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lwgogogo
2021-03-10
区块链割韭菜啊
区块链板块造好,第九城市等多股涨超10%
lwgogogo
2021-01-24
要买还是要买龙头股
美股:龙头跑赢40年
lwgogogo
2021-12-17
银行股的春天也要来了
抱歉,原内容已删除
lwgogogo
2021-03-09
又要去骗钱啊
据港交所文件:百度通过港交所上市聆讯
lwgogogo
2021-03-02
什么情况?
开心汽车盘前直线拉涨,现涨超20%
lwgogogo
2021-01-22
买买买
抱歉,原内容已删除
lwgogogo
2021-12-17
圣诞行情gogogo
lwgogogo
2021-10-29
这篇文章不错,转发给大家看看
@小虎活动:[Halloween Game] Trade or Treat!
lwgogogo
2021-03-09
都想ipo
抱歉,原内容已删除
lwgogogo
2021-03-03
[微笑] [开心] [财迷]
抱歉,原内容已删除
lwgogogo
2021-02-11
牛年快乐!
提醒:春节假期主要市场休市安排一览
lwgogogo
2021-01-28
美国散户威武啊……
WallStreetBets重新开放,WSB概念股盘后跌幅收窄
lwgogogo
2021-01-23
不会有什么影响的
欧盟议员邀美四大巨头CEO于2月1日参加听证会
lwgogogo
2021-01-23
买买买
熬过疫情,新东方上岸了?
去老虎APP查看更多动态
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Each player has 30 seconds to catch falling candies while 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[开心] [财迷] ","listText":"[微笑] [开心] [财迷] ","text":"[微笑] [开心] [财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/365665779","repostId":"1122885273","repostType":4,"isVote":1,"tweetType":1,"viewCount":622,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":365904419,"gmtCreate":1614686413231,"gmtModify":1703479841103,"author":{"id":"3555240368602270","authorId":"3555240368602270","name":"lwgogogo","avatar":"https://static.tigerbbs.com/0703e0c2a47184adb3f22b3c57b01e24","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555240368602270","authorIdStr":"3555240368602270"},"themes":[],"htmlText":"什么情况?","listText":"什么情况?","text":"什么情况?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/365904419","repostId":"1180143858","repostType":4,"isVote":1,"tweetType":1,"viewCount":653,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":388816193,"gmtCreate":1613047126212,"gmtModify":1703768735412,"author":{"id":"3555240368602270","authorId":"3555240368602270","name":"lwgogogo","avatar":"https://static.tigerbbs.com/0703e0c2a47184adb3f22b3c57b01e24","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555240368602270","authorIdStr":"3555240368602270"},"themes":[],"htmlText":"牛年快乐!","listText":"牛年快乐!","text":"牛年快乐!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/388816193","repostId":"1140942389","repostType":4,"repost":{"id":"1140942389","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":1612233347,"share":"https://www.laohu8.com/m/news/1140942389?lang=&edition=full","pubTime":"2021-02-02 10:35","market":"sh","language":"zh","title":"提醒:春节假期主要市场休市安排一览","url":"https://stock-news.laohu8.com/highlight/detail?id=1140942389","media":"老虎资讯综合","summary":"春节假期即将来临,敬请广大投资者留意,提前做好资金安排。$老虎证券$祝您及家人新春快乐,牛年大吉!2月11日(星期四)除夕上午开市,下午休市;2月12日(星期五)至2月15日(星期一)全天休市;2月11日(星期四)至2月17日(星期三)休市,2月18日(星期四)起照常开市。CBOE 下 VIX 波动率期货于2月15日10:00提前休市。SGX下天然橡胶货于2021年2月11日以及2021年2月12日整个交易日休市。","content":"<p>春节假期即将来临,敬请广大投资者留意,提前做好资金安排。<a href=\"https://laohu8.com/S/TIGR\">老虎证券</a>祝您及家人新春快乐,牛年大吉!</p><p>春节期间各地股市休市安排如下:(均为当地时间)</p><p><img src=\"https://static.tigerbbs.com/27cfee666051c46a31c824a795046629\" tg-width=\"1790\" tg-height=\"788\"></p><p><b>美股:</b></p><p>2月15日(星期一)因美国总统日全天休市。</p><p><b>港股:</b></p><p>2月11日(星期四)除夕上午开市,下午休市;</p><p>2月12日(星期五)至2月15日(星期一)全天休市;</p><p>2月16日(星期二)起照常开市。</p><p><b>A股:</b></p><p>2月11日(星期四)至2月17日(星期三)休市,2月18日(星期四)起照常开市。</p><p><b>沪、深股通:</b></p><p>2月11日(星期四)至2月17日(星期三)关闭;2月18日(星期四)起照常开通。</p><p><b>港股通:</b></p><p>2月9日(星期二)至2月17日(星期三)关闭服务,2月18日(星期四)起照常开通。</p><p><b>英股:</b></p><p>照常交易</p><p><b>澳股:</b></p><p>照常交易</p><p><b>新加坡市场:</b></p><p>2月11日(星期四)交易半日。</p><p>2月12日(星期五)全天休市。</p><p><b>期货市场:</b></p><p>HKEX下美元黄金、指数类货于2月11日12:30休市,个股期货于2月11日12:00休市;指数类期货、人民币、个股期货、美元黄金于2月12日以及2月15日整个交易日休市。</p><p>GME Group下外汇、债券、比特币、股指、能源、贵金属期货于2月15日12:00(北京时间16日凌晨02:00)提前休市;活畜、大小谷物、稻谷期货于2月15日全天休市。</p><p>CBOE 下 VIX 波动率期货于2月15日10:00提前休市。</p><p>SGX下天然橡胶货于2021年2月11日以及2021年2月12日整个交易日休市。</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>提醒:春节假期主要市场休市安排一览</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{ 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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提醒:春节假期主要市场休市安排一览\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\">2021-02-02 10:35</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>春节假期即将来临,敬请广大投资者留意,提前做好资金安排。<a href=\"https://laohu8.com/S/TIGR\">老虎证券</a>祝您及家人新春快乐,牛年大吉!</p><p>春节期间各地股市休市安排如下:(均为当地时间)</p><p><img src=\"https://static.tigerbbs.com/27cfee666051c46a31c824a795046629\" tg-width=\"1790\" tg-height=\"788\"></p><p><b>美股:</b></p><p>2月15日(星期一)因美国总统日全天休市。</p><p><b>港股:</b></p><p>2月11日(星期四)除夕上午开市,下午休市;</p><p>2月12日(星期五)至2月15日(星期一)全天休市;</p><p>2月16日(星期二)起照常开市。</p><p><b>A股:</b></p><p>2月11日(星期四)至2月17日(星期三)休市,2月18日(星期四)起照常开市。</p><p><b>沪、深股通:</b></p><p>2月11日(星期四)至2月17日(星期三)关闭;2月18日(星期四)起照常开通。</p><p><b>港股通:</b></p><p>2月9日(星期二)至2月17日(星期三)关闭服务,2月18日(星期四)起照常开通。</p><p><b>英股:</b></p><p>照常交易</p><p><b>澳股:</b></p><p>照常交易</p><p><b>新加坡市场:</b></p><p>2月11日(星期四)交易半日。</p><p>2月12日(星期五)全天休市。</p><p><b>期货市场:</b></p><p>HKEX下美元黄金、指数类货于2月11日12:30休市,个股期货于2月11日12:00休市;指数类期货、人民币、个股期货、美元黄金于2月12日以及2月15日整个交易日休市。</p><p>GME Group下外汇、债券、比特币、股指、能源、贵金属期货于2月15日12:00(北京时间16日凌晨02:00)提前休市;活畜、大小谷物、稻谷期货于2月15日全天休市。</p><p>CBOE 下 VIX 波动率期货于2月15日10:00提前休市。</p><p>SGX下天然橡胶货于2021年2月11日以及2021年2月12日整个交易日休市。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f8f89c8af2a895e609af6985ff4ae3ab","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140942389","content_text":"春节假期即将来临,敬请广大投资者留意,提前做好资金安排。老虎证券祝您及家人新春快乐,牛年大吉!春节期间各地股市休市安排如下:(均为当地时间)美股:2月15日(星期一)因美国总统日全天休市。港股:2月11日(星期四)除夕上午开市,下午休市;2月12日(星期五)至2月15日(星期一)全天休市;2月16日(星期二)起照常开市。A股:2月11日(星期四)至2月17日(星期三)休市,2月18日(星期四)起照常开市。沪、深股通:2月11日(星期四)至2月17日(星期三)关闭;2月18日(星期四)起照常开通。港股通:2月9日(星期二)至2月17日(星期三)关闭服务,2月18日(星期四)起照常开通。英股:照常交易澳股:照常交易新加坡市场:2月11日(星期四)交易半日。