tony 家 personal page - To The Moon

tony 家

tony 家

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2022-05-05

3

Everbright Strategy: Three Investment Clues Revealed in the Financial Report

2023-11-03

w

Tiger Morning News | Palantir soared 20%! Tesla bounced 6.3% higher, Nvidia jumped 2.8%! Federal Reserve rate hike is expected to cool down, and U.S. stocks soar with three fingers

2023-11-02

gj

@虎港通:🚤巴菲特又跑了！比亞迪單季盈利超百億！你還睇好股神減持後嘅新能源汽車一哥咩？

2023-11-02

ru

@价值投资为王:新能源汽車10月銷量點評：這家車企要涼？

2023-11-02

gg

@Fenger1188:巴以衝突，黃金成功站上了2000美金！　

2023-11-01

Q

@美股解毒师:雙Sell可能是本財報季半導體公司最佳策略

2023-10-29

w

@王小渣:$亞馬遜(AMZN)$ 財報賭對了微軟，飄了，幹了亞馬遜末日126call，財報公佈後，由漲轉跌，已做好歸零的打算，上午一看漲回5%，又燃起生的希望，但願不是雙殺！

2023-10-27

q

@ETF唔係ET虎:【👀趣味漫畫】香港下調印花稅，對我哋有啥影響？盤點港股歷史上嘅印花稅調整！

2023-10-26

W

@MaverickWealthBuilder:Is Google Cloud's Miss A Dip To Buy?

2023-10-26

W

@MaverickWealthBuilder:Is Google Cloud's Miss A Dip To Buy?

