Profile - To The Moon

LLMMYY

Posts · 24Posts · 24
Following · 0Following · 0
Followers · 0Followers · 0

- LLMMYYLLMMYY
  ·2021-07-29
  Jia you
  Sorry, this post has been deleted
  3.99K Comment
  2
  Share
  Report
- LLMMYYLLMMYY
  ·2021-07-29
  Good
  Sorry, this post has been deleted
  3.85K Comment
  Like
  Share
  Report
- LLMMYYLLMMYY
  ·2021-07-26
  upupup
  US IPOs are about to break records again!
  美国股市再次兴起了一波IPO热潮，预计今年的融资额将超过2000年互联网企业风靡时创下的970亿美元的最高纪录。 Renaissance Capital的数据显示，今年到目前为止，美国IPO的融资额
  US IPOs are about to break records again!
  4.03K Comment
  Like
  Share
  Report
- LLMMYYLLMMYY
  ·2021-07-26
  upupup
  CITIC: Liquidity in the A-share market is tightening, presenting investment opportunities in these sectors.
  市场流动性趋紧，整体大幅修正风险很低，结构再平衡提前开启。
  CITIC: Liquidity in the A-share market is tightening, presenting investment opportunities in these sectors.
  3.39K Comment
  2
  Share
  Report
- LLMMYYLLMMYY
  ·2021-07-21
  ??
  What is the next step for oil prices after the new OPEC + agreement?
  欧佩克+在最近的与协议中决定将逐步提高欧佩克的月度产量。这个协议不容易达成，需要各方面的谈判和妥协。据报道，此前沙特与阿联酋之间的分歧在于阿联酋方面希望提高产量上限，但零对冲分析师David Mess
  What is the next step for oil prices after the new OPEC + agreement?
  3.13K Comment
  Like
  Share
  Report
- LLMMYYLLMMYY
  ·2021-07-20
  ??
  Sorry, this post has been deleted
  3.57K Comment
  Like
  Share
  Report
- LLMMYYLLMMYY
  ·2021-07-11
  Upupup
  3.06K Comment
  1
  Share
  Report
- LLMMYYLLMMYY
  ·2021-07-10
  Apple??
  Apple's stock price continued to rise, hitting a record high during trading.
  周五，$苹果(AAPL)$股价开盘后不断走高，截至发稿涨约1.2%，续刷历史高位。总市值超2.42万亿美元。苹果公司庞大的净资产已超过意大利、巴西、加拿大和俄罗斯等国的GDP。事实上，世界上只有7个国家的GDP高于苹果公司市值，意味着这家科技巨头比世界上高达96%的国家更富有。
  Apple's stock price continued to rise, hitting a record high during trading.
  3.42K Comment
  1
  Share
  Report
- LLMMYYLLMMYY
  ·2021-07-07
  up?up
  3.72K Comment
  Like
  Share
  Report
No followers yet

Most Discussed

{"i18n":{"language":"en_US"},"isCurrentUser":false,"userPageInfo":{"id":"3577013325481265","uuid":"3577013325481265","gmtCreate":1614078119820,"gmtModify":1625646579304,"name":"LLMMYY","pinyin":"llmmyy","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/0673bd7a83e6b36e742df4a0eec734f4","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":1,"headSize":74,"tweetSize":24,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":2,"name":"无畏虎","nameTw":"無畏虎","represent":"初生牛犊","factor":"发布3条非转发主帖,1条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-4","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Tiger Star","description":"Join the tiger community for 2000 days","bigImgUrl":"https://static.tigerbbs.com/dddf24b906c7011de2617d4fb3f76987","smallImgUrl":"https://static.tigerbbs.com/53d58ad32c97254c6f74db8b97e6ec49","grayImgUrl":"https://static.tigerbbs.com/6304700d92ad91c7a33e2e92ec32ecc1","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.08.17","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"972123088c9646f7b6091ae0662215be-2","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Master Trader","description":"Total number of securities or futures transactions reached 100","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"80.97%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0}],"userBadgeCount":4,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"page":1,"watchlist":null,"tweetList":[{"id":801800477,"gmtCreate":1627493605199,"gmtModify":1703491120960,"author":{"id":"3577013325481265","authorId":"3577013325481265","name":"LLMMYY","avatar":"https://static.tigerbbs.com/0673bd7a83e6b36e742df4a0eec734f4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577013325481265","idStr":"3577013325481265"},"themes":[],"title":"","htmlText":"Jia you","listText":"Jia you","text":"Jia you","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/801800477","repostId":"1155682400","repostType":4,"isVote":1,"tweetType":1,"viewCount":3987,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801800609,"gmtCreate":1627493538801,"gmtModify":1703491120468,"author":{"id":"3577013325481265","authorId":"3577013325481265","name":"LLMMYY","avatar":"https://static.tigerbbs.com/0673bd7a83e6b36e742df4a0eec734f4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577013325481265","idStr":"3577013325481265"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/801800609","repostId":"1169023385","repostType":4,"isVote":1,"tweetType":1,"viewCount":3850,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800451878,"gmtCreate":1627313767294,"gmtModify":1703487509390,"author":{"id":"3577013325481265","authorId":"3577013325481265","name":"LLMMYY","avatar":"https://static.tigerbbs.com/0673bd7a83e6b36e742df4a0eec734f4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577013325481265","idStr":"3577013325481265"},"themes":[],"title":"","htmlText":"upupup","listText":"upupup","text":"upupup","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/800451878","repostId":"1123369206","repostType":4,"repost":{"id":"1123369206","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1627311753,"share":"https://ttm.financial/m/news/1123369206?lang=en_US&edition=fundamental","pubTime":"2021-07-26 23:02","market":"us","language":"zh","title":"US IPOs are about to break records again!","url":"https://stock-news.laohu8.com/highlight/detail?id=1123369206","media":"华尔街见闻","summary":"美国股市再次兴起了一波IPO热潮，预计今年的融资额将超过2000年互联网企业风靡时创下的970亿美元的最高纪录。\n\nRenaissance Capital的数据显示，今年到目前为止，美国IPO的融资额","content":"<p>The U.S. stock market is experiencing another wave of IPOs, with fundraising expected to surpass the record high of $97 billion set in 2000 during the internet boom. According to data from Renaissance Capital, U.S. IPOs have raised $89 billion so far this year, a 232% increase compared to the same period last year.</p><p>Meanwhile, a total of 250 companies in the United States conducted IPOs this year, a 191% increase compared to the same period last year, exceeding the total number of 218 companies in the entire previous year.</p><p>According to CNBC, Renaissance Capital stated that market funding has reached record levels so far this year.<b>It is expected to surpass the record high of $97 billion set in 2000 when internet companies were booming.</b></p><p>Matthew Kennedy, senior IPO market strategist at Renaissance Capital, said:</p><p>Historically, companies have been able to achieve high valuations during this IPO boom. We attribute this to the growth of unicorn companies and the accumulation of venture capital funds over decades. At least nine companies have doubled their IPO prices this year. E-Home Household Service, a Chinese housekeeping and appliance services company, has seen its share price soar more than 300% since its listing in May.</p><p>Many types of companies are taking advantage of the boom in the U.S. stock market, such as home technology companies, healthcare innovation companies, and e-commerce companies.</p><p>Biotechnology companies<a href=\"https://laohu8.com/S/VERV\">Verve Therapeutics</a>Container Shipping company ZIM Integrated Shipping, and online payment company dLocal are among the best-performing IPOs this year.</p><p>With the economy reopening after the pandemic, people are optimistic about the economic outlook, and US stocks continue to rise. The growing power of individual investors has fueled a new wave of IPOs. Investors also hope to get a piece of the pie from the companies they favor.</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>US IPOs are about to break records again!</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 IPOs are about to break records again!\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2021-07-26 23:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The U.S. stock market is experiencing another wave of IPOs, with fundraising expected to surpass the record high of $97 billion set in 2000 during the internet boom. According to data from Renaissance Capital, U.S. IPOs have raised $89 billion so far this year, a 232% increase compared to the same period last year.</p><p>Meanwhile, a total of 250 companies in the United States conducted IPOs this year, a 191% increase compared to the same period last year, exceeding the total number of 218 companies in the entire previous year.</p><p>According to CNBC, Renaissance Capital stated that market funding has reached record levels so far this year.<b>It is expected to surpass the record high of $97 billion set in 2000 when internet companies were booming.