprise data.</p><p>2) Supervision object: The direct object of audit supervision is the accounting firm, not the listed company it audits;</p><p>3) Form of supervision: The regulatory agency of the place of listing selects some accounting firms for inspection every year, and there is no need to inspect all audit items of listed companies in the United States every year;</p><p>4) Processing of sensitive information: Clear agreements have been made on the processing and use of sensitive information that may involve, and special processing procedures have been set up for specific data such as personal information, providing a feasible path for both parties to perform their statutory regulatory duties while protecting relevant information security.</p><p>It is not difficult to see that this cooperation agreement has made relevant arrangements in all aspects and links involving audit supervision operations. At the same time, there are special ways to deal with some sensitive information that may be involved. Therefore, although it remains to be seen whether the specific follow-up progress will be smooth, this cooperation agreement at least provides an operational basis and takes the first step for the follow-up regulatory cooperation between the two parties.</p><p><b>The significance of signing the cooperation agreement between China and the United States: taking the first step of regulatory cooperation; Or alleviate market pressure and the delisting risk of most companies, and maintain smooth cross-border financing channels</b></p><p>Combined with the current market environment and the specific content of the agreement, we believe that this cooperation agreement is of great significance to solving the long-standing regulatory risks that have plagued Chinese concept stocks and lay the foundation for further regulatory cooperation in the future. If substantial progress is made in the end, it will help alleviate the market pressure and the delisting tail risk of some companies, and help protect the rights and interests of investors; In the medium and long term, it will help maintain smooth cross-border financing channels for Chinese enterprises and promote overseas financing for innovative enterprises. In fact, cross-border regulatory cooperation is also in line with international practice. The PCAOB of the United States has signed similar audit regulatory cooperation agreements with France, Belgium, Germany and other countries. Specifically,</p><p>► First of all, the signing of the cooperation agreement provides the possibility for further cooperation in the follow-up and ultimately solving the regulatory issues of Chinese concept stocks, especially when it comes to special handling methods of sensitive information.</p><p>► Secondly, it may alleviate the short-term market pressure and the tail risk of some companies' delisting. As we analyzed in \"Chinese Concept Stock Tracking: Future Ways and Possible Evolution\", although the final deadline required by the \"Foreign Company Accountability Act\" is the 2024 financial reporting season (concentrated from March to May), considering the actual implementation Many processes involved in the process may actually be much earlier, for example, to around November 2023, so there is not enough time. The signing of this cooperation agreement, if substantial progress is made in the end, can at least largely alleviate the market concerns and the tail risks of a considerable number of companies' delisting.</p><p>► Thirdly, retaining the listing of Chinese concept stocks in the United States through regulatory cooperation is of positive significance to protecting the interests of investors and maintaining cross-border financing channels for Chinese companies, especially overseas financing for innovative companies. In fact, the U.S. stock market has always been an important financing channel for Chinese-funded enterprises, especially innovative enterprises. Since 2010, a total of 345 Chinese concept stocks have been listed in the United States, with an initial fundraising amount of US $76.4 billion. Even this year, 13 Chinese concept stocks have been listed in the United States.</p><p><b>Follow-up progress: We still need to pay attention to the consistency of the requirements of the US and China; The extent and extent to which the manuscript can be provided is the key</b></p><p>On the basis of signing this cooperation agreement, the follow-up regulatory agencies of the two countries will focus on how to specifically promote audit cooperation. In this process, we still need to pay attention to the consistency of the requirements of China and the United States. For example, whether the U.S. side's criteria for determining the review method and scope are consistent with the acceptable methods of China.</p><p>In fact, in the latest statement, PCAOB stated that the signing of a cooperation agreement between China and the United States is important, but it is only the first step in regulatory cooperation. In the specific implementation process, the United States needs to decide by itself which companies and content it wants to review. Previously, both PCAOB and SEC officials in the United States stated that they needed full draft authority and did not accept partially abridged versions [7]. Therefore, the extent and scope to which audit papers can be provided in the end will remain the key to the subsequent regulatory cooperation between the two parties.</p><p>Chart: Relevant statements of the cooperation agreement between the China Securities Regulatory Commission and the US PCAOB</p><p><img src=\"https://static.tigerbbs.com/4bf00c6b75b35665fcc057442bff99cd\" tg-width=\"1080\" tg-height=\"404\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: CSRC, US Securities Regulatory Commission, PCAOB, CICC Research</p><p><b>Future choices for Chinese concept stocks: state-owned enterprises will be delisted, and most Chinese private stocks will have room for choice; Returning to Hong Kong stocks is still the general trend</b></p><p>In addition to state-owned enterprises and individual enterprises that may eventually fail to meet the requirements, the advancement of Sino-US regulatory cooperation will play a positive role in alleviating the delisting risk of most Chinese concept stocks. Therefore, the future outlets for Chinese concept stocks are as follows:</p><p>1) Delisting of state-owned enterprises is the benchmark situation: According to the requirements of the Foreign Companies Accountability Act, foreign companies need to disclose their relationships with foreign governments and prove that they are not owned or controlled by the government, so state-owned enterprises will basically choose to delist. In fact, five state-owned enterprises, including Sinopec and PetroChina, announced the start of delisting in the United States on August 12th. It is precisely for this consideration that it is basically in line with expectations (\"Tracking of Chinese Stocks: The Meaning and Impact of Delisting of State-owned Enterprises in the United States\").</p><p>2) Most Chinese private stocks are expected to reduce or even avoid the risk of delisting: If an agreement is finally reached, most companies can open access to audit papers to the PCAOB on the premise of complying with new confidentiality regulations, so they can maintain their listing in the United States. However, it is still not ruled out that some companies will be unable to meet some regulatory requirements due to sensitive information involved, and then choose to withdraw. The follow-up regulatory progress and details deserve attention.</p><p>However, regardless of whether it is ultimately delisted in the United States or not, choosing to go public in Hong Kong will be the main choice for Chinese concept stocks to hedge external risks. At present, 26 companies have returned to the Hong Kong stock market through secondary listings or dual primary listings (of which 17 are secondary listings and 9 are primary listings). Looking forward, with the external environment still facing large variables, we expect more qualified Chinese concept stock companies to return to Hong Kong stocks.</p><p><b>In terms of return methods, adopting or switching to primary listing will become the mainstream.</b>Compared with the secondary listing, which is the \"projection\" of overseas listing entities, choosing the dual primary listing method to return to Hong Kong can prevent the listing status in Hong Kong from being affected by the overseas listing status, and at the same time, it can also be included in the scope of Hong Kong Stock Connect (\"China Stock Tracking: What does it mean to be a primary listing?\"). In fact, we have noticed that more and more companies (XPeng Motor, Keike) have chosen dual primary listings to return to the Hong Kong stock market, and companies such as Zai Lab, Bilibili and Alibaba have also applied for or completed secondary listings. Conversion of primary listing status. We estimate that if the above-mentioned companies are converted to primary listings and included in Shanghai-Hong Kong Stock Connect, they are expected to bring in capital inflows of HK $45 billion.</p><p>For Hong Kong stocks, the return and delisting of Chinese concept stocks to Hong Kong may cause liquidity disturbances to Hong Kong stocks in the short term, but in the long run, it will help optimize the structure of Hong Kong stocks and strengthen their attractiveness. We expect that the return of a large number of Chinese concept stocks and the transfer of shares to Hong Kong stock trading will indeed have a certain impact on the already not very abundant liquidity of Hong Kong stocks. At present, the average proportion of major Chinese concept stock companies trading in Hong Kong has reached about 20% (such as Alibaba 20%). We estimate that the new financing and share conversion transactions of the 27 potential returning companies may bring about an annual liquidity absorption of HK $27.7 billion (equivalent to 9.1% of the amount of funds raised by the IPO of the Hong Kong stock market in 2021). Of course, the introduction listing method (without new financing, such as Nio and Keike) can alleviate the above pressure. In the medium and long term, we believe that the return of more Chinese concept stock companies will help further optimize the structure of the Hong Kong stock market, attract capital precipitation, and then form positive feedback from high-quality companies and funds, and further consolidate the Hong Kong stock market as a regional financial center and China's \"new economy\" bridgehead \"status.</p><p>Chart: Number of Chinese concept stocks listed in the United States and amount of funds raised</p><p><img src=\"https://static.tigerbbs.com/144d8b967ed427e4daa458d83a227b0b\" tg-width=\"737\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Wind, CICC Research</p><p>Chart: U.S. Chinese concept stock market size</p><p><img src=\"https://static.tigerbbs.com/2a9f11135d2beb26272c5668def3defe\" tg-width=\"709\" tg-height=\"415\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Wind, CICC Research</p><p>Chart: Since the reform of the listing system in 2018, 26 US Chinese concept stocks have returned to Hong Kong stocks through secondary listings and dual primary listings</p><p><img src=\"https://static.tigerbbs.com/f52e8f76ba1afba52a3254685bd27dce\" tg-width=\"1080\" tg-height=\"715\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Note: Data as of August 25, 2022; Valuation based on Bloomberg consensus estimates</p><p>Chart: The proportion of Chinese concept stocks listed in Hong Kong in Hong Kong is on the rise, but the main transactions are still in the United States</p><p><img src=\"https://static.tigerbbs.com/7d2d1be7b756231a69908d5549be32c9\" tg-width=\"710\" tg-height=\"435\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Chart: At present, the average proportion of major Chinese concept stock companies trading in Hong Kong is about 20%, of which Alibaba accounts for 20% and JD.com accounts for 21%.</p><p><img src=\"https://static.tigerbbs.com/de285dce2713c3c7440e3d7576acfb27\" tg-width=\"695\" tg-height=\"420\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Chart: New financing and share conversion transactions of 27 potential returning companies may bring about an annual liquidity absorption of HK $27.7 billion</p><p><img src=\"https://static.tigerbbs.com/9815f0ef8056c01bd91d075ca32e6585\" tg-width=\"727\" tg-height=\"445\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Chart: Even if 27 Chinese concept stocks are concentrated in listing in Hong Kong in 2022 and 2023, the scale of new financing is still within a historically reasonable range</p><p><img src=\"https://static.tigerbbs.com/d120db1e728a7b213dfbea08a2087752\" tg-width=\"736\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Chart: Calculation of potential passive funds that may be brought about if a secondary listed company is included in the eligible targets of Southbound Connect</p><p><img src=\"https://static.tigerbbs.com/dca49dc0dc20fa89c448c0ce2c1552e8\" tg-width=\"1080\" tg-height=\"513\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Note: Data as of August 25, 2022</p><p>Source: HKEx, Wind, CICC Research Department</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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According to the announcement, the cooperation agreement is based on the laws and regulations of the two countries, respects international common practices, and in accordance with the principle of reciprocity and mutual benefit, makes a clear agreement on the cooperation between the two sides in regulatory inspection and investigation activities of relevant accounting firms, forming a cooperation framework that meets the laws and regulatory requirements of both sides. Correspondingly, the US Public Company Accounting Oversight Board (PCAOB) and the US Securities and Exchange Commission (SEC) have also issued relevant statements [2] [3].</p><p>Overall, we believe that the signing of the audit supervision cooperation agreement between China and the United States is the first breakthrough since the SEC included Chinese concept stock companies listed in the United States in the \"delisting risk list\" in early March this year, which triggered a series of fluctuations.<b>It is the first step to solve the long-standing regulatory risks that plague Chinese concept stocks</b>, laying the foundation for further supervision cooperation between China and the United States. Looking ahead, how the regulatory agencies of the two countries will specifically advance it will be the focus. In this process, we still need to pay attention to the consistency of the requirements of China and the United States.<b>If substantial progress is made, it may help alleviate the tail risks and short-term market pressure of most companies' delisting.</b>The subsequent medium-term trend of Chinese concept stocks and Hong Kong stock markets will still depend more on the repair of fundamentals.</p><p>Based on the latest regulatory trends, we further analyze the possible impact of the signing of this agreement, the future evolution path, and the prospects of the Chinese concept stock market.</p><p><b>The ins and outs of the Chinese concept stock issue: a long history, extensive influence, and continuous negotiation</b></p><p>The problem of Chinese concept stocks has a long history. This round of Chinese concept stock turmoil can be traced back to the signing of the \"Foreign Company Accountability Act\" by then President Trump at the end of 2020. At the end of 2021, the U.S. Securities and Exchange Commission (SEC) further issued the implementation details of the bill, and in March this year, it officially gradually included companies that did not meet its requirements in the so-called \"preliminary identification list\" and entered the actual implementation stage. Up to now, a total of more than 150 Chinese concept stock companies have been on the list [4].</p><p>One of the core contents of the bill is to require accounting firms of foreign companies to submit audit papers. If they fail to provide them for three consecutive years, they may face the risk of delisting. In addition, the bill requires foreign companies to disclose their relationships with foreign governments and prove that they are not owned or controlled by foreign governments. Therefore, since the implementation of this bill, regulatory uncertainty has become one of the important factors suppressing the performance of Chinese concept stocks and Hong Kong-listed technology stocks.</p><p>However, in response to this external uncertainty, negotiations between China and the United States have been going on. For example, after the SEC included the first batch of Chinese concept stocks in the \"preliminary identification list\" on March 10, the China Securities Regulatory Commission issued an announcement in the early morning of March 11 stating that it is \"willing to solve related issues through regulatory cooperation\" [5]. On March 16, Vice Premier Liu He of the State Council presided over a meeting of the Financial Committee, saying that the regulatory agencies of China and the United States have maintained good communication [6], made positive progress, and are working to form specific cooperation plans. China continues to support all kinds of enterprises to go public overseas. Not only that, but China is also promoting the revision of some supporting policies and regulations to adapt to the new external environment. For example, in December 2021 and April 2022, the State Council and the China Securities Regulatory Commission successively drafted the \"Regulations of the State Council on the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises (Draft for Comment)\" and revised the \"Regulations on Strengthening the Overseas Issuance and Listing of Securities by Domestic Enterprises\". Relevant Confidentiality and File Management Work (Draft for Comment) \"solicits opinions, increases the coverage of domestic companies listed in Hong Kong and the United States, and provides institutional guarantees for cross-border regulatory cooperation. Therefore, it can be seen that Sino-US regulatory cooperation is also the general direction.</p><p>Chart: Summary of overseas Chinese stock market performance and major events since 2020</p><p><img src=\"https://static.tigerbbs.com/b1ad838ac0bc148dfa2ed35a07c05033\" tg-width=\"1080\" tg-height=\"473\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, China Securities Regulatory Commission, US Securities Regulatory Commission, Hong Kong Stock Exchange, CICC Research Department</p><p>Chart: Since 2020, the uncertainty of the external regulatory environment faced by Chinese concept stocks has continued to increase</p><p><img src=\"https://static.tigerbbs.com/d563c8e97908433339870d8830d1ee54\" tg-width=\"1080\" tg-height=\"264\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: China Securities Regulatory Commission, US Securities Regulatory Commission, Hong Kong Stock Exchange, CICC Research Department</p><p><b>The main contents of the Sino-US Audit Supervision Cooperation Agreement: determining the operation process and mode, and providing sensitive information processing procedures</b></p><p>This cooperation agreement mainly makes specific arrangements for audit papers and regulatory cooperation issues that plague whether Chinese concept stocks can continue to be listed in the United States. Refer to the announcement of the CSRC:</p><p>1) Main content: The two parties have made specific arrangements for daily inspections and law enforcement investigations to cooperate with relevant accounting firms, and agreed on important matters such as the purpose of cooperation, scope of cooperation, form of cooperation, information use, and specific data protection;</p><p>2) Scope of cooperation: including assisting the other party in carrying out inspections and investigations of relevant firms. Among them, the scope of assistance provided by the Chinese side also involves some Hong Kong firms that provide audit services for Chinese concept stocks, and the audit papers are stored in the mainland;</p><p>3) Collaboration method: The two parties will communicate and coordinate the inspection and investigation activity plan in advance. The United States must obtain audit papers and other documents through the Chinese regulatory authorities, and conduct interviews and inquiries with relevant personnel of the accounting firm with the participation and assistance of the Chinese side.</p><p>In addition, this cooperation agreement also points out the following issues that the market is more concerned about or may be confused about, such as the content of audit papers, supervision forms and sensitive information:</p><p>1) Content of the manuscript: The main function of the audit working paper is to record whether the auditor has dutifully verified the accuracy of financial information such as enterprise income and expenditure in accordance with auditing standards. Therefore, it generally does not include sensitive information such as state secrets, personal privacy or underlying enterprise data.</p><p>2) Supervision object: The direct object of audit supervision is the accounting firm, not the listed company it audits;</p><p>3) Form of supervision: The regulatory agency of the place of listing selects some accounting firms for inspection every year, and there is no need to inspect all audit items of listed companies in the United States every year;</p><p>4) Processing of sensitive information: Clear agreements have been made on the processing and use of sensitive information that may involve, and special processing procedures have been set up for specific data such as personal information, providing a feasible path for both parties to perform their statutory regulatory duties while protecting relevant information security.</p><p>It is not difficult to see that this cooperation agreement has made relevant arrangements in all aspects and links involving audit supervision operations. At the same time, there are special ways to deal with some sensitive information that may be involved. Therefore, although it remains to be seen whether the specific follow-up progress will be smooth, this cooperation agreement at least provides an operational basis and takes the first step for the follow-up regulatory cooperation between the two parties.</p><p><b>The significance of signing the cooperation agreement between China and the United States: taking the first step of regulatory cooperation; Or alleviate market pressure and the delisting risk of most companies, and maintain smooth cross-border financing channels</b></p><p>Combined with the current market environment and the specific content of the agreement, we believe that this cooperation agreement is of great significance to solving the long-standing regulatory risks that have plagued Chinese concept stocks and lay the foundation for further regulatory cooperation in the future. If substantial progress is made in the end, it will help alleviate the market pressure and the delisting tail risk of some companies, and help protect the rights and interests of investors; In the medium and long term, it will help maintain smooth cross-border financing channels for Chinese enterprises and promote overseas financing for innovative enterprises. In fact, cross-border regulatory cooperation is also in line with international practice. The PCAOB of the United States has signed similar audit regulatory cooperation agreements with France, Belgium, Germany and other countries. Specifically,</p><p>► First of all, the signing of the cooperation agreement provides the possibility for further cooperation in the follow-up and ultimately solving the regulatory issues of Chinese concept stocks, especially when it comes to special handling methods of sensitive information.</p><p>► Secondly, it may alleviate the short-term market pressure and the tail risk of some companies' delisting. As we analyzed in \"Chinese Concept Stock Tracking: Future Ways and Possible Evolution\", although the final deadline required by the \"Foreign Company Accountability Act\" is the 2024 financial reporting season (concentrated from March to May), considering the actual implementation Many processes involved in the process may actually be much earlier, for example, to around November 2023, so there is not enough time. The signing of this cooperation agreement, if substantial progress is made in the end, can at least largely alleviate the market concerns and the tail risks of a considerable number of companies' delisting.</p><p>► Thirdly, retaining the listing of Chinese concept stocks in the United States through regulatory cooperation is of positive significance to protecting the interests of investors and maintaining cross-border financing channels for Chinese companies, especially overseas financing for innovative companies. In fact, the U.S. stock market has always been an important financing channel for Chinese-funded enterprises, especially innovative enterprises. Since 2010, a total of 345 Chinese concept stocks have been listed in the United States, with an initial fundraising amount of US $76.4 billion. Even this year, 13 Chinese concept stocks have been listed in the United States.</p><p><b>Follow-up progress: We still need to pay attention to the consistency of the requirements of the US and China; The extent and extent to which the manuscript can be provided is the key</b></p><p>On the basis of signing this cooperation agreement, the follow-up regulatory agencies of the two countries will focus on how to specifically promote audit cooperation. In this process, we still need to pay attention to the consistency of the requirements of China and the United States. For example, whether the U.S. side's criteria for determining the review method and scope are consistent with the acceptable methods of China.</p><p>In fact, in the latest statement, PCAOB stated that the signing of a cooperation agreement between China and the United States is important, but it is only the first step in regulatory cooperation. In the specific implementation process, the United States needs to decide by itself which companies and content it wants to review. Previously, both PCAOB and SEC officials in the United States stated that they needed full draft authority and did not accept partially abridged versions [7]. Therefore, the extent and scope to which audit papers can be provided in the end will remain the key to the subsequent regulatory cooperation between the two parties.</p><p>Chart: Relevant statements of the cooperation agreement between the China Securities Regulatory Commission and the US PCAOB</p><p><img src=\"https://static.tigerbbs.com/4bf00c6b75b35665fcc057442bff99cd\" tg-width=\"1080\" tg-height=\"404\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: CSRC, US Securities Regulatory Commission, PCAOB, CICC Research</p><p><b>Future choices for Chinese concept stocks: state-owned enterprises will be delisted, and most Chinese private stocks will have room for choice; Returning to Hong Kong stocks is still the general trend</b></p><p>In addition to state-owned enterprises and individual enterprises that may eventually fail to meet the requirements, the advancement of Sino-US regulatory cooperation will play a positive role in alleviating the delisting risk of most Chinese concept stocks. Therefore, the future outlets for Chinese concept stocks are as follows:</p><p>1) Delisting of state-owned enterprises is the benchmark situation: According to the requirements of the Foreign Companies Accountability Act, foreign companies need to disclose their relationships with foreign governments and prove that they are not owned or controlled by the government, so state-owned enterprises will basically choose to delist. In fact, five state-owned enterprises, including Sinopec and PetroChina, announced the start of delisting in the United States on August 12th. It is precisely for this consideration that it is basically in line with expectations (\"Tracking of Chinese Stocks: The Meaning and Impact of Delisting of State-owned Enterprises in the United States\").</p><p>2) Most Chinese private stocks are expected to reduce or even avoid the risk of delisting: If an agreement is finally reached, most companies can open access to audit papers to the PCAOB on the premise of complying with new confidentiality regulations, so they can maintain their listing in the United States. However, it is still not ruled out that some companies will be unable to meet some regulatory requirements due to sensitive information involved, and then choose to withdraw. The follow-up regulatory progress and details deserve attention.</p><p>However, regardless of whether it is ultimately delisted in the United States or not, choosing to go public in Hong Kong will be the main choice for Chinese concept stocks to hedge external risks. At present, 26 companies have returned to the Hong Kong stock market through secondary listings or dual primary listings (of which 17 are secondary listings and 9 are primary listings). Looking forward, with the external environment still facing large variables, we expect more qualified Chinese concept stock companies to return to Hong Kong stocks.</p><p><b>In terms of return methods, adopting or switching to primary listing will become the mainstream.</b>Compared with the secondary listing, which is the \"projection\" of overseas listing entities, choosing the dual primary listing method to return to Hong Kong can prevent the listing status in Hong Kong from being affected by the overseas listing status, and at the same time, it can also be included in the scope of Hong Kong Stock Connect (\"China Stock Tracking: What does it mean to be a primary listing?\"). In fact, we have noticed that more and more companies (XPeng Motor, Keike) have chosen dual primary listings to return to the Hong Kong stock market, and companies such as Zai Lab, Bilibili and Alibaba have also applied for or completed secondary listings. Conversion of primary listing status. We estimate that if the above-mentioned companies are converted to primary listings and included in Shanghai-Hong Kong Stock Connect, they are expected to bring in capital inflows of HK $45 billion.</p><p>For Hong Kong stocks, the return and delisting of Chinese concept stocks to Hong Kong may cause liquidity disturbances to Hong Kong stocks in the short term, but in the long run, it will help optimize the structure of Hong Kong stocks and strengthen their attractiveness. We expect that the return of a large number of Chinese concept stocks and the transfer of shares to Hong Kong stock trading will indeed have a certain impact on the already not very abundant liquidity of Hong Kong stocks. At present, the average proportion of major Chinese concept stock companies trading in Hong Kong has reached about 20% (such as Alibaba 20%). We estimate that the new financing and share conversion transactions of the 27 potential returning companies may bring about an annual liquidity absorption of HK $27.7 billion (equivalent to 9.1% of the amount of funds raised by the IPO of the Hong Kong stock market in 2021). Of course, the introduction listing method (without new financing, such as Nio and Keike) can alleviate the above pressure. In the medium and long term, we believe that the return of more Chinese concept stock companies will help further optimize the structure of the Hong Kong stock market, attract capital precipitation, and then form positive feedback from high-quality companies and funds, and further consolidate the Hong Kong stock market as a regional financial center and China's \"new economy\" bridgehead \"status.</p><p>Chart: Number of Chinese concept stocks listed in the United States and amount of funds raised</p><p><img src=\"https://static.tigerbbs.com/144d8b967ed427e4daa458d83a227b0b\" tg-width=\"737\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Wind, CICC Research</p><p>Chart: U.S. Chinese concept stock market size</p><p><img src=\"https://static.tigerbbs.com/2a9f11135d2beb26272c5668def3defe\" tg-width=\"709\" tg-height=\"415\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Wind, CICC Research</p><p>Chart: Since the reform of the listing system in 2018, 26 US Chinese concept stocks have returned to Hong Kong stocks through secondary listings and dual primary listings</p><p><img src=\"https://static.tigerbbs.com/f52e8f76ba1afba52a3254685bd27dce\" tg-width=\"1080\" tg-height=\"715\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Note: Data as of August 25, 2022; Valuation based on Bloomberg consensus estimates</p><p>Chart: The proportion of Chinese concept stocks listed in Hong Kong in Hong Kong is on the rise, but the main transactions are still in the United States</p><p><img src=\"https://static.tigerbbs.com/7d2d1be7b756231a69908d5549be32c9\" tg-width=\"710\" tg-height=\"435\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Chart: At present, the average proportion of major Chinese concept stock companies trading in Hong Kong is about 20%, of which Alibaba accounts for 20% and JD.com accounts for 21%.</p><p><img src=\"https://static.tigerbbs.com/de285dce2713c3c7440e3d7576acfb27\" tg-width=\"695\" tg-height=\"420\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Chart: New financing and share conversion transactions of 27 potential returning companies may bring about an annual liquidity absorption of HK $27.7 billion</p><p><img src=\"https://static.tigerbbs.com/9815f0ef8056c01bd91d075ca32e6585\" tg-width=\"727\" tg-height=\"445\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Chart: Even if 27 Chinese concept stocks are concentrated in listing in Hong Kong in 2022 and 2023, the scale of new financing is still within a historically reasonable range</p><p><img src=\"https://static.tigerbbs.com/d120db1e728a7b213dfbea08a2087752\" tg-width=\"736\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Chart: Calculation of potential passive funds that may be brought about if a secondary listed company is included in the eligible targets of Southbound Connect</p><p><img src=\"https://static.tigerbbs.com/dca49dc0dc20fa89c448c0ce2c1552e8\" tg-width=\"1080\" tg-height=\"513\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Note: Data as of August 25, 2022</p><p>Source: HKEx, Wind, CICC Research Department</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8c16c8e006d32178191cb5241b3224fc","relate_stocks":{"KWEB":"中国海外互联网ETF-KraneShares","CQQQ":"中国科技指数ETF-Guggenheim"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133824414","content_text":"作者：刘刚 寇玥 张巍瀚等北京时间8月26日晚，中国证监会网站发布公告，中国证监会、财政部与美国监管机构签署审计合作协议[1]。公告表示，合作协议依据两国法律法规，尊重国际通行做法，按照对等互利原则，就双方对相关会计师事务所合作开展监管检查和调查活动做出了明确约定，形成符合双方法规和监管要求的合作框架。相应的，美国公众公司会计监督委员会(PCAOB)和美国证监会(SEC)也发表了相关声明[2][3]。整体来看，我们认为中美签署审计监管合作协议，是继今年3月初SEC依据《外国公司问责法》细则将在美上市中概股公司纳入“退市风险名单”引发一系列波动以来取得的首个突破性进展，是解决困扰中概股由来已久监管风险的第一步，为接下来中美双方监管开展进一步合作打下基础。往前看，后续两国监管机构如何具体推进将是重点，这一过程中仍需要关注中美双方要求的一致性。如果取得实质性进展，或将有助于缓解多数公司退市的尾部风险和市场短期压力，而后续中概股和港股市场的中期走势仍将更多取决于基本面的修复情况。基于最新的监管动向，我们进一步对此次协议签署的可能影响、未来的演变路径、中概股市场的前景做出分析。中概股问题的来龙去脉：由来已久、影响广泛、持续协商中概股问题由来已久。此轮中概股风波最早可以追溯到2020年底时任总统特朗普签署《外国公司问责法》。2021年底，美国证监会SEC进一步出台了该法案的实施细则，并于今年3月开始正式将不符合其要求的公司逐步列入所谓“初步识别名单”，进入实际执行阶段。截至目前，已经有总计超过150家中概股公司上榜[4]。该法案的一个核心内容，是要求外国公司的会计事务所提交审计底稿，若连续三年无法提供，或将面临退市风险。此外，该法案还要求外国公司披露其与外国政府之间的关系并证明没有被外国政府所有或控制。因此这一法案实施以来，监管不确定性就成为压制中概股和港股上市科技股表现的重要因素之一。不过针对这一外部不确定性，中美双方协商也一直在进行。例如，3月10日SEC将首批中概股列入“初步识别名单”后，中国证监会3月11日凌晨发布公告表示“愿通过监管合作解决相关问题”[5]。3月16日，国务院副总理刘鹤主持金融委会议表示，中美双方监管机构保持了良好沟通[6]，已取得积极进展，正在致力于形成具体合作方案，中方继续支持各类企业到境外上市。不仅如此，中方也在推进修改一些配套政策法规以适应新的外部环境。例如2021年12月和2022年4月，国务院和证监会先后对起草《国务院关于境内企业境外发行证券和上市的管理规定(征求意见稿)》与修订《关于加强境内企业境外发行证券和上市相关保密和档案管理工作的规定(征求意见稿)》征求意见，增加对赴中国香港和美国上市的境内企业的覆盖，为跨境监管合作提供制度保障，这也为中美监管双方合作留出了一定空间。因此可以看出，中美监管合作也是大方向。图表：2020年以来海外中资股市场表现及主要事件梳理资料来源：Bloomberg，中国证监会，美国证监会，港交所，中金公司研究部图表：2020年以来，中概股面临的外部监管环境不确定性持续增加资料来源：中国证监会，美国证监会，港交所，中金公司研究部中美审计监管合作协议的主要内容：确定操作流程与方式，提供敏感信息处理程序此次合作协议主要针对困扰中概股能否继续在美上市的审计底稿和监管合作问题做出了具体安排。参照证监会公告：1) 主要内容：就双方对相关会计师事务所合作开展日常检查与执法调查做出了具体安排，约定了合作目的、合作范围、合作形式、信息使用、特定数据保护等重要事项;2) 合作范围：包括协助对方开展对相关事务所的检查和调查。其中，中方提供协助的范围也涉及部分为中概股提供审计服务、且审计底稿存放在内地的香港事务所;3) 协作方式：双方将提前就检查和调查活动计划进行沟通协调，美方须通过中方监管部门获取审计底稿等文件，在中方参与和协助下对会计师事务所相关人员开展访谈和问询。此外，此次合作协议还指出了以下关于审计底稿内容、监管形式和敏感信息等市场较为关注或者可能混淆的问题：1) 底稿内容：审计工作底稿的主要功能是记载审计师是否依照审计准则尽职尽责地验证企业收入支出等财务信息准确性，因此一般并不包括国家秘密、个人隐私或企业底层数据等敏感信息。2) 监管对象：审计监管的直接对象是会计师事务所，而非其审计的上市公司;3) 监管形式：上市地监管机构每年抽选部分会计师事务所进行检查，无须每年检查全部在美上市公司审计项目;4) 敏感信息处理：对可能涉及敏感信息的处理和使用做出了明确约定，针对个人信息等特定数据设置了专门处理程序，为双方履行法定监管职责的同时保护相关信息安全提供了可行路径。不难看出，此次合作协议在涉及审计监管操作的各个方面和环节都做了相关安排。同时，对于可能涉及到的一些敏感信息有专门处理的方式。因此，虽然后续具体进展是否顺利还有待观察，但这一合作协议至少为后续双方监管合作提供了操作基础、迈出了第一步。中美签署合作协议的意义：迈出监管合作的第一步;或缓解市场压力和多数公司退市风险、维持跨境融资渠道畅通结合当前的市场环境和协议具体内容，我们认为，此次合作协议对于解决困扰中概股由来已久的监管风险具有重要意义，为后续进一步开展监管合作打下基础。如果最终取得实质性进展，将有助于缓解市场压力和部分公司的退市尾部风险，有助于保护投资者权益;中长期有助于维持中国企业跨境融资渠道畅通、促进创新企业海外融资。实际上，跨境监管合作也符合国际惯例，美国PCAOB与法国、比利时、德国等多个国家也都签署了类似的审计监管合作协议。具体来看，► 首先，合作协议的签署为后续开展进一步合作并最终解决中概股监管问题提供了可能，尤其是涉及到敏感信息的专门处理方式。► 其次，或缓解短期市场压力和部分公司退市的尾部风险。如我们在《中概股追踪：未来出路与可能演变》分析，尽管《外国公司问责法》要求的最终截止日是2024年的财报季(集中在3~5月)，但考虑到实际执行过程所涉及到的很多流程，实际时间可能要早很多，例如提前到2023年11月前后，因此时间并不充裕。此次合作协议的签署，如果最终取得实质性进展，至少可以在很大程度上缓解市场的担忧情绪和相当一部分公司退市的尾部风险。► 再次，通过监管合作保留中概股在美上市，对保护投资者利益、维持中国企业跨境融资渠道，特别是创新类企业海外融资都有积极意义。实际上，美股市场一直是中资企业、尤其是创新类企业的重要融资渠道，2010年以来累计345家中概股赴美上市，首发募资金额764亿美元。即便今年以来仍有13家中概股赴美上市。后续进展：仍需关注美方与中方要求的一致性;多大程度和范围内能够提供底稿是关键在签署这一合作协议的基础上，后续两国监管机构如何就具体推进审计合作将是重点。在这一过程中，仍需要关注中美双方要求的一致性，例如，美方对于审查方式和审查范围的认定标准，是否与中方可以接受的方式一致。实际上，在最新声明中，PCAOB表示中美签署合作协议固然重要、但只是监管合作的第一步。在具体执行过程中，美方需要自行决定希望审查的公司和内容。此前，美方不论是PCAOB还是SEC官员也都表示，需要全面底稿权限而不接受部分删节的版本[7]。因此，最终在多大程度和范围内能够提供审计底稿，仍将是后续双方监管合作的关键。图表：中国证监会与美国PCAOB对于合作协议的相关表述资料来源：中国证监会，美国证监会，PCAOB，中金公司研究部中概股的未来选择：国企退市、多数中资民营股将有选择空间；回归港股仍是大势所趋除了国企和个别可能最终无法满足要求的企业，中美监管合作的推进，对于缓解多数中概股的退市风险将起到积极作用，因此未来中概股的出路主要有以下几种：1) 国企退市是基准情形：根据《外国公司问责法》要求，外国公司需披露其与外国政府之间的关系并证明其没有被政府所有或控制，因此国企基本都将选择退市。实际上，中国石化、中国石油等5家国企于8月12日宣布启动美国退市，也正是出于此项考虑，基本符合预期(《中概股追踪：国企在美退市的含义与影响》)。2) 多数中资民营股有望降低甚至或避免退市风险：若最终达成一致，多数企业可在符合保密新规的前提下向PCAOB开放审计底稿访问权限，因此可以维持在美上市。但是，仍不排除部分企业会由于涉及敏感信息而无法满足一些监管要求，继而选择退，后续监管进展和细节值得关注。但无论最终在美退市与否，选择赴港上市都将是中概股对冲外部风险的主要选择。目前已有26家公司通过二次上市或双重主要上市回归港股(其中17家为二次上市，9家为主要上市)。往前看，在外部环境依然面临较大变数情况下，我们预计更多符合条件的中概股公司回归港股。回归方式上，采用或转为主要上市将成为主流。相比作为海外上市主体“投影”的二次上市，选择双重主要上市方式回港可以使在港上市地位不受海外上市状况影响，同时还可纳入港股通范围(《中概股追踪：转成主要上市意味着什么?》)。实际上，我们注意到越来越多的公司(小鹏汽车、贝壳)选择双重主要上市回归港股，且再鼎医药、哔哩哔哩和阿里巴巴等公司也已经申请或完成了二次上市向主要上市地位的转换。我们测算，上述公司如果转为主要上市并纳入沪港通后，有望带来450亿港元的资金流入。对港股而言，中概股回港和退市或对港股短期有流动性扰动，但长期有助于优化港股结构并强化吸引力。我们预计大量中概股回归和股份转到港股交易，的确将会对港股本就不非常充裕的流动性造成一定影响，目前已经回归的主要中概股公司在港交易的比例平均已达20%左右(如阿里巴巴20%)。我们测算，27家潜在回归公司新增融资和股份转换交易可能带来每年277亿港元的流动性吸收(相当于2021年全年港股主板IPO募资金额的9.1%)。当然，采用介绍上市方式(不新增融资，例如蔚来和贝壳)可以减轻上述压力。中长期看，我们认为更多中概股公司的回归有助于进一步优化港股市场结构，吸引资金沉淀，进而形成优质公司和资金的正反馈，进一步巩固港股市场作为区域金融中心以及中国“新经济桥头堡”的地位。图表：中概股赴美上市数量及募资金额资料来源：Wind，中金公司研究部图表：美国中概股市场规模资料来源：Wind，中金公司研究部图表：2018年上市制度改革以来，已有26支美国中概股通过二次上市和双重主要上市回归港股资料来源：Bloomberg，Wind，中金公司研究部注：数据截止至2022年8月25日;估值基于Bloomberg一致预期图表：赴港上市中概股在香港部分的占比呈现上升趋势，但主要成交仍还在美国资料来源：Bloomberg，Wind，中金公司研究部图表：目前已经回归的主要中概股公司在港交易的比例平均在20%左右，其中阿里巴巴20%、京东为21%资料来源：Bloomberg，Wind，中金公司研究部图表：27家潜在回归公司新增融资和股份转换交易可能带来每年277亿港元的流动性吸收资料来源：Bloomberg，Wind，中金公司研究部图表：即便27家中概股集中在2022年和2023年赴港上市，新增融资规模也仍在历史较合理的范围内资料来源：Bloomberg，Wind，中金公司研究部图表：若二次上市公司被纳入港股通合资格标的，可能带来的潜在被动资金测算注：数据截止至2022年8月25日资料来源：港交所，Wind，中金公司研究部","news_type":1,"symbols_score_info":{"KWEB":0.9,"CQQQ":0.9}},"isVote":1,"tweetType":1,"viewCount":2581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9052208599,"gmtCreate":1655173161611,"gmtModify":1676535575748,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586317757274365","authorIdStr":"3586317757274365"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9052208599","repostId":"2243761984","repostType":4,"isVote":1,"tweetType":1,"viewCount":2423,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9024176922,"gmtCreate":1653832261566,"gmtModify":1676535348262,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586317757274365","authorIdStr":"3586317757274365"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9024176922","repostId":"1179976673","repostType":4,"repost":{"id":"1179976673","kind":"news","pubTimestamp":1653708677,"share":"https://ttm.financial/m/news/1179976673?lang=en_US&edition=fundamental","pubTime":"2022-05-28 11:31","market":"hk","language":"zh","title":"Li Yanhong wants to turn crisis into opportunity, but Baidu still lacks a product sharp knife","url":"https://stock-news.laohu8.com/highlight/detail?id=1179976673","media":"36氪","summary":"百度想再次成为一家伟大的企业。","content":"<p><html><head></head><body>Author: Li Anqi</p><p><a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Life is not easy. According to Baidu's just-released financial report for the first quarter of 2022, it had a net loss of 885 million yuan (including a long-term investment loss of 3 billion yuan), compared with a net profit of 25.653 billion yuan in the same period last year.</p><p>When the epidemic is besieged, how will a company allocate its stretched resources?</p><p>Reducing spending is the most common and expected means. Baidu has reduced its sales and administrative expenses by 11%-which is consistent with the \"shrinking\" impression it has left on everyone due to its continuous layoffs in the past period.