2月12日(星期五)全天休市。期货市场:HKEX下美元黄金、指数类货于2月11日12:30休市,个股期货于2月11日12:00休市;指数类期货、人民币、个股期货、美元黄金于2月12日以及2月15日整个交易日休市。GME Group下外汇、债券、比特币、股指、能源、贵金属期货于2月15日12:00(北京时间16日凌晨02:00)提前休市;活畜、大小谷物、稻谷期货于2月15日全天休市。CBOE 下 VIX 波动率期货于2月15日10:00提前休市。SGX下天然橡胶货于2021年2月11日以及2021年2月12日整个交易日休市。","news_type":1},"isVote":1,"tweetType":1,"viewCount":781,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":311213719,"gmtCreate":1611798519031,"gmtModify":1703753995383,"author":{"id":"3555240368602270","authorId":"3555240368602270","name":"lwgogogo","avatar":"https://static.tigerbbs.com/0703e0c2a47184adb3f22b3c57b01e24","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555240368602270","authorIdStr":"3555240368602270"},"themes":[],"htmlText":"美国散户威武啊……","listText":"美国散户威武啊……","text":"美国散户威武啊……","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/311213719","repostId":"1106840761","repostType":4,"isVote":1,"tweetType":1,"viewCount":870,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":319984946,"gmtCreate":1611477039785,"gmtModify":1703750563288,"author":{"id":"3555240368602270","authorId":"3555240368602270","name":"lwgogogo","avatar":"https://static.tigerbbs.com/0703e0c2a47184adb3f22b3c57b01e24","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555240368602270","authorIdStr":"3555240368602270"},"themes":[],"htmlText":"要买还是要买龙头股","listText":"要买还是要买龙头股","text":"要买还是要买龙头股","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/319984946","repostId":"1126642649","repostType":4,"isVote":1,"tweetType":1,"viewCount":232,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":319032782,"gmtCreate":1611405525746,"gmtModify":1703750394822,"author":{"id":"3555240368602270","authorId":"3555240368602270","name":"lwgogogo","avatar":"https://static.tigerbbs.com/0703e0c2a47184adb3f22b3c57b01e24","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555240368602270","authorIdStr":"3555240368602270"},"themes":[],"htmlText":"不会有什么影响的","listText":"不会有什么影响的","text":"不会有什么影响的","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/319032782","repostId":"1161789539","repostType":4,"isVote":1,"tweetType":1,"viewCount":202,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":319032417,"gmtCreate":1611405431239,"gmtModify":1703750394304,"author":{"id":"3555240368602270","authorId":"3555240368602270","name":"lwgogogo","avatar":"https://static.tigerbbs.com/0703e0c2a47184adb3f22b3c57b01e24","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555240368602270","authorIdStr":"3555240368602270"},"themes":[],"htmlText":"买买买","listText":"买买买","text":"买买买","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/319032417","repostId":"1118037947","repostType":4,"isVote":1,"tweetType":1,"viewCount":427,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":310814673,"gmtCreate":1611305539892,"gmtModify":1703749557682,"author":{"id":"3555240368602270","authorId":"3555240368602270","name":"lwgogogo","avatar":"https://static.tigerbbs.com/0703e0c2a47184adb3f22b3c57b01e24","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555240368602270","authorIdStr":"3555240368602270"},"themes":[],"htmlText":"买买买","listText":"买买买","text":"买买买","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/310814673","repostId":"1159317751","repostType":4,"isVote":1,"tweetType":1,"viewCount":181,"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}],"hots":[{"id":321073707,"gmtCreate":1615387415309,"gmtModify":1703488303422,"author":{"id":"3555240368602270","authorId":"3555240368602270","name":"lwgogogo","avatar":"https://static.tigerbbs.com/0703e0c2a47184adb3f22b3c57b01e24","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555240368602270","authorIdStr":"3555240368602270"},"themes":[],"htmlText":"区块链割韭菜啊","listText":"区块链割韭菜啊","text":"区块链割韭菜啊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/321073707","repostId":"1173963751","repostType":4,"repost":{"id":"1173963751","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":1615387320,"share":"https://www.laohu8.com/m/news/1173963751?lang=&edition=full","pubTime":"2021-03-10 22:42","market":"us","language":"zh","title":"区块链板块造好,第九城市等多股涨超10%","url":"https://stock-news.laohu8.com/highlight/detail?id=1173963751","media":"老虎资讯综合","summary":"3月10日盘初,比特币一度上破56000美元/枚,美股区块链板块造好;Bit Digital、第九城市涨超12%,嘉楠科技、Riot Blockchain涨超10%,亿邦国际、迅雷涨超5%。","content":"<p>3月10日盘初,比特币一度上破56000美元/枚,美股区块链板块造好;Bit Digital、<a href=\"https://laohu8.com/S/NCTY\">第九城市</a>涨超12%,<a href=\"https://laohu8.com/S/CAN\">嘉楠科技</a>、Riot Blockchain涨超10%,<a href=\"https://laohu8.com/S/EBON\">亿邦国际</a>、迅雷涨超5%。</p><p><img src=\"https://static.tigerbbs.com/e94373d88301ec46f4ba21b936ac671e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>区块链板块造好,第九城市等多股涨超10%</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区块链板块造好,第九城市等多股涨超10%\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\">2021-03-10 22:42</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>3月10日盘初,比特币一度上破56000美元/枚,美股区块链板块造好;Bit Digital、<a href=\"https://laohu8.com/S/NCTY\">第九城市</a>涨超12%,<a href=\"https://laohu8.com/S/CAN\">嘉楠科技</a>、Riot Blockchain涨超10%,<a href=\"https://laohu8.com/S/EBON\">亿邦国际</a>、迅雷涨超5%。