Angelagurl的个人主页 - 老虎社区

Angelagurl

Angelagurl

Follow me baby

IP属地：未知

372关注

8粉丝

0主题

0勋章

2021-12-21

Jjf//@Angelagurl://@Angelagurl:Sd

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

2021-12-16

Hi follow me please thankyou

2021-11-27

//@Angelagurl:Sd

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

2021-10-29

Sd

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

2021-09-30

Wow

@许亚鑫:芯片半导体的跟踪与研究！

2021-09-22

Follow me hehe

2021-09-21

Good

@Angelagurl:By Marketwatch

2021-09-16

Wow

@Angelagurl:$AMC Entertainment(AMC)$What should i do ohno!

2021-09-11

$Apple(AAPL)$Wow

2021-08-30

$AMC Entertainment(AMC)$What should i do ohno!

2021-08-30

It is almost time to say Good Bye to Capitaland as it transitions to be privatised and say Hello to Capitaland Investment. As a going away present investors will get some cash and new shares in CLI🎊🎉🍾🎉🎊

2021-08-15

Hi//@Richmondheng:Good

抱歉，原内容已删除

2021-07-29

Good

抱歉，原内容已删除

2021-07-28

Yay

Apple Stock Is Under Pressure. There’s a Silver Lining.<blockquote>苹果股票面临压力。还有一线希望。</blockquote>

2021-07-28

God//@Richmondheng:Gg

抱歉，原内容已删除

2021-07-14

Gg

抱歉，原内容已删除

2021-07-11

Yes

Could The iPad Be Apple’s Best Performer in Fiscal Q3?<blockquote>iPad 会成为苹果第三财季表现最好的产品吗？</blockquote>

2021-07-10

Okays

China has prohibited the merger of HuYa and DouYu<blockquote>中国禁止虎牙和斗鱼合并</blockquote>

2021-07-10

Yup

A crazy week for U.S. stocks came with a change in the market narrative -- should investors believe it?<blockquote>美国股市经历了疯狂的一周，市场叙事发生了变化——投资者应该相信吗？</blockquote>

