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森林虎子

森林虎子

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2021-06-08

$蔚来(NIO)$升升升

2021-05-21

$阿里巴巴(BABA)$升升升[开心]

2021-06-15

嗯投资风险很大

AMC院线基本面无法支撑股价，两大风险将成未来业绩隐患

2021-06-11

“ Tiger is here”

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2021-06-11

“ Tiger is here”

抱歉，原内容已删除

2021-05-26

$AMC院线(AMC)$[开心] [龇牙]

2021-04-28

小老虎刚刚来到这个世界了[开心]

2021-12-17

AAPL 升升升

2021-06-11

“Tiger is here”

一张图读懂滴滴招股书：遍布15国，日均单量4100万

2021-06-11

Tiger is here

抱歉，原内容已删除

2021-06-11

Tiger is here

抱歉，原内容已删除

2021-05-26

[强] [看涨] [笑哭]

2021-05-25

升值中有潜力

去老虎APP查看更多动态

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21:58","market":"us","language":"zh","title":"以史为鉴，美国通胀飙升后的演绎与影响","url":"https://stock-news.laohu8.com/highlight/detail?id=1156453091","media":"川阅全球宏观","summary":"美国东部时间2021年6月10日，美国劳工部发布5月通胀数据。美国5月CPI同比升5.0%、核心CPI同比升3.8%，创2008年8月以来最大增幅。今年年初以来，美国通胀率加速上升，美联储6月议息会议在即，市场上通胀担忧挥之不去。我们回顾了历史上美国通胀的几次飙升，以便更好地理解本次的通胀及其影响：。1960年以来美国CPI同比破5%出现了4次(图1)。本次通胀飙升的主要原因在于疫情下的基数效应和供给短缺。房租价格走势对未来通胀的演绎有重要影响。","content":"<p>美国东部时间2021年6月10日，美国劳工部发布5月通胀数据。<b>美国5月CPI同比升5.0%、核心CPI同比升3.8%，创2008年8月以来最大增幅。今年年初以来，美国通胀率加速上升，美联储6月议息会议在即，市场上通胀担忧挥之不去。</b>我们回顾了历史上美国通胀的几次飙升，以便更好地理解本次的通胀及其影响：</p>\n<p><b>1960年以来美国CPI同比破5%出现了4次</b>(图1)。我们对CPI破4%、破5%至回落期间的经济基本面和美联储政策进行了复盘(表1)。</p>\n<p><b>1968/06-1971/09</b>：经济陷入衰退，但前期大幅政府开支与财政刺激的余温仍在，通胀持续上升，美联储在1970年收紧货币政策以抑制通胀。</p>\n<p><b>1973/03-1982/11：</b>粮食危机和石油危机的双重打击下，美国经济陷入滞胀，供给冲击与成本推升通胀。政府价格管制失败，货币政策缺乏独立性并且过于滞后，未能成功抑制通胀。</p>\n<p><b>1987/08-1991/07：</b>走出滞胀后，美国经济经历了高速增长，但1987年开始经济增速放缓，并出现工资和价格上涨压力，美联储收紧货币政策。</p>\n<p><b>2007/11-2008/09：</b>油价飙升推升通胀，金融危机爆发，美联储货币政策的首要任务在于救市，通胀不在其重点关注范围内。</p>\n<p><b>当前的通胀和1973-1982年通胀的成因较为相似，均为成本推动。</b></p>\n<p><img src=\"https://static.tigerbbs.com/327f6f12c3af30abee8fa0ae334f9763\" tg-width=\"1006\" tg-height=\"611\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0ca353ebcbaf95ba1da0b46a815d5f8b\" tg-width=\"1025\" tg-height=\"853\" referrerpolicy=\"no-referrer\"></p>\n<p><b>本次通胀飙升的主要原因在于疫情下的基数效应和供给短缺。</b>今年5月美国CPI录得5.0%(为2008年8月以来的最高水平)，但是<b>从CPI指数角度，2021年5月相对于2019年5月的复合增速仅为2.5%。</b></p>\n<p><b>对于今年通胀的演绎，我们重点关注二手车和房租两个分项。</b></p>\n<p><b>通胀的主要推力之一为二手车。</b>东南亚疫情恶化下多地芯片厂停工，芯片短缺导致车企减产。新车供应不足，二手车需求剧增，价格飙升(图2)。根据Manheim数据，2021年二手车售价增幅超越新车(图3)。