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Ryan Lau
Ryan Lau
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2021-06-29
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Ryan Lau
Ryan Lau
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2021-06-28
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Growth VS. value: the biggest divide in the US stock market right now.
一场成长股与价值股之间的角力正在展开。 行至年中,笼罩的美股上方的不确定性越来越大,对美股风格也产生了巨大影响,一场成长股与价值股之间的角力正在展开。 就不确定性而言,一方面,美国货币和财政支持可能
Growth VS. value: the biggest divide in the US stock market right now.
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Ryan Lau
Ryan Lau
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2021-06-28
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Ryan Lau
Ryan Lau
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2021-06-28
666
Outlook: US June non-farm payrolls to hit! Nayuki's tea listed on the Hong Kong Stock Exchange
摘要: 经济数据方面:中国官方制造业PMI、中国财新制造业PMI、美国初请失业金人数、美国6月Markit制造业PMI初值、美国6月非农就业报告等; 新股方面:越秀服务、和黄医药、“新式茶饮
Outlook: US June non-farm payrolls to hit! Nayuki's tea listed on the Hong Kong Stock Exchange
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Ryan Lau
Ryan Lau
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2021-06-28
666
The Hong Kong Stock Exchange will cancel morning trading due to a black rainstorm warning signal.
6月28日讯,港交所因黑色暴雨警告信号将取消上午时段交易。 此前,港交所公告称若早上9点仍不能取消天文台发出的黑色暴雨警告,将取消盘前交易。 香港交易所:由于天文台发出黑色暴雨警告,证券(包括沪深股通
The Hong Kong Stock Exchange will cancel morning trading due to a black rainstorm warning signal.
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Ryan Lau
Ryan Lau
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2021-06-25
666
Opening: S&P 500 hits new high, Virgin Galactic surges 18%
6月25日(周五),标普500指数开盘上涨8.73点,涨幅0.20%,报4275.22点,盘初创下4277.40点历史高位。纳斯达克综合指数开盘上涨28.4点,涨幅0.20%,报14398.1点;道琼
Opening: S&P 500 hits new high, Virgin Galactic surges 18%
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Ryan Lau
Ryan Lau
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2021-06-25
666
The History of Migration of Major Internet Companies: From "Gypsy Wandering" to Buying Buildings and Land
迁徙,成为了互联网公司早期的主题,居无定所,曾是互联网公司们最有活力的证据。
The History of Migration of Major Internet Companies: From "Gypsy Wandering" to Buying Buildings and Land
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Ryan Lau
Ryan Lau
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2021-06-25
666
China Travel Group and China Duty Free Group submitted listing applications to the Hong Kong Stock Exchange.
据港交所文件:中旅集团、中国中免向港交所提交上市申请书。 中国中免正与中金合作,消息人士指公司有望成香港今年最大新股,并料IPO规模有望达93亿美元(约725亿港元)。
China Travel Group and China Duty Free Group submitted listing applications to the Hong Kong Stock Exchange.
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Ryan Lau
Ryan Lau
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2021-06-23
666
Spark Thinking Submits IPO Application to the United States, Impact "The First Stock of Online Quality Education"
北京时间6月21日,在线素质教育机构火花思维向美国SEC提交IPO申请,寻求在纳斯达克挂牌上市,股票代码为“SPRK”。火花思维此次IPO的承销商为瑞士信贷、花旗集团、中金公司、富途和老虎证券。 若顺
Spark Thinking Submits IPO Application to the United States, Impact "The First Stock of Online Quality Education"
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Ryan Lau
Ryan Lau
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2021-06-23
666
The "market method" and "central bank method" for judging short-term interest rates
1、研判短期利率的“市场方法”和“央行方法” 别人家的央行通常只是与市场沟通观点,我们的央行还会手把手地教市场如何做研究。比如说,看到市场常纠结于OMO是净投放还是净回笼,并以此揣测货币政策的取向,央
The "market method" and "central bank method" for judging short-term interest rates
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now.","url":"https://stock-news.laohu8.com/highlight/detail?id=1175717613","media":"华尔街见闻","summary":"一场成长股与价值股之间的角力正在展开。\n\n行至年中,笼罩的美股上方的不确定性越来越大,对美股风格也产生了巨大影响,一场成长股与价值股之间的角力正在展开。\n就不确定性而言,一方面,美国货币和财政支持可能","content":"<p>A battle is underway between growth stocks and value stocks. As we approach the middle of the year, the uncertainty surrounding US stocks is increasing, which has had a huge impact on the style of US stocks, and a battle between growth stocks and value stocks is underway.</p><p>In terms of uncertainty, on the one hand, U.S. monetary and fiscal support may decrease, which will weaken the current economic recovery and put pressure on corporate earnings growth. In addition, the U.S. government's plans to raise taxes are another potential deterrent.</p><p>On the other hand, inflation has become another major uncertainty affecting the performance of US stocks. If upward pressure on prices continues, resulting in higher rate hike expectations, US stocks may experience a bumpy road.</p><p>These uncertainties dominate the performance of growth and value stocks, and changes in inflation and monetary policy towards expectations will determine the style of US stocks in the second half of the year.</p><p>As previously mentioned by Wall Street Insights, since the beginning of this year, as US Treasury yields have risen rapidly and US stocks have rotated rapidly, the stock prices of tech giants that were enjoying great success during the pandemic have corrected sharply, while cyclical stocks that are more sensitive to economic recovery have rebounded collectively.</p><p>However, recently, as inflation expectations have cooled and US Treasury yields have declined, technology stocks have regained market favor, especially since the Federal Reserve hinted at an earlier-than-expected rate hike, which has intensified the rise in technology stocks.</p><p>Many analysts have sided with technology stocks, believing that after a correction, the valuations of American tech giants have begun to show attractiveness, which means that these tech leaders are expected to continue to rise.</p><p>Barclays strategist Maneesh Deshpande believes that U.S. tech stocks are currently relatively cheap. According to Barclays data, FANMAG currently has an average expected P/E of 29.9 times. This is only slightly higher than about 28 times before the pandemic began in December 2019, and a significant drop from the peak of 40 times in the middle of last year.</p><p>Jason Pride, Chief Investment Officer of Glenmede Private Wealth, believes that the rally in value stocks is not over yet, and value stocks will outperform technology stocks.</p><p>We are still in the process of fundamental recovery, with both economic growth and revenue improving. Our basic assumption is that inflation will eventually stabilize between 2% and 3%, which will benefit value stocks more than growth stocks. Morgan Stanley Asset Management also favors value stocks. Andrew Slimmon, a senior portfolio manager at the firm, said that people tend to hold inflation-sensitive stocks when the economy is stronger, and people may underestimate the duration of this cycle.</p><p>Slimmon points out that value stocks remain cheap relative to the broader market, and the phase of value stocks outperforming large-cap stocks will continue.</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>Growth VS. value: the biggest divide in the US stock market right now.</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\">\nGrowth VS. value: the biggest divide in the US stock market right now.\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\">2021-06-27 21:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>A battle is underway between growth stocks and value stocks. As we approach the middle of the year, the uncertainty surrounding US stocks is increasing, which has had a huge impact on the style of US stocks, and a battle between growth stocks and value stocks is underway.</p><p>In terms of uncertainty, on the one hand, U.S. monetary and fiscal support may decrease, which will weaken the current economic recovery and put pressure on corporate earnings growth. In addition, the U.S. government's plans to raise taxes are another potential deterrent.</p><p>On the other hand, inflation has become another major uncertainty affecting the performance of US stocks. If upward pressure on prices continues, resulting in higher rate hike expectations, US stocks may experience a bumpy road.</p><p>These uncertainties dominate the performance of growth and value stocks, and changes in inflation and monetary policy towards expectations will determine the style of US stocks in the second half of the year.</p><p>As previously mentioned by Wall Street Insights, since the beginning of this year, as US Treasury yields have risen rapidly and US stocks have rotated rapidly, the stock prices of tech giants that were enjoying great success during the pandemic have corrected sharply, while cyclical stocks that are more sensitive to economic recovery have rebounded collectively.</p><p>However, recently, as inflation expectations have cooled and US Treasury yields have declined, technology stocks have regained market favor, especially since the Federal Reserve hinted at an earlier-than-expected rate hike, which has intensified the rise in technology stocks.</p><p>Many analysts have sided with technology stocks, believing that after a correction, the valuations of American tech giants have begun to show attractiveness, which means that these tech leaders are expected to continue to rise.</p><p>Barclays strategist Maneesh Deshpande believes that U.S. tech stocks are currently relatively cheap. According to Barclays data, FANMAG currently has an average expected P/E of 29.9 times. This is only slightly higher than about 28 times before the pandemic began in December 2019, and a significant drop from the peak of 40 times in the middle of last year.</p><p>Jason Pride, Chief Investment Officer of Glenmede Private Wealth, believes that the rally in value stocks is not over yet, and value stocks will outperform technology stocks.</p><p>We are still in the process of fundamental recovery, with both economic growth and revenue improving. Our basic assumption is that inflation will eventually stabilize between 2% and 3%, which will benefit value stocks more than growth stocks. Morgan Stanley Asset Management also favors value stocks. Andrew Slimmon, a senior portfolio manager at the firm, said that people tend to hold inflation-sensitive stocks when the economy is stronger, and people may underestimate the duration of this cycle.</p><p>Slimmon points out that value stocks remain cheap relative to the broader market, and the phase of value stocks outperforming large-cap stocks will continue.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a5d11890cd6ccd454a56d86737fd3353","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175717613","content_text":"一场成长股与价值股之间的角力正在展开。\n\n行至年中,笼罩的美股上方的不确定性越来越大,对美股风格也产生了巨大影响,一场成长股与价值股之间的角力正在展开。\n就不确定性而言,一方面,美国货币和财政支持可能会减少,这将削弱当前经济复苏的活力,并对企业盈利增长造成压力。此外美国政府酝酿提高税收的计划是另一个潜在的抑制因素。\n另一方面,通胀走势成为牵动美股走势的另一大不确定性,如果价格的上行压力持续,结果是加息预期上升,美股可能会经历一段坎坷之路。\n这些不确定性主宰着成长和价值股票走势,通胀和货币政策走向预期的变动将决定美股下半年的风格。\n华尔街见闻此前提及,今年初以来,随着美债收益率快速走高,美股快速轮动,疫情期间风光无限的科技巨头们股价大幅回调,而对经济复苏较为敏感的周期股集体反弹。\n但近期,随着通胀预期降温,美债收益率下行,科技股重获市场青睐,尤其是美联储暗示将早于预期加息以来,科技股涨势加剧。\n有不少分析师站队科技股,认为经过一番回调,目前美国科技巨头们的估值已经开始彰显吸引力,这意味着这些科技领头羊有望继续上涨。\n巴克莱策略师Maneesh Deshpande认为目前美国科技股相对便宜。巴克莱(Barclays)的数据显示,FANMAG目前的平均预期市盈率为29.9倍。这只比2019年12月大流行开始前的约28倍高一点点,比去年年中40倍的峰值大幅下降。\n格伦米德(Glenmede)私人财富首席投资官Jason Pride则认为,价值股的行情还未结束,价值股将跑赢科技股:\n\n 我们仍处于基本面复苏之中,经济增长和收入都有所提高。我们的基本假设是,通胀最终会稳定在2%至3%之间,这对价值股的益处将大于成长股。\n\n摩根士丹利资产管理公司也偏好价值股。该机构高级投资组合经理Andrew Slimmon表示,在经济形势更为强劲的时候,倾向于持有对通胀敏感的股票,而人们可能低估了这个周期的持续时间。\nSlimmon指出,相对于更广泛的市场,价值型股票仍然很便宜,价值股表现超大盘的阶段将持续下去。","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":4579,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127848276,"gmtCreate":1624844315695,"gmtModify":1703845962783,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581557349980222","idStr":"3581557349980222"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127848276","repostId":"2146007781","repostType":4,"isVote":1,"tweetType":1,"viewCount":4702,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127840712,"gmtCreate":1624844204236,"gmtModify":1703845957871,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581557349980222","idStr":"3581557349980222"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127840712","repostId":"1111160299","repostType":4,"repost":{"id":"1111160299","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":1624835672,"share":"https://ttm.financial/m/news/1111160299?lang=en_US&edition=fundamental","pubTime":"2021-06-28 07:14","market":"us","language":"zh","title":"Outlook: US June non-farm payrolls to hit! Nayuki's tea listed on the Hong Kong Stock Exchange","url":"https://stock-news.laohu8.com/highlight/detail?id=1111160299","media":"老虎资讯综合","summary":"摘要:\n\n 经济数据方面:中国官方制造业PMI、中国财新制造业PMI、美国初请失业金人数、美国6月Markit制造业PMI初值、美国6月非农就业报告等;\n\n\n 新股方面:越秀服务、和黄医药、“新式茶饮","content":"<p>Abstract:</p><p>Regarding economic data: China's official manufacturing PMI, China's Caixin manufacturing PMI, US initial jobless claims, US June...<a href=\"https://laohu8.com/S/MRKT\">Markit</a>Preliminary manufacturing PMI readings, US June non-farm payrolls report, etc.; Regarding new shares:<a href=\"https://laohu8.com/S/06626\">Yuexiu Services</a>、<a href=\"https://laohu8.com/S/00013\">Hutchison MediPharma</a>\"The first stock in the new-style tea beverage industry\"<a href=\"https://laohu8.com/S/02150\">Nayuki's Tea</a>、<a href=\"https://laohu8.com/S/DDL\">ding-dong</a>Many new stocks, including Maicai and Atour Group, have been launched! Regarding financial events: 2021 FOMC voting member and Richmond Fed President will deliver a speech. Hong Kong stocks will be closed on Thursday, the anniversary of Hong Kong's return to China.<b>Overview of important economic data</b></p><p><b>Keywords for Monday, June 28: Federal Reserve Williams speech; Yuexiu Services listed</b><img src=\"https://static.tigerbbs.com/56f5afbec3ae71eff87df037fadb34de\" tg-width=\"609\" tg-height=\"142\" referrerpolicy=\"no-referrer\">On Monday, investors paid close attention to the June Dallas Fed manufacturing activity index in the United States. In addition, investors pay attention to the performance of US stocks and US Treasury bonds to find clues about changes in market sentiment.</p><p>Regarding new stocks,<b>Yuexiu Services was listed on the Main Board of the Stock Exchange on Monday</b>The shares will be traded in board lots of 500 shares of Yuexiu Services, with the stock code 6626.</p><p>Data shows that Yuexiu Services' revenue continued to grow rapidly, reaching RMB 1.168 billion in 2020, with an average annual compound growth rate of 23.7%. In terms of revenue by region, 78% and 92% of the revenue from the non-commercial and commercial segments came from the Greater Bay Area, respectively. The company is also actively expanding its layout outside the Greater Bay Area.</p><p><b>Keywords for Tuesday, June 29: Richmond Fed President's speech; Dingdong Maicai goes public</b><img src=\"https://static.tigerbbs.com/835d984c6c7d7bbf6cf77ab2a1b42111\" tg-width=\"614\" tg-height=\"462\" referrerpolicy=\"no-referrer\"><b>On Tuesday, investors focused on consumer confidence data from the U.S. Consulting Group.</b>。 The market widely believes that consumer confidence in the United States has further improved.</p><p>Analysts point out that the U.S. economy is expected to see stronger growth, and the unemployment rate is expected to record a net decrease, with the number of consumers reaching a record high. Although inflation expectations declined in early June, rising inflation remains a top concern for consumers.</p><p>U.S. consumer sentiment rose more than expected in early June due to an improved economic outlook and slowing inflation expectations. Furthermore, with the lifting of travel restrictions, warming temperatures, and easing health concerns, consumer sentiment has become more optimistic.</p><p><b>Regarding new listings, Dingdong Maicai is listed on the US stock market.</b>。 The company plans to issue 14 million American Depositary Shares (ADSs) in this IPO, with an issuance range of $23.5 to $25.5 per ADS;<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Bank of America<a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>The underwriters are also entitled to an over-allotment option of 2.1 million ADS. Based on the upper limit of this issuance range, Dingdong Maicai's IPO could raise a maximum of US$410 million.</p><p><b>Keywords for Wednesday, June 30th: China's official manufacturing PMI, IPOs of Hutchison MediPharma, Nayuki, and other new stocks.</b><img src=\"https://static.tigerbbs.com/8b79e86151fa8448864cf47679b25d04\" tg-width=\"614\" tg-height=\"601\" referrerpolicy=\"no-referrer\">During the Asian session on June 30, the focus will be on China's official manufacturing PMI for June.</p><p><b>The Hong Kong stock market will see two new IPOs on Wednesday: Hutchison MediPharma and Nayuki Tea.