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Jokhang

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2021-09-11

[What]

Why Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</blockquote>

2021-09-11

[Smile]

抱歉，原内容已删除

2021-09-08

[Smile]

Amazon: Stock Still Attractive With Shift Towards E-Commerce And Cloud Growth<blockquote>亚马逊：随着转向电子商务和云增长，股票仍然具有吸引力</blockquote>

2021-09-06

[Happy]

Amazon Moves To Directly Compete With Fedex, UPS In Shipping Services<blockquote>亚马逊在运输服务方面与联邦快递、UPS 直接竞争</blockquote>

2021-09-04

[Cry] [Facepalm] [Great]

抱歉，原内容已删除

2021-09-03

[Cry]

AMZN Is The Only FAAMG Stock Off Its Peak. Buy The Dip?<blockquote>AMZN 是唯一一只处于巅峰状态的 FAAMG 股票。逢低买入？</blockquote>

2021-08-31

[Miser] [Cool] [Miser]

抱歉，原内容已删除

2021-08-30

Bitcoin to the moon! No one cares the bears

Here's why this billionaire investor predicts cryptocurrencies will 'go to zero'<blockquote>这就是为什么这位亿万富翁投资者预测加密货币将“归零”</blockquote>

2021-08-29

[Smile]

Apple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote>

2021-08-26

[Miser]

抱歉，原内容已删除

2021-08-23

[Happy] [Happy] [Happy]

抱歉，原内容已删除

2021-08-20

[Miser] [Miser] [Miser] [Miser]

S&P 500 opens flat with stocks set for a losing week<blockquote>标普500开盘持平，股市本周将下跌</blockquote>

2021-08-19

Tesla to the moon

抱歉，原内容已删除

2021-08-17

[Cry] [Cry]

抱歉，原内容已删除

2021-08-16

[Miser]

Nvidia, Tencent,Walmart, Target and Other Stocks to Watch This Week<blockquote>英伟达、腾讯、沃尔玛、塔吉特等本周值得关注的股票</blockquote>

2021-08-12

Bitcoin to the moooooob

Bitcoin ETF Filing Flood Collides With Cooling Demand for Funds<blockquote>比特币 ETF 申请洪水与资金需求降温发生冲突</blockquote>

2021-08-10

[Miser] [Miser] [Miser]

FuboTV Looks Set To Break Out From Long-Term Pattern: What's Next?<blockquote>FuboTV 看起来将摆脱长期模式：下一步是什么？</blockquote>

2021-08-07

Buffet all the way

抱歉，原内容已删除

2021-08-07

To the future we go

20 cloud stocks expected to increase sales the most over the next two years<blockquote>预计未来两年销售额增幅最大的 20 只云股票</blockquote>

2021-08-03

[Miser] [Miser] [Miser]

