Member of China blockchain Association
China blockchain network adheres to & quot; Overview the situation and trends of blockchain, gather the business strategy of blockchain, spread the hot information of blockchain, and show the rich value of blockchain; It relies on world authoritative institutions (China social and economic decision making Advisory Committee, China social and economic decision making Advisory Center, China Market Research Center and China Market Research Center) to study, judge and make decisions on the blockchain. The operating institutions cooperate with the people's Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission, China Insurance Regulatory Commission, top 10 commercial banks, top 10 law firms, top 10 law firms, top 10 commercial banks, top 10 law firms The top ten accounting firms, top ten intellectual property companies, China professional credit platform and more than 100 Internet and financial research institutions of relevant national ministries and commissions have cooperated to absorb the authoritative views of 650 well-known experts and scholars from 200 key universities at home and abroad, and have more than 2000 excellent editors and 500 national Internet technology backbone special contributors to provide first-line information. Its authority, foresight, comprehensiveness, strategy, authenticity and practicability have been recognized by the global market, making China's blockchain network unique in the global blockchain field
the & quot
China blockchain network is a large-scale comprehensive media organization officially approved by relevant state departments to release financial and economic information. The website was jointly organized by China Enterprise News Watch, 28 financial institutions, 36 colleges and universities, 200 business associations and more than 100 world-famous media in 2012. It is now undertaken by Zhongcheng Cultural Media Co., Ltd. and is the world's largest blockchain portal
China blockchain network adheres to & quot; Overview the situation and trends of blockchain, gather the business strategy of blockchain, spread the hot information of blockchain, and show the rich value of blockchain; It relies on world authoritative institutions (China social and economic decision making Advisory Committee, China social and economic decision making Advisory Center, China Market Research Center and China Market Research Center) to study, judge and make decisions on the blockchain. The operating institutions cooperate with the people's Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission, China Insurance Regulatory Commission, top 10 commercial banks, top 10 law firms, top 10 law firms, top 10 commercial banks, top 10 law firms The top ten accounting firms, top ten intellectual property companies, China professional credit platform and more than 100 Internet and financial research institutions of relevant national ministries and commissions have cooperated to absorb the authoritative views of 650 well-known experts and scholars from 200 key universities at home and abroad, and have more than 2000 excellent editors and 500 national Internet technology backbone special contributors to provide first-line information. Its authority, foresight, comprehensiveness, strategy, authenticity and practicability have been recognized by the global market, making China's blockchain network unique in the global blockchain field
the & quot; Chain network, chain weekly, chain research report, finance and economics, news, banking, legal system, securities, futures, finance, finance, intellectual property, digital currency, financial management, credit and culture; And other important columns are famous all over the world. All kinds of dynamic information broadcasted daily is directly connected to financial institutions, central banks, China Banking Regulatory Commission, China Insurance Regulatory Commission, China Securities Regulatory Commission, commercial banks, Internet of things enterprises, law firms, financial companies, etc. all over the world. It is a link and bridge for blockchain to communicate and cooperate with all walks of life<
major activities such as "China small and medium sized enterprises investment and Development Forum" and "International Cultural Instry Investment Fair" sponsored and co sponsored by China blockchain network are well-known at home and abroad
the tenet of China blockchain network is to connect with the world, serve the world, run the network with integrity and keep pace with the world
Finance, news, banking, legal system, securities, futures, marketing, financial management, Culture & quot; And other important columns are famous all over the world. All kinds of dynamic information broadcasted daily is directly connected to financial institutions, central banks, China Banking Regulatory Commission, China Insurance Regulatory Commission, China Securities Regulatory Commission, commercial banks, policy banks, joint-stock banks and rural credit cooperatives all over the world, which is the link and bridge of communication and cooperation between blockchain and all sectors of society<
major activities such as "China small and medium sized enterprises investment and Development Forum" and "International Cultural Instry Investment Fair" sponsored and co sponsored by China blockchain network are well-known at home and abroad
the tenet of China blockchain network is to connect with the world, serve the world, run the network with integrity and keep pace with the world
China blockchain network: the leader of global blockchain
China blockchain network: the largest information exchange platform of global blockchain
in the early stage of the development of the blockchain instry, many enterprises and institutions formed a blockchain alliance to share the research results of blockchain technology and seek wider application of blockchain technology
in the past two years, blockchain alliances have emerged. As of July 2017, there are R3 composed of more than 40 international banks, hyperledger initiated by Linux foundation, Zhongguancun blockchain Instry Alliance located in the core hinterland of China's Internet, China ledger alliance jointly initiated by 11 institutions, gold chain alliance jointly established by 25 financial institutions, and so on Russia's blockchain alliance, known as "Russian version R3", seeks to combine with micro finance, Qianhai international blockchain ecosphere alliance led by Shenzhen Qianhai administration, and Lujiazui blockchain Financial Development Alliance in Lujiazui
many organizations and talents join to promote the vigorous development of blockchain.