</p><p><img src=\"https://static.tigerbbs.com/e94373d88301ec46f4ba21b936ac671e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/414360f2ef7b5c785cb936b4a9b53a44","relate_stocks":{"NCTY":"第九城市"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173963751","content_text":"3月10日盘初,比特币一度上破56000美元/枚,美股区块链板块造好;Bit Digital、第九城市涨超12%,嘉楠科技、Riot Blockchain涨超10%,亿邦国际、迅雷涨超5%。","news_type":1},"isVote":1,"tweetType":1,"viewCount":927,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":319984946,"gmtCreate":1611477039785,"gmtModify":1703750563288,"author":{"id":"3555240368602270","authorId":"3555240368602270","name":"lwgogogo","avatar":"https://static.tigerbbs.com/0703e0c2a47184adb3f22b3c57b01e24","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555240368602270","authorIdStr":"3555240368602270"},"themes":[],"htmlText":"要买还是要买龙头股","listText":"要买还是要买龙头股","text":"要买还是要买龙头股","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/319984946","repostId":"1126642649","repostType":4,"repost":{"id":"1126642649","kind":"news","pubTimestamp":1611459627,"share":"https://www.laohu8.com/m/news/1126642649?lang=&edition=full","pubTime":"2021-01-24 11:40","market":"us","language":"zh","title":"美股:龙头跑赢40年","url":"https://stock-news.laohu8.com/highlight/detail?id=1126642649","media":"尧望后势","summary":"前言:近期A股市场呈现极致的大分化格局,“机构抱团”、“龙头溢价”再度引发热议,不少投资者开始担忧“抱团瓦解”、“抱团崩盘”。我们在两年前提出A股正处于机构化与国际化的交汇期,A股估值体系将迎来“拨乱","content":"<p><b>前言:</b>近期A股市场呈现极致的大分化格局,“机构抱团”、“龙头溢价”再度引发热议,不少投资者开始担忧“抱团瓦解”、“抱团崩盘”。我们在两年前提出A股正处于机构化与国际化的交汇期,A股估值体系将迎来“拨乱反正”,优质龙头将从折价走向溢价,这一预判已经兑现。<b>那么未来龙头是否能够继续跑赢?龙头溢价是否能够持续?机构化时代市场分化将如何演绎?</b>40年的美股经验将告诉我们答案。</p>\n<p><b>报告正文</b></p>\n<p><b>一、美股:龙头跑赢40年</b></p>\n<p><b>1、龙头持续跑赢40年</b></p>\n<p><b>美股龙头跑赢40年,龙头表现长期优于非龙头。</b>以流通市值前20%代表龙头,后80%代表非龙头,美股在大小市值个股之间存在着长期且显著的涨跌分化现象。自1970年以来,流通市值前20%的个股在绝大多数时间里表现更优,1980年以来龙头个股更是连续40年跑赢非龙头,大市值龙头涨幅更为显著。进一步以2020年为例,市值大于5000亿的个股全年涨跌幅中位数录得37.81%,而市值小于50亿的个股全年涨跌幅则收跌1.17%,龙头大幅跑赢非龙头。</p>\n<p><img src=\"https://static.tigerbbs.com/b3258e292203d1e7b04fef6b79b53718\" tg-width=\"881\" tg-height=\"652\"><img src=\"https://static.tigerbbs.com/5d5c117a00d0a57e51f90c7d0eb4eb20\" tg-width=\"864\" tg-height=\"653\"></p>\n<p><b>行业角度亦是如此,各行业龙头的市场表现也普遍优于非龙头。</b>以各行业总市值前20名作为龙头,2020年在全部11个GICS一级行业中,龙头个股的涨跌幅均高于非龙头个股,电信服务、可选消费、材料、信息技术等行业龙头优势较为明显,涨跌幅中位数差分别达38.04%、21.22%、17.43%和16.61%。</p>\n<p><img src=\"https://static.tigerbbs.com/2f10d91f7b226ac517d3286010eed670\" tg-width=\"1080\" tg-height=\"536\"></p>\n<p><b>2、龙头“垄断”流动性</b></p>\n<p><b>资金向龙头集中,小市值个股丧失流动性。</b>1970年以来,流通市值后80%成交占比震荡回落,从此前30%以上下滑至10%以下。从1980年以来,20%的个股垄断式的占据了全市场近90%的成交规模,小市值劣质个股逐渐遭到市场抛弃。</p>\n<p><img src=\"https://static.tigerbbs.com/eecf60786c8303b35f31aa6ac351e48a\" tg-width=\"1080\" tg-height=\"589\"></p>\n<p><b>3、龙头估值长期溢价</b></p>\n<p><b>美股龙头从折价走向溢价,长期维持估值溢价,好东西越来越贵。</b>1970年以来,美股龙头逐渐从折价走向溢价。自80年代以来,美股龙头长期享受估值溢价,流通市值前20%的龙头PE估值持续高于流通市值后80%的非龙头。且1990年以来,龙头估值溢价逐步扩大,尤其是2009年至今的美股十年长牛中,美股龙头越来越贵。进一步从2020年美股PE水平看,以市值分组的个股PE中位数依次降低,市值大于5000亿的个股PE中位数达38.80,而市值小于50亿的个股PE仅为18.19,大市值个股溢价显著。</p>\n<p><img src=\"https://static.tigerbbs.com/5f839b407f9bfc819682d088e844b5df\" tg-width=\"850\" tg-height=\"665\"><img src=\"https://static.tigerbbs.com/5a270bdc45e84fc1e536631d4d0f424a\" tg-width=\"896\" tg-height=\"662\"></p>\n<p><b>行业角度亦是如此,优势行业更贵,行业龙头更贵。</b>从行业PB-ROE来看,信息科技、可选消费、必需消费等行业凭借较高的盈利能力享受估值溢价,公用事业、金融等传统周期行业盈利更差、估值较低。各行业龙头个股估值溢价,以各行业总市值前20名作为行业龙头,龙头的估值水平均高于整体,其中以信息技术、医疗保健、可选消费等行业尤为明显。</p>\n<p><img src=\"https://static.tigerbbs.com/4eb762117a72c189c1d258786ea07338\" tg-width=\"886\" tg-height=\"709\"><img src=\"https://static.tigerbbs.com/d0b6189544c0c6b9f409cf10b42349ac\" tg-width=\"867\" tg-height=\"709\"></p>\n<p><b>4、龙头强者恒强</b></p>\n<p><b>美国经济从增量到存量,龙头与非龙头盈利分化,龙头股盈利长期强于非龙头,成为美股大分化时代的基石</b>。经历过战后经济的蓬勃发展,从1970年后美国开始转型,并在1980年后成功完成转型。伴随经济从增量转向存量,马太效应下龙头与非龙头盈利逐渐分化。1980年之后,龙头ROE长期维持在8%上下且波动较小,但非龙头ROE从10%以上逐步下滑至4%中枢,且盈利波动更大。龙头更强且更加稳定的盈利能力,成为股价分化、流动性分化、估值分化的重要原因。</p>\n<p><img src=\"https://static.tigerbbs.com/b9728291bbb41869fe6c6381690f884d\" tg-width=\"1080\" tg-height=\"625\"></p>\n<p><b>二、美股龙头跑赢背后:机构化的必然趋势</b></p>\n<p><b>美股龙头跑赢40年,龙头与非龙头在流动性、估值、盈利等方面呈现出巨大的分化,其背后的原因离不开美股机构化时代的开启。</b></p>\n<p><b>美股机构化从1950年之后开启,最迅速“去散户化”过程发生在1950-1990、1990-2007两个阶段,以养老金和共同基金为代表的机构投资者逐渐占据主导,形成基金-养老金-外资-散户四分股市的投资者结构。</b></p>\n<p>•1950年至1990年,70年代起美国养老金入市成为颠覆“散户化”结构的第一股力量。战后美国养老金体系逐渐完善,70年代开始养老体制改革,特别是1981年美国《联邦税法》中401(K)、403(B)及457条款推出,DB计划与DC计划规模快速增长。1990年散户、养老金、外资、基金、保险占比为48.2%、24.3%、6.9%、7.5%、4.6%,较1950年散户几近腰斩,养老金成为股市的第二大投资者。</p>\n<p>•1990年前后,随着各类复杂的投资工具和衍生产品大量出现,基金接棒养老金成为“去散户化”的第二股资金,进一步压缩散户占比。2007年占比从大到小为散户、基金、养老金、外资、保险,分别是38.0%、27.6%、15.3%、10.8%、2.7%,较1990年散户占比继续下降,共同基金崛起成为第二大投资者,与养老金共同成为美股机构投资者的两大支柱。自2007年至今,美股投资者结构基本保持稳定。</p>\n<p><img src=\"https://static.tigerbbs.com/f57077d13dbde6a5ce13de5772ec84c7\" tg-width=\"1080\" tg-height=\"707\"></p>\n<p><b>伴随美股机构化的开启,机构投资者步入觉醒时代,资金拥抱优质龙头,美股迎来龙头与非龙头长达40余年的大分化时代。</b>自70年代以来,随着美国养老金规模进一步壮大、公募基金迅速发展,机构投资者崛起,美股开启快速去散户化时代。1970年以来,随着散户占比的下降,小市值个股的成交占比萎缩,机构投资者“以大为美”的选股偏好,加速了市场资金向大市值龙头集聚的过程。以贝莱德为例,2020Q3持仓前五即是美国最大龙头FAAMG,仅苹果公司持仓即达到6%。机构化成为美股龙头持续跑赢的极为重要的原因。</p>\n<p><img src=\"https://static.tigerbbs.com/9295dd5fbdf50d1bdce3d5256b85e487\" tg-width=\"1080\" tg-height=\"582\"><img src=\"https://static.tigerbbs.com/dcd33775d8c4d28f49449818f7aab4c2\" tg-width=\"1080\" tg-height=\"582\"></p>\n<p><b>三、A股机构化加速,龙头跑赢成为新常态</b></p>\n<p><b>近几年A股机构化加速,以公募基金、外资、保险为代表的机构资金成为市场主要增量资金来源。</b></p>\n<p><b>一是2017-2019年,外资成为A股市场最重要的增量资金。</b>随着陆港通开通和MSCI落地,境外资金入场明显提速。近几年北上年度净流入在2000-3500亿,截至2020年9月,外资占流通市值比例超过4.73%,成为A股市场第二大机构投资者。</p>\n<p><b>二是2019-2020年,公募接力外资成为A股市场上最重要的增量资金。</b>2020年偏股基金(股票型+混合型)共发行超过2万亿、净流入超过1.6万亿,创下历史最高,超过2016-2019年四年总和。</p>\n<p><img src=\"https://static.tigerbbs.com/5b5fa46614d64aa7a17bdcf8c63f6dbd\" tg-width=\"868\" tg-height=\"717\"><img src=\"https://static.tigerbbs.com/c7615d1d5365ab87bfcb996451fcef4c\" tg-width=\"878\" tg-height=\"709\"></p>\n<p><b>机构化加速,龙头大幅跑赢。</b>外资占比与陆股通重仓股相对收益高度相关,外资从2017年大幅流入,成为A股市场最重要增量资金,外资重仓龙头持续跑赢。2019年以来基金崛起,成为市场主导资金,基金话语权快速提升,带来基金重仓股大幅跑赢大盘。</p>\n<p><img src=\"https://static.tigerbbs.com/c54a7f5d3bc3b2ba418e2b81105199cd\" tg-width=\"889\" tg-height=\"710\"><img src=\"https://static.tigerbbs.com/646ef9287ec64d6b6548c9cc0e8a7d64\" tg-width=\"883\" tg-height=\"714\"></p>\n<p><b>机构化推动A股龙头从折价走向溢价。