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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 people still get infected after getting vaccinated? How to understand vaccine effectiveness
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 people still get infected after getting vaccinated? How to understand vaccine effectiveness
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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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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 yuan in funds are "hiding" from the Federal Reserve, indicating that a global liquidity turning point is approaching!
“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 yuan in funds are "hiding" from the Federal Reserve, indicating that a global liquidity turning point is approaching!
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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":"hk","language":"zh","title":"Why do people still get infected after getting vaccinated? How to understand vaccine effectiveness","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 variants of the virus rage, the COVID-19 pandemic is showing signs of resurgence globally. What's even more disturbing is that many of the confirmed cases are people who have already been vaccinated.</p><p>For example, Chinese-American gymnast Kara Eaker and British Health Secretary Sajid Javid both tested positive for COVID-19 after receiving the vaccine and were diagnosed with a \"Breakthrough Infection.\"</p><p>So what exactly is a breakthrough infection? Why do people still get infected after getting vaccinated? How common is this phenomenon, and how dangerous is it? Sanjay Mishra, program coordinator and staff scientist at Vanderbilt University Medical Center in the United States, recently provided an interpretation of these issues.</p><p><h2>What is a breakthrough infection?</h2>When people become infected after vaccination, scientists call these cases \"breakthrough\" infections because the virus breaks through the protective barrier provided by the vaccine.</p><p><b>Keep in mind that not all vaccines are 100% effective.</b>For example, the effectiveness rate of the vaccine protecting children against polio is around 80% to 90%, and the effectiveness rate of the measles vaccine is 94%.</p><p>Regarding the COVID-19 vaccine, 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 effectiveness does not mean that the vaccine will protect 95% of people, while the other 5% will get infected with the virus.</p><p>Vaccine effectiveness is a measure of relative risk, i.e., comparing a group of vaccinated people with an unvaccinated group under the same exposure conditions. Assuming that during a three-month clinical trial, 100 out of every 10,000 unvaccinated people are infected, and at the same time, 5 out of every 10,000 vaccinated people are infected, then the effectiveness of the vaccine is 95%.</p><p><b>In other words, the vaccine protects 95% of these 100 (unvaccinated and certain to be infected) people, not 95% of the entire 10,000 population.</b></p><p><h2><b>How common is the phenomenon of breakthrough infection?</b></h2>With the spread of the Delta variant, breakthrough infections occurred slightly more frequently than expected.<b>However, infection remains very rare in the vaccinated population and usually results in mild or asymptomatic conditions.</b></p><p>For example, between January 1 and April 30, 2021, 46 states and territories in the United States reported 10,262 breakthrough infections to the U.S. Centers for Disease Control and Prevention. In comparison, there were 11.8 million confirmed cases during the same period. As of July 19, 2021, more than 159 million people across the United States had been vaccinated against COVID-19, of whom 5,914 were hospitalized or died due to breakthrough infections.</p><p>In addition, a study conducted between December 15, 2020 and March 31, 2021 showed that among 258,716 veterans who received two doses of the Pfizer or Moderna vaccine, 410 had a breakthrough infection, accounting for 0.16% of the total.</p><p>Similarly, a study in New York found that between February 1 and April 30, 2021, 86 breakthrough infections occurred among 126,367 fully vaccinated people (mainly mRNA vaccines), representing 1.2% of the total number of cases and 0.07% of the fully vaccinated population.</p><p><h2>How serious is a breakthrough infection?</h2>The U.S. Centers for Disease Control and Prevention (CDC) defines a vaccine breakthrough infection as a nasal swab that detects SARS-CoV-2 RNA or protein more than 14 days after completing the full recommended dose of the FDA-authorized COVID-19 vaccine.