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2021-12-17

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Is Ford Stock the New Tesla?

2021-12-17

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2021-06-04

呵呵

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2021-06-04

呵呵

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2021-04-29

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2021-04-29

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2021-04-28

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2021-04-28

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2021-04-27

赞

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2021-04-27

大家好。请帮忙点赞和答复

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2021-04-27

请帮忙点赞和答复，先谢谢啦

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2021-04-27

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2021-04-26

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2021-04-25

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2021-04-24

大家加油

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2021-04-24

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2021-04-23

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2021-04-23

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2021-04-23

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价值投资就是购买便宜的股票么？

2021-04-22

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07:48","market":"us","language":"en","title":"Is Ford Stock the New Tesla?","url":"https://stock-news.laohu8.com/highlight/detail?id=1148045391","media":"Barrons","summary":"Shares of Ford Motor,surprisingly, have become somewhat controversial on Wall Street headed into 202","content":"<p>Shares of&nbsp;Ford Motor,surprisingly, have become somewhat controversial on Wall Street headed into 2022. Some analysts are taking their chips off the table, while others are doubling down.</p>\n<p>On Thursday, Barclays analyst Brian Johnson increased his price target for&nbsp;Ford&nbsp;stock (ticker: F) to $23 from $18 and kept his Buy rating. Johnson believes Ford shares will keep working in 2022 amid low dealer inventories and high vehicle pricing.</p>\n<p>Ford stock has had a great 2021 so far. Shares have soared about 131% year to date.</p>\n<p>It’s the second price target bump for Ford stock in the past couple of days. On Wednesday, Wells Fargo analyst Colin Langan increased his price target to $25 from $19 a share.</p>\n<p>Not everyone is increasingly bullish on the auto maker, though. On Monday, Daiwa analyst Jairam Nathan downgraded the stock to Sell from Hold. Although he did take his price target to $19 from $16 a share.</p>\n<p>After all the recent analyst adjustments, Ford price targets now range from $12 to $25 a share. The $13 spread is about 65% of the current share price. The average bull-bear spread for stocks in the Dow is about 48%.</p>\n<p>Three months ago, target prices for Ford stock ranged from about $11 to $18 a share; the $7 spread was about 50% of the current stock price. This all illustrates that Ford stock is getting a little more controversial on Wall Street.</p>\n<p>Even though Wall Street can’t seem to agree on Ford,Tesla&nbsp;(TSLA) remains the king of car-stock controversy. The bull-bear spread for Tesla stock coming from large brokerage firms is about $1,330, or almost 140% of the current stock price.</p>\n<p>One interpretation of increasing disagreement over Ford stock’s value is that some analysts aren’t sure Ford’s 2021 gains are justified. Ford stock has benefited from improving auto demand and higher vehicle pricing. That part of Ford’s gains likely doesn’t vex analysts. But Ford shares have also gained because of improving electric vehicle sales. The company has sold about 25,000 all-electric Mustang Mach E vehicles so far this year. Ford EV momentum might be harder for analysts to reward.</p>\n<p>In 2022, Ford is launching an all-electric F-150. How sales of that vehicle ramp will go a long way in determining how Ford stock performs this coming year. Rising EV sales will be a key factor for Ford investors in 2022—just like rising EV sales are a key factor for Tesla investors every year.</p>\n<p>About 54% of analysts covering Ford stock rate share Buy. The average Buy-rating ratio for stocks in the S&amp;P is about 55%. About 48% of analysts covering Tesla stock rate shares Buy.</p>","source":"lsy1601382232898","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>Is Ford Stock the New Tesla?</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\">\nIs Ford Stock the New Tesla?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-17 07:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/ford-stock-tesla-evs-51639664981><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Shares of Ford Motor,surprisingly, have become somewhat controversial on Wall Street headed into 2022. Some analysts are taking their chips off the table, while others are doubling down.\nOn Thursday, ...</p>\n\n<a href=\"https://www.barrons.com/articles/ford-stock-tesla-evs-51639664981\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"F":"福特汽车"},"source_url":"https://www.barrons.com/articles/ford-stock-tesla-evs-51639664981","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148045391","content_text":"Shares of Ford Motor,surprisingly, have become somewhat controversial on Wall Street headed into 2022. Some analysts are taking their chips off the table, while others are doubling down.\nOn Thursday, Barclays analyst Brian Johnson increased his price target for Ford stock (ticker: F) to $23 from $18 and kept his Buy rating. Johnson believes Ford shares will keep working in 2022 amid low dealer inventories and high vehicle pricing.\nFord stock has had a great 2021 so far. Shares have soared about 131% year to date.\nIt’s the second price target bump for Ford stock in the past couple of days. On Wednesday, Wells Fargo analyst Colin Langan increased his price target to $25 from $19 a share.\nNot everyone is increasingly bullish on the auto maker, though. On Monday, Daiwa analyst Jairam Nathan downgraded the stock to Sell from Hold. Although he did take his price target to $19 from $16 a share.\nAfter all the recent analyst adjustments, Ford price targets now range from $12 to $25 a share. The $13 spread is about 65% of the current share price. The average bull-bear spread for stocks in the Dow is about 48%.\nThree months ago, target prices for Ford stock ranged from about $11 to $18 a share; the $7 spread was about 50% of the current stock price. This all illustrates that Ford stock is getting a little more controversial on Wall Street.\nEven though Wall Street can’t seem to agree on Ford,Tesla (TSLA) remains the king of car-stock controversy. The bull-bear spread for Tesla stock coming from large brokerage firms is about $1,330, or almost 140% of the current stock price.\nOne interpretation of increasing disagreement over Ford stock’s value is that some analysts aren’t sure Ford’s 2021 gains are justified. Ford stock has benefited from improving auto demand and higher vehicle pricing. That part of Ford’s gains likely doesn’t vex analysts. But Ford shares have also gained because of improving electric vehicle sales. The company has sold about 25,000 all-electric Mustang Mach E vehicles so far this year. Ford EV momentum might be harder for analysts to reward.\nIn 2022, Ford is launching an all-electric F-150. How sales of that vehicle ramp will go a long way in determining how Ford stock performs this coming year. Rising EV sales will be a key factor for Ford investors in 2022—just like rising EV sales are a key factor for Tesla investors every year.\nAbout 54% of analysts covering Ford stock rate share Buy. The average Buy-rating ratio for stocks in the S&P is about 55%. About 48% of analysts covering Tesla stock rate shares 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10:44","market":"us","language":"zh","title":"价值投资就是购买便宜的股票么？","url":"https://stock-news.laohu8.com/highlight/detail?id=1195944340","media":"伍治坚证据主义","summary":"在投资圈，有一条众人皆知的“潜规则”，那就是你最好自称是价值投资者。如果你告诉别人自己信奉价值投资，那你至少表现正常，因为几乎每个人都自称价值投资者。但如果你告诉别人自己不相信价值投资，那很可能会遭到","content":"<p>在投资圈，有一条众人皆知的“潜规则”，那就是你最好自称是价值投资者。如果你告诉别人自己信奉价值投资，那你至少表现正常，因为几乎每个人都自称价值投资者。但如果你告诉别人自己不相信价值投资，那很可能会遭到别人的质疑：你以为你是谁啊？比巴菲特还牛？哗众取宠吧？</p>\n<p>问题在于，在过去10多年间，价值投资的”魔法“好像不灵了。从2007年开始，法码三因子模型中的价值因子（HML）就不管用了。也就是说，购买市净率更低的公司无法为投资者带来更好的回报。相反，购买市净率更高的公司反而回报更高。从2011到2020年的10年间，罗素1000价值ETF的年回报为10.15%，而同期罗素1000成长ETF的年回报为16.85%。成长股回报明显碾压价值股。</p>\n<p>这些统计数据，是否表明价值投资已经过时，不再管用了？要把这个问题讲清楚，我们需要回到问题的本源，即究竟什么是价值投资说起。</p>\n<p>尽管价值投资在全世界都有很多信徒，但是大家对究竟什么是价值投资却存在很大分歧。问十个价值投资者，很可能会得到十个不同的价值投资定义。有些人会说，价值投资就是购买市盈率和市净率低的，现金流稳定的公司股票。另一些人会说，不对，价值股票除了估值低以外，还需要有高质量的管理团队和护城河。还有人会说，价值投资就是购买市值明显低于内在价值的公司股票，然后等到市值超过内在价值后抛出，接下来再去寻找下一个价值股票。</p>\n<p>我们先来说说第一种情况，即为什么很多人会把价值投资定义为购买估值低的股票。</p>\n<p>1977年，美国学者Sanjoy Basu（Basu, 1977）在其研究论文中指出，购买市盈率比较低的股票，和市盈率比较高的股票相比，能够持续获得更好的投资回报。从那时候开始，有越来越多的研究发现购买低估值的股票能够给投资者带来超额收益。1992年，法码和弗兰基教授（Fama and French, 1992）创造性的提出了三因子投资模型，在其中包括了以市净率为基础的价值因子。上文中提到的HML价值因子，从1963年到2007年的40多年里一直是管用的，即购买市净率更低的股票，确实可以为投资者带来超额回报。基于法码和弗兰基教授的研究成果，全世界的金融学者发表了数以万千计的因子研究论文，其结论大同小异：在不同国家，长期来看，购买低市盈率和低市净率的价值股票，能够为投资者带来更好的投资回报。</p>\n<p>价值投资被等同于购买低估值股票的第二个原因，主要来自于股神巴菲特的老师，本杰明·格雷厄姆。在《聪明的投资者》一书中，格雷厄姆和读者们分享了他挑选股票的几条标准，比如收益率（即市盈率的倒数）应该比投资级别债券收益率高出一倍、市盈率低于所有股票过去5年平均市盈率的40%、股票价格低于净值的2/3等等。简而言之，符合这些标准的公司，主要是那些估值比较低，负债率比较低，分红比较高的公司。格雷厄姆把这样的投资方法称为”烟蒂式投资“，即寻找那些股票价格非常便宜，但又有一定质量的公司，有点像捡起地上的烟蒂再吸一口。</p>\n<p>在格雷厄姆的基础之上，巴菲特丰富了价值投资的定义。巴菲特把价值投资定义为在市值低于内在价值时买入，并在市值高于内在价值时卖出。在上面提到的市盈率、市净率等估值标准之外，巴菲特还加入了公司质量、护城河、管理层能力等指标。同时巴菲特不满足于做被动型股东，他会深入干预重点投资的一些公司的经营策略，以提高公司的竞争性和股票价值。</p>\n<p>如果我们把价值投资定义为买入内在价值高于市值、卖出内在价值低于市值的投资行为，那么其实就没有所谓的价值股和成长股之分。这是因为，任何一家公司的内在价值，都可以通过现金流折算模型（DCF）来计算。公司股票的价值，相当于把公司未来N年能够产生的现金流全部折现到今天来计算得出。对于一只成长股来说，只要它未来的销售和盈利增长够快，就能够基于此算出非常高的内在价值。而只要其内在价值超过目前的市值，哪怕现在的市值估值再高，那么它还是一只值得购买的价值股。</p>\n<p>举例来说，基于纽约大学金融教授Aswath Damodaran的计算（Cornell, 2021），<a href=\"https://laohu8.com/S/AAPL\">苹果</a>公司股票在2015年和2016年可以归入价值股，因为当时的股价比用DCF算出来的内在价值低20%左右。但是从2017年开始，苹果的市值高于其内在价值，因此就不再符合价值股的标准。</p>\n<p>从这个简单的例子就可以看出，用DCF来判断一只股票是否属于价值股的方法，带有很大的主观性。到最后，股票的内在价值主要取决于投资者对于其未来现金流的预测，以及在计算中使用的折现率。同一个股票，有些人可能非常看好其未来的增长，因此判断其符合价值股的标准。而另一些人则比较悲观，算出的内在价值低于市值，反而得出结论应该卖出股票。</p>\n<p>细细想来，这样的逻辑有一定道理。巴菲特经常强调，做投资之前需要明确”能力边界“。自己看不懂的行业或者公司，坚决不投。有一次被问到投资者应该多元分散还是集中投资时，巴菲特说到：</p>\n<p>99%的人，他们的目标并不应该是战胜市场，他们也没能力战胜市场。对于他们来说，应该极度分散，越分散越好，因此购买低成本指数基金是最好的选择。而对于那1%的有投资洞察力的职业选手来说，他们则不应该分散，而是应该集中投资。超过6只股票都嫌多了，但一定是要自己研究透的行业和股票。</p>\n<p>为什么只选少数几个自己精通的股票呢？这是因为，价值投资的本质在于对一家公司的内在价值做出自己独到的判断，发现其他人还没有发现的”丑小鸭“。价值投资成功的关键，在于你能够正确预测公司未来几年，甚至几十年的发展前景。按照霍华德·马克斯的说法，你需要判断正确，同时与众不同，才可能获得超过别人的超额收益。如果对某一个行业或者公司，没有深耕多年的积累和自己独到的见解，那就很难做出正确的判断。而如果不能正确的算出公司的内在价值的话，又谈何发现被市场低估的股票，买入并战胜市场？任何人的时间和知识都是有限的，不可能对所有行业样样精通，因此想要超越市场，投资者只能有所取舍，集中精力研究少数几个自己真正看得懂的股票。</p>\n<p>当然，以上只是巴菲特的个人意见。没有人规定价值投资只能由巴菲特来定义。但我们不要忘记，巴菲特之所以被万人膜拜，其背后是有硬核的投资回报支撑的。从1965年到2020年9月，巴菲特管理的<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔</a>哈撒韦股价平均每年上涨19.95%。同期标普500指数的年回报为9.95%。也就是说，巴菲特连续50多年战胜市场，获得比市场高出一倍的投资回报。能够持续半个多世纪获得如此出色的投资回报，全世界范围仅巴菲特一人。</p>\n<p>那么回到巴菲特的老师格雷厄姆，为什么他在书中强调以财务数据为基础的估值标准来选股票呢？美国加州大学金融教授Bradford Cornell认为（Cornell, 2021），背后的原因很可能是当时电脑和Excel还没有普及。在上文中笔者提到，通过DCF来计算一家公司的内在价值，我们需要做出一系列的预测，比如公司未来十几年每年的营收、成本、税费等等，然后基于折现率等参数计算出现值。同时，我们还需要做不同的情景测试，比如假设成长率上升或者下降，利率上升或者下降，会对内在价值产生怎么样的影响。这些估值练习，在一张比较大的Excel电子表格里，都可以轻松实现。但是想象一下没有电脑，没有Excel，甚至没有计算器的时代：所有的计算都需要通过纸和笔完成。在那样的条件下，用DCF模型去计算公司的内在价值是不现实的，而退而求其次的方法，就是基于一些财务指标，快速方便的找出符合价值投资标准的公司。因此，通过低估值寻找价值股的方法，更可能是时代和科技局限的产物，绝非唯一正确的投资方法。</p>\n<p>对于广大投资者来说，我们需要首先理解价值投资背后的逻辑，把这些智慧内化以提高自己的投资水平。同时，我们也需要看到前人智慧的时代局限性。格雷厄姆和巴菲特倡导的价值投资，事实证明在他们那个年代是非常管用的。但是在科技发达的今天，任何人都能通过互联网轻松获得上市公司最新的财报，然后在他电脑里做一个DCF模型，估算出不同情况下公司的内在价值。也就是说，我们今天每个人获取信息的成本，以及处理信息的效率，都远远超过了当年的格雷厄姆和巴菲特。因此投资者只有与时俱进，不断进化升级自己的投资策略，才可能继续保证价值投资方法的有效性，做一名真正聪明的投资者。