2021-07-09

Dead

抱歉，原内容已删除

去老虎APP查看更多动态

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Each player has 30 seconds to catch falling candies while 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本文将围绕着什么是芯片？为什么芯片会短缺？中美关系缓和对于芯片行业的影响来做研究。 首先，半导体、集成电路和芯片和晶圆的区别？ 半导体指常温下导电性能介于导体与绝缘体之间的材料。常见的半导体材料有硅、锗、砷化镓等。 集成电路是一种微型电子器件或部件。采用一定的工艺，把一个电路中所需的晶体管、电阻、电容和电感等元件及布线互连一起，然后封装在一个管壳内，成为具有所需电路功能的微型结构。 芯片其实是半导体元件产品的统称，很多时候我们把集成电路和芯片混淆在一起。但严格意义上，芯片并不能完全等于集成电路，芯片是集成电路的载体，由晶圆分割而成。 晶圆是指制作硅半导体电路所用的硅晶片，其原始材料是硅。经过一系列加工后形成硅晶圆片，也就是晶圆。 简单来说就是半导体组成集成电路，芯片是集成电路的终极形态，而晶圆是芯片的原材料。 根据摩尔定律，集成电路上可以容纳的晶体管数目在大约每经过18个月便会增加一倍。换言之，处理器的性能每隔两年就会翻一倍。所以随着时间流逝，芯片行业的壁垒便会自然消失。行业内公司通常处于你追我赶的内卷状态。 其次，为什么芯片会短缺？ 一方面，晶圆量产难度大。 芯片产业链可以分为上中下游三大环节，上游是芯片原材料制造的硅片制造厂商，中游是芯片设计公司，下游就是基于上游生产的硅片，将中游的芯片设计实现出来的晶圆加工厂商。 芯片的基本组成单位是晶体管。晶体管里含有一个栅极，一方面栅极的宽度（14nm、7nm等）决定了电流通过时的损耗，宽度越窄，损耗越低。另一方面栅极越窄，芯片可以含有更多的晶体管，可以提升更多的性能和计算能力。 同时，最终形成的芯片体积也就越小，那么一块硅片可以切割出来的芯片也就越多，降低了整体成本。所以说纳米数越小的芯片","listText":"上周许导在录制音频的时候，分享了芯片半导体行业的一些观点：2021年9月24日市场语音跟踪，趁着国庆假期还没来，我们在多做一下这方面的功课： 本文将围绕着什么是芯片？为什么芯片会短缺？中美关系缓和对于芯片行业的影响来做研究。 首先，半导体、集成电路和芯片和晶圆的区别？ 半导体指常温下导电性能介于导体与绝缘体之间的材料。常见的半导体材料有硅、锗、砷化镓等。 集成电路是一种微型电子器件或部件。采用一定的工艺，把一个电路中所需的晶体管、电阻、电容和电感等元件及布线互连一起，然后封装在一个管壳内，成为具有所需电路功能的微型结构。 芯片其实是半导体元件产品的统称，很多时候我们把集成电路和芯片混淆在一起。但严格意义上，芯片并不能完全等于集成电路，芯片是集成电路的载体，由晶圆分割而成。 晶圆是指制作硅半导体电路所用的硅晶片，其原始材料是硅。经过一系列加工后形成硅晶圆片，也就是晶圆。 简单来说就是半导体组成集成电路，芯片是集成电路的终极形态，而晶圆是芯片的原材料。 根据摩尔定律，集成电路上可以容纳的晶体管数目在大约每经过18个月便会增加一倍。换言之，处理器的性能每隔两年就会翻一倍。所以随着时间流逝，芯片行业的壁垒便会自然消失。行业内公司通常处于你追我赶的内卷状态。 其次，为什么芯片会短缺？ 一方面，晶圆量产难度大。 芯片产业链可以分为上中下游三大环节，上游是芯片原材料制造的硅片制造厂商，中游是芯片设计公司，下游就是基于上游生产的硅片，将中游的芯片设计实现出来的晶圆加工厂商。 芯片的基本组成单位是晶体管。晶体管里含有一个栅极，一方面栅极的宽度（14nm、7nm等）决定了电流通过时的损耗，宽度越窄，损耗越低。另一方面栅极越窄，芯片可以含有更多的晶体管，可以提升更多的性能和计算能力。 同时，最终形成的芯片体积也就越小，那么一块硅片可以切割出来的芯片也就越多，降低了整体成本。所以说纳米数越小的芯片","text":"上周许导在录制音频的时候，分享了芯片半导体行业的一些观点：2021年9月24日市场语音跟踪，趁着国庆假期还没来，我们在多做一下这方面的功课： 本文将围绕着什么是芯片？为什么芯片会短缺？中美关系缓和对于芯片行业的影响来做研究。 首先，半导体、集成电路和芯片和晶圆的区别？ 半导体指常温下导电性能介于导体与绝缘体之间的材料。常见的半导体材料有硅、锗、砷化镓等。 集成电路是一种微型电子器件或部件。采用一定的工艺，把一个电路中所需的晶体管、电阻、电容和电感等元件及布线互连一起，然后封装在一个管壳内，成为具有所需电路功能的微型结构。 芯片其实是半导体元件产品的统称，很多时候我们把集成电路和芯片混淆在一起。但严格意义上，芯片并不能完全等于集成电路，芯片是集成电路的载体，由晶圆分割而成。 晶圆是指制作硅半导体电路所用的硅晶片，其原始材料是硅。经过一系列加工后形成硅晶圆片，也就是晶圆。 简单来说就是半导体组成集成电路，芯片是集成电路的终极形态，而晶圆是芯片的原材料。 根据摩尔定律，集成电路上可以容纳的晶体管数目在大约每经过18个月便会增加一倍。换言之，处理器的性能每隔两年就会翻一倍。所以随着时间流逝，芯片行业的壁垒便会自然消失。行业内公司通常处于你追我赶的内卷状态。 其次，为什么芯片会短缺？ 一方面，晶圆量产难度大。 芯片产业链可以分为上中下游三大环节，上游是芯片原材料制造的硅片制造厂商，中游是芯片设计公司，下游就是基于上游生产的硅片，将中游的芯片设计实现出来的晶圆加工厂商。 芯片的基本组成单位是晶体管。晶体管里含有一个栅极，一方面栅极的宽度（14nm、7nm等）决定了电流通过时的损耗，宽度越窄，损耗越低。另一方面栅极越窄，芯片可以含有更多的晶体管，可以提升更多的性能和计算能力。 同时，最终形成的芯片体积也就越小，那么一块硅片可以切割出来的芯片也就越多，降低了整体成本。所以说纳米数越小的芯片","images":[{"img":"https://static.tigerbbs.com/32c260725071e5bfcb41f596ae730fee","width":"554","height":"313"},{"img":"https://static.tigerbbs.com/1b076e24864dede7a19c20fa3761daa6","width":"554","height":"348"},{"img":"https://static.tigerbbs.com/fc4daa10b911ad011fad568d4e836c5f","width":"554","height":"397"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/865996903","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":5,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":4780,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":869327937,"gmtCreate":1632260884429,"gmtModify":1632801764000,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583982143236135","idStr":"3583982143236135"},"themes":[],"title":"","htmlText":"Follow me hehe","listText":"Follow me hehe","text":"Follow me hehe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/869327937","isVote":1,"tweetType":1,"viewCount":3025,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860271510,"gmtCreate":1632185187930,"gmtModify":1632802246899,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583982143236135","idStr":"3583982143236135"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/860271510","repostId":"860049204","repostType":1,"repost":{"id":860049204,"gmtCreate":1632111387408,"gmtModify":1744851538639,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583982143236135","idStr":"3583982143236135"},"themes":[],"title":"By Marketwatch","htmlText":"If there were a ‘Big Three’ of electric vehicle makers, who would join Tesla?MarketWatch2021-09-20 07:52Delays at young electric-vehicle companies suggest that large auto makers are best placed to challenge Tesla in the future, but the smart money is chasing less glamorous namesMarketWatch photo illustration/Tesla, iStockphotoWhen Henry Ford was reorganizing his Detroit Automobile Company into what would become the juggernaut of U.S. auto manufacturing, hundreds of other young auto makers were also starting up.One of them, the National Motor Vehicle Car Manufacturing Co, started out in Indianapolis, which boasted six automakers in 1906. National Motor even competed in and won the 1912 Indy 500. Sales boomed and it expanded production, but after a merger with Associated Motor Industries in","listText":"If there were a ‘Big Three’ of electric vehicle makers, who would join Tesla?MarketWatch2021-09-20 07:52Delays at young electric-vehicle companies suggest that large auto makers are best placed to challenge Tesla in the future, but the smart money is chasing less glamorous namesMarketWatch photo illustration/Tesla, iStockphotoWhen Henry Ford was reorganizing his Detroit Automobile Company into what would become the juggernaut of U.S. auto manufacturing, hundreds of other young auto makers were also starting up.One of them, the National Motor Vehicle Car Manufacturing Co, started out in Indianapolis, which boasted six automakers in 1906. National Motor even competed in and won the 1912 Indy 500. Sales boomed and it expanded production, but after a merger with Associated Motor Industries in","text":"If there were a ‘Big Three’ of electric vehicle makers, who would join Tesla?MarketWatch2021-09-20 07:52Delays at young electric-vehicle companies suggest that large auto makers are best placed to challenge Tesla in the future, but the smart money is chasing less glamorous namesMarketWatch photo illustration/Tesla, iStockphotoWhen Henry Ford was reorganizing his Detroit Automobile Company into what would become the juggernaut of U.S. auto manufacturing, hundreds of other young auto makers were also starting up.One of them, the National Motor Vehicle Car Manufacturing Co, started out in Indianapolis, which boasted six automakers in 1906. National Motor even competed in and won the 1912 Indy 500. Sales boomed and it expanded production, but after a merger with Associated Motor Industries in","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/860049204","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":1,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3424,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":885628598,"gmtCreate":1631788483414,"gmtModify":1631890122187,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583982143236135","idStr":"3583982143236135"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/885628598","repostId":"811631139","repostType":1,"repost":{"id":811631139,"gmtCreate":1630315165621,"gmtModify":1704958291019,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583982143236135","idStr":"3583982143236135"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>What should i do ohno!","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>What should i do ohno!","text":"$AMC Entertainment(AMC)$What should i do ohno!","images":[{"img":"https://static.tigerbbs.com/1f5a0534eeef62cf1526b7680df164b8","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/811631139","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3813,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881530117,"gmtCreate":1631358655739,"gmtModify":1631883825523,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583982143236135","idStr":"3583982143236135"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>Wow","listText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>Wow","text":"$Apple(AAPL)$Wow","images":[{"img":"https://static.tigerbbs.com/5dc9e6868f3fe8284a55f02bf10a5d67","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/881530117","isVote":1,"tweetType":1,"viewCount":3375,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":811631139,"gmtCreate":1630315165621,"gmtModify":1704958291019,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583982143236135","idStr":"3583982143236135"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>What should i do ohno!","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>What should i do ohno!","text":"$AMC Entertainment(AMC)$What should i do ohno!","images":[{"img":"https://static.tigerbbs.com/1f5a0534eeef62cf1526b7680df164b8","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":1,"link":"https://laohu8.com/post/811631139","isVote":1,"tweetType":1,"viewCount":3922,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":811854677,"gmtCreate":1630312225499,"gmtModify":1704958219784,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583982143236135","idStr":"3583982143236135"},"themes":[],"title":"","htmlText":"It is almost time to say Good Bye to Capitaland as it transitions to be privatised and say Hello to Capitaland Investment. As a going away present investors will get some cash and new shares in CLI🎊🎉🍾🎉🎊","listText":"It is almost time to say Good Bye to Capitaland as it transitions to be privatised and say Hello to Capitaland Investment. As a going away present investors will get some cash and new shares in CLI🎊🎉🍾🎉🎊","text":"It is almost time to say Good Bye to Capitaland as it transitions to be privatised and say Hello to Capitaland Investment. As a going away present investors will get some cash and new shares in CLI🎊🎉🍾🎉🎊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":17,"repostSize":0,"link":"https://laohu8.com/post/811854677","isVote":1,"tweetType":1,"viewCount":1761,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897704903,"gmtCreate":1628983903502,"gmtModify":1631891735303,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583982143236135","idStr":"3583982143236135"},"themes":[],"title":"","htmlText":"Hi//<a href=\"https://laohu8.com/U/3583982143236135\">@Richmondheng</a>:Good","listText":"Hi//<a href=\"https://laohu8.com/U/3583982143236135\">@Richmondheng</a>:Good","text":"Hi//@Richmondheng:Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":10,"repostSize":0,"link":"https://laohu8.com/post/897704903","repostId":"1190150353","repostType":4,"isVote":1,"tweetType":1,"viewCount":968,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801869404,"gmtCreate":1627509482108,"gmtModify":1631891735312,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583982143236135","idStr":"3583982143236135"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/801869404","repostId":"1190150353","repostType":4,"isVote":1,"tweetType":1,"viewCount":1191,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801025402,"gmtCreate":1627475272006,"gmtModify":1631891735324,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583982143236135","idStr":"3583982143236135"},"themes":[],"title":"","htmlText":"Yay","listText":"Yay","text":"Yay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/801025402","repostId":"1145347264","repostType":4,"repost":{"id":"1145347264","kind":"news","pubTimestamp":1627475104,"share":"https://www.laohunote.com/m/news/1145347264?lang=zh_CN&edition=full","pubTime":"2021-07-28 20:25","market":"us","language":"en","title":"Apple Stock Is Under Pressure. There’s a Silver Lining.<blockquote>苹果股票面临压力。还有一线希望。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1145347264","media":"Barrons","summary":"Apple delivered another stunning quarter, crushing earnings estimates across the board. Apple regist","content":"<p>Apple delivered another stunning quarter, crushing earnings estimates across the board. Apple registered nearly $40 billion of iPhone sales in its fiscal third quarter, beating Wall Street expectations by an eye-watering $5 billion.</p><p><blockquote>苹果又一个令人惊叹的季度业绩，全面超出盈利预期。苹果第三财季 iPhone 销售额接近 400 亿美元，超出华尔街预期 50 亿美元，令人瞠目结舌。</blockquote></p><p> Yet the euphoria quickly turned to disappointment for investors as Chief Financial Officer Luca Maestri said revenue growth would slow in the September quarter. The “very strong double-digit” growth, Maestri said, won’t match the 36% growth in the June quarter.</p><p><blockquote>然而，首席财务官卢卡·梅斯特里 (Luca Maestri) 表示，9 月份季度的收入增长将放缓，投资者的兴奋很快就变成了失望。Maestri 说，“非常强劲的两位数 ”增长无法与 6 月份季度 36% 的增长相提并论。</blockquote></p><p> A less favorable foreign exchange impact, normalizing services growth, and supply constraints from the global chip shortage&nbsp;were the culprits, Apple’s finance chief said. The stock took a few bumps in after-hours trading on Wednesday as investors digested those comments.</p><p><blockquote>苹果首席财务官说，外汇影响不利、服务业增长正常化以及全球芯片短缺造成的供应限制是罪魁祸首。随着投资者消化这些评论，该股在周三盘后交易中出现了一些上涨。