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国家定新能源电动车不是让你来割韭菜的!no zuo no die
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style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2022-01-26 12:16</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>据路透社旗下媒体IFR:蔚来汽车考虑在新加坡第二次上市。</p><p>知情人士表示,蔚来汽车正考虑最早于今年在新加坡二次上市,而在香港上市的计划也面临监管审查。IFR去年3月报道称蔚来汽车已选择瑞士信贷和摩根士丹利安排其在香港的二次上市,这将涉及其高达5%的股本。在香港上市计划悬而未决的情况下,蔚来汽车已开始考虑在新加坡上市。按照蔚来汽车周二378亿美元的市值计算,假设该公司将出售至多5%的股份,这笔交易可能筹资约19亿美元。不过,其中一名知情人士表示,蔚来汽车不会完全放弃香港的计划,并将继续与香港监管机构讨论,以设法解决这个问题。</p><p>对此,蔚来回应称,对于市场传言,公司不予置评。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/608c0ca7f544a93854339353ff5e9ae1","relate_stocks":{"NIO":"蔚来"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153863464","content_text":"据路透社旗下媒体IFR:蔚来汽车考虑在新加坡第二次上市。知情人士表示,蔚来汽车正考虑最早于今年在新加坡二次上市,而在香港上市的计划也面临监管审查。IFR去年3月报道称蔚来汽车已选择瑞士信贷和摩根士丹利安排其在香港的二次上市,这将涉及其高达5%的股本。在香港上市计划悬而未决的情况下,蔚来汽车已开始考虑在新加坡上市。按照蔚来汽车周二378亿美元的市值计算,假设该公司将出售至多5%的股份,这笔交易可能筹资约19亿美元。不过,其中一名知情人士表示,蔚来汽车不会完全放弃香港的计划,并将继续与香港监管机构讨论,以设法解决这个问题。对此,蔚来回应称,对于市场传言,公司不予置评。","news_type":1},"isVote":1,"tweetType":1,"viewCount":813,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":940809801,"gmtCreate":1593714771303,"gmtModify":1704203033489,"author":{"id":"3484032127590956","authorId":"3484032127590956","name":"观海岛主","avatar":"https://static.tigerbbs.com/d74981a9afe9660e6d825870665f1a15","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"的","listText":"的","text":"的","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/940809801","repostId":"1141939941","repostType":4,"repost":{"id":"1141939941","pubTimestamp":1593696345,"share":"https://www.laohu8.com/m/news/1141939941?lang=&edition=full","pubTime":"2020-07-02 21:25","market":"us","language":"zh","title":"不买股票却推动美股大涨,美联储是如何做到的?","url":"https://stock-news.laohu8.com/highlight/detail?id=1141939941","media":" 腾讯美股","summary":"美联储不直接购买股票,却能够推高股票价格,靠的三大工具分别是购买企业债券、“鲍威尔对策”(Powell Put)、贴现率操控。这三种手段都属于典型的金融工程学操作,使用高度杠杆化的手法对股价实施间接性","content":"<p>美联储不直接购买股票,却能够推高股票价格,靠的三大工具分别是购买企业债券、“鲍威尔对策”(Powell Put)、贴现率操控。这三种手段都属于典型的金融工程学操作,使用高度杠杆化的手法对股价实施间接性影响。