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飞鸟跌穴298884
五阴由因缘和合而生,既是缘生,便无常而多苦。若能如实了知五阴非我、非我所,亦非他人之物,则当远离对五阴的执取与贪爱。断除贪爱,便能解脱众苦,得自在安稳之道。
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飞鸟跌穴298884
飞鸟跌穴298884
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2021-08-02
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飞鸟跌穴298884
飞鸟跌穴298884
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2021-07-29
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Why do you still get infected after vaccination? How to understand the effectiveness of vaccines
95%的疫苗效力并不意味着疫苗能保护95%的人,而其他5%的人会感染病毒。
Why do you still get infected after vaccination? How to understand the effectiveness of vaccines
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飞鸟跌穴298884
飞鸟跌穴298884
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2021-07-14
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US inflation remains high, and the time has come to test the Federal Reserve.
美国6月物价再度爆表,美联储的“通胀暂时论”还能否站得住脚,以及货币政策将如何作出应对,成为市场关注的焦点。北京时间周二晚间公布的数据显示,美国6月CPI及核心CPI环比、同比均高于预期及前值,多项数据创新高。今年以来,美国通胀节节走高,但美联储一直坚称物价上涨只是“暂时的”,随着疫情封锁进一步放松、供应赶上被压抑的需求,通胀将消退。当地时间周三和周四,美联储主席鲍威尔将接受国会议员的质询。
US inflation remains high, and the time has come to test the Federal Reserve.
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飞鸟跌穴298884
飞鸟跌穴298884
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2021-07-09
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飞鸟跌穴298884
飞鸟跌穴298884
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2021-06-30
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飞鸟跌穴298884
飞鸟跌穴298884
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2021-06-26
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Xiaomi's entry into car manufacturing has led to a new "hierarchy of contempt" for job seekers in the automotive industry.
一边是科技造车企业高薪招聘的信息不断更新,一边却是大量求职人员被拒之门外。“小米们”到底在找什么样的人?王珂在向这些科技造车企业求职时的感受,“传统车企好像就是传统守旧、思想僵化的代名词。”随着以小米为代表的科技企业入局造车,它们重金“招兵买马”的消息不断传出,这似乎让汽车从业人员有了更多“跳槽”的机会。
Xiaomi's entry into car manufacturing has led to a new "hierarchy of contempt" for job seekers in the automotive industry.
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飞鸟跌穴298884
飞鸟跌穴298884
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2021-06-24
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飞鸟跌穴298884
飞鸟跌穴298884
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2021-06-24
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Big reveal: Windows 11 is coming tonight! What updates can we see?
被微软CEO纳德拉称之为Windows十年来“最重要的更新”即将到来。
Big reveal: Windows 11 is coming tonight! What updates can we see?
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飞鸟跌穴298884
飞鸟跌穴298884
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2021-06-23
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5 trillion funds "hide" to the Federal Reserve, and the turning point of global liquidity is coming!
“水漫金山”已经成为现实,美国资本市场上泛滥的资金正面临着无处可去的境地。
5 trillion funds "hide" to the Federal Reserve, and the turning point of global liquidity is coming!
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飞鸟跌穴298884
飞鸟跌穴298884
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2021-06-19
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An 18-fold increase in 10 years! Did you miss out on the generous dividends in tech stocks?
港股科技股市值近10年来呈井喷之势,恒生资讯科技业指数市值由10年前(2011年6月)不足1万亿元,10年间暴增1800%至超17万亿元,并一举超过恒生金融业指数15.73万亿元的市值的市值,雄踞港股
An 18-fold increase in 10 years! Did you miss out on the generous dividends in tech stocks?
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13:52","market":"us","language":"zh","title":"Why do you still get infected after vaccination? How to understand the effectiveness of vaccines","url":"https://stock-news.laohu8.com/highlight/detail?id=2155977655","media":"华尔街见闻","summary":"95%的疫苗效力并不意味着疫苗能保护95%的人,而其他5%的人会感染病毒。","content":"<p>As the variant virus rages, the COVID-19 epidemic is showing a resurgence in the world. What's even more disturbing is that many confirmed cases are people who have been vaccinated.</p><p>For example, Chinese-American gymnast Kara Eaker and U.K. Health Secretary Sajid Javid both tested positive for COVID after being vaccinated, and both were diagnosed with \"Breakthrough infections\".</p><p>So what exactly is a breakthrough infection? Why do you still get infected after vaccination? How widespread and dangerous is this phenomenon? Sanjay Mishra, project coordinator and staff scientist at Vanderbilt University Medical Center in the United States, recently interpreted these questions.</p><p><h2>What is a breakthrough infection?</h2>When people are infected after being vaccinated, scientists call the cases \"breakthrough\" infections because the virus breaches the protective barrier provided by the vaccine.</p><p><b>Be aware that all vaccines are not 100% effective.</b>For example, vaccines to protect children from polio are around 80 to 90 percent effective, and measles vaccines are 94 percent effective.</p><p>In terms of COVID-19 vaccines, according to clinical trials,<a href=\"https://laohu8.com/S/PFE\">Pfizer</a>/BioNTech and Moderna's mRNA vaccines were 94%-95% effective, which is higher than expected.</p><p><h2>How to understand the effectiveness of vaccines?</h2>95% vaccine efficacy does not mean that the vaccine protects 95% of people, while the other 5% will contract the virus.</p><p>Vaccine effectiveness measures relative risk by comparing a group of vaccinated people to a group of unvaccinated people under the same exposure conditions. Assuming 100 infections per 10,000 unvaccinated people during a three-month clinical trial and, at the same time, 5 infections per 10,000 vaccinated people, the effectiveness of the vaccine is 95%.</p><p><b>That is, the vaccine protects 95% of those 100 (unvaccinated and sure to be infected) people, not 95% of the entire 10,000.</b></p><p><h2><b>How common is the phenomenon of breakthrough infections?</b></h2>With the spread of the Delta variant, breakthrough infections have emerged slightly more frequently than expected.<b>But in vaccinated people, infections remain very rare and often result in mild or asymptomatic.</b></p><p>For example, between January 1 and April 30, 2021, 10,262 breakthrough infections were reported to the Centers for Disease Control and Prevention in 46 U.S. states and territories. This compares with 11.8 million confirmed cases in the same period. As of July 19, 2021, more than 159 million people across the U.S. have been vaccinated against COVID, with 5,914 hospitalized or dead due to breakthrough infections.</p><p>Additionally, a study conducted between Dec. 15, 2020, and March 31, 2021, showed that out of 258,716 veterans who received two doses of either Pfizer or Moderna vaccines, 410 experienced breakthrough infections, or 0.16% of the total.</p><p>Similarly, a study in New York found 86 breakthrough infections between February 1 and April 30, 2021, among 126,367 people who were fully vaccinated, mostly mRNA vaccines, which represents 1.2% of the total number of cases and 0.07% of the fully vaccinated population.</p><p><h2>How serious are breakthrough infections?</h2>The Centers for Disease Control and Prevention (CDC) defines a vaccine breakthrough infection as a nasal swab that can detect SARS-CoV-2 RNA or protein more than 14 days after completing the full recommended dose of an FDA-authorized COVID-19 vaccine.</p><p>It is important to note that a breakthrough infection does not necessarily mean that the patient is feeling unwell — in fact, 27% of breakthrough infection cases reported to the U.S. CDC are asymptomatic. It is understood that only 10% of breakthrough infected people were hospitalized (some due to reasons other than COVID) and 2% died. By contrast, in the spring of 2020, when vaccinations had not yet been opened, more than 6% of confirmed infections were fatal.</p><p>In a study conducted at a U.S. military treatment facility, these breakthrough infections did not lead to hospitalization.<b>In another study, vaccinated recipients who tested positive for COVID-19 had a quarter less of the virus in their bodies after just one dose of the Pfizer vaccine than those who were unvaccinated and tested positive.</b></p><p><h2>Under what circumstances are breakthrough infections prone to occur?</h2>In community cluster transmission, the probability of breakthrough infection is higher.</p><p>Infection is more likely in situations of close contact, such as in cramped workspaces, parties, restaurants or stadiums. Breakthrough infections are also more likely to occur among healthcare workers who have frequent contact with infected patients.</p><p><b>Gender, age, and physical condition also affect the chance of infection.</b></p><p>Women account for 63% of breakthrough infections, according to the U.S. CDC, and the reasons are unknown. Some smaller studies have also determined that women account for a larger proportion of breakthrough cases.</p><p>Vaccines trigger a weaker immune response in older adults, and the chance of breakthrough infections increases as we age. Of the breakthrough cases tracked by the CDC, 75% occurred in patients 65 and older.</p><p>Immunocompromised or having underlying conditions such as high blood pressure, diabetes, heart disease, chronic kidney and lung disease, and cancer can increase the chances of breakthrough infections and can lead to severe illness.</p><p>For example, in one study, fully vaccinated organ transplant recipients were 82 times more likely to develop a breakthrough infection and had a 485 times higher risk of hospitalization and death after a breakthrough infection compared to the vaccinated general population.</p><p><h2>How big is the impact of the Delta variant?</h2>Existing vaccines are primarily targeted at earlier strains, while new variants, including Delta, are better at dodging antibodies produced by current vaccines. While existing vaccines remain effective, they have been less effective.</p><p>According to Public Health England, the two-dose mRNA vaccine is just 79 per cent effective against Delta and 89 per cent effective against early-stage Alpha. The single-dose vaccine was only 35% effective against the Delta strain.</p><p>In Israel, which has a high vaccination rate, full vaccination with the Pfizer vaccine is only 39%-40.5% effective in preventing severe illness caused by the Delta variant, far below the early estimate of 90%.</p><p>The Israeli findings suggest that within 6 months, vaccines decrease in effectiveness in preventing infections and symptomatic diseases.<b>The good news, though, is that vaccines are still very effective at preventing hospitalizations (88%) and severe illness (91.4%) caused by the Delta strain.</b></p><p><h2>Just how effective is the vaccine?</h2>As of the end of July 2021, 49.1% of the U.S. population, or just over 163 million people, was fully vaccinated. Nearly 90% of Americans over age 65 have received at least one dose of the vaccine.</p><p>Scientists' models suggest that vaccination may have saved roughly 279,000 lives and prevented as many as 1.25 million hospitalizations in the United States by the end of June 2021. In the UK, the vaccine may have prevented about 30,300 deaths, 46,300 hospitalizations and 8.15 million infections. In Israel, high vaccination rates are cited as the main reason driving a 77 percent drop in the country's case numbers at the peak of the larger pandemic and a 68 percent drop in hospitalizations.</p><p><b>In the United States, only 150 of the more than 18,000 people who died due to COVID-19 in May were vaccinated.</b></p><p>As Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, puts it, the United States is becoming \"almost like two Americas,\" split between vaccinated and unvaccinated. Those who are not fully vaccinated are still at risk from the coronavirus.</p>","source":"wallstreetcn_api","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>Why do you still get infected after vaccination? How to understand the effectiveness of vaccines</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy do you still get infected after vaccination? How to understand the effectiveness of vaccines\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-29 13:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As the variant virus rages, the COVID-19 epidemic is showing a resurgence in the world. What's even more disturbing is that many confirmed cases are people who have been vaccinated.</p><p>For example, Chinese-American gymnast Kara Eaker and U.K. Health Secretary Sajid Javid both tested positive for COVID after being vaccinated, and both were diagnosed with \"Breakthrough infections\".</p><p>So what exactly is a breakthrough infection? Why do you still get infected after vaccination? How widespread and dangerous is this phenomenon? Sanjay Mishra, project coordinator and staff scientist at Vanderbilt University Medical Center in the United States, recently interpreted these questions.</p><p><h2>What is a breakthrough infection?</h2>When people are infected after being vaccinated, scientists call the cases \"breakthrough\" infections because the virus breaches the protective barrier provided by the vaccine.</p><p><b>Be aware that all vaccines are not 100% effective.</b>For example, vaccines to protect children from polio are around 80 to 90 percent effective, and measles vaccines are 94 percent effective.</p><p>In terms of COVID-19 vaccines, according to clinical trials,<a href=\"https://laohu8.com/S/PFE\">Pfizer</a>/BioNTech and Moderna's mRNA vaccines were 94%-95% effective, which is higher than expected.</p><p><h2>How to understand the effectiveness of vaccines?</h2>95% vaccine efficacy does not mean that the vaccine protects 95% of people, while the other 5% will contract the virus.</p><p>Vaccine effectiveness measures relative risk by comparing a group of vaccinated people to a group of unvaccinated people under the same exposure conditions. Assuming 100 infections per 10,000 unvaccinated people during a three-month clinical trial and, at the same time, 5 infections per 10,000 vaccinated people, the effectiveness of the vaccine is 95%.</p><p><b>That is, the vaccine protects 95% of those 100 (unvaccinated and sure to be infected) people, not 95% of the entire 10,000.</b></p><p><h2><b>How common is the phenomenon of breakthrough infections?</b></h2>With the spread of the Delta variant, breakthrough infections have emerged slightly more frequently than expected.<b>But in vaccinated people, infections remain very rare and often result in mild or asymptomatic.</b></p><p>For example, between January 1 and April 30, 2021, 10,262 breakthrough infections were reported to the Centers for Disease Control and Prevention in 46 U.S. states and territories. This compares with 11.8 million confirmed cases in the same period. As of July 19, 2021, more than 159 million people across the U.S. have been vaccinated against COVID, with 5,914 hospitalized or dead due to breakthrough infections.</p><p>Additionally, a study conducted between Dec. 15, 2020, and March 31, 2021, showed that out of 258,716 veterans who received two doses of either Pfizer or Moderna vaccines, 410 experienced breakthrough infections, or 0.16% of the total.</p><p>Similarly, a study in New York found 86 breakthrough infections between February 1 and April 30, 2021, among 126,367 people who were fully vaccinated, mostly mRNA vaccines, which represents 1.2% of the total number of cases and 0.07% of the fully vaccinated population.</p><p><h2>How serious are breakthrough infections?</h2>The Centers for Disease Control and Prevention (CDC) defines a vaccine breakthrough infection as a nasal swab that can detect SARS-CoV-2 RNA or protein more than 14 days after completing the full recommended dose of an FDA-authorized COVID-19 vaccine.