Kunpeng Project
Editorial Department of this journal |Xie Changyan
Dragon Prosperous, Vientiane Update!
The dragon is endowed with a noble spiritual symbol in Chinese culture, and "the dragon and the horse, the dragon and the tiger leap" all carry people's yearning and pursuit of a better life. This Jiachen Year of the Dragon,We still look forward to more "good luck, vitality and hope".
This spring came exceptionally early. On the twenty-fifth day of the lunar month, we ushered in the beginning of spring at the beginning of the twenty-four solar terms. But the beginning of spring is not spring, and many places across the country are still dealing with freezing rain and snow. In **, the start of 2024 is also cold, however,In the three trading days before the end of the Year of the Rabbit, investors have sensed a burst of warmth in the market.
So far in 2023, the performance of China's capital market has been lower than expected, mainly due to the deep liquidation of the real estate sector dragging down the economic recovery. But even so, 5The economic growth rate of 2% shows that China's economy is extremely resilient. Looking at the law of real estate development in various countries around the world, no matter from the perspective of volume and price, the adjustment of China's real estate industry is close to the natural bottom. And before the end of the Year of the Rabbit, various localities are still further relaxing real estate policies to support the economy.
Looking at it again, the current proportion of A-shares with a dividend yield of more than 5% is close to 20%, and H-shares account for more than 45%. It can be seen that the overall quality of listed companies has not deteriorated, and the valuation is very cheap. Many companies with real finances, the interests of major shareholders and minority shareholders are aligned, the management has the motivation and ability to improve the company's stock price, and the company's cash flow and net profit have continued to grow, and the stock price has been discounted by five or six percent.
These are indicativeThe current Chinese capital market is a clear bottom zone.
Looking at the market closely, the extreme adjustment of small-capitalization targets since January is more of a catharsis of short-term funds and emotions. With the continuous introduction of favorable policies, the liquidity risk of small-capitalization targets has been alleviated, and the market will return to the drive of fundamentals in the future.
*There is always a cycle of booms and busts, but the long-term annualized return of the **Index has always been maintained at the level of 8%-10%, without exception in all countries of the world. The long-term adjustment of China's capital market has caused many investors to fall into the trap of linear thinkingReturns are never linear, but are done in large swings. This reward is a reward for knowledge and patience.
At present, China's capital market is like a hidden dragon in the abyss, and it is walking on the road of spring flowers. Although there will be a cold spring on the way forward, and even a "cold spring", this will not stop the general direction of the future. At this moment, ** stick to the excellent company and patiently wait for the arrival of spring to fully enjoy Davis Double Click or the best option.
Finally, I wish all readers a long red investment and good luck in the Year of the Dragon!