After the Opening of the New Year, the market style suddenly changed, the past two years of track stocks, some high growth is not sustained, some face policy risks, funds began to shift to low-valued blue chip stocks, the outstanding performance is insurance stocks.
Hong Kong stock Ping An of China surged 7.17% today, closing at 65.80, up 36.9% from the bottom of 48.06. The bottom of Ping An A shares of China is 46.53 yuan, and now it is 53.40 yuan, up only 14.76%.
Ping An of China is listed on both A-shares and H-shares, and for individual investors in the mainland inland, investing in Hong Kong stocks through the Hong Kong Stock Connect account has a dividend tax issue.
The State Administration of Taxation stipulates that "for dividends and dividends obtained by inland individual investors through the investment of H-shares listed on the Hong Kong Stock Exchange through Shanghai-Hong Kong Stock Connect, the H-share company shall apply to China Securities Depository and Clearing Co., Ltd., and China Clearing corporation shall provide the inland individual investor register to the H-share company, and the H-share company shall withhold personal income tax at a rate of 20%." ”
20% dividend tax, the liquidity of Hong Kong stocks is poor, Hong Kong stocks have worse protection for small and medium-sized investors than A shares, A shares have new gains, Hong Kong stock investors have a large amount of foreign capital, this series of factors lead to the same share of the same rights condition, the stock price of Hong Kong stocks should be lower than A shares, this is the normal situation.
In the special investment environment of Hong Kong stocks, there is a phenomenon: if a stock is flawed, then the valuation will be killed very low, but if a stock has a high gold content, then the valuation will never be low.
A 20% dividend tax is terrible, and we know that the essence of equity is to get dividends. If a company invests 1 million, makes a profit of 300,000 yuan that year, and pays all dividends, then the return on net assets is 30%, but if it is a Hong Kong stock listing, we invest through the Hong Kong Stock Connect, then the dividend is only 240,000, and the return on net assets is 24%. 24% and 30% are two different levels of companies.
So normally, I, a rational pure value investor, would consider a replacement for A+H listed companies, H shares that are only more than 20% cheaper than A.
We look at today's A+H listed companies comparison rankings, only China Merchants Bank and Ping An China are H shares more expensive than A shares! In the past, China's flat arrangement was the first, and recently it was China Merchants Bank.
Let's look at Chinese Life, H/A is 38.87%, which means that if the A-share stock price is 100 yuan, then the Hong Kong stock price is only 38.87 yuan.
After the large-scale shipment of Hong Kong stocks by Ping An's largest shareholder Bu Bee Lotus last year, now Ping An Hong Kong stocks are more expensive than A shares, either the Hong Kong stock market is wrong, or the A share market is wrong, which do you think?
Why did Ping An of China fall sharply for more than a year? First, the Chinese happiness thunderstorm, this has been solved. Second, HSBC has been resolved, and the bottom of HSBC's stock price has doubled. Third, the threat of Internet insurance, Internet insurance is almost extinguished. Fourth, interest rates have fallen, the Federal Reserve has begun to raise interest rates, and Ping An of China has a smaller duration of assets and liabilities. Fifth, new order sales are not smooth. Ping An of China mainly revolutionized itself, and when it began to pick peaches, insurance + initially formed combat effectiveness, and product differentiation appeared.
From digital operation, product differentiation, brand value, insurance + construction, Ping An of China has been leading the industry for at least ten years. This is the basic logic of my investment in Ping An of China.
1, the Hang Seng Technology Index rose 4.5% today, very good. I have written at least ten articles in a month since December 18, 2021 on the investment value of Sino-Connected and Hang Seng Technology.
At present, the investment value of these two indexes is obvious, especially the older generation of Chinese Internet companies: Tencent, Ali, Baidu, JD.com, NetEase, etc., if you have money, you can directly buy the stocks of these companies, do a good job of position allocation, and buy index funds without money or too lazy to manage.
In the short term, the increase in The Internet may be better than that of Hang Seng Technology, which is because the positions of Tencent and Ali are too heavy, but in the long run, I am more optimistic about Hang Seng Technology, because there are many hard technologies in Hang Seng Technology, and the Internet is too soft, too soft is not necessarily bad, but it is not balanced enough, and the fluctuations will be greater.
2. The chief investment manager of Ping An of China is leaving. According to the announcement of the resolution of the seventh meeting of the 12th board of directors of Ping An of China, the board of directors resolved to appoint Mr. Deng Bin as the chief investment officer of the company, and Mr. Deng Bin's qualifications have yet to be approved by the China Banking and Insurance Regulatory Commission.
I am still very sorry about this, Chen Dexian Chen's investment ideas I fully agree with, can only say that the times are not lucky.
Voting result: 13 votes in favor, 0 votes against, 0 abstentions (director Chen Xinying recused himself from voting). Here Chen Xinying avoided why I did not understand. Haha, it's a reverie.