</b></p><p>Matthew Kennedy, senior IPO market strategist at Renaissance Capital, said:</p><p>Historically, companies have been able to achieve high valuations during this IPO boom. We attribute this to the growth of unicorn companies and the accumulation of venture capital funds over decades. At least nine companies have doubled their IPO prices this year. E-Home Household Service, a Chinese housekeeping and appliance services company, has seen its share price soar more than 300% since its listing in May.</p><p>Many types of companies are taking advantage of the boom in the U.S. stock market, such as home technology companies, healthcare innovation companies, and e-commerce companies.</p><p>Biotechnology companies<a href=\"https://laohu8.com/S/VERV\">Verve Therapeutics</a>Container Shipping company ZIM Integrated Shipping, and online payment company dLocal are among the best-performing IPOs this year.</p><p>With the economy reopening after the pandemic, people are optimistic about the economic outlook, and US stocks continue to rise. The growing power of individual investors has fueled a new wave of IPOs. Investors also hope to get a piece of the pie from the companies they favor.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6b69e234a63c2c0a69ccede7b0faaa18","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123369206","content_text":"美国股市再次兴起了一波IPO热潮，预计今年的融资额将超过2000年互联网企业风靡时创下的970亿美元的最高纪录。\n\nRenaissance Capital的数据显示，今年到目前为止，美国IPO的融资额已达890亿美元，较去年同期增长了232%。\n同时，今年美国共有250家公司进行IPO，较去年同期增长了191%，已经超过了去年一整年218家的总数量。\n据CNBC报道，Renaissance Capital称，今年迄今为止，市场融资额已经处于创纪录水平，预计将超过2000年互联网企业风靡时创下的970亿美元的最高纪录。\nRenaissance Capital的高级IPO市场策略师Matthew Kennedy表示：\n\n 从历史经验来看，企业们能在此次IPO热潮中获得很高的估值。我们认为这要归功于数十年来独角兽企业的成长和风险投资资金的积累。\n\n今年至少有9家公司的IPO股价较发行价翻了一倍。中国家政和家电服务公司易家家居服务(E-Home Household Service)自5月份上市以来，股价已飙升逾300%。\n许多类型的公司都在利用美国股市的蓬勃发展，如居家科技公司、医疗保健创新公司和电子商务公司等。\n生物科技公司Verve Therapeutics、集装箱航运公司ZIM Integrated Shipping，以及在线支付公司dLocal，都是今年表现最好的IPO公司。\n随着疫情后经济的重新开放，人们对经济前景也持乐观态度，美股继续保持涨势。个人投资者的力量不断崛起壮大，推动了新一轮的IPO热潮。投资者们也希望从自己青睐的公司中分一杯羹。","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":4030,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800112666,"gmtCreate":1627286185455,"gmtModify":1703486727076,"author":{"id":"3577013325481265","authorId":"3577013325481265","name":"LLMMYY","avatar":"https://static.tigerbbs.com/0673bd7a83e6b36e742df4a0eec734f4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577013325481265","idStr":"3577013325481265"},"themes":[],"title":"","htmlText":"upupup","listText":"upupup","text":"upupup","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/800112666","repostId":"2154956709","repostType":4,"repost":{"id":"2154956709","kind":"highlight","pubTimestamp":1627286069,"share":"https://ttm.financial/m/news/2154956709?lang=en_US&edition=fundamental","pubTime":"2021-07-26 15:54","market":"hk","language":"zh","title":"CITIC: Liquidity in the A-share market is tightening, presenting investment opportunities in these sectors.","url":"https://stock-news.laohu8.com/highlight/detail?id=2154956709","media":"金十数据","summary":"市场流动性趋紧，整体大幅修正风险很低，结构再平衡提前开启。","content":"<p>This article originates from<a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>research</p><p>Abstract</p><p><b>Market liquidity is tightening, and the extreme divergence among sectors is expected to end ahead of schedule. However, the risk of a significant market correction is very low. Stable and positive macroeconomic fundamentals support structural rebalancing, with growth sectors rotating from high-level to low-level sectors. Some consumer and pharmaceutical sectors have left-side investment value.</b></p><p>First, the inflow of new funds into the market has slowed down recently, and the positions of active investors in the market are rapidly approaching the high point at the beginning of the year. Existing funds are panicking and adjusting their portfolios, and the subsequent effect of portfolio adjustments is weakening. For the first time this year, allocation-oriented foreign capital has continuously flowed out of the new energy sector and into the consumer sector.</p><p>Secondly, liquidity at the macro level remains loose, and the market impact of the collapse of clusters is weaker than in the first quarter. The driving force and highlights of the macroeconomy remain in the second half of the year, and the fundamentals support the rebalancing of the market structure. The negative expectations for traditional core assets have been fully reflected, and there is room for valuation repair during the rebalancing process.</p><p>In terms of allocation, \"high cutting low\" will become the main characteristic during the structural rebalancing process, and some recovering consumer and pharmaceutical sectors currently have left-side allocation value.</p><p><b>Market liquidity begins to tighten</b></p><p><b>The extreme sector divergence is expected to end ahead of schedule.</b></p><p><b>1) The inflow of incremental funds has slowed down, and the positions of active investors are rapidly approaching the high point at the beginning of the year.</b>According to the semi-annual reports of mutual funds, the net subscription and redemption rates of actively managed equity funds were -0.7% and -4.6% in 1Q21 and 2Q21, respectively. However, according to the sample data surveyed by our channels, the net redemption pressure continued to increase in the first three weeks of July, and the cumulative net redemption scale accounted for about 6.6% of the outstanding net asset value of the sample funds at the beginning of the month.</p><p>ETF products saw net redemptions for four consecutive months, with the net redemption rate reaching 2.0% in the first three weeks of July. Regarding the positions of private equity firms, the most active small and medium-sized private equity firms did not observe significant changes in their overall survey positions throughout the second quarter, but they increased rapidly and significantly in the past two weeks, approaching the historical high at the beginning of the year, showing the characteristics of taking advantage of the correction of growth sector stocks to enter the market or increase their positions.</p><p>We believe that every previous pullback in the growth manufacturing sector may have involved a large amount of capital entering the market, but the funds in the market that could withstand the high-level correction have been rapidly depleted.</p><p><b>2) Panic portfolio adjustments by existing funds will weaken the effect of subsequent portfolio adjustments.</b>The continuous portfolio adjustments of existing funds were also a driving force behind the sustained and rapid rise of the high-growth manufacturing sector. However, panic portfolio adjustments were evident last week, with existing funds beginning to sell off equally prosperous industries and stocks in sectors such as consumer goods and pharmaceuticals.</p><p>Institutional investors might have held onto high-growth industries even during headwinds, such as sweeping.<a href=\"https://laohu8.com/S/300024\">Robot</a>The medical aesthetics and mid-to-high-end liquor sectors saw cumulative average declines of -11.3%, -7.6% and -4.9% on Thursday and Friday, respectively, far exceeding the CSI 300.</p><p>Southbound capital saw a cumulative net outflow of 17.3 billion yuan last week, approaching its peak this year in March, and also reduced its holdings in leading apparel companies with very high growth potential, such as...<a href=\"https://laohu8.com/S/02020\">Anta Sports</a>Last week saw a net outflow of HK$550 million, a cumulative decrease of 9.0%.<a href=\"https://laohu8.com/S/02331\">Li Ning</a>The cumulative net outflow from Wednesday to Friday last year was HK$290 million, a drop of 9.6%.</p><p>From a trading perspective, even the strongest sectors experienced a correction, indicating that the capital diversion effect in the growth manufacturing sector is nearing its end.</p><p><b>3) For the first time in 14 months, long-term foreign investment has continued to flow out of the new energy sector and into the consumer sector.</b>Long-term foreign investors only began to continuously increase their holdings in the power equipment and new energy sectors in 2020. At the end of 2019, the market value of foreign holdings in this sector was less than 30 billion yuan, accounting for only 2.7% of the total holdings of northbound capital. However, it has now reached 11.7%, making it the second largest holding sector after food and beverage.