The rising AMD is getting aggressive<blockquote>崛起的 AMD 变得咄咄逼人</blockquote>

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Apple’s own payment system takes a 30%","content":"<p>Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.</p><p><blockquote>周五的裁决要求苹果允许开发者为通过苹果应用商店下载的应用程序提供替代支付方式，这给其收入和利润带来了真实但有限的风险。</blockquote></p><p> In a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.</p><p><blockquote>在堡垒之夜发行商 Epic Games 提起的一起案件中，美国地区法官 Yvonne Gonzalez Rogers 发布了一项永久禁令，要求苹果（股票代码：AAPL）允许开发者选择在其应用程序中包含替代支付方式的链接。苹果自己的支付系统从大型开发商那里抽取 30% 的佣金。</blockquote></p><p> Data from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.</p><p><blockquote>应用追踪机构 SensorTower 的数据显示，2020 年，苹果从 App Store 获得的总收入为 723 亿美元，费用估计为 217 亿美元，约占苹果总收入的 7%。其中包括美国 210 亿美元的支出，产生约 63 亿美元的费用，约占年化收入的 2%。</blockquote></p><p> SensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.</p><p><blockquote>SensorTower 估计，2020 年 App Store 的手机游戏支出为 476 亿美元，产生的费用为 143 亿美元，略低于苹果总收入的 5%。</blockquote></p><p> Gene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.</p><p><blockquote>风险投资公司 Loup Capital 的董事总经理、长期跟踪苹果的前卖方分析师吉恩-蒙斯特（Gene Munster）估计，App Store 约占公司利润的 14%。但他认为周五的裁决风险有限。</blockquote></p><p> Munster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.</p><p><blockquote>明斯特认为大多数应用程序开发者将留在苹果系统内。他认为总收入 “最多 ”会受到 2% 的阻力，利润可能会受到 4% 的影响。</blockquote></p><p> “After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”</p><p><blockquote>“他说：”在这些变化的第一年之后，app store 的增长率将恢复正常。“底线是，这最多只是一年的逆风，并不会改变苹果未来 5 年的发展方向。”</blockquote></p><p> Evercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.</p><p><blockquote>Evercore ISI 分析师 Amit Daryanani 在一份研究报告中表示，这一裁决对苹果来说是一个挫折，但最终的影响可能是可控的，因为苹果有其他方式从商店创收，包括其不断增长的店内广告业务。他还指出，苹果实际上在案件中的一个更大问题上取得了胜利： 法官驳回了 Epic 关于 App Store 非法垄断的说法。Daryanani 估计苹果每股收益面临的风险为 2% 至 4%。</blockquote></p><p> Wedbush analyst Dan Ives told&nbsp;<i>Barron’s</i>&nbsp;he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.</p><p><blockquote>韦德布什分析师丹·艾夫斯告诉<i>巴伦</i>他认为最坏的情况是收入受到 3% 到 4% 的影响，并将这种风险描述为 “四舍五入误差”。虽然艾夫斯表示，华尔街原本预计苹果会全面获胜，但这一混合决定消除了该股的悬而未决的问题，投资者可能会放心地搁置这个问题。</blockquote></p><p> The ruling is more a positive for companies like&nbsp;Spotify Technology&nbsp;and&nbsp;Match Group&nbsp;than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97&nbsp;on&nbsp;Friday, while Spotify and March gained 0.7% and&nbsp;4.2%, respectively.</p><p><blockquote>他说，这一裁决对 Spotify Technology 和 Match Group 等公司来说是积极的，而不是对苹果的负面影响。苹果股价周五下跌 3.3%，至 148.97 美元，而 Spotify 和 March 分别上涨 0.7% 和 4.2%。</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>Why Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</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\">\nWhy Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-11 08:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.</p><p><blockquote>周五的裁决要求苹果允许开发者为通过苹果应用商店下载的应用程序提供替代支付方式，这给其收入和利润带来了真实但有限的风险。</blockquote></p><p> In a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.</p><p><blockquote>在堡垒之夜发行商 Epic Games 提起的一起案件中，美国地区法官 Yvonne Gonzalez Rogers 发布了一项永久禁令，要求苹果（股票代码：AAPL）允许开发者选择在其应用程序中包含替代支付方式的链接。苹果自己的支付系统从大型开发商那里抽取 30% 的佣金。</blockquote></p><p> Data from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.</p><p><blockquote>应用追踪机构 SensorTower 的数据显示，2020 年，苹果从 App Store 获得的总收入为 723 亿美元，费用估计为 217 亿美元，约占苹果总收入的 7%。其中包括美国 210 亿美元的支出，产生约 63 亿美元的费用，约占年化收入的 2%。</blockquote></p><p> SensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.</p><p><blockquote>SensorTower 估计，2020 年 App Store 的手机游戏支出为 476 亿美元，产生的费用为 143 亿美元，略低于苹果总收入的 5%。</blockquote></p><p> Gene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.</p><p><blockquote>风险投资公司 Loup Capital 的董事总经理、长期跟踪苹果的前卖方分析师吉恩-蒙斯特（Gene Munster）估计，App Store 约占公司利润的 14%。但他认为周五的裁决风险有限。</blockquote></p><p> Munster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.</p><p><blockquote>明斯特认为大多数应用程序开发者将留在苹果系统内。他认为总收入 “最多 ”会受到 2% 的阻力，利润可能会受到 4% 的影响。</blockquote></p><p> “After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”</p><p><blockquote>“他说：”在这些变化的第一年之后，app store 的增长率将恢复正常。“底线是，这最多只是一年的逆风，并不会改变苹果未来 5 年的发展方向。”</blockquote></p><p> Evercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.</p><p><blockquote>Evercore ISI 分析师 Amit Daryanani 在一份研究报告中表示，这一裁决对苹果来说是一个挫折，但最终的影响可能是可控的，因为苹果有其他方式从商店创收，包括其不断增长的店内广告业务。他还指出，苹果实际上在案件中的一个更大问题上取得了胜利： 法官驳回了 Epic 关于 App Store 非法垄断的说法。Daryanani 估计苹果每股收益面临的风险为 2% 至 4%。</blockquote></p><p> Wedbush analyst Dan Ives told&nbsp;<i>Barron’s</i>&nbsp;he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.</p><p><blockquote>韦德布什分析师丹·艾夫斯告诉<i>巴伦</i>他认为最坏的情况是收入受到 3% 到 4% 的影响，并将这种风险描述为 “四舍五入误差”。虽然艾夫斯表示，华尔街原本预计苹果会全面获胜，但这一混合决定消除了该股的悬而未决的问题，投资者可能会放心地搁置这个问题。</blockquote></p><p> The ruling is more a positive for companies like&nbsp;Spotify Technology&nbsp;and&nbsp;Match Group&nbsp;than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97&nbsp;on&nbsp;Friday, while Spotify and March gained 0.7% and&nbsp;4.2%, respectively.</p><p><blockquote>他说，这一裁决对 Spotify Technology 和 Match Group 等公司来说是积极的，而不是对苹果的负面影响。苹果股价周五下跌 3.3%，至 148.97 美元，而 Spotify 和 March 分别上涨 0.7% 和 4.2%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/apple-app-store-epic-51631304007?mod=hp_LEAD_1_B_2\">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/apple-app-store-epic-51631304007?mod=hp_LEAD_1_B_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147045390","content_text":"Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.\nIn a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.\nData from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.\nSensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.\nGene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.\nMunster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.\n“After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”\nEvercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.\nWedbush analyst Dan Ives told Barron’s he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.\nThe ruling is more a positive for companies like Spotify Technology and Match Group than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97 on Friday, while Spotify and March gained 0.7% and 4.2%, respectively.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":4861,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881325215,"gmtCreate":1631300431837,"gmtModify":1631891497747,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586392338558856","idStr":"3586392338558856"},"themes":[],"title":"","htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/881325215","repostId":"2166137557","repostType":4,"isVote":1,"tweetType":1,"viewCount":5302,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880461255,"gmtCreate":1631073046277,"gmtModify":1631891497761,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586392338558856","idStr":"3586392338558856"},"themes":[],"title":"","htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/880461255","repostId":"1143120804","repostType":4,"repost":{"id":"1143120804","kind":"news","pubTimestamp":1631072080,"share":"https://www.laohunote.com/m/news/1143120804?lang=zh_CN&edition=full","pubTime":"2021-09-08 11:34","market":"us","language":"en","title":"Amazon: Stock Still Attractive With Shift Towards E-Commerce And Cloud Growth<blockquote>亚马逊：随着转向电子商务和云增长，股票仍然具有吸引力</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143120804","media":"Seeking Alpha","summary":"Summary\n\nThe company’s revenue growth in 2020 exceeded our expectations and we revised its growth ra","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>The company’s revenue growth in 2020 exceeded our expectations and we revised its growth rate forecast to 15.8%.</li>  <li>While growth is moderating following a stellar year with robust activity, the company remains poised to benefit from the e-commerce shift with a forecast penetration rate of 22% of retail.</li>  <li>AWS is expected to remain as the number 1 market leader for the foreseeable future.</li>  <li>We revised our valuation using DCF analysis to obtain a new price target of $4,303,18 from $3,358.73.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d2ca0bbeb0cb7be66a257f4e9d5f5fa1\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>4kodiak/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>公司2020年的收入增长超出了我们的预期，我们将其增长率预测修正为15.8%。</li><li>尽管在经历了强劲活动的辉煌一年后，增长正在放缓，但该公司仍准备从电子商务转变中受益，预计零售渗透率为 22%。</li><li>在可预见的未来，AWS 预计仍将是第一大市场领导者。</li><li>我们使用 DCF 分析修改了估值，从 3,358.73 美元获得了 4,303,18 美元的新目标价。</li></ul><p class=\"t-img-caption\"><span>4kodiak/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> Since our previous&nbsp;coverage, Amazon Inc.'s (AMZN) stock has risen by 26% and exceeded our revenue growth expectations of 24.5% and finished 2020 up by 37.6% on exceptional growth of its online retail business growing by 40% to nearly $200 bln and third-party services at $80bln. In this analysis, we re-examine its key growth drivers namely online retail, third party services and AWS.</p><p><blockquote>自我们之前的报道以来，亚马逊公司 (AMZN) 的股价已上涨 26%，超过了我们 24.5% 的收入增长预期，并在 2020 年底上涨了 37.6%，原因是其在线零售业务增长了 40%，达到近 2000 亿美元，第三方服务为 800 亿美元。在本分析中，我们重新审视了其主要增长动力，即在线零售、第三方服务和 AWS。</blockquote></p><p> Despite the softness in Q2 of its online store sales growth of 13% and soft Q3&nbsp;guidance&nbsp;of 13% YoY at the midpoint, indicating a sign of normalizing growth, the secular growth outlook of the e-commerce market remains attractive from the continued shift towards online retail which Amazon has an established market position. As more consumers shift their purchasing behavior online, the share of e-commerce is forecasted to reach 22% by 2023 from 18% in 2020. We believe that Amazon's well-established market position with a massive Prime membership base as loyal customers and solid logistics and shipping network providing it with an advantage as seen with the rise of its e-commerce marketplace with third-party sellers. Moreover, its cloud business is expected to remain the market leader of the cloud infrastructure market for the foreseeable future with continued commitment towards growth and underpinned by rising data volumes.</p><p><blockquote>尽管第二季度在线商店销售额增长 13%，第三季度中点同比增长 13%，表明增长正常化的迹象，但由于亚马逊继续转向在线零售，电子商务市场的长期增长前景仍然具有吸引力，亚马逊在在线零售方面拥有既定的市场地位。随着越来越多的消费者将购买行为转移到网上，预计到 2023 年，电子商务的份额将从 2020 年的 18% 达到 22%。我们相信，亚马逊稳固的市场地位、庞大的 Prime 会员基础（作为忠实客户）以及稳固的物流和运输网络为其提供了优势，这一点从其电子商务市场与第三方卖家的崛起中可见一斑。此外，在可预见的未来，其云业务预计仍将是云基础设施市场的市场领导者，并将继续致力于增长，并以不断增长的数据量为支撑。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4a78658eabc40ec60c6713019d6f800c\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：亚马逊</span></p></blockquote></p><p> <b>E-commerce Sales Outlook Still Attractive Despite Normalizing Growth</b></p><p><blockquote><b>尽管增长正常化，电子商务销售前景仍然有吸引力</b></blockquote></p><p> Amazon's online store&nbsp;sales&nbsp;have surged 40% in 2020 from 14.8% in the prior year as it benefitted from the prolonged lockdowns and restrictions on physical retailers which saw the accelerated shift towards e-commerce adoption. However, despite the slowdown in its online store growth in Q2 2021 of 13% YoY compared to 41% in Q1, we believe that the company is poised to continue reaping the secular tailwinds of the rising e-commerce adoption.</p><p><blockquote>亚马逊的在线商店销售额在2020年从上一年的14.8%飙升了40%，因为它受益于对实体零售商的长期封锁和限制，这加速了向电子商务的转变。然而，尽管 2021 年第二季度其在线商店增长同比放缓 13%，而第一季度为 41%，但我们相信该公司已准备好继续收获电子商务采用率上升的长期顺风。</blockquote></p><p> According to eMarketer, the share of e-commerce sales is forecasted to&nbsp;reach&nbsp;22% of global retail sales as consumers continue to shift towards online buying. Global retail sales are forecasted to bound back by 7.2% with the vaccination drives across the world and easing business restrictions. Thus, the e-commerce sales forecast is 10.2% in 2021 which represents a normalized growth from 27.6% in 2019 as the penetration rate surged to 18% from 14% in the past year.</p><p><blockquote>根据eMarketer的数据，随着消费者继续转向网上购物，电子商务销售的份额预计将达到全球零售额的22%。随着全球疫苗接种运动和商业限制的放松，全球零售额预计将回升7.2%。因此，由于渗透率从去年的14%飙升至18%，2021年的电子商务销售额预测为10.2%，较2019年的27.6%正常增长。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Global E-Commerce Market ($ bln)</b></p><p><blockquote><table><tbody><tr><td><b>全球电子商务市场（十亿美元）</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2016</b></p><p><blockquote><td><b>2016</b></td></blockquote></p><p></td>    <td><b>2017</b></p><p><blockquote><td><b>2017</b></td></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Total Global Retail Sales ('a')</p><p><blockquote><tr><td>全球零售总额（“A”）</td></tr></blockquote></p><p></td>    <td>21,453</p><p><blockquote><td>21,453</td></blockquote></p><p></td>    <td>22,904</p><p><blockquote><td>22,904</td></blockquote></p><p></td>    <td>23,560</p><p><blockquote><td>23,560</td></blockquote></p><p></td>    <td>24,780</p><p><blockquote><td>24,780</td></blockquote></p><p></td>    <td>23,778</p><p><blockquote><td>23,778</td></blockquote></p><p></td>    <td>25,490</p><p><blockquote><td>25,490</td></blockquote></p><p></td>    <td>27,172</p><p><blockquote><td>27,172</td></blockquote></p><p></td>    <td>28,395</p><p><blockquote><td>28,395</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>2.6%</p><p><blockquote><td>2.6%</td></blockquote></p><p></td>    <td>6.8%</p><p><blockquote><td>6.8%</td></blockquote></p><p></td>    <td>2.9%</p><p><blockquote><td>2.9%</td></blockquote></p><p></td>    <td>5.2%</p><p><blockquote><td>5.2%</td></blockquote></p><p></td>    <td>-4.0%</p><p><blockquote><td>-4.0%</td></blockquote></p><p></td>    <td>7.20%</p><p><blockquote><td>7.20%</td></blockquote></p><p></td>    <td>6.60%</p><p><blockquote><td>6.60%</td></blockquote></p><p></td>    <td>4.50%</p><p><blockquote><td>4.50%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Retail E-commerce Sales ('b')</p><p><blockquote><tr><td>零售电子商务销售（“b”）</td></tr></blockquote></p><p></td>    <td>1,845</p><p><blockquote><td>1,845</td></blockquote></p><p></td>    <td>2,382</p><p><blockquote><td>2,382</td></blockquote></p><p></td>    <td>2,982</p><p><blockquote><td>2,982</td></blockquote></p><p></td>    <td>3,354</p><p><blockquote><td>3,354</td></blockquote></p><p></td>    <td>4,280</p><p><blockquote><td>4,280</td></blockquote></p><p></td>    <td>4,716</p><p><blockquote><td>4,716</td></blockquote></p><p></td>    <td>5,434</p><p><blockquote><td>5,434</td></blockquote></p><p></td>    <td>6,247</p><p><blockquote><td>6,247</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>19.2%</p><p><blockquote><td>19.2%</td></blockquote></p><p></td>    <td>29.1%</p><p><blockquote><td>29.1%</td></blockquote></p><p></td>    <td>25.2%</p><p><blockquote><td>25.2%</td></blockquote></p><p></td>    <td>12.5%</p><p><blockquote><td>12.5%</td></blockquote></p><p></td>    <td>27.6%</p><p><blockquote><td>27.6%</td></blockquote></p><p></td>    <td>10.2%</p><p><blockquote><td>10.2%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Penetration Rate ('c')</b></p><p><blockquote><tr><td><b>渗透率（'c'）</b></td></tr></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></td>    <td>10%</p><p><blockquote><td>10%</td></blockquote></p><p></td>    <td>12%</p><p><blockquote><td>12%</td></blockquote></p><p></td>    <td>14%</p><p><blockquote><td>14%</td></blockquote></p><p></td>    <td>18%</p><p><blockquote><td>18%</td></blockquote></p><p></td>    <td>19%</p><p><blockquote><td>19%</td></blockquote></p><p></td>    <td>20%</p><p><blockquote><td>20%</td></blockquote></p><p></td>    <td>22%</p><p><blockquote><td>22%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>* B = C x A</i></p><p><blockquote><i>* B = C x A</i></blockquote></p><p> <i>Source: Statista, eMarketer, Khaveen Investments</i></p><p><blockquote><i>来源：Statista、eMarketer、Khaveen Investments</i></blockquote></p><p></p><p> Amazon's established market positioning is an added competitive strength of it to capitalize on the market growth. More specifically, it is hard to win over the company in the key criteria of price, choice and convenience. Evidently, the company's Prime membership continued to grow in 2020 by 15% to 142.5 mln members or roughly 43% of the US&nbsp;population. This indicates the strong attraction of loyal customers to the company providing it with a massive install base. Through Prime membership, consumers are also pushed to buy more to obtain various benefits.</p><p><blockquote>亚马逊既定的市场定位是其利用市场增长的额外竞争实力。更具体地说，在价格、选择和便利性等关键标准上，很难赢得该公司的青睐。显然，该公司的主要会员在2020年继续增长15%，达到1.425亿会员，约占美国人口的43%。这表明忠实客户对该公司的强大吸引力，为其提供了庞大的安装基础。通过Prime会员，也促使消费者购买更多，以获得各种福利。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/125c2baa1b52e2787075210f05321e20\" tg-width=\"904\" tg-height=\"492\" width=\"100%\" height=\"auto\"><span>Source: Backlinko</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Backlinko</span></p></blockquote></p><p> In addition to Prime members, the company has been able to consistently&nbsp;attract&nbsp;sellers to its platform with 3.3 mln new sellers since 2017 or 3,718 per day. Currently, it has 9.7 mlnsellersworldwide across the US, UK, Germany, Japan, etc. Thus, the company has established itself as the dominant market leader and is far ahead of its next closest competitor in terms of e-commerce sales.</p><p><blockquote>除了Prime会员，该公司自2017年以来一直能够持续吸引卖家到其平台，有330万新卖家，即每天3718家。目前，它在美国、英国、德国、日本等地拥有970万卖家。因此，该公司已成为占主导地位的市场领导者，并在电子商务销售方面远远领先于其次最接近的竞争对手。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6272ba7ee8cf6f5aab477b8425f34923\" tg-width=\"640\" tg-height=\"355\" width=\"100%\" height=\"auto\"><span>Source: Marketing Charts</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：营销图表</span></p></blockquote></p><p> Its market leadership is quite extensive across different product categories and markets as illustrated in the table below. For example, it accounts for Its consumer &amp; consumer electronics sales is the largest product category accounting for 50.2% of the products' total e-commerce sales in the US and 26.7% of total retail sales. This is followed by apparel &amp; accessories, books music &amp; video and furniture and home furnishings which is 32%, 83.2% and 34.2 % of e-commerce sales.</p><p><blockquote>如下表所示，其市场领导地位在不同的产品类别和市场中相当广泛。例如，其消费电子产品销售额是最大的产品类别，占美国电子商务产品总销售额的 50.2%，占零售总额的 26.7%。其次是服装和配饰、书籍、音乐和视频以及家具和家居用品，分别占电子商务销售额的32%、83.2%和34.2%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6765530fd408a02c75515a712af4087\" tg-width=\"640\" tg-height=\"725\" width=\"100%\" height=\"auto\"><span>Source: eMarketer</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：eMarketer</span></p></blockquote></p><p> Among the product categories, the electronics category is the most popular among shoppers in the US with 44% of US shoppers having&nbsp;purchased&nbsp;electronics on Amazon. It also sells its own electronicdevicesincluding Echo smart speakers which account for 70% of the US market share followed by Google (GOOG) and Apple (AAPL) and continues to develop the product with newer generations and software&nbsp;updates. In 2020, the company shipped over 38 mln smart speaker&nbsp;units&nbsp;and accounted for 28.3% of the global market share of shipments. We estimated its revenues from the sale of its smart speakers based on the average&nbsp;price&nbsp;of the Echo product family of $103 to be around $3.94 bln in revenues which is around 2% of its online store revenues. However, it also faces increasing competition especially from the Chinese manufacturers such as Baidu (BIDU) and Xiaomi (OTCPK:XIACF) which dominate the China market.</p><p><blockquote>在产品类别中，电子产品类别最受美国购物者欢迎，44%的美国购物者在亚马逊上购买过电子产品。它还销售自己的电子设备，包括Echo智能扬声器，占美国市场份额的70%，其次是谷歌（GOOG）和苹果（AAPL），并继续开发新一代产品和软件更新。2020年，该公司智能音箱出货量超过3800万台，占全球出货量市场份额的28.3%。根据 Echo 产品系列 103 美元的平均价格，我们估计其智能扬声器销售收入约为 39.4 亿美元，约占其在线商店收入的 2%。然而，它也面临着日益激烈的竞争，尤其是来自主导中国市场的百度（BIDU）和小米（OTCPK：XIACF）等中国制造商的竞争。</blockquote></p><p> All in all, the company has a massive product breadth of 12 mln&nbsp;products&nbsp;excluding books, media, wine and services and with the growing seller base, we expect this product breadth to continue to be expanded and provide customers unique value proposition with product variety.</p><p><blockquote>总而言之，该公司拥有1200万种产品，不包括书籍、媒体、葡萄酒和服务，随着卖家基础的增长，我们预计这一产品范围将继续扩大，并通过产品种类为客户提供独特的价值主张。</blockquote></p><p> Thus, we expect its solid market dominance with an ecosystem of an established customer base and loyal Prime members and a large seller base with extensive market leadership across various key product categories with a broad product breadth to support its long-term growth. We projected its online store growth based on our expectation of its market share at 4.5% based on a 5-year average on the global e-commerce sales.</p><p><blockquote>因此，我们预计其拥有稳固的市场主导地位，拥有由已建立的客户群和忠诚的 Prime 会员组成的生态系统，以及在各种关键产品类别中拥有广泛市场领导地位的大型卖家基础，产品范围广泛，以支持其长期增长。我们预测其在线商店的增长基于我们对其市场份额的预期，基于全球电子商务销售额的 5 年平均水平，为 4.5%。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Amazon Online Stores ($ bln)</b></p><p><blockquote><table><tbody><tr><td><b>亚马逊在线商店（十亿美元）</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2016</b></p><p><blockquote><td><b>2016</b></td></blockquote></p><p></td>    <td><b>2017</b></p><p><blockquote><td><b>2017</b></td></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Total Retail Sales ('a')</p><p><blockquote><tr><td>零售总额（“a”）</td></tr></blockquote></p><p></td>    <td>21,453</p><p><blockquote><td>21,453</td></blockquote></p><p></td>    <td>22,904</p><p><blockquote><td>22,904</td></blockquote></p><p></td>    <td>23,560</p><p><blockquote><td>23,560</td></blockquote></p><p></td>    <td>24,780</p><p><blockquote><td>24,780</td></blockquote></p><p></td>    <td>23,778</p><p><blockquote><td>23,778</td></blockquote></p><p></td>    <td>25,490</p><p><blockquote><td>25,490</td></blockquote></p><p></td>    <td>27,172</p><p><blockquote><td>27,172</td></blockquote></p><p></td>    <td>28,395</p><p><blockquote><td>28,395</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>2.6%</p><p><blockquote><td>2.6%</td></blockquote></p><p></td>    <td>6.8%</p><p><blockquote><td>6.8%</td></blockquote></p><p></td>    <td>2.9%</p><p><blockquote><td>2.9%</td></blockquote></p><p></td>    <td>5.2%</p><p><blockquote><td>5.2%</td></blockquote></p><p></td>    <td>-4.0%</p><p><blockquote><td>-4.0%</td></blockquote></p><p></td>    <td>7.20%</p><p><blockquote><td>7.20%</td></blockquote></p><p></td>    <td>6.60%</p><p><blockquote><td>6.60%</td></blockquote></p><p></td>    <td>4.50%</p><p><blockquote><td>4.50%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Retail E-commerce Sales ('b')</p><p><blockquote><tr><td>零售电子商务销售（“b”）</td></tr></blockquote></p><p></td>    <td>1,845</p><p><blockquote><td>1,845</td></blockquote></p><p></td>    <td>2,382</p><p><blockquote><td>2,382</td></blockquote></p><p></td>    <td>2,982</p><p><blockquote><td>2,982</td></blockquote></p><p></td>    <td>3,354</p><p><blockquote><td>3,354</td></blockquote></p><p></td>    <td>4,280</p><p><blockquote><td>4,280</td></blockquote></p><p></td>    <td>4,716</p><p><blockquote><td>4,716</td></blockquote></p><p></td>    <td>5,434</p><p><blockquote><td>5,434</td></blockquote></p><p></td>    <td>6,247</p><p><blockquote><td>6,247</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>19.2%</p><p><blockquote><td>19.2%</td></blockquote></p><p></td>    <td>29.1%</p><p><blockquote><td>29.1%</td></blockquote></p><p></td>    <td>25.2%</p><p><blockquote><td>25.2%</td></blockquote></p><p></td>    <td>12.5%</p><p><blockquote><td>12.5%</td></blockquote></p><p></td>    <td>27.6%</p><p><blockquote><td>27.6%</td></blockquote></p><p></td>    <td>10.2%</p><p><blockquote><td>10.2%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Penetration Rate ('c')</b></p><p><blockquote><tr><td><b>渗透率（'c'）</b></td></tr></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></p><p></td>    <td>10%</p><p><blockquote><td>10%</td></blockquote></p><p></td>    <td>12%</p><p><blockquote><td>12%</td></blockquote></p><p></td>    <td>14%</p><p><blockquote><td>14%</td></blockquote></p><p></td>    <td>18%</p><p><blockquote><td>18%</td></blockquote></p><p></td>    <td>19%</p><p><blockquote><td>19%</td></blockquote></p><p></td>    <td>20%</p><p><blockquote><td>20%</td></blockquote></p><p></td>    <td>22%</p><p><blockquote><td>22%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>16.2%</p><p><blockquote><td>16.2%</td></blockquote></p><p></td>    <td>20.9%</p><p><blockquote><td>20.9%</td></blockquote></p><p></td>    <td>17.3%</p><p><blockquote><td>17.3%</td></blockquote></p><p></td>    <td>11.5%</p><p><blockquote><td>11.5%</td></blockquote></p><p></td>    <td>32.4%</p><p><blockquote><td>32.4%</td></blockquote></p><p></td>    <td>2.8%</p><p><blockquote><td>2.8%</td></blockquote></p><p></td>    <td>8.1%</p><p><blockquote><td>8.1%</td></blockquote></p><p></td>    <td>10.0%</p><p><blockquote><td>10.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Amazon Online Stores Revenues ('d')</p><p><blockquote><tr><td>亚马逊在线商店收入（“d”）</td></tr></blockquote></p><p></td>    <td>91.43</p><p><blockquote><td>91.43</td></blockquote></p><p></td>    <td>108.35</p><p><blockquote><td>108.35</td></blockquote></p><p></td>    <td>122.99</p><p><blockquote><td>122.99</td></blockquote></p><p></td>    <td>141.25</p><p><blockquote><td>141.25</td></blockquote></p><p></td>    <td>197.35</p><p><blockquote><td>197.35</td></blockquote></p><p></td>    <td>211.74</p><p><blockquote><td>211.74</td></blockquote></p><p></td>    <td>244.02</p><p><blockquote><td>244.02</td></blockquote></p><p></td>    <td>280.50</p><p><blockquote><td>280.50</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>18.5%</p><p><blockquote><td>18.5%</td></blockquote></p><p></td>    <td>13.5%</p><p><blockquote><td>13.5%</td></blockquote></p><p></td>    <td>14.8%</p><p><blockquote><td>14.8%</td></blockquote></p><p></td>    <td>39.7%</p><p><blockquote><td>39.7%</td></blockquote></p><p></td>    <td>7.3%</p><p><blockquote><td>7.3%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Amazon Online Stores Market Share ('e')</p><p><blockquote><tr><td>亚马逊在线商店市场份额（“e”）</td></tr></blockquote></p><p></td>    <td>5.0%</p><p><blockquote><td>5.0%</td></blockquote></p><p></td>    <td>4.5%</p><p><blockquote><td>4.5%</td></blockquote></p><p></td>    <td>4.1%</p><p><blockquote><td>4.1%</td></blockquote></p><p></td>    <td>4.2%</p><p><blockquote><td>4.2%</td></blockquote></p><p></td>    <td>4.6%</p><p><blockquote><td>4.6%</td></blockquote></p><p></td>    <td>4.5%</p><p><blockquote><td>4.5%</td></blockquote></p><p></td>    <td>4.5%</p><p><blockquote><td>4.5%</td></blockquote></p><p></td>    <td>4.5%</p><p><blockquote><td>4.5%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>* B = A x C</i></p><p><blockquote><i>* B = A x C</i></blockquote></p><p> <i>*D = B x E</i></p><p><blockquote><i>*D = B x E</i></blockquote></p><p> <i>Source: Statista, Khaveen Investments</i></p><p><blockquote><i>资料来源：Statista、Khaveen Investments</i></blockquote></p><p> <b>The Rise of Third-party Seller Services</b></p><p><blockquote><b>第三方卖家服务的兴起</b></blockquote></p><p> Another major advantage of the company is its logistics and shipping operations, which has become an impenetrable moat that few other companies will ever have the resources or ability to match, with Amazon partnering with most major delivery providers in the country. By leveraging its robust network, it offers programs to enable sellers to sell their products through its marketplace and fulfill orders through the company.</p><p><blockquote>该公司的另一个主要优势是其物流和航运业务，这已经成为一条坚不可摧的护城河，很少有其他公司有资源或能力与之匹敌，亚马逊与该国大多数主要的送货提供商都有合作。通过利用其强大的网络，它提供了使卖家能够通过其市场销售产品并通过公司履行订单的计划。</blockquote></p><p> With Fulfillment by Amazon ('FBA'), third party sellersstore&nbsp;products in Amazon's fulfillment centers, and it picks, packs, ships, and provide customer service for these products. Amazon is not the seller but earns commissions and related fulfillment and shipping fees including inventory management, payment processing, shipment tracking and reporting from the arrangements from its third-party sellers who are largely comprised of small- and medium-sized businesses.</p><p><blockquote>通过亚马逊履行（“FBA”），第三方卖家在亚马逊的履行中心存储产品，并为这些产品挑选、包装、运输和提供客户服务。亚马逊不是卖家，但从主要由中小型企业组成的第三方卖家的安排中赚取佣金和相关的履行和运输费用，包括库存管理、支付处理、运输跟踪和报告。</blockquote></p><p> Selling on Amazon as a third-party seller is an increasingly popular option for sellers. It ultimately&nbsp;provides&nbsp;more flexibility and control, a stronger brand presence, and better data access. Over the past years, the rise of third-party sellers on Amazon is seen with the rising&nbsp;share&nbsp;of third-party sales as a % of its gross merchandise sales at 62% of total sales.</p><p><blockquote>作为第三方卖家在亚马逊上销售是卖家越来越受欢迎的选择。它最终提供了更多的灵活性和控制、更强的品牌形象和更好的数据访问。在过去的几年里，亚马逊上第三方卖家的崛起，第三方销售额占其商品总销售额的百分比不断上升，占总销售额的62%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed0a2a75af197d4bf9dca92caab27d6c\" tg-width=\"640\" tg-height=\"539\" width=\"100%\" height=\"auto\"><span>Source: FourWeekMBA</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：四周MBA</span></p></blockquote></p><p> The chart below further illustrates Amazon's large network of logistics and shipping. Its fulfillment center network is one of several ways it&nbsp;enhances&nbsp;its logistics and shipping process taking on FedEx and UPS and has been ramping up efforts to launch its delivery network as well with growing fleets of airplanes, drones and vans. Amazon's own logistics business&nbsp;delivered&nbsp;1.9 bln packages in the US.</p><p><blockquote>下图进一步说明了亚马逊庞大的物流和航运网络。其履行中心网络是其增强物流和运输流程的几种方式之一，与联邦快递和 UPS 竞争，并且一直在加大力度推出其送货网络，以及不断增长的飞机、无人机和货车机队。亚马逊自己的物流业务在美国递送了19亿个包裹。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5732f32df08132a67f1f9ead2376b2fb\" tg-width=\"600\" tg-height=\"233\" width=\"100%\" height=\"auto\"><span>Source: WebFX</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：WebFX</span></p></blockquote></p><p> Moreover, its wide logistics and shipping coverage with over 100 active warehouses across the US with the highest number of facilities in California, Texas and New Jersey. Additionally, it is expanding heavily in the south with the highest number of planned warehouses. For example, the upcoming&nbsp;opening&nbsp;of a 1 million-square-foot fulfillmentcenter in Missouri in 2021 where employees will pack and ship larger-sized customer items like patio furniture, outdoor equipment or rugs. In 2020, it&nbsp;announced&nbsp;plans for 7 new fulfillmentcenters including a 600,000-square-foot facility in Florida, an 855,000-square foot facility in Tennessee and a 625,000square-foot fulfillment center in Texas.</p><p><blockquote>此外，其广泛的物流和运输覆盖范围，在美国拥有100多个活跃仓库，其中加利福尼亚州、德克萨斯州和新泽西州的设施数量最多。此外，它正在南部大力扩张，规划仓库数量最多。例如，密苏里州即将于2021年开设一个100万平方英尺的履行中心，员工将在那里包装和运输较大尺寸的客户物品，如庭院家具、户外设备或地毯。2020 年，该公司宣布了 7 个新履行中心的计划，包括佛罗里达州 600,000 平方英尺的设施、田纳西州 855,000 平方英尺的设施和德克萨斯州 625,000 平方英尺的履行中心。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d45f3a6df0a41b23e4f1d8fe2edb77d3\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: CNBC</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CNBC</span></p></blockquote></p><p> Overall, these are among the factors which lead to the company's strength from its wide logistics network in terms of shipping speed. The company is highly popular for its speedy shipping and even has&nbsp;free&nbsp;Two-Day and even Same Day Shipping Programs for Prime members. Based on the survey below, the majority or 80% cited fast and free shipping as the major reason for choosing Amazon. We believe that the company's planned expansion would continue to enhance its logistics network and maintain its popularity among customers.</p><p><blockquote>总体而言，这些都是导致该公司凭借其广泛的物流网络在运输速度方面实力的因素。该公司因其快速运输而非常受欢迎，甚至为Prime会员提供免费的两天甚至当天运输计划。根据下面的调查，大多数或80%的人认为快速和免费送货是选择亚马逊的主要原因。我们相信，本公司的扩张计划将继续加强其物流网络，并维持其在客户中的受欢迎程度。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d4143366dbcb762fad253420cdb1b5f1\" tg-width=\"640\" tg-height=\"409\" width=\"100%\" height=\"auto\"><span>Source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Statista</span></p></blockquote></p><p></p><p> We forecasted the company's retail third-party seller services revenues which consist of fulfillment service-related revenues derived from the sales from third-party sellers. Amazon's third-party gross merchandise sales are forecasted to increase its share of total retail e-commerce sales as a growth rate of 9% based on the past 5-year average with the rising popularity of third-party sales on its marketplace. Moreover, we also forecasted the share of revenues that Amazon earns to grow by 1% from 27.3% based on the 2-year average as Amazon continues to expand its fulfillment capabilities to cater to its third-party sellers. This trend is also believed to be significant for margin expansion of the company as gross margins third-party seller services isestimatedto be between 60% to 75% of sales which is lower than AWS at 80% but still higher than the company's overall gross margin of 37% due to high costs tied up with the cost of sales which&nbsp;represents&nbsp;60% of its total sales.</p><p><blockquote>我们预测了公司的零售第三方卖家服务收入，其中包括来自第三方卖家销售的履行服务相关收入。随着第三方销售在其市场上越来越受欢迎，基于过去5年的平均水平，亚马逊的第三方商品总销售额预计将以9%的增长率增加其在零售电子商务总销售额中的份额。此外，随着亚马逊继续扩大其履行能力以迎合第三方卖家，我们还预测亚马逊的收入份额将从两年平均水平的 27.3% 增长 1%。这一趋势也被认为对公司的利润率扩张具有重要意义，因为第三方卖家服务的毛利率估计在销售额的 60% 至 75% 之间，低于 AWS 的 80%，但仍高于公司的整体毛利率 37% 由于高成本与占总销售额 60% 的销售成本相关。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Third-Party Seller Services Revenues ($ bln)</b></p><p><blockquote><table><tbody><tr><td><b>第三方卖家服务收入（十亿美元）</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2016</b></p><p><blockquote><td><b>2016</b></td></blockquote></p><p></td>    <td><b>2017</b></p><p><blockquote><td><b>2017</b></td></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Global Retail E-commerce Sales ('a')</p><p><blockquote><tr><td>全球零售电子商务销售额（“A”）</td></tr></blockquote></p><p></td>    <td>1,845</p><p><blockquote><td>1,845</td></blockquote></p><p></td>    <td>2,382</p><p><blockquote><td>2,382</td></blockquote></p><p></td>    <td>2,982</p><p><blockquote><td>2,982</td></blockquote></p><p></td>    <td>3,354</p><p><blockquote><td>3,354</td></blockquote></p><p></td>    <td>4,280</p><p><blockquote><td>4,280</td></blockquote></p><p></td>    <td>4,716</p><p><blockquote><td>4,716</td></blockquote></p><p></td>    <td>5,434</p><p><blockquote><td>5,434</td></blockquote></p><p></td>    <td>6,247</p><p><blockquote><td>6,247</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>19.2%</p><p><blockquote><td>19.2%</td></blockquote></p><p></td>    <td>29.1%</p><p><blockquote><td>29.1%</td></blockquote></p><p></td>    <td>25.2%</p><p><blockquote><td>25.2%</td></blockquote></p><p></td>    <td>12.5%</p><p><blockquote><td>12.5%</td></blockquote></p><p></td>    <td>27.6%</p><p><blockquote><td>27.6%</td></blockquote></p><p></td>    <td>10.2%</p><p><blockquote><td>10.2%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Amazon Third Party Market Share ('b')</p><p><blockquote><tr><td>亚马逊第三方市场份额（“b”）</td></tr></blockquote></p><p></td>    <td>5.6%</p><p><blockquote><td>5.6%</td></blockquote></p><p></td>    <td>5.5%</p><p><blockquote><td>5.5%</td></blockquote></p><p></td>    <td>5.4%</p><p><blockquote><td>5.4%</td></blockquote></p><p></td>    <td>6.0%</p><p><blockquote><td>6.0%</td></blockquote></p><p></td>    <td>6.9%</p><p><blockquote><td>6.9%</td></blockquote></p><p></td>    <td>7.5%</p><p><blockquote><td>7.5%</td></blockquote></p><p></td>    <td>8.1%</p><p><blockquote><td>8.1%</td></blockquote></p><p></td>    <td>8.9%</p><p><blockquote><td>8.9%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>21%</p><p><blockquote><td>21%</td></blockquote></p><p></td>    <td>-2%</p><p><blockquote><td>-2%</td></blockquote></p><p></td>    <td>-2%</p><p><blockquote><td>-2%</td></blockquote></p><p></td>    <td>11%</p><p><blockquote><td>11%</td></blockquote></p><p></td>    <td>16%</p><p><blockquote><td>16%</td></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Third-party (Amazon marketplace) GMV ('c')</p><p><blockquote><tr><td>第三方（亚马逊市场）GMV（'c'）</td></tr></blockquote></p><p></td>    <td>103</p><p><blockquote><td>103</td></blockquote></p><p></td>    <td>130</p><p><blockquote><td>130</td></blockquote></p><p></td>    <td>160</p><p><blockquote><td>160</td></blockquote></p><p></td>    <td>200</p><p><blockquote><td>200</td></blockquote></p><p></td>    <td>295</p><p><blockquote><td>295</td></blockquote></p><p></td>    <td>353</p><p><blockquote><td>353</td></blockquote></p><p></td>    <td>443</p><p><blockquote><td>443</td></blockquote></p><p></td>    <td>553</p><p><blockquote><td>553</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>26.2%</p><p><blockquote><td>26.2%</td></blockquote></p><p></td>    <td>23.1%</p><p><blockquote><td>23.1%</td></blockquote></p><p></td>    <td>25.0%</p><p><blockquote><td>25.0%</td></blockquote></p><p></td>    <td>47.5%</p><p><blockquote><td>47.5%</td></blockquote></p><p></td>    <td>19.8%</p><p><blockquote><td>19.8%</td></blockquote></p><p></td>    <td>25.3%</p><p><blockquote><td>25.3%</td></blockquote></p><p></td>    <td>25.0%</p><p><blockquote><td>25.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>% Of Revenues ('d')</p><p><blockquote><tr><td>占收入百分比（'d'）</td></tr></blockquote></p><p></td>    <td>22.3%</p><p><blockquote><td>22.3%</td></blockquote></p><p></td>    <td>24.5%</p><p><blockquote><td>24.5%</td></blockquote></p><p></td>    <td>26.7%</p><p><blockquote><td>26.7%</td></blockquote></p><p></td>    <td>26.9%</p><p><blockquote><td>26.9%</td></blockquote></p><p></td>    <td>27.3%</p><p><blockquote><td>27.3%</td></blockquote></p><p></td>    <td>27.6%</p><p><blockquote><td>27.6%</td></blockquote></p><p></td>    <td>27.8%</p><p><blockquote><td>27.8%</td></blockquote></p><p></td>    <td>28.1%</p><p><blockquote><td>28.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>9.9%</p><p><blockquote><td>9.9%</td></blockquote></p><p></td>    <td>9.0%</p><p><blockquote><td>9.0%</td></blockquote></p><p></td>    <td>0.6%</p><p><blockquote><td>0.6%</td></blockquote></p><p></td>    <td>1.5%</p><p><blockquote><td>1.5%</td></blockquote></p><p></td>    <td>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>    <td>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>    <td>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Retail third-party seller services revenues ('e')</p><p><blockquote><tr><td>零售第三方卖家服务收入（「e」）</td></tr></blockquote></p><p></td>    <td>22.99</p><p><blockquote><td>22.99</td></blockquote></p><p></td>    <td>31.88</p><p><blockquote><td>31.88</td></blockquote></p><p></td>    <td>42.75</p><p><blockquote><td>42.75</td></blockquote></p><p></td>    <td>53.76</p><p><blockquote><td>53.76</td></blockquote></p><p></td>    <td>80.46</p><p><blockquote><td>80.46</td></blockquote></p><p></td>    <td>97.37</p><p><blockquote><td>97.37</td></blockquote></p><p></td>    <td>123.25</p><p><blockquote><td>123.25</td></blockquote></p><p></td>    <td>155.61</p><p><blockquote><td>155.61</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>38.7%</p><p><blockquote><td>38.7%</td></blockquote></p><p></td>    <td>34.1%</p><p><blockquote><td>34.1%</td></blockquote></p><p></td>    <td>25.8%</p><p><blockquote><td>25.8%</td></blockquote></p><p></td>    <td>49.7%</p><p><blockquote><td>49.7%</td></blockquote></p><p></td>    <td>21.0%</p><p><blockquote><td>21.0%</td></blockquote></p><p></td>    <td>26.6%</p><p><blockquote><td>26.6%</td></blockquote></p><p></td>    <td>26.3%</p><p><blockquote><td>26.3%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>*C = A x B</i></p><p><blockquote><i>*C = A x B</i></blockquote></p><p> <i>*E = C x D</i></p><p><blockquote><i>*E = C x D</i></blockquote></p><p> <i>Source: Amazon, Statista, Khaveen Investments</i></p><p><blockquote><i>来源：亚马逊、Statista、Khaveen Investments</i></blockquote></p><p> <b>AWS Growth by Data Volume Growth</b></p><p><blockquote><b>AWS 通过数据量增长实现增长</b></blockquote></p><p> Another key area of growth of the company is cloud computing with notable largeclientssuch as Netflix (NFLX), Verizon (VZ), Capital One (COF), McDonald's (MCD). AWS revenues grew strongly at 29.5% in 2020 with a market share of 31.8% of the cloud infrastructuremarket. Since its launch nearly 2 decades ago, it has grown to become the market leader for years and looks set to maintain the status quo for the foreseeable future despite rising competition especially from Microsoft (MSFT) and Google gaining market share outpacing Amazon's growth.</p><p><blockquote>该公司的另一个关键增长领域是云计算，拥有 Netflix (NFLX)、Verizon (VZ)、Capital One (COF)、麦当劳 (MCD) 等著名大客户。2020年，AWS收入强劲增长29.5%，在云基础设施市场的市场份额为31.8%。自近20年前推出以来，它多年来已成长为市场领导者，尽管竞争日益激烈，尤其是来自微软（MSFT）和谷歌的市场份额超过了亚马逊的增长，但它似乎将在可预见的未来维持现状。</blockquote></p><p> The rapid growth of the cloud infrastructure market is underpinned by the rising volume of global data volume creation at aCAGRof 23% until 2025 as data volume is projected to grow to more than 180 zettabytes as the world becomes more data-driven with the rise of data analytics, 5G and IoT spurring the growth of data creation.</p><p><blockquote>云基础设施市场的快速增长是由aCAGRof全球数据量创建量的增长支撑的，到2025年将增长23%，因为随着数据分析的兴起，随着世界变得更加数据驱动，数据量预计将增长到180 zettabytes以上，5G和物联网刺激了数据创建的增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d467bae68efe047fa8c695360d5b551c\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Statista, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Statista、Khaveen Investments</span></p></blockquote></p><p> We projected the growth of the cloud infrastructure market based on the forecasted growth of data volume at a 23%&nbsp;CAGR&nbsp;through 2025 at an average cloud infrastructure/data growth factor of 1.72.</p><p><blockquote>我们预测云基础设施市场的增长是基于到2025年数据量的预测复合年增长率为23%，平均云基础设施/数据增长系数为1.72。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd3a646de29cd8f5659eeaabcbf4831d\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>* A = B x C Source: Statista, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>* a = B x C 资料来源：Statista、Khaveen Investments</span></p></blockquote></p><p> Thus, despite the plateauing market share of AWS as competitors like Microsoft outpaces its growth, we still believe in the massive opportunity in the cloud infrastructure market with the growing data volumes. Not to mention, the company has highlighted its commitment towards AWS with new client relationships such as major sports leagues around the world including National Hockey League, the PGA Tour, Formula 1 and the German Bundesliga. Furthermore, it also recently&nbsp;announced&nbsp;a relationship with Dish Network to build out cloud-based 5G infrastructure and would expand its data center footprint in Israel and the United Arab Emirates. It currently offers 80 availability zones across 25 geographic regions and plans to launch 15 more availability zones to support its cloud growth.</p><p><blockquote>因此，尽管随着微软等竞争对手的增长速度超过AWS的市场份额趋于稳定，但我们仍然相信随着数据量的增长，云基础设施市场存在巨大机遇。更不用说，该公司还通过新的客户关系强调了其对AWS的承诺，如世界各地的主要体育联盟，包括国家曲棍球联盟、PGA巡回赛、一级方程式赛车和德国德甲联赛。此外，它最近还宣布与Dish Network建立合作关系，建立基于云的5G基础设施，并将扩大其在以色列和阿拉伯联合酋长国的数据中心足迹。它目前在25个地理区域提供80个可用性区域，并计划再推出15个可用性区域，以支持其云的增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ebc384fe7bf254090200574fd352254\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Canalys, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Canalys、Khaveen Investments</span></p></blockquote></p><p> All in all, we projected AWS's revenue growth based on our market share forecast assumptions that its market share leadership is slowly chipped away by fast-growing competitors notably Microsoft but still maintaining its market leadership backed by solid large client relationship leveraging AWS. Based on a forecasted market share of 30.7% by 2023, we expect AWS revenues to grow to $81.5 bln.</p><p><blockquote>总而言之，我们预测 AWS 的收入增长是基于我们的市场份额预测假设，即其市场份额领先地位正在被快速增长的竞争对手（尤其是微软）慢慢蚕食，但在利用 AWS 的稳固大客户关系的支持下，仍保持其市场领先地位。基于到 2023 年 30.7% 的市场份额预测，我们预计 AWS 收入将增长至 815 亿美元。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>AWS Forecasts</b></p><p><blockquote><table><tbody><tr><td><b>AWS预测</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>AWS Market Share</p><p><blockquote><tr><td>AWS 市场份额</td></tr></blockquote></p><p></td>    <td>32.6%</p><p><blockquote><td>32.6%</td></blockquote></p><p></td>    <td>32.3%</p><p><blockquote><td>32.3%</td></blockquote></p><p></td>    <td>31.8%</p><p><blockquote><td>31.8%</td></blockquote></p><p></td>    <td>31.2%</p><p><blockquote><td>31.2%</td></blockquote></p><p></td>    <td>31.0%</p><p><blockquote><td>31.0%</td></blockquote></p><p></td>    <td>30.7%</p><p><blockquote><td>30.7%</td></blockquote></p><p></td>   </tr>   <tr>    <td>AWS Revenues ($ bln)</p><p><blockquote><tr><td>AWS 收入（十亿美元）</td></tr></blockquote></p><p></td>    <td>25.66</p><p><blockquote><td>25.66</td></blockquote></p><p></td>    <td>35.03</p><p><blockquote><td>35.03</td></blockquote></p><p></td>    <td>45.37</p><p><blockquote><td>45.37</td></blockquote></p><p></td>    <td>54.58</p><p><blockquote><td>54.58</td></blockquote></p><p></td>    <td>66.81</p><p><blockquote><td>66.81</td></blockquote></p><p></td>    <td>81.52</p><p><blockquote><td>81.52</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>47.0%</p><p><blockquote><td>47.0%</td></blockquote></p><p></td>    <td>36.5%</p><p><blockquote><td>36.5%</td></blockquote></p><p></td>    <td>29.5%</p><p><blockquote><td>29.5%</td></blockquote></p><p></td>    <td>20.3%</p><p><blockquote><td>20.3%</td></blockquote></p><p></td>    <td>22.4%</p><p><blockquote><td>22.4%</td></blockquote></p><p></td>    <td>22.0%</p><p><blockquote><td>22.0%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>Source: Amazon, Canalys, Khaveen Investments</i></p><p><blockquote><i>来源：亚马逊、Canalys、Khaveen Investments</i></blockquote></p><p> While AWS only makes up 11% of its total revenues, its superior margins of 29% compared to only 2.8% for the other company segments has AWS accounting for 59% of operating income in 2020 which highlights the significance of AWS to its bottom line.</p><p><blockquote>虽然 AWS 仅占其总收入的 11%，但其 29% 的利润率（而其他公司部门仅为 2.8%）使 AWS 在 2020 年占据了 59% 的经营利润，这凸显了 AWS 对其利润的重要性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/17ae44c90f44af56478935039edb4cc7\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：亚马逊</span></p></blockquote></p><p> <b>Antimonopoly and Data Privacy Fine Risk</b></p><p><blockquote><b>反垄断与数据隐私罚款风险</b></blockquote></p><p> Amazon has been&nbsp;involved&nbsp;in allegations of the company's approach to unfairly attain data and information from third-party sellers, stated by the Democrats' report with the company's e-commerce market share around 40% in the US. With the reliance of sellers on Amazon's sales channel, Amazon can charge sellers exceptional fees and further penalizing sellers for lowering their prices on other sites. Also, a bipartisan group of House lawmakers is pushing big tech including Amazon for anoverhaulof their business practices under an expansive set of antitrust reforms that would make it harder for dominant platforms to complete mergers and prohibit them from owning businesses that present clear conflicts of interest.</p><p><blockquote>民主党报告称，亚马逊一直被指控不公平地从第三方卖家获取数据和信息，该公司在美国的电子商务市场份额约为 40%。随着卖家对亚马逊销售渠道的依赖，亚马逊可以向卖家收取特殊费用，并进一步惩罚卖家在其他网站上降低价格的行为。此外，一个由两党众议院议员组成的小组正在推动包括亚马逊在内的大型科技公司根据一系列广泛的反垄断改革对其商业行为进行彻底改革，这将使占主导地位的平台更难完成合并，并禁止它们拥有存在明显利益冲突的业务。</blockquote></p><p> Whereas in the&nbsp;European Union, Amazon has been hit with the largest GDPR fine to date. The EU is moving beyond data breaches and zeroing in on data practices. Amazon faced a $888 million fine from violating the bloc's data protection rules. Amazon has been accused to violate the EU's General Data Protection Regulation (GDPR). GDPR allows forfinesof up to 4% of Amazon's revenue, which the released number indicated around 4.2% of Amazon's $21.3 billion income in 2020.</p><p><blockquote>而在欧盟，亚马逊受到了迄今为止最大的GDPR罚款。欧盟正在超越数据泄露，专注于数据实践。亚马逊因违反欧盟数据保护规则而面临 8.88 亿美元的罚款。亚马逊被指控违反欧盟通用数据保护条例（GDPR）。GDPR 允许对亚马逊收入处以高达 4% 的罚款，公布的数字显示，这约占亚马逊 2020 年 213 亿美元收入的 4.2%。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> The company has had average revenue growth of 29.4% in the past 5 years with an average gross and net margin of 38.6% and 3.5% respectively. The strength of the company is its rising margins as its net margins have risen due to the superior growth of its cloud segment which commands higher margins. The AWS segment has a high operating margin of 29.6% versus 2.8% for the remaining business segments.