</blockquote></p><p> Renowned Wedbush tech analyst Dan Ives sees it differently and said Apple’s “drop the mic” quarter was the next step in driving the stock to a $3 trillion market cap. China was the star of the show, he said, where sales grew 58% in a region key to the Apple bull thesis. The impact of the chip shortage was neutralized by iPhone and services strength, he added.</p><p><blockquote>著名韦德布什科技分析师丹-艾夫斯（Dan Ives）有不同的看法，他说苹果的 “放下麦克风 ”季度是推动该股市值达到 3 万亿美元的下一步。他说，中国是这场秀的明星，中国的销售额增长了58%，而中国是苹果牛市论点的关键地区。他补充说，iPhone 和服务实力抵消了芯片短缺的影响。</blockquote></p><p> But it’s the 5G supercycle that could be key to the continuing demand story. A significant proportion of iPhone users have not upgraded their phones in recent years, and the iPhone 13 isn’t far away.</p><p><blockquote>但 5G 超级周期可能是需求持续发展的关键。近年来，很大一部分 iPhone 用户没有升级手机，iPhone 13 也不远了。</blockquote></p><p> While Apple’s supply warning must not be ignored, it’s worth remembering that the company warned in April that it could take&nbsp;a $3 billion to $4 billion hit&nbsp;from the semiconductor crisis in the third quarter. Look how that turned out.</p><p><blockquote>虽然苹果的供应警告不容忽视，但值得记住的是，该公司曾在 4 月份警告说，第三季度半导体危机可能会给其造成 30 亿至 40 亿美元的损失。看看结果如何。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Is Under Pressure. There’s a Silver Lining.<blockquote>苹果股票面临压力。还有一线希望。</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\">\nApple Stock Is Under Pressure. There’s a Silver Lining.<blockquote>苹果股票面临压力。还有一线希望。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-28 20:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple delivered another stunning quarter, crushing earnings estimates across the board. Apple registered nearly $40 billion of iPhone sales in its fiscal third quarter, beating Wall Street expectations by an eye-watering $5 billion.</p><p><blockquote>苹果又一个令人惊叹的季度业绩，全面超出盈利预期。苹果第三财季 iPhone 销售额接近 400 亿美元，超出华尔街预期 50 亿美元，令人瞠目结舌。</blockquote></p><p> Yet the euphoria quickly turned to disappointment for investors as Chief Financial Officer Luca Maestri said revenue growth would slow in the September quarter. The “very strong double-digit” growth, Maestri said, won’t match the 36% growth in the June quarter.</p><p><blockquote>然而，首席财务官卢卡·梅斯特里 (Luca Maestri) 表示，9 月份季度的收入增长将放缓，投资者的兴奋很快就变成了失望。Maestri 说，“非常强劲的两位数 ”增长无法与 6 月份季度 36% 的增长相提并论。</blockquote></p><p> A less favorable foreign exchange impact, normalizing services growth, and supply constraints from the global chip shortage&nbsp;were the culprits, Apple’s finance chief said. The stock took a few bumps in after-hours trading on Wednesday as investors digested those comments.</p><p><blockquote>苹果首席财务官说，外汇影响不利、服务业增长正常化以及全球芯片短缺造成的供应限制是罪魁祸首。随着投资者消化这些评论，该股在周三盘后交易中出现了一些上涨。</blockquote></p><p> Renowned Wedbush tech analyst Dan Ives sees it differently and said Apple’s “drop the mic” quarter was the next step in driving the stock to a $3 trillion market cap. China was the star of the show, he said, where sales grew 58% in a region key to the Apple bull thesis. The impact of the chip shortage was neutralized by iPhone and services strength, he added.</p><p><blockquote>著名韦德布什科技分析师丹-艾夫斯（Dan Ives）有不同的看法，他说苹果的 “放下麦克风 ”季度是推动该股市值达到 3 万亿美元的下一步。他说，中国是这场秀的明星，中国的销售额增长了58%，而中国是苹果牛市论点的关键地区。他补充说，iPhone 和服务实力抵消了芯片短缺的影响。</blockquote></p><p> But it’s the 5G supercycle that could be key to the continuing demand story. A significant proportion of iPhone users have not upgraded their phones in recent years, and the iPhone 13 isn’t far away.</p><p><blockquote>但 5G 超级周期可能是需求持续发展的关键。近年来，很大一部分 iPhone 用户没有升级手机，iPhone 13 也不远了。</blockquote></p><p> While Apple’s supply warning must not be ignored, it’s worth remembering that the company warned in April that it could take&nbsp;a $3 billion to $4 billion hit&nbsp;from the semiconductor crisis in the third quarter. Look how that turned out.</p><p><blockquote>虽然苹果的供应警告不容忽视，但值得记住的是，该公司曾在 4 月份警告说，第三季度半导体危机可能会给其造成 30 亿至 40 亿美元的损失。看看结果如何。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/things-to-know-today-51627467611?mod=RTA\">Barrons</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":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/things-to-know-today-51627467611?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145347264","content_text":"Apple delivered another stunning quarter, crushing earnings estimates across the board. Apple registered nearly $40 billion of iPhone sales in its fiscal third quarter, beating Wall Street expectations by an eye-watering $5 billion.\nYet the euphoria quickly turned to disappointment for investors as Chief Financial Officer Luca Maestri said revenue growth would slow in the September quarter. The “very strong double-digit” growth, Maestri said, won’t match the 36% growth in the June quarter.\nA less favorable foreign exchange impact, normalizing services growth, and supply constraints from the global chip shortage were the culprits, Apple’s finance chief said. The stock took a few bumps in after-hours trading on Wednesday as investors digested those comments.\nRenowned Wedbush tech analyst Dan Ives sees it differently and said Apple’s “drop the mic” quarter was the next step in driving the stock to a $3 trillion market cap. China was the star of the show, he said, where sales grew 58% in a region key to the Apple bull thesis. The impact of the chip shortage was neutralized by iPhone and services strength, he added.\nBut it’s the 5G supercycle that could be key to the continuing demand story. A significant proportion of iPhone users have not upgraded their phones in recent years, and the iPhone 13 isn’t far away.\nWhile Apple’s supply warning must not be ignored, it’s worth remembering that the company warned in April that it could take a $3 billion to $4 billion hit from the semiconductor crisis in the third quarter. Look how that turned out.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":885,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801025207,"gmtCreate":1627475253209,"gmtModify":1631891735338,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583982143236135","idStr":"3583982143236135"},"themes":[],"title":"","htmlText":"God//<a href=\"https://laohu8.com/U/3583982143236135\">@Richmondheng</a>:Gg","listText":"God//<a href=\"https://laohu8.com/U/3583982143236135\">@Richmondheng</a>:Gg","text":"God//@Richmondheng:Gg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/801025207","repostId":"1121049362","repostType":4,"isVote":1,"tweetType":1,"viewCount":1269,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145783737,"gmtCreate":1626245865929,"gmtModify":1631891735348,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583982143236135","idStr":"3583982143236135"},"themes":[],"title":"","htmlText":"Gg","listText":"Gg","text":"Gg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":8,"repostSize":0,"link":"https://laohu8.com/post/145783737","repostId":"1121049362","repostType":4,"isVote":1,"tweetType":1,"viewCount":1270,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148841516,"gmtCreate":1625968990335,"gmtModify":1631891735358,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583982143236135","idStr":"3583982143236135"},"themes":[],"title":"","htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/148841516","repostId":"1176789091","repostType":4,"repost":{"id":"1176789091","kind":"news","pubTimestamp":1625966668,"share":"https://www.laohunote.com/m/news/1176789091?lang=zh_CN&edition=full","pubTime":"2021-07-11 09:24","market":"us","language":"en","title":"Could The iPad Be Apple’s Best Performer in Fiscal Q3?<blockquote>iPad 会成为苹果第三财季表现最好的产品吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1176789091","media":"TheStreet","summary":"The Apple Maven believes that the iPad could be Apple’s best performer in fiscal Q3. Here is why.\nTh","content":"<p>The Apple Maven believes that the iPad could be Apple’s best performer in fiscal Q3. Here is why.</p><p><blockquote>这位苹果专家认为，iPad 可能是苹果第三财季表现最好的产品。原因如下。</blockquote></p><p> The Apple Maven continues its preview of the Cupertino company’s fiscal third quarter earnings day. So far, we have discussed (1)Wall Street’s expectationsfor revenues and earnings and (2) the expected performance of the iPhone in the quarter.</p><p><blockquote>《苹果专家》继续对这家库比蒂诺公司第三财季财报日进行预览。到目前为止，我们已经讨论了 (1) 华尔街对收入和盈利的预期，以及 (2) iPhone 本季度的预期表现。</blockquote></p><p> Today, we address what could be Apple’s most successful product category in the third fiscal period of 2021: the iPad.</p><p><blockquote>今天，我们将讨论苹果在 2021 年第三财年最成功的产品类别：iPad。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/544b629337019373222b755bf493104b\" tg-width=\"1200\" tg-height=\"630\"><span>Figure 1: The latest iPad Pro model.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：最新的iPad Pro型号。</span></p></blockquote></p><p> The 2020 pandemic has made winners of tech companies that managed to capitalize on shifting consumer behavior – also known as the “stay at home” trends. This partially explains why iPad revenues have shot through the roof in the past several quarters: growth of at least 30% since fiscal Q2 last year.</p><p><blockquote>2020 年的大流行病让科技公司成为赢家，它们成功地利用了消费者行为的转变--也就是所谓的 “宅在家里 ”趋势。这在一定程度上解释了为什么 iPad 的收入在过去几个季度飙升：自去年第二财季以来至少增长了 30%。</blockquote></p><p> For starters,it has become increasingly obviousthat consumers are not returning to old spending habits, even as the COVID-19 crisis gets closer to an end. Therefore, I see no reason to doubt that iPad sales will impress once again this time, although the growth rate will be partially eclipsed by tough 2020 comps.</p><p><blockquote>首先，越来越明显的是，尽管 COVID-19 危机接近尾声，但消费者并没有恢复旧的消费习惯。因此，我认为没有理由怀疑iPad的销量这次将再次给人留下深刻印象，尽管增长率将被严峻的2020年业绩所部分掩盖。</blockquote></p><p> But the story does not end with the effects of the pandemic. The chart below shows that, since around 2017, Apple has been able to reignite demand for its tablets. Even in 2019, before the pandemic turned the world upside down, iPad sales had already been growing at a respectable 13% pace.</p><p><blockquote>但故事并没有随着疫情的影响而结束。下图显示，自2017年左右以来，苹果已经能够重新点燃对其平板电脑的需求。即使在2019年，在疫情颠覆世界之前，iPad的销量就已经以13%的可观速度增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b463e314374d0f90f3cedbd13430a0ae\" tg-width=\"631\" tg-height=\"377\"><span>Figure 2: iPad revenue in millions U.S dollars.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：以百万美元计的iPad收入。</span></p></blockquote></p><p> The rebirth of the tablet business, I will be frank,caught me by surprise. The phenomenon can be probably attributed to technological advancements allowing products like the iPad to better replace personal computers (more storage, better graphics, fast processor speed) and even smartphones (wider range of screen sizes, better cameras, introduction of 5G capability).</p><p><blockquote>坦白说，平板电脑业务的重生让我大吃一惊。这种现象可能归因于技术进步，使iPad等产品能够更好地取代个人电脑（更多的存储、更好的图形、更快的处理器速度），甚至智能手机（更广泛的屏幕尺寸、更好的摄像头、5G功能的引入）。</blockquote></p><p> Case in point, Research and Marketsbelievesthat tablet revenues across the industry will continue to grow at a CAGR of over 10% through 2023. This is quite an improvement from the days that iPad sales were declining sharply, between 2014 and 2018.</p><p><blockquote>例如，研究和市场认为，到 2023 年，整个行业的平板电脑收入将继续以超过 10% 的复合年增长率增长。这比2014年至2018年间iPad销量急剧下降的日子有了很大的进步。</blockquote></p><p> Lastly, Apple may have performed even better than its tablet competitors in the most recent quarter. First, the company has provenmore capable of managing its supply chain, which could be a plus during times of component shortages.</p><p><blockquote>最后，苹果在最近一个季度的表现可能比其平板电脑竞争对手还要好。首先，该公司已被证明更有能力管理其供应链，这在零部件短缺时期可能是一个优势。</blockquote></p><p> But also, Applereleased its new M1-equipped iPad Pro in April. Consumers have been more willing to pay up for better mobile devices lately, which might bode well for Apple’s top-of-the-line tablet. In fact, the iPad’s two percentage pointgainin market share in June could be explained by this product launch.</p><p><blockquote>此外，苹果在4月份发布了配备M1的新款iPad Pro。最近，消费者更愿意为更好的移动设备付费，这对苹果的顶级平板电脑来说可能是个好兆头。事实上，iPad 在 6 月份的市场份额增长了两个百分点，可以用这款产品的发布来解释。</blockquote></p><p> With the most recent tablet release, the entire iPad lineup (except for the less relevant mini version) is only about nine months old today. On the back of a strong product portfolio, the iPad could very well be the brightest star on Apple’s fiscal third quarter earnings day.</p><p><blockquote>随着最新的平板电脑发布，整个iPad系列（除了不太相关的迷你版）今天只有大约9个月的历史。凭借强大的产品组合，iPad 很可能成为苹果第三财季财报日最耀眼的明星。</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>Could The iPad Be Apple’s Best Performer in Fiscal Q3?<blockquote>iPad 会成为苹果第三财季表现最好的产品吗？</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\">\nCould The iPad Be Apple’s Best Performer in Fiscal Q3?<blockquote>iPad 会成为苹果第三财季表现最好的产品吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-07-11 09:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Apple Maven believes that the iPad could be Apple’s best performer in fiscal Q3. Here is why.</p><p><blockquote>这位苹果专家认为，iPad 可能是苹果第三财季表现最好的产品。原因如下。