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Hironori

Hironori

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2021-11-15

https://youtu.be/zTI8iMXLcGc

2021-11-02

Eastside Distilling

Eastside Distilling, Inc. Announces Securities Purchase Agreement for Private PlacementOctober 26, 2021, 5:33 amPORTLAND, Ore., Oct. 25, 2021 /PRNewswire/ -- Eastside Distilling, Inc. (NASDAQ: EAST) ("Eastside" or the "Company"), a consumer-focused beverage company that builds craft inspired experiential brands and high-quality artisan products around premium spirits and ready-to-drink "RTD" craft cocktails, today announced that it has entered into a securities purchase agreement for a private placement offering with Crater Lake Private Limited.Eastside Distilling (PRNewsfoto/Eastside Distilling, Inc.)Eastside Distilling (PRNewsfoto/Eastside Distilling, Inc.)Geoffrey Gwin, Chief Financial Officer commented, "We are excited about this partnership with Crater Lake Private Limited. This inves

Eastside Distilling

2021-09-29

👍🏼

@Hironori:Investing in software companies?!https://softwarestackinvesting.com/decentralization-effects/

2021-09-07

Investing in software companies?!https://softwarestackinvesting.com/decentralization-effects/

2021-08-26

Great company

抱歉，原内容已删除

2021-08-25

Great ariticle, would you like to share it?

@3Fs:执行平均下降投资策略的博弈计划

2021-08-03

Nice 👍🏼

Tesla rose nearly 5% in morning trading<blockquote>特斯拉早盘涨近5%</blockquote>

2021-07-25

🤞🏼

抱歉，原内容已删除

2021-07-25

Nice!

Will NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote>

2021-07-23

👍🏼

Alphabet Profitability Still Hidden In The Cloud As It Surges Past FAANG Toward Q2 Earnings<blockquote>Alphabet的盈利能力仍隐藏在云端，超越FAANG，实现第二季度盈利</blockquote>

2021-07-22

Good read!

抱歉，原内容已删除

2021-07-20

Good read

抱歉，原内容已删除

2021-07-20

Nice!

抱歉，原内容已删除

2021-07-20

Great ariticle, would you like to share it?

抱歉，原内容已删除

2021-07-19

My free AAPL

2021-07-19

Nice information

What You Need to Know about SPACs – Wall Street’s Hottest Trend<blockquote>关于SPAC你需要知道什么——华尔街最热门的趋势</blockquote>

2021-07-19

Will monitor

抱歉，原内容已删除

2021-07-18

Good read!

抱歉，原内容已删除

2021-07-17

Good read

抱歉，原内容已删除

2021-07-03

👍🏼

These 15 stocks -- June's biggest losers -- could become July's winners<blockquote>这15只股票——6月份跌幅最大的股票——可能成为7月份的赢家</blockquote>

