1. UBS Greater China Seminar was held in Shanghai.
Lian Peikun, director of the Greater China Research Department of UBS Global Investment Bank, said that the current valuation is too cheap, the PE of the MSCI China Index is only 8 times, and there is still 15% potential room this year. The main reason for being constructively optimistic about Hong Kong stocks is that the proportion of foreign investors in Hong Kong stocks is very low. Future interest rate cuts by the Fed will encourage foreign capital inflows. Profit growth rate of Hong Kong's internet industry. Hong Kong stocks accounted for 23%.
We often say that listen to their words and watch their deeds, we talk about a**field, Hong Kong **field, all good, the key is to use, why not buy it if it's good?Anyway, foreign capital flowed out yesterday!What is the current situation?Some time ago, there was an inflow, but domestic funds are flowing out, so it can't be supported now, so it also flows out. As for when it will flow in, no one knows, so we can only see. Take your time!
2. Xu Xiang's wife Yingying posted a weekly comment through her ** account, she said: At present, the Shanghai Composite Index has fallen to 2882 points, and it will continue to reach the middle level in the future.
He believes that the reason for the weakening of the market is that the economic data in December was not ideal, and the situation with semiconductors in South Korea affected investor sentiment. At present, A-shares have a large number of value nets, coupled with low valuations, attracting high-dividend capital inflows.
I have a different opinion about his comment. I think high dividends** are a trap. After all, the development potential of these traditional industries is not as good as that of high-tech enterprises. After all, they are the pioneers of the high-quality economy, you know, once the action of the traditional industry is blocked, it is difficult to escape, and the funds into the group are actually for hedging, and it can be said that many institutions are for hedging. Not for high dividends.
3. The performance of China's duty-free companies.
CDFG released its 2023 performance report on the Hong Kong Stock Exchange, with a total operating income of 6757.6 billion yuan, a year-on-year increase of 2415%；The net profit attributable to the parent company for the year was 671.7 billion yuan. -The Company grew by 33 percent for the year52%。Among them, the operating income in the fourth quarter was 1673.9 billion yuan, a year-on-year increase of 1109%；Net profit attributable to the parent company was 151 billion yuan, a year-on-year increase of 27562%。
The performance increased by 33% year-on-year52%, which is quite impressive. Consumption is so weak. It would be nice if I could grow up. However, its highest performance in history was 9.6 billion yuan in 2021, and it is now about 6.7 billion yuan, which is still far from 3 billion yuan. This is also the main reason for the decline in the performance of China Duty Free.
Net profit for the fourth quarter was $1.5 billion, nearly three times higher than last year and slightly ahead of expectations. Now the main reason is that the profit margin has fallen, it used to be 14%, now it is only 10%. CDFG is a profit-making policy, with a current PE of about 23 times, while other profit-making policies are valued at around 10 times. So now the possibility of a large ** is still not very likely, and there may be a relaxation in the middle. But the fundamental problem was caused by the grouping at that time.