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weeks
2021-03-17
还继续送钱吗?
抱歉,原内容已删除
weeks
2021-03-03
$TherapeuticsMD Inc.(TXMD)$
有本事盘中拉。
weeks
2021-03-02
$RLX科技(RLX)$
$RLX科技(RLX)$
庄家来了,估计要一路上涨了。
weeks
2021-02-20
$第九城市(NCTY)$
庄自己玩high了吧,成交量这么少,价格一直涨,看来是下不了台了。
weeks
2021-02-11
$奥罗拉大麻公司(ACB)$
这就是被贴上wsb标签的尿性,还好跑得快。
weeks
2021-02-11
$Sundial Growers Inc.(SNDL)$
被wsb坑了,害我把大麻的仓也平了,入坑,结果还亏死了。
weeks
2021-02-10
$奥罗拉大麻公司(ACB)$
该你起飞了吧?
weeks
2021-02-05
$AMC院线(AMC)$
又要来了吗?准备好了。
weeks
2021-02-03
$AMC院线(AMC)$
估计还会跌。
weeks
2021-01-29
$AMC院线(AMC)$
亚盘开盘都跑了,都是伪君子。[笑哭]
weeks
2021-01-29
$AMC院线(AMC)$
都不卖,等着回来,看它们能封多久,逼着空头高价平仓。
weeks
2021-01-29
$盈透证券(IBKR)$
联合机构收割散户做法如此丑陋。
weeks
2021-01-28
$AMC院线(AMC)$
不让散户买多是不是可以让空军安全退场?
weeks
2021-01-27
$AMC院线(AMC)$
真是活久见啊。
weeks
2021-01-26
$RLX科技(RLX)$
散户都跑了。
weeks
2021-01-26
$RLX科技(RLX)$
今晚就这样了,洗洗睡吧,明天再看,反正不会跌破平均成本。
weeks
2021-01-25
$RLX科技(RLX)$
至少市值也要跟
$思摩尔国际(06969)$
一样,信不信。
weeks
2021-01-23
$RLX科技(RLX)$
人手5股,27加了的仓,然后睡了,今天醒来还在拉升。说说电子烟吧,我两年前开始玩的是开放型的,当时有一年多没抽烟就纯抽电子烟,治愈了我的咽炎,不过去年疫情又开始抽烟了,现在是一起抽,当时国家禁止网售确实给我们玩电子烟有不小的阻碍,甚至国内当时几个大的网店都准备换行了,后来又做了,做微商,因为当时国内的烟油确实可以说是垃圾,而且买设备都送的都是垃圾油,可以直接扔垃圾堆的那种,还是美国的烟油口感好,这也是当时让一批入坑的烟民没有继续使用电子烟的原因之一,因为他们没有接触国外的优质烟油,现在国内的烟油好多了,再说说悦刻这种封闭式的,一个烟弹应该要20块往上,里面烟油大概3毫升吧,我的量一天都不够,这东西成本估计几块钱吧,所以就是暴利,封闭式的好处就是方便携带,这是它相比开放式绝对优势,因为身边很多脱坑的也是因为用开放式的因为主机太大太重,还要经常换雾化芯,做丝,其实很多人根本不会用或者觉得麻烦。再说国家政策,封杀是不可能的,毕竟中国企业,而且电子烟绝对比香烟健康,没有其它致癌物质,你用过就知道了,不用抬杠,如果真要管控把它列入香烟制品,收烟草税也是暴利,中国2亿烟民还有很多人没有尝试过电子烟的,市场还是很乐观的,长期还是看好的。
weeks
2020-06-18
7nm,5nm除了台积电三星谁代工?
中兴通讯大涨11%,5纳米芯片正在技术导入7纳米已商用
weeks
2020-06-11
$联合大陆航空(UAL)$
一下回到解放前,唉。放着再说吧。
去老虎APP查看更多动态
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href=\"https://laohu8.com/S/RLX\">$RLX科技(RLX)$</a>人手5股,27加了的仓,然后睡了,今天醒来还在拉升。说说电子烟吧,我两年前开始玩的是开放型的,当时有一年多没抽烟就纯抽电子烟,治愈了我的咽炎,不过去年疫情又开始抽烟了,现在是一起抽,当时国家禁止网售确实给我们玩电子烟有不小的阻碍,甚至国内当时几个大的网店都准备换行了,后来又做了,做微商,因为当时国内的烟油确实可以说是垃圾,而且买设备都送的都是垃圾油,可以直接扔垃圾堆的那种,还是美国的烟油口感好,这也是当时让一批入坑的烟民没有继续使用电子烟的原因之一,因为他们没有接触国外的优质烟油,现在国内的烟油好多了,再说说悦刻这种封闭式的,一个烟弹应该要20块往上,里面烟油大概3毫升吧,我的量一天都不够,这东西成本估计几块钱吧,所以就是暴利,封闭式的好处就是方便携带,这是它相比开放式绝对优势,因为身边很多脱坑的也是因为用开放式的因为主机太大太重,还要经常换雾化芯,做丝,其实很多人根本不会用或者觉得麻烦。再说国家政策,封杀是不可能的,毕竟中国企业,而且电子烟绝对比香烟健康,没有其它致癌物质,你用过就知道了,不用抬杠,如果真要管控把它列入香烟制品,收烟草税也是暴利,中国2亿烟民还有很多人没有尝试过电子烟的,市场还是很乐观的,长期还是看好的。","text":"$RLX科技(RLX)$人手5股,27加了的仓,然后睡了,今天醒来还在拉升。说说电子烟吧,我两年前开始玩的是开放型的,当时有一年多没抽烟就纯抽电子烟,治愈了我的咽炎,不过去年疫情又开始抽烟了,现在是一起抽,当时国家禁止网售确实给我们玩电子烟有不小的阻碍,甚至国内当时几个大的网店都准备换行了,后来又做了,做微商,因为当时国内的烟油确实可以说是垃圾,而且买设备都送的都是垃圾油,可以直接扔垃圾堆的那种,还是美国的烟油口感好,这也是当时让一批入坑的烟民没有继续使用电子烟的原因之一,因为他们没有接触国外的优质烟油,现在国内的烟油好多了,再说说悦刻这种封闭式的,一个烟弹应该要20块往上,里面烟油大概3毫升吧,我的量一天都不够,这东西成本估计几块钱吧,所以就是暴利,封闭式的好处就是方便携带,这是它相比开放式绝对优势,因为身边很多脱坑的也是因为用开放式的因为主机太大太重,还要经常换雾化芯,做丝,其实很多人根本不会用或者觉得麻烦。再说国家政策,封杀是不可能的,毕竟中国企业,而且电子烟绝对比香烟健康,没有其它致癌物质,你用过就知道了,不用抬杠,如果真要管控把它列入香烟制品,收烟草税也是暴利,中国2亿烟民还有很多人没有尝试过电子烟的,市场还是很乐观的,长期还是看好的。","images":[],"top":1,"highlighted":1,"essential":2,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/310474495","isVote":1,"tweetType":1,"viewCount":4809,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3559266245259875","authorId":"3559266245259875","name":"捡肥皂怎么了","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"idStr":"3559266245259875","authorIdStr":"3559266245259875"},"content":"我以前抽电子烟也觉得特别好抽,但是现在澳洲买不到带尼古丁的烟油,所以抽起来就很没劲。所以我觉得还是慎重,这个东西到处都在打压","text":"我以前抽电子烟也觉得特别好抽,但是现在澳洲买不到带尼古丁的烟油,所以抽起来就很没劲。所以我觉得还是慎重,这个东西到处都在打压","html":"我以前抽电子烟也觉得特别好抽,但是现在澳洲买不到带尼古丁的烟油,所以抽起来就很没劲。所以我觉得还是慎重,这个东西到处都在打压"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":955536972,"gmtCreate":1592469575796,"gmtModify":1704199408101,"author":{"id":"3547081693670461","authorId":"3547081693670461","name":"weeks","avatar":"https://static.tigerbbs.com/bfd06a600593c00bbe29976dc3a65641","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547081693670461","authorIdStr":"3547081693670461"},"themes":[],"htmlText":"7nm,5nm除了台积电三星谁代工?","listText":"7nm,5nm除了台积电三星谁代工?","text":"7nm,5nm除了台积电三星谁代工?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/955536972","repostId":"1103921130","repostType":4,"repost":{"id":"1103921130","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据,旨在帮助投资者理解世界,做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1592447358,"share":"https://www.laohu8.com/m/news/1103921130?lang=&edition=full","pubTime":"2020-06-18 10:29","market":"hk","language":"zh","title":"中兴通讯大涨11%,5纳米芯片正在技术导入7纳米已商用","url":"https://stock-news.laohu8.com/highlight/detail?id=1103921130","media":"老虎资讯综合","summary":"6月18日讯,中兴通讯$(00763)$大涨11%,5纳米芯片正在技术导入7纳米已商用。据国外媒体报道,深交所上市公司中兴通讯(ZTE)表示,它已具备芯片设计和开发能力,其7nm芯片已实现规模量产,且","content":"<p><img src=\"https://static.tigerbbs.com/b1fdead63f3dffd41f28f71552fd8aef\" tg-width=\"840\" tg-height=\"470\">6月18日讯,<span><a href=\"https://laohu8.com/S/000063\">中兴通讯</a><a href=\"https://laohu8.com/S/00763\">$(00763)$</a>大涨11%,5纳米芯片正在技术导入7纳米已商用。</span></p><p><span>据国外媒体报道,深交所上市公司<a href=\"https://laohu8.com/S/000063\">中兴通讯</a>(ZTE)表示,它已具备芯片设计和开发能力,其7nm芯片已实现规模量产,且已在全球5G规模部署中实现商用,而5nm芯片正在技术导入。</span></p><p><span>这些芯片不是5G SoC,而是5G设备和基础设施的核心部分,其中基于5纳米的芯片将会带来更高的性能和更低的能耗。</span></p><p><span>新导入的5nm芯片技术将使中兴通讯在半导体领域达到最新标准,这也意味着该公司将不再依赖美国公司或供应商。</span></p><p><span>中兴通讯是全球5G技术研究和标准制定的主要贡献者和参与者,它凭借领先的5G端到端全系列产品和解决方案,加快了全球5G商业部署。</span></p><p><span>该公司长期投入5G领域,拥有超过5000件5G战略布局专利,位列全球第一阵营。该公司与全球逾70家运营商在5G方面展开了合作,其5G商用范围覆盖中国、欧洲、亚太、中东等主要5G市场。</span></p><p><span>本月初,中兴通讯的新一代5G移动热点产品MU500在澳大利亚正式商用,这也是全球首款正式接入毫米波5G现网的5G移动热点。</span></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>中兴通讯大涨11%,5纳米芯片正在技术导入7纳米已商用</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中兴通讯大涨11%,5纳米芯片正在技术导入7纳米已商用\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\">2020-06-18 10:29</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/b1fdead63f3dffd41f28f71552fd8aef\" tg-width=\"840\" tg-height=\"470\">6月18日讯,<span><a href=\"https://laohu8.com/S/000063\">中兴通讯</a><a href=\"https://laohu8.com/S/00763\">$(00763)$</a>大涨11%,5纳米芯片正在技术导入7纳米已商用。</span></p><p><span>据国外媒体报道,深交所上市公司<a href=\"https://laohu8.com/S/000063\">中兴通讯</a>(ZTE)表示,它已具备芯片设计和开发能力,其7nm芯片已实现规模量产,且已在全球5G规模部署中实现商用,而5nm芯片正在技术导入。</span></p><p><span>这些芯片不是5G SoC,而是5G设备和基础设施的核心部分,其中基于5纳米的芯片将会带来更高的性能和更低的能耗。</span></p><p><span>新导入的5nm芯片技术将使中兴通讯在半导体领域达到最新标准,这也意味着该公司将不再依赖美国公司或供应商。</span></p><p><span>中兴通讯是全球5G技术研究和标准制定的主要贡献者和参与者,它凭借领先的5G端到端全系列产品和解决方案,加快了全球5G商业部署。</span></p><p><span>该公司长期投入5G领域,拥有超过5000件5G战略布局专利,位列全球第一阵营。该公司与全球逾70家运营商在5G方面展开了合作,其5G商用范围覆盖中国、欧洲、亚太、中东等主要5G市场。</span></p><p><span>本月初,中兴通讯的新一代5G移动热点产品MU500在澳大利亚正式商用,这也是全球首款正式接入毫米波5G现网的5G移动热点。</span></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a9153adf328cdbdfbb656ed3026a6175","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103921130","content_text":"6月18日讯,中兴通讯$(00763)$大涨11%,5纳米芯片正在技术导入7纳米已商用。据国外媒体报道,深交所上市公司中兴通讯(ZTE)表示,它已具备芯片设计和开发能力,其7nm芯片已实现规模量产,且已在全球5G规模部署中实现商用,而5nm芯片正在技术导入。这些芯片不是5G SoC,而是5G设备和基础设施的核心部分,其中基于5纳米的芯片将会带来更高的性能和更低的能耗。新导入的5nm芯片技术将使中兴通讯在半导体领域达到最新标准,这也意味着该公司将不再依赖美国公司或供应商。中兴通讯是全球5G技术研究和标准制定的主要贡献者和参与者,它凭借领先的5G端到端全系列产品和解决方案,加快了全球5G商业部署。该公司长期投入5G领域,拥有超过5000件5G战略布局专利,位列全球第一阵营。该公司与全球逾70家运营商在5G方面展开了合作,其5G商用范围覆盖中国、欧洲、亚太、中东等主要5G市场。本月初,中兴通讯的新一代5G移动热点产品MU500在澳大利亚正式商用,这也是全球首款正式接入毫米波5G现网的5G移动热点。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1537,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":952302040,"gmtCreate":1591865710180,"gmtModify":1704197309467,"author":{"id":"3547081693670461","authorId":"3547081693670461","name":"weeks","avatar":"https://static.tigerbbs.com/bfd06a600593c00bbe29976dc3a65641","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547081693670461","authorIdStr":"3547081693670461"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/UAL\">$联合大陆航空(UAL)$</a>一下回到解放前,唉。放着再说吧。","listText":"<a href=\"https://laohu8.com/S/UAL\">$联合大陆航空(UAL)$</a>一下回到解放前,唉。放着再说吧。","text":"$联合大陆航空(UAL)$一下回到解放前,唉。放着再说吧。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/952302040","isVote":1,"tweetType":1,"viewCount":2063,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":310474495,"gmtCreate":1611364715117,"gmtModify":1703750214929,"author":{"id":"3547081693670461","authorId":"3547081693670461","name":"weeks","avatar":"https://static.tigerbbs.com/bfd06a600593c00bbe29976dc3a65641","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547081693670461","authorIdStr":"3547081693670461"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/RLX\">$RLX科技(RLX)$</a>人手5股,27加了的仓,然后睡了,今天醒来还在拉升。说说电子烟吧,我两年前开始玩的是开放型的,当时有一年多没抽烟就纯抽电子烟,治愈了我的咽炎,不过去年疫情又开始抽烟了,现在是一起抽,当时国家禁止网售确实给我们玩电子烟有不小的阻碍,甚至国内当时几个大的网店都准备换行了,后来又做了,做微商,因为当时国内的烟油确实可以说是垃圾,而且买设备都送的都是垃圾油,可以直接扔垃圾堆的那种,还是美国的烟油口感好,这也是当时让一批入坑的烟民没有继续使用电子烟的原因之一,因为他们没有接触国外的优质烟油,现在国内的烟油好多了,再说说悦刻这种封闭式的,一个烟弹应该要20块往上,里面烟油大概3毫升吧,我的量一天都不够,这东西成本估计几块钱吧,所以就是暴利,封闭式的好处就是方便携带,这是它相比开放式绝对优势,因为身边很多脱坑的也是因为用开放式的因为主机太大太重,还要经常换雾化芯,做丝,其实很多人根本不会用或者觉得麻烦。再说国家政策,封杀是不可能的,毕竟中国企业,而且电子烟绝对比香烟健康,没有其它致癌物质,你用过就知道了,不用抬杠,如果真要管控把它列入香烟制品,收烟草税也是暴利,中国2亿烟民还有很多人没有尝试过电子烟的,市场还是很乐观的,长期还是看好的。","listText":"<a href=\"https://laohu8.com/S/RLX\">$RLX科技(RLX)$</a>人手5股,27加了的仓,然后睡了,今天醒来还在拉升。说说电子烟吧,我两年前开始玩的是开放型的,当时有一年多没抽烟就纯抽电子烟,治愈了我的咽炎,不过去年疫情又开始抽烟了,现在是一起抽,当时国家禁止网售确实给我们玩电子烟有不小的阻碍,甚至国内当时几个大的网店都准备换行了,后来又做了,做微商,因为当时国内的烟油确实可以说是垃圾,而且买设备都送的都是垃圾油,可以直接扔垃圾堆的那种,还是美国的烟油口感好,这也是当时让一批入坑的烟民没有继续使用电子烟的原因之一,因为他们没有接触国外的优质烟油,现在国内的烟油好多了,再说说悦刻这种封闭式的,一个烟弹应该要20块往上,里面烟油大概3毫升吧,我的量一天都不够,这东西成本估计几块钱吧,所以就是暴利,封闭式的好处就是方便携带,这是它相比开放式绝对优势,因为身边很多脱坑的也是因为用开放式的因为主机太大太重,还要经常换雾化芯,做丝,其实很多人根本不会用或者觉得麻烦。再说国家政策,封杀是不可能的,毕竟中国企业,而且电子烟绝对比香烟健康,没有其它致癌物质,你用过就知道了,不用抬杠,如果真要管控把它列入香烟制品,收烟草税也是暴利,中国2亿烟民还有很多人没有尝试过电子烟的,市场还是很乐观的,长期还是看好的。","text":"$RLX科技(RLX)$人手5股,27加了的仓,然后睡了,今天醒来还在拉升。说说电子烟吧,我两年前开始玩的是开放型的,当时有一年多没抽烟就纯抽电子烟,治愈了我的咽炎,不过去年疫情又开始抽烟了,现在是一起抽,当时国家禁止网售确实给我们玩电子烟有不小的阻碍,甚至国内当时几个大的网店都准备换行了,后来又做了,做微商,因为当时国内的烟油确实可以说是垃圾,而且买设备都送的都是垃圾油,可以直接扔垃圾堆的那种,还是美国的烟油口感好,这也是当时让一批入坑的烟民没有继续使用电子烟的原因之一,因为他们没有接触国外的优质烟油,现在国内的烟油好多了,再说说悦刻这种封闭式的,一个烟弹应该要20块往上,里面烟油大概3毫升吧,我的量一天都不够,这东西成本估计几块钱吧,所以就是暴利,封闭式的好处就是方便携带,这是它相比开放式绝对优势,因为身边很多脱坑的也是因为用开放式的因为主机太大太重,还要经常换雾化芯,做丝,其实很多人根本不会用或者觉得麻烦。再说国家政策,封杀是不可能的,毕竟中国企业,而且电子烟绝对比香烟健康,没有其它致癌物质,你用过就知道了,不用抬杠,如果真要管控把它列入香烟制品,收烟草税也是暴利,中国2亿烟民还有很多人没有尝试过电子烟的,市场还是很乐观的,长期还是看好的。","images":[],"top":1,"highlighted":1,"essential":2,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/310474495","isVote":1,"tweetType":1,"viewCount":4809,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3559266245259875","authorId":"3559266245259875","name":"捡肥皂怎么了","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"idStr":"3559266245259875","authorIdStr":"3559266245259875"},"content":"我以前抽电子烟也觉得特别好抽,但是现在澳洲买不到带尼古丁的烟油,所以抽起来就很没劲。所以我觉得还是慎重,这个东西到处都在打压","text":"我以前抽电子烟也觉得特别好抽,但是现在澳洲买不到带尼古丁的烟油,所以抽起来就很没劲。所以我觉得还是慎重,这个东西到处都在打压","html":"我以前抽电子烟也觉得特别好抽,但是现在澳洲买不到带尼古丁的烟油,所以抽起来就很没劲。所以我觉得还是慎重,这个东西到处都在打压"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":314633045,"gmtCreate":1612342761187,"gmtModify":1703760560141,"author":{"id":"3547081693670461","authorId":"3547081693670461","name":"weeks","avatar":"https://static.tigerbbs.com/bfd06a600593c00bbe29976dc3a65641","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547081693670461","authorIdStr":"3547081693670461"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC院线(AMC)$</a>估计还会跌。","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC院线(AMC)$</a>估计还会跌。","text":"$AMC院线(AMC)$估计还会跌。","images":[{"img":"https://static.tigerbbs.com/f5d70c8709499ad331e6ee9c3546e531","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/314633045","isVote":1,"tweetType":1,"viewCount":4248,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3518399205287880","authorId":"3518399205287880","name":"炼丹的狐狸","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"idStr":"3518399205287880","authorIdStr":"3518399205287880"},"content":"这个太赌了,是不是一夜想暴富哦","text":"这个太赌了,是不是一夜想暴富哦","html":"这个太赌了,是不是一夜想暴富哦"}],"imageCount":1,"langContent":"CN","totalScore":0},{"id":318229281,"gmtCreate":1611855557643,"gmtModify":1703755365709,"author":{"id":"3547081693670461","authorId":"3547081693670461","name":"weeks","avatar":"https://static.tigerbbs.com/bfd06a600593c00bbe29976dc3a65641","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547081693670461","authorIdStr":"3547081693670461"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC院线(AMC)$</a>都不卖,等着回来,看它们能封多久,逼着空头高价平仓。","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC院线(AMC)$</a>都不卖,等着回来,看它们能封多久,逼着空头高价平仓。","text":"$AMC院线(AMC)$都不卖,等着回来,看它们能封多久,逼着空头高价平仓。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":17,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/318229281","isVote":1,"tweetType":1,"viewCount":1222,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":388921830,"gmtCreate":1613012565620,"gmtModify":1703768364585,"author":{"id":"3547081693670461","authorId":"3547081693670461","name":"weeks","avatar":"https://static.tigerbbs.com/bfd06a600593c00bbe29976dc3a65641","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547081693670461","authorIdStr":"3547081693670461"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>被wsb坑了,害我把大麻的仓也平了,入坑,结果还亏死了。","listText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>被wsb坑了,害我把大麻的仓也平了,入坑,结果还亏死了。","text":"$Sundial Growers Inc.