+关注
嗯哈
暂无个人介绍
IP属地:新疆
19
关注
0
粉丝
2
主题
0
勋章
主贴
热门
嗯哈
2021-09-24
本质区别是所有人买单
抱歉,原内容已删除
嗯哈
2021-04-15
要
抱歉,原内容已删除
嗯哈
2021-03-22
$微软(MSFT)$
要创新高了
嗯哈
2021-03-09
$洛克希德马丁(LMT)$
盘后除权?
去老虎APP查看更多动态
{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":136230610907005,"uuid":"136230610907005","gmtCreate":1460683246272,"gmtModify":1468966563415,"name":"嗯哈","pinyin":"nhngha","introduction":"","introductionEn":"","signature":"","avatar":"https://static.laohu8.com/default-avatar.jpg","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":0,"headSize":19,"tweetSize":4,"questionSize":0,"limitLevel":900,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖(非转发)","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":2,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":1,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"228c86a078844d74991fff2b7ab2428d-3","templateUuid":"228c86a078844d74991fff2b7ab2428d","name":"投资合伙人虎","description":"证券账户累计交易金额达到100万美元","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.28","exceedPercentage":"93.54%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"976c19eed35f4cd78f17501c2e99ef37-1","templateUuid":"976c19eed35f4cd78f17501c2e99ef37","name":"博闻投资者","description":"累计交易超过10只正股","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"35ec162348d5460f88c959321e554969-3","templateUuid":"35ec162348d5460f88c959321e554969","name":"传说交易员","description":"证券或期货账户累计交易次数达到300次","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"93.80%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-4","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"明星虎友","description":"加入老虎社区2000天","bigImgUrl":"https://static.tigerbbs.com/dddf24b906c7011de2617d4fb3f76987","smallImgUrl":"https://static.tigerbbs.com/53d58ad32c97254c6f74db8b97e6ec49","grayImgUrl":"https://static.tigerbbs.com/6304700d92ad91c7a33e2e92ec32ecc1","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.18","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":8,"crmLevelSwitch":0,"location":"新疆","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":861959093,"gmtCreate":1632450246212,"gmtModify":1632450246212,"author":{"id":"136230610907005","authorId":"136230610907005","name":"嗯哈","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"本质区别是所有人买单","listText":"本质区别是所有人买单","text":"本质区别是所有人买单","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/861959093","repostId":"1138740934","repostType":2,"isVote":1,"tweetType":1,"viewCount":927,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":347379700,"gmtCreate":1618470335900,"gmtModify":1618470335900,"author":{"id":"136230610907005","authorId":"136230610907005","name":"嗯哈","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"要","listText":"要","text":"要","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/347379700","repostId":"2127035780","repostType":2,"isVote":1,"tweetType":1,"viewCount":1159,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":353003501,"gmtCreate":1616427313203,"gmtModify":1616427313203,"author":{"id":"136230610907005","authorId":"136230610907005","name":"嗯哈","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/MSFT\">$微软(MSFT)$</a>要创新高了","listText":"<a