1. Jinrong China Financial Instry Co., Ltd.
this is a digital currency trading platform in Hong Kong. At the beginning of trading, it developed on the principle of safeguarding the rights and interests of customers. Similarly, in order to expand trading customers, the company launched the privilege of opening accounts free of charge, and gave customers some concessions in some festivals, This is an important reason why the enterprise takes the first place in the domestic formal blockchain platform
2. Bitfinex
is a digital currency trading platform in Hong Kong, China. It is one of the largest cryptocurrency exchanges in the world. It occupies an important position in the world's cryptocurrency trading and circulation. It also provides the world's most liquid registration policy and plays an important role in the world's trading operations, At present, it occupies the second place in the domestic regular blockchain platform
3. Fire coin network
this is an earlier digital currency trading platform in China, mainly trading bitcoin. As the third instry of domestic regular blockchain platform, it is the trading platform with the largest bitcoin trading volume in China. Many new digital asset trading platforms have been developed under the company, For the future development of the foundation
This is a digital currency trading platform jointly established by some digital currency enthusiasts, and its founder is Zhao CHANGPENG. In fact, this trading platform didn't attract much attention at the beginning. With the continuous operation of the company and the founder's understanding of digital currency, this enterprise has become the top four domestic regular blockchain platforms, which shows the power of this platform This is one of the most popular digital asset trading platforms in the world. There are many kinds of digital currencies for trading, and their main functions are cash out and derivative trading. They are well-known in the world's exchangesit can form an instrial chain. Recently, the SMIC blockchain launched by Changsha high tech Zone is to recruit enterprises to join the chain, so that enterprises can get together.
This year's A-share market deals with all kinds of problems
from Guizhou Maotai with 1200 yuan, to Hengrui pharmaceutical with 99 times P / E ratio, to soy sauce stocks with 300 billion market value
any kind of white horse stocks may fail you. Only the core assets of the consumer instry are stable happiness
However, judging from the traditional valuation, the price to earnings ratio (PE) and price to book ratio (PB) of the big consumer sector are not cheap any more:① PE of the food and beverage instry is 32.17 times, reaching 68% of the historical percentage, and Pb is 6.5 times, reaching 81% of the historical percentage
2. The price earnings ratio of the Baijiu liquor segment is 32.17 times higher than that of the historical average. p> Is the valuation of consumer stocks too high
Guotai Junan retail team recently released "stick to the consumer leader, share China's growth", which analyzes in detail the changes in the valuation logic of consumer stocks
there are 2303 words in this article, and the reading time is estimated to be 10 minutes. Pull to the bottom of this article to read the core ideas of this article
remember the "beautiful 50" in America
before discussing whether the valuation of consumer white horse stocks is too high, we might as well review the "beautiful 50" market in the United States in the early 1970s
the so-called "beautiful 50" refers to the 50 large cap stocks in the New York Stock Exchange in the United States from the late 1960s to the early 1970s, among which there are many consumer brands that we are still familiar with, such as McDonald's, Coca Cola and so on
One of the most important characteristics of "beautiful 50" is that high profit and high PE exist at the same timesince 1971, the stock price and valuation level of "Meili 50" have risen rapidly. At the end of 1972, the median valuation was more than 40 times, and the highest valuation of Polaroid was even more than 90 times, while the median valuation of S & P 500 was only 12 times
throughout the market, it is not difficult to find that consumer stocks are especially favored by big funds. Analyzing the reasons behind it, we think that there are two points:
1. The business model is clear and the financial content is simple. 2. The economic downturn is more risk averse
still takes America's "beautiful 50" as an example. There are three main reasons for the ending of the "beautiful 50" market:
1) the huge fiscal deficit and credit expansion in the United States have accumulated a high inflation bubble, and the food crisis has triggered CPI upward, and the Federal Reserve has had to accelerate the tightening of monetary policy; < / p> The oil crisis broke out in 1973, which led to the further deterioration of inflation, the rising cost of raw materials eroded the profits of enterprises, the gross profit rate and profit growth rate of enterprises both went down, and the stock market turned from bull to bear
3) since 1973, the profit growth and roe of "Meili 50" began to decline, and the stability of profit was questioned by the market
we believe that the phenomenon of "group heating" of A-share institutions can only be broken in two cases:
1) the performance of consumption leaders continues to be lower than expected, but at present, the revenue and net profit of Baima shares such as Guizhou Maotai, Wuliangye, Gree Electric Appliance and Midea Group keep steady growth
2) like the "Meili 50" in the United States, a shares encounter large external changes, such as the overall escalation of Sino US friction or the global economic cliff recession, but the probability is very small at present
at present, the possibility of both cases is very small
how to configure later
in terms of follow-up allocation, we suggest mining investment opportunities from two main lines
1) efficiency in terms of supply: the leading enterprises with high operating efficiency, steady performance growth and obvious competitive advantage will continue to grow by squeezing the market share of small and medium-sized enterprises
2) dividend from demand: there is still a huge consumer demand dividend in the third and fourth tier market. We are optimistic about the enterprises with strong growth, instry logic and income support, especially the leading companies whose strategic focus is expanding to the low tier market and can enhance the market share through their own management and cost advantages
summary of this paper:
1 in the traditional sense, the big consumer sector is no longer cheap
However, when the consumer instry develops to a certain stage, its leading stocks should not simply judge the valuation level according to the price earnings ratio (PE)3 the valuation system of consumer instry is changing from PE model to DDM model. Once the consumer leader has established a deep enough "moat", the steady growth, market share increase, profit improvement and continuous dividend will be enough to support its valuation level
4 domestic funds and overseas funds maintain a high enthusiasm in the allocation of large consumer instries. The reason why consumer stocks are favored by big funds is that their business model is clear, their financial content is simple, and they are more risk averse in the period of economic downturn
5 the group market of consumer stocks is not easy to be broken in the short term. In terms of follow-up allocation, we should pay attention to leading enterprises from the perspective of supply; From the perspective of demand, focus on the enterprises with strong growth, instry logic and income support