Go to Tiger App to see more news

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理想10月交付40422輛，首次突破4萬大關，是造車新勢力中第一家完成此壯舉的公司，旗下的多款車型佔據同類型銷量榜首，理想的產品力在新能源汽車中依然是扛把子的存在： 小鵬10月交付20002輛，首次突破2萬關口，同比增長292%，其中G6單月交付8741輛，成爲20-25萬價格帶最暢銷的純電動SUV。 小鵬應該是蔚小理中最早出現銷量危機的，直至G6一炮而紅才渡過銷售危機，如今來看，能夠起死回生着實不易，現在把壓力給到蔚來了，能否複製小鵬的奇蹟且看管理層的能力了： 比亞迪10月交付301833輛，首次突破30萬輛大關，同比增長38.6%，其中海外銷量30521輛，亦創歷史新高： 由於銷量基數較高，比亞迪在國內的增速開始趨緩，未來的增長極將來自海外市場，若能複製國內銷量奇蹟，比亞迪市值或將再上一個臺階。 零跑10月交付18202輛，同比增長159%，創歷史記錄： 零跑近期大事不少，近期剛獲得Stellantis集團巨資入股，隨後大股東宣佈未來10年不會減持股份，受到投資者一致好評。 賽力斯10月交付17600輛，其中賽力斯品牌交付14506輛，創歷史新高，主要是華爲聯合賽力斯新推出的車型爆紅。 賽力斯與小鵬一樣，剛出道時由於華爲光環銷量大增，但很快遇到問題，不同於小鵬堅持純電動路線，賽力斯迅速推出增程車型，銷量迎來爆發： 極氪10月交付13077輛，同比增長29%，但最近幾個月增長勢頭放緩： 哪吒10月交付12085輛，同比下滑32.9%，是新能源車企中最拉胯的一家，估計要涼涼了： 10月最令人大跌眼鏡的要數廣汽埃安了，在9月銷量突破5萬大關後","listText":"剛剛，主流新能源車企紛紛公佈了10月交付數據，亮點不少，從整體來看，多家公司月交付量創歷史新高，但有個別車企似乎攤上事了。 先來看蔚來，10月交付16074輛，雖然同比增長59.8%，但環比只有2.8%，且依然沒能突破7-8月時的高點： 理想10月交付40422輛，首次突破4萬大關，是造車新勢力中第一家完成此壯舉的公司，旗下的多款車型佔據同類型銷量榜首，理想的產品力在新能源汽車中依然是扛把子的存在： 小鵬10月交付20002輛，首次突破2萬關口，同比增長292%，其中G6單月交付8741輛，成爲20-25萬價格帶最暢銷的純電動SUV。 小鵬應該是蔚小理中最早出現銷量危機的，直至G6一炮而紅才渡過銷售危機，如今來看，能夠起死回生着實不易，現在把壓力給到蔚來了，能否複製小鵬的奇蹟且看管理層的能力了： 比亞迪10月交付301833輛，首次突破30萬輛大關，同比增長38.6%，其中海外銷量30521輛，亦創歷史新高： 由於銷量基數較高，比亞迪在國內的增速開始趨緩，未來的增長極將來自海外市場，若能複製國內銷量奇蹟，比亞迪市值或將再上一個臺階。 零跑10月交付18202輛，同比增長159%，創歷史記錄： 零跑近期大事不少，近期剛獲得Stellantis集團巨資入股，隨後大股東宣佈未來10年不會減持股份，受到投資者一致好評。 賽力斯10月交付17600輛，其中賽力斯品牌交付14506輛，創歷史新高，主要是華爲聯合賽力斯新推出的車型爆紅。 賽力斯與小鵬一樣，剛出道時由於華爲光環銷量大增，但很快遇到問題，不同於小鵬堅持純電動路線，賽力斯迅速推出增程車型，銷量迎來爆發： 極氪10月交付13077輛，同比增長29%，但最近幾個月增長勢頭放緩： 哪吒10月交付12085輛，同比下滑32.9%，是新能源車企中最拉胯的一家，估計要涼涼了： 10月最令人大跌眼鏡的要數廣汽埃安了，在9月銷量突破5萬大關後","text":"剛剛，主流新能源車企紛紛公佈了10月交付數據，亮點不少，從整體來看，多家公司月交付量創歷史新高，但有個別車企似乎攤上事了。 先來看蔚來，10月交付16074輛，雖然同比增長59.8%，但環比只有2.8%，且依然沒能突破7-8月時的高點： 理想10月交付40422輛，首次突破4萬大關，是造車新勢力中第一家完成此壯舉的公司，旗下的多款車型佔據同類型銷量榜首，理想的產品力在新能源汽車中依然是扛把子的存在： 小鵬10月交付20002輛，首次突破2萬關口，同比增長292%，其中G6單月交付8741輛，成爲20-25萬價格帶最暢銷的純電動SUV。 小鵬應該是蔚小理中最早出現銷量危機的，直至G6一炮而紅才渡過銷售危機，如今來看，能夠起死回生着實不易，現在把壓力給到蔚來了，能否複製小鵬的奇蹟且看管理層的能力了： 比亞迪10月交付301833輛，首次突破30萬輛大關，同比增長38.6%，其中海外銷量30521輛，亦創歷史新高： 由於銷量基數較高，比亞迪在國內的增速開始趨緩，未來的增長極將來自海外市場，若能複製國內銷量奇蹟，比亞迪市值或將再上一個臺階。 零跑10月交付18202輛，同比增長159%，創歷史記錄： 零跑近期大事不少，近期剛獲得Stellantis集團巨資入股，隨後大股東宣佈未來10年不會減持股份，受到投資者一致好評。 賽力斯10月交付17600輛，其中賽力斯品牌交付14506輛，創歷史新高，主要是華爲聯合賽力斯新推出的車型爆紅。 賽力斯與小鵬一樣，剛出道時由於華爲光環銷量大增，但很快遇到問題，不同於小鵬堅持純電動路線，賽力斯迅速推出增程車型，銷量迎來爆發： 極氪10月交付13077輛，同比增長29%，但最近幾個月增長勢頭放緩： 哪吒10月交付12085輛，同比下滑32.9%，是新能源車企中最拉胯的一家，估計要涼涼了： 10月最令人大跌眼鏡的要數廣汽埃安了，在9月銷量突破5萬大關後","images":[{"img":"https://static.tigerbbs.com/4b21b25dfa81bce53e163374cb307518","width":"1437","height":"628"},{"img":"https://static.tigerbbs.com/da84a6b34ecf0fdf21226a69b70807db","width":"1294","height":"637"},{"img":"https://static.tigerbbs.com/46684eaf4e5c18beac802646971ad6ff","width":"1318","height":"573"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/236788416622600","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":10,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2180,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":236940178411656,"gmtCreate":1698882276987,"gmtModify":1698882280646,"author":{"id":"4096288759817900","authorId":"4096288759817900","name":"tony 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11月2日凌晨2點，美聯儲將公佈利率，凌晨2：30鮑威爾關於貨幣政策的新聞發佈會。美聯儲上次升息是在7月升息0.25%。市場普遍預期這次仍將按兵不動，聯邦資金利率目標區間維持在5.25%至5.5%，但保留12月升息可能。 10月30日，週一美國10年期國債收益率上漲4.3個基點，報4.888%。目前標普500指數已有251家公司公佈業績，根據LSEG，其中78%的公司獲利優於華爾街的預期。業績行情發酵，三大指數漲超1%，標普500指數收漲49.45點，漲幅1.20%，報4166.82點。道指收漲511.37點，漲幅1.58%，報32928.96點。納指收漲146.47點，漲幅1.16%，報12789.48點。納指100漲1.1%。 大型科技股全線上漲，亞馬遜、奈飛漲超3%，微軟漲超2%，Meta、谷歌、蘋果漲超1%。特斯拉跌近5%，創5月底以來收盤新低。 熱門中概股多數上漲，小鵬汽車、京東、網易、蔚來漲超1%，理想汽車、阿里巴巴、愛奇藝、微博小幅上漲。 麥當勞2023 財年第三季度銷售額增長14％ 同比至66.92億美元，超過分析師共識估計的65.77億美元，股價收漲1.7%。 週一蘋果舉辦了特別活動，帶來了大量的新品，其中包括數款Macbook。蘋果方面還發布了全新的M3芯片。目前，M3芯片總計有三種版本，分別爲M3、M3 Pro、M3 Max 芯片，這也是全球首款採用3納米技術的PC芯片。最後，這場蘋果味的萬聖節派對還留了個彩蛋：本次發佈會是iPhone拍攝，Mac剪輯。 這種低光環境下，蘋果算是給iPhone做了個廣告。蘋果定於週四公佈9","listText":"巴以衝突影響金價，三週以來，巴以衝突成了推動金價的最強“主力”，金價從1810到2009漲了200美金。今年以來，黃金已經漲超20%。 巴以衝突疑慮逐漸消散，投資者轉頭緊盯美聯儲、日本及英國等主要央行即將在本週舉行的貨幣決策會議 。 11月2日凌晨2點，美聯儲將公佈利率，凌晨2：30鮑威爾關於貨幣政策的新聞發佈會。美聯儲上次升息是在7月升息0.25%。市場普遍預期這次仍將按兵不動，聯邦資金利率目標區間維持在5.25%至5.5%，但保留12月升息可能。 10月30日，週一美國10年期國債收益率上漲4.3個基點，報4.888%。目前標普500指數已有251家公司公佈業績，根據LSEG，其中78%的公司獲利優於華爾街的預期。業績行情發酵，三大指數漲超1%，標普500指數收漲49.45點，漲幅1.20%，報4166.82點。道指收漲511.37點，漲幅1.58%，報32928.96點。納指收漲146.47點，漲幅1.16%，報12789.48點。納指100漲1.1%。 大型科技股全線上漲，亞馬遜、奈飛漲超3%，微軟漲超2%，Meta、谷歌、蘋果漲超1%。特斯拉跌近5%，創5月底以來收盤新低。 熱門中概股多數上漲，小鵬汽車、京東、網易、蔚來漲超1%，理想汽車、阿里巴巴、愛奇藝、微博小幅上漲。 麥當勞2023 財年第三季度銷售額增長14％ 同比至66.92億美元，超過分析師共識估計的65.77億美元，股價收漲1.7%。 週一蘋果舉辦了特別活動，帶來了大量的新品，其中包括數款Macbook。蘋果方面還發布了全新的M3芯片。目前，M3芯片總計有三種版本，分別爲M3、M3 Pro、M3 Max 芯片，這也是全球首款採用3納米技術的PC芯片。最後，這場蘋果味的萬聖節派對還留了個彩蛋：本次發佈會是iPhone拍攝，Mac剪輯。 這種低光環境下，蘋果算是給iPhone做了個廣告。蘋果定於週四公佈9","text":"巴以衝突影響金價，三週以來，巴以衝突成了推動金價的最強“主力”，金價從1810到2009漲了200美金。今年以來，黃金已經漲超20%。 巴以衝突疑慮逐漸消散，投資者轉頭緊盯美聯儲、日本及英國等主要央行即將在本週舉行的貨幣決策會議 。 11月2日凌晨2點，美聯儲將公佈利率，凌晨2：30鮑威爾關於貨幣政策的新聞發佈會。美聯儲上次升息是在7月升息0.25%。市場普遍預期這次仍將按兵不動，聯邦資金利率目標區間維持在5.25%至5.5%，但保留12月升息可能。 10月30日，週一美國10年期國債收益率上漲4.3個基點，報4.888%。目前標普500指數已有251家公司公佈業績，根據LSEG，其中78%的公司獲利優於華爾街的預期。業績行情發酵，三大指數漲超1%，標普500指數收漲49.45點，漲幅1.20%，報4166.82點。道指收漲511.37點，漲幅1.58%，報32928.96點。納指收漲146.47點，漲幅1.16%，報12789.48點。納指100漲1.1%。 大型科技股全線上漲，亞馬遜、奈飛漲超3%，微軟漲超2%，Meta、谷歌、蘋果漲超1%。特斯拉跌近5%，創5月底以來收盤新低。 熱門中概股多數上漲，小鵬汽車、京東、網易、蔚來漲超1%，理想汽車、阿里巴巴、愛奇藝、微博小幅上漲。 麥當勞2023 財年第三季度銷售額增長14％ 同比至66.92億美元，超過分析師共識估計的65.77億美元，股價收漲1.7%。 週一蘋果舉辦了特別活動，帶來了大量的新品，其中包括數款Macbook。蘋果方面還發布了全新的M3芯片。目前，M3芯片總計有三種版本，分別爲M3、M3 Pro、M3 Max 芯片，這也是全球首款採用3納米技術的PC芯片。最後，這場蘋果味的萬聖節派對還留了個彩蛋：本次發佈會是iPhone拍攝，Mac剪輯。 這種低光環境下，蘋果算是給iPhone做了個廣告。蘋果定於週四公佈9","images":[{"img":"https://community-static.tradeup.com/news/48f0baa2aa592881654eb3f29afee403","width":"1800","height":"1200"},{"img":"https://community-static.tradeup.com/news/8b086b0922d6198cef017b8bc08c98bb","width":"498","height":"273"},{"img":"https://community-static.tradeup.com/news/182e1981f59960f3ce4c95512bf71529","width":"720","height":"479"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/236393687109856","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":6,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3553,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":236681426747600,"gmtCreate":1698819296868,"gmtModify":1698819300832,"author":{"id":"4096288759817900","authorId":"4096288759817900","name":"tony 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的財報要在11月21日公佈，這使得其他半導體公司羣龍無首。 <a href=\"https://laohu8.com/S/AMD\">$美國超微公司(AMD)$</a> 10.31盤後財報，果不其然波動不大，甚至配不上其90%+的IV，因此期權賣方成最大贏家。做空波動率的策略，除了日曆差價（calendar）之外，還有更爲激進的雙Sell（反向跨式、反向寬跨式策略），有交易者就採用了寬跨式策略，Sell了AMD的110 Call和 82 PUT，雙雙盈利。眼下， <a href=\"https://laohu8.com/S/QCOM\">$高通(QCOM)$</a> （11.1）、 <a href=\"https://laohu8.com/S/INTC\">$英特爾(INTC)$</a> （11.6）、 <a href=\"https://laohu8.com/S/NXPI\">$恩智浦(NXPI)$</a> （11.6）等都在近期公佈財報。不同半導體公司針對的行業變化可以是影響公司業績的關鍵因素，例如與汽車和工業供需關係密切的 <a href=\"https://laohu8.com/S/ON\">$安森美半導體(ON)$</a> ，就因行業性的需求下滑而大跌。但是對綜合性的芯片公司來說，要找到對整個板塊的指引，可能還是需要關注NVDA的業績以及對接下來幾個季度的指引。","listText":"過去一個月，半導體板塊回調不少 <a href=\"https://laohu8.com/S/SOX\">$費城半導體指數(SOX)$</a> ，但是作爲大哥的 <a href=\"https://laohu8.com/S/NVDA\">$英偉達(NVDA)$</a> 的財報要在11月21日公佈，這使得其他半導體公司羣龍無首。 <a href=\"https://laohu8.com/S/AMD\">$美國超微公司(AMD)$</a> 10.31盤後財報，果不其然波動不大，甚至配不上其90%+的IV，因此期權賣方成最大贏家。做空波動率的策略，除了日曆差價（calendar）之外，還有更爲激進的雙Sell（反向跨式、反向寬跨式策略），有交易者就採用了寬跨式策略，Sell了AMD的110 Call和 82 PUT，雙雙盈利。眼下， <a href=\"https://laohu8.com/S/QCOM\">$高通(QCOM)$</a> （11.1）、 <a href=\"https://laohu8.com/S/INTC\">$英特爾(INTC)$</a> （11.6）、 <a href=\"https://laohu8.com/S/NXPI\">$恩智浦(NXPI)$</a> （11.6）等都在近期公佈財報。不同半導體公司針對的行業變化可以是影響公司業績的關鍵因素，例如與汽車和工業供需關係密切的 <a href=\"https://laohu8.com/S/ON\">$安森美半導體(ON)$</a> ，就因行業性的需求下滑而大跌。但是對綜合性的芯片公司來說，要找到對整個板塊的指引，可能還是需要關注NVDA的業績以及對接下來幾個季度的指引。","text":"過去一個月，半導體板塊回調不少 $費城半導體指數(SOX)$ ，但是作爲大哥的 $英偉達(NVDA)$ 的財報要在11月21日公佈，這使得其他半導體公司羣龍無首。 $美國超微公司(AMD)$ 10.31盤後財報，果不其然波動不大，甚至配不上其90%+的IV，因此期權賣方成最大贏家。做空波動率的策略，除了日曆差價（calendar）之外，還有更爲激進的雙Sell（反向跨式、反向寬跨式策略），有交易者就採用了寬跨式策略，Sell了AMD的110 Call和 82 PUT，雙雙盈利。眼下， $高通(QCOM)$ （11.1）、 $英特爾(INTC)$ （11.6）、 $恩智浦(NXPI)$ （11.6）等都在近期公佈財報。不同半導體公司針對的行業變化可以是影響公司業績的關鍵因素，例如與汽車和工業供需關係密切的 $安森美半導體(ON)$ ，就因行業性的需求下滑而大跌。但是對綜合性的芯片公司來說，要找到對整個板塊的指引，可能還是需要關注NVDA的業績以及對接下來幾個季度的指引。","images":[{"img":"https://static.tigerbbs.com/a352c207c29977e7fe5fb97f2e9928a7","width":"682","height":"708"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/236652402319360","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2863,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":235528337940656,"gmtCreate":1698534730700,"gmtModify":1698534735071,"author":{"id":"4096288759817900","authorId":"4096288759817900","name":"tony 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href=\"https://laohu8.com/S/AMZN\">$亞馬遜(AMZN)$&nbsp;</a>&nbsp; &nbsp;財報賭對了微軟，飄了，幹了亞馬遜末日126call，財報公佈後，由漲轉跌，已做好歸零的打算，上午一看漲回5%，又燃起生的希望，但願不是雙殺！","text":"$亞馬遜(AMZN)$ 財報賭對了微軟，飄了，幹了亞馬遜末日126call，財報公佈後，由漲轉跌，已做好歸零的打算，上午一看漲回5%，又燃起生的希望，但願不是雙殺！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/234925189619984","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2130,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":234944691232856,"gmtCreate":1698381036972,"gmtModify":1698381041750,"author":{"id":"4096288759817900","authorId":"4096288759817900","name":"tony 家","avatar":"https://static.tigerbbs.com/4788518f4a6b0b9015a2f76d3af4ac9a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4096288759817900","idStr":"4096288759817900"},"themes":[],"htmlText":"q","listText":"q","text":"q","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/234944691232856","repostId":"234598438719536","repostType":1,"repost":{"id":234598438719536,"gmtCreate":1698301211431,"gmtModify":1698301253461,"author":{"id":"4142573913947612","authorId":"4142573913947612","name":"ETF唔係ET虎","avatar":"https://community-static.tradeup.com/news/0c47e65ebcee63532badc6556a412fff","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4142573913947612","idStr":"4142573913947612"},"themes":[],"title":"【👀趣味漫畫】香港下調印花稅，對我哋有啥影響？盤點港股歷史上嘅印花稅調整！","htmlText":"小虎們，不知道你們有沒有關注香港特首李家超發佈的施政報告！[Cool]報告中明確宣佈將下調香港印花稅！[666]那你們知道印花稅是什麼東西嗎？下調會對股民們有啥影響呢？[YoYo]香港的股票交易印花稅要從0.13%降至0.1%！要搞清楚啥是印花稅啊，故事還要追溯到1624年。‍‍‍‍‍當時荷蘭政府發生了經濟危機，財政出現困難，讓統治者莫里斯傷透了腦筋。‍‍‍但該收的稅都收了，直接暴力增稅又怕人民不同意。‍‍莫里斯和大臣們絞盡腦汁想不出好主意，於是乾脆採用公開招標的辦法來尋找解決方案。‍‍重賞之下必有智者。‍有個聰明人發現人們在日常生活中常常要使用契約、借貸憑證之類的單據，但即時簽訂合約，人們還是擔心有信用風險。如果讓政府在這些憑證單據上蓋個印，就等於合法憑證了，訴訟中就有了法律保障。‍‍‍‍‍但政府的印自然也不是白蓋的。‍‍於是，1624年世界上第一個印花稅就在荷蘭誕生了。由於這個稅種簡單易行，稅基又廣，為政府提供穩定的財政收入，其他國家也紛紛效法。‍‍‍印花稅經過不斷的發展，逐步完善。‍‍我們現在所說的印花稅，就是指在經濟活動和經濟交流中訂立、領受具有法律效力的憑證時，所徵收的一種稅。‍‍‍簡單的說，印花稅是針對文件證徵收的稅。印花稅適用於購銷合約、股票債券、房地產等在內的多種交易行為。本次香港調整的印花稅是在證券交易環節的印花稅。1998年至今，港股共經歷了4次印花稅調整，而本次印花稅率將由此前的0.13%下調至0.1%。股票印花稅的收費主體是香港政府，本次下調後財政收入會減少約123億元，相當於2022年財政收入的2%，對財政收入影響不大。雖然說本次下調力度很小，但下調印花稅可以提振市場情緒，同時降低投資人交易成本，增強市場流動性，提升港股的市場競爭力。小虎們，你們get了港股印花稅下調對我們的影響了咩？[Cool]","listText":"小虎們，不知道你們有沒有關注香港特首李家超發佈的施政報告！[Cool]報告中明確宣佈將下調香港印花稅！[666]那你們知道印花稅是什麼東西嗎？下調會對股民們有啥影響呢？[YoYo]香港的股票交易印花稅要從0.13%降至0.1%！要搞清楚啥是印花稅啊，故事還要追溯到1624年。‍‍‍‍‍當時荷蘭政府發生了經濟危機，財政出現困難，讓統治者莫里斯傷透了腦筋。‍‍‍但該收的稅都收了，直接暴力增稅又怕人民不同意。‍‍莫里斯和大臣們絞盡腦汁想不出好主意，於是乾脆採用公開招標的辦法來尋找解決方案。‍‍重賞之下必有智者。‍有個聰明人發現人們在日常生活中常常要使用契約、借貸憑證之類的單據，但即時簽訂合約，人們還是擔心有信用風險。如果讓政府在這些憑證單據上蓋個印，就等於合法憑證了，訴訟中就有了法律保障。‍‍‍‍‍但政府的印自然也不是白蓋的。‍‍於是，1624年世界上第一個印花稅就在荷蘭誕生了。由於這個稅種簡單易行，稅基又廣，為政府提供穩定的財政收入，其他國家也紛紛效法。‍‍‍印花稅經過不斷的發展，逐步完善。‍‍我們現在所說的印花稅，就是指在經濟活動和經濟交流中訂立、領受具有法律效力的憑證時，所徵收的一種稅。‍‍‍簡單的說，印花稅是針對文件證徵收的稅。印花稅適用於購銷合約、股票債券、房地產等在內的多種交易行為。本次香港調整的印花稅是在證券交易環節的印花稅。1998年至今，港股共經歷了4次印花稅調整，而本次印花稅率將由此前的0.13%下調至0.1%。股票印花稅的收費主體是香港政府，本次下調後財政收入會減少約123億元，相當於2022年財政收入的2%，對財政收入影響不大。雖然說本次下調力度很小，但下調印花稅可以提振市場情緒，同時降低投資人交易成本，增強市場流動性，提升港股的市場競爭力。小虎們，你們get了港股印花稅下調對我們的影響了咩？[Cool]","text":"小虎們，不知道你們有沒有關注香港特首李家超發佈的施政報告！[Cool]報告中明確宣佈將下調香港印花稅！[666]那你們知道印花稅是什麼東西嗎？下調會對股民們有啥影響呢？[YoYo]香港的股票交易印花稅要從0.13%降至0.1%！要搞清楚啥是印花稅啊，故事還要追溯到1624年。‍‍‍‍‍當時荷蘭政府發生了經濟危機，財政出現困難，讓統治者莫里斯傷透了腦筋。‍‍‍但該收的稅都收了，直接暴力增稅又怕人民不同意。‍‍莫里斯和大臣們絞盡腦汁想不出好主意，於是乾脆採用公開招標的辦法來尋找解決方案。‍‍重賞之下必有智者。‍有個聰明人發現人們在日常生活中常常要使用契約、借貸憑證之類的單據，但即時簽訂合約，人們還是擔心有信用風險。如果讓政府在這些憑證單據上蓋個印，就等於合法憑證了，訴訟中就有了法律保障。‍‍‍‍‍但政府的印自然也不是白蓋的。‍‍於是，1624年世界上第一個印花稅就在荷蘭誕生了。由於這個稅種簡單易行，稅基又廣，為政府提供穩定的財政收入，其他國家也紛紛效法。‍‍‍印花稅經過不斷的發展，逐步完善。‍‍我們現在所說的印花稅，就是指在經濟活動和經濟交流中訂立、領受具有法律效力的憑證時，所徵收的一種稅。‍‍‍簡單的說，印花稅是針對文件證徵收的稅。印花稅適用於購銷合約、股票債券、房地產等在內的多種交易行為。本次香港調整的印花稅是在證券交易環節的印花稅。1998年至今，港股共經歷了4次印花稅調整，而本次印花稅率將由此前的0.13%下調至0.1%。股票印花稅的收費主體是香港政府，本次下調後財政收入會減少約123億元，相當於2022年財政收入的2%，對財政收入影響不大。雖然說本次下調力度很小，但下調印花稅可以提振市場情緒，同時降低投資人交易成本，增強市場流動性，提升港股的市場競爭力。小虎們，你們get了港股印花稅下調對我們的影響了咩？[Cool]","images":[{"img":"https://community-static.tradeup.com/news/fc8b3ac20962747bbe919732a05041db","width":"1080","height":"540"},{"img":"https://community-static.tradeup.com/news/4c89ba1d881c624b201a9baff0fdd689","width":"1080","height":"984"},{"img":"https://community-static.tradeup.com/news/1a4877daf322c38fba8dc87b5b104fc0","width":"433","height":"355"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/234598438719536","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":14,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2777,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":234321498538208,"gmtCreate":1698251028866,"gmtModify":1698251032250,"author":{"id":"4096288759817900","authorId":"4096288759817900","name":"tony 家","avatar":"https://static.tigerbbs.com/4788518f4a6b0b9015a2f76d3af4ac9a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4096288759817900","idStr":"4096288759817900"},"themes":[],"htmlText":"W","listText":"W","text":"W","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/234321498538208","repostId":"234260472889392","repostType":1,"repost":{"id":234260472889392,"gmtCreate":1698218700242,"gmtModify":1698218847239,"author":{"id":"4102740236684050","authorId":"4102740236684050","name":"MaverickWealthBuilder","avatar":"https://community-static.tradeup.com/news/bbf0f514b8e5abb92266789b89f6e1e6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4102740236684050","idStr":"4102740236684050"},"themes":[],"title":"Is Google Cloud's Miss A Dip To Buy?","htmlText":"<a href=\"https://ttm.financial/S/GOOG\">$Alphabet(GOOG)$</a> <a href=\"https://ttm.financial/S/GOOGL\">$Alphabet(GOOGL)$</a> and <a href=\"https://ttm.financial/S/MSFT\">$Microsoft(MSFT)$</a> released their financial reports simultaneously, once again directly comparing their performance. Unlike in Q2, this time Microsoft saw a significant increase led by its cloud business, while Google experienced a 5% drop due to its cloud business falling short of expectations despite advertising exceeding expectations. However, we believe that the market's interpretation of Google is overly pessimistic.Summary1. Expectations for Google's advertising business were already factored in before the Q3 financial report, making up for the overly pessimistic expectations in the first half of the year. Despite high","listText":"<a href=\"https://ttm.financial/S/GOOG\">$Alphabet(GOOG)$</a> <a href=\"https://ttm.financial/S/GOOGL\">$Alphabet(GOOGL)$</a> and <a href=\"https://ttm.financial/S/MSFT\">$Microsoft(MSFT)$</a> released their financial reports simultaneously, once again directly comparing their performance. Unlike in Q2, this time Microsoft saw a significant increase led by its cloud business, while Google experienced a 5% drop due to its cloud business falling short of expectations despite advertising exceeding expectations. However, we believe that the market's interpretation of Google is overly pessimistic.Summary1. Expectations for Google's advertising business were already factored in before the Q3 financial report, making up for the overly pessimistic expectations in the first half of the year. Despite high","text":"$Alphabet(GOOG)$ $Alphabet(GOOGL)$ and $Microsoft(MSFT)$ released their financial reports simultaneously, once again directly comparing their performance. Unlike in Q2, this time Microsoft saw a significant increase led by its cloud business, while Google experienced a 5% drop due to its cloud business falling short of expectations despite advertising exceeding expectations. However, we believe that the market's interpretation of Google is overly pessimistic.Summary1. Expectations for Google's advertising business were already factored in before the Q3 financial report, making up for the overly pessimistic expectations in the first half of the year. Despite high","images":[{"img":"https://static.tigerbbs.com/84cedf2bf9500ff820fd21e932835bd1","width":"1765","height":"729"},{"img":"https://static.tigerbbs.com/6dfcb2fa25820ec7838ec6cf54824f48","width":"827","height":"471"},{"img":"https://static.tigerbbs.com/c7178aafbab8f744ecf08151276ead6f","width":"836","height":"440"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/234260472889392","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":7,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2683,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":234346963173440,"gmtCreate":1698250976606,"gmtModify":1698250980513,"author":{"id":"4096288759817900","authorId":"4096288759817900","name":"tony 家","avatar":"https://static.tigerbbs.com/4788518f4a6b0b9015a2f76d3af4ac9a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4096288759817900","idStr":"4096288759817900"},"themes":[],"htmlText":"W","listText":"W","text":"W","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/234346963173440","repostId":"234260472889392","repostType":1,"repost":{"id":234260472889392,"gmtCreate":1698218700242,"gmtModify":1698218847239,"author":{"id":"4102740236684050","authorId":"4102740236684050","name":"MaverickWealthBuilder","avatar":"https://community-static.tradeup.com/news/bbf0f514b8e5abb92266789b89f6e1e6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4102740236684050","idStr":"4102740236684050"},"themes":[],"title":"Is Google Cloud's Miss A Dip To Buy?","htmlText":"<a href=\"https://ttm.financial/S/GOOG\">$Alphabet(GOOG)$</a> <a href=\"https://ttm.financial/S/GOOGL\">$Alphabet(GOOGL)$</a> and <a href=\"https://ttm.financial/S/MSFT\">$Microsoft(MSFT)$</a> released their financial reports simultaneously, once again directly comparing their performance. Unlike in Q2, this time Microsoft saw a significant increase led by its cloud business, while Google experienced a 5% drop due to its cloud business falling short of expectations despite advertising exceeding expectations. However, we believe that the market's interpretation of Google is overly pessimistic.Summary1. Expectations for Google's advertising business were already factored in before the Q3 financial report, making up for the overly pessimistic expectations in the first half of the year. Despite high","listText":"<a href=\"https://ttm.financial/S/GOOG\">$Alphabet(GOOG)$</a> <a href=\"https://ttm.financial/S/GOOGL\">$Alphabet(GOOGL)$</a> and <a href=\"https://ttm.financial/S/MSFT\">$Microsoft(MSFT)$</a> released their financial reports simultaneously, once again directly comparing their performance. Unlike in Q2, this time Microsoft saw a significant increase led by its cloud business, while Google experienced a 5% drop due to its cloud business falling short of expectations despite advertising exceeding expectations. However, we believe that the market's interpretation of Google is overly pessimistic.Summary1. Expectations for Google's advertising business were already factored in before the Q3 financial report, making up for the overly pessimistic expectations in the first half of the year. Despite high","text":"$Alphabet(GOOG)$ $Alphabet(GOOGL)$ and $Microsoft(MSFT)$ released their financial reports simultaneously, once again directly comparing their performance. Unlike in Q2, this time Microsoft saw a significant increase led by its cloud business, while Google experienced a 5% drop due to its cloud business falling short of expectations despite advertising exceeding expectations. However, we believe that the market's interpretation of Google is overly pessimistic.Summary1. Expectations for Google's advertising business were already factored in before the Q3 financial report, making up for the overly pessimistic expectations in the first half of the year. Despite high","images":[{"img":"https://static.tigerbbs.com/84cedf2bf9500ff820fd21e932835bd1","width":"1765","height":"729"},{"img":"https://static.tigerbbs.com/6dfcb2fa25820ec7838ec6cf54824f48","width":"827","height":"471"},{"img":"https://static.tigerbbs.com/c7178aafbab8f744ecf08151276ead6f","width":"836","height":"440"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/234260472889392","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":7,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2598,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949944148,"gmtCreate":1678329869484,"gmtModify":1678331005173,"author":{"id":"4096288759817900","authorId":"4096288759817900","name":"tony 家","avatar":"https://static.tigerbbs.com/4788518f4a6b0b9015a2f76d3af4ac9a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4096288759817900","idStr":"4096288759817900"},"themes":[],"htmlText":"q","listText":"q","text":"q","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949944148","repostId":"627200581","repostType":1,"repost":{"id":627200581,"gmtCreate":1678328249944,"gmtModify":1678329095666,"author":{"id":"3555912730539938","authorId":"3555912730539938","name":"松果财经","avatar":"https://static.tigerbbs.com/62f60e23a6d7da19c7efdae990c3b8fb","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555912730539938","idStr":"3555912730539938"},"themes":[],"title":"海力威衝刺上交所：2022年營收4億，計劃募資5億","htmlText":"松果財經消息，青島海力威新材料科技股份有限公司日前遞交招股書，準備在上交所主板上市。計劃募資5.08億元，2.1億元將用於車用橡膠密封件生產線技術改造及擴建項目。天眼查APP顯示，海力威是一家以從事汽車製造業爲主的企業，主營業務圍繞橡膠、聚氨酯、複合材料等高分子材料製品的研發、生產和銷售，產品主要涵蓋汽車和軌道交通兩大應用領域，實行“以銷定產+少量備貨”的生產模式。招股書顯示，海力威2020年、2021年、2022年營收分別爲4億元、3.66億元、4.06億元；淨利分別是7736萬元、6092.4萬元、7724.8萬元；扣非後淨利分別是7827.55萬元、5553.5萬元、7044萬元。來源：松果財經","listText":"松果財經消息，青島海力威新材料科技股份有限公司日前遞交招股書，準備在上交所主板上市。計劃募資5.08億元，2.1億元將用於車用橡膠密封件生產線技術改造及擴建項目。天眼查APP顯示，海力威是一家以從事汽車製造業爲主的企業，主營業務圍繞橡膠、聚氨酯、複合材料等高分子材料製品的研發、生產和銷售，產品主要涵蓋汽車和軌道交通兩大應用領域，實行“以銷定產+少量備貨”的生產模式。招股書顯示，海力威2020年、2021年、2022年營收分別爲4億元、3.66億元、4.06億元；淨利分別是7736萬元、6092.4萬元、7724.8萬元；扣非後淨利分別是7827.55萬元、5553.5萬元、7044萬元。來源：松果財經","text":"松果財經消息，青島海力威新材料科技股份有限公司日前遞交招股書，準備在上交所主板上市。計劃募資5.08億元，2.1億元將用於車用橡膠密封件生產線技術改造及擴建項目。天眼查APP顯示，海力威是一家以從事汽車製造業爲主的企業，主營業務圍繞橡膠、聚氨酯、複合材料等高分子材料製品的研發、生產和銷售，產品主要涵蓋汽車和軌道交通兩大應用領域，實行“以銷定產+少量備貨”的生產模式。招股書顯示，海力威2020年、2021年、2022年營收分別爲4億元、3.66億元、4.06億元；淨利分別是7736萬元、6092.4萬元、7724.8萬元；扣非後淨利分別是7827.55萬元、5553.5萬元、7044萬元。來源：松果財經","images":[{"img":"https://static.tigerbbs.com/de38b88889338a35394859498fbd9c05","width":"1320","height":"618"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/627200581","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2452,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940075562,"gmtCreate":1677630299756,"gmtModify":1677633689372,"author":{"id":"4096288759817900","authorId":"4096288759817900","name":"tony 家","avatar":"https://static.tigerbbs.com/4788518f4a6b0b9015a2f76d3af4ac9a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4096288759817900","idStr":"4096288759817900"},"themes":[],"htmlText":"(Feb. 27) as investors engaged in some bargain hunting after last week's losses, the biggest percentage declines of 2023 for Wall Street's main benchmarks, as jitters persisted about coming interest rate hikes to tame stubbornly high inflation.&nbsp;","listText":"(Feb. 27) as investors engaged in some bargain hunting after last week's losses, the biggest percentage declines of 2023 for Wall Street's main benchmarks, as jitters persisted about coming interest rate hikes to tame stubbornly high inflation.&nbsp;","text":"(Feb. 27) as investors engaged in some bargain hunting after last week's losses, the biggest percentage declines of 2023 for Wall Street's main benchmarks, as jitters persisted about coming interest rate hikes to tame stubbornly high inflation.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940075562","isVote":1,"tweetType":1,"viewCount":952,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9068147379,"gmtCreate":1651743623545,"gmtModify":1676534960087,"author":{"id":"4096288759817900","authorId":"4096288759817900","name":"tony 家","avatar":"https://static.tigerbbs.com/4788518f4a6b0b9015a2f76d3af4ac9a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4096288759817900","idStr":"4096288759817900"},"themes":[],"htmlText":"3","listText":"3","text":"3","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":142,"repostSize":0,"link":"https://ttm.financial/post/9068147379","repostId":"2233861944","repostType":4,"repost":{"id":"2233861944","kind":"highlight","pubTimestamp":1651740804,"share":"https://ttm.financial/m/news/2233861944?lang=en_US&edition=fundamental","pubTime":"2022-05-05 16:53","market":"sh","language":"zh","title":"Everbright Strategy: Three Investment Clues Revealed in the Financial Report","url":"https://stock-news.laohu8.com/highlight/detail?id=2233861944","media":"格隆汇","summary":"0122Q1A股业绩增速有所放缓1.1 A股业绩同比增速有所下滑一季度A股业绩增速放缓。整体来看，2022Q1全部A股归母净利润同比增速为4.1%，环比2021Q4的增速为71.3%，2021年全部A","content":"<p><html><head></head><body><h3><b>01</b></h3><h3><b>22Q1A stock performance growth has slowed down</b></h3><b>1.1 A-share performance growth has declined year-on-year</b></p><p><b>The growth rate of A-share performance slowed down in the first quarter.</b>Overall, the year-on-year growth rate of net profit attributable to the parent company of all A-shares in 2022Q1 was 4.1%, and the growth rate of 2021Q4 was 71.3%. In 2021, the year-on-year growth rate of net profit attributable to the parent company of all A-shares was 18.6%. All A-share non-financial net profits attributable to parent companies in 2022Q1 increased by 9.1% year-on-year, and the growth rate of 2021Q4 was 138.0%. In 2021, the A-share non-financial net profits attributable to parent companies increased by 26.1% year-on-year. Since the domestic economy was greatly affected by the epidemic in the first quarter of 2022, considering the first quarter of 2020, which was also affected by the epidemic, the net profit of all A-shares attributable to the parent company in 2022Q1 grew by 59.4% compared with 2020Q1. Affected by the epidemic in China in the first quarter, whether it is all A-shares or A-share non-financial, its performance growth rate in 2022Q1 is lower than the performance growth rate for the whole year of 2021, and the decline in performance growth rate is consistent with our previous expectations [1].</p><p><b>The performance of each sector is different.</b>From the perspective of major sectors, the year-on-year growth rates of net profit attributable to the parent company in the first quarter of 2022 on the main board/GEM/Science and Technology Innovation Board/GEM were 4.1%/-14.6%/62.4%/-7.1% respectively. The year-on-year growth rates of net profit attributable to the parent company were 17.5%/26.0%/75.8%/41.8% respectively.</p><p><img src=\"https://static.tigerbbs.com/b592b36442138881695a17756e97e62e\" tg-width=\"1080\" tg-height=\"436\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/ee8e6163807a7837354998f6963d7b07\" tg-width=\"1080\" tg-height=\"429\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/226836c2522c80539c642ed6ff5a4ab4\" tg-width=\"828\" tg-height=\"509\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>[1] Please refer to the report published on November 4, 2021, \"Hiding the front and waiting for time, seeking victory while maintaining stability-2022 A-share annual strategy report\".</p><p><b>1.2 Revenue growth declined, and gross profit margin rebounded slightly in a single quarter</b></p><p>In the first quarter of 2022, the overall revenue growth rate of A-shares was 11.8%, and the growth rate of 2021Q4 was-9.0%. The year-on-year revenue growth rate of all A-shares in 2022Q1 was lower than the 19.2% for the whole year of 2021. The growth rate of all A-share non-financial revenue in 2022Q1 was 14.7%, and the growth rate of 2021Q4 was-13.2%. The year-on-year growth rate of all A-share non-financial revenue in 2022Q1 was also lower than the 21.8% in 2021.</p><p><b>The revenue growth rate of the main board in 2022Q1 declined.</b>In terms of sectors, the 2022Q1 revenue growth rates of the main board/GEM/Science and Technology Innovation Board/GEM Tiwen's are 11.0%/20.6%/45.4%/21.6% respectively, and the revenue growth rates of each sector in 2022Q1 compared with 2021Q4 are respectively It is-8.6%/-15.9%/-13.3%/-15.8%, and the annual revenue growth rates in 2021 are 18.8%/23.5%/36.7%/24.8% respectively.</p><p><b>Gross profit margin rebounded slightly in a single quarter.</b>The non-financial gross profit margin of all A-shares in 2022Q1 is basically the same as that of all A-shares in 2021, reaching 18.1%, an increase of 0.8 pct from 17.3% in 2021Q4. From the perspective of rolling gross profit margin level, the gross profit margin of all-A non-financial has continued to decline since 2018. In terms of sectors, the gross profit margins of the main board/GEM/Science and Technology Innovation Board in 2022Q1 are 17.5%/24.4%/33.5% respectively, and the gross profit margins of each sector in 2021 are 17.5%/26.0%/33.7% respectively. The gross profit margin of 2022Q1 and 2021 is basically the same, and the gross profit margin of GEM in 2022Q1 will decrease by 1.6 pct compared with 2021.</p><p><img src=\"https://static.tigerbbs.com/f8fbe261faf2b86c798e512d15566644\" tg-width=\"1080\" tg-height=\"428\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/f86f1a575a4928a6e9f40e20ee431603\" tg-width=\"1080\" tg-height=\"436\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/af77924c9ddf12ab7242661c98bfbb7f\" tg-width=\"833\" tg-height=\"508\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/431b765191f72c540becea63947c335a\" tg-width=\"1080\" tg-height=\"423\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3><b>02</b></h3><h3><b>Industry: The upstream raw material sector is relatively prosperous</b></h3><b>2.1 The upstream sector performed relatively well</b></p><p>In terms of sectors, the net profit growth rates of the upstream raw material sector and the technology sector in 2022Q1 are positive, 35.6%/8.6% respectively. The performance growth rates are-0.6%/-8.8%/-1.4% respectively, and the performance growth rates of the upstream/midstream/downstream/financial/technology sectors in 2021 are 98.4%/22.6%/-22.0%/11.1%/33.7% respectively. Although the performance growth rate of the downstream consumption sector in 2022Q1 is negative, from the perspective of performance improvement, the performance growth rate of the downstream consumption sector in 2022Q1 has been greatly improved compared with the performance growth rate in 2021.</p><p><img src=\"https://static.tigerbbs.com/7d41da846c151a92edb8f566d3175f06\" tg-width=\"1080\" tg-height=\"446\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In terms of industries, non-ferrous metals, coal, and power equipment have the highest performance growth rates in 2022Q1, while agriculture, forestry, animal husbandry, fishery, computers, and light industry manufacturing have the lowest performance growth rates. Petroleum and petrochemical. From the perspective of performance improvement, the performance growth rate of commerce and retail, real estate, and public utilities in 2022Q1 has been greatly improved compared with the performance growth rate of the whole year of 2021.</p><p><img src=\"https://static.tigerbbs.com/3de13b0990c98f95f2721abbef95f705\" tg-width=\"1080\" tg-height=\"443\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/705d5784512742074c74b0fcb63cee5c\" tg-width=\"1080\" tg-height=\"435\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>2.2 Gross profit margin differentiation under the influence of the epidemic</b></p><p><b>Revenue growth in various sectors slowed down.</b>In terms of sectors, the revenue growth rate of all sectors except finance in 2022Q1 is positive, but the revenue growth rate of all sectors in 2022Q1 is lower than the revenue growth rate in 2021. The revenue growth rates of upstream/midstream/downstream/finance/technology in 2022Q1 are 27.7%/15.4%/1.0%/-0.5%/9.6% respectively, and the revenue growth rates in 2021 are 35.0%/22.5%/10.3% respectively/6.5%/15.5%.</p><p>In terms of industries, the 2022Q1 revenue growth rate of power equipment, petroleum and petrochemical, pharmaceutical biology, public utilities, communications, and beauty care industries has improved to varying degrees compared with the revenue growth rate for the whole year of 2021, and the 2022Q1 revenue growth rate of other industries is lower than that of 2021. Revenue growth rate for the whole year. Judging from the absolute value of revenue growth, power equipment, petroleum and petrochemicals, coal, and non-ferrous metals have the highest revenue growth rate in 2022Q1, while real estate, commerce and retail, non-bank finance, and automobiles have the lowest revenue growth rate in 2022Q1.</p><p><b>The trend of gross profit margin has diverged.</b>From the perspective of gross profit margin, the changing trend of gross profit margin of different industries is different. The gross profit margin of daily consumption and public utility industries in 2022Q1 has increased significantly compared with the gross profit margin for the whole year of 2021, which are 3.1 pct and 1.9 pct respectively. Telecommunications services and Industry fell by 1.7 pct and 1.0 pct respectively. From the perspective of Shenwan's first-level industries, the gross profit margins of food and beverage, coal, public utilities, commerce and retail industries have increased significantly, while social services, agriculture, forestry, animal husbandry and fishery, building materials, and light industry manufacturing have declined significantly.