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2022-11-01

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2021-12-21

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@小虎投资狮城:2021年迄今錄得機構淨流入最高的20只股票回報率爲32%

2021-07-24

Nice

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2021-07-06

nice

Jiangsu State-owned Assets Supervision and Administration Commission, together with Alibaba and other strategic investors, acquired a 16.96% stake in Suning.com.

2021-07-03

?

With positive non-farm payrolls and soaring oil prices, will the Federal Reserve tighten ahead of schedule?

2021-07-02

OK

According to IPO News, Luo Bingxian predicts that Hong Kong IPOs will raise HK$500 billion throughout the year, with 5 to 7 new shares worth HK$10 billion in the second half of the year.

2021-07-02

?

ZeroKr Technology plans to issue 10.825 million ADS, with existing shareholders such as Alibaba Health expressing interest in subscribing.

2021-07-02

?

Opening: Didi fell about 9%, while Virgin Galactic rose over 22%.

2021-07-02

???

With sales exceeding 200,000 units for the first time, can Tesla rest easy?

2021-07-02

???

Nineteen days from now, is Jia Yueting going to do something big?

2021-07-02

OMG

Nineteen days from now, is Jia Yueting going to do something big?

2021-07-02

OMG

Nineteen days from now, is Jia Yueting going to do something big?

2021-06-25

???

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2021-06-21

888

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2021-06-21

???