此外，5月其他交通相关的价格涨幅进一步扩大，交通服务价格增幅从4月的5.6%扩大至11.2%，增幅翻倍。</p>\n<p><img src=\"https://static.tigerbbs.com/884ed39a8682a3df05e8411f17f2105c\" tg-width=\"995\" tg-height=\"585\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/599b70f4fadb590d0d7b20254d4b1403\" tg-width=\"1080\" tg-height=\"738\" referrerpolicy=\"no-referrer\"></p>\n<p><b>房租价格走势对未来通胀的演绎有重要影响。</b>美国CPI中房租的权重较高(约30%)，尽管相对于其它分项，房租的增速相对温和(今年5月同比增2.2%)，但年初以来增速斜率陡峭化(图4)，我们<b>预计受到供给短缺的影响，未来房租将会持续温和地上升</b>。</p>\n<p><img src=\"https://static.tigerbbs.com/869c4f313152d3a14769097f150fb674\" tg-width=\"1021\" tg-height=\"644\" referrerpolicy=\"no-referrer\"></p>\n<p><b>通胀预期走势如何?</b></p>\n<p>从消费者的角度，密西根预期通胀率数据显示，2<b>021年5月美国消费者5年通胀预期从上月的2.7%跳升至3.0%(图5)，但是仍然低于美联储可以容忍的3.5%。</b></p>\n<p>从政策制定者角度，如我们此前报告所述，美联储注重通胀预期的监测，关键指标为<b>共同通胀预期指数(CIE)，CIE为季度数据，预计2021年二季度的数据将于本月底公布。</b></p>\n<p><img src=\"https://static.tigerbbs.com/21708bec0c792eb9299eda62ba3cd077\" tg-width=\"1080\" tg-height=\"666\" referrerpolicy=\"no-referrer\"></p>\n<p><b>未来通胀将会怎样影响资产价格?</b></p>\n<p>我们复盘了上述四次大通胀中，CPI破4%后不同时间区间内美元、美股和美债收益率的变化(表2)：<b>通胀对于美元、美股存在负面影响，前者较为滞后，后者1个月内即有体现。</b>有趣的是，通胀对于美债收益率的影响不具规律性，关于美债的研究框架，请参考我们此前的报告。</p>\n<p><img src=\"https://static.tigerbbs.com/037d9e565ff952b13c942386e8d08506\" tg-width=\"1059\" tg-height=\"599\" referrerpolicy=\"no-referrer\"></p>\n<p><b>风险提示：</b>美联储过快收紧货币政策，地缘政治风险加剧</p>\n<hr>\n<p>恭喜您找到了字母E，参与《老虎大搜查》活动，下帖留言“ Tiger is here” 即可获赠100虎币，如集齐7张图片并留言，还可获赠7周年限定礼盒。（详情请点击<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">【七周年有奖活动】老虎大搜查 </a>了解）</p>\n<p><img src=\"https://static.tigerbbs.com/b519142d901e1ef1ff2a2e443798687b\" tg-width=\"214\" tg-height=\"286\"></p>","source":"lsy1582083733592","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>以史为鉴，美国通胀飙升后的演绎与影响</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n以史为鉴，美国通胀飙升后的演绎与影响\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-10 21:58 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.zhitongcaijing.com/content/detail/492521.html><strong>川阅全球宏观</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>美国东部时间2021年6月10日，美国劳工部发布5月通胀数据。美国5月CPI同比升5.0%、核心CPI同比升3.8%，创2008年8月以来最大增幅。今年年初以来，美国通胀率加速上升，美联储6月议息会议在即，市场上通胀担忧挥之不去。我们回顾了历史上美国通胀的几次飙升，以便更好地理解本次的通胀及其影响：\n1960年以来美国CPI同比破5%出现了4次(图1)。我们对CPI破4%、破5%至回落期间的经济...</p>\n\n<a href=\"https://www.zhitongcaijing.com/content/detail/492521.