</p><p>It is important to note that a breakthrough infection does not necessarily mean that the patient is feeling unwell — in fact, 27% of breakthrough infection cases reported to the U.S. CDC are asymptomatic. It is understood that only 10% of breakthrough infected people were hospitalized (some due to reasons other than COVID) and 2% died. By contrast, in the spring of 2020, when vaccinations had not yet been opened, more than 6% of confirmed infections were fatal.</p><p>In a study conducted at a U.S. military treatment facility, these breakthrough infections did not lead to hospitalization.<b>In another study, vaccinated recipients who tested positive for COVID-19 had a quarter less of the virus in their bodies after just one dose of the Pfizer vaccine than those who were unvaccinated and tested positive.</b></p><p><h2>Under what circumstances are breakthrough infections prone to occur?</h2>In community cluster transmission, the probability of breakthrough infection is higher.</p><p>Infection is more likely in situations of close contact, such as in cramped workspaces, parties, restaurants or stadiums. Breakthrough infections are also more likely to occur among healthcare workers who have frequent contact with infected patients.</p><p><b>Gender, age, and physical condition also affect the chance of infection.</b></p><p>Women account for 63% of breakthrough infections, according to the U.S. CDC, and the reasons are unknown. Some smaller studies have also determined that women account for a larger proportion of breakthrough cases.</p><p>Vaccines trigger a weaker immune response in older adults, and the chance of breakthrough infections increases as we age. Of the breakthrough cases tracked by the CDC, 75% occurred in patients 65 and older.</p><p>Immunocompromised or having underlying conditions such as high blood pressure, diabetes, heart disease, chronic kidney and lung disease, and cancer can increase the chances of breakthrough infections and can lead to severe illness.</p><p>For example, in one study, fully vaccinated organ transplant recipients were 82 times more likely to develop a breakthrough infection and had a 485 times higher risk of hospitalization and death after a breakthrough infection compared to the vaccinated general population.</p><p><h2>How big is the impact of the Delta variant?</h2>Existing vaccines are primarily targeted at earlier strains, while new variants, including Delta, are better at dodging antibodies produced by current vaccines. While existing vaccines remain effective, they have been less effective.</p><p>According to Public Health England, the two-dose mRNA vaccine is just 79 per cent effective against Delta and 89 per cent effective against early-stage Alpha. The single-dose vaccine was only 35% effective against the Delta strain.</p><p>In Israel, which has a high vaccination rate, full vaccination with the Pfizer vaccine is only 39%-40.5% effective in preventing severe illness caused by the Delta variant, far below the early estimate of 90%.</p><p>The Israeli findings suggest that within 6 months, vaccines decrease in effectiveness in preventing infections and symptomatic diseases.<b>The good news, though, is that vaccines are still very effective at preventing hospitalizations (88%) and severe illness (91.4%) caused by the Delta strain.</b></p><p><h2>Just how effective is the vaccine?</h2>As of the end of July 2021, 49.1% of the U.S. population, or just over 163 million people, was fully vaccinated. Nearly 90% of Americans over age 65 have received at least one dose of the vaccine.</p><p>Scientists' models suggest that vaccination may have saved roughly 279,000 lives and prevented as many as 1.25 million hospitalizations in the United States by the end of June 2021. In the UK, the vaccine may have prevented about 30,300 deaths, 46,300 hospitalizations and 8.15 million infections. In Israel, high vaccination rates are cited as the main reason driving a 77 percent drop in the country's case numbers at the peak of the larger pandemic and a 68 percent drop in hospitalizations.</p><p><b>In the United States, only 150 of the more than 18,000 people who died due to COVID-19 in May were vaccinated.</b></p><p>As Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, puts it, the United States is becoming \"almost like two Americas,\" split between vaccinated and unvaccinated. Those who are not fully vaccinated are still at risk from the coronavirus.</p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"https://wallstreetcn.com/articles/3636611\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6e474d690ea02c536f0fd4c03fc3ddef","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3636611","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2155977655","content_text":"随着变种病毒肆虐,新冠疫情在全球呈现复燃之势。更让人感到不安的是,有不少确诊病例是已经接种过疫苗的人群。\n例如,美国华裔体操运动员卡拉·埃克(Kara Eaker)和英国卫生大臣赛义德·贾维德(Sajid Javid)都是在接种疫苗后,被检测出新冠阳性,均被诊断为“突破性感染”(Breakthrough Infection)。\n那么到底什么是突破性感染?为何接种疫苗后仍会感染?这种现象有多普遍,又有多危险呢?美国范德堡大学医学中心项目协调员和员工科学家Sanjay Mishra近日对这些问题作出解读。\n什么是突破性感染?\n当人们在接种疫苗后被感染时,科学家称这些病例为“突破性”感染,因为病毒突破了疫苗提供的保护屏障。\n要知道所有的疫苗都不是100%有效的。例如,保护儿童免受脊髓灰质炎侵害的疫苗有效率在80%到90%左右,麻疹疫苗的有效率为94%。\n在新冠疫苗方面,据临床试验,辉瑞/BioNTech和Moderna的mRNA疫苗的有效性为94%-95%,该数值高于预期值。\n如何理解疫苗有效率?\n95%的疫苗效力并不意味着疫苗能保护95%的人,而其他5%的人会感染病毒。\n疫苗有效性衡量的是相对风险,即在相同的暴露条件下,将一组接种疫苗的人与一组未接种疫苗的人进行比较。假设在一个为期三个月的临床试验期间,每10000名未接种疫苗的人中有100人感染,同时,每10000名接种疫苗的人中有5人感染,那么疫苗的有效性为95%。\n也就是说,疫苗保护的是这100个(没接种疫苗且确定会感染)人群的95%,而不是整个10000人群的95%。\n突破性感染的现象有多普遍?\n随着Delta变种病毒的蔓延,突破性感染出现的频率略有些高于预期。但在已接种疫苗人群中,感染仍然非常罕见,且通常导致轻微或无症状。\n例如,在2021年1月1日至4月30日期间,美国46个州和地区向美国疾病控制与预防中心报告了10262例突破性感染。相比之下,同期共有1180万例确诊病例。截至2021年7月19日,美国全国已有1.59亿多人接种了新冠疫苗,其中5914人因突破性感染住院或死亡。\n此外, 2020年12月15日至2021年3月31日期间开展的一项研究显示,在258716名接受了辉瑞或Moderna两剂疫苗的退伍军人中,410人出现了突破性感染,占总数的0.16%。\n同样,纽约的一项研究发现,在2021年2月1日至4月30日期间,在126367名全面接种疫苗(主要是mRNA疫苗)的人中,出现了86例突破性感染,这占病例总数的1.2%,占完全接种人群的0.07%。\n突破性感染有多严重?\n美国疾病控制与预防中心(CDC)将疫苗突破性感染定义为,在完成FDA授权的COVID-19疫苗的全部推荐剂量后14天以上,鼻拭子可以检测到SARS-CoV-2 RNA或蛋白质。\n需要注意的是,突破性感染并不一定意味着患者感到不适——事实上,向美国CDC报告的突破性感染病例中,27%是无症状的。据了解,只有10%的突破感染者住院(有些是由于新冠以外的原因),2%的人死亡。相比之下,在尚未开启疫苗接种的2020年春季,超过6%的确诊感染是致命的。\n在美国军事治疗设施进行的一项研究中,这些突破性感染没有导致住院治疗。在另一项研究中,仅注射一剂辉瑞疫苗后,COVID-19检测呈阳性的接种者体内的病毒含量比未接种且检测呈阳性的人少四分之一。\n什么情况下容易发生突破性感染?\n社区聚集性传播中,出现突破性感染的机率较大。\n在近距离接触的情况下,如在狭窄的工作空间、聚会、餐厅或体育场,感染可能性更大。突破性感染也更有可能发生在经常接触受感染患者的医务工作者中。\n性别、年龄、身体状况也都会影响感染机率。\n美国CDC的数据显示,突破性感染中女性占63%,原因尚不清楚。一些规模较小的研究也确定女性在突破性病例中占比较大。\n疫苗在老年人中引发的免疫反应较弱,而且随着年龄的增长,突破性感染的机会越来越高。在CDC追踪的突破性病例中,75%发生在65岁及以上的患者中。\n免疫功能低下或有高血压、糖尿病、心脏病、慢性肾脏和肺部疾病以及癌症等潜在疾病,会增加突破性感染的机会,并可能导致重症。\n例如,在一项研究中,与接种过疫苗的普通人群相比,完全接种过疫苗的器官移植受者发生突破性感染的可能性高82倍,突破性感染后住院和死亡的风险高485倍。\nDelta变种病毒的影响有多大?\n现有的疫苗主要是针对早期的毒株,而包括Delta在内的新变种更擅长于躲避目前疫苗产生的抗体。虽然现有疫苗仍然有效,但有效性有所降低。\n根据英国公共卫生部的数据,两剂mRNA疫苗预防Delta病毒的有效性仅为79%,而对早期Alpha病毒的有效性为89%。单剂疫苗对Delta毒株的有效性仅为35%。\n在接种率较高的以色列,完全接种辉瑞疫苗后,对于预防Delta变种导致重症的有效率仅为39%-40.5%,远低于早期估计的90%。\n以色列的研究结果表明,在6个月内,疫苗预防感染和症状性疾病的效力会下降。不过,好消息是,疫苗在预防由Delta毒株导致的住院(88%)和重症(91.4%)方面仍然非常有效。\n疫苗效果到底怎么样?\n截至2021年7月底,49.1%的美国人口,即略超过1.63亿人,已全面接种疫苗。近90%的65岁以上的美国人至少接种过一剂疫苗。\n科学家的模型表明,截至2021年6月底,疫苗接种可能挽救了美国大约27.9万人的生命,防止了多达125万人住院治疗。在英国,疫苗可能预防了约30300例死亡、46300例住院和815万例感染。在以色列,高接种率被认为是推动该国病例数较大流行高峰时下降77%,住院人数下降68%的主要原因。\n在美国,5月份因新冠肺炎死亡的1.8万多人中,只有150人接种了疫苗。\n正如美国国家过敏症和传染病研究所所长安东尼·福奇(Anthony Fauci)所说,美国正变得“几乎像两个美国”,分为接种疫苗和未接种疫苗两部分。那些没有完全接种疫苗的人仍然面临来自冠状病毒的风险。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":6509,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144020889,"gmtCreate":1626254764641,"gmtModify":1703756424849,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/144020889","repostId":"2151593458","repostType":4,"repost":{"id":"2151593458","kind":"highlight","pubTimestamp":1626228999,"share":"https://ttm.financial/m/news/2151593458?lang=en_US&edition=fundamental","pubTime":"2021-07-14 10:16","market":"us","language":"zh","title":"US inflation remains high, and the time has come to test the Federal Reserve.","url":"https://stock-news.laohu8.com/highlight/detail?id=2151593458","media":"华尔街见闻","summary":"美国6月物价再度爆表,美联储的“通胀暂时论”还能否站得住脚,以及货币政策将如何作出应对,成为市场关注的焦点。北京时间周二晚间公布的数据显示,美国6月CPI及核心CPI环比、同比均高于预期及前值,多项数据创新高。今年以来,美国通胀节节走高,但美联储一直坚称物价上涨只是“暂时的”,随着疫情封锁进一步放松、供应赶上被压抑的需求,通胀将消退。当地时间周三和周四,美联储主席鲍威尔将接受国会议员的质询。","content":"<p>U.S. prices surged again in June, raising questions about whether the Federal Reserve's \"temporary inflation theory\" remains tenable and how monetary policy will respond.</p><p>Data released Tuesday evening Beijing time showed that the U.S. CPI and core CPI in June were both higher than expected and year-on-year, with several data points reaching new highs. The CPI rose 5.4% year-on-year, the highest increase since August 2008, far exceeding the 5% increase in May and the 4.9% increase previously predicted by economists.</p><p><img src=\"https://static.tigerbbs.com/a1c1b19fafe4fccf8df811ab9531e0be\" tg-width=\"525\" tg-height=\"313\" referrerpolicy=\"no-referrer\"></p><p>(Image source: Zerohedge)</p><p>Industries directly affected by the pandemic saw the largest price increases, with travel-related expenses such as airfares soaring, and semiconductor shortages also leading to a surge in used car prices. Data from the U.S. Bureau of Labor Statistics shows that used car prices rose 10.5% month-over-month in June, contributing one-third of the CPI increase last month.</p><p>Following the data release, market expectations for Federal Reserve rate hike surged, US Treasury yields jumped during the session, and the yield curve flattened. Amid the threat of inflation, the US dollar strengthened further, approaching a three-month high.</p><p><img src=\"https://static.tigerbbs.com/41e83a31c11d1be5a229daf643f2d3ae\" tg-width=\"1088\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>(Image source: Zerohedge)</p><p><h2>Challenges Facing the Fed</h2>U.S. inflation has been rising steadily this year, but the Federal Reserve has consistently insisted that the price increases are only \"temporary\" and that inflation will subside as pandemic lockdowns are further eased and supply catches up with pent-up demand.</p><p><img src=\"https://static.tigerbbs.com/1ce1f249aafa91beb78c3bda811d915d\" tg-width=\"1083\" tg-height=\"633\" referrerpolicy=\"no-referrer\"></p><p>At the FOMC meeting in June, the Federal Reserve predicted that its favored core inflation gauge would rise by 3% this year and fall back to 2.1% in 2022.</p><p>Regarding monetary policy, the Federal Reserve released an unexpectedly hawkish signal last month, hinting at two rate hike in 2023. The meeting minutes show that the Federal Reserve has begun discussing the Taper issue, but a consensus could not be reached, and discussions will continue in the future.</p><p>However, Tuesday's unexpectedly high inflation data could put pressure on the Federal Reserve, forcing it to consider reducing asset purchases at a faster pace than previously expected, thereby slowing monetary stimulus.</p><p>St. Louis Federal Reserve Bank President Bullard said on Tuesday that with the U.S. economy growing at a rate of 7% and the pandemic being better controlled, it is now time to remove the Fed's stimulus measures. Bullard has always been known as a \"dove,\" and his hawkish remarks have attracted a lot of attention from the market.</p><p>But the president of the New York Federal Reserve<a href=\"https://laohu8.com/S/WMB\">Williams</a>The U.S. economy has not yet met the conditions for the Federal Reserve to reduce its asset purchases, it said on Monday. San Francisco Federal Reserve President Daly also warned last Friday that exiting the stimulus program too early would pose significant risks due to the continued spread of the Delta variant.</p><p>On Wednesday and Thursday local time, Federal Reserve Chairman Jerome Powell will be questioned by members of Congress. Investors will be closely watching whether Powell signals that he will begin discussions on tapering asset purchases at the Federal Reserve meeting in July.</p><p><a href=\"https://laohu8.com/S/ING\">Dutch International</a>James Knightley, chief international economist at ING Group, said the Federal Reserve seems to have no reason to continue its $120 billion monthly asset purchases in quantitative easing, and we will look for hints about an impending tapering from Powell's testimony and the Jackson Hole meeting in August.</p><p><a href=\"https://laohu8.com/S/WFC\">Wells Fargo Bank</a>Analysts wrote in a report on Tuesday that if the Federal Reserve sticks to its average inflation target and the timing of the rate hike exceeds market expectations, it could mean that interest rate volatility will intensify in the future.</p><p>Wells Fargo analysts point out that the Federal Reserve will face more challenges in communication in the future. On the one hand, it hopes to remain patient, and on the other hand, the market does not seem to be \"buying into\" the Fed's new strategy for dealing with inflation. These contradictions should exacerbate future volatility in the macroeconomic market.</p>","source":"wallstreetcn_api","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>US inflation remains high, and the time has come to test the Federal Reserve.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS inflation remains high, and the time has come to test the Federal Reserve.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-14 10:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. prices surged again in June, raising questions about whether the Federal Reserve's \"temporary inflation theory\" remains tenable and how monetary policy will respond.</p><p>Data released Tuesday evening Beijing time showed that the U.S. CPI and core CPI in June were both higher than expected and year-on-year, with several data points reaching new highs. The CPI rose 5.4% year-on-year, the highest increase since August 2008, far exceeding the 5% increase in May and the 4.9% increase previously predicted by economists.</p><p><img src=\"https://static.tigerbbs.com/a1c1b19fafe4fccf8df811ab9531e0be\" tg-width=\"525\" tg-height=\"313\" referrerpolicy=\"no-referrer\"></p><p>(Image source: Zerohedge)</p><p>Industries directly affected by the pandemic saw the largest price increases, with travel-related expenses such as airfares soaring, and semiconductor shortages also leading to a surge in used car prices. Data from the U.S. Bureau of Labor Statistics shows that used car prices rose 10.5% month-over-month in June, contributing one-third of the CPI increase last month.</p><p>Following the data release, market expectations for Federal Reserve rate hike surged, US Treasury yields jumped during the session, and the yield curve flattened. Amid the threat of inflation, the US dollar strengthened further, approaching a three-month high.</p><p><img src=\"https://static.tigerbbs.com/41e83a31c11d1be5a229daf643f2d3ae\" tg-width=\"1088\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>(Image source: Zerohedge)</p><p><h2>Challenges Facing the Fed</h2>U.S. inflation has been rising steadily this year, but the Federal Reserve has consistently insisted that the price increases are only \"temporary\" and that inflation will subside as pandemic lockdowns are further eased and supply catches up with pent-up demand.</p><p><img src=\"https://static.tigerbbs.com/1ce1f249aafa91beb78c3bda811d915d\" tg-width=\"1083\" tg-height=\"633\" referrerpolicy=\"no-referrer\"></p><p>At the FOMC meeting in June, the Federal Reserve predicted that its favored core inflation gauge would rise by 3% this year and fall back to 2.1% in 2022.</p><p>Regarding monetary policy, the Federal Reserve released an unexpectedly hawkish signal last month, hinting at two rate hike in 2023. The meeting minutes show that the Federal Reserve has begun discussing the Taper issue, but a consensus could not be reached, and discussions will continue in the future.</p><p>However, Tuesday's unexpectedly high inflation data could put pressure on the Federal Reserve, forcing it to consider reducing asset purchases at a faster pace than previously expected, thereby slowing monetary stimulus.