</p><p><img src=\"https://static.tigerbbs.com/ab31b642cb9185730781c55534ccc3f2\" tg-width=\"1080\" tg-height=\"417\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/d04476c07a212dbfff2fdcdfe07c6b0a\" tg-width=\"1080\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/01cdcee1d5b38207e296f9b9b71b2486\" tg-width=\"1080\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3><b>03</b></h3><h3><b><a href=\"https://laohu8.com/S/DD\">DuPont</a>Analysis: Declining net profit margin leads to downward ROE</b></h3><b>3.1 The decrease in net profit margin leads to the decrease in ROE</b></p><p>The ROE (TTM) of all A-shares in the first quarter of 2022 was 9.3%, a decrease of 0.2 pct from 9.5% in 2021. From the perspective of major sectors, the ROE (TTM) of the Science and Technology Innovation Board has increased the most, from 10.2% in 2021 to 11.9% by 1.7 pct. The ROE (TTM) of the main board and the GEM in 2022Q1 has both declined compared with 2021., down by 0.2 pct/0.9 pct to 9.4%/7.0% respectively.</p><p><img src=\"https://static.tigerbbs.com/b4387b5c3d0c576f541461be3d7cf6cb\" tg-width=\"1080\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/2e51b42e9ca7d9d136bcfc533860bfc2\" tg-width=\"845\" tg-height=\"492\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>According to DuPont's analysis, the decline in net profit margin is the main reason for the decline in ROE.</b>The net profit margin of all-A non-financial 2022Q1 is 5.4%, which is basically the same as in 2021. In terms of sectors, the net profit margins of the main board, GEM, and science and technology innovation board in 2022Q1 fell by 0.1 pct/0.6 pct/0.6 pct to 8.1%/6.4%/12.2% respectively. Therefore, overall, the decline in net profit margin is the main factor leading to the decline in ROE in the first quarter of 2022.</p><p><img src=\"https://static.tigerbbs.com/6956a50cfb74c24d30947154d8ea7f5f\" tg-width=\"1080\" tg-height=\"430\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/60eacaf7eccc55dc59cc761871cba383\" tg-width=\"856\" tg-height=\"318\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>3.2 Upstream Raw Materials Segment ROE (TTM) Improvement</b></p><p>In terms of sectors, in addition to the upstream sector, the ROE (TTM) of the midstream, downstream, financial and technology sectors all declined to varying degrees in the first quarter of 2022. In terms of industries, the ROE (TTM) of coal, non-ferrous metals, power equipment, and medicine and biology will increase relatively greatly in the first quarter of 2022, while the decline of agriculture, forestry, animal husbandry and fishery, communications, light manufacturing, and non-bank finance will be relatively large.</p><p>From the DuPont analysis, the industry with improved ROE (TTM) has improved net margins and asset turnover. In the coal and power equipment industries with the largest increase in ROE (TTM) in the first quarter of 2022, their 2022Q1 net profit margins increased by 1.5 pct/0. 2pct respectively, and their asset turnover rates increased by 2.2 pct/2. 1pct respectively. From the perspective of asset-liability ratio, the asset-liability ratio increased more industries than declined. Communications, agriculture, forestry, animal husbandry and fishery, commerce and retail, and transportation rose the most, while food and beverage, computers, coal, and beauty care fell the most.</p><p><img src=\"https://static.tigerbbs.com/2aaf0c354d276f897f9676a3859fe021\" tg-width=\"1080\" tg-height=\"403\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/ce1f534705ddbc751b8abc681b3b0be7\" tg-width=\"1080\" tg-height=\"441\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/113ab24f3390e6d92904053c7fda7f3c\" tg-width=\"1080\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/495218ccbc6b9ef347a53473f6994f7b\" tg-width=\"647\" tg-height=\"567\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/c6bc6d8828b974d7b915498c41e6aa12\" tg-width=\"649\" tg-height=\"160\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/aeab99a4dea150c538f8112ef010f22b\" tg-width=\"540\" tg-height=\"583\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3><b>04</b></h3><h3><b>A-share profit growth is expected to decline in 2022</b></h3><b>4.1 A-share profits for the whole year of this year will be at low single-digit levels</b></p><p><b>A-share earnings for the whole year of 22 years have faced certain pressure.</b>In the first quarter, the growth rate of A-share profits has dropped sharply, and we expect that the growth rate of A-share profits will be in low single digits this year. According to our top-down forecast, the overall profit growth rate of A-shares this year may be around 4.1%, and the non-financial sector will drop to negative growth. From the rhythm point of view, there is still the possibility of further decline in the second quarter performance, especially The decline in the non-financial sector may be relatively large. However, under the full-year GDP growth target of 5.5%, the earnings performance of A-shares in the fourth quarter may improve.</p><p><img src=\"https://static.tigerbbs.com/2fb018323e4e491e3dd950c9dd1fb181\" tg-width=\"1057\" tg-height=\"440\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/20bc26149337ba2681ac6d458b217c6f\" tg-width=\"723\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>4.2 Earnings expectations may continue to be lowered</b></p><p><b>The current market bottom-up consensus expectations are still relatively high.</b>Under the current market consensus expectation, the 22-year net profit growth rate of all A-shares is 25.4%, and the expected net profit growth rate of all A-shares non-financial is 39.0%, both of which are significantly higher than our expectations for this year's A-share profits. Historically, in most years, A-share profit expectations at the beginning of the year are mostly high, and may be lowered after the first quarterly report.</p><p><b>Pay attention to the risk of downward adjustment of profit expectations for the growth sector.</b>Looking at it by sector. Historically, the accuracy of profit expectations for growth and cyclical sectors has been relatively low, while the accuracy of expectations for consumer industries such as food and beverage and the banking industry has been relatively higher. This is related to many factors such as the stability of performance in different industries. Judging from this year's situation, since April<a href=\"https://laohu8.com/S/300274\">Sungrow</a>The performance of some companies represented by the company is significantly lower than expected, resulting in the stock price adjustment of Dianxin and GEM. The current market's overall performance expectation for the growth sector is still relatively high. If the profit expectation is lowered in the future, the stock prices of related companies and sectors may also be dragged down.</p><p><img src=\"https://static.tigerbbs.com/2b5c59208837affbe940c02f152ba7b6\" tg-width=\"1070\" tg-height=\"422\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/7673ba61a916b9ff3ce15f161cb36e2e\" tg-width=\"1066\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3><b>05</b></h3><h3><b>Looking at three investment clues this year from the financial report</b></h3><b>5.1 Looking at the prosperity of consumption from the perspective of relative performance advantages</b></p><p><b>In the first quarterly report, the directions with relatively high prosperity are upstream and consumption sectors.</b>From the perspective of net profit indicators, the industries with positive net profit growth in the first quarter and an increase compared with 2021 are mainly construction, power equipment, coal, communications, food and beverage, and home appliances. From the perspective of growth rate, nonferrous metals, coal, power equipment, transportation, basic chemicals, medicine and biology, petroleum and petrochemicals, and food and beverage rank high. Overall, the industries with good performance in the first quarter are mainly concentrated in the upstream and consumption sectors.</p><p><b>On the profitability side, the upstream and consumer sectors also performed better.</b>Judging from the profitability indicators in 2022Q1 and 2021, the gross profit margin (TTM) of coal, food and beverage, non-ferrous metals, and pharmaceutical biology has increased, and the ROE (TTM) of coal, non-ferrous metals, power equipment, and pharmaceutical biology has increased. On the whole, the upstream sector represented by coal and non-ferrous metals, and the consumer sector represented by food and beverage, medicine and biology performed better in the first quarter.</p><p><img src=\"https://static.tigerbbs.com/bc14f95eacca1bd5f96f20baebb796c7\" tg-width=\"1063\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/034ae12f770c365851c92e661ec425ae\" tg-width=\"1068\" tg-height=\"424\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>The consumption sector is expected to become one of the most prosperous directions this year.</b>Compared with the performance of the upstream sector, which depends more on the price trend of bulk commodities, the performance certainty of the consumer sector this year may be relatively higher. On the whole, A-share listed companies themselves are a part of the economy, and the performance of sectors will be affected by the economy, but there are big differences between different sectors. The performance of all A-share non-financial and non-consumer sectors has a higher correlation with the economy, while the performance of the consumer sector has a lower correlation with the economy. During the economic downturn, the performance of the non-financial non-consumer sector is better than that of the consumer sector, while during the economic downturn, the performance of the consumer sector is better than that of the non-consumer non-financial sector.</p><p><b>How much impact does the transmission of inflation have on the performance of the consumer sector?</b>Inflation, especially the continued high level of PPI, has always been an important issue of concern to the market. Judging from the financial report data, the high level of resource prices has driven the upstream sector to continue to perform well, and has also significantly squeezed the profits of the midstream manufacturing industry. So, how much impact does the transmission of inflation to downstream consumption have on the performance of the consumer sector? Historically, there is no very significant correlation between PPI or CPI and the gross profit margin of the consumer sector. On the one hand, commodity prices are an important factor affecting the trend of PPI, while the direct impact of commodity prices on the consumer sector is relatively weak. On the other hand, CPI covers all aspects of food, clothing, housing and transportation, and its scope is wider than that of consumer listed companies. For example, fresh vegetables, beef, mutton, etc. are important components of CPI, but they have relatively little impact on the performance of listed companies. At the same time, consumer listed companies are mostly leading companies with the right to speak in the industry, and they also have the ability to pass on costs. Although high inflation has little impact on the overall profitability of consumption, it may have a certain adverse impact on consumer goods industries with more manufacturing attributes such as automobiles and home appliances.</p><p><b>How much impact will the epidemic have on the performance of the consumer sector?</b>Recently, the country has been disturbed by the epidemic again. Many regions, including Shanghai, have adopted stricter epidemic prevention and control measures. The disturbance of the epidemic has also adversely affected the performance of A shares, but consumption may be a relatively less affected sector. On the one hand, judging from the experience in 2020, under the impact of the epidemic, the overall net profit growth rate of A-shares has dropped significantly, but the decline in consumption is relatively small, which is an important allocation direction for the market to avoid performance risks. The comparative advantages of the performance of food and beverage, medicine, etc. The industry have become more prominent. On the other hand, for the offline consumer industry in the consumer sector that has been more affected by the epidemic, its prosperity is at the bottom of history. Even if there is an epidemic disturbance in the future, its long-term recovery trend will not change.</p><p><img src=\"https://static.tigerbbs.com/c0b67e7ba219a783b4ec6b7687090649\" tg-width=\"1074\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/e837d1c036367f324a18c064ce11474b\" tg-width=\"1067\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/3b5512e79019a4616015ec6b3c16958f\" tg-width=\"1075\" tg-height=\"430\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/1d6e05a1efbca703bc05e489856ebc99\" tg-width=\"1063\" tg-height=\"425\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>5.2 Looking at the prosperity of infrastructure from capital expenditure</b></p><p><b>The growth rate of A-share capital expenditure dropped significantly in the first quarter.</b>In the first quarter of 2022, the growth rate of all A-share non-financial capital expenditures will be 3.6%, a sharp drop from 10.3% in 2021. This level is only better than the first half of 2020 in the time frame since 2017. In terms of sectors, the Science and Technology Innovation Board is the only sector in which the growth rate of capital expenditure in 2022Q1 has increased compared with 2021, while the growth rate of capital expenditure on the GEM has declined relatively significantly. In terms of absolute growth rates, the growth rates of science and technology innovation board and GEM are higher than those of the main board.</p><p><b>The growth rate of capital expenditure in most industries has declined significantly.</b>In terms of industries, only the growth rate of capital expenditure in 2022Q1 of six industries, namely non-ferrous metals, banking, communications, building decoration, petroleum and petrochemicals, and automobiles, has increased compared with 2021, while other industries have declined to varying degrees., Textile and apparel, machinery and equipment and other industries have experienced relatively large declines. Among other industries with large capital expenditures, the growth rate of the electronics industry declined slightly, while that of power equipment declined by more than 20pct. From the absolute value of growth rate, the 2022Q1 capital expenditure growth rate of building materials, power equipment, automobiles, non-ferrous metals, basic chemicals, and banks is above 20%, and the growth rate of social services, agriculture, forestry, animal husbandry and fishery, real estate, environmental protection, and transportation is below-20%.</p><p><b>The downward trend of capital expenditure growth and the impact of the epidemic.</b>On the one hand, there is a certain downward pressure on the overall profit growth rate of A-shares this year, and during the downward profit period, the overall capital expenditure growth rate of A-shares tends to decline. Therefore, the growth rate of capital expenditure for the whole year of this year may be higher than last year's. There is a relatively large downward trend. On the other hand, in the first quarter, my country was disturbed by the epidemic, and many provinces and cities, including Shanghai, adopted stricter epidemic prevention and control restrictions, which also had a greater impact on the business activities of some industries.</p><p><b>Structurally, which industries are likely to be the highlights this year?</b>The strength of capital expenditure represents the optimistic and pessimistic expectations of enterprises for the future. Judging from the absolute level and changes in the growth rate of capital expenditure, infrastructure-related industries may be the most noteworthy direction this year. On the one hand, the construction industry is one of the few industries in which the growth rate of capital expenditure in 2022Q1 has increased compared with 2021. Although the data of building materials has dropped slightly compared with 2021, the absolute growth rate in 22Q1 has reached 89%. On the other hand, historically, when policies are exerted and the growth rate of infrastructure investment is increasing, the growth rate of capital expenditure in the construction and building materials industry tends to increase. Under the general direction of steady growth this year, infrastructure investment will also be an important direction of development. It is expected that the construction, building materials and other industries in the direction of infrastructure industry throughout this year may be the most worthy of attention.</p><p><img src=\"https://static.tigerbbs.com/f8b48fde9b506a5b9d29a5b06b0a4b11\" tg-width=\"1068\" tg-height=\"421\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/e0e8f4ecb5600a9c7cff57db8ec06944\" tg-width=\"1067\" tg-height=\"424\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/78da064c9af0f3186851435f3e141bc3\" tg-width=\"717\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>5.3 Looking at the pressure of various industries from the change of exports</b></p><p><b>In 2021, the overseas revenue of listed companies will maintain high growth.</b>Listed companies only disclose their overseas income in interim and annual reports. In 2021, the year-on-year growth rate of all A-share non-financial overseas income will be 26.1%, a significant increase of 19.0 pct from the 7.1% growth rate in 2020. The two-year compound growth rate in 2020 and 2021 is 16.2%, an increase of 6.5 pct from the 9.7% growth rate in 2019. However, thanks to the good performance of its own domestic business income, the proportion of overseas income in total revenue has not increased significantly. The proportion of all A-share non-financial overseas income in total revenue has increased from 10.0% in 2019 to 10.0% in 2021.%.</p><p><b>The growth rate of overseas revenue in most industries in 2021 will increase compared with 2020.</b>Judging from the comparison of the overseas revenue growth rate in 2021 with that in 2020, the overseas revenue growth rate of petroleum and petrochemical, coal, steel and other industries has the highest increase, and the absolute level of growth rate is also higher, while beauty care, medicine and biology, environmental protection, etc. The decline in the industry is relatively larger, and two industries, beauty care and environmental protection, have negative growth. Compared with 2019, the growth rate of overseas income in most industries has also increased, with industries such as real estate, coal, and public utilities experiencing the largest increase, while industries such as environmental protection, beauty care, social services, and computers experiencing relatively large declines.</p><p><img src=\"https://static.tigerbbs.com/06fc53b467e9cd40a4020294b12d3a79\" tg-width=\"1061\" tg-height=\"426\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/e80954e5e72e7b0e14d99758f2135f1d\" tg-width=\"1067\" tg-height=\"423\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>My country's exports have performed brilliantly in the past two years, but this year they may face certain downward pressure.</b>In the past two years, the obstruction of overseas production has made my country's export data have a very impressive performance. In 2021, the export growth rate will reach 29.9%. However, since the beginning of this year, the export growth rate has dropped significantly, and the cumulative year-on-year growth rate in the first three months is 15.8%. On the one hand, the impact of the current overseas epidemic has gradually subsided and production has gradually recovered; On the other hand, the strong overseas demand in the past two years has partly come from the high income and high savings formed by government subsidies. However, the current proportion of U.S. residents' savings has dropped to pre-epidemic levels, and overseas demand may face continued downward pressure in the future. Therefore, domestic export growth may still face pressure in the future.</p><p><b>The pressure on exports may also be reflected in the overseas income of A-share listed companies.</b>As we mentioned above, overseas demand is facing downward pressure this year, while supply is expected to recover. The subsidence of overseas epidemics may also reduce the demand for epidemic prevention materials. This year, my country's exports are facing greater downward pressure, and overseas income is affecting A-share performance. contribution may also decrease significantly. If it is assumed that there is no epidemic, and the growth rate of overseas revenue from 2020 to 2022 is the same as that in 2019, the scale of A-share overseas revenue in 2022 can be estimated, and the year-on-year growth rate of overseas revenue in 2022 will be around-2.2% (Estimated 2022 value/2021 actual value-1).</p><p><b>Industries such as pharmaceuticals, chemicals, and electronics may be under greater pressure on overseas revenue this year.</b>From 2014 to 2019, the overall overseas revenue growth rate of A-shares fluctuated little, fluctuating between 10% and 15% in most years. Let's compare the compound growth rate from 2020 to 2021 with the compound growth rate from 2014 to 2019. The growth rate of overseas revenue in industries such as pharmaceuticals, non-ferrous metals, chemicals, and electronics has increased significantly, all above 10pct. If we compare the compound growth rate from 2020 to 2021 with the year-on-year growth rate in 2019, it is also the pharmaceutical, electronics, chemical and other industries that have the largest increase. These industries may be under relatively greater pressure on overseas revenue this year.</p><p><img src=\"https://static.tigerbbs.com/1f6f624d8822530736ef0f21f5780d85\" tg-width=\"1060\" tg-height=\"431\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/441d2a6d3296fc60af0cb9d980859c9a\" tg-width=\"716\" tg-height=\"446\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/0d49b26afbf2cca151bcfca3ff1ef2a0\" tg-width=\"723\" tg-height=\"449\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>5.4 From the perspective of the matching between prosperity and valuation, which directions deserve attention?</b></p><p><b>After the earnings season, what level are A-share valuations?</b>The current PE valuation of the Shanghai Composite Index is 11.9 X, which is at the quantile level of 25.2% since 2010, and the PE valuation of the ChiNext Index is 45.9 X, which is at the quantile level of 34% since 2010. In terms of industries, among the 31 Shenwan first-class industries, the historical quantile of PE valuation of 22 industries (since 2010) is below 30%, and the historical quantile of PE valuation of textiles and apparel, communications, electronics, medicine and biology, transportation, non-ferrous metals, non-bank finance, environmental protection, basic chemicals, media, petroleum and petrochemicals is below 5%. Social services, automobiles, beauty care, utilities, food and beverage and other industries have valuation quantiles above 70%.</p><p><b>How have valuations changed compared to pre-pandemic?</b>The disturbance of the epidemic in the past two years has caused significant fluctuations in the valuations of some industries. From the perspective of all A-shares, the current (April 29) PE valuation is 16.0 X, a decrease of 8.7% from 17.6 X at the beginning of 2020. According to changes in valuation, industries can be divided into four categories: 1. The valuation has expanded significantly, but it is mainly due to the sharp decline in net profit in the past two years, including real estate, public utilities and other industries; 2. The valuation has expanded, and the stock price and performance have performed well in the past two years, including beauty care, automobile, food and beverage and other industries; 3. The valuation decreased, and the stock price also rose during the same period, while the larger increase in performance led to a decline in PE valuation, mainly including non-ferrous metals, basic chemicals, power equipment, coal and other industries; 4. The valuation has declined, but it is mainly due to the decline of stock prices, including communications, textiles and clothing, home appliances and other industries. Secondary industries can also be classified in the same way. Please see the table below for details.</p><p><b>From the comparison of earnings and valuation, which industries deserve more attention?</b>Among the above four categories, the second category is the most noteworthy, and its own performance has maintained good growth, while the rise of the valuation center shows that the industry is favored by the market. The third category has the largest number of companies, including upstream sectors with substantial growth in performance, as well as growth sectors such as power equipment, electronics, and medicine that have received great attention from the market. Among them, industries that are still expected to maintain high growth in the first quarter of this year and throughout the year may also be worthy of attention. In the first-level industries, it is recommended to pay attention to construction, automobile, food and beverage, nonferrous metals, chemicals, coal, medicine, military industry and other industries. In secondary industries, it is recommended to pay attention to industries such as passenger cars, photovoltaic equipment, liquor, professional engineering, coal mining, beverages and dairy products, batteries, and chemicals.</p><p><b>Although there are many fluctuations, the performance of the industry in the past two years has basically matched the performance.</b>Judging from the two-year cumulative situation in 2020 and 2021, the stock price performance is consistent with the performance performance. The impact of the epidemic in 2020 has led to substantial negative growth in the performance of many industries. The low base effect has led to a substantial increase in the year-on-year growth rate of performance in 2021. The stock prices of some industries have also fluctuated significantly in the past two years. But overall, the compound performance growth rate in 2020/2021 still shows a strong correlation with stock price performance.</p><p><b>From the perspective of prosperity and valuation matching, consumption and steady growth are the most noteworthy allocation directions this year.</b>1. As we mentioned above, from the perspective of the relative prosperity changes during the economic downturn, the relative prosperity of the consumer sector may rise this year. From the perspective of valuation, the current valuation of the food and beverage industry is significantly lower than that in 2021. Slightly higher than the level before the epidemic, the stability of pharmaceutical performance is high and the valuation has dropped to a relatively low level, but the pressure of declining export revenue in some sub-sectors deserves attention. 2. This year's economic work is stable, and during the period of steady growth, capital expenditures in construction, building materials and other related industries tend to increase, and their prosperity will also increase. From the perspective of valuation, construction PE It rose slightly compared with before the epidemic, while the building materials industry declined slightly. Both PE valuations are at relatively low levels in history.</p><p><img src=\"https://static.tigerbbs.com/096793e7f0c5aeac68691eac1f8f6b1a\" tg-width=\"1074\" tg-height=\"434\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/3689387355b6f6ce22416b6c6269a40b\" tg-width=\"1074\" tg-height=\"426\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/ac5704061980637b825dd32a2f6f8b74\" tg-width=\"643\" tg-height=\"576\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/355e96a6483c59ec2211f693455c8ad0\" tg-width=\"456\" tg-height=\"595\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3><b>06</b></h3><h3><b>Risk Analysis</b></h3>1. There is a possibility of error in the process of data statistics, and there is also a possibility that historical laws will not be applicable in the future; 2. Economic growth was significantly lower than expected, and unexpected risk events occurred.</p><p></body></html></p>","source":"gelonghui_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Everbright Strategy: Three Investment Clues Revealed in the Financial Report</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEverbright Strategy: Three Investment Clues Revealed in the Financial Report\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2022-05-05 16:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><h3><b>01</b></h3><h3><b>22Q1A stock performance growth has slowed down</b></h3><b>1.1 A-share performance growth has declined year-on-year</b></p><p><b>The growth rate of A-share performance slowed down in the first quarter.</b>Overall, the year-on-year growth rate of net profit attributable to the parent company of all A-shares in 2022Q1 was 4.1%, and the growth rate of 2021Q4 was 71.3%. In 2021, the year-on-year growth rate of net profit attributable to the parent company of all A-shares was 18.6%. All A-share non-financial net profits attributable to parent companies in 2022Q1 increased by 9.1% year-on-year, and the growth rate of 2021Q4 was 138.0%. In 2021, the A-share non-financial net profits attributable to parent companies increased by 26.1% year-on-year. Since the domestic economy was greatly affected by the epidemic in the first quarter of 2022, considering the first quarter of 2020, which was also affected by the epidemic, the net profit of all A-shares attributable to the parent company in 2022Q1 grew by 59.4% compared with 2020Q1. Affected by the epidemic in China in the first quarter, whether it is all A-shares or A-share non-financial, its performance growth rate in 2022Q1 is lower than the performance growth rate for the whole year of 2021, and the decline in performance growth rate is consistent with our previous expectations [1].</p><p><b>The performance of each sector is different.</b>From the perspective of major sectors, the year-on-year growth rates of net profit attributable to the parent company in the first quarter of 2022 on the main board/GEM/Science and Technology Innovation Board/GEM were 4.1%/-14.6%/62.4%/-7.1% respectively. The year-on-year growth rates of net profit attributable to the parent company were 17.5%/26.0%/75.8%/41.8% respectively.</p><p><img src=\"https://static.tigerbbs.com/b592b36442138881695a17756e97e62e\" tg-width=\"1080\" tg-height=\"436\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/ee8e6163807a7837354998f6963d7b07\" tg-width=\"1080\" tg-height=\"429\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/226836c2522c80539c642ed6ff5a4ab4\" tg-width=\"828\" tg-height=\"509\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>[1] Please refer to the report published on November 4, 2021, \"Hiding the front and waiting for time, seeking victory while maintaining stability-2022 A-share annual strategy report\".</p><p><b>1.2 Revenue growth declined, and gross profit margin rebounded slightly in a single quarter</b></p><p>In the first quarter of 2022, the overall revenue growth rate of A-shares was 11.8%, and the growth rate of 2021Q4 was-9.0%. The year-on-year revenue growth rate of all A-shares in 2022Q1 was lower than the 19.2% for the whole year of 2021. The growth rate of all A-share non-financial revenue in 2022Q1 was 14.7%, and the growth rate of 2021Q4 was-13.2%. The year-on-year growth rate of all A-share non-financial revenue in 2022Q1 was also lower than the 21.8% in 2021.</p><p><b>The revenue growth rate of the main board in 2022Q1 declined.</b>In terms of sectors, the 2022Q1 revenue growth rates of the main board/GEM/Science and Technology Innovation Board/GEM Tiwen's are 11.0%/20.6%/45.4%/21.6% respectively, and the revenue growth rates of each sector in 2022Q1 compared with 2021Q4 are respectively It is-8.6%/-15.9%/-13.3%/-15.8%, and the annual revenue growth rates in 2021 are 18.8%/23.5%/36.7%/24.8% respectively.</p><p><b>Gross profit margin rebounded slightly in a single quarter.</b>The non-financial gross profit margin of all A-shares in 2022Q1 is basically the same as that of all A-shares in 2021, reaching 18.1%, an increase of 0.8 pct from 17.3% in 2021Q4. From the perspective of rolling gross profit margin level, the gross profit margin of all-A non-financial has continued to decline since 2018. In terms of sectors, the gross profit margins of the main board/GEM/Science and Technology Innovation Board in 2022Q1 are 17.5%/24.4%/33.5% respectively, and the gross profit margins of each sector in 2021 are 17.5%/26.0%/33.7% respectively. The gross profit margin of 2022Q1 and 2021 is basically the same, and the gross profit margin of GEM in 2022Q1 will decrease by 1.6 pct compared with 2021.