(SNDL)$被wsb坑了,害我把大麻的仓也平了,入坑,结果还亏死了。","images":[{"img":"https://static.tigerbbs.com/6bee75d15671e9c22244bef5242b56a9","width":"1080","height":"2340"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/388921830","isVote":1,"tweetType":1,"viewCount":4438,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":387506102,"gmtCreate":1613752131206,"gmtModify":1613752131206,"author":{"id":"3547081693670461","authorId":"3547081693670461","name":"weeks","avatar":"https://static.tigerbbs.com/bfd06a600593c00bbe29976dc3a65641","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547081693670461","authorIdStr":"3547081693670461"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NCTY\">$第九城市(NCTY)$</a>庄自己玩high了吧,成交量这么少,价格一直涨,看来是下不了台了。","listText":"<a href=\"https://laohu8.com/S/NCTY\">$第九城市(NCTY)$</a>庄自己玩high了吧,成交量这么少,价格一直涨,看来是下不了台了。","text":"$第九城市(NCTY)$庄自己玩high了吧,成交量这么少,价格一直涨,看来是下不了台了。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/387506102","isVote":1,"tweetType":1,"viewCount":3907,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3569636024988125","authorId":"3569636024988125","name":"Leelic","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"idStr":"3569636024988125","authorIdStr":"3569636024988125"},"content":"这个成交量少吗,市值才多少","text":"这个成交量少吗,市值才多少","html":"这个成交量少吗,市值才多少"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":927503052,"gmtCreate":1588915667276,"gmtModify":1704178877210,"author":{"id":"3547081693670461","authorId":"3547081693670461","name":"weeks","avatar":"https://static.tigerbbs.com/bfd06a600593c00bbe29976dc3a65641","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547081693670461","authorIdStr":"3547081693670461"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/FUT/CLmain\">$WTI原油主连(CLmain)$ </a>我买USO是不是不如直接买WTI当天进出。","listText":"<a href=\"https://laohu8.com/FUT/CLmain\">$WTI原油主连(CLmain)$ </a>我买USO是不是不如直接买WTI当天进出。","text":"$WTI原油主连(CLmain)$ 我买USO是不是不如直接买WTI当天进出。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/927503052","isVote":1,"tweetType":1,"viewCount":2493,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3547163200243282","authorId":"3547163200243282","name":"加勒比海虹","avatar":"https://static.tigerbbs.com/db59d57a5efb2633cbc4099205598437","crmLevel":2,"crmLevelSwitch":0,"idStr":"3547163200243282","authorIdStr":"3547163200243282"},"content":"你要是有足够的保证金还是玩期货来钱快","text":"你要是有足够的保证金还是玩期货来钱快","html":"你要是有足够的保证金还是玩期货来钱快"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":927274608,"gmtCreate":1588913792504,"gmtModify":1704178872532,"author":{"id":"3547081693670461","authorId":"3547081693670461","name":"weeks","avatar":"https://static.tigerbbs.com/bfd06a600593c00bbe29976dc3a65641","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547081693670461","authorIdStr":"3547081693670461"},"themes":[],"htmlText":"在外面的还会主动进来送钱?","listText":"在外面的还会主动进来送钱?","text":"在外面的还会主动进来送钱?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/927274608","repostId":"1196686673","repostType":4,"repost":{"id":"1196686673","kind":"news","weMediaInfo":{"introduction":"中国大陆领先的金融数据、信息和软件服务企业,总部位于上海陆家嘴金融中心。","home_visible":1,"media_name":"Wind万得","id":"99","head_image":"https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68"},"pubTimestamp":1588901203,"share":"https://www.laohu8.com/m/news/1196686673?lang=&edition=full","pubTime":"2020-05-08 09:26","market":"sh","language":"zh","title":"重磅!QFII、RQFII “限购令”取消,看外资持股全名单","url":"https://stock-news.laohu8.com/highlight/detail?id=1196686673","media":"Wind万得","summary":"周四(5月7日)晚间,央行、国家外汇管理局发布《境外机构投资者境内证券期货投资资金管理规定》,明确并简化境外机构投资者境内证券期货投资资金管理要求,进一步便利境外投资者参与我国金融市场。图片来自:央行","content":"<p>周四(5月7日)晚间,央行、国家外汇管理局发布《境外机构投资者境内证券期货投资资金管理规定》,明确并简化境外机构投资者境内证券期货投资资金管理要求,进一步便利境外投资者参与我国金融市场。</p><p><img src=\"https://static.tigerbbs.com/6b837c72629028e36029884ea945ed2f\"></p><p><span>图片来自:央行官网</span></p><p><span><b>关注六大要点</b></span></p><p>据了解,相关的决定在2019年9月便已经做出,当时央行表示,国家外汇管理局正在按程序报请国务院取消相应行政许可项目,待批准后,由国务院统一对外公布。如今相关正式落地也意味着境外机构投资者迎来在境内投资的新时代。《规定》中提到以下六点需要关注:</p><p>1、<b>落实取消合格境外机构投资者和人民币合格境外机构投资者(简称合格投资者)境内证券投资额度管理要求,对合格投资者跨境资金汇出入和兑换实行登记管理。</b></p><p>2、实施本外币一体化管理,允许合格投资者自主选择汇入资金币种和时机。</p><p>3、大幅简化合格投资者境内证券投资收益汇出手续,取消中国注册会计师出具的投资收益专项审计报告和税务备案表等材料要求,改以完税承诺函替代。</p><p>4、<b>取消托管人数量限制,允许单家合格投资者委托多家境内托管人,并实施主报告人制度。</b></p><p>5、完善合格投资者境内证券投资外汇风险及投资风险管理要求。</p><p>6、人民银行、外汇局加强事中事后监管。</p><p>按照当日公布的政策问答,对于原仅拥有QFII或RQFII资格的合格投资者,默认原QFII托管人或原RQFII主报告人为主报告人,无需重新办理登记。如有调整的,应在调整后10个工作日内委托新的主报告人向国家外汇管理局申请办理变更登记。对于已经同时拥有QFII和RQFII资格的合格投资者,应在新规实施后30个工作日内指定一家托管人为主报告人,并在指定后10个工作日内委托该主报告人向国家外汇管理局申请办理变更登记。合格投资者应协助新的主报告人做好与其他托管人之间的信息报送等衔接工作。相关登记无需到现场办理,主报告人可选择将登记所需材料邮寄至国家外汇管理局。</p><p>规定实施后,对于仅拥有QFII资格的合格投资者汇入人民币开展境内证券期货投资,或仅拥有RQFII资格的合格投资者汇入外币开展境内证券期货投资的,无需重复申请新的产品或业务编码,托管人可沿用该合格投资者原有的产品或业务编码,按新规要求为其开立相应的账户、办理资金汇兑并进行国际收支申报。对于已同时拥有QFII和RQFII资格的合格投资者,其产品或业务编码的使用沿用原来方式。</p><p><span><b>市场有何影响?</b></span></p><p>21世纪经济报道援引一家股份制银行研究院的研究员观点称,<b>QFII和RQFII额度的放开,并不代表短时间内会有大量资金涌入中国资本市场。</b>一方面,根据去年情况,已经获批的QFII和 RQFII 额度并未用尽,额度空闲了不少;另 一方面,<b>陆股通开通后,北上资金的规模已经大幅超过了 QFII 和 RQFII, 此时放开额度的实际意义有限。</b></p><p>该研究员表示,虽然短期影响可能有限,但从中长期看,<b>外资进入中国资本市场的意愿将会不断提高。境内 A 股市场已经处于相对低位,低估值对于长线资金具有吸引力</b>,同时,随着 A 股纳入各类国际指数的比重不断提高,被动投资与主动投资的需求都会持续上升。同时,境内债券市场的收益率也显著高于欧美市场,特别是安全性高的利率债,将会继续受到外资的青睐,当然,QFII 和 RQFII 引入的资金更多的是投资于交易所债券市场,对银行间市场影响有限,银行间市场的外资介入,主要是依靠债券通来实现的。</p><p><span><b>QFII持仓A股市值超1500亿</b></span></p><p>近几年来,外资通过QFII和沪深股通渠道持续加仓A股,其中QFII持有A股市值超过1500亿元,陆通股最新持仓市值高达14788亿元,<b>合计持仓市值超过1.6万亿。</b></p><p>Wind数据显示,截至今年4月末,<b>共计326家合格境外机构投资者获批投资额度1113.76亿美元</b>;RQFII制度已从中国香港扩大到20个国家和地区,共计262家RQFII机构获批7587.72亿元人民币投资额度。</p><p><img src=\"https://static.tigerbbs.com/c37614619d7d94f0dd0d56fba79d140d\"></p><p>今年一季度,QFII机构出现在409家上市公司的前十大流通股股东名单上,持有104.91亿股,<b>持仓总市值达1546.48亿元</b>。其中宁波银行、北京银行、美的集团持仓市值均超百亿。</p><p><img src=\"https://static.tigerbbs.com/f1c709c4ff4499bc70c14e205ff31d15\"></p><p>增持数量方面,今年一季度,共有269只个股获得增持。其中*ST盐湖、美的集团增持数量最高,分别达0.83亿股、0.63亿股。此外海油工程、阳光城同期增持数量均超4000万股。</p><p><img src=\"https://static.tigerbbs.com/d086fa17b7f5a439dd89b289927b641e\"></p><p><span><b>北上资金持仓A股市值近1.5万亿</b></span></p><p>实际上,自2014年沪港通开启以来,外资主要还是通过沪深股通渠道买入A股。Wind数据显示,截止5月6日,<b>北上资金合计持有A股2061只,持仓市值高达14788亿元,远远超过QFII持仓规模。</b></p><p>在Wind二级行业中,<b>食品、饮料与烟草行业持仓市值超过3000亿元,占比20%</b>,此外,耐用消费品与服装、制药、生物科技与生命科学、资本货物、银行、技术硬件与设备6大行业持仓市值均超过千亿。</p><p><img src=\"https://static.tigerbbs.com/39c0eaf46f14d806db468ecca9602dcb\"></p><p>今年以来,外资通过沪深股通渠道净流入A股333.53亿元,其中沪股通渠道净流入23.76亿元,深股通渠道净流入309.76亿元。</p><p><img src=\"https://static.tigerbbs.com/b49cd6c2e38e4c6e906d8994cbe4327b\"></p><p><span>图片来自:Wind金融终端沪深港通监控模块</span></p><p>期间,北上资金增持A股760只,其中中国建筑、平安银行、永辉超市、保利地产、南山铝业、紫金矿业、中国中铁、中国化学、潍柴动力增持数量最多,均超过亿股。</p><p><img src=\"https://static.tigerbbs.com/f98d126a581283c3f42c3f17033ac0ed\"></p><p>从持仓股数占流通A股比例变动来看,有149股增持比例超过1%,其中密尔克卫、珀莱雅增持比例超过10%。</p><p><img src=\"https://static.tigerbbs.com/2073147f18840ebcca1f869ca3aed917\"></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>重磅!QFII、RQFII “限购令”取消,看外资持股全名单</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; 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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重磅!QFII、RQFII “限购令”取消,看外资持股全名单\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/99\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Wind万得 </p>\n<p class=\"h-time\">2020-05-08 09:26</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>周四(5月7日)晚间,央行、国家外汇管理局发布《境外机构投资者境内证券期货投资资金管理规定》,明确并简化境外机构投资者境内证券期货投资资金管理要求,进一步便利境外投资者参与我国金融市场。</p><p><img src=\"https://static.tigerbbs.com/6b837c72629028e36029884ea945ed2f\"></p><p><span>图片来自:央行官网</span></p><p><span><b>关注六大要点</b></span></p><p>据了解,相关的决定在2019年9月便已经做出,当时央行表示,国家外汇管理局正在按程序报请国务院取消相应行政许可项目,待批准后,由国务院统一对外公布。如今相关正式落地也意味着境外机构投资者迎来在境内投资的新时代。《规定》中提到以下六点需要关注:</p><p>1、<b>落实取消合格境外机构投资者和人民币合格境外机构投资者(简称合格投资者)境内证券投资额度管理要求,对合格投资者跨境资金汇出入和兑换实行登记管理。</b></p><p>2、实施本外币一体化管理,允许合格投资者自主选择汇入资金币种和时机。</p><p>3、大幅简化合格投资者境内证券投资收益汇出手续,取消中国注册会计师出具的投资收益专项审计报告和税务备案表等材料要求,改以完税承诺函替代。</p><p>4、<b>取消托管人数量限制,允许单家合格投资者委托多家境内托管人,并实施主报告人制度。</b></p><p>5、完善合格投资者境内证券投资外汇风险及投资风险管理要求。</p><p>6、人民银行、外汇局加强事中事后监管。</p><p>按照当日公布的政策问答,对于原仅拥有QFII或RQFII资格的合格投资者,默认原QFII托管人或原RQFII主报告人为主报告人,无需重新办理登记。如有调整的,应在调整后10个工作日内委托新的主报告人向国家外汇管理局申请办理变更登记。对于已经同时拥有QFII和RQFII资格的合格投资者,应在新规实施后30个工作日内指定一家托管人为主报告人,并在指定后10个工作日内委托该主报告人向国家外汇管理局申请办理变更登记。合格投资者应协助新的主报告人做好与其他托管人之间的信息报送等衔接工作。相关登记无需到现场办理,主报告人可选择将登记所需材料邮寄至国家外汇管理局。</p><p>规定实施后,对于仅拥有QFII资格的合格投资者汇入人民币开展境内证券期货投资,或仅拥有RQFII资格的合格投资者汇入外币开展境内证券期货投资的,无需重复申请新的产品或业务编码,托管人可沿用该合格投资者原有的产品或业务编码,按新规要求为其开立相应的账户、办理资金汇兑并进行国际收支申报。对于已同时拥有QFII和RQFII资格的合格投资者,其产品或业务编码的使用沿用原来方式。</p><p><span><b>市场有何影响?</b></span></p><p>21世纪经济报道援引一家股份制银行研究院的研究员观点称,<b>QFII和RQFII额度的放开,并不代表短时间内会有大量资金涌入中国资本市场。</b>一方面,根据去年情况,已经获批的QFII和 RQFII 额度并未用尽,额度空闲了不少;另 一方面,<b>陆股通开通后,北上资金的规模已经大幅超过了 QFII 和 RQFII, 此时放开额度的实际意义有限。</b></p><p>该研究员表示,虽然短期影响可能有限,但从中长期看,<b>外资进入中国资本市场的意愿将会不断提高。境内 A 股市场已经处于相对低位,低估值对于长线资金具有吸引力</b>,同时,随着 A 股纳入各类国际指数的比重不断提高,被动投资与主动投资的需求都会持续上升。同时,境内债券市场的收益率也显著高于欧美市场,特别是安全性高的利率债,将会继续受到外资的青睐,当然,QFII 和 RQFII 引入的资金更多的是投资于交易所债券市场,对银行间市场影响有限,银行间市场的外资介入,主要是依靠债券通来实现的。</p><p><span><b>QFII持仓A股市值超1500亿</b></span></p><p>近几年来,外资通过QFII和沪深股通渠道持续加仓A股,其中QFII持有A股市值超过1500亿元,陆通股最新持仓市值高达14788亿元,<b>合计持仓市值超过1.6万亿。</b></p><p>Wind数据显示,截至今年4月末,<b>共计326家合格境外机构投资者获批投资额度1113.76亿美元</b>;RQFII制度已从中国香港扩大到20个国家和地区,共计262家RQFII机构获批7587.72亿元人民币投资额度。</p><p><img src=\"https://static.tigerbbs.com/c37614619d7d94f0dd0d56fba79d140d\"></p><p>今年一季度,QFII机构出现在409家上市公司的前十大流通股股东名单上,持有104.91亿股,<b>持仓总市值达1546.48亿元</b>。其中宁波银行、北京银行、美的集团持仓市值均超百亿。</p><p><img src=\"https://static.tigerbbs.com/f1c709c4ff4499bc70c14e205ff31d15\"></p><p>增持数量方面,今年一季度,共有269只个股获得增持。其中*ST盐湖、美的集团增持数量最高,分别达0.83亿股、0.63亿股。此外海油工程、阳光城同期增持数量均超4000万股。</p><p><img src=\"https://static.tigerbbs.com/d086fa17b7f5a439dd89b289927b641e\"></p><p><span><b>北上资金持仓A股市值近1.5万亿</b></span></p><p>实际上,自2014年沪港通开启以来,外资主要还是通过沪深股通渠道买入A股。Wind数据显示,截止5月6日,<b>北上资金合计持有A股2061只,持仓市值高达14788亿元,远远超过QFII持仓规模。</b></p><p>在Wind二级行业中,<b>食品、饮料与烟草行业持仓市值超过3000亿元,占比20%</b>,此外,耐用消费品与服装、制药、生物科技与生命科学、资本货物、银行、技术硬件与设备6大行业持仓市值均超过千亿。</p><p><img src=\"https://static.tigerbbs.com/39c0eaf46f14d806db468ecca9602dcb\"></p><p>今年以来,外资通过沪深股通渠道净流入A股333.53亿元,其中沪股通渠道净流入23.76亿元,深股通渠道净流入309.76亿元。</p><p><img src=\"https://static.tigerbbs.com/b49cd6c2e38e4c6e906d8994cbe4327b\"></p><p><span>图片来自:Wind金融终端沪深港通监控模块</span></p><p>期间,北上资金增持A股760只,其中中国建筑、平安银行、永辉超市、保利地产、南山铝业、紫金矿业、中国中铁、中国化学、潍柴动力增持数量最多,均超过亿股。</p><p><img src=\"https://static.tigerbbs.com/f98d126a581283c3f42c3f17033ac0ed\"></p><p>从持仓股数占流通A股比例变动来看,有149股增持比例超过1%,其中密尔克卫、珀莱雅增持比例超过10%。</p><p><img src=\"https://static.tigerbbs.com/2073147f18840ebcca1f869ca3aed917\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/528f1b5f95c1aa85d740d858963e7e8f","relate_stocks":{"000001.SH":"上证指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196686673","content_text":"周四(5月7日)晚间,央行、国家外汇管理局发布《境外机构投资者境内证券期货投资资金管理规定》,明确并简化境外机构投资者境内证券期货投资资金管理要求,进一步便利境外投资者参与我国金融市场。图片来自:央行官网关注六大要点据了解,相关的决定在2019年9月便已经做出,当时央行表示,国家外汇管理局正在按程序报请国务院取消相应行政许可项目,待批准后,由国务院统一对外公布。如今相关正式落地也意味着境外机构投资者迎来在境内投资的新时代。《规定》中提到以下六点需要关注:1、落实取消合格境外机构投资者和人民币合格境外机构投资者(简称合格投资者)境内证券投资额度管理要求,对合格投资者跨境资金汇出入和兑换实行登记管理。2、实施本外币一体化管理,允许合格投资者自主选择汇入资金币种和时机。3、大幅简化合格投资者境内证券投资收益汇出手续,取消中国注册会计师出具的投资收益专项审计报告和税务备案表等材料要求,改以完税承诺函替代。4、取消托管人数量限制,允许单家合格投资者委托多家境内托管人,并实施主报告人制度。5、完善合格投资者境内证券投资外汇风险及投资风险管理要求。6、人民银行、外汇局加强事中事后监管。按照当日公布的政策问答,对于原仅拥有QFII或RQFII资格的合格投资者,默认原QFII托管人或原RQFII主报告人为主报告人,无需重新办理登记。如有调整的,应在调整后10个工作日内委托新的主报告人向国家外汇管理局申请办理变更登记。对于已经同时拥有QFII和RQFII资格的合格投资者,应在新规实施后30个工作日内指定一家托管人为主报告人,并在指定后10个工作日内委托该主报告人向国家外汇管理局申请办理变更登记。合格投资者应协助新的主报告人做好与其他托管人之间的信息报送等衔接工作。相关登记无需到现场办理,主报告人可选择将登记所需材料邮寄至国家外汇管理局。规定实施后,对于仅拥有QFII资格的合格投资者汇入人民币开展境内证券期货投资,或仅拥有RQFII资格的合格投资者汇入外币开展境内证券期货投资的,无需重复申请新的产品或业务编码,托管人可沿用该合格投资者原有的产品或业务编码,按新规要求为其开立相应的账户、办理资金汇兑并进行国际收支申报。对于已同时拥有QFII和RQFII资格的合格投资者,其产品或业务编码的使用沿用原来方式。市场有何影响?21世纪经济报道援引一家股份制银行研究院的研究员观点称,QFII和RQFII额度的放开,并不代表短时间内会有大量资金涌入中国资本市场。一方面,根据去年情况,已经获批的QFII和 RQFII 额度并未用尽,额度空闲了不少;另 一方面,陆股通开通后,北上资金的规模已经大幅超过了 QFII 和 RQFII, 此时放开额度的实际意义有限。该研究员表示,虽然短期影响可能有限,但从中长期看,外资进入中国资本市场的意愿将会不断提高。境内 A 股市场已经处于相对低位,低估值对于长线资金具有吸引力,同时,随着 A 股纳入各类国际指数的比重不断提高,被动投资与主动投资的需求都会持续上升。同时,境内债券市场的收益率也显著高于欧美市场,特别是安全性高的利率债,将会继续受到外资的青睐,当然,QFII 和 RQFII 引入的资金更多的是投资于交易所债券市场,对银行间市场影响有限,银行间市场的外资介入,主要是依靠债券通来实现的。QFII持仓A股市值超1500亿近几年来,外资通过QFII和沪深股通渠道持续加仓A股,其中QFII持有A股市值超过1500亿元,陆通股最新持仓市值高达14788亿元,合计持仓市值超过1.6万亿。Wind数据显示,截至今年4月末,共计326家合格境外机构投资者获批投资额度1113.76亿美元;RQFII制度已从中国香港扩大到20个国家和地区,共计262家RQFII机构获批7587.72亿元人民币投资额度。今年一季度,QFII机构出现在409家上市公司的前十大流通股股东名单上,持有104.91亿股,持仓总市值达1546.48亿元。其中宁波银行、北京银行、美的集团持仓市值均超百亿。增持数量方面,今年一季度,共有269只个股获得增持。其中*ST盐湖、美的集团增持数量最高,分别达0.83亿股、0.63亿股。此外海油工程、阳光城同期增持数量均超4000万股。北上资金持仓A股市值近1.5万亿实际上,自2014年沪港通开启以来,外资主要还是通过沪深股通渠道买入A股。Wind数据显示,截止5月6日,北上资金合计持有A股2061只,持仓市值高达14788亿元,远远超过QFII持仓规模。在Wind二级行业中,食品、饮料与烟草行业持仓市值超过3000亿元,占比20%,此外,耐用消费品与服装、制药、生物科技与生命科学、资本货物、银行、技术硬件与设备6大行业持仓市值均超过千亿。今年以来,外资通过沪深股通渠道净流入A股333.53亿元,其中沪股通渠道净流入23.76亿元,深股通渠道净流入309.76亿元。图片来自:Wind金融终端沪深港通监控模块期间,北上资金增持A股760只,其中中国建筑、平安银行、永辉超市、保利地产、南山铝业、紫金矿业、中国中铁、中国化学、潍柴动力增持数量最多,均超过亿股。从持仓股数占流通A股比例变动来看,有149股增持比例超过1%,其中密尔克卫、珀莱雅增持比例超过10%。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1287,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":380382641,"gmtCreate":1612516231983,"gmtModify":1703762944240,"author":{"id":"3547081693670461","authorId":"3547081693670461","name":"weeks","avatar":"https://static.tigerbbs.com/bfd06a600593c00bbe29976dc3a65641","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547081693670461","authorIdStr":"3547081693670461"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC院线(AMC)$</a>又要来了吗?