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tauh

tauh

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2021-12-23

A SARS-CoV-2 ferritin nanoparticle vaccine elicits protective immune responses in nonhuman primates

2021-11-08

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@小虎活动:[Halloween Game] Trade or Treat!

2021-11-08

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@小虎活动:[Halloween Game] Trade or Treat!

2021-11-07

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@小虎活动:[Halloween Game] Trade or Treat!

2021-11-05

[财迷]//@tauh:Great ariticle, would you like to share it?

@小虎活动:[Halloween Game] Trade or Treat!

2021-11-05

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@小虎活动:[Halloween Game] Trade or Treat!

2021-11-05

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@小虎活动:[Halloween Game] Trade or Treat!

2021-11-04

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@小虎活动:[Halloween Game] Trade or Treat!

2021-11-04

[财迷]

@小虎活动:[Halloween Game] Trade or Treat!

2021-11-04

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@小虎活动:[Halloween Game] Trade or Treat!

2021-11-04

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@小虎活动:[Halloween Game] Trade or Treat!

2021-11-04

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@小虎活动:[Halloween Game] Trade or Treat!

2021-11-03

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@小虎活动:[Halloween Game] Trade or Treat!

2021-10-30

。。。

@小虎活动:[Halloween Game] Trade or Treat!

2021-10-29

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@小虎活动:[Halloween Game] Trade or Treat!

2021-06-19

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2021-06-18

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Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote>