</b></p><p>Hutchison MediPharma was priced at HK$40.1 per share. Assuming the over-allotment option is not exercised, the company is expected to receive total proceeds from the global offering of HK$4,170.4 million. The company intends to use the net proceeds from the global offering to advance its late-stage clinical plans and its pipeline of clinical and preclinical drug candidates, further enhance its commercialization, clinical, regulatory and manufacturing capabilities, fund potential global business development and strategic acquisition opportunities, and for general corporate purposes.</p><p>Nayuki Tea's offering price is between HK$17.20 and HK$19.80, with a maximum total fundraising amount of approximately HK$5.858 billion. According to CIC, Nayuki's tea was the second largest teahouse brand in the premium freshly made teahouse market in China in terms of total retail consumption value in 2020, with a market share of 18.9%.</p><p><b>Keywords for Thursday, July 1st: China Caixin Manufacturing PMI; U.S. initial jobless claims data; Atour Group goes public</b><img src=\"https://static.tigerbbs.com/0c65a6ca86833610251c4e1b660500f4\" tg-width=\"609\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></p><p><b>On Thursday, Hong Kong stocks will be closed for one day due to the anniversary of Hong Kong's return to China.</b></p><p>Investors should pay close attention to a series of economic data released by the United States, among which the most significant impact on the market may be...<b>Manufacturing PMI data for June</b>。</p><p>Despite the gradual improvement in U.S. manufacturing performance, manufacturers are still struggling to obtain raw materials and hire qualified workers, which has significantly increased prices for businesses and consumers. The strong performance of the manufacturing sector supported economists' expectations for double-digit growth in the second quarter.</p><p>As the COVID-19 pandemic kept Americans at home, demand shifted from services to goods. Demand remains strong as vaccinations and trillions of dollars in government relief funds have allowed the economy to reopen more broadly.</p><p><b>Regarding new shares, Atour Group will be listed on the US stock market.</b>The company is a mid-to-high-end chain hotel group, with brands covering the entire business chain from mid-range to luxury hotels. According to the Frost & Sullivan Report, Atour Hotels was the largest mid-to-high-end hotel chain in China by number of rooms as of the end of 2020.</p><p><b>Keywords for Friday, July 2nd: US June non-farm payrolls report; Zhongjun Commercial Management listed</b><img src=\"https://static.tigerbbs.com/423d184f221bc811afff249a68e94882\" tg-width=\"615\" tg-height=\"599\" referrerpolicy=\"no-referrer\">Friday,<b>The market is about to receive the US June non-farm payrolls report.</b>The quality of the data will directly and significantly affect the market trend.</p><p>Although the U.S. job market is recovering, the extent of the recovery remains miss the market expectation. Analysts say a rapidly tightening labor market could pose a medium-term problem for financial markets. Although new jobs are increasing, the unemployment rate in the United States continues to rise and the employment rate is low.</p><p>The Federal Reserve recently raised its inflation forecast and brought forward its rate hike timetable. Two rate hike are currently expected in 2023 as U.S. inflation is at a multi-decade high.</p><p>Analysts say the Federal Reserve currently seems quite determined to stick to this course, easing more than ever before and maintaining liquidity as much as possible, but the pace of withdrawing liquidity is very, very slow. Analysts believe that, given existing valuation indicators, any factors disrupting financial markets, including the labor market, are the real problems facing them in the medium term.</p><p><b>Regarding new shares, Zhongjun Commercial Management is listed on the Hong Kong Stock Exchange.</b>According to public information, Zhongjun Commercial Management is a comprehensive property management service provider, positioned as an asset-light management company, providing management services for office buildings, commercial streets and residences for its parent company, Zhongjun Group, and third parties.</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>Outlook: US June non-farm payrolls to hit! Nayuki's tea listed on the Hong Kong Stock Exchange</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\">\nOutlook: US June non-farm payrolls to hit! Nayuki's tea listed on the Hong Kong Stock Exchange\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\">2021-06-28 07:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Abstract:</p><p>Regarding economic data: China's official manufacturing PMI, China's Caixin manufacturing PMI, US initial jobless claims, US June...<a href=\"https://laohu8.com/S/MRKT\">Markit</a>Preliminary manufacturing PMI readings, US June non-farm payrolls report, etc.; Regarding new shares:<a href=\"https://laohu8.com/S/06626\">Yuexiu Services</a>、<a href=\"https://laohu8.com/S/00013\">Hutchison MediPharma</a>\"The first stock in the new-style tea beverage industry\"<a href=\"https://laohu8.com/S/02150\">Nayuki's Tea</a>、<a href=\"https://laohu8.com/S/DDL\">ding-dong</a>Many new stocks, including Maicai and Atour Group, have been launched! Regarding financial events: 2021 FOMC voting member and Richmond Fed President will deliver a speech. Hong Kong stocks will be closed on Thursday, the anniversary of Hong Kong's return to China.<b>Overview of important economic data</b></p><p><b>Keywords for Monday, June 28: Federal Reserve Williams speech; Yuexiu Services listed</b><img src=\"https://static.tigerbbs.com/56f5afbec3ae71eff87df037fadb34de\" tg-width=\"609\" tg-height=\"142\" referrerpolicy=\"no-referrer\">On Monday, investors paid close attention to the June Dallas Fed manufacturing activity index in the United States. In addition, investors pay attention to the performance of US stocks and US Treasury bonds to find clues about changes in market sentiment.</p><p>Regarding new stocks,<b>Yuexiu Services was listed on the Main Board of the Stock Exchange on Monday</b>The shares will be traded in board lots of 500 shares of Yuexiu Services, with the stock code 6626.</p><p>Data shows that Yuexiu Services' revenue continued to grow rapidly, reaching RMB 1.168 billion in 2020, with an average annual compound growth rate of 23.7%. In terms of revenue by region, 78% and 92% of the revenue from the non-commercial and commercial segments came from the Greater Bay Area, respectively. The company is also actively expanding its layout outside the Greater Bay Area.</p><p><b>Keywords for Tuesday, June 29: Richmond Fed President's speech; Dingdong Maicai goes public</b><img src=\"https://static.tigerbbs.com/835d984c6c7d7bbf6cf77ab2a1b42111\" tg-width=\"614\" tg-height=\"462\" referrerpolicy=\"no-referrer\"><b>On Tuesday, investors focused on consumer confidence data from the U.S. Consulting Group.</b>。 The market widely believes that consumer confidence in the United States has further improved.</p><p>Analysts point out that the U.S. economy is expected to see stronger growth, and the unemployment rate is expected to record a net decrease, with the number of consumers reaching a record high. Although inflation expectations declined in early June, rising inflation remains a top concern for consumers.</p><p>U.S. consumer sentiment rose more than expected in early June due to an improved economic outlook and slowing inflation expectations. Furthermore, with the lifting of travel restrictions, warming temperatures, and easing health concerns, consumer sentiment has become more optimistic.</p><p><b>Regarding new listings, Dingdong Maicai is listed on the US stock market.</b>。 The company plans to issue 14 million American Depositary Shares (ADSs) in this IPO, with an issuance range of $23.5 to $25.5 per ADS;<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Bank of America<a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>The underwriters are also entitled to an over-allotment option of 2.1 million ADS. Based on the upper limit of this issuance range, Dingdong Maicai's IPO could raise a maximum of US$410 million.</p><p><b>Keywords for Wednesday, June 30th: China's official manufacturing PMI, IPOs of Hutchison MediPharma, Nayuki, and other new stocks.</b><img src=\"https://static.tigerbbs.com/8b79e86151fa8448864cf47679b25d04\" tg-width=\"614\" tg-height=\"601\" referrerpolicy=\"no-referrer\">During the Asian session on June 30, the focus will be on China's official manufacturing PMI for June.</p><p><b>The Hong Kong stock market will see two new IPOs on Wednesday: Hutchison MediPharma and Nayuki Tea.</b></p><p>Hutchison MediPharma was priced at HK$40.1 per share. Assuming the over-allotment option is not exercised, the company is expected to receive total proceeds from the global offering of HK$4,170.4 million. The company intends to use the net proceeds from the global offering to advance its late-stage clinical plans and its pipeline of clinical and preclinical drug candidates, further enhance its commercialization, clinical, regulatory and manufacturing capabilities, fund potential global business development and strategic acquisition opportunities, and for general corporate purposes.</p><p>Nayuki Tea's offering price is between HK$17.20 and HK$19.80, with a maximum total fundraising amount of approximately HK$5.858 billion. According to CIC, Nayuki's tea was the second largest teahouse brand in the premium freshly made teahouse market in China in terms of total retail consumption value in 2020, with a market share of 18.9%.</p><p><b>Keywords for Thursday, July 1st: China Caixin Manufacturing PMI; U.S. initial jobless claims data; Atour Group goes public</b><img src=\"https://static.tigerbbs.com/0c65a6ca86833610251c4e1b660500f4\" tg-width=\"609\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></p><p><b>On Thursday, Hong Kong stocks will be closed for one day due to the anniversary of Hong Kong's return to China.</b></p><p>Investors should pay close attention to a series of economic data released by the United States, among which the most significant impact on the market may be...<b>Manufacturing PMI data for June</b>。</p><p>Despite the gradual improvement in U.S. manufacturing performance, manufacturers are still struggling to obtain raw materials and hire qualified workers, which has significantly increased prices for businesses and consumers. The strong performance of the manufacturing sector supported economists' expectations for double-digit growth in the second quarter.</p><p>As the COVID-19 pandemic kept Americans at home, demand shifted from services to goods. Demand remains strong as vaccinations and trillions of dollars in government relief funds have allowed the economy to reopen more broadly.</p><p><b>Regarding new shares, Atour Group will be listed on the US stock market.</b>The company is a mid-to-high-end chain hotel group, with brands covering the entire business chain from mid-range to luxury hotels. According to the Frost & Sullivan Report, Atour Hotels was the largest mid-to-high-end hotel chain in China by number of rooms as of the end of 2020.</p><p><b>Keywords for Friday, July 2nd: US June non-farm payrolls report; Zhongjun Commercial Management listed</b><img src=\"https://static.tigerbbs.com/423d184f221bc811afff249a68e94882\" tg-width=\"615\" tg-height=\"599\" referrerpolicy=\"no-referrer\">Friday,<b>The market is about to receive the US June non-farm payrolls report.</b>The quality of the data will directly and significantly affect the market trend.</p><p>Although the U.S. job market is recovering, the extent of the recovery remains miss the market expectation. Analysts say a rapidly tightening labor market could pose a medium-term problem for financial markets. Although new jobs are increasing, the unemployment rate in the United States continues to rise and the employment rate is low.</p><p>The Federal Reserve recently raised its inflation forecast and brought forward its rate hike timetable. Two rate hike are currently expected in 2023 as U.S. inflation is at a multi-decade high.</p><p>Analysts say the Federal Reserve currently seems quite determined to stick to this course, easing more than ever before and maintaining liquidity as much as possible, but the pace of withdrawing liquidity is very, very slow. Analysts believe that, given existing valuation indicators, any factors disrupting financial markets, including the labor market, are the real problems facing them in the medium term.</p><p><b>Regarding new shares, Zhongjun Commercial Management is listed on the Hong Kong Stock Exchange.</b>According to public information, Zhongjun Commercial Management is a comprehensive property management service provider, positioned as an asset-light management company, providing management services for office buildings, commercial streets and residences for its parent company, Zhongjun Group, and third parties.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d256e82db1d71c864259845ce1d069bf","relate_stocks":{"159934":"黄金ETF","518880":"黄金ETF华安","DUST":"二倍做空黄金矿业指数ETF-Direxion","NUGT":"二倍做多黄金矿业指数ETF-Direxion","GLD":"黄金ETF-SPDR","GDX":"黄金矿业ETF-VanEck","IAU":"黄金信托ETF-iShares"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111160299","content_text":"摘要:\n\n 经济数据方面:中国官方制造业PMI、中国财新制造业PMI、美国初请失业金人数、美国6月Markit制造业PMI初值、美国6月非农就业报告等;\n\n\n 新股方面:越秀服务、和黄医药、“新式茶饮第一股”奈雪的茶、叮咚买菜、亚朵集团……等多只新股扎堆上市!\n\n\n 财经事件方面:2021年FOMC票委、里奇蒙德联储主席将发表讲话。香港回归纪念日,港股周四休市一天。\n\n重要经济数据一览\n6月28日周一关键词:美联储威廉姆斯讲话;越秀服务上市周一,投资者稍加留意美国的6月达拉斯联储制造业活动指数。另外,投资者关注美股和美债的走势,从而找到市场情绪变化的线索。\n新股方面,越秀服务周一在联交所主板上市,将以每手500股越秀服务股份进行买卖,股份代号为6626。\n资料显示,越秀服务收入持续快速增长,2020年收入达到11.68亿元,年均复合增长率为23.7%,按地域划分收入看,非商业板块和商业板块分别有78%和92%的收入来自大湾区,公司亦积极向大湾区之外延伸布局。\n6月29日周二关键词:里奇蒙德联储主席讲话;叮咚买菜上市周二,投资者主要关注美国的咨商会消费信心数据。目前市场广泛认为美国的消费信心有了进一步的好转。\n分析指出,美国经济预期会出现更强增长,预计失业率将录得净降低的消费者人数创下历史新高。尽管通胀预期在6月初有所下降,通胀上升仍然是消费者最关心的问题。\n由于经济前景的改善以及通胀预期趋缓,美国消费者情绪在6月初的上升幅度超过了预期。此外,随着旅行限制的取消,气温回暖以及健康担忧的弱化,消费者的情绪更加乐观。\n新股方面,叮咚买菜于美股上市。公司计划在本次IPO中发行1400万股美国存托股票(ADS),发行区间为每股ADS 23.5美元-25.5美元;摩根士丹利、美银、瑞士信贷等承销商另享有210万股ADS的超额配售权。以此发行区间上限计算,叮咚买菜本次IPO至多募资规模为4.1亿美元。\n6月30日周三关键词:中国官方制造业PMI,和黄医药、奈雪的茶等新股上市6月30日亚洲时段,重点关注中国的6月份官方制造业PMI。\n周三港股将迎来两个新股IPO:和黄医药和奈雪的茶。\n和黄医药每股定价为40.1港元。假设超额配股权未获行使,公司自全球发售获得的所得款项总额预期将为41.704亿港元。公司拟将全球发售的所得款项净额用作推进其后期临床计划以及其临床阶段及临床前候选药物管线、进一步增强其商业化、临床、监管及生产实力、为潜在的全球业务发展及策略收购机会提供资金,以及用作一般企业用途。\n奈雪的茶招股价为17.20港元-19.80港元之间,最高募资总额约为58.58亿港元。根据灼识谘询的资料,按2020年零售消费总值计,奈雪的茶在中国高端现制茶饮店市场中为第二大茶饮店品牌,市场份额为18.9%。\n7月1日周四关键词:中国财新制造业PMI;美国初请失业金数据;亚朵集团上市\n周四,因香港回归纪念日,港股休市一天。\n投资者可重点关注美国公布的一系列经济数据,其中对市场影响较大的可能是6月份的制造业PMI数据。\n当前美国制造业表现逐步向好,虽然如此,但制造商仍在努力获取原材料和招聘合格工人,这大大提高了企业和消费者的价格。制造业的强劲表现支撑了经济学家对第二季度两位数增长的预期。\n由于新冠疫情使美国人留在国内,需求从服务转向商品。由于接种疫苗和政府提供的数万亿美元救济资金使经济更广泛地重新开放,需求仍保持强劲。\n新股方面,亚朵集团将于美股上市。公司为一家中高档连锁酒店集团,旗下品牌覆盖从中档到豪华酒店的全业务链条。根据弗若斯特沙利文报告,截至2020年底,按客房数量计,亚朵酒店是中国最大的中高档连锁酒店。\n7月2日周五关键词:美国6月非农就业报告;中骏商管上市周五,市场将迎来美国6月非农就业报告,数据的好坏将直接大幅度的影响市场行情的走向。\n尽管美国就业市场正在复苏,但复苏的程度仍然不及市场预期。分析表示,劳动力市场迅速收紧可能会给金融市场带来一个中期问题。虽然新增就业不断增加,但美国失业率持续上升,且雇佣率低迷。\n美联储最近上调了通胀预期,并提前了加息时间表,目前预计2023年将有两次加息,因为美国的通胀率正处于几十年来的高点。\n分析称,目前美联储似乎相当坚决地坚持这一路线,比以往任何时候都要宽松,并尽可能维持流动性,但撤回流动性的速度非常非常缓慢。分析认为,考虑到现有的估值指标,任何扰乱金融市场的因素,包括劳动力市场,都是金融市场在中期面临的真正问题。\n新股方面,中骏商管于港股上市。资料显示,中骏商管是一家综合物业管理服务提供商,定位轻资产管理公司,为母公司中骏集团及第三方提供办公楼、商业街及住宅等管理服务。","news_type":1,"symbols_score_info":{"159934":0.9,"518880":0.9,"GCmain":0.9,"GLD":0.9,"SGUmain":0.9,"SGCmain":0.9,"MGCmain":0.9,"SImain":0.9,"IAU":0.9,"DUST":0.9,"NUGT":0.9,"GDX":0.9}},"isVote":1,"tweetType":1,"viewCount":4738,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127857475,"gmtCreate":1624844183497,"gmtModify":1703845956243,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581557349980222","idStr":"3581557349980222"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127857475","repostId":"1108579788","repostType":4,"repost":{"id":"1108579788","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":1624842781,"share":"https://ttm.financial/m/news/1108579788?lang=en_US&edition=fundamental","pubTime":"2021-06-28 09:13","market":"hk","language":"zh","title":"The Hong Kong Stock Exchange will cancel morning trading due to a black rainstorm warning signal.","url":"https://stock-news.laohu8.com/highlight/detail?id=1108579788","media":"老虎资讯综合","summary":"6月28日讯,港交所因黑色暴雨警告信号将取消上午时段交易。\n此前,港交所公告称若早上9点仍不能取消天文台发出的黑色暴雨警告,将取消盘前交易。\n香港交易所:由于天文台发出黑色暴雨警告,证券(包括沪深股通","content":"<p>June 28 - The Hong Kong Stock Exchange will cancel morning trading due to a black rainstorm warning signal.</p><p>Previously, the Hong Kong Stock Exchange announced that if the black rainstorm warning issued by the Observatory could not be lifted by 9 a.m., pre-market trading would be cancelled.</p><p>Hong Kong Stock Exchange: Due to the black rainstorm warning issued by the Observatory, the morning trading hours of securities (including the Shanghai-Shenzhen Stock Connect) and derivatives markets will be delayed. If the black rainstorm warning signal remains in effect at 9 a.m., morning trading will be cancelled.