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2023-11-03

w

Tiger Daily News | Palantir surges 20%! Tesla rose 6.3%, while Nvidia jumped 2.8%! Federal Reserve rate hike expectations cooled, causing a rally in US stocks.

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

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

2023-10-26

W

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

2023-03-09

q

@松果财经:海力威衝刺上交所：2022年營收4億，計劃募資5億

2023-03-01

(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.

2022-05-05

3

Everbright Strategy: Three Investment Clues Revealed in Financial Reports

Go to Tiger App to see more news

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家","avatar":"https://static.tigerbbs.com/4788518f4a6b0b9015a2f76d3af4ac9a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096288759817900","authorIdStr":"4096288759817900"},"themes":[],"title":"","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":"hk","language":"zh","title":"Tiger Daily News | Palantir surges 20%! Tesla rose 6.3%, while Nvidia jumped 2.8%! Federal Reserve rate hike expectations cooled, causing a rally in US stocks.","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 is expected to be the weakest in five years; Apple's quarterly profit beat expectations, and revenue fell 1%, marking its fourth consecutive decline. Pailey: The Bank of England will maintain high interest rates for as long as necessary; Mainland interbank liquidity tightened sharply at the end of October; Tesla shares rose 6.3%, while Nvidia shares jumped 2.8%. Palantir's quarterly results turned around and beat expectations, with revenue rising 17% and its stock price surging 20%; The Dow Jones Industrial Average rose 1.7%, the S&P 500 gained 1.89%, the Nasdaq Composite rose 1.78%, and the Golden Dragon China Industrial Average jumped 2.04%.</p><p><h2 id=\"id_2026165429\">I. Hot News</h2><strong>US 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 during this year's peak retail season are expected to increase by 3% to 4%, the lowest growth rate in five years. Discount chain Target says consumers are cutting back on all household expenses, including food, due to high prices and a surge in mortgage costs.</p><p><p style=\"text-align: start;\"><strong>Apple's quarterly profit beat expectations, but revenue fell 1%, marking its fourth consecutive decline.</strong><br/><br/>Apple's net profit for the fourth fiscal quarter rose 10.8% year-over-year, while revenue fell 1%, marking the fourth consecutive quarterly decline, both exceeding expectations. iPhone sales revenue increased by 2%. CEO Tim Cook stated that revenue in the Chinese market fell by 2.5%, mainly related to currency exchange rates. However, even after excluding related effects, growth was still recorded, with local iPhone sales hitting a record high. Chief Financial Officer Maestri said that overall revenue for the quarter was roughly flat year-on-year. Apple's stock price fell more than 3% in after-hours trading, but closed up 2.1% for the day.</p><p><p style=\"text-align: start;\"><strong>Bailey: Bank of England to maintain high interest rates for as long as necessary</strong><br/><br/>The Bank of England kept interest rates at 5.25%, in line with expectations. Governor Bailey said that to reduce inflation, the Bank of England will keep interest rates at the required high level for as long as necessary.</p><p><strong>US economic data</strong></p><p>The U.S. Department of Labor reported 217,000 jobless claims last week, an increase of 5,000 week-on-week, compared to the expected 210,000 and the previous revised figure of 212,000. The final value of durable goods orders in September increased by 4.6% month-on-month, compared with both the expected and previous values of 4.7%.</p><p><strong>Mainland interbank funds tightened sharply at the end of October.</strong></p><p>Interbank liquidity in mainland China tightened sharply at the end of October, with overnight repurchase rates soaring to over 50% at one point. The China Foreign Exchange Trading Center has reportedly requested explanations from institutions involved in high-interest rate transactions such as the 50% interbank repurchase agreement on October 31.</p><p><h2 id=\"id_465155168\">II. US Stock review</h2>Federal Reserve rate hike expectations cooled, and US Treasury yields continued to fall sharply, driving a surge in US stocks. The Dow Jones Industrial Average, which had risen 578 points, still closed up 564 points or 1.7%, the S&P 500 rose 1.89%, the Nasdaq Composite 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 shares rose 2.1% after the market closed on Thursday, Tesla shares jumped 6.3%, and Nvidia shares jumped 2.8%.</p><p><p style=\"text-align: start;\">Vaccine maker Moderna took a massive $3.1 billion write-down on its COVID-19 vaccine inventory, dragging down a $3.6 billion loss in the third quarter. Its stock price plunged as much as 17.9%, marking its biggest drop since November 2021, and closed down 6.5%.</p><p><p style=\"text-align: start;\">In contrast, PayPal and Qualcomm reported better-than-expected results last quarter, with their stock prices rising 6.6% and 5.8%, respectively.