</p><p><img src=\"https://static.tigerbbs.com/f8fbe261faf2b86c798e512d15566644\" tg-width=\"1080\" tg-height=\"428\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/f86f1a575a4928a6e9f40e20ee431603\" tg-width=\"1080\" tg-height=\"436\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/af77924c9ddf12ab7242661c98bfbb7f\" tg-width=\"833\" tg-height=\"508\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/431b765191f72c540becea63947c335a\" tg-width=\"1080\" tg-height=\"423\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3><b>02</b></h3><h3><b>Industry: The upstream raw material sector is relatively prosperous</b></h3><b>2.1 The upstream sector performed relatively well</b></p><p>In terms of sectors, the net profit growth rates of the upstream raw material sector and the technology sector in 2022Q1 are positive, 35.6%/8.6% respectively. The performance growth rates are-0.6%/-8.8%/-1.4% respectively, and the performance growth rates of the upstream/midstream/downstream/financial/technology sectors in 2021 are 98.4%/22.6%/-22.0%/11.1%/33.7% respectively. Although the performance growth rate of the downstream consumption sector in 2022Q1 is negative, from the perspective of performance improvement, the performance growth rate of the downstream consumption sector in 2022Q1 has been greatly improved compared with the performance growth rate in 2021.</p><p><img src=\"https://static.tigerbbs.com/7d41da846c151a92edb8f566d3175f06\" tg-width=\"1080\" tg-height=\"446\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In terms of industries, non-ferrous metals, coal, and power equipment have the highest performance growth rates in 2022Q1, while agriculture, forestry, animal husbandry, fishery, computers, and light industry manufacturing have the lowest performance growth rates. Petroleum and petrochemical. From the perspective of performance improvement, the performance growth rate of commerce and retail, real estate, and public utilities in 2022Q1 has been greatly improved compared with the performance growth rate of the whole year of 2021.</p><p><img src=\"https://static.tigerbbs.com/3de13b0990c98f95f2721abbef95f705\" tg-width=\"1080\" tg-height=\"443\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/705d5784512742074c74b0fcb63cee5c\" tg-width=\"1080\" tg-height=\"435\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>2.2 Gross profit margin differentiation under the influence of the epidemic</b></p><p><b>Revenue growth in various sectors slowed down.</b>In terms of sectors, the revenue growth rate of all sectors except finance in 2022Q1 is positive, but the revenue growth rate of all sectors in 2022Q1 is lower than the revenue growth rate in 2021. The revenue growth rates of upstream/midstream/downstream/finance/technology in 2022Q1 are 27.7%/15.4%/1.0%/-0.5%/9.6% respectively, and the revenue growth rates in 2021 are 35.0%/22.5%/10.3% respectively/6.5%/15.5%.</p><p>In terms of industries, the 2022Q1 revenue growth rate of power equipment, petroleum and petrochemical, pharmaceutical biology, public utilities, communications, and beauty care industries has improved to varying degrees compared with the revenue growth rate for the whole year of 2021, and the 2022Q1 revenue growth rate of other industries is lower than that of 2021. Revenue growth rate for the whole year. Judging from the absolute value of revenue growth, power equipment, petroleum and petrochemicals, coal, and non-ferrous metals have the highest revenue growth rate in 2022Q1, while real estate, commerce and retail, non-bank finance, and automobiles have the lowest revenue growth rate in 2022Q1.</p><p><b>The trend of gross profit margin has diverged.</b>From the perspective of gross profit margin, the changing trend of gross profit margin of different industries is different. The gross profit margin of daily consumption and public utility industries in 2022Q1 has increased significantly compared with the gross profit margin for the whole year of 2021, which are 3.1 pct and 1.9 pct respectively. Telecommunications services and Industry fell by 1.7 pct and 1.0 pct respectively. From the perspective of Shenwan's first-level industries, the gross profit margins of food and beverage, coal, public utilities, commerce and retail industries have increased significantly, while social services, agriculture, forestry, animal husbandry and fishery, building materials, and light industry manufacturing have declined significantly.</p><p><img src=\"https://static.tigerbbs.com/ab31b642cb9185730781c55534ccc3f2\" tg-width=\"1080\" tg-height=\"417\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/d04476c07a212dbfff2fdcdfe07c6b0a\" tg-width=\"1080\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/01cdcee1d5b38207e296f9b9b71b2486\" tg-width=\"1080\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3><b>03</b></h3><h3><b><a href=\"https://laohu8.com/S/DD\">DuPont</a>Analysis: Declining net profit margin leads to downward ROE</b></h3><b>3.1 The decrease in net profit margin leads to the decrease in ROE</b></p><p>The ROE (TTM) of all A-shares in the first quarter of 2022 was 9.3%, a decrease of 0.2 pct from 9.5% in 2021. From the perspective of major sectors, the ROE (TTM) of the Science and Technology Innovation Board has increased the most, from 10.2% in 2021 to 11.9% by 1.7 pct. The ROE (TTM) of the main board and the GEM in 2022Q1 has both declined compared with 2021., down by 0.2 pct/0.9 pct to 9.4%/7.0% respectively.</p><p><img src=\"https://static.tigerbbs.com/b4387b5c3d0c576f541461be3d7cf6cb\" tg-width=\"1080\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/2e51b42e9ca7d9d136bcfc533860bfc2\" tg-width=\"845\" tg-height=\"492\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>According to DuPont's analysis, the decline in net profit margin is the main reason for the decline in ROE.</b>The net profit margin of all-A non-financial 2022Q1 is 5.4%, which is basically the same as in 2021. In terms of sectors, the net profit margins of the main board, GEM, and science and technology innovation board in 2022Q1 fell by 0.1 pct/0.6 pct/0.6 pct to 8.1%/6.4%/12.2% respectively. Therefore, overall, the decline in net profit margin is the main factor leading to the decline in ROE in the first quarter of 2022.</p><p><img src=\"https://static.tigerbbs.com/6956a50cfb74c24d30947154d8ea7f5f\" tg-width=\"1080\" tg-height=\"430\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/60eacaf7eccc55dc59cc761871cba383\" tg-width=\"856\" tg-height=\"318\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>3.2 Upstream Raw Materials Segment ROE (TTM) Improvement</b></p><p>In terms of sectors, in addition to the upstream sector, the ROE (TTM) of the midstream, downstream, financial and technology sectors all declined to varying degrees in the first quarter of 2022. In terms of industries, the ROE (TTM) of coal, non-ferrous metals, power equipment, and medicine and biology will increase relatively greatly in the first quarter of 2022, while the decline of agriculture, forestry, animal husbandry and fishery, communications, light manufacturing, and non-bank finance will be relatively large.</p><p>From the DuPont analysis, the industry with improved ROE (TTM) has improved net margins and asset turnover. In the coal and power equipment industries with the largest increase in ROE (TTM) in the first quarter of 2022, their 2022Q1 net profit margins increased by 1.5 pct/0. 2pct respectively, and their asset turnover rates increased by 2.2 pct/2. 1pct respectively. From the perspective of asset-liability ratio, the asset-liability ratio increased more industries than declined. Communications, agriculture, forestry, animal husbandry and fishery, commerce and retail, and transportation rose the most, while food and beverage, computers, coal, and beauty care fell the most.</p><p><img src=\"https://static.tigerbbs.com/2aaf0c354d276f897f9676a3859fe021\" tg-width=\"1080\" tg-height=\"403\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/ce1f534705ddbc751b8abc681b3b0be7\" tg-width=\"1080\" tg-height=\"441\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/113ab24f3390e6d92904053c7fda7f3c\" tg-width=\"1080\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/495218ccbc6b9ef347a53473f6994f7b\" tg-width=\"647\" tg-height=\"567\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/c6bc6d8828b974d7b915498c41e6aa12\" tg-width=\"649\" tg-height=\"160\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/aeab99a4dea150c538f8112ef010f22b\" tg-width=\"540\" tg-height=\"583\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3><b>04</b></h3><h3><b>A-share profit growth is expected to decline in 2022</b></h3><b>4.1 A-share profits for the whole year of this year will be at low single-digit levels</b></p><p><b>A-share earnings for the whole year of 22 years have faced certain pressure.</b>In the first quarter, the growth rate of A-share profits has dropped sharply, and we expect that the growth rate of A-share profits will be in low single digits this year. According to our top-down forecast, the overall profit growth rate of A-shares this year may be around 4.1%, and the non-financial sector will drop to negative growth. From the rhythm point of view, there is still the possibility of further decline in the second quarter performance, especially The decline in the non-financial sector may be relatively large. However, under the full-year GDP growth target of 5.5%, the earnings performance of A-shares in the fourth quarter may improve.</p><p><img src=\"https://static.tigerbbs.com/2fb018323e4e491e3dd950c9dd1fb181\" tg-width=\"1057\" tg-height=\"440\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/20bc26149337ba2681ac6d458b217c6f\" tg-width=\"723\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>4.2 Earnings expectations may continue to be lowered</b></p><p><b>The current market bottom-up consensus expectations are still relatively high.</b>Under the current market consensus expectation, the 22-year net profit growth rate of all A-shares is 25.4%, and the expected net profit growth rate of all A-shares non-financial is 39.0%, both of which are significantly higher than our expectations for this year's A-share profits. Historically, in most years, A-share profit expectations at the beginning of the year are mostly high, and may be lowered after the first quarterly report.</p><p><b>Pay attention to the risk of downward adjustment of profit expectations for the growth sector.</b>Looking at it by sector. Historically, the accuracy of profit expectations for growth and cyclical sectors has been relatively low, while the accuracy of expectations for consumer industries such as food and beverage and the banking industry has been relatively higher. This is related to many factors such as the stability of performance in different industries. Judging from this year's situation, since April<a href=\"https://laohu8.com/S/300274\">Sungrow</a>The performance of some companies represented by the company is significantly lower than expected, resulting in the stock price adjustment of Dianxin and GEM. The current market's overall performance expectation for the growth sector is still relatively high. If the profit expectation is lowered in the future, the stock prices of related companies and sectors may also be dragged down.</p><p><img src=\"https://static.tigerbbs.com/2b5c59208837affbe940c02f152ba7b6\" tg-width=\"1070\" tg-height=\"422\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/7673ba61a916b9ff3ce15f161cb36e2e\" tg-width=\"1066\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3><b>05</b></h3><h3><b>Looking at three investment clues this year from the financial report</b></h3><b>5.1 Looking at the prosperity of consumption from the perspective of relative performance advantages</b></p><p><b>In the first quarterly report, the directions with relatively high prosperity are upstream and consumption sectors.</b>From the perspective of net profit indicators, the industries with positive net profit growth in the first quarter and an increase compared with 2021 are mainly construction, power equipment, coal, communications, food and beverage, and home appliances. From the perspective of growth rate, nonferrous metals, coal, power equipment, transportation, basic chemicals, medicine and biology, petroleum and petrochemicals, and food and beverage rank high. Overall, the industries with good performance in the first quarter are mainly concentrated in the upstream and consumption sectors.</p><p><b>On the profitability side, the upstream and consumer sectors also performed better.</b>Judging from the profitability indicators in 2022Q1 and 2021, the gross profit margin (TTM) of coal, food and beverage, non-ferrous metals, and pharmaceutical biology has increased, and the ROE (TTM) of coal, non-ferrous metals, power equipment, and pharmaceutical biology has increased. On the whole, the upstream sector represented by coal and non-ferrous metals, and the consumer sector represented by food and beverage, medicine and biology performed better in the first quarter.</p><p><img src=\"https://static.tigerbbs.com/bc14f95eacca1bd5f96f20baebb796c7\" tg-width=\"1063\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/034ae12f770c365851c92e661ec425ae\" tg-width=\"1068\" tg-height=\"424\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>The consumption sector is expected to become one of the most prosperous directions this year.</b>Compared with the performance of the upstream sector, which depends more on the price trend of bulk commodities, the performance certainty of the consumer sector this year may be relatively higher. On the whole, A-share listed companies themselves are a part of the economy, and the performance of sectors will be affected by the economy, but there are big differences between different sectors. The performance of all A-share non-financial and non-consumer sectors has a higher correlation with the economy, while the performance of the consumer sector has a lower correlation with the economy. During the economic downturn, the performance of the non-financial non-consumer sector is better than that of the consumer sector, while during the economic downturn, the performance of the consumer sector is better than that of the non-consumer non-financial sector.</p><p><b>How much impact does the transmission of inflation have on the performance of the consumer sector?</b>Inflation, especially the continued high level of PPI, has always been an important issue of concern to the market. Judging from the financial report data, the high level of resource prices has driven the upstream sector to continue to perform well, and has also significantly squeezed the profits of the midstream manufacturing industry. So, how much impact does the transmission of inflation to downstream consumption have on the performance of the consumer sector? Historically, there is no very significant correlation between PPI or CPI and the gross profit margin of the consumer sector. On the one hand, commodity prices are an important factor affecting the trend of PPI, while the direct impact of commodity prices on the consumer sector is relatively weak. On the other hand, CPI covers all aspects of food, clothing, housing and transportation, and its scope is wider than that of consumer listed companies. For example, fresh vegetables, beef, mutton, etc. are important components of CPI, but they have relatively little impact on the performance of listed companies. At the same time, consumer listed companies are mostly leading companies with the right to speak in the industry, and they also have the ability to pass on costs. Although high inflation has little impact on the overall profitability of consumption, it may have a certain adverse impact on consumer goods industries with more manufacturing attributes such as automobiles and home appliances.</p><p><b>How much impact will the epidemic have on the performance of the consumer sector?</b>Recently, the country has been disturbed by the epidemic again. Many regions, including Shanghai, have adopted stricter epidemic prevention and control measures. The disturbance of the epidemic has also adversely affected the performance of A shares, but consumption may be a relatively less affected sector. On the one hand, judging from the experience in 2020, under the impact of the epidemic, the overall net profit growth rate of A-shares has dropped significantly, but the decline in consumption is relatively small, which is an important allocation direction for the market to avoid performance risks. The comparative advantages of the performance of food and beverage, medicine, etc. The industry have become more prominent. On the other hand, for the offline consumer industry in the consumer sector that has been more affected by the epidemic, its prosperity is at the bottom of history. Even if there is an epidemic disturbance in the future, its long-term recovery trend will not change.</p><p><img src=\"https://static.tigerbbs.com/c0b67e7ba219a783b4ec6b7687090649\" tg-width=\"1074\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/e837d1c036367f324a18c064ce11474b\" tg-width=\"1067\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/3b5512e79019a4616015ec6b3c16958f\" tg-width=\"1075\" tg-height=\"430\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/1d6e05a1efbca703bc05e489856ebc99\" tg-width=\"1063\" tg-height=\"425\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>5.2 Looking at the prosperity of infrastructure from capital expenditure</b></p><p><b>The growth rate of A-share capital expenditure dropped significantly in the first quarter.</b>In the first quarter of 2022, the growth rate of all A-share non-financial capital expenditures will be 3.6%, a sharp drop from 10.3% in 2021. This level is only better than the first half of 2020 in the time frame since 2017. In terms of sectors, the Science and Technology Innovation Board is the only sector in which the growth rate of capital expenditure in 2022Q1 has increased compared with 2021, while the growth rate of capital expenditure on the GEM has declined relatively significantly. In terms of absolute growth rates, the growth rates of science and technology innovation board and GEM are higher than those of the main board.</p><p><b>The growth rate of capital expenditure in most industries has declined significantly.</b>In terms of industries, only the growth rate of capital expenditure in 2022Q1 of six industries, namely non-ferrous metals, banking, communications, building decoration, petroleum and petrochemicals, and automobiles, has increased compared with 2021, while other industries have declined to varying degrees., Textile and apparel, machinery and equipment and other industries have experienced relatively large declines. Among other industries with large capital expenditures, the growth rate of the electronics industry declined slightly, while that of power equipment declined by more than 20pct. From the absolute value of growth rate, the 2022Q1 capital expenditure growth rate of building materials, power equipment, automobiles, non-ferrous metals, basic chemicals, and banks is above 20%, and the growth rate of social services, agriculture, forestry, animal husbandry and fishery, real estate, environmental protection, and transportation is below-20%.</p><p><b>The downward trend of capital expenditure growth and the impact of the epidemic.</b>On the one hand, there is a certain downward pressure on the overall profit growth rate of A-shares this year, and during the downward profit period, the overall capital expenditure growth rate of A-shares tends to decline. Therefore, the growth rate of capital expenditure for the whole year of this year may be higher than last year's. There is a relatively large downward trend. On the other hand, in the first quarter, my country was disturbed by the epidemic, and many provinces and cities, including Shanghai, adopted stricter epidemic prevention and control restrictions, which also had a greater impact on the business activities of some industries.</p><p><b>Structurally, which industries are likely to be the highlights this year?</b>The strength of capital expenditure represents the optimistic and pessimistic expectations of enterprises for the future. Judging from the absolute level and changes in the growth rate of capital expenditure, infrastructure-related industries may be the most noteworthy direction this year. On the one hand, the construction industry is one of the few industries in which the growth rate of capital expenditure in 2022Q1 has increased compared with 2021. Although the data of building materials has dropped slightly compared with 2021, the absolute growth rate in 22Q1 has reached 89%. On the other hand, historically, when policies are exerted and the growth rate of infrastructure investment is increasing, the growth rate of capital expenditure in the construction and building materials industry tends to increase. Under the general direction of steady growth this year, infrastructure investment will also be an important direction of development. It is expected that the construction, building materials and other industries in the direction of infrastructure industry throughout this year may be the most worthy of attention.</p><p><img src=\"https://static.tigerbbs.com/f8b48fde9b506a5b9d29a5b06b0a4b11\" tg-width=\"1068\" tg-height=\"421\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/e0e8f4ecb5600a9c7cff57db8ec06944\" tg-width=\"1067\" tg-height=\"424\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/78da064c9af0f3186851435f3e141bc3\" tg-width=\"717\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>5.3 Looking at the pressure of various industries from the change of exports</b></p><p><b>In 2021, the overseas revenue of listed companies will maintain high growth.</b>Listed companies only disclose their overseas income in interim and annual reports. In 2021, the year-on-year growth rate of all A-share non-financial overseas income will be 26.1%, a significant increase of 19.0 pct from the 7.1% growth rate in 2020. The two-year compound growth rate in 2020 and 2021 is 16.2%, an increase of 6.5 pct from the 9.7% growth rate in 2019. However, thanks to the good performance of its own domestic business income, the proportion of overseas income in total revenue has not increased significantly. The proportion of all A-share non-financial overseas income in total revenue has increased from 10.0% in 2019 to 10.0% in 2021.%.</p><p><b>The growth rate of overseas revenue in most industries in 2021 will increase compared with 2020.</b>Judging from the comparison of the overseas revenue growth rate in 2021 with that in 2020, the overseas revenue growth rate of petroleum and petrochemical, coal, steel and other industries has the highest increase, and the absolute level of growth rate is also higher, while beauty care, medicine and biology, environmental protection, etc. The decline in the industry is relatively larger, and two industries, beauty care and environmental protection, have negative growth. Compared with 2019, the growth rate of overseas income in most industries has also increased, with industries such as real estate, coal, and public utilities experiencing the largest increase, while industries such as environmental protection, beauty care, social services, and computers experiencing relatively large declines.</p><p><img src=\"https://static.tigerbbs.com/06fc53b467e9cd40a4020294b12d3a79\" tg-width=\"1061\" tg-height=\"426\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/e80954e5e72e7b0e14d99758f2135f1d\" tg-width=\"1067\" tg-height=\"423\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>My country's exports have performed brilliantly in the past two years, but this year they may face certain downward pressure.</b>In the past two years, the obstruction of overseas production has made my country's export data have a very impressive performance. In 2021, the export growth rate will reach 29.9%. However, since the beginning of this year, the export growth rate has dropped significantly, and the cumulative year-on-year growth rate in the first three months is 15.8%. On the one hand, the impact of the current overseas epidemic has gradually subsided and production has gradually recovered; On the other hand, the strong overseas demand in the past two years has partly come from the high income and high savings formed by government subsidies. However, the current proportion of U.S. residents' savings has dropped to pre-epidemic levels, and overseas demand may face continued downward pressure in the future. Therefore, domestic export growth may still face pressure in the future.</p><p><b>The pressure on exports may also be reflected in the overseas income of A-share listed companies.</b>As we mentioned above, overseas demand is facing downward pressure this year, while supply is expected to recover. The subsidence of overseas epidemics may also reduce the demand for epidemic prevention materials. This year, my country's exports are facing greater downward pressure, and overseas income is affecting A-share performance. contribution may also decrease significantly. If it is assumed that there is no epidemic, and the growth rate of overseas revenue from 2020 to 2022 is the same as that in 2019, the scale of A-share overseas revenue in 2022 can be estimated, and the year-on-year growth rate of overseas revenue in 2022 will be around-2.2% (Estimated 2022 value/2021 actual value-1).</p><p><b>Industries such as pharmaceuticals, chemicals, and electronics may be under greater pressure on overseas revenue this year.</b>From 2014 to 2019, the overall overseas revenue growth rate of A-shares fluctuated little, fluctuating between 10% and 15% in most years. Let's compare the compound growth rate from 2020 to 2021 with the compound growth rate from 2014 to 2019. The growth rate of overseas revenue in industries such as pharmaceuticals, non-ferrous metals, chemicals, and electronics has increased significantly, all above 10pct. If we compare the compound growth rate from 2020 to 2021 with the year-on-year growth rate in 2019, it is also the pharmaceutical, electronics, chemical and other industries that have the largest increase. These industries may be under relatively greater pressure on overseas revenue this year.</p><p><img src=\"https://static.tigerbbs.com/1f6f624d8822530736ef0f21f5780d85\" tg-width=\"1060\" tg-height=\"431\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/441d2a6d3296fc60af0cb9d980859c9a\" tg-width=\"716\" tg-height=\"446\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/0d49b26afbf2cca151bcfca3ff1ef2a0\" tg-width=\"723\" tg-height=\"449\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>5.4 From the perspective of the matching between prosperity and valuation, which directions deserve attention?</b></p><p><b>After the earnings season, what level are A-share valuations?</b>The current PE valuation of the Shanghai Composite Index is 11.9 X, which is at the quantile level of 25.2% since 2010, and the PE valuation of the ChiNext Index is 45.9 X, which is at the quantile level of 34% since 2010. In terms of industries, among the 31 Shenwan first-class industries, the historical quantile of PE valuation of 22 industries (since 2010) is below 30%, and the historical quantile of PE valuation of textiles and apparel, communications, electronics, medicine and biology, transportation, non-ferrous metals, non-bank finance, environmental protection, basic chemicals, media, petroleum and petrochemicals is below 5%. Social services, automobiles, beauty care, utilities, food and beverage and other industries have valuation quantiles above 70%.</p><p><b>How have valuations changed compared to pre-pandemic?</b>The disturbance of the epidemic in the past two years has caused significant fluctuations in the valuations of some industries. From the perspective of all A-shares, the current (April 29) PE valuation is 16.0 X, a decrease of 8.7% from 17.6 X at the beginning of 2020. According to changes in valuation, industries can be divided into four categories: 1. The valuation has expanded significantly, but it is mainly due to the sharp decline in net profit in the past two years, including real estate, public utilities and other industries; 2. The valuation has expanded, and the stock price and performance have performed well in the past two years, including beauty care, automobile, food and beverage and other industries; 3. The valuation decreased, and the stock price also rose during the same period, while the larger increase in performance led to a decline in PE valuation, mainly including non-ferrous metals, basic chemicals, power equipment, coal and other industries; 4. The valuation has declined, but it is mainly due to the decline of stock prices, including communications, textiles and clothing, home appliances and other industries. Secondary industries can also be classified in the same way. Please see the table below for details.</p><p><b>From the comparison of earnings and valuation, which industries deserve more attention?</b>Among the above four categories, the second category is the most noteworthy, and its own performance has maintained good growth, while the rise of the valuation center shows that the industry is favored by the market. The third category has the largest number of companies, including upstream sectors with substantial growth in performance, as well as growth sectors such as power equipment, electronics, and medicine that have received great attention from the market. Among them, industries that are still expected to maintain high growth in the first quarter of this year and throughout the year may also be worthy of attention. In the first-level industries, it is recommended to pay attention to construction, automobile, food and beverage, nonferrous metals, chemicals, coal, medicine, military industry and other industries. In secondary industries, it is recommended to pay attention to industries such as passenger cars, photovoltaic equipment, liquor, professional engineering, coal mining, beverages and dairy products, batteries, and chemicals.</p><p><b>Although there are many fluctuations, the performance of the industry in the past two years has basically matched the performance.</b>Judging from the two-year cumulative situation in 2020 and 2021, the stock price performance is consistent with the performance performance. The impact of the epidemic in 2020 has led to substantial negative growth in the performance of many industries. The low base effect has led to a substantial increase in the year-on-year growth rate of performance in 2021. The stock prices of some industries have also fluctuated significantly in the past two years. But overall, the compound performance growth rate in 2020/2021 still shows a strong correlation with stock price performance.</p><p><b>From the perspective of prosperity and valuation matching, consumption and steady growth are the most noteworthy allocation directions this year.</b>1. As we mentioned above, from the perspective of the relative prosperity changes during the economic downturn, the relative prosperity of the consumer sector may rise this year. From the perspective of valuation, the current valuation of the food and beverage industry is significantly lower than that in 2021. Slightly higher than the level before the epidemic, the stability of pharmaceutical performance is high and the valuation has dropped to a relatively low level, but the pressure of declining export revenue in some sub-sectors deserves attention. 2. This year's economic work is stable, and during the period of steady growth, capital expenditures in construction, building materials and other related industries tend to increase, and their prosperity will also increase. From the perspective of valuation, construction PE It rose slightly compared with before the epidemic, while the building materials industry declined slightly. Both PE valuations are at relatively low levels in history.</p><p><img src=\"https://static.tigerbbs.com/096793e7f0c5aeac68691eac1f8f6b1a\" tg-width=\"1074\" tg-height=\"434\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/3689387355b6f6ce22416b6c6269a40b\" tg-width=\"1074\" tg-height=\"426\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/ac5704061980637b825dd32a2f6f8b74\" tg-width=\"643\" tg-height=\"576\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/355e96a6483c59ec2211f693455c8ad0\" tg-width=\"456\" tg-height=\"595\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3><b>06</b></h3><h3><b>Risk Analysis</b></h3>1. There is a possibility of error in the process of data statistics, and there is also a possibility that historical laws will not be applicable in the future; 2. Economic growth was significantly lower than expected, and unexpected risk events occurred.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.gelonghui.com/p/525058\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/93c3dba7c4b0e443e40fe6df5639434d","relate_stocks":{"000001.SH":"上证指数"},"source_url":"http://www.gelonghui.com/p/525058","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2233861944","content_text":"0122Q1A股业绩增速有所放缓1.1 A股业绩同比增速有所下滑一季度A股业绩增速放缓。整体来看，2022Q1全部A股归母净利润同比增速为4.1%，环比2021Q4的增速为71.3%，2021年全部A股归母净利润同比增速为18.6%。全部A股非金融2022Q1归母净利润同比增长9.1%，环比2021Q4的增速为138.0%，2021年全年A股非金融归母净利润同比增长26.1%。