Profile - To The Moon

追高风

Posts · 130Posts · 130
Following · 0Following · 0
Followers · 0Followers · 0

- 追高风追高风
  ·03-18
  Share price go against result 😀
  UP Fintech: Record-High Quarterly and Full-Year Revenue and Profit
  New York, March 18, 2025 — UP Fintech Holding Limited (NASDAQ: TIGR) ("UP Fintech" or the "Company"), today announced its unaudited financial results for the fourth quarter and full year ended Decembe
  UP Fintech: Record-High Quarterly and Full-Year Revenue and Profit
  1.35K Comment
  Like
  Share
  Report
- 追高风追高风
  ·2021-08-13
  Good
  开盘：恒指低开0.84%，李宁绩后开涨超4%
  8月13日，恒生指数开盘下跌221.63点，跌幅0.84%，报26296.19点；国企指数开盘下跌90.68点，跌幅0.96%，报9374.78点；红筹指数开盘下跌10.27点，跌幅0.27%，报38
  开盘：恒指低开0.84%，李宁绩后开涨超4%
  2.12K Comment
  3
  Share
  Report
- 追高风追高风
  ·2021-07-21
  Yes la
  Sorry, this post has been deleted
  2.22K 1
  5
  Share
  Report
- 追高风追高风
  ·2021-07-19
  ?
  中金海外：美股二季度盈利有望进一步加速增长
  摘要近期随着美国通胀再度超预期上行，市场对高通胀高估值下的美股能否延续上行趋势、以及美联储政策是否会提前收紧的担忧再度升温。不过，抛开短期一些情绪变化，基本面状况才是判断市场中期趋势的核心。从市场角
  中金海外：美股二季度盈利有望进一步加速增长
  1.61K Comment
  1
  Share
  Report
- 追高风追高风
  ·2021-07-13
  $Sundial Growers Inc.(SNDL)$yo....
  1.84K Comment
  1
  Share
  Report
- 追高风追高风
  ·2021-07-13
  $Coinbase Global, Inc.(COIN)$up
  1.83K Comment
  1
  Share
  Report
- 追高风追高风
  ·2021-07-13
  Okay
  为了芯片！刚刚，1.7万亿美团也出手了！
  半导体板块已成为今年最火爆的概念，A股来看，半导体指数自3月底以来，便暴涨近57%，不少个股沾上“半导体”概念都大涨。最新消息，王兴也出手了！美团旗下及关联公司双双入股半导体公司！王兴出手投资
  为了芯片！刚刚，1.7万亿美团也出手了！
  2.10K Comment
  Like
  Share
  Report
- 追高风追高风
  ·2021-07-02
  $Coinbase Global, Inc.(COIN)$up
  2.21K Comment
  1
  Share
  Report
- 追高风追高风
  ·2021-07-01
  $Coinbase Global, Inc.(COIN)$up
  1.95K Comment
  1
  Share
  Report
- 追高风追高风
  ·2021-06-27
  $Coinbase Global, Inc.(COIN)$hold
  1.74K Comment
  1
  Share
  Report

Most Discussed

{"i18n":{"language":"en_US"},"isCurrentUser":false,"userPageInfo":{"id":"3571463119794412","uuid":"3571463119794412","gmtCreate":1608369198771,"gmtModify":1619003089873,"name":"追高风","pinyin":"zgfzhuigaofeng","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/aa72a321bdf13eb9d23dc6dbab1ad618","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":23,"headSize":670,"tweetSize":130,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":3,"name":"书生虎","nameTw":"書生虎","represent":"努力向上","factor":"发布10条非转发主帖,其中5条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":2,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.01.28","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"972123088c9646f7b6091ae0662215be-3","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Legendary Trader","description":"Total number of securities or futures transactions reached 300","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.11.07","exceedPercentage":"93.92%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"44212b71d0be4ec88898348dbe882e03-1","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Boss Tiger","description":"The transaction amount of the securities account reaches $100,000","bigImgUrl":"https://static.tigerbbs.com/c8dfc27c1ee0e25db1c93e9d0b641101","smallImgUrl":"https://static.tigerbbs.com/f43908c142f8a33c78f5bdf0e2897488","grayImgUrl":"https://static.tigerbbs.com/82165ff19cb8a786e8919f92acee5213","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.08.26","exceedPercentage":"60.69%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"cbe1c45c584340f3bd9ae6c77e0e9981-1","templateUuid":"cbe1c45c584340f3bd9ae6c77e0e9981","name":"Academy Experiencer","description":"5 lessons learned","bigImgUrl":"https://community-static.tradeup.com/news/fb5ae275631fb96a92d475cdc85d2302","smallImgUrl":"https://community-static.tradeup.com/news/c2660a1935bd2105e97c9915619936c3","grayImgUrl":null,"redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.08.06","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":2006},{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":6,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":12,"crmLevelSwitch":1,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":1,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"page":1,"watchlist":null,"tweetList":[{"id":414782522597808,"gmtCreate":1742289212913,"gmtModify":1742289216642,"author":{"id":"3571463119794412","authorId":"3571463119794412","name":"追高风","avatar":"https://static.tigerbbs.com/aa72a321bdf13eb9d23dc6dbab1ad618","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3571463119794412","idStr":"3571463119794412"},"themes":[],"htmlText":"Share price go against result 😀&nbsp;","listText":"Share price go against result 😀&nbsp;","text":"Share price go against result 😀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/414782522597808","repostId":"1125580361","repostType":2,"repost":{"id":"1125580361","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1742285103,"share":"https://ttm.financial/m/news/1125580361?lang=&edition=fundamental","pubTime":"2025-03-18 16:05","market":"us","language":"en","title":"UP Fintech: Record-High Quarterly and Full-Year Revenue and Profit","url":"https://stock-news.laohu8.com/highlight/detail?id=1125580361","media":"Tiger Newspress","summary":"New York, March 18, 2025 — UP Fintech Holding Limited (NASDAQ: TIGR) (\"UP Fintech\" or the \"Company\"), today announced its unaudited financial results for the fourth quarter and full year ended Decembe","content":"<html><head></head><body><p><strong>New York, March 18, 2025</strong> — UP Fintech Holding Limited (NASDAQ: TIGR) (&#34;UP Fintech&#34; or the &#34;Company&#34;), today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. In the fourth quarter, the Company achieved a revenue of US$124.1 million, up 77.3% year-over-year (YoY), while full-year revenue reached US$391.5 million, a 43.7% YoY increase—both setting new record highs. Non-GAAP net income attributable to UP Fintech shareholders was US$30.5 million for the quarter, up 51.7% quarter-over-quarter (QoQ) and 2772.5% YoY, marking a record high. Full-year non-GAAP net income attributable to UP Fintech shareholders grew 65% YoY to US$70.5 million, reaching another record.</p><p>During the fourth quarter, UP Fintech added 81,300 new account openings globally, up 70.1% YoY, bringing the total number of global accounts to 2.4 million. During the quarter, the company added 59,200 new funded clients, marking a 51.4% YoY increase. For the full year 2024, UP Fintech added 187,400 new funded accounts, exceeding its annual guidance. As of the end of 2024, total funded clients reached 1,092,000, up 20.7% YoY. Supported by active market trading in the fourth quarter, total trading volume of the Company increased 142.2% YoY to US$198 billion. Net asset inflows from both individual and institutional clients reached US$1.1 billion during the quarter, while total client assets grew 36.4% YoY to a record high of US$41.7 billion.</p><p><strong>Driving global expansion with dual focus on retail and institutional growth</strong></p><p><strong>Strengthening Singapore HQ, Accelerating Wealth Management for HNWIs and Family Offices</strong></p><p><strong>UP Fintech&#39;s founder and CEO, Wu Tianhua</strong>, stated, &#34;Over the past year, we achieved strong growth across all business lines, with record-high revenue and profitability in both Q4 and full-year 2024—Q4 non-GAAP net income attributable to UP Fintech shareholders was nearly 28 times higher than the prior year. Over the past three years, funded clients and total client assets have achieved CAGRs of 17.5% and 34.7% respectively, demonstrating our deepening market penetration and the continued trust and support of our global clients—key drivers of our long-term success.&#34;</p><p>&#34;2024 marked the Company’s 10th anniversary. With expansion into Singapore, Hong Kong, New Zealand, Australia, and the US, our global strategy drove total client assets to a record US$41.7 billion and users past 10 million. Singapore, as the Group&#39;s headquarters, remains our largest market in terms of both new and existing clients. Hong Kong&#39;s client assets grew by double digits as of the end of February 2025 compared to the end of 2024. Over the past year, we have rapidly expanded our business, with retail brokerage, institutional brokerage, wealth management, investment banking, and corporate services working in synergy. Beyond retail investors, we continue to earn the trust of high-net-worth and institutional clients, with retail and institutional businesses each now accounting for half of the Group’s total client assets. Looking ahead, we will continue to drive growth through our strategy of expanding markets, products, and services. We aim to meet the diverse needs of individual and institutional investors with broader offerings, fast onboarding, multi-asset trading, and tailored solutions powered by our all-in-one management platform.&#34;</p><p><strong>Singapore strengthens leading position with record-high annual trading volume and commission</strong></p><p><strong>Hong Kong full-year account openings up 48%, Obtained virtual asset exchange license</strong></p><p>In 2024, the Company continued to broaden the reach of its globalisation strategy, increasing overall market share and enhancing brand recognition. Singapore, the Company&#39;s headquarters, further solidified its leading position locally, delivering outstanding performance throughout the year. For the full year 2024, both total trading volume and commission income hit new records, increasing 196% and 66% YoY respectively. Net asset inflows climbed 119% YoY. The fourth quarter set new records as well, with total trading volume and commission income surging 415% and 158% YoY, respectively. Trading activity across stocks, options, and futures hit all-time highs across multiple indicators in Q4. US and Singapore stock trading volumes grew by 165% and 81% YoY, respectively, while US stock options and futures trading volumes increased by 267% and 646% YoY. Alongside these achievements, the Cash Boost trading account—designed specifically for the Singapore market to provide investors with flexible wealth management and efficient trading—doubled its account openings QoQ in the fourth quarter. Launched in partnership with a local licensed institution*, the Tiger BOSS Debit Card—Singapore&#39;s first debit card offering fractional shares as rewards for everyday spending—saw card activations increase by over 30% QoQ during the quarter. To further expand its high-quality client base, Tiger introduced the High-Touch (Agency) Sales Module in November. Through enhanced customer onboarding, seamless trading experience and advanced risk management capabilities, the platform delivers more professional and personalized wealth management services to high-net-worth clients and institutional investors in Singapore, helping them achieve efficient asset allocation and long-term wealth growth.</p><p>The Hong Kong market continues to show strong growth momentum, with account openings rising by 48% YoY in 2024. In the fourth quarter, Hong Kong client assets increased by approximately 50% QoQ and surged sixfold YoY. Hong Kong stock trading activity increased significantly during the quarter, with trading orders and volume increasing by 62% and 90% YoY, respectively; US stock options trading volume increased by 80% QoQ. Entering 2025, driven by the recovery of the Hong Kong stock market, total client assets in Hong Kong had already achieved double-digit growth by the end of February compared to the end of 2024. Meanwhile, virtual asset trading by Hong Kong users picked up notably in Q4, with cryptocurrency trading orders doubling QoQ and trading volume increasing fourfold. Recently, the Company&#39;s wholly-owned subsidiary, YAX (Hong Kong) Limited, received Type 1 (dealing in securities) and Type 7 (automated trading service) licenses from the Hong Kong Securities and Futures Commission (SFC). As an officially licensed virtual asset trading platform operator in Hong Kong, YAX now offers local clients with a seamless, one-stop asset management experience, providing both custody and trading services for cryptocurrencies. In addition, the Company won multiple prestigious industry accolades in Hong Kong during the fourth quarter. In particular, the Chicago Mercantile Exchange Group recognized the Company as both &#34;Key Broker Partner 2024&#34; and &#34;Futures and Options Nurturer 2024&#34;. Tiger&#39;s industry leadership was further highlighted at the SGX-Phillip Nova Appreciation and SGX Derivatives Awards, where it was named one of the &#34;Top 5 Chinese Futures Brokers for SGX China Index Derivatives&#34; and one of the &#34;Top 3 Chinese Futures Brokers for SGX Nikkei 225 Index Derivatives.