准备好了。","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC院线(AMC)$</a>又要来了吗?准备好了。","text":"$AMC院线(AMC)$又要来了吗?准备好了。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/380382641","isVote":1,"tweetType":1,"viewCount":2506,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":953063279,"gmtCreate":1590063431791,"gmtModify":1704191681026,"author":{"id":"3547081693670461","authorId":"3547081693670461","name":"weeks","avatar":"https://static.tigerbbs.com/bfd06a600593c00bbe29976dc3a65641","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547081693670461","authorIdStr":"3547081693670461"},"themes":[],"htmlText":"要是google能用谁用百毒,走好。","listText":"要是google能用谁用百毒,走好。","text":"要是google能用谁用百毒,走好。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/953063279","repostId":"2037102321","repostType":4,"repost":{"id":"2037102321","kind":"live","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据,旨在帮助投资者理解世界,做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1590062463,"share":"https://www.laohu8.com/m/news/2037102321?lang=&edition=full","pubTime":"2020-05-21 20:01","market":"us","language":"zh","title":"百度盘前跳水跌逾6%,消息称百度考虑从纳斯达克退市","url":"https://stock-news.laohu8.com/highlight/detail?id=2037102321","media":"老虎资讯综合","summary":"百度盘前跳水跌逾6%,据路透援引消息人士,百度 考虑从纳斯达克退市,以提高估值。热门中概股盘前股价集体跳水,京东、爱奇艺跌超4%,拼多多跌超3%,阿里巴巴、蔚来汽车跌逾2%。5月21日全国政协十三届三","content":"<p><a href=\"https://laohu8.com/S/BIDU\">百度</a>盘前跳水跌逾6%,据路透援引消息人士,<a href=\"https://laohu8.com/S/BIDU\">百度</a> 考虑从纳斯达克退市,以提高估值。</p><p><span>热门中概股盘前股价集体跳水,<a href=\"https://laohu8.com/S/JD\">京东</a>、<a href=\"https://laohu8.com/S/IQ\">爱奇艺</a>跌超4%,<a href=\"https://laohu8.com/S/PDD\">拼多多</a>跌超3%,<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>、<a href=\"https://laohu8.com/S/NIO\">蔚来</a>汽车跌逾2%。</span></p><p><span>5月21日全国政协十三届三次会议21日下午3时在北京开幕。当日上午,全国政协委员、百度公司董事长李彦宏在委员驻地接受视频连线时表示,“我们确实很关注美国从政府层面在不断收紧对中概股公司的管制,我们内部在不断地研讨有哪些可以做的事情,包括在香港等地的二次上市。”</span><img src=\"https://static.tigerbbs.com/dfeea54e3b9a5394545e9c12913f0a85\" tg-width=\"1080\" tg-height=\"1868\">消息人士表示,百度是中国最早在美国上市的公司之一,该公司正与一些值得信赖的顾问接洽,以了解如果交易继续进行,最好的方式是什么,包括研究融资相关问题和监管方面的反应。消息人士称,讨论仍处于早期阶段,可能会有变动。百度拒绝置评。</p><p>事实上,2020年2月以来,由于美国资本市场出现前所未有的动荡,股市多次出现熔断,加上<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>赴港上市后表现良好,在美上市热门中概股急流勇退的意愿似乎也越来越强烈。</p><p>除百度之外,4月份以来已有<a href=\"https://laohu8.com/S/JMEI\">聚美优品</a>、<a href=\"https://laohu8.com/S/CYOU\">畅游</a>等中概股退市并完成私有化。此外,<a href=\"https://laohu8.com/S/WUBA\">58同城</a>早前也宣布董事会成立特别委员会,对月初收到的私有化要约进行评估。</p><p><a href=\"https://laohu8.com/S/03908\">中金公司</a>日前发布研报表示,约有19家在美上市的中概股公司符合回港第二次上市条件,除<a href=\"https://laohu8.com/S/JD\">京东</a>外,包括百度、<a href=\"https://laohu8.com/S/NTES\">网易</a>、<a href=\"https://laohu8.com/S/TAL\">好未来</a>、<a href=\"https://laohu8.com/S/EDU\">新东方</a>及<a href=\"https://laohu8.com/S/YUMC\">百胜中国</a>等。该行认为,中概股愿意回港股或A股,主要考虑到业务发展有融资需要、增加股份流动性、靠近本土市场、能取得较好估值,以及减少所需面对的监管风险。</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>百度盘前跳水跌逾6%,消息称百度考虑从纳斯达克退市</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百度盘前跳水跌逾6%,消息称百度考虑从纳斯达克退市\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\">2020-05-21 20:01</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/BIDU\">百度</a>盘前跳水跌逾6%,据路透援引消息人士,<a href=\"https://laohu8.com/S/BIDU\">百度</a> 考虑从纳斯达克退市,以提高估值。</p><p><span>热门中概股盘前股价集体跳水,<a href=\"https://laohu8.com/S/JD\">京东</a>、<a href=\"https://laohu8.com/S/IQ\">爱奇艺</a>跌超4%,<a href=\"https://laohu8.com/S/PDD\">拼多多</a>跌超3%,<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>、<a href=\"https://laohu8.com/S/NIO\">蔚来</a>汽车跌逾2%。</span></p><p><span>5月21日全国政协十三届三次会议21日下午3时在北京开幕。当日上午,全国政协委员、百度公司董事长李彦宏在委员驻地接受视频连线时表示,“我们确实很关注美国从政府层面在不断收紧对中概股公司的管制,我们内部在不断地研讨有哪些可以做的事情,包括在香港等地的二次上市。”</span><img src=\"https://static.tigerbbs.com/dfeea54e3b9a5394545e9c12913f0a85\" tg-width=\"1080\" tg-height=\"1868\">消息人士表示,百度是中国最早在美国上市的公司之一,该公司正与一些值得信赖的顾问接洽,以了解如果交易继续进行,最好的方式是什么,包括研究融资相关问题和监管方面的反应。消息人士称,讨论仍处于早期阶段,可能会有变动。百度拒绝置评。</p><p>事实上,2020年2月以来,由于美国资本市场出现前所未有的动荡,股市多次出现熔断,加上<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>赴港上市后表现良好,在美上市热门中概股急流勇退的意愿似乎也越来越强烈。</p><p>除百度之外,4月份以来已有<a href=\"https://laohu8.com/S/JMEI\">聚美优品</a>、<a href=\"https://laohu8.com/S/CYOU\">畅游</a>等中概股退市并完成私有化。此外,<a href=\"https://laohu8.com/S/WUBA\">58同城</a>早前也宣布董事会成立特别委员会,对月初收到的私有化要约进行评估。</p><p><a href=\"https://laohu8.com/S/03908\">中金公司</a>日前发布研报表示,约有19家在美上市的中概股公司符合回港第二次上市条件,除<a href=\"https://laohu8.com/S/JD\">京东</a>外,包括百度、<a href=\"https://laohu8.com/S/NTES\">网易</a>、<a href=\"https://laohu8.com/S/TAL\">好未来</a>、<a href=\"https://laohu8.com/S/EDU\">新东方</a>及<a href=\"https://laohu8.com/S/YUMC\">百胜中国</a>等。该行认为,中概股愿意回港股或A股,主要考虑到业务发展有融资需要、增加股份流动性、靠近本土市场、能取得较好估值,以及减少所需面对的监管风险。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/68a814138696b6daf296c3939a776531","relate_stocks":{"03086":"华夏纳指","SQQQ":"纳指三倍做空ETF","BIDU":"百度","QID":"纳指两倍做空ETF","QNETCN":"纳斯达克中美互联网老虎指数","PSQ":"纳指反向ETF","TQQQ":"纳指三倍做多ETF","QQQ":"纳指100ETF",".IXIC":"NASDAQ Composite","QLD":"纳指两倍做多ETF"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2037102321","content_text":"百度盘前跳水跌逾6%,据路透援引消息人士,百度 考虑从纳斯达克退市,以提高估值。热门中概股盘前股价集体跳水,京东、爱奇艺跌超4%,拼多多跌超3%,阿里巴巴、蔚来汽车跌逾2%。5月21日全国政协十三届三次会议21日下午3时在北京开幕。当日上午,全国政协委员、百度公司董事长李彦宏在委员驻地接受视频连线时表示,“我们确实很关注美国从政府层面在不断收紧对中概股公司的管制,我们内部在不断地研讨有哪些可以做的事情,包括在香港等地的二次上市。”消息人士表示,百度是中国最早在美国上市的公司之一,该公司正与一些值得信赖的顾问接洽,以了解如果交易继续进行,最好的方式是什么,包括研究融资相关问题和监管方面的反应。消息人士称,讨论仍处于早期阶段,可能会有变动。百度拒绝置评。事实上,2020年2月以来,由于美国资本市场出现前所未有的动荡,股市多次出现熔断,加上阿里巴巴赴港上市后表现良好,在美上市热门中概股急流勇退的意愿似乎也越来越强烈。除百度之外,4月份以来已有聚美优品、畅游等中概股退市并完成私有化。此外,58同城早前也宣布董事会成立特别委员会,对月初收到的私有化要约进行评估。中金公司日前发布研报表示,约有19家在美上市的中概股公司符合回港第二次上市条件,除京东外,包括百度、网易、好未来、新东方及百胜中国等。该行认为,中概股愿意回港股或A股,主要考虑到业务发展有融资需要、增加股份流动性、靠近本土市场、能取得较好估值,以及减少所需面对的监管风险。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1450,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":365328420,"gmtCreate":1614697428360,"gmtModify":1703480062849,"author":{"id":"3547081693670461","authorId":"3547081693670461","name":"weeks","avatar":"https://static.tigerbbs.com/bfd06a600593c00bbe29976dc3a65641","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547081693670461","authorIdStr":"3547081693670461"},"themes":[],"htmlText":"<a target=\"_blank\" href=\"https://laohu8.com/S/RLX\">$RLX科技(RLX)$</a> <a target=\"_blank\" href=\"https://laohu8.com/S/RLX\">$RLX科技(RLX)$</a> 庄家来了,估计要一路上涨了。","listText":"<a target=\"_blank\" href=\"https://laohu8.com/S/RLX\">$RLX科技(RLX)$</a> <a target=\"_blank\" href=\"https://laohu8.com/S/RLX\">$RLX科技(RLX)$</a> 庄家来了,估计要一路上涨了。","text":"$RLX科技(RLX)$ $RLX科技(RLX)$ 庄家来了,估计要一路上涨了。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/365328420","isVote":1,"tweetType":1,"viewCount":1569,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":950922220,"gmtCreate":1589207213560,"gmtModify":1704179504217,"author":{"id":"3547081693670461","authorId":"3547081693670461","name":"weeks","avatar":"https://static.tigerbbs.com/bfd06a600593c00bbe29976dc3a65641","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547081693670461","authorIdStr":"3547081693670461"},"themes":[],"htmlText":"<a target=\"_blank\" href=\"https://laohu8.com/S/AMC\">$AMC院线(AMC)$</a>据外媒:亚马逊和AMC院线没有就协议达成谈判。","listText":"<a target=\"_blank\" href=\"https://laohu8.com/S/AMC\">$AMC院线(AMC)$</a>据外媒:亚马逊和AMC院线没有就协议达成谈判。","text":"$AMC院线(AMC)$据外媒:亚马逊和AMC院线没有就协议达成谈判。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/950922220","isVote":1,"tweetType":1,"viewCount":2075,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":318285465,"gmtCreate":1611854834657,"gmtModify":1703755348528,"author":{"id":"3547081693670461","authorId":"3547081693670461","name":"weeks","avatar":"https://static.tigerbbs.com/bfd06a600593c00bbe29976dc3a65641","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547081693670461","authorIdStr":"3547081693670461"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/IBKR\">$盈透证券(IBKR)$</a>联合机构收割散户做法如此丑陋。","listText":"<a href=\"https://laohu8.com/S/IBKR\">$盈透证券(IBKR)$</a>联合机构收割散户做法如此丑陋。","text":"$盈透证券(IBKR)$联合机构收割散户做法如此丑陋。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/318285465","isVote":1,"tweetType":1,"viewCount":1986,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":311032331,"gmtCreate":1611756673123,"gmtModify":1703753180536,"author":{"id":"3547081693670461","authorId":"3547081693670461","name":"weeks","avatar":"https://static.tigerbbs.com/bfd06a600593c00bbe29976dc3a65641","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547081693670461","authorIdStr":"3547081693670461"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC院线(AMC)$</a>真是活久见啊。","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC院线(AMC)$</a>真是活久见啊。","text":"$AMC院线(AMC)$真是活久见啊。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/311032331","isVote":1,"tweetType":1,"viewCount":1143,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":925376967,"gmtCreate":1587832120559,"gmtModify":1704365672899,"author":{"id":"3547081693670461","authorId":"3547081693670461","name":"weeks","avatar":"https://static.tigerbbs.com/bfd06a600593c00bbe29976dc3a65641","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547081693670461","authorIdStr":"3547081693670461"},"themes":[],"htmlText":"拼多多多数商品都是地摊货,还有跟品牌打擦边球的仿品,用户群体应该是文化程度不高的人群,软件设计乱七八糟,用起来难受,而且强弹广告都是鼓励你去帮他拉客的,真不看好这公司。","listText":"拼多多多数商品都是地摊货,还有跟品牌打擦边球的仿品,用户群体应该是文化程度不高的人群,软件设计乱七八糟,用起来难受,而且强弹广告都是鼓励你去帮他拉客的,真不看好这公司。","text":"拼多多多数商品都是地摊货,还有跟品牌打擦边球的仿品,用户群体应该是文化程度不高的人群,软件设计乱七八糟,用起来难受,而且强弹广告都是鼓励你去帮他拉客的,真不看好这公司。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/925376967","repostId":"1176882311","repostType":4,"repost":{"id":"1176882311","kind":"news","weMediaInfo":{"introduction":"欢迎收听雷帝触网,雷帝触网是中国最多产的互联网科技自媒体,内容中立,快、准、狠,其由资深媒体人雷建平创办,雷建平是今日头条签约作家,也入驻了一点资讯、搜狐、网易等平台。","home_visible":1,"media_name":"雷递","id":"52","head_image":"https://static.tigerbbs.com/f45a6cbcc8ec48a7a2f52177324d0c16"},"pubTimestamp":1587776586,"share":"https://www.laohu8.com/m/news/1176882311?lang=&edition=full","pubTime":"2020-04-25 09:03","market":"hk","language":"zh","title":"拼多多年报:现金储备411亿,黄峥为大股东腾讯持股17%","url":"https://stock-news.laohu8.com/highlight/detail?id=1176882311","media":"雷递","summary":"拼多多今日发布2019年年报。年报显示,2019年,拼多多实现成交额10066亿元,平台年活跃买家数达5.852亿,实现年营收301.4亿元。拼多多持有现金、现金等价物及短期投资共计410.6亿元,其","content":"<p><a href=\"https://laohu8.com/S/PDD\">拼多多</a>今日发布2019年年报。年报显示,2019年,拼多多实现成交额10066亿元,平台年活跃买家数达5.852亿,实现年营收301.4亿元。<img src=\"https://static.tigerbbs.com/969e66b6f1a2f46376dd9267581b7750\"></p><p>拼多多持有现金、现金等价物及短期投资共计410.6亿元,其中不包括2020年一季度11亿美元的定向增发融资。</p><p>截至2019年底,拼多多年活跃买家数达5.852亿,拼多多称,以用户量计算,已成中国第二大电商平台。</p><p><img src=\"https://static.tigerbbs.com/95b965bc126b7efd0180862612ed910d\"></p><p>拼多多最近还宣布将认购<a href=\"https://laohu8.com/S/00493\">国美零售</a>发行2亿美元可转债,期限三年,票面年利率为5%。如最终全部行使转换权,拼多多将最多获配12.8亿股国美新股份,约占后者发行转换股份扩大后股本的5.62%。</p><p>同时,双方宣布达成全面战略合作,国美零售全量商品将上架拼多多,品牌大家电将接入拼多多“百亿补贴”计划。</p><p>国美旗下安迅物流将接入拼多多平台,为平台商家在大件物流、仓配一体化、安装交付等环节提供定向服务。拼多多则会向国美注入消费趋势性大数据、平台流量等优势数字零售资源,双方还将在市场推广等方面展开积极合作。</p><p>曾经,苏宁和国美是线下两大电器销售巨头,<a href=\"https://laohu8.com/S/JD\">京东</a>都是小弟,但在电商浪潮之下,形势比人强,阿里早在几年前入股苏宁,成苏宁第二大股东。如今,苏宁和国美都已投入到电商巨头怀抱。</p><p>截至2020年4月25日,拼多多市值为576亿美元,较上市时已大幅上涨。</p><p><a href=\"https://laohu8.com/S/00700\">腾讯</a>为第二大股东</p><p>截至2020年4月13日,拼多多持有 2,716,057,288股A类股,及2,074,447,700股B类股。</p><p><img src=\"https://static.tigerbbs.com/96a03921ff4d5cd7d74db8a6f0296048\"></p><p>截至2020年4月13日,拼多多股权结构</p><p>其中,黄峥持股为43.3%,拥有88.4%的投票权;腾讯持股为16.5%,拥有3.4%的投票权;</p><p>高榕资本持股为7.7%,拥有1.6%的投票权;红杉资本持股为7%,拥有1.4%的投票权。</p><p><img src=\"https://static.tigerbbs.com/6ec90280617134ff228d2df2331b3bca\"></p><p>当前,黄峥为拼多多董事长、CEO,腾讯高管林海峰为董事,红杉资本合伙人沈南鹏、前<a href=\"https://laohu8.com/S/BIDU\">百度</a>集团总裁、COO陆奇及George Yong-Boon Yeo、Anthony Kam Ping Leung为独立董事。</p><p>截至2019年3月31日,黄峥持股为44.6%,拥有89%的投票权;腾讯持股为16.9%,拥有3.4%投票权;高榕资本持股为8.4%,拥有1.7%的投票权;红杉资本持股为7.2%,拥有1.4%的投票权。</p><p><img src=\"https://static.tigerbbs.com/b632b0064da2e9070d045ec418d0d51f\"></p><p>截至2019年3月31日,拼多多股权结构</p><p>与2019年最大区别是,高榕资本合伙人张震卸任了董事职务,此外,高榕资本有所减持,而黄峥、腾讯、红杉持股数均未发生变化。</p><p>活跃商家增至510万</p><p>年报中,拼多多披露了最新的商家数、团队规模,以及现金储备等信息。</p><p>年报显示,截至2019年底,拼多多平台年活跃商家数超过510万,较上年同期的360万增长41.7%。</p><p>拼多多称,为降低平台商家的经营成本,除了汽车行业惯例以外,拼多多一直施行“0佣金”和“0平台服务年费”的政策。相较其他线上渠道针对每笔订单收取5%左右的交易佣金,2019年,拼多多仅“0佣金”政策,就帮助商家节省了500亿元左右的资金成本,此外商家也不需要缴纳任何平台年费。</p><p><img src=\"https://static.tigerbbs.com/e5ac3a976b9eb7b1e78a935f00430063\"></p><p>拼多多表示,2020年会继续对商家坚持“0佣金”和“0平台服务年费”政策,帮助商家节省运营资金成本。</p><p>今年以来,针对疫情引发的市场形势变化,拼多多相继推出“抗疫助农专项行动”“市县长直播”“产业带复工大联播”“拼交会”等系列行动,持续提升农产区、产业带的数字化和智能化水平,助力外贸企业实现“常态化疫情防控”下转型升级。</p><p>拼多多披露的信息显示,今年一季度,平台新增涉农商家超27万,接近去年全年新增数量。预计今年一季度,平台包括国内外品牌、外贸企业、产业带集群企业等在内的新增商家数量,将迎来大幅增长。</p><p>截至2019年底,拼多多平台年活跃商家数超过510万。</p><p>拼多多2019年研发费用为38.7亿</p><p>截至2019年底,拼多多员工总数为5828人,较上年同期增长58%。</p><p>创立至今,拼多多团队中技术工程师占比始终维持在50%以上。2019年,拼多多研发费用为38.7亿元,较上一年同比增长247%,平台研发费用占收入比重达12.8%,大幅高于互联网行业平均水平。</p><p>拼多多称,在持续创新的技术应用支撑下,2019年,拼多多人均创造GMV达1.73亿元。</p><p>今年一季度,针对疫情引发的变化,拼多多连续推出了“快团团”“全球直播”等多项产品。