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2021年截至12月3日，錄得機構淨流入最高的20只股票的淨買入總計爲28億新元，過去48周內的平均總回報率爲32%，其中，有17只股票超過海峽時報指數13%的總回報率，19只股票超過富時亞太指數3%的總回報率。 在這20只股票28億新元的淨買入中，超過4億新元是自9月30日以來錄得，其中，有11只股票在過去九周內錄得機構淨流入，大華銀行、星展銀行和永科領漲其他股票。12月3日，永科創下5.29新元的新高，這使得其2021年截至12月3日的總回報率達到55%。 這20只股票涵蓋過去48周內全球股票行業中表現較爲強勁的部分行業，如銀行、工業類REIT、農業和半導體，此外，還包括報業控股、勝科工業和凱德投資公司等一年來持續進行戰略重組的股票。 2020年底收於近2,850點後，海峽時報指數全年呈上升趨勢，在11月26日出現的Omicron變異毒株給全球股票基準帶來衝擊之前，於11月9日創下超過3,250的高點，這使得海峽時報指數達到目前接近3,100點的水平。海指今年錄得13%的總回報率，而富時亞太指數的總回報率則爲3%。2021年截至12月3日，超過300只新加坡上市股票錄得機構淨流入。過去48周內錄得機構淨買入最高的20只股票佔這300只股票機構淨流入總額的75%，星展銀行、大華銀行和報業控股領漲這20只股票。上述20只股票在過去48周內的平均總回報率爲32%，其中，有17只股票超過海峽時報指數13%的總回報率，19只股票超過富時亞太指數3%的總回報率。這20只股票及它們在2021年截至12月3日的機構淨流入（自9月30日以來的機構淨流入/流出除外）如下表所示。<a target=\"_blank\" href=\"https://laohu8.com/S/D05.SI\">$星展集團控股(D05.SI)$&lt;</a>","listText":"本文章是新加坡交易所官方文章關於機構投資新加坡藍籌股[財迷]&nbsp; 2021年截至12月3日，錄得機構淨流入最高的20只股票的淨買入總計爲28億新元，過去48周內的平均總回報率爲32%，其中，有17只股票超過海峽時報指數13%的總回報率，19只股票超過富時亞太指數3%的總回報率。 在這20只股票28億新元的淨買入中，超過4億新元是自9月30日以來錄得，其中，有11只股票在過去九周內錄得機構淨流入，大華銀行、星展銀行和永科領漲其他股票。12月3日，永科創下5.29新元的新高，這使得其2021年截至12月3日的總回報率達到55%。 這20只股票涵蓋過去48周內全球股票行業中表現較爲強勁的部分行業，如銀行、工業類REIT、農業和半導體，此外，還包括報業控股、勝科工業和凱德投資公司等一年來持續進行戰略重組的股票。 2020年底收於近2,850點後，海峽時報指數全年呈上升趨勢，在11月26日出現的Omicron變異毒株給全球股票基準帶來衝擊之前，於11月9日創下超過3,250的高點，這使得海峽時報指數達到目前接近3,100點的水平。海指今年錄得13%的總回報率，而富時亞太指數的總回報率則爲3%。2021年截至12月3日，超過300只新加坡上市股票錄得機構淨流入。過去48周內錄得機構淨買入最高的20只股票佔這300只股票機構淨流入總額的75%，星展銀行、大華銀行和報業控股領漲這20只股票。上述20只股票在過去48周內的平均總回報率爲32%，其中，有17只股票超過海峽時報指數13%的總回報率，19只股票超過富時亞太指數3%的總回報率。這20只股票及它們在2021年截至12月3日的機構淨流入（自9月30日以來的機構淨流入/流出除外）如下表所示。<a target=\"_blank\" href=\"https://laohu8.com/S/D05.SI\">$星展集團控股(D05.SI)$&lt;</a>","text":"本文章是新加坡交易所官方文章關於機構投資新加坡藍籌股[財迷] 2021年截至12月3日，錄得機構淨流入最高的20只股票的淨買入總計爲28億新元，過去48周內的平均總回報率爲32%，其中，有17只股票超過海峽時報指數13%的總回報率，19只股票超過富時亞太指數3%的總回報率。 在這20只股票28億新元的淨買入中，超過4億新元是自9月30日以來錄得，其中，有11只股票在過去九周內錄得機構淨流入，大華銀行、星展銀行和永科領漲其他股票。12月3日，永科創下5.29新元的新高，這使得其2021年截至12月3日的總回報率達到55%。 這20只股票涵蓋過去48周內全球股票行業中表現較爲強勁的部分行業，如銀行、工業類REIT、農業和半導體，此外，還包括報業控股、勝科工業和凱德投資公司等一年來持續進行戰略重組的股票。 2020年底收於近2,850點後，海峽時報指數全年呈上升趨勢，在11月26日出現的Omicron變異毒株給全球股票基準帶來衝擊之前，於11月9日創下超過3,250的高點，這使得海峽時報指數達到目前接近3,100點的水平。海指今年錄得13%的總回報率，而富時亞太指數的總回報率則爲3%。2021年截至12月3日，超過300只新加坡上市股票錄得機構淨流入。過去48周內錄得機構淨買入最高的20只股票佔這300只股票機構淨流入總額的75%，星展銀行、大華銀行和報業控股領漲這20只股票。上述20只股票在過去48周內的平均總回報率爲32%，其中，有17只股票超過海峽時報指數13%的總回報率，19只股票超過富時亞太指數3%的總回報率。這20只股票及它們在2021年截至12月3日的機構淨流入（自9月30日以來的機構淨流入/流出除外）如下表所示。$星展集團控股(D05.SI)$<","images":[{"img":"https://static.tigerbbs.com/c2a7b421a702a2d30d42bf04035cf1f9","width":"688","height":"405"},{"img":"https://static.tigerbbs.com/3a5aa837cdedb0dc52e1e45932e716e7","width":"688","height":"486"},{"img":"https://static.tigerbbs.com/e9724155d0def0ecd2771be6d26cc595","width":"688","height":"605"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/607301269","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3954,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174583858,"gmtCreate":1627111219274,"gmtModify":1703484445844,"author":{"id":"4087371163339050","authorId":"4087371163339050","name":"Sky9292","avatar":"https://static.tigerbbs.com/e54cf3c218ba1e46c37cda7088208b4c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087371163339050","authorIdStr":"4087371163339050"},"themes":[],"title":"","htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/174583858","repostId":"2153337359","repostType":4,"isVote":1,"tweetType":1,"viewCount":5357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154851277,"gmtCreate":1625500921199,"gmtModify":1703742772682,"author":{"id":"4087371163339050","authorId":"4087371163339050","name":"Sky9292","avatar":"https://static.tigerbbs.com/e54cf3c218ba1e46c37cda7088208b4c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087371163339050","authorIdStr":"4087371163339050"},"themes":[],"title":"","htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/154851277","repostId":"1143687917","repostType":4,"repost":{"id":"1143687917","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":1625496213,"share":"https://ttm.financial/m/news/1143687917?lang=en_US&edition=fundamental","pubTime":"2021-07-05 22:43","market":"us","language":"zh","title":"Jiangsu State-owned Assets Supervision and Administration Commission, together with Alibaba and other strategic investors, acquired a 16.96% stake in Suning.com.","url":"https://stock-news.laohu8.com/highlight/detail?id=1143687917","media":"老虎资讯综合","summary":"转让完成后，公司将处于无控股股东、无实控人状态。","content":"<p>On the evening of July 5,<a href=\"https://laohu8.com/S/002024\">Suning.com</a>Issue an announcement,<b>Zhang Jindong and his concerted party Suning Holdings Group, a shareholder of Suning Appliance Group, plan to transfer 16.96% of the listed company's shares to the second phase of the New New Retail Fund. The transfer price of the target shares is RMB 5.59 per share.</b>The announcement shows that the second phase of the New Retail Fund is jointly funded by Jiangsu Province and Nanjing State-owned Assets Supervision and Administration Commission, Huatai Securities Asset Management Co., Ltd., Hangzhou Alimama Software Service Co., Ltd., as well as industrial investors such as Chongqing Haier Home Appliance Sales Co., Ltd., Midea Group Co., Ltd., TCL Industrial Holdings Co., Ltd., and Xiaomi Technology Co., Ltd. Adhering to the principles of marketization and the rule of law, fulfilling local responsibilities, and actively supporting the stable and healthy development of Suning.com.</p><p>The second phase of the newly introduced shareholder New Retail Fund in this share transfer features a diversified investor structure and complementary advantages. All parties will actively promote Suning.com to further improve its governance structure, enhance the listed company's scientific decision-making capabilities, comprehensively improve its operational management level, establish a more scientific incentive system, promote the implementation of the transformation into a \"retail service provider,\" improve the listed company's asset and business operation efficiency, and promote the implementation of the company's long-term strategy.</p><p>This share transfer will help Suning.com further integrate high-quality assets and businesses, and achieve resource complementarity and win-win cooperation with state-owned and industrial capital.</p><p>Upon completion of the transfer, the company will have no controlling shareholder or actual controller.</p><p>According to relevant regulations, the company's shares will resume trading on Tuesday, July 6, 2021. The company promises that it will not plan any major asset restructuring within one month from the date of this announcement.<img src=\"https://static.tigerbbs.com/efc418361a8f4ce41dc9c3faa6abebba\" tg-width=\"1074\" tg-height=\"2230\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Jiangsu State-owned Assets Supervision and Administration Commission, together with Alibaba and other strategic investors, acquired a 16.96% stake in Suning.com.</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\">\nJiangsu State-owned Assets Supervision and Administration Commission, together with Alibaba and other strategic investors, acquired a 16.96% stake in Suning.com.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-05 22:43</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On the evening of July 5,<a href=\"https://laohu8.com/S/002024\">Suning.com</a>Issue an announcement,<b>Zhang Jindong and his concerted party Suning Holdings Group, a shareholder of Suning Appliance Group, plan to transfer 16.96% of the listed company's shares to the second phase of the New New Retail Fund. The transfer price of the target shares is RMB 5.59 per share.</b>The announcement shows that the second phase of the New Retail Fund is jointly funded by Jiangsu Province and Nanjing State-owned Assets Supervision and Administration Commission, Huatai Securities Asset Management Co., Ltd., Hangzhou Alimama Software Service Co., Ltd., as well as industrial investors such as Chongqing Haier Home Appliance Sales Co., Ltd., Midea Group Co., Ltd., TCL Industrial Holdings Co., Ltd., and Xiaomi Technology Co., Ltd. Adhering to the principles of marketization and the rule of law, fulfilling local responsibilities, and actively supporting the stable and healthy development of Suning.com.</p><p>The second phase of the newly introduced shareholder New Retail Fund in this share transfer features a diversified investor structure and complementary advantages. All parties will actively promote Suning.com to further improve its governance structure, enhance the listed company's scientific decision-making capabilities, comprehensively improve its operational management level, establish a more scientific incentive system, promote the implementation of the transformation into a \"retail service provider,\" improve the listed company's asset and business operation efficiency, and promote the implementation of the company's long-term strategy.</p><p>This share transfer will help Suning.com further integrate high-quality assets and businesses, and achieve resource complementarity and win-win cooperation with state-owned and industrial capital.</p><p>Upon completion of the transfer, the company will have no controlling shareholder or actual controller.</p><p>According to relevant regulations, the company's shares will resume trading on Tuesday, July 6, 2021. The company promises that it will not plan any major asset restructuring within one month from the date of this announcement.<img src=\"https://static.tigerbbs.com/efc418361a8f4ce41dc9c3faa6abebba\" tg-width=\"1074\" tg-height=\"2230\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/64cd4e9d34d765eb6c97b06d579f7f39","relate_stocks":{"01810":"小米集团-W","002024":"ST易购","BABA":"阿里巴巴"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143687917","content_text":"7月5日晚，苏宁易购发布公告，张近东及其一致行动人苏宁控股集团，股东苏宁电器集团拟将上市公司16.96%的股份转让给新新零售基金二期，协议转让标的股份的每股转让价格为人民币5.59元。公告显示，新新零售基金二期由江苏省、南京市国资联合华泰证券资产管理有限公司，杭州阿里妈妈软件服务有限公司，以及重庆海尔家电销售有限公司、美的集团股份有限公司、TCL实业控股股份有限公司、小米科技有限公司等产业投资人参与，遵循市场化、法制化原则，履行属地责任，积极支持苏宁易购平稳健康发展。\n本次股份转让新引入的股东新新零售基金二期，出资人结构多元、优势互补，各方将积极推动苏宁易购进一步完善治理结构，提升上市公司科学决策能力，全面提升经营管理水平，建立更为科学的激励体系，助推向“零售服务商”转型的落地，提高上市公司资产和业务运营效率，推动公司长期战略的实施。\n本次股份转让有利于苏宁易购进一步整合优质资产和优质业务，与国有资本、产业资本实现资源互补、合作共赢。\n转让完成后，公司将处于无控股股东、无实控人状态。\n根据有关规定，公司股票将于2021年7月6日（星期二）开市起复牌。公司承诺，本公告披露之日起1个月内不再筹划重大资产重组。","news_type":1,"symbols_score_info":{"002024":0.9,"01810":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":4395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152652504,"gmtCreate":1625290140508,"gmtModify":1703740087580,"author":{"id":"4087371163339050","authorId":"4087371163339050","name":"Sky9292","avatar":"https://static.tigerbbs.com/e54cf3c218ba1e46c37cda7088208b4c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087371163339050","authorIdStr":"4087371163339050"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/152652504","repostId":"2148167804","repostType":4,"repost":{"id":"2148167804","kind":"highlight","pubTimestamp":1625284923,"share":"https://ttm.financial/m/news/2148167804?lang=en_US&edition=fundamental","pubTime":"2021-07-03 12:02","market":"fut","language":"zh","title":"With positive non-farm payrolls and soaring oil prices, will the Federal Reserve tighten ahead of schedule?","url":"https://stock-news.laohu8.com/highlight/detail?id=2148167804","media":"智通财经网","summary":"核心观点\n6月美国非农就业人口增加85万人，高于预期的72万人。失业救济金停发、疫苗接种率不断增加、企业增加工资吸引劳动力导致居民求职意愿回升是非农新增就业人数高于市场预期的主要原因。近期，原油价格站","content":"<p>Core Points</p><p>U.S. non-farm payrolls increased by 850,000 in June, higher than the expected 720,000. The suspension of unemployment benefits, the continuous increase in vaccination rates, and the rebound in residents' willingness to seek employment due to increased wages by enterprises to attract labor are the main reasons why the number of new non-farm payrolls exceeded market expectations. Recently, crude oil prices have risen above $75 per barrel, making it difficult for oil prices to fall in the short term, and US inflation may remain high for a while. Given the pace of the Federal Reserve's tightening, the Taper process is not expected to begin formally at the Jackson Hole Global Central Bank Meeting in August. The announcement of Taper and the formal implementation of Taper may occur at the end of this year or the beginning of next year, while the rate hike process may be brought forward to the end of 2022. Regarding the trend of US Treasury yields this year, Taper may fluctuate between 1.4% and 1.6% before the formal discussion, and may rise slightly to 1.8%-2.0% before the formal discussion and implementation.</p><p><b>Residents' willingness to seek employment has rebounded, and the number of non-farm payrolls has exceeded market expectations.</b>Looking at changes in non-farm payrolls, the U.S. seasonally adjusted non-farm payrolls increased by 850,000 in June, compared to the expected increase of 720,000. The previous figure was revised upward from 559,000 to 583,000. The number of new non-farm payrolls hit a new high since August 2020, but the unemployment rate rose to 5.9%. We believe that the suspension of unemployment benefits, the increasing vaccination rate, and the rebound in residents' willingness to seek employment due to increased wages by enterprises to attract labor are the main reasons for the higher-than-expected number of new non-farm payrolls. Although the June non-farm payroll data was better than expected, the job market is still a long way from returning to normal due to the still high number of unemployed, the rising unemployment rate, and the low labor force participation rate.</p><p><b>The leisure hotel industry continued its recovery, while the construction industry continued to drag down employment growth.</b>By sector, the sectors that contributed the most to the number of new non-farm payrolls in the United States in June were leisure and hospitality, education and healthcare services, government departments, and professional and business services, while the sectors with the largest decrease in employment were construction and financial activities. In the medium term, service sectors such as leisure and hospitality are expected to continue to boost employment. Meanwhile, the potential for new job creation in the education sector, and the increased female labor force after school reopening, are expected to alleviate labor supply problems. This view is also shared by several Federal Reserve officials, such as Kashkari and Mester.<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>One of the reasons for employment.</p><p><b>Oil prices are likely to rise but difficult to fall in the short term, and US inflation may remain high for a while.</b>Since March of this year, oil prices have begun to rise amid strong demand and market expectations that demand will continue to be strong. On Thursday, OPEC+ failed to reach an agreement on increasing production, and WTI crude oil prices rose above $75 per barrel for the first time since 2018. Since the beginning of this year, US EIA crude oil inventories have generally been on a downward trend, reflecting strong demand for crude oil. Since May, crude oil inventories have declined for six consecutive weeks, indicating that the current supply and demand gap is large and oil prices may be easy to rise but difficult to fall. Inflation in the United States remains high, mainly driven by energy and transportation. With oil prices easily rising but difficult to fall, inflation expectations have risen again, and inflation may remain high for a while.</p><p><b>The Federal Reserve is tightening its pace: the Taper process is not expected to be brought forward, and the rate hike process may be brought forward.</b>Regarding Taper this year, the job market remains a key focus for the Federal Reserve. With the job market steadily recovering but far from returning to normal levels, the Fed's Taper process is not expected to be brought forward. The formal start of discussions on Taper may be at the Jackson Hole Global Central Bank Meeting in August, while the announcement of Taper and the formal start of its implementation may occur at the end of this year or the beginning of next year. In terms of rate hike going forward, inflation will be a key focus for the Federal Reserve. Following the June policy meeting, hawkish voices among Fed officials have increased significantly, and market expectations for early rate hike have also increased. If inflation remains high for an extended period, the possibility of the Fed bringing forward rate hike before the end of 2022 cannot be ruled out.</p><p><b>US Treasury yields trend this year: Before the formal discussion of Taper, it may fluctuate between 1.4% and 1.6%. Before the formal discussion of Taper and its implementation, it may rise slightly to 1.8%-2.0%.</b>With the Federal Reserve's monetary policy shift, we expect US Treasury bonds to fluctuate between 1.4% and 1.6% before the Taper discussions officially begin. Regarding this round of tapering, the Federal Reserve has learned from the lessons of the previous round of \"tapering panic\" and communicated with the market in advance. At the same time, the market also has full expectations for tapering, so it is unlikely that US Treasury yields will experience a large upward slope. US Treasury yields is expected to rise slightly from the start of Taper discussions until the official implementation of Taper, potentially reaching a level of 1.8%-2.0%.</p><p>text</p><p>Data released by the U.S. Department of Labor shows that seasonally adjusted non-farm payrolls in the United States increased by 850,000 in June, compared to the expected increase of 720,000. The previous figure was revised upward from 559,000 to 583,000. The unemployment rate in June was 5.9%, compared to the expected 5.7% and the previous value of 5.8%. Average hourly wages rose 3.6% year-on-year in June, exceeding expectations of a 3.6% increase and a 2% increase in the previous month. The labor force participation rate in June was 61.6%, compared to 61.6% in the previous month.</p><p><b>Residents' willingness to seek employment has rebounded, with non-farm payrolls exceeding market</b></p><p><b>Looking at changes in non-farm payrolls, the U.S. seasonally adjusted non-farm payrolls increased by 850,000 in June, compared to the expected increase of 720,000. The previous figure was revised upward from 559,000 to 583,000. The number of new non-farm payrolls hit a new high since August 2020, but the unemployment rate rose to 5.9%.</b>The number of new non-farm payrolls in the United States in June was higher than the previous value. Meanwhile, the non-farm payroll data for April and May this year were revised downwards and upwards respectively. The number of new non-farm payrolls in April was revised downwards from 278,000 to 269,000, and the number of new non-farm payrolls in May was revised upwards from 559,000 to 583,000. Looking at the trend of non-farm payrolls, with the acceleration of vaccination in the United States, the number of non-farm payrolls increased month by month from January to March this year. However, the number of non-farm payrolls in April and May was lower than market expectations due to factors such as the payment of unemployment benefits. The number of non-farm payrolls in June grew strongly, exceeding market expectations.</p><p><b>We believe that the suspension of unemployment benefits, the increasing vaccination rate, and the rebound in residents' willingness to seek employment due to increased wages by enterprises to attract labor are the main reasons for the higher-than-expected number of new non-farm payrolls.</b>First, due to the insufficient labor supply caused by the previous payment of unemployment benefits, the job market was in short supply and there were many job vacancies. Since June, most states in the United States have announced the cessation of unemployment benefits, forcing people who are no longer working due to receiving unemployment benefits to find new jobs. Secondly, the increasing vaccination rate has led to the gradual lifting of restrictions on work and social interaction caused by the pandemic, increasing people's willingness to start working. Secondly, due to a supply shortage in the labor market, companies generally raised wage levels, with the average hourly wage increasing by 3.6% year-on-year in June, compared to 2% in the previous month, which further attracted people to return to the labor market.</p><p><img src=\"https://static.tigerbbs.com/8b5ee9b5b49f6e1d86d65620516c8f43\" tg-width=\"808\" tg-height=\"420\" referrerpolicy=\"no-referrer\"></p><p><b>Despite better-than-expected non-farm payroll data in June, the job market is still a long way from returning to normal.</b>First, in terms of employment, the current employment level is still nearly 6.8 million fewer than before the pandemic in February 2020. Secondly, the unemployment rate rose in June from 5.6% to 5.9%. We believe this may be temporary frictional unemployment. People's willingness to seek jobs has increased, and more people are looking for work. However, it will still take some time to find a job that satisfies them and matches their skills. Therefore, the unemployment rate rose in June. Secondly, the labor force participation rate in June was the same as in May at only 61.6%, still at a historical low, indicating that the supply shortage in the job market will persist in the short term. Therefore, the current job market is far from recovering to normal levels, and concerns about virus infection and the need to care for children and the elderly continue to constrain labor supply. However, as time goes on, vaccination rates continue to rise, schools reopen, and more and more states stop paying unemployment benefits, the labor market may recover further.</p><p><b>The leisure hotel industry continued to recover, while the construction industry continued to drag down growth.</b></p><p><b>By sector, the sectors that contributed the most to the number of new non-farm payrolls in the United States in June were leisure and hospitality, education and healthcare services, government departments, and professional and business services, while the sectors with the largest decrease in employment were construction and financial activities.</b>Specifically, the leisure and hotel industry saw 343,000 jobs in June, an increase of 37,000 compared to May, still ranking first in non-farm payrolls in June. In June, government employment increased by 188,000, an increase of approximately 121,000 compared to the previous month; Employment in education and healthcare services remained unchanged month-on-month at 59,000; The number of new jobs in professional and business services increased by approximately 36,000 month-on-month. The construction industry saw a decrease of approximately 7,000 jobs in June, making it the sector with the largest decrease in non-farm payrolls in June. Financial services employment decreased by approximately 1,000 people in June, making it the second-largest decrease in non-farm payrolls in June.</p><p><img src=\"https://static.tigerbbs.com/2192c03fef990282f9358dd04a47b7de\" tg-width=\"789\" tg-height=\"299\" referrerpolicy=\"no-referrer\"></p><p><b>In the medium term, service industries such as leisure and hospitality are expected to continue to boost employment. At the same time, the potential for new employment in the education sector and the increase in the female labor force after the reopening of schools are expected to alleviate the labor supply problem.</b>Industry data shows that as more people complete their vaccinations, some regions continue to relax travel restrictions, and more people resume travel and dining out, continuously boosting employment in the leisure and hotel industries. In addition, some regions continued to resume offline teaching, coupled with the increase in outpatient and healthcare services, leading to a recovery in employment in both the education and healthcare services sectors. Nevertheless, education employment remains low. Since February 2020, local government education sector employment has decreased by 414,000 people, state government education sector employment has decreased by 168,000 people, and private education sector employment has decreased by 255,000 people, indicating greater room for recovery in education sector employment as economic life normalizes. Moreover, with the resumption of employment in the education sector and offline courses, a large number of female-dominated workers caring for children at home will increase, becoming a significant potential for new non-farm payrolls in the medium term. This view is also one of the reasons why many Federal Reserve officials, such as Kashkari and Mester, are optimistic about future employment.</p><p><b>Oil prices surge, inflation expectations resurface</b></p><p><b>Since March of this year, oil prices have begun to rise amid strong demand and market expectations that demand will continue to be strong. On Thursday, OPEC+ failed to reach an agreement on increasing production, and WTI crude oil prices rose above $75 per barrel for the first time since 2018.</b>Starting in March, with the continued economic recovery and strong demand for crude oil, despite the continuous increase in OPEC+ production, the supply and demand gap for crude oil still exists, and crude oil prices have soared. Both WTI crude oil and Brent crude oil prices have risen from around $60/barrel in late March to above $70/barrel. On Thursday, OPEC+ reached a preliminary agreement to increase production by an average of 400,000 barrels per day per month until December 2021. Lower than market expectations, but later shelved due to opposition from the UAE, WTI and Brent crude oil prices both rose above $75 per barrel, with WTI oil prices reaching a new high since October 2018.</p><p><img src=\"https://static.tigerbbs.com/3b30a53af2bc5eea0c62bb593be66e21\" tg-width=\"804\" tg-height=\"437\" referrerpolicy=\"no-referrer\"></p><p><b>Since the beginning of this year, US EIA crude oil inventories have generally been on a downward trend, reflecting strong demand for crude oil. Since May, crude oil inventories have declined for six consecutive weeks, indicating that the current supply and demand gap is large and oil prices may be easy to rise but difficult to fall.</b>On June 30, the latest data from the EIA showed that crude oil inventories decreased by 6.718 million barrels for the week ending June 25, a larger decline than the expected 3.85 million barrels, marking the sixth consecutive week of decline. The continuous decline in crude oil inventories reflects the current large gap between crude oil supply and demand. Judging from this week's OPEC+ meeting, there are still some disagreements within OPEC+ on whether to increase production. At the same time, even if OPEC+ reaches an agreement on increasing production, the increased monthly crude oil production may not be able to fill the current large supply and demand gap. Therefore, in the short term, crude oil prices may remain high. The biggest variable at present may be the Iran nuclear negotiations. If the Iran nuclear negotiations go smoothly in the short term and Iran resumes crude oil supply and exports, it will help alleviate the upward trend in oil prices. If the negotiations do not go smoothly in the short term, then under the leadership of the new hardline President Ibrahim Raihi, the future of the Iran nuclear negotiations will be subject to significant uncertainties.</p><p><img src=\"https://static.tigerbbs.com/1cbc2b7e257699802d4b48d9cd590e84\" tg-width=\"803\" tg-height=\"433\" referrerpolicy=\"no-referrer\"></p><p><b>U.S. inflation remains high, mainly driven by energy and transportation sectors.</b>After April inflation data far exceeded market expectations, the US May inflation data once again exceeded market expectations, mainly driven by the transportation and energy sectors. In May, the unseasonally adjusted U.S. CPI rose 5% year-on-year, 0.8 percentage points from 4.2% in the previous month, while the unseasonally adjusted core CPI rose 3.8% year-on-year, 0.8 percentage points from 3% in the previous month. On the one hand, the low base effect caused by the pandemic last year was an important reason for the sharp increase in year-on-year inflation readings in May. On the other hand, looking at the CPI sub-items, the sub-items that had the strongest year-on-year driving effect on the CPI in May were transportation and energy. In May, the transportation sub-item of the US CPI grew by 20% year-on-year, and the energy sub-item grew by 28.5% year-on-year, mainly reflecting the increase in people's travel demand under the recovery of the epidemic. Meanwhile, the PCE indicator, which the Federal Reserve is more concerned about, also hit a record high. In May, PCE increased by 3.9% year-on-year, far exceeding the Fed's 2% inflation target, while core PCE increased by 3.4% year-on-year, the highest level since 1992.</p><p><img src=\"https://static.tigerbbs.com/f1640d6ef53ec849acdcb544e300d69d\" tg-width=\"809\" tg-height=\"324\" referrerpolicy=\"no-referrer\"></p><p><b>With oil prices easily rising but difficult to fall, inflation expectations have risen again, and inflation may remain high for a while.</b>Driven by a hawkish stance at the Federal Reserve's June interest rate meeting, declining market inflation expectations led to a decline in US Treasury yields instead of an increase. After reaching temporary lows on June 18 and 21, inflation expectations have recently risen again as oil prices have continued to rise. Looking at the relationship between oil prices and inflation, firstly, oil prices are generally positively correlated with the trends of energy commodities in the US CPI details; Secondly, the year-on-year trend of the energy item in the CPI sub-item is highly consistent with the overall year-on-year trend of the CPI. Therefore, with rising inflation expectations and oil prices driving inflation, US inflation may remain high for a period of time. Meanwhile, transportation and housing remain high, and used car prices remain high in the short term, which will also support inflation.</p><p><img src=\"https://static.tigerbbs.com/a26e43f72a970000a31ddb74be3f6c71\" tg-width=\"682\" tg-height=\"341\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f1c6a7713d73bb41a2d97a3b0c2b6111\" tg-width=\"805\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p><b>Will the Federal Reserve tighten earlier?</b></p><p><b>Regarding the tapering process this year, the job market remains a key focus for the Federal Reserve. With the job market steadily recovering but far from returning to normal levels, the Fed's tapering process is not expected to be brought forward.</b>Although inflation is currently high and will remain high for some time to come, inflation is not a key focus for the Federal Reserve this year. The Federal Reserve's current focus remains on the job market. The job market recovery is relatively stable, but it is far from returning to normal levels. After most states stopped paying unemployment benefits in June, residents' willingness to work gradually increased. Coupled with the reopening of schools in September, the demand for childcare decreased. It is expected that the job market will recover more rapidly in July and August, which may trigger the Federal Reserve's discussion on Taper. Therefore, the June non-farm payroll report allows us to maintain our previous judgment that the Federal Reserve's Taper process will not be brought forward, and the timing of the formal discussion of Taper may be at the Jackson Hole global central bank meeting in August. The timing of announcing Taper and the formal implementation of Taper may occur at the end of this year and the beginning of next year.</p><p><b>In terms of rate hike going forward, inflation will be a key focus for the Federal Reserve. If inflation remains high for an extended period, it cannot be ruled out that the Fed will rate hike ahead of schedule before the end of 2022.</b>On the one hand, the June Federal Reserve dot plot shows that all policymakers expect Federal Funds rate to remain near zero by the end of 2021. Seven officials are expected to be in rate hike in 2022, and 13 committee members are expected to be in rate hike in 2023. Compared to the March dot plot, the number of officials in rate hike is expected to increase by 3 in 2022, and the number of officials in rate hike is expected to increase by 6 in 2023. Although the dot plot is not directly related to whether there is rate hike, it still reflects a change in the attitude of Federal Reserve officials towards rate hike. On the other hand, after the interest rate meeting, the hawkish voices of Federal Reserve officials also increased significantly. The most representative example was the sudden hawkish turn of St. Louis Fed President Bullard, who is known for his dovish stance. He said that even seven policymakers, including himself, expected the Fed to take aggressive measures to curb inflation, which was a natural reaction to the faster-than-expected rise in inflation. In addition, Dallas Fed President Kaplan, Fed Governor Waller, and Richmond Fed President Barkin have all recently made hawkish comments. Based on the Federal Reserve's latest inflation forecast and Powell's marginal changes in his statement on inflation, if inflation and inflation expectations continue to rise, it cannot be ruled out that the Fed will take action to curb inflation in advance (i.e., rate hike before the end of 2022).</p><p><img src=\"https://static.tigerbbs.com/ec5eab496e311ef8ad1d5bd9dd3ecd0d\" tg-width=\"817\" tg-height=\"464\" referrerpolicy=\"no-referrer\"></p><p><b>What will be the trend of US Treasury bonds this year?</b></p><p><b>With the Federal Reserve's monetary policy shift, we expect US Treasury bonds to fluctuate between 1.4% and 1.6% before the Taper discussions officially begin.</b>According to our previous report, \"Bond Market Enlightenment Series 20210622 - Why Did US Treasury yields Plunge?\" (2021-06-22), the recent downturn in US Treasury yields can be divided into two phases. Before the Fed's June interest rate meeting, there was a downturn driven by excess liquidity and the obstruction of Biden's infrastructure plan. After the interest rate meeting, there was a decline in interest rates triggered by excess liquidity and lower inflation expectations. In the short term, US Treasury yields is expected to fluctuate between 1.4% and 1.6%.</p><p><b>Based on the experience of the previous round of Taper, the US Treasury yields is expected to rise slightly from the start of this round of Taper discussions until the official implementation of Taper, potentially reaching a level of 1.8%-2.0%.</b>On May 22, 2013, then-Federal Reserve Chairman Ben Bernanke testified before Congress. During the question-and-answer session, Bernanke stated that if the job market continues to improve and we are confident that the momentum of improvement will continue, we will reduce the scale of purchases in the coming meetings. The market reacted strongly to Bernanke's speech and the interest rate meeting minutes, resulting in a so-called \"taper tantrum.\" Following the sudden Taper signal, US Treasury yields surged rapidly. Starting from May 1, 2013, the 10-year US Treasury yield began to soar rapidly, rising from 1.66% at the beginning of the month to a high of 2.98% on the eve of the September interest rate meeting, an increase of more than 130 basis points.</p><p><img src=\"https://static.tigerbbs.com/0090410b460b0e32215fa0c1e2e5a87b\" tg-width=\"835\" tg-height=\"430\" referrerpolicy=\"no-referrer\"></p><p><b>Regarding this round of tapering, the Federal Reserve has learned from the lessons of the previous round of \"tapering panic\" and communicated with the market in advance. At the same time, the market also has full expectations for tapering, so it is unlikely that US Treasury yields will experience a large upward slope.</b>At a press conference following the June policy meeting, Powell stated that he would do everything possible to avoid overreacting in the market and would inform the market in advance before making any decisions. Meanwhile, Ladas Federal Reserve President Kaplan recently stated that the Fed will gradually reduce asset purchases, but this time it will be smoother because investors already know that the measure is under discussion, and the Fed will avoid creating the \"tapering panic\" of 2013. Therefore, we believe that after the Federal Reserve officially releases the Taper discussion signal, US Treasury yields will rise somewhat, but it will not reach the 130bps rise seen in 2013, and may reach the level of 1.8%-2.0%.</p>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>With positive non-farm payrolls and soaring oil prices, will the Federal Reserve tighten ahead of schedule?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWith positive non-farm payrolls and soaring oil prices, will the Federal Reserve tighten ahead of schedule?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2021-07-03 12:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Core Points</p><p>U.S. non-farm payrolls increased by 850,000 in June, higher than the expected 720,000. The suspension of unemployment benefits, the continuous increase in vaccination rates, and the rebound in residents' willingness to seek employment due to increased wages by enterprises to attract labor are the main reasons why the number of new non-farm payrolls exceeded market expectations. Recently, crude oil prices have risen above $75 per barrel, making it difficult for oil prices to fall in the short term, and US inflation may remain high for a while. Given the pace of the Federal Reserve's tightening, the Taper process is not expected to begin formally at the Jackson Hole Global Central Bank Meeting in August. The announcement of Taper and the formal implementation of Taper may occur at the end of this year or the beginning of next year, while the rate hike process may be brought forward to the end of 2022. Regarding the trend of US Treasury yields this year, Taper may fluctuate between 1.4% and 1.6% before the formal discussion, and may rise slightly to 1.8%-2.0% before the formal discussion and implementation.</p><p><b>Residents' willingness to seek employment has rebounded, and the number of non-farm payrolls has exceeded market expectations.</b>Looking at changes in non-farm payrolls, the U.S. seasonally adjusted non-farm payrolls increased by 850,000 in June, compared to the expected increase of 720,000. The previous figure was revised upward from 559,000 to 583,000. The number of new non-farm payrolls hit a new high since August 2020, but the unemployment rate rose to 5.9%. We believe that the suspension of unemployment benefits, the increasing vaccination rate, and the rebound in residents' willingness to seek employment due to increased wages by enterprises to attract labor are the main reasons for the higher-than-expected number of new non-farm payrolls. Although the June non-farm payroll data was better than expected, the job market is still a long way from returning to normal due to the still high number of unemployed, the rising unemployment rate, and the low labor force participation rate.</p><p><b>The leisure hotel industry continued its recovery, while the construction industry continued to drag down employment growth.</b>By sector, the sectors that contributed the most to the number of new non-farm payrolls in the United States in June were leisure and hospitality, education and healthcare services, government departments, and professional and business services, while the sectors with the largest decrease in employment were construction and financial activities. In the medium term, service sectors such as leisure and hospitality are expected to continue to boost employment. Meanwhile, the potential for new job creation in the education sector, and the increased female labor force after school reopening, are expected to alleviate labor supply problems. This view is also shared by several Federal Reserve officials, such as Kashkari and Mester.<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>One of the reasons for employment.</p><p><b>Oil prices are likely to rise but difficult to fall in the short term, and US inflation may remain high for a while.</b>Since March of this year, oil prices have begun to rise amid strong demand and market expectations that demand will continue to be strong. On Thursday, OPEC+ failed to reach an agreement on increasing production, and WTI crude oil prices rose above $75 per barrel for the first time since 2018. Since the beginning of this year, US EIA crude oil inventories have generally been on a downward trend, reflecting strong demand for crude oil. Since May, crude oil inventories have declined for six consecutive weeks, indicating that the current supply and demand gap is large and oil prices may be easy to rise but difficult to fall. Inflation in the United States remains high, mainly driven by energy and transportation. With oil prices easily rising but difficult to fall, inflation expectations have risen again, and inflation may remain high for a while.</p><p><b>The Federal Reserve is tightening its pace: the Taper process is not expected to be brought forward, and the rate hike process may be brought forward.</b>Regarding Taper this year, the job market remains a key focus for the Federal Reserve. With the job market steadily recovering but far from returning to normal levels, the Fed's Taper process is not expected to be brought forward. The formal start of discussions on Taper may be at the Jackson Hole Global Central Bank Meeting in August, while the announcement of Taper and the formal start of its implementation may occur at the end of this year or the beginning of next year. In terms of rate hike going forward, inflation will be a key focus for the Federal Reserve. Following the June policy meeting, hawkish voices among Fed officials have increased significantly, and market expectations for early rate hike have also increased. If inflation remains high for an extended period, the possibility of the Fed bringing forward rate hike before the end of 2022 cannot be ruled out.</p><p><b>US Treasury yields trend this year: Before the formal discussion of Taper, it may fluctuate between 1.4% and 1.6%. Before the formal discussion of Taper and its implementation, it may rise slightly to 1.8%-2.0%.</b>With the Federal Reserve's monetary policy shift, we expect US Treasury bonds to fluctuate between 1.4% and 1.6% before the Taper discussions officially begin. Regarding this round of tapering, the Federal Reserve has learned from the lessons of the previous round of \"tapering panic\" and communicated with the market in advance. At the same time, the market also has full expectations for tapering, so it is unlikely that US Treasury yields will experience a large upward slope. US Treasury yields is expected to rise slightly from the start of Taper discussions until the official implementation of Taper, potentially reaching a level of 1.8%-2.0%.</p><p>text</p><p>Data released by the U.S. Department of Labor shows that seasonally adjusted non-farm payrolls in the United States increased by 850,000 in June, compared to the expected increase of 720,000. The previous figure was revised upward from 559,000 to 583,000. The unemployment rate in June was 5.9%, compared to the expected 5.7% and the previous value of 5.8%. Average hourly wages rose 3.6% year-on-year in June, exceeding expectations of a 3.6% increase and a 2% increase in the previous month. The labor force participation rate in June was 61.6%, compared to 61.6% in the previous month.</p><p><b>Residents' willingness to seek employment has rebounded, with non-farm payrolls exceeding market</b></p><p><b>Looking at changes in non-farm payrolls, the U.S. seasonally adjusted non-farm payrolls increased by 850,000 in June, compared to the expected increase of 720,000. The previous figure was revised upward from 559,000 to 583,000. The number of new non-farm payrolls hit a new high since August 2020, but the unemployment rate rose to 5.9%.</b>The number of new non-farm payrolls in the United States in June was higher than the previous value. Meanwhile, the non-farm payroll data for April and May this year were revised downwards and upwards respectively. The number of new non-farm payrolls in April was revised downwards from 278,000 to 269,000, and the number of new non-farm payrolls in May was revised upwards from 559,000 to 583,000. Looking at the trend of non-farm payrolls, with the acceleration of vaccination in the United States, the number of non-farm payrolls increased month by month from January to March this year. However, the number of non-farm payrolls in April and May was lower than market expectations due to factors such as the payment of unemployment benefits. The number of non-farm payrolls in June grew strongly, exceeding market expectations.</p><p><b>We believe that the suspension of unemployment benefits, the increasing vaccination rate, and the rebound in residents' willingness to seek employment due to increased wages by enterprises to attract labor are the main reasons for the higher-than-expected number of new non-farm payrolls.