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蔚来市值3000亿美元

蔚来市值3000亿美元

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蔚来市值3000亿美元

2022-03-21

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港股的估值真的那么便宜吗？买港股就是买中美关系

蔚来市值3000亿美元

2021-08-26

干得漂亮

上海市消保委：腾讯视频漠视消费者选择权

蔚来市值3000亿美元

2021-07-27

这篇文章不错，转发给大家看看

抱歉，原内容已删除

蔚来市值3000亿美元

2021-06-24

这篇文章不错，转发给大家看看

10 Best Renewable Energy Stocks to Buy Now

蔚来市值3000亿美元

2021-06-09

收藏

@何惑金:高瓴资本李岳：知道自己不知道（中篇）

蔚来市值3000亿美元

2021-06-09

收藏

@何惑金:高瓴资本李岳：知道自己不知道（上篇）

蔚来市值3000亿美元

2021-05-12

lol没人玩了dou

抱歉，原内容已删除

蔚来市值3000亿美元

2021-05-11

$蔚来(NIO)$有人出过金吗，求指导一下用什么卡能成功

蔚来市值3000亿美元

2021-05-11

$苹果(AAPL)$有没有人成功出金过，帮忙指导一下我怎么弄，谢谢

蔚来市值3000亿美元

2021-04-12

$Palantir Technologies Inc.(PLTR)$真就崩盘了

蔚来市值3000亿美元

2021-04-06

$Palantir Technologies Inc.(PLTR)$大盘可是在涨啊

蔚来市值3000亿美元

2021-03-30

$Palantir Technologies Inc.(PLTR)$[流泪] [流泪] [流泪] [流泪]