</p><p>Shanghai Stock Exchange: Hong Kong Stock Exchange suspended trading due to black rainstorm. Trading in Hong Kong stocks through the Shanghai-Hong Kong Stock Connect has been suspended.</p><p>Shenzhen Stock Exchange: On June 28, the Hong Kong Stock Exchange suspended trading due to black rainstorm. According to the \"Implementation Measures for the Shenzhen-Hong Kong Stock Connect Business of the Shenzhen Stock Exchange\", trading in Hong Kong stocks under the Shenzhen-Hong Kong Stock Connect is<img src=\"https://static.tigerbbs.com/3990c0a20608d23583a9a9f2cfa0ace3\" tg-width=\"999\" tg-height=\"391\" referrerpolicy=\"no-referrer\"><b>A black rainstorm hit Hong Kong, and Hong Kong stocks were closed this morning. How much do you know about the trading schedule?</b></p><p>On June 28, the Hong Kong Observatory issued a special report at 8:20 a.m. regarding the black rainstorm warning signal: The rainstorm warning signal is currently black, indicating that heavy rainfall exceeding 70 mm per hour has been recorded or is expected in a wide area of Hong Kong, and the rain may continue.<img src=\"https://static.tigerbbs.com/c65808ce9685f3cd97d48ee260a04e71\" tg-width=\"550\" tg-height=\"378\" referrerpolicy=\"no-referrer\">As of 9:00 a.m., the black rainstorm warning had not yet been lifted, and the opening of Hong Kong stock trading in the morning session would be delayed. If it is lifted after 9 a.m., morning trading in Hong Kong stocks will be canceled. If it is lifted between 11:00 and 11:30, trading will begin at 1:30 p.m. If it is lifted between 11:30 and 12:00, trading will begin at 2:00 PM; The market will be lifted after noon and closed for the whole day.<img src=\"https://static.tigerbbs.com/fa2358a6b83c103be2c4404bddf61e1a\" tg-width=\"550\" tg-height=\"296\" referrerpolicy=\"no-referrer\">Due to the frequent occurrence of typhoons and other weather events, trading in the Hong Kong market has been delayed multiple times due to weather factors. Therefore, the Hong Kong Stock Exchange has relatively comprehensive measures in place to cope.</p><p>On August 19, 2020, the Hong Kong stock market was closed in the morning, and the Hong Kong Observatory issued Strong Wind Signal No. 3 at 11:10 a.m. on the 19th. The Hong Kong Stock Exchange subsequently announced that the afternoon trading session would begin at 13:30.</p><p>On August 23, 2017, the Hong Kong Stock Exchange announced in the morning that the morning trading session of the securities market (including the Shanghai-Shenzhen Stock Connect) and derivatives market would be delayed due to the Observatory having issued Typhoon Signal No. 8.</p><p>On October 21, 2016, the Hong Kong Stock Exchange announced that the morning trading session of the securities market (including the Shanghai-Hong Kong Stock Connect) and derivatives market would be delayed due to the Observatory issuing Typhoon Signal No. 8.</p><p>On August 2, 2016, the Hong Kong Stock Exchange announced that Typhoon Warning No. 8 remained in effect, and the morning trading session of the securities market (including the Shanghai-Hong Kong Stock Connect) and derivatives market would be delayed.</p><p>On September 16, 2014, the Hong Kong Stock Exchange announced that the opening of the securities and derivatives markets would be delayed during the morning trading session, after the Hong Kong Observatory had issued Storm Signal No. 8 for Typhoon Kalmaegi.</p><p>In 2013, similar actions were taken several times due to typhoons and heavy rains.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nThe Hong Kong Stock Exchange will cancel morning trading due to a black rainstorm warning signal.\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\">2021-06-28 09:13</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 28 - The Hong Kong Stock Exchange will cancel morning trading due to a black rainstorm warning signal.</p><p>Previously, the Hong Kong Stock Exchange announced that if the black rainstorm warning issued by the Observatory could not be lifted by 9 a.m., pre-market trading would be cancelled.</p><p>Hong Kong Stock Exchange: Due to the black rainstorm warning issued by the Observatory, the morning trading hours of securities (including the Shanghai-Shenzhen Stock Connect) and derivatives markets will be delayed. If the black rainstorm warning signal remains in effect at 9 a.m., morning trading will be cancelled.</p><p>Shanghai Stock Exchange: Hong Kong Stock Exchange suspended trading due to black rainstorm. Trading in Hong Kong stocks through the Shanghai-Hong Kong Stock Connect has been suspended.</p><p>Shenzhen Stock Exchange: On June 28, the Hong Kong Stock Exchange suspended trading due to black rainstorm. According to the \"Implementation Measures for the Shenzhen-Hong Kong Stock Connect Business of the Shenzhen Stock Exchange\", trading in Hong Kong stocks under the Shenzhen-Hong Kong Stock Connect is<img src=\"https://static.tigerbbs.com/3990c0a20608d23583a9a9f2cfa0ace3\" tg-width=\"999\" tg-height=\"391\" referrerpolicy=\"no-referrer\"><b>A black rainstorm hit Hong Kong, and Hong Kong stocks were closed this morning. How much do you know about the trading schedule?</b></p><p>On June 28, the Hong Kong Observatory issued a special report at 8:20 a.m. regarding the black rainstorm warning signal: The rainstorm warning signal is currently black, indicating that heavy rainfall exceeding 70 mm per hour has been recorded or is expected in a wide area of Hong Kong, and the rain may continue.<img src=\"https://static.tigerbbs.com/c65808ce9685f3cd97d48ee260a04e71\" tg-width=\"550\" tg-height=\"378\" referrerpolicy=\"no-referrer\">As of 9:00 a.m., the black rainstorm warning had not yet been lifted, and the opening of Hong Kong stock trading in the morning session would be delayed. If it is lifted after 9 a.m., morning trading in Hong Kong stocks will be canceled. If it is lifted between 11:00 and 11:30, trading will begin at 1:30 p.m. If it is lifted between 11:30 and 12:00, trading will begin at 2:00 PM; The market will be lifted after noon and closed for the whole day.<img src=\"https://static.tigerbbs.com/fa2358a6b83c103be2c4404bddf61e1a\" tg-width=\"550\" tg-height=\"296\" referrerpolicy=\"no-referrer\">Due to the frequent occurrence of typhoons and other weather events, trading in the Hong Kong market has been delayed multiple times due to weather factors. Therefore, the Hong Kong Stock Exchange has relatively comprehensive measures in place to cope.</p><p>On August 19, 2020, the Hong Kong stock market was closed in the morning, and the Hong Kong Observatory issued Strong Wind Signal No. 3 at 11:10 a.m. on the 19th. The Hong Kong Stock Exchange subsequently announced that the afternoon trading session would begin at 13:30.</p><p>On August 23, 2017, the Hong Kong Stock Exchange announced in the morning that the morning trading session of the securities market (including the Shanghai-Shenzhen Stock Connect) and derivatives market would be delayed due to the Observatory having issued Typhoon Signal No. 8.</p><p>On October 21, 2016, the Hong Kong Stock Exchange announced that the morning trading session of the securities market (including the Shanghai-Hong Kong Stock Connect) and derivatives market would be delayed due to the Observatory issuing Typhoon Signal No. 8.</p><p>On August 2, 2016, the Hong Kong Stock Exchange announced that Typhoon Warning No. 8 remained in effect, and the morning trading session of the securities market (including the Shanghai-Hong Kong Stock Connect) and derivatives market would be delayed.</p><p>On September 16, 2014, the Hong Kong Stock Exchange announced that the opening of the securities and derivatives markets would be delayed during the morning trading session, after the Hong Kong Observatory had issued Storm Signal No. 8 for Typhoon Kalmaegi.</p><p>In 2013, similar actions were taken several times due to typhoons and heavy rains.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/26e574706ced777ba0af741c0072c424","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108579788","content_text":"6月28日讯,港交所因黑色暴雨警告信号将取消上午时段交易。\n此前,港交所公告称若早上9点仍不能取消天文台发出的黑色暴雨警告,将取消盘前交易。\n香港交易所:由于天文台发出黑色暴雨警告,证券(包括沪深股通)及衍生产品市场之早上交易时段均会延迟开市。如果上午9点黑色暴雨警告信号仍维持,上午交易将取消。\n上交所:香港联合证券交易所因黑色暴雨暂停交易。沪港通下港股通暂停交易。\n深交所:6月28日,香港联合证券交易所因黑色暴雨暂停交易。根据《深圳证券交易所深港通业务实施办法》,深港通下的港股通暂停交易。香港黑色暴雨来袭,港股上午休市,交易安排知多少?\n6月28日消息,香港天文台在上午8时20分发出之有关黑色暴雨警告信号的特别报告:暴雨警告信号现时为黑色,表示香港广泛地区已录得或预料会有每小时雨量超过70毫米的豪雨,且雨势可能持续。截至上午9点,黑色暴雨警告尚未解除,港股早盘交易将延迟开市。如果上午9点以后解除,港股早盘交易将取消。如果11点至11点30分解除,下午1点30开始交易;如果11点30分到12点解除,下午2点开始交易;中午12点后解除,全天休市。由于台风等天气出现频繁,香港市场已多次因天气因素影响而延迟交易,因此,港交所应对措施也较为完善。\n2020年8月19日,香港股市早盘休市,香港天文台19日上午11时10分改发三号强风信号。港交所随后宣布,下午交易时段将于13:30时开始。\n2017年8月23日,港交所于早间宣布,由于天文台现已发出八号台风信号,证券市场 (包括沪深股通) 及衍生产品市场的上午交易时段会延迟开市。\n2016年10月21日,港交所表示,由于天文台现已发出八号台风信号,证券市场 (包括沪股通) 及衍生产品市场之上午交易时段会延迟开市。\n2016年8月2日,港交所公告显示,八号风球预警仍然有效,证券市场 (包括沪股通) 及衍生产品市场之上午交易时段会延迟开市。\n2014年9月16日,港交所宣布,证券及衍生品市场早上交易时段均会延迟开市,此前香港天文台已针对台风“海鸥”发出八号暴风风球信号。\n2013年,也有数次因为台风和暴雨采取类似的行动。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":4581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122749949,"gmtCreate":1624634570181,"gmtModify":1703842430001,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581557349980222","idStr":"3581557349980222"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122749949","repostId":"1151678687","repostType":4,"repost":{"id":"1151678687","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":1624625455,"share":"https://ttm.financial/m/news/1151678687?lang=en_US&edition=fundamental","pubTime":"2021-06-25 20:50","market":"us","language":"zh","title":"Opening: S&P 500 hits new high, Virgin Galactic surges 18%","url":"https://stock-news.laohu8.com/highlight/detail?id=1151678687","media":"老虎资讯综合","summary":"6月25日(周五),标普500指数开盘上涨8.73点,涨幅0.20%,报4275.22点,盘初创下4277.40点历史高位。纳斯达克综合指数开盘上涨28.4点,涨幅0.20%,报14398.1点;道琼","content":"<p>June 25 (Friday),<b>The S&P 500 opened up 8.73 points, or 0.20%, at 4,275.22, after hitting an all-time high of 4,277.40 at the start of the session.</b>The Nasdaq Composite Index opened up 28.4 points, or 0.20%, at 14,398.1. The Dow Jones Industrial Average opened up 184.02 points, or 0.54%, at 34,380.84. In terms of news, S&P raised its 2021 U.S. real GDP growth forecast to 6.7% and its 2022 U.S. real GDP growth forecast to 3.7%.</p><p><img src=\"https://static.tigerbbs.com/fc279c8c14f22142f7c28b993282f0f2\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/BIDU\">Baidu</a>It opened up more than 2%.<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Its chip business has been established as an independent company, valued at 13 billion yuan.</p><p>Most popular Chinese concept stocks rose.<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>It rose more than 5%.<a href=\"https://laohu8.com/S/YSG\">Yixian E-commerce</a>Up 4.85%<a href=\"https://laohu8.com/S/HUYA\">Tiger Teeth</a>NetEase rose more than 3%<a href=\"https://laohu8.com/S/DAO\">Youdao</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>It rose by more than 2%.</p><p><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>The stock opened more than 18% higher after the company received full commercial launch permission from the U.S. Federal Aviation Administration, enabling it to send customers into space.</p><p><a href=\"https://laohu8.com/S/NKE\">Nike</a>It opened up more than 13%. The company's full-year and fourth-quarter results both exceeded market expectations. Fourth fiscal quarter<a href=\"https://laohu8.com/S/NKE\">Nike</a>Revenue in the North American market increased by 141% year-over-year to a record $5.38 billion.</p><p>Online payment solution platform<a href=\"https://laohu8.com/S/PSFE\">Paysafe</a>The stock rose more than 12%, marking its biggest intraday gain in a month, and became a hot topic of discussion on the WSB today.</p><p><a href=\"https://laohu8.com/S/PSAC\">Property Solutions Acquisition</a>Faraday Future opened more than 15% higher after announcing that its merger and listing documents with PSAC took effect, with the stock ticker symbol FFIE.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It opened higher and rose more than 2%. Japan<a href=\"https://laohu8.com/S/PC\">Panasonic</a>A spokesperson for the company said on Friday that it had liquidated its holdings for approximately 400 billion yen (about $3.6 billion).<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>The proceeds will be used for the company's strategic investments.</p><p><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>It opened down 0.08%. Thursday,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>The new generation of desktop operating system, Windows 11, was launched. However, Microsoft has not announced the official release date of Windows 11, only stating that it will provide free upgrades to eligible Windows 10 computers starting this holiday.</p><p><a href=\"https://laohu8.com/S/FDX\">FedEx</a>The company fell more than 4%, with its financial guidance for fiscal year 2022 falling short of market expectations; The company's CEO stated that recruitment difficulties have affected the company's operations.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opening: S&P 500 hits new high, Virgin Galactic surges 18%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpening: S&P 500 hits new high, Virgin Galactic surges 18%\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\">2021-06-25 20:50</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 25 (Friday),<b>The S&P 500 opened up 8.73 points, or 0.20%, at 4,275.22, after hitting an all-time high of 4,277.40 at the start of the session.</b>The Nasdaq Composite Index opened up 28.4 points, or 0.20%, at 14,398.1. The Dow Jones Industrial Average opened up 184.02 points, or 0.54%, at 34,380.84. In terms of news, S&P raised its 2021 U.S. real GDP growth forecast to 6.7% and its 2022 U.S. real GDP growth forecast to 3.7%.</p><p><img src=\"https://static.tigerbbs.com/fc279c8c14f22142f7c28b993282f0f2\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/BIDU\">Baidu</a>It opened up more than 2%.<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Its chip business has been established as an independent company, valued at 13 billion yuan.</p><p>Most popular Chinese concept stocks rose.<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>It rose more than 5%.<a href=\"https://laohu8.com/S/YSG\">Yixian E-commerce</a>Up 4.85%<a href=\"https://laohu8.com/S/HUYA\">Tiger Teeth</a>NetEase rose more than 3%<a href=\"https://laohu8.com/S/DAO\">Youdao</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>It rose by more than 2%.</p><p><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>The stock opened more than 18% higher after the company received full commercial launch permission from the U.S. Federal Aviation Administration, enabling it to send customers into space.</p><p><a href=\"https://laohu8.com/S/NKE\">Nike</a>It opened up more than 13%. The company's full-year and fourth-quarter results both exceeded market expectations. Fourth fiscal quarter<a href=\"https://laohu8.com/S/NKE\">Nike</a>Revenue in the North American market increased by 141% year-over-year to a record $5.38 billion.</p><p>Online payment solution platform<a href=\"https://laohu8.com/S/PSFE\">Paysafe</a>The stock rose more than 12%, marking its biggest intraday gain in a month, and became a hot topic of discussion on the WSB today.</p><p><a href=\"https://laohu8.com/S/PSAC\">Property Solutions Acquisition</a>Faraday Future opened more than 15% higher after announcing that its merger and listing documents with PSAC took effect, with the stock ticker symbol FFIE.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It opened higher and rose more than 2%. Japan<a href=\"https://laohu8.com/S/PC\">Panasonic</a>A spokesperson for the company said on Friday that it had liquidated its holdings for approximately 400 billion yen (about $3.6 billion).<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>The proceeds will be used for the company's strategic investments.</p><p><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>It opened down 0.08%. Thursday,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>The new generation of desktop operating system, Windows 11, was launched. However, Microsoft has not announced the official release date of Windows 11, only stating that it will provide free upgrades to eligible Windows 10 computers starting this holiday.</p><p><a href=\"https://laohu8.com/S/FDX\">FedEx</a>The company fell more than 4%, with its financial guidance for fiscal year 2022 falling short of market expectations; The company's CEO stated that recruitment difficulties have affected the company's operations.