</p><p><img src=\"https://static.tigerbbs.com/6ff935f30e3b3b10bbd2a93b5dc28cc5\" tg-width=\"554\" tg-height=\"311\"></p><p><span>众所周知,在美股3月低点以来的反弹当中,乃至于在后金融危机时代长达十年的大牛市当中,美联储都是一个关键性的角色。可是,并不是所有人都知道美联储到底是如何推高了美股价格的,毕竟,他们又没有真正入场大量购买股票。</span></p><p><span>《福布斯》网站刊文,对这个疑问给出了简单明确的回答:金融工程学。美联储正是靠着三种金融工程学手段,在没有直接介入股市的情况下,达到了推高股价的效果的。</span></p><p><span><b>购买企业债券</b></span></p><p><span>现在,美联储的资产负债表已经膨胀到了接近8万亿美元,推出了一系列新工具,用于在初级和次级市场上购买企业债券,这实际上已经成为了撬动股价的杠杆的绝妙支点。金融分析师们会告诉大家,根据资本结构模型,一家公司的债券和股票之间是存在密切联动的。</span></p><p><img src=\"https://static.tigerbbs.com/718adf200986a29fe4ab12f90bec4ce0\" tg-width=\"554\" tg-height=\"369\"></p><p><span>当美联储购买一家公司的债券,他们就会打压债券利差和波动,公司的内涵股权价值就自然升高了。这是因为,利差收窄就意味着违约的可能性降低,而违约可能性降低就意味着股票持有者未来因为债务违约遭到损失的可能性降低,股权的预期价值便升高了。</span></p><p><span>到6月底时,美联储已经成为Vanguard Short-Term Corporate Bond ETF(VCSH)的第二大股东,持有其发行在外全部股份的4.53%,同时持有iShares iBoxx $ Investment Grade Corporate Bond ETF(LQD)股份的3%,成为其第三大股东。买进了数以亿计的债券ETF,美联储实质上也就利用了债券与股票的联动,推高了相应企业股票的价格。</span></p><p><span>下面的图表是根据彭博截至7月1日的数据绘制的,可以看出,自美联储动手购买开始,这两只ETF发行在外的股票总量都大幅度增加了。尤其是LGD,从2.5亿股增加到了超过4亿股。如果再将美联储资产负债表膨胀的曲线加到这图表上,大家便可以看到更加密切的联系。</span></p><p><img src=\"https://static.tigerbbs.com/22399325ca3763fb0edc04518eb4dccb\" tg-width=\"553\" tg-height=\"302\"></p><p><span><b>压制波动性</b></span></p><p><span>美联储不直接购买股票,却能够推高股票价格,第二大工具就是所谓“鲍威尔对策”。市场目前深信,在需要的时候,美联储总会全力支持股价,因此他们实际上已经扮演了股市终极保险商的角色。美联储的这一对策,实质上可以理解为他们是在利用纳税人的信贷来干涉市场,做空波动,做多大盘。</span></p><p><span>更加不必说,美联储掌握着印钞机,因此至少从理论上来说,他们支撑股市的能力是没有上限的。这种无限做空波动性的承诺,其最直接后果之一就是波动性指标VIX从80一路下滑到不及30,各种基于风险评估的资产配置系统因此也就随之大幅度提升了股票的占比。总之,打压VIX,本身就具有推高股市的能力,而且还可以进一步压缩信用利差。</span></p><p><span><b>贴现率操控</b></span></p><p><span>在控制利率时,美联储动用了三种传统的,以及两种较新的策略。首先,他们将短期利率降低到了零。其次,他们开始了最新一轮的量化宽松,购买长期资产。第三,他们使用前瞻指引来遏制长期利率的抬头。第四种手段,即所谓收益率曲线控制,目前正在考虑之中,这种手段可以确保长期收益率的降低速度超过短期收益率。最后,他们还可能会使用第五种策略,即负利率政策,虽然他们迄今为止都一再强调这并不在考虑之列,但不少观察家都认为,他们迟早会走到那一步。</span></p><p><span><b>美联储绝非万能</b></span></p><p><span>总而言之,美联储的这三种手段都属于典型的金融工程学操作,使用高度杠杆化的手法对股价实施间接性影响。与此同时,这三种手段还都同时附加有心理影响力,可以通过改变投资者的行为方式来改变股价。</span></p><p><span>具体来说,美联储的这些做法都会让投资者觉得股市已经变得安全许多,让他们担心自己会错过涨势,让他们意识到除了股票也没有其他好的选择,让他们更想和美联储站在一起,联手创造上涨势头——总之,金融工程学手段会让看涨情绪进一步飙涨,点燃“野兽精神”。