</b>2017年开始,以龙头为代表的A股核心资产不断突破估值上限创新高,这背后其实是机构化带来的A股估值体系的“拨乱反正”,龙头从折价走向溢价。两年前A股多数行业龙头折价明显,这与成熟市场各行业龙头溢价格局大相径庭。随着机构对龙头定价权提升,当前A股多行业龙头获得估值溢价,估值迎来修复。</p>\n<p><img src=\"https://static.tigerbbs.com/9e4eabbea11f2a772e3bc18ebc98964e\" tg-width=\"1080\" tg-height=\"623\"></p>\n<p><b>我们认为当前A股正处于机构化加速阶段,A股龙头价值重估仍将继续,未来龙头溢价也将成为新常态,好东西越来越贵,越好的东西越贵。</b>一是我国居民加配权益资产是大势所趋,而公募基金、银行理财以及养老金等间接途径则将成为我国居民加配权益资产的主要途径。二是A股外资占比仍偏低,预计外资未来也将持续做多A股。内外资合力之下,A股市场机构化程度将显著提升,未来好东西越来越贵,越好的东西越贵。</p>\n<p><b>四、总结</b></p>\n<p><b>1、美股龙头持续跑赢40年。各行业龙头跑赢非龙头。</b></p>\n<p><b>2、美股龙头“垄断”流动性。20%的个股垄断90%的成交规模,小市值劣质个股逐渐被市场抛弃。</b></p>\n<p><b>3、美股龙头从折价走向溢价,长期享受估值溢价,龙头越来越贵。各行业龙头比非龙头更贵。</b></p>\n<p><b>4、美股龙头强者恒强。伴随美国经济从增量到存量,龙头与非龙头盈利分化,龙头股盈利长期强于非龙头。</b></p>\n<p><b>5、美股龙头跑赢是机构化时代的必然趋势。美股经历从散户化到机构化的变革,70年代和90年代养老金和共同基金的相继崛起,推动美股步入机构化时代,拉开美股龙头与非龙头大分化时代的序幕。</b></p>\n<p><b>6、过去几年A股机构化加速,龙头大幅跑赢,龙头逐渐从折价走向溢价。</b></p>\n<p><b>7、借鉴美股,机构化时代龙头跑赢与溢价将成为常态,未来A股龙头价值重估仍将继续,好东西越来越贵,越好的东西越贵</b></p>\n<p><b>风险提示</b></p>\n<p>1、历史数据统计与实际情况可能存在误差;2、对比研究方法存在局限性,结论或存在一定偏差。</p>","source":"ywhs","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>美股:龙头跑赢40年</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{ 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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美股:龙头跑赢40年\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-01-24 11:40 北京时间 <a href=http://mp.weixin.qq.com/s/49ddR8wHxDhQrVHsBgGzVQ><strong>尧望后势</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>前言:近期A股市场呈现极致的大分化格局,“机构抱团”、“龙头溢价”再度引发热议,不少投资者开始担忧“抱团瓦解”、“抱团崩盘”。我们在两年前提出A股正处于机构化与国际化的交汇期,A股估值体系将迎来“拨乱反正”,优质龙头将从折价走向溢价,这一预判已经兑现。那么未来龙头是否能够继续跑赢?龙头溢价是否能够持续?机构化时代市场分化将如何演绎?40年的美股经验将告诉我们答案。\n报告正文\n一、美股:龙头跑赢40...</p>\n\n<a href=\"http://mp.weixin.qq.com/s/49ddR8wHxDhQrVHsBgGzVQ\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c447a7ff1528635c8ed2f58842bb76a6","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"http://mp.weixin.qq.com/s/49ddR8wHxDhQrVHsBgGzVQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126642649","content_text":"前言:近期A股市场呈现极致的大分化格局,“机构抱团”、“龙头溢价”再度引发热议,不少投资者开始担忧“抱团瓦解”、“抱团崩盘”。我们在两年前提出A股正处于机构化与国际化的交汇期,A股估值体系将迎来“拨乱反正”,优质龙头将从折价走向溢价,这一预判已经兑现。那么未来龙头是否能够继续跑赢?龙头溢价是否能够持续?机构化时代市场分化将如何演绎?40年的美股经验将告诉我们答案。\n报告正文\n一、美股:龙头跑赢40年\n1、龙头持续跑赢40年\n美股龙头跑赢40年,龙头表现长期优于非龙头。以流通市值前20%代表龙头,后80%代表非龙头,美股在大小市值个股之间存在着长期且显著的涨跌分化现象。自1970年以来,流通市值前20%的个股在绝大多数时间里表现更优,1980年以来龙头个股更是连续40年跑赢非龙头,大市值龙头涨幅更为显著。进一步以2020年为例,市值大于5000亿的个股全年涨跌幅中位数录得37.81%,而市值小于50亿的个股全年涨跌幅则收跌1.17%,龙头大幅跑赢非龙头。\n\n行业角度亦是如此,各行业龙头的市场表现也普遍优于非龙头。以各行业总市值前20名作为龙头,2020年在全部11个GICS一级行业中,龙头个股的涨跌幅均高于非龙头个股,电信服务、可选消费、材料、信息技术等行业龙头优势较为明显,涨跌幅中位数差分别达38.04%、21.22%、17.43%和16.61%。\n\n2、龙头“垄断”流动性\n资金向龙头集中,小市值个股丧失流动性。1970年以来,流通市值后80%成交占比震荡回落,从此前30%以上下滑至10%以下。从1980年以来,20%的个股垄断式的占据了全市场近90%的成交规模,小市值劣质个股逐渐遭到市场抛弃。\n\n3、龙头估值长期溢价\n美股龙头从折价走向溢价,长期维持估值溢价,好东西越来越贵。1970年以来,美股龙头逐渐从折价走向溢价。自80年代以来,美股龙头长期享受估值溢价,流通市值前20%的龙头PE估值持续高于流通市值后80%的非龙头。且1990年以来,龙头估值溢价逐步扩大,尤其是2009年至今的美股十年长牛中,美股龙头越来越贵。进一步从2020年美股PE水平看,以市值分组的个股PE中位数依次降低,市值大于5000亿的个股PE中位数达38.80,而市值小于50亿的个股PE仅为18.19,大市值个股溢价显著。\n\n行业角度亦是如此,优势行业更贵,行业龙头更贵。从行业PB-ROE来看,信息科技、可选消费、必需消费等行业凭借较高的盈利能力享受估值溢价,公用事业、金融等传统周期行业盈利更差、估值较低。各行业龙头个股估值溢价,以各行业总市值前20名作为行业龙头,龙头的估值水平均高于整体,其中以信息技术、医疗保健、可选消费等行业尤为明显。\n\n4、龙头强者恒强\n美国经济从增量到存量,龙头与非龙头盈利分化,龙头股盈利长期强于非龙头,成为美股大分化时代的基石。经历过战后经济的蓬勃发展,从1970年后美国开始转型,并在1980年后成功完成转型。伴随经济从增量转向存量,马太效应下龙头与非龙头盈利逐渐分化。1980年之后,龙头ROE长期维持在8%上下且波动较小,但非龙头ROE从10%以上逐步下滑至4%中枢,且盈利波动更大。龙头更强且更加稳定的盈利能力,成为股价分化、流动性分化、估值分化的重要原因。\n\n二、美股龙头跑赢背后:机构化的必然趋势\n美股龙头跑赢40年,龙头与非龙头在流动性、估值、盈利等方面呈现出巨大的分化,其背后的原因离不开美股机构化时代的开启。\n美股机构化从1950年之后开启,最迅速“去散户化”过程发生在1950-1990、1990-2007两个阶段,以养老金和共同基金为代表的机构投资者逐渐占据主导,形成基金-养老金-外资-散户四分股市的投资者结构。\n•1950年至1990年,70年代起美国养老金入市成为颠覆“散户化”结构的第一股力量。战后美国养老金体系逐渐完善,70年代开始养老体制改革,特别是1981年美国《联邦税法》中401(K)、403(B)及457条款推出,DB计划与DC计划规模快速增长。1990年散户、养老金、外资、基金、保险占比为48.2%、24.3%、6.9%、7.5%、4.6%,较1950年散户几近腰斩,养老金成为股市的第二大投资者。\n•1990年前后,随着各类复杂的投资工具和衍生产品大量出现,基金接棒养老金成为“去散户化”的第二股资金,进一步压缩散户占比。2007年占比从大到小为散户、基金、养老金、外资、保险,分别是38.0%、27.6%、15.3%、10.8%、2.7%,较1990年散户占比继续下降,共同基金崛起成为第二大投资者,与养老金共同成为美股机构投资者的两大支柱。自2007年至今,美股投资者结构基本保持稳定。\n\n伴随美股机构化的开启,机构投资者步入觉醒时代,资金拥抱优质龙头,美股迎来龙头与非龙头长达40余年的大分化时代。自70年代以来,随着美国养老金规模进一步壮大、公募基金迅速发展,机构投资者崛起,美股开启快速去散户化时代。1970年以来,随着散户占比的下降,小市值个股的成交占比萎缩,机构投资者“以大为美”的选股偏好,加速了市场资金向大市值龙头集聚的过程。以贝莱德为例,2020Q3持仓前五即是美国最大龙头FAAMG,仅苹果公司持仓即达到6%。机构化成为美股龙头持续跑赢的极为重要的原因。\n\n三、A股机构化加速,龙头跑赢成为新常态\n近几年A股机构化加速,以公募基金、外资、保险为代表的机构资金成为市场主要增量资金来源。\n一是2017-2019年,外资成为A股市场最重要的增量资金。随着陆港通开通和MSCI落地,境外资金入场明显提速。近几年北上年度净流入在2000-3500亿,截至2020年9月,外资占流通市值比例超过4.73%,成为A股市场第二大机构投资者。\n二是2019-2020年,公募接力外资成为A股市场上最重要的增量资金。2020年偏股基金(股票型+混合型)共发行超过2万亿、净流入超过1.6万亿,创下历史最高,超过2016-2019年四年总和。\n\n机构化加速,龙头大幅跑赢。外资占比与陆股通重仓股相对收益高度相关,外资从2017年大幅流入,成为A股市场最重要增量资金,外资重仓龙头持续跑赢。2019年以来基金崛起,成为市场主导资金,基金话语权快速提升,带来基金重仓股大幅跑赢大盘。\n\n机构化推动A股龙头从折价走向溢价。2017年开始,以龙头为代表的A股核心资产不断突破估值上限创新高,这背后其实是机构化带来的A股估值体系的“拨乱反正”,龙头从折价走向溢价。两年前A股多数行业龙头折价明显,这与成熟市场各行业龙头溢价格局大相径庭。随着机构对龙头定价权提升,当前A股多行业龙头获得估值溢价,估值迎来修复。\n\n我们认为当前A股正处于机构化加速阶段,A股龙头价值重估仍将继续,未来龙头溢价也将成为新常态,好东西越来越贵,越好的东西越贵。一是我国居民加配权益资产是大势所趋,而公募基金、银行理财以及养老金等间接途径则将成为我国居民加配权益资产的主要途径。二是A股外资占比仍偏低,预计外资未来也将持续做多A股。内外资合力之下,A股市场机构化程度将显著提升,未来好东西越来越贵,越好的东西越贵。\n四、总结\n1、美股龙头持续跑赢40年。各行业龙头跑赢非龙头。\n2、美股龙头“垄断”流动性。20%的个股垄断90%的成交规模,小市值劣质个股逐渐被市场抛弃。\n3、美股龙头从折价走向溢价,长期享受估值溢价,龙头越来越贵。各行业龙头比非龙头更贵。\n4、美股龙头强者恒强。伴随美国经济从增量到存量,龙头与非龙头盈利分化,龙头股盈利长期强于非龙头。\n5、美股龙头跑赢是机构化时代的必然趋势。美股经历从散户化到机构化的变革,70年代和90年代养老金和共同基金的相继崛起,推动美股步入机构化时代,拉开美股龙头与非龙头大分化时代的序幕。\n6、过去几年A股机构化加速,龙头大幅跑赢,龙头逐渐从折价走向溢价。