</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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价值投资就是购买便宜的股票么？\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/69\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/97e09863206344e0b010e09146f1c4fc);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">伍治坚证据主义 </p>\n<p class=\"h-time\">2021-04-23 10:44</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>在投资圈，有一条众人皆知的“潜规则”，那就是你最好自称是价值投资者。如果你告诉别人自己信奉价值投资，那你至少表现正常，因为几乎每个人都自称价值投资者。但如果你告诉别人自己不相信价值投资，那很可能会遭到别人的质疑：你以为你是谁啊？比巴菲特还牛？哗众取宠吧？</p>\n<p>问题在于，在过去10多年间，价值投资的”魔法“好像不灵了。从2007年开始，法码三因子模型中的价值因子（HML）就不管用了。也就是说，购买市净率更低的公司无法为投资者带来更好的回报。相反，购买市净率更高的公司反而回报更高。从2011到2020年的10年间，罗素1000价值ETF的年回报为10.15%，而同期罗素1000成长ETF的年回报为16.85%。成长股回报明显碾压价值股。</p>\n<p>这些统计数据，是否表明价值投资已经过时，不再管用了？要把这个问题讲清楚，我们需要回到问题的本源，即究竟什么是价值投资说起。</p>\n<p>尽管价值投资在全世界都有很多信徒，但是大家对究竟什么是价值投资却存在很大分歧。问十个价值投资者，很可能会得到十个不同的价值投资定义。有些人会说，价值投资就是购买市盈率和市净率低的，现金流稳定的公司股票。另一些人会说，不对，价值股票除了估值低以外，还需要有高质量的管理团队和护城河。还有人会说，价值投资就是购买市值明显低于内在价值的公司股票，然后等到市值超过内在价值后抛出，接下来再去寻找下一个价值股票。</p>\n<p>我们先来说说第一种情况，即为什么很多人会把价值投资定义为购买估值低的股票。</p>\n<p>1977年，美国学者Sanjoy Basu（Basu, 1977）在其研究论文中指出，购买市盈率比较低的股票，和市盈率比较高的股票相比，能够持续获得更好的投资回报。从那时候开始，有越来越多的研究发现购买低估值的股票能够给投资者带来超额收益。1992年，法码和弗兰基教授（Fama and French, 1992）创造性的提出了三因子投资模型，在其中包括了以市净率为基础的价值因子。上文中提到的HML价值因子，从1963年到2007年的40多年里一直是管用的，即购买市净率更低的股票，确实可以为投资者带来超额回报。基于法码和弗兰基教授的研究成果，全世界的金融学者发表了数以万千计的因子研究论文，其结论大同小异：在不同国家，长期来看，购买低市盈率和低市净率的价值股票，能够为投资者带来更好的投资回报。</p>\n<p>价值投资被等同于购买低估值股票的第二个原因，主要来自于股神巴菲特的老师，本杰明·格雷厄姆。在《聪明的投资者》一书中，格雷厄姆和读者们分享了他挑选股票的几条标准，比如收益率（即市盈率的倒数）应该比投资级别债券收益率高出一倍、市盈率低于所有股票过去5年平均市盈率的40%、股票价格低于净值的2/3等等。简而言之，符合这些标准的公司，主要是那些估值比较低，负债率比较低，分红比较高的公司。格雷厄姆把这样的投资方法称为”烟蒂式投资“，即寻找那些股票价格非常便宜，但又有一定质量的公司，有点像捡起地上的烟蒂再吸一口。</p>\n<p>在格雷厄姆的基础之上，巴菲特丰富了价值投资的定义。巴菲特把价值投资定义为在市值低于内在价值时买入，并在市值高于内在价值时卖出。在上面提到的市盈率、市净率等估值标准之外，巴菲特还加入了公司质量、护城河、管理层能力等指标。同时巴菲特不满足于做被动型股东，他会深入干预重点投资的一些公司的经营策略，以提高公司的竞争性和股票价值。</p>\n<p>如果我们把价值投资定义为买入内在价值高于市值、卖出内在价值低于市值的投资行为，那么其实就没有所谓的价值股和成长股之分。这是因为，任何一家公司的内在价值，都可以通过现金流折算模型（DCF）来计算。公司股票的价值，相当于把公司未来N年能够产生的现金流全部折现到今天来计算得出。对于一只成长股来说，只要它未来的销售和盈利增长够快，就能够基于此算出非常高的内在价值。而只要其内在价值超过目前的市值，哪怕现在的市值估值再高，那么它还是一只值得购买的价值股。</p>\n<p>举例来说，基于纽约大学金融教授Aswath Damodaran的计算（Cornell, 2021），<a href=\"https://laohu8.com/S/AAPL\">苹果</a>公司股票在2015年和2016年可以归入价值股，因为当时的股价比用DCF算出来的内在价值低20%左右。但是从2017年开始，苹果的市值高于其内在价值，因此就不再符合价值股的标准。</p>\n<p>从这个简单的例子就可以看出，用DCF来判断一只股票是否属于价值股的方法，带有很大的主观性。到最后，股票的内在价值主要取决于投资者对于其未来现金流的预测，以及在计算中使用的折现率。同一个股票，有些人可能非常看好其未来的增长，因此判断其符合价值股的标准。而另一些人则比较悲观，算出的内在价值低于市值，反而得出结论应该卖出股票。</p>\n<p>细细想来，这样的逻辑有一定道理。巴菲特经常强调，做投资之前需要明确”能力边界“。自己看不懂的行业或者公司，坚决不投。有一次被问到投资者应该多元分散还是集中投资时，巴菲特说到：</p>\n<p>99%的人，他们的目标并不应该是战胜市场，他们也没能力战胜市场。对于他们来说，应该极度分散，越分散越好，因此购买低成本指数基金是最好的选择。而对于那1%的有投资洞察力的职业选手来说，他们则不应该分散，而是应该集中投资。超过6只股票都嫌多了，但一定是要自己研究透的行业和股票。</p>\n<p>为什么只选少数几个自己精通的股票呢？这是因为，价值投资的本质在于对一家公司的内在价值做出自己独到的判断，发现其他人还没有发现的”丑小鸭“。价值投资成功的关键，在于你能够正确预测公司未来几年，甚至几十年的发展前景。按照霍华德·马克斯的说法，你需要判断正确，同时与众不同，才可能获得超过别人的超额收益。如果对某一个行业或者公司，没有深耕多年的积累和自己独到的见解，那就很难做出正确的判断。而如果不能正确的算出公司的内在价值的话，又谈何发现被市场低估的股票，买入并战胜市场？任何人的时间和知识都是有限的，不可能对所有行业样样精通，因此想要超越市场，投资者只能有所取舍，集中精力研究少数几个自己真正看得懂的股票。</p>\n<p>当然，以上只是巴菲特的个人意见。没有人规定价值投资只能由巴菲特来定义。但我们不要忘记，巴菲特之所以被万人膜拜，其背后是有硬核的投资回报支撑的。从1965年到2020年9月，巴菲特管理的<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔</a>哈撒韦股价平均每年上涨19.95%。同期标普500指数的年回报为9.95%。也就是说，巴菲特连续50多年战胜市场，获得比市场高出一倍的投资回报。能够持续半个多世纪获得如此出色的投资回报，全世界范围仅巴菲特一人。</p>\n<p>那么回到巴菲特的老师格雷厄姆，为什么他在书中强调以财务数据为基础的估值标准来选股票呢？美国加州大学金融教授Bradford Cornell认为（Cornell, 2021），背后的原因很可能是当时电脑和Excel还没有普及。在上文中笔者提到，通过DCF来计算一家公司的内在价值，我们需要做出一系列的预测，比如公司未来十几年每年的营收、成本、税费等等，然后基于折现率等参数计算出现值。同时，我们还需要做不同的情景测试，比如假设成长率上升或者下降，利率上升或者下降，会对内在价值产生怎么样的影响。这些估值练习，在一张比较大的Excel电子表格里，都可以轻松实现。但是想象一下没有电脑，没有Excel，甚至没有计算器的时代：所有的计算都需要通过纸和笔完成。在那样的条件下，用DCF模型去计算公司的内在价值是不现实的，而退而求其次的方法，就是基于一些财务指标，快速方便的找出符合价值投资标准的公司。因此，通过低估值寻找价值股的方法，更可能是时代和科技局限的产物，绝非唯一正确的投资方法。</p>\n<p>对于广大投资者来说，我们需要首先理解价值投资背后的逻辑，把这些智慧内化以提高自己的投资水平。同时，我们也需要看到前人智慧的时代局限性。格雷厄姆和巴菲特倡导的价值投资，事实证明在他们那个年代是非常管用的。但是在科技发达的今天，任何人都能通过互联网轻松获得上市公司最新的财报，然后在他电脑里做一个DCF模型，估算出不同情况下公司的内在价值。也就是说，我们今天每个人获取信息的成本，以及处理信息的效率，都远远超过了当年的格雷厄姆和巴菲特。因此投资者只有与时俱进，不断进化升级自己的投资策略，才可能继续保证价值投资方法的有效性，做一名真正聪明的投资者。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bd9ad7000b469234f34f13f95d82e2f1","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195944340","content_text":"在投资圈，有一条众人皆知的“潜规则”，那就是你最好自称是价值投资者。如果你告诉别人自己信奉价值投资，那你至少表现正常，因为几乎每个人都自称价值投资者。但如果你告诉别人自己不相信价值投资，那很可能会遭到别人的质疑：你以为你是谁啊？比巴菲特还牛？哗众取宠吧？\n问题在于，在过去10多年间，价值投资的”魔法“好像不灵了。从2007年开始，法码三因子模型中的价值因子（HML）就不管用了。也就是说，购买市净率更低的公司无法为投资者带来更好的回报。相反，购买市净率更高的公司反而回报更高。从2011到2020年的10年间，罗素1000价值ETF的年回报为10.15%，而同期罗素1000成长ETF的年回报为16.85%。成长股回报明显碾压价值股。\n这些统计数据，是否表明价值投资已经过时，不再管用了？要把这个问题讲清楚，我们需要回到问题的本源，即究竟什么是价值投资说起。\n尽管价值投资在全世界都有很多信徒，但是大家对究竟什么是价值投资却存在很大分歧。问十个价值投资者，很可能会得到十个不同的价值投资定义。有些人会说，价值投资就是购买市盈率和市净率低的，现金流稳定的公司股票。另一些人会说，不对，价值股票除了估值低以外，还需要有高质量的管理团队和护城河。还有人会说，价值投资就是购买市值明显低于内在价值的公司股票，然后等到市值超过内在价值后抛出，接下来再去寻找下一个价值股票。\n我们先来说说第一种情况，即为什么很多人会把价值投资定义为购买估值低的股票。\n1977年，美国学者Sanjoy Basu（Basu, 1977）在其研究论文中指出，购买市盈率比较低的股票，和市盈率比较高的股票相比，能够持续获得更好的投资回报。从那时候开始，有越来越多的研究发现购买低估值的股票能够给投资者带来超额收益。1992年，法码和弗兰基教授（Fama and French, 1992）创造性的提出了三因子投资模型，在其中包括了以市净率为基础的价值因子。上文中提到的HML价值因子，从1963年到2007年的40多年里一直是管用的，即购买市净率更低的股票，确实可以为投资者带来超额回报。基于法码和弗兰基教授的研究成果，全世界的金融学者发表了数以万千计的因子研究论文，其结论大同小异：在不同国家，长期来看，购买低市盈率和低市净率的价值股票，能够为投资者带来更好的投资回报。\n价值投资被等同于购买低估值股票的第二个原因，主要来自于股神巴菲特的老师，本杰明·格雷厄姆。在《聪明的投资者》一书中，格雷厄姆和读者们分享了他挑选股票的几条标准，比如收益率（即市盈率的倒数）应该比投资级别债券收益率高出一倍、市盈率低于所有股票过去5年平均市盈率的40%、股票价格低于净值的2/3等等。简而言之，符合这些标准的公司，主要是那些估值比较低，负债率比较低，分红比较高的公司。格雷厄姆把这样的投资方法称为”烟蒂式投资“，即寻找那些股票价格非常便宜，但又有一定质量的公司，有点像捡起地上的烟蒂再吸一口。\n在格雷厄姆的基础之上，巴菲特丰富了价值投资的定义。巴菲特把价值投资定义为在市值低于内在价值时买入，并在市值高于内在价值时卖出。在上面提到的市盈率、市净率等估值标准之外，巴菲特还加入了公司质量、护城河、管理层能力等指标。同时巴菲特不满足于做被动型股东，他会深入干预重点投资的一些公司的经营策略，以提高公司的竞争性和股票价值。\n如果我们把价值投资定义为买入内在价值高于市值、卖出内在价值低于市值的投资行为，那么其实就没有所谓的价值股和成长股之分。这是因为，任何一家公司的内在价值，都可以通过现金流折算模型（DCF）来计算。公司股票的价值，相当于把公司未来N年能够产生的现金流全部折现到今天来计算得出。对于一只成长股来说，只要它未来的销售和盈利增长够快，就能够基于此算出非常高的内在价值。而只要其内在价值超过目前的市值，哪怕现在的市值估值再高，那么它还是一只值得购买的价值股。\n举例来说，基于纽约大学金融教授Aswath Damodaran的计算（Cornell, 2021），苹果公司股票在2015年和2016年可以归入价值股，因为当时的股价比用DCF算出来的内在价值低20%左右。但是从2017年开始，苹果的市值高于其内在价值，因此就不再符合价值股的标准。\n从这个简单的例子就可以看出，用DCF来判断一只股票是否属于价值股的方法，带有很大的主观性。到最后，股票的内在价值主要取决于投资者对于其未来现金流的预测，以及在计算中使用的折现率。同一个股票，有些人可能非常看好其未来的增长，因此判断其符合价值股的标准。而另一些人则比较悲观，算出的内在价值低于市值，反而得出结论应该卖出股票。\n细细想来，这样的逻辑有一定道理。巴菲特经常强调，做投资之前需要明确”能力边界“。自己看不懂的行业或者公司，坚决不投。有一次被问到投资者应该多元分散还是集中投资时，巴菲特说到：\n99%的人，他们的目标并不应该是战胜市场，他们也没能力战胜市场。对于他们来说，应该极度分散，越分散越好，因此购买低成本指数基金是最好的选择。而对于那1%的有投资洞察力的职业选手来说，他们则不应该分散，而是应该集中投资。超过6只股票都嫌多了，但一定是要自己研究透的行业和股票。\n为什么只选少数几个自己精通的股票呢？这是因为，价值投资的本质在于对一家公司的内在价值做出自己独到的判断，发现其他人还没有发现的”丑小鸭“。价值投资成功的关键，在于你能够正确预测公司未来几年，甚至几十年的发展前景。按照霍华德·马克斯的说法，你需要判断正确，同时与众不同，才可能获得超过别人的超额收益。如果对某一个行业或者公司，没有深耕多年的积累和自己独到的见解，那就很难做出正确的判断。而如果不能正确的算出公司的内在价值的话，又谈何发现被市场低估的股票，买入并战胜市场？任何人的时间和知识都是有限的，不可能对所有行业样样精通，因此想要超越市场，投资者只能有所取舍，集中精力研究少数几个自己真正看得懂的股票。\n当然，以上只是巴菲特的个人意见。没有人规定价值投资只能由巴菲特来定义。但我们不要忘记，巴菲特之所以被万人膜拜，其背后是有硬核的投资回报支撑的。从1965年到2020年9月，巴菲特管理的伯克希尔哈撒韦股价平均每年上涨19.95%。同期标普500指数的年回报为9.95%。也就是说，巴菲特连续50多年战胜市场，获得比市场高出一倍的投资回报。能够持续半个多世纪获得如此出色的投资回报，全世界范围仅巴菲特一人。\n那么回到巴菲特的老师格雷厄姆，为什么他在书中强调以财务数据为基础的估值标准来选股票呢？美国加州大学金融教授Bradford Cornell认为（Cornell, 2021），背后的原因很可能是当时电脑和Excel还没有普及。在上文中笔者提到，通过DCF来计算一家公司的内在价值，我们需要做出一系列的预测，比如公司未来十几年每年的营收、成本、税费等等，然后基于折现率等参数计算出现值。同时，我们还需要做不同的情景测试，比如假设成长率上升或者下降，利率上升或者下降，会对内在价值产生怎么样的影响。这些估值练习，在一张比较大的Excel电子表格里，都可以轻松实现。但是想象一下没有电脑，没有Excel，甚至没有计算器的时代：所有的计算都需要通过纸和笔完成。在那样的条件下，用DCF模型去计算公司的内在价值是不现实的，而退而求其次的方法，就是基于一些财务指标，快速方便的找出符合价值投资标准的公司。因此，通过低估值寻找价值股的方法，更可能是时代和科技局限的产物，绝非唯一正确的投资方法。\n对于广大投资者来说，我们需要首先理解价值投资背后的逻辑，把这些智慧内化以提高自己的投资水平。同时，我们也需要看到前人智慧的时代局限性。格雷厄姆和巴菲特倡导的价值投资，事实证明在他们那个年代是非常管用的。但是在科技发达的今天，任何人都能通过互联网轻松获得上市公司最新的财报，然后在他电脑里做一个DCF模型，估算出不同情况下公司的内在价值。也就是说，我们今天每个人获取信息的成本，以及处理信息的效率，都远远超过了当年的格雷厄姆和巴菲特。因此投资者只有与时俱进，不断进化升级自己的投资策略，才可能继续保证价值投资方法的有效性，做一名真正聪明的投资者。","news_type":1},"isVote":1,"tweetType":1,"viewCount":334,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":378781849,"gmtCreate":1619061429381,"gmtModify":1634288836017,"author":{"id":"3582094096863586","authorId":"3582094096863586","name":"虎火","avatar":"https://static.tigerbbs.com/4b734860697327b010a0f1b09fedad7e","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"呵呵","listText":"呵呵","text":"呵呵","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/378781849","repostId":"1133512545","repostType":4,"isVote":1,"tweetType":1,"viewCount":689,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":109029429,"gmtCreate":1619655534261,"gmtModify":1634211017338,"author":{"id":"3582094096863586","authorId":"3582094096863586","name":"虎火","avatar":"https://static.tigerbbs.com/4b734860697327b010a0f1b09fedad7e","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"请帮忙回复和点赞。先谢谢🙏","listText":"请帮忙回复和点赞。先谢谢🙏","text":"请帮忙回复和点赞。先谢谢🙏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/109029429","repostId":"1126776586","repostType":4,"isVote":1,"tweetType":1,"viewCount":1053,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":109021393,"gmtCreate":1619655569312,"gmtModify":1634211016009,"author":{"id":"3582094096863586","authorId":"3582094096863586","name":"虎火","avatar":"https://static.tigerbbs.com/4b734860697327b010a0f1b09fedad7e","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"请帮忙回复和点赞。先谢谢🙏","listText":"请帮忙回复和点赞。先谢谢🙏","text":"请帮忙回复和点赞。先谢谢🙏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/109021393","repostId":"2131306540","repostType":4,"repost":{"id":"2131306540","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":1619654081,"share":"https://www.laohu8.com/m/news/2131306540?lang=&edition=full","pubTime":"2021-04-29 07:54","market":"us","language":"zh","title":"福特汽车Q1营收同比增长6%，芯片短缺将致产量减少","url":"https://stock-news.laohu8.com/highlight/detail?id=2131306540","media":"老虎资讯综合","summary":"一季度，福特汽车市场份额为5.3%,上年同期为6.0%。福特汽车CFO John Lawler在财报中提到，3月瑞萨电子发生火灾加剧了半导体芯片供应状况，该公司认为，预计瑞萨的芯片流量问题将于第二季度开始恢复，并在今年剩余时间改善。","content":"<p>美东时间4月28日盘后，<a href=\"https://laohu8.com/S/F\">福特汽车</a>公布了2021年第一季度财务业绩。数据显示，该公司Q1营收362.28亿美元，上年同期为343.20亿美元，同比增长6%；净利润32.62亿美元，上年同期净亏损19.93亿美元；净利润率为9.0%，上年同期净亏损率5.8%；摊薄后每股收益为0.81美元，上年同期亏损0.50美元。<img src=\"https://static.tigerbbs.com/e1c8718336d2c4c4c81aeb91c0d43876\" tg-width=\"754\" tg-height=\"788\" referrerpolicy=\"no-referrer\">按业务划分，该公司汽车业务营收为335.54亿美元，上年同期为313.42亿美元；福特信贷业务营收为26.63亿美元，上年同期为29.67亿美元；移动出行业务营收为1100万美元，同比持平。</p><p>经营活动产生的现金流为45亿美元，上年同期为负5亿美元。</p><p>一季度，福特汽车市场份额为5.3%,上年同期为6.0%。批发单位(wholesale units)为106.2万，同比下降6%；其中，中国市场批发单位为15万，同比增长85%。</p><p>福特汽车CFO John Lawler在财报中提到，3月瑞萨电子发生火灾加剧了半导体芯片供应状况，该公司认为，预计瑞萨的芯片流量问题将于第二季度开始恢复，并在今年剩余时间改善。</p><p>另外，该公司还表示，将成立一个命名为FordIonPark的全球电池中心，以加快电池和电池技术的研发，包括未来的电池制造。</p><p>展望未来，Lawler表示，由于芯片短缺，以及瑞萨电子火灾事件的影响，预计第二季度计划产量将减少约50%，2021年下半年计划产量将减少10%；今年的产量将减少约110万辆；2021全年调整后EBIT将在55-65亿美元之间，其中包括芯片问题带来的约25亿美元的不利因素，预计调整后自由现金流为5-15亿美元。</p><p>财报公布后，截至发稿，该股盘后跌3.22%，报12.03美元。<img src=\"https://static.tigerbbs.com/e70f966542ace3d4e1b77d43cb43fdec\" tg-width=\"691\" tg-height=\"527\" 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>福特汽车Q1营收同比增长6%，芯片短缺将致产量减少</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福特汽车Q1营收同比增长6%，芯片短缺将致产量减少\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\">2021-04-29 07:54</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>美东时间4月28日盘后，<a href=\"https://laohu8.com/S/F\">福特汽车</a>公布了2021年第一季度财务业绩。数据显示，该公司Q1营收362.28亿美元，上年同期为343.20亿美元，同比增长6%；净利润32.62亿美元，上年同期净亏损19.93亿美元；净利润率为9.0%，上年同期净亏损率5.8%；摊薄后每股收益为0.81美元，上年同期亏损0.50美元。<img src=\"https://static.tigerbbs.com/e1c8718336d2c4c4c81aeb91c0d43876\" tg-width=\"754\" tg-height=\"788\" referrerpolicy=\"no-referrer\">按业务划分，该公司汽车业务营收为335.54亿美元，上年同期为313.42亿美元；福特信贷业务营收为26.63亿美元，上年同期为29.67亿美元；移动出行业务营收为1100万美元，同比持平。</p><p>经营活动产生的现金流为45亿美元，上年同期为负5亿美元。</p><p>一季度，福特汽车市场份额为5.3%,上年同期为6.0%。批发单位(wholesale units)为106.2万，同比下降6%；其中，中国市场批发单位为15万，同比增长85%。</p><p>福特汽车CFO John Lawler在财报中提到，3月瑞萨电子发生火灾加剧了半导体芯片供应状况，该公司认为，预计瑞萨的芯片流量问题将于第二季度开始恢复，并在今年剩余时间改善。</p><p>另外，该公司还表示，将成立一个命名为FordIonPark的全球电池中心，以加快电池和电池技术的研发，包括未来的电池制造。</p><p>展望未来，Lawler表示，由于芯片短缺，以及瑞萨电子火灾事件的影响，预计第二季度计划产量将减少约50%，2021年下半年计划产量将减少10%；今年的产量将减少约110万辆；2021全年调整后EBIT将在55-65亿美元之间，其中包括芯片问题带来的约25亿美元的不利因素，预计调整后自由现金流为5-15亿美元。</p><p>财报公布后，截至发稿，该股盘后跌3.22%，报12.03美元。