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/93c3dba7c4b0e443e40fe6df5639434d","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://www.zhitongcaijing.com/content/detail/492521.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156453091","content_text":"美国东部时间2021年6月10日，美国劳工部发布5月通胀数据。美国5月CPI同比升5.0%、核心CPI同比升3.8%，创2008年8月以来最大增幅。今年年初以来，美国通胀率加速上升，美联储6月议息会议在即，市场上通胀担忧挥之不去。我们回顾了历史上美国通胀的几次飙升，以便更好地理解本次的通胀及其影响：\n1960年以来美国CPI同比破5%出现了4次(图1)。我们对CPI破4%、破5%至回落期间的经济基本面和美联储政策进行了复盘(表1)。\n1968/06-1971/09：经济陷入衰退，但前期大幅政府开支与财政刺激的余温仍在，通胀持续上升，美联储在1970年收紧货币政策以抑制通胀。\n1973/03-1982/11：粮食危机和石油危机的双重打击下，美国经济陷入滞胀，供给冲击与成本推升通胀。政府价格管制失败，货币政策缺乏独立性并且过于滞后，未能成功抑制通胀。\n1987/08-1991/07：走出滞胀后，美国经济经历了高速增长，但1987年开始经济增速放缓，并出现工资和价格上涨压力，美联储收紧货币政策。\n2007/11-2008/09：油价飙升推升通胀，金融危机爆发，美联储货币政策的首要任务在于救市，通胀不在其重点关注范围内。\n当前的通胀和1973-1982年通胀的成因较为相似，均为成本推动。\n\n本次通胀飙升的主要原因在于疫情下的基数效应和供给短缺。今年5月美国CPI录得5.0%(为2008年8月以来的最高水平)，但是从CPI指数角度，2021年5月相对于2019年5月的复合增速仅为2.5%。\n对于今年通胀的演绎，我们重点关注二手车和房租两个分项。\n通胀的主要推力之一为二手车。东南亚疫情恶化下多地芯片厂停工，芯片短缺导致车企减产。新车供应不足，二手车需求剧增，价格飙升(图2)。根据Manheim数据，2021年二手车售价增幅超越新车(图3)。此外，5月其他交通相关的价格涨幅进一步扩大，交通服务价格增幅从4月的5.6%扩大至11.2%，增幅翻倍。\n\n房租价格走势对未来通胀的演绎有重要影响。美国CPI中房租的权重较高(约30%)，尽管相对于其它分项，房租的增速相对温和(今年5月同比增2.2%)，但年初以来增速斜率陡峭化(图4)，我们预计受到供给短缺的影响，未来房租将会持续温和地上升。\n\n通胀预期走势如何?\n从消费者的角度，密西根预期通胀率数据显示，2021年5月美国消费者5年通胀预期从上月的2.7%跳升至3.0%(图5)，但是仍然低于美联储可以容忍的3.5%。\n从政策制定者角度，如我们此前报告所述，美联储注重通胀预期的监测，关键指标为共同通胀预期指数(CIE)，CIE为季度数据，预计2021年二季度的数据将于本月底公布。\n\n未来通胀将会怎样影响资产价格?\n我们复盘了上述四次大通胀中，CPI破4%后不同时间区间内美元、美股和美债收益率的变化(表2)：通胀对于美元、美股存在负面影响，前者较为滞后，后者1个月内即有体现。有趣的是，通胀对于美债收益率的影响不具规律性，关于美债的研究框架，请参考我们此前的报告。\n\n风险提示：美联储过快收紧货币政策，地缘政治风险加剧\n\n恭喜您找到了字母E，参与《老虎大搜查》活动，下帖留言“ 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投资风险很大","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/187346660","repostId":"1156441793","repostType":2,"repost":{"id":"1156441793","kind":"news","weMediaInfo":{"introduction":"港股挖掘机将每天为您推送最具价值的港股、美股、A股投资资讯！第一时间把握全球政策动向，先人一步了解主流资金流向，监测主力行踪，解读公司公告，追踪活跃个股，让您畅享投资财富盛宴!","home_visible":1,"media_name":"智通财经APP","id":"12","head_image":"https://static.tigerbbs.com/361f7f1ca0d64e919035653d64c723ab"},"pubTimestamp":1623741930,"share":"https://www.laohu8.com/m/news/1156441793?lang=&edition=full","pubTime":"2021-06-15 15:25","market":"us","language":"zh","title":"AMC院线基本面无法支撑股价，两大风险将成未来业绩隐患","url":"https://stock-news.laohu8.com/highlight/detail?id=1156441793","media":"智通财经APP","summary":"AMC院线的股票在过去12个月里，涨幅达450%。