</p><p>Even during the market surge and then pullback in the first quarter of this year, foreign investors continued to reduce their holdings in the food and beverage sector (with a net outflow of 10.7 billion yuan in January alone), but they still saw net inflows into the new electricity sector, with a net inflow of 32.6 billion yuan throughout the first quarter.</p><p>However, in the first three weeks of July, allocation-oriented foreign capital saw a net outflow of approximately -1.4 billion yuan from the electricity and new energy sector, after 14 consecutive months of net inflows. Instead, it increased its allocation to sectors such as food and beverage (+2.9 billion yuan), home appliances (+1.4 billion yuan), and pharmaceuticals (+3 billion yuan). While the behavior of foreign investors in allocation is insufficient to affect the overall market style, it at least indicates that some long-term funds in the market with relatively high tolerance for valuation levels have begun to adjust their allocation direction to the left.</p><p><b>The risk of a significant overall market correction is very low.</b></p><p><b>Steady and positive macroeconomic fundamentals support structural rebalancing.</b></p><p><b>1) Liquidity at the macro level remains loose, and the market impact of the collapse of clusters is weaker than in the first quarter.</b>Internal and external macroeconomic disturbances continue to increase.</p><p>Domestically, the rapid rise in raw material prices in the early stages put pressure on the operations of small and medium-sized enterprises, with frequent outbreaks of localized outbreaks and torrential rains and floods in some provinces in Central China exacerbating market concerns about the economic outlook in the third quarter.</p><p>Overseas, the Delta variant of the novel coronavirus is spreading rapidly, and fiscal stimulus and subsidies under the pandemic in the United States will be gradually withdrawn starting in July, raising market concerns about the global economic outlook. As inflation data continues to exceed expectations, the 10-year US Treasury yield once fell below 1.2% this month. The aforementioned macroeconomic environment stands in stark contrast to the environment of \"strong economy + strong inflation + weak liquidity\" in the first quarter of this year.</p><p>In addition, the long-term prosperity and growth potential of growth manufacturing sectors such as new energy and semiconductors are much greater than those of traditional core assets. Even if they collapse in stages, the impact on the market is expected to be much weaker than in the first quarter.</p><p><b>2) Economic drivers and highlights remain in the second half of the year, and fundamentals support the rebalancing of the market structure.</b>Despite temporary disruptions, both consumption and industrial investment will show strong resilience in the second half of the year.</p><p>In the consumer sector, the growth rate of residents' disposable income, especially the wage growth rate of low- and middle-income groups such as migrant workers, has continued to rebound. The gradual implementation of consumer finance regulation has driven the continued recovery of non-housing consumer credit, and the trend of continued recovery in end-user consumption remains unchanged. Meanwhile, suppressive factors such as high base at the listed company level and channel destocking are expected to be significantly alleviated in 4Q21.</p><p>In the real estate investment sector, under the current credit environment and developer financing structure, accelerating construction completion and generating cash from sales as soon as possible remains the main way for developers to deleverage. It is expected that the growth rate of new construction starts and construction and installation investment will not continue to decline in the second half of the year.</p><p>In the infrastructure sector, with the accelerated issuance of local government special bonds, infrastructure investment will continue to maintain stable growth and is expected to recover to a growth rate of around 3% for the whole year.</p><p>In the manufacturing sector, continued large-scale capital expenditures in new energy and semiconductors, as well as accelerated production and delivery in the automotive industry after supply chain problems ease, will all lead to a continued rebound in manufacturing investment growth.</p><p><b>3) The negative expectations for traditional core assets have been fully reflected, and there is room for valuation repair during the rebalancing process.</b></p><p>First, in terms of economic expectations, the previous comprehensive reserve requirement ratio cut policy, the recent resurgence of localized sporadic outbreaks, coupled with the impact of floods, have fully reflected the market's pessimistic expectations for the economy in the second half of the year. However, in reality, the driving force and resilience of the economy in the second half of the year remain.</p><p>Secondly, credit risk events and related reports from some real estate developers and financial institutions have given the market ample expectations for some localized credit risks that may arise in the second half of the year, but the actual policy tone remains prudent.</p><p>Finally, from a capital perspective, investors have begun to sell off their most committed holdings in the consumer sector, which also means that the market's pessimism about traditional core assets has reached its peak.</p><p>From a valuation perspective, the overall valuation level of non-financial holdings of public funds has adjusted significantly in the past two quarters. The static valuation of the top 50 non-financial holdings has declined from 73.9 times at the end of the first quarter to 42.0 times at the end of the second quarter, recovering to a level between 4Q19 and 1Q20, and the room for valuation recovery has gradually emerged.</p><p><b>Growth sectors rotate from high-level sectors to low-level sectors.</b></p><p><b>Some consumer and pharmaceutical industries have left-side investment value.</b></p><p><b>1) During the structural rebalancing process, \"high cutting low\" will become the main characteristic.</b>Given the constraints of market funding, we believe that the extreme divergence among sectors will end ahead of schedule, with the growth manufacturing sector rallying together to quickly overdraw the market during the semi-annual earnings season.</p><p>However, the recovery of the overall structural problems in the economy will take time, and the lack of rotating sectors in the short term has prolonged the market's transition from a period of calm to a period of resonant upward movement. During this stage, market structural rebalancing is the main characteristic.</p><p>In terms of allocation, it is recommended to shift from high-level sectors in the growth manufacturing sector to relatively low-level sectors, such as the military industry; Alternatively, one could consider gradually investing in the consumer and pharmaceutical sectors, which are currently undergoing significant valuation adjustments, on the left.</p><p><b>2) Some of the recovering consumer and pharmaceutical sectors currently have left-side investment value.</b>In the consumer sector, high-growth sub-sectors with improved supply-side structures can fully support the current demand for high-growth products.</p><p>Specifically, we recommend focusing on those that benefit from inventory clearance, industry structure optimization, and the rise of the \"Guochao\" (national trend).<b>clothing</b>Benefiting from the continued high growth in high-end consumer demand and the clearing out of small and medium-sized brands<b>Jewelry</b>Benefiting from the continued high growth of mid-to-high-end products<b>Beer</b>Benefiting from demand recovery, consumption upgrading, and accelerated nationwide expansion, the mid-to-high-end liquor industry continues to experience explosive high growth.<b>Medical aesthetics</b>Significant adjustments due to transaction-related factors<b>service robot</b>And after the chip shortage problem was alleviated, the domestic model structure drove profound changes on the supply side.<b>automobile</b>。</p><p>In the pharmaceutical field, we recommend continuing to pay attention<b>CXO, Vaccines, Pharmaceutical Equipment, Devices</b>and<b>Medical Services</b>Opportunities in the field. The essential demand attribute of the pharmaceutical sector in the post-pandemic era has become very clear. Combined with the early valuation shift of high-growth, high-valuation companies in the second half of the year, a highly cost-effective investment opportunity has emerged.