2021-06-17

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2021-06-16

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2021-06-11

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Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":935,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":842417766,"gmtCreate":1636216080153,"gmtModify":1636216080463,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561756385522345","authorIdStr":"3561756385522345"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/842417766","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"36984908995200","authorIdStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1078,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":846484637,"gmtCreate":1636105472129,"gmtModify":1636105472231,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561756385522345","authorIdStr":"3561756385522345"},"themes":[],"htmlText":"[财迷]//<a href=\"https://laohu8.com/U/3561756385522345\">@tauh</a>:Great ariticle, would you like to share it?","listText":"[财迷]//<a href=\"https://laohu8.com/U/3561756385522345\">@tauh</a>:Great ariticle, would you like to share it?","text":"[财迷]//@tauh:Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/846484637","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"36984908995200","authorIdStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":747,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":846665490,"gmtCreate":1636078895672,"gmtModify":1636079618207,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561756385522345","authorIdStr":"3561756385522345"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/846665490","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"36984908995200","authorIdStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1102,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":846943755,"gmtCreate":1636042247750,"gmtModify":1636042248162,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561756385522345","authorIdStr":"3561756385522345"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/846943755","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"36984908995200","authorIdStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1030,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":846923219,"gmtCreate":1636040726901,"gmtModify":1636040727179,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561756385522345","authorIdStr":"3561756385522345"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/846923219","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"36984908995200","authorIdStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":862,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":848526430,"gmtCreate":1636013989611,"gmtModify":1636013989965,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561756385522345","authorIdStr":"3561756385522345"},"themes":[],"htmlText":"[财迷]&nbsp;","listText":"[财迷]&nbsp;","text":"[财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/848526430","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"36984908995200","authorIdStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":658,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":848315348,"gmtCreate":1635967337660,"gmtModify":1635967338034,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561756385522345","authorIdStr":"3561756385522345"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/848315348","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"36984908995200","authorIdStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":990,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":848959902,"gmtCreate":1635955577215,"gmtModify":1635955577488,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561756385522345","authorIdStr":"3561756385522345"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/848959902","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"36984908995200","authorIdStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":487,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":848950160,"gmtCreate":1635955538697,"gmtModify":1635955546039,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561756385522345","authorIdStr":"3561756385522345"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/848950160","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"36984908995200","authorIdStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":841882861,"gmtCreate":1635901454261,"gmtModify":1635901454400,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561756385522345","authorIdStr":"3561756385522345"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/841882861","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"36984908995200","authorIdStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":442,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":840311662,"gmtCreate":1635588386193,"gmtModify":1635588386334,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561756385522345","authorIdStr":"3561756385522345"},"themes":[],"htmlText":"。。。","listText":"。。。","text":"。。。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/840311662","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"36984908995200","authorIdStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":685,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":857875966,"gmtCreate":1635519930025,"gmtModify":1635519930168,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561756385522345","authorIdStr":"3561756385522345"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/857875966","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"36984908995200","authorIdStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":373,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":165832260,"gmtCreate":1624114261850,"gmtModify":1631891811988,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561756385522345","authorIdStr":"3561756385522345"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":107,"repostSize":0,"link":"https://laohu8.com/post/165832260","repostId":"1113942445","repostType":4,"isVote":1,"tweetType":1,"viewCount":650,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166358371,"gmtCreate":1623993226093,"gmtModify":1631891811990,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561756385522345","authorIdStr":"3561756385522345"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/166358371","repostId":"1175693382","repostType":4,"repost":{"id":"1175693382","kind":"news","pubTimestamp":1623978463,"share":"https://www.laohu8.com/m/news/1175693382?lang=zh_CN&edition=full","pubTime":"2021-06-18 09:07","market":"hk","language":"en","title":"Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175693382","media":"seekingalpha","summary":"Alibaba is probably the most undervalued growth stock right now.The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.The short term technical picture may be turning bullish with a potential double bottom price action signal.When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Alibaba is probably the most undervalued growth stock right now.</li>  <li>The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.</li>  <li>The short term technical picture may be turning bullish with a potential double bottom price action signal.</li>  <li>We discuss the company’s multiple growth drivers and let investors judge for themselves.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05e63c77d4f3f3dc3d618e43044638bb\" tg-width=\"768\" tg-height=\"512\"><span>Yongyuan Dai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>阿里巴巴-SW可能是目前最被低估的成长型股票。</li><li>该公司在快速扩张的市场中的多种增长动力使其估值看起来更加令人困惑。</li><li>短期技术面可能会转向看涨，并出现潜在的双底价格走势信号。</li><li>我们讨论公司的多种增长动力，让投资者自行判断。</li></ul><p class=\"t-img-caption\"><span>戴永源/iStock未通过Getty Images发布</span></p></blockquote></p><p> <b>The Technical Thesis</b></p><p><blockquote><b>技术论文</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7febf6ed056b0e3bc038321cdaad9b1c\" tg-width=\"1280\" tg-height=\"782\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> Alibaba’s&nbsp;stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.</p><p><blockquote>自11月20日早些时候蚂蚁金服IPO被取消以来，阿里巴巴-SW的股价已经经历了可怕的8个月，股价低迷，较高点下跌了34%。当考虑其长期上升趋势的健康状况时，很明显BABA具有相对较强的上升趋势偏差，并且通常在其关键的50W MA上得到良好支撑。过去4年中唯一一次失去关键的50W MA支撑位是在2018年熊市期间，BABA下跌了约40%，但仍在重要的200W MA上方得到良好支撑，我们通常认为这是“最后一道防线”。现在阿里巴巴再次面临类似的情况：下跌34%，失去了50W MA，但看起来在200W MA上方得到了很好的支撑。除此之外，价格行为分析中的一个有趣观察可能会导致价格行为交易者/投资者特别看涨：潜在的双底形成。阿里巴巴的价格似乎正在经历双底，就像2018年熊市期间一样，随后强劲反弹。因此，阿里巴巴目前的水平现在可能提供一个可能的技术买入切入点。</blockquote></p><p> <b>BABA's Fundamental Thesis: Rapidly Expanding Growth Drivers</b></p><p><blockquote><b>阿里巴巴的基本论点：快速扩大增长动力</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eba49f5881708929949c30628eedc5d4\" tg-width=\"934\" tg-height=\"578\"><span>Annual GMV. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年度GMV。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4d6c4ed3e2402f5af52b2dea8bab411\" tg-width=\"836\" tg-height=\"517\"><span>Annual e-commerce revenue. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年电子商务收入。数据来源：公司备案</span></p></blockquote></p><p> BABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.</p><p><blockquote>阿里巴巴的GMV在短短7年内从1.68 T元增长到7.49 T元，复合年增长率为23.8%，增速确实惊人。我们还看到其GMV增长转化为收入增长，其中国商业收入从76.7亿元增长至4736.8亿元，过去10年复合年增长率为51%。虽然其国际足迹仍然相当小，但在过去10年中，其复合年增长率仍为30.42%，这一点也不慢。</blockquote></p><p> Even though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.</p><p><blockquote>尽管预计未来三年中国电子商务市场的增长速度将大幅放缓，复合年增长率为12.4%，从2021年的13.8 T元（相当于2.16 T美元）增长到2024年的19.6 T元（相当于3.06 T美元），但庞大的市场规模仍然为阿里巴巴及其最接近的竞争对手提供了巨大的增长潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ffe2dee43f267e1d1399c68e3ca60f36\" tg-width=\"600\" tg-height=\"371\"><span>E-commerce revenue in the U.S. Data source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国电子商务收入数据来源：Statista</span></p></blockquote></p><p> When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.</p><p><blockquote>当我们通过比较中国与美国电子商务市场的增长率和规模来更清晰地看待事物时，我们可以看到它们的规模和增长率的巨大差异，因为美国电子商务市场预计仅增长2021年至2025年的复合年增长率为4.67%，明显低于中国的12.4%。此外，美国市场的总收入预计也将达到约5630亿美元，是届时中国市场预计价值的18%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d5a8d0d8a6a2dcdf667a6f33c6c9771\" tg-width=\"1280\" tg-height=\"702\"><span>Peers EBIT Margin and Projected EBIT Margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行息税前利润率和预计息税前利润率。数据来源：标普资本智商</span></p></blockquote></p><p> Even though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&amp;A, and therefore skewed its EBIT margin to the downside.</p><p><blockquote>尽管阿里巴巴-SW一直面临着来自快速增长的主要竞争对手京东（纳斯达克：JD）和拼多多（纳斯达克：PDD）的越来越大的竞争压力，但阿里巴巴已经在经营利润更高的业务（息税前利润和自由现金流），并且预计未来将继续实现强劲的盈利能力，这将使该公司具有巨大的灵活性，可以与京东和拼多多正面竞争，以扩大其领导地位。投资者可能会注意到，阿里巴巴的息税前利润率受到其SG&amp;A中反映的27.82亿美元一次性行政罚款的影响，因此其息税前利润率出现下行。</blockquote></p><p></p><p> One important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of&nbsp;823M AAC&nbsp;in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only&nbsp;100M AAC in Q2’C17&nbsp;as compared to BABA’s 466M AAC in the same period.</p><p><blockquote>一项重要举措是该公司决定进一步投资社区市场，这是拼多多的主要电子商务战略，拼多多在最近一个季度总共获得了8.23亿AAC，而阿里巴巴的AAC为8.91亿。与阿里巴巴同期的4.66亿AAC相比，拼多多的AAC在2017年第二季度仅有1亿AAC，其AAC增长确实是惊人的。</blockquote></p><p> Therefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.</p><p><blockquote>因此，增长势头肯定已经转向社区市场领域，阿里巴巴需要拿出重磅炸弹（它已经拥有）来与拼多多和京东争夺主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b83b69b08b1f4b11a26393c8e6eead5\" tg-width=\"600\" tg-height=\"371\"><span>Market size of community group buying in China. Data source: iiMedia Research</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国社区团购的市场规模。