</p><p>But surprisingly, Baidu's R&D investment not only did not shrink this quarter, but also increased by 10% year-on-year; Looking at it from another perspective, the research and development expenses of 5.134 billion yuan this quarter are equivalent to 24% of its core revenue-this is consistent with the many public statements made by Baidu founder Robin Li. The founder with a technical background once said: When you have 1 yuan, you will invest it in technology; There are 100 million, which will be invested in technology; With 10 billion, it will still be invested in technology.</p><p>\"Crisis and opportunity have always been two sides of the same body. When there are difficulties in the market, there must be innovative solutions to solve the difficulties at the same time. In the history of business, many great companies, epoch-making innovative products, services and business models have emerged during economic difficulties.\" Li Yanhong said in an internal letter.</p><p>Already lagging behind<a href=\"https://laohu8.com/S/00700\">Tencent</a>Today, with Ali in the same position, it is not an exaggeration to say that Baidu is underdog. However, this big company, which missed the mobile era and failed to recover after its reputation was damaged, is trying to stabilize its advertising fundamentals while raising its bets to open up new markets.</p><p>As Baidu's basic market and cash cow's online marketing business, this quarter only fell by 4% year-on-year, which is not easy-Tencent's advertising business revenue fell by 16% year-on-year in the same period this year. And Baidu's non-online marketing (including Baidu<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Cloud and other AI businesses) revenue increased by 35% year-on-year. Although its cloud business base is small and its market ranking is lower than that of Ali, Tencent and Huawei, it is still eye-catching-Tencent's business segment has a year-on-year growth rate of 10%.</p><p>In addition, Chinese concept stocks generally rose on the night of the financial report release (Tencent ADR rose 3.4%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Up 9.5%), Baidu closed up more than 14% on May 26. The market seems to be voting in favor of Baidu.</p><p>One of the new businesses that Baidu is trying to add to is the cloud business. Recently, Shen Dou, executive vice president of Baidu Group, has been adjusted from the head of the mobile ecosystem business to the head of the intelligent cloud business. Within Baidu, smart cloud is regarded as the second growth curve, and Baidu obviously hopes to use a big future to drive cloud business performance.</p><p>Another business that Baidu is trying to add to is the automotive sector, including self-driving taxis (Robotaxi) and other businesses-this requires a lot of research and development expenses, but it is difficult to achieve results in the short term. The one that is most likely to be effective in the short term is Jidu Automobile, which directly builds cars and is a joint venture with Geely. This business was mentioned many times by Li Yanhong in the financial report meeting. \"We are full of excitement about Jidu and hope to integrate our AI capabilities into Jidu.\" Robin Li called it \"a four-wheel machine<a href=\"https://laohu8.com/S/300024\">Robot</a>。”</p><p>Baidu's shift in center of gravity is reflected in various actions.<a href=\"https://laohu8.com/S/KRKR\">36 Krypton</a>Recently, it was exclusively reported that Baidu has just included Baidu Maps in the automotive business segment.</p><p>The determination to increase research and development and try to open up new fields even in difficult times is certainly worth expecting, but Baidu once proposed \"All-in AI\" and it is difficult to see operating income for a long time. This risk should not be forgotten.<b>How to make a product that can \"explode\" in the long-term technical investment that is difficult to see profits? This is the truest and most urgent challenge when Baidu talks about its technical dream.</b></p><p>Three major adjustments in the basic advertising market</p><p>At the previous financial report meeting for the fourth quarter of 2021, Baidu had stated that if the epidemic does not worsen after the first quarter of 2022, the advertising business will reach its lowest point. However, in this financial report meeting, Baidu has given up its prediction of the turning point of the advertising business. \"The second quarter may have improved, but there is still a lot of uncertainty right now,\" Robin Li said.</p><p>This is quite \"lying flat\". However, according to 36 Krypton, Baidu has adjusted and reformed the content system, sales system and organizational structure of its advertising business.</p><p>The latest reform on the content side was in April 2021. At that time, Shen Dou, the head of Baidu's mobile ecosystem business, proposed the \"X + Y strategy\" of the mobile ecosystem, that is, upgrading to service and personalization in an all-round way. Vertical industries such as health, e-commerce, and video allow users to obtain a complete information search + service experience in Baidu's mobile ecosystem.</p><p>Take Baidu App as an example. At present, Baidu App is no longer a simple search tool, but more like a comprehensive platform that uses \"search\" as the fulcrum to incite local life services. Users can check express delivery, book hotels, book movie tickets, etc.</p><p>Changes on the content side have also brought certain results. According to the financial report data, in March 2022, the MAU of Baidu App increased by 13% year-on-year to 632 million, and the proportion of daily login users reached 83%.</p><p>In terms of sales system, in March this year, Baidu made a comprehensive adjustment to the sales system of mobile ecosystem: the previous sales model of KA (major customers) was adjusted to be distinguished by customer types, focusing on setting up several major industries covering mass consumption, big health, content consumption, business services, etc.</p><p>Baidu hopes that in addition to advertising business, it can also achieve diversified income such as membership, reward, transaction, and business orders through network disk, e-commerce, and life services. However, there is not much progress in the reform of the sales system yet.</p><p>After the changes on both sides of content and sales, Baidu directly carried out major adjustments to high-level personnel: On May 5, Shen Dou officially switched tracks and became the head of the intelligent cloud business. He has a more important task: to shoulder the second growth curve business The growth of intelligent cloud. The mobile ecological business is held by He Junjie, the new senior vice president of Baidu Group.</p><p>It can be seen that after the reform of the content sales system is completed, the long-term direction of Baidu's mobile ecosystem has stabilized. As for whether to make money or not and how to stabilize the basic market, it is left to He Junjie. He has helped Baidu successfully operate a number of investment and acquisition projects-as a manager with a financial line background, it is worth observing whether He Junjie will do more control on cost investment in the future.</p><p>Looking back on the past, we will find that the transformation of Baidu's search business always seems to be accompanied by haze: the second half of the PC era encountered the rapid expansion of the mobile Internet. After Baidu recovered from its mobile ecological business, the short video platform has invaded in all directions. In addition, in the face of the epidemic, its mobile ecological strategy has always lacked an opportunity to display its muscles smoothly. In the years since Shen Dou became the No. 1 position in the basic business, the potential of this business has been tapped for several years. It's hard to imagine any big growth in this business.</p><p>Baidu said: During the epidemic, Baidu is also testing the waters in many ways, launching new products such as Wenyiwen. But obviously, there is still no splash.</p><p><b>To B problem requiring continuous watering</b></p><p>If Baidu has a \"stability-seeking\" mentality for its advertising fundamentals, then it obviously has high hopes for the second growth curve.</p><p>It is undeniable that the AI business has become a part that cannot be ignored in Baidu's financial report, especially Baidu's intelligent cloud business. In the first quarter, Baidu's smart cloud business grew revenue at 3.9 billion, a year-on-year increase of 45%, which was slower than the 60%-70% growth rate in previous quarters.</p><p>\"Many customers are large enterprises or government agencies, and they are very willing to communicate face to face. If there is no way to meet, there is no way to advance many things.\" Li Yanhong was frank about the challenges brought by the epidemic to the intelligent cloud business at the financial report meeting.</p><p>It is understood that Baidu Smart Cloud is mainly implemented in the fields of manufacturing, water affairs, energy, transportation, finance and government affairs. In the field of intelligent transportation, Baidu ACE intelligent transportation solution has been adopted by 41 cities, and the contract amount of cities exceeds 10 million yuan.</p><p>In the field of industrial manufacturing, Baidu Vice President Li Shuo previously told 36Kr that Baidu's artificial intelligence technology can help power and water companies automatically monitor energy consumption, automatically adjust specific workshops and production lines, and help enterprises improve production efficiency.</p><p>However, Baidu Smart Cloud is still at a loss. Compared with the e-commerce retail anchored by Ali and the entertainment and game fields anchored by Tencent, it is difficult for AI technology to empower traditional fields such as industry and energy to have a very general methodology. The transformation of intelligent manufacturing in these traditional fields has varying levels and needs. Different, it takes a longer wait.</p><p>At present, Baidu is still in a state of multi-party running and setting benchmarking projects. Baidu Smart Cloud needs to extract experience from the project to the greatest extent and copy it to the large-scale industry track faster, so as to get rid of the unprofitable status quo.</p><p><b>Automotive products face a big test</b></p><p>Compared with the To B problem that requires continuous watering, the automobile business is probably a public test that Baidu is about to face.</p><p>It is understood that the concept car ROBO-01, the first model of Baidu's car brand Jidu Automobile, will be unveiled in early June. Xia Yiping, CEO of Jidu Automobile, also announced the latest car-making progress on Weibo: Jidu's first mass-produced car started body mold casting, officially moving from model design to the preparation stage of mass production and manufacturing of the whole vehicle.</p><p>At the financial report meeting, Robin Li said: Jidu Automobile is expected to start accepting orders next year, targeting the passenger car market of 200,000 yuan. Jidu will release a second model in the second half of this year. According to sources to 36 Krypton, Li Yanhong's OKR even clearly wrote down the pre-order goal to be achieved by Jidu Automobile this year.</p><p>It can be expected that Baidu is making every effort to promote the implementation of Jidu. According to 36 Krypton, Baidu has set up an internal integration innovation department to support Jidu's work, including dredging and<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>And other chip suppliers' cooperation.</p><p>For Baidu, there has been a lingering shadow of the \"Wei Zexi Incident\" in its To C communication history, and the C-end products only have a few Xiaodu smart speakers. Although the brand building, technical products, and sales channels of automobiles are all independently operated by Jidu Automobile, the haze is more or less accompanied by it.</p><p>Whether product strength can be used to impress consumers, establish a new image and bring new benefits is crucial to Jidu and Baidu. The former needs to survive among the new car-making forces, while Baidu needs to use Jidu's products to incite more OEMs and strive for a larger automobile To B market.</p><p>At present, in addition to providing intelligent driving solutions to Jidu, Baidu is also seeking more cooperation. With<a href=\"https://laohu8.com/S/002594\">BYD</a>, Dongfeng Lantu and other car companies have reached cooperation with Baidu. It is understood that Baidu's intelligent driving solution ASD and in-vehicle infotainment system Xiaodu in-vehicle OS have received a total of about 10 billion fixed-point and contracted projects, compared with 8 billion in the last quarter.</p><p>In terms of autonomous driving, Baidu's autonomous driving travel service platform Luobo Kuaipao provided 196,000 rides in the first quarter. At present, Baidu's self-driving vehicles are providing unmanned manned services in Beijing and conducting unmanned road tests in Chongqing. The investment is not small, but as a business limited by technology and urban traffic regulations, its commercialization is still in a tepid state.</p><p>Jidu Auto is the sharp knife that Baidu is most likely to stab at present. However, at the moment when \"Wei Xiaoli\" is surrounded and Xiaomi Lei Jun leaves to build cars, there are not many time windows left for Jidu and opportunities to make mistakes.</p><p></body></html></p>","source":"36k","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Li Yanhong wants to turn crisis into opportunity, but Baidu still lacks a product sharp knife</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\">\nLi Yanhong wants to turn crisis into opportunity, but Baidu still lacks a product sharp knife\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2022-05-28 11:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Author: Li Anqi</p><p><a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Life is not easy. According to Baidu's just-released financial report for the first quarter of 2022, it had a net loss of 885 million yuan (including a long-term investment loss of 3 billion yuan), compared with a net profit of 25.653 billion yuan in the same period last year.</p><p>When the epidemic is besieged, how will a company allocate its stretched resources?</p><p>Reducing spending is the most common and expected means. Baidu has reduced its sales and administrative expenses by 11%-which is consistent with the \"shrinking\" impression it has left on everyone due to its continuous layoffs in the past period.</p><p>But surprisingly, Baidu's R&D investment not only did not shrink this quarter, but also increased by 10% year-on-year; Looking at it from another perspective, the research and development expenses of 5.134 billion yuan this quarter are equivalent to 24% of its core revenue-this is consistent with the many public statements made by Baidu founder Robin Li. The founder with a technical background once said: When you have 1 yuan, you will invest it in technology; There are 100 million, which will be invested in technology; With 10 billion, it will still be invested in technology.</p><p>\"Crisis and opportunity have always been two sides of the same body. When there are difficulties in the market, there must be innovative solutions to solve the difficulties at the same time. In the history of business, many great companies, epoch-making innovative products, services and business models have emerged during economic difficulties.\" Li Yanhong said in an internal letter.</p><p>Already lagging behind<a href=\"https://laohu8.com/S/00700\">Tencent</a>Today, with Ali in the same position, it is not an exaggeration to say that Baidu is underdog. However, this big company, which missed the mobile era and failed to recover after its reputation was damaged, is trying to stabilize its advertising fundamentals while raising its bets to open up new markets.</p><p>As Baidu's basic market and cash cow's online marketing business, this quarter only fell by 4% year-on-year, which is not easy-Tencent's advertising business revenue fell by 16% year-on-year in the same period this year. And Baidu's non-online marketing (including Baidu<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Cloud and other AI businesses) revenue increased by 35% year-on-year. Although its cloud business base is small and its market ranking is lower than that of Ali, Tencent and Huawei, it is still eye-catching-Tencent's business segment has a year-on-year growth rate of 10%.</p><p>In addition, Chinese concept stocks generally rose on the night of the financial report release (Tencent ADR rose 3.4%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Up 9.5%), Baidu closed up more than 14% on May 26. The market seems to be voting in favor of Baidu.</p><p>One of the new businesses that Baidu is trying to add to is the cloud business. Recently, Shen Dou, executive vice president of Baidu Group, has been adjusted from the head of the mobile ecosystem business to the head of the intelligent cloud business. Within Baidu, smart cloud is regarded as the second growth curve, and Baidu obviously hopes to use a big future to drive cloud business performance.</p><p>Another business that Baidu is trying to add to is the automotive sector, including self-driving taxis (Robotaxi) and other businesses-this requires a lot of research and development expenses, but it is difficult to achieve results in the short term. The one that is most likely to be effective in the short term is Jidu Automobile, which directly builds cars and is a joint venture with Geely. This business was mentioned many times by Li Yanhong in the financial report meeting. \"We are full of excitement about Jidu and hope to integrate our AI capabilities into Jidu.\" Robin Li called it \"a four-wheel machine<a href=\"https://laohu8.com/S/300024\">Robot</a>。”</p><p>Baidu's shift in center of gravity is reflected in various actions.<a href=\"https://laohu8.com/S/KRKR\">36 Krypton</a>Recently, it was exclusively reported that Baidu has just included Baidu Maps in the automotive business segment.</p><p>The determination to increase research and development and try to open up new fields even in difficult times is certainly worth expecting, but Baidu once proposed \"All-in AI\" and it is difficult to see operating income for a long time. This risk should not be forgotten.<b>How to make a product that can \"explode\" in the long-term technical investment that is difficult to see profits? This is the truest and most urgent challenge when Baidu talks about its technical dream.</b></p><p>Three major adjustments in the basic advertising market</p><p>At the previous financial report meeting for the fourth quarter of 2021, Baidu had stated that if the epidemic does not worsen after the first quarter of 2022, the advertising business will reach its lowest point. However, in this financial report meeting, Baidu has given up its prediction of the turning point of the advertising business. \"The second quarter may have improved, but there is still a lot of uncertainty right now,\" Robin Li said.</p><p>This is quite \"lying flat\". However, according to 36 Krypton, Baidu has adjusted and reformed the content system, sales system and organizational structure of its advertising business.</p><p>The latest reform on the content side was in April 2021. At that time, Shen Dou, the head of Baidu's mobile ecosystem business, proposed the \"X + Y strategy\" of the mobile ecosystem, that is, upgrading to service and personalization in an all-round way. Vertical industries such as health, e-commerce, and video allow users to obtain a complete information search + service experience in Baidu's mobile ecosystem.</p><p>Take Baidu App as an example. At present, Baidu App is no longer a simple search tool, but more like a comprehensive platform that uses \"search\" as the fulcrum to incite local life services. Users can check express delivery, book hotels, book movie tickets, etc.</p><p>Changes on the content side have also brought certain results. According to the financial report data, in March 2022, the MAU of Baidu App increased by 13% year-on-year to 632 million, and the proportion of daily login users reached 83%.</p><p>In terms of sales system, in March this year, Baidu made a comprehensive adjustment to the sales system of mobile ecosystem: the previous sales model of KA (major customers) was adjusted to be distinguished by customer types, focusing on setting up several major industries covering mass consumption, big health, content consumption, business services, etc.</p><p>Baidu hopes that in addition to advertising business, it can also achieve diversified income such as membership, reward, transaction, and business orders through network disk, e-commerce, and life services. However, there is not much progress in the reform of the sales system yet.</p><p>After the changes on both sides of content and sales, Baidu directly carried out major adjustments to high-level personnel: On May 5, Shen Dou officially switched tracks and became the head of the intelligent cloud business. He has a more important task: to shoulder the second growth curve business The growth of intelligent cloud. The mobile ecological business is held by He Junjie, the new senior vice president of Baidu Group.</p><p>It can be seen that after the reform of the content sales system is completed, the long-term direction of Baidu's mobile ecosystem has stabilized. As for whether to make money or not and how to stabilize the basic market, it is left to He Junjie. He has helped Baidu successfully operate a number of investment and acquisition projects-as a manager with a financial line background, it is worth observing whether He Junjie will do more control on cost investment in the future.</p><p>Looking back on the past, we will find that the transformation of Baidu's search business always seems to be accompanied by haze: the second half of the PC era encountered the rapid expansion of the mobile Internet. After Baidu recovered from its mobile ecological business, the short video platform has invaded in all directions. In addition, in the face of the epidemic, its mobile ecological strategy has always lacked an opportunity to display its muscles smoothly. In the years since Shen Dou became the No. 1 position in the basic business, the potential of this business has been tapped for several years. It's hard to imagine any big growth in this business.</p><p>Baidu said: During the epidemic, Baidu is also testing the waters in many ways, launching new products such as Wenyiwen. But obviously, there is still no splash.</p><p><b>To B problem requiring continuous watering</b></p><p>If Baidu has a \"stability-seeking\" mentality for its advertising fundamentals, then it obviously has high hopes for the second growth curve.</p><p>It is undeniable that the AI business has become a part that cannot be ignored in Baidu's financial report, especially Baidu's intelligent cloud business. In the first quarter, Baidu's smart cloud business grew revenue at 3.9 billion, a year-on-year increase of 45%, which was slower than the 60%-70% growth rate in previous quarters.</p><p>\"Many customers are large enterprises or government agencies, and they are very willing to communicate face to face. If there is no way to meet, there is no way to advance many things.\" Li Yanhong was frank about the challenges brought by the epidemic to the intelligent cloud business at the financial report meeting.</p><p>It is understood that Baidu Smart Cloud is mainly implemented in the fields of manufacturing, water affairs, energy, transportation, finance and government affairs. In the field of intelligent transportation, Baidu ACE intelligent transportation solution has been adopted by 41 cities, and the contract amount of cities exceeds 10 million yuan.</p><p>In the field of industrial manufacturing, Baidu Vice President Li Shuo previously told 36Kr that Baidu's artificial intelligence technology can help power and water companies automatically monitor energy consumption, automatically adjust specific workshops and production lines, and help enterprises improve production efficiency.</p><p>However, Baidu Smart Cloud is still at a loss. Compared with the e-commerce retail anchored by Ali and the entertainment and game fields anchored by Tencent, it is difficult for AI technology to empower traditional fields such as industry and energy to have a very general methodology. The transformation of intelligent manufacturing in these traditional fields has varying levels and needs. Different, it takes a longer wait.</p><p>At present, Baidu is still in a state of multi-party running and setting benchmarking projects. Baidu Smart Cloud needs to extract experience from the project to the greatest extent and copy it to the large-scale industry track faster, so as to get rid of the unprofitable status quo.</p><p><b>Automotive products face a big test</b></p><p>Compared with the To B problem that requires continuous watering, the automobile business is probably a public test that Baidu is about to face.</p><p>It is understood that the concept car ROBO-01, the first model of Baidu's car brand Jidu Automobile, will be unveiled in early June. Xia Yiping, CEO of Jidu Automobile, also announced the latest car-making progress on Weibo: Jidu's first mass-produced car started body mold casting, officially moving from model design to the preparation stage of mass production and manufacturing of the whole vehicle.</p><p>At the financial report meeting, Robin Li said: Jidu Automobile is expected to start accepting orders next year, targeting the passenger car market of 200,000 yuan. Jidu will release a second model in the second half of this year. According to sources to 36 Krypton, Li Yanhong's OKR even clearly wrote down the pre-order goal to be achieved by Jidu Automobile this year.</p><p>It can be expected that Baidu is making every effort to promote the implementation of Jidu. According to 36 Krypton, Baidu has set up an internal integration innovation department to support Jidu's work, including dredging and<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>And other chip suppliers' cooperation.</p><p>For Baidu, there has been a lingering shadow of the \"Wei Zexi Incident\" in its To C communication history, and the C-end products only have a few Xiaodu smart speakers. Although the brand building, technical products, and sales channels of automobiles are all independently operated by Jidu Automobile, the haze is more or less accompanied by it.</p><p>Whether product strength can be used to impress consumers, establish a new image and bring new benefits is crucial to Jidu and Baidu. The former needs to survive among the new car-making forces, while Baidu needs to use Jidu's products to incite more OEMs and strive for a larger automobile To B market.</p><p>At present, in addition to providing intelligent driving solutions to Jidu, Baidu is also seeking more cooperation. With<a href=\"https://laohu8.com/S/002594\">BYD</a>, Dongfeng Lantu and other car companies have reached cooperation with Baidu. It is understood that Baidu's intelligent driving solution ASD and in-vehicle infotainment system Xiaodu in-vehicle OS have received a total of about 10 billion fixed-point and contracted projects, compared with 8 billion in the last quarter.</p><p>In terms of autonomous driving, Baidu's autonomous driving travel service platform Luobo Kuaipao provided 196,000 rides in the first quarter. At present, Baidu's self-driving vehicles are providing unmanned manned services in Beijing and conducting unmanned road tests in Chongqing. The investment is not small, but as a business limited by technology and urban traffic regulations, its commercialization is still in a tepid state.</p><p>Jidu Auto is the sharp knife that Baidu is most likely to stab at present. However, at the moment when \"Wei Xiaoli\" is surrounded and Xiaomi Lei Jun leaves to build cars, there are not many time windows left for Jidu and opportunities to make mistakes.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://36kr.com/p/1759069616563456\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/696b32447d1c181a7397c96ba125d7bd","relate_stocks":{"BIDU":"百度","09888":"百度集团-SW"},"source_url":"https://36kr.com/p/1759069616563456","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179976673","content_text":"作者：李安琪百度的日子也不好过。根据百度刚发布的2022年一季度财报，它净亏损8.85亿元（计入长期投资亏损30亿），而上年同期是净利润256.53亿元。疫情围困之际，一家公司会将如何调配捉襟见肘的资源？缩减开支是最常见、最意料之中的手段。百度在销售及管理费用上缩减了11%的开支——这与它过去一段时间持续裁员、给大家留下的“收缩”印象相符。但出人意表的是，百度的研发投入本季度不仅没有缩减，还同比上涨了10%；换个视角看，本季51.34亿元的研发费用，更是相当于其核心营收的24%——这跟百度创始人李彦宏的多次公开表态言行一致。这位技术出身的创始人曾说过：有1块钱的时候，会投进技术里；有1个亿，会投进技术里；有100个亿，还是会投进技术里。“危和机从来都是一体两面。市场存在困难，就一定同时需要解决困难的创新方案。在商业历史上，很多伟大的公司、划时代的创新产品、服务和商业模式，都是在经济困难时期出现的。”李彦宏在内部信中如此说道。在已经落后腾讯、阿里一个身位的今天，说百度是underdog也并不过分。但这家错失移动时代、名誉受损后也未能恢复的大公司，正试图一边稳住广告基本盘，一边加注开辟新的市场。作为百度基本盘、现金牛的在线营销业务，本季仅同比下降4%，已属不易——腾讯今年同期广告业务收入同比下降 16%。而百度非在线营销（包括百度智能云和其他AI业务）收入则同比增长35%，虽然考虑其云业务基数较小、市场排名低于阿里腾讯华为，但也堪称亮眼——腾讯该业务板块同比增速为10%。再叠加上财报发布当晚中概股普涨（腾讯ADR涨3.4%、拼多多涨9.5%），5月26日百度收盘涨幅超14%。市场似乎正对百度投下赞同票。百度试图加注的新业务之一，正是云业务。近期，百度集团执行副总裁沈抖已经从移动生态业务掌门人，调整为智能云业务负责人。在百度内部，智能云被视为第二增长曲线，百度显然希望用一名大将来带动云业务业绩。百度试图加注的另一项业务，则是汽车板块，包括自动驾驶出租车（Robotaxi）等业务——这需要大量的研发费用，但却短期难以见效。最可能在短期有效果的，是直接造车、跟吉利合资的集度汽车。该业务在财报会中被李彦宏多次提及。“我们对集度充满了兴奋，希望将我们的 AI 能力等都整合到集度中去。”李彦宏称之为“一台有四个轮子的机器人。”百度的这种重心挪移正体现在各种动作上，36氪近期曾独家报道，百度刚把百度地图划入汽车业务板块。即便在艰难时刻也要加注研发、试图开辟新领域的决心固然值得期许，但是百度曾提出“All-in AI”并久久难见经营收益，这种风险也不该被忘记。如何在长期难见收益的技术投入中，做出能“爆”的落地产品？这是百度谈技术梦想时，最真实也最迫切的挑战。广告基本盘的三次大调整此前2021年四季度财报会上，百度曾表示如果2022年一季度后疫情不再恶化，广告业务将迎来最低点。然而此次财报会中，百度已经放弃了对广告业务转折点的预测。“第二季度或许有所好转，但是现在不确定性还是挺多的。”李彦宏表示。这颇有“躺平”的意味。不过据36氪了解，目前百度已经对广告业务的内容体系、销售体系和组织架构三方面进行了调整与改革。内容侧最近一次的改革，是在2021年4月。彼时百度移动生态业务负责人沈抖提出了移动生态“X＋Y战略”，即全面向服务化和人格化升级，在百度App、百度网盘、百度地图等流量入口的布局之上，深耕健康、电商、视频等垂直行业，让用户在百度的移动生态中获得完整的信息搜索+服务体验。以百度App为例，当下百度App已经不再是单纯的搜索工具，更像是一个以“搜索”为支点来撬动本地生活服务的综合平台，用户可以查快递、订酒店、订电影票等。内容端的变革也带来一定成效。财报数据显示，2022年3月百度App的MAU同比增长13%，达到6.32亿，日登录用户占比达到83%。而销售体系方面，今年3月百度对移动生态的销售体系进行全面调整：将以往KA（大客户）的销售模式调整为以客户类型为区分，重点设立涵盖大众消费类、大健康类、内容消费类、商务服务类等几大行业。百度希望除广告业务之外，还可以通过网盘、电商、生活服务等业务，实现会员、打赏、交易、商单等多元化收入。不过该销售体系变革成果目前还没有太多进展。而在内容和销售两侧变动之后，百度直接进行高层人事大调整：5月5日沈抖正式切换赛道，成为智能云业务负责人，他有更加重要的任务：扛起第二增长曲线业务智能云的增长。而移动生态业务则是由新晋百度集团资深副总裁何俊杰担任。可见，在内容销售体系都变革完成之后，百度移动生态方面的长期方向已经趋于稳定，至于接下来赚不赚钱，怎么稳住基本盘，则是交给何俊杰。他曾帮助百度成功操作多个投资收购项目——何俊杰作为一位财务线出身的管理者，接下来是否会在成本投入上做更多把控，值得继续观察。回顾过往会发现，百度的搜索业务转型似乎总伴随着阴霾：PC时代下半场遇上移动互联网高速扩张，等百度在移动生态业务上回过神之后，短视频平台已经全方位入侵。加之在疫情面前，其移动生态战略也始终缺乏一个可以酣畅施展、大展拳脚的机会。自沈抖出任基本盘业务一号位的几年中，对该业务的潜力挖掘已经进行数年。很难想象这块业务还能有什么大的增长。百度表示：疫情中百度也在多方试水，推出问一问等新产品。但显然，目前还扑腾不起水花。需持续浇灌的To B难题如果说，百度对其广告基本盘抱有“求稳”心态，那么对第二增长曲线显然给予了厚望。不可否认，AI业务已经成为百度财报中无法忽视的一部分，尤其是百度智能云业务。一季度百度智能云业务增速营收39亿，同比增长45%，较之过往季度60%-70%的增速有所放缓。“很多客户都是大企业或政府机构，他们非常愿意面对面沟通，如果没有办法见面，很多事情都没有办法推进。”李彦宏在财报会上坦诚了疫情对智能云业务带来的挑战。据了解，百度智能云主要在制造业、水务、能源、交通、金融和政务等领域落地。在智能交通领域，百度ACE智能交通解决方案已经被41个城市采用，城市合同金额均超过千万元。在工业制造领域，此前百度副总裁李硕告诉36氪，百度的人工智能技术能够帮助电力、水务公司自动监测能源使用的消耗情况、对具体车间和产线进行自动调节，帮助企业提升生产效率。但百度智能云目前仍处于亏损状态。较之阿里锚定的电商零售、腾讯锚定的文娱游戏领域，AI技术赋能工业、能源等传统领域很难有一套非常通用的方法论，这些传统领域的智能制造转型，水平参差需求各异，需要更漫长的等待。目前百度也还处于多方奔走、立标杆项目状态。百度智能云需要从项目中最大程度抽取经验，更快地复制到大规模行业赛道，才有可能摆脱不盈利的现状。汽车产品面临大考比起需要持续浇灌的To B难题，汽车业务恐怕是百度即将面临的公众大考。据了解，百度旗下汽车品牌集度汽车的首款车型概念车ROBO-01将会在6月初亮相。集度汽车CEO夏一平也在微博上公布了最新造车进展：集度首款量产车启动车身模具铸造，正式从车型设计迈向整车量产制造的准备阶段。财报会上，李彦宏表示：集度汽车预计明年开始接受订单，目标是 20万元的乘用车市场，今年下半年集度还会发布第二款车型。据消息人士对36氪透露，李彦宏的OKR中甚至明确写下了今年集度汽车要实现的预订单目标。可以预想，百度内部正在全力推进集度的落地。据36氪了解，百度内部专门成立了一个融通创新部门来支持集度的工作，包括疏通和英伟达等芯片供应商的合作。对百度来说，其To C传播史上曾有挥之不去的“魏则西事件”阴影，C端的产品也只有为数不多的小度智能音箱。虽然汽车的品牌构建、技术产品、销售渠道都由集度汽车独立运营，但阴霾或多或少相伴。能否用产品力来打动消费者，建立新形象，带来新效益点，对集度和百度来说至关重要。前者需要在一众造车新势力中存活下去，百度则需要用集度的产品撬动更多主机厂，争取更大的汽车To B市场。目前，百度的智能驾驶方案除了向集度提供之外，也还在寻求更多的合作。随着比亚迪、东风岚图等车企与百度达成合作，据了解百度的智能驾驶方案ASD 和车载信息娱乐系统小度车载 OS获得的定点和签约项目金额累计100 亿左右，上个季度该数据为80亿。在自动驾驶方面，百度自动驾驶出行服务平台萝卜快跑一季度提供了19.6万次乘车服务。目前百度的自动驾驶车辆正在北京提供无人化载人服务、在重庆进行无人化路测。投入不小，但作为一个受限于技术和城市交通法规的业务，其商业化仍处于不温不火的状态。集度汽车是目前百度最可能刺出的那一把尖刀。但是在“蔚小理”环伺、小米雷军下场造车的当下，留给集度的时间窗口、犯错机会已经不多。","news_type":1,"symbols_score_info":{"09888":0.9,"BIDU":0.9}},"isVote":1,"tweetType":1,"viewCount":2069,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9024178092,"gmtCreate":1653832126416,"gmtModify":1676535348236,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586317757274365","authorIdStr":"3586317757274365"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9024178092","repostId":"1111383178","repostType":4,"isVote":1,"tweetType":1,"viewCount":2754,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9024173998,"gmtCreate":1653831853514,"gmtModify":1676535348188,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586317757274365","authorIdStr":"3586317757274365"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9024173998","repostId":"1166522242","repostType":4,"repost":{"id":"1166522242","kind":"news","pubTimestamp":1653794272,"share":"https://ttm.financial/m/news/1166522242?lang=en_US&edition=fundamental","pubTime":"2022-05-29 11:17","market":"hk","language":"zh","title":"Twenty years ago, Zhou Hongyi's punch was not only directed at Robin Li","url":"https://stock-news.laohu8.com/highlight/detail?id=1166522242","media":"酷玩实验室","summary":"战斗力爆表的老周几乎以一己之力撑起了中国互联网的上半场。","content":"<p><html><head></head><body>In September 2003, 35-year-old Li Yanhong took Zhou Hongyi to court, suing the other party for unfair competition. At that time, the two bosses were not well-known. They not only came to the lawsuit in person, but also quarreled in court for the final compensation of 5,150 yuan.</p><p>The presiding female judge asked Zhou Hongyi, \"Baidu accused you of deleting their things. Did you do it?\" After listening to this, Li Yanhong answered, \"He must have done it.\" Zhou Hongyi said with a smile, \"I did it, but he did it first. He did all the bad things I did!\"</p><p>Coming out of the court, Zhou Hongyi was full of Wu De, pointing to Li Yanhong's nose and provoking: If you don't accept it, let's have a fight. At that time, Robin Li wasn't the man who was topped with mineral water and asked \"What's your problem?\" Robin, a man who often threw his mobile phone and shouted \"I'm fucking not doing it\" when quarreling with investors, how could he suffer Lao Zhou's anger?</p><p><img src=\"https://static.tigerbbs.com/9458e7193c265ddb95138cc0c3594489\" tg-width=\"500\" tg-height=\"311\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Li Yanhong immediately took the challenge, took off his coat and was ready to do it. Unfortunately, the two of them who were struggling together were quickly pulled away by the crowd, and there was no winner. But if someone around opened to gamble on winning or losing, I would definitely be willing to pay 200 yuan to support Lao Zhou. For nothing else, Shaolin comes out of the world. I believe that the martial arts culture in Zhumadian, Henan Province is much higher than that in Yangquan, Shanxi Province. Besides, Lao Zhou had learned to skillfully open nunchucks for his classmates as early as when he was in the junior class of Xi'an Jiaotong University.</p><p>Compared with many later lawsuits in Zhou Hongyi, this lawsuit can only be said to be dwarfed. But this is a beginning. Since then, Lao Zhou, whose fighting power is off the charts, has almost single-handedly supported the first half of China's Internet.</p><p>He once went to war with BAT at the same time and did not fall behind on every front: forcing Jack Ma to publicly state that Alibaba would permanently block Zhou Hongyi; Making Pony Ma so angry that he dropped cups in the office; One day, 42 Weibo Lei Jun were sent in succession and made an appointment with Chaoyang Park, which made the good-natured Lei Zong so angry that he wanted to \"see him in court\". Some people joked that in those years, China's Internet was scolded by Lao Zhou for whenever it panted. If you haven't been scolded, don't be proud. It only means that you can't mix well.</p><p><img src=\"https://static.tigerbbs.com/9ba00a872cf356e5ee629746f983f58c\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Such a character made it difficult for Zhou Hongyi to wear a white shirt and belt like Lei Jun and Pony Ma, and be a mature and steady model student. If you can't be upright, you can only be surprised. In recent years, after the interests of all parties have solidified, 360 has gradually become a second-tier brand on the Internet.</p><p>But there is one thing that Lao Zhou is generally more comfortable than the bosses now, and that is, the Chinese concept stocks that are in dire straits, excluding 360. Lao Zhou returned to A-shares as early as 2017. When he was privatized and delisted from Nasdaq, Zhou Hongyi paid a cost of about 60 billion yuan. When he returned to Big A, he directly stepped on JD.com with 20 daily limit boards. The market value once broke through 400 billion yuan and approached Baidu.</p><p>How decent 360 came back back then, and how shabby Chinese concept stocks are now in the United States.</p><p>In an interview that year, Zhou Hongyi once said meaningfully: 360 came back to solve the \"identity problem\" and practiced a 2B and 2G development route.</p><p>It's hard to say whether this choice is right or wrong. In 2021, three of 360's four main businesses are declining, but government and enterprise security-related products have bucked the trend and increased by 71%. The embarrassing thing is that the less than 1.4 billion revenue generated still only accounts for 10% of 360's total revenue. More than one point.</p><p>Old Zhou himself must feel that this is the right path.</p><p>Look at Nezha Automobile, which invested 3602 billion in October last year. Isn't it also engaged in 2B and 2G business for a long time?</p><p>When Zhou Hongyi was young, he was like a figure from the Water Margin, shouting and killing for many years. After finally getting the right to recruit Fangla, he embarked on a completely different path from other Internet companies.</p><p>This path is particularly special today, when the whole Internet circle exudes negative energy.</p><p><b>01</b></p><p>The last time Chinese concept stocks collectively considered leaving the United States, it started with the A-share bull market in early 2015.</p><p>Now when it comes to A-shares in 2015, everyone's first reaction is the stock market crash, but investors who were in it, especially in the first half of that year, must have been unaware of it.</p><p>At the beginning of that year, Big A, which had been dry for seven years, ushered in long-lost living water. With the spring breeze of capital market reform, the Shanghai Composite Index made rapid progress, rising to more than 5,000 points in half a year. Think about the market of defending 3,000 points at every turn this year, and you will know how beautiful Big A was at that time.</p><p>At the same time, the violent fluctuations in U.S. stocks in 2014 led to a sharp correction in the market value of Chinese concept stocks in the United States. Seeing that the domestic capital feast could not get a piece of the pie, Chinese concept stocks started to return to China. According to a report by Wall Street Journal in April 2015:</p><p>Companies such as Baofengyingyin, Langma Information, 263 Network, and Venus Star have all completed their return to A-shares. Focus Media also initially decided to list on the A-share backdoor in June of that year, with a company valuation of 46 billion to 50 billion yuan. Therefore, unlike the Chinese concept stocks that are now forced to consider coming back in the face of U.S. audit papers, the essence of returning to Big A back then was that everyone could \"cross-market arbitrage\"-take advantage of the large market value difference between A-shares and the U.S. market to arbitrage.</p><p>360, also announced the launch of the privatization strategy on June 17 of this year.</p><p>From today's point of view, this time point is undoubtedly very delicate, because the A-share stock market crash has already started on June 15th: in just four weeks, the Shanghai Composite Index plummeted by 1,800 points, leveraged funds were liquidated, individual stock prices were halved, and 1,400 listed companies were suspended. Investors who have experienced it must still remember how tragic it was at that time.</p><p><img src=\"https://static.tigerbbs.com/08942a0b5218ec6e3541f44f109c82ee\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>But the A-share stock market crash did not change Zhou Hongyi's determination to continue. A month later, the privatization transaction of 360 was completed and officially delisted from the New York Stock Exchange.</p><p>This caused many people's doubts at that time. Some media people wrote that it may not be the most important thing for 360 to return to A-share arbitrage. What's more important is that a leader said that, \"I think it's better for you to come back.\"</p><p>After returning to A-shares, Zhou Hongyi has always regarded himself as the \"national team\". In an interview with China Entrepreneur Magazine in 2019, the reporter asked Zhou:</p><p>You have mentioned the concept of \"great security\" many times, and this also includes national security. Will the current national strategy be handed over to private companies?