{"id":959,"date":"2024-09-22T03:30:35","date_gmt":"2024-09-21T19:30:35","guid":{"rendered":"https:\/\/www.kafeizha.com\/?p=959"},"modified":"2024-09-22T03:30:35","modified_gmt":"2024-09-21T19:30:35","slug":"%e6%b8%a4%e6%b5%b7%e8%82%a1%e4%bb%b7%e8%b7%8c30%ef%bc%8cpdd%e5%9c%a8%e4%b8%ad%e5%9b%bd%e5%a2%9e%e9%95%bf%e8%82%a1%e6%8e%92%e5%90%8d%e6%88%96%e5%8f%97%e5%bd%b1%e5%93%8d","status":"publish","type":"post","link":"https:\/\/news.tomjun.com\/?p=959","title":{"rendered":"\u6e24\u6d77\u80a1\u4ef7\u8dcc30%\uff0cPDD\u5728\u4e2d\u56fd\u589e\u957f\u80a1\u6392\u540d\u6216\u53d7\u5f71\u54cd"},"content":{"rendered":"

\u65b0\u95fb\u6765\u6e90\uff1a<\/b>www.bloomberg.com
\u539f\u6587\u5730\u5740\uff1a<\/b>PDD\u2019s Status as Top China Growth Stock in Doubt After 30% Drop<\/a><\/font>
\u65b0\u95fb\u65e5\u671f\uff1a<\/b>2024-09-13<\/p>\n

PDD\u80a1\u4ef7\u81ea8\u6708\u516c\u5e03\u8d22\u62a5\u540e\u5df2\u4e0b\u8dcc\u8d85\u8fc730%\uff0c\u6210\u4e3a\u7eb3\u65af\u8fbe\u514b100\u6307\u6570\u4e2d\u8868\u73b0\u6700\u5dee\u7684\u4e00\u5bb6\u516c\u53f8\u3002\u6295\u8d44\u8005\u5bf9\u516c\u53f8\u7684\u524d\u666f\u6301\u60b2\u89c2\u770b\u6cd5\uff0c\u5206\u6790\u5e08\u7eb7\u7eb7\u4e0b\u8c03\u9884\u671f\uff0c\u4ee5\u5e94\u5bf9\u7ade\u4e89\u52a0\u5267\u548c\u6295\u8d44\u8005\u4fe1\u5fc3\u4e0b\u964d\u3002<\/p>\n

\u5728\u6700\u65b08\u6708\u7684\u4e1a\u7ee9\u53d1\u5e03\u4f1a\u4e0a\uff0cPDD\u9ad8\u7ba1\u8868\u793a\u516c\u53f8\u957f\u671f\u7684\u589e\u957f\u901f\u5ea6\u5c06\u653e\u7f13\uff0c\u5e76\u9700\u8981\u589e\u52a0\u652f\u51fa\u4ee5\u4fdd\u6301\u5e02\u573a\u4efd\u989d\u3002Morningstar Inc. \u5206\u6790\u5e08\u6307\u51fa\uff0c\u8fd9\u8868\u660ePDD\u6b63\u9762\u4e34\u6fc0\u70c8\u7ade\u4e89\u3002\u6b64\u524d\uff0cPDD\u66fe\u88ab\u89c6\u4e3a\u4e2d\u56fd\u7535\u5546\u9886\u57df\u7684\u4f7c\u4f7c\u8005\uff0c\u5176\u4f4e\u4ef7\u7b56\u7565\u4f7f\u5b83\u6210\u529f\u8d62\u5f97\u4e86\u6ce8\u91cd\u6027\u4ef7\u6bd4\u6d88\u8d39\u8005\u7684\u9752\u7750\uff1b\u800c\u5728\u6d77\u5916\uff0cTemu\u4e5f\u590d\u5236\u4e86\u8fd9\u4e00\u6210\u529f\u3002\u7136\u800c\uff0c\u968f\u7740\u516c\u53f8\u524d\u666f\u8f6c\u5f31\u4ee5\u53ca\u80a1\u4e1c\u56de\u62a5\u7684\u51cf\u5c11\uff0c\u8fd9\u4e9b\u4f18\u52bf\u5df2\u4e0d\u518d\u90a3\u4e48\u7a81\u51fa\u3002<\/p>\n