数据来源：艾媒咨询</span></p></blockquote></p><p> Even though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.</p><p><blockquote>尽管预计到2022年1020亿元的总市场规模仅占阿里巴巴21财年中国商业收入的21.5%左右，但阿里巴巴不能错过2019年至2022年3年内44.22%的预期快速复合年增长率。虽然市场还比较小，但BABA不能让这个市场目前的龙头：PDD在旁人无知的情况下，如此轻易地称霸并吞噬早期的高增长率。当然，阿里巴巴必须竞争并争取自己在这一领域的地位，并争取早期领导地位，以防止拼多多扩大领先优势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b97b2b4a8a182dc9846d8fb7e4039877\" tg-width=\"1280\" tg-height=\"770\"><span>PDD profitability metrics &amp; revenue growth forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>PDD盈利指标和收入增长预测。数据来源：标普资本智商</span></p></blockquote></p><p> We could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.</p><p><blockquote>我们可以从上图中观察到，拼多多的收入预计将在未来几年继续快速增长，尽管预计随后将正常化。更重要的是，拼多多预计未来的息税前利润和自由现金流盈利能力也将日益提高。这表明社区市场细分市场是一个非常重要的增长动力，阿里巴巴必须利用其优势来利用它，以否认拼多多在游戏早期声称的无可争议的领导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3aadc32155b4108426a1a982e3b5b1c2\" tg-width=\"640\" tg-height=\"360\"><span>China public cloud spending. Source:China Internet Watch; Canalys</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云支出。来源：中国互联网观察；Canalys</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c1538b9f7bdc8d6d35a72d9acf8ecbc\" tg-width=\"600\" tg-height=\"371\"><span>Size of China public cloud market. Data source: CAICT; Sina.com.cn</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云市场规模。数据来源：中国信通技术；新浪网</span></p></blockquote></p><p> BABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.</p><p><blockquote>阿里巴巴在中国公有云市场拥有40%的份额，远远领先于其主要竞争对手。然而，值得注意的是，尽管处于领先地位，阿里巴巴仍处于大力投资模式，以继续扩大其市场份额，因为中国公共云市场预计将从2017年的264.8亿元增长到2023年的2307.4亿元，这将代表CAGR 43.4%，这是一个令人难以置信的出色增长率。当我们将中国的增长率与全球增长率（见下文）进行比较时，这一点尤其明显，因为全球公共云支出预计将从2017年的1450亿美元增长到2022年的3970亿美元，这将代表22.3%的CAGR。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/06198c569504bc303c34563041dfb294\" tg-width=\"600\" tg-height=\"371\"><span>Worldwide public cloud spending. Data source: Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云支出。数据来源：Gartner</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8482037f60575f964053ab732496bee3\" tg-width=\"1176\" tg-height=\"700\"><span>Worldwide public cloud market share. Source:CnTechPost; Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云市场份额。来源：CnTechPost；Gartner</span></p></blockquote></p><p> Therefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.</p><p><blockquote>因此，阿里云在2020年以9.5%的市场份额继续扩大对Alphabet（纳斯达克：GOOGL）（纳斯达克：GOOG）GCP的领先优势，我并不觉得奇怪。虽然亚马逊仍然是市场上明显的领导者，但随着公共云支出的持续扩大，其市场份额一直在大幅下降，这表明多个参与者存在巨大的增长潜力。凭借阿里巴巴在快速扩张的中国市场的领导地位，我越来越看好该细分市场未来的利润和自由现金流对阿里巴巴业绩的贡献。尽管阿里巴巴的云部门尚未实现息税前利润（21财年息税前利润率：-15%，20财年息税前利润率：-17.5%），但值得注意的是，Alphabet的GCP也尚未实现盈利（20财年息税前利润率：-42.9%，19财年息税前利润率：-52%）。因此，我们需要给阿里巴巴一些时间来扩大其在亚太地区和中国的云服务规模，预计阿里巴巴将拥有更强大的领导力，使其能够更快地增长，投资者应该预计随着时间的推移，这将是一个高利润的细分市场。</blockquote></p><p> <b>BABA's Valuations Look Highly Compelling</b></p><p><blockquote><b>阿里巴巴的估值看起来非常引人注目</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/62a087c4b3ef7efc2c5dde813e3b959d\" tg-width=\"1000\" tg-height=\"600\"><span>NTM TEV / EBIT 3Y range.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NTM TEV/EBIT 3Y范围。</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2605c0e5ad364a7a43929fef204595c\" tg-width=\"1280\" tg-height=\"687\"><span>EV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/Fwd息税前利润和EV/Fwd Rev趋势。数据来源：标普资本智商</span></p></blockquote></p><p> When we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.</p><p><blockquote>当我们考虑阿里巴巴的TEV/EBIT历史范围（3年平均值为33.54倍）时，阿里巴巴的EV/Fwd EBIT趋势无疑意味着该股票被严重低估，因为预计阿里巴巴的收入和营业利润仍将快速增长。然而，由于我们希望更清楚地了解其同行的估值情况，我们认为如果我们对阿里巴巴的息税前利润进行估值，而不是下面介绍的一组基准公司，这将是有用的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d27873e676dfb23c98d4a69aa5861e02\" tg-width=\"1280\" tg-height=\"1117\"><span>Peers EV / EBIT Valuations. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行EV/EBIT估值。数据来源：标普资本智商</span></p></blockquote></p><p> By using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.</p><p><blockquote>通过混合使用历史和远期息税前利润，我们可以看到，与基准公司一组观察值的中值相比，阿里巴巴的EV/EBIT看起来确实被低估了。我们得出阿里巴巴的公允价值范围为294.98美元，位于该范围的中点，基于当前210美元的股价，这意味着40.5%的潜在上涨空间。</blockquote></p><p> <b>Risks to Assumptions</b></p><p><blockquote><b>假设风险</b></blockquote></p><p> Now, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.</p><p><blockquote>现在，看着先生如何表现显然令人困惑。市场决定对阿里巴巴进行折扣，就好像该公司已经失去了所有关键的增长来源，而事实上，其商业部门、新的市场举措和不断增长的阿里云部门仍有很大的潜在上涨空间，其中。我们认为该股表现不佳的主要现实原因只是监管风险。我们认为投资者应该承认这种风险是非常真实的，有时大型中国公司会发现自己受到中国政府的额外审查（事实上这并不是什么新鲜事）。这里关键的是，中国政府似乎对其科技巨头的行为和行动拥有重大影响力，而这些影响力有时可能在很大程度上是不可预测的。市场当然讨厌不可预测性，因此他们可能会因此大幅折扣阿里巴巴。如果投资者无法应对潜在不可预测的监管行动及其后果的不确定性，那么阿里巴巴可能不适合您。然而，如果你认为这只是阿里巴巴漫长旅程中的一个短暂时刻，那么你肯定会发现阿里巴巴现在的估值极具吸引力，再加上长期思维。</blockquote></p><p> <b>Wrapping It All Up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p> Alibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.</p><p><blockquote>阿里巴巴-SW继续取得稳健的业绩，展示了公司强大的执行能力。由于该公司继续在一个拥有如此多增长动力的市场中运营，预计将推动公司未来的增长，投资者应该会发现当前的估值非常有吸引力。</blockquote></p><p></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>Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote></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; 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}\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\">\nAlibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-18 09:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Alibaba is probably the most undervalued growth stock right now.</li>  <li>The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.</li>  <li>The short term technical picture may be turning bullish with a potential double bottom price action signal.</li>  <li>We discuss the company’s multiple growth drivers and let investors judge for themselves.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05e63c77d4f3f3dc3d618e43044638bb\" tg-width=\"768\" tg-height=\"512\"><span>Yongyuan Dai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>阿里巴巴-SW可能是目前最被低估的成长型股票。</li><li>该公司在快速扩张的市场中的多种增长动力使其估值看起来更加令人困惑。</li><li>短期技术面可能会转向看涨，并出现潜在的双底价格走势信号。</li><li>我们讨论公司的多种增长动力，让投资者自行判断。</li></ul><p class=\"t-img-caption\"><span>戴永源/iStock未通过Getty Images发布</span></p></blockquote></p><p> <b>The Technical Thesis</b></p><p><blockquote><b>技术论文</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7febf6ed056b0e3bc038321cdaad9b1c\" tg-width=\"1280\" tg-height=\"782\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> Alibaba’s&nbsp;stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.</p><p><blockquote>自11月20日早些时候蚂蚁金服IPO被取消以来，阿里巴巴-SW的股价已经经历了可怕的8个月，股价低迷，较高点下跌了34%。当考虑其长期上升趋势的健康状况时，很明显BABA具有相对较强的上升趋势偏差，并且通常在其关键的50W MA上得到良好支撑。过去4年中唯一一次失去关键的50W MA支撑位是在2018年熊市期间，BABA下跌了约40%，但仍在重要的200W MA上方得到良好支撑，我们通常认为这是“最后一道防线”。现在阿里巴巴再次面临类似的情况：下跌34%，失去了50W MA，但看起来在200W MA上方得到了很好的支撑。除此之外，价格行为分析中的一个有趣观察可能会导致价格行为交易者/投资者特别看涨：潜在的双底形成。阿里巴巴的价格似乎正在经历双底，就像2018年熊市期间一样，随后强劲反弹。因此，阿里巴巴目前的水平现在可能提供一个可能的技术买入切入点。</blockquote></p><p> <b>BABA's Fundamental Thesis: Rapidly Expanding Growth Drivers</b></p><p><blockquote><b>阿里巴巴的基本论点：快速扩大增长动力</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eba49f5881708929949c30628eedc5d4\" tg-width=\"934\" tg-height=\"578\"><span>Annual GMV. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年度GMV。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4d6c4ed3e2402f5af52b2dea8bab411\" tg-width=\"836\" tg-height=\"517\"><span>Annual e-commerce revenue. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年电子商务收入。数据来源：公司备案</span></p></blockquote></p><p> BABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.</p><p><blockquote>阿里巴巴的GMV在短短7年内从1.68 T元增长到7.49 T元，复合年增长率为23.8%，增速确实惊人。我们还看到其GMV增长转化为收入增长，其中国商业收入从76.7亿元增长至4736.8亿元，过去10年复合年增长率为51%。虽然其国际足迹仍然相当小，但在过去10年中，其复合年增长率仍为30.42%，这一点也不慢。</blockquote></p><p> Even though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.</p><p><blockquote>尽管预计未来三年中国电子商务市场的增长速度将大幅放缓，复合年增长率为12.4%，从2021年的13.8 T元（相当于2.16 T美元）增长到2024年的19.6 T元（相当于3.06 T美元），但庞大的市场规模仍然为阿里巴巴及其最接近的竞争对手提供了巨大的增长潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ffe2dee43f267e1d1399c68e3ca60f36\" tg-width=\"600\" tg-height=\"371\"><span>E-commerce revenue in the U.S. Data source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国电子商务收入数据来源：Statista</span></p></blockquote></p><p> When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.</p><p><blockquote>当我们通过比较中国与美国电子商务市场的增长率和规模来更清晰地看待事物时，我们可以看到它们的规模和增长率的巨大差异，因为美国电子商务市场预计仅增长2021年至2025年的复合年增长率为4.67%，明显低于中国的12.4%。此外，美国市场的总收入预计也将达到约5630亿美元，是届时中国市场预计价值的18%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d5a8d0d8a6a2dcdf667a6f33c6c9771\" tg-width=\"1280\" tg-height=\"702\"><span>Peers EBIT Margin and Projected EBIT Margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行息税前利润率和预计息税前利润率。数据来源：标普资本智商</span></p></blockquote></p><p> Even though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&amp;A, and therefore skewed its EBIT margin to the downside.</p><p><blockquote>尽管阿里巴巴-SW一直面临着来自快速增长的主要竞争对手京东（纳斯达克：JD）和拼多多（纳斯达克：PDD）的越来越大的竞争压力，但阿里巴巴已经在经营利润更高的业务（息税前利润和自由现金流），并且预计未来将继续实现强劲的盈利能力，这将使该公司具有巨大的灵活性，可以与京东和拼多多正面竞争，以扩大其领导地位。投资者可能会注意到，阿里巴巴的息税前利润率受到其SG&amp;A中反映的27.82亿美元一次性行政罚款的影响，因此其息税前利润率出现下行。</blockquote></p><p></p><p> One important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of&nbsp;823M AAC&nbsp;in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only&nbsp;100M AAC in Q2’C17&nbsp;as compared to BABA’s 466M AAC in the same period.</p><p><blockquote>一项重要举措是该公司决定进一步投资社区市场，这是拼多多的主要电子商务战略，拼多多在最近一个季度总共获得了8.23亿AAC，而阿里巴巴的AAC为8.91亿。与阿里巴巴同期的4.66亿AAC相比，拼多多的AAC在2017年第二季度仅有1亿AAC，其AAC增长确实是惊人的。</blockquote></p><p> Therefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.</p><p><blockquote>因此，增长势头肯定已经转向社区市场领域，阿里巴巴需要拿出重磅炸弹（它已经拥有）来与拼多多和京东争夺主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b83b69b08b1f4b11a26393c8e6eead5\" tg-width=\"600\" tg-height=\"371\"><span>Market size of community group buying in China. Data source: iiMedia Research</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国社区团购的市场规模。数据来源：艾媒咨询</span></p></blockquote></p><p> Even though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.</p><p><blockquote>尽管预计到2022年1020亿元的总市场规模仅占阿里巴巴21财年中国商业收入的21.5%左右，但阿里巴巴不能错过2019年至2022年3年内44.22%的预期快速复合年增长率。虽然市场还比较小，但BABA不能让这个市场目前的龙头：PDD在旁人无知的情况下，如此轻易地称霸并吞噬早期的高增长率。当然，阿里巴巴必须竞争并争取自己在这一领域的地位，并争取早期领导地位，以防止拼多多扩大领先优势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b97b2b4a8a182dc9846d8fb7e4039877\" tg-width=\"1280\" tg-height=\"770\"><span>PDD profitability metrics &amp; revenue growth forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>PDD盈利指标和收入增长预测。数据来源：标普资本智商</span></p></blockquote></p><p> We could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.</p><p><blockquote>我们可以从上图中观察到，拼多多的收入预计将在未来几年继续快速增长，尽管预计随后将正常化。更重要的是，拼多多预计未来的息税前利润和自由现金流盈利能力也将日益提高。这表明社区市场细分市场是一个非常重要的增长动力，阿里巴巴必须利用其优势来利用它，以否认拼多多在游戏早期声称的无可争议的领导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3aadc32155b4108426a1a982e3b5b1c2\" tg-width=\"640\" tg-height=\"360\"><span>China public cloud spending. Source:China Internet Watch; Canalys</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云支出。来源：中国互联网观察；Canalys</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c1538b9f7bdc8d6d35a72d9acf8ecbc\" tg-width=\"600\" tg-height=\"371\"><span>Size of China public cloud market. Data source: CAICT; Sina.com.cn</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云市场规模。数据来源：中国信通技术；新浪网</span></p></blockquote></p><p> BABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.</p><p><blockquote>阿里巴巴在中国公有云市场拥有40%的份额，远远领先于其主要竞争对手。然而，值得注意的是，尽管处于领先地位，阿里巴巴仍处于大力投资模式，以继续扩大其市场份额，因为中国公共云市场预计将从2017年的264.8亿元增长到2023年的2307.4亿元，这将代表CAGR 43.4%，这是一个令人难以置信的出色增长率。当我们将中国的增长率与全球增长率（见下文）进行比较时，这一点尤其明显，因为全球公共云支出预计将从2017年的1450亿美元增长到2022年的3970亿美元，这将代表22.3%的CAGR。