</p><p>Zhou Hongyi said, yes. After the return of 360, the identity problem was solved. We used to be a listed company in the United States, and most of our shareholders were American investors; After delisting, it has now become a purely domestic private company.</p><p>\"After solving the identity problem, we now have a lot of cooperation with the state. For example, about 70% of the state's ministries and commissions, 80% of banks, and many large state-owned enterprises are maintained by 360.\" This is indeed the case. These years, 360 has been consistent with national interests. The online security of major foreign affairs and political activities, including the 19th National Congress of the Communist Party of China, the BRICS Conference and the belt and road initiative Summit, is also undertaken by 360.</p><p>The price for obtaining these is that Zhou Hongyi spent two years from 2015 to 2017 to complete the backdoor listing of A-shares. In the past two years, he has spent a lot of energy. He failed to make mobile phones, \"all in video\" failed, and his plan to go overseas was stranded.</p><p>In recent years, he has chased almost every outlet on the Internet, but after taking stock, there are not many overall victories and many failures. Only the sales of Nezha cars invested last year keep rising, but the logic is the same. Nezha's sales have surpassed Wei Xiaoli several times, but why can't it be seen within the Fifth Ring Road?</p><p>Who is driving the Nezha car?</p><p>\"The traffic police are driving, the driving school is driving, but few people are driving.\" Almost all the financing before the D round came from Nezha Automobile, a local industrial fund. For a long time, it was also doing 2B and 2G businesses.</p><p>Zhou Hongyi may be the most positive in the attitude of the CEOs of major Chinese Internet companies towards the government. This is not only determined by business, but also by Zhou Hongyi's personal experience.</p><p>So far, Zhou Hongyi has been arrested by the police twice and a half times. Once, I took nunchucks to my classmates at Xi'an Jiaotong University; Once, he started a business when he was in graduate school, rubbing the computer room everywhere in the school. Later, he was regarded as a thief when he lost something in the computer room. The first time was painless, but the last time I had a lingering fear.</p><p>That half time was during the \"3Q War\", when Shenzhen Public Security Bureau came to the Beijing company to arrest people. Zhou Hongyi learned the news on his way to work and fled to Hong Kong with his passport.</p><p>When Zhou Hongyi was in the sophomore year of senior high school, the teacher of a class meeting asked everyone to talk about their ideals. Zhou Hongyi went up to give a speech and opened his mouth, saying, \"You can be born arrogant\"; When he was in college, he hung a calligraphy work on his bedside, which read \"Kill one person in ten steps\".</p><p>Some media once compared him to Cao Cao and a fierce hero, but there are some fearless people in this temperament who always have a steelyard in their hearts. For example, regarding the question \"Why are Internet companies successful today?\", Zhou Hongyi's answer is:</p><p>\"Everyone thinks it's because they are smart and capable, and they can defeat competitors. But in fact, I think the success of these companies is still due to the drive of the great era. Without the background of national reform and opening up, China's demographic dividend and the state's policy on the Internet, this kind of success can't happen.\" Entrepreneurs who said this in the past were easily labeled as \"cynical\", but in the past two years, which CEO of big Internet companies doesn't want to know policies like Zhou Hongyi now, and who doesn't want to reach a tacit understanding with necessary supervision?</p><p><img src=\"https://static.tigerbbs.com/2d5aba501e44c431245bb3c672f93d5a\" tg-width=\"550\" tg-height=\"351\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>02</b></p><p>Over the past 40 years of China's reform and opening up, professions such as college entrance examination, going to sea, real estate speculation, and the Internet have successively played the role of carp jumping over the dragon gate for children from poor families. Every generation has a success story to tell. If Zhou Hongyi tells this story, he will have a high probability of saying this:</p><p>In 2003, I admired the youngest bureau-level cadre in the Xinhua News Agency system at that time. I asked him if you think you can be a member of the XX Bureau? Can you make tens of millions? If you can't, why don't you come and do the Internet with me.</p><p>The bureau-level cadre later really resigned and went to Yahoo with Zhou Hongyi.</p><p>The situation is stronger than people. Today, you fool your civil servants and friends around you into resigning and try to work on your Internet? Just say that the salary is higher and the working atmosphere is freer. Can it be worth the word \"stability\"?</p><p>In the past 20 years, why are Internet companies that have successfully rung the bell in the United States so rich?</p><p>The reason is simple, because the United States is the world currency, and listing in the United States can raise more money. Finance American money to develop China's Internet, and at the same time let American capital share China's development dividend. This operating logic has moved a total of $300 billion from the United States in the past 20 years.</p><p>But in the past, it was possible to raise money from the United States to make money, but now it is not possible to raise money to develop high technology and move the American cake. As Nio Motor CEO Li Bin said in 2019, even if Nio fails, it will raise tens of billions of dollars to develop the Chinese automobile industry chain. Therefore, the United States is going to start auditing the papers, and the valuation of Chinese concept stocks has collectively fallen, and there is a risk of being delisted.</p><p>At the same time, it is not easy to do the business of \"involution\" with US dollars back to China. Internet companies such as education and training and community group buying have been regulated to varying degrees, and the Internet industry has officially entered winter.</p><p>Chinese concept stock companies are struggling internally and externally, and have been complaining about pain recently. A few days ago, many Internet people forwarded an article in their circle of friends satirizing young people for not understanding the economy:</p><p>\"What is the Chinese economy? They don't understand and don't care. The only thing they care about is chips and so-called hard-core technology. As for food, clothing, housing and transportation, they are too vulgar and unimportant. Of course, if they order the takeaway ten minutes late, they will scold their mothers and scold the takeaway boy more ruthlessly than anyone else.\" Young people may indeed not understand the Chinese economy as well as the bosses, but young people and entrepreneurs, who is bearing the cost of reform?</p><p>Seimi Zhang, director of the film \"Steel Piano\", which reflects the laid-off workers in the economic reform in Northeast China, said in an interview:</p><p>\"We usually think that when an era changes, the people at the bottom are fighting. But in fact, they have become a group of people who digest this era.\"<img src=\"https://static.tigerbbs.com/2e38dba8a57f7b5d2c7c2cb01bc89378\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>This sentence is equally applicable today.</p><p>Some people can \"organize and optimize\" and \"graduate collectively\" after crying out pain, but the price paid by young people is the most basic physiological needs of Maslow's five major needs: unemployment, being laid off, having no place to live, and spending the best youth on depression, frustration and being unable to buy a decent bouquet of roses for his girlfriend at 520.</p><p>It is as ridiculous to think that young people can't understand the pain suffered by the Internet, and to rudely ridicule young people with binary opposition, just as it is ridiculous to think that only the factory director suffered from the collapse of state-owned enterprises in Northeast China. This is another kind of arrogance:</p><p>An arrogance that uses experience, experience and so-called consensus to restrain young people, and encourages everyone to go back to the old road and continue to soar.</p><p>But why do young people feel pain now and still don't want to go back to the old way? You can't eat bread, but you are still willing to shout for Huawei, chips and hard technology?</p><p>More young people still believe that reform is for a better tomorrow.</p><p>Is it possible for them to believe that it will be better for the Internet to bring capital to double the economic difficulties of vegetable vendors and house prices?</p><p><b>03</b></p><p>Recently, Professor Lan Xiaohuan, the author of the best-selling book \"Being Inside\" in Shanghai, sent a \"positive energy full of negative energy\" Weibo. He said that knowing how cruel the economy and competition are, he won't exaggerate the role of emotions too much.</p><p>Confidence may be more important than gold, but it is far less important than the power of \"always keep alive\". Behind every boss who falls in a crisis there are many pairs of eyes staring at his business, so when the economic machine starts roaring again, whether optimistic or pessimistic, you have to jump on it again, or be thrown off. If you know more about the economic stories during various wars in the 20th century, and about the economic reconstruction stories after the great disasters, you may understand that the world will not look back, whether it is distressed or deeply hated. Emotions don't solve the problem. Reform and epidemic control are not to be on the opposite side of young people, and certainly not to be on the opposite side of entrepreneurs. If anyone still thinks so, their understanding is too poor.</p><p>Yan Xuetong, dean of the Institute of Contemporary International Relations at Tsinghua University, wrote an article analyzing the strategic competition between China and the United States in June last year, and put forward a particularly objective and simple point of view:</p><p>Both China and the United States have little experience in strategic competition in the network field, and both of them may formulate wrong strategies and encounter setbacks in practice. This means that whoever can adjust their strategies and correct their mistakes in time will win this competition.</p><p>Are there any grievances? Sometimes there are grievances. But should you simply and emotionally understand some things as the opposite of yourself? It is a kind of wisdom.</p><p>Today, when the entire Internet circle is exuding negative energy, the 360 A-share listings led by Zhou Hongyi and the recent official announcement of Didi's delisting from the New York Stock Exchange are like two opposite fables.</p><p>Speaking of it, Zhou Hongyi is definitely unwilling to be \"the kind of boss who falls in a crisis.\"</p><p>In 2003, in addition to a fight with Li Yanhong outside the court, the red cannon actually caught up with SARS.</p><p>Zhou Hongyi said that when SARS struck, no one dared to fly. But the first thing he thought was that no one dared to fly, which meant that no one was doing business now:</p><p>\"This is a great opportunity for me to go all over the country to sell products and seize the market.\"</p><p>So Lao Zhou put on a gas mask and frequently flew to all parts of the country to see agents. Every time an Air China plane landed, a familiar piece of music would sound. Zhou Hongyi said that every time he heard this song later, he would think of the situation of that year.</p><p>I've been thinking, if Zhou Hongyi caught up with which city he is now locked down when he was young, and couldn't fly or get out, what ideas would he come up with?</p><p>A person who can toss such a red cannon shouldn't want to lie on a 1.8 meter bed all day and feel sorry for himself.</p><p></body></html></p>","source":"lsy1572425666524","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>Twenty years ago, Zhou Hongyi's punch was not only directed at Robin Li</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\">\nTwenty years ago, Zhou Hongyi's punch was not only directed at Robin Li\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">酷玩实验室</strong><span class=\"h-time small\">2022-05-29 11:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>In September 2003, 35-year-old Li Yanhong took Zhou Hongyi to court, suing the other party for unfair competition. At that time, the two bosses were not well-known. They not only came to the lawsuit in person, but also quarreled in court for the final compensation of 5,150 yuan.</p><p>The presiding female judge asked Zhou Hongyi, \"Baidu accused you of deleting their things. Did you do it?\" After listening to this, Li Yanhong answered, \"He must have done it.\" Zhou Hongyi said with a smile, \"I did it, but he did it first. He did all the bad things I did!\"</p><p>Coming out of the court, Zhou Hongyi was full of Wu De, pointing to Li Yanhong's nose and provoking: If you don't accept it, let's have a fight. At that time, Robin Li wasn't the man who was topped with mineral water and asked \"What's your problem?\" Robin, a man who often threw his mobile phone and shouted \"I'm fucking not doing it\" when quarreling with investors, how could he suffer Lao Zhou's anger?</p><p><img src=\"https://static.tigerbbs.com/9458e7193c265ddb95138cc0c3594489\" tg-width=\"500\" tg-height=\"311\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Li Yanhong immediately took the challenge, took off his coat and was ready to do it. Unfortunately, the two of them who were struggling together were quickly pulled away by the crowd, and there was no winner. But if someone around opened to gamble on winning or losing, I would definitely be willing to pay 200 yuan to support Lao Zhou. For nothing else, Shaolin comes out of the world. I believe that the martial arts culture in Zhumadian, Henan Province is much higher than that in Yangquan, Shanxi Province. Besides, Lao Zhou had learned to skillfully open nunchucks for his classmates as early as when he was in the junior class of Xi'an Jiaotong University.</p><p>Compared with many later lawsuits in Zhou Hongyi, this lawsuit can only be said to be dwarfed. But this is a beginning. Since then, Lao Zhou, whose fighting power is off the charts, has almost single-handedly supported the first half of China's Internet.</p><p>He once went to war with BAT at the same time and did not fall behind on every front: forcing Jack Ma to publicly state that Alibaba would permanently block Zhou Hongyi; Making Pony Ma so angry that he dropped cups in the office; One day, 42 Weibo Lei Jun were sent in succession and made an appointment with Chaoyang Park, which made the good-natured Lei Zong so angry that he wanted to \"see him in court\". Some people joked that in those years, China's Internet was scolded by Lao Zhou for whenever it panted. If you haven't been scolded, don't be proud. It only means that you can't mix well.</p><p><img src=\"https://static.tigerbbs.com/9ba00a872cf356e5ee629746f983f58c\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Such a character made it difficult for Zhou Hongyi to wear a white shirt and belt like Lei Jun and Pony Ma, and be a mature and steady model student. If you can't be upright, you can only be surprised. In recent years, after the interests of all parties have solidified, 360 has gradually become a second-tier brand on the Internet.</p><p>But there is one thing that Lao Zhou is generally more comfortable than the bosses now, and that is, the Chinese concept stocks that are in dire straits, excluding 360. Lao Zhou returned to A-shares as early as 2017. When he was privatized and delisted from Nasdaq, Zhou Hongyi paid a cost of about 60 billion yuan. When he returned to Big A, he directly stepped on JD.com with 20 daily limit boards. The market value once broke through 400 billion yuan and approached Baidu.</p><p>How decent 360 came back back then, and how shabby Chinese concept stocks are now in the United States.</p><p>In an interview that year, Zhou Hongyi once said meaningfully: 360 came back to solve the \"identity problem\" and practiced a 2B and 2G development route.</p><p>It's hard to say whether this choice is right or wrong. In 2021, three of 360's four main businesses are declining, but government and enterprise security-related products have bucked the trend and increased by 71%. The embarrassing thing is that the less than 1.4 billion revenue generated still only accounts for 10% of 360's total revenue. More than one point.</p><p>Old Zhou himself must feel that this is the right path.</p><p>Look at Nezha Automobile, which invested 3602 billion in October last year. Isn't it also engaged in 2B and 2G business for a long time?</p><p>When Zhou Hongyi was young, he was like a figure from the Water Margin, shouting and killing for many years. After finally getting the right to recruit Fangla, he embarked on a completely different path from other Internet companies.</p><p>This path is particularly special today, when the whole Internet circle exudes negative energy.</p><p><b>01</b></p><p>The last time Chinese concept stocks collectively considered leaving the United States, it started with the A-share bull market in early 2015.</p><p>Now when it comes to A-shares in 2015, everyone's first reaction is the stock market crash, but investors who were in it, especially in the first half of that year, must have been unaware of it.</p><p>At the beginning of that year, Big A, which had been dry for seven years, ushered in long-lost living water. With the spring breeze of capital market reform, the Shanghai Composite Index made rapid progress, rising to more than 5,000 points in half a year. Think about the market of defending 3,000 points at every turn this year, and you will know how beautiful Big A was at that time.</p><p>At the same time, the violent fluctuations in U.S. stocks in 2014 led to a sharp correction in the market value of Chinese concept stocks in the United States. Seeing that the domestic capital feast could not get a piece of the pie, Chinese concept stocks started to return to China. According to a report by Wall Street Journal in April 2015:</p><p>Companies such as Baofengyingyin, Langma Information, 263 Network, and Venus Star have all completed their return to A-shares. Focus Media also initially decided to list on the A-share backdoor in June of that year, with a company valuation of 46 billion to 50 billion yuan. Therefore, unlike the Chinese concept stocks that are now forced to consider coming back in the face of U.S. audit papers, the essence of returning to Big A back then was that everyone could \"cross-market arbitrage\"-take advantage of the large market value difference between A-shares and the U.S. market to arbitrage.</p><p>360, also announced the launch of the privatization strategy on June 17 of this year.</p><p>From today's point of view, this time point is undoubtedly very delicate, because the A-share stock market crash has already started on June 15th: in just four weeks, the Shanghai Composite Index plummeted by 1,800 points, leveraged funds were liquidated, individual stock prices were halved, and 1,400 listed companies were suspended. Investors who have experienced it must still remember how tragic it was at that time.</p><p><img src=\"https://static.tigerbbs.com/08942a0b5218ec6e3541f44f109c82ee\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>But the A-share stock market crash did not change Zhou Hongyi's determination to continue. A month later, the privatization transaction of 360 was completed and officially delisted from the New York Stock Exchange.</p><p>This caused many people's doubts at that time. Some media people wrote that it may not be the most important thing for 360 to return to A-share arbitrage. What's more important is that a leader said that, \"I think it's better for you to come back.\"</p><p>After returning to A-shares, Zhou Hongyi has always regarded himself as the \"national team\". In an interview with China Entrepreneur Magazine in 2019, the reporter asked Zhou:</p><p>You have mentioned the concept of \"great security\" many times, and this also includes national security. Will the current national strategy be handed over to private companies?</p><p>Zhou Hongyi said, yes. After the return of 360, the identity problem was solved. We used to be a listed company in the United States, and most of our shareholders were American investors; After delisting, it has now become a purely domestic private company.</p><p>\"After solving the identity problem, we now have a lot of cooperation with the state. For example, about 70% of the state's ministries and commissions, 80% of banks, and many large state-owned enterprises are maintained by 360.\" This is indeed the case. These years, 360 has been consistent with national interests. The online security of major foreign affairs and political activities, including the 19th National Congress of the Communist Party of China, the BRICS Conference and the belt and road initiative Summit, is also undertaken by 360.</p><p>The price for obtaining these is that Zhou Hongyi spent two years from 2015 to 2017 to complete the backdoor listing of A-shares. In the past two years, he has spent a lot of energy. He failed to make mobile phones, \"all in video\" failed, and his plan to go overseas was stranded.</p><p>In recent years, he has chased almost every outlet on the Internet, but after taking stock, there are not many overall victories and many failures. Only the sales of Nezha cars invested last year keep rising, but the logic is the same. Nezha's sales have surpassed Wei Xiaoli several times, but why can't it be seen within the Fifth Ring Road?</p><p>Who is driving the Nezha car?</p><p>\"The traffic police are driving, the driving school is driving, but few people are driving.\" Almost all the financing before the D round came from Nezha Automobile, a local industrial fund. For a long time, it was also doing 2B and 2G businesses.</p><p>Zhou Hongyi may be the most positive in the attitude of the CEOs of major Chinese Internet companies towards the government. This is not only determined by business, but also by Zhou Hongyi's personal experience.</p><p>So far, Zhou Hongyi has been arrested by the police twice and a half times. Once, I took nunchucks to my classmates at Xi'an Jiaotong University; Once, he started a business when he was in graduate school, rubbing the computer room everywhere in the school. Later, he was regarded as a thief when he lost something in the computer room. The first time was painless, but the last time I had a lingering fear.</p><p>That half time was during the \"3Q War\", when Shenzhen Public Security Bureau came to the Beijing company to arrest people. Zhou Hongyi learned the news on his way to work and fled to Hong Kong with his passport.</p><p>When Zhou Hongyi was in the sophomore year of senior high school, the teacher of a class meeting asked everyone to talk about their ideals. Zhou Hongyi went up to give a speech and opened his mouth, saying, \"You can be born arrogant\"; When he was in college, he hung a calligraphy work on his bedside, which read \"Kill one person in ten steps\".</p><p>Some media once compared him to Cao Cao and a fierce hero, but there are some fearless people in this temperament who always have a steelyard in their hearts. For example, regarding the question \"Why are Internet companies successful today?\", Zhou Hongyi's answer is:</p><p>\"Everyone thinks it's because they are smart and capable, and they can defeat competitors. But in fact, I think the success of these companies is still due to the drive of the great era. Without the background of national reform and opening up, China's demographic dividend and the state's policy on the Internet, this kind of success can't happen.\" Entrepreneurs who said this in the past were easily labeled as \"cynical\", but in the past two years, which CEO of big Internet companies doesn't want to know policies like Zhou Hongyi now, and who doesn't want to reach a tacit understanding with necessary supervision?</p><p><img src=\"https://static.tigerbbs.com/2d5aba501e44c431245bb3c672f93d5a\" tg-width=\"550\" tg-height=\"351\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>02</b></p><p>Over the past 40 years of China's reform and opening up, professions such as college entrance examination, going to sea, real estate speculation, and the Internet have successively played the role of carp jumping over the dragon gate for children from poor families. Every generation has a success story to tell. If Zhou Hongyi tells this story, he will have a high probability of saying this:</p><p>In 2003, I admired the youngest bureau-level cadre in the Xinhua News Agency system at that time. I asked him if you think you can be a member of the XX Bureau? Can you make tens of millions? If you can't, why don't you come and do the Internet with me.</p><p>The bureau-level cadre later really resigned and went to Yahoo with Zhou Hongyi.</p><p>The situation is stronger than people. Today, you fool your civil servants and friends around you into resigning and try to work on your Internet? Just say that the salary is higher and the working atmosphere is freer. Can it be worth the word \"stability\"?</p><p>In the past 20 years, why are Internet companies that have successfully rung the bell in the United States so rich?</p><p>The reason is simple, because the United States is the world currency, and listing in the United States can raise more money. Finance American money to develop China's Internet, and at the same time let American capital share China's development dividend. This operating logic has moved a total of $300 billion from the United States in the past 20 years.</p><p>But in the past, it was possible to raise money from the United States to make money, but now it is not possible to raise money to develop high technology and move the American cake. As Nio Motor CEO Li Bin said in 2019, even if Nio fails, it will raise tens of billions of dollars to develop the Chinese automobile industry chain. Therefore, the United States is going to start auditing the papers, and the valuation of Chinese concept stocks has collectively fallen, and there is a risk of being delisted.</p><p>At the same time, it is not easy to do the business of \"involution\" with US dollars back to China. Internet companies such as education and training and community group buying have been regulated to varying degrees, and the Internet industry has officially entered winter.</p><p>Chinese concept stock companies are struggling internally and externally, and have been complaining about pain recently. A few days ago, many Internet people forwarded an article in their circle of friends satirizing young people for not understanding the economy:</p><p>\"What is the Chinese economy? They don't understand and don't care. The only thing they care about is chips and so-called hard-core technology. As for food, clothing, housing and transportation, they are too vulgar and unimportant. Of course, if they order the takeaway ten minutes late, they will scold their mothers and scold the takeaway boy more ruthlessly than anyone else.\" Young people may indeed not understand the Chinese economy as well as the bosses, but young people and entrepreneurs, who is bearing the cost of reform?</p><p>Seimi Zhang, director of the film \"Steel Piano\", which reflects the laid-off workers in the economic reform in Northeast China, said in an interview:</p><p>\"We usually think that when an era changes, the people at the bottom are fighting. But in fact, they have become a group of people who digest this era.\"<img src=\"https://static.tigerbbs.com/2e38dba8a57f7b5d2c7c2cb01bc89378\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>This sentence is equally applicable today.</p><p>Some people can \"organize and optimize\" and \"graduate collectively\" after crying out pain, but the price paid by young people is the most basic physiological needs of Maslow's five major needs: unemployment, being laid off, having no place to live, and spending the best youth on depression, frustration and being unable to buy a decent bouquet of roses for his girlfriend at 520.</p><p>It is as ridiculous to think that young people can't understand the pain suffered by the Internet, and to rudely ridicule young people with binary opposition, just as it is ridiculous to think that only the factory director suffered from the collapse of state-owned enterprises in Northeast China. This is another kind of arrogance:</p><p>An arrogance that uses experience, experience and so-called consensus to restrain young people, and encourages everyone to go back to the old road and continue to soar.</p><p>But why do young people feel pain now and still don't want to go back to the old way? You can't eat bread, but you are still willing to shout for Huawei, chips and hard technology?</p><p>More young people still believe that reform is for a better tomorrow.</p><p>Is it possible for them to believe that it will be better for the Internet to bring capital to double the economic difficulties of vegetable vendors and house prices?</p><p><b>03</b></p><p>Recently, Professor Lan Xiaohuan, the author of the best-selling book \"Being Inside\" in Shanghai, sent a \"positive energy full of negative energy\" Weibo. He said that knowing how cruel the economy and competition are, he won't exaggerate the role of emotions too much.</p><p>Confidence may be more important than gold, but it is far less important than the power of \"always keep alive\". Behind every boss who falls in a crisis there are many pairs of eyes staring at his business, so when the economic machine starts roaring again, whether optimistic or pessimistic, you have to jump on it again, or be thrown off. If you know more about the economic stories during various wars in the 20th century, and about the economic reconstruction stories after the great disasters, you may understand that the world will not look back, whether it is distressed or deeply hated. Emotions don't solve the problem. Reform and epidemic control are not to be on the opposite side of young people, and certainly not to be on the opposite side of entrepreneurs. If anyone still thinks so, their understanding is too poor.</p><p>Yan Xuetong, dean of the Institute of Contemporary International Relations at Tsinghua University, wrote an article analyzing the strategic competition between China and the United States in June last year, and put forward a particularly objective and simple point of view:</p><p>Both China and the United States have little experience in strategic competition in the network field, and both of them may formulate wrong strategies and encounter setbacks in practice. This means that whoever can adjust their strategies and correct their mistakes in time will win this competition.</p><p>Are there any grievances? Sometimes there are grievances. But should you simply and emotionally understand some things as the opposite of yourself? It is a kind of wisdom.</p><p>Today, when the entire Internet circle is exuding negative energy, the 360 A-share listings led by Zhou Hongyi and the recent official announcement of Didi's delisting from the New York Stock Exchange are like two opposite fables.</p><p>Speaking of it, Zhou Hongyi is definitely unwilling to be \"the kind of boss who falls in a crisis.\"</p><p>In 2003, in addition to a fight with Li Yanhong outside the court, the red cannon actually caught up with SARS.</p><p>Zhou Hongyi said that when SARS struck, no one dared to fly. But the first thing he thought was that no one dared to fly, which meant that no one was doing business now:</p><p>\"This is a great opportunity for me to go all over the country to sell products and seize the market.\"</p><p>So Lao Zhou put on a gas mask and frequently flew to all parts of the country to see agents. Every time an Air China plane landed, a familiar piece of music would sound. Zhou Hongyi said that every time he heard this song later, he would think of the situation of that year.</p><p>I've been thinking, if Zhou Hongyi caught up with which city he is now locked down when he was young, and couldn't fly or get out, what ideas would he come up with?</p><p>A person who can toss such a red cannon shouldn't want to lie on a 1.8 meter bed all day and feel sorry for himself.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://finance.sina.com.cn/tech/csj/2022-05-29/doc-imizirau5390021.shtml\">酷玩实验室</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7df7ff13157e853757d80338ca07a782","relate_stocks":{"601360":"三六零","QFIN":"奇富科技"},"source_url":"http://finance.sina.com.cn/tech/csj/2022-05-29/doc-imizirau5390021.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166522242","content_text":"2003年9月，时年35岁的李彦宏把周鸿祎告上法庭，起诉对方不正当竞争。那时两位大佬都还没什么名气，打官司不仅亲自来，为最终5150块钱的赔偿，还在法庭上吵得面红耳赤。主审女法官问周鸿祎：“百度指责你删掉他们的东西，你干了没有？”李彦宏听完抢答：“他肯定干了。”周鸿祎笑着说：“我干了，但是是他先干的。我干的所有坏事儿，他都干了！”从法庭出来，周鸿祎武德充沛，指着李彦宏鼻子挑衅：不服咱俩打一架。当时李彦宏还不是后来那个被矿泉水浇头也只不咸不淡问一句“What's your problem？”的Robin，和投资人吵架动辄摔手机喊“我他妈不做了”的男人，哪里能受老周这种气？李彦宏当即应战，脱下外套就准备动手。很可惜，扭打在一起的二人很快被众人拉开，没分出胜负。但假如当时周围有人开盘赌输赢的话，我肯定愿意掏200块支持老周。不为别的，天下功夫出少林，我相信河南驻马店的武术文化比山西阳泉不知道高到哪里去了，况且老周早在西安交通大学读少年班时，就已经学会熟练地拿双节棍给同学开瓢了。这场官司跟后来周鸿祎很多场官司相比，只能说是小巫见大巫。但这是一个开始，从此之后，战斗力爆表的老周几乎以一己之力撑起了中国互联网的上半场。他曾经一度跟BAT同时开战且每条战线都不落下风：把马云逼得公开表示阿里将永久封杀周鸿祎；把马化腾气得在办公室摔杯子；一天连发42条微博怼雷军并约战朝阳公园，把好脾气的雷总气得也要“法庭见”。有人戏称，那几年中国互联网凡是会喘气都被老周骂过。如果你没被骂，那也别得意，只能说明你混得不行。这样一种性格，导致了后来周鸿祎很难像雷军、马化腾一样，穿上白衬衫，系起腰带，做个成熟稳重的模范生。不能守正，只能出奇。这些年大厂跑马圈地，各方利益固化后，360也逐渐沦为了互联网中的二线厂牌。但有一件事现在老周普遍比大佬们舒服，那就是正陷入水深火热的中概股中，不包括360。老周早在2017年就风风光光回A股了。当年从纳斯达克私有化退市，周鸿祎付出了约600亿人民币的成本，回到大A直接20个涨停板脚踏京东，市值一度冲破4000亿逼近百度。当年360回来的有多体面，现在中概股在美国跌得就有多寒酸。周鸿祎当年接受采访，曾意味深长地说：360回来是为了解决“身份问题”，并践行了一条2B、2G的发展路线。很难说这个选择到底是对还是错。2021年，360四大主营业务中有三块都在下降，但政企安全相关产品却逆势大增了71%，尴尬的是创造出的不到14亿收入依然只占360总收入的十分之一多点。老周自己肯定觉得这条路没错。你看去年10月三六零20亿投的哪吒汽车，不也长期做的是2B、2G生意吗？周鸿祎年轻时像水浒里走出来的人物，喊打喊杀很多年，最终拿到征方腊的权利后，走上了一条和其他互联网公司完全不一样的路子。这条路子，在整个互联网圈散发着负能量的今天，显得尤为特别。01中概股上一次集体考虑离开美国，还要从2015年初A股大牛市说起。现在提起2015年A股，大家第一反应是股灾，但身处其中，尤其是那年上半年炒股的股民，肯定是毫无察觉的。那年初，干涸7年之久的大A迎来了久违的活水，伴随资本市场改革春风，上证指数高歌猛进，半年就涨到了5000点以上。想想今年动辄保卫3000点的行情，就知道当时的大A有多风光了。与此同时，2014年美股剧烈波动导致中概股在美国的市值大幅回调，眼看着国内的资本盛宴无法分一杯羹，中概股纷纷打起了回国的主意。根据华尔街见闻在2015年4月的报道：暴风影音、朗玛信息、二六三网络、启明星辰等公司都已经完成回归A股之路。分众传媒也初定将于当年6月在A股借壳上市，公司估值为460亿-500亿元。所以跟现在面临美国审计底稿被迫考虑回来的中概股不同，当年回归大A的本质是大家可以“跨市场套利”——利用A股和美国两个市场较大的市值差套利。360，也是在这年6月17日宣布启动私有化战略的。站在今天来看，这个时间点无疑非常微妙，因为A股股灾从6月15号就已经开始了：短短4个星期上证指数狂跌1800点，杠杆资金爆仓、个股股价腰斩、1400家上市公司停牌，亲历过的股民一定还记得当时有多惨烈。但A股股灾并没有改变周鸿祎继续的决心。一个月之后，360私有化交易完成，正式从纽交所摘牌。这引起当时很多人的疑惑。有媒体人写，对360来说回A股套利可能不是最重要的，更重要的是某位领导说那句话，“我觉得你们还是回来的好。”回归A股后周鸿祎一直以“国家队”自居。2019年接受《中国企业家杂志》采访，记者问周：你曾多次提及“大安全”概念，而这其中也包括国家安全。目前国家级战略会交给民营公司做吗？周鸿祎说，会。360回归以后，解决了身份问题。我们原来是美国上市公司，大部分股东都是美国投资人；退市以后，现在变成一家纯内资的民营公司。“解决身份问题以后，我们现在跟国家有很多合作，像现在国家大概70%的部委、80%的银行，还有很多大的国企的安全都是360来维护的。”事实也的确如此，这些年360一直在和国家利益保持一致。包括十九大、金砖会议、一带一路峰会这些重大外事政治活动的网上安全，也都是360来承担的。获得这些的代价，是周鸿祎从2015年到2017年之间，拿出了两年时间来完成A股借壳上市。这两年耗费了他大量的精力，做手机失败了，“all in视频”失败了，出海计划也搁浅了。这几年他又追了互联网几乎每一个风口，但盘点下来，总体取胜的不多，失败的不少。只有去年投的哪吒汽车销量在不停地涨，可逻辑一样，哪吒销量都已经几次冲过蔚小理了，但五环内怎么就是看不着呢？哪吒汽车谁在开？“交警在开，驾校在开，但很少有个人在开。”D轮前融资几乎都来自地方产业基金的哪吒汽车，很长一段时间，做的也都是2B、2G的生意。中国互联网大厂CEO对待政府的态度，周鸿祎可能是最积极的，这不仅是由业务决定的，也是由周鸿祎个人经历决定的。到目前为止，周鸿祎一共被警察抓过两回半。一回是在西安交通大学拿双节棍给同学开瓢；一回是读研时创业，在学校到处蹭机房，后来机房丢了东西他被当成小偷。前一回不痛不痒，后一回心有余悸。那半回则是在“3Q大战”期间，深圳公安来北京公司抓人，周鸿祎上班路上得知消息，拿着护照就逃去了香港。周鸿祎读高二时，有次班会老师让大家谈一谈理想，周鸿祎上去演讲张口就是“人生来就可以狂妄”；大学时他在床头上挂了幅书法作品，写的是“十步杀一人”。有媒体曾把他比作曹操、枭雄，但这个性情中有一些天不怕地不怕的人心中却始终有杆秤。比如关于“发展到今天，互联网公司为什么成功？”这个问题，周鸿祎的答案是：“大家都觉得是因为聪明、能干，能把竞争对手打败。但实际上这些公司的成功，我认为还是要归功于大时代的带动，没有国家改革开放的背景，没有中国的人口红利，没有国家对互联网的政策，这种成功不可能出现。”过去说这种话的企业家很容易被粗暴地扣上“犬儒”的帽子，但试问这两年那些大的互联网公司CEO，有哪个现在不想和周鸿祎一样懂政策，有哪个不想和老周一样能和必要监管达成一种心领神会的默契呢？02中国改革开放四十多年，高考、下海、炒房、互联网等职业先后扮演过寒门子弟鲤鱼跃龙门的角色，一代人有一代人的成功故事可讲，这个故事如果让周鸿祎来讲，他大概率会这么讲：2003年，我很欣赏一位当时新华社系统最年轻的司局级干部，我问他你觉得你能做到XX局委员吗？你能赚几千万吗？如果不能，不如来跟我干互联网吧。这位司局级干部后来真就辞职跟周鸿祎去了雅虎。形势比人强，今天你再忽悠身边公务员朋友辞职，来你互联网上班试试？你就再怎么说工资更高，工作氛围更自由，能抵得过“稳定”俩字吗？过去20年，成功在美国敲钟的互联网企业，为什么会这么有钱？原因很简单，因为美国是世界货币，在美国上市能融到更多的钱。融美国人的钱，来发展中国的互联网，同时让美国资本分享中国的发展红利。这条运行逻辑，在过去20年累计从美国搬来了3000亿美元。但是过去融美国的钱进来生钱可以，现在融钱来发展高科技动了美国蛋糕就不行，正如蔚来汽车CEO李斌2019年所说的，即使蔚来失败了，那也是融了百亿美元来发展中国汽车产业链。所以美国要开始审计底稿，中概股估值集体跪了，还有被退市的风险。与此同时，拿着美元回国内“内卷”的生意也不好做了，教培、社区团购等互联网公司先后受到了不同程度的监管，互联网行业正式入冬。中概股企业内外交困，最近一直在喊疼，前几天有很多互联网人在朋友圈转发一篇讽刺年轻人不懂经济的文章：“什么叫中国经济？他们不懂，也不关心，他们唯一关心的中国经济就是芯片和所谓的硬核科技，至于衣食住行，都太俗不可耐了，不重要，当然，如果他们叫的外卖晚了十分钟，他们可是会骂娘的，骂起外卖小哥来比谁都狠。”年轻人可能确实不如大佬们懂中国经济，但是年轻人和企业家，到底是谁在承担改革的代价呢？反映东北经济改革中下岗工人的电影《钢的琴》导演张猛，在一次采访中说过：“我们通常想，在一个时代变革时，底层大众人民都是抗争的。但其实不是，他们反倒变成了替这个时代消化的一拨人。”这句话放在今天同样适用。有些人喊疼后还可以“组织优化”、“集体毕业”，年轻人付出的代价却是马斯洛五大需求最基本的生理需求：是失业、被裁、没住处，是把最好的青春年华消磨在苦闷、失意和在520给女朋友买不起一束体面的玫瑰花上。高高在上地认为互联网遭受的痛苦年轻人体会不到，粗暴地以二元对立来嘲讽现在年轻人不行了，就像认为当年东北国企倒闭疼的只有厂长一样可笑，这是另一种傲慢：一种用经验、阅历和所谓共识来约束年轻人，鼓励大伙一起回到老路上继续狂飙下去的傲慢。但为什么现在年轻人感到疼，也依然不愿回到老路上去？面包吃不上了，还依然愿意为华为、芯片和硬科技呐喊？更多年轻人还是相信，改革是为了明天会更好。难不成要他们相信互联网携资本以令菜贩、房价再涨一倍经济困境就迎刃而解的老路会更好吗？03最近，身居上海的畅销书《置身事内》作者兰小欢教授发了一条“饱含负能量的正能量”微博，他说知道经济和竞争有多残酷，就不会过多夸大情绪的作用了。信心可能比黄金重要，但远没有“总得继续活着”的力量重要。每个在危机中倒下去的老板背后都有很多双眼睛在盯着他的生意，所以当经济机器再次开始轰鸣的时候，不管乐观还是悲观，你都得再次跳上去，或者被甩下来。多了解些二十世纪各种大战期间的经济故事，多了解些大灾大难后经济的重建故事，可能就会明白，锥心疼也好，刻骨恨也罢，世界都不会回头看一眼。情绪并不能解决问题。改革、疫情管控不是为了站在年轻人的对立面，当然也不是为了站到企业家的对立面，如果谁到现在还这么想，那就是悟性就太差了。清华大学当代国际关系研究院院长阎学通去年6月写过一篇分析中美战略竞争的文章，提出了一个特别客观朴素的观点：中美双方在网络领域开展战略竞争的经验都不多，在实践中都可能制定错误战略而遭遇挫折。这就意味着双方谁能及时调整战略、纠正错误，谁就能赢得这场竞争。有没有委屈？有时候也有委屈。但该不该把一些事情简单情绪化地理解为自己的对立面？这是一种智慧。在整个互联网圈散发着负能量的今天，周鸿祎当年主导的360回A股上市和最近滴滴官宣将从纽交所退市，像是两个相反的寓言。说起来，周鸿祎肯定是不愿意“在危机中倒下的那种老板”。2003年，红衣大炮除了跟李彦宏在法庭外面打了一架之外，其实还赶上了非典。周鸿祎说当时“非典”袭来，已经没有人敢坐飞机了。但他率先想到的却是没有人敢坐飞机，那就是意味着现在没人做生意了：“这正是我去全国各地推销产品、抢占市场的大好机会。”于是老周戴上防毒面具，频繁地坐飞机到全国各地去见代理商。当年国航飞机每次落地，都会响起一首熟悉的乐曲。周鸿祎说后来每次听见这首曲子，都会想起当年的情形。我一直在想，假如周鸿祎年轻时赶上了现在被封控在哪个城市，坐不了飞机也出不来，会想出些什么点子呢？红衣大炮这么能折腾的人，应该不愿意整天躺在一米八的小床上自怨自艾吧。","news_type":1,"symbols_score_info":{"601360":0.9,"QFIN":0.9}},"isVote":1,"tweetType":1,"viewCount":2643,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9062534713,"gmtCreate":1652077007632,"gmtModify":1676535025452,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586317757274365","authorIdStr":"3586317757274365"},"themes":[],"htmlText":"Goods&nbsp;","listText":"Goods&nbsp;","text":"Goods","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9062534713","repostId":"1195214474","repostType":4,"isVote":1,"tweetType":1,"viewCount":2279,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9062534509,"gmtCreate":1652076981201,"gmtModify":1676535025442,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586317757274365","authorIdStr":"3586317757274365"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9062534509","repostId":"1139913053","repostType":4,"repost":{"id":"1139913053","kind":"news","weMediaInfo":{"introduction":"中国大陆领先的金融数据、信息和软件服务企业，总部位于上海陆家嘴金融中心。","home_visible":1,"media_name":"Wind万得","id":"99","head_image":"https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68"},"pubTimestamp":1652064263,"share":"https://ttm.financial/m/news/1139913053?lang=en_US&edition=fundamental","pubTime":"2022-05-09 10:44","market":"us","language":"zh","title":"Morgan Stanley: The current macroeconomic environment is the most difficult to predict","url":"https://stock-news.laohu8.com/highlight/detail?id=1139913053","media":"Wind万得","summary":"2022年，全球市场发生了巨大变化。摩根士丹利全球首席经济学家Seth Carpenter 在最新的报告中直言，现在的宏观经济环境是最近几十年来最混乱、最难以预测的。Seth Carpenter 写到","content":"<p><html><head></head><body>The global market has changed dramatically in 2022.<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Seth Carpenter, the global chief economist, bluntly stated in his latest report that the current macroeconomic environment is the most chaotic and unpredictable in recent decades.</p><p>Seth Carpenter wrote that concerns about a global economic recession are widespread. In the past three months, while inflation has risen, Morgan Stanley has lowered its global economic growth forecast by 170bp. The factors of a global recession have accumulated.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Analyst Mike Wilson has predicted that even if there is no recession, U.S. stocks will experience more selling.</p><p>The global economic recovery from the COVID-19 pandemic means that companies with excess revenue, especially those that produce consumer goods and have surged demand, will face a reversal of fortunes, the analysis found. What's more, higher interest rates and declining growth are never good for valuations. Avoiding a recession is the base case scenario for JPMorgan's forecast, but regardless, the market will have to face the rising likelihood of a recession.</p><p>Asia, where the manufacturing industry is relatively concentrated, is suffering from round after round of epidemic impacts, and it is obvious that economic activities have been suppressed. Risk contagion, the risk of global economic contraction is not a fantasy.