href=\"https://laohu8.com/S/MSFT\">$微软(MSFT)$</a>要创新高了","text":"$微软(MSFT)$要创新高了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/353003501","isVote":1,"tweetType":1,"viewCount":968,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":323940543,"gmtCreate":1615300974882,"gmtModify":1703487006735,"author":{"id":"136230610907005","authorId":"136230610907005","name":"嗯哈","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/LMT\">$洛克希德马丁(LMT)$</a>盘后除权?","listText":"<a href=\"https://laohu8.com/S/LMT\">$洛克希德马丁(LMT)$</a>盘后除权?","text":"$洛克希德马丁(LMT)$盘后除权?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/323940543","isVote":1,"tweetType":1,"viewCount":2689,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3512656213662104","authorId":"3512656213662104","name":"鲍猫","avatar":"https://static.tigerbbs.com/d72b5b60166dcefbaf2a92dcab69a786","crmLevel":1,"crmLevelSwitch":0},"content":"应该是早上8点30","text":"应该是早上8点30","html":"应该是早上8点30"}],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":323940543,"gmtCreate":1615300974882,"gmtModify":1703487006735,"author":{"id":"136230610907005","authorId":"136230610907005","name":"嗯哈","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/LMT\">$洛克希德马丁(LMT)$</a>盘后除权?","listText":"<a href=\"https://laohu8.com/S/LMT\">$洛克希德马丁(LMT)$</a>盘后除权?","text":"$洛克希德马丁(LMT)$盘后除权?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/323940543","isVote":1,"tweetType":1,"viewCount":2689,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3512656213662104","authorId":"3512656213662104","name":"鲍猫","avatar":"https://static.tigerbbs.com/d72b5b60166dcefbaf2a92dcab69a786","crmLevel":1,"crmLevelSwitch":0},"content":"应该是早上8点30","text":"应该是早上8点30","html":"应该是早上8点30"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":347379700,"gmtCreate":1618470335900,"gmtModify":1618470335900,"author":{"id":"136230610907005","authorId":"136230610907005","name":"嗯哈","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"要","listText":"要","text":"要","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/347379700","repostId":"2127035780","repostType":2,"repost":{"id":"2127035780","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1618469100,"share":"https://www.laohu8.com/m/news/2127035780?lang=&edition=full","pubTime":"2021-04-15 14:45","market":"us","language":"en","title":"ARK snaps up $246 million worth of Coinbase in market debut","url":"https://stock-news.laohu8.com/highlight/detail?id=2127035780","media":"Dow Jones","summary":"ARK Invest bought cryptocurrency exchange Coinbase $(COIN)$, which went public on Wednesday, for thr","content":"<p>ARK Invest bought cryptocurrency exchange Coinbase <a href=\"https://laohu8.com/S/COIN\">$(COIN)$</a>, which went public on Wednesday, for three of the ARK exchange-traded funds, including the flagship <a href=\"https://laohu8.com/S/ARKK\">ARK