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大卫的蔚来市值万亿
2022-11-11
$蔚来(NIO)$
大卫的蔚来市值万亿
2022-06-30
现在蔚来997座换电站,有一部分是一代站,就按照一个站10块算,也有10000块的电池了[笑哭]
蔚来被“灰熊”咬了一口,但是不疼
大卫的蔚来市值万亿
2021-06-29
中了7手 还可以 希望能把手续费赚回来
大卫的蔚来市值万亿
2021-06-25
保佑,吃点肉
大卫的蔚来市值万亿
2021-06-24
$科济药业-B(02171)$
终于解套了
大卫的蔚来市值万亿
2021-04-02
据说白车身很牛逼
蔚来:ET7首台生产线车身正式下线
大卫的蔚来市值万亿
2021-03-26
75手只中一手 尴尬
大卫的蔚来市值万亿
2021-03-16
$蔚来(NIO)$
请问你们的刀如何转回国内?老虎-west Bank - 国内 这条线可以么?
大卫的蔚来市值万亿
2021-02-01
$蔚来(NIO)$
ES6获得2020年懂车帝年度最佳电动车,具体性能参数测试视频可以在懂车帝app中找到,赞!
大卫的蔚来市值万亿
2021-01-19
$蔚来(NIO)$
据说特斯拉M3在上海七宝自燃并爆炸了一辆…
大卫的蔚来市值万亿
2021-01-15
$蔚来(NIO)$
一句话 相信李斌 支持蔚来 坚定看好 不受外界的任何干扰 2019年什么大场面没见过 被人骂几句算啥 继续吃瓜 [吃瓜] [吃瓜]
大卫的蔚来市值万亿
2021-01-12
转股溢价率45-50%,如果转债价设定300,是不是意味着2026年的股价是200左右?有大神明白么?
蔚来汽车拟发行13亿美元可转换优先票据
大卫的蔚来市值万亿
2021-01-11
$蔚来(NIO)$
建仓大半年主要目的就是冲着今年的NIO DAY来的 想不明白 为啥有人要空 还忽悠别人空 蔚来NIO DAY发布的东西就没跳过票 说你会做PPT都是抬举您呐
大卫的蔚来市值万亿
2021-01-11
$蔚来(NIO)$
$比亚迪(002594)$
$比亚迪股份(01211)$
抱了个歉 我先上1000亿了 hai~hai~[害羞] [害羞]
大卫的蔚来市值万亿
2021-01-10
$蔚来(NIO)$
Fellow刚联系我今年Q4作为第一批用户试驾ET7实车,比我想象中的早,多看了两遍发布会视频,越看越香,说画饼的PPT的和吹牛的可以休息休息了,等我照片
大卫的蔚来市值万亿
2021-01-10
$蔚来(NIO)$
$英伟达(NVDA)$
$小鹏汽车(XPEV)$
买点英伟达的股票
大卫的蔚来市值万亿
2021-01-10
$蔚来(NIO)$
说句实话,ET7搭载的这些黑科技在2022年第一季度交付是非常紧迫的,真的很紧迫,如果按期交付真的太流弊了,千万别站着说话不腰疼
大卫的蔚来市值万亿
2021-01-09
$蔚来(NIO)$
送出三张长图,供多军参考,这要是放平日一张图就是一个10%的涨幅,所以下周涨多少,多军说了算
大卫的蔚来市值万亿
2021-01-09
$蔚来(NIO)$
建议支持蔚来的人 没必要跟空军大队争吵 每个人的认知都是不同的 没必要分个对错 反正自己暗爽就行了 其他都不重要 我还沉浸在半个小时的卧槽中不能自拔 让我再爽一会儿 哈哈哈
大卫的蔚来市值万亿
2021-01-09
$蔚来(NIO)$
老6可以要卖给蔚来了
去老虎APP查看更多动态
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","text":"现在蔚来997座换电站,有一部分是一代站,就按照一个站10块算,也有10000块的电池了[笑哭]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/683772943","repostId":"1178211858","repostType":2,"repost":{"id":"1178211858","kind":"news","pubTimestamp":1656507485,"share":"https://www.laohu8.com/m/news/1178211858?lang=&edition=full","pubTime":"2022-06-29 20:58","market":"hk","language":"zh","title":"蔚来被“灰熊”咬了一口,但是不疼","url":"https://stock-news.laohu8.com/highlight/detail?id=1178211858","media":"新熵","summary":"做空报告有部分依据,但难以对蔚来造成毁灭性打击。","content":"<html><head></head><body><p>作者:白芨</p><p><a href=\"https://laohu8.com/S/NIO\">蔚来</a>真急了。</p><p>6月29日中午,<a href=\"https://laohu8.com/S/NIO.SI\">蔚来</a>汽车向<a href=\"https://laohu8.com/S/S68.SI\">新加坡交易所</a>递交了停牌申请。在上午的交易日中,蔚来港股的跌幅一度超过9%,截至港股收盘,蔚来股价暴跌11.36%,小鹏、理想股价都被蔚来“带进沟里”。</p><p>下跌源自大洋彼岸的一头“灰熊”的做空报告,这家做空机构正式的名称是Grizzly Research,自称专注于深入的尽职调查对上市公司进行研究。在“灰熊”官网上,用户还可以看到诸多中概股的做空报告,包括<a href=\"https://laohu8.com/S/GSX\">跟谁学</a>、<a href=\"https://laohu8.com/S/DOYU\">斗鱼</a>、<a href=\"https://laohu8.com/S/LX\">乐信</a>和<a href=\"https://laohu8.com/S/WUBA\">58同城</a>。</p><p>28日,Grizzly Research发布报告《蔚来正在用Valeant式的财务游戏,以达到虚增收入/净利润率的目的》。</p><p>Valeant(<a href=\"https://laohu8.com/S/VRX\">凡利亚药品国际</a>)是一家加拿大制药公司,从2008年到2015年6月,Valeant的股价上涨达11倍,但在2015年被香橼曝出,Valeant控股了一批药房网络,并将药房储藏的存货确认为销售收入。