但该公司的基本面在同一时期严重恶化，这波股价的上涨更多地是由空头挤压推动的，而不是由业务支撑的。虽然交易利润可能极具吸引力，但投资者应该远离这只波动较","content":"<p><a href=\"https://laohu8.com/S/AMC\">AMC院线</a>的股票在过去12个月里，涨幅达450%。但该公司的基本面在同一时期严重恶化，这波股价的上涨更多地是由空头挤压推动的，而不是由业务支撑的。虽然交易利润可能极具吸引力，但投资者应该远离这只波动较大的股票。</p>\n<p><b>大量增发的普通股</b></p>\n<p>疫情迫使AMC院线关闭了大部分电影院。为了生存，这家公司不得不求助于资本市场筹集资金，并增发了大量的普通股。</p>\n<p>该公司目前的流通股略高于5亿股，而12个月前的流通股约为1亿股。即使股票股权被大量稀释和融资，AMC院线的长期债务总额仍高达54.6亿美元，几乎没有因股权融资而下降。此外，AMC去年7月发行的债券利率高达10.5%，这反映了债权人在其业务中看到的严重风险。但该公司的散户投资者似乎没有看到该情况?</p>\n<p>尽管如此，AMC院线的市值仍高达295亿美元，这意味着它的市销率高达12。两位数的市销率通常是高增长、高利润的公司才拥有的——AMC院线明显不在其中。</p>\n<p>该公司仍深陷烧钱的泥潭，即使在正常时期，AMC院线也无法持续公布正利润的业绩。股票数量激增，债务负担沉重，复苏之路依然漫长，这些因素加在一起，足以令投资者担忧。</p>\n<p>就连公司管理层似乎也意识到了这一点。管理团队在最近的股票发行中加入了几篇简介，本质上是在警告潜在投资者，这些股票在未来可能一文不值。</p>\n<p>此前Mudrick Capital在二次发行中购买了850万股AMC股份，然后立即将全部股份转手获利。内部人士最近一直在减持股票，尽管内部人士抛售并非世界末日，但这些抛售的规模之大令人瞩目。</p>\n<p><b>没有自己的IP</b></p>\n<p>AMC商业模式的结构性问题是该公司实际上缺乏知识产权(IP)。它并不制作自己的电影，而只是在电影更广泛地投放到电视、流媒体等服务之前提供一个抢先观看的场所。</p>\n<p>内容（电影）创造者不再像过去那样优先考虑在影院独家放映。例如，今年，AT&amp;T的HBO Max宣布将同时向影院和其流媒体服务发行电影。</p>\n<p>此外，<a href=\"https://laohu8.com/S/VIA\">维亚康姆</a>已经宣布永久性缩短电影在院线的独占时间。该公司正更加专注于打造其流媒体服务，而这是它正在采取的方式之一。甚至像Netflix这样的流媒体巨头也在今年每周发行一部电影，以吸引更多的消费者。</p>\n<p>总有热情的影迷喜欢在电影院看电影。不过AMC目前还得依赖电影制作者的独家放映权，但院线的优先独占窗口未来是否会发生颠覆性的改变这一点目前还不确定。</p>\n<p><b>远离该公司</b></p>\n<p>AMC院线目前面临着太多的问题，使得投资该公司股票具有相当的风险。所有遵循策略的投资者都应该避开这家公司，到别处寻找目标。因为AMC院线还有大量的问题要解决，即使解决后该公司的未来似乎也并不确定，也不赚钱。</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>AMC院线基本面无法支撑股价，两大风险将成未来业绩隐患</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; 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMC院线基本面无法支撑股价，两大风险将成未来业绩隐患\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/12\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/361f7f1ca0d64e919035653d64c723ab);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">智通财经APP </p>\n<p class=\"h-time\">2021-06-15 15:25</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/AMC\">AMC院线</a>的股票在过去12个月里，涨幅达450%。但该公司的基本面在同一时期严重恶化，这波股价的上涨更多地是由空头挤压推动的，而不是由业务支撑的。虽然交易利润可能极具吸引力，但投资者应该远离这只波动较大的股票。</p>\n<p><b>大量增发的普通股</b></p>\n<p>疫情迫使AMC院线关闭了大部分电影院。为了生存，这家公司不得不求助于资本市场筹集资金，并增发了大量的普通股。</p>\n<p>该公司目前的流通股略高于5亿股，而12个月前的流通股约为1亿股。即使股票股权被大量稀释和融资，AMC院线的长期债务总额仍高达54.6亿美元，几乎没有因股权融资而下降。此外，AMC去年7月发行的债券利率高达10.5%，这反映了债权人在其业务中看到的严重风险。