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Terrens
2021-12-12
这篇文章不错,转发给大家看
Lucid等六只股将加入纳指100,有望跑赢大盘
Terrens
2021-11-02
这篇文章不错,转发给大家看
@小虎活动:[Halloween Game] Trade or Treat!
Terrens
2021-10-30
这篇文章不错,转发给大家看
@小虎活动:[Halloween Game] Trade or Treat!
Terrens
2021-06-23
[开心]
抱歉,原内容已删除
Terrens
2021-06-22
[微笑]
抱歉,原内容已删除
Terrens
2021-06-20
[财迷]
抱歉,原内容已删除
Terrens
2021-06-17
[财迷]
美联储点阵图:中位数预期到2023年底美联储将加息两次
Terrens
2021-06-14
[财迷]
风向有变!市场为何突然不怕通胀和央行紧缩了?
Terrens
2021-06-13
[微笑]
抱歉,原内容已删除
Terrens
2021-06-12
[得意]
老虎证券技术副总裁柳锴:技术需始终领先业务半个身位
Terrens
2021-06-10
[财迷]
【异动】零售商板块走高,梅西百货涨超7%
Terrens
2021-06-09
[无语]
抱歉,原内容已删除
Terrens
2021-06-08
[难过]
鸭王江湖再战,周黑鸭胜算几何?
Terrens
2021-06-06
[财迷]
抱歉,原内容已删除
Terrens
2021-06-03
[开心]
时代天使今起招股,一手入场费约34948.66港元
Terrens
2021-06-02
[开心]
抱歉,原内容已删除
Terrens
2021-06-01
[开心]
富时中国A50指数期货开盘跌0.1%
Terrens
2021-05-31
[开心]
抱歉,原内容已删除
Terrens
2021-05-30
[微笑]
抱歉,原内容已删除
Terrens
2021-05-29
[呆住]
抱歉,原内容已删除
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14:45","market":"us","language":"zh","title":"Lucid等六只股将加入纳指100,有望跑赢大盘","url":"https://stock-news.laohu8.com/highlight/detail?id=2190674263","media":"智通财经","summary":"12月18日,纳斯达克100指数将焕然一新,作为年度调整的一部分,Airbnb、Lucid Group、飞塔信息、Palo Alto Networks、Zscaler和Datadog将被纳入纳斯达克1","content":"<p>12月18日,纳斯达克100指数将焕然一新,作为年度调整的一部分,Airbnb、Lucid Group、<a href=\"https://laohu8.com/S/FTNT\">飞塔信息</a>、<a href=\"https://laohu8.com/S/PANW\">Palo Alto Networks</a>、Zscaler和<a href=\"https://laohu8.com/S/DDOG\">Datadog</a>将被纳入纳斯达克100指数。</p>\n<p>这六家公司将取代CDW Crop、福克斯公司、塞纳、Check Point软件、<a href=\"https://laohu8.com/S/TCOM\">携程网</a>和因塞特。</p>\n<p>总体而言,被纳入纳斯达克100指数可以改善企业的流动性,并通过指数基金提供更广泛的投资者兴趣基础。据分析,从宣布前到纳入指数后的5天里,股票平均跑赢大盘1%。从历史上看,在接下来的一年里,它们的表现也优于标普500指数。</p>\n<p>从估值上看,即将加入纳斯达克100指数的6只新成分股价格不菲,只有Palo三年内的市盈率低于50。</p>\n<p><img src=\"https://static.tigerbbs.com/82f146561ec1f93915ab9e5fe0142fe5\" tg-width=\"1280\" tg-height=\"522\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>从资产负债表来看,Lucid债务和股东权益的比例最低。</p>\n<p><img src=\"https://static.tigerbbs.com/eff9462a980435733166700c43b18dee\" tg-width=\"1280\" tg-height=\"474\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>","source":"stock_zhitongcaijing","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>Lucid等六只股将加入纳指100,有望跑赢大盘</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\">\nLucid等六只股将加入纳指100,有望跑赢大盘\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-12 14:45 北京时间 <a href=http://www.zhitongcaijing.com/content/detail/620279.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>12月18日,纳斯达克100指数将焕然一新,作为年度调整的一部分,Airbnb、Lucid Group、飞塔信息、Palo Alto Networks、Zscaler和Datadog将被纳入纳斯达克100指数。\n这六家公司将取代CDW Crop、福克斯公司、塞纳、Check Point软件、携程网和因塞特。\n总体而言,被纳入纳斯达克100指数可以改善企业的流动性,并通过指数基金提供更广泛的投资者...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/620279.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/de0bbe341ac5d74e1a8d74c9ca5de715","relate_stocks":{"QID":"纳指两倍做空ETF","PSQ":"纳指反向ETF","SQQQ":"纳指三倍做空ETF","BK4561":"索罗斯持仓","BK4534":"瑞士信贷持仓","TQQQ":"纳指三倍做多ETF","BK4550":"红杉资本持仓","QLD":"纳指两倍做多ETF","03086":"华夏纳指","QQQ":"纳指100ETF",".IXIC":"NASDAQ Composite"},"source_url":"http://www.zhitongcaijing.com/content/detail/620279.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2190674263","content_text":"12月18日,纳斯达克100指数将焕然一新,作为年度调整的一部分,Airbnb、Lucid Group、飞塔信息、Palo Alto Networks、Zscaler和Datadog将被纳入纳斯达克100指数。\n这六家公司将取代CDW Crop、福克斯公司、塞纳、Check Point软件、携程网和因塞特。\n总体而言,被纳入纳斯达克100指数可以改善企业的流动性,并通过指数基金提供更广泛的投资者兴趣基础。据分析,从宣布前到纳入指数后的5天里,股票平均跑赢大盘1%。从历史上看,在接下来的一年里,它们的表现也优于标普500指数。\n从估值上看,即将加入纳斯达克100指数的6只新成分股价格不菲,只有Palo三年内的市盈率低于50。\n\n从资产负债表来看,Lucid债务和股东权益的比例最低。","news_type":1},"isVote":1,"tweetType":1,"viewCount":837,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":843877568,"gmtCreate":1635820738883,"gmtModify":1635820738986,"author":{"id":"3571363097076123","authorId":"3571363097076123","name":"Terrens","avatar":"https://static.tigerbbs.com/3de224a4ccb02f0dbcea7ad782bfd855","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"这篇文章不错,转发给大家看","listText":"这篇文章不错,转发给大家看","text":"这篇文章不错,转发给大家看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":81,"repostSize":0,"link":"https://laohu8.com/post/843877568","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/4f487d6799e86204e80dfde72e6040c0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap here to play the Halloween game, and you stand a chance to win various rewards! </a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap here to play the Halloween game, and you stand a chance to win various rewards! </a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":957,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":840964614,"gmtCreate":1635576680497,"gmtModify":1635576680585,"author":{"id":"3571363097076123","authorId":"3571363097076123","name":"Terrens","avatar":"https://static.tigerbbs.com/3de224a4ccb02f0dbcea7ad782bfd855","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"这篇文章不错,转发给大家看","listText":"这篇文章不错,转发给大家看","text":"这篇文章不错,转发给大家看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/840964614","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/4f487d6799e86204e80dfde72e6040c0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap here to play the Halloween game, and you stand a chance to win various rewards! </a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap here to play the Halloween game, and you stand a chance to win various rewards! </a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":552,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":123838769,"gmtCreate":1624415006651,"gmtModify":1631891512705,"author":{"id":"3571363097076123","authorId":"3571363097076123","name":"Terrens","avatar":"https://static.tigerbbs.com/3de224a4ccb02f0dbcea7ad782bfd855","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[开心] ","listText":"[开心] 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","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/120603181","repostId":"2145603199","repostType":4,"isVote":1,"tweetType":1,"viewCount":748,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":165596696,"gmtCreate":1624150424715,"gmtModify":1631891512735,"author":{"id":"3571363097076123","authorId":"3571363097076123","name":"Terrens","avatar":"https://static.tigerbbs.com/3de224a4ccb02f0dbcea7ad782bfd855","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[财迷] ","listText":"[财迷] ","text":"[财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/165596696","repostId":"2144170319","repostType":4,"isVote":1,"tweetType":1,"viewCount":1216,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":163842848,"gmtCreate":1623878319784,"gmtModify":1631892689714,"author":{"id":"3571363097076123","authorId":"3571363097076123","name":"Terrens","avatar":"https://static.tigerbbs.com/3de224a4ccb02f0dbcea7ad782bfd855","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[财迷] ","listText":"[财迷] ","text":"[财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/163842848","repostId":"1109204514","repostType":4,"repost":{"id":"1109204514","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":1623866545,"share":"https://www.laohu8.com/m/news/1109204514?lang=&edition=full","pubTime":"2021-06-17 02:02","market":"hk","language":"zh","title":"美联储点阵图:中位数预期到2023年底美联储将加息两次","url":"https://stock-news.laohu8.com/highlight/detail?id=1109204514","media":"老虎资讯综合","summary":"虽然依然保持近零利率和QE购债规模不变,但本周美联储会议释放了两年后、即2023年较有可能加息不止一次的明显信号。\n美东时间6月16日周三,美联储会后公布,联储货币政策委员会FOMC的委员一致同意,将","content":"<p>虽然依然保持近零利率和QE购债规模不变,但本周美联储会议释放了两年后、即2023年较有可能加息不止一次的明显信号。