</blockquote></p><p> The Apple Maven continues its preview of the Cupertino company’s fiscal third quarter earnings day. So far, we have discussed (1)Wall Street’s expectationsfor revenues and earnings and (2) the expected performance of the iPhone in the quarter.</p><p><blockquote>《苹果专家》继续对这家库比蒂诺公司第三财季财报日进行预览。到目前为止，我们已经讨论了 (1) 华尔街对收入和盈利的预期，以及 (2) iPhone 本季度的预期表现。</blockquote></p><p> Today, we address what could be Apple’s most successful product category in the third fiscal period of 2021: the iPad.</p><p><blockquote>今天，我们将讨论苹果在 2021 年第三财年最成功的产品类别：iPad。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/544b629337019373222b755bf493104b\" tg-width=\"1200\" tg-height=\"630\"><span>Figure 1: The latest iPad Pro model.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：最新的iPad Pro型号。</span></p></blockquote></p><p> The 2020 pandemic has made winners of tech companies that managed to capitalize on shifting consumer behavior – also known as the “stay at home” trends. This partially explains why iPad revenues have shot through the roof in the past several quarters: growth of at least 30% since fiscal Q2 last year.</p><p><blockquote>2020 年的大流行病让科技公司成为赢家，它们成功地利用了消费者行为的转变--也就是所谓的 “宅在家里 ”趋势。这在一定程度上解释了为什么 iPad 的收入在过去几个季度飙升：自去年第二财季以来至少增长了 30%。</blockquote></p><p> For starters,it has become increasingly obviousthat consumers are not returning to old spending habits, even as the COVID-19 crisis gets closer to an end. Therefore, I see no reason to doubt that iPad sales will impress once again this time, although the growth rate will be partially eclipsed by tough 2020 comps.</p><p><blockquote>首先，越来越明显的是，尽管 COVID-19 危机接近尾声，但消费者并没有恢复旧的消费习惯。因此，我认为没有理由怀疑iPad的销量这次将再次给人留下深刻印象，尽管增长率将被严峻的2020年业绩所部分掩盖。</blockquote></p><p> But the story does not end with the effects of the pandemic. The chart below shows that, since around 2017, Apple has been able to reignite demand for its tablets. Even in 2019, before the pandemic turned the world upside down, iPad sales had already been growing at a respectable 13% pace.</p><p><blockquote>但故事并没有随着疫情的影响而结束。下图显示，自2017年左右以来，苹果已经能够重新点燃对其平板电脑的需求。即使在2019年，在疫情颠覆世界之前，iPad的销量就已经以13%的可观速度增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b463e314374d0f90f3cedbd13430a0ae\" tg-width=\"631\" tg-height=\"377\"><span>Figure 2: iPad revenue in millions U.S dollars.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：以百万美元计的iPad收入。</span></p></blockquote></p><p> The rebirth of the tablet business, I will be frank,caught me by surprise. The phenomenon can be probably attributed to technological advancements allowing products like the iPad to better replace personal computers (more storage, better graphics, fast processor speed) and even smartphones (wider range of screen sizes, better cameras, introduction of 5G capability).</p><p><blockquote>坦白说，平板电脑业务的重生让我大吃一惊。这种现象可能归因于技术进步，使iPad等产品能够更好地取代个人电脑（更多的存储、更好的图形、更快的处理器速度），甚至智能手机（更广泛的屏幕尺寸、更好的摄像头、5G功能的引入）。</blockquote></p><p> Case in point, Research and Marketsbelievesthat tablet revenues across the industry will continue to grow at a CAGR of over 10% through 2023. This is quite an improvement from the days that iPad sales were declining sharply, between 2014 and 2018.</p><p><blockquote>例如，研究和市场认为，到 2023 年，整个行业的平板电脑收入将继续以超过 10% 的复合年增长率增长。这比2014年至2018年间iPad销量急剧下降的日子有了很大的进步。</blockquote></p><p> Lastly, Apple may have performed even better than its tablet competitors in the most recent quarter. First, the company has provenmore capable of managing its supply chain, which could be a plus during times of component shortages.</p><p><blockquote>最后，苹果在最近一个季度的表现可能比其平板电脑竞争对手还要好。首先，该公司已被证明更有能力管理其供应链，这在零部件短缺时期可能是一个优势。</blockquote></p><p> But also, Applereleased its new M1-equipped iPad Pro in April. Consumers have been more willing to pay up for better mobile devices lately, which might bode well for Apple’s top-of-the-line tablet. In fact, the iPad’s two percentage pointgainin market share in June could be explained by this product launch.</p><p><blockquote>此外，苹果在4月份发布了配备M1的新款iPad Pro。最近，消费者更愿意为更好的移动设备付费，这对苹果的顶级平板电脑来说可能是个好兆头。事实上，iPad 在 6 月份的市场份额增长了两个百分点，可以用这款产品的发布来解释。</blockquote></p><p> With the most recent tablet release, the entire iPad lineup (except for the less relevant mini version) is only about nine months old today. On the back of a strong product portfolio, the iPad could very well be the brightest star on Apple’s fiscal third quarter earnings day.</p><p><blockquote>随着最新的平板电脑发布，整个iPad系列（除了不太相关的迷你版）今天只有大约9个月的历史。凭借强大的产品组合，iPad 很可能成为苹果第三财季财报日最耀眼的明星。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/other-products/could-the-ipad-be-apples-best-performer-in-fiscal-q3\">TheStreet</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":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/other-products/could-the-ipad-be-apples-best-performer-in-fiscal-q3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176789091","content_text":"The Apple Maven believes that the iPad could be Apple’s best performer in fiscal Q3. Here is why.\nThe Apple Maven continues its preview of the Cupertino company’s fiscal third quarter earnings day. So far, we have discussed (1)Wall Street’s expectationsfor revenues and earnings and (2) the expected performance of the iPhone in the quarter.\nToday, we address what could be Apple’s most successful product category in the third fiscal period of 2021: the iPad.\nFigure 1: The latest iPad Pro model.\nThe 2020 pandemic has made winners of tech companies that managed to capitalize on shifting consumer behavior – also known as the “stay at home” trends. This partially explains why iPad revenues have shot through the roof in the past several quarters: growth of at least 30% since fiscal Q2 last year.\nFor starters,it has become increasingly obviousthat consumers are not returning to old spending habits, even as the COVID-19 crisis gets closer to an end. Therefore, I see no reason to doubt that iPad sales will impress once again this time, although the growth rate will be partially eclipsed by tough 2020 comps.\nBut the story does not end with the effects of the pandemic. The chart below shows that, since around 2017, Apple has been able to reignite demand for its tablets. Even in 2019, before the pandemic turned the world upside down, iPad sales had already been growing at a respectable 13% pace.\nFigure 2: iPad revenue in millions U.S dollars.\nThe rebirth of the tablet business, I will be frank,caught me by surprise. The phenomenon can be probably attributed to technological advancements allowing products like the iPad to better replace personal computers (more storage, better graphics, fast processor speed) and even smartphones (wider range of screen sizes, better cameras, introduction of 5G capability).\nCase in point, Research and Marketsbelievesthat tablet revenues across the industry will continue to grow at a CAGR of over 10% through 2023. This is quite an improvement from the days that iPad sales were declining sharply, between 2014 and 2018.\nLastly, Apple may have performed even better than its tablet competitors in the most recent quarter. First, the company has provenmore capable of managing its supply chain, which could be a plus during times of component shortages.\nBut also, Applereleased its new M1-equipped iPad Pro in April. Consumers have been more willing to pay up for better mobile devices lately, which might bode well for Apple’s top-of-the-line tablet. In fact, the iPad’s two percentage pointgainin market share in June could be explained by this product launch.\nWith the most recent tablet release, the entire iPad lineup (except for the less relevant mini version) is only about nine months old today. On the back of a strong product portfolio, the iPad could very well be the brightest star on Apple’s fiscal third quarter earnings day.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1123,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148036227,"gmtCreate":1625898286069,"gmtModify":1631891735371,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583982143236135","idStr":"3583982143236135"},"themes":[],"title":"","htmlText":"Okays","listText":"Okays","text":"Okays","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/148036227","repostId":"1138077902","repostType":4,"repost":{"id":"1138077902","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625883154,"share":"https://www.laohunote.com/m/news/1138077902?lang=zh_CN&edition=full","pubTime":"2021-07-10 10:12","market":"us","language":"en","title":"China has prohibited the merger of HuYa and DouYu<blockquote>中国禁止虎牙和斗鱼合并</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138077902","media":"Tiger Newspress","summary":"The State Administration of market supervision of China has prohibited the merger of HuYa and DouYu.On January 4, 2021, the State Administration of market supervision of the people's Republic of China conducted an anti-monopoly examination on the concentration of business operators in accordance with the law in the merger case of tiger tooth company and Betta International Holding Co., Ltd. declared by Tencent Holding Co., Ltd.Tencent responded that the company will seriously abide by the review","content":"<p>The State Administration of market supervision of China has prohibited the merger of HuYa and DouYu.</p><p><blockquote>中国国家市场监督管理总局已经禁止虎牙和斗鱼合并。</blockquote></p><p> On January 4, 2021, the State Administration of market supervision of the people's Republic of China conducted an anti-monopoly examination on the concentration of business operators in accordance with the law in the merger case of tiger tooth company and Betta International Holding Co., Ltd. declared by Tencent Holding Co., Ltd.</p><p><blockquote>2021年1月4日，国家市场监督管理总局对腾讯控股控股有限公司申报的虎牙公司与斗鱼国际控股有限公司合并一案，依法进行了经营者集中反垄断审查。</blockquote></p><p> According to the anti monopoly law, the State Administration of market supervision comprehensively analyzes and evaluates the market share of the operators participating in the concentration in the relevant market and their control over the market, the degree of market concentration, the impact of concentration on market entry and technological progress, the impact of concentration on consumers and other relevant operators, as well as the effectiveness of the additional restrictive commitment scheme proposed by Tencent. During the review process, the State Administration of market supervision extensively solicited opinions from relevant government departments, industry associations, experts and scholars, competitors in the same industry and downstream customers, and listened to Tencent's opinions for many times.</p><p><blockquote>国家市场监督管理总局根据《反垄断法》，综合分析评价参与集中的经营者在相关市场的市场份额及其对市场的控制力、市场集中程度、集中对市场进入和技术进步的影响、集中对消费者和其他相关经营者的影响，以及腾讯控股提出的附加限制性承诺方案的有效性。在审查过程中，市场监管总局广泛征求了相关政府部门、行业协会、专家学者、同行业竞争对手和下游客户的意见，多次听取了腾讯方面的意见。</blockquote></p><p> The review shows that the relevant market of this case is the online game operation service market and the live game market in China. Tencent's market share in the upstream online game operation service exceeds 40%, ranking first; Tiger teeth and fighting fish have more than 40% and 30% of the downstream live game market shares respectively, ranking first and second, with a total of more than 70%. At present, Tencent has separate control over tiger tooth and joint control over Betta. For example, the merger of tiger tooth and Betta will make Tencent control the merged entity separately, further strengthen Tencent's dominant position in the live game market, and enable Tencent to have the ability and motivation to implement closed-loop management and two-way vertical blockade in the upstream and downstream markets, which has or may have the effect of excluding and limiting competition, which is not conducive to fair competition in the market and may damage the interests of consumers, It is not conducive to the healthy and sustainable development of online games and live game market. After evaluation, Tencent's proposal of additional restrictive conditions commitment can not effectively solve the above competition concerns.</p><p><blockquote>审查显示，本案涉案市场为我国网络游戏运营服务市场和直播游戏市场。腾讯在上游网络游戏运营服务市场份额超过40%，排名第一；虎牙和斗鱼分别占据了下游直播游戏市场份额的40%和30%以上，分列第一和第二位，合计超过70%。目前，腾讯控股对虎牙实行单独管控，对斗鱼实行联合管控。如虎牙与斗鱼合并将使腾讯控股单独控制合并后的实体，进一步强化腾讯在直播游戏市场的主导地位，使腾讯控股有能力和动力在上下游市场实施闭环管理和双向垂直封锁，具有或可能具有排除和限制竞争的效果，不利于市场的公平竞争，可能损害消费者的利益，不利于网络游戏和直播游戏市场的健康可持续发展。经评估，腾讯提出的附加限制性条件承诺不能有效解决上述竞争担忧。</blockquote></p><p> According to Article 28 of the anti monopoly law and Article 35 of the Interim Provisions on the examination of business concentration, the State Administration of market supervision has decided to prohibit such business concentration according to law.</p><p><blockquote>根据《反垄断法》第二十八条和《经营者集中审查暂行规定》第三十五条的规定，市场监管总局决定依法禁止此类经营者集中。</blockquote></p><p> Tencent responded that the company will seriously abide by the review decision, actively cooperate with regulatory requirements, operate in accordance with the law and fulfill its social responsibilities.</p><p><blockquote>腾讯控股回应称，公司将认真遵守审查决定，积极配合监管要求，依法经营，履行社会责任。