</p><p>St. Louis Federal Reserve Bank President Bullard said on Tuesday that with the U.S. economy growing at a rate of 7% and the pandemic being better controlled, it is now time to remove the Fed's stimulus measures. Bullard has always been known as a \"dove,\" and his hawkish remarks have attracted a lot of attention from the market.</p><p>But the president of the New York Federal Reserve<a href=\"https://laohu8.com/S/WMB\">Williams</a>The U.S. economy has not yet met the conditions for the Federal Reserve to reduce its asset purchases, it said on Monday. San Francisco Federal Reserve President Daly also warned last Friday that exiting the stimulus program too early would pose significant risks due to the continued spread of the Delta variant.</p><p>On Wednesday and Thursday local time, Federal Reserve Chairman Jerome Powell will be questioned by members of Congress. Investors will be closely watching whether Powell signals that he will begin discussions on tapering asset purchases at the Federal Reserve meeting in July.</p><p><a href=\"https://laohu8.com/S/ING\">Dutch International</a>James Knightley, chief international economist at ING Group, said the Federal Reserve seems to have no reason to continue its $120 billion monthly asset purchases in quantitative easing, and we will look for hints about an impending tapering from Powell's testimony and the Jackson Hole meeting in August.</p><p><a href=\"https://laohu8.com/S/WFC\">Wells Fargo Bank</a>Analysts wrote in a report on Tuesday that if the Federal Reserve sticks to its average inflation target and the timing of the rate hike exceeds market expectations, it could mean that interest rate volatility will intensify in the future.</p><p>Wells Fargo analysts point out that the Federal Reserve will face more challenges in communication in the future. On the one hand, it hopes to remain patient, and on the other hand, the market does not seem to be \"buying into\" the Fed's new strategy for dealing with inflation. These contradictions should exacerbate future volatility in the macroeconomic market.</p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"https://wallstreetcn.com/articles/3635336\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0dd1549a90968778a7afdc56cd660b1b","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","UPRO":"三倍做多标普500ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares","OEX":"标普100","PSQ":"做空纳斯达克100指数ETF-ProShares","DJX":"1/100道琼斯","SQQQ":"纳指三倍做空ETF","DXD":"两倍做空道琼30指数ETF-ProShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","SPXU":"三倍做空标普500ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","DOG":"道指ETF-ProShares做空","SPY":"标普500ETF",".DJI":"道琼斯","SDOW":"三倍做空道指30ETF-ProShares","DDM":"2倍做多道指ETF-ProShares",".IXIC":"NASDAQ Composite","QQQ":"纳指100ETF","SSO":"2倍做多标普500ETF-ProShares","OEF":"标普100指数ETF-iShares",".SPX":"S&P 500 Index","SDS":"两倍做空标普500 ETF-ProShares","IVV":"标普500ETF-iShares","SH":"做空标普500-Proshares","TQQQ":"纳指三倍做多ETF"},"source_url":"https://wallstreetcn.com/articles/3635336","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151593458","content_text":"美国6月物价再度爆表,美联储的“通胀暂时论”还能否站得住脚,以及货币政策将如何作出应对,成为市场关注的焦点。\n北京时间周二晚间公布的数据显示,美国6月CPI及核心CPI环比、同比均高于预期及前值,多项数据创新高。其中CPI同比上涨5.4%,创下2008年8月以来的最高涨幅,远高于5月份的5%和经济学家此前预测的4.9%的涨幅。\n\n(图片来源:Zerohedge)\n受疫情直接影响的行业的价格涨幅最大,机票等差旅相关费用飙升,半导体短缺也导致二手车价格飙升。美国劳工统计局的数据显示,6月二手车价格环比上涨了10.5%,贡献了上个月CPI上涨的三分之一涨幅。\n数据公布后,市场对美联储加息预期陡升,美债收益率盘中跃升,收益率曲线趋平。通胀威胁下,美元进一步走强,逼近三个月来高位。\n\n(图片来源:Zerohedge)\n美联储面临的挑战\n今年以来,美国通胀节节走高,但美联储一直坚称物价上涨只是“暂时的”,随着疫情封锁进一步放松、供应赶上被压抑的需求,通胀将消退。\n\n在6月的FOMC会议上,美联储预测,其青睐的核心通胀指标今年将上升3%,2022年将回落至2.1%。\n货币政策方面,美联储上月释放出令市场意外的鹰派信号,暗示2023年会有两次加息。会议纪要显示,美联储内部已经开始讨论Taper事宜,不过无法达成共识,未来将继续讨论。\n但周二意外高企的通胀数据可能会给美联储带来压力,迫使其考虑以比此前预期更快的速度减少资产购买,从而放缓货币刺激。\n美国圣路易斯联邦储备银行行长布拉德周二表示,随着美国经济以7%的速度增长,以及疫情得到越来越好的控制,现在是取消美联储的刺激措施了。布拉德一直以来以“鸽派”著称,他的鹰派言论引发了市场高度关注。\n但纽约联储行长威廉姆斯周一称,美国经济尚未达到美联储减少资产购买规模的条件。旧金山联储总裁戴利也在上周五警告,由于Delta变种毒株持续蔓延,过早退出刺激计划将造成极大的风险。\n当地时间周三和周四,美联储主席鲍威尔将接受国会议员的质询。投资者将密切关注鲍威尔会否释放在7月美联储会议上开始讨论缩减资产购买规模的信号。\n荷兰国际集团(ING)首席国际经济学家James Knightley表示,美联储似乎没有理由继续每月购买1200亿美元资产的量化宽松计划,我们将从鲍威尔的证词以及8月杰克逊霍尔会议上寻找有关即将缩减规模的暗示。\n富国银行分析们在周二的一份报告中写道,如果美联储坚守平均通胀目标,使得加息的时点超过市场预期,那么这可能意味着未来利率波动将加剧。\n富国分析师们指出,未来美联储在沟通方面将面临更多挑战,一方面它希望能够继续保持耐心,另一方面市场对美联储对待通胀的新策略似乎并不“买账”,这些矛盾应该会加剧宏观市场未来的波动。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"DJX":0.9,"SPXU":0.9,"SDS":0.9,"TQQQ":0.9,"DDM":0.9,"QQQ":0.9,"SSO":0.9,"SH":0.9,"SQQQ":0.9,"UDOW":0.9,".DJI":0.9,"OEF":0.9,"OEX":0.9,"NQmain":0.9,"MNQmain":0.9,"QID":0.9,"UPRO":0.9,".SPX":0.9,"DXD":0.9,"DOG":0.9,"SDOW":0.9,"ESmain":0.9,"PSQ":0.9,".IXIC":0.9,"SPY":0.9,"IVV":0.9,"QLD":0.9}},"isVote":1,"tweetType":1,"viewCount":5967,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143440711,"gmtCreate":1625812533133,"gmtModify":1703749065461,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/143440711","repostId":"2150320298","repostType":4,"isVote":1,"tweetType":1,"viewCount":5535,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":153240718,"gmtCreate":1625029646134,"gmtModify":1703850521797,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/153240718","repostId":"2147893851","repostType":4,"isVote":1,"tweetType":1,"viewCount":5002,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124908096,"gmtCreate":1624714748115,"gmtModify":1703844027883,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/124908096","repostId":"1167256448","repostType":4,"repost":{"id":"1167256448","kind":"news","pubTimestamp":1624686286,"share":"https://ttm.financial/m/news/1167256448?lang=en_US&edition=fundamental","pubTime":"2021-06-26 13:44","market":"sh","language":"zh","title":"Xiaomi's entry into car manufacturing has led to a new \"hierarchy of contempt\" for job seekers in the automotive industry.","url":"https://stock-news.laohu8.com/highlight/detail?id=1167256448","media":"全天候科技","summary":"一边是科技造车企业高薪招聘的信息不断更新,一边却是大量求职人员被拒之门外。“小米们”到底在找什么样的人?王珂在向这些科技造车企业求职时的感受,“传统车企好像就是传统守旧、思想僵化的代名词。”随着以小米为代表的科技企业入局造车,它们重金“招兵买马”的消息不断传出,这似乎让汽车从业人员有了更多“跳槽”的机会。","content":"<p>On one hand, information about high-paying job openings from technology car manufacturers is constantly being updated, while on the other hand, a large number of job seekers are being rejected. What kind of people are Xiaomi and others looking for? Who exactly are the talents they are willing to pay over a million annual salaries to poach? Wang Ke (pseudonym) is a marketing manager from a new energy vehicle brand of a traditional domestic automaker. Recently, he wanted to take advantage of the trend of technology-driven car manufacturing to change his \"track\", so he paid attention to job opportunities at several technology companies that have announced car manufacturing, including Xiaomi, 360, and Jidu. But to his surprise, after looking around, he found that his options were very limited.</p><p>“People from (traditional) automotive (companies) are not very popular.” Wang Ke expressed her feelings when applying for jobs at these technology car manufacturers. “Traditional car companies seem to be synonymous with traditional conservatism and rigid thinking,” Wang Ke said with some helplessness.</p><p>Chen Fan (pseudonym), who has also worked for traditional automakers for many years and is responsible for vehicle tuning, and his colleagues have recently been paying close attention to opportunities in new car manufacturing technology companies. \"Many people are waiting and seeing now,\" Chen Fan said. However, according to Chen Fan, as of now, none of his colleagues have been able to join these new technology companies.</p><p>\"They (technology companies) look down on people from traditional car companies; they all want to develop software.\" Chen Fan and Wang Ke share a similar sentiment on this point.</p><p>As technology companies, represented by Xiaomi, enter the car manufacturing market, news of their heavy investment in recruitment continues to emerge, which seems to give automotive professionals more opportunities to \"change jobs\". But the reality is not like that.</p><p>A screenshot of a conversation between a job seeker and a company circulating online illustrates, from another perspective, the \"rejection\" of talent from traditional automakers by tech companies: \"This is Jidu (<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>(A joint venture with Geely), but I see you're at SAIC Volkswagen, right? Jidu has clearly stated that it doesn't want traditional cars.</p><p>However, the ambitious \"meal tickets\" offered by Xiaomi and others have still made many automakers eager to take action. “Nowadays, all new companies normally offer salary increases of 10%-30% when recruiting. The most talented people negotiate themselves,” said a job seeker from a traditional car company. According to<a href=\"https://laohu8.com/S/SINA\">Sina</a>Financial reports indicate that 360 Auto's job recommendation bonuses alone amount to hundreds of thousands of yuan.</p><p>Data exclusively provided to the Economic Observer by the workplace social networking platform Maimai shows that, according to statistics, among new car manufacturers, the automotive industry has the most people planning to go to Didi and the highest number of interactions. Secondly<a href=\"https://laohu8.com/S/LI\">Li Auto</a>The third place went to Jidu Auto, a collaboration between Baidu and Geely, and the fourth place went to Xiaomi Auto.</p><p>On one hand, information about high-paying job openings from technology car manufacturers is constantly being updated, while on the other hand, a large number of job seekers are being rejected. What kind of people are Xiaomi and others looking for? Who exactly are the talents they are willing to pay over a million annual salaries to poach?</p><p><b>1、</b><b><b>Selective \"poaching\"</b></b></p><p>While employees of traditional automakers are receiving a \"cold reception\" when seeking employment, new car manufacturers have become a key target for technology car manufacturers to \"poach\" talent.</p><p>In May<a href=\"https://laohu8.com/S/NIO\">Nio</a>At the car launch event, Li Bin, founder and chairman of Nio, lamented, \"There have been so many people poaching us lately that we have no choice but to hide all our colleagues' information.\" Since it was at that time that Baidu, Xiaomi, Didi and others were successively announcing car manufacturing, this was considered the beginning of the talent war between technology companies and new car manufacturers such as \"Wei Xiaoli\". Compared to traditional automakers, these two types of companies are considered more advanced and forward-looking in their car manufacturing concepts and technologies.</p><p>Interestingly, just a few years ago, \"Wei Xiaoli\" was still a \"talent poacher,\" poaching talent from traditional car companies with high salaries. Now, their employees have become highly sought-after by technology car manufacturers. According to reports, Zhu Jiang, former vice president of user development at Nio Automotive, may join Didi Chuxing. In order to retain talent, information has revealed that new car manufacturers have also begun to take action, such as signing more non-compete agreements or increasing employee stock ownership, in order to resist poaching by companies like Xiaomi.</p><p>“This (poaching) is perfectly normal. The industry now needs it (talent) far more quickly than it can supply it. When there’s no water in the ‘pool,’ shouldn’t we go to other people to find water to drink?” said Steven, who works for a new car manufacturer. “If the right opportunity arises, I would certainly consider it. Why not?” Steven said.</p><p>It is worth noting that the fact that employees of traditional automakers are facing job hunting difficulties does not mean that new technology car manufacturers are completely uninterested in talent from traditional automakers. Some senior managers remain targets for emerging technology car manufacturers.</p><p>Recently, media outlets reported that Xiaomi Auto has offered a record-breaking price of over 100 million yuan to poach talent.<a href=\"https://laohu8.com/S/00175\">Geely Automobile</a>Hu Zhengnan, the director of the research institute, will also leave Geely to join Xiaomi in car manufacturing. However, Hu Zhengnan later denied the rumors on his WeChat Moments. An insider at Geely stated that Hu Zhengnan \"has resigned from his position (at Geely Research Institute), but there is no information yet on whether he has left.\" In addition, other information indicates that Didi was looking for a vice president-level person, offering a salary exceeding one million yuan, more than three times that of traditional automakers.</p><p>Because they have invested heavily in the market, technology car manufacturers generally spend lavishly in order to quickly build teams. Zhou Hongbai, founder and chairman of 360 Group, personally issued a call to action on social media, stating that \"the company has fully opened up and provided full support in terms of compensation and benefits.\"</p><p>It is worth noting that the positions currently open by companies like Xiaomi are mainly concentrated in areas such as autonomous driving research and development. According to the recruitment information released by Xiaomi, it involves 20 positions, including autonomous driving data platform, in-vehicle infrastructure, decision planning, and millimeter-wave algorithm. The positions that 360 is seeking with heavy investment include perception fusion algorithms, software architecture, and information security.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Positions such as driver development.</p><p>This indicates that technology car manufacturers are focusing more on the research and development of core technologies such as autonomous driving, so those currently working in this field may have more opportunities to \"change jobs\".</p><p>According to comments from verified users on Maimai, these companies attract them mainly because of their salaries. In addition, some job seekers claim to be \"Mi Fans,\" playing the nostalgia card.</p><p><b>2、</b><b><b>The \"hierarchy of contempt\" for new employees</b></b></p><p>As various participants gradually arrive, the car manufacturing camp continues to expand, and factions become increasingly clear. In this process, an industry-accepted \"hierarchy of contempt\" for employment has been formed.</p><p>On the Maimai platform, automotive industry professionals generally agree that the ranking of job-seeking options is: first- and second-tier new car manufacturers, new brands incubated by traditional car companies, traditional OEMs, and second- and third-tier new car manufacturers. Among these companies, R&D positions in cutting-edge technologies such as autonomous driving are superior.</p><p>Therefore, those who join the autonomous driving industry are considered to have \"landed\". Zhao Jun (pseudonym) is one of the \"lucky ones\". Zhao Jun is 25 years old this year. He graduated just a few years ago and is now working as an engineer for an autonomous driving project at a technology company. Prior to this, he worked briefly at a traditional car company.</p><p>Zhao Jun recalled that when he was looking for a job, his current company was recruiting, and the requirements for experience were low. \"During the interview, I asked about the use of some commonly used testing tools in the automotive industry, as well as some simple tool programming skills.\" After successfully joining the company, Zhao Jun conducted outsourced adas (Advanced Driver Assistance System) testing.</p><p>Zhao Jun said that he decided to join his current company not only because his previous job at a traditional car company changed frequently and he was somewhat overwhelmed, but also because he saw a video of a well-known company's CEO expressing his views on the future of autonomous driving, which deeply moved him. \"Another problem is that traditional car companies' salaries are really too low, and they almost never give raises,\" Zhao Jun said. After joining this company, his salary level and raise system were better than those of traditional car companies.