</p><p>It should be noted that a breakthrough infection does not necessarily mean that the patient feels unwell - in fact, 27% of breakthrough infection cases reported to the US CDC are asymptomatic. It is understood that only 10% of those who break through the infection rate were hospitalized (some for reasons other than COVID-19), and 2% died. In contrast, in the spring of 2020, when vaccination had not yet begun, 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 result in hospitalization.<b>In another study, after receiving just one dose of the Pfizer vaccine, vaccinated people who tested positive for COVID-19 had a quarter less viral content in their bodies than unvaccinated people who tested positive.</b></p><p><h2>Under what circumstances is breakthrough infection likely to occur?</h2>In community cluster transmission, the probability of breakthrough infection is relatively high.</p><p>Infection is more likely in close contact situations, such as in cramped workspaces, parties, restaurants, or stadiums. Breakthrough infections are also more likely to occur among healthcare workers who frequently come into contact with infected patients.</p><p><b>Gender, age, and physical condition can also affect the chance of infection.</b></p><p>Data from the U.S. CDC shows that women account for 63% of breakthrough infections, and the reason is still unclear. Some smaller studies have also determined that women account for a larger proportion of breakthrough cases.</p><p>The vaccine elicits a weaker immune response in the elderly, and the chance of breakthrough infection increases with age. Of the breakthrough cases tracked by the CDC, 75% occurred in patients 65 years of age and older.</p><p>Low immune function or underlying conditions such as hypertension, diabetes, heart disease, chronic kidney and lung disease, and cancer can increase the chance of breakthrough infection and may 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 485 times more likely to be hospitalized and die after a breakthrough infection compared to the general vaccinated population.</p><p><h2>How big is the impact of the Delta variant virus?</h2>Existing vaccines mainly target early strains, while new variants, including Delta, are better at dodging antibodies produced by current vaccines. Although existing vaccines remain effective, their effectiveness has decreased.</p><p>According to data from the UK Department of Public Health, the two-dose mRNA vaccine is only 79% effective against Delta virus, while it is 89% effective against early Alpha virus. A single dose of the vaccine is only 35% effective against the Delta strain.</p><p>In Israel, where vaccination rates are high, the effectiveness rate of the Pfizer vaccine in preventing severe illness caused by the Delta variant is only 39%-40.5%, far lower than the earlier estimate of 90%.</p><p>The results of the Israeli study show that the effectiveness of vaccines in preventing infections and symptomatic diseases decreases within 6 months.<b>However, the good news is that the vaccine remains highly effective in preventing hospitalizations (88%) and severe illness (91.4%) caused by the Delta strain.</b></p><p><h2>How effective is the vaccine?</h2>As of the end of July 2021, 49.1% of the U.S. population, or slightly more than 163 million people, had been fully vaccinated. Nearly 90% of Americans over the age of 65 have received at least one dose of the vaccine.</p><p>Scientists' models suggest that as of the end of June 2021, vaccination may have saved approximately 279,000 lives in the United States and prevented as many as 1.25 million hospitalizations. In the UK, the vaccine may have prevented around 30,300 deaths, 46,300 hospitalizations, and 8.15 million infections. In Israel, high vaccination rates are believed to be the main reason behind the 77% drop in case numbers and 68% drop in hospitalizations at the peak of the pandemic.</p><p><b>In the United States, only 150 of the more than 18,000 people who died from COVID-19 in May were vaccinated.</b></p><p>As Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, put it, the United States is becoming \"almost like two Americas,\" divided into vaccinated and unvaccinated parts. 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 people still get infected after getting vaccinated? How to understand vaccine effectiveness</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 people still get infected after getting vaccinated? How to understand vaccine effectiveness\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 variants of the virus rage, the COVID-19 pandemic is showing signs of resurgence globally. What's even more disturbing is that many of the confirmed cases are people who have already been vaccinated.