&#34;</p><p>In the US, TradeUP delivered strong performance across multiple business areas, maintaining steady growth. In the fourth quarter, supported by an exceptional trading experience, stock trading activity continued to climb, with trading volume from local clients up 38% QoQ. Options trading showed explosive growth, with trading volume and the number of contracts traded increasing by 384% and 215% respectively QoQ, highlighting TradeUP&#39;s competitiveness and strong brand recognition in the options markets. Additionally, through its professional services and a solid market foundation, TradeUP saw a 15% QoQ growth in local customer assets, steadily expanding its market share. Moreover, TradeUP won the &#34;Best Brokerage for Day Trading&#34; at the Benzinga Global Fintech Awards for the second consecutive year, reaffirming its industry-leading position in efficient trading, outstanding execution, and superior user experience.</p><p>In Australia, UP Fintech achieved significant growth across key business metrics. During the fourth quarter, new account openings increased 148% YoY, while the number of first-time funded accounts rose 243.6% YoY, nearly doubling QoQ. Total first time funding amount also rose by 253.1% YoY and 151.1% QoQ – underscoring Tiger&#39;s growing recognition and strong momentum in the Australian market. On the product side, A-Share Connect trading is now available in Australia, enabling local investors to easily access high-quality mainland Chinese stocks, further lowering the barriers for international investors to participate in the A-share market. Thanks to its outstanding trading experience and continuous innovation in financial services, the Company was also honored with the title of &#34;Best Trading Platform Australia 2024&#34; at the Global Banking &amp; Finance Awards in the fourth quarter.</p><p>In New Zealand, the Company continued to expand its high-quality customer base, achieving strong growth in client assets during the fourth quarter. Total deposits increased by 272.8% YoY and 41.8% QoQ. Meanwhile, trading activity remained buoyant, with the number of trading accounts and total trading volume up by 120.2% and 111% respectively YoY. US stock trading was particularly strong, with orders for US stocks and US stock options up by 188.3% and 153.6% respectively YoY. For the full year 2024, total deposits in the New Zealand market increased 100.3% YoY, while the number of trading accounts and total trading volume grew 102.7% and 108.8% YoY, respectively.</p><p><strong>Wealth AUC nearly doubles YoY, Institutional business widely recognized</strong></p><p><strong>Hong Kong IPO subscriptions up by over six times QoQ</strong></p><p>In the fourth quarter, UP Fintech&#39;s commission income reached US$56 million, up 35.8% QoQ and 154.9% YoY. Interest-related income amounted to US$58.5 million, an increase of 35.7% YoY. In 2024, the Company recorded US$159 million in commission income, up 71.8% YoY, while interest-related income reached US$203 million, a 25.8% YoY increase. The Company continued to enhance the one-stop global investment experience for clients. On the product side, options trading features were further upgraded, now supporting rollover of multi-leg options position, enabling investors to adjust their strategies flexibly based on market trends while improving the safety and efficiency of their capital usage. Additionally, new tools tailored for options sellers, such as Quota Calculator and Positions Calendar, were launched, along with a Top 0DTE (Zero Days to Expiration) Options leaderboard to help users quickly identify active options on trending stocks. Trading functions also saw improvements. A new &#34;24 hour&#34; trading option was added for US stocks, enabling investors to trade around the clock and better capture market opportunities while managing volatility. In the Wealth Section, our ETF Mall launched a new curated list of beginner-friendly US ETFs across various themes, helping users diversify their portfolios with ease.</p><p>Recently, TigerGPT, the industry&#39;s first AI-powered investment assistant, completed a major upgrade, harnessing world-leading AI technology to deliver more accurate, in-depth market insights and support smarter, more efficient decision-making. After the upgrade, weekly user interactions increased by over 1,000%. As of February 2025, TigerGPT has served over 112,000 users globally, with more than 1.17 million conversations completed.</p><p>In the fourth quarter, the Hong Kong IPO market experienced explosive growth, with the number of subscribers increasing sixfold from the previous quarter, exceeding the total of the first three quarters of the year. The total amount of subscriptions increased by 4,123.9% QoQ, about 5.5 times the total of the first three quarters. Within the industry, we took the lead by introducing &#34;100x leverage for all&#34; for Hong Kong IPO subscribers. In addition, the Company promoted the &#34;0 interest, 0 commission&#34;** Hong Kong IPO subscription offers, truly maximising investors&#39; returns.</p><p>In the fourth quarter, wealth management assets under custody (AUC) from the retail side rose 98.3% YoY, with the non-money market fund assets and client numbers up 113.8% and 47.7% YoY, respectively. Among all newly funded accounts in Q4, the wealth user penetration rate reached 23%, reflecting strong client recognition of Tiger&#39;s wealth management services. Meanwhile, we continue to enhance Tiger Wealth, upgrading the Notes section with new curated lists such as Trending Focus, Concept Portfolio, Asset Class Tracking and Conservative Focus, while expanding its offerings of complex financial products through additional structured products to meet diverse risk profiles and investment needs. Amid growing interest in Greater China investments, Tiger Wealth introduced a high-performing HKD money market fund managed by a leading Hong Kong fund house to the Singapore market, helping local investors optimize cash yields and liquidity management. In addition, we rolled out more FCN products tailored to the trading preferences of Singapore&#39;s high-net-worth clients, further enriching their investment options.</p><p>TradingFront Turnkey Asset Management Platform (TAMP) continues to earn broad recognition from institutional clients through ongoing feature enhancements and high-quality service. The platform focuses on delivering highly customised account solutions, seamless online account opening, and multi-market, multi-asset trading support to help clients diversify their portfolios. In the fourth quarter, TradingFront&#39;s AUC increased 33% QoQ, with the number of fixed investment accounts up 11% QoQ and structured products trading volume rising 66% QoQ. These results further reinforce TradingFront&#39;s strong competitive position in the market.</p><p><strong>Ranked fifth in the annual Hong Kong IPO underwriting rankings</strong></p><p><strong>ESOP SaaS platform achieved first full-year profitability</strong></p><p>In the fourth quarter, our investment banking business participated in 8 US IPO projects, including Pony.ai, WeRide, and FlashEx, further demonstrating Tiger&#39;s deep expertise and growing influence in the US IPO market. At the same time, we underwrote 9 Hong Kong IPOs, including InnoScience, MINIEYE, MGP Beauty and Dmall. With its professional underwriting services and extensive market coverage, Tiger ranked fifth in the Hong Kong stock brokerage ranking for margin financing. In 2024, the Company continued expanding its investment banking business, with the number of underwritings increasing 33% YoY. The Company ranked fifth in the Hong Kong IPO underwriting rankings, completing 32 IPOs over the year.</p><p>UP Fintech&#39;s Employee Stock Ownership Plan (ESOP) platform, or UponeShare, added 16 new enterprise clients during the fourth quarter, bringing the total number of serviced enterprises to 613. In 2024, revenue from the ESOP SaaS platform grew 42.1% YoY, achieving annual net profit for the first time. Driven by strong client recognition and a high willingness for long-term cooperation, the Company secured 189 signed orders, with repeat orders accounting for 58.2% of the total and repeat order revenue increasing 140% YoY.</p><p>The Company added 11 new enterprise account clients during the quarter, including WeRide and COL, bringing the total number of corporate accounts to 466. During the quarter, the Company also collaborated with Li Auto to broadcast AI Talk, engaging in discussions around AI development to enhance consumer awareness of the brand. Additionally, Tiger partnered with the flagship community program &#34;Real Trading Face to Face&#34;, featuring an in-depth conversation between content creator &#34;Tang Jie&#34; and Cheetah Mobile&#39;s CFO, exploring key highlights of Cheetah Mobile&#39;s AI and robotics business. Furthermore, we organised investor research events for NetEase Youdao and Cheche Technology, providing insights into industry trends, technological innovations, and investment opportunities to support informed decision-making.</p><p><em> *Tiger Brokers (Singapore) Pte Ltd has partnered with a local licensed partner to provide card issuance and account issuing services.</em></p><p><em>**0 commission for cash subscriptions and subscriptions with 10x leverage or below, and 0 interest on margin financing subscriptions.</em></p><p><strong><u>About UP Fintech</u></strong></p><p>UP Fintech Holding Limited (Nasdaq: TIGR), also known as Tiger Brokers, is a leading online brokerage firm with a focus on redefining global investing with technologies for the next generation.</p><p>Founded in 2014, the Company relentlessly offer superior user experience in pursuit of becoming a world-leading online brokerage, to let everyone enjoy efficient and smart investing. Currently, we offer a multitude of quality financial products and services across brokerage, employee stock ownership plan (ESOP) management, investment banking, wealth management, investor community, and investor education.<br/>UP Fintech strives to elevate financial technology R&amp;D to a new level. While we inherit the best traditions from the financial sector and blend them with the best minds of tech experts, we develop our own technology infrastructure—an aggregation, which enables multi-currency trading of various products across markets, guaranteeing our reliable, secure, and scalable services are accessible to all with low latency.</p><p>In March 2019, UP Fintech was listed on Nasdaq under the ticker TIGR. As of now, we serve over 10 million users and 2.4 million account holders worldwide on our flagship platform “Tiger Trade”, own 81 licenses and qualifications in different markets, and have over 1,000 employees on the team in Singapore, New Zealand, the US, Hong Kong SAR, Australia and Mainland China.</p><p>For more information about UP Fintech as a company, please visit  <a href=\"http://itiger.com\" title=\"itiger.com\" class=\"\">itiger.com</a></p><p>For media inquiries, please contact press@itiger.com</p></body></html>","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>UP Fintech: Record-High Quarterly and Full-Year Revenue and Profit</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nUP Fintech: Record-High Quarterly and Full-Year Revenue and Profit\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">Tiger Newspress </p>\n<p class=\"h-time\">2025-03-18 16:05</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><strong>New York, March 18, 2025</strong> — UP Fintech Holding Limited (NASDAQ: TIGR) (&#34;UP Fintech&#34; or the &#34;Company&#34;), today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. In the fourth quarter, the Company achieved a revenue of US$124.1 million, up 77.3% year-over-year (YoY), while full-year revenue reached US$391.5 million, a 43.7% YoY increase—both setting new record highs. Non-GAAP net income attributable to UP Fintech shareholders was US$30.5 million for the quarter, up 51.7% quarter-over-quarter (QoQ) and 2772.5% YoY, marking a record high. Full-year non-GAAP net income attributable to UP Fintech shareholders grew 65% YoY to US$70.5 million, reaching another record.</p><p>During the fourth quarter, UP Fintech added 81,300 new account openings globally, up 70.1% YoY, bringing the total number of global accounts to 2.4 million. During the quarter, the company added 59,200 new funded clients, marking a 51.4% YoY increase. For the full year 2024, UP Fintech added 187,400 new funded accounts, exceeding its annual guidance. As of the end of 2024, total funded clients reached 1,092,000, up 20.7% YoY. Supported by active market trading in the fourth quarter, total trading volume of the Company increased 142.2% YoY to US$198 billion. Net asset inflows from both individual and institutional clients reached US$1.1 billion during the quarter, while total client assets grew 36.4% YoY to a record high of US$41.7 billion.