ARK 每周股评 – 7/31/2021


We share weekly commentaries with investors on stocks in our strategies that have appreciated or dropped more than 15% in a day during the course of the week. We hope you find this commentary useful.

Beike (BEKE), Meituan (3690 HK), Pinduoduo (PDD), and Boss Zhipin (BZ)
+15%Beike (BEKE) and Meituan (3690 HK) declined more than 27% and 17% on Monday and Tuesday, respectively, while Pinduoduo (PDD) and Boss Zhipin (BZ) both rebounded by 15% on Wednesday after having sold off less than 15% on Monday. Chinese stocks sold off broadly after the central government confirmed its directive, among others, to turn after school tutoring companies into non-profit entities. The degree of regulatory intervention has unnerved existing investors and weakened new investor appetite in Chinese stocks. ARK’s investment team has been monitoring closely both political activity in China and the continued political tension between the United States and China. The Chinese government’s actions against any entity challenging its power, especially those with sensitive personal and other data, is impacting our scoring system, particularly the ‘thesis risk’ associated with most pure play Chinese technology companies and the revenue base of non-Chinese companies with business in China. While we believe that China still is placing a high priority on innovation, in the short-term its government appears to be more focused on equalizing the distribution of wealth and opportunities as it moves to address negative demographic trends with policy measures like its new “three child policy”. ARK’s investment team will continue to monitor this rapidly evolving situation, evaluating the mid- to long-term impact of China’s moves on various companies and securities.

注: 贝壳股份(BEKE)和美团网(3690 HK)周一和周二分别下跌超过27%和17%,而拼多多(PDD)和Boss直聘(BZ)在周一抛售不到15%之后,周三均反弹了15%。在中央政府确认将课外辅导公司转为非盈利实体等指令后,中国股市广泛抛售。监管干预的程度使现有的投资者感到不安,并削弱了新的投资者对中国股票的胃口。 ARK的投资团队一直在密切关注中国的政治活动和美国与中国之间持续的政治紧张局势。中国政府对任何挑战其权力的实体采取的行动,特别是那些拥有敏感的个人和其他数据的实体,正在影响我们的评分系统,特别是与大多数纯粹的中国技术公司和在中国有业务的非中国公司的收入基础有关的 “论文风险”。虽然我们认为中国仍然高度重视创新,但在短期内,其政府似乎更注重财富和机会的平等分配,因为它通过新的 “三胎政策 “等政策措施来解决负面的人口趋势。ARK的投资团队将继续监测这一快速演变的局势,评估中国的举措对各种公司和证券的中长期影响。
Grayscale Bitcoin Investment Trust (GBTC)
+24%The Grayscale Bitcoin Investment Trust (GBTC), a grantor trust tracking bitcoin’s market price, soared24% on Monday after bitcoin hit $40,000 for the first time since May. Bitcoin’s recovery appears to have been catalyzed by Elon Musk, who has alleviated concerns about the impact of mining on the environment: he noted a positive shift toward renewables as energy sources for bitcoin mining during a conversation with Cathie Wood and Jack Dorsey at last week’s “The B Word” live keynote session.

注: Grayscale Bitcoin Investment Trust(GBTC)是追踪比特币市场价格的赠与人信托,在比特币自5月以来首次达到4万美元后,周一飙升24%。 比特币的复苏似乎受到了埃隆-马斯克的催化,他缓解了人们对采矿对环境影响的担忧:他在上周的 “The B Word “现场主题会议上与凯西-伍德和杰克-多尔西的对话中指出,比特币采矿正在向可再生能源积极转变,作为能源来源。
LendingClub (LC)
+48%LendingClub (LC), a fintech offering a range of online financial products and services, traded up 48% on Thursday after releasing second quarter earnings and trouncing consensus expectations. On the heels of acquiring a bank, the company posted sequential revenue growth of 93%, driven by higher origination fees and net interest income.

注: LendingClub(LC)是一家提供一系列在线金融产品和服务的金融科技公司,在发布第二季度收益并超出共识预期后,周四交易价格上涨48%。在收购一家银行之后,该公司公布的收入连续增长了93%,这是由更高的发起费和净利息收入所推动的。
Pinterest (PINS)
-18%Pinterest (PINS) traded down 18% today after reporting a sequential decrease in monthly active users (MAUs). Although it did report that MAUs dropped 24 million sequentially to 454 million, Pinterest also reported a 125% year-on-year increase in revenue and higher-than-consensus metrics across revenue, average revenue per user (ARPU), and earnings. Although we believe reopening dynamics in a post-COVID environment may have contributed to the lower retention of users, continued growth in its mobile user base highlights Pinterest’s high level of engagement in a mobile-first world. Pinterest is a social media platform company that encourages users to discover from each other items of interest or sources of inspiration, suggesting that it could become a prime beneficiary of the shift toward social commerce.

注: Pinterest(PINS)在报告月度活跃用户(MAU)连续下降后,今天交易量下降了18%。尽管报告称MAU连续下降2400万,至4.54亿,但Pinterest也报告了收入同比增长125%,收入、每用户平均收入(ARPU)和盈利等指标均高于共识。尽管我们认为在后COVID环境下的重新开放动态可能导致了较低的用户保留率,但其移动用户群的持续增长突出了Pinterest在移动优先的世界中的高参与度。Pinterest是一家社交媒体平台公司,鼓励用户相互发现感兴趣的物品或灵感来源,这表明它可能成为向社交商务转变的主要受益者。


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