3, about Changchun high-tech, today fell again, the closing price of 204.84 yuan, as shown in the figure is a chart I viewed in the flush:
On January 19, the "Guangdong Alliance Diclofenac and Other Drugs Centralized Procurement Document" (hereinafter referred to as the "Document") released on the official website of the Guangdong Provincial Drug Trading Center shows that 20 recombinant human growth hormones, including Six enterprises, including Kinsey Pharmaceutical (Changchun High-tech Subsidiary), Anke Bio, Shanghai United Saier, Zhongshan Weiming Haiji, Danish Novo Nordisk and South Korea's LG Life Sciences, were included in the collection directory.
There is only 1 approved long-acting dosage form in China, 3 water injection dosage forms are Kinsey Pharmaceutical, Anke Bio and Novo Nordisk, and the powder injection dosage form is Kinsey Pharmaceutical, Anke Bio, Shanghai United Saier, Kexing Pharmaceutical, Zhongshan Weiming Haiji and so on. According to the statistics of Dongguan Securities, the total pre-procurement in the first year of the procurement period of public medical institutions in the alliance area was 8.2477 million IU, with powder needles accounting for about 60% and water needles accounting for about 40%. Long-acting needles are not included in the collection.
I talk about my own views: if your product is not unique, then be prepared for collection, which is why I only bought innovative drug ETFs; volume for price, reduce sales costs, collection is not necessarily a bad thing for enterprises, but the so-called huge profits should be gone; collection will form a new moat: effective scale.
Effective scale. Existing manufacturers in the market can obtain economic profits, but once potential market competitors enter, the returns of each participant will be lower than the cost of capital. Using pricing power wisely and maintaining reasonable economic profits while organizing competitors to enter is typical of effective-scale enterprises.
It is important to note here that the company's short-term performance and moat are not linearly correlated. For example, in the industry has experienced a cyclical decline, the company's performance has also declined, but it is entirely possible that the company's moat has actually changed deeply. We need to look at where the moat comes from, not the change in performance.
Therefore, I think that after this collection, the profitability of Changchun High-tech in the past two or three years may not have changed greatly, but the prospects for long-term development will inevitably be greatly suppressed, and the decline in stock prices is not to kill performance, but to kill valuation.
I said this, do you understand?
4, the international medical board is a little fast, did not expect, and then observe and observe.
6. Read an article on the subway, which is an interview with "the hardest Chinese in the flow", the asymptomatic infected person lives in No. 558, Shigezhuang Village, Pingfang Township, Chaoyang District, mainly engaged in decoration material handling. The activity trajectory of the asymptomatic infected person shows that in the 18 days from January 1 to January 18, his work scope covered Dongcheng, Xicheng, Chaoyang, Haidian, Shunyi and other districts, and he worked in more than 20 different locations, and many days worked in the early morning.
He went to Beijing because his eldest son was lost, and because his son had worked as a cook in Beijing, he came to Beijing to look for him. Before that, in order to find his son, he had already traveled to Shandong, Henan, Hebei, Tianjin and other places. Everywhere he went, while looking for his son, he would work odd jobs to make ends meet.
He had to feed six people alone, worked in Beijing for more than forty days, earned about 10,000 yuan, his father was 76 years old, his mother was 66 years old, they had heart disease, high blood pressure, coronary heart disease, and it cost a lot of money to take medicine.
Many people ask me why my name is "Slumdog Monopoly", and here is also an official response, which actually originated from a movie called "Slum Millionaire", I use this name on the one hand, I hope that I can become a rich man and obtain material wealth, on the other hand, I can get spiritual wealth from the process of struggle in the slums.
There is a point that many people may not get, that is, I did grow up from the "slum" environment, the people around me, my own long experience is the same as this flow of the uncle, it is also possible that I am more miserable than him, it is also possible that he is more miserable than me, anyway, it is a circle, almost.
I have seen a lot of poor life like this, so I don't feel much, and there are actually two points that move me.
One is, the last paragraph:
I don't feel pity either. I just work hard, I don't steal or rob, rely on my own strength, rely on my own hands, earn some money, earn money to find children. It's for life, for taking care of this home.
I looked for children and spent tens of thousands of dollars so far. Part-time work is a casual job, and when you earn money, you find children, and when you have no money, you work part-time. I worked hard to get my child back. I worked harder, even if I put my life in it, I still had to get the child back.
One is, the uncle's statement: now I am in good health, the temperature of 36.5 degrees is very good, I hope you will find my son back to me uh, netizens, thank you for the help of well-meaning people, thank you.
I spent tens of thousands of yuan to find my son, I don't need anyone to donate money, wife, children's living expenses are enough, my son to find back, is my greatest hope!
This may be the status quo of a large number of people at the bottom: doing the most tiring work in the worst environment, while defending their dignity with hope and goodwill and the most simple behavior.
I have a heart to heart!