</b>First, due to the insufficient labor supply caused by the previous payment of unemployment benefits, the job market was in short supply and there were many job vacancies. Since June, most states in the United States have announced the cessation of unemployment benefits, forcing people who are no longer working due to receiving unemployment benefits to find new jobs. Secondly, the increasing vaccination rate has led to the gradual lifting of restrictions on work and social interaction caused by the pandemic, increasing people's willingness to start working. Secondly, due to a supply shortage in the labor market, companies generally raised wage levels, with the average hourly wage increasing by 3.6% year-on-year in June, compared to 2% in the previous month, which further attracted people to return to the labor market.</p><p><img src=\"https://static.tigerbbs.com/8b5ee9b5b49f6e1d86d65620516c8f43\" tg-width=\"808\" tg-height=\"420\" referrerpolicy=\"no-referrer\"></p><p><b>Despite better-than-expected non-farm payroll data in June, the job market is still a long way from returning to normal.</b>First, in terms of employment, the current employment level is still nearly 6.8 million fewer than before the pandemic in February 2020. Secondly, the unemployment rate rose in June from 5.6% to 5.9%. We believe this may be temporary frictional unemployment. People's willingness to seek jobs has increased, and more people are looking for work. However, it will still take some time to find a job that satisfies them and matches their skills. Therefore, the unemployment rate rose in June. Secondly, the labor force participation rate in June was the same as in May at only 61.6%, still at a historical low, indicating that the supply shortage in the job market will persist in the short term. Therefore, the current job market is far from recovering to normal levels, and concerns about virus infection and the need to care for children and the elderly continue to constrain labor supply. However, as time goes on, vaccination rates continue to rise, schools reopen, and more and more states stop paying unemployment benefits, the labor market may recover further.</p><p><b>The leisure hotel industry continued to recover, while the construction industry continued to drag down growth.</b></p><p><b>By sector, the sectors that contributed the most to the number of new non-farm payrolls in the United States in June were leisure and hospitality, education and healthcare services, government departments, and professional and business services, while the sectors with the largest decrease in employment were construction and financial activities.</b>Specifically, the leisure and hotel industry saw 343,000 jobs in June, an increase of 37,000 compared to May, still ranking first in non-farm payrolls in June. In June, government employment increased by 188,000, an increase of approximately 121,000 compared to the previous month; Employment in education and healthcare services remained unchanged month-on-month at 59,000; The number of new jobs in professional and business services increased by approximately 36,000 month-on-month. The construction industry saw a decrease of approximately 7,000 jobs in June, making it the sector with the largest decrease in non-farm payrolls in June. Financial services employment decreased by approximately 1,000 people in June, making it the second-largest decrease in non-farm payrolls in June.</p><p><img src=\"https://static.tigerbbs.com/2192c03fef990282f9358dd04a47b7de\" tg-width=\"789\" tg-height=\"299\" referrerpolicy=\"no-referrer\"></p><p><b>In the medium term, service industries such as leisure and hospitality are expected to continue to boost employment. At the same time, the potential for new employment in the education sector and the increase in the female labor force after the reopening of schools are expected to alleviate the labor supply problem.</b>Industry data shows that as more people complete their vaccinations, some regions continue to relax travel restrictions, and more people resume travel and dining out, continuously boosting employment in the leisure and hotel industries. In addition, some regions continued to resume offline teaching, coupled with the increase in outpatient and healthcare services, leading to a recovery in employment in both the education and healthcare services sectors. Nevertheless, education employment remains low. Since February 2020, local government education sector employment has decreased by 414,000 people, state government education sector employment has decreased by 168,000 people, and private education sector employment has decreased by 255,000 people, indicating greater room for recovery in education sector employment as economic life normalizes. Moreover, with the resumption of employment in the education sector and offline courses, a large number of female-dominated workers caring for children at home will increase, becoming a significant potential for new non-farm payrolls in the medium term. This view is also one of the reasons why many Federal Reserve officials, such as Kashkari and Mester, are optimistic about future employment.</p><p><b>Oil prices surge, inflation expectations resurface</b></p><p><b>Since March of this year, oil prices have begun to rise amid strong demand and market expectations that demand will continue to be strong. On Thursday, OPEC+ failed to reach an agreement on increasing production, and WTI crude oil prices rose above $75 per barrel for the first time since 2018.</b>Starting in March, with the continued economic recovery and strong demand for crude oil, despite the continuous increase in OPEC+ production, the supply and demand gap for crude oil still exists, and crude oil prices have soared. Both WTI crude oil and Brent crude oil prices have risen from around $60/barrel in late March to above $70/barrel. On Thursday, OPEC+ reached a preliminary agreement to increase production by an average of 400,000 barrels per day per month until December 2021. Lower than market expectations, but later shelved due to opposition from the UAE, WTI and Brent crude oil prices both rose above $75 per barrel, with WTI oil prices reaching a new high since October 2018.</p><p><img src=\"https://static.tigerbbs.com/3b30a53af2bc5eea0c62bb593be66e21\" tg-width=\"804\" tg-height=\"437\" referrerpolicy=\"no-referrer\"></p><p><b>Since the beginning of this year, US EIA crude oil inventories have generally been on a downward trend, reflecting strong demand for crude oil. Since May, crude oil inventories have declined for six consecutive weeks, indicating that the current supply and demand gap is large and oil prices may be easy to rise but difficult to fall.</b>On June 30, the latest data from the EIA showed that crude oil inventories decreased by 6.718 million barrels for the week ending June 25, a larger decline than the expected 3.85 million barrels, marking the sixth consecutive week of decline. The continuous decline in crude oil inventories reflects the current large gap between crude oil supply and demand. Judging from this week's OPEC+ meeting, there are still some disagreements within OPEC+ on whether to increase production. At the same time, even if OPEC+ reaches an agreement on increasing production, the increased monthly crude oil production may not be able to fill the current large supply and demand gap. Therefore, in the short term, crude oil prices may remain high. The biggest variable at present may be the Iran nuclear negotiations. If the Iran nuclear negotiations go smoothly in the short term and Iran resumes crude oil supply and exports, it will help alleviate the upward trend in oil prices. If the negotiations do not go smoothly in the short term, then under the leadership of the new hardline President Ibrahim Raihi, the future of the Iran nuclear negotiations will be subject to significant uncertainties.</p><p><img src=\"https://static.tigerbbs.com/1cbc2b7e257699802d4b48d9cd590e84\" tg-width=\"803\" tg-height=\"433\" referrerpolicy=\"no-referrer\"></p><p><b>U.S. inflation remains high, mainly driven by energy and transportation sectors.</b>After April inflation data far exceeded market expectations, the US May inflation data once again exceeded market expectations, mainly driven by the transportation and energy sectors. In May, the unseasonally adjusted U.S. CPI rose 5% year-on-year, 0.8 percentage points from 4.2% in the previous month, while the unseasonally adjusted core CPI rose 3.8% year-on-year, 0.8 percentage points from 3% in the previous month. On the one hand, the low base effect caused by the pandemic last year was an important reason for the sharp increase in year-on-year inflation readings in May. On the other hand, looking at the CPI sub-items, the sub-items that had the strongest year-on-year driving effect on the CPI in May were transportation and energy. In May, the transportation sub-item of the US CPI grew by 20% year-on-year, and the energy sub-item grew by 28.5% year-on-year, mainly reflecting the increase in people's travel demand under the recovery of the epidemic. Meanwhile, the PCE indicator, which the Federal Reserve is more concerned about, also hit a record high. In May, PCE increased by 3.9% year-on-year, far exceeding the Fed's 2% inflation target, while core PCE increased by 3.4% year-on-year, the highest level since 1992.</p><p><img src=\"https://static.tigerbbs.com/f1640d6ef53ec849acdcb544e300d69d\" tg-width=\"809\" tg-height=\"324\" referrerpolicy=\"no-referrer\"></p><p><b>With oil prices easily rising but difficult to fall, inflation expectations have risen again, and inflation may remain high for a while.</b>Driven by a hawkish stance at the Federal Reserve's June interest rate meeting, declining market inflation expectations led to a decline in US Treasury yields instead of an increase. After reaching temporary lows on June 18 and 21, inflation expectations have recently risen again as oil prices have continued to rise. Looking at the relationship between oil prices and inflation, firstly, oil prices are generally positively correlated with the trends of energy commodities in the US CPI details; Secondly, the year-on-year trend of the energy item in the CPI sub-item is highly consistent with the overall year-on-year trend of the CPI. Therefore, with rising inflation expectations and oil prices driving inflation, US inflation may remain high for a period of time. Meanwhile, transportation and housing remain high, and used car prices remain high in the short term, which will also support inflation.</p><p><img src=\"https://static.tigerbbs.com/a26e43f72a970000a31ddb74be3f6c71\" tg-width=\"682\" tg-height=\"341\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f1c6a7713d73bb41a2d97a3b0c2b6111\" tg-width=\"805\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p><b>Will the Federal Reserve tighten earlier?</b></p><p><b>Regarding the tapering process this year, the job market remains a key focus for the Federal Reserve. With the job market steadily recovering but far from returning to normal levels, the Fed's tapering process is not expected to be brought forward.</b>Although inflation is currently high and will remain high for some time to come, inflation is not a key focus for the Federal Reserve this year. The Federal Reserve's current focus remains on the job market. The job market recovery is relatively stable, but it is far from returning to normal levels. After most states stopped paying unemployment benefits in June, residents' willingness to work gradually increased. Coupled with the reopening of schools in September, the demand for childcare decreased. It is expected that the job market will recover more rapidly in July and August, which may trigger the Federal Reserve's discussion on Taper. Therefore, the June non-farm payroll report allows us to maintain our previous judgment that the Federal Reserve's Taper process will not be brought forward, and the timing of the formal discussion of Taper may be at the Jackson Hole global central bank meeting in August. The timing of announcing Taper and the formal implementation of Taper may occur at the end of this year and the beginning of next year.</p><p><b>In terms of rate hike going forward, inflation will be a key focus for the Federal Reserve. If inflation remains high for an extended period, it cannot be ruled out that the Fed will rate hike ahead of schedule before the end of 2022.</b>On the one hand, the June Federal Reserve dot plot shows that all policymakers expect Federal Funds rate to remain near zero by the end of 2021. Seven officials are expected to be in rate hike in 2022, and 13 committee members are expected to be in rate hike in 2023. Compared to the March dot plot, the number of officials in rate hike is expected to increase by 3 in 2022, and the number of officials in rate hike is expected to increase by 6 in 2023. Although the dot plot is not directly related to whether there is rate hike, it still reflects a change in the attitude of Federal Reserve officials towards rate hike. On the other hand, after the interest rate meeting, the hawkish voices of Federal Reserve officials also increased significantly. The most representative example was the sudden hawkish turn of St. Louis Fed President Bullard, who is known for his dovish stance. He said that even seven policymakers, including himself, expected the Fed to take aggressive measures to curb inflation, which was a natural reaction to the faster-than-expected rise in inflation. In addition, Dallas Fed President Kaplan, Fed Governor Waller, and Richmond Fed President Barkin have all recently made hawkish comments. Based on the Federal Reserve's latest inflation forecast and Powell's marginal changes in his statement on inflation, if inflation and inflation expectations continue to rise, it cannot be ruled out that the Fed will take action to curb inflation in advance (i.e., rate hike before the end of 2022).</p><p><img src=\"https://static.tigerbbs.com/ec5eab496e311ef8ad1d5bd9dd3ecd0d\" tg-width=\"817\" tg-height=\"464\" referrerpolicy=\"no-referrer\"></p><p><b>What will be the trend of US Treasury bonds this year?</b></p><p><b>With the Federal Reserve's monetary policy shift, we expect US Treasury bonds to fluctuate between 1.4% and 1.6% before the Taper discussions officially begin.</b>According to our previous report, \"Bond Market Enlightenment Series 20210622 - Why Did US Treasury yields Plunge?\" (2021-06-22), the recent downturn in US Treasury yields can be divided into two phases. Before the Fed's June interest rate meeting, there was a downturn driven by excess liquidity and the obstruction of Biden's infrastructure plan. After the interest rate meeting, there was a decline in interest rates triggered by excess liquidity and lower inflation expectations. In the short term, US Treasury yields is expected to fluctuate between 1.4% and 1.6%.</p><p><b>Based on the experience of the previous round of Taper, the US Treasury yields is expected to rise slightly from the start of this round of Taper discussions until the official implementation of Taper, potentially reaching a level of 1.8%-2.0%.</b>On May 22, 2013, then-Federal Reserve Chairman Ben Bernanke testified before Congress. During the question-and-answer session, Bernanke stated that if the job market continues to improve and we are confident that the momentum of improvement will continue, we will reduce the scale of purchases in the coming meetings. The market reacted strongly to Bernanke's speech and the interest rate meeting minutes, resulting in a so-called \"taper tantrum.\" Following the sudden Taper signal, US Treasury yields surged rapidly. Starting from May 1, 2013, the 10-year US Treasury yield began to soar rapidly, rising from 1.66% at the beginning of the month to a high of 2.98% on the eve of the September interest rate meeting, an increase of more than 130 basis points.</p><p><img src=\"https://static.tigerbbs.com/0090410b460b0e32215fa0c1e2e5a87b\" tg-width=\"835\" tg-height=\"430\" referrerpolicy=\"no-referrer\"></p><p><b>Regarding this round of tapering, the Federal Reserve has learned from the lessons of the previous round of \"tapering panic\" and communicated with the market in advance. At the same time, the market also has full expectations for tapering, so it is unlikely that US Treasury yields will experience a large upward slope.</b>At a press conference following the June policy meeting, Powell stated that he would do everything possible to avoid overreacting in the market and would inform the market in advance before making any decisions. Meanwhile, Ladas Federal Reserve President Kaplan recently stated that the Fed will gradually reduce asset purchases, but this time it will be smoother because investors already know that the measure is under discussion, and the Fed will avoid creating the \"tapering panic\" of 2013. Therefore, we believe that after the Federal Reserve officially releases the Taper discussion signal, US Treasury yields will rise somewhat, but it will not reach the 130bps rise seen in 2013, and may reach the level of 1.8%-2.0%.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/506781.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3d404e53536bd5bd25337ed01def7224","relate_stocks":{"159934":"黄金ETF","161125":"标普500","513500":"标普500ETF博时","518880":"黄金ETF华安","SDOW":"三倍做空道指30ETF-ProShares","DXD":"两倍做空道琼30指数ETF-ProShares","SPY":"标普500ETF","IAU":"黄金信托ETF-iShares","DOG":"道指ETF-ProShares做空","QLD":"2倍做多纳斯达克100指数ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","NUGT":"二倍做多黄金矿业指数ETF-Direxion","IVV":"标普500ETF-iShares","OEX":"标普100","TQQQ":"纳指三倍做多ETF","QID":"两倍做空纳斯达克指数ETF-ProShares","DJX":"1/100道琼斯","GLD":"黄金ETF-SPDR","SH":"做空标普500-Proshares","DUST":"二倍做空黄金矿业指数ETF-Direxion","SSO":"2倍做多标普500ETF-ProShares","OEF":"标普100指数ETF-iShares","QQQ":"纳指100ETF",".DJI":"道琼斯","UPRO":"三倍做多标普500ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","DDM":"2倍做多道指ETF-ProShares","GDX":"黄金矿业ETF-VanEck","SPXU":"三倍做空标普500ETF-ProShares","SQQQ":"纳指三倍做空ETF","PSQ":"做空纳斯达克100指数ETF-ProShares"},"source_url":"http://www.zhitongcaijing.com/content/detail/506781.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2148167804","content_text":"核心观点\n6月美国非农就业人口增加85万人，高于预期的72万人。失业救济金停发、疫苗接种率不断增加、企业增加工资吸引劳动力导致居民求职意愿回升是非农新增就业人数高于市场预期的主要原因。近期，原油价格站上75美元/桶，油价短期内易上难下，美国通胀或阶段性维持高位。在美联储收紧的节奏上，预计Taper进程或不会提前，正式开始讨论Taper的时点或在8月的杰克逊霍尔全球央行会议上，而宣布Taper和正式开始实施Taper的时点或将发生在今年年底和明年年初，加息进程或将提前至2022年底。美债利率年内走势上，Taper正式讨论前，或将在1.4%-1.6%震荡，Taper正式讨论到实施前，或将小幅上行至1.8%-2.0%。\n居民求职意愿回升，非农就业人数高于市场预期。从非农就业人数变化来看，美国6月季调后非农就业人口增加85万人，预期增加72万人，前值由增55.9万人上修为增58.3万人，非农新增就业人数创2020年8月以来新高，但失业率升至5.9%。我们认为失业救济金停发、疫苗接种率不断增加、企业增加工资吸引劳动力导致居民求职意愿回升是非农新增就业人数高于市场预期的主要原因。尽管6月非农数据好于预期，但由于失业人数仍然较多、失业率上升以及劳动参与率处于低位，就业市场距离恢复到正常还有较远距离。\n休闲酒店业延续回暖，建筑业延续拖累就业增长。分行业来看，6月对美国非农新增就业人数贡献较高的行业来自于休闲和酒店业、教育和保健服务、政府部门以及专业和商业服务，就业人数减少较多的行业为建筑业和金融活动。中期来看休闲和酒店业等服务业预计将持续提振就业，同时教育部门就业新增潜力，以及学校复课后，女性劳动力增加对劳动力供应问题的缓解值得期待，这一观点也是多位美联储官员如Kashkari, Mester看好未来就业的原因之一。\n油价短期内易上难下，美国通胀或阶段性维持高位。今年3月以来，在旺盛的需求以及需求将继续旺盛的市场预期下，油价开始上行，周四OPEC+未能就增产问题达成一致，WTI原油价格自2018年以来首次站上75美元/桶。今年以来，美国EIA原油库存整体处于下行趋势，体现原油需求旺盛，5月起原油库存连续6周下降，反映当前供需缺口较大，油价或易上难下。美国当前通胀持续处于高位，主要来自能源和交通运输项拉动。在油价易上难下的情况下，通胀预期再次上行，通胀或阶段性维持高位。\n美联储收紧节奏：预计Taper进程或不会提前，加息进程或将提前。就年内的Taper而言，就业市场仍是美联储关注的重点，在就业市场稳步复苏但远未恢复到正常时期水平的情况下，预计美联储Taper进程不会提前，正式开始讨论Taper的时点或在8月的杰克逊霍尔全球央行会议上，而宣布Taper和正式开始实施Taper的时点或将发生在今年年底和明年年初。就此后的加息而言，通胀将成为美联储关注的重点，在6月议息会议之后，美联储官员的鹰派声音也明显增加，市场对于提前加息的预期也有所增加，如果通胀较长时间维持高位，那么不排除美联储在2022年底前提前加息的可能。\n美债利率年内走势：Taper正式讨论前，或将在1.4%-1.6%震荡，Taper正式讨论到实施前，或将小幅上行至1.8%-2.0%。随着美联储货币政策转向，我们预计美债将在Taper讨论正式开始之前维持在1.4%-1.6%之间震荡。就本轮Taper而言，美联储已经吸取上一轮出现“缩减恐慌”的教训，提前与市场进行沟通，同时市场也对Taper有充分预期，因此美债利率大概率不会出现斜率很大的上行。预计在Taper讨论开始后到正式实施Taper前，美债利率将小幅上行，或将到达1.8%-2.0%的水平。\n正文\n美国劳工部公布数据显示，美国6月季调后非农就业人口增85万人，预期增72万人，前值由增55.9万人上修为增58.3万人;6月失业率为5.9%，预期为5.7%，前值为5.8%;6月平均时薪年率增3.6%，预期增3.6%，前值增2%;6月劳动参与率为61.6%，前值为61.6%。\n居民求职意愿回升，非农高于市场预期\n从非农就业人数变化来看，美国6月季调后非农就业人口增加85万人，预期增加72万人，前值由增55.9万人上修为增58.3万人，非农新增就业人数创2020年8月以来新高，但失业率升至5.9%。6月美国非农新增就业人数高于前值，同时今年4月和5月的非农数据分别经历了下修和上修，4月非农新增就业人数从27.8万人下修至26.9万人，5月非农新增就业人数从55.9万人上修至58.3万人。从非农新增就业人数走势来看，随着美国疫苗接种速度的加快，今年1月-3月，非农新增就业人数逐月增加，但是4月和5月非农新增就业人数受到失业救济金发放等影响，均低于市场预期，6月非农新增就业人数增长强劲，高于市场预期。\n我们认为失业救济金停发、疫苗接种率不断增加、企业增加工资吸引劳动力导致居民求职意愿回升是非农新增就业人数高于市场预期的主要原因。首先，由于此前失业救济金的发放导致劳动力供给不足，就业市场供不应求，职位空缺数较多。6月以来，美国大部分州宣布停止失业救济金的发放，导致因领取失业救济金而不工作的民众需要重新找到工作。其次，疫苗接种率不断增加使得因疫情造成的开工和社交限制逐渐被解除，增加民众开始工作的意愿。再次，由于劳动力市场供不应求，企业普遍提升工资水平，6月平均时薪年率增3.6%，前值增2%，这也进一步吸引人们重回劳动力市场。\n\n尽管6月非农数据好于预期，但就业市场距离恢复正常还有较远距离。首先，从就业人数上看，当前较2020年2月疫情以前的就业人数水平仍少近680万人。其次，6月失业率较此前有所上升，从5.6%上升至5.9%，我们认为这可能是暂时的摩擦性失业，民众求职意愿提升，寻找工作的人开始增加，但是找到自己满意同时技能匹配的工作仍需一段时间，因此失业率在6月有所上升。再次，6月的劳动参与率与5月相等仅为61.6%，仍然处于历史低位，就业市场供不应求的状况短期仍然存在。因此，当前就业市场还远未复苏到正常水平，对于感染病毒的担忧、照顾子女和老人的需求仍然制约着劳动力供给。不过，随着时间推移，疫苗接种率继续提升、学校开学、越来越多的州停发失业救济金，劳动力市场或将会得到进一步修复。\n休闲酒店业延续回暖，建筑业延续拖累增长\n分行业来看，6月对美国非农新增就业人数贡献较高的行业来自于休闲和酒店业、教育和保健服务、政府部门以及专业和商业服务，就业人数减少较多的行业为建筑业和金融活动。具体来看，6月休闲和酒店业就业人数为34.3万人，相较5月环比增加3.7万人，仍然为6月非农新增人数第一的行业。6月政府部门新增就业人数为18.8万人，环比增加约12.1万人;教育和保健服务就业人数环比不变，保持为5.9万人;专业和商业服务新增就业人数环比增加约3.6万人。6月建筑业就业人数减少约0.7万人，为6月非农就业人数减少最多的行业;6月金融服务就业人数减少约0.1万人，为6月非农就业人数减少第二多的行业。\n\n中期来看休闲和酒店业等服务业预计将持续提振就业，同时教育部门就业新增潜力，以及学校复课后，女性劳动力增加对劳动力供应问题的缓解值得期待。从行业数据上来看，随着更多人完成疫苗接种，部分地区继续放宽出行限制，更多人恢复旅游和外出就餐活动，对休闲和酒店业的就业产生持续的提振。此外，一些地区继续恢复线下教学，叠加门诊与保健服务的增加，导致教育和保健服务业就业人数均有所恢复。尽管如此，教育就业仍然处于低位，自2020年2月以来，地方政府教育部门的就业人数减少了41.4万人，州政府教育部门的就业人数减少了16.8万人，私立教育部门的就业人数减少了25.5万人，显示教育部门就业在接下来经济生活正常化中的更大恢复空间。不仅如此，随着教育部门就业和线下课程的恢复，大量居家看护儿童的以女性为主的劳动力将会增加，成为中期非农就业新增的一大重要潜力，这一观点也是多位美联储官员如Kashkari, Mester看好未来就业的原因之一。\n油价飙升，通胀预期再起\n今年3月以来，在旺盛的需求以及需求将继续旺盛的市场预期下，油价开始上行，周四OPEC+未能就增产问题达成一致，WTI原油价格自2018年以来首次站上75美元/桶。3月开始，随着经济持续复苏，原油需求强劲，尽管OPEC+不断增产，但是原油供需缺口仍存，原油价格一路飙升，WTI原油和布油价格均从3月下旬的60美元/桶附近一路走上70美元/桶以上。本周四，OPEC+早先初步达成协议，2021年12月前平均每月增产40万桶/日。低于市场预期，后又因阿联酋反对而搁置，WTI和布油价格双双站上75美元/桶，其中WTI油价为2018年10月以来的新高。\n\n今年以来，美国EIA原油库存整体处于下行趋势，体现原油需求旺盛，5月起原油库存连续6周下降，反映当前供需缺口较大，油价或易上难下。6月30日，EIA最新数据显示，截至6月25日，当周原油库存减少671.8万桶，降幅高于预期的385万桶，为连续6周下降，连续下降的原油库存反映当前原油供需缺口较大。从本周OPEC+会议情况来看，OPEC+内部对于是否增产仍然存在一定分歧，同时，即便OPEC+对于增产达成协议，每月增加的原油产量也未必能够填补当前较大的供需缺口，因此短期来看，原油价格或将维持高位。目前最大变量或在伊核谈判，若短期内伊核谈判顺利，伊朗恢复原油供给和出口，将有助于缓解油价上行趋势;若短期内谈判不顺利，那么在新任强硬派总统易卜拉欣·莱希领导下，未来伊核谈判将有较大变数。\n\n美国通胀持续处于高位，主要来自能源和交通运输项拉动。在4月通胀数据远超市场预期后，美国5月通胀数据再次超市场预期，其主要拉动来自于交通运输和能源分项。5月美国未季调CPI同比录得5%，较前值4.2%上涨0.8pct，未季调核心CPI同比录得3.8%，较前值3%上涨0.8pct。一方面，去年受疫情影响导致的低基数效应是5月通胀同比读数大幅上涨的一项重要原因。另一方面，从CPI分项上来看，给5月份CPI同比带来拉动效应最强的分项是交通运输和能源项，5月美国CPI交通运输分项同比增速达20%，能源分项同比增速高达28.5%，主要反映了疫情修复下人们出行需求的增加。与此同时，美联储更加关心的PCE指标也创历史新高，5月PCE同比增3.9%，远高于美联储2%的通胀目标，核心PCE同比增3.4%，为1992年以来的新高。\n\n在油价易上难下的情况下，通胀预期再次上行，通胀或阶段性维持高位。在6月美联储议息会议偏鹰派态度下，市场通胀预期下行带动美债利率不升反降，在6月18日和21日到达阶段性低点后，近期随着油价连续上行，通胀预期再次抬头。从油价和通胀的关系来看，首先，油价与美国CPI细项中能源类商品的走势基本正相关;其次，CPI分项中能源项同比与CPI总体同比走势高度吻合。因此，在通胀预期上行和油价带动通胀的共同作用下，美国通胀或阶段性维持高位。同时，交通运输项、住房项维持高位，二手车价格短期内居高不下，同样会对通胀水平有所支撑。\n\n美联储会提前收紧吗?\n就年内的Taper而言，就业市场仍是美联储关注的重点，在就业市场稳步复苏但远未恢复到正常时期水平的情况下，预计美联储Taper进程不会提前。虽然当前通胀位于高位，并将在未来一定时间内维持高位，但是对于年内的Taper而言，通胀并不是美联储关注的重点。美联储当前关注的重点仍是就业市场，当前就业市场复苏进程较为稳定，但远未恢复到正常时期水平。在6月大部分州停发失业救济金后，居民就业意愿逐渐提升，同时叠加9月学校复学，看护小孩需求降低，预计就业市场或将在7、8月加速修复，届时或将触发美联储对于Taper的讨论。因此，6月的非农报告让我们保持此前的判断，预计美联储Taper进程不会提前，正式开始讨论Taper的时点或在8月的杰克逊霍尔全球央行会议上，而宣布Taper和正式开始实施Taper的时点或将发生在今年年底和明年年初。\n就此后的加息而言，通胀将成为美联储关注的重点，如果通胀较长时间维持高位，那么不排除美联储在2022年底前提前加息。一方面，6月美联储点阵图显示所有决策者都预计到2021年底联邦基金利率将维持在接近零的水平，有7位官员预计将在2022年加息，13位委员预计将在2023年加息，相比3月点阵图，预计2022年加息的官员增加3人，预计2023年加息的官员增加6人。尽管点阵图和是否加息并无直接联系，但是依然反映出美联储官员对于加息态度的变化。另一方面，在议息会议之后，美联储官员的鹰派声音也明显增加，最具代表性的是以鸽派著称的圣路易斯联储主席布拉德突然转鹰，他表示，连他本人在内的7位政策制定者均预计美联储将采取激进的措施来遏制通胀，这是对通胀上升快于预期的自然反应。此外，达拉斯联储主席卡普兰、美联储理事沃勒、里士满联储主席巴尔金近期均发表鹰派言论。根据美联储对于通胀的最新预测以及鲍威尔对于通胀表述的边际变化，如果通胀以及通胀预期持续走高，那么不排除美联储将提前采取行动遏制通胀(即在2022年底前加息)的可能。\n\n年内美债走势如何?\n随着美联储货币政策转向，我们预计美债将在Taper讨论正式开始之前维持在1.4%-1.6%之间震荡。根据我们此前的报告《债市启明系列20210622—美债利率为何跳水?》(2021-06-22)，近期美债利率的下行分为两个阶段，美联储6月议息会议之前是流动性过剩和拜登基建计划受阻推动的下行，议息会议之后是流动性过剩下通胀预期下行引发的利率下行。短期而言，预计美债利率将在1.4%-1.6%之间震荡。\n而根据上一轮Taper经验，在本轮Taper讨论开始后到正式实施Taper前，预计美债利率将小幅上行，或将到达1.8%-2.0%的水平。2013年5月22日，时任美联储主席伯南克在国会发表证词，在提问环节，伯南克表示，如果就业市场持续改善，并且我们对改善势头的持续有信心，那么将在未来几次会议上减少购买规模。在伯南克的讲话和议息会议纪要共同冲击下，市场反应剧烈，出现了所谓的“缩减恐慌(taper tantrum)”。在突如其来的Taper信号出现后，美债收益率快速大幅飙升，从2013年5月1日起，10年期美债收益率开始迅速飙升，到9月议息会议前夕已由月初的1.66%升至高点2.98%，上行超130bps。\n\n就本轮Taper而言，美联储已经吸取上一轮出现“缩减恐慌”的教训，提前与市场进行沟通，同时市场也对Taper有充分预期，因此美债利率大概率不会出现斜率很大的上行。鲍威尔在6月议息会议后的发布会上表示，会尽所能避免市场出现过度反应，在做出任何决定之前会提前告知市场。同时，拉达斯联储主席卡普兰也在近日表示，美联储将逐步减少资产购买，但这次将更加顺利，因为投资者已经知道该措施正被商议中，美联储这次将避免制造2013年的“缩减恐慌”。因此，我们认为在美联储正式释放Taper讨论信号后，美债利率将会有所上行，但是不会出现2013年高达130bps的幅度，或将达到1.8%-2.0%的水平。","news_type":1,"symbols_score_info":{"159934":0.9,"161125":0.9,"513500":0.9,"518880":0.9,"UPRO":0.9,"TQQQ":0.9,"PSQ":0.9,"GDX":0.9,"NQmain":0.9,"SImain":0.9,".SPX":0.9,"QQQ":0.9,"SDS":0.9,"SPY":0.9,"IAU":0.9,".DJI":0.9,".IXIC":0.9,"IVV":0.9,"DOG":0.9,"SGUmain":0.9,"QLD":0.9,"SH":0.9,"DDM":0.9,"MNQmain":0.9,"MGCmain":0.9,"SGCmain":0.9,"DUST":0.9,"SSO":0.9,"NUGT":0.9,"OEF":0.9,"QID":0.9,"DJX":0.9,"OEX":0.9,"SPXU":0.9,"GCmain":0.9,"ESmain":0.9,"SDOW":0.9,"GLD":0.9,"UDOW":0.9,"SQQQ":0.9,"DXD":0.9}},"isVote":1,"tweetType":1,"viewCount":6323,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152008387,"gmtCreate":1625239179449,"gmtModify":1703739270049,"author":{"id":"4087371163339050","authorId":"4087371163339050","name":"Sky9292","avatar":"https://static.tigerbbs.com/e54cf3c218ba1e46c37cda7088208b4c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087371163339050","authorIdStr":"4087371163339050"},"themes":[],"title":"","htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/152008387","repostId":"2148875521","repostType":4,"repost":{"id":"2148875521","kind":"news","pubTimestamp":1625199518,"share":"https://ttm.financial/m/news/2148875521?lang=en_US&edition=fundamental","pubTime":"2021-07-02 12:18","market":"us","language":"zh","title":"According to IPO News, Luo Bingxian predicts that Hong Kong IPOs will raise HK$500 billion throughout the year, with 5 to 7 new shares worth HK$10 billion in the second half of the year.","url":"https://stock-news.laohu8.com/highlight/detail?id=2148875521","media":"AAFN","summary":"罗兵咸发表上半年新股市场回顾，期内47只新股共集资2,129.6亿元。该行预测香港全年共有150家公司上市，当中145只为主板新股。他预期，下半年将有5至7家集资100亿元以上的超大型新股上市，共集资750亿至1,000亿元，包括电动汽车及环保相关大型ESG企业、消费品及零售服务公司。罗兵咸预期，ESG相关大型企业共有5至6家，将集资共500亿元以上，生物科技公司将有28至30家，筹集700亿至750亿元。","content":"<p><div>Luo Bingxian released a review of the IPO market in the first half of the year, showing that 47 new stocks raised a total of RMB 212.96 billion during the period. Huang Jinqian, PricewaterhouseCoopers Hong Kong Capital Markets Services Partner, pointed out that in the first half of this year, a total of 23 new economy IPOs were recorded, including those in the dual-class share structure, biotechnology, pharmaceutical and TMT industries, raising a total of HK$149.2 billion, accounting for 70% of the total funds raised during the period, a decrease from 84% in the same period last year. He pointed out that the data reflects the proliferation of new stocks in China, and the market does not rely solely on the support of the new economy. The bank predicts that a total of 150 companies will be listed in Hong Kong throughout the year, of which 145 will be new stocks on the main board. PricewaterhouseCoopers Hong Kong...</p><p><a href=\"http://www.aastocks.com/apps/data/iphone/news/newscontent.aspx?newsid=NOW.1109717&style=5&chgstyle=1&categoryid=stock&width=320&market_id=hk&fontary=3&platform=iPhone&language=sc&isfirstreq=1&sourceid=aafn&datatype=0\">Web page link</a></div></p>","source":"aastocks","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>According to IPO News, Luo Bingxian predicts that Hong Kong IPOs will raise HK$500 billion throughout the year, with 5 to 7 new shares worth HK$10 billion in the second half of the year.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAccording to IPO News, Luo Bingxian predicts that Hong Kong IPOs will raise HK$500 billion throughout the year, with 5 to 7 new shares worth HK$10 billion in the second half of the year.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">AAFN</strong><span class=\"h-time small\">2021-07-02 12:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Luo Bingxian released a review of the IPO market in the first half of the year, showing that 47 new stocks raised a total of RMB 212.96 billion during the period. Huang Jinqian, PricewaterhouseCoopers Hong Kong Capital Markets Services Partner, pointed out that in the first half of this year, a total of 23 new economy IPOs were recorded, including those in the dual-class share structure, biotechnology, pharmaceutical and TMT industries, raising a total of HK$149.2 billion, accounting for 70% of the total funds raised during the period, a decrease from 84% in the same period last year. He pointed out that the data reflects the proliferation of new stocks in China, and the market does not rely solely on the support of the new economy. The bank predicts that a total of 150 companies will be listed in Hong Kong throughout the year, of which 145 will be new stocks on the main board. PricewaterhouseCoopers Hong Kong...</p><p><a href=\"http://www.aastocks.com/apps/data/iphone/news/newscontent.aspx?newsid=NOW.1109717&style=5&chgstyle=1&categoryid=stock&width=320&market_id=hk&fontary=3&platform=iPhone&language=sc&isfirstreq=1&sourceid=aafn&datatype=0\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.aastocks.com/apps/data/iphone/news/newscontent.aspx?newsid=NOW.1109717&style=5&chgstyle=1&categoryid=stock&width=320&market_id=hk&fontary=3&platform=iPhone&language=sc&isfirstreq=1&sourceid=aafn&datatype=0\">AAFN</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{"00388":"香港交易所"},"source_url":"http://www.aastocks.com/apps/data/iphone/news/newscontent.aspx?newsid=NOW.1109717&style=5&chgstyle=1&categoryid=stock&width=320&market_id=hk&fontary=3&platform=iPhone&language=sc&isfirstreq=1&sourceid=aafn&datatype=0","is_english":false,"share_image_url":"https://static.laohu8.com/51f6b9126f36f92bbf92982596066e5a","article_id":"2148875521","content_text":"罗兵咸发表上半年新股市场回顾，期内47只新股共集资2,129.6亿元。 罗兵咸永道香港资本市场服务合夥人黄金钱指出，今年上半年同股不同权、生物科技、医药及TMT行业等新经济IPO共录23宗，合计集资1,492亿元，占期内集资额的70%，较去年同期的84%下降。他指出，数据反映前内新股百花齐放，市场不单单只依赖新经济支撑。该行预测香港全年共有150家公司上市，当中145只为主板新股。 罗兵咸永道香港企业客户主管合夥人黄炜邦指出，目前正在排队的上市申请超过200宗，6月份更录得61宗申请，有信心新股市场维持增长及活跃，大市气氛向好，将全年集资额预测由4,600亿元提升至5,000亿元，即按年增长约25%。按集资额计，香港今年於全球排名有机会继续跻身三甲。他预期，下半年将有5至7家集资100亿元以上的超大型新股上市，共集资750亿至1,000亿元，包括电动汽车及环保相关大型ESG企业、消费品及零售服务公司。集资50亿至100亿元预期共有5至10家，共筹集350亿至700亿元；另外集资50亿元以下新股料超过80家，平均集资约15亿元。罗兵咸预期，ESG相关大型企业共有5至6家，将集资共500亿元以上，生物科技公司将有28至30家，筹集700亿至750亿元。(gc/k)~阿思达克财经新闻网址: www.aastocks.com","news_type":1,"symbols_score_info":{"00388":0.9}},"isVote":1,"tweetType":1,"viewCount":4159,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156745373,"gmtCreate":1625238514192,"gmtModify":1703739244771,"author":{"id":"4087371163339050","authorId":"4087371163339050","name":"Sky9292","avatar":"https://static.tigerbbs.com/e54cf3c218ba1e46c37cda7088208b4c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087371163339050","authorIdStr":"4087371163339050"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/156745373","repostId":"2148719218","repostType":4,"repost":{"id":"2148719218","kind":"news","pubTimestamp":1625215067,"share":"https://ttm.financial/m/news/2148719218?lang=en_US&edition=fundamental","pubTime":"2021-07-02 16:37","market":"us","language":"zh","title":"ZeroKr Technology plans to issue 10.825 million ADS, with existing shareholders such as Alibaba Health expressing interest in subscribing.","url":"https://stock-news.laohu8.com/highlight/detail?id=2148719218","media":"资本邦","summary":"零氪科技是一家数据驱动、AI赋能的医疗科技公司。","content":"<p>On July 2, Capital.com learned that<b><a href=\"https://laohu8.com/S/LDOC\">ZeroKr Technology</a></b>The company released an updated prospectus, planning to issue 10.825 million ADSs, representing 43.3 million Class A ordinary shares. The IPO offering range is $17.5-19.5 per ADS, and the company plans to list on Nasdaq.</p><p>The company stated that some existing shareholders and their subsidiaries, as well as third-party investors, intend to subscribe to a total of US$115 million in ADS. Among the existing shareholders<a href=\"https://laohu8.com/S/00241\">Alibaba Health</a>Blue Lake Capital is interested in subscribing for $25 million. New investors include Temasek,<a href=\"https://laohu8.com/S/UBS\">UBS</a>Hudson Bay Capital and Sage Partners.</p><p>Based on the midpoint of the IPO offering range, the company expects the net proceeds from this offering to be approximately US$182.7 million, and if the underwriters fully exercise their over-allotment authority, the net proceeds will be approximately US$210.6 million.</p><p>The company plans to use 45% of the net proceeds from this IPO to strengthen its R&D capabilities and technological infrastructure, and to bring in more oncologists, data scientists, and other experienced professionals; 15% will be used to expand the patient care center network and services, as well as other capital expenditures; 25% is used to seek potential strategic investments and acquisitions; 15% for general corporate purposes.</p><p>ZeroKr Technology is a data-driven, AI-powered medical technology company that provides comprehensive big data and artificial intelligence solutions for various parties in the pharmaceutical and healthcare industries. Currently, its main business includes real-world drug research, patient health management, patient recruitment, etc., and focuses on providing solutions in the field of major diseases represented by tumors and rare diseases.</p><p>The prospectus shows that in 2019 and 2020, the company's revenue was RMB 499 million and RMB 942 million, respectively; The net losses were 434 million yuan and 489 million yuan, respectively.</p><p>In the first quarter of 2021, the company's revenue was 223 million yuan and its net loss was 138 million yuan, an increase of 116% year-on-year.</p>","source":"tencent","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>ZeroKr Technology plans to issue 10.825 million ADS, with existing shareholders such as Alibaba Health expressing interest in subscribing.</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\">\nZeroKr Technology plans to issue 10.825 million ADS, with existing shareholders such as Alibaba Health expressing interest in subscribing.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">资本邦</strong><span class=\"h-time small\">2021-07-02 16:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On July 2, Capital.com learned that<b><a href=\"https://laohu8.com/S/LDOC\">ZeroKr Technology</a></b>The company released an updated prospectus, planning to issue 10.825 million ADSs, representing 43.3 million Class A ordinary shares. The IPO offering range is $17.5-19.5 per ADS, and the company plans to list on Nasdaq.</p><p>The company stated that some existing shareholders and their subsidiaries, as well as third-party investors, intend to subscribe to a total of US$115 million in ADS. Among the existing shareholders<a href=\"https://laohu8.com/S/00241\">Alibaba Health</a>Blue Lake Capital is interested in subscribing for $25 million. New investors include Temasek,<a href=\"https://laohu8.com/S/UBS\">UBS</a>Hudson Bay Capital and Sage Partners.</p><p>Based on the midpoint of the IPO offering range, the company expects the net proceeds from this offering to be approximately US$182.7 million, and if the underwriters fully exercise their over-allotment authority, the net proceeds will be approximately US$210.6 million.</p><p>The company plans to use 45% of the net proceeds from this IPO to strengthen its R&D capabilities and technological infrastructure, and to bring in more oncologists, data scientists, and other experienced professionals; 15% will be used to expand the patient care center network and services, as well as other capital expenditures; 25% is used to seek potential strategic investments and acquisitions; 15% for general corporate purposes.</p><p>ZeroKr Technology is a data-driven, AI-powered medical technology company that provides comprehensive big data and artificial intelligence solutions for various parties in the pharmaceutical and healthcare industries. Currently, its main business includes real-world drug research, patient health management, patient recruitment, etc., and focuses on providing solutions in the field of major diseases represented by tumors and rare diseases.</p><p>The prospectus shows that in 2019 and 2020, the company's revenue was RMB 499 million and RMB 942 million, respectively; The net losses were 434 million yuan and 489 million yuan, respectively.</p><p>In the first quarter of 2021, the company's revenue was 223 million yuan and its net loss was 138 million yuan, an increase of 116% year-on-year.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021070216374979cdd1ba&s=b\">资本邦</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/11d14604e93a2bf0961a77fba86eb076","relate_stocks":{},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021070216374979cdd1ba&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2148719218","content_text":"7月2日，资本邦了解到，零氪科技发布更新后的招股书，计划发行1082.5万股ADS，代表4330万股A类普通股。IPO发行区间为17.5-19.5美元每ADS，计划在纳斯达克上市。公司称，部分现有股东及其附属公司，以及第三方投资者有意认购总计1.15亿美元的ADS。其中现有股东阿里健康及蓝湖资本有意认购2500万美元。新投资者包括淡马锡、瑞银、Hudson Bay Capital和Sage Partners。以IPO发行区间的中间值计算，公司预计此次发行所得收益净额约为1.827亿美元，若承销商完全行使超额配授权，则收益净额约2.106亿美元。公司计划将此次IPO净收益的45%用于加强研发能力与技术基础设施，引入更多的肿瘤专家、数据科学家和其他经验丰富的专业人士;15%用于扩大患者护理中心网络和服务，以及其他资本支出;25%用于寻求潜在的战略投资和收购;15%用于一般公司用途。零氪科技是一家数据驱动、AI赋能的医疗科技公司，为医药、医疗产业各方提供大数据和人工智能整体解决方案。 目前主要业务包括药品真实世界研究、患者健康管理业务、患者招募业务等，并专注于提供以肿瘤和罕见病为代表的重大疾病领域的解决方案。招股书显示，2019年、2020年，公司营收分别为4.99亿元(人民币，下同)、9.42亿元;净亏损分别为4.34亿元、4.89亿元。2021年第一季度，公司营收为2.23亿元，净亏损1.38亿元，同比扩大116%。","news_type":1,"symbols_score_info":{"LDOC":0.9}},"isVote":1,"tweetType":1,"viewCount":3899,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156728793,"gmtCreate":1625237635812,"gmtModify":1703739214285,"author":{"id":"4087371163339050","authorId":"4087371163339050","name":"Sky9292","avatar":"https://static.tigerbbs.com/e54cf3c218ba1e46c37cda7088208b4c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087371163339050","authorIdStr":"4087371163339050"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/156728793","repostId":"1141207816","repostType":4,"repost":{"id":"1141207816","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":1625232688,"share":"https://ttm.financial/m/news/1141207816?lang=en_US&edition=fundamental","pubTime":"2021-07-02 21:31","market":"us","language":"zh","title":"Opening: Didi fell about 9%, while Virgin Galactic rose over 22%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1141207816","media":"老虎资讯综合","summary":"7月2日，美股三大指数小幅高开，道指涨0.16%，普500指数涨0.25%，纳指涨0.44%。美国6月季调后非农就业人口录得增加85万人，好于市场预期，增幅创去年8月以来新高。\n滴滴跌约9%，滴滴称将","content":"<p>On July 2, the three major U.S. stock indexes opened slightly higher, with the Dow Jones Industrial Average up 0.16%, the Composite 500 up 0.25%, and the Nasdaq Composite up 0.44%. The U.S. recorded a seasonally adjusted increase of 850,000 non-farm payrolls in June, better than market expectations and the highest growth rate since August last year.<img src=\"https://static.tigerbbs.com/4f2936abbbd9b5b916f14197fafd3258\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Didi shares fell about 9%. Didi stated that it will actively cooperate with cybersecurity reviews during the review period.<a href=\"https://laohu8.com/S/DIDI\">Didi Chuxing</a>Stop new user registration.</p><p><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>Rising 22.5%, the company will launch its first flight test with a complete crew on July 11, and its founder Branson will also board the spacecraft for testing.</p><p><a href=\"https://laohu8.com/S/DDL\">ding-dong</a>Maicai continued to fall by more than 4%, closing down nearly 15% yesterday.</p><p>Pop Culture (CPOP.O), known as the first stock in hip-hop culture, opened 14% higher on its third day of trading, and closed up nearly 100% yesterday.</p><p>Chinese concept stocks in the new energy vehicle market generally rose.<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>Up 0.55%<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Up 0.92%<a href=\"https://laohu8.com/S/NIO\">Nio</a>Automobiles rose 0.65%.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Up 0.16%. In the second quarter, 201,250 vehicles were delivered, and 206,421 vehicles were produced.</p><p><a href=\"https://laohu8.com/S/00013\">Hutchison MediPharma</a>Rising 1.32%, the U.S. Food and Drug Administration (FDA) has accepted a new drug application for surufatinib for the treatment of pancreatic and extrapancreatic (non-pancreatic) neuroendocrine tumors (NET).</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opening: Didi fell about 9%, while Virgin Galactic rose over 22%.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpening: Didi fell about 9%, while Virgin Galactic rose over 22%.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-02 21:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 2, the three major U.S. stock indexes opened slightly higher, with the Dow Jones Industrial Average up 0.16%, the Composite 500 up 0.25%, and the Nasdaq Composite up 0.44%. The U.S. recorded a seasonally adjusted increase of 850,000 non-farm payrolls in June, better than market expectations and the highest growth rate since August last year.<img src=\"https://static.tigerbbs.com/4f2936abbbd9b5b916f14197fafd3258\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Didi shares fell about 9%. Didi stated that it will actively cooperate with cybersecurity reviews during the review period.<a href=\"https://laohu8.com/S/DIDI\">Didi Chuxing</a>Stop new user registration.</p><p><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>Rising 22.5%, the company will launch its first flight test with a complete crew on July 11, and its founder Branson will also board the spacecraft for testing.</p><p><a href=\"https://laohu8.com/S/DDL\">ding-dong</a>Maicai continued to fall by more than 4%, closing down nearly 15% yesterday.</p><p>Pop Culture (CPOP.O), known as the first stock in hip-hop culture, opened 14% higher on its third day of trading, and closed up nearly 100% yesterday.</p><p>Chinese concept stocks in the new energy vehicle market generally rose.<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>Up 0.55%<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Up 0.92%<a href=\"https://laohu8.com/S/NIO\">Nio</a>Automobiles rose 0.65%.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Up 0.16%. In the second quarter, 201,250 vehicles were delivered, and 206,421 vehicles were produced.</p><p><a href=\"https://laohu8.com/S/00013\">Hutchison MediPharma</a>Rising 1.32%, the U.S. Food and Drug Administration (FDA) has accepted a new drug application for surufatinib for the treatment of pancreatic and extrapancreatic (non-pancreatic) neuroendocrine tumors (NET).</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPCE":"维珍银河",".SPX":"S&P 500 Index"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141207816","content_text":"7月2日，美股三大指数小幅高开，道指涨0.16%，普500指数涨0.25%，纳指涨0.44%。美国6月季调后非农就业人口录得增加85万人，好于市场预期，增幅创去年8月以来新高。\n滴滴跌约9%，滴滴称将积极配合网络安全审查，审查期间滴滴出行停止新用户注册。\n维珍银河涨22.5%，公司将于7月11日启动首次搭载完整机组的飞行测试，公司创始人Branson也将登上飞船进行测试。\n叮咚买菜续跌超4%，昨日收盘跌近15%。\n“嘻哈文化第一股”普普文化(CPOP.O)上市第三日高开14%，该股昨日收涨近100%。\n中概新能源车股普涨，小鹏汽车涨0.55%，理想汽车涨0.92%，蔚来汽车涨0.65%。\n特斯拉涨0.16%。第二季度交付量为201250辆汽车，生产了206421辆汽车。\n和黄医药涨1.32%，美国食品药品监督管理局(FDA)已受理索凡替尼用于治疗胰腺和胰腺外(非胰腺)神经内分泌瘤(NET)的新药上市申请。","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,"SPCE":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":4042,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156728620,"gmtCreate":1625237620660,"gmtModify":1703739213463,"author":{"id":"4087371163339050","authorId":"4087371163339050","name":"Sky9292","avatar":"https://static.tigerbbs.com/e54cf3c218ba1e46c37cda7088208b4c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087371163339050","authorIdStr":"4087371163339050"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/156728620","repostId":"2148803813","repostType":4,"repost":{"id":"2148803813","kind":"news","pubTimestamp":1625236084,"share":"https://ttm.financial/m/news/2148803813?lang=en_US&edition=fundamental","pubTime":"2021-07-02 22:28","market":"us","language":"zh","title":"With sales exceeding 200,000 units for the first time, can Tesla rest easy?","url":"https://stock-news.laohu8.com/highlight/detail?id=2148803813","media":"36氪","summary":"2021年二季度，特斯拉交付量持续增长，首度突破20万辆。\n其中，中国市场特斯拉销量仍走在高速增长的道路上，乘联会数据显示今年1-5月国内累计销量更是逼近13万辆，达到128,588辆的市场表现。上海","content":"<p>Second quarter 2021,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Deliveries continued to grow, exceeding 200,000 vehicles for the first time.</p><p>Among them, Tesla's sales in the Chinese market are still on a path of rapid growth. Data from the China Passenger Car Association shows that from January to May this year, cumulative domestic sales approached 130,000 vehicles, reaching a market performance of 128,588 vehicles. Model 3s produced at the Shanghai Gigafactory were exported to 10 countries and regions, including Europe and Australia, contributing to Tesla's delivery growth in the second quarter.</p><p>In terms of vehicle models, the Model Y has achieved impressive delivery results. Data from the China Passenger Car Association shows that from January to May, the cumulative national sales of the Model Y reached 34,557 units, of which 12,728 units were sold in May, ranking ninth on the SUV sales list that month.</p><p>In terms of related supporting facilities, Tesla has 850 Supercharger stations in China, with more than 6,500 Supercharger piles, and more than 700 destination charging stations and more than 1,700 destination charging piles, covering more than 320 cities across the country. In addition, Tesla plans to invest 42 million yuan in Shanghai to build a Supercharger factory integrating R&D and production. The project is expected to be put into operation in the first quarter of 2021, with an initial planned annual production of 10,000 Supercharger piles (mainly V3 Supercharger piles).