</p><p><p style=\"text-align: start;\">Starbucks' same-store sales grew by 8% last quarter, far exceeding expectations, and its stock price surged 9.5%, the strongest increase since May of 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 $8.61 billion, causing its stock price to jump 2.7%.</p><p>U.S. big data provider Palantir reported a net profit of $72 million for the third quarter ended September 31, compared with a loss of $123.9 million in the same period last year. Adjusted earnings per share for the period were RMB 0.07, compared to the expected RMB 0.06; Revenue was reported at 558 million yuan, up 17% year-on-year, compared to the expected 556.1 million yuan. Following the news, the company's stock price fell about 1% during the extended after-hours trading session on Thursday, but closed up 20.4% for the day.</p><p><h2 id=\"id_3483187185\">III. Hong Kong Stock Outlook</h2>The Hang Seng Index closed up 128 points, or 0.75%, at 17,230. The total turnover of the market reached 71.124 billion yuan. The China National Index rose 51 points, or 0.88%, to 5911. The Tech Index rose more than 3% this morning, but its gains narrowed to 1.6% at 3813 points at the close.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4952d4c3a3d4531e9e461448b17b38e\" tg-width=\"769\" tg-height=\"162\"/></p><p>￭ The EU stated that the proposed merger between Vodafone and Three (3 UK), a UK mobile service provider owned by CK Hutchison Holdings (00001), does not constitute a market monopoly concern.<br/>￭ Logan Group (03380): It is exploring various structures related to restructuring, including debt-to-equity swaps, to achieve deleveraging.<br/>￭ Dongfeng Motor Group (00489): Zhu Yanfeng has reached retirement age and will no longer serve as an executive director and chairman of the company effective immediately. The group has appointed executive director Yang Qing as chairman.<br/>￭ Autohome (02518) reported a 13.84% year-on-year increase in net profit in the third quarter.<br/>￭ Sun Kai Properties (00016) Tin Shui Wai Light Rail Tin Wing Station Phase 1, YOHO WEST, is expected to release its brochure as early as mid-month, with the goal of launching Phase 1 this month.</p><p><h2 id=\"id_165439496\">IV. Financial Forecast</h2><ul style=\"\"><li><strong>Earnings Release</strong></p><p></li></ul><a href=\"https://laohu8.com/S/FUBO\">fuboTV Inc.</a>Earnings will be released before the US stock market opens today.</p><p><ul style=\"\"><li><strong>Economic data</strong></p><p></li></ul>20:30: Seasonally adjusted change in US non-farm payrolls in October (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 Daily News | Palantir surges 20%! Tesla rose 6.3%, while Nvidia jumped 2.8%! Federal Reserve rate hike expectations cooled, causing a rally in US stocks.</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 Daily News | Palantir surges 20%! Tesla rose 6.3%, while Nvidia jumped 2.8%! Federal Reserve rate hike expectations cooled, causing a rally in US stocks.\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 is expected to be the weakest in five years; Apple's quarterly profit beat expectations, and revenue fell 1%, marking its fourth consecutive decline. Pailey: The Bank of England will maintain high interest rates for as long as necessary; Mainland interbank liquidity tightened sharply at the end of October; Tesla shares rose 6.3%, while Nvidia shares jumped 2.8%. Palantir's quarterly results turned around and beat expectations, with revenue rising 17% and its stock price surging 20%; The Dow Jones Industrial Average rose 1.7%, the S&P 500 gained 1.89%, the Nasdaq Composite rose 1.78%, and the Golden Dragon China Industrial Average jumped 2.04%.</p><p><h2 id=\"id_2026165429\">I. Hot News</h2><strong>US 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 during this year's peak retail season are expected to increase by 3% to 4%, the lowest growth rate in five years. Discount chain Target says consumers are cutting back on all household expenses, including food, due to high prices and a surge in mortgage costs.</p><p><p style=\"text-align: start;\"><strong>Apple's quarterly profit beat expectations, but revenue fell 1%, marking its fourth consecutive decline.</strong><br/><br/>Apple's net profit for the fourth fiscal quarter rose 10.8% year-over-year, while revenue fell 1%, marking the fourth consecutive quarterly decline, both exceeding expectations. iPhone sales revenue increased by 2%. CEO Tim Cook stated that revenue in the Chinese market fell by 2.5%, mainly related to currency exchange rates. However, even after excluding related effects, growth was still recorded, with local iPhone sales hitting a record high. Chief Financial Officer Maestri said that overall revenue for the quarter was roughly flat year-on-year. Apple's stock price fell more than 3% in after-hours trading, but closed up 2.1% for the day.