这场著名的做空令Valeant市值一落千丈,到2018年,Valeant从纽交所退市。</p><p>Grizzly Research质疑,蔚来采用了类似的手段,通过超额向子公司蔚能出售电池来虚增收入,而这些电池很有可能根本未交付给蔚能,而是躺在蔚来自己的仓库里。蔚来对此全力反驳:“推测错误无根据,结论有误导性。”</p><p>“新熵”分析后认为,Grizzly Research的做空报告有部分依据,但难以像香橼击溃Valeant一样,对蔚来造成毁灭性打击。</p><p><b>蔚来,你不对劲</b></p><p>先理一下蔚来和蔚能的关系。</p><p>蔚来一直就想做换电模式,也就是用大型站点对汽车电池集中存储、充电、更换、调配。原因是,新能源汽车里,电池和车的寿命不一样,电池不到十年,车是十几年甚至几十年,用户早晚都得换;另外,换回来的旧电池也有回收价值。</p><p>在2020年,蔚来通过推出BaaS(电池即服务)实现了这个梦,方式是成立电池资产子公司蔚能,蔚来把电池包卖给蔚能,自己卖不含电池的、更便宜的电动车,用户提车后去找蔚能租电池,定期交费。</p><p><img src=\"https://static.tigerbbs.com/735e467ad3cb0b4373eb9f4338825f28\" tg-width=\"550\" tg-height=\"243\" referrerpolicy=\"no-referrer\"/></p><p>再复盘一下这头灰熊的逻辑。</p><p>我发现成立蔚能后,蔚来的收入和净利润飙升很快,超出市场预期,比如2021年,华尔街预测蔚来应该亏59.47亿元,结果只亏了30.07亿元——蔚来可能不对劲。</p><p>我发现李斌和<a href=\"https://laohu8.com/S/LUCKIN\">瑞幸咖啡</a>造假案的关键人物刘二海关系密切,之前创业的易车网持续亏损,投资的摩拜单车挪用过用户押金——创始人的人品存疑。</p><p>我发现蔚来完全可以自己做电池资产,但蔚来让子公司干这个事,不让电池资产业务进入蔚来财务报表,但蔚能管理层是蔚来高管——可能是暗箱交易。</p><p>我发现蔚来曾与投资方合肥市签有对赌协议,要求蔚来在2024年营收额达到1200亿元,而蔚来去年只有361亿营收额——业绩压力可能让蔚来铤而走险。</p><p>我看到蔚来2021年财报、武汉蔚能电池资产有限公司2022年度第一期绿色电池资产支持票据,到2021年三季度,蔚能服务的用户是19000名,但存了40053块电池,蔚能根本不需要多余电池,一人一块完全够用——多出来的两万多块,可能是蔚来多卖给蔚能,用来粉饰财报的。</p><p>我发现找不到蔚能把电池储存在哪里——可能还在蔚来手里。</p><p>这就是整篇做空报告的主要逻辑,灰熊同时提出了一些质疑,如李斌曾将5000万股股份转让给“未来用户信托”,并将其质押给<a href=\"https://laohu8.com/S/UBS\">瑞银</a>集团。</p><p>“新熵”认为,报告的部分依据在于,蔚来通过设立蔚能经营电池资产业务,确实有美化上市公司报表的用意,此外,由于同合肥政府对赌协议的存在,蔚来始终背负着巨大的业绩压力。从这一角度看,蔚来确实存在美化财务报表的动机。</p><p><b>灰熊咬得不疼</b></p><p><img src=\"https://static.tigerbbs.com/8f19f4f21a6cda3412a338ab19482eef\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\"/></p><p>但灰熊的报告同样有一定瑕疵。</p><p>首先是成立蔚能的目的,灰熊认为蔚能是李斌在业绩压力下,专门设立用来关联交易,夸大业绩的棋子,这与蔚来方面的表述完全相反。</p><p>蔚能总经理陆荣华曾在接受电动汽车观察家采访时表示,蔚来一开始考虑与金融机构直接合作电池资产业务,但摸索后发现需要一个中间角色打通主机厂和金融机构。在接受品驾采访时陆荣华表示,电池资产运营业务比较特殊,有一定的对外业务属性,需要配合并服务主机厂,用独立公司做更合适。</p><p>有业内人士分析,蔚来剥离蔚能的电池资产业务,与<a href=\"https://laohu8.com/S/JD\">京东</a>剥离物流业务没有本质区别,核心原因是资产模式太重,需要将业务推入市场,引入合作方分摊风险。</p><p>BaaS换电品牌的合资模式在业内有迹可循,例如<a href=\"https://laohu8.com/S/300750\">宁德时代</a>曾于2019年与蚂蚁金服、<a href=\"https://laohu8.com/S/HELO\">哈啰出行</a>合资成立链轮电动车换电品牌EVOGO乐行换电。陆荣华同样表示,Baas服务领域普遍采用合资模式,蔚来只是跟随行业趋势。</p><p>这带来第二个问题,蔚能并不是蔚来的全资子公司,不是蔚来一家说了算。</p><p>按照蔚来2021年财报披露,蔚来对蔚能的持股不足20%。按照陆荣华的表述,蔚能的股东结构是“八仙过海,各显神通”,包括宁德时代、地方国资、太平保险、<a href=\"https://laohu8.com/S/002026\">山东威达</a>等等。</p><p>一位业内人士对“新熵”表示,蔚来能把蔚能当垃圾桶用,其它几大股东坐视不管,这点难以想象。</p><p>而蔚能的第一期ABN(资产支持票据)已经于4月成功发行,其资产情况在相关公告中有完整披露,内容基本涵盖了灰熊提及的财务漏洞。如果问题确实成立,蔚能的ABN融资不可能完美落幕。</p><p>最后,在合资背景下,蔚能对蔚来财务数据有美化作用,更多是附带效果,而不是目的。</p><p>一位不愿透露姓名的财务专家对“新熵”表示,灰熊的质疑有一定正确之处,在于如果蔚来自己做电池资产,以几年为期限向用户收取租电池的费用,即便蔚来已经提前拿到了用户的预付租金,其超出部分收入也要计入应收账款而非营收。而在成立蔚能后,蔚来可以直接向蔚能收取电池销售费用,并计入营收。而对买来的电池,蔚能确实要接手折旧风险。</p><p>但这并不意味着,这是蔚来独立蔚能的主要目的,前述业内人士对“新熵”表示,蔚来把换电业务放在体外,并且按权益法处理,就是要像防火墙一样隔离风险。