蔚来市值3000亿美元

2021-03-26

$Palantir Technologies Inc.(PLTR)$这股评论的散户太多

蔚来市值3000亿美元

2021-02-16

$RLX科技(RLX)$啥时候发财报

蔚来市值3000亿美元

2021-02-08

$RLX科技(RLX)$让我挣点吧，然后给你家消费，我也想试下悦刻

蔚来市值3000亿美元

2020-11-27

忘记蔚来了？

目标价为20美元！遭香橼沽空， Palantir盘中跳水

蔚来市值3000亿美元

2020-11-21

$蔚来(NIO)$空？试试

蔚来市值3000亿美元

2020-11-20

李斌在拿燃油车做竞争对手，而小鹏直言不讳说蔚来理想不行，拿他们当竞争对手，这就是格局大小差别，投资公司往往是投资公司的一把手

抱歉，原内容已删除

蔚来市值3000亿美元

2020-11-16

$蔚来(NIO)$财报是明天盘前还是盘后

蔚来市值3000亿美元

2020-11-14

$蔚来(NIO)$妈的

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09:48","market":"hk","language":"zh","title":"港股的估值真的那么便宜吗？买港股就是买中美关系","url":"https://stock-news.laohu8.com/highlight/detail?id=1186804995","media":"沧海一土狗","summary":"人们往往只容易看到低阶的机会和风险。","content":"<html><head></head><body><p><b>引子</b></p><p>一提到港股，不少人的印象就是便宜，这种印象来自于不少AH两地上市股票的价差。</p><p>以<a href=\"https://laohu8.com/S/601398\">工商银行</a>为例，截至2022年3月18日收盘，其A股的PB为0.58，H股的PB为0.44，<i><b>H股的估值比A股便宜了24%</b></i>。</p><p>关于这个价差，有各种各样的说法。有的人说，这反映了A股和港股流动性的差异，A股流动性更好；也有人说，这反映了A股和港股不同的税收政策。</p><p>总之，大家吵了半天也吵不出个所以然。</p><p>但这并不妨碍大家形成一种共识：<i><b>港股的低估值不合理</b></i>，我们去抄底它们，就能占到估值的便宜。</p><p><b>俄乌事件的压力测试</b></p><p>近一个月来，最大的变量是2022年2月24日爆发的<i><b>俄乌事件</b></i>，这导致了恒生指数从2月24日到3月15日之间<i><b>跌了22.17%</b></i>。</p><p>事实上，从美国政府反复提醒大家俄罗斯要入侵乌克兰开始，港股就开始有所反馈了。</p><blockquote><i><b>美国总统拜登在2月18日回答媒体记者提问时说，他确信俄罗斯总统普京“已作出（入侵乌克兰的）决定”，这一判断基于美方“情报能力”。</b></i></blockquote><p>恒生指数从2月18日到2月23日下跌了4.57%。</p><p><img src=\"https://static.tigerbbs.com/d0d59cafbb1b9727cb7fde898ba8fdf1\" tg-width=\"1080\" tg-height=\"532\" referrerpolicy=\"no-referrer\"/></p><p>所以说，恒生指数一直在亦步亦趋地<i><b>反馈地缘政治风险</b></i>。</p><p>从拜登的警告到俄乌事件爆发，再到西方各国制裁俄罗斯，再到金融稳定委表态之后的大反转。</p><p>那么，为什么港股会反馈地缘政治风险呢？这是因为，<i><b>港股的公司是中国公司，计价货币却是美元</b></i>（<i>ps：港币跟美元是强挂钩的</i>）。</p><p><b>不同的立场，不同的观点</b></p><p>作为内地投资者，很难察觉这种制度安排的微妙之处。</p><p>那么，我们先转换一下身份，假装自己是一个美国投资者。</p><p>美国投资者投资内地的企业有两种不同的方式：<i><b>1、买港股或中概股；2、换汇进来买A股。</b></i></p><p><img src=\"https://static.tigerbbs.com/69ac838c39308bf7fea62bea31dd86f0\" tg-width=\"1080\" tg-height=\"499\" referrerpolicy=\"no-referrer\"/></p><p>表面上看，这两种投资方式的差异仅仅在于这个企业到底在哪里上市。实际上，并非如此，他们最核心的差异在于，<i><b>主权信用风险的嵌入方式</b></i>。</p><p>对美国投资者而言，港股的估值是个<i><b>混合估值</b></i>，它既包含了主权信用风险，还包含了企业的估值。A股的估值则是一个很纯粹的企业估值，<i><b>主权信用风险被人民币承担了</b></i>。</p><p>所以，对美国投资者而言，港股的估值就应该比A股便宜，因为嵌入了主权信用风险。</p><p>这也就不难解释，为什么港股会反馈地缘政治风险，会亦步亦趋地跟着俄乌事件演化。</p><p>当俄罗斯被西方国家制裁之后，所有的海外投资者都会把目光转向<i><b>中美关系</b></i>。在这个高阶问题没有搞清楚之前，大家不敢贸然下手。</p><p>这种情绪的传染类似于信用风险的传染，当年永煤出现问题的时候，其他煤炭企业的估值也大幅承压；恒大出现问题的时候，其他房企的估值也快速下跌。</p><p>但是，<i><b>内地投资者很难用外国人的视角想问题</b></i>。首先，我们天然地被绑定在这艘大船上，一荣俱荣一损俱损，没什么好讨论的；其次，我们真心觉得中国发展势头很好，这有什么好质疑的呢？所以，<i><b>我们有意无意地把主权信用风险&amp;地缘政治风险给漏掉了</b></i>。</p><p>从外国投资者眼里，主权信用风险必须考虑，港股的估值一定要比A股低一些；但对于无视国别风险的内地投资者来说，也一定会觉得，同样是国内的优秀企业，港股给的估值好便宜啊。</p><p><i><b>这就是不同立场，所造成的不同观点。</b></i></p><p><b>低阶视角和高阶视角</b></p><p>在《如何正确看待银行股的估值逻辑——信用风险的视角》一文中，我们强调过，估值、景气、信用风险是三个层次的东西，估值处于最低阶。单纯看着估值便宜去投资很不可取。</p><p>基于便宜去买东西之前，要思考清楚两个更高阶的问题：</p><p><i><b>1、信用风险是否会有问题？</b></i></p><p><i><b>2、景气是否会回归？</b></i></p><p><img src=\"https://static.tigerbbs.com/49a9b8cfec97726b184d3b1a50ff1a6e\" tg-width=\"1080\" tg-height=\"556\" referrerpolicy=\"no-referrer\"/></p><p>对于跨国别的投资也存在类似的问题，主权信用风险的层级最高，其次是景气，最后才是估值。</p><p><i><b>合理的决策体系应该给高阶变量以更高的决策权重</b></i>。</p><p>事实上，市场也是按照下图的决策金字塔给标的定价的。<img src=\"https://static.tigerbbs.com/c4d79d5f0175a6dcc44c048402155dda\" tg-width=\"1080\" tg-height=\"641\" referrerpolicy=\"no-referrer\"/></p><p><b>定价权争夺的问题</b></p><p>对于港股的低估值，很多内资投资者并不服气。</p><p>他们有这样一个推理：香港市场是一个外资主导的市场，所以，定价权在海外投资者手里，定价模式也会按照外资视角来；但是，如果内资大规模涌入港股，抢过定价权，定价模式就会按照内资视角来。</p><p>理想很美好，但这实际上是一种不切实际的幻想。</p><p>即便是港股里都剩下了内资机构，最终大家也会按照当下的游戏规则来。</p><p>这是为什么呢？<i><b>因为不按照现有规则玩会留下巨大的套利空间</b></i>。</p><p>表面上看，港股的问题是一个内资外资争夺定价权的问题，本质上却是一个套利方向的问题——<i><b>内资想的是从低阶向高阶套利</b></i>。</p><p><i><b>但是，能获利的套利，只存在于高阶向低阶的套利，不存在于从低阶向高阶的套利。</b></i></p><p>以卢布和人民币货币市场套利为例：俄乌事件之后，俄罗斯银行间的隔夜利率飙升到了20%，人民币的隔夜利率在2%，2和20之间有巨大的利差，存在了巨大的低阶套利机会。</p><p>表面上来看，把一笔人民币资金换汇成卢布，到俄罗斯的银行间滚一年隔夜，看起来能挣18%，是一个很完美的套利生意。</p><p><i><b>但是，这只是基于低阶逻辑的想法，它忽略了巨大的主权信用风险溢价。这18%能不能挣到取决于卢布的汇率</b></i>，如果卢布再贬值18%，那相当于白干。</p><p>亢奋的民族情绪能对抗冰冷的利益计算吗？再假设一个生活在俄罗斯的俄罗斯人，他有一笔巨大的人民币存款，他热爱自己的祖国，觉得20%的定价是不合理的，所以，他决定出售一个互换：2%的人民币回购对10%的卢布回购。</p><p>我们不难想象其后果：巨大的套利盘会迅速地把他这笔人民币资金一抢而空。最后，俄罗斯的银行间隔夜利率还是20%。</p><p>所以，基于低阶逻辑的套利行为总是危险的，容易被高阶的风险揍得体无完肤。</p><p>不幸的是，人们往往只容易看到<i><b>低阶的机会和风险</b></i>。</p><p><b>结束语</b></p><p>事实上，在中美贸易摩擦期间，港股已经定价了一轮高阶风险，</p><p><img src=\"https://static.tigerbbs.com/b05e6a25332b0b7ceabad777d782892d\" tg-width=\"1080\" tg-height=\"532\" referrerpolicy=\"no-referrer\"/></p><p>之所以那一轮感受不强烈，是因为当时a股也很差，港股并没有像这一轮那样展现出了异乎寻常的波动。</p><p>但是，对于掌握定价权的外国投资者而言，那一次他们已经交易了一轮地缘政治逻辑，这一次他们又依葫芦画瓢。</p><p>内地投资者不能被立场遮蔽了双眼，过于盲目，只看到了港股的估值便宜，<i><b>没有看到其内嵌的地缘政治风险折价</b></i>。</p><p>所以，买港股或中概股至少买了两样东西：</p><p><i><b>1、中美关系；</b></i></p><p><i><b>2、行业或企业的景气；</b></i></p><p>幸运的是，中美元首已经通过电话，加之俄乌事件似乎已经接近尾声，大概率这一次风波已经结束了。</p><p>这一次的巨大震荡帮我们彻底地探明了港股的深层次定价机制到底是什么——<i><b>中美关系</b></i>。抄底港股和中概股实际上是在抄中美分歧的底。</p><p>说实话，市场真的很有效。</p></body></html>","source":"lsy1570662791124","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>港股的估值真的那么便宜吗？买港股就是买中美关系</title>\n<style 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}\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港股的估值真的那么便宜吗？买港股就是买中美关系\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-21 09:48 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/udwT7fPzBscCxpjXNIGLzg><strong>沧海一土狗</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>引子一提到港股，不少人的印象就是便宜，这种印象来自于不少AH两地上市股票的价差。以工商银行为例，截至2022年3月18日收盘，其A股的PB为0.58，H股的PB为0.44，H股的估值比A股便宜了24%。关于这个价差，有各种各样的说法。有的人说，这反映了A股和港股流动性的差异，A股流动性更好；也有人说，这反映了A股和港股不同的税收政策。总之，大家吵了半天也吵不出个所以然。但这并不妨碍大家形成一种共识...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/udwT7fPzBscCxpjXNIGLzg\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/38508134c6853c521e764dc952e7334a","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/udwT7fPzBscCxpjXNIGLzg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186804995","content_text":"引子一提到港股，不少人的印象就是便宜，这种印象来自于不少AH两地上市股票的价差。以工商银行为例，截至2022年3月18日收盘，其A股的PB为0.58，H股的PB为0.44，H股的估值比A股便宜了24%。关于这个价差，有各种各样的说法。有的人说，这反映了A股和港股流动性的差异，A股流动性更好；也有人说，这反映了A股和港股不同的税收政策。总之，大家吵了半天也吵不出个所以然。但这并不妨碍大家形成一种共识：港股的低估值不合理，我们去抄底它们，就能占到估值的便宜。俄乌事件的压力测试近一个月来，最大的变量是2022年2月24日爆发的俄乌事件，这导致了恒生指数从2月24日到3月15日之间跌了22.17%。事实上，从美国政府反复提醒大家俄罗斯要入侵乌克兰开始，港股就开始有所反馈了。美国总统拜登在2月18日回答媒体记者提问时说，他确信俄罗斯总统普京“已作出（入侵乌克兰的）决定”，这一判断基于美方“情报能力”。恒生指数从2月18日到2月23日下跌了4.57%。所以说，恒生指数一直在亦步亦趋地反馈地缘政治风险。从拜登的警告到俄乌事件爆发，再到西方各国制裁俄罗斯，再到金融稳定委表态之后的大反转。那么，为什么港股会反馈地缘政治风险呢？这是因为，港股的公司是中国公司，计价货币却是美元（ps：港币跟美元是强挂钩的）。不同的立场，不同的观点作为内地投资者，很难察觉这种制度安排的微妙之处。那么，我们先转换一下身份，假装自己是一个美国投资者。美国投资者投资内地的企业有两种不同的方式：1、买港股或中概股；2、换汇进来买A股。表面上看，这两种投资方式的差异仅仅在于这个企业到底在哪里上市。实际上，并非如此，他们最核心的差异在于，主权信用风险的嵌入方式。对美国投资者而言，港股的估值是个混合估值，它既包含了主权信用风险，还包含了企业的估值。A股的估值则是一个很纯粹的企业估值，主权信用风险被人民币承担了。所以，对美国投资者而言，港股的估值就应该比A股便宜，因为嵌入了主权信用风险。这也就不难解释，为什么港股会反馈地缘政治风险，会亦步亦趋地跟着俄乌事件演化。当俄罗斯被西方国家制裁之后，所有的海外投资者都会把目光转向中美关系。在这个高阶问题没有搞清楚之前，大家不敢贸然下手。这种情绪的传染类似于信用风险的传染，当年永煤出现问题的时候，其他煤炭企业的估值也大幅承压；恒大出现问题的时候，其他房企的估值也快速下跌。但是，内地投资者很难用外国人的视角想问题。首先，我们天然地被绑定在这艘大船上，一荣俱荣一损俱损，没什么好讨论的；其次，我们真心觉得中国发展势头很好，这有什么好质疑的呢？所以，我们有意无意地把主权信用风险&地缘政治风险给漏掉了。从外国投资者眼里，主权信用风险必须考虑，港股的估值一定要比A股低一些；但对于无视国别风险的内地投资者来说，也一定会觉得，同样是国内的优秀企业，港股给的估值好便宜啊。这就是不同立场，所造成的不同观点。低阶视角和高阶视角在《如何正确看待银行股的估值逻辑——信用风险的视角》一文中，我们强调过，估值、景气、信用风险是三个层次的东西，估值处于最低阶。单纯看着估值便宜去投资很不可取。基于便宜去买东西之前，要思考清楚两个更高阶的问题：1、信用风险是否会有问题？2、景气是否会回归？对于跨国别的投资也存在类似的问题，主权信用风险的层级最高，其次是景气，最后才是估值。合理的决策体系应该给高阶变量以更高的决策权重。事实上，市场也是按照下图的决策金字塔给标的定价的。定价权争夺的问题对于港股的低估值，很多内资投资者并不服气。他们有这样一个推理：香港市场是一个外资主导的市场，所以，定价权在海外投资者手里，定价模式也会按照外资视角来；但是，如果内资大规模涌入港股，抢过定价权，定价模式就会按照内资视角来。理想很美好，但这实际上是一种不切实际的幻想。即便是港股里都剩下了内资机构，最终大家也会按照当下的游戏规则来。这是为什么呢？因为不按照现有规则玩会留下巨大的套利空间。表面上看，港股的问题是一个内资外资争夺定价权的问题，本质上却是一个套利方向的问题——内资想的是从低阶向高阶套利。但是，能获利的套利，只存在于高阶向低阶的套利，不存在于从低阶向高阶的套利。以卢布和人民币货币市场套利为例：俄乌事件之后，俄罗斯银行间的隔夜利率飙升到了20%，人民币的隔夜利率在2%，2和20之间有巨大的利差，存在了巨大的低阶套利机会。表面上来看，把一笔人民币资金换汇成卢布，到俄罗斯的银行间滚一年隔夜，看起来能挣18%，是一个很完美的套利生意。但是，这只是基于低阶逻辑的想法，它忽略了巨大的主权信用风险溢价。这18%能不能挣到取决于卢布的汇率，如果卢布再贬值18%，那相当于白干。亢奋的民族情绪能对抗冰冷的利益计算吗？再假设一个生活在俄罗斯的俄罗斯人，他有一笔巨大的人民币存款，他热爱自己的祖国，觉得20%的定价是不合理的，所以，他决定出售一个互换：2%的人民币回购对10%的卢布回购。我们不难想象其后果：巨大的套利盘会迅速地把他这笔人民币资金一抢而空。最后，俄罗斯的银行间隔夜利率还是20%。所以，基于低阶逻辑的套利行为总是危险的，容易被高阶的风险揍得体无完肤。不幸的是，人们往往只容易看到低阶的机会和风险。结束语事实上，在中美贸易摩擦期间，港股已经定价了一轮高阶风险，之所以那一轮感受不强烈，是因为当时a股也很差，港股并没有像这一轮那样展现出了异乎寻常的波动。但是，对于掌握定价权的外国投资者而言，那一次他们已经交易了一轮地缘政治逻辑，这一次他们又依葫芦画瓢。内地投资者不能被立场遮蔽了双眼，过于盲目，只看到了港股的估值便宜，没有看到其内嵌的地缘政治风险折价。所以，买港股或中概股至少买了两样东西：1、中美关系；2、行业或企业的景气；幸运的是，中美元首已经通过电话，加之俄乌事件似乎已经接近尾声，大概率这一次风波已经结束了。这一次的巨大震荡帮我们彻底地探明了港股的深层次定价机制到底是什么——中美关系。抄底港股和中概股实际上是在抄中美分歧的底。说实话，市场真的很有效。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1380,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":810657574,"gmtCreate":1629974962898,"gmtModify":1629975133355,"author":{"id":"3498466523811929","authorId":"3498466523811929","name":"蔚来市值3000亿美元","avatar":"https://static.tigerbbs.com/3d7543adf491773efe195a99dff827a7","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3498466523811929","authorIdStr":"3498466523811929"},"themes":[],"htmlText":"干得漂亮","listText":"干得漂亮","text":"干得漂亮","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/810657574","repostId":"1189885836","repostType":4,"repost":{"id":"1189885836","pubTimestamp":1629974672,"share":"https://www.laohu8.com/m/news/1189885836?lang=&edition=full","pubTime":"2021-08-26 18:44","market":"hk","language":"zh","title":"上海市消保委：腾讯视频漠视消费者选择权","url":"https://stock-news.laohu8.com/highlight/detail?id=1189885836","media":"华尔街见闻","summary":"《扫黑风暴》超前点播涉嫌捆绑销售。","content":"<p>据上海市消保委，<a href=\"https://laohu8.com/S/00700\">腾讯</a>视频在电视剧《扫黑风暴》的超前点播中，规定必须按顺序解锁剧集。上海市消保委认为，既然是按集收费的，那消费者就有权选择他要看的那一集。