</p><p>For example, Chinese-American gymnast Kara Eaker and British Health Secretary Sajid Javid both tested positive for COVID-19 after receiving the vaccine and were diagnosed with a \"Breakthrough Infection.\"</p><p>So what exactly is a breakthrough infection? Why do people still get infected after getting vaccinated? How common is this phenomenon, and how dangerous is it? Sanjay Mishra, program coordinator and staff scientist at Vanderbilt University Medical Center in the United States, recently provided an interpretation of these issues.</p><p><h2>What is a breakthrough infection?</h2>When people become infected after vaccination, scientists call these cases \"breakthrough\" infections because the virus breaks through the protective barrier provided by the vaccine.</p><p><b>Keep in mind that not all vaccines are 100% effective.</b>For example, the effectiveness rate of the vaccine protecting children against polio is around 80% to 90%, and the effectiveness rate of the measles vaccine is 94%.</p><p>Regarding the COVID-19 vaccine, 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 effectiveness does not mean that the vaccine will protect 95% of people, while the other 5% will get infected with the virus.</p><p>Vaccine effectiveness is a measure of relative risk, i.e., comparing a group of vaccinated people with an unvaccinated group under the same exposure conditions. Assuming that during a three-month clinical trial, 100 out of every 10,000 unvaccinated people are infected, and at the same time, 5 out of every 10,000 vaccinated people are infected, then the effectiveness of the vaccine is 95%.</p><p><b>In other words, the vaccine protects 95% of these 100 (unvaccinated and certain to be infected) people, not 95% of the entire 10,000 population.</b></p><p><h2><b>How common is the phenomenon of breakthrough infection?</b></h2>With the spread of the Delta variant, breakthrough infections occurred slightly more frequently than expected.<b>However, infection remains very rare in the vaccinated population and usually results in mild or asymptomatic conditions.</b></p><p>For example, between January 1 and April 30, 2021, 46 states and territories in the United States reported 10,262 breakthrough infections to the U.S. Centers for Disease Control and Prevention. In comparison, there were 11.8 million confirmed cases during the same period. As of July 19, 2021, more than 159 million people across the United States had been vaccinated against COVID-19, of whom 5,914 were hospitalized or died due to breakthrough infections.</p><p>In addition, a study conducted between December 15, 2020 and March 31, 2021 showed that among 258,716 veterans who received two doses of the Pfizer or Moderna vaccine, 410 had a breakthrough infection, accounting for 0.16% of the total.</p><p>Similarly, a study in New York found that between February 1 and April 30, 2021, 86 breakthrough infections occurred among 126,367 fully vaccinated people (mainly mRNA vaccines), representing 1.2% of the total number of cases and 0.07% of the fully vaccinated population.</p><p><h2>How serious is a breakthrough infection?</h2>The U.S. Centers for Disease Control and Prevention (CDC) defines a vaccine breakthrough infection as a nasal swab that detects SARS-CoV-2 RNA or protein more than 14 days after completing the full recommended dose of the FDA-authorized COVID-19 vaccine.</p><p>It should be noted that a breakthrough infection does not necessarily mean that the patient feels unwell - in fact, 27% of breakthrough infection cases reported to the US CDC are asymptomatic. It is understood that only 10% of those who break through the infection rate were hospitalized (some for reasons other than COVID-19), and 2% died. In contrast, in the spring of 2020, when vaccination had not yet begun, 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 result in hospitalization.<b>In another study, after receiving just one dose of the Pfizer vaccine, vaccinated people who tested positive for COVID-19 had a quarter less viral content in their bodies than unvaccinated people who tested positive.</b></p><p><h2>Under what circumstances is breakthrough infection likely to occur?</h2>In community cluster transmission, the probability of breakthrough infection is relatively high.</p><p>Infection is more likely in close contact situations, such as in cramped workspaces, parties, restaurants, or stadiums. Breakthrough infections are also more likely to occur among healthcare workers who frequently come into contact with infected patients.</p><p><b>Gender, age, and physical condition can also affect the chance of infection.</b></p><p>Data from the U.S. CDC shows that women account for 63% of breakthrough infections, and the reason is still unclear. Some smaller studies have also determined that women account for a larger proportion of breakthrough cases.