正如报告的表述,蔚来的行为<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>称之为会计诡计,算不上造假。</p><p><b>空头为何爱上蔚来?</b></p><p>这不是蔚来第一次遭到华尔街空头的迎面痛击。</p><p>2020年11月14日,知名做空机构香橼发布报告称,蔚来的股价已经脱离合理范围,股价应当“腰斩”,理由是,<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>Model Y的低定价可能对蔚来EC6和ES6车型的订单量不利;另外,蔚来的估值畸高,其PS估值已经达到17倍,同期<a href=\"https://laohu8.com/S/002594\">比亚迪</a>PS仅为3倍左右,这使蔚来的投机者集中,背离价值投资逻辑。</p><p>结果是,蔚来股价大跌7.74%,最大跌幅一度超过16%。</p><p>此次灰熊的“二次光顾”,再度证明了蔚来的“招空头”体质。</p><p>“新熵”认为,原因首先是蔚来所处的新能源主机厂板块泡沫属性较为严重。</p><p>以特斯拉为例,从2020年开始,特斯拉被高估的声音在资本市场一直没有断绝。今年1月,Viceroy Research创始人弗雷泽·佩林发布推文称特斯拉的价值被高估10倍,理由是特斯拉的销量远不及丰田、大众等传统车企,但市值是二者之和的两倍。</p><p>显然,登陆美股市场的蔚小理也是新能源概念的受益者。</p><p>其次,蔚来采用的换电模式由于前期的高额投入成本,普遍不为市场看好。</p><p><img src=\"https://static.tigerbbs.com/5631f51fa5b2d46e188b41e3b81a5d50\" tg-width=\"550\" tg-height=\"316\" referrerpolicy=\"no-referrer\"/></p><p>在此次做空报告中,灰熊就举例称,2008年,以色列企业Better Place就曾提出换电模式倡议,但在花费8.5亿美元后,Better Place不得不申请破产。特斯拉曾在2013年尝试切入换电模式,但由于营销、技术和财务原因放弃了这一计划。</p><p>从整车厂策略看,特斯拉凭借市场占有率高的优势,采用自建自营换电站模式;蔚来采用车电分离模式,将电池资产运营与上市主体隔离开来;小鹏采取合作建设充电桩模式,主要通过与第三方运营商合作建设充电网络,以追求降低运营成本。</p><p>对蔚来来说,进军自建换电站是一步险棋,尽管可以塑造品牌优势,但也面临巨大投入风险。从2020年开始,蔚来的换电站规模快速扩张,引发市场的普遍关注。某种程度上,此次灰熊对蔚来的做空,就是蔚来换电模式巨大矛盾的充分展现。</p><p>对蔚来来说,做空报告必将使管理层重新思考,在荆棘丛生的换电赛道一路狂奔,是否就是蔚来想要的未来?</p></body></html>","source":"lsy1602476715181","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>蔚来被“灰熊”咬了一口,但是不疼</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n蔚来被“灰熊”咬了一口,但是不疼\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-29 20:58 北京时间 <a href=http://finance.sina.com.cn/tech/csj/2022-06-29/doc-imizmscu9360151.shtml><strong>新熵</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者:白芨蔚来真急了。6月29日中午,蔚来汽车向新加坡交易所递交了停牌申请。在上午的交易日中,蔚来港股的跌幅一度超过9%,截至港股收盘,蔚来股价暴跌11.36%,小鹏、理想股价都被蔚来“带进沟里”。下跌源自大洋彼岸的一头“灰熊”的做空报告,这家做空机构正式的名称是Grizzly Research,自称专注于深入的尽职调查对上市公司进行研究。在“灰熊”官网上,用户还可以看到诸多中概股的做空报告,包括...</p>\n\n<a href=\"http://finance.sina.com.cn/tech/csj/2022-06-29/doc-imizmscu9360151.shtml\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9939e4191ccb45ea08d4d4e422a0f389","relate_stocks":{"NIO":"蔚来","09866":"蔚来-SW","NIO.SI":"蔚来"},"source_url":"http://finance.sina.com.cn/tech/csj/2022-06-29/doc-imizmscu9360151.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178211858","content_text":"作者:白芨蔚来真急了。6月29日中午,蔚来汽车向新加坡交易所递交了停牌申请。在上午的交易日中,蔚来港股的跌幅一度超过9%,截至港股收盘,蔚来股价暴跌11.36%,小鹏、理想股价都被蔚来“带进沟里”。下跌源自大洋彼岸的一头“灰熊”的做空报告,这家做空机构正式的名称是Grizzly Research,自称专注于深入的尽职调查对上市公司进行研究。在“灰熊”官网上,用户还可以看到诸多中概股的做空报告,包括跟谁学、斗鱼、乐信和58同城。28日,Grizzly Research发布报告《蔚来正在用Valeant式的财务游戏,以达到虚增收入/净利润率的目的》。Valeant(凡利亚药品国际)是一家加拿大制药公司,从2008年到2015年6月,Valeant的股价上涨达11倍,但在2015年被香橼曝出,Valeant控股了一批药房网络,并将药房储藏的存货确认为销售收入。这场著名的做空令Valeant市值一落千丈,到2018年,Valeant从纽交所退市。Grizzly Research质疑,蔚来采用了类似的手段,通过超额向子公司蔚能出售电池来虚增收入,而这些电池很有可能根本未交付给蔚能,而是躺在蔚来自己的仓库里。