所谓“按顺序解锁观看”，涉嫌捆绑销售，是对消费者选择权的漠视。</p>","source":"highlight_wallstreetcn","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>上海市消保委：腾讯视频漠视消费者选择权</title>\n<style 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}\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上海市消保委：腾讯视频漠视消费者选择权\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-26 18:44 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/livenews/2033868><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>据上海市消保委，腾讯视频在电视剧《扫黑风暴》的超前点播中，规定必须按顺序解锁剧集。上海市消保委认为，既然是按集收费的，那消费者就有权选择他要看的那一集。所谓“按顺序解锁观看”，涉嫌捆绑销售，是对消费者选择权的漠视。</p>\n\n<a href=\"https://wallstreetcn.com/livenews/2033868\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/69ed1ca5b1c9b724e488f3933a46484f","relate_stocks":{"00700":"腾讯控股"},"source_url":"https://wallstreetcn.com/livenews/2033868","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1189885836","content_text":"据上海市消保委，腾讯视频在电视剧《扫黑风暴》的超前点播中，规定必须按顺序解锁剧集。上海市消保委认为，既然是按集收费的，那消费者就有权选择他要看的那一集。所谓“按顺序解锁观看”，涉嫌捆绑销售，是对消费者选择权的漠视。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1631,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":803080685,"gmtCreate":1627396402547,"gmtModify":1627396402547,"author":{"id":"3498466523811929","authorId":"3498466523811929","name":"蔚来市值3000亿美元","avatar":"https://static.tigerbbs.com/3d7543adf491773efe195a99dff827a7","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3498466523811929","authorIdStr":"3498466523811929"},"themes":[],"htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/803080685","repostId":"1120859674","repostType":4,"isVote":1,"tweetType":1,"viewCount":1672,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":126125457,"gmtCreate":1624548372479,"gmtModify":1624548372479,"author":{"id":"3498466523811929","authorId":"3498466523811929","name":"蔚来市值3000亿美元","avatar":"https://static.tigerbbs.com/3d7543adf491773efe195a99dff827a7","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3498466523811929","authorIdStr":"3498466523811929"},"themes":[],"htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126125457","repostId":"2129390870","repostType":2,"repost":{"id":"2129390870","pubTimestamp":1619020221,"share":"https://www.laohu8.com/m/news/2129390870?lang=&edition=full","pubTime":"2021-04-21 23:50","market":"us","language":"en","title":"10 Best Renewable Energy Stocks to Buy Now","url":"https://stock-news.laohu8.com/highlight/detail?id=2129390870","media":"Insider Monkey","summary":"In this article we will take a look at the top 10 best renewable energy stocks to buy now. You can s","content":"<html><body><p>In this article we will take a look at the top 1<span>0 best renewable energy stocks to buy now</span>. You can skip our comprehensive analysis of the alternative energy industry and go directly to the<strong> 5 Best Renewable Energy Stocks to Buy Now.</strong></p>\n<p><span>Energy usage around the world is rising as emerging economies in Asia become the drivers of the manufacturing power in the global economy. According to statistics </span><span>released</span><span> by the United States Energy Information Administration, the energy usage on the planet is expected to grow by 50% in the next three decades, largely due to the rising demand from China, India, and other nations in the East. However, diminishing fossil fuel sources and global warming concerns around the burning of coal, oil, and gas have led to a shift in governmental priorities. </span></p>\n<h2>Global Shift to Renewable Energy</h2>\n<p><span>This shift is marked by policy changes at the international and national level that reward businesses for switching to renewables and incentivize research and development into alternative energy. Already, the results of this shift are evident. The International Energy Agency estimates that renewable energy will overtake coal to become the largest source of electric power in the next four years. In 2020, alternative energy sources </span><span>accounted</span><span> for almost 28% of the total electricity generation in the world, up from 26% the previous year.</span></p>\n<p><span>In 2021, the share of renewables in power generation is expected to rise by 8%, the largest year-on-year growth on record in absolute terms. The trends on the ground mirror the overall market direction on renewable stocks. The S&amp;P Global Clean Energy Index was </span><span>expanded</span><span> earlier this month to include 52 new stocks. The <a href=\"https://laohu8.com/S/EEME\">iShares</a> Global Clean Energy ETF (NASDAQ: ICLN), which tracks the results of investments in clean energy, has outperformed the wider market by posting a total return of 75.9% compared to the total return of 33.4% by the Russell 1000 over the past year. </span></p>\n<p><span>Even big economic powers like China and Australia, who depend on coal for power and manufacturing needs, are taking steps towards a shift to cleaner sources. In 2019, China spent more than $83 billion on renewable energy compared to the $55 billion spent by the US on the same sector that year. However, as President Biden assumes charge, Washington is planning to </span><span>allocate</span><span> $1.3 trillion to build a power capacity mostly built on clean energy by 2030, with large sections of the investment going towards wind and solar power plants.</span></p>\n<p><span>All market indicators point towards the growth of the renewable energy sector in the coming years. But there should be clarity in the minds of investors with regards to the overall business model and the balance sheets of companies involved in clean energy. There is fierce market competition and much of the growth in the industry is driven by innovative firms operating on thin margins. But there is little doubt that the clean energy sector will transform the power market in the coming years even as fossil fuel demand rises and leads to hedge fund interest.</span></p>\n<p><span>The entire hedge fund industry is feeling the reverberations of the changing financial landscape. Its reputation has been tarnished in the last decade, during which its hedged returns couldn’t keep up with the unhedged returns of the market indices. On the other hand, Insider Monkey’s research was able to identify in advance a select group of hedge fund holdings that outperformed the S&amp;P 500 ETFs by more than 124 percentage points since March 2017. Between March 2017 and February 26th 2021 our monthly newsletter’s stock picks returned 197.2%, vs. 72.4% for the SPY. Our stock picks outperformed the market by more than 124 percentage points (see the details here). We were also able to identify in advance a select group of hedge fund holdings that significantly underperformed the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 13% through November 16th. That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox.</span></p>\n<img height=\"500\" src=\"https://s1.yimg.com/uu/api/res/1.2/i5A880T5qf4gJUbWE1_imA--/cT03NTthcHBpZD15dmlkZW9mZWVkczs-/https://media.zenfs.com/en/insidermonkey.com/7809c3a1aeabeb3792c88dbcbd82765a\" width=\"750\"/> Copyright: \nlassedesignen / 123RF Stock Photo\n<p><span>With this context in mind, here is our list of 10 best renewable energy stocks to buy now.</span></p>\n<h2>Best Renewable Energy Stocks to Buy Now</h2>\n<h3><strong>10. <a href=\"https://laohu8.com/S/SPWR\">SunPower</a> Corporation (NASDAQ: SPWR)</strong></h3>\n<p><span>SunPower Corporation (NASDAQ: SPWR) is a California-based company that offers solar solutions to residential, commercial and industrial clients. The firm also sells directly to a network of third-party dealers and resellers. The products that the company markets include commercial roof, carport, and ground mounted systems, as well as post-installation operations and maintenance services. <a href=\"https://laohu8.com/S/SPWRV\">SunPower Corp</a> was founded in 1985 and is placed tenth on our list of 10 best renewable energy stocks to buy now.</span></p>\n<p><span>The shares of the firm have been soaring since last month after President Biden announced a plan last month to extend tax credits offered to clean energy firms by ten years and promised increased spending on research and development in the sector. On March 23, investment bank Goldman Sachs upgraded the stock rating on SunPower to Buy from Neutral. At the end of the fourth quarter of 2020, 24 hedge funds in the database of Insider Monkey held stakes worth $345 million in the firm, up from 14 in the preceding quarter worth $91 million. </span></p>\n<h3><strong>9. Brookfield Renewable Partners L.P. (NYSE: BEP)</strong></h3>\n<p><span>Brookfield Renewable Partners L.P. (NYSE: BEP) is a Bermuda-based firm that owns several renewable power energy generating plants. The firm operates in the United States, Canada, Colombia, Brazil, Europe, India, and China. It owns a total of 19,000 megawatts of power generation capability globally through hydroelectric, wind, solar, distributed generation, pumped storage, cogeneration, and biomass sources. The company was founded in 1999 and is ranked ninth on our list of 10 best renewable energy stocks to buy now. </span></p>\n<p><span>Last month, financial services firm Wells Fargo upgraded Brookfield stock to Equal Weight from Underweight with a price target of $42. In February, the clean energy firm hiked its quarterly dividend by 5% to $0.30 per share. Out of the hedge funds