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151678687","content_text":"6月25日(周五),标普500指数开盘上涨8.73点,涨幅0.20%,报4275.22点,盘初创下4277.40点历史高位。纳斯达克综合指数开盘上涨28.4点,涨幅0.20%,报14398.1点;道琼斯指数开盘上涨184.02点,涨幅0.54%,报34380.84点;消息面上,标普将2021年美国实际GDP增长预期上调至6.7%,将美国2022年实际GDP增速预期上调至3.7%。\n\n百度开盘涨超2%,百度旗下芯片业务成立独立公司,估值为130亿。\n热门中概股多数走高,哔哩哔哩涨超5%,逸仙电商涨4.85%,虎牙涨超3%,网易有道、京东、阿里巴巴涨超2%。\n维珍银河开盘涨超18%,公司获得美国联邦航空管理局的全面商业发射许可,可将客户送入太空。\n耐克开盘涨超13%。公司全年及第四季度业绩均超出市场预期。第四财季耐克北美市场营收同比增长141%,达到创纪录的53.8亿美元。\n在线支付解决方案平台Paysafe涨超12%,创一个月来最大盘中涨幅,该股今日成为WSB讨论热点。\nProperty Solutions Acquisition开盘涨超15%,法拉第未来宣布与PSAC公司的合并上市文件生效,股票代码为FFIE。\n特斯拉高开涨超2%。日本松下的新闻发言人周五表示,公司已经以约4000亿日元(折合约36亿美元)的价格清仓了所持有的特斯拉股票,所得款项将用于公司战略投资。\n微软开盘跌0.08%。周四,微软推出了全新一代的桌面操作系统Windows 11。不过,微软并未宣布Windows 11系统的正式发布时间,只表示从这个节假日开始为符合条件的Windows 10电脑提供免费升级。\n联邦快递跌逾4%,公司对2022财年财务指引低于市场预期;公司CEO表示因招聘困难,公司运营受到影响。","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":5159,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122757113,"gmtCreate":1624634528832,"gmtModify":1703842426717,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581557349980222","idStr":"3581557349980222"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/122757113","repostId":"1131945227","repostType":4,"repost":{"id":"1131945227","kind":"news","pubTimestamp":1624630961,"share":"https://ttm.financial/m/news/1131945227?lang=en_US&edition=fundamental","pubTime":"2021-06-25 22:22","market":"us","language":"zh","title":"The History of Migration of Major Internet Companies: From \"Gypsy Wandering\" to Buying Buildings and Land","url":"https://stock-news.laohu8.com/highlight/detail?id=1131945227","media":"Tech星球","summary":"迁徙,成为了互联网公司早期的主题,居无定所,曾是互联网公司们最有活力的证据。","content":"<p>By Qiao Xue</p><p>Migration was once the theme of the lives of the world's most mysterious gypsies. After repeated migrations, the Gypsies left India, reaching Persia in the 11th century, Southeast Europe in the early 14th century, Western Europe in the 15th century, and by the second half of the 20th century, their presence had spread throughout North and South America. Legend has it that they spent their entire lives migrating.</p><p>Major internet companies, upholding the spirit of \"freedom and openness,\" have also established themselves in Silicon Valley in the East.<a href=\"https://laohu8.com/S/000931\">Zhongguancun</a>Migrating from Wudaokou and Xierqi, they were once like \"gypsies\" in various big cities, starting with code and devoting themselves to technology. Today, their reach has penetrated into every corner of people's lives and cities, moving beyond the world originally built solely from \"0\" and \"1\". They are buying buildings and land and gaining an increasing presence in the real world.</p><p>There's a saying in Mencius: \"A person without permanent property will never have a permanent heart.\" Buildings and grounds witness the rise and fall of internet technology companies.</p><p><b>Migrating Internet \"Gypsies\"</b></p><p>When Jobs and Wozniak assembled the first generation of Apple computers in their garage,<a href=\"https://laohu8.com/S/GOOG\">Google</a>When the first garage office was rented, Silicon Valley became Silicon Valley.</p><p>The entrepreneurial stories of Chinese technology companies continue the \"glorious tradition\" across the ocean: Lenovo rented a gatehouse of less than 20 square meters at the Institute of Computing Technology, Chinese Academy of Sciences; Huawei was born in a dilapidated house in Shenzhen; Ma Huateng rented a dance studio to embark on his journey; Jack Ma is a little better, owning a four-bedroom apartment in Hangzhou's Lakeside Garden; and Robin Li...<a href=\"https://laohu8.com/S/00618\">Peking University resources</a>The hotel was founded<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>······</p><p>The story of the new generation of BAT (Baidu, Alibaba, Tencent) is more down-to-earth. The common hometown of Kuaishou, ByteDance, and Meituan is \"Huaqing Jiayuan,\" a community located in Wudaokou, the \"center of the universe.\" Although housing prices are now often in the eight figures, Hu Boyu, an early investor in Kuaishou, recalled: \"When I found Kuaishou, they only had eight employees, living in a very dilapidated residential building, with no income and no tangible assets.\"</p><p>This is also the home of the two founders of Kuaishou. Cheng Yixiao and his family rented a house in the Huaqing Jiayuan residential area, while Su Hua, another major founder and CEO, also chose to live here. This created a heartwarming scene where the two often ate a bowl of snail rice noodles together after get off work and walked home together.</p><p>Meituan was also born here. In a three-bedroom apartment, there were only three people: Wang Xing, Wang Huiwen, and Lai Binqiang. They worked during the day and slept there at night. The three of them were running out of money. Just by sending a text message, they could meet a group of \"angels\" in the same neighborhood.</p><p>Zhang Yiming rewarded important departments by allowing them to work in the bedroom inside, while unimportant departments were crammed into the living room.</p><p>In 1998, Ding Lei<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Moving from Guangzhou to Beijing, the office location has changed several times: from the earliest Chongwenmen<a href=\"https://laohu8.com/S/600628\">New World</a>After moving from Building A to Kerry Centre and the third floor east of Oriental Plaza, they finally found a place to live in Building D of Tsinghua Science Park in Wudaokou. Established internet giants choose to settle down through migration, while emerging internet giants inevitably repeat the same path and continuously migrate to their places of residence.</p><p>Moving isn't necessarily a bad thing. \"If you can't move within two or three years, the company will go bankrupt.\" This metaphor suggests that leaving Huaqing Jiayuan and moving to a larger place is the sign that a company is on the right track. The story of internet entrepreneurship always starts from a humble beginning. After all, owning a computer is enough to write code. But gradually, as the number of people increases, small things always become big, and simple things always become complex.</p><p>Soon, Kuaishou moved from Huaqing Jiayuan to Building B of Tsinghua Science Park, 200 meters away. At that time, it had about 20 employees and tens of millions of daily active users. Then, after a calculation problem, the two founders decided to erect Kuaishou's LOGO on the roof of Building D of the Science and Technology Building. Within a 3-kilometer radius of Wudaokou, Kuaishou already has multiple office areas, including Tsinghua Science Park, Tongfang Science and Technology Plaza, and Wenjin International Hotel.</p><p>But not long after, it moved again. At the end of 2018, Kuaishou moved to Lenovo's Beijing Research Campus in Xierqi. Regarding the reason for Kuaishou's relocation, there were rumors that the rent in Tsinghua Science Park was higher.</p><p>Su Hua chose to go north, while Zhang Yiming preferred the bustling city center.</p><p>Zhongguancun, known as the \"Silicon Valley of the East,\" was once a favorite stronghold for internet companies. The founders come from the surrounding universities such as Tsinghua, Peking University, Renmin University, Beihang University, and Beijing University of Posts and Telecommunications. In addition, as one of the earliest regions to introduce tax incentives for high-tech companies, this is an incubator for high-quality IT companies.</p><p>The eternal landmark of the Internet in Zhongguancun is the Ideal Building, which is the earliest and most expensive Grade A office building in Zhongguancun. Before joining Li Auto,<a href=\"https://laohu8.com/S/SINA\">Sina</a>They lived cramped in a small white building in Wanquanzhuang, which was an annex to a primary school. \"Three floors, this long, small strip is like a small matchbox.”</p><p>Being able to move into such an office building is Sina's most glorious day. According to People magazine, Sina has always been the largest tenant of the Ideal International Building. At its peak, the building could accommodate 4,500 people, of which Sina had more than 3,000. The higher the floor, the more expensive it became. Sina rented four floors from the top down.</p><p>Therefore, the building displayed a huge logo for its most \"generous\" tenants, which became a major concern for Baidu until it went public and had its own name in the search building.</p><p>As Baidu's scale grew larger and larger, neither the Putian Building nor the Li Auto Building could support it, so it chose to move to Xierqi, which is further north. Some people migrate because they have abundant food and drink, while others migrate because of menstrual crises. Ideal's later tenant, ofo, moved to the Internet Finance Center after a brief period of glory. At this time, the number of people had shrunk from 3,400 at its most prosperous to 400, until it was gradually forgotten.</p><p>Migration became an early theme for internet companies, and nowhere to live was once the most dynamic evidence for them.</p><p><b>Settle down</b></p><p>Baidu was the first to settle down. In 2009, Baidu, which had lingered in Zhongguancun for many years, took the lead, ending its scattered office space in multiple office buildings such as Putian Building, Ideal Building, and Third Pole Building. It moved north from outside the North Third Ring Road to the new headquarters \"Search Frame\" building in Shangdi Science Park outside the North Fifth Ring Road.</p><p>A Baidu employee told Tech Planet that this 90,000-square-meter building, which can accommodate more than 7,000 Baidu employees, was once a source of pride for Baidu employees, and not many companies in Beijing have their own building. But soon after, the \"Search Box\" building became overcrowded, and Baidu had no choice but to continue moving. The Penghuan Building, Quico Building, and ShouChuang Space Building around Shangdi all left Baidu's footprints.</p><p>In 2012, Baidu had only a little over 20,000 employees, but that number more than doubled in 2014. It was in this year that the Baidu Science Park was completed in the second phase of Zhongguancun Software Park, 3 kilometers west of the \"Search Box\" building, becoming Baidu's new \"home\".</p><p>Later, Sina spent over 1.5 billion yuan in this park, eventually becoming neighbors with Baidu. Sina was directly across from NetEase, and next door was...<a href=\"https://laohu8.com/S/00700\">Tencent</a>Tencent is facing Baidu, and the four companies occupy the legendary \"crossroads of the Internet,\" which is jokingly known as the \"F4 of Houchangcun.\"</p><p>There's an old saying in Beijing: \"Where the wind blows, the water blows.\" The northern part of Beijing is full of diverse scenery and has always been considered a treasured place in terms of feng shui. Besides universities<a href=\"https://laohu8.com/S/YJ\">gather</a>Many internet high-tech companies have simultaneously located their companies in Xierqi.</p><p>Some people don't believe in superstitions and choose to go to Wangjing, which is more popular among young people.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>In 2015, they purchased Building 3 of Wangjing Greenland Center as their headquarters, but recently they want to return to the bustling north and have already expanded into the northern part of Zhongguancun.</p><p>Lei Jun and Xiaomi moved to Yingu Building, Juanshi Building, China Resources Colorful City and other places until the Xiaomi Technology Park was completed in 2019. This \"home\" cost Lei Jun 5.2 billion yuan. Kuaishou also began looking for a new headquarters in mid-2018 to end the dispersed state of multiple office areas. In the end, it bought a building for 2.8 billion yuan and became a neighbor with Xiaomi.</p><p>Zhang Yiming, who is most fond of Zhongguancun and has a strong presence at the Digital Festival, bought Fangheng Fashion Center as ByteDance's first home. He also reminded employees to post the address to show that \"we are one of the few companies that know Spring Road in the city center, unlike those companies in urban-rural fringe areas such as Shangdi and Tongzhou.\"</p><p>A real estate agent told Tech Planet that ByteDance's establishment here indirectly boosted nearby housing prices. During that time, his favorite phrase was, \"If you settle down quickly, you'll be able to be neighbors with ByteDance.\"</p><p>However, mobility remains the theme of ByteDance's employees. Although the Fangheng Fashion Center has 4,333 workstations, this \"home\" is not big enough compared to the 5,618 workstations in the original AVIC office and the 5,655 workstations in the Zhongguancun e-World Fortune Center. ByteDance has 39 similar office spaces in Beijing.</p><p>Every day, 53 shuttle buses shuttle back and forth between these 39 scattered office locations. According to Liu Run, a resident of We Media, they need to travel a distance from Chengdu to Tokyo.</p><p>Alibaba, located in the \"Paradise Silicon Valley,\" is much luckier. Not only does it have a campus with a total construction area of 136,000 square meters in Hangzhou's Binjiang District, but in October 2020...<a href=\"https://laohu8.com/S/06688\">Ant Group</a>The company acquired a commercial and office plot of land with a total area of over 700,000 square meters in the Zhijiang Resort area of Xihu District for 2.699 billion yuan and a floor price of 5,194 yuan per square meter, causing surrounding housing prices to rise accordingly.</p><p>Many internet companies have given up their entire fortune to settle down. As early as 2006,<a href=\"https://laohu8.com/S/SOHU\">Sohu</a>Using 30% of his cash savings, he purchased the Beijing Weixin International Building in Wudaokou for a total price of approximately US$277 million. He later built the Sohu Media Building and Sohu...<a href=\"https://laohu8.com/S/CYOU\">Swim freely</a>The building, a former internet aristocrat, never expected that, based on its stock price on June 22, its market capitalization of $675 million would be less than that of real estate in its early days.</p><p>Bilibili is currently renting the entire property at the Kaide Guozheng Center in Wujiaochang, Yangpu District, Shanghai, making it its largest tenant. In 2020, Bilibili, which had been \"drifting in Shanghai\" for 10 years, finally spent 8.1 billion yuan to settle in Shanghai. However, as of the third quarter of 2020, Bilibili only had 1 billion yuan in available cash.</p><p>Coincidentally, in November of the same year, Meituan also invested 6.541 billion yuan to acquire the land next door, becoming its deskmate. Meituan, which is thrifty and manages its household, has repeatedly moved and expanded in Wangjing, with its employees scattered in office buildings of more than 300,000 square meters, including Hengji Weiye, Wangjing R&D Park, Qiming International Building, and Cyberport Building. This is also the first time in 10 years since Meituan was founded that it has purchased such a large-scale real estate.</p><p><b>Wider migration and weakening of headquarters</b></p><p>In addition to continuously expanding their footprint in their home base, internet companies are also reaching out to farther and wider places.</p><p>Northern companies have chosen to move south, with Baidu's South China headquarters and international headquarters both located in Shenzhen. ByteDance, which has been on a roll, also spent 1 billion yuan to become a neighbor of Tencent in Shenzhen. Behind the surge in employee size, in addition to the demand brought about by its own business growth, it may also be related to ByteDance's increased investment in acquisitions. According to CVSource investment data, ByteDance has invested in or acquired 117 companies since 2014. Xiaomi also won a commercial land parcel in Houhai for 531 million yuan, officially joining the Houhai \"headquarters cluster\".</p><p>Companies rooted in the south are choosing to move north. Alibaba will establish dual headquarters in Beijing and Hangzhou, as well as regional headquarters in Chongqing, Zhengzhou, Xi'an and other places. Although Ren Zhengfei stated that Huawei's headquarters will never leave Shenzhen, this does not prevent Huawei from also preparing to acquire the emerging Lize commercial district in Beijing to become the management headquarters and center for its domestic business.</p><p>On the one hand, internet technology companies are seeking a home for their growing power, while on the other hand, they are also treating land acquisition as a business.