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/06198c569504bc303c34563041dfb294\" tg-width=\"600\" tg-height=\"371\"><span>Worldwide public cloud spending. Data source: Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云支出。数据来源：Gartner</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8482037f60575f964053ab732496bee3\" tg-width=\"1176\" tg-height=\"700\"><span>Worldwide public cloud market share. Source:CnTechPost; Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云市场份额。来源：CnTechPost；Gartner</span></p></blockquote></p><p> Therefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.</p><p><blockquote>因此，阿里云在2020年以9.5%的市场份额继续扩大对Alphabet（纳斯达克：GOOGL）（纳斯达克：GOOG）GCP的领先优势，我并不觉得奇怪。虽然亚马逊仍然是市场上明显的领导者，但随着公共云支出的持续扩大，其市场份额一直在大幅下降，这表明多个参与者存在巨大的增长潜力。凭借阿里巴巴在快速扩张的中国市场的领导地位，我越来越看好该细分市场未来的利润和自由现金流对阿里巴巴业绩的贡献。尽管阿里巴巴的云部门尚未实现息税前利润（21财年息税前利润率：-15%，20财年息税前利润率：-17.5%），但值得注意的是，Alphabet的GCP也尚未实现盈利（20财年息税前利润率：-42.9%，19财年息税前利润率：-52%）。因此，我们需要给阿里巴巴一些时间来扩大其在亚太地区和中国的云服务规模，预计阿里巴巴将拥有更强大的领导力，使其能够更快地增长，投资者应该预计随着时间的推移，这将是一个高利润的细分市场。</blockquote></p><p> <b>BABA's Valuations Look Highly Compelling</b></p><p><blockquote><b>阿里巴巴的估值看起来非常引人注目</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/62a087c4b3ef7efc2c5dde813e3b959d\" tg-width=\"1000\" tg-height=\"600\"><span>NTM TEV / EBIT 3Y range.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NTM TEV/EBIT 3Y范围。</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2605c0e5ad364a7a43929fef204595c\" tg-width=\"1280\" tg-height=\"687\"><span>EV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/Fwd息税前利润和EV/Fwd Rev趋势。数据来源：标普资本智商</span></p></blockquote></p><p> When we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.</p><p><blockquote>当我们考虑阿里巴巴的TEV/EBIT历史范围（3年平均值为33.54倍）时，阿里巴巴的EV/Fwd EBIT趋势无疑意味着该股票被严重低估，因为预计阿里巴巴的收入和营业利润仍将快速增长。然而，由于我们希望更清楚地了解其同行的估值情况，我们认为如果我们对阿里巴巴的息税前利润进行估值，而不是下面介绍的一组基准公司，这将是有用的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d27873e676dfb23c98d4a69aa5861e02\" tg-width=\"1280\" tg-height=\"1117\"><span>Peers EV / EBIT Valuations. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行EV/EBIT估值。数据来源：标普资本智商</span></p></blockquote></p><p> By using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.</p><p><blockquote>通过混合使用历史和远期息税前利润，我们可以看到，与基准公司一组观察值的中值相比，阿里巴巴的EV/EBIT看起来确实被低估了。我们得出阿里巴巴的公允价值范围为294.98美元，位于该范围的中点，基于当前210美元的股价，这意味着40.5%的潜在上涨空间。</blockquote></p><p> <b>Risks to Assumptions</b></p><p><blockquote><b>假设风险</b></blockquote></p><p> Now, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.</p><p><blockquote>现在，看着先生如何表现显然令人困惑。市场决定对阿里巴巴进行折扣，就好像该公司已经失去了所有关键的增长来源，而事实上，其商业部门、新的市场举措和不断增长的阿里云部门仍有很大的潜在上涨空间，其中。我们认为该股表现不佳的主要现实原因只是监管风险。我们认为投资者应该承认这种风险是非常真实的，有时大型中国公司会发现自己受到中国政府的额外审查（事实上这并不是什么新鲜事）。这里关键的是，中国政府似乎对其科技巨头的行为和行动拥有重大影响力，而这些影响力有时可能在很大程度上是不可预测的。市场当然讨厌不可预测性，因此他们可能会因此大幅折扣阿里巴巴。如果投资者无法应对潜在不可预测的监管行动及其后果的不确定性，那么阿里巴巴可能不适合您。然而，如果你认为这只是阿里巴巴漫长旅程中的一个短暂时刻，那么你肯定会发现阿里巴巴现在的估值极具吸引力，再加上长期思维。</blockquote></p><p> <b>Wrapping It All Up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p> Alibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.</p><p><blockquote>阿里巴巴-SW继续取得稳健的业绩，展示了公司强大的执行能力。由于该公司继续在一个拥有如此多增长动力的市场中运营，预计将推动公司未来的增长，投资者应该会发现当前的估值非常有吸引力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435297-alibaba-stock-bottoming-process-forming-buy-now\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"source_url":"https://seekingalpha.com/article/4435297-alibaba-stock-bottoming-process-forming-buy-now","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175693382","content_text":"Summary\n\nAlibaba is probably the most undervalued growth stock right now.\nThe company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.\nThe short term technical picture may be turning bullish with a potential double bottom price action signal.\nWe discuss the company’s multiple growth drivers and let investors judge for themselves.\n\nYongyuan Dai/iStock Unreleased via Getty Images\nThe Technical Thesis\nSource: TradingView\nAlibaba’s stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.\nBABA's Fundamental Thesis: Rapidly Expanding Growth Drivers\nAnnual GMV. Data source: Company filings\nAnnual e-commerce revenue. Data source: Company filings\nBABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.\nEven though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.\nE-commerce revenue in the U.S. Data source: Statista\nWhen we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.\nPeers EBIT Margin and Projected EBIT Margin. Data source: S&P Capital IQ\nEven though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&A, and therefore skewed its EBIT margin to the downside.\nOne important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of 823M AAC in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only 100M AAC in Q2’C17 as compared to BABA’s 466M AAC in the same period.\nTherefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.\nMarket size of community group buying in China. Data source: iiMedia Research\nEven though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.\nPDD profitability metrics & revenue growth forecast. Data source: S&P Capital IQ\nWe could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.\nChina public cloud spending. Source:China Internet Watch; Canalys\nSize of China public cloud market. Data source: CAICT; Sina.com.cn\nBABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.\nWorldwide public cloud spending. Data source: Gartner\nWorldwide public cloud market share. Source:CnTechPost; Gartner\nTherefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.\nBABA's Valuations Look Highly Compelling\nNTM TEV / EBIT 3Y range.\nEV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&P Capital IQ\nWhen we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.\nPeers EV / EBIT Valuations. Data source: S&P Capital IQ\nBy using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.\nRisks to Assumptions\nNow, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.\nWrapping It All Up\nAlibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.","news_type":1,"symbols_score_info":{"BABA":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":631,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161912589,"gmtCreate":1623900310641,"gmtModify":1631891811997,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561756385522345","authorIdStr":"3561756385522345"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161912589","repostId":"2144713861","repostType":4,"isVote":1,"tweetType":1,"viewCount":451,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169029169,"gmtCreate":1623809629751,"gmtModify":1631891811999,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561756385522345","authorIdStr":"3561756385522345"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169029169","repostId":"2143680537","repostType":4,"isVote":1,"tweetType":1,"viewCount":425,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181287887,"gmtCreate":1623396702049,"gmtModify":1631891812002,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561756385522345","authorIdStr":"3561756385522345"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/181287887","repostId":"1182033958","repostType":4,"isVote":1,"tweetType":1,"viewCount":698,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":165832260,"gmtCreate":1624114261850,"gmtModify":1631891811988,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561756385522345","idStr":"3561756385522345"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":107,"repostSize":0,"link":"https://laohu8.com/post/165832260","repostId":"1113942445","repostType":4,"isVote":1,"tweetType":1,"viewCount":650,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":844903338,"gmtCreate":1636381274977,"gmtModify":1636381275250,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561756385522345","idStr":"3561756385522345"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":36,"repostSize":0,"link":"https://laohu8.com/post/844903338","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"36984908995200","idStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1275,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698915910,"gmtCreate":1640274537249,"gmtModify":1640275787360,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561756385522345","idStr":"3561756385522345"},"themes":[],"htmlText":"A SARS-CoV-2 ferritin nanoparticle vaccine elicits protective immune responses in nonhuman primates","listText":"A SARS-CoV-2 ferritin nanoparticle 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it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/359903901","repostId":"2120642991","repostType":2,"isVote":1,"tweetType":1,"viewCount":137,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325337318,"gmtCreate":1615863504134,"gmtModify":1703494152503,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561756385522345","idStr":"3561756385522345"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/325337318","repostId":"2119094972","repostType":2,"repost":{"id":"2119094972","kind":"highlight","pubTimestamp":1615860566,"share":"https://www.laohu8.com/m/news/2119094972?lang=zh_CN&edition=full","pubTime":"2021-03-16 10:09","market":"us","language":"en","title":"Billions poured into electric-vehicle companies, but much more will be needed before the auto industry changes<blockquote>数十亿美元涌入电动汽车公司，但在汽车行业变革之前还需要更多</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2119094972","media":"MarketWatch","summary":"‘The writing is on the wall with regard to the long-term EV versus internal combustion debate,’ but ","content":"<p>‘The writing is on the wall with regard to the long-term EV versus internal combustion debate,’ but length of the trip to an electrified future is still a debate</p><p><blockquote>“关于电动汽车与内燃机的长期争论已经不祥之兆”，但通往电气化未来的旅程长度仍然是一个争论</blockquote></p><p> Wall Street and Silicon Valley poured billions of dollars into electric-vehicle and related companies in 2020, betting on their future dominance and in many cases fueling valuations that bear little relation to the companies’ current or expected production and sales.</p><p><blockquote>2020年，华尔街和硅谷向电动汽车及相关公司投入了数十亿美元，押注于它们未来的主导地位，并在许多情况下推高了与公司当前或预期生产和销售关系不大的估值。</blockquote></p><p> There is little doubt that the automotive industry is trending toward electric vehicles amid the rise of Tesla Inc.&nbsp;Declining prices and increasing availability of electric vehicles, or EVs; the potential for technology breakthroughs that offer a cheaper, longer-lasting, and faster-to-recharge battery; strides in EV infrastructure, and “green friendly” government initiatives taking root in the U.S. and elsewhere show the likely path.</p><p><blockquote>毫无疑问，随着特斯拉公司的崛起，汽车行业正在转向电动汽车。电动汽车（EV）价格下降、供应量增加；提供更便宜、更耐用、充电更快的电池的技术突破的潜力；电动汽车基础设施的进步以及在美国和其他地方扎根的“绿色友好”政府举措显示了可能的道路。</blockquote></p><p> And what once was an investment universe comprising solely Tesla and a smattering of fuel-cell companies has burgeoned into a subsector combining industrials, tech and transportation, with China as a major driving force both as EV makers’ base market and for EV demand. In total, at least $28 billion was invested in public and private electric-vehicle companies in 2020, according to data from CB Insights and Dow Jones Market Data Group.</p><p><blockquote>曾经仅由特斯拉和少数燃料电池公司组成的投资领域已迅速发展成为一个结合工业、科技和交通的子行业，中国是电动汽车制造商的基础市场和电动汽车需求的主要驱动力。根据CB Insights和道琼斯市场数据集团的数据，2020年公共和私营电动汽车公司的投资总额至少为280亿美元。</blockquote></p><p> “The writing is on the wall with regard to the long-term EV versus internal combustion debate,” said John Mitchell, a partner at Blue Horizon Capital.