但该公司的散户投资者似乎没有看到该情况?</p>\n<p>尽管如此，AMC院线的市值仍高达295亿美元，这意味着它的市销率高达12。两位数的市销率通常是高增长、高利润的公司才拥有的——AMC院线明显不在其中。</p>\n<p>该公司仍深陷烧钱的泥潭，即使在正常时期，AMC院线也无法持续公布正利润的业绩。股票数量激增，债务负担沉重，复苏之路依然漫长，这些因素加在一起，足以令投资者担忧。</p>\n<p>就连公司管理层似乎也意识到了这一点。管理团队在最近的股票发行中加入了几篇简介，本质上是在警告潜在投资者，这些股票在未来可能一文不值。</p>\n<p>此前Mudrick Capital在二次发行中购买了850万股AMC股份，然后立即将全部股份转手获利。内部人士最近一直在减持股票，尽管内部人士抛售并非世界末日，但这些抛售的规模之大令人瞩目。</p>\n<p><b>没有自己的IP</b></p>\n<p>AMC商业模式的结构性问题是该公司实际上缺乏知识产权(IP)。它并不制作自己的电影，而只是在电影更广泛地投放到电视、流媒体等服务之前提供一个抢先观看的场所。</p>\n<p>内容（电影）创造者不再像过去那样优先考虑在影院独家放映。例如，今年，AT&amp;T的HBO Max宣布将同时向影院和其流媒体服务发行电影。</p>\n<p>此外，<a href=\"https://laohu8.com/S/VIA\">维亚康姆</a>已经宣布永久性缩短电影在院线的独占时间。该公司正更加专注于打造其流媒体服务，而这是它正在采取的方式之一。甚至像Netflix这样的流媒体巨头也在今年每周发行一部电影，以吸引更多的消费者。</p>\n<p>总有热情的影迷喜欢在电影院看电影。不过AMC目前还得依赖电影制作者的独家放映权，但院线的优先独占窗口未来是否会发生颠覆性的改变这一点目前还不确定。</p>\n<p><b>远离该公司</b></p>\n<p>AMC院线目前面临着太多的问题，使得投资该公司股票具有相当的风险。所有遵循策略的投资者都应该避开这家公司，到别处寻找目标。因为AMC院线还有大量的问题要解决，即使解决后该公司的未来似乎也并不确定，也不赚钱。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/537ad0b0f865a392242e7815952d23bd","relate_stocks":{"AMC":"AMC院线"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156441793","content_text":"AMC院线的股票在过去12个月里，涨幅达450%。但该公司的基本面在同一时期严重恶化，这波股价的上涨更多地是由空头挤压推动的，而不是由业务支撑的。虽然交易利润可能极具吸引力，但投资者应该远离这只波动较大的股票。\n大量增发的普通股\n疫情迫使AMC院线关闭了大部分电影院。为了生存，这家公司不得不求助于资本市场筹集资金，并增发了大量的普通股。\n该公司目前的流通股略高于5亿股，而12个月前的流通股约为1亿股。即使股票股权被大量稀释和融资，AMC院线的长期债务总额仍高达54.6亿美元，几乎没有因股权融资而下降。此外，AMC去年7月发行的债券利率高达10.5%，这反映了债权人在其业务中看到的严重风险。但该公司的散户投资者似乎没有看到该情况?\n尽管如此，AMC院线的市值仍高达295亿美元，这意味着它的市销率高达12。两位数的市销率通常是高增长、高利润的公司才拥有的——AMC院线明显不在其中。\n该公司仍深陷烧钱的泥潭，即使在正常时期，AMC院线也无法持续公布正利润的业绩。股票数量激增，债务负担沉重，复苏之路依然漫长，这些因素加在一起，足以令投资者担忧。\n就连公司管理层似乎也意识到了这一点。管理团队在最近的股票发行中加入了几篇简介，本质上是在警告潜在投资者，这些股票在未来可能一文不值。\n此前Mudrick Capital在二次发行中购买了850万股AMC股份，然后立即将全部股份转手获利。内部人士最近一直在减持股票，尽管内部人士抛售并非世界末日，但这些抛售的规模之大令人瞩目。\n没有自己的IP\nAMC商业模式的结构性问题是该公司实际上缺乏知识产权(IP)。它并不制作自己的电影，而只是在电影更广泛地投放到电视、流媒体等服务之前提供一个抢先观看的场所。\n内容（电影）创造者不再像过去那样优先考虑在影院独家放映。例如，今年，AT&T的HBO Max宣布将同时向影院和其流媒体服务发行电影。\n此外，维亚康姆已经宣布永久性缩短电影在院线的独占时间。该公司正更加专注于打造其流媒体服务，而这是它正在采取的方式之一。甚至像Netflix这样的流媒体巨头也在今年每周发行一部电影，以吸引更多的消费者。\n总有热情的影迷喜欢在电影院看电影。不过AMC目前还得依赖电影制作者的独家放映权，但院线的优先独占窗口未来是否会发生颠覆性的改变这一点目前还不确定。\n远离该公司\nAMC院线目前面临着太多的问题，使得投资该公司股票具有相当的风险。所有遵循策略的投资者都应该避开这家公司，到别处寻找目标。