</p><p>In the European region, the economic slowdown is more forward-looking, as recent PMI and confidence surveys show that economic growth momentum continues. However, since the full-scale conflict between Russia and Ukraine broke out, the risk of economic downturn has increased sharply. The sharp rise in energy and food prices is imposing heavy taxes on consumers in Europe. With the protracted conflict between Russia and Ukraine, the probability of an embargo on Russian crude oil in Europe has become higher and higher. There is no doubt that the economic environment in Europe in the second half of the year is much worse than that in the first half.</p><p>More importantly, with the sharp surge in inflation, it has stimulated the European Central Bank to decide to normalize monetary policy. The European Central Bank ending QE and raising deposit interest rates to 0% is unlikely to directly drag the European economy into recession. However, the market has remained vigilant about this. With the sell-off of sovereign bonds in the euro zone, the tightening of financial conditions in Europe has officially kicked off.</p><p>In the United States, GDP has begun to grow negatively in the first quarter. In all fairness, final domestic spending in the United States is stable, and the main culprits are inventories and exports. However, weak exports bode for slowing global growth. Non-farm payrolls rose 42,800 in April, continuing a series of very strong job gains.</p><p>But just as in Europe, the impact of soaring food and energy prices on consumer spending has not been seen. Recent research suggests that the drag may be palpable (see future growth slowdown). Furthermore, mortgage rates in the U.S. have surpassed 5% for the first time in 12 years, and housing affordability is at its worst in decades as a shortage of new homes drives up home prices.</p><p>Of course, the Fed has sent a series of fairly aggressive rate hike signals, and as the balance sheet begins to contract, the market will see a Federal Funds rate of more than 2.5% this year. The direction of the U.S. economy is clear, although it remains strong for now.</p><p>Why not warn of a global recession yet?</p><p>Until now, although the Asian economy was not ideal in the second quarter of this year, the ensuing massive fiscal policies and the epidemic have been partially controlled, and a rebound in economic growth is expected. As for Europe's embargo on Russian crude oil, the market believes that it is controllable to a certain extent.</p><p>Seth Carpenter finally wrote that as for a recession, we need to see all Russian energy exports, including natural gas, completely disrupted. And the Fed is fumbling with policy, trying to slow down the economy to control inflation, but is willing to change course as soon as there are signs that it has done too much. At the same time, the contraction in Europe needs to severely impact the U.S. economy, because enough policy tightening measures have been brewing before, thus triggering a recession. The simultaneous occurrence of these unfortunate factors is possible, so the risk of a recession rises, but this is not what Morgan Stanley expects.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Morgan Stanley: The current macroeconomic environment is the most difficult to predict</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\">\nMorgan Stanley: The current macroeconomic environment is the most difficult to predict\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/99\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Wind万得 </p>\n<p class=\"h-time smaller\">2022-05-09 10:44</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The global market has changed dramatically in 2022.<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Seth Carpenter, the global chief economist, bluntly stated in his latest report that the current macroeconomic environment is the most chaotic and unpredictable in recent decades.</p><p>Seth Carpenter wrote that concerns about a global economic recession are widespread. In the past three months, while inflation has risen, Morgan Stanley has lowered its global economic growth forecast by 170bp. The factors of a global recession have accumulated.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Analyst Mike Wilson has predicted that even if there is no recession, U.S. stocks will experience more selling.</p><p>The global economic recovery from the COVID-19 pandemic means that companies with excess revenue, especially those that produce consumer goods and have surged demand, will face a reversal of fortunes, the analysis found. What's more, higher interest rates and declining growth are never good for valuations. Avoiding a recession is the base case scenario for JPMorgan's forecast, but regardless, the market will have to face the rising likelihood of a recession.</p><p>Asia, where the manufacturing industry is relatively concentrated, is suffering from round after round of epidemic impacts, and it is obvious that economic activities have been suppressed. Risk contagion, the risk of global economic contraction is not a fantasy.</p><p>In the European region, the economic slowdown is more forward-looking, as recent PMI and confidence surveys show that economic growth momentum continues. However, since the full-scale conflict between Russia and Ukraine broke out, the risk of economic downturn has increased sharply. The sharp rise in energy and food prices is imposing heavy taxes on consumers in Europe. With the protracted conflict between Russia and Ukraine, the probability of an embargo on Russian crude oil in Europe has become higher and higher. There is no doubt that the economic environment in Europe in the second half of the year is much worse than that in the first half.</p><p>More importantly, with the sharp surge in inflation, it has stimulated the European Central Bank to decide to normalize monetary policy. The European Central Bank ending QE and raising deposit interest rates to 0% is unlikely to directly drag the European economy into recession. However, the market has remained vigilant about this. With the sell-off of sovereign bonds in the euro zone, the tightening of financial conditions in Europe has officially kicked off.</p><p>In the United States, GDP has begun to grow negatively in the first quarter. In all fairness, final domestic spending in the United States is stable, and the main culprits are inventories and exports. However, weak exports bode for slowing global growth. Non-farm payrolls rose 42,800 in April, continuing a series of very strong job gains.</p><p>But just as in Europe, the impact of soaring food and energy prices on consumer spending has not been seen. Recent research suggests that the drag may be palpable (see future growth slowdown). Furthermore, mortgage rates in the U.S. have surpassed 5% for the first time in 12 years, and housing affordability is at its worst in decades as a shortage of new homes drives up home prices.</p><p>Of course, the Fed has sent a series of fairly aggressive rate hike signals, and as the balance sheet begins to contract, the market will see a Federal Funds rate of more than 2.5% this year. The direction of the U.S. economy is clear, although it remains strong for now.</p><p>Why not warn of a global recession yet?</p><p>Until now, although the Asian economy was not ideal in the second quarter of this year, the ensuing massive fiscal policies and the epidemic have been partially controlled, and a rebound in economic growth is expected. As for Europe's embargo on Russian crude oil, the market believes that it is controllable to a certain extent.</p><p>Seth Carpenter finally wrote that as for a recession, we need to see all Russian energy exports, including natural gas, completely disrupted. And the Fed is fumbling with policy, trying to slow down the economy to control inflation, but is willing to change course as soon as there are signs that it has done too much. At the same time, the contraction in Europe needs to severely impact the U.S. economy, because enough policy tightening measures have been brewing before, thus triggering a recession. The simultaneous occurrence of these unfortunate factors is possible, so the risk of a recession rises, but this is not what Morgan Stanley expects.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a8fca69a364eb1ccaf6e9078f1721480","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139913053","content_text":"2022年，全球市场发生了巨大变化。摩根士丹利全球首席经济学家Seth Carpenter 在最新的报告中直言，现在的宏观经济环境是最近几十年来最混乱、最难以预测的。Seth Carpenter 写到，对全球经济衰退的担忧普遍存在，在过去的3个月中，在通胀上升的同时，摩根士丹利下调了全球经济增长预测170bp。全球经济衰退的因素已经累积。摩根大通分析师Mike Wilson 已经预测，即便是没有经济衰退，美股还是会经历更多的抛售。分析发现，全球经济从新冠疫情中复苏，意味着收入过剩的公司，尤其是那些生产消费品、需求激增的公司将面临命运逆转。更重要的是，更高的利率和不断下降的增长，对估值从来都没有好处。避免经济衰退是摩根大通预测的基本情况，但不管怎样，市场都将不得不面对经济衰退可能性的上升。制造业相对集中的亚洲地区，正在遭受一轮又一轮的疫情冲击，经济活动受到抑制显而易见。风险蔓延，全球经济收缩的风险并不是天方夜谭。欧洲地区，经济放缓更具前瞻性，因为最近的PMI和信心调查显示，经济增长势头仍在继续。但是，自从俄乌冲突全面爆发，经济下行的风险陡增。急剧上升的能源价格和粮食价格，是对欧洲地区消费者征收重税。随着俄乌旷日持久的冲突，欧洲地区禁运俄罗斯原油的概率变得越来越高。毫无疑问，欧洲下半年的经济环境比上半年恶劣多了。更重要的是，随着通胀水平的急剧飙升，已经刺激了欧央行决定转向货币政策正常化。欧央行结束QE，并将存款利率提升至0%，还不太可能直接将欧洲经济拖入衰退。但是市场已经对此保持警惕，随着欧元区主权债的抛售开始，欧洲金融状况收紧已经正式拉开序幕。美国方面，第一季度GDP已经开始负增长。平心而论，美国国内最终支出是稳定的，罪魁祸首是库存和出口。然而，出口疲软预示着全球增长将放缓。4月份非农就业人数增加了4.28万，延续了一系列非常强劲的就业增长。但就像在欧洲一样，还没有看到食品和能源价格飙升对消费者支出造成的冲击。最近的研究表明，这种拖累可能是显而易见的（见未来增长放缓）。此外，美国的抵押贷款利率12年来首次超过5%，随着新房短缺推高房价，住房负担能力是几十年来最差的。当然，美联储已经发出了一系列相当激进的加息信号，随着资产负债表开始收缩，市场将看到今年联邦基金利率超过2.5%。美国经济的发展方向是明确的，尽管目前仍然强劲。为什么现在还不警告全球经济衰退呢？直到现在，尽管亚洲地区经济在今年二季度不理想，但是随之而来的海量财政政策和疫情在局部受到控制，经济增长反弹是可预期的。而欧洲对俄罗斯原油的禁运，市场认为在一定程度上也是可控的。Seth Carpenter 最后写道，至于经济衰退，我们需要看到俄罗斯所有的能源出口，包括天然气都被全部中断。而且美联储正在摸索政策，试图放缓经济以控制通胀，但一旦有迹象表明做得太多，就愿意改变方向。同时，还需要欧洲的收缩严重冲击到美国经济，因为之前已经有足够多的政策紧缩措施在酝酿，从而引发衰退。这些不幸因素的同时出现是可能的，因此经济衰退的风险上升，但这不是摩根士丹利所期待的。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":875,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9062535782,"gmtCreate":1652076804246,"gmtModify":1676535025267,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586317757274365","authorIdStr":"3586317757274365"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9062535782","repostId":"1140536828","repostType":4,"repost":{"id":"1140536828","kind":"news","pubTimestamp":1652069961,"share":"https://ttm.financial/m/news/1140536828?lang=en_US&edition=fundamental","pubTime":"2022-05-09 12:19","market":"sh","language":"zh","title":"China's exports rose 3.9% year-on-year in April, while imports remained unchanged from the previous month","url":"https://stock-news.laohu8.com/highlight/detail?id=1140536828","media":"华尔街见闻","summary":"5月9日，海关总署进出口数据显示，前4个月我国外贸结构持续优化。","content":"<p><html><head></head><body>Author: Zhao Ying</p><p>On May 9, import and export data from the General Administration of Customs showed that my country's foreign trade structure continued to optimize in the first four months.</p><p>Denominated in RMB, in the first four months of this year, China's total import and export value was 12.58 trillion yuan, an increase of 7.9% over the same period last year (the same below). Among them, exports were 6.97 trillion yuan, an increase of 10.3%; Imports were 5.61 trillion yuan, an increase of 5%; The trade surplus was 1.36 trillion yuan, an increase of 39.2%.</p><p>In US dollars, my country's total import and export value in the first four months was US $1.98 trillion, an increase of 10.1%. Among them, exports were US $1.09 trillion, an increase of 12.5%; Imports were US $881.42 billion, an increase of 7.1%; The trade surplus was US $212.93 billion, an increase of 42.3%.</p><p>Import and export of general trade increased and the proportion increased</p><p>In the first four months, China's general trade import and export was 8.01 trillion yuan, an increase of 11.2%, accounting for 63.6% of China's total foreign trade value, an increase of 1.9 percentage points over the same period last year. Among them, exports were 4.41 trillion yuan, an increase of 15%; Imports reached 3.6 trillion yuan, an increase of 6.8%. During the same period, the import and export of processing trade was 2.64 trillion yuan, an increase of 2.5%, accounting for 21%, a decrease of 1.1 percentage points. Among them, exports were 1.65 trillion yuan, an increase of 2%; Imports were 991.81 billion yuan, an increase of 3.4%.</p><p>In addition, my country's import and export through bonded logistics amounted to 1.51 trillion yuan, an increase of 7.6%. Among them, exports were 558.9 billion yuan, an increase of 13.5%; Imports were 952.83 billion yuan, an increase of 4.3%.</p><p>Imports and exports to trading partners such as \"the belt and road initiative\" countries, ASEAN, the European Union, the United States and South Korea have increased</p><p>In the first four months, ASEAN was China's largest trading partner. The total trade value between China and ASEAN was 1.84 trillion yuan, an increase of 7.2%, accounting for 14.6% of China's total foreign trade value. Among them, exports to ASEAN were 1.03 trillion yuan, an increase of 8.7%; Imports from ASEAN were 808.99 billion yuan, an increase of 5.3%; The trade surplus with ASEAN was 223.42 billion yuan, an increase of 23.2%.</p><p>The EU is China's second largest trading partner, with a total trade value of 1.73 trillion yuan, an increase of 6.8%, accounting for 13.8%. Among them, exports to the EU were 1.14 trillion yuan, an increase of 17%; Imports from the EU were 596.04 billion yuan, down 8.3%; The trade surplus with the EU was 542.8 billion yuan, an increase of 67.8%.</p><p>The United States is China's third largest trading partner, and the total trade value between China and the United States is 1.56 trillion yuan, an increase of 8.7%, accounting for 12.4%. Among them, exports to the United States were 1.18 trillion yuan, an increase of 12.6%; Imports from the United States were 387.19 billion yuan, down 1.7%; The trade surplus with the United States was 790.05 billion yuan, an increase of 21.2%.</p><p>South Korea is China's fourth largest trading partner. The total trade value between China and South Korea is 764.92 billion yuan, an increase of 8.4%, accounting for 6.1%. Among them, exports to South Korea were 320.68 billion yuan, an increase of 12.4%; Imports from South Korea were 444.24 billion yuan, an increase of 5.7%; The trade deficit with South Korea was 123.56 billion yuan, a decrease of 8.4%.</p><p>During the same period, my country's total imports and exports to countries along the \"the belt and road initiative\" were 3.97 trillion yuan, an increase of 15.4%. The total import and export between my country and the other 14 member countries of RCEP was 3.84 trillion yuan, a year-on-year increase of 3.9%. Among them, exports were 2.2 trillion yuan, an increase of 12.9%; Imports reached 1.77 trillion yuan, an increase of 18.6%.</p><p>The import and export of private enterprises has grown rapidly and the proportion has increased</p><p>In the first four months, the import and export of private enterprises was 6.1 trillion yuan, an increase of 11%, accounting for 48.5% of China's total foreign trade value, an increase of 1.4 percentage points over the same period last year. Among them, exports were 4.07 trillion yuan, an increase of 15.4%, accounting for 58.4% of the total export value; Imports were 2.03 trillion yuan, an increase of 3.2%, accounting for 36.1% of the total import value.</p><p>During the same period, the import and export of foreign-invested enterprises was 4.42 trillion yuan, an increase of 2.2%, accounting for 35.1% of China's total foreign trade value. Among them, exports were 2.36 trillion yuan, an increase of 4.6%; Imports were 2.06 trillion yuan, down 0.5%. The import and export of state-owned enterprises was 2.04 trillion yuan, an increase of 14.1%, accounting for 16.3% of China's total foreign trade value. Among them, exports were 532.13 billion yuan, an increase of 3.5%; Imports reached 1.51 trillion yuan, an increase of 18.4%.</p><p>The export of mechanical and electrical products and labor-intensive products both increased, the import volume and price of iron ore both fell, and the import volume and price of crude oil, coal, natural gas and soybeans decreased and increased</p><p>Exports of mechanical and electrical products and labor-intensive products both increased.</p><p>In the first four months, my country exported 4.04 trillion yuan of mechanical and electrical products, an increase of 6.7%, accounting for 57.9% of the total export value. Wherein:</p><p>Automatic data processing equipment and its parts were 508.88 billion yuan, an increase of 3.9%; Mobile phones amounted to 292.48 billion yuan, an increase of 0.1%. During the same period, the export of labor-intensive products was 1.21 trillion yuan, an increase of 9.2%, accounting for 17.3%. Among them, textiles were 310.88 billion yuan, an increase of 8.9%; Clothing and clothing accessories were 299.39 billion yuan, an increase of 4%; Plastic products were 210.19 billion yuan, an increase of 12.6%. Exports of agricultural products amounted to 190.74 billion yuan, an increase of 18.7%. The import volume and price of iron ore both fell, while the import volume of crude oil, coal, natural gas and soybeans decreased and increased.</p><p>In the first four months, my country imported 354 million tons of iron ore, a decrease of 7.1%, and the average import price was 752 yuan per ton, a decrease of 29.5%. During the same period, 171 million tons of crude oil were imported, a decrease of 4.8%, and the average import price was 4,323.6 yuan per ton, an increase of 54.3%; Coal was 75.406 million tons, a decrease of 16.2%, and the average import price was 1,004.6 yuan per ton, an increase of 109.1%; Natural gas was 35.866 million tons, a decrease of 8.9%, and the average import price was 3,842 yuan per ton, an increase of 72.1%; Soybeans were 28.36 million tons, a decrease of 0.8%, and the average import price was 3,979.7 yuan per ton, an increase of 22.7%; Primary shape plastics were 10.295 million tons, a decrease of 15.1%, and the average import price was 12,100 yuan per ton, an increase of 13.3%; Refined oil products were 7.975 million tons, a decrease of 0.8%, and the average import price was 5,001.9 yuan per ton, an increase of 36.2%; Steel products were 4.174 million tons, a decrease of 14.7%, and the average import price was 9,598.9 yuan per ton, an increase of 26.1%. In addition, 1.939 million tons of unwrought copper and copper materials were imported, an increase of 0.9%, and the average import price was 64,800 yuan per ton, an increase of 15.1%. Li Kuiwen, director of the Statistics and Analysis Department of the General Administration of Customs, said that under the situation that the external environment faced by China's foreign trade development has become more complicated and severe, China's foreign trade import and export has maintained growth in the first four months, and the number of foreign trade enterprises with import and export performance has increased by 4.7% year-on-year. This fully reflects the characteristics of China's strong economic resilience, sufficient potential, wide room for manoeuvre, and long-term positive fundamentals that will not change. China still has good support to achieve the goal of maintaining stability and improving quality of foreign trade throughout the year.</p><p></body></html></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>China's exports rose 3.9% year-on-year in April, while imports remained unchanged from the previous month</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina's exports rose 3.9% year-on-year in April, while imports remained unchanged from the previous month\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-05-09 12:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Author: Zhao Ying</p><p>On May 9, import and export data from the General Administration of Customs showed that my country's foreign trade structure continued to optimize in the first four months.</p><p>Denominated in RMB, in the first four months of this year, China's total import and export value was 12.58 trillion yuan, an increase of 7.9% over the same period last year (the same below). Among them, exports were 6.97 trillion yuan, an increase of 10.3%; Imports were 5.61 trillion yuan, an increase of 5%; The trade surplus was 1.36 trillion yuan, an increase of 39.2%.</p><p>In US dollars, my country's total import and export value in the first four months was US $1.98 trillion, an increase of 10.1%. Among them, exports were US $1.09 trillion, an increase of 12.5%; Imports were US $881.42 billion, an increase of 7.1%; The trade surplus was US $212.93 billion, an increase of 42.3%.</p><p>Import and export of general trade increased and the proportion increased</p><p>In the first four months, China's general trade import and export was 8.01 trillion yuan, an increase of 11.2%, accounting for 63.6% of China's total foreign trade value, an increase of 1.9 percentage points over the same period last year. Among them, exports were 4.41 trillion yuan, an increase of 15%; Imports reached 3.6 trillion yuan, an increase of 6.8%. During the same period, the import and export of processing trade was 2.64 trillion yuan, an increase of 2.5%, accounting for 21%, a decrease of 1.1 percentage points. Among them, exports were 1.65 trillion yuan, an increase of 2%; Imports were 991.81 billion yuan, an increase of 3.4%.</p><p>In addition, my country's import and export through bonded logistics amounted to 1.51 trillion yuan, an increase of 7.6%. Among them, exports were 558.9 billion yuan, an increase of 13.5%; Imports were 952.83 billion yuan, an increase of 4.3%.</p><p>Imports and exports to trading partners such as \"the belt and road initiative\" countries, ASEAN, the European Union, the United States and South Korea have increased</p><p>In the first four months, ASEAN was China's largest trading partner. The total trade value between China and ASEAN was 1.84 trillion yuan, an increase of 7.2%, accounting for 14.6% of China's total foreign trade value. Among them, exports to ASEAN were 1.03 trillion yuan, an increase of 8.7%; Imports from ASEAN were 808.99 billion yuan, an increase of 5.3%; The trade surplus with ASEAN was 223.42 billion yuan, an increase of 23.2%.</p><p>The EU is China's second largest trading partner, with a total trade value of 1.73 trillion yuan, an increase of 6.8%, accounting for 13.8%. Among them, exports to the EU were 1.14 trillion yuan, an increase of 17%; Imports from the EU were 596.04 billion yuan, down 8.3%; The trade surplus with the EU was 542.8 billion yuan, an increase of 67.8%.</p><p>The United States is China's third largest trading partner, and the total trade value between China and the United States is 1.56 trillion yuan, an increase of 8.7%, accounting for 12.4%. Among them, exports to the United States were 1.18 trillion yuan, an increase of 12.6%; Imports from the United States were 387.19 billion yuan, down 1.7%; The trade surplus with the United States was 790.05 billion yuan, an increase of 21.2%.</p><p>South Korea is China's fourth largest trading partner. The total trade value between China and South Korea is 764.92 billion yuan, an increase of 8.4%, accounting for 6.1%. Among them, exports to South Korea were 320.68 billion yuan, an increase of 12.4%; Imports from South Korea were 444.24 billion yuan, an increase of 5.7%; The trade deficit with South Korea was 123.56 billion yuan, a decrease of 8.4%.</p><p>During the same period, my country's total imports and exports to countries along the \"the belt and road initiative\" were 3.97 trillion yuan, an increase of 15.4%. The total import and export between my country and the other 14 member countries of RCEP was 3.84 trillion yuan, a year-on-year increase of 3.9%. Among them, exports were 2.2 trillion yuan, an increase of 12.9%; Imports reached 1.77 trillion yuan, an increase of 18.6%.</p><p>The import and export of private enterprises has grown rapidly and the proportion has increased</p><p>In the first four months, the import and export of private enterprises was 6.1 trillion yuan, an increase of 11%, accounting for 48.5% of China's total foreign trade value, an increase of 1.4 percentage points over the same period last year. Among them, exports were 4.07 trillion yuan, an increase of 15.4%, accounting for 58.4% of the total export value; Imports were 2.03 trillion yuan, an increase of 3.2%, accounting for 36.1% of the total import value.</p><p>During the same period, the import and export of foreign-invested enterprises was 4.42 trillion yuan, an increase of 2.2%, accounting for 35.1% of China's total foreign trade value. Among them, exports were 2.36 trillion yuan, an increase of 4.6%; Imports were 2.06 trillion yuan, down 0.5%. The import and export of state-owned enterprises was 2.04 trillion yuan, an increase of 14.1%, accounting for 16.3% of China's total foreign trade value. Among them, exports were 532.13 billion yuan, an increase of 3.5%; Imports reached 1.51 trillion yuan, an increase of 18.4%.</p><p>The export of mechanical and electrical products and labor-intensive products both increased, the import volume and price of iron ore both fell, and the import volume and price of crude oil, coal, natural gas and soybeans decreased and increased</p><p>Exports of mechanical and electrical products and labor-intensive products both increased.</p><p>In the first four months, my country exported 4.04 trillion yuan of mechanical and electrical products, an increase of 6.7%, accounting for 57.9% of the total export value. Wherein:</p><p>Automatic data processing equipment and its parts were 508.88 billion yuan, an increase of 3.9%; Mobile phones amounted to 292.48 billion yuan, an increase of 0.1%. During the same period, the export of labor-intensive products was 1.21 trillion yuan, an increase of 9.2%, accounting for 17.3%. Among them, textiles were 310.88 billion yuan, an increase of 8.9%; Clothing and clothing accessories were 299.39 billion yuan, an increase of 4%; Plastic products were 210.19 billion yuan, an increase of 12.6%. Exports of agricultural products amounted to 190.74 billion yuan, an increase of 18.7%. The import volume and price of iron ore both fell, while the import volume of crude oil, coal, natural gas and soybeans decreased and increased.</p><p>In the first four months, my country imported 354 million tons of iron ore, a decrease of 7.1%, and the average import price was 752 yuan per ton, a decrease of 29.5%. During the same period, 171 million tons of crude oil were imported, a decrease of 4.8%, and the average import price was 4,323.6 yuan per ton, an increase of 54.3%; Coal was 75.406 million tons, a decrease of 16.2%, and the average import price was 1,004.6 yuan per ton, an increase of 109.1%; Natural gas was 35.866 million tons, a decrease of 8.9%, and the average import price was 3,842 yuan per ton, an increase of 72.1%; Soybeans were 28.36 million tons, a decrease of 0.8%, and the average import price was 3,979.7 yuan per ton, an increase of 22.7%; Primary shape plastics were 10.295 million tons, a decrease of 15.1%, and the average import price was 12,100 yuan per ton, an increase of 13.3%; Refined oil products were 7.975 million tons, a decrease of 0.8%, and the average import price was 5,001.9 yuan per ton, an increase of 36.2%; Steel products were 4.174 million tons, a decrease of 14.7%, and the average import price was 9,598.9 yuan per ton, an increase of 26.1%. In addition, 1.939 million tons of unwrought copper and copper materials were imported, an increase of 0.9%, and the average import price was 64,800 yuan per ton, an increase of 15.1%. Li Kuiwen, director of the Statistics and Analysis Department of the General Administration of Customs, said that under the situation that the external environment faced by China's foreign trade development has become more complicated and severe, China's foreign trade import and export has maintained growth in the first four months, and the number of foreign trade enterprises with import and export performance has increased by 4.7% year-on-year. This fully reflects the characteristics of China's strong economic resilience, sufficient potential, wide room for manoeuvre, and long-term positive fundamentals that will not change. China still has good support to achieve the goal of maintaining stability and improving quality of foreign trade throughout the year.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3658834\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b3d89a92f391e86e09aab7b26ba0805e","relate_stocks":{"000001.SH":"上证指数"},"source_url":"https://wallstreetcn.com/articles/3658834","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1140536828","content_text":"作者：赵颖5月9日，海关总署进出口数据显示，前4个月我国外贸结构持续优化。以人民币计价，今年前4个月，我国进出口总值12.58万亿元人民币，比去年同期（下同）增长7.9%。其中，出口6.97万亿元，增长10.3%；进口5.61万亿元，增长5%；贸易顺差1.36万亿元，增加39.2%。按美元计价，前4个月我国进出口总值1.98万亿美元，增长10.1%。其中，出口1.09万亿美元，增长12.5%；进口8814.2亿美元，增长7.1%；贸易顺差2129.3亿美元，增加42.3%。一般贸易进出口增长、比重提升前4个月，我国一般贸易进出口8.01万亿元，增长11.2%，占我外贸总值的63.6%，比去年同期提升1.9个百分点。其中，出口4.41万亿元，增长15%；进口3.6万亿元，增长6.8%。同期，加工贸易进出口2.64万亿元，增长2.5%，占21%，下滑1.1个百分点。其中，出口1.65万亿元，增长2%；进口9918.1亿元，增长3.4%。此外，我国以保税物流方式进出口1.51万亿元，增长7.6%。其中，出口5589亿元，增长13.5%；进口9528.3亿元，增长4.3%。对 “一带一路”国家、东盟、欧盟、美国和韩国等贸易伙伴进出口增长前4个月，东盟为我第一大贸易伙伴，我与东盟贸易总值为1.84万亿元，增长7.2%，占我外贸总值的14.6%。其中，对东盟出口1.03万亿元，增长8.7%；自东盟进口8089.9亿元，增长5.3%；对东盟贸易顺差2234.2亿元，增加23.2%。欧盟为我第二大贸易伙伴，与欧盟贸易总值为1.73万亿元，增长6.8%，占13.8%。其中，对欧盟出口1.14万亿元，增长17%；自欧盟进口5960.4亿元，下降8.3%；对欧盟贸易顺差5428亿元，增加67.8%。美国为我第三大贸易伙伴，中美贸易总值为1.56万亿元，增长8.7%，占12.4%。其中，对美国出口1.18万亿元，增长12.6%；自美国进口3871.9亿元，下降1.7%；对美贸易顺差7900.5亿元，增加21.2%。韩国为我第四大贸易伙伴，中韩贸易总值为7649.2亿元，增长8.4%，占6.1%。其中，对韩国出口3206.8亿元，增长12.4%；自韩国进口4442.4亿元，增长5.7%；对韩贸易逆差1235.6亿元，减少8.4%。同期，我国对“一带一路”沿线国家合计进出口3.97万亿元，增长15.4%。我国与RCEP其他14个成员国合计进出口3.84万亿元，同比增长3.9%。其中，出口2.2万亿元，增长12.9%；进口1.77万亿元，增长18.6%。民营企业进出口快速增长、比重提升前4个月，民营企业进出口6.1万亿元，增长11%，占我外贸总值的48.5%，比去年同期提升1.4个百分点。其中，出口4.07万亿元，增长15.4%，占出口总值的58.4%；进口2.03万亿元，增长3.2%，占进口总值的36.1%。同期，外商投资企业进出口4.42万亿元，增长2.2%，占我外贸总值的35.1%。其中，出口2.36万亿元，增长4.6%；进口2.06万亿元，下降0.5%。国有企业进出口2.04万亿元，增长14.1%，占我外贸总值的16.3%。其中，出口5321.3亿元，增长3.5%；进口1.51万亿元，增长18.4%。机电产品和劳动密集型产品出口均增长，铁矿砂进口量价齐跌，原油、煤炭、天然气和大豆等进口量减价扬机电产品和劳动密集型产品出口均增长。前4个月，我国出口机电产品4.04万亿元，增长6.7%，占出口总值的57.9%。其中：自动数据处理设备及其零部件5088.8亿元，增长3.9%；手机2924.8亿元，增长0.1%。同期，出口劳动密集型产品1.21万亿元，增长9.2%，占17.3%。其中，纺织品3108.8亿元，增长8.9%；服装及衣着附件2993.9亿元，增长4%；塑料制品2101.9亿元，增长12.6%。出口农产品1907.4亿元，增长18.7%。铁矿砂进口量价齐跌，原油、煤炭、天然气和大豆等进口量减价扬。前4个月，我国进口铁矿砂3.54亿吨，减少7.1%，进口均价每吨752元，下跌29.5%。同期，进口原油1.71亿吨，减少4.8%，进口均价每吨4323.6元，上涨54.3%；煤7540.6万吨，减少16.2%，进口均价每吨1004.6元，上涨109.1%；天然气3586.6万吨，减少8.9%，进口均价每吨3842元，上涨72.1%；大豆2836万吨，减少0.8%，进口均价每吨3979.7元，上涨22.7%；初级形状的塑料1029.5万吨，减少15.1%，进口均价每吨1.21万元，上涨13.3%；成品油797.5万吨，减少0.8%，进口均价每吨5001.9元，上涨36.2%；钢材417.4万吨，减少14.7%，进口均价每吨9598.9元，上涨26.1%。此外，进口未锻轧铜及铜材193.9万吨，增加0.9%，进口均价每吨6.48万元，上涨15.1%。关总署统计分析司司长李魁文表示，在我国外贸发展面临的外部环境更趋复杂严峻的形势下，前4个月我国外贸进出口仍然保持了增长，有进出口实绩的外贸企业数量同比增加4.7%。这充分体现了我国经济韧性强、潜力足、回旋余地广、长期向好的基本面不会改变的特点，我国实现全年外贸保稳提质目标仍然有较好支撑。","news_type":1,"symbols_score_info":{"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":870,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9012060410,"gmtCreate":1649254336816,"gmtModify":1676534478559,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586317757274365","authorIdStr":"3586317757274365"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9012060410","repostId":"1142123012","repostType":4,"isVote":1,"tweetType":1,"viewCount":667,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9012087113,"gmtCreate":1649254244435,"gmtModify":1676534478524,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586317757274365","authorIdStr":"3586317757274365"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9012087113","repostId":"1137782208","repostType":4,"isVote":1,"tweetType":1,"viewCount":874,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9012084054,"gmtCreate":1649254118906,"gmtModify":1676534478498,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586317757274365","authorIdStr":"3586317757274365"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9012084054","repostId":"1105882488","repostType":4,"repost":{"id":"1105882488","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":1649253343,"share":"https://ttm.financial/m/news/1105882488?lang=en_US&edition=fundamental","pubTime":"2022-04-06 21:55","market":"us","language":"zh","title":"U.S. blockchain concept stocks collectively fell, Bit Digital fell more than 7%","url":"https://stock-news.laohu8.com/highlight/detail?id=1105882488","media":"老虎资讯综合","summary":"4月6日，美股区块链概念股集体走低，Bit Digital跌超7%，Riot Blockchain跌超6%，Marathon Digital跌超5%，SOS Limited、Coinbase跌超3%。","content":"<p><html><head></head><body>On April 6, blockchain concept stocks in the US stock market collectively fell.<a href=\"https://laohu8.com/S/BTBT\">Bit Digital</a>Fell more than 7%,<a href=\"https://laohu8.com/S/RIOT\">Riot Blockchain</a>Fell more than 6%,<a href=\"https://laohu8.com/S/MARA\">Marathon Digital</a>Fell more than 5%,<a href=\"https://laohu8.com/S/SOS\">SOS Limited</a>、<a href=\"https://laohu8.com/S/COIN\">Coinbase</a>Fell more than 3%.</p><p><img src=\"https://static.tigerbbs.com/d7cb0a218b8f722dadfcb3ad25900c67\" tg-width=\"385\" tg-height=\"602\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. blockchain concept stocks collectively fell, Bit Digital fell more than 7%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; 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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\">\nU.S. blockchain concept stocks collectively fell, Bit Digital fell more than 7%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-04-06 21:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On April 6, blockchain concept stocks in the US stock market collectively fell.<a href=\"https://laohu8.com/S/BTBT\">Bit Digital</a>Fell more than 7%,<a href=\"https://laohu8.com/S/RIOT\">Riot Blockchain</a>Fell more than 6%,<a href=\"https://laohu8.com/S/MARA\">Marathon Digital</a>Fell more than 5%,<a href=\"https://laohu8.com/S/SOS\">SOS Limited</a>、<a href=\"https://laohu8.com/S/COIN\">Coinbase</a>Fell more than 3%.</p><p><img src=\"https://static.tigerbbs.com/d7cb0a218b8f722dadfcb3ad25900c67\" tg-width=\"385\" tg-height=\"602\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/962be253ee7459c393769e9105cb1429","relate_stocks":{"RIOT":"Riot Platforms","BK4196":"保健护理服务","LHDX":"Lucira Health, Inc.","BK4082":"医疗保健设备","BTBT":"Bit Digital, Inc.","BK4139":"生物科技","COIN":"Coinbase Global, Inc.","BK4023":"应用软件","BK4007":"制药","MARA":"MARA Holdings"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105882488","content_text":"4月6日，美股区块链概念股集体走低，Bit Digital跌超7%，Riot Blockchain跌超6%，Marathon Digital跌超5%，SOS Limited、Coinbase跌超3%。","news_type":1,"symbols_score_info":{"RIOT":0.9,"MARA":0.9,"APR":0.9,"LHDX":0.9,"BTBT":0.9,"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":820,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9037464125,"gmtCreate":1648167484598,"gmtModify":1676534312020,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586317757274365","authorIdStr":"3586317757274365"},"themes":[],"htmlText":"$美国航空(AAL.US)$ I feel goood soooo good I got you❤️❤️🛫🛫🛫","listText":"$美国航空(AAL.US)$ I feel goood soooo good I got you❤️❤️🛫🛫🛫","text":"$美国航空(AAL.US)$ I feel goood soooo good I got you❤️❤️🛫🛫🛫","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9037464125","isVote":1,"tweetType":1,"viewCount":694,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9032598301,"gmtCreate":1647394706504,"gmtModify":1676534224455,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586317757274365","authorIdStr":"3586317757274365"},"themes":[],"htmlText":"$美国航空(AAL.US)$ favorite airline to fly ✈️✈️✈️✈️✈️❤️❤️❤️❤️❤️","listText":"$美国航空(AAL.US)$ favorite airline to fly ✈️✈️✈️✈️✈️❤️❤️❤️❤️❤️","text":"$美国航空(AAL.US)$ favorite airline to fly 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09:19","market":"hk","language":"zh","title":"Hong Kong stocks open | Hang Seng Index open low 0.35%, Alibaba fell more than 2%","url":"https://stock-news.laohu8.com/highlight/detail?id=1156625778","media":"老虎资讯综合","summary":"9月19日讯，港股延续上周跌势，三大指数再度低开，恒指跌0.35%，国指跌0.48%，恒生科技指数跌0.79%。盘面上，大型科技股继续走弱，阿里巴巴跌2%，网易、京东跌超1%，美团、腾讯、百度、快手均","content":"<p><html><head></head><body>On September 19, Hong Kong stocks continued their decline last week, and the three major indexes fell in open low again. The Hang Seng Index fell 0.35%, the State Index fell 0.48%, and the Hang Seng Technology Index fell 0.79%.</p><p>On the disk, large technology stocks continued to weaken,<a href=\"https://laohu8.com/S/09988\">Alibaba</a>Down 2%,<a href=\"https://laohu8.com/S/09999\">NetEase</a>、<a href=\"https://laohu8.com/S/09618\">JD.com</a>Fell more than 1%, Meituan,<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/09888\">Baidu</a>, Kuaishou all fell; Auto stocks continued to fall, with new energy stocks leading the decline.<a href=\"https://laohu8.com/S/09866\">Nio</a>Fell more than 5%,<a href=\"https://laohu8.com/S/02015\">Li Auto</a>Fell nearly 4%. Sporting goods stocks, insurance stocks, gas stocks, power stocks and dairy stocks were generally lower. On the other hand, luxury stocks<a href=\"https://laohu8.com/S/01929\">Chow Tai Fook</a>It opened up 4.4%, and biomedical stocks, building materials and cement stocks rose.<a href=\"https://laohu8.com/S/600585\">Conch Cement</a>、<a href=\"https://laohu8.com/S/03323\">China Building Materials</a>Both opened higher.<img src=\"https://static.tigerbbs.com/da3ba802395fbdf5b86bf2e848c2e369\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hong Kong stocks open | Hang Seng Index open low 0.35%, Alibaba fell more than 2%</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\">\nHong Kong stocks open | Hang Seng Index open low 0.35%, Alibaba fell more than 2%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-09-19 09:19</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On September 19, Hong Kong stocks continued their decline last week, and the three major indexes fell in open low again. The Hang Seng Index fell 0.35%, the State Index fell 0.48%, and the Hang Seng Technology Index fell 0.79%.</p><p>On the disk, large technology stocks continued to weaken,<a href=\"https://laohu8.com/S/09988\">Alibaba</a>Down 2%,<a href=\"https://laohu8.com/S/09999\">NetEase</a>、<a href=\"https://laohu8.com/S/09618\">JD.com</a>Fell more than 1%, Meituan,<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/09888\">Baidu</a>, Kuaishou all fell; Auto stocks continued to fall, with new energy stocks leading the decline.<a href=\"https://laohu8.com/S/09866\">Nio</a>Fell more than 5%,<a href=\"https://laohu8.com/S/02015\">Li Auto</a>Fell nearly 4%. Sporting goods stocks, insurance stocks, gas stocks, power stocks and dairy stocks were generally lower. On the other hand, luxury stocks<a href=\"https://laohu8.com/S/01929\">Chow Tai Fook</a>It opened up 4.4%, and biomedical stocks, building materials and cement stocks rose.<a href=\"https://laohu8.com/S/600585\">Conch Cement</a>、<a href=\"https://laohu8.com/S/03323\">China Building Materials</a>Both opened higher.<img src=\"https://static.tigerbbs.com/da3ba802395fbdf5b86bf2e848c2e369\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{"BK4524":"宅经济概念","BK4581":"高盛持仓","BK4554":"元宇宙及AR概念","BK4527":"明星科技股","QNETCN":"纳斯达克中美互联网老虎指数","BK4526":"热门中概股","BK4534":"瑞士信贷持仓","HSI":"恒生指数","BK4533":"AQR资本管理(全球第二大对冲基金)","BABA":"阿里巴巴","BK4575":"芯片概念","BK4558":"双十一","BK4505":"高瓴资本持仓","BK4535":"淡马锡持仓","BK4504":"桥水持仓","BK4538":"云计算","BK4548":"巴美列捷福持仓","BK4565":"NFT概念","09988":"阿里巴巴-W"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156625778","content_text":"9月19日讯，港股延续上周跌势，三大指数再度低开，恒指跌0.35%，国指跌0.48%，恒生科技指数跌0.79%。盘面上，大型科技股继续走弱，阿里巴巴跌2%，网易、京东跌超1%，美团、腾讯、百度、快手均下跌；汽车股跌势不止，新能源股领衔下跌，蔚来跌超5%，理想汽车跌近4%。体育用品股、保险股、燃气股、电力股、乳制品股普遍走低。另一方面，奢侈品股周大福开涨4.4%，生物医药股、建材水泥股部分上涨，海螺水泥、中国建材均高开。","news_type":1,"symbols_score_info":{"HSImain":0.9,"QNETCN":0.9,"MCHmain":0.9,"09988":0.9,"HSI":0.9,"BABA":0.9,"MHImain":0.9}},"isVote":1,"tweetType":1,"viewCount":2538,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9994277853,"gmtCreate":1661653406273,"gmtModify":1676536555306,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586317757274365","idStr":"3586317757274365"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9994277853","repostId":"1133824414","repostType":2,"repost":{"id":"1133824414","kind":"news","weMediaInfo":{"introduction":"图文并茂讲解中金深度研究报告","home_visible":1,"media_name":"中金点睛","id":"1012212489","head_image":"https://static.tigerbbs.com/6b16ed39660b4e0c835afdaf1c94aa75"},"pubTimestamp":1661574905,"share":"https://ttm.financial/m/news/1133824414?lang=en_US&edition=fundamental","pubTime":"2022-08-27 12:35","market":"us","language":"zh","title":"CICC: China and the United States signed an audit supervision cooperation agreement, how to interpret the subsequent impact","url":"https://stock-news.laohu8.com/highlight/detail?id=1133824414","media":"中金点睛","summary":"如果取得实质性进展，或将有助于缓解多数公司退市的尾部风险和市场短期压力。","content":"<p><html><head></head><body>Author: Liu Gang, Kou Yue, Zhang Weihan, etc.</p><p>On the evening of August 26, Beijing time, the website of China Securities Regulatory Commission announced that China Securities Regulatory Commission, Ministry of Finance and US regulatory agencies signed an audit cooperation agreement [1]. According to the announcement, the cooperation agreement is based on the laws and regulations of the two countries, respects international common practices, and in accordance with the principle of reciprocity and mutual benefit, makes a clear agreement on the cooperation between the two sides in regulatory inspection and investigation activities of relevant accounting firms, forming a cooperation framework that meets the laws and regulatory requirements of both sides. Correspondingly, the US Public Company Accounting Oversight Board (PCAOB) and the US Securities and Exchange Commission (SEC) have also issued relevant statements [2] [3].