</p><p><blockquote>Blue Horizon Capital合伙人约翰·米切尔(John Mitchell)表示：“关于电动汽车与内燃机的长期争论，已经不祥之兆。”</blockquote></p><p> In several countries around the world, people will no longer be allowed to purchase internal combustion-engine vehicles within a short decade or two, and global auto makers have realized that “the transition to electrified vehicles is the only way to compete,” he said.</p><p><blockquote>在世界上的几个国家，人们将在短短十年或二十年内不再被允许购买内燃机汽车，全球汽车制造商已经意识到“向电动汽车过渡是竞争的唯一途径，”他说。</blockquote></p><p> Not to be outdone, General Motors Co.,Ford Motor Co.&nbsp;and other legacy auto makers amped investments in EVs and autonomous vehicles, with GM going as far as vowing to phase out internal combustion-engine vehicles within less than 15 years. Tesla, of course, joined the S&amp;P 500 index&nbsp;in 2020 after finally showing consistent profit.New companies such as Nio Inc.NIO,-1.25%,Nikola Corp.,and Fisker Inc.&nbsp;attracted outsize investor attention, and the involvement of special-purpose acquisition companies became nearly common place.</p><p><blockquote>通用汽车公司、福特汽车公司和其他传统汽车制造商也不甘示弱，加大了对电动汽车和自动驾驶汽车的投资，通用汽车甚至发誓要在不到15年内逐步淘汰内燃机汽车。当然，特斯拉在最终显示出持续盈利后，于2020年加入了标普500指数。蔚来公司（NIO，-1.25%）、尼古拉公司（Nikola Corp.）和菲斯克公司（Fisker Inc.）等新公司吸引了投资者的极大关注，特殊目的收购公司几乎变得司空见惯。</blockquote></p><p> “The EV party is just beginning, buckle the seat belts,” Wedbush analyst Dan Ives said recently. Recent weakness are short-term “growing pains,” he said.</p><p><blockquote>韦德布什分析师丹·艾夫斯最近表示：“电动汽车派对才刚刚开始，请系好安全带。”他说，最近的疲软是短期的“成长的烦恼”。</blockquote></p><p> That doesn’t mean that the switch from combustion engines to electric cars will take place quickly. Electric cars currently make up around 2% of global auto sales, and estimates for a future market share vary from a low-end forecast of 10% to 20% of cars sold by 2030 to as much as two-thirds of the market by that time.</p><p><blockquote>这并不意味着从内燃机到电动汽车的转变会很快发生。电动汽车目前约占全球汽车销量的2%，对未来市场份额的估计各不相同，从到2030年占汽车销量10%至20%的低端预测到届时占市场份额的三分之二。</blockquote></p><p> Much more money will be needed to fund the switch, despite the billions that already found its way to EV-related investments. A recent note from B. of A. Securities put a price tag on a future EV “revolution,” saying that funding that change is still a “tremendous hurdle.”</p><p><blockquote>尽管已经有数十亿美元用于电动汽车相关投资，但仍需要更多资金来为这一转变提供资金。B.of A.Securities最近的一份报告为未来的电动汽车“革命”贴上了价格标签，称为这一变革提供资金仍然是一个“巨大的障碍”。</blockquote></p><p> Extrapolating from the relationship between Tesla’s capital raises and its capacity to make vehicles, the B. of A. analysts calculated that a shift to a 100% EV world would need more than $2.5 trillion in investments, coming from the companies, investors and governments across the world.</p><p><blockquote>根据特斯拉融资与其汽车制造能力之间的关系推断，B.of A.分析师计算出，向100%电动汽车世界的转变将需要来自公司、投资者和政府超过2.5万亿美元的投资。世界各地。</blockquote></p><p> Recent capital raises by EV and related companies through the SPACs, or “blank-check” companies, “may be just a beginning,” they said.</p><p><blockquote>他们表示，电动汽车和相关公司最近通过SPAC或“空白支票”公司筹集的资金“可能只是一个开始”。</blockquote></p><p> <b>‘Hyper growth’ in EV and renewables</b></p><p><blockquote><b>电动汽车和可再生能源的“高速增长”</b></blockquote></p><p> The heightened interest in EV and related stocks has led to concerns about a bubble.</p><p><blockquote>人们对电动汽车及相关股票的兴趣增强引发了人们对泡沫的担忧。</blockquote></p><p> At a recent JPMorgan virtual investor conference, head of global research Joyce Chang and others told the audience that they were not seeing “a broad equity market bubble,” but that “certain pockets” of the market were experiencing “hyper growth, such as electric vehicles and renewables.”</p><p><blockquote>在最近的摩根大通虚拟投资者会议上，全球研究主管Joyce Chang和其他人告诉观众，他们没有看到“广泛的股市泡沫”，但市场的“某些部分”正在经历“高速增长，例如电动汽车和可再生能源。”</blockquote></p><p> Bubbles, of course, are easy to spot — in hindsight. It remains to be seen whether the current influx of money and attention to EV companies, as well as to autonomous vehicles and AV-adjacent companies, will resemble the short-lived notice paid to cloud-computing companies half a decade ago, or the early aughts’ spotlight on fuel-cell companies, several of which — 20 years later — have still not returned to record highs established then.</p><p><blockquote>当然，事后看来，泡沫很容易被发现。目前涌入电动汽车公司以及自动驾驶汽车和自动驾驶汽车相关公司的资金和关注是否会类似于五年前向云计算公司支付的短暂通知，或者类似于五年前向云计算公司支付的短暂通知，还有待观察。早期的事情对燃料电池公司的关注，其中几家公司——20年后——仍未恢复到当时创下的历史新高。</blockquote></p><p> The JPMorgan analysts reminded the audience that EV, renewables and “innovation” stocks make up a small percentage of the broader equity market, with EVs only around 2% of the S&amp;P 500.</p><p><blockquote>摩根大通分析师提醒观众，电动汽车、可再生能源和“创新”股票在整个股市中所占比例很小，电动汽车仅占标普500的2%左右。</blockquote></p><p> Boding well for the future, however, Blue Horizon’s Mitchell pointed to the increasing quality and technical improvements for EVs.</p><p><blockquote>然而，Blue Horizon的米切尔指出，电动汽车的质量和技术改进不断提高，这预示着未来的良好前景。</blockquote></p><p> “Battery life is only going to be extended and with the trillions being invested globally by all those supporting the electrification of the transportation system the infrastructure for widespread adoption and usage of EV technology is only going to increase,” he said.</p><p><blockquote>他说：“电池寿命只会延长，随着所有支持交通系统电气化的人在全球范围内投资数万亿美元，广泛采用和使用电动汽车技术的基础设施只会增加。”</blockquote></p><p></p><p> Analysts at UBS forecast that global auto makers’ revenues from EVs are going to shift to $1.16 trillion by year 2030, from $182 billion today.</p><p><blockquote>瑞银分析师预测，到2030年，全球汽车制造商来自电动汽车的收入将从目前的1820亿美元增至1.16万亿美元。</blockquote></p><p> Conversely, revenue from ICE vehicles, at $1.77 trillion today, will dwindle to $1.07 trillion. Revenues for software will make an even bigger slice of that revenue pie by 2030, at nearly $2 trillion.</p><p><blockquote>相反，内燃机汽车的收入目前为1.77万亿美元，将减少至1.07万亿美元。到2030年，软件收入将在收入蛋糕中占据更大的份额，达到近2万亿美元。</blockquote></p><p> Here’s the UBS chart, in billions:</p><p><blockquote>以下是瑞银图表，单位为十亿：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d50358ca5183ce3798dcd48c2d4d479f\" tg-width=\"1260\" tg-height=\"565\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>A company or a business plan?</b></p><p><blockquote><b>公司还是商业计划？</b></blockquote></p><p> Blank-check companies have been around for a long time, but took on a larger role in U.S. investing last year, when there were more initial public offerings through special-purpose acquisition companies than all other years combined, Garrett Nelson at CFRA said in a recent note.</p><p><blockquote>CFRA的加勒特·纳尔逊(Garrett Nelson)在一份报告中表示，空白支票公司已经存在了很长时间，但去年在美国投资中发挥了更大的作用，当时通过特殊目的收购公司进行的首次公开募股比所有其他年份的总和还要多。最近的笔记。</blockquote></p><p> Activity in 2021 is on track to exceed last year’s “by a wide margin,” and some of the largest SPAC deals are again likely to be in the “burgeoning electric and autonomous vehicle (EV/AV) space,” he said.</p><p><blockquote>他表示，2021年的活动有望“大幅”超过去年，一些最大的SPAC交易可能再次出现在“新兴的电动和自动驾驶汽车（EV/AV）领域”。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/341d62db385f1b98b0032b7a2f54ff9a\" tg-width=\"1260\" tg-height=\"857\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Some of the companies popping in “resemble business plans rather more than revenue- or profit-generating businesses,” but there’s reason for optimism, Nelson said.</p><p><blockquote>纳尔逊说，一些突然出现的公司“更像是商业计划，而不是产生收入或利润的业务”，但有理由乐观。</blockquote></p><p> The CFRA analyst singled out Fisker, Lucid Motors, which&nbsp;plans to go public via a SPAC merger with Churchill Capital Corp. IV&nbsp;and privately held electric-truck maker Rivian as companies that are better positioned than others.</p><p><blockquote>这位CFRA分析师特别指出，Fisker、Lucid Motors（计划通过SPAC与Churchill Capital Corp.IV合并上市）以及私营电动卡车制造商Rivian是比其他公司定位更好的公司。</blockquote></p><p> Tesla, of course, has established a first-mover advantage widely viewed as substantial.</p><p><blockquote>当然，特斯拉已经建立了被广泛认为是巨大的先发优势。</blockquote></p><p> The UBS analysts calculate that Tesla has a cost advantage around $1,000 to $2,000 per electric vehicle over other auto makers, although competition is increasing. Volkswagen AG’s&nbsp;MEB platform, the auto maker’s building block for its electric vehicles, is already “fully cost competitive” with Tesla.</p><p><blockquote>瑞银分析师计算出，尽管竞争正在加剧，但与其他汽车制造商相比，特斯拉每辆电动汽车的成本优势约为1,000至2,000美元。大众汽车公司的MEB平台是该汽车制造商电动汽车的构建模块，已经与特斯拉“完全具有成本竞争力”。</blockquote></p><p> VW, the No. 2 auto maker in the world, still lags behind in terms of battery costs, with Tesla likely to keep its price advantage in the battery space due to its vertical integration and technology advances, they said. Still, they see that large legacy auto makers such as VW would be able to reach an EV manufacturing cost and margin parity in four years.</p><p><blockquote>他们表示，全球第二大汽车制造商大众在电池成本方面仍然落后，而特斯拉由于其垂直整合和技术进步，可能会保持其在电池领域的价格优势。尽管如此，他们认为大众等大型传统汽车制造商将能够在四年内实现电动汽车制造成本和利润率平价。</blockquote></p><p> <b>EVs, not AVs, could be the real game-changer</b></p><p><blockquote><b>电动汽车，而不是自动驾驶汽车，可能是真正的游戏规则改变者</b></blockquote></p><p> Related to investor’s inflows to electric-vehicle makers is the interest generated by lidar, batteries, sensors and other components hailed as key to autonomous vehicles.</p><p><blockquote>与投资者流入电动汽车制造商相关的是激光雷达、电池、传感器和其他被誉为自动驾驶汽车关键的组件所产生的兴趣。</blockquote></p><p> Full autonomy has been proven to be a stubborn and costly problem to solve, with regulatory and technological hurdles aplenty.</p><p><blockquote>事实证明，完全自治是一个顽固且解决起来成本高昂的问题，存在大量监管和技术障碍。</blockquote></p><p> Despite lofty goals, most cars on the road today offer advanced driver-assistance systems that are not dramatically different from previous years’ systems and still far from being the game-changer they are expected to be for lives and economies in a not-so-distant future.</p><p><blockquote>尽管目标很高，但当今道路上的大多数汽车都提供了先进的驾驶员辅助系统，这些系统与前几年的系统没有太大区别，而且距离它们在不久的将来有望改变生活和经济的游戏规则还很远。遥远的未来。</blockquote></p><p> For now, auto makers are mostly focusing on partial autonomy and ADAS offerings that can be commercialized in the short term, with EVs pulling ahead in terms of consumer interest and regulatory push.</p><p><blockquote>目前，汽车制造商主要专注于可以在短期内商业化的部分自动驾驶和ADAS产品，电动汽车在消费者兴趣和监管推动方面领先。</blockquote></p><p> “EVs are simply a better product,” Blue Horizon’s Mitchell said.</p><p><blockquote>“电动汽车只是一种更好的产品，”蓝色地平线的米切尔说。</blockquote></p><p></p>","source":"market_watch","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>Billions poured into electric-vehicle companies, but much more will be needed before the auto industry changes<blockquote>数十亿美元涌入电动汽车公司，但在汽车行业变革之前还需要更多</blockquote></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; 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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\">\nBillions poured into electric-vehicle companies, but much more will be needed before the auto industry changes<blockquote>数十亿美元涌入电动汽车公司，但在汽车行业变革之前还需要更多</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-03-16 10:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p>‘The writing is on the wall with regard to the long-term EV versus internal combustion debate,’ but length of the trip to an electrified future is still a debate</p><p><blockquote>“关于电动汽车与内燃机的长期争论已经不祥之兆”，但通往电气化未来的旅程长度仍然是一个争论</blockquote></p><p> Wall Street and Silicon Valley poured billions of dollars into electric-vehicle and related companies in 2020, betting on their future dominance and in many cases fueling valuations that bear little relation to the companies’ current or expected production and sales.</p><p><blockquote>2020年，华尔街和硅谷向电动汽车及相关公司投入了数十亿美元，押注于它们未来的主导地位，并在许多情况下推高了与公司当前或预期生产和销售关系不大的估值。</blockquote></p><p> There is little doubt that the automotive industry is trending toward electric vehicles amid the rise of Tesla Inc.