</p><p>\"More importantly, I've been exposed to more things, my horizons have broadened, and I'm able to see future trends more clearly.\" Based on this, Zhao Jun is able to accept the longer working hours at his current company. \"Previously, there were weekdays, but later it became a full day off, so the schedule was extremely full.\"</p><p>If he were to change jobs again, Zhao Jun said he would choose a new car manufacturer, an internet company, or an autonomous driving company.<a href=\"https://laohu8.com/S/V03.SI\">Startup company</a>。 \"The reason is simple: I feel that companies with these backgrounds pay more wages.\"</p><p>Regarding whether to consider new technology car manufacturing companies like Xiaomi, Zhao Jun said, \"I have considered it, but at present, people with little experience in the industry cannot get in. They basically need experienced people with at least three years of experience who can work as soon as they come. The industry is developing too fast now, and everyone hopes to quickly implement and commercialize it. No company is too willing to spend time training people, so at present, I may not go.\"</p><p>Despite being considered to be at the top of the industry's \"hierarchy of contempt,\" Zhao Jun said his colleagues are also currently observing more opportunities. \"(Colleagues change jobs) frequently, and (their desire to change jobs) is also very strong. They should consider autonomous driving startups and emerging players more. I rarely hear of anyone returning to traditional car companies like Great Wall Motors and Geely.\"</p><p>However, not everyone is eager for Xiaomi to manufacture cars, and some automotive professionals have shown \"indifference\" to technology car manufacturers. Steven, from a new car manufacturer, said that if it wasn't a company he was optimistic about, he wouldn't go there even if it offered him a high salary.</p><p>“This matter (joining a technology car manufacturer) is not actually on my mind for now. Because I think that if you join a company, you hope to grow with it. In an industry, if you can’t delve deeply into it, your personal value will not be significantly enhanced.” In the view of 40-year-old Steven, the higher salaries of technology car manufacturers are no longer the primary attraction for him. Steven joined his current new car manufacturer in 2019, having previously worked at a technology company.</p><p>For those considering switching jobs to tech car manufacturers like Xiaomi, Steven suggests taking another look. “Most of the positions Xiaomi is currently opening are related to industries related to intelligent driving. We don’t know yet whether there are demands in the traditional powertrain and interior and exterior design directions. After all, we don’t know what form Xiaomi will take to make its first car, whether it will start from scratch or cooperate with OEM manufacturing,” Steven said. He added that the positions Xiaomi and others are recruiting for will be very different under different manufacturing models. Currently, there are many rumors of Xiaomi being involved in OEM manufacturing, but none of them have been confirmed.</p><p>Currently, new car manufacturers are still entering the market, and the car manufacturing race will be more competitive than ever before. This means that the \"talent war\" in the automotive industry will become increasingly fierce.</p><p>In April of this year, Xia Yiping, CEO of Jidu Auto, said that Jidu Auto's core team currently consists of about 100 people and plans to expand to 2,500-3,000 people by the end of next year. These people will undoubtedly come from other companies' talent pools. How to maintain its talent pool in this new wave of car manufacturing has become a question that every company needs to carefully consider.</p>","source":"qthkj","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>Xiaomi's entry into car manufacturing has led to a new \"hierarchy of contempt\" for job seekers in the automotive industry.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXiaomi's entry into car manufacturing has led to a new \"hierarchy of contempt\" for job seekers in the automotive industry.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">全天候科技</strong><span class=\"h-time small\">2021-06-26 13:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On one hand, information about high-paying job openings from technology car manufacturers is constantly being updated, while on the other hand, a large number of job seekers are being rejected. What kind of people are Xiaomi and others looking for? Who exactly are the talents they are willing to pay over a million annual salaries to poach? Wang Ke (pseudonym) is a marketing manager from a new energy vehicle brand of a traditional domestic automaker. Recently, he wanted to take advantage of the trend of technology-driven car manufacturing to change his \"track\", so he paid attention to job opportunities at several technology companies that have announced car manufacturing, including Xiaomi, 360, and Jidu. But to his surprise, after looking around, he found that his options were very limited.</p><p>“People from (traditional) automotive (companies) are not very popular.” Wang Ke expressed her feelings when applying for jobs at these technology car manufacturers. “Traditional car companies seem to be synonymous with traditional conservatism and rigid thinking,” Wang Ke said with some helplessness.</p><p>Chen Fan (pseudonym), who has also worked for traditional automakers for many years and is responsible for vehicle tuning, and his colleagues have recently been paying close attention to opportunities in new car manufacturing technology companies. \"Many people are waiting and seeing now,\" Chen Fan said. However, according to Chen Fan, as of now, none of his colleagues have been able to join these new technology companies.</p><p>\"They (technology companies) look down on people from traditional car companies; they all want to develop software.\" Chen Fan and Wang Ke share a similar sentiment on this point.</p><p>As technology companies, represented by Xiaomi, enter the car manufacturing market, news of their heavy investment in recruitment continues to emerge, which seems to give automotive professionals more opportunities to \"change jobs\". But the reality is not like that.</p><p>A screenshot of a conversation between a job seeker and a company circulating online illustrates, from another perspective, the \"rejection\" of talent from traditional automakers by tech companies: \"This is Jidu (<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>(A joint venture with Geely), but I see you're at SAIC Volkswagen, right? Jidu has clearly stated that it doesn't want traditional cars.</p><p>However, the ambitious \"meal tickets\" offered by Xiaomi and others have still made many automakers eager to take action. “Nowadays, all new companies normally offer salary increases of 10%-30% when recruiting. The most talented people negotiate themselves,” said a job seeker from a traditional car company. According to<a href=\"https://laohu8.com/S/SINA\">Sina</a>Financial reports indicate that 360 Auto's job recommendation bonuses alone amount to hundreds of thousands of yuan.</p><p>Data exclusively provided to the Economic Observer by the workplace social networking platform Maimai shows that, according to statistics, among new car manufacturers, the automotive industry has the most people planning to go to Didi and the highest number of interactions. Secondly<a href=\"https://laohu8.com/S/LI\">Li Auto</a>The third place went to Jidu Auto, a collaboration between Baidu and Geely, and the fourth place went to Xiaomi Auto.</p><p>On one hand, information about high-paying job openings from technology car manufacturers is constantly being updated, while on the other hand, a large number of job seekers are being rejected. What kind of people are Xiaomi and others looking for? Who exactly are the talents they are willing to pay over a million annual salaries to poach?</p><p><b>1、</b><b><b>Selective \"poaching\"</b></b></p><p>While employees of traditional automakers are receiving a \"cold reception\" when seeking employment, new car manufacturers have become a key target for technology car manufacturers to \"poach\" talent.</p><p>In May<a href=\"https://laohu8.com/S/NIO\">Nio</a>At the car launch event, Li Bin, founder and chairman of Nio, lamented, \"There have been so many people poaching us lately that we have no choice but to hide all our colleagues' information.\" Since it was at that time that Baidu, Xiaomi, Didi and others were successively announcing car manufacturing, this was considered the beginning of the talent war between technology companies and new car manufacturers such as \"Wei Xiaoli\". Compared to traditional automakers, these two types of companies are considered more advanced and forward-looking in their car manufacturing concepts and technologies.</p><p>Interestingly, just a few years ago, \"Wei Xiaoli\" was still a \"talent poacher,\" poaching talent from traditional car companies with high salaries. Now, their employees have become highly sought-after by technology car manufacturers. According to reports, Zhu Jiang, former vice president of user development at Nio Automotive, may join Didi Chuxing. In order to retain talent, information has revealed that new car manufacturers have also begun to take action, such as signing more non-compete agreements or increasing employee stock ownership, in order to resist poaching by companies like Xiaomi.</p><p>“This (poaching) is perfectly normal. The industry now needs it (talent) far more quickly than it can supply it. When there’s no water in the ‘pool,’ shouldn’t we go to other people to find water to drink?” said Steven, who works for a new car manufacturer. “If the right opportunity arises, I would certainly consider it. Why not?” Steven said.</p><p>It is worth noting that the fact that employees of traditional automakers are facing job hunting difficulties does not mean that new technology car manufacturers are completely uninterested in talent from traditional automakers. Some senior managers remain targets for emerging technology car manufacturers.</p><p>Recently, media outlets reported that Xiaomi Auto has offered a record-breaking price of over 100 million yuan to poach talent.<a href=\"https://laohu8.com/S/00175\">Geely Automobile</a>Hu Zhengnan, the director of the research institute, will also leave Geely to join Xiaomi in car manufacturing. However, Hu Zhengnan later denied the rumors on his WeChat Moments. An insider at Geely stated that Hu Zhengnan \"has resigned from his position (at Geely Research Institute), but there is no information yet on whether he has left.\" In addition, other information indicates that Didi was looking for a vice president-level person, offering a salary exceeding one million yuan, more than three times that of traditional automakers.</p><p>Because they have invested heavily in the market, technology car manufacturers generally spend lavishly in order to quickly build teams. Zhou Hongbai, founder and chairman of 360 Group, personally issued a call to action on social media, stating that \"the company has fully opened up and provided full support in terms of compensation and benefits.\"</p><p>It is worth noting that the positions currently open by companies like Xiaomi are mainly concentrated in areas such as autonomous driving research and development. According to the recruitment information released by Xiaomi, it involves 20 positions, including autonomous driving data platform, in-vehicle infrastructure, decision planning, and millimeter-wave algorithm. The positions that 360 is seeking with heavy investment include perception fusion algorithms, software architecture, and information security.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Positions such as driver development.</p><p>This indicates that technology car manufacturers are focusing more on the research and development of core technologies such as autonomous driving, so those currently working in this field may have more opportunities to \"change jobs\".</p><p>According to comments from verified users on Maimai, these companies attract them mainly because of their salaries. In addition, some job seekers claim to be \"Mi Fans,\" playing the nostalgia card.</p><p><b>2、</b><b><b>The \"hierarchy of contempt\" for new employees</b></b></p><p>As various participants gradually arrive, the car manufacturing camp continues to expand, and factions become increasingly clear. In this process, an industry-accepted \"hierarchy of contempt\" for employment has been formed.</p><p>On the Maimai platform, automotive industry professionals generally agree that the ranking of job-seeking options is: first- and second-tier new car manufacturers, new brands incubated by traditional car companies, traditional OEMs, and second- and third-tier new car manufacturers. Among these companies, R&D positions in cutting-edge technologies such as autonomous driving are superior.</p><p>Therefore, those who join the autonomous driving industry are considered to have \"landed\". Zhao Jun (pseudonym) is one of the \"lucky ones\". Zhao Jun is 25 years old this year. He graduated just a few years ago and is now working as an engineer for an autonomous driving project at a technology company. Prior to this, he worked briefly at a traditional car company.</p><p>Zhao Jun recalled that when he was looking for a job, his current company was recruiting, and the requirements for experience were low. \"During the interview, I asked about the use of some commonly used testing tools in the automotive industry, as well as some simple tool programming skills.\" After successfully joining the company, Zhao Jun conducted outsourced adas (Advanced Driver Assistance System) testing.</p><p>Zhao Jun said that he decided to join his current company not only because his previous job at a traditional car company changed frequently and he was somewhat overwhelmed, but also because he saw a video of a well-known company's CEO expressing his views on the future of autonomous driving, which deeply moved him. \"Another problem is that traditional car companies' salaries are really too low, and they almost never give raises,\" Zhao Jun said. After joining this company, his salary level and raise system were better than those of traditional car companies.</p><p>\"More importantly, I've been exposed to more things, my horizons have broadened, and I'm able to see future trends more clearly.\" Based on this, Zhao Jun is able to accept the longer working hours at his current company. \"Previously, there were weekdays, but later it became a full day off, so the schedule was extremely full.\"</p><p>If he were to change jobs again, Zhao Jun said he would choose a new car manufacturer, an internet company, or an autonomous driving company.<a href=\"https://laohu8.com/S/V03.SI\">Startup company</a>。 \"The reason is simple: I feel that companies with these backgrounds pay more wages.\"</p><p>Regarding whether to consider new technology car manufacturing companies like Xiaomi, Zhao Jun said, \"I have considered it, but at present, people with little experience in the industry cannot get in. They basically need experienced people with at least three years of experience who can work as soon as they come. The industry is developing too fast now, and everyone hopes to quickly implement and commercialize it. No company is too willing to spend time training people, so at present, I may not go.