Innovation ETF</a> (ARKW). </p>\n<p>ARK Invest bought Coinbase stock valued at $246 million for the ARK Innovation ETF, <a href=\"https://laohu8.com/S/ARKW\">ARK Next Generation Internet ETF</a> (ARKW) and <a href=\"https://laohu8.com/S/ARKF\">ARK Fintech Innovation ETF</a> (ARKF). ARK Invest CEO Cathie Wood spoke of Coinbase's potential, as well as volatility, in an interview with Bloomberg BNN on Wednesday on Wednesday, though the electric vehicle maker is still the top holding of the ARK Innovation ETF and the ARK Next Generation Internet ETF.</p>\n<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>ARK snaps up $246 million worth of Coinbase in market debut</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nARK snaps up $246 million worth of Coinbase in market debut\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-04-15 14:45</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>ARK Invest bought cryptocurrency exchange Coinbase <a href=\"https://laohu8.com/S/COIN\">$(COIN)$</a>, which went public on Wednesday, for three of the ARK exchange-traded funds, including the flagship <a href=\"https://laohu8.com/S/ARKK\">ARK Innovation ETF</a> (ARKW). </p>\n<p>ARK Invest bought Coinbase stock valued at $246 million for the ARK Innovation ETF, <a href=\"https://laohu8.com/S/ARKW\">ARK Next Generation Internet ETF</a> (ARKW) and <a href=\"https://laohu8.com/S/ARKF\">ARK Fintech Innovation ETF</a> (ARKF). ARK Invest CEO Cathie Wood spoke of Coinbase's potential, as well as volatility, in an interview with Bloomberg BNN on Wednesday on Wednesday, though the electric vehicle maker is still the top holding of the ARK Innovation ETF and the ARK Next Generation Internet ETF.</p>\n<p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc.","ARKW":"ARK Next Generation Internation ETF","ARKK":"ARK Innovation ETF","ARKF":"ARK Fintech Innovation ETF","TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2127035780","content_text":"ARK Invest bought cryptocurrency exchange Coinbase $(COIN)$, which went public on Wednesday, for three of the ARK exchange-traded funds, including the flagship ARK Innovation ETF (ARKW). \nARK Invest bought Coinbase stock valued at $246 million for the ARK Innovation ETF, ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF). ARK Invest CEO Cathie Wood spoke of Coinbase's potential, as well as volatility, in an interview with Bloomberg BNN on Wednesday on Wednesday, though the electric vehicle maker is still the top holding of the ARK Innovation ETF and the ARK Next Generation Internet ETF.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1159,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861959093,"gmtCreate":1632450246212,"gmtModify":1632450246212,"author":{"id":"136230610907005","authorId":"136230610907005","name":"嗯哈","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"本质区别是所有人买单","listText":"本质区别是所有人买单","text":"本质区别是所有人买单","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/861959093","repostId":"1138740934","repostType":2,"repost":{"id":"1138740934","pubTimestamp":1632280942,"share":"https://www.laohu8.com/m/news/1138740934?lang=&edition=full","pubTime":"2021-09-22 11:22","market":"hk","language":"zh","title":"中国不存在“雷曼时刻”!