</p><p>The vaccine elicits a weaker immune response in the elderly, and the chance of breakthrough infection increases with age. Of the breakthrough cases tracked by the CDC, 75% occurred in patients 65 years of age and older.</p><p>Low immune function or underlying conditions such as hypertension, diabetes, heart disease, chronic kidney and lung disease, and cancer can increase the chance of breakthrough infection and may 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 485 times more likely to be hospitalized and die after a breakthrough infection compared to the general vaccinated population.</p><p><h2>How big is the impact of the Delta variant virus?</h2>Existing vaccines mainly target early strains, while new variants, including Delta, are better at dodging antibodies produced by current vaccines. Although existing vaccines remain effective, their effectiveness has decreased.</p><p>According to data from the UK Department of Public Health, the two-dose mRNA vaccine is only 79% effective against Delta virus, while it is 89% effective against early Alpha virus. A single dose of the vaccine is only 35% effective against the Delta strain.</p><p>In Israel, where vaccination rates are high, the effectiveness rate of the Pfizer vaccine in preventing severe illness caused by the Delta variant is only 39%-40.5%, far lower than the earlier estimate of 90%.</p><p>The results of the Israeli study show that the effectiveness of vaccines in preventing infections and symptomatic diseases decreases within 6 months.<b>However, the good news is that the vaccine remains highly effective in preventing hospitalizations (88%) and severe illness (91.4%) caused by the Delta strain.</b></p><p><h2>How effective is the vaccine?</h2>As of the end of July 2021, 49.1% of the U.S. population, or slightly more than 163 million people, had been fully vaccinated. Nearly 90% of Americans over the age of 65 have received at least one dose of the vaccine.</p><p>Scientists' models suggest that as of the end of June 2021, vaccination may have saved approximately 279,000 lives in the United States and prevented as many as 1.25 million hospitalizations. In the UK, the vaccine may have prevented around 30,300 deaths, 46,300 hospitalizations, and 8.15 million infections. In Israel, high vaccination rates are believed to be the main reason behind the 77% drop in case numbers and 68% drop in hospitalizations at the peak of the pandemic.</p><p><b>In the United States, only 150 of the more than 18,000 people who died from COVID-19 in May were vaccinated.</b></p><p>As Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, put it, the United States is becoming \"almost like two Americas,\" divided into vaccinated and unvaccinated parts. 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":6530,"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","QQQ":"纳指100ETF","SDS":"两倍做空标普500 ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares","IVV":"标普500ETF-iShares",".DJI":"道琼斯","PSQ":"做空纳斯达克100指数ETF-ProShares","SH":"做空标普500-Proshares",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","QID":"两倍做空纳斯达克指数ETF-ProShares","TQQQ":"纳指三倍做多ETF","OEF":"标普100指数ETF-iShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","DXD":"两倍做空道琼30指数ETF-ProShares","SQQQ":"纳指三倍做空ETF","SPXU":"三倍做空标普500ETF-ProShares","DOG":"道指ETF-ProShares做空","DDM":"2倍做多道指ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","OEX":"标普100","DJX":"1/100道琼斯","SPY":"标普500ETF","SDOW":"三倍做空道指30ETF-ProShares"},"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,".SPX":0.9,"DJX":0.9,".DJI":0.9,"PSQ":0.9,"SDS":0.9,"DOG":0.9,"SH":0.9,"DDM":0.9,"OEF":0.9,"ESmain":0.9,"QLD":0.9,"UDOW":0.9,"QID":0.9,"UPRO":0.9,"SQQQ":0.9,"TQQQ":0.9,"SPXU":0.9,"MNQmain":0.9,"SSO":0.9,"QQQ":0.9,"OEX":0.9,"NQmain":0.9,".IXIC":0.9,"SDOW":0.9,"DXD":0.9,"IVV":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":6086,"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":5572,"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":5089,"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,"isVote":1,"tweetType":1,"viewCount":5410,"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":6210,"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/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":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/126359753","repostId":"1121154040","repostType":4,"repost":{"id":"1121154040","kind":"news","pubTimestamp":1624539354,"share":"https://ttm.financial/m/news/1121154040?lang=en_US&edition=fundamental","pubTime":"2021-06-24 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":5953,"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 yuan in funds are \"hiding\" from the Federal Reserve, indicating that a global liquidity turning point is approaching!","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 institutions worried about? In the biblical story, in order to escape the great flood, the animals boarded Noah's Ark and survived.