</p><p>Even so, the fog surrounding Tesla's safety has not dissipated. Tesla recently announced a recall of over 280,000 imported Model 3, domestically produced Model 3, and domestically produced Model Y vehicles in China. It is worth noting that the recall basically covers all domestically produced Model 3 and Model Y models sold from January to May this year.</p><p>At the same time, Tesla also faces challenges from traditional automaker giant Volkswagen.</p><p>Volkswagen recently announced that its entire product line will achieve carbon neutrality by 2050 at the latest, and by 2030, electric vehicles will be the group's main model, accounting for 70% of its European sales. Volkswagen's goal for 2021 is to more than double its electric vehicle deliveries to 1 million units. Last year, the European new energy vehicle market jumped to become the world's largest new energy vehicle market, accounting for 43% of the global market share. This move means that Volkswagen will bet on the European market and see it as an important market to compete with Tesla.</p><p>Compared to established car manufacturers, Tesla needs to further improve its quality and production capacity.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>With sales exceeding 200,000 units for the first time, can Tesla rest easy?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWith sales exceeding 200,000 units for the first time, can Tesla rest easy?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2021-07-02 22:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Second quarter 2021,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Deliveries continued to grow, exceeding 200,000 vehicles for the first time.</p><p>Among them, Tesla's sales in the Chinese market are still on a path of rapid growth. Data from the China Passenger Car Association shows that from January to May this year, cumulative domestic sales approached 130,000 vehicles, reaching a market performance of 128,588 vehicles. Model 3s produced at the Shanghai Gigafactory were exported to 10 countries and regions, including Europe and Australia, contributing to Tesla's delivery growth in the second quarter.</p><p>In terms of vehicle models, the Model Y has achieved impressive delivery results. Data from the China Passenger Car Association shows that from January to May, the cumulative national sales of the Model Y reached 34,557 units, of which 12,728 units were sold in May, ranking ninth on the SUV sales list that month.</p><p>In terms of related supporting facilities, Tesla has 850 Supercharger stations in China, with more than 6,500 Supercharger piles, and more than 700 destination charging stations and more than 1,700 destination charging piles, covering more than 320 cities across the country. In addition, Tesla plans to invest 42 million yuan in Shanghai to build a Supercharger factory integrating R&D and production. The project is expected to be put into operation in the first quarter of 2021, with an initial planned annual production of 10,000 Supercharger piles (mainly V3 Supercharger piles).</p><p>Even so, the fog surrounding Tesla's safety has not dissipated. Tesla recently announced a recall of over 280,000 imported Model 3, domestically produced Model 3, and domestically produced Model Y vehicles in China. It is worth noting that the recall basically covers all domestically produced Model 3 and Model Y models sold from January to May this year.</p><p>At the same time, Tesla also faces challenges from traditional automaker giant Volkswagen.</p><p>Volkswagen recently announced that its entire product line will achieve carbon neutrality by 2050 at the latest, and by 2030, electric vehicles will be the group's main model, accounting for 70% of its European sales. Volkswagen's goal for 2021 is to more than double its electric vehicle deliveries to 1 million units. Last year, the European new energy vehicle market jumped to become the world's largest new energy vehicle market, accounting for 43% of the global market share. This move means that Volkswagen will bet on the European market and see it as an important market to compete with Tesla.</p><p>Compared to established car manufacturers, Tesla needs to further improve its quality and production capacity.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202107022132327d4b9b6f&s=b\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/577e499e898d722a6d935282f36956a3","relate_stocks":{"TSLA":"特斯拉"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202107022132327d4b9b6f&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2148803813","content_text":"2021年二季度，特斯拉交付量持续增长，首度突破20万辆。\n其中，中国市场特斯拉销量仍走在高速增长的道路上，乘联会数据显示今年1-5月国内累计销量更是逼近13万辆，达到128,588辆的市场表现。上海超级工厂生产的Model 3，出口至欧洲、澳大利亚等10个国家和地区，促进者特斯拉二季度的交付量的增长。\n车型方面，Model Y交付成绩较为亮，眼乘联会数据显示，1-5月Model Y全国累计销量为34557辆，其中5月销量为12728辆，位列当月SUV销量榜单第九名。\n相关配套设施方面，特斯拉在中国的超级充电站达到了850座，有超过6500根超级充电桩，目的地充电站已达到700+，1700+目的地充电桩，共覆盖全国320个以上的城市。此外，特斯拉计划在上海投资4,200万元，建设一座集研发、生产于一体的超级充电桩工厂，该项目预计2021年第一季度投产，初期规划年产10,000根超级充电桩（主要为V3超级充电桩）\n即便如此，特斯拉的安全氤氲仍未散去。近日特斯拉宣布召回国内超28万辆进口Model 3、国产Model 3以及国产Model Y。值得注意的是，本次召回数量基本涵盖了今年1-5月所有销售的国产Model 3与国产Model Y。\n同时，特斯拉还要面临传统车企巨头大众的挑战。\n近日，大众宣布其整个产品线最迟将在2050年实现碳中和，到2030年电动汽车将是集团主销车型，届时将占到其欧洲销量的70%。2021年大众汽车的目标是将电动汽车的交付量增加一倍以上，并达到100万辆。去年欧洲新能源市场一举跃升为全球最大新能源车市场，占全球市场份额的43%。此举意味着大众将押宝欧洲市场，并将其作为抗衡特斯拉的重要市场。\n相较于成熟的造车企业，特斯拉质量以及产能上都需要进一步提高。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":3678,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156728183,"gmtCreate":1625237604942,"gmtModify":1703739212801,"author":{"id":"4087371163339050","authorId":"4087371163339050","name":"Sky9292","avatar":"https://static.tigerbbs.com/e54cf3c218ba1e46c37cda7088208b4c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087371163339050","authorIdStr":"4087371163339050"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/156728183","repostId":"1116214742","repostType":4,"repost":{"id":"1116214742","kind":"news","pubTimestamp":1625237242,"share":"https://ttm.financial/m/news/1116214742?lang=en_US&edition=fundamental","pubTime":"2021-07-02 22:47","market":"us","language":"zh","title":"Nineteen days from now, is Jia Yueting going to do something big?","url":"https://stock-news.laohu8.com/highlight/detail?id=1116214742","media":"铅笔道","summary":"贾跃亭，一个时刻不忘让自己处在舆论漩涡中的男人。\n在被调侃过无数次“下周回国”之后，这次可能是他希望最大的一次。\n近日，贾跃亭创立的电动汽车品牌FF宣布其与PSAC的合并计划已被批准。如果顺利，本月F","content":"<p><img src=\"https://static.tigerbbs.com/a556d406f2cd07fbbf570fb90e4b3c67\" tg-width=\"1080\" tg-height=\"578\" referrerpolicy=\"no-referrer\"></p><p>Jia Yueting, a man who never forgets to keep himself in the vortex of public opinion.</p><p>After being teased countless times about \"going back to China next week,\" this is probably the one he hopes for the most.</p><p>Recently, FF, the electric vehicle brand founded by Jia Yueting, announced that its merger plan with PSAC has been approved. If all goes well, FF will be launched in the US this month. This merger will provide FF with approximately $1 billion in funding, valuing it at approximately $3.4 billion after its IPO.</p><p>This means that Jia Yueting's dream of building cars will come true, and he will finally be able to shed the label of \"PPT car manufacturing\". At the same time, Jia Yueting's huge debts may now be repaid.</p><p>However, whether FF, which Jia Yueting has bet everything on, can successfully go public remains to be seen. Furthermore, even if FF successfully goes public, it still faces many problems. Compared to other electric vehicle brands, FF currently has shortcomings in every aspect.</p><p>Four years after leaving the United States, Jia Yueting is still suffocating for his \"dream.\" How will he and FF continue on their path? I wonder if he already has the answer in his heart.</p><p>Note: The content of this article is mainly based on interviews with Pencil Road reporters and publicly available information online. The arguments are inevitably biased and there is no intention to mislead.</p><p>Boss Jia's \"Debt Repayment Techniques\"</p><p>Recently, an IPO announcement has once again brought Jia Yueting into the spotlight.</p><p>On June 24, US time, FF, of which he serves as founder and CPUO, announced that the company's S4 US stock listing documents had officially taken effect, and the US Securities and Exchange Commission had approved the merger plan of PSAC and FF.</p><p>This means that FF's IPO is possible in the near future. According to FF, a PSAC shareholders' meeting will be held on July 20 to vote on the FF merger. If the merger goes through smoothly, it will be listed on Nasdaq on July 21.</p><p><img src=\"https://static.tigerbbs.com/937db887fc673e84e69530f0738c1588\" tg-width=\"1080\" tg-height=\"761\" referrerpolicy=\"no-referrer\"></p><p>FF also mentioned that the merger will provide FF with approximately $1 billion in funding, including $230 million in cash held in trust by PSAC (assuming no redemption). Its valuation after listing was approximately $3.4 billion.</p><p>In addition, there is an even more important point. That is, after the transaction is completed, FF's first flagship product, the FF 91, is expected to enter mass production and delivery within 12 months. This means that Jia Yueting's dream of building cars will come true, and he will finally be able to shed the label of \"PPT car manufacturing\".</p><p>The news of FF's IPO has rekindled the confidence of Jia Yueting's creditors.</p><p>After LeEco's cash flow collapsed in 2017, Jia Yueting went to the United States to continue manufacturing cars. Amidst calls to \"repay the money,\" Jia Yueting filed for personal bankruptcy reorganization in the United States in October 2019. In July 2020, Jia Yueting's bankruptcy restructuring was finally completed, and the restructuring plan officially took effect. According to a disclosure by Jia Yueting's debt handling team on October 14, 2019, Jia Yueting's remaining net debt was approximately US$2 billion.</p><p>Regarding his own situation, Jia Yueting was...<a href=\"https://laohu8.com/S/WB\">Weibo</a>I published an article titled \"Working and Starting a Business, Restarting My Life, with My Apologies, Gratitude and Promises,\" in which I mentioned, \"I have invested all my remaining personal equity in a creditors' trust managed by a third party. From now on, I am no longer a holder of FF equity, but an employee who works with an entrepreneurial mindset and an entrepreneur who starts a business by working.\"</p><p><img src=\"https://static.tigerbbs.com/d1679a6ea996148f8944b03f7aabf94e\" tg-width=\"891\" tg-height=\"746\" referrerpolicy=\"no-referrer\"></p><p>How will Jia Yueting, who has no shares, pay off his debts? The answer lies in his personal bankruptcy reorganization plan.</p><p>Jia Yueting is well-versed in capital techniques, and his \"debt repayment skills\" are even more superb. Jia Yueting chose to transfer his FF shares to creditors through a creditor trust. This means that the creditors have become shareholders of FF. However, the plan stipulates that creditors can only sell their FF shares in the trust after FF's IPO. This means that creditors will only be able to get their money after FF goes public.</p><p>Regardless of whether creditors are optimistic about FF, since Jia Yueting cannot come up with real money to repay the debt, he has no choice but to accept this plan. Although Jia Yueting claimed that this was working for creditors, in reality, it was to bind creditors to FF and reduce the intensity of debt collection efforts against them.</p><p>According to the S4 filing, FF's existing shareholders and creditors (through debt-to-equity swaps) will continue to hold 213,176,594 shares of the company after the transaction, representing a 66% stake. If we calculate based on a valuation of $3.4 billion, this part is approximately $2.24 billion. If this money can be redeemed, it may not be impossible for Jia Yueting to pay off his debts.</p><p>Looking back, Jia Yueting's bankruptcy reorganization process, while not without setbacks, was still relatively smooth.</p><p>This is undoubtedly related to Jia Yueting's strategic planning. According to media analysis, this is related to Jia Yueting's \"falling out\" with his family.</p><p>Previously, Jia Yueting was sued by his ex-wife Gan Wei, his brother Jia Yuemin, and his sister Jia Yuefang, seeking $500 million, $800 million, and $50 million in damages respectively. In this way, Jia Yueting's total debt increased, the bargaining power of other creditors was diluted, and the bankruptcy reorganization plan was successfully approved. Furthermore, considering the amount of debt owed by his family, if FF successfully goes public, Jia Yueting will not have nothing.</p><p>Jia Yueting's method of repaying debts is not simply about suspending \"debt collection\". According to media reports, the creditors have granted Jia Yueting a four-year statute of limitations, meaning that the creditors will not file a lawsuit against Jia Yueting within those four years. If there were no other debts, Jia Yueting's \"debt dodger\" status might also be removed. In this situation, he was given enough time to catch his breath and a chance to \"clear his name\".</p><p>FF with an uncertain future</p><p>For a long time, when Jia Yueting's reputation could not be restored, the biggest impact was actually FF's financing.</p><p>Jia Yueting also went to great lengths to raise funds for FF. Therefore, Jia Yueting chose to step down as CEO of FF.</p><p>On September 3, 2019, FF announced that Bi Fukang would become FF's global CEO and Jia Yueting would serve as CPUO (Chief Product and User Officer). Looking at the history of financing, the \"de-Jia Yueting\" approach has indeed achieved some results.</p><p><img src=\"https://static.tigerbbs.com/d7df018c4258c3696d4279d6bf3e7161\" tg-width=\"900\" tg-height=\"711\" referrerpolicy=\"no-referrer\"></p><p>According to Qichacha statistics, FF has raised funds nine times, totaling tens of billions of yuan.</p><p><img src=\"https://static.tigerbbs.com/7eb89966043e084ffdd3ebf8b1b36908\" tg-width=\"600\" tg-height=\"708\" referrerpolicy=\"no-referrer\"></p><p>In theory, FF should have raised a considerable amount of funding, but the actual amount of funds received is still unknown. In addition, the specific methods of investment by the investors are also unclear.</p><p>Industry insiders analyze that FF may not have actually received as much as it seems, otherwise Jia Yueting would not be in such a hurry to raise funds. In addition, the electric vehicle industry is burning a terrible amount of money.<a href=\"https://laohu8.com/S/NIO\">Nio</a>XPeng and Li Auto have all raised billions of dollars, putting considerable financial pressure on FF.</p><p>Although FF's IPO is imminent, the industry is not so optimistic about it.</p><p>The primary reason is that FF has not actually sold a single car to date.</p><p>Back in 2015, Jia Yueting announced his intention to manufacture cars, boldly stating that he would connect the entire LeEco ecosystem to form a closed loop. However, six years later, LeEco has been delisted, and FF has not delivered a single car. Looking at other domestic electric vehicle brands during the same period, their performance was remarkable.</p><p>Take the first half of 2021 as an example: Nio Motor Company,<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>、<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Sales volume was over 40,000 vehicles, over 30,000 vehicles, and over 30,000 vehicles respectively. Even the newly emerging Nezha Auto achieved cumulative sales of over 20,000 vehicles in the first half of the year.</p><p>Let's look at FF's progress. In May 2021, the first FF Futurist Experience Center opened in Manhattan, New York.</p><p><img src=\"https://static.tigerbbs.com/2302ae5d340911e1cc5fd974085cc1ca\" tg-width=\"903\" tg-height=\"681\" referrerpolicy=\"no-referrer\"></p><p>The only thing that made Jia Yueting happy was the number of pre-orders on FF's official website. According to FF, by January of this year, pre-orders for the FF91 had exceeded 14,000. If we assume the FF91 is priced at $100,000 to $180,000, the FF will have orders of at least $1.4 billion to $2.52 billion. However, it is impossible to verify whether the data is accurate.</p><p>Currently, the FF91 is available for pre-order in China, with a deposit of 50,000 yuan. However, due to factors such as tariffs, the domestic price may reach more than 2 million yuan. Whether such an expensive electric vehicle will have a market in China remains to be seen.</p><p>To prove its strength, FF chose to continue making empty promises. FF had previously stated that the FF81 and FF71, aimed at the mass market, were already under development. It is reported that the FF81 starts at $59,000, compared to the benchmark...<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>High-end models such as the model S. The FF71 is expected to begin design and development in 2022, with a starting price of $45,000 and targeting mid-range consumers.</p><p>Another reason why outsiders are pessimistic about FF is that it remains to be seen whether FF's production capacity will be sufficient.</p><p>Previously, FF announced that its Hanford plant had achieved mass production capacity with an annual production capacity of 10,000 vehicles, but production would begin within 12 months of the merger of FF and PSAC.</p><p>In addition, according to media reports, FF is also collaborating with a leading South Korean manufacturing partner to produce FF's successor models.</p><p>Meanwhile, FF also announced that it has signed a framework cooperation agreement with Geely Group and is exploring the possibility of a joint venture between Geely and Foxconn providing OEM services.</p><p>However, these reports indicate that FF's production line is not perfect, and its mass production capacity is still just a slogan. Looking at other domestic brands: XPeng currently has a planned total production capacity of 350,000 vehicles; Li Auto currently has an annual production capacity of 100,000 vehicles, but its new factory with an annual production capacity of 100,000 vehicles will be completed in 2022. Nio CEO Li Bin recently stated that the second factory in Nio will begin production in the third quarter of next year, with an annual capacity of 1 million vehicles.</p><p>Compared to other new car brands, FF seems to have shortcomings in every way. Jia Yueting has been lying low for so long, and FF may have a major technical move, but the answer will only be revealed in a year.</p><p>In April of this year, Jia Yueting, who seemed to have seen a glimmer of hope, was dealt another heavy blow. LeEco stated that it received an administrative penalty decision from the Beijing Securities Regulatory Bureau of the China Securities Regulatory Commission. For ten consecutive years of financial fraud from 2007 to 2016, LeEco was fined 240.6 million yuan, and Jia Yueting was fined 241.2 million yuan. There are more voices questioning Jia Yueting.</p><p>July is a crucial month for FF's IPO. Will FF be able to successfully go public? What will the stock price be like after the IPO? How should FF open up the market? They were all gullies blocking Jia Yueting's path.</p>","source":"lsy1576054490042","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>Nineteen days from now, is Jia Yueting going to do something big?</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\">\nNineteen days from now, is Jia Yueting going to do something big?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">铅笔道</strong><span class=\"h-time small\">2021-07-02 22:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/a556d406f2cd07fbbf570fb90e4b3c67\" tg-width=\"1080\" tg-height=\"578\" referrerpolicy=\"no-referrer\"></p><p>Jia Yueting, a man who never forgets to keep himself in the vortex of public opinion.</p><p>After being teased countless times about \"going back to China next week,\" this is probably the one he hopes for the most.</p><p>Recently, FF, the electric vehicle brand founded by Jia Yueting, announced that its merger plan with PSAC has been approved. If all goes well, FF will be launched in the US this month. This merger will provide FF with approximately $1 billion in funding, valuing it at approximately $3.4 billion after its IPO.</p><p>This means that Jia Yueting's dream of building cars will come true, and he will finally be able to shed the label of \"PPT car manufacturing\". At the same time, Jia Yueting's huge debts may now be repaid.</p><p>However, whether FF, which Jia Yueting has bet everything on, can successfully go public remains to be seen. Furthermore, even if FF successfully goes public, it still faces many problems. Compared to other electric vehicle brands, FF currently has shortcomings in every aspect.</p><p>Four years after leaving the United States, Jia Yueting is still suffocating for his \"dream.\" How will he and FF continue on their path? I wonder if he already has the answer in his heart.</p><p>Note: The content of this article is mainly based on interviews with Pencil Road reporters and publicly available information online. The arguments are inevitably biased and there is no intention to mislead.</p><p>Boss Jia's \"Debt Repayment Techniques\"</p><p>Recently, an IPO announcement has once again brought Jia Yueting into the spotlight.</p><p>On June 24, US time, FF, of which he serves as founder and CPUO, announced that the company's S4 US stock listing documents had officially taken effect, and the US Securities and Exchange Commission had approved the merger plan of PSAC and FF.</p><p>This means that FF's IPO is possible in the near future. According to FF, a PSAC shareholders' meeting will be held on July 20 to vote on the FF merger. If the merger goes through smoothly, it will be listed on Nasdaq on July 21.</p><p><img src=\"https://static.tigerbbs.com/937db887fc673e84e69530f0738c1588\" tg-width=\"1080\" tg-height=\"761\" referrerpolicy=\"no-referrer\"></p><p>FF also mentioned that the merger will provide FF with approximately $1 billion in funding, including $230 million in cash held in trust by PSAC (assuming no redemption). Its valuation after listing was approximately $3.4 billion.</p><p>In addition, there is an even more important point. That is, after the transaction is completed, FF's first flagship product, the FF 91, is expected to enter mass production and delivery within 12 months. This means that Jia Yueting's dream of building cars will come true, and he will finally be able to shed the label of \"PPT car manufacturing\".</p><p>The news of FF's IPO has rekindled the confidence of Jia Yueting's creditors.</p><p>After LeEco's cash flow collapsed in 2017, Jia Yueting went to the United States to continue manufacturing cars. Amidst calls to \"repay the money,\" Jia Yueting filed for personal bankruptcy reorganization in the United States in October 2019. In July 2020, Jia Yueting's bankruptcy restructuring was finally completed, and the restructuring plan officially took effect. According to a disclosure by Jia Yueting's debt handling team on October 14, 2019, Jia Yueting's remaining net debt was approximately US$2 billion.</p><p>Regarding his own situation, Jia Yueting was...<a href=\"https://laohu8.com/S/WB\">Weibo</a>I published an article titled \"Working and Starting a Business, Restarting My Life, with My Apologies, Gratitude and Promises,\" in which I mentioned, \"I have invested all my remaining personal equity in a creditors' trust managed by a third party. From now on, I am no longer a holder of FF equity, but an employee who works with an entrepreneurial mindset and an entrepreneur who starts a business by working.\"</p><p><img src=\"https://static.tigerbbs.com/d1679a6ea996148f8944b03f7aabf94e\" tg-width=\"891\" tg-height=\"746\" referrerpolicy=\"no-referrer\"></p><p>How will Jia Yueting, who has no shares, pay off his debts? The answer lies in his personal bankruptcy reorganization plan.</p><p>Jia Yueting is well-versed in capital techniques, and his \"debt repayment skills\" are even more superb. Jia Yueting chose to transfer his FF shares to creditors through a creditor trust. This means that the creditors have become shareholders of FF. However, the plan stipulates that creditors can only sell their FF shares in the trust after FF's IPO. This means that creditors will only be able to get their money after FF goes public.</p><p>Regardless of whether creditors are optimistic about FF, since Jia Yueting cannot come up with real money to repay the debt, he has no choice but to accept this plan. Although Jia Yueting claimed that this was working for creditors, in reality, it was to bind creditors to FF and reduce the intensity of debt collection efforts against them.</p><p>According to the S4 filing, FF's existing shareholders and creditors (through debt-to-equity swaps) will continue to hold 213,176,594 shares of the company after the transaction, representing a 66% stake. If we calculate based on a valuation of $3.4 billion, this part is approximately $2.24 billion. If this money can be redeemed, it may not be impossible for Jia Yueting to pay off his debts.</p><p>Looking back, Jia Yueting's bankruptcy reorganization process, while not without setbacks, was still relatively smooth.</p><p>This is undoubtedly related to Jia Yueting's strategic planning. According to media analysis, this is related to Jia Yueting's \"falling out\" with his family.</p><p>Previously, Jia Yueting was sued by his ex-wife Gan Wei, his brother Jia Yuemin, and his sister Jia Yuefang, seeking $500 million, $800 million, and $50 million in damages respectively. In this way, Jia Yueting's total debt increased, the bargaining power of other creditors was diluted, and the bankruptcy reorganization plan was successfully approved. Furthermore, considering the amount of debt owed by his family, if FF successfully goes public, Jia Yueting will not have nothing.</p><p>Jia Yueting's method of repaying debts is not simply about suspending \"debt collection\". According to media reports, the creditors have granted Jia Yueting a four-year statute of limitations, meaning that the creditors will not file a lawsuit against Jia Yueting within those four years. If there were no other debts, Jia Yueting's \"debt dodger\" status might also be removed. In this situation, he was given enough time to catch his breath and a chance to \"clear his name\".</p><p>FF with an uncertain future</p><p>For a long time, when Jia Yueting's reputation could not be restored, the biggest impact was actually FF's financing.</p><p>Jia Yueting also went to great lengths to raise funds for FF. Therefore, Jia Yueting chose to step down as CEO of FF.</p><p>On September 3, 2019, FF announced that Bi Fukang would become FF's global CEO and Jia Yueting would serve as CPUO (Chief Product and User Officer). Looking at the history of financing, the \"de-Jia Yueting\" approach has indeed achieved some results.</p><p><img src=\"https://static.tigerbbs.com/d7df018c4258c3696d4279d6bf3e7161\" tg-width=\"900\" tg-height=\"711\" referrerpolicy=\"no-referrer\"></p><p>According to Qichacha statistics, FF has raised funds nine times, totaling tens of billions of yuan.</p><p><img src=\"https://static.tigerbbs.com/7eb89966043e084ffdd3ebf8b1b36908\" tg-width=\"600\" tg-height=\"708\" referrerpolicy=\"no-referrer\"></p><p>In theory, FF should have raised a considerable amount of funding, but the actual amount of funds received is still unknown. In addition, the specific methods of investment by the investors are also unclear.</p><p>Industry insiders analyze that FF may not have actually received as much as it seems, otherwise Jia Yueting would not be in such a hurry to raise funds. In addition, the electric vehicle industry is burning a terrible amount of money.<a href=\"https://laohu8.com/S/NIO\">Nio</a>XPeng and Li Auto have all raised billions of dollars, putting considerable financial pressure on FF.</p><p>Although FF's IPO is imminent, the industry is not so optimistic about it.</p><p>The primary reason is that FF has not actually sold a single car to date.</p><p>Back in 2015, Jia Yueting announced his intention to manufacture cars, boldly stating that he would connect the entire LeEco ecosystem to form a closed loop. However, six years later, LeEco has been delisted, and FF has not delivered a single car. Looking at other domestic electric vehicle brands during the same period, their performance was remarkable.</p><p>Take the first half of 2021 as an example: Nio Motor Company,<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>、<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Sales volume was over 40,000 vehicles, over 30,000 vehicles, and over 30,000 vehicles respectively. Even the newly emerging Nezha Auto achieved cumulative sales of over 20,000 vehicles in the first half of the year.</p><p>Let's look at FF's progress. In May 2021, the first FF Futurist Experience Center opened in Manhattan, New York.</p><p><img src=\"https://static.tigerbbs.com/2302ae5d340911e1cc5fd974085cc1ca\" tg-width=\"903\" tg-height=\"681\" referrerpolicy=\"no-referrer\"></p><p>The only thing that made Jia Yueting happy was the number of pre-orders on FF's official website. According to FF, by January of this year, pre-orders for the FF91 had exceeded 14,000. If we assume the FF91 is priced at $100,000 to $180,000, the FF will have orders of at least $1.4 billion to $2.52 billion. However, it is impossible to verify whether the data is accurate.</p><p>Currently, the FF91 is available for pre-order in China, with a deposit of 50,000 yuan. However, due to factors such as tariffs, the domestic price may reach more than 2 million yuan. Whether such an expensive electric vehicle will have a market in China remains to be seen.</p><p>To prove its strength, FF chose to continue making empty promises. FF had previously stated that the FF81 and FF71, aimed at the mass market, were already under development. It is reported that the FF81 starts at $59,000, compared to the benchmark...<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>High-end models such as the model S. The FF71 is expected to begin design and development in 2022, with a starting price of $45,000 and targeting mid-range consumers.</p><p>Another reason why outsiders are pessimistic about FF is that it remains to be seen whether FF's production capacity will be sufficient.</p><p>Previously, FF announced that its Hanford plant had achieved mass production capacity with an annual production capacity of 10,000 vehicles, but production would begin within 12 months of the merger of FF and PSAC.</p><p>In addition, according to media reports, FF is also collaborating with a leading South Korean manufacturing partner to produce FF's successor models.</p><p>Meanwhile, FF also announced that it has signed a framework cooperation agreement with Geely Group and is exploring the possibility of a joint venture between Geely and Foxconn providing OEM services.</p><p>However, these reports indicate that FF's production line is not perfect, and its mass production capacity is still just a slogan. Looking at other domestic brands: XPeng currently has a planned total production capacity of 350,000 vehicles; Li Auto currently has an annual production capacity of 100,000 vehicles, but its new factory with an annual production capacity of 100,000 vehicles will be completed in 2022. Nio CEO Li Bin recently stated that the second factory in Nio will begin production in the third quarter of next year, with an annual capacity of 1 million vehicles.</p><p>Compared to other new car brands, FF seems to have shortcomings in every way. Jia Yueting has been lying low for so long, and FF may have a major technical move, but the answer will only be revealed in a year.</p><p>In April of this year, Jia Yueting, who seemed to have seen a glimmer of hope, was dealt another heavy blow. LeEco stated that it received an administrative penalty decision from the Beijing Securities Regulatory Bureau of the China Securities Regulatory Commission. For ten consecutive years of financial fraud from 2007 to 2016, LeEco was fined 240.6 million yuan, and Jia Yueting was fined 241.2 million yuan. There are more voices questioning Jia Yueting.</p><p>July is a crucial month for FF's IPO. Will FF be able to successfully go public? What will the stock price be like after the IPO? How should FF open up the market? They were all gullies blocking Jia Yueting's path.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/nHVDuAdzDGJsDe1BiC3QuA\">铅笔道</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a556d406f2cd07fbbf570fb90e4b3c67","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/nHVDuAdzDGJsDe1BiC3QuA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116214742","content_text":"贾跃亭，一个时刻不忘让自己处在舆论漩涡中的男人。\n在被调侃过无数次“下周回国”之后，这次可能是他希望最大的一次。\n近日，贾跃亭创立的电动汽车品牌FF宣布其与PSAC的合并计划已被批准。如果顺利，本月FF将在美上市。本次合并交易将为FF提供约10亿美元的资金，上市后其估值约为34亿美元。\n这意味着，贾跃亭的造车梦将圆，终于能摆脱“PPT造车”的标签。同时，贾跃亭的巨额债务，也有了偿还的可能。\n然而，被贾跃亭押上一切的FF能否顺利上市，其实也还是一个未知数。此外，即便FF顺利上市，其面临的问题还有许多。与其他电动汽车品牌相比，如今的FF处处是短板。\n出走美国4年，依然在为“梦想”窒息的贾跃亭，他和FF接下来的路将如何走下去？不知他心里是否已经有了答案。\n注：本文内容主要来自铅笔道记者采访和网络公开信息，论据难免偏颇，不存在刻意误导。\n贾老板的“还债技术”\n最近，一则上市消息让贾跃亭再次成为舆论焦点。\n他担任创始人兼CPUO的FF于美国时间6月24日宣布，公司提交的美股上市文件S4已经正式生效，美国证券交易委员会已经批准了PSAC和FF的合并计划。\n这意味着FF上市在近期内成为可能。据FF介绍，7月20日将举行PSAC股东会议，对FF合并进行投票。如果顺利通过合并，将于7月21日在纳斯达克挂牌上市。\n\nFF还提到，本次合并交易将为FF提供约10亿美元的资金，其中包括PSAC以信托形式持有的2.3亿美元现金（假设不赎回的条件下）。在上市后其估值约为34亿美元。\n此外，还有更重要的一点。那就是在交易结束后，FF的首款旗舰产品FF 91在12个月内有望大规模量产和交付。这意味着，贾跃亭的造车梦将圆，终于能摆脱“PPT造车”的标签。\nFF上市的消息，让贾跃亭的债主们重新燃起了信心。\n在2017年乐视资金链断裂后，贾跃亭远赴美国继续造车。在一片“还钱”的追讨声中，2019年10月贾跃亭在美申请个人破产重组。2020年7月，贾跃亭破产重组最终完成，重组方案正式生效。据贾跃亭债务处理小组于2019年10月14日披露，贾跃亭剩下债务净额约为20亿美元。\n对于自身处境，贾跃亭当时在微博发文《打工创业、重启人生，带着我的致歉、感恩和承诺》，文中提到，“我把剩余全部个人股权装入了第三方管理的债权人信托，我自此不再是FF股权的持有者，而成为以创业心态打工的打工者和用打工方式创业的创业者。”\n\n没有股权的贾跃亭用什么还账？答案就在其个人破产重组方案中。\n贾跃亭深谙资本技巧，“还账术”更为高超。贾跃亭选择把其持有的FF股权通过债权人信托的方式转让给债权人。意思就是说，债权人成为了FF的股东。但是方案规定，FF IPO后债权人才能出售信托内的FF股权。这就意味着只有FF上市后，债权人才有可能拿到自己的钱。\n不管债权人看不看好FF，在贾跃亭拿不出真金白银还账的情况下，只能接受这一方案。虽然贾跃亭美其名曰这是给债权人打工，实则是让债权人和FF绑定，减缓对其催债的力度。\n据S4文件显示，FF原有股东以及债权人（通过债转股）将在交易后继续占有公司 213,176,594股股票，股权比例达66%。如果按照34亿美元估值计算，这部分约为22.4亿美元。这笔钱如果能兑现，让贾跃亭还清债务也许并不是没有可能。\n回过头来看，贾跃亭破产重整过程，虽然不是毫无坎坷，但也说得上顺利。\n之所以这样，和贾跃亭的运筹帷幄不无关系。据媒体分析，这和贾跃亭与其家人“反目”有关。\n此前，贾跃亭先后被前妻甘薇、哥哥贾跃民、妹妹贾跃芳起诉，分别索赔5亿美元、8亿美元、5000万美元。通过这种方式，贾跃亭的总负债额度增高，其他债权人的话语权被稀释，破产重组方案得以顺利通过。此外，以家人们债务额度来看，假如FF上市成功，贾跃亭并不是一无所有。\n贾跃亭的还账方式，并不仅仅是暂停“逼债”那么简单。据媒体介绍，债权人给贾跃亭的诉讼静止期是4年，也就是说债主在4年内，不会对贾跃亭提起诉讼。如果没有其他债务，贾跃亭的“老赖”身份或许也会被解除。在这种情况下，就给了他足够喘息时间，也给了他“洗白”的机会。\n前途未卜的FF\n一直以来，在贾跃亭名誉无法恢复的情况下，影响最大的其实是FF的融资。\n贾跃亭为FF融资也费尽心思。为此，贾跃亭选择卸任FF的CEO。\n2019年9月3日，FF宣布毕福康成为FF全球CEO，贾跃亭出任CPUO（首席产品和用户官）。从融资历史来看，“去贾跃亭化”确实取得了一定效果。\n\n据企查查统计，FF先后融资已有9次，总额数百亿元。\n\n按理说FF融资金额已经不少，但是资金实际到账多少还是未知，此外，投资方具体出资方式也不明确。\n业内人士分析，FF实际到账或许并没有看起来那么多，不然贾跃亭不会如此着急融资。此外，电动汽车行业烧钱恐怖，蔚来、小鹏、理想均融资数十亿美元，FF资金压力自然不小。\n如今，虽然FF上市在即，但是业内对FF并没有那么看好。\n首要原因是，FF至今还未真正卖出过一辆车。\n时间回到2015年，贾跃亭宣布造车，豪言称要全部链接乐视生态链，形成闭环。然而，6年过了，乐视也已退市，而FF一辆汽车都未交付。再看同期的其他国产电动汽车品牌，业绩斐然。\n就拿2021年上半年来看，蔚来汽车、小鹏汽车、理想汽车销售量，分别4万辆+、3万辆+、3万辆+，就算刚崛起的哪吒汽车，上半年累计销售量也突破了2万辆。\n再看FF的进度。2021年5月，首个FF未来主义者体验中心才落户美国纽约曼哈顿。\n\n唯一能让贾跃亭欣慰的，只有FF的官网预定量。据FF透露，到今年1月份，FF91的预订量已经超过1.4万。如果以FF91定价10万~18万美元来算，FF至少有14亿~25.2亿美元的订单。但是，数据是否真实也无从考证。\n目前，FF91在中国已经接受预订，定金5万元。但是受关税等因素影响，国内售价或将达200万元以上。如此高昂的电动汽车，在国内是否有市场也是未知数。\n为了证明自身的实力，FF选择继续“画饼”，FF曾表示，面向大众的FF81和FF71已在研发中。据悉，FF81起售价5.9万美元，对标特斯拉model S等高端车型。FF71预计2022年开始进行设计和开发，起售价为4.5万美元，面向中端消费者。\n外界不看好FF，还有一个原因是FF的产能能否足够，尚未可知。\n此前，FF宣布汉福德工厂已经具备了量产能力，年产能为10000辆，但是要在FF与PSAC的合并后的12个月内开始投产。\n此外，据媒体报道，FF还正在与韩国一家领先的制造伙伴合作，生产FF的后续车型。\n同时，FF也宣布，已与吉利集团签署框架合作协议，并探讨由吉利与富士康的合资公司提供代工服务的可能性。\n但是这些消息表明，FF的产线并未完善，量产能力还只有口号。再看国内其他品牌：小鹏汽车目前规划总产能为35万辆；理想汽车目前年产能为10万辆，但是其年产能10万辆新厂房2022年将完工；蔚来CEO李斌近期表示，蔚来第二家工厂明年三季度投产，年产能100万辆。\n与其他新造车品牌相比，FF貌似处处是短板。贾跃亭蛰伏如此之久，或许FF在技术方面有大招也不一定，但是也只能在一年后才能揭晓答案。\n今年4月，仿佛看到曙光的贾跃亭再被重击。乐视网称收到证监会北京证监局送到的行政处罚决定书，因乐视网2007年至2016年连续十年财务造假，乐视网被处以2.406亿元罚款，贾跃亭被罚款 2.412亿元。对贾跃亭质疑的声音更多。\n7月，是FF上市关键的一个月，FF能够顺利上岸？上市后股价如何？FF该怎么打开市场？都是横在贾跃亭前面的一道道沟壑。","news_type":1,"symbols_score_info":{"PSAC":0.9}},"isVote":1,"tweetType":1,"viewCount":3484,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156721759,"gmtCreate":1625237595171,"gmtModify":1703739213132,"author":{"id":"4087371163339050","authorId":"4087371163339050","name":"Sky9292","avatar":"https://static.tigerbbs.com/e54cf3c218ba1e46c37cda7088208b4c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087371163339050","authorIdStr":"4087371163339050"},"themes":[],"title":"","htmlText":"OMG","listText":"OMG","text":"OMG","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/156721759","repostId":"1116214742","repostType":4,"repost":{"id":"1116214742","kind":"news","pubTimestamp":1625237242,"share":"https://ttm.financial/m/news/1116214742?lang=en_US&edition=fundamental","pubTime":"2021-07-02 22:47","market":"us","language":"zh","title":"Nineteen days from now, is Jia Yueting going to do something big?","url":"https://stock-news.laohu8.com/highlight/detail?id=1116214742","media":"铅笔道","summary":"贾跃亭，一个时刻不忘让自己处在舆论漩涡中的男人。\n在被调侃过无数次“下周回国”之后，这次可能是他希望最大的一次。\n近日，贾跃亭创立的电动汽车品牌FF宣布其与PSAC的合并计划已被批准。如果顺利，本月F","content":"<p><img src=\"https://static.tigerbbs.com/a556d406f2cd07fbbf570fb90e4b3c67\" tg-width=\"1080\" tg-height=\"578\" referrerpolicy=\"no-referrer\"></p><p>Jia Yueting, a man who never forgets to keep himself in the vortex of public opinion.</p><p>After being teased countless times about \"going back to China next week,\" this is probably the one he hopes for the most.</p><p>Recently, FF, the electric vehicle brand founded by Jia Yueting, announced that its merger plan with PSAC has been approved. If all goes well, FF will be launched in the US this month. This merger will provide FF with approximately $1 billion in funding, valuing it at approximately $3.4 billion after its IPO.</p><p>This means that Jia Yueting's dream of building cars will come true, and he will finally be able to shed the label of \"PPT car manufacturing\". At the same time, Jia Yueting's huge debts may now be repaid.</p><p>However, whether FF, which Jia Yueting has bet everything on, can successfully go public remains to be seen. Furthermore, even if FF successfully goes public, it still faces many problems. Compared to other electric vehicle brands, FF currently has shortcomings in every aspect.</p><p>Four years after leaving the United States, Jia Yueting is still suffocating for his \"dream.\" How will he and FF continue on their path? I wonder if he already has the answer in his heart.</p><p>Note: The content of this article is mainly based on interviews with Pencil Road reporters and publicly available information online. The arguments are inevitably biased and there is no intention to mislead.</p><p>Boss Jia's \"Debt Repayment Techniques\"</p><p>Recently, an IPO announcement has once again brought Jia Yueting into the spotlight.</p><p>On June 24, US time, FF, of which he serves as founder and CPUO, announced that the company's S4 US stock listing documents had officially taken effect, and the US Securities and Exchange Commission had approved the merger plan of PSAC and FF.</p><p>This means that FF's IPO is possible in the near future. According to FF, a PSAC shareholders' meeting will be held on July 20 to vote on the FF merger. If the merger goes through smoothly, it will be listed on Nasdaq on July 21.</p><p><img src=\"https://static.tigerbbs.com/937db887fc673e84e69530f0738c1588\" tg-width=\"1080\" tg-height=\"761\" referrerpolicy=\"no-referrer\"></p><p>FF also mentioned that the merger will provide FF with approximately $1 billion in funding, including $230 million in cash held in trust by PSAC (assuming no redemption). Its valuation after listing was approximately $3.4 billion.</p><p>In addition, there is an even more important point. That is, after the transaction is completed, FF's first flagship product, the FF 91, is expected to enter mass production and delivery within 12 months. This means that Jia Yueting's dream of building cars will come true, and he will finally be able to shed the label of \"PPT car manufacturing\".</p><p>The news of FF's IPO has rekindled the confidence of Jia Yueting's creditors.</p><p>After LeEco's cash flow collapsed in 2017, Jia Yueting went to the United States to continue manufacturing cars. Amidst calls to \"repay the money,\" Jia Yueting filed for personal bankruptcy reorganization in the United States in October 2019. In July 2020, Jia Yueting's bankruptcy restructuring was finally completed, and the restructuring plan officially took effect. According to a disclosure by Jia Yueting's debt handling team on October 14, 2019, Jia Yueting's remaining net debt was approximately US$2 billion.</p><p>Regarding his own situation, Jia Yueting was...<a href=\"https://laohu8.com/S/WB\">Weibo</a>I published an article titled \"Working and Starting a Business, Restarting My Life, with My Apologies, Gratitude and Promises,\" in which I mentioned, \"I have invested all my remaining personal equity in a creditors' trust managed by a third party. From now on, I am no longer a holder of FF equity, but an employee who works with an entrepreneurial mindset and an entrepreneur who starts a business by working.\"</p><p><img src=\"https://static.tigerbbs.com/d1679a6ea996148f8944b03f7aabf94e\" tg-width=\"891\" tg-height=\"746\" referrerpolicy=\"no-referrer\"></p><p>How will Jia Yueting, who has no shares, pay off his debts? The answer lies in his personal bankruptcy reorganization plan.</p><p>Jia Yueting is well-versed in capital techniques, and his \"debt repayment skills\" are even more superb. Jia Yueting chose to transfer his FF shares to creditors through a creditor trust. This means that the creditors have become shareholders of FF. However, the plan stipulates that creditors can only sell their FF shares in the trust after FF's IPO. This means that creditors will only be able to get their money after FF goes public.</p><p>Regardless of whether creditors are optimistic about FF, since Jia Yueting cannot come up with real money to repay the debt, he has no choice but to accept this plan. Although Jia Yueting claimed that this was working for creditors, in reality, it was to bind creditors to FF and reduce the intensity of debt collection efforts against them.</p><p>According to the S4 filing, FF's existing shareholders and creditors (through debt-to-equity swaps) will continue to hold 213,176,594 shares of the company after the transaction, representing a 66% stake. If we calculate based on a valuation of $3.4 billion, this part is approximately $2.24 billion. If this money can be redeemed, it may not be impossible for Jia Yueting to pay off his debts.</p><p>Looking back, Jia Yueting's bankruptcy reorganization process, while not without setbacks, was still relatively smooth.</p><p>This is undoubtedly related to Jia Yueting's strategic planning. According to media analysis, this is related to Jia Yueting's \"falling out\" with his family.</p><p>Previously, Jia Yueting was sued by his ex-wife Gan Wei, his brother Jia Yuemin, and his sister Jia Yuefang, seeking $500 million, $800 million, and $50 million in damages respectively. In this way, Jia Yueting's total debt increased, the bargaining power of other creditors was diluted, and the bankruptcy reorganization plan was successfully approved. Furthermore, considering the amount of debt owed by his family, if FF successfully goes public, Jia Yueting will not have nothing.</p><p>Jia Yueting's method of repaying debts is not simply about suspending \"debt collection\". According to media reports, the creditors have granted Jia Yueting a four-year statute of limitations, meaning that the creditors will not file a lawsuit against Jia Yueting within those four years. If there were no other debts, Jia Yueting's \"debt dodger\" status might also be removed. In this situation, he was given enough time to catch his breath and a chance to \"clear his name\".</p><p>FF with an uncertain future</p><p>For a long time, when Jia Yueting's reputation could not be restored, the biggest impact was actually FF's financing.</p><p>Jia Yueting also went to great lengths to raise funds for FF. Therefore, Jia Yueting chose to step down as CEO of FF.</p><p>On September 3, 2019, FF announced that Bi Fukang would become FF's global CEO and Jia Yueting would serve as CPUO (Chief Product and User Officer). Looking at the history of financing, the \"de-Jia Yueting\" approach has indeed achieved some results.</p><p><img src=\"https://static.tigerbbs.com/d7df018c4258c3696d4279d6bf3e7161\" tg-width=\"900\" tg-height=\"711\" referrerpolicy=\"no-referrer\"></p><p>According to Qichacha statistics, FF has raised funds nine times, totaling tens of billions of yuan.</p><p><img src=\"https://static.tigerbbs.com/7eb89966043e084ffdd3ebf8b1b36908\" tg-width=\"600\" tg-height=\"708\" referrerpolicy=\"no-referrer\"></p><p>In theory, FF should have raised a considerable amount of funding, but the actual amount of funds received is still unknown. In addition, the specific methods of investment by the investors are also unclear.</p><p>Industry insiders analyze that FF may not have actually received as much as it seems, otherwise Jia Yueting would not be in such a hurry to raise funds. In addition, the electric vehicle industry is burning a terrible amount of money.<a href=\"https://laohu8.com/S/NIO\">Nio</a>XPeng and Li Auto have all raised billions of dollars, putting considerable financial pressure on FF.