<img src=\"https://static.tigerbbs.com/e70f966542ace3d4e1b77d43cb43fdec\" tg-width=\"691\" tg-height=\"527\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f5e8aba7de194dc92d26747c1cfec057","relate_stocks":{"159813":"芯片","F":"福特汽车"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2131306540","content_text":"美东时间4月28日盘后，福特汽车公布了2021年第一季度财务业绩。数据显示，该公司Q1营收362.28亿美元，上年同期为343.20亿美元，同比增长6%；净利润32.62亿美元，上年同期净亏损19.93亿美元；净利润率为9.0%，上年同期净亏损率5.8%；摊薄后每股收益为0.81美元，上年同期亏损0.50美元。按业务划分，该公司汽车业务营收为335.54亿美元，上年同期为313.42亿美元；福特信贷业务营收为26.63亿美元，上年同期为29.67亿美元；移动出行业务营收为1100万美元，同比持平。经营活动产生的现金流为45亿美元，上年同期为负5亿美元。一季度，福特汽车市场份额为5.3%,上年同期为6.0%。批发单位(wholesale units)为106.2万，同比下降6%；其中，中国市场批发单位为15万，同比增长85%。福特汽车CFO John Lawler在财报中提到，3月瑞萨电子发生火灾加剧了半导体芯片供应状况，该公司认为，预计瑞萨的芯片流量问题将于第二季度开始恢复，并在今年剩余时间改善。另外，该公司还表示，将成立一个命名为FordIonPark的全球电池中心，以加快电池和电池技术的研发，包括未来的电池制造。展望未来，Lawler表示，由于芯片短缺，以及瑞萨电子火灾事件的影响，预计第二季度计划产量将减少约50%，2021年下半年计划产量将减少10%；今年的产量将减少约110万辆；2021全年调整后EBIT将在55-65亿美元之间，其中包括芯片问题带来的约25亿美元的不利因素，预计调整后自由现金流为5-15亿美元。财报公布后，截至发稿，该股盘后跌3.22%，报12.03美元。","news_type":1},"isVote":1,"tweetType":1,"viewCount":935,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":377091078,"gmtCreate":1619483402094,"gmtModify":1634212439755,"author":{"id":"3582094096863586","authorId":"3582094096863586","name":"虎火","avatar":"https://static.tigerbbs.com/4b734860697327b010a0f1b09fedad7e","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"请帮忙点赞和答复，先谢谢啦","listText":"请帮忙点赞和答复，先谢谢啦","text":"请帮忙点赞和答复，先谢谢啦","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/377091078","repostId":"1155773660","repostType":4,"isVote":1,"tweetType":1,"viewCount":304,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":372831269,"gmtCreate":1619189599951,"gmtModify":1634287869641,"author":{"id":"3582094096863586","authorId":"3582094096863586","name":"虎火","avatar":"https://static.tigerbbs.com/4b734860697327b010a0f1b09fedad7e","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"请回复和点赞🙏谢谢","listText":"请回复和点赞🙏谢谢","text":"请回复和点赞🙏谢谢","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/372831269","repostId":"1126517958","repostType":4,"repost":{"id":"1126517958","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":1619186274,"share":"https://www.laohu8.com/m/news/1126517958?lang=&edition=full","pubTime":"2021-04-23 21:57","market":"us","language":"zh","title":"【异动】明星中概股齐涨，雾芯科技涨超6%","url":"https://stock-news.laohu8.com/highlight/detail?id=1126517958","media":"老虎资讯综合","summary":"4月23日，明星中概股盘初上涨，雾芯科技涨超6%，逸仙电商涨超5%，达达集团涨超4%，哔哩哔哩、拼多多、唯品会、秦淮数据涨超3%，跟谁学、贝壳、百度、小鹏汽车、理想汽车、蔚来涨超2%，网易、京东、阿里","content":"<p>4月23日，明星中概股盘初上涨，雾芯科技涨超6%，<a href=\"https://laohu8.com/S/YSG\">逸仙电商</a>涨超5%，<a href=\"https://laohu8.com/S/DADA\">达达集团</a>涨超4%，<a href=\"https://laohu8.com/S/BILI\">哔哩哔哩</a>、<a href=\"https://laohu8.com/S/PDD\">拼多多</a>、<a href=\"https://laohu8.com/S/VIPS\">唯品会</a>、<a href=\"https://laohu8.com/S/CD\">秦淮数据</a>涨超3%，<a href=\"https://laohu8.com/S/GSX\">跟谁学</a>、<a href=\"https://laohu8.com/S/BEKE\">贝壳</a>、<a href=\"https://laohu8.com/S/BIDU\">百度</a>、<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>、<a href=\"https://laohu8.com/S/LI\">理想汽车</a>、<a href=\"https://laohu8.com/S/NIO\">蔚来</a>涨超2%，<a href=\"https://laohu8.com/S/NTES\">网易</a>、京东、<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>涨超1%。</p><p><img src=\"https://static.tigerbbs.com/78f36e308bf0963d993bfa5f17ea6992\" 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】明星中概股齐涨，雾芯科技涨超6%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ 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0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【异动】明星中概股齐涨，雾芯科技涨超6%\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\">2021-04-23 21:57</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>4月23日，明星中概股盘初上涨，雾芯科技涨超6%，<a href=\"https://laohu8.com/S/YSG\">逸仙电商</a>涨超5%，<a href=\"https://laohu8.com/S/DADA\">达达集团</a>涨超4%，<a href=\"https://laohu8.com/S/BILI\">哔哩哔哩</a>、<a href=\"https://laohu8.com/S/PDD\">拼多多</a>、<a href=\"https://laohu8.com/S/VIPS\">唯品会</a>、<a href=\"https://laohu8.com/S/CD\">秦淮数据</a>涨超3%，<a href=\"https://laohu8.com/S/GSX\">跟谁学</a>、<a href=\"https://laohu8.com/S/BEKE\">贝壳</a>、<a href=\"https://laohu8.com/S/BIDU\">百度</a>、<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>、<a href=\"https://laohu8.com/S/LI\">理想汽车</a>、<a href=\"https://laohu8.com/S/NIO\">蔚来</a>涨超2%，<a href=\"https://laohu8.com/S/NTES\">网易</a>、京东、<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>涨超1%。</p><p><img src=\"https://static.tigerbbs.com/78f36e308bf0963d993bfa5f17ea6992\" 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/bd3ac286c2233d10a592ba6c388667fb","relate_stocks":{"BILI":"哔哩哔哩","QNETCN":"纳斯达克中美互联网老虎指数","RLX":"雾芯科技","TTTN":"老虎中美互联网巨头ETF"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126517958","content_text":"4月23日，明星中概股盘初上涨，雾芯科技涨超6%，逸仙电商涨超5%，达达集团涨超4%，哔哩哔哩、拼多多、唯品会、秦淮数据涨超3%，跟谁学、贝壳、百度、小鹏汽车、理想汽车、蔚来涨超2%，网易、京东、阿里巴巴涨超1%。","news_type":1},"isVote":1,"tweetType":1,"viewCount":356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":116779411,"gmtCreate":1622821360633,"gmtModify":1634097632918,"author":{"id":"3582094096863586","authorId":"3582094096863586","name":"虎火","avatar":"https://static.tigerbbs.com/4b734860697327b010a0f1b09fedad7e","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"呵呵","listText":"呵呵","text":"呵呵","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/116779411","repostId":"2140540596","repostType":4,"isVote":1,"tweetType":1,"viewCount":1526,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":372206116,"gmtCreate":1619217105335,"gmtModify":1634287751975,"author":{"id":"3582094096863586","authorId":"3582094096863586","name":"虎火","avatar":"https://static.tigerbbs.com/4b734860697327b010a0f1b09fedad7e","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"请帮忙点赞和回复。先谢谢啦","listText":"请帮忙点赞和回复。先谢谢啦","text":"请帮忙点赞和回复。先谢谢啦","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/372206116","repostId":"1195038827","repostType":4,"isVote":1,"tweetType":1,"viewCount":443,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":378781849,"gmtCreate":1619061429381,"gmtModify":1634288836017,"author":{"id":"3582094096863586","authorId":"3582094096863586","name":"虎火","avatar":"https://static.tigerbbs.com/4b734860697327b010a0f1b09fedad7e","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"呵呵","listText":"呵呵","text":"呵呵","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/378781849","repostId":"1133512545","repostType":4,"repost":{"id":"1133512545","pubTimestamp":1619060647,"share":"https://www.laohu8.com/m/news/1133512545?lang=&edition=full","pubTime":"2021-04-22 11:04","market":"us","language":"zh","title":"小心！别掉入特斯拉陷阱","url":"https://stock-news.laohu8.com/highlight/detail?id=1133512545","media":"新零售商业评论","summary":"“打铁还需自身硬。”\n\n“电动汽车，做，还是不做，这是个问题。”\n演讲时，雷军放大在屏幕上的这句话，套用哈姆雷特“生存还是毁灭”的句式，道出了每一家企业加入“造车大战”之前必然要经历的抉择。\n做，还是","content":"<blockquote>\n <b>“打铁还需自身硬。”</b>\n</blockquote>\n<p>“电动汽车，做，还是不做，这是个问题。”</p>\n<p>演讲时，雷军放大在屏幕上的这句话，套用哈姆雷特“生存还是毁灭”的句式，道出了每一家企业加入“造车大战”之前必然要经历的抉择。</p>\n<p>做，还是不做？雷军的选择是押上全部身家，投入造车。</p>\n<p>中国造车新势力之一的<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>创始人何小鹏公开力挺：“我从头到尾建议雷总做。我们要为勇敢者鼓掌，无论结果如何，当越来越多人这样做，世界才会更灿烂。”</p>\n<p>在此前后，<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>、<a href=\"https://laohu8.com/S/00700\">腾讯</a>、华为、<a href=\"https://laohu8.com/S/BIDU\">百度</a>、滴滴等巨头纷纷入局，不少家电乃至白酒企业也争先恐后。</p>\n<p>正因如此，造车成为近年最热门的创业赛道。只是，世界尚未变得“更灿烂”，造车已经进入癫狂时刻。</p>\n<p><b>门外汉扎堆</b></p>\n<p>可能出乎不少人的意料，较早跨界造车的，是白酒行业巨头<a href=\"https://laohu8.com/S/000858\">五粮液</a>。</p>\n<p>三年前，五粮液砸下近25亿元，拿下凯翼汽车51%的股份，进而宣布豪掷37亿元投资造车智慧工厂。</p>\n<p>然而，重金砸下去，并没有在市场引起多大的“水花”，经销商坦言，“凯翼很长一段时间没人买了”。</p>\n<p>这样的“事故”丝毫没有影响其他企业造车的热情，以致网友调侃：“以后老干妈说要造车，我们也见怪不怪了。”</p>\n<p>最近的消息是，家电龙头企业创维也已经开始“贴牌”造车。媒体称，在第九届中国电子信息博览会上，创维展出了一辆汽车，车型是天美ET5，车牌写的却是“创维汽车”。</p>\n<p>制造高端扫地<a href=\"https://laohu8.com/S/300024\">机器人</a>的<a href=\"https://laohu8.com/S/688169\">石头科技</a>也被曝出将要造车。</p>\n<p>尽管石头科技相关负责人对媒体表示，“造车项目与石头科技不产生直接关联”，但企查查数据显示，2021年1月，上海洛轲<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>科技有限公司成立，推出“石头汽车”项目，经营范围包括新能源汽车整车销售、新能源汽车生产测试设备销售等，石头科技创始人昌敬持股69.8%。</p>\n<p>造车大佬中，最典型的，当属格力掌门人董明珠。</p>\n<p>早在2016年，董明珠就想投入130亿元收购银隆新能源100%股权，当时小鹏、理想、<a href=\"https://laohu8.com/S/NIO\">蔚来</a>都处于起步阶段，新能源汽车的“风口”刚刚显形。</p>\n<p>董明珠没有想到，收购方案遭到<a href=\"https://laohu8.com/S/000651\">格力电器</a>中小投资者的强烈反对，两倍收购溢价过高、银隆钛酸锂技术不成熟、增发稀释股权等“火力点”让她动弹不得。</p>\n<p>不服输的董明珠在股东大会上怒怼投资者：“格力没有亏待你们！两年给你们分了180亿，你去看看哪个企业给你们这么多？”</p>\n<p>中小投资者联手否决格力的造车计划后，董明珠以个人名义入股银隆，但支撑不到两年，银隆客车销量呈断崖式下跌，如今更是陷入股权拍卖、供应商讨债的“泥潭”。</p>\n<p>不过，不要以为董明珠就此罢休。</p>\n<p>近日，格力电器公开一项名为“一种铁芯冲片、定子铁芯、电机及新能源汽车”的专利技术，业内人士分析认为不排除董明珠“重燃”造车梦想的可能。</p>\n<p><img src=\"https://static.tigerbbs.com/76f36c2200c64df12b4916bc531009e6\" tg-width=\"985\" tg-height=\"554\" referrerpolicy=\"no-referrer\"></p>\n<p><i>图源《速度与激情8》</i></p>\n<p>问题是，这些“门外汉”为什么都要跨界造车？</p>\n<p>首先，<b>新能源汽车行业体量足够大。</b></p>\n<p>美团联合创始人王慧文认为，投入某个行业，“如果只能看一个要素，就是行业体量”。具体到新能源汽车行业，据海豚投研分析，在合理情景下，假设单车价值10万元人民币，2025年新能源车市场空间将超过6000亿元，2030年超万亿元大关。</p>\n<p>这么一个万亿级市场，即使是“门外汉”，也有分一杯羹的可能性。</p>\n<p>其次，<b>新能源汽车行业补贴激增。</b></p>\n<p>据国家财政部下达的新能源汽车补贴资金预算显示，2021年，共安排新能源汽车补贴375.85亿元，其中包含新能源公交车运营补助和2016~2018年新能源汽车推广应用补贴。</p>\n<p>这个补贴总额相当于2020年补贴总额的3.34倍，对入局的车企来说，无异于再次送上“超级礼包”。</p>\n<p>再者，从企业自身看，<b>造车是一个备受投资者看好的“新故事”，能迅速“刺激”股价上扬。</b></p>\n<p>比如，小米传出造车时，其港股股价涨幅一度扩大至12%，秒涨近900亿港元，而华为与北汽联合打造的“第一辆车”一经发布，相关公司股价三天涨幅达23.98%。</p>\n<p>另外，<b>对于业绩不振的企业，造车也是被寄予厚望的“自救药方”。</b></p>\n<p>以格力为例，近两年，格力业绩低迷，与<a href=\"https://laohu8.com/S/000333\">美的集团</a>的市值差距越来越大，董明珠没有放弃包括造车在内的多元化策略，目的也是希望能获得新的业绩增长点。</p>\n<p>然而，无论赛道多么喧嚣，行稳致远，应该是新能源汽车企业的“风向标”。</p>\n<p><b>不确定性凸显</b></p>\n<p>不只是巨头，更多企业都想从造车中分到属于自己的“蛋糕”，且方向越发细分，心态越发急迫。</p>\n<p>据企查查数据，目前状态为在业或存续的“新能源汽车”相关企业共计27.2万家。近两年，相关企业注册量分别是4.7万家、8.0万家，今年第一季度的注册量达3.2万，同比增长71.9%。</p>\n<p>细分到动力电池，目前在业或存续的相关企业共计2.4万家。近两年的注册量分别是0.3万家、0.5万家，今年第一季度的注册量就有0.5万，同比暴增908.7%。</p>\n<p>目前在业或存续的“充电桩”相关企业共计10.6万家。近两年的注册量分别是2.1万家、2.5万家，今年第一季度的注册量为0.1万，同比增长208.1%。</p>\n<p>每一项数据都是飙升状态，新能源汽车之热闹可见一斑，在此背后，却是问题与槽点齐飞。</p>\n<p>正如媒体所列，断轴、自燃、三电系统缺陷等质量问题被广泛投诉，里程注水、性能浮夸、售后甩锅等虚假宣传和霸道销售比较普遍，消费者诟病的槽点越来越多，未见收敛之势。</p>\n<p>尤其是<b>质量问题，对消费者和企业都关系重大。</b></p>\n<p>汽车工程师周良对媒体直言：“有些人会说，这是人们对新事物过于苛刻，但是从历史来看很多车企就是死在这些问题上的，甚至有部分死掉的车企曾经做的比新势力要好。”</p>\n<p>现实情况是，新能源汽车的质量颇不如人意。到什么地步？近日，国家市场监督管理总局公布的召回计划中，4万多辆问题车中纯电动的新能源汽车超过3.3万辆。</p>\n<p><img src=\"https://static.tigerbbs.com/1429098b9e1e3b29605ddf6a6c7d3ba0\" tg-width=\"1080\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></p>\n<p>与此同时，尽管一些企业在电池、车载系统、数据等方面取得了局部优势，但在关键环节和核心零部件等方面仍然存在“卡脖子”风险。</p>\n<p>这段时间，<b>汽车芯片“断供”引起业界震动</b>，国内不少车企因为芯片缺货而下不了线，便是最有力的注解。</p>\n<p>对此，央视网一篇评论文章呼吁：“新能源汽车是被给予厚望的战略性新兴产业。虽冠以‘新’字，但在基础研发、核心技术上精耕细作、创新突破、久久为功的硬道理是颠扑不破的，实体企业发展没有捷径可走，一味资本扩张，‘超车’也要谨防‘翻车’。”</p>\n<p>这些问题确实值得注意，当其叠加在一起，会使中<a href=\"https://laohu8.com/S/600617\">国新能源</a>汽车的销量基础和用户基础更难提升，行业不确定性进一步凸显。</p>\n<p>这种不确定性，不只是<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>和“中国造车新势力”需要承担，对各路跨界者而言，更是莫大的挑战。</p>\n<p>要知道，绝大多数跨界者的产品还没有“开跑”。据界面数据不完全统计，从2014年到现在，中国共有9家企业宣布跨界造车，只有滴滴一家实现量产，且不对外发售，仅供滴滴司机租用，华为、阿里和恒大都宣布2022年投产。</p>\n<p><b>速度难拼，价格也难砍。</b></p>\n<p>跨界造车售价多在20万~30万元间，但对比2019年公开的市场数据（2020年深受疫情影响），国内市场畅销的前十名车型，全部为17万元以下车型。这意味着，中国主流用户市场仍然被传统汽车品牌牢牢把握，何况它们已快马加鞭，杀入新战局。</p>\n<p>不难看出，没有一条坦途等着国产新能源汽车，有的只是产品、服务、行业的不确定性等诸多挑战，以及特斯拉的“压迫”。</p>\n<p><b>特斯拉陷阱</b></p>\n<p>跨界造车很难“砍价”，但对于特斯拉，近两年来，其在中国已多次降价。比如特斯拉Model 3标准续航后驱升级版车型，价格由35.58万元降至24.99万元。</p>\n<p>特斯拉降价是企业的一种自主策略，在中国汽车流通协会副秘书长罗磊看来：“特斯拉选择降价一方面是产能的提升与成本的下降支持降价，另一方面也是为了迅速占领市场。”</p>\n<p>不过，媒体发现，特斯拉降价的同时，为车主们提供的自动驾驶选装包等软件服务已多次上调价格。在媒体看来，这是特斯拉“降价背后的陷阱”。</p>\n<p><img src=\"https://static.tigerbbs.com/8ddcdfdfb0808539ce1d6ee477bde498\" tg-width=\"1080\" tg-height=\"644\" referrerpolicy=\"no-referrer\"></p>\n<p>这边降价那边提价，只是表层“陷阱”，更深层次、力度更大的，还是特斯拉的非商业手段。</p>\n<p>其中，最引人注目的，是特斯拉状告小鹏汽车新员工盗窃其自动驾驶系统AutoPilot商业机密一案。</p>\n<p>2019年3月，特斯拉以“商业窃密”起诉，但翻来覆去，最终只是发现前员工曹光植个人行为不规范、私下备份了代码，接到小鹏汽车offer后，就着手删除这些个人备份的代码，没有任何证据可以证明他的新雇主小鹏汽车与此有任何关联。</p>\n<p>近日，据当事人曹光植的辩护律师声明称，特斯拉已经与曹光植达成和解协议。