being tracked by Insider Monkey, London-based investment firm </span><span>Ecofin Ltd </span><span>held the most shares in the firm - 280,135 – worth more than $12 million. </span><span>NewGen Asset Management</span><span> was 2nd with more than 71,000 shares worth almost $3 million. </span></p>\n<h3><strong>8. Canadian Solar Inc. (NASDAQ: CSIQ)</strong></h3>\n<p><span>Canadian Solar Inc. (NASDAQ: CSIQ) is a Guelph-based solar energy company. The products that the firm markets include </span><span>solar ingots, wafers, cells, modules, and other solar power products. The company designs, develops, and sells these products while also offering repair and management services related to these products. The firm also equips and operates electricity-generating solar power plants. It has a fleet of solar power plants in operation with an aggregate capacity of approximately 880 megawatt. </span></p>\n<p><span>The firm was founded in 2001 and is placed eighth on our list of </span><span>10 best renewable energy stocks to buy now. After dipping on the back of proposed changes to laws related to solar companies in California earlier this year, the stock of the firm has bounced since President Biden announced a plan to cut the cost of solar energy-related products by 60% over the next decade. At the end of the fourth quarter of 2020, 14 hedge funds in the database of Insider Monkey held stakes worth $118 million in the firm, down from 25 in the preceding quarter worth $245 million. </span></p>\n<h3><strong>7. Plug Power Inc. (NASDAQ: PLUG)</strong></h3>\n<p><span>Plug Power Inc. (NASDAQ: PLUG) is a New York-based company that is involved in development and selling of hydrogen fuel cell systems that replace conventional batteries in equipment and vehicles powered by electricity. The products that the firm makes include GenDrive, a hydrogen fueled PEM fuel cell system that powers electric vehicles, and GenFuel, a hydrogen fueling delivery, generation, storage, and dispensing system. The firm was founded in 1997 and is placed seventh on our list of 10 best renewable energy stocks to buy now.</span></p>\n<p><span>On April 20, financial advisory firm Evercore launched coverage on Plug Power stock with an Outperform rating, noting that pouring money into alternative energy would be an investment mega theme over the coming months. Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm </span><span>DE Shaw</span><span> held the most shares in the firm- 15.3 million – worth more than $522 million. </span><span>Citadel Investment Group</span><span> was 2nd with more than 1.5 shares worth almost $53 million. </span></p>\n<h3><strong>6. JinkoSolar Holding Co., Ltd. (NYSE: JKS)</strong></h3>\n<p><span>JinkoSolar Holding Co., Ltd. (NYSE: JKS) is a Shanghai-based manufacturer of solar products. It markets solar modules, silicon wafers, solar cells, recovered silicon materials, and silicon ingots. The firm provides solar integration services and also develops commercial solar power projects. It is <a href=\"https://laohu8.com/S/AONE\">one</a> of the largest solar panel manufacturing firms in the world. JinkoSolar operates in China, the United States, Japan, Germany, the United Kingdom, South Africa, India, and other countries. It is placed sixth on our list of 10 best renewable energy stocks to buy now.</span></p>\n<p><span>On April 9, the company reported that its quarterly revenues at the end of 2020 rose to $1.44 billion, posting a year-on-year growth of 5%. It also said that it expects the shipments of solar products to rise 30% in 2021 on the back of increased demand as the economy reopens following the pandemic. At the end of the fourth quarter of 2020, 18 hedge funds in the database of Insider Monkey held stakes worth $212 million in the firm, up from 10 in the preceding quarter worth $42 million. </span></p>\n<p><strong>Click to continue reading and see 5 Best Renewable Energy Stocks to Buy Now.</strong></p>\n<p>Suggested articles:</p>\n<ul>\n<li><strong>10 Most Profitable Businesses in 2021</strong></li>\n<li><strong>10 Best Furniture Companies in the World</strong></li>\n<li><strong>10 Best Artificial Intelligence Stocks for 2021</strong></li>\n</ul>\n<p>Disclosure: None. <strong>10 Best Renewable Energy Stocks to Buy Now</strong> is originally published on Insider Monkey.</p></body></html>","source":"yahoofinance","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>10 Best Renewable Energy Stocks to Buy Now</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\">\n10 Best Renewable Energy Stocks to Buy Now\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 23:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/10-best-renewable-energy-stocks-155021670.html><strong>Insider Monkey</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>In this article we will take a look at the top 10 best renewable energy stocks to buy now. You can skip our comprehensive analysis of the alternative energy industry and go directly to the 5 Best ...</p>\n\n<a href=\"https://finance.yahoo.com/news/10-best-renewable-energy-stocks-155021670.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://s.yimg.com/uu/api/res/1.2/T5sfZUIuUUUFsNgvHIrxhA--~B/aD01MDA7dz03NTA7YXBwaWQ9eXRhY2h5b24-/https://s.yimg.com/uu/api/res/1.2/eJRLRZA4GedSWzZ3PL75.Q--~B/aD01MDA7dz03NTA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/insidermonkey.com/7809c3a1aeabeb3792c88dbcbd82765a","relate_stocks":{"CSIQ":"阿特斯太阳能","SPWR":"SunPower","JKS":"晶科能源","BEP":"Brookfield Renewable Partners LP","PLUG":"普拉格能源"},"source_url":"https://finance.yahoo.com/news/10-best-renewable-energy-stocks-155021670.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2129390870","content_text":"In this article we will take a look at the top 10 best renewable energy stocks to buy now. You can skip our comprehensive analysis of the alternative energy industry and go directly to the 5 Best Renewable Energy Stocks to Buy Now.\nEnergy usage around the world is rising as emerging economies in Asia become the drivers of the manufacturing power in the global economy. According to statistics released by the United States Energy Information Administration, the energy usage on the planet is expected to grow by 50% in the next three decades, largely due to the rising demand from China, India, and other nations in the East. However, diminishing fossil fuel sources and global warming concerns around the burning of coal, oil, and gas have led to a shift in governmental priorities. \nGlobal Shift to Renewable Energy\nThis shift is marked by policy changes at the international and national level that reward businesses for switching to renewables and incentivize research and development into alternative energy. Already, the results of this shift are evident. The International Energy Agency estimates that renewable energy will overtake coal to become the largest source of electric power in the next four years. In 2020, alternative energy sources accounted for almost 28% of the total electricity generation in the world, up from 26% the previous year.\nIn 2021, the share of renewables in power generation is expected to rise by 8%, the largest year-on-year growth on record in absolute terms. The trends on the ground mirror the overall market direction on renewable stocks. The S&P Global Clean Energy Index was expanded earlier this month to include 52 new stocks. The iShares Global Clean Energy ETF (NASDAQ: ICLN), which tracks the results of investments in clean energy, has outperformed the wider market by posting a total return of 75.9% compared to the total return of 33.4% by the Russell 1000 over the past year. \nEven big economic powers like China and Australia, who depend on coal for power and manufacturing needs, are taking steps towards a shift to cleaner sources. In 2019, China spent more than $83 billion on renewable energy compared to the $55 billion spent by the US on the same sector that year. However, as President Biden assumes charge, Washington is planning to allocate $1.3 trillion to build a power capacity mostly built on clean energy by 2030, with large sections of the investment going towards wind and solar power plants.\nAll market indicators point towards the growth of the renewable energy sector in the coming years. But there should be clarity in the minds of investors with regards to the overall business model and the balance sheets of companies involved in clean energy. There is fierce market competition and much of the growth in the industry is driven by innovative firms operating on thin margins. But there is little doubt that the clean energy sector will transform the power market in the coming years even as fossil fuel demand rises and leads to hedge fund interest.\nThe entire hedge fund industry is feeling the reverberations of the changing financial landscape. Its reputation has been tarnished in the last decade, during which its hedged returns couldn’t keep up with the unhedged returns of the market indices. On the other hand, Insider Monkey’s research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 124 percentage points since March 2017. Between March 2017 and February 26th 2021 our monthly newsletter’s stock picks returned 197.2%, vs. 72.4% for the SPY. Our stock picks outperformed the market by more than 124 percentage points (see the details here). We were also able to identify in advance a select group of hedge fund holdings that significantly underperformed the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 13% through November 16th. That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox.\n Copyright: \nlassedesignen / 123RF Stock Photo\nWith this context in mind, here is our list of 10 best renewable energy stocks to buy now.\nBest Renewable Energy Stocks to Buy Now\n10. SunPower Corporation (NASDAQ: SPWR)\nSunPower Corporation (NASDAQ: SPWR) is a California-based company that offers solar solutions to residential, commercial and industrial clients. The firm also sells directly to a network of third-party dealers and resellers. The products that the company markets include commercial roof, carport, and ground mounted systems, as well as post-installation operations and maintenance services. SunPower Corp was founded in 1985 and is placed tenth on our list of 10 best renewable energy stocks to buy now.\nThe shares of the firm have been soaring since last month after President Biden announced a plan last month to extend tax credits offered to clean energy firms by ten years and promised increased spending on research and development in the sector. On March 23, investment bank Goldman Sachs upgraded the stock rating on SunPower to Buy from Neutral. At the end of the fourth quarter of 2020, 24 hedge funds in the database of Insider Monkey held stakes worth $345 million in the firm, up from 14 in the preceding quarter worth $91 million. \n9. Brookfield Renewable Partners L.P. (NYSE: BEP)\nBrookfield Renewable Partners L.P. (NYSE: BEP) is a Bermuda-based firm that owns several renewable power energy generating plants. The firm operates in the United States, Canada, Colombia, Brazil, Europe, India, and China. It owns a total of 19,000 megawatts of power generation capability globally through hydroelectric, wind, solar, distributed generation, pumped storage, cogeneration, and biomass sources. The company was founded in 1999 and is ranked ninth on our list of 10 best renewable energy stocks to buy now. \nLast month, financial services firm Wells Fargo upgraded Brookfield stock to Equal Weight from Underweight with a price target of $42. In February, the clean energy firm hiked its quarterly dividend by 5% to $0.30 per share. Out of the hedge funds being tracked by Insider Monkey, London-based investment firm Ecofin Ltd held the most shares in the firm - 280,135 – worth more than $12 million. NewGen Asset Management was 2nd with more than 71,000 shares worth almost $3 million. \n8. Canadian Solar Inc. (NASDAQ: CSIQ)\nCanadian Solar Inc. (NASDAQ: CSIQ) is a Guelph-based solar energy company. The products that the firm markets include solar ingots, wafers, cells, modules, and other solar power products. The company designs, develops, and sells these products while also offering repair and management services related to these products. The firm also equips and operates electricity-generating solar power plants. It has a fleet of solar power plants in operation with an aggregate capacity of approximately 880 megawatt. \nThe firm was founded in 2001 and is placed eighth on our list of 10 best renewable energy stocks to buy now. After dipping on the back of proposed changes to laws related to solar companies in California earlier this year, the stock of the firm has bounced since President Biden announced a plan to cut the cost of solar energy-related products by 60% over the next decade. At the end of the fourth quarter of 2020, 14 hedge funds in the database of Insider Monkey held stakes worth $118 million in the firm, down from 25 in the preceding quarter worth $245 million. \n7. Plug Power Inc. (NASDAQ: PLUG)\nPlug Power Inc. (NASDAQ: PLUG) is a New York-based company that is involved in development and selling of hydrogen fuel cell systems that replace conventional batteries in equipment and vehicles powered by electricity. The products that the firm makes include GenDrive, a hydrogen fueled PEM fuel cell system that powers electric vehicles, and GenFuel, a hydrogen fueling delivery, generation, storage, and dispensing system. The firm was founded in 1997 and is placed seventh on our list of 10 best renewable energy stocks to buy now.\nOn April 20, financial advisory firm Evercore launched coverage on Plug Power stock with an Outperform rating, noting that pouring money into alternative energy would be an investment mega theme over the coming months. Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm DE Shaw held the most shares in the firm- 15.3 million – worth more than $522 million. Citadel Investment Group was 2nd with more than 1.5 shares worth almost $53 million. \n6. JinkoSolar Holding Co., Ltd. (NYSE: JKS)\nJinkoSolar Holding Co., Ltd. (NYSE: JKS) is a Shanghai-based manufacturer of solar products. It markets solar modules, silicon wafers, solar cells, recovered silicon materials, and silicon ingots. The firm provides solar integration services and also develops commercial solar power projects. It is one of the largest solar panel manufacturing firms in the world. JinkoSolar operates in China, the United States, Japan, Germany, the United Kingdom, South Africa, India, and other countries. It is placed sixth on our list of 10 best renewable energy stocks to buy now.\nOn April 9, the company reported that its quarterly revenues at the end of 2020 rose to $1.44 billion, posting a year-on-year growth of 5%. It also said that it expects the shipments of solar products to rise 30% in 2021 on the back of increased demand as the economy reopens following the pandemic. At the end of the fourth quarter of 2020, 18 hedge funds in the database of Insider Monkey held stakes worth $212 million in the firm, up from 10 in the preceding quarter worth $42 million. \nClick to continue reading and see 5 Best Renewable Energy Stocks to Buy Now.\nSuggested articles:\n\n10 Most Profitable Businesses in 2021\n10 Best Furniture Companies in the World\n10 Best Artificial Intelligence Stocks for 2021\n\nDisclosure: None. 10 Best Renewable Energy Stocks to Buy Now is originally published on Insider Monkey.","news_type":1},"isVote":1,"tweetType":1,"viewCount":2586,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":189952631,"gmtCreate":1623241977523,"gmtModify":1623241977523,"author":{"id":"3498466523811929","authorId":"3498466523811929","name":"蔚来市值3000亿美元","avatar":"https://static.tigerbbs.com/3d7543adf491773efe195a99dff827a7","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3498466523811929","authorIdStr":"3498466523811929"},"themes":[],"htmlText":"收藏","listText":"收藏","text":"收藏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/189952631","repostId":"116138050","repostType":1,"repost":{"id":116138050,"gmtCreate":1622779585370,"gmtModify":1622785505818,"author":{"id":"80618481060420","authorId":"80618481060420","name":"何惑金","avatar":"https://static.tigerbbs.com/e48563d9b456e92ca761015f2e496734","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"80618481060420","authorIdStr":"80618481060420"},"themes":[],"title":"高瓴资本李岳：知道自己不知道（中篇）","htmlText":"上篇讲到了\"生意环境人\"的框架，接下来细分下去讲生意最重要的属性——品牌。第一个：我们怎么去看品牌？巴菲特也会跟大家讲要投很多品牌，但是巴菲特不会跟你说我为什么要投卡夫亨氏？这里我们常说两句话：我们认为费用的本质是你获取用户的成本。那么毛利率的本质是什么？毛利率的本质是消费者离开你的成本。假如我们发现了一个很好的生意，这个生意成本是50块钱，可以卖100块钱，能赚到20块钱的净利润。但是很快B也发现了这个生意，他也搞了一个成本50块钱的东西，他卖98块钱。如果消费者离开你的成本为零，那么消费者会全部转移到B的身上，B可以赚18块钱。A一看没有生意了，就会通过降价的方式或者增加费用的方式把用户再拉回来。这样一来一去平均回报率回到4~5%，还不如存在银行，这时生意才会进入到一个稳态。但是为什么茅台大家愿意付那么多的溢价？市场上有那么多号称跟茅台一个产区一样品质的酒，消费者可能也不会去买。茅台的溢价，就是它的超额毛利，就是品牌的价值。我们认为品牌有十四个维度，这十四个维度又分成五个大类。第一个叫情感性属性、第二个叫安全性属性、第三个叫差异化属性、第四个叫便利性属、第五个叫成瘾性属性。情感性属性里面又可以分成四种，包括自我的彰显、与悲伤欢乐的这种气氛的结合、社交等等，这里面最经典的品类当然是酒了。大家都知道酒是好生意，酒提供了情感性的价值，但是你会发现每一种酒的特点都不一样。你能提供所谓的情感性的属性，悲伤快乐、自我彰显~~这种价值越多，其实门槛是越高的。比如一个人要显示他自己有品位，带个大金项链肯定不是个好选择。但是我能告诉你这款红酒来自哪个产区？它是哪一年的葡萄？那一年的气候环境是怎样的？它在某一种桶里面沉淀了多少年？它要与什么样的食物搭配~~于是大家觉得这个人还挺有品位的。但是为什么红酒公司这些属性非常好，但是它并不是一个好的生意？红酒的特点是维度非常的多，有新世界，旧世界、","listText":"上篇讲到了\"生意环境人\"的框架，接下来细分下去讲生意最重要的属性——品牌。第一个：我们怎么去看品牌？巴菲特也会跟大家讲要投很多品牌，但是巴菲特不会跟你说我为什么要投卡夫亨氏？这里我们常说两句话：我们认为费用的本质是你获取用户的成本。那么毛利率的本质是什么？毛利率的本质是消费者离开你的成本。假如我们发现了一个很好的生意，这个生意成本是50块钱，可以卖100块钱，能赚到20块钱的净利润。但是很快B也发现了这个生意，他也搞了一个成本50块钱的东西，他卖98块钱。如果消费者离开你的成本为零，那么消费者会全部转移到B的身上，B可以赚18块钱。A一看没有生意了，就会通过降价的方式或者增加费用的方式把用户再拉回来。这样一来一去平均回报率回到4~5%，还不如存在银行，这时生意才会进入到一个稳态。但是为什么茅台大家愿意付那么多的溢价？市场上有那么多号称跟茅台一个产区一样品质的酒，消费者可能也不会去买。茅台的溢价，就是它的超额毛利，就是品牌的价值。我们认为品牌有十四个维度，这十四个维度又分成五个大类。第一个叫情感性属性、第二个叫安全性属性、第三个叫差异化属性、第四个叫便利性属、第五个叫成瘾性属性。情感性属性里面又可以分成四种，包括自我的彰显、与悲伤欢乐的这种气氛的结合、社交等等，这里面最经典的品类当然是酒了。大家都知道酒是好生意，酒提供了情感性的价值，但是你会发现每一种酒的特点都不一样。你能提供所谓的情感性的属性，悲伤快乐、自我彰显~~这种价值越多，其实门槛是越高的。比如一个人要显示他自己有品位，带个大金项链肯定不是个好选择。但是我能告诉你这款红酒来自哪个产区？它是哪一年的葡萄？那一年的气候环境是怎样的？它在某一种桶里面沉淀了多少年？它要与什么样的食物搭配~~于是大家觉得这个人还挺有品位的。但是为什么红酒公司这些属性非常好，但是它并不是一个好的生意？红酒的特点是维度非常的多，有新世界，旧世界、","text":"上篇讲到了\"生意环境人\"的框架，接下来细分下去讲生意最重要的属性——品牌。第一个：我们怎么去看品牌？巴菲特也会跟大家讲要投很多品牌，但是巴菲特不会跟你说我为什么要投卡夫亨氏？这里我们常说两句话：我们认为费用的本质是你获取用户的成本。那么毛利率的本质是什么？毛利率的本质是消费者离开你的成本。假如我们发现了一个很好的生意，这个生意成本是50块钱，可以卖100块钱，能赚到20块钱的净利润。但是很快B也发现了这个生意，他也搞了一个成本50块钱的东西，他卖98块钱。如果消费者离开你的成本为零，那么消费者会全部转移到B的身上，B可以赚18块钱。A一看没有生意了，就会通过降价的方式或者增加费用的方式把用户再拉回来。这样一来一去平均回报率回到4~5%，还不如存在银行，这时生意才会进入到一个稳态。但是为什么茅台大家愿意付那么多的溢价？市场上有那么多号称跟茅台一个产区一样品质的酒，消费者可能也不会去买。茅台的溢价，就是它的超额毛利，就是品牌的价值。我们认为品牌有十四个维度，这十四个维度又分成五个大类。第一个叫情感性属性、第二个叫安全性属性、第三个叫差异化属性、第四个叫便利性属、第五个叫成瘾性属性。情感性属性里面又可以分成四种，包括自我的彰显、与悲伤欢乐的这种气氛的结合、社交等等，这里面最经典的品类当然是酒了。大家都知道酒是好生意，酒提供了情感性的价值，但是你会发现每一种酒的特点都不一样。你能提供所谓的情感性的属性，悲伤快乐、自我彰显~~这种价值越多，其实门槛是越高的。比如一个人要显示他自己有品位，带个大金项链肯定不是个好选择。但是我能告诉你这款红酒来自哪个产区？