在“多多直播”去中心化的架构设计和组件支撑下,2月以来,拼多多仅兴农活跃直播间便新增3.5万家,其中包括全国各地近百位市长、县长等政府领导,累计带动6亿斤<a href=\"https://laohu8.com/S/000061\">农产品</a>出村进城。</p><p>2019年,拼多多GMV突破万亿,人均创造GMV1.73亿元。平台研发费用为38.7亿元,占收入比重达12.8%,远高于互联网行业平均水平。</p><p>现金储备410.6亿元,投入25亿元支持“五五购物节”</p><p>拼多多在年报中表示,目前尚无法合理估算COVID-19对于平台发展前景的影响,为应对可能存在的不确定性,企业做好了充足的现金储备。</p><p>年报显示,截至2019年底,拼多多持有现金、现金等价物及短期投资共计410.6亿元,其中现金和现金等价物57.7亿元,短期投资352.9亿元。</p><p>今年3月底,部分长线投资人通过定向增发的方式,购买拼多多新发行的11亿美元A类普通股,定增资金9日内完成到账。据相同口径的汇率推算,目前拼多多持有现金、现金等价物及短期投资共计487.1亿元。</p><p>拼多多方面表示,平台将长期投资中国农业和制造业的建设,带动包括农业大数据库、产业带C2M转型升级等“新基建”发展,持续引领在线新经济的增长。</p><p>拼多多还宣布将投入25亿元现金及消费券,联合10000家上海品牌和企业,通过“百亿补贴+百大商场”联合补贴,汽车等大额耐用品五五折等多种形式,打造覆盖全体上海市民的消费狂欢季。</p><p>黄峥致股东信:新的世界正在到来,新的物种必然出现</p><p><img src=\"https://static.tigerbbs.com/48c93e73fbe602b9a3e65baa4529d795\"></p><p>黄峥随同年报发布了股东信,这是2018年以来黄峥连续发布的第三封年度致股东信。</p><p>在信中,黄峥谈论了近期疫情带给自己的思考,从疫情与世界、人类与时间的关系角度,重新思考当下面对的现实。</p><p>黄峥认为,当这个微小的病毒进入人类世界时,它就像试管中的催化剂一样,加速了<a href=\"https://laohu8.com/S/600628\">新世界</a>的形成。过去世界的某些维度在被重构,一些规则也在被改写,这股席卷全球的力量将从根本上永久地改变我们所生存的世界。</p><p>“我们假设每个物体的过去的所有历史都已经被其当前状态所完全包含,并且每个物体都是独立的,但疫情开始让人怀疑这一假设是否正确”,黄峥表示。</p><p>“如果概率和随机性本来就是每个物体的天然属性呢?如果大量的物体在本质上就是相互交织和关联的呢?”黄峥认为,由于物体存在这些内在联系,试图屏蔽物体之间的关联的方法就不再能够那么有效。</p><p>在2019年,拼多多遭遇竞争对手持续发起的史上最大规模的“二选一”。在上一封股东信中,黄峥也曾表示,长期独家排他是必然会被打破的,不符合商业逻辑和自然规律。</p><p>2019年,随着拼多多在社交拼团、市县长直播等模式创新,并通过独创的百亿补贴活动直接为消费者创造价值,年报显示,当前拼多多的商家数已从360万增长至510万。</p><p>因此,黄峥认为,一个全新的人类世界正在到来,新物种将会以和从前完全不一样的样子在新的土壤中孕育和生长。</p><p>关于未来,黄峥表示,人类曾将时间视为方程式中的可逆参数,但疫情把人类从幻梦中惊醒,时间更像是一个不可逆的向量,“无论我们多么固执地渴求着对称和永恒,时间总是在不断制造着世间种种的不对称、不可逆以及死亡”。</p><p>因此,“我们需要证明我们这一代人的与时俱进和与以往不同,我们将更加坚定地投资未来,努力建设面前的新世界”。</p><p><b>黄峥致股东信中文全文</b></p><p>What time?</p><p>今夕何夕?</p><p>今年2月,COVID-19作为一个新词汇在全球家喻户晓,并颠覆了我们的日常生活。就在我书写这封信的时刻,世界上仍有一半的人蜗居家中,无助地等待着引发全球危机的小小病毒尽快消失。等待之初,我们急切盼望生活能够重回正轨;而越来越漫长的等待,则让我们逐渐忘记了时间。</p><p>今天,我们正身处怎样的时间之中?时间又究竟是什么?</p><p>对人类来说,这是一个危机的时刻,流言和混乱四起,人们因不同的理念意见而产生分裂,甚至是对抗。这是一个百年不遇的特殊时刻,不过也许它也只不过是历史长河中一个再平常不过的片刻。</p><p>病毒是大自然向人类派出的危险“信使”。出于生存本能,我们竭尽所能地调动自身的机体能量与之对抗。这种对抗的副产品是伤及自身甚至致命。很快,激战从单个生物体蔓延至整个社会有机体,不同大小不同类型的公司、政府和国家,都在用自己的方式对抗这一威胁,其副产品也是不可避免地伤及自身。</p><p>这一切只是源于一个几乎看不见,离开宿主都无法复制的病毒。一个携带了一些信息(RNA)和很少能量的小小“信使”而已。这和数十年来我们担忧的原子能威胁形成了鲜明的对比。一朵可以升腾出巨大能量的乌云,与自身几乎毫无能量的“信使”,谁会给人类造成更大、更持久的危害?</p><p>这真是如幻如梦…… 这是大自然给我们的一个启示?一个教导?抑或是对我们的惩罚,还是救赎?也许,仅仅是大自然和人类开的一个小小的玩笑?</p><p>Time for new</p><p>新生之时</p><p>当爱因斯坦写下他著名的方程式 时,他优雅地(某种意义上,也可以说是傲慢地)描绘了他脑海中的物质世界。但他并没有解释那描绘物质世界的精神世界与客观物质世界之间的关系,也没有解释能量与信息之间的关系。</p><p>今天,全世界都处在一种常规的反常中。成万上亿的人被迫困在家中,与亲朋好友分离。然而,我们又同时通过某种精神和情感连结在一起。这种关系也影响着我们所能感知到的物理世界。虚拟世界和物理世界之间的边界前所未有地模糊,我们开始看到(而不仅仅是想象)一个新的世界正在走来。</p><p>或者,更精准地说,是一个全新的人类世界正在走来。在这个新世界中,“虚拟现实”一词已经过时。现实和虚拟可以相互转换,现实变得虚幻,虚幻却是现实一种。同样,人类物质与精神需求之间的分别也愈发模糊。</p><p>当这个微小的病毒进入人类世界时,它就像试管中的催化剂一样,加速了新世界的形成。过去世界的某些维度在被重构,一些规则也在被改写。这股席卷全球的力量将从根本上永久地改变我们所生存的世界。就像我在前面两封致股东信中解释“拼多多的诞生”时所述,新物种将会以和从前完全不一样的样子在新的土壤中孕育和生长。现在,正是世界萌发新生,重新构建的时候。</p><p>Feel the time</p><p>感受时间</p><p>1.Time with an arrow/direction</p><p>时间的方向</p><p>人类一直努力地用我们所掌握的逻辑和原理,试图理解和控制世界。在许多事情上,我们确实成功过,比如科学。在科学的世界里,我们试图从客观物质世界里抽离出来,以超然的上帝视角来进行“客观”的观察、理解,并通过有限的方程式来定义这个客观物质世界。在这样的框架中,时间变成了方程式 -t = (-)t 中的一个可逆参数。它只是描述物体在按预定轨迹运动的方程式中的一个参数而已。</p><p>但是,当一个渺小的病毒把我们从幻梦中惊醒,我们发现人类并没有凌驾于世界之上,仅仅是这个被观察的世界中的一个可忽略不计的组成部分而已。我们唯一能做的,是停下手中的一切,等待时间流逝,感受时间流过的痕迹。</p><p>我们进而意识到,时间很可能不应该是方程式中的一个可逆参数,它更像是一个不可逆的向量。它是一股强大的有方向的力量,默默地驱动着我们所见所感的一切事物。无论我们多么固执地渴求着对称和永恒,时间总是在不断制造着世间种种的不对称、不可逆以及死亡。</p><p>热力学第一定律(∆U = Q-W)给予了我们一定的控制感和确定性,而热力学第二定律(∆S> = 0)又使我们谦卑地认识到有另外一种存在,在力和质量组成的物理世界之外。熵(S)与信息有关,我不确定熵是否连接着精神世界,但它确实可以帮助我感受和理解时间。时间不应该只是物理世界里一个可逆的变量,或是孤立的存在于精神的想象,沉默而永不停息的它更像是在物质和精神世界表象背后的那股强大的有方向的不可逆的驱动力。</p><p>2.Time, crowd and uncertainty</p><p>时间、人群和不确定性</p><p>当牛顿最早揭示F = M(dV / dT)时,它让我们有了“可以控制世界”的错觉,或至少给了我们可以掌控力量的某些理解和暗示。我们不再感到担心,因为每个物体都可由其位置、质量、速度和作用力来计算出轨迹。我们假设每个物体的过去的所有历史都已经被其当前状态所完全包含,并且每个物体都是独立的。在这样的假设下,大量物体之间的大量交互随着时间的推移将变得愈发复杂、混乱,也会表现得不确定和随机。时间之矢好像创造了混乱和不确定。而所谓概率,是对大量相互作用下的确定性的物体的轨迹集合的一个近似统计描述。</p><p>但是,当我们被隔离在家中,在焦虑和不安的情绪中等待时,我们开始怀疑“每个物体之间的相互独立性”是否真的是我们在试图理解和解释世界时的一个正确的假设。在我们对确定性的渴望中,我们选择性地接受了诸如“物体间的独立性”这样的简单假设,以帮助我们解释复杂的世界。我们的渴望是如此的强烈以至于让我们开始相信这就是真理。</p><p>但是,如果概率和随机性本来就是每个物体的天然属性呢?如果大量的物体在本质上就是相互交织和关联的呢?就像我们的人类社会一样,无论每个个体有多独立,我们都在真实和虚拟的世界中,通过相互关联而定义自我的存在。由于物体存在这些内在联系,试图屏蔽物体之间的关联,研究孤立个体的方法也就不再能够那么有效。</p><p>相反,我们看到,时间推移下的个体间大量互动反而成为一种为社会和世界带来秩序和确定性的力量。我们再一次感受到了时间的力量和魔力。</p><p>Seize the time</p><p>把握今朝</p><p>当新型冠状病毒席卷全球时,每个机体都不得不面对大自然带来的残酷挑战。相对年轻的人或许心存一些侥幸与慰藉。这并不是说我们要在“危”中讨巧得利。任何妄图趁人之危或利用漏洞使自身受益的想法,在时间面前显得异常愚蠢,无异于一个狂妄的赌徒试图在赌场上赢过时间。</p><p>相反,我们感受到了需要更加努力工作的冲动和动力。这是因为我们比以往任何时候都更理解和珍惜宝贵的青春。我们越发意识到我们应尽的责任。我们需要证明我们这一代人的与时俱进和与以往不同。在这个新世界中,新物种和新生物必将诞生并茁壮成长。</p><p>大自然的蓬勃发展和趋势不会因为任何个人意志而改变。理解这些自然规则不应该让我们感到优越,更不可能让我们有能力统治自然。相反,这使我们能够谦卑地认识和承认,我们只不过是世界自然演变过程中的沧海一粟罢了。</p><p>恰如一位诗人写道:“我冷眼向过去稍稍回顾,只见它曲折灌溉的悲喜,都消失在一片亘古的荒漠。这才知道我的全部努力,不过完成了普通的生活。”</p><p>带着这样的视角,我们既感到无比的谦卑和平静,又无比感恩于拥有的宝贵青春和担负着的重大责任。因此,我们将更加坚定地投资未来,努力建设面前的新世界。在这新世界中,我们的美好旅程才刚刚开始。</p><p>黄峥</p><p>谨代表拼多多</p><p>2020年4月20日</p><p><b>黄峥致股东信英文版原文</b></p><p>What time?</p><p>In February, the world learned a new word, “COVID-19”, which upended our lives. As I write this, half of the world remains confined at home, waiting for the tiny virus that causes COVID-19 to leave us. During the early days of the outbreak, as we waited in solidarity, we eagerly hoped to return to normal. But as the world has been put on hold week after week, we start to forget time.</p><p>We cannot help but ask ourselves, what is the time we are in now and what is time?</p><p>We are in a time of crisis – of division, misinformation, and chaos. The virus has caused countless conflicts and contrasts as we watch the news around us and worldwide. It is an unprecedented time to most of us. Yet if we put it in the context of the human history, it might just be a normal incident, a drop in the ocean.</p><p>This virus is a messenger by Mother Nature. Out of self-protection and preservation, our bodies desperately fought it using all the strength and energy available. Soon enough, the war against this seemingly unstoppable virus extended from our own bodies to the broader organisms that make up our society (if we see every institution as a living organism made up of people and relationships with a mission and purpose). Companies, governments, countries, big and small, are all scrambling in their own ways to combat this life-threatening virus. In these attempts, we possibly have unintentionally introduced more damage to ourselves.</p><p>These all started with an almost invisible virus, a tiny messenger carrying some information (RNA) and a negligible amount of energy that, independent of a host, cannot even replicate. It is in stark contrast with nuclear threat, the power we feared for decades. Which is more capable of greater and more prolonged damage to our human society then - a mushroom cloud representing massive destructive energy, or a “messenger” with virtually no energy?</p><p>We cannot help but wonder if this is a lesson purposefully delivered, a punishment, a redemption, or simple irony? No matter what it is, it is surreal to me.</p><p>Time for new</p><p>When Einstein wrote down his famous , he elegantly (in some sense also arrogantly) depicted a physical world in his mind. However, what he did not explain in his theory of relativity is the relationship between the human mind and the physical world, nor the relationship between energy and information.</p><p>Today, in this bizarre time, millions of people are staying at home, physically cut off from their families and friends. Yet we are connected and unified in spirit through shared sentiment, which in turn affects the physical world. The boundaries between the virtual and physical worlds are unprecedentedly blurred, and we are beginning to see (not just envision) a new world. In this new world, the phrase “virtual reality” is obsolete. Reality has become virtual and virtual has become part of reality. Similarly, the distinction between humanity’s physical needs and spiritual needs is also becoming vague.</p><p>When this tiny virus was dropped into our world, it acted just like a catalyst in a test tube, accelerating the formation of a whole new world. Inevitably, some dimensions of the previous world are being restructured, some rules are being rewritten. The impact of this sweeping force will fundamentally and permanently change the world we are in now. Just like what I explained in the previous shareholder letters about PDD’s formation, new models are bound to emerge and grow in a whole new setup. We are indeed seeing the phasing out of some as new ones emerge. It is the time of reestablishment.</p><p>Feel the time</p><p>3.Time with an arrow/direction</p><p>Human beings have long used reason to try to understand and control the world. In many cases, we succeeded, for example, science. In science, we strive to detach ourselves from the physical world we are in, to watch it as if we are a higher being “objectively” observing, understanding, and defining the world into a finite number of equations. In this framework, time is a reversible parameter in the equation -t = (-)t. It is merely a parameter in an equation to describe a predetermined trajectory of an object.</p><p>However, when an almost invisible virus awoken us to the reality that we are not above the world, but just a negligible part of the world to be observed, the only thing we can do is to sit still and let time carry its course. We then realize time is not really a parameter in an equation, but an irreversible vector. It is a silent and relentless directional force driving everything we see and feel. It effortlessly creates asymmetry, irreversibility and mortality, no matter how stubbornly and desperately we yearn for symmetry and immortality.</p><p>While the first law of thermodynamics (∆U = Q-W) gives us a sense of control and certainty, the second law (∆S ≥ 0) humbles us to acknowledge the unknown beyond just force and mass we used to define our physical world. Entropy (S) also relates to information. I am not sure if entropy relates to the spiritual world, but it does help us feel and comprehend time. Again, it is not a reversible parameter, but a silent and irreversible driving force beyond and behind both the physical and the spiritual world.</p><p>4.Time, crowd and uncertainty</p><p>When Newton revealed F=M(dV/dT), it gave us a delusive sense of control, or at least it allowed our wishful thinking that we can finally harness force. We no longer have to worry, because every object has a calculable trajectory determined by its position, mass, velocity and force. We assume each object’s current state fully encompasses and explains its past and that each object is independent. With that, large number of interactions among large number of objects over time would increase complexity and appear chaotic and uncertain, hence probabilistic. It seems that time has created this chaos and uncertainty. And probability is just a statistical aggregation of the trajectories of a large number of objects.</p><p>However, when we are isolated at home, waiting with anxiety and unsettling emotions, we start to doubt whether the notion of each object being independent is really a valid assumption in our attempt to understand and explain the world. In our yearning for certainty, we have conveniently chosen to accept some assumptions, such as independence among each object, that can help us explain the world. Our desire for certainty is so strong that we start believing it is truth.</p><p>But what if probability is a fundamental feature of each object, rather than a result of statistical aggregation? What if the large number of objects is intrinsically intertwined and interrelated? Just like our human society, no matter how independent each individual is, we are intrinsically connected both physically and spiritually. And these connections define who we are and our existence.</p><p>Because of these connections, the divide-and-conquer approach is no longer effective to reduce uncertainty. Instead, we see the large number of interactions among individuals over time becoming a force that brings order and certainty to the society. Again, we feel the force and magic of time.</p><p>Seize the time</p><p>When COVID-19 swept the earth, every organism was confronted with the brutal reality of Mother Nature. Some of us who are relatively young cannot help but to feel grateful and lucky. This is not to say that we see an opportunity to take advantage of during the crisis. In fact, I despise the saying “don’t waste a crisis”. A crisis is a crisis. Nobody can come out as a winner in the midst of a catastrophe. Any wishful thinking to capture the ‘opportunities’ (or exploiting loopholes) to benefit oneself seems foolish in the face of time. It is akin to a presumptuous gambler trying to outsmart time at a casino.