</p><p><b>Risk factors</b></p><p>The global pandemic is recurring and vaccination rates are falling short of expectations; The domestic economic recovery is progressing slower than expected; Macroeconomic liquidity at home and abroad tightened more than expected.</p>","source":"xnew_highlight","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>CITIC: Liquidity in the A-share market is tightening, presenting investment opportunities in these sectors.</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\">\nCITIC: Liquidity in the A-share market is tightening, presenting investment opportunities in these sectors.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">金十数据</strong><span class=\"h-time small\">2021-07-26 15:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>This article originates from<a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>research</p><p>Abstract</p><p><b>Market liquidity is tightening, and the extreme divergence among sectors is expected to end ahead of schedule. However, the risk of a significant market correction is very low. Stable and positive macroeconomic fundamentals support structural rebalancing, with growth sectors rotating from high-level to low-level sectors. Some consumer and pharmaceutical sectors have left-side investment value.</b></p><p>First, the inflow of new funds into the market has slowed down recently, and the positions of active investors in the market are rapidly approaching the high point at the beginning of the year. Existing funds are panicking and adjusting their portfolios, and the subsequent effect of portfolio adjustments is weakening. For the first time this year, allocation-oriented foreign capital has continuously flowed out of the new energy sector and into the consumer sector.</p><p>Secondly, liquidity at the macro level remains loose, and the market impact of the collapse of clusters is weaker than in the first quarter. The driving force and highlights of the macroeconomy remain in the second half of the year, and the fundamentals support the rebalancing of the market structure. The negative expectations for traditional core assets have been fully reflected, and there is room for valuation repair during the rebalancing process.</p><p>In terms of allocation, \"high cutting low\" will become the main characteristic during the structural rebalancing process, and some recovering consumer and pharmaceutical sectors currently have left-side allocation value.</p><p><b>Market liquidity begins to tighten</b></p><p><b>The extreme sector divergence is expected to end ahead of schedule.</b></p><p><b>1) The inflow of incremental funds has slowed down, and the positions of active investors are rapidly approaching the high point at the beginning of the year.</b>According to the semi-annual reports of mutual funds, the net subscription and redemption rates of actively managed equity funds were -0.7% and -4.6% in 1Q21 and 2Q21, respectively. However, according to the sample data surveyed by our channels, the net redemption pressure continued to increase in the first three weeks of July, and the cumulative net redemption scale accounted for about 6.6% of the outstanding net asset value of the sample funds at the beginning of the month.</p><p>ETF products saw net redemptions for four consecutive months, with the net redemption rate reaching 2.0% in the first three weeks of July. Regarding the positions of private equity firms, the most active small and medium-sized private equity firms did not observe significant changes in their overall survey positions throughout the second quarter, but they increased rapidly and significantly in the past two weeks, approaching the historical high at the beginning of the year, showing the characteristics of taking advantage of the correction of growth sector stocks to enter the market or increase their positions.</p><p>We believe that every previous pullback in the growth manufacturing sector may have involved a large amount of capital entering the market, but the funds in the market that could withstand the high-level correction have been rapidly depleted.</p><p><b>2) Panic portfolio adjustments by existing funds will weaken the effect of subsequent portfolio adjustments.</b>The continuous portfolio adjustments of existing funds were also a driving force behind the sustained and rapid rise of the high-growth manufacturing sector. However, panic portfolio adjustments were evident last week, with existing funds beginning to sell off equally prosperous industries and stocks in sectors such as consumer goods and pharmaceuticals.</p><p>Institutional investors might have held onto high-growth industries even during headwinds, such as sweeping.<a href=\"https://laohu8.com/S/300024\">Robot</a>The medical aesthetics and mid-to-high-end liquor sectors saw cumulative average declines of -11.3%, -7.6% and -4.9% on Thursday and Friday, respectively, far exceeding the CSI 300.</p><p>Southbound capital saw a cumulative net outflow of 17.3 billion yuan last week, approaching its peak this year in March, and also reduced its holdings in leading apparel companies with very high growth potential, such as...<a href=\"https://laohu8.com/S/02020\">Anta Sports</a>Last week saw a net outflow of HK$550 million, a cumulative decrease of 9.0%.<a href=\"https://laohu8.com/S/02331\">Li Ning</a>The cumulative net outflow from Wednesday to Friday last year was HK$290 million, a drop of 9.6%.</p><p>From a trading perspective, even the strongest sectors experienced a correction, indicating that the capital diversion effect in the growth manufacturing sector is nearing its end.</p><p><b>3) For the first time in 14 months, long-term foreign investment has continued to flow out of the new energy sector and into the consumer sector.</b>Long-term foreign investors only began to continuously increase their holdings in the power equipment and new energy sectors in 2020. At the end of 2019, the market value of foreign holdings in this sector was less than 30 billion yuan, accounting for only 2.7% of the total holdings of northbound capital. However, it has now reached 11.7%, making it the second largest holding sector after food and beverage.</p><p>Even during the market surge and then pullback in the first quarter of this year, foreign investors continued to reduce their holdings in the food and beverage sector (with a net outflow of 10.7 billion yuan in January alone), but they still saw net inflows into the new electricity sector, with a net inflow of 32.6 billion yuan throughout the first quarter.</p><p>However, in the first three weeks of July, allocation-oriented foreign capital saw a net outflow of approximately -1.4 billion yuan from the electricity and new energy sector, after 14 consecutive months of net inflows. Instead, it increased its allocation to sectors such as food and beverage (+2.9 billion yuan), home appliances (+1.4 billion yuan), and pharmaceuticals (+3 billion yuan). While the behavior of foreign investors in allocation is insufficient to affect the overall market style, it at least indicates that some long-term funds in the market with relatively high tolerance for valuation levels have begun to adjust their allocation direction to the left.</p><p><b>The risk of a significant overall market correction is very low.</b></p><p><b>Steady and positive macroeconomic fundamentals support structural rebalancing.</b></p><p><b>1) Liquidity at the macro level remains loose, and the market impact of the collapse of clusters is weaker than in the first quarter.</b>Internal and external macroeconomic disturbances continue to increase.</p><p>Domestically, the rapid rise in raw material prices in the early stages put pressure on the operations of small and medium-sized enterprises, with frequent outbreaks of localized outbreaks and torrential rains and floods in some provinces in Central China exacerbating market concerns about the economic outlook in the third quarter.</p><p>Overseas, the Delta variant of the novel coronavirus is spreading rapidly, and fiscal stimulus and subsidies under the pandemic in the United States will be gradually withdrawn starting in July, raising market concerns about the global economic outlook. As inflation data continues to exceed expectations, the 10-year US Treasury yield once fell below 1.2% this month. The aforementioned macroeconomic environment stands in stark contrast to the environment of \"strong economy + strong inflation + weak liquidity\" in the first quarter of this year.