</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>China has prohibited the merger of HuYa and DouYu<blockquote>中国禁止虎牙和斗鱼合并</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina has prohibited the merger of HuYa and DouYu<blockquote>中国禁止虎牙和斗鱼合并</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-10 10:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The State Administration of market supervision of China has prohibited the merger of HuYa and DouYu.</p><p><blockquote>中国国家市场监督管理总局已经禁止虎牙和斗鱼合并。</blockquote></p><p> On January 4, 2021, the State Administration of market supervision of the people's Republic of China conducted an anti-monopoly examination on the concentration of business operators in accordance with the law in the merger case of tiger tooth company and Betta International Holding Co., Ltd. declared by Tencent Holding Co., Ltd.</p><p><blockquote>2021年1月4日，国家市场监督管理总局对腾讯控股控股有限公司申报的虎牙公司与斗鱼国际控股有限公司合并一案，依法进行了经营者集中反垄断审查。</blockquote></p><p> According to the anti monopoly law, the State Administration of market supervision comprehensively analyzes and evaluates the market share of the operators participating in the concentration in the relevant market and their control over the market, the degree of market concentration, the impact of concentration on market entry and technological progress, the impact of concentration on consumers and other relevant operators, as well as the effectiveness of the additional restrictive commitment scheme proposed by Tencent. During the review process, the State Administration of market supervision extensively solicited opinions from relevant government departments, industry associations, experts and scholars, competitors in the same industry and downstream customers, and listened to Tencent's opinions for many times.</p><p><blockquote>国家市场监督管理总局根据《反垄断法》，综合分析评价参与集中的经营者在相关市场的市场份额及其对市场的控制力、市场集中程度、集中对市场进入和技术进步的影响、集中对消费者和其他相关经营者的影响，以及腾讯控股提出的附加限制性承诺方案的有效性。在审查过程中，市场监管总局广泛征求了相关政府部门、行业协会、专家学者、同行业竞争对手和下游客户的意见，多次听取了腾讯方面的意见。</blockquote></p><p> The review shows that the relevant market of this case is the online game operation service market and the live game market in China. Tencent's market share in the upstream online game operation service exceeds 40%, ranking first; Tiger teeth and fighting fish have more than 40% and 30% of the downstream live game market shares respectively, ranking first and second, with a total of more than 70%. At present, Tencent has separate control over tiger tooth and joint control over Betta. For example, the merger of tiger tooth and Betta will make Tencent control the merged entity separately, further strengthen Tencent's dominant position in the live game market, and enable Tencent to have the ability and motivation to implement closed-loop management and two-way vertical blockade in the upstream and downstream markets, which has or may have the effect of excluding and limiting competition, which is not conducive to fair competition in the market and may damage the interests of consumers, It is not conducive to the healthy and sustainable development of online games and live game market. After evaluation, Tencent's proposal of additional restrictive conditions commitment can not effectively solve the above competition concerns.</p><p><blockquote>审查显示，本案涉案市场为我国网络游戏运营服务市场和直播游戏市场。腾讯在上游网络游戏运营服务市场份额超过40%，排名第一；虎牙和斗鱼分别占据了下游直播游戏市场份额的40%和30%以上，分列第一和第二位，合计超过70%。目前，腾讯控股对虎牙实行单独管控，对斗鱼实行联合管控。如虎牙与斗鱼合并将使腾讯控股单独控制合并后的实体，进一步强化腾讯在直播游戏市场的主导地位，使腾讯控股有能力和动力在上下游市场实施闭环管理和双向垂直封锁，具有或可能具有排除和限制竞争的效果，不利于市场的公平竞争，可能损害消费者的利益，不利于网络游戏和直播游戏市场的健康可持续发展。经评估，腾讯提出的附加限制性条件承诺不能有效解决上述竞争担忧。</blockquote></p><p> According to Article 28 of the anti monopoly law and Article 35 of the Interim Provisions on the examination of business concentration, the State Administration of market supervision has decided to prohibit such business concentration according to law.</p><p><blockquote>根据《反垄断法》第二十八条和《经营者集中审查暂行规定》第三十五条的规定，市场监管总局决定依法禁止此类经营者集中。</blockquote></p><p> Tencent responded that the company will seriously abide by the review decision, actively cooperate with regulatory requirements, operate in accordance with the law and fulfill its social responsibilities.</p><p><blockquote>腾讯控股回应称，公司将认真遵守审查决定，积极配合监管要求，依法经营，履行社会责任。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOYU":"斗鱼","HUYA":"虎牙","00700":"腾讯控股"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138077902","content_text":"The State Administration of market supervision of China has prohibited the merger of HuYa and DouYu.\nOn January 4, 2021, the State Administration of market supervision of the people's Republic of China conducted an anti-monopoly examination on the concentration of business operators in accordance with the law in the merger case of tiger tooth company and Betta International Holding Co., Ltd. declared by Tencent Holding Co., Ltd.\nAccording to the anti monopoly law, the State Administration of market supervision comprehensively analyzes and evaluates the market share of the operators participating in the concentration in the relevant market and their control over the market, the degree of market concentration, the impact of concentration on market entry and technological progress, the impact of concentration on consumers and other relevant operators, as well as the effectiveness of the additional restrictive commitment scheme proposed by Tencent. During the review process, the State Administration of market supervision extensively solicited opinions from relevant government departments, industry associations, experts and scholars, competitors in the same industry and downstream customers, and listened to Tencent's opinions for many times.\nThe review shows that the relevant market of this case is the online game operation service market and the live game market in China. Tencent's market share in the upstream online game operation service exceeds 40%, ranking first; Tiger teeth and fighting fish have more than 40% and 30% of the downstream live game market shares respectively, ranking first and second, with a total of more than 70%. At present, Tencent has separate control over tiger tooth and joint control over Betta. For example, the merger of tiger tooth and Betta will make Tencent control the merged entity separately, further strengthen Tencent's dominant position in the live game market, and enable Tencent to have the ability and motivation to implement closed-loop management and two-way vertical blockade in the upstream and downstream markets, which has or may have the effect of excluding and limiting competition, which is not conducive to fair competition in the market and may damage the interests of consumers, It is not conducive to the healthy and sustainable development of online games and live game market. After evaluation, Tencent's proposal of additional restrictive conditions commitment can not effectively solve the above competition concerns.\nAccording to Article 28 of the anti monopoly law and Article 35 of the Interim Provisions on the examination of business concentration, the State Administration of market supervision has decided to prohibit such business concentration according to law.\nTencent responded that the company will seriously abide by the review decision, actively cooperate with regulatory requirements, operate in accordance with the law and fulfill its social responsibilities.","news_type":1,"symbols_score_info":{"00700":0.9,"HUYA":0.9,"DOYU":0.9}},"isVote":1,"tweetType":1,"viewCount":959,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148036337,"gmtCreate":1625898261829,"gmtModify":1631891735387,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583982143236135","idStr":"3583982143236135"},"themes":[],"title":"","htmlText":"Yup","listText":"Yup","text":"Yup","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/148036337","repostId":"2150053623","repostType":4,"repost":{"id":"2150053623","kind":"highlight","pubTimestamp":1625883910,"share":"https://www.laohunote.com/m/news/2150053623?lang=zh_CN&edition=full","pubTime":"2021-07-10 10:25","market":"hk","language":"en","title":"A crazy week for U.S. stocks came with a change in the market narrative -- should investors believe it?<blockquote>美国股市经历了疯狂的一周，市场叙事发生了变化——投资者应该相信吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2150053623","media":"MarketWatch","summary":"Investors must decide whether they believe stalling economic growth is a bigger threat than an infla","content":"<p>Investors must decide whether they believe stalling economic growth is a bigger threat than an inflation surge</p><p><blockquote>投资者必须决定他们是否认为经济增长停滞比通胀飙升构成更大的威胁</blockquote></p><p> <img src=\"https://static.tigerbbs.com/32ec205cf1616aaba5573cc40240a899\" tg-width=\"1260\" tg-height=\"876\"></p><p><blockquote></blockquote></p><p> Fears of runaway inflation have been swapped for worries about a rapid slowdown in global economic growth -- and that made for one very long, holiday-shortened week for U.S. investors -- but is this new narrative the right <a href=\"https://laohu8.com/S/AONE.U\">one</a> ?</p><p><blockquote>对通胀失控的担忧已经被对全球经济增长迅速放缓的担忧所取代——这使得美国投资者度过了非常漫长、假期缩短的一周——但这种新的说法正确吗<a href=\"https://laohu8.com/S/AONE.U\">一</a>?</blockquote></p><p> A Treasury debt rally became a buying frenzy , sending long-term yields sharply lower. That took any remaining wind out of the sails of the so-called reflation trade, which had favored shares of more cyclically sensitive companies expected to benefit the most from rising prices and accelerating economic growth.</p><p><blockquote>国债反弹变成了购买狂潮，导致长期收益率大幅下降。这使得所谓的通货膨胀贸易失去了任何剩余的风力，而通货膨胀贸易有利于对周期性更为敏感的公司的股票，这些公司预计将从价格上涨和经济增长加速中受益最多。</blockquote></p><p> What changed? There are three important elements to the shift in the market narrative, said Lauren Goodwin, economist and portfolio strategist at New York Life Investments, which has $605 billion in assets under management.</p><p><blockquote>有什么变化？纽约人寿投资公司 (New York Life Investments) 的经济学家兼投资组合策略师劳伦·古德温 (Lauren Goodwin) 表示，市场叙事的转变有三个重要因素，该公司管理着 6050 亿美元的资产。</blockquote></p><p> The first is a perceived change in the way the Federal Reserve reacts to data, with investors no longer looking for policy makers to be as tolerant of economic overheating and rising inflation as previously thought, she said. The second is that while economic growth is expected to remain strong, the pace of growth is expected to have peaked . Third, there are worries the spread of the delta and other variants of the coronavirus that causes COVID-19 could force a renewed round of restrictions that will weigh on global economic activity.</p><p><blockquote>她表示，首先是美联储对数据的反应方式发生了明显的变化，投资者不再希望政策制定者像之前认为的那样容忍经济过热和通胀上升。第二，虽然经济增长预计将保持强劲，但增长速度预计将达到峰值。第三，有人担心导致新冠肺炎的三角洲和其他冠状病毒变种的传播可能会迫使新一轮限制，这将给全球经济活动带来压力。</blockquote></p><p> \"Together, that's a very different consensus market narrative than we had a few weeks ago, when the focus was all about stimulus and overheating,\" Goodwin said, in a phone interview, noting that investors must now ask: \"Is this new narrative the right one?\"</p><p><blockquote>古德温在接受电话采访时表示：“总的来说，这与几周前的市场共识叙事截然不同，当时的焦点都是刺激和过热。”他指出，投资者现在必须问：“这种新叙事是正确的吗？”</blockquote></p><p> The real pain in the past week was in the Treasury market, where a rally drove long-term yields sharply lower and prices higher. Much of that rally was attributed to forced short covering by Treasury bears, who had feared inflation, creating something of a feeding frenzy, driving the 10-year yield to a five-month low below 1.25% on Thursday before finally relenting.</p><p><blockquote>过去一周真正的痛苦在于国债市场，该市场的反弹导致长期收益率大幅下降，价格上涨。此次上涨在很大程度上归因于美国国债空头被迫做空，他们担心通胀，引发了某种喂养狂潮，周四将 10 年期国债收益率推至 1.25% 以下的五个月低点，然后最终有所缓和。</blockquote></p><p> But analysts said the move, at least in part, also reflected legitimate concerns over the global economic growth outlook .</p><p><blockquote>但分析师表示，此举至少在一定程度上也反映了对全球经济增长前景的合理担忧。</blockquote></p><p> That Thursday dive in yields, and accompanying growth fears, triggered a broad stock-market selloff that saw the S&amp;P 500 and Nasdaq Composite retreat from all-time highs, while the Dow Jones Industrial Average shed more than 500 points at its session low. Stocks trimmed losses by the close and then pushed higher Friday, with all three major indexes finishing at records .</p><p><blockquote>周四收益率暴跌以及随之而来的增长担忧引发了广泛的股市抛售，标普500和纳斯达克综合指数从历史高点回落，而道琼斯工业平均指数则在盘中低点下跌了 500 多点。周五股市收盘时收窄跌幅，然后走高，三大股指均创下历史新高。</blockquote></p><p> One casualty was the stock market reflation trade. The small-cap Russell 2000 index RUT (#phrase-company?ref=COMPANY%7CRUT;onlineSignificance=passing-mention) fell 1.1% for a second straight week of losses, while the tech-heavy Nasdaq-100 saw a 0.4% weekly rise. Value stocks underperformed, with the Russell 1000 Value Index falling 0.3%, while the Russell 1000 Growth Index rose 1%.</p><p><blockquote>一个受害者是股市再通胀交易。小盘股 Russell 2000 指数 RUT (#phrase-company?ref=company%7CRUT;onlineSignificance=passing-mention) 连续第二周下跌 1.1%，而以科技股为主的纳斯达克 100 指数每周上涨 0.4%。