</p><p>Today, the \"flooding of gold mountains\" has become a reality, and the flooding of funds in the US capital market is facing a situation where there is nowhere to go.</p><p>In recent weeks, the Federal Reserve's use of overnight reverse repos has been breaking historical records almost every day. As of June 18, the transaction volume reached $747.1 billion (approximately RMB 4.8 trillion), compared to a record high of $756 billion the previous day.</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 was $476 billion at the end of December 2015.</p><p>The ever-increasing scale of reverse repos is precisely the result of severe excess liquidity heading towards \"Noah's Ark\".</p><p><b>1. What are institutions worried about with the surge in reverse repos?</b></p><p>Reverse repos in the United States are the exact opposite of those in China. Financial institutions purchase bonds and securities from the Federal Reserve, which is equivalent to the central bank withdrawing a portion of market liquidity. The initiator of the transaction is the financial institution. The situation of \"gun guidance\" cannot be said to be non-existent, but it is rare in history.</p><p>In other words, financial institutions are voluntarily returning some liquidity to the central bank, and this desire is becoming increasingly strong.</p><p>There are three direct causes of this phenomenon:</p><p><b>First, the Federal Reserve's reduction in the TGA account has led to an accelerated injection of liquidity into the market in the short term.</b>。</p><p>TGA—The Treasury General Account—can be simply understood as a deposit Account opened by The U.S. Treasury Department at The central bank. This Account does not create additional liquidity, but rather stores a portion of The liquidity brought about by The Federal Reserve's QE.</p><p>During the pandemic last year, the Federal Reserve's TGA account climbed from less than $500 billion to more than $1.7 trillion. Since March of this year, the Treasury Department has begun to significantly reduce its cash balance and \"inject blood\" into the banking system, with the goal of reducing the cash balance in the account to $450 billion by the end of July. As of early June, approximately $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, at the June FOMC meeting, the reverse repo rate was raised by 5 basis points to 0.05%.</b></p><p>After more than a year of massive monetary and fiscal stimulus, the federal government’s money market fund’s assets under management exceeded $4 trillion for the first time last month, and its investments are limited to Treasury Bond, which has led to a recent influx of too much money into short-term Treasury Bond and other securities assets. On the other hand, the U.S. Treasury Department recently reduced the issuance of short-term Treasury Bond.</p><p>With supply falling short of demand, some short-term Treasury Bond yields have recently fallen to 0% and are expected to be heading negative.</p><p><img src=\"https://static.tigerbbs.com/1732c6801df2cc0e7ffdb2ad11943391\" tg-width=\"1080\" tg-height=\"607\" referrerpolicy=\"no-referrer\"></p><p>This has led large funds to turn their attention to the Federal Reserve's overnight reverse repos, even though the rate was 0% before the FOMC meeting.</p><p><b>Third, seasonal adjustments.</b>Typically, a surge in overnight reverse repos often occurs at the end of the quarter because Basel III requires financial institutions to temporarily shrink their balance sheets to comply with regulations.</p><p>In March, the Federal Reserve announced that the SLR waiver would not be renewed, raising regulatory standards. Initiating an overnight reverse repurchase application with the Fed can effectively remove deposits from the balance sheet and reduce overall leverage.</p><p>In summary,<b>The abundance of liquidity has put significant pressure on short-term interest rates. Financial institutions, concerned about negative interest rates, have chosen to lock up some cash using reverse repurchase rates, while the FOMC meeting's rate hikes have further stimulated the expansion of trading volume.</b>。</p><p>The Federal Reserve's Interest Rate Corridor sets an upper limit on the excess reserve rate and a lower limit on the overnight reverse repurchase rate, because commercial banks are unwilling to lend in the market at rates lower than those available directly by depositing cash with the Federal Reserve. Therefore, as Powell said at the press conference, overnight reverse repos \"worked very well... to protect the floor of interest rates.