由于2022年一季度国内经济受疫情影响较大，考虑同样受疫情影响的20年第一季度，2022Q1全部A股归母净利润相较于2020Q1的增速为59.4%。一季度国内受疫情影响，无论是全部A股还是A股非金融，其2022Q1的业绩增速均低于2021年全年的业绩增速，业绩增速的下降与我们此前的预期相一致[1]。各板块业绩表现各异。从主要板块来看，主板/创业板/科创板/创业板剔温氏的2022年一季度归母净利润同比增速分别为4.1% /-14.6% /62.4% / -7.1%，2021全年的归母净利润同比增速分别为17.5% /26.0% /75.8% /41.8%。[1]参见2021年11月4日发布的报告，《藏锋待时，稳中求胜——2022年A股年度策略报告》。1.2 营收增速下降，单季度毛利率小幅回升2022年一季度A股整体营收增速为11.8%，环比2021Q4的增速为-9.0%，2022Q1全部A股的营收同比增速低于2021年全年的19.2%。全部A股非金融2022Q1增速为14.7%，环比2021Q4的增速为-13.2%，2022Q1全部A股非金融的营收同比增速同样低于2021全年的21.8%。主板2022Q1营收增速下降。分板块来看，主板/创业板/科创板/创业板剔温氏的2022Q1营收增速分别为11.0% /20.6% /45.4% /21.6%， 各板块2022Q1环比2021Q4的营收增速分别为-8.6% /-15.9% /-13.3% /-15.8%，2021年全年营收增速分别为18.8% /23.5% /36.7% /24.8%。单季度毛利率小幅回升。2022Q1全部A股非金融毛利率与2021年全部A股非金融毛利率基本持平，达到18.1%，较2021Q4的17.3%提升了0.8 pct。从滚动毛利率水平来看，全A非金融的毛利率自2018年开始持续下降。分板块来看，主板/创业板/科创板2022Q1的毛利率分别为17.5% /24.4% /33.5%，各板块2021年毛利率分别为17.5% /26.0% /33.7%，主板、科创板2022Q1与2021年的毛利率基本持平，创业板2022Q1毛利率较2021年下降1.6pct。02行业：上游原材料板块景气度相对较高2.1 上游板块表现相对较好分板块来看，上游原材料板块和科技板块2022Q1净利润增速为正，分别为35.6% /8.6%，中游制造业板块、下游消费板块和金融板块2022Q1业绩均出现了不同程度的下滑，业绩增速分别为-0.6% /-8.8% /-1.4%，上游/中游/下游/金融/科技板块2021年业绩增速分别为98.4% /22.6% /-22.0% /11.1% /33.7%。虽然下游消费板块2022Q1的业绩增速为负，但从业绩改善的角度来看，下游消费板块2022Q1业绩增速较2021年业绩增速有较大的改善。分行业来看，有色金属、煤炭、电力设备2022Q1业绩增速靠前，农林牧渔、计算机、轻工制造业绩增速靠后，2021年业绩增速靠前的行业分别是交通运输、传媒和石油石化。从业绩改善的角度来看，商贸零售、房地产、公用事业2022Q1业绩增速较2021年全年的业绩增速已有较大的改善。2.2 疫情影响下的毛利率分化各板块营收增速放缓。分板块来看，除金融外的各板块2022Q1营收增速均为正，但所有板块2022Q1的营收增速均小于2021年的营收增速。上游/中游/下游/金融/科技2022Q1的营收增速分别为27.7% /15.4% /1.0% /-0.5% /9.6%，2021年的营收增速分别为35.0% /22.5% /10.3% /6.5% /15.5%。分行业来看，电力设备、石油石化、医药生物、公用事业、通信、美容护理行业2022Q1营收增速较2021全年营收增速有不同程度的改善，其余行业2022Q1营收增速低于2021全年的营收增速。从营收增速的绝对值来看，电力设备、石油石化、煤炭、有色金属2022Q1营收增速靠前，房地产、商贸零售、非银金融、汽车2022Q1营收增速靠后。毛利率走势有所分化。从毛利率来看，不同行业毛利率的变化趋势有所不同，日常消费和公用事业行业2022Q1毛利率较2021年全年的毛利率抬升幅度较大，分别为3.1pct和1.9pct，电信服务和工业则分别下降了1.7pct和1.0pct。从申万一级行业来看，食品饮料、煤炭、公用事业、商贸零售等行业的毛利率抬升幅度较大，而社会服务、农林牧渔、建筑材料、轻工制造的下降幅度较大。03杜邦分析：净利率下降导致ROE下行3.1 净利率下降导致ROE降低2022年一季度全部A股的ROE(TTM)为9.3%，较2021年的9.5%下降0.2pct。从主要板块来看，科创板的ROE(TTM)提升幅度最大，从2021年的10.2%，提升了1.7pct至11.9%，主板、创业板2022Q1的ROE(TTM)较2021年均有所下行，分别下降0.2pct /0.9pct至9.4% /7.0%。杜邦分析来看，净利率下降是ROE下行的主要原因。全A非金融2022Q1净利率为5.4%，与2021年基本持平。分板块来看，主板、创业板、科创板2022Q1净利率分别下降0.1pct /0.6pct /0.6pct至8.1% /6.4% /12.2%。因而，整体而言，净利率下降是导致2022年第一季度ROE下行的主要因素。3.2 上游原材料板块ROE(TTM)改善分板块来看，除上游板块外，中游、下游、金融和科技板块2022年第一季度ROE(TTM)均出现不同程度的下滑。分行业来看，煤炭、有色金属、电力设备、医药生物2022年第一季度ROE(TTM)的提升幅度相对较大，农林牧渔、通信、轻工制造、非银金融的下降幅度较大。从杜邦分析来看，ROE(TTM)改善的行业净利率和资产周转率均有所改善。2022年第一季度ROE(TTM)提升幅度靠前的煤炭、电力设备行业，其2022Q1净利率分别提升1.5pct/0.2pct，资产周转率分别提升2.2pct/2.1pct。从资产负债率来看，资产负债率上升的行业多于下降的行业，通信、农林牧渔、商贸零售、交通运输上升幅度靠前，食品饮料、计算机、煤炭、美容护理降幅靠前。04预计22年A股盈利增速有所下行4.1 今年全年A股盈利将在低个位数水平22年全年A股盈利均面临一定压力。一季度A股盈利增速已出现大幅下降，我们预计今年全年A股盈利增速或将在低个位数水平。根据我们自上而下的预测，今年全年A股整体盈利增速或将在4.1%左右，非金融板块将降为负增长，从节奏上看，二季度业绩仍有进一步下降的可能，特别是非金融板块的下降幅度或相对较大。但在全年5.5%的GDP增长目标下，四季度的A股盈利表现可能有所好转。4.2 盈利预期可能会继续有所下调当前市场自下而上一致预期仍然相对偏高。当前市场一致预期下全部A股22年净利润增速为25.4%，全部A股非金融的预期净利润增速为39.0%，两者均显著高于我们对于今年A股盈利的预期。而从历史上看，在大部分年份，年初的A股盈利预期多偏高，一季报后或将会有所下调。关注成长板块盈利预期下调的风险。分板块来看。历史上对于成长和周期板块的盈利预期准确度相对较低，而对于食品饮料等消费行业以及银行业的预期准确度相对更高。这与不同行业业绩稳定性等诸多因素有关。而从今年的情况来看，4月以阳光电源为代表的部分公司的业绩大幅低于预期导致电新及创业板的股价调整，当前市场对于成长板块整体的业绩预期仍然相对较高，未来若盈利预期有所下调，相关公司及板块的股价或也将受到拖累。05从财报看今年的三条投资线索5.1 从相对业绩优势看消费的景气度一季报中，景气度相对较高的方向为上游和消费两个板块。从净利润指标来看，一季度净利润正增长且较2021年有所抬升的行业主要是建筑、电力设备、煤炭、通信、食品饮料、家电。而从增速水平来看，有色、煤炭、电力设备、交通运输、基础化工、医药生物、石油石化、食品饮料排名靠前。整体而言，在一季度业绩有着较好表现的行业主要集中在上游和消费两个板块。盈利能力端同样是上游和消费板块有更好表现。从2022Q1与2021年盈利能力指标来看，煤炭、食品饮料、有色金属、医药生物的毛利率（TTM）有所抬升，煤炭、有色金属、电力设备、医药生物的ROE（TTM）有所抬升。综合来看，以煤炭、有色金属等为代表的上游板块，以食品饮料、医药生物为代表的消费板块在一季度有着更好的业绩表现。消费板块有望成为今年景气度最高的方向之一。相较于上游板块的业绩更取决于大宗品价格走势，消费板块今年的业绩确定性或相对更高。整体而言，A股上市公司本身是经济一部分，板块的业绩表现都会受到经济的影响，但不同板块之间有着较大的差异。全部A股非金融非消费板块的业绩与经济之间的相关度更高，而消费板块的业绩与经济之间的相关度更低。在经济上行期，非金融非消费板块的业绩表现优于消费板块，而在经济下行期，消费板块的业绩表现优于非消费非金融板块。通胀的传导对于消费板块的业绩有多大影响？通胀，特别是PPI的持续高位一直是市场关心的重要问题，从财报数据来看，资源价格处于高位带动上游板块业绩持续亮眼表现，也对中游制造业的利润形成了明显的挤压。那么，通胀向下游消费的传导对消费板块的业绩有多大影响？从历史上看，不论是PPI还是CPI，与消费板块的毛利率之间并不存在非常显著的相关关系。一方面，大宗品价格是影响PPI走势的重要因素，而大宗品价格对于消费板块的直接影响相对较弱。另外一方面，CPI包含着衣食住行的方方面面，其范围较消费类上市公司的业务范围更为广泛，比如鲜菜、牛肉、羊肉等是CPI的重要组成，但对于上市公司的业绩影响相对较小。与此同时，消费上市公司多是行业内具有话语权的龙头公司，其本身也具有成本转嫁的能力。虽然高通胀对消费整体盈利能力影响不大，但对于汽车、家电等更具制造业属性的消费品行业或有一定不利影响。疫情对消费板块的业绩有多大影响？近期国内再度受到疫情的扰动，包括上海在内的多个地区采取了较为严格的疫情防控措施，疫情的扰动也对A股业绩产生不利影响，但消费或是其中受影响相对较小的板块。一方面，从2020年的经验来看，在疫情冲击之下，A股整体净利润增速大幅下降，但消费的降幅相对较小，是市场规避业绩风险的重要配置方向，食品饮料、医药等行业的业绩相对优势更得到凸显。另外一方面，对于消费板块中受到疫情影响更大的线下消费行业，其景气度处于历史底部，未来即使有疫情扰动，其长期修复的趋势不会发生变化。5.2 从资本开支看基建的景气度一季度A股资本开支增速显著下降。2022年一季度全部A股非金融资本开支增速为3.6%，比2021年的10.3%大幅下降，这一水平在2017年以来的时间范围内，仅好于2020年上半年。分板块来看，科创板是唯一一个2022Q1资本开支增速较2021年有所抬升的板块，创业板的资本开支增速降幅则相对较大。从增速绝对值来看，科创板和创业板的增速均要高于主板。大部分行业的资本开支增速均有显著下降。分行业来看，仅有色金属、银行、通信、建筑装饰、石油石化、汽车6个行业的2022Q1资本开支增速较2021年有所提升，其他行业均有不同程度的下降，社服、交运、纺织服饰、机械设备等行业的降幅相对较大。其他资本开支规模较大的行业中，电子行业增速小幅下降，电力设备则有20pct以上的降幅。从增速绝对值来看，建材、电力设备、汽车、有色金属、基础化工、银行的2022Q1资本开支增速在20%以上，社服、农林牧渔、房地产、环保、交运的增速在-20%以下。资本开支增速的趋势下行与疫情影响。一方面，今年A股整体的盈利增速有一定的下行压力，而在盈利下行期，A股整体的资本开支增速往往也会下行，因而今年全年的资本开支增速较去年或将有较大的幅度的下行。另外一方面，一季度我国受到疫情的扰动，包括上海在内的多个省市采取了较为严格的疫情防控限制措施，这对于部分行业的经营活动也产生了较大的影响。结构上，哪些行业可能成为今年的亮点？资本开支的强弱代表了企业对于未来的乐观与悲观预期，从资本开支增速的绝对水平和增速变化来看，基建相关行业或将是今年最值得关注的方向。一方面，建筑行业是不多的2022Q1资本开支增速较2021年有所抬升的行业，而建材的这一数据虽然较2021年有小幅下降，但22Q1绝对增速水平达到了89%。另外一方面，从历史上看，在政策发力，基建投资增速抬升的阶段，建筑及建材行业的资本开支增速也往往会有所抬升。在今年稳增长的大方向下，基建投资也将是发力的重要方向，预计今年全年基建产业方向的建筑、建材等行业或最为值得关注。5.3 从出口的变化看各行业的压力2021年上市公司海外收入保持高增长。上市公司仅在中报和年报披露其海外收入的情况，2021年全部A股非金融海外收入同比增速为26.1%，较2020年7.1%的增速大幅抬升了19.0pct。2020和2021年两年复合增速为16.2%，较2019年9.7%的增速抬升了6.5pct。但得益于本身国内业务收入也有不错表现，海外收入占总收入的比重抬升幅度并不明显，全部A股非金融的海外收入占总收入的比重从2019年的10.0%提升到2021年的10.6%。大部分行业2021年海外收入增速较2020年有所抬升。从2021年海外收入增速与2020年对比来看，石油石化、煤炭、钢铁等行业的海外收入增速抬升幅度最高，且增速的绝对水平也更高，而美容护理、医药生物、环保等行业的下降幅度相对更大，且有美容护理、环保两个行业为负增长。与2019年对比来看，大部分行业的海外收入增速同样有所抬升，房地产、煤炭、公用事业等行业的抬升幅度最大，环保、美容护理、社会服务、计算机等行业的下降幅度相对较大。我国出口在过去两年有着亮眼表现，但今年或将面临一定的下行压力。在过去两年里，海外生产受阻使得我国出口数据有着非常亮眼的表现，2021年出口增速达到了29.9%，但今年以来，出口增速显著下降，前三个月累计同比增速为15.8%。一方面，当前海外疫情影响逐渐消退，生产逐渐恢复；另外一方面，过去两年海外旺盛的需求部分来自于政府补贴形成的高收入与高储蓄，但目前美国居民储蓄占比已经降到了疫情前的水平，未来海外需求可能会面临持续下行压力。因而未来国内出口增速或仍将面临压力。出口的压力或也将在A股上市公司海外收入层面有所体现。如我们上文所述，今年海外需求面临下行压力，而供给有望得到恢复，海外疫情的消退或也将减少对于防疫物资的需求，今年我国出口面临较大的下行压力，海外收入对于A股业绩的贡献或也将显著下降。若假设没有发生疫情，且2020-2022年海外收入增速均与2019年相同，则可以估算出2022年的A股海外收入规模，所得2022年的海外收入同比增速将在-2.2%左右（估算2022值/2021实际值-1）。医药、化工、电子等行业今年海外收入端压力或将更大。2014至2019年间A股整体海外收入增速波动较小，大部分年份在10%-15%之间波动，我们以2020-2021年的复合增速与2014-2019年的复合增速对比来看，医药、有色、化工、电子等行业的海外收入增速抬升幅度较大，均在10pct以上。如果以2020-2021年的复合增速与2019年同比增速对比来看，同样是医药、电子、化工等行业的抬升幅度相对最大。这些行业在今年海外收入端的压力或相对更大。5.4 景气度与估值匹配情况来看，哪些方向值得关注？财报季后，A股估值处于什么水平？当前上证综指PE估值为11.9X，处于2010年以来25.2%的分位数水平，创业板指PE估值为45.9X，处于2010年以来34%的分位数水平。分行业来看，31个申万一级行业中，有22个行业的PE估值历史分位数（2010年以来）在30%以下，纺织服饰、通信、电子、医药生物、交运、有色金属、非银金融、环保、基础化工、传媒、石油石化的估值所处历史分位数在5%以下。社会服务、汽车、美容护理、公用事业、食品饮料等行业的估值分位数在70%以上。与疫情前相比，估值有何变化？过去两年的疫情扰动使得部分行业的估值也出现了显著波动，从全部A股来看，当前（4月29日）PE估值为16.0X，较2020年初的17.6X下降了8.7%。而根据估值变化，可以将行业分成4类：1、估值大幅扩张，但主要是由于过去两年净利润大幅下滑，包括房地产、公用事业等行业；2、估值有所扩张，过去两年的股价和业绩均有不错表现，包括美容护理、汽车、食品饮料等行业；3、估值下降，同期股价也有所上涨，而业绩增幅更大导致PE估值下降，主要包括有色金属、基础化工、电力设备、煤炭等行业；4、估值下降，但主要是由于股价的下跌，包括通信、纺服、家电等行业。二级行业也可以同样进行分类，详细请见下表。从盈利与估值的对比来看，哪些行业更值得关注？在以上四类中，第二类是最值得关注的，其本身业绩保持不错的增长，而估值中枢的抬升说明行业受到市场青睐，第三类的公司数量相对最多，既有业绩大幅增长的上游板块，也有电力设备、电子、医药等受到市场高度关注的成长板块，其中在今年一季度且全年仍有望保持高增长的行业或也同样值得关注。一级行业中建议关注建筑、汽车、食品饮料、有色、化工、煤炭、医药、军工等行业。二级行业中建议关注乘用车、光伏设备、白酒、专业工程、煤炭开采、饮料乳品、电池、化学制品等行业。虽然多有波动，但过去两年行业表现与业绩表现基本匹配。从2020年和2021年的两年累计情况来看，股价表现与业绩表现相一致。2020年疫情冲击导致很多行业业绩大幅负增长，低基数效应导致2021年业绩同比增速大幅提升，部分行业的股价也在这两年间大幅波动。但整体而言，2020/2021两年复合业绩增速与股价表现仍呈现出了较强的相关关系。从景气度和估值匹配的角度来看，消费和稳增长方向是今年最为值得关注的配置方向。1、如我们上文所述，从经济下行期的相对景气变化来看，今年消费板块的相对景气度或将上升，从估值来看，食品饮料行业的当前估值较2021年显著下降，略高于疫情前的水平，医药业绩稳定性高且估值降至相对低位，但部分细分板块出口收入下降的压力值得关注。2、今年经济工作稳字当头，而在稳增长发力期，建筑、建材等相关行业的资本开支也往往会有提升，其景气度也会有所抬升，从估值维度来看，建筑PE较疫情前小幅抬升，建材行业则有小幅下降，两者PE估值均处于历史相对低位。06风险分析1、数据统计过程中存在偏误可能，历史规律也存在未来不适用的可能；2、经济增长大幅不及预期，发生超预期风险事件。","news_type":1,"symbols_score_info":{"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":1500,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9068147379,"gmtCreate":1651743623545,"gmtModify":1676534960087,"author":{"id":"4096288759817900","authorId":"4096288759817900","name":"tony 家","avatar":"https://static.tigerbbs.com/4788518f4a6b0b9015a2f76d3af4ac9a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4096288759817900","idStr":"4096288759817900"},"themes":[],"htmlText":"3","listText":"3","text":"3","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":142,"repostSize":0,"link":"https://ttm.financial/post/9068147379","repostId":"2233861944","repostType":4,"repost":{"id":"2233861944","kind":"highlight","pubTimestamp":1651740804,"share":"https://ttm.financial/m/news/2233861944?lang=en_US&edition=fundamental","pubTime":"2022-05-05 16:53","market":"sh","language":"zh","title":"Everbright Strategy: Three Investment Clues Revealed in the Financial Report","url":"https://stock-news.laohu8.com/highlight/detail?id=2233861944","media":"格隆汇","summary":"0122Q1A股业绩增速有所放缓1.1 A股业绩同比增速有所下滑一季度A股业绩增速放缓。整体来看，2022Q1全部A股归母净利润同比增速为4.1%，环比2021Q4的增速为71.3%，2021年全部A","content":"<p><html><head></head><body><h3><b>01</b></h3><h3><b>22Q1A stock performance growth has slowed down</b></h3><b>1.1 A-share performance growth has declined year-on-year</b></p><p><b>The growth rate of A-share performance slowed down in the first quarter.</b>Overall, the year-on-year growth rate of net profit attributable to the parent company of all A-shares in 2022Q1 was 4.1%, and the growth rate of 2021Q4 was 71.3%. In 2021, the year-on-year growth rate of net profit attributable to the parent company of all A-shares was 18.6%. All A-share non-financial net profits attributable to parent companies in 2022Q1 increased by 9.1% year-on-year, and the growth rate of 2021Q4 was 138.0%. In 2021, the A-share non-financial net profits attributable to parent companies increased by 26.1% year-on-year. Since the domestic economy was greatly affected by the epidemic in the first quarter of 2022, considering the first quarter of 2020, which was also affected by the epidemic, the net profit of all A-shares attributable to the parent company in 2022Q1 grew by 59.4% compared with 2020Q1. Affected by the epidemic in China in the first quarter, whether it is all A-shares or A-share non-financial, its performance growth rate in 2022Q1 is lower than the performance growth rate for the whole year of 2021, and the decline in performance growth rate is consistent with our previous expectations [1].</p><p><b>The performance of each sector is different.</b>From the perspective of major sectors, the year-on-year growth rates of net profit attributable to the parent company in the first quarter of 2022 on the main board/GEM/Science and Technology Innovation Board/GEM were 4.1%/-14.6%/62.4%/-7.1% respectively. The year-on-year growth rates of net profit attributable to the parent company were 17.5%/26.0%/75.8%/41.8% respectively.</p><p><img src=\"https://static.tigerbbs.com/b592b36442138881695a17756e97e62e\" tg-width=\"1080\" tg-height=\"436\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/ee8e6163807a7837354998f6963d7b07\" tg-width=\"1080\" tg-height=\"429\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/226836c2522c80539c642ed6ff5a4ab4\" tg-width=\"828\" tg-height=\"509\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>[1] Please refer to the report published on November 4, 2021, \"Hiding the front and waiting for time, seeking victory while maintaining stability-2022 A-share annual strategy report\".</p><p><b>1.2 Revenue growth declined, and gross profit margin rebounded slightly in a single quarter</b></p><p>In the first quarter of 2022, the overall revenue growth rate of A-shares was 11.8%, and the growth rate of 2021Q4 was-9.0%. The year-on-year revenue growth rate of all A-shares in 2022Q1 was lower than the 19.2% for the whole year of 2021. The growth rate of all A-share non-financial revenue in 2022Q1 was 14.7%, and the growth rate of 2021Q4 was-13.2%. The year-on-year growth rate of all A-share non-financial revenue in 2022Q1 was also lower than the 21.8% in 2021.</p><p><b>The revenue growth rate of the main board in 2022Q1 declined.</b>In terms of sectors, the 2022Q1 revenue growth rates of the main board/GEM/Science and Technology Innovation Board/GEM Tiwen's are 11.0%/20.6%/45.4%/21.6% respectively, and the revenue growth rates of each sector in 2022Q1 compared with 2021Q4 are respectively It is-8.6%/-15.9%/-13.3%/-15.8%, and the annual revenue growth rates in 2021 are 18.8%/23.5%/36.7%/24.8% respectively.</p><p><b>Gross profit margin rebounded slightly in a single quarter.</b>The non-financial gross profit margin of all A-shares in 2022Q1 is basically the same as that of all A-shares in 2021, reaching 18.1%, an increase of 0.8 pct from 17.3% in 2021Q4. From the perspective of rolling gross profit margin level, the gross profit margin of all-A non-financial has continued to decline since 2018. In terms of sectors, the gross profit margins of the main board/GEM/Science and Technology Innovation Board in 2022Q1 are 17.5%/24.4%/33.5% respectively, and the gross profit margins of each sector in 2021 are 17.5%/26.0%/33.7% respectively. The gross profit margin of 2022Q1 and 2021 is basically the same, and the gross profit margin of GEM in 2022Q1 will decrease by 1.6 pct compared with 2021.</p><p><img src=\"https://static.tigerbbs.com/f8fbe261faf2b86c798e512d15566644\" tg-width=\"1080\" tg-height=\"428\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/f86f1a575a4928a6e9f40e20ee431603\" tg-width=\"1080\" tg-height=\"436\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/af77924c9ddf12ab7242661c98bfbb7f\" tg-width=\"833\" tg-height=\"508\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/431b765191f72c540becea63947c335a\" tg-width=\"1080\" tg-height=\"423\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3><b>02</b></h3><h3><b>Industry: The upstream raw material sector is relatively prosperous</b></h3><b>2.1 The upstream sector performed relatively well</b></p><p>In terms of sectors, the net profit growth rates of the upstream raw material sector and the technology sector in 2022Q1 are positive, 35.6%/8.6% respectively. The performance growth rates are-0.6%/-8.8%/-1.4% respectively, and the performance growth rates of the upstream/midstream/downstream/financial/technology sectors in 2021 are 98.4%/22.6%/-22.0%/11.1%/33.7% respectively. Although the performance growth rate of the downstream consumption sector in 2022Q1 is negative, from the perspective of performance improvement, the performance growth rate of the downstream consumption sector in 2022Q1 has been greatly improved compared with the performance growth rate in 2021.</p><p><img src=\"https://static.tigerbbs.com/7d41da846c151a92edb8f566d3175f06\" tg-width=\"1080\" tg-height=\"446\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In terms of industries, non-ferrous metals, coal, and power equipment have the highest performance growth rates in 2022Q1, while agriculture, forestry, animal husbandry, fishery, computers, and light industry manufacturing have the lowest performance growth rates. Petroleum and petrochemical. From the perspective of performance improvement, the performance growth rate of commerce and retail, real estate, and public utilities in 2022Q1 has been greatly improved compared with the performance growth rate of the whole year of 2021.</p><p><img src=\"https://static.tigerbbs.com/3de13b0990c98f95f2721abbef95f705\" tg-width=\"1080\" tg-height=\"443\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/705d5784512742074c74b0fcb63cee5c\" tg-width=\"1080\" tg-height=\"435\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>2.2 Gross profit margin differentiation under the influence of the epidemic</b></p><p><b>Revenue growth in various sectors slowed down.</b>In terms of sectors, the revenue growth rate of all sectors except finance in 2022Q1 is positive, but the revenue growth rate of all sectors in 2022Q1 is lower than the revenue growth rate in 2021. The revenue growth rates of upstream/midstream/downstream/finance/technology in 2022Q1 are 27.7%/15.4%/1.0%/-0.5%/9.6% respectively, and the revenue growth rates in 2021 are 35.0%/22.5%/10.3% respectively/6.5%/15.5%.</p><p>In terms of industries, the 2022Q1 revenue growth rate of power equipment, petroleum and petrochemical, pharmaceutical biology, public utilities, communications, and beauty care industries has improved to varying degrees compared with the revenue growth rate for the whole year of 2021, and the 2022Q1 revenue growth rate of other industries is lower than that of 2021. Revenue growth rate for the whole year. Judging from the absolute value of revenue growth, power equipment, petroleum and petrochemicals, coal, and non-ferrous metals have the highest revenue growth rate in 2022Q1, while real estate, commerce and retail, non-bank finance, and automobiles have the lowest revenue growth rate in 2022Q1.</p><p><b>The trend of gross profit margin has diverged.</b>From the perspective of gross profit margin, the changing trend of gross profit margin of different industries is different. The gross profit margin of daily consumption and public utility industries in 2022Q1 has increased significantly compared with the gross profit margin for the whole year of 2021, which are 3.1 pct and 1.9 pct respectively. Telecommunications services and Industry fell by 1.7 pct and 1.0 pct respectively. From the perspective of Shenwan's first-level industries, the gross profit margins of food and beverage, coal, public utilities, commerce and retail industries have increased significantly, while social services, agriculture, forestry, animal husbandry and fishery, building materials, and light industry manufacturing have declined significantly.</p><p><img src=\"https://static.tigerbbs.com/ab31b642cb9185730781c55534ccc3f2\" tg-width=\"1080\" tg-height=\"417\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/d04476c07a212dbfff2fdcdfe07c6b0a\" tg-width=\"1080\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/01cdcee1d5b38207e296f9b9b71b2486\" tg-width=\"1080\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3><b>03</b></h3><h3><b><a href=\"https://laohu8.com/S/DD\">DuPont</a>Analysis: Declining net profit margin leads to downward ROE</b></h3><b>3.1 The decrease in net profit margin leads to the decrease in ROE</b></p><p>The ROE (TTM) of all A-shares in the first quarter of 2022 was 9.3%, a decrease of 0.2 pct from 9.5% in 2021. From the perspective of major sectors, the ROE (TTM) of the Science and Technology Innovation Board has increased the most, from 10.2% in 2021 to 11.9% by 1.7 pct. The ROE (TTM) of the main board and the GEM in 2022Q1 has both declined compared with 2021., down by 0.2 pct/0.9 pct to 9.4%/7.0% respectively.</p><p><img src=\"https://static.tigerbbs.com/b4387b5c3d0c576f541461be3d7cf6cb\" tg-width=\"1080\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/2e51b42e9ca7d9d136bcfc533860bfc2\" tg-width=\"845\" tg-height=\"492\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>According to DuPont's analysis, the decline in net profit margin is the main reason for the decline in ROE.</b>The net profit margin of all-A non-financial 2022Q1 is 5.4%, which is basically the same as in 2021. In terms of sectors, the net profit margins of the main board, GEM, and science and technology innovation board in 2022Q1 fell by 0.1 pct/0.6 pct/0.6 pct to 8.1%/6.4%/12.2% respectively. Therefore, overall, the decline in net profit margin is the main factor leading to the decline in ROE in the first quarter of 2022.</p><p><img src=\"https://static.tigerbbs.com/6956a50cfb74c24d30947154d8ea7f5f\" tg-width=\"1080\" tg-height=\"430\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/60eacaf7eccc55dc59cc761871cba383\" tg-width=\"856\" tg-height=\"318\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>3.2 Upstream Raw Materials Segment ROE (TTM) Improvement</b></p><p>In terms of sectors, in addition to the upstream sector, the ROE (TTM) of the midstream, downstream, financial and technology sectors all declined to varying degrees in the first quarter of 2022. In terms of industries, the ROE (TTM) of coal, non-ferrous metals, power equipment, and medicine and biology will increase relatively greatly in the first quarter of 2022, while the decline of agriculture, forestry, animal husbandry and fishery, communications, light manufacturing, and non-bank finance will be relatively large.</p><p>From the DuPont analysis, the industry with improved ROE (TTM) has improved net margins and asset turnover. In the coal and power equipment industries with the largest increase in ROE (TTM) in the first quarter of 2022, their 2022Q1 net profit margins increased by 1.5 pct/0. 2pct respectively, and their asset turnover rates increased by 2.2 pct/2. 1pct respectively. From the perspective of asset-liability ratio, the asset-liability ratio increased more industries than declined. Communications, agriculture, forestry, animal husbandry and fishery, commerce and retail, and transportation rose the most, while food and beverage, computers, coal, and beauty care fell the most.</p><p><img src=\"https://static.tigerbbs.com/2aaf0c354d276f897f9676a3859fe021\" tg-width=\"1080\" tg-height=\"403\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/ce1f534705ddbc751b8abc681b3b0be7\" tg-width=\"1080\" tg-height=\"441\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/113ab24f3390e6d92904053c7fda7f3c\" tg-width=\"1080\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/495218ccbc6b9ef347a53473f6994f7b\" tg-width=\"647\" tg-height=\"567\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/c6bc6d8828b974d7b915498c41e6aa12\" tg-width=\"649\" tg-height=\"160\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/aeab99a4dea150c538f8112ef010f22b\" tg-width=\"540\" tg-height=\"583\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3><b>04</b></h3><h3><b>A-share profit growth is expected to decline in 2022</b></h3><b>4.1 A-share profits for the whole year of this year will be at low single-digit levels</b></p><p><b>A-share earnings for the whole year of 22 years have faced certain pressure.</b>In the first quarter, the growth rate of A-share profits has dropped sharply, and we expect that the growth rate of A-share profits will be in low single digits this year. According to our top-down forecast, the overall profit growth rate of A-shares this year may be around 4.1%, and the non-financial sector will drop to negative growth. From the rhythm point of view, there is still the possibility of further decline in the second quarter performance, especially The decline in the non-financial sector may be relatively large. However, under the full-year GDP growth target of 5.5%, the earnings performance of A-shares in the fourth quarter may improve.</p><p><img src=\"https://static.tigerbbs.com/2fb018323e4e491e3dd950c9dd1fb181\" tg-width=\"1057\" tg-height=\"440\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/20bc26149337ba2681ac6d458b217c6f\" tg-width=\"723\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>4.2 Earnings expectations may continue to be lowered</b></p><p><b>The current market bottom-up consensus expectations are still relatively high.</b>Under the current market consensus expectation, the 22-year net profit growth rate of all A-shares is 25.4%, and the expected net profit growth rate of all A-shares non-financial is 39.0%, both of which are significantly higher than our expectations for this year's A-share profits. Historically, in most years, A-share profit expectations at the beginning of the year are mostly high, and may be lowered after the first quarterly report.</p><p><b>Pay attention to the risk of downward adjustment of profit expectations for the growth sector.</b>Looking at it by sector. Historically, the accuracy of profit expectations for growth and cyclical sectors has been relatively low, while the accuracy of expectations for consumer industries such as food and beverage and the banking industry has been relatively higher. This is related to many factors such as the stability of performance in different industries. Judging from this year's situation, since April<a href=\"https://laohu8.com/S/300274\">Sungrow</a>The performance of some companies represented by the company is significantly lower than expected, resulting in the stock price adjustment of Dianxin and GEM. The current market's overall performance expectation for the growth sector is still relatively high. If the profit expectation is lowered in the future, the stock prices of related companies and sectors may also be dragged down.</p><p><img src=\"https://static.tigerbbs.com/2b5c59208837affbe940c02f152ba7b6\" tg-width=\"1070\" tg-height=\"422\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/7673ba61a916b9ff3ce15f161cb36e2e\" tg-width=\"1066\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3><b>05</b></h3><h3><b>Looking at three investment clues this year from the financial report</b></h3><b>5.1 Looking at the prosperity of consumption from the perspective of relative performance advantages</b></p><p><b>In the first quarterly report, the directions with relatively high prosperity are upstream and consumption sectors.</b>From the perspective of net profit indicators, the industries with positive net profit growth in the first quarter and an increase compared with 2021 are mainly construction, power equipment, coal, communications, food and beverage, and home appliances. From the perspective of growth rate, nonferrous metals, coal, power equipment, transportation, basic chemicals, medicine and biology, petroleum and petrochemicals, and food and beverage rank high. Overall, the industries with good performance in the first quarter are mainly concentrated in the upstream and consumption sectors.</p><p><b>On the profitability side, the upstream and consumer sectors also performed better.</b>Judging from the profitability indicators in 2022Q1 and 2021, the gross profit margin (TTM) of coal, food and beverage, non-ferrous metals, and pharmaceutical biology has increased, and the ROE (TTM) of coal, non-ferrous metals, power equipment, and pharmaceutical biology has increased. On the whole, the upstream sector represented by coal and non-ferrous metals, and the consumer sector represented by food and beverage, medicine and biology performed better in the first quarter.</p><p><img src=\"https://static.tigerbbs.com/bc14f95eacca1bd5f96f20baebb796c7\" tg-width=\"1063\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/034ae12f770c365851c92e661ec425ae\" tg-width=\"1068\" tg-height=\"424\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>The consumption sector is expected to become one of the most prosperous directions this year.</b>Compared with the performance of the upstream sector, which depends more on the price trend of bulk commodities, the performance certainty of the consumer sector this year may be relatively higher. On the whole, A-share listed companies themselves are a part of the economy, and the performance of sectors will be affected by the economy, but there are big differences between different sectors. The performance of all A-share non-financial and non-consumer sectors has a higher correlation with the economy, while the performance of the consumer sector has a lower correlation with the economy. During the economic downturn, the performance of the non-financial non-consumer sector is better than that of the consumer sector, while during the economic downturn, the performance of the consumer sector is better than that of the non-consumer non-financial sector.</p><p><b>How much impact does the transmission of inflation have on the performance of the consumer sector?</b>Inflation, especially the continued high level of PPI, has always been an important issue of concern to the market. Judging from the financial report data, the high level of resource prices has driven the upstream sector to continue to perform well, and has also significantly squeezed the profits of the midstream manufacturing industry. So, how much impact does the transmission of inflation to downstream consumption have on the performance of the consumer sector? Historically, there is no very significant correlation between PPI or CPI and the gross profit margin of the consumer sector. On the one hand, commodity prices are an important factor affecting the trend of PPI, while the direct impact of commodity prices on the consumer sector is relatively weak. On the other hand, CPI covers all aspects of food, clothing, housing and transportation, and its scope is wider than that of consumer listed companies. For example, fresh vegetables, beef, mutton, etc. are important components of CPI, but they have relatively little impact on the performance of listed companies. At the same time, consumer listed companies are mostly leading companies with the right to speak in the industry, and they also have the ability to pass on costs. Although high inflation has little impact on the overall profitability of consumption, it may have a certain adverse impact on consumer goods industries with more manufacturing attributes such as automobiles and home appliances.</p><p><b>How much impact will the epidemic have on the performance of the consumer sector?</b>Recently, the country has been disturbed by the epidemic again. Many regions, including Shanghai, have adopted stricter epidemic prevention and control measures. The disturbance of the epidemic has also adversely affected the performance of A shares, but consumption may be a relatively less affected sector. On the one hand, judging from the experience in 2020, under the impact of the epidemic, the overall net profit growth rate of A-shares has dropped significantly, but the decline in consumption is relatively small, which is an important allocation direction for the market to avoid performance risks. The comparative advantages of the performance of food and beverage, medicine, etc. The industry have become more prominent. On the other hand, for the offline consumer industry in the consumer sector that has been more affected by the epidemic, its prosperity is at the bottom of history. Even if there is an epidemic disturbance in the future, its long-term recovery trend will not change.</p><p><img src=\"https://static.tigerbbs.com/c0b67e7ba219a783b4ec6b7687090649\" tg-width=\"1074\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/e837d1c036367f324a18c064ce11474b\" tg-width=\"1067\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/3b5512e79019a4616015ec6b3c16958f\" tg-width=\"1075\" tg-height=\"430\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/1d6e05a1efbca703bc05e489856ebc99\" tg-width=\"1063\" tg-height=\"425\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>5.2 Looking at the prosperity of infrastructure from capital expenditure</b></p><p><b>The growth rate of A-share capital expenditure dropped significantly in the first quarter.</b>In the first quarter of 2022, the growth rate of all A-share non-financial capital expenditures will be 3.6%, a sharp drop from 10.3% in 2021. This level is only better than the first half of 2020 in the time frame since 2017. In terms of sectors, the Science and Technology Innovation Board is the only sector in which the growth rate of capital expenditure in 2022Q1 has increased compared with 2021, while the growth rate of capital expenditure on the GEM has declined relatively significantly. In terms of absolute growth rates, the growth rates of science and technology innovation board and GEM are higher than those of the main board.</p><p><b>The growth rate of capital expenditure in most industries has declined significantly.</b>In terms of industries, only the growth rate of capital expenditure in 2022Q1 of six industries, namely non-ferrous metals, banking, communications, building decoration, petroleum and petrochemicals, and automobiles, has increased compared with 2021, while other industries have declined to varying degrees., Textile and apparel, machinery and equipment and other industries have experienced relatively large declines. Among other industries with large capital expenditures, the growth rate of the electronics industry declined slightly, while that of power equipment declined by more than 20pct. From the absolute value of growth rate, the 2022Q1 capital expenditure growth rate of building materials, power equipment, automobiles, non-ferrous metals, basic chemicals, and banks is above 20%, and the growth rate of social services, agriculture, forestry, animal husbandry and fishery, real estate, environmental protection, and transportation is below-20%.</p><p><b>The downward trend of capital expenditure growth and the impact of the epidemic.</b>On the one hand, there is a certain downward pressure on the overall profit growth rate of A-shares this year, and during the downward profit period, the overall capital expenditure growth rate of A-shares tends to decline. Therefore, the growth rate of capital expenditure for the whole year of this year may be higher than last year's. There is a relatively large downward trend. On the other hand, in the first quarter, my country was disturbed by the epidemic, and many provinces and cities, including Shanghai, adopted stricter epidemic prevention and control restrictions, which also had a greater impact on the business activities of some industries.</p><p><b>Structurally, which industries are likely to be the highlights this year?