Recently， the return of China concept shares is a topic of great concern to the market. Many technology Internet giants familiar with experts have announced their return to Hong Kong stocks. Many people think that the price of the Internet is not good.Munger said that investment， such as horse racing， is a game of odds and odds. A good market environment and track will greatly increase the winning rate， which is crucial for the ever-increasing profits. In fact， Ba Lao's success is also built on the basis of 60 years of vigorous U.S. stocks， which can't be copied in any other country. Many of these technology Internet giants to be returned are in the forefront of China's new economy， with good business climate and strong competitiveness， and their position in the industry is far better than that of A-share companies in the same industry. Therefore， in my expectation， the horizontal comparison of A-share and other industries shows that the technology Internet giants still have a long ramp.
is the first to do a double A shares. A shares from the Last Shocking stock market disaster， has been five years before. On the one hand， Liuhe treasure map is genuine in 2020， and nearly 80% of stocks have fallen by more than 50% since the Shanghai stock index 5178 points; on the other hand， the growth of food and beverage industry is close to 100% in 2020， and it is no exaggeration to call it a five-year bull market. Looking back at the Liuhe treasure map， the authentic four different map in 2020， the food and beverage industry was the best track at that time.The logic behind the appearance of
is that the market participants before 2015 are mainly retail investors， and the legitimate four dissimilar map of 2020 is mainly composed of retail investors. Retail investors have higher short-term profit margin requirements and pay less attention to permanent reality. However， the market participants who hold the value investment， Liuhe treasure map， the genuine four dissimilar map in 2020， and the means theory mostly follow Graham's system. Graham's corporate valuation method is mainly quantitative analysis， Liuhe treasure map 2020 authentic four dissimilar chart， qualitative analysis is less discussed， and the focus of quantitative analysis is the static analysis of the enterprise's historical and realistic financial data， Liuhe treasure map 2020 authentic four dissimilar chart， which solves the problem of internal value of a company in the short and medium term.However， with the entry of foreign investment， the genuine four dissimilar map of Liuhe treasure map in 2020 will go down with the ever increasing interest rate. The expectation request of market participants for short-term return is decreasing， and the consideration of forever certainty is strengthening. In order to strengthen the trust in the determination of the company's forever future， the genuine four dissimilar map of 2020 is not only a quantitative analysis of the Liuhe treasure map， but also a qualitative analysis of the company. In addition， Liuhe's treasure map is a genuine version of \
the effect of this turning point is subtle. It is easy to see the Liuhe hidden treasure map. In 2020， the original four dissimilar map. Previously， investors were more concerned about the speed-up of the performance of liquor companies in the next quarter or the next year， and gave the corresponding valuation. Therefore， the valuation of liquor companies in history has been shocked by 15-30 times. However， with the deepening of the weight of eternal certainty， the valuations of Damian liquor companies exceeded 30 times， and the average valuation of food leaders was 60-80 times. The long-term hope still has investment value， but the expected profit margin is sure to go down substantially.However， even if it is not pleasing to the global market， in the past few years， the most outstanding stock prices are technology stocks， and the performance of the \
most of China's leading Internet technology companies are listed in the US or Hong Kong stock markets. The technology stocks with soft parts (Internet，六合藏宝图2020年正版四不像图 games， SaaS， etc.) share the same logic with food and beverage. They have a peaceful business pattern， good cash flow and a definite growth trend. Compared with the average 40x food and beverage companies， the Internet leader is now popular， with a valuation of less than 30 times， and the investment value is dim.In addition to valuation， what are the advantages of the Internet industry that we should pay attention to? First， in addition to being connected with the food and beverage industry， the Internet will always be better than the increase of CPI， and the Internet will always be better than the supplement of the Internet population base and the turning point of people's living means. The average age of active Internet users in China is 25 years old. The willingness and ability of Internet users over 45 years old to pay are weak， and the approval degree of Internet payment mode is relatively low. Therefore， always look， China's active Internet user base still has nearly doubled the growth space. Secondly， the Internet is still the driving force to change our way of life. With the iteration， development and implementation of 5g， VR / AR and other new technologies， online is the main development trend for a long time in the future. Especially during the epidemic period， new retail， online feeding， video conference， play， short video， o2o shopping and other surrounding areas achieved explosive growth. This kind of scene obtains a large number of special and valuable current customers at a very low cost. As long as the user retention is well done in the follow-up process， it will greatly promote the permanent growth prospects of the relevant companies. Secondly， the Internet leader is light and has a high market share and a weak competitive edge. The effect of competitive advantage is that roe will be underestimated by the market. Competitive advantage is the main element of many followers in the operation of each company. Lynch calls it niche， while Warren Buffet calls it moat. In simple terms， it is the most competitive axe compared with the company. It works well and can't be copied. Naturally， the best barrier to competition is monopoly. For example， Google is in a monopoly position around search， Facebook in diplomacy， and micro soft in the operating system and office software. Before the monopoly status is threatened， these enterprises have a strong ability to earn earnings， and the degree of external roe will be underestimated. This is also the reason why in the past few years， under such a high market value， the revenue of these companies can still maintain a compound annual growth rate of 20%. In addition， companies that are also diplomatic soft parts with different means of earning have achieved a profit volume of 100 billion yuan， which shows the scalability of earnings means under the mode of pure Internet monopoly. Barriers are one of the central factors that we consider when we study Internet companies. For companies in a good track， the higher the barriers， the stronger the extensibility of earnings capacity. The return of
China stock market is not only a change in the era of Shunda， but also a general trend of the state's emphasis and encouragement on the new economy. We look forward to the prospect that more than 30 Internet technology giants with a market value of more than US $3 billion will continue to return to Hong Kong stocks in the future. In addition， the reform process of the registration system and separate rights of the same share on the science and technology innovation board and the growth enterprise market is also speeding up， which provides convenient conditions for the subsequent listing of high-quality technology companies. Therefore， I believe that China's leading Internet technology will certainly become one of the most important trends in future investment. We will also communicate with overseas investors and have real opportunities to invest in China's most outstanding leading enterprises in science and technology.(source: Zhongtai securities) ，