\n7、借鉴美股,机构化时代龙头跑赢与溢价将成为常态,未来A股龙头价值重估仍将继续,好东西越来越贵,越好的东西越贵\n风险提示\n1、历史数据统计与实际情况可能存在误差;2、对比研究方法存在局限性,结论或存在一定偏差。","news_type":1},"isVote":1,"tweetType":1,"viewCount":232,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690714173,"gmtCreate":1639708621265,"gmtModify":1639709071727,"author":{"id":"3555240368602270","authorId":"3555240368602270","name":"lwgogogo","avatar":"https://static.tigerbbs.com/0703e0c2a47184adb3f22b3c57b01e24","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555240368602270","authorIdStr":"3555240368602270"},"themes":[],"htmlText":"银行股的春天也要来了","listText":"银行股的春天也要来了","text":"银行股的春天也要来了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/690714173","repostId":"1189700239","repostType":4,"isVote":1,"tweetType":1,"viewCount":1107,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":323026731,"gmtCreate":1615291352423,"gmtModify":1703486843154,"author":{"id":"3555240368602270","authorId":"3555240368602270","name":"lwgogogo","avatar":"https://static.tigerbbs.com/0703e0c2a47184adb3f22b3c57b01e24","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555240368602270","authorIdStr":"3555240368602270"},"themes":[],"htmlText":"又要去骗钱啊","listText":"又要去骗钱啊","text":"又要去骗钱啊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repost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19:45","market":"us","language":"zh","title":"据港交所文件:百度通过港交所上市聆讯","url":"https://stock-news.laohu8.com/highlight/detail?id=1199086177","media":"老虎资讯综合","summary":"据港交所文件:百度通过港交所上市聆讯。之前根据消息人士透露,百度3月4日获得了港交所的第二次上市批准,下周开始接受投资者认筹。此前就有报道称,百度已通过上市聆讯,将在3月正式完成在港交所二次上市,募资","content":"<p>据港交所文件:<a href=\"https://laohu8.com/S/BIDU\">百度</a>通过港交所上市聆讯。</p><p>之前根据消息人士透露,百度3月4日获得了港交所的第二次上市批准,下周开始接受投资者认筹。此前就有报道称,百度已通过上市聆讯,将在3月正式完成在港交所二次上市,募资规模最多50亿美元(约390亿港元),美银、中信里昂证券、高盛牵头本次上市事宜。</p><p>受此消息影响,百度盘前拉升涨近6%。</p><p><img src=\"https://static.tigerbbs.com/449bff1e269f45ec11b1f2994f68c1cb\" tg-width=\"847\" tg-height=\"638\" 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\" 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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据港交所文件:百度通过港交所上市聆讯 \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\">2021-03-09 19:45</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>据港交所文件:<a href=\"https://laohu8.com/S/BIDU\">百度</a>通过港交所上市聆讯。</p><p>之前根据消息人士透露,百度3月4日获得了港交所的第二次上市批准,下周开始接受投资者认筹。此前就有报道称,百度已通过上市聆讯,将在3月正式完成在港交所二次上市,募资规模最多50亿美元(约390亿港元),美银、中信里昂证券、高盛牵头本次上市事宜。</p><p>受此消息影响,百度盘前拉升涨近6%。</p><p><img src=\"https://static.tigerbbs.com/449bff1e269f45ec11b1f2994f68c1cb\" tg-width=\"847\" tg-height=\"638\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0cb3c6c3c55603d00a14ee3389850b7f","relate_stocks":{"BIDU":"百度"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199086177","content_text":"据港交所文件:百度通过港交所上市聆讯。之前根据消息人士透露,百度3月4日获得了港交所的第二次上市批准,下周开始接受投资者认筹。此前就有报道称,百度已通过上市聆讯,将在3月正式完成在港交所二次上市,募资规模最多50亿美元(约390亿港元),美银、中信里昂证券、高盛牵头本次上市事宜。受此消息影响,百度盘前拉升涨近6%。","news_type":1},"isVote":1,"tweetType":1,"viewCount":569,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":365904419,"gmtCreate":1614686413231,"gmtModify":1703479841103,"author":{"id":"3555240368602270","authorId":"3555240368602270","name":"lwgogogo","avatar":"https://static.tigerbbs.com/0703e0c2a47184adb3f22b3c57b01e24","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555240368602270","authorIdStr":"3555240368602270"},"themes":[],"htmlText":"什么情况?","listText":"什么情况?","text":"什么情况?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/365904419","repostId":"1180143858","repostType":4,"repost":{"id":"1180143858","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":1614683153,"share":"https://www.laohu8.com/m/news/1180143858?lang=&edition=full","pubTime":"2021-03-02 19:05","market":"us","language":"zh","title":"开心汽车盘前直线拉涨,现涨超20%","url":"https://stock-news.laohu8.com/highlight/detail?id=1180143858","media":"老虎资讯综合","summary":"3月2日,开心汽车盘前直线拉涨,现涨超20%。公司宣布与海淘车有限公司旗下子公司签订汽车销售合同,两份汽车销售合同总合同金额为75亿元人民币(约12亿美元)。","content":"<p>3月2日,开心汽车盘前直线拉涨,现涨超20%。公司宣布与海淘车有限公司旗下子公司签订汽车销售合同,两份汽车销售合同总合同金额为75亿元人民币(约12亿美元)。</p><p><img src=\"https://static.tigerbbs.com/604d3ab4852c91b440b1b80e1cd1378b\" tg-width=\"790\" tg-height=\"627\" 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>开心汽车盘前直线拉涨,现涨超20%</title>\n<style 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10:35","market":"sh","language":"zh","title":"提醒:春节假期主要市场休市安排一览","url":"https://stock-news.laohu8.com/highlight/detail?id=1140942389","media":"老虎资讯综合","summary":"春节假期即将来临,敬请广大投资者留意,提前做好资金安排。$老虎证券$祝您及家人新春快乐,牛年大吉!2月11日(星期四)除夕上午开市,下午休市;2月12日(星期五)至2月15日(星期一)全天休市;2月11日(星期四)至2月17日(星期三)休市,2月18日(星期四)起照常开市。CBOE 下 VIX 波动率期货于2月15日10:00提前休市。SGX下天然橡胶货于2021年2月11日以及2021年2月12日整个交易日休市。","content":"<p>春节假期即将来临,敬请广大投资者留意,提前做好资金安排。<a href=\"https://laohu8.com/S/TIGR\">老虎证券</a>祝您及家人新春快乐,牛年大吉!</p><p>春节期间各地股市休市安排如下:(均为当地时间)</p><p><img src=\"https://static.tigerbbs.com/27cfee666051c46a31c824a795046629\" tg-width=\"1790\" tg-height=\"788\"></p><p><b>美股:</b></p><p>2月15日(星期一)因美国总统日全天休市。</p><p><b>港股:</b></p><p>2月11日(星期四)除夕上午开市,下午休市;</p><p>2月12日(星期五)至2月15日(星期一)全天休市;</p><p>2月16日(星期二)起照常开市。</p><p><b>A股:</b></p><p>2月11日(星期四)至2月17日(星期三)休市,2月18日(星期四)起照常开市。</p><p><b>沪、深股通:</b></p><p>2月11日(星期四)至2月17日(星期三)关闭;2月18日(星期四)起照常开通。</p><p><b>港股通:</b></p><p>2月9日(星期二)至2月17日(星期三)关闭服务,2月18日(星期四)起照常开通。</p><p><b>英股:</b></p><p>照常交易</p><p><b>澳股:</b></p><p>照常交易</p><p><b>新加坡市场:</b></p><p>2月11日(星期四)交易半日。</p><p>2月12日(星期五)全天休市。</p><p><b>期货市场:</b></p><p>HKEX下美元黄金、指数类货于2月11日12:30休市,个股期货于2月11日12:00休市;指数类期货、人民币、个股期货、美元黄金于2月12日以及2月15日整个交易日休市。</p><p>GME Group下外汇、债券、比特币、股指、能源、贵金属期货于2月15日12:00(北京时间16日凌晨02:00)提前休市;活畜、大小谷物、稻谷期货于2月15日全天休市。</p><p>CBOE 下 VIX 波动率期货于2月15日10:00提前休市。</p><p>SGX下天然橡胶货于2021年2月11日以及2021年2月12日整个交易日休市。</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>提醒:春节假期主要市场休市安排一览</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{ 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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提醒:春节假期主要市场休市安排一览\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\">2021-02-02 10:35</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>春节假期即将来临,敬请广大投资者留意,提前做好资金安排。