</p><p>Instead, we feel the urge to work even harder. Because we, more than ever, understand and appreciate how precious youth is. More than ever, we realize that we now have our duty to fulfil. We need to demonstrate that our generation is innovative and different, that in this new world, new species and new creatures are bound to emerge and grow. Mother Nature will flourish and progress, regardless of any individual’s will. Understanding these rules of nature does not make us feel superior, nor does it give us the power to rule and order. On the contrary, it humbles us to admit that we are just part of a natural evolution of the world. One poet captured it all: “As I silently look back, all the sorrows and joy, all the twists and turns, of life, vanished like sands in the desert. And now I know, all I have accomplished, is just a part of life.”[ 我冷眼向过去稍稍回顾,只见它曲折灌溉的悲喜,都消失在一片亘古的荒漠。这才知道我的全部努力,不过完成了普通的生活。]</p><p>With this perspective and in this new world, we feel humble and calm. We are tremendously grateful for our precious youth, and we feel the weight of our duty. As a result, we will be more than ever committed to investing in the future, and to be part of the driving force to the new world we are seeing. The journey has only started.</p><p>This is our Carpe Diem. This is our C’est La Vie.</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>拼多多年报:现金储备411亿,黄峥为大股东腾讯持股17%</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; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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拼多多年报:现金储备411亿,黄峥为大股东腾讯持股17%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/52\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/f45a6cbcc8ec48a7a2f52177324d0c16);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">雷递 </p>\n<p class=\"h-time\">2020-04-25 09:03</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/PDD\">拼多多</a>今日发布2019年年报。年报显示,2019年,拼多多实现成交额10066亿元,平台年活跃买家数达5.852亿,实现年营收301.4亿元。<img src=\"https://static.tigerbbs.com/969e66b6f1a2f46376dd9267581b7750\"></p><p>拼多多持有现金、现金等价物及短期投资共计410.6亿元,其中不包括2020年一季度11亿美元的定向增发融资。</p><p>截至2019年底,拼多多年活跃买家数达5.852亿,拼多多称,以用户量计算,已成中国第二大电商平台。</p><p><img src=\"https://static.tigerbbs.com/95b965bc126b7efd0180862612ed910d\"></p><p>拼多多最近还宣布将认购<a href=\"https://laohu8.com/S/00493\">国美零售</a>发行2亿美元可转债,期限三年,票面年利率为5%。如最终全部行使转换权,拼多多将最多获配12.8亿股国美新股份,约占后者发行转换股份扩大后股本的5.62%。</p><p>同时,双方宣布达成全面战略合作,国美零售全量商品将上架拼多多,品牌大家电将接入拼多多“百亿补贴”计划。</p><p>国美旗下安迅物流将接入拼多多平台,为平台商家在大件物流、仓配一体化、安装交付等环节提供定向服务。拼多多则会向国美注入消费趋势性大数据、平台流量等优势数字零售资源,双方还将在市场推广等方面展开积极合作。</p><p>曾经,苏宁和国美是线下两大电器销售巨头,<a href=\"https://laohu8.com/S/JD\">京东</a>都是小弟,但在电商浪潮之下,形势比人强,阿里早在几年前入股苏宁,成苏宁第二大股东。如今,苏宁和国美都已投入到电商巨头怀抱。</p><p>截至2020年4月25日,拼多多市值为576亿美元,较上市时已大幅上涨。</p><p><a href=\"https://laohu8.com/S/00700\">腾讯</a>为第二大股东</p><p>截至2020年4月13日,拼多多持有 2,716,057,288股A类股,及2,074,447,700股B类股。</p><p><img src=\"https://static.tigerbbs.com/96a03921ff4d5cd7d74db8a6f0296048\"></p><p>截至2020年4月13日,拼多多股权结构</p><p>其中,黄峥持股为43.3%,拥有88.4%的投票权;腾讯持股为16.5%,拥有3.4%的投票权;</p><p>高榕资本持股为7.7%,拥有1.6%的投票权;红杉资本持股为7%,拥有1.4%的投票权。</p><p><img src=\"https://static.tigerbbs.com/6ec90280617134ff228d2df2331b3bca\"></p><p>当前,黄峥为拼多多董事长、CEO,腾讯高管林海峰为董事,红杉资本合伙人沈南鹏、前<a href=\"https://laohu8.com/S/BIDU\">百度</a>集团总裁、COO陆奇及George Yong-Boon Yeo、Anthony Kam Ping Leung为独立董事。</p><p>截至2019年3月31日,黄峥持股为44.6%,拥有89%的投票权;腾讯持股为16.9%,拥有3.4%投票权;高榕资本持股为8.4%,拥有1.7%的投票权;红杉资本持股为7.2%,拥有1.4%的投票权。</p><p><img src=\"https://static.tigerbbs.com/b632b0064da2e9070d045ec418d0d51f\"></p><p>截至2019年3月31日,拼多多股权结构</p><p>与2019年最大区别是,高榕资本合伙人张震卸任了董事职务,此外,高榕资本有所减持,而黄峥、腾讯、红杉持股数均未发生变化。</p><p>活跃商家增至510万</p><p>年报中,拼多多披露了最新的商家数、团队规模,以及现金储备等信息。</p><p>年报显示,截至2019年底,拼多多平台年活跃商家数超过510万,较上年同期的360万增长41.7%。</p><p>拼多多称,为降低平台商家的经营成本,除了汽车行业惯例以外,拼多多一直施行“0佣金”和“0平台服务年费”的政策。相较其他线上渠道针对每笔订单收取5%左右的交易佣金,2019年,拼多多仅“0佣金”政策,就帮助商家节省了500亿元左右的资金成本,此外商家也不需要缴纳任何平台年费。</p><p><img src=\"https://static.tigerbbs.com/e5ac3a976b9eb7b1e78a935f00430063\"></p><p>拼多多表示,2020年会继续对商家坚持“0佣金”和“0平台服务年费”政策,帮助商家节省运营资金成本。</p><p>今年以来,针对疫情引发的市场形势变化,拼多多相继推出“抗疫助农专项行动”“市县长直播”“产业带复工大联播”“拼交会”等系列行动,持续提升农产区、产业带的数字化和智能化水平,助力外贸企业实现“常态化疫情防控”下转型升级。</p><p>拼多多披露的信息显示,今年一季度,平台新增涉农商家超27万,接近去年全年新增数量。预计今年一季度,平台包括国内外品牌、外贸企业、产业带集群企业等在内的新增商家数量,将迎来大幅增长。</p><p>截至2019年底,拼多多平台年活跃商家数超过510万。</p><p>拼多多2019年研发费用为38.7亿</p><p>截至2019年底,拼多多员工总数为5828人,较上年同期增长58%。</p><p>创立至今,拼多多团队中技术工程师占比始终维持在50%以上。2019年,拼多多研发费用为38.7亿元,较上一年同比增长247%,平台研发费用占收入比重达12.8%,大幅高于互联网行业平均水平。</p><p>拼多多称,在持续创新的技术应用支撑下,2019年,拼多多人均创造GMV达1.73亿元。</p><p>今年一季度,针对疫情引发的变化,拼多多连续推出了“快团团”“全球直播”等多项产品。在“多多直播”去中心化的架构设计和组件支撑下,2月以来,拼多多仅兴农活跃直播间便新增3.5万家,其中包括全国各地近百位市长、县长等政府领导,累计带动6亿斤<a href=\"https://laohu8.com/S/000061\">农产品</a>出村进城。</p><p>2019年,拼多多GMV突破万亿,人均创造GMV1.73亿元。平台研发费用为38.7亿元,占收入比重达12.8%,远高于互联网行业平均水平。</p><p>现金储备410.6亿元,投入25亿元支持“五五购物节”</p><p>拼多多在年报中表示,目前尚无法合理估算COVID-19对于平台发展前景的影响,为应对可能存在的不确定性,企业做好了充足的现金储备。</p><p>年报显示,截至2019年底,拼多多持有现金、现金等价物及短期投资共计410.6亿元,其中现金和现金等价物57.7亿元,短期投资352.9亿元。</p><p>今年3月底,部分长线投资人通过定向增发的方式,购买拼多多新发行的11亿美元A类普通股,定增资金9日内完成到账。据相同口径的汇率推算,目前拼多多持有现金、现金等价物及短期投资共计487.1亿元。</p><p>拼多多方面表示,平台将长期投资中国农业和制造业的建设,带动包括农业大数据库、产业带C2M转型升级等“新基建”发展,持续引领在线新经济的增长。</p><p>拼多多还宣布将投入25亿元现金及消费券,联合10000家上海品牌和企业,通过“百亿补贴+百大商场”联合补贴,汽车等大额耐用品五五折等多种形式,打造覆盖全体上海市民的消费狂欢季。</p><p>黄峥致股东信:新的世界正在到来,新的物种必然出现</p><p><img src=\"https://static.tigerbbs.com/48c93e73fbe602b9a3e65baa4529d795\"></p><p>黄峥随同年报发布了股东信,这是2018年以来黄峥连续发布的第三封年度致股东信。</p><p>在信中,黄峥谈论了近期疫情带给自己的思考,从疫情与世界、人类与时间的关系角度,重新思考当下面对的现实。</p><p>黄峥认为,当这个微小的病毒进入人类世界时,它就像试管中的催化剂一样,加速了<a href=\"https://laohu8.com/S/600628\">新世界</a>的形成。过去世界的某些维度在被重构,一些规则也在被改写,这股席卷全球的力量将从根本上永久地改变我们所生存的世界。</p><p>“我们假设每个物体的过去的所有历史都已经被其当前状态所完全包含,并且每个物体都是独立的,但疫情开始让人怀疑这一假设是否正确”,黄峥表示。</p><p>“如果概率和随机性本来就是每个物体的天然属性呢?如果大量的物体在本质上就是相互交织和关联的呢?”黄峥认为,由于物体存在这些内在联系,试图屏蔽物体之间的关联的方法就不再能够那么有效。</p><p>在2019年,拼多多遭遇竞争对手持续发起的史上最大规模的“二选一”。在上一封股东信中,黄峥也曾表示,长期独家排他是必然会被打破的,不符合商业逻辑和自然规律。</p><p>2019年,随着拼多多在社交拼团、市县长直播等模式创新,并通过独创的百亿补贴活动直接为消费者创造价值,年报显示,当前拼多多的商家数已从360万增长至510万。</p><p>因此,黄峥认为,一个全新的人类世界正在到来,新物种将会以和从前完全不一样的样子在新的土壤中孕育和生长。</p><p>关于未来,黄峥表示,人类曾将时间视为方程式中的可逆参数,但疫情把人类从幻梦中惊醒,时间更像是一个不可逆的向量,“无论我们多么固执地渴求着对称和永恒,时间总是在不断制造着世间种种的不对称、不可逆以及死亡”。</p><p>因此,“我们需要证明我们这一代人的与时俱进和与以往不同,我们将更加坚定地投资未来,努力建设面前的新世界”。</p><p><b>黄峥致股东信中文全文</b></p><p>What time?</p><p>今夕何夕?</p><p>今年2月,COVID-19作为一个新词汇在全球家喻户晓,并颠覆了我们的日常生活。就在我书写这封信的时刻,世界上仍有一半的人蜗居家中,无助地等待着引发全球危机的小小病毒尽快消失。等待之初,我们急切盼望生活能够重回正轨;而越来越漫长的等待,则让我们逐渐忘记了时间。</p><p>今天,我们正身处怎样的时间之中?时间又究竟是什么?</p><p>对人类来说,这是一个危机的时刻,流言和混乱四起,人们因不同的理念意见而产生分裂,甚至是对抗。这是一个百年不遇的特殊时刻,不过也许它也只不过是历史长河中一个再平常不过的片刻。</p><p>病毒是大自然向人类派出的危险“信使”。出于生存本能,我们竭尽所能地调动自身的机体能量与之对抗。这种对抗的副产品是伤及自身甚至致命。很快,激战从单个生物体蔓延至整个社会有机体,不同大小不同类型的公司、政府和国家,都在用自己的方式对抗这一威胁,其副产品也是不可避免地伤及自身。</p><p>这一切只是源于一个几乎看不见,离开宿主都无法复制的病毒。一个携带了一些信息(RNA)和很少能量的小小“信使”而已。这和数十年来我们担忧的原子能威胁形成了鲜明的对比。一朵可以升腾出巨大能量的乌云,与自身几乎毫无能量的“信使”,谁会给人类造成更大、更持久的危害?</p><p>这真是如幻如梦…… 这是大自然给我们的一个启示?一个教导?抑或是对我们的惩罚,还是救赎?也许,仅仅是大自然和人类开的一个小小的玩笑?</p><p>Time for new</p><p>新生之时</p><p>当爱因斯坦写下他著名的方程式 时,他优雅地(某种意义上,也可以说是傲慢地)描绘了他脑海中的物质世界。但他并没有解释那描绘物质世界的精神世界与客观物质世界之间的关系,也没有解释能量与信息之间的关系。</p><p>今天,全世界都处在一种常规的反常中。成万上亿的人被迫困在家中,与亲朋好友分离。然而,我们又同时通过某种精神和情感连结在一起。这种关系也影响着我们所能感知到的物理世界。虚拟世界和物理世界之间的边界前所未有地模糊,我们开始看到(而不仅仅是想象)一个新的世界正在走来。</p><p>或者,更精准地说,是一个全新的人类世界正在走来。在这个新世界中,“虚拟现实”一词已经过时。现实和虚拟可以相互转换,现实变得虚幻,虚幻却是现实一种。同样,人类物质与精神需求之间的分别也愈发模糊。</p><p>当这个微小的病毒进入人类世界时,它就像试管中的催化剂一样,加速了新世界的形成。过去世界的某些维度在被重构,一些规则也在被改写。这股席卷全球的力量将从根本上永久地改变我们所生存的世界。就像我在前面两封致股东信中解释“拼多多的诞生”时所述,新物种将会以和从前完全不一样的样子在新的土壤中孕育和生长。现在,正是世界萌发新生,重新构建的时候。</p><p>Feel the time</p><p>感受时间</p><p>1.Time with an arrow/direction</p><p>时间的方向</p><p>人类一直努力地用我们所掌握的逻辑和原理,试图理解和控制世界。在许多事情上,我们确实成功过,比如科学。在科学的世界里,我们试图从客观物质世界里抽离出来,以超然的上帝视角来进行“客观”的观察、理解,并通过有限的方程式来定义这个客观物质世界。在这样的框架中,时间变成了方程式 -t = (-)t 中的一个可逆参数。它只是描述物体在按预定轨迹运动的方程式中的一个参数而已。</p><p>但是,当一个渺小的病毒把我们从幻梦中惊醒,我们发现人类并没有凌驾于世界之上,仅仅是这个被观察的世界中的一个可忽略不计的组成部分而已。我们唯一能做的,是停下手中的一切,等待时间流逝,感受时间流过的痕迹。</p><p>我们进而意识到,时间很可能不应该是方程式中的一个可逆参数,它更像是一个不可逆的向量。它是一股强大的有方向的力量,默默地驱动着我们所见所感的一切事物。无论我们多么固执地渴求着对称和永恒,时间总是在不断制造着世间种种的不对称、不可逆以及死亡。</p><p>热力学第一定律(∆U = Q-W)给予了我们一定的控制感和确定性,而热力学第二定律(∆S> = 0)又使我们谦卑地认识到有另外一种存在,在力和质量组成的物理世界之外。熵(S)与信息有关,我不确定熵是否连接着精神世界,但它确实可以帮助我感受和理解时间。时间不应该只是物理世界里一个可逆的变量,或是孤立的存在于精神的想象,沉默而永不停息的它更像是在物质和精神世界表象背后的那股强大的有方向的不可逆的驱动力。</p><p>2.Time, crowd and uncertainty</p><p>时间、人群和不确定性</p><p>当牛顿最早揭示F = M(dV / dT)时,它让我们有了“可以控制世界”的错觉,或至少给了我们可以掌控力量的某些理解和暗示。我们不再感到担心,因为每个物体都可由其位置、质量、速度和作用力来计算出轨迹。我们假设每个物体的过去的所有历史都已经被其当前状态所完全包含,并且每个物体都是独立的。在这样的假设下,大量物体之间的大量交互随着时间的推移将变得愈发复杂、混乱,也会表现得不确定和随机。时间之矢好像创造了混乱和不确定。而所谓概率,是对大量相互作用下的确定性的物体的轨迹集合的一个近似统计描述。</p><p>但是,当我们被隔离在家中,在焦虑和不安的情绪中等待时,我们开始怀疑“每个物体之间的相互独立性”是否真的是我们在试图理解和解释世界时的一个正确的假设。在我们对确定性的渴望中,我们选择性地接受了诸如“物体间的独立性”这样的简单假设,以帮助我们解释复杂的世界。我们的渴望是如此的强烈以至于让我们开始相信这就是真理。</p><p>但是,如果概率和随机性本来就是每个物体的天然属性呢?如果大量的物体在本质上就是相互交织和关联的呢?就像我们的人类社会一样,无论每个个体有多独立,我们都在真实和虚拟的世界中,通过相互关联而定义自我的存在。由于物体存在这些内在联系,试图屏蔽物体之间的关联,研究孤立个体的方法也就不再能够那么有效。</p><p>相反,我们看到,时间推移下的个体间大量互动反而成为一种为社会和世界带来秩序和确定性的力量。我们再一次感受到了时间的力量和魔力。</p><p>Seize the time</p><p>把握今朝</p><p>当新型冠状病毒席卷全球时,每个机体都不得不面对大自然带来的残酷挑战。相对年轻的人或许心存一些侥幸与慰藉。这并不是说我们要在“危”中讨巧得利。任何妄图趁人之危或利用漏洞使自身受益的想法,在时间面前显得异常愚蠢,无异于一个狂妄的赌徒试图在赌场上赢过时间。</p><p>相反,我们感受到了需要更加努力工作的冲动和动力。这是因为我们比以往任何时候都更理解和珍惜宝贵的青春。我们越发意识到我们应尽的责任。我们需要证明我们这一代人的与时俱进和与以往不同。在这个新世界中,新物种和新生物必将诞生并茁壮成长。</p><p>大自然的蓬勃发展和趋势不会因为任何个人意志而改变。理解这些自然规则不应该让我们感到优越,更不可能让我们有能力统治自然。相反,这使我们能够谦卑地认识和承认,我们只不过是世界自然演变过程中的沧海一粟罢了。</p><p>恰如一位诗人写道:“我冷眼向过去稍稍回顾,只见它曲折灌溉的悲喜,都消失在一片亘古的荒漠。这才知道我的全部努力,不过完成了普通的生活。”</p><p>带着这样的视角,我们既感到无比的谦卑和平静,又无比感恩于拥有的宝贵青春和担负着的重大责任。因此,我们将更加坚定地投资未来,努力建设面前的新世界。在这新世界中,我们的美好旅程才刚刚开始。</p><p>黄峥</p><p>谨代表拼多多</p><p>2020年4月20日</p><p><b>黄峥致股东信英文版原文</b></p><p>What time?</p><p>In February, the world learned a new word, “COVID-19”, which upended our lives. As I write this, half of the world remains confined at home, waiting for the tiny virus that causes COVID-19 to leave us. During the early days of the outbreak, as we waited in solidarity, we eagerly hoped to return to normal. But as the world has been put on hold week after week, we start to forget time.</p><p>We cannot help but ask ourselves, what is the time we are in now and what is time?</p><p>We are in a time of crisis – of division, misinformation, and chaos. The virus has caused countless conflicts and contrasts as we watch the news around us and worldwide. It is an unprecedented time to most of us. Yet if we put it in the context of the human history, it might just be a normal incident, a drop in the ocean.</p><p>This virus is a messenger by Mother Nature. Out of self-protection and preservation, our bodies desperately fought it using all the strength and energy available. Soon enough, the war against this seemingly unstoppable virus extended from our own bodies to the broader organisms that make up our society (if we see every institution as a living organism made up of people and relationships with a mission and purpose). Companies, governments, countries, big and small, are all scrambling in their own ways to combat this life-threatening virus. In these attempts, we possibly have unintentionally introduced more damage to ourselves.</p><p>These all started with an almost invisible virus, a tiny messenger carrying some information (RNA) and a negligible amount of energy that, independent of a host, cannot even replicate. It is in stark contrast with nuclear threat, the power we feared for decades. Which is more capable of greater and more prolonged damage to our human society then - a mushroom cloud representing massive destructive energy, or a “messenger” with virtually no energy?</p><p>We cannot help but wonder if this is a lesson purposefully delivered, a punishment, a redemption, or simple irony? No matter what it is, it is surreal to me.</p><p>Time for new</p><p>When Einstein wrote down his famous , he elegantly (in some sense also arrogantly) depicted a physical world in his mind. However, what he did not explain in his theory of relativity is the relationship between the human mind and the physical world, nor the relationship between energy and information.</p><p>Today, in this bizarre time, millions of people are staying at home, physically cut off from their families and friends. Yet we are connected and unified in spirit through shared sentiment, which in turn affects the physical world. The boundaries between the virtual and physical worlds are unprecedentedly blurred, and we are beginning to see (not just envision) a new world. In this new world, the phrase “virtual reality” is obsolete. Reality has become virtual and virtual has become part of reality. Similarly, the distinction between humanity’s physical needs and spiritual needs is also becoming vague.</p><p>When this tiny virus was dropped into our world, it acted just like a catalyst in a test tube, accelerating the formation of a whole new world. Inevitably, some dimensions of the previous world are being restructured, some rules are being rewritten. The impact of this sweeping force will fundamentally and permanently change the world we are in now. Just like what I explained in the previous shareholder letters about PDD’s formation, new models are bound to emerge and grow in a whole new setup. We are indeed seeing the phasing out of some as new ones emerge. It is the time of reestablishment.</p><p>Feel the time</p><p>3.Time with an arrow/direction</p><p>Human beings have long used reason to try to understand and control the world. In many cases, we succeeded, for example, science. In science, we strive to detach ourselves from the physical world we are in, to watch it as if we are a higher being “objectively” observing, understanding, and defining the world into a finite number of equations. In this framework, time is a reversible parameter in the equation -t = (-)t. It is merely a parameter in an equation to describe a predetermined trajectory of an object.