</p><p>Overall, we believe that the signing of the audit supervision cooperation agreement between China and the United States is the first breakthrough since the SEC included Chinese concept stock companies listed in the United States in the \"delisting risk list\" in early March this year, which triggered a series of fluctuations.<b>It is the first step to solve the long-standing regulatory risks that plague Chinese concept stocks</b>, laying the foundation for further supervision cooperation between China and the United States. Looking ahead, how the regulatory agencies of the two countries will specifically advance it will be the focus. In this process, we still need to pay attention to the consistency of the requirements of China and the United States.<b>If substantial progress is made, it may help alleviate the tail risks and short-term market pressure of most companies' delisting.</b>The subsequent medium-term trend of Chinese concept stocks and Hong Kong stock markets will still depend more on the repair of fundamentals.</p><p>Based on the latest regulatory trends, we further analyze the possible impact of the signing of this agreement, the future evolution path, and the prospects of the Chinese concept stock market.</p><p><b>The ins and outs of the Chinese concept stock issue: a long history, extensive influence, and continuous negotiation</b></p><p>The problem of Chinese concept stocks has a long history. This round of Chinese concept stock turmoil can be traced back to the signing of the \"Foreign Company Accountability Act\" by then President Trump at the end of 2020. At the end of 2021, the U.S. Securities and Exchange Commission (SEC) further issued the implementation details of the bill, and in March this year, it officially gradually included companies that did not meet its requirements in the so-called \"preliminary identification list\" and entered the actual implementation stage. Up to now, a total of more than 150 Chinese concept stock companies have been on the list [4].</p><p>One of the core contents of the bill is to require accounting firms of foreign companies to submit audit papers. If they fail to provide them for three consecutive years, they may face the risk of delisting. In addition, the bill requires foreign companies to disclose their relationships with foreign governments and prove that they are not owned or controlled by foreign governments. Therefore, since the implementation of this bill, regulatory uncertainty has become one of the important factors suppressing the performance of Chinese concept stocks and Hong Kong-listed technology stocks.</p><p>However, in response to this external uncertainty, negotiations between China and the United States have been going on. For example, after the SEC included the first batch of Chinese concept stocks in the \"preliminary identification list\" on March 10, the China Securities Regulatory Commission issued an announcement in the early morning of March 11 stating that it is \"willing to solve related issues through regulatory cooperation\" [5]. On March 16, Vice Premier Liu He of the State Council presided over a meeting of the Financial Committee, saying that the regulatory agencies of China and the United States have maintained good communication [6], made positive progress, and are working to form specific cooperation plans. China continues to support all kinds of enterprises to go public overseas. Not only that, but China is also promoting the revision of some supporting policies and regulations to adapt to the new external environment. For example, in December 2021 and April 2022, the State Council and the China Securities Regulatory Commission successively drafted the \"Regulations of the State Council on the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises (Draft for Comment)\" and revised the \"Regulations on Strengthening the Overseas Issuance and Listing of Securities by Domestic Enterprises\". Relevant Confidentiality and File Management Work (Draft for Comment) \"solicits opinions, increases the coverage of domestic companies listed in Hong Kong and the United States, and provides institutional guarantees for cross-border regulatory cooperation. Therefore, it can be seen that Sino-US regulatory cooperation is also the general direction.</p><p>Chart: Summary of overseas Chinese stock market performance and major events since 2020</p><p><img src=\"https://static.tigerbbs.com/b1ad838ac0bc148dfa2ed35a07c05033\" tg-width=\"1080\" tg-height=\"473\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, China Securities Regulatory Commission, US Securities Regulatory Commission, Hong Kong Stock Exchange, CICC Research Department</p><p>Chart: Since 2020, the uncertainty of the external regulatory environment faced by Chinese concept stocks has continued to increase</p><p><img src=\"https://static.tigerbbs.com/d563c8e97908433339870d8830d1ee54\" tg-width=\"1080\" tg-height=\"264\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: China Securities Regulatory Commission, US Securities Regulatory Commission, Hong Kong Stock Exchange, CICC Research Department</p><p><b>The main contents of the Sino-US Audit Supervision Cooperation Agreement: determining the operation process and mode, and providing sensitive information processing procedures</b></p><p>This cooperation agreement mainly makes specific arrangements for audit papers and regulatory cooperation issues that plague whether Chinese concept stocks can continue to be listed in the United States. Refer to the announcement of the CSRC:</p><p>1) Main content: The two parties have made specific arrangements for daily inspections and law enforcement investigations to cooperate with relevant accounting firms, and agreed on important matters such as the purpose of cooperation, scope of cooperation, form of cooperation, information use, and specific data protection;</p><p>2) Scope of cooperation: including assisting the other party in carrying out inspections and investigations of relevant firms. Among them, the scope of assistance provided by the Chinese side also involves some Hong Kong firms that provide audit services for Chinese concept stocks, and the audit papers are stored in the mainland;</p><p>3) Collaboration method: The two parties will communicate and coordinate the inspection and investigation activity plan in advance. The United States must obtain audit papers and other documents through the Chinese regulatory authorities, and conduct interviews and inquiries with relevant personnel of the accounting firm with the participation and assistance of the Chinese side.</p><p>In addition, this cooperation agreement also points out the following issues that the market is more concerned about or may be confused about, such as the content of audit papers, supervision forms and sensitive information:</p><p>1) Content of the manuscript: The main function of the audit working paper is to record whether the auditor has dutifully verified the accuracy of financial information such as enterprise income and expenditure in accordance with auditing standards. Therefore, it generally does not include sensitive information such as state secrets, personal privacy or underlying enterprise data.</p><p>2) Supervision object: The direct object of audit supervision is the accounting firm, not the listed company it audits;</p><p>3) Form of supervision: The regulatory agency of the place of listing selects some accounting firms for inspection every year, and there is no need to inspect all audit items of listed companies in the United States every year;</p><p>4) Processing of sensitive information: Clear agreements have been made on the processing and use of sensitive information that may involve, and special processing procedures have been set up for specific data such as personal information, providing a feasible path for both parties to perform their statutory regulatory duties while protecting relevant information security.</p><p>It is not difficult to see that this cooperation agreement has made relevant arrangements in all aspects and links involving audit supervision operations. At the same time, there are special ways to deal with some sensitive information that may be involved. Therefore, although it remains to be seen whether the specific follow-up progress will be smooth, this cooperation agreement at least provides an operational basis and takes the first step for the follow-up regulatory cooperation between the two parties.</p><p><b>The significance of signing the cooperation agreement between China and the United States: taking the first step of regulatory cooperation; Or alleviate market pressure and the delisting risk of most companies, and maintain smooth cross-border financing channels</b></p><p>Combined with the current market environment and the specific content of the agreement, we believe that this cooperation agreement is of great significance to solving the long-standing regulatory risks that have plagued Chinese concept stocks and lay the foundation for further regulatory cooperation in the future. If substantial progress is made in the end, it will help alleviate the market pressure and the delisting tail risk of some companies, and help protect the rights and interests of investors; In the medium and long term, it will help maintain smooth cross-border financing channels for Chinese enterprises and promote overseas financing for innovative enterprises. In fact, cross-border regulatory cooperation is also in line with international practice. The PCAOB of the United States has signed similar audit regulatory cooperation agreements with France, Belgium, Germany and other countries. Specifically,</p><p>► First of all, the signing of the cooperation agreement provides the possibility for further cooperation in the follow-up and ultimately solving the regulatory issues of Chinese concept stocks, especially when it comes to special handling methods of sensitive information.</p><p>► Secondly, it may alleviate the short-term market pressure and the tail risk of some companies' delisting. As we analyzed in \"Chinese Concept Stock Tracking: Future Ways and Possible Evolution\", although the final deadline required by the \"Foreign Company Accountability Act\" is the 2024 financial reporting season (concentrated from March to May), considering the actual implementation Many processes involved in the process may actually be much earlier, for example, to around November 2023, so there is not enough time. The signing of this cooperation agreement, if substantial progress is made in the end, can at least largely alleviate the market concerns and the tail risks of a considerable number of companies' delisting.</p><p>► Thirdly, retaining the listing of Chinese concept stocks in the United States through regulatory cooperation is of positive significance to protecting the interests of investors and maintaining cross-border financing channels for Chinese companies, especially overseas financing for innovative companies. In fact, the U.S. stock market has always been an important financing channel for Chinese-funded enterprises, especially innovative enterprises. Since 2010, a total of 345 Chinese concept stocks have been listed in the United States, with an initial fundraising amount of US $76.4 billion. Even this year, 13 Chinese concept stocks have been listed in the United States.</p><p><b>Follow-up progress: We still need to pay attention to the consistency of the requirements of the US and China; The extent and extent to which the manuscript can be provided is the key</b></p><p>On the basis of signing this cooperation agreement, the follow-up regulatory agencies of the two countries will focus on how to specifically promote audit cooperation. In this process, we still need to pay attention to the consistency of the requirements of China and the United States. For example, whether the U.S. side's criteria for determining the review method and scope are consistent with the acceptable methods of China.</p><p>In fact, in the latest statement, PCAOB stated that the signing of a cooperation agreement between China and the United States is important, but it is only the first step in regulatory cooperation. In the specific implementation process, the United States needs to decide by itself which companies and content it wants to review. Previously, both PCAOB and SEC officials in the United States stated that they needed full draft authority and did not accept partially abridged versions [7]. Therefore, the extent and scope to which audit papers can be provided in the end will remain the key to the subsequent regulatory cooperation between the two parties.</p><p>Chart: Relevant statements of the cooperation agreement between the China Securities Regulatory Commission and the US PCAOB</p><p><img src=\"https://static.tigerbbs.com/4bf00c6b75b35665fcc057442bff99cd\" tg-width=\"1080\" tg-height=\"404\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: CSRC, US Securities Regulatory Commission, PCAOB, CICC Research</p><p><b>Future choices for Chinese concept stocks: state-owned enterprises will be delisted, and most Chinese private stocks will have room for choice; Returning to Hong Kong stocks is still the general trend</b></p><p>In addition to state-owned enterprises and individual enterprises that may eventually fail to meet the requirements, the advancement of Sino-US regulatory cooperation will play a positive role in alleviating the delisting risk of most Chinese concept stocks. Therefore, the future outlets for Chinese concept stocks are as follows:</p><p>1) Delisting of state-owned enterprises is the benchmark situation: According to the requirements of the Foreign Companies Accountability Act, foreign companies need to disclose their relationships with foreign governments and prove that they are not owned or controlled by the government, so state-owned enterprises will basically choose to delist. In fact, five state-owned enterprises, including Sinopec and PetroChina, announced the start of delisting in the United States on August 12th. It is precisely for this consideration that it is basically in line with expectations (\"Tracking of Chinese Stocks: The Meaning and Impact of Delisting of State-owned Enterprises in the United States\").</p><p>2) Most Chinese private stocks are expected to reduce or even avoid the risk of delisting: If an agreement is finally reached, most companies can open access to audit papers to the PCAOB on the premise of complying with new confidentiality regulations, so they can maintain their listing in the United States. However, it is still not ruled out that some companies will be unable to meet some regulatory requirements due to sensitive information involved, and then choose to withdraw. The follow-up regulatory progress and details deserve attention.</p><p>However, regardless of whether it is ultimately delisted in the United States or not, choosing to go public in Hong Kong will be the main choice for Chinese concept stocks to hedge external risks. At present, 26 companies have returned to the Hong Kong stock market through secondary listings or dual primary listings (of which 17 are secondary listings and 9 are primary listings). Looking forward, with the external environment still facing large variables, we expect more qualified Chinese concept stock companies to return to Hong Kong stocks.</p><p><b>In terms of return methods, adopting or switching to primary listing will become the mainstream.</b>Compared with the secondary listing, which is the \"projection\" of overseas listing entities, choosing the dual primary listing method to return to Hong Kong can prevent the listing status in Hong Kong from being affected by the overseas listing status, and at the same time, it can also be included in the scope of Hong Kong Stock Connect (\"China Stock Tracking: What does it mean to be a primary listing?\"). In fact, we have noticed that more and more companies (XPeng Motor, Keike) have chosen dual primary listings to return to the Hong Kong stock market, and companies such as Zai Lab, Bilibili and Alibaba have also applied for or completed secondary listings. Conversion of primary listing status. We estimate that if the above-mentioned companies are converted to primary listings and included in Shanghai-Hong Kong Stock Connect, they are expected to bring in capital inflows of HK $45 billion.</p><p>For Hong Kong stocks, the return and delisting of Chinese concept stocks to Hong Kong may cause liquidity disturbances to Hong Kong stocks in the short term, but in the long run, it will help optimize the structure of Hong Kong stocks and strengthen their attractiveness. We expect that the return of a large number of Chinese concept stocks and the transfer of shares to Hong Kong stock trading will indeed have a certain impact on the already not very abundant liquidity of Hong Kong stocks. At present, the average proportion of major Chinese concept stock companies trading in Hong Kong has reached about 20% (such as Alibaba 20%). We estimate that the new financing and share conversion transactions of the 27 potential returning companies may bring about an annual liquidity absorption of HK $27.7 billion (equivalent to 9.1% of the amount of funds raised by the IPO of the Hong Kong stock market in 2021). Of course, the introduction listing method (without new financing, such as Nio and Keike) can alleviate the above pressure. In the medium and long term, we believe that the return of more Chinese concept stock companies will help further optimize the structure of the Hong Kong stock market, attract capital precipitation, and then form positive feedback from high-quality companies and funds, and further consolidate the Hong Kong stock market as a regional financial center and China's \"new economy\" bridgehead \"status.</p><p>Chart: Number of Chinese concept stocks listed in the United States and amount of funds raised</p><p><img src=\"https://static.tigerbbs.com/144d8b967ed427e4daa458d83a227b0b\" tg-width=\"737\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Wind, CICC Research</p><p>Chart: U.S. Chinese concept stock market size</p><p><img src=\"https://static.tigerbbs.com/2a9f11135d2beb26272c5668def3defe\" tg-width=\"709\" tg-height=\"415\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Wind, CICC Research</p><p>Chart: Since the reform of the listing system in 2018, 26 US Chinese concept stocks have returned to Hong Kong stocks through secondary listings and dual primary listings</p><p><img src=\"https://static.tigerbbs.com/f52e8f76ba1afba52a3254685bd27dce\" tg-width=\"1080\" tg-height=\"715\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Note: Data as of August 25, 2022; Valuation based on Bloomberg consensus estimates</p><p>Chart: The proportion of Chinese concept stocks listed in Hong Kong in Hong Kong is on the rise, but the main transactions are still in the United States</p><p><img src=\"https://static.tigerbbs.com/7d2d1be7b756231a69908d5549be32c9\" tg-width=\"710\" tg-height=\"435\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Chart: At present, the average proportion of major Chinese concept stock companies trading in Hong Kong is about 20%, of which Alibaba accounts for 20% and JD.com accounts for 21%.</p><p><img src=\"https://static.tigerbbs.com/de285dce2713c3c7440e3d7576acfb27\" tg-width=\"695\" tg-height=\"420\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Chart: New financing and share conversion transactions of 27 potential returning companies may bring about an annual liquidity absorption of HK $27.7 billion</p><p><img src=\"https://static.tigerbbs.com/9815f0ef8056c01bd91d075ca32e6585\" tg-width=\"727\" tg-height=\"445\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Chart: Even if 27 Chinese concept stocks are concentrated in listing in Hong Kong in 2022 and 2023, the scale of new financing is still within a historically reasonable range</p><p><img src=\"https://static.tigerbbs.com/d120db1e728a7b213dfbea08a2087752\" tg-width=\"736\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Chart: Calculation of potential passive funds that may be brought about if a secondary listed company is included in the eligible targets of Southbound Connect</p><p><img src=\"https://static.tigerbbs.com/dca49dc0dc20fa89c448c0ce2c1552e8\" tg-width=\"1080\" tg-height=\"513\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Note: Data as of August 25, 2022</p><p>Source: HKEx, Wind, CICC Research Department</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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According to the announcement, the cooperation agreement is based on the laws and regulations of the two countries, respects international common practices, and in accordance with the principle of reciprocity and mutual benefit, makes a clear agreement on the cooperation between the two sides in regulatory inspection and investigation activities of relevant accounting firms, forming a cooperation framework that meets the laws and regulatory requirements of both sides. Correspondingly, the US Public Company Accounting Oversight Board (PCAOB) and the US Securities and Exchange Commission (SEC) have also issued relevant statements [2] [3].</p><p>Overall, we believe that the signing of the audit supervision cooperation agreement between China and the United States is the first breakthrough since the SEC included Chinese concept stock companies listed in the United States in the \"delisting risk list\" in early March this year, which triggered a series of fluctuations.<b>It is the first step to solve the long-standing regulatory risks that plague Chinese concept stocks</b>, laying the foundation for further supervision cooperation between China and the United States. Looking ahead, how the regulatory agencies of the two countries will specifically advance it will be the focus. In this process, we still need to pay attention to the consistency of the requirements of China and the United States.<b>If substantial progress is made, it may help alleviate the tail risks and short-term market pressure of most companies' delisting.</b>The subsequent medium-term trend of Chinese concept stocks and Hong Kong stock markets will still depend more on the repair of fundamentals.</p><p>Based on the latest regulatory trends, we further analyze the possible impact of the signing of this agreement, the future evolution path, and the prospects of the Chinese concept stock market.</p><p><b>The ins and outs of the Chinese concept stock issue: a long history, extensive influence, and continuous negotiation</b></p><p>The problem of Chinese concept stocks has a long history. This round of Chinese concept stock turmoil can be traced back to the signing of the \"Foreign Company Accountability Act\" by then President Trump at the end of 2020. At the end of 2021, the U.S. Securities and Exchange Commission (SEC) further issued the implementation details of the bill, and in March this year, it officially gradually included companies that did not meet its requirements in the so-called \"preliminary identification list\" and entered the actual implementation stage. Up to now, a total of more than 150 Chinese concept stock companies have been on the list [4].</p><p>One of the core contents of the bill is to require accounting firms of foreign companies to submit audit papers. If they fail to provide them for three consecutive years, they may face the risk of delisting. In addition, the bill requires foreign companies to disclose their relationships with foreign governments and prove that they are not owned or controlled by foreign governments. Therefore, since the implementation of this bill, regulatory uncertainty has become one of the important factors suppressing the performance of Chinese concept stocks and Hong Kong-listed technology stocks.</p><p>However, in response to this external uncertainty, negotiations between China and the United States have been going on. For example, after the SEC included the first batch of Chinese concept stocks in the \"preliminary identification list\" on March 10, the China Securities Regulatory Commission issued an announcement in the early morning of March 11 stating that it is \"willing to solve related issues through regulatory cooperation\" [5]. On March 16, Vice Premier Liu He of the State Council presided over a meeting of the Financial Committee, saying that the regulatory agencies of China and the United States have maintained good communication [6], made positive progress, and are working to form specific cooperation plans. China continues to support all kinds of enterprises to go public overseas. Not only that, but China is also promoting the revision of some supporting policies and regulations to adapt to the new external environment. For example, in December 2021 and April 2022, the State Council and the China Securities Regulatory Commission successively drafted the \"Regulations of the State Council on the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises (Draft for Comment)\" and revised the \"Regulations on Strengthening the Overseas Issuance and Listing of Securities by Domestic Enterprises\". Relevant Confidentiality and File Management Work (Draft for Comment) \"solicits opinions, increases the coverage of domestic companies listed in Hong Kong and the United States, and provides institutional guarantees for cross-border regulatory cooperation. Therefore, it can be seen that Sino-US regulatory cooperation is also the general direction.</p><p>Chart: Summary of overseas Chinese stock market performance and major events since 2020</p><p><img src=\"https://static.tigerbbs.com/b1ad838ac0bc148dfa2ed35a07c05033\" tg-width=\"1080\" tg-height=\"473\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, China Securities Regulatory Commission, US Securities Regulatory Commission, Hong Kong Stock Exchange, CICC Research Department</p><p>Chart: Since 2020, the uncertainty of the external regulatory environment faced by Chinese concept stocks has continued to increase</p><p><img src=\"https://static.tigerbbs.com/d563c8e97908433339870d8830d1ee54\" tg-width=\"1080\" tg-height=\"264\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: China Securities Regulatory Commission, US Securities Regulatory Commission, Hong Kong Stock Exchange, CICC Research Department</p><p><b>The main contents of the Sino-US Audit Supervision Cooperation Agreement: determining the operation process and mode, and providing sensitive information processing procedures</b></p><p>This cooperation agreement mainly makes specific arrangements for audit papers and regulatory cooperation issues that plague whether Chinese concept stocks can continue to be listed in the United States. Refer to the announcement of the CSRC:</p><p>1) Main content: The two parties have made specific arrangements for daily inspections and law enforcement investigations to cooperate with relevant accounting firms, and agreed on important matters such as the purpose of cooperation, scope of cooperation, form of cooperation, information use, and specific data protection;</p><p>2) Scope of cooperation: including assisting the other party in carrying out inspections and investigations of relevant firms. Among them, the scope of assistance provided by the Chinese side also involves some Hong Kong firms that provide audit services for Chinese concept stocks, and the audit papers are stored in the mainland;</p><p>3) Collaboration method: The two parties will communicate and coordinate the inspection and investigation activity plan in advance. The United States must obtain audit papers and other documents through the Chinese regulatory authorities, and conduct interviews and inquiries with relevant personnel of the accounting firm with the participation and assistance of the Chinese side.</p><p>In addition, this cooperation agreement also points out the following issues that the market is more concerned about or may be confused about, such as the content of audit papers, supervision forms and sensitive information:</p><p>1) Content of the manuscript: The main function of the audit working paper is to record whether the auditor has dutifully verified the accuracy of financial information such as enterprise income and expenditure in accordance with auditing standards. Therefore, it generally does not include sensitive information such as state secrets, personal privacy or underlying enterprise data.</p><p>2) Supervision object: The direct object of audit supervision is the accounting firm, not the listed company it audits;</p><p>3) Form of supervision: The regulatory agency of the place of listing selects some accounting firms for inspection every year, and there is no need to inspect all audit items of listed companies in the United States every year;</p><p>4) Processing of sensitive information: Clear agreements have been made on the processing and use of sensitive information that may involve, and special processing procedures have been set up for specific data such as personal information, providing a feasible path for both parties to perform their statutory regulatory duties while protecting relevant information security.</p><p>It is not difficult to see that this cooperation agreement has made relevant arrangements in all aspects and links involving audit supervision operations. At the same time, there are special ways to deal with some sensitive information that may be involved. Therefore, although it remains to be seen whether the specific follow-up progress will be smooth, this cooperation agreement at least provides an operational basis and takes the first step for the follow-up regulatory cooperation between the two parties.</p><p><b>The significance of signing the cooperation agreement between China and the United States: taking the first step of regulatory cooperation; Or alleviate market pressure and the delisting risk of most companies, and maintain smooth cross-border financing channels</b></p><p>Combined with the current market environment and the specific content of the agreement, we believe that this cooperation agreement is of great significance to solving the long-standing regulatory risks that have plagued Chinese concept stocks and lay the foundation for further regulatory cooperation in the future. If substantial progress is made in the end, it will help alleviate the market pressure and the delisting tail risk of some companies, and help protect the rights and interests of investors; In the medium and long term, it will help maintain smooth cross-border financing channels for Chinese enterprises and promote overseas financing for innovative enterprises. In fact, cross-border regulatory cooperation is also in line with international practice. The PCAOB of the United States has signed similar audit regulatory cooperation agreements with France, Belgium, Germany and other countries. Specifically,</p><p>► First of all, the signing of the cooperation agreement provides the possibility for further cooperation in the follow-up and ultimately solving the regulatory issues of Chinese concept stocks, especially when it comes to special handling methods of sensitive information.</p><p>► Secondly, it may alleviate the short-term market pressure and the tail risk of some companies' delisting. As we analyzed in \"Chinese Concept Stock Tracking: Future Ways and Possible Evolution\", although the final deadline required by the \"Foreign Company Accountability Act\" is the 2024 financial reporting season (concentrated from March to May), considering the actual implementation Many processes involved in the process may actually be much earlier, for example, to around November 2023, so there is not enough time. The signing of this cooperation agreement, if substantial progress is made in the end, can at least largely alleviate the market concerns and the tail risks of a considerable number of companies' delisting.</p><p>► Thirdly, retaining the listing of Chinese concept stocks in the United States through regulatory cooperation is of positive significance to protecting the interests of investors and maintaining cross-border financing channels for Chinese companies, especially overseas financing for innovative companies. In fact, the U.S. stock market has always been an important financing channel for Chinese-funded enterprises, especially innovative enterprises. Since 2010, a total of 345 Chinese concept stocks have been listed in the United States, with an initial fundraising amount of US $76.4 billion. Even this year, 13 Chinese concept stocks have been listed in the United States.</p><p><b>Follow-up progress: We still need to pay attention to the consistency of the requirements of the US and China; The extent and extent to which the manuscript can be provided is the key</b></p><p>On the basis of signing this cooperation agreement, the follow-up regulatory agencies of the two countries will focus on how to specifically promote audit cooperation. In this process, we still need to pay attention to the consistency of the requirements of China and the United States. For example, whether the U.S. side's criteria for determining the review method and scope are consistent with the acceptable methods of China.</p><p>In fact, in the latest statement, PCAOB stated that the signing of a cooperation agreement between China and the United States is important, but it is only the first step in regulatory cooperation. In the specific implementation process, the United States needs to decide by itself which companies and content it wants to review. Previously, both PCAOB and SEC officials in the United States stated that they needed full draft authority and did not accept partially abridged versions [7]. Therefore, the extent and scope to which audit papers can be provided in the end will remain the key to the subsequent regulatory cooperation between the two parties.</p><p>Chart: Relevant statements of the cooperation agreement between the China Securities Regulatory Commission and the US PCAOB</p><p><img src=\"https://static.tigerbbs.com/4bf00c6b75b35665fcc057442bff99cd\" tg-width=\"1080\" tg-height=\"404\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: CSRC, US Securities Regulatory Commission, PCAOB, CICC Research</p><p><b>Future choices for Chinese concept stocks: state-owned enterprises will be delisted, and most Chinese private stocks will have room for choice; Returning to Hong Kong stocks is still the general trend</b></p><p>In addition to state-owned enterprises and individual enterprises that may eventually fail to meet the requirements, the advancement of Sino-US regulatory cooperation will play a positive role in alleviating the delisting risk of most Chinese concept stocks. Therefore, the future outlets for Chinese concept stocks are as follows:</p><p>1) Delisting of state-owned enterprises is the benchmark situation: According to the requirements of the Foreign Companies Accountability Act, foreign companies need to disclose their relationships with foreign governments and prove that they are not owned or controlled by the government, so state-owned enterprises will basically choose to delist. In fact, five state-owned enterprises, including Sinopec and PetroChina, announced the start of delisting in the United States on August 12th. It is precisely for this consideration that it is basically in line with expectations (\"Tracking of Chinese Stocks: The Meaning and Impact of Delisting of State-owned Enterprises in the United States\").</p><p>2) Most Chinese private stocks are expected to reduce or even avoid the risk of delisting: If an agreement is finally reached, most companies can open access to audit papers to the PCAOB on the premise of complying with new confidentiality regulations, so they can maintain their listing in the United States. However, it is still not ruled out that some companies will be unable to meet some regulatory requirements due to sensitive information involved, and then choose to withdraw. The follow-up regulatory progress and details deserve attention.</p><p>However, regardless of whether it is ultimately delisted in the United States or not, choosing to go public in Hong Kong will be the main choice for Chinese concept stocks to hedge external risks. At present, 26 companies have returned to the Hong Kong stock market through secondary listings or dual primary listings (of which 17 are secondary listings and 9 are primary listings). Looking forward, with the external environment still facing large variables, we expect more qualified Chinese concept stock companies to return to Hong Kong stocks.</p><p><b>In terms of return methods, adopting or switching to primary listing will become the mainstream.</b>Compared with the secondary listing, which is the \"projection\" of overseas listing entities, choosing the dual primary listing method to return to Hong Kong can prevent the listing status in Hong Kong from being affected by the overseas listing status, and at the same time, it can also be included in the scope of Hong Kong Stock Connect (\"China Stock Tracking: What does it mean to be a primary listing?\"). In fact, we have noticed that more and more companies (XPeng Motor, Keike) have chosen dual primary listings to return to the Hong Kong stock market, and companies such as Zai Lab, Bilibili and Alibaba have also applied for or completed secondary listings. Conversion of primary listing status. We estimate that if the above-mentioned companies are converted to primary listings and included in Shanghai-Hong Kong Stock Connect, they are expected to bring in capital inflows of HK $45 billion.</p><p>For Hong Kong stocks, the return and delisting of Chinese concept stocks to Hong Kong may cause liquidity disturbances to Hong Kong stocks in the short term, but in the long run, it will help optimize the structure of Hong Kong stocks and strengthen their attractiveness. We expect that the return of a large number of Chinese concept stocks and the transfer of shares to Hong Kong stock trading will indeed have a certain impact on the already not very abundant liquidity of Hong Kong stocks. At present, the average proportion of major Chinese concept stock companies trading in Hong Kong has reached about 20% (such as Alibaba 20%). We estimate that the new financing and share conversion transactions of the 27 potential returning companies may bring about an annual liquidity absorption of HK $27.7 billion (equivalent to 9.1% of the amount of funds raised by the IPO of the Hong Kong stock market in 2021). Of course, the introduction listing method (without new financing, such as Nio and Keike) can alleviate the above pressure. In the medium and long term, we believe that the return of more Chinese concept stock companies will help further optimize the structure of the Hong Kong stock market, attract capital precipitation, and then form positive feedback from high-quality companies and funds, and further consolidate the Hong Kong stock market as a regional financial center and China's \"new economy\" bridgehead \"status.</p><p>Chart: Number of Chinese concept stocks listed in the United States and amount of funds raised</p><p><img src=\"https://static.tigerbbs.com/144d8b967ed427e4daa458d83a227b0b\" tg-width=\"737\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Wind, CICC Research</p><p>Chart: U.S. Chinese concept stock market size</p><p><img src=\"https://static.tigerbbs.com/2a9f11135d2beb26272c5668def3defe\" tg-width=\"709\" tg-height=\"415\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Wind, CICC Research</p><p>Chart: Since the reform of the listing system in 2018, 26 US Chinese concept stocks have returned to Hong Kong stocks through secondary listings and dual primary listings</p><p><img src=\"https://static.tigerbbs.com/f52e8f76ba1afba52a3254685bd27dce\" tg-width=\"1080\" tg-height=\"715\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Note: Data as of August 25, 2022; Valuation based on Bloomberg consensus estimates</p><p>Chart: The proportion of Chinese concept stocks listed in Hong Kong in Hong Kong is on the rise, but the main transactions are still in the United States</p><p><img src=\"https://static.tigerbbs.com/7d2d1be7b756231a69908d5549be32c9\" tg-width=\"710\" tg-height=\"435\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Chart: At present, the average proportion of major Chinese concept stock companies trading in Hong Kong is about 20%, of which Alibaba accounts for 20% and JD.com accounts for 21%.