</p><p><blockquote>该公司过去5年的平均收入增长率为29.4%，平均毛利率和净利润率分别为38.6%和3.5%。该公司的优势在于其不断上升的利润率，因为其云业务的出色增长导致其净利润率上升，而云业务的利润率更高。AWS 部门的营业利润率高达 29.6%，而其余业务部门的营业利润率为 2.8%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a075f1644a849d94c77b8707596cf501\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：亚马逊、Khaveen Investments</span></p></blockquote></p><p></p><p> More importantly, the company has decent and imposing cash-generating abilities with an average FCF margin of 3.01% in the past 5 years. In 2017, its FCF margin dipped due to the&nbsp;acquisition&nbsp;of Whole Foods for $13.7 bln. The strength of its cash flows is the rising margins as its AWS business which is more profitable exhibits a higher growth than other segments.</p><p><blockquote>更重要的是，该公司拥有不错且令人信服的现金产生能力，过去 5 年平均自由现金流利润率为 3.01%。2017年，由于以137亿美元收购全食超市，其自由现金流利润率下降。其现金流的优势在于不断上升的利润率，因为其利润更高的 AWS 业务比其他部门表现出更高的增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/78710672b48942ad15fa6ecdd9fffaf9\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：亚马逊、Khaveen Investments</span></p></blockquote></p><p> The company's balance sheet strength is its strong ability to meet its debt obligations. It has a net debt of $113 bln in 2020 with an EBITDA/interest coverage ratio of 44x in 2020. Its ratio has steadily increased in the past 5 years from 32x as it grew its profitability with the superior growth of AWS.</p><p><blockquote>该公司的资产负债表实力在于其履行债务义务的强大能力。该公司2020年的净债务为1130亿美元，2020年EBITDA/利息覆盖率为44倍。随着 AWS 的卓越增长，其盈利能力不断提高，其比率在过去 5 年中从 32 倍稳步增长。</blockquote></p><p> To value Amazon, we used a DCF valuation as the company has had positive free cash flows in the past. We got an industry average EV/EBITDA of 27.64x based on comparable companies as shown in the table below.</p><p><blockquote>为了对亚马逊进行估值，我们使用了 DCF 估值，因为该公司过去有正的自由现金流。基于可比公司，我们得到了27.64倍的行业平均EV/EBITDA，如下表所示。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Company</b></p><p><blockquote><table><tbody><tr><td><b>公司</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>EV/EBITDA</b></p><p><blockquote><td><b>EV/EBITDA</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Amazon</p><p><blockquote><tr><td>亚马逊</td></tr></blockquote></p><p></td>    <td>28.57x</p><p><blockquote><td>28.57倍</td></blockquote></p><p></td>   </tr>   <tr>    <td>Alibaba (BABA)</p><p><blockquote><tr><td>阿里巴巴-SW（巴巴）</td></tr></blockquote></p><p></td>    <td>21.14x</p><p><blockquote><td>21.14倍</td></blockquote></p><p></td>   </tr>   <tr>    <td>Microsoft</p><p><blockquote><tr><td>微软</td></tr></blockquote></p><p></td>    <td>25.89x</p><p><blockquote><td>25.89倍</td></blockquote></p><p></td>   </tr>   <tr>    <td>Google</p><p><blockquote><tr><td>谷歌</td></tr></blockquote></p><p></td>    <td>22.46x</p><p><blockquote><td>22.46倍</td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Average</b></p><p><blockquote><tr><td><b>均值</b></td></tr></blockquote></p><p></td>    <td><b>24.52x</b></p><p><blockquote><td><b>24.52倍</b></td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>Source: SeekingAlpha</i></p><p><blockquote><i>资料来源：SeekingAlpha</i></blockquote></p><p> The revenue growth projections aresummarized below based on the revenue breakdown by its online stores, physical stores, retail third party seller services, subscription services, AWS and others. The online store projections are derived from its market share assumption on the forecasted growth of the e-commerce market while physical store sales are based on the retail sales growth rate forecast of 7.2% in 2021. Retail third-party seller services are derived from its share of third-party seller GMV of the total e-commerce market and an assumption of a % cut it earns as revenues from commissions and related fees. The AWS revenues are projected from the cloud market growth based on the rising data volumes forecasts. Other segments are based on its average 3-year growth rates. Beyond 2023, we tapered down our growth forecasts with a weighted CAGR of 14.2% of the e-commerce and cloud computing market through 2027 and tapering down from 12.3% in 2027 with an annual decrease of 2% per year until 2030 as we expect the e-commerce market to become more mature.</p><p><blockquote>收入增长预测根据其在线商店、实体店、零售第三方卖家服务、订阅服务、AWS 等的收入明细总结如下。网上商店的预测来自其对电子商务市场预测增长的市场份额假设，而实体店销售则基于2021年7.2%的零售销售增长率预测。零售第三方卖家服务来自其在整个电子商务市场的第三方卖家GMV中的份额，以及其从佣金和相关费用中获得的1%的收入的假设。根据不断增长的数据量预测，AWS 收入来自云市场的增长。其他分部基于其三年平均增长率。2023年之后，我们下调了增长预测，到2027年，电子商务和云计算市场的加权复合年增长率为14.2%，从2027年的12.3%下调，直到2030年每年下降2%，因为我们预计电子商务市场将变得更加成熟。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Amazon Revenue Projections ($ bln)</b></p><p><blockquote><table><tbody><tr><td><b>亚马逊收入预测（十亿美元）</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Online stores</p><p><blockquote><tr><td>网上商店</td></tr></blockquote></p><p></td>    <td>122.99</p><p><blockquote><td>122.99</td></blockquote></p><p></td>    <td>141.25</p><p><blockquote><td>141.25</td></blockquote></p><p></td>    <td>197.35</p><p><blockquote><td>197.35</td></blockquote></p><p></td>    <td>211.74</p><p><blockquote><td>211.74</td></blockquote></p><p></td>    <td>244.02</p><p><blockquote><td>244.02</td></blockquote></p><p></td>    <td>280.50</p><p><blockquote><td>280.50</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>13.5%</p><p><blockquote><td>13.5%</td></blockquote></p><p></td>    <td>14.8%</p><p><blockquote><td>14.8%</td></blockquote></p><p></td>    <td>39.7%</p><p><blockquote><td>39.7%</td></blockquote></p><p></td>    <td>7.3%</p><p><blockquote><td>7.3%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Physical stores</p><p><blockquote><tr><td>实体店</td></tr></blockquote></p><p></td>    <td>17.22</p><p><blockquote><td>17.22</td></blockquote></p><p></td>    <td>17.19</p><p><blockquote><td>17.19</td></blockquote></p><p></td>    <td>16.23</p><p><blockquote><td>16.23</td></blockquote></p><p></td>    <td>17.40</p><p><blockquote><td>17.40</td></blockquote></p><p></td>    <td>18.55</p><p><blockquote><td>18.55</td></blockquote></p><p></td>    <td>19.38</p><p><blockquote><td>19.38</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>196.9%</p><p><blockquote><td>196.9%</td></blockquote></p><p></td>    <td>-0.2%</p><p><blockquote><td>-0.2%</td></blockquote></p><p></td>    <td>-5.6%</p><p><blockquote><td>-5.6%</td></blockquote></p><p></td>    <td>7.20%</p><p><blockquote><td>7.20%</td></blockquote></p><p></td>    <td>6.60%</p><p><blockquote><td>6.60%</td></blockquote></p><p></td>    <td>4.50%</p><p><blockquote><td>4.50%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Retail third-party seller services</p><p><blockquote><tr><td>零售第三方卖家服务</td></tr></blockquote></p><p></td>    <td>42.75</p><p><blockquote><td>42.75</td></blockquote></p><p></td>    <td>53.76</p><p><blockquote><td>53.76</td></blockquote></p><p></td>    <td>80.46</p><p><blockquote><td>80.46</td></blockquote></p><p></td>    <td>97.37</p><p><blockquote><td>97.37</td></blockquote></p><p></td>    <td>123.25</p><p><blockquote><td>123.25</td></blockquote></p><p></td>    <td>155.61</p><p><blockquote><td>155.61</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>34.1%</p><p><blockquote><td>34.1%</td></blockquote></p><p></td>    <td>25.8%</p><p><blockquote><td>25.8%</td></blockquote></p><p></td>    <td>49.7%</p><p><blockquote><td>49.7%</td></blockquote></p><p></td>    <td>21.0%</p><p><blockquote><td>21.0%</td></blockquote></p><p></td>    <td>26.6%</p><p><blockquote><td>26.6%</td></blockquote></p><p></td>    <td>26.3%</p><p><blockquote><td>26.3%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Subscription services</p><p><blockquote><tr><td>订阅服务</td></tr></blockquote></p><p></td>    <td>14.17</p><p><blockquote><td>14.17</td></blockquote></p><p></td>    <td>19.21</p><p><blockquote><td>19.21</td></blockquote></p><p></td>    <td>25.21</p><p><blockquote><td>25.21</td></blockquote></p><p></td>    <td>34.67</p><p><blockquote><td>34.67</td></blockquote></p><p></td>    <td>47.68</p><p><blockquote><td>47.68</td></blockquote></p><p></td>    <td>65.58</p><p><blockquote><td>65.58</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>45.8%</p><p><blockquote><td>45.8%</td></blockquote></p><p></td>    <td>35.6%</p><p><blockquote><td>35.6%</td></blockquote></p><p></td>    <td>31.2%</p><p><blockquote><td>31.2%</td></blockquote></p><p></td>    <td>37.5%</p><p><blockquote><td>37.5%</td></blockquote></p><p></td>    <td>37.5%</p><p><blockquote><td>37.5%</td></blockquote></p><p></td>    <td>37.5%</p><p><blockquote><td>37.5%</td></blockquote></p><p></td>   </tr>   <tr>    <td>AWS</p><p><blockquote><tr><td>AWS</td></tr></blockquote></p><p></td>    <td>25.66</p><p><blockquote><td>25.66</td></blockquote></p><p></td>    <td>35.03</p><p><blockquote><td>35.03</td></blockquote></p><p></td>    <td>45.37</p><p><blockquote><td>45.37</td></blockquote></p><p></td>    <td>54.58</p><p><blockquote><td>54.58</td></blockquote></p><p></td>    <td>66.81</p><p><blockquote><td>66.81</td></blockquote></p><p></td>    <td>81.52</p><p><blockquote><td>81.52</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>47.0%</p><p><blockquote><td>47.0%</td></blockquote></p><p></td>    <td>36.5%</p><p><blockquote><td>36.5%</td></blockquote></p><p></td>    <td>29.5%</p><p><blockquote><td>29.5%</td></blockquote></p><p></td>    <td>20.3%</p><p><blockquote><td>20.3%</td></blockquote></p><p></td>    <td>22.4%</p><p><blockquote><td>22.4%</td></blockquote></p><p></td>    <td>22.0%</p><p><blockquote><td>22.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Other</p><p><blockquote><tr><td>其他的</td></tr></blockquote></p><p></td>    <td>10.11</p><p><blockquote><td>10.11</td></blockquote></p><p></td>    <td>14.09</p><p><blockquote><td>14.09</td></blockquote></p><p></td>    <td>21.45</p><p><blockquote><td>21.45</td></blockquote></p><p></td>    <td>31.27</p><p><blockquote><td>31.27</td></blockquote></p><p></td>    <td>45.60</p><p><blockquote><td>45.60</td></blockquote></p><p></td>    <td>66.48</p><p><blockquote><td>66.48</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>117.4%</p><p><blockquote><td>117.4%</td></blockquote></p><p></td>    <td>39.4%</p><p><blockquote><td>39.4%</td></blockquote></p><p></td>    <td>52.2%</p><p><blockquote><td>52.2%</td></blockquote></p><p></td>    <td>45.8%</p><p><blockquote><td>45.8%</td></blockquote></p><p></p><p></td>    <td>45.8%</p><p><blockquote><td>45.8%</td></blockquote></p><p></td>    <td>45.8%</p><p><blockquote><td>45.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Total</b></p><p><blockquote><tr><td><b>总的</b></td></tr></blockquote></p><p></td>    <td><b>232.9</b></p><p><blockquote><td><b>232.9</b></td></blockquote></p><p></td>    <td><b>280.53</b></p><p><blockquote><td><b>280.53</b></td></blockquote></p><p></td>    <td><b>386.07</b></p><p><blockquote><td><b>386.07</b></td></blockquote></p><p></td>    <td><b>447.0</b></p><p><blockquote><td><b>447.0</b></td></blockquote></p><p></td>    <td><b>545.9</b></p><p><blockquote><td><b>545.9</b></td></blockquote></p><p></td>    <td><b>669.1</b></p><p><blockquote><td><b>669.1</b></td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Total Growth %</b></p><p><blockquote><tr><td><b>总增长%</b></td></tr></blockquote></p><p></td>    <td><b>30.9%</b></p><p><blockquote><td><b>30.9%</b></td></blockquote></p><p></td>    <td><b>20.5%</b></p><p><blockquote><td><b>20.5%</b></td></blockquote></p><p></td>    <td><b>37.6%</b></p><p><blockquote><td><b>37.6%</b></td></blockquote></p><p></td>    <td><b>15.8%</b></p><p><blockquote><td><b>15.8%</b></td></blockquote></p><p></td>    <td><b>22.1%</b></p><p><blockquote><td><b>22.1%</b></td></blockquote></p><p></td>    <td><b>22.6%</b></p><p><blockquote><td><b>22.6%</b></td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>Source: Amazon, Khaveen Investments</i></p><p><blockquote><i>来源：亚马逊、Khaveen Investments</i></blockquote></p><p> Based on a discount rate of 12.7% (company's WACC), our model shows an upside of 36.9%.</p><p><blockquote>基于 12.7% 的贴现率（公司的 WACC），我们的模型显示上涨空间为 36.9%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/74c5d7c65d544d533d2e87bb62270fb1\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：卡文投资</span></p></blockquote></p><p> <b>Verdict</b></p><p><blockquote><b>裁决</b></blockquote></p><p> In conclusion, weanalyzed the company's key growth drivers namely the online retail, third-party seller services and AWS. While the accelerated growth eventually winds down, its growth outlook remains highly attractive as an established and dominant market leader in e-commerce. The share of e-commerce sales as a % of total retail sales is forecasted to keep marching higher with the shift of consumers buyingbehavior towards e-commerce with a forecasted rate of 22% by 2023. The company's Prime member provides it with a loyal customer base roughly half of the US population. Moreover, another key strength is its vast logistics and shipping network and Amazon FBA seeing the continued rise of third-party sellers on its online marketplace. Finally, AWS remains the clear market leader in the foreseeable future with close relationships with large corporate clients and continuous commitment by management to cater to the growing infrastructure needs of the segment. Thus, despite the expected normalizing growth in 2021, we believe that its outlook continued to be buoyed by the rising e-commerce and cloud computing market and revised our growth rate projections to 15.8% in 2021 followed by 22% in 2020. Overall, we rate the stock as a<i>Buy</i>with a price target of<i>$4,363.96.</i></p><p><blockquote>总之，我们分析了公司的主要增长动力，即在线零售、第三方卖家服务和 AWS。虽然加速增长最终会结束，但作为电子商务领域的老牌市场领导者，其增长前景仍然极具吸引力。随着消费者购买行为向电子商务的转变，预计到 2023 年，电子商务销售额占零售总额的百分比将继续上升，预计这一比例将达到 22%。该公司的主要会员为其提供了大约一半美国人口的忠实客户群。此外，另一个关键优势是其庞大的物流和航运网络，亚马逊FBA看到其在线市场上第三方卖家的持续增长。最后，在可预见的未来，AWS 仍然是明显的市场领导者，与大型企业客户保持着密切的关系，并且管理层不断致力于满足该领域不断增长的基础设施需求。因此，尽管预期2021年增长将恢复正常，但我们相信其前景将继续受到不断增长的电子商务和云计算市场的提振，并将2021年的增长率预测修订为15.8%，2020年为22%。总体而言，我们将该股评级为<i>购买</i>目标价为<i>$4,363.96.</i></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>Amazon: Stock Still Attractive With Shift Towards E-Commerce And Cloud Growth<blockquote>亚马逊：随着转向电子商务和云增长，股票仍然具有吸引力</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon: Stock Still Attractive With Shift Towards E-Commerce And Cloud Growth<blockquote>亚马逊：随着转向电子商务和云增长，股票仍然具有吸引力</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-08 11:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>The company’s revenue growth in 2020 exceeded our expectations and we revised its growth rate forecast to 15.8%.</li>  <li>While growth is moderating following a stellar year with robust activity, the company remains poised to benefit from the e-commerce shift with a forecast penetration rate of 22% of retail.</li>  <li>AWS is expected to remain as the number 1 market leader for the foreseeable future.</li>  <li>We revised our valuation using DCF analysis to obtain a new price target of $4,303,18 from $3,358.73.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d2ca0bbeb0cb7be66a257f4e9d5f5fa1\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>4kodiak/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>公司2020年的收入增长超出了我们的预期，我们将其增长率预测修正为15.8%。</li><li>尽管在经历了强劲活动的辉煌一年后，增长正在放缓，但该公司仍准备从电子商务转变中受益，预计零售渗透率为 22%。</li><li>在可预见的未来，AWS 预计仍将是第一大市场领导者。</li><li>我们使用 DCF 分析修改了估值，从 3,358.73 美元获得了 4,303,18 美元的新目标价。</li></ul><p class=\"t-img-caption\"><span>4kodiak/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> Since our previous&nbsp;coverage, Amazon Inc.'s (AMZN) stock has risen by 26% and exceeded our revenue growth expectations of 24.5% and finished 2020 up by 37.6% on exceptional growth of its online retail business growing by 40% to nearly $200 bln and third-party services at $80bln. In this analysis, we re-examine its key growth drivers namely online retail, third party services and AWS.</p><p><blockquote>自我们之前的报道以来，亚马逊公司 (AMZN) 的股价已上涨 26%，超过了我们 24.5% 的收入增长预期，并在 2020 年底上涨了 37.6%，原因是其在线零售业务增长了 40%，达到近 2000 亿美元，第三方服务为 800 亿美元。在本分析中，我们重新审视了其主要增长动力，即在线零售、第三方服务和 AWS。</blockquote></p><p> Despite the softness in Q2 of its online store sales growth of 13% and soft Q3&nbsp;guidance&nbsp;of 13% YoY at the midpoint, indicating a sign of normalizing growth, the secular growth outlook of the e-commerce market remains attractive from the continued shift towards online retail which Amazon has an established market position. As more consumers shift their purchasing behavior online, the share of e-commerce is forecasted to reach 22% by 2023 from 18% in 2020. We believe that Amazon's well-established market position with a massive Prime membership base as loyal customers and solid logistics and shipping network providing it with an advantage as seen with the rise of its e-commerce marketplace with third-party sellers. Moreover, its cloud business is expected to remain the market leader of the cloud infrastructure market for the foreseeable future with continued commitment towards growth and underpinned by rising data volumes.</p><p><blockquote>尽管第二季度在线商店销售额增长 13%，第三季度中点同比增长 13%，表明增长正常化的迹象，但由于亚马逊继续转向在线零售，电子商务市场的长期增长前景仍然具有吸引力，亚马逊在在线零售方面拥有既定的市场地位。随着越来越多的消费者将购买行为转移到网上，预计到 2023 年，电子商务的份额将从 2020 年的 18% 达到 22%。我们相信，亚马逊稳固的市场地位、庞大的 Prime 会员基础（作为忠实客户）以及稳固的物流和运输网络为其提供了优势，这一点从其电子商务市场与第三方卖家的崛起中可见一斑。此外，在可预见的未来，其云业务预计仍将是云基础设施市场的市场领导者，并将继续致力于增长，并以不断增长的数据量为支撑。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4a78658eabc40ec60c6713019d6f800c\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：亚马逊</span></p></blockquote></p><p> <b>E-commerce Sales Outlook Still Attractive Despite Normalizing Growth</b></p><p><blockquote><b>尽管增长正常化，电子商务销售前景仍然有吸引力</b></blockquote></p><p> Amazon's online store&nbsp;sales&nbsp;have surged 40% in 2020 from 14.8% in the prior year as it benefitted from the prolonged lockdowns and restrictions on physical retailers which saw the accelerated shift towards e-commerce adoption. However, despite the slowdown in its online store growth in Q2 2021 of 13% YoY compared to 41% in Q1, we believe that the company is poised to continue reaping the secular tailwinds of the rising e-commerce adoption.</p><p><blockquote>亚马逊的在线商店销售额在2020年从上一年的14.8%飙升了40%，因为它受益于对实体零售商的长期封锁和限制，这加速了向电子商务的转变。然而，尽管 2021 年第二季度其在线商店增长同比放缓 13%，而第一季度为 41%，但我们相信该公司已准备好继续收获电子商务采用率上升的长期顺风。</blockquote></p><p> According to eMarketer, the share of e-commerce sales is forecasted to&nbsp;reach&nbsp;22% of global retail sales as consumers continue to shift towards online buying. Global retail sales are forecasted to bound back by 7.2% with the vaccination drives across the world and easing business restrictions. Thus, the e-commerce sales forecast is 10.2% in 2021 which represents a normalized growth from 27.6% in 2019 as the penetration rate surged to 18% from 14% in the past year.</p><p><blockquote>根据eMarketer的数据，随着消费者继续转向网上购物，电子商务销售的份额预计将达到全球零售额的22%。随着全球疫苗接种运动和商业限制的放松，全球零售额预计将回升7.2%。因此，由于渗透率从去年的14%飙升至18%，2021年的电子商务销售额预测为10.2%，较2019年的27.6%正常增长。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Global E-Commerce Market ($ bln)</b></p><p><blockquote><table><tbody><tr><td><b>全球电子商务市场（十亿美元）</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2016</b></p><p><blockquote><td><b>2016</b></td></blockquote></p><p></td>    <td><b>2017</b></p><p><blockquote><td><b>2017</b></td></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Total Global Retail Sales ('a')</p><p><blockquote><tr><td>全球零售总额（“A”）</td></tr></blockquote></p><p></td>    <td>21,453</p><p><blockquote><td>21,453</td></blockquote></p><p></td>    <td>22,904</p><p><blockquote><td>22,904</td></blockquote></p><p></td>    <td>23,560</p><p><blockquote><td>23,560</td></blockquote></p><p></td>    <td>24,780</p><p><blockquote><td>24,780</td></blockquote></p><p></td>    <td>23,778</p><p><blockquote><td>23,778</td></blockquote></p><p></td>    <td>25,490</p><p><blockquote><td>25,490</td></blockquote></p><p></td>    <td>27,172</p><p><blockquote><td>27,172</td></blockquote></p><p></td>    <td>28,395</p><p><blockquote><td>28,395</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>2.6%</p><p><blockquote><td>2.6%</td></blockquote></p><p></td>    <td>6.8%</p><p><blockquote><td>6.8%</td></blockquote></p><p></td>    <td>2.9%</p><p><blockquote><td>2.9%</td></blockquote></p><p></td>    <td>5.2%</p><p><blockquote><td>5.2%</td></blockquote></p><p></td>    <td>-4.0%</p><p><blockquote><td>-4.0%</td></blockquote></p><p></td>    <td>7.20%</p><p><blockquote><td>7.20%</td></blockquote></p><p></td>    <td>6.60%</p><p><blockquote><td>6.60%</td></blockquote></p><p></td>    <td>4.50%</p><p><blockquote><td>4.50%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Retail E-commerce Sales ('b')</p><p><blockquote><tr><td>零售电子商务销售（“b”）</td></tr></blockquote></p><p></td>    <td>1,845</p><p><blockquote><td>1,845</td></blockquote></p><p></td>    <td>2,382</p><p><blockquote><td>2,382</td></blockquote></p><p></td>    <td>2,982</p><p><blockquote><td>2,982</td></blockquote></p><p></td>    <td>3,354</p><p><blockquote><td>3,354</td></blockquote></p><p></td>    <td>4,280</p><p><blockquote><td>4,280</td></blockquote></p><p></td>    <td>4,716</p><p><blockquote><td>4,716</td></blockquote></p><p></td>    <td>5,434</p><p><blockquote><td>5,434</td></blockquote></p><p></td>    <td>6,247</p><p><blockquote><td>6,247</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>19.2%</p><p><blockquote><td>19.2%</td></blockquote></p><p></td>    <td>29.1%</p><p><blockquote><td>29.1%</td></blockquote></p><p></td>    <td>25.2%</p><p><blockquote><td>25.2%</td></blockquote></p><p></td>    <td>12.5%</p><p><blockquote><td>12.5%</td></blockquote></p><p></td>    <td>27.6%</p><p><blockquote><td>27.6%</td></blockquote></p><p></td>    <td>10.2%</p><p><blockquote><td>10.2%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Penetration Rate ('c')</b></p><p><blockquote><tr><td><b>渗透率（'c'）</b></td></tr></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></td>    <td>10%</p><p><blockquote><td>10%</td></blockquote></p><p></td>    <td>12%</p><p><blockquote><td>12%</td></blockquote></p><p></td>    <td>14%</p><p><blockquote><td>14%</td></blockquote></p><p></td>    <td>18%</p><p><blockquote><td>18%</td></blockquote></p><p></td>    <td>19%</p><p><blockquote><td>19%</td></blockquote></p><p></td>    <td>20%</p><p><blockquote><td>20%</td></blockquote></p><p></td>    <td>22%</p><p><blockquote><td>22%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>* B = C x A</i></p><p><blockquote><i>* B = C x A</i></blockquote></p><p> <i>Source: Statista, eMarketer, Khaveen Investments</i></p><p><blockquote><i>来源：Statista、eMarketer、Khaveen Investments</i></blockquote></p><p></p><p> Amazon's established market positioning is an added competitive strength of it to capitalize on the market growth. More specifically, it is hard to win over the company in the key criteria of price, choice and convenience. Evidently, the company's Prime membership continued to grow in 2020 by 15% to 142.5 mln members or roughly 43% of the US&nbsp;population. This indicates the strong attraction of loyal customers to the company providing it with a massive install base. Through Prime membership, consumers are also pushed to buy more to obtain various benefits.</p><p><blockquote>亚马逊既定的市场定位是其利用市场增长的额外竞争实力。更具体地说，在价格、选择和便利性等关键标准上，很难赢得该公司的青睐。显然，该公司的主要会员在2020年继续增长15%，达到1.425亿会员，约占美国人口的43%。这表明忠实客户对该公司的强大吸引力，为其提供了庞大的安装基础。通过Prime会员，也促使消费者购买更多，以获得各种福利。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/125c2baa1b52e2787075210f05321e20\" tg-width=\"904\" tg-height=\"492\" width=\"100%\" height=\"auto\"><span>Source: Backlinko</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Backlinko</span></p></blockquote></p><p> In addition to Prime members, the company has been able to consistently&nbsp;attract&nbsp;sellers to its platform with 3.3 mln new sellers since 2017 or 3,718 per day. Currently, it has 9.7 mlnsellersworldwide across the US, UK, Germany, Japan, etc. Thus, the company has established itself as the dominant market leader and is far ahead of its next closest competitor in terms of e-commerce sales.</p><p><blockquote>除了Prime会员，该公司自2017年以来一直能够持续吸引卖家到其平台，有330万新卖家，即每天3718家。目前，它在美国、英国、德国、日本等地拥有970万卖家。因此，该公司已成为占主导地位的市场领导者，并在电子商务销售方面远远领先于其次最接近的竞争对手。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6272ba7ee8cf6f5aab477b8425f34923\" tg-width=\"640\" tg-height=\"355\" width=\"100%\" height=\"auto\"><span>Source: Marketing Charts</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：营销图表</span></p></blockquote></p><p> Its market leadership is quite extensive across different product categories and markets as illustrated in the table below. For example, it accounts for Its consumer &amp; consumer electronics sales is the largest product category accounting for 50.2% of the products' total e-commerce sales in the US and 26.7% of total retail sales. This is followed by apparel &amp; accessories, books music &amp; video and furniture and home furnishings which is 32%, 83.2% and 34.2 % of e-commerce sales.</p><p><blockquote>如下表所示，其市场领导地位在不同的产品类别和市场中相当广泛。例如，其消费电子产品销售额是最大的产品类别，占美国电子商务产品总销售额的 50.2%，占零售总额的 26.7%。其次是服装和配饰、书籍、音乐和视频以及家具和家居用品，分别占电子商务销售额的32%、83.2%和34.2%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6765530fd408a02c75515a712af4087\" tg-width=\"640\" tg-height=\"725\" width=\"100%\" height=\"auto\"><span>Source: eMarketer</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：eMarketer</span></p></blockquote></p><p> Among the product categories, the electronics category is the most popular among shoppers in the US with 44% of US shoppers having&nbsp;purchased&nbsp;electronics on Amazon. It also sells its own electronicdevicesincluding Echo smart speakers which account for 70% of the US market share followed by Google (GOOG) and Apple (AAPL) and continues to develop the product with newer generations and software&nbsp;updates. In 2020, the company shipped over 38 mln smart speaker&nbsp;units&nbsp;and accounted for 28.3% of the global market share of shipments. We estimated its revenues from the sale of its smart speakers based on the average&nbsp;price&nbsp;of the Echo product family of $103 to be around $3.94 bln in revenues which is around 2% of its online store revenues. However, it also faces increasing competition especially from the Chinese manufacturers such as Baidu (BIDU) and Xiaomi (OTCPK:XIACF) which dominate the China market.</p><p><blockquote>在产品类别中，电子产品类别最受美国购物者欢迎，44%的美国购物者在亚马逊上购买过电子产品。它还销售自己的电子设备，包括Echo智能扬声器，占美国市场份额的70%，其次是谷歌（GOOG）和苹果（AAPL），并继续开发新一代产品和软件更新。2020年，该公司智能音箱出货量超过3800万台，占全球出货量市场份额的28.3%。根据 Echo 产品系列 103 美元的平均价格，我们估计其智能扬声器销售收入约为 39.4 亿美元，约占其在线商店收入的 2%。然而，它也面临着日益激烈的竞争，尤其是来自主导中国市场的百度（BIDU）和小米（OTCPK：XIACF）等中国制造商的竞争。</blockquote></p><p> All in all, the company has a massive product breadth of 12 mln&nbsp;products&nbsp;excluding books, media, wine and services and with the growing seller base, we expect this product breadth to continue to be expanded and provide customers unique value proposition with product variety.</p><p><blockquote>总而言之，该公司拥有1200万种产品，不包括书籍、媒体、葡萄酒和服务，随着卖家基础的增长，我们预计这一产品范围将继续扩大，并通过产品种类为客户提供独特的价值主张。</blockquote></p><p> Thus, we expect its solid market dominance with an ecosystem of an established customer base and loyal Prime members and a large seller base with extensive market leadership across various key product categories with a broad product breadth to support its long-term growth. We projected its online store growth based on our expectation of its market share at 4.5% based on a 5-year average on the global e-commerce sales.</p><p><blockquote>因此，我们预计其拥有稳固的市场主导地位，拥有由已建立的客户群和忠诚的 Prime 会员组成的生态系统，以及在各种关键产品类别中拥有广泛市场领导地位的大型卖家基础，产品范围广泛，以支持其长期增长。我们预测其在线商店的增长基于我们对其市场份额的预期，基于全球电子商务销售额的 5 年平均水平，为 4.5%。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Amazon Online Stores ($ bln)</b></p><p><blockquote><table><tbody><tr><td><b>亚马逊在线商店（十亿美元）</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2016</b></p><p><blockquote><td><b>2016</b></td></blockquote></p><p></td>    <td><b>2017</b></p><p><blockquote><td><b>2017</b></td></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Total Retail Sales ('a')</p><p><blockquote><tr><td>零售总额（“a”）</td></tr></blockquote></p><p></td>    <td>21,453</p><p><blockquote><td>21,453</td></blockquote></p><p></td>    <td>22,904</p><p><blockquote><td>22,904</td></blockquote></p><p></td>    <td>23,560</p><p><blockquote><td>23,560</td></blockquote></p><p></td>    <td>24,780</p><p><blockquote><td>24,780</td></blockquote></p><p></td>    <td>23,778</p><p><blockquote><td>23,778</td></blockquote></p><p></td>    <td>25,490</p><p><blockquote><td>25,490</td></blockquote></p><p></td>    <td>27,172</p><p><blockquote><td>27,172</td></blockquote></p><p></td>    <td>28,395</p><p><blockquote><td>28,395</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>2.6%</p><p><blockquote><td>2.6%</td></blockquote></p><p></td>    <td>6.8%</p><p><blockquote><td>6.8%</td></blockquote></p><p></td>    <td>2.9%</p><p><blockquote><td>2.9%</td></blockquote></p><p></td>    <td>5.2%</p><p><blockquote><td>5.2%</td></blockquote></p><p></td>    <td>-4.0%</p><p><blockquote><td>-4.0%</td></blockquote></p><p></td>    <td>7.20%</p><p><blockquote><td>7.20%</td></blockquote></p><p></td>    <td>6.60%</p><p><blockquote><td>6.60%</td></blockquote></p><p></td>    <td>4.50%</p><p><blockquote><td>4.50%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Retail E-commerce Sales ('b')</p><p><blockquote><tr><td>零售电子商务销售（“b”）</td></tr></blockquote></p><p></td>    <td>1,845</p><p><blockquote><td>1,845</td></blockquote></p><p></td>    <td>2,382</p><p><blockquote><td>2,382</td></blockquote></p><p></td>    <td>2,982</p><p><blockquote><td>2,982</td></blockquote></p><p></td>    <td>3,354</p><p><blockquote><td>3,354</td></blockquote></p><p></td>    <td>4,280</p><p><blockquote><td>4,280</td></blockquote></p><p></td>    <td>4,716</p><p><blockquote><td>4,716</td></blockquote></p><p></td>    <td>5,434</p><p><blockquote><td>5,434</td></blockquote></p><p></td>    <td>6,247</p><p><blockquote><td>6,247</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>19.2%</p><p><blockquote><td>19.2%</td></blockquote></p><p></td>    <td>29.1%</p><p><blockquote><td>29.1%</td></blockquote></p><p></td>    <td>25.2%</p><p><blockquote><td>25.2%</td></blockquote></p><p></td>    <td>12.5%</p><p><blockquote><td>12.5%</td></blockquote></p><p></td>    <td>27.6%</p><p><blockquote><td>27.6%</td></blockquote></p><p></td>    <td>10.2%</p><p><blockquote><td>10.2%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Penetration Rate ('c')</b></p><p><blockquote><tr><td><b>渗透率（'c'）</b></td></tr></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></p><p></td>    <td>10%</p><p><blockquote><td>10%</td></blockquote></p><p></td>    <td>12%</p><p><blockquote><td>12%</td></blockquote></p><p></td>    <td>14%</p><p><blockquote><td>14%</td></blockquote></p><p></td>    <td>18%</p><p><blockquote><td>18%</td></blockquote></p><p></td>    <td>19%</p><p><blockquote><td>19%</td></blockquote></p><p></td>    <td>20%</p><p><blockquote><td>20%</td></blockquote></p><p></td>    <td>22%</p><p><blockquote><td>22%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>16.2%</p><p><blockquote><td>16.2%</td></blockquote></p><p></td>    <td>20.9%</p><p><blockquote><td>20.9%</td></blockquote></p><p></td>    <td>17.3%</p><p><blockquote><td>17.3%</td></blockquote></p><p></td>    <td>11.5%</p><p><blockquote><td>11.5%</td></blockquote></p><p></td>    <td>32.4%</p><p><blockquote><td>32.4%</td></blockquote></p><p></td>    <td>2.8%</p><p><blockquote><td>2.8%</td></blockquote></p><p></td>    <td>8.1%</p><p><blockquote><td>8.1%</td></blockquote></p><p></td>    <td>10.0%</p><p><blockquote><td>10.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Amazon Online Stores Revenues ('d')</p><p><blockquote><tr><td>亚马逊在线商店收入（“d”）</td></tr></blockquote></p><p></td>    <td>91.43</p><p><blockquote><td>91.43</td></blockquote></p><p></td>    <td>108.35</p><p><blockquote><td>108.35</td></blockquote></p><p></td>    <td>122.99</p><p><blockquote><td>122.99</td></blockquote></p><p></td>    <td>141.25</p><p><blockquote><td>141.25</td></blockquote></p><p></td>    <td>197.35</p><p><blockquote><td>197.35</td></blockquote></p><p></td>    <td>211.74</p><p><blockquote><td>211.74</td></blockquote></p><p></td>    <td>244.02</p><p><blockquote><td>244.02</td></blockquote></p><p></td>    <td>280.50</p><p><blockquote><td>280.50</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>18.5%</p><p><blockquote><td>18.5%</td></blockquote></p><p></td>    <td>13.5%</p><p><blockquote><td>13.5%</td></blockquote></p><p></td>    <td>14.8%</p><p><blockquote><td>14.8%</td></blockquote></p><p></td>    <td>39.7%</p><p><blockquote><td>39.7%</td></blockquote></p><p></td>    <td>7.3%</p><p><blockquote><td>7.3%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Amazon Online Stores Market Share ('e')</p><p><blockquote><tr><td>亚马逊在线商店市场份额（“e”）</td></tr></blockquote></p><p></td>    <td>5.0%</p><p><blockquote><td>5.0%</td></blockquote></p><p></td>    <td>4.5%</p><p><blockquote><td>4.5%</td></blockquote></p><p></td>    <td>4.1%</p><p><blockquote><td>4.1%</td></blockquote></p><p></td>    <td>4.2%</p><p><blockquote><td>4.2%</td></blockquote></p><p></td>    <td>4.6%</p><p><blockquote><td>4.6%</td></blockquote></p><p></td>    <td>4.5%</p><p><blockquote><td>4.5%</td></blockquote></p><p></td>    <td>4.5%</p><p><blockquote><td>4.5%</td></blockquote></p><p></td>    <td>4.5%</p><p><blockquote><td>4.5%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>* B = A x C</i></p><p><blockquote><i>* B = A x C</i></blockquote></p><p> <i>*D = B x E</i></p><p><blockquote><i>*D = B x E</i></blockquote></p><p> <i>Source: Statista, Khaveen Investments</i></p><p><blockquote><i>资料来源：Statista、Khaveen Investments</i></blockquote></p><p> <b>The Rise of Third-party Seller Services</b></p><p><blockquote><b>第三方卖家服务的兴起</b></blockquote></p><p> Another major advantage of the company is its logistics and shipping operations, which has become an impenetrable moat that few other companies will ever have the resources or ability to match, with Amazon partnering with most major delivery providers in the country. By leveraging its robust network, it offers programs to enable sellers to sell their products through its marketplace and fulfill orders through the company.</p><p><blockquote>该公司的另一个主要优势是其物流和航运业务，这已经成为一条坚不可摧的护城河，很少有其他公司有资源或能力与之匹敌，亚马逊与该国大多数主要的送货提供商都有合作。通过利用其强大的网络，它提供了使卖家能够通过其市场销售产品并通过公司履行订单的计划。</blockquote></p><p> With Fulfillment by Amazon ('FBA'), third party sellersstore&nbsp;products in Amazon's fulfillment centers, and it picks, packs, ships, and provide customer service for these products. Amazon is not the seller but earns commissions and related fulfillment and shipping fees including inventory management, payment processing, shipment tracking and reporting from the arrangements from its third-party sellers who are largely comprised of small- and medium-sized businesses.</p><p><blockquote>通过亚马逊履行（“FBA”），第三方卖家在亚马逊的履行中心存储产品，并为这些产品挑选、包装、运输和提供客户服务。亚马逊不是卖家，但从主要由中小型企业组成的第三方卖家的安排中赚取佣金和相关的履行和运输费用，包括库存管理、支付处理、运输跟踪和报告。</blockquote></p><p> Selling on Amazon as a third-party seller is an increasingly popular option for sellers. It ultimately&nbsp;provides&nbsp;more flexibility and control, a stronger brand presence, and better data access. Over the past years, the rise of third-party sellers on Amazon is seen with the rising&nbsp;share&nbsp;of third-party sales as a % of its gross merchandise sales at 62% of total sales.</p><p><blockquote>作为第三方卖家在亚马逊上销售是卖家越来越受欢迎的选择。它最终提供了更多的灵活性和控制、更强的品牌形象和更好的数据访问。在过去的几年里，亚马逊上第三方卖家的崛起，第三方销售额占其商品总销售额的百分比不断上升，占总销售额的62%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed0a2a75af197d4bf9dca92caab27d6c\" tg-width=\"640\" tg-height=\"539\" width=\"100%\" height=\"auto\"><span>Source: FourWeekMBA</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：四周MBA</span></p></blockquote></p><p> The chart below further illustrates Amazon's large network of logistics and shipping. Its fulfillment center network is one of several ways it&nbsp;enhances&nbsp;its logistics and shipping process taking on FedEx and UPS and has been ramping up efforts to launch its delivery network as well with growing fleets of airplanes, drones and vans. Amazon's own logistics business&nbsp;delivered&nbsp;1.9 bln packages in the US.</p><p><blockquote>下图进一步说明了亚马逊庞大的物流和航运网络。其履行中心网络是其增强物流和运输流程的几种方式之一，与联邦快递和 UPS 竞争，并且一直在加大力度推出其送货网络，以及不断增长的飞机、无人机和货车机队。亚马逊自己的物流业务在美国递送了19亿个包裹。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5732f32df08132a67f1f9ead2376b2fb\" tg-width=\"600\" tg-height=\"233\" width=\"100%\" height=\"auto\"><span>Source: WebFX</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：WebFX</span></p></blockquote></p><p> Moreover, its wide logistics and shipping coverage with over 100 active warehouses across the US with the highest number of facilities in California, Texas and New Jersey. Additionally, it is expanding heavily in the south with the highest number of planned warehouses. For example, the upcoming&nbsp;opening&nbsp;of a 1 million-square-foot fulfillmentcenter in Missouri in 2021 where employees will pack and ship larger-sized customer items like patio furniture, outdoor equipment or rugs. In 2020, it&nbsp;announced&nbsp;plans for 7 new fulfillmentcenters including a 600,000-square-foot facility in Florida, an 855,000-square foot facility in Tennessee and a 625,000square-foot fulfillment center in Texas.</p><p><blockquote>此外，其广泛的物流和运输覆盖范围，在美国拥有100多个活跃仓库，其中加利福尼亚州、德克萨斯州和新泽西州的设施数量最多。此外，它正在南部大力扩张，规划仓库数量最多。例如，密苏里州即将于2021年开设一个100万平方英尺的履行中心，员工将在那里包装和运输较大尺寸的客户物品，如庭院家具、户外设备或地毯。2020 年，该公司宣布了 7 个新履行中心的计划，包括佛罗里达州 600,000 平方英尺的设施、田纳西州 855,000 平方英尺的设施和德克萨斯州 625,000 平方英尺的履行中心。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d45f3a6df0a41b23e4f1d8fe2edb77d3\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: CNBC</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CNBC</span></p></blockquote></p><p> Overall, these are among the factors which lead to the company's strength from its wide logistics network in terms of shipping speed. The company is highly popular for its speedy shipping and even has&nbsp;free&nbsp;Two-Day and even Same Day Shipping Programs for Prime members. Based on the survey below, the majority or 80% cited fast and free shipping as the major reason for choosing Amazon. We believe that the company's planned expansion would continue to enhance its logistics network and maintain its popularity among customers.</p><p><blockquote>总体而言，这些都是导致该公司凭借其广泛的物流网络在运输速度方面实力的因素。该公司因其快速运输而非常受欢迎，甚至为Prime会员提供免费的两天甚至当天运输计划。根据下面的调查，大多数或80%的人认为快速和免费送货是选择亚马逊的主要原因。我们相信，本公司的扩张计划将继续加强其物流网络，并维持其在客户中的受欢迎程度。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d4143366dbcb762fad253420cdb1b5f1\" tg-width=\"640\" tg-height=\"409\" width=\"100%\" height=\"auto\"><span>Source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Statista</span></p></blockquote></p><p></p><p> We forecasted the company's retail third-party seller services revenues which consist of fulfillment service-related revenues derived from the sales from third-party sellers. Amazon's third-party gross merchandise sales are forecasted to increase its share of total retail e-commerce sales as a growth rate of 9% based on the past 5-year average with the rising popularity of third-party sales on its marketplace. Moreover, we also forecasted the share of revenues that Amazon earns to grow by 1% from 27.3% based on the 2-year average as Amazon continues to expand its fulfillment capabilities to cater to its third-party sellers. This trend is also believed to be significant for margin expansion of the company as gross margins third-party seller services isestimatedto be between 60% to 75% of sales which is lower than AWS at 80% but still higher than the company's overall gross margin of 37% due to high costs tied up with the cost of sales which&nbsp;represents&nbsp;60% of its total sales.</p><p><blockquote>我们预测了公司的零售第三方卖家服务收入，其中包括来自第三方卖家销售的履行服务相关收入。随着第三方销售在其市场上越来越受欢迎，基于过去5年的平均水平，亚马逊的第三方商品总销售额预计将以9%的增长率增加其在零售电子商务总销售额中的份额。此外，随着亚马逊继续扩大其履行能力以迎合第三方卖家，我们还预测亚马逊的收入份额将从两年平均水平的 27.3% 增长 1%。这一趋势也被认为对公司的利润率扩张具有重要意义，因为第三方卖家服务的毛利率估计在销售额的 60% 至 75% 之间，低于 AWS 的 80%，但仍高于公司的整体毛利率 37% 由于高成本与占总销售额 60% 的销售成本相关。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Third-Party Seller Services Revenues ($ bln)</b></p><p><blockquote><table><tbody><tr><td><b>第三方卖家服务收入（十亿美元）</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2016</b></p><p><blockquote><td><b>2016</b></td></blockquote></p><p></td>    <td><b>2017</b></p><p><blockquote><td><b>2017</b></td></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Global Retail E-commerce Sales ('a')</p><p><blockquote><tr><td>全球零售电子商务销售额（“A”）</td></tr></blockquote></p><p></td>    <td>1,845</p><p><blockquote><td>1,845</td></blockquote></p><p></td>    <td>2,382</p><p><blockquote><td>2,382</td></blockquote></p><p></td>    <td>2,982</p><p><blockquote><td>2,982</td></blockquote></p><p></td>    <td>3,354</p><p><blockquote><td>3,354</td></blockquote></p><p></td>    <td>4,280</p><p><blockquote><td>4,280</td></blockquote></p><p></td>    <td>4,716</p><p><blockquote><td>4,716</td></blockquote></p><p></td>    <td>5,434</p><p><blockquote><td>5,434</td></blockquote></p><p></td>    <td>6,247</p><p><blockquote><td>6,247</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>19.2%</p><p><blockquote><td>19.2%</td></blockquote></p><p></td>    <td>29.1%</p><p><blockquote><td>29.1%</td></blockquote></p><p></td>    <td>25.2%</p><p><blockquote><td>25.2%</td></blockquote></p><p></td>    <td>12.5%</p><p><blockquote><td>12.5%</td></blockquote></p><p></td>    <td>27.6%</p><p><blockquote><td>27.6%</td></blockquote></p><p></td>    <td>10.2%</p><p><blockquote><td>10.2%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Amazon Third Party Market Share ('b')</p><p><blockquote><tr><td>亚马逊第三方市场份额（“b”）</td></tr></blockquote></p><p></td>    <td>5.6%</p><p><blockquote><td>5.6%</td></blockquote></p><p></td>    <td>5.5%</p><p><blockquote><td>5.5%</td></blockquote></p><p></td>    <td>5.4%</p><p><blockquote><td>5.4%</td></blockquote></p><p></td>    <td>6.0%</p><p><blockquote><td>6.0%</td></blockquote></p><p></td>    <td>6.9%</p><p><blockquote><td>6.9%</td></blockquote></p><p></td>    <td>7.5%</p><p><blockquote><td>7.5%</td></blockquote></p><p></td>    <td>8.1%</p><p><blockquote><td>8.1%</td></blockquote></p><p></td>    <td>8.9%</p><p><blockquote><td>8.9%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>21%</p><p><blockquote><td>21%</td></blockquote></p><p></td>    <td>-2%</p><p><blockquote><td>-2%</td></blockquote></p><p></td>    <td>-2%</p><p><blockquote><td>-2%</td></blockquote></p><p></td>    <td>11%</p><p><blockquote><td>11%</td></blockquote></p><p></td>    <td>16%</p><p><blockquote><td>16%</td></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Third-party (Amazon marketplace) GMV ('c')</p><p><blockquote><tr><td>第三方（亚马逊市场）GMV（'c'）</td></tr></blockquote></p><p></td>    <td>103</p><p><blockquote><td>103</td></blockquote></p><p></td>    <td>130</p><p><blockquote><td>130</td></blockquote></p><p></td>    <td>160</p><p><blockquote><td>160</td></blockquote></p><p></td>    <td>200</p><p><blockquote><td>200</td></blockquote></p><p></td>    <td>295</p><p><blockquote><td>295</td></blockquote></p><p></td>    <td>353</p><p><blockquote><td>353</td></blockquote></p><p></td>    <td>443</p><p><blockquote><td>443</td></blockquote></p><p></td>    <td>553</p><p><blockquote><td>553</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>26.2%</p><p><blockquote><td>26.2%</td></blockquote></p><p></td>    <td>23.1%</p><p><blockquote><td>23.1%</td></blockquote></p><p></td>    <td>25.0%</p><p><blockquote><td>25.0%</td></blockquote></p><p></td>    <td>47.5%</p><p><blockquote><td>47.5%</td></blockquote></p><p></td>    <td>19.8%</p><p><blockquote><td>19.8%</td></blockquote></p><p></td>    <td>25.3%</p><p><blockquote><td>25.3%</td></blockquote></p><p></td>    <td>25.0%</p><p><blockquote><td>25.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>% Of Revenues ('d')</p><p><blockquote><tr><td>占收入百分比（'d'）</td></tr></blockquote></p><p></td>    <td>22.3%</p><p><blockquote><td>22.3%</td></blockquote></p><p></td>    <td>24.5%</p><p><blockquote><td>24.5%</td></blockquote></p><p></td>    <td>26.7%</p><p><blockquote><td>26.7%</td></blockquote></p><p></td>    <td>26.9%</p><p><blockquote><td>26.9%</td></blockquote></p><p></td>    <td>27.3%</p><p><blockquote><td>27.3%</td></blockquote></p><p></td>    <td>27.6%</p><p><blockquote><td>27.6%</td></blockquote></p><p></td>    <td>27.8%</p><p><blockquote><td>27.8%</td></blockquote></p><p></td>    <td>28.1%</p><p><blockquote><td>28.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>9.9%</p><p><blockquote><td>9.9%</td></blockquote></p><p></td>    <td>9.0%</p><p><blockquote><td>9.0%</td></blockquote></p><p></td>    <td>0.6%</p><p><blockquote><td>0.6%</td></blockquote></p><p></td>    <td>1.5%</p><p><blockquote><td>1.5%</td></blockquote></p><p></td>    <td>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>    <td>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>    <td>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Retail third-party seller services revenues ('e')</p><p><blockquote><tr><td>零售第三方卖家服务收入（「e」）</td></tr></blockquote></p><p></td>    <td>22.99</p><p><blockquote><td>22.99</td></blockquote></p><p></td>    <td>31.88</p><p><blockquote><td>31.88</td></blockquote></p><p></td>    <td>42.75</p><p><blockquote><td>42.75</td></blockquote></p><p></td>    <td>53.76</p><p><blockquote><td>53.76</td></blockquote></p><p></td>    <td>80.46</p><p><blockquote><td>80.46</td></blockquote></p><p></td>    <td>97.37</p><p><blockquote><td>97.37</td></blockquote></p><p></td>    <td>123.25</p><p><blockquote><td>123.25</td></blockquote></p><p></td>    <td>155.61</p><p><blockquote><td>155.61</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>38.7%</p><p><blockquote><td>38.7%</td></blockquote></p><p></td>    <td>34.1%</p><p><blockquote><td>34.1%</td></blockquote></p><p></td>    <td>25.8%</p><p><blockquote><td>25.8%</td></blockquote></p><p></td>    <td>49.7%</p><p><blockquote><td>49.7%</td></blockquote></p><p></td>    <td>21.0%</p><p><blockquote><td>21.0%</td></blockquote></p><p></td>    <td>26.6%</p><p><blockquote><td>26.6%</td></blockquote></p><p></td>    <td>26.3%</p><p><blockquote><td>26.3%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>*C = A x B</i></p><p><blockquote><i>*C = A x B</i></blockquote></p><p> <i>*E = C x D</i></p><p><blockquote><i>*E = C x D</i></blockquote></p><p> <i>Source: Amazon, Statista, Khaveen Investments</i></p><p><blockquote><i>来源：亚马逊、Statista、Khaveen Investments</i></blockquote></p><p> <b>AWS Growth by Data Volume Growth</b></p><p><blockquote><b>AWS 通过数据量增长实现增长</b></blockquote></p><p> Another key area of growth of the company is cloud computing with notable largeclientssuch as Netflix (NFLX), Verizon (VZ), Capital One (COF), McDonald's (MCD). AWS revenues grew strongly at 29.5% in 2020 with a market share of 31.8% of the cloud infrastructuremarket. Since its launch nearly 2 decades ago, it has grown to become the market leader for years and looks set to maintain the status quo for the foreseeable future despite rising competition especially from Microsoft (MSFT) and Google gaining market share outpacing Amazon's growth.</p><p><blockquote>该公司的另一个关键增长领域是云计算，拥有 Netflix (NFLX)、Verizon (VZ)、Capital One (COF)、麦当劳 (MCD) 等著名大客户。2020年，AWS收入强劲增长29.5%，在云基础设施市场的市场份额为31.8%。自近20年前推出以来，它多年来已成长为市场领导者，尽管竞争日益激烈，尤其是来自微软（MSFT）和谷歌的市场份额超过了亚马逊的增长，但它似乎将在可预见的未来维持现状。</blockquote></p><p> The rapid growth of the cloud infrastructure market is underpinned by the rising volume of global data volume creation at aCAGRof 23% until 2025 as data volume is projected to grow to more than 180 zettabytes as the world becomes more data-driven with the rise of data analytics, 5G and IoT spurring the growth of data creation.</p><p><blockquote>云基础设施市场的快速增长是由aCAGRof全球数据量创建量的增长支撑的，到2025年将增长23%，因为随着数据分析的兴起，随着世界变得更加数据驱动，数据量预计将增长到180 zettabytes以上，5G和物联网刺激了数据创建的增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d467bae68efe047fa8c695360d5b551c\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Statista, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Statista、Khaveen Investments</span></p></blockquote></p><p> We projected the growth of the cloud infrastructure market based on the forecasted growth of data volume at a 23%&nbsp;CAGR&nbsp;through 2025 at an average cloud infrastructure/data growth factor of 1.72.