</p> \n<p>美东时间6月16日周三,美联储会后公布,联储货币政策委员会FOMC的委员一致同意,将政策利率联邦基金利率的目标水平保持在0-0.25%不变,符合市场预期,同时将超额准备金利率(IOER)和贴现利率仍分别维持在0.10%和0.25%。</p> \n<p>和前八次会后声明一样,美联储继续承诺,将为了支持美国经济而运用联储“所有范围”的政策工具。</p> \n<p>会后公布的点阵图显示,和今年3月上次发布的点阵图一样,所有美联储官员均预计今年利率保持不变,在2023年之后的更长时间内,多数联储官员预计利率会升至2.5%,高于联储长期目标2%。不同于上次点阵图的是:</p> \n<ul> \n <li>在18名发布预期的官员中,<b>本次有7人预计2022年将加息</b>,比上次这样预期的人数多3人,<b>人数占比将近40%。</b></li> \n <li>本次18人中有<b>13人预计2023年会加息,人数占比超过72%</b>,比上次预期2023年加息者多6人<b>。</b></li> \n <li><b>在预计2023年加息的这13人中,有11人预计届时利率将超过0.5%,</b>人数<b>占比超过61%</b>,比上次这样预期者多5人,<b>预计届时利率超过1%的有5人</b>,比上次这样预期者多3人,人数<b>占比将近30%</b>。</li> \n</ul> \n<p>这意味着,<b>若一次加息25个基点</b>,那么,<b>本次有六成以上的多数官员都预计,到2023年末,美联储将在当前基础上至少两次加息</b>。</p> \n<p>在美东下午2点FOMC决策公布后,10年期美债收益率升破1.50%和1.51%两道关口,日内转涨并升近2个基点。美股跌幅扩大,道指跌近370点或超1%,标普500指数跌近1%,纳指跌0.7%。5分钟后,道指跌幅小幅收窄至285点,标普500指数和纳指均跌0.7%。金银跳水,现货黄金日内重新下跌0.5%并失守1850美元,短线跌超10美元。比特币跌幅收窄,重回3.9万美元上方,美元指数升破90.70和90.80两道关口,刷新一个月高位。</p> \n<p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>美联储点阵图:中位数预期到2023年底美联储将加息两次</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美联储点阵图:中位数预期到2023年底美联储将加息两次\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\">2021-06-17 02:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>虽然依然保持近零利率和QE购债规模不变,但本周美联储会议释放了两年后、即2023年较有可能加息不止一次的明显信号。</p> \n<p>美东时间6月16日周三,美联储会后公布,联储货币政策委员会FOMC的委员一致同意,将政策利率联邦基金利率的目标水平保持在0-0.25%不变,符合市场预期,同时将超额准备金利率(IOER)和贴现利率仍分别维持在0.10%和0.25%。</p> \n<p>和前八次会后声明一样,美联储继续承诺,将为了支持美国经济而运用联储“所有范围”的政策工具。</p> \n<p>会后公布的点阵图显示,和今年3月上次发布的点阵图一样,所有美联储官员均预计今年利率保持不变,在2023年之后的更长时间内,多数联储官员预计利率会升至2.5%,高于联储长期目标2%。不同于上次点阵图的是:</p> \n<ul> \n <li>在18名发布预期的官员中,<b>本次有7人预计2022年将加息</b>,比上次这样预期的人数多3人,<b>人数占比将近40%。</b></li> \n <li>本次18人中有<b>13人预计2023年会加息,人数占比超过72%</b>,比上次预期2023年加息者多6人<b>。</b></li> \n <li><b>在预计2023年加息的这13人中,有11人预计届时利率将超过0.5%,</b>人数<b>占比超过61%</b>,比上次这样预期者多5人,<b>预计届时利率超过1%的有5人</b>,比上次这样预期者多3人,人数<b>占比将近30%</b>。</li> \n</ul> \n<p>这意味着,<b>若一次加息25个基点</b>,那么,<b>本次有六成以上的多数官员都预计,到2023年末,美联储将在当前基础上至少两次加息</b>。</p> \n<p>在美东下午2点FOMC决策公布后,10年期美债收益率升破1.50%和1.51%两道关口,日内转涨并升近2个基点。美股跌幅扩大,道指跌近370点或超1%,标普500指数跌近1%,纳指跌0.7%。5分钟后,道指跌幅小幅收窄至285点,标普500指数和纳指均跌0.7%。金银跳水,现货黄金日内重新下跌0.5%并失守1850美元,短线跌超10美元。比特币跌幅收窄,重回3.9万美元上方,美元指数升破90.70和90.80两道关口,刷新一个月高位。</p> \n<p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6a1de7aced7748879f251930783a3cb1","relate_stocks":{".DJI":"道琼斯"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109204514","content_text":"虽然依然保持近零利率和QE购债规模不变,但本周美联储会议释放了两年后、即2023年较有可能加息不止一次的明显信号。\n美东时间6月16日周三,美联储会后公布,联储货币政策委员会FOMC的委员一致同意,将政策利率联邦基金利率的目标水平保持在0-0.25%不变,符合市场预期,同时将超额准备金利率(IOER)和贴现利率仍分别维持在0.10%和0.25%。\n和前八次会后声明一样,美联储继续承诺,将为了支持美国经济而运用联储“所有范围”的政策工具。\n会后公布的点阵图显示,和今年3月上次发布的点阵图一样,所有美联储官员均预计今年利率保持不变,在2023年之后的更长时间内,多数联储官员预计利率会升至2.5%,高于联储长期目标2%。不同于上次点阵图的是:\n\n在18名发布预期的官员中,本次有7人预计2022年将加息,比上次这样预期的人数多3人,人数占比将近40%。\n本次18人中有13人预计2023年会加息,人数占比超过72%,比上次预期2023年加息者多6人。\n在预计2023年加息的这13人中,有11人预计届时利率将超过0.5%,人数占比超过61%,比上次这样预期者多5人,预计届时利率超过1%的有5人,比上次这样预期者多3人,人数占比将近30%。\n\n这意味着,若一次加息25个基点,那么,本次有六成以上的多数官员都预计,到2023年末,美联储将在当前基础上至少两次加息。\n在美东下午2点FOMC决策公布后,10年期美债收益率升破1.50%和1.51%两道关口,日内转涨并升近2个基点。美股跌幅扩大,道指跌近370点或超1%,标普500指数跌近1%,纳指跌0.7%。5分钟后,道指跌幅小幅收窄至285点,标普500指数和纳指均跌0.7%。金银跳水,现货黄金日内重新下跌0.5%并失守1850美元,短线跌超10美元。比特币跌幅收窄,重回3.9万美元上方,美元指数升破90.70和90.80两道关口,刷新一个月高位。","news_type":1},"isVote":1,"tweetType":1,"viewCount":537,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":182768448,"gmtCreate":1623621374384,"gmtModify":1631892689736,"author":{"id":"3571363097076123","authorId":"3571363097076123","name":"Terrens","avatar":"https://static.tigerbbs.com/3de224a4ccb02f0dbcea7ad782bfd855","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[财迷] ","listText":"[财迷] ","text":"[财迷]","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":2,"commentSize":18,"repostSize":0,"link":"https://laohu8.com/post/182768448","repostId":"1117786168","repostType":4,"repost":{"id":"1117786168","weMediaInfo":{"introduction":"追踪全球财经热点,精选影响您财富的资讯,投资理财必备神器!","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1623566813,"share":"https://www.laohu8.com/m/news/1117786168?lang=&edition=full","pubTime":"2021-06-13 14:46","market":"us","language":"zh","title":"风向有变!市场为何突然不怕通胀和央行紧缩了?","url":"https://stock-news.laohu8.com/highlight/detail?id=1117786168","media":"华尔街见闻","summary":"市场相信央行不会在这种特殊的通胀结构下提前紧缩。","content":"<p>作者:张泽一</p>\n<p>美国通胀数据创下2008年以来的新高,但市场画风却不一样了,投资者疯狂涌入美国国债市场,美股也在持续上涨...到底是怎么了?通胀爆表也不担心央行紧缩了?</p>\n<p><b>发生了什么?</b></p>\n<p>华尔街见闻此前报道,美国五月CPI同比大涨5%,预期值仅为4.7%,增速创下2008年8月以来最高值,扣除食品和能源的核心CPI同比增长3.8%,增速创下1992年以来的新高。</p>\n<p><img src=\"https://static.tigerbbs.com/5b94b4808fd4216c379450dd16bab979\" tg-width=\"640\" tg-height=\"391\" referrerpolicy=\"no-referrer\"></p>\n<p>但市场反映却并没有像3月一样恐慌:十年期美债收益率本周下跌10个BP至1.45%,刷新自去年6月以来的最大周度跌幅,而且是连跌四周。美债收益率曲线也越来越平坦,两年期和十年期之间国债收益率价差创今年2月来新低。</p>\n<p><img src=\"https://static.tigerbbs.com/40460695fe7a71d74ffc3330453d974b\" tg-width=\"625\" tg-height=\"339\" referrerpolicy=\"no-referrer\"></p>\n<p>另外,在美股市场上,科技股又卷土重来。纳指5个交易日内上涨1.8%,且为连续第4周上涨,今年来收益超过9%,标普500上涨至5月初以来的首个历史高点,FAANG本周上涨0.6%,而价值股表现暗淡,银行股本周下跌2.4%。</p>\n<p><img src=\"https://static.tigerbbs.com/7d8a75017ff850dc25c978779cb8289a\" tg-width=\"640\" tg-height=\"448\" referrerpolicy=\"no-referrer\">更值得关注的是,十年期通胀预期录得2020年4月以来最大周跌幅,下跌了8个BP至2.34%,该指标经常被视为预期通胀率的衡量指标,取的是国债和通胀保值债券(TIPS)的收益率之差。</p>\n<p><img src=\"https://static.tigerbbs.com/d4beaee579cb0afa605b60b3d8aa7fe1\" tg-width=\"625\" tg-height=\"383\" referrerpolicy=\"no-referrer\"></p>\n<p><b>通胀担忧怎么突然就消退了?</b></p>\n<p>通胀指标确实爆表了,但市场表现以及通胀预期的下降实实在在的反映了当前的市场心理:美联储或许说的没错,通胀只是暂时的,紧缩暂时也没必要。</p>\n<p>或许换句话来说更好理解:不是市场不担心通胀了,而是不担心这种结构的通胀会引发美联储提前紧缩了。</p>\n<p><b>首先美国通胀或将持续维持高位。</b></p>\n<p>如果将本次通胀大涨分拆来看的话,可以看到交运和住房分项对CPI的环比贡献持续上升。其中交运中又以汽车价格上行贡献了主要涨幅,这体现了缺芯的影响仍在持续;另一方面住房分项又以租金为代表,体现了劳动力回流大城市工作的影响。这些现象短期内恐难以消退。</p>\n<p><img src=\"https://static.tigerbbs.com/133dd860cd82af3ef62b03a0fd429c7e\" tg-width=\"640\" tg-height=\"266\" referrerpolicy=\"no-referrer\"></p>\n<p>美国经济复苏结构也由前期的商品消费转移至服务消费,这可以从美国酒店业、餐饮服务业的复苏观察到:例如5月ISM服务业指数录得64,创下历史新高;小非农ADP中就业人数增加97.8万,而服务业提供了85万个工作岗位。</p>\n<p>但这也加剧了美国劳动力供需错配的问题,华尔街见闻此前报道,美国企业及政府单位发布的空缺岗位创下历史新高,达到930万个,但实际到岗的人数远远不足。这似乎证明了美国政府此前大规模发钱导致失业员工“不愿回去工作”,从而导致劳动力供需错配,更加剧了“工资通胀”压力。</p>\n<p><b>因此这种结构的通胀不会引发美联储紧缩。</b></p>\n<p>根据美联储对政策框架的调整,就业目标的优先顺序要显著高于通胀,当前“弱就业+高通胀”的组合并不会使得美联储释放收紧信号。尤其是在上周欧洲央行利率会议上,提高了经济增长和通胀水平的预测,并承诺加速购债速度后,市场对于美联储收紧的预期再度降低。</p>\n<p>另一个猜想:美债收益率与通胀的传导链被切断了</p>\n<p>华尔街见闻此前就有过分析,当市场上风险资产、避险资产一起上涨,背后的逻辑大概率就是钱太多,同时通胀走高到美债收益率走高的逻辑链条暂时被切断了。</p>\n<p>我们再复述一遍通胀-收益率传导链:</p>\n<p>通胀走高=>资本收益率走高=>资本需求扩大=>资金供求平衡改变=>资金供给预期变紧=>资金成本上行=>无风险利率抬升(美债收益率走高)。</p>\n<p>由于美联储货币政策收紧对于通胀已处于“狼来了”的麻木状态,使得市场对资金供给变紧的预期难以实现(甚至还在变松),切断了通胀走高到收益率走高的传导链,导致美国通胀和美债收益率出现背离。</p>\n<p><b>未来怎么看?</b></p>\n<p>正如上文所述,就业是对美联储衡量其政策的一个重要指标。未来美国劳动力市场能否如期改善将很大程度上决定了市场对于美国经济、以及美联储政策的判断。</p>\n<p>其次,当前美国流动性可能确实比较泛滥,一些机构很可能同时增加了对长短端美债的需求,进而压低了利率水平。因此美国财政部的发债节奏也很可能对债券市场造成扰动。</p>\n<p>最后,虽然市场一致认为美联储不会因为现状而改变其立场,但凡事无绝对,美联储官员也有在暗示要开始讨论缩减购债计划,因此下周的议息会议就是一个很重要的观察窗口。</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>风向有变!市场为何突然不怕通胀和央行紧缩了?</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; 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}\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风向有变!市场为何突然不怕通胀和央行紧缩了?\n</h2>\n\n<h4 class=\"meta\">\n\n2021-06-13 14:46 北京时间 <strong>华尔街见闻</strong>\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者:张泽一\n美国通胀数据创下2008年以来的新高,但市场画风却不一样了,投资者疯狂涌入美国国债市场,美股也在持续上涨...到底是怎么了?通胀爆表也不担心央行紧缩了?\n发生了什么?\n华尔街见闻此前报道,美国五月CPI同比大涨5%,预期值仅为4.7%,增速创下2008年8月以来最高值,扣除食品和能源的核心CPI同比增长3.8%,增速创下1992年以来的新高。\n\n但市场反映却并没有像3月一样恐慌:十年...