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In this article, we’ll explore a little deeper about devising a game plan on&nbsp;Averaging Down&nbsp;as an investment strategy. Do note that the focus is primarily on fundamentals first, technical second. As such, as and when we find that there is sufficient value in the company, we will consider purchasing and will use technical to aid our entry and exit positions. Is Averaging Down an Effective Strategy: First, you need to have resources or what we often termed it as&nbsp;warchest. In an ideal world where we have unlimited warchest, that would be nice. In a real world, many of us have a limited resource. Our funds are likely to be limited and even so, we want to c","listText":"I wrote about the importance of having the right mental mindset in order to enact a perfect execution strategy in investing. In this article, we’ll explore a little deeper about devising a game plan on&nbsp;Averaging Down&nbsp;as an investment strategy. Do note that the focus is primarily on fundamentals first, technical second. As such, as and when we find that there is sufficient value in the company, we will consider purchasing and will use technical to aid our entry and exit positions. Is Averaging Down an Effective Strategy: First, you need to have resources or what we often termed it as&nbsp;warchest. In an ideal world where we have unlimited warchest, that would be nice. In a real world, many of us have a limited resource. Our funds are likely to be limited and even so, we want to c","text":"I wrote about the importance of having the right mental mindset in order to enact a perfect execution strategy in investing. In this article, we’ll explore a little deeper about devising a game plan on Averaging Down as an investment strategy. Do note that the focus is primarily on fundamentals first, technical second. As such, as and when we find that there is sufficient value in the company, we will consider purchasing and will use technical to aid our entry and exit positions. Is Averaging Down an Effective Strategy: First, you need to have resources or what we often termed it as warchest. In an ideal world where we have unlimited warchest, that would be nice. In a real world, many of us have a limited resource. Our funds are likely to be limited and even so, we want to c","images":[{"img":"https://static.tigerbbs.com/2af63960cb6fcb2f24c72e2da8283a70","width":"2154","height":"920"},{"img":"https://static.tigerbbs.com/4a896f540d5c719e34cf840915f76201","width":"2084","height":"1043"},{"img":"https://static.tigerbbs.com/fc91738e34de3415a5934b20a87ff725","width":"828","height":"128"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/839561366","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":5,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1514,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804662450,"gmtCreate":1627954591170,"gmtModify":1633754937002,"author":{"id":"4087973028773570","authorId":"4087973028773570","name":"Hironori","avatar":"https://static.tigerbbs.com/28d7b770ea0fe8e113b862847e2a4d39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087973028773570","authorIdStr":"4087973028773570"},"themes":[],"htmlText":"Nice 👍🏼","listText":"Nice 👍🏼","text":"Nice 👍🏼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/804662450","repostId":"1155693481","repostType":4,"repost":{"id":"1155693481","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627913458,"share":"https://www.laohu8.com/m/news/1155693481?lang=zh_CN&edition=full","pubTime":"2021-08-02 22:10","market":"us","language":"en","title":"Tesla rose nearly 5% in morning trading<blockquote>特斯拉早盘涨近5%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155693481","media":"Tiger Newspress","summary":" $Tesla Motors$ rose nearly 5% in morning trading.Elon Musk confirms Tesla AI Day will be on August 19.In addition ,Last Thursday, Benzinga Proalerted its users Tesla hadfiled a patentthat would allow it to recover and recycle nickel and cobalt from old lithium-ion EV batteries.The patent, titled “Metal Sulfate Manufacturing System via Electrochemical Dissolution,” would allow the EV and technology company to recover the two crucial raw battery metals and reuse them making its supply chain more ","content":"<p>(August 2)&nbsp;<a href=\"https://laohu8.com/S/TSLA\">Tesla Motors</a> rose nearly 5% in morning trading.</p><p><blockquote>（8月2日）<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>早盘涨近5%。</blockquote></p><p> Elon Musk confirms Tesla AI Day will be on August 19.</p><p><blockquote>Elon Musk确认特斯拉人工智能日将于8月19日举行。</blockquote></p><p> In&nbsp;addition&nbsp;,Last Thursday,&nbsp;Benzinga Proalerted its users Tesla hadfiled a patentthat would allow it to recover and recycle nickel and cobalt from old lithium-ion EV batteries.</p><p><blockquote>此外，上周四，Benzinga提醒其用户特斯拉已申请一项专利，允许其从旧锂离子电动汽车电池中回收和再循环镍和钴。</blockquote></p><p> The patent, titled “Metal Sulfate Manufacturing System via Electrochemical Dissolution,” would allow the EV and technology company to recover the two crucial raw battery metals and reuse them making its supply chain more efficient.</p><p><blockquote>这项名为“通过电化学溶解的金属硫酸盐制造系统”的专利将使这家电动汽车和技术公司能够回收两种关键的电池金属原料并重复利用它们，从而提高其供应链的效率。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9faf5c64c1d04f0efe8c72c78addc130\" tg-width=\"725\" tg-height=\"633\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla rose nearly 5% in morning trading<blockquote>特斯拉早盘涨近5%</blockquote></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; 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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: 12.5px; color: #7E829C; margin: 0;}\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\">\nTesla rose nearly 5% in morning trading<blockquote>特斯拉早盘涨近5%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-02 22:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(August 2)&nbsp;<a href=\"https://laohu8.com/S/TSLA\">Tesla Motors</a> rose nearly 5% in morning trading.</p><p><blockquote>（8月2日）<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>早盘涨近5%。</blockquote></p><p> Elon Musk confirms Tesla AI Day will be on August 19.</p><p><blockquote>Elon Musk确认特斯拉人工智能日将于8月19日举行。</blockquote></p><p> In&nbsp;addition&nbsp;,Last Thursday,&nbsp;Benzinga Proalerted its users Tesla hadfiled a patentthat would allow it to recover and recycle nickel and cobalt from old lithium-ion EV batteries.</p><p><blockquote>此外，上周四，Benzinga提醒其用户特斯拉已申请一项专利，允许其从旧锂离子电动汽车电池中回收和再循环镍和钴。</blockquote></p><p> The patent, titled “Metal Sulfate Manufacturing System via Electrochemical Dissolution,” would allow the EV and technology company to recover the two crucial raw battery metals and reuse them making its supply chain more efficient.</p><p><blockquote>这项名为“通过电化学溶解的金属硫酸盐制造系统”的专利将使这家电动汽车和技术公司能够回收两种关键的电池金属原料并重复利用它们，从而提高其供应链的效率。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9faf5c64c1d04f0efe8c72c78addc130\" tg-width=\"725\" tg-height=\"633\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155693481","content_text":"(August 2) Tesla Motors rose nearly 5% in morning trading.\nElon Musk confirms Tesla AI Day will be on August 19.\nIn addition ,Last Thursday, Benzinga Proalerted its users Tesla hadfiled a patentthat would allow it to recover and recycle nickel and cobalt from old lithium-ion EV batteries.\nThe patent, titled “Metal Sulfate Manufacturing System via Electrochemical Dissolution,” would allow the EV and technology company to recover the two crucial raw battery metals and reuse them making its supply chain more efficient.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1275,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177941853,"gmtCreate":1627178017772,"gmtModify":1633767466108,"author":{"id":"4087973028773570","authorId":"4087973028773570","name":"Hironori","avatar":"https://static.tigerbbs.com/28d7b770ea0fe8e113b862847e2a4d39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087973028773570","authorIdStr":"4087973028773570"},"themes":[],"htmlText":"🤞🏼","listText":"🤞🏼","text":"🤞🏼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/177941853","repostId":"2153938547","repostType":2,"isVote":1,"tweetType":1,"viewCount":1431,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177927169,"gmtCreate":1627177338951,"gmtModify":1633767479418,"author":{"id":"4087973028773570","authorId":"4087973028773570","name":"Hironori","avatar":"https://static.tigerbbs.com/28d7b770ea0fe8e113b862847e2a4d39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087973028773570","authorIdStr":"4087973028773570"},"themes":[],"htmlText":"Nice!","listText":"Nice!","text":"Nice!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/177927169","repostId":"1112927800","repostType":4,"repost":{"id":"1112927800","kind":"news","pubTimestamp":1627089375,"share":"https://www.laohu8.com/m/news/1112927800?lang=zh_CN&edition=full","pubTime":"2021-07-24 09:16","market":"us","language":"en","title":"Will NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112927800","media":"seekingalpha","summary":"Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV p","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.</li>  <li>NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.</li>  <li>NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f749c70c8a2af3e18d5f6cecc72bfbb\" tg-width=\"1536\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>让我们来看看今天的蔚来与特斯拉相比如何，蔚来的独特卖点，以及两家公司的相似之处。</li><li>蔚来是一个高增长的选择，相对于特斯拉的估值，它似乎并不太昂贵。</li><li>然而，蔚来并不是一只低风险股票，它可能并不是每个人的好选择。投资者还应该考虑蔚来与传统汽车公司的估值。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> NIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.</p><p><blockquote>蔚来公司（蔚来）是中国领先的电动汽车制造商之一，通过其有吸引力的品牌和独特的BaaS产品吸引了消费者和投资者的极大兴趣。然而，如今，该公司仍然比目前引领全球电动汽车市场的特斯拉（TSLA）小得多。蔚来目前专注于国内市场，当特斯拉还是一家较小的公司时也是如此，但蔚来也将试图在海外市场抢占市场份额。股价已经反映了很大的增长，但如果蔚来能够复制特斯拉的成功，这可能是非常合理的。</blockquote></p><p> <b>NIO And TSLA Stock Prices</b></p><p><blockquote><b>蔚来和特斯拉股价</b></blockquote></p><p> Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.</p><p><blockquote>2020年，两家公司都受益于人们对电动汽车日益增长的兴趣，这一趋势导致大多数纯电动汽车公司的股价迅速上涨。电动汽车市场份额不断增长、电动汽车购买补贴等宽松政策以及大规模货币刺激措施相结合，让蔚来和特斯拉的股价迅速上涨。蔚来去年上涨了245%，而特斯拉同期上涨了101%。然而，两家公司目前的交易价格均低于2021年初创下的历史高点，随后纯电动汽车的市场情绪在一定程度上降温。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ff5ce865807df85283775d2293b41af\" tg-width=\"635\" tg-height=\"481\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Taking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.</p><p><blockquote>快速浏览一下分析师的目标价，我们发现特斯拉的交易价格几乎完全符合共识，而蔚来的交易价格比分析师目标低约30%。如果分析师界是正确的，那么蔚来是一项更好的投资，因为预计特斯拉的股价明年不会大幅上涨，而蔚来的股价较分析师目标价有显着上涨空间。</blockquote></p><p> <b>Is NIO Similar To Tesla?</b></p><p><blockquote><b>蔚来和特斯拉相似吗？</b></blockquote></p><p> The answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:</p><p><blockquote>这个问题的答案取决于你关注的是什么。两家公司有相似之处，但也有不同之处。因此，人们可以说，在某些方面，两者是相似的，但在另一些方面，它们不是。让我们看几件事：</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Both companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.</p><p><blockquote>两家公司都专注于电动汽车领域，尽管特斯拉多年来也在发展其他一些业务，例如储能。特斯拉的大部分收入来自销售电动汽车，这也是蔚来的运营方式。两家公司都专注于电动汽车的高端市场，销售与宝马、梅赛德斯和雷克萨斯等品牌竞争的高价汽车。两家公司都提供少量不同的车辆，特斯拉是著名的S、X、3和Y，而蔚来则提供一款轿车(ET7)和三款SUV(EC6、ES6、ES8)。尽管蔚来如今是一家规模较小的公司，但两家公司的车型阵容并没有太大差异。</blockquote></p><p> Both companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.</p><p><blockquote>两家公司都向客户提供某种类型的充电基础设施，就特斯拉而言，这就是Supercharger网络，特斯拉车主可以根据安装的Supercharger版本为汽车充电高达250kW。蔚来正在采取不同的方法，为客户提供电池即服务解决方案。蔚来车主可以在蔚来的充电站将电池更换为充满电的电池，这一过程需要几分钟，因此与特斯拉和其他电动汽车厂商提供的常规电动汽车充电相比要快得多。因此，BaaS在充电/交换所需时间方面具有优势，但应该指出的是，与蔚来的电池交换站相比，特斯拉的超级充电站在世界各地更为常见。在其他市场推出该功能将需要大量资本支出，但与包括特斯拉在内的所有其他电动汽车厂商相比，蔚来的产品是一个独特的卖点。这最终是否会得到回报还有待观察，但随着电动汽车领域的竞争加剧，这可能成为蔚来的一大优势。</blockquote></p><p> <b>Size, growth, and valuation</b></p><p><blockquote><b>规模、增长和估值</b></blockquote></p><p></p><p> The two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.</p><p><blockquote>这两家公司的规模差异很大，无论是在收入和汽车销量方面，还是在两家公司的市值方面。蔚来第二季度交付了22,000辆汽车，同比增长112%，年增长率约为90,000辆。与此同时，特斯拉在第二季度交付了201,000辆汽车，高于2020年第二季度的103,000辆汽车。这是一个强劲的同比增长，尽管略低于100%，因此低于蔚来目前的增长率。</blockquote></p><p> Tesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:</p><p><blockquote>与蔚来相比，特斯拉每季度交付的汽车数量约为9倍，当我们查看两家公司的市值时，我们发现这一比例几乎完全相同，因为特斯拉6400亿美元的市值约为9倍。蔚来的市值为720亿美元。在类似的增长率下，这是完全有道理的，但目前看来蔚来可能是更好的交易，因为它的估值相当，同时产生更好的增长。在未来几个季度尤其如此，预计特斯拉的增长将放缓：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a986ea65130206f99961a46ce6cfed55\" tg-width=\"635\" tg-height=\"515\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Tesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.</p><p><blockquote>特斯拉的收入预计将从2021年的490亿美元增长到2023年的830亿美元，年增长率为30%。与此同时，蔚来的收入预计将在2021年至2023年间从54亿美元猛增至128亿美元，年增长率为54%。因此，相对而言，预计未来两年蔚来的增长速度将远远快于特斯拉。老实说，这并不奇怪，因为大数定律表明，对于一家规模越大的公司来说，保持大幅增长率就变得越来越困难，而特斯拉现在似乎已经达到了这一点——每年增加50%以上的收入将永远不可能。这甚至不一定是特斯拉的错，事实上，许多优质成长型公司都经历过同样的事情。但投资者仍应考虑这一重要事实——与我们过去看到的相比，特斯拉未来几年的增长将不那么令人兴奋，而蔚来等同行的增长速度更快。</blockquote></p><p> The same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).</p><p><blockquote>当我们从长远来看时，情况也是如此。蔚来2025年的收入预期为226亿美元，比2023年的预期再增长80%，比分析师对2021年的预测增长320%。与此同时，特斯拉预计2025年的收入将达到1,225亿美元，这是一个很大的数字，但比2023年增长了48%，比2021年总共增长了150%。因此，在2021年至2025年间，蔚来的收入将增加4倍，而特斯拉的收入将在同一时期增加2.5倍——在其他条件相同的情况下，这是一个有意义的差异，应该允许蔚来获得溢价估值，就像特斯拉一样。与大众汽车（OTCPK：VWAGY）等传统企业相比，它值得获得溢价估值。</blockquote></p><p> Looking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.</p><p><blockquote>相对于两家公司目前的估值来看2025年的收入预期，我们发现蔚来的市盈率为2025年销售额的3.2倍，而特斯拉2025年的销售额倍数为5.2倍。因此，对于长期投资者来说，蔚来今天似乎更有价值，因为当我们展望未来时，它的销售倍数要低得多。然而，这并不一定意味着蔚来很便宜，因为与传统汽车公司的估值相比，即使2025年3.2倍的销售倍数也相对较高。然而，蔚来看起来比特斯拉便宜，尽管其股价绝对并不便宜。</blockquote></p><p> <b>Can NIO Be Worth As Much As Tesla?</b></p><p><blockquote><b>蔚来能和特斯拉一样值钱吗？</b></blockquote></p><p> The answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly&nbsp;overpriced&nbsp;today, I personally believe that as well (Note that some will argue that shares are&nbsp;underpriced, which is also among the possibilities, although I do not hold that belief personally).</p><p><blockquote>这个问题的答案取决于你所关注的时间框架。如今，蔚来的规模明显小于特斯拉，因此其市值也相应地小得多。还应该指出的是，不能保证特斯拉的股票是电动汽车公司应该如何估值的一个很好的例子——至少，它的股票今天有可能被严重高估，我个人也相信这一点（请注意，有些人会认为股票定价过低，这也是一种可能性，尽管我个人并不持有这种信念）。</blockquote></p><p></p><p> When we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.</p><p><blockquote>当我们暂时假设特斯拉今天的估值是正确的，并且电动汽车公司每年销售约80万辆汽车时确实应该获得6000亿美元的市值时，那么蔚来最终也可能达到这一目标，尽管不是在短期内。蔚来今年将销售约9万辆汽车，2025年这一数字将增长至约40万辆。如果蔚来的销量在此之后每年增长15%，那么到2030年（即9年后），它可能会售出约80万辆汽车。如果想要更快的增长，也可以在2030年之前跨越每年80万辆汽车的界限，例如2028年或2029年。如果我们现在确实选择2030年，那么按照与特斯拉类似的交付量与市值比率，蔚来到2030年的估值可能会超过6000亿美元。换句话说，如果我们假设当前的增长预测是现实的，并且类似特斯拉的估值是合适的，那么九年后蔚来的价值可能会与特斯拉（今天）一样高。当然，这是两个主要的如果，尤其是第二点，我认为还远未确定。我个人不会对特斯拉的估值压缩感到太惊讶，因此蔚来的市值在2030年可能远低于6000亿美元的水平，即使它继续大幅增长。蔚来的增长也有可能令人失望，目前的预测过于乐观，尽管我认为蔚来凭借其独特的BaaS模式和在国内市场特别受认可的强大品牌，处于良好的增长地位。</blockquote></p><p> It should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.</p><p><blockquote>还应该指出的是，特斯拉2030年的市值可能与6000亿美元有很大不同，因此即使蔚来达到这一水平，也不能保证两家公司的市值会相似。到那时，特斯拉的估值可能会高得多，例如如果方舟模型是正确的（我个人认为不太可能）。为了回答上述问题，人们可以说，蔚来可能在8-10年内像特斯拉一样价值数千亿美元，但这根本不能保证。即使这种情况发生，到那时特斯拉的价值也可能会高得多。</blockquote></p><p> <b>Is NIO A Good Stock To Buy Or Sell Now?</b></p><p><blockquote><b>蔚来现在是买入或卖出的好股票吗？</b></blockquote></p><p> When considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.</p><p><blockquote>当将蔚来视为一项投资时，它最终是否会变得像特斯拉一样庞大或估值很高并不重要。相反，投资者应该问自己，未来几年他们可以预期的总回报是多少，以及相对于蔚来商业模式的风险，这些预期回报是否足够高。关于这些风险，应该提到的事实是，该公司尚未盈利，这意味着蔚来依赖其资产负债表上的现金进行增长投资。最重要的是，电动汽车领域的竞争正在加剧，市场份额之争可能会在未来几年给利润率带来压力，尽管蔚来似乎由于其电池交换而处于相对有利的地位，我认为这是一个强大的USP。最后但并非最不重要的是，该公司对中国本土市场的依赖是一个应该牢记的潜在风险，尽管还应该指出的是，目前中国政府似乎对中国电动汽车公司非常包容。</blockquote></p><p> One could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.</p><p><blockquote>有人可能会说，相对于传统汽车公司的估值，整个电动汽车行业的估值过高。与纯电动汽车相比，即使是大众汽车或福特等拥有有吸引力的电动汽车产品的传统企业，其交易也有巨大的折扣。但如果你想投资纯电动汽车，蔚来似乎是一个不错的选择。该公司结合了强大的品牌、独特的BaaS产品、高增长率，并且与电动汽车之王特斯拉的估值相比，股票交易价格有折扣。与其他纯电动汽车公司相比，蔚来2025年收入略高于3倍，似乎并不算太贵，当然，与传统公司相比，这仍然代表着溢价。如果蔚来能够表现良好并继续推出深受消费者欢迎的新车型，从长远来看，其股价可能具有巨大的上涨潜力。如果电动汽车股票成为不受欢迎的投资，蔚来股票也可能有相当大的下跌空间，然而，这并不是一个低风险的选择。根据您的风险承受能力，如果您想要高增长的纯电动汽车，蔚来仍然可能具有价值。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Will NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nWill NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-24 09:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.</li>  <li>NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.</li>  <li>NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f749c70c8a2af3e18d5f6cecc72bfbb\" tg-width=\"1536\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>让我们来看看今天的蔚来与特斯拉相比如何，蔚来的独特卖点，以及两家公司的相似之处。</li><li>蔚来是一个高增长的选择，相对于特斯拉的估值，它似乎并不太昂贵。</li><li>然而，蔚来并不是一只低风险股票，它可能并不是每个人的好选择。投资者还应该考虑蔚来与传统汽车公司的估值。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> NIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.</p><p><blockquote>蔚来公司（蔚来）是中国领先的电动汽车制造商之一，通过其有吸引力的品牌和独特的BaaS产品吸引了消费者和投资者的极大兴趣。然而，如今，该公司仍然比目前引领全球电动汽车市场的特斯拉（TSLA）小得多。蔚来目前专注于国内市场，当特斯拉还是一家较小的公司时也是如此，但蔚来也将试图在海外市场抢占市场份额。股价已经反映了很大的增长，但如果蔚来能够复制特斯拉的成功，这可能是非常合理的。</blockquote></p><p> <b>NIO And TSLA Stock Prices</b></p><p><blockquote><b>蔚来和特斯拉股价</b></blockquote></p><p> Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.</p><p><blockquote>2020年，两家公司都受益于人们对电动汽车日益增长的兴趣，这一趋势导致大多数纯电动汽车公司的股价迅速上涨。电动汽车市场份额不断增长、电动汽车购买补贴等宽松政策以及大规模货币刺激措施相结合，让蔚来和特斯拉的股价迅速上涨。蔚来去年上涨了245%，而特斯拉同期上涨了101%。然而，两家公司目前的交易价格均低于2021年初创下的历史高点，随后纯电动汽车的市场情绪在一定程度上降温。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ff5ce865807df85283775d2293b41af\" tg-width=\"635\" tg-height=\"481\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Taking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.</p><p><blockquote>快速浏览一下分析师的目标价，我们发现特斯拉的交易价格几乎完全符合共识，而蔚来的交易价格比分析师目标低约30%。如果分析师界是正确的，那么蔚来是一项更好的投资，因为预计特斯拉的股价明年不会大幅上涨，而蔚来的股价较分析师目标价有显着上涨空间。</blockquote></p><p> <b>Is NIO Similar To Tesla?</b></p><p><blockquote><b>蔚来和特斯拉相似吗？</b></blockquote></p><p> The answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:</p><p><blockquote>这个问题的答案取决于你关注的是什么。两家公司有相似之处，但也有不同之处。因此，人们可以说，在某些方面，两者是相似的，但在另一些方面，它们不是。让我们看几件事：</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Both companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.</p><p><blockquote>两家公司都专注于电动汽车领域，尽管特斯拉多年来也在发展其他一些业务，例如储能。特斯拉的大部分收入来自销售电动汽车，这也是蔚来的运营方式。两家公司都专注于电动汽车的高端市场，销售与宝马、梅赛德斯和雷克萨斯等品牌竞争的高价汽车。两家公司都提供少量不同的车辆，特斯拉是著名的S、X、3和Y，而蔚来则提供一款轿车(ET7)和三款SUV(EC6、ES6、ES8)。尽管蔚来如今是一家规模较小的公司，但两家公司的车型阵容并没有太大差异。</blockquote></p><p> Both companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.</p><p><blockquote>两家公司都向客户提供某种类型的充电基础设施，就特斯拉而言，这就是Supercharger网络，特斯拉车主可以根据安装的Supercharger版本为汽车充电高达250kW。蔚来正在采取不同的方法，为客户提供电池即服务解决方案。蔚来车主可以在蔚来的充电站将电池更换为充满电的电池，这一过程需要几分钟，因此与特斯拉和其他电动汽车厂商提供的常规电动汽车充电相比要快得多。因此，BaaS在充电/交换所需时间方面具有优势，但应该指出的是，与蔚来的电池交换站相比，特斯拉的超级充电站在世界各地更为常见。在其他市场推出该功能将需要大量资本支出，但与包括特斯拉在内的所有其他电动汽车厂商相比，蔚来的产品是一个独特的卖点。这最终是否会得到回报还有待观察，但随着电动汽车领域的竞争加剧，这可能成为蔚来的一大优势。</blockquote></p><p> <b>Size, growth, and valuation</b></p><p><blockquote><b>规模、增长和估值</b></blockquote></p><p></p><p> The two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.</p><p><blockquote>这两家公司的规模差异很大，无论是在收入和汽车销量方面，还是在两家公司的市值方面。蔚来第二季度交付了22,000辆汽车，同比增长112%，年增长率约为90,000辆。与此同时，特斯拉在第二季度交付了201,000辆汽车，高于2020年第二季度的103,000辆汽车。这是一个强劲的同比增长，尽管略低于100%，因此低于蔚来目前的增长率。</blockquote></p><p> Tesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:</p><p><blockquote>与蔚来相比，特斯拉每季度交付的汽车数量约为9倍，当我们查看两家公司的市值时，我们发现这一比例几乎完全相同，因为特斯拉6400亿美元的市值约为9倍。蔚来的市值为720亿美元。在类似的增长率下，这是完全有道理的，但目前看来蔚来可能是更好的交易，因为它的估值相当，同时产生更好的增长。在未来几个季度尤其如此，预计特斯拉的增长将放缓：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a986ea65130206f99961a46ce6cfed55\" tg-width=\"635\" tg-height=\"515\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Tesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.</p><p><blockquote>特斯拉的收入预计将从2021年的490亿美元增长到2023年的830亿美元，年增长率为30%。与此同时，蔚来的收入预计将在2021年至2023年间从54亿美元猛增至128亿美元，年增长率为54%。因此，相对而言，预计未来两年蔚来的增长速度将远远快于特斯拉。老实说，这并不奇怪，因为大数定律表明，对于一家规模越大的公司来说，保持大幅增长率就变得越来越困难，而特斯拉现在似乎已经达到了这一点——每年增加50%以上的收入将永远不可能。这甚至不一定是特斯拉的错，事实上，许多优质成长型公司都经历过同样的事情。但投资者仍应考虑这一重要事实——与我们过去看到的相比，特斯拉未来几年的增长将不那么令人兴奋，而蔚来等同行的增长速度更快。</blockquote></p><p> The same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).</p><p><blockquote>当我们从长远来看时，情况也是如此。蔚来2025年的收入预期为226亿美元，比2023年的预期再增长80%，比分析师对2021年的预测增长320%。与此同时，特斯拉预计2025年的收入将达到1,225亿美元，这是一个很大的数字，但比2023年增长了48%，比2021年总共增长了150%。因此，在2021年至2025年间，蔚来的收入将增加4倍，而特斯拉的收入将在同一时期增加2.5倍——在其他条件相同的情况下，这是一个有意义的差异，应该允许蔚来获得溢价估值，就像特斯拉一样。与大众汽车（OTCPK：VWAGY）等传统企业相比，它值得获得溢价估值。</blockquote></p><p> Looking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.</p><p><blockquote>相对于两家公司目前的估值来看2025年的收入预期，我们发现蔚来的市盈率为2025年销售额的3.2倍，而特斯拉2025年的销售额倍数为5.2倍。因此，对于长期投资者来说，蔚来今天似乎更有价值，因为当我们展望未来时，它的销售倍数要低得多。然而，这并不一定意味着蔚来很便宜，因为与传统汽车公司的估值相比，即使2025年3.2倍的销售倍数也相对较高。然而，蔚来看起来比特斯拉便宜，尽管其股价绝对并不便宜。</blockquote></p><p> <b>Can NIO Be Worth As Much As Tesla?</b></p><p><blockquote><b>蔚来能和特斯拉一样值钱吗？</b></blockquote></p><p> The answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly&nbsp;overpriced&nbsp;today, I personally believe that as well (Note that some will argue that shares are&nbsp;underpriced, which is also among the possibilities, although I do not hold that belief personally).</p><p><blockquote>这个问题的答案取决于你所关注的时间框架。如今，蔚来的规模明显小于特斯拉，因此其市值也相应地小得多。还应该指出的是，不能保证特斯拉的股票是电动汽车公司应该如何估值的一个很好的例子——至少，它的股票今天有可能被严重高估，我个人也相信这一点（请注意，有些人会认为股票定价过低，这也是一种可能性，尽管我个人并不持有这种信念）。</blockquote></p><p></p><p> When we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.</p><p><blockquote>当我们暂时假设特斯拉今天的估值是正确的，并且电动汽车公司每年销售约80万辆汽车时确实应该获得6000亿美元的市值时，那么蔚来最终也可能达到这一目标，尽管不是在短期内。蔚来今年将销售约9万辆汽车，2025年这一数字将增长至约40万辆。如果蔚来的销量在此之后每年增长15%，那么到2030年（即9年后），它可能会售出约80万辆汽车。如果想要更快的增长，也可以在2030年之前跨越每年80万辆汽车的界限，例如2028年或2029年。如果我们现在确实选择2030年，那么按照与特斯拉类似的交付量与市值比率，蔚来到2030年的估值可能会超过6000亿美元。换句话说，如果我们假设当前的增长预测是现实的，并且类似特斯拉的估值是合适的，那么九年后蔚来的价值可能会与特斯拉（今天）一样高。当然，这是两个主要的如果，尤其是第二点，我认为还远未确定。我个人不会对特斯拉的估值压缩感到太惊讶，因此蔚来的市值在2030年可能远低于6000亿美元的水平，即使它继续大幅增长。蔚来的增长也有可能令人失望，目前的预测过于乐观，尽管我认为蔚来凭借其独特的BaaS模式和在国内市场特别受认可的强大品牌，处于良好的增长地位。</blockquote></p><p> It should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.</p><p><blockquote>还应该指出的是，特斯拉2030年的市值可能与6000亿美元有很大不同，因此即使蔚来达到这一水平，也不能保证两家公司的市值会相似。到那时，特斯拉的估值可能会高得多，例如如果方舟模型是正确的（我个人认为不太可能）。为了回答上述问题，人们可以说，蔚来可能在8-10年内像特斯拉一样价值数千亿美元，但这根本不能保证。即使这种情况发生，到那时特斯拉的价值也可能会高得多。</blockquote></p><p> <b>Is NIO A Good Stock To Buy Or Sell Now?</b></p><p><blockquote><b>蔚来现在是买入或卖出的好股票吗？</b></blockquote></p><p> When considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.</p><p><blockquote>当将蔚来视为一项投资时，它最终是否会变得像特斯拉一样庞大或估值很高并不重要。相反，投资者应该问自己，未来几年他们可以预期的总回报是多少，以及相对于蔚来商业模式的风险，这些预期回报是否足够高。关于这些风险，应该提到的事实是，该公司尚未盈利，这意味着蔚来依赖其资产负债表上的现金进行增长投资。最重要的是，电动汽车领域的竞争正在加剧，市场份额之争可能会在未来几年给利润率带来压力，尽管蔚来似乎由于其电池交换而处于相对有利的地位，我认为这是一个强大的USP。最后但并非最不重要的是，该公司对中国本土市场的依赖是一个应该牢记的潜在风险，尽管还应该指出的是，目前中国政府似乎对中国电动汽车公司非常包容。</blockquote></p><p> One could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.</p><p><blockquote>有人可能会说，相对于传统汽车公司的估值，整个电动汽车行业的估值过高。与纯电动汽车相比，即使是大众汽车或福特等拥有有吸引力的电动汽车产品的传统企业，其交易也有巨大的折扣。但如果你想投资纯电动汽车，蔚来似乎是一个不错的选择。该公司结合了强大的品牌、独特的BaaS产品、高增长率，并且与电动汽车之王特斯拉的估值相比，股票交易价格有折扣。与其他纯电动汽车公司相比，蔚来2025年收入略高于3倍，似乎并不算太贵，当然，与传统公司相比，这仍然代表着溢价。如果蔚来能够表现良好并继续推出深受消费者欢迎的新车型，从长远来看，其股价可能具有巨大的上涨潜力。如果电动汽车股票成为不受欢迎的投资，蔚来股票也可能有相当大的下跌空间，然而，这并不是一个低风险的选择。根据您的风险承受能力，如果您想要高增长的纯电动汽车，蔚来仍然可能具有价值。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4440950-will-nio-stock-follow-tesla-what-to-consider-ev-stocks\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来","TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4440950-will-nio-stock-follow-tesla-what-to-consider-ev-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112927800","content_text":"Summary\n\nLet's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.\nNIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.\nNIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.\n\nipopba/iStock via Getty Images\nArticle Thesis\nNIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.\nNIO And TSLA Stock Prices\nBoth companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.\nData by YCharts\nTaking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.\nIs NIO Similar To Tesla?\nThe answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:\nBusiness Model\nBoth companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.\nBoth companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.\nSize, growth, and valuation\nThe two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.\nTesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:\nData by YCharts\nTesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.\nThe same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).\nLooking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.\nCan NIO Be Worth As Much As Tesla?\nThe answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly overpriced today, I personally believe that as well (Note that some will argue that shares are underpriced, which is also among the possibilities, although I do not hold that belief personally).\nWhen we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.\nIt should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.\nIs NIO A Good Stock To Buy Or Sell Now?\nWhen considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.\nOne could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.","news_type":1,"symbols_score_info":{"TSLA":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":2305,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175195603,"gmtCreate":1627011679902,"gmtModify":1633768785382,"author":{"id":"4087973028773570","authorId":"4087973028773570","name":"Hironori","avatar":"https://static.tigerbbs.com/28d7b770ea0fe8e113b862847e2a4d39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087973028773570","authorIdStr":"4087973028773570"},"themes":[],"htmlText":"👍🏼","listText":"👍🏼","text":"👍🏼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":21,"repostSize":0,"link":"https://laohu8.com/post/175195603","repostId":"2153670721","repostType":2,"repost":{"id":"2153670721","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1626985119,"share":"https://www.laohu8.com/m/news/2153670721?lang=zh_CN&edition=full","pubTime":"2021-07-23 04:18","market":"hk","language":"en","title":"Alphabet Profitability Still Hidden In The Cloud As It Surges Past FAANG Toward Q2 Earnings<blockquote>Alphabet的盈利能力仍隐藏在云端，超越FAANG，实现第二季度盈利</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2153670721","media":"Benzinga","summary":"Alphabet (NASDAQ: GOOGL) arguably hit it out of the park last quarter when it reported earnings that left analysts’ estimates in the dust.","content":"<p><html><body><strong>Alphabet</strong> (NASDAQ:GOOGL) arguably hit it out of the park last quarter when it reported earnings that left analysts’ estimates in the dust.</p><p><blockquote><html><body><strong>Alphabet</strong>（纳斯达克：GOOGL）上个季度公布的盈利超出了分析师的预期，可以说该公司表现出色。</body></html></blockquote></p><p> Overall revenue came in strong at $55.3 billion, up 34% year over year, with each business segment topping expectations by a wide margin except for <a href=\"https://laohu8.com/S/AONE.U\">one</a> that matched consensus. Jumping off its earnings performance, GOOGL shares currently stand 11% higher than they were entering last quarter’s reporting period.</p><p><blockquote>整体收入强劲，达到553亿美元，同比增长34%，除<a href=\"https://laohu8.com/S/AONE.U\">一</a>这符合共识。从盈利表现来看，GOOGL股价目前比上季度报告期高出11%。</blockquote></p><p> Let’s take a step back for a moment. For a company whose $1 trillion market cap has only a handful of peers in the world, you have to wonder how much more growth is possible, especially considering that GOOGL seems to be in every global market, driving some part of every sector and every industry.</p><p><blockquote>让我们后退一步。对于一家市值1万亿美元、全球同行屈指可数的公司来说，你不得不怀疑还有多少增长的可能，特别是考虑到GOOGL似乎遍布全球每个市场，推动着每个行业和每个行业的某个部分。</blockquote></p><p> Still, its appetite for growth and innovation is what seems to rejuvenate the 23-year old company. And its forward outlook in its earnings conference call, courtesy of CEO Sundar Pichai, could reflect the scope of the company’s present operations and future ambitions—literally and “virtually,” all over the map.</p><p><blockquote>尽管如此，它对增长和创新的兴趣似乎让这家拥有23年历史的公司焕发了活力。首席执行官桑达尔·皮查伊(Sundar Pichai)在其收益电话会议中提供的前瞻性展望可以反映该公司当前运营的范围和未来的雄心——无论是字面上还是“虚拟地”，遍布地图。</blockquote></p><p> <h2>Core Search Still Globally Uncontested</h2> Almost everyone in the world uses the term “Google″ as a verb synonymous with “online search.” This speaks to GOOGL’s dominance in the minds of online users—around 92% of all global search queries go through the Google search engine. </p><p><blockquote><h2>核心搜索在全球仍无争议</h2>世界上几乎每个人都使用“谷歌”这个词作为“在线搜索”的同义词这说明了GOOGL在在线用户心目中的主导地位——大约92%的全球搜索查询通过谷歌搜索引擎。</blockquote></p><p> Not surprisingly, the company has owned over 30% of the global online ad market share since at least 2016, according to Statista, and in the US, that figure is expected to rise to 56.8% this year.</p><p><blockquote>毫不奇怪，根据Statista的数据，至少自2016年以来，该公司一直拥有超过30%的全球在线广告市场份额，在美国，这一数字预计今年将升至56.8%。</blockquote></p><p> These are important stats, not only because ad revenue represents 82% of GOOGL’s total revenue—in other words, it pays the bills—but because it’s also what makes the company’s forays into other avenues of growth possible.</p><p><blockquote>这些都是重要的统计数据，不仅因为广告收入占GOOGL总收入的82%——换句话说，它支付了账单——还因为它也使该公司进军其他增长途径成为可能。</blockquote></p><p> As is often the case going into GOOGL earnings, ad revenue growth will likely be on investors’ minds. As earnings approach, the Street appears optimistic about GOOGL’s Q2 ad results. This could be in part due to a continued recovery in internet advertising that may be lifting more than one boat in the sector, Barron’s reported.</p><p><blockquote>正如GOOGL盈利中经常出现的情况一样，广告收入增长可能会成为投资者关注的焦点。随着财报临近，华尔街似乎对GOOGL第二季度广告业绩持乐观态度。据《巴伦周刊》报道，这可能部分是由于互联网广告的持续复苏，这可能会提振该行业的不止一艘船。</blockquote></p><p> <img src=\"https://tickertapecdn.tdameritrade.com/assets/images/pages/md/google-earnings-210723.png\"/></p><p><blockquote></blockquote></p><p> <strong>FIGURE 1:</strong> <strong>TAKING A BITE OUT OF THE FAANG.</strong> Alphabet’s (GOOGL—purple line) shares are running ahead of the rest of the FAANGs ($NYFANG—candlestick) year to date. Data sources: Nasdaq, NYSE. Chart source: The thinkorswim® platform. <em>For illustrative purposes only. Past performance does not guarantee future results.</em></p><p><blockquote><strong>图1：</strong><strong>咬一口FAANG。</strong>今年迄今为止，Alphabet（GOOGL-紫线）的股价领先于其他FAANG（$NYFANG-烛台）。数据来源：纳斯达克、纽约证券交易所。图表来源：thinkorswim®平台。<em>仅用于说明目的。过去的表现并不能保证未来的结果。</em></blockquote></p><p> <h2>Quiet Dominance In The World Of Mobile Communications</h2> When you talk about <strong>Apple</strong> (NASDAQ:AAPL), it’s almost impossible not to talk about the iPhone. After all, doesn’t everyone virtually live by (or “in”) their mobile phones? We can’t say the same for Alphabet, whose Android phones are hardly ever discussed (even in the company’s recent earnings calls).</p><p><blockquote><h2>移动通信领域悄然占据主导地位</h2>当你谈到<strong>苹果</strong>（纳斯达克：AAPL），几乎不可能不谈论iPhone。毕竟，不是每个人都生活在手机旁（或“里面”）吗？我们不能对Alphabet说同样的话，它的Android手机几乎从未被讨论过（即使是在该公司最近的收益评级中）。</blockquote></p><p> But here’s something to think about: While nearly 60% of all mobile customers in the U.S. prefer iPhones over Android, the latter dominates the global mobile market with a 72% market share, according to a report by Statcounter. What might that mean with regard to its OS-related Chrome or Chromebook adoption? Seamless OS access across related devices? </p><p><blockquote>但这里有一些事情需要考虑：根据Statcounter的一份报告，虽然美国近60%的移动客户更喜欢iPhone而不是Android，但后者以72%的市场份额主导着全球移动市场。这对其与操作系统相关的Chrome或Chromebook的采用意味着什么？跨相关设备的无缝操作系统访问？</blockquote></p><p> <h2>Cloud Still Lagging, But Gaining Momentum</h2> GOOGL’s cloud services still rank third behind <strong>Amazon</strong> (NASDAQ:AMZN) and <strong>Microsoft</strong> (NASDAQ:MSFT). But its command of over 7% global market share, reported by Canalys (April 2021), shouldn’t be underestimated, especially considering that the “cloud” is still a budding market.</p><p><blockquote><h2>云仍然落后，但势头强劲</h2>GOOGL的云服务仍然排在第三位<strong>亚马逊</strong>（纳斯达克：AMZN）和<strong>微软</strong>（纳斯达克：MSFT）。但据Canalys（2021年4月）报道，其超过7%的全球市场份额不应被低估，特别是考虑到“云”仍是一个新兴市场。</blockquote></p><p> Last quarter’s $4 billion in cloud revenue revealed the strength and speed of GOOGL’s charge, exhibiting a solid 46% year-over-year growth. On the defensive side, the segment also proved capable of reducing its operating losses from $1.73 billion a year ago to only $1 billion last quarter.</p><p><blockquote>上一季度40亿美元的云营收显示了GOOGL充电的实力与速度，呈现出46%的坚实同比增长。在防御方面，该部门还证明有能力将运营亏损从一年前的17.3亿美元减少到上季度的10亿美元。</blockquote></p><p> Investors are likely to pay close attention to the Google Cloud revenue when the company reports Q2 earnings on July 27, after the close. Given the level of emphasis CEO Pichai places on the segment in nearly every earnings conference call, it’s hard not to suspect that GOOGL’s cloud services could help shape the company’s future profitability and market dominance.</p><p><blockquote>当谷歌云公司7月27日收盘后公布Q2财报时，投资者可能会密切关注谷歌云收入。鉴于首席执行官皮查伊在几乎每个盈利电话会议中对该细分市场的重视程度，很难不怀疑GOOGL的云服务可能有助于塑造该公司未来的盈利能力和市场主导地位。</blockquote></p><p> <h2>Alphabet’s Acquisitions: A Critical Role In Growth?</h2> Last quarter, we saw GOOGL get a $4.75 billion boost in profit due to its startup acquisitions (though it didn’t specify which companies contributed to the gains). Still, expansion by way of acquisitions appears to be an active part of GOOGL’s growth mix, along with fellow peers MSFT and AMZN.</p><p><blockquote><h2>Alphabet的收购：在增长中发挥关键作用？</h2>上个季度，我们看到GOOGL因收购初创公司而获得了47.5亿美元的利润增长（尽管它没有具体说明哪些公司为这些收益做出了贡献）。尽管如此，与同行MSFT和AMZN一样，通过收购进行扩张似乎是GOOGL增长组合的积极组成部分。</blockquote></p><p></p><p> The company bought up over 160 companies in the last 10 years. But with a formidable free cash flow trailing $50.7 billion over a 12-month period, according to CFO Ruth Porat’s presentation in last quarter’s earnings call, the company may have a sizable amount of cash to expand its portfolio along innovative lines.</p><p><blockquote>该公司在过去10年中收购了160多家公司。但根据首席财务官露丝·波拉特(Ruth Porat)在上季度收益看涨期权中的介绍，由于12个月内自由现金流高达507亿美元，该公司可能有大量现金来扩大其创新产品组合。</blockquote></p><p> <h2>Alphabet Leads Communications, Tech, And FAANG Year To Date</h2> According to FactSet, Communication Services and Information Technology are among the sectors holding the highest analyst ratings. GOOGL—a “tech” stock under the “communications” sector category—has surpassed both sectors and its FAANG peers in terms of market performance.</p><p><blockquote><h2>今年迄今为止，Alphabet在通信、技术和FAANG领域处于领先地位</h2>根据FactSet的数据，通信服务和信息技术是分析师评级最高的行业之一。GOOGL——“通信”行业类别下的“科技”股票——在市场表现方面超过了这两个行业及其FAANG同行。</blockquote></p><p> Year to date, GOOGL is up 46%, leaving behind Communications (20.69%), Tech (16.45%), and its peer FAANG components. Its closest peer, lagging by a wide margin, is MSFT (26.68%). Looking far ahead, CFRA analysts project a three-year compound annual growth rate of 24% driven by global ad spend, and, on a segment level, driven by search, YouTube, and cloud.</p><p><blockquote>今年迄今为止，GOOGL上涨了46%，落后于通信(20.69%)、科技(16.45%)及其同行FAANG组件。最接近的同行是MSFT（26.68%），大幅落后。展望未来，CFRA分析师预计，在全球广告支出的推动下，以及在搜索、YouTube和云的推动下，三年复合年增长率为24%。</blockquote></p><p> As for the current quarter, the company withheld providing revenue and earnings guidance.</p><p><blockquote>至于本季度，该公司没有提供收入和盈利指引。