</p><p><img src=\"https://static.tigerbbs.com/de285dce2713c3c7440e3d7576acfb27\" tg-width=\"695\" tg-height=\"420\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Chart: New financing and share conversion transactions of 27 potential returning companies may bring about an annual liquidity absorption of HK $27.7 billion</p><p><img src=\"https://static.tigerbbs.com/9815f0ef8056c01bd91d075ca32e6585\" tg-width=\"727\" tg-height=\"445\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Chart: Even if 27 Chinese concept stocks are concentrated in listing in Hong Kong in 2022 and 2023, the scale of new financing is still within a historically reasonable range</p><p><img src=\"https://static.tigerbbs.com/d120db1e728a7b213dfbea08a2087752\" tg-width=\"736\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Chart: Calculation of potential passive funds that may be brought about if a secondary listed company is included in the eligible targets of Southbound Connect</p><p><img src=\"https://static.tigerbbs.com/dca49dc0dc20fa89c448c0ce2c1552e8\" tg-width=\"1080\" tg-height=\"513\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Note: Data as of August 25, 2022</p><p>Source: HKEx, Wind, CICC Research Department</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8c16c8e006d32178191cb5241b3224fc","relate_stocks":{"KWEB":"中国海外互联网ETF-KraneShares","CQQQ":"中国科技指数ETF-Guggenheim"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133824414","content_text":"作者：刘刚 寇玥 张巍瀚等北京时间8月26日晚，中国证监会网站发布公告，中国证监会、财政部与美国监管机构签署审计合作协议[1]。公告表示，合作协议依据两国法律法规，尊重国际通行做法，按照对等互利原则，就双方对相关会计师事务所合作开展监管检查和调查活动做出了明确约定，形成符合双方法规和监管要求的合作框架。相应的，美国公众公司会计监督委员会(PCAOB)和美国证监会(SEC)也发表了相关声明[2][3]。整体来看，我们认为中美签署审计监管合作协议，是继今年3月初SEC依据《外国公司问责法》细则将在美上市中概股公司纳入“退市风险名单”引发一系列波动以来取得的首个突破性进展，是解决困扰中概股由来已久监管风险的第一步，为接下来中美双方监管开展进一步合作打下基础。往前看，后续两国监管机构如何具体推进将是重点，这一过程中仍需要关注中美双方要求的一致性。如果取得实质性进展，或将有助于缓解多数公司退市的尾部风险和市场短期压力，而后续中概股和港股市场的中期走势仍将更多取决于基本面的修复情况。基于最新的监管动向，我们进一步对此次协议签署的可能影响、未来的演变路径、中概股市场的前景做出分析。中概股问题的来龙去脉：由来已久、影响广泛、持续协商中概股问题由来已久。此轮中概股风波最早可以追溯到2020年底时任总统特朗普签署《外国公司问责法》。2021年底，美国证监会SEC进一步出台了该法案的实施细则，并于今年3月开始正式将不符合其要求的公司逐步列入所谓“初步识别名单”，进入实际执行阶段。截至目前，已经有总计超过150家中概股公司上榜[4]。该法案的一个核心内容，是要求外国公司的会计事务所提交审计底稿，若连续三年无法提供，或将面临退市风险。此外，该法案还要求外国公司披露其与外国政府之间的关系并证明没有被外国政府所有或控制。因此这一法案实施以来，监管不确定性就成为压制中概股和港股上市科技股表现的重要因素之一。不过针对这一外部不确定性，中美双方协商也一直在进行。例如，3月10日SEC将首批中概股列入“初步识别名单”后，中国证监会3月11日凌晨发布公告表示“愿通过监管合作解决相关问题”[5]。3月16日，国务院副总理刘鹤主持金融委会议表示，中美双方监管机构保持了良好沟通[6]，已取得积极进展，正在致力于形成具体合作方案，中方继续支持各类企业到境外上市。不仅如此，中方也在推进修改一些配套政策法规以适应新的外部环境。例如2021年12月和2022年4月，国务院和证监会先后对起草《国务院关于境内企业境外发行证券和上市的管理规定(征求意见稿)》与修订《关于加强境内企业境外发行证券和上市相关保密和档案管理工作的规定(征求意见稿)》征求意见，增加对赴中国香港和美国上市的境内企业的覆盖，为跨境监管合作提供制度保障，这也为中美监管双方合作留出了一定空间。因此可以看出，中美监管合作也是大方向。图表：2020年以来海外中资股市场表现及主要事件梳理资料来源：Bloomberg，中国证监会，美国证监会，港交所，中金公司研究部图表：2020年以来，中概股面临的外部监管环境不确定性持续增加资料来源：中国证监会，美国证监会，港交所，中金公司研究部中美审计监管合作协议的主要内容：确定操作流程与方式，提供敏感信息处理程序此次合作协议主要针对困扰中概股能否继续在美上市的审计底稿和监管合作问题做出了具体安排。参照证监会公告：1) 主要内容：就双方对相关会计师事务所合作开展日常检查与执法调查做出了具体安排，约定了合作目的、合作范围、合作形式、信息使用、特定数据保护等重要事项;2) 合作范围：包括协助对方开展对相关事务所的检查和调查。其中，中方提供协助的范围也涉及部分为中概股提供审计服务、且审计底稿存放在内地的香港事务所;3) 协作方式：双方将提前就检查和调查活动计划进行沟通协调，美方须通过中方监管部门获取审计底稿等文件，在中方参与和协助下对会计师事务所相关人员开展访谈和问询。此外，此次合作协议还指出了以下关于审计底稿内容、监管形式和敏感信息等市场较为关注或者可能混淆的问题：1) 底稿内容：审计工作底稿的主要功能是记载审计师是否依照审计准则尽职尽责地验证企业收入支出等财务信息准确性，因此一般并不包括国家秘密、个人隐私或企业底层数据等敏感信息。2) 监管对象：审计监管的直接对象是会计师事务所，而非其审计的上市公司;3) 监管形式：上市地监管机构每年抽选部分会计师事务所进行检查，无须每年检查全部在美上市公司审计项目;4) 敏感信息处理：对可能涉及敏感信息的处理和使用做出了明确约定，针对个人信息等特定数据设置了专门处理程序，为双方履行法定监管职责的同时保护相关信息安全提供了可行路径。不难看出，此次合作协议在涉及审计监管操作的各个方面和环节都做了相关安排。同时，对于可能涉及到的一些敏感信息有专门处理的方式。因此，虽然后续具体进展是否顺利还有待观察，但这一合作协议至少为后续双方监管合作提供了操作基础、迈出了第一步。中美签署合作协议的意义：迈出监管合作的第一步;或缓解市场压力和多数公司退市风险、维持跨境融资渠道畅通结合当前的市场环境和协议具体内容，我们认为，此次合作协议对于解决困扰中概股由来已久的监管风险具有重要意义，为后续进一步开展监管合作打下基础。如果最终取得实质性进展，将有助于缓解市场压力和部分公司的退市尾部风险，有助于保护投资者权益;中长期有助于维持中国企业跨境融资渠道畅通、促进创新企业海外融资。实际上，跨境监管合作也符合国际惯例，美国PCAOB与法国、比利时、德国等多个国家也都签署了类似的审计监管合作协议。具体来看，► 首先，合作协议的签署为后续开展进一步合作并最终解决中概股监管问题提供了可能，尤其是涉及到敏感信息的专门处理方式。► 其次，或缓解短期市场压力和部分公司退市的尾部风险。如我们在《中概股追踪：未来出路与可能演变》分析，尽管《外国公司问责法》要求的最终截止日是2024年的财报季(集中在3~5月)，但考虑到实际执行过程所涉及到的很多流程，实际时间可能要早很多，例如提前到2023年11月前后，因此时间并不充裕。此次合作协议的签署，如果最终取得实质性进展，至少可以在很大程度上缓解市场的担忧情绪和相当一部分公司退市的尾部风险。► 再次，通过监管合作保留中概股在美上市，对保护投资者利益、维持中国企业跨境融资渠道，特别是创新类企业海外融资都有积极意义。实际上，美股市场一直是中资企业、尤其是创新类企业的重要融资渠道，2010年以来累计345家中概股赴美上市，首发募资金额764亿美元。即便今年以来仍有13家中概股赴美上市。后续进展：仍需关注美方与中方要求的一致性;多大程度和范围内能够提供底稿是关键在签署这一合作协议的基础上，后续两国监管机构如何就具体推进审计合作将是重点。在这一过程中，仍需要关注中美双方要求的一致性，例如，美方对于审查方式和审查范围的认定标准，是否与中方可以接受的方式一致。实际上，在最新声明中，PCAOB表示中美签署合作协议固然重要、但只是监管合作的第一步。在具体执行过程中，美方需要自行决定希望审查的公司和内容。此前，美方不论是PCAOB还是SEC官员也都表示，需要全面底稿权限而不接受部分删节的版本[7]。因此，最终在多大程度和范围内能够提供审计底稿，仍将是后续双方监管合作的关键。图表：中国证监会与美国PCAOB对于合作协议的相关表述资料来源：中国证监会，美国证监会，PCAOB，中金公司研究部中概股的未来选择：国企退市、多数中资民营股将有选择空间；回归港股仍是大势所趋除了国企和个别可能最终无法满足要求的企业，中美监管合作的推进，对于缓解多数中概股的退市风险将起到积极作用，因此未来中概股的出路主要有以下几种：1) 国企退市是基准情形：根据《外国公司问责法》要求，外国公司需披露其与外国政府之间的关系并证明其没有被政府所有或控制，因此国企基本都将选择退市。实际上，中国石化、中国石油等5家国企于8月12日宣布启动美国退市，也正是出于此项考虑，基本符合预期(《中概股追踪：国企在美退市的含义与影响》)。2) 多数中资民营股有望降低甚至或避免退市风险：若最终达成一致，多数企业可在符合保密新规的前提下向PCAOB开放审计底稿访问权限，因此可以维持在美上市。但是，仍不排除部分企业会由于涉及敏感信息而无法满足一些监管要求，继而选择退，后续监管进展和细节值得关注。但无论最终在美退市与否，选择赴港上市都将是中概股对冲外部风险的主要选择。目前已有26家公司通过二次上市或双重主要上市回归港股(其中17家为二次上市，9家为主要上市)。往前看，在外部环境依然面临较大变数情况下，我们预计更多符合条件的中概股公司回归港股。回归方式上，采用或转为主要上市将成为主流。相比作为海外上市主体“投影”的二次上市，选择双重主要上市方式回港可以使在港上市地位不受海外上市状况影响，同时还可纳入港股通范围(《中概股追踪：转成主要上市意味着什么?》)。实际上，我们注意到越来越多的公司(小鹏汽车、贝壳)选择双重主要上市回归港股，且再鼎医药、哔哩哔哩和阿里巴巴等公司也已经申请或完成了二次上市向主要上市地位的转换。我们测算，上述公司如果转为主要上市并纳入沪港通后，有望带来450亿港元的资金流入。对港股而言，中概股回港和退市或对港股短期有流动性扰动，但长期有助于优化港股结构并强化吸引力。我们预计大量中概股回归和股份转到港股交易，的确将会对港股本就不非常充裕的流动性造成一定影响，目前已经回归的主要中概股公司在港交易的比例平均已达20%左右(如阿里巴巴20%)。我们测算，27家潜在回归公司新增融资和股份转换交易可能带来每年277亿港元的流动性吸收(相当于2021年全年港股主板IPO募资金额的9.1%)。当然，采用介绍上市方式(不新增融资，例如蔚来和贝壳)可以减轻上述压力。中长期看，我们认为更多中概股公司的回归有助于进一步优化港股市场结构，吸引资金沉淀，进而形成优质公司和资金的正反馈，进一步巩固港股市场作为区域金融中心以及中国“新经济桥头堡”的地位。图表：中概股赴美上市数量及募资金额资料来源：Wind，中金公司研究部图表：美国中概股市场规模资料来源：Wind，中金公司研究部图表：2018年上市制度改革以来，已有26支美国中概股通过二次上市和双重主要上市回归港股资料来源：Bloomberg，Wind，中金公司研究部注：数据截止至2022年8月25日;估值基于Bloomberg一致预期图表：赴港上市中概股在香港部分的占比呈现上升趋势，但主要成交仍还在美国资料来源：Bloomberg，Wind，中金公司研究部图表：目前已经回归的主要中概股公司在港交易的比例平均在20%左右，其中阿里巴巴20%、京东为21%资料来源：Bloomberg，Wind，中金公司研究部图表：27家潜在回归公司新增融资和股份转换交易可能带来每年277亿港元的流动性吸收资料来源：Bloomberg，Wind，中金公司研究部图表：即便27家中概股集中在2022年和2023年赴港上市，新增融资规模也仍在历史较合理的范围内资料来源：Bloomberg，Wind，中金公司研究部图表：若二次上市公司被纳入港股通合资格标的，可能带来的潜在被动资金测算注：数据截止至2022年8月25日资料来源：港交所，Wind，中金公司研究部","news_type":1,"symbols_score_info":{"KWEB":0.9,"CQQQ":0.9}},"isVote":1,"tweetType":1,"viewCount":2581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9024176922,"gmtCreate":1653832261566,"gmtModify":1676535348262,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586317757274365","idStr":"3586317757274365"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9024176922","repostId":"1179976673","repostType":4,"repost":{"id":"1179976673","kind":"news","pubTimestamp":1653708677,"share":"https://ttm.financial/m/news/1179976673?lang=en_US&edition=fundamental","pubTime":"2022-05-28 11:31","market":"hk","language":"zh","title":"Li Yanhong wants to turn crisis into opportunity, but Baidu still lacks a product sharp knife","url":"https://stock-news.laohu8.com/highlight/detail?id=1179976673","media":"36氪","summary":"百度想再次成为一家伟大的企业。","content":"<p><html><head></head><body>Author: Li Anqi</p><p><a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Life is not easy. According to Baidu's just-released financial report for the first quarter of 2022, it had a net loss of 885 million yuan (including a long-term investment loss of 3 billion yuan), compared with a net profit of 25.653 billion yuan in the same period last year.</p><p>When the epidemic is besieged, how will a company allocate its stretched resources?</p><p>Reducing spending is the most common and expected means. Baidu has reduced its sales and administrative expenses by 11%-which is consistent with the \"shrinking\" impression it has left on everyone due to its continuous layoffs in the past period.</p><p>But surprisingly, Baidu's R&D investment not only did not shrink this quarter, but also increased by 10% year-on-year; Looking at it from another perspective, the research and development expenses of 5.134 billion yuan this quarter are equivalent to 24% of its core revenue-this is consistent with the many public statements made by Baidu founder Robin Li. The founder with a technical background once said: When you have 1 yuan, you will invest it in technology; There are 100 million, which will be invested in technology; With 10 billion, it will still be invested in technology.</p><p>\"Crisis and opportunity have always been two sides of the same body. When there are difficulties in the market, there must be innovative solutions to solve the difficulties at the same time. In the history of business, many great companies, epoch-making innovative products, services and business models have emerged during economic difficulties.\" Li Yanhong said in an internal letter.</p><p>Already lagging behind<a href=\"https://laohu8.com/S/00700\">Tencent</a>Today, with Ali in the same position, it is not an exaggeration to say that Baidu is underdog. However, this big company, which missed the mobile era and failed to recover after its reputation was damaged, is trying to stabilize its advertising fundamentals while raising its bets to open up new markets.</p><p>As Baidu's basic market and cash cow's online marketing business, this quarter only fell by 4% year-on-year, which is not easy-Tencent's advertising business revenue fell by 16% year-on-year in the same period this year. And Baidu's non-online marketing (including Baidu<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Cloud and other AI businesses) revenue increased by 35% year-on-year. Although its cloud business base is small and its market ranking is lower than that of Ali, Tencent and Huawei, it is still eye-catching-Tencent's business segment has a year-on-year growth rate of 10%.</p><p>In addition, Chinese concept stocks generally rose on the night of the financial report release (Tencent ADR rose 3.4%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Up 9.5%), Baidu closed up more than 14% on May 26. The market seems to be voting in favor of Baidu.</p><p>One of the new businesses that Baidu is trying to add to is the cloud business. Recently, Shen Dou, executive vice president of Baidu Group, has been adjusted from the head of the mobile ecosystem business to the head of the intelligent cloud business. Within Baidu, smart cloud is regarded as the second growth curve, and Baidu obviously hopes to use a big future to drive cloud business performance.</p><p>Another business that Baidu is trying to add to is the automotive sector, including self-driving taxis (Robotaxi) and other businesses-this requires a lot of research and development expenses, but it is difficult to achieve results in the short term. The one that is most likely to be effective in the short term is Jidu Automobile, which directly builds cars and is a joint venture with Geely. This business was mentioned many times by Li Yanhong in the financial report meeting. \"We are full of excitement about Jidu and hope to integrate our AI capabilities into Jidu.\" Robin Li called it \"a four-wheel machine<a href=\"https://laohu8.com/S/300024\">Robot</a>。”</p><p>Baidu's shift in center of gravity is reflected in various actions.<a href=\"https://laohu8.com/S/KRKR\">36 Krypton</a>Recently, it was exclusively reported that Baidu has just included Baidu Maps in the automotive business segment.</p><p>The determination to increase research and development and try to open up new fields even in difficult times is certainly worth expecting, but Baidu once proposed \"All-in AI\" and it is difficult to see operating income for a long time. This risk should not be forgotten.<b>How to make a product that can \"explode\" in the long-term technical investment that is difficult to see profits? This is the truest and most urgent challenge when Baidu talks about its technical dream.</b></p><p>Three major adjustments in the basic advertising market</p><p>At the previous financial report meeting for the fourth quarter of 2021, Baidu had stated that if the epidemic does not worsen after the first quarter of 2022, the advertising business will reach its lowest point. However, in this financial report meeting, Baidu has given up its prediction of the turning point of the advertising business. \"The second quarter may have improved, but there is still a lot of uncertainty right now,\" Robin Li said.</p><p>This is quite \"lying flat\". However, according to 36 Krypton, Baidu has adjusted and reformed the content system, sales system and organizational structure of its advertising business.</p><p>The latest reform on the content side was in April 2021. At that time, Shen Dou, the head of Baidu's mobile ecosystem business, proposed the \"X + Y strategy\" of the mobile ecosystem, that is, upgrading to service and personalization in an all-round way. Vertical industries such as health, e-commerce, and video allow users to obtain a complete information search + service experience in Baidu's mobile ecosystem.</p><p>Take Baidu App as an example. At present, Baidu App is no longer a simple search tool, but more like a comprehensive platform that uses \"search\" as the fulcrum to incite local life services. Users can check express delivery, book hotels, book movie tickets, etc.</p><p>Changes on the content side have also brought certain results. According to the financial report data, in March 2022, the MAU of Baidu App increased by 13% year-on-year to 632 million, and the proportion of daily login users reached 83%.</p><p>In terms of sales system, in March this year, Baidu made a comprehensive adjustment to the sales system of mobile ecosystem: the previous sales model of KA (major customers) was adjusted to be distinguished by customer types, focusing on setting up several major industries covering mass consumption, big health, content consumption, business services, etc.</p><p>Baidu hopes that in addition to advertising business, it can also achieve diversified income such as membership, reward, transaction, and business orders through network disk, e-commerce, and life services. However, there is not much progress in the reform of the sales system yet.</p><p>After the changes on both sides of content and sales, Baidu directly carried out major adjustments to high-level personnel: On May 5, Shen Dou officially switched tracks and became the head of the intelligent cloud business. He has a more important task: to shoulder the second growth curve business The growth of intelligent cloud. The mobile ecological business is held by He Junjie, the new senior vice president of Baidu Group.</p><p>It can be seen that after the reform of the content sales system is completed, the long-term direction of Baidu's mobile ecosystem has stabilized. As for whether to make money or not and how to stabilize the basic market, it is left to He Junjie. He has helped Baidu successfully operate a number of investment and acquisition projects-as a manager with a financial line background, it is worth observing whether He Junjie will do more control on cost investment in the future.</p><p>Looking back on the past, we will find that the transformation of Baidu's search business always seems to be accompanied by haze: the second half of the PC era encountered the rapid expansion of the mobile Internet. After Baidu recovered from its mobile ecological business, the short video platform has invaded in all directions. In addition, in the face of the epidemic, its mobile ecological strategy has always lacked an opportunity to display its muscles smoothly. In the years since Shen Dou became the No. 1 position in the basic business, the potential of this business has been tapped for several years. It's hard to imagine any big growth in this business.</p><p>Baidu said: During the epidemic, Baidu is also testing the waters in many ways, launching new products such as Wenyiwen. But obviously, there is still no splash.</p><p><b>To B problem requiring continuous watering</b></p><p>If Baidu has a \"stability-seeking\" mentality for its advertising fundamentals, then it obviously has high hopes for the second growth curve.</p><p>It is undeniable that the AI business has become a part that cannot be ignored in Baidu's financial report, especially Baidu's intelligent cloud business. In the first quarter, Baidu's smart cloud business grew revenue at 3.9 billion, a year-on-year increase of 45%, which was slower than the 60%-70% growth rate in previous quarters.</p><p>\"Many customers are large enterprises or government agencies, and they are very willing to communicate face to face. If there is no way to meet, there is no way to advance many things.\" Li Yanhong was frank about the challenges brought by the epidemic to the intelligent cloud business at the financial report meeting.</p><p>It is understood that Baidu Smart Cloud is mainly implemented in the fields of manufacturing, water affairs, energy, transportation, finance and government affairs. In the field of intelligent transportation, Baidu ACE intelligent transportation solution has been adopted by 41 cities, and the contract amount of cities exceeds 10 million yuan.</p><p>In the field of industrial manufacturing, Baidu Vice President Li Shuo previously told 36Kr that Baidu's artificial intelligence technology can help power and water companies automatically monitor energy consumption, automatically adjust specific workshops and production lines, and help enterprises improve production efficiency.</p><p>However, Baidu Smart Cloud is still at a loss. Compared with the e-commerce retail anchored by Ali and the entertainment and game fields anchored by Tencent, it is difficult for AI technology to empower traditional fields such as industry and energy to have a very general methodology. The transformation of intelligent manufacturing in these traditional fields has varying levels and needs. Different, it takes a longer wait.</p><p>At present, Baidu is still in a state of multi-party running and setting benchmarking projects. Baidu Smart Cloud needs to extract experience from the project to the greatest extent and copy it to the large-scale industry track faster, so as to get rid of the unprofitable status quo.</p><p><b>Automotive products face a big test</b></p><p>Compared with the To B problem that requires continuous watering, the automobile business is probably a public test that Baidu is about to face.</p><p>It is understood that the concept car ROBO-01, the first model of Baidu's car brand Jidu Automobile, will be unveiled in early June. Xia Yiping, CEO of Jidu Automobile, also announced the latest car-making progress on Weibo: Jidu's first mass-produced car started body mold casting, officially moving from model design to the preparation stage of mass production and manufacturing of the whole vehicle.</p><p>At the financial report meeting, Robin Li said: Jidu Automobile is expected to start accepting orders next year, targeting the passenger car market of 200,000 yuan. Jidu will release a second model in the second half of this year. According to sources to 36 Krypton, Li Yanhong's OKR even clearly wrote down the pre-order goal to be achieved by Jidu Automobile this year.</p><p>It can be expected that Baidu is making every effort to promote the implementation of Jidu. According to 36 Krypton, Baidu has set up an internal integration innovation department to support Jidu's work, including dredging and<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>And other chip suppliers' cooperation.</p><p>For Baidu, there has been a lingering shadow of the \"Wei Zexi Incident\" in its To C communication history, and the C-end products only have a few Xiaodu smart speakers. Although the brand building, technical products, and sales channels of automobiles are all independently operated by Jidu Automobile, the haze is more or less accompanied by it.</p><p>Whether product strength can be used to impress consumers, establish a new image and bring new benefits is crucial to Jidu and Baidu. The former needs to survive among the new car-making forces, while Baidu needs to use Jidu's products to incite more OEMs and strive for a larger automobile To B market.</p><p>At present, in addition to providing intelligent driving solutions to Jidu, Baidu is also seeking more cooperation. With<a href=\"https://laohu8.com/S/002594\">BYD</a>, Dongfeng Lantu and other car companies have reached cooperation with Baidu. It is understood that Baidu's intelligent driving solution ASD and in-vehicle infotainment system Xiaodu in-vehicle OS have received a total of about 10 billion fixed-point and contracted projects, compared with 8 billion in the last quarter.</p><p>In terms of autonomous driving, Baidu's autonomous driving travel service platform Luobo Kuaipao provided 196,000 rides in the first quarter. At present, Baidu's self-driving vehicles are providing unmanned manned services in Beijing and conducting unmanned road tests in Chongqing. The investment is not small, but as a business limited by technology and urban traffic regulations, its commercialization is still in a tepid state.</p><p>Jidu Auto is the sharp knife that Baidu is most likely to stab at present. However, at the moment when \"Wei Xiaoli\" is surrounded and Xiaomi Lei Jun leaves to build cars, there are not many time windows left for Jidu and opportunities to make mistakes.</p><p></body></html></p>","source":"36k","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Li Yanhong wants to turn crisis into opportunity, but Baidu still lacks a product sharp knife</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\">\nLi Yanhong wants to turn crisis into opportunity, but Baidu still lacks a product sharp knife\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2022-05-28 11:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Author: Li Anqi</p><p><a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Life is not easy. According to Baidu's just-released financial report for the first quarter of 2022, it had a net loss of 885 million yuan (including a long-term investment loss of 3 billion yuan), compared with a net profit of 25.653 billion yuan in the same period last year.</p><p>When the epidemic is besieged, how will a company allocate its stretched resources?</p><p>Reducing spending is the most common and expected means. Baidu has reduced its sales and administrative expenses by 11%-which is consistent with the \"shrinking\" impression it has left on everyone due to its continuous layoffs in the past period.</p><p>But surprisingly, Baidu's R&D investment not only did not shrink this quarter, but also increased by 10% year-on-year; Looking at it from another perspective, the research and development expenses of 5.134 billion yuan this quarter are equivalent to 24% of its core revenue-this is consistent with the many public statements made by Baidu founder Robin Li. The founder with a technical background once said: When you have 1 yuan, you will invest it in technology; There are 100 million, which will be invested in technology; With 10 billion, it will still be invested in technology.</p><p>\"Crisis and opportunity have always been two sides of the same body. When there are difficulties in the market, there must be innovative solutions to solve the difficulties at the same time. In the history of business, many great companies, epoch-making innovative products, services and business models have emerged during economic difficulties.\" Li Yanhong said in an internal letter.</p><p>Already lagging behind<a href=\"https://laohu8.com/S/00700\">Tencent</a>Today, with Ali in the same position, it is not an exaggeration to say that Baidu is underdog. However, this big company, which missed the mobile era and failed to recover after its reputation was damaged, is trying to stabilize its advertising fundamentals while raising its bets to open up new markets.</p><p>As Baidu's basic market and cash cow's online marketing business, this quarter only fell by 4% year-on-year, which is not easy-Tencent's advertising business revenue fell by 16% year-on-year in the same period this year. And Baidu's non-online marketing (including Baidu<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Cloud and other AI businesses) revenue increased by 35% year-on-year. Although its cloud business base is small and its market ranking is lower than that of Ali, Tencent and Huawei, it is still eye-catching-Tencent's business segment has a year-on-year growth rate of 10%.</p><p>In addition, Chinese concept stocks generally rose on the night of the financial report release (Tencent ADR rose 3.4%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Up 9.5%), Baidu closed up more than 14% on May 26. The market seems to be voting in favor of Baidu.</p><p>One of the new businesses that Baidu is trying to add to is the cloud business. Recently, Shen Dou, executive vice president of Baidu Group, has been adjusted from the head of the mobile ecosystem business to the head of the intelligent cloud business. Within Baidu, smart cloud is regarded as the second growth curve, and Baidu obviously hopes to use a big future to drive cloud business performance.</p><p>Another business that Baidu is trying to add to is the automotive sector, including self-driving taxis (Robotaxi) and other businesses-this requires a lot of research and development expenses, but it is difficult to achieve results in the short term. The one that is most likely to be effective in the short term is Jidu Automobile, which directly builds cars and is a joint venture with Geely. This business was mentioned many times by Li Yanhong in the financial report meeting. \"We are full of excitement about Jidu and hope to integrate our AI capabilities into Jidu.\" Robin Li called it \"a four-wheel machine<a href=\"https://laohu8.com/S/300024\">Robot</a>。”</p><p>Baidu's shift in center of gravity is reflected in various actions.<a href=\"https://laohu8.com/S/KRKR\">36 Krypton</a>Recently, it was exclusively reported that Baidu has just included Baidu Maps in the automotive business segment.</p><p>The determination to increase research and development and try to open up new fields even in difficult times is certainly worth expecting, but Baidu once proposed \"All-in AI\" and it is difficult to see operating income for a long time. This risk should not be forgotten.<b>How to make a product that can \"explode\" in the long-term technical investment that is difficult to see profits? This is the truest and most urgent challenge when Baidu talks about its technical dream.</b></p><p>Three major adjustments in the basic advertising market</p><p>At the previous financial report meeting for the fourth quarter of 2021, Baidu had stated that if the epidemic does not worsen after the first quarter of 2022, the advertising business will reach its lowest point. However, in this financial report meeting, Baidu has given up its prediction of the turning point of the advertising business. \"The second quarter may have improved, but there is still a lot of uncertainty right now,\" Robin Li said.</p><p>This is quite \"lying flat\". However, according to 36 Krypton, Baidu has adjusted and reformed the content system, sales system and organizational structure of its advertising business.</p><p>The latest reform on the content side was in April 2021. At that time, Shen Dou, the head of Baidu's mobile ecosystem business, proposed the \"X + Y strategy\" of the mobile ecosystem, that is, upgrading to service and personalization in an all-round way. Vertical industries such as health, e-commerce, and video allow users to obtain a complete information search + service experience in Baidu's mobile ecosystem.</p><p>Take Baidu App as an example. At present, Baidu App is no longer a simple search tool, but more like a comprehensive platform that uses \"search\" as the fulcrum to incite local life services. Users can check express delivery, book hotels, book movie tickets, etc.</p><p>Changes on the content side have also brought certain results. According to the financial report data, in March 2022, the MAU of Baidu App increased by 13% year-on-year to 632 million, and the proportion of daily login users reached 83%.</p><p>In terms of sales system, in March this year, Baidu made a comprehensive adjustment to the sales system of mobile ecosystem: the previous sales model of KA (major customers) was adjusted to be distinguished by customer types, focusing on setting up several major industries covering mass consumption, big health, content consumption, business services, etc.</p><p>Baidu hopes that in addition to advertising business, it can also achieve diversified income such as membership, reward, transaction, and business orders through network disk, e-commerce, and life services. However, there is not much progress in the reform of the sales system yet.</p><p>After the changes on both sides of content and sales, Baidu directly carried out major adjustments to high-level personnel: On May 5, Shen Dou officially switched tracks and became the head of the intelligent cloud business. He has a more important task: to shoulder the second growth curve business The growth of intelligent cloud. The mobile ecological business is held by He Junjie, the new senior vice president of Baidu Group.</p><p>It can be seen that after the reform of the content sales system is completed, the long-term direction of Baidu's mobile ecosystem has stabilized. As for whether to make money or not and how to stabilize the basic market, it is left to He Junjie. He has helped Baidu successfully operate a number of investment and acquisition projects-as a manager with a financial line background, it is worth observing whether He Junjie will do more control on cost investment in the future.</p><p>Looking back on the past, we will find that the transformation of Baidu's search business always seems to be accompanied by haze: the second half of the PC era encountered the rapid expansion of the mobile Internet. After Baidu recovered from its mobile ecological business, the short video platform has invaded in all directions. In addition, in the face of the epidemic, its mobile ecological strategy has always lacked an opportunity to display its muscles smoothly. In the years since Shen Dou became the No. 1 position in the basic business, the potential of this business has been tapped for several years. It's hard to imagine any big growth in this business.</p><p>Baidu said: During the epidemic, Baidu is also testing the waters in many ways, launching new products such as Wenyiwen. But obviously, there is still no splash.</p><p><b>To B problem requiring continuous watering</b></p><p>If Baidu has a \"stability-seeking\" mentality for its advertising fundamentals, then it obviously has high hopes for the second growth curve.</p><p>It is undeniable that the AI business has become a part that cannot be ignored in Baidu's financial report, especially Baidu's intelligent cloud business. In the first quarter, Baidu's smart cloud business grew revenue at 3.9 billion, a year-on-year increase of 45%, which was slower than the 60%-70% growth rate in previous quarters.</p><p>\"Many customers are large enterprises or government agencies, and they are very willing to communicate face to face. If there is no way to meet, there is no way to advance many things.\" Li Yanhong was frank about the challenges brought by the epidemic to the intelligent cloud business at the financial report meeting.</p><p>It is understood that Baidu Smart Cloud is mainly implemented in the fields of manufacturing, water affairs, energy, transportation, finance and government affairs. In the field of intelligent transportation, Baidu ACE intelligent transportation solution has been adopted by 41 cities, and the contract amount of cities exceeds 10 million yuan.</p><p>In the field of industrial manufacturing, Baidu Vice President Li Shuo previously told 36Kr that Baidu's artificial intelligence technology can help power and water companies automatically monitor energy consumption, automatically adjust specific workshops and production lines, and help enterprises improve production efficiency.</p><p>However, Baidu Smart Cloud is still at a loss. Compared with the e-commerce retail anchored by Ali and the entertainment and game fields anchored by Tencent, it is difficult for AI technology to empower traditional fields such as industry and energy to have a very general methodology. The transformation of intelligent manufacturing in these traditional fields has varying levels and needs. Different, it takes a longer wait.</p><p>At present, Baidu is still in a state of multi-party running and setting benchmarking projects. Baidu Smart Cloud needs to extract experience from the project to the greatest extent and copy it to the large-scale industry track faster, so as to get rid of the unprofitable status quo.</p><p><b>Automotive products face a big test</b></p><p>Compared with the To B problem that requires continuous watering, the automobile business is probably a public test that Baidu is about to face.</p><p>It is understood that the concept car ROBO-01, the first model of Baidu's car brand Jidu Automobile, will be unveiled in early June. Xia Yiping, CEO of Jidu Automobile, also announced the latest car-making progress on Weibo: Jidu's first mass-produced car started body mold casting, officially moving from model design to the preparation stage of mass production and manufacturing of the whole vehicle.</p><p>At the financial report meeting, Robin Li said: Jidu Automobile is expected to start accepting orders next year, targeting the passenger car market of 200,000 yuan. Jidu will release a second model in the second half of this year. According to sources to 36 Krypton, Li Yanhong's OKR even clearly wrote down the pre-order goal to be achieved by Jidu Automobile this year.</p><p>It can be expected that Baidu is making every effort to promote the implementation of Jidu. According to 36 Krypton, Baidu has set up an internal integration innovation department to support Jidu's work, including dredging and<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>And other chip suppliers' cooperation.</p><p>For Baidu, there has been a lingering shadow of the \"Wei Zexi Incident\" in its To C communication history, and the C-end products only have a few Xiaodu smart speakers. Although the brand building, technical products, and sales channels of automobiles are all independently operated by Jidu Automobile, the haze is more or less accompanied by it.</p><p>Whether product strength can be used to impress consumers, establish a new image and bring new benefits is crucial to Jidu and Baidu. The former needs to survive among the new car-making forces, while Baidu needs to use Jidu's products to incite more OEMs and strive for a larger automobile To B market.</p><p>At present, in addition to providing intelligent driving solutions to Jidu, Baidu is also seeking more cooperation. With<a href=\"https://laohu8.com/S/002594\">BYD</a>, Dongfeng Lantu and other car companies have reached cooperation with Baidu. It is understood that Baidu's intelligent driving solution ASD and in-vehicle infotainment system Xiaodu in-vehicle OS have received a total of about 10 billion fixed-point and contracted projects, compared with 8 billion in the last quarter.</p><p>In terms of autonomous driving, Baidu's autonomous driving travel service platform Luobo Kuaipao provided 196,000 rides in the first quarter. At present, Baidu's self-driving vehicles are providing unmanned manned services in Beijing and conducting unmanned road tests in Chongqing. The investment is not small, but as a business limited by technology and urban traffic regulations, its commercialization is still in a tepid state.</p><p>Jidu Auto is the sharp knife that Baidu is most likely to stab at present. However, at the moment when \"Wei Xiaoli\" is surrounded and Xiaomi Lei Jun leaves to build cars, there are not many time windows left for Jidu and opportunities to make mistakes.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://36kr.com/p/1759069616563456\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/696b32447d1c181a7397c96ba125d7bd","relate_stocks":{"BIDU":"百度","09888":"百度集团-SW"},"source_url":"https://36kr.com/p/1759069616563456","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179976673","content_text":"作者：李安琪百度的日子也不好过。根据百度刚发布的2022年一季度财报，它净亏损8.85亿元（计入长期投资亏损30亿），而上年同期是净利润256.53亿元。疫情围困之际，一家公司会将如何调配捉襟见肘的资源？缩减开支是最常见、最意料之中的手段。百度在销售及管理费用上缩减了11%的开支——这与它过去一段时间持续裁员、给大家留下的“收缩”印象相符。但出人意表的是，百度的研发投入本季度不仅没有缩减，还同比上涨了10%；换个视角看，本季51.34亿元的研发费用，更是相当于其核心营收的24%——这跟百度创始人李彦宏的多次公开表态言行一致。这位技术出身的创始人曾说过：有1块钱的时候，会投进技术里；有1个亿，会投进技术里；有100个亿，还是会投进技术里。“危和机从来都是一体两面。市场存在困难，就一定同时需要解决困难的创新方案。在商业历史上，很多伟大的公司、划时代的创新产品、服务和商业模式，都是在经济困难时期出现的。”李彦宏在内部信中如此说道。在已经落后腾讯、阿里一个身位的今天，说百度是underdog也并不过分。但这家错失移动时代、名誉受损后也未能恢复的大公司，正试图一边稳住广告基本盘，一边加注开辟新的市场。作为百度基本盘、现金牛的在线营销业务，本季仅同比下降4%，已属不易——腾讯今年同期广告业务收入同比下降 16%。而百度非在线营销（包括百度智能云和其他AI业务）收入则同比增长35%，虽然考虑其云业务基数较小、市场排名低于阿里腾讯华为，但也堪称亮眼——腾讯该业务板块同比增速为10%。再叠加上财报发布当晚中概股普涨（腾讯ADR涨3.4%、拼多多涨9.5%），5月26日百度收盘涨幅超14%。市场似乎正对百度投下赞同票。百度试图加注的新业务之一，正是云业务。近期，百度集团执行副总裁沈抖已经从移动生态业务掌门人，调整为智能云业务负责人。在百度内部，智能云被视为第二增长曲线，百度显然希望用一名大将来带动云业务业绩。百度试图加注的另一项业务，则是汽车板块，包括自动驾驶出租车（Robotaxi）等业务——这需要大量的研发费用，但却短期难以见效。最可能在短期有效果的，是直接造车、跟吉利合资的集度汽车。该业务在财报会中被李彦宏多次提及。“我们对集度充满了兴奋，希望将我们的 AI 能力等都整合到集度中去。”李彦宏称之为“一台有四个轮子的机器人。”百度的这种重心挪移正体现在各种动作上，36氪近期曾独家报道，百度刚把百度地图划入汽车业务板块。即便在艰难时刻也要加注研发、试图开辟新领域的决心固然值得期许，但是百度曾提出“All-in AI”并久久难见经营收益，这种风险也不该被忘记。如何在长期难见收益的技术投入中，做出能“爆”的落地产品？这是百度谈技术梦想时，最真实也最迫切的挑战。广告基本盘的三次大调整此前2021年四季度财报会上，百度曾表示如果2022年一季度后疫情不再恶化，广告业务将迎来最低点。然而此次财报会中，百度已经放弃了对广告业务转折点的预测。“第二季度或许有所好转，但是现在不确定性还是挺多的。”李彦宏表示。这颇有“躺平”的意味。不过据36氪了解，目前百度已经对广告业务的内容体系、销售体系和组织架构三方面进行了调整与改革。内容侧最近一次的改革，是在2021年4月。彼时百度移动生态业务负责人沈抖提出了移动生态“X＋Y战略”，即全面向服务化和人格化升级，在百度App、百度网盘、百度地图等流量入口的布局之上，深耕健康、电商、视频等垂直行业，让用户在百度的移动生态中获得完整的信息搜索+服务体验。以百度App为例，当下百度App已经不再是单纯的搜索工具，更像是一个以“搜索”为支点来撬动本地生活服务的综合平台，用户可以查快递、订酒店、订电影票等。内容端的变革也带来一定成效。财报数据显示，2022年3月百度App的MAU同比增长13%，达到6.32亿，日登录用户占比达到83%。而销售体系方面，今年3月百度对移动生态的销售体系进行全面调整：将以往KA（大客户）的销售模式调整为以客户类型为区分，重点设立涵盖大众消费类、大健康类、内容消费类、商务服务类等几大行业。百度希望除广告业务之外，还可以通过网盘、电商、生活服务等业务，实现会员、打赏、交易、商单等多元化收入。不过该销售体系变革成果目前还没有太多进展。而在内容和销售两侧变动之后，百度直接进行高层人事大调整：5月5日沈抖正式切换赛道，成为智能云业务负责人，他有更加重要的任务：扛起第二增长曲线业务智能云的增长。而移动生态业务则是由新晋百度集团资深副总裁何俊杰担任。可见，在内容销售体系都变革完成之后，百度移动生态方面的长期方向已经趋于稳定，至于接下来赚不赚钱，怎么稳住基本盘，则是交给何俊杰。他曾帮助百度成功操作多个投资收购项目——何俊杰作为一位财务线出身的管理者，接下来是否会在成本投入上做更多把控，值得继续观察。回顾过往会发现，百度的搜索业务转型似乎总伴随着阴霾：PC时代下半场遇上移动互联网高速扩张，等百度在移动生态业务上回过神之后，短视频平台已经全方位入侵。加之在疫情面前，其移动生态战略也始终缺乏一个可以酣畅施展、大展拳脚的机会。自沈抖出任基本盘业务一号位的几年中，对该业务的潜力挖掘已经进行数年。很难想象这块业务还能有什么大的增长。百度表示：疫情中百度也在多方试水，推出问一问等新产品。但显然，目前还扑腾不起水花。需持续浇灌的To B难题如果说，百度对其广告基本盘抱有“求稳”心态，那么对第二增长曲线显然给予了厚望。不可否认，AI业务已经成为百度财报中无法忽视的一部分，尤其是百度智能云业务。一季度百度智能云业务增速营收39亿，同比增长45%，较之过往季度60%-70%的增速有所放缓。“很多客户都是大企业或政府机构，他们非常愿意面对面沟通，如果没有办法见面，很多事情都没有办法推进。”李彦宏在财报会上坦诚了疫情对智能云业务带来的挑战。据了解，百度智能云主要在制造业、水务、能源、交通、金融和政务等领域落地。在智能交通领域，百度ACE智能交通解决方案已经被41个城市采用，城市合同金额均超过千万元。在工业制造领域，此前百度副总裁李硕告诉36氪，百度的人工智能技术能够帮助电力、水务公司自动监测能源使用的消耗情况、对具体车间和产线进行自动调节，帮助企业提升生产效率。但百度智能云目前仍处于亏损状态。较之阿里锚定的电商零售、腾讯锚定的文娱游戏领域，AI技术赋能工业、能源等传统领域很难有一套非常通用的方法论，这些传统领域的智能制造转型，水平参差需求各异，需要更漫长的等待。目前百度也还处于多方奔走、立标杆项目状态。百度智能云需要从项目中最大程度抽取经验，更快地复制到大规模行业赛道，才有可能摆脱不盈利的现状。汽车产品面临大考比起需要持续浇灌的To B难题，汽车业务恐怕是百度即将面临的公众大考。据了解，百度旗下汽车品牌集度汽车的首款车型概念车ROBO-01将会在6月初亮相。集度汽车CEO夏一平也在微博上公布了最新造车进展：集度首款量产车启动车身模具铸造，正式从车型设计迈向整车量产制造的准备阶段。财报会上，李彦宏表示：集度汽车预计明年开始接受订单，目标是 20万元的乘用车市场，今年下半年集度还会发布第二款车型。据消息人士对36氪透露，李彦宏的OKR中甚至明确写下了今年集度汽车要实现的预订单目标。可以预想，百度内部正在全力推进集度的落地。据36氪了解，百度内部专门成立了一个融通创新部门来支持集度的工作，包括疏通和英伟达等芯片供应商的合作。对百度来说，其To C传播史上曾有挥之不去的“魏则西事件”阴影，C端的产品也只有为数不多的小度智能音箱。虽然汽车的品牌构建、技术产品、销售渠道都由集度汽车独立运营，但阴霾或多或少相伴。能否用产品力来打动消费者，建立新形象，带来新效益点，对集度和百度来说至关重要。前者需要在一众造车新势力中存活下去，百度则需要用集度的产品撬动更多主机厂，争取更大的汽车To B市场。目前，百度的智能驾驶方案除了向集度提供之外，也还在寻求更多的合作。随着比亚迪、东风岚图等车企与百度达成合作，据了解百度的智能驾驶方案ASD 和车载信息娱乐系统小度车载 OS获得的定点和签约项目金额累计100 亿左右，上个季度该数据为80亿。在自动驾驶方面，百度自动驾驶出行服务平台萝卜快跑一季度提供了19.6万次乘车服务。目前百度的自动驾驶车辆正在北京提供无人化载人服务、在重庆进行无人化路测。投入不小，但作为一个受限于技术和城市交通法规的业务，其商业化仍处于不温不火的状态。集度汽车是目前百度最可能刺出的那一把尖刀。但是在“蔚小理”环伺、小米雷军下场造车的当下，留给集度的时间窗口、犯错机会已经不多。","news_type":1,"symbols_score_info":{"09888":0.9,"BIDU":0.9}},"isVote":1,"tweetType":1,"viewCount":2069,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9024178092,"gmtCreate":1653832126416,"gmtModify":1676535348236,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586317757274365","idStr":"3586317757274365"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9024178092","repostId":"1111383178","repostType":4,"isVote":1,"tweetType":1,"viewCount":2754,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9024173998,"gmtCreate":1653831853514,"gmtModify":1676535348188,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586317757274365","idStr":"3586317757274365"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9024173998","repostId":"1166522242","repostType":4,"repost":{"id":"1166522242","kind":"news","pubTimestamp":1653794272,"share":"https://ttm.financial/m/news/1166522242?lang=en_US&edition=fundamental","pubTime":"2022-05-29 11:17","market":"hk","language":"zh","title":"Twenty years ago, Zhou Hongyi's punch was not only directed at Robin Li","url":"https://stock-news.laohu8.com/highlight/detail?id=1166522242","media":"酷玩实验室","summary":"战斗力爆表的老周几乎以一己之力撑起了中国互联网的上半场。","content":"<p><html><head></head><body>In September 2003, 35-year-old Li Yanhong took Zhou Hongyi to court, suing the other party for unfair competition. At that time, the two bosses were not well-known. They not only came to the lawsuit in person, but also quarreled in court for the final compensation of 5,150 yuan.</p><p>The presiding female judge asked Zhou Hongyi, \"Baidu accused you of deleting their things. Did you do it?\" After listening to this, Li Yanhong answered, \"He must have done it.\" Zhou Hongyi said with a smile, \"I did it, but he did it first. He did all the bad things I did!\"</p><p>Coming out of the court, Zhou Hongyi was full of Wu De, pointing to Li Yanhong's nose and provoking: If you don't accept it, let's have a fight. At that time, Robin Li wasn't the man who was topped with mineral water and asked \"What's your problem?