</p><p>Although FF's IPO is imminent, the industry is not so optimistic about it.</p><p>The primary reason is that FF has not actually sold a single car to date.</p><p>Back in 2015, Jia Yueting announced his intention to manufacture cars, boldly stating that he would connect the entire LeEco ecosystem to form a closed loop. However, six years later, LeEco has been delisted, and FF has not delivered a single car. Looking at other domestic electric vehicle brands during the same period, their performance was remarkable.</p><p>Take the first half of 2021 as an example: Nio Motor Company,<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>、<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Sales volume was over 40,000 vehicles, over 30,000 vehicles, and over 30,000 vehicles respectively. Even the newly emerging Nezha Auto achieved cumulative sales of over 20,000 vehicles in the first half of the year.</p><p>Let's look at FF's progress. In May 2021, the first FF Futurist Experience Center opened in Manhattan, New York.</p><p><img src=\"https://static.tigerbbs.com/2302ae5d340911e1cc5fd974085cc1ca\" tg-width=\"903\" tg-height=\"681\" referrerpolicy=\"no-referrer\"></p><p>The only thing that made Jia Yueting happy was the number of pre-orders on FF's official website. According to FF, by January of this year, pre-orders for the FF91 had exceeded 14,000. If we assume the FF91 is priced at $100,000 to $180,000, the FF will have orders of at least $1.4 billion to $2.52 billion. However, it is impossible to verify whether the data is accurate.</p><p>Currently, the FF91 is available for pre-order in China, with a deposit of 50,000 yuan. However, due to factors such as tariffs, the domestic price may reach more than 2 million yuan. Whether such an expensive electric vehicle will have a market in China remains to be seen.</p><p>To prove its strength, FF chose to continue making empty promises. FF had previously stated that the FF81 and FF71, aimed at the mass market, were already under development. It is reported that the FF81 starts at $59,000, compared to the benchmark...<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>High-end models such as the model S. The FF71 is expected to begin design and development in 2022, with a starting price of $45,000 and targeting mid-range consumers.</p><p>Another reason why outsiders are pessimistic about FF is that it remains to be seen whether FF's production capacity will be sufficient.</p><p>Previously, FF announced that its Hanford plant had achieved mass production capacity with an annual production capacity of 10,000 vehicles, but production would begin within 12 months of the merger of FF and PSAC.</p><p>In addition, according to media reports, FF is also collaborating with a leading South Korean manufacturing partner to produce FF's successor models.</p><p>Meanwhile, FF also announced that it has signed a framework cooperation agreement with Geely Group and is exploring the possibility of a joint venture between Geely and Foxconn providing OEM services.</p><p>However, these reports indicate that FF's production line is not perfect, and its mass production capacity is still just a slogan. Looking at other domestic brands: XPeng currently has a planned total production capacity of 350,000 vehicles; Li Auto currently has an annual production capacity of 100,000 vehicles, but its new factory with an annual production capacity of 100,000 vehicles will be completed in 2022. Nio CEO Li Bin recently stated that the second factory in Nio will begin production in the third quarter of next year, with an annual capacity of 1 million vehicles.</p><p>Compared to other new car brands, FF seems to have shortcomings in every way. Jia Yueting has been lying low for so long, and FF may have a major technical move, but the answer will only be revealed in a year.</p><p>In April of this year, Jia Yueting, who seemed to have seen a glimmer of hope, was dealt another heavy blow. LeEco stated that it received an administrative penalty decision from the Beijing Securities Regulatory Bureau of the China Securities Regulatory Commission. For ten consecutive years of financial fraud from 2007 to 2016, LeEco was fined 240.6 million yuan, and Jia Yueting was fined 241.2 million yuan. There are more voices questioning Jia Yueting.</p><p>July is a crucial month for FF's IPO. Will FF be able to successfully go public? What will the stock price be like after the IPO? How should FF open up the market? They were all gullies blocking Jia Yueting's path.</p>","source":"lsy1576054490042","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>Nineteen days from now, is Jia Yueting going to do something big?</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\">\nNineteen days from now, is Jia Yueting going to do something big?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">铅笔道</strong><span class=\"h-time small\">2021-07-02 22:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/a556d406f2cd07fbbf570fb90e4b3c67\" tg-width=\"1080\" tg-height=\"578\" referrerpolicy=\"no-referrer\"></p><p>Jia Yueting, a man who never forgets to keep himself in the vortex of public opinion.</p><p>After being teased countless times about \"going back to China next week,\" this is probably the one he hopes for the most.</p><p>Recently, FF, the electric vehicle brand founded by Jia Yueting, announced that its merger plan with PSAC has been approved. If all goes well, FF will be launched in the US this month. This merger will provide FF with approximately $1 billion in funding, valuing it at approximately $3.4 billion after its IPO.</p><p>This means that Jia Yueting's dream of building cars will come true, and he will finally be able to shed the label of \"PPT car manufacturing\". At the same time, Jia Yueting's huge debts may now be repaid.</p><p>However, whether FF, which Jia Yueting has bet everything on, can successfully go public remains to be seen. Furthermore, even if FF successfully goes public, it still faces many problems. Compared to other electric vehicle brands, FF currently has shortcomings in every aspect.</p><p>Four years after leaving the United States, Jia Yueting is still suffocating for his \"dream.\" How will he and FF continue on their path? I wonder if he already has the answer in his heart.</p><p>Note: The content of this article is mainly based on interviews with Pencil Road reporters and publicly available information online. The arguments are inevitably biased and there is no intention to mislead.</p><p>Boss Jia's \"Debt Repayment Techniques\"</p><p>Recently, an IPO announcement has once again brought Jia Yueting into the spotlight.</p><p>On June 24, US time, FF, of which he serves as founder and CPUO, announced that the company's S4 US stock listing documents had officially taken effect, and the US Securities and Exchange Commission had approved the merger plan of PSAC and FF.</p><p>This means that FF's IPO is possible in the near future. According to FF, a PSAC shareholders' meeting will be held on July 20 to vote on the FF merger. If the merger goes through smoothly, it will be listed on Nasdaq on July 21.</p><p><img src=\"https://static.tigerbbs.com/937db887fc673e84e69530f0738c1588\" tg-width=\"1080\" tg-height=\"761\" referrerpolicy=\"no-referrer\"></p><p>FF also mentioned that the merger will provide FF with approximately $1 billion in funding, including $230 million in cash held in trust by PSAC (assuming no redemption). Its valuation after listing was approximately $3.4 billion.</p><p>In addition, there is an even more important point. That is, after the transaction is completed, FF's first flagship product, the FF 91, is expected to enter mass production and delivery within 12 months. This means that Jia Yueting's dream of building cars will come true, and he will finally be able to shed the label of \"PPT car manufacturing\".</p><p>The news of FF's IPO has rekindled the confidence of Jia Yueting's creditors.</p><p>After LeEco's cash flow collapsed in 2017, Jia Yueting went to the United States to continue manufacturing cars. Amidst calls to \"repay the money,\" Jia Yueting filed for personal bankruptcy reorganization in the United States in October 2019. In July 2020, Jia Yueting's bankruptcy restructuring was finally completed, and the restructuring plan officially took effect. According to a disclosure by Jia Yueting's debt handling team on October 14, 2019, Jia Yueting's remaining net debt was approximately US$2 billion.</p><p>Regarding his own situation, Jia Yueting was...<a href=\"https://laohu8.com/S/WB\">Weibo</a>I published an article titled \"Working and Starting a Business, Restarting My Life, with My Apologies, Gratitude and Promises,\" in which I mentioned, \"I have invested all my remaining personal equity in a creditors' trust managed by a third party. From now on, I am no longer a holder of FF equity, but an employee who works with an entrepreneurial mindset and an entrepreneur who starts a business by working.\"</p><p><img src=\"https://static.tigerbbs.com/d1679a6ea996148f8944b03f7aabf94e\" tg-width=\"891\" tg-height=\"746\" referrerpolicy=\"no-referrer\"></p><p>How will Jia Yueting, who has no shares, pay off his debts? The answer lies in his personal bankruptcy reorganization plan.</p><p>Jia Yueting is well-versed in capital techniques, and his \"debt repayment skills\" are even more superb. Jia Yueting chose to transfer his FF shares to creditors through a creditor trust. This means that the creditors have become shareholders of FF. However, the plan stipulates that creditors can only sell their FF shares in the trust after FF's IPO. This means that creditors will only be able to get their money after FF goes public.</p><p>Regardless of whether creditors are optimistic about FF, since Jia Yueting cannot come up with real money to repay the debt, he has no choice but to accept this plan. Although Jia Yueting claimed that this was working for creditors, in reality, it was to bind creditors to FF and reduce the intensity of debt collection efforts against them.</p><p>According to the S4 filing, FF's existing shareholders and creditors (through debt-to-equity swaps) will continue to hold 213,176,594 shares of the company after the transaction, representing a 66% stake. If we calculate based on a valuation of $3.4 billion, this part is approximately $2.24 billion. If this money can be redeemed, it may not be impossible for Jia Yueting to pay off his debts.</p><p>Looking back, Jia Yueting's bankruptcy reorganization process, while not without setbacks, was still relatively smooth.</p><p>This is undoubtedly related to Jia Yueting's strategic planning. According to media analysis, this is related to Jia Yueting's \"falling out\" with his family.</p><p>Previously, Jia Yueting was sued by his ex-wife Gan Wei, his brother Jia Yuemin, and his sister Jia Yuefang, seeking $500 million, $800 million, and $50 million in damages respectively. In this way, Jia Yueting's total debt increased, the bargaining power of other creditors was diluted, and the bankruptcy reorganization plan was successfully approved. Furthermore, considering the amount of debt owed by his family, if FF successfully goes public, Jia Yueting will not have nothing.</p><p>Jia Yueting's method of repaying debts is not simply about suspending \"debt collection\". According to media reports, the creditors have granted Jia Yueting a four-year statute of limitations, meaning that the creditors will not file a lawsuit against Jia Yueting within those four years. If there were no other debts, Jia Yueting's \"debt dodger\" status might also be removed. In this situation, he was given enough time to catch his breath and a chance to \"clear his name\".</p><p>FF with an uncertain future</p><p>For a long time, when Jia Yueting's reputation could not be restored, the biggest impact was actually FF's financing.</p><p>Jia Yueting also went to great lengths to raise funds for FF. Therefore, Jia Yueting chose to step down as CEO of FF.</p><p>On September 3, 2019, FF announced that Bi Fukang would become FF's global CEO and Jia Yueting would serve as CPUO (Chief Product and User Officer). Looking at the history of financing, the \"de-Jia Yueting\" approach has indeed achieved some results.</p><p><img src=\"https://static.tigerbbs.com/d7df018c4258c3696d4279d6bf3e7161\" tg-width=\"900\" tg-height=\"711\" referrerpolicy=\"no-referrer\"></p><p>According to Qichacha statistics, FF has raised funds nine times, totaling tens of billions of yuan.</p><p><img src=\"https://static.tigerbbs.com/7eb89966043e084ffdd3ebf8b1b36908\" tg-width=\"600\" tg-height=\"708\" referrerpolicy=\"no-referrer\"></p><p>In theory, FF should have raised a considerable amount of funding, but the actual amount of funds received is still unknown. In addition, the specific methods of investment by the investors are also unclear.</p><p>Industry insiders analyze that FF may not have actually received as much as it seems, otherwise Jia Yueting would not be in such a hurry to raise funds. In addition, the electric vehicle industry is burning a terrible amount of money.<a href=\"https://laohu8.com/S/NIO\">Nio</a>XPeng and Li Auto have all raised billions of dollars, putting considerable financial pressure on FF.</p><p>Although FF's IPO is imminent, the industry is not so optimistic about it.</p><p>The primary reason is that FF has not actually sold a single car to date.</p><p>Back in 2015, Jia Yueting announced his intention to manufacture cars, boldly stating that he would connect the entire LeEco ecosystem to form a closed loop. However, six years later, LeEco has been delisted, and FF has not delivered a single car. Looking at other domestic electric vehicle brands during the same period, their performance was remarkable.</p><p>Take the first half of 2021 as an example: Nio Motor Company,<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>、<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Sales volume was over 40,000 vehicles, over 30,000 vehicles, and over 30,000 vehicles respectively. Even the newly emerging Nezha Auto achieved cumulative sales of over 20,000 vehicles in the first half of the year.</p><p>Let's look at FF's progress. In May 2021, the first FF Futurist Experience Center opened in Manhattan, New York.</p><p><img src=\"https://static.tigerbbs.com/2302ae5d340911e1cc5fd974085cc1ca\" tg-width=\"903\" tg-height=\"681\" referrerpolicy=\"no-referrer\"></p><p>The only thing that made Jia Yueting happy was the number of pre-orders on FF's official website. According to FF, by January of this year, pre-orders for the FF91 had exceeded 14,000. If we assume the FF91 is priced at $100,000 to $180,000, the FF will have orders of at least $1.4 billion to $2.52 billion. However, it is impossible to verify whether the data is accurate.</p><p>Currently, the FF91 is available for pre-order in China, with a deposit of 50,000 yuan. However, due to factors such as tariffs, the domestic price may reach more than 2 million yuan. Whether such an expensive electric vehicle will have a market in China remains to be seen.</p><p>To prove its strength, FF chose to continue making empty promises. FF had previously stated that the FF81 and FF71, aimed at the mass market, were already under development. It is reported that the FF81 starts at $59,000, compared to the benchmark...<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>High-end models such as the model S. The FF71 is expected to begin design and development in 2022, with a starting price of $45,000 and targeting mid-range consumers.</p><p>Another reason why outsiders are pessimistic about FF is that it remains to be seen whether FF's production capacity will be sufficient.</p><p>Previously, FF announced that its Hanford plant had achieved mass production capacity with an annual production capacity of 10,000 vehicles, but production would begin within 12 months of the merger of FF and PSAC.</p><p>In addition, according to media reports, FF is also collaborating with a leading South Korean manufacturing partner to produce FF's successor models.</p><p>Meanwhile, FF also announced that it has signed a framework cooperation agreement with Geely Group and is exploring the possibility of a joint venture between Geely and Foxconn providing OEM services.</p><p>However, these reports indicate that FF's production line is not perfect, and its mass production capacity is still just a slogan. Looking at other domestic brands: XPeng currently has a planned total production capacity of 350,000 vehicles; Li Auto currently has an annual production capacity of 100,000 vehicles, but its new factory with an annual production capacity of 100,000 vehicles will be completed in 2022. Nio CEO Li Bin recently stated that the second factory in Nio will begin production in the third quarter of next year, with an annual capacity of 1 million vehicles.</p><p>Compared to other new car brands, FF seems to have shortcomings in every way. Jia Yueting has been lying low for so long, and FF may have a major technical move, but the answer will only be revealed in a year.</p><p>In April of this year, Jia Yueting, who seemed to have seen a glimmer of hope, was dealt another heavy blow. LeEco stated that it received an administrative penalty decision from the Beijing Securities Regulatory Bureau of the China Securities Regulatory Commission. For ten consecutive years of financial fraud from 2007 to 2016, LeEco was fined 240.6 million yuan, and Jia Yueting was fined 241.2 million yuan. There are more voices questioning Jia Yueting.</p><p>July is a crucial month for FF's IPO. Will FF be able to successfully go public? What will the stock price be like after the IPO? How should FF open up the market? They were all gullies blocking Jia Yueting's path.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/nHVDuAdzDGJsDe1BiC3QuA\">铅笔道</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a556d406f2cd07fbbf570fb90e4b3c67","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/nHVDuAdzDGJsDe1BiC3QuA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116214742","content_text":"贾跃亭，一个时刻不忘让自己处在舆论漩涡中的男人。\n在被调侃过无数次“下周回国”之后，这次可能是他希望最大的一次。\n近日，贾跃亭创立的电动汽车品牌FF宣布其与PSAC的合并计划已被批准。如果顺利，本月FF将在美上市。本次合并交易将为FF提供约10亿美元的资金，上市后其估值约为34亿美元。\n这意味着，贾跃亭的造车梦将圆，终于能摆脱“PPT造车”的标签。同时，贾跃亭的巨额债务，也有了偿还的可能。\n然而，被贾跃亭押上一切的FF能否顺利上市，其实也还是一个未知数。此外，即便FF顺利上市，其面临的问题还有许多。与其他电动汽车品牌相比，如今的FF处处是短板。\n出走美国4年，依然在为“梦想”窒息的贾跃亭，他和FF接下来的路将如何走下去？不知他心里是否已经有了答案。\n注：本文内容主要来自铅笔道记者采访和网络公开信息，论据难免偏颇，不存在刻意误导。\n贾老板的“还债技术”\n最近，一则上市消息让贾跃亭再次成为舆论焦点。\n他担任创始人兼CPUO的FF于美国时间6月24日宣布，公司提交的美股上市文件S4已经正式生效，美国证券交易委员会已经批准了PSAC和FF的合并计划。\n这意味着FF上市在近期内成为可能。据FF介绍，7月20日将举行PSAC股东会议，对FF合并进行投票。如果顺利通过合并，将于7月21日在纳斯达克挂牌上市。\n\nFF还提到，本次合并交易将为FF提供约10亿美元的资金，其中包括PSAC以信托形式持有的2.3亿美元现金（假设不赎回的条件下）。在上市后其估值约为34亿美元。\n此外，还有更重要的一点。那就是在交易结束后，FF的首款旗舰产品FF 91在12个月内有望大规模量产和交付。这意味着，贾跃亭的造车梦将圆，终于能摆脱“PPT造车”的标签。\nFF上市的消息，让贾跃亭的债主们重新燃起了信心。\n在2017年乐视资金链断裂后，贾跃亭远赴美国继续造车。在一片“还钱”的追讨声中，2019年10月贾跃亭在美申请个人破产重组。2020年7月，贾跃亭破产重组最终完成，重组方案正式生效。据贾跃亭债务处理小组于2019年10月14日披露，贾跃亭剩下债务净额约为20亿美元。\n对于自身处境，贾跃亭当时在微博发文《打工创业、重启人生，带着我的致歉、感恩和承诺》，文中提到，“我把剩余全部个人股权装入了第三方管理的债权人信托，我自此不再是FF股权的持有者，而成为以创业心态打工的打工者和用打工方式创业的创业者。”\n\n没有股权的贾跃亭用什么还账？答案就在其个人破产重组方案中。\n贾跃亭深谙资本技巧，“还账术”更为高超。贾跃亭选择把其持有的FF股权通过债权人信托的方式转让给债权人。意思就是说，债权人成为了FF的股东。但是方案规定，FF IPO后债权人才能出售信托内的FF股权。这就意味着只有FF上市后，债权人才有可能拿到自己的钱。\n不管债权人看不看好FF，在贾跃亭拿不出真金白银还账的情况下，只能接受这一方案。虽然贾跃亭美其名曰这是给债权人打工，实则是让债权人和FF绑定，减缓对其催债的力度。\n据S4文件显示，FF原有股东以及债权人（通过债转股）将在交易后继续占有公司 213,176,594股股票，股权比例达66%。如果按照34亿美元估值计算，这部分约为22.4亿美元。这笔钱如果能兑现，让贾跃亭还清债务也许并不是没有可能。\n回过头来看，贾跃亭破产重整过程，虽然不是毫无坎坷，但也说得上顺利。\n之所以这样，和贾跃亭的运筹帷幄不无关系。据媒体分析，这和贾跃亭与其家人“反目”有关。\n此前，贾跃亭先后被前妻甘薇、哥哥贾跃民、妹妹贾跃芳起诉，分别索赔5亿美元、8亿美元、5000万美元。通过这种方式，贾跃亭的总负债额度增高，其他债权人的话语权被稀释，破产重组方案得以顺利通过。此外，以家人们债务额度来看，假如FF上市成功，贾跃亭并不是一无所有。\n贾跃亭的还账方式，并不仅仅是暂停“逼债”那么简单。据媒体介绍，债权人给贾跃亭的诉讼静止期是4年，也就是说债主在4年内，不会对贾跃亭提起诉讼。如果没有其他债务，贾跃亭的“老赖”身份或许也会被解除。在这种情况下，就给了他足够喘息时间，也给了他“洗白”的机会。\n前途未卜的FF\n一直以来，在贾跃亭名誉无法恢复的情况下，影响最大的其实是FF的融资。\n贾跃亭为FF融资也费尽心思。为此，贾跃亭选择卸任FF的CEO。\n2019年9月3日，FF宣布毕福康成为FF全球CEO，贾跃亭出任CPUO（首席产品和用户官）。从融资历史来看，“去贾跃亭化”确实取得了一定效果。\n\n据企查查统计，FF先后融资已有9次，总额数百亿元。\n\n按理说FF融资金额已经不少，但是资金实际到账多少还是未知，此外，投资方具体出资方式也不明确。\n业内人士分析，FF实际到账或许并没有看起来那么多，不然贾跃亭不会如此着急融资。此外，电动汽车行业烧钱恐怖，蔚来、小鹏、理想均融资数十亿美元，FF资金压力自然不小。\n如今，虽然FF上市在即，但是业内对FF并没有那么看好。\n首要原因是，FF至今还未真正卖出过一辆车。\n时间回到2015年，贾跃亭宣布造车，豪言称要全部链接乐视生态链，形成闭环。然而，6年过了，乐视也已退市，而FF一辆汽车都未交付。再看同期的其他国产电动汽车品牌，业绩斐然。\n就拿2021年上半年来看，蔚来汽车、小鹏汽车、理想汽车销售量，分别4万辆+、3万辆+、3万辆+，就算刚崛起的哪吒汽车，上半年累计销售量也突破了2万辆。\n再看FF的进度。2021年5月，首个FF未来主义者体验中心才落户美国纽约曼哈顿。\n\n唯一能让贾跃亭欣慰的，只有FF的官网预定量。据FF透露，到今年1月份，FF91的预订量已经超过1.4万。如果以FF91定价10万~18万美元来算，FF至少有14亿~25.2亿美元的订单。但是，数据是否真实也无从考证。\n目前，FF91在中国已经接受预订，定金5万元。但是受关税等因素影响，国内售价或将达200万元以上。如此高昂的电动汽车，在国内是否有市场也是未知数。\n为了证明自身的实力，FF选择继续“画饼”，FF曾表示，面向大众的FF81和FF71已在研发中。据悉，FF81起售价5.9万美元，对标特斯拉model S等高端车型。FF71预计2022年开始进行设计和开发，起售价为4.5万美元，面向中端消费者。\n外界不看好FF，还有一个原因是FF的产能能否足够，尚未可知。\n此前，FF宣布汉福德工厂已经具备了量产能力，年产能为10000辆，但是要在FF与PSAC的合并后的12个月内开始投产。\n此外，据媒体报道，FF还正在与韩国一家领先的制造伙伴合作，生产FF的后续车型。\n同时，FF也宣布，已与吉利集团签署框架合作协议，并探讨由吉利与富士康的合资公司提供代工服务的可能性。\n但是这些消息表明，FF的产线并未完善，量产能力还只有口号。再看国内其他品牌：小鹏汽车目前规划总产能为35万辆；理想汽车目前年产能为10万辆，但是其年产能10万辆新厂房2022年将完工；蔚来CEO李斌近期表示，蔚来第二家工厂明年三季度投产，年产能100万辆。\n与其他新造车品牌相比，FF貌似处处是短板。贾跃亭蛰伏如此之久，或许FF在技术方面有大招也不一定，但是也只能在一年后才能揭晓答案。\n今年4月，仿佛看到曙光的贾跃亭再被重击。乐视网称收到证监会北京证监局送到的行政处罚决定书，因乐视网2007年至2016年连续十年财务造假，乐视网被处以2.406亿元罚款，贾跃亭被罚款 2.412亿元。对贾跃亭质疑的声音更多。\n7月，是FF上市关键的一个月，FF能够顺利上岸？上市后股价如何？FF该怎么打开市场？都是横在贾跃亭前面的一道道沟壑。","news_type":1,"symbols_score_info":{"PSAC":0.9}},"isVote":1,"tweetType":1,"viewCount":1690,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156721063,"gmtCreate":1625237560552,"gmtModify":1703739211301,"author":{"id":"4087371163339050","authorId":"4087371163339050","name":"Sky9292","avatar":"https://static.tigerbbs.com/e54cf3c218ba1e46c37cda7088208b4c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087371163339050","authorIdStr":"4087371163339050"},"themes":[],"title":"","htmlText":"OMG","listText":"OMG","text":"OMG","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/156721063","repostId":"1116214742","repostType":4,"repost":{"id":"1116214742","kind":"news","pubTimestamp":1625237242,"share":"https://ttm.financial/m/news/1116214742?lang=en_US&edition=fundamental","pubTime":"2021-07-02 22:47","market":"us","language":"zh","title":"Nineteen days from now, is Jia Yueting going to do something big?","url":"https://stock-news.laohu8.com/highlight/detail?id=1116214742","media":"铅笔道","summary":"贾跃亭，一个时刻不忘让自己处在舆论漩涡中的男人。\n在被调侃过无数次“下周回国”之后，这次可能是他希望最大的一次。\n近日，贾跃亭创立的电动汽车品牌FF宣布其与PSAC的合并计划已被批准。如果顺利，本月F","content":"<p><img src=\"https://static.tigerbbs.com/a556d406f2cd07fbbf570fb90e4b3c67\" tg-width=\"1080\" tg-height=\"578\" referrerpolicy=\"no-referrer\"></p><p>Jia Yueting, a man who never forgets to keep himself in the vortex of public opinion.</p><p>After being teased countless times about \"going back to China next week,\" this is probably the one he hopes for the most.</p><p>Recently, FF, the electric vehicle brand founded by Jia Yueting, announced that its merger plan with PSAC has been approved. If all goes well, FF will be launched in the US this month. This merger will provide FF with approximately $1 billion in funding, valuing it at approximately $3.4 billion after its IPO.</p><p>This means that Jia Yueting's dream of building cars will come true, and he will finally be able to shed the label of \"PPT car manufacturing\". At the same time, Jia Yueting's huge debts may now be repaid.</p><p>However, whether FF, which Jia Yueting has bet everything on, can successfully go public remains to be seen. Furthermore, even if FF successfully goes public, it still faces many problems. Compared to other electric vehicle brands, FF currently has shortcomings in every aspect.</p><p>Four years after leaving the United States, Jia Yueting is still suffocating for his \"dream.\" How will he and FF continue on their path? I wonder if he already has the answer in his heart.</p><p>Note: The content of this article is mainly based on interviews with Pencil Road reporters and publicly available information online. The arguments are inevitably biased and there is no intention to mislead.</p><p>Boss Jia's \"Debt Repayment Techniques\"</p><p>Recently, an IPO announcement has once again brought Jia Yueting into the spotlight.</p><p>On June 24, US time, FF, of which he serves as founder and CPUO, announced that the company's S4 US stock listing documents had officially taken effect, and the US Securities and Exchange Commission had approved the merger plan of PSAC and FF.</p><p>This means that FF's IPO is possible in the near future. According to FF, a PSAC shareholders' meeting will be held on July 20 to vote on the FF merger. If the merger goes through smoothly, it will be listed on Nasdaq on July 21.</p><p><img src=\"https://static.tigerbbs.com/937db887fc673e84e69530f0738c1588\" tg-width=\"1080\" tg-height=\"761\" referrerpolicy=\"no-referrer\"></p><p>FF also mentioned that the merger will provide FF with approximately $1 billion in funding, including $230 million in cash held in trust by PSAC (assuming no redemption). Its valuation after listing was approximately $3.4 billion.</p><p>In addition, there is an even more important point. That is, after the transaction is completed, FF's first flagship product, the FF 91, is expected to enter mass production and delivery within 12 months. This means that Jia Yueting's dream of building cars will come true, and he will finally be able to shed the label of \"PPT car manufacturing\".</p><p>The news of FF's IPO has rekindled the confidence of Jia Yueting's creditors.</p><p>After LeEco's cash flow collapsed in 2017, Jia Yueting went to the United States to continue manufacturing cars. Amidst calls to \"repay the money,\" Jia Yueting filed for personal bankruptcy reorganization in the United States in October 2019. In July 2020, Jia Yueting's bankruptcy restructuring was finally completed, and the restructuring plan officially took effect. According to a disclosure by Jia Yueting's debt handling team on October 14, 2019, Jia Yueting's remaining net debt was approximately US$2 billion.</p><p>Regarding his own situation, Jia Yueting was...<a href=\"https://laohu8.com/S/WB\">Weibo</a>I published an article titled \"Working and Starting a Business, Restarting My Life, with My Apologies, Gratitude and Promises,\" in which I mentioned, \"I have invested all my remaining personal equity in a creditors' trust managed by a third party. From now on, I am no longer a holder of FF equity, but an employee who works with an entrepreneurial mindset and an entrepreneur who starts a business by working.\"</p><p><img src=\"https://static.tigerbbs.com/d1679a6ea996148f8944b03f7aabf94e\" tg-width=\"891\" tg-height=\"746\" referrerpolicy=\"no-referrer\"></p><p>How will Jia Yueting, who has no shares, pay off his debts? The answer lies in his personal bankruptcy reorganization plan.</p><p>Jia Yueting is well-versed in capital techniques, and his \"debt repayment skills\" are even more superb. Jia Yueting chose to transfer his FF shares to creditors through a creditor trust. This means that the creditors have become shareholders of FF. However, the plan stipulates that creditors can only sell their FF shares in the trust after FF's IPO. This means that creditors will only be able to get their money after FF goes public.</p><p>Regardless of whether creditors are optimistic about FF, since Jia Yueting cannot come up with real money to repay the debt, he has no choice but to accept this plan. Although Jia Yueting claimed that this was working for creditors, in reality, it was to bind creditors to FF and reduce the intensity of debt collection efforts against them.</p><p>According to the S4 filing, FF's existing shareholders and creditors (through debt-to-equity swaps) will continue to hold 213,176,594 shares of the company after the transaction, representing a 66% stake. If we calculate based on a valuation of $3.4 billion, this part is approximately $2.24 billion. If this money can be redeemed, it may not be impossible for Jia Yueting to pay off his debts.</p><p>Looking back, Jia Yueting's bankruptcy reorganization process, while not without setbacks, was still relatively smooth.</p><p>This is undoubtedly related to Jia Yueting's strategic planning. According to media analysis, this is related to Jia Yueting's \"falling out\" with his family.</p><p>Previously, Jia Yueting was sued by his ex-wife Gan Wei, his brother Jia Yuemin, and his sister Jia Yuefang, seeking $500 million, $800 million, and $50 million in damages respectively. In this way, Jia Yueting's total debt increased, the bargaining power of other creditors was diluted, and the bankruptcy reorganization plan was successfully approved. Furthermore, considering the amount of debt owed by his family, if FF successfully goes public, Jia Yueting will not have nothing.</p><p>Jia Yueting's method of repaying debts is not simply about suspending \"debt collection\". According to media reports, the creditors have granted Jia Yueting a four-year statute of limitations, meaning that the creditors will not file a lawsuit against Jia Yueting within those four years. If there were no other debts, Jia Yueting's \"debt dodger\" status might also be removed. In this situation, he was given enough time to catch his breath and a chance to \"clear his name\".</p><p>FF with an uncertain future</p><p>For a long time, when Jia Yueting's reputation could not be restored, the biggest impact was actually FF's financing.</p><p>Jia Yueting also went to great lengths to raise funds for FF. Therefore, Jia Yueting chose to step down as CEO of FF.</p><p>On September 3, 2019, FF announced that Bi Fukang would become FF's global CEO and Jia Yueting would serve as CPUO (Chief Product and User Officer). Looking at the history of financing, the \"de-Jia Yueting\" approach has indeed achieved some results.</p><p><img src=\"https://static.tigerbbs.com/d7df018c4258c3696d4279d6bf3e7161\" tg-width=\"900\" tg-height=\"711\" referrerpolicy=\"no-referrer\"></p><p>According to Qichacha statistics, FF has raised funds nine times, totaling tens of billions of yuan.</p><p><img src=\"https://static.tigerbbs.com/7eb89966043e084ffdd3ebf8b1b36908\" tg-width=\"600\" tg-height=\"708\" referrerpolicy=\"no-referrer\"></p><p>In theory, FF should have raised a considerable amount of funding, but the actual amount of funds received is still unknown. In addition, the specific methods of investment by the investors are also unclear.</p><p>Industry insiders analyze that FF may not have actually received as much as it seems, otherwise Jia Yueting would not be in such a hurry to raise funds. In addition, the electric vehicle industry is burning a terrible amount of money.<a href=\"https://laohu8.com/S/NIO\">Nio</a>XPeng and Li Auto have all raised billions of dollars, putting considerable financial pressure on FF.</p><p>Although FF's IPO is imminent, the industry is not so optimistic about it.</p><p>The primary reason is that FF has not actually sold a single car to date.</p><p>Back in 2015, Jia Yueting announced his intention to manufacture cars, boldly stating that he would connect the entire LeEco ecosystem to form a closed loop. However, six years later, LeEco has been delisted, and FF has not delivered a single car. Looking at other domestic electric vehicle brands during the same period, their performance was remarkable.</p><p>Take the first half of 2021 as an example: Nio Motor Company,<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>、<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Sales volume was over 40,000 vehicles, over 30,000 vehicles, and over 30,000 vehicles respectively. Even the newly emerging Nezha Auto achieved cumulative sales of over 20,000 vehicles in the first half of the year.</p><p>Let's look at FF's progress. In May 2021, the first FF Futurist Experience Center opened in Manhattan, New York.</p><p><img src=\"https://static.tigerbbs.com/2302ae5d340911e1cc5fd974085cc1ca\" tg-width=\"903\" tg-height=\"681\" referrerpolicy=\"no-referrer\"></p><p>The only thing that made Jia Yueting happy was the number of pre-orders on FF's official website. According to FF, by January of this year, pre-orders for the FF91 had exceeded 14,000. If we assume the FF91 is priced at $100,000 to $180,000, the FF will have orders of at least $1.4 billion to $2.52 billion. However, it is impossible to verify whether the data is accurate.</p><p>Currently, the FF91 is available for pre-order in China, with a deposit of 50,000 yuan. However, due to factors such as tariffs, the domestic price may reach more than 2 million yuan. Whether such an expensive electric vehicle will have a market in China remains to be seen.</p><p>To prove its strength, FF chose to continue making empty promises. FF had previously stated that the FF81 and FF71, aimed at the mass market, were already under development. It is reported that the FF81 starts at $59,000, compared to the benchmark...<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>High-end models such as the model S. The FF71 is expected to begin design and development in 2022, with a starting price of $45,000 and targeting mid-range consumers.</p><p>Another reason why outsiders are pessimistic about FF is that it remains to be seen whether FF's production capacity will be sufficient.</p><p>Previously, FF announced that its Hanford plant had achieved mass production capacity with an annual production capacity of 10,000 vehicles, but production would begin within 12 months of the merger of FF and PSAC.</p><p>In addition, according to media reports, FF is also collaborating with a leading South Korean manufacturing partner to produce FF's successor models.</p><p>Meanwhile, FF also announced that it has signed a framework cooperation agreement with Geely Group and is exploring the possibility of a joint venture between Geely and Foxconn providing OEM services.</p><p>However, these reports indicate that FF's production line is not perfect, and its mass production capacity is still just a slogan. Looking at other domestic brands: XPeng currently has a planned total production capacity of 350,000 vehicles; Li Auto currently has an annual production capacity of 100,000 vehicles, but its new factory with an annual production capacity of 100,000 vehicles will be completed in 2022. Nio CEO Li Bin recently stated that the second factory in Nio will begin production in the third quarter of next year, with an annual capacity of 1 million vehicles.</p><p>Compared to other new car brands, FF seems to have shortcomings in every way. Jia Yueting has been lying low for so long, and FF may have a major technical move, but the answer will only be revealed in a year.</p><p>In April of this year, Jia Yueting, who seemed to have seen a glimmer of hope, was dealt another heavy blow. LeEco stated that it received an administrative penalty decision from the Beijing Securities Regulatory Bureau of the China Securities Regulatory Commission. For ten consecutive years of financial fraud from 2007 to 2016, LeEco was fined 240.6 million yuan, and Jia Yueting was fined 241.2 million yuan. There are more voices questioning Jia Yueting.</p><p>July is a crucial month for FF's IPO. Will FF be able to successfully go public? What will the stock price be like after the IPO? How should FF open up the market? They were all gullies blocking Jia Yueting's path.</p>","source":"lsy1576054490042","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>Nineteen days from now, is Jia Yueting going to do something big?</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\">\nNineteen days from now, is Jia Yueting going to do something big?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">铅笔道</strong><span class=\"h-time small\">2021-07-02 22:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/a556d406f2cd07fbbf570fb90e4b3c67\" tg-width=\"1080\" tg-height=\"578\" referrerpolicy=\"no-referrer\"></p><p>Jia Yueting, a man who never forgets to keep himself in the vortex of public opinion.</p><p>After being teased countless times about \"going back to China next week,\" this is probably the one he hopes for the most.</p><p>Recently, FF, the electric vehicle brand founded by Jia Yueting, announced that its merger plan with PSAC has been approved. If all goes well, FF will be launched in the US this month. This merger will provide FF with approximately $1 billion in funding, valuing it at approximately $3.4 billion after its IPO.</p><p>This means that Jia Yueting's dream of building cars will come true, and he will finally be able to shed the label of \"PPT car manufacturing\". At the same time, Jia Yueting's huge debts may now be repaid.</p><p>However, whether FF, which Jia Yueting has bet everything on, can successfully go public remains to be seen. Furthermore, even if FF successfully goes public, it still faces many problems. Compared to other electric vehicle brands, FF currently has shortcomings in every aspect.</p><p>Four years after leaving the United States, Jia Yueting is still suffocating for his \"dream.\" How will he and FF continue on their path? I wonder if he already has the answer in his heart.</p><p>Note: The content of this article is mainly based on interviews with Pencil Road reporters and publicly available information online. The arguments are inevitably biased and there is no intention to mislead.</p><p>Boss Jia's \"Debt Repayment Techniques\"</p><p>Recently, an IPO announcement has once again brought Jia Yueting into the spotlight.</p><p>On June 24, US time, FF, of which he serves as founder and CPUO, announced that the company's S4 US stock listing documents had officially taken effect, and the US Securities and Exchange Commission had approved the merger plan of PSAC and FF.</p><p>This means that FF's IPO is possible in the near future. According to FF, a PSAC shareholders' meeting will be held on July 20 to vote on the FF merger. If the merger goes through smoothly, it will be listed on Nasdaq on July 21.</p><p><img src=\"https://static.tigerbbs.com/937db887fc673e84e69530f0738c1588\" tg-width=\"1080\" tg-height=\"761\" referrerpolicy=\"no-referrer\"></p><p>FF also mentioned that the merger will provide FF with approximately $1 billion in funding, including $230 million in cash held in trust by PSAC (assuming no redemption). Its valuation after listing was approximately $3.4 billion.</p><p>In addition, there is an even more important point. That is, after the transaction is completed, FF's first flagship product, the FF 91, is expected to enter mass production and delivery within 12 months. This means that Jia Yueting's dream of building cars will come true, and he will finally be able to shed the label of \"PPT car manufacturing\".</p><p>The news of FF's IPO has rekindled the confidence of Jia Yueting's creditors.</p><p>After LeEco's cash flow collapsed in 2017, Jia Yueting went to the United States to continue manufacturing cars. Amidst calls to \"repay the money,\" Jia Yueting filed for personal bankruptcy reorganization in the United States in October 2019. In July 2020, Jia Yueting's bankruptcy restructuring was finally completed, and the restructuring plan officially took effect. According to a disclosure by Jia Yueting's debt handling team on October 14, 2019, Jia Yueting's remaining net debt was approximately US$2 billion.</p><p>Regarding his own situation, Jia Yueting was...<a href=\"https://laohu8.com/S/WB\">Weibo</a>I published an article titled \"Working and Starting a Business, Restarting My Life, with My Apologies, Gratitude and Promises,\" in which I mentioned, \"I have invested all my remaining personal equity in a creditors' trust managed by a third party. From now on, I am no longer a holder of FF equity, but an employee who works with an entrepreneurial mindset and an entrepreneur who starts a business by working.\"</p><p><img src=\"https://static.tigerbbs.com/d1679a6ea996148f8944b03f7aabf94e\" tg-width=\"891\" tg-height=\"746\" referrerpolicy=\"no-referrer\"></p><p>How will Jia Yueting, who has no shares, pay off his debts? The answer lies in his personal bankruptcy reorganization plan.</p><p>Jia Yueting is well-versed in capital techniques, and his \"debt repayment skills\" are even more superb. Jia Yueting chose to transfer his FF shares to creditors through a creditor trust. This means that the creditors have become shareholders of FF. However, the plan stipulates that creditors can only sell their FF shares in the trust after FF's IPO. This means that creditors will only be able to get their money after FF goes public.</p><p>Regardless of whether creditors are optimistic about FF, since Jia Yueting cannot come up with real money to repay the debt, he has no choice but to accept this plan. Although Jia Yueting claimed that this was working for creditors, in reality, it was to bind creditors to FF and reduce the intensity of debt collection efforts against them.</p><p>According to the S4 filing, FF's existing shareholders and creditors (through debt-to-equity swaps) will continue to hold 213,176,594 shares of the company after the transaction, representing a 66% stake. If we calculate based on a valuation of $3.4 billion, this part is approximately $2.24 billion. If this money can be redeemed, it may not be impossible for Jia Yueting to pay off his debts.</p><p>Looking back, Jia Yueting's bankruptcy reorganization process, while not without setbacks, was still relatively smooth.</p><p>This is undoubtedly related to Jia Yueting's strategic planning. According to media analysis, this is related to Jia Yueting's \"falling out\" with his family.</p><p>Previously, Jia Yueting was sued by his ex-wife Gan Wei, his brother Jia Yuemin, and his sister Jia Yuefang, seeking $500 million, $800 million, and $50 million in damages respectively. In this way, Jia Yueting's total debt increased, the bargaining power of other creditors was diluted, and the bankruptcy reorganization plan was successfully approved. Furthermore, considering the amount of debt owed by his family, if FF successfully goes public, Jia Yueting will not have nothing.</p><p>Jia Yueting's method of repaying debts is not simply about suspending \"debt collection\". According to media reports, the creditors have granted Jia Yueting a four-year statute of limitations, meaning that the creditors will not file a lawsuit against Jia Yueting within those four years. If there were no other debts, Jia Yueting's \"debt dodger\" status might also be removed. In this situation, he was given enough time to catch his breath and a chance to \"clear his name\".</p><p>FF with an uncertain future</p><p>For a long time, when Jia Yueting's reputation could not be restored, the biggest impact was actually FF's financing.</p><p>Jia Yueting also went to great lengths to raise funds for FF. Therefore, Jia Yueting chose to step down as CEO of FF.</p><p>On September 3, 2019, FF announced that Bi Fukang would become FF's global CEO and Jia Yueting would serve as CPUO (Chief Product and User Officer). Looking at the history of financing, the \"de-Jia Yueting\" approach has indeed achieved some results.</p><p><img src=\"https://static.tigerbbs.com/d7df018c4258c3696d4279d6bf3e7161\" tg-width=\"900\" tg-height=\"711\" referrerpolicy=\"no-referrer\"></p><p>According to Qichacha statistics, FF has raised funds nine times, totaling tens of billions of yuan.</p><p><img src=\"https://static.tigerbbs.com/7eb89966043e084ffdd3ebf8b1b36908\" tg-width=\"600\" tg-height=\"708\" referrerpolicy=\"no-referrer\"></p><p>In theory, FF should have raised a considerable amount of funding, but the actual amount of funds received is still unknown. In addition, the specific methods of investment by the investors are also unclear.</p><p>Industry insiders analyze that FF may not have actually received as much as it seems, otherwise Jia Yueting would not be in such a hurry to raise funds. In addition, the electric vehicle industry is burning a terrible amount of money.<a href=\"https://laohu8.com/S/NIO\">Nio</a>XPeng and Li Auto have all raised billions of dollars, putting considerable financial pressure on FF.</p><p>Although FF's IPO is imminent, the industry is not so optimistic about it.</p><p>The primary reason is that FF has not actually sold a single car to date.</p><p>Back in 2015, Jia Yueting announced his intention to manufacture cars, boldly stating that he would connect the entire LeEco ecosystem to form a closed loop. However, six years later, LeEco has been delisted, and FF has not delivered a single car. Looking at other domestic electric vehicle brands during the same period, their performance was remarkable.</p><p>Take the first half of 2021 as an example: Nio Motor Company,<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>、<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Sales volume was over 40,000 vehicles, over 30,000 vehicles, and over 30,000 vehicles respectively. Even the newly emerging Nezha Auto achieved cumulative sales of over 20,000 vehicles in the first half of the year.</p><p>Let's look at FF's progress. In May 2021, the first FF Futurist Experience Center opened in Manhattan, New York.</p><p><img src=\"https://static.tigerbbs.com/2302ae5d340911e1cc5fd974085cc1ca\" tg-width=\"903\" tg-height=\"681\" referrerpolicy=\"no-referrer\"></p><p>The only thing that made Jia Yueting happy was the number of pre-orders on FF's official website. According to FF, by January of this year, pre-orders for the FF91 had exceeded 14,000. If we assume the FF91 is priced at $100,000 to $180,000, the FF will have orders of at least $1.4 billion to $2.52 billion. However, it is impossible to verify whether the data is accurate.