因为AMC院线还有大量的问题要解决，即使解决后该公司的未来似乎也并不确定，也不赚钱。","news_type":1},"isVote":1,"tweetType":1,"viewCount":366,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":181669474,"gmtCreate":1623390613798,"gmtModify":1634033838195,"author":{"id":"3582358714117488","authorId":"3582358714117488","name":"森林虎子","avatar":"https://static.tigerbbs.com/bbb7d5ca3f47630f3b924d3242123320","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582358714117488","authorIdStr":"3582358714117488"},"themes":[],"htmlText":"“&nbsp;Tiger is here” &nbsp;","listText":"“&nbsp;Tiger is here” &nbsp;","text":"“ Tiger is 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href=\"https://laohu8.com/S/DIDI\">滴滴出行</a>的运营主体小桔快智向美国证券交易委员会（SEC）提交了IPO招股书，计划在纳斯达克股票市场或纽约证券交易所挂牌上市，股票代码为“DIDI”。</p>\n<p>根据滴滴披露的数据显示，目前滴滴已经在15个国家的4000多个城市和地区开通业务，年活跃用户数量4.93亿，年活跃司机数量1500万，日均单量4100万，年平台交易总额3410亿元，2018年至2021年Q1累计司机收入6000+亿元。</p>\n<p><img src=\"https://static.tigerbbs.com/2a935c6b681f2f3744604b5596e29cac\" tg-width=\"2100\" tg-height=\"13686\"></p>\n<hr>\n<p>恭喜您找到了字母I，参与《老虎大搜查》活动，下帖留言“ Tiger is here” 即可获赠100虎币，如集齐7张图片并留言，还可获赠7周年限定礼盒。（详情请点击<a href=\"https://laohu8.com/TW/181890541\" target=\"_blank\">【七周年有奖活动】老虎大搜查</a> 了解）<img src=\"https://static.tigerbbs.com/ba72fe98df37f49a4d31b0a0684a03aa\" tg-width=\"214\" tg-height=\"286\"></p>\n<p></p>","source":"txkj","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\" 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href=https://new.qq.com/rain/a/20210611A02NC800><strong>腾讯科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>6月11日消息，美国当地时间周四，滴滴出行的运营主体小桔快智向美国证券交易委员会（SEC）提交了IPO招股书，计划在纳斯达克股票市场或纽约证券交易所挂牌上市，股票代码为“DIDI”。\n根据滴滴披露的数据显示，目前滴滴已经在15个国家的4000多个城市和地区开通业务，年活跃用户数量4.93亿，年活跃司机数量1500万，日均单量4100万，年平台交易总额3410亿元，2018年至2021年Q1累计司机...</p>\n\n<a href=\"https://new.qq.com/rain/a/20210611A02NC800\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b9f14473f3e986de32cc80f6fd80b679","relate_stocks":{"DIDI":"滴滴(已退市)"},"source_url":"https://new.qq.com/rain/a/20210611A02NC800","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140839418","content_text":"6月11日消息，美国当地时间周四，滴滴出行的运营主体小桔快智向美国证券交易委员会（SEC）提交了IPO招股书，计划在纳斯达克股票市场或纽约证券交易所挂牌上市，股票代码为“DIDI”。\n根据滴滴披露的数据显示，目前滴滴已经在15个国家的4000多个城市和地区开通业务，年活跃用户数量4.93亿，年活跃司机数量1500万，日均单量4100万，年平台交易总额3410亿元，2018年至2021年Q1累计司机收入6000+亿元。\n\n\n恭喜您找到了字母I，参与《老虎大搜查》活动，下帖留言“ Tiger is here” 即可获赠100虎币，如集齐7张图片并留言，还可获赠7周年限定礼盒。（详情请点击【七周年有奖活动】老虎大搜查 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