</p>\n\n<a href=\"None\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0f9e9a265cb0e7e8cb195039b2fe24a4","relate_stocks":{".DJI":"道琼斯"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117786168","content_text":"作者:张泽一\n美国通胀数据创下2008年以来的新高,但市场画风却不一样了,投资者疯狂涌入美国国债市场,美股也在持续上涨...到底是怎么了?通胀爆表也不担心央行紧缩了?\n发生了什么?\n华尔街见闻此前报道,美国五月CPI同比大涨5%,预期值仅为4.7%,增速创下2008年8月以来最高值,扣除食品和能源的核心CPI同比增长3.8%,增速创下1992年以来的新高。\n\n但市场反映却并没有像3月一样恐慌:十年期美债收益率本周下跌10个BP至1.45%,刷新自去年6月以来的最大周度跌幅,而且是连跌四周。美债收益率曲线也越来越平坦,两年期和十年期之间国债收益率价差创今年2月来新低。\n\n另外,在美股市场上,科技股又卷土重来。纳指5个交易日内上涨1.8%,且为连续第4周上涨,今年来收益超过9%,标普500上涨至5月初以来的首个历史高点,FAANG本周上涨0.6%,而价值股表现暗淡,银行股本周下跌2.4%。\n更值得关注的是,十年期通胀预期录得2020年4月以来最大周跌幅,下跌了8个BP至2.34%,该指标经常被视为预期通胀率的衡量指标,取的是国债和通胀保值债券(TIPS)的收益率之差。\n\n通胀担忧怎么突然就消退了?\n通胀指标确实爆表了,但市场表现以及通胀预期的下降实实在在的反映了当前的市场心理:美联储或许说的没错,通胀只是暂时的,紧缩暂时也没必要。\n或许换句话来说更好理解:不是市场不担心通胀了,而是不担心这种结构的通胀会引发美联储提前紧缩了。\n首先美国通胀或将持续维持高位。\n如果将本次通胀大涨分拆来看的话,可以看到交运和住房分项对CPI的环比贡献持续上升。其中交运中又以汽车价格上行贡献了主要涨幅,这体现了缺芯的影响仍在持续;另一方面住房分项又以租金为代表,体现了劳动力回流大城市工作的影响。这些现象短期内恐难以消退。\n\n美国经济复苏结构也由前期的商品消费转移至服务消费,这可以从美国酒店业、餐饮服务业的复苏观察到:例如5月ISM服务业指数录得64,创下历史新高;小非农ADP中就业人数增加97.8万,而服务业提供了85万个工作岗位。\n但这也加剧了美国劳动力供需错配的问题,华尔街见闻此前报道,美国企业及政府单位发布的空缺岗位创下历史新高,达到930万个,但实际到岗的人数远远不足。这似乎证明了美国政府此前大规模发钱导致失业员工“不愿回去工作”,从而导致劳动力供需错配,更加剧了“工资通胀”压力。\n因此这种结构的通胀不会引发美联储紧缩。\n根据美联储对政策框架的调整,就业目标的优先顺序要显著高于通胀,当前“弱就业+高通胀”的组合并不会使得美联储释放收紧信号。尤其是在上周欧洲央行利率会议上,提高了经济增长和通胀水平的预测,并承诺加速购债速度后,市场对于美联储收紧的预期再度降低。\n另一个猜想:美债收益率与通胀的传导链被切断了\n华尔街见闻此前就有过分析,当市场上风险资产、避险资产一起上涨,背后的逻辑大概率就是钱太多,同时通胀走高到美债收益率走高的逻辑链条暂时被切断了。\n我们再复述一遍通胀-收益率传导链:\n通胀走高=>资本收益率走高=>资本需求扩大=>资金供求平衡改变=>资金供给预期变紧=>资金成本上行=>无风险利率抬升(美债收益率走高)。\n由于美联储货币政策收紧对于通胀已处于“狼来了”的麻木状态,使得市场对资金供给变紧的预期难以实现(甚至还在变松),切断了通胀走高到收益率走高的传导链,导致美国通胀和美债收益率出现背离。\n未来怎么看?\n正如上文所述,就业是对美联储衡量其政策的一个重要指标。未来美国劳动力市场能否如期改善将很大程度上决定了市场对于美国经济、以及美联储政策的判断。\n其次,当前美国流动性可能确实比较泛滥,一些机构很可能同时增加了对长短端美债的需求,进而压低了利率水平。因此美国财政部的发债节奏也很可能对债券市场造成扰动。\n最后,虽然市场一致认为美联储不会因为现状而改变其立场,但凡事无绝对,美联储官员也有在暗示要开始讨论缩减购债计划,因此下周的议息会议就是一个很重要的观察窗口。","news_type":1},"isVote":1,"tweetType":1,"viewCount":624,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":186470078,"gmtCreate":1623538085194,"gmtModify":1631892689749,"author":{"id":"3571363097076123","authorId":"3571363097076123","name":"Terrens","avatar":"https://static.tigerbbs.com/3de224a4ccb02f0dbcea7ad782bfd855","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[微笑] 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","text":"[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":8,"repostSize":0,"link":"https://laohu8.com/post/186622444","repostId":"1176185879","repostType":4,"repost":{"id":"1176185879","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":1623482219,"share":"https://www.laohu8.com/m/news/1176185879?lang=&edition=full","pubTime":"2021-06-12 15:16","market":"us","language":"zh","title":"老虎证券技术副总裁柳锴:技术需始终领先业务半个身位","url":"https://stock-news.laohu8.com/highlight/detail?id=1176185879","media":"老虎资讯综合","summary":"【正在直播】老虎7周年Open Day\n科技如何让投资更美好?6月12日的老虎证券七周年OPEN DAY上,老虎证券技术副总裁柳锴分享了老虎证券作为领先互联网券商的技术发展,并提出券商要实现差异化竞争","content":"<p><a href=\"https://laohu8.com/RN?name=RNLive&rndata=%7B%22liveId%22:%2216226253307800%22%7D&feature=Push\" target=\"_blank\"><b>【正在直播】老虎7周年Open Day</b></a></p>\n<p>科技如何让投资更美好?6月12日的老虎证券七周年OPEN DAY上,老虎证券技术副总裁柳锴分享了老虎证券作为领先互联网券商的技术发展,并提出券商要实现差异化竞争,“技术需始终领先业务半个身位”。</p>\n<p><img src=\"https://static.tigerbbs.com/db803d13a1f9a9c334aa331ae8a5a1c9\" tg-width=\"1080\" tg-height=\"1527\" referrerpolicy=\"no-referrer\"></p>\n<p> “从去年美股史诗级熔断、原油破天荒跌破负数到今年散户抱团大战华尔街,剧烈震动的行情对于整个券商行业来说都是挑战,尤其是系统承载能力、稳定性等方面。”柳锴说。</p>\n<p> “是否能应对高并发场景、每个行情请求的响应时长有多少、交易订单的处理速度有多快等因素都与交易体验直接相关。交易用的是真金白银,所以券商技术系统极其重要。”柳锴表示,老虎证券一直以来死磕技术,不断优化自研底层,一方面构建了一整套稳定性保障方案,对极端行情场景提前制定预案,以保障系统的高可用性。另一方面,公司加速推进包括自清算在内的基础建设研发和迭代,提升系统扩展性和清结算能力,今年以来交易容量提升5倍以上。</p>\n<p> 在柳锴看来,随着券商竞争进入下半局,是否自主掌握底层技术将是接下来的关键赛点。其在现场透露,老虎证券即将上线期权组合交易功能,进一步满足高阶期权玩家多样化交易需求。</p>\n<p> “互联网券商是金融和技术的深度融合。和所有行业一样,互联网券商技术研发的前提是对用户痛点和需求有深刻的理解。”柳锴表示,在深挖用户需求的基础上,产研团队还需精准把握未来投资趋势和技术发展模式,“老虎证券未来要做到系统更稳、交易速度更快、支持交易类型更多、用户体验更好以及用户交易成本更低。”</p>\n<p> 谈及如何从技术侧加速国际化布局,柳锴透露老虎证券目前正在大力推进中台建设。通过建立集中统一的数据中台、技术中台和增长中台,不同市场可将技术和商业化经验快速共享、复制及验证,提高产研和本地化运营效率。</p>\n<p> “老虎证券正在国际化、全球化。随着版图的扩大,竞争自然也会多一些,但我们相信老虎证券有很强的技术能力和用户场景把控能力,未来我们也会不遗余力地持续夯实研发基础,继续走在行业前端。”柳锴说。</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>老虎证券技术副总裁柳锴:技术需始终领先业务半个身位</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{ 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class=\"title\">\n老虎证券技术副总裁柳锴:技术需始终领先业务半个身位\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\">2021-06-12 15:16</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><a href=\"https://laohu8.com/RN?name=RNLive&rndata=%7B%22liveId%22:%2216226253307800%22%7D&feature=Push\" target=\"_blank\"><b>【正在直播】老虎7周年Open Day</b></a></p>\n<p>科技如何让投资更美好?6月12日的老虎证券七周年OPEN DAY上,老虎证券技术副总裁柳锴分享了老虎证券作为领先互联网券商的技术发展,并提出券商要实现差异化竞争,“技术需始终领先业务半个身位”。</p>\n<p><img src=\"https://static.tigerbbs.com/db803d13a1f9a9c334aa331ae8a5a1c9\" tg-width=\"1080\" tg-height=\"1527\" referrerpolicy=\"no-referrer\"></p>\n<p> “从去年美股史诗级熔断、原油破天荒跌破负数到今年散户抱团大战华尔街,剧烈震动的行情对于整个券商行业来说都是挑战,尤其是系统承载能力、稳定性等方面。”柳锴说。</p>\n<p> “是否能应对高并发场景、每个行情请求的响应时长有多少、交易订单的处理速度有多快等因素都与交易体验直接相关。交易用的是真金白银,所以券商技术系统极其重要。”柳锴表示,老虎证券一直以来死磕技术,不断优化自研底层,一方面构建了一整套稳定性保障方案,对极端行情场景提前制定预案,以保障系统的高可用性。另一方面,公司加速推进包括自清算在内的基础建设研发和迭代,提升系统扩展性和清结算能力,今年以来交易容量提升5倍以上。</p>\n<p> 在柳锴看来,随着券商竞争进入下半局,是否自主掌握底层技术将是接下来的关键赛点。其在现场透露,老虎证券即将上线期权组合交易功能,进一步满足高阶期权玩家多样化交易需求。</p>\n<p> “互联网券商是金融和技术的深度融合。和所有行业一样,互联网券商技术研发的前提是对用户痛点和需求有深刻的理解。”柳锴表示,在深挖用户需求的基础上,产研团队还需精准把握未来投资趋势和技术发展模式,“老虎证券未来要做到系统更稳、交易速度更快、支持交易类型更多、用户体验更好以及用户交易成本更低。”</p>\n<p> 谈及如何从技术侧加速国际化布局,柳锴透露老虎证券目前正在大力推进中台建设。通过建立集中统一的数据中台、技术中台和增长中台,不同市场可将技术和商业化经验快速共享、复制及验证,提高产研和本地化运营效率。</p>\n<p> “老虎证券正在国际化、全球化。随着版图的扩大,竞争自然也会多一些,但我们相信老虎证券有很强的技术能力和用户场景把控能力,未来我们也会不遗余力地持续夯实研发基础,继续走在行业前端。”柳锴说。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/44d6afe93fb11279b2ba9ac83bf62c23","relate_stocks":{"TIGR":"老虎证券"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176185879","content_text":"【正在直播】老虎7周年Open Day\n科技如何让投资更美好?6月12日的老虎证券七周年OPEN DAY上,老虎证券技术副总裁柳锴分享了老虎证券作为领先互联网券商的技术发展,并提出券商要实现差异化竞争,“技术需始终领先业务半个身位”。\n\n “从去年美股史诗级熔断、原油破天荒跌破负数到今年散户抱团大战华尔街,剧烈震动的行情对于整个券商行业来说都是挑战,尤其是系统承载能力、稳定性等方面。”柳锴说。\n “是否能应对高并发场景、每个行情请求的响应时长有多少、交易订单的处理速度有多快等因素都与交易体验直接相关。交易用的是真金白银,所以券商技术系统极其重要。”柳锴表示,老虎证券一直以来死磕技术,不断优化自研底层,一方面构建了一整套稳定性保障方案,对极端行情场景提前制定预案,以保障系统的高可用性。另一方面,公司加速推进包括自清算在内的基础建设研发和迭代,提升系统扩展性和清结算能力,今年以来交易容量提升5倍以上。\n 在柳锴看来,随着券商竞争进入下半局,是否自主掌握底层技术将是接下来的关键赛点。其在现场透露,老虎证券即将上线期权组合交易功能,进一步满足高阶期权玩家多样化交易需求。\n “互联网券商是金融和技术的深度融合。和所有行业一样,互联网券商技术研发的前提是对用户痛点和需求有深刻的理解。”柳锴表示,在深挖用户需求的基础上,产研团队还需精准把握未来投资趋势和技术发展模式,“老虎证券未来要做到系统更稳、交易速度更快、支持交易类型更多、用户体验更好以及用户交易成本更低。”\n 谈及如何从技术侧加速国际化布局,柳锴透露老虎证券目前正在大力推进中台建设。通过建立集中统一的数据中台、技术中台和增长中台,不同市场可将技术和商业化经验快速共享、复制及验证,提高产研和本地化运营效率。\n “老虎证券正在国际化、全球化。随着版图的扩大,竞争自然也会多一些,但我们相信老虎证券有很强的技术能力和用户场景把控能力,未来我们也会不遗余力地持续夯实研发基础,继续走在行业前端。”柳锴说。","news_type":1},"isVote":1,"tweetType":1,"viewCount":469,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":189264511,"gmtCreate":1623277396633,"gmtModify":1631892689773,"author":{"id":"3571363097076123","authorId":"3571363097076123","name":"Terrens","avatar":"https://static.tigerbbs.com/3de224a4ccb02f0dbcea7ad782bfd855","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[财迷] ","listText":"[财迷] ","text":"[财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":11,"repostSize":0,"link":"https://laohu8.com/post/189264511","repostId":"1153822469","repostType":4,"repost":{"id":"1153822469","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":1623251595,"share":"https://www.laohu8.com/m/news/1153822469?lang=&edition=full","pubTime":"2021-06-09 23:13","market":"us","language":"zh","title":"【异动】零售商板块走高,梅西百货涨超7%","url":"https://stock-news.laohu8.com/highlight/detail?id=1153822469","media":"老虎资讯综合","summary":"6月9日,美股零售商板块盘中走高,梅西百货涨超7%,狄乐百货、诺德斯特龙涨超2%。