它是哪一年的葡萄？那一年的气候环境是怎样的？它在某一种桶里面沉淀了多少年？它要与什么样的食物搭配~~于是大家觉得这个人还挺有品位的。但是为什么红酒公司这些属性非常好，但是它并不是一个好的生意？红酒的特点是维度非常的多，有新世界，旧世界、","images":[],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/116138050","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2385,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":189959531,"gmtCreate":1623241767923,"gmtModify":1623241767923,"author":{"id":"3498466523811929","authorId":"3498466523811929","name":"蔚来市值3000亿美元","avatar":"https://static.tigerbbs.com/3d7543adf491773efe195a99dff827a7","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3498466523811929","authorIdStr":"3498466523811929"},"themes":[],"htmlText":"收藏","listText":"收藏","text":"收藏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/189959531","repostId":"116131991","repostType":1,"repost":{"id":116131991,"gmtCreate":1622779512613,"gmtModify":1622780615014,"author":{"id":"80618481060420","authorId":"80618481060420","name":"何惑金","avatar":"https://static.tigerbbs.com/e48563d9b456e92ca761015f2e496734","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"80618481060420","authorIdStr":"80618481060420"},"themes":[],"title":"高瓴资本李岳：知道自己不知道（上篇）","htmlText":"1.高瓴资本如何保持高水平的业绩和管理规模？2.高瓴的投资方法论是什么？3.好生意的基本法则有哪些？4.企业如何能够突破行业的瓶颈？5.怎么从一个单产品型的公司变成一个平台型的公司？以下内容为高瓴资本李岳内部演讲，干货满满，enjoy：自我介绍一下，我叫李岳，加入高瓴9年时间了。我之前在公募基金，专门从事消费方式消费行业的研究和投资。大家对高瓴也有很多了解了，我不再做一些赘述。关于高瓴的特点，我这么多年很有体会。为什么高瓴能做的这么好？管这么大的规模？我们整个二级市场的团队只有十几个人，而且七八个是比较年轻的新人。能保持这么高的业绩和管理规模，我觉得主要有三个方面。第一个确实我们是比较深度的，价值投资里面有很多的门派，有deep value，所谓的格雷厄姆型的捡烟蒂型的投资人；也有只看增长的，比如说一些餐饮店1家变2家变4家，这个叫增长型的投资人。而我们对自己的定义叫 franchise invest，本质是看供给端的，我们会花百分之七八十的时间去研究供给，研究所谓的门槛，去寻找好的生意。因为我们走的是纵深模式，跟A股传统的研究员的成长路径会不太一样。在传统的模式下，研究员做了两三年研究之后，可能做个基金经理助理，之后就是管两三个行业的一个小产品，再管大产品。这种模式当然它有它的好处，大家的市场敏感度比较高。但整个A股市场，能坚持把一个行业或者一些领域去做深的人是比较少的。第二个我觉得是我们确实比较长期，我们有自己的一套方法论，能够很快得做很多的判断。做出判断以后，我们会把时间只聚焦在两三个领域里面，大家也知道我们公司就做三个领域：消费互联网加医药。每个行业里面我们也就投三五家公司，所以在这种情况下，我们能够跟企业家产生非常深的一些关系，也能跟企业去做很深的沟通和成长的一些帮助。我们内部的人才架构上也是比较长期的，大家在年轻人身上花的时间非常长，跟短期的业绩挂钩的KPI不是","listText":"1.高瓴资本如何保持高水平的业绩和管理规模？2.高瓴的投资方法论是什么？3.好生意的基本法则有哪些？4.企业如何能够突破行业的瓶颈？5.怎么从一个单产品型的公司变成一个平台型的公司？以下内容为高瓴资本李岳内部演讲，干货满满，enjoy：自我介绍一下，我叫李岳，加入高瓴9年时间了。我之前在公募基金，专门从事消费方式消费行业的研究和投资。大家对高瓴也有很多了解了，我不再做一些赘述。关于高瓴的特点，我这么多年很有体会。为什么高瓴能做的这么好？管这么大的规模？我们整个二级市场的团队只有十几个人，而且七八个是比较年轻的新人。能保持这么高的业绩和管理规模，我觉得主要有三个方面。第一个确实我们是比较深度的，价值投资里面有很多的门派，有deep value，所谓的格雷厄姆型的捡烟蒂型的投资人；也有只看增长的，比如说一些餐饮店1家变2家变4家，这个叫增长型的投资人。而我们对自己的定义叫 franchise 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.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目标价为20美元！遭香橼沽空， Palantir盘中跳水\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\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\">老虎资讯综合 </p>\n<p class=\"h-time\">2020-11-27 23:29</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>11月27日，香橼发布推特沽空Palantir：称交易者正在寻找空头头寸，Palantir已经不再是一只股票，而是一个赌场。香橼认为Palantir在2020年会跌至20美元。消息发布后，Palantir盘中跳水。</p>\n<p><img src=\"https://static.tigerbbs.com/5d96fdc24a9dac55aceea7525965be6a\" tg-width=\"840\" tg-height=\"470\"></p>\n<p><img src=\"https://static.tigerbbs.com/c6972c6b437d4ae8a6c23bd853e471b3\" tg-width=\"750\" tg-height=\"1624\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3400ab07be851836f985363e52636fda","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136205876","content_text":"11月27日，香橼发布推特沽空Palantir：称交易者正在寻找空头头寸，Palantir已经不再是一只股票，而是一个赌场。香橼认为Palantir在2020年会跌至20美元。消息发布后，Palantir盘中跳水。","news_type":1},"isVote":1,"tweetType":1,"viewCount":846,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":399996521,"gmtCreate":1605889502263,"gmtModify":1703840378328,"author":{"id":"3498466523811929","authorId":"3498466523811929","name":"蔚来市值3000亿美元","avatar":"https://static.tigerbbs.com/3d7543adf491773efe195a99dff827a7","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3498466523811929","authorIdStr":"3498466523811929"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a>空？试试","listText":"<a href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a>空？试试","text":"$蔚来(NIO)$空？试试","images":[{"img":"https://static.tigerbbs.com/dc1db5b476a27e8a4c51af4a391fc7cf","width":"583","height":"799"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/399996521","isVote":1,"tweetType":1,"viewCount":2194,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3547512939564630","authorId":"3547512939564630","name":"绝弦的俞伯牙","avatar":"https://static.tigerbbs.com/b343ad041618b81a0907e0c2aaffaad1","crmLevel":2,"crmLevelSwitch":0,"idStr":"3547512939564630","authorIdStr":"3547512939564630"},"content":"冲着你这昵称也不敢🈳呀 [财迷]","text":"冲着你这昵称也不敢🈳呀 [财迷]","html":"冲着你这昵称也不敢🈳呀 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href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a>妈的","text":"$蔚来(NIO)$妈的","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/304755695","isVote":1,"tweetType":1,"viewCount":989,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":390745534,"gmtCreate":1605874673328,"gmtModify":1703840206544,"author":{"id":"3498466523811929","authorId":"3498466523811929","name":"蔚来市值3000亿美元","avatar":"https://static.tigerbbs.com/3d7543adf491773efe195a99dff827a7","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3498466523811929","authorIdStr":"3498466523811929"},"themes":[],"htmlText":"李斌在拿燃油车做竞争对手，而小鹏直言不讳说蔚来理想不行，拿他们当竞争对手，这就是格局大小差别，投资公司往往是投资公司的一把手","listText":"李斌在拿燃油车做竞争对手，而小鹏直言不讳说蔚来理想不行，拿他们当竞争对手，这就是格局大小差别，投资公司往往是投资公司的一把手","text":"李斌在拿燃油车做竞争对手，而小鹏直言不讳说蔚来理想不行，拿他们当竞争对手，这就是格局大小差别，投资公司往往是投资公司的一把手","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/390745534","repostId":"2084238516","repostType":2,"repost":{"id":"2084238516","pubTimestamp":1605873736,"share":"https://www.laohu8.com/m/news/2084238516?lang=&edition=full","pubTime":"2020-11-20 20:02","market":"us","language":"zh","title":"小鹏汽车CEO何小鹏：短期来看，科技型车企有太高毛利是错误的","url":"https://stock-news.laohu8.com/highlight/detail?id=2084238516","media":"李勤","summary":"“长期来看，一个科技型的汽车企业应该有很高毛利”","content":"<html><body><div><p><span>借助<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>化技术这张牌，<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>正快速向上探索品牌边界。</span></p>\n<p><span>广州车展开幕首日，小鹏汽车推出轿跑车型小鹏P7鹏翼版，加入了百万超跑才配置的剪刀门，售价最高至40.99万元。“这是小鹏汽车第一次卖到40万元以上。”小鹏汽车CEO何小鹏在现场表示。</span></p>\n<p>与<a href=\"https://laohu8.com/S/NIO\">蔚来</a>、<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>高举高打的品牌策略不同，小鹏汽车第一款产品G3只卖15万元左右，既未追求极限动力性能，也未在一线城市核心地带广设线下店。但何小鹏仍然有底气，“我们内部有人觉得（P7鹏翼版）40万以上非常极客会买，我认为（销量）会不少，看明年数据。”</p>\n<p>何小鹏的自信有基础，其2017年8月正式加入小鹏汽车，搭建自研体系，如今开始收获成果：自动泊车、全语音交互座舱、自动辅助驾驶XPliot已经交付，高速导航辅助驾驶NGP也收获不错口碑。特斯拉Model 3连番降价，被视为“新造车杀手”，但紧贴Model 3的小鹏P7不仅未覆没，月交付也超过了2000台。</p>\n<p>这也驱使新造车其他成员蔚来、<a href=\"https://laohu8.com/S/LI\">理想汽车</a>等，在今年加码自研体系。蔚来由李斌亲自带队追赶研发进度，李想也招募了前<a href=\"https://laohu8.com/S/VC\">伟世通</a>全球首席架构师王凯出任CTO，推动智能化自研。</p>\n<p>先把自研跑起来的何小鹏告诉<a href=\"https://laohu8.com/S/KRKR\">36氪</a>，这里面有很多硬工夫，“真正要做好，以我的经验，可能他们还有两到三年，很多的时间去做这个事情。”</p>\n<p>面对越发紧迫的竞争格局，小鹏汽车也在加速硬件迭代。<span>车展上，小鹏汽车宣布对下一代智能硬件平台进行4个能力的升级，</span></p>\n<p>第一、控制域高度集成：XPU自动驾驶智能控制单元实现4合1，将行车和泊车的智能控制集成，使决策和执行更加高效，同时通过精简控制器、线束数量，减少系统重量，降低成本；</p>\n<p>第二，算力提升：计算芯片从<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>的Xavier的30TOPS升级为200+TOPS；</p>\n<p>第三，高精度定位提升：RTK终端从4G升级为5G，高精地图除优化高速道路外，补充城市道路，采用“IMU+GNSS+RTK（5G）+高精地图（高速&amp;城市）”的新定位方案，覆盖包括高楼、地下停车场等遮挡场景。</p>\n<p>第四，感知融合能力提升：在量产车上搭载激光雷达，提升小鹏汽车识别横纵向位置精度、空间分辨率（超高分辨率&lt;0.1°）的能力。</p>\n<p><strong>据何小鹏透露，明年小鹏汽车的量产车上就会搭载激光雷达。激光雷达的最大短板是成本高，也因此被特斯拉CEO马斯克痛斥”任何使用激光雷达的自动驾驶公司都注定失败”。但何小鹏在互联网和汽车行业多年的研发经验是，软件必须依赖底层的硬件，尤其是安全，“在最开始几年里，我们会把安全放在非常重的角度，宁愿我硬件冗余、软件冗余。”</strong></p>\n<p>在何小鹏的研发列表上，除了软件系统，未来还有一系列智能化相关的硬件。“软硬件是一个螺旋迭代的过程，现在我们解决的硬件核心还是集成、品质、安全，但是逐步我们开始创新，比如以自动驾驶为导向的电子电气、嵌入式大屏等硬件，以及智能音乐座舱方面的音响、控制器相关的创新。”</p>\n<p>研发在持续投入，但市场体量的攀升可能并不同步，这也让何小鹏无意参与另外两家公司——蔚来和理想汽车之间的毛利润和费效比拼。前者第三季度整车毛利率14.5%，后者更甚，达到19.8%。</p>\n<p>“从长期来看，一个科技型的汽车企业应该有很高毛利，但从短中期来看，有太高的毛利是错误的。”何小鹏向36氪直言，“行业里面更多是用一个成熟的体系去思考，我可以理解，但我要走我的特别道路。”</p>\n<h3 label=\"二级标题\"><strong>以下是36氪等媒体和何小鹏鹏访谈实录，略经摘编：</strong></h3>\n<p><strong>问：小鹏P7的鹏翼门版本你预期会占P7的销量多少？</strong></p>\n<p><span>何小鹏：说实话我们内部分歧很多。我最开始在车领域，是小学生，我在不断学习，我有一些判断错了，也有很多直觉是对的。比如我一直觉得高续航是卖得最多的，大家都认为低续航才卖得多，最后我完胜；我认为带自动驾驶的会卖得很多，他们认为不会那么多，我也完胜。从鹏翼门角度，我们的内部有两种，一种觉得40万以上可能非常极客会买，我认为也不少。我觉得等明年的交付数据大家会看到，我自己还是挺有信心。</span></p>\n<p label=\"正文\"><strong>问：<span>从G3到P7到今天的鹏翼门，我们的产品形态变化和定位都比较大，小鹏对于未来的产品定义是什么样的路径？</span></strong></p>\n<p><span>何小鹏：我觉得我们有几个特点和其他车企不太一样。</span></p>\n<p><span>第一个，我不太按照平台特性走，为什么这样说？我觉得平台的好处在于可规模、成本低、可复用，我们在部分的部件体系里面复用会做得很多，但是很容易就会因为平台要复用，导致创新的变化慢；</span></p>\n<p><span>第二个，我们尽量不做小定位，小定位就是在一个时间段，有一群用户有这样一个需求，所以做出这样一款车，我们更愿意在科技、在智能、在创新上面尽量走出一条直线；</span></p>\n<p><span>第三个，我们主力的销售价格在15—30万以内，这是我们一直说的事情，就是做中高端、做国潮。这样一群客户他们有购买力，且需要在这个购买力里面获得更好的功能、性能、能力的组合，这是小鹏去不断探索的。</span></p>\n<p><strong><span>问：小鹏是什么时候打算用激光雷达的？</span></strong></p>\n<p><span>何小鹏：我们明年出的车带激光雷达是肯定的，去年上半年就已经在做这一块研究，所以基本上都要往前回溯差不多2年的时间，才有可能把这个事情落地，尤其是要做大量的研发工作。</span></p>\n<p><span>我们跟传统做L4自动驾驶或者无人驾驶的公司不太一样，他们是用激光雷达为核心画激光雷达的高精地图，我们不一样，我们是用视觉为核心，以视觉高精地图为核心。因为我们觉得从趋势来看，全球所有的路、交通灯、法规都是以人的眼睛等等角度来看一个世界去开车的，我们认为这是最有效率、最接近真人且最便宜的，且又能够加上激光雷达组合能够把安全做好的事情。</span></p>\n<p><span>说实话，在最开始几年里，我们会把安全放在非常重的角度，宁愿我硬件冗余、软件冗余，也要把安全做好。</span></p>\n<p><strong>问：小鹏有不少<span>自研成果在落地，蔚来、理想等公司也在投入自研，你觉得这个格局下，小鹏的壁垒是什么？</span></strong></p>\n<p><span>何小鹏：第一，我觉得大家的方向是趋同的，代表小鹏最早说了这个事情，现在大家全认同。但有很多的都是硬工夫，真正要做好，从有想法到组团队到能够研发，再到能够研发得好，我觉得以我的经验，可能他们还有两年到三年，需要很多的时间去做这个事情。</span><span>因为全栈的逻辑会越做越深。</span></p>\n<p><span>从小鹏的角度，我们是最早有这个想法，已经做出来，将来第一，我们会把它做好，第二我们会把技术做深度，第三，我们会把这个技术带到全球去，全球化的思考逻辑和中国化的思考逻辑，还是有很大的差别。我相信我们在智能化上会引领中国所有汽车企业。</span></p>\n<p><span>在最开始很多人都说智能汽车不用自研，靠集成。