</p><p><strong>Driving global expansion with dual focus on retail and institutional growth</strong></p><p><strong>Strengthening Singapore HQ, Accelerating Wealth Management for HNWIs and Family Offices</strong></p><p><strong>UP Fintech&#39;s founder and CEO, Wu Tianhua</strong>, stated, &#34;Over the past year, we achieved strong growth across all business lines, with record-high revenue and profitability in both Q4 and full-year 2024—Q4 non-GAAP net income attributable to UP Fintech shareholders was nearly 28 times higher than the prior year. Over the past three years, funded clients and total client assets have achieved CAGRs of 17.5% and 34.7% respectively, demonstrating our deepening market penetration and the continued trust and support of our global clients—key drivers of our long-term success.&#34;</p><p>&#34;2024 marked the Company’s 10th anniversary. With expansion into Singapore, Hong Kong, New Zealand, Australia, and the US, our global strategy drove total client assets to a record US$41.7 billion and users past 10 million. Singapore, as the Group&#39;s headquarters, remains our largest market in terms of both new and existing clients. Hong Kong&#39;s client assets grew by double digits as of the end of February 2025 compared to the end of 2024. Over the past year, we have rapidly expanded our business, with retail brokerage, institutional brokerage, wealth management, investment banking, and corporate services working in synergy. Beyond retail investors, we continue to earn the trust of high-net-worth and institutional clients, with retail and institutional businesses each now accounting for half of the Group’s total client assets. Looking ahead, we will continue to drive growth through our strategy of expanding markets, products, and services. We aim to meet the diverse needs of individual and institutional investors with broader offerings, fast onboarding, multi-asset trading, and tailored solutions powered by our all-in-one management platform.&#34;</p><p><strong>Singapore strengthens leading position with record-high annual trading volume and commission</strong></p><p><strong>Hong Kong full-year account openings up 48%, Obtained virtual asset exchange license</strong></p><p>In 2024, the Company continued to broaden the reach of its globalisation strategy, increasing overall market share and enhancing brand recognition. Singapore, the Company&#39;s headquarters, further solidified its leading position locally, delivering outstanding performance throughout the year. For the full year 2024, both total trading volume and commission income hit new records, increasing 196% and 66% YoY respectively. Net asset inflows climbed 119% YoY. The fourth quarter set new records as well, with total trading volume and commission income surging 415% and 158% YoY, respectively. Trading activity across stocks, options, and futures hit all-time highs across multiple indicators in Q4. US and Singapore stock trading volumes grew by 165% and 81% YoY, respectively, while US stock options and futures trading volumes increased by 267% and 646% YoY. Alongside these achievements, the Cash Boost trading account—designed specifically for the Singapore market to provide investors with flexible wealth management and efficient trading—doubled its account openings QoQ in the fourth quarter. Launched in partnership with a local licensed institution*, the Tiger BOSS Debit Card—Singapore&#39;s first debit card offering fractional shares as rewards for everyday spending—saw card activations increase by over 30% QoQ during the quarter. To further expand its high-quality client base, Tiger introduced the High-Touch (Agency) Sales Module in November. Through enhanced customer onboarding, seamless trading experience and advanced risk management capabilities, the platform delivers more professional and personalized wealth management services to high-net-worth clients and institutional investors in Singapore, helping them achieve efficient asset allocation and long-term wealth growth.</p><p>The Hong Kong market continues to show strong growth momentum, with account openings rising by 48% YoY in 2024. In the fourth quarter, Hong Kong client assets increased by approximately 50% QoQ and surged sixfold YoY. Hong Kong stock trading activity increased significantly during the quarter, with trading orders and volume increasing by 62% and 90% YoY, respectively; US stock options trading volume increased by 80% QoQ. Entering 2025, driven by the recovery of the Hong Kong stock market, total client assets in Hong Kong had already achieved double-digit growth by the end of February compared to the end of 2024. Meanwhile, virtual asset trading by Hong Kong users picked up notably in Q4, with cryptocurrency trading orders doubling QoQ and trading volume increasing fourfold. Recently, the Company&#39;s wholly-owned subsidiary, YAX (Hong Kong) Limited, received Type 1 (dealing in securities) and Type 7 (automated trading service) licenses from the Hong Kong Securities and Futures Commission (SFC). As an officially licensed virtual asset trading platform operator in Hong Kong, YAX now offers local clients with a seamless, one-stop asset management experience, providing both custody and trading services for cryptocurrencies. In addition, the Company won multiple prestigious industry accolades in Hong Kong during the fourth quarter. In particular, the Chicago Mercantile Exchange Group recognized the Company as both &#34;Key Broker Partner 2024&#34; and &#34;Futures and Options Nurturer 2024&#34;. Tiger&#39;s industry leadership was further highlighted at the SGX-Phillip Nova Appreciation and SGX Derivatives Awards, where it was named one of the &#34;Top 5 Chinese Futures Brokers for SGX China Index Derivatives&#34; and one of the &#34;Top 3 Chinese Futures Brokers for SGX Nikkei 225 Index Derivatives.&#34;</p><p>In the US, TradeUP delivered strong performance across multiple business areas, maintaining steady growth. In the fourth quarter, supported by an exceptional trading experience, stock trading activity continued to climb, with trading volume from local clients up 38% QoQ. Options trading showed explosive growth, with trading volume and the number of contracts traded increasing by 384% and 215% respectively QoQ, highlighting TradeUP&#39;s competitiveness and strong brand recognition in the options markets. Additionally, through its professional services and a solid market foundation, TradeUP saw a 15% QoQ growth in local customer assets, steadily expanding its market share. Moreover, TradeUP won the &#34;Best Brokerage for Day Trading&#34; at the Benzinga Global Fintech Awards for the second consecutive year, reaffirming its industry-leading position in efficient trading, outstanding execution, and superior user experience.</p><p>In Australia, UP Fintech achieved significant growth across key business metrics. During the fourth quarter, new account openings increased 148% YoY, while the number of first-time funded accounts rose 243.6% YoY, nearly doubling QoQ. Total first time funding amount also rose by 253.1% YoY and 151.1% QoQ – underscoring Tiger&#39;s growing recognition and strong momentum in the Australian market. On the product side, A-Share Connect trading is now available in Australia, enabling local investors to easily access high-quality mainland Chinese stocks, further lowering the barriers for international investors to participate in the A-share market. Thanks to its outstanding trading experience and continuous innovation in financial services, the Company was also honored with the title of &#34;Best Trading Platform Australia 2024&#34; at the Global Banking &amp; Finance Awards in the fourth quarter.</p><p>In New Zealand, the Company continued to expand its high-quality customer base, achieving strong growth in client assets during the fourth quarter. Total deposits increased by 272.8% YoY and 41.8% QoQ. Meanwhile, trading activity remained buoyant, with the number of trading accounts and total trading volume up by 120.2% and 111% respectively YoY. US stock trading was particularly strong, with orders for US stocks and US stock options up by 188.3% and 153.6% respectively YoY. For the full year 2024, total deposits in the New Zealand market increased 100.3% YoY, while the number of trading accounts and total trading volume grew 102.7% and 108.8% YoY, respectively.</p><p><strong>Wealth AUC nearly doubles YoY, Institutional business widely recognized</strong></p><p><strong>Hong Kong IPO subscriptions up by over six times QoQ</strong></p><p>In the fourth quarter, UP Fintech&#39;s commission income reached US$56 million, up 35.8% QoQ and 154.9% YoY. Interest-related income amounted to US$58.5 million, an increase of 35.7% YoY. In 2024, the Company recorded US$159 million in commission income, up 71.8% YoY, while interest-related income reached US$203 million, a 25.8% YoY increase. The Company continued to enhance the one-stop global investment experience for clients. On the product side, options trading features were further upgraded, now supporting rollover of multi-leg options position, enabling investors to adjust their strategies flexibly based on market trends while improving the safety and efficiency of their capital usage. Additionally, new tools tailored for options sellers, such as Quota Calculator and Positions Calendar, were launched, along with a Top 0DTE (Zero Days to Expiration) Options leaderboard to help users quickly identify active options on trending stocks. Trading functions also saw improvements. A new &#34;24 hour&#34; trading option was added for US stocks, enabling investors to trade around the clock and better capture market opportunities while managing volatility. In the Wealth Section, our ETF Mall launched a new curated list of beginner-friendly US ETFs across various themes, helping users diversify their portfolios with ease.</p><p>Recently, TigerGPT, the industry&#39;s first AI-powered investment assistant, completed a major upgrade, harnessing world-leading AI technology to deliver more accurate, in-depth market insights and support smarter, more efficient decision-making. After the upgrade, weekly user interactions increased by over 1,000%. As of February 2025, TigerGPT has served over 112,000 users globally, with more than 1.17 million conversations completed.</p><p>In the fourth quarter, the Hong Kong IPO market experienced explosive growth, with the number of subscribers increasing sixfold from the previous quarter, exceeding the total of the first three quarters of the year. The total amount of subscriptions increased by 4,123.9% QoQ, about 5.5 times the total of the first three quarters. Within the industry, we took the lead by introducing &#34;100x leverage for all&#34; for Hong Kong IPO subscribers. In addition, the Company promoted the &#34;0 interest, 0 commission&#34;** Hong Kong IPO subscription offers, truly maximising investors&#39; returns.</p><p>In the fourth quarter, wealth management assets under custody (AUC) from the retail side rose 98.3% YoY, with the non-money market fund assets and client numbers up 113.8% and 47.7% YoY, respectively. Among all newly funded accounts in Q4, the wealth user penetration rate reached 23%, reflecting strong client recognition of Tiger&#39;s wealth management services. Meanwhile, we continue to enhance Tiger Wealth, upgrading the Notes section with new curated lists such as Trending Focus, Concept Portfolio, Asset Class Tracking and Conservative Focus, while expanding its offerings of complex financial products through additional structured products to meet diverse risk profiles and investment needs. Amid growing interest in Greater China investments, Tiger Wealth introduced a high-performing HKD money market fund managed by a leading Hong Kong fund house to the Singapore market, helping local investors optimize cash yields and liquidity management. In addition, we rolled out more FCN products tailored to the trading preferences of Singapore&#39;s high-net-worth clients, further enriching their investment options.</p><p>TradingFront Turnkey Asset Management Platform (TAMP) continues to earn broad recognition from institutional clients through ongoing feature enhancements and high-quality service. The platform focuses on delivering highly customised account solutions, seamless online account opening, and multi-market, multi-asset trading support to help clients diversify their portfolios. In the fourth quarter, TradingFront&#39;s AUC increased 33% QoQ, with the number of fixed investment accounts up 11% QoQ and structured products trading volume rising 66% QoQ. These results further reinforce TradingFront&#39;s strong competitive position in the market.