</p><p>Currently, the FF91 is available for pre-order in China, with a deposit of 50,000 yuan. However, due to factors such as tariffs, the domestic price may reach more than 2 million yuan. Whether such an expensive electric vehicle will have a market in China remains to be seen.</p><p>To prove its strength, FF chose to continue making empty promises. FF had previously stated that the FF81 and FF71, aimed at the mass market, were already under development. It is reported that the FF81 starts at $59,000, compared to the benchmark...<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>High-end models such as the model S. The FF71 is expected to begin design and development in 2022, with a starting price of $45,000 and targeting mid-range consumers.</p><p>Another reason why outsiders are pessimistic about FF is that it remains to be seen whether FF's production capacity will be sufficient.</p><p>Previously, FF announced that its Hanford plant had achieved mass production capacity with an annual production capacity of 10,000 vehicles, but production would begin within 12 months of the merger of FF and PSAC.</p><p>In addition, according to media reports, FF is also collaborating with a leading South Korean manufacturing partner to produce FF's successor models.</p><p>Meanwhile, FF also announced that it has signed a framework cooperation agreement with Geely Group and is exploring the possibility of a joint venture between Geely and Foxconn providing OEM services.</p><p>However, these reports indicate that FF's production line is not perfect, and its mass production capacity is still just a slogan. Looking at other domestic brands: XPeng currently has a planned total production capacity of 350,000 vehicles; Li Auto currently has an annual production capacity of 100,000 vehicles, but its new factory with an annual production capacity of 100,000 vehicles will be completed in 2022. Nio CEO Li Bin recently stated that the second factory in Nio will begin production in the third quarter of next year, with an annual capacity of 1 million vehicles.</p><p>Compared to other new car brands, FF seems to have shortcomings in every way. Jia Yueting has been lying low for so long, and FF may have a major technical move, but the answer will only be revealed in a year.</p><p>In April of this year, Jia Yueting, who seemed to have seen a glimmer of hope, was dealt another heavy blow. LeEco stated that it received an administrative penalty decision from the Beijing Securities Regulatory Bureau of the China Securities Regulatory Commission. For ten consecutive years of financial fraud from 2007 to 2016, LeEco was fined 240.6 million yuan, and Jia Yueting was fined 241.2 million yuan. There are more voices questioning Jia Yueting.</p><p>July is a crucial month for FF's IPO. Will FF be able to successfully go public? What will the stock price be like after the IPO? How should FF open up the market? They were all gullies blocking Jia Yueting's path.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/nHVDuAdzDGJsDe1BiC3QuA\">铅笔道</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a556d406f2cd07fbbf570fb90e4b3c67","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/nHVDuAdzDGJsDe1BiC3QuA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116214742","content_text":"贾跃亭，一个时刻不忘让自己处在舆论漩涡中的男人。\n在被调侃过无数次“下周回国”之后，这次可能是他希望最大的一次。\n近日，贾跃亭创立的电动汽车品牌FF宣布其与PSAC的合并计划已被批准。如果顺利，本月FF将在美上市。本次合并交易将为FF提供约10亿美元的资金，上市后其估值约为34亿美元。\n这意味着，贾跃亭的造车梦将圆，终于能摆脱“PPT造车”的标签。同时，贾跃亭的巨额债务，也有了偿还的可能。\n然而，被贾跃亭押上一切的FF能否顺利上市，其实也还是一个未知数。此外，即便FF顺利上市，其面临的问题还有许多。与其他电动汽车品牌相比，如今的FF处处是短板。\n出走美国4年，依然在为“梦想”窒息的贾跃亭，他和FF接下来的路将如何走下去？不知他心里是否已经有了答案。\n注：本文内容主要来自铅笔道记者采访和网络公开信息，论据难免偏颇，不存在刻意误导。\n贾老板的“还债技术”\n最近，一则上市消息让贾跃亭再次成为舆论焦点。\n他担任创始人兼CPUO的FF于美国时间6月24日宣布，公司提交的美股上市文件S4已经正式生效，美国证券交易委员会已经批准了PSAC和FF的合并计划。\n这意味着FF上市在近期内成为可能。据FF介绍，7月20日将举行PSAC股东会议，对FF合并进行投票。如果顺利通过合并，将于7月21日在纳斯达克挂牌上市。\n\nFF还提到，本次合并交易将为FF提供约10亿美元的资金，其中包括PSAC以信托形式持有的2.3亿美元现金（假设不赎回的条件下）。在上市后其估值约为34亿美元。\n此外，还有更重要的一点。那就是在交易结束后，FF的首款旗舰产品FF 91在12个月内有望大规模量产和交付。这意味着，贾跃亭的造车梦将圆，终于能摆脱“PPT造车”的标签。\nFF上市的消息，让贾跃亭的债主们重新燃起了信心。\n在2017年乐视资金链断裂后，贾跃亭远赴美国继续造车。在一片“还钱”的追讨声中，2019年10月贾跃亭在美申请个人破产重组。2020年7月，贾跃亭破产重组最终完成，重组方案正式生效。据贾跃亭债务处理小组于2019年10月14日披露，贾跃亭剩下债务净额约为20亿美元。\n对于自身处境，贾跃亭当时在微博发文《打工创业、重启人生，带着我的致歉、感恩和承诺》，文中提到，“我把剩余全部个人股权装入了第三方管理的债权人信托，我自此不再是FF股权的持有者，而成为以创业心态打工的打工者和用打工方式创业的创业者。”\n\n没有股权的贾跃亭用什么还账？答案就在其个人破产重组方案中。\n贾跃亭深谙资本技巧，“还账术”更为高超。贾跃亭选择把其持有的FF股权通过债权人信托的方式转让给债权人。意思就是说，债权人成为了FF的股东。但是方案规定，FF IPO后债权人才能出售信托内的FF股权。这就意味着只有FF上市后，债权人才有可能拿到自己的钱。\n不管债权人看不看好FF，在贾跃亭拿不出真金白银还账的情况下，只能接受这一方案。虽然贾跃亭美其名曰这是给债权人打工，实则是让债权人和FF绑定，减缓对其催债的力度。\n据S4文件显示，FF原有股东以及债权人（通过债转股）将在交易后继续占有公司 213,176,594股股票，股权比例达66%。如果按照34亿美元估值计算，这部分约为22.4亿美元。这笔钱如果能兑现，让贾跃亭还清债务也许并不是没有可能。\n回过头来看，贾跃亭破产重整过程，虽然不是毫无坎坷，但也说得上顺利。\n之所以这样，和贾跃亭的运筹帷幄不无关系。据媒体分析，这和贾跃亭与其家人“反目”有关。\n此前，贾跃亭先后被前妻甘薇、哥哥贾跃民、妹妹贾跃芳起诉，分别索赔5亿美元、8亿美元、5000万美元。通过这种方式，贾跃亭的总负债额度增高，其他债权人的话语权被稀释，破产重组方案得以顺利通过。此外，以家人们债务额度来看，假如FF上市成功，贾跃亭并不是一无所有。\n贾跃亭的还账方式，并不仅仅是暂停“逼债”那么简单。据媒体介绍，债权人给贾跃亭的诉讼静止期是4年，也就是说债主在4年内，不会对贾跃亭提起诉讼。如果没有其他债务，贾跃亭的“老赖”身份或许也会被解除。在这种情况下，就给了他足够喘息时间，也给了他“洗白”的机会。\n前途未卜的FF\n一直以来，在贾跃亭名誉无法恢复的情况下，影响最大的其实是FF的融资。\n贾跃亭为FF融资也费尽心思。为此，贾跃亭选择卸任FF的CEO。\n2019年9月3日，FF宣布毕福康成为FF全球CEO，贾跃亭出任CPUO（首席产品和用户官）。从融资历史来看，“去贾跃亭化”确实取得了一定效果。\n\n据企查查统计，FF先后融资已有9次，总额数百亿元。\n\n按理说FF融资金额已经不少，但是资金实际到账多少还是未知，此外，投资方具体出资方式也不明确。\n业内人士分析，FF实际到账或许并没有看起来那么多，不然贾跃亭不会如此着急融资。此外，电动汽车行业烧钱恐怖，蔚来、小鹏、理想均融资数十亿美元，FF资金压力自然不小。\n如今，虽然FF上市在即，但是业内对FF并没有那么看好。\n首要原因是，FF至今还未真正卖出过一辆车。\n时间回到2015年，贾跃亭宣布造车，豪言称要全部链接乐视生态链，形成闭环。然而，6年过了，乐视也已退市，而FF一辆汽车都未交付。再看同期的其他国产电动汽车品牌，业绩斐然。\n就拿2021年上半年来看，蔚来汽车、小鹏汽车、理想汽车销售量，分别4万辆+、3万辆+、3万辆+，就算刚崛起的哪吒汽车，上半年累计销售量也突破了2万辆。\n再看FF的进度。2021年5月，首个FF未来主义者体验中心才落户美国纽约曼哈顿。\n\n唯一能让贾跃亭欣慰的，只有FF的官网预定量。据FF透露，到今年1月份，FF91的预订量已经超过1.4万。如果以FF91定价10万~18万美元来算，FF至少有14亿~25.2亿美元的订单。但是，数据是否真实也无从考证。\n目前，FF91在中国已经接受预订，定金5万元。但是受关税等因素影响，国内售价或将达200万元以上。如此高昂的电动汽车，在国内是否有市场也是未知数。\n为了证明自身的实力，FF选择继续“画饼”，FF曾表示，面向大众的FF81和FF71已在研发中。据悉，FF81起售价5.9万美元，对标特斯拉model S等高端车型。FF71预计2022年开始进行设计和开发，起售价为4.5万美元，面向中端消费者。\n外界不看好FF，还有一个原因是FF的产能能否足够，尚未可知。\n此前，FF宣布汉福德工厂已经具备了量产能力，年产能为10000辆，但是要在FF与PSAC的合并后的12个月内开始投产。\n此外，据媒体报道，FF还正在与韩国一家领先的制造伙伴合作，生产FF的后续车型。\n同时，FF也宣布，已与吉利集团签署框架合作协议，并探讨由吉利与富士康的合资公司提供代工服务的可能性。\n但是这些消息表明，FF的产线并未完善，量产能力还只有口号。再看国内其他品牌：小鹏汽车目前规划总产能为35万辆；理想汽车目前年产能为10万辆，但是其年产能10万辆新厂房2022年将完工；蔚来CEO李斌近期表示，蔚来第二家工厂明年三季度投产，年产能100万辆。\n与其他新造车品牌相比，FF貌似处处是短板。贾跃亭蛰伏如此之久，或许FF在技术方面有大招也不一定，但是也只能在一年后才能揭晓答案。\n今年4月，仿佛看到曙光的贾跃亭再被重击。乐视网称收到证监会北京证监局送到的行政处罚决定书，因乐视网2007年至2016年连续十年财务造假，乐视网被处以2.406亿元罚款，贾跃亭被罚款 2.412亿元。对贾跃亭质疑的声音更多。\n7月，是FF上市关键的一个月，FF能够顺利上岸？上市后股价如何？FF该怎么打开市场？都是横在贾跃亭前面的一道道沟壑。","news_type":1,"symbols_score_info":{"PSAC":0.9}},"isVote":1,"tweetType":1,"viewCount":1604,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122641442,"gmtCreate":1624619455086,"gmtModify":1703841866989,"author":{"id":"4087371163339050","authorId":"4087371163339050","name":"Sky9292","avatar":"https://static.tigerbbs.com/e54cf3c218ba1e46c37cda7088208b4c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087371163339050","authorIdStr":"4087371163339050"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122641442","repostId":"1120778675","repostType":4,"isVote":1,"tweetType":1,"viewCount":1370,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167598133,"gmtCreate":1624275328722,"gmtModify":1703832156355,"author":{"id":"4087371163339050","authorId":"4087371163339050","name":"Sky9292","avatar":"https://static.tigerbbs.com/e54cf3c218ba1e46c37cda7088208b4c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087371163339050","authorIdStr":"4087371163339050"},"themes":[],"title":"","htmlText":"888","listText":"888","text":"888","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167598133","repostId":"1194525625","repostType":4,"isVote":1,"tweetType":1,"viewCount":1603,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167504790,"gmtCreate":1624275010810,"gmtModify":1703832148062,"author":{"id":"4087371163339050","authorId":"4087371163339050","name":"Sky9292","avatar":"https://static.tigerbbs.com/e54cf3c218ba1e46c37cda7088208b4c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087371163339050","authorIdStr":"4087371163339050"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167504790","repostId":"1115796699","repostType":4,"isVote":1,"tweetType":1,"viewCount":1399,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":152652504,"gmtCreate":1625290140508,"gmtModify":1703740087580,"author":{"id":"4087371163339050","authorId":"4087371163339050","name":"Sky9292","avatar":"https://static.tigerbbs.com/e54cf3c218ba1e46c37cda7088208b4c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087371163339050","idStr":"4087371163339050"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/152652504","repostId":"2148167804","repostType":4,"repost":{"id":"2148167804","kind":"highlight","pubTimestamp":1625284923,"share":"https://ttm.financial/m/news/2148167804?lang=en_US&edition=fundamental","pubTime":"2021-07-03 12:02","market":"fut","language":"zh","title":"With positive non-farm payrolls and soaring oil prices, will the Federal Reserve tighten ahead of schedule?","url":"https://stock-news.laohu8.com/highlight/detail?id=2148167804","media":"智通财经网","summary":"核心观点\n6月美国非农就业人口增加85万人，高于预期的72万人。失业救济金停发、疫苗接种率不断增加、企业增加工资吸引劳动力导致居民求职意愿回升是非农新增就业人数高于市场预期的主要原因。近期，原油价格站","content":"<p>Core Points</p><p>U.S. non-farm payrolls increased by 850,000 in June, higher than the expected 720,000. The suspension of unemployment benefits, the continuous increase in vaccination rates, and the rebound in residents' willingness to seek employment due to increased wages by enterprises to attract labor are the main reasons why the number of new non-farm payrolls exceeded market expectations. Recently, crude oil prices have risen above $75 per barrel, making it difficult for oil prices to fall in the short term, and US inflation may remain high for a while. Given the pace of the Federal Reserve's tightening, the Taper process is not expected to begin formally at the Jackson Hole Global Central Bank Meeting in August. The announcement of Taper and the formal implementation of Taper may occur at the end of this year or the beginning of next year, while the rate hike process may be brought forward to the end of 2022. Regarding the trend of US Treasury yields this year, Taper may fluctuate between 1.4% and 1.6% before the formal discussion, and may rise slightly to 1.8%-2.0% before the formal discussion and implementation.</p><p><b>Residents' willingness to seek employment has rebounded, and the number of non-farm payrolls has exceeded market expectations.</b>Looking at changes in non-farm payrolls, the U.S. seasonally adjusted non-farm payrolls increased by 850,000 in June, compared to the expected increase of 720,000. The previous figure was revised upward from 559,000 to 583,000. The number of new non-farm payrolls hit a new high since August 2020, but the unemployment rate rose to 5.9%. We believe that the suspension of unemployment benefits, the increasing vaccination rate, and the rebound in residents' willingness to seek employment due to increased wages by enterprises to attract labor are the main reasons for the higher-than-expected number of new non-farm payrolls. Although the June non-farm payroll data was better than expected, the job market is still a long way from returning to normal due to the still high number of unemployed, the rising unemployment rate, and the low labor force participation rate.</p><p><b>The leisure hotel industry continued its recovery, while the construction industry continued to drag down employment growth.</b>By sector, the sectors that contributed the most to the number of new non-farm payrolls in the United States in June were leisure and hospitality, education and healthcare services, government departments, and professional and business services, while the sectors with the largest decrease in employment were construction and financial activities. In the medium term, service sectors such as leisure and hospitality are expected to continue to boost employment. Meanwhile, the potential for new job creation in the education sector, and the increased female labor force after school reopening, are expected to alleviate labor supply problems. This view is also shared by several Federal Reserve officials, such as Kashkari and Mester.<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>One of the reasons for employment.</p><p><b>Oil prices are likely to rise but difficult to fall in the short term, and US inflation may remain high for a while.</b>Since March of this year, oil prices have begun to rise amid strong demand and market expectations that demand will continue to be strong. On Thursday, OPEC+ failed to reach an agreement on increasing production, and WTI crude oil prices rose above $75 per barrel for the first time since 2018. Since the beginning of this year, US EIA crude oil inventories have generally been on a downward trend, reflecting strong demand for crude oil. Since May, crude oil inventories have declined for six consecutive weeks, indicating that the current supply and demand gap is large and oil prices may be easy to rise but difficult to fall. Inflation in the United States remains high, mainly driven by energy and transportation. With oil prices easily rising but difficult to fall, inflation expectations have risen again, and inflation may remain high for a while.</p><p><b>The Federal Reserve is tightening its pace: the Taper process is not expected to be brought forward, and the rate hike process may be brought forward.</b>Regarding Taper this year, the job market remains a key focus for the Federal Reserve. With the job market steadily recovering but far from returning to normal levels, the Fed's Taper process is not expected to be brought forward. The formal start of discussions on Taper may be at the Jackson Hole Global Central Bank Meeting in August, while the announcement of Taper and the formal start of its implementation may occur at the end of this year or the beginning of next year. In terms of rate hike going forward, inflation will be a key focus for the Federal Reserve. Following the June policy meeting, hawkish voices among Fed officials have increased significantly, and market expectations for early rate hike have also increased. If inflation remains high for an extended period, the possibility of the Fed bringing forward rate hike before the end of 2022 cannot be ruled out.</p><p><b>US Treasury yields trend this year: Before the formal discussion of Taper, it may fluctuate between 1.4% and 1.6%. Before the formal discussion of Taper and its implementation, it may rise slightly to 1.8%-2.0%.</b>With the Federal Reserve's monetary policy shift, we expect US Treasury bonds to fluctuate between 1.4% and 1.6% before the Taper discussions officially begin. Regarding this round of tapering, the Federal Reserve has learned from the lessons of the previous round of \"tapering panic\" and communicated with the market in advance. At the same time, the market also has full expectations for tapering, so it is unlikely that US Treasury yields will experience a large upward slope. US Treasury yields is expected to rise slightly from the start of Taper discussions until the official implementation of Taper, potentially reaching a level of 1.8%-2.0%.</p><p>text</p><p>Data released by the U.S. Department of Labor shows that seasonally adjusted non-farm payrolls in the United States increased by 850,000 in June, compared to the expected increase of 720,000. The previous figure was revised upward from 559,000 to 583,000. The unemployment rate in June was 5.9%, compared to the expected 5.7% and the previous value of 5.8%. Average hourly wages rose 3.6% year-on-year in June, exceeding expectations of a 3.6% increase and a 2% increase in the previous month. The labor force participation rate in June was 61.6%, compared to 61.6% in the previous month.</p><p><b>Residents' willingness to seek employment has rebounded, with non-farm payrolls exceeding market</b></p><p><b>Looking at changes in non-farm payrolls, the U.S. seasonally adjusted non-farm payrolls increased by 850,000 in June, compared to the expected increase of 720,000. The previous figure was revised upward from 559,000 to 583,000. The number of new non-farm payrolls hit a new high since August 2020, but the unemployment rate rose to 5.9%.</b>The number of new non-farm payrolls in the United States in June was higher than the previous value. Meanwhile, the non-farm payroll data for April and May this year were revised downwards and upwards respectively. The number of new non-farm payrolls in April was revised downwards from 278,000 to 269,000, and the number of new non-farm payrolls in May was revised upwards from 559,000 to 583,000. Looking at the trend of non-farm payrolls, with the acceleration of vaccination in the United States, the number of non-farm payrolls increased month by month from January to March this year. However, the number of non-farm payrolls in April and May was lower than market expectations due to factors such as the payment of unemployment benefits. The number of non-farm payrolls in June grew strongly, exceeding market expectations.</p><p><b>We believe that the suspension of unemployment benefits, the increasing vaccination rate, and the rebound in residents' willingness to seek employment due to increased wages by enterprises to attract labor are the main reasons for the higher-than-expected number of new non-farm payrolls.</b>First, due to the insufficient labor supply caused by the previous payment of unemployment benefits, the job market was in short supply and there were many job vacancies. Since June, most states in the United States have announced the cessation of unemployment benefits, forcing people who are no longer working due to receiving unemployment benefits to find new jobs. Secondly, the increasing vaccination rate has led to the gradual lifting of restrictions on work and social interaction caused by the pandemic, increasing people's willingness to start working. Secondly, due to a supply shortage in the labor market, companies generally raised wage levels, with the average hourly wage increasing by 3.6% year-on-year in June, compared to 2% in the previous month, which further attracted people to return to the labor market.</p><p><img src=\"https://static.tigerbbs.com/8b5ee9b5b49f6e1d86d65620516c8f43\" tg-width=\"808\" tg-height=\"420\" referrerpolicy=\"no-referrer\"></p><p><b>Despite better-than-expected non-farm payroll data in June, the job market is still a long way from returning to normal.</b>First, in terms of employment, the current employment level is still nearly 6.8 million fewer than before the pandemic in February 2020. Secondly, the unemployment rate rose in June from 5.6% to 5.9%. We believe this may be temporary frictional unemployment. People's willingness to seek jobs has increased, and more people are looking for work. However, it will still take some time to find a job that satisfies them and matches their skills. Therefore, the unemployment rate rose in June. Secondly, the labor force participation rate in June was the same as in May at only 61.6%, still at a historical low, indicating that the supply shortage in the job market will persist in the short term. Therefore, the current job market is far from recovering to normal levels, and concerns about virus infection and the need to care for children and the elderly continue to constrain labor supply. However, as time goes on, vaccination rates continue to rise, schools reopen, and more and more states stop paying unemployment benefits, the labor market may recover further.</p><p><b>The leisure hotel industry continued to recover, while the construction industry continued to drag down growth.</b></p><p><b>By sector, the sectors that contributed the most to the number of new non-farm payrolls in the United States in June were leisure and hospitality, education and healthcare services, government departments, and professional and business services, while the sectors with the largest decrease in employment were construction and financial activities.</b>Specifically, the leisure and hotel industry saw 343,000 jobs in June, an increase of 37,000 compared to May, still ranking first in non-farm payrolls in June. In June, government employment increased by 188,000, an increase of approximately 121,000 compared to the previous month; Employment in education and healthcare services remained unchanged month-on-month at 59,000; The number of new jobs in professional and business services increased by approximately 36,000 month-on-month. The construction industry saw a decrease of approximately 7,000 jobs in June, making it the sector with the largest decrease in non-farm payrolls in June. Financial services employment decreased by approximately 1,000 people in June, making it the second-largest decrease in non-farm payrolls in June.</p><p><img src=\"https://static.tigerbbs.com/2192c03fef990282f9358dd04a47b7de\" tg-width=\"789\" tg-height=\"299\" referrerpolicy=\"no-referrer\"></p><p><b>In the medium term, service industries such as leisure and hospitality are expected to continue to boost employment. At the same time, the potential for new employment in the education sector and the increase in the female labor force after the reopening of schools are expected to alleviate the labor supply problem.</b>Industry data shows that as more people complete their vaccinations, some regions continue to relax travel restrictions, and more people resume travel and dining out, continuously boosting employment in the leisure and hotel industries. In addition, some regions continued to resume offline teaching, coupled with the increase in outpatient and healthcare services, leading to a recovery in employment in both the education and healthcare services sectors. Nevertheless, education employment remains low. Since February 2020, local government education sector employment has decreased by 414,000 people, state government education sector employment has decreased by 168,000 people, and private education sector employment has decreased by 255,000 people, indicating greater room for recovery in education sector employment as economic life normalizes. Moreover, with the resumption of employment in the education sector and offline courses, a large number of female-dominated workers caring for children at home will increase, becoming a significant potential for new non-farm payrolls in the medium term. This view is also one of the reasons why many Federal Reserve officials, such as Kashkari and Mester, are optimistic about future employment.</p><p><b>Oil prices surge, inflation expectations resurface</b></p><p><b>Since March of this year, oil prices have begun to rise amid strong demand and market expectations that demand will continue to be strong. On Thursday, OPEC+ failed to reach an agreement on increasing production, and WTI crude oil prices rose above $75 per barrel for the first time since 2018.</b>Starting in March, with the continued economic recovery and strong demand for crude oil, despite the continuous increase in OPEC+ production, the supply and demand gap for crude oil still exists, and crude oil prices have soared. Both WTI crude oil and Brent crude oil prices have risen from around $60/barrel in late March to above $70/barrel. On Thursday, OPEC+ reached a preliminary agreement to increase production by an average of 400,000 barrels per day per month until December 2021. Lower than market expectations, but later shelved due to opposition from the UAE, WTI and Brent crude oil prices both rose above $75 per barrel, with WTI oil prices reaching a new high since October 2018.</p><p><img src=\"https://static.tigerbbs.com/3b30a53af2bc5eea0c62bb593be66e21\" tg-width=\"804\" tg-height=\"437\" referrerpolicy=\"no-referrer\"></p><p><b>Since the beginning of this year, US EIA crude oil inventories have generally been on a downward trend, reflecting strong demand for crude oil. Since May, crude oil inventories have declined for six consecutive weeks, indicating that the current supply and demand gap is large and oil prices may be easy to rise but difficult to fall.</b>On June 30, the latest data from the EIA showed that crude oil inventories decreased by 6.718 million barrels for the week ending June 25, a larger decline than the expected 3.85 million barrels, marking the sixth consecutive week of decline. The continuous decline in crude oil inventories reflects the current large gap between crude oil supply and demand. Judging from this week's OPEC+ meeting, there are still some disagreements within OPEC+ on whether to increase production. At the same time, even if OPEC+ reaches an agreement on increasing production, the increased monthly crude oil production may not be able to fill the current large supply and demand gap. Therefore, in the short term, crude oil prices may remain high. The biggest variable at present may be the Iran nuclear negotiations. If the Iran nuclear negotiations go smoothly in the short term and Iran resumes crude oil supply and exports, it will help alleviate the upward trend in oil prices. If the negotiations do not go smoothly in the short term, then under the leadership of the new hardline President Ibrahim Raihi, the future of the Iran nuclear negotiations will be subject to significant uncertainties.</p><p><img src=\"https://static.tigerbbs.com/1cbc2b7e257699802d4b48d9cd590e84\" tg-width=\"803\" tg-height=\"433\" referrerpolicy=\"no-referrer\"></p><p><b>U.S. inflation remains high, mainly driven by energy and transportation sectors.</b>After April inflation data far exceeded market expectations, the US May inflation data once again exceeded market expectations, mainly driven by the transportation and energy sectors. In May, the unseasonally adjusted U.S. CPI rose 5% year-on-year, 0.8 percentage points from 4.2% in the previous month, while the unseasonally adjusted core CPI rose 3.8% year-on-year, 0.8 percentage points from 3% in the previous month. On the one hand, the low base effect caused by the pandemic last year was an important reason for the sharp increase in year-on-year inflation readings in May. On the other hand, looking at the CPI sub-items, the sub-items that had the strongest year-on-year driving effect on the CPI in May were transportation and energy. In May, the transportation sub-item of the US CPI grew by 20% year-on-year, and the energy sub-item grew by 28.5% year-on-year, mainly reflecting the increase in people's travel demand under the recovery of the epidemic. Meanwhile, the PCE indicator, which the Federal Reserve is more concerned about, also hit a record high. In May, PCE increased by 3.9% year-on-year, far exceeding the Fed's 2% inflation target, while core PCE increased by 3.4% year-on-year, the highest level since 1992.</p><p><img src=\"https://static.tigerbbs.com/f1640d6ef53ec849acdcb544e300d69d\" tg-width=\"809\" tg-height=\"324\" referrerpolicy=\"no-referrer\"></p><p><b>With oil prices easily rising but difficult to fall, inflation expectations have risen again, and inflation may remain high for a while.</b>Driven by a hawkish stance at the Federal Reserve's June interest rate meeting, declining market inflation expectations led to a decline in US Treasury yields instead of an increase. After reaching temporary lows on June 18 and 21, inflation expectations have recently risen again as oil prices have continued to rise. Looking at the relationship between oil prices and inflation, firstly, oil prices are generally positively correlated with the trends of energy commodities in the US CPI details; Secondly, the year-on-year trend of the energy item in the CPI sub-item is highly consistent with the overall year-on-year trend of the CPI. Therefore, with rising inflation expectations and oil prices driving inflation, US inflation may remain high for a period of time. Meanwhile, transportation and housing remain high, and used car prices remain high in the short term, which will also support inflation.</p><p><img src=\"https://static.tigerbbs.com/a26e43f72a970000a31ddb74be3f6c71\" tg-width=\"682\" tg-height=\"341\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f1c6a7713d73bb41a2d97a3b0c2b6111\" tg-width=\"805\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p><b>Will the Federal Reserve tighten earlier?</b></p><p><b>Regarding the tapering process this year, the job market remains a key focus for the Federal Reserve. With the job market steadily recovering but far from returning to normal levels, the Fed's tapering process is not expected to be brought forward.</b>Although inflation is currently high and will remain high for some time to come, inflation is not a key focus for the Federal Reserve this year. The Federal Reserve's current focus remains on the job market. The job market recovery is relatively stable, but it is far from returning to normal levels. After most states stopped paying unemployment benefits in June, residents' willingness to work gradually increased. Coupled with the reopening of schools in September, the demand for childcare decreased. It is expected that the job market will recover more rapidly in July and August, which may trigger the Federal Reserve's discussion on Taper. Therefore, the June non-farm payroll report allows us to maintain our previous judgment that the Federal Reserve's Taper process will not be brought forward, and the timing of the formal discussion of Taper may be at the Jackson Hole global central bank meeting in August. The timing of announcing Taper and the formal implementation of Taper may occur at the end of this year and the beginning of next year.</p><p><b>In terms of rate hike going forward, inflation will be a key focus for the Federal Reserve. If inflation remains high for an extended period, it cannot be ruled out that the Fed will rate hike ahead of schedule before the end of 2022.</b>On the one hand, the June Federal Reserve dot plot shows that all policymakers expect Federal Funds rate to remain near zero by the end of 2021. Seven officials are expected to be in rate hike in 2022, and 13 committee members are expected to be in rate hike in 2023. Compared to the March dot plot, the number of officials in rate hike is expected to increase by 3 in 2022, and the number of officials in rate hike is expected to increase by 6 in 2023. Although the dot plot is not directly related to whether there is rate hike, it still reflects a change in the attitude of Federal Reserve officials towards rate hike. On the other hand, after the interest rate meeting, the hawkish voices of Federal Reserve officials also increased significantly. The most representative example was the sudden hawkish turn of St. Louis Fed President Bullard, who is known for his dovish stance. He said that even seven policymakers, including himself, expected the Fed to take aggressive measures to curb inflation, which was a natural reaction to the faster-than-expected rise in inflation. In addition, Dallas Fed President Kaplan, Fed Governor Waller, and Richmond Fed President Barkin have all recently made hawkish comments. Based on the Federal Reserve's latest inflation forecast and Powell's marginal changes in his statement on inflation, if inflation and inflation expectations continue to rise, it cannot be ruled out that the Fed will take action to curb inflation in advance (i.e., rate hike before the end of 2022).</p><p><img src=\"https://static.tigerbbs.com/ec5eab496e311ef8ad1d5bd9dd3ecd0d\" tg-width=\"817\" tg-height=\"464\" referrerpolicy=\"no-referrer\"></p><p><b>What will be the trend of US Treasury bonds this year?</b></p><p><b>With the Federal Reserve's monetary policy shift, we expect US Treasury bonds to fluctuate between 1.4% and 1.6% before the Taper discussions officially begin.</b>According to our previous report, \"Bond Market Enlightenment Series 20210622 - Why Did US Treasury yields Plunge?\" (2021-06-22), the recent downturn in US Treasury yields can be divided into two phases. Before the Fed's June interest rate meeting, there was a downturn driven by excess liquidity and the obstruction of Biden's infrastructure plan. After the interest rate meeting, there was a decline in interest rates triggered by excess liquidity and lower inflation expectations. In the short term, US Treasury yields is expected to fluctuate between 1.4% and 1.6%.</p><p><b>Based on the experience of the previous round of Taper, the US Treasury yields is expected to rise slightly from the start of this round of Taper discussions until the official implementation of Taper, potentially reaching a level of 1.8%-2.0%.</b>On May 22, 2013, then-Federal Reserve Chairman Ben Bernanke testified before Congress. During the question-and-answer session, Bernanke stated that if the job market continues to improve and we are confident that the momentum of improvement will continue, we will reduce the scale of purchases in the coming meetings. The market reacted strongly to Bernanke's speech and the interest rate meeting minutes, resulting in a so-called \"taper tantrum.\" Following the sudden Taper signal, US Treasury yields surged rapidly. Starting from May 1, 2013, the 10-year US Treasury yield began to soar rapidly, rising from 1.66% at the beginning of the month to a high of 2.98% on the eve of the September interest rate meeting, an increase of more than 130 basis points.</p><p><img src=\"https://static.tigerbbs.com/0090410b460b0e32215fa0c1e2e5a87b\" tg-width=\"835\" tg-height=\"430\" referrerpolicy=\"no-referrer\"></p><p><b>Regarding this round of tapering, the Federal Reserve has learned from the lessons of the previous round of \"tapering panic\" and communicated with the market in advance. At the same time, the market also has full expectations for tapering, so it is unlikely that US Treasury yields will experience a large upward slope.</b>At a press conference following the June policy meeting, Powell stated that he would do everything possible to avoid overreacting in the market and would inform the market in advance before making any decisions. Meanwhile, Ladas Federal Reserve President Kaplan recently stated that the Fed will gradually reduce asset purchases, but this time it will be smoother because investors already know that the measure is under discussion, and the Fed will avoid creating the \"tapering panic\" of 2013. Therefore, we believe that after the Federal Reserve officially releases the Taper discussion signal, US Treasury yields will rise somewhat, but it will not reach the 130bps rise seen in 2013, and may reach the level of 1.8%-2.0%.</p>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>With positive non-farm payrolls and soaring oil prices, will the Federal Reserve tighten ahead of schedule?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWith positive non-farm payrolls and soaring oil prices, will the Federal Reserve tighten ahead of schedule?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2021-07-03 12:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Core Points</p><p>U.S. non-farm payrolls increased by 850,000 in June, higher than the expected 720,000. The suspension of unemployment benefits, the continuous increase in vaccination rates, and the rebound in residents' willingness to seek employment due to increased wages by enterprises to attract labor are the main reasons why the number of new non-farm payrolls exceeded market expectations. Recently, crude oil prices have risen above $75 per barrel, making it difficult for oil prices to fall in the short term, and US inflation may remain high for a while. Given the pace of the Federal Reserve's tightening, the Taper process is not expected to begin formally at the Jackson Hole Global Central Bank Meeting in August. The announcement of Taper and the formal implementation of Taper may occur at the end of this year or the beginning of next year, while the rate hike process may be brought forward to the end of 2022. Regarding the trend of US Treasury yields this year, Taper may fluctuate between 1.4% and 1.6% before the formal discussion, and may rise slightly to 1.8%-2.0% before the formal discussion and implementation.</p><p><b>Residents' willingness to seek employment has rebounded, and the number of non-farm payrolls has exceeded market expectations.</b>Looking at changes in non-farm payrolls, the U.S. seasonally adjusted non-farm payrolls increased by 850,000 in June, compared to the expected increase of 720,000. The previous figure was revised upward from 559,000 to 583,000. The number of new non-farm payrolls hit a new high since August 2020, but the unemployment rate rose to 5.9%. We believe that the suspension of unemployment benefits, the increasing vaccination rate, and the rebound in residents' willingness to seek employment due to increased wages by enterprises to attract labor are the main reasons for the higher-than-expected number of new non-farm payrolls. Although the June non-farm payroll data was better than expected, the job market is still a long way from returning to normal due to the still high number of unemployed, the rising unemployment rate, and the low labor force participation rate.</p><p><b>The leisure hotel industry continued its recovery, while the construction industry continued to drag down employment growth.</b>By sector, the sectors that contributed the most to the number of new non-farm payrolls in the United States in June were leisure and hospitality, education and healthcare services, government departments, and professional and business services, while the sectors with the largest decrease in employment were construction and financial activities. In the medium term, service sectors such as leisure and hospitality are expected to continue to boost employment. Meanwhile, the potential for new job creation in the education sector, and the increased female labor force after school reopening, are expected to alleviate labor supply problems. This view is also shared by several Federal Reserve officials, such as Kashkari and Mester.<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>One of the reasons for employment.</p><p><b>Oil prices are likely to rise but difficult to fall in the short term, and US inflation may remain high for a while.</b>Since March of this year, oil prices have begun to rise amid strong demand and market expectations that demand will continue to be strong. On Thursday, OPEC+ failed to reach an agreement on increasing production, and WTI crude oil prices rose above $75 per barrel for the first time since 2018. Since the beginning of this year, US EIA crude oil inventories have generally been on a downward trend, reflecting strong demand for crude oil. Since May, crude oil inventories have declined for six consecutive weeks, indicating that the current supply and demand gap is large and oil prices may be easy to rise but difficult to fall. Inflation in the United States remains high, mainly driven by energy and transportation. With oil prices easily rising but difficult to fall, inflation expectations have risen again, and inflation may remain high for a while.</p><p><b>The Federal Reserve is tightening its pace: the Taper process is not expected to be brought forward, and the rate hike process may be brought forward.</b>Regarding Taper this year, the job market remains a key focus for the Federal Reserve. With the job market steadily recovering but far from returning to normal levels, the Fed's Taper process is not expected to be brought forward. The formal start of discussions on Taper may be at the Jackson Hole Global Central Bank Meeting in August, while the announcement of Taper and the formal start of its implementation may occur at the end of this year or the beginning of next year. In terms of rate hike going forward, inflation will be a key focus for the Federal Reserve. Following the June policy meeting, hawkish voices among Fed officials have increased significantly, and market expectations for early rate hike have also increased. If inflation remains high for an extended period, the possibility of the Fed bringing forward rate hike before the end of 2022 cannot be ruled out.</p><p><b>US Treasury yields trend this year: Before the formal discussion of Taper, it may fluctuate between 1.4% and 1.6%. Before the formal discussion of Taper and its implementation, it may rise slightly to 1.8%-2.0%.</b>With the Federal Reserve's monetary policy shift, we expect US Treasury bonds to fluctuate between 1.4% and 1.6% before the Taper discussions officially begin. Regarding this round of tapering, the Federal Reserve has learned from the lessons of the previous round of \"tapering panic\" and communicated with the market in advance. At the same time, the market also has full expectations for tapering, so it is unlikely that US Treasury yields will experience a large upward slope. US Treasury yields is expected to rise slightly from the start of Taper discussions until the official implementation of Taper, potentially reaching a level of 1.8%-2.0%.</p><p>text</p><p>Data released by the U.S. Department of Labor shows that seasonally adjusted non-farm payrolls in the United States increased by 850,000 in June, compared to the expected increase of 720,000. The previous figure was revised upward from 559,000 to 583,000. The unemployment rate in June was 5.9%, compared to the expected 5.7% and the previous value of 5.8%. Average hourly wages rose 3.6% year-on-year in June, exceeding expectations of a 3.6% increase and a 2% increase in the previous month. The labor force participation rate in June was 61.6%, compared to 61.6% in the previous month.</p><p><b>Residents' willingness to seek employment has rebounded, with non-farm payrolls exceeding market</b></p><p><b>Looking at changes in non-farm payrolls, the U.S. seasonally adjusted non-farm payrolls increased by 850,000 in June, compared to the expected increase of 720,000. The previous figure was revised upward from 559,000 to 583,000. The number of new non-farm payrolls hit a new high since August 2020, but the unemployment rate rose to 5.9%.</b>The number of new non-farm payrolls in the United States in June was higher than the previous value. Meanwhile, the non-farm payroll data for April and May this year were revised downwards and upwards respectively. The number of new non-farm payrolls in April was revised downwards from 278,000 to 269,000, and the number of new non-farm payrolls in May was revised upwards from 559,000 to 583,000. Looking at the trend of non-farm payrolls, with the acceleration of vaccination in the United States, the number of non-farm payrolls increased month by month from January to March this year. However, the number of non-farm payrolls in April and May was lower than market expectations due to factors such as the payment of unemployment benefits. The number of non-farm payrolls in June grew strongly, exceeding market expectations.</p><p><b>We believe that the suspension of unemployment benefits, the increasing vaccination rate, and the rebound in residents' willingness to seek employment due to increased wages by enterprises to attract labor are the main reasons for the higher-than-expected number of new non-farm payrolls.</b>First, due to the insufficient labor supply caused by the previous payment of unemployment benefits, the job market was in short supply and there were many job vacancies. Since June, most states in the United States have announced the cessation of unemployment benefits, forcing people who are no longer working due to receiving unemployment benefits to find new jobs. Secondly, the increasing vaccination rate has led to the gradual lifting of restrictions on work and social interaction caused by the pandemic, increasing people's willingness to start working. Secondly, due to a supply shortage in the labor market, companies generally raised wage levels, with the average hourly wage increasing by 3.6% year-on-year in June, compared to 2% in the previous month, which further attracted people to return to the labor market.</p><p><img src=\"https://static.tigerbbs.com/8b5ee9b5b49f6e1d86d65620516c8f43\" tg-width=\"808\" tg-height=\"420\" referrerpolicy=\"no-referrer\"></p><p><b>Despite better-than-expected non-farm payroll data in June, the job market is still a long way from returning to normal.</b>First, in terms of employment, the current employment level is still nearly 6.8 million fewer than before the pandemic in February 2020. Secondly, the unemployment rate rose in June from 5.6% to 5.9%. We believe this may be temporary frictional unemployment. People's willingness to seek jobs has increased, and more people are looking for work. However, it will still take some time to find a job that satisfies them and matches their skills. Therefore, the unemployment rate rose in June. Secondly, the labor force participation rate in June was the same as in May at only 61.6%, still at a historical low, indicating that the supply shortage in the job market will persist in the short term. Therefore, the current job market is far from recovering to normal levels, and concerns about virus infection and the need to care for children and the elderly continue to constrain labor supply. However, as time goes on, vaccination rates continue to rise, schools reopen, and more and more states stop paying unemployment benefits, the labor market may recover further.</p><p><b>The leisure hotel industry continued to recover, while the construction industry continued to drag down growth.</b></p><p><b>By sector, the sectors that contributed the most to the number of new non-farm payrolls in the United States in June were leisure and hospitality, education and healthcare services, government departments, and professional and business services, while the sectors with the largest decrease in employment were construction and financial activities.