</p><p>However, when an almost invisible virus awoken us to the reality that we are not above the world, but just a negligible part of the world to be observed, the only thing we can do is to sit still and let time carry its course. We then realize time is not really a parameter in an equation, but an irreversible vector. It is a silent and relentless directional force driving everything we see and feel. It effortlessly creates asymmetry, irreversibility and mortality, no matter how stubbornly and desperately we yearn for symmetry and immortality.</p><p>While the first law of thermodynamics (∆U = Q-W) gives us a sense of control and certainty, the second law (∆S ≥ 0) humbles us to acknowledge the unknown beyond just force and mass we used to define our physical world. Entropy (S) also relates to information. I am not sure if entropy relates to the spiritual world, but it does help us feel and comprehend time. Again, it is not a reversible parameter, but a silent and irreversible driving force beyond and behind both the physical and the spiritual world.</p><p>4.Time, crowd and uncertainty</p><p>When Newton revealed F=M(dV/dT), it gave us a delusive sense of control, or at least it allowed our wishful thinking that we can finally harness force. We no longer have to worry, because every object has a calculable trajectory determined by its position, mass, velocity and force. We assume each object’s current state fully encompasses and explains its past and that each object is independent. With that, large number of interactions among large number of objects over time would increase complexity and appear chaotic and uncertain, hence probabilistic. It seems that time has created this chaos and uncertainty. And probability is just a statistical aggregation of the trajectories of a large number of objects.</p><p>However, when we are isolated at home, waiting with anxiety and unsettling emotions, we start to doubt whether the notion of each object being independent is really a valid assumption in our attempt to understand and explain the world. In our yearning for certainty, we have conveniently chosen to accept some assumptions, such as independence among each object, that can help us explain the world. Our desire for certainty is so strong that we start believing it is truth.</p><p>But what if probability is a fundamental feature of each object, rather than a result of statistical aggregation? What if the large number of objects is intrinsically intertwined and interrelated? Just like our human society, no matter how independent each individual is, we are intrinsically connected both physically and spiritually. And these connections define who we are and our existence.</p><p>Because of these connections, the divide-and-conquer approach is no longer effective to reduce uncertainty. Instead, we see the large number of interactions among individuals over time becoming a force that brings order and certainty to the society. Again, we feel the force and magic of time.</p><p>Seize the time</p><p>When COVID-19 swept the earth, every organism was confronted with the brutal reality of Mother Nature. Some of us who are relatively young cannot help but to feel grateful and lucky. This is not to say that we see an opportunity to take advantage of during the crisis. In fact, I despise the saying “don’t waste a crisis”. A crisis is a crisis. Nobody can come out as a winner in the midst of a catastrophe. Any wishful thinking to capture the ‘opportunities’ (or exploiting loopholes) to benefit oneself seems foolish in the face of time. It is akin to a presumptuous gambler trying to outsmart time at a casino.</p><p>Instead, we feel the urge to work even harder. Because we, more than ever, understand and appreciate how precious youth is. More than ever, we realize that we now have our duty to fulfil. We need to demonstrate that our generation is innovative and different, that in this new world, new species and new creatures are bound to emerge and grow. Mother Nature will flourish and progress, regardless of any individual’s will. Understanding these rules of nature does not make us feel superior, nor does it give us the power to rule and order. On the contrary, it humbles us to admit that we are just part of a natural evolution of the world. One poet captured it all: “As I silently look back, all the sorrows and joy, all the twists and turns, of life, vanished like sands in the desert. And now I know, all I have accomplished, is just a part of life.”[ 我冷眼向过去稍稍回顾,只见它曲折灌溉的悲喜,都消失在一片亘古的荒漠。这才知道我的全部努力,不过完成了普通的生活。]</p><p>With this perspective and in this new world, we feel humble and calm. We are tremendously grateful for our precious youth, and we feel the weight of our duty. As a result, we will be more than ever committed to investing in the future, and to be part of the driving force to the new world we are seeing. The journey has only started.</p><p>This is our Carpe Diem. This is our C’est La Vie.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e42c16a083ab273c19aaae21cdb697a0","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176882311","content_text":"拼多多今日发布2019年年报。年报显示,2019年,拼多多实现成交额10066亿元,平台年活跃买家数达5.852亿,实现年营收301.4亿元。拼多多持有现金、现金等价物及短期投资共计410.6亿元,其中不包括2020年一季度11亿美元的定向增发融资。截至2019年底,拼多多年活跃买家数达5.852亿,拼多多称,以用户量计算,已成中国第二大电商平台。拼多多最近还宣布将认购国美零售发行2亿美元可转债,期限三年,票面年利率为5%。如最终全部行使转换权,拼多多将最多获配12.8亿股国美新股份,约占后者发行转换股份扩大后股本的5.62%。同时,双方宣布达成全面战略合作,国美零售全量商品将上架拼多多,品牌大家电将接入拼多多“百亿补贴”计划。国美旗下安迅物流将接入拼多多平台,为平台商家在大件物流、仓配一体化、安装交付等环节提供定向服务。拼多多则会向国美注入消费趋势性大数据、平台流量等优势数字零售资源,双方还将在市场推广等方面展开积极合作。曾经,苏宁和国美是线下两大电器销售巨头,京东都是小弟,但在电商浪潮之下,形势比人强,阿里早在几年前入股苏宁,成苏宁第二大股东。如今,苏宁和国美都已投入到电商巨头怀抱。截至2020年4月25日,拼多多市值为576亿美元,较上市时已大幅上涨。腾讯为第二大股东截至2020年4月13日,拼多多持有 2,716,057,288股A类股,及2,074,447,700股B类股。截至2020年4月13日,拼多多股权结构其中,黄峥持股为43.3%,拥有88.4%的投票权;腾讯持股为16.5%,拥有3.4%的投票权;高榕资本持股为7.7%,拥有1.6%的投票权;红杉资本持股为7%,拥有1.4%的投票权。当前,黄峥为拼多多董事长、CEO,腾讯高管林海峰为董事,红杉资本合伙人沈南鹏、前百度集团总裁、COO陆奇及George Yong-Boon Yeo、Anthony Kam Ping Leung为独立董事。截至2019年3月31日,黄峥持股为44.6%,拥有89%的投票权;腾讯持股为16.9%,拥有3.4%投票权;高榕资本持股为8.4%,拥有1.7%的投票权;红杉资本持股为7.2%,拥有1.4%的投票权。截至2019年3月31日,拼多多股权结构与2019年最大区别是,高榕资本合伙人张震卸任了董事职务,此外,高榕资本有所减持,而黄峥、腾讯、红杉持股数均未发生变化。活跃商家增至510万年报中,拼多多披露了最新的商家数、团队规模,以及现金储备等信息。年报显示,截至2019年底,拼多多平台年活跃商家数超过510万,较上年同期的360万增长41.7%。拼多多称,为降低平台商家的经营成本,除了汽车行业惯例以外,拼多多一直施行“0佣金”和“0平台服务年费”的政策。相较其他线上渠道针对每笔订单收取5%左右的交易佣金,2019年,拼多多仅“0佣金”政策,就帮助商家节省了500亿元左右的资金成本,此外商家也不需要缴纳任何平台年费。拼多多表示,2020年会继续对商家坚持“0佣金”和“0平台服务年费”政策,帮助商家节省运营资金成本。今年以来,针对疫情引发的市场形势变化,拼多多相继推出“抗疫助农专项行动”“市县长直播”“产业带复工大联播”“拼交会”等系列行动,持续提升农产区、产业带的数字化和智能化水平,助力外贸企业实现“常态化疫情防控”下转型升级。拼多多披露的信息显示,今年一季度,平台新增涉农商家超27万,接近去年全年新增数量。预计今年一季度,平台包括国内外品牌、外贸企业、产业带集群企业等在内的新增商家数量,将迎来大幅增长。截至2019年底,拼多多平台年活跃商家数超过510万。拼多多2019年研发费用为38.7亿截至2019年底,拼多多员工总数为5828人,较上年同期增长58%。创立至今,拼多多团队中技术工程师占比始终维持在50%以上。2019年,拼多多研发费用为38.7亿元,较上一年同比增长247%,平台研发费用占收入比重达12.8%,大幅高于互联网行业平均水平。拼多多称,在持续创新的技术应用支撑下,2019年,拼多多人均创造GMV达1.73亿元。今年一季度,针对疫情引发的变化,拼多多连续推出了“快团团”“全球直播”等多项产品。在“多多直播”去中心化的架构设计和组件支撑下,2月以来,拼多多仅兴农活跃直播间便新增3.5万家,其中包括全国各地近百位市长、县长等政府领导,累计带动6亿斤农产品出村进城。2019年,拼多多GMV突破万亿,人均创造GMV1.73亿元。平台研发费用为38.7亿元,占收入比重达12.8%,远高于互联网行业平均水平。现金储备410.6亿元,投入25亿元支持“五五购物节”拼多多在年报中表示,目前尚无法合理估算COVID-19对于平台发展前景的影响,为应对可能存在的不确定性,企业做好了充足的现金储备。年报显示,截至2019年底,拼多多持有现金、现金等价物及短期投资共计410.6亿元,其中现金和现金等价物57.7亿元,短期投资352.9亿元。今年3月底,部分长线投资人通过定向增发的方式,购买拼多多新发行的11亿美元A类普通股,定增资金9日内完成到账。据相同口径的汇率推算,目前拼多多持有现金、现金等价物及短期投资共计487.1亿元。拼多多方面表示,平台将长期投资中国农业和制造业的建设,带动包括农业大数据库、产业带C2M转型升级等“新基建”发展,持续引领在线新经济的增长。拼多多还宣布将投入25亿元现金及消费券,联合10000家上海品牌和企业,通过“百亿补贴+百大商场”联合补贴,汽车等大额耐用品五五折等多种形式,打造覆盖全体上海市民的消费狂欢季。黄峥致股东信:新的世界正在到来,新的物种必然出现黄峥随同年报发布了股东信,这是2018年以来黄峥连续发布的第三封年度致股东信。在信中,黄峥谈论了近期疫情带给自己的思考,从疫情与世界、人类与时间的关系角度,重新思考当下面对的现实。黄峥认为,当这个微小的病毒进入人类世界时,它就像试管中的催化剂一样,加速了新世界的形成。过去世界的某些维度在被重构,一些规则也在被改写,这股席卷全球的力量将从根本上永久地改变我们所生存的世界。“我们假设每个物体的过去的所有历史都已经被其当前状态所完全包含,并且每个物体都是独立的,但疫情开始让人怀疑这一假设是否正确”,黄峥表示。“如果概率和随机性本来就是每个物体的天然属性呢?如果大量的物体在本质上就是相互交织和关联的呢?”黄峥认为,由于物体存在这些内在联系,试图屏蔽物体之间的关联的方法就不再能够那么有效。在2019年,拼多多遭遇竞争对手持续发起的史上最大规模的“二选一”。在上一封股东信中,黄峥也曾表示,长期独家排他是必然会被打破的,不符合商业逻辑和自然规律。2019年,随着拼多多在社交拼团、市县长直播等模式创新,并通过独创的百亿补贴活动直接为消费者创造价值,年报显示,当前拼多多的商家数已从360万增长至510万。因此,黄峥认为,一个全新的人类世界正在到来,新物种将会以和从前完全不一样的样子在新的土壤中孕育和生长。关于未来,黄峥表示,人类曾将时间视为方程式中的可逆参数,但疫情把人类从幻梦中惊醒,时间更像是一个不可逆的向量,“无论我们多么固执地渴求着对称和永恒,时间总是在不断制造着世间种种的不对称、不可逆以及死亡”。因此,“我们需要证明我们这一代人的与时俱进和与以往不同,我们将更加坚定地投资未来,努力建设面前的新世界”。黄峥致股东信中文全文What time?今夕何夕?今年2月,COVID-19作为一个新词汇在全球家喻户晓,并颠覆了我们的日常生活。就在我书写这封信的时刻,世界上仍有一半的人蜗居家中,无助地等待着引发全球危机的小小病毒尽快消失。等待之初,我们急切盼望生活能够重回正轨;而越来越漫长的等待,则让我们逐渐忘记了时间。今天,我们正身处怎样的时间之中?时间又究竟是什么?对人类来说,这是一个危机的时刻,流言和混乱四起,人们因不同的理念意见而产生分裂,甚至是对抗。这是一个百年不遇的特殊时刻,不过也许它也只不过是历史长河中一个再平常不过的片刻。病毒是大自然向人类派出的危险“信使”。出于生存本能,我们竭尽所能地调动自身的机体能量与之对抗。这种对抗的副产品是伤及自身甚至致命。很快,激战从单个生物体蔓延至整个社会有机体,不同大小不同类型的公司、政府和国家,都在用自己的方式对抗这一威胁,其副产品也是不可避免地伤及自身。这一切只是源于一个几乎看不见,离开宿主都无法复制的病毒。一个携带了一些信息(RNA)和很少能量的小小“信使”而已。这和数十年来我们担忧的原子能威胁形成了鲜明的对比。一朵可以升腾出巨大能量的乌云,与自身几乎毫无能量的“信使”,谁会给人类造成更大、更持久的危害?这真是如幻如梦…… 这是大自然给我们的一个启示?一个教导?抑或是对我们的惩罚,还是救赎?也许,仅仅是大自然和人类开的一个小小的玩笑?Time for new新生之时当爱因斯坦写下他著名的方程式 时,他优雅地(某种意义上,也可以说是傲慢地)描绘了他脑海中的物质世界。但他并没有解释那描绘物质世界的精神世界与客观物质世界之间的关系,也没有解释能量与信息之间的关系。今天,全世界都处在一种常规的反常中。成万上亿的人被迫困在家中,与亲朋好友分离。然而,我们又同时通过某种精神和情感连结在一起。这种关系也影响着我们所能感知到的物理世界。虚拟世界和物理世界之间的边界前所未有地模糊,我们开始看到(而不仅仅是想象)一个新的世界正在走来。或者,更精准地说,是一个全新的人类世界正在走来。在这个新世界中,“虚拟现实”一词已经过时。现实和虚拟可以相互转换,现实变得虚幻,虚幻却是现实一种。同样,人类物质与精神需求之间的分别也愈发模糊。当这个微小的病毒进入人类世界时,它就像试管中的催化剂一样,加速了新世界的形成。过去世界的某些维度在被重构,一些规则也在被改写。这股席卷全球的力量将从根本上永久地改变我们所生存的世界。就像我在前面两封致股东信中解释“拼多多的诞生”时所述,新物种将会以和从前完全不一样的样子在新的土壤中孕育和生长。现在,正是世界萌发新生,重新构建的时候。Feel the time感受时间1.Time with an arrow/direction时间的方向人类一直努力地用我们所掌握的逻辑和原理,试图理解和控制世界。在许多事情上,我们确实成功过,比如科学。在科学的世界里,我们试图从客观物质世界里抽离出来,以超然的上帝视角来进行“客观”的观察、理解,并通过有限的方程式来定义这个客观物质世界。在这样的框架中,时间变成了方程式 -t = (-)t 中的一个可逆参数。它只是描述物体在按预定轨迹运动的方程式中的一个参数而已。但是,当一个渺小的病毒把我们从幻梦中惊醒,我们发现人类并没有凌驾于世界之上,仅仅是这个被观察的世界中的一个可忽略不计的组成部分而已。我们唯一能做的,是停下手中的一切,等待时间流逝,感受时间流过的痕迹。我们进而意识到,时间很可能不应该是方程式中的一个可逆参数,它更像是一个不可逆的向量。它是一股强大的有方向的力量,默默地驱动着我们所见所感的一切事物。无论我们多么固执地渴求着对称和永恒,时间总是在不断制造着世间种种的不对称、不可逆以及死亡。热力学第一定律(∆U = Q-W)给予了我们一定的控制感和确定性,而热力学第二定律(∆S> = 0)又使我们谦卑地认识到有另外一种存在,在力和质量组成的物理世界之外。熵(S)与信息有关,我不确定熵是否连接着精神世界,但它确实可以帮助我感受和理解时间。时间不应该只是物理世界里一个可逆的变量,或是孤立的存在于精神的想象,沉默而永不停息的它更像是在物质和精神世界表象背后的那股强大的有方向的不可逆的驱动力。2.Time, crowd and uncertainty时间、人群和不确定性当牛顿最早揭示F = M(dV / dT)时,它让我们有了“可以控制世界”的错觉,或至少给了我们可以掌控力量的某些理解和暗示。我们不再感到担心,因为每个物体都可由其位置、质量、速度和作用力来计算出轨迹。我们假设每个物体的过去的所有历史都已经被其当前状态所完全包含,并且每个物体都是独立的。在这样的假设下,大量物体之间的大量交互随着时间的推移将变得愈发复杂、混乱,也会表现得不确定和随机。时间之矢好像创造了混乱和不确定。而所谓概率,是对大量相互作用下的确定性的物体的轨迹集合的一个近似统计描述。但是,当我们被隔离在家中,在焦虑和不安的情绪中等待时,我们开始怀疑“每个物体之间的相互独立性”是否真的是我们在试图理解和解释世界时的一个正确的假设。在我们对确定性的渴望中,我们选择性地接受了诸如“物体间的独立性”这样的简单假设,以帮助我们解释复杂的世界。我们的渴望是如此的强烈以至于让我们开始相信这就是真理。但是,如果概率和随机性本来就是每个物体的天然属性呢?如果大量的物体在本质上就是相互交织和关联的呢?就像我们的人类社会一样,无论每个个体有多独立,我们都在真实和虚拟的世界中,通过相互关联而定义自我的存在。由于物体存在这些内在联系,试图屏蔽物体之间的关联,研究孤立个体的方法也就不再能够那么有效。相反,我们看到,时间推移下的个体间大量互动反而成为一种为社会和世界带来秩序和确定性的力量。我们再一次感受到了时间的力量和魔力。Seize the time把握今朝当新型冠状病毒席卷全球时,每个机体都不得不面对大自然带来的残酷挑战。相对年轻的人或许心存一些侥幸与慰藉。这并不是说我们要在“危”中讨巧得利。任何妄图趁人之危或利用漏洞使自身受益的想法,在时间面前显得异常愚蠢,无异于一个狂妄的赌徒试图在赌场上赢过时间。相反,我们感受到了需要更加努力工作的冲动和动力。这是因为我们比以往任何时候都更理解和珍惜宝贵的青春。我们越发意识到我们应尽的责任。我们需要证明我们这一代人的与时俱进和与以往不同。在这个新世界中,新物种和新生物必将诞生并茁壮成长。大自然的蓬勃发展和趋势不会因为任何个人意志而改变。理解这些自然规则不应该让我们感到优越,更不可能让我们有能力统治自然。相反,这使我们能够谦卑地认识和承认,我们只不过是世界自然演变过程中的沧海一粟罢了。恰如一位诗人写道:“我冷眼向过去稍稍回顾,只见它曲折灌溉的悲喜,都消失在一片亘古的荒漠。这才知道我的全部努力,不过完成了普通的生活。”带着这样的视角,我们既感到无比的谦卑和平静,又无比感恩于拥有的宝贵青春和担负着的重大责任。因此,我们将更加坚定地投资未来,努力建设面前的新世界。在这新世界中,我们的美好旅程才刚刚开始。