</p><p><strong>Ranked fifth in the annual Hong Kong IPO underwriting rankings</strong></p><p><strong>ESOP SaaS platform achieved first full-year profitability</strong></p><p>In the fourth quarter, our investment banking business participated in 8 US IPO projects, including Pony.ai, WeRide, and FlashEx, further demonstrating Tiger&#39;s deep expertise and growing influence in the US IPO market. At the same time, we underwrote 9 Hong Kong IPOs, including InnoScience, MINIEYE, MGP Beauty and Dmall. With its professional underwriting services and extensive market coverage, Tiger ranked fifth in the Hong Kong stock brokerage ranking for margin financing. In 2024, the Company continued expanding its investment banking business, with the number of underwritings increasing 33% YoY. The Company ranked fifth in the Hong Kong IPO underwriting rankings, completing 32 IPOs over the year.</p><p>UP Fintech&#39;s Employee Stock Ownership Plan (ESOP) platform, or UponeShare, added 16 new enterprise clients during the fourth quarter, bringing the total number of serviced enterprises to 613. In 2024, revenue from the ESOP SaaS platform grew 42.1% YoY, achieving annual net profit for the first time. Driven by strong client recognition and a high willingness for long-term cooperation, the Company secured 189 signed orders, with repeat orders accounting for 58.2% of the total and repeat order revenue increasing 140% YoY.</p><p>The Company added 11 new enterprise account clients during the quarter, including WeRide and COL, bringing the total number of corporate accounts to 466. During the quarter, the Company also collaborated with Li Auto to broadcast AI Talk, engaging in discussions around AI development to enhance consumer awareness of the brand. Additionally, Tiger partnered with the flagship community program &#34;Real Trading Face to Face&#34;, featuring an in-depth conversation between content creator &#34;Tang Jie&#34; and Cheetah Mobile&#39;s CFO, exploring key highlights of Cheetah Mobile&#39;s AI and robotics business. Furthermore, we organised investor research events for NetEase Youdao and Cheche Technology, providing insights into industry trends, technological innovations, and investment opportunities to support informed decision-making.</p><p><em> *Tiger Brokers (Singapore) Pte Ltd has partnered with a local licensed partner to provide card issuance and account issuing services.</em></p><p><em>**0 commission for cash subscriptions and subscriptions with 10x leverage or below, and 0 interest on margin financing subscriptions.</em></p><p><strong><u>About UP Fintech</u></strong></p><p>UP Fintech Holding Limited (Nasdaq: TIGR), also known as Tiger Brokers, is a leading online brokerage firm with a focus on redefining global investing with technologies for the next generation.</p><p>Founded in 2014, the Company relentlessly offer superior user experience in pursuit of becoming a world-leading online brokerage, to let everyone enjoy efficient and smart investing. Currently, we offer a multitude of quality financial products and services across brokerage, employee stock ownership plan (ESOP) management, investment banking, wealth management, investor community, and investor education.<br/>UP Fintech strives to elevate financial technology R&amp;D to a new level. While we inherit the best traditions from the financial sector and blend them with the best minds of tech experts, we develop our own technology infrastructure—an aggregation, which enables multi-currency trading of various products across markets, guaranteeing our reliable, secure, and scalable services are accessible to all with low latency.</p><p>In March 2019, UP Fintech was listed on Nasdaq under the ticker TIGR. As of now, we serve over 10 million users and 2.4 million account holders worldwide on our flagship platform “Tiger Trade”, own 81 licenses and qualifications in different markets, and have over 1,000 employees on the team in Singapore, New Zealand, the US, Hong Kong SAR, Australia and Mainland China.</p><p>For more information about UP Fintech as a company, please visit  <a href=\"http://itiger.com\" title=\"itiger.com\" class=\"\">itiger.com</a></p><p>For media inquiries, please contact press@itiger.com</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TIGR":"老虎证券"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125580361","content_text":"New York, March 18, 2025 — UP Fintech Holding Limited (NASDAQ: TIGR) (\"UP Fintech\" or the \"Company\"), today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. In the fourth quarter, the Company achieved a revenue of US$124.1 million, up 77.3% year-over-year (YoY), while full-year revenue reached US$391.5 million, a 43.7% YoY increase—both setting new record highs. Non-GAAP net income attributable to UP Fintech shareholders was US$30.5 million for the quarter, up 51.7% quarter-over-quarter (QoQ) and 2772.5% YoY, marking a record high. Full-year non-GAAP net income attributable to UP Fintech shareholders grew 65% YoY to US$70.5 million, reaching another record.During the fourth quarter, UP Fintech added 81,300 new account openings globally, up 70.1% YoY, bringing the total number of global accounts to 2.4 million. During the quarter, the company added 59,200 new funded clients, marking a 51.4% YoY increase. For the full year 2024, UP Fintech added 187,400 new funded accounts, exceeding its annual guidance. As of the end of 2024, total funded clients reached 1,092,000, up 20.7% YoY. Supported by active market trading in the fourth quarter, total trading volume of the Company increased 142.2% YoY to US$198 billion. Net asset inflows from both individual and institutional clients reached US$1.1 billion during the quarter, while total client assets grew 36.4% YoY to a record high of US$41.7 billion.Driving global expansion with dual focus on retail and institutional growthStrengthening Singapore HQ, Accelerating Wealth Management for HNWIs and Family OfficesUP Fintech's founder and CEO, Wu Tianhua, stated, \"Over the past year, we achieved strong growth across all business lines, with record-high revenue and profitability in both Q4 and full-year 2024—Q4 non-GAAP net income attributable to UP Fintech shareholders was nearly 28 times higher than the prior year. Over the past three years, funded clients and total client assets have achieved CAGRs of 17.5% and 34.7% respectively, demonstrating our deepening market penetration and the continued trust and support of our global clients—key drivers of our long-term success.\"\"2024 marked the Company’s 10th anniversary. With expansion into Singapore, Hong Kong, New Zealand, Australia, and the US, our global strategy drove total client assets to a record US$41.7 billion and users past 10 million. Singapore, as the Group's headquarters, remains our largest market in terms of both new and existing clients. Hong Kong's client assets grew by double digits as of the end of February 2025 compared to the end of 2024. Over the past year, we have rapidly expanded our business, with retail brokerage, institutional brokerage, wealth management, investment banking, and corporate services working in synergy. Beyond retail investors, we continue to earn the trust of high-net-worth and institutional clients, with retail and institutional businesses each now accounting for half of the Group’s total client assets. Looking ahead, we will continue to drive growth through our strategy of expanding markets, products, and services. We aim to meet the diverse needs of individual and institutional investors with broader offerings, fast onboarding, multi-asset trading, and tailored solutions powered by our all-in-one management platform.\"Singapore strengthens leading position with record-high annual trading volume and commissionHong Kong full-year account openings up 48%, Obtained virtual asset exchange licenseIn 2024, the Company continued to broaden the reach of its globalisation strategy, increasing overall market share and enhancing brand recognition. Singapore, the Company's headquarters, further solidified its leading position locally, delivering outstanding performance throughout the year. For the full year 2024, both total trading volume and commission income hit new records, increasing 196% and 66% YoY respectively. Net asset inflows climbed 119% YoY. The fourth quarter set new records as well, with total trading volume and commission income surging 415% and 158% YoY, respectively. Trading activity across stocks, options, and futures hit all-time highs across multiple indicators in Q4. US and Singapore stock trading volumes grew by 165% and 81% YoY, respectively, while US stock options and futures trading volumes increased by 267% and 646% YoY. Alongside these achievements, the Cash Boost trading account—designed specifically for the Singapore market to provide investors with flexible wealth management and efficient trading—doubled its account openings QoQ in the fourth quarter. Launched in partnership with a local licensed institution*, the Tiger BOSS Debit Card—Singapore's first debit card offering fractional shares as rewards for everyday spending—saw card activations increase by over 30% QoQ during the quarter. To further expand its high-quality client base, Tiger introduced the High-Touch (Agency) Sales Module in November. Through enhanced customer onboarding, seamless trading experience and advanced risk management capabilities, the platform delivers more professional and personalized wealth management services to high-net-worth clients and institutional investors in Singapore, helping them achieve efficient asset allocation and long-term wealth growth.The Hong Kong market continues to show strong growth momentum, with account openings rising by 48% YoY in 2024. In the fourth quarter, Hong Kong client assets increased by approximately 50% QoQ and surged sixfold YoY. Hong Kong stock trading activity increased significantly during the quarter, with trading orders and volume increasing by 62% and 90% YoY, respectively; US stock options trading volume increased by 80% QoQ. Entering 2025, driven by the recovery of the Hong Kong stock market, total client assets in Hong Kong had already achieved double-digit growth by the end of February compared to the end of 2024. Meanwhile, virtual asset trading by Hong Kong users picked up notably in Q4, with cryptocurrency trading orders doubling QoQ and trading volume increasing fourfold. Recently, the Company's wholly-owned subsidiary, YAX (Hong Kong) Limited, received Type 1 (dealing in securities) and Type 7 (automated trading service) licenses from the Hong Kong Securities and Futures Commission (SFC). As an officially licensed virtual asset trading platform operator in Hong Kong, YAX now offers local clients with a seamless, one-stop asset management experience, providing both custody and trading services for cryptocurrencies. In addition, the Company won multiple prestigious industry accolades in Hong Kong during the fourth quarter. In particular, the Chicago Mercantile Exchange Group recognized the Company as both \"Key Broker Partner 2024\" and \"Futures and Options Nurturer 2024\". Tiger's industry leadership was further highlighted at the SGX-Phillip Nova Appreciation and SGX Derivatives Awards, where it was named one of the \"Top 5 Chinese Futures Brokers for SGX China Index Derivatives\" and one of the \"Top 3 Chinese Futures Brokers for SGX Nikkei 225 Index Derivatives.