</p>\n<p>回过头看，特斯拉起诉之初，小鹏汽车正在准备推出第一款车，无法通过产品和方案，证明和特斯拉自动驾驶路线的不同。等到两年后，案件落锤，两家公司自动驾驶方案差异明显，小鹏汽车却因“偷技术”的标签名誉受损。</p>\n<p>除了小鹏汽车，国外媒体曝出，特斯拉还以“离职前窃密”，把明星自动驾驶公司Aurora、Zoox等告上过法庭，但结局大同小异，都是和解、撤诉。换句话说，这是典型的“特斯拉陷阱”。</p>\n<p>如何最大限度避免类似陷阱？答案是，<b>加强技术的自主研发，形成自己的“护城河”。</b></p>\n<p>这方面，华为与百度表现突出。</p>\n<p>企查查数据显示，截至2021年3月，在华为技术有限公司、华为终端有限公司、华为终端（深圳）有限公司等3家公司名下，以“汽车、自动驾驶、雷达、地图”为关键词，华为造车相关专利共357件。</p>\n<p>百度造车的专利布局则已横跨10年，媒体通过发动机、导航、车、驾驶、雷达、行驶等关键词，查询企查查数据，筛选出1944条与造车有关的专利。</p>\n<p>自动驾驶技术可谓百度造车最大的亮点。</p>\n<p>美国汽车工程学会将自动驾驶级别分为L0~L5，级别越高，越接近于安全自动驾驶，而百度造车专利中，从L2到L4及其以上都有布局。媒体称，“其中，业内公认，智能驾驶对应着L2级别（目前的新造车品牌大多都在L2级别），自动驾驶对应L3级别，无人驾驶（无人车）对应L4级别及以上”。</p>\n<p>可以说，华为、百度等公司在技术层面的探索与深耕，是癫狂造车潮流中的一股“清流”。毕竟，不管是产品质量和行业不确定性，还是特斯拉陷阱，技术才是真正的“压舱石”。</p>","source":"lsy1574404730537","collect":0,"html":"<!DOCTYPE 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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小心！别掉入特斯拉陷阱\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-22 11:04 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/JEe39ClyNBac9P7kGL0FHg><strong>新零售商业评论</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“打铁还需自身硬。”\n\n“电动汽车，做，还是不做，这是个问题。”\n演讲时，雷军放大在屏幕上的这句话，套用哈姆雷特“生存还是毁灭”的句式，道出了每一家企业加入“造车大战”之前必然要经历的抉择。\n做，还是不做？雷军的选择是押上全部身家，投入造车。\n中国造车新势力之一的小鹏汽车创始人何小鹏公开力挺：“我从头到尾建议雷总做。我们要为勇敢者鼓掌，无论结果如何，当越来越多人这样做，世界才会更灿烂。”\n在此前后...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/JEe39ClyNBac9P7kGL0FHg\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/19fd2e120ab9c71e2b0a168ef1cbc163","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://mp.weixin.qq.com/s/JEe39ClyNBac9P7kGL0FHg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133512545","content_text":"“打铁还需自身硬。”\n\n“电动汽车，做，还是不做，这是个问题。”\n演讲时，雷军放大在屏幕上的这句话，套用哈姆雷特“生存还是毁灭”的句式，道出了每一家企业加入“造车大战”之前必然要经历的抉择。\n做，还是不做？雷军的选择是押上全部身家，投入造车。\n中国造车新势力之一的小鹏汽车创始人何小鹏公开力挺：“我从头到尾建议雷总做。我们要为勇敢者鼓掌，无论结果如何，当越来越多人这样做，世界才会更灿烂。”\n在此前后，阿里巴巴、腾讯、华为、百度、滴滴等巨头纷纷入局，不少家电乃至白酒企业也争先恐后。\n正因如此，造车成为近年最热门的创业赛道。只是，世界尚未变得“更灿烂”，造车已经进入癫狂时刻。\n门外汉扎堆\n可能出乎不少人的意料，较早跨界造车的，是白酒行业巨头五粮液。\n三年前，五粮液砸下近25亿元，拿下凯翼汽车51%的股份，进而宣布豪掷37亿元投资造车智慧工厂。\n然而，重金砸下去，并没有在市场引起多大的“水花”，经销商坦言，“凯翼很长一段时间没人买了”。\n这样的“事故”丝毫没有影响其他企业造车的热情，以致网友调侃：“以后老干妈说要造车，我们也见怪不怪了。”\n最近的消息是，家电龙头企业创维也已经开始“贴牌”造车。媒体称，在第九届中国电子信息博览会上，创维展出了一辆汽车，车型是天美ET5，车牌写的却是“创维汽车”。\n制造高端扫地机器人的石头科技也被曝出将要造车。\n尽管石头科技相关负责人对媒体表示，“造车项目与石头科技不产生直接关联”，但企查查数据显示，2021年1月，上海洛轲智能科技有限公司成立，推出“石头汽车”项目，经营范围包括新能源汽车整车销售、新能源汽车生产测试设备销售等，石头科技创始人昌敬持股69.8%。\n造车大佬中，最典型的，当属格力掌门人董明珠。\n早在2016年，董明珠就想投入130亿元收购银隆新能源100%股权，当时小鹏、理想、蔚来都处于起步阶段，新能源汽车的“风口”刚刚显形。\n董明珠没有想到，收购方案遭到格力电器中小投资者的强烈反对，两倍收购溢价过高、银隆钛酸锂技术不成熟、增发稀释股权等“火力点”让她动弹不得。\n不服输的董明珠在股东大会上怒怼投资者：“格力没有亏待你们！两年给你们分了180亿，你去看看哪个企业给你们这么多？”\n中小投资者联手否决格力的造车计划后，董明珠以个人名义入股银隆，但支撑不到两年，银隆客车销量呈断崖式下跌，如今更是陷入股权拍卖、供应商讨债的“泥潭”。\n不过，不要以为董明珠就此罢休。\n近日，格力电器公开一项名为“一种铁芯冲片、定子铁芯、电机及新能源汽车”的专利技术，业内人士分析认为不排除董明珠“重燃”造车梦想的可能。\n\n图源《速度与激情8》\n问题是，这些“门外汉”为什么都要跨界造车？\n首先，新能源汽车行业体量足够大。\n美团联合创始人王慧文认为，投入某个行业，“如果只能看一个要素，就是行业体量”。具体到新能源汽车行业，据海豚投研分析，在合理情景下，假设单车价值10万元人民币，2025年新能源车市场空间将超过6000亿元，2030年超万亿元大关。\n这么一个万亿级市场，即使是“门外汉”，也有分一杯羹的可能性。\n其次，新能源汽车行业补贴激增。\n据国家财政部下达的新能源汽车补贴资金预算显示，2021年，共安排新能源汽车补贴375.85亿元，其中包含新能源公交车运营补助和2016~2018年新能源汽车推广应用补贴。\n这个补贴总额相当于2020年补贴总额的3.34倍，对入局的车企来说，无异于再次送上“超级礼包”。\n再者，从企业自身看，造车是一个备受投资者看好的“新故事”，能迅速“刺激”股价上扬。\n比如，小米传出造车时，其港股股价涨幅一度扩大至12%，秒涨近900亿港元，而华为与北汽联合打造的“第一辆车”一经发布，相关公司股价三天涨幅达23.98%。\n另外，对于业绩不振的企业，造车也是被寄予厚望的“自救药方”。\n以格力为例，近两年，格力业绩低迷，与美的集团的市值差距越来越大，董明珠没有放弃包括造车在内的多元化策略，目的也是希望能获得新的业绩增长点。\n然而，无论赛道多么喧嚣，行稳致远，应该是新能源汽车企业的“风向标”。\n不确定性凸显\n不只是巨头，更多企业都想从造车中分到属于自己的“蛋糕”，且方向越发细分，心态越发急迫。\n据企查查数据，目前状态为在业或存续的“新能源汽车”相关企业共计27.2万家。近两年，相关企业注册量分别是4.7万家、8.0万家，今年第一季度的注册量达3.2万，同比增长71.9%。\n细分到动力电池，目前在业或存续的相关企业共计2.4万家。近两年的注册量分别是0.3万家、0.5万家，今年第一季度的注册量就有0.5万，同比暴增908.7%。\n目前在业或存续的“充电桩”相关企业共计10.6万家。近两年的注册量分别是2.1万家、2.5万家，今年第一季度的注册量为0.1万，同比增长208.1%。\n每一项数据都是飙升状态，新能源汽车之热闹可见一斑，在此背后，却是问题与槽点齐飞。\n正如媒体所列，断轴、自燃、三电系统缺陷等质量问题被广泛投诉，里程注水、性能浮夸、售后甩锅等虚假宣传和霸道销售比较普遍，消费者诟病的槽点越来越多，未见收敛之势。\n尤其是质量问题，对消费者和企业都关系重大。\n汽车工程师周良对媒体直言：“有些人会说，这是人们对新事物过于苛刻，但是从历史来看很多车企就是死在这些问题上的，甚至有部分死掉的车企曾经做的比新势力要好。”\n现实情况是，新能源汽车的质量颇不如人意。到什么地步？近日，国家市场监督管理总局公布的召回计划中，4万多辆问题车中纯电动的新能源汽车超过3.3万辆。\n\n与此同时，尽管一些企业在电池、车载系统、数据等方面取得了局部优势，但在关键环节和核心零部件等方面仍然存在“卡脖子”风险。\n这段时间，汽车芯片“断供”引起业界震动，国内不少车企因为芯片缺货而下不了线，便是最有力的注解。\n对此，央视网一篇评论文章呼吁：“新能源汽车是被给予厚望的战略性新兴产业。虽冠以‘新’字，但在基础研发、核心技术上精耕细作、创新突破、久久为功的硬道理是颠扑不破的，实体企业发展没有捷径可走，一味资本扩张，‘超车’也要谨防‘翻车’。”\n这些问题确实值得注意，当其叠加在一起，会使中国新能源汽车的销量基础和用户基础更难提升，行业不确定性进一步凸显。\n这种不确定性，不只是特斯拉和“中国造车新势力”需要承担，对各路跨界者而言，更是莫大的挑战。\n要知道，绝大多数跨界者的产品还没有“开跑”。据界面数据不完全统计，从2014年到现在，中国共有9家企业宣布跨界造车，只有滴滴一家实现量产，且不对外发售，仅供滴滴司机租用，华为、阿里和恒大都宣布2022年投产。\n速度难拼，价格也难砍。\n跨界造车售价多在20万~30万元间，但对比2019年公开的市场数据（2020年深受疫情影响），国内市场畅销的前十名车型，全部为17万元以下车型。这意味着，中国主流用户市场仍然被传统汽车品牌牢牢把握，何况它们已快马加鞭，杀入新战局。\n不难看出，没有一条坦途等着国产新能源汽车，有的只是产品、服务、行业的不确定性等诸多挑战，以及特斯拉的“压迫”。\n特斯拉陷阱\n跨界造车很难“砍价”，但对于特斯拉，近两年来，其在中国已多次降价。比如特斯拉Model 3标准续航后驱升级版车型，价格由35.58万元降至24.99万元。\n特斯拉降价是企业的一种自主策略，在中国汽车流通协会副秘书长罗磊看来：“特斯拉选择降价一方面是产能的提升与成本的下降支持降价，另一方面也是为了迅速占领市场。”\n不过，媒体发现，特斯拉降价的同时，为车主们提供的自动驾驶选装包等软件服务已多次上调价格。在媒体看来，这是特斯拉“降价背后的陷阱”。\n\n这边降价那边提价，只是表层“陷阱”，更深层次、力度更大的，还是特斯拉的非商业手段。\n其中，最引人注目的，是特斯拉状告小鹏汽车新员工盗窃其自动驾驶系统AutoPilot商业机密一案。\n2019年3月，特斯拉以“商业窃密”起诉，但翻来覆去，最终只是发现前员工曹光植个人行为不规范、私下备份了代码，接到小鹏汽车offer后，就着手删除这些个人备份的代码，没有任何证据可以证明他的新雇主小鹏汽车与此有任何关联。\n近日，据当事人曹光植的辩护律师声明称，特斯拉已经与曹光植达成和解协议。\n回过头看，特斯拉起诉之初，小鹏汽车正在准备推出第一款车，无法通过产品和方案，证明和特斯拉自动驾驶路线的不同。等到两年后，案件落锤，两家公司自动驾驶方案差异明显，小鹏汽车却因“偷技术”的标签名誉受损。\n除了小鹏汽车，国外媒体曝出，特斯拉还以“离职前窃密”，把明星自动驾驶公司Aurora、Zoox等告上过法庭，但结局大同小异，都是和解、撤诉。换句话说，这是典型的“特斯拉陷阱”。\n如何最大限度避免类似陷阱？答案是，加强技术的自主研发，形成自己的“护城河”。\n这方面，华为与百度表现突出。\n企查查数据显示，截至2021年3月，在华为技术有限公司、华为终端有限公司、华为终端（深圳）有限公司等3家公司名下，以“汽车、自动驾驶、雷达、地图”为关键词，华为造车相关专利共357件。\n百度造车的专利布局则已横跨10年，媒体通过发动机、导航、车、驾驶、雷达、行驶等关键词，查询企查查数据，筛选出1944条与造车有关的专利。\n自动驾驶技术可谓百度造车最大的亮点。\n美国汽车工程学会将自动驾驶级别分为L0~L5，级别越高，越接近于安全自动驾驶，而百度造车专利中，从L2到L4及其以上都有布局。媒体称，“其中，业内公认，智能驾驶对应着L2级别（目前的新造车品牌大多都在L2级别），自动驾驶对应L3级别，无人驾驶（无人车）对应L4级别及以上”。\n可以说，华为、百度等公司在技术层面的探索与深耕，是癫狂造车潮流中的一股“清流”。毕竟，不管是产品质量和行业不确定性，还是特斯拉陷阱，技术才是真正的“压舱石”。","news_type":1},"isVote":1,"tweetType":1,"viewCount":689,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":372205232,"gmtCreate":1619217504026,"gmtModify":1634287750169,"author":{"id":"3582094096863586","authorId":"3582094096863586","name":"虎火","avatar":"https://static.tigerbbs.com/4b734860697327b010a0f1b09fedad7e","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"大家加油","listText":"大家加油","text":"大家加油","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/372205232","repostId":"2129352650","repostType":4,"repost":{"id":"2129352650","pubTimestamp":1619191082,"share":"https://www.laohu8.com/m/news/2129352650?lang=&edition=full","pubTime":"2021-04-23 23:18","market":"us","language":"zh","title":"5年投资500亿！百度和吉利将联手发力智能汽车","url":"https://stock-news.laohu8.com/highlight/detail?id=2129352650","media":"华尔街见闻","summary":"路透报道称，百度和吉利汽车的合资企业集度汽车计划在未来五年投入500亿元人民币（77亿美元）发展智能汽车技术。\n报道称，集度汽车计划在未来两、三年为该项目招聘2500至3000名员工，其中大约500名","content":"<p>路透报道称，<a href=\"https://laohu8.com/S/BIDU\">百度</a>和<a href=\"https://laohu8.com/S/00175\">吉利汽车</a>的合资企业集度汽车计划在未来五年投入500亿元人民币（77亿美元）发展<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>汽车技术。</p>\n<p>报道称，集度汽车计划在未来两、三年为该项目招聘2500至3000名员工，其中大约500名为软件工程师。公司汽车品牌将于2021年第三季度公布。</p>\n<p>集度首席执行官夏一平在接受采访时表示，集度的首款车型计划在三年内发布，是一款设计得像<a href=\"https://laohu8.com/S/300024\">机器人</a>的电动汽车，以吸引年轻客户。在第一款车型推出后，公司计划每隔一年或一年半发布一款新车型。</p>\n<p>夏一平同时表示，集度希望在宁波的杭州湾新区生产汽车，吉利在那里有几家汽车厂。该公司计划一开始不通过经销商，直接向客户销售汽车。</p>\n<p>集度只是<a href=\"https://laohu8.com/S/BIDU\">百度</a>大举押注汽车业的动作之一。</p>\n<p>在近期的上海车展上，百度集团资深副总裁、<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>驾驶事业群总经理李震宇表示，2021年下半年百度Apollo自动驾驶将迎来量产高峰，每个月都会有一款新车上市，未来3-5年内预计前装量产搭载量达到100万台。</p>\n<p>李震宇介绍，百度Apollo成立四年，L4级自动驾驶累积测试里程数突破1000万公里，由L4级自动驾驶技术打造的车型已经在北京、上海、广州三城，开启量产自动驾驶。今年年内，百度Apollo智驾区域将会覆盖20个城市的城市道路与高速道路，2023年前完成100城覆盖。</p>","source":"wallstreetcn_api","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>5年投资500亿！百度和吉利将联手发力智能汽车</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\">\n5年投资500亿！百度和吉利将联手发力智能汽车\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-23 23:18 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3628859><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>路透报道称，百度和吉利汽车的合资企业集度汽车计划在未来五年投入500亿元人民币（77亿美元）发展智能汽车技术。\n报道称，集度汽车计划在未来两、三年为该项目招聘2500至3000名员工，其中大约500名为软件工程师。公司汽车品牌将于2021年第三季度公布。\n集度首席执行官夏一平在接受采访时表示，集度的首款车型计划在三年内发布，是一款设计得像机器人的电动汽车，以吸引年轻客户。在第一款车型推出后，公司...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3628859\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/37164c081ba5f33ac1ce7a9ab3df18e4","relate_stocks":{"00175":"吉利汽车","BIDU":"百度","09888":"百度集团-SW"},"source_url":"https://wallstreetcn.com/articles/3628859","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2129352650","content_text":"路透报道称，百度和吉利汽车的合资企业集度汽车计划在未来五年投入500亿元人民币（77亿美元）发展智能汽车技术。\n报道称，集度汽车计划在未来两、三年为该项目招聘2500至3000名员工，其中大约500名为软件工程师。公司汽车品牌将于2021年第三季度公布。\n集度首席执行官夏一平在接受采访时表示，集度的首款车型计划在三年内发布，是一款设计得像机器人的电动汽车，以吸引年轻客户。在第一款车型推出后，公司计划每隔一年或一年半发布一款新车型。\n夏一平同时表示，集度希望在宁波的杭州湾新区生产汽车，吉利在那里有几家汽车厂。该公司计划一开始不通过经销商，直接向客户销售汽车。\n集度只是百度大举押注汽车业的动作之一。\n在近期的上海车展上，百度集团资深副总裁、智能驾驶事业群总经理李震宇表示，2021年下半年百度Apollo自动驾驶将迎来量产高峰，每个月都会有一款新车上市，未来3-5年内预计前装量产搭载量达到100万台。\n李震宇介绍，百度Apollo成立四年，L4级自动驾驶累积测试里程数突破1000万公里，由L4级自动驾驶技术打造的车型已经在北京、上海、广州三城，开启量产自动驾驶。今年年内，百度Apollo智驾区域将会覆盖20个城市的城市道路与高速道路，2023年前完成100城覆盖。","news_type":1},"isVote":1,"tweetType":1,"viewCount":313,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":100041382,"gmtCreate":1619571016946,"gmtModify":1634211693429,"author":{"id":"3582094096863586","authorId":"3582094096863586","name":"虎火","avatar":"https://static.tigerbbs.com/4b734860697327b010a0f1b09fedad7e","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"请帮忙点赞和回复。先谢谢🙏","listText":"请帮忙点赞和回复。先谢谢🙏","text":"请帮忙点赞和回复。先谢谢🙏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/100041382","repostId":"1175946592","repostType":4,"repost":{"id":"1175946592","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":1619569130,"share":"https://www.laohu8.com/m/news/1175946592?lang=&edition=full","pubTime":"2021-04-28 08:18","market":"us","language":"zh","title":"疫情缓和导致用户增速放缓，Pinterest财报后大跌逾10%","url":"https://stock-news.laohu8.com/highlight/detail?id=1175946592","media":"老虎资讯综合","summary":"美东时间4月27日盘后，图片社交平台Pinterest 公布了2021第一季度财报，营收和EPS均好于预期，由于疫情的缓和，其3月后的用户增长有所放缓，股价盘后大跌10%。财报显示，Pinterest","content":"<p>美东时间4月27日盘后，图片社交平台Pinterest&nbsp;公布了2021第一季度财报，营收和EPS均好于预期，由于疫情的缓和，其3月后的用户增长有所放缓，股价盘后大跌10%。<img src=\"https://static.tigerbbs.com/bbd312c78151836cf0dd7b6ed3867448\" tg-width=\"1484\" tg-height=\"1170\" referrerpolicy=\"no-referrer\">财报显示，Pinterest第一季度收入同比增长78%，达到4.85亿美元。其中来自美国本土的收入3.9亿美元，同比增长65%，来自海外的收入同比大增170%至9500万美元，本季度主要巴西表现抢眼。</p><p>GAAP下第一季度净亏损为2167万美元，或每股净亏损$0.03；Non-GAAP&nbsp;净利润7853万美元，或每股收益$0.11；调整后的EBITDA&nbsp;为8382万美元。<img src=\"https://static.tigerbbs.com/7efc1a2119185f0d99d11e9caaa0e4ac\" tg-width=\"2126\" tg-height=\"730\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/09235c8fea528b573814d4f4e8aec091\" tg-width=\"1362\" tg-height=\"856\" referrerpolicy=\"no-referrer\">\"第一季度业绩强劲，建立在2020年的势头上。Pinterest首席财务官兼业务运营主管Todd Morgenfeld说：\"我们的国际业务持续快速增长，中小型广告商的采用率提高，推动了78%的收入同比增长。\"在我们继续驾驭COVID-19的不确定性时，我们计划继续专注于推动投资，以提供鼓舞人心的Pinner体验和可衡量的广告商价值。\"</p><p><b>运营数据：</b></p><p>截止3月底，Pinterest全球月活跃用户（MAUs）同比增长30%，达到4.78亿。其中，美国本土MAUs为9800万，同比增长9%，去年同期为9000万；海外MAUs为3.8亿，与上年同期的2.77亿相比，同比增长37%。</p><p>第一季度，全球用户的ARPU（每用户平均收入）值为1.04美元，而去年同期为0.77美元。ARPU值的扩大是由于公司广告需求增加。其中，美国本土用户ARPU值为3.99美元，同比增长了50%，海外用户ARPU值为0.26美元，同比增长91%。国际ARPU值仍然处于早期阶段，刚提供广告。</p><p>该公司在给股东的信中写道：\"从3月中旬开始，疫情缓和限制了我们美国MAU的增长，并降低了用户参与度，因为人们花在网上的时间减少了。虽然在第一季度，我们看到我们在2020年期间获得的MAU有很好的保留，但我们仍然不知道这种保留是否会持续或持续多久。\"</p><p>公司给予第二季度收入指引为同比增105%，预计全球MAU将实现百分之十几的增长（10的中位百分比），美国MAU将大约持平去年同期。公司在信中指出，2021年的战略重点仍然是内容、Pinner体验、广告商的成功和购物，并打算进一步增加我们的员工人数，特别是支持国际扩张努力。并且表示，将在2021年扩大品牌营销。</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>疫情缓和导致用户增速放缓，Pinterest财报后大跌逾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疫情缓和导致用户增速放缓，Pinterest财报后大跌逾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\">2021-04-28 08:18</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>美东时间4月27日盘后，图片社交平台Pinterest&nbsp;公布了2021第一季度财报，营收和EPS均好于预期，由于疫情的缓和，其3月后的用户增长有所放缓，股价盘后大跌10%。