</blockquote></p><p> <h2>Alphabet Earnings And Options Activity</h2> GOOGL is expected to report <strong>adjusted EPS of $19.21</strong>, up from $10.13 in the prior-year quarter, according to third-party consensus analyst estimates. <strong>Revenue is projected at $56.02 billion</strong>, up 46.3% from a year ago.</p><p><blockquote><h2>Alphabet盈利和期权活动</h2>预计GOOGL将报告<strong>调整后每股收益为19.21美元</strong>根据第三方分析师的一致估计，高于去年同期的10.13美元。<strong>收入预计为560.2亿美元</strong>，同比增长46.3%。</blockquote></p><p> Options traders have priced in an expected share price move of 3.2% in either direction around the earnings release. The implied volatility sits at the 25th percentile as of Thursday morning.</p><p><blockquote>期权交易员预计财报发布前后股价将双向波动3.2%。截至周四上午，隐含波动率位于第25百分位。</blockquote></p><p> Looking at the July 30 options expiration, call activity is spread out with higher activity at the 2600 strike while puts have been active at the 2490 and 2500 strikes. </p><p><blockquote>从7月30日期权到期日来看，看涨期权活动分散，在2600点行使价活跃度较高，而看跌期权在2490点和2500点行使价活跃。</blockquote></p><p> <em>Note: Call options represent the right, but not the obligation, to buy the underlying security at a predetermined price over a set period of time. Put options represent the right, but not the obligation, to sell the underlying security at a predetermined price over a set period of time.</em></p><p><blockquote><em>注：看涨期权期权代表在一段时间内以预定价格购买标的证券的权利，但不是义务。看跌期权代表在一段时间内以预定价格出售标的证券的权利，但不是义务。</em></blockquote></p><p> <em>TD Ameritrade<sup>®</sup> commentary for educational purposes only. Member SIPC.</em> <em>Options involve risks and are not suitable for all investors. Please read</em><em> </em><strong><em>Characteristics and Risks of Standardized Options</em></strong><em>.</em></p><p><blockquote><em>德美利证券<sup>®</sup>评论仅用于教育目的。成员SIPC。</em><em>期权涉及风险，并不适合所有投资者。请阅读</em><em></em><strong><em>标准化期权的特点和风险</em></strong><em>.</em></blockquote></p><p> Image by Gerd Altmann from Pixabay</p><p><blockquote>图片由Gerd Altmann来自Pixabay</blockquote></p><p> </body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Alphabet Profitability Still Hidden In The Cloud As It Surges Past FAANG Toward Q2 Earnings<blockquote>Alphabet的盈利能力仍隐藏在云端，超越FAANG，实现第二季度盈利</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nAlphabet Profitability Still Hidden In The Cloud As It Surges Past FAANG Toward Q2 Earnings<blockquote>Alphabet的盈利能力仍隐藏在云端，超越FAANG，实现第二季度盈利</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-07-23 04:18</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><html><body><strong>Alphabet</strong> (NASDAQ:GOOGL) arguably hit it out of the park last quarter when it reported earnings that left analysts’ estimates in the dust.</p><p><blockquote><html><body><strong>Alphabet</strong>（纳斯达克：GOOGL）上个季度公布的盈利超出了分析师的预期，可以说该公司表现出色。</body></html></blockquote></p><p> Overall revenue came in strong at $55.3 billion, up 34% year over year, with each business segment topping expectations by a wide margin except for <a href=\"https://laohu8.com/S/AONE.U\">one</a> that matched consensus. Jumping off its earnings performance, GOOGL shares currently stand 11% higher than they were entering last quarter’s reporting period.</p><p><blockquote>整体收入强劲，达到553亿美元，同比增长34%，除<a href=\"https://laohu8.com/S/AONE.U\">一</a>这符合共识。从盈利表现来看，GOOGL股价目前比上季度报告期高出11%。</blockquote></p><p> Let’s take a step back for a moment. For a company whose $1 trillion market cap has only a handful of peers in the world, you have to wonder how much more growth is possible, especially considering that GOOGL seems to be in every global market, driving some part of every sector and every industry.</p><p><blockquote>让我们后退一步。对于一家市值1万亿美元、全球同行屈指可数的公司来说，你不得不怀疑还有多少增长的可能，特别是考虑到GOOGL似乎遍布全球每个市场，推动着每个行业和每个行业的某个部分。</blockquote></p><p> Still, its appetite for growth and innovation is what seems to rejuvenate the 23-year old company. And its forward outlook in its earnings conference call, courtesy of CEO Sundar Pichai, could reflect the scope of the company’s present operations and future ambitions—literally and “virtually,” all over the map.</p><p><blockquote>尽管如此，它对增长和创新的兴趣似乎让这家拥有23年历史的公司焕发了活力。首席执行官桑达尔·皮查伊(Sundar Pichai)在其收益电话会议中提供的前瞻性展望可以反映该公司当前运营的范围和未来的雄心——无论是字面上还是“虚拟地”，遍布地图。</blockquote></p><p> <h2>Core Search Still Globally Uncontested</h2> Almost everyone in the world uses the term “Google″ as a verb synonymous with “online search.” This speaks to GOOGL’s dominance in the minds of online users—around 92% of all global search queries go through the Google search engine. </p><p><blockquote><h2>核心搜索在全球仍无争议</h2>世界上几乎每个人都使用“谷歌”这个词作为“在线搜索”的同义词这说明了GOOGL在在线用户心目中的主导地位——大约92%的全球搜索查询通过谷歌搜索引擎。</blockquote></p><p> Not surprisingly, the company has owned over 30% of the global online ad market share since at least 2016, according to Statista, and in the US, that figure is expected to rise to 56.8% this year.</p><p><blockquote>毫不奇怪，根据Statista的数据，至少自2016年以来，该公司一直拥有超过30%的全球在线广告市场份额，在美国，这一数字预计今年将升至56.8%。</blockquote></p><p> These are important stats, not only because ad revenue represents 82% of GOOGL’s total revenue—in other words, it pays the bills—but because it’s also what makes the company’s forays into other avenues of growth possible.</p><p><blockquote>这些都是重要的统计数据，不仅因为广告收入占GOOGL总收入的82%——换句话说，它支付了账单——还因为它也使该公司进军其他增长途径成为可能。</blockquote></p><p> As is often the case going into GOOGL earnings, ad revenue growth will likely be on investors’ minds. As earnings approach, the Street appears optimistic about GOOGL’s Q2 ad results. This could be in part due to a continued recovery in internet advertising that may be lifting more than one boat in the sector, Barron’s reported.</p><p><blockquote>正如GOOGL盈利中经常出现的情况一样，广告收入增长可能会成为投资者关注的焦点。随着财报临近，华尔街似乎对GOOGL第二季度广告业绩持乐观态度。据《巴伦周刊》报道，这可能部分是由于互联网广告的持续复苏，这可能会提振该行业的不止一艘船。</blockquote></p><p> <img src=\"https://tickertapecdn.tdameritrade.com/assets/images/pages/md/google-earnings-210723.png\"/></p><p><blockquote></blockquote></p><p> <strong>FIGURE 1:</strong> <strong>TAKING A BITE OUT OF THE FAANG.</strong> Alphabet’s (GOOGL—purple line) shares are running ahead of the rest of the FAANGs ($NYFANG—candlestick) year to date. Data sources: Nasdaq, NYSE. Chart source: The thinkorswim® platform. <em>For illustrative purposes only. Past performance does not guarantee future results.</em></p><p><blockquote><strong>图1：</strong><strong>咬一口FAANG。</strong>今年迄今为止，Alphabet（GOOGL-紫线）的股价领先于其他FAANG（$NYFANG-烛台）。数据来源：纳斯达克、纽约证券交易所。图表来源：thinkorswim®平台。<em>仅用于说明目的。过去的表现并不能保证未来的结果。</em></blockquote></p><p> <h2>Quiet Dominance In The World Of Mobile Communications</h2> When you talk about <strong>Apple</strong> (NASDAQ:AAPL), it’s almost impossible not to talk about the iPhone. After all, doesn’t everyone virtually live by (or “in”) their mobile phones? We can’t say the same for Alphabet, whose Android phones are hardly ever discussed (even in the company’s recent earnings calls).</p><p><blockquote><h2>移动通信领域悄然占据主导地位</h2>当你谈到<strong>苹果</strong>（纳斯达克：AAPL），几乎不可能不谈论iPhone。毕竟，不是每个人都生活在手机旁（或“里面”）吗？我们不能对Alphabet说同样的话，它的Android手机几乎从未被讨论过（即使是在该公司最近的收益评级中）。</blockquote></p><p> But here’s something to think about: While nearly 60% of all mobile customers in the U.S. prefer iPhones over Android, the latter dominates the global mobile market with a 72% market share, according to a report by Statcounter. What might that mean with regard to its OS-related Chrome or Chromebook adoption? Seamless OS access across related devices? </p><p><blockquote>但这里有一些事情需要考虑：根据Statcounter的一份报告，虽然美国近60%的移动客户更喜欢iPhone而不是Android，但后者以72%的市场份额主导着全球移动市场。这对其与操作系统相关的Chrome或Chromebook的采用意味着什么？跨相关设备的无缝操作系统访问？</blockquote></p><p> <h2>Cloud Still Lagging, But Gaining Momentum</h2> GOOGL’s cloud services still rank third behind <strong>Amazon</strong> (NASDAQ:AMZN) and <strong>Microsoft</strong> (NASDAQ:MSFT). But its command of over 7% global market share, reported by Canalys (April 2021), shouldn’t be underestimated, especially considering that the “cloud” is still a budding market.</p><p><blockquote><h2>云仍然落后，但势头强劲</h2>GOOGL的云服务仍然排在第三位<strong>亚马逊</strong>（纳斯达克：AMZN）和<strong>微软</strong>（纳斯达克：MSFT）。但据Canalys（2021年4月）报道，其超过7%的全球市场份额不应被低估，特别是考虑到“云”仍是一个新兴市场。</blockquote></p><p> Last quarter’s $4 billion in cloud revenue revealed the strength and speed of GOOGL’s charge, exhibiting a solid 46% year-over-year growth. On the defensive side, the segment also proved capable of reducing its operating losses from $1.73 billion a year ago to only $1 billion last quarter.</p><p><blockquote>上一季度40亿美元的云营收显示了GOOGL充电的实力与速度，呈现出46%的坚实同比增长。在防御方面，该部门还证明有能力将运营亏损从一年前的17.3亿美元减少到上季度的10亿美元。</blockquote></p><p> Investors are likely to pay close attention to the Google Cloud revenue when the company reports Q2 earnings on July 27, after the close. Given the level of emphasis CEO Pichai places on the segment in nearly every earnings conference call, it’s hard not to suspect that GOOGL’s cloud services could help shape the company’s future profitability and market dominance.</p><p><blockquote>当谷歌云公司7月27日收盘后公布Q2财报时，投资者可能会密切关注谷歌云收入。鉴于首席执行官皮查伊在几乎每个盈利电话会议中对该细分市场的重视程度，很难不怀疑GOOGL的云服务可能有助于塑造该公司未来的盈利能力和市场主导地位。</blockquote></p><p> <h2>Alphabet’s Acquisitions: A Critical Role In Growth?</h2> Last quarter, we saw GOOGL get a $4.75 billion boost in profit due to its startup acquisitions (though it didn’t specify which companies contributed to the gains). Still, expansion by way of acquisitions appears to be an active part of GOOGL’s growth mix, along with fellow peers MSFT and AMZN.</p><p><blockquote><h2>Alphabet的收购：在增长中发挥关键作用？</h2>上个季度，我们看到GOOGL因收购初创公司而获得了47.5亿美元的利润增长（尽管它没有具体说明哪些公司为这些收益做出了贡献）。尽管如此，与同行MSFT和AMZN一样，通过收购进行扩张似乎是GOOGL增长组合的积极组成部分。</blockquote></p><p></p><p> The company bought up over 160 companies in the last 10 years. But with a formidable free cash flow trailing $50.7 billion over a 12-month period, according to CFO Ruth Porat’s presentation in last quarter’s earnings call, the company may have a sizable amount of cash to expand its portfolio along innovative lines.</p><p><blockquote>该公司在过去10年中收购了160多家公司。但根据首席财务官露丝·波拉特(Ruth Porat)在上季度收益看涨期权中的介绍，由于12个月内自由现金流高达507亿美元，该公司可能有大量现金来扩大其创新产品组合。</blockquote></p><p> <h2>Alphabet Leads Communications, Tech, And FAANG Year To Date</h2> According to FactSet, Communication Services and Information Technology are among the sectors holding the highest analyst ratings. GOOGL—a “tech” stock under the “communications” sector category—has surpassed both sectors and its FAANG peers in terms of market performance.</p><p><blockquote><h2>今年迄今为止，Alphabet在通信、技术和FAANG领域处于领先地位</h2>根据FactSet的数据，通信服务和信息技术是分析师评级最高的行业之一。GOOGL——“通信”行业类别下的“科技”股票——在市场表现方面超过了这两个行业及其FAANG同行。</blockquote></p><p> Year to date, GOOGL is up 46%, leaving behind Communications (20.69%), Tech (16.45%), and its peer FAANG components. Its closest peer, lagging by a wide margin, is MSFT (26.68%). Looking far ahead, CFRA analysts project a three-year compound annual growth rate of 24% driven by global ad spend, and, on a segment level, driven by search, YouTube, and cloud.</p><p><blockquote>今年迄今为止，GOOGL上涨了46%，落后于通信(20.69%)、科技(16.45%)及其同行FAANG组件。最接近的同行是MSFT（26.68%），大幅落后。展望未来，CFRA分析师预计，在全球广告支出的推动下，以及在搜索、YouTube和云的推动下，三年复合年增长率为24%。</blockquote></p><p> As for the current quarter, the company withheld providing revenue and earnings guidance.</p><p><blockquote>至于本季度，该公司没有提供收入和盈利指引。</blockquote></p><p> <h2>Alphabet Earnings And Options Activity</h2> GOOGL is expected to report <strong>adjusted EPS of $19.21</strong>, up from $10.13 in the prior-year quarter, according to third-party consensus analyst estimates. <strong>Revenue is projected at $56.02 billion</strong>, up 46.3% from a year ago.</p><p><blockquote><h2>Alphabet盈利和期权活动</h2>预计GOOGL将报告<strong>调整后每股收益为19.21美元</strong>根据第三方分析师的一致估计，高于去年同期的10.13美元。<strong>收入预计为560.2亿美元</strong>，同比增长46.3%。</blockquote></p><p> Options traders have priced in an expected share price move of 3.2% in either direction around the earnings release. The implied volatility sits at the 25th percentile as of Thursday morning.</p><p><blockquote>期权交易员预计财报发布前后股价将双向波动3.2%。截至周四上午，隐含波动率位于第25百分位。</blockquote></p><p> Looking at the July 30 options expiration, call activity is spread out with higher activity at the 2600 strike while puts have been active at the 2490 and 2500 strikes. </p><p><blockquote>从7月30日期权到期日来看，看涨期权活动分散，在2600点行使价活跃度较高，而看跌期权在2490点和2500点行使价活跃。</blockquote></p><p> <em>Note: Call options represent the right, but not the obligation, to buy the underlying security at a predetermined price over a set period of time. Put options represent the right, but not the obligation, to sell the underlying security at a predetermined price over a set period of time.</em></p><p><blockquote><em>注：看涨期权期权代表在一段时间内以预定价格购买标的证券的权利，但不是义务。看跌期权代表在一段时间内以预定价格出售标的证券的权利，但不是义务。</em></blockquote></p><p> <em>TD Ameritrade<sup>®</sup> commentary for educational purposes only. Member SIPC.</em> <em>Options involve risks and are not suitable for all investors. Please read</em><em> </em><strong><em>Characteristics and Risks of Standardized Options</em></strong><em>.</em></p><p><blockquote><em>德美利证券<sup>®</sup>评论仅用于教育目的。成员SIPC。</em><em>期权涉及风险，并不适合所有投资者。请阅读</em><em></em><strong><em>标准化期权的特点和风险</em></strong><em>.</em></blockquote></p><p> Image by Gerd Altmann from Pixabay</p><p><blockquote>图片由Gerd Altmann来自Pixabay</blockquote></p><p> </body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软","GOOGL":"谷歌A","QTWO":"Q2 Holdings Inc","AMZN":"亚马逊","AAPL":"苹果","GOOG":"谷歌"},"source_url":"https://www.benzinga.com/news/earnings/21/07/22114197/alphabet-profitability-still-hidden-in-the-cloud-as-it-surges-past-faang-toward-q2-earnings","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2153670721","content_text":"Alphabet (NASDAQ:GOOGL) arguably hit it out of the park last quarter when it reported earnings that left analysts’ estimates in the dust.\nOverall revenue came in strong at $55.3 billion, up 34% year over year, with each business segment topping expectations by a wide margin except for one that matched consensus. Jumping off its earnings performance, GOOGL shares currently stand 11% higher than they were entering last quarter’s reporting period.\nLet’s take a step back for a moment. For a company whose $1 trillion market cap has only a handful of peers in the world, you have to wonder how much more growth is possible, especially considering that GOOGL seems to be in every global market, driving some part of every sector and every industry.\nStill, its appetite for growth and innovation is what seems to rejuvenate the 23-year old company. And its forward outlook in its earnings conference call, courtesy of CEO Sundar Pichai, could reflect the scope of the company’s present operations and future ambitions—literally and “virtually,” all over the map.\nCore Search Still Globally Uncontested\nAlmost everyone in the world uses the term “Google″ as a verb synonymous with “online search.” This speaks to GOOGL’s dominance in the minds of online users—around 92% of all global search queries go through the Google search engine. \nNot surprisingly, the company has owned over 30% of the global online ad market share since at least 2016, according to Statista, and in the US, that figure is expected to rise to 56.8% this year.\nThese are important stats, not only because ad revenue represents 82% of GOOGL’s total revenue—in other words, it pays the bills—but because it’s also what makes the company’s forays into other avenues of growth possible.\nAs is often the case going into GOOGL earnings, ad revenue growth will likely be on investors’ minds. As earnings approach, the Street appears optimistic about GOOGL’s Q2 ad results. This could be in part due to a continued recovery in internet advertising that may be lifting more than one boat in the sector, Barron’s reported.\n\nFIGURE 1: TAKING A BITE OUT OF THE FAANG. Alphabet’s (GOOGL—purple line) shares are running ahead of the rest of the FAANGs ($NYFANG—candlestick) year to date. Data sources: Nasdaq, NYSE. Chart source: The thinkorswim® platform. For illustrative purposes only. Past performance does not guarantee future results.\nQuiet Dominance In The World Of Mobile Communications\nWhen you talk about Apple (NASDAQ:AAPL), it’s almost impossible not to talk about the iPhone. After all, doesn’t everyone virtually live by (or “in”) their mobile phones? We can’t say the same for Alphabet, whose Android phones are hardly ever discussed (even in the company’s recent earnings calls).\nBut here’s something to think about: While nearly 60% of all mobile customers in the U.S. prefer iPhones over Android, the latter dominates the global mobile market with a 72% market share, according to a report by Statcounter. What might that mean with regard to its OS-related Chrome or Chromebook adoption? Seamless OS access across related devices? \nCloud Still Lagging, But Gaining Momentum\nGOOGL’s cloud services still rank third behind Amazon (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT). But its command of over 7% global market share, reported by Canalys (April 2021), shouldn’t be underestimated, especially considering that the “cloud” is still a budding market.\nLast quarter’s $4 billion in cloud revenue revealed the strength and speed of GOOGL’s charge, exhibiting a solid 46% year-over-year growth. On the defensive side, the segment also proved capable of reducing its operating losses from $1.73 billion a year ago to only $1 billion last quarter.\nInvestors are likely to pay close attention to the Google Cloud revenue when the company reports Q2 earnings on July 27, after the close. Given the level of emphasis CEO Pichai places on the segment in nearly every earnings conference call, it’s hard not to suspect that GOOGL’s cloud services could help shape the company’s future profitability and market dominance.\nAlphabet’s Acquisitions: A Critical Role In Growth?\nLast quarter, we saw GOOGL get a $4.75 billion boost in profit due to its startup acquisitions (though it didn’t specify which companies contributed to the gains). Still, expansion by way of acquisitions appears to be an active part of GOOGL’s growth mix, along with fellow peers MSFT and AMZN.\nThe company bought up over 160 companies in the last 10 years. But with a formidable free cash flow trailing $50.7 billion over a 12-month period, according to CFO Ruth Porat’s presentation in last quarter’s earnings call, the company may have a sizable amount of cash to expand its portfolio along innovative lines.\nAlphabet Leads Communications, Tech, And FAANG Year To Date\nAccording to FactSet, Communication Services and Information Technology are among the sectors holding the highest analyst ratings. GOOGL—a “tech” stock under the “communications” sector category—has surpassed both sectors and its FAANG peers in terms of market performance.\nYear to date, GOOGL is up 46%, leaving behind Communications (20.69%), Tech (16.45%), and its peer FAANG components. Its closest peer, lagging by a wide margin, is MSFT (26.68%). Looking far ahead, CFRA analysts project a three-year compound annual growth rate of 24% driven by global ad spend, and, on a segment level, driven by search, YouTube, and cloud.\nAs for the current quarter, the company withheld providing revenue and earnings guidance.\nAlphabet Earnings And Options Activity\nGOOGL is expected to report adjusted EPS of $19.21, up from $10.13 in the prior-year quarter, according to third-party consensus analyst estimates. Revenue is projected at $56.02 billion, up 46.3% from a year ago.\nOptions traders have priced in an expected share price move of 3.2% in either direction around the earnings release. The implied volatility sits at the 25th percentile as of Thursday morning.\nLooking at the July 30 options expiration, call activity is spread out with higher activity at the 2600 strike while puts have been active at the 2490 and 2500 strikes. \nNote: Call options represent the right, but not the obligation, to buy the underlying security at a predetermined price over a set period of time. Put options represent the right, but not the obligation, to sell the underlying security at a predetermined price over a set period of time.\nTD Ameritrade® commentary for educational purposes only. Member SIPC. Options involve risks and are not suitable for all investors. Please read Characteristics and Risks of Standardized Options.\nImage by Gerd Altmann from Pixabay","news_type":1,"symbols_score_info":{"GOOG":1,"AAPL":0.9,"QTWO":1,"GOOGL":1,"MSFT":0.9,"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":2668,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176734646,"gmtCreate":1626915439085,"gmtModify":1633769806234,"author":{"id":"4087973028773570","authorId":"4087973028773570","name":"Hironori","avatar":"https://static.tigerbbs.com/28d7b770ea0fe8e113b862847e2a4d39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087973028773570","authorIdStr":"4087973028773570"},"themes":[],"htmlText":"Good read!","listText":"Good read!","text":"Good 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ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/171299411","repostId":"1165473670","repostType":4,"isVote":1,"tweetType":1,"viewCount":625,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173213475,"gmtCreate":1626661802497,"gmtModify":1633925138304,"author":{"id":"4087973028773570","authorId":"4087973028773570","name":"Hironori","avatar":"https://static.tigerbbs.com/28d7b770ea0fe8e113b862847e2a4d39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087973028773570","authorIdStr":"4087973028773570"},"themes":[],"htmlText":"My free AAPL","listText":"My free AAPL","text":"My free AAPL","images":[{"img":"https://static.tigerbbs.com/1db56d1de9a4609c8ef50ef324d5f516","width":"1125","height":"2497"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/173213475","isVote":1,"tweetType":1,"viewCount":341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":173238832,"gmtCreate":1626661326826,"gmtModify":1633925144565,"author":{"id":"4087973028773570","authorId":"4087973028773570","name":"Hironori","avatar":"https://static.tigerbbs.com/28d7b770ea0fe8e113b862847e2a4d39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087973028773570","authorIdStr":"4087973028773570"},"themes":[],"htmlText":"Nice information","listText":"Nice information","text":"Nice information","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/173238832","repostId":"1136441155","repostType":4,"repost":{"id":"1136441155","kind":"news","pubTimestamp":1626659100,"share":"https://www.laohu8.com/m/news/1136441155?lang=zh_CN&edition=full","pubTime":"2021-07-19 09:45","market":"us","language":"en","title":"What You Need to Know about SPACs – Wall Street’s Hottest Trend<blockquote>关于SPAC你需要知道什么——华尔街最热门的趋势</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1136441155","media":"FX Empire","summary":"Recently, U.S cryptocurrency exchange “Bullish” announced it is aiming for a $9 billion listing on t","content":"<p>Recently, U.S cryptocurrency exchange “Bullish” announced it is aiming for a $9 billion listing on the&nbsp;New York Stock Exchangevia a merger with Far Peak Acquisition Corporation, a special purpose acquisition company (SPAC).</p><p><blockquote>最近，美国加密货币交易所“看涨”宣布，它的目标是通过与特殊目的收购公司（SPAC）Far Peak Acquisition Corporation合并，在纽约证券交易所上市90亿美元。</blockquote></p><p> While many were focusing on what this transaction will mean to the crypto industry, others were asking, what is a SPAC and why should I learn about it? Still, others want to know if it’s an investment strategy that’s here to stay or another Wall Street fad.</p><p><blockquote>当许多人关注这笔交易对加密行业意味着什么时，其他人则在问，什么是SPAC，我为什么要了解它？尽管如此，其他人想知道这是一种会持续下去的投资策略还是另一种华尔街时尚。</blockquote></p><p> <ul>  <li>What is a special purpose acquisition company (SPAC)?</p><p><blockquote><ul><li>什么是特殊目的收购公司(SPAC)？</li></ul></blockquote></p><p></li>  <li>How is a SPAC Formed?</p><p><blockquote><li>特殊目的收购公司是如何形成的？</li></blockquote></p><p></li>  <li>How Does a SPAC Operate?</p><p><blockquote><li>特殊目的收购公司如何运作？</li></blockquote></p><p></li>  <li>Time is of the Essence</p><p><blockquote><li>时间是至关重要的</li></blockquote></p><p></li>  <li>What are the Advantages of a SPAC and Who Benefits?</p><p><blockquote><li>特殊目的收购公司的优势是什么？谁受益？</li></blockquote></p><p></li>  <li>Are There Any Pitfalls?</p><p><blockquote><li>有什么坑吗？</li></blockquote></p><p></li>  <li>What are Some High-Profile Examples of SPACs?</p><p><blockquote><li>SPAC有哪些备受瞩目的例子？</li></blockquote></p><p></li> </ul> What is a Special Purpose Acquisition Company (SPAC)?</p><p><blockquote>什么是特殊目的收购公司(SPAC)？</blockquote></p><p> According to most legal sources, a special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company.</p><p><blockquote>根据大多数法律消息来源，特殊目的收购公司（SPAC）是一家没有商业运营的公司，其成立严格是为了通过首次公开募股（IPO）筹集资金，目的是收购现有公司。</blockquote></p><p> SPACs aren’t new. They have been around for decades, but have recently become more popular because low yields have driven investors to seek alternative ways to increase their capital. Not only have they become popular with sophisticated, high-wealth individuals, but they have also drawn the attention of underwriters who envision a big payday in the form of commissions and fees.</p><p><blockquote>SPAC并不新鲜。它们已经存在了几十年，但最近变得更受欢迎，因为低收益率促使投资者寻求其他方式来增加资本。它们不仅受到老练、高财富个人的欢迎，还引起了承销商的注意，他们设想以佣金和费用的形式获得丰厚的发薪日。</blockquote></p><p> SPAC IPOs have seen a resurgent interest since 2014, with increasing amounts of capital flowing to them.</p><p><blockquote>自2014年以来，SPAC IPO的兴趣重新燃起，越来越多的资本流向它们。</blockquote></p><p> <ul>  <li>2014:&nbsp; $1.8 billion across 12 SPAC IPOs</p><p><blockquote><ul><li>2014年：12次SPAC IPO募资18亿美元</li></ul></blockquote></p><p></li>  <li>2015:&nbsp; $3.9 billion across 20 SPAC IPOs</p><p><blockquote><li>2015年：20次SPAC IPO募资39亿美元</li></blockquote></p><p></li>  <li>2016:&nbsp; $3.5 billion across 13 SPAC IPOs</p><p><blockquote><li>2016年：13次SPAC IPO募资35亿美元</li></blockquote></p><p></li>  <li>2017:&nbsp; $10.1 billion across 34 SPAC IPOs</p><p><blockquote><li>2017年：34次SPAC IPO融资101亿美元</li></blockquote></p><p></li>  <li>2018:&nbsp; $10.7 billion across 46 SPAC IPOs</p><p><blockquote><li>2018年：46次SPAC IPO募资107亿美元</li></blockquote></p><p></li>  <li>2019:&nbsp; $13.6 billion across 59 SPAC IPOs</p><p><blockquote><li>2019年：59次SPAC IPO募资136亿美元</li></blockquote></p><p></li>  <li>2020:&nbsp; $83.3 billion across 248 SPAC IPO</p><p><blockquote><li>2020年：248家SPAC IPO募资833亿美元</li></blockquote></p><p></li> </ul> How is a SPAC Formed?</p><p><blockquote>特殊目的收购公司是如何形成的？</blockquote></p><p> A SPAC is created, or sponsored, by a team of institutional investors, Wall Street professionals from the world of private equity or hedge funds. They create this entity that has no commercial operations. It makes no products and does not sell anything. In fact, the SPAC’s only assets are typically the money raised in its own IPO, according to the Security and Exchange Commission (SEC).</p><p><blockquote>SPAC是由机构投资者、来自私募股权或对冲基金领域的华尔街专业人士团队创建或赞助的。他们创建了这个没有商业运作的实体。它不生产任何产品，也不销售任何东西。事实上，根据美国证券交易委员会(SEC)的说法，SPAC唯一的资产通常是其IPO筹集的资金。</blockquote></p><p> What’s interesting about a SPAC is that when it raises money, the investors buying into its IPO do not know what the eventual acquisition target company will be. That’s part of its mystique, however, since institutional investors with track records of success can more easily convince other investors to invest in the unknown. Due to this, a SPAC is also often called a “blank check company.”</p><p><blockquote>SPAC的有趣之处在于，当它筹集资金时，购买其IPO的投资者并不知道最终的收购目标公司是什么。然而，这也是其神秘之处的一部分，因为拥有成功记录的机构投资者可以更容易地说服其他投资者投资未知领域。因此，SPAC通常也被称为“空白支票公司”。</blockquote></p><p> How Does a SPAC Operate?</p><p><blockquote>特殊目的收购公司如何运作？</blockquote></p><p> After the SPAC is legally created, it now needs cash to create the capital needed to do the acquiring of another company, for example, in the future. Remember, the SPAC is not going to raise money to buy equipment, computers, software, or even pay rent. It needs the money to buy what is often referred to as the “eventual acquisition target company”.</p><p><blockquote>SPAC合法创建后，它现在需要现金来创造未来收购另一家公司所需的资本。请记住，SPAC不会筹集资金购买设备、计算机、软件，甚至支付租金。它需要这笔钱来收购通常被称为“最终收购目标公司”的公司。</blockquote></p><p> A SPAC will raise the money it needs through its own IPO. CNBC says that SPAC IPOs are usually priced at $10 a share. Once the initial capital is raised, the money goes into an interest-bearing trust account until the SPAC’s founders or management team finds a private company looking to go public through an acquisition.</p><p><blockquote>SPAC将通过自己的IPO筹集所需资金。CNBC表示，SPAC IPO的定价通常为每股10美元。一旦筹集到初始资本，资金就会进入计息信托账户，直到SPAC的创始人或管理团队找到一家希望通过收购上市的私营公司。</blockquote></p><p> Legal experts say that once an acquisition is completed (with SPAC shareholders voting to approve the deal), the SPAC’s investors can either swap their shares for shares of the merged company or redeem their SPAC shares to get back their original investment, plus the interest accrued while that money was in trust. The SPAC sponsors typically get about 20% stake in the final, merged company.</p><p><blockquote>法律专家表示，一旦收购完成（SPAC股东投票批准该交易），SPAC的投资者可以将其股票换成合并后公司的股票，也可以赎回其SPAC股票以收回原始投资，加上这笔钱托管时应计的利息。SPAC发起人通常会获得最终合并公司约20%的股份。</blockquote></p><p> Time is of the Essence</p><p><blockquote>时间是至关重要的</blockquote></p><p> Once SPAC sponsors raise the capital they need to go to work acquiring companies, they can’t sit on the funds forever, even if they are protected by trust and earning interest. SPAC sponsors also have a deadline by which they have to find a suitable deal, typically within about two years of the IPO. Otherwise, the SPAC is liquidated and investors get their money back with interest.</p><p><blockquote>一旦SPAC发起人筹集到他们去工作收购公司所需的资本，他们无法永远坐在基金上，即使他们受到信托和利息的保护。SPAC发起人也有一个必须找到合适交易的最后期限，通常是在IPO后两年内。否则，SPAC将被清算，投资者将连本带利收回资金。</blockquote></p><p> What are the Advantages of a SPAC and Who Benefits?</p><p><blockquote>特殊目的收购公司的优势是什么？谁受益？</blockquote></p><p> Owners of smaller companies find selling to a SPAC more profitable because the sale often adds about 20% to the price of the deal compared to a typical private equity deal. Additionally, being acquired by a SPAC can also offer business owners what is essentially a faster IPO process under the guidance of an experienced partner, with less worry about the swings in broader market sentiment.</p><p><blockquote>小公司的所有者发现出售给SPAC更有利可图，因为与典型的私募股权交易相比，出售通常会使交易价格增加约20%。此外，被SPAC收购还可以让企业主在经验丰富的合作伙伴的指导下加快IPO流程，减少对更广泛市场情绪波动的担忧。</blockquote></p><p></p><p> Business owners are often worried about extreme market volatility or the fear that weak investor sentiment could force the postponement of an IPO. By dealing directly with the SPAC, these worries are essentially eliminated.</p><p><blockquote>企业主经常担心市场极度波动，或者担心投资者情绪疲软可能迫使IPO推迟。通过直接与SPAC打交道，基本上消除了这些担忧。</blockquote></p><p> Furthermore, a deal with a SPAC can be wrapped up in just a few months versus the traditional process of registering an IPO with the SEC, which can take up to six months.</p><p><blockquote>此外，与SPAC的交易可以在短短几个月内完成，而传统的向SEC注册IPO的流程可能需要长达六个月的时间。</blockquote></p><p> Basically, the key advantage is a business owner can get his money faster and without a lot of government tape.</p><p><blockquote>基本上，关键的优势是企业主可以更快地拿到钱，而且没有很多政府磁带。</blockquote></p><p> Are There Any Pitfalls?</p><p><blockquote>有什么坑吗？</blockquote></p><p> Nothing is guaranteed and SPACs are no exception to that rule. Although they are extremely popular in 2021 for large institutional investors and other billionaire backers, this trend can go away quickly if “something better” comes along.</p><p><blockquote>没有什么是可以保证的，SPAC也不例外。尽管它们在2021年对大型机构投资者和其他亿万富翁支持者来说非常受欢迎，但如果“更好的东西”出现，这种趋势可能会很快消失。</blockquote></p><p> Other factors that could determine its long-term popularity include the fact that target companies run the risk of having their acquisition rejected by SPAC shareholders. Even the rich get cold feet about a deal. Furthermore, investors are literally going blindly into the investment.</p><p><blockquote>其他可能决定其长期受欢迎程度的因素包括目标公司面临收购被SPAC股东拒绝的风险。即使是富人也会对交易临阵退缩。此外，投资者实际上是盲目投资。</blockquote></p><p> SPACs will probably retain their popularity until the major players decide to let the smaller investors into the game. That’s usually when the rules change and the government regulations get tougher in order to protect undercapitalized investors from losing all their money.</p><p><blockquote>SPAC可能会保持其受欢迎程度，直到主要参与者决定让小投资者参与进来。这通常是规则发生变化，政府法规变得更加严格，以保护资本不足的投资者不损失所有资金。</blockquote></p><p> What are Some High-Profile Examples of SPACs?</p><p><blockquote>SPAC有哪些备受瞩目的例子？</blockquote></p><p> We don’t know yet how the SPAC for Bullish will play out because it was just announced. But since it involves cryptocurrencies, it will probably become a profitable venture since investors looking to get aboard the craze have been throwing money at the asset class.</p><p><blockquote>我们还不知道看涨的特殊目的收购公司将如何发展，因为它刚刚宣布。但由于它涉及加密货币，它可能会成为一项有利可图的投资，因为希望加入这一热潮的投资者一直在向这一资产类别投入资金。</blockquote></p><p> High-profile SPACs like&nbsp;DraftKings&nbsp;and&nbsp;Virgin Galactic&nbsp;have performed well for investors, but that hasn’t always been the case with average returns from SPAC mergers completed between 2015 and 2020 falling short of the average post-market return for investors from an IPO.</p><p><blockquote>DraftKings和维珍银河等备受瞩目的SPAC对投资者来说表现良好，但情况并非总是如此，2015年至2020年间完成的SPAC合并的平均回报低于投资者从IPO中获得的平均上市后回报。</blockquote></p><p> A noted prominent short-seller of SPACs said, “a business model that incentivizes promoters to do something – anything – with other people’s money is bound to lead to significant value destruction on occasion.”</p><p><blockquote>一位著名的SPAC卖空者表示，“激励发起人用别人的钱做某事——任何事情——的商业模式有时肯定会导致重大的价值破坏。”</blockquote></p><p> Like any investment, it pays to do your homework before putting money into a SPAC.</p><p><blockquote>与任何投资一样，在向SPAC投资之前做好功课是值得的。</blockquote></p><p></p>","source":"lsy1612507957220","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>What You Need to Know about SPACs – Wall Street’s Hottest Trend<blockquote>关于SPAC你需要知道什么——华尔街最热门的趋势</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nWhat You Need to Know about SPACs – Wall Street’s Hottest Trend<blockquote>关于SPAC你需要知道什么——华尔街最热门的趋势</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">FX Empire</strong><span class=\"h-time small\">2021-07-19 09:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Recently, U.S cryptocurrency exchange “Bullish” announced it is aiming for a $9 billion listing on the&nbsp;New York Stock Exchangevia a merger with Far Peak Acquisition Corporation, a special purpose acquisition company (SPAC).</p><p><blockquote>最近，美国加密货币交易所“看涨”宣布，它的目标是通过与特殊目的收购公司（SPAC）Far Peak Acquisition Corporation合并，在纽约证券交易所上市90亿美元。</blockquote></p><p> While many were focusing on what this transaction will mean to the crypto industry, others were asking, what is a SPAC and why should I learn about it? Still, others want to know if it’s an investment strategy that’s here to stay or another Wall Street fad.</p><p><blockquote>当许多人关注这笔交易对加密行业意味着什么时，其他人则在问，什么是SPAC，我为什么要了解它？尽管如此，其他人想知道这是一种会持续下去的投资策略还是另一种华尔街时尚。</blockquote></p><p> <ul>  <li>What is a special purpose acquisition company (SPAC)?</p><p><blockquote><ul><li>什么是特殊目的收购公司(SPAC)？</li></ul></blockquote></p><p></li>  <li>How is a SPAC Formed?</p><p><blockquote><li>特殊目的收购公司是如何形成的？</li></blockquote></p><p></li>  <li>How Does a SPAC Operate?