&nbsp;Declining prices and increasing availability of electric vehicles, or EVs; the potential for technology breakthroughs that offer a cheaper, longer-lasting, and faster-to-recharge battery; strides in EV infrastructure, and “green friendly” government initiatives taking root in the U.S. and elsewhere show the likely path.</p><p><blockquote>毫无疑问，随着特斯拉公司的崛起，汽车行业正在转向电动汽车。电动汽车（EV）价格下降、供应量增加；提供更便宜、更耐用、充电更快的电池的技术突破的潜力；电动汽车基础设施的进步以及在美国和其他地方扎根的“绿色友好”政府举措显示了可能的道路。</blockquote></p><p> And what once was an investment universe comprising solely Tesla and a smattering of fuel-cell companies has burgeoned into a subsector combining industrials, tech and transportation, with China as a major driving force both as EV makers’ base market and for EV demand. In total, at least $28 billion was invested in public and private electric-vehicle companies in 2020, according to data from CB Insights and Dow Jones Market Data Group.</p><p><blockquote>曾经仅由特斯拉和少数燃料电池公司组成的投资领域已迅速发展成为一个结合工业、科技和交通的子行业，中国是电动汽车制造商的基础市场和电动汽车需求的主要驱动力。根据CB Insights和道琼斯市场数据集团的数据，2020年公共和私营电动汽车公司的投资总额至少为280亿美元。</blockquote></p><p> “The writing is on the wall with regard to the long-term EV versus internal combustion debate,” said John Mitchell, a partner at Blue Horizon Capital.</p><p><blockquote>Blue Horizon Capital合伙人约翰·米切尔(John Mitchell)表示：“关于电动汽车与内燃机的长期争论，已经不祥之兆。”</blockquote></p><p> In several countries around the world, people will no longer be allowed to purchase internal combustion-engine vehicles within a short decade or two, and global auto makers have realized that “the transition to electrified vehicles is the only way to compete,” he said.</p><p><blockquote>在世界上的几个国家，人们将在短短十年或二十年内不再被允许购买内燃机汽车，全球汽车制造商已经意识到“向电动汽车过渡是竞争的唯一途径，”他说。</blockquote></p><p> Not to be outdone, General Motors Co.,Ford Motor Co.&nbsp;and other legacy auto makers amped investments in EVs and autonomous vehicles, with GM going as far as vowing to phase out internal combustion-engine vehicles within less than 15 years. Tesla, of course, joined the S&amp;P 500 index&nbsp;in 2020 after finally showing consistent profit.New companies such as Nio Inc.NIO,-1.25%,Nikola Corp.,and Fisker Inc.&nbsp;attracted outsize investor attention, and the involvement of special-purpose acquisition companies became nearly common place.</p><p><blockquote>通用汽车公司、福特汽车公司和其他传统汽车制造商也不甘示弱，加大了对电动汽车和自动驾驶汽车的投资，通用汽车甚至发誓要在不到15年内逐步淘汰内燃机汽车。当然，特斯拉在最终显示出持续盈利后，于2020年加入了标普500指数。蔚来公司（NIO，-1.25%）、尼古拉公司（Nikola Corp.）和菲斯克公司（Fisker Inc.）等新公司吸引了投资者的极大关注，特殊目的收购公司几乎变得司空见惯。</blockquote></p><p> “The EV party is just beginning, buckle the seat belts,” Wedbush analyst Dan Ives said recently. Recent weakness are short-term “growing pains,” he said.</p><p><blockquote>韦德布什分析师丹·艾夫斯最近表示：“电动汽车派对才刚刚开始，请系好安全带。”他说，最近的疲软是短期的“成长的烦恼”。</blockquote></p><p> That doesn’t mean that the switch from combustion engines to electric cars will take place quickly. Electric cars currently make up around 2% of global auto sales, and estimates for a future market share vary from a low-end forecast of 10% to 20% of cars sold by 2030 to as much as two-thirds of the market by that time.</p><p><blockquote>这并不意味着从内燃机到电动汽车的转变会很快发生。电动汽车目前约占全球汽车销量的2%，对未来市场份额的估计各不相同，从到2030年占汽车销量10%至20%的低端预测到届时占市场份额的三分之二。</blockquote></p><p> Much more money will be needed to fund the switch, despite the billions that already found its way to EV-related investments. A recent note from B. of A. Securities put a price tag on a future EV “revolution,” saying that funding that change is still a “tremendous hurdle.”</p><p><blockquote>尽管已经有数十亿美元用于电动汽车相关投资，但仍需要更多资金来为这一转变提供资金。B.of A.Securities最近的一份报告为未来的电动汽车“革命”贴上了价格标签，称为这一变革提供资金仍然是一个“巨大的障碍”。</blockquote></p><p> Extrapolating from the relationship between Tesla’s capital raises and its capacity to make vehicles, the B. of A. analysts calculated that a shift to a 100% EV world would need more than $2.5 trillion in investments, coming from the companies, investors and governments across the world.</p><p><blockquote>根据特斯拉融资与其汽车制造能力之间的关系推断，B.of A.分析师计算出，向100%电动汽车世界的转变将需要来自公司、投资者和政府超过2.5万亿美元的投资。世界各地。</blockquote></p><p> Recent capital raises by EV and related companies through the SPACs, or “blank-check” companies, “may be just a beginning,” they said.</p><p><blockquote>他们表示，电动汽车和相关公司最近通过SPAC或“空白支票”公司筹集的资金“可能只是一个开始”。</blockquote></p><p> <b>‘Hyper growth’ in EV and renewables</b></p><p><blockquote><b>电动汽车和可再生能源的“高速增长”</b></blockquote></p><p> The heightened interest in EV and related stocks has led to concerns about a bubble.</p><p><blockquote>人们对电动汽车及相关股票的兴趣增强引发了人们对泡沫的担忧。</blockquote></p><p> At a recent JPMorgan virtual investor conference, head of global research Joyce Chang and others told the audience that they were not seeing “a broad equity market bubble,” but that “certain pockets” of the market were experiencing “hyper growth, such as electric vehicles and renewables.”</p><p><blockquote>在最近的摩根大通虚拟投资者会议上，全球研究主管Joyce Chang和其他人告诉观众，他们没有看到“广泛的股市泡沫”，但市场的“某些部分”正在经历“高速增长，例如电动汽车和可再生能源。”</blockquote></p><p> Bubbles, of course, are easy to spot — in hindsight. It remains to be seen whether the current influx of money and attention to EV companies, as well as to autonomous vehicles and AV-adjacent companies, will resemble the short-lived notice paid to cloud-computing companies half a decade ago, or the early aughts’ spotlight on fuel-cell companies, several of which — 20 years later — have still not returned to record highs established then.</p><p><blockquote>当然，事后看来，泡沫很容易被发现。目前涌入电动汽车公司以及自动驾驶汽车和自动驾驶汽车相关公司的资金和关注是否会类似于五年前向云计算公司支付的短暂通知，或者类似于五年前向云计算公司支付的短暂通知，还有待观察。早期的事情对燃料电池公司的关注，其中几家公司——20年后——仍未恢复到当时创下的历史新高。</blockquote></p><p> The JPMorgan analysts reminded the audience that EV, renewables and “innovation” stocks make up a small percentage of the broader equity market, with EVs only around 2% of the S&amp;P 500.</p><p><blockquote>摩根大通分析师提醒观众，电动汽车、可再生能源和“创新”股票在整个股市中所占比例很小，电动汽车仅占标普500的2%左右。</blockquote></p><p> Boding well for the future, however, Blue Horizon’s Mitchell pointed to the increasing quality and technical improvements for EVs.</p><p><blockquote>然而，Blue Horizon的米切尔指出，电动汽车的质量和技术改进不断提高，这预示着未来的良好前景。</blockquote></p><p> “Battery life is only going to be extended and with the trillions being invested globally by all those supporting the electrification of the transportation system the infrastructure for widespread adoption and usage of EV technology is only going to increase,” he said.</p><p><blockquote>他说：“电池寿命只会延长，随着所有支持交通系统电气化的人在全球范围内投资数万亿美元，广泛采用和使用电动汽车技术的基础设施只会增加。”</blockquote></p><p></p><p> Analysts at UBS forecast that global auto makers’ revenues from EVs are going to shift to $1.16 trillion by year 2030, from $182 billion today.</p><p><blockquote>瑞银分析师预测，到2030年，全球汽车制造商来自电动汽车的收入将从目前的1820亿美元增至1.16万亿美元。</blockquote></p><p> Conversely, revenue from ICE vehicles, at $1.77 trillion today, will dwindle to $1.07 trillion. Revenues for software will make an even bigger slice of that revenue pie by 2030, at nearly $2 trillion.</p><p><blockquote>相反，内燃机汽车的收入目前为1.77万亿美元，将减少至1.07万亿美元。到2030年，软件收入将在收入蛋糕中占据更大的份额，达到近2万亿美元。</blockquote></p><p> Here’s the UBS chart, in billions:</p><p><blockquote>以下是瑞银图表，单位为十亿：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d50358ca5183ce3798dcd48c2d4d479f\" tg-width=\"1260\" tg-height=\"565\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>A company or a business plan?</b></p><p><blockquote><b>公司还是商业计划？</b></blockquote></p><p> Blank-check companies have been around for a long time, but took on a larger role in U.S. investing last year, when there were more initial public offerings through special-purpose acquisition companies than all other years combined, Garrett Nelson at CFRA said in a recent note.</p><p><blockquote>CFRA的加勒特·纳尔逊(Garrett Nelson)在一份报告中表示，空白支票公司已经存在了很长时间，但去年在美国投资中发挥了更大的作用，当时通过特殊目的收购公司进行的首次公开募股比所有其他年份的总和还要多。最近的笔记。</blockquote></p><p> Activity in 2021 is on track to exceed last year’s “by a wide margin,” and some of the largest SPAC deals are again likely to be in the “burgeoning electric and autonomous vehicle (EV/AV) space,” he said.</p><p><blockquote>他表示，2021年的活动有望“大幅”超过去年，一些最大的SPAC交易可能再次出现在“新兴的电动和自动驾驶汽车（EV/AV）领域”。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/341d62db385f1b98b0032b7a2f54ff9a\" tg-width=\"1260\" tg-height=\"857\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Some of the companies popping in “resemble business plans rather more than revenue- or profit-generating businesses,” but there’s reason for optimism, Nelson said.</p><p><blockquote>纳尔逊说，一些突然出现的公司“更像是商业计划，而不是产生收入或利润的业务”，但有理由乐观。</blockquote></p><p> The CFRA analyst singled out Fisker, Lucid Motors, which&nbsp;plans to go public via a SPAC merger with Churchill Capital Corp. IV&nbsp;and privately held electric-truck maker Rivian as companies that are better positioned than others.</p><p><blockquote>这位CFRA分析师特别指出，Fisker、Lucid Motors（计划通过SPAC与Churchill Capital Corp.IV合并上市）以及私营电动卡车制造商Rivian是比其他公司定位更好的公司。</blockquote></p><p> Tesla, of course, has established a first-mover advantage widely viewed as substantial.</p><p><blockquote>当然，特斯拉已经建立了被广泛认为是巨大的先发优势。</blockquote></p><p> The UBS analysts calculate that Tesla has a cost advantage around $1,000 to $2,000 per electric vehicle over other auto makers, although competition is increasing. Volkswagen AG’s&nbsp;MEB platform, the auto maker’s building block for its electric vehicles, is already “fully cost competitive” with Tesla.</p><p><blockquote>瑞银分析师计算出，尽管竞争正在加剧，但与其他汽车制造商相比，特斯拉每辆电动汽车的成本优势约为1,000至2,000美元。大众汽车公司的MEB平台是该汽车制造商电动汽车的构建模块，已经与特斯拉“完全具有成本竞争力”。</blockquote></p><p> VW, the No. 2 auto maker in the world, still lags behind in terms of battery costs, with Tesla likely to keep its price advantage in the battery space due to its vertical integration and technology advances, they said. Still, they see that large legacy auto makers such as VW would be able to reach an EV manufacturing cost and margin parity in four years.</p><p><blockquote>他们表示，全球第二大汽车制造商大众在电池成本方面仍然落后，而特斯拉由于其垂直整合和技术进步，可能会保持其在电池领域的价格优势。尽管如此，他们认为大众等大型传统汽车制造商将能够在四年内实现电动汽车制造成本和利润率平价。</blockquote></p><p> <b>EVs, not AVs, could be the real game-changer</b></p><p><blockquote><b>电动汽车，而不是自动驾驶汽车，可能是真正的游戏规则改变者</b></blockquote></p><p> Related to investor’s inflows to electric-vehicle makers is the interest generated by lidar, batteries, sensors and other components hailed as key to autonomous vehicles.</p><p><blockquote>与投资者流入电动汽车制造商相关的是激光雷达、电池、传感器和其他被誉为自动驾驶汽车关键的组件所产生的兴趣。</blockquote></p><p> Full autonomy has been proven to be a stubborn and costly problem to solve, with regulatory and technological hurdles aplenty.</p><p><blockquote>事实证明，完全自治是一个顽固且解决起来成本高昂的问题，存在大量监管和技术障碍。</blockquote></p><p> Despite lofty goals, most cars on the road today offer advanced driver-assistance systems that are not dramatically different from previous years’ systems and still far from being the game-changer they are expected to be for lives and economies in a not-so-distant future.</p><p><blockquote>尽管目标很高，但当今道路上的大多数汽车都提供了先进的驾驶员辅助系统，这些系统与前几年的系统没有太大区别，而且距离它们在不久的将来有望改变生活和经济的游戏规则还很远。遥远的未来。</blockquote></p><p> For now, auto makers are mostly focusing on partial autonomy and ADAS offerings that can be commercialized in the short term, with EVs pulling ahead in terms of consumer interest and regulatory push.</p><p><blockquote>目前，汽车制造商主要专注于可以在短期内商业化的部分自动驾驶和ADAS产品，电动汽车在消费者兴趣和监管推动方面领先。</blockquote></p><p> “EVs are simply a better product,” Blue Horizon’s Mitchell said.</p><p><blockquote>“电动汽车只是一种更好的产品，”蓝色地平线的米切尔说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/billions-poured-into-electric-vehicle-companies-but-much-more-will-be-needed-before-the-auto-industry-changes-11615834509?