\" Robin, a man who often threw his mobile phone and shouted \"I'm fucking not doing it\" when quarreling with investors, how could he suffer Lao Zhou's anger?</p><p><img src=\"https://static.tigerbbs.com/9458e7193c265ddb95138cc0c3594489\" tg-width=\"500\" tg-height=\"311\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Li Yanhong immediately took the challenge, took off his coat and was ready to do it. Unfortunately, the two of them who were struggling together were quickly pulled away by the crowd, and there was no winner. But if someone around opened to gamble on winning or losing, I would definitely be willing to pay 200 yuan to support Lao Zhou. For nothing else, Shaolin comes out of the world. I believe that the martial arts culture in Zhumadian, Henan Province is much higher than that in Yangquan, Shanxi Province. Besides, Lao Zhou had learned to skillfully open nunchucks for his classmates as early as when he was in the junior class of Xi'an Jiaotong University.</p><p>Compared with many later lawsuits in Zhou Hongyi, this lawsuit can only be said to be dwarfed. But this is a beginning. Since then, Lao Zhou, whose fighting power is off the charts, has almost single-handedly supported the first half of China's Internet.</p><p>He once went to war with BAT at the same time and did not fall behind on every front: forcing Jack Ma to publicly state that Alibaba would permanently block Zhou Hongyi; Making Pony Ma so angry that he dropped cups in the office; One day, 42 Weibo Lei Jun were sent in succession and made an appointment with Chaoyang Park, which made the good-natured Lei Zong so angry that he wanted to \"see him in court\". Some people joked that in those years, China's Internet was scolded by Lao Zhou for whenever it panted. If you haven't been scolded, don't be proud. It only means that you can't mix well.</p><p><img src=\"https://static.tigerbbs.com/9ba00a872cf356e5ee629746f983f58c\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Such a character made it difficult for Zhou Hongyi to wear a white shirt and belt like Lei Jun and Pony Ma, and be a mature and steady model student. If you can't be upright, you can only be surprised. In recent years, after the interests of all parties have solidified, 360 has gradually become a second-tier brand on the Internet.</p><p>But there is one thing that Lao Zhou is generally more comfortable than the bosses now, and that is, the Chinese concept stocks that are in dire straits, excluding 360. Lao Zhou returned to A-shares as early as 2017. When he was privatized and delisted from Nasdaq, Zhou Hongyi paid a cost of about 60 billion yuan. When he returned to Big A, he directly stepped on JD.com with 20 daily limit boards. The market value once broke through 400 billion yuan and approached Baidu.</p><p>How decent 360 came back back then, and how shabby Chinese concept stocks are now in the United States.</p><p>In an interview that year, Zhou Hongyi once said meaningfully: 360 came back to solve the \"identity problem\" and practiced a 2B and 2G development route.</p><p>It's hard to say whether this choice is right or wrong. In 2021, three of 360's four main businesses are declining, but government and enterprise security-related products have bucked the trend and increased by 71%. The embarrassing thing is that the less than 1.4 billion revenue generated still only accounts for 10% of 360's total revenue. More than one point.</p><p>Old Zhou himself must feel that this is the right path.</p><p>Look at Nezha Automobile, which invested 3602 billion in October last year. Isn't it also engaged in 2B and 2G business for a long time?</p><p>When Zhou Hongyi was young, he was like a figure from the Water Margin, shouting and killing for many years. After finally getting the right to recruit Fangla, he embarked on a completely different path from other Internet companies.</p><p>This path is particularly special today, when the whole Internet circle exudes negative energy.</p><p><b>01</b></p><p>The last time Chinese concept stocks collectively considered leaving the United States, it started with the A-share bull market in early 2015.</p><p>Now when it comes to A-shares in 2015, everyone's first reaction is the stock market crash, but investors who were in it, especially in the first half of that year, must have been unaware of it.</p><p>At the beginning of that year, Big A, which had been dry for seven years, ushered in long-lost living water. With the spring breeze of capital market reform, the Shanghai Composite Index made rapid progress, rising to more than 5,000 points in half a year. Think about the market of defending 3,000 points at every turn this year, and you will know how beautiful Big A was at that time.</p><p>At the same time, the violent fluctuations in U.S. stocks in 2014 led to a sharp correction in the market value of Chinese concept stocks in the United States. Seeing that the domestic capital feast could not get a piece of the pie, Chinese concept stocks started to return to China. According to a report by Wall Street Journal in April 2015:</p><p>Companies such as Baofengyingyin, Langma Information, 263 Network, and Venus Star have all completed their return to A-shares. Focus Media also initially decided to list on the A-share backdoor in June of that year, with a company valuation of 46 billion to 50 billion yuan. Therefore, unlike the Chinese concept stocks that are now forced to consider coming back in the face of U.S. audit papers, the essence of returning to Big A back then was that everyone could \"cross-market arbitrage\"-take advantage of the large market value difference between A-shares and the U.S. market to arbitrage.</p><p>360, also announced the launch of the privatization strategy on June 17 of this year.</p><p>From today's point of view, this time point is undoubtedly very delicate, because the A-share stock market crash has already started on June 15th: in just four weeks, the Shanghai Composite Index plummeted by 1,800 points, leveraged funds were liquidated, individual stock prices were halved, and 1,400 listed companies were suspended. Investors who have experienced it must still remember how tragic it was at that time.</p><p><img src=\"https://static.tigerbbs.com/08942a0b5218ec6e3541f44f109c82ee\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>But the A-share stock market crash did not change Zhou Hongyi's determination to continue. A month later, the privatization transaction of 360 was completed and officially delisted from the New York Stock Exchange.</p><p>This caused many people's doubts at that time. Some media people wrote that it may not be the most important thing for 360 to return to A-share arbitrage. What's more important is that a leader said that, \"I think it's better for you to come back.\"</p><p>After returning to A-shares, Zhou Hongyi has always regarded himself as the \"national team\". In an interview with China Entrepreneur Magazine in 2019, the reporter asked Zhou:</p><p>You have mentioned the concept of \"great security\" many times, and this also includes national security. Will the current national strategy be handed over to private companies?</p><p>Zhou Hongyi said, yes. After the return of 360, the identity problem was solved. We used to be a listed company in the United States, and most of our shareholders were American investors; After delisting, it has now become a purely domestic private company.</p><p>\"After solving the identity problem, we now have a lot of cooperation with the state. For example, about 70% of the state's ministries and commissions, 80% of banks, and many large state-owned enterprises are maintained by 360.\" This is indeed the case. These years, 360 has been consistent with national interests. The online security of major foreign affairs and political activities, including the 19th National Congress of the Communist Party of China, the BRICS Conference and the belt and road initiative Summit, is also undertaken by 360.</p><p>The price for obtaining these is that Zhou Hongyi spent two years from 2015 to 2017 to complete the backdoor listing of A-shares. In the past two years, he has spent a lot of energy. He failed to make mobile phones, \"all in video\" failed, and his plan to go overseas was stranded.</p><p>In recent years, he has chased almost every outlet on the Internet, but after taking stock, there are not many overall victories and many failures. Only the sales of Nezha cars invested last year keep rising, but the logic is the same. Nezha's sales have surpassed Wei Xiaoli several times, but why can't it be seen within the Fifth Ring Road?</p><p>Who is driving the Nezha car?</p><p>\"The traffic police are driving, the driving school is driving, but few people are driving.\" Almost all the financing before the D round came from Nezha Automobile, a local industrial fund. For a long time, it was also doing 2B and 2G businesses.</p><p>Zhou Hongyi may be the most positive in the attitude of the CEOs of major Chinese Internet companies towards the government. This is not only determined by business, but also by Zhou Hongyi's personal experience.</p><p>So far, Zhou Hongyi has been arrested by the police twice and a half times. Once, I took nunchucks to my classmates at Xi'an Jiaotong University; Once, he started a business when he was in graduate school, rubbing the computer room everywhere in the school. Later, he was regarded as a thief when he lost something in the computer room. The first time was painless, but the last time I had a lingering fear.</p><p>That half time was during the \"3Q War\", when Shenzhen Public Security Bureau came to the Beijing company to arrest people. Zhou Hongyi learned the news on his way to work and fled to Hong Kong with his passport.</p><p>When Zhou Hongyi was in the sophomore year of senior high school, the teacher of a class meeting asked everyone to talk about their ideals. Zhou Hongyi went up to give a speech and opened his mouth, saying, \"You can be born arrogant\"; When he was in college, he hung a calligraphy work on his bedside, which read \"Kill one person in ten steps\".</p><p>Some media once compared him to Cao Cao and a fierce hero, but there are some fearless people in this temperament who always have a steelyard in their hearts. For example, regarding the question \"Why are Internet companies successful today?\", Zhou Hongyi's answer is:</p><p>\"Everyone thinks it's because they are smart and capable, and they can defeat competitors. But in fact, I think the success of these companies is still due to the drive of the great era. Without the background of national reform and opening up, China's demographic dividend and the state's policy on the Internet, this kind of success can't happen.\" Entrepreneurs who said this in the past were easily labeled as \"cynical\", but in the past two years, which CEO of big Internet companies doesn't want to know policies like Zhou Hongyi now, and who doesn't want to reach a tacit understanding with necessary supervision?</p><p><img src=\"https://static.tigerbbs.com/2d5aba501e44c431245bb3c672f93d5a\" tg-width=\"550\" tg-height=\"351\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>02</b></p><p>Over the past 40 years of China's reform and opening up, professions such as college entrance examination, going to sea, real estate speculation, and the Internet have successively played the role of carp jumping over the dragon gate for children from poor families. Every generation has a success story to tell. If Zhou Hongyi tells this story, he will have a high probability of saying this:</p><p>In 2003, I admired the youngest bureau-level cadre in the Xinhua News Agency system at that time. I asked him if you think you can be a member of the XX Bureau? Can you make tens of millions? If you can't, why don't you come and do the Internet with me.</p><p>The bureau-level cadre later really resigned and went to Yahoo with Zhou Hongyi.</p><p>The situation is stronger than people. Today, you fool your civil servants and friends around you into resigning and try to work on your Internet? Just say that the salary is higher and the working atmosphere is freer. Can it be worth the word \"stability\"?</p><p>In the past 20 years, why are Internet companies that have successfully rung the bell in the United States so rich?</p><p>The reason is simple, because the United States is the world currency, and listing in the United States can raise more money. Finance American money to develop China's Internet, and at the same time let American capital share China's development dividend. This operating logic has moved a total of $300 billion from the United States in the past 20 years.</p><p>But in the past, it was possible to raise money from the United States to make money, but now it is not possible to raise money to develop high technology and move the American cake. As Nio Motor CEO Li Bin said in 2019, even if Nio fails, it will raise tens of billions of dollars to develop the Chinese automobile industry chain. Therefore, the United States is going to start auditing the papers, and the valuation of Chinese concept stocks has collectively fallen, and there is a risk of being delisted.</p><p>At the same time, it is not easy to do the business of \"involution\" with US dollars back to China. Internet companies such as education and training and community group buying have been regulated to varying degrees, and the Internet industry has officially entered winter.</p><p>Chinese concept stock companies are struggling internally and externally, and have been complaining about pain recently. A few days ago, many Internet people forwarded an article in their circle of friends satirizing young people for not understanding the economy:</p><p>\"What is the Chinese economy? They don't understand and don't care. The only thing they care about is chips and so-called hard-core technology. As for food, clothing, housing and transportation, they are too vulgar and unimportant. Of course, if they order the takeaway ten minutes late, they will scold their mothers and scold the takeaway boy more ruthlessly than anyone else.\" Young people may indeed not understand the Chinese economy as well as the bosses, but young people and entrepreneurs, who is bearing the cost of reform?</p><p>Seimi Zhang, director of the film \"Steel Piano\", which reflects the laid-off workers in the economic reform in Northeast China, said in an interview:</p><p>\"We usually think that when an era changes, the people at the bottom are fighting. But in fact, they have become a group of people who digest this era.\"<img src=\"https://static.tigerbbs.com/2e38dba8a57f7b5d2c7c2cb01bc89378\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>This sentence is equally applicable today.</p><p>Some people can \"organize and optimize\" and \"graduate collectively\" after crying out pain, but the price paid by young people is the most basic physiological needs of Maslow's five major needs: unemployment, being laid off, having no place to live, and spending the best youth on depression, frustration and being unable to buy a decent bouquet of roses for his girlfriend at 520.</p><p>It is as ridiculous to think that young people can't understand the pain suffered by the Internet, and to rudely ridicule young people with binary opposition, just as it is ridiculous to think that only the factory director suffered from the collapse of state-owned enterprises in Northeast China. This is another kind of arrogance:</p><p>An arrogance that uses experience, experience and so-called consensus to restrain young people, and encourages everyone to go back to the old road and continue to soar.</p><p>But why do young people feel pain now and still don't want to go back to the old way? You can't eat bread, but you are still willing to shout for Huawei, chips and hard technology?</p><p>More young people still believe that reform is for a better tomorrow.</p><p>Is it possible for them to believe that it will be better for the Internet to bring capital to double the economic difficulties of vegetable vendors and house prices?</p><p><b>03</b></p><p>Recently, Professor Lan Xiaohuan, the author of the best-selling book \"Being Inside\" in Shanghai, sent a \"positive energy full of negative energy\" Weibo. He said that knowing how cruel the economy and competition are, he won't exaggerate the role of emotions too much.</p><p>Confidence may be more important than gold, but it is far less important than the power of \"always keep alive\". Behind every boss who falls in a crisis there are many pairs of eyes staring at his business, so when the economic machine starts roaring again, whether optimistic or pessimistic, you have to jump on it again, or be thrown off. If you know more about the economic stories during various wars in the 20th century, and about the economic reconstruction stories after the great disasters, you may understand that the world will not look back, whether it is distressed or deeply hated. Emotions don't solve the problem. Reform and epidemic control are not to be on the opposite side of young people, and certainly not to be on the opposite side of entrepreneurs. If anyone still thinks so, their understanding is too poor.</p><p>Yan Xuetong, dean of the Institute of Contemporary International Relations at Tsinghua University, wrote an article analyzing the strategic competition between China and the United States in June last year, and put forward a particularly objective and simple point of view:</p><p>Both China and the United States have little experience in strategic competition in the network field, and both of them may formulate wrong strategies and encounter setbacks in practice. This means that whoever can adjust their strategies and correct their mistakes in time will win this competition.</p><p>Are there any grievances? Sometimes there are grievances. But should you simply and emotionally understand some things as the opposite of yourself? It is a kind of wisdom.</p><p>Today, when the entire Internet circle is exuding negative energy, the 360 A-share listings led by Zhou Hongyi and the recent official announcement of Didi's delisting from the New York Stock Exchange are like two opposite fables.</p><p>Speaking of it, Zhou Hongyi is definitely unwilling to be \"the kind of boss who falls in a crisis.\"</p><p>In 2003, in addition to a fight with Li Yanhong outside the court, the red cannon actually caught up with SARS.</p><p>Zhou Hongyi said that when SARS struck, no one dared to fly. But the first thing he thought was that no one dared to fly, which meant that no one was doing business now:</p><p>\"This is a great opportunity for me to go all over the country to sell products and seize the market.\"</p><p>So Lao Zhou put on a gas mask and frequently flew to all parts of the country to see agents. Every time an Air China plane landed, a familiar piece of music would sound. Zhou Hongyi said that every time he heard this song later, he would think of the situation of that year.</p><p>I've been thinking, if Zhou Hongyi caught up with which city he is now locked down when he was young, and couldn't fly or get out, what ideas would he come up with?</p><p>A person who can toss such a red cannon shouldn't want to lie on a 1.8 meter bed all day and feel sorry for himself.</p><p></body></html></p>","source":"lsy1572425666524","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>Twenty years ago, Zhou Hongyi's punch was not only directed at Robin Li</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\">\nTwenty years ago, Zhou Hongyi's punch was not only directed at Robin Li\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">酷玩实验室</strong><span class=\"h-time small\">2022-05-29 11:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>In September 2003, 35-year-old Li Yanhong took Zhou Hongyi to court, suing the other party for unfair competition. At that time, the two bosses were not well-known. They not only came to the lawsuit in person, but also quarreled in court for the final compensation of 5,150 yuan.</p><p>The presiding female judge asked Zhou Hongyi, \"Baidu accused you of deleting their things. Did you do it?\" After listening to this, Li Yanhong answered, \"He must have done it.\" Zhou Hongyi said with a smile, \"I did it, but he did it first. He did all the bad things I did!\"</p><p>Coming out of the court, Zhou Hongyi was full of Wu De, pointing to Li Yanhong's nose and provoking: If you don't accept it, let's have a fight. At that time, Robin Li wasn't the man who was topped with mineral water and asked \"What's your problem?\" Robin, a man who often threw his mobile phone and shouted \"I'm fucking not doing it\" when quarreling with investors, how could he suffer Lao Zhou's anger?</p><p><img src=\"https://static.tigerbbs.com/9458e7193c265ddb95138cc0c3594489\" tg-width=\"500\" tg-height=\"311\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Li Yanhong immediately took the challenge, took off his coat and was ready to do it. Unfortunately, the two of them who were struggling together were quickly pulled away by the crowd, and there was no winner. But if someone around opened to gamble on winning or losing, I would definitely be willing to pay 200 yuan to support Lao Zhou. For nothing else, Shaolin comes out of the world. I believe that the martial arts culture in Zhumadian, Henan Province is much higher than that in Yangquan, Shanxi Province. Besides, Lao Zhou had learned to skillfully open nunchucks for his classmates as early as when he was in the junior class of Xi'an Jiaotong University.</p><p>Compared with many later lawsuits in Zhou Hongyi, this lawsuit can only be said to be dwarfed. But this is a beginning. Since then, Lao Zhou, whose fighting power is off the charts, has almost single-handedly supported the first half of China's Internet.</p><p>He once went to war with BAT at the same time and did not fall behind on every front: forcing Jack Ma to publicly state that Alibaba would permanently block Zhou Hongyi; Making Pony Ma so angry that he dropped cups in the office; One day, 42 Weibo Lei Jun were sent in succession and made an appointment with Chaoyang Park, which made the good-natured Lei Zong so angry that he wanted to \"see him in court\". Some people joked that in those years, China's Internet was scolded by Lao Zhou for whenever it panted. If you haven't been scolded, don't be proud. It only means that you can't mix well.</p><p><img src=\"https://static.tigerbbs.com/9ba00a872cf356e5ee629746f983f58c\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Such a character made it difficult for Zhou Hongyi to wear a white shirt and belt like Lei Jun and Pony Ma, and be a mature and steady model student. If you can't be upright, you can only be surprised. In recent years, after the interests of all parties have solidified, 360 has gradually become a second-tier brand on the Internet.</p><p>But there is one thing that Lao Zhou is generally more comfortable than the bosses now, and that is, the Chinese concept stocks that are in dire straits, excluding 360. Lao Zhou returned to A-shares as early as 2017. When he was privatized and delisted from Nasdaq, Zhou Hongyi paid a cost of about 60 billion yuan. When he returned to Big A, he directly stepped on JD.com with 20 daily limit boards. The market value once broke through 400 billion yuan and approached Baidu.</p><p>How decent 360 came back back then, and how shabby Chinese concept stocks are now in the United States.</p><p>In an interview that year, Zhou Hongyi once said meaningfully: 360 came back to solve the \"identity problem\" and practiced a 2B and 2G development route.</p><p>It's hard to say whether this choice is right or wrong. In 2021, three of 360's four main businesses are declining, but government and enterprise security-related products have bucked the trend and increased by 71%. The embarrassing thing is that the less than 1.4 billion revenue generated still only accounts for 10% of 360's total revenue. More than one point.</p><p>Old Zhou himself must feel that this is the right path.</p><p>Look at Nezha Automobile, which invested 3602 billion in October last year. Isn't it also engaged in 2B and 2G business for a long time?</p><p>When Zhou Hongyi was young, he was like a figure from the Water Margin, shouting and killing for many years. After finally getting the right to recruit Fangla, he embarked on a completely different path from other Internet companies.</p><p>This path is particularly special today, when the whole Internet circle exudes negative energy.</p><p><b>01</b></p><p>The last time Chinese concept stocks collectively considered leaving the United States, it started with the A-share bull market in early 2015.</p><p>Now when it comes to A-shares in 2015, everyone's first reaction is the stock market crash, but investors who were in it, especially in the first half of that year, must have been unaware of it.</p><p>At the beginning of that year, Big A, which had been dry for seven years, ushered in long-lost living water. With the spring breeze of capital market reform, the Shanghai Composite Index made rapid progress, rising to more than 5,000 points in half a year. Think about the market of defending 3,000 points at every turn this year, and you will know how beautiful Big A was at that time.</p><p>At the same time, the violent fluctuations in U.S. stocks in 2014 led to a sharp correction in the market value of Chinese concept stocks in the United States. Seeing that the domestic capital feast could not get a piece of the pie, Chinese concept stocks started to return to China. According to a report by Wall Street Journal in April 2015:</p><p>Companies such as Baofengyingyin, Langma Information, 263 Network, and Venus Star have all completed their return to A-shares. Focus Media also initially decided to list on the A-share backdoor in June of that year, with a company valuation of 46 billion to 50 billion yuan. Therefore, unlike the Chinese concept stocks that are now forced to consider coming back in the face of U.S. audit papers, the essence of returning to Big A back then was that everyone could \"cross-market arbitrage\"-take advantage of the large market value difference between A-shares and the U.S. market to arbitrage.</p><p>360, also announced the launch of the privatization strategy on June 17 of this year.</p><p>From today's point of view, this time point is undoubtedly very delicate, because the A-share stock market crash has already started on June 15th: in just four weeks, the Shanghai Composite Index plummeted by 1,800 points, leveraged funds were liquidated, individual stock prices were halved, and 1,400 listed companies were suspended. Investors who have experienced it must still remember how tragic it was at that time.</p><p><img src=\"https://static.tigerbbs.com/08942a0b5218ec6e3541f44f109c82ee\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>But the A-share stock market crash did not change Zhou Hongyi's determination to continue. A month later, the privatization transaction of 360 was completed and officially delisted from the New York Stock Exchange.</p><p>This caused many people's doubts at that time. Some media people wrote that it may not be the most important thing for 360 to return to A-share arbitrage. What's more important is that a leader said that, \"I think it's better for you to come back.\"</p><p>After returning to A-shares, Zhou Hongyi has always regarded himself as the \"national team\". In an interview with China Entrepreneur Magazine in 2019, the reporter asked Zhou:</p><p>You have mentioned the concept of \"great security\" many times, and this also includes national security. Will the current national strategy be handed over to private companies?</p><p>Zhou Hongyi said, yes. After the return of 360, the identity problem was solved. We used to be a listed company in the United States, and most of our shareholders were American investors; After delisting, it has now become a purely domestic private company.</p><p>\"After solving the identity problem, we now have a lot of cooperation with the state. For example, about 70% of the state's ministries and commissions, 80% of banks, and many large state-owned enterprises are maintained by 360.\" This is indeed the case. These years, 360 has been consistent with national interests. The online security of major foreign affairs and political activities, including the 19th National Congress of the Communist Party of China, the BRICS Conference and the belt and road initiative Summit, is also undertaken by 360.</p><p>The price for obtaining these is that Zhou Hongyi spent two years from 2015 to 2017 to complete the backdoor listing of A-shares. In the past two years, he has spent a lot of energy. He failed to make mobile phones, \"all in video\" failed, and his plan to go overseas was stranded.</p><p>In recent years, he has chased almost every outlet on the Internet, but after taking stock, there are not many overall victories and many failures. Only the sales of Nezha cars invested last year keep rising, but the logic is the same. Nezha's sales have surpassed Wei Xiaoli several times, but why can't it be seen within the Fifth Ring Road?</p><p>Who is driving the Nezha car?</p><p>\"The traffic police are driving, the driving school is driving, but few people are driving.\" Almost all the financing before the D round came from Nezha Automobile, a local industrial fund. For a long time, it was also doing 2B and 2G businesses.</p><p>Zhou Hongyi may be the most positive in the attitude of the CEOs of major Chinese Internet companies towards the government. This is not only determined by business, but also by Zhou Hongyi's personal experience.</p><p>So far, Zhou Hongyi has been arrested by the police twice and a half times. Once, I took nunchucks to my classmates at Xi'an Jiaotong University; Once, he started a business when he was in graduate school, rubbing the computer room everywhere in the school. Later, he was regarded as a thief when he lost something in the computer room. The first time was painless, but the last time I had a lingering fear.</p><p>That half time was during the \"3Q War\", when Shenzhen Public Security Bureau came to the Beijing company to arrest people. Zhou Hongyi learned the news on his way to work and fled to Hong Kong with his passport.</p><p>When Zhou Hongyi was in the sophomore year of senior high school, the teacher of a class meeting asked everyone to talk about their ideals. Zhou Hongyi went up to give a speech and opened his mouth, saying, \"You can be born arrogant\"; When he was in college, he hung a calligraphy work on his bedside, which read \"Kill one person in ten steps\".</p><p>Some media once compared him to Cao Cao and a fierce hero, but there are some fearless people in this temperament who always have a steelyard in their hearts. For example, regarding the question \"Why are Internet companies successful today?\", Zhou Hongyi's answer is:</p><p>\"Everyone thinks it's because they are smart and capable, and they can defeat competitors. But in fact, I think the success of these companies is still due to the drive of the great era. Without the background of national reform and opening up, China's demographic dividend and the state's policy on the Internet, this kind of success can't happen.\" Entrepreneurs who said this in the past were easily labeled as \"cynical\", but in the past two years, which CEO of big Internet companies doesn't want to know policies like Zhou Hongyi now, and who doesn't want to reach a tacit understanding with necessary supervision?</p><p><img src=\"https://static.tigerbbs.com/2d5aba501e44c431245bb3c672f93d5a\" tg-width=\"550\" tg-height=\"351\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>02</b></p><p>Over the past 40 years of China's reform and opening up, professions such as college entrance examination, going to sea, real estate speculation, and the Internet have successively played the role of carp jumping over the dragon gate for children from poor families. Every generation has a success story to tell. If Zhou Hongyi tells this story, he will have a high probability of saying this:</p><p>In 2003, I admired the youngest bureau-level cadre in the Xinhua News Agency system at that time. I asked him if you think you can be a member of the XX Bureau? Can you make tens of millions? If you can't, why don't you come and do the Internet with me.</p><p>The bureau-level cadre later really resigned and went to Yahoo with Zhou Hongyi.</p><p>The situation is stronger than people. Today, you fool your civil servants and friends around you into resigning and try to work on your Internet? Just say that the salary is higher and the working atmosphere is freer. Can it be worth the word \"stability\"?</p><p>In the past 20 years, why are Internet companies that have successfully rung the bell in the United States so rich?</p><p>The reason is simple, because the United States is the world currency, and listing in the United States can raise more money. Finance American money to develop China's Internet, and at the same time let American capital share China's development dividend. This operating logic has moved a total of $300 billion from the United States in the past 20 years.</p><p>But in the past, it was possible to raise money from the United States to make money, but now it is not possible to raise money to develop high technology and move the American cake. As Nio Motor CEO Li Bin said in 2019, even if Nio fails, it will raise tens of billions of dollars to develop the Chinese automobile industry chain. Therefore, the United States is going to start auditing the papers, and the valuation of Chinese concept stocks has collectively fallen, and there is a risk of being delisted.</p><p>At the same time, it is not easy to do the business of \"involution\" with US dollars back to China. Internet companies such as education and training and community group buying have been regulated to varying degrees, and the Internet industry has officially entered winter.</p><p>Chinese concept stock companies are struggling internally and externally, and have been complaining about pain recently. A few days ago, many Internet people forwarded an article in their circle of friends satirizing young people for not understanding the economy:</p><p>\"What is the Chinese economy? They don't understand and don't care. The only thing they care about is chips and so-called hard-core technology. As for food, clothing, housing and transportation, they are too vulgar and unimportant. Of course, if they order the takeaway ten minutes late, they will scold their mothers and scold the takeaway boy more ruthlessly than anyone else.\" Young people may indeed not understand the Chinese economy as well as the bosses, but young people and entrepreneurs, who is bearing the cost of reform?</p><p>Seimi Zhang, director of the film \"Steel Piano\", which reflects the laid-off workers in the economic reform in Northeast China, said in an interview:</p><p>\"We usually think that when an era changes, the people at the bottom are fighting. But in fact, they have become a group of people who digest this era.\"<img src=\"https://static.tigerbbs.com/2e38dba8a57f7b5d2c7c2cb01bc89378\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>This sentence is equally applicable today.</p><p>Some people can \"organize and optimize\" and \"graduate collectively\" after crying out pain, but the price paid by young people is the most basic physiological needs of Maslow's five major needs: unemployment, being laid off, having no place to live, and spending the best youth on depression, frustration and being unable to buy a decent bouquet of roses for his girlfriend at 520.</p><p>It is as ridiculous to think that young people can't understand the pain suffered by the Internet, and to rudely ridicule young people with binary opposition, just as it is ridiculous to think that only the factory director suffered from the collapse of state-owned enterprises in Northeast China. This is another kind of arrogance:</p><p>An arrogance that uses experience, experience and so-called consensus to restrain young people, and encourages everyone to go back to the old road and continue to soar.</p><p>But why do young people feel pain now and still don't want to go back to the old way? You can't eat bread, but you are still willing to shout for Huawei, chips and hard technology?</p><p>More young people still believe that reform is for a better tomorrow.</p><p>Is it possible for them to believe that it will be better for the Internet to bring capital to double the economic difficulties of vegetable vendors and house prices?</p><p><b>03</b></p><p>Recently, Professor Lan Xiaohuan, the author of the best-selling book \"Being Inside\" in Shanghai, sent a \"positive energy full of negative energy\" Weibo. He said that knowing how cruel the economy and competition are, he won't exaggerate the role of emotions too much.</p><p>Confidence may be more important than gold, but it is far less important than the power of \"always keep alive\". Behind every boss who falls in a crisis there are many pairs of eyes staring at his business, so when the economic machine starts roaring again, whether optimistic or pessimistic, you have to jump on it again, or be thrown off. If you know more about the economic stories during various wars in the 20th century, and about the economic reconstruction stories after the great disasters, you may understand that the world will not look back, whether it is distressed or deeply hated. Emotions don't solve the problem. Reform and epidemic control are not to be on the opposite side of young people, and certainly not to be on the opposite side of entrepreneurs. If anyone still thinks so, their understanding is too poor.</p><p>Yan Xuetong, dean of the Institute of Contemporary International Relations at Tsinghua University, wrote an article analyzing the strategic competition between China and the United States in June last year, and put forward a particularly objective and simple point of view:</p><p>Both China and the United States have little experience in strategic competition in the network field, and both of them may formulate wrong strategies and encounter setbacks in practice. This means that whoever can adjust their strategies and correct their mistakes in time will win this competition.</p><p>Are there any grievances? Sometimes there are grievances. But should you simply and emotionally understand some things as the opposite of yourself? It is a kind of wisdom.</p><p>Today, when the entire Internet circle is exuding negative energy, the 360 A-share listings led by Zhou Hongyi and the recent official announcement of Didi's delisting from the New York Stock Exchange are like two opposite fables.</p><p>Speaking of it, Zhou Hongyi is definitely unwilling to be \"the kind of boss who falls in a crisis.\"</p><p>In 2003, in addition to a fight with Li Yanhong outside the court, the red cannon actually caught up with SARS.</p><p>Zhou Hongyi said that when SARS struck, no one dared to fly. But the first thing he thought was that no one dared to fly, which meant that no one was doing business now:</p><p>\"This is a great opportunity for me to go all over the country to sell products and seize the market.\"</p><p>So Lao Zhou put on a gas mask and frequently flew to all parts of the country to see agents. Every time an Air China plane landed, a familiar piece of music would sound. Zhou Hongyi said that every time he heard this song later, he would think of the situation of that year.</p><p>I've been thinking, if Zhou Hongyi caught up with which city he is now locked down when he was young, and couldn't fly or get out, what ideas would he come up with?</p><p>A person who can toss such a red cannon shouldn't want to lie on a 1.8 meter bed all day and feel sorry for himself.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://finance.sina.com.cn/tech/csj/2022-05-29/doc-imizirau5390021.shtml\">酷玩实验室</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7df7ff13157e853757d80338ca07a782","relate_stocks":{"601360":"三六零","QFIN":"奇富科技"},"source_url":"http://finance.sina.com.cn/tech/csj/2022-05-29/doc-imizirau5390021.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166522242","content_text":"2003年9月，时年35岁的李彦宏把周鸿祎告上法庭，起诉对方不正当竞争。那时两位大佬都还没什么名气，打官司不仅亲自来，为最终5150块钱的赔偿，还在法庭上吵得面红耳赤。主审女法官问周鸿祎：“百度指责你删掉他们的东西，你干了没有？”李彦宏听完抢答：“他肯定干了。”周鸿祎笑着说：“我干了，但是是他先干的。我干的所有坏事儿，他都干了！”从法庭出来，周鸿祎武德充沛，指着李彦宏鼻子挑衅：不服咱俩打一架。当时李彦宏还不是后来那个被矿泉水浇头也只不咸不淡问一句“What's your problem？”的Robin，和投资人吵架动辄摔手机喊“我他妈不做了”的男人，哪里能受老周这种气？李彦宏当即应战，脱下外套就准备动手。很可惜，扭打在一起的二人很快被众人拉开，没分出胜负。但假如当时周围有人开盘赌输赢的话，我肯定愿意掏200块支持老周。不为别的，天下功夫出少林，我相信河南驻马店的武术文化比山西阳泉不知道高到哪里去了，况且老周早在西安交通大学读少年班时，就已经学会熟练地拿双节棍给同学开瓢了。这场官司跟后来周鸿祎很多场官司相比，只能说是小巫见大巫。但这是一个开始，从此之后，战斗力爆表的老周几乎以一己之力撑起了中国互联网的上半场。他曾经一度跟BAT同时开战且每条战线都不落下风：把马云逼得公开表示阿里将永久封杀周鸿祎；把马化腾气得在办公室摔杯子；一天连发42条微博怼雷军并约战朝阳公园，把好脾气的雷总气得也要“法庭见”。有人戏称，那几年中国互联网凡是会喘气都被老周骂过。如果你没被骂，那也别得意，只能说明你混得不行。这样一种性格，导致了后来周鸿祎很难像雷军、马化腾一样，穿上白衬衫，系起腰带，做个成熟稳重的模范生。不能守正，只能出奇。这些年大厂跑马圈地，各方利益固化后，360也逐渐沦为了互联网中的二线厂牌。但有一件事现在老周普遍比大佬们舒服，那就是正陷入水深火热的中概股中，不包括360。老周早在2017年就风风光光回A股了。当年从纳斯达克私有化退市，周鸿祎付出了约600亿人民币的成本，回到大A直接20个涨停板脚踏京东，市值一度冲破4000亿逼近百度。当年360回来的有多体面，现在中概股在美国跌得就有多寒酸。周鸿祎当年接受采访，曾意味深长地说：360回来是为了解决“身份问题”，并践行了一条2B、2G的发展路线。