价值股表现不佳，罗素1000价值指数下跌0.3%，而罗素1000增长指数上涨1%。</blockquote></p><p> \"The 'reflation' and 'rotation' trades -- associated with optimism about rapid, broad-based economic recovery from the pandemic and higher inflation -- has arguably been flagging since as long ago as the end of the first quarter, but clearly took another hit this week,\" said Oliver Jones, senior markets economist at research firm Capital Economics, in a Friday note.</p><p><blockquote>“‘再通胀’和‘轮换’交易——与对疫情和通胀上升中快速、广泛的经济复苏的乐观情绪有关——可以说自第一季度末以来就一直处于低迷状态，但显然本周再次遭受打击，”研究公司凯投宏观（Capital Economics）高级市场经济学家奥利弗·琼斯（Oliver Jones）在周五的一份报告中表示。</blockquote></p><p> Sectors, like energy and financials, and factors, such as value, that benefited most from the reflation/rotation narrative have underperformed, he noted.</p><p><blockquote>他指出，能源和金融等行业以及价值等因素从再通胀/轮换叙事中受益最大，但表现不佳。</blockquote></p><p> Jones argued that it makes sense for optimism about the U.S. economic recovery to top out as supply constraints bite into activity. And global growth expectations may also see pressure, with China's economy likely to continue to disappoint.</p><p><blockquote>琼斯认为，随着供应限制削弱经济活动，对美国经济复苏的乐观情绪达到顶峰是有道理的。全球增长预期也可能面临压力，中国经济可能继续令人失望。</blockquote></p><p> At the same time, the U.S. economy remains on track for a very strong recovery in absolute terms, far exceeding the one that followed the global financial crisis of 2008. And core inflation in the U.S. may prove somewhat more persistent than anticipated, he argued.</p><p><blockquote>与此同时，从绝对值来看，美国经济仍有望实现非常强劲的复苏，远远超过2008年全球金融危机后的复苏。他认为，美国的核心通胀可能会比预期更加持久。</blockquote></p><p> That sets the stage for a scenario in which \"the rotation/reflation trade label may become progressively less useful in the coming quarters,\" he said.</p><p><blockquote>他表示，这为“轮换/再通胀贸易标签在未来几个季度可能会逐渐变得不那么有用”的情况埋下了伏笔。</blockquote></p><p> In particular, parts of the trade, including rapid gains in most stock markets and outperformance by energy companies is likely over for now, he said, while the drop in Treasury yields is probably an \"overreaction\" given the path of growth and inflation in the U.S.</p><p><blockquote>他表示，特别是部分贸易，包括大多数股市的快速上涨和能源公司的优异表现，目前可能已经结束，而考虑到美国的增长和通胀路径，国债收益率的下降可能是一种“过度反应”。</blockquote></p><p> Investors will get a look at evidence on both the inflation and growth front in the coming week. The June consumer-price index is set for release Tuesday, while a producer-price reading is set for Wednesday. A raft of other economic data is due over the course of the week, including June retail sales figures on Friday.</p><p><blockquote>未来一周，投资者将看到通胀和增长方面的证据。6 月份消费者价格指数将于周二发布，而生产者价格指数将于周三发布。本周将公布大量其他经济数据，包括周五公布的 6 月份零售销售数据。</blockquote></p><p></p><p> And then there's the start of the corporate earnings reporting season, which is expected to offer another peak as profits roared in the second quarter relative to the early days of the pandemic last year.</p><p><blockquote>然后是企业财报季的开始，随着第二季度利润与去年大流行初期相比猛增，预计该季度将迎来另一个高峰。</blockquote></p><p> \"With earnings season kicking off next week, the bar is set quite high and corporate America better produce another stellar quarter or there could be some disappointed bulls,\" said Ryan Detrick, chief market strategist at LPL Financial, after Friday's record close.</p><p><blockquote>LPL Financial 首席市场策略师瑞安·德特里克 (Ryan Detrick) 在周五创纪录的收盘后表示：“随着下周财报季开始，门槛设定得相当高，美国企业界最好再创佳绩，否则可能会出现一些令人失望的多头。”</blockquote></p><p> Goodwin said the choice for investors boils down to either leaning into the old narrative that benefits cyclical stocks and shorter duration assets or the new one that expects economic growth to prove more sluggish and anemic, much as it was before the pandemic, favoring growth stocks and defensive sectors.</p><p><blockquote>古德温表示，投资者的选择可以归结为要么倾向于有利于周期性股票和短期资产的旧说法，要么倾向于新的说法，即预计经济增长将变得更加缓慢和乏力，就像大流行之前一样，有利于成长型股票和防御性行业。</blockquote></p><p> The best response, however, may be a little bit of both, Goodwin said.</p><p><blockquote>然而，古德温说，最好的反应可能是两者兼而有之。</blockquote></p><p> Reflation likely still has some room to run in the near term. Distribution of child tax credit payments will begin later this month, while labor shortages may be alleviated in coming months as children return to school and additional unemployment benefits expire, she said, while consumers are sitting on sizable savings.</p><p><blockquote>短期内通货膨胀可能仍有一定的运行空间。她说，儿童税收抵免付款的发放将于本月晚些时候开始，而随着儿童重返校园和额外失业救济金到期，劳动力短缺可能会在未来几个月得到缓解，而消费者正在节省大量资金。</blockquote></p><p> At the same time, growth and inflation are peaking, she said, and valuations are stretched across asset classes. While still maintaining a cyclical tilt, the changing backdrop calls for a more balanced approach to portfolios, she said.</p><p><blockquote>她表示，与此同时，经济增长和通胀正在见顶，各种资产类别的估值也捉襟见肘。她表示，虽然仍保持周期性倾斜，但不断变化的背景为投资组合采取更加平衡的方法提供了评级。</blockquote></p><p> Investors need to look closely at sectors and individual companies that can leverage changing trends and pass rising prices on to consumers, she said, in a more selective environment rather than one in which a rising tide raises all boats.</p><p><blockquote>她表示，投资者需要密切关注能够利用变化趋势并将价格上涨转嫁给消费者的行业和个别公司，在一个更具选择性的环境中，而不是一个水涨船高的环境。</blockquote></p><p></p>","source":"lsy1603348471595","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>A crazy week for U.S. stocks came with a change in the market narrative -- should investors believe it?<blockquote>美国股市经历了疯狂的一周，市场叙事发生了变化——投资者应该相信吗？</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\">\nA crazy week for U.S. stocks came with a change in the market narrative -- should investors believe it?<blockquote>美国股市经历了疯狂的一周，市场叙事发生了变化——投资者应该相信吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-10 10:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Investors must decide whether they believe stalling economic growth is a bigger threat than an inflation surge</p><p><blockquote>投资者必须决定他们是否认为经济增长停滞比通胀飙升构成更大的威胁</blockquote></p><p> <img src=\"https://static.tigerbbs.com/32ec205cf1616aaba5573cc40240a899\" tg-width=\"1260\" tg-height=\"876\"></p><p><blockquote></blockquote></p><p> Fears of runaway inflation have been swapped for worries about a rapid slowdown in global economic growth -- and that made for one very long, holiday-shortened week for U.S. investors -- but is this new narrative the right <a href=\"https://laohu8.com/S/AONE.U\">one</a> ?</p><p><blockquote>对通胀失控的担忧已经被对全球经济增长迅速放缓的担忧所取代——这使得美国投资者度过了非常漫长、假期缩短的一周——但这种新的说法正确吗<a href=\"https://laohu8.com/S/AONE.U\">一</a>?</blockquote></p><p> A Treasury debt rally became a buying frenzy , sending long-term yields sharply lower. That took any remaining wind out of the sails of the so-called reflation trade, which had favored shares of more cyclically sensitive companies expected to benefit the most from rising prices and accelerating economic growth.</p><p><blockquote>国债反弹变成了购买狂潮，导致长期收益率大幅下降。这使得所谓的通货膨胀贸易失去了任何剩余的风力，而通货膨胀贸易有利于对周期性更为敏感的公司的股票，这些公司预计将从价格上涨和经济增长加速中受益最多。</blockquote></p><p> What changed? There are three important elements to the shift in the market narrative, said Lauren Goodwin, economist and portfolio strategist at New York Life Investments, which has $605 billion in assets under management.</p><p><blockquote>有什么变化？纽约人寿投资公司 (New York Life Investments) 的经济学家兼投资组合策略师劳伦·古德温 (Lauren Goodwin) 表示，市场叙事的转变有三个重要因素，该公司管理着 6050 亿美元的资产。</blockquote></p><p> The first is a perceived change in the way the Federal Reserve reacts to data, with investors no longer looking for policy makers to be as tolerant of economic overheating and rising inflation as previously thought, she said. The second is that while economic growth is expected to remain strong, the pace of growth is expected to have peaked . Third, there are worries the spread of the delta and other variants of the coronavirus that causes COVID-19 could force a renewed round of restrictions that will weigh on global economic activity.</p><p><blockquote>她表示，首先是美联储对数据的反应方式发生了明显的变化，投资者不再希望政策制定者像之前认为的那样容忍经济过热和通胀上升。第二，虽然经济增长预计将保持强劲，但增长速度预计将达到峰值。第三，有人担心导致新冠肺炎的三角洲和其他冠状病毒变种的传播可能会迫使新一轮限制，这将给全球经济活动带来压力。</blockquote></p><p> \"Together, that's a very different consensus market narrative than we had a few weeks ago, when the focus was all about stimulus and overheating,\" Goodwin said, in a phone interview, noting that investors must now ask: \"Is this new narrative the right one?\"</p><p><blockquote>古德温在接受电话采访时表示：“总的来说，这与几周前的市场共识叙事截然不同，当时的焦点都是刺激和过热。”他指出，投资者现在必须问：“这种新叙事是正确的吗？”</blockquote></p><p> The real pain in the past week was in the Treasury market, where a rally drove long-term yields sharply lower and prices higher. Much of that rally was attributed to forced short covering by Treasury bears, who had feared inflation, creating something of a feeding frenzy, driving the 10-year yield to a five-month low below 1.25% on Thursday before finally relenting.</p><p><blockquote>过去一周真正的痛苦在于国债市场，该市场的反弹导致长期收益率大幅下降，价格上涨。此次上涨在很大程度上归因于美国国债空头被迫做空，他们担心通胀，引发了某种喂养狂潮，周四将 10 年期国债收益率推至 1.25% 以下的五个月低点，然后最终有所缓和。</blockquote></p><p> But analysts said the move, at least in part, also reflected legitimate concerns over the global economic growth outlook .</p><p><blockquote>但分析师表示，此举至少在一定程度上也反映了对全球经济增长前景的合理担忧。</blockquote></p><p> That Thursday dive in yields, and accompanying growth fears, triggered a broad stock-market selloff that saw the S&amp;P 500 and Nasdaq Composite retreat from all-time highs, while the Dow Jones Industrial Average shed more than 500 points at its session low. Stocks trimmed losses by the close and then pushed higher Friday, with all three major indexes finishing at records .</p><p><blockquote>周四收益率暴跌以及随之而来的增长担忧引发了广泛的股市抛售，标普500和纳斯达克综合指数从历史高点回落，而道琼斯工业平均指数则在盘中低点下跌了 500 多点。周五股市收盘时收窄跌幅，然后走高，三大股指均创下历史新高。</blockquote></p><p> One casualty was the stock market reflation trade. The small-cap Russell 2000 index RUT (#phrase-company?ref=COMPANY%7CRUT;onlineSignificance=passing-mention) fell 1.1% for a second straight week of losses, while the tech-heavy Nasdaq-100 saw a 0.4% weekly rise. Value stocks underperformed, with the Russell 1000 Value Index falling 0.3%, while the Russell 1000 Growth Index rose 1%.</p><p><blockquote>一个受害者是股市再通胀交易。小盘股 Russell 2000 指数 RUT (#phrase-company?ref=company%7CRUT;onlineSignificance=passing-mention) 连续第二周下跌 1.1%，而以科技股为主的纳斯达克 100 指数每周上涨 0.4%。价值股表现不佳，罗素1000价值指数下跌0.3%，而罗素1000增长指数上涨1%。</blockquote></p><p> \"The 'reflation' and 'rotation' trades -- associated with optimism about rapid, broad-based economic recovery from the pandemic and higher inflation -- has arguably been flagging since as long ago as the end of the first quarter, but clearly took another hit this week,\" said Oliver Jones, senior markets economist at research firm Capital Economics, in a Friday note.</p><p><blockquote>“‘再通胀’和‘轮换’交易——与对疫情和通胀上升中快速、广泛的经济复苏的乐观情绪有关——可以说自第一季度末以来就一直处于低迷状态，但显然本周再次遭受打击，”研究公司凯投宏观（Capital Economics）高级市场经济学家奥利弗·琼斯（Oliver Jones）在周五的一份报告中表示。</blockquote></p><p> Sectors, like energy and financials, and factors, such as value, that benefited most from the reflation/rotation narrative have underperformed, he noted.</p><p><blockquote>他指出，能源和金融等行业以及价值等因素从再通胀/轮换叙事中受益最大，但表现不佳。</blockquote></p><p> Jones argued that it makes sense for optimism about the U.S. economic recovery to top out as supply constraints bite into activity. And global growth expectations may also see pressure, with China's economy likely to continue to disappoint.</p><p><blockquote>琼斯认为，随着供应限制削弱经济活动，对美国经济复苏的乐观情绪达到顶峰是有道理的。全球增长预期也可能面临压力，中国经济可能继续令人失望。</blockquote></p><p> At the same time, the U.S. economy remains on track for a very strong recovery in absolute terms, far exceeding the one that followed the global financial crisis of 2008. And core inflation in the U.S. may prove somewhat more persistent than anticipated, he argued.</p><p><blockquote>与此同时，从绝对值来看，美国经济仍有望实现非常强劲的复苏，远远超过2008年全球金融危机后的复苏。他认为，美国的核心通胀可能会比预期更加持久。</blockquote></p><p> That sets the stage for a scenario in which \"the rotation/reflation trade label may become progressively less useful in the coming quarters,\" he said.</p><p><blockquote>他表示，这为“轮换/再通胀贸易标签在未来几个季度可能会逐渐变得不那么有用”的情况埋下了伏笔。</blockquote></p><p> In particular, parts of the trade, including rapid gains in most stock markets and outperformance by energy companies is likely over for now, he said, while the drop in Treasury yields is probably an \"overreaction\" given the path of growth and inflation in the U.S.</p><p><blockquote>他表示，特别是部分贸易，包括大多数股市的快速上涨和能源公司的优异表现，目前可能已经结束，而考虑到美国的增长和通胀路径，国债收益率的下降可能是一种“过度反应”。</blockquote></p><p> Investors will get a look at evidence on both the inflation and growth front in the coming week. The June consumer-price index is set for release Tuesday, while a producer-price reading is set for Wednesday. A raft of other economic data is due over the course of the week, including June retail sales figures on Friday.</p><p><blockquote>未来一周，投资者将看到通胀和增长方面的证据。6 月份消费者价格指数将于周二发布，而生产者价格指数将于周三发布。本周将公布大量其他经济数据，包括周五公布的 6 月份零售销售数据。</blockquote></p><p></p><p> And then there's the start of the corporate earnings reporting season, which is expected to offer another peak as profits roared in the second quarter relative to the early days of the pandemic last year.