据成交数据显示,不久前有共38万股多笔大单买入梅西百货。\n6月7日梅西百货公布财报,公告显示公司2022财年第一财季归","content":"<p>6月9日,美股零售商板块盘中走高,<a href=\"https://laohu8.com/S/M\">梅西百货</a>涨超7%,<a href=\"https://laohu8.com/S/DDS\">狄乐百货</a>、<a href=\"https://laohu8.com/S/JWN\">诺德斯特龙</a>涨超2%。据成交数据显示,不久前有共38万股多笔大单买入梅西百货。</p>\n<p>6月7日梅西百货公布财报,公告显示公司2022财年第一财季归属于母公司普通股股东净利润为1.03亿美元,同比增长102.88%;营业收入为48.65亿美元,同比上涨54.54%。</p>\n<p><img src=\"https://static.tigerbbs.com/90867583067b4e9e8da34b59d8cfeefd\" tg-width=\"840\" tg-height=\"470\" 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>【异动】零售商板块走高,梅西百货涨超7%</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【异动】零售商板块走高,梅西百货涨超7%\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\">2021-06-09 23:13</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>6月9日,美股零售商板块盘中走高,<a href=\"https://laohu8.com/S/M\">梅西百货</a>涨超7%,<a href=\"https://laohu8.com/S/DDS\">狄乐百货</a>、<a href=\"https://laohu8.com/S/JWN\">诺德斯特龙</a>涨超2%。据成交数据显示,不久前有共38万股多笔大单买入梅西百货。</p>\n<p>6月7日梅西百货公布财报,公告显示公司2022财年第一财季归属于母公司普通股股东净利润为1.03亿美元,同比增长102.88%;营业收入为48.65亿美元,同比上涨54.54%。</p>\n<p><img src=\"https://static.tigerbbs.com/90867583067b4e9e8da34b59d8cfeefd\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5dff4f51380338d4e15eb6131b46e8f8","relate_stocks":{"M":"梅西百货"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153822469","content_text":"6月9日,美股零售商板块盘中走高,梅西百货涨超7%,狄乐百货、诺德斯特龙涨超2%。据成交数据显示,不久前有共38万股多笔大单买入梅西百货。\n6月7日梅西百货公布财报,公告显示公司2022财年第一财季归属于母公司普通股股东净利润为1.03亿美元,同比增长102.88%;营业收入为48.65亿美元,同比上涨54.54%。","news_type":1},"isVote":1,"tweetType":1,"viewCount":319,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":180652077,"gmtCreate":1623202956699,"gmtModify":1631892689785,"author":{"id":"3571363097076123","authorId":"3571363097076123","name":"Terrens","avatar":"https://static.tigerbbs.com/3de224a4ccb02f0dbcea7ad782bfd855","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[无语] ","listText":"[无语] ","text":"[无语]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/180652077","repostId":"2142293923","repostType":4,"isVote":1,"tweetType":1,"viewCount":578,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":117350265,"gmtCreate":1623118292157,"gmtModify":1631892689797,"author":{"id":"3571363097076123","authorId":"3571363097076123","name":"Terrens","avatar":"https://static.tigerbbs.com/3de224a4ccb02f0dbcea7ad782bfd855","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[难过] ","listText":"[难过] ","text":"[难过]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":10,"repostSize":0,"link":"https://laohu8.com/post/117350265","repostId":"1120726295","repostType":4,"repost":{"id":"1120726295","weMediaInfo":{"introduction":"格隆汇旗下公众号。分享和探讨港股、美国中概股以及少量估值确有吸引力之A股的投资线索、投资机会与投资心得.","home_visible":1,"media_name":"格隆汇","id":"3","head_image":"https://static.tigerbbs.com/24397cd0a72f485e9734d658c5a0841d"},"pubTimestamp":1623118192,"share":"https://www.laohu8.com/m/news/1120726295?lang=&edition=full","pubTime":"2021-06-08 10:09","market":"hk","language":"zh","title":"鸭王江湖再战,周黑鸭胜算几何?","url":"https://stock-news.laohu8.com/highlight/detail?id=1120726295","media":"格隆汇","summary":"近期周黑鸭受到广泛关注,机构集体扎堆唱好。过去一周股价涨逾13%。若拉长时间线,年初以来周黑鸭涨幅近36%,去年6月以来涨幅逾189%。\n\n从消息面上,周黑鸭管理层于今年6月2举办投资者简报会透露,公","content":"<p>近期<a href=\"https://laohu8.com/S/01458\">周黑鸭</a>受到广泛关注,机构集体扎堆唱好。过去一周股价涨逾13%。若拉长时间线,年初以来周黑鸭涨幅近36%,去年6月以来涨幅逾189%。</p>\n<p><img src=\"https://static.tigerbbs.com/d69f94bf004db25d0f5da19b7038c790\" tg-width=\"840\" tg-height=\"470\"></p>\n<p>从消息面上,周黑鸭管理层于今年6月2举办投资者简报会透露,公司计划每年将开设800-1000家,并有信心在2023年达到4000至5000家线下门店。另一方面,社区门店、热炖食品或配菜产品长远的看,会成为另一个增长驱动力。</p>\n<p>这已不是周黑鸭第一次提出要积极拓展门店,早在2019年公司宣布启动特许经营业务,公司新在商业模式就被外界广泛关注。</p>\n<p>2020年年中公司升级了“直营+特许经营”的商业模式,正式推出单店特许模式,全面开放特许经营模式。</p>\n<p>受此影响,公司特许经营门店建设加速,截至2020年底,公司门店总数1755家,特许经营598家,占比34%。去年公司特许业务贡献营收达到1.4亿元,下半年贡献1.24亿元。</p>\n<p>与此同时,公司积极拓展线上销售和新零售社区团购渠道,去年公司电商业务同比增长28.5%。</p>\n<p>基于此,市场多个机构未来随着周黑鸭特许经营店开店加速,市场渗透率提升将推动公司业绩重返增长。这也是为何去年周黑鸭营收和净利润分别同比下降27%和60%,但公司股价自去年中以来保持增长的重要影响因素。</p>\n<p>那么,周黑鸭是否能够就此翻身?它接下来的发展有什么看点呢?</p>\n<p><i><b>01、</b></i><b>盈利表现从老大到垫底</b></p>\n<p>周黑鸭所处行业为食品饮料卤制品,根据Frost&Sullivan统计,2020年中国休闲卤制品市场规模将达到1235亿元左右,2015-2020年年复合增长率为18.8%,保持快速增长。</p>\n<p><img src=\"https://static.tigerbbs.com/81beb1db8c14ec28ebdc3f12de35ce20\" tg-width=\"481\" tg-height=\"251\" referrerpolicy=\"no-referrer\"></p>\n<p>(卤制品市场规模及增速,数据来源:<a href=\"https://laohu8.com/S/601377\">兴业证券</a>)</p>\n<p>当前卤制品行业整体竞争分散,集中度低。按收入规模计算,2020年休闲卤制品前三大企业<a href=\"https://laohu8.com/S/603517\">绝味食品</a>、<a href=\"https://laohu8.com/S/002695\">煌上煌</a>和周黑鸭市场份额分别为4.3%、1.9%和1.7%。</p>\n<p>过去三大卤制品龙头的规模增长主要受益于企业门店的全国化扩张。截至2020年,绝味食品门店最多,达到12399个。煌上煌门店数位列第二,达到4627个。周黑鸭门店扩展最慢,仅为1755个(包含598家加盟店)。并且从门店覆盖范围上看,周黑鸭覆盖率最低。</p>\n<p><img src=\"https://static.tigerbbs.com/ac6699215435bcc2403f0ab843124bc4\" tg-width=\"692\" tg-height=\"158\" referrerpolicy=\"no-referrer\"></p>\n<p>(数据来源:公司公告)</p>\n<p>从企业经营规模来看(按可比口径),2013-2020年煌上煌、绝味食品和周黑鸭收入规模年复合增长率分别为15.4%、12.8%和7.6%。受益于成立以来,门店数增长,绝味食品和煌上煌销售规模整体保持提升,并且绝味食品凭借其门店规模优势,收入规模常年保持在行业第一。</p>\n<p>相反,周黑鸭销售规模在2017年取得最大值后,规模呈现收缩趋势。主要原因是公司自2018年后加速自营门店扩张,2018年公司新增门店261家至1288家,但由于选址不谨慎以及行业竞争加剧,公司新增门店收入并不理想,此后2019-2020年公司自营门店开店更加谨慎,并加速淘汰自营亏损门店,增加特许经营店。</p>\n<p><img src=\"https://static.tigerbbs.com/d039ae70e28b87ab0851dcaad5ee6da4\" tg-width=\"569\" tg-height=\"318\" referrerpolicy=\"no-referrer\"></p>\n<p>(数据来源:choice)</p>\n<p>此外,去年疫情期间,煌上煌、绝味食品和周黑鸭收入分别同比增长15%、2%和-27%。三家企业中仅周黑鸭收入规模实现大规模下滑,主要原因是周黑鸭经营大本营在湖北武汉,是去年疫情的重灾区,公司去年上半年受到影响较大。</p>\n<p>从企业净利润来看(按可比口径),2013-2020年煌上煌、绝味食品和周黑鸭的净利润年复合增长率分别为12.9%、24.2%和-7.6%。</p>\n<p><img src=\"https://static.tigerbbs.com/ac5317fee7645de00d046206f3047be6\" tg-width=\"584\" tg-height=\"328\" referrerpolicy=\"no-referrer\"></p>\n<p>(数据来源:choice)</p>\n<p>与其他两家不同,周黑鸭在2017年净利润达到最大值后反降,与其收入增长一致。公司2017年持续投入的直营店收入不如预期,而高增的运营成本压低了公司的盈利水平。</p>\n<p><img src=\"https://static.tigerbbs.com/88bdd22fe5cf8ab2af5a94dedc6d4d3c\" tg-width=\"861\" tg-height=\"444\" referrerpolicy=\"no-referrer\"></p>\n<p>(数据来源:choice)</p>\n<p>此外,去年煌上煌、绝味食品和周黑鸭净利润分别同比增长26%、-12%和-60%。三家企业中仅煌上煌净利润实现增长,主要是去年煌上煌费用支出减少。同期周黑鸭净利润也被煌上煌超过,从2017年在三家企业中的排名第一变成如今的倒数第一。</p>\n<p><i><b>02、</b></i><b>周黑鸭输在哪里?</b></p>\n<p>可以看出,过去八年绝味鸭脖和煌上煌业绩保持增长,仅周黑鸭营收和净利润出现反差,业绩持续收缩,周黑鸭与它们的差距在哪里呢?</p>\n<p>第一,直营模式之殇。周黑鸭成立之初就坚持自营的经营模式,这种模式虽然更有利与公司的产品质量管理,让公司拥有较高的毛利率,但会导致周黑鸭单店投入成本增加,区域设店试错成本高,渠道下沉难度大。一旦出错,将大幅压低公司净利率。</p>\n<p><img src=\"https://static.tigerbbs.com/fd31622eea1799fc4b6152a6b2a5a39f\" tg-width=\"906\" tg-height=\"471\" referrerpolicy=\"no-referrer\"></p>\n<p>(数据来源:choice)</p>\n<p>而对于加盟店模式,店面的选择一般由加盟商决定,并且公司只收取一定的加盟费用,其他单店的运营成本全部转嫁给运营商,并且由于店面是由加盟商自己选择自己经营,这样不仅降低店面的试错成本,并且也提高了店面经营主体的积极性,虽然发展加盟店的电商只作为批发商和品牌授权商,但公司这种轻资产的运营模式,更有利于渠道下沉。这也是为何绝味食品覆盖门店全国,并且现有门店约是7倍。</p>\n<p><img src=\"https://static.tigerbbs.com/5424fb8e11c23d36fce1a35a8c4531f1\" tg-width=\"692\" tg-height=\"387\" referrerpolicy=\"no-referrer\"></p>\n<p>(数据来源:国盛证券)</p>\n<p>第二,产品定位高端化导致受众少。公司的产品采用map包装,虽然相对散装产品,公司产品卫生程度提高,定价能力也相对较高。</p>\n<p>不过,高定价的同时,公司产品的消费人群也相对减少。相较于散装的大众化消费,公司产品消费群体相对倾向于白领人群,这也导致了公司渠道难以向低线城市下沉。</p>\n<p><img src=\"https://static.tigerbbs.com/38bb21713f500b6e4f12bf62d671c8ec\" tg-width=\"692\" tg-height=\"146\" referrerpolicy=\"no-referrer\"></p>\n<p>第三,产能分布局限销售半径。绝味食品在全国范围内共有21家工厂(含2家在建),实现了全国化的生产基地布局,每个生产基地均能够很好的辐射到各区域市场。</p>\n<p>煌上煌目前在全国拥有6个已投入运营的生产基地,其中江西、广东、福建、辽宁、广西、河南各有1个,还有2个生产基地在建,分别位于陕西和重庆,并计划今明年筹建浙江、山东、京津冀生产基地。</p>\n<p>然而,相对于前两家,周黑鸭产能呈现区域性分布的特征,在全国仅有4个已投入运营的生产基地,分别在华北(河北)、华中(湖北)、华南(广东)和华东(江苏)地区各建有1个,另外华西(四川)还有1个生产基地正在规划中,预计于2022年投产。