黄峥谨代表拼多多2020年4月20日黄峥致股东信英文版原文What time?In February, the world learned a new word, “COVID-19”, which upended our lives. As I write this, half of the world remains confined at home, waiting for the tiny virus that causes COVID-19 to leave us. During the early days of the outbreak, as we waited in solidarity, we eagerly hoped to return to normal. But as the world has been put on hold week after week, we start to forget time.We cannot help but ask ourselves, what is the time we are in now and what is time?We are in a time of crisis – of division, misinformation, and chaos. The virus has caused countless conflicts and contrasts as we watch the news around us and worldwide. It is an unprecedented time to most of us. Yet if we put it in the context of the human history, it might just be a normal incident, a drop in the ocean.This virus is a messenger by Mother Nature. Out of self-protection and preservation, our bodies desperately fought it using all the strength and energy available. Soon enough, the war against this seemingly unstoppable virus extended from our own bodies to the broader organisms that make up our society (if we see every institution as a living organism made up of people and relationships with a mission and purpose). Companies, governments, countries, big and small, are all scrambling in their own ways to combat this life-threatening virus. In these attempts, we possibly have unintentionally introduced more damage to ourselves.These all started with an almost invisible virus, a tiny messenger carrying some information (RNA) and a negligible amount of energy that, independent of a host, cannot even replicate. It is in stark contrast with nuclear threat, the power we feared for decades. Which is more capable of greater and more prolonged damage to our human society then - a mushroom cloud representing massive destructive energy, or a “messenger” with virtually no energy?We cannot help but wonder if this is a lesson purposefully delivered, a punishment, a redemption, or simple irony? No matter what it is, it is surreal to me.Time for newWhen Einstein wrote down his famous , he elegantly (in some sense also arrogantly) depicted a physical world in his mind. However, what he did not explain in his theory of relativity is the relationship between the human mind and the physical world, nor the relationship between energy and information.Today, in this bizarre time, millions of people are staying at home, physically cut off from their families and friends. Yet we are connected and unified in spirit through shared sentiment, which in turn affects the physical world. The boundaries between the virtual and physical worlds are unprecedentedly blurred, and we are beginning to see (not just envision) a new world. In this new world, the phrase “virtual reality” is obsolete. Reality has become virtual and virtual has become part of reality. Similarly, the distinction between humanity’s physical needs and spiritual needs is also becoming vague.When this tiny virus was dropped into our world, it acted just like a catalyst in a test tube, accelerating the formation of a whole new world. Inevitably, some dimensions of the previous world are being restructured, some rules are being rewritten. The impact of this sweeping force will fundamentally and permanently change the world we are in now. Just like what I explained in the previous shareholder letters about PDD’s formation, new models are bound to emerge and grow in a whole new setup. We are indeed seeing the phasing out of some as new ones emerge. It is the time of reestablishment.Feel the time3.Time with an arrow/directionHuman beings have long used reason to try to understand and control the world. In many cases, we succeeded, for example, science. In science, we strive to detach ourselves from the physical world we are in, to watch it as if we are a higher being “objectively” observing, understanding, and defining the world into a finite number of equations. In this framework, time is a reversible parameter in the equation -t = (-)t. It is merely a parameter in an equation to describe a predetermined trajectory of an object.However, when an almost invisible virus awoken us to the reality that we are not above the world, but just a negligible part of the world to be observed, the only thing we can do is to sit still and let time carry its course. We then realize time is not really a parameter in an equation, but an irreversible vector. It is a silent and relentless directional force driving everything we see and feel. It effortlessly creates asymmetry, irreversibility and mortality, no matter how stubbornly and desperately we yearn for symmetry and immortality.While the first law of thermodynamics (∆U = Q-W) gives us a sense of control and certainty, the second law (∆S ≥ 0) humbles us to acknowledge the unknown beyond just force and mass we used to define our physical world. Entropy (S) also relates to information. I am not sure if entropy relates to the spiritual world, but it does help us feel and comprehend time. Again, it is not a reversible parameter, but a silent and irreversible driving force beyond and behind both the physical and the spiritual world.4.Time, crowd and uncertaintyWhen Newton revealed F=M(dV/dT), it gave us a delusive sense of control, or at least it allowed our wishful thinking that we can finally harness force. We no longer have to worry, because every object has a calculable trajectory determined by its position, mass, velocity and force. We assume each object’s current state fully encompasses and explains its past and that each object is independent. With that, large number of interactions among large number of objects over time would increase complexity and appear chaotic and uncertain, hence probabilistic. It seems that time has created this chaos and uncertainty. And probability is just a statistical aggregation of the trajectories of a large number of objects.However, when we are isolated at home, waiting with anxiety and unsettling emotions, we start to doubt whether the notion of each object being independent is really a valid assumption in our attempt to understand and explain the world. In our yearning for certainty, we have conveniently chosen to accept some assumptions, such as independence among each object, that can help us explain the world. Our desire for certainty is so strong that we start believing it is truth.But what if probability is a fundamental feature of each object, rather than a result of statistical aggregation? What if the large number of objects is intrinsically intertwined and interrelated? Just like our human society, no matter how independent each individual is, we are intrinsically connected both physically and spiritually. And these connections define who we are and our existence.Because of these connections, the divide-and-conquer approach is no longer effective to reduce uncertainty. Instead, we see the large number of interactions among individuals over time becoming a force that brings order and certainty to the society. Again, we feel the force and magic of time.Seize the timeWhen COVID-19 swept the earth, every organism was confronted with the brutal reality of Mother Nature. Some of us who are relatively young cannot help but to feel grateful and lucky. This is not to say that we see an opportunity to take advantage of during the crisis. In fact, I despise the saying “don’t waste a crisis”. A crisis is a crisis. Nobody can come out as a winner in the midst of a catastrophe. Any wishful thinking to capture the ‘opportunities’ (or exploiting loopholes) to benefit oneself seems foolish in the face of time. It is akin to a presumptuous gambler trying to outsmart time at a casino.Instead, we feel the urge to work even harder. Because we, more than ever, understand and appreciate how precious youth is. More than ever, we realize that we now have our duty to fulfil. We need to demonstrate that our generation is innovative and different, that in this new world, new species and new creatures are bound to emerge and grow. Mother Nature will flourish and progress, regardless of any individual’s will. Understanding these rules of nature does not make us feel superior, nor does it give us the power to rule and order. On the contrary, it humbles us to admit that we are just part of a natural evolution of the world. One poet captured it all: “As I silently look back, all the sorrows and joy, all the twists and turns, of life, vanished like sands in the desert. And now I know, all I have accomplished, is just a part of life.”[ 我冷眼向过去稍稍回顾,只见它曲折灌溉的悲喜,都消失在一片亘古的荒漠。这才知道我的全部努力,不过完成了普通的生活。]With this perspective and in this new world, we feel humble and calm. We are tremendously grateful for our precious youth, and we feel the weight of our duty. As a result, we will be more than ever committed to investing in the future, and to be part of the driving force to the new world we are seeing. The journey has only started.This is our Carpe Diem. This is our C’est La Vie.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1176,"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,"idStr":"3527667803686145","authorIdStr":"3527667803686145"},"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},{"id":324838851,"gmtCreate":1615981009773,"gmtModify":1703495858012,"author":{"id":"3547081693670461","authorId":"3547081693670461","name":"weeks","avatar":"https://static.tigerbbs.com/bfd06a600593c00bbe29976dc3a65641","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547081693670461","authorIdStr":"3547081693670461"},"themes":[],"htmlText":"还继续送钱吗?","listText":"还继续送钱吗?","text":"还继续送钱吗?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/324838851","repostId":"1173734858","repostType":4,"repost":{"id":"1173734858","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据,旨在帮助投资者理解世界,做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1615977657,"share":"https://www.laohu8.com/m/news/1173734858?lang=&edition=full","pubTime":"2021-03-17 18:40","market":"us","language":"zh","title":"拼多多Q4净亏损状况不及预期,黄峥辞任董事长","url":"https://stock-news.laohu8.com/highlight/detail?id=1173734858","media":"老虎资讯综合","summary":"3月17日美股盘前,拼多多发布2020年第四季度及全年财务报告。财报显示,2020年第四季度营收265.5亿元,市场预期192.16亿元,去年同期为107.93亿元;第四季度净亏损13.76亿元,市场","content":"<p>3月17日美股盘前,<a href=\"https://laohu8.com/S/PDD\">拼多多</a>发布2020年第四季度及全年财务报告。财报显示,2020年第四季度营收265.5亿元,市场预期192.16亿元,去年同期为107.93亿元;第四季度净亏损13.76亿元,市场预期净亏损7.18亿元,去年同期净亏损17.52亿元。年活跃买家达到7.884亿,超过阿里巴巴。</p><p>2020年全年营收595亿元,市场预期519.56亿元,去年同期301.42亿元;2020年全年净亏损71.8亿元,市场预期净亏损66.63亿元,去年同期净亏损69.68亿元;2020年每股盈利4.45元,市场预期3.99元,去年同期3.64元。</p><p><b>第四季度业绩摘要:</b></p><p>在截至2020年12月31日的12个月内,GMV为人民币16676亿元(约合2556亿美元),与截至2019年9月30日12个月内的人民币10066亿元相比增长 66%。</p><p>总营收为人民币265.477亿元(约合40.686亿美元),与上年同期的人民币107.927亿元相比增长146%。</p><p>平均月活跃用户数量为7.199亿,与上年同期的4.815亿相比增长50%。</p><p>在截至2020年12月31日的12个月内的活跃买家数量7.884亿,与截至2019年9月30日12个月内的5.852亿相比增长35%。</p><p>在截至2020年12月31日的12个月内,每活跃买家年度开销为人民币2,115.2元(约合324.2美元),与截至2019年9月30日12个月内的人民币1,720.1元相比增长23%。</p><p><b>第四季度业绩分析:</b></p><p>总营收为人民币265.477亿元(约合40.686亿美元),与上年同期的人民币107.927亿元相比增长146%。</p><p>营收成本为115.261元人民币(约合17.665亿美元),与上年同期的20.374亿元人民币相比增长466%。</p><p>整体运营开支为人民币170.694亿元(约合26.160亿美元),而上年同期为人民币108.906亿元。</p><p>销售与营销开支为147.125亿元人民币(约合22.548亿美元),与上年同期的92.725亿元人民币相比增长59%。</p><p>总务与行政开支为4.056亿元人民币(约合6220万美元),与上年同期的3.457元人民币相比增长17%。</p><p>研发开支为19.513亿元人民币(约合2.990亿美元),与上年同期的12.724亿元人民币相比增长53%。</p><p>运营亏损为人民币20.478亿元(约合3.138亿美元),而上年同期运营亏损人民币21.353亿元。</p><p>不按美国通用会计准则,运营亏损为人民币11.145亿元(约合1.708亿美元),而上年同期运营亏损人民币13.366亿元。</p><p>归属于拼多多普通股股东的净亏损为人民币13.764亿元(约合2.109亿美元),而上年同期净亏损人民币17.516亿元。</p><p>不按美国通用会计准则,归属于拼多多普通股股东的净亏损为人民币1.845亿元(约合2830万美元),而上年同期净亏损人民币8.150亿元。</p><p>每股美国存托股(ADS)基本和摊薄亏损均为人民币1.13元(约合0.17美元),而上年同期每股ADS基本和摊薄亏损均为人民币1.52元。</p><p>不按美国通用会计准则,每股美国存托股(ADS)摊薄亏损为人民币0.15元(约合0.02美元),而上年同期每股ADS摊薄亏损人民币0.72元。</p><p>截至2020年12月31日,拼多多持有的现金、现金等价物和短期投资为人民币870亿元(约合133亿美元),而截至2019年12月31日为人民币411亿元。</p><p><b>2020年全年业绩:</b></p><p>总营收为人民币594.919亿元(约合91.175亿美元),与2019年的人民币301.419亿元相比增长 97%。</p><p>营收成本为192.786元人民币(约合29.546亿美元),与2019年的63.388亿元人民币相比增长204%。</p><p>整体运营开支为人民币495.935亿元(约合76.005亿美元),而2019年为人民币323.413亿元。</p><p>运营亏损为人民币93.803亿元(约合14.376亿美元),而2019年运营亏损人民币85.382亿元。不按美国通用会计准则,运营亏损为人民币57.673亿元(约合8.839亿美元),而2019年运营亏损人民币59.805亿元。</p><p>归属于拼多多普通股股东的净亏损为人民币71.797亿元(约合11.003亿美元),而2019年净亏损人民币69.676亿元。</p><p>不按美国通用会计准则,归属于拼多多普通股股东的净亏损为人民币29.650亿元(约合4.544亿美元),而2019年净亏损人民币43.658亿元。</p><p>每股美国存托股(ADS)基本和摊薄亏损均为人民币6.02元(约合0.92美元),而2019年每股ADS基本和摊薄亏损均为人民币6.04元。</p><p>不按美国通用会计准则,每股美国存托股(ADS)基本和摊薄亏损均为人民币2.49元(约合0.38美元),而2019年每股ADS基本和摊薄亏损均为人民币3.68元</p><p><b>黄峥辞任拼多多董事长</b></p><p>黄峥在致股东信中宣布,董事会已批准其辞任董事长,由联合创始人、现任CEO陈磊接棒。黄峥认为,过去几年里拼多多对农业领域的贡献主要还是在流通领域,未来要通过对农产品种植过程的控制及对食品科学和生命科学领域的研究,确保拼多多10年后的高速高质量发展。作为创始人,黄峥将跳脱出来“去摸一摸10年后路上的石头”。</p><p>公布财报后,拼多多盘前股价一路下挫,现跌超8%</p><p><img src=\"https://static.tigerbbs.com/fc67652a63c23168a0a1de973df549ff\" tg-width=\"1302\" tg-height=\"653\"></p><p><b>以下为黄峥2021年致股东信原文:</b></p><p>今年的股东信提前了一点,是为了及时和大家同步一个消息。刚刚开完的董事会上,董事们批准了我辞去拼多多董事长职位的请求,陈磊将从即日起接任董事长,并继续担任CEO一职。在不再担任董事长和拼多多管理职位后,我的1:10的超级投票权也将失效。我名下股份的投票权将委托拼多多董事会以投票的方式来进行决策,同时我个人承诺个人名下的股票在未来3年内继续锁定,不出售。</p><p>去年7月1日我卸任了CEO,原本计划在一年整的时候和陈磊完成董事长职位的交接。两个原因让我们决定将这个计划中的交接进一步提前了一些。</p><p>一是行业竞争的日益激烈甚至异化让我意识到这种传统的以规模和效率为主要导向的竞争是有其不可避免的问题的。要改变就必须在更底层、根本的问题上采取行动,要在核心科技和其基础理论上寻找答案。虽然拼多多自身还很年轻,还有很厚、很长的雪坡,还有比较长时间的高速增长空间,但如果要确保它10年后的高速高质量发展,那么有些探索现在已经是正当其时了。我作为创始人,跳脱出来去摸一摸10年后路上的石头,可能是比较适合的人选。如果还能结合我自身的兴趣,那就再好不过了。</p><p>二是因为疫情等原因导致的外部环境的剧烈变化,也加速了拼多多内部业务和管理的迭代。拼多多从一个纯轻资产的第三方平台,开始转重,在仓储、物流及农货源头开始进行新一轮的投入,新的业务开始在拼多多内萌芽并迅速成长。这既改变了拼多多,更催生了、锻炼了新一代的领导者、管理者,也是时候逐步让更多的后浪起来塑造属于他们的拼多多了。</p><p>那么,后面的拼多多会是什么样子呢?我未必能决定,但却可以快乐地和大家分享我自己的想象。</p><p>首先,拼多多会是一家永远把消费者利益和社会价值放在第一位的社会的企业。我们践行的“普惠、人为先、更开放”的新电商理念将在未来的日子里更鲜明地为行业和公众知晓。它面向最广大的人群,一点一滴的作出改进,努力为消费者,为社会创造价值,不论它是显著的还是不容易被看见的。也因为此,它将越来越受到大众的欢迎。它所面临的各种藩篱也会慢慢被打破,即使有时候会需要一点时间,甚至可能会有波折。但是“普惠,人为先,更开放” 应该是个方向,它将在这个新时代绽放出不一样的活力。</p><p>其次,拼多多会是一家富予想象,不断迭代创新的企业。Costco+Disney 的愿景将会更具象、更生动地展现在面前。虽然当前还只是多实惠、多乐趣的初级阶段,但我们已经能够感受到多实惠叠加上多乐趣后带来的性质性的微妙的不同,感受到这背后的化学反应产生的 1+1>2 的巨大力量。过去几年的实践让我们更加相信,这个愿景是丰富、有趣、值得憧憬、可以追求的。</p><p>第三,拼多多会努力成为一家成熟的、国际化的公众机构。18年上市时的股东信里有这样一段话:“我们希望拼多多是一个公众机构,它为最广大的用户创造价值而存在。它不应该是彰显个人能力的工具,也不应该有过多的个人色彩。与此同时,它应该作为一个独立的公众机构,展示它作为一个机构独特的社会价值、组织结构和文化,并且因循着它自身独特的命运生生不息,不断演化。”那个时候拼多多还像一个刚上小学的小孩,而今虽然只过了3年,拼多多却已像是正进入青春期的少年,看着他的快速变化和成长,一旁的我既欣喜又焦虑。但无论是紧张兴奋,还是惶恐,它总会有他自己成长的道路,希望今天我退董事长会有助于这位少年独立成人。</p><p>退了后我做什么呢?我想去做一些食品科学和生命科学领域的研究。拼多多是农产品起家的,过去几年里拼多多对农业领域的贡献主要还是在流通领域。通过提升流通领域效率,去中间补两头来让农民和消费者获益。但流通效率的提升毕竟不能从质上提升农产品的附加值,也不能性质性的大幅提升身体健康水平。那一步步往纵深走,我们能做些什么呢?</p><p>比方说,通过对农产品种植过程的方法的控制,我们是否有可能对马铃薯、番薯、西红柿等的潜在有害重金属含量进行可靠有效的控制,同时对其可能有的、有益的微量元素进行可控的、可标准化的提升?如果以后有一种西红柿,每一颗都含有最适合我们身体的VC等微量元素,那我们的生活质量是否就会有明显的提高?