<a href=\"https://laohu8.com/S/TIGR\">老虎证券</a>祝您及家人新春快乐,牛年大吉!</p><p>春节期间各地股市休市安排如下:(均为当地时间)</p><p><img src=\"https://static.tigerbbs.com/27cfee666051c46a31c824a795046629\" tg-width=\"1790\" tg-height=\"788\"></p><p><b>美股:</b></p><p>2月15日(星期一)因美国总统日全天休市。</p><p><b>港股:</b></p><p>2月11日(星期四)除夕上午开市,下午休市;</p><p>2月12日(星期五)至2月15日(星期一)全天休市;</p><p>2月16日(星期二)起照常开市。</p><p><b>A股:</b></p><p>2月11日(星期四)至2月17日(星期三)休市,2月18日(星期四)起照常开市。</p><p><b>沪、深股通:</b></p><p>2月11日(星期四)至2月17日(星期三)关闭;2月18日(星期四)起照常开通。</p><p><b>港股通:</b></p><p>2月9日(星期二)至2月17日(星期三)关闭服务,2月18日(星期四)起照常开通。</p><p><b>英股:</b></p><p>照常交易</p><p><b>澳股:</b></p><p>照常交易</p><p><b>新加坡市场:</b></p><p>2月11日(星期四)交易半日。</p><p>2月12日(星期五)全天休市。</p><p><b>期货市场:</b></p><p>HKEX下美元黄金、指数类货于2月11日12:30休市,个股期货于2月11日12:00休市;指数类期货、人民币、个股期货、美元黄金于2月12日以及2月15日整个交易日休市。</p><p>GME Group下外汇、债券、比特币、股指、能源、贵金属期货于2月15日12:00(北京时间16日凌晨02:00)提前休市;活畜、大小谷物、稻谷期货于2月15日全天休市。</p><p>CBOE 下 VIX 波动率期货于2月15日10:00提前休市。</p><p>SGX下天然橡胶货于2021年2月11日以及2021年2月12日整个交易日休市。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f8f89c8af2a895e609af6985ff4ae3ab","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140942389","content_text":"春节假期即将来临,敬请广大投资者留意,提前做好资金安排。老虎证券祝您及家人新春快乐,牛年大吉!春节期间各地股市休市安排如下:(均为当地时间)美股:2月15日(星期一)因美国总统日全天休市。港股:2月11日(星期四)除夕上午开市,下午休市;2月12日(星期五)至2月15日(星期一)全天休市;2月16日(星期二)起照常开市。A股:2月11日(星期四)至2月17日(星期三)休市,2月18日(星期四)起照常开市。沪、深股通:2月11日(星期四)至2月17日(星期三)关闭;2月18日(星期四)起照常开通。港股通:2月9日(星期二)至2月17日(星期三)关闭服务,2月18日(星期四)起照常开通。英股:照常交易澳股:照常交易新加坡市场:2月11日(星期四)交易半日。2月12日(星期五)全天休市。期货市场:HKEX下美元黄金、指数类货于2月11日12:30休市,个股期货于2月11日12:00休市;指数类期货、人民币、个股期货、美元黄金于2月12日以及2月15日整个交易日休市。GME Group下外汇、债券、比特币、股指、能源、贵金属期货于2月15日12:00(北京时间16日凌晨02:00)提前休市;活畜、大小谷物、稻谷期货于2月15日全天休市。CBOE 下 VIX 波动率期货于2月15日10:00提前休市。SGX下天然橡胶货于2021年2月11日以及2021年2月12日整个交易日休市。","news_type":1},"isVote":1,"tweetType":1,"viewCount":781,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":311213719,"gmtCreate":1611798519031,"gmtModify":1703753995383,"author":{"id":"3555240368602270","authorId":"3555240368602270","name":"lwgogogo","avatar":"https://static.tigerbbs.com/0703e0c2a47184adb3f22b3c57b01e24","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555240368602270","authorIdStr":"3555240368602270"},"themes":[],"htmlText":"美国散户威武啊……","listText":"美国散户威武啊……","text":"美国散户威武啊……","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/311213719","repostId":"1106840761","repostType":4,"repost":{"id":"1106840761","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":1611796305,"share":"https://www.laohu8.com/m/news/1106840761?lang=&edition=full","pubTime":"2021-01-28 09:11","market":"us","language":"zh","title":"WallStreetBets重新开放,WSB概念股盘后跌幅收窄","url":"https://stock-news.laohu8.com/highlight/detail?id=1106840761","media":"老虎资讯综合","summary":"1月28日,美国散户聚集的论坛WallStreetBets在设为不公开后重新开放,WSB概念股盘后跌幅收窄,AMC院线跌26%,游戏驿站跌近16%,黑莓跌近10%,3B家居跌超12%,诺基亚跌超9%。","content":"<p>1月28日,美国散户聚集的论坛WallStreetBets在设为不公开后重新开放,WSB概念股盘后跌幅收窄,<a href=\"https://laohu8.com/S/AMC\">AMC院线</a>跌26%,<a href=\"https://laohu8.com/S/GME\">游戏驿站</a>跌近16%,<a href=\"https://laohu8.com/S/BB\">黑莓</a>跌近10%,<a href=\"https://laohu8.com/S/BBBY\">3B家居</a>跌超12%,诺基亚跌超9%。</p>\n<p><img src=\"https://static.tigerbbs.com/3f34c99e1ac0f88fc547f0d7ec34a717\" tg-width=\"1080\" tg-height=\"2250\" 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>WallStreetBets重新开放,WSB概念股盘后跌幅收窄</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{ 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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\">\nWallStreetBets重新开放,WSB概念股盘后跌幅收窄\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\">2021-01-28 09:11</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>1月28日,美国散户聚集的论坛WallStreetBets在设为不公开后重新开放,WSB概念股盘后跌幅收窄,<a href=\"https://laohu8.com/S/AMC\">AMC院线</a>跌26%,<a href=\"https://laohu8.com/S/GME\">游戏驿站</a>跌近16%,<a href=\"https://laohu8.com/S/BB\">黑莓</a>跌近10%,<a href=\"https://laohu8.com/S/BBBY\">3B家居</a>跌超12%,诺基亚跌超9%。</p>\n<p><img src=\"https://static.tigerbbs.com/3f34c99e1ac0f88fc547f0d7ec34a717\" tg-width=\"1080\" tg-height=\"2250\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"AMC":"AMC院线","BB":"黑莓","GME":"游戏驿站","BBBY":"3B家居","NOK":"诺基亚"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106840761","content_text":"1月28日,美国散户聚集的论坛WallStreetBets在设为不公开后重新开放,WSB概念股盘后跌幅收窄,AMC院线跌26%,游戏驿站跌近16%,黑莓跌近10%,3B家居跌超12%,诺基亚跌超9%。","news_type":1},"isVote":1,"tweetType":1,"viewCount":870,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":319032782,"gmtCreate":1611405525746,"gmtModify":1703750394822,"author":{"id":"3555240368602270","authorId":"3555240368602270","name":"lwgogogo","avatar":"https://static.tigerbbs.com/0703e0c2a47184adb3f22b3c57b01e24","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555240368602270","authorIdStr":"3555240368602270"},"themes":[],"htmlText":"不会有什么影响的","listText":"不会有什么影响的","text":"不会有什么影响的","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/319032782","repostId":"1161789539","repostType":4,"repost":{"id":"1161789539","kind":"news","pubTimestamp":1611375929,"share":"https://www.laohu8.com/m/news/1161789539?lang=&edition=full","pubTime":"2021-01-23 12:25","market":"us","language":"zh","title":"欧盟议员邀美四大巨头CEO于2月1日参加听证会","url":"https://stock-news.laohu8.com/highlight/detail?id=1161789539","media":"腾讯科技","summary":"腾讯科技讯 1月23日,欧盟议员已经邀请亚马逊、苹果、Facebook和Alphabet等美国四大科技巨头的首席执行官于2月1日前往布鲁塞尔参加听证会,试图就限制这些公司的权力向他们质询。\n未来几个月","content":"<p>腾讯科技讯 1月23日,欧盟议员已经邀请<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>、<a href=\"https://laohu8.com/S/AAPL\">苹果</a>、<a href=\"https://laohu8.com/S/FB\">Facebook</a>和Alphabet等美国四大科技巨头的首席执行官于2月1日前往布鲁塞尔参加听证会,试图就限制这些公司的权力向他们质询。