</p>\n<p><img src=\"https://static.tigerbbs.com/70e83a320e54ecd90d757c76ee11e5d1\" tg-width=\"693\" tg-height=\"182\" referrerpolicy=\"no-referrer\"></p>\n<p>(数据来源:德邦证券)</p>\n<p><i><b>03、</b></i><b>重新出发,困难重重</b></p>\n<p>目前,在新管理层的加持下,公司对症下药,经营策略做出一定改善。</p>\n<p>第一,针对经营模式的不足,公司加强了加盟店的建设。据估计,2020年公司总店数达到1755家,其中直营店数1257家,当前公司直营店数低于2018年的1288家。同时,公司特许加盟店数在2020年规模快速增长,新增超500家。此外,公司积极拓展线上经营模式以及新零售社区团购的方式,2020年公司线上收入同比增长同比增长28.5%。</p>\n<p>第二,针对公司产品定位。目前公司研发新的产品,包括新口味-藤椒系列产品;引流产品-真香鸭排和素菜系列,现均获得市场好评。</p>\n<p>不过,相比绝味食品,公司产能分布集中度高,覆盖区域低,运输成本将限制公司市场开拓半径;同时公司针对人群局限于白领,产品不具备规模优势导致成本相对较高,未来公司还有很长的路要走。</p>\n<p>总而言之,当前公司动态PE达到146倍,同期绝味食品和煌上煌仅为58倍和33倍。市场给了公司较高的估值,可见市场对公司加快加盟渠道扩张的肯定和看好。但是公司面临的挑战仍然很大,或许提高特许门店比例仅仅是改革的开始。</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>鸭王江湖再战,周黑鸭胜算几何?</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鸭王江湖再战,周黑鸭胜算几何?\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/3\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/24397cd0a72f485e9734d658c5a0841d);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">格隆汇 </p>\n<p class=\"h-time\">2021-06-08 10:09</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>近期<a href=\"https://laohu8.com/S/01458\">周黑鸭</a>受到广泛关注,机构集体扎堆唱好。过去一周股价涨逾13%。若拉长时间线,年初以来周黑鸭涨幅近36%,去年6月以来涨幅逾189%。</p>\n<p><img src=\"https://static.tigerbbs.com/d69f94bf004db25d0f5da19b7038c790\" tg-width=\"840\" tg-height=\"470\"></p>\n<p>从消息面上,周黑鸭管理层于今年6月2举办投资者简报会透露,公司计划每年将开设800-1000家,并有信心在2023年达到4000至5000家线下门店。另一方面,社区门店、热炖食品或配菜产品长远的看,会成为另一个增长驱动力。</p>\n<p>这已不是周黑鸭第一次提出要积极拓展门店,早在2019年公司宣布启动特许经营业务,公司新在商业模式就被外界广泛关注。</p>\n<p>2020年年中公司升级了“直营+特许经营”的商业模式,正式推出单店特许模式,全面开放特许经营模式。</p>\n<p>受此影响,公司特许经营门店建设加速,截至2020年底,公司门店总数1755家,特许经营598家,占比34%。去年公司特许业务贡献营收达到1.4亿元,下半年贡献1.24亿元。</p>\n<p>与此同时,公司积极拓展线上销售和新零售社区团购渠道,去年公司电商业务同比增长28.5%。</p>\n<p>基于此,市场多个机构未来随着周黑鸭特许经营店开店加速,市场渗透率提升将推动公司业绩重返增长。这也是为何去年周黑鸭营收和净利润分别同比下降27%和60%,但公司股价自去年中以来保持增长的重要影响因素。</p>\n<p>那么,周黑鸭是否能够就此翻身?它接下来的发展有什么看点呢?</p>\n<p><i><b>01、</b></i><b>盈利表现从老大到垫底</b></p>\n<p>周黑鸭所处行业为食品饮料卤制品,根据Frost&Sullivan统计,2020年中国休闲卤制品市场规模将达到1235亿元左右,2015-2020年年复合增长率为18.8%,保持快速增长。</p>\n<p><img src=\"https://static.tigerbbs.com/81beb1db8c14ec28ebdc3f12de35ce20\" tg-width=\"481\" tg-height=\"251\" referrerpolicy=\"no-referrer\"></p>\n<p>(卤制品市场规模及增速,数据来源:<a href=\"https://laohu8.com/S/601377\">兴业证券</a>)</p>\n<p>当前卤制品行业整体竞争分散,集中度低。按收入规模计算,2020年休闲卤制品前三大企业<a href=\"https://laohu8.com/S/603517\">绝味食品</a>、<a href=\"https://laohu8.com/S/002695\">煌上煌</a>和周黑鸭市场份额分别为4.3%、1.9%和1.7%。</p>\n<p>过去三大卤制品龙头的规模增长主要受益于企业门店的全国化扩张。截至2020年,绝味食品门店最多,达到12399个。煌上煌门店数位列第二,达到4627个。周黑鸭门店扩展最慢,仅为1755个(包含598家加盟店)。并且从门店覆盖范围上看,周黑鸭覆盖率最低。</p>\n<p><img src=\"https://static.tigerbbs.com/ac6699215435bcc2403f0ab843124bc4\" tg-width=\"692\" tg-height=\"158\" referrerpolicy=\"no-referrer\"></p>\n<p>(数据来源:公司公告)</p>\n<p>从企业经营规模来看(按可比口径),2013-2020年煌上煌、绝味食品和周黑鸭收入规模年复合增长率分别为15.4%、12.8%和7.6%。受益于成立以来,门店数增长,绝味食品和煌上煌销售规模整体保持提升,并且绝味食品凭借其门店规模优势,收入规模常年保持在行业第一。</p>\n<p>相反,周黑鸭销售规模在2017年取得最大值后,规模呈现收缩趋势。主要原因是公司自2018年后加速自营门店扩张,2018年公司新增门店261家至1288家,但由于选址不谨慎以及行业竞争加剧,公司新增门店收入并不理想,此后2019-2020年公司自营门店开店更加谨慎,并加速淘汰自营亏损门店,增加特许经营店。</p>\n<p><img src=\"https://static.tigerbbs.com/d039ae70e28b87ab0851dcaad5ee6da4\" tg-width=\"569\" tg-height=\"318\" referrerpolicy=\"no-referrer\"></p>\n<p>(数据来源:choice)</p>\n<p>此外,去年疫情期间,煌上煌、绝味食品和周黑鸭收入分别同比增长15%、2%和-27%。三家企业中仅周黑鸭收入规模实现大规模下滑,主要原因是周黑鸭经营大本营在湖北武汉,是去年疫情的重灾区,公司去年上半年受到影响较大。</p>\n<p>从企业净利润来看(按可比口径),2013-2020年煌上煌、绝味食品和周黑鸭的净利润年复合增长率分别为12.9%、24.2%和-7.6%。</p>\n<p><img src=\"https://static.tigerbbs.com/ac5317fee7645de00d046206f3047be6\" tg-width=\"584\" tg-height=\"328\" referrerpolicy=\"no-referrer\"></p>\n<p>(数据来源:choice)</p>\n<p>与其他两家不同,周黑鸭在2017年净利润达到最大值后反降,与其收入增长一致。公司2017年持续投入的直营店收入不如预期,而高增的运营成本压低了公司的盈利水平。</p>\n<p><img src=\"https://static.tigerbbs.com/88bdd22fe5cf8ab2af5a94dedc6d4d3c\" tg-width=\"861\" tg-height=\"444\" referrerpolicy=\"no-referrer\"></p>\n<p>(数据来源:choice)</p>\n<p>此外,去年煌上煌、绝味食品和周黑鸭净利润分别同比增长26%、-12%和-60%。三家企业中仅煌上煌净利润实现增长,主要是去年煌上煌费用支出减少。同期周黑鸭净利润也被煌上煌超过,从2017年在三家企业中的排名第一变成如今的倒数第一。</p>\n<p><i><b>02、</b></i><b>周黑鸭输在哪里?</b></p>\n<p>可以看出,过去八年绝味鸭脖和煌上煌业绩保持增长,仅周黑鸭营收和净利润出现反差,业绩持续收缩,周黑鸭与它们的差距在哪里呢?</p>\n<p>第一,直营模式之殇。周黑鸭成立之初就坚持自营的经营模式,这种模式虽然更有利与公司的产品质量管理,让公司拥有较高的毛利率,但会导致周黑鸭单店投入成本增加,区域设店试错成本高,渠道下沉难度大。一旦出错,将大幅压低公司净利率。</p>\n<p><img src=\"https://static.tigerbbs.com/fd31622eea1799fc4b6152a6b2a5a39f\" tg-width=\"906\" tg-height=\"471\" referrerpolicy=\"no-referrer\"></p>\n<p>(数据来源:choice)</p>\n<p>而对于加盟店模式,店面的选择一般由加盟商决定,并且公司只收取一定的加盟费用,其他单店的运营成本全部转嫁给运营商,并且由于店面是由加盟商自己选择自己经营,这样不仅降低店面的试错成本,并且也提高了店面经营主体的积极性,虽然发展加盟店的电商只作为批发商和品牌授权商,但公司这种轻资产的运营模式,更有利于渠道下沉。这也是为何绝味食品覆盖门店全国,并且现有门店约是7倍。</p>\n<p><img src=\"https://static.tigerbbs.com/5424fb8e11c23d36fce1a35a8c4531f1\" tg-width=\"692\" tg-height=\"387\" referrerpolicy=\"no-referrer\"></p>\n<p>(数据来源:国盛证券)</p>\n<p>第二,产品定位高端化导致受众少。公司的产品采用map包装,虽然相对散装产品,公司产品卫生程度提高,定价能力也相对较高。</p>\n<p>不过,高定价的同时,公司产品的消费人群也相对减少。相较于散装的大众化消费,公司产品消费群体相对倾向于白领人群,这也导致了公司渠道难以向低线城市下沉。</p>\n<p><img src=\"https://static.tigerbbs.com/38bb21713f500b6e4f12bf62d671c8ec\" tg-width=\"692\" tg-height=\"146\" referrerpolicy=\"no-referrer\"></p>\n<p>第三,产能分布局限销售半径。绝味食品在全国范围内共有21家工厂(含2家在建),实现了全国化的生产基地布局,每个生产基地均能够很好的辐射到各区域市场。</p>\n<p>煌上煌目前在全国拥有6个已投入运营的生产基地,其中江西、广东、福建、辽宁、广西、河南各有1个,还有2个生产基地在建,分别位于陕西和重庆,并计划今明年筹建浙江、山东、京津冀生产基地。</p>\n<p>然而,相对于前两家,周黑鸭产能呈现区域性分布的特征,在全国仅有4个已投入运营的生产基地,分别在华北(河北)、华中(湖北)、华南(广东)和华东(江苏)地区各建有1个,另外华西(四川)还有1个生产基地正在规划中,预计于2022年投产。</p>\n<p><img src=\"https://static.tigerbbs.com/70e83a320e54ecd90d757c76ee11e5d1\" tg-width=\"693\" tg-height=\"182\" referrerpolicy=\"no-referrer\"></p>\n<p>(数据来源:德邦证券)</p>\n<p><i><b>03、</b></i><b>重新出发,困难重重</b></p>\n<p>目前,在新管理层的加持下,公司对症下药,经营策略做出一定改善。</p>\n<p>第一,针对经营模式的不足,公司加强了加盟店的建设。据估计,2020年公司总店数达到1755家,其中直营店数1257家,当前公司直营店数低于2018年的1288家。同时,公司特许加盟店数在2020年规模快速增长,新增超500家。此外,公司积极拓展线上经营模式以及新零售社区团购的方式,2020年公司线上收入同比增长同比增长28.5%。</p>\n<p>第二,针对公司产品定位。目前公司研发新的产品,包括新口味-藤椒系列产品;引流产品-真香鸭排和素菜系列,现均获得市场好评。</p>\n<p>不过,相比绝味食品,公司产能分布集中度高,覆盖区域低,运输成本将限制公司市场开拓半径;同时公司针对人群局限于白领,产品不具备规模优势导致成本相对较高,未来公司还有很长的路要走。</p>\n<p>总而言之,当前公司动态PE达到146倍,同期绝味食品和煌上煌仅为58倍和33倍。市场给了公司较高的估值,可见市场对公司加快加盟渠道扩张的肯定和看好。但是公司面临的挑战仍然很大,或许提高特许门店比例仅仅是改革的开始。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/00262883066e9a50c27ed2ba84fa6ce8","relate_stocks":{"01458":"周黑鸭"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120726295","content_text":"近期周黑鸭受到广泛关注,机构集体扎堆唱好。过去一周股价涨逾13%。若拉长时间线,年初以来周黑鸭涨幅近36%,去年6月以来涨幅逾189%。\n\n从消息面上,周黑鸭管理层于今年6月2举办投资者简报会透露,公司计划每年将开设800-1000家,并有信心在2023年达到4000至5000家线下门店。另一方面,社区门店、热炖食品或配菜产品长远的看,会成为另一个增长驱动力。\n这已不是周黑鸭第一次提出要积极拓展门店,早在2019年公司宣布启动特许经营业务,公司新在商业模式就被外界广泛关注。\n2020年年中公司升级了“直营+特许经营”的商业模式,正式推出单店特许模式,全面开放特许经营模式。\n受此影响,公司特许经营门店建设加速,截至2020年底,公司门店总数1755家,特许经营598家,占比34%。去年公司特许业务贡献营收达到1.4亿元,下半年贡献1.24亿元。\n与此同时,公司积极拓展线上销售和新零售社区团购渠道,去年公司电商业务同比增长28.5%。\n基于此,市场多个机构未来随着周黑鸭特许经营店开店加速,市场渗透率提升将推动公司业绩重返增长。这也是为何去年周黑鸭营收和净利润分别同比下降27%和60%,但公司股价自去年中以来保持增长的重要影响因素。\n那么,周黑鸭是否能够就此翻身?它接下来的发展有什么看点呢?\n01、盈利表现从老大到垫底\n周黑鸭所处行业为食品饮料卤制品,根据Frost&Sullivan统计,2020年中国休闲卤制品市场规模将达到1235亿元左右,2015-2020年年复合增长率为18.8%,保持快速增长。\n\n(卤制品市场规模及增速,数据来源:兴业证券)\n当前卤制品行业整体竞争分散,集中度低。按收入规模计算,2020年休闲卤制品前三大企业绝味食品、煌上煌和周黑鸭市场份额分别为4.3%、1.9%和1.7%。\n过去三大卤制品龙头的规模增长主要受益于企业门店的全国化扩张。截至2020年,绝味食品门店最多,达到12399个。煌上煌门店数位列第二,达到4627个。周黑鸭门店扩展最慢,仅为1755个(包含598家加盟店)。并且从门店覆盖范围上看,周黑鸭覆盖率最低。\n\n(数据来源:公司公告)\n从企业经营规模来看(按可比口径),2013-2020年煌上煌、绝味食品和周黑鸭收入规模年复合增长率分别为15.4%、12.8%和7.6%。受益于成立以来,门店数增长,绝味食品和煌上煌销售规模整体保持提升,并且绝味食品凭借其门店规模优势,收入规模常年保持在行业第一。\n相反,周黑鸭销售规模在2017年取得最大值后,规模呈现收缩趋势。主要原因是公司自2018年后加速自营门店扩张,2018年公司新增门店261家至1288家,但由于选址不谨慎以及行业竞争加剧,公司新增门店收入并不理想,此后2019-2020年公司自营门店开店更加谨慎,并加速淘汰自营亏损门店,增加特许经营店。\n\n(数据来源:choice)\n此外,去年疫情期间,煌上煌、绝味食品和周黑鸭收入分别同比增长15%、2%和-27%。三家企业中仅周黑鸭收入规模实现大规模下滑,主要原因是周黑鸭经营大本营在湖北武汉,是去年疫情的重灾区,公司去年上半年受到影响较大。