\"</p><p>Currently, the demand for tools to control short-term interest rates continues to reach new highs, which, regardless of what Federal Reserve officials say, indicates that a liquidity tightening is approaching.</p><p><b>2. How far away is the liquidity inflection point?</b></p><p><b>Crozier said that all history is contemporary history.</b>The present and the past may differ in minor details, but the logic of how things work remains the same.</p><p>This is the third time since the Federal Reserve was founded in 1914 that funds have launched a large-scale \"attack\" on overnight reverse repos, the most recent being in 2013. At that time, the economy was entering a recovery phase, but the unemployment rate was still around 7%, and inflation was expected to be strong, causing short-term market interest rates to continue to decline, largely the same as they are now.</p><p>The scale of reverse repos, which began at the end of 2013, surged and peaked in December 2016. Major events in between included: the Federal Reserve clearly stated in February 2014 that it would exit QE in the fall 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, the abnormal movements in reverse repos have been consistent throughout the entire rate hike cycle, and it is not surprising that they are seen as a signal that a liquidity inflection point is about to arrive.</p><p><b>rate hike expectations rise, discussions, signals are released, and implementation is announced</b>This is a consistent process for the Federal Reserve's policy changes. The figures for reverse repos are not sufficient to predict when QE will exit or when a rate hike will arrive, but they undoubtedly indicate that the most dovish period has passed.</p><p>If you're already at the bottom, the next step will be to move upwards.</p><p>The June FOMC meeting released a \"hawkish\" signal. The dot plot shows that 13 out of 18 officials support at least one rate hike by the end of 2023, compared to 7 in March; Eleven officials expect to visit rate hike at least twice by the end of 2023; The seven committee members are expected to begin their rate hike in 2022.</p><p>Based on past rate hike processes, the most panicked period in the market often occurs between the clear signal of tightening and its official implementation, and before the signal is confirmed, anxiety has already begun to dominate the market. During the panic in 2013, risk-free rates (mainly short-term Treasury Bond) rose significantly, the US Dollar Index rose, emerging market stock markets plummeted, and prices of precious metals such as gold and silver plummeted.</p><p>Investors' risk appetite in the market can be roughly divided into levels.<b>\"Bitcoin—Commodities—Stock Market—Reverse Repurchase\"</b>。 Clearly, investor sentiment is gradually declining. First, cryptocurrencies crashed, with BTC falling from $60,000 to over $30,000. Commodity bubbles are also bursting, with LME copper falling more than 13% from a high of $10,700, US stocks fluctuating at high levels, and reverse repurchase transactions surging.</p><p><img src=\"https://static.tigerbbs.com/825c1bd33decd250ca5600a35a173af6\" tg-width=\"1080\" tg-height=\"708\" referrerpolicy=\"no-referrer\"></p><p>As conditions for liquidity tightening gradually mature, the market will gradually reduce its downward trend. This impact will be transmitted to the stock market along the chain. The impact may not be trend-based, but overvalued stocks will still face pressure, similar to the sell-off in February.</p><p>Before the turning point arrives, the panic caused by expectations is the main reason affecting asset prices.</p><p><b>3. Conclusion</b></p><p>Everyone understands that the global liquidity turning point will eventually arrive, but when it will happen depends solely on the Federal Reserve, not even on inflation.</p><p>\"Don't go against the Federal Reserve\" doesn't mean you can continue chasing high prices in casinos. Don't forget that even in China, where liquidity was the first to turn around, liquidity is still ample; it's just a temporary stabilization measure. Once the inflection point signal is established, another sell-off to complete the value reversion is the reasonable logic.</p><p>Charlie Munger once said that if I knew where I would die, I would never go there. But the only lesson history teaches us is that people have never learned any lessons from history, and most people feel that they will not be the last to take over.</p><p>As winter approaches, survival is more important than anything else.</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 yuan in funds are \"hiding\" from the Federal Reserve, indicating that a global liquidity turning point is approaching!</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 yuan in funds are \"hiding\" from the Federal Reserve, indicating that a global liquidity turning point is approaching!