蔚来对此全力反驳:“推测错误无根据,结论有误导性。”“新熵”分析后认为,Grizzly Research的做空报告有部分依据,但难以像香橼击溃Valeant一样,对蔚来造成毁灭性打击。蔚来,你不对劲先理一下蔚来和蔚能的关系。蔚来一直就想做换电模式,也就是用大型站点对汽车电池集中存储、充电、更换、调配。原因是,新能源汽车里,电池和车的寿命不一样,电池不到十年,车是十几年甚至几十年,用户早晚都得换;另外,换回来的旧电池也有回收价值。在2020年,蔚来通过推出BaaS(电池即服务)实现了这个梦,方式是成立电池资产子公司蔚能,蔚来把电池包卖给蔚能,自己卖不含电池的、更便宜的电动车,用户提车后去找蔚能租电池,定期交费。再复盘一下这头灰熊的逻辑。我发现成立蔚能后,蔚来的收入和净利润飙升很快,超出市场预期,比如2021年,华尔街预测蔚来应该亏59.47亿元,结果只亏了30.07亿元——蔚来可能不对劲。我发现李斌和瑞幸咖啡造假案的关键人物刘二海关系密切,之前创业的易车网持续亏损,投资的摩拜单车挪用过用户押金——创始人的人品存疑。我发现蔚来完全可以自己做电池资产,但蔚来让子公司干这个事,不让电池资产业务进入蔚来财务报表,但蔚能管理层是蔚来高管——可能是暗箱交易。我发现蔚来曾与投资方合肥市签有对赌协议,要求蔚来在2024年营收额达到1200亿元,而蔚来去年只有361亿营收额——业绩压力可能让蔚来铤而走险。我看到蔚来2021年财报、武汉蔚能电池资产有限公司2022年度第一期绿色电池资产支持票据,到2021年三季度,蔚能服务的用户是19000名,但存了40053块电池,蔚能根本不需要多余电池,一人一块完全够用——多出来的两万多块,可能是蔚来多卖给蔚能,用来粉饰财报的。我发现找不到蔚能把电池储存在哪里——可能还在蔚来手里。这就是整篇做空报告的主要逻辑,灰熊同时提出了一些质疑,如李斌曾将5000万股股份转让给“未来用户信托”,并将其质押给瑞银集团。“新熵”认为,报告的部分依据在于,蔚来通过设立蔚能经营电池资产业务,确实有美化上市公司报表的用意,此外,由于同合肥政府对赌协议的存在,蔚来始终背负着巨大的业绩压力。从这一角度看,蔚来确实存在美化财务报表的动机。灰熊咬得不疼但灰熊的报告同样有一定瑕疵。首先是成立蔚能的目的,灰熊认为蔚能是李斌在业绩压力下,专门设立用来关联交易,夸大业绩的棋子,这与蔚来方面的表述完全相反。蔚能总经理陆荣华曾在接受电动汽车观察家采访时表示,蔚来一开始考虑与金融机构直接合作电池资产业务,但摸索后发现需要一个中间角色打通主机厂和金融机构。在接受品驾采访时陆荣华表示,电池资产运营业务比较特殊,有一定的对外业务属性,需要配合并服务主机厂,用独立公司做更合适。有业内人士分析,蔚来剥离蔚能的电池资产业务,与京东剥离物流业务没有本质区别,核心原因是资产模式太重,需要将业务推入市场,引入合作方分摊风险。BaaS换电品牌的合资模式在业内有迹可循,例如宁德时代曾于2019年与蚂蚁金服、哈啰出行合资成立链轮电动车换电品牌EVOGO乐行换电。陆荣华同样表示,Baas服务领域普遍采用合资模式,蔚来只是跟随行业趋势。这带来第二个问题,蔚能并不是蔚来的全资子公司,不是蔚来一家说了算。按照蔚来2021年财报披露,蔚来对蔚能的持股不足20%。按照陆荣华的表述,蔚能的股东结构是“八仙过海,各显神通”,包括宁德时代、地方国资、太平保险、山东威达等等。一位业内人士对“新熵”表示,蔚来能把蔚能当垃圾桶用,其它几大股东坐视不管,这点难以想象。而蔚能的第一期ABN(资产支持票据)已经于4月成功发行,其资产情况在相关公告中有完整披露,内容基本涵盖了灰熊提及的财务漏洞。如果问题确实成立,蔚能的ABN融资不可能完美落幕。最后,在合资背景下,蔚能对蔚来财务数据有美化作用,更多是附带效果,而不是目的。一位不愿透露姓名的财务专家对“新熵”表示,灰熊的质疑有一定正确之处,在于如果蔚来自己做电池资产,以几年为期限向用户收取租电池的费用,即便蔚来已经提前拿到了用户的预付租金,其超出部分收入也要计入应收账款而非营收。而在成立蔚能后,蔚来可以直接向蔚能收取电池销售费用,并计入营收。而对买来的电池,蔚能确实要接手折旧风险。但这并不意味着,这是蔚来独立蔚能的主要目的,前述业内人士对“新熵”表示,蔚来把换电业务放在体外,并且按权益法处理,就是要像防火墙一样隔离风险。正如报告的表述,蔚来的行为智能称之为会计诡计,算不上造假。空头为何爱上蔚来?这不是蔚来第一次遭到华尔街空头的迎面痛击。2020年11月14日,知名做空机构香橼发布报告称,蔚来的股价已经脱离合理范围,股价应当“腰斩”,理由是,特斯拉Model Y的低定价可能对蔚来EC6和ES6车型的订单量不利;另外,蔚来的估值畸高,其PS估值已经达到17倍,同期比亚迪PS仅为3倍左右,这使蔚来的投机者集中,背离价值投资逻辑。结果是,蔚来股价大跌7.74%,最大跌幅一度超过16%。此次灰熊的“二次光顾”,再度证明了蔚来的“招空头”体质。“新熵”认为,原因首先是蔚来所处的新能源主机厂板块泡沫属性较为严重。以特斯拉为例,从2020年开始,特斯拉被高估的声音在资本市场一直没有断绝。今年1月,Viceroy Research创始人弗雷泽·佩林发布推文称特斯拉的价值被高估10倍,理由是特斯拉的销量远不及丰田、大众等传统车企,但市值是二者之和的两倍。显然,登陆美股市场的蔚小理也是新能源概念的受益者。其次,蔚来采用的换电模式由于前期的高额投入成本,普遍不为市场看好。在此次做空报告中,灰熊就举例称,2008年,以色列企业Better Place就曾提出换电模式倡议,但在花费8.5亿美元后,Better Place不得不申请破产。特斯拉曾在2013年尝试切入换电模式,但由于营销、技术和财务原因放弃了这一计划。从整车厂策略看,特斯拉凭借市场占有率高的优势,采用自建自营换电站模式;蔚来采用车电分离模式,将电池资产运营与上市主体隔离开来;小鹏采取合作建设充电桩模式,主要通过与第三方运营商合作建设充电网络,以追求降低运营成本。对蔚来来说,进军自建换电站是一步险棋,尽管可以塑造品牌优势,但也面临巨大投入风险。从2020年开始,蔚来的换电站规模快速扩张,引发市场的普遍关注。某种程度上,此次灰熊对蔚来的做空,就是蔚来换电模式巨大矛盾的充分展现。