Editor's Note
2021 is destined to be an extraordinary year.
This year, the global epidemic has been long and long, Delta has not yet withdrawn, Anderson has come again; the international political situation has changed, Biden has successfully succeeded Trump, and the postponed Tokyo Olympics have been successfully held; the financial market has hitched a ride on the "roller coaster", from the technology giants have been hammered in turn, and the education and training have embarked on the road of "rebirth", to the new energy and meta-universe Wudi to become the rookies of the times.
In the past year, Gelonghui has also followed the wheel of the times and published many excellent articles, covering areas such as market trends, hot topics, macroeconomics, and star stocks.
Take history as a mirror and forge ahead. Today, we hereby select some of the wonderful articles related to the market situation published on the Gelonghui platform to take you back to this difficult, torturous, but still can not extinguish the 2021 we hope.
Why is the southward money crazy
Author: Chen Xiao
2021.01.16
As the interconnection between the two markets becomes closer and the flow of funds between each other becomes smoother, the natural valuation gap in the Hong Kong A-share market will inevitably be gradually smoothed out, impossible to be ironed, but will gradually shrink.
This trend, on the one hand, comes from the convergence of investment styles and risk appetites between the two places, and on the other hand, from the increase in the valuation of Hong Kong stocks caused by the continuous large inflow of funds, which is likely to be the main force.
Who starred in last night's Big Miracle Day in the U.S. stock market?
Author: Pluto
2021.03.06
Whether A shares, or US stocks, for a number of core companies, there is no logic to kill, rising interest rates, good fundamentals, staged a valuation slowdown and profit growth rate of the race (market value = valuation * profit).
The valuation rate reduction caused by rising interest rates has been threatening the market for some time, whether it is Hong Kong A, or US stocks, many core assets have fallen by 20, 30 or even 40 points, and the first half of us stocks last night was a climax. After the climax, in terms of a stage, it is naturally the end of this script.
A few more scares, the market will be numb again, and the basic profit growth rate of good may be ahead for a while.
This wave of bottom-breaking is dead
Author: Lord of Sun Moon City
2021.03.08
Under the group market, the style of individual stocks is extremely differentiated. Drought dies of drought, and waterlogging will die of waterlogging. In the end, like a gazelle, whether you can live or not is just to see who runs faster.
Reach out and take the flying knife, the knife is bloody, at present, the market continues to fall, thinking that you can copy to the end: individual stocks fell 5% to increase the position, fell 10% to continue to increase the position, to fall 20%, then your early increase in the money is actually gone.
Guessing where the bottom is in the falling city is not necessary and meaningless. Guess right, you may not lose money, but you also lose time. If you guess wrong, it is an abyss.
Bottom-reading is always the most dangerous behavior in investment.
This warning to foreign investment is unusual
Author: Ink Feather Maple Fragrance
2021.04.20
There are no more than 3 kinds of foreign capital in A shares, one is overseas retail investors, the proportion is very small, will not affect our financial stability; there is also an overseas hedge fund, insurance company, is also the largest proportion of positions; there is also a type of foreign brokers in the form of self-operation, in fact, behind some hedge funds.
Especially hedge funds, once the European and American markets have an accident, the source of A shares being implicated in this is also the type of foreign capital that likes to come chaotically and enter and exit A shares. Of course, in addition to formal channels, there are also a small number of dishonest foreign capital that has changed the vest into A shares, and it is easier to make waves. Of course, they are the regulatory layer of the opponent and should not be able to turn over any big waves.
However, 1.3 trillion yuan of foreign capital is precipitated in A shares, accounting for 5% of the total market value of A shares, and the value discovery function is still very strong, which is worth the attention of retail investors, especially the TOP20 stocks.
Written on the occasion of the Great Crash: Returning Education to Innocence
2021.07.24
With the strong intervention of regulatory policies, the future of education will return to education itself, rather than as a capital business that can seek violence. Of course, this also means that the carnival of capital in the education market has ended.
The general direction of policy reform is to ban the industrialization and capitalization of education, which can not only reduce the problem of family education expenditure, but also conform to people's calls for educational fairness. At the same time, this is also conducive to gradually removing the mountain of education, which is conducive to the overall situation of economic development under the future internal cycle. This is in line with the objective function of government and in the broad interests of the vast majority of people.
Goodbye, Capital! It is the blessing of my generation to return education to its purest appearance.
Three mountains crush the market: the decaying past must die
2021.07.26
At present, people are looking forward to living a rich and dignified life. The ideal is beautiful, the reality is very backbone, and the pressure of the "three mountains" is always lingering. Fortunately, the regulators are gradually trying to move away, but the solution is particularly difficult, so they choose education with relatively small side effects and carry out drastic reforms.
But the decaying past is finally over. As an investor, we must also follow the trend of policy, because every enterprise and everyone is ultimately a product of the times. Of course, we also need to look at it rationally, not to mention stigmatization.
Smashing, liquidating, fleeing: plummeting for two days, where to go?
Author: Gu Min
2021.07.27
When a person's wealth obtained through labor cannot exceed that of wealth acquired through inheritance of assets, inheritance society will inevitably come.
As small as a person, as large as a country, if you fall into the trap of "inheriting society", then there will be many problems. The two most typical are:
1 The gap between rich and poor has intensified and cannot be reversed
2 Economic growth is weak and all stimulus policies are ineffective
And these two will form a vicious circle: due to weak economic growth, there is no new growth point, there will be no new opportunities to get rich, resulting in the possession of wealth will always be a fixed group of people, which in turn will exacerbate the gap between the rich and the poor...
How to break the vicious circle of inherited society?
One depends on science and technology, and the other depends on population.
We are in the darkest hour of the confusion of the valuation system
Author: Hanyang Shu
2021.08.19
Because the underlying business logic collapses the company (but the company's own position, the industry structure has not deteriorated), is the most likely to usher in a rapid repair.
However, the deterioration of fundamentals caused by factors such as the deterioration of the industry pattern takes time to adjust, and it is impossible to change overnight.
The cycle goes back and forth, and each industry goes through its own moments of adjustment. As long as business logic still plays a dominant role, prompting excellent people to continue to struggle, effectively allocate resources, make their own enterprises stronger and bigger, and continuously make money, then those who should come back will definitely come back.
We just need to look for these companies that will adjust.
Investors are on vacation, funds are running: the mystery of the mid-autumn plunge in Hong Kong stocks
2021.09.20
The current Hong Kong and Hong Kong stock markets may indeed be in an important period of reform, and as in China, some industry stocks will continue to be tested in the short term.
But in the long run, after experiencing this wavelength cycle, both Hong Kong and Hong Kong stocks will usher in a new and better start.
In the great changes of the times, the more in-depth the major reforms, the more it contains the great opportunities of the times, even if it is a crisis, it is also an organic crisis, depending on whether we can seek advantages and avoid harms, and obtain the great opportunity to change our destiny.
Hillhouse Massive Sell-Off CXO: What Crisis Did You Smell?
2021.10.30
In the future, the divergence of pharmaceutical investment is larger, the difficulty of investment is increased, and the days of betting on the track alone are gone. But it is more clear that in the current era of inner volume, many industries have long been without increments, and medical services are sustainable demand, there are still many incremental cakes in the subdivision field, and still give birth to many opportunities, can not simply sweep into the "three mountains" trash can, regardless of disregard, somewhat unwise.