<img src=\"https://static.tigerbbs.com/bbd312c78151836cf0dd7b6ed3867448\" tg-width=\"1484\" tg-height=\"1170\" referrerpolicy=\"no-referrer\">财报显示，Pinterest第一季度收入同比增长78%，达到4.85亿美元。其中来自美国本土的收入3.9亿美元，同比增长65%，来自海外的收入同比大增170%至9500万美元，本季度主要巴西表现抢眼。</p><p>GAAP下第一季度净亏损为2167万美元，或每股净亏损$0.03；Non-GAAP&nbsp;净利润7853万美元，或每股收益$0.11；调整后的EBITDA&nbsp;为8382万美元。<img src=\"https://static.tigerbbs.com/7efc1a2119185f0d99d11e9caaa0e4ac\" tg-width=\"2126\" tg-height=\"730\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/09235c8fea528b573814d4f4e8aec091\" tg-width=\"1362\" tg-height=\"856\" referrerpolicy=\"no-referrer\">\"第一季度业绩强劲，建立在2020年的势头上。Pinterest首席财务官兼业务运营主管Todd Morgenfeld说：\"我们的国际业务持续快速增长，中小型广告商的采用率提高，推动了78%的收入同比增长。\"在我们继续驾驭COVID-19的不确定性时，我们计划继续专注于推动投资，以提供鼓舞人心的Pinner体验和可衡量的广告商价值。\"</p><p><b>运营数据：</b></p><p>截止3月底，Pinterest全球月活跃用户（MAUs）同比增长30%，达到4.78亿。其中，美国本土MAUs为9800万，同比增长9%，去年同期为9000万；海外MAUs为3.8亿，与上年同期的2.77亿相比，同比增长37%。</p><p>第一季度，全球用户的ARPU（每用户平均收入）值为1.04美元，而去年同期为0.77美元。ARPU值的扩大是由于公司广告需求增加。其中，美国本土用户ARPU值为3.99美元，同比增长了50%，海外用户ARPU值为0.26美元，同比增长91%。国际ARPU值仍然处于早期阶段，刚提供广告。</p><p>该公司在给股东的信中写道：\"从3月中旬开始，疫情缓和限制了我们美国MAU的增长，并降低了用户参与度，因为人们花在网上的时间减少了。虽然在第一季度，我们看到我们在2020年期间获得的MAU有很好的保留，但我们仍然不知道这种保留是否会持续或持续多久。\"</p><p>公司给予第二季度收入指引为同比增105%，预计全球MAU将实现百分之十几的增长（10的中位百分比），美国MAU将大约持平去年同期。公司在信中指出，2021年的战略重点仍然是内容、Pinner体验、广告商的成功和购物，并打算进一步增加我们的员工人数，特别是支持国际扩张努力。并且表示，将在2021年扩大品牌营销。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/60b12c9fce00f449aaea0d7cd3e2cdff","relate_stocks":{"PINS":"Pinterest, Inc."},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175946592","content_text":"美东时间4月27日盘后，图片社交平台Pinterest 公布了2021第一季度财报，营收和EPS均好于预期，由于疫情的缓和，其3月后的用户增长有所放缓，股价盘后大跌10%。财报显示，Pinterest第一季度收入同比增长78%，达到4.85亿美元。其中来自美国本土的收入3.9亿美元，同比增长65%，来自海外的收入同比大增170%至9500万美元，本季度主要巴西表现抢眼。GAAP下第一季度净亏损为2167万美元，或每股净亏损$0.03；Non-GAAP 净利润7853万美元，或每股收益$0.11；调整后的EBITDA 为8382万美元。\"第一季度业绩强劲，建立在2020年的势头上。Pinterest首席财务官兼业务运营主管Todd Morgenfeld说：\"我们的国际业务持续快速增长，中小型广告商的采用率提高，推动了78%的收入同比增长。\"在我们继续驾驭COVID-19的不确定性时，我们计划继续专注于推动投资，以提供鼓舞人心的Pinner体验和可衡量的广告商价值。\"运营数据：截止3月底，Pinterest全球月活跃用户（MAUs）同比增长30%，达到4.78亿。其中，美国本土MAUs为9800万，同比增长9%，去年同期为9000万；海外MAUs为3.8亿，与上年同期的2.77亿相比，同比增长37%。第一季度，全球用户的ARPU（每用户平均收入）值为1.04美元，而去年同期为0.77美元。ARPU值的扩大是由于公司广告需求增加。其中，美国本土用户ARPU值为3.99美元，同比增长了50%，海外用户ARPU值为0.26美元，同比增长91%。国际ARPU值仍然处于早期阶段，刚提供广告。该公司在给股东的信中写道：\"从3月中旬开始，疫情缓和限制了我们美国MAU的增长，并降低了用户参与度，因为人们花在网上的时间减少了。虽然在第一季度，我们看到我们在2020年期间获得的MAU有很好的保留，但我们仍然不知道这种保留是否会持续或持续多久。\"公司给予第二季度收入指引为同比增105%，预计全球MAU将实现百分之十几的增长（10的中位百分比），美国MAU将大约持平去年同期。公司在信中指出，2021年的战略重点仍然是内容、Pinner体验、广告商的成功和购物，并打算进一步增加我们的员工人数，特别是支持国际扩张努力。并且表示，将在2021年扩大品牌营销。","news_type":1},"isVote":1,"tweetType":1,"viewCount":994,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":116771408,"gmtCreate":1622821455504,"gmtModify":1634097631568,"author":{"id":"3582094096863586","authorId":"3582094096863586","name":"虎火","avatar":"https://static.tigerbbs.com/4b734860697327b010a0f1b09fedad7e","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"呵呵","listText":"呵呵","text":"呵呵","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/116771408","repostId":"2140540596","repostType":4,"repost":{"id":"2140540596","pubTimestamp":1622820692,"share":"https://www.laohu8.com/m/news/2140540596?lang=&edition=full","pubTime":"2021-06-04 23:31","market":"us","language":"en","title":"3 Technology Stocks You Can Buy and Hold for the Next Decade","url":"https://stock-news.laohu8.com/highlight/detail?id=2140540596","media":"Motley Fool","summary":"It can be tough to get married to stocks -- especially tech -- but here are three to leave alone for the long haul.","content":"<p>Let's be honest. A lot of people say their positions in flashy technology companies are meant to be long-term holdings, but they're really just an effort to make a quick buck. And that's OK. Any profitable trade is technically a good trade. If you can get in and out at the right time, so be it.</p>\n<p>Thing is, there are plenty of tech names that are more than just flash-in-the-pan prospects, and are better suited for holding periods measured in years rather than weeks.</p>\n<p>Here's a closer look at three such technology companies. Not only will they be just as impressive 10 years from now as they are today, but their stocks should be trading at much higher prices.</p>\n<h2>Microsoft</h2>\n<p>It's tough to imagine a world without <b>Microsoft</b> (NASDAQ:MSFT). Its Windows operating system is installed on three-fourths of the world's desktops and laptops, according to GlobalStats, and its Office productivity software remains the gold standard for the category. <b>Sony</b>'s PlayStation gaming console enjoys more worldwide market share than Microsoft's Xbox, but the Xbox is closing the gap, and is still the most popular game console in the U.S.</p>\n<p>And these are things consumers can readily see. There's a whole different unseen array of Microsoft-made products that are doing similarly well. For instance, Canalys reports Microsoft's cloud computing business accounted for a second-best 19% of the world's first-quarter cloud infrastructure spending, and the company continues to close the gap with market-leader <b>Amazon</b>.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/362a8a5cb8d412d4e3895fa185d236b7\" tg-width=\"700\" tg-height=\"484\"><span>Image source: Getty Images.</span></p>\n<p>Now take a step back and ask a thoughtful, critical question: Is there any chance the world will have less need for computers, cloud computing, productivity software, or game consoles 10 years from now?</p>\n<p>Any reasonable and realistic answer has to be \"no.\" Indeed, it would be surprising if demand for these products and services wasn't considerably greater a decade from now. Being a market leader in multiple categories, Microsoft can steer the market's ongoing growth in a way that serves itself best. For example, the Windows operating system comes with trial versions of Office software pre-installed.</p>\n<p>Bolstering the bullish argument for long-term ownership of Microsoft is the company's evolving business model. Access to Azure, Office, and even video games can now be utilized on a monthly subscription basis, accessible via the cloud. This shift not only makes the company's products more affordable to begin using but also gives Microsoft a better chance of keeping those customers by making it easy to update and upgrade software.</p>\n<p>Last year, the last time Microsoft disclosed such data, it had already lined up more than $100 billion worth of subscription cloud revenue that had yet to be booked -- a figure that continues to edge upward.</p>\n<h2><a href=\"https://laohu8.com/S/PANW\">Palo Alto Networks</a></h2>\n<p>Even after several high-profile cybersecurity gaffes embarrassed organizations ranging from <b>Target </b>to <b>Equifax</b> to Yahoo!, some of the world's most important companies are still being hacked. Most recently, Colonial Pipeline agreed to fork over $4.4 million to a computer hacking group known as Darkside to regain control of its 5,500 miles worth of refined oil pipelines.</p>\n<p>These things are preventable. They're just not being prevented, as too many organizations don't utilize all the digital defenses available to them. Perhaps the Colonial Pipeline debacle will encourage procurement of this protection.</p>\n<p>Enter <b>Palo Alto Networks</b> (NYSE:PANW). Simply put, Palo Alto offers software preventing unauthorized access to a company's network, internal apps, and data. It's even got a ransomware protection solution in its lineup that might have been able to save Colonial Pipeline a few million bucks.</p>\n<p>The opportunity is incredible, and should remain so for a while. P&amp;S Intelligence believes the cybersecurity market will grow at an average annual pace of 12.6%, from 2019's $120 billion to $434 billion by 2030. That's a lot, but it's only a fraction of the $10.5 trillion that Cybersecurity Ventures believes cybercrime will cost the world in 2025 alone if enterprises don't step up their digital defense games.</p>\n<p>Palo Alto is doing fine, logging more than seven consecutive years of rising revenue as more and more outfits build their digital moats. Given the outlook, more of the same kind of growth is in the cards for a while.</p>\n<h2>International Business Machines</h2>\n<p>Finally, add <b>International Business Machines</b> (NYSE:IBM) to your list of technology stocks to buy and hold for the next decade.</p>\n<p>Yes, this is the same IBM that failed to respond to the advent of things like cloud computing, mobile devices, and all that goes with both. The company's \"strategic imperatives\" plan unveiled in 2015 was meant to steer the company away from a legacy mainframe business that was already dying and toward more contemporary opportunities like the aforementioned cloud and mobile security. By and large, though, it was too little too late.</p>\n<p>The IBM of today, however, isn't the IBM from even as recently as two years ago. It's ready to compete where it counts.</p>\n<p>Take last month's revelation of new technologies capable of fabricating a 2-nanometer microchip as an example. The microscopic measure is in reference to how small a chip's transistors can be made and still function properly. The smaller, the better, as smaller transistors consume less power, operate faster, and require less space when room is a factor. For perspective, 7-nanometer chips are the best the market has to offer right now.</p>\n<p>It's not just more functional chips IBM is starting to develop, either. Just within the past few weeks, the company has unveiled a way for data centers to more efficiently store and retrieve data, and launched AutoSQL, which is capable of retrieving data eight times faster than previous approaches are. Both technologies have a myriad of potential uses, including in the artificial intelligence arena.</p>\n<p>Read between the lines. This isn't yesteryear's IBM.</p>\n<p>It could still take years for the company to fully monetize these and other breakthroughs, but they're worth the wait.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Technology Stocks You Can Buy and Hold for the Next Decade</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\">\n3 Technology Stocks You Can Buy and Hold for the Next Decade\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-04 23:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/06/04/3-technology-stocks-you-can-buy-and-hold-for-the-n/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Let's be honest. A lot of people say their positions in flashy technology companies are meant to be long-term holdings, but they're really just an effort to make a quick buck. And that's OK. Any ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/06/04/3-technology-stocks-you-can-buy-and-hold-for-the-n/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IBM":"IBM","MSFT":"微软","PANW":"Palo Alto Networks"},"source_url":"https://www.fool.com/investing/2021/06/04/3-technology-stocks-you-can-buy-and-hold-for-the-n/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2140540596","content_text":"Let's be honest. A lot of people say their positions in flashy technology companies are meant to be long-term holdings, but they're really just an effort to make a quick buck. And that's OK. Any profitable trade is technically a good trade. If you can get in and out at the right time, so be it.\nThing is, there are plenty of tech names that are more than just flash-in-the-pan prospects, and are better suited for holding periods measured in years rather than weeks.\nHere's a closer look at three such technology companies. Not only will they be just as impressive 10 years from now as they are today, but their stocks should be trading at much higher prices.