对蔚来来说,做空报告必将使管理层重新思考,在荆棘丛生的换电赛道一路狂奔,是否就是蔚来想要的未来?","news_type":1},"isVote":1,"tweetType":1,"viewCount":2127,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":159110597,"gmtCreate":1624947343919,"gmtModify":1624947343919,"author":{"id":"3499974081446708","authorId":"3499974081446708","name":"大卫的蔚来市值万亿","avatar":"https://static.tigerbbs.com/d8e7668d951c59b2b317a87a3564080c","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3499974081446708","idStr":"3499974081446708"},"themes":[],"htmlText":"中了7手 还可以 希望能把手续费赚回来","listText":"中了7手 还可以 希望能把手续费赚回来","text":"中了7手 还可以 希望能把手续费赚回来","images":[{"img":"https://static.tigerbbs.com/127aeebd41096bdd9b76f442a30648db","width":"878","height":"1371"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/159110597","isVote":1,"tweetType":1,"viewCount":2029,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":122450499,"gmtCreate":1624630869511,"gmtModify":1624630869511,"author":{"id":"3499974081446708","authorId":"3499974081446708","name":"大卫的蔚来市值万亿","avatar":"https://static.tigerbbs.com/d8e7668d951c59b2b317a87a3564080c","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3499974081446708","idStr":"3499974081446708"},"themes":[],"htmlText":"保佑,吃点肉","listText":"保佑,吃点肉","text":"保佑,吃点肉","images":[{"img":"https://static.tigerbbs.com/e5bfcab53d927c01ee7db0630fe406c2","width":"878","height":"1371"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122450499","isVote":1,"tweetType":1,"viewCount":2209,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":128926495,"gmtCreate":1624498780517,"gmtModify":1624498780517,"author":{"id":"3499974081446708","authorId":"3499974081446708","name":"大卫的蔚来市值万亿","avatar":"https://static.tigerbbs.com/d8e7668d951c59b2b317a87a3564080c","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3499974081446708","idStr":"3499974081446708"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/02171\">$科济药业-B(02171)$</a>终于解套了","listText":"<a href=\"https://laohu8.com/S/02171\">$科济药业-B(02171)$</a>终于解套了","text":"$科济药业-B(02171)$终于解套了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/128926495","isVote":1,"tweetType":1,"viewCount":2406,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":340845590,"gmtCreate":1617378480710,"gmtModify":1617378530001,"author":{"id":"3499974081446708","authorId":"3499974081446708","name":"大卫的蔚来市值万亿","avatar":"https://static.tigerbbs.com/d8e7668d951c59b2b317a87a3564080c","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3499974081446708","idStr":"3499974081446708"},"themes":[],"htmlText":"据说白车身很牛逼","listText":"据说白车身很牛逼","text":"据说白车身很牛逼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/340845590","repostId":"1111944043","repostType":4,"repost":{"id":"1111944043","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":1617374206,"share":"https://www.laohu8.com/m/news/1111944043?lang=&edition=full","pubTime":"2021-04-02 22:36","market":"us","language":"zh","title":"蔚来:ET7首台生产线车身正式下线","url":"https://stock-news.laohu8.com/highlight/detail?id=1111944043","media":"老虎资讯综合","summary":"配备激光雷达,续航超过1000km的蔚来ET7在NIO Day发布后,便吸引了众多目光关注。