\"</p><p>Despite being considered to be at the top of the industry's \"hierarchy of contempt,\" Zhao Jun said his colleagues are also currently observing more opportunities. \"(Colleagues change jobs) frequently, and (their desire to change jobs) is also very strong. They should consider autonomous driving startups and emerging players more. I rarely hear of anyone returning to traditional car companies like Great Wall Motors and Geely.\"</p><p>However, not everyone is eager for Xiaomi to manufacture cars, and some automotive professionals have shown \"indifference\" to technology car manufacturers. Steven, from a new car manufacturer, said that if it wasn't a company he was optimistic about, he wouldn't go there even if it offered him a high salary.</p><p>“This matter (joining a technology car manufacturer) is not actually on my mind for now. Because I think that if you join a company, you hope to grow with it. In an industry, if you can’t delve deeply into it, your personal value will not be significantly enhanced.” In the view of 40-year-old Steven, the higher salaries of technology car manufacturers are no longer the primary attraction for him. Steven joined his current new car manufacturer in 2019, having previously worked at a technology company.</p><p>For those considering switching jobs to tech car manufacturers like Xiaomi, Steven suggests taking another look. “Most of the positions Xiaomi is currently opening are related to industries related to intelligent driving. We don’t know yet whether there are demands in the traditional powertrain and interior and exterior design directions. After all, we don’t know what form Xiaomi will take to make its first car, whether it will start from scratch or cooperate with OEM manufacturing,” Steven said. He added that the positions Xiaomi and others are recruiting for will be very different under different manufacturing models. Currently, there are many rumors of Xiaomi being involved in OEM manufacturing, but none of them have been confirmed.</p><p>Currently, new car manufacturers are still entering the market, and the car manufacturing race will be more competitive than ever before. This means that the \"talent war\" in the automotive industry will become increasingly fierce.</p><p>In April of this year, Xia Yiping, CEO of Jidu Auto, said that Jidu Auto's core team currently consists of about 100 people and plans to expand to 2,500-3,000 people by the end of next year. These people will undoubtedly come from other companies' talent pools. How to maintain its talent pool in this new wave of car manufacturing has become a question that every company needs to carefully consider.</p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"https://mp.weixin.qq.com/s/DnyQ7n4h8IL2H4ni81x-hw\">全天候科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/edb5904d62b10798f760277be625646d","relate_stocks":{"01810":"小米集团-W"},"source_url":"https://mp.weixin.qq.com/s/DnyQ7n4h8IL2H4ni81x-hw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167256448","content_text":"一边是科技造车企业高薪招聘的信息不断更新,一边却是大量求职人员被拒之门外。“小米们”到底在找什么样的人?到底谁才是他们不惜拿出超百万年薪挖墙角的人才?\n\n王珂(化名)是一位来自国内某传统车企新能源汽车品牌的营销管理层人员,最近他想趁着科技造车的风口换个“跑道”,因此留意了包括小米、360、集度等多家宣布造车的科技公司工作机会。但让他没想到的是,看了一圈后,他发现自己的选择空间非常小。\n“(传统)汽车(企业)出身的人都不太受待见。”王珂在向这些科技造车企业求职时的感受,“传统车企好像就是传统守旧、思想僵化的代名词。”王珂有些无奈地表示。\n同样在传统车企工作多年,负责车辆调教工作的陈凡(化名)和他的同事们,近期也非常关注新造车科技公司的机会,“现在观望的人很多”,陈凡说。但据陈凡透露,截至目前身边还没有同事能够进入这些新科技公司。\n“他们(科技公司)看不上传统车企的人,都要搞软件的。”在这一点上,陈凡与王珂有着相似的感受。\n随着以小米为代表的科技企业入局造车,它们重金“招兵买马”的消息不断传出,这似乎让汽车从业人员有了更多“跳槽”的机会。但现实情况却并非如此。\n网络上一张由求职者提供的其与企业的对话截图,从另一个侧面印证着科技造车公司对传统车企人才的“排斥”:“这边是集度(百度和吉利的合资公司),但是我看你是在上汽大众是吧,集度明确表示不要传统汽车的。”\n但小米们开出的豪迈“饭票”,还是让众多车企人士蠢蠢欲动。“现在所有新企业正常招聘都是涨薪10%-30%,很牛的人就自己谈喽。”一位来自某传统车企的求职人士表示。而据新浪财经报道,360汽车招聘仅岗位的推荐奖金就共计达数十万元。\n由职场社交平台脉脉独家提供给经济观察报的一份数据显示,据统计,在新造车企业中,汽车圈里计划去滴滴的人最多,互动数量最高;其次是理想汽车,第三名是百度和吉利合作的集度汽车,第四名是小米汽车。\n一边是科技造车企业高薪招聘的信息不断更新,一边却是大量求职人员被拒之门外。“小米们”到底在找什么样的人?到底谁才是他们不惜拿出超百万年薪挖墙角的人才?\n1、选择性“挖角”\n在传统车企从业人员求职遭“冷遇”的同时,新造车企业却成了科技造车企业“挖人”的重点方向。\n在5月蔚来汽车的发布会上,蔚来创始人、董事长李斌感慨,“最近挖我们的人实在太多了,没办法,我们要把同事的信息都隐藏一下。”由于彼时正值百度、小米、滴滴等陆续宣布造车,这被认为是科技公司和“蔚小理”等新造车企业抢人大战的开始。与传统车企相比,这两类企业在造车理念和技术上被认为更加先进和超前。\n值得玩味的是,就在几年前,“蔚小理”还是“挖角者”的角色,曾高薪从传统车企挖人,而如今他们的员工也成了科技造车公司眼中的“香饽饽”。据报道,原蔚来汽车用户发展副总裁朱江或将加盟滴滴造车。而为了留住人才,有信息透露,新造车企业也已开始采取行动,或增加签订竞业协议,或增加员工持股,以此抵抗小米们的“挖墙脚”。\n“这(挖人)是很正常的,现在这个行业需要着它(人才)的速度已经远远超过了它供给的速度。当‘水池子’里没有水的时候,不得去别人那儿去找水喝吗?”在某新造车企业任职的Steven说。“如果有合适的机会,当然会考虑,为什么不呢?”Steven说。\n值得注意的是,传统车企从业人员求职遇阻,并不意味着科技新造车企业对传统车企的人才完全不感兴趣。一些高层管理人员,仍然是科技新造车企业的目标。\n近日有媒体爆料,小米汽车开出上亿天价“挖角”吉利汽车研究院院长胡峥楠,胡峥楠也将离开吉利加盟小米造车。但随后胡峥楠在朋友圈辟谣。吉利内部人员表示,胡峥楠“(在吉利研究院的)职位撤了,不过走没走还没有消息。”此外,另有信息显示,滴滴曾寻找副总级别的人物,开出的待遇超百万级,是传统车企的三倍以上。\n由于携重金入局,科技造车公司为了迅速组建团队普遍出手阔绰。360集团创始人、董事长周鸿掉更是亲自在社交媒体上广发英雄帖,表示“公司在薪酬待遇方面全面放开、全力支持。\n值得注意的是,“小米”们如今开放的岗位,主要是集中在自动驾驶研发等方面。从小米发布的招聘信息看,涉及自动驾驶数据平台、车载基础架构、决策规划、毫米波算法等20个岗位。360重金寻求的职位则包括感知融合算法、软件架构、信息安全、智能驾驶开发等岗位。\n这表明科技造车公司更加聚焦自动驾驶等核心技术的研发,因此当前这方面的从业人员可能获得更多的“跳槽”机会。\n而根据认证用户在脉脉上的发言,这些企业吸引他们的地方主要是在薪资方面,另外也有求职者自称是“米粉”,打出情怀牌。\n2、新从业“鄙视链”\n随着各方参与者陆续到位,造车阵营持续扩大,且派系逐渐分明。在这个过程中,形成了一条业内默认的就职“鄙视链”。\n在脉脉平台上,汽车从业者普遍认同,求职选择的优劣排序是:一二线新造车企业、传统车企孵化的新品牌、传统主机厂、二三线新造车企业。而在这些企业中,自动驾驶等前沿科技研发岗位更胜一筹。\n因此,加入自动驾驶行业的从业人员被认为是“上了岸”。赵钧(化名)是其中一个“幸运儿”。赵钧今年25岁,毕业刚几年,现在某科技企业担任无人驾驶项目工程师。在此之前,他在一家传统车企短暂工作。\n赵钧回忆称,自己求职时,现在的公司刚好在招聘,而且对于经验的丰富性要求较低。“面试时问了一些汽车行业测试常用工具的使用情况,以及一些简单的工具编程情况。”成功入职后,赵钧在公司做外包adas(高级驾驶辅助系统)测试。\n赵钧表示,决定进入现在这家公司,除了因为之前在传统车企的工作内容变更频繁,有些招架不住,另一个契机是其看到了一家知名公司CEO对未来自动驾驶看法的视频,这让他深受触动。“另外就是,传统车企的工资实在太低了,而且几乎不会涨薪。”赵钧说,他来到这家公司后,薪资水平和涨薪制度都优于传统车企。\n“更重要的是,我接触的东西多了,眼界开拓了,能够更清晰地看清未来的趋势。”基于此,赵钧能够接受现在公司较长的工作时长。“之前大小周,后来变成全单休,安排得特别满。”\n如果再换工作的话,赵钧称会选择新造车企业、互联网公司,或者自动驾驶创业公司。“原因无它,感觉这些背景的公司给的工钱更多。”\n对于是否考虑小米这类新科技造车公司,赵钧表示“考虑过,但目前来说,入行经验少,进不去,他们需要的基本都是三年经验起步的老人,来了就可以干活,现在行业发展太快,都希望可以快速落地商业化,没有公司太愿意花时间培养人,所以目前来说可能不会去。”\n尽管被认为已经处于从业“鄙视链”较顶端的位置,但赵钧说,他的同事们目前也在观望更多的机会。“(同事换工作)变动很频繁,(跳槽的意愿)也很强烈,他们对自动驾驶初创公司和新势力应该考虑的更多,很少听说有谁又回到长城吉利类的传统车企。”\n但并非所有人都对小米造车趋之若鹜,一些汽车从业人员对科技造车企业表现出“无感”。来自某新造车企业的Steven就表示,如果不是自己看好的公司,就算是被高薪挖,也不会去。\n“这个事(加入科技造车企业)其实暂时还不在我的考虑之内。因为我觉得,你如果加入一家企业,更多的是希望能够跟他一块成长。一个行业,如果你没有能够把做深做透的话,你的个人价值是不会得到非常明显提升的。”在40岁的Steven看来,科技造车企业更高的薪资对他而言已经不是第一吸引力。Steven2019年加入现在的新造车企业,在此之前就职于某科技公司。\n对于想跳槽到小米等科技造车企业的人,Steven建议可以再观察一下。“小米现在open的岗位大多和智能驾驶相关的这些行业有关,那么对于传统的动力总成方向、内外饰方向是不是有诉求我们还不知道,毕竟现在也不知道小米会以什么样的形式去做它的第一款车,是从0开始,还是合作代工都不确定。”Steven表示,在不同的制造模式下,“小米”们招聘的岗位也会非常不同。目前,小米代工绯闻对象不少,但均未确定。\n目前来看,新的造车者还在不断入局,造车赛道也将空前激烈。这意味着汽车圈的“抢人大战”将越来越激烈。\n集度汽车CEO夏一平在今年4月表示,当前集度汽车核心团队约100人,到明年年底计划扩大到2500-3000人。而这些人无疑将来源于其它企业人才库。如何在这波造车新浪潮中守住自己的人才储备,已成为每个企业都需要慎重考虑的问题。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":5391,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126356335,"gmtCreate":1624545451627,"gmtModify":1703840010412,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/126356335","repostId":"1180116198","repostType":4,"isVote":1,"tweetType":1,"viewCount":6205,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126359753,"gmtCreate":1624545361072,"gmtModify":1703840005336,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d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20:55","market":"us","language":"zh","title":"Big reveal: Windows 11 is coming tonight! What updates can we see?","url":"https://stock-news.laohu8.com/highlight/detail?id=1121154040","media":"腾讯科技","summary":"被微软CEO纳德拉称之为Windows十年来“最重要的更新”即将到来。","content":"<p>At 11 PM Beijing time on June 24th,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>A new product launch event is about to be held, with what Microsoft CEO Satya Nadella calls the \"most important update\" to Windows in a decade.</p><p>Although Microsoft has not confirmed the upcoming new product release in any public setting, the major leak of the Windows 11 development version on June 16 has made the matter less mysterious. Windows 11 will be the main focus of tonight's launch event, and Microsoft has already showcased the most important update of the decade for Windows to us in all aspects before the event.</p><p>However, this press conference is not entirely without its highlights; there are still some details worth paying attention to.</p><p><b>What improvements can Windows 11 make to touch and gestures?</b></p><p><img src=\"https://static.tigerbbs.com/6bd9316044d53f9972729e9b791817e4\" tg-width=\"641\" tg-height=\"421\" referrerpolicy=\"no-referrer\"></p><p>After experiencing the development version of Windows 11, many people found that this so-called \"major version\" did not make any significant functional improvements compared to the previous Windows 10, except for some Design adjustments to the interface to make it more in line with Microsoft's Fluent Design language.</p><p>Some users even gave it a Windows 10 skin after experiencing the Windows 11 development version.</p><p>To some extent, Windows 11 is indeed not as significant a design improvement as it was when we switched from Win8 to Win10. However, if you understand Microsoft's previous design evolution on Windows, you will find that the current version of Windows 11 actually has a very similar design to Windows 10X, which Microsoft has already canceled.</p><p>Features that appeared in the Windows 11 development version, such as \"centering the Start Menu and multitasking on the same screen,\" were originally standard features of Windows 10X.</p><p>Therefore, the leaked Windows 11 is more like an iteration of the previous Windows 10X. However, since 10X is a product designed by Microsoft for dual touch screens, what touch-enabled features Windows 11 will add to the system will be an important point of interest at tonight's launch event.</p><p>Microsoft has confirmed that it plans to \"innovate and develop exciting sensor technologies\" for future versions of Windows. As part of Windows 11 or an upcoming Windows update, popular features such as \"user presence detection,\" gesture detection, and ambient light will be improved to \"deliver a dazzling user experience on Windows.\"</p><p>This means that Microsoft hopes to achieve a fusion of desktop and mobile devices through the new Windows 11. Although Microsoft's current mobile phone projects are basically in a semi-abandoned state, the Surface still requires touch operation to achieve an excellent experience in more usage scenarios. Therefore, the improvements in touch and gestures in Windows 11 are very important.</p><p><b>Brand new Windows App Store?</b></p><p><img src=\"https://static.tigerbbs.com/f95bc54f95bce56f6cd39680c5670f5e\" tg-width=\"641\" tg-height=\"410\" referrerpolicy=\"no-referrer\"></p><p>Although MacOS's App Store doesn't have a strong presence, the App Store currently offered by Windows 10 seems even less important in comparison.</p><p>However, this may be greatly improved in Windows 11, which arrives tonight.</p><p>According to media reports, Microsoft has been developing a brand new app store that is more inclusive and free. Microsoft plans to introduce more developers to the new app store, such as apps like Chorme or Firefox, which will be available for download in the Microsoft app store in the future.</p><p>Another major improvement will be in the payment mechanism. Microsoft may allow developers to bypass Microsoft's payment mechanism in the new App store and make in-app payments through third-party payment mechanisms in exchange for a 15% reduction in Microsoft's commission.</p><p>Don't be surprised if this comes true at tonight's press conference, since Microsoft is now uniting with Epic to resist...<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The App Store's high \"Apple tax\". This move could influence the reshuffling of app service pricing methods by large companies like Microsoft, Apple, and Google in the coming years.</p><p>Microsoft recently announced that it will reduce the purchase commission for games listed in its App Store from 30% to 12%. This significant discount has put a lot of pressure on App stores like Steam.</p><p><b>Will Windows 11 focus on improving the user experience for professional users?</b></p><p>As the world's largest desktop operating system, Windows' professional capabilities have been overlooked by many people. In this Windows 11 development version, we actually saw Microsoft's optimizations and improvements for some professional users.</p><p>In the new Windows 11, Microsoft has improved the display for switching between multiple desktops, while also providing better support for multiple monitors. This has, to some extent, solved the problems that high-end users have accumulated over many years regarding multitasking.</p><p><img src=\"https://static.tigerbbs.com/e9e63bb5de9abe3a6b4ddd323172017f\" tg-width=\"641\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>Meanwhile, Windows 11 has also focused more on improving the experience for game users. On this brand-new operating system, the new Xbox app is now integrated into Windows 11, providing quick access to Xbox Game Pass games, the social sections of the Xbox network, and the Xbox Store.</p><p>Meanwhile, Windows 11 has already been tested on XBox, and we hope to see more XBox features incorporated into the desktop, such as providing automatic HDR display or faster game loading speeds, to improve the PC gaming experience.</p><p><b>Free upgrade?</b></p><p><img src=\"https://static.tigerbbs.com/3eb69ed623b5cc7b7239d753886fda0b\" tg-width=\"641\" tg-height=\"362\" referrerpolicy=\"no-referrer\"></p><p>Yes, this is what we most want to see on Windows 11.</p><p>When Microsoft previously upgraded Windows 7/8 to Windows 10, it used a free upgrade method, allowing all users to upgrade to the corresponding Windows 10 version. We hope that the free service will still appear on Windows 11.</p><p>The market has successfully told Microsoft that there is no point in charging users to upgrade their systems. As an operating system development company, Microsoft relies on OEM licensing and commercial licensing for more of its software revenue. Therefore, it is very likely that Windows 11 will still use the same free upgrade method as Windows 10.</p><p>Although Microsoft has sneaked Windows 11 away, it has actually left us with a lot of suspense. These answers may be revealed when Microsoft officially holds its new product launch event at 11 PM Beijing time on June 24th.</p>","source":"lsy1580517846866","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>Big reveal: Windows 11 is coming tonight! What updates can we see?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBig reveal: Windows 11 is coming tonight! What updates can we see?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯科技</strong><span class=\"h-time small\">2021-06-24 20:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>At 11 PM Beijing time on June 24th,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>A new product launch event is about to be held, with what Microsoft CEO Satya Nadella calls the \"most important update\" to Windows in a decade.</p><p>Although Microsoft has not confirmed the upcoming new product release in any public setting, the major leak of the Windows 11 development version on June 16 has made the matter less mysterious. Windows 11 will be the main focus of tonight's launch event, and Microsoft has already showcased the most important update of the decade for Windows to us in all aspects before the event.</p><p>However, this press conference is not entirely without its highlights; there are still some details worth paying attention to.</p><p><b>What improvements can Windows 11 make to touch and gestures?</b></p><p><img src=\"https://static.tigerbbs.com/6bd9316044d53f9972729e9b791817e4\" tg-width=\"641\" tg-height=\"421\" referrerpolicy=\"no-referrer\"></p><p>After experiencing the development version of Windows 11, many people found that this so-called \"major version\" did not make any significant functional improvements compared to the previous Windows 10, except for some Design adjustments to the interface to make it more in line with Microsoft's Fluent Design language.