</p><p><blockquote>我们预测云基础设施市场的增长是基于到2025年数据量的预测复合年增长率为23%，平均云基础设施/数据增长系数为1.72。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd3a646de29cd8f5659eeaabcbf4831d\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>* A = B x C Source: Statista, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>* a = B x C 资料来源：Statista、Khaveen Investments</span></p></blockquote></p><p> Thus, despite the plateauing market share of AWS as competitors like Microsoft outpaces its growth, we still believe in the massive opportunity in the cloud infrastructure market with the growing data volumes. Not to mention, the company has highlighted its commitment towards AWS with new client relationships such as major sports leagues around the world including National Hockey League, the PGA Tour, Formula 1 and the German Bundesliga. Furthermore, it also recently&nbsp;announced&nbsp;a relationship with Dish Network to build out cloud-based 5G infrastructure and would expand its data center footprint in Israel and the United Arab Emirates. It currently offers 80 availability zones across 25 geographic regions and plans to launch 15 more availability zones to support its cloud growth.</p><p><blockquote>因此，尽管随着微软等竞争对手的增长速度超过AWS的市场份额趋于稳定，但我们仍然相信随着数据量的增长，云基础设施市场存在巨大机遇。更不用说，该公司还通过新的客户关系强调了其对AWS的承诺，如世界各地的主要体育联盟，包括国家曲棍球联盟、PGA巡回赛、一级方程式赛车和德国德甲联赛。此外，它最近还宣布与Dish Network建立合作关系，建立基于云的5G基础设施，并将扩大其在以色列和阿拉伯联合酋长国的数据中心足迹。它目前在25个地理区域提供80个可用性区域，并计划再推出15个可用性区域，以支持其云的增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ebc384fe7bf254090200574fd352254\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Canalys, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Canalys、Khaveen Investments</span></p></blockquote></p><p> All in all, we projected AWS's revenue growth based on our market share forecast assumptions that its market share leadership is slowly chipped away by fast-growing competitors notably Microsoft but still maintaining its market leadership backed by solid large client relationship leveraging AWS. Based on a forecasted market share of 30.7% by 2023, we expect AWS revenues to grow to $81.5 bln.</p><p><blockquote>总而言之，我们预测 AWS 的收入增长是基于我们的市场份额预测假设，即其市场份额领先地位正在被快速增长的竞争对手（尤其是微软）慢慢蚕食，但在利用 AWS 的稳固大客户关系的支持下，仍保持其市场领先地位。基于到 2023 年 30.7% 的市场份额预测，我们预计 AWS 收入将增长至 815 亿美元。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>AWS Forecasts</b></p><p><blockquote><table><tbody><tr><td><b>AWS预测</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>AWS Market Share</p><p><blockquote><tr><td>AWS 市场份额</td></tr></blockquote></p><p></td>    <td>32.6%</p><p><blockquote><td>32.6%</td></blockquote></p><p></td>    <td>32.3%</p><p><blockquote><td>32.3%</td></blockquote></p><p></td>    <td>31.8%</p><p><blockquote><td>31.8%</td></blockquote></p><p></td>    <td>31.2%</p><p><blockquote><td>31.2%</td></blockquote></p><p></td>    <td>31.0%</p><p><blockquote><td>31.0%</td></blockquote></p><p></td>    <td>30.7%</p><p><blockquote><td>30.7%</td></blockquote></p><p></td>   </tr>   <tr>    <td>AWS Revenues ($ bln)</p><p><blockquote><tr><td>AWS 收入（十亿美元）</td></tr></blockquote></p><p></td>    <td>25.66</p><p><blockquote><td>25.66</td></blockquote></p><p></td>    <td>35.03</p><p><blockquote><td>35.03</td></blockquote></p><p></td>    <td>45.37</p><p><blockquote><td>45.37</td></blockquote></p><p></td>    <td>54.58</p><p><blockquote><td>54.58</td></blockquote></p><p></td>    <td>66.81</p><p><blockquote><td>66.81</td></blockquote></p><p></td>    <td>81.52</p><p><blockquote><td>81.52</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>47.0%</p><p><blockquote><td>47.0%</td></blockquote></p><p></td>    <td>36.5%</p><p><blockquote><td>36.5%</td></blockquote></p><p></td>    <td>29.5%</p><p><blockquote><td>29.5%</td></blockquote></p><p></td>    <td>20.3%</p><p><blockquote><td>20.3%</td></blockquote></p><p></td>    <td>22.4%</p><p><blockquote><td>22.4%</td></blockquote></p><p></td>    <td>22.0%</p><p><blockquote><td>22.0%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>Source: Amazon, Canalys, Khaveen Investments</i></p><p><blockquote><i>来源：亚马逊、Canalys、Khaveen Investments</i></blockquote></p><p> While AWS only makes up 11% of its total revenues, its superior margins of 29% compared to only 2.8% for the other company segments has AWS accounting for 59% of operating income in 2020 which highlights the significance of AWS to its bottom line.</p><p><blockquote>虽然 AWS 仅占其总收入的 11%，但其 29% 的利润率（而其他公司部门仅为 2.8%）使 AWS 在 2020 年占据了 59% 的经营利润，这凸显了 AWS 对其利润的重要性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/17ae44c90f44af56478935039edb4cc7\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：亚马逊</span></p></blockquote></p><p> <b>Antimonopoly and Data Privacy Fine Risk</b></p><p><blockquote><b>反垄断与数据隐私罚款风险</b></blockquote></p><p> Amazon has been&nbsp;involved&nbsp;in allegations of the company's approach to unfairly attain data and information from third-party sellers, stated by the Democrats' report with the company's e-commerce market share around 40% in the US. With the reliance of sellers on Amazon's sales channel, Amazon can charge sellers exceptional fees and further penalizing sellers for lowering their prices on other sites. Also, a bipartisan group of House lawmakers is pushing big tech including Amazon for anoverhaulof their business practices under an expansive set of antitrust reforms that would make it harder for dominant platforms to complete mergers and prohibit them from owning businesses that present clear conflicts of interest.</p><p><blockquote>民主党报告称，亚马逊一直被指控不公平地从第三方卖家获取数据和信息，该公司在美国的电子商务市场份额约为 40%。随着卖家对亚马逊销售渠道的依赖，亚马逊可以向卖家收取特殊费用，并进一步惩罚卖家在其他网站上降低价格的行为。此外，一个由两党众议院议员组成的小组正在推动包括亚马逊在内的大型科技公司根据一系列广泛的反垄断改革对其商业行为进行彻底改革，这将使占主导地位的平台更难完成合并，并禁止它们拥有存在明显利益冲突的业务。</blockquote></p><p> Whereas in the&nbsp;European Union, Amazon has been hit with the largest GDPR fine to date. The EU is moving beyond data breaches and zeroing in on data practices. Amazon faced a $888 million fine from violating the bloc's data protection rules. Amazon has been accused to violate the EU's General Data Protection Regulation (GDPR). GDPR allows forfinesof up to 4% of Amazon's revenue, which the released number indicated around 4.2% of Amazon's $21.3 billion income in 2020.</p><p><blockquote>而在欧盟，亚马逊受到了迄今为止最大的GDPR罚款。欧盟正在超越数据泄露，专注于数据实践。亚马逊因违反欧盟数据保护规则而面临 8.88 亿美元的罚款。亚马逊被指控违反欧盟通用数据保护条例（GDPR）。GDPR 允许对亚马逊收入处以高达 4% 的罚款，公布的数字显示，这约占亚马逊 2020 年 213 亿美元收入的 4.2%。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> The company has had average revenue growth of 29.4% in the past 5 years with an average gross and net margin of 38.6% and 3.5% respectively. The strength of the company is its rising margins as its net margins have risen due to the superior growth of its cloud segment which commands higher margins. The AWS segment has a high operating margin of 29.6% versus 2.8% for the remaining business segments.</p><p><blockquote>该公司过去5年的平均收入增长率为29.4%，平均毛利率和净利润率分别为38.6%和3.5%。该公司的优势在于其不断上升的利润率，因为其云业务的出色增长导致其净利润率上升，而云业务的利润率更高。AWS 部门的营业利润率高达 29.6%，而其余业务部门的营业利润率为 2.8%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a075f1644a849d94c77b8707596cf501\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：亚马逊、Khaveen Investments</span></p></blockquote></p><p></p><p> More importantly, the company has decent and imposing cash-generating abilities with an average FCF margin of 3.01% in the past 5 years. In 2017, its FCF margin dipped due to the&nbsp;acquisition&nbsp;of Whole Foods for $13.7 bln. The strength of its cash flows is the rising margins as its AWS business which is more profitable exhibits a higher growth than other segments.</p><p><blockquote>更重要的是，该公司拥有不错且令人信服的现金产生能力，过去 5 年平均自由现金流利润率为 3.01%。2017年，由于以137亿美元收购全食超市，其自由现金流利润率下降。其现金流的优势在于不断上升的利润率，因为其利润更高的 AWS 业务比其他部门表现出更高的增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/78710672b48942ad15fa6ecdd9fffaf9\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：亚马逊、Khaveen Investments</span></p></blockquote></p><p> The company's balance sheet strength is its strong ability to meet its debt obligations. It has a net debt of $113 bln in 2020 with an EBITDA/interest coverage ratio of 44x in 2020. Its ratio has steadily increased in the past 5 years from 32x as it grew its profitability with the superior growth of AWS.</p><p><blockquote>该公司的资产负债表实力在于其履行债务义务的强大能力。该公司2020年的净债务为1130亿美元，2020年EBITDA/利息覆盖率为44倍。随着 AWS 的卓越增长，其盈利能力不断提高，其比率在过去 5 年中从 32 倍稳步增长。</blockquote></p><p> To value Amazon, we used a DCF valuation as the company has had positive free cash flows in the past. We got an industry average EV/EBITDA of 27.64x based on comparable companies as shown in the table below.</p><p><blockquote>为了对亚马逊进行估值，我们使用了 DCF 估值，因为该公司过去有正的自由现金流。基于可比公司，我们得到了27.64倍的行业平均EV/EBITDA，如下表所示。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Company</b></p><p><blockquote><table><tbody><tr><td><b>公司</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>EV/EBITDA</b></p><p><blockquote><td><b>EV/EBITDA</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Amazon</p><p><blockquote><tr><td>亚马逊</td></tr></blockquote></p><p></td>    <td>28.57x</p><p><blockquote><td>28.57倍</td></blockquote></p><p></td>   </tr>   <tr>    <td>Alibaba (BABA)</p><p><blockquote><tr><td>阿里巴巴-SW（巴巴）</td></tr></blockquote></p><p></td>    <td>21.14x</p><p><blockquote><td>21.14倍</td></blockquote></p><p></td>   </tr>   <tr>    <td>Microsoft</p><p><blockquote><tr><td>微软</td></tr></blockquote></p><p></td>    <td>25.89x</p><p><blockquote><td>25.89倍</td></blockquote></p><p></td>   </tr>   <tr>    <td>Google</p><p><blockquote><tr><td>谷歌</td></tr></blockquote></p><p></td>    <td>22.46x</p><p><blockquote><td>22.46倍</td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Average</b></p><p><blockquote><tr><td><b>均值</b></td></tr></blockquote></p><p></td>    <td><b>24.52x</b></p><p><blockquote><td><b>24.52倍</b></td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>Source: SeekingAlpha</i></p><p><blockquote><i>资料来源：SeekingAlpha</i></blockquote></p><p> The revenue growth projections aresummarized below based on the revenue breakdown by its online stores, physical stores, retail third party seller services, subscription services, AWS and others. The online store projections are derived from its market share assumption on the forecasted growth of the e-commerce market while physical store sales are based on the retail sales growth rate forecast of 7.2% in 2021. Retail third-party seller services are derived from its share of third-party seller GMV of the total e-commerce market and an assumption of a % cut it earns as revenues from commissions and related fees. The AWS revenues are projected from the cloud market growth based on the rising data volumes forecasts. Other segments are based on its average 3-year growth rates. Beyond 2023, we tapered down our growth forecasts with a weighted CAGR of 14.2% of the e-commerce and cloud computing market through 2027 and tapering down from 12.3% in 2027 with an annual decrease of 2% per year until 2030 as we expect the e-commerce market to become more mature.</p><p><blockquote>收入增长预测根据其在线商店、实体店、零售第三方卖家服务、订阅服务、AWS 等的收入明细总结如下。网上商店的预测来自其对电子商务市场预测增长的市场份额假设，而实体店销售则基于2021年7.2%的零售销售增长率预测。零售第三方卖家服务来自其在整个电子商务市场的第三方卖家GMV中的份额，以及其从佣金和相关费用中获得的1%的收入的假设。根据不断增长的数据量预测，AWS 收入来自云市场的增长。其他分部基于其三年平均增长率。2023年之后，我们下调了增长预测，到2027年，电子商务和云计算市场的加权复合年增长率为14.2%，从2027年的12.3%下调，直到2030年每年下降2%，因为我们预计电子商务市场将变得更加成熟。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Amazon Revenue Projections ($ bln)</b></p><p><blockquote><table><tbody><tr><td><b>亚马逊收入预测（十亿美元）</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Online stores</p><p><blockquote><tr><td>网上商店</td></tr></blockquote></p><p></td>    <td>122.99</p><p><blockquote><td>122.99</td></blockquote></p><p></td>    <td>141.25</p><p><blockquote><td>141.25</td></blockquote></p><p></td>    <td>197.35</p><p><blockquote><td>197.35</td></blockquote></p><p></td>    <td>211.74</p><p><blockquote><td>211.74</td></blockquote></p><p></td>    <td>244.02</p><p><blockquote><td>244.02</td></blockquote></p><p></td>    <td>280.50</p><p><blockquote><td>280.50</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>13.5%</p><p><blockquote><td>13.5%</td></blockquote></p><p></td>    <td>14.8%</p><p><blockquote><td>14.8%</td></blockquote></p><p></td>    <td>39.7%</p><p><blockquote><td>39.7%</td></blockquote></p><p></td>    <td>7.3%</p><p><blockquote><td>7.3%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Physical stores</p><p><blockquote><tr><td>实体店</td></tr></blockquote></p><p></td>    <td>17.22</p><p><blockquote><td>17.22</td></blockquote></p><p></td>    <td>17.19</p><p><blockquote><td>17.19</td></blockquote></p><p></td>    <td>16.23</p><p><blockquote><td>16.23</td></blockquote></p><p></td>    <td>17.40</p><p><blockquote><td>17.40</td></blockquote></p><p></td>    <td>18.55</p><p><blockquote><td>18.55</td></blockquote></p><p></td>    <td>19.38</p><p><blockquote><td>19.38</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>196.9%</p><p><blockquote><td>196.9%</td></blockquote></p><p></td>    <td>-0.2%</p><p><blockquote><td>-0.2%</td></blockquote></p><p></td>    <td>-5.6%</p><p><blockquote><td>-5.6%</td></blockquote></p><p></td>    <td>7.20%</p><p><blockquote><td>7.20%</td></blockquote></p><p></td>    <td>6.60%</p><p><blockquote><td>6.60%</td></blockquote></p><p></td>    <td>4.50%</p><p><blockquote><td>4.50%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Retail third-party seller services</p><p><blockquote><tr><td>零售第三方卖家服务</td></tr></blockquote></p><p></td>    <td>42.75</p><p><blockquote><td>42.75</td></blockquote></p><p></td>    <td>53.76</p><p><blockquote><td>53.76</td></blockquote></p><p></td>    <td>80.46</p><p><blockquote><td>80.46</td></blockquote></p><p></td>    <td>97.37</p><p><blockquote><td>97.37</td></blockquote></p><p></td>    <td>123.25</p><p><blockquote><td>123.25</td></blockquote></p><p></td>    <td>155.61</p><p><blockquote><td>155.61</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>34.1%</p><p><blockquote><td>34.1%</td></blockquote></p><p></td>    <td>25.8%</p><p><blockquote><td>25.8%</td></blockquote></p><p></td>    <td>49.7%</p><p><blockquote><td>49.7%</td></blockquote></p><p></td>    <td>21.0%</p><p><blockquote><td>21.0%</td></blockquote></p><p></td>    <td>26.6%</p><p><blockquote><td>26.6%</td></blockquote></p><p></td>    <td>26.3%</p><p><blockquote><td>26.3%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Subscription services</p><p><blockquote><tr><td>订阅服务</td></tr></blockquote></p><p></td>    <td>14.17</p><p><blockquote><td>14.17</td></blockquote></p><p></td>    <td>19.21</p><p><blockquote><td>19.21</td></blockquote></p><p></td>    <td>25.21</p><p><blockquote><td>25.21</td></blockquote></p><p></td>    <td>34.67</p><p><blockquote><td>34.67</td></blockquote></p><p></td>    <td>47.68</p><p><blockquote><td>47.68</td></blockquote></p><p></td>    <td>65.58</p><p><blockquote><td>65.58</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>45.8%</p><p><blockquote><td>45.8%</td></blockquote></p><p></td>    <td>35.6%</p><p><blockquote><td>35.6%</td></blockquote></p><p></td>    <td>31.2%</p><p><blockquote><td>31.2%</td></blockquote></p><p></td>    <td>37.5%</p><p><blockquote><td>37.5%</td></blockquote></p><p></td>    <td>37.5%</p><p><blockquote><td>37.5%</td></blockquote></p><p></td>    <td>37.5%</p><p><blockquote><td>37.5%</td></blockquote></p><p></td>   </tr>   <tr>    <td>AWS</p><p><blockquote><tr><td>AWS</td></tr></blockquote></p><p></td>    <td>25.66</p><p><blockquote><td>25.66</td></blockquote></p><p></td>    <td>35.03</p><p><blockquote><td>35.03</td></blockquote></p><p></td>    <td>45.37</p><p><blockquote><td>45.37</td></blockquote></p><p></td>    <td>54.58</p><p><blockquote><td>54.58</td></blockquote></p><p></td>    <td>66.81</p><p><blockquote><td>66.81</td></blockquote></p><p></td>    <td>81.52</p><p><blockquote><td>81.52</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>47.0%</p><p><blockquote><td>47.0%</td></blockquote></p><p></td>    <td>36.5%</p><p><blockquote><td>36.5%</td></blockquote></p><p></td>    <td>29.5%</p><p><blockquote><td>29.5%</td></blockquote></p><p></td>    <td>20.3%</p><p><blockquote><td>20.3%</td></blockquote></p><p></td>    <td>22.4%</p><p><blockquote><td>22.4%</td></blockquote></p><p></td>    <td>22.0%</p><p><blockquote><td>22.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Other</p><p><blockquote><tr><td>其他的</td></tr></blockquote></p><p></td>    <td>10.11</p><p><blockquote><td>10.11</td></blockquote></p><p></td>    <td>14.09</p><p><blockquote><td>14.09</td></blockquote></p><p></td>    <td>21.45</p><p><blockquote><td>21.45</td></blockquote></p><p></td>    <td>31.27</p><p><blockquote><td>31.27</td></blockquote></p><p></td>    <td>45.60</p><p><blockquote><td>45.60</td></blockquote></p><p></td>    <td>66.48</p><p><blockquote><td>66.48</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长率%</td></tr></blockquote></p><p></td>    <td>117.4%</p><p><blockquote><td>117.4%</td></blockquote></p><p></td>    <td>39.4%</p><p><blockquote><td>39.4%</td></blockquote></p><p></td>    <td>52.2%</p><p><blockquote><td>52.2%</td></blockquote></p><p></td>    <td>45.8%</p><p><blockquote><td>45.8%</td></blockquote></p><p></p><p></td>    <td>45.8%</p><p><blockquote><td>45.8%</td></blockquote></p><p></td>    <td>45.8%</p><p><blockquote><td>45.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Total</b></p><p><blockquote><tr><td><b>总的</b></td></tr></blockquote></p><p></td>    <td><b>232.9</b></p><p><blockquote><td><b>232.9</b></td></blockquote></p><p></td>    <td><b>280.53</b></p><p><blockquote><td><b>280.53</b></td></blockquote></p><p></td>    <td><b>386.07</b></p><p><blockquote><td><b>386.07</b></td></blockquote></p><p></td>    <td><b>447.0</b></p><p><blockquote><td><b>447.0</b></td></blockquote></p><p></td>    <td><b>545.9</b></p><p><blockquote><td><b>545.9</b></td></blockquote></p><p></td>    <td><b>669.1</b></p><p><blockquote><td><b>669.1</b></td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Total Growth %</b></p><p><blockquote><tr><td><b>总增长%</b></td></tr></blockquote></p><p></td>    <td><b>30.9%</b></p><p><blockquote><td><b>30.9%</b></td></blockquote></p><p></td>    <td><b>20.5%</b></p><p><blockquote><td><b>20.5%</b></td></blockquote></p><p></td>    <td><b>37.6%</b></p><p><blockquote><td><b>37.6%</b></td></blockquote></p><p></td>    <td><b>15.8%</b></p><p><blockquote><td><b>15.8%</b></td></blockquote></p><p></td>    <td><b>22.1%</b></p><p><blockquote><td><b>22.1%</b></td></blockquote></p><p></td>    <td><b>22.6%</b></p><p><blockquote><td><b>22.6%</b></td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>Source: Amazon, Khaveen Investments</i></p><p><blockquote><i>来源：亚马逊、Khaveen Investments</i></blockquote></p><p> Based on a discount rate of 12.7% (company's WACC), our model shows an upside of 36.9%.</p><p><blockquote>基于 12.7% 的贴现率（公司的 WACC），我们的模型显示上涨空间为 36.9%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/74c5d7c65d544d533d2e87bb62270fb1\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：卡文投资</span></p></blockquote></p><p> <b>Verdict</b></p><p><blockquote><b>裁决</b></blockquote></p><p> In conclusion, weanalyzed the company's key growth drivers namely the online retail, third-party seller services and AWS. While the accelerated growth eventually winds down, its growth outlook remains highly attractive as an established and dominant market leader in e-commerce. The share of e-commerce sales as a % of total retail sales is forecasted to keep marching higher with the shift of consumers buyingbehavior towards e-commerce with a forecasted rate of 22% by 2023. The company's Prime member provides it with a loyal customer base roughly half of the US population. Moreover, another key strength is its vast logistics and shipping network and Amazon FBA seeing the continued rise of third-party sellers on its online marketplace. Finally, AWS remains the clear market leader in the foreseeable future with close relationships with large corporate clients and continuous commitment by management to cater to the growing infrastructure needs of the segment. Thus, despite the expected normalizing growth in 2021, we believe that its outlook continued to be buoyed by the rising e-commerce and cloud computing market and revised our growth rate projections to 15.8% in 2021 followed by 22% in 2020. Overall, we rate the stock as a<i>Buy</i>with a price target of<i>$4,363.96.</i></p><p><blockquote>总之，我们分析了公司的主要增长动力，即在线零售、第三方卖家服务和 AWS。虽然加速增长最终会结束，但作为电子商务领域的老牌市场领导者，其增长前景仍然极具吸引力。随着消费者购买行为向电子商务的转变，预计到 2023 年，电子商务销售额占零售总额的百分比将继续上升，预计这一比例将达到 22%。该公司的主要会员为其提供了大约一半美国人口的忠实客户群。此外，另一个关键优势是其庞大的物流和航运网络，亚马逊FBA看到其在线市场上第三方卖家的持续增长。最后，在可预见的未来，AWS 仍然是明显的市场领导者，与大型企业客户保持着密切的关系，并且管理层不断致力于满足该领域不断增长的基础设施需求。因此，尽管预期2021年增长将恢复正常，但我们相信其前景将继续受到不断增长的电子商务和云计算市场的提振，并将2021年的增长率预测修订为15.8%，2020年为22%。总体而言，我们将该股评级为<i>购买</i>目标价为<i>$4,363.96.</i></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4453926-amazon-stock-still-attractive\">Seeking Alpha</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":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4453926-amazon-stock-still-attractive","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143120804","content_text":"Summary\n\nThe company’s revenue growth in 2020 exceeded our expectations and we revised its growth rate forecast to 15.8%.\nWhile growth is moderating following a stellar year with robust activity, the company remains poised to benefit from the e-commerce shift with a forecast penetration rate of 22% of retail.\nAWS is expected to remain as the number 1 market leader for the foreseeable future.\nWe revised our valuation using DCF analysis to obtain a new price target of $4,303,18 from $3,358.73.\n\n4kodiak/iStock Unreleased via Getty Images\nSince our previous coverage, Amazon Inc.'s (AMZN) stock has risen by 26% and exceeded our revenue growth expectations of 24.5% and finished 2020 up by 37.6% on exceptional growth of its online retail business growing by 40% to nearly $200 bln and third-party services at $80bln. In this analysis, we re-examine its key growth drivers namely online retail, third party services and AWS.\nDespite the softness in Q2 of its online store sales growth of 13% and soft Q3 guidance of 13% YoY at the midpoint, indicating a sign of normalizing growth, the secular growth outlook of the e-commerce market remains attractive from the continued shift towards online retail which Amazon has an established market position. As more consumers shift their purchasing behavior online, the share of e-commerce is forecasted to reach 22% by 2023 from 18% in 2020. We believe that Amazon's well-established market position with a massive Prime membership base as loyal customers and solid logistics and shipping network providing it with an advantage as seen with the rise of its e-commerce marketplace with third-party sellers. Moreover, its cloud business is expected to remain the market leader of the cloud infrastructure market for the foreseeable future with continued commitment towards growth and underpinned by rising data volumes.\nSource: Amazon\nE-commerce Sales Outlook Still Attractive Despite Normalizing Growth\nAmazon's online store sales have surged 40% in 2020 from 14.8% in the prior year as it benefitted from the prolonged lockdowns and restrictions on physical retailers which saw the accelerated shift towards e-commerce adoption. However, despite the slowdown in its online store growth in Q2 2021 of 13% YoY compared to 41% in Q1, we believe that the company is poised to continue reaping the secular tailwinds of the rising e-commerce adoption.\nAccording to eMarketer, the share of e-commerce sales is forecasted to reach 22% of global retail sales as consumers continue to shift towards online buying. Global retail sales are forecasted to bound back by 7.2% with the vaccination drives across the world and easing business restrictions. Thus, the e-commerce sales forecast is 10.2% in 2021 which represents a normalized growth from 27.6% in 2019 as the penetration rate surged to 18% from 14% in the past year.\n\n\n\nGlobal E-Commerce Market ($ bln)\n2016\n2017\n2018\n2019\n2020\n2021F\n2022F\n2023F\n\n\nTotal Global Retail Sales ('a')\n21,453\n22,904\n23,560\n24,780\n23,778\n25,490\n27,172\n28,395\n\n\nGrowth %\n2.6%\n6.8%\n2.9%\n5.2%\n-4.0%\n7.20%\n6.60%\n4.50%\n\n\nRetail E-commerce Sales ('b')\n1,845\n2,382\n2,982\n3,354\n4,280\n4,716\n5,434\n6,247\n\n\nGrowth %\n19.2%\n29.1%\n25.2%\n12.5%\n27.6%\n10.2%\n15.2%\n15.0%\n\n\nPenetration Rate ('c')\n9%\n10%\n12%\n14%\n18%\n19%\n20%\n22%\n\n\n\n* B = C x A\nSource: Statista, eMarketer, Khaveen Investments\nAmazon's established market positioning is an added competitive strength of it to capitalize on the market growth. More specifically, it is hard to win over the company in the key criteria of price, choice and convenience. Evidently, the company's Prime membership continued to grow in 2020 by 15% to 142.5 mln members or roughly 43% of the US population. This indicates the strong attraction of loyal customers to the company providing it with a massive install base. Through Prime membership, consumers are also pushed to buy more to obtain various benefits.\nSource: Backlinko\nIn addition to Prime members, the company has been able to consistently attract sellers to its platform with 3.3 mln new sellers since 2017 or 3,718 per day. Currently, it has 9.7 mlnsellersworldwide across the US, UK, Germany, Japan, etc. Thus, the company has established itself as the dominant market leader and is far ahead of its next closest competitor in terms of e-commerce sales.\nSource: Marketing Charts\nIts market leadership is quite extensive across different product categories and markets as illustrated in the table below. For example, it accounts for Its consumer & consumer electronics sales is the largest product category accounting for 50.2% of the products' total e-commerce sales in the US and 26.7% of total retail sales. This is followed by apparel & accessories, books music & video and furniture and home furnishings which is 32%, 83.2% and 34.2 % of e-commerce sales.\nSource: eMarketer\nAmong the product categories, the electronics category is the most popular among shoppers in the US with 44% of US shoppers having purchased electronics on Amazon. It also sells its own electronicdevicesincluding Echo smart speakers which account for 70% of the US market share followed by Google (GOOG) and Apple (AAPL) and continues to develop the product with newer generations and software updates. In 2020, the company shipped over 38 mln smart speaker units and accounted for 28.3% of the global market share of shipments. We estimated its revenues from the sale of its smart speakers based on the average price of the Echo product family of $103 to be around $3.94 bln in revenues which is around 2% of its online store revenues. However, it also faces increasing competition especially from the Chinese manufacturers such as Baidu (BIDU) and Xiaomi (OTCPK:XIACF) which dominate the China market.\nAll in all, the company has a massive product breadth of 12 mln products excluding books, media, wine and services and with the growing seller base, we expect this product breadth to continue to be expanded and provide customers unique value proposition with product variety.\nThus, we expect its solid market dominance with an ecosystem of an established customer base and loyal Prime members and a large seller base with extensive market leadership across various key product categories with a broad product breadth to support its long-term growth. We projected its online store growth based on our expectation of its market share at 4.5% based on a 5-year average on the global e-commerce sales.\n\n\n\nAmazon Online Stores ($ bln)\n2016\n2017\n2018\n2019\n2020\n2021F\n2022F\n2023F\n\n\nTotal Retail Sales ('a')\n21,453\n22,904\n23,560\n24,780\n23,778\n25,490\n27,172\n28,395\n\n\nGrowth %\n2.6%\n6.8%\n2.9%\n5.2%\n-4.0%\n7.20%\n6.60%\n4.50%\n\n\nRetail E-commerce Sales ('b')\n1,845\n2,382\n2,982\n3,354\n4,280\n4,716\n5,434\n6,247\n\n\nGrowth %\n19.2%\n29.1%\n25.2%\n12.5%\n27.6%\n10.2%\n15.2%\n15.0%\n\n\nPenetration Rate ('c')\n9%\n10%\n12%\n14%\n18%\n19%\n20%\n22%\n\n\nGrowth %\n16.2%\n20.9%\n17.3%\n11.5%\n32.4%\n2.8%\n8.1%\n10.0%\n\n\nAmazon Online Stores Revenues ('d')\n91.43\n108.35\n122.99\n141.25\n197.35\n211.74\n244.02\n280.50\n\n\nGrowth %\n18.5%\n13.5%\n14.8%\n39.7%\n7.3%\n15.2%\n15.0%\n\n\nAmazon Online Stores Market Share ('e')\n5.0%\n4.5%\n4.1%\n4.2%\n4.6%\n4.5%\n4.5%\n4.5%\n\n\n\n* B = A x C\n*D = B x E\nSource: Statista, Khaveen Investments\nThe Rise of Third-party Seller Services\nAnother major advantage of the company is its logistics and shipping operations, which has become an impenetrable moat that few other companies will ever have the resources or ability to match, with Amazon partnering with most major delivery providers in the country. By leveraging its robust network, it offers programs to enable sellers to sell their products through its marketplace and fulfill orders through the company.\nWith Fulfillment by Amazon ('FBA'), third party sellersstore products in Amazon's fulfillment centers, and it picks, packs, ships, and provide customer service for these products. Amazon is not the seller but earns commissions and related fulfillment and shipping fees including inventory management, payment processing, shipment tracking and reporting from the arrangements from its third-party sellers who are largely comprised of small- and medium-sized businesses.\nSelling on Amazon as a third-party seller is an increasingly popular option for sellers. It ultimately provides more flexibility and control, a stronger brand presence, and better data access. Over the past years, the rise of third-party sellers on Amazon is seen with the rising share of third-party sales as a % of its gross merchandise sales at 62% of total sales.\nSource: FourWeekMBA\nThe chart below further illustrates Amazon's large network of logistics and shipping. Its fulfillment center network is one of several ways it enhances its logistics and shipping process taking on FedEx and UPS and has been ramping up efforts to launch its delivery network as well with growing fleets of airplanes, drones and vans. Amazon's own logistics business delivered 1.9 bln packages in the US.\nSource: WebFX\nMoreover, its wide logistics and shipping coverage with over 100 active warehouses across the US with the highest number of facilities in California, Texas and New Jersey. Additionally, it is expanding heavily in the south with the highest number of planned warehouses. For example, the upcoming opening of a 1 million-square-foot fulfillmentcenter in Missouri in 2021 where employees will pack and ship larger-sized customer items like patio furniture, outdoor equipment or rugs. In 2020, it announced plans for 7 new fulfillmentcenters including a 600,000-square-foot facility in Florida, an 855,000-square foot facility in Tennessee and a 625,000square-foot fulfillment center in Texas.\nSource: CNBC\nOverall, these are among the factors which lead to the company's strength from its wide logistics network in terms of shipping speed. The company is highly popular for its speedy shipping and even has free Two-Day and even Same Day Shipping Programs for Prime members. Based on the survey below, the majority or 80% cited fast and free shipping as the major reason for choosing Amazon. We believe that the company's planned expansion would continue to enhance its logistics network and maintain its popularity among customers.\nSource: Statista\nWe forecasted the company's retail third-party seller services revenues which consist of fulfillment service-related revenues derived from the sales from third-party sellers. Amazon's third-party gross merchandise sales are forecasted to increase its share of total retail e-commerce sales as a growth rate of 9% based on the past 5-year average with the rising popularity of third-party sales on its marketplace. Moreover, we also forecasted the share of revenues that Amazon earns to grow by 1% from 27.3% based on the 2-year average as Amazon continues to expand its fulfillment capabilities to cater to its third-party sellers. This trend is also believed to be significant for margin expansion of the company as gross margins third-party seller services isestimatedto be between 60% to 75% of sales which is lower than AWS at 80% but still higher than the company's overall gross margin of 37% due to high costs tied up with the cost of sales which represents 60% of its total sales.\n\n\n\nThird-Party Seller Services Revenues ($ bln)\n2016\n2017\n2018\n2019\n2020\n2021F\n2022F\n2023F\n\n\nGlobal Retail E-commerce Sales ('a')\n1,845\n2,382\n2,982\n3,354\n4,280\n4,716\n5,434\n6,247\n\n\nGrowth %\n19.2%\n29.1%\n25.2%\n12.5%\n27.6%\n10.2%\n15.2%\n15.0%\n\n\nAmazon Third Party Market Share ('b')\n5.6%\n5.5%\n5.4%\n6.0%\n6.9%\n7.5%\n8.1%\n8.9%\n\n\nGrowth %\n21%\n-2%\n-2%\n11%\n16%\n9%\n9%\n9%\n\n\nThird-party (Amazon marketplace) GMV ('c')\n103\n130\n160\n200\n295\n353\n443\n553\n\n\nGrowth %\n26.2%\n23.1%\n25.0%\n47.5%\n19.8%\n25.3%\n25.0%\n\n\n% Of Revenues ('d')\n22.3%\n24.5%\n26.7%\n26.9%\n27.3%\n27.6%\n27.8%\n28.1%\n\n\nGrowth %\n9.9%\n9.0%\n0.6%\n1.5%\n1.0%\n1.0%\n1.0%\n\n\nRetail third-party seller services revenues ('e')\n22.99\n31.88\n42.75\n53.76\n80.46\n97.37\n123.25\n155.61\n\n\nGrowth %\n38.7%\n34.1%\n25.8%\n49.7%\n21.0%\n26.6%\n26.3%\n\n\n\n*C = A x B\n*E = C x D\nSource: Amazon, Statista, Khaveen Investments\nAWS Growth by Data Volume Growth\nAnother key area of growth of the company is cloud computing with notable largeclientssuch as Netflix (NFLX), Verizon (VZ), Capital One (COF), McDonald's (MCD). AWS revenues grew strongly at 29.5% in 2020 with a market share of 31.8% of the cloud infrastructuremarket. Since its launch nearly 2 decades ago, it has grown to become the market leader for years and looks set to maintain the status quo for the foreseeable future despite rising competition especially from Microsoft (MSFT) and Google gaining market share outpacing Amazon's growth.\nThe rapid growth of the cloud infrastructure market is underpinned by the rising volume of global data volume creation at aCAGRof 23% until 2025 as data volume is projected to grow to more than 180 zettabytes as the world becomes more data-driven with the rise of data analytics, 5G and IoT spurring the growth of data creation.\nSource: Statista, Khaveen Investments\nWe projected the growth of the cloud infrastructure market based on the forecasted growth of data volume at a 23% CAGR through 2025 at an average cloud infrastructure/data growth factor of 1.72.\n* A = B x C Source: Statista, Khaveen Investments\nThus, despite the plateauing market share of AWS as competitors like Microsoft outpaces its growth, we still believe in the massive opportunity in the cloud infrastructure market with the growing data volumes. Not to mention, the company has highlighted its commitment towards AWS with new client relationships such as major sports leagues around the world including National Hockey League, the PGA Tour, Formula 1 and the German Bundesliga. Furthermore, it also recently announced a relationship with Dish Network to build out cloud-based 5G infrastructure and would expand its data center footprint in Israel and the United Arab Emirates. It currently offers 80 availability zones across 25 geographic regions and plans to launch 15 more availability zones to support its cloud growth.\nSource: Canalys, Khaveen Investments\nAll in all, we projected AWS's revenue growth based on our market share forecast assumptions that its market share leadership is slowly chipped away by fast-growing competitors notably Microsoft but still maintaining its market leadership backed by solid large client relationship leveraging AWS. Based on a forecasted market share of 30.7% by 2023, we expect AWS revenues to grow to $81.5 bln.\n\n\n\nAWS Forecasts\n2018\n2019\n2020\n2021F\n2022F\n2023F\n\n\nAWS Market Share\n32.6%\n32.3%\n31.8%\n31.2%\n31.0%\n30.7%\n\n\nAWS Revenues ($ bln)\n25.66\n35.03\n45.37\n54.58\n66.81\n81.52\n\n\nGrowth %\n47.0%\n36.5%\n29.5%\n20.3%\n22.4%\n22.0%\n\n\n\nSource: Amazon, Canalys, Khaveen Investments\nWhile AWS only makes up 11% of its total revenues, its superior margins of 29% compared to only 2.8% for the other company segments has AWS accounting for 59% of operating income in 2020 which highlights the significance of AWS to its bottom line.\nSource: Amazon\nAntimonopoly and Data Privacy Fine Risk\nAmazon has been involved in allegations of the company's approach to unfairly attain data and information from third-party sellers, stated by the Democrats' report with the company's e-commerce market share around 40% in the US. With the reliance of sellers on Amazon's sales channel, Amazon can charge sellers exceptional fees and further penalizing sellers for lowering their prices on other sites. Also, a bipartisan group of House lawmakers is pushing big tech including Amazon for anoverhaulof their business practices under an expansive set of antitrust reforms that would make it harder for dominant platforms to complete mergers and prohibit them from owning businesses that present clear conflicts of interest.\nWhereas in the European Union, Amazon has been hit with the largest GDPR fine to date. The EU is moving beyond data breaches and zeroing in on data practices. Amazon faced a $888 million fine from violating the bloc's data protection rules. Amazon has been accused to violate the EU's General Data Protection Regulation (GDPR). GDPR allows forfinesof up to 4% of Amazon's revenue, which the released number indicated around 4.2% of Amazon's $21.3 billion income in 2020.\nValuation\nThe company has had average revenue growth of 29.4% in the past 5 years with an average gross and net margin of 38.6% and 3.5% respectively. The strength of the company is its rising margins as its net margins have risen due to the superior growth of its cloud segment which commands higher margins. The AWS segment has a high operating margin of 29.6% versus 2.8% for the remaining business segments.\nSource: Amazon, Khaveen Investments\nMore importantly, the company has decent and imposing cash-generating abilities with an average FCF margin of 3.01% in the past 5 years. In 2017, its FCF margin dipped due to the acquisition of Whole Foods for $13.7 bln. The strength of its cash flows is the rising margins as its AWS business which is more profitable exhibits a higher growth than other segments.\nSource: Amazon, Khaveen Investments\nThe company's balance sheet strength is its strong ability to meet its debt obligations. It has a net debt of $113 bln in 2020 with an EBITDA/interest coverage ratio of 44x in 2020. Its ratio has steadily increased in the past 5 years from 32x as it grew its profitability with the superior growth of AWS.\nTo value Amazon, we used a DCF valuation as the company has had positive free cash flows in the past. We got an industry average EV/EBITDA of 27.64x based on comparable companies as shown in the table below.\n\n\n\nCompany\nEV/EBITDA\n\n\nAmazon\n28.57x\n\n\nAlibaba (BABA)\n21.14x\n\n\nMicrosoft\n25.89x\n\n\nGoogle\n22.46x\n\n\nAverage\n24.52x\n\n\n\nSource: SeekingAlpha\nThe revenue growth projections aresummarized below based on the revenue breakdown by its online stores, physical stores, retail third party seller services, subscription services, AWS and others. The online store projections are derived from its market share assumption on the forecasted growth of the e-commerce market while physical store sales are based on the retail sales growth rate forecast of 7.2% in 2021. Retail third-party seller services are derived from its share of third-party seller GMV of the total e-commerce market and an assumption of a % cut it earns as revenues from commissions and related fees. The AWS revenues are projected from the cloud market growth based on the rising data volumes forecasts. Other segments are based on its average 3-year growth rates. Beyond 2023, we tapered down our growth forecasts with a weighted CAGR of 14.2% of the e-commerce and cloud computing market through 2027 and tapering down from 12.3% in 2027 with an annual decrease of 2% per year until 2030 as we expect the e-commerce market to become more mature.\n\n\n\nAmazon Revenue Projections ($ bln)\n2018\n2019\n2020\n2021F\n2022F\n2023F\n\n\nOnline stores\n122.99\n141.25\n197.35\n211.74\n244.02\n280.50\n\n\nGrowth %\n13.5%\n14.8%\n39.7%\n7.3%\n15.2%\n15.0%\n\n\nPhysical stores\n17.22\n17.19\n16.23\n17.40\n18.55\n19.38\n\n\nGrowth %\n196.9%\n-0.2%\n-5.6%\n7.20%\n6.60%\n4.50%\n\n\nRetail third-party seller services\n42.75\n53.76\n80.46\n97.37\n123.25\n155.61\n\n\nGrowth %\n34.1%\n25.8%\n49.7%\n21.0%\n26.6%\n26.3%\n\n\nSubscription services\n14.17\n19.21\n25.21\n34.67\n47.68\n65.58\n\n\nGrowth %\n45.8%\n35.6%\n31.2%\n37.5%\n37.5%\n37.5%\n\n\nAWS\n25.66\n35.03\n45.37\n54.58\n66.81\n81.52\n\n\nGrowth %\n47.0%\n36.5%\n29.5%\n20.3%\n22.4%\n22.0%\n\n\nOther\n10.11\n14.09\n21.45\n31.27\n45.60\n66.48\n\n\nGrowth %\n117.4%\n39.4%\n52.2%\n45.8%\n45.8%\n45.8%\n\n\nTotal\n232.9\n280.53\n386.07\n447.0\n545.9\n669.1\n\n\nTotal Growth %\n30.9%\n20.5%\n37.6%\n15.8%\n22.1%\n22.6%\n\n\n\nSource: Amazon, Khaveen Investments\nBased on a discount rate of 12.7% (company's WACC), our model shows an upside of 36.9%.\nSource: Khaveen Investments\nVerdict\nIn conclusion, weanalyzed the company's key growth drivers namely the online retail, third-party seller services and AWS. While the accelerated growth eventually winds down, its growth outlook remains highly attractive as an established and dominant market leader in e-commerce. The share of e-commerce sales as a % of total retail sales is forecasted to keep marching higher with the shift of consumers buyingbehavior towards e-commerce with a forecasted rate of 22% by 2023. The company's Prime member provides it with a loyal customer base roughly half of the US population. Moreover, another key strength is its vast logistics and shipping network and Amazon FBA seeing the continued rise of third-party sellers on its online marketplace. Finally, AWS remains the clear market leader in the foreseeable future with close relationships with large corporate clients and continuous commitment by management to cater to the growing infrastructure needs of the segment. Thus, despite the expected normalizing growth in 2021, we believe that its outlook continued to be buoyed by the rising e-commerce and cloud computing market and revised our growth rate projections to 15.8% in 2021 followed by 22% in 2020. Overall, we rate the stock as aBuywith a price target of$4,363.96.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":2931,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817172009,"gmtCreate":1630925799201,"gmtModify":1631891497771,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586392338558856","idStr":"3586392338558856"},"themes":[],"title":"","htmlText":"[Happy]&nbsp;","listText":"[Happy]&nbsp;","text":"[Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/817172009","repostId":"1123147311","repostType":4,"repost":{"id":"1123147311","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1630921577,"share":"https://www.laohunote.com/m/news/1123147311?lang=zh_CN&edition=full","pubTime":"2021-09-06 17:46","market":"us","language":"en","title":"Amazon Moves To Directly Compete With Fedex, UPS In Shipping Services<blockquote>亚马逊在运输服务方面与联邦快递、UPS 直接竞争</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1123147311","media":"Benzinga Earnings","summary":"Amazon.Com Inc AMZN 0.43% has begun transporting cargo for outside customers as the online retailer ","content":"<p><b>Amazon.Com&nbsp;Inc</b>&nbsp;AMZN 0.43%&nbsp;has begun transporting cargo for outside customers as the online retailer works to grow its shipping business.</p><p><blockquote><b>亚马逊公司</b>随着在线零售商致力于发展其航运业务，AMZN 0.43% 已开始为外部客户运输货物。</blockquote></p><p> <b>What happened:</b>&nbsp;After increasing the&nbsp;capacity of its logistics network by 50% year over year, Amazon will now be moving shipments for outside customers, according to a report from&nbsp;CNBC. One investigation found that the tech giant has already been transporting packages for the U.S. Postal Sevice.</p><p><blockquote><b>发生了什么：</b>据 CNBC 报道，在将物流网络容量同比增加 50% 后，亚马逊现在将为外部客户运输货物。一项调查发现，这家科技巨头已经在为美国邮政局运输包裹。</blockquote></p><p> Amazon already has a “logistics as a service” program in the U.K. and analysts predict a similar program will be available in the U.S. later this year, or in the next 18 months.</p><p><blockquote>亚马逊已经在英国推出了 “物流即服务 ”计划，分析师预测，今年晚些时候或未来 18 个月内，美国也将推出类似的计划。</blockquote></p><p> <b>Why It’s Important:</b>&nbsp;Amazon is not expected to provide the wide array of services offered by&nbsp;<b>FedEx Corp</b>&nbsp;FDX 0.37%&nbsp;and&nbsp;<b>United Parcel Service Inc</b>UPS 0.44%, but rather choose the routes and cargo that work&nbsp;best with its logistics network.</p><p><blockquote><b>为什么重要：</b>预计亚马逊不会提供<b>联邦快递公司</b>FDX 0.37%和<b>联合包裹服务公司</b>UPS 0.44%，但选择最适合其物流网络的路线和货物。</blockquote></p><p> Amazon is currently shipping 72% of its own packages, a big increase from the 46.6% the company was transporting in 2019. “If Amazon develops a platform, it works well, and of course if it’s going to have excess capacity, they’re going to try to sell it to someone,” former Amazon product safety manager Rechel Greer tells CNBC.</p><p><blockquote>亚马逊目前运送了 72% 的自有包裹，比该公司 2019 年运送的 46.6% 有了大幅增长。“亚马逊前产品安全经理雷切尔-格里尔（Rechel Greer）告诉 CNBC：”如果亚马逊开发了一个平台，它就会运行良好，当然，如果它的产能过剩，他们也会试图把它卖给别人。</blockquote></p><p> The company currently offers FBA services (Fulfilled by Amazon) which provide deliveries for some orders from eBay, Walmart and other companies.</p><p><blockquote>该公司目前提供FBA服务（由亚马逊履行），为来自易贝、沃尔玛和其他公司的一些订单提供送货服务。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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}\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\">\nAmazon Moves To Directly Compete With Fedex, UPS In Shipping Services<blockquote>亚马逊在运输服务方面与联邦快递、UPS 直接竞争</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-09-06 17:46</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Amazon.Com&nbsp;Inc</b>&nbsp;AMZN 0.43%&nbsp;has begun transporting cargo for outside customers as the online retailer works to grow its shipping business.</p><p><blockquote><b>亚马逊公司</b>随着在线零售商致力于发展其航运业务，AMZN 0.43% 已开始为外部客户运输货物。</blockquote></p><p> <b>What happened:</b>&nbsp;After increasing the&nbsp;capacity of its logistics network by 50% year over year, Amazon will now be moving shipments for outside customers, according to a report from&nbsp;CNBC. One investigation found that the tech giant has already been transporting packages for the U.S. Postal Sevice.</p><p><blockquote><b>发生了什么：</b>据 CNBC 报道，在将物流网络容量同比增加 50% 后，亚马逊现在将为外部客户运输货物。一项调查发现，这家科技巨头已经在为美国邮政局运输包裹。</blockquote></p><p> Amazon already has a “logistics as a service” program in the U.K. and analysts predict a similar program will be available in the U.S. later this year, or in the next 18 months.</p><p><blockquote>亚马逊已经在英国推出了 “物流即服务 ”计划，分析师预测，今年晚些时候或未来 18 个月内，美国也将推出类似的计划。</blockquote></p><p> <b>Why It’s Important:</b>&nbsp;Amazon is not expected to provide the wide array of services offered by&nbsp;<b>FedEx Corp</b>&nbsp;FDX 0.37%&nbsp;and&nbsp;<b>United Parcel Service Inc</b>UPS 0.44%, but rather choose the routes and cargo that work&nbsp;best with its logistics network.</p><p><blockquote><b>为什么重要：</b>预计亚马逊不会提供<b>联邦快递公司</b>FDX 0.37%和<b>联合包裹服务公司</b>UPS 0.44%，但选择最适合其物流网络的路线和货物。</blockquote></p><p> Amazon is currently shipping 72% of its own packages, a big increase from the 46.6% the company was transporting in 2019. “If Amazon develops a platform, it works well, and of course if it’s going to have excess capacity, they’re going to try to sell it to someone,” former Amazon product safety manager Rechel Greer tells CNBC.</p><p><blockquote>亚马逊目前运送了 72% 的自有包裹，比该公司 2019 年运送的 46.6% 有了大幅增长。“亚马逊前产品安全经理雷切尔-格里尔（Rechel Greer）告诉 CNBC：”如果亚马逊开发了一个平台，它就会运行良好，当然，如果它的产能过剩，他们也会试图把它卖给别人。