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FSR":"菲斯克","TSLA":"特斯拉","GM":"通用汽车","NIO":"蔚来","F":"福特汽车"},"source_url":"https://www.marketwatch.com/story/billions-poured-into-electric-vehicle-companies-but-much-more-will-be-needed-before-the-auto-industry-changes-11615834509?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"2119094972","content_text":"‘The writing is on the wall with regard to the long-term EV versus internal combustion debate,’ but length of the trip to an electrified future is still a debate\nWall Street and Silicon Valley poured billions of dollars into electric-vehicle and related companies in 2020, betting on their future dominance and in many cases fueling valuations that bear little relation to the companies’ current or expected production and sales.\nThere is little doubt that the automotive industry is trending toward electric vehicles amid the rise of Tesla Inc. Declining prices and increasing availability of electric vehicles, or EVs; the potential for technology breakthroughs that offer a cheaper, longer-lasting, and faster-to-recharge battery; strides in EV infrastructure, and “green friendly” government initiatives taking root in the U.S. and elsewhere show the likely path.\nAnd what once was an investment universe comprising solely Tesla and a smattering of fuel-cell companies has burgeoned into a subsector combining industrials, tech and transportation, with China as a major driving force both as EV makers’ base market and for EV demand. In total, at least $28 billion was invested in public and private electric-vehicle companies in 2020, according to data from CB Insights and Dow Jones Market Data Group.\n“The writing is on the wall with regard to the long-term EV versus internal combustion debate,” said John Mitchell, a partner at Blue Horizon Capital.\nIn several countries around the world, people will no longer be allowed to purchase internal combustion-engine vehicles within a short decade or two, and global auto makers have realized that “the transition to electrified vehicles is the only way to compete,” he said.\nNot to be outdone, General Motors Co.,Ford Motor Co. and other legacy auto makers amped investments in EVs and autonomous vehicles, with GM going as far as vowing to phase out internal combustion-engine vehicles within less than 15 years. Tesla, of course, joined the S&P 500 index in 2020 after finally showing consistent profit.New companies such as Nio Inc.NIO,-1.25%,Nikola Corp.,and Fisker Inc. attracted outsize investor attention, and the involvement of special-purpose acquisition companies became nearly common place.\n“The EV party is just beginning, buckle the seat belts,” Wedbush analyst Dan Ives said recently. Recent weakness are short-term “growing pains,” he said.\nThat doesn’t mean that the switch from combustion engines to electric cars will take place quickly. Electric cars currently make up around 2% of global auto sales, and estimates for a future market share vary from a low-end forecast of 10% to 20% of cars sold by 2030 to as much as two-thirds of the market by that time.\nMuch more money will be needed to fund the switch, despite the billions that already found its way to EV-related investments. A recent note from B. of A. Securities put a price tag on a future EV “revolution,” saying that funding that change is still a “tremendous hurdle.”\nExtrapolating from the relationship between Tesla’s capital raises and its capacity to make vehicles, the B. of A. analysts calculated that a shift to a 100% EV world would need more than $2.5 trillion in investments, coming from the companies, investors and governments across the world.\nRecent capital raises by EV and related companies through the SPACs, or “blank-check” companies, “may be just a beginning,” they said.\n‘Hyper growth’ in EV and renewables\nThe heightened interest in EV and related stocks has led to concerns about a bubble.\nAt a recent JPMorgan virtual investor conference, head of global research Joyce Chang and others told the audience that they were not seeing “a broad equity market bubble,” but that “certain pockets” of the market were experiencing “hyper growth, such as electric vehicles and renewables.”\nBubbles, of course, are easy to spot — in hindsight. It remains to be seen whether the current influx of money and attention to EV companies, as well as to autonomous vehicles and AV-adjacent companies, will resemble the short-lived notice paid to cloud-computing companies half a decade ago, or the early aughts’ spotlight on fuel-cell companies, several of which — 20 years later — have still not returned to record highs established then.\nThe JPMorgan analysts reminded the audience that EV, renewables and “innovation” stocks make up a small percentage of the broader equity market, with EVs only around 2% of the S&P 500.\nBoding well for the future, however, Blue Horizon’s Mitchell pointed to the increasing quality and technical improvements for EVs.\n“Battery life is only going to be extended and with the trillions being invested globally by all those supporting the electrification of the transportation system the infrastructure for widespread adoption and usage of EV technology is only going to increase,” he said.\nAnalysts at UBS forecast that global auto makers’ revenues from EVs are going to shift to $1.16 trillion by year 2030, from $182 billion today.\nConversely, revenue from ICE vehicles, at $1.77 trillion today, will dwindle to $1.07 trillion. Revenues for software will make an even bigger slice of that revenue pie by 2030, at nearly $2 trillion.\nHere’s the UBS chart, in billions:\n\nA company or a business plan?\nBlank-check companies have been around for a long time, but took on a larger role in U.S. investing last year, when there were more initial public offerings through special-purpose acquisition companies than all other years combined, Garrett Nelson at CFRA said in a recent note.\nActivity in 2021 is on track to exceed last year’s “by a wide margin,” and some of the largest SPAC deals are again likely to be in the “burgeoning electric and autonomous vehicle (EV/AV) space,” he said.\n\nSome of the companies popping in “resemble business plans rather more than revenue- or profit-generating businesses,” but there’s reason for optimism, Nelson said.\nThe CFRA analyst singled out Fisker, Lucid Motors, which plans to go public via a SPAC merger with Churchill Capital Corp. IV and privately held electric-truck maker Rivian as companies that are better positioned than others.\nTesla, of course, has established a first-mover advantage widely viewed as substantial.\nThe UBS analysts calculate that Tesla has a cost advantage around $1,000 to $2,000 per electric vehicle over other auto makers, although competition is increasing. Volkswagen AG’s MEB platform, the auto maker’s building block for its electric vehicles, is already “fully cost competitive” with Tesla.\nVW, the No. 2 auto maker in the world, still lags behind in terms of battery costs, with Tesla likely to keep its price advantage in the battery space due to its vertical integration and technology advances, they said. Still, they see that large legacy auto makers such as VW would be able to reach an EV manufacturing cost and margin parity in four years.\nEVs, not AVs, could be the real game-changer\nRelated to investor’s inflows to electric-vehicle makers is the interest generated by lidar, batteries, sensors and other components hailed as key to autonomous vehicles.\nFull autonomy has been proven to be a stubborn and costly problem to solve, with regulatory and technological hurdles aplenty.\nDespite lofty goals, most cars on the road today offer advanced driver-assistance systems that are not dramatically different from previous years’ systems and still far from being the game-changer they are expected to be for lives and economies in a not-so-distant future.\nFor now, auto makers are mostly focusing on partial autonomy and ADAS offerings that can be commercialized in the short term, with EVs pulling ahead in terms of consumer interest and regulatory push.\n“EVs are simply a better product,” Blue Horizon’s Mitchell 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ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/194234757","repostId":"2136999458","repostType":4,"isVote":1,"tweetType":1,"viewCount":349,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100827583,"gmtCreate":1619601802742,"gmtModify":1634211429554,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561756385522345","idStr":"3561756385522345"},"themes":[],"htmlText":"//<a href=\"https://laohu8.com/U/3561756385522345\">@tauh</a>: Great ariticle, would you like to share it?","listText":"//<a href=\"https://laohu8.com/U/3561756385522345\">@tauh</a>: Great ariticle, would you like to share it?","text":"//@tauh: Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/100827583","repostId":"375724004","repostType":1,"repost":{"id":375724004,"gmtCreate":1619398312708,"gmtModify":1619398312708,"author":{"id":"3444504177139447","authorId":"3444504177139447","name":"投资小达人","avatar":"https://static.tigerbbs.com/cace575a7391eddd10a8a0c6537aadf4","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3444504177139447","idStr":"3444504177139447"},"themes":[],"title":"💰2021年4月26日之美的的基础调研","htmlText":"美的集团基础调研思维导图第一，主营业务领域及愿景美的是一家消费电器、暖通空调、机器人与自动化系统、智能供应链物流的科技集团。每年为全球超过3亿用户、及各领域的重要客户与战略合作伙伴提供满意的产品和服务，致力创造美好生活。海尔是全球大型家电品牌，提供冰箱、洗衣机、空调等智能家电全套解决方案；海尔智慧家庭利用物联网、人工智能、大数据，通过U+开放物联平台及场景商务结合，实现最佳的智慧生活体验。格力是一家集研发、生产、销售、服务于一体的国际化家电企业，拥有格力、TOSOT、晶弘三大品牌，主营家用空调、中央空调、空气能热水器、生活电器等产品，以“缔造全球领先的空调企业，成就格力百年的世界品牌”为目标。第二，核心优势美的，有完善的职业经理人制度+全面的激励机制+高效的经营效率+明确的产业布局，这些都是影响未来的关键，目前来看，市场低估了美的收购的世界四大机器人公司之一的库卡，未来的潜力会更加巨大。海尔，有领先的品牌高端化+全球化布局，子品牌卡萨帝在国内高端家电市场异军突起，海尔收购的通用电气家电GEA，在北美高端家电市场稳居前二，未来会长期受益于消费升级。格力，空调行业强大的品牌号召力+最强的渠道掌控力，空调一骑绝尘，但优势也仅限在空调领域，多元化搞了几年，但亮点不突出，未来很不确定。第三，跨界领域业务美的的无人零售小卖柜业务，2017年12月开始运营，美的85%控股，小卖柜团队持股15%，小卖柜由美的生产。美的的新零售之梦，还处于起步阶段，但符合未来零售的趋势。海尔的日日顺配送公司，专门做家电大件配送，借助战略投资者菜鸟的订单导流、宜华生活的品牌商订单支持，同时积极拓展末端网络覆盖，布局智能化、自动化仓库，为大件物流行业梳理标杆，加强末端服务能力，提升了终端品牌形象及用户粘性。格力的套期保值业务，空调产品对铝和铜的需求是极其巨大的，因此格力的成本与原材料息息相关。为了稳定原材料的价","listText":"美的集团基础调研思维导图第一，主营业务领域及愿景美的是一家消费电器、暖通空调、机器人与自动化系统、智能供应链物流的科技集团。每年为全球超过3亿用户、及各领域的重要客户与战略合作伙伴提供满意的产品和服务，致力创造美好生活。海尔是全球大型家电品牌，提供冰箱、洗衣机、空调等智能家电全套解决方案；海尔智慧家庭利用物联网、人工智能、大数据，通过U+开放物联平台及场景商务结合，实现最佳的智慧生活体验。格力是一家集研发、生产、销售、服务于一体的国际化家电企业，拥有格力、TOSOT、晶弘三大品牌，主营家用空调、中央空调、空气能热水器、生活电器等产品，以“缔造全球领先的空调企业，成就格力百年的世界品牌”为目标。第二，核心优势美的，有完善的职业经理人制度+全面的激励机制+高效的经营效率+明确的产业布局，这些都是影响未来的关键，目前来看，市场低估了美的收购的世界四大机器人公司之一的库卡，未来的潜力会更加巨大。海尔，有领先的品牌高端化+全球化布局，子品牌卡萨帝在国内高端家电市场异军突起，海尔收购的通用电气家电GEA，在北美高端家电市场稳居前二，未来会长期受益于消费升级。格力，空调行业强大的品牌号召力+最强的渠道掌控力，空调一骑绝尘，但优势也仅限在空调领域，多元化搞了几年，但亮点不突出，未来很不确定。第三，跨界领域业务美的的无人零售小卖柜业务，2017年12月开始运营，美的85%控股，小卖柜团队持股15%，小卖柜由美的生产。美的的新零售之梦，还处于起步阶段，但符合未来零售的趋势。海尔的日日顺配送公司，专门做家电大件配送，借助战略投资者菜鸟的订单导流、宜华生活的品牌商订单支持，同时积极拓展末端网络覆盖，布局智能化、自动化仓库，为大件物流行业梳理标杆，加强末端服务能力，提升了终端品牌形象及用户粘性。格力的套期保值业务，空调产品对铝和铜的需求是极其巨大的，因此格力的成本与原材料息息相关。为了稳定原材料的价","text":"美的集团基础调研思维导图第一，主营业务领域及愿景美的是一家消费电器、暖通空调、机器人与自动化系统、智能供应链物流的科技集团。每年为全球超过3亿用户、及各领域的重要客户与战略合作伙伴提供满意的产品和服务，致力创造美好生活。海尔是全球大型家电品牌，提供冰箱、洗衣机、空调等智能家电全套解决方案；海尔智慧家庭利用物联网、人工智能、大数据，通过U+开放物联平台及场景商务结合，实现最佳的智慧生活体验。格力是一家集研发、生产、销售、服务于一体的国际化家电企业，拥有格力、TOSOT、晶弘三大品牌，主营家用空调、中央空调、空气能热水器、生活电器等产品，以“缔造全球领先的空调企业，成就格力百年的世界品牌”为目标。第二，核心优势美的，有完善的职业经理人制度+全面的激励机制+高效的经营效率+明确的产业布局，这些都是影响未来的关键，目前来看，市场低估了美的收购的世界四大机器人公司之一的库卡，未来的潜力会更加巨大。海尔，有领先的品牌高端化+全球化布局，子品牌卡萨帝在国内高端家电市场异军突起，海尔收购的通用电气家电GEA，在北美高端家电市场稳居前二，未来会长期受益于消费升级。格力，空调行业强大的品牌号召力+最强的渠道掌控力，空调一骑绝尘，但优势也仅限在空调领域，多元化搞了几年，但亮点不突出，未来很不确定。