很难说这个选择到底是对还是错。2021年，360四大主营业务中有三块都在下降，但政企安全相关产品却逆势大增了71%，尴尬的是创造出的不到14亿收入依然只占360总收入的十分之一多点。老周自己肯定觉得这条路没错。你看去年10月三六零20亿投的哪吒汽车，不也长期做的是2B、2G生意吗？周鸿祎年轻时像水浒里走出来的人物，喊打喊杀很多年，最终拿到征方腊的权利后，走上了一条和其他互联网公司完全不一样的路子。这条路子，在整个互联网圈散发着负能量的今天，显得尤为特别。01中概股上一次集体考虑离开美国，还要从2015年初A股大牛市说起。现在提起2015年A股，大家第一反应是股灾，但身处其中，尤其是那年上半年炒股的股民，肯定是毫无察觉的。那年初，干涸7年之久的大A迎来了久违的活水，伴随资本市场改革春风，上证指数高歌猛进，半年就涨到了5000点以上。想想今年动辄保卫3000点的行情，就知道当时的大A有多风光了。与此同时，2014年美股剧烈波动导致中概股在美国的市值大幅回调，眼看着国内的资本盛宴无法分一杯羹，中概股纷纷打起了回国的主意。根据华尔街见闻在2015年4月的报道：暴风影音、朗玛信息、二六三网络、启明星辰等公司都已经完成回归A股之路。分众传媒也初定将于当年6月在A股借壳上市，公司估值为460亿-500亿元。所以跟现在面临美国审计底稿被迫考虑回来的中概股不同，当年回归大A的本质是大家可以“跨市场套利”——利用A股和美国两个市场较大的市值差套利。360，也是在这年6月17日宣布启动私有化战略的。站在今天来看，这个时间点无疑非常微妙，因为A股股灾从6月15号就已经开始了：短短4个星期上证指数狂跌1800点，杠杆资金爆仓、个股股价腰斩、1400家上市公司停牌，亲历过的股民一定还记得当时有多惨烈。但A股股灾并没有改变周鸿祎继续的决心。一个月之后，360私有化交易完成，正式从纽交所摘牌。这引起当时很多人的疑惑。有媒体人写，对360来说回A股套利可能不是最重要的，更重要的是某位领导说那句话，“我觉得你们还是回来的好。”回归A股后周鸿祎一直以“国家队”自居。2019年接受《中国企业家杂志》采访，记者问周：你曾多次提及“大安全”概念，而这其中也包括国家安全。目前国家级战略会交给民营公司做吗？周鸿祎说，会。360回归以后，解决了身份问题。我们原来是美国上市公司，大部分股东都是美国投资人；退市以后，现在变成一家纯内资的民营公司。“解决身份问题以后，我们现在跟国家有很多合作，像现在国家大概70%的部委、80%的银行，还有很多大的国企的安全都是360来维护的。”事实也的确如此，这些年360一直在和国家利益保持一致。包括十九大、金砖会议、一带一路峰会这些重大外事政治活动的网上安全，也都是360来承担的。获得这些的代价，是周鸿祎从2015年到2017年之间，拿出了两年时间来完成A股借壳上市。这两年耗费了他大量的精力，做手机失败了，“all in视频”失败了，出海计划也搁浅了。这几年他又追了互联网几乎每一个风口，但盘点下来，总体取胜的不多，失败的不少。只有去年投的哪吒汽车销量在不停地涨，可逻辑一样，哪吒销量都已经几次冲过蔚小理了，但五环内怎么就是看不着呢？哪吒汽车谁在开？“交警在开，驾校在开，但很少有个人在开。”D轮前融资几乎都来自地方产业基金的哪吒汽车，很长一段时间，做的也都是2B、2G的生意。中国互联网大厂CEO对待政府的态度，周鸿祎可能是最积极的，这不仅是由业务决定的，也是由周鸿祎个人经历决定的。到目前为止，周鸿祎一共被警察抓过两回半。一回是在西安交通大学拿双节棍给同学开瓢；一回是读研时创业，在学校到处蹭机房，后来机房丢了东西他被当成小偷。前一回不痛不痒，后一回心有余悸。那半回则是在“3Q大战”期间，深圳公安来北京公司抓人，周鸿祎上班路上得知消息，拿着护照就逃去了香港。周鸿祎读高二时，有次班会老师让大家谈一谈理想，周鸿祎上去演讲张口就是“人生来就可以狂妄”；大学时他在床头上挂了幅书法作品，写的是“十步杀一人”。有媒体曾把他比作曹操、枭雄，但这个性情中有一些天不怕地不怕的人心中却始终有杆秤。比如关于“发展到今天，互联网公司为什么成功？”这个问题，周鸿祎的答案是：“大家都觉得是因为聪明、能干，能把竞争对手打败。但实际上这些公司的成功，我认为还是要归功于大时代的带动，没有国家改革开放的背景，没有中国的人口红利，没有国家对互联网的政策，这种成功不可能出现。”过去说这种话的企业家很容易被粗暴地扣上“犬儒”的帽子，但试问这两年那些大的互联网公司CEO，有哪个现在不想和周鸿祎一样懂政策，有哪个不想和老周一样能和必要监管达成一种心领神会的默契呢？02中国改革开放四十多年，高考、下海、炒房、互联网等职业先后扮演过寒门子弟鲤鱼跃龙门的角色，一代人有一代人的成功故事可讲，这个故事如果让周鸿祎来讲，他大概率会这么讲：2003年，我很欣赏一位当时新华社系统最年轻的司局级干部，我问他你觉得你能做到XX局委员吗？你能赚几千万吗？如果不能，不如来跟我干互联网吧。这位司局级干部后来真就辞职跟周鸿祎去了雅虎。形势比人强，今天你再忽悠身边公务员朋友辞职，来你互联网上班试试？你就再怎么说工资更高，工作氛围更自由，能抵得过“稳定”俩字吗？过去20年，成功在美国敲钟的互联网企业，为什么会这么有钱？原因很简单，因为美国是世界货币，在美国上市能融到更多的钱。融美国人的钱，来发展中国的互联网，同时让美国资本分享中国的发展红利。这条运行逻辑，在过去20年累计从美国搬来了3000亿美元。但是过去融美国的钱进来生钱可以，现在融钱来发展高科技动了美国蛋糕就不行，正如蔚来汽车CEO李斌2019年所说的，即使蔚来失败了，那也是融了百亿美元来发展中国汽车产业链。所以美国要开始审计底稿，中概股估值集体跪了，还有被退市的风险。与此同时，拿着美元回国内“内卷”的生意也不好做了，教培、社区团购等互联网公司先后受到了不同程度的监管，互联网行业正式入冬。中概股企业内外交困，最近一直在喊疼，前几天有很多互联网人在朋友圈转发一篇讽刺年轻人不懂经济的文章：“什么叫中国经济？他们不懂，也不关心，他们唯一关心的中国经济就是芯片和所谓的硬核科技，至于衣食住行，都太俗不可耐了，不重要，当然，如果他们叫的外卖晚了十分钟，他们可是会骂娘的，骂起外卖小哥来比谁都狠。”年轻人可能确实不如大佬们懂中国经济，但是年轻人和企业家，到底是谁在承担改革的代价呢？反映东北经济改革中下岗工人的电影《钢的琴》导演张猛，在一次采访中说过：“我们通常想，在一个时代变革时，底层大众人民都是抗争的。但其实不是，他们反倒变成了替这个时代消化的一拨人。”这句话放在今天同样适用。有些人喊疼后还可以“组织优化”、“集体毕业”，年轻人付出的代价却是马斯洛五大需求最基本的生理需求：是失业、被裁、没住处，是把最好的青春年华消磨在苦闷、失意和在520给女朋友买不起一束体面的玫瑰花上。高高在上地认为互联网遭受的痛苦年轻人体会不到，粗暴地以二元对立来嘲讽现在年轻人不行了，就像认为当年东北国企倒闭疼的只有厂长一样可笑，这是另一种傲慢：一种用经验、阅历和所谓共识来约束年轻人，鼓励大伙一起回到老路上继续狂飙下去的傲慢。但为什么现在年轻人感到疼，也依然不愿回到老路上去？面包吃不上了，还依然愿意为华为、芯片和硬科技呐喊？更多年轻人还是相信，改革是为了明天会更好。难不成要他们相信互联网携资本以令菜贩、房价再涨一倍经济困境就迎刃而解的老路会更好吗？03最近，身居上海的畅销书《置身事内》作者兰小欢教授发了一条“饱含负能量的正能量”微博，他说知道经济和竞争有多残酷，就不会过多夸大情绪的作用了。信心可能比黄金重要，但远没有“总得继续活着”的力量重要。每个在危机中倒下去的老板背后都有很多双眼睛在盯着他的生意，所以当经济机器再次开始轰鸣的时候，不管乐观还是悲观，你都得再次跳上去，或者被甩下来。多了解些二十世纪各种大战期间的经济故事，多了解些大灾大难后经济的重建故事，可能就会明白，锥心疼也好，刻骨恨也罢，世界都不会回头看一眼。情绪并不能解决问题。改革、疫情管控不是为了站在年轻人的对立面，当然也不是为了站到企业家的对立面，如果谁到现在还这么想，那就是悟性就太差了。清华大学当代国际关系研究院院长阎学通去年6月写过一篇分析中美战略竞争的文章，提出了一个特别客观朴素的观点：中美双方在网络领域开展战略竞争的经验都不多，在实践中都可能制定错误战略而遭遇挫折。这就意味着双方谁能及时调整战略、纠正错误，谁就能赢得这场竞争。有没有委屈？有时候也有委屈。但该不该把一些事情简单情绪化地理解为自己的对立面？这是一种智慧。在整个互联网圈散发着负能量的今天，周鸿祎当年主导的360回A股上市和最近滴滴官宣将从纽交所退市，像是两个相反的寓言。说起来，周鸿祎肯定是不愿意“在危机中倒下的那种老板”。2003年，红衣大炮除了跟李彦宏在法庭外面打了一架之外，其实还赶上了非典。周鸿祎说当时“非典”袭来，已经没有人敢坐飞机了。但他率先想到的却是没有人敢坐飞机，那就是意味着现在没人做生意了：“这正是我去全国各地推销产品、抢占市场的大好机会。”于是老周戴上防毒面具，频繁地坐飞机到全国各地去见代理商。当年国航飞机每次落地，都会响起一首熟悉的乐曲。周鸿祎说后来每次听见这首曲子，都会想起当年的情形。我一直在想，假如周鸿祎年轻时赶上了现在被封控在哪个城市，坐不了飞机也出不来，会想出些什么点子呢？红衣大炮这么能折腾的人，应该不愿意整天躺在一米八的小床上自怨自艾吧。","news_type":1,"symbols_score_info":{"601360":0.9,"QFIN":0.9}},"isVote":1,"tweetType":1,"viewCount":2643,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9062534509,"gmtCreate":1652076981201,"gmtModify":1676535025442,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586317757274365","idStr":"3586317757274365"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9062534509","repostId":"1139913053","repostType":4,"repost":{"id":"1139913053","kind":"news","weMediaInfo":{"introduction":"中国大陆领先的金融数据、信息和软件服务企业，总部位于上海陆家嘴金融中心。","home_visible":1,"media_name":"Wind万得","id":"99","head_image":"https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68"},"pubTimestamp":1652064263,"share":"https://ttm.financial/m/news/1139913053?lang=en_US&edition=fundamental","pubTime":"2022-05-09 10:44","market":"us","language":"zh","title":"Morgan Stanley: The current macroeconomic environment is the most difficult to predict","url":"https://stock-news.laohu8.com/highlight/detail?id=1139913053","media":"Wind万得","summary":"2022年，全球市场发生了巨大变化。摩根士丹利全球首席经济学家Seth Carpenter 在最新的报告中直言，现在的宏观经济环境是最近几十年来最混乱、最难以预测的。Seth Carpenter 写到","content":"<p><html><head></head><body>The global market has changed dramatically in 2022.<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Seth Carpenter, the global chief economist, bluntly stated in his latest report that the current macroeconomic environment is the most chaotic and unpredictable in recent decades.</p><p>Seth Carpenter wrote that concerns about a global economic recession are widespread. In the past three months, while inflation has risen, Morgan Stanley has lowered its global economic growth forecast by 170bp. The factors of a global recession have accumulated.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Analyst Mike Wilson has predicted that even if there is no recession, U.S. stocks will experience more selling.</p><p>The global economic recovery from the COVID-19 pandemic means that companies with excess revenue, especially those that produce consumer goods and have surged demand, will face a reversal of fortunes, the analysis found. What's more, higher interest rates and declining growth are never good for valuations. Avoiding a recession is the base case scenario for JPMorgan's forecast, but regardless, the market will have to face the rising likelihood of a recession.</p><p>Asia, where the manufacturing industry is relatively concentrated, is suffering from round after round of epidemic impacts, and it is obvious that economic activities have been suppressed. Risk contagion, the risk of global economic contraction is not a fantasy.</p><p>In the European region, the economic slowdown is more forward-looking, as recent PMI and confidence surveys show that economic growth momentum continues. However, since the full-scale conflict between Russia and Ukraine broke out, the risk of economic downturn has increased sharply. The sharp rise in energy and food prices is imposing heavy taxes on consumers in Europe. With the protracted conflict between Russia and Ukraine, the probability of an embargo on Russian crude oil in Europe has become higher and higher. There is no doubt that the economic environment in Europe in the second half of the year is much worse than that in the first half.</p><p>More importantly, with the sharp surge in inflation, it has stimulated the European Central Bank to decide to normalize monetary policy. The European Central Bank ending QE and raising deposit interest rates to 0% is unlikely to directly drag the European economy into recession. However, the market has remained vigilant about this. With the sell-off of sovereign bonds in the euro zone, the tightening of financial conditions in Europe has officially kicked off.</p><p>In the United States, GDP has begun to grow negatively in the first quarter. In all fairness, final domestic spending in the United States is stable, and the main culprits are inventories and exports. However, weak exports bode for slowing global growth. Non-farm payrolls rose 42,800 in April, continuing a series of very strong job gains.</p><p>But just as in Europe, the impact of soaring food and energy prices on consumer spending has not been seen. Recent research suggests that the drag may be palpable (see future growth slowdown). Furthermore, mortgage rates in the U.S. have surpassed 5% for the first time in 12 years, and housing affordability is at its worst in decades as a shortage of new homes drives up home prices.</p><p>Of course, the Fed has sent a series of fairly aggressive rate hike signals, and as the balance sheet begins to contract, the market will see a Federal Funds rate of more than 2.5% this year. The direction of the U.S. economy is clear, although it remains strong for now.</p><p>Why not warn of a global recession yet?</p><p>Until now, although the Asian economy was not ideal in the second quarter of this year, the ensuing massive fiscal policies and the epidemic have been partially controlled, and a rebound in economic growth is expected. As for Europe's embargo on Russian crude oil, the market believes that it is controllable to a certain extent.</p><p>Seth Carpenter finally wrote that as for a recession, we need to see all Russian energy exports, including natural gas, completely disrupted. And the Fed is fumbling with policy, trying to slow down the economy to control inflation, but is willing to change course as soon as there are signs that it has done too much. At the same time, the contraction in Europe needs to severely impact the U.S. economy, because enough policy tightening measures have been brewing before, thus triggering a recession. The simultaneous occurrence of these unfortunate factors is possible, so the risk of a recession rises, but this is not what Morgan Stanley expects.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Morgan Stanley: The current macroeconomic environment is the most difficult to predict</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\">\nMorgan Stanley: The current macroeconomic environment is the most difficult to predict\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/99\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Wind万得 </p>\n<p class=\"h-time smaller\">2022-05-09 10:44</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The global market has changed dramatically in 2022.<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Seth Carpenter, the global chief economist, bluntly stated in his latest report that the current macroeconomic environment is the most chaotic and unpredictable in recent decades.</p><p>Seth Carpenter wrote that concerns about a global economic recession are widespread. In the past three months, while inflation has risen, Morgan Stanley has lowered its global economic growth forecast by 170bp. The factors of a global recession have accumulated.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Analyst Mike Wilson has predicted that even if there is no recession, U.S. stocks will experience more selling.</p><p>The global economic recovery from the COVID-19 pandemic means that companies with excess revenue, especially those that produce consumer goods and have surged demand, will face a reversal of fortunes, the analysis found. What's more, higher interest rates and declining growth are never good for valuations. Avoiding a recession is the base case scenario for JPMorgan's forecast, but regardless, the market will have to face the rising likelihood of a recession.</p><p>Asia, where the manufacturing industry is relatively concentrated, is suffering from round after round of epidemic impacts, and it is obvious that economic activities have been suppressed. Risk contagion, the risk of global economic contraction is not a fantasy.</p><p>In the European region, the economic slowdown is more forward-looking, as recent PMI and confidence surveys show that economic growth momentum continues. However, since the full-scale conflict between Russia and Ukraine broke out, the risk of economic downturn has increased sharply. The sharp rise in energy and food prices is imposing heavy taxes on consumers in Europe. With the protracted conflict between Russia and Ukraine, the probability of an embargo on Russian crude oil in Europe has become higher and higher. There is no doubt that the economic environment in Europe in the second half of the year is much worse than that in the first half.</p><p>More importantly, with the sharp surge in inflation, it has stimulated the European Central Bank to decide to normalize monetary policy. The European Central Bank ending QE and raising deposit interest rates to 0% is unlikely to directly drag the European economy into recession. However, the market has remained vigilant about this. With the sell-off of sovereign bonds in the euro zone, the tightening of financial conditions in Europe has officially kicked off.</p><p>In the United States, GDP has begun to grow negatively in the first quarter. In all fairness, final domestic spending in the United States is stable, and the main culprits are inventories and exports. However, weak exports bode for slowing global growth. Non-farm payrolls rose 42,800 in April, continuing a series of very strong job gains.</p><p>But just as in Europe, the impact of soaring food and energy prices on consumer spending has not been seen. Recent research suggests that the drag may be palpable (see future growth slowdown). Furthermore, mortgage rates in the U.S. have surpassed 5% for the first time in 12 years, and housing affordability is at its worst in decades as a shortage of new homes drives up home prices.</p><p>Of course, the Fed has sent a series of fairly aggressive rate hike signals, and as the balance sheet begins to contract, the market will see a Federal Funds rate of more than 2.5% this year. The direction of the U.S. economy is clear, although it remains strong for now.</p><p>Why not warn of a global recession yet?</p><p>Until now, although the Asian economy was not ideal in the second quarter of this year, the ensuing massive fiscal policies and the epidemic have been partially controlled, and a rebound in economic growth is expected. As for Europe's embargo on Russian crude oil, the market believes that it is controllable to a certain extent.</p><p>Seth Carpenter finally wrote that as for a recession, we need to see all Russian energy exports, including natural gas, completely disrupted. And the Fed is fumbling with policy, trying to slow down the economy to control inflation, but is willing to change course as soon as there are signs that it has done too much. At the same time, the contraction in Europe needs to severely impact the U.S. economy, because enough policy tightening measures have been brewing before, thus triggering a recession. The simultaneous occurrence of these unfortunate factors is possible, so the risk of a recession rises, but this is not what Morgan Stanley expects.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a8fca69a364eb1ccaf6e9078f1721480","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139913053","content_text":"2022年，全球市场发生了巨大变化。摩根士丹利全球首席经济学家Seth Carpenter 在最新的报告中直言，现在的宏观经济环境是最近几十年来最混乱、最难以预测的。Seth Carpenter 写到，对全球经济衰退的担忧普遍存在，在过去的3个月中，在通胀上升的同时，摩根士丹利下调了全球经济增长预测170bp。全球经济衰退的因素已经累积。摩根大通分析师Mike Wilson 已经预测，即便是没有经济衰退，美股还是会经历更多的抛售。分析发现，全球经济从新冠疫情中复苏，意味着收入过剩的公司，尤其是那些生产消费品、需求激增的公司将面临命运逆转。更重要的是，更高的利率和不断下降的增长，对估值从来都没有好处。避免经济衰退是摩根大通预测的基本情况，但不管怎样，市场都将不得不面对经济衰退可能性的上升。制造业相对集中的亚洲地区，正在遭受一轮又一轮的疫情冲击，经济活动受到抑制显而易见。风险蔓延，全球经济收缩的风险并不是天方夜谭。欧洲地区，经济放缓更具前瞻性，因为最近的PMI和信心调查显示，经济增长势头仍在继续。但是，自从俄乌冲突全面爆发，经济下行的风险陡增。急剧上升的能源价格和粮食价格，是对欧洲地区消费者征收重税。随着俄乌旷日持久的冲突，欧洲地区禁运俄罗斯原油的概率变得越来越高。毫无疑问，欧洲下半年的经济环境比上半年恶劣多了。更重要的是，随着通胀水平的急剧飙升，已经刺激了欧央行决定转向货币政策正常化。欧央行结束QE，并将存款利率提升至0%，还不太可能直接将欧洲经济拖入衰退。但是市场已经对此保持警惕，随着欧元区主权债的抛售开始，欧洲金融状况收紧已经正式拉开序幕。美国方面，第一季度GDP已经开始负增长。平心而论，美国国内最终支出是稳定的，罪魁祸首是库存和出口。然而，出口疲软预示着全球增长将放缓。4月份非农就业人数增加了4.28万，延续了一系列非常强劲的就业增长。但就像在欧洲一样，还没有看到食品和能源价格飙升对消费者支出造成的冲击。最近的研究表明，这种拖累可能是显而易见的（见未来增长放缓）。此外，美国的抵押贷款利率12年来首次超过5%，随着新房短缺推高房价，住房负担能力是几十年来最差的。当然，美联储已经发出了一系列相当激进的加息信号，随着资产负债表开始收缩，市场将看到今年联邦基金利率超过2.5%。美国经济的发展方向是明确的，尽管目前仍然强劲。为什么现在还不警告全球经济衰退呢？直到现在，尽管亚洲地区经济在今年二季度不理想，但是随之而来的海量财政政策和疫情在局部受到控制，经济增长反弹是可预期的。而欧洲对俄罗斯原油的禁运，市场认为在一定程度上也是可控的。Seth Carpenter 最后写道，至于经济衰退，我们需要看到俄罗斯所有的能源出口，包括天然气都被全部中断。而且美联储正在摸索政策，试图放缓经济以控制通胀，但一旦有迹象表明做得太多，就愿意改变方向。同时，还需要欧洲的收缩严重冲击到美国经济，因为之前已经有足够多的政策紧缩措施在酝酿，从而引发衰退。这些不幸因素的同时出现是可能的，因此经济衰退的风险上升，但这不是摩根士丹利所期待的。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":875,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9062535782,"gmtCreate":1652076804246,"gmtModify":1676535025267,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586317757274365","idStr":"3586317757274365"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9062535782","repostId":"1140536828","repostType":4,"repost":{"id":"1140536828","kind":"news","pubTimestamp":1652069961,"share":"https://ttm.financial/m/news/1140536828?lang=en_US&edition=fundamental","pubTime":"2022-05-09 12:19","market":"sh","language":"zh","title":"China's exports rose 3.9% year-on-year in April, while imports remained unchanged from the previous month","url":"https://stock-news.laohu8.com/highlight/detail?id=1140536828","media":"华尔街见闻","summary":"5月9日，海关总署进出口数据显示，前4个月我国外贸结构持续优化。","content":"<p><html><head></head><body>Author: Zhao Ying</p><p>On May 9, import and export data from the General Administration of Customs showed that my country's foreign trade structure continued to optimize in the first four months.</p><p>Denominated in RMB, in the first four months of this year, China's total import and export value was 12.58 trillion yuan, an increase of 7.9% over the same period last year (the same below). Among them, exports were 6.97 trillion yuan, an increase of 10.3%; Imports were 5.61 trillion yuan, an increase of 5%; The trade surplus was 1.36 trillion yuan, an increase of 39.2%.</p><p>In US dollars, my country's total import and export value in the first four months was US $1.98 trillion, an increase of 10.1%. Among them, exports were US $1.09 trillion, an increase of 12.5%; Imports were US $881.42 billion, an increase of 7.1%; The trade surplus was US $212.93 billion, an increase of 42.3%.</p><p>Import and export of general trade increased and the proportion increased</p><p>In the first four months, China's general trade import and export was 8.01 trillion yuan, an increase of 11.2%, accounting for 63.6% of China's total foreign trade value, an increase of 1.9 percentage points over the same period last year. Among them, exports were 4.41 trillion yuan, an increase of 15%; Imports reached 3.6 trillion yuan, an increase of 6.8%. During the same period, the import and export of processing trade was 2.64 trillion yuan, an increase of 2.5%, accounting for 21%, a decrease of 1.1 percentage points. Among them, exports were 1.65 trillion yuan, an increase of 2%; Imports were 991.81 billion yuan, an increase of 3.4%.</p><p>In addition, my country's import and export through bonded logistics amounted to 1.51 trillion yuan, an increase of 7.6%. Among them, exports were 558.9 billion yuan, an increase of 13.5%; Imports were 952.83 billion yuan, an increase of 4.3%.</p><p>Imports and exports to trading partners such as \"the belt and road initiative\" countries, ASEAN, the European Union, the United States and South Korea have increased</p><p>In the first four months, ASEAN was China's largest trading partner. The total trade value between China and ASEAN was 1.84 trillion yuan, an increase of 7.2%, accounting for 14.6% of China's total foreign trade value. Among them, exports to ASEAN were 1.03 trillion yuan, an increase of 8.7%; Imports from ASEAN were 808.99 billion yuan, an increase of 5.3%; The trade surplus with ASEAN was 223.42 billion yuan, an increase of 23.2%.</p><p>The EU is China's second largest trading partner, with a total trade value of 1.73 trillion yuan, an increase of 6.8%, accounting for 13.8%. Among them, exports to the EU were 1.14 trillion yuan, an increase of 17%; Imports from the EU were 596.04 billion yuan, down 8.3%; The trade surplus with the EU was 542.8 billion yuan, an increase of 67.8%.</p><p>The United States is China's third largest trading partner, and the total trade value between China and the United States is 1.56 trillion yuan, an increase of 8.7%, accounting for 12.4%. Among them, exports to the United States were 1.18 trillion yuan, an increase of 12.6%; Imports from the United States were 387.19 billion yuan, down 1.7%; The trade surplus with the United States was 790.05 billion yuan, an increase of 21.2%.</p><p>South Korea is China's fourth largest trading partner. The total trade value between China and South Korea is 764.92 billion yuan, an increase of 8.4%, accounting for 6.1%. Among them, exports to South Korea were 320.68 billion yuan, an increase of 12.4%; Imports from South Korea were 444.24 billion yuan, an increase of 5.7%; The trade deficit with South Korea was 123.56 billion yuan, a decrease of 8.4%.</p><p>During the same period, my country's total imports and exports to countries along the \"the belt and road initiative\" were 3.97 trillion yuan, an increase of 15.4%. The total import and export between my country and the other 14 member countries of RCEP was 3.84 trillion yuan, a year-on-year increase of 3.9%. Among them, exports were 2.2 trillion yuan, an increase of 12.9%; Imports reached 1.77 trillion yuan, an increase of 18.6%.</p><p>The import and export of private enterprises has grown rapidly and the proportion has increased</p><p>In the first four months, the import and export of private enterprises was 6.1 trillion yuan, an increase of 11%, accounting for 48.5% of China's total foreign trade value, an increase of 1.4 percentage points over the same period last year. Among them, exports were 4.07 trillion yuan, an increase of 15.4%, accounting for 58.4% of the total export value; Imports were 2.03 trillion yuan, an increase of 3.2%, accounting for 36.1% of the total import value.</p><p>During the same period, the import and export of foreign-invested enterprises was 4.42 trillion yuan, an increase of 2.2%, accounting for 35.1% of China's total foreign trade value. Among them, exports were 2.36 trillion yuan, an increase of 4.6%; Imports were 2.06 trillion yuan, down 0.5%. The import and export of state-owned enterprises was 2.04 trillion yuan, an increase of 14.1%, accounting for 16.3% of China's total foreign trade value. Among them, exports were 532.13 billion yuan, an increase of 3.5%; Imports reached 1.51 trillion yuan, an increase of 18.4%.</p><p>The export of mechanical and electrical products and labor-intensive products both increased, the import volume and price of iron ore both fell, and the import volume and price of crude oil, coal, natural gas and soybeans decreased and increased</p><p>Exports of mechanical and electrical products and labor-intensive products both increased.</p><p>In the first four months, my country exported 4.04 trillion yuan of mechanical and electrical products, an increase of 6.7%, accounting for 57.9% of the total export value. Wherein:</p><p>Automatic data processing equipment and its parts were 508.88 billion yuan, an increase of 3.9%; Mobile phones amounted to 292.48 billion yuan, an increase of 0.1%. During the same period, the export of labor-intensive products was 1.21 trillion yuan, an increase of 9.2%, accounting for 17.3%. Among them, textiles were 310.88 billion yuan, an increase of 8.9%; Clothing and clothing accessories were 299.39 billion yuan, an increase of 4%; Plastic products were 210.19 billion yuan, an increase of 12.6%. Exports of agricultural products amounted to 190.74 billion yuan, an increase of 18.7%. The import volume and price of iron ore both fell, while the import volume of crude oil, coal, natural gas and soybeans decreased and increased.</p><p>In the first four months, my country imported 354 million tons of iron ore, a decrease of 7.1%, and the average import price was 752 yuan per ton, a decrease of 29.5%. During the same period, 171 million tons of crude oil were imported, a decrease of 4.8%, and the average import price was 4,323.6 yuan per ton, an increase of 54.3%; Coal was 75.406 million tons, a decrease of 16.2%, and the average import price was 1,004.6 yuan per ton, an increase of 109.1%; Natural gas was 35.866 million tons, a decrease of 8.9%, and the average import price was 3,842 yuan per ton, an increase of 72.1%; Soybeans were 28.36 million tons, a decrease of 0.8%, and the average import price was 3,979.7 yuan per ton, an increase of 22.7%; Primary shape plastics were 10.295 million tons, a decrease of 15.1%, and the average import price was 12,100 yuan per ton, an increase of 13.3%; Refined oil products were 7.975 million tons, a decrease of 0.8%, and the average import price was 5,001.9 yuan per ton, an increase of 36.2%; Steel products were 4.174 million tons, a decrease of 14.7%, and the average import price was 9,598.9 yuan per ton, an increase of 26.1%. In addition, 1.939 million tons of unwrought copper and copper materials were imported, an increase of 0.9%, and the average import price was 64,800 yuan per ton, an increase of 15.1%. Li Kuiwen, director of the Statistics and Analysis Department of the General Administration of Customs, said that under the situation that the external environment faced by China's foreign trade development has become more complicated and severe, China's foreign trade import and export has maintained growth in the first four months, and the number of foreign trade enterprises with import and export performance has increased by 4.7% year-on-year. This fully reflects the characteristics of China's strong economic resilience, sufficient potential, wide room for manoeuvre, and long-term positive fundamentals that will not change. China still has good support to achieve the goal of maintaining stability and improving quality of foreign trade throughout the year.</p><p></body></html></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>China's exports rose 3.9% year-on-year in April, while imports remained unchanged from the previous month</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina's exports rose 3.9% year-on-year in April, while imports remained unchanged from the previous month\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-05-09 12:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Author: Zhao Ying</p><p>On May 9, import and export data from the General Administration of Customs showed that my country's foreign trade structure continued to optimize in the first four months.</p><p>Denominated in RMB, in the first four months of this year, China's total import and export value was 12.58 trillion yuan, an increase of 7.9% over the same period last year (the same below). Among them, exports were 6.97 trillion yuan, an increase of 10.3%; Imports were 5.61 trillion yuan, an increase of 5%; The trade surplus was 1.36 trillion yuan, an increase of 39.2%.</p><p>In US dollars, my country's total import and export value in the first four months was US $1.98 trillion, an increase of 10.1%. Among them, exports were US $1.09 trillion, an increase of 12.5%; Imports were US $881.42 billion, an increase of 7.1%; The trade surplus was US $212.93 billion, an increase of 42.3%.</p><p>Import and export of general trade increased and the proportion increased</p><p>In the first four months, China's general trade import and export was 8.01 trillion yuan, an increase of 11.2%, accounting for 63.6% of China's total foreign trade value, an increase of 1.9 percentage points over the same period last year. Among them, exports were 4.41 trillion yuan, an increase of 15%; Imports reached 3.6 trillion yuan, an increase of 6.8%. During the same period, the import and export of processing trade was 2.64 trillion yuan, an increase of 2.5%, accounting for 21%, a decrease of 1.1 percentage points. Among them, exports were 1.65 trillion yuan, an increase of 2%; Imports were 991.81 billion yuan, an increase of 3.4%.</p><p>In addition, my country's import and export through bonded logistics amounted to 1.51 trillion yuan, an increase of 7.6%. Among them, exports were 558.9 billion yuan, an increase of 13.5%; Imports were 952.83 billion yuan, an increase of 4.3%.</p><p>Imports and exports to trading partners such as \"the belt and road initiative\" countries, ASEAN, the European Union, the United States and South Korea have increased</p><p>In the first four months, ASEAN was China's largest trading partner. The total trade value between China and ASEAN was 1.84 trillion yuan, an increase of 7.2%, accounting for 14.6% of China's total foreign trade value. Among them, exports to ASEAN were 1.03 trillion yuan, an increase of 8.7%; Imports from ASEAN were 808.99 billion yuan, an increase of 5.3%; The trade surplus with ASEAN was 223.42 billion yuan, an increase of 23.2%.</p><p>The EU is China's second largest trading partner, with a total trade value of 1.73 trillion yuan, an increase of 6.8%, accounting for 13.8%. Among them, exports to the EU were 1.14 trillion yuan, an increase of 17%; Imports from the EU were 596.04 billion yuan, down 8.3%; The trade surplus with the EU was 542.8 billion yuan, an increase of 67.8%.</p><p>The United States is China's third largest trading partner, and the total trade value between China and the United States is 1.56 trillion yuan, an increase of 8.7%, accounting for 12.4%. Among them, exports to the United States were 1.18 trillion yuan, an increase of 12.6%; Imports from the United States were 387.19 billion yuan, down 1.7%; The trade surplus with the United States was 790.05 billion yuan, an increase of 21.2%.</p><p>South Korea is China's fourth largest trading partner. The total trade value between China and South Korea is 764.92 billion yuan, an increase of 8.4%, accounting for 6.1%. Among them, exports to South Korea were 320.68 billion yuan, an increase of 12.4%; Imports from South Korea were 444.24 billion yuan, an increase of 5.7%; The trade deficit with South Korea was 123.56 billion yuan, a decrease of 8.4%.</p><p>During the same period, my country's total imports and exports to countries along the \"the belt and road initiative\" were 3.97 trillion yuan, an increase of 15.4%. The total import and export between my country and the other 14 member countries of RCEP was 3.84 trillion yuan, a year-on-year increase of 3.9%. Among them, exports were 2.2 trillion yuan, an increase of 12.9%; Imports reached 1.77 trillion yuan, an increase of 18.6%.</p><p>The import and export of private enterprises has grown rapidly and the proportion has increased</p><p>In the first four months, the import and export of private enterprises was 6.1 trillion yuan, an increase of 11%, accounting for 48.5% of China's total foreign trade value, an increase of 1.4 percentage points over the same period last year. Among them, exports were 4.07 trillion yuan, an increase of 15.4%, accounting for 58.4% of the total export value; Imports were 2.03 trillion yuan, an increase of 3.2%, accounting for 36.1% of the total import value.</p><p>During the same period, the import and export of foreign-invested enterprises was 4.42 trillion yuan, an increase of 2.2%, accounting for 35.1% of China's total foreign trade value. Among them, exports were 2.36 trillion yuan, an increase of 4.6%; Imports were 2.06 trillion yuan, down 0.5%. The import and export of state-owned enterprises was 2.04 trillion yuan, an increase of 14.1%, accounting for 16.3% of China's total foreign trade value. Among them, exports were 532.13 billion yuan, an increase of 3.5%; Imports reached 1.51 trillion yuan, an increase of 18.4%.</p><p>The export of mechanical and electrical products and labor-intensive products both increased, the import volume and price of iron ore both fell, and the import volume and price of crude oil, coal, natural gas and soybeans decreased and increased</p><p>Exports of mechanical and electrical products and labor-intensive products both increased.</p><p>In the first four months, my country exported 4.04 trillion yuan of mechanical and electrical products, an increase of 6.7%, accounting for 57.9% of the total export value. Wherein:</p><p>Automatic data processing equipment and its parts were 508.88 billion yuan, an increase of 3.9%; Mobile phones amounted to 292.48 billion yuan, an increase of 0.1%. During the same period, the export of labor-intensive products was 1.21 trillion yuan, an increase of 9.2%, accounting for 17.3%. Among them, textiles were 310.88 billion yuan, an increase of 8.9%; Clothing and clothing accessories were 299.39 billion yuan, an increase of 4%; Plastic products were 210.19 billion yuan, an increase of 12.6%. Exports of agricultural products amounted to 190.74 billion yuan, an increase of 18.7%. The import volume and price of iron ore both fell, while the import volume of crude oil, coal, natural gas and soybeans decreased and increased.</p><p>In the first four months, my country imported 354 million tons of iron ore, a decrease of 7.1%, and the average import price was 752 yuan per ton, a decrease of 29.5%. During the same period, 171 million tons of crude oil were imported, a decrease of 4.8%, and the average import price was 4,323.6 yuan per ton, an increase of 54.3%; Coal was 75.406 million tons, a decrease of 16.2%, and the average import price was 1,004.6 yuan per ton, an increase of 109.1%; Natural gas was 35.866 million tons, a decrease of 8.9%, and the average import price was 3,842 yuan per ton, an increase of 72.1%; Soybeans were 28.36 million tons, a decrease of 0.8%, and the average import price was 3,979.7 yuan per ton, an increase of 22.7%; Primary shape plastics were 10.295 million tons, a decrease of 15.1%, and the average import price was 12,100 yuan per ton, an increase of 13.3%; Refined oil products were 7.975 million tons, a decrease of 0.8%, and the average import price was 5,001.9 yuan per ton, an increase of 36.2%; Steel products were 4.174 million tons, a decrease of 14.7%, and the average import price was 9,598.9 yuan per ton, an increase of 26.1%. In addition, 1.939 million tons of unwrought copper and copper materials were imported, an increase of 0.9%, and the average import price was 64,800 yuan per ton, an increase of 15.1%. Li Kuiwen, director of the Statistics and Analysis Department of the General Administration of Customs, said that under the situation that the external environment faced by China's foreign trade development has become more complicated and severe, China's foreign trade import and export has maintained growth in the first four months, and the number of foreign trade enterprises with import and export performance has increased by 4.7% year-on-year. This fully reflects the characteristics of China's strong economic resilience, sufficient potential, wide room for manoeuvre, and long-term positive fundamentals that will not change. China still has good support to achieve the goal of maintaining stability and improving quality of foreign trade throughout the year.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3658834\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b3d89a92f391e86e09aab7b26ba0805e","relate_stocks":{"000001.SH":"上证指数"},"source_url":"https://wallstreetcn.com/articles/3658834","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1140536828","content_text":"作者：赵颖5月9日，海关总署进出口数据显示，前4个月我国外贸结构持续优化。以人民币计价，今年前4个月，我国进出口总值12.58万亿元人民币，比去年同期（下同）增长7.9%。其中，出口6.97万亿元，增长10.3%；进口5.61万亿元，增长5%；贸易顺差1.36万亿元，增加39.2%。按美元计价，前4个月我国进出口总值1.98万亿美元，增长10.1%。其中，出口1.09万亿美元，增长12.5%；进口8814.2亿美元，增长7.1%；贸易顺差2129.3亿美元，增加42.3%。一般贸易进出口增长、比重提升前4个月，我国一般贸易进出口8.01万亿元，增长11.2%，占我外贸总值的63.6%，比去年同期提升1.9个百分点。其中，出口4.41万亿元，增长15%；进口3.6万亿元，增长6.8%。同期，加工贸易进出口2.64万亿元，增长2.5%，占21%，下滑1.1个百分点。其中，出口1.65万亿元，增长2%；进口9918.1亿元，增长3.4%。此外，我国以保税物流方式进出口1.51万亿元，增长7.6%。其中，出口5589亿元，增长13.5%；进口9528.3亿元，增长4.3%。对 “一带一路”国家、东盟、欧盟、美国和韩国等贸易伙伴进出口增长前4个月，东盟为我第一大贸易伙伴，我与东盟贸易总值为1.84万亿元，增长7.2%，占我外贸总值的14.6%。其中，对东盟出口1.03万亿元，增长8.7%；自东盟进口8089.9亿元，增长5.3%；对东盟贸易顺差2234.2亿元，增加23.2%。欧盟为我第二大贸易伙伴，与欧盟贸易总值为1.73万亿元，增长6.8%，占13.8%。其中，对欧盟出口1.14万亿元，增长17%；自欧盟进口5960.4亿元，下降8.3%；对欧盟贸易顺差5428亿元，增加67.8%。美国为我第三大贸易伙伴，中美贸易总值为1.56万亿元，增长8.7%，占12.4%。其中，对美国出口1.18万亿元，增长12.6%；自美国进口3871.9亿元，下降1.7%；对美贸易顺差7900.5亿元，增加21.2%。韩国为我第四大贸易伙伴，中韩贸易总值为7649.2亿元，增长8.4%，占6.1%。其中，对韩国出口3206.8亿元，增长12.4%；自韩国进口4442.4亿元，增长5.7%；对韩贸易逆差1235.6亿元，减少8.4%。同期，我国对“一带一路”沿线国家合计进出口3.97万亿元，增长15.4%。我国与RCEP其他14个成员国合计进出口3.84万亿元，同比增长3.9%。其中，出口2.2万亿元，增长12.9%；进口1.77万亿元，增长18.6%。民营企业进出口快速增长、比重提升前4个月，民营企业进出口6.1万亿元，增长11%，占我外贸总值的48.5%，比去年同期提升1.4个百分点。其中，出口4.07万亿元，增长15.4%，占出口总值的58.4%；进口2.03万亿元，增长3.2%，占进口总值的36.1%。同期，外商投资企业进出口4.42万亿元，增长2.2%，占我外贸总值的35.1%。其中，出口2.36万亿元，增长4.6%；进口2.06万亿元，下降0.5%。国有企业进出口2.04万亿元，增长14.1%，占我外贸总值的16.3%。其中，出口5321.3亿元，增长3.5%；进口1.51万亿元，增长18.4%。机电产品和劳动密集型产品出口均增长，铁矿砂进口量价齐跌，原油、煤炭、天然气和大豆等进口量减价扬机电产品和劳动密集型产品出口均增长。前4个月，我国出口机电产品4.04万亿元，增长6.7%，占出口总值的57.9%。其中：自动数据处理设备及其零部件5088.8亿元，增长3.9%；手机2924.8亿元，增长0.1%。同期，出口劳动密集型产品1.21万亿元，增长9.2%，占17.3%。其中，纺织品3108.8亿元，增长8.9%；服装及衣着附件2993.9亿元，增长4%；塑料制品2101.9亿元，增长12.6%。出口农产品1907.4亿元，增长18.7%。铁矿砂进口量价齐跌，原油、煤炭、天然气和大豆等进口量减价扬。前4个月，我国进口铁矿砂3.54亿吨，减少7.1%，进口均价每吨752元，下跌29.5%。同期，进口原油1.71亿吨，减少4.8%，进口均价每吨4323.6元，上涨54.3%；煤7540.6万吨，减少16.2%，进口均价每吨1004.6元，上涨109.1%；天然气3586.6万吨，减少8.9%，进口均价每吨3842元，上涨72.1%；大豆2836万吨，减少0.8%，进口均价每吨3979.7元，上涨22.7%；初级形状的塑料1029.5万吨，减少15.1%，进口均价每吨1.21万元，上涨13.3%；成品油797.5万吨，减少0.8%，进口均价每吨5001.9元，上涨36.2%；钢材417.4万吨，减少14.7%，进口均价每吨9598.9元，上涨26.1%。此外，进口未锻轧铜及铜材193.9万吨，增加0.9%，进口均价每吨6.48万元，上涨15.1%。关总署统计分析司司长李魁文表示，在我国外贸发展面临的外部环境更趋复杂严峻的形势下，前4个月我国外贸进出口仍然保持了增长，有进出口实绩的外贸企业数量同比增加4.7%。这充分体现了我国经济韧性强、潜力足、回旋余地广、长期向好的基本面不会改变的特点，我国实现全年外贸保稳提质目标仍然有较好支撑。","news_type":1,"symbols_score_info":{"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":870,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9012060410,"gmtCreate":1649254336816,"gmtModify":1676534478559,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586317757274365","idStr":"3586317757274365"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9012060410","repostId":"1142123012","repostType":4,"isVote":1,"tweetType":1,"viewCount":667,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9012087113,"gmtCreate":1649254244435,"gmtModify":1676534478524,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586317757274365","idStr":"3586317757274365"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9012087113","repostId":"1137782208","repostType":4,"isVote":1,"tweetType":1,"viewCount":874,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9012084054,"gmtCreate":1649254118906,"gmtModify":1676534478498,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586317757274365","idStr":"3586317757274365"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9012084054","repostId":"1105882488","repostType":4,"repost":{"id":"1105882488","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":1649253343,"share":"https://ttm.financial/m/news/1105882488?lang=en_US&edition=fundamental","pubTime":"2022-04-06 21:55","market":"us","language":"zh","title":"U.S. blockchain concept stocks collectively fell, Bit Digital fell more than 7%","url":"https://stock-news.laohu8.com/highlight/detail?id=1105882488","media":"老虎资讯综合","summary":"4月6日，美股区块链概念股集体走低，Bit Digital跌超7%，Riot Blockchain跌超6%，Marathon Digital跌超5%，SOS Limited、Coinbase跌超3%。","content":"<p><html><head></head><body>On April 6, blockchain concept stocks in the US stock market collectively fell.<a href=\"https://laohu8.com/S/BTBT\">Bit Digital</a>Fell more than 7%,<a href=\"https://laohu8.com/S/RIOT\">Riot Blockchain</a>Fell more than 6%,<a href=\"https://laohu8.com/S/MARA\">Marathon Digital</a>Fell more than 5%,<a href=\"https://laohu8.com/S/SOS\">SOS Limited</a>、<a href=\"https://laohu8.com/S/COIN\">Coinbase</a>Fell more than 3%.</p><p><img src=\"https://static.tigerbbs.com/d7cb0a218b8f722dadfcb3ad25900c67\" tg-width=\"385\" tg-height=\"602\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. blockchain concept stocks collectively fell, Bit Digital fell more than 7%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; 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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\">\nU.S. blockchain concept stocks collectively fell, Bit Digital fell more than 7%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-04-06 21:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On April 6, blockchain concept stocks in the US stock market collectively fell.<a href=\"https://laohu8.com/S/BTBT\">Bit Digital</a>Fell more than 7%,<a href=\"https://laohu8.com/S/RIOT\">Riot Blockchain</a>Fell more than 6%,<a href=\"https://laohu8.com/S/MARA\">Marathon Digital</a>Fell more than 5%,<a href=\"https://laohu8.com/S/SOS\">SOS Limited</a>、<a href=\"https://laohu8.com/S/COIN\">Coinbase</a>Fell more than 3%.</p><p><img src=\"https://static.tigerbbs.com/d7cb0a218b8f722dadfcb3ad25900c67\" tg-width=\"385\" tg-height=\"602\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/962be253ee7459c393769e9105cb1429","relate_stocks":{"RIOT":"Riot Platforms","BK4196":"保健护理服务","LHDX":"Lucira Health, Inc.","BK4082":"医疗保健设备","BTBT":"Bit Digital, Inc.","BK4139":"生物科技","COIN":"Coinbase Global, Inc.","BK4023":"应用软件","BK4007":"制药","MARA":"MARA Holdings"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105882488","content_text":"4月6日，美股区块链概念股集体走低，Bit Digital跌超7%，Riot Blockchain跌超6%，Marathon Digital跌超5%，SOS Limited、Coinbase跌超3%。","news_type":1,"symbols_score_info":{"RIOT":0.9,"MARA":0.9,"APR":0.9,"LHDX":0.9,"BTBT":0.9,"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":820,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}