</p>\n<p>未来几个月,欧洲议会将为欧盟委员会的提议提供意见,这些提议要求这些大型科技公司与对手公平竞争,并采取更多措施应对网络虚假新闻和有害内容,否则将面临巨额罚款。</p>\n<p>欧洲议会在发给这些公司的邀请函中称:“计划中的听证会的目的是与四家全球领先平台的首席执行官进行交流,了解他们目前的商业模式和未来的概念,因为他们也面临着不断变化的市场挑战。”</p>\n<p>邀请函中还说:“这项活动将有助于欧洲议会成员为即将到来的有关数字部门制定潜在新法规的讨论做好准备。基于上述原因,我们希望澄清,这项邀请只限限首席执行官。”</p>\n<p>邀请函中还写道,立法者愿意将听证会日期改为2月或3月的某天,然而,熟悉这些公司的人士怀疑他们是否会接受邀请。</p>\n<p>根据欧盟委员会的日程安排,周五早些时候有消息称,Alphabet首席执行长桑德尔·皮查伊(Sundar Pichai)将于1月25日与欧盟反垄断负责人玛格丽特·维斯特格(Margrethe Vestager)举行视频电话会议。</p>\n<p>欧盟委员会的一位女发言人说,维斯特格正在推动严格的新法规,以遏制<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>、Facebook、苹果和亚马逊等美国科技巨头,她将与皮查伊讨论数字和竞争问题。</p>\n<p>维斯特格上月宣布的拟议技术法规,引发了科技行业的一系列游说活动,以试图搁置这些提议。企业现在已将注意力转向欧盟立法者和欧盟国家,他们将与欧盟委员会共同在新规则生效之前敲定这些法规。</p>\n<p>皮查伊此前曾与欧盟行业负责人蒂埃里·布雷东(Thierry Breton)举行过视频电话会议,后者正在倡导欧盟在各个领域争取战略自主权,并减少对美国科技巨头的依赖。</p>","source":"lsy1580517846866","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>欧盟议员邀美四大巨头CEO于2月1日参加听证会</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n欧盟议员邀美四大巨头CEO于2月1日参加听证会\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-01-23 12:25 北京时间 <a href=http://new.qq.com/omn/20210123/20210123A04OER00.html><strong>腾讯科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>腾讯科技讯 1月23日,欧盟议员已经邀请亚马逊、苹果、Facebook和Alphabet等美国四大科技巨头的首席执行官于2月1日前往布鲁塞尔参加听证会,试图就限制这些公司的权力向他们质询。\n未来几个月,欧洲议会将为欧盟委员会的提议提供意见,这些提议要求这些大型科技公司与对手公平竞争,并采取更多措施应对网络虚假新闻和有害内容,否则将面临巨额罚款。\n欧洲议会在发给这些公司的邀请函中称:“计划中的听证会...</p>\n\n<a href=\"http://new.qq.com/omn/20210123/20210123A04OER00.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c532e440f11fa05526641fa0c6960d14","relate_stocks":{"GOOGL":"谷歌A","AAPL":"苹果","AMZN":"亚马逊","GOOG":"谷歌"},"source_url":"http://new.qq.com/omn/20210123/20210123A04OER00.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161789539","content_text":"腾讯科技讯 1月23日,欧盟议员已经邀请亚马逊、苹果、Facebook和Alphabet等美国四大科技巨头的首席执行官于2月1日前往布鲁塞尔参加听证会,试图就限制这些公司的权力向他们质询。\n未来几个月,欧洲议会将为欧盟委员会的提议提供意见,这些提议要求这些大型科技公司与对手公平竞争,并采取更多措施应对网络虚假新闻和有害内容,否则将面临巨额罚款。\n欧洲议会在发给这些公司的邀请函中称:“计划中的听证会的目的是与四家全球领先平台的首席执行官进行交流,了解他们目前的商业模式和未来的概念,因为他们也面临着不断变化的市场挑战。”\n邀请函中还说:“这项活动将有助于欧洲议会成员为即将到来的有关数字部门制定潜在新法规的讨论做好准备。基于上述原因,我们希望澄清,这项邀请只限限首席执行官。”\n邀请函中还写道,立法者愿意将听证会日期改为2月或3月的某天,然而,熟悉这些公司的人士怀疑他们是否会接受邀请。\n根据欧盟委员会的日程安排,周五早些时候有消息称,Alphabet首席执行长桑德尔·皮查伊(Sundar Pichai)将于1月25日与欧盟反垄断负责人玛格丽特·维斯特格(Margrethe Vestager)举行视频电话会议。\n欧盟委员会的一位女发言人说,维斯特格正在推动严格的新法规,以遏制谷歌、Facebook、苹果和亚马逊等美国科技巨头,她将与皮查伊讨论数字和竞争问题。\n维斯特格上月宣布的拟议技术法规,引发了科技行业的一系列游说活动,以试图搁置这些提议。企业现在已将注意力转向欧盟立法者和欧盟国家,他们将与欧盟委员会共同在新规则生效之前敲定这些法规。\n皮查伊此前曾与欧盟行业负责人蒂埃里·布雷东(Thierry Breton)举行过视频电话会议,后者正在倡导欧盟在各个领域争取战略自主权,并减少对美国科技巨头的依赖。","news_type":1},"isVote":1,"tweetType":1,"viewCount":202,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":319032417,"gmtCreate":1611405431239,"gmtModify":1703750394304,"author":{"id":"3555240368602270","authorId":"3555240368602270","name":"lwgogogo","avatar":"https://static.tigerbbs.com/0703e0c2a47184adb3f22b3c57b01e24","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555240368602270","authorIdStr":"3555240368602270"},"themes":[],"htmlText":"买买买","listText":"买买买","text":"买买买","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/319032417","repostId":"1118037947","repostType":4,"repost":{"id":"1118037947","kind":"news","pubTimestamp":1611366192,"share":"https://www.laohu8.com/m/news/1118037947?lang=&edition=full","pubTime":"2021-01-23 09:43","market":"hk","language":"zh","title":"熬过疫情,新东方上岸了?","url":"https://stock-news.laohu8.com/highlight/detail?id=1118037947","media":"深燃","summary":"在跌宕起伏的2020年,新东方展示出了一定的防御能力。\n1月22日,新东方公布了2021财年第二季度财报(注:新东方的财年为6月1日至次年5月31日),报告期内,新东方营收8.88亿美元,同比增长13","content":"<p>在跌宕起伏的2020年,<a href=\"https://laohu8.com/S/EDU\">新东方</a>展示出了一定的防御能力。</p>\n<p>1月22日,新东方公布了2021财年第二季度财报(注:新东方的财年为6月1日至次年5月31日),报告期内,新东方营收8.88亿美元,同比增长13.1%,净利润为5390万美元,同比增长0.9%。</p>\n<p>上一季度末,新东方预计本季度总净营收可达到8.637亿美元至8.873亿美元,同比增长10%到13%。由此来看,本季财报几乎是踩在了预期线上。财报发布后,截至当天收盘,股价下跌7.53%,总市值287.8亿美元。</p>\n<p>从营收数据来看,新东方的业务在疫情后有了相对不错的恢复,公司在前两季度营收、净利润双双下滑之后,首次获得双增长。</p>\n<p>2020年,很多线下教育机构倒闭,行业举步维艰,新东方在受挫之后取得了业绩回升,一定程度上证明了老牌机构的管理、品牌和资金优势。</p>\n<p>近年来,新东方在在线教育的炮火中置身事外,走了另一条线上线下融合的OMO之路。不过,短期内维稳有成的OMO模式会助力新东方走出一条新路,还是会被在线教育甩开,还有待验证。</p>\n<p><b>01</b></p>\n<p><b>扛住了疫情,营收利润双增长</b></p>\n<p>2021财年第二季度,新东方营收8.88亿美元,同比增长13.1%,净利润为5390万美元,同比增长0.9%。<b>不过,本季度内,新东方也录得运营亏损3210万美元,而上年同期运营利润2530万美元</b>。</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c34f599eef21b78511da52908f5ac21c\" tg-width=\"1080\" tg-height=\"748\"><span>图中年份为财年 制图 / 深燃</span></p>\n<p></p>\n<p>整体上来看,考虑到疫情因素,新东方业绩不错,疫情后培训业务得到了较好的恢复。</p>\n<p>新东方旗下业务涵盖K12业务、留学考试、留学中介、在线教育等。新东方董事会执行主席俞敏洪表示,本季度新东方净收入符合预期,主要原因是作为主要增长动力的K12中小学全科教育业务,同比大幅增长约26%,其中,中学业务同比增长27%,小学业务同比增长约24%。</p>\n<p>不过<b>,受海外疫情及旅游限制的持续影响,新东方出国考试业务同比下降了29%</b>。</p>\n<p>同时,财报显示,本季度新东方学生报名人数约为418万人,同比上升10.4%。截至2020年11月30日,新东方学校及学习中心总数为1518家,同比增加214家,环比增加46家。</p>\n<p>值得注意的是,新东方近年来的成本也在大大增加。财报中提到,本季度新东方的总运营成本为9.2亿美元,同比增长21.0%。其中,收入成本(主要由教师薪酬、教室租金和教材成本构成)同比增长26.4%,达到4.54亿美元,这主要是由于对教师教学时长增长的补偿增加,以及运营中的学校和学习中心数量增加导致的租金成本增加。一般管理费用也增长13.5%达到了3.33亿美元。</p>\n<p>此外,在营销大战中“没有姓名”的新东方,销售及市场推广费用也达到了1.34亿美元,同比增长23.9%。财报解释这主要是由于增加了许多客户服务代表和市场营销人员,目的是在疫情期间抓住新的市场机会。因而本季度公司的经营亏损达到了3210万美元。</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cc34fef31a2f25b07125c9077b97e867\" tg-width=\"1080\" tg-height=\"692\"><span>图中年份为财年 制图 / 深燃</span></p>\n<p></p>\n<p>对比前几个季度,从2020财年第四季度开始,也就是2020年3月-5月,受疫情影响,新东方营收下降了5.27%,是近年来首个亏损的季度,亏损额为0.16亿美元,同比下降140.12%。</p>\n<p>到了2021财年第一季度,也就是暑期档,新东方营收仍旧是同比下降了9.97%,主要是由于暑假缩短了1-2周,并且疫情使得北京等城市的线下运营被推迟。不过该季度新东方净利润为1.51亿美元,同比下降了25.78%。</p>\n<p>本季度,新东方营收和净利润均有小幅度增长,说明疫情后恢复状况良好。</p>\n<p>文渊智库创始人王超表示,2020年作业帮、猿辅导等巨头吸引了大批资金进入在线教育行业,在广告营销、人才市场都掀起了滔天巨浪,抢人抢地盘,新东方身在行业不能不受到影响,所以新东方的营销成本增长,经营利润变成负数,人力成本支出进一步增加,都是为了在营销广告上不被抛下,留住人才而加大开支。