</p><p><blockquote>然后是企业财报季的开始，随着第二季度利润与去年大流行初期相比猛增，预计该季度将迎来另一个高峰。</blockquote></p><p> \"With earnings season kicking off next week, the bar is set quite high and corporate America better produce another stellar quarter or there could be some disappointed bulls,\" said Ryan Detrick, chief market strategist at LPL Financial, after Friday's record close.</p><p><blockquote>LPL Financial 首席市场策略师瑞安·德特里克 (Ryan Detrick) 在周五创纪录的收盘后表示：“随着下周财报季开始，门槛设定得相当高，美国企业界最好再创佳绩，否则可能会出现一些令人失望的多头。”</blockquote></p><p> Goodwin said the choice for investors boils down to either leaning into the old narrative that benefits cyclical stocks and shorter duration assets or the new one that expects economic growth to prove more sluggish and anemic, much as it was before the pandemic, favoring growth stocks and defensive sectors.</p><p><blockquote>古德温表示，投资者的选择可以归结为要么倾向于有利于周期性股票和短期资产的旧说法，要么倾向于新的说法，即预计经济增长将变得更加缓慢和乏力，就像大流行之前一样，有利于成长型股票和防御性行业。</blockquote></p><p> The best response, however, may be a little bit of both, Goodwin said.</p><p><blockquote>然而，古德温说，最好的反应可能是两者兼而有之。</blockquote></p><p> Reflation likely still has some room to run in the near term. Distribution of child tax credit payments will begin later this month, while labor shortages may be alleviated in coming months as children return to school and additional unemployment benefits expire, she said, while consumers are sitting on sizable savings.</p><p><blockquote>短期内通货膨胀可能仍有一定的运行空间。她说，儿童税收抵免付款的发放将于本月晚些时候开始，而随着儿童重返校园和额外失业救济金到期，劳动力短缺可能会在未来几个月得到缓解，而消费者正在节省大量资金。</blockquote></p><p> At the same time, growth and inflation are peaking, she said, and valuations are stretched across asset classes. While still maintaining a cyclical tilt, the changing backdrop calls for a more balanced approach to portfolios, she said.</p><p><blockquote>她表示，与此同时，经济增长和通胀正在见顶，各种资产类别的估值也捉襟见肘。她表示，虽然仍保持周期性倾斜，但不断变化的背景为投资组合采取更加平衡的方法提供了评级。</blockquote></p><p> Investors need to look closely at sectors and individual companies that can leverage changing trends and pass rising prices on to consumers, she said, in a more selective environment rather than one in which a rising tide raises all boats.</p><p><blockquote>她表示，投资者需要密切关注能够利用变化趋势并将价格上涨转嫁给消费者的行业和个别公司，在一个更具选择性的环境中，而不是一个水涨船高的环境。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/a-crazy-week-for-u-s-stocks-came-with-a-change-in-the-market-narrative-should-investors-believe-it-11625865324?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":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/a-crazy-week-for-u-s-stocks-came-with-a-change-in-the-market-narrative-should-investors-believe-it-11625865324?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2150053623","content_text":"Investors must decide whether they believe stalling economic growth is a bigger threat than an inflation surge\n\nFears of runaway inflation have been swapped for worries about a rapid slowdown in global economic growth -- and that made for one very long, holiday-shortened week for U.S. investors -- but is this new narrative the right one ?\nA Treasury debt rally became a buying frenzy , sending long-term yields sharply lower. That took any remaining wind out of the sails of the so-called reflation trade, which had favored shares of more cyclically sensitive companies expected to benefit the most from rising prices and accelerating economic growth.\nWhat changed? There are three important elements to the shift in the market narrative, said Lauren Goodwin, economist and portfolio strategist at New York Life Investments, which has $605 billion in assets under management.\nThe first is a perceived change in the way the Federal Reserve reacts to data, with investors no longer looking for policy makers to be as tolerant of economic overheating and rising inflation as previously thought, she said. The second is that while economic growth is expected to remain strong, the pace of growth is expected to have peaked . Third, there are worries the spread of the delta and other variants of the coronavirus that causes COVID-19 could force a renewed round of restrictions that will weigh on global economic activity.\n\"Together, that's a very different consensus market narrative than we had a few weeks ago, when the focus was all about stimulus and overheating,\" Goodwin said, in a phone interview, noting that investors must now ask: \"Is this new narrative the right one?\"\nThe real pain in the past week was in the Treasury market, where a rally drove long-term yields sharply lower and prices higher. Much of that rally was attributed to forced short covering by Treasury bears, who had feared inflation, creating something of a feeding frenzy, driving the 10-year yield to a five-month low below 1.25% on Thursday before finally relenting.\nBut analysts said the move, at least in part, also reflected legitimate concerns over the global economic growth outlook .\nThat Thursday dive in yields, and accompanying growth fears, triggered a broad stock-market selloff that saw the S&P 500 and Nasdaq Composite retreat from all-time highs, while the Dow Jones Industrial Average shed more than 500 points at its session low. Stocks trimmed losses by the close and then pushed higher Friday, with all three major indexes finishing at records .\nOne casualty was the stock market reflation trade. The small-cap Russell 2000 index RUT (#phrase-company?ref=COMPANY%7CRUT;onlineSignificance=passing-mention) fell 1.1% for a second straight week of losses, while the tech-heavy Nasdaq-100 saw a 0.4% weekly rise. Value stocks underperformed, with the Russell 1000 Value Index falling 0.3%, while the Russell 1000 Growth Index rose 1%.\n\"The 'reflation' and 'rotation' trades -- associated with optimism about rapid, broad-based economic recovery from the pandemic and higher inflation -- has arguably been flagging since as long ago as the end of the first quarter, but clearly took another hit this week,\" said Oliver Jones, senior markets economist at research firm Capital Economics, in a Friday note.\nSectors, like energy and financials, and factors, such as value, that benefited most from the reflation/rotation narrative have underperformed, he noted.\nJones argued that it makes sense for optimism about the U.S. economic recovery to top out as supply constraints bite into activity. And global growth expectations may also see pressure, with China's economy likely to continue to disappoint.\nAt the same time, the U.S. economy remains on track for a very strong recovery in absolute terms, far exceeding the one that followed the global financial crisis of 2008. And core inflation in the U.S. may prove somewhat more persistent than anticipated, he argued.\nThat sets the stage for a scenario in which \"the rotation/reflation trade label may become progressively less useful in the coming quarters,\" he said.\nIn particular, parts of the trade, including rapid gains in most stock markets and outperformance by energy companies is likely over for now, he said, while the drop in Treasury yields is probably an \"overreaction\" given the path of growth and inflation in the U.S.\nInvestors will get a look at evidence on both the inflation and growth front in the coming week. The June consumer-price index is set for release Tuesday, while a producer-price reading is set for Wednesday. A raft of other economic data is due over the course of the week, including June retail sales figures on Friday.\nAnd then there's the start of the corporate earnings reporting season, which is expected to offer another peak as profits roared in the second quarter relative to the early days of the pandemic last year.\n\"With earnings season kicking off next week, the bar is set quite high and corporate America better produce another stellar quarter or there could be some disappointed bulls,\" said Ryan Detrick, chief market strategist at LPL Financial, after Friday's record close.\nGoodwin said the choice for investors boils down to either leaning into the old narrative that benefits cyclical stocks and shorter duration assets or the new one that expects economic growth to prove more sluggish and anemic, much as it was before the pandemic, favoring growth stocks and defensive sectors.\nThe best response, however, may be a little bit of both, Goodwin said.\nReflation likely still has some room to run in the near term. Distribution of child tax credit payments will begin later this month, while labor shortages may be alleviated in coming months as children return to school and additional unemployment benefits expire, she said, while consumers are sitting on sizable savings.\nAt the same time, growth and inflation are peaking, she said, and valuations are stretched across asset classes. While still maintaining a cyclical tilt, the changing backdrop calls for a more balanced approach to portfolios, she said.\nInvestors need to look closely at sectors and individual companies that can leverage changing trends and pass rising prices on to consumers, she said, in a more selective environment rather than one in which a rising tide raises all boats.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143125406,"gmtCreate":1625783913205,"gmtModify":1631891735396,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583982143236135","idStr":"3583982143236135"},"themes":[],"title":"","htmlText":"Dead","listText":"Dead","text":"Dead","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/143125406","repostId":"1162204971","repostType":4,"isVote":1,"tweetType":1,"viewCount":860,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":857385117,"gmtCreate":1635508784080,"gmtModify":1635508784296,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583982143236135","authorIdStr":"3583982143236135"},"themes":[],"title":"","htmlText":"Sd","listText":"Sd","text":"Sd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":20,"repostSize":0,"link":"https://laohu8.com/post/857385117","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":4211,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600994236,"gmtCreate":1638028772155,"gmtModify":1638028772264,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583982143236135","authorIdStr":"3583982143236135"},"themes":[],"title":"","htmlText":"//<a href=\"https://laohu8.com/U/3583982143236135\">@Angelagurl</a>:Sd","listText":"//<a href=\"https://laohu8.com/U/3583982143236135\">@Angelagurl</a>:Sd","text":"//@Angelagurl:Sd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":18,"repostSize":0,"link":"https://laohu8.com/post/600994236","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":3767,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":865615817,"gmtCreate":1632974834186,"gmtModify":1632974834392,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583982143236135","authorIdStr":"3583982143236135"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":18,"repostSize":0,"link":"https://laohu8.com/post/865615817","repostId":"865996903","repostType":1,"repost":{"id":865996903,"gmtCreate":1632928704001,"gmtModify":1636601625405,"author":{"id":"3532831849818465","authorId":"3532831849818465","name":"许亚鑫","avatar":"https://static.tigerbbs.com/72cbe26a31edf2913e619f4aa762d2d4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3532831849818465","authorIdStr":"3532831849818465"},"themes":[],"title":"芯片半导体的跟踪与研究！","htmlText":"上周许导在录制音频的时候，分享了芯片半导体行业的一些观点：2021年9月24日市场语音跟踪，趁着国庆假期还没来，我们在多做一下这方面的功课： 本文将围绕着什么是芯片？为什么芯片会短缺？中美关系缓和对于芯片行业的影响来做研究。 首先，半导体、集成电路和芯片和晶圆的区别？ 半导体指常温下导电性能介于导体与绝缘体之间的材料。常见的半导体材料有硅、锗、砷化镓等。 集成电路是一种微型电子器件或部件。采用一定的工艺，把一个电路中所需的晶体管、电阻、电容和电感等元件及布线互连一起，然后封装在一个管壳内，成为具有所需电路功能的微型结构。 芯片其实是半导体元件产品的统称，很多时候我们把集成电路和芯片混淆在一起。但严格意义上，芯片并不能完全等于集成电路，芯片是集成电路的载体，由晶圆分割而成。 晶圆是指制作硅半导体电路所用的硅晶片，其原始材料是硅。经过一系列加工后形成硅晶圆片，也就是晶圆。 简单来说就是半导体组成集成电路，芯片是集成电路的终极形态，而晶圆是芯片的原材料。 根据摩尔定律，集成电路上可以容纳的晶体管数目在大约每经过18个月便会增加一倍。换言之，处理器的性能每隔两年就会翻一倍。所以随着时间流逝，芯片行业的壁垒便会自然消失。行业内公司通常处于你追我赶的内卷状态。 其次，为什么芯片会短缺？ 一方面，晶圆量产难度大。 芯片产业链可以分为上中下游三大环节，上游是芯片原材料制造的硅片制造厂商，中游是芯片设计公司，下游就是基于上游生产的硅片，将中游的芯片设计实现出来的晶圆加工厂商。 芯片的基本组成单位是晶体管。晶体管里含有一个栅极，一方面栅极的宽度（14nm、7nm等）决定了电流通过时的损耗，宽度越窄，损耗越低。另一方面栅极越窄，芯片可以含有更多的晶体管，可以提升更多的性能和计算能力。 同时，最终形成的芯片体积也就越小，那么一块硅片可以切割出来的芯片也就越多，降低了整体成本。所以说纳米数越小的芯片","listText":"上周许导在录制音频的时候，分享了芯片半导体行业的一些观点：2021年9月24日市场语音跟踪，趁着国庆假期还没来，我们在多做一下这方面的功课： 本文将围绕着什么是芯片？为什么芯片会短缺？中美关系缓和对于芯片行业的影响来做研究。 首先，半导体、集成电路和芯片和晶圆的区别？ 半导体指常温下导电性能介于导体与绝缘体之间的材料。常见的半导体材料有硅、锗、砷化镓等。 集成电路是一种微型电子器件或部件。采用一定的工艺，把一个电路中所需的晶体管、电阻、电容和电感等元件及布线互连一起，然后封装在一个管壳内，成为具有所需电路功能的微型结构。 芯片其实是半导体元件产品的统称，很多时候我们把集成电路和芯片混淆在一起。但严格意义上，芯片并不能完全等于集成电路，芯片是集成电路的载体，由晶圆分割而成。 晶圆是指制作硅半导体电路所用的硅晶片，其原始材料是硅。经过一系列加工后形成硅晶圆片，也就是晶圆。 简单来说就是半导体组成集成电路，芯片是集成电路的终极形态，而晶圆是芯片的原材料。 根据摩尔定律，集成电路上可以容纳的晶体管数目在大约每经过18个月便会增加一倍。换言之，处理器的性能每隔两年就会翻一倍。所以随着时间流逝，芯片行业的壁垒便会自然消失。行业内公司通常处于你追我赶的内卷状态。 其次，为什么芯片会短缺？ 一方面，晶圆量产难度大。 芯片产业链可以分为上中下游三大环节，上游是芯片原材料制造的硅片制造厂商，中游是芯片设计公司，下游就是基于上游生产的硅片，将中游的芯片设计实现出来的晶圆加工厂商。 芯片的基本组成单位是晶体管。晶体管里含有一个栅极，一方面栅极的宽度（14nm、7nm等）决定了电流通过时的损耗，宽度越窄，损耗越低。