</p><p><a href=\"https://laohu8.com/S/JD\">JD.com</a>Not only has it acquired land to build its headquarters, logistics center, and customer service center, but it has also set its sights on the industrial new city market. In 2017, JD.com invested in the construction of the \"Sumi JD.com Cloud Guangdong East Operation Center\" in Shantou, Guangdong. In the same year, JD.com signed a strategic cooperation agreement with the Dongguan Municipal Government of Guangdong. Two years later, it invested 1.06 billion yuan to acquire land in Fenggang, Dongguan, to build the \"Fenggang JD.com Smart Valley\" project. In October 2020, JD.com joined forces with Ping An,<a href=\"https://laohu8.com/S/000961\">Central South Construction</a>The company acquired two plots of land in the Xiangcheng District High-speed Railway New City area of Suzhou for 4.73 billion yuan.</p><p>JD.com's most famous recent acquisition was the 2.7 billion yuan acquisition of the Cuigong Hotel in Beijing. Soon after, the building was transferred to the well-known hedge fund Anzu Gordon.</p><p>Acquiring land and buying properties also requires the support of the location where the company is located. When Meituan acquired the Shanghai plot of land, it specified in the transfer conditions that it must introduce the headquarters of internationally, nationally and regionally well-known companies in the field of the Internet online new economy industry. Behind Xiaomi's acquisition of land at the reserve price is the fact that the entry requirements specify that the industry is a new generation of mobile terminal devices such as A0610 smartphones and mobile TVs.</p><p>Huawei, known as the pride of domestic products, has an even stronger GR. When Huawei moved to Dongguan, Dongguan City allocated 1,900 mu of land for Huawei's terminal headquarters to build projects such as Huawei employee apartments and Huawei terminal headquarters. Huawei's research institutes are located in Shenzhen, Shanghai, Hangzhou, Nanjing, Beijing, Xi'an, Wuhan and Suzhou.</p><p>Huawei already has a huge land reserve, with a cumulative land area of approximately 10 million square meters acquired in recent years, which is equivalent to the scale of a national small and medium-sized developer.</p><p>The headquarters economy brought about by the once proud headquarters of the internet has changed. Local economies yearn for new leaps and bounds brought about by internet giants, who in turn enjoy some support policies. At the same time, plan ahead to ensure that you have enough room for improvement in the future.</p><p>At a time when the overall growth of the internet industry is slowing down and stabilizing, these office buildings and land parcels have become one of the most valuable assets of the rising stars in the internet technology industry, which seems to prove the old saying, \"It's better to buy a house early than to do a good job in your main business.\"</p><p>I heard that Tencent recently bought an island in Dachang Bay, and the hottest name on the internal network is \"Goose City,\" which makes people want to echo the line from \"Let the Bullets Fly,\" \"I just want to stand there and make money.\"</p>","source":"techxq","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>The History of Migration of Major Internet Companies: From \"Gypsy Wandering\" to Buying Buildings and Land</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\">\nThe History of Migration of Major Internet Companies: From \"Gypsy Wandering\" to Buying Buildings and Land\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Tech星球</strong><span class=\"h-time small\">2021-06-25 22:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>By Qiao Xue</p><p>Migration was once the theme of the lives of the world's most mysterious gypsies. After repeated migrations, the Gypsies left India, reaching Persia in the 11th century, Southeast Europe in the early 14th century, Western Europe in the 15th century, and by the second half of the 20th century, their presence had spread throughout North and South America. Legend has it that they spent their entire lives migrating.</p><p>Major internet companies, upholding the spirit of \"freedom and openness,\" have also established themselves in Silicon Valley in the East.<a href=\"https://laohu8.com/S/000931\">Zhongguancun</a>Migrating from Wudaokou and Xierqi, they were once like \"gypsies\" in various big cities, starting with code and devoting themselves to technology. Today, their reach has penetrated into every corner of people's lives and cities, moving beyond the world originally built solely from \"0\" and \"1\". They are buying buildings and land and gaining an increasing presence in the real world.</p><p>There's a saying in Mencius: \"A person without permanent property will never have a permanent heart.\" Buildings and grounds witness the rise and fall of internet technology companies.</p><p><b>Migrating Internet \"Gypsies\"</b></p><p>When Jobs and Wozniak assembled the first generation of Apple computers in their garage,<a href=\"https://laohu8.com/S/GOOG\">Google</a>When the first garage office was rented, Silicon Valley became Silicon Valley.</p><p>The entrepreneurial stories of Chinese technology companies continue the \"glorious tradition\" across the ocean: Lenovo rented a gatehouse of less than 20 square meters at the Institute of Computing Technology, Chinese Academy of Sciences; Huawei was born in a dilapidated house in Shenzhen; Ma Huateng rented a dance studio to embark on his journey; Jack Ma is a little better, owning a four-bedroom apartment in Hangzhou's Lakeside Garden; and Robin Li...<a href=\"https://laohu8.com/S/00618\">Peking University resources</a>The hotel was founded<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>······</p><p>The story of the new generation of BAT (Baidu, Alibaba, Tencent) is more down-to-earth. The common hometown of Kuaishou, ByteDance, and Meituan is \"Huaqing Jiayuan,\" a community located in Wudaokou, the \"center of the universe.\" Although housing prices are now often in the eight figures, Hu Boyu, an early investor in Kuaishou, recalled: \"When I found Kuaishou, they only had eight employees, living in a very dilapidated residential building, with no income and no tangible assets.\"</p><p>This is also the home of the two founders of Kuaishou. Cheng Yixiao and his family rented a house in the Huaqing Jiayuan residential area, while Su Hua, another major founder and CEO, also chose to live here. This created a heartwarming scene where the two often ate a bowl of snail rice noodles together after get off work and walked home together.</p><p>Meituan was also born here. In a three-bedroom apartment, there were only three people: Wang Xing, Wang Huiwen, and Lai Binqiang. They worked during the day and slept there at night. The three of them were running out of money. Just by sending a text message, they could meet a group of \"angels\" in the same neighborhood.</p><p>Zhang Yiming rewarded important departments by allowing them to work in the bedroom inside, while unimportant departments were crammed into the living room.</p><p>In 1998, Ding Lei<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Moving from Guangzhou to Beijing, the office location has changed several times: from the earliest Chongwenmen<a href=\"https://laohu8.com/S/600628\">New World</a>After moving from Building A to Kerry Centre and the third floor east of Oriental Plaza, they finally found a place to live in Building D of Tsinghua Science Park in Wudaokou. Established internet giants choose to settle down through migration, while emerging internet giants inevitably repeat the same path and continuously migrate to their places of residence.</p><p>Moving isn't necessarily a bad thing. \"If you can't move within two or three years, the company will go bankrupt.\" This metaphor suggests that leaving Huaqing Jiayuan and moving to a larger place is the sign that a company is on the right track. The story of internet entrepreneurship always starts from a humble beginning. After all, owning a computer is enough to write code. But gradually, as the number of people increases, small things always become big, and simple things always become complex.</p><p>Soon, Kuaishou moved from Huaqing Jiayuan to Building B of Tsinghua Science Park, 200 meters away. At that time, it had about 20 employees and tens of millions of daily active users. Then, after a calculation problem, the two founders decided to erect Kuaishou's LOGO on the roof of Building D of the Science and Technology Building. Within a 3-kilometer radius of Wudaokou, Kuaishou already has multiple office areas, including Tsinghua Science Park, Tongfang Science and Technology Plaza, and Wenjin International Hotel.</p><p>But not long after, it moved again. At the end of 2018, Kuaishou moved to Lenovo's Beijing Research Campus in Xierqi. Regarding the reason for Kuaishou's relocation, there were rumors that the rent in Tsinghua Science Park was higher.</p><p>Su Hua chose to go north, while Zhang Yiming preferred the bustling city center.</p><p>Zhongguancun, known as the \"Silicon Valley of the East,\" was once a favorite stronghold for internet companies. The founders come from the surrounding universities such as Tsinghua, Peking University, Renmin University, Beihang University, and Beijing University of Posts and Telecommunications. In addition, as one of the earliest regions to introduce tax incentives for high-tech companies, this is an incubator for high-quality IT companies.</p><p>The eternal landmark of the Internet in Zhongguancun is the Ideal Building, which is the earliest and most expensive Grade A office building in Zhongguancun. Before joining Li Auto,<a href=\"https://laohu8.com/S/SINA\">Sina</a>They lived cramped in a small white building in Wanquanzhuang, which was an annex to a primary school. \"Three floors, this long, small strip is like a small matchbox.”</p><p>Being able to move into such an office building is Sina's most glorious day. According to People magazine, Sina has always been the largest tenant of the Ideal International Building. At its peak, the building could accommodate 4,500 people, of which Sina had more than 3,000. The higher the floor, the more expensive it became. Sina rented four floors from the top down.</p><p>Therefore, the building displayed a huge logo for its most \"generous\" tenants, which became a major concern for Baidu until it went public and had its own name in the search building.</p><p>As Baidu's scale grew larger and larger, neither the Putian Building nor the Li Auto Building could support it, so it chose to move to Xierqi, which is further north. Some people migrate because they have abundant food and drink, while others migrate because of menstrual crises. Ideal's later tenant, ofo, moved to the Internet Finance Center after a brief period of glory. At this time, the number of people had shrunk from 3,400 at its most prosperous to 400, until it was gradually forgotten.</p><p>Migration became an early theme for internet companies, and nowhere to live was once the most dynamic evidence for them.</p><p><b>Settle down</b></p><p>Baidu was the first to settle down. In 2009, Baidu, which had lingered in Zhongguancun for many years, took the lead, ending its scattered office space in multiple office buildings such as Putian Building, Ideal Building, and Third Pole Building. It moved north from outside the North Third Ring Road to the new headquarters \"Search Frame\" building in Shangdi Science Park outside the North Fifth Ring Road.</p><p>A Baidu employee told Tech Planet that this 90,000-square-meter building, which can accommodate more than 7,000 Baidu employees, was once a source of pride for Baidu employees, and not many companies in Beijing have their own building. But soon after, the \"Search Box\" building became overcrowded, and Baidu had no choice but to continue moving. The Penghuan Building, Quico Building, and ShouChuang Space Building around Shangdi all left Baidu's footprints.</p><p>In 2012, Baidu had only a little over 20,000 employees, but that number more than doubled in 2014. It was in this year that the Baidu Science Park was completed in the second phase of Zhongguancun Software Park, 3 kilometers west of the \"Search Box\" building, becoming Baidu's new \"home\".</p><p>Later, Sina spent over 1.5 billion yuan in this park, eventually becoming neighbors with Baidu. Sina was directly across from NetEase, and next door was...<a href=\"https://laohu8.com/S/00700\">Tencent</a>Tencent is facing Baidu, and the four companies occupy the legendary \"crossroads of the Internet,\" which is jokingly known as the \"F4 of Houchangcun.\"</p><p>There's an old saying in Beijing: \"Where the wind blows, the water blows.\" The northern part of Beijing is full of diverse scenery and has always been considered a treasured place in terms of feng shui. Besides universities<a href=\"https://laohu8.com/S/YJ\">gather</a>Many internet high-tech companies have simultaneously located their companies in Xierqi.</p><p>Some people don't believe in superstitions and choose to go to Wangjing, which is more popular among young people.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>In 2015, they purchased Building 3 of Wangjing Greenland Center as their headquarters, but recently they want to return to the bustling north and have already expanded into the northern part of Zhongguancun.</p><p>Lei Jun and Xiaomi moved to Yingu Building, Juanshi Building, China Resources Colorful City and other places until the Xiaomi Technology Park was completed in 2019. This \"home\" cost Lei Jun 5.2 billion yuan. Kuaishou also began looking for a new headquarters in mid-2018 to end the dispersed state of multiple office areas. In the end, it bought a building for 2.8 billion yuan and became a neighbor with Xiaomi.</p><p>Zhang Yiming, who is most fond of Zhongguancun and has a strong presence at the Digital Festival, bought Fangheng Fashion Center as ByteDance's first home. He also reminded employees to post the address to show that \"we are one of the few companies that know Spring Road in the city center, unlike those companies in urban-rural fringe areas such as Shangdi and Tongzhou.\"</p><p>A real estate agent told Tech Planet that ByteDance's establishment here indirectly boosted nearby housing prices. During that time, his favorite phrase was, \"If you settle down quickly, you'll be able to be neighbors with ByteDance.\"</p><p>However, mobility remains the theme of ByteDance's employees. Although the Fangheng Fashion Center has 4,333 workstations, this \"home\" is not big enough compared to the 5,618 workstations in the original AVIC office and the 5,655 workstations in the Zhongguancun e-World Fortune Center. ByteDance has 39 similar office spaces in Beijing.</p><p>Every day, 53 shuttle buses shuttle back and forth between these 39 scattered office locations. According to Liu Run, a resident of We Media, they need to travel a distance from Chengdu to Tokyo.</p><p>Alibaba, located in the \"Paradise Silicon Valley,\" is much luckier. Not only does it have a campus with a total construction area of 136,000 square meters in Hangzhou's Binjiang District, but in October 2020...<a href=\"https://laohu8.com/S/06688\">Ant Group</a>The company acquired a commercial and office plot of land with a total area of over 700,000 square meters in the Zhijiang Resort area of Xihu District for 2.699 billion yuan and a floor price of 5,194 yuan per square meter, causing surrounding housing prices to rise accordingly.</p><p>Many internet companies have given up their entire fortune to settle down. As early as 2006,<a href=\"https://laohu8.com/S/SOHU\">Sohu</a>Using 30% of his cash savings, he purchased the Beijing Weixin International Building in Wudaokou for a total price of approximately US$277 million. He later built the Sohu Media Building and Sohu...<a href=\"https://laohu8.com/S/CYOU\">Swim freely</a>The building, a former internet aristocrat, never expected that, based on its stock price on June 22, its market capitalization of $675 million would be less than that of real estate in its early days.</p><p>Bilibili is currently renting the entire property at the Kaide Guozheng Center in Wujiaochang, Yangpu District, Shanghai, making it its largest tenant. In 2020, Bilibili, which had been \"drifting in Shanghai\" for 10 years, finally spent 8.1 billion yuan to settle in Shanghai. However, as of the third quarter of 2020, Bilibili only had 1 billion yuan in available cash.</p><p>Coincidentally, in November of the same year, Meituan also invested 6.541 billion yuan to acquire the land next door, becoming its deskmate. Meituan, which is thrifty and manages its household, has repeatedly moved and expanded in Wangjing, with its employees scattered in office buildings of more than 300,000 square meters, including Hengji Weiye, Wangjing R&D Park, Qiming International Building, and Cyberport Building. This is also the first time in 10 years since Meituan was founded that it has purchased such a large-scale real estate.</p><p><b>Wider migration and weakening of headquarters</b></p><p>In addition to continuously expanding their footprint in their home base, internet companies are also reaching out to farther and wider places.