恒大与雷曼的四点不同","url":"https://stock-news.laohu8.com/highlight/detail?id=1138740934","media":"陈曦固收研究","summary":"近期,不少观点将恒大类比为雷曼,中秋节期间,港股大跌,地产、银行领跌。\n表面上看,恒大与雷曼有很多相似之处:\n第一,都与房地产相关,特别是出事之前的底层逻辑是房价能持续上涨。只有房价上涨,才能消化加杠","content":"<p>近期,不少观点将恒大类比为雷曼,中秋节期间,港股大跌,地产、银行领跌。</p>\n<p><b>表面上看,恒大与雷曼有很多相似之处:</b></p>\n<p><b>第一,都与房地产相关</b>,特别是出事之前的底层逻辑是房价能持续上涨。只有房价上涨,才能消化加杠杆的负债。而美国次贷危机前以及中国过去这些年确实存在房价的持续上涨。</p>\n<p><b>第二,都是债务危机</b>。债务危机比“股灾”要严重的多,因为资产是软的,债务是硬的,很容易出现资产负债表的破坏。从国际经验看,“股灾”的影响往往较小,例如2000年美国互联网泡沫,中国2015年股市异动,而债务危机的影响则要大得多,例如98年东南亚外债危机,08年美国次贷危机等。</p>\n<p><b>第三,都表现出传染性</b>。雷曼破产导致一系列连锁反应,恒大出事导致银行对房地产企业融资收缩,已经多家地方房企出现问题。</p>\n<p>雷曼时刻是美国次贷危机的重要加速点,雷曼倒掉之后,美国陷入全面的危机之中。</p>\n<p><b>既然恒大与雷曼有诸多相似,是否意味着中国会重演2008年的美国?</b></p>\n<p><b>我们认为,中国重演美国2008年的可能性基本为零。</b></p>\n<p><b>我们认为,恒大与雷曼有以下本质差别:</b></p>\n<p><b>第一,雷曼背后是居民加杠杆,而恒大背后是地产企业加杠杆,对经济的影响完全不同。</b>08年美国房价下跌,居民被迫去杠杆,进而导致大量居民的资产负债表崩溃,消费能力急剧下降,是地产危机转为经济危机的根源;恒大背后是房地产企业加杠杆,中国的居民加杠杆并不严重。</p>\n<p>中国居民尽管也加杠杆买房,但是中国有严格的首付比例等限制,与美国次贷完全不可同日而语,<b>中国不存在居民资产负债表崩溃的可能。</b></p>\n<p><b>第二,雷曼时刻之后的关键是房价崩盘式下跌,导致抵押品快速贬值,继而出现全面危机;中国看不到房价断崖式下行的可能。</b>对于房价上涨压力大的地区,确实政策非常严格,而对于房价存在下跌压力的地区,则已经开始出台限制房价下跌政策。中国因城施策的背景下,房价未来大概率进入涨跌均有限的波动状态,甚至是冻结状态,不会触发抵押品贬值危机。<b>中国出问题仅限于房企,而不是押品,</b>这是与美国2008年的另一大关键区别。</p>\n<p><b>第三,中国有成熟的大型企业债务问题处置经验,</b>包商、华融、明天、安邦、海航等体量都与恒大可比,甚至有的比恒大更大,处置方式基本都是国家接管、业务拆分、切断传染。其中,能够避免雷曼重演的关键是:切断传染。我们认为即使真有个别中国的房企资不抵债,也能通过政府介入切断传染性(不是政府兜底,而是切断传染)。</p>\n<p><b>第四,银行是缓冲/加速债务危机的关键环节,中国的银行大多数具有国企背景,或者对监管、对政府的响应要比美国强得多。</b>如果按照市场化主体的行为逻辑,很容易出现挤兑(看房企出问题,于是全面抽贷断贷),而中国的银行不存在这个问题。在2020年3-4月疫情高峰、谁也看不清企业能否活下去的时候,中国的银行体系可以大量放贷,还是放中长期贷、甚至信用贷,足以表明中国的银行与美国的银行有巨大差异。</p>\n<p><b>综上所述,我们认为,恒大并不是中国版雷曼,两者差异非常大。如果真的有大型房企资不抵债,则更类似之前的个别大型企业的定点爆破,而不会出现类似美国2008年的风险传染。</b></p>\n<p><b>对于中国经济和资本市场,我们认为:</b></p>\n<p><b>1、房地产调控大方向不会变化</b>,2020疫情后-2021年上半年,房地产是中国经济的重要支撑,而现在开始,<b>房地产确实正在变成对经济的拖累。</b></p>\n<p>2、<b>中国房地产行业不可能消失</b>,即使是发达国家,房地产业仍然占有重要位置,因此,<b>如果房地产行业整体错杀,特别是如果符合三道红线的优质房企被错杀,则其股、债均存在投资机会。</b></p>\n<p><b>3、对于股市的影响,与美国2008年不可同日而语。</b>港股更多的受到外资影响,不了解中国国情,外资误判是正常的;<b>而如果中国股市出现类似港股的下跌,则是买入机会。</b></p>\n<p><b>4、对于债券市场</b>,雷曼时刻之后,美债收益率上行,有观点认为中国可能会出现类似情况,这基本属于误读。美国当年是真的出现了“现金为王”的情况,避险避到只认现金,而中国距离那一步实在是十万八千里。我们认为,中国出现类似美国当年的避险情绪很难,<b>就算真的出现避险,中国央行也会保证流动性</b>,类似包商、永煤之后,导致的是国债收益率下行而不是上行。</p>\n<p><b>我们认为,恒大对中国债市的主要影响是两方面:</b></p>\n<p><b>一是寻找优质房企的地产债错杀机会;</b></p>\n<p><b>二是确认调控对于房地产投资的影响</b>,这将导致经济下行压力加大,在内需本就不足的情况下,<b>货币宽松可能性上升</b>(我们维持10-11月存在降息可能)<b>。</b></p>\n<p><b>中国不存在“雷曼时刻”,维持3月以来提出的“债牛已至”观点不变,同时提示低估值蓝筹股的投资机会。</b></p>","source":"lsy1627443742494","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>中国不存在“雷曼时刻”!恒大与雷曼的四点不同</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中国不存在“雷曼时刻”!恒大与雷曼的四点不同\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-22 11:22 北京时间 <a href=https://finance.ifeng.com/c/89jwfdVukxk><strong>陈曦固收研究</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>近期,不少观点将恒大类比为雷曼,中秋节期间,港股大跌,地产、银行领跌。