\n从企业净利润来看(按可比口径),2013-2020年煌上煌、绝味食品和周黑鸭的净利润年复合增长率分别为12.9%、24.2%和-7.6%。\n\n(数据来源:choice)\n与其他两家不同,周黑鸭在2017年净利润达到最大值后反降,与其收入增长一致。公司2017年持续投入的直营店收入不如预期,而高增的运营成本压低了公司的盈利水平。\n\n(数据来源:choice)\n此外,去年煌上煌、绝味食品和周黑鸭净利润分别同比增长26%、-12%和-60%。三家企业中仅煌上煌净利润实现增长,主要是去年煌上煌费用支出减少。同期周黑鸭净利润也被煌上煌超过,从2017年在三家企业中的排名第一变成如今的倒数第一。\n02、周黑鸭输在哪里?\n可以看出,过去八年绝味鸭脖和煌上煌业绩保持增长,仅周黑鸭营收和净利润出现反差,业绩持续收缩,周黑鸭与它们的差距在哪里呢?\n第一,直营模式之殇。周黑鸭成立之初就坚持自营的经营模式,这种模式虽然更有利与公司的产品质量管理,让公司拥有较高的毛利率,但会导致周黑鸭单店投入成本增加,区域设店试错成本高,渠道下沉难度大。一旦出错,将大幅压低公司净利率。\n\n(数据来源:choice)\n而对于加盟店模式,店面的选择一般由加盟商决定,并且公司只收取一定的加盟费用,其他单店的运营成本全部转嫁给运营商,并且由于店面是由加盟商自己选择自己经营,这样不仅降低店面的试错成本,并且也提高了店面经营主体的积极性,虽然发展加盟店的电商只作为批发商和品牌授权商,但公司这种轻资产的运营模式,更有利于渠道下沉。这也是为何绝味食品覆盖门店全国,并且现有门店约是7倍。\n\n(数据来源:国盛证券)\n第二,产品定位高端化导致受众少。公司的产品采用map包装,虽然相对散装产品,公司产品卫生程度提高,定价能力也相对较高。\n不过,高定价的同时,公司产品的消费人群也相对减少。相较于散装的大众化消费,公司产品消费群体相对倾向于白领人群,这也导致了公司渠道难以向低线城市下沉。\n\n第三,产能分布局限销售半径。绝味食品在全国范围内共有21家工厂(含2家在建),实现了全国化的生产基地布局,每个生产基地均能够很好的辐射到各区域市场。\n煌上煌目前在全国拥有6个已投入运营的生产基地,其中江西、广东、福建、辽宁、广西、河南各有1个,还有2个生产基地在建,分别位于陕西和重庆,并计划今明年筹建浙江、山东、京津冀生产基地。\n然而,相对于前两家,周黑鸭产能呈现区域性分布的特征,在全国仅有4个已投入运营的生产基地,分别在华北(河北)、华中(湖北)、华南(广东)和华东(江苏)地区各建有1个,另外华西(四川)还有1个生产基地正在规划中,预计于2022年投产。\n\n(数据来源:德邦证券)\n03、重新出发,困难重重\n目前,在新管理层的加持下,公司对症下药,经营策略做出一定改善。\n第一,针对经营模式的不足,公司加强了加盟店的建设。据估计,2020年公司总店数达到1755家,其中直营店数1257家,当前公司直营店数低于2018年的1288家。同时,公司特许加盟店数在2020年规模快速增长,新增超500家。此外,公司积极拓展线上经营模式以及新零售社区团购的方式,2020年公司线上收入同比增长同比增长28.5%。\n第二,针对公司产品定位。目前公司研发新的产品,包括新口味-藤椒系列产品;引流产品-真香鸭排和素菜系列,现均获得市场好评。\n不过,相比绝味食品,公司产能分布集中度高,覆盖区域低,运输成本将限制公司市场开拓半径;同时公司针对人群局限于白领,产品不具备规模优势导致成本相对较高,未来公司还有很长的路要走。\n总而言之,当前公司动态PE达到146倍,同期绝味食品和煌上煌仅为58倍和33倍。市场给了公司较高的估值,可见市场对公司加快加盟渠道扩张的肯定和看好。但是公司面临的挑战仍然很大,或许提高特许门店比例仅仅是改革的开始。","news_type":1},"isVote":1,"tweetType":1,"viewCount":383,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":115162428,"gmtCreate":1622959989164,"gmtModify":1634096552167,"author":{"id":"3571363097076123","authorId":"3571363097076123","name":"Terrens","avatar":"https://static.tigerbbs.com/3de224a4ccb02f0dbcea7ad782bfd855","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[财迷] ","listText":"[财迷] ","text":"[财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/115162428","repostId":"1163908633","repostType":4,"isVote":1,"tweetType":1,"viewCount":499,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":111599248,"gmtCreate":1622685329884,"gmtModify":1634099167041,"author":{"id":"3571363097076123","authorId":"3571363097076123","name":"Terrens","avatar":"https://static.tigerbbs.com/3de224a4ccb02f0dbcea7ad782bfd855","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[开心] ","listText":"[开心] ","text":"[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/111599248","repostId":"1193695784","repostType":4,"repost":{"id":"1193695784","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":1622673021,"share":"https://www.laohu8.com/m/news/1193695784?lang=&edition=full","pubTime":"2021-06-03 06:30","market":"hk","language":"zh","title":"时代天使今起招股,一手入场费约34948.66港元","url":"https://stock-news.laohu8.com/highlight/detail?id=1193695784","media":"老虎资讯综合","summary":"6月3日早间,时代天使发布公告,公司将于2021年6月3日-6月8日招股,公司拟全球发售1682.96万股,其中香港公开发售168.3万股,国际发售1514.66万股。发售价每股147港元-173港元","content":"<p>6月3日早间,<a href=\"https://laohu8.com/S/06699\">时代天使</a>发布公告,公司将于2021年6月3日-6月8日招股,公司拟全球发售1682.96万股,其中香港公开发售168.3万股,国际发售1514.66万股。发售价每股147港元-173港元,每手200股,股票代码06699,预期于2021年6月16日上市,保荐人为高盛以及中金。</p><p><b>老虎预计11:30开放时代天使打新【</b><a href=\"https://www-web.itiger.com/mi/ipo/index/hk/listing\" target=\"_blank\"><b>申购入口</b></a><b>】</b><img src=\"https://static.tigerbbs.com/399b2b64367bd00b768416b0a8b96d6d\" tg-width=\"824\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p><b>申购阶梯:</b></p><p>每手200股,入场费34948.66港元。</p><p>乙组门槛为3万股,申购所需资金约5242299.63港元。</p><p><img src=\"https://static.tigerbbs.com/663671a11e152d16cfd1ab50649fd2ee\" tg-width=\"934\" tg-height=\"351\" referrerpolicy=\"no-referrer\"></p><p>公司是中国领先的隐形矫治解决方案提供商。根据灼识咨询报告,中国的隐形矫治解决方案市场高度集中,按2020年的达成案例计量,前两大市场参与者的市场占有率总计为82.4%。据同一份资料显示,公司于同年的市场份额为约41.0%。</p><p>于业绩纪录期,公司服务的牙科医生人数由2018年的约1.15万名增至2019年的约1.58万名,并进一步增至2020年的1.99万名。公司的达成案例由2018年的约7.77万个增至2019年的约12.01万个,并进一步增至2020年的13.76万个。</p><p><img src=\"https://static.tigerbbs.com/b19f74e48d67ffa613b4b079573ac981\" tg-width=\"640\" tg-height=\"374\" referrerpolicy=\"no-referrer\"></p><p>公司主要通过提供隐形矫治解决方案服务及较少量的其他服务产生收入。财务资料显示,于2018年、2019年及2020年,公司的收入分别为人民币4.89亿元(单位下同)、6.46亿元及8.17亿元,净利润分别为5820万元、6770万元及1.51亿元,净利润率分别为11.9%、10.5%及18.5%,及公司的经调整EBITDA(非国际财务报告准则计量)分别为1.29亿元、1.75亿元及2.97亿元。</p><p><img src=\"https://static.tigerbbs.com/c0e2bc33b5f923fc93eeed6faa8c3aa7\" tg-width=\"687\" tg-height=\"705\" referrerpolicy=\"no-referrer\"></p><p>假设发售价为每股股份160港元(即指示性发售价范围的中位数),并假设超额配股权未获行使,公司预计全球发售所得款项净额将约为25.13亿港元。</p><p>其中,约39 .9%用于为无锡市创美基地的建设提供资金;约18 .3%用于提升公司的研发能力以及为内部和合作研发项目提供资金;约10 .8%用于开发灵活及可扩展的智能信息技术系统以精简及全面数字化公司运营的所有方面,并部署数据中间平台;约10 .5%用于扩大公司的内部销售团队,并为销售人员提供培训课程以提高销售效能和效率。</p><p>此外,约9 .6%用于为各种营销及品牌推广活动提供资金,以扩大用户基础并提升品牌形象;约6 .2%用于优化公司的医学服务,方式为通过增设七处区域示范中心提高线下医学服务的触达,同时定期为牙科医生提供针对公司解决方案应用的线下培训,以及与中国国内知名高等教育机构合作,通过联合计划培养医学人才;及约4 .7%用作营运资本及其他一般企业用途。</p><p><img src=\"https://static.tigerbbs.com/23394b5bdacff7733a7a94e8a316a4c8\" tg-width=\"750\" tg-height=\"9552\" 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>时代天使今起招股,一手入场费约34948.66港元</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; 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*/\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时代天使今起招股,一手入场费约34948.66港元\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\">2021-06-03 06:30</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>6月3日早间,<a href=\"https://laohu8.com/S/06699\">时代天使</a>发布公告,公司将于2021年6月3日-6月8日招股,公司拟全球发售1682.96万股,其中香港公开发售168.3万股,国际发售1514.66万股。发售价每股147港元-173港元,每手200股,股票代码06699,预期于2021年6月16日上市,保荐人为高盛以及中金。</p><p><b>老虎预计11:30开放时代天使打新【</b><a href=\"https://www-web.itiger.com/mi/ipo/index/hk/listing\" target=\"_blank\"><b>申购入口</b></a><b>】</b><img src=\"https://static.tigerbbs.com/399b2b64367bd00b768416b0a8b96d6d\" tg-width=\"824\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p><b>申购阶梯:</b></p><p>每手200股,入场费34948.66港元。</p><p>乙组门槛为3万股,申购所需资金约5242299.63港元。</p><p><img src=\"https://static.tigerbbs.com/663671a11e152d16cfd1ab50649fd2ee\" tg-width=\"934\" tg-height=\"351\" referrerpolicy=\"no-referrer\"></p><p>公司是中国领先的隐形矫治解决方案提供商。根据灼识咨询报告,中国的隐形矫治解决方案市场高度集中,按2020年的达成案例计量,前两大市场参与者的市场占有率总计为82.4%。据同一份资料显示,公司于同年的市场份额为约41.0%。</p><p>于业绩纪录期,公司服务的牙科医生人数由2018年的约1.15万名增至2019年的约1.58万名,并进一步增至2020年的1.99万名。公司的达成案例由2018年的约7.77万个增至2019年的约12.01万个,并进一步增至2020年的13.76万个。</p><p><img src=\"https://static.tigerbbs.com/b19f74e48d67ffa613b4b079573ac981\" tg-width=\"640\" tg-height=\"374\" referrerpolicy=\"no-referrer\"></p><p>公司主要通过提供隐形矫治解决方案服务及较少量的其他服务产生收入。财务资料显示,于2018年、2019年及2020年,公司的收入分别为人民币4.89亿元(单位下同)、6.46亿元及8.17亿元,净利润分别为5820万元、6770万元及1.51亿元,净利润率分别为11.9%、10.5%及18.5%,及公司的经调整EBITDA(非国际财务报告准则计量)分别为1.29亿元、1.75亿元及2.97亿元。</p><p><img src=\"https://static.tigerbbs.com/c0e2bc33b5f923fc93eeed6faa8c3aa7\" tg-width=\"687\" tg-height=\"705\" referrerpolicy=\"no-referrer\"></p><p>假设发售价为每股股份160港元(即指示性发售价范围的中位数),并假设超额配股权未获行使,公司预计全球发售所得款项净额将约为25.13亿港元。</p><p>其中,约39 .9%用于为无锡市创美基地的建设提供资金;约18 .3%用于提升公司的研发能力以及为内部和合作研发项目提供资金;约10 .8%用于开发灵活及可扩展的智能信息技术系统以精简及全面数字化公司运营的所有方面,并部署数据中间平台;约10 .5%用于扩大公司的内部销售团队,并为销售人员提供培训课程以提高销售效能和效率。</p><p>此外,约9 .6%用于为各种营销及品牌推广活动提供资金,以扩大用户基础并提升品牌形象;约6 .2%用于优化公司的医学服务,方式为通过增设七处区域示范中心提高线下医学服务的触达,同时定期为牙科医生提供针对公司解决方案应用的线下培训,以及与中国国内知名高等教育机构合作,通过联合计划培养医学人才;及约4 .7%用作营运资本及其他一般企业用途。