智能汽车核心是在运营、OTA、服务、软件、迭代、数据的驱动，现在慢慢很多人开始来思考这个事情。我觉得有一部分车企会慢慢地行动，但是这个行动需要一个合适的基因，需要足够大的团队。<strong>我们在智能化的研发人员接近一千人，我相信绝大部分公司还停留在自研团队可能一百号人左右，所以我觉得他们还需要更多的时间追上。</strong></span></p>\n<p><strong><span>问：你提到智能研发人员接近一千人，我记得以前是几百，这个是不是短时间内才有的？</span></strong></p>\n<p><span>何小鹏：没有。我们有智能座舱、有自动驾驶，帮助智能座舱，和自动驾驶相关的做智能化的硬件还有一些人，以及这些电子电气我们全部都会自己做，包括下一代的域控制器全部都是自己要研发，没有这一块的硬件的工程师，说白了，我们做软件也很难。</span></p>\n<p><span>为什么我一直跟互联网圈的朋友们说，如果你们仅仅做一个软件我觉得很难，因为它需要底层有很多硬件的架构体系支持，而且硬件和软件结合在一起之后，又需要整车的很多硬件架构体系去结合，所以你会发现越做越深，越做越像一个车厂。我在2013年有想法，2014年去投这样一家企业的时候，我就很坚定地说，一定要做软硬一体，像<a href=\"https://laohu8.com/S/AAPL\">苹果</a>一样的东西，才有可能最终有效率和有壁垒，如果想用集成的方式是很难的。</span></p>\n<p><strong>问<span>：苹果是自己设计芯片的，小鹏有这个规划吗？</span></strong></p>\n<p><span>何小鹏：我们现在和英伟达合作得非常好，我相信将来在这上面会有我们的思考，如何能够把握好整个平衡度的问题。</span></p>\n<p><strong><span>问：能不能分享一下，管理研发性团队在组织架构上需要什么样的机制？理想汽车</span><span>有CTO，你们需要这样一个角色吗？</span></strong></p>\n<p><span>何小鹏：目前我们没有需要一个CTO的角色，如果需要有人在战略、产品、技术上三种架构式的合体，我觉得有的话那就是我。</span></p>\n<p><span>因为我们以前（UC浏览器时期）管研发团队就是两三千人的规模，整个UC当时4000人，阿里文娱1万人，我并不觉得管一个2000人的研发团队是一个挑战。<strong>我们把目标确定，把不同的中心和不同部门，甚至不同小组的岗位和边界确定好，然后用好的项目组织方式把它的业务能够拉起来，节奏能够拉齐，这一点我觉得非常好。</strong></span></p>\n<p><strong><span>我觉得一家企业特别是一家科技创造的企业，可能拥有技术线的老大和专家，但是真正意义的CTO应该是产品、战略和技术的整合，</span></strong><span>才有可能做的完全不一样。否则为了技术而技术，会出现一些挑战，我觉得不同公司组织不一样。</span></p>\n\n<p><strong>问：很关心小鹏会不会在智能这一块向更硬件的领域投入？</strong></p>\n<p>何小鹏：我始终认为，软硬件是一个螺旋迭代的过程。现在我们解决硬件的核心还是解决集成、品质、安全，但是逐步你会发现我们开始创新，比如以自动驾驶为导向的电子电气、嵌入式大屏等硬件方面的创新，以智能音乐座舱方面的音响、控制器相关的创新。所以，后面我们很多的软件和服务的创新都围绕在跟硬件的大创新，先是小创新，到慢慢大创新，围绕这个环去做。</p>\n<p>我跟大家分享一个故事，我在最开始2015年去招聘自动驾驶，2017年开始加大招聘，我都跟他们说，我说10年后自动辅助驾驶团队不是什么牛逼的团队，就在2030左右。因为10年前大数据团队、云计算团队都觉得牛逼，今天这个团队就是一个很基础的团队，一个大的公司里面的基础的技术部门，只是因为在那个年代你走得早，所以你觉得高精尖。</p>\n<p><strong><span>问：蔚来、特斯拉也会在2021年进入欧洲市场，我想问的是，2021年在中国市场、欧洲市场都是一个竞争的大年？</span></strong><span></span></p>\n<p>何小鹏：我觉得不是。2020、2021和2022年这3年都是元年的第一个阶段，更多的钱、更多的人、更多的研发和创新，应该是厚积薄发的阶段。包括我们走入到欧洲、走入到更多的国家和州，我们在当地要重走中国的很多基础道路，当地的组织建设、销售体系、售后体系、政策法规体系、产品调整。</p>\n<p><strong><span>问：国内竞争也比较激烈，为什么新势力一定要出去呢？</span></strong></p>\n<p><span>何小鹏：我认为今天的竞争或者今天的创业者定要思考一个问题，你想走得稳，又想走得快，是没有可能性。走得稳就是走得慢，因为以稳为先。今天的创业者，我想说的是，举2个例子，6年前的头条和字节人数大概只有今天的1/50，收入可能只有今天的1/70，这是我乱说，数据大概是这样，4年前的特斯拉只有今天销量人数的1/10。我想说的是，今天的创业跟全球化竞争，想走的稳的基础上再走得快没有现实。首先是跑得够快，其次在跑得够快中间努力能够稳、能够平衡，就是快跑中平衡，就是小鹏下一步关注的。</span></p>\n<p><strong><span>问：从最近大家的财报来看，现金储备基本上都有200亿人民币，但好像进入到拼毛利、拼费效的状态，小鹏在接下来的扩张有什么原则和策略？</span></strong></p>\n<p><span>何小鹏：从长期来看，一个科技型的汽车企业应该是有很高毛利的企业。从短中期来看，我实际上一直都认为，短期有太高的毛利是错误的。我走我的科技道路、走我的定位，我觉得行业里面更多是用一个成熟的体系去思考，我可以理解，但是我走我的特别的道路。</span></p>\n<p><strong><span>问：您说科技型汽车企业有很高的毛利，在您的规划当中，小鹏的毛利率上限最高会到多少？</span></strong></p>\n<p><span>何小鹏：等我们将来做到了跟你再说。</span></p></div></body></html>","source":"36kr_stock","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>小鹏汽车CEO何小鹏：短期来看，科技型车企有太高毛利是错误的</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小鹏汽车CEO何小鹏：短期来看，科技型车企有太高毛利是错误的\n</h2>\n\n<h4 class=\"meta\">\n\n\n2020-11-20 20:02 北京时间&nbsp;&nbsp;&nbsp;<a href=https://36kr.com/p/976456945552771><strong>李勤</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>借助智能化技术这张牌，小鹏汽车正快速向上探索品牌边界。\n广州车展开幕首日，小鹏汽车推出轿跑车型小鹏P7鹏翼版，加入了百万超跑才配置的剪刀门，售价最高至40.99万元。“这是小鹏汽车第一次卖到40万元以上。”小鹏汽车CEO何小鹏在现场表示。\n与蔚来、特斯拉高举高打的品牌策略不同，小鹏汽车第一款产品G3只卖15万元左右，既未追求极限动力性能，也未在一线城市核心地带广设线下店。但何小鹏仍然有底气，“我们...</p>\n\n<a href=\"https://36kr.com/p/976456945552771\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/cdebdfe62273ac806dc3a657b1ca6182","relate_stocks":{},"source_url":"https://36kr.com/p/976456945552771","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2084238516","content_text":"借助智能化技术这张牌，小鹏汽车正快速向上探索品牌边界。\n广州车展开幕首日，小鹏汽车推出轿跑车型小鹏P7鹏翼版，加入了百万超跑才配置的剪刀门，售价最高至40.99万元。“这是小鹏汽车第一次卖到40万元以上。”小鹏汽车CEO何小鹏在现场表示。\n与蔚来、特斯拉高举高打的品牌策略不同，小鹏汽车第一款产品G3只卖15万元左右，既未追求极限动力性能，也未在一线城市核心地带广设线下店。但何小鹏仍然有底气，“我们内部有人觉得（P7鹏翼版）40万以上非常极客会买，我认为（销量）会不少，看明年数据。”\n何小鹏的自信有基础，其2017年8月正式加入小鹏汽车，搭建自研体系，如今开始收获成果：自动泊车、全语音交互座舱、自动辅助驾驶XPliot已经交付，高速导航辅助驾驶NGP也收获不错口碑。特斯拉Model 3连番降价，被视为“新造车杀手”，但紧贴Model 3的小鹏P7不仅未覆没，月交付也超过了2000台。\n这也驱使新造车其他成员蔚来、理想汽车等，在今年加码自研体系。蔚来由李斌亲自带队追赶研发进度，李想也招募了前伟世通全球首席架构师王凯出任CTO，推动智能化自研。\n先把自研跑起来的何小鹏告诉36氪，这里面有很多硬工夫，“真正要做好，以我的经验，可能他们还有两到三年，很多的时间去做这个事情。”\n面对越发紧迫的竞争格局，小鹏汽车也在加速硬件迭代。车展上，小鹏汽车宣布对下一代智能硬件平台进行4个能力的升级，\n第一、控制域高度集成：XPU自动驾驶智能控制单元实现4合1，将行车和泊车的智能控制集成，使决策和执行更加高效，同时通过精简控制器、线束数量，减少系统重量，降低成本；\n第二，算力提升：计算芯片从英伟达的Xavier的30TOPS升级为200+TOPS；\n第三，高精度定位提升：RTK终端从4G升级为5G，高精地图除优化高速道路外，补充城市道路，采用“IMU+GNSS+RTK（5G）+高精地图（高速&城市）”的新定位方案，覆盖包括高楼、地下停车场等遮挡场景。\n第四，感知融合能力提升：在量产车上搭载激光雷达，提升小鹏汽车识别横纵向位置精度、空间分辨率（超高分辨率<0.1°）的能力。\n据何小鹏透露，明年小鹏汽车的量产车上就会搭载激光雷达。激光雷达的最大短板是成本高，也因此被特斯拉CEO马斯克痛斥”任何使用激光雷达的自动驾驶公司都注定失败”。但何小鹏在互联网和汽车行业多年的研发经验是，软件必须依赖底层的硬件，尤其是安全，“在最开始几年里，我们会把安全放在非常重的角度，宁愿我硬件冗余、软件冗余。”\n在何小鹏的研发列表上，除了软件系统，未来还有一系列智能化相关的硬件。“软硬件是一个螺旋迭代的过程，现在我们解决的硬件核心还是集成、品质、安全，但是逐步我们开始创新，比如以自动驾驶为导向的电子电气、嵌入式大屏等硬件，以及智能音乐座舱方面的音响、控制器相关的创新。”\n研发在持续投入，但市场体量的攀升可能并不同步，这也让何小鹏无意参与另外两家公司——蔚来和理想汽车之间的毛利润和费效比拼。前者第三季度整车毛利率14.5%，后者更甚，达到19.8%。\n“从长期来看，一个科技型的汽车企业应该有很高毛利，但从短中期来看，有太高的毛利是错误的。”何小鹏向36氪直言，“行业里面更多是用一个成熟的体系去思考，我可以理解，但我要走我的特别道路。”\n以下是36氪等媒体和何小鹏鹏访谈实录，略经摘编：\n问：小鹏P7的鹏翼门版本你预期会占P7的销量多少？\n何小鹏：说实话我们内部分歧很多。我最开始在车领域，是小学生，我在不断学习，我有一些判断错了，也有很多直觉是对的。比如我一直觉得高续航是卖得最多的，大家都认为低续航才卖得多，最后我完胜；我认为带自动驾驶的会卖得很多，他们认为不会那么多，我也完胜。从鹏翼门角度，我们的内部有两种，一种觉得40万以上可能非常极客会买，我认为也不少。我觉得等明年的交付数据大家会看到，我自己还是挺有信心。\n问：从G3到P7到今天的鹏翼门，我们的产品形态变化和定位都比较大，小鹏对于未来的产品定义是什么样的路径？\n何小鹏：我觉得我们有几个特点和其他车企不太一样。\n第一个，我不太按照平台特性走，为什么这样说？我觉得平台的好处在于可规模、成本低、可复用，我们在部分的部件体系里面复用会做得很多，但是很容易就会因为平台要复用，导致创新的变化慢；\n第二个，我们尽量不做小定位，小定位就是在一个时间段，有一群用户有这样一个需求，所以做出这样一款车，我们更愿意在科技、在智能、在创新上面尽量走出一条直线；\n第三个，我们主力的销售价格在15—30万以内，这是我们一直说的事情，就是做中高端、做国潮。这样一群客户他们有购买力，且需要在这个购买力里面获得更好的功能、性能、能力的组合，这是小鹏去不断探索的。\n问：小鹏是什么时候打算用激光雷达的？\n何小鹏：我们明年出的车带激光雷达是肯定的，去年上半年就已经在做这一块研究，所以基本上都要往前回溯差不多2年的时间，才有可能把这个事情落地，尤其是要做大量的研发工作。\n我们跟传统做L4自动驾驶或者无人驾驶的公司不太一样，他们是用激光雷达为核心画激光雷达的高精地图，我们不一样，我们是用视觉为核心，以视觉高精地图为核心。因为我们觉得从趋势来看，全球所有的路、交通灯、法规都是以人的眼睛等等角度来看一个世界去开车的，我们认为这是最有效率、最接近真人且最便宜的，且又能够加上激光雷达组合能够把安全做好的事情。\n说实话，在最开始几年里，我们会把安全放在非常重的角度，宁愿我硬件冗余、软件冗余，也要把安全做好。\n问：小鹏有不少自研成果在落地，蔚来、理想等公司也在投入自研，你觉得这个格局下，小鹏的壁垒是什么？\n何小鹏：第一，我觉得大家的方向是趋同的，代表小鹏最早说了这个事情，现在大家全认同。但有很多的都是硬工夫，真正要做好，从有想法到组团队到能够研发，再到能够研发得好，我觉得以我的经验，可能他们还有两年到三年，需要很多的时间去做这个事情。因为全栈的逻辑会越做越深。\n从小鹏的角度，我们是最早有这个想法，已经做出来，将来第一，我们会把它做好，第二我们会把技术做深度，第三，我们会把这个技术带到全球去，全球化的思考逻辑和中国化的思考逻辑，还是有很大的差别。我相信我们在智能化上会引领中国所有汽车企业。\n在最开始很多人都说智能汽车不用自研，靠集成。智能汽车核心是在运营、OTA、服务、软件、迭代、数据的驱动，现在慢慢很多人开始来思考这个事情。我觉得有一部分车企会慢慢地行动，但是这个行动需要一个合适的基因，需要足够大的团队。我们在智能化的研发人员接近一千人，我相信绝大部分公司还停留在自研团队可能一百号人左右，所以我觉得他们还需要更多的时间追上。\n问：你提到智能研发人员接近一千人，我记得以前是几百，这个是不是短时间内才有的？\n何小鹏：没有。我们有智能座舱、有自动驾驶，帮助智能座舱，和自动驾驶相关的做智能化的硬件还有一些人，以及这些电子电气我们全部都会自己做，包括下一代的域控制器全部都是自己要研发，没有这一块的硬件的工程师，说白了，我们做软件也很难。\n为什么我一直跟互联网圈的朋友们说，如果你们仅仅做一个软件我觉得很难，因为它需要底层有很多硬件的架构体系支持，而且硬件和软件结合在一起之后，又需要整车的很多硬件架构体系去结合，所以你会发现越做越深，越做越像一个车厂。我在2013年有想法，2014年去投这样一家企业的时候，我就很坚定地说，一定要做软硬一体，像苹果一样的东西，才有可能最终有效率和有壁垒，如果想用集成的方式是很难的。\n问：苹果是自己设计芯片的，小鹏有这个规划吗？\n何小鹏：我们现在和英伟达合作得非常好，我相信将来在这上面会有我们的思考，如何能够把握好整个平衡度的问题。\n问：能不能分享一下，管理研发性团队在组织架构上需要什么样的机制？理想汽车有CTO，你们需要这样一个角色吗？\n何小鹏：目前我们没有需要一个CTO的角色，如果需要有人在战略、产品、技术上三种架构式的合体，我觉得有的话那就是我。\n因为我们以前（UC浏览器时期）管研发团队就是两三千人的规模，整个UC当时4000人，阿里文娱1万人，我并不觉得管一个2000人的研发团队是一个挑战。我们把目标确定，把不同的中心和不同部门，甚至不同小组的岗位和边界确定好，然后用好的项目组织方式把它的业务能够拉起来，节奏能够拉齐，这一点我觉得非常好。\n我觉得一家企业特别是一家科技创造的企业，可能拥有技术线的老大和专家，但是真正意义的CTO应该是产品、战略和技术的整合，才有可能做的完全不一样。否则为了技术而技术，会出现一些挑战，我觉得不同公司组织不一样。\n问：很关心小鹏会不会在智能这一块向更硬件的领域投入？\n何小鹏：我始终认为，软硬件是一个螺旋迭代的过程。现在我们解决硬件的核心还是解决集成、品质、安全，但是逐步你会发现我们开始创新，比如以自动驾驶为导向的电子电气、嵌入式大屏等硬件方面的创新，以智能音乐座舱方面的音响、控制器相关的创新。所以，后面我们很多的软件和服务的创新都围绕在跟硬件的大创新，先是小创新，到慢慢大创新，围绕这个环去做。\n我跟大家分享一个故事，我在最开始2015年去招聘自动驾驶，2017年开始加大招聘，我都跟他们说，我说10年后自动辅助驾驶团队不是什么牛逼的团队，就在2030左右。因为10年前大数据团队、云计算团队都觉得牛逼，今天这个团队就是一个很基础的团队，一个大的公司里面的基础的技术部门，只是因为在那个年代你走得早，所以你觉得高精尖。\n问：蔚来、特斯拉也会在2021年进入欧洲市场，我想问的是，2021年在中国市场、欧洲市场都是一个竞争的大年？\n何小鹏：我觉得不是。2020、2021和2022年这3年都是元年的第一个阶段，更多的钱、更多的人、更多的研发和创新，应该是厚积薄发的阶段。包括我们走入到欧洲、走入到更多的国家和州，我们在当地要重走中国的很多基础道路，当地的组织建设、销售体系、售后体系、政策法规体系、产品调整。\n问：国内竞争也比较激烈，为什么新势力一定要出去呢？\n何小鹏：我认为今天的竞争或者今天的创业者定要思考一个问题，你想走得稳，又想走得快，是没有可能性。走得稳就是走得慢，因为以稳为先。今天的创业者，我想说的是，举2个例子，6年前的头条和字节人数大概只有今天的1/50，收入可能只有今天的1/70，这是我乱说，数据大概是这样，4年前的特斯拉只有今天销量人数的1/10。我想说的是，今天的创业跟全球化竞争，想走的稳的基础上再走得快没有现实。首先是跑得够快，其次在跑得够快中间努力能够稳、能够平衡，就是快跑中平衡，就是小鹏下一步关注的。\n问：从最近大家的财报来看，现金储备基本上都有200亿人民币，但好像进入到拼毛利、拼费效的状态，小鹏在接下来的扩张有什么原则和策略？\n何小鹏：从长期来看，一个科技型的汽车企业应该是有很高毛利的企业。从短中期来看，我实际上一直都认为，短期有太高的毛利是错误的。我走我的科技道路、走我的定位，我觉得行业里面更多是用一个成熟的体系去思考，我可以理解，但是我走我的特别的道路。\n问：您说科技型汽车企业有很高的毛利，在您的规划当中，小鹏的毛利率上限最高会到多少？\n何小鹏：等我们将来做到了跟你再说。","news_type":1},"isVote":1,"tweetType":1,"viewCount":3421,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3562146094491842","authorId":"3562146094491842","name":"奔驰的小野马","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"idStr":"3562146094491842","authorIdStr":"3562146094491842"},"content":"小鹏还好，拿电动车当对手的是李想，天天喷纯电动不行，大家都在努力教育受众，只有他耍小聪明钻空子搞个增程式电动，迎合那些不能接受不了电车又想尝鲜的人，这种企业家的格局是最小的！关键还经常暗讽友商，比如在上市的时候说友商（指蔚来）上市后表现不好导致理想融资困难，这种人和企业一生黑！三家新势力最不看好的也是理想，还是在用传统车企的那一套，做高毛利，所有东西都是拿来主义，目光太短浅","text":"小鹏还好，拿电动车当对手的是李想，天天喷纯电动不行，大家都在努力教育受众，只有他耍小聪明钻空子搞个增程式电动，迎合那些不能接受不了电车又想尝鲜的人，这种企业家的格局是最小的！关键还经常暗讽友商，比如在上市的时候说友商（指蔚来）上市后表现不好导致理想融资困难，这种人和企业一生黑！三家新势力最不看好的也是理想，还是在用传统车企的那一套，做高毛利，所有东西都是拿来主义，目光太短浅","html":"小鹏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09:48","market":"hk","language":"zh","title":"港股的估值真的那么便宜吗？买港股就是买中美关系","url":"https://stock-news.laohu8.com/highlight/detail?id=1186804995","media":"沧海一土狗","summary":"人们往往只容易看到低阶的机会和风险。","content":"<html><head></head><body><p><b>引子</b></p><p>一提到港股，不少人的印象就是便宜，这种印象来自于不少AH两地上市股票的价差。</p><p>以<a href=\"https://laohu8.com/S/601398\">工商银行</a>为例，截至2022年3月18日收盘，其A股的PB为0.58，H股的PB为0.44，<i><b>H股的估值比A股便宜了24%</b></i>。</p><p>关于这个价差，有各种各样的说法。有的人说，这反映了A股和港股流动性的差异，A股流动性更好；也有人说，这反映了A股和港股不同的税收政策。