</blockquote></p><p> The company currently offers FBA services (Fulfilled by Amazon) which provide deliveries for some orders from eBay, Walmart and other companies.</p><p><blockquote>该公司目前提供FBA服务（由亚马逊履行），为来自易贝、沃尔玛和其他公司的一些订单提供送货服务。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123147311","content_text":"Amazon.Com Inc AMZN 0.43% has begun transporting cargo for outside customers as the online retailer works to grow its shipping business.\nWhat happened: After increasing the capacity of its logistics network by 50% year over year, Amazon will now be moving shipments for outside customers, according to a report from CNBC. One investigation found that the tech giant has already been transporting packages for the U.S. Postal Sevice.\nAmazon already has a “logistics as a service” program in the U.K. and analysts predict a similar program will be available in the U.S. later this year, or in the next 18 months.\nWhy It’s Important: Amazon is not expected to provide the wide array of services offered by FedEx Corp FDX 0.37% and United Parcel Service IncUPS 0.44%, but rather choose the routes and cargo that work best with its logistics network.\nAmazon is currently shipping 72% of its own packages, a big increase from the 46.6% the company was transporting in 2019. “If Amazon develops a platform, it works well, and of course if it’s going to have excess capacity, they’re going to try to sell it to someone,” former Amazon product safety manager Rechel Greer tells CNBC.\nThe company currently offers FBA services (Fulfilled by Amazon) which provide deliveries for some orders from eBay, Walmart and other companies.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":2750,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814996762,"gmtCreate":1630737292256,"gmtModify":1631891497784,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586392338558856","idStr":"3586392338558856"},"themes":[],"title":"","htmlText":"[Cry]&nbsp;[Facepalm]&nbsp;[Great]&nbsp;","listText":"[Cry]&nbsp;[Facepalm]&nbsp;[Great]&nbsp;","text":"[Cry] [Facepalm] [Great]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/814996762","repostId":"1196145266","repostType":4,"isVote":1,"tweetType":1,"viewCount":2367,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":815292855,"gmtCreate":1630679201277,"gmtModify":1631891497795,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586392338558856","idStr":"3586392338558856"},"themes":[],"title":"","htmlText":"[Cry]&nbsp;","listText":"[Cry]&nbsp;","text":"[Cry]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/815292855","repostId":"1151569309","repostType":4,"repost":{"id":"1151569309","kind":"news","pubTimestamp":1630676828,"share":"https://www.laohunote.com/m/news/1151569309?lang=zh_CN&edition=full","pubTime":"2021-09-03 21:47","market":"us","language":"en","title":"AMZN Is The Only FAAMG Stock Off Its Peak. Buy The Dip?<blockquote>AMZN 是唯一一只处于巅峰状态的 FAAMG 股票。逢低买入？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151569309","media":"Thestreet","summary":"Within the FAAMG peer group, Amazon stock is the only one off its all-time high. The Amazon Maven di","content":"<p>Within the FAAMG peer group, Amazon stock is the only one off its all-time high. The Amazon Maven discusses the buy-on-dip opportunity.</p><p><blockquote>在 FAAMG 同行群体中，亚马逊股票是唯一一只跌破历史高点的股票。亚马逊专家讨论逢低买入机会。</blockquote></p><p> Something atypical has been happening in the world of Big Tech lately. As of the end of August 2021, which was only a couple of days ago, Amazon stock&nbsp;(<b>AMZN</b>)&nbsp;was the only FAAMG name trading off its peak – defined here as 1% or more from the all-time high price.</p><p><blockquote>最近，大型科技世界发生了一些非典型的事情。截至2021年8月底，也就是几天前，亚马逊股票（<b>亚马逊</b>) 是唯一一个脱离峰值交易的 FAAMG 名称——这里定义为比历史最高价低 1% 或更多。</blockquote></p><p> Could this be a chance for bargain hunters to load up on AMZN? Today, the Amazon Maven talks about the buy-on-dip opportunity in September.</p><p><blockquote>这可能是抄底者买入 AMZN 的机会吗？今天，这位亚马逊专家谈论了九月份的逢低买入机会。</blockquote></p><p> <b>Amazon stock: rare laggard</b></p><p><blockquote><b>亚马逊股票：罕见落后</b></blockquote></p><p> The chart below shows how often the five FAAMG stocks have traded off their all-time highs, in percentage of total trading days, over the past five years. Nearly half the time (42%), all five of them have been at least 1% away from their historical top at once.</p><p><blockquote>下图显示了过去五年中，五只 FAAMG 股票突破历史高点的频率（占总交易日的百分比）。在近一半的时间（42%）中，所有五个都同时距离历史最高点至少有1%的距离。</blockquote></p><p> This makes logical sense to me. Tech stock prices tend to be volatile and often “peel off” from their highs, even though shares have generally headed higher over a longer time horizon.</p><p><blockquote>这对我来说合乎逻辑。科技股的价格往往波动较大，经常会从高点 “剥离 ”，尽管股票在较长时间内普遍走高。</blockquote></p><p> The least common occurrence has been for only one FAAMG stock to be in the hole, while all others hover near peaks. This has happened, on average, only 1 out of every 12 to 13 trading sessions (i.e. one day per two or three weeks). This is exactly what was happening to Amazon stock at the end of August.</p><p><blockquote>最不常见的情况是只有一只 FAAMG 股票处于洞穴中，而所有其他股票都徘徊在峰值附近。平均而言，每 12 到 13 个交易日中只有 1 个交易日发生这种情况（即每两或三周有一天）。这正是 8 月底亚马逊股票的情况。</blockquote></p><p> Once again, this makes intuitive sense. Roughly speaking, FAAMG stocks behave similarly to the macroeconomic and broad market forces. Healthy consumer spending, economic growth, market enthusiasm and low interest rates are all bullish factors across the entire peer group.</p><p><blockquote>再一次，这有直观的意义。粗略地说，FAAMG 股票的表现与宏观经济和大盘力量类似。健康的消费者支出、经济增长、市场热情和低利率都是整个同行群体的利好因素。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1a09638bca8fb5d57bada216196f071c\" tg-width=\"1200\" tg-height=\"686\" referrerpolicy=\"no-referrer\"><span>Figure 2: Number of FAAMG stocks off peak. data from Yahoo Finance</span></p><p><blockquote><p class=\"t-img-caption\"><span>图 2：FAAMG 股票数量偏离峰值。数据来自雅虎财经</span></p></blockquote></p><p> <h3>Buy-the-dip opportunity</h3> In my view, Amazon’s loser status within the peer group (measured in this case by drawdowns) is still reminiscent of the company’sill-received third quarter earnings report. Back in July, the Seattle-based giant burst analysts’ and investors’ bubble, delivering e-commerce revenues that lagged consensus.</p><p><blockquote><h3>逢低买入机会</h3>在我看来，亚马逊在同行群体中的失败者地位（在这种情况下是通过提款来衡量的）仍然让人想起该公司刚刚收到的第三季度财报。早在 7 月份，这家总部位于西雅图的巨头就戳破了分析师和投资者的泡沫，其电子商务收入落后于共识。</blockquote></p><p> Amazon is not out of the doghouse yet. While COVID-19 fears have lingered, fueling some hopes that the digital retail channel will still perform well in the second half of 2021, the global economies should gradually (and hopefully) reopen and return to “a new normal” over the next 12 months. Therefore, e-commerce headwinds in the foreseeable future are certainly not out of question.</p><p><blockquote>亚马逊还没有走出狗窝。虽然对 COVID-19 的担忧挥之不去，引发了一些人对数字零售渠道在 2021 年下半年仍将表现良好的希望，但全球经济应该会在未来 12 个月内逐步（并有希望地）重新开放并回归 “新常态”。因此，在可预见的未来，电子商务的逆风当然不是不可能的。</blockquote></p><p> However,history has shown time and again&nbsp;that buying Amazon stock on pullbacks is a good strategy. While the current drawdown of only 5% to 10% may not seem like much,I believe that reasonable valuation&nbsp;shelp to set up AMZN for higher-than-peer group returns over the next several months.</p><p><blockquote>然而， 历史一次又一次地表明， 在回调时购买亚马逊股票是一个好策略。虽然目前仅 5% 至 10% 的提款似乎并不多，但我相信合理的估值有助于 AMZN 在未来几个月内实现高于同行的集团回报。</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>AMZN Is The Only FAAMG Stock Off Its Peak. Buy The Dip?<blockquote>AMZN 是唯一一只处于巅峰状态的 FAAMG 股票。逢低买入？</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\">\nAMZN Is The Only FAAMG Stock Off Its Peak. Buy The Dip?<blockquote>AMZN 是唯一一只处于巅峰状态的 FAAMG 股票。逢低买入？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-09-03 21:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Within the FAAMG peer group, Amazon stock is the only one off its all-time high. The Amazon Maven discusses the buy-on-dip opportunity.</p><p><blockquote>在 FAAMG 同行群体中，亚马逊股票是唯一一只跌破历史高点的股票。亚马逊专家讨论逢低买入机会。</blockquote></p><p> Something atypical has been happening in the world of Big Tech lately. As of the end of August 2021, which was only a couple of days ago, Amazon stock&nbsp;(<b>AMZN</b>)&nbsp;was the only FAAMG name trading off its peak – defined here as 1% or more from the all-time high price.</p><p><blockquote>最近，大型科技世界发生了一些非典型的事情。截至2021年8月底，也就是几天前，亚马逊股票（<b>亚马逊</b>) 是唯一一个脱离峰值交易的 FAAMG 名称——这里定义为比历史最高价低 1% 或更多。</blockquote></p><p> Could this be a chance for bargain hunters to load up on AMZN? Today, the Amazon Maven talks about the buy-on-dip opportunity in September.</p><p><blockquote>这可能是抄底者买入 AMZN 的机会吗？今天，这位亚马逊专家谈论了九月份的逢低买入机会。</blockquote></p><p> <b>Amazon stock: rare laggard</b></p><p><blockquote><b>亚马逊股票：罕见落后</b></blockquote></p><p> The chart below shows how often the five FAAMG stocks have traded off their all-time highs, in percentage of total trading days, over the past five years. Nearly half the time (42%), all five of them have been at least 1% away from their historical top at once.</p><p><blockquote>下图显示了过去五年中，五只 FAAMG 股票突破历史高点的频率（占总交易日的百分比）。在近一半的时间（42%）中，所有五个都同时距离历史最高点至少有1%的距离。</blockquote></p><p> This makes logical sense to me. Tech stock prices tend to be volatile and often “peel off” from their highs, even though shares have generally headed higher over a longer time horizon.</p><p><blockquote>这对我来说合乎逻辑。科技股的价格往往波动较大，经常会从高点 “剥离 ”，尽管股票在较长时间内普遍走高。</blockquote></p><p> The least common occurrence has been for only one FAAMG stock to be in the hole, while all others hover near peaks. This has happened, on average, only 1 out of every 12 to 13 trading sessions (i.e. one day per two or three weeks). This is exactly what was happening to Amazon stock at the end of August.</p><p><blockquote>最不常见的情况是只有一只 FAAMG 股票处于洞穴中，而所有其他股票都徘徊在峰值附近。平均而言，每 12 到 13 个交易日中只有 1 个交易日发生这种情况（即每两或三周有一天）。这正是 8 月底亚马逊股票的情况。</blockquote></p><p> Once again, this makes intuitive sense. Roughly speaking, FAAMG stocks behave similarly to the macroeconomic and broad market forces. Healthy consumer spending, economic growth, market enthusiasm and low interest rates are all bullish factors across the entire peer group.</p><p><blockquote>再一次，这有直观的意义。粗略地说，FAAMG 股票的表现与宏观经济和大盘力量类似。健康的消费者支出、经济增长、市场热情和低利率都是整个同行群体的利好因素。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1a09638bca8fb5d57bada216196f071c\" tg-width=\"1200\" tg-height=\"686\" referrerpolicy=\"no-referrer\"><span>Figure 2: Number of FAAMG stocks off peak. data from Yahoo Finance</span></p><p><blockquote><p class=\"t-img-caption\"><span>图 2：FAAMG 股票数量偏离峰值。数据来自雅虎财经</span></p></blockquote></p><p> <h3>Buy-the-dip opportunity</h3> In my view, Amazon’s loser status within the peer group (measured in this case by drawdowns) is still reminiscent of the company’sill-received third quarter earnings report. Back in July, the Seattle-based giant burst analysts’ and investors’ bubble, delivering e-commerce revenues that lagged consensus.</p><p><blockquote><h3>逢低买入机会</h3>在我看来，亚马逊在同行群体中的失败者地位（在这种情况下是通过提款来衡量的）仍然让人想起该公司刚刚收到的第三季度财报。早在 7 月份，这家总部位于西雅图的巨头就戳破了分析师和投资者的泡沫，其电子商务收入落后于共识。</blockquote></p><p> Amazon is not out of the doghouse yet. While COVID-19 fears have lingered, fueling some hopes that the digital retail channel will still perform well in the second half of 2021, the global economies should gradually (and hopefully) reopen and return to “a new normal” over the next 12 months. Therefore, e-commerce headwinds in the foreseeable future are certainly not out of question.</p><p><blockquote>亚马逊还没有走出狗窝。虽然对 COVID-19 的担忧挥之不去，引发了一些人对数字零售渠道在 2021 年下半年仍将表现良好的希望，但全球经济应该会在未来 12 个月内逐步（并有希望地）重新开放并回归 “新常态”。因此，在可预见的未来，电子商务的逆风当然不是不可能的。</blockquote></p><p> However,history has shown time and again&nbsp;that buying Amazon stock on pullbacks is a good strategy. While the current drawdown of only 5% to 10% may not seem like much,I believe that reasonable valuation&nbsp;shelp to set up AMZN for higher-than-peer group returns over the next several months.</p><p><blockquote>然而， 历史一次又一次地表明， 在回调时购买亚马逊股票是一个好策略。虽然目前仅 5% 至 10% 的提款似乎并不多，但我相信合理的估值有助于 AMZN 在未来几个月内实现高于同行的集团回报。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/amazon/stock/amzn-is-the-only-faamg-stock-off-its-peak-buy-the-dip\">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":{"AMZN":"亚马逊"},"source_url":"https://www.thestreet.com/amazon/stock/amzn-is-the-only-faamg-stock-off-its-peak-buy-the-dip","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151569309","content_text":"Within the FAAMG peer group, Amazon stock is the only one off its all-time high. The Amazon Maven discusses the buy-on-dip opportunity.\nSomething atypical has been happening in the world of Big Tech lately. As of the end of August 2021, which was only a couple of days ago, Amazon stock (AMZN) was the only FAAMG name trading off its peak – defined here as 1% or more from the all-time high price.\nCould this be a chance for bargain hunters to load up on AMZN? Today, the Amazon Maven talks about the buy-on-dip opportunity in September.\nAmazon stock: rare laggard\nThe chart below shows how often the five FAAMG stocks have traded off their all-time highs, in percentage of total trading days, over the past five years. Nearly half the time (42%), all five of them have been at least 1% away from their historical top at once.\nThis makes logical sense to me. Tech stock prices tend to be volatile and often “peel off” from their highs, even though shares have generally headed higher over a longer time horizon.\nThe least common occurrence has been for only one FAAMG stock to be in the hole, while all others hover near peaks. This has happened, on average, only 1 out of every 12 to 13 trading sessions (i.e. one day per two or three weeks). This is exactly what was happening to Amazon stock at the end of August.\nOnce again, this makes intuitive sense. Roughly speaking, FAAMG stocks behave similarly to the macroeconomic and broad market forces. Healthy consumer spending, economic growth, market enthusiasm and low interest rates are all bullish factors across the entire peer group.\nFigure 2: Number of FAAMG stocks off peak. data from Yahoo Finance\nBuy-the-dip opportunity\nIn my view, Amazon’s loser status within the peer group (measured in this case by drawdowns) is still reminiscent of the company’sill-received third quarter earnings report. Back in July, the Seattle-based giant burst analysts’ and investors’ bubble, delivering e-commerce revenues that lagged consensus.\nAmazon is not out of the doghouse yet. While COVID-19 fears have lingered, fueling some hopes that the digital retail channel will still perform well in the second half of 2021, the global economies should gradually (and hopefully) reopen and return to “a new normal” over the next 12 months. Therefore, e-commerce headwinds in the foreseeable future are certainly not out of question.\nHowever,history has shown time and again that buying Amazon stock on pullbacks is a good strategy. While the current drawdown of only 5% to 10% may not seem like much,I believe that reasonable valuation shelp to set up AMZN for higher-than-peer group returns over the next several months.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":3177,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":818575349,"gmtCreate":1630422536181,"gmtModify":1631891497806,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586392338558856","idStr":"3586392338558856"},"themes":[],"title":"","htmlText":"[Miser]&nbsp;[Cool]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Cool]&nbsp;[Miser]&nbsp;","text":"[Miser] [Cool] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/818575349","repostId":"1145804281","repostType":4,"isVote":1,"tweetType":1,"viewCount":2412,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811566331,"gmtCreate":1630332573223,"gmtModify":1704958635528,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586392338558856","idStr":"3586392338558856"},"themes":[],"title":"","htmlText":"Bitcoin to the moon! No one cares the bears","listText":"Bitcoin to the moon! No one cares the bears","text":"Bitcoin to the moon! No one cares the bears","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/811566331","repostId":"1175518391","repostType":4,"repost":{"id":"1175518391","kind":"news","pubTimestamp":1630331966,"share":"https://www.laohunote.com/m/news/1175518391?lang=zh_CN&edition=full","pubTime":"2021-08-30 21:59","market":"fut","language":"en","title":"Here's why this billionaire investor predicts cryptocurrencies will 'go to zero'<blockquote>这就是为什么这位亿万富翁投资者预测加密货币将“归零”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175518391","media":"Thestreet","summary":"Billionaire investor John Paulson had harsh words for cryptocurrencies Monday, calling digital curre","content":"<p>Billionaire investor John Paulson had harsh words for cryptocurrencies Monday, calling digital currencies \"a limited supply of nothing.\"</p><p><blockquote>亿万富翁投资者约翰·保尔森周一对加密货币发表了严厉的言论，称数字货币“一无所有的有限供应”。</blockquote></p><p> Paulson,&nbsp;co-founder of Carlyle Group who became famous in 2007 by shorting the US housing market,&nbsp;made the comments to “Bloomberg Wealth with David Rubenstein,\" adding that cryptocurrencies are a bubble that will \"eventually prove to be worthless.”</p><p><blockquote>2007 年因做空美国房地产市场而声名鹊起的凯雷集团联合创始人保尔森在接受《彭博财富与大卫-鲁宾斯坦》采访时发表了上述言论，并补充说，加密货币是一个泡沫，“最终将被证明是毫无价值的”。</blockquote></p><p> \"I would describe them as a limited supply of nothing,\" he said. \"There’s no intrinsic value to any of the cryptocurrencies except that there’s a limited amount.\"</p><p><blockquote>“我会把它们描述为一无所有的有限供应，”他说。“除了数量有限之外，任何加密货币都没有内在价值”。</blockquote></p><p> \"Once the exuberance wears off, or liquidity dries up, they will go to zero,\" he added. \"I wouldn’t recommend anyone invest in cryptocurrencies.\"</p><p><blockquote>“一旦繁荣消退，或者流动性枯竭，它们就会降至零，”他补充道。“我不建议任何人投资加密货币。”</blockquote></p><p> Bitcoin was off nearly 1% to $47,818 on Monday, according to CoinDesk, but it sill holding on to a year-to-date gain of 65.5%, while Ethereum was down slightly at $3,179 and Dogecoin was off marginally at 27 cents each.</p><p><blockquote>根据 CoinDesk 的数据，比特币周一下跌近 1%，至 47,818 美元，但仍将保持 65.5% 的年初至今涨幅，而以太币小幅下跌至 3,179 美元，狗狗币小幅下跌至 27 美分。</blockquote></p><p> James Edwards, cryptocurrency specialist at&nbsp;Finder, said \"Bitcoin is taking a back seat right now as the competition between layer-1 protocols like Cardano, Solana and Avalanche heats up.\"</p><p><blockquote>Finder 的加密货币专家 James Edwards 表示：“随着 Cardano、Solana 和 Avalanche 等第一层协议之间的竞争加剧，比特币现在正在退居二线。”</blockquote></p><p> \"Bitcoin is likely to hover around psychological resistance at $50,000 until a catalyst event stimulates the next wave of buying,\" he said.</p><p><blockquote>他表示：“比特币可能会徘徊在 50,000 美元的心理阻力位附近，直到催化剂事件刺激下一波买盘。”</blockquote></p><p> Markets are still focused on the public narrative right now, Edwards added, \"so if there is no major news event such as another major tech company adding Bitcoin to their balance sheet, then I wouldn't be surprised to see it retrace as low as $43,000, based on previous market cycles.\"</p><p><blockquote>Edwards 补充道，目前市场仍然关注公开叙述，“因此，如果没有重大新闻事件，例如另一家大型科技公司将比特币纳入其资产负债表，那么看到它回落至 43,000 美元，我不会感到惊讶基于之前的市场周期。”</blockquote></p><p> In other cryptocurrency news,&nbsp;Citigroup&nbsp;(<b>C</b>) -Get Citigroup Inc. Report&nbsp;said last week it was considering offering bitcoin futures trading for some institutional clients, citing increased demand in the cryptocurrency space.</p><p><blockquote>在其他加密货币新闻中，花旗集团（<b>丙</b>) -Get Citigroup Inc. 上周报告称，该公司正在考虑为一些机构客户提供比特币期货交易，理由是加密货币领域的需求增加。</blockquote></p><p> Cryptocurrency analysts noted that governments around the world are stepping up their efforts to regulated cryptocurrencies.</p><p><blockquote>加密货币分析师指出，世界各国政府正在加大力度监管加密货币。</blockquote></p><p> Winston Ma, a former managing director and head of North America at China Investment Corp., said Canada has been enforcing a tightened regime for cryptocurrency exchanges in recent months.</p><p><blockquote>中国投资公司（China Investment Corp.）前董事总经理兼北美主管温斯顿·马（Winston Ma）表示，近几个月来，加拿大一直在对加密货币交易所实施更严格的制度。</blockquote></p><p> He noted that the Ontario Securities Commission has barred a pair of trading platforms that offer crypto services from trading the popular stablecoin Tether, according to regulatory documents.</p><p><blockquote>他指出，根据监管文件，安大略省证券委员会已禁止两个提供加密服务的交易平台交易流行的稳定币泰达币。</blockquote></p><p> \"It seems that Canada is joining the US and China, the two largest crypto markets and also the two most powerful regulatory enforcers, in taking regulatory actions against stablecoins like Tether,\" said Ma.,&nbsp;author of \"The Digital War - How China’s Tech Power Shapes the Future of AI, Blockchain and Cyberspace.\"</p><p><blockquote>“加拿大似乎正在加入美国和中国这两个最大的加密货币市场，也是两个最强大的监管执行者的行列，对泰达币等稳定币采取监管行动，”《数字战争--中国的科技力量如何塑造人工智能、区块链和网络空间的未来》一书的作者马云说。</blockquote></p><p> While the major economies of the world don’t agree on much these days. Ma said \"there’s one issue on which both superpowers see eye to eye: the regulation of 'stablecoins'”.</p><p><blockquote>而如今，世界主要经济体在很多问题上并没有达成一致。马云说：“两个超级大国在一个问题上意见一致：‘稳定币’的监管”。</blockquote></p><p> David Lesperance, managing partner of immigration and tax adviser withLesperance &amp; Associates, said \"those with undisclosed cryptocurrency are facing a cross-roads.\"</p><p><blockquote>Lesperance &amp; Associates 移民管理合伙人兼税务顾问 David Lesperance 表示，“那些拥有未公开加密货币的人正面临十字路口。”</blockquote></p><p> They can either retain expert counsel to do a tax efficient disclosure to bring themselves in compliance, or \"condemn yourself to playing hide and seek with a tax authority who has unlimited time and resources and is joined globally by other tax authorities who can also out you.\"</p><p><blockquote>他们可以聘请专家顾问进行税务高效披露，以使自己合规，或者“谴责自己与拥有无限时间和资源的税务机关玩捉迷藏，并且全球其他税务机关也可以将你赶出去。”</blockquote></p><p> For those who had previously chosen \"Path B\" because they thought they could hide behind \"mixers\",&nbsp;Lesperance said, they should note the case of Larry Dean Harmon.</p><p><blockquote>莱斯佩兰斯说，对于那些之前选择“B路”是因为他们认为自己可以躲在“混音器”后面的人来说，他们应该注意拉里·迪恩·哈蒙的案例。</blockquote></p><p> Harmon,&nbsp;38, of Akron, Ohio,&nbsp;ran a mixer called Helix, which federal investigators said&nbsp;allowed customers for a fee, to send bitcoin to designated recipients in a manner that was designed to conceal the source or owner of the bitcoin</p><p><blockquote>38岁的哈蒙来自俄亥俄州阿克伦市，他经营一家名为Helix的混音器，联邦调查人员说，这家混音器允许客户付费使用，以隐藏比特币的来源或所有者的方式向指定的接收者发送比特币</blockquote></p><p> \"Harmon pleaded guilty recently&nbsp;conspiracy to launder monetary instruments,\"&nbsp;Lesperance said.&nbsp;\"Facing up to 20 years in prison, it is reasonable to think that his records are a major bargaining chip in his sentencing negotiations.\"</p><p><blockquote>“莱斯佩兰斯说：”哈蒙最近承认了共谋洗钱货币工具的罪名。“面临长达20年的监禁，有理由认为他的记录是他量刑谈判中的一个主要筹码。”</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>Here's why this billionaire investor predicts cryptocurrencies will 'go to zero'<blockquote>这就是为什么这位亿万富翁投资者预测加密货币将“归零”</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere's why this billionaire investor predicts cryptocurrencies will 'go to zero'<blockquote>这就是为什么这位亿万富翁投资者预测加密货币将“归零”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-08-30 21:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Billionaire investor John Paulson had harsh words for cryptocurrencies Monday, calling digital currencies \"a limited supply of nothing.\"</p><p><blockquote>亿万富翁投资者约翰·保尔森周一对加密货币发表了严厉的言论，称数字货币“一无所有的有限供应”。</blockquote></p><p> Paulson,&nbsp;co-founder of Carlyle Group who became famous in 2007 by shorting the US housing market,&nbsp;made the comments to “Bloomberg Wealth with David Rubenstein,\" adding that cryptocurrencies are a bubble that will \"eventually prove to be worthless.”</p><p><blockquote>2007 年因做空美国房地产市场而声名鹊起的凯雷集团联合创始人保尔森在接受《彭博财富与大卫-鲁宾斯坦》采访时发表了上述言论，并补充说，加密货币是一个泡沫，“最终将被证明是毫无价值的”。</blockquote></p><p> \"I would describe them as a limited supply of nothing,\" he said. \"There’s no intrinsic value to any of the cryptocurrencies except that there’s a limited amount.\"</p><p><blockquote>“我会把它们描述为一无所有的有限供应，”他说。“除了数量有限之外，任何加密货币都没有内在价值”。</blockquote></p><p> \"Once the exuberance wears off, or liquidity dries up, they will go to zero,\" he added. \"I wouldn’t recommend anyone invest in cryptocurrencies.\"</p><p><blockquote>“一旦繁荣消退，或者流动性枯竭，它们就会降至零，”他补充道。“我不建议任何人投资加密货币。”</blockquote></p><p> Bitcoin was off nearly 1% to $47,818 on Monday, according to CoinDesk, but it sill holding on to a year-to-date gain of 65.5%, while Ethereum was down slightly at $3,179 and Dogecoin was off marginally at 27 cents each.</p><p><blockquote>根据 CoinDesk 的数据，比特币周一下跌近 1%，至 47,818 美元，但仍将保持 65.5% 的年初至今涨幅，而以太币小幅下跌至 3,179 美元，狗狗币小幅下跌至 27 美分。</blockquote></p><p> James Edwards, cryptocurrency specialist at&nbsp;Finder, said \"Bitcoin is taking a back seat right now as the competition between layer-1 protocols like Cardano, Solana and Avalanche heats up.\"</p><p><blockquote>Finder 的加密货币专家 James Edwards 表示：“随着 Cardano、Solana 和 Avalanche 等第一层协议之间的竞争加剧，比特币现在正在退居二线。”</blockquote></p><p> \"Bitcoin is likely to hover around psychological resistance at $50,000 until a catalyst event stimulates the next wave of buying,\" he said.</p><p><blockquote>他表示：“比特币可能会徘徊在 50,000 美元的心理阻力位附近，直到催化剂事件刺激下一波买盘。”</blockquote></p><p> Markets are still focused on the public narrative right now, Edwards added, \"so if there is no major news event such as another major tech company adding Bitcoin to their balance sheet, then I wouldn't be surprised to see it retrace as low as $43,000, based on previous market cycles.\"</p><p><blockquote>Edwards 补充道，目前市场仍然关注公开叙述，“因此，如果没有重大新闻事件，例如另一家大型科技公司将比特币纳入其资产负债表，那么看到它回落至 43,000 美元，我不会感到惊讶基于之前的市场周期。”</blockquote></p><p> In other cryptocurrency news,&nbsp;Citigroup&nbsp;(<b>C</b>) -Get Citigroup Inc. Report&nbsp;said last week it was considering offering bitcoin futures trading for some institutional clients, citing increased demand in the cryptocurrency space.</p><p><blockquote>在其他加密货币新闻中，花旗集团（<b>丙</b>) -Get Citigroup Inc. 上周报告称，该公司正在考虑为一些机构客户提供比特币期货交易，理由是加密货币领域的需求增加。</blockquote></p><p> Cryptocurrency analysts noted that governments around the world are stepping up their efforts to regulated cryptocurrencies.</p><p><blockquote>加密货币分析师指出，世界各国政府正在加大力度监管加密货币。</blockquote></p><p> Winston Ma, a former managing director and head of North America at China Investment Corp., said Canada has been enforcing a tightened regime for cryptocurrency exchanges in recent months.</p><p><blockquote>中国投资公司（China Investment Corp.）前董事总经理兼北美主管温斯顿·马（Winston Ma）表示，近几个月来，加拿大一直在对加密货币交易所实施更严格的制度。</blockquote></p><p> He noted that the Ontario Securities Commission has barred a pair of trading platforms that offer crypto services from trading the popular stablecoin Tether, according to regulatory documents.</p><p><blockquote>他指出，根据监管文件，安大略省证券委员会已禁止两个提供加密服务的交易平台交易流行的稳定币泰达币。</blockquote></p><p> \"It seems that Canada is joining the US and China, the two largest crypto markets and also the two most powerful regulatory enforcers, in taking regulatory actions against stablecoins like Tether,\" said Ma.,&nbsp;author of \"The Digital War - How China’s Tech Power Shapes the Future of AI, Blockchain and Cyberspace.\"</p><p><blockquote>“加拿大似乎正在加入美国和中国这两个最大的加密货币市场，也是两个最强大的监管执行者的行列，对泰达币等稳定币采取监管行动，”《数字战争--中国的科技力量如何塑造人工智能、区块链和网络空间的未来》一书的作者马云说。</blockquote></p><p> While the major economies of the world don’t agree on much these days. Ma said \"there’s one issue on which both superpowers see eye to eye: the regulation of 'stablecoins'”.</p><p><blockquote>而如今，世界主要经济体在很多问题上并没有达成一致。马云说：“两个超级大国在一个问题上意见一致：‘稳定币’的监管”。</blockquote></p><p> David Lesperance, managing partner of immigration and tax adviser withLesperance &amp; Associates, said \"those with undisclosed cryptocurrency are facing a cross-roads.\"</p><p><blockquote>Lesperance &amp; Associates 移民管理合伙人兼税务顾问 David Lesperance 表示，“那些拥有未公开加密货币的人正面临十字路口。”</blockquote></p><p> They can either retain expert counsel to do a tax efficient disclosure to bring themselves in compliance, or \"condemn yourself to playing hide and seek with a tax authority who has unlimited time and resources and is joined globally by other tax authorities who can also out you.\"</p><p><blockquote>他们可以聘请专家顾问进行税务高效披露，以使自己合规，或者“谴责自己与拥有无限时间和资源的税务机关玩捉迷藏，并且全球其他税务机关也可以将你赶出去。”</blockquote></p><p> For those who had previously chosen \"Path B\" because they thought they could hide behind \"mixers\",&nbsp;Lesperance said, they should note the case of Larry Dean Harmon.</p><p><blockquote>莱斯佩兰斯说，对于那些之前选择“B路”是因为他们认为自己可以躲在“混音器”后面的人来说，他们应该注意拉里·迪恩·哈蒙的案例。</blockquote></p><p> Harmon,&nbsp;38, of Akron, Ohio,&nbsp;ran a mixer called Helix, which federal investigators said&nbsp;allowed customers for a fee, to send bitcoin to designated recipients in a manner that was designed to conceal the source or owner of the bitcoin</p><p><blockquote>38岁的哈蒙来自俄亥俄州阿克伦市，他经营一家名为Helix的混音器，联邦调查人员说，这家混音器允许客户付费使用，以隐藏比特币的来源或所有者的方式向指定的接收者发送比特币</blockquote></p><p> \"Harmon pleaded guilty recently&nbsp;conspiracy to launder monetary instruments,\"&nbsp;Lesperance said.&nbsp;\"Facing up to 20 years in prison, it is reasonable to think that his records are a major bargaining chip in his sentencing negotiations.\"</p><p><blockquote>“莱斯佩兰斯说：”哈蒙最近承认了共谋洗钱货币工具的罪名。“面临长达20年的监禁，有理由认为他的记录是他量刑谈判中的一个主要筹码。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/cryptocurrency-price-check-paulson-calls-crypto-worthless-bubble?puc=yahoo&cm_ven=YAHOO\">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":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.thestreet.com/investing/cryptocurrency-price-check-paulson-calls-crypto-worthless-bubble?puc=yahoo&cm_ven=YAHOO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175518391","content_text":"Billionaire investor John Paulson had harsh words for cryptocurrencies Monday, calling digital currencies \"a limited supply of nothing.\"\nPaulson, co-founder of Carlyle Group who became famous in 2007 by shorting the US housing market, made the comments to “Bloomberg Wealth with David Rubenstein,\" adding that cryptocurrencies are a bubble that will \"eventually prove to be worthless.”\n\"I would describe them as a limited supply of nothing,\" he said. \"There’s no intrinsic value to any of the cryptocurrencies except that there’s a limited amount.\"\n\"Once the exuberance wears off, or liquidity dries up, they will go to zero,\" he added. \"I wouldn’t recommend anyone invest in cryptocurrencies.\"\nBitcoin was off nearly 1% to $47,818 on Monday, according to CoinDesk, but it sill holding on to a year-to-date gain of 65.5%, while Ethereum was down slightly at $3,179 and Dogecoin was off marginally at 27 cents each.\nJames Edwards, cryptocurrency specialist at Finder, said \"Bitcoin is taking a back seat right now as the competition between layer-1 protocols like Cardano, Solana and Avalanche heats up.\"\n\"Bitcoin is likely to hover around psychological resistance at $50,000 until a catalyst event stimulates the next wave of buying,\" he said.\nMarkets are still focused on the public narrative right now, Edwards added, \"so if there is no major news event such as another major tech company adding Bitcoin to their balance sheet, then I wouldn't be surprised to see it retrace as low as $43,000, based on previous market cycles.\"\nIn other cryptocurrency news, Citigroup (C) -Get Citigroup Inc. Report said last week it was considering offering bitcoin futures trading for some institutional clients, citing increased demand in the cryptocurrency space.\nCryptocurrency analysts noted that governments around the world are stepping up their efforts to regulated cryptocurrencies.\nWinston Ma, a former managing director and head of North America at China Investment Corp., said Canada has been enforcing a tightened regime for cryptocurrency exchanges in recent months.\nHe noted that the Ontario Securities Commission has barred a pair of trading platforms that offer crypto services from trading the popular stablecoin Tether, according to regulatory documents.\n\"It seems that Canada is joining the US and China, the two largest crypto markets and also the two most powerful regulatory enforcers, in taking regulatory actions against stablecoins like Tether,\" said Ma., author of \"The Digital War - How China’s Tech Power Shapes the Future of AI, Blockchain and Cyberspace.\"\nWhile the major economies of the world don’t agree on much these days. Ma said \"there’s one issue on which both superpowers see eye to eye: the regulation of 'stablecoins'”.\nDavid Lesperance, managing partner of immigration and tax adviser withLesperance & Associates, said \"those with undisclosed cryptocurrency are facing a cross-roads.\"\nThey can either retain expert counsel to do a tax efficient disclosure to bring themselves in compliance, or \"condemn yourself to playing hide and seek with a tax authority who has unlimited time and resources and is joined globally by other tax authorities who can also out you.\"\nFor those who had previously chosen \"Path B\" because they thought they could hide behind \"mixers\", Lesperance said, they should note the case of Larry Dean Harmon.\nHarmon, 38, of Akron, Ohio, ran a mixer called Helix, which federal investigators said allowed customers for a fee, to send bitcoin to designated recipients in a manner that was designed to conceal the source or owner of the bitcoin\n\"Harmon pleaded guilty recently conspiracy to launder monetary instruments,\" Lesperance said. \"Facing up to 20 years in prison, it is reasonable to think that his records are a major bargaining chip in his sentencing negotiations.\"","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":2839,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813249265,"gmtCreate":1630208029957,"gmtModify":1704957054014,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586392338558856","idStr":"3586392338558856"},"themes":[],"title":"","htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/813249265","repostId":"1162964424","repostType":4,"repost":{"id":"1162964424","kind":"news","pubTimestamp":1630111098,"share":"https://www.laohunote.com/m/news/1162964424?lang=zh_CN&edition=full","pubTime":"2021-08-28 08:38","market":"us","language":"en","title":"Apple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162964424","media":"TheStreet","summary":"Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.IPhone users thinking of upgrading their devices this year  should expect to reach deeper into their pockets. DigiTimes has reported that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.Bad news for consumers could be great news for Apple stock investors. If the price increase is con","content":"<p>Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.</p><p><blockquote>由于某些零部件价格上涨，苹果的 iPhone 13 可能会让消费者花费更多。这对用户来说是个坏消息，但对苹果股票投资者来说可能是个好消息。</blockquote></p><p> IPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has&nbsp;reported&nbsp;that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.</p><p><blockquote>考虑今年升级设备的IPhone用户（或那些希望转向基于iOS的产品的用户）应该期待他们的口袋更深。据 DigiTimes 报道，由于零部件通胀，苹果的 iPhone 13 可能会在下个月以更高的价格上市。</blockquote></p><p> Bad news for consumers could be great news for Apple stock&nbsp;investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.</p><p><blockquote>对消费者来说是坏消息，对苹果股票投资者来说可能是好消息。如果价格上涨得到证实，这将提供证据表明，在人们担心生产者和消费者价格上涨的时期，AAPL 可能是一个很好的通胀工具。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6f4ac9ebc1b90072340731dc5c1e613\" tg-width=\"1240\" tg-height=\"698\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple's iPhone 12 Pro.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果的iPhone 12 Pro。</span></p></blockquote></p><p> <b>What happened?</b></p><p><blockquote><b>发生什么事了？</b></blockquote></p><p> The iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.</p><p><blockquote>iPhone已经被认为是一款昂贵的科技产品，在美国，满载的高端12 Pro Max型号的价格可能高达1400美元（见下图）。由于今年的零部件短缺，芯片制造商台积电可能会将其对苹果的零部件价格提高 3% 至 5%，这可能会导致尚未发布的 iPhone 13 的价格也出现类似的上涨。</blockquote></p><p> It is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.</p><p><blockquote>世界上最大、最成功的消费品公司之一不太可能在不确定这样做不会对新iPhone的需求产生实质性影响的情况下试图提高价格。苹果可能有能力提高价格，因为该公司了解其奢侈品牌的价值和吸引力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0140b9b68bb9eb5dd7e88aaff384785d\" tg-width=\"707\" tg-height=\"370\" referrerpolicy=\"no-referrer\"><span>Figure 2: iPhone 12 Pro on Apple's store.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果商店上的iPhone 12 Pro。</span></p></blockquote></p><p> <b>A quote from Jim Cramer</b></p><p><blockquote><b>吉姆·克莱默的一句话</b></blockquote></p><p> One of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.</p><p><blockquote>在可预见的未来，股市面临的最令人担忧的阻力之一是通货膨胀可能侵蚀企业利润率并导致 2021-2022 年利率上升。但如果生产者和消费者价格飙升，并非所有股票都会受到同等影响。</blockquote></p><p> Generally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that&nbsp;Mad Money’s Jim Cramer has made recently. Here is his quote:</p><p><blockquote>一般来说，拥有强大定价权、能够将较高生产成本转嫁给消费者的公司可能会跑赢大盘。这是 Mad Money 的吉姆-克莱默（Jim Cramer）最近提出的观点。以下是他的名言：</blockquote></p><p>   “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”  <b>The impact to the P&amp;L</b></p><p><blockquote>“当你试图思考这个市场上什么在起作用时......我想让你问问自己，如果公司实施涨价，你会对涨价麻木不仁吗？[有哪些]公司可以在不激怒你的情况下提高价格？去买他们的股票吧。”<b>对损益的影响</b></blockquote></p><p> Are higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.</p><p><blockquote>价格上涨对公司的财务业绩是好事还是坏事？答案是微妙的，取决于几个因素。</blockquote></p><p> Holding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.</p><p><blockquote>在其他条件不变的情况下，更高的价格也意味着更高的收入（想想销售公式：价格乘以数量）。如果价格上涨与产品或运营成本的增加脱钩，那么价格上涨也有助于提高利润率，从而提高利润。</blockquote></p><p> However, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.</p><p><blockquote>然而，“保持其他一切不变”并不是世界的真正运作方式。价格的变化往往会对几个关键变量产生影响，其中最重要的是需求。如果价格上涨对销量没有太大影响或根本没有影响，这对收入和最有可能的盈利来说都是个好消息。</blockquote></p><p> The other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.</p><p><blockquote>另一件要考虑的事情是价格上涨是完全还是仅部分抵消了更高的成本。假设后者，收入仍然可以受益，而不会对利润率和利润产生相应的积极影响。由于移动部件众多，因此很难确定价格更高的 iPhone 未来会对苹果的财务报表产生怎样的影响。</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>Apple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</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: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-08-28 08:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.</p><p><blockquote>由于某些零部件价格上涨，苹果的 iPhone 13 可能会让消费者花费更多。这对用户来说是个坏消息，但对苹果股票投资者来说可能是个好消息。</blockquote></p><p> IPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has&nbsp;reported&nbsp;that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.</p><p><blockquote>考虑今年升级设备的IPhone用户（或那些希望转向基于iOS的产品的用户）应该期待他们的口袋更深。据 DigiTimes 报道，由于零部件通胀，苹果的 iPhone 13 可能会在下个月以更高的价格上市。</blockquote></p><p> Bad news for consumers could be great news for Apple stock&nbsp;investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.</p><p><blockquote>对消费者来说是坏消息，对苹果股票投资者来说可能是好消息。如果价格上涨得到证实，这将提供证据表明，在人们担心生产者和消费者价格上涨的时期，AAPL 可能是一个很好的通胀工具。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6f4ac9ebc1b90072340731dc5c1e613\" tg-width=\"1240\" tg-height=\"698\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple's iPhone 12 Pro.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果的iPhone 12 Pro。</span></p></blockquote></p><p> <b>What happened?</b></p><p><blockquote><b>发生什么事了？</b></blockquote></p><p> The iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.</p><p><blockquote>iPhone已经被认为是一款昂贵的科技产品，在美国，满载的高端12 Pro Max型号的价格可能高达1400美元（见下图）。由于今年的零部件短缺，芯片制造商台积电可能会将其对苹果的零部件价格提高 3% 至 5%，这可能会导致尚未发布的 iPhone 13 的价格也出现类似的上涨。</blockquote></p><p> It is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.</p><p><blockquote>世界上最大、最成功的消费品公司之一不太可能在不确定这样做不会对新iPhone的需求产生实质性影响的情况下试图提高价格。苹果可能有能力提高价格，因为该公司了解其奢侈品牌的价值和吸引力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0140b9b68bb9eb5dd7e88aaff384785d\" tg-width=\"707\" tg-height=\"370\" referrerpolicy=\"no-referrer\"><span>Figure 2: iPhone 12 Pro on Apple's store.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果商店上的iPhone 12 Pro。</span></p></blockquote></p><p> <b>A quote from Jim Cramer</b></p><p><blockquote><b>吉姆·克莱默的一句话</b></blockquote></p><p> One of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.</p><p><blockquote>在可预见的未来，股市面临的最令人担忧的阻力之一是通货膨胀可能侵蚀企业利润率并导致 2021-2022 年利率上升。但如果生产者和消费者价格飙升，并非所有股票都会受到同等影响。</blockquote></p><p> Generally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that&nbsp;Mad Money’s Jim Cramer has made recently. Here is his quote:</p><p><blockquote>一般来说，拥有强大定价权、能够将较高生产成本转嫁给消费者的公司可能会跑赢大盘。这是 Mad Money 的吉姆-克莱默（Jim Cramer）最近提出的观点。以下是他的名言：</blockquote></p><p>   “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”  <b>The impact to the P&amp;L</b></p><p><blockquote>“当你试图思考这个市场上什么在起作用时......我想让你问问自己，如果公司实施涨价，你会对涨价麻木不仁吗？[有哪些]公司可以在不激怒你的情况下提高价格？去买他们的股票吧。”<b>对损益的影响</b></blockquote></p><p> Are higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.</p><p><blockquote>价格上涨对公司的财务业绩是好事还是坏事？答案是微妙的，取决于几个因素。</blockquote></p><p> Holding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.</p><p><blockquote>在其他条件不变的情况下，更高的价格也意味着更高的收入（想想销售公式：价格乘以数量）。如果价格上涨与产品或运营成本的增加脱钩，那么价格上涨也有助于提高利润率，从而提高利润。</blockquote></p><p> However, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.</p><p><blockquote>然而，“保持其他一切不变”并不是世界的真正运作方式。价格的变化往往会对几个关键变量产生影响，其中最重要的是需求。如果价格上涨对销量没有太大影响或根本没有影响，这对收入和最有可能的盈利来说都是个好消息。</blockquote></p><p> The other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.</p><p><blockquote>另一件要考虑的事情是价格上涨是完全还是仅部分抵消了更高的成本。假设后者，收入仍然可以受益，而不会对利润率和利润产生相应的积极影响。由于移动部件众多，因此很难确定价格更高的 iPhone 未来会对苹果的财务报表产生怎样的影响。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/iphone/apple-stock-how-it-could-be-a-great-inflation-play\">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/iphone/apple-stock-how-it-could-be-a-great-inflation-play","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162964424","content_text":"Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.\nIPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has reported that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.\nBad news for consumers could be great news for Apple stock investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.\nFigure 1: Apple's iPhone 12 Pro.\nWhat happened?\nThe iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.\nIt is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.\nFigure 2: iPhone 12 Pro on Apple's store.\nA quote from Jim Cramer\nOne of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.\nGenerally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that Mad Money’s Jim Cramer has made recently. Here is his quote:\n\n “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”\n\nThe impact to the P&L\nAre higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.\nHolding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.\nHowever, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.\nThe other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":4088,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810432273,"gmtCreate":1629990965992,"gmtModify":1704954334354,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586392338558856","idStr":"3586392338558856"},"themes":[],"title":"","htmlText":"[Miser]&nbsp;","listText":"[Miser]&nbsp;","text":"[Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/810432273","repostId":"1143350451","repostType":4,"isVote":1,"tweetType":1,"viewCount":2166,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835422576,"gmtCreate":1629733635595,"gmtModify":1631891497842,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586392338558856","idStr":"3586392338558856"},"themes":[],"title":"","htmlText":"[Happy]&nbsp;[Happy]&nbsp;[Happy]&nbsp;","listText":"[Happy]&nbsp;[Happy]&nbsp;[Happy]&nbsp;","text":"[Happy] [Happy] [Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/835422576","repostId":"2161747692","repostType":4,"isVote":1,"tweetType":1,"viewCount":893,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836121102,"gmtCreate":1629466423406,"gmtModify":1631893951979,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586392338558856","idStr":"3586392338558856"},"themes":[],"title":"","htmlText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] [Miser] [Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/836121102","repostId":"1168282056","repostType":4,"repost":{"id":"1168282056","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":1629466221,"share":"https://www.laohunote.com/m/news/1168282056?lang=zh_CN&edition=full","pubTime":"2021-08-20 21:30","market":"us","language":"en","title":"S&P 500 opens flat with stocks set for a losing week<blockquote>标普500开盘持平，股市本周将下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168282056","media":"Tiger Newspress","summary":"(Aug 20) The S&P 500 was flat Friday as the markets close out a losing week driven by fears of the F","content":"<p>(Aug 20)&nbsp;The S&amp;P 500 was flat Friday as the markets close out a losing week driven by fears of the Federal Reserve pulling back its stimulus.</p><p><blockquote>（8月20日）周五标普500持平，市场因担心美联储撤回刺激措施而结束了下跌的一周。</blockquote></p><p> The broad index traded near the flatline. The Dow Jones Industrial Average shed about 14 points. The Nasdaq Composite traded up 0.2%.</p><p><blockquote>综合指数交投于持平线附近。道琼斯工业平均指数下跌约14点。纳斯达克综合指数上涨 0.2%。</blockquote></p><p> All three major stock indexes are on track to close the week lower.</p><p><blockquote>三大股指本周均有望收低。</blockquote></p><p> Snowflake&nbsp;fell&nbsp;over&nbsp;5%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/5775b8d834cd76ee72aea9347d198e9e\" tg-width=\"1084\" tg-height=\"586\" referrerpolicy=\"no-referrer\"></p><p><blockquote>Snowflake 早盘交易中下跌超过 5%。</blockquote></p><p> Some China concepts stocks rally in morning trading.<img src=\"https://static.tigerbbs.com/a49abcca35cc04c256cd8405c1b32847\" tg-width=\"279\" tg-height=\"641\" referrerpolicy=\"no-referrer\">Minutes from the Fed’s July meetingreleased this weekshowed the central bank is willing to start reducing its monthly asset purchases this year. Investors sold equities and commodities this week and bought bonds on fears the move by the Fed may upend a global economy already under stress by the delta variant.</p><p><blockquote>部分中国概念股早盘反弹。本周公布的美联储 7 月会议纪要显示，美联储愿意在今年开始减少每月的资产购买量。投资者本周抛售股票和大宗商品，并购买债券，因为他们担心美联储的举动可能会颠覆已经受到德尔塔变异毒株压力的全球经济。</blockquote></p><p> This week, WTI crude oil has tumbled roughly 8% and copper has lost about 7% on the fears, taking energy and materials stocks with them. The 10-year Treasury yield was at 1.237% on Friday morning, down from 1.78% in late March.</p><p><blockquote>本周，WTI 原油下跌约 8%，铜价因担忧下跌约 7%，能源和材料股也随之下跌。周五上午，10年期国债收益率为1.237%，低于3月底的1.78%。</blockquote></p><p> “With Fed tapering coming while delta variant keeps spreading, the transition away from liquidity/policy regime to more mid-cycle markets means we may experience a bumpier ride ahead,” Barclays equity strategists said in a note. “Market narrative may thus turn more cautious, as concerns about peaking growth rates, Delta variant and policy mistake may prove headwinds, at a time where seasonality and technicals are unfavourable.”</p><p><blockquote>“巴克莱股票策略师在一份报告中说：”随着美联储缩减规模的到来，而德尔塔变异毒株不断扩张，从流动性/政策制度向周期中期市场的过渡意味着我们未来可能会经历一段更加坎坷的旅程。“因此，市场叙事可能会变得更加谨慎，因为在季节性和技术性因素不利的情况下，对增长率见顶、德尔塔变异毒株和政策失误的担忧可能会成为阻力。”</blockquote></p><p> Tesla shares gained after Elon Musk’s electric car maker had an AI day, where itunveiled a new custom chipandplans to build a humanoid robot. Tesla shares are off 6% this week as investors worry about slowing growth in one of its key markets China.</p><p><blockquote>在埃隆-马斯克（Elon Musk）的电动汽车制造商举办人工智能日活动后，特斯拉股价上涨，该公司在活动中推出了一款新的定制芯片，并计划制造人形机器人。特斯拉股价本周下跌 6%，原因是投资者担心其主要市场之一中国大陆的增长放缓。</blockquote></p><p> The S&amp;P 500 snapped a two-day losing streak in Thursday’s regular trading session while the Dow ended its third-straight day in red.</p><p><blockquote>标普500指数在周四的常规交易时段结束了两连跌，而道琼斯指数则连续第三天收红。</blockquote></p><p> After volatile trading, the S&amp;P 500 closed 0.1% higher. The Nasdaq Composite added 0.1%. The Dow bucked the trend and shed 66.57 points.</p><p><blockquote>经过波动交易，标普500收盘上涨0.1%。纳斯达克综合指数上涨0.1%。道琼斯指数逆势下跌66.57点。</blockquote></p><p> “Against a backdrop of thin liquidity as investors take summer vacations, minor stock market corrections are to be expected in a market that is pricing in peak earnings, extended price-to-earnings ratios and elevated economic growth expectations,” Richard Saperstein, chief investment officer at Treasury Partners, said.