</b>The strength of capital expenditure represents the optimistic and pessimistic expectations of enterprises for the future. Judging from the absolute level and changes in the growth rate of capital expenditure, infrastructure-related industries may be the most noteworthy direction this year. On the one hand, the construction industry is one of the few industries in which the growth rate of capital expenditure in 2022Q1 has increased compared with 2021. Although the data of building materials has dropped slightly compared with 2021, the absolute growth rate in 22Q1 has reached 89%. On the other hand, historically, when policies are exerted and the growth rate of infrastructure investment is increasing, the growth rate of capital expenditure in the construction and building materials industry tends to increase. Under the general direction of steady growth this year, infrastructure investment will also be an important direction of development. It is expected that the construction, building materials and other industries in the direction of infrastructure industry throughout this year may be the most worthy of attention.</p><p><img src=\"https://static.tigerbbs.com/f8b48fde9b506a5b9d29a5b06b0a4b11\" tg-width=\"1068\" tg-height=\"421\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/e0e8f4ecb5600a9c7cff57db8ec06944\" tg-width=\"1067\" tg-height=\"424\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/78da064c9af0f3186851435f3e141bc3\" tg-width=\"717\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>5.3 Looking at the pressure of various industries from the change of exports</b></p><p><b>In 2021, the overseas revenue of listed companies will maintain high growth.</b>Listed companies only disclose their overseas income in interim and annual reports. In 2021, the year-on-year growth rate of all A-share non-financial overseas income will be 26.1%, a significant increase of 19.0 pct from the 7.1% growth rate in 2020. The two-year compound growth rate in 2020 and 2021 is 16.2%, an increase of 6.5 pct from the 9.7% growth rate in 2019. However, thanks to the good performance of its own domestic business income, the proportion of overseas income in total revenue has not increased significantly. The proportion of all A-share non-financial overseas income in total revenue has increased from 10.0% in 2019 to 10.0% in 2021.%.</p><p><b>The growth rate of overseas revenue in most industries in 2021 will increase compared with 2020.</b>Judging from the comparison of the overseas revenue growth rate in 2021 with that in 2020, the overseas revenue growth rate of petroleum and petrochemical, coal, steel and other industries has the highest increase, and the absolute level of growth rate is also higher, while beauty care, medicine and biology, environmental protection, etc. The decline in the industry is relatively larger, and two industries, beauty care and environmental protection, have negative growth. Compared with 2019, the growth rate of overseas income in most industries has also increased, with industries such as real estate, coal, and public utilities experiencing the largest increase, while industries such as environmental protection, beauty care, social services, and computers experiencing relatively large declines.</p><p><img src=\"https://static.tigerbbs.com/06fc53b467e9cd40a4020294b12d3a79\" tg-width=\"1061\" tg-height=\"426\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/e80954e5e72e7b0e14d99758f2135f1d\" tg-width=\"1067\" tg-height=\"423\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>My country's exports have performed brilliantly in the past two years, but this year they may face certain downward pressure.</b>In the past two years, the obstruction of overseas production has made my country's export data have a very impressive performance. In 2021, the export growth rate will reach 29.9%. However, since the beginning of this year, the export growth rate has dropped significantly, and the cumulative year-on-year growth rate in the first three months is 15.8%. On the one hand, the impact of the current overseas epidemic has gradually subsided and production has gradually recovered; On the other hand, the strong overseas demand in the past two years has partly come from the high income and high savings formed by government subsidies. However, the current proportion of U.S. residents' savings has dropped to pre-epidemic levels, and overseas demand may face continued downward pressure in the future. Therefore, domestic export growth may still face pressure in the future.</p><p><b>The pressure on exports may also be reflected in the overseas income of A-share listed companies.</b>As we mentioned above, overseas demand is facing downward pressure this year, while supply is expected to recover. The subsidence of overseas epidemics may also reduce the demand for epidemic prevention materials. This year, my country's exports are facing greater downward pressure, and overseas income is affecting A-share performance. contribution may also decrease significantly. If it is assumed that there is no epidemic, and the growth rate of overseas revenue from 2020 to 2022 is the same as that in 2019, the scale of A-share overseas revenue in 2022 can be estimated, and the year-on-year growth rate of overseas revenue in 2022 will be around-2.2% (Estimated 2022 value/2021 actual value-1).</p><p><b>Industries such as pharmaceuticals, chemicals, and electronics may be under greater pressure on overseas revenue this year.</b>From 2014 to 2019, the overall overseas revenue growth rate of A-shares fluctuated little, fluctuating between 10% and 15% in most years. Let's compare the compound growth rate from 2020 to 2021 with the compound growth rate from 2014 to 2019. The growth rate of overseas revenue in industries such as pharmaceuticals, non-ferrous metals, chemicals, and electronics has increased significantly, all above 10pct. If we compare the compound growth rate from 2020 to 2021 with the year-on-year growth rate in 2019, it is also the pharmaceutical, electronics, chemical and other industries that have the largest increase. These industries may be under relatively greater pressure on overseas revenue this year.</p><p><img src=\"https://static.tigerbbs.com/1f6f624d8822530736ef0f21f5780d85\" tg-width=\"1060\" tg-height=\"431\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/441d2a6d3296fc60af0cb9d980859c9a\" tg-width=\"716\" tg-height=\"446\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/0d49b26afbf2cca151bcfca3ff1ef2a0\" tg-width=\"723\" tg-height=\"449\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>5.4 From the perspective of the matching between prosperity and valuation, which directions deserve attention?</b></p><p><b>After the earnings season, what level are A-share valuations?</b>The current PE valuation of the Shanghai Composite Index is 11.9 X, which is at the quantile level of 25.2% since 2010, and the PE valuation of the ChiNext Index is 45.9 X, which is at the quantile level of 34% since 2010. In terms of industries, among the 31 Shenwan first-class industries, the historical quantile of PE valuation of 22 industries (since 2010) is below 30%, and the historical quantile of PE valuation of textiles and apparel, communications, electronics, medicine and biology, transportation, non-ferrous metals, non-bank finance, environmental protection, basic chemicals, media, petroleum and petrochemicals is below 5%. Social services, automobiles, beauty care, utilities, food and beverage and other industries have valuation quantiles above 70%.</p><p><b>How have valuations changed compared to pre-pandemic?</b>The disturbance of the epidemic in the past two years has caused significant fluctuations in the valuations of some industries. From the perspective of all A-shares, the current (April 29) PE valuation is 16.0 X, a decrease of 8.7% from 17.6 X at the beginning of 2020. According to changes in valuation, industries can be divided into four categories: 1. The valuation has expanded significantly, but it is mainly due to the sharp decline in net profit in the past two years, including real estate, public utilities and other industries; 2. The valuation has expanded, and the stock price and performance have performed well in the past two years, including beauty care, automobile, food and beverage and other industries; 3. The valuation decreased, and the stock price also rose during the same period, while the larger increase in performance led to a decline in PE valuation, mainly including non-ferrous metals, basic chemicals, power equipment, coal and other industries; 4. The valuation has declined, but it is mainly due to the decline of stock prices, including communications, textiles and clothing, home appliances and other industries. Secondary industries can also be classified in the same way. Please see the table below for details.</p><p><b>From the comparison of earnings and valuation, which industries deserve more attention?</b>Among the above four categories, the second category is the most noteworthy, and its own performance has maintained good growth, while the rise of the valuation center shows that the industry is favored by the market. The third category has the largest number of companies, including upstream sectors with substantial growth in performance, as well as growth sectors such as power equipment, electronics, and medicine that have received great attention from the market. Among them, industries that are still expected to maintain high growth in the first quarter of this year and throughout the year may also be worthy of attention. In the first-level industries, it is recommended to pay attention to construction, automobile, food and beverage, nonferrous metals, chemicals, coal, medicine, military industry and other industries. In secondary industries, it is recommended to pay attention to industries such as passenger cars, photovoltaic equipment, liquor, professional engineering, coal mining, beverages and dairy products, batteries, and chemicals.</p><p><b>Although there are many fluctuations, the performance of the industry in the past two years has basically matched the performance.</b>Judging from the two-year cumulative situation in 2020 and 2021, the stock price performance is consistent with the performance performance. The impact of the epidemic in 2020 has led to substantial negative growth in the performance of many industries. The low base effect has led to a substantial increase in the year-on-year growth rate of performance in 2021. The stock prices of some industries have also fluctuated significantly in the past two years. But overall, the compound performance growth rate in 2020/2021 still shows a strong correlation with stock price performance.</p><p><b>From the perspective of prosperity and valuation matching, consumption and steady growth are the most noteworthy allocation directions this year.</b>1. As we mentioned above, from the perspective of the relative prosperity changes during the economic downturn, the relative prosperity of the consumer sector may rise this year. From the perspective of valuation, the current valuation of the food and beverage industry is significantly lower than that in 2021. Slightly higher than the level before the epidemic, the stability of pharmaceutical performance is high and the valuation has dropped to a relatively low level, but the pressure of declining export revenue in some sub-sectors deserves attention. 2. This year's economic work is stable, and during the period of steady growth, capital expenditures in construction, building materials and other related industries tend to increase, and their prosperity will also increase. From the perspective of valuation, construction PE It rose slightly compared with before the epidemic, while the building materials industry declined slightly. Both PE valuations are at relatively low levels in history.</p><p><img src=\"https://static.tigerbbs.com/096793e7f0c5aeac68691eac1f8f6b1a\" tg-width=\"1074\" tg-height=\"434\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/3689387355b6f6ce22416b6c6269a40b\" tg-width=\"1074\" tg-height=\"426\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/ac5704061980637b825dd32a2f6f8b74\" tg-width=\"643\" tg-height=\"576\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/355e96a6483c59ec2211f693455c8ad0\" tg-width=\"456\" tg-height=\"595\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3><b>06</b></h3><h3><b>Risk Analysis</b></h3>1. There is a possibility of error in the process of data statistics, and there is also a possibility that historical laws will not be applicable in the future; 2. Economic growth was significantly lower than expected, and unexpected risk events occurred.</p><p></body></html></p>","source":"gelonghui_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Everbright Strategy: Three Investment Clues Revealed in the Financial Report</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEverbright Strategy: Three Investment Clues Revealed in the Financial Report\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2022-05-05 16:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><h3><b>01</b></h3><h3><b>22Q1A stock performance growth has slowed down</b></h3><b>1.1 A-share performance growth has declined year-on-year</b></p><p><b>The growth rate of A-share performance slowed down in the first quarter.</b>Overall, the year-on-year growth rate of net profit attributable to the parent company of all A-shares in 2022Q1 was 4.1%, and the growth rate of 2021Q4 was 71.3%. In 2021, the year-on-year growth rate of net profit attributable to the parent company of all A-shares was 18.6%. All A-share non-financial net profits attributable to parent companies in 2022Q1 increased by 9.1% year-on-year, and the growth rate of 2021Q4 was 138.0%. In 2021, the A-share non-financial net profits attributable to parent companies increased by 26.1% year-on-year. Since the domestic economy was greatly affected by the epidemic in the first quarter of 2022, considering the first quarter of 2020, which was also affected by the epidemic, the net profit of all A-shares attributable to the parent company in 2022Q1 grew by 59.4% compared with 2020Q1. Affected by the epidemic in China in the first quarter, whether it is all A-shares or A-share non-financial, its performance growth rate in 2022Q1 is lower than the performance growth rate for the whole year of 2021, and the decline in performance growth rate is consistent with our previous expectations [1].</p><p><b>The performance of each sector is different.</b>From the perspective of major sectors, the year-on-year growth rates of net profit attributable to the parent company in the first quarter of 2022 on the main board/GEM/Science and Technology Innovation Board/GEM were 4.1%/-14.6%/62.4%/-7.1% respectively. The year-on-year growth rates of net profit attributable to the parent company were 17.5%/26.0%/75.8%/41.8% respectively.</p><p><img src=\"https://static.tigerbbs.com/b592b36442138881695a17756e97e62e\" tg-width=\"1080\" tg-height=\"436\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/ee8e6163807a7837354998f6963d7b07\" tg-width=\"1080\" tg-height=\"429\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/226836c2522c80539c642ed6ff5a4ab4\" tg-width=\"828\" tg-height=\"509\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>[1] Please refer to the report published on November 4, 2021, \"Hiding the front and waiting for time, seeking victory while maintaining stability-2022 A-share annual strategy report\".</p><p><b>1.2 Revenue growth declined, and gross profit margin rebounded slightly in a single quarter</b></p><p>In the first quarter of 2022, the overall revenue growth rate of A-shares was 11.8%, and the growth rate of 2021Q4 was-9.0%. The year-on-year revenue growth rate of all A-shares in 2022Q1 was lower than the 19.2% for the whole year of 2021. The growth rate of all A-share non-financial revenue in 2022Q1 was 14.7%, and the growth rate of 2021Q4 was-13.2%. The year-on-year growth rate of all A-share non-financial revenue in 2022Q1 was also lower than the 21.8% in 2021.</p><p><b>The revenue growth rate of the main board in 2022Q1 declined.</b>In terms of sectors, the 2022Q1 revenue growth rates of the main board/GEM/Science and Technology Innovation Board/GEM Tiwen's are 11.0%/20.6%/45.4%/21.6% respectively, and the revenue growth rates of each sector in 2022Q1 compared with 2021Q4 are respectively It is-8.6%/-15.9%/-13.3%/-15.8%, and the annual revenue growth rates in 2021 are 18.8%/23.5%/36.7%/24.8% respectively.</p><p><b>Gross profit margin rebounded slightly in a single quarter.</b>The non-financial gross profit margin of all A-shares in 2022Q1 is basically the same as that of all A-shares in 2021, reaching 18.1%, an increase of 0.8 pct from 17.3% in 2021Q4. From the perspective of rolling gross profit margin level, the gross profit margin of all-A non-financial has continued to decline since 2018. In terms of sectors, the gross profit margins of the main board/GEM/Science and Technology Innovation Board in 2022Q1 are 17.5%/24.4%/33.5% respectively, and the gross profit margins of each sector in 2021 are 17.5%/26.0%/33.7% respectively. The gross profit margin of 2022Q1 and 2021 is basically the same, and the gross profit margin of GEM in 2022Q1 will decrease by 1.6 pct compared with 2021.</p><p><img src=\"https://static.tigerbbs.com/f8fbe261faf2b86c798e512d15566644\" tg-width=\"1080\" tg-height=\"428\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/f86f1a575a4928a6e9f40e20ee431603\" tg-width=\"1080\" tg-height=\"436\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/af77924c9ddf12ab7242661c98bfbb7f\" tg-width=\"833\" tg-height=\"508\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/431b765191f72c540becea63947c335a\" tg-width=\"1080\" tg-height=\"423\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3><b>02</b></h3><h3><b>Industry: The upstream raw material sector is relatively prosperous</b></h3><b>2.1 The upstream sector performed relatively well</b></p><p>In terms of sectors, the net profit growth rates of the upstream raw material sector and the technology sector in 2022Q1 are positive, 35.6%/8.6% respectively. The performance growth rates are-0.6%/-8.8%/-1.4% respectively, and the performance growth rates of the upstream/midstream/downstream/financial/technology sectors in 2021 are 98.4%/22.6%/-22.0%/11.1%/33.7% respectively. Although the performance growth rate of the downstream consumption sector in 2022Q1 is negative, from the perspective of performance improvement, the performance growth rate of the downstream consumption sector in 2022Q1 has been greatly improved compared with the performance growth rate in 2021.</p><p><img src=\"https://static.tigerbbs.com/7d41da846c151a92edb8f566d3175f06\" tg-width=\"1080\" tg-height=\"446\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In terms of industries, non-ferrous metals, coal, and power equipment have the highest performance growth rates in 2022Q1, while agriculture, forestry, animal husbandry, fishery, computers, and light industry manufacturing have the lowest performance growth rates. Petroleum and petrochemical. From the perspective of performance improvement, the performance growth rate of commerce and retail, real estate, and public utilities in 2022Q1 has been greatly improved compared with the performance growth rate of the whole year of 2021.</p><p><img src=\"https://static.tigerbbs.com/3de13b0990c98f95f2721abbef95f705\" tg-width=\"1080\" tg-height=\"443\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/705d5784512742074c74b0fcb63cee5c\" tg-width=\"1080\" tg-height=\"435\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>2.2 Gross profit margin differentiation under the influence of the epidemic</b></p><p><b>Revenue growth in various sectors slowed down.</b>In terms of sectors, the revenue growth rate of all sectors except finance in 2022Q1 is positive, but the revenue growth rate of all sectors in 2022Q1 is lower than the revenue growth rate in 2021. The revenue growth rates of upstream/midstream/downstream/finance/technology in 2022Q1 are 27.7%/15.4%/1.0%/-0.5%/9.6% respectively, and the revenue growth rates in 2021 are 35.0%/22.5%/10.3% respectively/6.5%/15.5%.</p><p>In terms of industries, the 2022Q1 revenue growth rate of power equipment, petroleum and petrochemical, pharmaceutical biology, public utilities, communications, and beauty care industries has improved to varying degrees compared with the revenue growth rate for the whole year of 2021, and the 2022Q1 revenue growth rate of other industries is lower than that of 2021. Revenue growth rate for the whole year. Judging from the absolute value of revenue growth, power equipment, petroleum and petrochemicals, coal, and non-ferrous metals have the highest revenue growth rate in 2022Q1, while real estate, commerce and retail, non-bank finance, and automobiles have the lowest revenue growth rate in 2022Q1.</p><p><b>The trend of gross profit margin has diverged.</b>From the perspective of gross profit margin, the changing trend of gross profit margin of different industries is different. The gross profit margin of daily consumption and public utility industries in 2022Q1 has increased significantly compared with the gross profit margin for the whole year of 2021, which are 3.1 pct and 1.9 pct respectively. Telecommunications services and Industry fell by 1.7 pct and 1.0 pct respectively. From the perspective of Shenwan's first-level industries, the gross profit margins of food and beverage, coal, public utilities, commerce and retail industries have increased significantly, while social services, agriculture, forestry, animal husbandry and fishery, building materials, and light industry manufacturing have declined significantly.</p><p><img src=\"https://static.tigerbbs.com/ab31b642cb9185730781c55534ccc3f2\" tg-width=\"1080\" tg-height=\"417\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/d04476c07a212dbfff2fdcdfe07c6b0a\" tg-width=\"1080\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/01cdcee1d5b38207e296f9b9b71b2486\" tg-width=\"1080\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3><b>03</b></h3><h3><b><a href=\"https://laohu8.com/S/DD\">DuPont</a>Analysis: Declining net profit margin leads to downward ROE</b></h3><b>3.1 The decrease in net profit margin leads to the decrease in ROE</b></p><p>The ROE (TTM) of all A-shares in the first quarter of 2022 was 9.3%, a decrease of 0.2 pct from 9.5% in 2021. From the perspective of major sectors, the ROE (TTM) of the Science and Technology Innovation Board has increased the most, from 10.2% in 2021 to 11.9% by 1.7 pct. The ROE (TTM) of the main board and the GEM in 2022Q1 has both declined compared with 2021., down by 0.2 pct/0.9 pct to 9.4%/7.0% respectively.</p><p><img src=\"https://static.tigerbbs.com/b4387b5c3d0c576f541461be3d7cf6cb\" tg-width=\"1080\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/2e51b42e9ca7d9d136bcfc533860bfc2\" tg-width=\"845\" tg-height=\"492\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>According to DuPont's analysis, the decline in net profit margin is the main reason for the decline in ROE.</b>The net profit margin of all-A non-financial 2022Q1 is 5.4%, which is basically the same as in 2021. In terms of sectors, the net profit margins of the main board, GEM, and science and technology innovation board in 2022Q1 fell by 0.1 pct/0.6 pct/0.6 pct to 8.1%/6.4%/12.2% respectively. Therefore, overall, the decline in net profit margin is the main factor leading to the decline in ROE in the first quarter of 2022.</p><p><img src=\"https://static.tigerbbs.com/6956a50cfb74c24d30947154d8ea7f5f\" tg-width=\"1080\" tg-height=\"430\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/60eacaf7eccc55dc59cc761871cba383\" tg-width=\"856\" tg-height=\"318\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>3.2 Upstream Raw Materials Segment ROE (TTM) Improvement</b></p><p>In terms of sectors, in addition to the upstream sector, the ROE (TTM) of the midstream, downstream, financial and technology sectors all declined to varying degrees in the first quarter of 2022. In terms of industries, the ROE (TTM) of coal, non-ferrous metals, power equipment, and medicine and biology will increase relatively greatly in the first quarter of 2022, while the decline of agriculture, forestry, animal husbandry and fishery, communications, light manufacturing, and non-bank finance will be relatively large.</p><p>From the DuPont analysis, the industry with improved ROE (TTM) has improved net margins and asset turnover. In the coal and power equipment industries with the largest increase in ROE (TTM) in the first quarter of 2022, their 2022Q1 net profit margins increased by 1.5 pct/0. 2pct respectively, and their asset turnover rates increased by 2.2 pct/2. 1pct respectively. From the perspective of asset-liability ratio, the asset-liability ratio increased more industries than declined. Communications, agriculture, forestry, animal husbandry and fishery, commerce and retail, and transportation rose the most, while food and beverage, computers, coal, and beauty care fell the most.</p><p><img src=\"https://static.tigerbbs.com/2aaf0c354d276f897f9676a3859fe021\" tg-width=\"1080\" tg-height=\"403\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/ce1f534705ddbc751b8abc681b3b0be7\" tg-width=\"1080\" tg-height=\"441\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/113ab24f3390e6d92904053c7fda7f3c\" tg-width=\"1080\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/495218ccbc6b9ef347a53473f6994f7b\" tg-width=\"647\" tg-height=\"567\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/c6bc6d8828b974d7b915498c41e6aa12\" tg-width=\"649\" tg-height=\"160\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/aeab99a4dea150c538f8112ef010f22b\" tg-width=\"540\" tg-height=\"583\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3><b>04</b></h3><h3><b>A-share profit growth is expected to decline in 2022</b></h3><b>4.1 A-share profits for the whole year of this year will be at low single-digit levels</b></p><p><b>A-share earnings for the whole year of 22 years have faced certain pressure.</b>In the first quarter, the growth rate of A-share profits has dropped sharply, and we expect that the growth rate of A-share profits will be in low single digits this year. According to our top-down forecast, the overall profit growth rate of A-shares this year may be around 4.1%, and the non-financial sector will drop to negative growth. From the rhythm point of view, there is still the possibility of further decline in the second quarter performance, especially The decline in the non-financial sector may be relatively large. However, under the full-year GDP growth target of 5.5%, the earnings performance of A-shares in the fourth quarter may improve.</p><p><img src=\"https://static.tigerbbs.com/2fb018323e4e491e3dd950c9dd1fb181\" tg-width=\"1057\" tg-height=\"440\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/20bc26149337ba2681ac6d458b217c6f\" tg-width=\"723\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>4.2 Earnings expectations may continue to be lowered</b></p><p><b>The current market bottom-up consensus expectations are still relatively high.</b>Under the current market consensus expectation, the 22-year net profit growth rate of all A-shares is 25.4%, and the expected net profit growth rate of all A-shares non-financial is 39.0%, both of which are significantly higher than our expectations for this year's A-share profits. Historically, in most years, A-share profit expectations at the beginning of the year are mostly high, and may be lowered after the first quarterly report.</p><p><b>Pay attention to the risk of downward adjustment of profit expectations for the growth sector.</b>Looking at it by sector. Historically, the accuracy of profit expectations for growth and cyclical sectors has been relatively low, while the accuracy of expectations for consumer industries such as food and beverage and the banking industry has been relatively higher. This is related to many factors such as the stability of performance in different industries. Judging from this year's situation, since April<a href=\"https://laohu8.com/S/300274\">Sungrow</a>The performance of some companies represented by the company is significantly lower than expected, resulting in the stock price adjustment of Dianxin and GEM. The current market's overall performance expectation for the growth sector is still relatively high. If the profit expectation is lowered in the future, the stock prices of related companies and sectors may also be dragged down.</p><p><img src=\"https://static.tigerbbs.com/2b5c59208837affbe940c02f152ba7b6\" tg-width=\"1070\" tg-height=\"422\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/7673ba61a916b9ff3ce15f161cb36e2e\" tg-width=\"1066\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3><b>05</b></h3><h3><b>Looking at three investment clues this year from the financial report</b></h3><b>5.1 Looking at the prosperity of consumption from the perspective of relative performance advantages</b></p><p><b>In the first quarterly report, the directions with relatively high prosperity are upstream and consumption sectors.</b>From the perspective of net profit indicators, the industries with positive net profit growth in the first quarter and an increase compared with 2021 are mainly construction, power equipment, coal, communications, food and beverage, and home appliances. From the perspective of growth rate, nonferrous metals, coal, power equipment, transportation, basic chemicals, medicine and biology, petroleum and petrochemicals, and food and beverage rank high. Overall, the industries with good performance in the first quarter are mainly concentrated in the upstream and consumption sectors.</p><p><b>On the profitability side, the upstream and consumer sectors also performed better.</b>Judging from the profitability indicators in 2022Q1 and 2021, the gross profit margin (TTM) of coal, food and beverage, non-ferrous metals, and pharmaceutical biology has increased, and the ROE (TTM) of coal, non-ferrous metals, power equipment, and pharmaceutical biology has increased. On the whole, the upstream sector represented by coal and non-ferrous metals, and the consumer sector represented by food and beverage, medicine and biology performed better in the first quarter.</p><p><img src=\"https://static.tigerbbs.com/bc14f95eacca1bd5f96f20baebb796c7\" tg-width=\"1063\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/034ae12f770c365851c92e661ec425ae\" tg-width=\"1068\" tg-height=\"424\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>The consumption sector is expected to become one of the most prosperous directions this year.</b>Compared with the performance of the upstream sector, which depends more on the price trend of bulk commodities, the performance certainty of the consumer sector this year may be relatively higher. On the whole, A-share listed companies themselves are a part of the economy, and the performance of sectors will be affected by the economy, but there are big differences between different sectors. The performance of all A-share non-financial and non-consumer sectors has a higher correlation with the economy, while the performance of the consumer sector has a lower correlation with the economy. During the economic downturn, the performance of the non-financial non-consumer sector is better than that of the consumer sector, while during the economic downturn, the performance of the consumer sector is better than that of the non-consumer non-financial sector.</p><p><b>How much impact does the transmission of inflation have on the performance of the consumer sector?</b>Inflation, especially the continued high level of PPI, has always been an important issue of concern to the market. Judging from the financial report data, the high level of resource prices has driven the upstream sector to continue to perform well, and has also significantly squeezed the profits of the midstream manufacturing industry. So, how much impact does the transmission of inflation to downstream consumption have on the performance of the consumer sector? Historically, there is no very significant correlation between PPI or CPI and the gross profit margin of the consumer sector. On the one hand, commodity prices are an important factor affecting the trend of PPI, while the direct impact of commodity prices on the consumer sector is relatively weak. On the other hand, CPI covers all aspects of food, clothing, housing and transportation, and its scope is wider than that of consumer listed companies. For example, fresh vegetables, beef, mutton, etc. are important components of CPI, but they have relatively little impact on the performance of listed companies. At the same time, consumer listed companies are mostly leading companies with the right to speak in the industry, and they also have the ability to pass on costs. Although high inflation has little impact on the overall profitability of consumption, it may have a certain adverse impact on consumer goods industries with more manufacturing attributes such as automobiles and home appliances.</p><p><b>How much impact will the epidemic have on the performance of the consumer sector?