\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 institutions worried about? In the biblical story, in order to escape the great flood, the animals boarded Noah's Ark and survived.</p><p>Today, the \"flooding of gold mountains\" has become a reality, and the flooding of funds in the US capital market is facing a situation where there is nowhere to go.</p><p>In recent weeks, the Federal Reserve's use of overnight reverse repos has been breaking historical records almost every day. As of June 18, the transaction volume reached $747.1 billion (approximately RMB 4.8 trillion), compared to a record high of $756 billion the previous day.</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 was $476 billion at the end of December 2015.</p><p>The ever-increasing scale of reverse repos is precisely the result of severe excess liquidity heading towards \"Noah's Ark\".</p><p><b>1. What are institutions worried about with the surge in reverse repos?</b></p><p>Reverse repos in the United States are the exact opposite of those in China. Financial institutions purchase bonds and securities from the Federal Reserve, which is equivalent to the central bank withdrawing a portion of market liquidity. The initiator of the transaction is the financial institution. The situation of \"gun guidance\" cannot be said to be non-existent, but it is rare in history.</p><p>In other words, financial institutions are voluntarily returning some liquidity to the central bank, and this desire is becoming increasingly strong.</p><p>There are three direct causes of this phenomenon:</p><p><b>First, the Federal Reserve's reduction in the TGA account has led to an accelerated injection of liquidity into the market in the short term.</b>。</p><p>TGA—The Treasury General Account—can be simply understood as a deposit Account opened by The U.S. Treasury Department at The central bank. This Account does not create additional liquidity, but rather stores a portion of The liquidity brought about by The Federal Reserve's QE.</p><p>During the pandemic last year, the Federal Reserve's TGA account climbed from less than $500 billion to more than $1.7 trillion. Since March of this year, the Treasury Department has begun to significantly reduce its cash balance and \"inject blood\" into the banking system, with the goal of reducing the cash balance in the account to $450 billion by the end of July. As of early June, approximately $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, at the June FOMC meeting, the reverse repo rate was raised by 5 basis points to 0.05%.</b></p><p>After more than a year of massive monetary and fiscal stimulus, the federal government’s money market fund’s assets under management exceeded $4 trillion for the first time last month, and its investments are limited to Treasury Bond, which has led to a recent influx of too much money into short-term Treasury Bond and other securities assets. On the other hand, the U.S. Treasury Department recently reduced the issuance of short-term Treasury Bond.</p><p>With supply falling short of demand, some short-term Treasury Bond yields have recently fallen to 0% and are expected to be heading negative.</p><p><img src=\"https://static.tigerbbs.com/1732c6801df2cc0e7ffdb2ad11943391\" tg-width=\"1080\" tg-height=\"607\" referrerpolicy=\"no-referrer\"></p><p>This has led large funds to turn their attention to the Federal Reserve's overnight reverse repos, even though the rate was 0% before the FOMC meeting.</p><p><b>Third, seasonal adjustments.</b>Typically, a surge in overnight reverse repos often occurs at the end of the quarter because Basel III requires financial institutions to temporarily shrink their balance sheets to comply with regulations.</p><p>In March, the Federal Reserve announced that the SLR waiver would not be renewed, raising regulatory standards. Initiating an overnight reverse repurchase application with the Fed can effectively remove deposits from the balance sheet and reduce overall leverage.</p><p>In summary,<b>The abundance of liquidity has put significant pressure on short-term interest rates. Financial institutions, concerned about negative interest rates, have chosen to lock up some cash using reverse repurchase rates, while the FOMC meeting's rate hikes have further stimulated the expansion of trading volume.</b>。</p><p>The Federal Reserve's Interest Rate Corridor sets an upper limit on the excess reserve rate and a lower limit on the overnight reverse repurchase rate, because commercial banks are unwilling to lend in the market at rates lower than those available directly by depositing cash with the Federal Reserve. Therefore, as Powell said at the press conference, overnight reverse repos \"worked very well... to protect the floor of interest rates.