\"In the US, TradeUP delivered strong performance across multiple business areas, maintaining steady growth. In the fourth quarter, supported by an exceptional trading experience, stock trading activity continued to climb, with trading volume from local clients up 38% QoQ. Options trading showed explosive growth, with trading volume and the number of contracts traded increasing by 384% and 215% respectively QoQ, highlighting TradeUP's competitiveness and strong brand recognition in the options markets. Additionally, through its professional services and a solid market foundation, TradeUP saw a 15% QoQ growth in local customer assets, steadily expanding its market share. Moreover, TradeUP won the \"Best Brokerage for Day Trading\" at the Benzinga Global Fintech Awards for the second consecutive year, reaffirming its industry-leading position in efficient trading, outstanding execution, and superior user experience.In Australia, UP Fintech achieved significant growth across key business metrics. During the fourth quarter, new account openings increased 148% YoY, while the number of first-time funded accounts rose 243.6% YoY, nearly doubling QoQ. Total first time funding amount also rose by 253.1% YoY and 151.1% QoQ – underscoring Tiger's growing recognition and strong momentum in the Australian market. On the product side, A-Share Connect trading is now available in Australia, enabling local investors to easily access high-quality mainland Chinese stocks, further lowering the barriers for international investors to participate in the A-share market. Thanks to its outstanding trading experience and continuous innovation in financial services, the Company was also honored with the title of \"Best Trading Platform Australia 2024\" at the Global Banking & Finance Awards in the fourth quarter.In New Zealand, the Company continued to expand its high-quality customer base, achieving strong growth in client assets during the fourth quarter. Total deposits increased by 272.8% YoY and 41.8% QoQ. Meanwhile, trading activity remained buoyant, with the number of trading accounts and total trading volume up by 120.2% and 111% respectively YoY. US stock trading was particularly strong, with orders for US stocks and US stock options up by 188.3% and 153.6% respectively YoY. For the full year 2024, total deposits in the New Zealand market increased 100.3% YoY, while the number of trading accounts and total trading volume grew 102.7% and 108.8% YoY, respectively.Wealth AUC nearly doubles YoY, Institutional business widely recognizedHong Kong IPO subscriptions up by over six times QoQIn the fourth quarter, UP Fintech's commission income reached US$56 million, up 35.8% QoQ and 154.9% YoY. Interest-related income amounted to US$58.5 million, an increase of 35.7% YoY. In 2024, the Company recorded US$159 million in commission income, up 71.8% YoY, while interest-related income reached US$203 million, a 25.8% YoY increase. The Company continued to enhance the one-stop global investment experience for clients. On the product side, options trading features were further upgraded, now supporting rollover of multi-leg options position, enabling investors to adjust their strategies flexibly based on market trends while improving the safety and efficiency of their capital usage. Additionally, new tools tailored for options sellers, such as Quota Calculator and Positions Calendar, were launched, along with a Top 0DTE (Zero Days to Expiration) Options leaderboard to help users quickly identify active options on trending stocks. Trading functions also saw improvements. A new \"24 hour\" trading option was added for US stocks, enabling investors to trade around the clock and better capture market opportunities while managing volatility. In the Wealth Section, our ETF Mall launched a new curated list of beginner-friendly US ETFs across various themes, helping users diversify their portfolios with ease.Recently, TigerGPT, the industry's first AI-powered investment assistant, completed a major upgrade, harnessing world-leading AI technology to deliver more accurate, in-depth market insights and support smarter, more efficient decision-making. After the upgrade, weekly user interactions increased by over 1,000%. As of February 2025, TigerGPT has served over 112,000 users globally, with more than 1.17 million conversations completed.In the fourth quarter, the Hong Kong IPO market experienced explosive growth, with the number of subscribers increasing sixfold from the previous quarter, exceeding the total of the first three quarters of the year. The total amount of subscriptions increased by 4,123.9% QoQ, about 5.5 times the total of the first three quarters. Within the industry, we took the lead by introducing \"100x leverage for all\" for Hong Kong IPO subscribers. In addition, the Company promoted the \"0 interest, 0 commission\"** Hong Kong IPO subscription offers, truly maximising investors' returns.In the fourth quarter, wealth management assets under custody (AUC) from the retail side rose 98.3% YoY, with the non-money market fund assets and client numbers up 113.8% and 47.7% YoY, respectively. Among all newly funded accounts in Q4, the wealth user penetration rate reached 23%, reflecting strong client recognition of Tiger's wealth management services. Meanwhile, we continue to enhance Tiger Wealth, upgrading the Notes section with new curated lists such as Trending Focus, Concept Portfolio, Asset Class Tracking and Conservative Focus, while expanding its offerings of complex financial products through additional structured products to meet diverse risk profiles and investment needs. Amid growing interest in Greater China investments, Tiger Wealth introduced a high-performing HKD money market fund managed by a leading Hong Kong fund house to the Singapore market, helping local investors optimize cash yields and liquidity management. In addition, we rolled out more FCN products tailored to the trading preferences of Singapore's high-net-worth clients, further enriching their investment options.TradingFront Turnkey Asset Management Platform (TAMP) continues to earn broad recognition from institutional clients through ongoing feature enhancements and high-quality service. The platform focuses on delivering highly customised account solutions, seamless online account opening, and multi-market, multi-asset trading support to help clients diversify their portfolios. In the fourth quarter, TradingFront's AUC increased 33% QoQ, with the number of fixed investment accounts up 11% QoQ and structured products trading volume rising 66% QoQ. These results further reinforce TradingFront's strong competitive position in the market.Ranked fifth in the annual Hong Kong IPO underwriting rankingsESOP SaaS platform achieved first full-year profitabilityIn the fourth quarter, our investment banking business participated in 8 US IPO projects, including Pony.ai, WeRide, and FlashEx, further demonstrating Tiger's deep expertise and growing influence in the US IPO market. At the same time, we underwrote 9 Hong Kong IPOs, including InnoScience, MINIEYE, MGP Beauty and Dmall. With its professional underwriting services and extensive market coverage, Tiger ranked fifth in the Hong Kong stock brokerage ranking for margin financing. In 2024, the Company continued expanding its investment banking business, with the number of underwritings increasing 33% YoY. The Company ranked fifth in the Hong Kong IPO underwriting rankings, completing 32 IPOs over the year.UP Fintech's Employee Stock Ownership Plan (ESOP) platform, or UponeShare, added 16 new enterprise clients during the fourth quarter, bringing the total number of serviced enterprises to 613. In 2024, revenue from the ESOP SaaS platform grew 42.1% YoY, achieving annual net profit for the first time. Driven by strong client recognition and a high willingness for long-term cooperation, the Company secured 189 signed orders, with repeat orders accounting for 58.2% of the total and repeat order revenue increasing 140% YoY.The Company added 11 new enterprise account clients during the quarter, including WeRide and COL, bringing the total number of corporate accounts to 466. During the quarter, the Company also collaborated with Li Auto to broadcast AI Talk, engaging in discussions around AI development to enhance consumer awareness of the brand. Additionally, Tiger partnered with the flagship community program \"Real Trading Face to Face\", featuring an in-depth conversation between content creator \"Tang Jie\" and Cheetah Mobile's CFO, exploring key highlights of Cheetah Mobile's AI and robotics business. Furthermore, we organised investor research events for NetEase Youdao and Cheche Technology, providing insights into industry trends, technological innovations, and investment opportunities to support informed decision-making. *Tiger Brokers (Singapore) Pte Ltd has partnered with a local licensed partner to provide card issuance and account issuing services.**0 commission for cash subscriptions and subscriptions with 10x leverage or below, and 0 interest on margin financing subscriptions.About UP FintechUP Fintech Holding Limited (Nasdaq: TIGR), also known as Tiger Brokers, is a leading online brokerage firm with a focus on redefining global investing with technologies for the next generation.Founded in 2014, the Company relentlessly offer superior user experience in pursuit of becoming a world-leading online brokerage, to let everyone enjoy efficient and smart investing. Currently, we offer a multitude of quality financial products and services across brokerage, employee stock ownership plan (ESOP) management, investment banking, wealth management, investor community, and investor education.UP Fintech strives to elevate financial technology R&D to a new level. While we inherit the best traditions from the financial sector and blend them with the best minds of tech experts, we develop our own technology infrastructure—an aggregation, which enables multi-currency trading of various products across markets, guaranteeing our reliable, secure, and scalable services are accessible to all with low latency.In March 2019, UP Fintech was listed on Nasdaq under the ticker TIGR. As of now, we serve over 10 million users and 2.4 million account holders worldwide on our flagship platform “Tiger Trade”, own 81 licenses and qualifications in different markets, and have over 1,000 employees on the team in Singapore, New Zealand, the US, Hong Kong SAR, Australia and Mainland China.For more information about UP Fintech as a company, please visit  itiger.comFor media inquiries, please contact press@itiger.com","news_type":1,"symbols_score_info":{"TIGR":1.1}},"isVote":1,"tweetType":1,"viewCount":1353,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894851075,"gmtCreate":1628817838797,"gmtModify":1676529863989,"author":{"id":"3571463119794412","authorId":"3571463119794412","name":"追高风","avatar":"https://static.tigerbbs.com/aa72a321bdf13eb9d23dc6dbab1ad618","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3571463119794412","idStr":"3571463119794412"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/894851075","repostId":"1196719671","repostType":4,"repost":{"id":"1196719671","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":1628817625,"share":"https://ttm.financial/m/news/1196719671?lang=&edition=fundamental","pubTime":"2021-08-13 09:20","market":"hk","language":"zh","title":"开盘：恒指低开0.84%，李宁绩后开涨超4%","url":"https://stock-news.laohu8.com/highlight/detail?id=1196719671","media":"老虎资讯综合","summary":"8月13日，恒生指数开盘下跌221.63点，跌幅0.84%，报26296.19点；国企指数开盘下跌90.68点，跌幅0.96%，报9374.78点；红筹指数开盘下跌10.27点，跌幅0.27%，报38","content":"<p>8月13日，恒生指数开盘下跌221.63点，跌幅0.84%，报26296.19点；国企指数开盘下跌90.68点，跌幅0.96%，报9374.78点；红筹指数开盘下跌10.27点，跌幅0.27%，报3818.03点。</p>\n<p>恒生科技指数跌1.26%，<a href=\"https://laohu8.com/S/00780\">同程艺龙</a>跌2.69%，<a href=\"https://laohu8.com/S/00241\">阿里健康</a>跌2.46%，<a href=\"https://laohu8.com/S/00700\">腾讯控股</a>跌2.24%，<a href=\"https://laohu8.com/S/03690\">美团-W</a>跌近2%，<a href=\"https://laohu8.com/S/09988\">阿里巴巴-SW</a>与<a href=\"https://laohu8.com/S/06618\">京东健康</a>、<a href=\"https://laohu8.com/S/09999\">网易-S</a>跌约1.7%。</p>\n<p>港股教育股下挫，<a href=\"https://laohu8.com/S/00667\">中国东方教育</a>跌超8%，<a href=\"https://laohu8.com/S/09901\">新东方-S</a>跌近4%，<a href=\"https://laohu8.com/S/01773\">天立教育</a>跌2.65%，<a href=\"https://laohu8.com/S/06913\">华南职业教育</a>跌2.17%。</p>\n<p>港股碳中和概念股走强，$中国<a href=\"https://laohu8.com/S/600811\">东方集团</a>(00581)$涨超13%，<a href=\"https://laohu8.com/S/00257\">光大环境</a>涨4.24%，<a href=\"https://laohu8.com/S/00750\">水发兴业能源</a>涨1.7%，<a href=\"https://laohu8.com/S/06865\">福莱特玻璃</a>与<a href=\"https://laohu8.com/S/00868\">信义玻璃</a>涨超0.85%，<a href=\"https://laohu8.com/S/600109\">国金证券</a>称因资源供应短缺看好锂行业板块行情。</p>\n<p><a href=\"https://laohu8.com/S/02331\">李宁</a>涨超4%，上半年净利润增长187%。</p>\n<p><a href=\"https://laohu8.com/S/09888\">百度集团-SW</a>跌3.2%，Q2因快手市值调整造成公允价值损失31亿元。</p>\n<p><a href=\"https://laohu8.com/S/01415\">高伟电子</a>跌7.33%，上半年收益同比减少约3.2%。</p>\n<p><a href=\"https://laohu8.com/S/02015\">理想汽车-W</a>港股上市次日跌0.85%，报116港元。</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>开盘：恒指低开0.84%，李宁绩后开涨超4%</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n开盘：恒指低开0.84%，李宁绩后开涨超4%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\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\">2021-08-13 09:20</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>8月13日，恒生指数开盘下跌221.63点，跌幅0.84%，报26296.19点；国企指数开盘下跌90.68点，跌幅0.96%，报9374.78点；红筹指数开盘下跌10.27点，跌幅0.27%，报3818.03点。</p>\n<p>恒生科技指数跌1.26%，<a href=\"https://laohu8.com/S/00780\">同程艺龙</a>跌2.69%，<a href=\"https://laohu8.com/S/00241\">阿里健康</a>跌2.46%，<a href=\"https://laohu8.com/S/00700\">腾讯控股</a>跌2.24%，<a href=\"https://laohu8.com/S/03690\">美团-W</a>跌近2%，<a href=\"https://laohu8.com/S/09988\">阿里巴巴-SW</a>与<a href=\"https://laohu8.com/S/06618\">京东健康</a>、<a href=\"https://laohu8.com/S/09999\">网易-S</a>跌约1.7%。</p>\n<p>港股教育股下挫，<a href=\"https://laohu8.com/S/00667\">中国东方教育</a>跌超8%，<a href=\"https://laohu8.com/S/09901\">新东方-S</a>跌近4%，<a href=\"https://laohu8.com/S/01773\">天立教育</a>跌2.65%，<a href=\"https://laohu8.com/S/06913\">华南职业教育</a>跌2.17%。</p>\n<p>港股碳中和概念股走强，$中国<a href=\"https://laohu8.com/S/600811\">东方集团</a>(00581)$涨超13%，<a href=\"https://laohu8.com/S/00257\">光大环境</a>涨4.24%，<a href=\"https://laohu8.com/S/00750\">水发兴业能源</a>涨1.7%，<a href=\"https://laohu8.com/S/06865\">福莱特玻璃</a>与<a href=\"https://laohu8.com/S/00868\">信义玻璃</a>涨超0.85%，<a href=\"https://laohu8.com/S/600109\">国金证券</a>称因资源供应短缺看好锂行业板块行情。</p>\n<p><a href=\"https://laohu8.com/S/02331\">李宁</a>涨超4%，上半年净利润增长187%。</p>\n<p><a href=\"https://laohu8.com/S/09888\">百度集团-SW</a>跌3.2%，Q2因快手市值调整造成公允价值损失31亿元。</p>\n<p><a href=\"https://laohu8.com/S/01415\">高伟电子</a>跌7.33%，上半年收益同比减少约3.2%。</p>\n<p><a href=\"https://laohu8.com/S/02015\">理想汽车-W</a>港股上市次日跌0.85%，报116港元。