</p><p>Northern companies have chosen to move south, with Baidu's South China headquarters and international headquarters both located in Shenzhen. ByteDance, which has been on a roll, also spent 1 billion yuan to become a neighbor of Tencent in Shenzhen. Behind the surge in employee size, in addition to the demand brought about by its own business growth, it may also be related to ByteDance's increased investment in acquisitions. According to CVSource investment data, ByteDance has invested in or acquired 117 companies since 2014. Xiaomi also won a commercial land parcel in Houhai for 531 million yuan, officially joining the Houhai \"headquarters cluster\".</p><p>Companies rooted in the south are choosing to move north. Alibaba will establish dual headquarters in Beijing and Hangzhou, as well as regional headquarters in Chongqing, Zhengzhou, Xi'an and other places. Although Ren Zhengfei stated that Huawei's headquarters will never leave Shenzhen, this does not prevent Huawei from also preparing to acquire the emerging Lize commercial district in Beijing to become the management headquarters and center for its domestic business.</p><p>On the one hand, internet technology companies are seeking a home for their growing power, while on the other hand, they are also treating land acquisition as a business.</p><p><a href=\"https://laohu8.com/S/JD\">JD.com</a>Not only has it acquired land to build its headquarters, logistics center, and customer service center, but it has also set its sights on the industrial new city market. In 2017, JD.com invested in the construction of the \"Sumi JD.com Cloud Guangdong East Operation Center\" in Shantou, Guangdong. In the same year, JD.com signed a strategic cooperation agreement with the Dongguan Municipal Government of Guangdong. Two years later, it invested 1.06 billion yuan to acquire land in Fenggang, Dongguan, to build the \"Fenggang JD.com Smart Valley\" project. In October 2020, JD.com joined forces with Ping An,<a href=\"https://laohu8.com/S/000961\">Central South Construction</a>The company acquired two plots of land in the Xiangcheng District High-speed Railway New City area of Suzhou for 4.73 billion yuan.</p><p>JD.com's most famous recent acquisition was the 2.7 billion yuan acquisition of the Cuigong Hotel in Beijing. Soon after, the building was transferred to the well-known hedge fund Anzu Gordon.</p><p>Acquiring land and buying properties also requires the support of the location where the company is located. When Meituan acquired the Shanghai plot of land, it specified in the transfer conditions that it must introduce the headquarters of internationally, nationally and regionally well-known companies in the field of the Internet online new economy industry. Behind Xiaomi's acquisition of land at the reserve price is the fact that the entry requirements specify that the industry is a new generation of mobile terminal devices such as A0610 smartphones and mobile TVs.</p><p>Huawei, known as the pride of domestic products, has an even stronger GR. When Huawei moved to Dongguan, Dongguan City allocated 1,900 mu of land for Huawei's terminal headquarters to build projects such as Huawei employee apartments and Huawei terminal headquarters. Huawei's research institutes are located in Shenzhen, Shanghai, Hangzhou, Nanjing, Beijing, Xi'an, Wuhan and Suzhou.</p><p>Huawei already has a huge land reserve, with a cumulative land area of approximately 10 million square meters acquired in recent years, which is equivalent to the scale of a national small and medium-sized developer.</p><p>The headquarters economy brought about by the once proud headquarters of the internet has changed. Local economies yearn for new leaps and bounds brought about by internet giants, who in turn enjoy some support policies. At the same time, plan ahead to ensure that you have enough room for improvement in the future.</p><p>At a time when the overall growth of the internet industry is slowing down and stabilizing, these office buildings and land parcels have become one of the most valuable assets of the rising stars in the internet technology industry, which seems to prove the old saying, \"It's better to buy a house early than to do a good job in your main business.\"</p><p>I heard that Tencent recently bought an island in Dachang Bay, and the hottest name on the internal network is \"Goose City,\" which makes people want to echo the line from \"Let the Bullets Fly,\" \"I just want to stand there and make money.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"http://finance.sina.com.cn/tech/csj/2021-06-25/doc-ikqcfnca3242159.shtml\">Tech星球</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5ae87ee7fa7637f621353ab8a89104f8","relate_stocks":{"160636":"互联网","161025":"移动互联"},"source_url":"http://finance.sina.com.cn/tech/csj/2021-06-25/doc-ikqcfnca3242159.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131945227","content_text":"文/乔雪\n迁徙,曾是世界上最神秘的吉普赛人一生的母题。吉普赛人经屡次迁徙,离开印度,11世纪到波斯,14世纪初到东南欧,15世纪到西欧,20世纪下半叶,吉普赛人的踪迹已遍布北美和南美。传说中,他们的一生都在迁徙。\n秉承“自由与开放”精神的互联网大厂们,也曾在东方硅谷的中关村、五道口、西二旗迁徙,他们曾经有如各个大城市里的“吉普赛人”,起始于代码,潜心于科技。如今,他们的触角深入大众生活和城市的各个角落,走出了原本只在“0”“1”中构建的世界,买楼买地,在现实世界中拥有越来越多的存在感。\n《孟子》中有一句话是这么说的:“人无恒产,必无恒心。”楼、地,见证着互联网科技公司们的兴衰变迁。\n迁徙的互联网“吉普赛人”\n当乔布斯和沃兹尼亚克在车库组装出第一代苹果电脑,谷歌租用了第一间车库办公室时,硅谷就成为了硅谷。\n中国科技公司的创业故事,也在延续着大洋彼岸的“光荣传统”:联想租用中科院计算所的一个不足20平的传达室,华为诞生在深圳一间破旧民房里,马化腾租着舞蹈室开启奋斗之路,马云好一点,在杭州湖畔花园拥有一套四居室,李彦宏则在北大资源宾馆创立了百度······\n新一代BAT故事更接地气,快手、字节、美团的共同故乡是“华清嘉园”,这个位于“宇宙中心”五道口的小区,虽然现在的房价动辄8位数,但快手早期投资人胡博予回忆:我找到快手的时候,他们只有8个员工,在一个非常破的居民楼里,没有任何收入,也没有任何有形资产。\n这里还是快手两位创始人的安家之所,程一笑一家租住在华清嘉园小区的一套民房里,而后来的另一位主要创始人、CEO宿华也选择住在这里,这样就有了两人经常下班后一起吃碗螺蛳粉,结伴步行回家的温馨画面。\n美团也诞生在这儿,在一个三居室里,只有王兴、王慧文、赖斌强三个人,白天办公,晚上就睡在那里。三个人已经没钱了,发个短信,就能在同小区见到一批“天使”。\n张一鸣给重要的部门的奖赏,是可以用里面的卧室办公,而不重要的部门就挤在客厅里。\n1998年,丁磊将网易从广州搬来北京,办公地点几经变迁:从最早的崇文门新世界中心A楼,搬到嘉里中心和东方广场东三楼,最终,终于在五道口清华科技园D座找到栖身之地。老牌互联网巨头经过迁徙选择定居,而新锐互联网也难免重复老路,不断迁徙栖身之地。\n迁徙未必是坏事,“如果两三年都搬不走,这公司就得黄。”这份暗喻表示,走出华清嘉园,搬到更大的地方,才是企业走上正轨的标志。互联网创业的故事,起点总是低微,毕竟,写代码,能拥有一台电脑就足够了,但渐渐地,随着人数越来越多,小总要变成大,简单总要走向繁复。\n很快,快手就从华清嘉园迁入了200米开外的清华科技园B座,当时员工20来人,日活已经来到千万,接着,两位创始人经过一道计算题,决定把快手的LOGO竖立在了科技大厦D座楼顶。五道口3公里范围内,快手已经拥有清华科技园、同方科技广场、文津国际酒店等多个办公区。\n但没过多久,就又再次搬家,2018年底,快手便搬到了位于西二旗的联想北研园区,关于快手易址的原因,坊间有传闻称是清华科技园租金较高。\n宿华选择北上,张一鸣则更喜欢市区内的繁华。\n“东方硅谷”中关村,曾经是互联网公司最爱的据点。创始人们出自周围环绕的清北人大、北航北邮等高校,加上作为最早一批出台高科技公司税收优惠政策的区域,这里是优质IT企业的孵化器。\n中关村互联网永恒地标是理想大厦,这里是中关村最早且最贵的甲级写字楼。在入驻理想前,新浪蜗居在万泉庄的小白楼,那是一所小学的附属楼。“三层楼,长长的这么一小条,就跟个小火柴盒一样。”\n能入驻这样的写字楼,是新浪最风光的日子,据《人物》报道,新浪始终是理想国际大厦最大的租户,大厦最拥挤的时候容纳4500人,其中新浪就有3000多人,楼层越往上越贵,新浪是从顶往下租了四层。\n因此,大厦为最“豪气”的租户挂上了硕大的logo,这一度成为了百度的心病,直到上市后,在自己的搜索大厦拥有姓名才纾解。\n百度的规模越来越大,普天大厦、理想大厦都不足以承载,于是选择迁往更北的西二旗;有人迁徙是因为拥有丰沛的粮草,而有的迁徙,则是伤经动骨,理想后来的租客ofo,在短暂的辉煌停留后搬去了互联网金融中心,此时已从最繁荣的3400人,缩减到400人,直至逐渐趋于被遗忘。\n迁徙,成为了互联网公司早期的主题,居无定所,曾是互联网公司们最有活力的证据。\n安家\n最先安家的是百度,2009年,在中关村流连多年的百度率先动身,结束了在普天大厦、理想大厦、第三极大厦等多幢写字楼分散办公的状态,一路北上,从北三环外搬到了北五环外的上地科技园区的新总部“搜索框”大厦。\n一位百度人告诉Tech星球,这座达9万平方米,足以容纳百度7000多名员工的大厦,曾一度是让百度人骄傲的存在,在北京有属于自己楼的公司并不多。但没多久,“搜索框”大厦也人满为患,百度只能继续搬家,上地周围的鹏寰大厦、奎科大厦、首创空间大厦都留下过百度的足迹。\n2012年,百度员工数量只有2万出头,2014年就翻了一倍多,也正是在这一年,“搜索框”大厦向西3公里的中关村软件园二期里百度科技园落成,成为了百度的新“家”。\n后来这座园子里,新浪花费了超过15亿,兜兜转转与百度又做上了邻居,新浪正对面是网易,隔壁是腾讯,腾讯对面是百度,四家公司分占据了传说中的「互联网的十字路口」,被戏称为“后厂村F4”。\n北京有句老话叫“上风上水”,北京城的北面气象万千,历来被认为是风水宝地。除了高校云集,众多互联网高科技公司都不约而同地将公司定在了西二旗。\n也有人不信邪,选择去年轻人更爱的望京,阿里巴巴2015年购得望京绿地中心3号楼,作为总部,但是最近又想要重回热闹的北边,已经在中关村的北部拓土。\n雷军和小米先后辗转银谷大厦、卷石大厦、华润五彩城等地,直到2019年小米科技园落成,这个“家”花掉雷军52亿元。快手也从2018年中开始寻找新总部,以结束多个办公区分散的状态,最后28亿买楼,跟小米做上邻居。\n最钟情中关村的还要数字节跳动的张一鸣,为字节买下方恒时尚中心作为第一个家,还不忘提醒员工要晒出地址,以彰显“我们是少有的在市中心知春路的,不像那些在上地、通州等城乡结合部的公司。”\n一位地产中介告诉Tech星球,字节在这里安家,还间接带动了附近的房价,那段时间,他最喜欢的话术是,“快定下来,就能和字节做邻居了。”\n但流动仍然是字节员工的主题,虽然方恒时尚中心有4333个工位,和原来中航办公室的5618个工位、中关村e世界财富中心5655工位相比,这个“家”还不够大,而类似这样的办公场所,字节跳动在北京有39个。\n每天的53辆穿梭车,就在这散落的39个办公地点之间来回反复穿梭、循环,根据自媒体人刘润计算,要穿梭出一个从成都到东京的距离。\n而身处“天堂硅谷”的阿里就幸运的多,不仅在杭州滨江区拥有总建筑面积136000㎡的园区,2020年10月,蚂蚁集团以26.99亿元、楼面价5194元每平方米的价格拿下西湖区之江度假区一宗总体量超过70万方的商办地块,周边的房价也应声上涨。\n为了安家,很多互联网公司拿出全部身家。早在2006年,搜狐动用30%的现金储蓄,以约2.77亿美元的总价,购置了五道口北京威新国际大厦,后来又自建了搜狐媒体大厦和搜狐畅游大厦,互联网旧贵族没有想到,按照6月22日股价,市值6.75亿美元不敌早年的不动产。\nB站目前整租于上海市杨浦区五角场凯德国正中心,是这里的最大租户。2020年,“上漂”10年的B站,终于拿出81亿元在上海落脚,而截至2020年三季度,B站可用货币资金只有10亿。\n巧合的是,同年11月,美团也斥资65.41亿元拿下隔壁地块,成为其同桌,勤俭持家的美团,一次次在望京搬家、扩张,员工分散在恒基伟业、望京研发园、启明国际大厦、数码港大厦等超30万平方米的写字楼,这也是美团成立10年来第一次购置如此大规模的不动产。\n更广的迁徙与总部的弱化\n除了在大本营不断扩大版图外,互联网公司的触角还伸向了更远更广的地方。\n北方的公司选择南下,百度的华南总部和国际总部,都在深圳落地;一路高歌的字节也花费10亿,“跳动”到深圳和腾讯做上了邻居,员工规模激增的背后除了自身业务增长带来的需求,或许也与字节跳动加大投资收购有关系。CVSource投中数据显示,2014年以来字节跳动累计对117家企业进行投资或并购。小米也以5.31亿元竞得海的一宗商业用地,正式加入到了后海“总部群”。\n而南方生根的公司选择北上,阿里将在北京和杭州设立双总部,还在重庆、郑州、西安等地都设有区域总部;虽然任正非表示,华为的总部永远不会离开深圳,但并不妨碍华为也准备拿下北京新兴的丽泽商业区,成为国内业务的管理总部和中心,\n一方面,互联网科技公司们是为了自己日益壮大的力量寻找归宿,而另一面,也在将拿地作为一门生意。\n京东不仅有过拿地建设总部、物流中心、客服中心的动作,其还盯上了产业新城这块蛋糕。2017年,京东在广东汕头投资建设“塑米京东云粤东运营中心”,同年,京东再与广东东莞市政府签署战略合作协议,并于两年后斥资10.6亿元在东莞凤岗拿地,将建设“凤岗京东智谷”项目。2020年10月,京东又联手平安、中南建设以47.3亿元将苏州相城区高铁新城板块两宗地块收入囊中。\n京东近期最著名的一次收购是花费27亿元拿下北京翠宫饭店,很快,这栋楼又被转给知名对冲基金安祖高顿。\n拿地买楼的也离不开企业所在地方的支持,美团拿下上海地块时,出让条件上指定要求引进互联网在线新经济产业领域的国际性、全国性和大区域性知名企业设立的总部;小米用底价拿地的背后,是准入要求中写明行业为A0610智能手机、移动电视等新一代移动终端设备。\n而称为国货之光的华为,则拥有更强大的GR,当年华为搬去东莞的时候,东莞市为华为终端总部划拨了1900亩土地,用来建设华为员工公寓、华为终端总部等项目,而华为的研究所,遍布深圳、上海、杭州、南京、北京、西安、武汉和苏州等。\n华为已拥有庞大的土地储备,近几年累计获得的土地面积约为1000万平方米,规模相当于一个全国性的中小型开发商。\n曾让互联网引以为傲的大本营所带来的总部经济变了,地方经济渴望由互联网巨头们带来新的飞跃神话,而互联网巨头们则享受一些扶持政策。同时,未雨绸缪,以保证自己未来有足够的空间。\n在互联网行业增长总体减速趋稳的当下,这些写字楼和地块,成为了互联网科技新贵们最值钱的资产之一,似乎印证着那句老话,“主业做得好,不如买楼买得早”。\n听说,最近腾讯在大铲湾买下了一座岛,内网最热的征名是“鹅城”,让人不禁想呼应《让子弹飞》那句“我就是想站着,还把钱挣了”。","news_type":1,"symbols_score_info":{"160636":0.9,"161025":0.9}},"isVote":1,"tweetTyp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Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581557349980222","idStr":"3581557349980222"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122754756","repostId":"1133892127","repostType":4,"repost":{"id":"1133892127","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":1624631213,"share":"https://ttm.financial/m/news/1133892127?lang=en_US&edition=fundamental","pubTime":"2021-06-25 22:26","market":"hk","language":"zh","title":"China Travel Group and China Duty Free Group submitted listing applications to the Hong Kong Stock Exchange.","url":"https://stock-news.laohu8.com/highlight/detail?id=1133892127","media":"老虎资讯综合","summary":"据港交所文件:中旅集团、中国中免向港交所提交上市申请书。\n中国中免正与中金合作,消息人士指公司有望成香港今年最大新股,并料IPO规模有望达93亿美元(约725亿港元)。","content":"<p>According to Hong Kong Stock Exchange documents: China Travel<a href=\"https://laohu8.com/S/601888\">China Duty Free Group</a>Submit a listing application to the Hong Kong Stock Exchange.</p><p>China Duty Free Group (CDFG) is collaborating with CICC, and sources indicate that the company is expected to become Hong Kong's largest IPO this year, with an expected IPO size of US$9.3 billion (approximately HK$72.5 billion).</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>China Travel Group and China Duty Free Group submitted listing applications to the Hong Kong Stock Exchange.</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\">\nChina Travel Group and China Duty Free Group submitted listing applications to the Hong Kong Stock Exchange.\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\">2021-06-25 22:26</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>According to Hong Kong Stock Exchange documents: China Travel<a href=\"https://laohu8.com/S/601888\">China Duty Free Group</a>Submit a listing application to the Hong Kong Stock Exchange.</p><p>China Duty Free Group (CDFG) is collaborating with CICC, and sources indicate that the company is expected to become Hong Kong's largest IPO this year, with an expected IPO size of US$9.3 billion (approximately HK$72.5 billion).</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/186ff42cf72b907a21ea58520e2c0f78","relate_stocks":{"601888":"中国中免","01880":"中国中免"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133892127","content_text":"据港交所文件:中旅集团、中国中免向港交所提交上市申请书。\n中国中免正与中金合作,消息人士指公司有望成香港今年最大新股,并料IPO规模有望达93亿美元(约725亿港元)。","news_type":1,"symbols_score_info":{"601888":0.9,"01880":1}},"isVote":1,"tweetType":1,"viewCount":4126,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123883022,"gmtCreate":1624415610366,"gmtModify":1703836000836,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581557349980222","idStr":"3581557349980222"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123883022","repostId":"1168540454","repostType":4,"repost":{"id":"1168540454","kind":"news","weMediaInfo":{"introduction":"提供IPO最新消息,及时更新市场动态,专家团队助力分析可投资项目价值,提供IPO项目咨询服务。","home_visible":1,"media_name":"独角兽早知道","id":"1023683695","head_image":"https://static.tigerbbs.com/1147954ba5ed4a54ba9a061e9dd405e5"},"pubTimestamp":1624414107,"share":"https://ttm.financial/m/news/1168540454?lang=en_US&edition=fundamental","pubTime":"2021-06-23 10:08","market":"us","language":"zh","title":"Spark Thinking Submits IPO Application to the United States, Impact \"The First Stock of Online Quality Education\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1168540454","media":"独角兽早知道","summary":"北京时间6月21日,在线素质教育机构火花思维向美国SEC提交IPO申请,寻求在纳斯达克挂牌上市,股票代码为“SPRK”。火花思维此次IPO的承销商为瑞士信贷、花旗集团、中金公司、富途和老虎证券。\n若顺","content":"<p>On June 21st, Beijing time, Spark Thinking, an online quality education institution, submitted an IPO application to the US SEC, seeking to be listed on Nasdaq under the stock code \"SPRK\". The underwriters of Spark Thinking's IPO are<a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>Citigroup,<a href=\"https://laohu8.com/S/601995\">CICC</a>Futu and<a href=\"https://laohu8.com/S/TIGR\">Tiger Brokers</a>。</p><p>If successfully passed, Spark Thinking will become the \"first online quality education\" in China.</p><p><img src=\"https://static.tigerbbs.com/bf1a3b45fc4dbcc69919d2476d07854e\" tg-width=\"1023\" tg-height=\"725\" referrerpolicy=\"no-referrer\"></p><p>Spark Thinking was established in December 2017, and its founder, Luo Jian, was the CTO of Ganji.com. The company mainly targets mathematical thinking training for children aged 3-10, focusing on online small classes. According to Tianyan APP, the main body of Spark Thinking Company is Beijing Xinmengyuan Technology Development Co., Ltd.</p><p>The products of Spark Thinking are divided into two categories. One is Spark Live Class, which focuses on mathematical thinking and Chinese; The second is the newly launched brand \"Little Spark AI Class\", which covers mathematics, Chinese and English for younger ages.</p><p>According to CIC, Spark Thinking has become the largest online small class education company in China in terms of total revenue in 2020 and the number of students as of December 31, 2020.</p><p><img src=\"https://static.tigerbbs.com/5b8a58dbaa6ec65f6b184f61ceae0939\" tg-width=\"645\" tg-height=\"912\" referrerpolicy=\"no-referrer\"></p><p>As of March 31, 2021, Spark Thinking had a total of 370,530 students, 77% of whom came from referrals and natural traffic.</p><p>According to the prospectus, the net income of Spark Thinking in 2019 and 2020 was 195 million yuan and 1.174 billion yuan respectively; Net income in the first quarter of 2021 was 453.7 million yuan, representing a year-on-year increase of 203.3%.</p><p><img src=\"https://static.tigerbbs.com/26f8b6aa6f75b07e9467b5761fab85ef\" tg-width=\"1080\" tg-height=\"429\" referrerpolicy=\"no-referrer\"></p><p>Online small classes generate the vast majority of the company's revenue. In 2019, 2020 and the first quarter of 2020 and the first quarter of 2021, the proportion of online small class courses to the total net revenue was 99.2%, 95.6%, 97.6% and 92.3%, respectively.</p><p>The net losses of Spark Thinking in 2019 and 2020 were 771 million yuan and 952 million yuan, respectively. The net loss in the first quarter of 2021 was 374 million yuan, representing a year-on-year increase of 78.95%. The loss was mainly attributable to the increase in selling and marketing expenses.</p><p>According to the prospectus, in 2019, the sales and marketing expenses, R&D expenses and general administrative expenses of Spark Thinking were 236 million yuan, 240 million yuan and 128 million yuan respectively; In 2020, these three expenditures were 798 million yuan, 327 million yuan and 178 million yuan, respectively.</p><p>In the first quarter of 2021, the sales and marketing expenses of Spark Thinking amounted to 343 million yuan, representing a year-on-year increase of 203.5%. \"primarily due to our increased marketing and branding activities\" and \"increased sales and marketing staff,\" Spark Thinking said in its prospectus.</p><p>R&D expenses in the first quarter of 2021 were 144 million yuan, representing a year-on-year increase of 107.7%. General administrative expenses amounted to RMB72 million, representing a year-on-year increase of 110.72%.</p><p>As of March 31, the deferred income of Spark Thinking in the first quarter of 2021 was 1.423 billion yuan, and the cash and cash-like assets held were approximately 3 billion yuan. As of December 31, the deferred income for 2020 was RMB1,217 million.