</p><p><blockquote><li>特殊目的收购公司如何运作？</li></blockquote></p><p></li>  <li>Time is of the Essence</p><p><blockquote><li>时间是至关重要的</li></blockquote></p><p></li>  <li>What are the Advantages of a SPAC and Who Benefits?</p><p><blockquote><li>特殊目的收购公司的优势是什么？谁受益？</li></blockquote></p><p></li>  <li>Are There Any Pitfalls?</p><p><blockquote><li>有什么坑吗？</li></blockquote></p><p></li>  <li>What are Some High-Profile Examples of SPACs?</p><p><blockquote><li>SPAC有哪些备受瞩目的例子？</li></blockquote></p><p></li> </ul> What is a Special Purpose Acquisition Company (SPAC)?</p><p><blockquote>什么是特殊目的收购公司(SPAC)？</blockquote></p><p> According to most legal sources, a special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company.</p><p><blockquote>根据大多数法律消息来源，特殊目的收购公司（SPAC）是一家没有商业运营的公司，其成立严格是为了通过首次公开募股（IPO）筹集资金，目的是收购现有公司。</blockquote></p><p> SPACs aren’t new. They have been around for decades, but have recently become more popular because low yields have driven investors to seek alternative ways to increase their capital. Not only have they become popular with sophisticated, high-wealth individuals, but they have also drawn the attention of underwriters who envision a big payday in the form of commissions and fees.</p><p><blockquote>SPAC并不新鲜。它们已经存在了几十年，但最近变得更受欢迎，因为低收益率促使投资者寻求其他方式来增加资本。它们不仅受到老练、高财富个人的欢迎，还引起了承销商的注意，他们设想以佣金和费用的形式获得丰厚的发薪日。</blockquote></p><p> SPAC IPOs have seen a resurgent interest since 2014, with increasing amounts of capital flowing to them.</p><p><blockquote>自2014年以来，SPAC IPO的兴趣重新燃起，越来越多的资本流向它们。</blockquote></p><p> <ul>  <li>2014:&nbsp; $1.8 billion across 12 SPAC IPOs</p><p><blockquote><ul><li>2014年：12次SPAC IPO募资18亿美元</li></ul></blockquote></p><p></li>  <li>2015:&nbsp; $3.9 billion across 20 SPAC IPOs</p><p><blockquote><li>2015年：20次SPAC IPO募资39亿美元</li></blockquote></p><p></li>  <li>2016:&nbsp; $3.5 billion across 13 SPAC IPOs</p><p><blockquote><li>2016年：13次SPAC IPO募资35亿美元</li></blockquote></p><p></li>  <li>2017:&nbsp; $10.1 billion across 34 SPAC IPOs</p><p><blockquote><li>2017年：34次SPAC IPO融资101亿美元</li></blockquote></p><p></li>  <li>2018:&nbsp; $10.7 billion across 46 SPAC IPOs</p><p><blockquote><li>2018年：46次SPAC IPO募资107亿美元</li></blockquote></p><p></li>  <li>2019:&nbsp; $13.6 billion across 59 SPAC IPOs</p><p><blockquote><li>2019年：59次SPAC IPO募资136亿美元</li></blockquote></p><p></li>  <li>2020:&nbsp; $83.3 billion across 248 SPAC IPO</p><p><blockquote><li>2020年：248家SPAC IPO募资833亿美元</li></blockquote></p><p></li> </ul> How is a SPAC Formed?</p><p><blockquote>特殊目的收购公司是如何形成的？</blockquote></p><p> A SPAC is created, or sponsored, by a team of institutional investors, Wall Street professionals from the world of private equity or hedge funds. They create this entity that has no commercial operations. It makes no products and does not sell anything. In fact, the SPAC’s only assets are typically the money raised in its own IPO, according to the Security and Exchange Commission (SEC).</p><p><blockquote>SPAC是由机构投资者、来自私募股权或对冲基金领域的华尔街专业人士团队创建或赞助的。他们创建了这个没有商业运作的实体。它不生产任何产品，也不销售任何东西。事实上，根据美国证券交易委员会(SEC)的说法，SPAC唯一的资产通常是其IPO筹集的资金。</blockquote></p><p> What’s interesting about a SPAC is that when it raises money, the investors buying into its IPO do not know what the eventual acquisition target company will be. That’s part of its mystique, however, since institutional investors with track records of success can more easily convince other investors to invest in the unknown. Due to this, a SPAC is also often called a “blank check company.”</p><p><blockquote>SPAC的有趣之处在于，当它筹集资金时，购买其IPO的投资者并不知道最终的收购目标公司是什么。然而，这也是其神秘之处的一部分，因为拥有成功记录的机构投资者可以更容易地说服其他投资者投资未知领域。因此，SPAC通常也被称为“空白支票公司”。</blockquote></p><p> How Does a SPAC Operate?</p><p><blockquote>特殊目的收购公司如何运作？</blockquote></p><p> After the SPAC is legally created, it now needs cash to create the capital needed to do the acquiring of another company, for example, in the future. Remember, the SPAC is not going to raise money to buy equipment, computers, software, or even pay rent. It needs the money to buy what is often referred to as the “eventual acquisition target company”.</p><p><blockquote>SPAC合法创建后，它现在需要现金来创造未来收购另一家公司所需的资本。请记住，SPAC不会筹集资金购买设备、计算机、软件，甚至支付租金。它需要这笔钱来收购通常被称为“最终收购目标公司”的公司。</blockquote></p><p> A SPAC will raise the money it needs through its own IPO. CNBC says that SPAC IPOs are usually priced at $10 a share. Once the initial capital is raised, the money goes into an interest-bearing trust account until the SPAC’s founders or management team finds a private company looking to go public through an acquisition.</p><p><blockquote>SPAC将通过自己的IPO筹集所需资金。CNBC表示，SPAC IPO的定价通常为每股10美元。一旦筹集到初始资本，资金就会进入计息信托账户，直到SPAC的创始人或管理团队找到一家希望通过收购上市的私营公司。</blockquote></p><p> Legal experts say that once an acquisition is completed (with SPAC shareholders voting to approve the deal), the SPAC’s investors can either swap their shares for shares of the merged company or redeem their SPAC shares to get back their original investment, plus the interest accrued while that money was in trust. The SPAC sponsors typically get about 20% stake in the final, merged company.</p><p><blockquote>法律专家表示，一旦收购完成（SPAC股东投票批准该交易），SPAC的投资者可以将其股票换成合并后公司的股票，也可以赎回其SPAC股票以收回原始投资，加上这笔钱托管时应计的利息。SPAC发起人通常会获得最终合并公司约20%的股份。</blockquote></p><p> Time is of the Essence</p><p><blockquote>时间是至关重要的</blockquote></p><p> Once SPAC sponsors raise the capital they need to go to work acquiring companies, they can’t sit on the funds forever, even if they are protected by trust and earning interest. SPAC sponsors also have a deadline by which they have to find a suitable deal, typically within about two years of the IPO. Otherwise, the SPAC is liquidated and investors get their money back with interest.</p><p><blockquote>一旦SPAC发起人筹集到他们去工作收购公司所需的资本，他们无法永远坐在基金上，即使他们受到信托和利息的保护。SPAC发起人也有一个必须找到合适交易的最后期限，通常是在IPO后两年内。否则，SPAC将被清算，投资者将连本带利收回资金。</blockquote></p><p> What are the Advantages of a SPAC and Who Benefits?</p><p><blockquote>特殊目的收购公司的优势是什么？谁受益？</blockquote></p><p> Owners of smaller companies find selling to a SPAC more profitable because the sale often adds about 20% to the price of the deal compared to a typical private equity deal. Additionally, being acquired by a SPAC can also offer business owners what is essentially a faster IPO process under the guidance of an experienced partner, with less worry about the swings in broader market sentiment.</p><p><blockquote>小公司的所有者发现出售给SPAC更有利可图，因为与典型的私募股权交易相比，出售通常会使交易价格增加约20%。此外，被SPAC收购还可以让企业主在经验丰富的合作伙伴的指导下加快IPO流程，减少对更广泛市场情绪波动的担忧。</blockquote></p><p></p><p> Business owners are often worried about extreme market volatility or the fear that weak investor sentiment could force the postponement of an IPO. By dealing directly with the SPAC, these worries are essentially eliminated.</p><p><blockquote>企业主经常担心市场极度波动，或者担心投资者情绪疲软可能迫使IPO推迟。通过直接与SPAC打交道，基本上消除了这些担忧。</blockquote></p><p> Furthermore, a deal with a SPAC can be wrapped up in just a few months versus the traditional process of registering an IPO with the SEC, which can take up to six months.</p><p><blockquote>此外，与SPAC的交易可以在短短几个月内完成，而传统的向SEC注册IPO的流程可能需要长达六个月的时间。</blockquote></p><p> Basically, the key advantage is a business owner can get his money faster and without a lot of government tape.</p><p><blockquote>基本上，关键的优势是企业主可以更快地拿到钱，而且没有很多政府磁带。</blockquote></p><p> Are There Any Pitfalls?</p><p><blockquote>有什么坑吗？</blockquote></p><p> Nothing is guaranteed and SPACs are no exception to that rule. Although they are extremely popular in 2021 for large institutional investors and other billionaire backers, this trend can go away quickly if “something better” comes along.</p><p><blockquote>没有什么是可以保证的，SPAC也不例外。尽管它们在2021年对大型机构投资者和其他亿万富翁支持者来说非常受欢迎，但如果“更好的东西”出现，这种趋势可能会很快消失。</blockquote></p><p> Other factors that could determine its long-term popularity include the fact that target companies run the risk of having their acquisition rejected by SPAC shareholders. Even the rich get cold feet about a deal. Furthermore, investors are literally going blindly into the investment.</p><p><blockquote>其他可能决定其长期受欢迎程度的因素包括目标公司面临收购被SPAC股东拒绝的风险。即使是富人也会对交易临阵退缩。此外，投资者实际上是盲目投资。</blockquote></p><p> SPACs will probably retain their popularity until the major players decide to let the smaller investors into the game. That’s usually when the rules change and the government regulations get tougher in order to protect undercapitalized investors from losing all their money.</p><p><blockquote>SPAC可能会保持其受欢迎程度，直到主要参与者决定让小投资者参与进来。这通常是规则发生变化，政府法规变得更加严格，以保护资本不足的投资者不损失所有资金。</blockquote></p><p> What are Some High-Profile Examples of SPACs?</p><p><blockquote>SPAC有哪些备受瞩目的例子？</blockquote></p><p> We don’t know yet how the SPAC for Bullish will play out because it was just announced. But since it involves cryptocurrencies, it will probably become a profitable venture since investors looking to get aboard the craze have been throwing money at the asset class.</p><p><blockquote>我们还不知道看涨的特殊目的收购公司将如何发展，因为它刚刚宣布。但由于它涉及加密货币，它可能会成为一项有利可图的投资，因为希望加入这一热潮的投资者一直在向这一资产类别投入资金。</blockquote></p><p> High-profile SPACs like&nbsp;DraftKings&nbsp;and&nbsp;Virgin Galactic&nbsp;have performed well for investors, but that hasn’t always been the case with average returns from SPAC mergers completed between 2015 and 2020 falling short of the average post-market return for investors from an IPO.</p><p><blockquote>DraftKings和维珍银河等备受瞩目的SPAC对投资者来说表现良好，但情况并非总是如此，2015年至2020年间完成的SPAC合并的平均回报低于投资者从IPO中获得的平均上市后回报。</blockquote></p><p> A noted prominent short-seller of SPACs said, “a business model that incentivizes promoters to do something – anything – with other people’s money is bound to lead to significant value destruction on occasion.”</p><p><blockquote>一位著名的SPAC卖空者表示，“激励发起人用别人的钱做某事——任何事情——的商业模式有时肯定会导致重大的价值破坏。”</blockquote></p><p> Like any investment, it pays to do your homework before putting money into a SPAC.</p><p><blockquote>与任何投资一样，在向SPAC投资之前做好功课是值得的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/know-spacs-wall-street-hottest-080757555.html\">FX Empire</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DKNG":"DraftKings Inc.","FPAC":"Far Peak Acquisition Corp","SPCE":"维珍银河"},"source_url":"https://finance.yahoo.com/news/know-spacs-wall-street-hottest-080757555.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136441155","content_text":"Recently, U.S cryptocurrency exchange “Bullish” announced it is aiming for a $9 billion listing on the New York Stock Exchangevia a merger with Far Peak Acquisition Corporation, a special purpose acquisition company (SPAC).\nWhile many were focusing on what this transaction will mean to the crypto industry, others were asking, what is a SPAC and why should I learn about it? Still, others want to know if it’s an investment strategy that’s here to stay or another Wall Street fad.\n\nWhat is a special purpose acquisition company (SPAC)?\nHow is a SPAC Formed?\nHow Does a SPAC Operate?\nTime is of the Essence\nWhat are the Advantages of a SPAC and Who Benefits?\nAre There Any Pitfalls?\nWhat are Some High-Profile Examples of SPACs?\n\nWhat is a Special Purpose Acquisition Company (SPAC)?\nAccording to most legal sources, a special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company.\nSPACs aren’t new. They have been around for decades, but have recently become more popular because low yields have driven investors to seek alternative ways to increase their capital. Not only have they become popular with sophisticated, high-wealth individuals, but they have also drawn the attention of underwriters who envision a big payday in the form of commissions and fees.\nSPAC IPOs have seen a resurgent interest since 2014, with increasing amounts of capital flowing to them.\n\n2014:  $1.8 billion across 12 SPAC IPOs\n2015:  $3.9 billion across 20 SPAC IPOs\n2016:  $3.5 billion across 13 SPAC IPOs\n2017:  $10.1 billion across 34 SPAC IPOs\n2018:  $10.7 billion across 46 SPAC IPOs\n2019:  $13.6 billion across 59 SPAC IPOs\n2020:  $83.3 billion across 248 SPAC IPO\n\nHow is a SPAC Formed?\nA SPAC is created, or sponsored, by a team of institutional investors, Wall Street professionals from the world of private equity or hedge funds. They create this entity that has no commercial operations. It makes no products and does not sell anything. In fact, the SPAC’s only assets are typically the money raised in its own IPO, according to the Security and Exchange Commission (SEC).\nWhat’s interesting about a SPAC is that when it raises money, the investors buying into its IPO do not know what the eventual acquisition target company will be. That’s part of its mystique, however, since institutional investors with track records of success can more easily convince other investors to invest in the unknown. Due to this, a SPAC is also often called a “blank check company.”\nHow Does a SPAC Operate?\nAfter the SPAC is legally created, it now needs cash to create the capital needed to do the acquiring of another company, for example, in the future. Remember, the SPAC is not going to raise money to buy equipment, computers, software, or even pay rent. It needs the money to buy what is often referred to as the “eventual acquisition target company”.\nA SPAC will raise the money it needs through its own IPO. CNBC says that SPAC IPOs are usually priced at $10 a share. Once the initial capital is raised, the money goes into an interest-bearing trust account until the SPAC’s founders or management team finds a private company looking to go public through an acquisition.\nLegal experts say that once an acquisition is completed (with SPAC shareholders voting to approve the deal), the SPAC’s investors can either swap their shares for shares of the merged company or redeem their SPAC shares to get back their original investment, plus the interest accrued while that money was in trust. The SPAC sponsors typically get about 20% stake in the final, merged company.\nTime is of the Essence\nOnce SPAC sponsors raise the capital they need to go to work acquiring companies, they can’t sit on the funds forever, even if they are protected by trust and earning interest. SPAC sponsors also have a deadline by which they have to find a suitable deal, typically within about two years of the IPO. Otherwise, the SPAC is liquidated and investors get their money back with interest.\nWhat are the Advantages of a SPAC and Who Benefits?\nOwners of smaller companies find selling to a SPAC more profitable because the sale often adds about 20% to the price of the deal compared to a typical private equity deal. Additionally, being acquired by a SPAC can also offer business owners what is essentially a faster IPO process under the guidance of an experienced partner, with less worry about the swings in broader market sentiment.\nBusiness owners are often worried about extreme market volatility or the fear that weak investor sentiment could force the postponement of an IPO. By dealing directly with the SPAC, these worries are essentially eliminated.\nFurthermore, a deal with a SPAC can be wrapped up in just a few months versus the traditional process of registering an IPO with the SEC, which can take up to six months.\nBasically, the key advantage is a business owner can get his money faster and without a lot of government tape.\nAre There Any Pitfalls?\nNothing is guaranteed and SPACs are no exception to that rule. Although they are extremely popular in 2021 for large institutional investors and other billionaire backers, this trend can go away quickly if “something better” comes along.\nOther factors that could determine its long-term popularity include the fact that target companies run the risk of having their acquisition rejected by SPAC shareholders. Even the rich get cold feet about a deal. Furthermore, investors are literally going blindly into the investment.\nSPACs will probably retain their popularity until the major players decide to let the smaller investors into the game. That’s usually when the rules change and the government regulations get tougher in order to protect undercapitalized investors from losing all their money.\nWhat are Some High-Profile Examples of SPACs?\nWe don’t know yet how the SPAC for Bullish will play out because it was just announced. But since it involves cryptocurrencies, it will probably become a profitable venture since investors looking to get aboard the craze have been throwing money at the asset class.\nHigh-profile SPACs like DraftKings and Virgin Galactic have performed well for investors, but that hasn’t always been the case with average returns from SPAC mergers completed between 2015 and 2020 falling short of the average post-market return for investors from an IPO.\nA noted prominent short-seller of SPACs said, “a business model that incentivizes promoters to do something – anything – with other people’s money is bound to lead to significant value destruction on occasion.”\nLike any investment, it pays to do your homework before putting money into a SPAC.","news_type":1,"symbols_score_info":{"SPCE":0.9,"FPAC":0.9,"DKNG":0.9}},"isVote":1,"tweetType":1,"viewCount":399,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173204684,"gmtCreate":1626660362648,"gmtModify":1633925157846,"author":{"id":"4087973028773570","authorId":"4087973028773570","name":"Hironori","avatar":"https://static.tigerbbs.com/28d7b770ea0fe8e113b862847e2a4d39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087973028773570","authorIdStr":"4087973028773570"},"themes":[],"htmlText":"Will monitor&nbsp;","listText":"Will monitor&nbsp;","text":"Will monitor","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/173204684","repostId":"2151350423","repostType":4,"isVote":1,"tweetType":1,"viewCount":756,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179735323,"gmtCreate":1626576210962,"gmtModify":1633925750598,"author":{"id":"4087973028773570","authorId":"4087973028773570","name":"Hironori","avatar":"https://static.tigerbbs.com/28d7b770ea0fe8e113b862847e2a4d39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087973028773570","authorIdStr":"4087973028773570"},"themes":[],"htmlText":"Good read!","listText":"Good read!","text":"Good read!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/179735323","repostId":"2152899486","repostType":4,"isVote":1,"tweetType":1,"viewCount":572,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179890767,"gmtCreate":1626499471359,"gmtModify":1633926198696,"author":{"id":"4087973028773570","authorId":"4087973028773570","name":"Hironori","avatar":"https://static.tigerbbs.com/28d7b770ea0fe8e113b862847e2a4d39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087973028773570","authorIdStr":"4087973028773570"},"themes":[],"htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/179890767","repostId":"1149577900","repostType":4,"isVote":1,"tweetType":1,"viewCount":284,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152623399,"gmtCreate":1625289086911,"gmtModify":1633941690000,"author":{"id":"4087973028773570","authorId":"4087973028773570","name":"Hironori","avatar":"https://static.tigerbbs.com/28d7b770ea0fe8e113b862847e2a4d39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087973028773570","authorIdStr":"4087973028773570"},"themes":[],"htmlText":"👍🏼","listText":"👍🏼","text":"👍🏼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/152623399","repostId":"1122056398","repostType":4,"repost":{"id":"1122056398","kind":"news","pubTimestamp":1625280707,"share":"https://www.laohu8.com/m/news/1122056398?lang=zh_CN&edition=full","pubTime":"2021-07-03 10:51","market":"us","language":"en","title":"These 15 stocks -- June's biggest losers -- could become July's winners<blockquote>这15只股票——6月份跌幅最大的股票——可能成为7月份的赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122056398","media":"MarketWatch","summary":"‘Short-term reversal strategy’ often does particularly well in July.\n\nJune’s worst stocks are good b","content":"<p>  <b>‘Short-term reversal strategy’ often does particularly well in July.</b>  June’s worst stocks are good bets to beat the U.S. market in in July.</p><p><blockquote><b>“短期反转策略”通常在7月份表现特别好。</b>6月份表现最差的股票是7月份跑赢美国市场的好机会。</blockquote></p><p> That’s because portfolio window-dressing at the end of June will have made that month’s poor performers fall even further than they would have otherwise. It’s likely that once this artificial selling pressure disappears, these stocks will bounce back.</p><p><blockquote>这是因为6月底的投资组合装饰将使当月表现不佳的股票比其他情况下下跌得更远。一旦这种人为的抛售压力消失，这些股票很可能会反弹。</blockquote></p><p> To be sure, window dressing is a powerful force on several occasions throughout the calendar, not just at this time of year. It should have the biggest impact at the end of December, since more investors look at their portfolio holdings in early January than in any other month of the year. Fund managers therefore go out of their way to sell their losers prior to Dec. 31 in order to avoid the embarrassment of having to report that they had ever owned them.</p><p><blockquote>可以肯定的是，装点门面在整个日历中的几个场合都是一股强大的力量，不仅仅是在一年中的这个时候。它应该在12月底产生最大的影响，因为1月初查看其投资组合持股的投资者比一年中任何其他月份都多。因此，基金经理会特意在12月31日之前出售亏损股票，以避免不得不报告他们曾经拥有过这些股票的尴尬。</blockquote></p><p> Just the opposite is the case for stocks that managers buy for window dressing. These are the stocks that already have been performing well and which managers want to show in their end-of-quarter holdings report. Their cosmetic buying will cause these stocks to perform even better — which, in turn, results in them falling back to earth once the new quarter comes around.</p><p><blockquote>经理们为了装饰门面而购买的股票的情况恰恰相反。这些股票已经表现良好，经理们希望在季末持股报告中展示这些股票。他们购买化妆品将导致这些股票表现更好——这反过来又会导致它们在新季度到来时回落。</blockquote></p><p> As expected, January is the month in which the previous month’s worst performers fare best relative to the previous month’s best performers — a pattern known as the “short term reversal effect.” This is illustrated in the chart below, which reflects monthly data back to 1926. July is the second-most powerful month for this pattern. That also makes sense because, after January, July is the next most common time for investors to read through their brokerage statements.</p><p><blockquote>正如预期的那样，一月份是上个月表现最差的公司相对于上个月表现最好的公司表现最好的月份——这种模式被称为“短期逆转效应”。下图说明了这一点，它反映了1926年以来的月度数据。七月是这种模式第二强的月份。这也是有道理的，因为继一月之后，七月是投资者通读经纪报表的下一个最常见的时间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6ac3a509127efd603df1d98de04774e7\" tg-width=\"620\" tg-height=\"418\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Also as expected, end-of-quarter window dressing is less of a factor at the end of the first- and third quarters. In fact, as you can see from the chart, the short-term reversal effect is even less dominant in April than in non-quarter-end months.</p><p><blockquote>同样正如预期的那样，在第一季度和第三季度末，季度末的门面装饰不再是一个因素。事实上，正如你从图表中看到的，短期反转效应在4月份甚至不如非季末月份占优势。</blockquote></p><p> <b>How to play the short-term reversal in July</b></p><p><blockquote><b>7月短线反转怎么玩</b></blockquote></p><p> As is often the case, an exchange-traded fund has been created to exploit the short-term reversal effect. Vesper US Large Cap Short-Term Reversal Strategy ETFUTRN,“seeks to capitalize on the tendency for stocks that have experienced sharp recent sell-offs to experience near-term rebounds.”</p><p><blockquote>通常情况下，交易所交易基金的创建是为了利用短期反转效应。Vesper美国大盘股短期反转策略ETFUTRN“寻求利用近期经历大幅抛售的股票近期反弹的趋势。”</blockquote></p><p> Because the fund was only recently created, in September 2018, the ETF’s average monthly returns since then are only suggestive of the long-term pattern. But its average return in July has been better (4.1%) than in any other month.</p><p><blockquote>由于该基金是最近才在2018年9月创建的，该ETF此后的平均月回报率仅暗示了长期模式。但其7月份的平均回报率（4.1%）好于其他任何月份。</blockquote></p><p> For anyone interested in the individual stocks that performed the worst in June, I constructed the following list. I started with the 50 stocks in the S&amp;P 1500 index with the worst June returns, and then eliminated ones not currently recommended by any of the top-performing newsletters monitored by my newsletter-performance-tracking service.</p><p><blockquote>对于任何对6月份表现最差的个股感兴趣的人，我构建了以下列表。我从标准普尔1500指数中6月份回报最差的50只股票开始，然后剔除了我的时事通讯表现跟踪服务监控的任何表现最好的时事通讯目前不推荐的股票。</blockquote></p><p> The 15 stocks listed below survived this winnowing process. I note that, on average, these 15 lost 15.4% during the month of June, versus a gain of 2.3% for the S&amp;P 500SPX.</p><p><blockquote>下面列出的15只股票在这一筛选过程中幸存下来。我注意到，平均而言，这15只股票在6月份下跌了15.4%，而标准普尔500SPX指数则上涨了2.3%。</blockquote></p><p> <ul>  <li>Adient PLC&nbsp;ADNT</li>  <li>Alaska Air Group&nbsp;ALK</li>  <li>Alliance Data Systems&nbsp;ADS</li>  <li>America’s Car Mart&nbsp;CRMT</li>  <li>ArcBest&nbsp;ARCB</li>  <li>Goodyear Tire &amp; Rubber&nbsp;GT</li>  <li>KB Home&nbsp;KBH</li>  <li>LCI Industries&nbsp;LCII</li>  <li>Mosaic &amp; Co&nbsp;.MOS</li>  <li>Medifast&nbsp;MED</li>  <li>Newmont Corp.&nbsp;NEM</li>  <li>Organon &amp; Co.&nbsp;OGN</li>  <li>Patrick Industries&nbsp;PATK</li>  <li>Regions Financial&nbsp;RF</li>  <li>Sabre&nbsp;SABR</li> </ul> I also note that these stocks have an average price/book value ratio of 3.3, which is well-below the 4.7 ratio for the S&amp;P 500. Having a below-average price/book ratio is the hallmark of a value stock, and it makes sense that value stocks will be favored by the short-term reversal strategy. That’s because value stocks significantly underperformed growth stocks in June — but their fortunes may soon change.</p><p><blockquote><ul><li>Adient PLC ADNT</li><li>阿拉斯加航空集团ALK</li><li>联盟数据系统广告</li><li>美国汽车市场CRMT</li><li>ArcBest ArcB</li><li>固特异轮胎橡胶GT</li><li>KB主页KBH</li><li>LCI工业LCII</li><li>马赛克公司MOS</li><li>快验快</li><li>纽蒙特公司NEM</li><li>欧加农公司OGN</li><li>帕特里克工业PATK</li><li>地区金融射频</li><li>军刀</li></ul>我还注意到，这些股票的平均市净率为3.3，远低于标普500 4.7的比率。低于平均水平的市净率是价值股的标志，价值股会受到短期反转策略的青睐是有道理的。这是因为价值股在6月份的表现明显落后于成长股——但它们的命运可能很快就会改变。</blockquote></p><p></p>","source":"lsy1603348471595","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>These 15 stocks -- June's biggest losers -- could become July's winners<blockquote>这15只股票——6月份跌幅最大的股票——可能成为7月份的赢家</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nThese 15 stocks -- June's biggest losers -- could become July's winners<blockquote>这15只股票——6月份跌幅最大的股票——可能成为7月份的赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-03 10:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>‘Short-term reversal strategy’ often does particularly well in July.</b>  June’s worst stocks are good bets to beat the U.S. market in in July.</p><p><blockquote><b>“短期反转策略”通常在7月份表现特别好。</b>6月份表现最差的股票是7月份跑赢美国市场的好机会。</blockquote></p><p> That’s because portfolio window-dressing at the end of June will have made that month’s poor performers fall even further than they would have otherwise. It’s likely that once this artificial selling pressure disappears, these stocks will bounce back.</p><p><blockquote>这是因为6月底的投资组合装饰将使当月表现不佳的股票比其他情况下下跌得更远。一旦这种人为的抛售压力消失，这些股票很可能会反弹。</blockquote></p><p> To be sure, window dressing is a powerful force on several occasions throughout the calendar, not just at this time of year. It should have the biggest impact at the end of December, since more investors look at their portfolio holdings in early January than in any other month of the year. Fund managers therefore go out of their way to sell their losers prior to Dec. 31 in order to avoid the embarrassment of having to report that they had ever owned them.</p><p><blockquote>可以肯定的是，装点门面在整个日历中的几个场合都是一股强大的力量，不仅仅是在一年中的这个时候。它应该在12月底产生最大的影响，因为1月初查看其投资组合持股的投资者比一年中任何其他月份都多。因此，基金经理会特意在12月31日之前出售亏损股票，以避免不得不报告他们曾经拥有过这些股票的尴尬。</blockquote></p><p> Just the opposite is the case for stocks that managers buy for window dressing. These are the stocks that already have been performing well and which managers want to show in their end-of-quarter holdings report. Their cosmetic buying will cause these stocks to perform even better — which, in turn, results in them falling back to earth once the new quarter comes around.</p><p><blockquote>经理们为了装饰门面而购买的股票的情况恰恰相反。这些股票已经表现良好，经理们希望在季末持股报告中展示这些股票。他们购买化妆品将导致这些股票表现更好——这反过来又会导致它们在新季度到来时回落。</blockquote></p><p> As expected, January is the month in which the previous month’s worst performers fare best relative to the previous month’s best performers — a pattern known as the “short term reversal effect.” This is illustrated in the chart below, which reflects monthly data back to 1926. July is the second-most powerful month for this pattern. That also makes sense because, after January, July is the next most common time for investors to read through their brokerage statements.</p><p><blockquote>正如预期的那样，一月份是上个月表现最差的公司相对于上个月表现最好的公司表现最好的月份——这种模式被称为“短期逆转效应”。下图说明了这一点，它反映了1926年以来的月度数据。七月是这种模式第二强的月份。这也是有道理的，因为继一月之后，七月是投资者通读经纪报表的下一个最常见的时间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6ac3a509127efd603df1d98de04774e7\" tg-width=\"620\" tg-height=\"418\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Also as expected, end-of-quarter window dressing is less of a factor at the end of the first- and third quarters. In fact, as you can see from the chart, the short-term reversal effect is even less dominant in April than in non-quarter-end months.</p><p><blockquote>同样正如预期的那样，在第一季度和第三季度末，季度末的门面装饰不再是一个因素。事实上，正如你从图表中看到的，短期反转效应在4月份甚至不如非季末月份占优势。</blockquote></p><p> <b>How to play the short-term reversal in July</b></p><p><blockquote><b>7月短线反转怎么玩</b></blockquote></p><p> As is often the case, an exchange-traded fund has been created to exploit the short-term reversal effect. Vesper US Large Cap Short-Term Reversal Strategy ETFUTRN,“seeks to capitalize on the tendency for stocks that have experienced sharp recent sell-offs to experience near-term rebounds.”</p><p><blockquote>通常情况下，交易所交易基金的创建是为了利用短期反转效应。Vesper美国大盘股短期反转策略ETFUTRN“寻求利用近期经历大幅抛售的股票近期反弹的趋势。”</blockquote></p><p> Because the fund was only recently created, in September 2018, the ETF’s average monthly returns since then are only suggestive of the long-term pattern. But its average return in July has been better (4.1%) than in any other month.</p><p><blockquote>由于该基金是最近才在2018年9月创建的，该ETF此后的平均月回报率仅暗示了长期模式。但其7月份的平均回报率（4.1%）好于其他任何月份。</blockquote></p><p> For anyone interested in the individual stocks that performed the worst in June, I constructed the following list. I started with the 50 stocks in the S&amp;P 1500 index with the worst June returns, and then eliminated ones not currently recommended by any of the top-performing newsletters monitored by my newsletter-performance-tracking service.</p><p><blockquote>对于任何对6月份表现最差的个股感兴趣的人，我构建了以下列表。我从标准普尔1500指数中6月份回报最差的50只股票开始，然后剔除了我的时事通讯表现跟踪服务监控的任何表现最好的时事通讯目前不推荐的股票。</blockquote></p><p> The 15 stocks listed below survived this winnowing process. I note that, on average, these 15 lost 15.4% during the month of June, versus a gain of 2.3% for the S&amp;P 500SPX.</p><p><blockquote>下面列出的15只股票在这一筛选过程中幸存下来。我注意到，平均而言，这15只股票在6月份下跌了15.4%，而标准普尔500SPX指数则上涨了2.3%。</blockquote></p><p> <ul>  <li>Adient PLC&nbsp;ADNT</li>  <li>Alaska Air Group&nbsp;ALK</li>  <li>Alliance Data Systems&nbsp;ADS</li>  <li>America’s Car Mart&nbsp;CRMT</li>  <li>ArcBest&nbsp;ARCB</li>  <li>Goodyear Tire &amp; Rubber&nbsp;GT</li>  <li>KB Home&nbsp;KBH</li>  <li>LCI Industries&nbsp;LCII</li>  <li>Mosaic &amp; Co&nbsp;.MOS</li>  <li>Medifast&nbsp;MED</li>  <li>Newmont Corp.&nbsp;NEM</li>  <li>Organon &amp; Co.&nbsp;OGN</li>  <li>Patrick Industries&nbsp;PATK</li>  <li>Regions Financial&nbsp;RF</li>  <li>Sabre&nbsp;SABR</li> </ul> I also note that these stocks have an average price/book value ratio of 3.3, which is well-below the 4.7 ratio for the S&amp;P 500. Having a below-average price/book ratio is the hallmark of a value stock, and it makes sense that value stocks will be favored by the short-term reversal strategy. That’s because value stocks significantly underperformed growth stocks in June — but their fortunes may soon change.</p><p><blockquote><ul><li>Adient PLC ADNT</li><li>阿拉斯加航空集团ALK</li><li>联盟数据系统广告</li><li>美国汽车市场CRMT</li><li>ArcBest ArcB</li><li>固特异轮胎橡胶GT</li><li>KB主页KBH</li><li>LCI工业LCII</li><li>马赛克公司MOS</li><li>快验快</li><li>纽蒙特公司NEM</li><li>欧加农公司OGN</li><li>帕特里克工业PATK</li><li>地区金融射频</li><li>军刀</li></ul>我还注意到，这些股票的平均市净率为3.3，远低于标普500 4.7的比率。低于平均水平的市净率是价值股的标志，价值股会受到短期反转策略的青睐是有道理的。这是因为价值股在6月份的表现明显落后于成长股——但它们的命运可能很快就会改变。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/these-15-stocks-junes-biggest-losers-could-become-julys-winners-11625238769?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ALK":"阿拉斯加航空集团有限公司","KBH":"KB Home","LCII":"LCI Industries","OGN":"Organon & Co","MED":"快验保","GT":"固特异轮胎橡胶公司","NEM":"纽曼矿业","ARCB":"ArcBest Corporation","SABR":"Sabre Corporation","MOS":"美国美盛","PATK":"Patrick Industries","RF":"地区金融","CRMT":"美国汽车行","ADNT":"Adient PLC"},"source_url":"https://www.marketwatch.com/story/these-15-stocks-junes-biggest-losers-could-become-julys-winners-11625238769?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122056398","content_text":"‘Short-term reversal strategy’ often does particularly well in July.\n\nJune’s worst stocks are good bets to beat the U.S. market in in July.\nThat’s because portfolio window-dressing at the end of June will have made that month’s poor performers fall even further than they would have otherwise. It’s likely that once this artificial selling pressure disappears, these stocks will bounce back.\nTo be sure, window dressing is a powerful force on several occasions throughout the calendar, not just at this time of year. It should have the biggest impact at the end of December, since more investors look at their portfolio holdings in early January than in any other month of the year. Fund managers therefore go out of their way to sell their losers prior to Dec. 31 in order to avoid the embarrassment of having to report that they had ever owned them.\nJust the opposite is the case for stocks that managers buy for window dressing. These are the stocks that already have been performing well and which managers want to show in their end-of-quarter holdings report. Their cosmetic buying will cause these stocks to perform even better — which, in turn, results in them falling back to earth once the new quarter comes around.\nAs expected, January is the month in which the previous month’s worst performers fare best relative to the previous month’s best performers — a pattern known as the “short term reversal effect.” This is illustrated in the chart below, which reflects monthly data back to 1926. July is the second-most powerful month for this pattern. That also makes sense because, after January, July is the next most common time for investors to read through their brokerage statements.\n\nAlso as expected, end-of-quarter window dressing is less of a factor at the end of the first- and third quarters. In fact, as you can see from the chart, the short-term reversal effect is even less dominant in April than in non-quarter-end months.\nHow to play the short-term reversal in July\nAs is often the case, an exchange-traded fund has been created to exploit the short-term reversal effect. Vesper US Large Cap Short-Term Reversal Strategy ETFUTRN,“seeks to capitalize on the tendency for stocks that have experienced sharp recent sell-offs to experience near-term rebounds.”\nBecause the fund was only recently created, in September 2018, the ETF’s average monthly returns since then are only suggestive of the long-term pattern. But its average return in July has been better (4.1%) than in any other month.