</p><p>Some users even gave it a Windows 10 skin after experiencing the Windows 11 development version.</p><p>To some extent, Windows 11 is indeed not as significant a design improvement as it was when we switched from Win8 to Win10. However, if you understand Microsoft's previous design evolution on Windows, you will find that the current version of Windows 11 actually has a very similar design to Windows 10X, which Microsoft has already canceled.</p><p>Features that appeared in the Windows 11 development version, such as \"centering the Start Menu and multitasking on the same screen,\" were originally standard features of Windows 10X.</p><p>Therefore, the leaked Windows 11 is more like an iteration of the previous Windows 10X. However, since 10X is a product designed by Microsoft for dual touch screens, what touch-enabled features Windows 11 will add to the system will be an important point of interest at tonight's launch event.</p><p>Microsoft has confirmed that it plans to \"innovate and develop exciting sensor technologies\" for future versions of Windows. As part of Windows 11 or an upcoming Windows update, popular features such as \"user presence detection,\" gesture detection, and ambient light will be improved to \"deliver a dazzling user experience on Windows.\"</p><p>This means that Microsoft hopes to achieve a fusion of desktop and mobile devices through the new Windows 11. Although Microsoft's current mobile phone projects are basically in a semi-abandoned state, the Surface still requires touch operation to achieve an excellent experience in more usage scenarios. Therefore, the improvements in touch and gestures in Windows 11 are very important.</p><p><b>Brand new Windows App Store?</b></p><p><img src=\"https://static.tigerbbs.com/f95bc54f95bce56f6cd39680c5670f5e\" tg-width=\"641\" tg-height=\"410\" referrerpolicy=\"no-referrer\"></p><p>Although MacOS's App Store doesn't have a strong presence, the App Store currently offered by Windows 10 seems even less important in comparison.</p><p>However, this may be greatly improved in Windows 11, which arrives tonight.</p><p>According to media reports, Microsoft has been developing a brand new app store that is more inclusive and free. Microsoft plans to introduce more developers to the new app store, such as apps like Chorme or Firefox, which will be available for download in the Microsoft app store in the future.</p><p>Another major improvement will be in the payment mechanism. Microsoft may allow developers to bypass Microsoft's payment mechanism in the new App store and make in-app payments through third-party payment mechanisms in exchange for a 15% reduction in Microsoft's commission.</p><p>Don't be surprised if this comes true at tonight's press conference, since Microsoft is now uniting with Epic to resist...<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The App Store's high \"Apple tax\". This move could influence the reshuffling of app service pricing methods by large companies like Microsoft, Apple, and Google in the coming years.</p><p>Microsoft recently announced that it will reduce the purchase commission for games listed in its App Store from 30% to 12%. This significant discount has put a lot of pressure on App stores like Steam.</p><p><b>Will Windows 11 focus on improving the user experience for professional users?</b></p><p>As the world's largest desktop operating system, Windows' professional capabilities have been overlooked by many people. In this Windows 11 development version, we actually saw Microsoft's optimizations and improvements for some professional users.</p><p>In the new Windows 11, Microsoft has improved the display for switching between multiple desktops, while also providing better support for multiple monitors. This has, to some extent, solved the problems that high-end users have accumulated over many years regarding multitasking.</p><p><img src=\"https://static.tigerbbs.com/e9e63bb5de9abe3a6b4ddd323172017f\" tg-width=\"641\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>Meanwhile, Windows 11 has also focused more on improving the experience for game users. On this brand-new operating system, the new Xbox app is now integrated into Windows 11, providing quick access to Xbox Game Pass games, the social sections of the Xbox network, and the Xbox Store.</p><p>Meanwhile, Windows 11 has already been tested on XBox, and we hope to see more XBox features incorporated into the desktop, such as providing automatic HDR display or faster game loading speeds, to improve the PC gaming experience.</p><p><b>Free upgrade?</b></p><p><img src=\"https://static.tigerbbs.com/3eb69ed623b5cc7b7239d753886fda0b\" tg-width=\"641\" tg-height=\"362\" referrerpolicy=\"no-referrer\"></p><p>Yes, this is what we most want to see on Windows 11.</p><p>When Microsoft previously upgraded Windows 7/8 to Windows 10, it used a free upgrade method, allowing all users to upgrade to the corresponding Windows 10 version. We hope that the free service will still appear on Windows 11.</p><p>The market has successfully told Microsoft that there is no point in charging users to upgrade their systems. As an operating system development company, Microsoft relies on OEM licensing and commercial licensing for more of its software revenue. Therefore, it is very likely that Windows 11 will still use the same free upgrade method as Windows 10.</p><p>Although Microsoft has sneaked Windows 11 away, it has actually left us with a lot of suspense. These answers may be revealed when Microsoft officially holds its new product launch event at 11 PM Beijing time on June 24th.</p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"https://mp.weixin.qq.com/s/g8NrMXShsncnruGuc8TTjw\">腾讯科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a04bf2da8ab76e823e11aa8e2f8fa5a2","relate_stocks":{"MSFT":"微软"},"source_url":"https://mp.weixin.qq.com/s/g8NrMXShsncnruGuc8TTjw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121154040","content_text":"北京时间6月24日晚11点,微软将召开一场新品发布会,被微软CEO纳德拉称之为Windows十年来“最重要的更新”即将到来。\n尽管微软并没有在任何的公开场合确认过即将发布的新品,但因为6月16日Windows 11开发版本的重大泄露,让这件事变得没有那么神秘了。Windows 11将会成为今晚发布会的主角,而微软口中Windows十年最重要的更新,也已经在发布会之前就全方位的展示给我们了。\n但关于这场发布会,也不能说完全没有看点,其中还有一些细节值得我们关注。\nWindows 11在触摸和手势上能有何改善?\n\n很多人在体验过Windows 11的开发版本之后,发现这个所谓的“大版本”和之前的Windows 10相比,除了在界面上进行了一些设计调整,让它更贴合微软Fluent Design设计语言外,并让没有非常明显的功能性改进。\n甚至有的用户在体验完Windows 11开发版之后,给它了一个Windows 10皮肤的定位。\n从一定程度上讲,Windows 11确实不如之前从Win8转Win10时,设计改进巨大。但实际上如果你了解之前微软在Windows上的设计演进外,你会发现当下这个版本Windows 11实际上和已经被微软砍掉的Windows 10X有着极为相似的设计。\n包括“开始菜单居中、同屏多任务布局”等等在Windows 11开发版上出现的功能,原来都是Windows 10X的标配。\n所以目前泄露的Windows 11,更像是之前Windows 10X的迭代版本。但由于10X是微软为触摸双屏幕打造的产品,因此Windows 11将会在系统上增加哪些支持触摸操作的特性,将会成为今晚发布会上重要的看点。\n微软方面已经确认,正计划为未来的Windows版本 “创新和开发令人兴奋的传感器技术”。作为Windows 11或即将到来的Windows更新的一部分,“用户存在检测”、手势检测和环境光等流行功能将得到改进,以 “实现Windows上令人眼花缭乱的用户体验”。\n这意味着微软希望通过新的Windows 11来实现桌面和移动端的融合,尽管微软目前的手机项目基本上处于半放弃状态,但Surface依然需要触摸操作来实现在更多使用场景下的出色体验,因此Windows 11在触摸和手势上的改进,非常重要。\n全新的Windows App Store?\n\n尽管MacOS的App Store存在感也不强,但是相比之下,Windows 10目前提供的应用商店显得更加鸡肋。\n不过这件事可能会在今晚到来的Windows 11上大为改善。\n据媒体报道,微软一直在开发一个全新的应用商店,它更加的海纳百川也更加的自由。微软计划在新的应用商店中引入更多的开发者,比如Chorme或者Firefox这样的应用,未来都可以在微软应用商店进行下载。\n另外一个重大的改进,将会是支付机制上。微软或许将在新的应用商店中允许开发者绕过微软的支付机制,通过第三方的支付机制实现App内付款,以换得减免15%的微软抽成。\n如果这件事在今天晚上的发布会上成真,请别惊讶,毕竟微软现在正和Epic统一战线,以抵制苹果App Store高昂的“苹果税”。此举可能会影响到未来几年内,微软、苹果、Google这样的大公司,在应用服务上的收费方式重新洗牌。\n微软最近也宣布了将自家App Store中上架游戏的购买抽成从之前的30%降到12%,这大幅的优惠,让Steam这样的应用商店倍感压力。\nWindows 11将重点提升专业用户的使用感受?\nWindows作为全球最大的桌面操作系统,其专业能力其实一直被很多人忽视。而在此次Windows 11开发版中,我们其实看到了微软对于一些专业用户的优化改进。\n微软在新的Windows 11中,改善了多桌面之间切换的显示方式,同时对于多显示器的支持,也更加的出色,这从一定程度上解决了高端用户对于多任务处理上,多年积累的问题。\n\n同时Windows 11也更专注的改善了游戏用户的体验。在这套全新的操作系统上,新的Xbox应用程序现已集成到Windows 11中,提供对Xbox Game Pass游戏、Xbox网络的社交部分和Xbox商店的快速访问。\n同时目前Windows 11也已经在XBox上进行了测试,我们也希望看到更多XBox的功能被纳入到桌面端来,比如提供自动HDR显示功能,或者是更快的游戏加载速度等等,一次提升PC在游戏方面的体验。\n免费升级?\n\n是的,这是我们最希望在Windows 11上看到的。\n微软之前在Windows 7/8升级Windows 10时,采用了免费升级的方式,所有用户都可以升级对应的Win10版本。我们希望免费这件事,依然会出现在Windows 11上。\n市场已经成功的告诉微软,从用户手里收钱升级系统这件事是没有意义的,微软作为一家操作系统开发公司,更多软件的收入要来自OEM授权和商业许可。因此很有可能Win11依然会采用之前Win10免费升级的方式。\n尽管微软Windows 11已经偷跑,但实际上微软还是留下了不少悬念给我们。北京时间6月24日23点,微软正式召开新品发布会之时,这些答案可能会被揭开。","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":5916,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129729459,"gmtCreate":1624398684971,"gmtModify":1703835323504,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/129729459","repostId":"1184471845","repostType":4,"repost":{"id":"1184471845","kind":"news","weMediaInfo":{"introduction":"格隆汇旗下公众号。分享和探讨港股、美国中概股以及少量估值确有吸引力之A股的投资线索、投资机会与投资心得.","home_visible":1,"media_name":"格隆汇投资学苑","id":"3","head_image":"https://static.tigerbbs.com/5d7d04eb4f16b0013ed2c39f71b84b6c"},"pubTimestamp":1624338169,"share":"https://ttm.financial/m/news/1184471845?lang=en_US&edition=fundamental","pubTime":"2021-06-22 13:02","market":"us","language":"zh","title":"5 trillion funds \"hide\" to the Federal Reserve, and the turning point of global liquidity is coming!","url":"https://stock-news.laohu8.com/highlight/detail?id=1184471845","media":"格隆汇投资学苑","summary":"“水漫金山”已经成为现实,美国资本市场上泛滥的资金正面临着无处可去的境地。","content":"<p>What are agencies worried about? In the biblical story, to escape the great flood, the animals boarded Noah's ark and survived.</p><p>Nowadays, \"water floods the golden mountain\" has become a reality, and the flood of funds in the American capital market is facing a situation where there is nowhere to go.</p><p>In recent weeks, the use of the Fed's overnight reverse repo has been setting new records almost every day. As of June 18th, this transaction volume reached 747.1 billion US dollars (about 4.8 trillion yuan), and the scale of the previous day was as high as 756 billion US dollars, which is rare in history.</p><p><img src=\"https://static.tigerbbs.com/35d704eca454097f1c1fd735cad294c9\" tg-width=\"1080\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>The previous record was $485.3 billion on May 27, and the last one dates back to $476 billion at the end of December 2015.</p><p>The increasingly high scale of reverse repurchase is precisely the serious excess liquidity rushing to \"Noah's Ark\".</p><p><b>1. Reverse repurchase is surging. What are institutions worried about?</b></p><p>The reverse repurchase in the United States is just the opposite of that in China. Financial institutions purchase bonds and securities from the Federal Reserve, which is equivalent to the central bank's recovery of part of the market liquidity, and the initiator of the transaction is a financial institution. The situation of \"muzzle guidance\" can't be said to be non-existent, but it is rare in history.</p><p>In other words, financial institutions are taking the initiative to return some liquidity to the central bank, and this willingness is getting stronger.</p><p>There are three direct causes of this phenomenon:</p><p><b>First, the reduction of the Fed's TGA account has led to an accelerated flow of liquidity to the market in the short term</b>。</p><p>TGA-The Treasury General Account can be simply understood as The deposit Account opened by The U.S. Treasury Department in The central bank. This Account does not create additional new liquidity, but stores a portion of The liquidity brought by QE of The Federal Reserve.</p><p>During the epidemic last year, the Fed's TGA account climbed from less than $500 billion to more than $1.7 trillion. Since March this year, the Treasury has started to drastically reduce the pressure and \"transfuse blood\" into the banking system, with the goal of reducing the cash balance in the account to $450 billion at the end of July. By early June, about $940 billion had been released.</p><p><img src=\"https://static.tigerbbs.com/be9d8018820ef426e4f3872833bd62fd\" tg-width=\"1080\" tg-height=\"715\" referrerpolicy=\"no-referrer\"></p><p><b>Second, the June FOMC meeting raised the reverse repo rate by 5 BP to 0.05%.</b></p><p>After more than a year of massive monetary and fiscal stimulus, the assets under management of the federal government's money market fund exceeded $4 trillion for the first time last month, and its investment was limited to Treasury Bond, which made too much money pour into short-term Treasury Bond and other securities assets in the near future; On the other hand, the U.S. Treasury Department has recently reduced the size of short-term Treasury Bond offerings.</p><p>With supply outstripping demand, some short-term Treasury Bond yields have fallen to 0% in the near term, and expectations are heading towards negative territory.</p><p><img src=\"https://static.tigerbbs.com/1732c6801df2cc0e7ffdb2ad11943391\" tg-width=\"1080\" tg-height=\"607\" referrerpolicy=\"no-referrer\"></p><p>That has the big money turning its sights to the Fed's overnight reverse repo, even though that rate was 0% ahead of the FOMC meeting.</p><p><b>Third, seasonal adjustment.</b>Conventionally, overnight reverse repo surges also tend to occur at the end of the quarter, because Basel III requires financial institutions to temporarily shrink their balance sheets to comply with norms.</p><p>In March, the Federal Reserve announced that the SLR exemption would not be renewed, and the regulatory standards were raised. However, initiating an overnight reverse repurchase application to the Federal Reserve can effectively make deposits off the balance sheet and achieve the purpose of reducing total leverage.</p><p>To sum it up,<b>The flood of liquidity has put great pressure on short-term interest rates. Financial institutions have chosen to lock in some cash at reverse repo rates out of fear of negative interest rates. The increase in interest rates at the FOMC meeting has further stimulated the expansion of transaction volume</b>。</p><p>The upper limit of the Fed's Interest Rate Corridor is the excess deposit reserve rate and the lower limit is the overnight reverse repo rate, because commercial banks will not be willing to lend in the market at a rate lower than what they can get by depositing cash directly with the Fed. So, as Powell said at the press conference, the overnight reverse repo \"worked well…to protect the rate floor.\"</p><p>At present, the demand and use of tools to control short-term interest rates have reached new highs consecutively, and no matter what the Fed officials say, it indicates that the liquidity tightening is approaching.</p><p><b>2. How far is the inflection point of liquidity?</b></p><p><b>Croce said that all history is contemporary history.</b>The present and the past may differ in the minutiae, but the logic of how things work remains the same.</p><p>This is the third time money has launched a massive \"attack\" on overnight reverse repos since the Federal Reserve was founded in 1914, most recently in 2013. At that time, the economy entered the recovery channel but the unemployment rate was still around 7%, while inflation was expected to be strong, and short-term market interest rates kept falling under pressure, which was generally the same as now.</p><p>The scale of reverse repurchase, which started at the end of 2013, surged all the way, reaching its peak in December 2016. Major events in the middle included: in February 2014, the Federal Reserve made it clear that it would withdraw from QE in the autumn of that year, and announced a rate hike on December 16, 2015.</p><p><img src=\"https://static.tigerbbs.com/0e9561b4c095ecbae6c3ec18367deb73\" tg-width=\"1080\" tg-height=\"673\" referrerpolicy=\"no-referrer\"></p><p>In other words, it is not surprising that the change of reverse repurchase runs throughout the entire rate hike cycle, and it is regarded as a signal that the liquidity inflection point is coming.</p><p><b>rate hike Expectations Lift, Discussion, Signal Release, Announce Implementation</b>It is the consistent process of the Federal Reserve's policy change. The number of reverse repurchase is not enough to predict when QE will withdraw or rate hike will come, but it undoubtedly means that the most dovish period has passed.