</b>Specifically, the leisure and hotel industry saw 343,000 jobs in June, an increase of 37,000 compared to May, still ranking first in non-farm payrolls in June. In June, government employment increased by 188,000, an increase of approximately 121,000 compared to the previous month; Employment in education and healthcare services remained unchanged month-on-month at 59,000; The number of new jobs in professional and business services increased by approximately 36,000 month-on-month. The construction industry saw a decrease of approximately 7,000 jobs in June, making it the sector with the largest decrease in non-farm payrolls in June. Financial services employment decreased by approximately 1,000 people in June, making it the second-largest decrease in non-farm payrolls in June.</p><p><img src=\"https://static.tigerbbs.com/2192c03fef990282f9358dd04a47b7de\" tg-width=\"789\" tg-height=\"299\" referrerpolicy=\"no-referrer\"></p><p><b>In the medium term, service industries such as leisure and hospitality are expected to continue to boost employment. At the same time, the potential for new employment in the education sector and the increase in the female labor force after the reopening of schools are expected to alleviate the labor supply problem.</b>Industry data shows that as more people complete their vaccinations, some regions continue to relax travel restrictions, and more people resume travel and dining out, continuously boosting employment in the leisure and hotel industries. In addition, some regions continued to resume offline teaching, coupled with the increase in outpatient and healthcare services, leading to a recovery in employment in both the education and healthcare services sectors. Nevertheless, education employment remains low. Since February 2020, local government education sector employment has decreased by 414,000 people, state government education sector employment has decreased by 168,000 people, and private education sector employment has decreased by 255,000 people, indicating greater room for recovery in education sector employment as economic life normalizes. Moreover, with the resumption of employment in the education sector and offline courses, a large number of female-dominated workers caring for children at home will increase, becoming a significant potential for new non-farm payrolls in the medium term. This view is also one of the reasons why many Federal Reserve officials, such as Kashkari and Mester, are optimistic about future employment.</p><p><b>Oil prices surge, inflation expectations resurface</b></p><p><b>Since March of this year, oil prices have begun to rise amid strong demand and market expectations that demand will continue to be strong. On Thursday, OPEC+ failed to reach an agreement on increasing production, and WTI crude oil prices rose above $75 per barrel for the first time since 2018.</b>Starting in March, with the continued economic recovery and strong demand for crude oil, despite the continuous increase in OPEC+ production, the supply and demand gap for crude oil still exists, and crude oil prices have soared. Both WTI crude oil and Brent crude oil prices have risen from around $60/barrel in late March to above $70/barrel. On Thursday, OPEC+ reached a preliminary agreement to increase production by an average of 400,000 barrels per day per month until December 2021. Lower than market expectations, but later shelved due to opposition from the UAE, WTI and Brent crude oil prices both rose above $75 per barrel, with WTI oil prices reaching a new high since October 2018.</p><p><img src=\"https://static.tigerbbs.com/3b30a53af2bc5eea0c62bb593be66e21\" tg-width=\"804\" tg-height=\"437\" referrerpolicy=\"no-referrer\"></p><p><b>Since the beginning of this year, US EIA crude oil inventories have generally been on a downward trend, reflecting strong demand for crude oil. Since May, crude oil inventories have declined for six consecutive weeks, indicating that the current supply and demand gap is large and oil prices may be easy to rise but difficult to fall.</b>On June 30, the latest data from the EIA showed that crude oil inventories decreased by 6.718 million barrels for the week ending June 25, a larger decline than the expected 3.85 million barrels, marking the sixth consecutive week of decline. The continuous decline in crude oil inventories reflects the current large gap between crude oil supply and demand. Judging from this week's OPEC+ meeting, there are still some disagreements within OPEC+ on whether to increase production. At the same time, even if OPEC+ reaches an agreement on increasing production, the increased monthly crude oil production may not be able to fill the current large supply and demand gap. Therefore, in the short term, crude oil prices may remain high. The biggest variable at present may be the Iran nuclear negotiations. If the Iran nuclear negotiations go smoothly in the short term and Iran resumes crude oil supply and exports, it will help alleviate the upward trend in oil prices. If the negotiations do not go smoothly in the short term, then under the leadership of the new hardline President Ibrahim Raihi, the future of the Iran nuclear negotiations will be subject to significant uncertainties.</p><p><img src=\"https://static.tigerbbs.com/1cbc2b7e257699802d4b48d9cd590e84\" tg-width=\"803\" tg-height=\"433\" referrerpolicy=\"no-referrer\"></p><p><b>U.S. inflation remains high, mainly driven by energy and transportation sectors.</b>After April inflation data far exceeded market expectations, the US May inflation data once again exceeded market expectations, mainly driven by the transportation and energy sectors. In May, the unseasonally adjusted U.S. CPI rose 5% year-on-year, 0.8 percentage points from 4.2% in the previous month, while the unseasonally adjusted core CPI rose 3.8% year-on-year, 0.8 percentage points from 3% in the previous month. On the one hand, the low base effect caused by the pandemic last year was an important reason for the sharp increase in year-on-year inflation readings in May. On the other hand, looking at the CPI sub-items, the sub-items that had the strongest year-on-year driving effect on the CPI in May were transportation and energy. In May, the transportation sub-item of the US CPI grew by 20% year-on-year, and the energy sub-item grew by 28.5% year-on-year, mainly reflecting the increase in people's travel demand under the recovery of the epidemic. Meanwhile, the PCE indicator, which the Federal Reserve is more concerned about, also hit a record high. In May, PCE increased by 3.9% year-on-year, far exceeding the Fed's 2% inflation target, while core PCE increased by 3.4% year-on-year, the highest level since 1992.</p><p><img src=\"https://static.tigerbbs.com/f1640d6ef53ec849acdcb544e300d69d\" tg-width=\"809\" tg-height=\"324\" referrerpolicy=\"no-referrer\"></p><p><b>With oil prices easily rising but difficult to fall, inflation expectations have risen again, and inflation may remain high for a while.</b>Driven by a hawkish stance at the Federal Reserve's June interest rate meeting, declining market inflation expectations led to a decline in US Treasury yields instead of an increase. After reaching temporary lows on June 18 and 21, inflation expectations have recently risen again as oil prices have continued to rise. Looking at the relationship between oil prices and inflation, firstly, oil prices are generally positively correlated with the trends of energy commodities in the US CPI details; Secondly, the year-on-year trend of the energy item in the CPI sub-item is highly consistent with the overall year-on-year trend of the CPI. Therefore, with rising inflation expectations and oil prices driving inflation, US inflation may remain high for a period of time. Meanwhile, transportation and housing remain high, and used car prices remain high in the short term, which will also support inflation.</p><p><img src=\"https://static.tigerbbs.com/a26e43f72a970000a31ddb74be3f6c71\" tg-width=\"682\" tg-height=\"341\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f1c6a7713d73bb41a2d97a3b0c2b6111\" tg-width=\"805\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p><b>Will the Federal Reserve tighten earlier?</b></p><p><b>Regarding the tapering process this year, the job market remains a key focus for the Federal Reserve. With the job market steadily recovering but far from returning to normal levels, the Fed's tapering process is not expected to be brought forward.</b>Although inflation is currently high and will remain high for some time to come, inflation is not a key focus for the Federal Reserve this year. The Federal Reserve's current focus remains on the job market. The job market recovery is relatively stable, but it is far from returning to normal levels. After most states stopped paying unemployment benefits in June, residents' willingness to work gradually increased. Coupled with the reopening of schools in September, the demand for childcare decreased. It is expected that the job market will recover more rapidly in July and August, which may trigger the Federal Reserve's discussion on Taper. Therefore, the June non-farm payroll report allows us to maintain our previous judgment that the Federal Reserve's Taper process will not be brought forward, and the timing of the formal discussion of Taper may be at the Jackson Hole global central bank meeting in August. The timing of announcing Taper and the formal implementation of Taper may occur at the end of this year and the beginning of next year.</p><p><b>In terms of rate hike going forward, inflation will be a key focus for the Federal Reserve. If inflation remains high for an extended period, it cannot be ruled out that the Fed will rate hike ahead of schedule before the end of 2022.</b>On the one hand, the June Federal Reserve dot plot shows that all policymakers expect Federal Funds rate to remain near zero by the end of 2021. Seven officials are expected to be in rate hike in 2022, and 13 committee members are expected to be in rate hike in 2023. Compared to the March dot plot, the number of officials in rate hike is expected to increase by 3 in 2022, and the number of officials in rate hike is expected to increase by 6 in 2023. Although the dot plot is not directly related to whether there is rate hike, it still reflects a change in the attitude of Federal Reserve officials towards rate hike. On the other hand, after the interest rate meeting, the hawkish voices of Federal Reserve officials also increased significantly. The most representative example was the sudden hawkish turn of St. Louis Fed President Bullard, who is known for his dovish stance. He said that even seven policymakers, including himself, expected the Fed to take aggressive measures to curb inflation, which was a natural reaction to the faster-than-expected rise in inflation. In addition, Dallas Fed President Kaplan, Fed Governor Waller, and Richmond Fed President Barkin have all recently made hawkish comments. Based on the Federal Reserve's latest inflation forecast and Powell's marginal changes in his statement on inflation, if inflation and inflation expectations continue to rise, it cannot be ruled out that the Fed will take action to curb inflation in advance (i.e., rate hike before the end of 2022).</p><p><img src=\"https://static.tigerbbs.com/ec5eab496e311ef8ad1d5bd9dd3ecd0d\" tg-width=\"817\" tg-height=\"464\" referrerpolicy=\"no-referrer\"></p><p><b>What will be the trend of US Treasury bonds this year?</b></p><p><b>With the Federal Reserve's monetary policy shift, we expect US Treasury bonds to fluctuate between 1.4% and 1.6% before the Taper discussions officially begin.</b>According to our previous report, \"Bond Market Enlightenment Series 20210622 - Why Did US Treasury yields Plunge?\" (2021-06-22), the recent downturn in US Treasury yields can be divided into two phases. Before the Fed's June interest rate meeting, there was a downturn driven by excess liquidity and the obstruction of Biden's infrastructure plan. After the interest rate meeting, there was a decline in interest rates triggered by excess liquidity and lower inflation expectations. In the short term, US Treasury yields is expected to fluctuate between 1.4% and 1.6%.</p><p><b>Based on the experience of the previous round of Taper, the US Treasury yields is expected to rise slightly from the start of this round of Taper discussions until the official implementation of Taper, potentially reaching a level of 1.8%-2.0%.</b>On May 22, 2013, then-Federal Reserve Chairman Ben Bernanke testified before Congress. During the question-and-answer session, Bernanke stated that if the job market continues to improve and we are confident that the momentum of improvement will continue, we will reduce the scale of purchases in the coming meetings. The market reacted strongly to Bernanke's speech and the interest rate meeting minutes, resulting in a so-called \"taper tantrum.\" Following the sudden Taper signal, US Treasury yields surged rapidly. Starting from May 1, 2013, the 10-year US Treasury yield began to soar rapidly, rising from 1.66% at the beginning of the month to a high of 2.98% on the eve of the September interest rate meeting, an increase of more than 130 basis points.</p><p><img src=\"https://static.tigerbbs.com/0090410b460b0e32215fa0c1e2e5a87b\" tg-width=\"835\" tg-height=\"430\" referrerpolicy=\"no-referrer\"></p><p><b>Regarding this round of tapering, the Federal Reserve has learned from the lessons of the previous round of \"tapering panic\" and communicated with the market in advance. At the same time, the market also has full expectations for tapering, so it is unlikely that US Treasury yields will experience a large upward slope.</b>At a press conference following the June policy meeting, Powell stated that he would do everything possible to avoid overreacting in the market and would inform the market in advance before making any decisions. Meanwhile, Ladas Federal Reserve President Kaplan recently stated that the Fed will gradually reduce asset purchases, but this time it will be smoother because investors already know that the measure is under discussion, and the Fed will avoid creating the \"tapering panic\" of 2013. Therefore, we believe that after the Federal Reserve officially releases the Taper discussion signal, US Treasury yields will rise somewhat, but it will not reach the 130bps rise seen in 2013, and may reach the level of 1.8%-2.0%.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/506781.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3d404e53536bd5bd25337ed01def7224","relate_stocks":{"159934":"黄金ETF","161125":"标普500","513500":"标普500ETF博时","518880":"黄金ETF华安","SDOW":"三倍做空道指30ETF-ProShares","DXD":"两倍做空道琼30指数ETF-ProShares","SPY":"标普500ETF","IAU":"黄金信托ETF-iShares","DOG":"道指ETF-ProShares做空","QLD":"2倍做多纳斯达克100指数ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","NUGT":"二倍做多黄金矿业指数ETF-Direxion","IVV":"标普500ETF-iShares","OEX":"标普100","TQQQ":"纳指三倍做多ETF","QID":"两倍做空纳斯达克指数ETF-ProShares","DJX":"1/100道琼斯","GLD":"黄金ETF-SPDR","SH":"做空标普500-Proshares","DUST":"二倍做空黄金矿业指数ETF-Direxion","SSO":"2倍做多标普500ETF-ProShares","OEF":"标普100指数ETF-iShares","QQQ":"纳指100ETF",".DJI":"道琼斯","UPRO":"三倍做多标普500ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","DDM":"2倍做多道指ETF-ProShares","GDX":"黄金矿业ETF-VanEck","SPXU":"三倍做空标普500ETF-ProShares","SQQQ":"纳指三倍做空ETF","PSQ":"做空纳斯达克100指数ETF-ProShares"},"source_url":"http://www.zhitongcaijing.com/content/detail/506781.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2148167804","content_text":"核心观点\n6月美国非农就业人口增加85万人，高于预期的72万人。失业救济金停发、疫苗接种率不断增加、企业增加工资吸引劳动力导致居民求职意愿回升是非农新增就业人数高于市场预期的主要原因。近期，原油价格站上75美元/桶，油价短期内易上难下，美国通胀或阶段性维持高位。在美联储收紧的节奏上，预计Taper进程或不会提前，正式开始讨论Taper的时点或在8月的杰克逊霍尔全球央行会议上，而宣布Taper和正式开始实施Taper的时点或将发生在今年年底和明年年初，加息进程或将提前至2022年底。美债利率年内走势上，Taper正式讨论前，或将在1.4%-1.6%震荡，Taper正式讨论到实施前，或将小幅上行至1.8%-2.0%。\n居民求职意愿回升，非农就业人数高于市场预期。从非农就业人数变化来看，美国6月季调后非农就业人口增加85万人，预期增加72万人，前值由增55.9万人上修为增58.3万人，非农新增就业人数创2020年8月以来新高，但失业率升至5.9%。我们认为失业救济金停发、疫苗接种率不断增加、企业增加工资吸引劳动力导致居民求职意愿回升是非农新增就业人数高于市场预期的主要原因。尽管6月非农数据好于预期，但由于失业人数仍然较多、失业率上升以及劳动参与率处于低位，就业市场距离恢复到正常还有较远距离。\n休闲酒店业延续回暖，建筑业延续拖累就业增长。分行业来看，6月对美国非农新增就业人数贡献较高的行业来自于休闲和酒店业、教育和保健服务、政府部门以及专业和商业服务，就业人数减少较多的行业为建筑业和金融活动。中期来看休闲和酒店业等服务业预计将持续提振就业，同时教育部门就业新增潜力，以及学校复课后，女性劳动力增加对劳动力供应问题的缓解值得期待，这一观点也是多位美联储官员如Kashkari, Mester看好未来就业的原因之一。\n油价短期内易上难下，美国通胀或阶段性维持高位。今年3月以来，在旺盛的需求以及需求将继续旺盛的市场预期下，油价开始上行，周四OPEC+未能就增产问题达成一致，WTI原油价格自2018年以来首次站上75美元/桶。今年以来，美国EIA原油库存整体处于下行趋势，体现原油需求旺盛，5月起原油库存连续6周下降，反映当前供需缺口较大，油价或易上难下。美国当前通胀持续处于高位，主要来自能源和交通运输项拉动。在油价易上难下的情况下，通胀预期再次上行，通胀或阶段性维持高位。\n美联储收紧节奏：预计Taper进程或不会提前，加息进程或将提前。就年内的Taper而言，就业市场仍是美联储关注的重点，在就业市场稳步复苏但远未恢复到正常时期水平的情况下，预计美联储Taper进程不会提前，正式开始讨论Taper的时点或在8月的杰克逊霍尔全球央行会议上，而宣布Taper和正式开始实施Taper的时点或将发生在今年年底和明年年初。就此后的加息而言，通胀将成为美联储关注的重点，在6月议息会议之后，美联储官员的鹰派声音也明显增加，市场对于提前加息的预期也有所增加，如果通胀较长时间维持高位，那么不排除美联储在2022年底前提前加息的可能。\n美债利率年内走势：Taper正式讨论前，或将在1.4%-1.6%震荡，Taper正式讨论到实施前，或将小幅上行至1.8%-2.0%。随着美联储货币政策转向，我们预计美债将在Taper讨论正式开始之前维持在1.4%-1.6%之间震荡。就本轮Taper而言，美联储已经吸取上一轮出现“缩减恐慌”的教训，提前与市场进行沟通，同时市场也对Taper有充分预期，因此美债利率大概率不会出现斜率很大的上行。预计在Taper讨论开始后到正式实施Taper前，美债利率将小幅上行，或将到达1.8%-2.0%的水平。\n正文\n美国劳工部公布数据显示，美国6月季调后非农就业人口增85万人，预期增72万人，前值由增55.9万人上修为增58.3万人;6月失业率为5.9%，预期为5.7%，前值为5.8%;6月平均时薪年率增3.6%，预期增3.6%，前值增2%;6月劳动参与率为61.6%，前值为61.6%。\n居民求职意愿回升，非农高于市场预期\n从非农就业人数变化来看，美国6月季调后非农就业人口增加85万人，预期增加72万人，前值由增55.9万人上修为增58.3万人，非农新增就业人数创2020年8月以来新高，但失业率升至5.9%。6月美国非农新增就业人数高于前值，同时今年4月和5月的非农数据分别经历了下修和上修，4月非农新增就业人数从27.8万人下修至26.9万人，5月非农新增就业人数从55.9万人上修至58.3万人。从非农新增就业人数走势来看，随着美国疫苗接种速度的加快，今年1月-3月，非农新增就业人数逐月增加，但是4月和5月非农新增就业人数受到失业救济金发放等影响，均低于市场预期，6月非农新增就业人数增长强劲，高于市场预期。\n我们认为失业救济金停发、疫苗接种率不断增加、企业增加工资吸引劳动力导致居民求职意愿回升是非农新增就业人数高于市场预期的主要原因。首先，由于此前失业救济金的发放导致劳动力供给不足，就业市场供不应求，职位空缺数较多。6月以来，美国大部分州宣布停止失业救济金的发放，导致因领取失业救济金而不工作的民众需要重新找到工作。其次，疫苗接种率不断增加使得因疫情造成的开工和社交限制逐渐被解除，增加民众开始工作的意愿。再次，由于劳动力市场供不应求，企业普遍提升工资水平，6月平均时薪年率增3.6%，前值增2%，这也进一步吸引人们重回劳动力市场。\n\n尽管6月非农数据好于预期，但就业市场距离恢复正常还有较远距离。首先，从就业人数上看，当前较2020年2月疫情以前的就业人数水平仍少近680万人。其次，6月失业率较此前有所上升，从5.6%上升至5.9%，我们认为这可能是暂时的摩擦性失业，民众求职意愿提升，寻找工作的人开始增加，但是找到自己满意同时技能匹配的工作仍需一段时间，因此失业率在6月有所上升。再次，6月的劳动参与率与5月相等仅为61.6%，仍然处于历史低位，就业市场供不应求的状况短期仍然存在。因此，当前就业市场还远未复苏到正常水平，对于感染病毒的担忧、照顾子女和老人的需求仍然制约着劳动力供给。不过，随着时间推移，疫苗接种率继续提升、学校开学、越来越多的州停发失业救济金，劳动力市场或将会得到进一步修复。\n休闲酒店业延续回暖，建筑业延续拖累增长\n分行业来看，6月对美国非农新增就业人数贡献较高的行业来自于休闲和酒店业、教育和保健服务、政府部门以及专业和商业服务，就业人数减少较多的行业为建筑业和金融活动。具体来看，6月休闲和酒店业就业人数为34.3万人，相较5月环比增加3.7万人，仍然为6月非农新增人数第一的行业。6月政府部门新增就业人数为18.8万人，环比增加约12.1万人;教育和保健服务就业人数环比不变，保持为5.9万人;专业和商业服务新增就业人数环比增加约3.6万人。6月建筑业就业人数减少约0.7万人，为6月非农就业人数减少最多的行业;6月金融服务就业人数减少约0.1万人，为6月非农就业人数减少第二多的行业。\n\n中期来看休闲和酒店业等服务业预计将持续提振就业，同时教育部门就业新增潜力，以及学校复课后，女性劳动力增加对劳动力供应问题的缓解值得期待。从行业数据上来看，随着更多人完成疫苗接种，部分地区继续放宽出行限制，更多人恢复旅游和外出就餐活动，对休闲和酒店业的就业产生持续的提振。此外，一些地区继续恢复线下教学，叠加门诊与保健服务的增加，导致教育和保健服务业就业人数均有所恢复。尽管如此，教育就业仍然处于低位，自2020年2月以来，地方政府教育部门的就业人数减少了41.4万人，州政府教育部门的就业人数减少了16.8万人，私立教育部门的就业人数减少了25.5万人，显示教育部门就业在接下来经济生活正常化中的更大恢复空间。不仅如此，随着教育部门就业和线下课程的恢复，大量居家看护儿童的以女性为主的劳动力将会增加，成为中期非农就业新增的一大重要潜力，这一观点也是多位美联储官员如Kashkari, Mester看好未来就业的原因之一。\n油价飙升，通胀预期再起\n今年3月以来，在旺盛的需求以及需求将继续旺盛的市场预期下，油价开始上行，周四OPEC+未能就增产问题达成一致，WTI原油价格自2018年以来首次站上75美元/桶。3月开始，随着经济持续复苏，原油需求强劲，尽管OPEC+不断增产，但是原油供需缺口仍存，原油价格一路飙升，WTI原油和布油价格均从3月下旬的60美元/桶附近一路走上70美元/桶以上。本周四，OPEC+早先初步达成协议，2021年12月前平均每月增产40万桶/日。低于市场预期，后又因阿联酋反对而搁置，WTI和布油价格双双站上75美元/桶，其中WTI油价为2018年10月以来的新高。\n\n今年以来，美国EIA原油库存整体处于下行趋势，体现原油需求旺盛，5月起原油库存连续6周下降，反映当前供需缺口较大，油价或易上难下。6月30日，EIA最新数据显示，截至6月25日，当周原油库存减少671.8万桶，降幅高于预期的385万桶，为连续6周下降，连续下降的原油库存反映当前原油供需缺口较大。从本周OPEC+会议情况来看，OPEC+内部对于是否增产仍然存在一定分歧，同时，即便OPEC+对于增产达成协议，每月增加的原油产量也未必能够填补当前较大的供需缺口，因此短期来看，原油价格或将维持高位。目前最大变量或在伊核谈判，若短期内伊核谈判顺利，伊朗恢复原油供给和出口，将有助于缓解油价上行趋势;若短期内谈判不顺利，那么在新任强硬派总统易卜拉欣·莱希领导下，未来伊核谈判将有较大变数。\n\n美国通胀持续处于高位，主要来自能源和交通运输项拉动。在4月通胀数据远超市场预期后，美国5月通胀数据再次超市场预期，其主要拉动来自于交通运输和能源分项。5月美国未季调CPI同比录得5%，较前值4.2%上涨0.8pct，未季调核心CPI同比录得3.8%，较前值3%上涨0.8pct。一方面，去年受疫情影响导致的低基数效应是5月通胀同比读数大幅上涨的一项重要原因。另一方面，从CPI分项上来看，给5月份CPI同比带来拉动效应最强的分项是交通运输和能源项，5月美国CPI交通运输分项同比增速达20%，能源分项同比增速高达28.5%，主要反映了疫情修复下人们出行需求的增加。与此同时，美联储更加关心的PCE指标也创历史新高，5月PCE同比增3.9%，远高于美联储2%的通胀目标，核心PCE同比增3.4%，为1992年以来的新高。\n\n在油价易上难下的情况下，通胀预期再次上行，通胀或阶段性维持高位。在6月美联储议息会议偏鹰派态度下，市场通胀预期下行带动美债利率不升反降，在6月18日和21日到达阶段性低点后，近期随着油价连续上行，通胀预期再次抬头。从油价和通胀的关系来看，首先，油价与美国CPI细项中能源类商品的走势基本正相关;其次，CPI分项中能源项同比与CPI总体同比走势高度吻合。因此，在通胀预期上行和油价带动通胀的共同作用下，美国通胀或阶段性维持高位。同时，交通运输项、住房项维持高位，二手车价格短期内居高不下，同样会对通胀水平有所支撑。\n\n美联储会提前收紧吗?\n就年内的Taper而言，就业市场仍是美联储关注的重点，在就业市场稳步复苏但远未恢复到正常时期水平的情况下，预计美联储Taper进程不会提前。虽然当前通胀位于高位，并将在未来一定时间内维持高位，但是对于年内的Taper而言，通胀并不是美联储关注的重点。美联储当前关注的重点仍是就业市场，当前就业市场复苏进程较为稳定，但远未恢复到正常时期水平。在6月大部分州停发失业救济金后，居民就业意愿逐渐提升，同时叠加9月学校复学，看护小孩需求降低，预计就业市场或将在7、8月加速修复，届时或将触发美联储对于Taper的讨论。因此，6月的非农报告让我们保持此前的判断，预计美联储Taper进程不会提前，正式开始讨论Taper的时点或在8月的杰克逊霍尔全球央行会议上，而宣布Taper和正式开始实施Taper的时点或将发生在今年年底和明年年初。\n就此后的加息而言，通胀将成为美联储关注的重点，如果通胀较长时间维持高位，那么不排除美联储在2022年底前提前加息。一方面，6月美联储点阵图显示所有决策者都预计到2021年底联邦基金利率将维持在接近零的水平，有7位官员预计将在2022年加息，13位委员预计将在2023年加息，相比3月点阵图，预计2022年加息的官员增加3人，预计2023年加息的官员增加6人。尽管点阵图和是否加息并无直接联系，但是依然反映出美联储官员对于加息态度的变化。另一方面，在议息会议之后，美联储官员的鹰派声音也明显增加，最具代表性的是以鸽派著称的圣路易斯联储主席布拉德突然转鹰，他表示，连他本人在内的7位政策制定者均预计美联储将采取激进的措施来遏制通胀，这是对通胀上升快于预期的自然反应。此外，达拉斯联储主席卡普兰、美联储理事沃勒、里士满联储主席巴尔金近期均发表鹰派言论。根据美联储对于通胀的最新预测以及鲍威尔对于通胀表述的边际变化，如果通胀以及通胀预期持续走高，那么不排除美联储将提前采取行动遏制通胀(即在2022年底前加息)的可能。\n\n年内美债走势如何?\n随着美联储货币政策转向，我们预计美债将在Taper讨论正式开始之前维持在1.4%-1.6%之间震荡。根据我们此前的报告《债市启明系列20210622—美债利率为何跳水?》(2021-06-22)，近期美债利率的下行分为两个阶段，美联储6月议息会议之前是流动性过剩和拜登基建计划受阻推动的下行，议息会议之后是流动性过剩下通胀预期下行引发的利率下行。短期而言，预计美债利率将在1.4%-1.6%之间震荡。\n而根据上一轮Taper经验，在本轮Taper讨论开始后到正式实施Taper前，预计美债利率将小幅上行，或将到达1.8%-2.0%的水平。2013年5月22日，时任美联储主席伯南克在国会发表证词，在提问环节，伯南克表示，如果就业市场持续改善，并且我们对改善势头的持续有信心，那么将在未来几次会议上减少购买规模。在伯南克的讲话和议息会议纪要共同冲击下，市场反应剧烈，出现了所谓的“缩减恐慌(taper tantrum)”。在突如其来的Taper信号出现后，美债收益率快速大幅飙升，从2013年5月1日起，10年期美债收益率开始迅速飙升，到9月议息会议前夕已由月初的1.66%升至高点2.98%，上行超130bps。\n\n就本轮Taper而言，美联储已经吸取上一轮出现“缩减恐慌”的教训，提前与市场进行沟通，同时市场也对Taper有充分预期，因此美债利率大概率不会出现斜率很大的上行。鲍威尔在6月议息会议后的发布会上表示，会尽所能避免市场出现过度反应，在做出任何决定之前会提前告知市场。同时，拉达斯联储主席卡普兰也在近日表示，美联储将逐步减少资产购买，但这次将更加顺利，因为投资者已经知道该措施正被商议中，美联储这次将避免制造2013年的“缩减恐慌”。因此，我们认为在美联储正式释放Taper讨论信号后，美债利率将会有所上行，但是不会出现2013年高达130bps的幅度，或将达到1.8%-2.0%的水平。","news_type":1,"symbols_score_info":{"159934":0.9,"161125":0.9,"513500":0.9,"518880":0.9,"UPRO":0.9,"TQQQ":0.9,"PSQ":0.9,"GDX":0.9,"NQmain":0.9,"SImain":0.9,".SPX":0.9,"QQQ":0.9,"SDS":0.9,"SPY":0.9,"IAU":0.9,".DJI":0.9,".IXIC":0.9,"IVV":0.9,"DOG":0.9,"SGUmain":0.9,"QLD":0.9,"SH":0.9,"DDM":0.9,"MNQmain":0.9,"MGCmain":0.9,"SGCmain":0.9,"DUST":0.9,"SSO":0.9,"NUGT":0.9,"OEF":0.9,"QID":0.9,"DJX":0.9,"OEX":0.9,"SPXU":0.9,"GCmain":0.9,"ESmain":0.9,"SDOW":0.9,"GLD":0.9,"UDOW":0.9,"SQQQ":0.9,"DXD":0.9}},"isVote":1,"tweetType":1,"viewCount":6323,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174583858,"gmtCreate":1627111219274,"gmtModify":1703484445844,"author":{"id":"4087371163339050","authorId":"4087371163339050","name":"Sky9292","avatar":"https://static.tigerbbs.com/e54cf3c218ba1e46c37cda7088208b4c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087371163339050","idStr":"4087371163339050"},"themes":[],"title":"","htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/174583858","repostId":"2153337359","repostType":4,"isVote":1,"tweetType":1,"viewCount":5357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152008387,"gmtCreate":1625239179449,"gmtModify":1703739270049,"author":{"id":"4087371163339050","authorId":"4087371163339050","name":"Sky9292","avatar":"https://static.tigerbbs.com/e54cf3c218ba1e46c37cda7088208b4c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087371163339050","idStr":"4087371163339050"},"themes":[],"title":"","htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/152008387","repostId":"2148875521","repostType":4,"repost":{"id":"2148875521","kind":"news","pubTimestamp":1625199518,"share":"https://ttm.financial/m/news/2148875521?lang=en_US&edition=fundamental","pubTime":"2021-07-02 12:18","market":"us","language":"zh","title":"According to IPO News, Luo Bingxian predicts that Hong Kong IPOs will raise HK$500 billion throughout the year, with 5 to 7 new shares worth HK$10 billion in the second half of the year.","url":"https://stock-news.laohu8.com/highlight/detail?id=2148875521","media":"AAFN","summary":"罗兵咸发表上半年新股市场回顾，期内47只新股共集资2,129.6亿元。该行预测香港全年共有150家公司上市，当中145只为主板新股。他预期，下半年将有5至7家集资100亿元以上的超大型新股上市，共集资750亿至1,000亿元，包括电动汽车及环保相关大型ESG企业、消费品及零售服务公司。罗兵咸预期，ESG相关大型企业共有5至6家，将集资共500亿元以上，生物科技公司将有28至30家，筹集700亿至750亿元。","content":"<p><div>Luo Bingxian released a review of the IPO market in the first half of the year, showing that 47 new stocks raised a total of RMB 212.96 billion during the period. Huang Jinqian, PricewaterhouseCoopers Hong Kong Capital Markets Services Partner, pointed out that in the first half of this year, a total of 23 new economy IPOs were recorded, including those in the dual-class share structure, biotechnology, pharmaceutical and TMT industries, raising a total of HK$149.2 billion, accounting for 70% of the total funds raised during the period, a decrease from 84% in the same period last year. He pointed out that the data reflects the proliferation of new stocks in China, and the market does not rely solely on the support of the new economy. The bank predicts that a total of 150 companies will be listed in Hong Kong throughout the year, of which 145 will be new stocks on the main board. PricewaterhouseCoopers Hong Kong...</p><p><a href=\"http://www.aastocks.com/apps/data/iphone/news/newscontent.aspx?newsid=NOW.1109717&style=5&chgstyle=1&categoryid=stock&width=320&market_id=hk&fontary=3&platform=iPhone&language=sc&isfirstreq=1&sourceid=aafn&datatype=0\">Web page link</a></div></p>","source":"aastocks","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>According to IPO News, Luo Bingxian predicts that Hong Kong IPOs will raise HK$500 billion throughout the year, with 5 to 7 new shares worth HK$10 billion in the second half of the year.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAccording to IPO News, Luo Bingxian predicts that Hong Kong IPOs will raise HK$500 billion throughout the year, with 5 to 7 new shares worth HK$10 billion in the second half of the year.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">AAFN</strong><span class=\"h-time small\">2021-07-02 12:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Luo Bingxian released a review of the IPO market in the first half of the year, showing that 47 new stocks raised a total of RMB 212.96 billion during the period. Huang Jinqian, PricewaterhouseCoopers Hong Kong Capital Markets Services Partner, pointed out that in the first half of this year, a total of 23 new economy IPOs were recorded, including those in the dual-class share structure, biotechnology, pharmaceutical and TMT industries, raising a total of HK$149.2 billion, accounting for 70% of the total funds raised during the period, a decrease from 84% in the same period last year. He pointed out that the data reflects the proliferation of new stocks in China, and the market does not rely solely on the support of the new economy. The bank predicts that a total of 150 companies will be listed in Hong Kong throughout the year, of which 145 will be new stocks on the main board. PricewaterhouseCoopers Hong Kong...</p><p><a href=\"http://www.aastocks.com/apps/data/iphone/news/newscontent.aspx?newsid=NOW.1109717&style=5&chgstyle=1&categoryid=stock&width=320&market_id=hk&fontary=3&platform=iPhone&language=sc&isfirstreq=1&sourceid=aafn&datatype=0\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.aastocks.com/apps/data/iphone/news/newscontent.aspx?newsid=NOW.1109717&style=5&chgstyle=1&categoryid=stock&width=320&market_id=hk&fontary=3&platform=iPhone&language=sc&isfirstreq=1&sourceid=aafn&datatype=0\">AAFN</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{"00388":"香港交易所"},"source_url":"http://www.aastocks.com/apps/data/iphone/news/newscontent.aspx?newsid=NOW.1109717&style=5&chgstyle=1&categoryid=stock&width=320&market_id=hk&fontary=3&platform=iPhone&language=sc&isfirstreq=1&sourceid=aafn&datatype=0","is_english":false,"share_image_url":"https://static.laohu8.com/51f6b9126f36f92bbf92982596066e5a","article_id":"2148875521","content_text":"罗兵咸发表上半年新股市场回顾，期内47只新股共集资2,129.6亿元。 罗兵咸永道香港资本市场服务合夥人黄金钱指出，今年上半年同股不同权、生物科技、医药及TMT行业等新经济IPO共录23宗，合计集资1,492亿元，占期内集资额的70%，较去年同期的84%下降。他指出，数据反映前内新股百花齐放，市场不单单只依赖新经济支撑。该行预测香港全年共有150家公司上市，当中145只为主板新股。 罗兵咸永道香港企业客户主管合夥人黄炜邦指出，目前正在排队的上市申请超过200宗，6月份更录得61宗申请，有信心新股市场维持增长及活跃，大市气氛向好，将全年集资额预测由4,600亿元提升至5,000亿元，即按年增长约25%。按集资额计，香港今年於全球排名有机会继续跻身三甲。他预期，下半年将有5至7家集资100亿元以上的超大型新股上市，共集资750亿至1,000亿元，包括电动汽车及环保相关大型ESG企业、消费品及零售服务公司。集资50亿至100亿元预期共有5至10家，共筹集350亿至700亿元；另外集资50亿元以下新股料超过80家，平均集资约15亿元。罗兵咸预期，ESG相关大型企业共有5至6家，将集资共500亿元以上，生物科技公司将有28至30家，筹集700亿至750亿元。(gc/k)~阿思达克财经新闻网址: www.aastocks.com","news_type":1,"symbols_score_info":{"00388":0.9}},"isVote":1,"tweetType":1,"viewCount":4159,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9985931141,"gmtCreate":1667287523483,"gmtModify":1676537891794,"author":{"id":"4087371163339050","authorId":"4087371163339050","name":"Sky9292","avatar":"https://static.tigerbbs.com/e54cf3c218ba1e46c37cda7088208b4c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087371163339050","idStr":"4087371163339050"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9985931141","isVote":1,"tweetType":1,"viewCount":4235,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9000161252,"gmtCreate":1640021197280,"gmtModify":1676533498567,"author":{"id":"4087371163339050","authorId":"4087371163339050","name":"Sky9292","avatar":"https://static.tigerbbs.com/e54cf3c218ba1e46c37cda7088208b4c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087371163339050","idStr":"4087371163339050"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9000161252","repostId":"607301269","repostType":1,"repost":{"id":607301269,"gmtCreate":1639483841813,"gmtModify":1676532294409,"author":{"id":"3558937605407666","authorId":"3558937605407666","name":"小虎投资狮城","avatar":"https://static.tigerbbs.com/71787abf8925cc00babc5c74c39de37a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3558937605407666","idStr":"3558937605407666"},"themes":[],"title":"2021年迄今錄得機構淨流入最高的20只股票回報率爲32%","htmlText":"本文章是新加坡交易所官方文章關於機構投資新加坡藍籌股[財迷]&nbsp; 2021年截至12月3日，錄得機構淨流入最高的20只股票的淨買入總計爲28億新元，過去48周內的平均總回報率爲32%，其中，有17只股票超過海峽時報指數13%的總回報率，19只股票超過富時亞太指數3%的總回報率。 在這20只股票28億新元的淨買入中，超過4億新元是自9月30日以來錄得，其中，有11只股票在過去九周內錄得機構淨流入，大華銀行、星展銀行和永科領漲其他股票。12月3日，永科創下5.29新元的新高，這使得其2021年截至12月3日的總回報率達到55%。 這20只股票涵蓋過去48周內全球股票行業中表現較爲強勁的部分行業，如銀行、工業類REIT、農業和半導體，此外，還包括報業控股、勝科工業和凱德投資公司等一年來持續進行戰略重組的股票。 2020年底收於近2,850點後，海峽時報指數全年呈上升趨勢，在11月26日出現的Omicron變異毒株給全球股票基準帶來衝擊之前，於11月9日創下超過3,250的高點，這使得海峽時報指數達到目前接近3,100點的水平。海指今年錄得13%的總回報率，而富時亞太指數的總回報率則爲3%。2021年截至12月3日，超過300只新加坡上市股票錄得機構淨流入。過去48周內錄得機構淨買入最高的20只股票佔這300只股票機構淨流入總額的75%，星展銀行、大華銀行和報業控股領漲這20只股票。上述20只股票在過去48周內的平均總回報率爲32%，其中，有17只股票超過海峽時報指數13%的總回報率，19只股票超過富時亞太指數3%的總回報率。這20只股票及它們在2021年截至12月3日的機構淨流入（自9月30日以來的機構淨流入/流出除外）如下表所示。<a target=\"_blank\" href=\"https://laohu8.com/S/D05.SI\">$星展集團控股(D05.SI)$&lt;</a>","listText":"本文章是新加坡交易所官方文章關於機構投資新加坡藍籌股[財迷]&nbsp; 2021年截至12月3日，錄得機構淨流入最高的20只股票的淨買入總計爲28億新元，過去48周內的平均總回報率爲32%，其中，有17只股票超過海峽時報指數13%的總回報率，19只股票超過富時亞太指數3%的總回報率。 在這20只股票28億新元的淨買入中，超過4億新元是自9月30日以來錄得，其中，有11只股票在過去九周內錄得機構淨流入，大華銀行、星展銀行和永科領漲其他股票。12月3日，永科創下5.29新元的新高，這使得其2021年截至12月3日的總回報率達到55%。 這20只股票涵蓋過去48周內全球股票行業中表現較爲強勁的部分行業，如銀行、工業類REIT、農業和半導體，此外，還包括報業控股、勝科工業和凱德投資公司等一年來持續進行戰略重組的股票。 2020年底收於近2,850點後，海峽時報指數全年呈上升趨勢，在11月26日出現的Omicron變異毒株給全球股票基準帶來衝擊之前，於11月9日創下超過3,250的高點，這使得海峽時報指數達到目前接近3,100點的水平。海指今年錄得13%的總回報率，而富時亞太指數的總回報率則爲3%。2021年截至12月3日，超過300只新加坡上市股票錄得機構淨流入。過去48周內錄得機構淨買入最高的20只股票佔這300只股票機構淨流入總額的75%，星展銀行、大華銀行和報業控股領漲這20只股票。上述20只股票在過去48周內的平均總回報率爲32%，其中，有17只股票超過海峽時報指數13%的總回報率，19只股票超過富時亞太指數3%的總回報率。這20只股票及它們在2021年截至12月3日的機構淨流入（自9月30日以來的機構淨流入/流出除外）如下表所示。<a target=\"_blank\" href=\"https://laohu8.com/S/D05.SI\">$星展集團控股(D05.SI)$&lt;</a>","text":"本文章是新加坡交易所官方文章關於機構投資新加坡藍籌股[財迷] 2021年截至12月3日，錄得機構淨流入最高的20只股票的淨買入總計爲28億新元，過去48周內的平均總回報率爲32%，其中，有17只股票超過海峽時報指數13%的總回報率，19只股票超過富時亞太指數3%的總回報率。 在這20只股票28億新元的淨買入中，超過4億新元是自9月30日以來錄得，其中，有11只股票在過去九周內錄得機構淨流入，大華銀行、星展銀行和永科領漲其他股票。12月3日，永科創下5.29新元的新高，這使得其2021年截至12月3日的總回報率達到55%。 這20只股票涵蓋過去48周內全球股票行業中表現較爲強勁的部分行業，如銀行、工業類REIT、農業和半導體，此外，還包括報業控股、勝科工業和凱德投資公司等一年來持續進行戰略重組的股票。 2020年底收於近2,850點後，海峽時報指數全年呈上升趨勢，在11月26日出現的Omicron變異毒株給全球股票基準帶來衝擊之前，於11月9日創下超過3,250的高點，這使得海峽時報指數達到目前接近3,100點的水平。海指今年錄得13%的總回報率，而富時亞太指數的總回報率則爲3%。2021年截至12月3日，超過300只新加坡上市股票錄得機構淨流入。過去48周內錄得機構淨買入最高的20只股票佔這300只股票機構淨流入總額的75%，星展銀行、大華銀行和報業控股領漲這20只股票。上述20只股票在過去48周內的平均總回報率爲32%，其中，有17只股票超過海峽時報指數13%的總回報率，19只股票超過富時亞太指數3%的總回報率。這20只股票及它們在2021年截至12月3日的機構淨流入（自9月30日以來的機構淨流入/流出除外）如下表所示。$星展集團控股(D05.SI)$<","images":[{"img":"https://static.tigerbbs.com/c2a7b421a702a2d30d42bf04035cf1f9","width":"688","height":"405"},{"img":"https://static.tigerbbs.com/3a5aa837cdedb0dc52e1e45932e716e7","width":"688","height":"486"},{"img":"https://static.tigerbbs.com/e9724155d0def0ecd2771be6d26cc595","width":"688","height":"605"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/607301269","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3954,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154851277,"gmtCreate":1625500921199,"gmtModify":1703742772682,"author":{"id":"4087371163339050","authorId":"4087371163339050","name":"Sky9292","avatar":"https://static.tigerbbs.com/e54cf3c218ba1e46c37cda7088208b4c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087371163339050","idStr":"4087371163339050"},"themes":[],"title":"","htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/154851277","repostId":"1143687917","repostType":4,"repost":{"id":"1143687917","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":1625496213,"share":"https://ttm.financial/m/news/1143687917?lang=en_US&edition=fundamental","pubTime":"2021-07-05 22:43","market":"us","language":"zh","title":"Jiangsu State-owned Assets Supervision and Administration Commission, together with Alibaba and other strategic investors, acquired a 16.96% stake in Suning.com.","url":"https://stock-news.laohu8.com/highlight/detail?id=1143687917","media":"老虎资讯综合","summary":"转让完成后，公司将处于无控股股东、无实控人状态。","content":"<p>On the evening of July 5,<a href=\"https://laohu8.com/S/002024\">Suning.com</a>Issue an announcement,<b>Zhang Jindong and his concerted party Suning Holdings Group, a shareholder of Suning Appliance Group, plan to transfer 16.96% of the listed company's shares to the second phase of the New New Retail Fund. The transfer price of the target shares is RMB 5.59 per share.</b>The announcement shows that the second phase of the New Retail Fund is jointly funded by Jiangsu Province and Nanjing State-owned Assets Supervision and Administration Commission, Huatai Securities Asset Management Co., Ltd., Hangzhou Alimama Software Service Co., Ltd., as well as industrial investors such as Chongqing Haier Home Appliance Sales Co., Ltd., Midea Group Co., Ltd., TCL Industrial Holdings Co., Ltd., and Xiaomi Technology Co., Ltd. Adhering to the principles of marketization and the rule of law, fulfilling local responsibilities, and actively supporting the stable and healthy development of Suning.com.</p><p>The second phase of the newly introduced shareholder New Retail Fund in this share transfer features a diversified investor structure and complementary advantages. All parties will actively promote Suning.com to further improve its governance structure, enhance the listed company's scientific decision-making capabilities, comprehensively improve its operational management level, establish a more scientific incentive system, promote the implementation of the transformation into a \"retail service provider,\" improve the listed company's asset and business operation efficiency, and promote the implementation of the company's long-term strategy.</p><p>This share transfer will help Suning.com further integrate high-quality assets and businesses, and achieve resource complementarity and win-win cooperation with state-owned and industrial capital.</p><p>Upon completion of the transfer, the company will have no controlling shareholder or actual controller.</p><p>According to relevant regulations, the company's shares will resume trading on Tuesday, July 6, 2021. The company promises that it will not plan any major asset restructuring within one month from the date of this announcement.<img src=\"https://static.tigerbbs.com/efc418361a8f4ce41dc9c3faa6abebba\" tg-width=\"1074\" tg-height=\"2230\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Jiangsu State-owned Assets Supervision and Administration Commission, together with Alibaba and other strategic investors, acquired a 16.96% stake in Suning.com.</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\">\nJiangsu State-owned Assets Supervision and Administration Commission, together with Alibaba and other strategic investors, acquired a 16.96% stake in Suning.com.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-05 22:43</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On the evening of July 5,<a href=\"https://laohu8.com/S/002024\">Suning.com</a>Issue an announcement,<b>Zhang Jindong and his concerted party Suning Holdings Group, a shareholder of Suning Appliance Group, plan to transfer 16.96% of the listed company's shares to the second phase of the New New Retail Fund. The transfer price of the target shares is RMB 5.59 per share.</b>The announcement shows that the second phase of the New Retail Fund is jointly funded by Jiangsu Province and Nanjing State-owned Assets Supervision and Administration Commission, Huatai Securities Asset Management Co., Ltd., Hangzhou Alimama Software Service Co., Ltd., as well as industrial investors such as Chongqing Haier Home Appliance Sales Co., Ltd., Midea Group Co., Ltd., TCL Industrial Holdings Co., Ltd., and Xiaomi Technology Co., Ltd. Adhering to the principles of marketization and the rule of law, fulfilling local responsibilities, and actively supporting the stable and healthy development of Suning.com.</p><p>The second phase of the newly introduced shareholder New Retail Fund in this share transfer features a diversified investor structure and complementary advantages. All parties will actively promote Suning.com to further improve its governance structure, enhance the listed company's scientific decision-making capabilities, comprehensively improve its operational management level, establish a more scientific incentive system, promote the implementation of the transformation into a \"retail service provider,\" improve the listed company's asset and business operation efficiency, and promote the implementation of the company's long-term strategy.</p><p>This share transfer will help Suning.com further integrate high-quality assets and businesses, and achieve resource complementarity and win-win cooperation with state-owned and industrial capital.</p><p>Upon completion of the transfer, the company will have no controlling shareholder or actual controller.</p><p>According to relevant regulations, the company's shares will resume trading on Tuesday, July 6, 2021. The company promises that it will not plan any major asset restructuring within one month from the date of this announcement.<img src=\"https://static.tigerbbs.com/efc418361a8f4ce41dc9c3faa6abebba\" tg-width=\"1074\" tg-height=\"2230\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/64cd4e9d34d765eb6c97b06d579f7f39","relate_stocks":{"01810":"小米集团-W","002024":"ST易购","BABA":"阿里巴巴"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143687917","content_text":"7月5日晚，苏宁易购发布公告，张近东及其一致行动人苏宁控股集团，股东苏宁电器集团拟将上市公司16.96%的股份转让给新新零售基金二期，协议转让标的股份的每股转让价格为人民币5.59元。公告显示，新新零售基金二期由江苏省、南京市国资联合华泰证券资产管理有限公司，杭州阿里妈妈软件服务有限公司，以及重庆海尔家电销售有限公司、美的集团股份有限公司、TCL实业控股股份有限公司、小米科技有限公司等产业投资人参与，遵循市场化、法制化原则，履行属地责任，积极支持苏宁易购平稳健康发展。\n本次股份转让新引入的股东新新零售基金二期，出资人结构多元、优势互补，各方将积极推动苏宁易购进一步完善治理结构，提升上市公司科学决策能力，全面提升经营管理水平，建立更为科学的激励体系，助推向“零售服务商”转型的落地，提高上市公司资产和业务运营效率，推动公司长期战略的实施。\n本次股份转让有利于苏宁易购进一步整合优质资产和优质业务，与国有资本、产业资本实现资源互补、合作共赢。\n转让完成后，公司将处于无控股股东、无实控人状态。\n根据有关规定，公司股票将于2021年7月6日（星期二）开市起复牌。公司承诺，本公告披露之日起1个月内不再筹划重大资产重组。","news_type":1,"symbols_score_info":{"002024":0.9,"01810":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":4395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156745373,"gmtCreate":1625238514192,"gmtModify":1703739244771,"author":{"id":"4087371163339050","authorId":"4087371163339050","name":"Sky9292","avatar":"https://static.tigerbbs.com/e54cf3c218ba1e46c37cda7088208b4c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087371163339050","idStr":"4087371163339050"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/156745373","repostId":"2148719218","repostType":4,"repost":{"id":"2148719218","kind":"news","pubTimestamp":1625215067,"share":"https://ttm.financial/m/news/2148719218?lang=en_US&edition=fundamental","pubTime":"2021-07-02 16:37","market":"us","language":"zh","title":"ZeroKr Technology plans to issue 10.825 million ADS, with existing shareholders such as Alibaba Health expressing interest in subscribing.","url":"https://stock-news.laohu8.com/highlight/detail?id=2148719218","media":"资本邦","summary":"零氪科技是一家数据驱动、AI赋能的医疗科技公司。","content":"<p>On July 2, Capital.com learned that<b><a href=\"https://laohu8.com/S/LDOC\">ZeroKr Technology</a></b>The company released an updated prospectus, planning to issue 10.825 million ADSs, representing 43.3 million Class A ordinary shares. The IPO offering range is $17.5-19.5 per ADS, and the company plans to list on Nasdaq.</p><p>The company stated that some existing shareholders and their subsidiaries, as well as third-party investors, intend to subscribe to a total of US$115 million in ADS. Among the existing shareholders<a href=\"https://laohu8.com/S/00241\">Alibaba Health</a>Blue Lake Capital is interested in subscribing for $25 million. New investors include Temasek,<a href=\"https://laohu8.com/S/UBS\">UBS</a>Hudson Bay Capital and Sage Partners.</p><p>Based on the midpoint of the IPO offering range, the company expects the net proceeds from this offering to be approximately US$182.7 million, and if the underwriters fully exercise their over-allotment authority, the net proceeds will be approximately US$210.6 million.</p><p>The company plans to use 45% of the net proceeds from this IPO to strengthen its R&D capabilities and technological infrastructure, and to bring in more oncologists, data scientists, and other experienced professionals; 15% will be used to expand the patient care center network and services, as well as other capital expenditures; 25% is used to seek potential strategic investments and acquisitions; 15% for general corporate purposes.</p><p>ZeroKr Technology is a data-driven, AI-powered medical technology company that provides comprehensive big data and artificial intelligence solutions for various parties in the pharmaceutical and healthcare industries. Currently, its main business includes real-world drug research, patient health management, patient recruitment, etc., and focuses on providing solutions in the field of major diseases represented by tumors and rare diseases.</p><p>The prospectus shows that in 2019 and 2020, the company's revenue was RMB 499 million and RMB 942 million, respectively; The net losses were 434 million yuan and 489 million yuan, respectively.</p><p>In the first quarter of 2021, the company's revenue was 223 million yuan and its net loss was 138 million yuan, an increase of 116% year-on-year.</p>","source":"tencent","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>ZeroKr Technology plans to issue 10.825 million ADS, with existing shareholders such as Alibaba Health expressing interest in subscribing.</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\">\nZeroKr Technology plans to issue 10.825 million ADS, with existing shareholders such as Alibaba Health expressing interest in subscribing.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">资本邦</strong><span class=\"h-time small\">2021-07-02 16:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On July 2, Capital.com learned that<b><a href=\"https://laohu8.com/S/LDOC\">ZeroKr Technology</a></b>The company released an updated prospectus, planning to issue 10.825 million ADSs, representing 43.3 million Class A ordinary shares. The IPO offering range is $17.5-19.5 per ADS, and the company plans to list on Nasdaq.</p><p>The company stated that some existing shareholders and their subsidiaries, as well as third-party investors, intend to subscribe to a total of US$115 million in ADS. Among the existing shareholders<a href=\"https://laohu8.com/S/00241\">Alibaba Health</a>Blue Lake Capital is interested in subscribing for $25 million. New investors include Temasek,<a href=\"https://laohu8.com/S/UBS\">UBS</a>Hudson Bay Capital and Sage Partners.</p><p>Based on the midpoint of the IPO offering range, the company expects the net proceeds from this offering to be approximately US$182.7 million, and if the underwriters fully exercise their over-allotment authority, the net proceeds will be approximately US$210.6 million.</p><p>The company plans to use 45% of the net proceeds from this IPO to strengthen its R&D capabilities and technological infrastructure, and to bring in more oncologists, data scientists, and other experienced professionals; 15% will be used to expand the patient care center network and services, as well as other capital expenditures; 25% is used to seek potential strategic investments and acquisitions; 15% for general corporate purposes.</p><p>ZeroKr Technology is a data-driven, AI-powered medical technology company that provides comprehensive big data and artificial intelligence solutions for various parties in the pharmaceutical and healthcare industries. Currently, its main business includes real-world drug research, patient health management, patient recruitment, etc., and focuses on providing solutions in the field of major diseases represented by tumors and rare diseases.</p><p>The prospectus shows that in 2019 and 2020, the company's revenue was RMB 499 million and RMB 942 million, respectively; The net losses were 434 million yuan and 489 million yuan, respectively.