</p><p><p style=\"text-align: start;\"><strong>Bailey: Bank of England to maintain high interest rates for as long as necessary</strong><br/><br/>The Bank of England kept interest rates at 5.25%, in line with expectations. Governor Bailey said that to reduce inflation, the Bank of England will keep interest rates at the required high level for as long as necessary.</p><p><strong>US economic data</strong></p><p>The U.S. Department of Labor reported 217,000 jobless claims last week, an increase of 5,000 week-on-week, compared to the expected 210,000 and the previous revised figure of 212,000. The final value of durable goods orders in September increased by 4.6% month-on-month, compared with both the expected and previous values of 4.7%.</p><p><strong>Mainland interbank funds tightened sharply at the end of October.</strong></p><p>Interbank liquidity in mainland China tightened sharply at the end of October, with overnight repurchase rates soaring to over 50% at one point. The China Foreign Exchange Trading Center has reportedly requested explanations from institutions involved in high-interest rate transactions such as the 50% interbank repurchase agreement on October 31.</p><p><h2 id=\"id_465155168\">II. US Stock review</h2>Federal Reserve rate hike expectations cooled, and US Treasury yields continued to fall sharply, driving a surge in US stocks. The Dow Jones Industrial Average, which had risen 578 points, still closed up 564 points or 1.7%, the S&P 500 rose 1.89%, the Nasdaq Composite 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 shares rose 2.1% after the market closed on Thursday, Tesla shares jumped 6.3%, and Nvidia shares jumped 2.8%.</p><p><p style=\"text-align: start;\">Vaccine maker Moderna took a massive $3.1 billion write-down on its COVID-19 vaccine inventory, dragging down a $3.6 billion loss in the third quarter. Its stock price plunged as much as 17.9%, marking its biggest drop since November 2021, and closed down 6.5%.</p><p><p style=\"text-align: start;\">In contrast, PayPal and Qualcomm reported better-than-expected results last quarter, with their stock prices rising 6.6% and 5.8%, respectively.</p><p><p style=\"text-align: start;\">Starbucks' same-store sales grew by 8% last quarter, far exceeding expectations, and its stock price surged 9.5%, the strongest increase since May of 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 $8.61 billion, causing its stock price to jump 2.7%.</p><p>U.S. big data provider Palantir reported a net profit of $72 million for the third quarter ended September 31, compared with a loss of $123.9 million in the same period last year. Adjusted earnings per share for the period were RMB 0.07, compared to the expected RMB 0.06; Revenue was reported at 558 million yuan, up 17% year-on-year, compared to the expected 556.1 million yuan. Following the news, the company's stock price fell about 1% during the extended after-hours trading session on Thursday, but closed up 20.4% for the day.</p><p><h2 id=\"id_3483187185\">III. Hong Kong Stock Outlook</h2>The Hang Seng Index closed up 128 points, or 0.75%, at 17,230. The total turnover of the market reached 71.124 billion yuan. The China National Index rose 51 points, or 0.88%, to 5911. The Tech Index rose more than 3% this morning, but its gains narrowed to 1.6% at 3813 points at the close.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4952d4c3a3d4531e9e461448b17b38e\" tg-width=\"769\" tg-height=\"162\"/></p><p>￭ The EU stated that the proposed merger between Vodafone and Three (3 UK), a UK mobile service provider owned by CK Hutchison Holdings (00001), does not constitute a market monopoly concern.<br/>￭ Logan Group (03380): It is exploring various structures related to restructuring, including debt-to-equity swaps, to achieve deleveraging.<br/>￭ Dongfeng Motor Group (00489): Zhu Yanfeng has reached retirement age and will no longer serve as an executive director and chairman of the company effective immediately. The group has appointed executive director Yang Qing as chairman.<br/>￭ Autohome (02518) reported a 13.84% year-on-year increase in net profit in the third quarter.<br/>￭ Sun Kai Properties (00016) Tin Shui Wai Light Rail Tin Wing Station Phase 1, YOHO WEST, is expected to release its brochure as early as mid-month, with the goal of launching Phase 1 this month.</p><p><h2 id=\"id_165439496\">IV. Financial Forecast</h2><ul style=\"\"><li><strong>Earnings Release</strong></p><p></li></ul><a href=\"https://laohu8.com/S/FUBO\">fuboTV Inc.</a>Earnings will be released before the US stock market opens today.</p><p><ul style=\"\"><li><strong>Economic data</strong></p><p></li></ul>20:30: Seasonally adjusted change in US non-farm payrolls in October (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":{".DJI":"道琼斯","HSI":"恒生指数",".IXIC":"NASDAQ Composite","PLTR":"Palantir Technologies Inc.",".SPX":"S&P 500 Index"},"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":{".DJI":1.1,"PLTR":1.1,".IXIC":1.1,"HSI":1.1,".SPX":1.1}},"isVote":1,"tweetType":1,"viewCount":5130,"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":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096288759817900","authorIdStr":"4096288759817900"},"themes":[],"title":"","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,"idStr":"4134821074118532","authorIdStr":"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":5312,"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： 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":4288,"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":6100,"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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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)$</a> ，就因行業性的需求下滑而大跌。