</p><p><img src=\"https://static.tigerbbs.com/23394b5bdacff7733a7a94e8a316a4c8\" tg-width=\"750\" tg-height=\"9552\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6b69e234a63c2c0a69ccede7b0faaa18","relate_stocks":{"06699":"时代天使"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193695784","content_text":"6月3日早间,时代天使发布公告,公司将于2021年6月3日-6月8日招股,公司拟全球发售1682.96万股,其中香港公开发售168.3万股,国际发售1514.66万股。发售价每股147港元-173港元,每手200股,股票代码06699,预期于2021年6月16日上市,保荐人为高盛以及中金。老虎预计11:30开放时代天使打新【申购入口】申购阶梯:每手200股,入场费34948.66港元。乙组门槛为3万股,申购所需资金约5242299.63港元。公司是中国领先的隐形矫治解决方案提供商。根据灼识咨询报告,中国的隐形矫治解决方案市场高度集中,按2020年的达成案例计量,前两大市场参与者的市场占有率总计为82.4%。据同一份资料显示,公司于同年的市场份额为约41.0%。于业绩纪录期,公司服务的牙科医生人数由2018年的约1.15万名增至2019年的约1.58万名,并进一步增至2020年的1.99万名。公司的达成案例由2018年的约7.77万个增至2019年的约12.01万个,并进一步增至2020年的13.76万个。公司主要通过提供隐形矫治解决方案服务及较少量的其他服务产生收入。财务资料显示,于2018年、2019年及2020年,公司的收入分别为人民币4.89亿元(单位下同)、6.46亿元及8.17亿元,净利润分别为5820万元、6770万元及1.51亿元,净利润率分别为11.9%、10.5%及18.5%,及公司的经调整EBITDA(非国际财务报告准则计量)分别为1.29亿元、1.75亿元及2.97亿元。假设发售价为每股股份160港元(即指示性发售价范围的中位数),并假设超额配股权未获行使,公司预计全球发售所得款项净额将约为25.13亿港元。其中,约39 .9%用于为无锡市创美基地的建设提供资金;约18 .3%用于提升公司的研发能力以及为内部和合作研发项目提供资金;约10 .8%用于开发灵活及可扩展的智能信息技术系统以精简及全面数字化公司运营的所有方面,并部署数据中间平台;约10 .5%用于扩大公司的内部销售团队,并为销售人员提供培训课程以提高销售效能和效率。此外,约9 .6%用于为各种营销及品牌推广活动提供资金,以扩大用户基础并提升品牌形象;约6 .2%用于优化公司的医学服务,方式为通过增设七处区域示范中心提高线下医学服务的触达,同时定期为牙科医生提供针对公司解决方案应用的线下培训,以及与中国国内知名高等教育机构合作,通过联合计划培养医学人才;及约4 .7%用作营运资本及其他一般企业用途。","news_type":1},"isVote":1,"tweetType":1,"viewCount":231,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":113144323,"gmtCreate":1622599996162,"gmtModify":1634100050080,"author":{"id":"3571363097076123","authorId":"3571363097076123","name":"Terrens","avatar":"https://static.tigerbbs.com/3de224a4ccb02f0dbcea7ad782bfd855","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[开心] ","listText":"[开心] ","text":"[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/113144323","repostId":"2140494460","repostType":4,"isVote":1,"tweetType":1,"viewCount":263,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":119058410,"gmtCreate":1622510092130,"gmtModify":1634100986816,"author":{"id":"3571363097076123","authorId":"3571363097076123","name":"Terrens","avatar":"https://static.tigerbbs.com/3de224a4ccb02f0dbcea7ad782bfd855","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[开心] ","listText":"[开心] ","text":"[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":12,"repostSize":0,"link":"https://laohu8.com/post/119058410","repostId":"1103302225","repostType":4,"repost":{"id":"1103302225","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":1622509296,"share":"https://www.laohu8.com/m/news/1103302225?lang=&edition=full","pubTime":"2021-06-01 09:01","market":"sh","language":"zh","title":"富时中国A50指数期货开盘跌0.1%","url":"https://stock-news.laohu8.com/highlight/detail?id=1103302225","media":"老虎资讯综合","summary":"6月1日,富时中国A50指数期货开盘跌0.1%,上个交易日凌晨夜盘跌0.23%。国内商品期市开盘多数上涨,铁矿主力合约涨超4%,热卷主力合约跌2.7%,螺纹钢主力合约跌1.8%。日韩股市今日高开,日经","content":"<p>6月1日,富时中国A50指数期货开盘跌0.1%,上个交易日凌晨夜盘跌0.23%。</p><p>国内商品期市开盘多数上涨,铁矿主力合约涨超4%,热卷主力合约跌2.7%,螺纹钢主力合约跌1.8%。</p><p>日韩股市今日高开,日经225指数现涨幅为0.07%,报28879点;韩国KOSPI指数现涨幅为0.63%,报3224.07点。</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>富时中国A50指数期货开盘跌0.1%</title>\n<style 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09:01</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>6月1日,富时中国A50指数期货开盘跌0.1%,上个交易日凌晨夜盘跌0.23%。</p><p>国内商品期市开盘多数上涨,铁矿主力合约涨超4%,热卷主力合约跌2.7%,螺纹钢主力合约跌1.8%。</p><p>日韩股市今日高开,日经225指数现涨幅为0.07%,报28879点;韩国KOSPI指数现涨幅为0.63%,报3224.07点。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a5d11890cd6ccd454a56d86737fd3353","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103302225","content_text":"6月1日,富时中国A50指数期货开盘跌0.1%,上个交易日凌晨夜盘跌0.23%。国内商品期市开盘多数上涨,铁矿主力合约涨超4%,热卷主力合约跌2.7%,螺纹钢主力合约跌1.8%。日韩股市今日高开,日经225指数现涨幅为0.07%,报28879点;韩国KOSPI指数现涨幅为0.63%,报3224.07点。","news_type":1},"isVote":1,"tweetType":1,"viewCount":620,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":110814003,"gmtCreate":1622437853102,"gmtModify":1634101459340,"author":{"id":"3571363097076123","authorId":"3571363097076123","name":"Terrens","avatar":"https://static.tigerbbs.com/3de224a4ccb02f0dbcea7ad782bfd855","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[开心] 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Each player has 30 seconds to catch falling candies while 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雪佛龙","images":[{"img":"https://static.tigerbbs.com/f6036059b2b2474ac65294a940fa6244","width":"1200","height":"2133"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":3,"link":"https://laohu8.com/post/369389694","isVote":1,"tweetType":1,"viewCount":582,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":324708844,"gmtCreate":1616028832988,"gmtModify":1703496542085,"author":{"id":"3571363097076123","authorId":"3571363097076123","name":"Terrens","avatar":"https://static.tigerbbs.com/3de224a4ccb02f0dbcea7ad782bfd855","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[财迷] ","listText":"[财迷] 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","text":"[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":12,"repostSize":0,"link":"https://laohu8.com/post/119058410","repostId":"1103302225","repostType":4,"repost":{"id":"1103302225","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":1622509296,"share":"https://www.laohu8.com/m/news/1103302225?lang=&edition=full","pubTime":"2021-06-01 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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富时中国A50指数期货开盘跌0.1%\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\">2021-06-01 09:01</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>6月1日,富时中国A50指数期货开盘跌0.1%,上个交易日凌晨夜盘跌0.23%。</p><p>国内商品期市开盘多数上涨,铁矿主力合约涨超4%,热卷主力合约跌2.7%,螺纹钢主力合约跌1.8%。</p><p>日韩股市今日高开,日经225指数现涨幅为0.07%,报28879点;韩国KOSPI指数现涨幅为0.63%,报3224.07点。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a5d11890cd6ccd454a56d86737fd3353","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103302225","content_text":"6月1日,富时中国A50指数期货开盘跌0.1%,上个交易日凌晨夜盘跌0.23%。国内商品期市开盘多数上涨,铁矿主力合约涨超4%,热卷主力合约跌2.7%,螺纹钢主力合约跌1.8%。日韩股市今日高开,日经225指数现涨幅为0.07%,报28879点;韩国KOSPI指数现涨幅为0.63%,报3224.07点。","news_type":1},"isVote":1,"tweetType":1,"viewCount":620,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":374990360,"gmtCreate":1619406432650,"gmtModify":1634273723038,"author":{"id":"3571363097076123","authorId":"3571363097076123","name":"Terrens","avatar":"https://static.tigerbbs.com/3de224a4ccb02f0dbcea7ad782bfd855","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[财迷] ","listText":"[财迷] ","text":"[财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":12,"repostSize":0,"link":"https://laohu8.com/post/374990360","repostId":"2130391142","repostType":4,"repost":{"id":"2130391142","pubTimestamp":1619406366,"share":"https://www.laohu8.com/m/news/2130391142?lang=&edition=full","pubTime":"2021-04-26 11:06","market":"us","language":"zh","title":"财报前瞻:苹果各大业务将如何继续推动Q2业绩增长?","url":"https://stock-news.laohu8.com/highlight/detail?id=2130391142","media":"智通财经","summary":"苹果将于北京时间4月29日早间公布2021财年第二季度财报。虽然与疫情期间的其他季度一样,苹果依然没有给出2021年Q2的业绩指引。但此前的季度业绩证明,该公司依然能在全球疫情危机中蓬勃发展。市场普遍","content":"<p><a href=\"https://laohu8.com/S/AAPL\">苹果</a>将于北京时间4月29日早间公布2021财年第二季度财报。</p><p>虽然与疫情期间的其他季度一样,苹果依然没有给出2021年Q2的业绩指引。但此前的季度业绩证明,该公司依然能在全球疫情危机中蓬勃发展。</p><p>市场普遍预计,苹果Q2营收约为771亿美元,每股收益约为0.98美元。相比之下,该公司Q1营收为1114亿美元,同比增长21%,创下了历史记录,同时这也是该公司营收首次超过1000亿美元。</p><p>另外,与上年同期相比,苹果2020财年Q2营收为583亿美元,同比增幅为1%。多项数据显示,苹果将远超上年同期表现。</p><p><b>各系列产品的强劲需求</b></p><p>首先,iPhone依然是苹果迄今为止最大的收入贡献者。在上一季度,iPhone的销售额占总营收的58.9%,同比增长17.2%至655.9亿美元。</p><p>虽然iPhone12在2020年推迟发布,但许多业界产业链观察人士依然认为,苹果的产品周期正在逐渐走强。预计市场对支持5G网络的iPhone 12 Pro的强劲需求将推动其营收增长。同时,用户对高端系列iPhone Pro和Pro Max系列的大量需求也将有助于毛利率的扩大。</p><p>另外,虽然苹果将5G技术引入其旗舰iPhone设备的时间也比较晚,但美国所有主要的运营商不断推进5G网络的应用,以及中国市场加速5G部署也将成为其主要增长动力。