就在昨日,ET7的首台生产线车身,已经在蔚来合肥先进制造基地正式下线。生产线车身是指车身结构件及覆盖件焊接总","content":"<p>配备激光雷达,续航超过1000km的蔚来ET7在NIO Day发布后,便吸引了众多目光关注。</p><p>就在昨日,ET7的首台生产线车身,已经在蔚来合肥先进制造基地正式下线。生产线车身是指车身结构件及覆盖件焊接总成,这是ET7在验证生产制造流程(Confirmation Build)过程中非常重要的一环,可以充分识别并解决车身在制造阶段的问题,对未来ET7生产的持续推进有着积极的作用。</p><p>同时,合肥先进制造基地为ET7专门打造的全新焊装生产线也将正式投入使用。</p><p><img src=\"https://static.tigerbbs.com/4a2a759fc9f97a8c5bca7f8bd58a25be\" tg-width=\"864\" tg-height=\"837\" referrerpolicy=\"no-referrer\"></p><p>此外,蔚来昨日公布了一季度交付数据,数据显示蔚来2021年第一季度累计交付20,060台,单季交付首次突破两万台,3月交付7,257台,同比增长373.4%,再创单月交付数新高。</p><p><img src=\"https://static.tigerbbs.com/08086c64422723bd1eac0b8dd4ac90a0\" tg-width=\"412\" tg-height=\"748\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" 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style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-04-02 22:36</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>配备激光雷达,续航超过1000km的蔚来ET7在NIO Day发布后,便吸引了众多目光关注。</p><p>就在昨日,ET7的首台生产线车身,已经在蔚来合肥先进制造基地正式下线。生产线车身是指车身结构件及覆盖件焊接总成,这是ET7在验证生产制造流程(Confirmation Build)过程中非常重要的一环,可以充分识别并解决车身在制造阶段的问题,对未来ET7生产的持续推进有着积极的作用。</p><p>同时,合肥先进制造基地为ET7专门打造的全新焊装生产线也将正式投入使用。</p><p><img src=\"https://static.tigerbbs.com/4a2a759fc9f97a8c5bca7f8bd58a25be\" tg-width=\"864\" tg-height=\"837\" referrerpolicy=\"no-referrer\"></p><p>此外,蔚来昨日公布了一季度交付数据,数据显示蔚来2021年第一季度累计交付20,060台,单季交付首次突破两万台,3月交付7,257台,同比增长373.4%,再创单月交付数新高。</p><p><img src=\"https://static.tigerbbs.com/08086c64422723bd1eac0b8dd4ac90a0\" tg-width=\"412\" tg-height=\"748\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/aeb06dc1c36261473ead8873ac0bf768","relate_stocks":{"NIO":"蔚来"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111944043","content_text":"配备激光雷达,续航超过1000km的蔚来ET7在NIO Day发布后,便吸引了众多目光关注。就在昨日,ET7的首台生产线车身,已经在蔚来合肥先进制造基地正式下线。生产线车身是指车身结构件及覆盖件焊接总成,这是ET7在验证生产制造流程(Confirmation 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这条线可以么?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/325402300","isVote":1,"tweetType":1,"viewCount":4394,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3517433288122380","authorId":"3517433288122380","name":"夜半掘坟","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3517433288122380","idStr":"3517433288122380"},"content":"拿刀在美国购置房产吧","text":"拿刀在美国购置房产吧","html":"拿刀在美国购置房产吧"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":312618099,"gmtCreate":1612139472211,"gmtModify":1703757845836,"author":{"id":"3499974081446708","authorId":"3499974081446708","name":"大卫的蔚来市值万亿","avatar":"https://static.tigerbbs.com/d8e7668d951c59b2b317a87a3564080c","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3499974081446708","idStr":"3499974081446708"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a>ES6获得2020年懂车帝年度最佳电动车,具体性能参数测试视频可以在懂车帝app中找到,赞!","listText":"<a 