</p><p>In addition, the long-term prosperity and growth potential of growth manufacturing sectors such as new energy and semiconductors are much greater than those of traditional core assets. Even if they collapse in stages, the impact on the market is expected to be much weaker than in the first quarter.</p><p><b>2) Economic drivers and highlights remain in the second half of the year, and fundamentals support the rebalancing of the market structure.</b>Despite temporary disruptions, both consumption and industrial investment will show strong resilience in the second half of the year.</p><p>In the consumer sector, the growth rate of residents' disposable income, especially the wage growth rate of low- and middle-income groups such as migrant workers, has continued to rebound. The gradual implementation of consumer finance regulation has driven the continued recovery of non-housing consumer credit, and the trend of continued recovery in end-user consumption remains unchanged. Meanwhile, suppressive factors such as high base at the listed company level and channel destocking are expected to be significantly alleviated in 4Q21.</p><p>In the real estate investment sector, under the current credit environment and developer financing structure, accelerating construction completion and generating cash from sales as soon as possible remains the main way for developers to deleverage. It is expected that the growth rate of new construction starts and construction and installation investment will not continue to decline in the second half of the year.</p><p>In the infrastructure sector, with the accelerated issuance of local government special bonds, infrastructure investment will continue to maintain stable growth and is expected to recover to a growth rate of around 3% for the whole year.</p><p>In the manufacturing sector, continued large-scale capital expenditures in new energy and semiconductors, as well as accelerated production and delivery in the automotive industry after supply chain problems ease, will all lead to a continued rebound in manufacturing investment growth.</p><p><b>3) The negative expectations for traditional core assets have been fully reflected, and there is room for valuation repair during the rebalancing process.</b></p><p>First, in terms of economic expectations, the previous comprehensive reserve requirement ratio cut policy, the recent resurgence of localized sporadic outbreaks, coupled with the impact of floods, have fully reflected the market's pessimistic expectations for the economy in the second half of the year. However, in reality, the driving force and resilience of the economy in the second half of the year remain.</p><p>Secondly, credit risk events and related reports from some real estate developers and financial institutions have given the market ample expectations for some localized credit risks that may arise in the second half of the year, but the actual policy tone remains prudent.</p><p>Finally, from a capital perspective, investors have begun to sell off their most committed holdings in the consumer sector, which also means that the market's pessimism about traditional core assets has reached its peak.</p><p>From a valuation perspective, the overall valuation level of non-financial holdings of public funds has adjusted significantly in the past two quarters. The static valuation of the top 50 non-financial holdings has declined from 73.9 times at the end of the first quarter to 42.0 times at the end of the second quarter, recovering to a level between 4Q19 and 1Q20, and the room for valuation recovery has gradually emerged.</p><p><b>Growth sectors rotate from high-level sectors to low-level sectors.</b></p><p><b>Some consumer and pharmaceutical industries have left-side investment value.</b></p><p><b>1) During the structural rebalancing process, \"high cutting low\" will become the main characteristic.</b>Given the constraints of market funding, we believe that the extreme divergence among sectors will end ahead of schedule, with the growth manufacturing sector rallying together to quickly overdraw the market during the semi-annual earnings season.</p><p>However, the recovery of the overall structural problems in the economy will take time, and the lack of rotating sectors in the short term has prolonged the market's transition from a period of calm to a period of resonant upward movement. During this stage, market structural rebalancing is the main characteristic.</p><p>In terms of allocation, it is recommended to shift from high-level sectors in the growth manufacturing sector to relatively low-level sectors, such as the military industry; Alternatively, one could consider gradually investing in the consumer and pharmaceutical sectors, which are currently undergoing significant valuation adjustments, on the left.</p><p><b>2) Some of the recovering consumer and pharmaceutical sectors currently have left-side investment value.</b>In the consumer sector, high-growth sub-sectors with improved supply-side structures can fully support the current demand for high-growth products.</p><p>Specifically, we recommend focusing on those that benefit from inventory clearance, industry structure optimization, and the rise of the \"Guochao\" (national trend).<b>clothing</b>Benefiting from the continued high growth in high-end consumer demand and the clearing out of small and medium-sized brands<b>Jewelry</b>Benefiting from the continued high growth of mid-to-high-end products<b>Beer</b>Benefiting from demand recovery, consumption upgrading, and accelerated nationwide expansion, the mid-to-high-end liquor industry continues to experience explosive high growth.<b>Medical aesthetics</b>Significant adjustments due to transaction-related factors<b>service robot</b>And after the chip shortage problem was alleviated, the domestic model structure drove profound changes on the supply side.<b>automobile</b>。</p><p>In the pharmaceutical field, we recommend continuing to pay attention<b>CXO, Vaccines, Pharmaceutical Equipment, Devices</b>and<b>Medical Services</b>Opportunities in the field. The essential demand attribute of the pharmaceutical sector in the post-pandemic era has become very clear. Combined with the early valuation shift of high-growth, high-valuation companies in the second half of the year, a highly cost-effective investment opportunity has emerged.</p><p><b>Risk factors</b></p><p>The global pandemic is recurring and vaccination rates are falling short of expectations; The domestic economic recovery is progressing slower than expected; Macroeconomic liquidity at home and abroad tightened more than expected.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://xnews.jin10.com/webapp/details.html?id=78391&type=news\">金十数据</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9d63c717f200491b518556e2de79a967","relate_stocks":{},"source_url":"https://xnews.jin10.com/webapp/details.html?id=78391&type=news","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2154956709","content_text":"本文来源于中信证券研究\n摘要\n市场流动性开始趋紧，预计板块极致分化提前终结，但市场整体大幅修正风险很低，稳中向好的宏观基本面支撑结构再平衡，成长板块从高位赛道轮动到低位，部分消费和医药行业具备左侧布局价值。\n首先，近期市场增量资金流入趋缓，场内活跃投资者仓位快速接近年初高点，存量资金恐慌性调仓，后续调仓效应趋于减弱，配置型外资年内首次持续流出新能源板块，流入消费板块。\n其次，宏观层面流动性仍然宽松，抱团瓦解的市场冲击弱于一季度，下半年宏观经济驱动力和亮点犹存，基本面支撑市场结构再平衡，传统核心资产负面预期已充分反映，再平衡过程中有估值修复空间。\n配置层面，结构再平衡过程中“高切低”将成为主要特征，部分景气回升的消费和医药行业当前就具备左侧配置价值。\n市场流动性开始趋紧\n预计板块极致分化提前终结\n1）增量资金流入趋缓，活跃投资者仓位快速接近年初高点。根据公募基金半年报数据，主动权益类基金净申赎率在1Q21/2Q21分别为-0.7%/-4.6%，而根据我们渠道调研的样本数据，7月前三周净赎回压力继续加大，累计净赎回规模占月初样本基金的存量净值的比例已经扩大到6.6%左右。\nETF产品则出现连续四个月净赎回，7月前三周净赎回率达到2.0%。私募机构仓位方面，活跃度最高的中小型私募整体调查仓位在整个二季度没有观察到明显变动，但在过去两周却快速大幅提升，接近年初的历史高点，呈现出成长赛道股回调过程中借机入场或者加仓的特征。\n我们认为此前成长制造板块的每一次回调可能都存在大量资金借机入场，但当下能够承接高位调整的场内资金已经迅速被消耗。\n2）存量资金恐慌性调仓，后续调仓效应趋于减弱。此前存量资金的持续调仓也是推动高景气成长制造板块持续快速上涨的动力。但上周恐慌性调仓特征明显，存量资金已经开始抛售消费、医药等板块同样高景气的行业和个股。\n原本机构投资者可能在逆风时也会坚定持有的高景气行业，如扫地机器人、医美和次高端白酒，在周四、周五两个交易日累计平均跌幅分别达到-11.3%、-7.6%和-4.9%，远超沪深300。\n南向资金上周累计净流出规模达到173亿元，接近今年3月份的年内峰值，并减持景气度非常高的服装龙头，例如安踏体育在上周净流出5.5亿港元，累计下跌9.0%，李宁上周三至周五累计净流出2.9亿港元，跌幅达到9.6%。\n从交易层面看，最强势板块也出现补跌，意味着成长制造板块的资金分流效应已经接近尾声。\n3）长线配置型外资14个月以来首次持续流出新能源板块，流入消费板块。长线配置型外资自2020年才开始持续增持电力设备和新能源板块，2019年末时该板块外资持股市值不足300亿，仅占北上资金总持仓的2.7%，但在当前已经达到11.7%，是仅次于食品饮料的第二大重仓行业。\n即便在今年一季度市场冲高再回调的过程中，配置型外资持续减持食品饮料（仅1月就净流出107亿），但依旧净流入电新板块，整个一季度净流入326亿。\n但7月前三周，配置型外资净流出电新板块约-14亿，而此之前已连续净流入14个月，并转而增配食品饮料（+29亿）、家电（+14亿）和医药（+30亿）等行业。