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1cb237e736a4e03c939622e7b71e8e7","relate_stocks":{"513600":"恒生指数ETF","02331":"李宁","HSI":"恒生指数","HSTECH":"恒生科技指数","02833":"恒指ETF"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196719671","content_text":"8月13日，恒生指数开盘下跌221.63点，跌幅0.84%，报26296.19点；国企指数开盘下跌90.68点，跌幅0.96%，报9374.78点；红筹指数开盘下跌10.27点，跌幅0.27%，报3818.03点。\n恒生科技指数跌1.26%，同程艺龙跌2.69%，阿里健康跌2.46%，腾讯控股跌2.24%，美团-W跌近2%，阿里巴巴-SW与京东健康、网易-S跌约1.7%。\n港股教育股下挫，中国东方教育跌超8%，新东方-S跌近4%，天立教育跌2.65%，华南职业教育跌2.17%。\n港股碳中和概念股走强，$中国东方集团(00581)$涨超13%，光大环境涨4.24%，水发兴业能源涨1.7%，福莱特玻璃与信义玻璃涨超0.85%，国金证券称因资源供应短缺看好锂行业板块行情。\n李宁涨超4%，上半年净利润增长187%。\n百度集团-SW跌3.2%，Q2因快手市值调整造成公允价值损失31亿元。\n高伟电子跌7.33%，上半年收益同比减少约3.2%。\n理想汽车-W港股上市次日跌0.85%，报116港元。","news_type":1,"symbols_score_info":{"513600":0.9,"HSI":0.9,"HHImain":0.9,"MHImain":0.9,"MCHmain":0.9,"02833":0.9,"02331":0.9,"HSImain":0.9,"HSTECH":0.9}},"isVote":1,"tweetType":1,"viewCount":2117,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178260776,"gmtCreate":1626823962995,"gmtModify":1703765755507,"author":{"id":"3571463119794412","authorId":"3571463119794412","name":"追高风","avatar":"https://static.tigerbbs.com/aa72a321bdf13eb9d23dc6dbab1ad618","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3571463119794412","idStr":"3571463119794412"},"themes":[],"htmlText":"Yes la","listText":"Yes la","text":"Yes la","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/178260776","repostId":"1193178615","repostType":4,"isVote":1,"tweetType":1,"viewCount":2215,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173899862,"gmtCreate":1626651474656,"gmtModify":1703762587598,"author":{"id":"3571463119794412","authorId":"3571463119794412","name":"追高风","avatar":"https://static.tigerbbs.com/aa72a321bdf13eb9d23dc6dbab1ad618","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3571463119794412","idStr":"3571463119794412"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/173899862","repostId":"1151231853","repostType":4,"repost":{"id":"1151231853","kind":"news","weMediaInfo":{"introduction":"市场策略研究、热点问题观察、分享最新观点：美国与海外市场、H股、及中概股市场","home_visible":1,"media_name":"Kevin策略研究","id":"1090746012","head_image":"https://static.tigerbbs.com/54c3f16355434883aa8d30b4dc5a7d90"},"pubTimestamp":1626604009,"share":"https://ttm.financial/m/news/1151231853?lang=&edition=fundamental","pubTime":"2021-07-18 18:26","market":"us","language":"zh","title":"中金海外：美股二季度盈利有望进一步加速增长","url":"https://stock-news.laohu8.com/highlight/detail?id=1151231853","media":"Kevin策略研究","summary":"摘要\n近期随着美国通胀再度超预期上行，市场对高通胀高估值下的美股能否延续上行趋势、以及美联储政策是否会提前收紧的担忧再度升温。不过，抛开短期一些情绪变化，基本面状况才是判断市场中期趋势的核心。从市场角","content":"<p><b>摘要</b></p>\n<p>近期随着美国通胀再度超预期上行，市场对高通胀高估值下的美股能否延续上行趋势、以及美联储政策是否会提前收紧的担忧再度升温。不过，抛开短期一些情绪变化，基本面状况才是判断市场中期趋势的核心。<b>从市场角度，即便面临诸多不确定性可能带来的波动，但只要盈利趋势不彻底逆转，我们就不会对市场转为悲观。</b></p>\n<p>整体情况：二季度增长进一步加速；耐用品、银行、原材料、资本品增速领先。</p>\n<p>参考Factset一致预期，<b>标普500盈利（可比口径）有望实现66%的同比增长（vs. 一季度52%），纳斯达克综指同比89%（vs. 一季度94%）。</b>板块层面，结合去年二季度的基数以及今年二季度的修复情况，当前Factset汇总的预期显示，<b>耐用消费品、银行、原材料、资本品等板块的盈利增速领先</b>，有望实现超过100%的盈利增长；相反，家庭用品、医疗保健设备以及公用事业预计二季度盈利增速为负。</p>\n<p>关注焦点：供应瓶颈与产能利用率、资本开支</p>\n<p><b>当前美股企业所面临的问题已经不在于盈利和需求的修复，更多在于供给的释放和供需瓶颈的缓解。</b>因此，二季度业绩期，我们需要重点关注企业产能、供应链修复、以及库存的情况，特别是管理层对于相关问题的讨论。分行业来看，相比上一轮投资周期的高点（2018年7月），当前汽车与零部件、航空交运、纸制品、石油煤炭、塑料与橡胶、金属加工等板块的产能利用率都明显偏低，特别是汽车，当前产能利用率仅为64%，6月份反而还进一步回落，这也解释了二手车价格在6月继续大幅攀升进而推动通胀走高。</p>\n<p>前景展望：预期继续上修，但调整情绪边际回落；三季度环比仍有后劲</p>\n<p>整体看，二季度以来市场对美股盈利一致预期快速上修，不过，更为敏感的盈利调整情绪（上调vs.下调分析师数）二季度开始快速上修，但5月末开始逐步企稳，预示着盈利上修最快阶段或已过去，上修动能减缓。<b>往前看，虽然二季度得益于低基数将是同比高点，但我们预计三季度环比仍有后劲，主要得益于服务性消费在三季度的进一步加速释放。</b></p>\n<p><b>本周焦点：即将开始的美股二季度业绩期如何？</b></p>\n<p>近期随着美国通胀再度超预期上行，市场对于高通胀高估值下的美股市场能否延续上行趋势、以及美联储政策是否会提前收紧的担忧再度升温。</p>\n<p>我们在近期的点评《大超预期的通胀&nbsp;vs.相对淡定的市场》中提到，市场之所以表现的相对淡定主要是由于恰恰是如此高的价格（例如二手车同比大涨45%，如果扣掉二手车的话6月CPI同比将基本持平）让市场认为是无法持续的，但更重要的是鲍威尔在听证会上依然维持通胀是暂时性且不急于政策退出的判断（《美联储依然不急于退出》），这避免了让市场在面对超预期的通胀风险下陷入剧烈波动。</p>\n<p><i>扣除掉二手车价格后，6月通胀同比较5月仅基本持平</i></p>\n<p><img src=\"https://static.tigerbbs.com/cd0162f2599c429c113f4fb6bba6cd1c\" tg-width=\"864\" tg-height=\"531\" referrerpolicy=\"no-referrer\"></p>\n<p>不过，抛开短期一些情绪上的变化，基本面状况才是判断市场中期趋势的核心，<b>更何况去年三季度美债利率开始逐步上行以来，美股估值就基本持平，而盈利是推动市场表现的核心变量</b>。因此，<b>从市场角度，即便面临诸多不确定性可能带来的波动，但只要盈利趋势不彻底逆转，我们就不会对市场转为悲观</b>。</p>\n<p>实际上，一季度业绩大超预期（同比52% vs. 预期的21%和2020年四季度4%），推动业绩持续上修（《当前美股盈利的八个特征》），当前市场一致预期预计2021年盈利增速有望达到38%，2021年为11%，<b>在这样一个强劲增长下，假设其他条件不变，如果切换到2022年盈利，那么估值将重新回到疫情前水平，进而使得看似很高的估值并没有那么贵。</b></p>\n<p><i>从市场角度，即便面临诸多不确定性可能带来的波动，但只要盈利趋势不彻底逆转，我们就不会对市场转为悲观</i></p>\n<p><img src=\"https://static.tigerbbs.com/e391be2c84b5cb240787e36fd019c74b\" tg-width=\"1005\" tg-height=\"617\" referrerpolicy=\"no-referrer\"></p>\n<p><i>美股市场股市从去年三季度以来基本持平</i></p>\n<p><img src=\"https://static.tigerbbs.com/8b7e6447d1346d3f6a1b14792ae1fb01\" tg-width=\"1080\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p>\n<p><i>下半年如果切换到2022年盈利（浅蓝色），那么估值将回落至2019年疫情前水平（深蓝色）</i></p>\n<p><img src=\"https://static.tigerbbs.com/2d6495bd71eced449a9a243bfec33924\" tg-width=\"1080\" tg-height=\"665\" referrerpolicy=\"no-referrer\"></p>\n<p><i>标普500指数2021年EPS一致预期同比增长38.4%，市场一致预期2022年同比增长10.9%</i></p>\n<p><img src=\"https://static.tigerbbs.com/a71ebb5c81492e5a9ac8e8ed4d312b7d\" tg-width=\"991\" tg-height=\"609\" referrerpolicy=\"no-referrer\"></p>\n<p><b>一、整体情况：二季度进一步加速；耐用品、银行、原材料、资本品增速领先</b></p>\n<p>7月中旬开始，美股市场将逐步进入持续一个月的2Q21业绩期。如我们在《2H21海外市场展望：从增长外溢到流动性反噬》中分析，我们预计得益于去年低基数以及二季度以来疫情接种下服务性消费的持续修复，<b>美股二季度盈利增速将是年内高点</b>。具体来看，参考Factset一致预期，<b>标普500盈利（可比口径）有望实现66%的同比增长（vs. 一季度52%），纳斯达克综指同比89%（vs. 一季度94%）。</b></p>\n<p><i>目前市场共识预计标普500二季度EPS同比65.5%，纳斯达克综指EPS预计二季度同比88.9%</i></p>\n<p><img src=\"https://static.tigerbbs.com/e9dac04e5c6cd831a34297db41de0ce8\" tg-width=\"742\" tg-height=\"456\" referrerpolicy=\"no-referrer\"></p>\n<p><i>除净利润外，标普500二季度EBIT预计较一季度继续抬升，纳斯达克略有下滑，但仍处高位</i></p>\n<p><img src=\"https://static.tigerbbs.com/4b9707e327be510f64aa0b22d4dfc432\" tg-width=\"853\" tg-height=\"524\" referrerpolicy=\"no-referrer\"></p>\n<p>板块层面，结合去年二季度的基数以及今年二季度的修复情况，当前Factset汇总的预期显示，<b>耐用消费品、银行、原材料、资本品等板块的盈利增速领先，有望实现超过100%的盈利增长</b>；相反，家庭用品、医疗保健设备以及公用事业预计二季度盈利增速为负。<b>从改善幅度来看，相比一季度，耐用消费品、资本品、银行及原材料等价值板块或将改善明显</b>，而零售、医疗保健设备、科技硬件、媒体娱乐等成长板块盈利增速或有所回落。</p>\n<p><i>耐用消费品、银行二季度EPS同比增速改善明显，但家庭用品、医疗保健与设备预计落后</i></p>\n<p><img src=\"https://static.tigerbbs.com/7723e780a6d8d49765b7a8eb71c47142\" tg-width=\"955\" tg-height=\"587\" referrerpolicy=\"no-referrer\"></p>\n<p><i>这一强弱关系与一季度的情形大体一致</i></p>\n<p><img src=\"https://static.tigerbbs.com/25d827e228fc131c8609e7eb4578ae59\" tg-width=\"910\" tg-height=\"559\" referrerpolicy=\"no-referrer\"></p>\n<p><i>对比一季度，耐用消费品、资本品、银行、原材料等改善幅度最大，零售、多元金融、医疗保健设备等下滑</i></p>\n<p><img src=\"https://static.tigerbbs.com/149d7a68d6d77d103d297aa57e509aba\" tg-width=\"812\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p>\n<p><i>二季度以来，能源板块2021e EPS预期调整幅度最大，银行、原材料等上调幅度同样显著</i></p>\n<p><img src=\"https://static.tigerbbs.com/c733067357fdc302b884ee0852845ee0\" tg-width=\"638\" tg-height=\"392\" referrerpolicy=\"no-referrer\"></p>\n<p><b>二、关注焦点：供应瓶颈与产能利用率、资本开支</b></p>\n<p><b>当前美股企业所面临的问题已经不在于盈利和需求的修复，更多在于供给的释放和供需瓶颈的缓解</b>。因此，二季度业绩期，我们需要重点关注企业产能、供应链修复、以及库存的情况，特别是管理层对于相关问题的讨论。从截至6月的月度高频数据来看，美国整体产能利用率目前为75.5%，还没有完全修复至1月75.8%的水平，尤其是受供应瓶颈影响较大的耐用消费品，目前产能利用率仅为74%，距离年初和疫情前的75%都仍有距离。</p>\n<p>分行业来看，相比上一轮投资周期的高点（2018年7月），<b>当前汽车与零部件、航空交运、纸制品、石油煤炭、塑料与橡胶、金属加工等板块的产能利用率都明显偏低，</b>特别是汽车，当前产能利用率仅为64%，6月份反而还进一步回落，这也解释了二手车价格在6月继续大幅攀升进而推动通胀走高。</p>\n<p>这一点从企业的资本开支情况也可以得到体现，从截止一季度的情况看，美国企业的资本开支也呈现非常分化的K型修复局面，那些需求旺盛、产能已经打满且有能力的行业资本开支修复更快，例如电商、半导体设备、生物制药等行业；相反其他行业如能源、交运、商业服务等依然落后。</p>\n<p><i>美国整体产能利用率目前为75.5%，还没有完全修复至1月75.8%的水平</i></p>\n<p><img src=\"https://static.tigerbbs.com/53b499f6322772f960a8b4380161f69e\" tg-width=\"857\" tg-height=\"526\" referrerpolicy=\"no-referrer\"></p>\n<p><i>&nbsp;尤其是受供应瓶颈影响较大的耐用消费品，目前产能利用率仅为74%</i></p>\n<p><img src=\"https://static.tigerbbs.com/fac7dee32811c05608d4996ddc1b6f1e\" tg-width=\"900\" tg-height=\"552\" referrerpolicy=\"no-referrer\"></p>\n<p><i>汽车与零部件、航空交运、纸制品、石油煤炭、塑料与橡胶、金属加工等板块的产能利用率明显偏低</i></p>\n<p><img src=\"https://static.tigerbbs.com/3cb6dc355059b752c78fe7e9fd3e6a53\" tg-width=\"813\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p>\n<p><i>特别是汽车，当前产能利用率仅为64%，6月份反而还进一步回落，这也解释了二手车价格在6月继续大幅攀升进而推动通胀走高</i></p>\n<p><img src=\"https://static.tigerbbs.com/7c2558b7d03946063043eb4df5726ecf\" tg-width=\"879\" tg-height=\"539\" referrerpolicy=\"no-referrer\"></p>\n<p><i>截止一季度的情况看，美国企业的资本开支也呈现非常分化的K型修复局面</i></p>\n<p><img src=\"https://static.tigerbbs.com/7cf47a0b5398c71e46bf9d5517126c3a\" tg-width=\"895\" tg-height=\"550\" referrerpolicy=\"no-referrer\"></p>\n<p><b>三、前景展望：预期继续上修，但调整情绪边际回落；三季度环比仍有后劲</b></p>\n<p>整体来看，二季度以来市场对于美股盈利的一致预期快速上修，目前，市场预计标普5002021年EPS同比增长38.4%，2022年EPS同比增长10.9%；纳斯达克2021年EPS同比增长49.2%，2022年EPS同比上升19.0%。不过，更为敏感的盈利调整情绪（上调 vs.下调分析师数）<b>二季度开始快速上修，但5月末开始逐步企稳，预示着盈利上修最快阶段或已过去，上修动能减缓。</b></p>\n<p>往前看，<b>虽然二季度得益于低基数将是同比高点，但我们预计三季度环比仍有后劲，主要得益于服务性消费在三季度的进一步加速释放</b>。目前市场预期预计三季度盈利增速24%，这也是我们对于三季度美国增长和市场依然维持积极的主要原因之一。</p>\n<p><i>二季度以来，盈利调整情绪快速上修，但5月末逐步企稳，预示着盈利上修最快阶段或已过去</i></p>\n<p><img src=\"https://static.tigerbbs.com/f5ea5dcaf8bf692d3977f0131cf0d53c\" tg-width=\"789\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p>\n<p><i>我们预计三季度环比仍有后劲，主要得益于服务性消费在三季度的进一步加速释放</i></p>\n<p><img src=\"https://static.tigerbbs.com/b0b251d0a58c9e8ac467ae4563f1fce6\" tg-width=\"775\" tg-height=\"477\" referrerpolicy=\"no-referrer\"></p>\n<p><b>市场动态：6月通胀超预期上行，零售销售意外增长显示需求依然强劲；美债利率再创新低多头增加，美元空头大降</b></p>\n<p><b>►资产表现：债&gt;股&gt;大宗；利率再创新低，周期跑输</b></p>\n<p>过去一周毫无疑问是美国的重磅数据和事件周。<b>在经历了超预期的6月通胀</b>（《大超预期的通胀&nbsp;vs.相对淡定的市场》）、<b>依然鸽派的鲍威尔证词</b>（《美联储依然不急于退出》）、<b>超预期的零售销售但不及预期的消费者信心指数后，美股市场整体小幅收跌，金融周期跑输</b>，同时10年美债利率再降近期新低并回落至1.29%，实际利率回落，但通胀预期抬升。全球主要资产来看，美元计价下，债&gt;股&gt;大宗，VIX、大豆、巴西股市、港股领涨；比特币、原油、英国股市、纳斯达克领跌。</p>\n<p><i>过去一周，美元计价下，债&gt;股&gt;大宗，VIX、大豆、巴西股市、港股领涨；比特币、原油、英国股市、纳斯达克领跌</i></p>\n<p><img src=\"https://static.tigerbbs.com/d4f9bb5609b5e9bb70a8f407e0033b21\" tg-width=\"1080\" tg-height=\"428\" referrerpolicy=\"no-referrer\"></p>\n<p><i>过去一周，公用事业、家庭用品领涨；能源、半导体、消费者服务领跌</i></p>\n<p><img src=\"https://static.tigerbbs.com/0d4d293cd3bdb071f6792ebbed29beee\" tg-width=\"880\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p>\n<p><i>过去一周，10年美债利率较上周回落约7bps，其中实际利率回落11bps，通胀预期上升4bps</i></p>\n<p><img src=\"https://static.tigerbbs.com/f1264e9221413c868ea309fd8f4baee9\" tg-width=\"924\" tg-height=\"568\" referrerpolicy=\"no-referrer\"></p>\n<p><i>过去一周，疫情受损多及周期板块相对跑输，疫情受损少板块相对跑赢</i></p>\n<p><img src=\"https://static.tigerbbs.com/9f7bbaaa22ee6b5682383d99404572c2\" tg-width=\"824\" tg-height=\"506\" referrerpolicy=\"no-referrer\"></p>\n<p><b>►情绪仓位：Put/call比例抬升，美元空头大幅减少</b></p>\n<p>过去一周，美股看空/看多期权比例（10天平均）较上周大幅抬升，目前高于历史均值-1倍标准差。仓位方面，美元指数多头空头仓位大幅减少导致净多头大幅抬升；伴随美债利率的进一步回落，10年美债多头仓位大幅增加，2年美债空头仓位大幅减少。</p>\n<p><i>CBOE美股看空/看多期权比例（10天平均）较上周大幅抬升，目前高于历史均值-1倍标准差</i></p>\n<p><img src=\"https://static.tigerbbs.com/f6d8a29e7882613661c1e3d53d7c1533\" tg-width=\"932\" tg-height=\"570\" referrerpolicy=\"no-referrer\"></p>\n<p><i>过去一周，欧美股市RSI点位均回落，日本及新兴抬升；布油回落</i></p>\n<p><img src=\"https://static.tigerbbs.com/92e24fb1dbe1900f171084acec1c0902\" tg-width=\"1080\" tg-height=\"664\" referrerpolicy=\"no-referrer\"></p>\n<p><i>过去一周，美元指数多头仓位继续增加，空头仓位大幅减少，净多头大幅抬升</i></p>\n<p><img src=\"https://static.tigerbbs.com/125305e1d2b71dd5479e48f796d27371\" tg-width=\"992\" tg-height=\"609\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p><b>►资金流向：货基转为流出，股市加速流入。</b></p>\n<p>过去一周，债市流入放缓，股市加速流入，货币基金大幅流出；分市场看，美国及日本股市加速流入，发达欧洲流入放缓，以中国为代表的新兴市场转为流入。</p>\n<p><i>过去一周，债市流入放缓，股市加速流入，货币市场基金转为大幅流出</i></p>\n<p><img src=\"https://static.tigerbbs.com/e9f5e742c9f21463f645f06f585f6dfe\" tg-width=\"1045\" tg-height=\"640\" referrerpolicy=\"no-referrer\"></p>\n<p><i>过去一周，美国及日本股市加速流入，发达欧洲流入放缓，以中国为代表的新兴市场转为流入</i></p>\n<p><img src=\"https://static.tigerbbs.com/dd37fbb2a8c413cb479bf41d00fe260d\" tg-width=\"880\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p>\n<p><b>►基本面与政策：6月通胀再超预期，零售强势增长。</b></p>\n<p><b>6月美国通胀超预期上行，二手车和出行相关仍是主要贡献。</b>6月CPI同比5.4%环比0.9%，均高于前值且大幅超出市场预期。其中，二手车价格环比跳升10.5%，贡献了6月CPI环比增速的三分之一，缺少芯片等因素导致的供给受限依然是主要瓶颈。此外，机票、酒店等与疫情修复开放后的出行需求相关的服务也涨幅明显，例如6月计票价格环比达2.7%。</p>\n<p><b>6月零售销售环比意外增长0.6%</b>，高于预期的-0.3%和前值（-1.7%）。分项看，<b>汽车与零部件零售销售环比下降2%，可能受近期供应紧缺和价格大涨拖累</b>，但百货商店、杂货、电子和家用电器等较前月抬升。不过大超预期的零售消费被低于预期的密歇根大学消费者信心指数所抵消（7月80.8，低于前值85.5并不及预期（86.5）。与此同时，上周首申人数36.0万人，低于前值（38.6万人）但不及预期的35.0万人。</p>\n<p><i>过去一周经济数据总结</i></p>\n<p><img src=\"https://static.tigerbbs.com/51c8becaabb300c614aae82376b1811e\" tg-width=\"1080\" tg-height=\"482\" referrerpolicy=\"no-referrer\"></p>\n<p><i>美国6月CPI再超预期，同比5.4%环比0.9%，二手车和出行相关服务依然是最主要贡献</i></p>\n<p><img src=\"https://static.tigerbbs.com/be95482ad914743cc46ae03dfd61c7c7\" tg-width=\"925\" tg-height=\"568\" referrerpolicy=\"no-referrer\"></p>\n<p><i>美国6月零售销售环比 0.6%，高于预期的-0.3%</i></p>\n<p><img src=\"https://static.tigerbbs.com/b3e7d767ac03bf61753c4ea2a31c98b4\" tg-width=\"922\" tg-height=\"567\" referrerpolicy=\"no-referrer\"></p>\n<p><i>分项看，汽车与零部件零售销售环比下降2%，但百货商店、杂货店、电子和家用电器等较前月抬升</i></p>\n<p><img src=\"https://static.tigerbbs.com/c26688afd6f0e8018af6ab4646f83a73\" tg-width=\"842\" tg-height=\"517\" referrerpolicy=\"no-referrer\"></p>\n<p><i>过去一周，美联储平均日度逆回购使用量仍处高位，超8000亿美元</i></p>\n<p><img src=\"https://static.tigerbbs.com/cc2a4bf65f4512b115ac6ba45da7533b\" tg-width=\"1077\" tg-height=\"661\" referrerpolicy=\"no-referrer\"></p>\n<p><i>&nbsp;美联储资产负债表目前规模约8.20万亿美元，较上周抬升明显</i></p>\n<p><img src=\"https://static.tigerbbs.com/90a6980f71674854b48b80fd7945e5b2\" tg-width=\"728\" tg-height=\"447\" referrerpolicy=\"no-referrer\"></p>\n<p><b>►市场估值：估值略有回落。