</p><p>再比如,如果我们能够比较透彻的了解不同的植物蛋白和动物蛋白在摄入人体后的变化和作用,进而通过植物蛋白来合成生产出肉的替代品,那这种新的素鸡2.0是否有可能成为更健康、更绿色的稳定供给?</p><p>如果我们再进一步,深入到蛋白质结构及在人体内的性状的研究,我们是否有可能沿着2016年诺贝尔化学奖获得者的分子机器的道路,进一步研究出蛋白质机器人,可以进入到人的脑部血管进行疏通,避免中风?</p><p>小时候,老师问我们长大了想做什么,我和很多人一样说想成为科学家。而今一晃已过不惑之年了,想成为真正的科学家也许已经不太可能了,但如果我努力,把中学里最喜欢的化学、大学里学的计算机、工作中学习的经营管理结合起来,我天真的想,说不定也能再做出点有意思的事儿。成不了科学家,但也许有机会成为未来(伟大)的科学家的助理,那也是一件很幸福的事儿。</p><p><b>图解拼多多2020年Q4与全年业绩</b></p><p><img src=\"https://static.tigerbbs.com/05a552213fc2dbc8a6432b86741f061c\" tg-width=\"1073\" tg-height=\"7587\" referrerpolicy=\"no-referrer\"></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>拼多多Q4净亏损状况不及预期,黄峥辞任董事长</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{ 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}\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拼多多Q4净亏损状况不及预期,黄峥辞任董事长\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\">2021-03-17 18:40</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>3月17日美股盘前,<a href=\"https://laohu8.com/S/PDD\">拼多多</a>发布2020年第四季度及全年财务报告。财报显示,2020年第四季度营收265.5亿元,市场预期192.16亿元,去年同期为107.93亿元;第四季度净亏损13.76亿元,市场预期净亏损7.18亿元,去年同期净亏损17.52亿元。年活跃买家达到7.884亿,超过阿里巴巴。</p><p>2020年全年营收595亿元,市场预期519.56亿元,去年同期301.42亿元;2020年全年净亏损71.8亿元,市场预期净亏损66.63亿元,去年同期净亏损69.68亿元;2020年每股盈利4.45元,市场预期3.99元,去年同期3.64元。</p><p><b>第四季度业绩摘要:</b></p><p>在截至2020年12月31日的12个月内,GMV为人民币16676亿元(约合2556亿美元),与截至2019年9月30日12个月内的人民币10066亿元相比增长 66%。</p><p>总营收为人民币265.477亿元(约合40.686亿美元),与上年同期的人民币107.927亿元相比增长146%。</p><p>平均月活跃用户数量为7.199亿,与上年同期的4.815亿相比增长50%。</p><p>在截至2020年12月31日的12个月内的活跃买家数量7.884亿,与截至2019年9月30日12个月内的5.852亿相比增长35%。</p><p>在截至2020年12月31日的12个月内,每活跃买家年度开销为人民币2,115.2元(约合324.2美元),与截至2019年9月30日12个月内的人民币1,720.1元相比增长23%。</p><p><b>第四季度业绩分析:</b></p><p>总营收为人民币265.477亿元(约合40.686亿美元),与上年同期的人民币107.927亿元相比增长146%。</p><p>营收成本为115.261元人民币(约合17.665亿美元),与上年同期的20.374亿元人民币相比增长466%。</p><p>整体运营开支为人民币170.694亿元(约合26.160亿美元),而上年同期为人民币108.906亿元。</p><p>销售与营销开支为147.125亿元人民币(约合22.548亿美元),与上年同期的92.725亿元人民币相比增长59%。</p><p>总务与行政开支为4.056亿元人民币(约合6220万美元),与上年同期的3.457元人民币相比增长17%。</p><p>研发开支为19.513亿元人民币(约合2.990亿美元),与上年同期的12.724亿元人民币相比增长53%。</p><p>运营亏损为人民币20.478亿元(约合3.138亿美元),而上年同期运营亏损人民币21.353亿元。</p><p>不按美国通用会计准则,运营亏损为人民币11.145亿元(约合1.708亿美元),而上年同期运营亏损人民币13.366亿元。</p><p>归属于拼多多普通股股东的净亏损为人民币13.764亿元(约合2.109亿美元),而上年同期净亏损人民币17.516亿元。</p><p>不按美国通用会计准则,归属于拼多多普通股股东的净亏损为人民币1.845亿元(约合2830万美元),而上年同期净亏损人民币8.150亿元。</p><p>每股美国存托股(ADS)基本和摊薄亏损均为人民币1.13元(约合0.17美元),而上年同期每股ADS基本和摊薄亏损均为人民币1.52元。</p><p>不按美国通用会计准则,每股美国存托股(ADS)摊薄亏损为人民币0.15元(约合0.02美元),而上年同期每股ADS摊薄亏损人民币0.72元。</p><p>截至2020年12月31日,拼多多持有的现金、现金等价物和短期投资为人民币870亿元(约合133亿美元),而截至2019年12月31日为人民币411亿元。</p><p><b>2020年全年业绩:</b></p><p>总营收为人民币594.919亿元(约合91.175亿美元),与2019年的人民币301.419亿元相比增长 97%。</p><p>营收成本为192.786元人民币(约合29.546亿美元),与2019年的63.388亿元人民币相比增长204%。</p><p>整体运营开支为人民币495.935亿元(约合76.005亿美元),而2019年为人民币323.413亿元。</p><p>运营亏损为人民币93.803亿元(约合14.376亿美元),而2019年运营亏损人民币85.382亿元。不按美国通用会计准则,运营亏损为人民币57.673亿元(约合8.839亿美元),而2019年运营亏损人民币59.805亿元。</p><p>归属于拼多多普通股股东的净亏损为人民币71.797亿元(约合11.003亿美元),而2019年净亏损人民币69.676亿元。</p><p>不按美国通用会计准则,归属于拼多多普通股股东的净亏损为人民币29.650亿元(约合4.544亿美元),而2019年净亏损人民币43.658亿元。</p><p>每股美国存托股(ADS)基本和摊薄亏损均为人民币6.02元(约合0.92美元),而2019年每股ADS基本和摊薄亏损均为人民币6.04元。</p><p>不按美国通用会计准则,每股美国存托股(ADS)基本和摊薄亏损均为人民币2.49元(约合0.38美元),而2019年每股ADS基本和摊薄亏损均为人民币3.68元</p><p><b>黄峥辞任拼多多董事长</b></p><p>黄峥在致股东信中宣布,董事会已批准其辞任董事长,由联合创始人、现任CEO陈磊接棒。黄峥认为,过去几年里拼多多对农业领域的贡献主要还是在流通领域,未来要通过对农产品种植过程的控制及对食品科学和生命科学领域的研究,确保拼多多10年后的高速高质量发展。作为创始人,黄峥将跳脱出来“去摸一摸10年后路上的石头”。</p><p>公布财报后,拼多多盘前股价一路下挫,现跌超8%</p><p><img src=\"https://static.tigerbbs.com/fc67652a63c23168a0a1de973df549ff\" tg-width=\"1302\" tg-height=\"653\"></p><p><b>以下为黄峥2021年致股东信原文:</b></p><p>今年的股东信提前了一点,是为了及时和大家同步一个消息。刚刚开完的董事会上,董事们批准了我辞去拼多多董事长职位的请求,陈磊将从即日起接任董事长,并继续担任CEO一职。在不再担任董事长和拼多多管理职位后,我的1:10的超级投票权也将失效。我名下股份的投票权将委托拼多多董事会以投票的方式来进行决策,同时我个人承诺个人名下的股票在未来3年内继续锁定,不出售。</p><p>去年7月1日我卸任了CEO,原本计划在一年整的时候和陈磊完成董事长职位的交接。两个原因让我们决定将这个计划中的交接进一步提前了一些。</p><p>一是行业竞争的日益激烈甚至异化让我意识到这种传统的以规模和效率为主要导向的竞争是有其不可避免的问题的。要改变就必须在更底层、根本的问题上采取行动,要在核心科技和其基础理论上寻找答案。虽然拼多多自身还很年轻,还有很厚、很长的雪坡,还有比较长时间的高速增长空间,但如果要确保它10年后的高速高质量发展,那么有些探索现在已经是正当其时了。我作为创始人,跳脱出来去摸一摸10年后路上的石头,可能是比较适合的人选。如果还能结合我自身的兴趣,那就再好不过了。</p><p>二是因为疫情等原因导致的外部环境的剧烈变化,也加速了拼多多内部业务和管理的迭代。拼多多从一个纯轻资产的第三方平台,开始转重,在仓储、物流及农货源头开始进行新一轮的投入,新的业务开始在拼多多内萌芽并迅速成长。这既改变了拼多多,更催生了、锻炼了新一代的领导者、管理者,也是时候逐步让更多的后浪起来塑造属于他们的拼多多了。</p><p>那么,后面的拼多多会是什么样子呢?我未必能决定,但却可以快乐地和大家分享我自己的想象。</p><p>首先,拼多多会是一家永远把消费者利益和社会价值放在第一位的社会的企业。我们践行的“普惠、人为先、更开放”的新电商理念将在未来的日子里更鲜明地为行业和公众知晓。它面向最广大的人群,一点一滴的作出改进,努力为消费者,为社会创造价值,不论它是显著的还是不容易被看见的。也因为此,它将越来越受到大众的欢迎。它所面临的各种藩篱也会慢慢被打破,即使有时候会需要一点时间,甚至可能会有波折。但是“普惠,人为先,更开放” 应该是个方向,它将在这个新时代绽放出不一样的活力。</p><p>其次,拼多多会是一家富予想象,不断迭代创新的企业。Costco+Disney 的愿景将会更具象、更生动地展现在面前。虽然当前还只是多实惠、多乐趣的初级阶段,但我们已经能够感受到多实惠叠加上多乐趣后带来的性质性的微妙的不同,感受到这背后的化学反应产生的 1+1>2 的巨大力量。过去几年的实践让我们更加相信,这个愿景是丰富、有趣、值得憧憬、可以追求的。</p><p>第三,拼多多会努力成为一家成熟的、国际化的公众机构。18年上市时的股东信里有这样一段话:“我们希望拼多多是一个公众机构,它为最广大的用户创造价值而存在。它不应该是彰显个人能力的工具,也不应该有过多的个人色彩。与此同时,它应该作为一个独立的公众机构,展示它作为一个机构独特的社会价值、组织结构和文化,并且因循着它自身独特的命运生生不息,不断演化。”那个时候拼多多还像一个刚上小学的小孩,而今虽然只过了3年,拼多多却已像是正进入青春期的少年,看着他的快速变化和成长,一旁的我既欣喜又焦虑。但无论是紧张兴奋,还是惶恐,它总会有他自己成长的道路,希望今天我退董事长会有助于这位少年独立成人。</p><p>退了后我做什么呢?我想去做一些食品科学和生命科学领域的研究。拼多多是农产品起家的,过去几年里拼多多对农业领域的贡献主要还是在流通领域。通过提升流通领域效率,去中间补两头来让农民和消费者获益。但流通效率的提升毕竟不能从质上提升农产品的附加值,也不能性质性的大幅提升身体健康水平。那一步步往纵深走,我们能做些什么呢?</p><p>比方说,通过对农产品种植过程的方法的控制,我们是否有可能对马铃薯、番薯、西红柿等的潜在有害重金属含量进行可靠有效的控制,同时对其可能有的、有益的微量元素进行可控的、可标准化的提升?如果以后有一种西红柿,每一颗都含有最适合我们身体的VC等微量元素,那我们的生活质量是否就会有明显的提高?</p><p>再比如,如果我们能够比较透彻的了解不同的植物蛋白和动物蛋白在摄入人体后的变化和作用,进而通过植物蛋白来合成生产出肉的替代品,那这种新的素鸡2.0是否有可能成为更健康、更绿色的稳定供给?</p><p>如果我们再进一步,深入到蛋白质结构及在人体内的性状的研究,我们是否有可能沿着2016年诺贝尔化学奖获得者的分子机器的道路,进一步研究出蛋白质机器人,可以进入到人的脑部血管进行疏通,避免中风?</p><p>小时候,老师问我们长大了想做什么,我和很多人一样说想成为科学家。而今一晃已过不惑之年了,想成为真正的科学家也许已经不太可能了,但如果我努力,把中学里最喜欢的化学、大学里学的计算机、工作中学习的经营管理结合起来,我天真的想,说不定也能再做出点有意思的事儿。成不了科学家,但也许有机会成为未来(伟大)的科学家的助理,那也是一件很幸福的事儿。</p><p><b>图解拼多多2020年Q4与全年业绩</b></p><p><img src=\"https://static.tigerbbs.com/05a552213fc2dbc8a6432b86741f061c\" tg-width=\"1073\" tg-height=\"7587\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a2db5797ca32628002f32e69d5dea58b","relate_stocks":{"PDD":"拼多多"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173734858","content_text":"3月17日美股盘前,拼多多发布2020年第四季度及全年财务报告。财报显示,2020年第四季度营收265.5亿元,市场预期192.16亿元,去年同期为107.93亿元;第四季度净亏损13.76亿元,市场预期净亏损7.18亿元,去年同期净亏损17.52亿元。年活跃买家达到7.884亿,超过阿里巴巴。2020年全年营收595亿元,市场预期519.56亿元,去年同期301.42亿元;2020年全年净亏损71.8亿元,市场预期净亏损66.63亿元,去年同期净亏损69.68亿元;2020年每股盈利4.45元,市场预期3.99元,去年同期3.64元。第四季度业绩摘要:在截至2020年12月31日的12个月内,GMV为人民币16676亿元(约合2556亿美元),与截至2019年9月30日12个月内的人民币10066亿元相比增长 66%。总营收为人民币265.477亿元(约合40.686亿美元),与上年同期的人民币107.927亿元相比增长146%。平均月活跃用户数量为7.199亿,与上年同期的4.815亿相比增长50%。在截至2020年12月31日的12个月内的活跃买家数量7.884亿,与截至2019年9月30日12个月内的5.852亿相比增长35%。在截至2020年12月31日的12个月内,每活跃买家年度开销为人民币2,115.2元(约合324.2美元),与截至2019年9月30日12个月内的人民币1,720.1元相比增长23%。第四季度业绩分析:总营收为人民币265.477亿元(约合40.686亿美元),与上年同期的人民币107.927亿元相比增长146%。营收成本为115.261元人民币(约合17.665亿美元),与上年同期的20.374亿元人民币相比增长466%。整体运营开支为人民币170.694亿元(约合26.160亿美元),而上年同期为人民币108.906亿元。销售与营销开支为147.125亿元人民币(约合22.548亿美元),与上年同期的92.725亿元人民币相比增长59%。总务与行政开支为4.056亿元人民币(约合6220万美元),与上年同期的3.457元人民币相比增长17%。研发开支为19.513亿元人民币(约合2.990亿美元),与上年同期的12.724亿元人民币相比增长53%。运营亏损为人民币20.478亿元(约合3.138亿美元),而上年同期运营亏损人民币21.353亿元。不按美国通用会计准则,运营亏损为人民币11.145亿元(约合1.708亿美元),而上年同期运营亏损人民币13.366亿元。归属于拼多多普通股股东的净亏损为人民币13.764亿元(约合2.109亿美元),而上年同期净亏损人民币17.516亿元。不按美国通用会计准则,归属于拼多多普通股股东的净亏损为人民币1.845亿元(约合2830万美元),而上年同期净亏损人民币8.150亿元。每股美国存托股(ADS)基本和摊薄亏损均为人民币1.13元(约合0.17美元),而上年同期每股ADS基本和摊薄亏损均为人民币1.52元。不按美国通用会计准则,每股美国存托股(ADS)摊薄亏损为人民币0.15元(约合0.02美元),而上年同期每股ADS摊薄亏损人民币0.72元。截至2020年12月31日,拼多多持有的现金、现金等价物和短期投资为人民币870亿元(约合133亿美元),而截至2019年12月31日为人民币411亿元。2020年全年业绩:总营收为人民币594.919亿元(约合91.175亿美元),与2019年的人民币301.419亿元相比增长 97%。营收成本为192.786元人民币(约合29.546亿美元),与2019年的63.388亿元人民币相比增长204%。整体运营开支为人民币495.935亿元(约合76.005亿美元),而2019年为人民币323.413亿元。运营亏损为人民币93.803亿元(约合14.376亿美元),而2019年运营亏损人民币85.382亿元。不按美国通用会计准则,运营亏损为人民币57.673亿元(约合8.839亿美元),而2019年运营亏损人民币59.805亿元。归属于拼多多普通股股东的净亏损为人民币71.797亿元(约合11.003亿美元),而2019年净亏损人民币69.676亿元。不按美国通用会计准则,归属于拼多多普通股股东的净亏损为人民币29.650亿元(约合4.544亿美元),而2019年净亏损人民币43.658亿元。每股美国存托股(ADS)基本和摊薄亏损均为人民币6.02元(约合0.92美元),而2019年每股ADS基本和摊薄亏损均为人民币6.04元。不按美国通用会计准则,每股美国存托股(ADS)基本和摊薄亏损均为人民币2.49元(约合0.38美元),而2019年每股ADS基本和摊薄亏损均为人民币3.68元黄峥辞任拼多多董事长黄峥在致股东信中宣布,董事会已批准其辞任董事长,由联合创始人、现任CEO陈磊接棒。黄峥认为,过去几年里拼多多对农业领域的贡献主要还是在流通领域,未来要通过对农产品种植过程的控制及对食品科学和生命科学领域的研究,确保拼多多10年后的高速高质量发展。作为创始人,黄峥将跳脱出来“去摸一摸10年后路上的石头”。公布财报后,拼多多盘前股价一路下挫,现跌超8%以下为黄峥2021年致股东信原文:今年的股东信提前了一点,是为了及时和大家同步一个消息。刚刚开完的董事会上,董事们批准了我辞去拼多多董事长职位的请求,陈磊将从即日起接任董事长,并继续担任CEO一职。在不再担任董事长和拼多多管理职位后,我的1:10的超级投票权也将失效。我名下股份的投票权将委托拼多多董事会以投票的方式来进行决策,同时我个人承诺个人名下的股票在未来3年内继续锁定,不出售。去年7月1日我卸任了CEO,原本计划在一年整的时候和陈磊完成董事长职位的交接。两个原因让我们决定将这个计划中的交接进一步提前了一些。一是行业竞争的日益激烈甚至异化让我意识到这种传统的以规模和效率为主要导向的竞争是有其不可避免的问题的。要改变就必须在更底层、根本的问题上采取行动,要在核心科技和其基础理论上寻找答案。虽然拼多多自身还很年轻,还有很厚、很长的雪坡,还有比较长时间的高速增长空间,但如果要确保它10年后的高速高质量发展,那么有些探索现在已经是正当其时了。我作为创始人,跳脱出来去摸一摸10年后路上的石头,可能是比较适合的人选。如果还能结合我自身的兴趣,那就再好不过了。二是因为疫情等原因导致的外部环境的剧烈变化,也加速了拼多多内部业务和管理的迭代。拼多多从一个纯轻资产的第三方平台,开始转重,在仓储、物流及农货源头开始进行新一轮的投入,新的业务开始在拼多多内萌芽并迅速成长。这既改变了拼多多,更催生了、锻炼了新一代的领导者、管理者,也是时候逐步让更多的后浪起来塑造属于他们的拼多多了。那么,后面的拼多多会是什么样子呢?我未必能决定,但却可以快乐地和大家分享我自己的想象。首先,拼多多会是一家永远把消费者利益和社会价值放在第一位的社会的企业。我们践行的“普惠、人为先、更开放”的新电商理念将在未来的日子里更鲜明地为行业和公众知晓。它面向最广大的人群,一点一滴的作出改进,努力为消费者,为社会创造价值,不论它是显著的还是不容易被看见的。也因为此,它将越来越受到大众的欢迎。它所面临的各种藩篱也会慢慢被打破,即使有时候会需要一点时间,甚至可能会有波折。但是“普惠,人为先,更开放” 应该是个方向,它将在这个新时代绽放出不一样的活力。其次,拼多多会是一家富予想象,不断迭代创新的企业。Costco+Disney 的愿景将会更具象、更生动地展现在面前。虽然当前还只是多实惠、多乐趣的初级阶段,但我们已经能够感受到多实惠叠加上多乐趣后带来的性质性的微妙的不同,感受到这背后的化学反应产生的 1+1>2 的巨大力量。过去几年的实践让我们更加相信,这个愿景是丰富、有趣、值得憧憬、可以追求的。第三,拼多多会努力成为一家成熟的、国际化的公众机构。18年上市时的股东信里有这样一段话:“我们希望拼多多是一个公众机构,它为最广大的用户创造价值而存在。它不应该是彰显个人能力的工具,也不应该有过多的个人色彩。与此同时,它应该作为一个独立的公众机构,展示它作为一个机构独特的社会价值、组织结构和文化,并且因循着它自身独特的命运生生不息,不断演化。”那个时候拼多多还像一个刚上小学的小孩,而今虽然只过了3年,拼多多却已像是正进入青春期的少年,看着他的快速变化和成长,一旁的我既欣喜又焦虑。但无论是紧张兴奋,还是惶恐,它总会有他自己成长的道路,希望今天我退董事长会有助于这位少年独立成人。退了后我做什么呢?我想去做一些食品科学和生命科学领域的研究。拼多多是农产品起家的,过去几年里拼多多对农业领域的贡献主要还是在流通领域。通过提升流通领域效率,去中间补两头来让农民和消费者获益。但流通效率的提升毕竟不能从质上提升农产品的附加值,也不能性质性的大幅提升身体健康水平。那一步步往纵深走,我们能做些什么呢?比方说,通过对农产品种植过程的方法的控制,我们是否有可能对马铃薯、番薯、西红柿等的潜在有害重金属含量进行可靠有效的控制,同时对其可能有的、有益的微量元素进行可控的、可标准化的提升?如果以后有一种西红柿,每一颗都含有最适合我们身体的VC等微量元素,那我们的生活质量是否就会有明显的提高?再比如,如果我们能够比较透彻的了解不同的植物蛋白和动物蛋白在摄入人体后的变化和作用,进而通过植物蛋白来合成生产出肉的替代品,那这种新的素鸡2.0是否有可能成为更健康、更绿色的稳定供给?如果我们再进一步,深入到蛋白质结构及在人体内的性状的研究,我们是否有可能沿着2016年诺贝尔化学奖获得者的分子机器的道路,进一步研究出蛋白质机器人,可以进入到人的脑部血管进行疏通,避免中风?小时候,老师问我们长大了想做什么,我和很多人一样说想成为科学家。而今一晃已过不惑之年了,想成为真正的科学家也许已经不太可能了,但如果我努力,把中学里最喜欢的化学、大学里学的计算机、工作中学习的经营管理结合起来,我天真的想,说不定也能再做出点有意思的事儿。成不了科学家,但也许有机会成为未来(伟大)的科学家的助理,那也是一件很幸福的事儿。图解拼多多2020年Q4与全年业绩","news_type":1},"isVote":1,"tweetType":1,"viewCount":2284,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":388688121,"gmtCreate":1613054231463,"gmtModify":1703768878682,"author":{"id":"3547081693670461","authorId":"3547081693670461","name":"weeks","avatar":"https://static.tigerbbs.com/bfd06a600593c00bbe29976dc3a65641","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547081693670461","authorIdStr":"3547081693670461"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ACB\">$奥罗拉大麻公司(ACB)$</a>这就是被贴上wsb标签的尿性,还好跑得快。","listText":"<a href=\"https://laohu8.com/S/ACB\">$奥罗拉大麻公司(ACB)$</a>这就是被贴上wsb标签的尿性,还好跑得快。","text":"$奥罗拉大麻公司(ACB)$这就是被贴上wsb标签的尿性,还好跑得快。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/388688121","isVote":1,"tweetType":1,"viewCount":2415,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":316961409,"gmtCreate":1611911645801,"gmtModify":1703756032487,"author":{"id":"3547081693670461","authorId":"3547081693670461","name":"weeks","avatar":"https://static.tigerbbs.com/bfd06a600593c00bbe29976dc3a65641","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547081693670461","authorIdStr":"3547081693670461"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC院线(AMC)$</a>亚盘开盘都跑了,都是伪君子。[笑哭] ","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC院线(AMC)$</a>亚盘开盘都跑了,都是伪君子。[笑哭] ","text":"$AMC院线(AMC)$亚盘开盘都跑了,都是伪君子。[笑哭]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/316961409","isVote":1,"tweetType":1,"viewCount":2162,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":927428870,"gmtCreate":1588954659190,"gmtModify":1704179095591,"author":{"id":"3547081693670461","authorId":"3547081693670461","name":"weeks","avatar":"https://static.tigerbbs.com/bfd06a600593c00bbe29976dc3a65641","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547081693670461","authorIdStr":"3547081693670461"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/KC\">$金山云(KC)$</a>are u ok?","listText":"<a href=\"https://laohu8.com/S/KC\">$金山云(KC)$</a>are u ok?","text":"$金山云(KC)$are u ok?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/927428870","isVote":1,"tweetType":1,"viewCount":898,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":365446806,"gmtCreate":1614775149805,"gmtModify":1703480939496,"author":{"id":"3547081693670461","authorId":"3547081693670461","name":"weeks","avatar":"https://static.tigerbbs.com/bfd06a600593c00bbe29976dc3a65641","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547081693670461","authorIdStr":"3547081693670461"},"themes":[],"htmlText":"<a target=\"_blank\" href=\"https://laohu8.com/S/TXMD\">$TherapeuticsMD Inc.(TXMD)$</a>有本事盘中拉。","listText":"<a target=\"_blank\" href=\"https://laohu8.com/S/TXMD\">$TherapeuticsMD Inc.(TXMD)$</a>有本事盘中拉。","text":"$TherapeuticsMD 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