配置型外资的行为虽然不足以影响市场整体风格，但至少说明市场中部分对估值水平容忍度相对较高的长线资金已经开始左侧调整配置方向。\n市场整体大幅修正风险很低\n稳中向好的宏观基本面支撑结构再平衡\n1）宏观层面流动性仍然宽松，抱团瓦解的市场冲击弱于一季度。内外部宏观经济扰动因素持续增多。\n国内来看，前期原材料价格快速上涨带来中小企业经营压力，局部散点疫情多发，华中部分省份暴雨洪灾等多方因素加剧了市场对三季度经济前景的担忧。\n海外来看，新冠病毒Delta变种加速扩散，美国疫情下的财政刺激和补助措施从7月开始将陆续退出，引发市场对全球经济前景的担忧，在通胀数据不断超预期情况下10年期美债利率本月一度跌破1.2%。上述宏观环境与今年一季度的“强经济+强通胀+弱流动性”的环境形成鲜明对比。\n此外，新能源、半导体等成长制造板块长期景气趋势和成长空间远大于传统核心资产，即便阶段性抱团瓦解，对于市场的影响预计也远弱于一季度。\n2）下半年经济驱动力和亮点犹存，基本面支撑市场结构再平衡。尽管存在暂时性扰动，但下半年消费和工业投资都有极强的韧性。\n消费领域，居民可支配收入增速，尤其是农民工等中低收入群体工资增速持续回升，消费金融监管逐步落地推动非住房消费信贷持续恢复，终端消费持续回暖的趋势不变，而上市公司层面高基数、渠道去库等压制因素预计在4Q21得到明显缓解。\n地产投资领域，在当前的信用环境和开发商融资结构下，加速施工竣工，尽快形成销售回笼现金，依旧是开发商去杠杆的最主要方式，预计新开工和建安投资增速下半年不会持续下滑。\n基建领域，随着后续地方专项债的发行加快，基建投资将继续保持稳定增长，预计全年能够恢复到3%左右的增速。\n制造业领域，新能源和半导体的持续大规模资本开支，以及汽车行业在供应链问题缓解后加速成产交付，都将带来制造业投资增速持续回升。\n3）传统核心资产的负面预期已充分反映，再平衡过程中有估值修复空间。\n首先，经济预期层面，前期全面降准政策、近期局部散点疫情再次出现，叠加洪灾影响，市场对下半年经济偏悲观的预期已经充分反应，但实际上下半年经济驱动力和韧性犹存。\n其次，部分地产开发商以及金融企业的信用风险事件和相关报道已经让市场对下半年可能出现的一些局部信用风险有充分预期，但实际政策层面的基调依然是稳妥处置。\n最后，从资金层面来看，投资者已经开始抛售消费板块当中最坚定的持仓，也意味着市场对于传统核心资产的悲观情绪已经达到极致。\n从估值层面来看，公募非金融重仓股的整体估值水平在过去两个季度已较为显著地调整，前50大非金融重仓股的静态估值已经从一季度末的73.9倍下滑至二季度末的42.0倍，恢复至4Q19-1Q20之间的水平，估值修复的空间已经逐步显现。\n成长板块从高位赛道轮动到低位\n部分消费和医药行业具备左侧布局价值\n1）结构再平衡过程中“高切低”将成为主要特征。在市场资金层面的约束下，我们认为板块极致分化将提前终结，成长制造板块抱团提前快速透支了半年报季的行情。\n然而，整体经济结构性问题的修复需要时间，短期缺乏轮动接力板块，延长了市场从平静期向共振上行期转换阶段的时间。在这个阶段，市场的结构再平衡就是主要特征。\n在配置上，建议从成长制造板块里高位的赛道转向相对低位的赛道，如军工；并可以考虑逐步左侧布局当下估值调整非常充分的消费和医药板块。\n2）部分景气回升的消费和医药行业当前就具备左侧配置价值。消费领域，高景气和供应端结构改善的细分行业完全可以支撑当下资金对高增长品种的需求。\n具体而言，建议关注受益库存出清、行业格局优化和国潮崛起大趋势的服装，受益高端消费需求持续高增以及中小品牌出清的珠宝饰品，受益中高端产品持续高增长的啤酒，受益需求回补、消费升级和全国化加速的次高端白酒，行业持续爆发式高增长的医美，因交易层面因素大幅调整的服务机器人，以及缺芯问题缓解后车型结构推动供给端深刻变化的国产汽车。\n医药领域，我们建议继续建议关注CXO、疫苗、制药设备、器械和医疗服务领域的机会。疫情后时代医药板块的刚需属性已经非常明确，结合下半年高成长性高估值公司的提前估值切换，已经出现极具性价比的布局机会。\n风险因素\n全球疫情反复、疫苗接种不及预期；国内经济复苏进度不及预期；海内外宏观流动性超预期收紧。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3391,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176315607,"gmtCreate":1626861532509,"gmtModify":1703479462966,"author":{"id":"3577013325481265","authorId":"3577013325481265","name":"LLMMYY","avatar":"https://static.tigerbbs.com/0673bd7a83e6b36e742df4a0eec734f4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577013325481265","idStr":"3577013325481265"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/176315607","repostId":"2153582617","repostType":4,"repost":{"id":"2153582617","kind":"highlight","pubTimestamp":1626860521,"share":"https://ttm.financial/m/news/2153582617?lang=en_US&edition=fundamental","pubTime":"2021-07-21 17:42","market":"fut","language":"zh","title":"What is the next step for oil prices after the new OPEC + agreement?","url":"https://stock-news.laohu8.com/highlight/detail?id=2153582617","media":"格隆汇","summary":"欧佩克+在最近的与协议中决定将逐步提高欧佩克的月度产量。这个协议不容易达成，需要各方面的谈判和妥协。据报道，此前沙特与阿联酋之间的分歧在于阿联酋方面希望提高产量上限，但零对冲分析师David Mess","content":"<p>In its recent agreement, OPEC+ decided to gradually increase OPEC's monthly production. This agreement is not easy to reach and requires negotiations and compromises from all sides. According to reports, the previous disagreement between Saudi Arabia and the UAE stemmed from the UAE's desire to raise the production cap.<b>However, zero-hedging analyst David Messler points out that this is not the only factor leading to the UAE's new demands within OPEC.</b></p><p><h3>Differences between Saudi Arabia and the UAE</h3>There has long been disagreement between Saudi Arabia and the UAE regarding the \"peak oil theory\".</p><p>Because,<b>Saudi Arabia has been vigorously advancing its Vision 2030 plan, which includes a series of large-scale projects aimed at significantly reducing the kingdom's revenue dependence on oil exports by 2030 and diversifying its income.</b>However, the plan was not implemented as successfully as initially hoped; in fact, most of the actual increase in revenue came from new taxes rather than new external investment. Revenue from non-oil sources is projected to be less than half of the plan.</p><p>Some of these problems may be related to certain mistakes made by the Saudi Crown Prince. The murder of a Saudi journalist, the failure of Saudi Aramco's privatization to attract much external interest, and a $200 billion...<a href=\"https://laohu8.com/S/000591\">solar energy</a>The failure of power plants to receive sufficient support to exit the plan, as well as attempts to launch nuclear power projects, have combined to weaken investment momentum.</p><p>To make matters worse, the Saudi economy shrank by 3% due to the impact of the pandemic. Saudi Arabia has been struggling to balance its books due to numerous problems, including high taxes and subsidy cuts leading to weak domestic economic growth.</p><p>This has led to a vicious circle, which, with external cash inflows insufficient to meet its economic needs, has renewed its commitment to relying on oil for a longer period of time in the future, and they now see oil production again as a pillar of their economy for decades to come. An energy consultant in Dubai said:</p><p>\"Saudi Arabia has made little progress in reducing its dependence on oil export revenues over the past five years. Therefore, it may take more than 30 years to get rid of its dependence on oil.\" They believe that the transition to renewable energy will span decades, and that demand for oil and related derivatives will remain relatively high during the transition period. Therefore, for Saudi Arabia, an oil price of $70 or close to $70 will greatly support economic development.</p><p><b>In contrast, the UAE has achieved greater success in many areas.</b></p><p>First, the UAE partially privatized ADNOC's assets and sold shares in ADNOC's subsidiaries, attracting $25 billion in foreign capital into the country and avoiding the trauma of the IPO process. Secondly, the UAE is building a power plant of more than 400 megawatts to generate electricity; In the nuclear power sector, the UAE also opened a nuclear power plant this year, surpassing Saudi Arabia's in scale. The UAE has successfully introduced a new futures contract called Mulban for its benchmark crude oil production. This is to promote crude oil trading and optimize the price system under the OPEC production cut agreement. In the future, the UAE also hopes to go further in the oil industry chain by expanding the $45 billion Ruwais industrial complex. Under this plan, the country's oil refining capacity will be doubled and a huge petrochemical complex will be built. Its pipeline construction has also received support from several major European oil companies, with a planned investment of $122 billion. These factors have injected vitality into the UAE's oil industry, enabling it to significantly increase production in the short term.<b>Therefore, their view is that the energy transition will take a short time, which may lead to a large amount of crude oil reserves being \"stranded.\" Therefore, they need to increase production and accelerate the depletion of reserves regardless of price impacts.</b></p><p>Furthermore, historically in the Middle East, the UAE tends to spare no effort to maintain its competitive advantage in the region.</p><p>In recent years, tensions between the UAE and Israel have eased in a US-brokered peace deal, but it has also deepened mistrust between the two countries. In addition, due to the Palestinian issue, Saudi Arabia and the UAE still have serious differences on the Israeli issue.</p><p>With the recurring regional wars, it is clear that the UAE must strive to break the halo brought by OPEC+ to protect its interests.<b>This disagreement has led to the UAE intentionally avoiding Saudi Arabia's shadow in discussions surrounding production, which has led to a stalemate.</b></p><p><h3>What impact will the new OPEC+ agreement have on oil supply?</h3>Judging from the announcement from last Sunday's meeting, most of the UAE's objectives regarding increasing production have been achieved. On the other hand, other countries, including Saudi Arabia, Russia, Kuwait, and Iraq, have also increased their benchmark quotas, which appears to be a win-win situation this time.</p><p>With the production cut agreement extended to December 2022, Saudi Arabia is also concerned that oversupply of oil will lead to a price drop, not to mention factors such as Iran and the United States.<b>Once sanctions are lifted, Iran may recover at least 1.5 million barrels of crude oil per day; Institutions including the EIA predict that the United States will significantly increase shale oil production in 2022.