</p><p>而在其他方面,由于疫情趋势的影响,Mac和iPad系列产品的销量持续增长,这或将弥补其季节性下滑的影响;另外,可穿戴设备产品的出货量估计也表明AirPods和Apple Watch将继续占据主导地位。</p><p><b>服务业务的营收增长</b></p><p>服务业务现已成为苹果新的“摇钱树”,App Store的日益普及成为了其中一个关键的催化剂。苹果目前在其服务组合中拥有超过6.2亿付费用户。App Store继续吸引来自世界各地的知名开发者的注意,这将帮助公司增加更多的新应用程序,从而推动流量的增长。</p><p>在疫情期间,App Store的用户在应用程序和程序内购买方面的支出大幅增加。数据显示,2021年第一季度,用户应用程序支出同比激增40%,并且目前没有任何迹象表明这一增长势头正在放缓。</p><p>预计社交距离措施将继续推动App Store销售增长。同时,Apple TV+、Apple Arcade、Apple News+、Apple Card、Apple Fitness+和Apple One Bundle也将对整体增长作出贡献。</p><p>另外,苹果近日与<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>和Alphabet建立合作关系,努力拓宽其生态系统,这对其服务业务也是一个积极的因素。</p><p>其中,Apple Music现已登陆亚马逊Echo和Fire TV,以及<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>Nest Audio和Nest Mini,这有助于其扩大业务范围,从而更好地与Spotify和YouTube Music展开竞争。</p><p><b>华尔街投行的观点</b></p><p><a href=\"https://laohu8.com/S/JPM\">摩根大通</a>分析师Samik Chatterjee发表报告表示,虽然投资者预计苹果2021年Q2的业绩表现将转弱。但是,该分析师依然认为苹果有上升空间。</p><p>该分析师表示,iPad和Mac系列产品的出货量以及服务业务的强劲增长都有可能将推动该公司Q2季度业绩优于预期,尽管iPhone的生产数量似乎正在放缓。</p><p>Chatterjee预计,苹果Q2营收将达782亿美元,每股收益为0.99美元。预计iPhone营收为420亿美元;iPad营收为55亿美元;Mac营收为82亿美元;可穿戴设备营收为74亿美元;服务业务营收为158亿美元。</p><p>不过,该分析师认为,苹果仍然不会提供2021年Q3的业绩指引,延续其疫情期间以来的趋势。</p>","source":"stock_zhitongcaijing","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>财报前瞻:苹果各大业务将如何继续推动Q2业绩增长?</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{ 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财报前瞻:苹果各大业务将如何继续推动Q2业绩增长?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-26 11:06 北京时间 <a href=http://www.zhitongcaijing.com/content/detail/457465.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>苹果将于北京时间4月29日早间公布2021财年第二季度财报。虽然与疫情期间的其他季度一样,苹果依然没有给出2021年Q2的业绩指引。但此前的季度业绩证明,该公司依然能在全球疫情危机中蓬勃发展。市场普遍预计,苹果Q2营收约为771亿美元,每股收益约为0.98美元。相比之下,该公司Q1营收为1114亿美元,同比增长21%,创下了历史记录,同时这也是该公司营收首次超过1000亿美元。另外,与上年同期相比...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/457465.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/052d0d3a6389985cf72883e9c3047ae4","relate_stocks":{"AAPL":"苹果"},"source_url":"http://www.zhitongcaijing.com/content/detail/457465.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2130391142","content_text":"苹果将于北京时间4月29日早间公布2021财年第二季度财报。虽然与疫情期间的其他季度一样,苹果依然没有给出2021年Q2的业绩指引。但此前的季度业绩证明,该公司依然能在全球疫情危机中蓬勃发展。市场普遍预计,苹果Q2营收约为771亿美元,每股收益约为0.98美元。相比之下,该公司Q1营收为1114亿美元,同比增长21%,创下了历史记录,同时这也是该公司营收首次超过1000亿美元。另外,与上年同期相比,苹果2020财年Q2营收为583亿美元,同比增幅为1%。多项数据显示,苹果将远超上年同期表现。各系列产品的强劲需求首先,iPhone依然是苹果迄今为止最大的收入贡献者。在上一季度,iPhone的销售额占总营收的58.9%,同比增长17.2%至655.9亿美元。虽然iPhone12在2020年推迟发布,但许多业界产业链观察人士依然认为,苹果的产品周期正在逐渐走强。预计市场对支持5G网络的iPhone 12 Pro的强劲需求将推动其营收增长。同时,用户对高端系列iPhone Pro和Pro Max系列的大量需求也将有助于毛利率的扩大。另外,虽然苹果将5G技术引入其旗舰iPhone设备的时间也比较晚,但美国所有主要的运营商不断推进5G网络的应用,以及中国市场加速5G部署也将成为其主要增长动力。而在其他方面,由于疫情趋势的影响,Mac和iPad系列产品的销量持续增长,这或将弥补其季节性下滑的影响;另外,可穿戴设备产品的出货量估计也表明AirPods和Apple Watch将继续占据主导地位。服务业务的营收增长服务业务现已成为苹果新的“摇钱树”,App Store的日益普及成为了其中一个关键的催化剂。苹果目前在其服务组合中拥有超过6.2亿付费用户。App Store继续吸引来自世界各地的知名开发者的注意,这将帮助公司增加更多的新应用程序,从而推动流量的增长。在疫情期间,App Store的用户在应用程序和程序内购买方面的支出大幅增加。数据显示,2021年第一季度,用户应用程序支出同比激增40%,并且目前没有任何迹象表明这一增长势头正在放缓。预计社交距离措施将继续推动App Store销售增长。同时,Apple TV+、Apple Arcade、Apple News+、Apple Card、Apple Fitness+和Apple One Bundle也将对整体增长作出贡献。另外,苹果近日与亚马逊和Alphabet建立合作关系,努力拓宽其生态系统,这对其服务业务也是一个积极的因素。其中,Apple Music现已登陆亚马逊Echo和Fire TV,以及谷歌Nest Audio和Nest Mini,这有助于其扩大业务范围,从而更好地与Spotify和YouTube Music展开竞争。华尔街投行的观点摩根大通分析师Samik Chatterjee发表报告表示,虽然投资者预计苹果2021年Q2的业绩表现将转弱。但是,该分析师依然认为苹果有上升空间。该分析师表示,iPad和Mac系列产品的出货量以及服务业务的强劲增长都有可能将推动该公司Q2季度业绩优于预期,尽管iPhone的生产数量似乎正在放缓。Chatterjee预计,苹果Q2营收将达782亿美元,每股收益为0.99美元。预计iPhone营收为420亿美元;iPad营收为55亿美元;Mac营收为82亿美元;可穿戴设备营收为74亿美元;服务业务营收为158亿美元。不过,该分析师认为,苹果仍然不会提供2021年Q3的业绩指引,延续其疫情期间以来的趋势。","news_type":1},"isVote":1,"tweetType":1,"viewCount":221,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":345706392,"gmtCreate":1618347989916,"gmtModify":1634293619652,"author":{"id":"3571363097076123","authorId":"3571363097076123","name":"Terrens","avatar":"https://static.tigerbbs.com/3de224a4ccb02f0dbcea7ad782bfd855","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[财迷] ","listText":"[财迷] 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href=\"https://laohu8.com/S/JWN\">诺德斯特龙</a>涨超2%。据成交数据显示,不久前有共38万股多笔大单买入梅西百货。</p>\n<p>6月7日梅西百货公布财报,公告显示公司2022财年第一财季归属于母公司普通股股东净利润为1.03亿美元,同比增长102.88%;营业收入为48.65亿美元,同比上涨54.54%。</p>\n<p><img src=\"https://static.tigerbbs.com/90867583067b4e9e8da34b59d8cfeefd\" tg-width=\"840\" tg-height=\"470\" 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>【异动】零售商板块走高,梅西百货涨超7%</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今年最牛基金放大招:限购!这些抗跌牛基也行动了\n</h2>\n\n<h4 class=\"meta\">\n\n2021-03-23 08:31 北京时间 <strong>中国基金报</strong>\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“潮水退去,才知道谁在裸泳。”牛年以来股市大跌,部分明星基金短期跌幅惨重,大跌中低调赚钱的基金受到投资者点赞和追捧。\n不过,部分“抗跌”的主动权益基金逆市迎来资金净买入,并在近期纷纷公告暂停申购或暂停大额申购,避免资金短期涌入规模暴涨,摊薄存量持有人的收益。\n\n3月47只主动权益类基金限购\n多数基金抗跌能力优秀\n3月22日,广发基金发布公告称,为保护基金份额持有人利益,公司决定自2021年3月23...</p>\n\n<a href=\"None\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2a3253accc7322a3db322a8557ee9834","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107893675","content_text":"“潮水退去,才知道谁在裸泳。”牛年以来股市大跌,部分明星基金短期跌幅惨重,大跌中低调赚钱的基金受到投资者点赞和追捧。\n不过,部分“抗跌”的主动权益基金逆市迎来资金净买入,并在近期纷纷公告暂停申购或暂停大额申购,避免资金短期涌入规模暴涨,摊薄存量持有人的收益。\n\n3月47只主动权益类基金限购\n多数基金抗跌能力优秀\n3月22日,广发基金发布公告称,为保护基金份额持有人利益,公司决定自2021年3月23日起,广发价值领先混合型基金暂停投资者单日单个基金账户通过申购(含转换转入、定期定额和不定额投资)合计超过100万元的大额业务。\n即,如投资者单日单个基金账户申购(含转换转入、定期定额和不定额投资)该只基金的申请金额大于100万元,则100万元确认申购成功,超过100万元(不含)金额的部分将有权确认失败;如投资者单日单个基金账户多笔累计申购金额大于100万元,按申请金额从大到小排序,超出部分的申请金额公司有权确认失败。\n\n除了上述基金外,广发睿毅领先混合、工银瑞信战略转型主题、中融融安二号等主动权益类基金,都在近期公告暂停申购或暂停大额申购,进入3月份以来,限购的主动权益类基金数量已经多达47只(份额合并计算)。\n值得注意的是,上述限购基金,绝大多数在今年股市巨震中表现亮眼。\nWind数据显示,截至3月19日,上述47只限购基金今年平均收益率为0.08%,超出同期主动权益类基金平均-3%左右的收益率。\n其中,林英睿管理的广发价值领先还以30.46%收益率,暂居今年主动权益基金“冠军”;广发睿毅领先混合收益率17.67%,工银瑞信战略转型主题、广发高端制造等产品同期业绩也超过6%,在股市巨震中较为抗跌,并斩获了不错的超额收益。\n\n\n\n\n谈及抗跌基金实施限购的现象,多位行业人士表示,在股市巨震中,部分抗跌基金出现资金净流入的态势,实施限购是避免新增资金过多,摊薄存量持有人收益。\n华南某基金公司市场部人士表示,他所在公募的“抗跌”基金,近期的确是属于资金净流入情况,这也反映了资金的避险需求,以及在今年市场环境下对于此类产品的认可。\n北京一位大型公募基金经理也透露,他所在的公募机构,也有部分基金在股市大跌中表现较好,逆市出现正收益,同样获得了资金的净买入,短期基金规模出现了较大的增长。\n不过,北京一家中型基金公司却表示,基金业绩与暂停或限制申购没有必然的关系。只有产品的规模过大,或者现有规模才可以实现产品投资策略的话,才会在业绩考察层面对基金产品进行暂停或者限制申购。由于上述抗跌基金整体规模并不大,实施限购可能是投资策略有容量限制,更多的限购原因可能还是个性化的,需要特殊情况特殊分析。\n短期规模大幅波动\n将直接影响投资策略和业绩\n从近期“抗跌基金”的投资策略和重仓股可以发现,通常情况下这些产品都是偏左侧布局,逆向投资策略,换言之,这些产品多是买入了一些较为“冷门”的股票。\n比如,今年涨幅超30%的广发价值领先,去年四季报重仓机械设备、有色、交通运输、银行等顺周期板块,天能动力、华荣股份、华铁股份等一些“冷门股”跻身基金前十大重仓股;工银瑞信战略转型主题基金中,也重仓持有了中国建筑、坚朗五金等建筑行业个股,以及银行、保险股;安信动态策略也重仓了建筑、地产股,在今年一季度基金净值走势稳健。\n\n“通常情况下这些‘冷门’股票市值不会很大,如果资金持续净流入的话,会给基金经理的操作带来一定的麻烦,也会对现有持有人的收益造成影响。因此,暂停和限制申购,可以控制一下资金流入的节奏,便于产品的运作管理。”上述华南基金公司市场部人士称。\n该市场部人士分析,“抗跌基金”的净申购所带来的规模快速增长,主要会影响基金经理的投资策略:一方面,净申购量比较大的话,会拉低产品的整体仓位,影响产品净值表现;另一方面,如果基金经理持股是偏好逆向策略、偏好中小市值股票的话,基金经理就需要挖掘更多的优质标的,以承载新进资金。\n“最近基金规模增长有点快,短期感觉有点超越当前的投资框架,原有的方法论需要适应一下,同时也是为基金持有人的利益考虑。”北京某大型公募的绩优基金经理也坦言,近期资金对“抗跌”基金的持续净申购影响很大,尤其是持续的大额申购,将直接影响到投资策略和业绩。\n多位投研人士告诉记者,基金规模和业绩是相辅相成的关系,规模的稳定是做好业绩的前提,但短期规模的大幅波动,将对业绩产生负面影响。\n上述北京中型基金公司表示,资金如果能长期保持一个稳定的净申购状态,可以对基金的投资业绩起到促进作用。如果基金未来预期是长期稳定净申购,当然前提是规模不至于太大,将有助于基金经理按照正常节奏选择长期配置看好的品种,对产品业绩稳定有帮助;而基金在正常的运作过程中,若面对大额净赎回,规模出现较大变动,基金经理需要将持仓的品种卖出应对,大额申购也会导致持股仓位的变化,同时,由于难以把握大额申赎的比例及发生时间,这对产品管理可能带来流动性冲击。\n上述北京大型公募基金经理也认为,短期规模的快速增长,将会摊薄存量持有人的投资收益。同时,也会对基金经理的投资运作带来影响,可以短期内快速降低持股仓位,影响基金经理的投资布局,通过限购可以保持基金规模和产品正常管理的匹配。\n据该基金经理透露,他所管理基金在股市低迷时期,曾经受到险资短期内的大额赎回操作,基金被动卖出流动性较好的蓝筹股,导致基金错失了当年蓝筹股行情;而在股市相对高点,也会迎来普通投资者的踊跃申购,基金仓位快速下降,也可能会导致基金业绩无法跑赢市场。\n“基金规模稳定才可以打造长期的业绩,当前的持有期基金、定期开放基金等更适合投资者长期关注和持有。”他说。","news_type":1},"isVote":1,"tweetType":1,"viewCount":180,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}