</p><p><blockquote>“Treasury Partners 首席投资官理查德-萨珀斯坦（Richard Saperstein）说：”在投资者放暑假导致流动性紧张的背景下，股市小幅调整是意料之中的。</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>S&P 500 opens flat with stocks set for a losing week<blockquote>标普500开盘持平，股市本周将下跌</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\">\nS&P 500 opens flat with stocks set for a losing week<blockquote>标普500开盘持平，股市本周将下跌</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\">2021-08-20 21:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug 20)&nbsp;The S&amp;P 500 was flat Friday as the markets close out a losing week driven by fears of the Federal Reserve pulling back its stimulus.</p><p><blockquote>（8月20日）周五标普500持平，市场因担心美联储撤回刺激措施而结束了下跌的一周。</blockquote></p><p> The broad index traded near the flatline. The Dow Jones Industrial Average shed about 14 points. The Nasdaq Composite traded up 0.2%.</p><p><blockquote>综合指数交投于持平线附近。道琼斯工业平均指数下跌约14点。纳斯达克综合指数上涨 0.2%。</blockquote></p><p> All three major stock indexes are on track to close the week lower.</p><p><blockquote>三大股指本周均有望收低。</blockquote></p><p> Snowflake&nbsp;fell&nbsp;over&nbsp;5%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/5775b8d834cd76ee72aea9347d198e9e\" tg-width=\"1084\" tg-height=\"586\" referrerpolicy=\"no-referrer\"></p><p><blockquote>Snowflake 早盘交易中下跌超过 5%。</blockquote></p><p> Some China concepts stocks rally in morning trading.<img src=\"https://static.tigerbbs.com/a49abcca35cc04c256cd8405c1b32847\" tg-width=\"279\" tg-height=\"641\" referrerpolicy=\"no-referrer\">Minutes from the Fed’s July meetingreleased this weekshowed the central bank is willing to start reducing its monthly asset purchases this year. Investors sold equities and commodities this week and bought bonds on fears the move by the Fed may upend a global economy already under stress by the delta variant.</p><p><blockquote>部分中国概念股早盘反弹。本周公布的美联储 7 月会议纪要显示，美联储愿意在今年开始减少每月的资产购买量。投资者本周抛售股票和大宗商品，并购买债券，因为他们担心美联储的举动可能会颠覆已经受到德尔塔变异毒株压力的全球经济。</blockquote></p><p> This week, WTI crude oil has tumbled roughly 8% and copper has lost about 7% on the fears, taking energy and materials stocks with them. The 10-year Treasury yield was at 1.237% on Friday morning, down from 1.78% in late March.</p><p><blockquote>本周，WTI 原油下跌约 8%，铜价因担忧下跌约 7%，能源和材料股也随之下跌。周五上午，10年期国债收益率为1.237%，低于3月底的1.78%。</blockquote></p><p> “With Fed tapering coming while delta variant keeps spreading, the transition away from liquidity/policy regime to more mid-cycle markets means we may experience a bumpier ride ahead,” Barclays equity strategists said in a note. “Market narrative may thus turn more cautious, as concerns about peaking growth rates, Delta variant and policy mistake may prove headwinds, at a time where seasonality and technicals are unfavourable.”</p><p><blockquote>“巴克莱股票策略师在一份报告中说：”随着美联储缩减规模的到来，而德尔塔变异毒株不断扩张，从流动性/政策制度向周期中期市场的过渡意味着我们未来可能会经历一段更加坎坷的旅程。“因此，市场叙事可能会变得更加谨慎，因为在季节性和技术性因素不利的情况下，对增长率见顶、德尔塔变异毒株和政策失误的担忧可能会成为阻力。”</blockquote></p><p> Tesla shares gained after Elon Musk’s electric car maker had an AI day, where itunveiled a new custom chipandplans to build a humanoid robot. Tesla shares are off 6% this week as investors worry about slowing growth in one of its key markets China.</p><p><blockquote>在埃隆-马斯克（Elon Musk）的电动汽车制造商举办人工智能日活动后，特斯拉股价上涨，该公司在活动中推出了一款新的定制芯片，并计划制造人形机器人。特斯拉股价本周下跌 6%，原因是投资者担心其主要市场之一中国大陆的增长放缓。</blockquote></p><p> The S&amp;P 500 snapped a two-day losing streak in Thursday’s regular trading session while the Dow ended its third-straight day in red.</p><p><blockquote>标普500指数在周四的常规交易时段结束了两连跌，而道琼斯指数则连续第三天收红。</blockquote></p><p> After volatile trading, the S&amp;P 500 closed 0.1% higher. The Nasdaq Composite added 0.1%. The Dow bucked the trend and shed 66.57 points.</p><p><blockquote>经过波动交易，标普500收盘上涨0.1%。纳斯达克综合指数上涨0.1%。道琼斯指数逆势下跌66.57点。</blockquote></p><p> “Against a backdrop of thin liquidity as investors take summer vacations, minor stock market corrections are to be expected in a market that is pricing in peak earnings, extended price-to-earnings ratios and elevated economic growth expectations,” Richard Saperstein, chief investment officer at Treasury Partners, said.</p><p><blockquote>“Treasury Partners 首席投资官理查德-萨珀斯坦（Richard Saperstein）说：”在投资者放暑假导致流动性紧张的背景下，股市小幅调整是意料之中的。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168282056","content_text":"(Aug 20) The S&P 500 was flat Friday as the markets close out a losing week driven by fears of the Federal Reserve pulling back its stimulus.\nThe broad index traded near the flatline. The Dow Jones Industrial Average shed about 14 points. The Nasdaq Composite traded up 0.2%.\nAll three major stock indexes are on track to close the week lower.\nSnowflake fell over 5% in morning trading.\nSome China concepts stocks rally in morning trading.Minutes from the Fed’s July meetingreleased this weekshowed the central bank is willing to start reducing its monthly asset purchases this year. Investors sold equities and commodities this week and bought bonds on fears the move by the Fed may upend a global economy already under stress by the delta variant.\nThis week, WTI crude oil has tumbled roughly 8% and copper has lost about 7% on the fears, taking energy and materials stocks with them. The 10-year Treasury yield was at 1.237% on Friday morning, down from 1.78% in late March.\n“With Fed tapering coming while delta variant keeps spreading, the transition away from liquidity/policy regime to more mid-cycle markets means we may experience a bumpier ride ahead,” Barclays equity strategists said in a note. “Market narrative may thus turn more cautious, as concerns about peaking growth rates, Delta variant and policy mistake may prove headwinds, at a time where seasonality and technicals are unfavourable.”\nTesla shares gained after Elon Musk’s electric car maker had an AI day, where itunveiled a new custom chipandplans to build a humanoid robot. Tesla shares are off 6% this week as investors worry about slowing growth in one of its key markets China.\nThe S&P 500 snapped a two-day losing streak in Thursday’s regular trading session while the Dow ended its third-straight day in red.\nAfter volatile trading, the S&P 500 closed 0.1% higher. The Nasdaq Composite added 0.1%. The Dow bucked the trend and shed 66.57 points.\n“Against a backdrop of thin liquidity as investors take summer vacations, minor stock market corrections are to be expected in a market that is pricing in peak earnings, extended price-to-earnings ratios and elevated economic growth expectations,” Richard Saperstein, chief investment officer at Treasury Partners, said.","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1328,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831705592,"gmtCreate":1629345915516,"gmtModify":1631893951982,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586392338558856","idStr":"3586392338558856"},"themes":[],"title":"","htmlText":"Tesla to the moon","listText":"Tesla to the moon","text":"Tesla to the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/831705592","repostId":"1165430007","repostType":4,"isVote":1,"tweetType":1,"viewCount":978,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833185870,"gmtCreate":1629210635190,"gmtModify":1631893951985,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586392338558856","idStr":"3586392338558856"},"themes":[],"title":"","htmlText":"[Cry]&nbsp;[Cry]&nbsp;","listText":"[Cry]&nbsp;[Cry]&nbsp;","text":"[Cry] [Cry]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/833185870","repostId":"1151317516","repostType":4,"isVote":1,"tweetType":1,"viewCount":917,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830539286,"gmtCreate":1629079963045,"gmtModify":1631893951989,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586392338558856","idStr":"3586392338558856"},"themes":[],"title":"","htmlText":"[Miser]&nbsp;","listText":"[Miser]&nbsp;","text":"[Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/830539286","repostId":"1129589874","repostType":4,"repost":{"id":"1129589874","kind":"news","pubTimestamp":1629067868,"share":"https://www.laohunote.com/m/news/1129589874?lang=zh_CN&edition=full","pubTime":"2021-08-16 06:51","market":"us","language":"en","title":"Nvidia, Tencent,Walmart, Target and Other Stocks to Watch This Week<blockquote>英伟达、腾讯、沃尔玛、塔吉特等本周值得关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129589874","media":"Barrons","summary":"It’s the late innings of second-quarter earnings season, with retailers ready to step up to the plate. Walmart and Home Depot report on Tuesday, followed by Lowe’s, Target, and TJX on Wednesday. Kohl’s, Macy’s, BJ’s Wholesale, and L Brands are Thursday’s retail highlights, then Foot Locker closes the week on Friday.The Census Bureau’s July retail sales data for July is also out this week, on Tuesday. Economists on average are forecasting a 0.2% seasonally adjusted increase last month, after a 0.","content":"<p>It’s the late innings of second-quarter earnings season, with retailers ready to step up to the plate. Walmart and Home Depot report on Tuesday, followed by Lowe’s, Target, and TJX on Wednesday.&nbsp;Kohl’s, Macy’s, BJ’s Wholesale, and L Brands are Thursday’s retail highlights, then Foot Locker closes the week on Friday.</p><p><blockquote>现在是第二季度财报季的最后几局，零售商们已经准备好挺身而出。沃尔玛（Walmart）和家得宝（Home Depot）将于周二发布报告，劳氏（Lowe's）、塔吉特（Target）和 TJX 将于周三发布报告。Kohl's、Macy's、BJ's Wholesale 和 L Brands 是周四的零售亮点，Foot Locker 将于周五收盘。</blockquote></p><p> The Census Bureau’s July retail sales data for July is also out this week, on Tuesday. Economists on average are forecasting a&nbsp;0.2% seasonally adjusted increase last month, after a 0.6% rise in June.</p><p><blockquote>人口普查局公布的 7 月份零售销售数据也将于本周二公布。经济学家平均预测，继 6 月份上涨 0.6% 之后，上个月经季节性调整后将增长 0.2%。</blockquote></p><p> Major non-retail companies releasing results this week include Pandora and&nbsp;Krispy Kreme&nbsp;on Tuesday, followed by a busy Wednesday:Nvidia,Tencent Holdings,CiscoSystems,Analog Devices,and&nbsp;Lumentum Holdings&nbsp;all report.Applied Materials&nbsp;goes on Thursday and Deere closes the week on Friday.</p><p><blockquote>本周发布业绩的主要非零售公司包括周二发布业绩的 Pandora 和 Krispy Kreme，随后是繁忙的周三：Nvidia、腾讯控股、思科系统、Analog Devices 和 Lumentum Holdings 均发布报告。应用材料公司将于周四发布业绩，Deere将于周五收盘。</blockquote></p><p> Economic data out this week include several housing-market metrics:&nbsp;The National Association of Home Builders’ NAHB/Wells Fargo Housing Market Index for August on Tuesday and the Census Bureau’s new residential construction report for July on Wednesday.</p><p><blockquote>本周公布的经济数据包括几项住房市场指标： 周二公布的全国住宅建筑商协会 NAHB/富国银行 8 月份住房市场指数，以及周三公布的人口普查局 7 月份新的住宅建设报告。</blockquote></p><p> Also on Wednesday, the&nbsp;Federal Reserve’s monetary policy committee releases the minutes from its last meeting in late July. Then, the&nbsp;Conference Board publishes its Leading Economic Index for July on Thursday.</p><p><blockquote>同样在周三，美联储货币政策委员会将公布 7 月下旬最后一次会议纪要。然后，世界大型企业联合会将于周四发布 7 月份领先经济指数。</blockquote></p><p> <b>Monday 8/16</b></p><p><blockquote><b>8/16星期一</b></blockquote></p><p> Tencent Music Entertainment Group,Tokyo Electron,and&nbsp;Clear Secure&nbsp;are among the companies holding earnings conference calls.</p><p><blockquote>腾讯控股音乐娱乐集团、东京电子和Clear Secure等公司在评级举行了财报会议。</blockquote></p><p> <b>The Federal Reserve</b>&nbsp;Bank of New York releases its Empire State Manufacturing Survey for August. The consensus estimate is for a 26.5 reading. That compares with a record high of 43.0 in July, when the general business conditions index rose 26 points.</p><p><blockquote><b>美联储</b>纽约银行发布了 8 月份帝国州制造业调查。一致估计读数为26.5。相比之下，7 月份总体商业状况指数上涨了 26 点，创下了 43.0 的历史新高。</blockquote></p><p> <b>Tuesday 8/17</b></p><p><blockquote><b>星期二 8/17</b></blockquote></p><p> BHP, Walmart, Home Depot,Agilent Technologies,Pandora, and Krispy Kreme are among the companies hosting earnings conference calls.</p><p><blockquote>必和必拓、沃尔玛、家得宝、安捷伦科技、Pandora 和 Krispy Kreme 等公司在评级举办了财报会议。</blockquote></p><p> America’s Car-Mart,Jack Henry &amp; Associates,and&nbsp;La-Z-Boy&nbsp;report financial results after the market closes and will hold earnings calls the following morning, Aug. 18.</p><p><blockquote>America's Car-Mart、Jack Henry &amp; Associates 和 La-Z-Boy 将在收盘后公布财务业绩，并将于次日上午（8 月 18 日）举行财报评级。</blockquote></p><p> <b>The Federal Reserve</b>&nbsp;releases capacity utilization in the industrial sector for July. Consensus calls for a 75.7% reading, little changed from June’s 75.4% reading. Industrial production is seen rising 0.5% from June’s 0.4% seasonally adjusted increase.</p><p><blockquote><b>美联储</b>发布7月份工业部门产能利用率。共识评级为 75.7%，与 6 月份的 75.4% 相比变化不大。工业生产预计将比 6 月份经季节性调整后的 0.4% 增长 0.5%。</blockquote></p><p> <b>The National Association</b>&nbsp;of Home Builders releases its NAHB/Wells Fargo Housing Market Index for August. Economists forecast an 80 reading, the same as in July. The index is down from its all-time high of 90 set in November.</p><p><blockquote><b>全国协会</b>住宅建筑商协会发布了8月份的NAHB/富国银行住房市场指数。经济学家预测读数为80，与7月份持平。该指数低于 11 月份创下的 90 点的历史高点。</blockquote></p><p> <b>Federal Reserve Board</b>&nbsp;Chairman Jay Powell will host a virtual town hall with educators and students.</p><p><blockquote><b>联邦储备委员会</b>主席杰伊·鲍威尔将与教育工作者和学生一起主持一个虚拟市政厅。</blockquote></p><p> <b>The Census Bureau reports</b>&nbsp;retail sales data for July. Expectations are for a 0.3% seasonally adjusted month-over-month decrease, following a 0.6% rise in June. Excluding autos, spending is seen rising 0.2%, compared with a 1.3% rise in the previous month.</p><p><blockquote><b>人口普查局报告</b>7月份零售销售数据。继 6 月份上涨 0.6% 之后，经季节性调整后，预计环比下降 0.3%。不包括汽车，支出预计增长 0.2%，而上月增长 1.3%。</blockquote></p><p> <b>Wednesday 8/18</b></p><p><blockquote><b>星期三 8/18</b></blockquote></p><p> <b>The Federal Open Market</b>&nbsp;Committee releases the minutes from its late-July monetary-policy meeting.</p><p><blockquote><b>联邦公开市场</b>委员会发布了7月下旬货币政策会议纪要。</blockquote></p><p> Cisco Systems, Lowe’s, Target, TJX, Tencent Holdings,Brinker International,Analog Devices,Synopsys,Lumentum Holdings, and Nvidia host earnings conference calls.</p><p><blockquote>思科系统公司、劳氏、塔吉特、TJX、腾讯控股控股公司、Brinker International、Analog Devices、Synopsys、Lumentum Holdings 和 Nvidia 在评级举办财报会议。</blockquote></p><p> <b>The Census Bureau’s</b>new residential construction report for July is expected to show the seasonally adjusted annual rate of housing starts at 1.610 million, down from June’s 1.643 million. Housing starts hit a postpandemic peak of 1.73 million in March.</p><p><blockquote><b>人口普查局</b>7 月份的新住宅开工报告预计将显示，经季节性调整后的新屋开工年率为 161.0 万套，低于 6 月份的 164.3 万套。3 月份新屋开工量达到疫情后的峰值 173 万套。</blockquote></p><p> <b>Thursday 8/19</b></p><p><blockquote><b>星期四 8/19</b></blockquote></p><p> BJ’s Wholesale,<b>L Brands</b>, Applied Materials,Ross Stores,Estée Lauder,Kohl’s, Macy’s,Performance Food Group,Petco Health and Wellness,and Farfetch host earnings conference calls.</p><p><blockquote>BJ批发商<b>品牌</b>、Applied Materials、Ross Stores、雅诗兰黛、科尔百货、梅西百货、Performance Food Group、Petco Health and Wellness 和 Farfetch 主办评级盈利会议。</blockquote></p><p> <b>The Conference Board</b>releases its Leading Economic Index for July. The LEI is expected to increase 0.7% month over month, after gaining 0.7% in June.</p><p><blockquote><b>会议委员会</b>发布7月份领先经济指数。继 6 月份上涨 0.7% 后，LEI 预计环比上涨 0.7%。</blockquote></p><p> <b>Friday 8/20</b></p><p><blockquote><b>8/20星期五</b></blockquote></p><p> Deere and Foot Locker host conference calls to discuss financial results.</p><p><blockquote>Deere和Foot Locker主持会议评级讨论财务业绩。</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>Nvidia, Tencent,Walmart, Target and Other Stocks to Watch This Week<blockquote>英伟达、腾讯、沃尔玛、塔吉特等本周值得关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNvidia, Tencent,Walmart, Target and Other Stocks to Watch This Week<blockquote>英伟达、腾讯、沃尔玛、塔吉特等本周值得关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-16 06:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It’s the late innings of second-quarter earnings season, with retailers ready to step up to the plate. Walmart and Home Depot report on Tuesday, followed by Lowe’s, Target, and TJX on Wednesday.&nbsp;Kohl’s, Macy’s, BJ’s Wholesale, and L Brands are Thursday’s retail highlights, then Foot Locker closes the week on Friday.</p><p><blockquote>现在是第二季度财报季的最后几局，零售商们已经准备好挺身而出。沃尔玛（Walmart）和家得宝（Home Depot）将于周二发布报告，劳氏（Lowe's）、塔吉特（Target）和 TJX 将于周三发布报告。Kohl's、Macy's、BJ's Wholesale 和 L Brands 是周四的零售亮点，Foot Locker 将于周五收盘。</blockquote></p><p> The Census Bureau’s July retail sales data for July is also out this week, on Tuesday. Economists on average are forecasting a&nbsp;0.2% seasonally adjusted increase last month, after a 0.6% rise in June.</p><p><blockquote>人口普查局公布的 7 月份零售销售数据也将于本周二公布。经济学家平均预测，继 6 月份上涨 0.6% 之后，上个月经季节性调整后将增长 0.2%。</blockquote></p><p> Major non-retail companies releasing results this week include Pandora and&nbsp;Krispy Kreme&nbsp;on Tuesday, followed by a busy Wednesday:Nvidia,Tencent Holdings,CiscoSystems,Analog Devices,and&nbsp;Lumentum Holdings&nbsp;all report.Applied Materials&nbsp;goes on Thursday and Deere closes the week on Friday.</p><p><blockquote>本周发布业绩的主要非零售公司包括周二发布业绩的 Pandora 和 Krispy Kreme，随后是繁忙的周三：Nvidia、腾讯控股、思科系统、Analog Devices 和 Lumentum Holdings 均发布报告。应用材料公司将于周四发布业绩，Deere将于周五收盘。</blockquote></p><p> Economic data out this week include several housing-market metrics:&nbsp;The National Association of Home Builders’ NAHB/Wells Fargo Housing Market Index for August on Tuesday and the Census Bureau’s new residential construction report for July on Wednesday.</p><p><blockquote>本周公布的经济数据包括几项住房市场指标： 周二公布的全国住宅建筑商协会 NAHB/富国银行 8 月份住房市场指数，以及周三公布的人口普查局 7 月份新的住宅建设报告。</blockquote></p><p> Also on Wednesday, the&nbsp;Federal Reserve’s monetary policy committee releases the minutes from its last meeting in late July. Then, the&nbsp;Conference Board publishes its Leading Economic Index for July on Thursday.</p><p><blockquote>同样在周三，美联储货币政策委员会将公布 7 月下旬最后一次会议纪要。然后，世界大型企业联合会将于周四发布 7 月份领先经济指数。</blockquote></p><p> <b>Monday 8/16</b></p><p><blockquote><b>8/16星期一</b></blockquote></p><p> Tencent Music Entertainment Group,Tokyo Electron,and&nbsp;Clear Secure&nbsp;are among the companies holding earnings conference calls.</p><p><blockquote>腾讯控股音乐娱乐集团、东京电子和Clear Secure等公司在评级举行了财报会议。</blockquote></p><p> <b>The Federal Reserve</b>&nbsp;Bank of New York releases its Empire State Manufacturing Survey for August. The consensus estimate is for a 26.5 reading. That compares with a record high of 43.0 in July, when the general business conditions index rose 26 points.</p><p><blockquote><b>美联储</b>纽约银行发布了 8 月份帝国州制造业调查。一致估计读数为26.5。相比之下，7 月份总体商业状况指数上涨了 26 点，创下了 43.0 的历史新高。</blockquote></p><p> <b>Tuesday 8/17</b></p><p><blockquote><b>星期二 8/17</b></blockquote></p><p> BHP, Walmart, Home Depot,Agilent Technologies,Pandora, and Krispy Kreme are among the companies hosting earnings conference calls.</p><p><blockquote>必和必拓、沃尔玛、家得宝、安捷伦科技、Pandora 和 Krispy Kreme 等公司在评级举办了财报会议。</blockquote></p><p> America’s Car-Mart,Jack Henry &amp; Associates,and&nbsp;La-Z-Boy&nbsp;report financial results after the market closes and will hold earnings calls the following morning, Aug. 18.</p><p><blockquote>America's Car-Mart、Jack Henry &amp; Associates 和 La-Z-Boy 将在收盘后公布财务业绩，并将于次日上午（8 月 18 日）举行财报评级。</blockquote></p><p> <b>The Federal Reserve</b>&nbsp;releases capacity utilization in the industrial sector for July. Consensus calls for a 75.7% reading, little changed from June’s 75.4% reading. Industrial production is seen rising 0.5% from June’s 0.4% seasonally adjusted increase.</p><p><blockquote><b>美联储</b>发布7月份工业部门产能利用率。共识评级为 75.7%，与 6 月份的 75.4% 相比变化不大。工业生产预计将比 6 月份经季节性调整后的 0.4% 增长 0.5%。</blockquote></p><p> <b>The National Association</b>&nbsp;of Home Builders releases its NAHB/Wells Fargo Housing Market Index for August. Economists forecast an 80 reading, the same as in July. The index is down from its all-time high of 90 set in November.</p><p><blockquote><b>全国协会</b>住宅建筑商协会发布了8月份的NAHB/富国银行住房市场指数。经济学家预测读数为80，与7月份持平。该指数低于 11 月份创下的 90 点的历史高点。</blockquote></p><p> <b>Federal Reserve Board</b>&nbsp;Chairman Jay Powell will host a virtual town hall with educators and students.</p><p><blockquote><b>联邦储备委员会</b>主席杰伊·鲍威尔将与教育工作者和学生一起主持一个虚拟市政厅。</blockquote></p><p> <b>The Census Bureau reports</b>&nbsp;retail sales data for July. Expectations are for a 0.3% seasonally adjusted month-over-month decrease, following a 0.6% rise in June. Excluding autos, spending is seen rising 0.2%, compared with a 1.3% rise in the previous month.</p><p><blockquote><b>人口普查局报告</b>7月份零售销售数据。继 6 月份上涨 0.6% 之后，经季节性调整后，预计环比下降 0.3%。不包括汽车，支出预计增长 0.2%，而上月增长 1.3%。</blockquote></p><p> <b>Wednesday 8/18</b></p><p><blockquote><b>星期三 8/18</b></blockquote></p><p> <b>The Federal Open Market</b>&nbsp;Committee releases the minutes from its late-July monetary-policy meeting.</p><p><blockquote><b>联邦公开市场</b>委员会发布了7月下旬货币政策会议纪要。</blockquote></p><p> Cisco Systems, Lowe’s, Target, TJX, Tencent Holdings,Brinker International,Analog Devices,Synopsys,Lumentum Holdings, and Nvidia host earnings conference calls.</p><p><blockquote>思科系统公司、劳氏、塔吉特、TJX、腾讯控股控股公司、Brinker International、Analog Devices、Synopsys、Lumentum Holdings 和 Nvidia 在评级举办财报会议。</blockquote></p><p> <b>The Census Bureau’s</b>new residential construction report for July is expected to show the seasonally adjusted annual rate of housing starts at 1.610 million, down from June’s 1.643 million. Housing starts hit a postpandemic peak of 1.73 million in March.</p><p><blockquote><b>人口普查局</b>7 月份的新住宅开工报告预计将显示，经季节性调整后的新屋开工年率为 161.0 万套，低于 6 月份的 164.3 万套。3 月份新屋开工量达到疫情后的峰值 173 万套。</blockquote></p><p> <b>Thursday 8/19</b></p><p><blockquote><b>星期四 8/19</b></blockquote></p><p> BJ’s Wholesale,<b>L Brands</b>, Applied Materials,Ross Stores,Estée Lauder,Kohl’s, Macy’s,Performance Food Group,Petco Health and Wellness,and Farfetch host earnings conference calls.</p><p><blockquote>BJ批发商<b>品牌</b>、Applied Materials、Ross Stores、雅诗兰黛、科尔百货、梅西百货、Performance Food Group、Petco Health and Wellness 和 Farfetch 主办评级盈利会议。</blockquote></p><p> <b>The Conference Board</b>releases its Leading Economic Index for July. The LEI is expected to increase 0.7% month over month, after gaining 0.7% in June.</p><p><blockquote><b>会议委员会</b>发布7月份领先经济指数。继 6 月份上涨 0.7% 后，LEI 预计环比上涨 0.7%。</blockquote></p><p> <b>Friday 8/20</b></p><p><blockquote><b>8/20星期五</b></blockquote></p><p> Deere and Foot Locker host conference calls to discuss financial results.</p><p><blockquote>Deere和Foot Locker主持会议评级讨论财务业绩。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-to-watch-this-week-51629054047?mod=hp_LEAD_2\">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":{"TME":"腾讯音乐","WMT":"沃尔玛",".DJI":"道琼斯","NVDA":"英伟达","TGT":"塔吉特",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/stocks-to-watch-this-week-51629054047?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129589874","content_text":"It’s the late innings of second-quarter earnings season, with retailers ready to step up to the plate. Walmart and Home Depot report on Tuesday, followed by Lowe’s, Target, and TJX on Wednesday. Kohl’s, Macy’s, BJ’s Wholesale, and L Brands are Thursday’s retail highlights, then Foot Locker closes the week on Friday.\nThe Census Bureau’s July retail sales data for July is also out this week, on Tuesday. Economists on average are forecasting a 0.2% seasonally adjusted increase last month, after a 0.6% rise in June.\nMajor non-retail companies releasing results this week include Pandora and Krispy Kreme on Tuesday, followed by a busy Wednesday:Nvidia,Tencent Holdings,CiscoSystems,Analog Devices,and Lumentum Holdings all report.Applied Materials goes on Thursday and Deere closes the week on Friday.\nEconomic data out this week include several housing-market metrics: The National Association of Home Builders’ NAHB/Wells Fargo Housing Market Index for August on Tuesday and the Census Bureau’s new residential construction report for July on Wednesday.\nAlso on Wednesday, the Federal Reserve’s monetary policy committee releases the minutes from its last meeting in late July. Then, the Conference Board publishes its Leading Economic Index for July on Thursday.\nMonday 8/16\nTencent Music Entertainment Group,Tokyo Electron,and Clear Secure are among the companies holding earnings conference calls.\nThe Federal Reserve Bank of New York releases its Empire State Manufacturing Survey for August. The consensus estimate is for a 26.5 reading. That compares with a record high of 43.0 in July, when the general business conditions index rose 26 points.\nTuesday 8/17\nBHP, Walmart, Home Depot,Agilent Technologies,Pandora, and Krispy Kreme are among the companies hosting earnings conference calls.\nAmerica’s Car-Mart,Jack Henry & Associates,and La-Z-Boy report financial results after the market closes and will hold earnings calls the following morning, Aug. 18.\nThe Federal Reserve releases capacity utilization in the industrial sector for July. Consensus calls for a 75.7% reading, little changed from June’s 75.4% reading. Industrial production is seen rising 0.5% from June’s 0.4% seasonally adjusted increase.\nThe National Association of Home Builders releases its NAHB/Wells Fargo Housing Market Index for August. Economists forecast an 80 reading, the same as in July. The index is down from its all-time high of 90 set in November.\nFederal Reserve Board Chairman Jay Powell will host a virtual town hall with educators and students.\nThe Census Bureau reports retail sales data for July. Expectations are for a 0.3% seasonally adjusted month-over-month decrease, following a 0.6% rise in June. Excluding autos, spending is seen rising 0.2%, compared with a 1.3% rise in the previous month.\nWednesday 8/18\nThe Federal Open Market Committee releases the minutes from its late-July monetary-policy meeting.\nCisco Systems, Lowe’s, Target, TJX, Tencent Holdings,Brinker International,Analog Devices,Synopsys,Lumentum Holdings, and Nvidia host earnings conference calls.\nThe Census Bureau’snew residential construction report for July is expected to show the seasonally adjusted annual rate of housing starts at 1.610 million, down from June’s 1.643 million. Housing starts hit a postpandemic peak of 1.73 million in March.\nThursday 8/19\nBJ’s Wholesale,L Brands, Applied Materials,Ross Stores,Estée Lauder,Kohl’s, Macy’s,Performance Food Group,Petco Health and Wellness,and Farfetch host earnings conference calls.\nThe Conference Boardreleases its Leading Economic Index for July. The LEI is expected to increase 0.7% month over month, after gaining 0.7% in June.\nFriday 8/20\nDeere and Foot Locker host conference calls to discuss financial results.","news_type":1,"symbols_score_info":{"TME":0.9,"NVDA":0.9,".SPX":0.9,"WMT":0.9,".DJI":0.9,"TGT":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1216,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895910811,"gmtCreate":1628702493433,"gmtModify":1631893951991,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586392338558856","idStr":"3586392338558856"},"themes":[],"title":"","htmlText":"Bitcoin to the moooooob","listText":"Bitcoin to the moooooob","text":"Bitcoin to the moooooob","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/895910811","repostId":"1197984437","repostType":4,"repost":{"id":"1197984437","kind":"news","pubTimestamp":1628695457,"share":"https://www.laohunote.com/m/news/1197984437?lang=zh_CN&edition=full","pubTime":"2021-08-11 23:24","market":"us","language":"en","title":"Bitcoin ETF Filing Flood Collides With Cooling Demand for Funds<blockquote>比特币 ETF 申请洪水与资金需求降温发生冲突</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1197984437","media":"finance.yahoo","summary":"(Bloomberg) -- U.S. Securities and Exchange Commission Chair Gary Gensler ignited a fresh wave of op","content":"<p>(Bloomberg) -- U.S. Securities and Exchange Commission Chair Gary Gensler ignited a fresh wave of optimism among Bitcoin exchange-traded fund advocates this month -- but it’s unclear whether investors share that enthusiasm.</p><p><blockquote>(彭博社）--美国证券交易委员会主席加里-詹斯勒（Gary Gensler）本月在比特币交易所交易基金的倡导者中点燃了新一轮的乐观情绪--但目前还不清楚投资者是否也有这种热情。</blockquote></p><p> Digital-asset investment products from Grayscale, Bitwise, 21Shares and others saw outflows for the fifth straight week, the longest such streak since January 2018, according to data compiled by CoinShares. The outflows total roughly $93 million over that stretch. Much of it is thanks to money being yanked away from Bitcoin products, according to the digital-asset manager.</p><p><blockquote>根据CoinShares汇编的数据，Grayscale、Bitwise、21Shares和其他公司的数字资产投资产品连续第五周出现资金流出，这是自2018年1月以来最长的连续流出。在此期间，资金外流总额约为 9300 万美元。这家数字资产管理公司表示，这在很大程度上是由于资金从比特币产品中被抽走。</blockquote></p><p> The cooling appetite stands in contrast to the growing pile of cryptocurrency ETF filings, with at least 18 applications landing with the SEC this year. That tally grew by three in the past two weeks after Gensler signaled that regulators may be more open to a Bitcoin ETF if it was based around futures rather than the cryptocurrency itself. However, even if the SEC finally green-lights the fund structure, it’s not a sure bet that a Bitcoin ETF would be met with huge demand, according to Meltem Demirors of Coinshares.</p><p><blockquote>这种降温的胃口与越来越多的加密货币 ETF 申请形成鲜明对比，今年至少有 18 份申请提交给了 SEC。在 Gensler 表示，如果比特币 ETF 以期货而不是加密货币本身为基础，监管机构可能会对其更加开放后，这一数字在过去两周内增长了 3 个。不过，Coinshares 的 Meltem Demirors 表示，即使美国证券交易委员会最终为该基金结构开了绿灯，比特币 ETF 能否满足巨大的需求也不能确定。</blockquote></p><p> “There’s so many venues for people to buy and sell Bitcoin, to get exposure to Bitcoin in tax-managed accounts,” said Demirors, chief strategy officer at CoinShares. “We’re not really sure what the demand will look like because is the maturation of crypto in the U.S. is already quite high.”</p><p><blockquote>“CoinShares 首席战略官 Demirors 说：”人们买卖比特币、在税务管理账户中接触比特币的场所有很多。“我们不太确定需求会是什么样子，因为加密货币在美国的成熟度已经相当高了。”</blockquote></p><p> After setting an all-time high of nearly $65,000 in April, Bitcoin resumed its volatile price swings. The world’s largest cryptocurrency dropped below $30,000 in June as environmental and regulatory concerns hammered sentiment. Bitcoin has since rebounded to more than $46,000, even as the U.S. Senate passed an infrastructure bill that would allow for broad oversight of virtual currencies.</p><p><blockquote>在 4 月份创下近 65,000 美元的历史新高后，比特币恢复了价格波动。由于环境和监管问题打击了市场情绪，全球最大的加密货币在 6 月份跌破 3 万美元。此后，比特币已反弹至 46,000 美元以上，尽管美国参议院通过了一项基础设施法案，允许对虚拟货币进行广泛监管。</blockquote></p><p> However, fund flows have yet to match the rebound. Bitcoin funds and futures are on track for a third straight month of outflows, the longest streak in data going back to 2014, according to Bloomberg Intelligence. The bulk of that decline is due to decreasing open interest in Bitcoin futures, meaning traders let their contracts roll off without renewing.</p><p><blockquote>然而，资金流动尚未赶上反弹。根据彭博资讯（Bloomberg Intelligence）的数据，比特币基金和期货有望连续第三个月资金外流，这是自2014年以来最长的数据连续流出。这一下降的主要原因是对比特币期货的未平仓兴趣下降，这意味着交易员让他们的合约滚动而不续签。</blockquote></p><p> The outflows might even be bigger, if not for the fact that the $30 billion Grayscale Bitcoin Trust (ticker GBTC) -- the largest crypto fund -- doesn’t allow for share redemptions. That’s after shares of the trust ballooned by the hundreds of millions earlier this year amid the crypto craze. As a result, GBTC has traded at a persistent discount to its underlying Bitcoin since March.</p><p><blockquote>如果不是因为最大的加密货币基金--价值 300 亿美元的灰度比特币信托基金（股票代码 GBTC）不允许股票赎回，资金流出可能会更大。在此之前，在今年早些时候的加密货币热潮中，该信托基金的股票暴涨了数亿美元。因此，自 3 月份以来，GBTC 的交易价格一直低于其标的比特币。</blockquote></p><p> But still, in the eyes of Bloomberg Intelligence’s James Seyffart, it’s just a matter of time before investors flood back into crypto funds.</p><p><blockquote>不过，在彭博情报公司（Bloomberg Intelligence）的詹姆斯-塞法特（James Seyffart）看来，投资者重返加密货币基金只是时间问题。</blockquote></p><p> “I think there’s still demand for Bitcoin products that people can access on the traditional financial system rails, if you will,” Seyffart said. “Flows tend to follow performance in areas and products like this, so with the recent weeks of performance for Bitcoin, I wouldn’t be surprised to see those flow numbers potentially turn around.”</p><p><blockquote>“塞法特说：”我认为，如果愿意，人们可以在传统的金融系统轨道上使用比特币产品，对这些产品的需求仍然存在。“在这样的领域和产品中，流量往往会跟随业绩，因此，随着比特币最近几周的业绩，如果看到这些流量数字有可能好转，我不会感到惊讶。”</blockquote></p><p></p>","source":"lsy1612507957220","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>Bitcoin ETF Filing Flood Collides With Cooling Demand for Funds<blockquote>比特币 ETF 申请洪水与资金需求降温发生冲突</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\">\nBitcoin ETF Filing Flood Collides With Cooling Demand for Funds<blockquote>比特币 ETF 申请洪水与资金需求降温发生冲突</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">finance.yahoo</strong><span class=\"h-time small\">2021-08-11 23:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- U.S. Securities and Exchange Commission Chair Gary Gensler ignited a fresh wave of optimism among Bitcoin exchange-traded fund advocates this month -- but it’s unclear whether investors share that enthusiasm.</p><p><blockquote>(彭博社）--美国证券交易委员会主席加里-詹斯勒（Gary Gensler）本月在比特币交易所交易基金的倡导者中点燃了新一轮的乐观情绪--但目前还不清楚投资者是否也有这种热情。</blockquote></p><p> Digital-asset investment products from Grayscale, Bitwise, 21Shares and others saw outflows for the fifth straight week, the longest such streak since January 2018, according to data compiled by CoinShares. The outflows total roughly $93 million over that stretch. Much of it is thanks to money being yanked away from Bitcoin products, according to the digital-asset manager.</p><p><blockquote>根据CoinShares汇编的数据，Grayscale、Bitwise、21Shares和其他公司的数字资产投资产品连续第五周出现资金流出，这是自2018年1月以来最长的连续流出。在此期间，资金外流总额约为 9300 万美元。这家数字资产管理公司表示，这在很大程度上是由于资金从比特币产品中被抽走。</blockquote></p><p> The cooling appetite stands in contrast to the growing pile of cryptocurrency ETF filings, with at least 18 applications landing with the SEC this year. That tally grew by three in the past two weeks after Gensler signaled that regulators may be more open to a Bitcoin ETF if it was based around futures rather than the cryptocurrency itself. However, even if the SEC finally green-lights the fund structure, it’s not a sure bet that a Bitcoin ETF would be met with huge demand, according to Meltem Demirors of Coinshares.</p><p><blockquote>这种降温的胃口与越来越多的加密货币 ETF 申请形成鲜明对比，今年至少有 18 份申请提交给了 SEC。在 Gensler 表示，如果比特币 ETF 以期货而不是加密货币本身为基础，监管机构可能会对其更加开放后，这一数字在过去两周内增长了 3 个。不过，Coinshares 的 Meltem Demirors 表示，即使美国证券交易委员会最终为该基金结构开了绿灯，比特币 ETF 能否满足巨大的需求也不能确定。</blockquote></p><p> “There’s so many venues for people to buy and sell Bitcoin, to get exposure to Bitcoin in tax-managed accounts,” said Demirors, chief strategy officer at CoinShares. “We’re not really sure what the demand will look like because is the maturation of crypto in the U.S. is already quite high.”</p><p><blockquote>“CoinShares 首席战略官 Demirors 说：”人们买卖比特币、在税务管理账户中接触比特币的场所有很多。“我们不太确定需求会是什么样子，因为加密货币在美国的成熟度已经相当高了。”</blockquote></p><p> After setting an all-time high of nearly $65,000 in April, Bitcoin resumed its volatile price swings. The world’s largest cryptocurrency dropped below $30,000 in June as environmental and regulatory concerns hammered sentiment. Bitcoin has since rebounded to more than $46,000, even as the U.S. Senate passed an infrastructure bill that would allow for broad oversight of virtual currencies.</p><p><blockquote>在 4 月份创下近 65,000 美元的历史新高后，比特币恢复了价格波动。由于环境和监管问题打击了市场情绪，全球最大的加密货币在 6 月份跌破 3 万美元。此后，比特币已反弹至 46,000 美元以上，尽管美国参议院通过了一项基础设施法案，允许对虚拟货币进行广泛监管。</blockquote></p><p> However, fund flows have yet to match the rebound. Bitcoin funds and futures are on track for a third straight month of outflows, the longest streak in data going back to 2014, according to Bloomberg Intelligence. The bulk of that decline is due to decreasing open interest in Bitcoin futures, meaning traders let their contracts roll off without renewing.</p><p><blockquote>然而，资金流动尚未赶上反弹。根据彭博资讯（Bloomberg Intelligence）的数据，比特币基金和期货有望连续第三个月资金外流，这是自2014年以来最长的数据连续流出。这一下降的主要原因是对比特币期货的未平仓兴趣下降，这意味着交易员让他们的合约滚动而不续签。</blockquote></p><p> The outflows might even be bigger, if not for the fact that the $30 billion Grayscale Bitcoin Trust (ticker GBTC) -- the largest crypto fund -- doesn’t allow for share redemptions. That’s after shares of the trust ballooned by the hundreds of millions earlier this year amid the crypto craze. As a result, GBTC has traded at a persistent discount to its underlying Bitcoin since March.</p><p><blockquote>如果不是因为最大的加密货币基金--价值 300 亿美元的灰度比特币信托基金（股票代码 GBTC）不允许股票赎回，资金流出可能会更大。在此之前，在今年早些时候的加密货币热潮中，该信托基金的股票暴涨了数亿美元。因此，自 3 月份以来，GBTC 的交易价格一直低于其标的比特币。</blockquote></p><p> But still, in the eyes of Bloomberg Intelligence’s James Seyffart, it’s just a matter of time before investors flood back into crypto funds.</p><p><blockquote>不过，在彭博情报公司（Bloomberg Intelligence）的詹姆斯-塞法特（James Seyffart）看来，投资者重返加密货币基金只是时间问题。</blockquote></p><p> “I think there’s still demand for Bitcoin products that people can access on the traditional financial system rails, if you will,” Seyffart said. “Flows tend to follow performance in areas and products like this, so with the recent weeks of performance for Bitcoin, I wouldn’t be surprised to see those flow numbers potentially turn around.”</p><p><blockquote>“塞法特说：”我认为，如果愿意，人们可以在传统的金融系统轨道上使用比特币产品，对这些产品的需求仍然存在。“在这样的领域和产品中，流量往往会跟随业绩，因此，随着比特币最近几周的业绩，如果看到这些流量数字有可能好转，我不会感到惊讶。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/bitcoin-etf-filing-flood-collides-150226371.html\">finance.yahoo</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":{"COIN":"Coinbase Global, Inc."},"source_url":"https://finance.yahoo.com/news/bitcoin-etf-filing-flood-collides-150226371.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197984437","content_text":"(Bloomberg) -- U.S. Securities and Exchange Commission Chair Gary Gensler ignited a fresh wave of optimism among Bitcoin exchange-traded fund advocates this month -- but it’s unclear whether investors share that enthusiasm.\nDigital-asset investment products from Grayscale, Bitwise, 21Shares and others saw outflows for the fifth straight week, the longest such streak since January 2018, according to data compiled by CoinShares. The outflows total roughly $93 million over that stretch. Much of it is thanks to money being yanked away from Bitcoin products, according to the digital-asset manager.\nThe cooling appetite stands in contrast to the growing pile of cryptocurrency ETF filings, with at least 18 applications landing with the SEC this year. That tally grew by three in the past two weeks after Gensler signaled that regulators may be more open to a Bitcoin ETF if it was based around futures rather than the cryptocurrency itself. However, even if the SEC finally green-lights the fund structure, it’s not a sure bet that a Bitcoin ETF would be met with huge demand, according to Meltem Demirors of Coinshares.\n“There’s so many venues for people to buy and sell Bitcoin, to get exposure to Bitcoin in tax-managed accounts,” said Demirors, chief strategy officer at CoinShares. “We’re not really sure what the demand will look like because is the maturation of crypto in the U.S. is already quite high.”\nAfter setting an all-time high of nearly $65,000 in April, Bitcoin resumed its volatile price swings. The world’s largest cryptocurrency dropped below $30,000 in June as environmental and regulatory concerns hammered sentiment. Bitcoin has since rebounded to more than $46,000, even as the U.S. Senate passed an infrastructure bill that would allow for broad oversight of virtual currencies.\nHowever, fund flows have yet to match the rebound. Bitcoin funds and futures are on track for a third straight month of outflows, the longest streak in data going back to 2014, according to Bloomberg Intelligence. The bulk of that decline is due to decreasing open interest in Bitcoin futures, meaning traders let their contracts roll off without renewing.\nThe outflows might even be bigger, if not for the fact that the $30 billion Grayscale Bitcoin Trust (ticker GBTC) -- the largest crypto fund -- doesn’t allow for share redemptions. That’s after shares of the trust ballooned by the hundreds of millions earlier this year amid the crypto craze. As a result, GBTC has traded at a persistent discount to its underlying Bitcoin since March.\nBut still, in the eyes of Bloomberg Intelligence’s James Seyffart, it’s just a matter of time before investors flood back into crypto funds.\n“I think there’s still demand for Bitcoin products that people can access on the traditional financial system rails, if you will,” Seyffart said. “Flows tend to follow performance in areas and products like this, so with the recent weeks of performance for Bitcoin, I wouldn’t be surprised to see those flow numbers potentially turn around.”","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":754,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892010431,"gmtCreate":1628610237823,"gmtModify":1631893951994,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586392338558856","idStr":"3586392338558856"},"themes":[],"title":"","htmlText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] [Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/892010431","repostId":"1182215080","repostType":4,"repost":{"id":"1182215080","kind":"news","pubTimestamp":1628608730,"share":"https://www.laohunote.com/m/news/1182215080?lang=zh_CN&edition=full","pubTime":"2021-08-10 23:18","market":"us","language":"en","title":"FuboTV Looks Set To Break Out From Long-Term Pattern: What's Next?<blockquote>FuboTV 看起来将摆脱长期模式：下一步是什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1182215080","media":"Benzinga","summary":"FuboTV(NYSE:FUBO) is set to print its earnings after the closing bell on Tuesday. When the sports-fo","content":"<p><div> FuboTV(NYSE:FUBO) is set to print its earnings after the closing bell on Tuesday. When the sports-focused streaming company reported its first-quarter earnings beat, it raised guidance for the second ...</p><p><blockquote><div>FuboTV（纽约证券交易所股票代码：FUBO）将于周二收盘后发布财报。当这家专注于体育的流媒体公司报告第一季度盈利时，它提高了第二季度的指引……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/08/22421934/fubotv-looks-set-to-break-out-from-long-term-pattern-whats-next\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/08/22421934/fubotv-looks-set-to-break-out-from-long-term-pattern-whats-next\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","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>FuboTV Looks Set To Break Out From Long-Term Pattern: What's Next?<blockquote>FuboTV 看起来将摆脱长期模式：下一步是什么？</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\">\nFuboTV Looks Set To Break Out From Long-Term Pattern: What's Next?<blockquote>FuboTV 看起来将摆脱长期模式：下一步是什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-08-10 23:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> FuboTV(NYSE:FUBO) is set to print its earnings after the closing bell on Tuesday. When the sports-focused streaming company reported its first-quarter earnings beat, it raised guidance for the second ...</p><p><blockquote><div>FuboTV（纽约证券交易所股票代码：FUBO）将于周二收盘后发布财报。当这家专注于体育的流媒体公司报告第一季度盈利时，它提高了第二季度的指引……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/08/22421934/fubotv-looks-set-to-break-out-from-long-term-pattern-whats-next\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/08/22421934/fubotv-looks-set-to-break-out-from-long-term-pattern-whats-next\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/08/22421934/fubotv-looks-set-to-break-out-from-long-term-pattern-whats-next\">Benzinga</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":{"FUBO":"fuboTV Inc."},"source_url":"https://www.benzinga.com/trading-ideas/long-ideas/21/08/22421934/fubotv-looks-set-to-break-out-from-long-term-pattern-whats-next","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182215080","content_text":"FuboTV(NYSE:FUBO) is set to print its earnings after the closing bell on Tuesday. When the sports-focused streaming company reported its first-quarter earnings beat, it raised guidance for the second quarter and full fiscal year.\nThe company raised its second-quarterguidanceto $120 million to $122 million, ahead of the consensus estimate of $98.4 million. FuboTV sees subscribers for the year coming in between $830,000 and $850,000, which would represent a 53% year-over-year growth at the midpoint.\nTraders and investors may get an update on whether fuboTV is still on schedule to launch itssports bettingapp by the end of fiscal 2021. In March, the company said it plans to launch free-to-play games in the third quarter followed by sports betting in the fourth quarter.\nThe FuboTV Chart:FuboTV is trading down about 55% from its Dec. 22, 2020 high of $62.29. The stock has failed to gain any traction for a large move back toward the $62 level and fuboTV’s daily trading range has decreased due to low volume.\nSince making the new high, fuboTV has settled into a large falling wedge pattern with a distinct upper descending trendline. The stock has attempted to break up from the trendline on five separate occasions including on Monday and failed. Monday’s volume was high, however, indicating continued momentum may be in the cards for Tuesday.\nOn Monday, FuboTV printed a bullish Marubozu candlestick with a small upper wick at the descending trendline, which indicates fuboTV may be ready to make a break north.\nFuboTV is trading above the eight-day and 21-day exponential moving averages (EMAs) but the eight-day EMA is trending below the 21-day, which indicates bullish indecision. The stock is trading slightly below the 200-day simple moving average (SMA), which indicates overall sentiment is bearish.\nOn Monday, fuboTV tried to regain the 200-day SMA as support but rejected and wicked from it. The 200-day aligns with the upper descending trendline resistance which makes the area harder to break through.\n\nBulls want big bullish volume to come in and drive fuboTV up through the top of the following channel and for the stock to close the day over the 200-day SMA. If fuboTV’s stock can clear the $28.45 level, it has room to move up toward $31.53.\nBears want to see the stock continue to reject its upper resistances and for bearish volume to come in and drive fuboTV down toward the $26 level. If fuboTV’s stock was unable to hold the level as support, it could fall toward the $22.37 mark before potentially bouncing.","news_type":1,"symbols_score_info":{"FUBO":0.9}},"isVote":1,"tweetType":1,"viewCount":1227,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891162788,"gmtCreate":1628350761944,"gmtModify":1631893951996,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586392338558856","idStr":"3586392338558856"},"themes":[],"title":"","htmlText":"Buffet all the way","listText":"Buffet all the way","text":"Buffet all the way","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891162788","repostId":"1139912651","repostType":4,"isVote":1,"tweetType":1,"viewCount":745,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893501444,"gmtCreate":1628272127288,"gmtModify":1631893951999,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586392338558856","idStr":"3586392338558856"},"themes":[],"title":"","htmlText":"To the future we go","listText":"To the future we go","text":"To the future we go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/893501444","repostId":"1155656235","repostType":4,"repost":{"id":"1155656235","kind":"news","pubTimestamp":1628227304,"share":"https://www.laohunote.com/m/news/1155656235?lang=zh_CN&edition=full","pubTime":"2021-08-06 13:21","market":"us","language":"en","title":"20 cloud stocks expected to increase sales the most over the next two years<blockquote>预计未来两年销售额增幅最大的 20 只云股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155656235","media":"MarketWatch","summary":"Cloud ETFs are close to record highs, propelled by a rally in the sector\nAnalysts see stellar sales ","content":"<p>Cloud ETFs are close to record highs, propelled by a rally in the sector</p><p><blockquote>在行业反弹的推动下，云 ETF 接近历史新高</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/78101d8010e186fe4df59b2ef82b5de6\" tg-width=\"700\" tg-height=\"394\" width=\"100%\" height=\"auto\"><span>Analysts see stellar sales growth ahead for companies that provide cloud services. (Getty Images/iStockphoto)</span></p><p><blockquote><p class=\"t-img-caption\"><span>分析师预计提供云服务的公司未来销售额将实现强劲增长。