</p><p>In the first quarter of 2021, the company's revenue was 223 million yuan and its net loss was 138 million yuan, an increase of 116% year-on-year.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021070216374979cdd1ba&s=b\">资本邦</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/11d14604e93a2bf0961a77fba86eb076","relate_stocks":{},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021070216374979cdd1ba&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2148719218","content_text":"7月2日，资本邦了解到，零氪科技发布更新后的招股书，计划发行1082.5万股ADS，代表4330万股A类普通股。IPO发行区间为17.5-19.5美元每ADS，计划在纳斯达克上市。公司称，部分现有股东及其附属公司，以及第三方投资者有意认购总计1.15亿美元的ADS。其中现有股东阿里健康及蓝湖资本有意认购2500万美元。新投资者包括淡马锡、瑞银、Hudson Bay Capital和Sage Partners。以IPO发行区间的中间值计算，公司预计此次发行所得收益净额约为1.827亿美元，若承销商完全行使超额配授权，则收益净额约2.106亿美元。公司计划将此次IPO净收益的45%用于加强研发能力与技术基础设施，引入更多的肿瘤专家、数据科学家和其他经验丰富的专业人士;15%用于扩大患者护理中心网络和服务，以及其他资本支出;25%用于寻求潜在的战略投资和收购;15%用于一般公司用途。零氪科技是一家数据驱动、AI赋能的医疗科技公司，为医药、医疗产业各方提供大数据和人工智能整体解决方案。 目前主要业务包括药品真实世界研究、患者健康管理业务、患者招募业务等，并专注于提供以肿瘤和罕见病为代表的重大疾病领域的解决方案。招股书显示，2019年、2020年，公司营收分别为4.99亿元(人民币，下同)、9.42亿元;净亏损分别为4.34亿元、4.89亿元。2021年第一季度，公司营收为2.23亿元，净亏损1.38亿元，同比扩大116%。","news_type":1,"symbols_score_info":{"LDOC":0.9}},"isVote":1,"tweetType":1,"viewCount":3899,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156728793,"gmtCreate":1625237635812,"gmtModify":1703739214285,"author":{"id":"4087371163339050","authorId":"4087371163339050","name":"Sky9292","avatar":"https://static.tigerbbs.com/e54cf3c218ba1e46c37cda7088208b4c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087371163339050","idStr":"4087371163339050"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/156728793","repostId":"1141207816","repostType":4,"repost":{"id":"1141207816","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":1625232688,"share":"https://ttm.financial/m/news/1141207816?lang=en_US&edition=fundamental","pubTime":"2021-07-02 21:31","market":"us","language":"zh","title":"Opening: Didi fell about 9%, while Virgin Galactic rose over 22%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1141207816","media":"老虎资讯综合","summary":"7月2日，美股三大指数小幅高开，道指涨0.16%，普500指数涨0.25%，纳指涨0.44%。美国6月季调后非农就业人口录得增加85万人，好于市场预期，增幅创去年8月以来新高。\n滴滴跌约9%，滴滴称将","content":"<p>On July 2, the three major U.S. stock indexes opened slightly higher, with the Dow Jones Industrial Average up 0.16%, the Composite 500 up 0.25%, and the Nasdaq Composite up 0.44%. The U.S. recorded a seasonally adjusted increase of 850,000 non-farm payrolls in June, better than market expectations and the highest growth rate since August last year.<img src=\"https://static.tigerbbs.com/4f2936abbbd9b5b916f14197fafd3258\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Didi shares fell about 9%. Didi stated that it will actively cooperate with cybersecurity reviews during the review period.<a href=\"https://laohu8.com/S/DIDI\">Didi Chuxing</a>Stop new user registration.</p><p><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>Rising 22.5%, the company will launch its first flight test with a complete crew on July 11, and its founder Branson will also board the spacecraft for testing.</p><p><a href=\"https://laohu8.com/S/DDL\">ding-dong</a>Maicai continued to fall by more than 4%, closing down nearly 15% yesterday.</p><p>Pop Culture (CPOP.O), known as the first stock in hip-hop culture, opened 14% higher on its third day of trading, and closed up nearly 100% yesterday.</p><p>Chinese concept stocks in the new energy vehicle market generally rose.<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>Up 0.55%<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Up 0.92%<a href=\"https://laohu8.com/S/NIO\">Nio</a>Automobiles rose 0.65%.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Up 0.16%. In the second quarter, 201,250 vehicles were delivered, and 206,421 vehicles were produced.</p><p><a href=\"https://laohu8.com/S/00013\">Hutchison MediPharma</a>Rising 1.32%, the U.S. Food and Drug Administration (FDA) has accepted a new drug application for surufatinib for the treatment of pancreatic and extrapancreatic (non-pancreatic) neuroendocrine tumors (NET).</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opening: Didi fell about 9%, while Virgin Galactic rose over 22%.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpening: Didi fell about 9%, while Virgin Galactic rose over 22%.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-02 21:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 2, the three major U.S. stock indexes opened slightly higher, with the Dow Jones Industrial Average up 0.16%, the Composite 500 up 0.25%, and the Nasdaq Composite up 0.44%. The U.S. recorded a seasonally adjusted increase of 850,000 non-farm payrolls in June, better than market expectations and the highest growth rate since August last year.<img src=\"https://static.tigerbbs.com/4f2936abbbd9b5b916f14197fafd3258\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Didi shares fell about 9%. Didi stated that it will actively cooperate with cybersecurity reviews during the review period.<a href=\"https://laohu8.com/S/DIDI\">Didi Chuxing</a>Stop new user registration.</p><p><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>Rising 22.5%, the company will launch its first flight test with a complete crew on July 11, and its founder Branson will also board the spacecraft for testing.</p><p><a href=\"https://laohu8.com/S/DDL\">ding-dong</a>Maicai continued to fall by more than 4%, closing down nearly 15% yesterday.</p><p>Pop Culture (CPOP.O), known as the first stock in hip-hop culture, opened 14% higher on its third day of trading, and closed up nearly 100% yesterday.</p><p>Chinese concept stocks in the new energy vehicle market generally rose.<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>Up 0.55%<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Up 0.92%<a href=\"https://laohu8.com/S/NIO\">Nio</a>Automobiles rose 0.65%.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Up 0.16%. In the second quarter, 201,250 vehicles were delivered, and 206,421 vehicles were produced.</p><p><a href=\"https://laohu8.com/S/00013\">Hutchison MediPharma</a>Rising 1.32%, the U.S. Food and Drug Administration (FDA) has accepted a new drug application for surufatinib for the treatment of pancreatic and extrapancreatic (non-pancreatic) neuroendocrine tumors (NET).</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPCE":"维珍银河",".SPX":"S&P 500 Index"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141207816","content_text":"7月2日，美股三大指数小幅高开，道指涨0.16%，普500指数涨0.25%，纳指涨0.44%。美国6月季调后非农就业人口录得增加85万人，好于市场预期，增幅创去年8月以来新高。\n滴滴跌约9%，滴滴称将积极配合网络安全审查，审查期间滴滴出行停止新用户注册。\n维珍银河涨22.5%，公司将于7月11日启动首次搭载完整机组的飞行测试，公司创始人Branson也将登上飞船进行测试。\n叮咚买菜续跌超4%，昨日收盘跌近15%。\n“嘻哈文化第一股”普普文化(CPOP.O)上市第三日高开14%，该股昨日收涨近100%。\n中概新能源车股普涨，小鹏汽车涨0.55%，理想汽车涨0.92%，蔚来汽车涨0.65%。\n特斯拉涨0.16%。第二季度交付量为201250辆汽车，生产了206421辆汽车。\n和黄医药涨1.32%，美国食品药品监督管理局(FDA)已受理索凡替尼用于治疗胰腺和胰腺外(非胰腺)神经内分泌瘤(NET)的新药上市申请。","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,"SPCE":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":4042,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156728620,"gmtCreate":1625237620660,"gmtModify":1703739213463,"author":{"id":"4087371163339050","authorId":"4087371163339050","name":"Sky9292","avatar":"https://static.tigerbbs.com/e54cf3c218ba1e46c37cda7088208b4c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087371163339050","idStr":"4087371163339050"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/156728620","repostId":"2148803813","repostType":4,"repost":{"id":"2148803813","kind":"news","pubTimestamp":1625236084,"share":"https://ttm.financial/m/news/2148803813?lang=en_US&edition=fundamental","pubTime":"2021-07-02 22:28","market":"us","language":"zh","title":"With sales exceeding 200,000 units for the first time, can Tesla rest easy?","url":"https://stock-news.laohu8.com/highlight/detail?id=2148803813","media":"36氪","summary":"2021年二季度，特斯拉交付量持续增长，首度突破20万辆。\n其中，中国市场特斯拉销量仍走在高速增长的道路上，乘联会数据显示今年1-5月国内累计销量更是逼近13万辆，达到128,588辆的市场表现。上海","content":"<p>Second quarter 2021,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Deliveries continued to grow, exceeding 200,000 vehicles for the first time.</p><p>Among them, Tesla's sales in the Chinese market are still on a path of rapid growth. Data from the China Passenger Car Association shows that from January to May this year, cumulative domestic sales approached 130,000 vehicles, reaching a market performance of 128,588 vehicles. Model 3s produced at the Shanghai Gigafactory were exported to 10 countries and regions, including Europe and Australia, contributing to Tesla's delivery growth in the second quarter.</p><p>In terms of vehicle models, the Model Y has achieved impressive delivery results. Data from the China Passenger Car Association shows that from January to May, the cumulative national sales of the Model Y reached 34,557 units, of which 12,728 units were sold in May, ranking ninth on the SUV sales list that month.</p><p>In terms of related supporting facilities, Tesla has 850 Supercharger stations in China, with more than 6,500 Supercharger piles, and more than 700 destination charging stations and more than 1,700 destination charging piles, covering more than 320 cities across the country. In addition, Tesla plans to invest 42 million yuan in Shanghai to build a Supercharger factory integrating R&D and production. The project is expected to be put into operation in the first quarter of 2021, with an initial planned annual production of 10,000 Supercharger piles (mainly V3 Supercharger piles).</p><p>Even so, the fog surrounding Tesla's safety has not dissipated. Tesla recently announced a recall of over 280,000 imported Model 3, domestically produced Model 3, and domestically produced Model Y vehicles in China. It is worth noting that the recall basically covers all domestically produced Model 3 and Model Y models sold from January to May this year.</p><p>At the same time, Tesla also faces challenges from traditional automaker giant Volkswagen.</p><p>Volkswagen recently announced that its entire product line will achieve carbon neutrality by 2050 at the latest, and by 2030, electric vehicles will be the group's main model, accounting for 70% of its European sales. Volkswagen's goal for 2021 is to more than double its electric vehicle deliveries to 1 million units. Last year, the European new energy vehicle market jumped to become the world's largest new energy vehicle market, accounting for 43% of the global market share. This move means that Volkswagen will bet on the European market and see it as an important market to compete with Tesla.</p><p>Compared to established car manufacturers, Tesla needs to further improve its quality and production capacity.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>With sales exceeding 200,000 units for the first time, can Tesla rest easy?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWith sales exceeding 200,000 units for the first time, can Tesla rest easy?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2021-07-02 22:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Second quarter 2021,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Deliveries continued to grow, exceeding 200,000 vehicles for the first time.</p><p>Among them, Tesla's sales in the Chinese market are still on a path of rapid growth. Data from the China Passenger Car Association shows that from January to May this year, cumulative domestic sales approached 130,000 vehicles, reaching a market performance of 128,588 vehicles. Model 3s produced at the Shanghai Gigafactory were exported to 10 countries and regions, including Europe and Australia, contributing to Tesla's delivery growth in the second quarter.</p><p>In terms of vehicle models, the Model Y has achieved impressive delivery results. Data from the China Passenger Car Association shows that from January to May, the cumulative national sales of the Model Y reached 34,557 units, of which 12,728 units were sold in May, ranking ninth on the SUV sales list that month.</p><p>In terms of related supporting facilities, Tesla has 850 Supercharger stations in China, with more than 6,500 Supercharger piles, and more than 700 destination charging stations and more than 1,700 destination charging piles, covering more than 320 cities across the country. In addition, Tesla plans to invest 42 million yuan in Shanghai to build a Supercharger factory integrating R&D and production. The project is expected to be put into operation in the first quarter of 2021, with an initial planned annual production of 10,000 Supercharger piles (mainly V3 Supercharger piles).</p><p>Even so, the fog surrounding Tesla's safety has not dissipated. Tesla recently announced a recall of over 280,000 imported Model 3, domestically produced Model 3, and domestically produced Model Y vehicles in China. It is worth noting that the recall basically covers all domestically produced Model 3 and Model Y models sold from January to May this year.</p><p>At the same time, Tesla also faces challenges from traditional automaker giant Volkswagen.</p><p>Volkswagen recently announced that its entire product line will achieve carbon neutrality by 2050 at the latest, and by 2030, electric vehicles will be the group's main model, accounting for 70% of its European sales. Volkswagen's goal for 2021 is to more than double its electric vehicle deliveries to 1 million units. Last year, the European new energy vehicle market jumped to become the world's largest new energy vehicle market, accounting for 43% of the global market share. This move means that Volkswagen will bet on the European market and see it as an important market to compete with Tesla.</p><p>Compared to established car manufacturers, Tesla needs to further improve its quality and production capacity.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202107022132327d4b9b6f&s=b\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/577e499e898d722a6d935282f36956a3","relate_stocks":{"TSLA":"特斯拉"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202107022132327d4b9b6f&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2148803813","content_text":"2021年二季度，特斯拉交付量持续增长，首度突破20万辆。\n其中，中国市场特斯拉销量仍走在高速增长的道路上，乘联会数据显示今年1-5月国内累计销量更是逼近13万辆，达到128,588辆的市场表现。上海超级工厂生产的Model 3，出口至欧洲、澳大利亚等10个国家和地区，促进者特斯拉二季度的交付量的增长。\n车型方面，Model Y交付成绩较为亮，眼乘联会数据显示，1-5月Model Y全国累计销量为34557辆，其中5月销量为12728辆，位列当月SUV销量榜单第九名。\n相关配套设施方面，特斯拉在中国的超级充电站达到了850座，有超过6500根超级充电桩，目的地充电站已达到700+，1700+目的地充电桩，共覆盖全国320个以上的城市。此外，特斯拉计划在上海投资4,200万元，建设一座集研发、生产于一体的超级充电桩工厂，该项目预计2021年第一季度投产，初期规划年产10,000根超级充电桩（主要为V3超级充电桩）\n即便如此，特斯拉的安全氤氲仍未散去。近日特斯拉宣布召回国内超28万辆进口Model 3、国产Model 3以及国产Model Y。值得注意的是，本次召回数量基本涵盖了今年1-5月所有销售的国产Model 3与国产Model Y。\n同时，特斯拉还要面临传统车企巨头大众的挑战。\n近日，大众宣布其整个产品线最迟将在2050年实现碳中和，到2030年电动汽车将是集团主销车型，届时将占到其欧洲销量的70%。2021年大众汽车的目标是将电动汽车的交付量增加一倍以上，并达到100万辆。去年欧洲新能源市场一举跃升为全球最大新能源车市场，占全球市场份额的43%。此举意味着大众将押宝欧洲市场，并将其作为抗衡特斯拉的重要市场。\n相较于成熟的造车企业，特斯拉质量以及产能上都需要进一步提高。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":3678,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156728183,"gmtCreate":1625237604942,"gmtModify":1703739212801,"author":{"id":"4087371163339050","authorId":"4087371163339050","name":"Sky9292","avatar":"https://static.tigerbbs.com/e54cf3c218ba1e46c37cda7088208b4c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087371163339050","idStr":"4087371163339050"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/156728183","repostId":"1116214742","repostType":4,"repost":{"id":"1116214742","kind":"news","pubTimestamp":1625237242,"share":"https://ttm.financial/m/news/1116214742?lang=en_US&edition=fundamental","pubTime":"2021-07-02 22:47","market":"us","language":"zh","title":"Nineteen days from now, is Jia Yueting going to do something big?","url":"https://stock-news.laohu8.com/highlight/detail?id=1116214742","media":"铅笔道","summary":"贾跃亭，一个时刻不忘让自己处在舆论漩涡中的男人。\n在被调侃过无数次“下周回国”之后，这次可能是他希望最大的一次。\n近日，贾跃亭创立的电动汽车品牌FF宣布其与PSAC的合并计划已被批准。如果顺利，本月F","content":"<p><img src=\"https://static.tigerbbs.com/a556d406f2cd07fbbf570fb90e4b3c67\" tg-width=\"1080\" tg-height=\"578\" referrerpolicy=\"no-referrer\"></p><p>Jia Yueting, a man who never forgets to keep himself in the vortex of public opinion.</p><p>After being teased countless times about \"going back to China next week,\" this is probably the one he hopes for the most.</p><p>Recently, FF, the electric vehicle brand founded by Jia Yueting, announced that its merger plan with PSAC has been approved. If all goes well, FF will be launched in the US this month. This merger will provide FF with approximately $1 billion in funding, valuing it at approximately $3.4 billion after its IPO.</p><p>This means that Jia Yueting's dream of building cars will come true, and he will finally be able to shed the label of \"PPT car manufacturing\". At the same time, Jia Yueting's huge debts may now be repaid.</p><p>However, whether FF, which Jia Yueting has bet everything on, can successfully go public remains to be seen. Furthermore, even if FF successfully goes public, it still faces many problems. Compared to other electric vehicle brands, FF currently has shortcomings in every aspect.</p><p>Four years after leaving the United States, Jia Yueting is still suffocating for his \"dream.\" How will he and FF continue on their path? I wonder if he already has the answer in his heart.</p><p>Note: The content of this article is mainly based on interviews with Pencil Road reporters and publicly available information online. The arguments are inevitably biased and there is no intention to mislead.</p><p>Boss Jia's \"Debt Repayment Techniques\"</p><p>Recently, an IPO announcement has once again brought Jia Yueting into the spotlight.</p><p>On June 24, US time, FF, of which he serves as founder and CPUO, announced that the company's S4 US stock listing documents had officially taken effect, and the US Securities and Exchange Commission had approved the merger plan of PSAC and FF.</p><p>This means that FF's IPO is possible in the near future. According to FF, a PSAC shareholders' meeting will be held on July 20 to vote on the FF merger. If the merger goes through smoothly, it will be listed on Nasdaq on July 21.</p><p><img src=\"https://static.tigerbbs.com/937db887fc673e84e69530f0738c1588\" tg-width=\"1080\" tg-height=\"761\" referrerpolicy=\"no-referrer\"></p><p>FF also mentioned that the merger will provide FF with approximately $1 billion in funding, including $230 million in cash held in trust by PSAC (assuming no redemption). Its valuation after listing was approximately $3.4 billion.</p><p>In addition, there is an even more important point. That is, after the transaction is completed, FF's first flagship product, the FF 91, is expected to enter mass production and delivery within 12 months. This means that Jia Yueting's dream of building cars will come true, and he will finally be able to shed the label of \"PPT car manufacturing\".</p><p>The news of FF's IPO has rekindled the confidence of Jia Yueting's creditors.</p><p>After LeEco's cash flow collapsed in 2017, Jia Yueting went to the United States to continue manufacturing cars. Amidst calls to \"repay the money,\" Jia Yueting filed for personal bankruptcy reorganization in the United States in October 2019. In July 2020, Jia Yueting's bankruptcy restructuring was finally completed, and the restructuring plan officially took effect. According to a disclosure by Jia Yueting's debt handling team on October 14, 2019, Jia Yueting's remaining net debt was approximately US$2 billion.</p><p>Regarding his own situation, Jia Yueting was...<a href=\"https://laohu8.com/S/WB\">Weibo</a>I published an article titled \"Working and Starting a Business, Restarting My Life, with My Apologies, Gratitude and Promises,\" in which I mentioned, \"I have invested all my remaining personal equity in a creditors' trust managed by a third party. From now on, I am no longer a holder of FF equity, but an employee who works with an entrepreneurial mindset and an entrepreneur who starts a business by working.\"</p><p><img src=\"https://static.tigerbbs.com/d1679a6ea996148f8944b03f7aabf94e\" tg-width=\"891\" tg-height=\"746\" referrerpolicy=\"no-referrer\"></p><p>How will Jia Yueting, who has no shares, pay off his debts? The answer lies in his personal bankruptcy reorganization plan.</p><p>Jia Yueting is well-versed in capital techniques, and his \"debt repayment skills\" are even more superb. Jia Yueting chose to transfer his FF shares to creditors through a creditor trust. This means that the creditors have become shareholders of FF. However, the plan stipulates that creditors can only sell their FF shares in the trust after FF's IPO. This means that creditors will only be able to get their money after FF goes public.</p><p>Regardless of whether creditors are optimistic about FF, since Jia Yueting cannot come up with real money to repay the debt, he has no choice but to accept this plan. Although Jia Yueting claimed that this was working for creditors, in reality, it was to bind creditors to FF and reduce the intensity of debt collection efforts against them.</p><p>According to the S4 filing, FF's existing shareholders and creditors (through debt-to-equity swaps) will continue to hold 213,176,594 shares of the company after the transaction, representing a 66% stake. If we calculate based on a valuation of $3.4 billion, this part is approximately $2.24 billion. If this money can be redeemed, it may not be impossible for Jia Yueting to pay off his debts.</p><p>Looking back, Jia Yueting's bankruptcy reorganization process, while not without setbacks, was still relatively smooth.</p><p>This is undoubtedly related to Jia Yueting's strategic planning. According to media analysis, this is related to Jia Yueting's \"falling out\" with his family.</p><p>Previously, Jia Yueting was sued by his ex-wife Gan Wei, his brother Jia Yuemin, and his sister Jia Yuefang, seeking $500 million, $800 million, and $50 million in damages respectively. In this way, Jia Yueting's total debt increased, the bargaining power of other creditors was diluted, and the bankruptcy reorganization plan was successfully approved. Furthermore, considering the amount of debt owed by his family, if FF successfully goes public, Jia Yueting will not have nothing.</p><p>Jia Yueting's method of repaying debts is not simply about suspending \"debt collection\". According to media reports, the creditors have granted Jia Yueting a four-year statute of limitations, meaning that the creditors will not file a lawsuit against Jia Yueting within those four years. If there were no other debts, Jia Yueting's \"debt dodger\" status might also be removed. In this situation, he was given enough time to catch his breath and a chance to \"clear his name\".</p><p>FF with an uncertain future</p><p>For a long time, when Jia Yueting's reputation could not be restored, the biggest impact was actually FF's financing.</p><p>Jia Yueting also went to great lengths to raise funds for FF. Therefore, Jia Yueting chose to step down as CEO of FF.</p><p>On September 3, 2019, FF announced that Bi Fukang would become FF's global CEO and Jia Yueting would serve as CPUO (Chief Product and User Officer). Looking at the history of financing, the \"de-Jia Yueting\" approach has indeed achieved some results.</p><p><img src=\"https://static.tigerbbs.com/d7df018c4258c3696d4279d6bf3e7161\" tg-width=\"900\" tg-height=\"711\" referrerpolicy=\"no-referrer\"></p><p>According to Qichacha statistics, FF has raised funds nine times, totaling tens of billions of yuan.</p><p><img src=\"https://static.tigerbbs.com/7eb89966043e084ffdd3ebf8b1b36908\" tg-width=\"600\" tg-height=\"708\" referrerpolicy=\"no-referrer\"></p><p>In theory, FF should have raised a considerable amount of funding, but the actual amount of funds received is still unknown. In addition, the specific methods of investment by the investors are also unclear.</p><p>Industry insiders analyze that FF may not have actually received as much as it seems, otherwise Jia Yueting would not be in such a hurry to raise funds. In addition, the electric vehicle industry is burning a terrible amount of money.<a href=\"https://laohu8.com/S/NIO\">Nio</a>XPeng and Li Auto have all raised billions of dollars, putting considerable financial pressure on FF.</p><p>Although FF's IPO is imminent, the industry is not so optimistic about it.</p><p>The primary reason is that FF has not actually sold a single car to date.</p><p>Back in 2015, Jia Yueting announced his intention to manufacture cars, boldly stating that he would connect the entire LeEco ecosystem to form a closed loop. However, six years later, LeEco has been delisted, and FF has not delivered a single car. Looking at other domestic electric vehicle brands during the same period, their performance was remarkable.</p><p>Take the first half of 2021 as an example: Nio Motor Company,<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>、<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Sales volume was over 40,000 vehicles, over 30,000 vehicles, and over 30,000 vehicles respectively. Even the newly emerging Nezha Auto achieved cumulative sales of over 20,000 vehicles in the first half of the year.</p><p>Let's look at FF's progress. In May 2021, the first FF Futurist Experience Center opened in Manhattan, New York.</p><p><img src=\"https://static.tigerbbs.com/2302ae5d340911e1cc5fd974085cc1ca\" tg-width=\"903\" tg-height=\"681\" referrerpolicy=\"no-referrer\"></p><p>The only thing that made Jia Yueting happy was the number of pre-orders on FF's official website. According to FF, by January of this year, pre-orders for the FF91 had exceeded 14,000. If we assume the FF91 is priced at $100,000 to $180,000, the FF will have orders of at least $1.4 billion to $2.52 billion. However, it is impossible to verify whether the data is accurate.</p><p>Currently, the FF91 is available for pre-order in China, with a deposit of 50,000 yuan. However, due to factors such as tariffs, the domestic price may reach more than 2 million yuan. Whether such an expensive electric vehicle will have a market in China remains to be seen.</p><p>To prove its strength, FF chose to continue making empty promises. FF had previously stated that the FF81 and FF71, aimed at the mass market, were already under development. It is reported that the FF81 starts at $59,000, compared to the benchmark...<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>High-end models such as the model S. The FF71 is expected to begin design and development in 2022, with a starting price of $45,000 and targeting mid-range consumers.</p><p>Another reason why outsiders are pessimistic about FF is that it remains to be seen whether FF's production capacity will be sufficient.</p><p>Previously, FF announced that its Hanford plant had achieved mass production capacity with an annual production capacity of 10,000 vehicles, but production would begin within 12 months of the merger of FF and PSAC.</p><p>In addition, according to media reports, FF is also collaborating with a leading South Korean manufacturing partner to produce FF's successor models.</p><p>Meanwhile, FF also announced that it has signed a framework cooperation agreement with Geely Group and is exploring the possibility of a joint venture between Geely and Foxconn providing OEM services.</p><p>However, these reports indicate that FF's production line is not perfect, and its mass production capacity is still just a slogan. Looking at other domestic brands: XPeng currently has a planned total production capacity of 350,000 vehicles; Li Auto currently has an annual production capacity of 100,000 vehicles, but its new factory with an annual production capacity of 100,000 vehicles will be completed in 2022. Nio CEO Li Bin recently stated that the second factory in Nio will begin production in the third quarter of next year, with an annual capacity of 1 million vehicles.</p><p>Compared to other new car brands, FF seems to have shortcomings in every way. Jia Yueting has been lying low for so long, and FF may have a major technical move, but the answer will only be revealed in a year.</p><p>In April of this year, Jia Yueting, who seemed to have seen a glimmer of hope, was dealt another heavy blow. LeEco stated that it received an administrative penalty decision from the Beijing Securities Regulatory Bureau of the China Securities Regulatory Commission. For ten consecutive years of financial fraud from 2007 to 2016, LeEco was fined 240.6 million yuan, and Jia Yueting was fined 241.2 million yuan. There are more voices questioning Jia Yueting.</p><p>July is a crucial month for FF's IPO. Will FF be able to successfully go public? What will the stock price be like after the IPO? How should FF open up the market? They were all gullies blocking Jia Yueting's path.</p>","source":"lsy1576054490042","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>Nineteen days from now, is Jia Yueting going to do something big?</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\">\nNineteen days from now, is Jia Yueting going to do something big?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">铅笔道</strong><span class=\"h-time small\">2021-07-02 22:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/a556d406f2cd07fbbf570fb90e4b3c67\" tg-width=\"1080\" tg-height=\"578\" referrerpolicy=\"no-referrer\"></p><p>Jia Yueting, a man who never forgets to keep himself in the vortex of public opinion.</p><p>After being teased countless times about \"going back to China next week,\" this is probably the one he hopes for the most.</p><p>Recently, FF, the electric vehicle brand founded by Jia Yueting, announced that its merger plan with PSAC has been approved. If all goes well, FF will be launched in the US this month. This merger will provide FF with approximately $1 billion in funding, valuing it at approximately $3.4 billion after its IPO.</p><p>This means that Jia Yueting's dream of building cars will come true, and he will finally be able to shed the label of \"PPT car manufacturing\". At the same time, Jia Yueting's huge debts may now be repaid.</p><p>However, whether FF, which Jia Yueting has bet everything on, can successfully go public remains to be seen. Furthermore, even if FF successfully goes public, it still faces many problems. Compared to other electric vehicle brands, FF currently has shortcomings in every aspect.</p><p>Four years after leaving the United States, Jia Yueting is still suffocating for his \"dream.\" How will he and FF continue on their path? I wonder if he already has the answer in his heart.</p><p>Note: The content of this article is mainly based on interviews with Pencil Road reporters and publicly available information online. The arguments are inevitably biased and there is no intention to mislead.</p><p>Boss Jia's \"Debt Repayment Techniques\"</p><p>Recently, an IPO announcement has once again brought Jia Yueting into the spotlight.</p><p>On June 24, US time, FF, of which he serves as founder and CPUO, announced that the company's S4 US stock listing documents had officially taken effect, and the US Securities and Exchange Commission had approved the merger plan of PSAC and FF.</p><p>This means that FF's IPO is possible in the near future. According to FF, a PSAC shareholders' meeting will be held on July 20 to vote on the FF merger. If the merger goes through smoothly, it will be listed on Nasdaq on July 21.</p><p><img src=\"https://static.tigerbbs.com/937db887fc673e84e69530f0738c1588\" tg-width=\"1080\" tg-height=\"761\" referrerpolicy=\"no-referrer\"></p><p>FF also mentioned that the merger will provide FF with approximately $1 billion in funding, including $230 million in cash held in trust by PSAC (assuming no redemption). Its valuation after listing was approximately $3.4 billion.</p><p>In addition, there is an even more important point. That is, after the transaction is completed, FF's first flagship product, the FF 91, is expected to enter mass production and delivery within 12 months. This means that Jia Yueting's dream of building cars will come true, and he will finally be able to shed the label of \"PPT car manufacturing\".</p><p>The news of FF's IPO has rekindled the confidence of Jia Yueting's creditors.</p><p>After LeEco's cash flow collapsed in 2017, Jia Yueting went to the United States to continue manufacturing cars. Amidst calls to \"repay the money,\" Jia Yueting filed for personal bankruptcy reorganization in the United States in October 2019. In July 2020, Jia Yueting's bankruptcy restructuring was finally completed, and the restructuring plan officially took effect. According to a disclosure by Jia Yueting's debt handling team on October 14, 2019, Jia Yueting's remaining net debt was approximately US$2 billion.</p><p>Regarding his own situation, Jia Yueting was...<a href=\"https://laohu8.com/S/WB\">Weibo</a>I published an article titled \"Working and Starting a Business, Restarting My Life, with My Apologies, Gratitude and Promises,\" in which I mentioned, \"I have invested all my remaining personal equity in a creditors' trust managed by a third party. From now on, I am no longer a holder of FF equity, but an employee who works with an entrepreneurial mindset and an entrepreneur who starts a business by working.\"</p><p><img src=\"https://static.tigerbbs.com/d1679a6ea996148f8944b03f7aabf94e\" tg-width=\"891\" tg-height=\"746\" referrerpolicy=\"no-referrer\"></p><p>How will Jia Yueting, who has no shares, pay off his debts? The answer lies in his personal bankruptcy reorganization plan.</p><p>Jia Yueting is well-versed in capital techniques, and his \"debt repayment skills\" are even more superb. Jia Yueting chose to transfer his FF shares to creditors through a creditor trust. This means that the creditors have become shareholders of FF. However, the plan stipulates that creditors can only sell their FF shares in the trust after FF's IPO. This means that creditors will only be able to get their money after FF goes public.</p><p>Regardless of whether creditors are optimistic about FF, since Jia Yueting cannot come up with real money to repay the debt, he has no choice but to accept this plan. Although Jia Yueting claimed that this was working for creditors, in reality, it was to bind creditors to FF and reduce the intensity of debt collection efforts against them.</p><p>According to the S4 filing, FF's existing shareholders and creditors (through debt-to-equity swaps) will continue to hold 213,176,594 shares of the company after the transaction, representing a 66% stake. If we calculate based on a valuation of $3.4 billion, this part is approximately $2.24 billion. If this money can be redeemed, it may not be impossible for Jia Yueting to pay off his debts.</p><p>Looking back, Jia Yueting's bankruptcy reorganization process, while not without setbacks, was still relatively smooth.</p><p>This is undoubtedly related to Jia Yueting's strategic planning. According to media analysis, this is related to Jia Yueting's \"falling out\" with his family.</p><p>Previously, Jia Yueting was sued by his ex-wife Gan Wei, his brother Jia Yuemin, and his sister Jia Yuefang, seeking $500 million, $800 million, and $50 million in damages respectively. In this way, Jia Yueting's total debt increased, the bargaining power of other creditors was diluted, and the bankruptcy reorganization plan was successfully approved. Furthermore, considering the amount of debt owed by his family, if FF successfully goes public, Jia Yueting will not have nothing.</p><p>Jia Yueting's method of repaying debts is not simply about suspending \"debt collection\". According to media reports, the creditors have granted Jia Yueting a four-year statute of limitations, meaning that the creditors will not file a lawsuit against Jia Yueting within those four years. If there were no other debts, Jia Yueting's \"debt dodger\" status might also be removed. In this situation, he was given enough time to catch his breath and a chance to \"clear his name\".</p><p>FF with an uncertain future</p><p>For a long time, when Jia Yueting's reputation could not be restored, the biggest impact was actually FF's financing.</p><p>Jia Yueting also went to great lengths to raise funds for FF. Therefore, Jia Yueting chose to step down as CEO of FF.</p><p>On September 3, 2019, FF announced that Bi Fukang would become FF's global CEO and Jia Yueting would serve as CPUO (Chief Product and User Officer). Looking at the history of financing, the \"de-Jia Yueting\" approach has indeed achieved some results.</p><p><img src=\"https://static.tigerbbs.com/d7df018c4258c3696d4279d6bf3e7161\" tg-width=\"900\" tg-height=\"711\" referrerpolicy=\"no-referrer\"></p><p>According to Qichacha statistics, FF has raised funds nine times, totaling tens of billions of yuan.</p><p><img src=\"https://static.tigerbbs.com/7eb89966043e084ffdd3ebf8b1b36908\" tg-width=\"600\" tg-height=\"708\" referrerpolicy=\"no-referrer\"></p><p>In theory, FF should have raised a considerable amount of funding, but the actual amount of funds received is still unknown. In addition, the specific methods of investment by the investors are also unclear.</p><p>Industry insiders analyze that FF may not have actually received as much as it seems, otherwise Jia Yueting would not be in such a hurry to raise funds. In addition, the electric vehicle industry is burning a terrible amount of money.<a href=\"https://laohu8.com/S/NIO\">Nio</a>XPeng and Li Auto have all raised billions of dollars, putting considerable financial pressure on FF.</p><p>Although FF's IPO is imminent, the industry is not so optimistic about it.</p><p>The primary reason is that FF has not actually sold a single car to date.</p><p>Back in 2015, Jia Yueting announced his intention to manufacture cars, boldly stating that he would connect the entire LeEco ecosystem to form a closed loop. However, six years later, LeEco has been delisted, and FF has not delivered a single car. Looking at other domestic electric vehicle brands during the same period, their performance was remarkable.</p><p>Take the first half of 2021 as an example: Nio Motor Company,<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>、<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Sales volume was over 40,000 vehicles, over 30,000 vehicles, and over 30,000 vehicles respectively. Even the newly emerging Nezha Auto achieved cumulative sales of over 20,000 vehicles in the first half of the year.</p><p>Let's look at FF's progress. In May 2021, the first FF Futurist Experience Center opened in Manhattan, New York.</p><p><img src=\"https://static.tigerbbs.com/2302ae5d340911e1cc5fd974085cc1ca\" tg-width=\"903\" tg-height=\"681\" referrerpolicy=\"no-referrer\"></p><p>The only thing that made Jia Yueting happy was the number of pre-orders on FF's official website. According to FF, by January of this year, pre-orders for the FF91 had exceeded 14,000. If we assume the FF91 is priced at $100,000 to $180,000, the FF will have orders of at least $1.4 billion to $2.52 billion. However, it is impossible to verify whether the data is accurate.</p><p>Currently, the FF91 is available for pre-order in China, with a deposit of 50,000 yuan. However, due to factors such as tariffs, the domestic price may reach more than 2 million yuan. Whether such an expensive electric vehicle will have a market in China remains to be seen.</p><p>To prove its strength, FF chose to continue making empty promises. FF had previously stated that the FF81 and FF71, aimed at the mass market, were already under development. It is reported that the FF81 starts at $59,000, compared to the benchmark...<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>High-end models such as the model S. The FF71 is expected to begin design and development in 2022, with a starting price of $45,000 and targeting mid-range consumers.</p><p>Another reason why outsiders are pessimistic about FF is that it remains to be seen whether FF's production capacity will be sufficient.</p><p>Previously, FF announced that its Hanford plant had achieved mass production capacity with an annual production capacity of 10,000 vehicles, but production would begin within 12 months of the merger of FF and PSAC.</p><p>In addition, according to media reports, FF is also collaborating with a leading South Korean manufacturing partner to produce FF's successor models.</p><p>Meanwhile, FF also announced that it has signed a framework cooperation agreement with Geely Group and is exploring the possibility of a joint venture between Geely and Foxconn providing OEM services.</p><p>However, these reports indicate that FF's production line is not perfect, and its mass production capacity is still just a slogan. Looking at other domestic brands: XPeng currently has a planned total production capacity of 350,000 vehicles; Li Auto currently has an annual production capacity of 100,000 vehicles, but its new factory with an annual production capacity of 100,000 vehicles will be completed in 2022. Nio CEO Li Bin recently stated that the second factory in Nio will begin production in the third quarter of next year, with an annual capacity of 1 million vehicles.</p><p>Compared to other new car brands, FF seems to have shortcomings in every way. Jia Yueting has been lying low for so long, and FF may have a major technical move, but the answer will only be revealed in a year.</p><p>In April of this year, Jia Yueting, who seemed to have seen a glimmer of hope, was dealt another heavy blow. LeEco stated that it received an administrative penalty decision from the Beijing Securities Regulatory Bureau of the China Securities Regulatory Commission. For ten consecutive years of financial fraud from 2007 to 2016, LeEco was fined 240.6 million yuan, and Jia Yueting was fined 241.2 million yuan. There are more voices questioning Jia Yueting.</p><p>July is a crucial month for FF's IPO. Will FF be able to successfully go public? What will the stock price be like after the IPO? How should FF open up the market? They were all gullies blocking Jia Yueting's path.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/nHVDuAdzDGJsDe1BiC3QuA\">铅笔道</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a556d406f2cd07fbbf570fb90e4b3c67","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/nHVDuAdzDGJsDe1BiC3QuA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116214742","content_text":"贾跃亭，一个时刻不忘让自己处在舆论漩涡中的男人。\n在被调侃过无数次“下周回国”之后，这次可能是他希望最大的一次。\n近日，贾跃亭创立的电动汽车品牌FF宣布其与PSAC的合并计划已被批准。如果顺利，本月FF将在美上市。本次合并交易将为FF提供约10亿美元的资金，上市后其估值约为34亿美元。\n这意味着，贾跃亭的造车梦将圆，终于能摆脱“PPT造车”的标签。同时，贾跃亭的巨额债务，也有了偿还的可能。\n然而，被贾跃亭押上一切的FF能否顺利上市，其实也还是一个未知数。此外，即便FF顺利上市，其面临的问题还有许多。与其他电动汽车品牌相比，如今的FF处处是短板。\n出走美国4年，依然在为“梦想”窒息的贾跃亭，他和FF接下来的路将如何走下去？不知他心里是否已经有了答案。\n注：本文内容主要来自铅笔道记者采访和网络公开信息，论据难免偏颇，不存在刻意误导。\n贾老板的“还债技术”\n最近，一则上市消息让贾跃亭再次成为舆论焦点。\n他担任创始人兼CPUO的FF于美国时间6月24日宣布，公司提交的美股上市文件S4已经正式生效，美国证券交易委员会已经批准了PSAC和FF的合并计划。\n这意味着FF上市在近期内成为可能。据FF介绍，7月20日将举行PSAC股东会议，对FF合并进行投票。如果顺利通过合并，将于7月21日在纳斯达克挂牌上市。\n\nFF还提到，本次合并交易将为FF提供约10亿美元的资金，其中包括PSAC以信托形式持有的2.3亿美元现金（假设不赎回的条件下）。在上市后其估值约为34亿美元。\n此外，还有更重要的一点。那就是在交易结束后，FF的首款旗舰产品FF 91在12个月内有望大规模量产和交付。这意味着，贾跃亭的造车梦将圆，终于能摆脱“PPT造车”的标签。\nFF上市的消息，让贾跃亭的债主们重新燃起了信心。\n在2017年乐视资金链断裂后，贾跃亭远赴美国继续造车。在一片“还钱”的追讨声中，2019年10月贾跃亭在美申请个人破产重组。2020年7月，贾跃亭破产重组最终完成，重组方案正式生效。据贾跃亭债务处理小组于2019年10月14日披露，贾跃亭剩下债务净额约为20亿美元。\n对于自身处境，贾跃亭当时在微博发文《打工创业、重启人生，带着我的致歉、感恩和承诺》，文中提到，“我把剩余全部个人股权装入了第三方管理的债权人信托，我自此不再是FF股权的持有者，而成为以创业心态打工的打工者和用打工方式创业的创业者。”\n\n没有股权的贾跃亭用什么还账？答案就在其个人破产重组方案中。\n贾跃亭深谙资本技巧，“还账术”更为高超。贾跃亭选择把其持有的FF股权通过债权人信托的方式转让给债权人。意思就是说，债权人成为了FF的股东。但是方案规定，FF IPO后债权人才能出售信托内的FF股权。这就意味着只有FF上市后，债权人才有可能拿到自己的钱。\n不管债权人看不看好FF，在贾跃亭拿不出真金白银还账的情况下，只能接受这一方案。虽然贾跃亭美其名曰这是给债权人打工，实则是让债权人和FF绑定，减缓对其催债的力度。\n据S4文件显示，FF原有股东以及债权人（通过债转股）将在交易后继续占有公司 213,176,594股股票，股权比例达66%。如果按照34亿美元估值计算，这部分约为22.4亿美元。这笔钱如果能兑现，让贾跃亭还清债务也许并不是没有可能。\n回过头来看，贾跃亭破产重整过程，虽然不是毫无坎坷，但也说得上顺利。\n之所以这样，和贾跃亭的运筹帷幄不无关系。据媒体分析，这和贾跃亭与其家人“反目”有关。\n此前，贾跃亭先后被前妻甘薇、哥哥贾跃民、妹妹贾跃芳起诉，分别索赔5亿美元、8亿美元、5000万美元。通过这种方式，贾跃亭的总负债额度增高，其他债权人的话语权被稀释，破产重组方案得以顺利通过。此外，以家人们债务额度来看，假如FF上市成功，贾跃亭并不是一无所有。\n贾跃亭的还账方式，并不仅仅是暂停“逼债”那么简单。据媒体介绍，债权人给贾跃亭的诉讼静止期是4年，也就是说债主在4年内，不会对贾跃亭提起诉讼。如果没有其他债务，贾跃亭的“老赖”身份或许也会被解除。在这种情况下，就给了他足够喘息时间，也给了他“洗白”的机会。\n前途未卜的FF\n一直以来，在贾跃亭名誉无法恢复的情况下，影响最大的其实是FF的融资。\n贾跃亭为FF融资也费尽心思。为此，贾跃亭选择卸任FF的CEO。\n2019年9月3日，FF宣布毕福康成为FF全球CEO，贾跃亭出任CPUO（首席产品和用户官）。从融资历史来看，“去贾跃亭化”确实取得了一定效果。\n\n据企查查统计，FF先后融资已有9次，总额数百亿元。\n\n按理说FF融资金额已经不少，但是资金实际到账多少还是未知，此外，投资方具体出资方式也不明确。\n业内人士分析，FF实际到账或许并没有看起来那么多，不然贾跃亭不会如此着急融资。此外，电动汽车行业烧钱恐怖，蔚来、小鹏、理想均融资数十亿美元，FF资金压力自然不小。\n如今，虽然FF上市在即，但是业内对FF并没有那么看好。\n首要原因是，FF至今还未真正卖出过一辆车。\n时间回到2015年，贾跃亭宣布造车，豪言称要全部链接乐视生态链，形成闭环。然而，6年过了，乐视也已退市，而FF一辆汽车都未交付。再看同期的其他国产电动汽车品牌，业绩斐然。\n就拿2021年上半年来看，蔚来汽车、小鹏汽车、理想汽车销售量，分别4万辆+、3万辆+、3万辆+，就算刚崛起的哪吒汽车，上半年累计销售量也突破了2万辆。\n再看FF的进度。2021年5月，首个FF未来主义者体验中心才落户美国纽约曼哈顿。\n\n唯一能让贾跃亭欣慰的，只有FF的官网预定量。据FF透露，到今年1月份，FF91的预订量已经超过1.4万。如果以FF91定价10万~18万美元来算，FF至少有14亿~25.2亿美元的订单。但是，数据是否真实也无从考证。\n目前，FF91在中国已经接受预订，定金5万元。但是受关税等因素影响，国内售价或将达200万元以上。如此高昂的电动汽车，在国内是否有市场也是未知数。\n为了证明自身的实力，FF选择继续“画饼”，FF曾表示，面向大众的FF81和FF71已在研发中。据悉，FF81起售价5.9万美元，对标特斯拉model S等高端车型。FF71预计2022年开始进行设计和开发，起售价为4.5万美元，面向中端消费者。\n外界不看好FF，还有一个原因是FF的产能能否足够，尚未可知。\n此前，FF宣布汉福德工厂已经具备了量产能力，年产能为10000辆，但是要在FF与PSAC的合并后的12个月内开始投产。\n此外，据媒体报道，FF还正在与韩国一家领先的制造伙伴合作，生产FF的后续车型。\n同时，FF也宣布，已与吉利集团签署框架合作协议，并探讨由吉利与富士康的合资公司提供代工服务的可能性。\n但是这些消息表明，FF的产线并未完善，量产能力还只有口号。再看国内其他品牌：小鹏汽车目前规划总产能为35万辆；理想汽车目前年产能为10万辆，但是其年产能10万辆新厂房2022年将完工；蔚来CEO李斌近期表示，蔚来第二家工厂明年三季度投产，年产能100万辆。\n与其他新造车品牌相比，FF貌似处处是短板。贾跃亭蛰伏如此之久，或许FF在技术方面有大招也不一定，但是也只能在一年后才能揭晓答案。\n今年4月，仿佛看到曙光的贾跃亭再被重击。乐视网称收到证监会北京证监局送到的行政处罚决定书，因乐视网2007年至2016年连续十年财务造假，乐视网被处以2.406亿元罚款，贾跃亭被罚款 2.412亿元。对贾跃亭质疑的声音更多。\n7月，是FF上市关键的一个月，FF能够顺利上岸？上市后股价如何？FF该怎么打开市场？都是横在贾跃亭前面的一道道沟壑。","news_type":1,"symbols_score_info":{"PSAC":0.9}},"isVote":1,"tweetType":1,"viewCount":3484,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}