</p>\n<p>“<b>总体上来看,新东方顶住了新兴在线教育公司的猛烈进攻,业绩保持了增长,加大了营销和人力资源支出而不至于让公司太过亏损,表现不错</b>。”王超表示。</p>\n<p><b>02</b></p>\n<p><b>OMO能让新东方攻守自如吗?</b></p>\n<p>近年来,在线教育竞争愈演愈烈,<a href=\"https://laohu8.com/S/01797\">新东方在线</a>独立发展,新东方则专注在线下这块大本营上,另外,在留学业务优势保持的基础上,新东方开始大力推进K12业务的拓展。</p>\n<p>由于没有加入到<a href=\"https://laohu8.com/S/TAL\">好未来</a>、猿辅导等机构的烧钱营销大战中,新东方一直保持了良好的盈利能力。</p>\n<p>但疫情以来,新东方遭受了巨大考验。随之新东方转型线上,稳住用户,经历了两个季度的低迷,本季度呈现出了较好的恢复。也正因此,新东方更加坚定走OMO路线(OMO指的是线上和线下融合)。</p>\n<p>财报显示,在2020年秋季学期,新东方实现了大多数现有城市的全面OMO化,还在20个新拓周边卫星城市推行OMO在线课程,吸引了数量可观的新客户,并在低成本下取得了较高的学生留存率。</p>\n<p>“OMO战略连同本地化和差异化的教学内容,能有效地以较低成本提高报名人数和收入,提高公司长远的盈利能力。”新东方首席执行官周成刚表示,受疫情等不确定因素的影响,中国的教育板块将持续迎来一波市场整合浪潮,为进一步占领市场份额,未来,新东方在继续推行线下扩张计划的同时,将重点投入具备高增长力的OMO战略。</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/27f90e1fa7bbc1c2767d63540626f35d\" tg-width=\"1080\" tg-height=\"771\"><span>来源 / Pexels</span></p>\n<p></p>\n<p>对比新东方和好未来,两家教育公司走出了两条不一样的路径。</p>\n<p>好未来在线下教育的基础上,全力入局在线教育,加入烧钱抢市场大战,而新东方则紧守大本营,主打线上线下融合的OMO模式。</p>\n<p>深燃计算发现,好未来过去四个季度累计营收39.8亿美元,同比增长24.5%,净亏损0.37亿美元,同比下降143%,新东方过去四个季度营收35.95亿美元,同比增长2.8%,净利润3.06亿美元,同比下降20.7%。</p>\n<p>对比不难发现,好未来营收和增速均快于新东方,但其巨额的营收投放抵消掉了大部分利润,企业整体处于亏损状态;新东方营收增速平缓,净利润受疫情影响有所下滑,但仍然保持了不错的盈利能力。</p>\n<p>长期关注教育的慕华资本李恒认为,<b>新东方采取了保守稳妥的防御型策略,以稳固线下为核心,好未来引入了新的线上增长点,要烧钱要增长,反映出线上策略更激进,新东方专注线下更稳妥,投入产出比更高</b>。</p>\n<p>“目前的好未来看中的是市场份额,而新东方看中的是大盘的基本盈利能力。好未来的潜力在于能不能在在线教育的竞争中胜出,保证市场份额不被猿辅导、作业帮、<a href=\"https://laohu8.com/S/GSX\">跟谁学</a>等对手稀释,而新东方如果要维持当前的策略,它的净利润还需要优化。”李恒指出。</p>\n<p>对于坚定走OMO路线的新东方来说,维稳能力基本得到了验证,但是下一步,OMO的更多机会在下沉市场,但下沉市场随着品牌影响力的减弱,线下渠道能够有多大程度的拓展,是其将面临的核心挑战。</p>\n<p>新东方预计,2021财年第三季度营收将达10.99亿美元至11.45亿美元,同比增长19%至24%。近日,疫情再次反复,对教育机构至关重要的寒假档必然造成影响,能不能实现这个目标,就要看新东方OMO模式持续盈利能力如何了。</p>","source":"lsy1598506047654","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" 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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熬过疫情,新东方上岸了?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-01-23 09:43 北京时间 <a href=http://mp.weixin.qq.com/s/zcN_t9o_l43Ka6N7ZJG9iw><strong>深燃</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>在跌宕起伏的2020年,新东方展示出了一定的防御能力。\n1月22日,新东方公布了2021财年第二季度财报(注:新东方的财年为6月1日至次年5月31日),报告期内,新东方营收8.88亿美元,同比增长13.1%,净利润为5390万美元,同比增长0.9%。\n上一季度末,新东方预计本季度总净营收可达到8.637亿美元至8.873亿美元,同比增长10%到13%。由此来看,本季财报几乎是踩在了预期线上。财报...</p>\n\n<a href=\"http://mp.weixin.qq.com/s/zcN_t9o_l43Ka6N7ZJG9iw\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d1b7e4ff9b7d1e9a06239e74255f16af","relate_stocks":{"09901":"新东方-S","EDU":"新东方"},"source_url":"http://mp.weixin.qq.com/s/zcN_t9o_l43Ka6N7ZJG9iw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118037947","content_text":"在跌宕起伏的2020年,新东方展示出了一定的防御能力。\n1月22日,新东方公布了2021财年第二季度财报(注:新东方的财年为6月1日至次年5月31日),报告期内,新东方营收8.88亿美元,同比增长13.1%,净利润为5390万美元,同比增长0.9%。\n上一季度末,新东方预计本季度总净营收可达到8.637亿美元至8.873亿美元,同比增长10%到13%。由此来看,本季财报几乎是踩在了预期线上。财报发布后,截至当天收盘,股价下跌7.53%,总市值287.8亿美元。\n从营收数据来看,新东方的业务在疫情后有了相对不错的恢复,公司在前两季度营收、净利润双双下滑之后,首次获得双增长。\n2020年,很多线下教育机构倒闭,行业举步维艰,新东方在受挫之后取得了业绩回升,一定程度上证明了老牌机构的管理、品牌和资金优势。\n近年来,新东方在在线教育的炮火中置身事外,走了另一条线上线下融合的OMO之路。不过,短期内维稳有成的OMO模式会助力新东方走出一条新路,还是会被在线教育甩开,还有待验证。\n01\n扛住了疫情,营收利润双增长\n2021财年第二季度,新东方营收8.88亿美元,同比增长13.1%,净利润为5390万美元,同比增长0.9%。不过,本季度内,新东方也录得运营亏损3210万美元,而上年同期运营利润2530万美元。\n图中年份为财年 制图 / 深燃\n\n整体上来看,考虑到疫情因素,新东方业绩不错,疫情后培训业务得到了较好的恢复。\n新东方旗下业务涵盖K12业务、留学考试、留学中介、在线教育等。新东方董事会执行主席俞敏洪表示,本季度新东方净收入符合预期,主要原因是作为主要增长动力的K12中小学全科教育业务,同比大幅增长约26%,其中,中学业务同比增长27%,小学业务同比增长约24%。\n不过,受海外疫情及旅游限制的持续影响,新东方出国考试业务同比下降了29%。\n同时,财报显示,本季度新东方学生报名人数约为418万人,同比上升10.4%。截至2020年11月30日,新东方学校及学习中心总数为1518家,同比增加214家,环比增加46家。\n值得注意的是,新东方近年来的成本也在大大增加。财报中提到,本季度新东方的总运营成本为9.2亿美元,同比增长21.0%。其中,收入成本(主要由教师薪酬、教室租金和教材成本构成)同比增长26.4%,达到4.54亿美元,这主要是由于对教师教学时长增长的补偿增加,以及运营中的学校和学习中心数量增加导致的租金成本增加。一般管理费用也增长13.5%达到了3.33亿美元。\n此外,在营销大战中“没有姓名”的新东方,销售及市场推广费用也达到了1.34亿美元,同比增长23.9%。财报解释这主要是由于增加了许多客户服务代表和市场营销人员,目的是在疫情期间抓住新的市场机会。因而本季度公司的经营亏损达到了3210万美元。\n图中年份为财年 制图 / 深燃\n\n对比前几个季度,从2020财年第四季度开始,也就是2020年3月-5月,受疫情影响,新东方营收下降了5.27%,是近年来首个亏损的季度,亏损额为0.16亿美元,同比下降140.12%。\n到了2021财年第一季度,也就是暑期档,新东方营收仍旧是同比下降了9.97%,主要是由于暑假缩短了1-2周,并且疫情使得北京等城市的线下运营被推迟。不过该季度新东方净利润为1.51亿美元,同比下降了25.78%。\n本季度,新东方营收和净利润均有小幅度增长,说明疫情后恢复状况良好。\n文渊智库创始人王超表示,2020年作业帮、猿辅导等巨头吸引了大批资金进入在线教育行业,在广告营销、人才市场都掀起了滔天巨浪,抢人抢地盘,新东方身在行业不能不受到影响,所以新东方的营销成本增长,经营利润变成负数,人力成本支出进一步增加,都是为了在营销广告上不被抛下,留住人才而加大开支。\n“总体上来看,新东方顶住了新兴在线教育公司的猛烈进攻,业绩保持了增长,加大了营销和人力资源支出而不至于让公司太过亏损,表现不错。”王超表示。\n02\nOMO能让新东方攻守自如吗?\n近年来,在线教育竞争愈演愈烈,新东方在线独立发展,新东方则专注在线下这块大本营上,另外,在留学业务优势保持的基础上,新东方开始大力推进K12业务的拓展。\n由于没有加入到好未来、猿辅导等机构的烧钱营销大战中,新东方一直保持了良好的盈利能力。\n但疫情以来,新东方遭受了巨大考验。随之新东方转型线上,稳住用户,经历了两个季度的低迷,本季度呈现出了较好的恢复。也正因此,新东方更加坚定走OMO路线(OMO指的是线上和线下融合)。\n财报显示,在2020年秋季学期,新东方实现了大多数现有城市的全面OMO化,还在20个新拓周边卫星城市推行OMO在线课程,吸引了数量可观的新客户,并在低成本下取得了较高的学生留存率。\n“OMO战略连同本地化和差异化的教学内容,能有效地以较低成本提高报名人数和收入,提高公司长远的盈利能力。”新东方首席执行官周成刚表示,受疫情等不确定因素的影响,中国的教育板块将持续迎来一波市场整合浪潮,为进一步占领市场份额,未来,新东方在继续推行线下扩张计划的同时,将重点投入具备高增长力的OMO战略。\n来源 / Pexels\n\n对比新东方和好未来,两家教育公司走出了两条不一样的路径。\n好未来在线下教育的基础上,全力入局在线教育,加入烧钱抢市场大战,而新东方则紧守大本营,主打线上线下融合的OMO模式。\n深燃计算发现,好未来过去四个季度累计营收39.8亿美元,同比增长24.5%,净亏损0.37亿美元,同比下降143%,新东方过去四个季度营收35.95亿美元,同比增长2.8%,净利润3.06亿美元,同比下降20.7%。\n对比不难发现,好未来营收和增速均快于新东方,但其巨额的营收投放抵消掉了大部分利润,企业整体处于亏损状态;新东方营收增速平缓,净利润受疫情影响有所下滑,但仍然保持了不错的盈利能力。\n长期关注教育的慕华资本李恒认为,新东方采取了保守稳妥的防御型策略,以稳固线下为核心,好未来引入了新的线上增长点,要烧钱要增长,反映出线上策略更激进,新东方专注线下更稳妥,投入产出比更高。\n“目前的好未来看中的是市场份额,而新东方看中的是大盘的基本盈利能力。好未来的潜力在于能不能在在线教育的竞争中胜出,保证市场份额不被猿辅导、作业帮、跟谁学等对手稀释,而新东方如果要维持当前的策略,它的净利润还需要优化。”李恒指出。\n对于坚定走OMO路线的新东方来说,维稳能力基本得到了验证,但是下一步,OMO的更多机会在下沉市场,但下沉市场随着品牌影响力的减弱,线下渠道能够有多大程度的拓展,是其将面临的核心挑战。\n新东方预计,2021财年第三季度营收将达10.99亿美元至11.45亿美元,同比增长19%至24%。近日,疫情再次反复,对教育机构至关重要的寒假档必然造成影响,能不能实现这个目标,就要看新东方OMO模式持续盈利能力如何了。","news_type":1},"isVote":1,"tweetType":1,"viewCount":427,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}