</p><p>If it's already at the bottom, what's next is going up.</p><p>June FOMC meeting releases \"hawkish\" signal. The dot plot shows that 13 of the 18 officials support rate hike at least once by the end of 2023, compared to seven in March; Eleven officials expect at least two rate hike by the end of 2023; Seven commissioners are expected to begin a rate hike in 2022.</p><p>Referring to the past few rate hike processes, the most panicked period in the market tends to be the period from the clear signal of tightening to the formal implementation, and before the signal is determined, worry has begun to dominate the market. During the panic in 2013, risk-free interest rates (mainly short-term Treasury Bond) rose significantly, the US Dollar Index rose, emerging market stock markets plummeted, and the prices of precious metals such as gold and silver plummeted.</p><p>The risk appetite of investors in the market can be roughly divided into<b>\"Bitcoin-Commodities-Stock Market-Reverse Repo\"</b>。 Obviously, the current investor wind bias is gradually declining, first with the cryptocurrency crash, which saw BTC drop from $60,000 to more than $30,000; The commodity bubble is also constantly being squeezed out. LME copper has fallen by more than 13% from a high of $10,700, US stocks have fluctuated at a high level, and reverse repurchase transactions have surged.</p><p><img src=\"https://static.tigerbbs.com/825c1bd33decd250ca5600a35a173af6\" tg-width=\"1080\" tg-height=\"708\" referrerpolicy=\"no-referrer\"></p><p>As the conditions in the liquidity tightening gradually mature, the market will slowly reduce the wind bias, and this influence will be transmitted along the chain to the stock market. The influence may not be trendy, but high-valued stocks will still be under pressure, similar to the wave of killing in February.</p><p>Before the inflection point, the panic brought by expectations is the main factor affecting asset prices.</p><p><b>3. Conclusion</b></p><p>Everyone understands that the inflection point of global liquidity will eventually come, but when it will land depends only on the Federal Reserve, not even on inflation.</p><p>\"Don't go against the Fed\" doesn't mean you can continue to chase higher in the casino. Don't forget, even in China, where liquidity turned first, liquidity is still abundant, and it is just staged stability. Once the inflection point signal is established, it is reasonable logic to complete the return of value by another wave of killing.</p><p>Charlie Munger once said that if I knew where I was going to die, I would never go there. But the only lesson of history is that people have never learned any lessons from history, and most people feel that they will not be the last takeover man.</p><p>Surviving is more important than anything in the cold winter.</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>5 trillion funds \"hide\" to the Federal Reserve, and the turning point of global liquidity is coming!</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n5 trillion funds \"hide\" to the Federal Reserve, and the turning point of global liquidity is coming!\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/3\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/5d7d04eb4f16b0013ed2c39f71b84b6c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">格隆汇投资学苑 </p>\n<p class=\"h-time smaller\">2021-06-22 13:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>What are agencies worried about? In the biblical story, to escape the great flood, the animals boarded Noah's ark and survived.</p><p>Nowadays, \"water floods the golden mountain\" has become a reality, and the flood of funds in the American capital market is facing a situation where there is nowhere to go.</p><p>In recent weeks, the use of the Fed's overnight reverse repo has been setting new records almost every day. As of June 18th, this transaction volume reached 747.1 billion US dollars (about 4.8 trillion yuan), and the scale of the previous day was as high as 756 billion US dollars, which is rare in history.</p><p><img src=\"https://static.tigerbbs.com/35d704eca454097f1c1fd735cad294c9\" tg-width=\"1080\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>The previous record was $485.3 billion on May 27, and the last one dates back to $476 billion at the end of December 2015.</p><p>The increasingly high scale of reverse repurchase is precisely the serious excess liquidity rushing to \"Noah's Ark\".</p><p><b>1. Reverse repurchase is surging. What are institutions worried about?</b></p><p>The reverse repurchase in the United States is just the opposite of that in China. Financial institutions purchase bonds and securities from the Federal Reserve, which is equivalent to the central bank's recovery of part of the market liquidity, and the initiator of the transaction is a financial institution. The situation of \"muzzle guidance\" can't be said to be non-existent, but it is rare in history.</p><p>In other words, financial institutions are taking the initiative to return some liquidity to the central bank, and this willingness is getting stronger.</p><p>There are three direct causes of this phenomenon:</p><p><b>First, the reduction of the Fed's TGA account has led to an accelerated flow of liquidity to the market in the short term</b>。</p><p>TGA-The Treasury General Account can be simply understood as The deposit Account opened by The U.S. Treasury Department in The central bank. This Account does not create additional new liquidity, but stores a portion of The liquidity brought by QE of The Federal Reserve.</p><p>During the epidemic last year, the Fed's TGA account climbed from less than $500 billion to more than $1.7 trillion. Since March this year, the Treasury has started to drastically reduce the pressure and \"transfuse blood\" into the banking system, with the goal of reducing the cash balance in the account to $450 billion at the end of July. By early June, about $940 billion had been released.</p><p><img src=\"https://static.tigerbbs.com/be9d8018820ef426e4f3872833bd62fd\" tg-width=\"1080\" tg-height=\"715\" referrerpolicy=\"no-referrer\"></p><p><b>Second, the June FOMC meeting raised the reverse repo rate by 5 BP to 0.05%.</b></p><p>After more than a year of massive monetary and fiscal stimulus, the assets under management of the federal government's money market fund exceeded $4 trillion for the first time last month, and its investment was limited to Treasury Bond, which made too much money pour into short-term Treasury Bond and other securities assets in the near future; On the other hand, the U.S. Treasury Department has recently reduced the size of short-term Treasury Bond offerings.</p><p>With supply outstripping demand, some short-term Treasury Bond yields have fallen to 0% in the near term, and expectations are heading towards negative territory.</p><p><img src=\"https://static.tigerbbs.com/1732c6801df2cc0e7ffdb2ad11943391\" tg-width=\"1080\" tg-height=\"607\" referrerpolicy=\"no-referrer\"></p><p>That has the big money turning its sights to the Fed's overnight reverse repo, even though that rate was 0% ahead of the FOMC meeting.</p><p><b>Third, seasonal adjustment.</b>Conventionally, overnight reverse repo surges also tend to occur at the end of the quarter, because Basel III requires financial institutions to temporarily shrink their balance sheets to comply with norms.</p><p>In March, the Federal Reserve announced that the SLR exemption would not be renewed, and the regulatory standards were raised. However, initiating an overnight reverse repurchase application to the Federal Reserve can effectively make deposits off the balance sheet and achieve the purpose of reducing total leverage.</p><p>To sum it up,<b>The flood of liquidity has put great pressure on short-term interest rates. Financial institutions have chosen to lock in some cash at reverse repo rates out of fear of negative interest rates. The increase in interest rates at the FOMC meeting has further stimulated the expansion of transaction volume</b>。</p><p>The upper limit of the Fed's Interest Rate Corridor is the excess deposit reserve rate and the lower limit is the overnight reverse repo rate, because commercial banks will not be willing to lend in the market at a rate lower than what they can get by depositing cash directly with the Fed. So, as Powell said at the press conference, the overnight reverse repo \"worked well…to protect the rate floor.\"</p><p>At present, the demand and use of tools to control short-term interest rates have reached new highs consecutively, and no matter what the Fed officials say, it indicates that the liquidity tightening is approaching.</p><p><b>2. How far is the inflection point of liquidity?</b></p><p><b>Croce said that all history is contemporary history.</b>The present and the past may differ in the minutiae, but the logic of how things work remains the same.</p><p>This is the third time money has launched a massive \"attack\" on overnight reverse repos since the Federal Reserve was founded in 1914, most recently in 2013. At that time, the economy entered the recovery channel but the unemployment rate was still around 7%, while inflation was expected to be strong, and short-term market interest rates kept falling under pressure, which was generally the same as now.</p><p>The scale of reverse repurchase, which started at the end of 2013, surged all the way, reaching its peak in December 2016. Major events in the middle included: in February 2014, the Federal Reserve made it clear that it would withdraw from QE in the autumn of that year, and announced a rate hike on December 16, 2015.</p><p><img src=\"https://static.tigerbbs.com/0e9561b4c095ecbae6c3ec18367deb73\" tg-width=\"1080\" tg-height=\"673\" referrerpolicy=\"no-referrer\"></p><p>In other words, it is not surprising that the change of reverse repurchase runs throughout the entire rate hike cycle, and it is regarded as a signal that the liquidity inflection point is coming.</p><p><b>rate hike Expectations Lift, Discussion, Signal Release, Announce Implementation</b>It is the consistent process of the Federal Reserve's policy change. The number of reverse repurchase is not enough to predict when QE will withdraw or rate hike will come, but it undoubtedly means that the most dovish period has passed.</p><p>If it's already at the bottom, what's next is going up.</p><p>June FOMC meeting releases \"hawkish\" signal. The dot plot shows that 13 of the 18 officials support rate hike at least once by the end of 2023, compared to seven in March; Eleven officials expect at least two rate hike by the end of 2023; Seven commissioners are expected to begin a rate hike in 2022.</p><p>Referring to the past few rate hike processes, the most panicked period in the market tends to be the period from the clear signal of tightening to the formal implementation, and before the signal is determined, worry has begun to dominate the market. During the panic in 2013, risk-free interest rates (mainly short-term Treasury Bond) rose significantly, the US Dollar Index rose, emerging market stock markets plummeted, and the prices of precious metals such as gold and silver plummeted.</p><p>The risk appetite of investors in the market can be roughly divided into<b>\"Bitcoin-Commodities-Stock Market-Reverse Repo\"</b>。 Obviously, the current investor wind bias is gradually declining, first with the cryptocurrency crash, which saw BTC drop from $60,000 to more than $30,000; The commodity bubble is also constantly being squeezed out. LME copper has fallen by more than 13% from a high of $10,700, US stocks have fluctuated at a high level, and reverse repurchase transactions have surged.</p><p><img src=\"https://static.tigerbbs.com/825c1bd33decd250ca5600a35a173af6\" tg-width=\"1080\" tg-height=\"708\" referrerpolicy=\"no-referrer\"></p><p>As the conditions in the liquidity tightening gradually mature, the market will slowly reduce the wind bias, and this influence will be transmitted along the chain to the stock market. The influence may not be trendy, but high-valued stocks will still be under pressure, similar to the wave of killing in February.</p><p>Before the inflection point, the panic brought by expectations is the main factor affecting asset prices.</p><p><b>3. Conclusion</b></p><p>Everyone understands that the inflection point of global liquidity will eventually come, but when it will land depends only on the Federal Reserve, not even on inflation.</p><p>\"Don't go against the Fed\" doesn't mean you can continue to chase higher in the casino. Don't forget, even in China, where liquidity turned first, liquidity is still abundant, and it is just staged stability. Once the inflection point signal is established, it is reasonable logic to complete the return of value by another wave of killing.</p><p>Charlie Munger once said that if I knew where I was going to die, I would never go there. But the only lesson of history is that people have never learned any lessons from history, and most people feel that they will not be the last takeover man.</p><p>Surviving is more important than anything in the cold winter.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0f9e9a265cb0e7e8cb195039b2fe24a4","relate_stocks":{".DJI":"道琼斯"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184471845","content_text":"机构在担心什么?\n\n在圣经的故事中,为了躲避旷世的大洪灾,动物们登上了诺亚方舟得以幸免于难。\n如今,“水漫金山”已经成为现实,美国资本市场上泛滥的资金正面临着无处可去的境地。\n近几周,美联储的隔夜逆回购的使用量几乎每天都在刷新历史记录。截止到6月18日,这一交易额达到了7471亿美元(约合人民币4.8万亿元),前一天的规模更是高达7560亿美元,历史罕见。\n\n前一次创纪录是5月27日的4853亿美元,再上一次则要追溯到2015年12月末的4760亿美元。\n日益高企的逆回购规模,正是严重过剩的流动性在奔赴“诺亚方舟”。\n1、逆回购激增,机构在担心什么?\n美国的逆回购和中国恰好相反,是由金融机构向美联储购债证券,相当于央行回收一部分市场流动性,而交易的发起方是金融机构,“枪口指导”的情况不能说不存在,但历史上并不多见。\n换言之,金融机构在主动交还给央行一部分流动性,并且这个意愿愈发强烈。\n导致这一现象的直接原因有三:\n第一,美联储TGA账户削减,造成短期内流动性加速投向市场。\nTGA——The Treasury General Account,可以简单地理解为美国财政部在中央银行开设的存款账户,这一账户并不会额外创造新的流动性,而是储存一部分美联储QE带来的流动性。\n去年疫情期间美联储TGA账户从不到5000亿美元攀升至超过1.7万亿美元,今年3月份以来,财政部开始大幅压降,向银行体系“输血”,目标是7月末将账户上的现金余额缩减为4500亿美元。截止到6月初,已释放约9400亿美元。\n\n第二,6月FOMC会议将逆回购利率上调5个BP至0.05%。\n经过一年多的大规模货币和财政刺激,联邦政府货币市场基金的管理资产在上个月首次超过4万亿美元,而其投资又仅限于国债,这使得太多的资金于近期涌入短期国债和其他证券资产;另一方面,美国财政部近期减少了短期国债发行规模。\n供不应求之下,一些短期国债收益率在近期跌至0%,并且预期在向负值行进。\n\n这使得大资金将目光转向了美联储的隔夜逆回购,尽管在FOMC会议之前,这一利率为0%。\n第三,季节性调整。常规而言,季度末往往也会发生隔夜逆回购激增的现象,因为巴塞尔协定III要求,金融机构需要暂时收缩资产负债表以符合规范。\n3月份美联储宣布SLR豁免不续作,监管标准提高,而向美联储发起隔夜逆回购申请可以有效使得存款脱表,达到降低总杠杆的目的。\n总结下来就是,流动性泛滥对短期利率造成极大的压力,金融机构出于对负利率的担忧,选择以逆回购利率锁定一部分现金,而FOMC会议上调利率进一步刺激了交易量的扩大。\n美联储设定的利率走廊中,上限是超额存款准备金利率,下限则是隔夜逆回购利率,因为商业银行不会愿意在市场上以低于直接将现金存放在美联储所能获得的利率放贷。因此,正如鲍威尔在记者会上所说,隔夜逆回购“很好地发挥了作用……保护了利率下限”。\n当前,控制短期利率的工具需求用量连续创新高,无论美联储官员表态如何,都预示着流动性收紧的临近。\n2、流动性拐点还有多远?\n克罗齐说,一切历史都是当代史。当下和过去,或许在细枝末节上会有所不同,但事物运行的逻辑万变不离其宗。\n自1914年美联储成立以来,这是第三次资金在隔夜逆回购上发动大规模“攻击”,最近的一次是2013年。当时,经济进入复苏通道但失业率尚在7%附近,而通胀出现较强的预期,短期市场利率不断承压下降,大体上和现在如出一辙。\n2013年末开始的逆回购规模一路激增,在2016年12月达到峰值,中间经历的重大事件包括:2014年2月美联储明确表示将于当年秋季退出QE,2015年12月16日宣布加息。\n\n也就是说,逆回购的异动贯穿整个加息周期,被当成流动性拐点即将到来的信号也不足为奇。\n加息预期抬升、讨论、释放信号、宣布实施,是美联储政策转变的一贯流程,逆回购的数字并不足以预测QE退出或者加息时点会在什么时候到来,但毫无疑问代表着最鸽派的时期已经过去。\n如果已经在谷底了,接下来怎么都是向上。\n6月FOMC会议释放“鹰派”信号。点阵图显示,18位官员中有13人支持在2023年底前至少加息一次,而3月为7位;11位官员预计到2023年底至少加息两次;7名委员预计在2022年开始加息。\n参考过去几次加息流程,市场最恐慌的时期往往是在明确发出收紧信号到正式实施的一段时间,而在信号得到确定之前,担忧情绪已经开始主导市场。2013年的恐慌期间,无风险利率(主要是短期国债)明显上行,美元指数走高,新兴市场股市暴跌,黄金、白银等贵金属价格大跌。\n市场中投资者的风险偏好按照等级,大致可以分为“比特币—大宗商品—股市—逆回购”。显然,当前投资者的风偏正在逐渐下降,先是加密货币崩盘,BTC从6万美元跌至3万多美元;大宗商品的泡沫也在不断挤出,LME铜从10700美元高位跌超13%,美股在高位震荡,逆回购交易激增。\n\n随着流动性收紧的条件逐渐成熟,市场将慢慢降低风偏,这一影响将会顺着链条传导到股市中,影响可能不是趋势性的,但高估值股票仍然会有压力,类似于2月份那波下杀。\n在拐点来临之前,预期带来的恐慌是影响资产价格的主因。\n3、结语\n所有人都明白,全球流动性拐点终将到来,但何时落地,只在于美联储,甚至不在于通胀。\n“不要和美联储作对”,并不意味着可以继续在赌场追高。别忘了,即使是流动性最先转弯的中国,流动性依然是宽裕的,阶段性维稳而已。一旦拐点信号确立,再来一波下杀完成价值回归,才是合理的逻辑。\n查理·芒格曾说,如果我知道自己会在哪里死去,我就永远都不去那儿。但历史给人的唯一教训,就是人们从未在历史中吸取过任何教训,大多数人都觉得,自己不会成为最后一个接盘侠。\n在寒冬将至的时候,活下来比任何事都重要。