</b></p><p><img src=\"https://static.tigerbbs.com/52a41b3a52c12e33d4e4f581bc278dd0\" tg-width=\"750\" tg-height=\"401\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>However, David believes that as the economy continues to recover from the pandemic, global markets can easily absorb these crude oils.</p><p>The service and supply industry has undergone tremendous changes in the past three years, but there are not many drilling rigs and pumps available in the United States. Most shale oil companies would rather adjust their asset structure and improve Dividend dividends to maintain investor confidence than increase crude oil production.</p><p><img src=\"https://static.tigerbbs.com/488fa52b1f36dc6213cf10b297de72bb\" tg-width=\"750\" tg-height=\"401\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data from: EIA/PrimaryVision</p><p>In response, David stated:</p><p>\"The next variable will be the rapid spread of the Delta variant. In my view, although it is more contagious than the original strain, with the help of vaccines, the infection rate is more controllable than in the previous wave of the pandemic, and it is reported that vaccines are close to 97% effective in preventing infection. Therefore, this pandemic will not cause widespread panic.\"</p><p>Taking all these factors into account—the OPEC+ agreement, productivity, and the level of North American shale activity—the result is that despite market-driven sentiment changes causing volatility, oil prices will trend higher. With the announcement of the effectiveness of the vaccine, the economic recovery that began last year will continue, and investors should regard the sell-off in the past few weeks as a buying opportunity. \"</p>","source":"gelonghui_highlight","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>What is the next step for oil prices after the new OPEC + agreement?</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\">\nWhat is the next step for oil prices after the new OPEC + agreement?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2021-07-21 17:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In its recent agreement, OPEC+ decided to gradually increase OPEC's monthly production. This agreement is not easy to reach and requires negotiations and compromises from all sides. According to reports, the previous disagreement between Saudi Arabia and the UAE stemmed from the UAE's desire to raise the production cap.<b>However, zero-hedging analyst David Messler points out that this is not the only factor leading to the UAE's new demands within OPEC.</b></p><p><h3>Differences between Saudi Arabia and the UAE</h3>There has long been disagreement between Saudi Arabia and the UAE regarding the \"peak oil theory\".</p><p>Because,<b>Saudi Arabia has been vigorously advancing its Vision 2030 plan, which includes a series of large-scale projects aimed at significantly reducing the kingdom's revenue dependence on oil exports by 2030 and diversifying its income.</b>However, the plan was not implemented as successfully as initially hoped; in fact, most of the actual increase in revenue came from new taxes rather than new external investment. Revenue from non-oil sources is projected to be less than half of the plan.</p><p>Some of these problems may be related to certain mistakes made by the Saudi Crown Prince. The murder of a Saudi journalist, the failure of Saudi Aramco's privatization to attract much external interest, and a $200 billion...<a href=\"https://laohu8.com/S/000591\">solar energy</a>The failure of power plants to receive sufficient support to exit the plan, as well as attempts to launch nuclear power projects, have combined to weaken investment momentum.</p><p>To make matters worse, the Saudi economy shrank by 3% due to the impact of the pandemic. Saudi Arabia has been struggling to balance its books due to numerous problems, including high taxes and subsidy cuts leading to weak domestic economic growth.</p><p>This has led to a vicious circle, which, with external cash inflows insufficient to meet its economic needs, has renewed its commitment to relying on oil for a longer period of time in the future, and they now see oil production again as a pillar of their economy for decades to come. An energy consultant in Dubai said:</p><p>\"Saudi Arabia has made little progress in reducing its dependence on oil export revenues over the past five years. Therefore, it may take more than 30 years to get rid of its dependence on oil.\" They believe that the transition to renewable energy will span decades, and that demand for oil and related derivatives will remain relatively high during the transition period. Therefore, for Saudi Arabia, an oil price of $70 or close to $70 will greatly support economic development.</p><p><b>In contrast, the UAE has achieved greater success in many areas.</b></p><p>First, the UAE partially privatized ADNOC's assets and sold shares in ADNOC's subsidiaries, attracting $25 billion in foreign capital into the country and avoiding the trauma of the IPO process. Secondly, the UAE is building a power plant of more than 400 megawatts to generate electricity; In the nuclear power sector, the UAE also opened a nuclear power plant this year, surpassing Saudi Arabia's in scale. The UAE has successfully introduced a new futures contract called Mulban for its benchmark crude oil production. This is to promote crude oil trading and optimize the price system under the OPEC production cut agreement. In the future, the UAE also hopes to go further in the oil industry chain by expanding the $45 billion Ruwais industrial complex. Under this plan, the country's oil refining capacity will be doubled and a huge petrochemical complex will be built. Its pipeline construction has also received support from several major European oil companies, with a planned investment of $122 billion. These factors have injected vitality into the UAE's oil industry, enabling it to significantly increase production in the short term.<b>Therefore, their view is that the energy transition will take a short time, which may lead to a large amount of crude oil reserves being \"stranded.\" Therefore, they need to increase production and accelerate the depletion of reserves regardless of price impacts.</b></p><p>Furthermore, historically in the Middle East, the UAE tends to spare no effort to maintain its competitive advantage in the region.</p><p>In recent years, tensions between the UAE and Israel have eased in a US-brokered peace deal, but it has also deepened mistrust between the two countries. In addition, due to the Palestinian issue, Saudi Arabia and the UAE still have serious differences on the Israeli issue.</p><p>With the recurring regional wars, it is clear that the UAE must strive to break the halo brought by OPEC+ to protect its interests.<b>This disagreement has led to the UAE intentionally avoiding Saudi Arabia's shadow in discussions surrounding production, which has led to a stalemate.</b></p><p><h3>What impact will the new OPEC+ agreement have on oil supply?</h3>Judging from the announcement from last Sunday's meeting, most of the UAE's objectives regarding increasing production have been achieved. On the other hand, other countries, including Saudi Arabia, Russia, Kuwait, and Iraq, have also increased their benchmark quotas, which appears to be a win-win situation this time.</p><p>With the production cut agreement extended to December 2022, Saudi Arabia is also concerned that oversupply of oil will lead to a price drop, not to mention factors such as Iran and the United States.<b>Once sanctions are lifted, Iran may recover at least 1.5 million barrels of crude oil per day; Institutions including the EIA predict that the United States will significantly increase shale oil production in 2022.</b></p><p><img src=\"https://static.tigerbbs.com/52a41b3a52c12e33d4e4f581bc278dd0\" tg-width=\"750\" tg-height=\"401\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>However, David believes that as the economy continues to recover from the pandemic, global markets can easily absorb these crude oils.</p><p>The service and supply industry has undergone tremendous changes in the past three years, but there are not many drilling rigs and pumps available in the United States. Most shale oil companies would rather adjust their asset structure and improve Dividend dividends to maintain investor confidence than increase crude oil production.