Pictet Asset Management \u7684\u8d44\u6df1\u6295\u8d44\u7ecf\u7406\u8868\u793a\uff1a\u201c\u5e02\u573a\u5f88\u5feb\u62c5\u5fc3 PDD \u8d85\u9ad8\u901f\u6210\u957f\u9636\u6bb5\u53ef\u80fd\u5373\u5c06\u7ed3\u675f\u201d\u3002\u77ed\u671f\u5185\uff0c\u4e2d\u56fd\u5b8f\u89c2\u7ecf\u6d4e\u73af\u5883\u548c\u65e5\u76ca\u6fc0\u70c8\u7684\u7ade\u4e89\u683c\u5c40\u5c06\u5f71\u54cd\u516c\u53f8\u7684\u589e\u957f\u901f\u5ea6\u3002<\/p>\n

\u4e9a\u9a6c\u900a\u65d7\u4e0b\u6298\u6263\u533a\u53ca TikTok \u6240\u6709\u8005\u5b57\u8282\u8df3\u52a8\u7b49\u516c\u53f8\u7684\u4ea7\u54c1\u4e5f\u5728\u8695\u98df PDD \u4e3b\u6253\u7684\u4f4e\u6210\u672c\u5e02\u573a\u4efd\u989d\u3002\u6b64\u5916\uff0c\u7f8e\u56fd\u6b63\u52a0\u5927\u5bf9\u5305\u62ec\u4f7f\u7528\u5927\u91cf\u5c0f\u6279\u91cf\u8d27\u7269\u89c4\u907f\u5173\u7a0e\u7684\u96f6\u552e\u5546\u5728\u5185\u7684\u4f01\u4e1a\u8fdb\u884c\u5ba1\u67e5\uff0c\u800c\u8d85\u8fc7 50% \u7684 Temu \u4ea7\u54c1\u6765\u81ea\u4e2d\u56fd\uff0c\u56e0\u6b64\u8fd9\u4e00\u5ba1\u67e5\u53ef\u80fd\u4f1a\u5f71\u54cdPDD\u7684\u6210\u672c\u5229\u6da6\u7387\u3002<\/p>\n

\u5206\u6790\u5e08\u8868\u793a\uff0c\u5c3d\u7ba1\u5982\u6b64\uff0c\u4ed6\u4eec\u5bf9\u4ef7\u683c\u7ade\u4e89\u529b\u4ecd\u6301\u4e50\u89c2\u6001\u5ea6\uff0c\u56e0\u4e3a\u963f\u91cc\u901f\u5356\u901a\u548c\u4e9a\u9a6c\u900a\u4e5f\u4ece\u4e2d\u56fd\u91c7\u8d2d\u4e86\u7c7b\u4f3c\u6bd4\u4f8b\u7684\u4ea7\u54c1\u3002\u81ea8\u6708\u8d22\u62a5\u516c\u5e03\u4ee5\u6765\uff0c\u5e02\u573a\u666e\u904d\u9884\u671fPDD\u7684\u80a1\u4ef7\u76ee\u6807\u5df2\u4e0b\u8c0324%\uff0c\u8d85\u8fc7\u5176\u4ed6\u4efb\u4f55\u4e00\u5bb6\u4e2d\u56fd\u516c\u53f8\uff08\u9664\u4e86\u9ad8\u9014\u6559\u80b2\uff09\u3002\u6295\u8d44\u8005\u8fd8\u5bf9PDD\u6a21\u7cca\u7684\u524d\u666f\u5c55\u671b\u4ee5\u53ca\u7f3a\u4e4f\u56de\u8d2d\u80a1\u7968\u6216\u5206\u7ea2\u8ba1\u5212\u611f\u5230\u56f0\u60d1\u3002JPMorgan Chase & Co. \u5206\u6790\u5e08\u5199\u9053\uff1a\u201c\u6240\u6709\u6211\u4eec\u91c7\u8bbf\u7684\u6295\u8d44\u8005\u90fd\u5bf9PDD\u7684\u6307\u5bfc\u548c\u6295\u8d44\u65b9\u5411\u611f\u5230\u8ff7\u832b\u201d\uff0c\u800c\u201c\u7279\u522b\u662f\u957f\u671f\u57fa\u91d1\uff0c\u5bf9\u516c\u53f8\u7684\u80a1\u4e1c\u4ef7\u503c\u521b\u9020\u8868\u793a\u5931\u671b\u201d\u3002 <\/p>\n