</b>Recently, the country has been disturbed by the epidemic again. Many regions, including Shanghai, have adopted stricter epidemic prevention and control measures. The disturbance of the epidemic has also adversely affected the performance of A shares, but consumption may be a relatively less affected sector. On the one hand, judging from the experience in 2020, under the impact of the epidemic, the overall net profit growth rate of A-shares has dropped significantly, but the decline in consumption is relatively small, which is an important allocation direction for the market to avoid performance risks. The comparative advantages of the performance of food and beverage, medicine, etc. The industry have become more prominent. On the other hand, for the offline consumer industry in the consumer sector that has been more affected by the epidemic, its prosperity is at the bottom of history. Even if there is an epidemic disturbance in the future, its long-term recovery trend will not change.</p><p><img src=\"https://static.tigerbbs.com/c0b67e7ba219a783b4ec6b7687090649\" tg-width=\"1074\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/e837d1c036367f324a18c064ce11474b\" tg-width=\"1067\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/3b5512e79019a4616015ec6b3c16958f\" tg-width=\"1075\" tg-height=\"430\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/1d6e05a1efbca703bc05e489856ebc99\" tg-width=\"1063\" tg-height=\"425\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>5.2 Looking at the prosperity of infrastructure from capital expenditure</b></p><p><b>The growth rate of A-share capital expenditure dropped significantly in the first quarter.</b>In the first quarter of 2022, the growth rate of all A-share non-financial capital expenditures will be 3.6%, a sharp drop from 10.3% in 2021. This level is only better than the first half of 2020 in the time frame since 2017. In terms of sectors, the Science and Technology Innovation Board is the only sector in which the growth rate of capital expenditure in 2022Q1 has increased compared with 2021, while the growth rate of capital expenditure on the GEM has declined relatively significantly. In terms of absolute growth rates, the growth rates of science and technology innovation board and GEM are higher than those of the main board.</p><p><b>The growth rate of capital expenditure in most industries has declined significantly.</b>In terms of industries, only the growth rate of capital expenditure in 2022Q1 of six industries, namely non-ferrous metals, banking, communications, building decoration, petroleum and petrochemicals, and automobiles, has increased compared with 2021, while other industries have declined to varying degrees., Textile and apparel, machinery and equipment and other industries have experienced relatively large declines. Among other industries with large capital expenditures, the growth rate of the electronics industry declined slightly, while that of power equipment declined by more than 20pct. From the absolute value of growth rate, the 2022Q1 capital expenditure growth rate of building materials, power equipment, automobiles, non-ferrous metals, basic chemicals, and banks is above 20%, and the growth rate of social services, agriculture, forestry, animal husbandry and fishery, real estate, environmental protection, and transportation is below-20%.</p><p><b>The downward trend of capital expenditure growth and the impact of the epidemic.</b>On the one hand, there is a certain downward pressure on the overall profit growth rate of A-shares this year, and during the downward profit period, the overall capital expenditure growth rate of A-shares tends to decline. Therefore, the growth rate of capital expenditure for the whole year of this year may be higher than last year's. There is a relatively large downward trend. On the other hand, in the first quarter, my country was disturbed by the epidemic, and many provinces and cities, including Shanghai, adopted stricter epidemic prevention and control restrictions, which also had a greater impact on the business activities of some industries.</p><p><b>Structurally, which industries are likely to be the highlights this year?</b>The strength of capital expenditure represents the optimistic and pessimistic expectations of enterprises for the future. Judging from the absolute level and changes in the growth rate of capital expenditure, infrastructure-related industries may be the most noteworthy direction this year. On the one hand, the construction industry is one of the few industries in which the growth rate of capital expenditure in 2022Q1 has increased compared with 2021. Although the data of building materials has dropped slightly compared with 2021, the absolute growth rate in 22Q1 has reached 89%. On the other hand, historically, when policies are exerted and the growth rate of infrastructure investment is increasing, the growth rate of capital expenditure in the construction and building materials industry tends to increase. Under the general direction of steady growth this year, infrastructure investment will also be an important direction of development. It is expected that the construction, building materials and other industries in the direction of infrastructure industry throughout this year may be the most worthy of attention.</p><p><img src=\"https://static.tigerbbs.com/f8b48fde9b506a5b9d29a5b06b0a4b11\" tg-width=\"1068\" tg-height=\"421\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/e0e8f4ecb5600a9c7cff57db8ec06944\" tg-width=\"1067\" tg-height=\"424\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/78da064c9af0f3186851435f3e141bc3\" tg-width=\"717\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>5.3 Looking at the pressure of various industries from the change of exports</b></p><p><b>In 2021, the overseas revenue of listed companies will maintain high growth.</b>Listed companies only disclose their overseas income in interim and annual reports. In 2021, the year-on-year growth rate of all A-share non-financial overseas income will be 26.1%, a significant increase of 19.0 pct from the 7.1% growth rate in 2020. The two-year compound growth rate in 2020 and 2021 is 16.2%, an increase of 6.5 pct from the 9.7% growth rate in 2019. However, thanks to the good performance of its own domestic business income, the proportion of overseas income in total revenue has not increased significantly. The proportion of all A-share non-financial overseas income in total revenue has increased from 10.0% in 2019 to 10.0% in 2021.%.</p><p><b>The growth rate of overseas revenue in most industries in 2021 will increase compared with 2020.</b>Judging from the comparison of the overseas revenue growth rate in 2021 with that in 2020, the overseas revenue growth rate of petroleum and petrochemical, coal, steel and other industries has the highest increase, and the absolute level of growth rate is also higher, while beauty care, medicine and biology, environmental protection, etc. The decline in the industry is relatively larger, and two industries, beauty care and environmental protection, have negative growth. Compared with 2019, the growth rate of overseas income in most industries has also increased, with industries such as real estate, coal, and public utilities experiencing the largest increase, while industries such as environmental protection, beauty care, social services, and computers experiencing relatively large declines.</p><p><img src=\"https://static.tigerbbs.com/06fc53b467e9cd40a4020294b12d3a79\" tg-width=\"1061\" tg-height=\"426\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/e80954e5e72e7b0e14d99758f2135f1d\" tg-width=\"1067\" tg-height=\"423\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>My country's exports have performed brilliantly in the past two years, but this year they may face certain downward pressure.</b>In the past two years, the obstruction of overseas production has made my country's export data have a very impressive performance. In 2021, the export growth rate will reach 29.9%. However, since the beginning of this year, the export growth rate has dropped significantly, and the cumulative year-on-year growth rate in the first three months is 15.8%. On the one hand, the impact of the current overseas epidemic has gradually subsided and production has gradually recovered; On the other hand, the strong overseas demand in the past two years has partly come from the high income and high savings formed by government subsidies. However, the current proportion of U.S. residents' savings has dropped to pre-epidemic levels, and overseas demand may face continued downward pressure in the future. Therefore, domestic export growth may still face pressure in the future.</p><p><b>The pressure on exports may also be reflected in the overseas income of A-share listed companies.</b>As we mentioned above, overseas demand is facing downward pressure this year, while supply is expected to recover. The subsidence of overseas epidemics may also reduce the demand for epidemic prevention materials. This year, my country's exports are facing greater downward pressure, and overseas income is affecting A-share performance. contribution may also decrease significantly. If it is assumed that there is no epidemic, and the growth rate of overseas revenue from 2020 to 2022 is the same as that in 2019, the scale of A-share overseas revenue in 2022 can be estimated, and the year-on-year growth rate of overseas revenue in 2022 will be around-2.2% (Estimated 2022 value/2021 actual value-1).</p><p><b>Industries such as pharmaceuticals, chemicals, and electronics may be under greater pressure on overseas revenue this year.</b>From 2014 to 2019, the overall overseas revenue growth rate of A-shares fluctuated little, fluctuating between 10% and 15% in most years. Let's compare the compound growth rate from 2020 to 2021 with the compound growth rate from 2014 to 2019. The growth rate of overseas revenue in industries such as pharmaceuticals, non-ferrous metals, chemicals, and electronics has increased significantly, all above 10pct. If we compare the compound growth rate from 2020 to 2021 with the year-on-year growth rate in 2019, it is also the pharmaceutical, electronics, chemical and other industries that have the largest increase. These industries may be under relatively greater pressure on overseas revenue this year.</p><p><img src=\"https://static.tigerbbs.com/1f6f624d8822530736ef0f21f5780d85\" tg-width=\"1060\" tg-height=\"431\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/441d2a6d3296fc60af0cb9d980859c9a\" tg-width=\"716\" tg-height=\"446\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/0d49b26afbf2cca151bcfca3ff1ef2a0\" tg-width=\"723\" tg-height=\"449\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>5.4 From the perspective of the matching between prosperity and valuation, which directions deserve attention?</b></p><p><b>After the earnings season, what level are A-share valuations?</b>The current PE valuation of the Shanghai Composite Index is 11.9 X, which is at the quantile level of 25.2% since 2010, and the PE valuation of the ChiNext Index is 45.9 X, which is at the quantile level of 34% since 2010. In terms of industries, among the 31 Shenwan first-class industries, the historical quantile of PE valuation of 22 industries (since 2010) is below 30%, and the historical quantile of PE valuation of textiles and apparel, communications, electronics, medicine and biology, transportation, non-ferrous metals, non-bank finance, environmental protection, basic chemicals, media, petroleum and petrochemicals is below 5%. Social services, automobiles, beauty care, utilities, food and beverage and other industries have valuation quantiles above 70%.</p><p><b>How have valuations changed compared to pre-pandemic?</b>The disturbance of the epidemic in the past two years has caused significant fluctuations in the valuations of some industries. From the perspective of all A-shares, the current (April 29) PE valuation is 16.0 X, a decrease of 8.7% from 17.6 X at the beginning of 2020. According to changes in valuation, industries can be divided into four categories: 1. The valuation has expanded significantly, but it is mainly due to the sharp decline in net profit in the past two years, including real estate, public utilities and other industries; 2. The valuation has expanded, and the stock price and performance have performed well in the past two years, including beauty care, automobile, food and beverage and other industries; 3. The valuation decreased, and the stock price also rose during the same period, while the larger increase in performance led to a decline in PE valuation, mainly including non-ferrous metals, basic chemicals, power equipment, coal and other industries; 4. The valuation has declined, but it is mainly due to the decline of stock prices, including communications, textiles and clothing, home appliances and other industries. Secondary industries can also be classified in the same way. Please see the table below for details.</p><p><b>From the comparison of earnings and valuation, which industries deserve more attention?</b>Among the above four categories, the second category is the most noteworthy, and its own performance has maintained good growth, while the rise of the valuation center shows that the industry is favored by the market. The third category has the largest number of companies, including upstream sectors with substantial growth in performance, as well as growth sectors such as power equipment, electronics, and medicine that have received great attention from the market. Among them, industries that are still expected to maintain high growth in the first quarter of this year and throughout the year may also be worthy of attention. In the first-level industries, it is recommended to pay attention to construction, automobile, food and beverage, nonferrous metals, chemicals, coal, medicine, military industry and other industries. In secondary industries, it is recommended to pay attention to industries such as passenger cars, photovoltaic equipment, liquor, professional engineering, coal mining, beverages and dairy products, batteries, and chemicals.</p><p><b>Although there are many fluctuations, the performance of the industry in the past two years has basically matched the performance.</b>Judging from the two-year cumulative situation in 2020 and 2021, the stock price performance is consistent with the performance performance. The impact of the epidemic in 2020 has led to substantial negative growth in the performance of many industries. The low base effect has led to a substantial increase in the year-on-year growth rate of performance in 2021. The stock prices of some industries have also fluctuated significantly in the past two years. But overall, the compound performance growth rate in 2020/2021 still shows a strong correlation with stock price performance.</p><p><b>From the perspective of prosperity and valuation matching, consumption and steady growth are the most noteworthy allocation directions this year.</b>1. As we mentioned above, from the perspective of the relative prosperity changes during the economic downturn, the relative prosperity of the consumer sector may rise this year. From the perspective of valuation, the current valuation of the food and beverage industry is significantly lower than that in 2021. Slightly higher than the level before the epidemic, the stability of pharmaceutical performance is high and the valuation has dropped to a relatively low level, but the pressure of declining export revenue in some sub-sectors deserves attention. 2. This year's economic work is stable, and during the period of steady growth, capital expenditures in construction, building materials and other related industries tend to increase, and their prosperity will also increase. From the perspective of valuation, construction PE It rose slightly compared with before the epidemic, while the building materials industry declined slightly. Both PE valuations are at relatively low levels in history.</p><p><img src=\"https://static.tigerbbs.com/096793e7f0c5aeac68691eac1f8f6b1a\" tg-width=\"1074\" tg-height=\"434\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/3689387355b6f6ce22416b6c6269a40b\" tg-width=\"1074\" tg-height=\"426\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/ac5704061980637b825dd32a2f6f8b74\" tg-width=\"643\" tg-height=\"576\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/355e96a6483c59ec2211f693455c8ad0\" tg-width=\"456\" tg-height=\"595\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><h3><b>06</b></h3><h3><b>Risk Analysis</b></h3>1. There is a possibility of error in the process of data statistics, and there is also a possibility that historical laws will not be applicable in the future; 2. Economic growth was significantly lower than expected, and unexpected risk events occurred.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.gelonghui.com/p/525058\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/93c3dba7c4b0e443e40fe6df5639434d","relate_stocks":{"000001.SH":"上证指数"},"source_url":"http://www.gelonghui.com/p/525058","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2233861944","content_text":"0122Q1A股业绩增速有所放缓1.1 A股业绩同比增速有所下滑一季度A股业绩增速放缓。整体来看，2022Q1全部A股归母净利润同比增速为4.1%，环比2021Q4的增速为71.3%，2021年全部A股归母净利润同比增速为18.6%。全部A股非金融2022Q1归母净利润同比增长9.1%，环比2021Q4的增速为138.0%，2021年全年A股非金融归母净利润同比增长26.1%。由于2022年一季度国内经济受疫情影响较大，考虑同样受疫情影响的20年第一季度，2022Q1全部A股归母净利润相较于2020Q1的增速为59.4%。一季度国内受疫情影响，无论是全部A股还是A股非金融，其2022Q1的业绩增速均低于2021年全年的业绩增速，业绩增速的下降与我们此前的预期相一致[1]。各板块业绩表现各异。从主要板块来看，主板/创业板/科创板/创业板剔温氏的2022年一季度归母净利润同比增速分别为4.1% /-14.6% /62.4% / -7.1%，2021全年的归母净利润同比增速分别为17.5% /26.0% /75.8% /41.8%。[1]参见2021年11月4日发布的报告，《藏锋待时，稳中求胜——2022年A股年度策略报告》。1.2 营收增速下降，单季度毛利率小幅回升2022年一季度A股整体营收增速为11.8%，环比2021Q4的增速为-9.0%，2022Q1全部A股的营收同比增速低于2021年全年的19.2%。全部A股非金融2022Q1增速为14.7%，环比2021Q4的增速为-13.2%，2022Q1全部A股非金融的营收同比增速同样低于2021全年的21.8%。主板2022Q1营收增速下降。分板块来看，主板/创业板/科创板/创业板剔温氏的2022Q1营收增速分别为11.0% /20.6% /45.4% /21.6%， 各板块2022Q1环比2021Q4的营收增速分别为-8.6% /-15.9% /-13.3% /-15.8%，2021年全年营收增速分别为18.8% /23.5% /36.7% /24.8%。单季度毛利率小幅回升。2022Q1全部A股非金融毛利率与2021年全部A股非金融毛利率基本持平，达到18.1%，较2021Q4的17.3%提升了0.8 pct。从滚动毛利率水平来看，全A非金融的毛利率自2018年开始持续下降。分板块来看，主板/创业板/科创板2022Q1的毛利率分别为17.5% /24.4% /33.5%，各板块2021年毛利率分别为17.5% /26.0% /33.7%，主板、科创板2022Q1与2021年的毛利率基本持平，创业板2022Q1毛利率较2021年下降1.6pct。02行业：上游原材料板块景气度相对较高2.1 上游板块表现相对较好分板块来看，上游原材料板块和科技板块2022Q1净利润增速为正，分别为35.6% /8.6%，中游制造业板块、下游消费板块和金融板块2022Q1业绩均出现了不同程度的下滑，业绩增速分别为-0.6% /-8.8% /-1.4%，上游/中游/下游/金融/科技板块2021年业绩增速分别为98.4% /22.6% /-22.0% /11.1% /33.7%。虽然下游消费板块2022Q1的业绩增速为负，但从业绩改善的角度来看，下游消费板块2022Q1业绩增速较2021年业绩增速有较大的改善。分行业来看，有色金属、煤炭、电力设备2022Q1业绩增速靠前，农林牧渔、计算机、轻工制造业绩增速靠后，2021年业绩增速靠前的行业分别是交通运输、传媒和石油石化。从业绩改善的角度来看，商贸零售、房地产、公用事业2022Q1业绩增速较2021年全年的业绩增速已有较大的改善。2.2 疫情影响下的毛利率分化各板块营收增速放缓。分板块来看，除金融外的各板块2022Q1营收增速均为正，但所有板块2022Q1的营收增速均小于2021年的营收增速。上游/中游/下游/金融/科技2022Q1的营收增速分别为27.7% /15.4% /1.0% /-0.5% /9.6%，2021年的营收增速分别为35.0% /22.5% /10.3% /6.5% /15.5%。分行业来看，电力设备、石油石化、医药生物、公用事业、通信、美容护理行业2022Q1营收增速较2021全年营收增速有不同程度的改善，其余行业2022Q1营收增速低于2021全年的营收增速。从营收增速的绝对值来看，电力设备、石油石化、煤炭、有色金属2022Q1营收增速靠前，房地产、商贸零售、非银金融、汽车2022Q1营收增速靠后。毛利率走势有所分化。从毛利率来看，不同行业毛利率的变化趋势有所不同，日常消费和公用事业行业2022Q1毛利率较2021年全年的毛利率抬升幅度较大，分别为3.1pct和1.9pct，电信服务和工业则分别下降了1.7pct和1.0pct。从申万一级行业来看，食品饮料、煤炭、公用事业、商贸零售等行业的毛利率抬升幅度较大，而社会服务、农林牧渔、建筑材料、轻工制造的下降幅度较大。03杜邦分析：净利率下降导致ROE下行3.1 净利率下降导致ROE降低2022年一季度全部A股的ROE(TTM)为9.3%，较2021年的9.5%下降0.2pct。从主要板块来看，科创板的ROE(TTM)提升幅度最大，从2021年的10.2%，提升了1.7pct至11.9%，主板、创业板2022Q1的ROE(TTM)较2021年均有所下行，分别下降0.2pct /0.9pct至9.4% /7.0%。杜邦分析来看，净利率下降是ROE下行的主要原因。全A非金融2022Q1净利率为5.4%，与2021年基本持平。分板块来看，主板、创业板、科创板2022Q1净利率分别下降0.1pct /0.6pct /0.6pct至8.1% /6.4% /12.2%。因而，整体而言，净利率下降是导致2022年第一季度ROE下行的主要因素。3.2 上游原材料板块ROE(TTM)改善分板块来看，除上游板块外，中游、下游、金融和科技板块2022年第一季度ROE(TTM)均出现不同程度的下滑。分行业来看，煤炭、有色金属、电力设备、医药生物2022年第一季度ROE(TTM)的提升幅度相对较大，农林牧渔、通信、轻工制造、非银金融的下降幅度较大。从杜邦分析来看，ROE(TTM)改善的行业净利率和资产周转率均有所改善。2022年第一季度ROE(TTM)提升幅度靠前的煤炭、电力设备行业，其2022Q1净利率分别提升1.5pct/0.2pct，资产周转率分别提升2.2pct/2.1pct。从资产负债率来看，资产负债率上升的行业多于下降的行业，通信、农林牧渔、商贸零售、交通运输上升幅度靠前，食品饮料、计算机、煤炭、美容护理降幅靠前。04预计22年A股盈利增速有所下行4.1 今年全年A股盈利将在低个位数水平22年全年A股盈利均面临一定压力。一季度A股盈利增速已出现大幅下降，我们预计今年全年A股盈利增速或将在低个位数水平。根据我们自上而下的预测，今年全年A股整体盈利增速或将在4.1%左右，非金融板块将降为负增长，从节奏上看，二季度业绩仍有进一步下降的可能，特别是非金融板块的下降幅度或相对较大。但在全年5.5%的GDP增长目标下，四季度的A股盈利表现可能有所好转。4.2 盈利预期可能会继续有所下调当前市场自下而上一致预期仍然相对偏高。当前市场一致预期下全部A股22年净利润增速为25.4%，全部A股非金融的预期净利润增速为39.0%，两者均显著高于我们对于今年A股盈利的预期。而从历史上看，在大部分年份，年初的A股盈利预期多偏高，一季报后或将会有所下调。关注成长板块盈利预期下调的风险。分板块来看。历史上对于成长和周期板块的盈利预期准确度相对较低，而对于食品饮料等消费行业以及银行业的预期准确度相对更高。这与不同行业业绩稳定性等诸多因素有关。而从今年的情况来看，4月以阳光电源为代表的部分公司的业绩大幅低于预期导致电新及创业板的股价调整，当前市场对于成长板块整体的业绩预期仍然相对较高，未来若盈利预期有所下调，相关公司及板块的股价或也将受到拖累。05从财报看今年的三条投资线索5.1 从相对业绩优势看消费的景气度一季报中，景气度相对较高的方向为上游和消费两个板块。从净利润指标来看，一季度净利润正增长且较2021年有所抬升的行业主要是建筑、电力设备、煤炭、通信、食品饮料、家电。而从增速水平来看，有色、煤炭、电力设备、交通运输、基础化工、医药生物、石油石化、食品饮料排名靠前。整体而言，在一季度业绩有着较好表现的行业主要集中在上游和消费两个板块。盈利能力端同样是上游和消费板块有更好表现。从2022Q1与2021年盈利能力指标来看，煤炭、食品饮料、有色金属、医药生物的毛利率（TTM）有所抬升，煤炭、有色金属、电力设备、医药生物的ROE（TTM）有所抬升。综合来看，以煤炭、有色金属等为代表的上游板块，以食品饮料、医药生物为代表的消费板块在一季度有着更好的业绩表现。消费板块有望成为今年景气度最高的方向之一。相较于上游板块的业绩更取决于大宗品价格走势，消费板块今年的业绩确定性或相对更高。整体而言，A股上市公司本身是经济一部分，板块的业绩表现都会受到经济的影响，但不同板块之间有着较大的差异。全部A股非金融非消费板块的业绩与经济之间的相关度更高，而消费板块的业绩与经济之间的相关度更低。在经济上行期，非金融非消费板块的业绩表现优于消费板块，而在经济下行期，消费板块的业绩表现优于非消费非金融板块。通胀的传导对于消费板块的业绩有多大影响？通胀，特别是PPI的持续高位一直是市场关心的重要问题，从财报数据来看，资源价格处于高位带动上游板块业绩持续亮眼表现，也对中游制造业的利润形成了明显的挤压。那么，通胀向下游消费的传导对消费板块的业绩有多大影响？从历史上看，不论是PPI还是CPI，与消费板块的毛利率之间并不存在非常显著的相关关系。一方面，大宗品价格是影响PPI走势的重要因素，而大宗品价格对于消费板块的直接影响相对较弱。另外一方面，CPI包含着衣食住行的方方面面，其范围较消费类上市公司的业务范围更为广泛，比如鲜菜、牛肉、羊肉等是CPI的重要组成，但对于上市公司的业绩影响相对较小。与此同时，消费上市公司多是行业内具有话语权的龙头公司，其本身也具有成本转嫁的能力。虽然高通胀对消费整体盈利能力影响不大，但对于汽车、家电等更具制造业属性的消费品行业或有一定不利影响。疫情对消费板块的业绩有多大影响？近期国内再度受到疫情的扰动，包括上海在内的多个地区采取了较为严格的疫情防控措施，疫情的扰动也对A股业绩产生不利影响，但消费或是其中受影响相对较小的板块。一方面，从2020年的经验来看，在疫情冲击之下，A股整体净利润增速大幅下降，但消费的降幅相对较小，是市场规避业绩风险的重要配置方向，食品饮料、医药等行业的业绩相对优势更得到凸显。另外一方面，对于消费板块中受到疫情影响更大的线下消费行业，其景气度处于历史底部，未来即使有疫情扰动，其长期修复的趋势不会发生变化。5.2 从资本开支看基建的景气度一季度A股资本开支增速显著下降。2022年一季度全部A股非金融资本开支增速为3.6%，比2021年的10.3%大幅下降，这一水平在2017年以来的时间范围内，仅好于2020年上半年。分板块来看，科创板是唯一一个2022Q1资本开支增速较2021年有所抬升的板块，创业板的资本开支增速降幅则相对较大。从增速绝对值来看，科创板和创业板的增速均要高于主板。大部分行业的资本开支增速均有显著下降。分行业来看，仅有色金属、银行、通信、建筑装饰、石油石化、汽车6个行业的2022Q1资本开支增速较2021年有所提升，其他行业均有不同程度的下降，社服、交运、纺织服饰、机械设备等行业的降幅相对较大。其他资本开支规模较大的行业中，电子行业增速小幅下降，电力设备则有20pct以上的降幅。从增速绝对值来看，建材、电力设备、汽车、有色金属、基础化工、银行的2022Q1资本开支增速在20%以上，社服、农林牧渔、房地产、环保、交运的增速在-20%以下。资本开支增速的趋势下行与疫情影响。一方面，今年A股整体的盈利增速有一定的下行压力，而在盈利下行期，A股整体的资本开支增速往往也会下行，因而今年全年的资本开支增速较去年或将有较大的幅度的下行。另外一方面，一季度我国受到疫情的扰动，包括上海在内的多个省市采取了较为严格的疫情防控限制措施，这对于部分行业的经营活动也产生了较大的影响。结构上，哪些行业可能成为今年的亮点？资本开支的强弱代表了企业对于未来的乐观与悲观预期，从资本开支增速的绝对水平和增速变化来看，基建相关行业或将是今年最值得关注的方向。一方面，建筑行业是不多的2022Q1资本开支增速较2021年有所抬升的行业，而建材的这一数据虽然较2021年有小幅下降，但22Q1绝对增速水平达到了89%。另外一方面，从历史上看，在政策发力，基建投资增速抬升的阶段，建筑及建材行业的资本开支增速也往往会有所抬升。在今年稳增长的大方向下，基建投资也将是发力的重要方向，预计今年全年基建产业方向的建筑、建材等行业或最为值得关注。5.3 从出口的变化看各行业的压力2021年上市公司海外收入保持高增长。上市公司仅在中报和年报披露其海外收入的情况，2021年全部A股非金融海外收入同比增速为26.1%，较2020年7.1%的增速大幅抬升了19.0pct。2020和2021年两年复合增速为16.2%，较2019年9.7%的增速抬升了6.5pct。但得益于本身国内业务收入也有不错表现，海外收入占总收入的比重抬升幅度并不明显，全部A股非金融的海外收入占总收入的比重从2019年的10.0%提升到2021年的10.6%。大部分行业2021年海外收入增速较2020年有所抬升。从2021年海外收入增速与2020年对比来看，石油石化、煤炭、钢铁等行业的海外收入增速抬升幅度最高，且增速的绝对水平也更高，而美容护理、医药生物、环保等行业的下降幅度相对更大，且有美容护理、环保两个行业为负增长。与2019年对比来看，大部分行业的海外收入增速同样有所抬升，房地产、煤炭、公用事业等行业的抬升幅度最大，环保、美容护理、社会服务、计算机等行业的下降幅度相对较大。我国出口在过去两年有着亮眼表现，但今年或将面临一定的下行压力。在过去两年里，海外生产受阻使得我国出口数据有着非常亮眼的表现，2021年出口增速达到了29.9%，但今年以来，出口增速显著下降，前三个月累计同比增速为15.8%。一方面，当前海外疫情影响逐渐消退，生产逐渐恢复；另外一方面，过去两年海外旺盛的需求部分来自于政府补贴形成的高收入与高储蓄，但目前美国居民储蓄占比已经降到了疫情前的水平，未来海外需求可能会面临持续下行压力。因而未来国内出口增速或仍将面临压力。出口的压力或也将在A股上市公司海外收入层面有所体现。如我们上文所述，今年海外需求面临下行压力，而供给有望得到恢复，海外疫情的消退或也将减少对于防疫物资的需求，今年我国出口面临较大的下行压力，海外收入对于A股业绩的贡献或也将显著下降。若假设没有发生疫情，且2020-2022年海外收入增速均与2019年相同，则可以估算出2022年的A股海外收入规模，所得2022年的海外收入同比增速将在-2.2%左右（估算2022值/2021实际值-1）。医药、化工、电子等行业今年海外收入端压力或将更大。2014至2019年间A股整体海外收入增速波动较小，大部分年份在10%-15%之间波动，我们以2020-2021年的复合增速与2014-2019年的复合增速对比来看，医药、有色、化工、电子等行业的海外收入增速抬升幅度较大，均在10pct以上。如果以2020-2021年的复合增速与2019年同比增速对比来看，同样是医药、电子、化工等行业的抬升幅度相对最大。这些行业在今年海外收入端的压力或相对更大。5.4 景气度与估值匹配情况来看，哪些方向值得关注？财报季后，A股估值处于什么水平？当前上证综指PE估值为11.9X，处于2010年以来25.2%的分位数水平，创业板指PE估值为45.9X，处于2010年以来34%的分位数水平。分行业来看，31个申万一级行业中，有22个行业的PE估值历史分位数（2010年以来）在30%以下，纺织服饰、通信、电子、医药生物、交运、有色金属、非银金融、环保、基础化工、传媒、石油石化的估值所处历史分位数在5%以下。社会服务、汽车、美容护理、公用事业、食品饮料等行业的估值分位数在70%以上。与疫情前相比，估值有何变化？过去两年的疫情扰动使得部分行业的估值也出现了显著波动，从全部A股来看，当前（4月29日）PE估值为16.0X，较2020年初的17.6X下降了8.7%。而根据估值变化，可以将行业分成4类：1、估值大幅扩张，但主要是由于过去两年净利润大幅下滑，包括房地产、公用事业等行业；2、估值有所扩张，过去两年的股价和业绩均有不错表现，包括美容护理、汽车、食品饮料等行业；3、估值下降，同期股价也有所上涨，而业绩增幅更大导致PE估值下降，主要包括有色金属、基础化工、电力设备、煤炭等行业；4、估值下降，但主要是由于股价的下跌，包括通信、纺服、家电等行业。二级行业也可以同样进行分类，详细请见下表。从盈利与估值的对比来看，哪些行业更值得关注？在以上四类中，第二类是最值得关注的，其本身业绩保持不错的增长，而估值中枢的抬升说明行业受到市场青睐，第三类的公司数量相对最多，既有业绩大幅增长的上游板块，也有电力设备、电子、医药等受到市场高度关注的成长板块，其中在今年一季度且全年仍有望保持高增长的行业或也同样值得关注。一级行业中建议关注建筑、汽车、食品饮料、有色、化工、煤炭、医药、军工等行业。二级行业中建议关注乘用车、光伏设备、白酒、专业工程、煤炭开采、饮料乳品、电池、化学制品等行业。虽然多有波动，但过去两年行业表现与业绩表现基本匹配。从2020年和2021年的两年累计情况来看，股价表现与业绩表现相一致。2020年疫情冲击导致很多行业业绩大幅负增长，低基数效应导致2021年业绩同比增速大幅提升，部分行业的股价也在这两年间大幅波动。但整体而言，2020/2021两年复合业绩增速与股价表现仍呈现出了较强的相关关系。从景气度和估值匹配的角度来看，消费和稳增长方向是今年最为值得关注的配置方向。1、如我们上文所述，从经济下行期的相对景气变化来看，今年消费板块的相对景气度或将上升，从估值来看，食品饮料行业的当前估值较2021年显著下降，略高于疫情前的水平，医药业绩稳定性高且估值降至相对低位，但部分细分板块出口收入下降的压力值得关注。2、今年经济工作稳字当头，而在稳增长发力期，建筑、建材等相关行业的资本开支也往往会有提升，其景气度也会有所抬升，从估值维度来看，建筑PE较疫情前小幅抬升，建材行业则有小幅下降，两者PE估值均处于历史相对低位。06风险分析1、数据统计过程中存在偏误可能，历史规律也存在未来不适用的可能；2、经济增长大幅不及预期，发生超预期风险事件。","news_type":1,"symbols_score_info":{"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":1500,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":237306919952448,"gmtCreate":1698971811397,"gmtModify":1698971815498,"author":{"id":"4096288759817900","authorId":"4096288759817900","name":"tony 家","avatar":"https://static.tigerbbs.com/4788518f4a6b0b9015a2f76d3af4ac9a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4096288759817900","idStr":"4096288759817900"},"themes":[],"htmlText":"w","listText":"w","text":"w","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/237306919952448","repostId":"1184770684","repostType":2,"repost":{"id":"1184770684","kind":"news","weMediaInfo":{"introduction":"提供即時金融資訊、行情、數據，旨在幫助投資者理解世界，做投資決策。","home_visible":1,"media_name":"老虎資訊","id":"1059071526","head_image":"https://community-static.tradeup.com/news/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1698971220,"share":"https://ttm.financial/m/news/1184770684?lang=en_US&edition=fundamental","pubTime":"2023-11-03 08:27","market":"us","language":"zh","title":"Tiger Morning News | Palantir soared 20%! Tesla bounced 6.3% higher, Nvidia jumped 2.8%! Federal Reserve rate hike is expected to cool down, and U.S. stocks soar with three fingers","url":"https://stock-news.laohu8.com/highlight/detail?id=1184770684","media":"老虎資訊","summary":"蘋果市後股價跌逾3%，全日收市升2.1%。蘋果公司周四收市後公布業績，股價漲2.1%，特斯拉股價彈高6.3%，輝達亦抽升2.8%。美國大數據商Palantir公布，截至9月底止第三季，淨利潤報7200萬元，去年同期虧損1.239億元；期內每股經調整盈利0.07元，預期為0.06元；收入報5.58億元，按年升17%，預期為5.561億元。科指今早曾升逾3%，收市升幅收窄至1.6%，報3813點。","content":"<p><html><head></head><body>U.S. peak season retail sales growth expected to be the weakest in five years; Apple's quarterly profit beat expectations, revenue fell 1% for four consecutive losses; Bailey: Bank of England maintains high interest rates for as long as necessary; Mainland inter-bank funds suddenly became tight at the end of October; Tesla stock price rebounded 6.3%, and Nvidia also rose 2.8%; Palantir's quarterly results turned around and exceeded expectations, with revenue rising 17% and stock prices soaring 20%; The Dow rose 1.7%, the BJI rose 1.89%, the Nasdaq rose 1.78%, and the Golden Dragon China Index jumped 2.04%.</p><p><h2 id=\"id_2026165429\">1. Smell the hot spots</h2><strong>U.S. peak season retail sales growth expected to be weakest in five years</strong></p><p><p style=\"text-align: start;\">The National Retail Federation (NRF) estimates that sales in the peak retail season this year are expected to increase by 3% to 4%, the slowest growth rate in five years. Discount chain Target said consumers are cutting all household expenses, including food, due to high prices and surging mortgage expenses.</p><p><p style=\"text-align: start;\"><strong>Apple's quarterly profit beats expectations, revenue falls 1% for four consecutive losses</strong><br/><br/>Apple's net profit in the fourth fiscal quarter rose 10.8% year-on-year, and revenue fell 1%, falling for the fourth consecutive quarter, both exceeding expectations; Among them, iPhone sales revenue increased by 2%. Chief Executive Cook said that China's market revenue fell by 2.5%, mainly related to currency. After excluding related effects, it still recorded growth, and local iPhone sales hit a record high. Finance Director Maestri said overall revenue for the quarter is expected to be roughly flat year-on-year. Apple's stock price fell more than 3% after the market and closed up 2.1% throughout the day.</p><p><p style=\"text-align: start;\"><strong>Bailey: Bank of England maintains high interest rates for as long as necessary</strong><br/><br/>The Bank of England kept interest rates at 5.25%, as expected. President Bailey said that to reduce inflation, the Bank of England would keep interest rates as high as necessary for as long as necessary.</p><p><strong>U.S. Economic Data</strong></p><p>The U.S. Department of Labor led relief for 217,000 unemployed people last week, an increase of 5,000 on a weekly basis, expected to be 210,000, and the previous value was revised to 212,000. The final value of durable goods orders in September increased by 4.6% month-on-month, and both the expected and previous values rose by 4.7%.</p><p><strong>Mainland inter-bank funds suddenly tightened at the end of October</strong></p><p>Mainland inter-bank funds suddenly became tight at the end of October, and the overnight repurchase rate once rose to more than 50%. It is reported that the China Foreign Exchange Trade Center has requested explanations from institutions involved in high interest rate transactions such as 50% interbank repurchase on October 31.</p><p><h2 id=\"id_465155168\">2. U.S. stock review</h2>The Federal Reserve rate hike is expected to cool down, and U.S. bond interest rates continue to fall sharply, driving U.S. stocks to surge. The Dow once rose 578 points and still closed up 564 points or 1.7%, the BJI rose 1.89%, the Nasdaq rose 1.78%, and the Golden Dragon China Index jumped 2.04%.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c53e4cd811485f5670240eb1637a73fe\" tg-width=\"774\" tg-height=\"149\"/></p><p>Apple Inc. announced results after the market closed on Thursday, with its stock price rising 2.1%, Tesla stock price rebounding 6.3%, and Nvidia also rising 2.8%.</p><p><p style=\"text-align: start;\">Vaccine manufacturer Moderna made a huge impairment of US $3.1 billion on COVID-19 vaccine inventories, dragging down the third quarter by US $3.6 billion. The stock price once plunged 17.9%, the largest drop since November 2021, and narrowed to 6.5% when the market closed.</p><p><p style=\"text-align: start;\">On the contrary, PayPal and Qualcomm (Qualcomm) beat expectations last quarter, with stock prices rising 6.6% and 5.8% respectively.</p><p><p style=\"text-align: start;\">Starbucks' same-store sales increased by 8% last quarter, far exceeding expectations, and the stock price soared 9.5%, the strongest increase since May last year.</p><p><p style=\"text-align: start;\">In addition, Disney is considering acquiring the remaining stake in video streaming platform Hulu from Comcast for at least US $8.61 billion, and the stock price booted by 2.7%.</p><p>American big data provider Palantir announced that as of the third quarter ended the end of September, its net profit was 72 million yuan (US dollars ‧ the same below), compared with a loss of 123.9 million yuan in the same period last year; Adjusted earnings per share for the period were 0.07 yuan, compared with the expected earnings of 0.06 yuan; Revenue was 558 million yuan, a year-on-year increase of 17%, and was expected to be 556.1 million yuan. After the news was exposed, the company's stock price fell about 1% during the extended trading session after the market on Thursday, and closed up 20.4% for the whole day.</p><p><h2 id=\"id_3483187185\">3. Prospects for Hong Kong stocks</h2>The Hang Seng Index closed up 128 points, or 0.75%, at 17,230. The market's full-day turnover was 71.124 billion yuan. The State Index rose 51 points, or 0.88%, to 5911. The KSI rose more than 3% this morning, before closing gains narrowed to 1.6% at 3,813 points.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4952d4c3a3d4531e9e461448b17b38e\" tg-width=\"769\" tg-height=\"162\"/></p><p>The European Union says the proposed merger between Vodafone and Three (3 UK), a British mobile communications service provider owned by CK Hutchison (00001), does not constitute a market monopoly concern.<br/>￭ Logan (03380): It is exploring a variety of structures related to restructuring, including debt-to-equity swaps, to achieve deleveraging.<br/>￭ Dongfeng Group (00489): Zhu Yanfeng has reached retirement age and will no longer serve as executive director and chairman of the company with immediate effect. The group appointed executive director Yang Qing as chairman.<br/>￭ Autohome (02518) net profit in the third quarter increased by 13.84% year-on-year.<br/>SHKP (00016) YOHO WEST, Phase 1 of Tianshuiwei Light Rail Tianrong Station Project, is expected to upload the upstairs book as soon as mid-month, with the goal of launching the first phase for sale within this month.</p><p><h2 id=\"id_165439496\">FINANCIAL REPORT</h2><ul style=\"\"><li><strong>Results release</strong></p><p></li></ul><a href=\"https://laohu8.com/S/FUBO\">fuboTV Inc.