更加不必说,在所谓现代货币理论的疯狂印钞和信贷扩张下,股票总是最大的受益者。</span></p><p><img src=\"https://static.tigerbbs.com/506f5e004c1a3063e5ccff0e2cdbbec3\" tg-width=\"554\" tg-height=\"373\"></p><p><span>遗憾的是,金融工程学操作也不是万能的。深入研究就会发现,如果金融工程学杠杆失效,这三种手段便可能突然失灵,而且造成很严重的损害。</span></p><p><span>如果企业看到美联储对企业债券的需求,便大量发行新债,最终债券的规模超过了实际上可以支撑它的资本的规模,第一种手段便会失效。如果下一波股市暴跌之战,美联储未能让投资者全身而退,他们的想法便会改变,第二种手段便会失效。如果通货膨胀大举抬头,债价猛烈下跌,收益率急剧窜升,第三种手段便会失效。如果这三件事同时发生,那局面简直让人不敢想象。</span></p><p><span>虽然这一幕成为现实的可能性不大,但是局面一旦真的发展到那个地步,美联储恐怕也只能亲自动手去购买股票ETF和个股了。只要美联储有权印钞,购买资产,就能够担下任何风险,在这种时候,投资者当然是不能和他们作对的。不过,大家也要警惕一点,即,当美联储开始考虑加息时,能跑多快就跑多快吧。</span></p>","source":"txmg","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>不买股票却推动美股大涨,美联储是如何做到的?</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n不买股票却推动美股大涨,美联储是如何做到的?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2020-07-02 21:25 北京时间 <a href=https://mp.weixin.qq.com/s/lfSOUdKsU75rnSwBhRv2PA><strong> 腾讯美股</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>美联储不直接购买股票,却能够推高股票价格,靠的三大工具分别是购买企业债券、“鲍威尔对策”(Powell Put)、贴现率操控。这三种手段都属于典型的金融工程学操作,使用高度杠杆化的手法对股价实施间接性影响。众所周知,在美股3月低点以来的反弹当中,乃至于在后金融危机时代长达十年的大牛市当中,美联储都是一个关键性的角色。可是,并不是所有人都知道美联储到底是如何推高了美股价格的,毕竟,他们又没有真正入场...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/lfSOUdKsU75rnSwBhRv2PA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/718adf200986a29fe4ab12f90bec4ce0","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://mp.weixin.qq.com/s/lfSOUdKsU75rnSwBhRv2PA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141939941","content_text":"美联储不直接购买股票,却能够推高股票价格,靠的三大工具分别是购买企业债券、“鲍威尔对策”(Powell Put)、贴现率操控。这三种手段都属于典型的金融工程学操作,使用高度杠杆化的手法对股价实施间接性影响。众所周知,在美股3月低点以来的反弹当中,乃至于在后金融危机时代长达十年的大牛市当中,美联储都是一个关键性的角色。可是,并不是所有人都知道美联储到底是如何推高了美股价格的,毕竟,他们又没有真正入场大量购买股票。《福布斯》网站刊文,对这个疑问给出了简单明确的回答:金融工程学。美联储正是靠着三种金融工程学手段,在没有直接介入股市的情况下,达到了推高股价的效果的。购买企业债券现在,美联储的资产负债表已经膨胀到了接近8万亿美元,推出了一系列新工具,用于在初级和次级市场上购买企业债券,这实际上已经成为了撬动股价的杠杆的绝妙支点。金融分析师们会告诉大家,根据资本结构模型,一家公司的债券和股票之间是存在密切联动的。当美联储购买一家公司的债券,他们就会打压债券利差和波动,公司的内涵股权价值就自然升高了。这是因为,利差收窄就意味着违约的可能性降低,而违约可能性降低就意味着股票持有者未来因为债务违约遭到损失的可能性降低,股权的预期价值便升高了。