</p><p><img src=\"https://static.tigerbbs.com/488fa52b1f36dc6213cf10b297de72bb\" tg-width=\"750\" tg-height=\"401\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data from: EIA/PrimaryVision</p><p>In response, David stated:</p><p>\"The next variable will be the rapid spread of the Delta variant. In my view, although it is more contagious than the original strain, with the help of vaccines, the infection rate is more controllable than in the previous wave of the pandemic, and it is reported that vaccines are close to 97% effective in preventing infection. Therefore, this pandemic will not cause widespread panic.\"</p><p>Taking all these factors into account—the OPEC+ agreement, productivity, and the level of North American shale activity—the result is that despite market-driven sentiment changes causing volatility, oil prices will trend higher. With the announcement of the effectiveness of the vaccine, the economic recovery that began last year will continue, and investors should regard the sell-off in the past few weeks as a buying opportunity. \"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.gelonghui.com/p/476817\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/de019d346ae215b032b548e12d784857","relate_stocks":{"USO":"美国原油ETF","UCO":"二倍做多彭博原油ETF","SCO":"二倍做空彭博原油指数ETF","DWT":"三倍做空原油ETN","DUG":"二倍做空石油与天然气ETF(ProShares)","DDG":"ProShares做空石油与天然气ETF"},"source_url":"http://www.gelonghui.com/p/476817","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2153582617","content_text":"欧佩克+在最近的与协议中决定将逐步提高欧佩克的月度产量。这个协议不容易达成，需要各方面的谈判和妥协。据报道，此前沙特与阿联酋之间的分歧在于阿联酋方面希望提高产量上限，但零对冲分析师David Messler指出，事实上，这并不是导致阿联酋在欧佩克中有新诉求的唯一因素。\n沙特和阿联酋的分歧\n一直以来，沙特阿拉伯和阿联酋之间对“石油峰值论”存在分歧。\n因为，沙特一直在大力推进2030年愿景计划，这项计划包括一系列大型项目，旨在到2030年大幅减少王国对石油出口的收入依赖，实现收入多元化。但计划实施得并不像最初希望的那样成功，事实上，实际增加的收入大部分来自新税收，而不是新的外部投资。非石油来源的收入预测不到计划的一半。\n其中一些问题可能与沙特王储的某些失误有关。沙特记者被杀、沙特阿美私有化未能吸引太多外部利益、一个价值2000亿美元的太阳能发电场未能获得足够的支持以脱离计划，以及试图启动核电项目，这些因素共同导致了投资动力的衰弱。\n雪上加霜的是，沙特经济因疫情的影响萎缩了3%。高税收和补贴削减导致经济内部增长疲软等诸多问题，沙特一直在努力平衡其账目。\n这就产生了恶性循环，由于外部现金流入不足以满足其经济需求，沙特重新承诺在未来更长时间地依赖石油，他们现在将石油生产重新视为未来几十年经济的支柱。迪拜一位能源顾问表示：\n\n “过去五年，沙特阿拉伯在减轻对石油出口收入的依赖方面进展甚微。因此摆脱对石油的依赖可能需要30多年的时间。”\n\n他们认为向可再生能源的过渡有一个长达数十年的跨度，石油和相关衍生品在过渡期间的需求仍保持相对较高的水平。所以，对于沙特来说，70美元或接近70美元的油价将极大地支撑经济发展。\n而相比之下，阿联酋在多个方面取得了更大的成功。\n\n 首先，阿联酋对ADNOC财产的进行部分私有化，出售ADNOC子公司的股份，吸引了250亿美元的外国资本进入该国，避免了IPO过程带来的创伤。\n\n\n 其次，阿联酋正在修建一座400多兆瓦的发电厂发电；而在核电领域，阿联酋今年也开启了一个核发电厂，规模超过了沙特。阿联酋成功地为其基准原油生产引入了新的期货合约，称为穆尔班。这是为了在欧佩克限产协议之下促进原油交易和优化价格体系。\n\n\n 未来，阿联酋还希望通过扩建450亿美元的Ruwais工业综合体，在石油工业链中走得更远。在这项计划中，该国的炼油能力将翻一番，并将建设一个巨大的石化综合体。其管道建设也获得了多个欧洲大油企的支持，投资计划规模达到1220亿美元。\n\n种种因素为阿联酋的石油行业注入了活力，使其能够在短期内大幅增加产量。所以他们的看法是，能源转型时间跨度会较短，这可能会导致大量原油储备“搁浅”，因此他们要不顾价格影响而提高产量，加快储备消耗。\n另外，从中东历史来看，阿联酋倾向于不惜一切代价以保存自己在该地区的竞争优势。\n近年来，在美国斡旋的和平协议中，阿联酋和以色列之间的紧张局势得到缓解，但也加深了这两个国家之间的不信任。另外，由于巴勒斯坦问题，沙特在以色列问题上和阿联酋仍然存在严重分歧。\n随着区域战争的反复出现，很明显阿联酋必须努力打破欧佩克+带来的光环来保护其利益。这种观点分歧导致阿联酋在围绕产量的讨论中有意摆脱沙特的阴影，这就导致了僵局。\n欧佩克+新达成的协议对石油供应有何影响？\n从上周日会议的公告来看，阿联酋关于增产的大部分目的已达成。另一方面，包括沙特阿拉伯、俄罗斯、科威特和伊拉克在内的其他国家的基准配额也有所提高，这一次似乎是共赢。\n随着减产协议延长至2022年12月，沙特也因担心市面上石油供应过多导致价格下跌，更何况还没考虑到伊朗和美国的因素——一旦解除制裁，伊朗可能至少会恢复约150万桶/日的原油；而包括EIA在内的机构预计，美国2022年将大幅增产页岩油。\n\n然而，David认为，随着经济从疫情中继续复苏，全球市场可以轻松吸收这些原油。\n服务和供应行业在过去三年发生了翻天覆地的变化，但美国可部署的钻机和泵并不多，大多数页岩油企业宁愿调整资产结构，以及改善股息分红来维持投资者信心的意图，也不会增产原油。\n\n数据来自：EIA/PrimaryVision\n对此，David表示：\n“下一个变量将是Delta变异病毒的快速传播。在我看来，虽然它比原始毒株更具传染性，但在疫苗帮助之下，感染率比上一波疫情更可控，据悉疫苗在预防感染方面的有效性接近97%。因此这次疫情不会引起广泛的恐慌。\n考虑到所有这些因素——欧佩克+协议、生产率和北美页岩活动水平，得出的结果是，尽管市场驱动的情绪变化导致波动，但石油价格趋势将会更高。随着疫苗有效性的宣布，去年开始的经济复苏将继续下去，投资者应该将过去几周的抛售视为买入机会。”","news_type":1,"symbols_score_info":{"DUG":0.9,"CLmain":0.9,"DWT":0.9,"DDG":0.9,"BZmain":0.9,"QMmain":0.9,"UCO":0.9,"USO":0.9,"UWTIF":0.9,"SCO":0.9,"DWTIF":0.9}},"isVote":1,"tweetType":1,"viewCount":3127,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171881187,"gmtCreate":1626736595949,"gmtModify":1703764052320,"author":{"id":"3577013325481265","authorId":"3577013325481265","name":"LLMMYY","avatar":"https://static.tigerbbs.com/0673bd7a83e6b36e742df4a0eec734f4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577013325481265","idStr":"3577013325481265"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/171881187","repostId":"2152652777","repostType":4,"isVote":1,"tweetType":1,"viewCount":3570,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148484772,"gmtCreate":1626005933596,"gmtModify":1703751852475,"author":{"id":"3577013325481265","authorId":"3577013325481265","name":"LLMMYY","avatar":"https://static.tigerbbs.com/0673bd7a83e6b36e742df4a0eec734f4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577013325481265","idStr":"3577013325481265"},"themes":[],"title":"","htmlText":"Upupup","listText":"Upupup","text":"Upupup","images":[{"img":"https://static.tigerbbs.com/e30bb26287e1194378307e329f0926df","width":"1080","height":"2391"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/148484772","isVote":1,"tweetType":1,"viewCount":3057,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":141634461,"gmtCreate":1625862123453,"gmtModify":1703749991351,"author":{"id":"3577013325481265","authorId":"3577013325481265","name":"LLMMYY","avatar":"https://static.tigerbbs.com/0673bd7a83e6b36e742df4a0eec734f4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577013325481265","idStr":"3577013325481265"},"themes":[],"title":"","htmlText":"Apple??","listText":"Apple??","text":"Apple??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/141634461","repostId":"1128349172","repostType":4,"repost":{"id":"1128349172","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625842097,"share":"https://ttm.financial/m/news/1128349172?lang=en_US&edition=fundamental","pubTime":"2021-07-09 22:48","market":"us","language":"zh","title":"Apple's stock price continued to rise, hitting a record high during trading.","url":"https://stock-news.laohu8.com/highlight/detail?id=1128349172","media":"老虎资讯综合","summary":"周五，$苹果(AAPL)$股价开盘后不断走高，截至发稿涨约1.2%，续刷历史高位。总市值超2.42万亿美元。\n\n\n苹果公司庞大的净资产已超过意大利、巴西、加拿大和俄罗斯等国的GDP。事实上，世界上只有7个国家的GDP高于苹果公司市值，意味着这家科技巨头比世界上高达96%的国家更富有。","content":"<p>Friday,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The stock price continued to rise after the opening, rising about 1.2% as of press time, continuing to hit a historical high. The total market capitalization exceeds $2.42 trillion.</p><p>Apple's massive net worth has exceeded the GDP of countries such as Italy, Brazil, Canada, and Russia. In fact, only seven countries in the world have a GDP higher than Apple's market capitalization, meaning that the tech giant is richer than 96% of the world's countries.</p><p><img src=\"https://static.tigerbbs.com/8c337968fa44608634d4c966c83a6e14\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple's stock price continued to rise, hitting a record high during trading.</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\">\nApple's stock price continued to rise, hitting a record high during trading.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-09 22:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Friday,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The stock price continued to rise after the opening, rising about 1.2% as of press time, continuing to hit a historical high. The total market capitalization exceeds $2.42 trillion.</p><p>Apple's massive net worth has exceeded the GDP of countries such as Italy, Brazil, Canada, and Russia. In fact, only seven countries in the world have a GDP higher than Apple's market capitalization, meaning that the tech giant is richer than 96% of the world's countries.</p><p><img src=\"https://static.tigerbbs.com/8c337968fa44608634d4c966c83a6e14\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c79d9ba94a347164a5cd3ec1bac06488","relate_stocks":{"AAPL":"苹果"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128349172","content_text":"周五，苹果股价开盘后不断走高，截至发稿涨约1.2%，续刷历史高位。总市值超2.42万亿美元。\n苹果公司庞大的净资产已超过意大利、巴西、加拿大和俄罗斯等国的GDP。事实上，世界上只有7个国家的GDP高于苹果公司市值，意味着这家科技巨头比世界上高达96%的国家更富有。","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3419,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140897036,"gmtCreate":1625644745225,"gmtModify":1703745522358,"author":{"id":"3577013325481265","authorId":"3577013325481265","name":"LLMMYY","avatar":"https://static.tigerbbs.com/0673bd7a83e6b36e742df4a0eec734f4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577013325481265","idStr":"3577013325481265"},"themes":[],"title":"","htmlText":"up?up","listText":"up?up","text":"up?up","images":[{"img":"https://static.tigerbbs.com/7b9a7d92a68e6c072291c86b17216970","width":"1080","height":"2391"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/140897036","isVote":1,"tweetType":1,"viewCount":3724,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}