\n表面上看,恒大与雷曼有很多相似之处:\n第一,都与房地产相关,特别是出事之前的底层逻辑是房价能持续上涨。只有房价上涨,才能消化加杠杆的负债。而美国次贷危机前以及中国过去这些年确实存在房价的持续上涨。\n第二,都是债务危机。债务危机比“股灾”要严重的多,因为资产是软的,债务是硬的,很容易出现资产负债表的破坏。从国际经验看,“股灾”的...</p>\n\n<a href=\"https://finance.ifeng.com/c/89jwfdVukxk\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ad2dd670f9557c66480c84fc5e4bd415","relate_stocks":{"03333":"中国恒大"},"source_url":"https://finance.ifeng.com/c/89jwfdVukxk","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138740934","content_text":"近期,不少观点将恒大类比为雷曼,中秋节期间,港股大跌,地产、银行领跌。\n表面上看,恒大与雷曼有很多相似之处:\n第一,都与房地产相关,特别是出事之前的底层逻辑是房价能持续上涨。只有房价上涨,才能消化加杠杆的负债。而美国次贷危机前以及中国过去这些年确实存在房价的持续上涨。\n第二,都是债务危机。债务危机比“股灾”要严重的多,因为资产是软的,债务是硬的,很容易出现资产负债表的破坏。从国际经验看,“股灾”的影响往往较小,例如2000年美国互联网泡沫,中国2015年股市异动,而债务危机的影响则要大得多,例如98年东南亚外债危机,08年美国次贷危机等。\n第三,都表现出传染性。雷曼破产导致一系列连锁反应,恒大出事导致银行对房地产企业融资收缩,已经多家地方房企出现问题。\n雷曼时刻是美国次贷危机的重要加速点,雷曼倒掉之后,美国陷入全面的危机之中。\n既然恒大与雷曼有诸多相似,是否意味着中国会重演2008年的美国?\n我们认为,中国重演美国2008年的可能性基本为零。\n我们认为,恒大与雷曼有以下本质差别:\n第一,雷曼背后是居民加杠杆,而恒大背后是地产企业加杠杆,对经济的影响完全不同。08年美国房价下跌,居民被迫去杠杆,进而导致大量居民的资产负债表崩溃,消费能力急剧下降,是地产危机转为经济危机的根源;恒大背后是房地产企业加杠杆,中国的居民加杠杆并不严重。\n中国居民尽管也加杠杆买房,但是中国有严格的首付比例等限制,与美国次贷完全不可同日而语,中国不存在居民资产负债表崩溃的可能。\n第二,雷曼时刻之后的关键是房价崩盘式下跌,导致抵押品快速贬值,继而出现全面危机;中国看不到房价断崖式下行的可能。对于房价上涨压力大的地区,确实政策非常严格,而对于房价存在下跌压力的地区,则已经开始出台限制房价下跌政策。中国因城施策的背景下,房价未来大概率进入涨跌均有限的波动状态,甚至是冻结状态,不会触发抵押品贬值危机。中国出问题仅限于房企,而不是押品,这是与美国2008年的另一大关键区别。\n第三,中国有成熟的大型企业债务问题处置经验,包商、华融、明天、安邦、海航等体量都与恒大可比,甚至有的比恒大更大,处置方式基本都是国家接管、业务拆分、切断传染。其中,能够避免雷曼重演的关键是:切断传染。我们认为即使真有个别中国的房企资不抵债,也能通过政府介入切断传染性(不是政府兜底,而是切断传染)。\n第四,银行是缓冲/加速债务危机的关键环节,中国的银行大多数具有国企背景,或者对监管、对政府的响应要比美国强得多。如果按照市场化主体的行为逻辑,很容易出现挤兑(看房企出问题,于是全面抽贷断贷),而中国的银行不存在这个问题。在2020年3-4月疫情高峰、谁也看不清企业能否活下去的时候,中国的银行体系可以大量放贷,还是放中长期贷、甚至信用贷,足以表明中国的银行与美国的银行有巨大差异。\n综上所述,我们认为,恒大并不是中国版雷曼,两者差异非常大。如果真的有大型房企资不抵债,则更类似之前的个别大型企业的定点爆破,而不会出现类似美国2008年的风险传染。\n对于中国经济和资本市场,我们认为:\n1、房地产调控大方向不会变化,2020疫情后-2021年上半年,房地产是中国经济的重要支撑,而现在开始,房地产确实正在变成对经济的拖累。\n2、中国房地产行业不可能消失,即使是发达国家,房地产业仍然占有重要位置,因此,如果房地产行业整体错杀,特别是如果符合三道红线的优质房企被错杀,则其股、债均存在投资机会。\n3、对于股市的影响,与美国2008年不可同日而语。港股更多的受到外资影响,不了解中国国情,外资误判是正常的;而如果中国股市出现类似港股的下跌,则是买入机会。\n4、对于债券市场,雷曼时刻之后,美债收益率上行,有观点认为中国可能会出现类似情况,这基本属于误读。美国当年是真的出现了“现金为王”的情况,避险避到只认现金,而中国距离那一步实在是十万八千里。我们认为,中国出现类似美国当年的避险情绪很难,就算真的出现避险,中国央行也会保证流动性,类似包商、永煤之后,导致的是国债收益率下行而不是上行。\n我们认为,恒大对中国债市的主要影响是两方面:\n一是寻找优质房企的地产债错杀机会;\n二是确认调控对于房地产投资的影响,这将导致经济下行压力加大,在内需本就不足的情况下,货币宽松可能性上升(我们维持10-11月存在降息可能)。\n中国不存在“雷曼时刻”,维持3月以来提出的“债牛已至”观点不变,同时提示低估值蓝筹股的投资机会。","news_type":1},"isVote":1,"tweetType":1,"viewCount":927,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":353003501,"gmtCreate":1616427313203,"gmtModify":1616427313203,"author":{"id":"136230610907005","authorId":"136230610907005","name":"嗯哈","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/MSFT\">$微软(MSFT)$</a>要创新高了","listText":"<a href=\"https://laohu8.com/S/MSFT\">$微软(MSFT)$</a>要创新高了","text":"$微软(MSFT)$要创新高了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/353003501","isVote":1,"tweetType":1,"viewCount":968,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}