</p><p>总之，大家吵了半天也吵不出个所以然。</p><p>但这并不妨碍大家形成一种共识：<i><b>港股的低估值不合理</b></i>，我们去抄底它们，就能占到估值的便宜。</p><p><b>俄乌事件的压力测试</b></p><p>近一个月来，最大的变量是2022年2月24日爆发的<i><b>俄乌事件</b></i>，这导致了恒生指数从2月24日到3月15日之间<i><b>跌了22.17%</b></i>。</p><p>事实上，从美国政府反复提醒大家俄罗斯要入侵乌克兰开始，港股就开始有所反馈了。</p><blockquote><i><b>美国总统拜登在2月18日回答媒体记者提问时说，他确信俄罗斯总统普京“已作出（入侵乌克兰的）决定”，这一判断基于美方“情报能力”。</b></i></blockquote><p>恒生指数从2月18日到2月23日下跌了4.57%。</p><p><img src=\"https://static.tigerbbs.com/d0d59cafbb1b9727cb7fde898ba8fdf1\" tg-width=\"1080\" tg-height=\"532\" referrerpolicy=\"no-referrer\"/></p><p>所以说，恒生指数一直在亦步亦趋地<i><b>反馈地缘政治风险</b></i>。</p><p>从拜登的警告到俄乌事件爆发，再到西方各国制裁俄罗斯，再到金融稳定委表态之后的大反转。</p><p>那么，为什么港股会反馈地缘政治风险呢？这是因为，<i><b>港股的公司是中国公司，计价货币却是美元</b></i>（<i>ps：港币跟美元是强挂钩的</i>）。</p><p><b>不同的立场，不同的观点</b></p><p>作为内地投资者，很难察觉这种制度安排的微妙之处。</p><p>那么，我们先转换一下身份，假装自己是一个美国投资者。</p><p>美国投资者投资内地的企业有两种不同的方式：<i><b>1、买港股或中概股；2、换汇进来买A股。</b></i></p><p><img src=\"https://static.tigerbbs.com/69ac838c39308bf7fea62bea31dd86f0\" tg-width=\"1080\" tg-height=\"499\" referrerpolicy=\"no-referrer\"/></p><p>表面上看，这两种投资方式的差异仅仅在于这个企业到底在哪里上市。实际上，并非如此，他们最核心的差异在于，<i><b>主权信用风险的嵌入方式</b></i>。</p><p>对美国投资者而言，港股的估值是个<i><b>混合估值</b></i>，它既包含了主权信用风险，还包含了企业的估值。A股的估值则是一个很纯粹的企业估值，<i><b>主权信用风险被人民币承担了</b></i>。</p><p>所以，对美国投资者而言，港股的估值就应该比A股便宜，因为嵌入了主权信用风险。</p><p>这也就不难解释，为什么港股会反馈地缘政治风险，会亦步亦趋地跟着俄乌事件演化。</p><p>当俄罗斯被西方国家制裁之后，所有的海外投资者都会把目光转向<i><b>中美关系</b></i>。在这个高阶问题没有搞清楚之前，大家不敢贸然下手。</p><p>这种情绪的传染类似于信用风险的传染，当年永煤出现问题的时候，其他煤炭企业的估值也大幅承压；恒大出现问题的时候，其他房企的估值也快速下跌。</p><p>但是，<i><b>内地投资者很难用外国人的视角想问题</b></i>。首先，我们天然地被绑定在这艘大船上，一荣俱荣一损俱损，没什么好讨论的；其次，我们真心觉得中国发展势头很好，这有什么好质疑的呢？所以，<i><b>我们有意无意地把主权信用风险&amp;地缘政治风险给漏掉了</b></i>。</p><p>从外国投资者眼里，主权信用风险必须考虑，港股的估值一定要比A股低一些；但对于无视国别风险的内地投资者来说，也一定会觉得，同样是国内的优秀企业，港股给的估值好便宜啊。</p><p><i><b>这就是不同立场，所造成的不同观点。</b></i></p><p><b>低阶视角和高阶视角</b></p><p>在《如何正确看待银行股的估值逻辑——信用风险的视角》一文中，我们强调过，估值、景气、信用风险是三个层次的东西，估值处于最低阶。单纯看着估值便宜去投资很不可取。</p><p>基于便宜去买东西之前，要思考清楚两个更高阶的问题：</p><p><i><b>1、信用风险是否会有问题？</b></i></p><p><i><b>2、景气是否会回归？</b></i></p><p><img src=\"https://static.tigerbbs.com/49a9b8cfec97726b184d3b1a50ff1a6e\" tg-width=\"1080\" tg-height=\"556\" referrerpolicy=\"no-referrer\"/></p><p>对于跨国别的投资也存在类似的问题，主权信用风险的层级最高，其次是景气，最后才是估值。</p><p><i><b>合理的决策体系应该给高阶变量以更高的决策权重</b></i>。</p><p>事实上，市场也是按照下图的决策金字塔给标的定价的。<img src=\"https://static.tigerbbs.com/c4d79d5f0175a6dcc44c048402155dda\" tg-width=\"1080\" tg-height=\"641\" referrerpolicy=\"no-referrer\"/></p><p><b>定价权争夺的问题</b></p><p>对于港股的低估值，很多内资投资者并不服气。</p><p>他们有这样一个推理：香港市场是一个外资主导的市场，所以，定价权在海外投资者手里，定价模式也会按照外资视角来；但是，如果内资大规模涌入港股，抢过定价权，定价模式就会按照内资视角来。</p><p>理想很美好，但这实际上是一种不切实际的幻想。</p><p>即便是港股里都剩下了内资机构，最终大家也会按照当下的游戏规则来。</p><p>这是为什么呢？<i><b>因为不按照现有规则玩会留下巨大的套利空间</b></i>。</p><p>表面上看，港股的问题是一个内资外资争夺定价权的问题，本质上却是一个套利方向的问题——<i><b>内资想的是从低阶向高阶套利</b></i>。</p><p><i><b>但是，能获利的套利，只存在于高阶向低阶的套利，不存在于从低阶向高阶的套利。</b></i></p><p>以卢布和人民币货币市场套利为例：俄乌事件之后，俄罗斯银行间的隔夜利率飙升到了20%，人民币的隔夜利率在2%，2和20之间有巨大的利差，存在了巨大的低阶套利机会。</p><p>表面上来看，把一笔人民币资金换汇成卢布，到俄罗斯的银行间滚一年隔夜，看起来能挣18%，是一个很完美的套利生意。</p><p><i><b>但是，这只是基于低阶逻辑的想法，它忽略了巨大的主权信用风险溢价。这18%能不能挣到取决于卢布的汇率</b></i>，如果卢布再贬值18%，那相当于白干。</p><p>亢奋的民族情绪能对抗冰冷的利益计算吗？再假设一个生活在俄罗斯的俄罗斯人，他有一笔巨大的人民币存款，他热爱自己的祖国，觉得20%的定价是不合理的，所以，他决定出售一个互换：2%的人民币回购对10%的卢布回购。</p><p>我们不难想象其后果：巨大的套利盘会迅速地把他这笔人民币资金一抢而空。最后，俄罗斯的银行间隔夜利率还是20%。</p><p>所以，基于低阶逻辑的套利行为总是危险的，容易被高阶的风险揍得体无完肤。</p><p>不幸的是，人们往往只容易看到<i><b>低阶的机会和风险</b></i>。</p><p><b>结束语</b></p><p>事实上，在中美贸易摩擦期间，港股已经定价了一轮高阶风险，</p><p><img src=\"https://static.tigerbbs.com/b05e6a25332b0b7ceabad777d782892d\" tg-width=\"1080\" tg-height=\"532\" referrerpolicy=\"no-referrer\"/></p><p>之所以那一轮感受不强烈，是因为当时a股也很差，港股并没有像这一轮那样展现出了异乎寻常的波动。</p><p>但是，对于掌握定价权的外国投资者而言，那一次他们已经交易了一轮地缘政治逻辑，这一次他们又依葫芦画瓢。</p><p>内地投资者不能被立场遮蔽了双眼，过于盲目，只看到了港股的估值便宜，<i><b>没有看到其内嵌的地缘政治风险折价</b></i>。</p><p>所以，买港股或中概股至少买了两样东西：</p><p><i><b>1、中美关系；</b></i></p><p><i><b>2、行业或企业的景气；</b></i></p><p>幸运的是，中美元首已经通过电话，加之俄乌事件似乎已经接近尾声，大概率这一次风波已经结束了。</p><p>这一次的巨大震荡帮我们彻底地探明了港股的深层次定价机制到底是什么——<i><b>中美关系</b></i>。抄底港股和中概股实际上是在抄中美分歧的底。</p><p>说实话，市场真的很有效。</p></body></html>","source":"lsy1570662791124","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>港股的估值真的那么便宜吗？买港股就是买中美关系</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港股的估值真的那么便宜吗？买港股就是买中美关系\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-21 09:48 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/udwT7fPzBscCxpjXNIGLzg><strong>沧海一土狗</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>引子一提到港股，不少人的印象就是便宜，这种印象来自于不少AH两地上市股票的价差。以工商银行为例，截至2022年3月18日收盘，其A股的PB为0.58，H股的PB为0.44，H股的估值比A股便宜了24%。关于这个价差，有各种各样的说法。有的人说，这反映了A股和港股流动性的差异，A股流动性更好；也有人说，这反映了A股和港股不同的税收政策。总之，大家吵了半天也吵不出个所以然。但这并不妨碍大家形成一种共识...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/udwT7fPzBscCxpjXNIGLzg\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/38508134c6853c521e764dc952e7334a","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/udwT7fPzBscCxpjXNIGLzg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186804995","content_text":"引子一提到港股，不少人的印象就是便宜，这种印象来自于不少AH两地上市股票的价差。以工商银行为例，截至2022年3月18日收盘，其A股的PB为0.58，H股的PB为0.44，H股的估值比A股便宜了24%。关于这个价差，有各种各样的说法。有的人说，这反映了A股和港股流动性的差异，A股流动性更好；也有人说，这反映了A股和港股不同的税收政策。总之，大家吵了半天也吵不出个所以然。但这并不妨碍大家形成一种共识：港股的低估值不合理，我们去抄底它们，就能占到估值的便宜。俄乌事件的压力测试近一个月来，最大的变量是2022年2月24日爆发的俄乌事件，这导致了恒生指数从2月24日到3月15日之间跌了22.17%。事实上，从美国政府反复提醒大家俄罗斯要入侵乌克兰开始，港股就开始有所反馈了。美国总统拜登在2月18日回答媒体记者提问时说，他确信俄罗斯总统普京“已作出（入侵乌克兰的）决定”，这一判断基于美方“情报能力”。恒生指数从2月18日到2月23日下跌了4.57%。所以说，恒生指数一直在亦步亦趋地反馈地缘政治风险。从拜登的警告到俄乌事件爆发，再到西方各国制裁俄罗斯，再到金融稳定委表态之后的大反转。那么，为什么港股会反馈地缘政治风险呢？这是因为，港股的公司是中国公司，计价货币却是美元（ps：港币跟美元是强挂钩的）。不同的立场，不同的观点作为内地投资者，很难察觉这种制度安排的微妙之处。那么，我们先转换一下身份，假装自己是一个美国投资者。美国投资者投资内地的企业有两种不同的方式：1、买港股或中概股；2、换汇进来买A股。表面上看，这两种投资方式的差异仅仅在于这个企业到底在哪里上市。实际上，并非如此，他们最核心的差异在于，主权信用风险的嵌入方式。对美国投资者而言，港股的估值是个混合估值，它既包含了主权信用风险，还包含了企业的估值。A股的估值则是一个很纯粹的企业估值，主权信用风险被人民币承担了。所以，对美国投资者而言，港股的估值就应该比A股便宜，因为嵌入了主权信用风险。这也就不难解释，为什么港股会反馈地缘政治风险，会亦步亦趋地跟着俄乌事件演化。当俄罗斯被西方国家制裁之后，所有的海外投资者都会把目光转向中美关系。在这个高阶问题没有搞清楚之前，大家不敢贸然下手。这种情绪的传染类似于信用风险的传染，当年永煤出现问题的时候，其他煤炭企业的估值也大幅承压；恒大出现问题的时候，其他房企的估值也快速下跌。但是，内地投资者很难用外国人的视角想问题。首先，我们天然地被绑定在这艘大船上，一荣俱荣一损俱损，没什么好讨论的；其次，我们真心觉得中国发展势头很好，这有什么好质疑的呢？所以，我们有意无意地把主权信用风险&地缘政治风险给漏掉了。从外国投资者眼里，主权信用风险必须考虑，港股的估值一定要比A股低一些；但对于无视国别风险的内地投资者来说，也一定会觉得，同样是国内的优秀企业，港股给的估值好便宜啊。这就是不同立场，所造成的不同观点。低阶视角和高阶视角在《如何正确看待银行股的估值逻辑——信用风险的视角》一文中，我们强调过，估值、景气、信用风险是三个层次的东西，估值处于最低阶。单纯看着估值便宜去投资很不可取。基于便宜去买东西之前，要思考清楚两个更高阶的问题：1、信用风险是否会有问题？2、景气是否会回归？对于跨国别的投资也存在类似的问题，主权信用风险的层级最高，其次是景气，最后才是估值。合理的决策体系应该给高阶变量以更高的决策权重。事实上，市场也是按照下图的决策金字塔给标的定价的。定价权争夺的问题对于港股的低估值，很多内资投资者并不服气。他们有这样一个推理：香港市场是一个外资主导的市场，所以，定价权在海外投资者手里，定价模式也会按照外资视角来；但是，如果内资大规模涌入港股，抢过定价权，定价模式就会按照内资视角来。理想很美好，但这实际上是一种不切实际的幻想。即便是港股里都剩下了内资机构，最终大家也会按照当下的游戏规则来。这是为什么呢？因为不按照现有规则玩会留下巨大的套利空间。表面上看，港股的问题是一个内资外资争夺定价权的问题，本质上却是一个套利方向的问题——内资想的是从低阶向高阶套利。但是，能获利的套利，只存在于高阶向低阶的套利，不存在于从低阶向高阶的套利。以卢布和人民币货币市场套利为例：俄乌事件之后，俄罗斯银行间的隔夜利率飙升到了20%，人民币的隔夜利率在2%，2和20之间有巨大的利差，存在了巨大的低阶套利机会。表面上来看，把一笔人民币资金换汇成卢布，到俄罗斯的银行间滚一年隔夜，看起来能挣18%，是一个很完美的套利生意。但是，这只是基于低阶逻辑的想法，它忽略了巨大的主权信用风险溢价。这18%能不能挣到取决于卢布的汇率，如果卢布再贬值18%，那相当于白干。亢奋的民族情绪能对抗冰冷的利益计算吗？再假设一个生活在俄罗斯的俄罗斯人，他有一笔巨大的人民币存款，他热爱自己的祖国，觉得20%的定价是不合理的，所以，他决定出售一个互换：2%的人民币回购对10%的卢布回购。我们不难想象其后果：巨大的套利盘会迅速地把他这笔人民币资金一抢而空。最后，俄罗斯的银行间隔夜利率还是20%。所以，基于低阶逻辑的套利行为总是危险的，容易被高阶的风险揍得体无完肤。不幸的是，人们往往只容易看到低阶的机会和风险。结束语事实上，在中美贸易摩擦期间，港股已经定价了一轮高阶风险，之所以那一轮感受不强烈，是因为当时a股也很差，港股并没有像这一轮那样展现出了异乎寻常的波动。但是，对于掌握定价权的外国投资者而言，那一次他们已经交易了一轮地缘政治逻辑，这一次他们又依葫芦画瓢。内地投资者不能被立场遮蔽了双眼，过于盲目，只看到了港股的估值便宜，没有看到其内嵌的地缘政治风险折价。所以，买港股或中概股至少买了两样东西：1、中美关系；2、行业或企业的景气；幸运的是，中美元首已经通过电话，加之俄乌事件似乎已经接近尾声，大概率这一次风波已经结束了。这一次的巨大震荡帮我们彻底地探明了港股的深层次定价机制到底是什么——中美关系。抄底港股和中概股实际上是在抄中美分歧的底。说实话，市场真的很有效。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1380,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":810657574,"gmtCreate":1629974962898,"gmtModify":1629975133355,"author":{"id":"3498466523811929","authorId":"3498466523811929","name":"蔚来市值3000亿美元","avatar":"https://static.tigerbbs.com/3d7543adf491773efe195a99dff827a7","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3498466523811929","authorIdStr":"3498466523811929"},"themes":[],"htmlText":"干得漂亮","listText":"干得漂亮","text":"干得漂亮","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/810657574","repostId":"1189885836","repostType":4,"isVote":1,"tweetType":1,"viewCount":1631,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":803080685,"gmtCreate":1627396402547,"gmtModify":1627396402547,"author":{"id":"3498466523811929","authorId":"3498466523811929","name":"蔚来市值3000亿美元","avatar":"https://static.tigerbbs.com/3d7543adf491773efe195a99dff827a7","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3498466523811929","authorIdStr":"3498466523811929"},"themes":[],"htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/803080685","repostId":"1120859674","repostType":4,"isVote":1,"tweetType":1,"viewCount":1672,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":126125457,"gmtCreate":1624548372479,"gmtModify":1624548372479,"author":{"id":"3498466523811929","authorId":"3498466523811929","name":"蔚来市值3000亿美元","avatar":"https://static.tigerbbs.com/3d7543adf491773efe195a99dff827a7","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3498466523811929","authorIdStr":"3498466523811929"},"themes":[],"htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize"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,"themes":[],"title":"高瓴资本李岳：知道自己不知道（上篇）","htmlText":"1.高瓴资本如何保持高水平的业绩和管理规模？2.高瓴的投资方法论是什么？3.好生意的基本法则有哪些？4.企业如何能够突破行业的瓶颈？5.怎么从一个单产品型的公司变成一个平台型的公司？以下内容为高瓴资本李岳内部演讲，干货满满，enjoy：自我介绍一下，我叫李岳，加入高瓴9年时间了。我之前在公募基金，专门从事消费方式消费行业的研究和投资。大家对高瓴也有很多了解了，我不再做一些赘述。关于高瓴的特点，我这么多年很有体会。为什么高瓴能做的这么好？管这么大的规模？我们整个二级市场的团队只有十几个人，而且七八个是比较年轻的新人。能保持这么高的业绩和管理规模，我觉得主要有三个方面。第一个确实我们是比较深度的，价值投资里面有很多的门派，有deep 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