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":5550,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165821302,"gmtCreate":1624117973706,"gmtModify":1703829047820,"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/165821302","repostId":"2144702770","repostType":4,"repost":{"id":"2144702770","kind":"highlight","pubTimestamp":1624244088,"share":"https://ttm.financial/m/news/2144702770?lang=en_US&edition=fundamental","pubTime":"2021-06-21 10:54","market":"hk","language":"zh","title":"An 18-fold increase in 10 years! Did you miss out on the generous dividends in tech stocks?","url":"https://stock-news.laohu8.com/highlight/detail?id=2144702770","media":"新浪财经综合","summary":"港股科技股市值近10年来呈井喷之势,恒生资讯科技业指数市值由10年前(2011年6月)不足1万亿元,10年间暴增1800%至超17万亿元,并一举超过恒生金融业指数15.73万亿元的市值的市值,雄踞港股","content":"<p>The market capitalization of Hong Kong technology stocks has exploded in the past 10 years. The market capitalization of the Hang Seng Information Technology Index has increased by 1800% from less than HK$1 trillion 10 years ago (June 2011) to over HK$17 trillion in 10 years, and has surpassed the Hang Seng Financial Index's market capitalization of HK$15.73 trillion, ranking first among all industries in the Hong Kong stock market!</p><p>The Hong Kong stock market is expanding steadily overall.</p><p>Changes in market capitalization of the three major heavyweight industry indices in Hong Kong stocks over the past 10 years (see the chart below).<img src=\"https://static.tigerbbs.com/6da34a6fd16e9aaad4a45a0705a50187\" tg-width=\"549\" tg-height=\"419\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>At the same time, the total market capitalization of the Hong Kong stock market increased from approximately HK$20 trillion 10 years ago to over HK$50 trillion.</p><p><img src=\"https://static.tigerbbs.com/623fb4d1a2b1422cabfb3a7f8c65af7c\" tg-width=\"796\" tg-height=\"690\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>The main reason for the market capitalization growth is the significant expansion of Hong Kong-listed companies, with the number of listed companies increasing from 1,448 10 years ago to nearly 2,600 today. Meanwhile, the Hang Seng Index, which was once dominated by financial and real estate stocks, has seen relatively limited gains, rising by only about 20% over the past decade.</p><p>The number of companies listed on the Hong Kong Stock Exchange is shown in the figure below.</p><p><img src=\"https://static.tigerbbs.com/3cc6565025f2f3abf895088cfcf29da7\" tg-width=\"789\" tg-height=\"223\" referrerpolicy=\"no-referrer\"></p><p>Looking at the market capitalization ratio of various industry indices, the proportion of the Hang Seng Information Technology Index (accounting for the total market capitalization of companies included in the Hang Seng series industry indices) has increased explosively from 3% in June 2011 to the latest 25%!</p><p>Old economic sectors are sluggish</p><p>Finance, real estate, and energy, three heavyweight sectors of the established economy, have significantly underperformed the market, and energy is no longer even a heavyweight sector.</p><p><img src=\"https://static.tigerbbs.com/546bcd2e116e4cc22cdd0cf3edebf61d\" tg-width=\"584\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5dd31eaef02347d31d36a54b4594ed2a\" tg-width=\"562\" tg-height=\"522\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>The Hang Seng Financial Industries Index has increased from 11 trillion yuan 10 years ago to less than 16 trillion yuan lately. However, the proportion of the Hang Seng Financial Index declined significantly, from 46% to 25%, making it the sector with the largest decline.</p><p>Hong Kong heavyweight stocks such as Changshi and Sun Hung Kai Properties<a href=\"https://laohu8.com/S/01972\">Swire Properties</a>、<a href=\"https://laohu8.com/S/00017\">New World development</a>The real estate index, which is clustered together, also performed weakly, with its market capitalization share dropping from 10% to 9%.</p><p>In addition, the sluggish oil prices over the past 10 years have also caused the market capitalization of the Hang Seng Energy Index to decline from HK$4.8 trillion to HK$2.1 trillion. Instead of increasing in the past 10 years, it has been halved, and its market capitalization share has dropped sharply from 18% to 3%.<img src=\"https://static.tigerbbs.com/4b27148417ef1d600426d51d4c161bda\" tg-width=\"537\" tg-height=\"431\" referrerpolicy=\"no-referrer\"></p><p>The Choice of the Times and the Reform of the Hong Kong Stock</p><p>The past 10 years can be considered a golden decade for Chinese technology companies, with Alibaba,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Both giants have experienced explosive growth, with their market capitalizations increasing to behemoths in the 5 trillion yuan range. Meituan and Xiaomi were unknown ten years ago, but Meituan has become a technology leader with a market value of nearly 2 trillion yuan, and Xiaomi has grown into a smart home ecosystem leader with a market value of 700 billion yuan.<a href=\"https://laohu8.com/S/JD\">JD.com</a>From years of losses to now stable profitability, its market capitalization has reached trillions of yuan.<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/NTES\">NetEase</a>While slightly less impressive than the explosive growth of the first decade of this century, it has made steady progress and lived up to the expectations of the times.</p><p>The strong development of the short video industry in recent years has created Kuaishou,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Waiting for the rise of leading video companies. In addition, according to media reports in April this year, ByteDance has submitted an underwriter appointment letter to the Hong Kong Stock Exchange and initiated the process of listing in Hong Kong, with a valuation of US$400 billion. ByteDance, a phenomenal blockbuster company, will be listed on the Hong Kong Stock Exchange in the near future, and there is still considerable room for growth in the market capitalization of Hong Kong-listed technology stocks.</p><p><img src=\"https://static.tigerbbs.com/2e3dfd73fe60381e50e44793dfc84464\" tg-width=\"570\" tg-height=\"412\" referrerpolicy=\"no-referrer\">On one hand, the times have brought substantial dividends to technology stocks; on the other hand, the Hong Kong Stock Exchange has learned from its mistakes and is reforming itself.</p><p>The Hong Kong Stock Exchange missed in 2014<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Later, at the end of 2017, it finally made its biggest change in more than 20 years - allowing the dual-class share structure and the listing of unprofitable biological companies.</p><p>It is no exaggeration to say that 2018 marked the beginning of a new era for Hong Kong stocks. A large number of leading tech companies that had previously missed out on Hong Kong stocks have chosen to list in Hong Kong for a secondary period, including established tech giants such as Alibaba, Baidu, JD.com, and NetEase. This also led newcomers such as Meituan, Xiaomi, and Kuaishou to choose Hong Kong as their initial public offering location. The Hong Kong stock market has become an indispensable market for investing in China's technology industry!</p>","source":"highlight_sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>An 18-fold increase in 10 years! Did you miss out on the generous dividends in tech stocks?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAn 18-fold increase in 10 years! Did you miss out on the generous dividends in tech stocks?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经综合</strong><span class=\"h-time small\">2021-06-21 10:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The market capitalization of Hong Kong technology stocks has exploded in the past 10 years. The market capitalization of the Hang Seng Information Technology Index has increased by 1800% from less than HK$1 trillion 10 years ago (June 2011) to over HK$17 trillion in 10 years, and has surpassed the Hang Seng Financial Index's market capitalization of HK$15.73 trillion, ranking first among all industries in the Hong Kong stock market!</p><p>The Hong Kong stock market is expanding steadily overall.</p><p>Changes in market capitalization of the three major heavyweight industry indices in Hong Kong stocks over the past 10 years (see the chart below).<img src=\"https://static.tigerbbs.com/6da34a6fd16e9aaad4a45a0705a50187\" tg-width=\"549\" tg-height=\"419\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>At the same time, the total market capitalization of the Hong Kong stock market increased from approximately HK$20 trillion 10 years ago to over HK$50 trillion.</p><p><img src=\"https://static.tigerbbs.com/623fb4d1a2b1422cabfb3a7f8c65af7c\" tg-width=\"796\" tg-height=\"690\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>The main reason for the market capitalization growth is the significant expansion of Hong Kong-listed companies, with the number of listed companies increasing from 1,448 10 years ago to nearly 2,600 today. Meanwhile, the Hang Seng Index, which was once dominated by financial and real estate stocks, has seen relatively limited gains, rising by only about 20% over the past decade.</p><p>The number of companies listed on the Hong Kong Stock Exchange is shown in the figure below.</p><p><img src=\"https://static.tigerbbs.com/3cc6565025f2f3abf895088cfcf29da7\" tg-width=\"789\" tg-height=\"223\" referrerpolicy=\"no-referrer\"></p><p>Looking at the market capitalization ratio of various industry indices, the proportion of the Hang Seng Information Technology Index (accounting for the total market capitalization of companies included in the Hang Seng series industry indices) has increased explosively from 3% in June 2011 to the latest 25%!</p><p>Old economic sectors are sluggish</p><p>Finance, real estate, and energy, three heavyweight sectors of the established economy, have significantly underperformed the market, and energy is no longer even a heavyweight sector.</p><p><img src=\"https://static.tigerbbs.com/546bcd2e116e4cc22cdd0cf3edebf61d\" tg-width=\"584\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5dd31eaef02347d31d36a54b4594ed2a\" tg-width=\"562\" tg-height=\"522\" referrerpolicy=\"no-referrer\">Data source: Wind</p><p>The Hang Seng Financial Industries Index has increased from 11 trillion yuan 10 years ago to less than 16 trillion yuan lately. However, the proportion of the Hang Seng Financial Index declined significantly, from 46% to 25%, making it the sector with the largest decline.</p><p>Hong Kong heavyweight stocks such as Changshi and Sun Hung Kai Properties<a href=\"https://laohu8.com/S/01972\">Swire Properties</a>、<a href=\"https://laohu8.com/S/00017\">New World development</a>The real estate index, which is clustered together, also performed weakly, with its market capitalization share dropping from 10% to 9%.</p><p>In addition, the sluggish oil prices over the past 10 years have also caused the market capitalization of the Hang Seng Energy Index to decline from HK$4.8 trillion to HK$2.1 trillion. Instead of increasing in the past 10 years, it has been halved, and its market capitalization share has dropped sharply from 18% to 3%.<img src=\"https://static.tigerbbs.com/4b27148417ef1d600426d51d4c161bda\" tg-width=\"537\" tg-height=\"431\" referrerpolicy=\"no-referrer\"></p><p>The Choice of the Times and the Reform of the Hong Kong Stock</p><p>The past 10 years can be considered a golden decade for Chinese technology companies, with Alibaba,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Both giants have experienced explosive growth, with their market capitalizations increasing to behemoths in the 5 trillion yuan range. Meituan and Xiaomi were unknown ten years ago, but Meituan has become a technology leader with a market value of nearly 2 trillion yuan, and Xiaomi has grown into a smart home ecosystem leader with a market value of 700 billion yuan.<a href=\"https://laohu8.com/S/JD\">JD.com</a>From years of losses to now stable profitability, its market capitalization has reached trillions of yuan.<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/NTES\">NetEase</a>While slightly less impressive than the explosive growth of the first decade of this century, it has made steady progress and lived up to the expectations of the times.</p><p>The strong development of the short video industry in recent years has created Kuaishou,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Waiting for the rise of leading video companies. In addition, according to media reports in April this year, ByteDance has submitted an underwriter appointment letter to the Hong Kong Stock Exchange and initiated the process of listing in Hong Kong, with a valuation of US$400 billion. ByteDance, a phenomenal blockbuster company, will be listed on the Hong Kong Stock Exchange in the near future, and there is still considerable room for growth in the market capitalization of Hong Kong-listed technology stocks.</p><p><img src=\"https://static.tigerbbs.com/2e3dfd73fe60381e50e44793dfc84464\" tg-width=\"570\" tg-height=\"412\" referrerpolicy=\"no-referrer\">On one hand, the times have brought substantial dividends to technology stocks; on the other hand, the Hong Kong Stock Exchange has learned from its mistakes and is reforming itself.</p><p>The Hong Kong Stock Exchange missed in 2014<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Later, at the end of 2017, it finally made its biggest change in more than 20 years - allowing the dual-class share structure and the listing of unprofitable biological companies.</p><p>It is no exaggeration to say that 2018 marked the beginning of a new era for Hong Kong stocks. A large number of leading tech companies that had previously missed out on Hong Kong stocks have chosen to list in Hong Kong for a secondary period, including established tech giants such as Alibaba, Baidu, JD.com, and NetEase. This also led newcomers such as Meituan, Xiaomi, and Kuaishou to choose Hong Kong as their initial public offering location. The Hong Kong stock market has become an indispensable market for investing in China's technology industry!</p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"https://finance.sina.com.cn/stock/hkstock/hkstocknews/2021-06-19/doc-ikqcfnca1890926.shtml\">新浪财经综合</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{"HSI":"恒生指数"},"source_url":"https://finance.sina.com.cn/stock/hkstock/hkstocknews/2021-06-19/doc-ikqcfnca1890926.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2144702770","content_text":"港股科技股市值近10年来呈井喷之势,恒生资讯科技业指数市值由10年前(2011年6月)不足1万亿元,10年间暴增1800%至超17万亿元,并一举超过恒生金融业指数15.73万亿元的市值的市值,雄踞港股各行业市值榜首!\n港股市场整体稳步扩张\n港股三大权重行业指数10年来市值变化(见下图)。数据来源:Wind\n与此同时,港股主板总市值由10年前的约20万亿港元增至超50万亿港元。\n数据来源:Wind\n市值增长的主要原因是港股上市公司的大幅扩张,上市公司数量由10年前的1448家增至现今的近2600家。于此同时,曾以金融、地产股为主的恒生指数涨幅则相对有限,十年间仅有约20%。\n港股上市公司数量,如下图所示。\n\n从各行业指数市值占比来看,恒生资讯科技业指数比重(占入选恒生系列行业指数的公司总市值)由2011年6月的3%爆发式增至最新的25%!\n老经济板块低迷\n金融、地产、能源这三个权重老经济板块,则明显跑输市场,甚至能源已不再是一个权重板块。\n数据来源:Wind\n恒生金融业指数由10年前的11万亿元增至最新的不足16万亿元。但恒生金融业指数比重则下滑明显,由占比46%下滑至25%,是下滑幅度最大的行业。\n香港本地重磅股长实、新鸿基、太古地产、新世界发展等扎堆的地产指数也表现较弱,市值占比从10%降至9%。\n此外,近10年油价的低迷也导致恒生能源业指数市值由4.8万亿元下滑至2.1万亿元,10年来不增反而腰斩,市值比重由18%大幅下滑至3%。\n时代选择与港交所自身改革\n近10年,可以说是中国科技公司的黄金10年,阿里、腾讯双雄爆发式成长,市值均增长至5万亿量级的庞然大物。美团、小米十年前尚名不见经传,但美团已成为市值近2万亿的科技龙头,小米也成长至市值7000亿的智能家居生态龙头。京东从连年亏损到如今稳定盈利,市值达到万亿量级。百度、网易稍逊风骚,虽不如本世纪前十年的爆发式增长,也稳扎稳打不负时代所托。\n近几年的短视频行业强势发展,造就了快手、哔哩哔哩等视频龙头的崛起。此外,据媒体今年4月报道称,字节跳动已向港交所提交了承销商聘用函,启动了赴港上市流程,估值达4000亿美元。字节跳动这一现象级重磅公司在不久的未来将登陆港股,未来港股科技股市值仍有相当增长空间。\n一边是时代给了科技股丰厚的红利,另外一边则是港交所痛定思痛,自身改革。\n港交所在2014年错失阿里巴巴后,最终在2017年末做出了其二十多年来最大的变革——放行同股不同权架构和尚未盈利的生物公司上市。\n毫不夸张的说,从2018年起,对港股来说是一个全新时代的开启。大批此前无缘港股的科技龙头在香港选择二次上市,其中包括阿里巴巴、百度、京东、网易等老牌科技龙头。也让新贵美团、小米、快手等选择香港作为首次上市地点。现今的港股市场,已是投资中国科技行业不可或缺的市场!","news_type":1,"symbols_score_info":{"HSI":0.9}},"isVote":1,"tweetType":1,"viewCount":5510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}