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\u539f\u6587\u6458\u8981\uff1a<\/b><\/p>\n

\u2019s position as China\u2019s top-performing tech stock is in danger, amid a crisis of investor confidence over the e-commerce firm\u2019s worse-than-expected sales and growing competitive threats.The company behind the popular Temu platform and its Chinese equivalent Pinduoduo has seen its US-listed shares slide more than 30% since results that the market last month. That\u2019s the worst performance on the Nasdaq 100 Index, and the pain seems far from over as analysts slash expectations for the former market darling.PDD\u2019s weak outlook and lack of shareholder returns have raised concerns. Meanwhile rivals including are showing success in matching the company\u2019s cutthroat pricing, and heated US rhetoric continues to build over the Chinese business model.On Friday, PDD\u2019s shares dropped as much as 6.3% in US trading after the Biden administration steps to limit use of a trade loophole favored by Chinese retailers that allows millions of packages with cheap goods into the US every day without customs declarations or duties.In the August earnings briefing, management was \u201cguiding for lower growth and lower margins in the long term,\u201d while also saying they need to spend more to defend market share, said , an analyst at Morningstar Inc. \u201cThey\u2019re saying competition is intense,\u201d she said.Until recently, PDD had been seen as a in China e-commerce, as its low-price strategy enabled Pinduoduo to grab share among consumers looking for value in a weakening economy. It also reaped praise by duplicating that success overseas with Temu. PDD\u2019s shares are still up more than 160% over the past five years, topping a Bloomberg of the largest Chinese tech stocks.That\u2019s changed with the company\u2019s that revenue growth will inevitably dwindle. PDD has shed more than $80 billion in market value from a high in May, falling back behind Alibaba as China\u2019s largest e-commerce firm. In the process, PDD founder Colin Huang lost his briefly-held position as the nation\u2019s .\u201cThe market has quickly become concerned that the hyper-growth phase for PDD could be coming to an end,\u201d said , senior investment manager at Pictet Asset Management. \u201cThe domestic macro headwinds and an increasing competitive landscape are both likely to moderate this strong growth in the shorter term.\u201dAmazon.com Inc.\u2019s plans for a discount section and recent offerings from others including TikTok owner ByteDance Ltd. are crowding PDD\u2019s mainstay low-cost market. At the same time, geopolitical risks are rising as the US trains a on forced labor and retailers that skirt import duties with high volumes of small shipments.\u201cMore than 50% of Temu\u2019s products are currently sourced from China,\u201d so increased scrutiny may hurt PDD\u2019s margins, said Bloomberg Intelligence analyst . She added however that \u201cin terms of price competitiveness, I am less concerned on this front as rivals such as AliExpress and Amazon also source a similar portion from China.\u201dPDD\u2019s consensus stock price target has been slashed 24% since its results in August, more than any other Chinese company except Gaotu Techedu Inc., according to data compiled by Bloomberg. Analysts were discouraged by the online retailer\u2019s unclear guidance as well as the absence of plans to buy back shares or pay any dividends, even as rivals plan levels of shareholder returns.\u201cAll investors we spoke to were puzzled by PDD\u2019s guidance and areas of investment,\u201d JPMorgan Chase & Co. analyst wrote in a note. Long-only funds in particular \u201care disappointed by the company\u2019s apparent neglect of shareholder value, given PDD\u2019s guidance that it will not consider shareholder return actions in the visible future.\u201d<\/p>\n

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