\nMicrosoft\nIt's tough to imagine a world without Microsoft (NASDAQ:MSFT). Its Windows operating system is installed on three-fourths of the world's desktops and laptops, according to GlobalStats, and its Office productivity software remains the gold standard for the category. Sony's PlayStation gaming console enjoys more worldwide market share than Microsoft's Xbox, but the Xbox is closing the gap, and is still the most popular game console in the U.S.\nAnd these are things consumers can readily see. There's a whole different unseen array of Microsoft-made products that are doing similarly well. For instance, Canalys reports Microsoft's cloud computing business accounted for a second-best 19% of the world's first-quarter cloud infrastructure spending, and the company continues to close the gap with market-leader Amazon.\nImage source: Getty Images.\nNow take a step back and ask a thoughtful, critical question: Is there any chance the world will have less need for computers, cloud computing, productivity software, or game consoles 10 years from now?\nAny reasonable and realistic answer has to be \"no.\" Indeed, it would be surprising if demand for these products and services wasn't considerably greater a decade from now. Being a market leader in multiple categories, Microsoft can steer the market's ongoing growth in a way that serves itself best. For example, the Windows operating system comes with trial versions of Office software pre-installed.\nBolstering the bullish argument for long-term ownership of Microsoft is the company's evolving business model. Access to Azure, Office, and even video games can now be utilized on a monthly subscription basis, accessible via the cloud. This shift not only makes the company's products more affordable to begin using but also gives Microsoft a better chance of keeping those customers by making it easy to update and upgrade software.\nLast year, the last time Microsoft disclosed such data, it had already lined up more than $100 billion worth of subscription cloud revenue that had yet to be booked -- a figure that continues to edge upward.\nPalo Alto Networks\nEven after several high-profile cybersecurity gaffes embarrassed organizations ranging from Target to Equifax to Yahoo!, some of the world's most important companies are still being hacked. Most recently, Colonial Pipeline agreed to fork over $4.4 million to a computer hacking group known as Darkside to regain control of its 5,500 miles worth of refined oil pipelines.\nThese things are preventable. They're just not being prevented, as too many organizations don't utilize all the digital defenses available to them. Perhaps the Colonial Pipeline debacle will encourage procurement of this protection.\nEnter Palo Alto Networks (NYSE:PANW). Simply put, Palo Alto offers software preventing unauthorized access to a company's network, internal apps, and data. It's even got a ransomware protection solution in its lineup that might have been able to save Colonial Pipeline a few million bucks.\nThe opportunity is incredible, and should remain so for a while. P&S Intelligence believes the cybersecurity market will grow at an average annual pace of 12.6%, from 2019's $120 billion to $434 billion by 2030. That's a lot, but it's only a fraction of the $10.5 trillion that Cybersecurity Ventures believes cybercrime will cost the world in 2025 alone if enterprises don't step up their digital defense games.\nPalo Alto is doing fine, logging more than seven consecutive years of rising revenue as more and more outfits build their digital moats. Given the outlook, more of the same kind of growth is in the cards for a while.\nInternational Business Machines\nFinally, add International Business Machines (NYSE:IBM) to your list of technology stocks to buy and hold for the next decade.\nYes, this is the same IBM that failed to respond to the advent of things like cloud computing, mobile devices, and all that goes with both. The company's \"strategic imperatives\" plan unveiled in 2015 was meant to steer the company away from a legacy mainframe business that was already dying and toward more contemporary opportunities like the aforementioned cloud and mobile security. By and large, though, it was too little too late.\nThe IBM of today, however, isn't the IBM from even as recently as two years ago. It's ready to compete where it counts.\nTake last month's revelation of new technologies capable of fabricating a 2-nanometer microchip as an example. The microscopic measure is in reference to how small a chip's transistors can be made and still function properly. The smaller, the better, as smaller transistors consume less power, operate faster, and require less space when room is a factor. For perspective, 7-nanometer chips are the best the market has to offer right now.\nIt's not just more functional chips IBM is starting to develop, either. Just within the past few weeks, the company has unveiled a way for data centers to more efficiently store and retrieve data, and launched AutoSQL, which is capable of retrieving data eight times faster than previous approaches are. Both technologies have a myriad of potential uses, including in the artificial intelligence arena.\nRead between the lines. This isn't yesteryear's IBM.\nIt could still take years for the company to fully monetize these and other breakthroughs, but they're worth the wait.","news_type":1},"isVote":1,"tweetType":1,"viewCount":648,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":375340534,"gmtCreate":1619311831928,"gmtModify":1634274365189,"author":{"id":"3582094096863586","authorId":"3582094096863586","name":"虎火","avatar":"https://static.tigerbbs.com/4b734860697327b010a0f1b09fedad7e","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"请帮忙评论和点赞。先谢谢啦","listText":"请帮忙评论和点赞。先谢谢啦","text":"请帮忙评论和点赞。先谢谢啦","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/375340534","repostId":"1156385647","repostType":4,"isVote":1,"tweetType":1,"viewCount":402,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699119253,"gmtCreate":1639755020261,"gmtModify":1639755030470,"author":{"id":"3582094096863586","authorId":"3582094096863586","name":"虎火","avatar":"https://static.tigerbbs.com/4b734860697327b010a0f1b09fedad7e","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699119253","repostId":"1148045391","repostType":4,"repost":{"id":"1148045391","pubTimestamp":1639698518,"share":"https://www.laohu8.com/m/news/1148045391?lang=&edition=full","pubTime":"2021-12-17 07:48","market":"us","language":"en","title":"Is Ford Stock the New Tesla?","url":"https://stock-news.laohu8.com/highlight/detail?id=1148045391","media":"Barrons","summary":"Shares of Ford Motor,surprisingly, have become somewhat controversial on Wall Street headed into 202","content":"<p>Shares of&nbsp;Ford Motor,surprisingly, have become somewhat controversial on Wall Street headed into 2022. Some analysts are taking their chips off the table, while others are doubling down.</p>\n<p>On Thursday, Barclays analyst Brian Johnson increased his price target for&nbsp;Ford&nbsp;stock (ticker: F) to $23 from $18 and kept his Buy rating. Johnson believes Ford shares will keep working in 2022 amid low dealer inventories and high vehicle pricing.</p>\n<p>Ford stock has had a great 2021 so far. Shares have soared about 131% year to date.</p>\n<p>It’s the second price target bump for Ford stock in the past couple of days. On Wednesday, Wells Fargo analyst Colin Langan increased his price target to $25 from $19 a share.</p>\n<p>Not everyone is increasingly bullish on the auto maker, though. On Monday, Daiwa analyst Jairam Nathan downgraded the stock to Sell from Hold. Although he did take his price target to $19 from $16 a share.</p>\n<p>After all the recent analyst adjustments, Ford price targets now range from $12 to $25 a share. The $13 spread is about 65% of the current share price. The average bull-bear spread for stocks in the Dow is about 48%.</p>\n<p>Three months ago, target prices for Ford stock ranged from about $11 to $18 a share; the $7 spread was about 50% of the current stock price. This all illustrates that Ford stock is getting a little more controversial on Wall Street.</p>\n<p>Even though Wall Street can’t seem to agree on Ford,Tesla&nbsp;(TSLA) remains the king of car-stock controversy. The bull-bear spread for Tesla stock coming from large brokerage firms is about $1,330, or almost 140% of the current stock price.</p>\n<p>One interpretation of increasing disagreement over Ford stock’s value is that some analysts aren’t sure Ford’s 2021 gains are justified. Ford stock has benefited from improving auto demand and higher vehicle pricing. That part of Ford’s gains likely doesn’t vex analysts. But Ford shares have also gained because of improving electric vehicle sales. The company has sold about 25,000 all-electric Mustang Mach E vehicles so far this year. Ford EV momentum might be harder for analysts to reward.</p>\n<p>In 2022, Ford is launching an all-electric F-150. How sales of that vehicle ramp will go a long way in determining how Ford stock performs this coming year. Rising EV sales will be a key factor for Ford investors in 2022—just like rising EV sales are a key factor for Tesla investors every year.</p>\n<p>About 54% of analysts covering Ford stock rate share Buy. The average Buy-rating ratio for stocks in the S&amp;P is about 55%. About 48% of analysts covering Tesla stock rate shares Buy.</p>","source":"lsy1601382232898","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>Is Ford Stock the New Tesla?</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\">\nIs Ford Stock the New Tesla?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-17 07:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/ford-stock-tesla-evs-51639664981><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Shares of Ford Motor,surprisingly, have become somewhat controversial on Wall Street headed into 2022. Some analysts are taking their chips off the table, while others are doubling down.\nOn Thursday, ...</p>\n\n<a href=\"https://www.barrons.com/articles/ford-stock-tesla-evs-51639664981\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"F":"福特汽车"},"source_url":"https://www.barrons.com/articles/ford-stock-tesla-evs-51639664981","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148045391","content_text":"Shares of Ford Motor,surprisingly, have become somewhat controversial on Wall Street headed into 2022. Some analysts are taking their chips off the table, while others are doubling down.\nOn Thursday, Barclays analyst Brian Johnson increased his price target for Ford stock (ticker: F) to $23 from $18 and kept his Buy rating. Johnson believes Ford shares will keep working in 2022 amid low dealer inventories and high vehicle pricing.\nFord stock has had a great 2021 so far. Shares have soared about 131% year to date.\nIt’s the second price target bump for Ford stock in the past couple of days. On Wednesday, Wells Fargo analyst Colin Langan increased his price target to $25 from $19 a share.\nNot everyone is increasingly bullish on the auto maker, though. On Monday, Daiwa analyst Jairam Nathan downgraded the stock to Sell from Hold. Although he did take his price target to $19 from $16 a share.\nAfter all the recent analyst adjustments, Ford price targets now range from $12 to $25 a share. The $13 spread is about 65% of the current share price. The average bull-bear spread for stocks in the Dow is about 48%.\nThree months ago, target prices for Ford stock ranged from about $11 to $18 a share; the $7 spread was about 50% of the current stock price. This all illustrates that Ford stock is getting a little more controversial on Wall Street.\nEven though Wall Street can’t seem to agree on Ford,Tesla (TSLA) remains the king of car-stock controversy. The bull-bear spread for Tesla stock coming from large brokerage firms is about $1,330, or almost 140% of the current stock price.