到6月底时,美联储已经成为Vanguard Short-Term Corporate Bond ETF(VCSH)的第二大股东,持有其发行在外全部股份的4.53%,同时持有iShares iBoxx $ Investment Grade Corporate Bond ETF(LQD)股份的3%,成为其第三大股东。买进了数以亿计的债券ETF,美联储实质上也就利用了债券与股票的联动,推高了相应企业股票的价格。下面的图表是根据彭博截至7月1日的数据绘制的,可以看出,自美联储动手购买开始,这两只ETF发行在外的股票总量都大幅度增加了。尤其是LGD,从2.5亿股增加到了超过4亿股。如果再将美联储资产负债表膨胀的曲线加到这图表上,大家便可以看到更加密切的联系。压制波动性美联储不直接购买股票,却能够推高股票价格,第二大工具就是所谓“鲍威尔对策”。市场目前深信,在需要的时候,美联储总会全力支持股价,因此他们实际上已经扮演了股市终极保险商的角色。美联储的这一对策,实质上可以理解为他们是在利用纳税人的信贷来干涉市场,做空波动,做多大盘。更加不必说,美联储掌握着印钞机,因此至少从理论上来说,他们支撑股市的能力是没有上限的。这种无限做空波动性的承诺,其最直接后果之一就是波动性指标VIX从80一路下滑到不及30,各种基于风险评估的资产配置系统因此也就随之大幅度提升了股票的占比。总之,打压VIX,本身就具有推高股市的能力,而且还可以进一步压缩信用利差。贴现率操控在控制利率时,美联储动用了三种传统的,以及两种较新的策略。首先,他们将短期利率降低到了零。其次,他们开始了最新一轮的量化宽松,购买长期资产。第三,他们使用前瞻指引来遏制长期利率的抬头。第四种手段,即所谓收益率曲线控制,目前正在考虑之中,这种手段可以确保长期收益率的降低速度超过短期收益率。最后,他们还可能会使用第五种策略,即负利率政策,虽然他们迄今为止都一再强调这并不在考虑之列,但不少观察家都认为,他们迟早会走到那一步。美联储绝非万能总而言之,美联储的这三种手段都属于典型的金融工程学操作,使用高度杠杆化的手法对股价实施间接性影响。与此同时,这三种手段还都同时附加有心理影响力,可以通过改变投资者的行为方式来改变股价。具体来说,美联储的这些做法都会让投资者觉得股市已经变得安全许多,让他们担心自己会错过涨势,让他们意识到除了股票也没有其他好的选择,让他们更想和美联储站在一起,联手创造上涨势头——总之,金融工程学手段会让看涨情绪进一步飙涨,点燃“野兽精神”。更加不必说,在所谓现代货币理论的疯狂印钞和信贷扩张下,股票总是最大的受益者。遗憾的是,金融工程学操作也不是万能的。深入研究就会发现,如果金融工程学杠杆失效,这三种手段便可能突然失灵,而且造成很严重的损害。如果企业看到美联储对企业债券的需求,便大量发行新债,最终债券的规模超过了实际上可以支撑它的资本的规模,第一种手段便会失效。如果下一波股市暴跌之战,美联储未能让投资者全身而退,他们的想法便会改变,第二种手段便会失效。如果通货膨胀大举抬头,债价猛烈下跌,收益率急剧窜升,第三种手段便会失效。如果这三件事同时发生,那局面简直让人不敢想象。虽然这一幕成为现实的可能性不大,但是局面一旦真的发展到那个地步,美联储恐怕也只能亲自动手去购买股票ETF和个股了。只要美联储有权印钞,购买资产,就能够担下任何风险,在这种时候,投资者当然是不能和他们作对的。不过,大家也要警惕一点,即,当美联储开始考虑加息时,能跑多快就跑多快吧。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1340,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3527667803686145","authorId":"3527667803686145","name":"社区成长助手","avatar":"https://static.tigerbbs.com/2b7c7106b5c0c8b0037faa67439d898f","crmLevel":1,"crmLevelSwitch":0},"content":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题,可以获得更多曝光哦~如果您想创作优质文章,请查看老虎社区创作指引","text":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题,可以获得更多曝光哦~如果您想创作优质文章,请查看老虎社区创作指引","html":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题,可以获得更多曝光哦~如果您想创作优质文章,请查看老虎社区创作指引"}],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}