</p><p>According to the prospectus, before the IPO, Luo Jian, founder and CEO of Spark Thinking, held 13.6% of the shares, and Shan Zebing, CTO of Spark Thinking, held 1.4%. In addition, Venus Mission Limited, an affiliate of Luo Jian, holds 13.6%. The total shareholding ratio of directors and senior executives of Spark Thinking is 16.3%.</p><p>The investor with the highest shareholding ratio, Sequoia Capital China, holds 10.5%, and the other investors are GGV Capital 8.9%, IDG Capital 8.7% and ZETA ASIA HOLDINGS PTE. LTD. 8.5%, TBP Sparkling Holdings Limited7.5%, Shanhang Capital 6.3% and Lightspeed China 5.7%.</p><p>About 40% of the funds raised will be used to improve teaching methods, courseware and educational content, and further expand the scope of courses; Approximately 30% is spent on improving technological infrastructure; Approximately 15% is used to expand marketing and branding; The remainder is used to finance the company's operations and other purposes.</p><p>In recent years, the online mathematical thinking track where spark thinking is located has developed rapidly. According to iiMedia Consulting data, China's online mathematical thinking market will reach 8.23 billion yuan in 2020 and exceed 10 billion yuan in 2021.</p><p>As the best class type to balance users' personalized learning needs and enterprise economic model, small classes are also attracting much attention.</p><p>In the \"Research and Prospect Report on the Development of Small Classes in Online Education Industry in 2020\" released by the Chinese Academy of Sciences in February this year, it is predicted that the small class model will maintain a relatively high growth rate in the next four years. In 2022, the market size of small class will exceed the 1V1 model, and in 2025, the market size of small class will exceed the AI model, becoming the mainstream education model second only to large class.</p><p>According to CIC data, in 2020, there were about 15 online small-class K12 after-school tutoring with a total revenue of more than 500 million yuan. China's online small class K12 after-school tutoring market has reached 11.9 billion yuan in 2020 and is expected to reach 101.2 billion yuan by 2025. It will grow at a CAGR of 53.3% from 2020 to 2025.</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>Spark Thinking Submits IPO Application to the United States, Impact \"The First Stock of Online Quality Education\"</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\">\nSpark Thinking Submits IPO Application to the United States, Impact \"The First Stock of Online Quality Education\"\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1023683695\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/1147954ba5ed4a54ba9a061e9dd405e5);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">独角兽早知道 </p>\n<p class=\"h-time smaller\">2021-06-23 10:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 21st, Beijing time, Spark Thinking, an online quality education institution, submitted an IPO application to the US SEC, seeking to be listed on Nasdaq under the stock code \"SPRK\". The underwriters of Spark Thinking's IPO are<a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>Citigroup,<a href=\"https://laohu8.com/S/601995\">CICC</a>Futu and<a href=\"https://laohu8.com/S/TIGR\">Tiger Brokers</a>。</p><p>If successfully passed, Spark Thinking will become the \"first online quality education\" in China.</p><p><img src=\"https://static.tigerbbs.com/bf1a3b45fc4dbcc69919d2476d07854e\" tg-width=\"1023\" tg-height=\"725\" referrerpolicy=\"no-referrer\"></p><p>Spark Thinking was established in December 2017, and its founder, Luo Jian, was the CTO of Ganji.com. The company mainly targets mathematical thinking training for children aged 3-10, focusing on online small classes. According to Tianyan APP, the main body of Spark Thinking Company is Beijing Xinmengyuan Technology Development Co., Ltd.</p><p>The products of Spark Thinking are divided into two categories. One is Spark Live Class, which focuses on mathematical thinking and Chinese; The second is the newly launched brand \"Little Spark AI Class\", which covers mathematics, Chinese and English for younger ages.</p><p>According to CIC, Spark Thinking has become the largest online small class education company in China in terms of total revenue in 2020 and the number of students as of December 31, 2020.</p><p><img src=\"https://static.tigerbbs.com/5b8a58dbaa6ec65f6b184f61ceae0939\" tg-width=\"645\" tg-height=\"912\" referrerpolicy=\"no-referrer\"></p><p>As of March 31, 2021, Spark Thinking had a total of 370,530 students, 77% of whom came from referrals and natural traffic.</p><p>According to the prospectus, the net income of Spark Thinking in 2019 and 2020 was 195 million yuan and 1.174 billion yuan respectively; Net income in the first quarter of 2021 was 453.7 million yuan, representing a year-on-year increase of 203.3%.</p><p><img src=\"https://static.tigerbbs.com/26f8b6aa6f75b07e9467b5761fab85ef\" tg-width=\"1080\" tg-height=\"429\" referrerpolicy=\"no-referrer\"></p><p>Online small classes generate the vast majority of the company's revenue. In 2019, 2020 and the first quarter of 2020 and the first quarter of 2021, the proportion of online small class courses to the total net revenue was 99.2%, 95.6%, 97.6% and 92.3%, respectively.</p><p>The net losses of Spark Thinking in 2019 and 2020 were 771 million yuan and 952 million yuan, respectively. The net loss in the first quarter of 2021 was 374 million yuan, representing a year-on-year increase of 78.95%. The loss was mainly attributable to the increase in selling and marketing expenses.</p><p>According to the prospectus, in 2019, the sales and marketing expenses, R&D expenses and general administrative expenses of Spark Thinking were 236 million yuan, 240 million yuan and 128 million yuan respectively; In 2020, these three expenditures were 798 million yuan, 327 million yuan and 178 million yuan, respectively.</p><p>In the first quarter of 2021, the sales and marketing expenses of Spark Thinking amounted to 343 million yuan, representing a year-on-year increase of 203.5%. \"primarily due to our increased marketing and branding activities\" and \"increased sales and marketing staff,\" Spark Thinking said in its prospectus.</p><p>R&D expenses in the first quarter of 2021 were 144 million yuan, representing a year-on-year increase of 107.7%. General administrative expenses amounted to RMB72 million, representing a year-on-year increase of 110.72%.</p><p>As of March 31, the deferred income of Spark Thinking in the first quarter of 2021 was 1.423 billion yuan, and the cash and cash-like assets held were approximately 3 billion yuan. As of December 31, the deferred income for 2020 was RMB1,217 million.</p><p>According to the prospectus, before the IPO, Luo Jian, founder and CEO of Spark Thinking, held 13.6% of the shares, and Shan Zebing, CTO of Spark Thinking, held 1.4%. In addition, Venus Mission Limited, an affiliate of Luo Jian, holds 13.6%. The total shareholding ratio of directors and senior executives of Spark Thinking is 16.3%.</p><p>The investor with the highest shareholding ratio, Sequoia Capital China, holds 10.5%, and the other investors are GGV Capital 8.9%, IDG Capital 8.7% and ZETA ASIA HOLDINGS PTE. LTD. 8.5%, TBP Sparkling Holdings Limited7.5%, Shanhang Capital 6.3% and Lightspeed China 5.7%.</p><p>About 40% of the funds raised will be used to improve teaching methods, courseware and educational content, and further expand the scope of courses; Approximately 30% is spent on improving technological infrastructure; Approximately 15% is used to expand marketing and branding; The remainder is used to finance the company's operations and other purposes.</p><p>In recent years, the online mathematical thinking track where spark thinking is located has developed rapidly. According to iiMedia Consulting data, China's online mathematical thinking market will reach 8.23 billion yuan in 2020 and exceed 10 billion yuan in 2021.</p><p>As the best class type to balance users' personalized learning needs and enterprise economic model, small classes are also attracting much attention.</p><p>In the \"Research and Prospect Report on the Development of Small Classes in Online Education Industry in 2020\" released by the Chinese Academy of Sciences in February this year, it is predicted that the small class model will maintain a relatively high growth rate in the next four years. In 2022, the market size of small class will exceed the 1V1 model, and in 2025, the market size of small class will exceed the AI model, becoming the mainstream education model second only to large class.</p><p>According to CIC data, in 2020, there were about 15 online small-class K12 after-school tutoring with a total revenue of more than 500 million yuan. China's online small class K12 after-school tutoring market has reached 11.9 billion yuan in 2020 and is expected to reach 101.2 billion yuan by 2025. It will grow at a CAGR of 53.3% from 2020 to 2025.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/65d31e4c3baa6ee7379282a92bdba277","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168540454","content_text":"北京时间6月21日,在线素质教育机构火花思维向美国SEC提交IPO申请,寻求在纳斯达克挂牌上市,股票代码为“SPRK”。火花思维此次IPO的承销商为瑞士信贷、花旗集团、中金公司、富途和老虎证券。\n若顺利通过,火花思维将成为国内“在线素质教育第一股”。\n\n火花思维成立于2017年12月,创始人罗剑曾任赶集网CTO。该公司主要瞄准3-10岁孩子的数学思维训练,主打在线小班课。天眼查APP显示,火花思维公司主体为北京心更远科技发展有限公司。\n火花思维旗下产品分为两大类,一是以数理思维和语文为主的火花直播课;二是新推出的品牌“小火花AI课”,学科覆盖低龄段的数学、语文以及英语。\n据灼识咨询统计,就2020年的总收入以及截至2020年12月31日的学生人数而言,火花思维已成为中国最大的在线小班教育公司。\n\n截至2021年3月31日,火花思维共有370530名学员,77%的学员来自转介绍及自然流量。\n招股书显示,火花思维2019年、2020年净收入分别为1.95亿元、11.74亿元;2021年一季度净收入为4.537亿元,同比增长203.3%。\n\n在线小班课程为该公司带来绝大部分的收入。2019年、2020年以及2020年一季度、2021年一季度,在线小班课程占总净收入比例分别为99.2%、95.6%、97.6% 和92.3%。\n火花思维在2019年、2020年的净亏损分别为7.71亿元、9.52亿元。2021年一季度净亏损为3.74亿元,亏损同比扩大78.95%。亏损主要来自于销售及市场营销费用支出的增长。\n招股书显示,2019年火花思维的销售及市场营销费用、研发费用和一般行政管理支出费用分别是2.36亿元、2.4亿元及1.28亿元;2020年,这三项支出分别是7.98亿元、3.27亿元和1.78亿元。\n2021年一季度,火花思维的销售及市场营销费用支出为3.43亿元,同比增长203.5%。火花思维在招股书中称,“主要是由于我们增加了营销和品牌活动”以及“增加销售和营销人员”。\n2021年一季度的研发费用为1.44亿元,同比增长107.7%。一般行政管理支出为0.72亿元,同比增长110.72%。\n截至3月31日,火花思维2021年一季度的递延收入为14.23亿元,持有的现金及类现金资产约30亿元。截至12月31日,2020年的递延收入为12.17亿元。\n招股书显示,IPO前,火花思维创始人兼CEO罗剑占股13.6%,火花思维CTO单泽兵持股1.4%。此外,罗剑的关联公司Venus Mission Limited 持股为13.6%。火花思维董事及高管持股比例共16.3%。\n持股比例最高的投资方红杉资本中国持股10.5%、其他资方依次为GGV纪源资本8.9%、IDG资本8.7%、ZETA ASIA HOLDINGS PTE. LTD.8.5%、TBP Sparkling Holdings Limited7.5%、山行资本6.3%、光速中国5.7%。\n此次募集资金用途,约40%用于改进教学法、课件和教育内容,并进一步扩大课程范围;约30%用于改善技术基础设施;约15%用于扩大营销和品牌推广;剩余则为公司营运和其他用途提供资金。\n近年来,火花思维所在的在线数理思维赛道获得较快发展。据艾媒咨询数据显示,2020年中国在线数理思维市场规模将达到82.3亿元,2021年将突破100亿元。\n作为平衡用户的个性化学习需求和企业经济模型的最佳班型,小班课也在备受关注。\n中科院在今年二月发布的《2020年在线教育行业小班课发展研究及前瞻报告》中预测,小班课模式未来四年将保持较高速增长,2022年小班课市场规模将超过1V1模式,2025年小班课市场规模超过AI课模式,成为仅次于大班课的主流教育模式。\n据CIC数据,2020 年约有15家在线小班K12课后辅导的总收入超过5亿元。2020年中国在线小班K12课后辅导市场已达到119亿元,预计到2025年将达到1012亿元。2020年至2025年的复合年增长率为53.3%。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":5039,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123889388,"gmtCreate":1624415589344,"gmtModify":1703836000019,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581557349980222","idStr":"3581557349980222"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123889388","repostId":"1178642444","repostType":4,"repost":{"id":"1178642444","kind":"news","pubTimestamp":1624414683,"share":"https://ttm.financial/m/news/1178642444?lang=en_US&edition=fundamental","pubTime":"2021-06-23 10:18","market":"sh","language":"zh","title":"The \"market method\" and \"central bank method\" for judging short-term interest rates","url":"https://stock-news.laohu8.com/highlight/detail?id=1178642444","media":"光大证券","summary":"1、研判短期利率的“市场方法”和“央行方法”\n别人家的央行通常只是与市场沟通观点,我们的央行还会手把手地教市场如何做研究。比如说,看到市场常纠结于OMO是净投放还是净回笼,并以此揣测货币政策的取向,央","content":"<p><b>1. The \"market method\" and the \"central bank method\" for assessing short-term interest rates</b></p><p><b>Other countries' central banks usually only communicate their views with the market, while our central bank will also teach the market how to conduct research step by step.</b>For example, seeing that the market often struggles with whether OMO is a net injection or a net withdrawal, and uses this to speculate on the direction of monetary policy, the central bank told everyone in its \"Monetary Policy Implementation Report\" that \"we only need to look at whether the policy interest rate has changed, and there is no need to pay excessive attention to the number of open market operations.\" For example, seeing that some market participants had unnecessary concerns about liquidity, the Financial Times, which is supervised by the central bank, quickly published an article stating that \"it is not advisable to predict the 'tightening' and 'fluctuation' of liquidity and the central bank's policy orientation based on unfounded speculation.\"</p><p><b>Perhaps the research methods taught by the central bank are different from those commonly used in the market, and some investors may not be able to accept them at the moment.</b>At this point, we must not have preconceived notions, but rather emancipate our minds, compare and analyze realistically, and then choose the best of different methods and follow them.</p><p>We believe that the difference between the \"market method\" and the \"central bank method\" for judging short-term interest rates is mainly reflected in the fact that the former relies on quantitative indicators such as OMO operation volume, net injection, liquidity gap, and excess reserve ratio. The central bank suggests paying more attention to key interest rate indicators such as the OMO rate. (Note: The excess reserve ratio is the ratio of two quantitative indicators, not an interest rate, so we still classify it as a quantitative indicator.)<b>In practice, we have found that the \"market approach\" has many problems, and listening to the central bank is always the right thing to do.</b></p><p><b>2. The \"market approach\" has many problems.</b></p><p><b>The \"market method\" has many problems, which makes the conclusions drawn by this method very inaccurate or even contrary to the facts.</b>One important problem is that there are many factors that affect the amount of liquidity and it is difficult to predict. Another problem is that the method logically omits the decisive variable of central bank monetary policy.</p><p><b>Many factors affect the amount of liquidity and are difficult to predict, which is one reason why \"market approaches\" often fail.</b>For example, some investors predicted that the net supply of real estate bonds would reach 1 trillion yuan in May, but looking back now, it was less than 590 billion yuan, a significant difference. Our forecast is 550 billion yuan, which is quite close to the actual situation. However, to be honest, there is a lot of luck involved. When making the forecast, we also frankly wrote that \"the scale of local government bond issuance is not easy to predict, and it is difficult for us to guarantee that our forecast is accurate.\"</p><p><b>Moreover, the logic of the \"market approach\" is that the larger the liquidity gap, the tighter funds will become. This approach seems reasonable, but it often deviates in practice because it omits the decisive variable of central bank monetary policy.</b>(Note: This method also does not take into account the impact of factors such as the distribution structure of liquidity among different institutions.) For example, when faced with a large liquidity gap, the central bank can comprehensively use various monetary policy tools such as reserves, medium-term lending facilities, open market operations, relending, and rediscounting to meet the reasonable liquidity needs of financial institutions for different maturities and maintain a reasonably ample liquidity in the banking system. In other words, even if there is a large liquidity gap, funds will not necessarily become tight.</p><p><b>In addition, there are many other problems with the \"market approach\".</b>For example, the duality between the amount of liquidity and the interest rate of funds is unstable, making it difficult to predict interest rates using quantitative indicators; Relying too much on quantitative indicators such as the volume of OMO operations to judge monetary policy \"can lead to the error of generalizing from partial perspectives, and often even yield results that are contrary to the facts.\"</p><p><b>3. It's always right to listen to the central bank.</b></p><p><b>In recent years, more and more market players have realized the problems existing in traditional analytical methods, and have therefore fallen into deep confusion. Fortunately, the central bank has taught everyone a more advanced method.