\nOne interpretation of increasing disagreement over Ford stock’s value is that some analysts aren’t sure Ford’s 2021 gains are justified. Ford stock has benefited from improving auto demand and higher vehicle pricing. That part of Ford’s gains likely doesn’t vex analysts. But Ford shares have also gained because of improving electric vehicle sales. The company has sold about 25,000 all-electric Mustang Mach E vehicles so far this year. Ford EV momentum might be harder for analysts to reward.\nIn 2022, Ford is launching an all-electric F-150. How sales of that vehicle ramp will go a long way in determining how Ford stock performs this coming year. Rising EV sales will be a key factor for Ford investors in 2022—just like rising EV sales are a key factor for Tesla investors every year.\nAbout 54% of analysts covering Ford stock rate share Buy. The average Buy-rating ratio for stocks in the S&P is about 55%. About 48% of analysts covering Tesla stock rate shares Buy.","news_type":1},"isVote":1,"tweetType":1,"viewCount":830,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699119041,"gmtCreate":1639754993007,"gmtModify":1639754993238,"author":{"id":"3582094096863586","authorId":"3582094096863586","name":"虎火","avatar":"https://static.tigerbbs.com/4b734860697327b010a0f1b09fedad7e","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699119041","repostId":"1148045391","repostType":4,"repost":{"id":"1148045391","pubTimestamp":1639698518,"share":"https://www.laohu8.com/m/news/1148045391?lang=&edition=full","pubTime":"2021-12-17 07:48","market":"us","language":"en","title":"Is Ford Stock the New Tesla?","url":"https://stock-news.laohu8.com/highlight/detail?id=1148045391","media":"Barrons","summary":"Shares of Ford Motor,surprisingly, have become somewhat controversial on Wall Street headed into 202","content":"<p>Shares of&nbsp;Ford Motor,surprisingly, have become somewhat controversial on Wall Street headed into 2022. Some analysts are taking their chips off the table, while others are doubling down.</p>\n<p>On Thursday, Barclays analyst Brian Johnson increased his price target for&nbsp;Ford&nbsp;stock (ticker: F) to $23 from $18 and kept his Buy rating. Johnson believes Ford shares will keep working in 2022 amid low dealer inventories and high vehicle pricing.</p>\n<p>Ford stock has had a great 2021 so far. Shares have soared about 131% year to date.</p>\n<p>It’s the second price target bump for Ford stock in the past couple of days. On Wednesday, Wells Fargo analyst Colin Langan increased his price target to $25 from $19 a share.</p>\n<p>Not everyone is increasingly bullish on the auto maker, though. On Monday, Daiwa analyst Jairam Nathan downgraded the stock to Sell from Hold. Although he did take his price target to $19 from $16 a share.</p>\n<p>After all the recent analyst adjustments, Ford price targets now range from $12 to $25 a share. The $13 spread is about 65% of the current share price. The average bull-bear spread for stocks in the Dow is about 48%.</p>\n<p>Three months ago, target prices for Ford stock ranged from about $11 to $18 a share; the $7 spread was about 50% of the current stock price. This all illustrates that Ford stock is getting a little more controversial on Wall Street.</p>\n<p>Even though Wall Street can’t seem to agree on Ford,Tesla&nbsp;(TSLA) remains the king of car-stock controversy. The bull-bear spread for Tesla stock coming from large brokerage firms is about $1,330, or almost 140% of the current stock price.</p>\n<p>One interpretation of increasing disagreement over Ford stock’s value is that some analysts aren’t sure Ford’s 2021 gains are justified. Ford stock has benefited from improving auto demand and higher vehicle pricing. That part of Ford’s gains likely doesn’t vex analysts. But Ford shares have also gained because of improving electric vehicle sales. The company has sold about 25,000 all-electric Mustang Mach E vehicles so far this year. Ford EV momentum might be harder for analysts to reward.</p>\n<p>In 2022, Ford is launching an all-electric F-150. How sales of that vehicle ramp will go a long way in determining how Ford stock performs this coming year. Rising EV sales will be a key factor for Ford investors in 2022—just like rising EV sales are a key factor for Tesla investors every year.</p>\n<p>About 54% of analysts covering Ford stock rate share Buy. The average Buy-rating ratio for stocks in the S&amp;P is about 55%. About 48% of analysts covering Tesla stock rate shares Buy.</p>","source":"lsy1601382232898","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>Is Ford Stock the New Tesla?</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\">\nIs Ford Stock the New Tesla?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-17 07:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/ford-stock-tesla-evs-51639664981><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Shares of Ford Motor,surprisingly, have become somewhat controversial on Wall Street headed into 2022. Some analysts are taking their chips off the table, while others are doubling down.\nOn Thursday, ...</p>\n\n<a href=\"https://www.barrons.com/articles/ford-stock-tesla-evs-51639664981\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"F":"福特汽车"},"source_url":"https://www.barrons.com/articles/ford-stock-tesla-evs-51639664981","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148045391","content_text":"Shares of Ford Motor,surprisingly, have become somewhat controversial on Wall Street headed into 2022. Some analysts are taking their chips off the table, while others are doubling down.\nOn Thursday, Barclays analyst Brian Johnson increased his price target for Ford stock (ticker: F) to $23 from $18 and kept his Buy rating. Johnson believes Ford shares will keep working in 2022 amid low dealer inventories and high vehicle pricing.\nFord stock has had a great 2021 so far. Shares have soared about 131% year to date.\nIt’s the second price target bump for Ford stock in the past couple of days. On Wednesday, Wells Fargo analyst Colin Langan increased his price target to $25 from $19 a share.\nNot everyone is increasingly bullish on the auto maker, though. On Monday, Daiwa analyst Jairam Nathan downgraded the stock to Sell from Hold. Although he did take his price target to $19 from $16 a share.\nAfter all the recent analyst adjustments, Ford price targets now range from $12 to $25 a share. The $13 spread is about 65% of the current share price. The average bull-bear spread for stocks in the Dow is about 48%.\nThree months ago, target prices for Ford stock ranged from about $11 to $18 a share; the $7 spread was about 50% of the current stock price. This all illustrates that Ford stock is getting a little more controversial on Wall Street.\nEven though Wall Street can’t seem to agree on Ford,Tesla (TSLA) remains the king of car-stock controversy. The bull-bear spread for Tesla stock coming from large brokerage firms is about $1,330, or almost 140% of the current stock price.\nOne interpretation of increasing disagreement over Ford stock’s value is that some analysts aren’t sure Ford’s 2021 gains are justified. Ford stock has benefited from improving auto demand and higher vehicle pricing. That part of Ford’s gains likely doesn’t vex analysts. But Ford shares have also gained because of improving electric vehicle sales. The company has sold about 25,000 all-electric Mustang Mach E vehicles so far this year. Ford EV momentum might be harder for analysts to reward.\nIn 2022, Ford is launching an all-electric F-150. How sales of that vehicle ramp will go a long way in determining how Ford stock performs this coming year. Rising EV sales will be a key factor for Ford investors in 2022—just like rising EV sales are a key factor for Tesla investors every year.\nAbout 54% of analysts covering Ford stock rate share Buy. The average Buy-rating ratio for stocks in the S&P is about 55%. About 48% of analysts covering Tesla stock rate shares Buy.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1282,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":100041798,"gmtCreate":1619571058214,"gmtModify":1634211692719,"author":{"id":"3582094096863586","authorId":"3582094096863586","name":"虎火","avatar":"https://static.tigerbbs.com/4b734860697327b010a0f1b09fedad7e","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"请帮忙点赞和答复。先谢谢🙏","listText":"请帮忙点赞和答复。先谢谢🙏","text":"请帮忙点赞和答复。先谢谢🙏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/100041798","repostId":"1131884871","repostType":4,"isVote":1,"tweetType":1,"viewCount":745,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":375729636,"gmtCreate":1619398002025,"gmtModify":1634273839470,"author":{"id":"3582094096863586","authorId":"3582094096863586","name":"虎火","avatar":"https://static.tigerbbs.com/4b734860697327b010a0f1b09fedad7e","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"请帮忙点赞和留言。谢谢","listText":"请帮忙点赞和留言。谢谢","text":"请帮忙点赞和留言。谢谢","images":[{"img":"https://static.tigerbbs.com/e97682b8d23721f74dea2466a977bd58","width":"1125","height":"2164"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/375729636","isVote":1,"tweetType":1,"viewCount":645,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":372156429,"gmtCreate":1619187466861,"gmtModify":1634287896181,"author":{"id":"3582094096863586","authorId":"3582094096863586","name":"虎火","avatar":"https://static.tigerbbs.com/4b734860697327b010a0f1b09fedad7e","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"请帮忙点赞","listText":"请帮忙点赞","text":"请帮忙点赞","images":[{"img":"https://static.tigerbbs.com/43ff6d03ab4c8dd48113dfef6dd29bfa","width":"1125","height":"2482"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/372156429","isVote":1,"tweetType":1,"viewCount":443,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":377095911,"gmtCreate":1619483568733,"gmtModify":1634212436943,"author":{"id":"3582094096863586","authorId":"3582094096863586","name":"虎火","avatar":"https://static.tigerbbs.com/4b734860697327b010a0f1b09fedad7e","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"赞","listText":"赞","text":"赞","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/377095911","repostId":"1176873248","repostType":4,"isVote":1,"tweetType":1,"viewCount":1066,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":377098484,"gmtCreate":1619483492048,"gmtModify":1634212438571,"author":{"id":"3582094096863586","authorId":"3582094096863586","name":"虎火","avatar":"https://static.tigerbbs.com/4b734860697327b010a0f1b09fedad7e","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"大家好。请帮忙点赞和答复","listText":"大家好。请帮忙点赞和答复","text":"大家好。请帮忙点赞和答复","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/377098484","repostId":"1108893648","repostType":4,"isVote":1,"tweetType":1,"viewCount":876,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":377093290,"gmtCreate":1619483367210,"gmtModify":1634212439995,"author":{"id":"3582094096863586","authorId":"3582094096863586","name":"虎火","avatar":"https://static.tigerbbs.com/4b734860697327b010a0f1b09fedad7e","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"请帮忙点赞和答复。先谢谢啦","listText":"请帮忙点赞和答复。先谢谢啦","text":"请帮忙点赞和答复。先谢谢啦","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/377093290","repostId":"1155773660","repostType":4,"isVote":1,"tweetType":1,"viewCount":564,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":372065835,"gmtCreate":1619159563627,"gmtModify":1634288094852,"author":{"id":"3582094096863586","authorId":"3582094096863586","name":"虎火","avatar":"https://static.tigerbbs.com/4b734860697327b010a0f1b09fedad7e","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/372065835","repostId":"1195944340","repostType":4,"repost":{"id":"1195944340","weMediaInfo":{"introduction":"100%全部原创，没有一篇转载。