</b></p>\n<p>伴随10年美债利率上周的持续回落，当前标普500指数27.7倍静态P/E基本处于增长（6月ISM制造业PMI=60.6）和流动性（10年美债利率1.36%）能够支撑的合理水平（~27.9倍）。包括欧洲、日本、新兴在内的全球主要市场股市的估值水平均有回落，但处于历史相对高位。</p>\n<p><i>当前标普500指数12个月动态P/E微降至21.3倍，超过1990年以来均值向上一倍标准差</i></p>\n<p><img src=\"https://static.tigerbbs.com/375db13e71641a7072dc3fad087b017d\" tg-width=\"1080\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p>\n<p><i>当前标普500的27.7倍静态P/E基本处于增长和流动性能够支撑的合理水平（~27.9倍）</i></p>\n<p><img src=\"https://static.tigerbbs.com/593bae75a6b6c4dbec11a5708e95d06b\" tg-width=\"756\" tg-height=\"463\" 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>中金海外：美股二季度盈利有望进一步加速增长</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中金海外：美股二季度盈利有望进一步加速增长\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1090746012\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/54c3f16355434883aa8d30b4dc5a7d90);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Kevin策略研究 </p>\n<p class=\"h-time\">2021-07-18 18:26</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><b>摘要</b></p>\n<p>近期随着美国通胀再度超预期上行，市场对高通胀高估值下的美股能否延续上行趋势、以及美联储政策是否会提前收紧的担忧再度升温。不过，抛开短期一些情绪变化，基本面状况才是判断市场中期趋势的核心。<b>从市场角度，即便面临诸多不确定性可能带来的波动，但只要盈利趋势不彻底逆转，我们就不会对市场转为悲观。</b></p>\n<p>整体情况：二季度增长进一步加速；耐用品、银行、原材料、资本品增速领先。</p>\n<p>参考Factset一致预期，<b>标普500盈利（可比口径）有望实现66%的同比增长（vs. 一季度52%），纳斯达克综指同比89%（vs. 一季度94%）。</b>板块层面，结合去年二季度的基数以及今年二季度的修复情况，当前Factset汇总的预期显示，<b>耐用消费品、银行、原材料、资本品等板块的盈利增速领先</b>，有望实现超过100%的盈利增长；相反，家庭用品、医疗保健设备以及公用事业预计二季度盈利增速为负。</p>\n<p>关注焦点：供应瓶颈与产能利用率、资本开支</p>\n<p><b>当前美股企业所面临的问题已经不在于盈利和需求的修复，更多在于供给的释放和供需瓶颈的缓解。</b>因此，二季度业绩期，我们需要重点关注企业产能、供应链修复、以及库存的情况，特别是管理层对于相关问题的讨论。分行业来看，相比上一轮投资周期的高点（2018年7月），当前汽车与零部件、航空交运、纸制品、石油煤炭、塑料与橡胶、金属加工等板块的产能利用率都明显偏低，特别是汽车，当前产能利用率仅为64%，6月份反而还进一步回落，这也解释了二手车价格在6月继续大幅攀升进而推动通胀走高。</p>\n<p>前景展望：预期继续上修，但调整情绪边际回落；三季度环比仍有后劲</p>\n<p>整体看，二季度以来市场对美股盈利一致预期快速上修，不过，更为敏感的盈利调整情绪（上调vs.下调分析师数）二季度开始快速上修，但5月末开始逐步企稳，预示着盈利上修最快阶段或已过去，上修动能减缓。<b>往前看，虽然二季度得益于低基数将是同比高点，但我们预计三季度环比仍有后劲，主要得益于服务性消费在三季度的进一步加速释放。</b></p>\n<p><b>本周焦点：即将开始的美股二季度业绩期如何？</b></p>\n<p>近期随着美国通胀再度超预期上行，市场对于高通胀高估值下的美股市场能否延续上行趋势、以及美联储政策是否会提前收紧的担忧再度升温。</p>\n<p>我们在近期的点评《大超预期的通胀&nbsp;vs.相对淡定的市场》中提到，市场之所以表现的相对淡定主要是由于恰恰是如此高的价格（例如二手车同比大涨45%，如果扣掉二手车的话6月CPI同比将基本持平）让市场认为是无法持续的，但更重要的是鲍威尔在听证会上依然维持通胀是暂时性且不急于政策退出的判断（《美联储依然不急于退出》），这避免了让市场在面对超预期的通胀风险下陷入剧烈波动。</p>\n<p><i>扣除掉二手车价格后，6月通胀同比较5月仅基本持平</i></p>\n<p><img src=\"https://static.tigerbbs.com/cd0162f2599c429c113f4fb6bba6cd1c\" tg-width=\"864\" tg-height=\"531\" referrerpolicy=\"no-referrer\"></p>\n<p>不过，抛开短期一些情绪上的变化，基本面状况才是判断市场中期趋势的核心，<b>更何况去年三季度美债利率开始逐步上行以来，美股估值就基本持平，而盈利是推动市场表现的核心变量</b>。因此，<b>从市场角度，即便面临诸多不确定性可能带来的波动，但只要盈利趋势不彻底逆转，我们就不会对市场转为悲观</b>。</p>\n<p>实际上，一季度业绩大超预期（同比52% vs. 预期的21%和2020年四季度4%），推动业绩持续上修（《当前美股盈利的八个特征》），当前市场一致预期预计2021年盈利增速有望达到38%，2021年为11%，<b>在这样一个强劲增长下，假设其他条件不变，如果切换到2022年盈利，那么估值将重新回到疫情前水平，进而使得看似很高的估值并没有那么贵。</b></p>\n<p><i>从市场角度，即便面临诸多不确定性可能带来的波动，但只要盈利趋势不彻底逆转，我们就不会对市场转为悲观</i></p>\n<p><img src=\"https://static.tigerbbs.com/e391be2c84b5cb240787e36fd019c74b\" tg-width=\"1005\" tg-height=\"617\" referrerpolicy=\"no-referrer\"></p>\n<p><i>美股市场股市从去年三季度以来基本持平</i></p>\n<p><img src=\"https://static.tigerbbs.com/8b7e6447d1346d3f6a1b14792ae1fb01\" tg-width=\"1080\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p>\n<p><i>下半年如果切换到2022年盈利（浅蓝色），那么估值将回落至2019年疫情前水平（深蓝色）</i></p>\n<p><img src=\"https://static.tigerbbs.com/2d6495bd71eced449a9a243bfec33924\" tg-width=\"1080\" tg-height=\"665\" referrerpolicy=\"no-referrer\"></p>\n<p><i>标普500指数2021年EPS一致预期同比增长38.4%，市场一致预期2022年同比增长10.9%</i></p>\n<p><img src=\"https://static.tigerbbs.com/a71ebb5c81492e5a9ac8e8ed4d312b7d\" tg-width=\"991\" tg-height=\"609\" referrerpolicy=\"no-referrer\"></p>\n<p><b>一、整体情况：二季度进一步加速；耐用品、银行、原材料、资本品增速领先</b></p>\n<p>7月中旬开始，美股市场将逐步进入持续一个月的2Q21业绩期。如我们在《2H21海外市场展望：从增长外溢到流动性反噬》中分析，我们预计得益于去年低基数以及二季度以来疫情接种下服务性消费的持续修复，<b>美股二季度盈利增速将是年内高点</b>。具体来看，参考Factset一致预期，<b>标普500盈利（可比口径）有望实现66%的同比增长（vs. 一季度52%），纳斯达克综指同比89%（vs. 一季度94%）。</b></p>\n<p><i>目前市场共识预计标普500二季度EPS同比65.5%，纳斯达克综指EPS预计二季度同比88.9%</i></p>\n<p><img src=\"https://static.tigerbbs.com/e9dac04e5c6cd831a34297db41de0ce8\" tg-width=\"742\" tg-height=\"456\" referrerpolicy=\"no-referrer\"></p>\n<p><i>除净利润外，标普500二季度EBIT预计较一季度继续抬升，纳斯达克略有下滑，但仍处高位</i></p>\n<p><img src=\"https://static.tigerbbs.com/4b9707e327be510f64aa0b22d4dfc432\" tg-width=\"853\" tg-height=\"524\" referrerpolicy=\"no-referrer\"></p>\n<p>板块层面，结合去年二季度的基数以及今年二季度的修复情况，当前Factset汇总的预期显示，<b>耐用消费品、银行、原材料、资本品等板块的盈利增速领先，有望实现超过100%的盈利增长</b>；相反，家庭用品、医疗保健设备以及公用事业预计二季度盈利增速为负。<b>从改善幅度来看，相比一季度，耐用消费品、资本品、银行及原材料等价值板块或将改善明显</b>，而零售、医疗保健设备、科技硬件、媒体娱乐等成长板块盈利增速或有所回落。</p>\n<p><i>耐用消费品、银行二季度EPS同比增速改善明显，但家庭用品、医疗保健与设备预计落后</i></p>\n<p><img src=\"https://static.tigerbbs.com/7723e780a6d8d49765b7a8eb71c47142\" tg-width=\"955\" tg-height=\"587\" referrerpolicy=\"no-referrer\"></p>\n<p><i>这一强弱关系与一季度的情形大体一致</i></p>\n<p><img src=\"https://static.tigerbbs.com/25d827e228fc131c8609e7eb4578ae59\" tg-width=\"910\" tg-height=\"559\" referrerpolicy=\"no-referrer\"></p>\n<p><i>对比一季度，耐用消费品、资本品、银行、原材料等改善幅度最大，零售、多元金融、医疗保健设备等下滑</i></p>\n<p><img src=\"https://static.tigerbbs.com/149d7a68d6d77d103d297aa57e509aba\" tg-width=\"812\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p>\n<p><i>二季度以来，能源板块2021e EPS预期调整幅度最大，银行、原材料等上调幅度同样显著</i></p>\n<p><img src=\"https://static.tigerbbs.com/c733067357fdc302b884ee0852845ee0\" tg-width=\"638\" tg-height=\"392\" referrerpolicy=\"no-referrer\"></p>\n<p><b>二、关注焦点：供应瓶颈与产能利用率、资本开支</b></p>\n<p><b>当前美股企业所面临的问题已经不在于盈利和需求的修复，更多在于供给的释放和供需瓶颈的缓解</b>。因此，二季度业绩期，我们需要重点关注企业产能、供应链修复、以及库存的情况，特别是管理层对于相关问题的讨论。从截至6月的月度高频数据来看，美国整体产能利用率目前为75.5%，还没有完全修复至1月75.8%的水平，尤其是受供应瓶颈影响较大的耐用消费品，目前产能利用率仅为74%，距离年初和疫情前的75%都仍有距离。</p>\n<p>分行业来看，相比上一轮投资周期的高点（2018年7月），<b>当前汽车与零部件、航空交运、纸制品、石油煤炭、塑料与橡胶、金属加工等板块的产能利用率都明显偏低，</b>特别是汽车，当前产能利用率仅为64%，6月份反而还进一步回落，这也解释了二手车价格在6月继续大幅攀升进而推动通胀走高。</p>\n<p>这一点从企业的资本开支情况也可以得到体现，从截止一季度的情况看，美国企业的资本开支也呈现非常分化的K型修复局面，那些需求旺盛、产能已经打满且有能力的行业资本开支修复更快，例如电商、半导体设备、生物制药等行业；相反其他行业如能源、交运、商业服务等依然落后。</p>\n<p><i>美国整体产能利用率目前为75.5%，还没有完全修复至1月75.8%的水平</i></p>\n<p><img src=\"https://static.tigerbbs.com/53b499f6322772f960a8b4380161f69e\" tg-width=\"857\" tg-height=\"526\" referrerpolicy=\"no-referrer\"></p>\n<p><i>&nbsp;尤其是受供应瓶颈影响较大的耐用消费品，目前产能利用率仅为74%</i></p>\n<p><img src=\"https://static.tigerbbs.com/fac7dee32811c05608d4996ddc1b6f1e\" tg-width=\"900\" tg-height=\"552\" referrerpolicy=\"no-referrer\"></p>\n<p><i>汽车与零部件、航空交运、纸制品、石油煤炭、塑料与橡胶、金属加工等板块的产能利用率明显偏低</i></p>\n<p><img src=\"https://static.tigerbbs.com/3cb6dc355059b752c78fe7e9fd3e6a53\" tg-width=\"813\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p>\n<p><i>特别是汽车，当前产能利用率仅为64%，6月份反而还进一步回落，这也解释了二手车价格在6月继续大幅攀升进而推动通胀走高</i></p>\n<p><img src=\"https://static.tigerbbs.com/7c2558b7d03946063043eb4df5726ecf\" tg-width=\"879\" tg-height=\"539\" referrerpolicy=\"no-referrer\"></p>\n<p><i>截止一季度的情况看，美国企业的资本开支也呈现非常分化的K型修复局面</i></p>\n<p><img src=\"https://static.tigerbbs.com/7cf47a0b5398c71e46bf9d5517126c3a\" tg-width=\"895\" tg-height=\"550\" referrerpolicy=\"no-referrer\"></p>\n<p><b>三、前景展望：预期继续上修，但调整情绪边际回落；三季度环比仍有后劲</b></p>\n<p>整体来看，二季度以来市场对于美股盈利的一致预期快速上修，目前，市场预计标普5002021年EPS同比增长38.4%，2022年EPS同比增长10.9%；纳斯达克2021年EPS同比增长49.2%，2022年EPS同比上升19.0%。不过，更为敏感的盈利调整情绪（上调 vs.下调分析师数）<b>二季度开始快速上修，但5月末开始逐步企稳，预示着盈利上修最快阶段或已过去，上修动能减缓。</b></p>\n<p>往前看，<b>虽然二季度得益于低基数将是同比高点，但我们预计三季度环比仍有后劲，主要得益于服务性消费在三季度的进一步加速释放</b>。目前市场预期预计三季度盈利增速24%，这也是我们对于三季度美国增长和市场依然维持积极的主要原因之一。</p>\n<p><i>二季度以来，盈利调整情绪快速上修，但5月末逐步企稳，预示着盈利上修最快阶段或已过去</i></p>\n<p><img src=\"https://static.tigerbbs.com/f5ea5dcaf8bf692d3977f0131cf0d53c\" tg-width=\"789\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p>\n<p><i>我们预计三季度环比仍有后劲，主要得益于服务性消费在三季度的进一步加速释放</i></p>\n<p><img src=\"https://static.tigerbbs.com/b0b251d0a58c9e8ac467ae4563f1fce6\" tg-width=\"775\" tg-height=\"477\" referrerpolicy=\"no-referrer\"></p>\n<p><b>市场动态：6月通胀超预期上行，零售销售意外增长显示需求依然强劲；美债利率再创新低多头增加，美元空头大降</b></p>\n<p><b>►资产表现：债&gt;股&gt;大宗；利率再创新低，周期跑输</b></p>\n<p>过去一周毫无疑问是美国的重磅数据和事件周。<b>在经历了超预期的6月通胀</b>（《大超预期的通胀&nbsp;vs.相对淡定的市场》）、<b>依然鸽派的鲍威尔证词</b>（《美联储依然不急于退出》）、<b>超预期的零售销售但不及预期的消费者信心指数后，美股市场整体小幅收跌，金融周期跑输</b>，同时10年美债利率再降近期新低并回落至1.29%，实际利率回落，但通胀预期抬升。全球主要资产来看，美元计价下，债&gt;股&gt;大宗，VIX、大豆、巴西股市、港股领涨；比特币、原油、英国股市、纳斯达克领跌。</p>\n<p><i>过去一周，美元计价下，债&gt;股&gt;大宗，VIX、大豆、巴西股市、港股领涨；比特币、原油、英国股市、纳斯达克领跌</i></p>\n<p><img src=\"https://static.tigerbbs.com/d4f9bb5609b5e9bb70a8f407e0033b21\" tg-width=\"1080\" tg-height=\"428\" referrerpolicy=\"no-referrer\"></p>\n<p><i>过去一周，公用事业、家庭用品领涨；能源、半导体、消费者服务领跌</i></p>\n<p><img src=\"https://static.tigerbbs.com/0d4d293cd3bdb071f6792ebbed29beee\" tg-width=\"880\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p>\n<p><i>过去一周，10年美债利率较上周回落约7bps，其中实际利率回落11bps，通胀预期上升4bps</i></p>\n<p><img src=\"https://static.tigerbbs.com/f1264e9221413c868ea309fd8f4baee9\" tg-width=\"924\" tg-height=\"568\" referrerpolicy=\"no-referrer\"></p>\n<p><i>过去一周，疫情受损多及周期板块相对跑输，疫情受损少板块相对跑赢</i></p>\n<p><img src=\"https://static.tigerbbs.com/9f7bbaaa22ee6b5682383d99404572c2\" tg-width=\"824\" tg-height=\"506\" referrerpolicy=\"no-referrer\"></p>\n<p><b>►情绪仓位：Put/call比例抬升，美元空头大幅减少</b></p>\n<p>过去一周，美股看空/看多期权比例（10天平均）较上周大幅抬升，目前高于历史均值-1倍标准差。仓位方面，美元指数多头空头仓位大幅减少导致净多头大幅抬升；伴随美债利率的进一步回落，10年美债多头仓位大幅增加，2年美债空头仓位大幅减少。</p>\n<p><i>CBOE美股看空/看多期权比例（10天平均）较上周大幅抬升，目前高于历史均值-1倍标准差</i></p>\n<p><img src=\"https://static.tigerbbs.com/f6d8a29e7882613661c1e3d53d7c1533\" tg-width=\"932\" tg-height=\"570\" referrerpolicy=\"no-referrer\"></p>\n<p><i>过去一周，欧美股市RSI点位均回落，日本及新兴抬升；布油回落</i></p>\n<p><img src=\"https://static.tigerbbs.com/92e24fb1dbe1900f171084acec1c0902\" tg-width=\"1080\" tg-height=\"664\" referrerpolicy=\"no-referrer\"></p>\n<p><i>过去一周，美元指数多头仓位继续增加，空头仓位大幅减少，净多头大幅抬升</i></p>\n<p><img src=\"https://static.tigerbbs.com/125305e1d2b71dd5479e48f796d27371\" tg-width=\"992\" tg-height=\"609\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p><b>►资金流向：货基转为流出，股市加速流入。</b></p>\n<p>过去一周，债市流入放缓，股市加速流入，货币基金大幅流出；分市场看，美国及日本股市加速流入，发达欧洲流入放缓，以中国为代表的新兴市场转为流入。</p>\n<p><i>过去一周，债市流入放缓，股市加速流入，货币市场基金转为大幅流出</i></p>\n<p><img src=\"https://static.tigerbbs.com/e9f5e742c9f21463f645f06f585f6dfe\" tg-width=\"1045\" tg-height=\"640\" referrerpolicy=\"no-referrer\"></p>\n<p><i>过去一周，美国及日本股市加速流入，发达欧洲流入放缓，以中国为代表的新兴市场转为流入</i></p>\n<p><img src=\"https://static.tigerbbs.com/dd37fbb2a8c413cb479bf41d00fe260d\" tg-width=\"880\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p>\n<p><b>►基本面与政策：6月通胀再超预期，零售强势增长。</b></p>\n<p><b>6月美国通胀超预期上行，二手车和出行相关仍是主要贡献。</b>6月CPI同比5.4%环比0.9%，均高于前值且大幅超出市场预期。其中，二手车价格环比跳升10.5%，贡献了6月CPI环比增速的三分之一，缺少芯片等因素导致的供给受限依然是主要瓶颈。此外，机票、酒店等与疫情修复开放后的出行需求相关的服务也涨幅明显，例如6月计票价格环比达2.7%。</p>\n<p><b>6月零售销售环比意外增长0.6%</b>，高于预期的-0.3%和前值（-1.7%）。分项看，<b>汽车与零部件零售销售环比下降2%，可能受近期供应紧缺和价格大涨拖累</b>，但百货商店、杂货、电子和家用电器等较前月抬升。不过大超预期的零售消费被低于预期的密歇根大学消费者信心指数所抵消（7月80.8，低于前值85.5并不及预期（86.5）。与此同时，上周首申人数36.0万人，低于前值（38.6万人）但不及预期的35.0万人。</p>\n<p><i>过去一周经济数据总结</i></p>\n<p><img src=\"https://static.tigerbbs.com/51c8becaabb300c614aae82376b1811e\" tg-width=\"1080\" tg-height=\"482\" referrerpolicy=\"no-referrer\"></p>\n<p><i>美国6月CPI再超预期，同比5.4%环比0.9%，二手车和出行相关服务依然是最主要贡献</i></p>\n<p><img src=\"https://static.tigerbbs.com/be95482ad914743cc46ae03dfd61c7c7\" tg-width=\"925\" tg-height=\"568\" referrerpolicy=\"no-referrer\"></p>\n<p><i>美国6月零售销售环比 0.6%，高于预期的-0.3%</i></p>\n<p><img src=\"https://static.tigerbbs.com/b3e7d767ac03bf61753c4ea2a31c98b4\" tg-width=\"922\" tg-height=\"567\" referrerpolicy=\"no-referrer\"></p>\n<p><i>分项看，汽车与零部件零售销售环比下降2%，但百货商店、杂货店、电子和家用电器等较前月抬升</i></p>\n<p><img src=\"https://static.tigerbbs.com/c26688afd6f0e8018af6ab4646f83a73\" tg-width=\"842\" tg-height=\"517\" referrerpolicy=\"no-referrer\"></p>\n<p><i>过去一周，美联储平均日度逆回购使用量仍处高位，超8000亿美元</i></p>\n<p><img src=\"https://static.tigerbbs.com/cc2a4bf65f4512b115ac6ba45da7533b\" tg-width=\"1077\" tg-height=\"661\" referrerpolicy=\"no-referrer\"></p>\n<p><i>&nbsp;美联储资产负债表目前规模约8.20万亿美元，较上周抬升明显</i></p>\n<p><img src=\"https://static.tigerbbs.com/90a6980f71674854b48b80fd7945e5b2\" tg-width=\"728\" tg-height=\"447\" referrerpolicy=\"no-referrer\"></p>\n<p><b>►市场估值：估值略有回落。</b></p>\n<p>伴随10年美债利率上周的持续回落，当前标普500指数27.7倍静态P/E基本处于增长（6月ISM制造业PMI=60.6）和流动性（10年美债利率1.36%）能够支撑的合理水平（~27.9倍）。包括欧洲、日本、新兴在内的全球主要市场股市的估值水平均有回落，但处于历史相对高位。</p>\n<p><i>当前标普500指数12个月动态P/E微降至21.3倍，超过1990年以来均值向上一倍标准差</i></p>\n<p><img src=\"https://static.tigerbbs.com/375db13e71641a7072dc3fad087b017d\" tg-width=\"1080\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p>\n<p><i>当前标普500的27.7倍静态P/E基本处于增长和流动性能够支撑的合理水平（~27.9倍）</i></p>\n<p><img src=\"https://static.tigerbbs.com/593bae75a6b6c4dbec11a5708e95d06b\" tg-width=\"756\" tg-height=\"463\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/318dced6c8505427ba4c5a73eb4a7981","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151231853","content_text":"摘要\n近期随着美国通胀再度超预期上行，市场对高通胀高估值下的美股能否延续上行趋势、以及美联储政策是否会提前收紧的担忧再度升温。