</b>At this point, if we approach learning with the attitude of seeking something when we open the book, we will inevitably gain something when we close the book. Some investors may have subtle concerns about whether the central bank can achieve \"consistency between words and deeds\". We think that's overthinking it. On the one hand, the central bank has no need to mislead market expectations or artificially create fluctuations; On the other hand, these official communications need to stand the test of time, so there is no room for falsehood.</p><p><b>Historical experience has repeatedly told us that listening to the central bank is always the right thing to do.</b>For example, since the beginning of the year, the central bank has emphasized the policy orientation of \"stability first\", which is clearly not empty talk. The volatility of DR007 has decreased significantly compared with the same period in previous years. For example, on April 3, 2020, the People's Bank of China lowered the excess reserve rate. Some investors believed that the policy was intended to guide overnight and other maturities to decline, and were quite surprised by the subsequent rise in funding rates. In fact, in its communication article that day, \"A relevant official from the People's Bank of China stated that targeted reserve requirement ratio cuts for small and medium-sized banks will support the development of the real economy,\" the central bank clearly stated that \"the central bank's reduction of the excess reserve ratio from 0.72% to 0.35% can promote banks to improve the efficiency of capital utilization and better serve the real economy, especially small and medium-sized enterprises.\" In other words, the real purpose of the policy is to reduce the returns on holding excess reserves and guide funds to the real economy. It is evident that the central bank is not \"inconsistent in its words and actions,\" but rather has made clear explanations about its policies long ago.</p><p>The People's Bank of China has specifically elaborated on how to accurately judge the trend of short-term interest rates in its \"Monetary Policy Implementation Report\" in the fourth quarter of last year and the first quarter of this year. Director Sun Guofeng also specifically emphasized this at the press conference on financial statistics data in the first quarter of this year.<b>We summarize it as \"focusing on observing the operating interest rates of OMO+MLF and representative market interest rates such as DR007, without paying too much attention to the number of open market operations and the liquidity of the banking system\".</b>The OMO + MLF rate is the central bank's policy rate, which the central bank uses to convey interest rate control signals. It is the most crucial indicator for us to assess interest rate trends. The DR007 interest rate is a key reference indicator for monetary policy regulation, and therefore can relatively accurately reflect the policy orientation.</p><p><b>Furthermore, when observing the DR007 interest rate, we need to remove intraday and short-term fluctuations from the data:</b>First, the interest rate at the highest and lowest prices of DR007 is easily affected by occasional factors during the day, which contains a lot of noise. Therefore, it is recommended to ignore it and only analyze the weighted average of the DR007 interest rate. Second, the daily value of the DR007 interest rate is easily affected by short-term factors, so it is recommended to use HP filtering or moving averages to remove short-term fluctuations.</p><p><b>4. Conclusion</b></p><p><b>When forecasting short-term interest rates, the market's traditional quantitative approach has many problems. The central bank taught us a more advanced approach: observing the operating interest rate of OMO + MLF and representative market interest rates such as DR007.</b>In fact, there have been many seemingly plausible views in the market for a long time, such as the belief that banks are using deposits to issue loans, the belief that changes in the base money will be proportionally transmitted to M2, and the belief that the government is the main body of money creation. The central bank has provided in-depth analysis of the above content, and we market participants should further understand it.</p><p><b>5. Risk warning</b></p><p>Irrational expectations trigger rapid market volatility.</p>","source":"gdzqyj","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>The \"market method\" and \"central bank method\" for judging short-term interest rates</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\">\nThe \"market method\" and \"central bank method\" for judging short-term interest rates\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">光大证券</strong><span class=\"h-time small\">2021-06-23 10:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>1. The \"market method\" and the \"central bank method\" for assessing short-term interest rates</b></p><p><b>Other countries' central banks usually only communicate their views with the market, while our central bank will also teach the market how to conduct research step by step.</b>For example, seeing that the market often struggles with whether OMO is a net injection or a net withdrawal, and uses this to speculate on the direction of monetary policy, the central bank told everyone in its \"Monetary Policy Implementation Report\" that \"we only need to look at whether the policy interest rate has changed, and there is no need to pay excessive attention to the number of open market operations.\" For example, seeing that some market participants had unnecessary concerns about liquidity, the Financial Times, which is supervised by the central bank, quickly published an article stating that \"it is not advisable to predict the 'tightening' and 'fluctuation' of liquidity and the central bank's policy orientation based on unfounded speculation.\"</p><p><b>Perhaps the research methods taught by the central bank are different from those commonly used in the market, and some investors may not be able to accept them at the moment.</b>At this point, we must not have preconceived notions, but rather emancipate our minds, compare and analyze realistically, and then choose the best of different methods and follow them.</p><p>We believe that the difference between the \"market method\" and the \"central bank method\" for judging short-term interest rates is mainly reflected in the fact that the former relies on quantitative indicators such as OMO operation volume, net injection, liquidity gap, and excess reserve ratio. The central bank suggests paying more attention to key interest rate indicators such as the OMO rate. (Note: The excess reserve ratio is the ratio of two quantitative indicators, not an interest rate, so we still classify it as a quantitative indicator.)<b>In practice, we have found that the \"market approach\" has many problems, and listening to the central bank is always the right thing to do.</b></p><p><b>2. The \"market approach\" has many problems.</b></p><p><b>The \"market method\" has many problems, which makes the conclusions drawn by this method very inaccurate or even contrary to the facts.</b>One important problem is that there are many factors that affect the amount of liquidity and it is difficult to predict. Another problem is that the method logically omits the decisive variable of central bank monetary policy.</p><p><b>Many factors affect the amount of liquidity and are difficult to predict, which is one reason why \"market approaches\" often fail.</b>For example, some investors predicted that the net supply of real estate bonds would reach 1 trillion yuan in May, but looking back now, it was less than 590 billion yuan, a significant difference. Our forecast is 550 billion yuan, which is quite close to the actual situation. However, to be honest, there is a lot of luck involved. When making the forecast, we also frankly wrote that \"the scale of local government bond issuance is not easy to predict, and it is difficult for us to guarantee that our forecast is accurate.\"</p><p><b>Moreover, the logic of the \"market approach\" is that the larger the liquidity gap, the tighter funds will become. This approach seems reasonable, but it often deviates in practice because it omits the decisive variable of central bank monetary policy.</b>(Note: This method also does not take into account the impact of factors such as the distribution structure of liquidity among different institutions.) For example, when faced with a large liquidity gap, the central bank can comprehensively use various monetary policy tools such as reserves, medium-term lending facilities, open market operations, relending, and rediscounting to meet the reasonable liquidity needs of financial institutions for different maturities and maintain a reasonably ample liquidity in the banking system. In other words, even if there is a large liquidity gap, funds will not necessarily become tight.</p><p><b>In addition, there are many other problems with the \"market approach\".</b>For example, the duality between the amount of liquidity and the interest rate of funds is unstable, making it difficult to predict interest rates using quantitative indicators; Relying too much on quantitative indicators such as the volume of OMO operations to judge monetary policy \"can lead to the error of generalizing from partial perspectives, and often even yield results that are contrary to the facts.\"</p><p><b>3. It's always right to listen to the central bank.</b></p><p><b>In recent years, more and more market players have realized the problems existing in traditional analytical methods, and have therefore fallen into deep confusion. Fortunately, the central bank has taught everyone a more advanced method.</b>At this point, if we approach learning with the attitude of seeking something when we open the book, we will inevitably gain something when we close the book. Some investors may have subtle concerns about whether the central bank can achieve \"consistency between words and deeds\". We think that's overthinking it. On the one hand, the central bank has no need to mislead market expectations or artificially create fluctuations; On the other hand, these official communications need to stand the test of time, so there is no room for falsehood.</p><p><b>Historical experience has repeatedly told us that listening to the central bank is always the right thing to do.</b>For example, since the beginning of the year, the central bank has emphasized the policy orientation of \"stability first\", which is clearly not empty talk. The volatility of DR007 has decreased significantly compared with the same period in previous years. For example, on April 3, 2020, the People's Bank of China lowered the excess reserve rate. Some investors believed that the policy was intended to guide overnight and other maturities to decline, and were quite surprised by the subsequent rise in funding rates. In fact, in its communication article that day, \"A relevant official from the People's Bank of China stated that targeted reserve requirement ratio cuts for small and medium-sized banks will support the development of the real economy,\" the central bank clearly stated that \"the central bank's reduction of the excess reserve ratio from 0.72% to 0.35% can promote banks to improve the efficiency of capital utilization and better serve the real economy, especially small and medium-sized enterprises.\" In other words, the real purpose of the policy is to reduce the returns on holding excess reserves and guide funds to the real economy. It is evident that the central bank is not \"inconsistent in its words and actions,\" but rather has made clear explanations about its policies long ago.</p><p>The People's Bank of China has specifically elaborated on how to accurately judge the trend of short-term interest rates in its \"Monetary Policy Implementation Report\" in the fourth quarter of last year and the first quarter of this year. Director Sun Guofeng also specifically emphasized this at the press conference on financial statistics data in the first quarter of this year.<b>We summarize it as \"focusing on observing the operating interest rates of OMO+MLF and representative market interest rates such as DR007, without paying too much attention to the number of open market operations and the liquidity of the banking system\".</b>The OMO + MLF rate is the central bank's policy rate, which the central bank uses to convey interest rate control signals. It is the most crucial indicator for us to assess interest rate trends. The DR007 interest rate is a key reference indicator for monetary policy regulation, and therefore can relatively accurately reflect the policy orientation.</p><p><b>Furthermore, when observing the DR007 interest rate, we need to remove intraday and short-term fluctuations from the data:</b>First, the interest rate at the highest and lowest prices of DR007 is easily affected by occasional factors during the day, which contains a lot of noise. Therefore, it is recommended to ignore it and only analyze the weighted average of the DR007 interest rate. Second, the daily value of the DR007 interest rate is easily affected by short-term factors, so it is recommended to use HP filtering or moving averages to remove short-term fluctuations.</p><p><b>4. Conclusion</b></p><p><b>When forecasting short-term interest rates, the market's traditional quantitative approach has many problems. The central bank taught us a more advanced approach: observing the operating interest rate of OMO + MLF and representative market interest rates such as DR007.</b>In fact, there have been many seemingly plausible views in the market for a long time, such as the belief that banks are using deposits to issue loans, the belief that changes in the base money will be proportionally transmitted to M2, and the belief that the government is the main body of money creation. The central bank has provided in-depth analysis of the above content, and we market participants should further understand it.</p><p><b>5. Risk warning</b></p><p>Irrational expectations trigger rapid market volatility.</p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"https://wallstreetcn.com/articles/3633616\">光大证券</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a8fca69a364eb1ccaf6e9078f1721480","relate_stocks":{"000001.SH":"上证指数"},"source_url":"https://wallstreetcn.com/articles/3633616","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178642444","content_text":"1、研判短期利率的“市场方法”和“央行方法”\n别人家的央行通常只是与市场沟通观点,我们的央行还会手把手地教市场如何做研究。比如说,看到市场常纠结于OMO是净投放还是净回笼,并以此揣测货币政策的取向,央行便在《货币政策执行报告》中告诉大家“只需看政策利率是否发生变化即可,无需过度关注公开市场操作数量”。再比如,看到部分市场主体对流动性产生不必要的担忧,央行主管的《金融时报》赶紧发表了篇文章,表示“不宜以没有根据的猜测去预测流动性‘收紧’和‘波动’以及央行政策取向”。\n也许,央行传授的这些研究方法与市场中惯用的有所区别,部分投资者一时不大能接受。此时千万不要先入为主,而是要解放思想,实事求是地对比分析,然后在不同的方法中择其善者而从之。\n我们认为,研判短期利率的“市场方法”和“央行方法”之间的差异主要体现于:前者依赖于OMO操作量、净投放量、流动性缺口、超储率等数量型的指标;央行则建议多关注OMO利率等关键的利率指标。(注:超储率为两个数量型指标之比,并不是一个利率,因此我们还是将其归为数量型指标。)在实践中我们发现,“市场方法”存在不少问题,听央行的话总是没错的。\n2、“市场方法”存在不少问题\n“市场方法”存在不少问题,这使得该方法得出的结论很不准确甚至与事实相反。其中一个重要的问题是影响流动性数量的因素很多且难以预测,另一个问题是该方法在逻辑上遗漏了央行货币政策这一决定性变量。\n影响流动性数量的因素很多且难以预测,这是导致“市场方法”常失效的一个原因。比如说,部分投资者预计5月地债净供给量会达到1万亿元,而现在回过头来看只有不到5900亿元,差距不小。我们的预测结果是5500亿元,与实际情况较为接近,但实话实说这里面有不少运气的成分,在预测时我们也坦诚地写道“地债发行规模不易预测,我们也很难保证自己的预测值是精确的。”\n而且,“市场方法”的逻辑是流动性缺口越大,资金就越会趋于紧张。该方法看似有道理,但在实践中经常出现偏差,这是因为其遗漏了央行货币政策这一决定性变量。(注:该方法也没有考虑到流动性在不同机构间的分布结构等因素所造成的影响。)例如,在面对较大的流动性缺口时,央行完全可以通过综合运用准备金、中期借贷便利、公开市场操作、再贷款、再贴现等多种货币政策工具,满足金融机构合理的不同期限的流动性需求,维护银行体系流动性的合理充裕。也就是说,即使有较大的流动性缺口,资金也不一定会趋于紧张。\n除此以外,“市场方法”还有不少其他的问题。比如说,流动性数量与资金利率之间的对偶关系并不稳定,难以用数量型指标预测利率;过多地依赖OMO操作量等数量上的指标来判断货币政策“会导致以偏概全的错误,甚至时常得到与事实相反的结果。”\n3、听央行的话总是没错的\n近几年以来,越来越多的市场主体意识到了传统分析方法中存在的问题,也因此深陷迷茫之中。万幸的是,央行教给了大家一个更为先进的方法。此时,我们以开卷有所求的态度去学习,必然可以掩卷有所获。部分投资者可能隐隐地担心央行能不能做到“言行合一”?我们觉得这是多虑的。一方面,央行没有必要误导市场预期,人为制造波动;另一方面,这些官方沟通都需要经受时间的检验,因此来不得半点虚假。\n历史经验反复告诉我们,听央行的话总是没错的。比如说,年初以来央行便强调“稳字当头”的政策取向,这显然不是句空话,DR007的波动率较往年同期明显下降。再比如说,2020年4月3日央行降低了超额准备金利率,部分投资者认为该政策是要引导隔夜等期限的资金利率下行,并对随后的资金利率上行颇感意外。事实上,央行在当日的沟通文章《中国人民银行有关负责人表示:对中小银行定向降准支持实体经济发展》中已经明确的表示“此次央行将超额准备金利率由0.72%下调至0.35%,可推动银行提高资金使用效率,促进银行更好地服务实体经济特别是中小微企业。”也就是说,政策真正的目的是降低持有超储的收益,将资金引导至实体经济。可见,央行并非“言行不一”,相反是对政策早有过明确的交代。\n对于如何准确地判断短期利率走势,央行在去年四季度以及今年一季度的《货币政策执行报告》中都有过专门的阐述,孙国峰司长在今年一季度金融统计数据新闻发布会上还特意强调过。我们将其总结为“重点观察OMO+MLF的操作利率以及DR007等具有代表性的市场利率,不过度关注公开市场操作数量和银行体系流动性”。其中的OMO+MLF利率是央行政策利率,央行通过其传达利率调控信号,是我们研判利率走势时最为关键的指标;DR007利率是货币政策调控的关键性参考指标,因此可以比较准确地体现出政策的取向。\n此外,在观测DR007利率时,我们需要剔除数据中日间的、短期的波动:第一,DR007的最高价、最低价等时点利率容易受到日间偶发因素的影响,所含的噪音颇多,因此建议不予关注,可以只对DR007利率的加权平均值进行研判。第二,DR007利率的单日数值容易受到短期因素的影响,因此建议用H-P滤波或是移动平均的方法将短期波动移除。\n4、结语\n在对短期利率进行预测时,市场传统的偏数量型的方法存在不少问题。央行教给了我们一个更先进的方法:观察OMO+MLF的操作利率以及DR007等具有代表性的市场利率。事实上,长时间以来在市场中还有不少似是而非的观点,比如说认为银行是在用存款资金发放贷款,认为基础货币的变化会等比例地传导至M2,认为政府是货币创造的主体。对以上内容,央行都有过深入腠理的分析,我们市场参与者还应再深入体悟。\n5、风险提示\n不理性的预期引发市场快速波动。","news_type":1,"symbols_score_info":{"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":4766,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}