全部都是干货，没有任何广告或者软文。覆盖的主题：金融、投资、商业、经济和时事。","home_visible":1,"media_name":"伍治坚证据主义","id":"69","head_image":"https://static.tigerbbs.com/97e09863206344e0b010e09146f1c4fc"},"pubTimestamp":1619145879,"share":"https://www.laohu8.com/m/news/1195944340?lang=&edition=full","pubTime":"2021-04-23 10:44","market":"us","language":"zh","title":"价值投资就是购买便宜的股票么？","url":"https://stock-news.laohu8.com/highlight/detail?id=1195944340","media":"伍治坚证据主义","summary":"在投资圈，有一条众人皆知的“潜规则”，那就是你最好自称是价值投资者。如果你告诉别人自己信奉价值投资，那你至少表现正常，因为几乎每个人都自称价值投资者。但如果你告诉别人自己不相信价值投资，那很可能会遭到","content":"<p>在投资圈，有一条众人皆知的“潜规则”，那就是你最好自称是价值投资者。如果你告诉别人自己信奉价值投资，那你至少表现正常，因为几乎每个人都自称价值投资者。但如果你告诉别人自己不相信价值投资，那很可能会遭到别人的质疑：你以为你是谁啊？比巴菲特还牛？哗众取宠吧？</p>\n<p>问题在于，在过去10多年间，价值投资的”魔法“好像不灵了。从2007年开始，法码三因子模型中的价值因子（HML）就不管用了。也就是说，购买市净率更低的公司无法为投资者带来更好的回报。相反，购买市净率更高的公司反而回报更高。从2011到2020年的10年间，罗素1000价值ETF的年回报为10.15%，而同期罗素1000成长ETF的年回报为16.85%。成长股回报明显碾压价值股。</p>\n<p>这些统计数据，是否表明价值投资已经过时，不再管用了？要把这个问题讲清楚，我们需要回到问题的本源，即究竟什么是价值投资说起。</p>\n<p>尽管价值投资在全世界都有很多信徒，但是大家对究竟什么是价值投资却存在很大分歧。问十个价值投资者，很可能会得到十个不同的价值投资定义。有些人会说，价值投资就是购买市盈率和市净率低的，现金流稳定的公司股票。另一些人会说，不对，价值股票除了估值低以外，还需要有高质量的管理团队和护城河。还有人会说，价值投资就是购买市值明显低于内在价值的公司股票，然后等到市值超过内在价值后抛出，接下来再去寻找下一个价值股票。</p>\n<p>我们先来说说第一种情况，即为什么很多人会把价值投资定义为购买估值低的股票。</p>\n<p>1977年，美国学者Sanjoy Basu（Basu, 1977）在其研究论文中指出，购买市盈率比较低的股票，和市盈率比较高的股票相比，能够持续获得更好的投资回报。从那时候开始，有越来越多的研究发现购买低估值的股票能够给投资者带来超额收益。1992年，法码和弗兰基教授（Fama and French, 1992）创造性的提出了三因子投资模型，在其中包括了以市净率为基础的价值因子。上文中提到的HML价值因子，从1963年到2007年的40多年里一直是管用的，即购买市净率更低的股票，确实可以为投资者带来超额回报。基于法码和弗兰基教授的研究成果，全世界的金融学者发表了数以万千计的因子研究论文，其结论大同小异：在不同国家，长期来看，购买低市盈率和低市净率的价值股票，能够为投资者带来更好的投资回报。</p>\n<p>价值投资被等同于购买低估值股票的第二个原因，主要来自于股神巴菲特的老师，本杰明·格雷厄姆。在《聪明的投资者》一书中，格雷厄姆和读者们分享了他挑选股票的几条标准，比如收益率（即市盈率的倒数）应该比投资级别债券收益率高出一倍、市盈率低于所有股票过去5年平均市盈率的40%、股票价格低于净值的2/3等等。简而言之，符合这些标准的公司，主要是那些估值比较低，负债率比较低，分红比较高的公司。格雷厄姆把这样的投资方法称为”烟蒂式投资“，即寻找那些股票价格非常便宜，但又有一定质量的公司，有点像捡起地上的烟蒂再吸一口。</p>\n<p>在格雷厄姆的基础之上，巴菲特丰富了价值投资的定义。巴菲特把价值投资定义为在市值低于内在价值时买入，并在市值高于内在价值时卖出。在上面提到的市盈率、市净率等估值标准之外，巴菲特还加入了公司质量、护城河、管理层能力等指标。同时巴菲特不满足于做被动型股东，他会深入干预重点投资的一些公司的经营策略，以提高公司的竞争性和股票价值。</p>\n<p>如果我们把价值投资定义为买入内在价值高于市值、卖出内在价值低于市值的投资行为，那么其实就没有所谓的价值股和成长股之分。这是因为，任何一家公司的内在价值，都可以通过现金流折算模型（DCF）来计算。公司股票的价值，相当于把公司未来N年能够产生的现金流全部折现到今天来计算得出。对于一只成长股来说，只要它未来的销售和盈利增长够快，就能够基于此算出非常高的内在价值。而只要其内在价值超过目前的市值，哪怕现在的市值估值再高，那么它还是一只值得购买的价值股。</p>\n<p>举例来说，基于纽约大学金融教授Aswath Damodaran的计算（Cornell, 2021），<a href=\"https://laohu8.com/S/AAPL\">苹果</a>公司股票在2015年和2016年可以归入价值股，因为当时的股价比用DCF算出来的内在价值低20%左右。但是从2017年开始，苹果的市值高于其内在价值，因此就不再符合价值股的标准。</p>\n<p>从这个简单的例子就可以看出，用DCF来判断一只股票是否属于价值股的方法，带有很大的主观性。到最后，股票的内在价值主要取决于投资者对于其未来现金流的预测，以及在计算中使用的折现率。同一个股票，有些人可能非常看好其未来的增长，因此判断其符合价值股的标准。而另一些人则比较悲观，算出的内在价值低于市值，反而得出结论应该卖出股票。</p>\n<p>细细想来，这样的逻辑有一定道理。巴菲特经常强调，做投资之前需要明确”能力边界“。自己看不懂的行业或者公司，坚决不投。有一次被问到投资者应该多元分散还是集中投资时，巴菲特说到：</p>\n<p>99%的人，他们的目标并不应该是战胜市场，他们也没能力战胜市场。对于他们来说，应该极度分散，越分散越好，因此购买低成本指数基金是最好的选择。而对于那1%的有投资洞察力的职业选手来说，他们则不应该分散，而是应该集中投资。超过6只股票都嫌多了，但一定是要自己研究透的行业和股票。</p>\n<p>为什么只选少数几个自己精通的股票呢？这是因为，价值投资的本质在于对一家公司的内在价值做出自己独到的判断，发现其他人还没有发现的”丑小鸭“。价值投资成功的关键，在于你能够正确预测公司未来几年，甚至几十年的发展前景。按照霍华德·马克斯的说法，你需要判断正确，同时与众不同，才可能获得超过别人的超额收益。如果对某一个行业或者公司，没有深耕多年的积累和自己独到的见解，那就很难做出正确的判断。而如果不能正确的算出公司的内在价值的话，又谈何发现被市场低估的股票，买入并战胜市场？任何人的时间和知识都是有限的，不可能对所有行业样样精通，因此想要超越市场，投资者只能有所取舍，集中精力研究少数几个自己真正看得懂的股票。</p>\n<p>当然，以上只是巴菲特的个人意见。没有人规定价值投资只能由巴菲特来定义。但我们不要忘记，巴菲特之所以被万人膜拜，其背后是有硬核的投资回报支撑的。从1965年到2020年9月，巴菲特管理的<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔</a>哈撒韦股价平均每年上涨19.95%。同期标普500指数的年回报为9.95%。也就是说，巴菲特连续50多年战胜市场，获得比市场高出一倍的投资回报。能够持续半个多世纪获得如此出色的投资回报，全世界范围仅巴菲特一人。</p>\n<p>那么回到巴菲特的老师格雷厄姆，为什么他在书中强调以财务数据为基础的估值标准来选股票呢？美国加州大学金融教授Bradford Cornell认为（Cornell, 2021），背后的原因很可能是当时电脑和Excel还没有普及。在上文中笔者提到，通过DCF来计算一家公司的内在价值，我们需要做出一系列的预测，比如公司未来十几年每年的营收、成本、税费等等，然后基于折现率等参数计算出现值。同时，我们还需要做不同的情景测试，比如假设成长率上升或者下降，利率上升或者下降，会对内在价值产生怎么样的影响。这些估值练习，在一张比较大的Excel电子表格里，都可以轻松实现。但是想象一下没有电脑，没有Excel，甚至没有计算器的时代：所有的计算都需要通过纸和笔完成。在那样的条件下，用DCF模型去计算公司的内在价值是不现实的，而退而求其次的方法，就是基于一些财务指标，快速方便的找出符合价值投资标准的公司。因此，通过低估值寻找价值股的方法，更可能是时代和科技局限的产物，绝非唯一正确的投资方法。</p>\n<p>对于广大投资者来说，我们需要首先理解价值投资背后的逻辑，把这些智慧内化以提高自己的投资水平。同时，我们也需要看到前人智慧的时代局限性。格雷厄姆和巴菲特倡导的价值投资，事实证明在他们那个年代是非常管用的。但是在科技发达的今天，任何人都能通过互联网轻松获得上市公司最新的财报，然后在他电脑里做一个DCF模型，估算出不同情况下公司的内在价值。也就是说，我们今天每个人获取信息的成本，以及处理信息的效率，都远远超过了当年的格雷厄姆和巴菲特。因此投资者只有与时俱进，不断进化升级自己的投资策略，才可能继续保证价值投资方法的有效性，做一名真正聪明的投资者。</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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价值投资就是购买便宜的股票么？\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/69\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/97e09863206344e0b010e09146f1c4fc);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">伍治坚证据主义 </p>\n<p class=\"h-time\">2021-04-23 10:44</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>在投资圈，有一条众人皆知的“潜规则”，那就是你最好自称是价值投资者。如果你告诉别人自己信奉价值投资，那你至少表现正常，因为几乎每个人都自称价值投资者。但如果你告诉别人自己不相信价值投资，那很可能会遭到别人的质疑：你以为你是谁啊？比巴菲特还牛？哗众取宠吧？</p>\n<p>问题在于，在过去10多年间，价值投资的”魔法“好像不灵了。从2007年开始，法码三因子模型中的价值因子（HML）就不管用了。也就是说，购买市净率更低的公司无法为投资者带来更好的回报。相反，购买市净率更高的公司反而回报更高。从2011到2020年的10年间，罗素1000价值ETF的年回报为10.15%，而同期罗素1000成长ETF的年回报为16.85%。成长股回报明显碾压价值股。</p>\n<p>这些统计数据，是否表明价值投资已经过时，不再管用了？要把这个问题讲清楚，我们需要回到问题的本源，即究竟什么是价值投资说起。</p>\n<p>尽管价值投资在全世界都有很多信徒，但是大家对究竟什么是价值投资却存在很大分歧。问十个价值投资者，很可能会得到十个不同的价值投资定义。有些人会说，价值投资就是购买市盈率和市净率低的，现金流稳定的公司股票。另一些人会说，不对，价值股票除了估值低以外，还需要有高质量的管理团队和护城河。还有人会说，价值投资就是购买市值明显低于内在价值的公司股票，然后等到市值超过内在价值后抛出，接下来再去寻找下一个价值股票。</p>\n<p>我们先来说说第一种情况，即为什么很多人会把价值投资定义为购买估值低的股票。</p>\n<p>1977年，美国学者Sanjoy Basu（Basu, 1977）在其研究论文中指出，购买市盈率比较低的股票，和市盈率比较高的股票相比，能够持续获得更好的投资回报。从那时候开始，有越来越多的研究发现购买低估值的股票能够给投资者带来超额收益。1992年，法码和弗兰基教授（Fama and French, 1992）创造性的提出了三因子投资模型，在其中包括了以市净率为基础的价值因子。上文中提到的HML价值因子，从1963年到2007年的40多年里一直是管用的，即购买市净率更低的股票，确实可以为投资者带来超额回报。基于法码和弗兰基教授的研究成果，全世界的金融学者发表了数以万千计的因子研究论文，其结论大同小异：在不同国家，长期来看，购买低市盈率和低市净率的价值股票，能够为投资者带来更好的投资回报。</p>\n<p>价值投资被等同于购买低估值股票的第二个原因，主要来自于股神巴菲特的老师，本杰明·格雷厄姆。在《聪明的投资者》一书中，格雷厄姆和读者们分享了他挑选股票的几条标准，比如收益率（即市盈率的倒数）应该比投资级别债券收益率高出一倍、市盈率低于所有股票过去5年平均市盈率的40%、股票价格低于净值的2/3等等。简而言之，符合这些标准的公司，主要是那些估值比较低，负债率比较低，分红比较高的公司。格雷厄姆把这样的投资方法称为”烟蒂式投资“，即寻找那些股票价格非常便宜，但又有一定质量的公司，有点像捡起地上的烟蒂再吸一口。</p>\n<p>在格雷厄姆的基础之上，巴菲特丰富了价值投资的定义。巴菲特把价值投资定义为在市值低于内在价值时买入，并在市值高于内在价值时卖出。在上面提到的市盈率、市净率等估值标准之外，巴菲特还加入了公司质量、护城河、管理层能力等指标。同时巴菲特不满足于做被动型股东，他会深入干预重点投资的一些公司的经营策略，以提高公司的竞争性和股票价值。</p>\n<p>如果我们把价值投资定义为买入内在价值高于市值、卖出内在价值低于市值的投资行为，那么其实就没有所谓的价值股和成长股之分。这是因为，任何一家公司的内在价值，都可以通过现金流折算模型（DCF）来计算。公司股票的价值，相当于把公司未来N年能够产生的现金流全部折现到今天来计算得出。对于一只成长股来说，只要它未来的销售和盈利增长够快，就能够基于此算出非常高的内在价值。而只要其内在价值超过目前的市值，哪怕现在的市值估值再高，那么它还是一只值得购买的价值股。</p>\n<p>举例来说，基于纽约大学金融教授Aswath Damodaran的计算（Cornell, 2021），<a href=\"https://laohu8.com/S/AAPL\">苹果</a>公司股票在2015年和2016年可以归入价值股，因为当时的股价比用DCF算出来的内在价值低20%左右。但是从2017年开始，苹果的市值高于其内在价值，因此就不再符合价值股的标准。</p>\n<p>从这个简单的例子就可以看出，用DCF来判断一只股票是否属于价值股的方法，带有很大的主观性。到最后，股票的内在价值主要取决于投资者对于其未来现金流的预测，以及在计算中使用的折现率。同一个股票，有些人可能非常看好其未来的增长，因此判断其符合价值股的标准。而另一些人则比较悲观，算出的内在价值低于市值，反而得出结论应该卖出股票。</p>\n<p>细细想来，这样的逻辑有一定道理。巴菲特经常强调，做投资之前需要明确”能力边界“。自己看不懂的行业或者公司，坚决不投。有一次被问到投资者应该多元分散还是集中投资时，巴菲特说到：</p>\n<p>99%的人，他们的目标并不应该是战胜市场，他们也没能力战胜市场。对于他们来说，应该极度分散，越分散越好，因此购买低成本指数基金是最好的选择。而对于那1%的有投资洞察力的职业选手来说，他们则不应该分散，而是应该集中投资。超过6只股票都嫌多了，但一定是要自己研究透的行业和股票。</p>\n<p>为什么只选少数几个自己精通的股票呢？这是因为，价值投资的本质在于对一家公司的内在价值做出自己独到的判断，发现其他人还没有发现的”丑小鸭“。价值投资成功的关键，在于你能够正确预测公司未来几年，甚至几十年的发展前景。按照霍华德·马克斯的说法，你需要判断正确，同时与众不同，才可能获得超过别人的超额收益。如果对某一个行业或者公司，没有深耕多年的积累和自己独到的见解，那就很难做出正确的判断。而如果不能正确的算出公司的内在价值的话，又谈何发现被市场低估的股票，买入并战胜市场？任何人的时间和知识都是有限的，不可能对所有行业样样精通，因此想要超越市场，投资者只能有所取舍，集中精力研究少数几个自己真正看得懂的股票。</p>\n<p>当然，以上只是巴菲特的个人意见。没有人规定价值投资只能由巴菲特来定义。但我们不要忘记，巴菲特之所以被万人膜拜，其背后是有硬核的投资回报支撑的。从1965年到2020年9月，巴菲特管理的<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔</a>哈撒韦股价平均每年上涨19.95%。同期标普500指数的年回报为9.95%。也就是说，巴菲特连续50多年战胜市场，获得比市场高出一倍的投资回报。能够持续半个多世纪获得如此出色的投资回报，全世界范围仅巴菲特一人。</p>\n<p>那么回到巴菲特的老师格雷厄姆，为什么他在书中强调以财务数据为基础的估值标准来选股票呢？美国加州大学金融教授Bradford Cornell认为（Cornell, 2021），背后的原因很可能是当时电脑和Excel还没有普及。在上文中笔者提到，通过DCF来计算一家公司的内在价值，我们需要做出一系列的预测，比如公司未来十几年每年的营收、成本、税费等等，然后基于折现率等参数计算出现值。同时，我们还需要做不同的情景测试，比如假设成长率上升或者下降，利率上升或者下降，会对内在价值产生怎么样的影响。这些估值练习，在一张比较大的Excel电子表格里，都可以轻松实现。但是想象一下没有电脑，没有Excel，甚至没有计算器的时代：所有的计算都需要通过纸和笔完成。在那样的条件下，用DCF模型去计算公司的内在价值是不现实的，而退而求其次的方法，就是基于一些财务指标，快速方便的找出符合价值投资标准的公司。因此，通过低估值寻找价值股的方法，更可能是时代和科技局限的产物，绝非唯一正确的投资方法。</p>\n<p>对于广大投资者来说，我们需要首先理解价值投资背后的逻辑，把这些智慧内化以提高自己的投资水平。同时，我们也需要看到前人智慧的时代局限性。格雷厄姆和巴菲特倡导的价值投资，事实证明在他们那个年代是非常管用的。但是在科技发达的今天，任何人都能通过互联网轻松获得上市公司最新的财报，然后在他电脑里做一个DCF模型，估算出不同情况下公司的内在价值。也就是说，我们今天每个人获取信息的成本，以及处理信息的效率，都远远超过了当年的格雷厄姆和巴菲特。因此投资者只有与时俱进，不断进化升级自己的投资策略，才可能继续保证价值投资方法的有效性，做一名真正聪明的投资者。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bd9ad7000b469234f34f13f95d82e2f1","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195944340","content_text":"在投资圈，有一条众人皆知的“潜规则”，那就是你最好自称是价值投资者。如果你告诉别人自己信奉价值投资，那你至少表现正常，因为几乎每个人都自称价值投资者。但如果你告诉别人自己不相信价值投资，那很可能会遭到别人的质疑：你以为你是谁啊？比巴菲特还牛？哗众取宠吧？\n问题在于，在过去10多年间，价值投资的”魔法“好像不灵了。从2007年开始，法码三因子模型中的价值因子（HML）就不管用了。也就是说，购买市净率更低的公司无法为投资者带来更好的回报。相反，购买市净率更高的公司反而回报更高。从2011到2020年的10年间，罗素1000价值ETF的年回报为10.15%，而同期罗素1000成长ETF的年回报为16.85%。成长股回报明显碾压价值股。\n这些统计数据，是否表明价值投资已经过时，不再管用了？要把这个问题讲清楚，我们需要回到问题的本源，即究竟什么是价值投资说起。\n尽管价值投资在全世界都有很多信徒，但是大家对究竟什么是价值投资却存在很大分歧。问十个价值投资者，很可能会得到十个不同的价值投资定义。有些人会说，价值投资就是购买市盈率和市净率低的，现金流稳定的公司股票。另一些人会说，不对，价值股票除了估值低以外，还需要有高质量的管理团队和护城河。还有人会说，价值投资就是购买市值明显低于内在价值的公司股票，然后等到市值超过内在价值后抛出，接下来再去寻找下一个价值股票。\n我们先来说说第一种情况，即为什么很多人会把价值投资定义为购买估值低的股票。\n1977年，美国学者Sanjoy Basu（Basu, 1977）在其研究论文中指出，购买市盈率比较低的股票，和市盈率比较高的股票相比，能够持续获得更好的投资回报。从那时候开始，有越来越多的研究发现购买低估值的股票能够给投资者带来超额收益。1992年，法码和弗兰基教授（Fama and French, 1992）创造性的提出了三因子投资模型，在其中包括了以市净率为基础的价值因子。上文中提到的HML价值因子，从1963年到2007年的40多年里一直是管用的，即购买市净率更低的股票，确实可以为投资者带来超额回报。基于法码和弗兰基教授的研究成果，全世界的金融学者发表了数以万千计的因子研究论文，其结论大同小异：在不同国家，长期来看，购买低市盈率和低市净率的价值股票，能够为投资者带来更好的投资回报。\n价值投资被等同于购买低估值股票的第二个原因，主要来自于股神巴菲特的老师，本杰明·格雷厄姆。在《聪明的投资者》一书中，格雷厄姆和读者们分享了他挑选股票的几条标准，比如收益率（即市盈率的倒数）应该比投资级别债券收益率高出一倍、市盈率低于所有股票过去5年平均市盈率的40%、股票价格低于净值的2/3等等。简而言之，符合这些标准的公司，主要是那些估值比较低，负债率比较低，分红比较高的公司。格雷厄姆把这样的投资方法称为”烟蒂式投资“，即寻找那些股票价格非常便宜，但又有一定质量的公司，有点像捡起地上的烟蒂再吸一口。\n在格雷厄姆的基础之上，巴菲特丰富了价值投资的定义。巴菲特把价值投资定义为在市值低于内在价值时买入，并在市值高于内在价值时卖出。在上面提到的市盈率、市净率等估值标准之外，巴菲特还加入了公司质量、护城河、管理层能力等指标。同时巴菲特不满足于做被动型股东，他会深入干预重点投资的一些公司的经营策略，以提高公司的竞争性和股票价值。\n如果我们把价值投资定义为买入内在价值高于市值、卖出内在价值低于市值的投资行为，那么其实就没有所谓的价值股和成长股之分。这是因为，任何一家公司的内在价值，都可以通过现金流折算模型（DCF）来计算。公司股票的价值，相当于把公司未来N年能够产生的现金流全部折现到今天来计算得出。对于一只成长股来说，只要它未来的销售和盈利增长够快，就能够基于此算出非常高的内在价值。而只要其内在价值超过目前的市值，哪怕现在的市值估值再高，那么它还是一只值得购买的价值股。\n举例来说，基于纽约大学金融教授Aswath Damodaran的计算（Cornell, 2021），苹果公司股票在2015年和2016年可以归入价值股，因为当时的股价比用DCF算出来的内在价值低20%左右。但是从2017年开始，苹果的市值高于其内在价值，因此就不再符合价值股的标准。\n从这个简单的例子就可以看出，用DCF来判断一只股票是否属于价值股的方法，带有很大的主观性。到最后，股票的内在价值主要取决于投资者对于其未来现金流的预测，以及在计算中使用的折现率。同一个股票，有些人可能非常看好其未来的增长，因此判断其符合价值股的标准。而另一些人则比较悲观，算出的内在价值低于市值，反而得出结论应该卖出股票。\n细细想来，这样的逻辑有一定道理。巴菲特经常强调，做投资之前需要明确”能力边界“。自己看不懂的行业或者公司，坚决不投。有一次被问到投资者应该多元分散还是集中投资时，巴菲特说到：\n99%的人，他们的目标并不应该是战胜市场，他们也没能力战胜市场。对于他们来说，应该极度分散，越分散越好，因此购买低成本指数基金是最好的选择。而对于那1%的有投资洞察力的职业选手来说，他们则不应该分散，而是应该集中投资。超过6只股票都嫌多了，但一定是要自己研究透的行业和股票。\n为什么只选少数几个自己精通的股票呢？这是因为，价值投资的本质在于对一家公司的内在价值做出自己独到的判断，发现其他人还没有发现的”丑小鸭“。价值投资成功的关键，在于你能够正确预测公司未来几年，甚至几十年的发展前景。按照霍华德·马克斯的说法，你需要判断正确，同时与众不同，才可能获得超过别人的超额收益。如果对某一个行业或者公司，没有深耕多年的积累和自己独到的见解，那就很难做出正确的判断。而如果不能正确的算出公司的内在价值的话，又谈何发现被市场低估的股票，买入并战胜市场？任何人的时间和知识都是有限的，不可能对所有行业样样精通，因此想要超越市场，投资者只能有所取舍，集中精力研究少数几个自己真正看得懂的股票。\n当然，以上只是巴菲特的个人意见。没有人规定价值投资只能由巴菲特来定义。但我们不要忘记，巴菲特之所以被万人膜拜，其背后是有硬核的投资回报支撑的。从1965年到2020年9月，巴菲特管理的伯克希尔哈撒韦股价平均每年上涨19.95%。同期标普500指数的年回报为9.95%。也就是说，巴菲特连续50多年战胜市场，获得比市场高出一倍的投资回报。能够持续半个多世纪获得如此出色的投资回报，全世界范围仅巴菲特一人。\n那么回到巴菲特的老师格雷厄姆，为什么他在书中强调以财务数据为基础的估值标准来选股票呢？美国加州大学金融教授Bradford Cornell认为（Cornell, 2021），背后的原因很可能是当时电脑和Excel还没有普及。在上文中笔者提到，通过DCF来计算一家公司的内在价值，我们需要做出一系列的预测，比如公司未来十几年每年的营收、成本、税费等等，然后基于折现率等参数计算出现值。同时，我们还需要做不同的情景测试，比如假设成长率上升或者下降，利率上升或者下降，会对内在价值产生怎么样的影响。这些估值练习，在一张比较大的Excel电子表格里，都可以轻松实现。但是想象一下没有电脑，没有Excel，甚至没有计算器的时代：所有的计算都需要通过纸和笔完成。在那样的条件下，用DCF模型去计算公司的内在价值是不现实的，而退而求其次的方法，就是基于一些财务指标，快速方便的找出符合价值投资标准的公司。因此，通过低估值寻找价值股的方法，更可能是时代和科技局限的产物，绝非唯一正确的投资方法。\n对于广大投资者来说，我们需要首先理解价值投资背后的逻辑，把这些智慧内化以提高自己的投资水平。同时，我们也需要看到前人智慧的时代局限性。格雷厄姆和巴菲特倡导的价值投资，事实证明在他们那个年代是非常管用的。但是在科技发达的今天，任何人都能通过互联网轻松获得上市公司最新的财报，然后在他电脑里做一个DCF模型，估算出不同情况下公司的内在价值。也就是说，我们今天每个人获取信息的成本，以及处理信息的效率，都远远超过了当年的格雷厄姆和巴菲特。因此投资者只有与时俱进，不断进化升级自己的投资策略，才可能继续保证价值投资方法的有效性，做一名真正聪明的投资者。","news_type":1},"isVote":1,"tweetType":1,"viewCount":334,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}