\nFor anyone interested in the individual stocks that performed the worst in June, I constructed the following list. I started with the 50 stocks in the S&P 1500 index with the worst June returns, and then eliminated ones not currently recommended by any of the top-performing newsletters monitored by my newsletter-performance-tracking service.\nThe 15 stocks listed below survived this winnowing process. I note that, on average, these 15 lost 15.4% during the month of June, versus a gain of 2.3% for the S&P 500SPX.\n\nAdient PLC ADNT\nAlaska Air Group ALK\nAlliance Data Systems ADS\nAmerica’s Car Mart CRMT\nArcBest ARCB\nGoodyear Tire & Rubber GT\nKB Home KBH\nLCI Industries LCII\nMosaic & Co .MOS\nMedifast MED\nNewmont Corp. NEM\nOrganon & Co. OGN\nPatrick Industries PATK\nRegions Financial RF\nSabre SABR\n\nI also note that these stocks have an average price/book value ratio of 3.3, which is well-below the 4.7 ratio for the S&P 500. Having a below-average price/book ratio is the hallmark of a value stock, and it makes sense that value stocks will be favored by the short-term reversal strategy. That’s because value stocks significantly underperformed growth stocks in June — but their fortunes may soon change.","news_type":1,"symbols_score_info":{"SABR":0.9,"NEM":0.9,"LCII":0.9,"CRMT":0.9,"MOS":0.9,"PATK":0.9,"GT":0.9,"OGN":0.9,"MED":0.9,"RF":0.9,"ALK":0.9,"ARCB":0.9,"KBH":0.9,"ADS":0.9,"ADNT":0.9}},"isVote":1,"tweetType":1,"viewCount":361,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":873203653,"gmtCreate":1636943090067,"gmtModify":1636944475692,"author":{"id":"4087973028773570","authorId":"4087973028773570","name":"Hironori","avatar":"https://static.tigerbbs.com/28d7b770ea0fe8e113b862847e2a4d39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087973028773570","idStr":"4087973028773570"},"themes":[],"htmlText":"https://youtu.be/zTI8iMXLcGc","listText":"https://youtu.be/zTI8iMXLcGc","text":"https://youtu.be/zTI8iMXLcGc","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":27,"repostSize":0,"link":"https://laohu8.com/post/873203653","isVote":1,"tweetType":1,"viewCount":2396,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":817768788,"gmtCreate":1630989728544,"gmtModify":1632904737152,"author":{"id":"4087973028773570","authorId":"4087973028773570","name":"Hironori","avatar":"https://static.tigerbbs.com/28d7b770ea0fe8e113b862847e2a4d39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087973028773570","idStr":"4087973028773570"},"themes":[],"htmlText":"Investing in software companies?!https://softwarestackinvesting.com/decentralization-effects/","listText":"Investing in software companies?!https://softwarestackinvesting.com/decentralization-effects/","text":"Investing in software companies?!https://softwarestackinvesting.com/decentralization-effects/","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":19,"repostSize":1,"link":"https://laohu8.com/post/817768788","isVote":1,"tweetType":1,"viewCount":3339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175195603,"gmtCreate":1627011679902,"gmtModify":1633768785382,"author":{"id":"4087973028773570","authorId":"4087973028773570","name":"Hironori","avatar":"https://static.tigerbbs.com/28d7b770ea0fe8e113b862847e2a4d39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087973028773570","idStr":"4087973028773570"},"themes":[],"htmlText":"👍🏼","listText":"👍🏼","text":"👍🏼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":21,"repostSize":0,"link":"https://laohu8.com/post/175195603","repostId":"2153670721","repostType":2,"repost":{"id":"2153670721","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1626985119,"share":"https://www.laohu8.com/m/news/2153670721?lang=zh_CN&edition=full","pubTime":"2021-07-23 04:18","market":"hk","language":"en","title":"Alphabet Profitability Still Hidden In The Cloud As It Surges Past FAANG Toward Q2 Earnings<blockquote>Alphabet的盈利能力仍隐藏在云端，超越FAANG，实现第二季度盈利</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2153670721","media":"Benzinga","summary":"Alphabet (NASDAQ: GOOGL) arguably hit it out of the park last quarter when it reported earnings that left analysts’ estimates in the dust.","content":"<p><html><body><strong>Alphabet</strong> (NASDAQ:GOOGL) arguably hit it out of the park last quarter when it reported earnings that left analysts’ estimates in the dust.</p><p><blockquote><html><body><strong>Alphabet</strong>（纳斯达克：GOOGL）上个季度公布的盈利超出了分析师的预期，可以说该公司表现出色。</body></html></blockquote></p><p> Overall revenue came in strong at $55.3 billion, up 34% year over year, with each business segment topping expectations by a wide margin except for <a href=\"https://laohu8.com/S/AONE.U\">one</a> that matched consensus. Jumping off its earnings performance, GOOGL shares currently stand 11% higher than they were entering last quarter’s reporting period.</p><p><blockquote>整体收入强劲，达到553亿美元，同比增长34%，除<a href=\"https://laohu8.com/S/AONE.U\">一</a>这符合共识。从盈利表现来看，GOOGL股价目前比上季度报告期高出11%。</blockquote></p><p> Let’s take a step back for a moment. For a company whose $1 trillion market cap has only a handful of peers in the world, you have to wonder how much more growth is possible, especially considering that GOOGL seems to be in every global market, driving some part of every sector and every industry.</p><p><blockquote>让我们后退一步。对于一家市值1万亿美元、全球同行屈指可数的公司来说，你不得不怀疑还有多少增长的可能，特别是考虑到GOOGL似乎遍布全球每个市场，推动着每个行业和每个行业的某个部分。</blockquote></p><p> Still, its appetite for growth and innovation is what seems to rejuvenate the 23-year old company. And its forward outlook in its earnings conference call, courtesy of CEO Sundar Pichai, could reflect the scope of the company’s present operations and future ambitions—literally and “virtually,” all over the map.</p><p><blockquote>尽管如此，它对增长和创新的兴趣似乎让这家拥有23年历史的公司焕发了活力。首席执行官桑达尔·皮查伊(Sundar Pichai)在其收益电话会议中提供的前瞻性展望可以反映该公司当前运营的范围和未来的雄心——无论是字面上还是“虚拟地”，遍布地图。</blockquote></p><p> <h2>Core Search Still Globally Uncontested</h2> Almost everyone in the world uses the term “Google″ as a verb synonymous with “online search.” This speaks to GOOGL’s dominance in the minds of online users—around 92% of all global search queries go through the Google search engine. </p><p><blockquote><h2>核心搜索在全球仍无争议</h2>世界上几乎每个人都使用“谷歌”这个词作为“在线搜索”的同义词这说明了GOOGL在在线用户心目中的主导地位——大约92%的全球搜索查询通过谷歌搜索引擎。</blockquote></p><p> Not surprisingly, the company has owned over 30% of the global online ad market share since at least 2016, according to Statista, and in the US, that figure is expected to rise to 56.8% this year.</p><p><blockquote>毫不奇怪，根据Statista的数据，至少自2016年以来，该公司一直拥有超过30%的全球在线广告市场份额，在美国，这一数字预计今年将升至56.8%。</blockquote></p><p> These are important stats, not only because ad revenue represents 82% of GOOGL’s total revenue—in other words, it pays the bills—but because it’s also what makes the company’s forays into other avenues of growth possible.</p><p><blockquote>这些都是重要的统计数据，不仅因为广告收入占GOOGL总收入的82%——换句话说，它支付了账单——还因为它也使该公司进军其他增长途径成为可能。</blockquote></p><p> As is often the case going into GOOGL earnings, ad revenue growth will likely be on investors’ minds. As earnings approach, the Street appears optimistic about GOOGL’s Q2 ad results. This could be in part due to a continued recovery in internet advertising that may be lifting more than one boat in the sector, Barron’s reported.</p><p><blockquote>正如GOOGL盈利中经常出现的情况一样，广告收入增长可能会成为投资者关注的焦点。随着财报临近，华尔街似乎对GOOGL第二季度广告业绩持乐观态度。据《巴伦周刊》报道，这可能部分是由于互联网广告的持续复苏，这可能会提振该行业的不止一艘船。</blockquote></p><p> <img src=\"https://tickertapecdn.tdameritrade.com/assets/images/pages/md/google-earnings-210723.png\"/></p><p><blockquote></blockquote></p><p> <strong>FIGURE 1:</strong> <strong>TAKING A BITE OUT OF THE FAANG.</strong> Alphabet’s (GOOGL—purple line) shares are running ahead of the rest of the FAANGs ($NYFANG—candlestick) year to date. Data sources: Nasdaq, NYSE. Chart source: The thinkorswim® platform. <em>For illustrative purposes only. Past performance does not guarantee future results.</em></p><p><blockquote><strong>图1：</strong><strong>咬一口FAANG。</strong>今年迄今为止，Alphabet（GOOGL-紫线）的股价领先于其他FAANG（$NYFANG-烛台）。数据来源：纳斯达克、纽约证券交易所。图表来源：thinkorswim®平台。<em>仅用于说明目的。过去的表现并不能保证未来的结果。</em></blockquote></p><p> <h2>Quiet Dominance In The World Of Mobile Communications</h2> When you talk about <strong>Apple</strong> (NASDAQ:AAPL), it’s almost impossible not to talk about the iPhone. After all, doesn’t everyone virtually live by (or “in”) their mobile phones? We can’t say the same for Alphabet, whose Android phones are hardly ever discussed (even in the company’s recent earnings calls).</p><p><blockquote><h2>移动通信领域悄然占据主导地位</h2>当你谈到<strong>苹果</strong>（纳斯达克：AAPL），几乎不可能不谈论iPhone。毕竟，不是每个人都生活在手机旁（或“里面”）吗？我们不能对Alphabet说同样的话，它的Android手机几乎从未被讨论过（即使是在该公司最近的收益评级中）。</blockquote></p><p> But here’s something to think about: While nearly 60% of all mobile customers in the U.S. prefer iPhones over Android, the latter dominates the global mobile market with a 72% market share, according to a report by Statcounter. What might that mean with regard to its OS-related Chrome or Chromebook adoption? Seamless OS access across related devices? </p><p><blockquote>但这里有一些事情需要考虑：根据Statcounter的一份报告，虽然美国近60%的移动客户更喜欢iPhone而不是Android，但后者以72%的市场份额主导着全球移动市场。这对其与操作系统相关的Chrome或Chromebook的采用意味着什么？跨相关设备的无缝操作系统访问？</blockquote></p><p> <h2>Cloud Still Lagging, But Gaining Momentum</h2> GOOGL’s cloud services still rank third behind <strong>Amazon</strong> (NASDAQ:AMZN) and <strong>Microsoft</strong> (NASDAQ:MSFT). But its command of over 7% global market share, reported by Canalys (April 2021), shouldn’t be underestimated, especially considering that the “cloud” is still a budding market.</p><p><blockquote><h2>云仍然落后，但势头强劲</h2>GOOGL的云服务仍然排在第三位<strong>亚马逊</strong>（纳斯达克：AMZN）和<strong>微软</strong>（纳斯达克：MSFT）。但据Canalys（2021年4月）报道，其超过7%的全球市场份额不应被低估，特别是考虑到“云”仍是一个新兴市场。</blockquote></p><p> Last quarter’s $4 billion in cloud revenue revealed the strength and speed of GOOGL’s charge, exhibiting a solid 46% year-over-year growth. On the defensive side, the segment also proved capable of reducing its operating losses from $1.73 billion a year ago to only $1 billion last quarter.</p><p><blockquote>上一季度40亿美元的云营收显示了GOOGL充电的实力与速度，呈现出46%的坚实同比增长。在防御方面，该部门还证明有能力将运营亏损从一年前的17.3亿美元减少到上季度的10亿美元。</blockquote></p><p> Investors are likely to pay close attention to the Google Cloud revenue when the company reports Q2 earnings on July 27, after the close. Given the level of emphasis CEO Pichai places on the segment in nearly every earnings conference call, it’s hard not to suspect that GOOGL’s cloud services could help shape the company’s future profitability and market dominance.</p><p><blockquote>当谷歌云公司7月27日收盘后公布Q2财报时，投资者可能会密切关注谷歌云收入。鉴于首席执行官皮查伊在几乎每个盈利电话会议中对该细分市场的重视程度，很难不怀疑GOOGL的云服务可能有助于塑造该公司未来的盈利能力和市场主导地位。</blockquote></p><p> <h2>Alphabet’s Acquisitions: A Critical Role In Growth?</h2> Last quarter, we saw GOOGL get a $4.75 billion boost in profit due to its startup acquisitions (though it didn’t specify which companies contributed to the gains). Still, expansion by way of acquisitions appears to be an active part of GOOGL’s growth mix, along with fellow peers MSFT and AMZN.</p><p><blockquote><h2>Alphabet的收购：在增长中发挥关键作用？</h2>上个季度，我们看到GOOGL因收购初创公司而获得了47.5亿美元的利润增长（尽管它没有具体说明哪些公司为这些收益做出了贡献）。尽管如此，与同行MSFT和AMZN一样，通过收购进行扩张似乎是GOOGL增长组合的积极组成部分。</blockquote></p><p></p><p> The company bought up over 160 companies in the last 10 years. But with a formidable free cash flow trailing $50.7 billion over a 12-month period, according to CFO Ruth Porat’s presentation in last quarter’s earnings call, the company may have a sizable amount of cash to expand its portfolio along innovative lines.</p><p><blockquote>该公司在过去10年中收购了160多家公司。但根据首席财务官露丝·波拉特(Ruth Porat)在上季度收益看涨期权中的介绍，由于12个月内自由现金流高达507亿美元，该公司可能有大量现金来扩大其创新产品组合。</blockquote></p><p> <h2>Alphabet Leads Communications, Tech, And FAANG Year To Date</h2> According to FactSet, Communication Services and Information Technology are among the sectors holding the highest analyst ratings. GOOGL—a “tech” stock under the “communications” sector category—has surpassed both sectors and its FAANG peers in terms of market performance.</p><p><blockquote><h2>今年迄今为止，Alphabet在通信、技术和FAANG领域处于领先地位</h2>根据FactSet的数据，通信服务和信息技术是分析师评级最高的行业之一。GOOGL——“通信”行业类别下的“科技”股票——在市场表现方面超过了这两个行业及其FAANG同行。</blockquote></p><p> Year to date, GOOGL is up 46%, leaving behind Communications (20.69%), Tech (16.45%), and its peer FAANG components. Its closest peer, lagging by a wide margin, is MSFT (26.68%). Looking far ahead, CFRA analysts project a three-year compound annual growth rate of 24% driven by global ad spend, and, on a segment level, driven by search, YouTube, and cloud.</p><p><blockquote>今年迄今为止，GOOGL上涨了46%，落后于通信(20.69%)、科技(16.45%)及其同行FAANG组件。最接近的同行是MSFT（26.68%），大幅落后。展望未来，CFRA分析师预计，在全球广告支出的推动下，以及在搜索、YouTube和云的推动下，三年复合年增长率为24%。</blockquote></p><p> As for the current quarter, the company withheld providing revenue and earnings guidance.</p><p><blockquote>至于本季度，该公司没有提供收入和盈利指引。</blockquote></p><p> <h2>Alphabet Earnings And Options Activity</h2> GOOGL is expected to report <strong>adjusted EPS of $19.21</strong>, up from $10.13 in the prior-year quarter, according to third-party consensus analyst estimates. <strong>Revenue is projected at $56.02 billion</strong>, up 46.3% from a year ago.</p><p><blockquote><h2>Alphabet盈利和期权活动</h2>预计GOOGL将报告<strong>调整后每股收益为19.21美元</strong>根据第三方分析师的一致估计，高于去年同期的10.13美元。<strong>收入预计为560.2亿美元</strong>，同比增长46.3%。</blockquote></p><p> Options traders have priced in an expected share price move of 3.2% in either direction around the earnings release. The implied volatility sits at the 25th percentile as of Thursday morning.</p><p><blockquote>期权交易员预计财报发布前后股价将双向波动3.2%。截至周四上午，隐含波动率位于第25百分位。</blockquote></p><p> Looking at the July 30 options expiration, call activity is spread out with higher activity at the 2600 strike while puts have been active at the 2490 and 2500 strikes. </p><p><blockquote>从7月30日期权到期日来看，看涨期权活动分散，在2600点行使价活跃度较高，而看跌期权在2490点和2500点行使价活跃。</blockquote></p><p> <em>Note: Call options represent the right, but not the obligation, to buy the underlying security at a predetermined price over a set period of time. Put options represent the right, but not the obligation, to sell the underlying security at a predetermined price over a set period of time.</em></p><p><blockquote><em>注：看涨期权期权代表在一段时间内以预定价格购买标的证券的权利，但不是义务。看跌期权代表在一段时间内以预定价格出售标的证券的权利，但不是义务。</em></blockquote></p><p> <em>TD Ameritrade<sup>®</sup> commentary for educational purposes only. Member SIPC.</em> <em>Options involve risks and are not suitable for all investors. Please read</em><em> </em><strong><em>Characteristics and Risks of Standardized Options</em></strong><em>.</em></p><p><blockquote><em>德美利证券<sup>®</sup>评论仅用于教育目的。成员SIPC。</em><em>期权涉及风险，并不适合所有投资者。请阅读</em><em></em><strong><em>标准化期权的特点和风险</em></strong><em>.</em></blockquote></p><p> Image by Gerd Altmann from Pixabay</p><p><blockquote>图片由Gerd Altmann来自Pixabay</blockquote></p><p> </body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Alphabet Profitability Still Hidden In The Cloud As It Surges Past FAANG Toward Q2 Earnings<blockquote>Alphabet的盈利能力仍隐藏在云端，超越FAANG，实现第二季度盈利</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nAlphabet Profitability Still Hidden In The Cloud As It Surges Past FAANG Toward Q2 Earnings<blockquote>Alphabet的盈利能力仍隐藏在云端，超越FAANG，实现第二季度盈利</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-07-23 04:18</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><html><body><strong>Alphabet</strong> (NASDAQ:GOOGL) arguably hit it out of the park last quarter when it reported earnings that left analysts’ estimates in the dust.</p><p><blockquote><html><body><strong>Alphabet</strong>（纳斯达克：GOOGL）上个季度公布的盈利超出了分析师的预期，可以说该公司表现出色。</body></html></blockquote></p><p> Overall revenue came in strong at $55.3 billion, up 34% year over year, with each business segment topping expectations by a wide margin except for <a href=\"https://laohu8.com/S/AONE.U\">one</a> that matched consensus. Jumping off its earnings performance, GOOGL shares currently stand 11% higher than they were entering last quarter’s reporting period.</p><p><blockquote>整体收入强劲，达到553亿美元，同比增长34%，除<a href=\"https://laohu8.com/S/AONE.U\">一</a>这符合共识。从盈利表现来看，GOOGL股价目前比上季度报告期高出11%。</blockquote></p><p> Let’s take a step back for a moment. For a company whose $1 trillion market cap has only a handful of peers in the world, you have to wonder how much more growth is possible, especially considering that GOOGL seems to be in every global market, driving some part of every sector and every industry.</p><p><blockquote>让我们后退一步。对于一家市值1万亿美元、全球同行屈指可数的公司来说，你不得不怀疑还有多少增长的可能，特别是考虑到GOOGL似乎遍布全球每个市场，推动着每个行业和每个行业的某个部分。</blockquote></p><p> Still, its appetite for growth and innovation is what seems to rejuvenate the 23-year old company. And its forward outlook in its earnings conference call, courtesy of CEO Sundar Pichai, could reflect the scope of the company’s present operations and future ambitions—literally and “virtually,” all over the map.</p><p><blockquote>尽管如此，它对增长和创新的兴趣似乎让这家拥有23年历史的公司焕发了活力。首席执行官桑达尔·皮查伊(Sundar Pichai)在其收益电话会议中提供的前瞻性展望可以反映该公司当前运营的范围和未来的雄心——无论是字面上还是“虚拟地”，遍布地图。</blockquote></p><p> <h2>Core Search Still Globally Uncontested</h2> Almost everyone in the world uses the term “Google″ as a verb synonymous with “online search.” This speaks to GOOGL’s dominance in the minds of online users—around 92% of all global search queries go through the Google search engine. </p><p><blockquote><h2>核心搜索在全球仍无争议</h2>世界上几乎每个人都使用“谷歌”这个词作为“在线搜索”的同义词这说明了GOOGL在在线用户心目中的主导地位——大约92%的全球搜索查询通过谷歌搜索引擎。</blockquote></p><p> Not surprisingly, the company has owned over 30% of the global online ad market share since at least 2016, according to Statista, and in the US, that figure is expected to rise to 56.8% this year.</p><p><blockquote>毫不奇怪，根据Statista的数据，至少自2016年以来，该公司一直拥有超过30%的全球在线广告市场份额，在美国，这一数字预计今年将升至56.8%。</blockquote></p><p> These are important stats, not only because ad revenue represents 82% of GOOGL’s total revenue—in other words, it pays the bills—but because it’s also what makes the company’s forays into other avenues of growth possible.</p><p><blockquote>这些都是重要的统计数据，不仅因为广告收入占GOOGL总收入的82%——换句话说，它支付了账单——还因为它也使该公司进军其他增长途径成为可能。</blockquote></p><p> As is often the case going into GOOGL earnings, ad revenue growth will likely be on investors’ minds. As earnings approach, the Street appears optimistic about GOOGL’s Q2 ad results. This could be in part due to a continued recovery in internet advertising that may be lifting more than one boat in the sector, Barron’s reported.</p><p><blockquote>正如GOOGL盈利中经常出现的情况一样，广告收入增长可能会成为投资者关注的焦点。随着财报临近，华尔街似乎对GOOGL第二季度广告业绩持乐观态度。据《巴伦周刊》报道，这可能部分是由于互联网广告的持续复苏，这可能会提振该行业的不止一艘船。</blockquote></p><p> <img src=\"https://tickertapecdn.tdameritrade.com/assets/images/pages/md/google-earnings-210723.png\"/></p><p><blockquote></blockquote></p><p> <strong>FIGURE 1:</strong> <strong>TAKING A BITE OUT OF THE FAANG.</strong> Alphabet’s (GOOGL—purple line) shares are running ahead of the rest of the FAANGs ($NYFANG—candlestick) year to date. Data sources: Nasdaq, NYSE. Chart source: The thinkorswim® platform. <em>For illustrative purposes only. Past performance does not guarantee future results.</em></p><p><blockquote><strong>图1：</strong><strong>咬一口FAANG。</strong>今年迄今为止，Alphabet（GOOGL-紫线）的股价领先于其他FAANG（$NYFANG-烛台）。数据来源：纳斯达克、纽约证券交易所。图表来源：thinkorswim®平台。<em>仅用于说明目的。过去的表现并不能保证未来的结果。</em></blockquote></p><p> <h2>Quiet Dominance In The World Of Mobile Communications</h2> When you talk about <strong>Apple</strong> (NASDAQ:AAPL), it’s almost impossible not to talk about the iPhone. After all, doesn’t everyone virtually live by (or “in”) their mobile phones? We can’t say the same for Alphabet, whose Android phones are hardly ever discussed (even in the company’s recent earnings calls).</p><p><blockquote><h2>移动通信领域悄然占据主导地位</h2>当你谈到<strong>苹果</strong>（纳斯达克：AAPL），几乎不可能不谈论iPhone。毕竟，不是每个人都生活在手机旁（或“里面”）吗？我们不能对Alphabet说同样的话，它的Android手机几乎从未被讨论过（即使是在该公司最近的收益评级中）。</blockquote></p><p> But here’s something to think about: While nearly 60% of all mobile customers in the U.S. prefer iPhones over Android, the latter dominates the global mobile market with a 72% market share, according to a report by Statcounter. What might that mean with regard to its OS-related Chrome or Chromebook adoption? Seamless OS access across related devices? </p><p><blockquote>但这里有一些事情需要考虑：根据Statcounter的一份报告，虽然美国近60%的移动客户更喜欢iPhone而不是Android，但后者以72%的市场份额主导着全球移动市场。这对其与操作系统相关的Chrome或Chromebook的采用意味着什么？跨相关设备的无缝操作系统访问？</blockquote></p><p> <h2>Cloud Still Lagging, But Gaining Momentum</h2> GOOGL’s cloud services still rank third behind <strong>Amazon</strong> (NASDAQ:AMZN) and <strong>Microsoft</strong> (NASDAQ:MSFT). But its command of over 7% global market share, reported by Canalys (April 2021), shouldn’t be underestimated, especially considering that the “cloud” is still a budding market.</p><p><blockquote><h2>云仍然落后，但势头强劲</h2>GOOGL的云服务仍然排在第三位<strong>亚马逊</strong>（纳斯达克：AMZN）和<strong>微软</strong>（纳斯达克：MSFT）。但据Canalys（2021年4月）报道，其超过7%的全球市场份额不应被低估，特别是考虑到“云”仍是一个新兴市场。</blockquote></p><p> Last quarter’s $4 billion in cloud revenue revealed the strength and speed of GOOGL’s charge, exhibiting a solid 46% year-over-year growth. On the defensive side, the segment also proved capable of reducing its operating losses from $1.73 billion a year ago to only $1 billion last quarter.</p><p><blockquote>上一季度40亿美元的云营收显示了GOOGL充电的实力与速度，呈现出46%的坚实同比增长。在防御方面，该部门还证明有能力将运营亏损从一年前的17.3亿美元减少到上季度的10亿美元。</blockquote></p><p> Investors are likely to pay close attention to the Google Cloud revenue when the company reports Q2 earnings on July 27, after the close. Given the level of emphasis CEO Pichai places on the segment in nearly every earnings conference call, it’s hard not to suspect that GOOGL’s cloud services could help shape the company’s future profitability and market dominance.</p><p><blockquote>当谷歌云公司7月27日收盘后公布Q2财报时，投资者可能会密切关注谷歌云收入。鉴于首席执行官皮查伊在几乎每个盈利电话会议中对该细分市场的重视程度，很难不怀疑GOOGL的云服务可能有助于塑造该公司未来的盈利能力和市场主导地位。</blockquote></p><p> <h2>Alphabet’s Acquisitions: A Critical Role In Growth?</h2> Last quarter, we saw GOOGL get a $4.75 billion boost in profit due to its startup acquisitions (though it didn’t specify which companies contributed to the gains). Still, expansion by way of acquisitions appears to be an active part of GOOGL’s growth mix, along with fellow peers MSFT and AMZN.</p><p><blockquote><h2>Alphabet的收购：在增长中发挥关键作用？</h2>上个季度，我们看到GOOGL因收购初创公司而获得了47.5亿美元的利润增长（尽管它没有具体说明哪些公司为这些收益做出了贡献）。尽管如此，与同行MSFT和AMZN一样，通过收购进行扩张似乎是GOOGL增长组合的积极组成部分。</blockquote></p><p></p><p> The company bought up over 160 companies in the last 10 years. But with a formidable free cash flow trailing $50.7 billion over a 12-month period, according to CFO Ruth Porat’s presentation in last quarter’s earnings call, the company may have a sizable amount of cash to expand its portfolio along innovative lines.</p><p><blockquote>该公司在过去10年中收购了160多家公司。但根据首席财务官露丝·波拉特(Ruth Porat)在上季度收益看涨期权中的介绍，由于12个月内自由现金流高达507亿美元，该公司可能有大量现金来扩大其创新产品组合。</blockquote></p><p> <h2>Alphabet Leads Communications, Tech, And FAANG Year To Date</h2> According to FactSet, Communication Services and Information Technology are among the sectors holding the highest analyst ratings. GOOGL—a “tech” stock under the “communications” sector category—has surpassed both sectors and its FAANG peers in terms of market performance.</p><p><blockquote><h2>今年迄今为止，Alphabet在通信、技术和FAANG领域处于领先地位</h2>根据FactSet的数据，通信服务和信息技术是分析师评级最高的行业之一。GOOGL——“通信”行业类别下的“科技”股票——在市场表现方面超过了这两个行业及其FAANG同行。</blockquote></p><p> Year to date, GOOGL is up 46%, leaving behind Communications (20.69%), Tech (16.45%), and its peer FAANG components. Its closest peer, lagging by a wide margin, is MSFT (26.68%). Looking far ahead, CFRA analysts project a three-year compound annual growth rate of 24% driven by global ad spend, and, on a segment level, driven by search, YouTube, and cloud.</p><p><blockquote>今年迄今为止，GOOGL上涨了46%，落后于通信(20.69%)、科技(16.45%)及其同行FAANG组件。最接近的同行是MSFT（26.68%），大幅落后。展望未来，CFRA分析师预计，在全球广告支出的推动下，以及在搜索、YouTube和云的推动下，三年复合年增长率为24%。</blockquote></p><p> As for the current quarter, the company withheld providing revenue and earnings guidance.</p><p><blockquote>至于本季度，该公司没有提供收入和盈利指引。</blockquote></p><p> <h2>Alphabet Earnings And Options Activity</h2> GOOGL is expected to report <strong>adjusted EPS of $19.21</strong>, up from $10.13 in the prior-year quarter, according to third-party consensus analyst estimates. <strong>Revenue is projected at $56.02 billion</strong>, up 46.3% from a year ago.</p><p><blockquote><h2>Alphabet盈利和期权活动</h2>预计GOOGL将报告<strong>调整后每股收益为19.21美元</strong>根据第三方分析师的一致估计，高于去年同期的10.13美元。<strong>收入预计为560.2亿美元</strong>，同比增长46.3%。</blockquote></p><p> Options traders have priced in an expected share price move of 3.2% in either direction around the earnings release. The implied volatility sits at the 25th percentile as of Thursday morning.</p><p><blockquote>期权交易员预计财报发布前后股价将双向波动3.2%。截至周四上午，隐含波动率位于第25百分位。</blockquote></p><p> Looking at the July 30 options expiration, call activity is spread out with higher activity at the 2600 strike while puts have been active at the 2490 and 2500 strikes. </p><p><blockquote>从7月30日期权到期日来看，看涨期权活动分散，在2600点行使价活跃度较高，而看跌期权在2490点和2500点行使价活跃。</blockquote></p><p> <em>Note: Call options represent the right, but not the obligation, to buy the underlying security at a predetermined price over a set period of time. Put options represent the right, but not the obligation, to sell the underlying security at a predetermined price over a set period of time.</em></p><p><blockquote><em>注：看涨期权期权代表在一段时间内以预定价格购买标的证券的权利，但不是义务。看跌期权代表在一段时间内以预定价格出售标的证券的权利，但不是义务。</em></blockquote></p><p> <em>TD Ameritrade<sup>®</sup> commentary for educational purposes only. Member SIPC.</em> <em>Options involve risks and are not suitable for all investors. Please read</em><em> </em><strong><em>Characteristics and Risks of Standardized Options</em></strong><em>.</em></p><p><blockquote><em>德美利证券<sup>®</sup>评论仅用于教育目的。成员SIPC。</em><em>期权涉及风险，并不适合所有投资者。请阅读</em><em></em><strong><em>标准化期权的特点和风险</em></strong><em>.</em></blockquote></p><p> Image by Gerd Altmann from Pixabay</p><p><blockquote>图片由Gerd Altmann来自Pixabay</blockquote></p><p> </body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软","GOOGL":"谷歌A","QTWO":"Q2 Holdings Inc","AMZN":"亚马逊","AAPL":"苹果","GOOG":"谷歌"},"source_url":"https://www.benzinga.com/news/earnings/21/07/22114197/alphabet-profitability-still-hidden-in-the-cloud-as-it-surges-past-faang-toward-q2-earnings","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2153670721","content_text":"Alphabet (NASDAQ:GOOGL) arguably hit it out of the park last quarter when it reported earnings that left analysts’ estimates in the dust.\nOverall revenue came in strong at $55.3 billion, up 34% year over year, with each business segment topping expectations by a wide margin except for one that matched consensus. Jumping off its earnings performance, GOOGL shares currently stand 11% higher than they were entering last quarter’s reporting period.\nLet’s take a step back for a moment. For a company whose $1 trillion market cap has only a handful of peers in the world, you have to wonder how much more growth is possible, especially considering that GOOGL seems to be in every global market, driving some part of every sector and every industry.\nStill, its appetite for growth and innovation is what seems to rejuvenate the 23-year old company. And its forward outlook in its earnings conference call, courtesy of CEO Sundar Pichai, could reflect the scope of the company’s present operations and future ambitions—literally and “virtually,” all over the map.\nCore Search Still Globally Uncontested\nAlmost everyone in the world uses the term “Google″ as a verb synonymous with “online search.” This speaks to GOOGL’s dominance in the minds of online users—around 92% of all global search queries go through the Google search engine. \nNot surprisingly, the company has owned over 30% of the global online ad market share since at least 2016, according to Statista, and in the US, that figure is expected to rise to 56.8% this year.\nThese are important stats, not only because ad revenue represents 82% of GOOGL’s total revenue—in other words, it pays the bills—but because it’s also what makes the company’s forays into other avenues of growth possible.\nAs is often the case going into GOOGL earnings, ad revenue growth will likely be on investors’ minds. As earnings approach, the Street appears optimistic about GOOGL’s Q2 ad results. This could be in part due to a continued recovery in internet advertising that may be lifting more than one boat in the sector, Barron’s reported.\n\nFIGURE 1: TAKING A BITE OUT OF THE FAANG. Alphabet’s (GOOGL—purple line) shares are running ahead of the rest of the FAANGs ($NYFANG—candlestick) year to date. Data sources: Nasdaq, NYSE. Chart source: The thinkorswim® platform. For illustrative purposes only. Past performance does not guarantee future results.\nQuiet Dominance In The World Of Mobile Communications\nWhen you talk about Apple (NASDAQ:AAPL), it’s almost impossible not to talk about the iPhone. After all, doesn’t everyone virtually live by (or “in”) their mobile phones? We can’t say the same for Alphabet, whose Android phones are hardly ever discussed (even in the company’s recent earnings calls).\nBut here’s something to think about: While nearly 60% of all mobile customers in the U.S. prefer iPhones over Android, the latter dominates the global mobile market with a 72% market share, according to a report by Statcounter. What might that mean with regard to its OS-related Chrome or Chromebook adoption? Seamless OS access across related devices? \nCloud Still Lagging, But Gaining Momentum\nGOOGL’s cloud services still rank third behind Amazon (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT). But its command of over 7% global market share, reported by Canalys (April 2021), shouldn’t be underestimated, especially considering that the “cloud” is still a budding market.\nLast quarter’s $4 billion in cloud revenue revealed the strength and speed of GOOGL’s charge, exhibiting a solid 46% year-over-year growth. On the defensive side, the segment also proved capable of reducing its operating losses from $1.73 billion a year ago to only $1 billion last quarter.\nInvestors are likely to pay close attention to the Google Cloud revenue when the company reports Q2 earnings on July 27, after the close. Given the level of emphasis CEO Pichai places on the segment in nearly every earnings conference call, it’s hard not to suspect that GOOGL’s cloud services could help shape the company’s future profitability and market dominance.\nAlphabet’s Acquisitions: A Critical Role In Growth?\nLast quarter, we saw GOOGL get a $4.75 billion boost in profit due to its startup acquisitions (though it didn’t specify which companies contributed to the gains). Still, expansion by way of acquisitions appears to be an active part of GOOGL’s growth mix, along with fellow peers MSFT and AMZN.\nThe company bought up over 160 companies in the last 10 years. But with a formidable free cash flow trailing $50.7 billion over a 12-month period, according to CFO Ruth Porat’s presentation in last quarter’s earnings call, the company may have a sizable amount of cash to expand its portfolio along innovative lines.\nAlphabet Leads Communications, Tech, And FAANG Year To Date\nAccording to FactSet, Communication Services and Information Technology are among the sectors holding the highest analyst ratings. GOOGL—a “tech” stock under the “communications” sector category—has surpassed both sectors and its FAANG peers in terms of market performance.\nYear to date, GOOGL is up 46%, leaving behind Communications (20.69%), Tech (16.45%), and its peer FAANG components. Its closest peer, lagging by a wide margin, is MSFT (26.68%). Looking far ahead, CFRA analysts project a three-year compound annual growth rate of 24% driven by global ad spend, and, on a segment level, driven by search, YouTube, and cloud.\nAs for the current quarter, the company withheld providing revenue and earnings guidance.\nAlphabet Earnings And Options Activity\nGOOGL is expected to report adjusted EPS of $19.21, up from $10.13 in the prior-year quarter, according to third-party consensus analyst estimates. Revenue is projected at $56.02 billion, up 46.3% from a year ago.\nOptions traders have priced in an expected share price move of 3.2% in either direction around the earnings release. The implied volatility sits at the 25th percentile as of Thursday morning.\nLooking at the July 30 options expiration, call activity is spread out with higher activity at the 2600 strike while puts have been active at the 2490 and 2500 strikes. \nNote: Call options represent the right, but not the obligation, to buy the underlying security at a predetermined price over a set period of time. Put options represent the right, but not the obligation, to sell the underlying security at a predetermined price over a set period of time.\nTD Ameritrade® commentary for educational purposes only. Member SIPC. Options involve risks and are not suitable for all investors. Please read Characteristics and Risks of Standardized Options.