不过，抛开短期一些情绪变化，基本面状况才是判断市场中期趋势的核心。从市场角度，即便面临诸多不确定性可能带来的波动，但只要盈利趋势不彻底逆转，我们就不会对市场转为悲观。\n整体情况：二季度增长进一步加速；耐用品、银行、原材料、资本品增速领先。\n参考Factset一致预期，标普500盈利（可比口径）有望实现66%的同比增长（vs. 一季度52%），纳斯达克综指同比89%（vs. 一季度94%）。板块层面，结合去年二季度的基数以及今年二季度的修复情况，当前Factset汇总的预期显示，耐用消费品、银行、原材料、资本品等板块的盈利增速领先，有望实现超过100%的盈利增长；相反，家庭用品、医疗保健设备以及公用事业预计二季度盈利增速为负。\n关注焦点：供应瓶颈与产能利用率、资本开支\n当前美股企业所面临的问题已经不在于盈利和需求的修复，更多在于供给的释放和供需瓶颈的缓解。因此，二季度业绩期，我们需要重点关注企业产能、供应链修复、以及库存的情况，特别是管理层对于相关问题的讨论。分行业来看，相比上一轮投资周期的高点（2018年7月），当前汽车与零部件、航空交运、纸制品、石油煤炭、塑料与橡胶、金属加工等板块的产能利用率都明显偏低，特别是汽车，当前产能利用率仅为64%，6月份反而还进一步回落，这也解释了二手车价格在6月继续大幅攀升进而推动通胀走高。\n前景展望：预期继续上修，但调整情绪边际回落；三季度环比仍有后劲\n整体看，二季度以来市场对美股盈利一致预期快速上修，不过，更为敏感的盈利调整情绪（上调vs.下调分析师数）二季度开始快速上修，但5月末开始逐步企稳，预示着盈利上修最快阶段或已过去，上修动能减缓。往前看，虽然二季度得益于低基数将是同比高点，但我们预计三季度环比仍有后劲，主要得益于服务性消费在三季度的进一步加速释放。\n本周焦点：即将开始的美股二季度业绩期如何？\n近期随着美国通胀再度超预期上行，市场对于高通胀高估值下的美股市场能否延续上行趋势、以及美联储政策是否会提前收紧的担忧再度升温。\n我们在近期的点评《大超预期的通胀 vs.相对淡定的市场》中提到，市场之所以表现的相对淡定主要是由于恰恰是如此高的价格（例如二手车同比大涨45%，如果扣掉二手车的话6月CPI同比将基本持平）让市场认为是无法持续的，但更重要的是鲍威尔在听证会上依然维持通胀是暂时性且不急于政策退出的判断（《美联储依然不急于退出》），这避免了让市场在面对超预期的通胀风险下陷入剧烈波动。\n扣除掉二手车价格后，6月通胀同比较5月仅基本持平\n\n不过，抛开短期一些情绪上的变化，基本面状况才是判断市场中期趋势的核心，更何况去年三季度美债利率开始逐步上行以来，美股估值就基本持平，而盈利是推动市场表现的核心变量。因此，从市场角度，即便面临诸多不确定性可能带来的波动，但只要盈利趋势不彻底逆转，我们就不会对市场转为悲观。\n实际上，一季度业绩大超预期（同比52% vs. 预期的21%和2020年四季度4%），推动业绩持续上修（《当前美股盈利的八个特征》），当前市场一致预期预计2021年盈利增速有望达到38%，2021年为11%，在这样一个强劲增长下，假设其他条件不变，如果切换到2022年盈利，那么估值将重新回到疫情前水平，进而使得看似很高的估值并没有那么贵。\n从市场角度，即便面临诸多不确定性可能带来的波动，但只要盈利趋势不彻底逆转，我们就不会对市场转为悲观\n\n美股市场股市从去年三季度以来基本持平\n\n下半年如果切换到2022年盈利（浅蓝色），那么估值将回落至2019年疫情前水平（深蓝色）\n\n标普500指数2021年EPS一致预期同比增长38.4%，市场一致预期2022年同比增长10.9%\n\n一、整体情况：二季度进一步加速；耐用品、银行、原材料、资本品增速领先\n7月中旬开始，美股市场将逐步进入持续一个月的2Q21业绩期。如我们在《2H21海外市场展望：从增长外溢到流动性反噬》中分析，我们预计得益于去年低基数以及二季度以来疫情接种下服务性消费的持续修复，美股二季度盈利增速将是年内高点。具体来看，参考Factset一致预期，标普500盈利（可比口径）有望实现66%的同比增长（vs. 一季度52%），纳斯达克综指同比89%（vs. 一季度94%）。\n目前市场共识预计标普500二季度EPS同比65.5%，纳斯达克综指EPS预计二季度同比88.9%\n\n除净利润外，标普500二季度EBIT预计较一季度继续抬升，纳斯达克略有下滑，但仍处高位\n\n板块层面，结合去年二季度的基数以及今年二季度的修复情况，当前Factset汇总的预期显示，耐用消费品、银行、原材料、资本品等板块的盈利增速领先，有望实现超过100%的盈利增长；相反，家庭用品、医疗保健设备以及公用事业预计二季度盈利增速为负。从改善幅度来看，相比一季度，耐用消费品、资本品、银行及原材料等价值板块或将改善明显，而零售、医疗保健设备、科技硬件、媒体娱乐等成长板块盈利增速或有所回落。\n耐用消费品、银行二季度EPS同比增速改善明显，但家庭用品、医疗保健与设备预计落后\n\n这一强弱关系与一季度的情形大体一致\n\n对比一季度，耐用消费品、资本品、银行、原材料等改善幅度最大，零售、多元金融、医疗保健设备等下滑\n\n二季度以来，能源板块2021e EPS预期调整幅度最大，银行、原材料等上调幅度同样显著\n\n二、关注焦点：供应瓶颈与产能利用率、资本开支\n当前美股企业所面临的问题已经不在于盈利和需求的修复，更多在于供给的释放和供需瓶颈的缓解。因此，二季度业绩期，我们需要重点关注企业产能、供应链修复、以及库存的情况，特别是管理层对于相关问题的讨论。从截至6月的月度高频数据来看，美国整体产能利用率目前为75.5%，还没有完全修复至1月75.8%的水平，尤其是受供应瓶颈影响较大的耐用消费品，目前产能利用率仅为74%，距离年初和疫情前的75%都仍有距离。\n分行业来看，相比上一轮投资周期的高点（2018年7月），当前汽车与零部件、航空交运、纸制品、石油煤炭、塑料与橡胶、金属加工等板块的产能利用率都明显偏低，特别是汽车，当前产能利用率仅为64%，6月份反而还进一步回落，这也解释了二手车价格在6月继续大幅攀升进而推动通胀走高。\n这一点从企业的资本开支情况也可以得到体现，从截止一季度的情况看，美国企业的资本开支也呈现非常分化的K型修复局面，那些需求旺盛、产能已经打满且有能力的行业资本开支修复更快，例如电商、半导体设备、生物制药等行业；相反其他行业如能源、交运、商业服务等依然落后。\n美国整体产能利用率目前为75.5%，还没有完全修复至1月75.8%的水平\n\n 尤其是受供应瓶颈影响较大的耐用消费品，目前产能利用率仅为74%\n\n汽车与零部件、航空交运、纸制品、石油煤炭、塑料与橡胶、金属加工等板块的产能利用率明显偏低\n\n特别是汽车，当前产能利用率仅为64%，6月份反而还进一步回落，这也解释了二手车价格在6月继续大幅攀升进而推动通胀走高\n\n截止一季度的情况看，美国企业的资本开支也呈现非常分化的K型修复局面\n\n三、前景展望：预期继续上修，但调整情绪边际回落；三季度环比仍有后劲\n整体来看，二季度以来市场对于美股盈利的一致预期快速上修，目前，市场预计标普5002021年EPS同比增长38.4%，2022年EPS同比增长10.9%；纳斯达克2021年EPS同比增长49.2%，2022年EPS同比上升19.0%。不过，更为敏感的盈利调整情绪（上调 vs.下调分析师数）二季度开始快速上修，但5月末开始逐步企稳，预示着盈利上修最快阶段或已过去，上修动能减缓。\n往前看，虽然二季度得益于低基数将是同比高点，但我们预计三季度环比仍有后劲，主要得益于服务性消费在三季度的进一步加速释放。目前市场预期预计三季度盈利增速24%，这也是我们对于三季度美国增长和市场依然维持积极的主要原因之一。\n二季度以来，盈利调整情绪快速上修，但5月末逐步企稳，预示着盈利上修最快阶段或已过去\n\n我们预计三季度环比仍有后劲，主要得益于服务性消费在三季度的进一步加速释放\n\n市场动态：6月通胀超预期上行，零售销售意外增长显示需求依然强劲；美债利率再创新低多头增加，美元空头大降\n►资产表现：债>股>大宗；利率再创新低，周期跑输\n过去一周毫无疑问是美国的重磅数据和事件周。在经历了超预期的6月通胀（《大超预期的通胀 vs.相对淡定的市场》）、依然鸽派的鲍威尔证词（《美联储依然不急于退出》）、超预期的零售销售但不及预期的消费者信心指数后，美股市场整体小幅收跌，金融周期跑输，同时10年美债利率再降近期新低并回落至1.29%，实际利率回落，但通胀预期抬升。全球主要资产来看，美元计价下，债>股>大宗，VIX、大豆、巴西股市、港股领涨；比特币、原油、英国股市、纳斯达克领跌。\n过去一周，美元计价下，债>股>大宗，VIX、大豆、巴西股市、港股领涨；比特币、原油、英国股市、纳斯达克领跌\n\n过去一周，公用事业、家庭用品领涨；能源、半导体、消费者服务领跌\n\n过去一周，10年美债利率较上周回落约7bps，其中实际利率回落11bps，通胀预期上升4bps\n\n过去一周，疫情受损多及周期板块相对跑输，疫情受损少板块相对跑赢\n\n►情绪仓位：Put/call比例抬升，美元空头大幅减少\n过去一周，美股看空/看多期权比例（10天平均）较上周大幅抬升，目前高于历史均值-1倍标准差。仓位方面，美元指数多头空头仓位大幅减少导致净多头大幅抬升；伴随美债利率的进一步回落，10年美债多头仓位大幅增加，2年美债空头仓位大幅减少。\nCBOE美股看空/看多期权比例（10天平均）较上周大幅抬升，目前高于历史均值-1倍标准差\n\n过去一周，欧美股市RSI点位均回落，日本及新兴抬升；布油回落\n\n过去一周，美元指数多头仓位继续增加，空头仓位大幅减少，净多头大幅抬升\n\n►资金流向：货基转为流出，股市加速流入。\n过去一周，债市流入放缓，股市加速流入，货币基金大幅流出；分市场看，美国及日本股市加速流入，发达欧洲流入放缓，以中国为代表的新兴市场转为流入。\n过去一周，债市流入放缓，股市加速流入，货币市场基金转为大幅流出\n\n过去一周，美国及日本股市加速流入，发达欧洲流入放缓，以中国为代表的新兴市场转为流入\n\n►基本面与政策：6月通胀再超预期，零售强势增长。\n6月美国通胀超预期上行，二手车和出行相关仍是主要贡献。6月CPI同比5.4%环比0.9%，均高于前值且大幅超出市场预期。其中，二手车价格环比跳升10.5%，贡献了6月CPI环比增速的三分之一，缺少芯片等因素导致的供给受限依然是主要瓶颈。此外，机票、酒店等与疫情修复开放后的出行需求相关的服务也涨幅明显，例如6月计票价格环比达2.7%。\n6月零售销售环比意外增长0.6%，高于预期的-0.3%和前值（-1.7%）。分项看，汽车与零部件零售销售环比下降2%，可能受近期供应紧缺和价格大涨拖累，但百货商店、杂货、电子和家用电器等较前月抬升。不过大超预期的零售消费被低于预期的密歇根大学消费者信心指数所抵消（7月80.8，低于前值85.5并不及预期（86.5）。与此同时，上周首申人数36.0万人，低于前值（38.6万人）但不及预期的35.0万人。\n过去一周经济数据总结\n\n美国6月CPI再超预期，同比5.4%环比0.9%，二手车和出行相关服务依然是最主要贡献\n\n美国6月零售销售环比 0.6%，高于预期的-0.3%\n\n分项看，汽车与零部件零售销售环比下降2%，但百货商店、杂货店、电子和家用电器等较前月抬升\n\n过去一周，美联储平均日度逆回购使用量仍处高位，超8000亿美元\n\n 美联储资产负债表目前规模约8.20万亿美元，较上周抬升明显\n\n►市场估值：估值略有回落。\n伴随10年美债利率上周的持续回落，当前标普500指数27.7倍静态P/E基本处于增长（6月ISM制造业PMI=60.6）和流动性（10年美债利率1.36%）能够支撑的合理水平（~27.9倍）。包括欧洲、日本、新兴在内的全球主要市场股市的估值水平均有回落，但处于历史相对高位。\n当前标普500指数12个月动态P/E微降至21.3倍，超过1990年以来均值向上一倍标准差\n\n当前标普500的27.7倍静态P/E基本处于增长和流动性能够支撑的合理水平（~27.9倍）","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1611,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142518512,"gmtCreate":1626160771436,"gmtModify":1703754543706,"author":{"id":"3571463119794412","authorId":"3571463119794412","name":"追高风","avatar":"https://static.tigerbbs.com/aa72a321bdf13eb9d23dc6dbab1ad618","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3571463119794412","idStr":"3571463119794412"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>yo....","listText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>yo....","text":"$Sundial Growers Inc.(SNDL)$yo....","images":[{"img":"https://static.tigerbbs.com/2001bc80be5cf8e5f21cb04bd375255b","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142518512","isVote":1,"tweetType":1,"viewCount":1842,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":142614762,"gmtCreate":1626145780256,"gmtModify":1703754264006,"author":{"id":"3571463119794412","authorId":"3571463119794412","name":"追高风","avatar":"https://static.tigerbbs.com/aa72a321bdf13eb9d23dc6dbab1ad618","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3571463119794412","idStr":"3571463119794412"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/COIN\">$Coinbase Global, Inc.(COIN)$</a>up","listText":"<a href=\"https://laohu8.com/S/COIN\">$Coinbase Global, Inc.(COIN)$</a>up","text":"$Coinbase Global, Inc.(COIN)$up","images":[{"img":"https://static.tigerbbs.com/00338dc69005fe8ac6362b1b53728083","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142614762","isVote":1,"tweetType":1,"viewCount":1826,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":142132694,"gmtCreate":1626135818118,"gmtModify":1703753957542,"author":{"id":"3571463119794412","authorId":"3571463119794412","name":"追高风","avatar":"https://static.tigerbbs.com/aa72a321bdf13eb9d23dc6dbab1ad618","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3571463119794412","idStr":"3571463119794412"},"themes":[],"htmlText":"Okay","listText":"Okay","text":"Okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142132694","repostId":"1153344848","repostType":4,"repost":{"id":"1153344848","kind":"news","weMediaInfo":{"introduction":"关注中国基金报，即时获取深度理财资讯","home_visible":1,"media_name":"中国基金报","id":"6","head_image":"https://static.tigerbbs.com/2b2c79a68beb44c7bc06ad7210091200"},"pubTimestamp":1626135503,"share":"https://ttm.financial/m/news/1153344848?lang=&edition=fundamental","pubTime":"2021-07-13 08:18","market":"hk","language":"zh","title":"为了芯片！刚刚，1.7万亿美团也出手了！","url":"https://stock-news.laohu8.com/highlight/detail?id=1153344848","media":"中国基金报","summary":"半导体板块已成为今年最火爆的概念，A股来看，半导体指数自3月底以来，便暴涨近57%，不少个股沾上“半导体”概念都大涨。\n\n最新消息，王兴也出手了！美团旗下及关联公司双双入股半导体公司！\n王兴出手\n投资","content":"<div>\n<p>半导体板块已成为今年最火爆的概念，A股来看，半导体指数自3月底以来，便暴涨近57%，不少个股沾上“半导体”概念都大涨。\n\n最新消息，王兴也出手了！美团旗下及关联公司双双入股半导体公司！\n王兴出手\n投资半导体企业\n天眼查显示，近日，上海智砹芯半导体科技有限公司进行了B轮融资，美团关联公司酷讯科技、美团产业基金美团龙珠均在投资方上出现。\n此外，投资方还有旺泰恒辉投资基金、天创资本、耀途资本GGV纪源...</p>\n\n<a href=\"None\">Web Link</a>\n\n</div>\n","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>为了芯片！刚刚，1.7万亿美团也出手了！</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n为了芯片！刚刚，1.7万亿美团也出手了！\n</h2>\n\n<h4 class=\"meta\">\n\n2021-07-13 08:18 北京时间&nbsp;&nbsp;&nbsp;<strong>中国基金报</strong>\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>半导体板块已成为今年最火爆的概念，A股来看，半导体指数自3月底以来，便暴涨近57%，不少个股沾上“半导体”概念都大涨。\n\n最新消息，王兴也出手了！美团旗下及关联公司双双入股半导体公司！\n王兴出手\n投资半导体企业\n天眼查显示，近日，上海智砹芯半导体科技有限公司进行了B轮融资，美团关联公司酷讯科技、美团产业基金美团龙珠均在投资方上出现。\n此外，投资方还有旺泰恒辉投资基金、天创资本、耀途资本GGV纪源...</p>\n\n<a href=\"None\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e1238455e09ac8d1135014cb37eb0f4d","relate_stocks":{"159813":"芯片","03690":"美团-W","QNETCN":"纳斯达克中美互联网老虎指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153344848","content_text":"半导体板块已成为今年最火爆的概念，A股来看，半导体指数自3月底以来，便暴涨近57%，不少个股沾上“半导体”概念都大涨。\n\n最新消息，王兴也出手了！美团旗下及关联公司双双入股半导体公司！\n王兴出手\n投资半导体企业\n天眼查显示，近日，上海智砹芯半导体科技有限公司进行了B轮融资，美团关联公司酷讯科技、美团产业基金美团龙珠均在投资方上出现。\n此外，投资方还有旺泰恒辉投资基金、天创资本、耀途资本GGV纪源资本、冯源资本。\n\n酷讯科技、美团龙珠均为美团旗下或者关联企业。北京酷讯科技有限公司由Xigua Limited全资持股，美团联合创始人穆荣均任执行董事。\n同时，上海智砹芯半导体科技发生工商变更，新增美团关联公司北京酷讯科技有限公司等为股东，同时公司注册资本由约1.75亿人民币增至约2.05亿人民币。\n\n资料显示，爱芯科技致力于高性能、低功耗人工智能处理器芯片研发，基于算法、芯片、产品的垂直整合，为合作伙伴提供全栈式解决方案，帮助客户实现最新技术快速落地。爱芯自主研发面向推理加速的神经网络处理器IP，集强大算力与超低功耗于一体，可支持物体检测、人脸识别等多种视觉任务开发，广泛应用于智慧城市，智慧零售、智能社区、智能家居、物联网设备等多个领域。\n此前投出喜茶、理想等爆款项目\n又完成了50亿元第二期基金募资\n据悉，目前，龙珠投资、美团战投以及王兴的个人投资，已经成为美团投资的“三驾马车”。此外，王兴还通过“上海汉创投资管理有限公司”和源码资本两条路径，成为辰海资本一家投资主体的最终受益人。从收益的角度看，投资业务也能赋能整个美团生态。\n其中，本次出现在爱芯科技的龙珠投资，资料显示，龙珠是美团首次发起设立美团产业基金。 美团产业基金的另一大特色是设立专业的战略顾问团队和投后管理，由王兴带队，同时包括王慧文等美团的核心管理团队。\n首期基金于 2018 年募集 20 亿元，出资人有美团、腾讯、招商资本局母基金等。\n据悉，首期基金将重点投资大消费领域C轮以前的项目投资，投资方向包括to B及to C，具体包括餐饮、零售、及酒店旅游、休闲娱乐等本地生活服务领域，单个项目的投资金额会在3000万人民币到1亿人民币之间。\n据悉，首期基金，美团龙珠资本与高瓴资本联合领投蜜雪冰城；独家投资喜茶的 B 轮融资；参与了理想汽车的 C 轮融资。现在理想汽车已经美股上市，市值 238 亿美元；蜜雪冰城也被传将于今年登陆 A 股，目前估值超 200 亿元；据多名投资人透露，目前还没有明确上市计划的喜茶，估值已达到 330 亿元。新茶饮品牌古茗奶茶，美团龙珠资本也是最大外部投资人。\n除了上述项目之外，美团龙珠资本还投资了谊品生鲜、Swiggy（印度外卖平台）、乐禾食品和幸福西饼等品牌。\n\n第二期基金近50亿元的融资在3月份举行，基石投资者中包括美团和腾讯。在完成第二期募资的同时，美团龙珠投资委员会迎来一位新的合伙人于红，成为美团龙珠投资委员会的第四位成员。\n于红先后任职于华兴资本、 GGV 纪源资本，其领域偏向科技互联网行业。在纪源资本任执行董事期间，她的投资成果包括作业帮、Musical.ly 和火花思维。\n据了解，第二期的 50 亿元除了用于继续深耕大消费的同时，将往物流等领域拓展。此前，外界曾将美团龙珠资本称为 “美团战投二部”，但在增加新的投资方向后，二者的区别会更明显。\n而王兴执掌的美团，最新市值为1.74万亿港元。","news_type":1,"symbols_score_info":{"159813":0.9,"03690":0.9,"QNETCN":0.9}},"isVote":1,"tweetType":1,"viewCount":2099,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156277654,"gmtCreate":1625228094378,"gmtModify":1703738833041,"author":{"id":"3571463119794412","authorId":"3571463119794412","name":"追高风","avatar":"https://static.tigerbbs.com/aa72a321bdf13eb9d23dc6dbab1ad618","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3571463119794412","idStr":"3571463119794412"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/COIN\">$Coinbase Global, Inc.(COIN)$</a>up","listText":"<a href=\"https://laohu8.com/S/COIN\">$Coinbase Global, Inc.(COIN)$</a>up","text":"$Coinbase Global, Inc.(COIN)$up","images":[{"img":"https://static.tigerbbs.com/abf5b97cfa23a6657048517ffa9190ba","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/156277654","isVote":1,"tweetType":1,"viewCount":2213,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":151266730,"gmtCreate":1625095327420,"gmtModify":1703735882106,"author":{"id":"3571463119794412","authorId":"3571463119794412","name":"追高风","avatar":"https://static.tigerbbs.com/aa72a321bdf13eb9d23dc6dbab1ad618","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3571463119794412","idStr":"3571463119794412"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/COIN\">$Coinbase Global, Inc.(COIN)$</a>up","listText":"<a href=\"https://laohu8.com/S/COIN\">$Coinbase Global, Inc.(COIN)$</a>up","text":"$Coinbase Global, Inc.(COIN)$up","images":[{"img":"https://static.tigerbbs.com/0ed344f2d3124903839e4bae537fbf02","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/151266730","isVote":1,"tweetType":1,"viewCount":1954,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":124671628,"gmtCreate":1624764650364,"gmtModify":1703844717334,"author":{"id":"3571463119794412","authorId":"3571463119794412","name":"追高风","avatar":"https://static.tigerbbs.com/aa72a321bdf13eb9d23dc6dbab1ad618","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3571463119794412","idStr":"3571463119794412"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/COIN\">$Coinbase Global, Inc.(COIN)$</a>hold","listText":"<a href=\"https://laohu8.com/S/COIN\">$Coinbase Global, Inc.(COIN)$</a>hold","text":"$Coinbase Global, Inc.(COIN)$hold","images":[{"img":"https://static.tigerbbs.com/ed4b5831e215adf398d8e80a613b2449","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/124671628","isVote":1,"tweetType":1,"viewCount":1741,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}