（盖蒂图片社/iStockphoto）</span></p></blockquote></p><p> U.S. investors remain bullish, despite rumblings out of China and the spike in delta variant infections.</p><p><blockquote>尽管来自中国大陆的传言和德尔塔变异毒株感染人数激增，美国投资者仍然看好。</blockquote></p><p> Cloud companies — those at the forefront of the shift in computing power to distributed models over the internet — are expected to grow at a rapid clip over the next several years, and four of the five largest exchange traded funds covering the space are close to hitting record highs.</p><p><blockquote>云公司——那些处于通过互联网将计算能力转变为分布式模型的最前沿的公司——预计将在未来几年快速增长，覆盖该领域的五大交易所交易基金中有四家接近创下历史新高。</blockquote></p><p> Below is a screen of stocks held by those ETFs, showing which are expected to increase their sales the most through 2023. In an industry with many players at relatively early stages, increases in sales, rather than in earnings, might be the best driver of stock prices.</p><p><blockquote>下面是这些 ETF 持有的股票屏幕，显示了预计到 2023 年销售额增幅最大的股票。在一个有许多参与者处于相对早期阶段的行业中，销售额的增长而不是盈利的增长可能是股价的最佳驱动因素。</blockquote></p><p> To begin the screen, we looked at the five largest cloud ETFs:</p><p><blockquote>为了开始屏幕，我们查看了五个最大的云 ETF：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/36209ce827d95e822cad5128be8b146a\" tg-width=\"933\" tg-height=\"664\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> ETFs might be your best way to take a broad approach for a long-term play on the cloud revolution. If you are interested in any ETF, you should review the fund manager’s website.</p><p><blockquote>ETF 可能是您采取广泛方法长期参与云革命的最佳方式。如果您对任何 ETF 感兴趣，您应该查看基金经理的网站。</blockquote></p><p> Here’s a comparison of total returns through Aug. 4, along with those for the SPDR S&amp;P 500 ETF&nbsp;and the Invesco QQQ Trust&nbsp;(which tracks the Nasdaq-100 Index) for comparison:</p><p><blockquote>以下是截至 8 月 4 日的总回报率对比，以及 SPDR 标普500 ETF 和景顺 QQQ 信托基金（追踪纳斯达克 100 指数）的总回报率对比：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/242f135b3c7cca3cbaae3ee574023c1f\" tg-width=\"942\" tg-height=\"577\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> The ETFs’ approaches differ. For example, the ARK Next Generation Internet ETF&nbsp;is the only one that is actively managed. The others track an index. It is also the only one that holds shares of Tesla Inc.,which makes up 10.65% of the portfolio, according to information posted by ARK Invest on Aug. 5. Tesla is an electric-vehicle manufacturer, but it can also be considered a cloud company because it distributes software updates over the internet continually, and offers other cloud-based services.</p><p><blockquote>ETF 的方法各不相同。例如，方舟下一代互联网ETF是唯一一只主动管理的。其他人跟踪索引。根据ARK Invest 8月5日发布的信息，它也是唯一一家持有特斯拉公司股票的公司，该公司占该投资组合的10.65%。特斯拉是一家电动汽车制造商，但它也可以被视为一家云公司，因为它不断通过互联网分发软件更新，并提供其他基于云的服务。</blockquote></p><p> Another holding unique to ARKW among the five cloud ETFs is Walt Disney Co.,which is certainly an important cloud player through its Disney+ streaming service, even if the company doesn’t say directly how much of its sales are derived from that rapidly growing segment.</p><p><blockquote>在五只云 ETF 中，ARKW 的另一个独特持股是华特迪士尼公司（Walt Disney Co.），该公司通过其 Disney+ 流媒体服务无疑是一家重要的云公司，尽管该公司没有直接说明其销售额中有多少来自这一快速增长的领域。</blockquote></p><p> As part of its description of ARKW, FactSet says the following:</p><p><blockquote>FactSet 对 ARKW 描述的一部分如下：</blockquote></p><p> <i>“Broadly speaking, the ARKW’s managers appear focused on big buzzwords such as Internet of Things, cloud computing, digital currencies and wearable technology. While the fund’s focus may be appealing for investors with conviction in these new technologies, portfolio implementation is a more difficult task: Most of the companies developing these advancements are huge corporations for which nascent technologies are only a small fraction of total revenues. As such, it’s very difficult to get pure-play access to ARKW’s targeted technologies — so be sure to confirm that the fund’s holdings — not just its thesis — align with your view of the space.”</i></p><p><blockquote><i>“从广义上讲，ARKW 的管理者似乎专注于物联网、云计算、数字货币和可穿戴技术等热门词汇。虽然该基金的重点可能是吸引对这些新技术充满信心的投资者，但投资组合的实施却是一项更加艰巨的任务： 大多数开发这些进步的公司都是大公司，新兴技术只占总收入的一小部分。因此，要获得 ARKW 的目标技术的纯粹权限是非常困难的--因此，一定要确认该基金的持有量--而不仅仅是其论点--与您对该领域的看法相一致。</i></blockquote></p><p> <b>Cloud-stock screen</b></p><p><blockquote><b>云库存屏幕</b></blockquote></p><p> Together, the five cloud ETFs listed above hold 147 stocks. To project sales growth through 2023, we used calendar 2020 sales estimates as a baseline and then looked at consensus estimates among analysts polled by FactSet for the subsequent three years, if available. (The 2020 numbers are estimates, because many companies’ fiscal years don’t match the calendar.)</p><p><blockquote>上面列出的五只云ETF总共持有147只股票。为了预测 2023 年的销售增长，我们使用 2020 年日历销售预测作为基线，然后查看 FactSet 调查的分析师对未来三年的共识预测（如果有）。(2020 年的数字是估计值，因为许多公司的财政年度与日历不符）。</blockquote></p><p> To make sure we had a solid set of estimates, we confined the group to the 126 companies covered by at least five analysts polled by FactSet, for which consensus sales estimates for calendar 2020 through calendar 2023 are available.</p><p><blockquote>为了确保我们有一套可靠的估计，我们将小组范围限制在 FactSet 调查的至少五名分析师所涵盖的 126 家公司，这些公司提供了 2020 年至 2023 年的共识销售估计。</blockquote></p><p> Here are the 20 companies projected to have the highest compound annual growth rates (CAGR) for sales through calendar 2023:</p><p><blockquote>以下是预计到 2023 年销售额复合年增长率 (CAGR) 最高的 20 家公司：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/517a23591cde159fb889ab80abc4bcc6\" tg-width=\"934\" tg-height=\"765\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/6af2cf5b5f9f0ce50f8f023ac7babc7f\" tg-width=\"935\" tg-height=\"717\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b88ebe72e09cb9ce3294269f0a4ae431\" tg-width=\"935\" tg-height=\"403\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> There are actually 21 stocks listed, including Zillow Group Inc.’s Class A&nbsp;and Class C&nbsp;shares.</p><p><blockquote>实际上有 21 只股票上市，包括 Zillow Group Inc. 的 A 类股票和 C 类股票。</blockquote></p><p> It is interesting to see that the list is dominated by stocks held by ARKW. The fund has a broad definition of cloud companies and is focused also on sales growth.</p><p><blockquote>有趣的是，该名单以 ARKW 持有的股票为主。该基金对云公司有广泛的定义，也关注销售增长。</blockquote></p><p></p><p> Here are current forward price-to-sales ratios based on consensus estimates for the next 12 months, as well as ratios of current market cap to projected 2023 sales and summaries of analysts’ opinions about the stocks.</p><p><blockquote>以下是基于未来 12 个月共识估计的当前远期市销率，以及当前市值与 2023 年预计销售额的比率和分析师对股票的意见摘要。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19b9c4bf1d8b1abcfa76b7d008a47ad7\" tg-width=\"938\" tg-height=\"805\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/2ff191189c5d7d2f31698843734ca3cc\" tg-width=\"933\" tg-height=\"773\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e9543489c4d52d3f1a69dfdcf170115\" tg-width=\"930\" tg-height=\"242\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> In comparison, the forward price-to-sales ratio for SPY is 2.8, with a price/2023 estimated sales ratio of 2.6. For QQQ, the current P/S is 4.7, declining to 4.3 for 2023.</p><p><blockquote>相比之下，SPDR标普500指数ETF的远期市销率为 2.8，2023 年预计市销率为 2.6。QQQ 目前的市盈率为 4.7，2023 年将下降至 4.3。</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>20 cloud stocks expected to increase sales the most over the next two years<blockquote>预计未来两年销售额增幅最大的 20 只云股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n20 cloud stocks expected to increase sales the most over the next two years<blockquote>预计未来两年销售额增幅最大的 20 只云股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-06 13:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Cloud ETFs are close to record highs, propelled by a rally in the sector</p><p><blockquote>在行业反弹的推动下，云 ETF 接近历史新高</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/78101d8010e186fe4df59b2ef82b5de6\" tg-width=\"700\" tg-height=\"394\" width=\"100%\" height=\"auto\"><span>Analysts see stellar sales growth ahead for companies that provide cloud services. (Getty Images/iStockphoto)</span></p><p><blockquote><p class=\"t-img-caption\"><span>分析师预计提供云服务的公司未来销售额将实现强劲增长。（盖蒂图片社/iStockphoto）</span></p></blockquote></p><p> U.S. investors remain bullish, despite rumblings out of China and the spike in delta variant infections.</p><p><blockquote>尽管来自中国大陆的传言和德尔塔变异毒株感染人数激增，美国投资者仍然看好。</blockquote></p><p> Cloud companies — those at the forefront of the shift in computing power to distributed models over the internet — are expected to grow at a rapid clip over the next several years, and four of the five largest exchange traded funds covering the space are close to hitting record highs.</p><p><blockquote>云公司——那些处于通过互联网将计算能力转变为分布式模型的最前沿的公司——预计将在未来几年快速增长，覆盖该领域的五大交易所交易基金中有四家接近创下历史新高。</blockquote></p><p> Below is a screen of stocks held by those ETFs, showing which are expected to increase their sales the most through 2023. In an industry with many players at relatively early stages, increases in sales, rather than in earnings, might be the best driver of stock prices.</p><p><blockquote>下面是这些 ETF 持有的股票屏幕，显示了预计到 2023 年销售额增幅最大的股票。在一个有许多参与者处于相对早期阶段的行业中，销售额的增长而不是盈利的增长可能是股价的最佳驱动因素。</blockquote></p><p> To begin the screen, we looked at the five largest cloud ETFs:</p><p><blockquote>为了开始屏幕，我们查看了五个最大的云 ETF：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/36209ce827d95e822cad5128be8b146a\" tg-width=\"933\" tg-height=\"664\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> ETFs might be your best way to take a broad approach for a long-term play on the cloud revolution. If you are interested in any ETF, you should review the fund manager’s website.</p><p><blockquote>ETF 可能是您采取广泛方法长期参与云革命的最佳方式。如果您对任何 ETF 感兴趣，您应该查看基金经理的网站。</blockquote></p><p> Here’s a comparison of total returns through Aug. 4, along with those for the SPDR S&amp;P 500 ETF&nbsp;and the Invesco QQQ Trust&nbsp;(which tracks the Nasdaq-100 Index) for comparison:</p><p><blockquote>以下是截至 8 月 4 日的总回报率对比，以及 SPDR 标普500 ETF 和景顺 QQQ 信托基金（追踪纳斯达克 100 指数）的总回报率对比：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/242f135b3c7cca3cbaae3ee574023c1f\" tg-width=\"942\" tg-height=\"577\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> The ETFs’ approaches differ. For example, the ARK Next Generation Internet ETF&nbsp;is the only one that is actively managed. The others track an index. It is also the only one that holds shares of Tesla Inc.,which makes up 10.65% of the portfolio, according to information posted by ARK Invest on Aug. 5. Tesla is an electric-vehicle manufacturer, but it can also be considered a cloud company because it distributes software updates over the internet continually, and offers other cloud-based services.</p><p><blockquote>ETF 的方法各不相同。例如，方舟下一代互联网ETF是唯一一只主动管理的。其他人跟踪索引。根据ARK Invest 8月5日发布的信息，它也是唯一一家持有特斯拉公司股票的公司，该公司占该投资组合的10.65%。特斯拉是一家电动汽车制造商，但它也可以被视为一家云公司，因为它不断通过互联网分发软件更新，并提供其他基于云的服务。</blockquote></p><p> Another holding unique to ARKW among the five cloud ETFs is Walt Disney Co.,which is certainly an important cloud player through its Disney+ streaming service, even if the company doesn’t say directly how much of its sales are derived from that rapidly growing segment.</p><p><blockquote>在五只云 ETF 中，ARKW 的另一个独特持股是华特迪士尼公司（Walt Disney Co.），该公司通过其 Disney+ 流媒体服务无疑是一家重要的云公司，尽管该公司没有直接说明其销售额中有多少来自这一快速增长的领域。</blockquote></p><p> As part of its description of ARKW, FactSet says the following:</p><p><blockquote>FactSet 对 ARKW 描述的一部分如下：</blockquote></p><p> <i>“Broadly speaking, the ARKW’s managers appear focused on big buzzwords such as Internet of Things, cloud computing, digital currencies and wearable technology. While the fund’s focus may be appealing for investors with conviction in these new technologies, portfolio implementation is a more difficult task: Most of the companies developing these advancements are huge corporations for which nascent technologies are only a small fraction of total revenues. As such, it’s very difficult to get pure-play access to ARKW’s targeted technologies — so be sure to confirm that the fund’s holdings — not just its thesis — align with your view of the space.”</i></p><p><blockquote><i>“从广义上讲，ARKW 的管理者似乎专注于物联网、云计算、数字货币和可穿戴技术等热门词汇。虽然该基金的重点可能是吸引对这些新技术充满信心的投资者，但投资组合的实施却是一项更加艰巨的任务： 大多数开发这些进步的公司都是大公司，新兴技术只占总收入的一小部分。因此，要获得 ARKW 的目标技术的纯粹权限是非常困难的--因此，一定要确认该基金的持有量--而不仅仅是其论点--与您对该领域的看法相一致。</i></blockquote></p><p> <b>Cloud-stock screen</b></p><p><blockquote><b>云库存屏幕</b></blockquote></p><p> Together, the five cloud ETFs listed above hold 147 stocks. To project sales growth through 2023, we used calendar 2020 sales estimates as a baseline and then looked at consensus estimates among analysts polled by FactSet for the subsequent three years, if available. (The 2020 numbers are estimates, because many companies’ fiscal years don’t match the calendar.)</p><p><blockquote>上面列出的五只云ETF总共持有147只股票。为了预测 2023 年的销售增长，我们使用 2020 年日历销售预测作为基线，然后查看 FactSet 调查的分析师对未来三年的共识预测（如果有）。(2020 年的数字是估计值，因为许多公司的财政年度与日历不符）。</blockquote></p><p> To make sure we had a solid set of estimates, we confined the group to the 126 companies covered by at least five analysts polled by FactSet, for which consensus sales estimates for calendar 2020 through calendar 2023 are available.</p><p><blockquote>为了确保我们有一套可靠的估计，我们将小组范围限制在 FactSet 调查的至少五名分析师所涵盖的 126 家公司，这些公司提供了 2020 年至 2023 年的共识销售估计。</blockquote></p><p> Here are the 20 companies projected to have the highest compound annual growth rates (CAGR) for sales through calendar 2023:</p><p><blockquote>以下是预计到 2023 年销售额复合年增长率 (CAGR) 最高的 20 家公司：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/517a23591cde159fb889ab80abc4bcc6\" tg-width=\"934\" tg-height=\"765\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/6af2cf5b5f9f0ce50f8f023ac7babc7f\" tg-width=\"935\" tg-height=\"717\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b88ebe72e09cb9ce3294269f0a4ae431\" tg-width=\"935\" tg-height=\"403\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> There are actually 21 stocks listed, including Zillow Group Inc.’s Class A&nbsp;and Class C&nbsp;shares.</p><p><blockquote>实际上有 21 只股票上市，包括 Zillow Group Inc. 的 A 类股票和 C 类股票。</blockquote></p><p> It is interesting to see that the list is dominated by stocks held by ARKW. The fund has a broad definition of cloud companies and is focused also on sales growth.</p><p><blockquote>有趣的是，该名单以 ARKW 持有的股票为主。该基金对云公司有广泛的定义，也关注销售增长。</blockquote></p><p></p><p> Here are current forward price-to-sales ratios based on consensus estimates for the next 12 months, as well as ratios of current market cap to projected 2023 sales and summaries of analysts’ opinions about the stocks.</p><p><blockquote>以下是基于未来 12 个月共识估计的当前远期市销率，以及当前市值与 2023 年预计销售额的比率和分析师对股票的意见摘要。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19b9c4bf1d8b1abcfa76b7d008a47ad7\" tg-width=\"938\" tg-height=\"805\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/2ff191189c5d7d2f31698843734ca3cc\" tg-width=\"933\" tg-height=\"773\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e9543489c4d52d3f1a69dfdcf170115\" tg-width=\"930\" tg-height=\"242\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> In comparison, the forward price-to-sales ratio for SPY is 2.8, with a price/2023 estimated sales ratio of 2.6. For QQQ, the current P/S is 4.7, declining to 4.3 for 2023.</p><p><blockquote>相比之下，SPDR标普500指数ETF的远期市销率为 2.8，2023 年预计市销率为 2.6。QQQ 目前的市盈率为 4.7，2023 年将下降至 4.3。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/20-cloud-stocks-expected-to-increase-sales-the-most-over-the-next-two-years-11628186683?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":{"SNAP":"Snap Inc","CRWD":"CrowdStrike Holdings, Inc.","ADYEY":"Adyen N.V.","TSLA":"特斯拉","COIN":"Coinbase Global, Inc.","KC":"金山云","ROKU":"Roku Inc","SHOP":"Shopify Inc","OKTA":"Okta Inc.","PDD":"拼多多","Z":"Zillow","DKNG":"DraftKings Inc.","VCYT":"Veracyte Inc","TDOC":"Teladoc Health Inc.","MELI":"MercadoLibre","ZG":"Zillow Class A","PINS":"Pinterest, Inc.","SE":"Sea Ltd"},"source_url":"https://www.marketwatch.com/story/20-cloud-stocks-expected-to-increase-sales-the-most-over-the-next-two-years-11628186683?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155656235","content_text":"Cloud ETFs are close to record highs, propelled by a rally in the sector\nAnalysts see stellar sales growth ahead for companies that provide cloud services. (Getty Images/iStockphoto)\nU.S. investors remain bullish, despite rumblings out of China and the spike in delta variant infections.\nCloud companies — those at the forefront of the shift in computing power to distributed models over the internet — are expected to grow at a rapid clip over the next several years, and four of the five largest exchange traded funds covering the space are close to hitting record highs.\nBelow is a screen of stocks held by those ETFs, showing which are expected to increase their sales the most through 2023. In an industry with many players at relatively early stages, increases in sales, rather than in earnings, might be the best driver of stock prices.\nTo begin the screen, we looked at the five largest cloud ETFs:\nSource: FactSet\nETFs might be your best way to take a broad approach for a long-term play on the cloud revolution. If you are interested in any ETF, you should review the fund manager’s website.\nHere’s a comparison of total returns through Aug. 4, along with those for the SPDR S&P 500 ETF and the Invesco QQQ Trust (which tracks the Nasdaq-100 Index) for comparison:\nSource: FactSet\nThe ETFs’ approaches differ. For example, the ARK Next Generation Internet ETF is the only one that is actively managed. The others track an index. It is also the only one that holds shares of Tesla Inc.,which makes up 10.65% of the portfolio, according to information posted by ARK Invest on Aug. 5. Tesla is an electric-vehicle manufacturer, but it can also be considered a cloud company because it distributes software updates over the internet continually, and offers other cloud-based services.\nAnother holding unique to ARKW among the five cloud ETFs is Walt Disney Co.,which is certainly an important cloud player through its Disney+ streaming service, even if the company doesn’t say directly how much of its sales are derived from that rapidly growing segment.\nAs part of its description of ARKW, FactSet says the following:\n“Broadly speaking, the ARKW’s managers appear focused on big buzzwords such as Internet of Things, cloud computing, digital currencies and wearable technology. While the fund’s focus may be appealing for investors with conviction in these new technologies, portfolio implementation is a more difficult task: Most of the companies developing these advancements are huge corporations for which nascent technologies are only a small fraction of total revenues. As such, it’s very difficult to get pure-play access to ARKW’s targeted technologies — so be sure to confirm that the fund’s holdings — not just its thesis — align with your view of the space.”\nCloud-stock screen\nTogether, the five cloud ETFs listed above hold 147 stocks. To project sales growth through 2023, we used calendar 2020 sales estimates as a baseline and then looked at consensus estimates among analysts polled by FactSet for the subsequent three years, if available. (The 2020 numbers are estimates, because many companies’ fiscal years don’t match the calendar.)\nTo make sure we had a solid set of estimates, we confined the group to the 126 companies covered by at least five analysts polled by FactSet, for which consensus sales estimates for calendar 2020 through calendar 2023 are available.\nHere are the 20 companies projected to have the highest compound annual growth rates (CAGR) for sales through calendar 2023:\n\nSource: FactSet\nThere are actually 21 stocks listed, including Zillow Group Inc.’s Class A and Class C shares.\nIt is interesting to see that the list is dominated by stocks held by ARKW. The fund has a broad definition of cloud companies and is focused also on sales growth.\nHere are current forward price-to-sales ratios based on consensus estimates for the next 12 months, as well as ratios of current market cap to projected 2023 sales and summaries of analysts’ opinions about the stocks.\n\nSource: FactSet\nIn comparison, the forward price-to-sales ratio for SPY is 2.8, with a price/2023 estimated sales ratio of 2.6. For QQQ, the current P/S is 4.7, declining to 4.3 for 2023.","news_type":1,"symbols_score_info":{"PDD":0.9,"CRWD":0.9,"ROKU":0.9,"SKLZ":0.9,"LC":0.9,"PINS":0.9,"SQ":0.9,"KC":0.9,"VCYT":0.9,"TDOC":0.9,"SHOP":0.9,"ADYEY":0.9,"TSLA":0.9,"MELI":0.9,"SE":0.9,"OKTA":0.9,"DKNG":0.9,"ZG":0.9,"COIN":0.9,"Z":0.9,"SNAP":0.9}},"isVote":1,"tweetType":1,"viewCount":1014,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807039136,"gmtCreate":1627987582325,"gmtModify":1631893952003,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586392338558856","idStr":"3586392338558856"},"themes":[],"title":"","htmlText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] [Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/807039136","repostId":"1109177267","repostType":4,"repost":{"id":"1109177267","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":1627987064,"share":"https://www.laohunote.com/m/news/1109177267?lang=zh_CN&edition=full","pubTime":"2021-08-03 18:37","market":"us","language":"en","title":"The rising AMD is getting aggressive<blockquote>崛起的 AMD 变得咄咄逼人</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109177267","media":"Tiger Newspress","summary":"Advanced Micro Devices reported its revenues and earnings for the second quarter ended June 30 excee","content":"<p>Advanced Micro Devices reported its revenues and earnings for the second quarter ended June 30 exceeded expectations, with revenue growing 99% to $3.85 billion.</p><p><blockquote>Advanced Micro Devices 报告称，截至 6 月 30 日的第二季度收入和盈利超出预期，收入增长 99%，达到 38.5 亿美元。</blockquote></p><p> Non-GAAP net income for the quarter was $778 million, or 63 cents a share, beating expectations of 54 cents a share on a non-GAAP basis. AMD said it was increasing its annual earnings forecast.</p><p><blockquote>本季度非 GAAP 净利润为 7.78 亿美元，即每股 63 美分，超出非 GAAP 每股 54 美分的预期。AMD 表示正在上调年度盈利预测。</blockquote></p><p> The Santa Clara, California-based company has had a good run on momentum behind its Zen and Zen 2 architectures for processors, which can generate 50% or more better performance per clock cycle than the previous generation. This architecture put AMD ahead of Intel in performance for the first time in a decade, and it has helped the perennial No. 2 PC chip maker into a fast-growing contender against Intel.</p><p><blockquote>这家总部位于加利福尼亚州圣克拉拉的公司在其Zen和Zen 2处理器架构背后的势头上表现良好，每时钟周期的性能比上一代提高50%或更多。这种架构使AMD十年来首次在性能上领先于英特尔，并帮助这家常年排名第二的PC芯片制造商成为与英特尔竞争的快速增长的竞争者。</blockquote></p><p> Intel, meanwhile, has had stumbles not only on the chip design side but also in manufacturing, where it has lost its technological advantage to rivals such as TSMC, which makes both processors and graphics chips for AMD. As a result, AMD has been making historic market share gains for the past three years. What’s interesting is AMD has been making these gains amid a historic chip shortage driven by the supply whipsaw from the pandemic and unprecedented demand for electronic goods.</p><p><blockquote>与此同时，英特尔不仅在芯片设计方面遭遇了挫折，在制造方面也遭遇了挫折，其技术优势被台积电等竞争对手夺走，台积电为 AMD 生产处理器和图形芯片。因此，AMD在过去三年中一直在取得历史性的市场份额增长。有趣的是，在大流行病造成的供应短缺和前所未有的电子产品需求导致芯片短缺的情况下，AMD 一直在取得这些收益。</blockquote></p><p> “Our business performed exceptionally well in the second quarter as revenue and operating margin doubled and profitability more than tripled year-over-year,” AMD CEO Lisa Su said in a statement. “We are growing significantly faster than the market with strong demand across all of our businesses. We now expect our 2021 annual revenue to grow by approximately 60% year-over-year driven by strong execution and increased customer preference for our leadership products.”</p><p><blockquote>“AMD 首席执行官苏丽莎在一份声明中说：”我们的业务在第二季度表现异常出色，收入和营业利润率同比翻了一番，盈利能力同比增长了两倍多。“我们的增长速度明显快于市场，所有业务的需求都很强劲。我们现在预计，在强劲的执行力和客户对我们领导力产品日益增长的偏好的推动下，2021 年的年收入将同比增长约 60%。”</blockquote></p><p> Intel, meanwhile, is doubling down on its manufacturing investments as a way to stay competitive and take advantage of the chip boom and supply shortage.</p><p><blockquote>与此同时，英特尔正在加倍加大制造投资，以此来保持竞争力并利用芯片繁荣和供应短缺的优势。</blockquote></p><p> <h4>Quarterly financial segment summary</h4> Computing and graphics segment revenue was $2.25 billion, up 65% year-over-year and 7% quarter-over-quarter driven by higher client and graphics processor sales. Client processor average selling price (ASP) grew year-over-year and quarter-over-quarter driven by a richer mix of Ryzen desktop and notebook processor sales. It was the fifth straight quarter of record processor revenue.</p><p><blockquote><h4>季度财务分部摘要</h4>受客户端和图形处理器销售额增长的推动，计算和图形部门收入为 22.5 亿美元，同比增长 65%，环比增长 7%。在锐龙台式机和笔记本电脑处理器销售组合更加丰富的推动下，客户端处理器平均售价（ASP）同比和环比增长。这是处理器收入连续第五个季度创纪录。</blockquote></p><p> Graphics processing unit (GPU) ASP grew year-over-year and quarter-over-quarter driven by high-end graphics product sales, including datacenter GPU sales. Operating income was $526 million, compared to $200 million a year ago and $485 million in the prior quarter. The increases were primarily driven by higher revenue.</p><p><blockquote>在高端图形产品销售（包括数据中心GPU销售）的推动下，图形处理单元（GPU）平均销售额同比和环比增长。经营利润为 5.26 亿美元，而去年同期为 2 亿美元，上一季度为 4.85 亿美元。增长主要是由收入增加推动的。</blockquote></p><p> Enterprise, embedded, and semi-custom segment revenue was $1.6 billion, up 183% year-over-year and 19% quarter-over-quarter. The increases were driven by higher Epyc processor revenue and semi-custom product sales. The semi-custom products include processors for the PlayStation 5 and Xbox Series X/S game consoles.</p><p><blockquote>企业、嵌入式和半定制部门的收入为 16 亿美元，同比增长 183%，环比增长 19%。增长是由更高的 Epyc 处理器收入和半定制产品销售推动的。半定制产品包括PlayStation 5和Xbox Series X/S游戏机的处理器。</blockquote></p><p> <h4>Optimistic Revenue Outlook on Strong Demand</h4> AMD gave a bullish third-quarter sales forecast, indicating it’s gaining market share from Intel Corp. in the lucrative market for server chips.</p><p><blockquote><h4>需求强劲，收入前景乐观</h4>AMD 给出了乐观的第三季度销售预测，表明在利润丰厚的服务器芯片市场上，AMD 正在从英特尔公司手中夺取市场份额。</blockquote></p><p> AMD, the second-largest maker of computer processors behind Intel, predicted third-quarter revenue will be about $4.1 billion, plus or minus $100 million. On average, analysts had projected revenue of $3.8 billion. The company also raised its annual outlook and now expects revenue to increase by 60% up from a previous forecast for 50% growth.</p><p><blockquote>仅次于英特尔的第二大计算机处理器制造商AMD预计第三季度营收约为41亿美元，上下浮动1亿美元。分析师平均预计收入为 38 亿美元。该公司还上调了年度预期，目前预计收入将比之前预测的 50% 增长增长 60%。</blockquote></p><p> Chief Executive Officer Lisa Su has brought the company back from the brink of irrelevance with a raft of new products that customers see as competitive with Intel’s offerings for the first time in years. Investors have poured money into AMD’s stock over the last five years, expecting Su’s changes to result in higher market share and earnings.</p><p><blockquote>首席执行官苏丽莎（Lisa Su）凭借一系列新产品将公司从无关紧要的边缘拉了回来，客户多年来首次认为这些新产品与英特尔的产品具有竞争力。在过去的五年里，投资者一直在向 AMD 的股票投入资金，他们期望 Su 的变化能带来更高的市场份额和收益。</blockquote></p><p> “We are growing significantly faster than the market with strong demand across all of our businesses,” Su said in a statement.</p><p><blockquote>“苏在一份声明中说：”我们的增长速度明显快于市场，我们所有业务的需求都很强劲。</blockquote></p><p> AMD’s earnings report Tuesday indicates the company is taking market share at Intel’s expense. Intel, the world’s largest superconductor manufacturer, reported a 6% decline in second-quarter revenue. AMD also competes with Nvidia Corp. in the market for graphics processors used in cards for gaming personal computers.</p><p><blockquote>AMD 周二的财报显示，该公司正在以英特尔为代价夺取市场份额。全球最大的超导体制造商英特尔公布第二季度收入下降 6%。AMD 还在游戏个人电脑显卡中使用的图形处理器市场上与 Nvidia Corp. 竞争。</blockquote></p><p> Su said the company can continue to grow, even if PC demand falls in 2022. “We expect our competition to be really good and we need to be better than that,” Su said during a conference call after the results.</p><p><blockquote>苏表示，即使 2022 年个人电脑需求下降，该公司也能继续增长。“苏在赛后的电话会议上说：”我们希望我们的竞争对手会非常精彩，我们需要做得更好。</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>The rising AMD is getting aggressive<blockquote>崛起的 AMD 变得咄咄逼人</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\">\nThe rising AMD is getting aggressive<blockquote>崛起的 AMD 变得咄咄逼人</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\">2021-08-03 18:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Advanced Micro Devices reported its revenues and earnings for the second quarter ended June 30 exceeded expectations, with revenue growing 99% to $3.85 billion.</p><p><blockquote>Advanced Micro Devices 报告称，截至 6 月 30 日的第二季度收入和盈利超出预期，收入增长 99%，达到 38.5 亿美元。</blockquote></p><p> Non-GAAP net income for the quarter was $778 million, or 63 cents a share, beating expectations of 54 cents a share on a non-GAAP basis. AMD said it was increasing its annual earnings forecast.</p><p><blockquote>本季度非 GAAP 净利润为 7.78 亿美元，即每股 63 美分，超出非 GAAP 每股 54 美分的预期。AMD 表示正在上调年度盈利预测。</blockquote></p><p> The Santa Clara, California-based company has had a good run on momentum behind its Zen and Zen 2 architectures for processors, which can generate 50% or more better performance per clock cycle than the previous generation. This architecture put AMD ahead of Intel in performance for the first time in a decade, and it has helped the perennial No. 2 PC chip maker into a fast-growing contender against Intel.</p><p><blockquote>这家总部位于加利福尼亚州圣克拉拉的公司在其Zen和Zen 2处理器架构背后的势头上表现良好，每时钟周期的性能比上一代提高50%或更多。这种架构使AMD十年来首次在性能上领先于英特尔，并帮助这家常年排名第二的PC芯片制造商成为与英特尔竞争的快速增长的竞争者。</blockquote></p><p> Intel, meanwhile, has had stumbles not only on the chip design side but also in manufacturing, where it has lost its technological advantage to rivals such as TSMC, which makes both processors and graphics chips for AMD. As a result, AMD has been making historic market share gains for the past three years. What’s interesting is AMD has been making these gains amid a historic chip shortage driven by the supply whipsaw from the pandemic and unprecedented demand for electronic goods.</p><p><blockquote>与此同时，英特尔不仅在芯片设计方面遭遇了挫折，在制造方面也遭遇了挫折，其技术优势被台积电等竞争对手夺走，台积电为 AMD 生产处理器和图形芯片。因此，AMD在过去三年中一直在取得历史性的市场份额增长。有趣的是，在大流行病造成的供应短缺和前所未有的电子产品需求导致芯片短缺的情况下，AMD 一直在取得这些收益。</blockquote></p><p> “Our business performed exceptionally well in the second quarter as revenue and operating margin doubled and profitability more than tripled year-over-year,” AMD CEO Lisa Su said in a statement. “We are growing significantly faster than the market with strong demand across all of our businesses. We now expect our 2021 annual revenue to grow by approximately 60% year-over-year driven by strong execution and increased customer preference for our leadership products.”</p><p><blockquote>“AMD 首席执行官苏丽莎在一份声明中说：”我们的业务在第二季度表现异常出色，收入和营业利润率同比翻了一番，盈利能力同比增长了两倍多。“我们的增长速度明显快于市场，所有业务的需求都很强劲。我们现在预计，在强劲的执行力和客户对我们领导力产品日益增长的偏好的推动下，2021 年的年收入将同比增长约 60%。”</blockquote></p><p> Intel, meanwhile, is doubling down on its manufacturing investments as a way to stay competitive and take advantage of the chip boom and supply shortage.</p><p><blockquote>与此同时，英特尔正在加倍加大制造投资，以此来保持竞争力并利用芯片繁荣和供应短缺的优势。</blockquote></p><p> <h4>Quarterly financial segment summary</h4> Computing and graphics segment revenue was $2.25 billion, up 65% year-over-year and 7% quarter-over-quarter driven by higher client and graphics processor sales. Client processor average selling price (ASP) grew year-over-year and quarter-over-quarter driven by a richer mix of Ryzen desktop and notebook processor sales. It was the fifth straight quarter of record processor revenue.</p><p><blockquote><h4>季度财务分部摘要</h4>受客户端和图形处理器销售额增长的推动，计算和图形部门收入为 22.5 亿美元，同比增长 65%，环比增长 7%。在锐龙台式机和笔记本电脑处理器销售组合更加丰富的推动下，客户端处理器平均售价（ASP）同比和环比增长。这是处理器收入连续第五个季度创纪录。</blockquote></p><p> Graphics processing unit (GPU) ASP grew year-over-year and quarter-over-quarter driven by high-end graphics product sales, including datacenter GPU sales. Operating income was $526 million, compared to $200 million a year ago and $485 million in the prior quarter. The increases were primarily driven by higher revenue.</p><p><blockquote>在高端图形产品销售（包括数据中心GPU销售）的推动下，图形处理单元（GPU）平均销售额同比和环比增长。经营利润为 5.26 亿美元，而去年同期为 2 亿美元，上一季度为 4.85 亿美元。增长主要是由收入增加推动的。</blockquote></p><p> Enterprise, embedded, and semi-custom segment revenue was $1.6 billion, up 183% year-over-year and 19% quarter-over-quarter. The increases were driven by higher Epyc processor revenue and semi-custom product sales. The semi-custom products include processors for the PlayStation 5 and Xbox Series X/S game consoles.</p><p><blockquote>企业、嵌入式和半定制部门的收入为 16 亿美元，同比增长 183%，环比增长 19%。增长是由更高的 Epyc 处理器收入和半定制产品销售推动的。半定制产品包括PlayStation 5和Xbox Series X/S游戏机的处理器。</blockquote></p><p> <h4>Optimistic Revenue Outlook on Strong Demand</h4> AMD gave a bullish third-quarter sales forecast, indicating it’s gaining market share from Intel Corp. in the lucrative market for server chips.</p><p><blockquote><h4>需求强劲，收入前景乐观</h4>AMD 给出了乐观的第三季度销售预测，表明在利润丰厚的服务器芯片市场上，AMD 正在从英特尔公司手中夺取市场份额。</blockquote></p><p> AMD, the second-largest maker of computer processors behind Intel, predicted third-quarter revenue will be about $4.1 billion, plus or minus $100 million. On average, analysts had projected revenue of $3.8 billion. The company also raised its annual outlook and now expects revenue to increase by 60% up from a previous forecast for 50% growth.</p><p><blockquote>仅次于英特尔的第二大计算机处理器制造商AMD预计第三季度营收约为41亿美元，上下浮动1亿美元。分析师平均预计收入为 38 亿美元。该公司还上调了年度预期，目前预计收入将比之前预测的 50% 增长增长 60%。</blockquote></p><p> Chief Executive Officer Lisa Su has brought the company back from the brink of irrelevance with a raft of new products that customers see as competitive with Intel’s offerings for the first time in years. Investors have poured money into AMD’s stock over the last five years, expecting Su’s changes to result in higher market share and earnings.</p><p><blockquote>首席执行官苏丽莎（Lisa Su）凭借一系列新产品将公司从无关紧要的边缘拉了回来，客户多年来首次认为这些新产品与英特尔的产品具有竞争力。在过去的五年里，投资者一直在向 AMD 的股票投入资金，他们期望 Su 的变化能带来更高的市场份额和收益。</blockquote></p><p> “We are growing significantly faster than the market with strong demand across all of our businesses,” Su said in a statement.</p><p><blockquote>“苏在一份声明中说：”我们的增长速度明显快于市场，我们所有业务的需求都很强劲。</blockquote></p><p> AMD’s earnings report Tuesday indicates the company is taking market share at Intel’s expense. Intel, the world’s largest superconductor manufacturer, reported a 6% decline in second-quarter revenue. AMD also competes with Nvidia Corp. in the market for graphics processors used in cards for gaming personal computers.</p><p><blockquote>AMD 周二的财报显示，该公司正在以英特尔为代价夺取市场份额。全球最大的超导体制造商英特尔公布第二季度收入下降 6%。AMD 还在游戏个人电脑显卡中使用的图形处理器市场上与 Nvidia Corp. 竞争。</blockquote></p><p> Su said the company can continue to grow, even if PC demand falls in 2022. “We expect our competition to be really good and we need to be better than that,” Su said during a conference call after the results.</p><p><blockquote>苏表示，即使 2022 年个人电脑需求下降，该公司也能继续增长。“苏在赛后的电话会议上说：”我们希望我们的竞争对手会非常精彩，我们需要做得更好。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109177267","content_text":"Advanced Micro Devices reported its revenues and earnings for the second quarter ended June 30 exceeded expectations, with revenue growing 99% to $3.85 billion.\nNon-GAAP net income for the quarter was $778 million, or 63 cents a share, beating expectations of 54 cents a share on a non-GAAP basis. AMD said it was increasing its annual earnings forecast.\nThe Santa Clara, California-based company has had a good run on momentum behind its Zen and Zen 2 architectures for processors, which can generate 50% or more better performance per clock cycle than the previous generation. This architecture put AMD ahead of Intel in performance for the first time in a decade, and it has helped the perennial No. 2 PC chip maker into a fast-growing contender against Intel.\nIntel, meanwhile, has had stumbles not only on the chip design side but also in manufacturing, where it has lost its technological advantage to rivals such as TSMC, which makes both processors and graphics chips for AMD. As a result, AMD has been making historic market share gains for the past three years. What’s interesting is AMD has been making these gains amid a historic chip shortage driven by the supply whipsaw from the pandemic and unprecedented demand for electronic goods.\n“Our business performed exceptionally well in the second quarter as revenue and operating margin doubled and profitability more than tripled year-over-year,” AMD CEO Lisa Su said in a statement. “We are growing significantly faster than the market with strong demand across all of our businesses. We now expect our 2021 annual revenue to grow by approximately 60% year-over-year driven by strong execution and increased customer preference for our leadership products.”\nIntel, meanwhile, is doubling down on its manufacturing investments as a way to stay competitive and take advantage of the chip boom and supply shortage.\nQuarterly financial segment summary\nComputing and graphics segment revenue was $2.25 billion, up 65% year-over-year and 7% quarter-over-quarter driven by higher client and graphics processor sales. Client processor average selling price (ASP) grew year-over-year and quarter-over-quarter driven by a richer mix of Ryzen desktop and notebook processor sales. It was the fifth straight quarter of record processor revenue.\nGraphics processing unit (GPU) ASP grew year-over-year and quarter-over-quarter driven by high-end graphics product sales, including datacenter GPU sales. Operating income was $526 million, compared to $200 million a year ago and $485 million in the prior quarter. The increases were primarily driven by higher revenue.\nEnterprise, embedded, and semi-custom segment revenue was $1.6 billion, up 183% year-over-year and 19% quarter-over-quarter. The increases were driven by higher Epyc processor revenue and semi-custom product sales. The semi-custom products include processors for the PlayStation 5 and Xbox Series X/S game consoles.\nOptimistic Revenue Outlook on Strong Demand\nAMD gave a bullish third-quarter sales forecast, indicating it’s gaining market share from Intel Corp. in the lucrative market for server chips.\nAMD, the second-largest maker of computer processors behind Intel, predicted third-quarter revenue will be about $4.1 billion, plus or minus $100 million. On average, analysts had projected revenue of $3.8 billion. The company also raised its annual outlook and now expects revenue to increase by 60% up from a previous forecast for 50% growth.\nChief Executive Officer Lisa Su has brought the company back from the brink of irrelevance with a raft of new products that customers see as competitive with Intel’s offerings for the first time in years. Investors have poured money into AMD’s stock over the last five years, expecting Su’s changes to result in higher market share and earnings.\n“We are growing significantly faster than the market with strong demand across all of our businesses,” Su said in a statement.\nAMD’s earnings report Tuesday indicates the company is taking market share at Intel’s expense. Intel, the world’s largest superconductor manufacturer, reported a 6% decline in second-quarter revenue. AMD also competes with Nvidia Corp. in the market for graphics processors used in cards for gaming personal computers.\nSu said the company can continue to grow, even if PC demand falls in 2022. “We expect our competition to be really good and we need to be better than that,” Su said during a conference call after the results.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":667,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":836121102,"gmtCreate":1629466423406,"gmtModify":1631893951979,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586392338558856","authorIdStr":"3586392338558856"},"themes":[],"title":"","htmlText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] [Miser] [Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/836121102","repostId":"1168282056","repostType":4,"repost":{"id":"1168282056","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":1629466221,"share":"https://www.laohunote.com/m/news/1168282056?lang=zh_CN&edition=full","pubTime":"2021-08-20 21:30","market":"us","language":"en","title":"S&P 500 opens flat with stocks set for a losing week<blockquote>标普500开盘持平，股市本周将下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168282056","media":"Tiger Newspress","summary":"(Aug 20) The S&P 500 was flat Friday as the markets close out a losing week driven by fears of the F","content":"<p>(Aug 20)&nbsp;The S&amp;P 500 was flat Friday as the markets close out a losing week driven by fears of the Federal Reserve pulling back its stimulus.</p><p><blockquote>（8月20日）周五标普500持平，市场因担心美联储撤回刺激措施而结束了下跌的一周。</blockquote></p><p> The broad index traded near the flatline. The Dow Jones Industrial Average shed about 14 points. The Nasdaq Composite traded up 0.2%.</p><p><blockquote>综合指数交投于持平线附近。道琼斯工业平均指数下跌约14点。纳斯达克综合指数上涨 0.2%。</blockquote></p><p> All three major stock indexes are on track to close the week lower.</p><p><blockquote>三大股指本周均有望收低。</blockquote></p><p> Snowflake&nbsp;fell&nbsp;over&nbsp;5%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/5775b8d834cd76ee72aea9347d198e9e\" tg-width=\"1084\" tg-height=\"586\" referrerpolicy=\"no-referrer\"></p><p><blockquote>Snowflake 早盘交易中下跌超过 5%。</blockquote></p><p> Some China concepts stocks rally in morning trading.<img src=\"https://static.tigerbbs.com/a49abcca35cc04c256cd8405c1b32847\" tg-width=\"279\" tg-height=\"641\" referrerpolicy=\"no-referrer\">Minutes from the Fed’s July meetingreleased this weekshowed the central bank is willing to start reducing its monthly asset purchases this year. Investors sold equities and commodities this week and bought bonds on fears the move by the Fed may upend a global economy already under stress by the delta variant.</p><p><blockquote>部分中国概念股早盘反弹。本周公布的美联储 7 月会议纪要显示，美联储愿意在今年开始减少每月的资产购买量。投资者本周抛售股票和大宗商品，并购买债券，因为他们担心美联储的举动可能会颠覆已经受到德尔塔变异毒株压力的全球经济。</blockquote></p><p> This week, WTI crude oil has tumbled roughly 8% and copper has lost about 7% on the fears, taking energy and materials stocks with them. The 10-year Treasury yield was at 1.237% on Friday morning, down from 1.78% in late March.</p><p><blockquote>本周，WTI 原油下跌约 8%，铜价因担忧下跌约 7%，能源和材料股也随之下跌。周五上午，10年期国债收益率为1.237%，低于3月底的1.78%。</blockquote></p><p> “With Fed tapering coming while delta variant keeps spreading, the transition away from liquidity/policy regime to more mid-cycle markets means we may experience a bumpier ride ahead,” Barclays equity strategists said in a note. “Market narrative may thus turn more cautious, as concerns about peaking growth rates, Delta variant and policy mistake may prove headwinds, at a time where seasonality and technicals are unfavourable.”</p><p><blockquote>“巴克莱股票策略师在一份报告中说：”随着美联储缩减规模的到来，而德尔塔变异毒株不断扩张，从流动性/政策制度向周期中期市场的过渡意味着我们未来可能会经历一段更加坎坷的旅程。“因此，市场叙事可能会变得更加谨慎，因为在季节性和技术性因素不利的情况下，对增长率见顶、德尔塔变异毒株和政策失误的担忧可能会成为阻力。”</blockquote></p><p> Tesla shares gained after Elon Musk’s electric car maker had an AI day, where itunveiled a new custom chipandplans to build a humanoid robot. Tesla shares are off 6% this week as investors worry about slowing growth in one of its key markets China.</p><p><blockquote>在埃隆-马斯克（Elon Musk）的电动汽车制造商举办人工智能日活动后，特斯拉股价上涨，该公司在活动中推出了一款新的定制芯片，并计划制造人形机器人。特斯拉股价本周下跌 6%，原因是投资者担心其主要市场之一中国大陆的增长放缓。</blockquote></p><p> The S&amp;P 500 snapped a two-day losing streak in Thursday’s regular trading session while the Dow ended its third-straight day in red.</p><p><blockquote>标普500指数在周四的常规交易时段结束了两连跌，而道琼斯指数则连续第三天收红。</blockquote></p><p> After volatile trading, the S&amp;P 500 closed 0.1% higher. The Nasdaq Composite added 0.1%. The Dow bucked the trend and shed 66.57 points.</p><p><blockquote>经过波动交易，标普500收盘上涨0.1%。纳斯达克综合指数上涨0.1%。道琼斯指数逆势下跌66.57点。</blockquote></p><p> “Against a backdrop of thin liquidity as investors take summer vacations, minor stock market corrections are to be expected in a market that is pricing in peak earnings, extended price-to-earnings ratios and elevated economic growth expectations,” Richard Saperstein, chief investment officer at Treasury Partners, said.</p><p><blockquote>“Treasury Partners 首席投资官理查德-萨珀斯坦（Richard Saperstein）说：”在投资者放暑假导致流动性紧张的背景下，股市小幅调整是意料之中的。</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>S&P 500 opens flat with stocks set for a losing week<blockquote>标普500开盘持平，股市本周将下跌</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\">\nS&P 500 opens flat with stocks set for a losing week<blockquote>标普500开盘持平，股市本周将下跌</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\">2021-08-20 21:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug 20)&nbsp;The S&amp;P 500 was flat Friday as the markets close out a losing week driven by fears of the Federal Reserve pulling back its stimulus.</p><p><blockquote>（8月20日）周五标普500持平，市场因担心美联储撤回刺激措施而结束了下跌的一周。</blockquote></p><p> The broad index traded near the flatline. The Dow Jones Industrial Average shed about 14 points. The Nasdaq Composite traded up 0.2%.</p><p><blockquote>综合指数交投于持平线附近。道琼斯工业平均指数下跌约14点。纳斯达克综合指数上涨 0.2%。</blockquote></p><p> All three major stock indexes are on track to close the week lower.</p><p><blockquote>三大股指本周均有望收低。</blockquote></p><p> Snowflake&nbsp;fell&nbsp;over&nbsp;5%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/5775b8d834cd76ee72aea9347d198e9e\" tg-width=\"1084\" tg-height=\"586\" referrerpolicy=\"no-referrer\"></p><p><blockquote>Snowflake 早盘交易中下跌超过 5%。</blockquote></p><p> Some China concepts stocks rally in morning trading.<img src=\"https://static.tigerbbs.com/a49abcca35cc04c256cd8405c1b32847\" tg-width=\"279\" tg-height=\"641\" referrerpolicy=\"no-referrer\">Minutes from the Fed’s July meetingreleased this weekshowed the central bank is willing to start reducing its monthly asset purchases this year. Investors sold equities and commodities this week and bought bonds on fears the move by the Fed may upend a global economy already under stress by the delta variant.</p><p><blockquote>部分中国概念股早盘反弹。本周公布的美联储 7 月会议纪要显示，美联储愿意在今年开始减少每月的资产购买量。投资者本周抛售股票和大宗商品，并购买债券，因为他们担心美联储的举动可能会颠覆已经受到德尔塔变异毒株压力的全球经济。</blockquote></p><p> This week, WTI crude oil has tumbled roughly 8% and copper has lost about 7% on the fears, taking energy and materials stocks with them. The 10-year Treasury yield was at 1.237% on Friday morning, down from 1.78% in late March.</p><p><blockquote>本周，WTI 原油下跌约 8%，铜价因担忧下跌约 7%，能源和材料股也随之下跌。周五上午，10年期国债收益率为1.237%，低于3月底的1.78%。</blockquote></p><p> “With Fed tapering coming while delta variant keeps spreading, the transition away from liquidity/policy regime to more mid-cycle markets means we may experience a bumpier ride ahead,” Barclays equity strategists said in a note. “Market narrative may thus turn more cautious, as concerns about peaking growth rates, Delta variant and policy mistake may prove headwinds, at a time where seasonality and technicals are unfavourable.”</p><p><blockquote>“巴克莱股票策略师在一份报告中说：”随着美联储缩减规模的到来，而德尔塔变异毒株不断扩张，从流动性/政策制度向周期中期市场的过渡意味着我们未来可能会经历一段更加坎坷的旅程。“因此，市场叙事可能会变得更加谨慎，因为在季节性和技术性因素不利的情况下，对增长率见顶、德尔塔变异毒株和政策失误的担忧可能会成为阻力。”</blockquote></p><p> Tesla shares gained after Elon Musk’s electric car maker had an AI day, where itunveiled a new custom chipandplans to build a humanoid robot. Tesla shares are off 6% this week as investors worry about slowing growth in one of its key markets China.</p><p><blockquote>在埃隆-马斯克（Elon Musk）的电动汽车制造商举办人工智能日活动后，特斯拉股价上涨，该公司在活动中推出了一款新的定制芯片，并计划制造人形机器人。特斯拉股价本周下跌 6%，原因是投资者担心其主要市场之一中国大陆的增长放缓。</blockquote></p><p> The S&amp;P 500 snapped a two-day losing streak in Thursday’s regular trading session while the Dow ended its third-straight day in red.</p><p><blockquote>标普500指数在周四的常规交易时段结束了两连跌，而道琼斯指数则连续第三天收红。</blockquote></p><p> After volatile trading, the S&amp;P 500 closed 0.1% higher. The Nasdaq Composite added 0.1%. The Dow bucked the trend and shed 66.57 points.</p><p><blockquote>经过波动交易，标普500收盘上涨0.1%。纳斯达克综合指数上涨0.1%。道琼斯指数逆势下跌66.57点。