\nImage by Gerd Altmann from Pixabay","news_type":1,"symbols_score_info":{"GOOG":1,"AAPL":0.9,"QTWO":1,"GOOGL":1,"MSFT":0.9,"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":2668,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":862273371,"gmtCreate":1632885641588,"gmtModify":1632885650801,"author":{"id":"4087973028773570","authorId":"4087973028773570","name":"Hironori","avatar":"https://static.tigerbbs.com/28d7b770ea0fe8e113b862847e2a4d39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087973028773570","idStr":"4087973028773570"},"themes":[],"htmlText":"👍🏼","listText":"👍🏼","text":"👍🏼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":20,"repostSize":0,"link":"https://laohu8.com/post/862273371","repostId":"817768788","repostType":1,"repost":{"id":817768788,"gmtCreate":1630989728544,"gmtModify":1632904737152,"author":{"id":"4087973028773570","authorId":"4087973028773570","name":"Hironori","avatar":"https://static.tigerbbs.com/28d7b770ea0fe8e113b862847e2a4d39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087973028773570","idStr":"4087973028773570"},"themes":[],"htmlText":"Investing in software companies?!https://softwarestackinvesting.com/decentralization-effects/","listText":"Investing in software companies?!https://softwarestackinvesting.com/decentralization-effects/","text":"Investing in software companies?!https://softwarestackinvesting.com/decentralization-effects/","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/817768788","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1533,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":843645771,"gmtCreate":1635827536494,"gmtModify":1635827731121,"author":{"id":"4087973028773570","authorId":"4087973028773570","name":"Hironori","avatar":"https://static.tigerbbs.com/28d7b770ea0fe8e113b862847e2a4d39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087973028773570","idStr":"4087973028773570"},"themes":[],"title":"Eastside Distilling","htmlText":"Eastside Distilling, Inc. Announces Securities Purchase Agreement for Private PlacementOctober 26, 2021, 5:33 amPORTLAND, Ore., Oct. 25, 2021 /PRNewswire/ -- Eastside Distilling, Inc. (NASDAQ: EAST) (\"Eastside\" or the \"Company\"), a consumer-focused beverage company that builds craft inspired experiential brands and high-quality artisan products around premium spirits and ready-to-drink \"RTD\" craft cocktails, today announced that it has entered into a securities purchase agreement for a private placement offering with Crater Lake Private Limited.Eastside Distilling (PRNewsfoto/Eastside Distilling, Inc.)Eastside Distilling (PRNewsfoto/Eastside Distilling, Inc.)Geoffrey Gwin, Chief Financial Officer commented, \"We are excited about this partnership with Crater Lake Private Limited. This inves","listText":"Eastside Distilling, Inc. Announces Securities Purchase Agreement for Private PlacementOctober 26, 2021, 5:33 amPORTLAND, Ore., Oct. 25, 2021 /PRNewswire/ -- Eastside Distilling, Inc. (NASDAQ: EAST) (\"Eastside\" or the \"Company\"), a consumer-focused beverage company that builds craft inspired experiential brands and high-quality artisan products around premium spirits and ready-to-drink \"RTD\" craft cocktails, today announced that it has entered into a securities purchase agreement for a private placement offering with Crater Lake Private Limited.Eastside Distilling (PRNewsfoto/Eastside Distilling, Inc.)Eastside Distilling (PRNewsfoto/Eastside Distilling, Inc.)Geoffrey Gwin, Chief Financial Officer commented, \"We are excited about this partnership with Crater Lake Private Limited. This inves","text":"Eastside Distilling, Inc. Announces Securities Purchase Agreement for Private PlacementOctober 26, 2021, 5:33 amPORTLAND, Ore., Oct. 25, 2021 /PRNewswire/ -- Eastside Distilling, Inc. (NASDAQ: EAST) (\"Eastside\" or the \"Company\"), a consumer-focused beverage company that builds craft inspired experiential brands and high-quality artisan products around premium spirits and ready-to-drink \"RTD\" craft cocktails, today announced that it has entered into a securities purchase agreement for a private placement offering with Crater Lake Private Limited.Eastside Distilling (PRNewsfoto/Eastside Distilling, Inc.)Eastside Distilling (PRNewsfoto/Eastside Distilling, Inc.)Geoffrey Gwin, Chief Financial Officer commented, \"We are excited about this partnership with Crater Lake Private Limited. This inves","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":15,"repostSize":0,"link":"https://laohu8.com/post/843645771","isVote":1,"tweetType":1,"viewCount":2357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":810945851,"gmtCreate":1629941702273,"gmtModify":1633681293964,"author":{"id":"4087973028773570","authorId":"4087973028773570","name":"Hironori","avatar":"https://static.tigerbbs.com/28d7b770ea0fe8e113b862847e2a4d39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087973028773570","idStr":"4087973028773570"},"themes":[],"htmlText":"Great company","listText":"Great company","text":"Great company","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":14,"repostSize":0,"link":"https://laohu8.com/post/810945851","repostId":"1157369196","repostType":4,"isVote":1,"tweetType":1,"viewCount":2738,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804662450,"gmtCreate":1627954591170,"gmtModify":1633754937002,"author":{"id":"4087973028773570","authorId":"4087973028773570","name":"Hironori","avatar":"https://static.tigerbbs.com/28d7b770ea0fe8e113b862847e2a4d39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087973028773570","idStr":"4087973028773570"},"themes":[],"htmlText":"Nice 👍🏼","listText":"Nice 👍🏼","text":"Nice 👍🏼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/804662450","repostId":"1155693481","repostType":4,"repost":{"id":"1155693481","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627913458,"share":"https://www.laohu8.com/m/news/1155693481?lang=zh_CN&edition=full","pubTime":"2021-08-02 22:10","market":"us","language":"en","title":"Tesla rose nearly 5% in morning trading<blockquote>特斯拉早盘涨近5%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155693481","media":"Tiger Newspress","summary":" $Tesla Motors$ rose nearly 5% in morning trading.Elon Musk confirms Tesla AI Day will be on August 19.In addition ,Last Thursday, Benzinga Proalerted its users Tesla hadfiled a patentthat would allow it to recover and recycle nickel and cobalt from old lithium-ion EV batteries.The patent, titled “Metal Sulfate Manufacturing System via Electrochemical Dissolution,” would allow the EV and technology company to recover the two crucial raw battery metals and reuse them making its supply chain more ","content":"<p>(August 2)&nbsp;<a href=\"https://laohu8.com/S/TSLA\">Tesla Motors</a> rose nearly 5% in morning trading.</p><p><blockquote>（8月2日）<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>早盘涨近5%。</blockquote></p><p> Elon Musk confirms Tesla AI Day will be on August 19.</p><p><blockquote>Elon Musk确认特斯拉人工智能日将于8月19日举行。</blockquote></p><p> In&nbsp;addition&nbsp;,Last Thursday,&nbsp;Benzinga Proalerted its users Tesla hadfiled a patentthat would allow it to recover and recycle nickel and cobalt from old lithium-ion EV batteries.</p><p><blockquote>此外，上周四，Benzinga提醒其用户特斯拉已申请一项专利，允许其从旧锂离子电动汽车电池中回收和再循环镍和钴。</blockquote></p><p> The patent, titled “Metal Sulfate Manufacturing System via Electrochemical Dissolution,” would allow the EV and technology company to recover the two crucial raw battery metals and reuse them making its supply chain more efficient.</p><p><blockquote>这项名为“通过电化学溶解的金属硫酸盐制造系统”的专利将使这家电动汽车和技术公司能够回收两种关键的电池金属原料并重复利用它们，从而提高其供应链的效率。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9faf5c64c1d04f0efe8c72c78addc130\" tg-width=\"725\" tg-height=\"633\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla rose nearly 5% in morning trading<blockquote>特斯拉早盘涨近5%</blockquote></title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\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\">\nTesla rose nearly 5% in morning trading<blockquote>特斯拉早盘涨近5%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-02 22:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(August 2)&nbsp;<a href=\"https://laohu8.com/S/TSLA\">Tesla Motors</a> rose nearly 5% in morning trading.</p><p><blockquote>（8月2日）<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>早盘涨近5%。</blockquote></p><p> Elon Musk confirms Tesla AI Day will be on August 19.</p><p><blockquote>Elon Musk确认特斯拉人工智能日将于8月19日举行。</blockquote></p><p> In&nbsp;addition&nbsp;,Last Thursday,&nbsp;Benzinga Proalerted its users Tesla hadfiled a patentthat would allow it to recover and recycle nickel and cobalt from old lithium-ion EV batteries.</p><p><blockquote>此外，上周四，Benzinga提醒其用户特斯拉已申请一项专利，允许其从旧锂离子电动汽车电池中回收和再循环镍和钴。</blockquote></p><p> The patent, titled “Metal Sulfate Manufacturing System via Electrochemical Dissolution,” would allow the EV and technology company to recover the two crucial raw battery metals and reuse them making its supply chain more efficient.</p><p><blockquote>这项名为“通过电化学溶解的金属硫酸盐制造系统”的专利将使这家电动汽车和技术公司能够回收两种关键的电池金属原料并重复利用它们，从而提高其供应链的效率。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9faf5c64c1d04f0efe8c72c78addc130\" tg-width=\"725\" tg-height=\"633\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155693481","content_text":"(August 2) Tesla Motors rose nearly 5% in morning trading.\nElon Musk confirms Tesla AI Day will be on August 19.\nIn addition ,Last Thursday, Benzinga Proalerted its users Tesla hadfiled a patentthat would allow it to recover and recycle nickel and cobalt from old lithium-ion EV batteries.\nThe patent, titled “Metal Sulfate Manufacturing System via Electrochemical Dissolution,” would allow the EV and technology company to recover the two crucial raw battery metals and reuse them making its supply chain more efficient.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1275,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173238832,"gmtCreate":1626661326826,"gmtModify":1633925144565,"author":{"id":"4087973028773570","authorId":"4087973028773570","name":"Hironori","avatar":"https://static.tigerbbs.com/28d7b770ea0fe8e113b862847e2a4d39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087973028773570","idStr":"4087973028773570"},"themes":[],"htmlText":"Nice information","listText":"Nice information","text":"Nice information","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/173238832","repostId":"1136441155","repostType":4,"repost":{"id":"1136441155","kind":"news","pubTimestamp":1626659100,"share":"https://www.laohu8.com/m/news/1136441155?lang=zh_CN&edition=full","pubTime":"2021-07-19 09:45","market":"us","language":"en","title":"What You Need to Know about SPACs – Wall Street’s Hottest Trend<blockquote>关于SPAC你需要知道什么——华尔街最热门的趋势</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1136441155","media":"FX Empire","summary":"Recently, U.S cryptocurrency exchange “Bullish” announced it is aiming for a $9 billion listing on t","content":"<p>Recently, U.S cryptocurrency exchange “Bullish” announced it is aiming for a $9 billion listing on the&nbsp;New York Stock Exchangevia a merger with Far Peak Acquisition Corporation, a special purpose acquisition company (SPAC).</p><p><blockquote>最近，美国加密货币交易所“看涨”宣布，它的目标是通过与特殊目的收购公司（SPAC）Far Peak Acquisition Corporation合并，在纽约证券交易所上市90亿美元。</blockquote></p><p> While many were focusing on what this transaction will mean to the crypto industry, others were asking, what is a SPAC and why should I learn about it? Still, others want to know if it’s an investment strategy that’s here to stay or another Wall Street fad.</p><p><blockquote>当许多人关注这笔交易对加密行业意味着什么时，其他人则在问，什么是SPAC，我为什么要了解它？尽管如此，其他人想知道这是一种会持续下去的投资策略还是另一种华尔街时尚。</blockquote></p><p> <ul>  <li>What is a special purpose acquisition company (SPAC)?</p><p><blockquote><ul><li>什么是特殊目的收购公司(SPAC)？</li></ul></blockquote></p><p></li>  <li>How is a SPAC Formed?</p><p><blockquote><li>特殊目的收购公司是如何形成的？</li></blockquote></p><p></li>  <li>How Does a SPAC Operate?</p><p><blockquote><li>特殊目的收购公司如何运作？</li></blockquote></p><p></li>  <li>Time is of the Essence</p><p><blockquote><li>时间是至关重要的</li></blockquote></p><p></li>  <li>What are the Advantages of a SPAC and Who Benefits?</p><p><blockquote><li>特殊目的收购公司的优势是什么？谁受益？</li></blockquote></p><p></li>  <li>Are There Any Pitfalls?</p><p><blockquote><li>有什么坑吗？</li></blockquote></p><p></li>  <li>What are Some High-Profile Examples of SPACs?</p><p><blockquote><li>SPAC有哪些备受瞩目的例子？</li></blockquote></p><p></li> </ul> What is a Special Purpose Acquisition Company (SPAC)?</p><p><blockquote>什么是特殊目的收购公司(SPAC)？</blockquote></p><p> According to most legal sources, a special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company.</p><p><blockquote>根据大多数法律消息来源，特殊目的收购公司（SPAC）是一家没有商业运营的公司，其成立严格是为了通过首次公开募股（IPO）筹集资金，目的是收购现有公司。</blockquote></p><p> SPACs aren’t new. They have been around for decades, but have recently become more popular because low yields have driven investors to seek alternative ways to increase their capital. Not only have they become popular with sophisticated, high-wealth individuals, but they have also drawn the attention of underwriters who envision a big payday in the form of commissions and fees.</p><p><blockquote>SPAC并不新鲜。它们已经存在了几十年，但最近变得更受欢迎，因为低收益率促使投资者寻求其他方式来增加资本。它们不仅受到老练、高财富个人的欢迎，还引起了承销商的注意，他们设想以佣金和费用的形式获得丰厚的发薪日。</blockquote></p><p> SPAC IPOs have seen a resurgent interest since 2014, with increasing amounts of capital flowing to them.</p><p><blockquote>自2014年以来，SPAC IPO的兴趣重新燃起，越来越多的资本流向它们。</blockquote></p><p> <ul>  <li>2014:&nbsp; $1.8 billion across 12 SPAC IPOs</p><p><blockquote><ul><li>2014年：12次SPAC IPO募资18亿美元</li></ul></blockquote></p><p></li>  <li>2015:&nbsp; $3.9 billion across 20 SPAC IPOs</p><p><blockquote><li>2015年：20次SPAC IPO募资39亿美元</li></blockquote></p><p></li>  <li>2016:&nbsp; $3.5 billion across 13 SPAC IPOs</p><p><blockquote><li>2016年：13次SPAC IPO募资35亿美元</li></blockquote></p><p></li>  <li>2017:&nbsp; $10.1 billion across 34 SPAC IPOs</p><p><blockquote><li>2017年：34次SPAC IPO融资101亿美元</li></blockquote></p><p></li>  <li>2018:&nbsp; $10.7 billion across 46 SPAC IPOs</p><p><blockquote><li>2018年：46次SPAC IPO募资107亿美元</li></blockquote></p><p></li>  <li>2019:&nbsp; $13.6 billion across 59 SPAC IPOs</p><p><blockquote><li>2019年：59次SPAC IPO募资136亿美元</li></blockquote></p><p></li>  <li>2020:&nbsp; $83.3 billion across 248 SPAC IPO</p><p><blockquote><li>2020年：248家SPAC IPO募资833亿美元</li></blockquote></p><p></li> </ul> How is a SPAC Formed?</p><p><blockquote>特殊目的收购公司是如何形成的？</blockquote></p><p> A SPAC is created, or sponsored, by a team of institutional investors, Wall Street professionals from the world of private equity or hedge funds. They create this entity that has no commercial operations. It makes no products and does not sell anything. In fact, the SPAC’s only assets are typically the money raised in its own IPO, according to the Security and Exchange Commission (SEC).</p><p><blockquote>SPAC是由机构投资者、来自私募股权或对冲基金领域的华尔街专业人士团队创建或赞助的。他们创建了这个没有商业运作的实体。它不生产任何产品，也不销售任何东西。事实上，根据美国证券交易委员会(SEC)的说法，SPAC唯一的资产通常是其IPO筹集的资金。</blockquote></p><p> What’s interesting about a SPAC is that when it raises money, the investors buying into its IPO do not know what the eventual acquisition target company will be. That’s part of its mystique, however, since institutional investors with track records of success can more easily convince other investors to invest in the unknown. Due to this, a SPAC is also often called a “blank check company.”</p><p><blockquote>SPAC的有趣之处在于，当它筹集资金时，购买其IPO的投资者并不知道最终的收购目标公司是什么。然而，这也是其神秘之处的一部分，因为拥有成功记录的机构投资者可以更容易地说服其他投资者投资未知领域。因此，SPAC通常也被称为“空白支票公司”。</blockquote></p><p> How Does a SPAC Operate?</p><p><blockquote>特殊目的收购公司如何运作？</blockquote></p><p> After the SPAC is legally created, it now needs cash to create the capital needed to do the acquiring of another company, for example, in the future. Remember, the SPAC is not going to raise money to buy equipment, computers, software, or even pay rent. It needs the money to buy what is often referred to as the “eventual acquisition target company”.</p><p><blockquote>SPAC合法创建后，它现在需要现金来创造未来收购另一家公司所需的资本。请记住，SPAC不会筹集资金购买设备、计算机、软件，甚至支付租金。它需要这笔钱来收购通常被称为“最终收购目标公司”的公司。</blockquote></p><p> A SPAC will raise the money it needs through its own IPO. CNBC says that SPAC IPOs are usually priced at $10 a share. Once the initial capital is raised, the money goes into an interest-bearing trust account until the SPAC’s founders or management team finds a private company looking to go public through an acquisition.</p><p><blockquote>SPAC将通过自己的IPO筹集所需资金。CNBC表示，SPAC IPO的定价通常为每股10美元。一旦筹集到初始资本，资金就会进入计息信托账户，直到SPAC的创始人或管理团队找到一家希望通过收购上市的私营公司。</blockquote></p><p> Legal experts say that once an acquisition is completed (with SPAC shareholders voting to approve the deal), the SPAC’s investors can either swap their shares for shares of the merged company or redeem their SPAC shares to get back their original investment, plus the interest accrued while that money was in trust. The SPAC sponsors typically get about 20% stake in the final, merged company.</p><p><blockquote>法律专家表示，一旦收购完成（SPAC股东投票批准该交易），SPAC的投资者可以将其股票换成合并后公司的股票，也可以赎回其SPAC股票以收回原始投资，加上这笔钱托管时应计的利息。SPAC发起人通常会获得最终合并公司约20%的股份。</blockquote></p><p> Time is of the Essence</p><p><blockquote>时间是至关重要的</blockquote></p><p> Once SPAC sponsors raise the capital they need to go to work acquiring companies, they can’t sit on the funds forever, even if they are protected by trust and earning interest. SPAC sponsors also have a deadline by which they have to find a suitable deal, typically within about two years of the IPO. Otherwise, the SPAC is liquidated and investors get their money back with interest.</p><p><blockquote>一旦SPAC发起人筹集到他们去工作收购公司所需的资本，他们无法永远坐在基金上，即使他们受到信托和利息的保护。SPAC发起人也有一个必须找到合适交易的最后期限，通常是在IPO后两年内。否则，SPAC将被清算，投资者将连本带利收回资金。</blockquote></p><p> What are the Advantages of a SPAC and Who Benefits?</p><p><blockquote>特殊目的收购公司的优势是什么？谁受益？</blockquote></p><p> Owners of smaller companies find selling to a SPAC more profitable because the sale often adds about 20% to the price of the deal compared to a typical private equity deal. Additionally, being acquired by a SPAC can also offer business owners what is essentially a faster IPO process under the guidance of an experienced partner, with less worry about the swings in broader market sentiment.</p><p><blockquote>小公司的所有者发现出售给SPAC更有利可图，因为与典型的私募股权交易相比，出售通常会使交易价格增加约20%。此外，被SPAC收购还可以让企业主在经验丰富的合作伙伴的指导下加快IPO流程，减少对更广泛市场情绪波动的担忧。</blockquote></p><p></p><p> Business owners are often worried about extreme market volatility or the fear that weak investor sentiment could force the postponement of an IPO. By dealing directly with the SPAC, these worries are essentially eliminated.</p><p><blockquote>企业主经常担心市场极度波动，或者担心投资者情绪疲软可能迫使IPO推迟。通过直接与SPAC打交道，基本上消除了这些担忧。</blockquote></p><p> Furthermore, a deal with a SPAC can be wrapped up in just a few months versus the traditional process of registering an IPO with the SEC, which can take up to six months.</p><p><blockquote>此外，与SPAC的交易可以在短短几个月内完成，而传统的向SEC注册IPO的流程可能需要长达六个月的时间。</blockquote></p><p> Basically, the key advantage is a business owner can get his money faster and without a lot of government tape.</p><p><blockquote>基本上，关键的优势是企业主可以更快地拿到钱，而且没有很多政府磁带。</blockquote></p><p> Are There Any Pitfalls?</p><p><blockquote>有什么坑吗？</blockquote></p><p> Nothing is guaranteed and SPACs are no exception to that rule. Although they are extremely popular in 2021 for large institutional investors and other billionaire backers, this trend can go away quickly if “something better” comes along.</p><p><blockquote>没有什么是可以保证的，SPAC也不例外。尽管它们在2021年对大型机构投资者和其他亿万富翁支持者来说非常受欢迎，但如果“更好的东西”出现，这种趋势可能会很快消失。</blockquote></p><p> Other factors that could determine its long-term popularity include the fact that target companies run the risk of having their acquisition rejected by SPAC shareholders. Even the rich get cold feet about a deal. Furthermore, investors are literally going blindly into the investment.</p><p><blockquote>其他可能决定其长期受欢迎程度的因素包括目标公司面临收购被SPAC股东拒绝的风险。即使是富人也会对交易临阵退缩。此外，投资者实际上是盲目投资。</blockquote></p><p> SPACs will probably retain their popularity until the major players decide to let the smaller investors into the game. That’s usually when the rules change and the government regulations get tougher in order to protect undercapitalized investors from losing all their money.</p><p><blockquote>SPAC可能会保持其受欢迎程度，直到主要参与者决定让小投资者参与进来。这通常是规则发生变化，政府法规变得更加严格，以保护资本不足的投资者不损失所有资金。</blockquote></p><p> What are Some High-Profile Examples of SPACs?</p><p><blockquote>SPAC有哪些备受瞩目的例子？</blockquote></p><p> We don’t know yet how the SPAC for Bullish will play out because it was just announced. But since it involves cryptocurrencies, it will probably become a profitable venture since investors looking to get aboard the craze have been throwing money at the asset class.</p><p><blockquote>我们还不知道看涨的特殊目的收购公司将如何发展，因为它刚刚宣布。但由于它涉及加密货币，它可能会成为一项有利可图的投资，因为希望加入这一热潮的投资者一直在向这一资产类别投入资金。</blockquote></p><p> High-profile SPACs like&nbsp;DraftKings&nbsp;and&nbsp;Virgin Galactic&nbsp;have performed well for investors, but that hasn’t always been the case with average returns from SPAC mergers completed between 2015 and 2020 falling short of the average post-market return for investors from an IPO.</p><p><blockquote>DraftKings和维珍银河等备受瞩目的SPAC对投资者来说表现良好，但情况并非总是如此，2015年至2020年间完成的SPAC合并的平均回报低于投资者从IPO中获得的平均上市后回报。</blockquote></p><p> A noted prominent short-seller of SPACs said, “a business model that incentivizes promoters to do something – anything – with other people’s money is bound to lead to significant value destruction on occasion.”</p><p><blockquote>一位著名的SPAC卖空者表示，“激励发起人用别人的钱做某事——任何事情——的商业模式有时肯定会导致重大的价值破坏。”</blockquote></p><p> Like any investment, it pays to do your homework before putting money into a SPAC.</p><p><blockquote>与任何投资一样，在向SPAC投资之前做好功课是值得的。</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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: 12.5px; color: #7E829C; margin: 0;}\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\">\nWhat You Need to Know about SPACs – Wall Street’s Hottest Trend<blockquote>关于SPAC你需要知道什么——华尔街最热门的趋势</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">FX Empire</strong><span class=\"h-time small\">2021-07-19 09:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Recently, U.S cryptocurrency exchange “Bullish” announced it is aiming for a $9 billion listing on the&nbsp;New York Stock Exchangevia a merger with Far Peak Acquisition Corporation, a special purpose acquisition company (SPAC).</p><p><blockquote>最近，美国加密货币交易所“看涨”宣布，它的目标是通过与特殊目的收购公司（SPAC）Far Peak Acquisition Corporation合并，在纽约证券交易所上市90亿美元。</blockquote></p><p> While many were focusing on what this transaction will mean to the crypto industry, others were asking, what is a SPAC and why should I learn about it? Still, others want to know if it’s an investment strategy that’s here to stay or another Wall Street fad.</p><p><blockquote>当许多人关注这笔交易对加密行业意味着什么时，其他人则在问，什么是SPAC，我为什么要了解它？尽管如此，其他人想知道这是一种会持续下去的投资策略还是另一种华尔街时尚。</blockquote></p><p> <ul>  <li>What is a special purpose acquisition company (SPAC)?</p><p><blockquote><ul><li>什么是特殊目的收购公司(SPAC)？</li></ul></blockquote></p><p></li>  <li>How is a SPAC Formed?</p><p><blockquote><li>特殊目的收购公司是如何形成的？</li></blockquote></p><p></li>  <li>How Does a SPAC Operate?</p><p><blockquote><li>特殊目的收购公司如何运作？</li></blockquote></p><p></li>  <li>Time is of the Essence</p><p><blockquote><li>时间是至关重要的</li></blockquote></p><p></li>  <li>What are the Advantages of a SPAC and Who Benefits?</p><p><blockquote><li>特殊目的收购公司的优势是什么？谁受益？</li></blockquote></p><p></li>  <li>Are There Any Pitfalls?</p><p><blockquote><li>有什么坑吗？</li></blockquote></p><p></li>  <li>What are Some High-Profile Examples of SPACs?</p><p><blockquote><li>SPAC有哪些备受瞩目的例子？</li></blockquote></p><p></li> </ul> What is a Special Purpose Acquisition Company (SPAC)?</p><p><blockquote>什么是特殊目的收购公司(SPAC)？</blockquote></p><p> According to most legal sources, a special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company.</p><p><blockquote>根据大多数法律消息来源，特殊目的收购公司（SPAC）是一家没有商业运营的公司，其成立严格是为了通过首次公开募股（IPO）筹集资金，目的是收购现有公司。</blockquote></p><p> SPACs aren’t new. They have been around for decades, but have recently become more popular because low yields have driven investors to seek alternative ways to increase their capital. Not only have they become popular with sophisticated, high-wealth individuals, but they have also drawn the attention of underwriters who envision a big payday in the form of commissions and fees.</p><p><blockquote>SPAC并不新鲜。它们已经存在了几十年，但最近变得更受欢迎，因为低收益率促使投资者寻求其他方式来增加资本。它们不仅受到老练、高财富个人的欢迎，还引起了承销商的注意，他们设想以佣金和费用的形式获得丰厚的发薪日。</blockquote></p><p> SPAC IPOs have seen a resurgent interest since 2014, with increasing amounts of capital flowing to them.</p><p><blockquote>自2014年以来，SPAC IPO的兴趣重新燃起，越来越多的资本流向它们。</blockquote></p><p> <ul>  <li>2014:&nbsp; $1.8 billion across 12 SPAC IPOs</p><p><blockquote><ul><li>2014年：12次SPAC IPO募资18亿美元</li></ul></blockquote></p><p></li>  <li>2015:&nbsp; $3.9 billion across 20 SPAC IPOs</p><p><blockquote><li>2015年：20次SPAC IPO募资39亿美元</li></blockquote></p><p></li>  <li>2016:&nbsp; $3.5 billion across 13 SPAC IPOs</p><p><blockquote><li>2016年：13次SPAC IPO募资35亿美元</li></blockquote></p><p></li>  <li>2017:&nbsp; $10.1 billion across 34 SPAC IPOs</p><p><blockquote><li>2017年：34次SPAC IPO融资101亿美元</li></blockquote></p><p></li>  <li>2018:&nbsp; $10.7 billion across 46 SPAC IPOs</p><p><blockquote><li>2018年：46次SPAC IPO募资107亿美元</li></blockquote></p><p></li>  <li>2019:&nbsp; $13.6 billion across 59 SPAC IPOs</p><p><blockquote><li>2019年：59次SPAC IPO募资136亿美元</li></blockquote></p><p></li>  <li>2020:&nbsp; $83.3 billion across 248 SPAC IPO</p><p><blockquote><li>2020年：248家SPAC IPO募资833亿美元</li></blockquote></p><p></li> </ul> How is a SPAC Formed?</p><p><blockquote>特殊目的收购公司是如何形成的？</blockquote></p><p> A SPAC is created, or sponsored, by a team of institutional investors, Wall Street professionals from the world of private equity or hedge funds. They create this entity that has no commercial operations. It makes no products and does not sell anything. In fact, the SPAC’s only assets are typically the money raised in its own IPO, according to the Security and Exchange Commission (SEC).</p><p><blockquote>SPAC是由机构投资者、来自私募股权或对冲基金领域的华尔街专业人士团队创建或赞助的。他们创建了这个没有商业运作的实体。它不生产任何产品，也不销售任何东西。事实上，根据美国证券交易委员会(SEC)的说法，SPAC唯一的资产通常是其IPO筹集的资金。</blockquote></p><p> What’s interesting about a SPAC is that when it raises money, the investors buying into its IPO do not know what the eventual acquisition target company will be. That’s part of its mystique, however, since institutional investors with track records of success can more easily convince other investors to invest in the unknown. Due to this, a SPAC is also often called a “blank check company.”</p><p><blockquote>SPAC的有趣之处在于，当它筹集资金时，购买其IPO的投资者并不知道最终的收购目标公司是什么。然而，这也是其神秘之处的一部分，因为拥有成功记录的机构投资者可以更容易地说服其他投资者投资未知领域。因此，SPAC通常也被称为“空白支票公司”。</blockquote></p><p> How Does a SPAC Operate?</p><p><blockquote>特殊目的收购公司如何运作？</blockquote></p><p> After the SPAC is legally created, it now needs cash to create the capital needed to do the acquiring of another company, for example, in the future. Remember, the SPAC is not going to raise money to buy equipment, computers, software, or even pay rent. It needs the money to buy what is often referred to as the “eventual acquisition target company”.</p><p><blockquote>SPAC合法创建后，它现在需要现金来创造未来收购另一家公司所需的资本。请记住，SPAC不会筹集资金购买设备、计算机、软件，甚至支付租金。它需要这笔钱来收购通常被称为“最终收购目标公司”的公司。</blockquote></p><p> A SPAC will raise the money it needs through its own IPO. CNBC says that SPAC IPOs are usually priced at $10 a share. Once the initial capital is raised, the money goes into an interest-bearing trust account until the SPAC’s founders or management team finds a private company looking to go public through an acquisition.</p><p><blockquote>SPAC将通过自己的IPO筹集所需资金。CNBC表示，SPAC IPO的定价通常为每股10美元。一旦筹集到初始资本，资金就会进入计息信托账户，直到SPAC的创始人或管理团队找到一家希望通过收购上市的私营公司。</blockquote></p><p> Legal experts say that once an acquisition is completed (with SPAC shareholders voting to approve the deal), the SPAC’s investors can either swap their shares for shares of the merged company or redeem their SPAC shares to get back their original investment, plus the interest accrued while that money was in trust. The SPAC sponsors typically get about 20% stake in the final, merged company.</p><p><blockquote>法律专家表示，一旦收购完成（SPAC股东投票批准该交易），SPAC的投资者可以将其股票换成合并后公司的股票，也可以赎回其SPAC股票以收回原始投资，加上这笔钱托管时应计的利息。SPAC发起人通常会获得最终合并公司约20%的股份。</blockquote></p><p> Time is of the Essence</p><p><blockquote>时间是至关重要的</blockquote></p><p> Once SPAC sponsors raise the capital they need to go to work acquiring companies, they can’t sit on the funds forever, even if they are protected by trust and earning interest. SPAC sponsors also have a deadline by which they have to find a suitable deal, typically within about two years of the IPO. Otherwise, the SPAC is liquidated and investors get their money back with interest.</p><p><blockquote>一旦SPAC发起人筹集到他们去工作收购公司所需的资本，他们无法永远坐在基金上，即使他们受到信托和利息的保护。SPAC发起人也有一个必须找到合适交易的最后期限，通常是在IPO后两年内。否则，SPAC将被清算，投资者将连本带利收回资金。</blockquote></p><p> What are the Advantages of a SPAC and Who Benefits?</p><p><blockquote>特殊目的收购公司的优势是什么？谁受益？</blockquote></p><p> Owners of smaller companies find selling to a SPAC more profitable because the sale often adds about 20% to the price of the deal compared to a typical private equity deal. Additionally, being acquired by a SPAC can also offer business owners what is essentially a faster IPO process under the guidance of an experienced partner, with less worry about the swings in broader market sentiment.</p><p><blockquote>小公司的所有者发现出售给SPAC更有利可图，因为与典型的私募股权交易相比，出售通常会使交易价格增加约20%。此外，被SPAC收购还可以让企业主在经验丰富的合作伙伴的指导下加快IPO流程，减少对更广泛市场情绪波动的担忧。</blockquote></p><p></p><p> Business owners are often worried about extreme market volatility or the fear that weak investor sentiment could force the postponement of an IPO. By dealing directly with the SPAC, these worries are essentially eliminated.</p><p><blockquote>企业主经常担心市场极度波动，或者担心投资者情绪疲软可能迫使IPO推迟。通过直接与SPAC打交道，基本上消除了这些担忧。</blockquote></p><p> Furthermore, a deal with a SPAC can be wrapped up in just a few months versus the traditional process of registering an IPO with the SEC, which can take up to six months.</p><p><blockquote>此外，与SPAC的交易可以在短短几个月内完成，而传统的向SEC注册IPO的流程可能需要长达六个月的时间。</blockquote></p><p> Basically, the key advantage is a business owner can get his money faster and without a lot of government tape.</p><p><blockquote>基本上，关键的优势是企业主可以更快地拿到钱，而且没有很多政府磁带。</blockquote></p><p> Are There Any Pitfalls?</p><p><blockquote>有什么坑吗？</blockquote></p><p> Nothing is guaranteed and SPACs are no exception to that rule. Although they are extremely popular in 2021 for large institutional investors and other billionaire backers, this trend can go away quickly if “something better” comes along.</p><p><blockquote>没有什么是可以保证的，SPAC也不例外。尽管它们在2021年对大型机构投资者和其他亿万富翁支持者来说非常受欢迎，但如果“更好的东西”出现，这种趋势可能会很快消失。</blockquote></p><p> Other factors that could determine its long-term popularity include the fact that target companies run the risk of having their acquisition rejected by SPAC shareholders. Even the rich get cold feet about a deal. Furthermore, investors are literally going blindly into the investment.</p><p><blockquote>其他可能决定其长期受欢迎程度的因素包括目标公司面临收购被SPAC股东拒绝的风险。即使是富人也会对交易临阵退缩。此外，投资者实际上是盲目投资。</blockquote></p><p> SPACs will probably retain their popularity until the major players decide to let the smaller investors into the game. That’s usually when the rules change and the government regulations get tougher in order to protect undercapitalized investors from losing all their money.</p><p><blockquote>SPAC可能会保持其受欢迎程度，直到主要参与者决定让小投资者参与进来。这通常是规则发生变化，政府法规变得更加严格，以保护资本不足的投资者不损失所有资金。</blockquote></p><p> What are Some High-Profile Examples of SPACs?</p><p><blockquote>SPAC有哪些备受瞩目的例子？</blockquote></p><p> We don’t know yet how the SPAC for Bullish will play out because it was just announced. But since it involves cryptocurrencies, it will probably become a profitable venture since investors looking to get aboard the craze have been throwing money at the asset class.</p><p><blockquote>我们还不知道看涨的特殊目的收购公司将如何发展，因为它刚刚宣布。但由于它涉及加密货币，它可能会成为一项有利可图的投资，因为希望加入这一热潮的投资者一直在向这一资产类别投入资金。</blockquote></p><p> High-profile SPACs like&nbsp;DraftKings&nbsp;and&nbsp;Virgin Galactic&nbsp;have performed well for investors, but that hasn’t always been the case with average returns from SPAC mergers completed between 2015 and 2020 falling short of the average post-market return for investors from an IPO.</p><p><blockquote>DraftKings和维珍银河等备受瞩目的SPAC对投资者来说表现良好，但情况并非总是如此，2015年至2020年间完成的SPAC合并的平均回报低于投资者从IPO中获得的平均上市后回报。</blockquote></p><p> A noted prominent short-seller of SPACs said, “a business model that incentivizes promoters to do something – anything – with other people’s money is bound to lead to significant value destruction on occasion.”</p><p><blockquote>一位著名的SPAC卖空者表示，“激励发起人用别人的钱做某事——任何事情——的商业模式有时肯定会导致重大的价值破坏。”</blockquote></p><p> Like any investment, it pays to do your homework before putting money into a SPAC.</p><p><blockquote>与任何投资一样，在向SPAC投资之前做好功课是值得的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/know-spacs-wall-street-hottest-080757555.html\">FX Empire</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DKNG":"DraftKings Inc.","FPAC":"Far Peak Acquisition Corp","SPCE":"维珍银河"},"source_url":"https://finance.yahoo.com/news/know-spacs-wall-street-hottest-080757555.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136441155","content_text":"Recently, U.S cryptocurrency exchange “Bullish” announced it is aiming for a $9 billion listing on the New York Stock Exchangevia a merger with Far Peak Acquisition Corporation, a special purpose acquisition company (SPAC).\nWhile many were focusing on what this transaction will mean to the crypto industry, others were asking, what is a SPAC and why should I learn about it? Still, others want to know if it’s an investment strategy that’s here to stay or another Wall Street fad.\n\nWhat is a special purpose acquisition company (SPAC)?\nHow is a SPAC Formed?\nHow Does a SPAC Operate?\nTime is of the Essence\nWhat are the Advantages of a SPAC and Who Benefits?\nAre There Any Pitfalls?\nWhat are Some High-Profile Examples of SPACs?\n\nWhat is a Special Purpose Acquisition Company (SPAC)?\nAccording to most legal sources, a special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company.\nSPACs aren’t new. They have been around for decades, but have recently become more popular because low yields have driven investors to seek alternative ways to increase their capital. Not only have they become popular with sophisticated, high-wealth individuals, but they have also drawn the attention of underwriters who envision a big payday in the form of commissions and fees.\nSPAC IPOs have seen a resurgent interest since 2014, with increasing amounts of capital flowing to them.\n\n2014:  $1.8 billion across 12 SPAC IPOs\n2015:  $3.9 billion across 20 SPAC IPOs\n2016:  $3.5 billion across 13 SPAC IPOs\n2017:  $10.1 billion across 34 SPAC IPOs\n2018:  $10.7 billion across 46 SPAC IPOs\n2019:  $13.6 billion across 59 SPAC IPOs\n2020:  $83.3 billion across 248 SPAC IPO\n\nHow is a SPAC Formed?\nA SPAC is created, or sponsored, by a team of institutional investors, Wall Street professionals from the world of private equity or hedge funds. They create this entity that has no commercial operations. It makes no products and does not sell anything. In fact, the SPAC’s only assets are typically the money raised in its own IPO, according to the Security and Exchange Commission (SEC).\nWhat’s interesting about a SPAC is that when it raises money, the investors buying into its IPO do not know what the eventual acquisition target company will be. That’s part of its mystique, however, since institutional investors with track records of success can more easily convince other investors to invest in the unknown. Due to this, a SPAC is also often called a “blank check company.”\nHow Does a SPAC Operate?\nAfter the SPAC is legally created, it now needs cash to create the capital needed to do the acquiring of another company, for example, in the future. Remember, the SPAC is not going to raise money to buy equipment, computers, software, or even pay rent. It needs the money to buy what is often referred to as the “eventual acquisition target company”.\nA SPAC will raise the money it needs through its own IPO. CNBC says that SPAC IPOs are usually priced at $10 a share. Once the initial capital is raised, the money goes into an interest-bearing trust account until the SPAC’s founders or management team finds a private company looking to go public through an acquisition.\nLegal experts say that once an acquisition is completed (with SPAC shareholders voting to approve the deal), the SPAC’s investors can either swap their shares for shares of the merged company or redeem their SPAC shares to get back their original investment, plus the interest accrued while that money was in trust. The SPAC sponsors typically get about 20% stake in the final, merged company.