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href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a>据说特斯拉M3在上海七宝自燃并爆炸了一辆…","text":"$蔚来(NIO)$据说特斯拉M3在上海七宝自燃并爆炸了一辆…","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/337398893","isVote":1,"tweetType":1,"viewCount":3764,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3499974081446708","authorId":"3499974081446708","name":"大卫的蔚来市值万亿","avatar":"https://static.tigerbbs.com/d8e7668d951c59b2b317a87a3564080c","crmLevel":4,"crmLevelSwitch":0,"authorIdStr":"3499974081446708","idStr":"3499974081446708"},"content":"具体可以详见微博","text":"具体可以详见微博","html":"具体可以详见微博"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":334344408,"gmtCreate":1610712710804,"gmtModify":1703746463936,"author":{"id":"3499974081446708","authorId":"3499974081446708","name":"大卫的蔚来市值万亿","avatar":"https://static.tigerbbs.com/d8e7668d951c59b2b317a87a3564080c","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3499974081446708","idStr":"3499974081446708"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a>一句话 相信李斌 支持蔚来 坚定看好 不受外界的任何干扰 2019年什么大场面没见过 被人骂几句算啥 继续吃瓜 [吃瓜] [吃瓜] ","listText":"<a href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a>一句话 相信李斌 支持蔚来 坚定看好 不受外界的任何干扰 2019年什么大场面没见过 被人骂几句算啥 继续吃瓜 [吃瓜] [吃瓜] ","text":"$蔚来(NIO)$一句话 相信李斌 支持蔚来 坚定看好 不受外界的任何干扰 2019年什么大场面没见过 被人骂几句算啥 继续吃瓜 [吃瓜] [吃瓜]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/334344408","isVote":1,"tweetType":1,"viewCount":2484,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":332216596,"gmtCreate":1610409722815,"gmtModify":1703744107279,"author":{"id":"3499974081446708","authorId":"3499974081446708","name":"大卫的蔚来市值万亿","avatar":"https://static.tigerbbs.com/d8e7668d951c59b2b317a87a3564080c","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3499974081446708","idStr":"3499974081446708"},"themes":[],"htmlText":"转股溢价率45-50%,如果转债价设定300,是不是意味着2026年的股价是200左右?有大神明白么?","listText":"转股溢价率45-50%,如果转债价设定300,是不是意味着2026年的股价是200左右?有大神明白么?","text":"转股溢价率45-50%,如果转债价设定300,是不是意味着2026年的股价是200左右?有大神明白么?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/332216596","repostId":"2102292919","repostType":2,"repost":{"id":"2102292919","kind":"highlight","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":1610401144,"share":"https://www.laohu8.com/m/news/2102292919?lang=&edition=full","pubTime":"2021-01-12 05:39","market":"us","language":"zh","title":"蔚来汽车拟发行13亿美元可转换优先票据","url":"https://stock-news.laohu8.com/highlight/detail?id=2102292919","media":"老虎资讯综合","summary":"北京时间1月12日凌晨消息,周一美股盘中,$蔚来$一度涨超13%,市值突破1000亿美元。