</blockquote></p><p> “Against a backdrop of thin liquidity as investors take summer vacations, minor stock market corrections are to be expected in a market that is pricing in peak earnings, extended price-to-earnings ratios and elevated economic growth expectations,” Richard Saperstein, chief investment officer at Treasury Partners, said.</p><p><blockquote>“Treasury Partners 首席投资官理查德-萨珀斯坦（Richard Saperstein）说：”在投资者放暑假导致流动性紧张的背景下，股市小幅调整是意料之中的。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168282056","content_text":"(Aug 20) The S&P 500 was flat Friday as the markets close out a losing week driven by fears of the Federal Reserve pulling back its stimulus.\nThe broad index traded near the flatline. The Dow Jones Industrial Average shed about 14 points. The Nasdaq Composite traded up 0.2%.\nAll three major stock indexes are on track to close the week lower.\nSnowflake fell over 5% in morning trading.\nSome China concepts stocks rally in morning trading.Minutes from the Fed’s July meetingreleased this weekshowed the central bank is willing to start reducing its monthly asset purchases this year. Investors sold equities and commodities this week and bought bonds on fears the move by the Fed may upend a global economy already under stress by the delta variant.\nThis week, WTI crude oil has tumbled roughly 8% and copper has lost about 7% on the fears, taking energy and materials stocks with them. The 10-year Treasury yield was at 1.237% on Friday morning, down from 1.78% in late March.\n“With Fed tapering coming while delta variant keeps spreading, the transition away from liquidity/policy regime to more mid-cycle markets means we may experience a bumpier ride ahead,” Barclays equity strategists said in a note. “Market narrative may thus turn more cautious, as concerns about peaking growth rates, Delta variant and policy mistake may prove headwinds, at a time where seasonality and technicals are unfavourable.”\nTesla shares gained after Elon Musk’s electric car maker had an AI day, where itunveiled a new custom chipandplans to build a humanoid robot. Tesla shares are off 6% this week as investors worry about slowing growth in one of its key markets China.\nThe S&P 500 snapped a two-day losing streak in Thursday’s regular trading session while the Dow ended its third-straight day in red.\nAfter volatile trading, the S&P 500 closed 0.1% higher. The Nasdaq Composite added 0.1%. The Dow bucked the trend and shed 66.57 points.\n“Against a backdrop of thin liquidity as investors take summer vacations, minor stock market corrections are to be expected in a market that is pricing in peak earnings, extended price-to-earnings ratios and elevated economic growth expectations,” Richard Saperstein, chief investment officer at Treasury Partners, said.","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1328,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814996762,"gmtCreate":1630737292256,"gmtModify":1631891497784,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586392338558856","authorIdStr":"3586392338558856"},"themes":[],"title":"","htmlText":"[Cry]&nbsp;[Facepalm]&nbsp;[Great]&nbsp;","listText":"[Cry]&nbsp;[Facepalm]&nbsp;[Great]&nbsp;","text":"[Cry] [Facepalm] [Great]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/814996762","repostId":"1196145266","repostType":4,"isVote":1,"tweetType":1,"viewCount":2367,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881556389,"gmtCreate":1631368565241,"gmtModify":1631891497733,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586392338558856","authorIdStr":"3586392338558856"},"themes":[],"title":"","htmlText":"[What]&nbsp;","listText":"[What]&nbsp;","text":"[What]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/881556389","repostId":"1147045390","repostType":4,"repost":{"id":"1147045390","kind":"news","pubTimestamp":1631321547,"share":"https://www.laohunote.com/m/news/1147045390?lang=zh_CN&edition=full","pubTime":"2021-09-11 08:52","market":"us","language":"en","title":"Why Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147045390","media":"Barrons","summary":"Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.In a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple  to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30%","content":"<p>Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.</p><p><blockquote>周五的裁决要求苹果允许开发者为通过苹果应用商店下载的应用程序提供替代支付方式，这给其收入和利润带来了真实但有限的风险。</blockquote></p><p> In a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.</p><p><blockquote>在堡垒之夜发行商 Epic Games 提起的一起案件中，美国地区法官 Yvonne Gonzalez Rogers 发布了一项永久禁令，要求苹果（股票代码：AAPL）允许开发者选择在其应用程序中包含替代支付方式的链接。苹果自己的支付系统从大型开发商那里抽取 30% 的佣金。</blockquote></p><p> Data from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.</p><p><blockquote>应用追踪机构 SensorTower 的数据显示，2020 年，苹果从 App Store 获得的总收入为 723 亿美元，费用估计为 217 亿美元，约占苹果总收入的 7%。其中包括美国 210 亿美元的支出，产生约 63 亿美元的费用，约占年化收入的 2%。</blockquote></p><p> SensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.</p><p><blockquote>SensorTower 估计，2020 年 App Store 的手机游戏支出为 476 亿美元，产生的费用为 143 亿美元，略低于苹果总收入的 5%。</blockquote></p><p> Gene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.</p><p><blockquote>风险投资公司 Loup Capital 的董事总经理、长期跟踪苹果的前卖方分析师吉恩-蒙斯特（Gene Munster）估计，App Store 约占公司利润的 14%。但他认为周五的裁决风险有限。</blockquote></p><p> Munster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.</p><p><blockquote>明斯特认为大多数应用程序开发者将留在苹果系统内。他认为总收入 “最多 ”会受到 2% 的阻力，利润可能会受到 4% 的影响。</blockquote></p><p> “After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”</p><p><blockquote>“他说：”在这些变化的第一年之后，app store 的增长率将恢复正常。“底线是，这最多只是一年的逆风，并不会改变苹果未来 5 年的发展方向。”</blockquote></p><p> Evercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.</p><p><blockquote>Evercore ISI 分析师 Amit Daryanani 在一份研究报告中表示，这一裁决对苹果来说是一个挫折，但最终的影响可能是可控的，因为苹果有其他方式从商店创收，包括其不断增长的店内广告业务。他还指出，苹果实际上在案件中的一个更大问题上取得了胜利： 法官驳回了 Epic 关于 App Store 非法垄断的说法。Daryanani 估计苹果每股收益面临的风险为 2% 至 4%。</blockquote></p><p> Wedbush analyst Dan Ives told&nbsp;<i>Barron’s</i>&nbsp;he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.</p><p><blockquote>韦德布什分析师丹·艾夫斯告诉<i>巴伦</i>他认为最坏的情况是收入受到 3% 到 4% 的影响，并将这种风险描述为 “四舍五入误差”。虽然艾夫斯表示，华尔街原本预计苹果会全面获胜，但这一混合决定消除了该股的悬而未决的问题，投资者可能会放心地搁置这个问题。</blockquote></p><p> The ruling is more a positive for companies like&nbsp;Spotify Technology&nbsp;and&nbsp;Match Group&nbsp;than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97&nbsp;on&nbsp;Friday, while Spotify and March gained 0.7% and&nbsp;4.2%, respectively.</p><p><blockquote>他说，这一裁决对 Spotify Technology 和 Match Group 等公司来说是积极的，而不是对苹果的负面影响。苹果股价周五下跌 3.3%，至 148.97 美元，而 Spotify 和 March 分别上涨 0.7% 和 4.2%。</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>Why Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</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\">\nWhy Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-11 08:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.</p><p><blockquote>周五的裁决要求苹果允许开发者为通过苹果应用商店下载的应用程序提供替代支付方式，这给其收入和利润带来了真实但有限的风险。</blockquote></p><p> In a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.</p><p><blockquote>在堡垒之夜发行商 Epic Games 提起的一起案件中，美国地区法官 Yvonne Gonzalez Rogers 发布了一项永久禁令，要求苹果（股票代码：AAPL）允许开发者选择在其应用程序中包含替代支付方式的链接。苹果自己的支付系统从大型开发商那里抽取 30% 的佣金。</blockquote></p><p> Data from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.</p><p><blockquote>应用追踪机构 SensorTower 的数据显示，2020 年，苹果从 App Store 获得的总收入为 723 亿美元，费用估计为 217 亿美元，约占苹果总收入的 7%。其中包括美国 210 亿美元的支出，产生约 63 亿美元的费用，约占年化收入的 2%。</blockquote></p><p> SensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.</p><p><blockquote>SensorTower 估计，2020 年 App Store 的手机游戏支出为 476 亿美元，产生的费用为 143 亿美元，略低于苹果总收入的 5%。</blockquote></p><p> Gene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.</p><p><blockquote>风险投资公司 Loup Capital 的董事总经理、长期跟踪苹果的前卖方分析师吉恩-蒙斯特（Gene Munster）估计，App Store 约占公司利润的 14%。但他认为周五的裁决风险有限。</blockquote></p><p> Munster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.</p><p><blockquote>明斯特认为大多数应用程序开发者将留在苹果系统内。他认为总收入 “最多 ”会受到 2% 的阻力，利润可能会受到 4% 的影响。</blockquote></p><p> “After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”</p><p><blockquote>“他说：”在这些变化的第一年之后，app store 的增长率将恢复正常。“底线是，这最多只是一年的逆风，并不会改变苹果未来 5 年的发展方向。”</blockquote></p><p> Evercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.</p><p><blockquote>Evercore ISI 分析师 Amit Daryanani 在一份研究报告中表示，这一裁决对苹果来说是一个挫折，但最终的影响可能是可控的，因为苹果有其他方式从商店创收，包括其不断增长的店内广告业务。他还指出，苹果实际上在案件中的一个更大问题上取得了胜利： 法官驳回了 Epic 关于 App Store 非法垄断的说法。Daryanani 估计苹果每股收益面临的风险为 2% 至 4%。</blockquote></p><p> Wedbush analyst Dan Ives told&nbsp;<i>Barron’s</i>&nbsp;he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.</p><p><blockquote>韦德布什分析师丹·艾夫斯告诉<i>巴伦</i>他认为最坏的情况是收入受到 3% 到 4% 的影响，并将这种风险描述为 “四舍五入误差”。虽然艾夫斯表示，华尔街原本预计苹果会全面获胜，但这一混合决定消除了该股的悬而未决的问题，投资者可能会放心地搁置这个问题。</blockquote></p><p> The ruling is more a positive for companies like&nbsp;Spotify Technology&nbsp;and&nbsp;Match Group&nbsp;than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97&nbsp;on&nbsp;Friday, while Spotify and March gained 0.7% and&nbsp;4.2%, respectively.</p><p><blockquote>他说，这一裁决对 Spotify Technology 和 Match Group 等公司来说是积极的，而不是对苹果的负面影响。苹果股价周五下跌 3.3%，至 148.97 美元，而 Spotify 和 March 分别上涨 0.7% 和 4.2%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/apple-app-store-epic-51631304007?mod=hp_LEAD_1_B_2\">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/apple-app-store-epic-51631304007?mod=hp_LEAD_1_B_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147045390","content_text":"Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.\nIn a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.\nData from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.\nSensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.\nGene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.\nMunster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.\n“After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”\nEvercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.\nWedbush analyst Dan Ives told Barron’s he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.\nThe ruling is more a positive for companies like Spotify Technology and Match Group than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97 on Friday, while Spotify and March gained 0.7% and 4.2%, respectively.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":4861,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157220676,"gmtCreate":1625584257995,"gmtModify":1633939337933,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586392338558856","authorIdStr":"3586392338558856"},"themes":[],"title":"","htmlText":"Does it mean investor doesn’t like Jeff?!","listText":"Does it mean investor doesn’t like Jeff?!","text":"Does it mean investor doesn’t like Jeff?!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/157220676","repostId":"1129630404","repostType":4,"isVote":1,"tweetType":1,"viewCount":921,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808895673,"gmtCreate":1627567758392,"gmtModify":1631893952006,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586392338558856","authorIdStr":"3586392338558856"},"themes":[],"title":"","htmlText":"Like that how buy?","listText":"Like that how buy?","text":"Like that how buy?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/808895673","repostId":"1165497040","repostType":4,"isVote":1,"tweetType":1,"viewCount":1015,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171039291,"gmtCreate":1626694681913,"gmtModify":1631885481177,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586392338558856","authorIdStr":"3586392338558856"},"themes":[],"title":"","htmlText":"Time to collect more?","listText":"Time to collect more?","text":"Time to collect more?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/171039291","repostId":"1135910714","repostType":4,"repost":{"id":"1135910714","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":1626692784,"share":"https://www.laohunote.com/m/news/1135910714?lang=zh_CN&edition=full","pubTime":"2021-07-19 19:06","market":"us","language":"en","title":"Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135910714","media":"Tiger Newspress","summary":"The morning sell-off in stock futures is accelerating.\nPershing Square Tontine Holdings, Tesla Motor","content":"<p><ul>  <li>The morning sell-off in stock futures is accelerating.</li>  <li>Pershing Square Tontine Holdings, Tesla Motor, XPeng Inc. made the biggest moves in premarket trading.</li>  <li>Oil extended losses, with WTI crude futures tumbling 3.8% to below $70/barrel after yesterday's OPEC+ deal which many saw as bullish but not CTAs which this morning are engaged in wholesale liquidation.</li> </ul> (July&nbsp;19)&nbsp;U.S. stock futures, oil prices and government bond yields slid, amid anxiety that the spread of the Delta coronavirus variant would hold back the global economy.</p><p><blockquote><ul><li>股票期货早间抛售正在加速。</li><li>潘兴广场通天控股公司、特斯拉、小鹏汽车在盘前交易中做出了最大的动作。</li><li>石油扩大跌幅，在昨天的石油输出国组织+协议后，WTI原油期货暴跌3.8%，至70美元/桶以下，许多人认为这是看涨的，但CTA不这么认为，CTA今天早上正在进行批发清算。</li></ul>（7月19日）美国由于担心德尔塔新冠病毒变异毒株扩散将拖累全球经济，股票期货、油价和政府债券收益率下滑。</blockquote></p><p> At 8:09 a.m. ET,Futures for the S&amp;P 500 fell 1.11%, signaling opening losses for the broad stock-market gauge after itsnapped a three-week winning streak Friday. Contracts for the Dow Jones Industrial Average dropped 1.35%. Futures on the technology-focused <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a>-100 fell 0.89%.</p><p><blockquote>美国东部时间上午 8:09，标普500期货下跌 1.11%，表明该股市在周五结束三周连涨后开盘下跌。道琼斯工业平均指数合约下跌 1.35%。以技术为中心的期货<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>-100跌0.89%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/78212dd3d7e6d2af95d4495fa43cf583\" tg-width=\"1242\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Surging cases of the coronavirusin many parts of the world, including highly-vaccinated countries such as the U.K., have prompted investors to dial down their expectations of economic growth in the coming months. Some also are concerned that a steep rise in prices will pinch consumption and prompt central banks to withdraw stimulus, creating an environment of lower growth and higher inflation in which stocks tend to struggle.</p><p><blockquote>世界许多地区的冠状病毒病例激增，包括英国等疫苗接种率高的国家，促使投资者下调了未来几个月的经济增长预期。一些人还担心，价格大幅上涨将抑制消费，并促使央行撤回刺激措施，从而创造一个增长放缓和通胀上升的环境，股市往往会在这种环境中苦苦挣扎。</blockquote></p><p> “What you’re seeing is a sense that the consumer is starting to be affected quite significantly” by the jump in prices, said Sebastien Galy, senior macro strategist at Nordea Asset Management.</p><p><blockquote>“北欧银行资产管理公司（Nordea Asset Management）高级宏观策略师塞巴斯蒂安-加利（Sebastien Galy）说：”你看到的是，消费者开始受到价格上涨的显著影响。</blockquote></p><p> Business reopenings, rising vaccination rates and government pandemic aid have helped propel rapid gains in consumer spending—the economy’s main driver. But surveys show that inflation, which accelerated to a 13-year high in the U.S. in June, is starting toknock consumers’ confidencein their ability to keep spending, Mr. Galy said.</p><p><blockquote>企业重新开业、疫苗接种率上升以及政府提供的大流行病援助都有助于推动消费支出的快速增长，而消费支出是经济的主要驱动力。但加利先生说，调查显示，6 月份美国的通货膨胀率加速升至 13 年来的最高点，这开始打击消费者对维持消费能力的信心。</blockquote></p><p> Airlines and oil-and-gas companies were among the worst performers ahead of the bell in <a href=\"https://laohu8.com/S/NWY\">New York</a>.<a href=\"https://laohu8.com/S/OXY\">Occidental</a> Petroleumlost 4.1%, <a href=\"https://laohu8.com/S/COP\">ConocoPhillips</a> 3.6%,<a href=\"https://laohu8.com/S/AAL\">American Airlines</a> Group2.3% and $Delta <a href=\"https://laohu8.com/S/AIRI\">Air</a> Lines(DAL)$ 2.2%.</p><p><blockquote>航空公司和石油天然气公司是 2010 年收盘前表现最差的公司之一<a href=\"https://laohu8.com/S/NWY\">纽约</a>.<a href=\"https://laohu8.com/S/OXY\">西方</a>无石油4.1%，<a href=\"https://laohu8.com/S/COP\">康菲石油公司</a>3.6%,<a href=\"https://laohu8.com/S/AAL\">美国航空公司</a>集团2.3% 和 $Delta<a href=\"https://laohu8.com/S/AIRI\">空气</a>线路（DAL）$ 2.2%。</blockquote></p><p> One bright spot wasFive9,which jumped 8.3% on news thatZoom Video Communicationsplans to buy the provider of cloud-based customer-service software in a deal valuing the firm at $14.7 billion. <a href=\"https://laohu8.com/S/ZM\">Zoom</a> shares slipped 2% in premarket trading.</p><p><blockquote>一个亮点是 Five9，因 Zoom Video Communications 计划以 147 亿美元的价格收购这家基于云的客户服务软件提供商的消息而上涨 8.3%。<a href=\"https://laohu8.com/S/ZM\">缩放</a>股价在盘前交易中下跌 2%。</blockquote></p><p> Worries about the economic effects of the virus were evident in a broad retreat in global markets. The regional Stoxx Europe 600 slid 1.9%, led lower by shares of economically sensitive travel, leisure and commodities companies.</p><p><blockquote>对病毒经济影响的担忧在全球市场的广泛回落中显而易见。斯托克欧洲 600 指数下跌 1.9%，受经济敏感旅游、休闲和大宗商品公司股价下跌的影响。</blockquote></p><p> Potential beneficiaries of a prolonged pandemic including food-delivery companiesHelloFresh,Deliverooand <a href=\"https://laohu8.com/S/JE\">Just</a> Eat Takeaway.com ticked higher.</p><p><blockquote>长期大流行的潜在受益者包括食品配送公司HelloFresh、Deliverooo和<a href=\"https://laohu8.com/S/JE\">刚刚</a>Eat Takeaway.com 股价走高。</blockquote></p><p> Among other stocks, Paris-listedVivendifell 1.2%. <a href=\"https://laohu8.com/S/PGLC\">Pershing</a> <a href=\"https://laohu8.com/S/SQ\">Square</a> Tontine, a blank-check company led by hedge-fund manager Bill Ackman, said it had dropped plans topurchase a 10% stakein <a href=\"https://laohu8.com/S/UVV\">Universal</a> Music Group. Mr. Ackman’s <a href=\"https://laohu8.com/S/PGLC\">Pershing</a> <a href=\"https://laohu8.com/S/SQ\">Square</a> said it would take a large stake in <a href=\"https://laohu8.com/S/UVV\">Universal</a>, which is majority owned by Vivendi, instead.</p><p><blockquote>在其他股票中，巴黎上市的维旺迪股价下跌 1.2%。<a href=\"https://laohu8.com/S/PGLC\">潘兴</a><a href=\"https://laohu8.com/S/SQ\">平方</a>由对冲基金经理比尔·阿克曼 (Bill Ackman) 领导的空白支票公司 Tontine 表示，已放弃购买 10% 股份的计划<a href=\"https://laohu8.com/S/UVV\">普遍的</a>音乐组合。阿克曼先生的<a href=\"https://laohu8.com/S/PGLC\">潘兴</a><a href=\"https://laohu8.com/S/SQ\">平方</a>表示将持有大量股份<a href=\"https://laohu8.com/S/UVV\">普遍的</a>相反，该公司由维旺迪持有多数股权。</blockquote></p><p> Italian luxury fashion house Ermenegildo Zegna will go public on the <a href=\"https://laohu8.com/S/NYRT\">New York</a> Stock Exchange later this year as part of a tie-up agreement with special-purpose acquisition corporation Investindustrial Acquisition. Shares of the SPAC, whose chairman is former UBS CEO Sergio Ermotti, edged down before the bell in <a href=\"https://laohu8.com/S/NGD\">New</a> York.</p><p><blockquote>意大利奢侈时尚品牌 Ermenegildo Zegna 将于<a href=\"https://laohu8.com/S/NYRT\">纽约</a>证券交易所将于今年晚些时候与特殊目的收购公司 Investindustrial Acquisition 达成合作协议。该特殊目的收购公司的董事长是瑞银前首席执行官塞尔吉奥·埃尔莫蒂 (Sergio Ermotti)，该公司的股价在 2010 年收盘前小幅下跌<a href=\"https://laohu8.com/S/NGD\">新的</a>约克。</blockquote></p><p> <b>Stocks making the biggest moves premarket:</b></p><p><blockquote><b>盘前波动最大的股票：</b></blockquote></p><p> <b><a href=\"https://laohu8.com/S/PSTH.U\">Pershing Square Tontine Holdings</a>:&nbsp;</b>Billionaire investor William Ackman’s <a href=\"https://laohu8.com/S/PSTH\">Pershing Square Tontine Holdings</a> has dropped a deal to buy 10% of Vivendi’s Universal Music Group (UMG), the label that is home to musicians such as Taylor Swift.</p><p><blockquote><b><a href=\"https://laohu8.com/S/PSTH.U\">潘兴广场通天控股</a>: </b>亿万富翁投资者威廉·阿克曼<a href=\"https://laohu8.com/S/PSTH\">潘兴广场通天控股</a>已放弃收购维旺迪旗下环球音乐集团（UMG）10%股份的交易，该唱片公司是泰勒-斯威夫特（Taylor Swift）等音乐家的故乡。</blockquote></p><p></p><p> <b><a href=\"https://laohu8.com/S/TSLA\">Tesla Motors</a> :&nbsp;</b>On Saturday, Elon Musk's Tesla Inc launched its Full Self-Driving (FSD) subscription for its driver-assistance software package for $199 per month, Reuters reports. Tesla offered the Full Self-Driving package for a <a href=\"https://laohu8.com/S/AONE.U\">one</a>-time payment of $10,000. The FSD feature would cost $99 a month for those who previously bought the Enhanced Autopilot package. According to Tesla, vehicle owners can cancel their monthly FSD subscription at any time. Tesla fell 2.28% in the premarket&nbsp;trading.</p><p><blockquote><b><a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>: </b>据路透社报道，周六，埃隆·马斯克的特斯拉公司推出了其驾驶辅助软件包的全自动驾驶（FSD）订阅，每月199美元。特斯拉提供完整的自动驾驶套件<a href=\"https://laohu8.com/S/AONE.U\">一</a>-一次性付款10,000美元。对于之前购买了增强型自动驾驶套件的用户来说，FSD 功能每月的费用为 99 美元。据特斯拉称，车主可以随时取消每月的 FSD 订阅。特斯拉在盘前交易中下跌2.28%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e2886cd35d2ac9d0ed7cf4d9056c678a\" tg-width=\"642\" tg-height=\"460\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b><a href=\"https://laohu8.com/S/XPEV\">XPeng Inc.</a>:&nbsp;</b>Xpeng Undercuts Tesla With P5 Sedan Priced Starting $24.7K, EV Maker Reports High Demand As It Begins Taking Pre-Order.Xpeng fell 2.13% in the premarket&nbsp;trading.</p><p><blockquote><b><a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>: </b>小鹏汽车的 P5 轿车起价为 2.47 万美元，低于特斯拉，这家电动汽车制造商报告称，随着开始接受预订，需求旺盛。小鹏汽车在盘前交易中下跌 2.13%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bbc962c414c77edbe87597c447261cac\" tg-width=\"642\" tg-height=\"460\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b><a href=\"https://laohu8.com/S/JNJ\">Johnson &amp; Johnson</a>: </b>Johnson &amp; Johnson (JNJ.N) is exploring a plan to offload liabilities from widespread Baby Powder litigation into a newly created business that would then seek bankruptcy protection, according to seven people familiar with the matter.J&amp;J faces legal actions from tens of thousands of plaintiffs alleging its Baby Powder and other talc products contained asbestos and caused cancer. The plaintiffs include women suffering from ovarian cancer and others battling mesothelioma.</p><p><blockquote><b><a href=\"https://laohu8.com/S/JNJ\">强生公司</a>:</b>据七位知情人士透露，强生公司 (JNJ.N) 正在探索一项计划，将广泛的婴儿爽身粉诉讼中的责任转移到一家新创建的企业，然后该企业将寻求破产保护。强生公司面临着数万名原告的法律诉讼，指控其婴儿爽身粉和其他滑石粉产品含有石棉并致癌。原告包括患有卵巢癌的女性和其他与间皮瘤作斗争的人。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ea35138cf94432dfdcd08c1528620d42\" tg-width=\"642\" tg-height=\"460\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> In Asia, technology giants <a href=\"https://laohu8.com/S/BABA\">Alibaba</a> and Tencent weighed on Hong Kong’s Hang Seng Index, which had lost 1.8% by the close of trading. The losses came after the Biden administration on Friday warned <a href=\"https://laohu8.com/S/AFG\">American</a> companies about the increasingrisks of operating in the financial hub.</p><p><blockquote>在亚洲，科技巨头<a href=\"https://laohu8.com/S/BABA\">阿里巴巴-SW</a>腾讯控股打压了香港恒生指数，截至收盘，香港股市已下跌 1.8%。这些损失是在拜登政府周五警告之后发生的<a href=\"https://laohu8.com/S/AFG\">美国的</a>公司担心在金融中心运营的风险越来越大。</blockquote></p><p> Japan’s Nikkei 225 dropped 1.3%. More athletes and staff members attending theTokyo Olympics have tested positive, while cases are surging in Indonesia. Sydney, Australia’s most populous city, is under lockdown because of a delta outbreak.</p><p><blockquote>日本日经 225 指数下跌 1.3%。更多参加东京奥运会的运动员和工作人员检测呈阳性，而印度尼西亚的病例正在激增。澳大利亚人口最多的城市悉尼因德尔塔疫情而被封锁。</blockquote></p><p> David Chao, a market strategist at <a href=\"https://laohu8.com/S/IVZ\">Invesco</a>, said the spread of the delta variant across Asia, coupled with low vaccination rates and expectations of additional social-distancing measures, has “taken wind out of the sail for many investors expecting an economic rebound” in the region.</p><p><blockquote>David Chao，市场策略师<a href=\"https://laohu8.com/S/IVZ\">景顺</a>他说，德尔塔变异毒株在亚洲的蔓延，加上低疫苗接种率和对更多社会隔离措施的预期，“让许多期待该地区经济反弹的投资者望而却步”。</blockquote></p><p> Mr. Chao said he expected investors to continue to pull funds out of Asian stocks and shift them to shares in developed markets with high inoculation rates, such as the U.S. and U.K.</p><p><blockquote>赵先生表示，他预计投资者将继续从亚洲股市撤出资金，转向美国和英国等疫苗接种率高的发达市场的股票。</blockquote></p><p> <b>In FX, </b>the pound slumped to a three-month low and the FTSE 100 tumbled 1.9% after the U.K. lifted remaining virus curbs in England even as virus cases increased the most in the world, signaling the challenge nations face to fully reopen their economies. Australia’s dollar dropped to a seven-month low after state governments tightened and extended lockdown measures to contain the latest outbreak. The yen strengthened versus all of its Group-of-10 peers. Investors are seeking protection in currency options; data from the Depository Trust &amp; Clearing Corporation show that volumes are running 10% higher than recent averages overall, with demand for Aussie and yuan exposure running at almost double the averages while the pound is almost at triple.</p><p><blockquote><b>在外汇中，</b>英国解除了英国剩余的病毒限制，尽管病毒病例增幅是全球最大的，但英镑跌至三个月低点，富时 100 指数暴跌 1.9%，这表明各国在全面重新开放经济方面面临挑战。在各州政府收紧和延长封锁措施以遏制最新疫情后，澳元跌至七个月低点。日元兑所有10国集团货币走强。投资者正在寻求货币期权的保护；存托信托清算公司的数据显示，总体而言，成交量比近期平均水平高出 10%，对澳元和人民币敞口的需求几乎是平均水平的两倍，而英镑几乎是平均水平的三倍。</blockquote></p><p> <b>Oil extended losses, </b>with WTI crude futures tumbling 3.8% to below $70/barrel after yesterday's OPEC+ deal which many saw as bullish but not CTAs which this morning are engaged in wholesale liquidation.</p><p><blockquote><b>石油扩大损失，</b>在昨天的石油输出国组织+协议后，WTI原油期货暴跌3.8%，跌破70美元/桶，许多人认为这是看涨的，但今天早上正在进行批发清算的CTA却不是。</blockquote></p><p> Gold, a perceived safe haven asset, was also down sliding to just above $1,800. On Sunday OPEC and its allies struck a deal that allows for monthly supply hikes of 400k b/d, putting the group back in control of the crude market. Oil refiners in Asia stayed on the sidelines awaiting price cuts after the OPEC+ deal.</p><p><blockquote>被视为避险资产的黄金也下滑至略高于 1,800 美元。周日，石油输出国组织及其盟友达成协议，允许每月增加40万桶/日的供应量，使该组织重新控制了原油市场。欧佩克+协议达成后，亚洲炼油商一直在观望，等待降价。</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>Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</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\">\nToplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</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\">2021-07-19 19:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><ul>  <li>The morning sell-off in stock futures is accelerating.</li>  <li>Pershing Square Tontine Holdings, Tesla Motor, XPeng Inc. made the biggest moves in premarket trading.</li>  <li>Oil extended losses, with WTI crude futures tumbling 3.8% to below $70/barrel after yesterday's OPEC+ deal which many saw as bullish but not CTAs which this morning are engaged in wholesale liquidation.</li> </ul> (July&nbsp;19)&nbsp;U.S. stock futures, oil prices and government bond yields slid, amid anxiety that the spread of the Delta coronavirus variant would hold back the global economy.</p><p><blockquote><ul><li>股票期货早间抛售正在加速。</li><li>潘兴广场通天控股公司、特斯拉、小鹏汽车在盘前交易中做出了最大的动作。</li><li>石油扩大跌幅，在昨天的石油输出国组织+协议后，WTI原油期货暴跌3.8%，至70美元/桶以下，许多人认为这是看涨的，但CTA不这么认为，CTA今天早上正在进行批发清算。</li></ul>（7月19日）美国由于担心德尔塔新冠病毒变异毒株扩散将拖累全球经济，股票期货、油价和政府债券收益率下滑。</blockquote></p><p> At 8:09 a.m. ET,Futures for the S&amp;P 500 fell 1.11%, signaling opening losses for the broad stock-market gauge after itsnapped a three-week winning streak Friday. Contracts for the Dow Jones Industrial Average dropped 1.35%. Futures on the technology-focused <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a>-100 fell 0.89%.</p><p><blockquote>美国东部时间上午 8:09，标普500期货下跌 1.11%，表明该股市在周五结束三周连涨后开盘下跌。道琼斯工业平均指数合约下跌 1.35%。以技术为中心的期货<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>-100跌0.89%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/78212dd3d7e6d2af95d4495fa43cf583\" tg-width=\"1242\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Surging cases of the coronavirusin many parts of the world, including highly-vaccinated countries such as the U.K., have prompted investors to dial down their expectations of economic growth in the coming months. Some also are concerned that a steep rise in prices will pinch consumption and prompt central banks to withdraw stimulus, creating an environment of lower growth and higher inflation in which stocks tend to struggle.</p><p><blockquote>世界许多地区的冠状病毒病例激增，包括英国等疫苗接种率高的国家，促使投资者下调了未来几个月的经济增长预期。一些人还担心，价格大幅上涨将抑制消费，并促使央行撤回刺激措施，从而创造一个增长放缓和通胀上升的环境，股市往往会在这种环境中苦苦挣扎。</blockquote></p><p> “What you’re seeing is a sense that the consumer is starting to be affected quite significantly” by the jump in prices, said Sebastien Galy, senior macro strategist at Nordea Asset Management.</p><p><blockquote>“北欧银行资产管理公司（Nordea Asset Management）高级宏观策略师塞巴斯蒂安-加利（Sebastien Galy）说：”你看到的是，消费者开始受到价格上涨的显著影响。</blockquote></p><p> Business reopenings, rising vaccination rates and government pandemic aid have helped propel rapid gains in consumer spending—the economy’s main driver. But surveys show that inflation, which accelerated to a 13-year high in the U.S. in June, is starting toknock consumers’ confidencein their ability to keep spending, Mr. Galy said.</p><p><blockquote>企业重新开业、疫苗接种率上升以及政府提供的大流行病援助都有助于推动消费支出的快速增长，而消费支出是经济的主要驱动力。但加利先生说，调查显示，6 月份美国的通货膨胀率加速升至 13 年来的最高点，这开始打击消费者对维持消费能力的信心。</blockquote></p><p> Airlines and oil-and-gas companies were among the worst performers ahead of the bell in <a href=\"https://laohu8.com/S/NWY\">New York</a>.<a href=\"https://laohu8.com/S/OXY\">Occidental</a> Petroleumlost 4.1%, <a href=\"https://laohu8.com/S/COP\">ConocoPhillips</a> 3.6%,<a href=\"https://laohu8.com/S/AAL\">American Airlines</a> Group2.3% and $Delta <a href=\"https://laohu8.com/S/AIRI\">Air</a> Lines(DAL)$ 2.2%.</p><p><blockquote>航空公司和石油天然气公司是 2010 年收盘前表现最差的公司之一<a href=\"https://laohu8.com/S/NWY\">纽约</a>.<a href=\"https://laohu8.com/S/OXY\">西方</a>无石油4.1%，<a href=\"https://laohu8.com/S/COP\">康菲石油公司</a>3.6%,<a href=\"https://laohu8.com/S/AAL\">美国航空公司</a>集团2.3% 和 $Delta<a href=\"https://laohu8.com/S/AIRI\">空气</a>线路（DAL）$ 2.2%。</blockquote></p><p> One bright spot wasFive9,which jumped 8.3% on news thatZoom Video Communicationsplans to buy the provider of cloud-based customer-service software in a deal valuing the firm at $14.7 billion. <a href=\"https://laohu8.com/S/ZM\">Zoom</a> shares slipped 2% in premarket trading.</p><p><blockquote>一个亮点是 Five9，因 Zoom Video Communications 计划以 147 亿美元的价格收购这家基于云的客户服务软件提供商的消息而上涨 8.3%。<a href=\"https://laohu8.com/S/ZM\">缩放</a>股价在盘前交易中下跌 2%。</blockquote></p><p> Worries about the economic effects of the virus were evident in a broad retreat in global markets. The regional Stoxx Europe 600 slid 1.9%, led lower by shares of economically sensitive travel, leisure and commodities companies.</p><p><blockquote>对病毒经济影响的担忧在全球市场的广泛回落中显而易见。斯托克欧洲 600 指数下跌 1.9%，受经济敏感旅游、休闲和大宗商品公司股价下跌的影响。</blockquote></p><p> Potential beneficiaries of a prolonged pandemic including food-delivery companiesHelloFresh,Deliverooand <a href=\"https://laohu8.com/S/JE\">Just</a> Eat Takeaway.com ticked higher.</p><p><blockquote>长期大流行的潜在受益者包括食品配送公司HelloFresh、Deliverooo和<a href=\"https://laohu8.com/S/JE\">刚刚</a>Eat Takeaway.com 股价走高。</blockquote></p><p> Among other stocks, Paris-listedVivendifell 1.2%. <a href=\"https://laohu8.com/S/PGLC\">Pershing</a> <a href=\"https://laohu8.com/S/SQ\">Square</a> Tontine, a blank-check company led by hedge-fund manager Bill Ackman, said it had dropped plans topurchase a 10% stakein <a href=\"https://laohu8.com/S/UVV\">Universal</a> Music Group. Mr. Ackman’s <a href=\"https://laohu8.com/S/PGLC\">Pershing</a> <a href=\"https://laohu8.com/S/SQ\">Square</a> said it would take a large stake in <a href=\"https://laohu8.com/S/UVV\">Universal</a>, which is majority owned by Vivendi, instead.</p><p><blockquote>在其他股票中，巴黎上市的维旺迪股价下跌 1.2%。<a href=\"https://laohu8.com/S/PGLC\">潘兴</a><a href=\"https://laohu8.com/S/SQ\">平方</a>由对冲基金经理比尔·阿克曼 (Bill Ackman) 领导的空白支票公司 Tontine 表示，已放弃购买 10% 股份的计划<a href=\"https://laohu8.com/S/UVV\">普遍的</a>音乐组合。阿克曼先生的<a href=\"https://laohu8.com/S/PGLC\">潘兴</a><a href=\"https://laohu8.com/S/SQ\">平方</a>表示将持有大量股份<a href=\"https://laohu8.com/S/UVV\">普遍的</a>相反，该公司由维旺迪持有多数股权。</blockquote></p><p> Italian luxury fashion house Ermenegildo Zegna will go public on the <a href=\"https://laohu8.com/S/NYRT\">New York</a> Stock Exchange later this year as part of a tie-up agreement with special-purpose acquisition corporation Investindustrial Acquisition. Shares of the SPAC, whose chairman is former UBS CEO Sergio Ermotti, edged down before the bell in <a href=\"https://laohu8.com/S/NGD\">New</a> York.</p><p><blockquote>意大利奢侈时尚品牌 Ermenegildo Zegna 将于<a href=\"https://laohu8.com/S/NYRT\">纽约</a>证券交易所将于今年晚些时候与特殊目的收购公司 Investindustrial Acquisition 达成合作协议。该特殊目的收购公司的董事长是瑞银前首席执行官塞尔吉奥·埃尔莫蒂 (Sergio Ermotti)，该公司的股价在 2010 年收盘前小幅下跌<a href=\"https://laohu8.com/S/NGD\">新的</a>约克。</blockquote></p><p> <b>Stocks making the biggest moves premarket:</b></p><p><blockquote><b>盘前波动最大的股票：</b></blockquote></p><p> <b><a href=\"https://laohu8.com/S/PSTH.U\">Pershing Square Tontine Holdings</a>:&nbsp;</b>Billionaire investor William Ackman’s <a href=\"https://laohu8.com/S/PSTH\">Pershing Square Tontine Holdings</a> has dropped a deal to buy 10% of Vivendi’s Universal Music Group (UMG), the label that is home to musicians such as Taylor Swift.</p><p><blockquote><b><a href=\"https://laohu8.com/S/PSTH.U\">潘兴广场通天控股</a>: </b>亿万富翁投资者威廉·阿克曼<a href=\"https://laohu8.com/S/PSTH\">潘兴广场通天控股</a>已放弃收购维旺迪旗下环球音乐集团（UMG）10%股份的交易，该唱片公司是泰勒-斯威夫特（Taylor Swift）等音乐家的故乡。</blockquote></p><p></p><p> <b><a href=\"https://laohu8.com/S/TSLA\">Tesla Motors</a> :&nbsp;</b>On Saturday, Elon Musk's Tesla Inc launched its Full Self-Driving (FSD) subscription for its driver-assistance software package for $199 per month, Reuters reports. Tesla offered the Full Self-Driving package for a <a href=\"https://laohu8.com/S/AONE.U\">one</a>-time payment of $10,000. The FSD feature would cost $99 a month for those who previously bought the Enhanced Autopilot package. According to Tesla, vehicle owners can cancel their monthly FSD subscription at any time. Tesla fell 2.28% in the premarket&nbsp;trading.</p><p><blockquote><b><a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>: </b>据路透社报道，周六，埃隆·马斯克的特斯拉公司推出了其驾驶辅助软件包的全自动驾驶（FSD）订阅，每月199美元。特斯拉提供完整的自动驾驶套件<a href=\"https://laohu8.com/S/AONE.U\">一</a>-一次性付款10,000美元。对于之前购买了增强型自动驾驶套件的用户来说，FSD 功能每月的费用为 99 美元。据特斯拉称，车主可以随时取消每月的 FSD 订阅。特斯拉在盘前交易中下跌2.28%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e2886cd35d2ac9d0ed7cf4d9056c678a\" tg-width=\"642\" tg-height=\"460\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b><a href=\"https://laohu8.com/S/XPEV\">XPeng Inc.</a>:&nbsp;</b>Xpeng Undercuts Tesla With P5 Sedan Priced Starting $24.7K, EV Maker Reports High Demand As It Begins Taking Pre-Order.Xpeng fell 2.13% in the premarket&nbsp;trading.</p><p><blockquote><b><a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>: </b>小鹏汽车的 P5 轿车起价为 2.47 万美元，低于特斯拉，这家电动汽车制造商报告称，随着开始接受预订，需求旺盛。小鹏汽车在盘前交易中下跌 2.13%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bbc962c414c77edbe87597c447261cac\" tg-width=\"642\" tg-height=\"460\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b><a href=\"https://laohu8.com/S/JNJ\">Johnson &amp; Johnson</a>: </b>Johnson &amp; Johnson (JNJ.N) is exploring a plan to offload liabilities from widespread Baby Powder litigation into a newly created business that would then seek bankruptcy protection, according to seven people familiar with the matter.J&amp;J faces legal actions from tens of thousands of plaintiffs alleging its Baby Powder and other talc products contained asbestos and caused cancer. The plaintiffs include women suffering from ovarian cancer and others battling mesothelioma.</p><p><blockquote><b><a href=\"https://laohu8.com/S/JNJ\">强生公司</a>:</b>据七位知情人士透露，强生公司 (JNJ.N) 正在探索一项计划，将广泛的婴儿爽身粉诉讼中的责任转移到一家新创建的企业，然后该企业将寻求破产保护。强生公司面临着数万名原告的法律诉讼，指控其婴儿爽身粉和其他滑石粉产品含有石棉并致癌。原告包括患有卵巢癌的女性和其他与间皮瘤作斗争的人。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ea35138cf94432dfdcd08c1528620d42\" tg-width=\"642\" tg-height=\"460\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> In Asia, technology giants <a href=\"https://laohu8.com/S/BABA\">Alibaba</a> and Tencent weighed on Hong Kong’s Hang Seng Index, which had lost 1.8% by the close of trading. The losses came after the Biden administration on Friday warned <a href=\"https://laohu8.com/S/AFG\">American</a> companies about the increasingrisks of operating in the financial hub.</p><p><blockquote>在亚洲，科技巨头<a href=\"https://laohu8.com/S/BABA\">阿里巴巴-SW</a>腾讯控股打压了香港恒生指数，截至收盘，香港股市已下跌 1.8%。这些损失是在拜登政府周五警告之后发生的<a href=\"https://laohu8.com/S/AFG\">美国的</a>公司担心在金融中心运营的风险越来越大。</blockquote></p><p> Japan’s Nikkei 225 dropped 1.3%. More athletes and staff members attending theTokyo Olympics have tested positive, while cases are surging in Indonesia. Sydney, Australia’s most populous city, is under lockdown because of a delta outbreak.</p><p><blockquote>日本日经 225 指数下跌 1.3%。更多参加东京奥运会的运动员和工作人员检测呈阳性，而印度尼西亚的病例正在激增。澳大利亚人口最多的城市悉尼因德尔塔疫情而被封锁。</blockquote></p><p> David Chao, a market strategist at <a href=\"https://laohu8.com/S/IVZ\">Invesco</a>, said the spread of the delta variant across Asia, coupled with low vaccination rates and expectations of additional social-distancing measures, has “taken wind out of the sail for many investors expecting an economic rebound” in the region.</p><p><blockquote>David Chao，市场策略师<a href=\"https://laohu8.com/S/IVZ\">景顺</a>他说，德尔塔变异毒株在亚洲的蔓延，加上低疫苗接种率和对更多社会隔离措施的预期，“让许多期待该地区经济反弹的投资者望而却步”。</blockquote></p><p> Mr. Chao said he expected investors to continue to pull funds out of Asian stocks and shift them to shares in developed markets with high inoculation rates, such as the U.S. and U.K.</p><p><blockquote>赵先生表示，他预计投资者将继续从亚洲股市撤出资金，转向美国和英国等疫苗接种率高的发达市场的股票。</blockquote></p><p> <b>In FX, </b>the pound slumped to a three-month low and the FTSE 100 tumbled 1.9% after the U.K. lifted remaining virus curbs in England even as virus cases increased the most in the world, signaling the challenge nations face to fully reopen their economies. Australia’s dollar dropped to a seven-month low after state governments tightened and extended lockdown measures to contain the latest outbreak. The yen strengthened versus all of its Group-of-10 peers. Investors are seeking protection in currency options; data from the Depository Trust &amp; Clearing Corporation show that volumes are running 10% higher than recent averages overall, with demand for Aussie and yuan exposure running at almost double the averages while the pound is almost at triple.</p><p><blockquote><b>在外汇中，</b>英国解除了英国剩余的病毒限制，尽管病毒病例增幅是全球最大的，但英镑跌至三个月低点，富时 100 指数暴跌 1.9%，这表明各国在全面重新开放经济方面面临挑战。在各州政府收紧和延长封锁措施以遏制最新疫情后，澳元跌至七个月低点。日元兑所有10国集团货币走强。投资者正在寻求货币期权的保护；存托信托清算公司的数据显示，总体而言，成交量比近期平均水平高出 10%，对澳元和人民币敞口的需求几乎是平均水平的两倍，而英镑几乎是平均水平的三倍。</blockquote></p><p> <b>Oil extended losses, </b>with WTI crude futures tumbling 3.8% to below $70/barrel after yesterday's OPEC+ deal which many saw as bullish but not CTAs which this morning are engaged in wholesale liquidation.</p><p><blockquote><b>石油扩大损失，</b>在昨天的石油输出国组织+协议后，WTI原油期货暴跌3.8%，跌破70美元/桶，许多人认为这是看涨的，但今天早上正在进行批发清算的CTA却不是。</blockquote></p><p> Gold, a perceived safe haven asset, was also down sliding to just above $1,800. On Sunday OPEC and its allies struck a deal that allows for monthly supply hikes of 400k b/d, putting the group back in control of the crude market. Oil refiners in Asia stayed on the sidelines awaiting price cuts after the OPEC+ deal.</p><p><blockquote>被视为避险资产的黄金也下滑至略高于 1,800 美元。周日，石油输出国组织及其盟友达成协议，允许每月增加40万桶/日的供应量，使该组织重新控制了原油市场。欧佩克+协议达成后，亚洲炼油商一直在观望，等待降价。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135910714","content_text":"The morning sell-off in stock futures is accelerating.\nPershing Square Tontine Holdings, Tesla Motor, XPeng Inc. made the biggest moves in premarket trading.\nOil extended losses, with WTI crude futures tumbling 3.8% to below $70/barrel after yesterday's OPEC+ deal which many saw as bullish but not CTAs which this morning are engaged in wholesale liquidation.\n\n(July 19) U.S. stock futures, oil prices and government bond yields slid, amid anxiety that the spread of the Delta coronavirus variant would hold back the global economy.\nAt 8:09 a.m. ET,Futures for the S&P 500 fell 1.11%, signaling opening losses for the broad stock-market gauge after itsnapped a three-week winning streak Friday. Contracts for the Dow Jones Industrial Average dropped 1.35%. Futures on the technology-focused Nasdaq-100 fell 0.89%.\n\nSurging cases of the coronavirusin many parts of the world, including highly-vaccinated countries such as the U.K., have prompted investors to dial down their expectations of economic growth in the coming months. Some also are concerned that a steep rise in prices will pinch consumption and prompt central banks to withdraw stimulus, creating an environment of lower growth and higher inflation in which stocks tend to struggle.\n“What you’re seeing is a sense that the consumer is starting to be affected quite significantly” by the jump in prices, said Sebastien Galy, senior macro strategist at Nordea Asset Management.\nBusiness reopenings, rising vaccination rates and government pandemic aid have helped propel rapid gains in consumer spending—the economy’s main driver. But surveys show that inflation, which accelerated to a 13-year high in the U.S. in June, is starting toknock consumers’ confidencein their ability to keep spending, Mr. Galy said.\nAirlines and oil-and-gas companies were among the worst performers ahead of the bell in New York.Occidental Petroleumlost 4.1%, ConocoPhillips 3.6%,American Airlines Group2.3% and $Delta Air Lines(DAL)$ 2.2%.\nOne bright spot wasFive9,which jumped 8.3% on news thatZoom Video Communicationsplans to buy the provider of cloud-based customer-service software in a deal valuing the firm at $14.7 billion. Zoom shares slipped 2% in premarket trading.\nWorries about the economic effects of the virus were evident in a broad retreat in global markets. The regional Stoxx Europe 600 slid 1.9%, led lower by shares of economically sensitive travel, leisure and commodities companies.\nPotential beneficiaries of a prolonged pandemic including food-delivery companiesHelloFresh,Deliverooand Just Eat Takeaway.com ticked higher.\nAmong other stocks, Paris-listedVivendifell 1.2%. Pershing Square Tontine, a blank-check company led by hedge-fund manager Bill Ackman, said it had dropped plans topurchase a 10% stakein Universal Music Group. Mr. Ackman’s Pershing Square said it would take a large stake in Universal, which is majority owned by Vivendi, instead.\nItalian luxury fashion house Ermenegildo Zegna will go public on the New York Stock Exchange later this year as part of a tie-up agreement with special-purpose acquisition corporation Investindustrial Acquisition. Shares of the SPAC, whose chairman is former UBS CEO Sergio Ermotti, edged down before the bell in New York.\nStocks making the biggest moves premarket:\nPershing Square Tontine Holdings: Billionaire investor William Ackman’s Pershing Square Tontine Holdings has dropped a deal to buy 10% of Vivendi’s Universal Music Group (UMG), the label that is home to musicians such as Taylor Swift.\nTesla Motors : On Saturday, Elon Musk's Tesla Inc launched its Full Self-Driving (FSD) subscription for its driver-assistance software package for $199 per month, Reuters reports. Tesla offered the Full Self-Driving package for a one-time payment of $10,000. The FSD feature would cost $99 a month for those who previously bought the Enhanced Autopilot package. According to Tesla, vehicle owners can cancel their monthly FSD subscription at any time. Tesla fell 2.28% in the premarket trading.\n\nXPeng Inc.: Xpeng Undercuts Tesla With P5 Sedan Priced Starting $24.7K, EV Maker Reports High Demand As It Begins Taking Pre-Order.Xpeng fell 2.13% in the premarket trading.\n\nJohnson & Johnson: Johnson & Johnson (JNJ.N) is exploring a plan to offload liabilities from widespread Baby Powder litigation into a newly created business that would then seek bankruptcy protection, according to seven people familiar with the matter.J&J faces legal actions from tens of thousands of plaintiffs alleging its Baby Powder and other talc products contained asbestos and caused cancer. The plaintiffs include women suffering from ovarian cancer and others battling mesothelioma.\n\nIn Asia, technology giants Alibaba and Tencent weighed on Hong Kong’s Hang Seng Index, which had lost 1.8% by the close of trading. The losses came after the Biden administration on Friday warned American companies about the increasingrisks of operating in the financial hub.\nJapan’s Nikkei 225 dropped 1.3%. More athletes and staff members attending theTokyo Olympics have tested positive, while cases are surging in Indonesia. Sydney, Australia’s most populous city, is under lockdown because of a delta outbreak.\nDavid Chao, a market strategist at Invesco, said the spread of the delta variant across Asia, coupled with low vaccination rates and expectations of additional social-distancing measures, has “taken wind out of the sail for many investors expecting an economic rebound” in the region.\nMr. Chao said he expected investors to continue to pull funds out of Asian stocks and shift them to shares in developed markets with high inoculation rates, such as the U.S. and U.K.\nIn FX, the pound slumped to a three-month low and the FTSE 100 tumbled 1.9% after the U.K. lifted remaining virus curbs in England even as virus cases increased the most in the world, signaling the challenge nations face to fully reopen their economies. Australia’s dollar dropped to a seven-month low after state governments tightened and extended lockdown measures to contain the latest outbreak. The yen strengthened versus all of its Group-of-10 peers. Investors are seeking protection in currency options; data from the Depository Trust & Clearing Corporation show that volumes are running 10% higher than recent averages overall, with demand for Aussie and yuan exposure running at almost double the averages while the pound is almost at triple.\nOil extended losses, with WTI crude futures tumbling 3.8% to below $70/barrel after yesterday's OPEC+ deal which many saw as bullish but not CTAs which this morning are engaged in wholesale liquidation.\nGold, a perceived safe haven asset, was also down sliding to just above $1,800. On Sunday OPEC and its allies struck a deal that allows for monthly supply hikes of 400k b/d, putting the group back in control of the crude market. Oil refiners in Asia stayed on the sidelines awaiting price cuts after the OPEC+ deal.","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":657,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810432273,"gmtCreate":1629990965992,"gmtModify":1704954334354,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586392338558856","authorIdStr":"3586392338558856"},"themes":[],"title":"","htmlText":"[Miser]&nbsp;","listText":"[Miser]&nbsp;","text":"[Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/810432273","repostId":"1143350451","repostType":4,"isVote":1,"tweetType":1,"viewCount":2166,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835422576,"gmtCreate":1629733635595,"gmtModify":1631891497842,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586392338558856","authorIdStr":"3586392338558856"},"themes":[],"title":"","htmlText":"[Happy]&nbsp;[Happy]&nbsp;[Happy]&nbsp;","listText":"[Happy]&nbsp;[Happy]&nbsp;[Happy]&nbsp;","text":"[Happy] [Happy] [Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/835422576","repostId":"2161747692","repostType":4,"isVote":1,"tweetType":1,"viewCount":893,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831705592,"gmtCreate":1629345915516,"gmtModify":1631893951982,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586392338558856","authorIdStr":"3586392338558856"},"themes":[],"title":"","htmlText":"Tesla to the moon","listText":"Tesla to the moon","text":"Tesla to the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/831705592","repostId":"1165430007","repostType":4,"isVote":1,"tweetType":1,"viewCount":978,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170869607,"gmtCreate":1626420425909,"gmtModify":1633926899291,"author":{"id":"3586392338558856","authorId":"3586392338558856","name":"Jokhang","avatar":"https://static.tigerbbs.com/d189ae3ec01747be0bd951c14c32cb94","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586392338558856","authorIdStr":"3586392338558856"},"themes":[],"title":"","htmlText":"Drop more buy more&nbsp;","listText":"Drop more buy more&nbsp;","text":"Drop more buy more","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/170869607","repostId":"2151573133","repostType":4,"isVote":1,"tweetType":1,"viewCount":977,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}