第三，跨界领域业务美的的无人零售小卖柜业务，2017年12月开始运营，美的85%控股，小卖柜团队持股15%，小卖柜由美的生产。美的的新零售之梦，还处于起步阶段，但符合未来零售的趋势。海尔的日日顺配送公司，专门做家电大件配送，借助战略投资者菜鸟的订单导流、宜华生活的品牌商订单支持，同时积极拓展末端网络覆盖，布局智能化、自动化仓库，为大件物流行业梳理标杆，加强末端服务能力，提升了终端品牌形象及用户粘性。格力的套期保值业务，空调产品对铝和铜的需求是极其巨大的，因此格力的成本与原材料息息相关。为了稳定原材料的价","images":[{"img":"https://static.tigerbbs.com/81ccaeec31f7964028ca52bd89d1dd81","width":"688","height":"329"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/375724004","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":1,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":241,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346085723,"gmtCreate":1617975066962,"gmtModify":1634295437814,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561756385522345","idStr":"3561756385522345"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/346085723","repostId":"346085115","repostType":1,"repost":{"id":346085115,"gmtCreate":1617975020137,"gmtModify":1617975020137,"author":{"id":"3503452965237041","authorId":"3503452965237041","name":"美股研究社","avatar":"https://static.tigerbbs.com/a239c7906133df1f3817d0746a8a0ba1","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3503452965237041","idStr":"3503452965237041"},"themes":[],"htmlText":"爱彼迎(ABNB.O)：正在将Neighbor Support Line业务扩展至日本、巴西和法国，并计划在日后扩展至更多国家。<a href=\"https://laohu8.com/S/ABNB\">$爱彼迎(ABNB)$</a>","listText":"爱彼迎(ABNB.O)：正在将Neighbor Support Line业务扩展至日本、巴西和法国，并计划在日后扩展至更多国家。<a href=\"https://laohu8.com/S/ABNB\">$爱彼迎(ABNB)$</a>","text":"爱彼迎(ABNB.O)：正在将Neighbor Support Line业务扩展至日本、巴西和法国，并计划在日后扩展至更多国家。$爱彼迎(ABNB)$","images":[{"img":"https://static.tigerbbs.com/504a0e8b023aadcee49f52835f3773db","width":"500","height":"375"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/346085115","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":324,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350297557,"gmtCreate":1616208684979,"gmtModify":1634526720460,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561756385522345","idStr":"3561756385522345"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/350297557","repostId":"1196402560","repostType":2,"isVote":1,"tweetType":1,"viewCount":322,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":327138036,"gmtCreate":1616067981925,"gmtModify":1634527414301,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561756385522345","idStr":"3561756385522345"},"themes":[],"htmlText":"[财迷]&nbsp;","listText":"[财迷]&nbsp;","text":"[财迷]","images":[{"img":"https://static.tigerbbs.com/4cfc288640c2c7bbbabb54e410921cc6","width":"1080","height":"1088"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/327138036","isVote":1,"tweetType":1,"viewCount":268,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":368510024,"gmtCreate":1614336928168,"gmtModify":1703476548139,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561756385522345","idStr":"3561756385522345"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/368510024","repostId":"2114371428","repostType":2,"repost":{"id":"2114371428","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1614337922,"share":"https://www.laohu8.com/m/news/2114371428?lang=zh_CN&edition=full","pubTime":"2021-02-26 19:12","market":"hk","language":"en","title":"5 Stocks To Watch For February 26, 2021<blockquote>2021年2月26日值得关注的5只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2114371428","media":"Benzinga","summary":"Some of the stocks that may grab investor focus today are:","content":"<p><html><body>Some of the stocks that may grab investor focus today are:</p><p><blockquote><html><body>今天可能引起投资者关注的一些股票包括：</body></html></blockquote></p><p> <ul> <li>Wall Street expects <strong> Foot Locker, Inc.</strong> (NYSE:FL) to report quarterly earnings at $1.35 per share on revenue of $2.29 billion before the opening bell. Foot Locker shares fell 1.4% to $52.00 in after-hours trading.</li> <li><strong>Dell Technologies Inc</strong> (NYSE:DELL) reported better-than-expected results for its fourth quarter on Thursday. Dell shares gained 1.7% to $81.00 in the after-hours trading session.</li> <li>Analysts are expecting <strong> Public Service Enterprise Group Inc.</strong> (NYSE:PEG) to have earned $0.65 per share on revenue of $2.83 billion for the latest quarter. The company will release earnings after the markets close. Public Service Enterprise shares fell 0.2% to close at $55.90 in after-hours trading.</li> </ul> <em>Find out what's going on in today's market and bring any questions you have to Benzinga's PreMarket Prep.</em></p><p><blockquote><ul><li>华尔街预计<strong>Foot Locker公司。</strong>（纽约证券交易所股票代码：FL）将在开盘前公布季度收益为每股1.35美元，营收为22.9亿美元。Foot Locker股价在盘后交易中下跌1.4%，至52.00美元。</li><li><strong>戴尔技术公司</strong>（纽约证券交易所代码：DELL）周四公布了好于预期的第四季度业绩。戴尔股价在盘后交易时段上涨1.7%，至81.00美元。</li><li>分析师预计<strong>公共服务企业集团公司。</strong>（纽约证券交易所股票代码：PEG）最近一个季度每股收益0.65美元，营收为28.3亿美元。该公司将在收盘后发布财报。公共服务企业股价在盘后交易中下跌0.2%，收于55.90美元。</li></ul><em>了解当今市场的动态，并将您有的任何问题带到Benzinga的上市前准备中。</em></blockquote></p><p> <em>Choosing the best broker is an important part of being a successful trader or investor</em></p><p><blockquote><em>选择最好的经纪人是成为成功交易者或投资者的重要组成部分</em></blockquote></p><p> <ul> <li><strong>salesforce.com, inc. </strong> (NYSE:CRM) reported upbeat results for its fourth quarter and issued strong guidance for the current quarter. However, the company issued weak profit forecast for the full-year 2022. <a href=\"https://laohu8.com/S/CRM\">Salesforce</a> shares dropped 4.8% to $220.00 in the after-hours trading session.</li> <li><strong>Groupon Inc</strong> (NASDAQ:GRPN) reported stronger-than-expected results for its fourth quarter. Groupon shares jumped 13.1% to $41.80 in the after-hours trading session.</li> </ul> </body></html></p><p><blockquote><ul><li><strong>salesforce.com公司。</strong>（纽约证券交易所股票代码：CRM）报告了第四季度的乐观业绩，并发布了本季度的强劲指引。然而，该公司发布了疲弱的2022年全年盈利预测。<a href=\"https://laohu8.com/S/CRM\">Salesforce</a>盘后交易时段股价下跌4.8%，至220.00美元。</li><li><strong>Groupon Inc</strong>（纳斯达克：GRPN）公布第四季度业绩强于预期。Groupon股价在盘后交易时段上涨13.1%，至41.80美元。</li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>5 Stocks To Watch For February 26, 2021<blockquote>2021年2月26日值得关注的5只股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n5 Stocks To Watch For February 26, 2021<blockquote>2021年2月26日值得关注的5只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-02-26 19:12</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><html><body>Some of the stocks that may grab investor focus today are:</p><p><blockquote><html><body>今天可能引起投资者关注的一些股票包括：</body></html></blockquote></p><p> <ul> <li>Wall Street expects <strong> Foot Locker, Inc.</strong> (NYSE:FL) to report quarterly earnings at $1.35 per share on revenue of $2.29 billion before the opening bell. Foot Locker shares fell 1.4% to $52.00 in after-hours trading.</li> <li><strong>Dell Technologies Inc</strong> (NYSE:DELL) reported better-than-expected results for its fourth quarter on Thursday. Dell shares gained 1.7% to $81.00 in the after-hours trading session.</li> <li>Analysts are expecting <strong> Public Service Enterprise Group Inc.</strong> (NYSE:PEG) to have earned $0.65 per share on revenue of $2.83 billion for the latest quarter. The company will release earnings after the markets close. Public Service Enterprise shares fell 0.2% to close at $55.90 in after-hours trading.</li> </ul> <em>Find out what's going on in today's market and bring any questions you have to Benzinga's PreMarket Prep.</em></p><p><blockquote><ul><li>华尔街预计<strong>Foot Locker公司。</strong>（纽约证券交易所股票代码：FL）将在开盘前公布季度收益为每股1.35美元，营收为22.9亿美元。Foot Locker股价在盘后交易中下跌1.4%，至52.00美元。</li><li><strong>戴尔技术公司</strong>（纽约证券交易所代码：DELL）周四公布了好于预期的第四季度业绩。戴尔股价在盘后交易时段上涨1.7%，至81.00美元。</li><li>分析师预计<strong>公共服务企业集团公司。</strong>（纽约证券交易所股票代码：PEG）最近一个季度每股收益0.65美元，营收为28.3亿美元。该公司将在收盘后发布财报。公共服务企业股价在盘后交易中下跌0.2%，收于55.90美元。</li></ul><em>了解当今市场的动态，并将您有的任何问题带到Benzinga的上市前准备中。</em></blockquote></p><p> <em>Choosing the best broker is an important part of being a successful trader or investor</em></p><p><blockquote><em>选择最好的经纪人是成为成功交易者或投资者的重要组成部分</em></blockquote></p><p> <ul> <li><strong>salesforce.com, inc. </strong> (NYSE:CRM) reported upbeat results for its fourth quarter and issued strong guidance for the current quarter. However, the company issued weak profit forecast for the full-year 2022. <a href=\"https://laohu8.com/S/CRM\">Salesforce</a> shares dropped 4.8% to $220.00 in the after-hours trading session.</li> <li><strong>Groupon Inc</strong> (NASDAQ:GRPN) reported stronger-than-expected results for its fourth quarter. Groupon shares jumped 13.1% to $41.80 in the after-hours trading session.</li> </ul> </body></html></p><p><blockquote><ul><li><strong>salesforce.com公司。</strong>（纽约证券交易所股票代码：CRM）报告了第四季度的乐观业绩，并发布了本季度的强劲指引。然而，该公司发布了疲弱的2022年全年盈利预测。<a href=\"https://laohu8.com/S/CRM\">Salesforce</a>盘后交易时段股价下跌4.8%，至220.00美元。</li><li><strong>Groupon Inc</strong>（纳斯达克：GRPN）公布第四季度业绩强于预期。Groupon股价在盘后交易时段上涨13.1%，至41.80美元。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DELL":"戴尔","CRM":"赛富时","PEG":"公务集团","GRPN":"GroupOn"},"source_url":"https://www.benzinga.com/node/19874379","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2114371428","content_text":"Some of the stocks that may grab investor focus today are:\n\nWall Street expects  Foot Locker, Inc. (NYSE:FL) to report quarterly earnings at $1.35 per share on revenue of $2.29 billion before the opening bell. Foot Locker shares fell 1.4% to $52.00 in after-hours trading.\nDell Technologies Inc (NYSE:DELL) reported better-than-expected results for its fourth quarter on Thursday. Dell shares gained 1.7% to $81.00 in the after-hours trading session.\nAnalysts are expecting  Public Service Enterprise Group Inc. (NYSE:PEG) to have earned $0.65 per share on revenue of $2.83 billion for the latest quarter. The company will release earnings after the markets close. Public Service Enterprise shares fell 0.2% to close at $55.90 in after-hours trading.\n\nFind out what's going on in today's market and bring any questions you have to Benzinga's PreMarket Prep.\nChoosing the best broker is an important part of being a successful trader or investor\n\nsalesforce.com, inc.  (NYSE:CRM) reported upbeat results for its fourth quarter and issued strong guidance for the current quarter. However, the company issued weak profit forecast for the full-year 2022. Salesforce shares dropped 4.8% to $220.00 in the after-hours trading session.\nGroupon Inc (NASDAQ:GRPN) reported stronger-than-expected results for its fourth quarter. Groupon shares jumped 13.1% to $41.80 in the after-hours trading session.","news_type":1,"symbols_score_info":{"GRPN":0.9,"CRM":0.9,"FL":0.9,"DELL":0.9,"PEG":0.9}},"isVote":1,"tweetType":1,"viewCount":556,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382650521,"gmtCreate":1613444246163,"gmtModify":1634553661332,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561756385522345","idStr":"3561756385522345"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/382650521","repostId":"2102123916","repostType":2,"isVote":1,"tweetType":1,"viewCount":184,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382102554,"gmtCreate":1613376643078,"gmtModify":1634553813331,"author":{"id":"3561756385522345","authorId":"3561756385522345","name":"tauh","avatar":"https://static.tigerbbs.com/abbf387bce3ec0b0888c04b40df1476c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561756385522345","idStr":"3561756385522345"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/382102554","repostId":"2110037723","repostType":2,"isVote":1,"tweetType":1,"viewCount":260,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}