截止收盘,蔚来股价上涨6.42%,报62.7美元。蔚来周一美股盘后宣布,计划发行6.5亿美元2026年到期可转换优先票据和6.5亿美元2027年可转换优先票据。有意向最初的购买者授予30天期的选择权,以便对2026年和2027年可转换优先票据分别购买1亿美元的额外票据。","content":"<p>北京时间1月12日凌晨消息,周一美股盘中,<a href=\"https://laohu8.com/S/NIO\">蔚来</a>一度涨超13%,市值突破1000亿美元。截止收盘,蔚来股价上涨6.42%,报62.7美元。</p><p><img src=\"https://static.tigerbbs.com/903c8efb7fdfddc58469143bdb170588\" tg-width=\"840\" tg-height=\"470\"></p><p>蔚来周一美股盘后宣布,计划发行6.5亿美元2026年到期可转换优先票据和6.5亿美元2027年可转换优先票据。有意向最初的购买者授予30天期的选择权,以便对2026年和2027年可转换优先票据分别购买1亿美元的额外票据。</p><p><img src=\"https://static.tigerbbs.com/812283ac507baf6be7cb5552a8d40a01\" tg-width=\"1826\" tg-height=\"843\"></p><p>消息公布后,蔚来股价盘后一度下跌逾5%,现跌幅缩窄至2%左右。</p><p><img src=\"https://static.tigerbbs.com/af8aef1a365aac55a104d415783661ec\" tg-width=\"924\" tg-height=\"663\"></p><p>市场消息称,蔚来将可转换优先票据的利率定在0%至0.5%,转股溢价为45%-50%;预计将于1月12日美股盘后定价,该公司将通过瑞士信贷、高盛、摩根士丹利、以及中金公司发行可转换优先票据。</p><p>蔚来上周末推出首款轿车NIO ET7,最大续航超1000公里。消息后,多家券商上调该公司目标价,<a href=\"https://laohu8.com/S/601995\">中金公司</a>对其目标价为85美元,美银和德银均将其目标价上调至70美元,<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>将其目标价上调至75美元。</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>蔚来汽车拟发行13亿美元可转换优先票据</title>\n<style 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href=\"https://laohu8.com/S/NIO\">蔚来</a>一度涨超13%,市值突破1000亿美元。截止收盘,蔚来股价上涨6.42%,报62.7美元。</p><p><img src=\"https://static.tigerbbs.com/903c8efb7fdfddc58469143bdb170588\" tg-width=\"840\" tg-height=\"470\"></p><p>蔚来周一美股盘后宣布,计划发行6.5亿美元2026年到期可转换优先票据和6.5亿美元2027年可转换优先票据。有意向最初的购买者授予30天期的选择权,以便对2026年和2027年可转换优先票据分别购买1亿美元的额外票据。</p><p><img src=\"https://static.tigerbbs.com/812283ac507baf6be7cb5552a8d40a01\" tg-width=\"1826\" tg-height=\"843\"></p><p>消息公布后,蔚来股价盘后一度下跌逾5%,现跌幅缩窄至2%左右。</p><p><img src=\"https://static.tigerbbs.com/af8aef1a365aac55a104d415783661ec\" tg-width=\"924\" tg-height=\"663\"></p><p>市场消息称,蔚来将可转换优先票据的利率定在0%至0.5%,转股溢价为45%-50%;预计将于1月12日美股盘后定价,该公司将通过瑞士信贷、高盛、摩根士丹利、以及中金公司发行可转换优先票据。</p><p>蔚来上周末推出首款轿车NIO ET7,最大续航超1000公里。消息后,多家券商上调该公司目标价,<a href=\"https://laohu8.com/S/601995\">中金公司</a>对其目标价为85美元,美银和德银均将其目标价上调至70美元,<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>将其目标价上调至75美元。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://k.sinaimg.cn/n/tech/transform/667/w400h267/20210112/3707-khmynua5682096.jpg/w120h90l50t1f9d.jpg","relate_stocks":{"NIO":"蔚来"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2102292919","content_text":"北京时间1月12日凌晨消息,周一美股盘中,蔚来一度涨超13%,市值突破1000亿美元。截止收盘,蔚来股价上涨6.42%,报62.7美元。蔚来周一美股盘后宣布,计划发行6.5亿美元2026年到期可转换优先票据和6.5亿美元2027年可转换优先票据。有意向最初的购买者授予30天期的选择权,以便对2026年和2027年可转换优先票据分别购买1亿美元的额外票据。消息公布后,蔚来股价盘后一度下跌逾5%,现跌幅缩窄至2%左右。市场消息称,蔚来将可转换优先票据的利率定在0%至0.5%,转股溢价为45%-50%;预计将于1月12日美股盘后定价,该公司将通过瑞士信贷、高盛、摩根士丹利、以及中金公司发行可转换优先票据。蔚来上周末推出首款轿车NIO 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