另一方面栅极越窄，芯片可以含有更多的晶体管，可以提升更多的性能和计算能力。 同时，最终形成的芯片体积也就越小，那么一块硅片可以切割出来的芯片也就越多，降低了整体成本。所以说纳米数越小的芯片","text":"上周许导在录制音频的时候，分享了芯片半导体行业的一些观点：2021年9月24日市场语音跟踪，趁着国庆假期还没来，我们在多做一下这方面的功课： 本文将围绕着什么是芯片？为什么芯片会短缺？中美关系缓和对于芯片行业的影响来做研究。 首先，半导体、集成电路和芯片和晶圆的区别？ 半导体指常温下导电性能介于导体与绝缘体之间的材料。常见的半导体材料有硅、锗、砷化镓等。 集成电路是一种微型电子器件或部件。采用一定的工艺，把一个电路中所需的晶体管、电阻、电容和电感等元件及布线互连一起，然后封装在一个管壳内，成为具有所需电路功能的微型结构。 芯片其实是半导体元件产品的统称，很多时候我们把集成电路和芯片混淆在一起。但严格意义上，芯片并不能完全等于集成电路，芯片是集成电路的载体，由晶圆分割而成。 晶圆是指制作硅半导体电路所用的硅晶片，其原始材料是硅。经过一系列加工后形成硅晶圆片，也就是晶圆。 简单来说就是半导体组成集成电路，芯片是集成电路的终极形态，而晶圆是芯片的原材料。 根据摩尔定律，集成电路上可以容纳的晶体管数目在大约每经过18个月便会增加一倍。换言之，处理器的性能每隔两年就会翻一倍。所以随着时间流逝，芯片行业的壁垒便会自然消失。行业内公司通常处于你追我赶的内卷状态。 其次，为什么芯片会短缺？ 一方面，晶圆量产难度大。 芯片产业链可以分为上中下游三大环节，上游是芯片原材料制造的硅片制造厂商，中游是芯片设计公司，下游就是基于上游生产的硅片，将中游的芯片设计实现出来的晶圆加工厂商。 芯片的基本组成单位是晶体管。晶体管里含有一个栅极，一方面栅极的宽度（14nm、7nm等）决定了电流通过时的损耗，宽度越窄，损耗越低。另一方面栅极越窄，芯片可以含有更多的晶体管，可以提升更多的性能和计算能力。 同时，最终形成的芯片体积也就越小，那么一块硅片可以切割出来的芯片也就越多，降低了整体成本。所以说纳米数越小的芯片","images":[{"img":"https://static.tigerbbs.com/32c260725071e5bfcb41f596ae730fee","width":"554","height":"313"},{"img":"https://static.tigerbbs.com/1b076e24864dede7a19c20fa3761daa6","width":"554","height":"348"},{"img":"https://static.tigerbbs.com/fc4daa10b911ad011fad568d4e836c5f","width":"554","height":"397"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/865996903","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":5,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":4780,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":811854677,"gmtCreate":1630312225499,"gmtModify":1704958219784,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583982143236135","authorIdStr":"3583982143236135"},"themes":[],"title":"","htmlText":"It is almost time to say Good Bye to Capitaland as it transitions to be privatised and say Hello to Capitaland Investment. As a going away present investors will get some cash and new shares in CLI🎊🎉🍾🎉🎊","listText":"It is almost time to say Good Bye to Capitaland as it transitions to be privatised and say Hello to Capitaland Investment. As a going away present investors will get some cash and new shares in CLI🎊🎉🍾🎉🎊","text":"It is almost time to say Good Bye to Capitaland as it transitions to be privatised and say Hello to Capitaland Investment. As a going away present investors will get some cash and new shares in CLI🎊🎉🍾🎉🎊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":17,"repostSize":0,"link":"https://laohu8.com/post/811854677","isVote":1,"tweetType":1,"viewCount":1761,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897704903,"gmtCreate":1628983903502,"gmtModify":1631891735303,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583982143236135","authorIdStr":"3583982143236135"},"themes":[],"title":"","htmlText":"Hi//<a href=\"https://laohu8.com/U/3583982143236135\">@Richmondheng</a>:Good","listText":"Hi//<a href=\"https://laohu8.com/U/3583982143236135\">@Richmondheng</a>:Good","text":"Hi//@Richmondheng:Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":10,"repostSize":0,"link":"https://laohu8.com/post/897704903","repostId":"1190150353","repostType":4,"isVote":1,"tweetType":1,"viewCount":968,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145783737,"gmtCreate":1626245865929,"gmtModify":1631891735348,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583982143236135","authorIdStr":"3583982143236135"},"themes":[],"title":"","htmlText":"Gg","listText":"Gg","text":"Gg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":8,"repostSize":0,"link":"https://laohu8.com/post/145783737","repostId":"1121049362","repostType":4,"isVote":1,"tweetType":1,"viewCount":1270,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801869404,"gmtCreate":1627509482108,"gmtModify":1631891735312,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583982143236135","authorIdStr":"3583982143236135"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/801869404","repostId":"1190150353","repostType":4,"isVote":1,"tweetType":1,"viewCount":1191,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":869327937,"gmtCreate":1632260884429,"gmtModify":1632801764000,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583982143236135","authorIdStr":"3583982143236135"},"themes":[],"title":"","htmlText":"Follow me hehe","listText":"Follow me hehe","text":"Follow me hehe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/869327937","isVote":1,"tweetType":1,"viewCount":3025,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801025402,"gmtCreate":1627475272006,"gmtModify":1631891735324,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583982143236135","authorIdStr":"3583982143236135"},"themes":[],"title":"","htmlText":"Yay","listText":"Yay","text":"Yay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/801025402","repostId":"1145347264","repostType":4,"repost":{"id":"1145347264","kind":"news","pubTimestamp":1627475104,"share":"https://www.laohunote.com/m/news/1145347264?lang=zh_CN&edition=full","pubTime":"2021-07-28 20:25","market":"us","language":"en","title":"Apple Stock Is Under Pressure. There’s a Silver Lining.<blockquote>苹果股票面临压力。还有一线希望。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1145347264","media":"Barrons","summary":"Apple delivered another stunning quarter, crushing earnings estimates across the board. Apple regist","content":"<p>Apple delivered another stunning quarter, crushing earnings estimates across the board. Apple registered nearly $40 billion of iPhone sales in its fiscal third quarter, beating Wall Street expectations by an eye-watering $5 billion.</p><p><blockquote>苹果又一个令人惊叹的季度业绩，全面超出盈利预期。苹果第三财季 iPhone 销售额接近 400 亿美元，超出华尔街预期 50 亿美元，令人瞠目结舌。</blockquote></p><p> Yet the euphoria quickly turned to disappointment for investors as Chief Financial Officer Luca Maestri said revenue growth would slow in the September quarter. The “very strong double-digit” growth, Maestri said, won’t match the 36% growth in the June quarter.</p><p><blockquote>然而，首席财务官卢卡·梅斯特里 (Luca Maestri) 表示，9 月份季度的收入增长将放缓，投资者的兴奋很快就变成了失望。Maestri 说，“非常强劲的两位数 ”增长无法与 6 月份季度 36% 的增长相提并论。</blockquote></p><p> A less favorable foreign exchange impact, normalizing services growth, and supply constraints from the global chip shortage&nbsp;were the culprits, Apple’s finance chief said. The stock took a few bumps in after-hours trading on Wednesday as investors digested those comments.</p><p><blockquote>苹果首席财务官说，外汇影响不利、服务业增长正常化以及全球芯片短缺造成的供应限制是罪魁祸首。随着投资者消化这些评论，该股在周三盘后交易中出现了一些上涨。</blockquote></p><p> Renowned Wedbush tech analyst Dan Ives sees it differently and said Apple’s “drop the mic” quarter was the next step in driving the stock to a $3 trillion market cap. China was the star of the show, he said, where sales grew 58% in a region key to the Apple bull thesis. The impact of the chip shortage was neutralized by iPhone and services strength, he added.</p><p><blockquote>著名韦德布什科技分析师丹-艾夫斯（Dan Ives）有不同的看法，他说苹果的 “放下麦克风 ”季度是推动该股市值达到 3 万亿美元的下一步。他说，中国是这场秀的明星，中国的销售额增长了58%，而中国是苹果牛市论点的关键地区。他补充说，iPhone 和服务实力抵消了芯片短缺的影响。</blockquote></p><p> But it’s the 5G supercycle that could be key to the continuing demand story. A significant proportion of iPhone users have not upgraded their phones in recent years, and the iPhone 13 isn’t far away.</p><p><blockquote>但 5G 超级周期可能是需求持续发展的关键。近年来，很大一部分 iPhone 用户没有升级手机，iPhone 13 也不远了。</blockquote></p><p> While Apple’s supply warning must not be ignored, it’s worth remembering that the company warned in April that it could take&nbsp;a $3 billion to $4 billion hit&nbsp;from the semiconductor crisis in the third quarter. Look how that turned out.</p><p><blockquote>虽然苹果的供应警告不容忽视，但值得记住的是，该公司曾在 4 月份警告说，第三季度半导体危机可能会给其造成 30 亿至 40 亿美元的损失。看看结果如何。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Is Under Pressure. There’s a Silver Lining.<blockquote>苹果股票面临压力。还有一线希望。</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\">\nApple Stock Is Under Pressure. There’s a Silver Lining.<blockquote>苹果股票面临压力。还有一线希望。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-28 20:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple delivered another stunning quarter, crushing earnings estimates across the board. Apple registered nearly $40 billion of iPhone sales in its fiscal third quarter, beating Wall Street expectations by an eye-watering $5 billion.</p><p><blockquote>苹果又一个令人惊叹的季度业绩，全面超出盈利预期。苹果第三财季 iPhone 销售额接近 400 亿美元，超出华尔街预期 50 亿美元，令人瞠目结舌。</blockquote></p><p> Yet the euphoria quickly turned to disappointment for investors as Chief Financial Officer Luca Maestri said revenue growth would slow in the September quarter. The “very strong double-digit” growth, Maestri said, won’t match the 36% growth in the June quarter.</p><p><blockquote>然而，首席财务官卢卡·梅斯特里 (Luca Maestri) 表示，9 月份季度的收入增长将放缓，投资者的兴奋很快就变成了失望。Maestri 说，“非常强劲的两位数 ”增长无法与 6 月份季度 36% 的增长相提并论。</blockquote></p><p> A less favorable foreign exchange impact, normalizing services growth, and supply constraints from the global chip shortage&nbsp;were the culprits, Apple’s finance chief said. The stock took a few bumps in after-hours trading on Wednesday as investors digested those comments.</p><p><blockquote>苹果首席财务官说，外汇影响不利、服务业增长正常化以及全球芯片短缺造成的供应限制是罪魁祸首。随着投资者消化这些评论，该股在周三盘后交易中出现了一些上涨。</blockquote></p><p> Renowned Wedbush tech analyst Dan Ives sees it differently and said Apple’s “drop the mic” quarter was the next step in driving the stock to a $3 trillion market cap. China was the star of the show, he said, where sales grew 58% in a region key to the Apple bull thesis. The impact of the chip shortage was neutralized by iPhone and services strength, he added.</p><p><blockquote>著名韦德布什科技分析师丹-艾夫斯（Dan Ives）有不同的看法，他说苹果的 “放下麦克风 ”季度是推动该股市值达到 3 万亿美元的下一步。他说，中国是这场秀的明星，中国的销售额增长了58%，而中国是苹果牛市论点的关键地区。他补充说，iPhone 和服务实力抵消了芯片短缺的影响。</blockquote></p><p> But it’s the 5G supercycle that could be key to the continuing demand story. A significant proportion of iPhone users have not upgraded their phones in recent years, and the iPhone 13 isn’t far away.</p><p><blockquote>但 5G 超级周期可能是需求持续发展的关键。近年来，很大一部分 iPhone 用户没有升级手机，iPhone 13 也不远了。</blockquote></p><p> While Apple’s supply warning must not be ignored, it’s worth remembering that the company warned in April that it could take&nbsp;a $3 billion to $4 billion hit&nbsp;from the semiconductor crisis in the third quarter. Look how that turned out.</p><p><blockquote>虽然苹果的供应警告不容忽视，但值得记住的是，该公司曾在 4 月份警告说，第三季度半导体危机可能会给其造成 30 亿至 40 亿美元的损失。看看结果如何。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/things-to-know-today-51627467611?mod=RTA\">Barrons</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":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/things-to-know-today-51627467611?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145347264","content_text":"Apple delivered another stunning quarter, crushing earnings estimates across the board. Apple registered nearly $40 billion of iPhone sales in its fiscal third quarter, beating Wall Street expectations by an eye-watering $5 billion.\nYet the euphoria quickly turned to disappointment for investors as Chief Financial Officer Luca Maestri said revenue growth would slow in the September quarter. The “very strong double-digit” growth, Maestri said, won’t match the 36% growth in the June quarter.\nA less favorable foreign exchange impact, normalizing services growth, and supply constraints from the global chip shortage were the culprits, Apple’s finance chief said. The stock took a few bumps in after-hours trading on Wednesday as investors digested those comments.\nRenowned Wedbush tech analyst Dan Ives sees it differently and said Apple’s “drop the mic” quarter was the next step in driving the stock to a $3 trillion market cap. China was the star of the show, he said, where sales grew 58% in a region key to the Apple bull thesis. The impact of the chip shortage was neutralized by iPhone and services strength, he added.\nBut it’s the 5G supercycle that could be key to the continuing demand story. A significant proportion of iPhone users have not upgraded their phones in recent years, and the iPhone 13 isn’t far away.\nWhile Apple’s supply warning must not be ignored, it’s worth remembering that the company warned in April that it could take a $3 billion to $4 billion hit from the semiconductor crisis in the third quarter. Look how that turned out.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":885,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165496966,"gmtCreate":1624154387055,"gmtModify":1634010222219,"author":{"id":"3583982143236135","authorId":"3583982143236135","name":"Angelagurl","avatar":"https://static.tigerbbs.com/7a846cc2f94b03a16411fa9df8f8c9c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583982143236135","authorIdStr":"3583982143236135"},"themes":[],"title":"","htmlText":"Iike and comment","listText":"Iike and comment","text":"Iike and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/165496966","repostId":"1126454279","repostType":2,"isVote":1,"tweetType":1,"viewCount":1129,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}