\nTime is of the Essence\nOnce SPAC sponsors raise the capital they need to go to work acquiring companies, they can’t sit on the funds forever, even if they are protected by trust and earning interest. SPAC sponsors also have a deadline by which they have to find a suitable deal, typically within about two years of the IPO. Otherwise, the SPAC is liquidated and investors get their money back with interest.\nWhat are the Advantages of a SPAC and Who Benefits?\nOwners of smaller companies find selling to a SPAC more profitable because the sale often adds about 20% to the price of the deal compared to a typical private equity deal. Additionally, being acquired by a SPAC can also offer business owners what is essentially a faster IPO process under the guidance of an experienced partner, with less worry about the swings in broader market sentiment.\nBusiness owners are often worried about extreme market volatility or the fear that weak investor sentiment could force the postponement of an IPO. By dealing directly with the SPAC, these worries are essentially eliminated.\nFurthermore, a deal with a SPAC can be wrapped up in just a few months versus the traditional process of registering an IPO with the SEC, which can take up to six months.\nBasically, the key advantage is a business owner can get his money faster and without a lot of government tape.\nAre There Any Pitfalls?\nNothing is guaranteed and SPACs are no exception to that rule. Although they are extremely popular in 2021 for large institutional investors and other billionaire backers, this trend can go away quickly if “something better” comes along.\nOther factors that could determine its long-term popularity include the fact that target companies run the risk of having their acquisition rejected by SPAC shareholders. Even the rich get cold feet about a deal. Furthermore, investors are literally going blindly into the investment.\nSPACs will probably retain their popularity until the major players decide to let the smaller investors into the game. That’s usually when the rules change and the government regulations get tougher in order to protect undercapitalized investors from losing all their money.\nWhat are Some High-Profile Examples of SPACs?\nWe don’t know yet how the SPAC for Bullish will play out because it was just announced. But since it involves cryptocurrencies, it will probably become a profitable venture since investors looking to get aboard the craze have been throwing money at the asset class.\nHigh-profile SPACs like DraftKings and Virgin Galactic have performed well for investors, but that hasn’t always been the case with average returns from SPAC mergers completed between 2015 and 2020 falling short of the average post-market return for investors from an IPO.\nA noted prominent short-seller of SPACs said, “a business model that incentivizes promoters to do something – anything – with other people’s money is bound to lead to significant value destruction on occasion.”\nLike any investment, it pays to do your homework before putting money into a SPAC.","news_type":1,"symbols_score_info":{"SPCE":0.9,"FPAC":0.9,"DKNG":0.9}},"isVote":1,"tweetType":1,"viewCount":399,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177927169,"gmtCreate":1627177338951,"gmtModify":1633767479418,"author":{"id":"4087973028773570","authorId":"4087973028773570","name":"Hironori","avatar":"https://static.tigerbbs.com/28d7b770ea0fe8e113b862847e2a4d39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087973028773570","idStr":"4087973028773570"},"themes":[],"htmlText":"Nice!","listText":"Nice!","text":"Nice!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/177927169","repostId":"1112927800","repostType":4,"repost":{"id":"1112927800","kind":"news","pubTimestamp":1627089375,"share":"https://www.laohu8.com/m/news/1112927800?lang=zh_CN&edition=full","pubTime":"2021-07-24 09:16","market":"us","language":"en","title":"Will NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112927800","media":"seekingalpha","summary":"Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV p","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.</li>  <li>NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.</li>  <li>NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f749c70c8a2af3e18d5f6cecc72bfbb\" tg-width=\"1536\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>让我们来看看今天的蔚来与特斯拉相比如何，蔚来的独特卖点，以及两家公司的相似之处。</li><li>蔚来是一个高增长的选择，相对于特斯拉的估值，它似乎并不太昂贵。</li><li>然而，蔚来并不是一只低风险股票，它可能并不是每个人的好选择。投资者还应该考虑蔚来与传统汽车公司的估值。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> NIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.</p><p><blockquote>蔚来公司（蔚来）是中国领先的电动汽车制造商之一，通过其有吸引力的品牌和独特的BaaS产品吸引了消费者和投资者的极大兴趣。然而，如今，该公司仍然比目前引领全球电动汽车市场的特斯拉（TSLA）小得多。蔚来目前专注于国内市场，当特斯拉还是一家较小的公司时也是如此，但蔚来也将试图在海外市场抢占市场份额。股价已经反映了很大的增长，但如果蔚来能够复制特斯拉的成功，这可能是非常合理的。</blockquote></p><p> <b>NIO And TSLA Stock Prices</b></p><p><blockquote><b>蔚来和特斯拉股价</b></blockquote></p><p> Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.</p><p><blockquote>2020年，两家公司都受益于人们对电动汽车日益增长的兴趣，这一趋势导致大多数纯电动汽车公司的股价迅速上涨。电动汽车市场份额不断增长、电动汽车购买补贴等宽松政策以及大规模货币刺激措施相结合，让蔚来和特斯拉的股价迅速上涨。蔚来去年上涨了245%，而特斯拉同期上涨了101%。然而，两家公司目前的交易价格均低于2021年初创下的历史高点，随后纯电动汽车的市场情绪在一定程度上降温。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ff5ce865807df85283775d2293b41af\" tg-width=\"635\" tg-height=\"481\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Taking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.</p><p><blockquote>快速浏览一下分析师的目标价，我们发现特斯拉的交易价格几乎完全符合共识，而蔚来的交易价格比分析师目标低约30%。如果分析师界是正确的，那么蔚来是一项更好的投资，因为预计特斯拉的股价明年不会大幅上涨，而蔚来的股价较分析师目标价有显着上涨空间。</blockquote></p><p> <b>Is NIO Similar To Tesla?</b></p><p><blockquote><b>蔚来和特斯拉相似吗？</b></blockquote></p><p> The answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:</p><p><blockquote>这个问题的答案取决于你关注的是什么。两家公司有相似之处，但也有不同之处。因此，人们可以说，在某些方面，两者是相似的，但在另一些方面，它们不是。让我们看几件事：</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Both companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.</p><p><blockquote>两家公司都专注于电动汽车领域，尽管特斯拉多年来也在发展其他一些业务，例如储能。特斯拉的大部分收入来自销售电动汽车，这也是蔚来的运营方式。两家公司都专注于电动汽车的高端市场，销售与宝马、梅赛德斯和雷克萨斯等品牌竞争的高价汽车。两家公司都提供少量不同的车辆，特斯拉是著名的S、X、3和Y，而蔚来则提供一款轿车(ET7)和三款SUV(EC6、ES6、ES8)。尽管蔚来如今是一家规模较小的公司，但两家公司的车型阵容并没有太大差异。</blockquote></p><p> Both companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.</p><p><blockquote>两家公司都向客户提供某种类型的充电基础设施，就特斯拉而言，这就是Supercharger网络，特斯拉车主可以根据安装的Supercharger版本为汽车充电高达250kW。蔚来正在采取不同的方法，为客户提供电池即服务解决方案。蔚来车主可以在蔚来的充电站将电池更换为充满电的电池，这一过程需要几分钟，因此与特斯拉和其他电动汽车厂商提供的常规电动汽车充电相比要快得多。因此，BaaS在充电/交换所需时间方面具有优势，但应该指出的是，与蔚来的电池交换站相比，特斯拉的超级充电站在世界各地更为常见。在其他市场推出该功能将需要大量资本支出，但与包括特斯拉在内的所有其他电动汽车厂商相比，蔚来的产品是一个独特的卖点。这最终是否会得到回报还有待观察，但随着电动汽车领域的竞争加剧，这可能成为蔚来的一大优势。</blockquote></p><p> <b>Size, growth, and valuation</b></p><p><blockquote><b>规模、增长和估值</b></blockquote></p><p></p><p> The two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.</p><p><blockquote>这两家公司的规模差异很大，无论是在收入和汽车销量方面，还是在两家公司的市值方面。蔚来第二季度交付了22,000辆汽车，同比增长112%，年增长率约为90,000辆。与此同时，特斯拉在第二季度交付了201,000辆汽车，高于2020年第二季度的103,000辆汽车。这是一个强劲的同比增长，尽管略低于100%，因此低于蔚来目前的增长率。</blockquote></p><p> Tesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:</p><p><blockquote>与蔚来相比，特斯拉每季度交付的汽车数量约为9倍，当我们查看两家公司的市值时，我们发现这一比例几乎完全相同，因为特斯拉6400亿美元的市值约为9倍。蔚来的市值为720亿美元。在类似的增长率下，这是完全有道理的，但目前看来蔚来可能是更好的交易，因为它的估值相当，同时产生更好的增长。在未来几个季度尤其如此，预计特斯拉的增长将放缓：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a986ea65130206f99961a46ce6cfed55\" tg-width=\"635\" tg-height=\"515\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Tesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.</p><p><blockquote>特斯拉的收入预计将从2021年的490亿美元增长到2023年的830亿美元，年增长率为30%。与此同时，蔚来的收入预计将在2021年至2023年间从54亿美元猛增至128亿美元，年增长率为54%。因此，相对而言，预计未来两年蔚来的增长速度将远远快于特斯拉。老实说，这并不奇怪，因为大数定律表明，对于一家规模越大的公司来说，保持大幅增长率就变得越来越困难，而特斯拉现在似乎已经达到了这一点——每年增加50%以上的收入将永远不可能。这甚至不一定是特斯拉的错，事实上，许多优质成长型公司都经历过同样的事情。但投资者仍应考虑这一重要事实——与我们过去看到的相比，特斯拉未来几年的增长将不那么令人兴奋，而蔚来等同行的增长速度更快。</blockquote></p><p> The same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).</p><p><blockquote>当我们从长远来看时，情况也是如此。蔚来2025年的收入预期为226亿美元，比2023年的预期再增长80%，比分析师对2021年的预测增长320%。与此同时，特斯拉预计2025年的收入将达到1,225亿美元，这是一个很大的数字，但比2023年增长了48%，比2021年总共增长了150%。因此，在2021年至2025年间，蔚来的收入将增加4倍，而特斯拉的收入将在同一时期增加2.5倍——在其他条件相同的情况下，这是一个有意义的差异，应该允许蔚来获得溢价估值，就像特斯拉一样。与大众汽车（OTCPK：VWAGY）等传统企业相比，它值得获得溢价估值。</blockquote></p><p> Looking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.</p><p><blockquote>相对于两家公司目前的估值来看2025年的收入预期，我们发现蔚来的市盈率为2025年销售额的3.2倍，而特斯拉2025年的销售额倍数为5.2倍。因此，对于长期投资者来说，蔚来今天似乎更有价值，因为当我们展望未来时，它的销售倍数要低得多。然而，这并不一定意味着蔚来很便宜，因为与传统汽车公司的估值相比，即使2025年3.2倍的销售倍数也相对较高。然而，蔚来看起来比特斯拉便宜，尽管其股价绝对并不便宜。</blockquote></p><p> <b>Can NIO Be Worth As Much As Tesla?</b></p><p><blockquote><b>蔚来能和特斯拉一样值钱吗？</b></blockquote></p><p> The answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly&nbsp;overpriced&nbsp;today, I personally believe that as well (Note that some will argue that shares are&nbsp;underpriced, which is also among the possibilities, although I do not hold that belief personally).</p><p><blockquote>这个问题的答案取决于你所关注的时间框架。如今，蔚来的规模明显小于特斯拉，因此其市值也相应地小得多。还应该指出的是，不能保证特斯拉的股票是电动汽车公司应该如何估值的一个很好的例子——至少，它的股票今天有可能被严重高估，我个人也相信这一点（请注意，有些人会认为股票定价过低，这也是一种可能性，尽管我个人并不持有这种信念）。</blockquote></p><p></p><p> When we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.</p><p><blockquote>当我们暂时假设特斯拉今天的估值是正确的，并且电动汽车公司每年销售约80万辆汽车时确实应该获得6000亿美元的市值时，那么蔚来最终也可能达到这一目标，尽管不是在短期内。蔚来今年将销售约9万辆汽车，2025年这一数字将增长至约40万辆。如果蔚来的销量在此之后每年增长15%，那么到2030年（即9年后），它可能会售出约80万辆汽车。如果想要更快的增长，也可以在2030年之前跨越每年80万辆汽车的界限，例如2028年或2029年。如果我们现在确实选择2030年，那么按照与特斯拉类似的交付量与市值比率，蔚来到2030年的估值可能会超过6000亿美元。换句话说，如果我们假设当前的增长预测是现实的，并且类似特斯拉的估值是合适的，那么九年后蔚来的价值可能会与特斯拉（今天）一样高。当然，这是两个主要的如果，尤其是第二点，我认为还远未确定。我个人不会对特斯拉的估值压缩感到太惊讶，因此蔚来的市值在2030年可能远低于6000亿美元的水平，即使它继续大幅增长。蔚来的增长也有可能令人失望，目前的预测过于乐观，尽管我认为蔚来凭借其独特的BaaS模式和在国内市场特别受认可的强大品牌，处于良好的增长地位。</blockquote></p><p> It should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.</p><p><blockquote>还应该指出的是，特斯拉2030年的市值可能与6000亿美元有很大不同，因此即使蔚来达到这一水平，也不能保证两家公司的市值会相似。到那时，特斯拉的估值可能会高得多，例如如果方舟模型是正确的（我个人认为不太可能）。为了回答上述问题，人们可以说，蔚来可能在8-10年内像特斯拉一样价值数千亿美元，但这根本不能保证。即使这种情况发生，到那时特斯拉的价值也可能会高得多。</blockquote></p><p> <b>Is NIO A Good Stock To Buy Or Sell Now?</b></p><p><blockquote><b>蔚来现在是买入或卖出的好股票吗？</b></blockquote></p><p> When considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.</p><p><blockquote>当将蔚来视为一项投资时，它最终是否会变得像特斯拉一样庞大或估值很高并不重要。相反，投资者应该问自己，未来几年他们可以预期的总回报是多少，以及相对于蔚来商业模式的风险，这些预期回报是否足够高。关于这些风险，应该提到的事实是，该公司尚未盈利，这意味着蔚来依赖其资产负债表上的现金进行增长投资。最重要的是，电动汽车领域的竞争正在加剧，市场份额之争可能会在未来几年给利润率带来压力，尽管蔚来似乎由于其电池交换而处于相对有利的地位，我认为这是一个强大的USP。最后但并非最不重要的是，该公司对中国本土市场的依赖是一个应该牢记的潜在风险，尽管还应该指出的是，目前中国政府似乎对中国电动汽车公司非常包容。</blockquote></p><p> One could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.</p><p><blockquote>有人可能会说，相对于传统汽车公司的估值，整个电动汽车行业的估值过高。与纯电动汽车相比，即使是大众汽车或福特等拥有有吸引力的电动汽车产品的传统企业，其交易也有巨大的折扣。但如果你想投资纯电动汽车，蔚来似乎是一个不错的选择。该公司结合了强大的品牌、独特的BaaS产品、高增长率，并且与电动汽车之王特斯拉的估值相比，股票交易价格有折扣。与其他纯电动汽车公司相比，蔚来2025年收入略高于3倍，似乎并不算太贵，当然，与传统公司相比，这仍然代表着溢价。如果蔚来能够表现良好并继续推出深受消费者欢迎的新车型，从长远来看，其股价可能具有巨大的上涨潜力。如果电动汽车股票成为不受欢迎的投资，蔚来股票也可能有相当大的下跌空间，然而，这并不是一个低风险的选择。根据您的风险承受能力，如果您想要高增长的纯电动汽车，蔚来仍然可能具有价值。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Will NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nWill NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-24 09:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.</li>  <li>NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.</li>  <li>NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f749c70c8a2af3e18d5f6cecc72bfbb\" tg-width=\"1536\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>让我们来看看今天的蔚来与特斯拉相比如何，蔚来的独特卖点，以及两家公司的相似之处。</li><li>蔚来是一个高增长的选择，相对于特斯拉的估值，它似乎并不太昂贵。</li><li>然而，蔚来并不是一只低风险股票，它可能并不是每个人的好选择。投资者还应该考虑蔚来与传统汽车公司的估值。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> NIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.</p><p><blockquote>蔚来公司（蔚来）是中国领先的电动汽车制造商之一，通过其有吸引力的品牌和独特的BaaS产品吸引了消费者和投资者的极大兴趣。然而，如今，该公司仍然比目前引领全球电动汽车市场的特斯拉（TSLA）小得多。蔚来目前专注于国内市场，当特斯拉还是一家较小的公司时也是如此，但蔚来也将试图在海外市场抢占市场份额。股价已经反映了很大的增长，但如果蔚来能够复制特斯拉的成功，这可能是非常合理的。</blockquote></p><p> <b>NIO And TSLA Stock Prices</b></p><p><blockquote><b>蔚来和特斯拉股价</b></blockquote></p><p> Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.</p><p><blockquote>2020年，两家公司都受益于人们对电动汽车日益增长的兴趣，这一趋势导致大多数纯电动汽车公司的股价迅速上涨。电动汽车市场份额不断增长、电动汽车购买补贴等宽松政策以及大规模货币刺激措施相结合，让蔚来和特斯拉的股价迅速上涨。蔚来去年上涨了245%，而特斯拉同期上涨了101%。然而，两家公司目前的交易价格均低于2021年初创下的历史高点，随后纯电动汽车的市场情绪在一定程度上降温。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ff5ce865807df85283775d2293b41af\" tg-width=\"635\" tg-height=\"481\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Taking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.</p><p><blockquote>快速浏览一下分析师的目标价，我们发现特斯拉的交易价格几乎完全符合共识，而蔚来的交易价格比分析师目标低约30%。如果分析师界是正确的，那么蔚来是一项更好的投资，因为预计特斯拉的股价明年不会大幅上涨，而蔚来的股价较分析师目标价有显着上涨空间。</blockquote></p><p> <b>Is NIO Similar To Tesla?</b></p><p><blockquote><b>蔚来和特斯拉相似吗？</b></blockquote></p><p> The answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:</p><p><blockquote>这个问题的答案取决于你关注的是什么。两家公司有相似之处，但也有不同之处。因此，人们可以说，在某些方面，两者是相似的，但在另一些方面，它们不是。让我们看几件事：</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Both companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.</p><p><blockquote>两家公司都专注于电动汽车领域，尽管特斯拉多年来也在发展其他一些业务，例如储能。特斯拉的大部分收入来自销售电动汽车，这也是蔚来的运营方式。两家公司都专注于电动汽车的高端市场，销售与宝马、梅赛德斯和雷克萨斯等品牌竞争的高价汽车。两家公司都提供少量不同的车辆，特斯拉是著名的S、X、3和Y，而蔚来则提供一款轿车(ET7)和三款SUV(EC6、ES6、ES8)。尽管蔚来如今是一家规模较小的公司，但两家公司的车型阵容并没有太大差异。</blockquote></p><p> Both companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.</p><p><blockquote>两家公司都向客户提供某种类型的充电基础设施，就特斯拉而言，这就是Supercharger网络，特斯拉车主可以根据安装的Supercharger版本为汽车充电高达250kW。蔚来正在采取不同的方法，为客户提供电池即服务解决方案。蔚来车主可以在蔚来的充电站将电池更换为充满电的电池，这一过程需要几分钟，因此与特斯拉和其他电动汽车厂商提供的常规电动汽车充电相比要快得多。因此，BaaS在充电/交换所需时间方面具有优势，但应该指出的是，与蔚来的电池交换站相比，特斯拉的超级充电站在世界各地更为常见。在其他市场推出该功能将需要大量资本支出，但与包括特斯拉在内的所有其他电动汽车厂商相比，蔚来的产品是一个独特的卖点。这最终是否会得到回报还有待观察，但随着电动汽车领域的竞争加剧，这可能成为蔚来的一大优势。</blockquote></p><p> <b>Size, growth, and valuation</b></p><p><blockquote><b>规模、增长和估值</b></blockquote></p><p></p><p> The two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.</p><p><blockquote>这两家公司的规模差异很大，无论是在收入和汽车销量方面，还是在两家公司的市值方面。蔚来第二季度交付了22,000辆汽车，同比增长112%，年增长率约为90,000辆。与此同时，特斯拉在第二季度交付了201,000辆汽车，高于2020年第二季度的103,000辆汽车。这是一个强劲的同比增长，尽管略低于100%，因此低于蔚来目前的增长率。</blockquote></p><p> Tesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:</p><p><blockquote>与蔚来相比，特斯拉每季度交付的汽车数量约为9倍，当我们查看两家公司的市值时，我们发现这一比例几乎完全相同，因为特斯拉6400亿美元的市值约为9倍。蔚来的市值为720亿美元。在类似的增长率下，这是完全有道理的，但目前看来蔚来可能是更好的交易，因为它的估值相当，同时产生更好的增长。在未来几个季度尤其如此，预计特斯拉的增长将放缓：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a986ea65130206f99961a46ce6cfed55\" tg-width=\"635\" tg-height=\"515\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Tesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.</p><p><blockquote>特斯拉的收入预计将从2021年的490亿美元增长到2023年的830亿美元，年增长率为30%。与此同时，蔚来的收入预计将在2021年至2023年间从54亿美元猛增至128亿美元，年增长率为54%。因此，相对而言，预计未来两年蔚来的增长速度将远远快于特斯拉。老实说，这并不奇怪，因为大数定律表明，对于一家规模越大的公司来说，保持大幅增长率就变得越来越困难，而特斯拉现在似乎已经达到了这一点——每年增加50%以上的收入将永远不可能。这甚至不一定是特斯拉的错，事实上，许多优质成长型公司都经历过同样的事情。但投资者仍应考虑这一重要事实——与我们过去看到的相比，特斯拉未来几年的增长将不那么令人兴奋，而蔚来等同行的增长速度更快。</blockquote></p><p> The same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).</p><p><blockquote>当我们从长远来看时，情况也是如此。蔚来2025年的收入预期为226亿美元，比2023年的预期再增长80%，比分析师对2021年的预测增长320%。与此同时，特斯拉预计2025年的收入将达到1,225亿美元，这是一个很大的数字，但比2023年增长了48%，比2021年总共增长了150%。因此，在2021年至2025年间，蔚来的收入将增加4倍，而特斯拉的收入将在同一时期增加2.5倍——在其他条件相同的情况下，这是一个有意义的差异，应该允许蔚来获得溢价估值，就像特斯拉一样。与大众汽车（OTCPK：VWAGY）等传统企业相比，它值得获得溢价估值。</blockquote></p><p> Looking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.</p><p><blockquote>相对于两家公司目前的估值来看2025年的收入预期，我们发现蔚来的市盈率为2025年销售额的3.2倍，而特斯拉2025年的销售额倍数为5.2倍。因此，对于长期投资者来说，蔚来今天似乎更有价值，因为当我们展望未来时，它的销售倍数要低得多。然而，这并不一定意味着蔚来很便宜，因为与传统汽车公司的估值相比，即使2025年3.2倍的销售倍数也相对较高。然而，蔚来看起来比特斯拉便宜，尽管其股价绝对并不便宜。</blockquote></p><p> <b>Can NIO Be Worth As Much As Tesla?</b></p><p><blockquote><b>蔚来能和特斯拉一样值钱吗？</b></blockquote></p><p> The answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly&nbsp;overpriced&nbsp;today, I personally believe that as well (Note that some will argue that shares are&nbsp;underpriced, which is also among the possibilities, although I do not hold that belief personally).</p><p><blockquote>这个问题的答案取决于你所关注的时间框架。如今，蔚来的规模明显小于特斯拉，因此其市值也相应地小得多。还应该指出的是，不能保证特斯拉的股票是电动汽车公司应该如何估值的一个很好的例子——至少，它的股票今天有可能被严重高估，我个人也相信这一点（请注意，有些人会认为股票定价过低，这也是一种可能性，尽管我个人并不持有这种信念）。</blockquote></p><p></p><p> When we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.</p><p><blockquote>当我们暂时假设特斯拉今天的估值是正确的，并且电动汽车公司每年销售约80万辆汽车时确实应该获得6000亿美元的市值时，那么蔚来最终也可能达到这一目标，尽管不是在短期内。蔚来今年将销售约9万辆汽车，2025年这一数字将增长至约40万辆。如果蔚来的销量在此之后每年增长15%，那么到2030年（即9年后），它可能会售出约80万辆汽车。如果想要更快的增长，也可以在2030年之前跨越每年80万辆汽车的界限，例如2028年或2029年。如果我们现在确实选择2030年，那么按照与特斯拉类似的交付量与市值比率，蔚来到2030年的估值可能会超过6000亿美元。换句话说，如果我们假设当前的增长预测是现实的，并且类似特斯拉的估值是合适的，那么九年后蔚来的价值可能会与特斯拉（今天）一样高。当然，这是两个主要的如果，尤其是第二点，我认为还远未确定。我个人不会对特斯拉的估值压缩感到太惊讶，因此蔚来的市值在2030年可能远低于6000亿美元的水平，即使它继续大幅增长。蔚来的增长也有可能令人失望，目前的预测过于乐观，尽管我认为蔚来凭借其独特的BaaS模式和在国内市场特别受认可的强大品牌，处于良好的增长地位。</blockquote></p><p> It should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.</p><p><blockquote>还应该指出的是，特斯拉2030年的市值可能与6000亿美元有很大不同，因此即使蔚来达到这一水平，也不能保证两家公司的市值会相似。到那时，特斯拉的估值可能会高得多，例如如果方舟模型是正确的（我个人认为不太可能）。为了回答上述问题，人们可以说，蔚来可能在8-10年内像特斯拉一样价值数千亿美元，但这根本不能保证。即使这种情况发生，到那时特斯拉的价值也可能会高得多。</blockquote></p><p> <b>Is NIO A Good Stock To Buy Or Sell Now?</b></p><p><blockquote><b>蔚来现在是买入或卖出的好股票吗？</b></blockquote></p><p> When considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.</p><p><blockquote>当将蔚来视为一项投资时，它最终是否会变得像特斯拉一样庞大或估值很高并不重要。相反，投资者应该问自己，未来几年他们可以预期的总回报是多少，以及相对于蔚来商业模式的风险，这些预期回报是否足够高。关于这些风险，应该提到的事实是，该公司尚未盈利，这意味着蔚来依赖其资产负债表上的现金进行增长投资。最重要的是，电动汽车领域的竞争正在加剧，市场份额之争可能会在未来几年给利润率带来压力，尽管蔚来似乎由于其电池交换而处于相对有利的地位，我认为这是一个强大的USP。最后但并非最不重要的是，该公司对中国本土市场的依赖是一个应该牢记的潜在风险，尽管还应该指出的是，目前中国政府似乎对中国电动汽车公司非常包容。</blockquote></p><p> One could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.</p><p><blockquote>有人可能会说，相对于传统汽车公司的估值，整个电动汽车行业的估值过高。与纯电动汽车相比，即使是大众汽车或福特等拥有有吸引力的电动汽车产品的传统企业，其交易也有巨大的折扣。但如果你想投资纯电动汽车，蔚来似乎是一个不错的选择。该公司结合了强大的品牌、独特的BaaS产品、高增长率，并且与电动汽车之王特斯拉的估值相比，股票交易价格有折扣。与其他纯电动汽车公司相比，蔚来2025年收入略高于3倍，似乎并不算太贵，当然，与传统公司相比，这仍然代表着溢价。如果蔚来能够表现良好并继续推出深受消费者欢迎的新车型，从长远来看，其股价可能具有巨大的上涨潜力。如果电动汽车股票成为不受欢迎的投资，蔚来股票也可能有相当大的下跌空间，然而，这并不是一个低风险的选择。根据您的风险承受能力，如果您想要高增长的纯电动汽车，蔚来仍然可能具有价值。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4440950-will-nio-stock-follow-tesla-what-to-consider-ev-stocks\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来","TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4440950-will-nio-stock-follow-tesla-what-to-consider-ev-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112927800","content_text":"Summary\n\nLet's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.\nNIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.\nNIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.\n\nipopba/iStock via Getty Images\nArticle Thesis\nNIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.\nNIO And TSLA Stock Prices\nBoth companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.\nData by YCharts\nTaking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.\nIs NIO Similar To Tesla?\nThe answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:\nBusiness Model\nBoth companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.\nBoth companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.\nSize, growth, and valuation\nThe two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.\nTesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:\nData by YCharts\nTesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.\nThe same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).\nLooking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.\nCan NIO Be Worth As Much As Tesla?\nThe answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly overpriced today, I personally believe that as well (Note that some will argue that shares are underpriced, which is also among the possibilities, although I do not hold that belief personally).\nWhen we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.\nIt should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.\nIs NIO A Good Stock To Buy Or Sell Now?\nWhen considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.\nOne could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.","news_type":1,"symbols_score_info":{"TSLA":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":2305,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837348874,"gmtCreate":1629859499598,"gmtModify":1633681878250,"author":{"id":"4087973028773570","authorId":"4087973028773570","name":"Hironori","avatar":"https://static.tigerbbs.com/28d7b770ea0fe8e113b862847e2a4d39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087973028773570","idStr":"4087973028773570"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/837348874","repostId":"839561366","repostType":1,"repost":{"id":839561366,"gmtCreate":1629166923855,"gmtModify":1629190750720,"author":{"id":"3556134694513016","authorId":"3556134694513016","name":"3Fs","avatar":"https://static.tigerbbs.com/26cf959de8173b4a8aaee5e8568a8eff","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556134694513016","idStr":"3556134694513016"},"themes":[],"title":"执行平均下降投资策略的博弈计划","htmlText":"I wrote about the importance of having the right mental mindset in order to enact a perfect execution strategy in investing. In this article, we’ll explore a little deeper about devising a game plan on&nbsp;Averaging Down&nbsp;as an investment strategy. Do note that the focus is primarily on fundamentals first, technical second. As such, as and when we find that there is sufficient value in the company, we will consider purchasing and will use technical to aid our entry and exit positions. Is Averaging Down an Effective Strategy: First, you need to have resources or what we often termed it as&nbsp;warchest. In an ideal world where we have unlimited warchest, that would be nice. In a real world, many of us have a limited resource. Our funds are likely to be limited and even so, we want to c","listText":"I wrote about the importance of having the right mental mindset in order to enact a perfect execution strategy in investing. In this article, we’ll explore a little deeper about devising a game plan on&nbsp;Averaging Down&nbsp;as an investment strategy. Do note that the focus is primarily on fundamentals first, technical second. As such, as and when we find that there is sufficient value in the company, we will consider purchasing and will use technical to aid our entry and exit positions. Is Averaging Down an Effective Strategy: First, you need to have resources or what we often termed it as&nbsp;warchest. In an ideal world where we have unlimited warchest, that would be nice. In a real world, many of us have a limited resource. Our funds are likely to be limited and even so, we want to c","text":"I wrote about the importance of having the right mental mindset in order to enact a perfect execution strategy in investing. In this article, we’ll explore a little deeper about devising a game plan on Averaging Down as an investment strategy. Do note that the focus is primarily on fundamentals first, technical second. As such, as and when we find that there is sufficient value in the company, we will consider purchasing and will use technical to aid our entry and exit positions. Is Averaging Down an Effective Strategy: First, you need to have resources or what we often termed it as warchest. In an ideal world where we have unlimited warchest, that would be nice. In a real world, many of us have a limited resource. Our funds are likely to be limited and even so, we want to c","images":[{"img":"https://static.tigerbbs.com/2af63960cb6fcb2f24c72e2da8283a70","width":"2154","height":"920"},{"img":"https://static.tigerbbs.com/4a896f540d5c719e34cf840915f76201","width":"2084","height":"1043"},{"img":"https://static.tigerbbs.com/fc91738e34de3415a5934b20a87ff725","width":"828","height":"128"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/839561366","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":5,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1514,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177941853,"gmtCreate":1627178017772,"gmtModify":1633767466108,"author":{"id":"4087973028773570","authorId":"4087973028773570","name":"Hironori","avatar":"https://static.tigerbbs.com/28d7b770ea0fe8e113b862847e2a4d39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087973028773570","idStr":"4087973028773570"},"themes":[],"htmlText":"🤞🏼","listText":"🤞🏼","text":"🤞🏼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/177941853","repostId":"2153938547","repostType":2,"repost":{"id":"2153938547","kind":"highlight","pubTimestamp":1627085070,"share":"https://www.laohu8.com/m/news/2153938547?lang=zh_CN&edition=full","pubTime":"2021-07-24 08:04","market":"us","language":"en","title":"What will Apple say about the next iPhone at earnings time? Maybe more than usual<blockquote>苹果在财报发布时会对下一代iPhone说些什么？也许比平时多</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2153938547","media":"MarketWatch","summary":"Apple earnings preview: Recent lack of quarterly forecasts could lead executives to divulge a few mo","content":"<p>Apple earnings preview: Recent lack of quarterly forecasts could lead executives to divulge a few more hints about the next iPhone release when discussing results Tuesday afternoon</p><p><blockquote>苹果财报预览：最近缺乏季度预测可能会导致高管在周二下午讨论业绩时透露更多有关下一次iPhone发布的暗示</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1694f71fa4dec194ef63e28ffc75776f\" tg-width=\"700\" tg-height=\"495\" width=\"100%\" height=\"auto\"><span>Heavy promotions in the wireless industry likely benefited Apple's business during the June quarter.</span></p><p><blockquote><p class=\"t-img-caption\"><span>无线行业的大力促销可能使苹果在第二季度的业务受益。</span></p></blockquote></p><p> The pandemic may add a wrinkle to the guessing game that normally accompanies Apple Inc.'s June-quarter conference call.</p><p><blockquote>这场大流行可能会给通常伴随苹果公司六月季度电话会议的猜谜游戏增添一丝皱纹。</blockquote></p><p> Typically the most important tidbit coming out of fiscal third-quarter earnings, which Apple <a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a> is scheduled to report Tuesday afternoon, is the company's outlook and commentary around its September-quarter revenue, which can hold clues as to what the company expects in the early days of its next smartphone launch. A strong forecast may imply that the company intends to make its new lineup available during the waning days of its fiscal year, while weaker guidance could suggest the launch will be pushed in to the calendar fourth quarter.</p><p><blockquote>通常最重要的花絮来自第三财季收益，苹果<a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a>定于周二下午公布该公司对9月份季度收入的展望和评论，这可以为该公司在下一款智能手机发布初期的预期提供线索。强劲的预测可能意味着该公司打算在本财年的最后几天推出新产品线，而较弱的指引可能表明推出将推迟到第四季度。</blockquote></p><p> The problem this time around is that Apple has held off on issuing a formal outlook for more than a year amid the pandemic, and it remains unclear when or if the company will resume the practice. Apple has instead been offering \"directional insights\" to offer some indication of how its results could stack up to those of prior quarters, but it has been notoriously tight-lipped about plans for iPhone launches.</p><p><blockquote>这一次的问题是，苹果在疫情期间推迟发布正式展望一年多，目前尚不清楚该公司何时或是否会恢复这种做法。相反，苹果一直在提供“方向性见解”，以表明其业绩与前几个季度的业绩相比如何，但众所周知，它对iPhone发布计划守口如瓶。</blockquote></p><p> \"We expect the timing of iPhone 13 availability will ultimately prove to be the swing factor in [the fiscal fourth quarter], thus we anticipate the company will provide more granular directional commentary,\" wrote Monness, Crespi, Hardt &amp; Co. analyst Brian White.</p><p><blockquote>Monness、Crespi、Hardt&amp;Co.分析师Brian写道：“我们预计iPhone 13的上市时间最终将成为[第四财季]的摇摆因素，因此我们预计该公司将提供更精细的方向性评论。”怀特。</blockquote></p><p> The coming launch is of keen interest given that the current lineup has performed well. \"The iPhone 12 cycle has been strong but we believe the next two cycles may prove challenging with units potentially down [year over year] in FY22 and FY23,\" wrote Barclays analyst Tim Long.</p><p><blockquote>鉴于目前的阵容表现良好，即将推出的产品令人非常感兴趣。Barclays分析师Tim Long写道：“iPhone 12周期一直很强劲，但我们认为接下来的两个周期可能会充满挑战，2022财年和2023财年的销量可能会同比下降。”</blockquote></p><p> The June quarter that Apple will report Tuesday is traditionally a slower <a href=\"https://laohu8.com/S/AONE.U\">one</a>, as consumers wait for the next iPhone launch, but the company is still expected to deliver big growth in its smartphone business. Not only does the company have the benefit of easy comparisons to the early days of the pandemic, but it should also be reaping the rewards of an unusually promotional wireless industry.</p><p><blockquote>苹果将于周二公布的六月季度数据传统上较慢<a href=\"https://laohu8.com/S/AONE.U\">一</a>随着消费者等待下一款iPhone的发布，但该公司仍有望实现智能手机业务的大幅增长。该公司不仅可以轻松地与疫情早期进行比较，而且还应该从异常促销的无线行业中获得回报。</blockquote></p><p> <b>What to watch for</b></p><p><blockquote><b>注意什么</b></blockquote></p><p> <b>Earnings:</b> Analysts tracked by FactSet expect Apple to post $1.01 in earnings per share, up from 65 cents a year earlier. According to Estimize, which crowdsources projections from hedge funds, academics, and others, the average expectation is for $1.16 a share in EPS.</p><p><blockquote><b>收益：</b>FactSet追踪的分析师预计苹果每股收益为1.01美元，高于去年同期的65美分。根据Estimize（对冲基金、学者和其他人的众包预测）的数据，平均预期每股收益为1.16美元。</blockquote></p><p> <b>Revenue: </b>The FactSet consensus calls for $73.26 billion in overall revenue, up from $59.69 billion a year prior. On Estimize, the average estimate is for $77.38 billion.</p><p><blockquote><b>收入：</b>FactSet一致认为评级的总收入为732.6亿美元，高于一年前的596.9亿美元。根据Estimize，平均估计为773.8亿美元。</blockquote></p><p> On a segment level, analysts surveyed by FactSet project $34.19 billion in iPhone revenue, $7.17 billion in iPad revenue, $7.86 billion in Mac revenue, $16.26 billion in services revenue, and $7.83 billion in revenue for the wearables, home, and accessories category.</p><p><blockquote>在细分市场层面，FactSet调查的分析师预计iPhone收入为341.9亿美元，iPad收入为71.7亿美元，Mac收入为78.6亿美元，服务收入为162.6亿美元，可穿戴设备、家居和配件类别的收入为78.3亿美元。</blockquote></p><p> <b>Stock movement: </b>Apple shares have fallen after four of the past five earnings reports, though the stock is up 60% over the past 12 months as the Dow Jones Industrial Average has increased 32%.</p><p><blockquote><b>股票变动：</b>苹果股价在过去五份财报中的四份后下跌，尽管该股在过去12个月内上涨了60%，道琼斯工业平均指数上涨了32%。</blockquote></p><p> Of the 44 analysts tracked by FactSet who cover Apple's stock, 33 have buy ratings, nine have hold ratings and two have sell ratings, with an average price target of $157.88.</p><p><blockquote>FactSet追踪的44名研究苹果股票的分析师中，33名给予买入评级，9名给予持有评级，2名给予卖出评级，平均目标价为157.88美元。</blockquote></p><p> <b>What else to watch for</b></p><p><blockquote><b>还有什么值得注意的</b></blockquote></p><p> Apple's iPhone business is set up for its second-largest rate of growth in at least three years, behind only what was seen in the previous quarter. Analysts tracked by FactSet are calling for $34.2 billion in iPhone revenue, up 29.4% from a year earlier.</p><p><blockquote>苹果的iPhone业务有望实现至少三年来的第二大增长率，仅次于上一季度。FactSet追踪的分析师预计iPhone营收为342亿美元，同比增长29.4%。</blockquote></p><p> Some encouraging signals came from Verizon Communications Inc. <a href=\"https://laohu8.com/S/VZ\">$(VZ)$</a>, which recently ran a big iPhone promotion as it sought to match discounts at rival AT&amp;T Inc. <a href=\"https://laohu8.com/S/T\">$(T)$</a></p><p><blockquote>威瑞森通信公司发出了一些令人鼓舞的信号。<a href=\"https://laohu8.com/S/VZ\">$(VZ)$</a>该公司最近进行了一次大规模的iPhone促销活动，试图与竞争对手AT&amp;T Inc.的折扣相匹配。<a href=\"https://laohu8.com/S/T\">$(T)$</a></blockquote></p><p> \"Momentum built throughout the quarter, and we timed our promotions to take full advantage of the economic recovery and increased customer activity,\" Verizon Chief Financial Officer Matthew Ellis said on his company's earnings call. About 20% of Verizon's consumer base is now using 5G-enabled phones .</p><p><blockquote>Verizon首席财务官Matthew Ellis在公司财报看涨期权上表示：“整个季度势头强劲，我们安排了促销活动，以充分利用经济复苏和客户活动增加的机会。”威瑞森大约20%的消费者现在使用支持5G的手机。</blockquote></p><p> Raymond James analyst Chris Caso noted that the quantity of upgrades might not even be the most important factor, as his analysis of iPhone carrier deals from last year found that they can be helpful in driving a greater \"mix\" of more expensive devices.</p><p><blockquote>Raymond James分析师Chris Caso指出，升级的数量甚至可能不是最重要的因素，因为他对去年iPhone运营商交易的分析发现，它们可能有助于推动更昂贵设备的更大“组合”。</blockquote></p><p></p><p> \"Consumers appear to have been willing to pay the few dollars per month to upgrade to higher-end models, if the base model was offered for free,\" he wrote, based on analyzing last year's subsidies.</p><p><blockquote>“如果免费提供基本型号，消费者似乎愿意每月支付几美元升级到更高端型号，”他在分析去年补贴的基础上写道。</blockquote></p><p> UBS analyst David Vogt is also feeling upbeat about the business heading into the fiscal third-quarter report, pointing to positive signs in the telecommunications industry like the \"aggressive promotions\" and improving retail traffic at wireless stores.</p><p><blockquote>瑞银分析师David Vogt也对进入第三财季报告的业务感到乐观，他指出电信行业出现了积极迹象，例如“积极的促销活动”和无线商店零售流量的改善。</blockquote></p><p> But he notes that demand may not be the big issue for Apple, as the company's overall upside is \"gated\" due to supply constraints plaguing the broader electronics industry and beyond. Apple addressed these issues on its earnings call, projecting a $3 billion to $4 billion negative revenue impact in the June quarter that was mainly expected to affect the Mac and iPad businesses.</p><p><blockquote>但他指出，需求对苹果来说可能不是大问题，因为由于供应限制困扰更广泛的电子行业及其他行业，该公司的整体上涨空间受到“限制”。苹果在其收益看涨期权中解决了这些问题，预计6月份季度的负面收入影响将达到30亿至40亿美元，预计主要影响Mac和iPad业务。</blockquote></p><p> Another key narrative is how those two segments held up more generally given a return to more normalized activities outside the home. Apple's Macs and iPads were popular purchases among those needing new hardware to power remote working and schooling, but analysts will be looking to see whether the personal-computer boom is sustainable.</p><p><blockquote>另一个关键的叙述是，考虑到家庭以外更正常的活动，这两个部分如何更普遍地保持下去。苹果的Mac和iPad在那些需要新硬件来支持远程工作和学校教育的人中很受欢迎，但分析师将关注个人电脑的繁荣是否可持续。</blockquote></p><p> \"While Apple will have to contend with lapping very difficult pandemic comparisons in the [June quarter] and for several quarters thereafter, we see several near-term tailwinds from both categories,\" wrote CFRA analyst Angelo Zino. \"We see corporate upgrades on the enterprise level becoming a bigger contributor to demand as the economy fully reopens across the globe.\"</p><p><blockquote>CFRA分析师安吉洛·齐诺(Angelo Zino)写道：“虽然苹果将不得不在[6月季度]及其后的几个季度应对非常困难的流行病比较，但我们看到这两个类别的近期有利因素。”“我们看到，随着全球经济全面重新开放，企业层面的企业升级将成为需求的更大贡献者。”</blockquote></p><p> The coming results will also be the first gauge on demand for Apple's new colorful iMac lineup and powerful iPad Pro , both of which rolled out in the spring and feature the company's custom M1 chip.</p><p><blockquote>即将发布的结果也将是苹果新的丰富多彩的iMac系列和功能强大的iPad Pro的第一个需求指标，这两款产品都是在春季推出的，并采用了该公司定制的M1芯片。</blockquote></p><p></p>","source":"lsy1603348471595","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>What will Apple say about the next iPhone at earnings time? Maybe more than usual<blockquote>苹果在财报发布时会对下一代iPhone说些什么？也许比平时多</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nWhat will Apple say about the next iPhone at earnings time? Maybe more than usual<blockquote>苹果在财报发布时会对下一代iPhone说些什么？