</a>Results will be released before the U.S. stock market opens today</p><p><ul style=\"\"><li><strong>Economic data</strong></p><p></li></ul>20:30: U.S. non-farm employment population changes in October after seasonally adjustment (10,000)</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tiger Morning News | Palantir soared 20%! Tesla bounced 6.3% higher, Nvidia jumped 2.8%! Federal Reserve rate hike is expected to cool down, and U.S. stocks soar with three fingers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTiger Morning News | Palantir soared 20%! Tesla bounced 6.3% higher, Nvidia jumped 2.8%! Federal Reserve rate hike is expected to cool down, and U.S. stocks soar with three fingers\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1059071526\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎資訊 </p>\n<p class=\"h-time smaller\">2023-11-03 08:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>U.S. peak season retail sales growth expected to be the weakest in five years; Apple's quarterly profit beat expectations, revenue fell 1% for four consecutive losses; Bailey: Bank of England maintains high interest rates for as long as necessary; Mainland inter-bank funds suddenly became tight at the end of October; Tesla stock price rebounded 6.3%, and Nvidia also rose 2.8%; Palantir's quarterly results turned around and exceeded expectations, with revenue rising 17% and stock prices soaring 20%; The Dow rose 1.7%, the BJI rose 1.89%, the Nasdaq rose 1.78%, and the Golden Dragon China Index jumped 2.04%.</p><p><h2 id=\"id_2026165429\">1. Smell the hot spots</h2><strong>U.S. peak season retail sales growth expected to be weakest in five years</strong></p><p><p style=\"text-align: start;\">The National Retail Federation (NRF) estimates that sales in the peak retail season this year are expected to increase by 3% to 4%, the slowest growth rate in five years. Discount chain Target said consumers are cutting all household expenses, including food, due to high prices and surging mortgage expenses.</p><p><p style=\"text-align: start;\"><strong>Apple's quarterly profit beats expectations, revenue falls 1% for four consecutive losses</strong><br/><br/>Apple's net profit in the fourth fiscal quarter rose 10.8% year-on-year, and revenue fell 1%, falling for the fourth consecutive quarter, both exceeding expectations; Among them, iPhone sales revenue increased by 2%. Chief Executive Cook said that China's market revenue fell by 2.5%, mainly related to currency. After excluding related effects, it still recorded growth, and local iPhone sales hit a record high. Finance Director Maestri said overall revenue for the quarter is expected to be roughly flat year-on-year. Apple's stock price fell more than 3% after the market and closed up 2.1% throughout the day.</p><p><p style=\"text-align: start;\"><strong>Bailey: Bank of England maintains high interest rates for as long as necessary</strong><br/><br/>The Bank of England kept interest rates at 5.25%, as expected. President Bailey said that to reduce inflation, the Bank of England would keep interest rates as high as necessary for as long as necessary.</p><p><strong>U.S. Economic Data</strong></p><p>The U.S. Department of Labor led relief for 217,000 unemployed people last week, an increase of 5,000 on a weekly basis, expected to be 210,000, and the previous value was revised to 212,000. The final value of durable goods orders in September increased by 4.6% month-on-month, and both the expected and previous values rose by 4.7%.</p><p><strong>Mainland inter-bank funds suddenly tightened at the end of October</strong></p><p>Mainland inter-bank funds suddenly became tight at the end of October, and the overnight repurchase rate once rose to more than 50%. It is reported that the China Foreign Exchange Trade Center has requested explanations from institutions involved in high interest rate transactions such as 50% interbank repurchase on October 31.</p><p><h2 id=\"id_465155168\">2. U.S. stock review</h2>The Federal Reserve rate hike is expected to cool down, and U.S. bond interest rates continue to fall sharply, driving U.S. stocks to surge. The Dow once rose 578 points and still closed up 564 points or 1.7%, the BJI rose 1.89%, the Nasdaq rose 1.78%, and the Golden Dragon China Index jumped 2.04%.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c53e4cd811485f5670240eb1637a73fe\" tg-width=\"774\" tg-height=\"149\"/></p><p>Apple Inc. announced results after the market closed on Thursday, with its stock price rising 2.1%, Tesla stock price rebounding 6.3%, and Nvidia also rising 2.8%.</p><p><p style=\"text-align: start;\">Vaccine manufacturer Moderna made a huge impairment of US $3.1 billion on COVID-19 vaccine inventories, dragging down the third quarter by US $3.6 billion. The stock price once plunged 17.9%, the largest drop since November 2021, and narrowed to 6.5% when the market closed.</p><p><p style=\"text-align: start;\">On the contrary, PayPal and Qualcomm (Qualcomm) beat expectations last quarter, with stock prices rising 6.6% and 5.8% respectively.</p><p><p style=\"text-align: start;\">Starbucks' same-store sales increased by 8% last quarter, far exceeding expectations, and the stock price soared 9.5%, the strongest increase since May last year.</p><p><p style=\"text-align: start;\">In addition, Disney is considering acquiring the remaining stake in video streaming platform Hulu from Comcast for at least US $8.61 billion, and the stock price booted by 2.7%.</p><p>American big data provider Palantir announced that as of the third quarter ended the end of September, its net profit was 72 million yuan (US dollars ‧ the same below), compared with a loss of 123.9 million yuan in the same period last year; Adjusted earnings per share for the period were 0.07 yuan, compared with the expected earnings of 0.06 yuan; Revenue was 558 million yuan, a year-on-year increase of 17%, and was expected to be 556.1 million yuan. After the news was exposed, the company's stock price fell about 1% during the extended trading session after the market on Thursday, and closed up 20.4% for the whole day.</p><p><h2 id=\"id_3483187185\">3. Prospects for Hong Kong stocks</h2>The Hang Seng Index closed up 128 points, or 0.75%, at 17,230. The market's full-day turnover was 71.124 billion yuan. The State Index rose 51 points, or 0.88%, to 5911. The KSI rose more than 3% this morning, before closing gains narrowed to 1.6% at 3,813 points.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4952d4c3a3d4531e9e461448b17b38e\" tg-width=\"769\" tg-height=\"162\"/></p><p>The European Union says the proposed merger between Vodafone and Three (3 UK), a British mobile communications service provider owned by CK Hutchison (00001), does not constitute a market monopoly concern.<br/>￭ Logan (03380): It is exploring a variety of structures related to restructuring, including debt-to-equity swaps, to achieve deleveraging.<br/>￭ Dongfeng Group (00489): Zhu Yanfeng has reached retirement age and will no longer serve as executive director and chairman of the company with immediate effect. The group appointed executive director Yang Qing as chairman.<br/>￭ Autohome (02518) net profit in the third quarter increased by 13.84% year-on-year.<br/>SHKP (00016) YOHO WEST, Phase 1 of Tianshuiwei Light Rail Tianrong Station Project, is expected to upload the upstairs book as soon as mid-month, with the goal of launching the first phase for sale within this month.</p><p><h2 id=\"id_165439496\">FINANCIAL REPORT</h2><ul style=\"\"><li><strong>Results release</strong></p><p></li></ul><a href=\"https://laohu8.com/S/FUBO\">fuboTV Inc.</a>Results will be released before the U.S. stock market opens today</p><p><ul style=\"\"><li><strong>Economic data</strong></p><p></li></ul>20:30: U.S. non-farm employment population changes in October after seasonally adjustment (10,000)</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b42ae1719bdd62198db131f3bcb546ac","relate_stocks":{"PLTR":"Palantir Technologies Inc.",".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","HSI":"恒生指数"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184770684","content_text":"美國旺季零售銷售增長料5年來最弱；蘋果季度盈利勝預期 收入跌1%「四連挫」；貝利:英央行必要時間內維持高利率；內地銀行間資金10月底突偏緊；特斯拉(Tesla)股價彈高6.3%，輝達(Nvidia)亦抽升2.8%；Palantir季績扭轉勝預期，收入升17%，股價飆20%；道指漲1.7%，標指揚1.89%，納指抽高1.78%，金龍中國指數躍升2.04%。一、熱點要聞美國旺季零售銷售增長料5年來最弱美國全國零售聯合會(NRF)估計，今年零售銷售旺季銷售額料增3%至4%，是5年來最低增速。折扣連鎖店Target稱，由於物價高昂及按揭開支大增，消費者縮減包括食品在內所有家庭開支。蘋果季度盈利勝預期 收入跌1%「四連挫」蘋果第四財季純利按年升10.8%，收入跌1%，連挫第四個季度，均勝預期；其中iPhone銷售收入漲2%。行政總裁庫克稱，中國市場收入跌2.5%，主要與滙兌有關，撇除相關效應後仍錄增長，當地iPhone銷售創紀錄新高。財務總監馬埃斯特里說，本季整體收入按年預料大致持平。蘋果市後股價跌逾3%，全日收市升2.1%。貝利:英央行必要時間內維持高利率英倫銀行維持利率在5.25%，符預期，行長貝利稱為降低通脹，英國央行將在必要時間內保持利率在所需的高位。美國經濟數據美國勞工部上周首領失業救濟有21.7萬人，按周增5000，預期21萬，前值修訂為21.2萬。9月耐用品訂單終值按月增4.6%，預期和前值均升4.7%。內地銀行間資金10月底突偏緊內地銀行間資金10月底突偏緊，隔夜回購利率一度抽高至逾50厘水平。中國外滙交易中心據報已要求涉及10月31日銀行間回購50厘等高利率成交的機構作解釋。二、美股復盤聯儲局加息預期降溫，美債息續大幅回落，帶動美股急飆，道指曾升578點，收市仍漲564點或1.7%，標指揚1.89%，納指抽高1.78%，金龍中國指數躍升2.04%。蘋果公司周四收市後公布業績，股價漲2.1%，特斯拉(Tesla)股價彈高6.3%，輝達(Nvidia)亦抽升2.8%。疫苗生產商莫德納(Moderna)為新冠疫苗庫存作31億美元巨額減值，拖累第三季勁蝕36億美元，股價一度插水17.9%，創2021年11月以來最大跌幅，收市縮窄至挫6.5%。反觀，PayPal及高通(Qualcomm)上季業績勝預期，股價分別上揚6.6%和5.8%。星巴克上季同店銷售增長8%，遠勝預期，股價急飆9.5%，為去年5月以來最勁升幅。此外，迪士尼考慮以至少86.1億美元向Comcast收購視影串流平台Hulu餘下股權，股價彈2.7%。美國大數據商Palantir公布，截至9月底止第三季，淨利潤報7200萬元(美元‧下同)，去年同期虧損1.239億元；期內每股經調整盈利0.07元，預期為0.06元；收入報5.58億元，按年升17%，預期為5.561億元。消息曝光後，該公司周四市後延長交易時段股價跌約1%，全日收市升20.4%。三、港股前瞻恒指收市升128點或0.75%，報17230。大市全日成交711.24億元。國指升51點或0.88%，報5911。科指今早曾升逾3%，收市升幅收窄至1.6%，報3813點。￭ 歐盟稱沃達豐與長和(00001)旗下英國流動通訊服務商Three (3英國)的合併建議，並不構成市場壟斷關注。￭ 龍光(03380):正探索與重組有關的多種結構，包括債轉股，以實現去槓桿化。￭ 東風集團(00489):竺延風已屆退休年齡，即日起不再擔任公司執董及董事長職務，集團委任執董楊青為董事長。￭ 汽車之家(02518)第三季淨利潤按年升13.84%。￭ 新地(00016)天水圍輕鐵天榮站項目第1期YOHO WEST，預計最快月中上載樓書，目標於本月內推售第1期。四、財經預告業績發佈 fuboTV Inc. 將於今日美股盤前發佈業績經濟數據20:30：美国10月非农就业人口变动季调后(万)","news_type":1,"symbols_score_info":{".IXIC":1.1,"HSI":1.1,".SPX":1.1,".DJI":1.1,"PLTR":1.1}},"isVote":1,"tweetType":1,"viewCount":2646,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":236939699704000,"gmtCreate":1698882297928,"gmtModify":1698882301835,"author":{"id":"4096288759817900","authorId":"4096288759817900","name":"tony 家","avatar":"https://static.tigerbbs.com/4788518f4a6b0b9015a2f76d3af4ac9a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4096288759817900","idStr":"4096288759817900"},"themes":[],"htmlText":"gj","listText":"gj","text":"gj","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/236939699704000","repostId":"236673677451280","repostType":1,"repost":{"id":236673677451280,"gmtCreate":1698818646090,"gmtModify":1698818928170,"author":{"id":"4134821074118532","authorId":"4134821074118532","name":"虎港通","avatar":"https://community-static.tradeup.com/news/6ace760ebb226aa228910fadd6516856","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4134821074118532","idStr":"4134821074118532"},"themes":[],"title":"🚤巴菲特又跑了！比亞迪單季盈利超百億！你還睇好股神減持後嘅新能源汽車一哥咩？","htmlText":"Hello小虎們，之前虎港通跟小虎們聊到了比亞迪讓人驚豔的業績表現，單季盈利超百億！這麼炸裂的業績表現，“股神”巴菲特又跑了！一起來看看怎麼回事吧~~~[Cool]股神又跑了！再次減持比亞迪股份！根據聯交所數據顯示，巴菲特旗下的伯克希爾哈薩維在10月25日減持比亞迪H股，自從上一次公開減持之後，伯克希爾哈薩維持有8.98%的比亞迪股份，這次直接從8.05%降至7.98%。根據港交所披露易規定，大股東增持股票只有橫跨某個整數百分比時，才需要做出披露。[OMG]值得一提的是，這是第13次披露巴菲特減持比亞迪H股，我們來看一下此前的伯克希爾哈薩維的減持歷程：2022年8月24日，減持133.1萬股比亞迪H股，均價277.1016港元/股；2022年9月1日，減持171.6萬股比亞迪H股，均價262.7243港元/股；2022年11月1日，減持329.7萬股比亞迪H股，均價169.8657港元/股；2022年11月8日，減持578.25萬股比亞迪H股，均價196.9945港元/股；2022年11月17日，減持322.55萬股比亞迪H股，均價195.4212港元/股；2022年12月8日，減持132.95萬股比亞迪H股，均價201.3432港元/股；2023年1月3日，減持105.8萬股比亞迪H股，均價191.44港元/股；2023年1月27日，減持155萬股比亞迪H股，均價226.32港元/股。2023年2月9日，減持423.5萬股比亞迪H股，平均價格257.9港元/股。2023年3月31日，減持248萬股比亞迪H股，平均價格217.67港元/股。2023年5月2日，減持196.1萬股比亞迪H股，平均價格235.64港元/股。2023年6月19日，伯克希爾以平均每股266.85港元的價格，賣出了約253萬股比亞迪H股。2023年10月25日，伯克希爾以平均價每股245.86港元的價","listText":"Hello小虎們，之前虎港通跟小虎們聊到了比亞迪讓人驚豔的業績表現，單季盈利超百億！這麼炸裂的業績表現，“股神”巴菲特又跑了！一起來看看怎麼回事吧~~~[Cool]股神又跑了！再次減持比亞迪股份！根據聯交所數據顯示，巴菲特旗下的伯克希爾哈薩維在10月25日減持比亞迪H股，自從上一次公開減持之後，伯克希爾哈薩維持有8.98%的比亞迪股份，這次直接從8.05%降至7.98%。根據港交所披露易規定，大股東增持股票只有橫跨某個整數百分比時，才需要做出披露。[OMG]值得一提的是，這是第13次披露巴菲特減持比亞迪H股，我們來看一下此前的伯克希爾哈薩維的減持歷程：2022年8月24日，減持133.1萬股比亞迪H股，均價277.1016港元/股；2022年9月1日，減持171.6萬股比亞迪H股，均價262.7243港元/股；2022年11月1日，減持329.7萬股比亞迪H股，均價169.8657港元/股；2022年11月8日，減持578.25萬股比亞迪H股，均價196.9945港元/股；2022年11月17日，減持322.55萬股比亞迪H股，均價195.4212港元/股；2022年12月8日，減持132.95萬股比亞迪H股，均價201.3432港元/股；2023年1月3日，減持105.8萬股比亞迪H股，均價191.44港元/股；2023年1月27日，減持155萬股比亞迪H股，均價226.32港元/股。2023年2月9日，減持423.5萬股比亞迪H股，平均價格257.9港元/股。2023年3月31日，減持248萬股比亞迪H股，平均價格217.67港元/股。2023年5月2日，減持196.1萬股比亞迪H股，平均價格235.64港元/股。2023年6月19日，伯克希爾以平均每股266.85港元的價格，賣出了約253萬股比亞迪H股。2023年10月25日，伯克希爾以平均價每股245.86港元的價","text":"Hello小虎們，之前虎港通跟小虎們聊到了比亞迪讓人驚豔的業績表現，單季盈利超百億！這麼炸裂的業績表現，“股神”巴菲特又跑了！一起來看看怎麼回事吧~~~[Cool]股神又跑了！再次減持比亞迪股份！根據聯交所數據顯示，巴菲特旗下的伯克希爾哈薩維在10月25日減持比亞迪H股，自從上一次公開減持之後，伯克希爾哈薩維持有8.98%的比亞迪股份，這次直接從8.05%降至7.98%。根據港交所披露易規定，大股東增持股票只有橫跨某個整數百分比時，才需要做出披露。[OMG]值得一提的是，這是第13次披露巴菲特減持比亞迪H股，我們來看一下此前的伯克希爾哈薩維的減持歷程：2022年8月24日，減持133.1萬股比亞迪H股，均價277.1016港元/股；2022年9月1日，減持171.6萬股比亞迪H股，均價262.7243港元/股；2022年11月1日，減持329.7萬股比亞迪H股，均價169.8657港元/股；2022年11月8日，減持578.25萬股比亞迪H股，均價196.9945港元/股；2022年11月17日，減持322.55萬股比亞迪H股，均價195.4212港元/股；2022年12月8日，減持132.95萬股比亞迪H股，均價201.3432港元/股；2023年1月3日，減持105.8萬股比亞迪H股，均價191.44港元/股；2023年1月27日，減持155萬股比亞迪H股，均價226.32港元/股。2023年2月9日，減持423.5萬股比亞迪H股，平均價格257.9港元/股。2023年3月31日，減持248萬股比亞迪H股，平均價格217.67港元/股。2023年5月2日，減持196.1萬股比亞迪H股，平均價格235.64港元/股。2023年6月19日，伯克希爾以平均每股266.85港元的價格，賣出了約253萬股比亞迪H股。2023年10月25日，伯克希爾以平均價每股245.86港元的價","images":[{"img":"https://community-static.tradeup.com/news/5926c92e1712f3012f352b8ec6a79c4b","width":"923","height":"520"},{"img":"https://community-static.tradeup.com/news/dc611298506473a28ac2cc312bd5c356","width":"960","height":"546"},{"img":"https://community-static.tradeup.com/news/eb80f2883cf0a00f715ee711a68769d7","width":"893","height":"669"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/236673677451280","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":5,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2358,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":236940300513320,"gmtCreate":1698882291363,"gmtModify":1698882295201,"author":{"id":"4096288759817900","authorId":"4096288759817900","name":"tony 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理想10月交付40422輛，首次突破4萬大關，是造車新勢力中第一家完成此壯舉的公司，旗下的多款車型佔據同類型銷量榜首，理想的產品力在新能源汽車中依然是扛把子的存在： 小鵬10月交付20002輛，首次突破2萬關口，同比增長292%，其中G6單月交付8741輛，成爲20-25萬價格帶最暢銷的純電動SUV。 小鵬應該是蔚小理中最早出現銷量危機的，直至G6一炮而紅才渡過銷售危機，如今來看，能夠起死回生着實不易，現在把壓力給到蔚來了，能否複製小鵬的奇蹟且看管理層的能力了： 比亞迪10月交付301833輛，首次突破30萬輛大關，同比增長38.6%，其中海外銷量30521輛，亦創歷史新高： 由於銷量基數較高，比亞迪在國內的增速開始趨緩，未來的增長極將來自海外市場，若能複製國內銷量奇蹟，比亞迪市值或將再上一個臺階。 零跑10月交付18202輛，同比增長159%，創歷史記錄： 零跑近期大事不少，近期剛獲得Stellantis集團巨資入股，隨後大股東宣佈未來10年不會減持股份，受到投資者一致好評。 賽力斯10月交付17600輛，其中賽力斯品牌交付14506輛，創歷史新高，主要是華爲聯合賽力斯新推出的車型爆紅。 賽力斯與小鵬一樣，剛出道時由於華爲光環銷量大增，但很快遇到問題，不同於小鵬堅持純電動路線，賽力斯迅速推出增程車型，銷量迎來爆發： 極氪10月交付13077輛，同比增長29%，但最近幾個月增長勢頭放緩： 哪吒10月交付12085輛，同比下滑32.9%，是新能源車企中最拉胯的一家，估計要涼涼了： 10月最令人大跌眼鏡的要數廣汽埃安了，在9月銷量突破5萬大關後","listText":"剛剛，主流新能源車企紛紛公佈了10月交付數據，亮點不少，從整體來看，多家公司月交付量創歷史新高，但有個別車企似乎攤上事了。 先來看蔚來，10月交付16074輛，雖然同比增長59.8%，但環比只有2.8%，且依然沒能突破7-8月時的高點： 理想10月交付40422輛，首次突破4萬大關，是造車新勢力中第一家完成此壯舉的公司，旗下的多款車型佔據同類型銷量榜首，理想的產品力在新能源汽車中依然是扛把子的存在： 小鵬10月交付20002輛，首次突破2萬關口，同比增長292%，其中G6單月交付8741輛，成爲20-25萬價格帶最暢銷的純電動SUV。 小鵬應該是蔚小理中最早出現銷量危機的，直至G6一炮而紅才渡過銷售危機，如今來看，能夠起死回生着實不易，現在把壓力給到蔚來了，能否複製小鵬的奇蹟且看管理層的能力了： 比亞迪10月交付301833輛，首次突破30萬輛大關，同比增長38.6%，其中海外銷量30521輛，亦創歷史新高： 由於銷量基數較高，比亞迪在國內的增速開始趨緩，未來的增長極將來自海外市場，若能複製國內銷量奇蹟，比亞迪市值或將再上一個臺階。 零跑10月交付18202輛，同比增長159%，創歷史記錄： 零跑近期大事不少，近期剛獲得Stellantis集團巨資入股，隨後大股東宣佈未來10年不會減持股份，受到投資者一致好評。 賽力斯10月交付17600輛，其中賽力斯品牌交付14506輛，創歷史新高，主要是華爲聯合賽力斯新推出的車型爆紅。 賽力斯與小鵬一樣，剛出道時由於華爲光環銷量大增，但很快遇到問題，不同於小鵬堅持純電動路線，賽力斯迅速推出增程車型，銷量迎來爆發： 極氪10月交付13077輛，同比增長29%，但最近幾個月增長勢頭放緩： 哪吒10月交付12085輛，同比下滑32.9%，是新能源車企中最拉胯的一家，估計要涼涼了： 10月最令人大跌眼鏡的要數廣汽埃安了，在9月銷量突破5萬大關後","text":"剛剛，主流新能源車企紛紛公佈了10月交付數據，亮點不少，從整體來看，多家公司月交付量創歷史新高，但有個別車企似乎攤上事了。 先來看蔚來，10月交付16074輛，雖然同比增長59.8%，但環比只有2.8%，且依然沒能突破7-8月時的高點： 理想10月交付40422輛，首次突破4萬大關，是造車新勢力中第一家完成此壯舉的公司，旗下的多款車型佔據同類型銷量榜首，理想的產品力在新能源汽車中依然是扛把子的存在： 小鵬10月交付20002輛，首次突破2萬關口，同比增長292%，其中G6單月交付8741輛，成爲20-25萬價格帶最暢銷的純電動SUV。 小鵬應該是蔚小理中最早出現銷量危機的，直至G6一炮而紅才渡過銷售危機，如今來看，能夠起死回生着實不易，現在把壓力給到蔚來了，能否複製小鵬的奇蹟且看管理層的能力了： 比亞迪10月交付301833輛，首次突破30萬輛大關，同比增長38.6%，其中海外銷量30521輛，亦創歷史新高： 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11月2日凌晨2點，美聯儲將公佈利率，凌晨2：30鮑威爾關於貨幣政策的新聞發佈會。美聯儲上次升息是在7月升息0.25%。市場普遍預期這次仍將按兵不動，聯邦資金利率目標區間維持在5.25%至5.5%，但保留12月升息可能。 10月30日，週一美國10年期國債收益率上漲4.3個基點，報4.888%。目前標普500指數已有251家公司公佈業績，根據LSEG，其中78%的公司獲利優於華爾街的預期。業績行情發酵，三大指數漲超1%，標普500指數收漲49.45點，漲幅1.20%，報4166.82點。道指收漲511.37點，漲幅1.58%，報32928.96點。納指收漲146.47點，漲幅1.16%，報12789.48點。納指100漲1.1%。 大型科技股全線上漲，亞馬遜、奈飛漲超3%，微軟漲超2%，Meta、谷歌、蘋果漲超1%。特斯拉跌近5%，創5月底以來收盤新低。 熱門中概股多數上漲，小鵬汽車、京東、網易、蔚來漲超1%，理想汽車、阿里巴巴、愛奇藝、微博小幅上漲。 麥當勞2023 財年第三季度銷售額增長14％ 同比至66.92億美元，超過分析師共識估計的65.77億美元，股價收漲1.7%。 週一蘋果舉辦了特別活動，帶來了大量的新品，其中包括數款Macbook。蘋果方面還發布了全新的M3芯片。目前，M3芯片總計有三種版本，分別爲M3、M3 Pro、M3 Max 芯片，這也是全球首款採用3納米技術的PC芯片。最後，這場蘋果味的萬聖節派對還留了個彩蛋：本次發佈會是iPhone拍攝，Mac剪輯。 這種低光環境下，蘋果算是給iPhone做了個廣告。蘋果定於週四公佈9","listText":"巴以衝突影響金價，三週以來，巴以衝突成了推動金價的最強“主力”，金價從1810到2009漲了200美金。今年以來，黃金已經漲超20%。 巴以衝突疑慮逐漸消散，投資者轉頭緊盯美聯儲、日本及英國等主要央行即將在本週舉行的貨幣決策會議 。 11月2日凌晨2點，美聯儲將公佈利率，凌晨2：30鮑威爾關於貨幣政策的新聞發佈會。美聯儲上次升息是在7月升息0.25%。市場普遍預期這次仍將按兵不動，聯邦資金利率目標區間維持在5.25%至5.5%，但保留12月升息可能。 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10月30日，週一美國10年期國債收益率上漲4.3個基點，報4.888%。目前標普500指數已有251家公司公佈業績，根據LSEG，其中78%的公司獲利優於華爾街的預期。業績行情發酵，三大指數漲超1%，標普500指數收漲49.45點，漲幅1.20%，報4166.82點。道指收漲511.37點，漲幅1.58%，報32928.96點。納指收漲146.47點，漲幅1.16%，報12789.48點。納指100漲1.1%。 大型科技股全線上漲，亞馬遜、奈飛漲超3%，微軟漲超2%，Meta、谷歌、蘋果漲超1%。特斯拉跌近5%，創5月底以來收盤新低。 熱門中概股多數上漲，小鵬汽車、京東、網易、蔚來漲超1%，理想汽車、阿里巴巴、愛奇藝、微博小幅上漲。 麥當勞2023 財年第三季度銷售額增長14％ 同比至66.92億美元，超過分析師共識估計的65.77億美元，股價收漲1.7%。 週一蘋果舉辦了特別活動，帶來了大量的新品，其中包括數款Macbook。蘋果方面還發布了全新的M3芯片。目前，M3芯片總計有三種版本，分別爲M3、M3 Pro、M3 Max 芯片，這也是全球首款採用3納米技術的PC芯片。最後，這場蘋果味的萬聖節派對還留了個彩蛋：本次發佈會是iPhone拍攝，Mac剪輯。 這種低光環境下，蘋果算是給iPhone做了個廣告。蘋果定於週四公佈9","images":[{"img":"https://community-static.tradeup.com/news/48f0baa2aa592881654eb3f29afee403","width":"1800","height":"1200"},{"img":"https://community-static.tradeup.com/news/8b086b0922d6198cef017b8bc08c98bb","width":"498","height":"273"},{"img":"https://community-static.tradeup.com/news/182e1981f59960f3ce4c95512bf71529","width":"720","height":"479"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/236393687109856","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":6,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3553,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":236681426747600,"gmtCreate":1698819296868,"gmtModify":1698819300832,"author":{"id":"4096288759817900","authorId":"4096288759817900","name":"tony 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的財報要在11月21日公佈，這使得其他半導體公司羣龍無首。 <a href=\"https://laohu8.com/S/AMD\">$美國超微公司(AMD)$</a> 10.31盤後財報，果不其然波動不大，甚至配不上其90%+的IV，因此期權賣方成最大贏家。做空波動率的策略，除了日曆差價（calendar）之外，還有更爲激進的雙Sell（反向跨式、反向寬跨式策略），有交易者就採用了寬跨式策略，Sell了AMD的110 Call和 82 PUT，雙雙盈利。眼下， <a href=\"https://laohu8.com/S/QCOM\">$高通(QCOM)$</a> （11.1）、 <a href=\"https://laohu8.com/S/INTC\">$英特爾(INTC)$</a> （11.6）、 <a href=\"https://laohu8.com/S/NXPI\">$恩智浦(NXPI)$</a> （11.6）等都在近期公佈財報。不同半導體公司針對的行業變化可以是影響公司業績的關鍵因素，例如與汽車和工業供需關係密切的 <a href=\"https://laohu8.com/S/ON\">$安森美半導體(ON)$</a> ，就因行業性的需求下滑而大跌。但是對綜合性的芯片公司來說，要找到對整個板塊的指引，可能還是需要關注NVDA的業績以及對接下來幾個季度的指引。","listText":"過去一個月，半導體板塊回調不少 <a href=\"https://laohu8.com/S/SOX\">$費城半導體指數(SOX)$</a> ，但是作爲大哥的 <a href=\"https://laohu8.com/S/NVDA\">$英偉達(NVDA)$</a> 的財報要在11月21日公佈，這使得其他半導體公司羣龍無首。 <a href=\"https://laohu8.com/S/AMD\">$美國超微公司(AMD)$</a> 10.31盤後財報，果不其然波動不大，甚至配不上其90%+的IV，因此期權賣方成最大贏家。做空波動率的策略，除了日曆差價（calendar）之外，還有更爲激進的雙Sell（反向跨式、反向寬跨式策略），有交易者就採用了寬跨式策略，Sell了AMD的110 Call和 82 PUT，雙雙盈利。眼下， <a href=\"https://laohu8.com/S/QCOM\">$高通(QCOM)$</a> （11.1）、 <a href=\"https://laohu8.com/S/INTC\">$英特爾(INTC)$</a> （11.6）、 <a href=\"https://laohu8.com/S/NXPI\">$恩智浦(NXPI)$</a> （11.6）等都在近期公佈財報。不同半導體公司針對的行業變化可以是影響公司業績的關鍵因素，例如與汽車和工業供需關係密切的 <a href=\"https://laohu8.com/S/ON\">$安森美半導體(ON)$</a> ，就因行業性的需求下滑而大跌。但是對綜合性的芯片公司來說，要找到對整個板塊的指引，可能還是需要關注NVDA的業績以及對接下來幾個季度的指引。","text":"過去一個月，半導體板塊回調不少 $費城半導體指數(SOX)$ ，但是作爲大哥的 $英偉達(NVDA)$ 的財報要在11月21日公佈，這使得其他半導體公司羣龍無首。 $美國超微公司(AMD)$ 10.31盤後財報，果不其然波動不大，甚至配不上其90%+的IV，因此期權賣方成最大贏家。做空波動率的策略，除了日曆差價（calendar）之外，還有更爲激進的雙Sell（反向跨式、反向寬跨式策略），有交易者就採用了寬跨式策略，Sell了AMD的110 Call和 82 PUT，雙雙盈利。眼下， $高通(QCOM)$ （11.1）、 $英特爾(INTC)$ （11.6）、 $恩智浦(NXPI)$ （11.6）等都在近期公佈財報。不同半導體公司針對的行業變化可以是影響公司業績的關鍵因素，例如與汽車和工業供需關係密切的 $安森美半導體(ON)$ ，就因行業性的需求下滑而大跌。但是對綜合性的芯片公司來說，要找到對整個板塊的指引，可能還是需要關注NVDA的業績以及對接下來幾個季度的指引。","images":[{"img":"https://static.tigerbbs.com/a352c207c29977e7fe5fb97f2e9928a7","width":"682","height":"708"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/236652402319360","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2863,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":235528337940656,"gmtCreate":1698534730700,"gmtModify":1698534735071,"author":{"id":"4096288759817900","authorId":"4096288759817900","name":"tony 家","avatar":"https://static.tigerbbs.com/4788518f4a6b0b9015a2f76d3af4ac9a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4096288759817900","idStr":"4096288759817900"},"themes":[],"htmlText":"w","listText":"w","text":"w","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/235528337940656","repostId":"234925189619984","repostType":1,"repost":{"id":234925189619984,"gmtCreate":1698386293192,"gmtModify":1698386293251,"author":{"id":"3461975204689736","authorId":"3461975204689736","name":"王小渣","avatar":"https://static.tigerbbs.com/f87f2ac6eda80e47adb2d4362d88a23d","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3461975204689736","idStr":"3461975204689736"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMZN\">$亞馬遜(AMZN)$&nbsp;</a>&nbsp; &nbsp;財報賭對了微軟，飄了，幹了亞馬遜末日126call，財報公佈後，由漲轉跌，已做好歸零的打算，上午一看漲回5%，又燃起生的希望，但願不是雙殺！","listText":"<a href=\"https://laohu8.com/S/AMZN\">$亞馬遜(AMZN)$&nbsp;</a>&nbsp; &nbsp;財報賭對了微軟，飄了，幹了亞馬遜末日126call，財報公佈後，由漲轉跌，已做好歸零的打算，上午一看漲回5%，又燃起生的希望，但願不是雙殺！","text":"$亞馬遜(AMZN)$ 財報賭對了微軟，飄了，幹了亞馬遜末日126call，財報公佈後，由漲轉跌，已做好歸零的打算，上午一看漲回5%，又燃起生的希望，但願不是雙殺！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/234925189619984","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2130,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":234944691232856,"gmtCreate":1698381036972,"gmtModify":1698381041750,"author":{"id":"4096288759817900","authorId":"4096288759817900","name":"tony 家","avatar":"https://static.tigerbbs.com/4788518f4a6b0b9015a2f76d3af4ac9a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4096288759817900","idStr":"4096288759817900"},"themes":[],"htmlText":"q","listText":"q","text":"q","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/234944691232856","repostId":"234598438719536","repostType":1,"repost":{"id":234598438719536,"gmtCreate":1698301211431,"gmtModify":1698301253461,"author":{"id":"4142573913947612","authorId":"4142573913947612","name":"ETF唔係ET虎","avatar":"https://community-static.tradeup.com/news/0c47e65ebcee63532badc6556a412fff","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4142573913947612","idStr":"4142573913947612"},"themes":[],"title":"【👀趣味漫畫】香港下調印花稅，對我哋有啥影響？盤點港股歷史上嘅印花稅調整！","htmlText":"小虎們，不知道你們有沒有關注香港特首李家超發佈的施政報告！[Cool]報告中明確宣佈將下調香港印花稅！[666]那你們知道印花稅是什麼東西嗎？下調會對股民們有啥影響呢？[YoYo]香港的股票交易印花稅要從0.13%降至0.1%！要搞清楚啥是印花稅啊，故事還要追溯到1624年。‍‍‍‍‍當時荷蘭政府發生了經濟危機，財政出現困難，讓統治者莫里斯傷透了腦筋。‍‍‍但該收的稅都收了，直接暴力增稅又怕人民不同意。‍‍莫里斯和大臣們絞盡腦汁想不出好主意，於是乾脆採用公開招標的辦法來尋找解決方案。‍‍重賞之下必有智者。‍有個聰明人發現人們在日常生活中常常要使用契約、借貸憑證之類的單據，但即時簽訂合約，人們還是擔心有信用風險。如果讓政府在這些憑證單據上蓋個印，就等於合法憑證了，訴訟中就有了法律保障。‍‍‍‍‍但政府的印自然也不是白蓋的。‍‍於是，1624年世界上第一個印花稅就在荷蘭誕生了。由於這個稅種簡單易行，稅基又廣，為政府提供穩定的財政收入，其他國家也紛紛效法。‍‍‍印花稅經過不斷的發展，逐步完善。‍‍我們現在所說的印花稅，就是指在經濟活動和經濟交流中訂立、領受具有法律效力的憑證時，所徵收的一種稅。‍‍‍簡單的說，印花稅是針對文件證徵收的稅。印花稅適用於購銷合約、股票債券、房地產等在內的多種交易行為。本次香港調整的印花稅是在證券交易環節的印花稅。1998年至今，港股共經歷了4次印花稅調整，而本次印花稅率將由此前的0.13%下調至0.1%。股票印花稅的收費主體是香港政府，本次下調後財政收入會減少約123億元，相當於2022年財政收入的2%，對財政收入影響不大。雖然說本次下調力度很小，但下調印花稅可以提振市場情緒，同時降低投資人交易成本，增強市場流動性，提升港股的市場競爭力。小虎們，你們get了港股印花稅下調對我們的影響了咩？[Cool]","listText":"小虎們，不知道你們有沒有關注香港特首李家超發佈的施政報告！[Cool]報告中明確宣佈將下調香港印花稅！[666]那你們知道印花稅是什麼東西嗎？下調會對股民們有啥影響呢？[YoYo]香港的股票交易印花稅要從0.13%降至0.1%！要搞清楚啥是印花稅啊，故事還要追溯到1624年。‍‍‍‍‍當時荷蘭政府發生了經濟危機，財政出現困難，讓統治者莫里斯傷透了腦筋。‍‍‍但該收的稅都收了，直接暴力增稅又怕人民不同意。‍‍莫里斯和大臣們絞盡腦汁想不出好主意，於是乾脆採用公開招標的辦法來尋找解決方案。‍‍重賞之下必有智者。‍有個聰明人發現人們在日常生活中常常要使用契約、借貸憑證之類的單據，但即時簽訂合約，人們還是擔心有信用風險。如果讓政府在這些憑證單據上蓋個印，就等於合法憑證了，訴訟中就有了法律保障。‍‍‍‍‍但政府的印自然也不是白蓋的。‍‍於是，1624年世界上第一個印花稅就在荷蘭誕生了。由於這個稅種簡單易行，稅基又廣，為政府提供穩定的財政收入，其他國家也紛紛效法。‍‍‍印花稅經過不斷的發展，逐步完善。‍‍我們現在所說的印花稅，就是指在經濟活動和經濟交流中訂立、領受具有法律效力的憑證時，所徵收的一種稅。‍‍‍簡單的說，印花稅是針對文件證徵收的稅。印花稅適用於購銷合約、股票債券、房地產等在內的多種交易行為。本次香港調整的印花稅是在證券交易環節的印花稅。1998年至今，港股共經歷了4次印花稅調整，而本次印花稅率將由此前的0.13%下調至0.1%。股票印花稅的收費主體是香港政府，本次下調後財政收入會減少約123億元，相當於2022年財政收入的2%，對財政收入影響不大。雖然說本次下調力度很小，但下調印花稅可以提振市場情緒，同時降低投資人交易成本，增強市場流動性，提升港股的市場競爭力。小虎們，你們get了港股印花稅下調對我們的影響了咩？[Cool]","text":"小虎們，不知道你們有沒有關注香港特首李家超發佈的施政報告！[Cool]報告中明確宣佈將下調香港印花稅！[666]那你們知道印花稅是什麼東西嗎？下調會對股民們有啥影響呢？[YoYo]香港的股票交易印花稅要從0.13%降至0.1%！要搞清楚啥是印花稅啊，故事還要追溯到1624年。‍‍‍‍‍當時荷蘭政府發生了經濟危機，財政出現困難，讓統治者莫里斯傷透了腦筋。‍‍‍但該收的稅都收了，直接暴力增稅又怕人民不同意。‍‍莫里斯和大臣們絞盡腦汁想不出好主意，於是乾脆採用公開招標的辦法來尋找解決方案。‍‍重賞之下必有智者。‍有個聰明人發現人們在日常生活中常常要使用契約、借貸憑證之類的單據，但即時簽訂合約，人們還是擔心有信用風險。如果讓政府在這些憑證單據上蓋個印，就等於合法憑證了，訴訟中就有了法律保障。‍‍‍‍‍但政府的印自然也不是白蓋的。‍‍於是，1624年世界上第一個印花稅就在荷蘭誕生了。由於這個稅種簡單易行，稅基又廣，為政府提供穩定的財政收入，其他國家也紛紛效法。‍‍‍印花稅經過不斷的發展，逐步完善。‍‍我們現在所說的印花稅，就是指在經濟活動和經濟交流中訂立、領受具有法律效力的憑證時，所徵收的一種稅。‍‍‍簡單的說，印花稅是針對文件證徵收的稅。印花稅適用於購銷合約、股票債券、房地產等在內的多種交易行為。本次香港調整的印花稅是在證券交易環節的印花稅。1998年至今，港股共經歷了4次印花稅調整，而本次印花稅率將由此前的0.13%下調至0.1%。股票印花稅的收費主體是香港政府，本次下調後財政收入會減少約123億元，相當於2022年財政收入的2%，對財政收入影響不大。雖然說本次下調力度很小，但下調印花稅可以提振市場情緒，同時降低投資人交易成本，增強市場流動性，提升港股的市場競爭力。小虎們，你們get了港股印花稅下調對我們的影響了咩？[Cool]","images":[{"img":"https://community-static.tradeup.com/news/fc8b3ac20962747bbe919732a05041db","width":"1080","height":"540"},{"img":"https://community-static.tradeup.com/news/4c89ba1d881c624b201a9baff0fdd689","width":"1080","height":"984"},{"img":"https://community-static.tradeup.com/news/1a4877daf322c38fba8dc87b5b104fc0","width":"433","height":"355"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/234598438719536","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":14,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2777,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":234321498538208,"gmtCreate":1698251028866,"gmtModify":1698251032250,"author":{"id":"4096288759817900","authorId":"4096288759817900","name":"tony 家","avatar":"https://static.tigerbbs.com/4788518f4a6b0b9015a2f76d3af4ac9a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4096288759817900","idStr":"4096288759817900"},"themes":[],"htmlText":"W","listText":"W","text":"W","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/234321498538208","repostId":"234260472889392","repostType":1,"repost":{"id":234260472889392,"gmtCreate":1698218700242,"gmtModify":1698218847239,"author":{"id":"4102740236684050","authorId":"4102740236684050","name":"MaverickWealthBuilder","avatar":"https://community-static.tradeup.com/news/bbf0f514b8e5abb92266789b89f6e1e6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4102740236684050","idStr":"4102740236684050"},"themes":[],"title":"Is Google Cloud's Miss A Dip To Buy?","htmlText":"<a href=\"https://ttm.financial/S/GOOG\">$Alphabet(GOOG)$</a> <a href=\"https://ttm.financial/S/GOOGL\">$Alphabet(GOOGL)$</a> and <a href=\"https://ttm.financial/S/MSFT\">$Microsoft(MSFT)$</a> released their financial reports simultaneously, once again directly comparing their performance. Unlike in Q2, this time Microsoft saw a significant increase led by its cloud business, while Google experienced a 5% drop due to its cloud business falling short of expectations despite advertising exceeding expectations. However, we believe that the market's interpretation of Google is overly pessimistic.Summary1. Expectations for Google's advertising business were already factored in before the Q3 financial report, making up for the overly pessimistic expectations in the first half of the year. Despite high","listText":"<a href=\"https://ttm.financial/S/GOOG\">$Alphabet(GOOG)$</a> <a href=\"https://ttm.financial/S/GOOGL\">$Alphabet(GOOGL)$</a> and <a href=\"https://ttm.financial/S/MSFT\">$Microsoft(MSFT)$</a> released their financial reports simultaneously, once again directly comparing their performance. Unlike in Q2, this time Microsoft saw a significant increase led by its cloud business, while Google experienced a 5% drop due to its cloud business falling short of expectations despite advertising exceeding expectations. However, we believe that the market's interpretation of Google is overly pessimistic.Summary1. Expectations for Google's advertising business were already factored in before the Q3 financial report, making up for the overly pessimistic expectations in the first half of the year. Despite high","text":"$Alphabet(GOOG)$ $Alphabet(GOOGL)$ and $Microsoft(MSFT)$ released their financial reports simultaneously, once again directly comparing their performance. Unlike in Q2, this time Microsoft saw a significant increase led by its cloud business, while Google experienced a 5% drop due to its cloud business falling short of expectations despite advertising exceeding expectations. However, we believe that the market's interpretation of Google is overly pessimistic.Summary1. Expectations for Google's advertising business were already factored in before the Q3 financial report, making up for the overly pessimistic expectations in the first half of the year. Despite high","images":[{"img":"https://static.tigerbbs.com/84cedf2bf9500ff820fd21e932835bd1","width":"1765","height":"729"},{"img":"https://static.tigerbbs.com/6dfcb2fa25820ec7838ec6cf54824f48","width":"827","height":"471"},{"img":"https://static.tigerbbs.com/c7178aafbab8f744ecf08151276ead6f","width":"836","height":"440"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/234260472889392","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":7,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2683,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":234346963173440,"gmtCreate":1698250976606,"gmtModify":1698250980513,"author":{"id":"4096288759817900","authorId":"4096288759817900","name":"tony 家","avatar":"https://static.tigerbbs.com/4788518f4a6b0b9015a2f76d3af4ac9a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4096288759817900","idStr":"4096288759817900"},"themes":[],"htmlText":"W","listText":"W","text":"W","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/234346963173440","repostId":"234260472889392","repostType":1,"repost":{"id":234260472889392,"gmtCreate":1698218700242,"gmtModify":1698218847239,"author":{"id":"4102740236684050","authorId":"4102740236684050","name":"MaverickWealthBuilder","avatar":"https://community-static.tradeup.com/news/bbf0f514b8e5abb92266789b89f6e1e6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4102740236684050","idStr":"4102740236684050"},"themes":[],"title":"Is Google Cloud's Miss A Dip To Buy?","htmlText":"<a href=\"https://ttm.financial/S/GOOG\">$Alphabet(GOOG)$</a> <a href=\"https://ttm.financial/S/GOOGL\">$Alphabet(GOOGL)$</a> and <a href=\"https://ttm.financial/S/MSFT\">$Microsoft(MSFT)$</a> released their financial reports simultaneously, once again directly comparing their performance. Unlike in Q2, this time Microsoft saw a significant increase led by its cloud business, while Google experienced a 5% drop due to its cloud business falling short of expectations despite advertising exceeding expectations. However, we believe that the market's interpretation of Google is overly pessimistic.Summary1. Expectations for Google's advertising business were already factored in before the Q3 financial report, making up for the overly pessimistic expectations in the first half of the year. Despite high","listText":"<a href=\"https://ttm.financial/S/GOOG\">$Alphabet(GOOG)$</a> <a href=\"https://ttm.financial/S/GOOGL\">$Alphabet(GOOGL)$</a> and <a href=\"https://ttm.financial/S/MSFT\">$Microsoft(MSFT)$</a> released their financial reports simultaneously, once again directly comparing their performance. Unlike in Q2, this time Microsoft saw a significant increase led by its cloud business, while Google experienced a 5% drop due to its cloud business falling short of expectations despite advertising exceeding expectations. However, we believe that the market's interpretation of Google is overly pessimistic.Summary1. Expectations for Google's advertising business were already factored in before the Q3 financial report, making up for the overly pessimistic expectations in the first half of the year. Despite high","text":"$Alphabet(GOOG)$ $Alphabet(GOOGL)$ and $Microsoft(MSFT)$ released their financial reports simultaneously, once again directly comparing their performance. Unlike in Q2, this time Microsoft saw a significant increase led by its cloud business, while Google experienced a 5% drop due to its cloud business falling short of expectations despite advertising exceeding expectations. However, we believe that the market's interpretation of Google is overly pessimistic.Summary1. Expectations for Google's advertising business were already factored in before the Q3 financial report, making up for the overly pessimistic expectations in the first half of the year. Despite high","images":[{"img":"https://static.tigerbbs.com/84cedf2bf9500ff820fd21e932835bd1","width":"1765","height":"729"},{"img":"https://static.tigerbbs.com/6dfcb2fa25820ec7838ec6cf54824f48","width":"827","height":"471"},{"img":"https://static.tigerbbs.com/c7178aafbab8f744ecf08151276ead6f","width":"836","height":"440"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/234260472889392","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":7,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2598,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}