\"</p><p>Currently, the demand for tools to control short-term interest rates continues to reach new highs, which, regardless of what Federal Reserve officials say, indicates that a liquidity tightening is approaching.</p><p><b>2. How far away is the liquidity inflection point?</b></p><p><b>Crozier said that all history is contemporary history.</b>The present and the past may differ in minor details, but the logic of how things work remains the same.</p><p>This is the third time since the Federal Reserve was founded in 1914 that funds have launched a large-scale \"attack\" on overnight reverse repos, the most recent being in 2013. At that time, the economy was entering a recovery phase, but the unemployment rate was still around 7%, and inflation was expected to be strong, causing short-term market interest rates to continue to decline, largely the same as they are now.</p><p>The scale of reverse repos, which began at the end of 2013, surged and peaked in December 2016. Major events in between included: the Federal Reserve clearly stated in February 2014 that it would exit QE in the fall 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, the abnormal movements in reverse repos have been consistent throughout the entire rate hike cycle, and it is not surprising that they are seen as a signal that a liquidity inflection point is about to arrive.</p><p><b>rate hike expectations rise, discussions, signals are released, and implementation is announced</b>This is a consistent process for the Federal Reserve's policy changes. The figures for reverse repos are not sufficient to predict when QE will exit or when a rate hike will arrive, but they undoubtedly indicate that the most dovish period has passed.</p><p>If you're already at the bottom, the next step will be to move upwards.</p><p>The June FOMC meeting released a \"hawkish\" signal. The dot plot shows that 13 out of 18 officials support at least one rate hike by the end of 2023, compared to 7 in March; Eleven officials expect to visit rate hike at least twice by the end of 2023; The seven committee members are expected to begin their rate hike in 2022.</p><p>Based on past rate hike processes, the most panicked period in the market often occurs between the clear signal of tightening and its official implementation, and before the signal is confirmed, anxiety has already begun to dominate the market. During the panic in 2013, risk-free rates (mainly short-term Treasury Bond) rose significantly, the US Dollar Index rose, emerging market stock markets plummeted, and prices of precious metals such as gold and silver plummeted.</p><p>Investors' risk appetite in the market can be roughly divided into levels.<b>\"Bitcoin—Commodities—Stock Market—Reverse Repurchase\"</b>。 Clearly, investor sentiment is gradually declining. First, cryptocurrencies crashed, with BTC falling from $60,000 to over $30,000. Commodity bubbles are also bursting, with LME copper falling more than 13% from a high of $10,700, US stocks fluctuating at high levels, and reverse repurchase transactions surging.</p><p><img src=\"https://static.tigerbbs.com/825c1bd33decd250ca5600a35a173af6\" tg-width=\"1080\" tg-height=\"708\" referrerpolicy=\"no-referrer\"></p><p>As conditions for liquidity tightening gradually mature, the market will gradually reduce its downward trend. This impact will be transmitted to the stock market along the chain. The impact may not be trend-based, but overvalued stocks will still face pressure, similar to the sell-off in February.</p><p>Before the turning point arrives, the panic caused by expectations is the main reason affecting asset prices.</p><p><b>3. Conclusion</b></p><p>Everyone understands that the global liquidity turning point will eventually arrive, but when it will happen depends solely on the Federal Reserve, not even on inflation.</p><p>\"Don't go against the Federal Reserve\" doesn't mean you can continue chasing high prices in casinos. Don't forget that even in China, where liquidity was the first to turn around, liquidity is still ample; it's just a temporary stabilization measure. Once the inflection point signal is established, another sell-off to complete the value reversion is the reasonable logic.</p><p>Charlie Munger once said that if I knew where I would die, I would never go there. But the only lesson history teaches us is that people have never learned any lessons from history, and most people feel that they will not be the last to take over.</p><p>As winter approaches, survival is more important than anything else.</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":5600,"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":5616,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"following","isTTM":true}