也许比平时多</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-24 08:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple earnings preview: Recent lack of quarterly forecasts could lead executives to divulge a few more hints about the next iPhone release when discussing results Tuesday afternoon</p><p><blockquote>苹果财报预览：最近缺乏季度预测可能会导致高管在周二下午讨论业绩时透露更多有关下一次iPhone发布的暗示</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1694f71fa4dec194ef63e28ffc75776f\" tg-width=\"700\" tg-height=\"495\" width=\"100%\" height=\"auto\"><span>Heavy promotions in the wireless industry likely benefited Apple's business during the June quarter.</span></p><p><blockquote><p class=\"t-img-caption\"><span>无线行业的大力促销可能使苹果在第二季度的业务受益。</span></p></blockquote></p><p> The pandemic may add a wrinkle to the guessing game that normally accompanies Apple Inc.'s June-quarter conference call.</p><p><blockquote>这场大流行可能会给通常伴随苹果公司六月季度电话会议的猜谜游戏增添一丝皱纹。</blockquote></p><p> Typically the most important tidbit coming out of fiscal third-quarter earnings, which Apple <a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a> is scheduled to report Tuesday afternoon, is the company's outlook and commentary around its September-quarter revenue, which can hold clues as to what the company expects in the early days of its next smartphone launch. A strong forecast may imply that the company intends to make its new lineup available during the waning days of its fiscal year, while weaker guidance could suggest the launch will be pushed in to the calendar fourth quarter.</p><p><blockquote>通常最重要的花絮来自第三财季收益，苹果<a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a>定于周二下午公布该公司对9月份季度收入的展望和评论，这可以为该公司在下一款智能手机发布初期的预期提供线索。强劲的预测可能意味着该公司打算在本财年的最后几天推出新产品线，而较弱的指引可能表明推出将推迟到第四季度。</blockquote></p><p> The problem this time around is that Apple has held off on issuing a formal outlook for more than a year amid the pandemic, and it remains unclear when or if the company will resume the practice. Apple has instead been offering \"directional insights\" to offer some indication of how its results could stack up to those of prior quarters, but it has been notoriously tight-lipped about plans for iPhone launches.</p><p><blockquote>这一次的问题是，苹果在疫情期间推迟发布正式展望一年多，目前尚不清楚该公司何时或是否会恢复这种做法。相反，苹果一直在提供“方向性见解”，以表明其业绩与前几个季度的业绩相比如何，但众所周知，它对iPhone发布计划守口如瓶。</blockquote></p><p> \"We expect the timing of iPhone 13 availability will ultimately prove to be the swing factor in [the fiscal fourth quarter], thus we anticipate the company will provide more granular directional commentary,\" wrote Monness, Crespi, Hardt &amp; Co. analyst Brian White.</p><p><blockquote>Monness、Crespi、Hardt&amp;Co.分析师Brian写道：“我们预计iPhone 13的上市时间最终将成为[第四财季]的摇摆因素，因此我们预计该公司将提供更精细的方向性评论。”怀特。</blockquote></p><p> The coming launch is of keen interest given that the current lineup has performed well. \"The iPhone 12 cycle has been strong but we believe the next two cycles may prove challenging with units potentially down [year over year] in FY22 and FY23,\" wrote Barclays analyst Tim Long.</p><p><blockquote>鉴于目前的阵容表现良好，即将推出的产品令人非常感兴趣。Barclays分析师Tim Long写道：“iPhone 12周期一直很强劲，但我们认为接下来的两个周期可能会充满挑战，2022财年和2023财年的销量可能会同比下降。”</blockquote></p><p> The June quarter that Apple will report Tuesday is traditionally a slower <a href=\"https://laohu8.com/S/AONE.U\">one</a>, as consumers wait for the next iPhone launch, but the company is still expected to deliver big growth in its smartphone business. Not only does the company have the benefit of easy comparisons to the early days of the pandemic, but it should also be reaping the rewards of an unusually promotional wireless industry.</p><p><blockquote>苹果将于周二公布的六月季度数据传统上较慢<a href=\"https://laohu8.com/S/AONE.U\">一</a>随着消费者等待下一款iPhone的发布，但该公司仍有望实现智能手机业务的大幅增长。该公司不仅可以轻松地与疫情早期进行比较，而且还应该从异常促销的无线行业中获得回报。</blockquote></p><p> <b>What to watch for</b></p><p><blockquote><b>注意什么</b></blockquote></p><p> <b>Earnings:</b> Analysts tracked by FactSet expect Apple to post $1.01 in earnings per share, up from 65 cents a year earlier. According to Estimize, which crowdsources projections from hedge funds, academics, and others, the average expectation is for $1.16 a share in EPS.</p><p><blockquote><b>收益：</b>FactSet追踪的分析师预计苹果每股收益为1.01美元，高于去年同期的65美分。根据Estimize（对冲基金、学者和其他人的众包预测）的数据，平均预期每股收益为1.16美元。</blockquote></p><p> <b>Revenue: </b>The FactSet consensus calls for $73.26 billion in overall revenue, up from $59.69 billion a year prior. On Estimize, the average estimate is for $77.38 billion.</p><p><blockquote><b>收入：</b>FactSet一致认为评级的总收入为732.6亿美元，高于一年前的596.9亿美元。根据Estimize，平均估计为773.8亿美元。</blockquote></p><p> On a segment level, analysts surveyed by FactSet project $34.19 billion in iPhone revenue, $7.17 billion in iPad revenue, $7.86 billion in Mac revenue, $16.26 billion in services revenue, and $7.83 billion in revenue for the wearables, home, and accessories category.</p><p><blockquote>在细分市场层面，FactSet调查的分析师预计iPhone收入为341.9亿美元，iPad收入为71.7亿美元，Mac收入为78.6亿美元，服务收入为162.6亿美元，可穿戴设备、家居和配件类别的收入为78.3亿美元。</blockquote></p><p> <b>Stock movement: </b>Apple shares have fallen after four of the past five earnings reports, though the stock is up 60% over the past 12 months as the Dow Jones Industrial Average has increased 32%.</p><p><blockquote><b>股票变动：</b>苹果股价在过去五份财报中的四份后下跌，尽管该股在过去12个月内上涨了60%，道琼斯工业平均指数上涨了32%。</blockquote></p><p> Of the 44 analysts tracked by FactSet who cover Apple's stock, 33 have buy ratings, nine have hold ratings and two have sell ratings, with an average price target of $157.88.</p><p><blockquote>FactSet追踪的44名研究苹果股票的分析师中，33名给予买入评级，9名给予持有评级，2名给予卖出评级，平均目标价为157.88美元。</blockquote></p><p> <b>What else to watch for</b></p><p><blockquote><b>还有什么值得注意的</b></blockquote></p><p> Apple's iPhone business is set up for its second-largest rate of growth in at least three years, behind only what was seen in the previous quarter. Analysts tracked by FactSet are calling for $34.2 billion in iPhone revenue, up 29.4% from a year earlier.</p><p><blockquote>苹果的iPhone业务有望实现至少三年来的第二大增长率，仅次于上一季度。FactSet追踪的分析师预计iPhone营收为342亿美元，同比增长29.4%。</blockquote></p><p> Some encouraging signals came from Verizon Communications Inc. <a href=\"https://laohu8.com/S/VZ\">$(VZ)$</a>, which recently ran a big iPhone promotion as it sought to match discounts at rival AT&amp;T Inc. <a href=\"https://laohu8.com/S/T\">$(T)$</a></p><p><blockquote>威瑞森通信公司发出了一些令人鼓舞的信号。<a href=\"https://laohu8.com/S/VZ\">$(VZ)$</a>该公司最近进行了一次大规模的iPhone促销活动，试图与竞争对手AT&amp;T Inc.的折扣相匹配。<a href=\"https://laohu8.com/S/T\">$(T)$</a></blockquote></p><p> \"Momentum built throughout the quarter, and we timed our promotions to take full advantage of the economic recovery and increased customer activity,\" Verizon Chief Financial Officer Matthew Ellis said on his company's earnings call. About 20% of Verizon's consumer base is now using 5G-enabled phones .</p><p><blockquote>Verizon首席财务官Matthew Ellis在公司财报看涨期权上表示：“整个季度势头强劲，我们安排了促销活动，以充分利用经济复苏和客户活动增加的机会。”威瑞森大约20%的消费者现在使用支持5G的手机。</blockquote></p><p> Raymond James analyst Chris Caso noted that the quantity of upgrades might not even be the most important factor, as his analysis of iPhone carrier deals from last year found that they can be helpful in driving a greater \"mix\" of more expensive devices.</p><p><blockquote>Raymond James分析师Chris Caso指出，升级的数量甚至可能不是最重要的因素，因为他对去年iPhone运营商交易的分析发现，它们可能有助于推动更昂贵设备的更大“组合”。</blockquote></p><p></p><p> \"Consumers appear to have been willing to pay the few dollars per month to upgrade to higher-end models, if the base model was offered for free,\" he wrote, based on analyzing last year's subsidies.</p><p><blockquote>“如果免费提供基本型号，消费者似乎愿意每月支付几美元升级到更高端型号，”他在分析去年补贴的基础上写道。</blockquote></p><p> UBS analyst David Vogt is also feeling upbeat about the business heading into the fiscal third-quarter report, pointing to positive signs in the telecommunications industry like the \"aggressive promotions\" and improving retail traffic at wireless stores.</p><p><blockquote>瑞银分析师David Vogt也对进入第三财季报告的业务感到乐观，他指出电信行业出现了积极迹象，例如“积极的促销活动”和无线商店零售流量的改善。</blockquote></p><p> But he notes that demand may not be the big issue for Apple, as the company's overall upside is \"gated\" due to supply constraints plaguing the broader electronics industry and beyond. Apple addressed these issues on its earnings call, projecting a $3 billion to $4 billion negative revenue impact in the June quarter that was mainly expected to affect the Mac and iPad businesses.</p><p><blockquote>但他指出，需求对苹果来说可能不是大问题，因为由于供应限制困扰更广泛的电子行业及其他行业，该公司的整体上涨空间受到“限制”。苹果在其收益看涨期权中解决了这些问题，预计6月份季度的负面收入影响将达到30亿至40亿美元，预计主要影响Mac和iPad业务。</blockquote></p><p> Another key narrative is how those two segments held up more generally given a return to more normalized activities outside the home. Apple's Macs and iPads were popular purchases among those needing new hardware to power remote working and schooling, but analysts will be looking to see whether the personal-computer boom is sustainable.</p><p><blockquote>另一个关键的叙述是，考虑到家庭以外更正常的活动，这两个部分如何更普遍地保持下去。苹果的Mac和iPad在那些需要新硬件来支持远程工作和学校教育的人中很受欢迎，但分析师将关注个人电脑的繁荣是否可持续。</blockquote></p><p> \"While Apple will have to contend with lapping very difficult pandemic comparisons in the [June quarter] and for several quarters thereafter, we see several near-term tailwinds from both categories,\" wrote CFRA analyst Angelo Zino. \"We see corporate upgrades on the enterprise level becoming a bigger contributor to demand as the economy fully reopens across the globe.\"</p><p><blockquote>CFRA分析师安吉洛·齐诺(Angelo Zino)写道：“虽然苹果将不得不在[6月季度]及其后的几个季度应对非常困难的流行病比较，但我们看到这两个类别的近期有利因素。”“我们看到，随着全球经济全面重新开放，企业层面的企业升级将成为需求的更大贡献者。”</blockquote></p><p> The coming results will also be the first gauge on demand for Apple's new colorful iMac lineup and powerful iPad Pro , both of which rolled out in the spring and feature the company's custom M1 chip.</p><p><blockquote>即将发布的结果也将是苹果新的丰富多彩的iMac系列和功能强大的iPad Pro的第一个需求指标，这两款产品都是在春季推出的，并采用了该公司定制的M1芯片。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/what-will-apple-say-about-the-next-iphone-at-earnings-time-maybe-more-than-usual-11627077819?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.marketwatch.com/story/what-will-apple-say-about-the-next-iphone-at-earnings-time-maybe-more-than-usual-11627077819?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2153938547","content_text":"Apple earnings preview: Recent lack of quarterly forecasts could lead executives to divulge a few more hints about the next iPhone release when discussing results Tuesday afternoon\nHeavy promotions in the wireless industry likely benefited Apple's business during the June quarter.\nThe pandemic may add a wrinkle to the guessing game that normally accompanies Apple Inc.'s June-quarter conference call.\nTypically the most important tidbit coming out of fiscal third-quarter earnings, which Apple $(AAPL)$ is scheduled to report Tuesday afternoon, is the company's outlook and commentary around its September-quarter revenue, which can hold clues as to what the company expects in the early days of its next smartphone launch. A strong forecast may imply that the company intends to make its new lineup available during the waning days of its fiscal year, while weaker guidance could suggest the launch will be pushed in to the calendar fourth quarter.\nThe problem this time around is that Apple has held off on issuing a formal outlook for more than a year amid the pandemic, and it remains unclear when or if the company will resume the practice. Apple has instead been offering \"directional insights\" to offer some indication of how its results could stack up to those of prior quarters, but it has been notoriously tight-lipped about plans for iPhone launches.\n\"We expect the timing of iPhone 13 availability will ultimately prove to be the swing factor in [the fiscal fourth quarter], thus we anticipate the company will provide more granular directional commentary,\" wrote Monness, Crespi, Hardt & Co. analyst Brian White.\nThe coming launch is of keen interest given that the current lineup has performed well. \"The iPhone 12 cycle has been strong but we believe the next two cycles may prove challenging with units potentially down [year over year] in FY22 and FY23,\" wrote Barclays analyst Tim Long.\nThe June quarter that Apple will report Tuesday is traditionally a slower one, as consumers wait for the next iPhone launch, but the company is still expected to deliver big growth in its smartphone business. Not only does the company have the benefit of easy comparisons to the early days of the pandemic, but it should also be reaping the rewards of an unusually promotional wireless industry.\nWhat to watch for\nEarnings: Analysts tracked by FactSet expect Apple to post $1.01 in earnings per share, up from 65 cents a year earlier. According to Estimize, which crowdsources projections from hedge funds, academics, and others, the average expectation is for $1.16 a share in EPS.\nRevenue: The FactSet consensus calls for $73.26 billion in overall revenue, up from $59.69 billion a year prior. On Estimize, the average estimate is for $77.38 billion.\nOn a segment level, analysts surveyed by FactSet project $34.19 billion in iPhone revenue, $7.17 billion in iPad revenue, $7.86 billion in Mac revenue, $16.26 billion in services revenue, and $7.83 billion in revenue for the wearables, home, and accessories category.\nStock movement: Apple shares have fallen after four of the past five earnings reports, though the stock is up 60% over the past 12 months as the Dow Jones Industrial Average has increased 32%.\nOf the 44 analysts tracked by FactSet who cover Apple's stock, 33 have buy ratings, nine have hold ratings and two have sell ratings, with an average price target of $157.88.\nWhat else to watch for\nApple's iPhone business is set up for its second-largest rate of growth in at least three years, behind only what was seen in the previous quarter. Analysts tracked by FactSet are calling for $34.2 billion in iPhone revenue, up 29.4% from a year earlier.\nSome encouraging signals came from Verizon Communications Inc. $(VZ)$, which recently ran a big iPhone promotion as it sought to match discounts at rival AT&T Inc. $(T)$\n\"Momentum built throughout the quarter, and we timed our promotions to take full advantage of the economic recovery and increased customer activity,\" Verizon Chief Financial Officer Matthew Ellis said on his company's earnings call. About 20% of Verizon's consumer base is now using 5G-enabled phones .\nRaymond James analyst Chris Caso noted that the quantity of upgrades might not even be the most important factor, as his analysis of iPhone carrier deals from last year found that they can be helpful in driving a greater \"mix\" of more expensive devices.\n\"Consumers appear to have been willing to pay the few dollars per month to upgrade to higher-end models, if the base model was offered for free,\" he wrote, based on analyzing last year's subsidies.\nUBS analyst David Vogt is also feeling upbeat about the business heading into the fiscal third-quarter report, pointing to positive signs in the telecommunications industry like the \"aggressive promotions\" and improving retail traffic at wireless stores.\nBut he notes that demand may not be the big issue for Apple, as the company's overall upside is \"gated\" due to supply constraints plaguing the broader electronics industry and beyond. Apple addressed these issues on its earnings call, projecting a $3 billion to $4 billion negative revenue impact in the June quarter that was mainly expected to affect the Mac and iPad businesses.\nAnother key narrative is how those two segments held up more generally given a return to more normalized activities outside the home. Apple's Macs and iPads were popular purchases among those needing new hardware to power remote working and schooling, but analysts will be looking to see whether the personal-computer boom is sustainable.\n\"While Apple will have to contend with lapping very difficult pandemic comparisons in the [June quarter] and for several quarters thereafter, we see several near-term tailwinds from both categories,\" wrote CFRA analyst Angelo Zino. \"We see corporate upgrades on the enterprise level becoming a bigger contributor to demand as the economy fully reopens across the globe.\"\nThe coming results will also be the first gauge on demand for Apple's new colorful iMac lineup and powerful iPad Pro , both of which rolled out in the spring and feature the company's custom M1 chip.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1431,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179735323,"gmtCreate":1626576210962,"gmtModify":1633925750598,"author":{"id":"4087973028773570","authorId":"4087973028773570","name":"Hironori","avatar":"https://static.tigerbbs.com/28d7b770ea0fe8e113b862847e2a4d39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087973028773570","idStr":"4087973028773570"},"themes":[],"htmlText":"Good read!","listText":"Good read!","text":"Good 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AAPL","images":[{"img":"https://static.tigerbbs.com/1db56d1de9a4609c8ef50ef324d5f516","width":"1125","height":"2497"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/173213475","isVote":1,"tweetType":1,"viewCount":341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":152623399,"gmtCreate":1625289086911,"gmtModify":1633941690000,"author":{"id":"4087973028773570","authorId":"4087973028773570","name":"Hironori","avatar":"https://static.tigerbbs.com/28d7b770ea0fe8e113b862847e2a4d39","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087973028773570","idStr":"4087973028773570"},"themes":[],"htmlText":"👍🏼","listText":"👍🏼","text":"👍🏼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/152623399","repostId":"1122056398","repostType":4,"repost":{"id":"1122056398","kind":"news","pubTimestamp":1625280707,"share":"https://www.laohu8.com/m/news/1122056398?lang=zh_CN&edition=full","pubTime":"2021-07-03 10:51","market":"us","language":"en","title":"These 15 stocks -- June's biggest losers -- could become July's winners<blockquote>这15只股票——6月份跌幅最大的股票——可能成为7月份的赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122056398","media":"MarketWatch","summary":"‘Short-term reversal strategy’ often does particularly well in July.\n\nJune’s worst stocks are good b","content":"<p>  <b>‘Short-term reversal strategy’ often does particularly well in July.</b>  June’s worst stocks are good bets to beat the U.S. market in in July.</p><p><blockquote><b>“短期反转策略”通常在7月份表现特别好。</b>6月份表现最差的股票是7月份跑赢美国市场的好机会。</blockquote></p><p> That’s because portfolio window-dressing at the end of June will have made that month’s poor performers fall even further than they would have otherwise. It’s likely that once this artificial selling pressure disappears, these stocks will bounce back.</p><p><blockquote>这是因为6月底的投资组合装饰将使当月表现不佳的股票比其他情况下下跌得更远。一旦这种人为的抛售压力消失，这些股票很可能会反弹。</blockquote></p><p> To be sure, window dressing is a powerful force on several occasions throughout the calendar, not just at this time of year. It should have the biggest impact at the end of December, since more investors look at their portfolio holdings in early January than in any other month of the year. Fund managers therefore go out of their way to sell their losers prior to Dec. 31 in order to avoid the embarrassment of having to report that they had ever owned them.</p><p><blockquote>可以肯定的是，装点门面在整个日历中的几个场合都是一股强大的力量，不仅仅是在一年中的这个时候。它应该在12月底产生最大的影响，因为1月初查看其投资组合持股的投资者比一年中任何其他月份都多。因此，基金经理会特意在12月31日之前出售亏损股票，以避免不得不报告他们曾经拥有过这些股票的尴尬。</blockquote></p><p> Just the opposite is the case for stocks that managers buy for window dressing. These are the stocks that already have been performing well and which managers want to show in their end-of-quarter holdings report. Their cosmetic buying will cause these stocks to perform even better — which, in turn, results in them falling back to earth once the new quarter comes around.</p><p><blockquote>经理们为了装饰门面而购买的股票的情况恰恰相反。这些股票已经表现良好，经理们希望在季末持股报告中展示这些股票。他们购买化妆品将导致这些股票表现更好——这反过来又会导致它们在新季度到来时回落。</blockquote></p><p> As expected, January is the month in which the previous month’s worst performers fare best relative to the previous month’s best performers — a pattern known as the “short term reversal effect.” This is illustrated in the chart below, which reflects monthly data back to 1926. July is the second-most powerful month for this pattern. That also makes sense because, after January, July is the next most common time for investors to read through their brokerage statements.</p><p><blockquote>正如预期的那样，一月份是上个月表现最差的公司相对于上个月表现最好的公司表现最好的月份——这种模式被称为“短期逆转效应”。下图说明了这一点，它反映了1926年以来的月度数据。七月是这种模式第二强的月份。这也是有道理的，因为继一月之后，七月是投资者通读经纪报表的下一个最常见的时间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6ac3a509127efd603df1d98de04774e7\" tg-width=\"620\" tg-height=\"418\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Also as expected, end-of-quarter window dressing is less of a factor at the end of the first- and third quarters. In fact, as you can see from the chart, the short-term reversal effect is even less dominant in April than in non-quarter-end months.</p><p><blockquote>同样正如预期的那样，在第一季度和第三季度末，季度末的门面装饰不再是一个因素。事实上，正如你从图表中看到的，短期反转效应在4月份甚至不如非季末月份占优势。</blockquote></p><p> <b>How to play the short-term reversal in July</b></p><p><blockquote><b>7月短线反转怎么玩</b></blockquote></p><p> As is often the case, an exchange-traded fund has been created to exploit the short-term reversal effect. Vesper US Large Cap Short-Term Reversal Strategy ETFUTRN,“seeks to capitalize on the tendency for stocks that have experienced sharp recent sell-offs to experience near-term rebounds.”</p><p><blockquote>通常情况下，交易所交易基金的创建是为了利用短期反转效应。Vesper美国大盘股短期反转策略ETFUTRN“寻求利用近期经历大幅抛售的股票近期反弹的趋势。”</blockquote></p><p> Because the fund was only recently created, in September 2018, the ETF’s average monthly returns since then are only suggestive of the long-term pattern. But its average return in July has been better (4.1%) than in any other month.</p><p><blockquote>由于该基金是最近才在2018年9月创建的，该ETF此后的平均月回报率仅暗示了长期模式。但其7月份的平均回报率（4.1%）好于其他任何月份。</blockquote></p><p> For anyone interested in the individual stocks that performed the worst in June, I constructed the following list. I started with the 50 stocks in the S&amp;P 1500 index with the worst June returns, and then eliminated ones not currently recommended by any of the top-performing newsletters monitored by my newsletter-performance-tracking service.</p><p><blockquote>对于任何对6月份表现最差的个股感兴趣的人，我构建了以下列表。我从标准普尔1500指数中6月份回报最差的50只股票开始，然后剔除了我的时事通讯表现跟踪服务监控的任何表现最好的时事通讯目前不推荐的股票。</blockquote></p><p> The 15 stocks listed below survived this winnowing process. I note that, on average, these 15 lost 15.4% during the month of June, versus a gain of 2.3% for the S&amp;P 500SPX.</p><p><blockquote>下面列出的15只股票在这一筛选过程中幸存下来。我注意到，平均而言，这15只股票在6月份下跌了15.4%，而标准普尔500SPX指数则上涨了2.3%。</blockquote></p><p> <ul>  <li>Adient PLC&nbsp;ADNT</li>  <li>Alaska Air Group&nbsp;ALK</li>  <li>Alliance Data Systems&nbsp;ADS</li>  <li>America’s Car Mart&nbsp;CRMT</li>  <li>ArcBest&nbsp;ARCB</li>  <li>Goodyear Tire &amp; Rubber&nbsp;GT</li>  <li>KB Home&nbsp;KBH</li>  <li>LCI Industries&nbsp;LCII</li>  <li>Mosaic &amp; Co&nbsp;.MOS</li>  <li>Medifast&nbsp;MED</li>  <li>Newmont Corp.&nbsp;NEM</li>  <li>Organon &amp; Co.&nbsp;OGN</li>  <li>Patrick Industries&nbsp;PATK</li>  <li>Regions Financial&nbsp;RF</li>  <li>Sabre&nbsp;SABR</li> </ul> I also note that these stocks have an average price/book value ratio of 3.3, which is well-below the 4.7 ratio for the S&amp;P 500. Having a below-average price/book ratio is the hallmark of a value stock, and it makes sense that value stocks will be favored by the short-term reversal strategy. That’s because value stocks significantly underperformed growth stocks in June — but their fortunes may soon change.</p><p><blockquote><ul><li>Adient PLC ADNT</li><li>阿拉斯加航空集团ALK</li><li>联盟数据系统广告</li><li>美国汽车市场CRMT</li><li>ArcBest ArcB</li><li>固特异轮胎橡胶GT</li><li>KB主页KBH</li><li>LCI工业LCII</li><li>马赛克公司MOS</li><li>快验快</li><li>纽蒙特公司NEM</li><li>欧加农公司OGN</li><li>帕特里克工业PATK</li><li>地区金融射频</li><li>军刀</li></ul>我还注意到，这些股票的平均市净率为3.3，远低于标普500 4.7的比率。低于平均水平的市净率是价值股的标志，价值股会受到短期反转策略的青睐是有道理的。这是因为价值股在6月份的表现明显落后于成长股——但它们的命运可能很快就会改变。</blockquote></p><p></p>","source":"lsy1603348471595","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>These 15 stocks -- June's biggest losers -- could become July's winners<blockquote>这15只股票——6月份跌幅最大的股票——可能成为7月份的赢家</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nThese 15 stocks -- June's biggest losers -- could become July's winners<blockquote>这15只股票——6月份跌幅最大的股票——可能成为7月份的赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-03 10:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>‘Short-term reversal strategy’ often does particularly well in July.</b>  June’s worst stocks are good bets to beat the U.S. market in in July.</p><p><blockquote><b>“短期反转策略”通常在7月份表现特别好。</b>6月份表现最差的股票是7月份跑赢美国市场的好机会。</blockquote></p><p> That’s because portfolio window-dressing at the end of June will have made that month’s poor performers fall even further than they would have otherwise. It’s likely that once this artificial selling pressure disappears, these stocks will bounce back.</p><p><blockquote>这是因为6月底的投资组合装饰将使当月表现不佳的股票比其他情况下下跌得更远。一旦这种人为的抛售压力消失，这些股票很可能会反弹。</blockquote></p><p> To be sure, window dressing is a powerful force on several occasions throughout the calendar, not just at this time of year. It should have the biggest impact at the end of December, since more investors look at their portfolio holdings in early January than in any other month of the year. Fund managers therefore go out of their way to sell their losers prior to Dec. 31 in order to avoid the embarrassment of having to report that they had ever owned them.</p><p><blockquote>可以肯定的是，装点门面在整个日历中的几个场合都是一股强大的力量，不仅仅是在一年中的这个时候。它应该在12月底产生最大的影响，因为1月初查看其投资组合持股的投资者比一年中任何其他月份都多。因此，基金经理会特意在12月31日之前出售亏损股票，以避免不得不报告他们曾经拥有过这些股票的尴尬。</blockquote></p><p> Just the opposite is the case for stocks that managers buy for window dressing. These are the stocks that already have been performing well and which managers want to show in their end-of-quarter holdings report. Their cosmetic buying will cause these stocks to perform even better — which, in turn, results in them falling back to earth once the new quarter comes around.</p><p><blockquote>经理们为了装饰门面而购买的股票的情况恰恰相反。这些股票已经表现良好，经理们希望在季末持股报告中展示这些股票。他们购买化妆品将导致这些股票表现更好——这反过来又会导致它们在新季度到来时回落。</blockquote></p><p> As expected, January is the month in which the previous month’s worst performers fare best relative to the previous month’s best performers — a pattern known as the “short term reversal effect.” This is illustrated in the chart below, which reflects monthly data back to 1926. July is the second-most powerful month for this pattern. That also makes sense because, after January, July is the next most common time for investors to read through their brokerage statements.</p><p><blockquote>正如预期的那样，一月份是上个月表现最差的公司相对于上个月表现最好的公司表现最好的月份——这种模式被称为“短期逆转效应”。下图说明了这一点，它反映了1926年以来的月度数据。七月是这种模式第二强的月份。这也是有道理的，因为继一月之后，七月是投资者通读经纪报表的下一个最常见的时间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6ac3a509127efd603df1d98de04774e7\" tg-width=\"620\" tg-height=\"418\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Also as expected, end-of-quarter window dressing is less of a factor at the end of the first- and third quarters. In fact, as you can see from the chart, the short-term reversal effect is even less dominant in April than in non-quarter-end months.</p><p><blockquote>同样正如预期的那样，在第一季度和第三季度末，季度末的门面装饰不再是一个因素。事实上，正如你从图表中看到的，短期反转效应在4月份甚至不如非季末月份占优势。</blockquote></p><p> <b>How to play the short-term reversal in July</b></p><p><blockquote><b>7月短线反转怎么玩</b></blockquote></p><p> As is often the case, an exchange-traded fund has been created to exploit the short-term reversal effect. Vesper US Large Cap Short-Term Reversal Strategy ETFUTRN,“seeks to capitalize on the tendency for stocks that have experienced sharp recent sell-offs to experience near-term rebounds.”</p><p><blockquote>通常情况下，交易所交易基金的创建是为了利用短期反转效应。Vesper美国大盘股短期反转策略ETFUTRN“寻求利用近期经历大幅抛售的股票近期反弹的趋势。”</blockquote></p><p> Because the fund was only recently created, in September 2018, the ETF’s average monthly returns since then are only suggestive of the long-term pattern. But its average return in July has been better (4.1%) than in any other month.</p><p><blockquote>由于该基金是最近才在2018年9月创建的，该ETF此后的平均月回报率仅暗示了长期模式。但其7月份的平均回报率（4.1%）好于其他任何月份。</blockquote></p><p> For anyone interested in the individual stocks that performed the worst in June, I constructed the following list. I started with the 50 stocks in the S&amp;P 1500 index with the worst June returns, and then eliminated ones not currently recommended by any of the top-performing newsletters monitored by my newsletter-performance-tracking service.</p><p><blockquote>对于任何对6月份表现最差的个股感兴趣的人，我构建了以下列表。我从标准普尔1500指数中6月份回报最差的50只股票开始，然后剔除了我的时事通讯表现跟踪服务监控的任何表现最好的时事通讯目前不推荐的股票。</blockquote></p><p> The 15 stocks listed below survived this winnowing process. I note that, on average, these 15 lost 15.4% during the month of June, versus a gain of 2.3% for the S&amp;P 500SPX.</p><p><blockquote>下面列出的15只股票在这一筛选过程中幸存下来。我注意到，平均而言，这15只股票在6月份下跌了15.4%，而标准普尔500SPX指数则上涨了2.3%。</blockquote></p><p> <ul>  <li>Adient PLC&nbsp;ADNT</li>  <li>Alaska Air Group&nbsp;ALK</li>  <li>Alliance Data Systems&nbsp;ADS</li>  <li>America’s Car Mart&nbsp;CRMT</li>  <li>ArcBest&nbsp;ARCB</li>  <li>Goodyear Tire &amp; Rubber&nbsp;GT</li>  <li>KB Home&nbsp;KBH</li>  <li>LCI Industries&nbsp;LCII</li>  <li>Mosaic &amp; Co&nbsp;.MOS</li>  <li>Medifast&nbsp;MED</li>  <li>Newmont Corp.&nbsp;NEM</li>  <li>Organon &amp; Co.&nbsp;OGN</li>  <li>Patrick Industries&nbsp;PATK</li>  <li>Regions Financial&nbsp;RF</li>  <li>Sabre&nbsp;SABR</li> </ul> I also note that these stocks have an average price/book value ratio of 3.3, which is well-below the 4.7 ratio for the S&amp;P 500. Having a below-average price/book ratio is the hallmark of a value stock, and it makes sense that value stocks will be favored by the short-term reversal strategy. That’s because value stocks significantly underperformed growth stocks in June — but their fortunes may soon change.</p><p><blockquote><ul><li>Adient PLC ADNT</li><li>阿拉斯加航空集团ALK</li><li>联盟数据系统广告</li><li>美国汽车市场CRMT</li><li>ArcBest ArcB</li><li>固特异轮胎橡胶GT</li><li>KB主页KBH</li><li>LCI工业LCII</li><li>马赛克公司MOS</li><li>快验快</li><li>纽蒙特公司NEM</li><li>欧加农公司OGN</li><li>帕特里克工业PATK</li><li>地区金融射频</li><li>军刀</li></ul>我还注意到，这些股票的平均市净率为3.3，远低于标普500 4.7的比率。低于平均水平的市净率是价值股的标志，价值股会受到短期反转策略的青睐是有道理的。这是因为价值股在6月份的表现明显落后于成长股——但它们的命运可能很快就会改变。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/these-15-stocks-junes-biggest-losers-could-become-julys-winners-11625238769?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ALK":"阿拉斯加航空集团有限公司","KBH":"KB Home","LCII":"LCI Industries","OGN":"Organon & Co","MED":"快验保","GT":"固特异轮胎橡胶公司","NEM":"纽曼矿业","ARCB":"ArcBest Corporation","SABR":"Sabre Corporation","MOS":"美国美盛","PATK":"Patrick Industries","RF":"地区金融","CRMT":"美国汽车行","ADNT":"Adient PLC"},"source_url":"https://www.marketwatch.com/story/these-15-stocks-junes-biggest-losers-could-become-julys-winners-11625238769?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122056398","content_text":"‘Short-term reversal strategy’ often does particularly well in July.\n\nJune’s worst stocks are good bets to beat the U.S. market in in July.\nThat’s because portfolio window-dressing at the end of June will have made that month’s poor performers fall even further than they would have otherwise. It’s likely that once this artificial selling pressure disappears, these stocks will bounce back.\nTo be sure, window dressing is a powerful force on several occasions throughout the calendar, not just at this time of year. It should have the biggest impact at the end of December, since more investors look at their portfolio holdings in early January than in any other month of the year. Fund managers therefore go out of their way to sell their losers prior to Dec. 31 in order to avoid the embarrassment of having to report that they had ever owned them.\nJust the opposite is the case for stocks that managers buy for window dressing. These are the stocks that already have been performing well and which managers want to show in their end-of-quarter holdings report. Their cosmetic buying will cause these stocks to perform even better — which, in turn, results in them falling back to earth once the new quarter comes around.\nAs expected, January is the month in which the previous month’s worst performers fare best relative to the previous month’s best performers — a pattern known as the “short term reversal effect.” This is illustrated in the chart below, which reflects monthly data back to 1926. July is the second-most powerful month for this pattern. That also makes sense because, after January, July is the next most common time for investors to read through their brokerage statements.\n\nAlso as expected, end-of-quarter window dressing is less of a factor at the end of the first- and third quarters. In fact, as you can see from the chart, the short-term reversal effect is even less dominant in April than in non-quarter-end months.\nHow to play the short-term reversal in July\nAs is often the case, an exchange-traded fund has been created to exploit the short-term reversal effect. Vesper US Large Cap Short-Term Reversal Strategy ETFUTRN,“seeks to capitalize on the tendency for stocks that have experienced sharp recent sell-offs to experience near-term rebounds.”\nBecause the fund was only recently created, in September 2018, the ETF’s average monthly returns since then are only suggestive of the long-term pattern. But its average return in July has been better (4.1%) than in any other month.\nFor anyone interested in the individual stocks that performed the worst in June, I constructed the following list. I started with the 50 stocks in the S&P 1500 index with the worst June returns, and then eliminated ones not currently recommended by any of the top-performing newsletters monitored by my newsletter-performance-tracking service.\nThe 15 stocks listed below survived this winnowing process. I note that, on average, these 15 lost 15.4% during the month of June, versus a gain of 2.3% for the S&P 500SPX.\n\nAdient PLC ADNT\nAlaska Air Group ALK\nAlliance Data Systems ADS\nAmerica’s Car Mart CRMT\nArcBest ARCB\nGoodyear Tire & Rubber GT\nKB Home KBH\nLCI Industries LCII\nMosaic & Co .MOS\nMedifast MED\nNewmont Corp. NEM\nOrganon & Co. OGN\nPatrick Industries PATK\nRegions Financial RF\nSabre SABR\n\nI also note that these stocks have an average price/book value ratio of 3.3, which is well-below the 4.7 ratio for the S&P 500. Having a below-average price/book ratio is the hallmark of a value stock, and it makes sense that value stocks will be favored by the short-term reversal strategy. That’s because value stocks significantly underperformed growth stocks in June — but their fortunes may soon change.","news_type":1,"symbols_score_info":{"SABR":0.9,"NEM":0.9,"LCII":0.9,"CRMT":0.9,"MOS":0.9,"PATK":0.9,"GT":0.9,"OGN":0.9,"MED":0.9,"RF":0.9,"ALK":0.9,"ARCB":0.9,"KBH":0.9,"ADS":0.9,"ADNT":0.9}},"isVote":1,"tweetType":1,"viewCount":361,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}