但是對綜合性的芯片公司來說，要找到對整個板塊的指引，可能還是需要關注NVDA的業績以及對接下來幾個季度的指引。","listText":"過去一個月，半導體板塊回調不少 <a href=\"https://laohu8.com/S/SOX\">$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":5452,"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":4381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":234944691232856,"gmtCreate":1698381036972,"gmtModify":1698381041750,"author":{"id":"4096288759817900","authorId":"4096288759817900","name":"tony 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家","avatar":"https://static.tigerbbs.com/4788518f4a6b0b9015a2f76d3af4ac9a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096288759817900","authorIdStr":"4096288759817900"},"themes":[],"title":"","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":"Maverick AI","avatar":"https://community-static.tradeup.com/news/bbf0f514b8e5abb92266789b89f6e1e6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4102740236684050","authorIdStr":"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":4394,"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":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096288759817900","authorIdStr":"4096288759817900"},"themes":[],"title":"","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":"Maverick AI","avatar":"https://community-static.tradeup.com/news/bbf0f514b8e5abb92266789b89f6e1e6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4102740236684050","authorIdStr":"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":5264,"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":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096288759817900","authorIdStr":"4096288759817900"},"themes":[],"title":"","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,"idStr":"3555912730539938","authorIdStr":"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":4508,"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":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096288759817900","authorIdStr":"4096288759817900"},"themes":[],"title":"","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":1807,"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":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096288759817900","authorIdStr":"4096288759817900"},"themes":[],"title":"","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 Financial Reports","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>A-share earnings growth slowed down in Q1 2022.</b></h3><b>1.1 The year-on-year growth rate of A-share earnings declined.</b></p><p><b>The growth rate of A-share earnings slowed 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 Q1 2022 was 4.1%, compared with the quarter-on-quarter growth rate of 71.3% in Q4 2021, and the year-on-year growth rate of net profit attributable to the parent company of all A-shares in 2021 was 18.6%. All A-share non-financial net profit attributable to the parent company increased by 9.1% year-on-year in Q1 2022, compared with a growth rate of 138.0% in Q4 2021. For the whole of 2021, A-share non-financial net profit attributable to the parent company increased by 26.1% year-on-year. Since the domestic economy was significantly affected by the pandemic in the first quarter of 2022, considering the first quarter of 2020, which was also affected by the pandemic, the net profit attributable to the parent company of all A-shares in Q1 2022 increased by 59.4% compared to Q1 2020. In the first quarter, due to the impact of the epidemic in China, the earnings growth rate of all A-shares and non-financial A-shares in Q1 2022 was lower than the earnings growth rate of the whole of 2021. The decline in earnings growth rate was consistent with our previous expectations[1].</p><p><b>The performance of each sector varied.</b>Looking at the main sectors, the year-on-year growth rates of Wenshi's net profit attributable to the parent company in the first quarter of 2022 were 4.1% / -14.6% / 62.4% / -7.1%, respectively, while the year-on-year growth rates of net profit attributable to the parent company for the whole of 2021 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] See the report released on November 4, 2021, “Hiding Strengths and Waiting for Time, Seeking Victory While Steady – 2022 A-Share Annual Strategy Report”.</p><p><b>1.2 Revenue growth declined, but gross profit margin rebounded slightly in the single quarter.</b></p><p>In the first quarter of 2022, the overall revenue growth rate of A-shares was 11.8%, compared with the growth rate of -9.0% in Q4 2021. The year-on-year revenue growth rate of all A-shares in Q1 2022 was lower than the 19.2% for the whole of 2021. The growth rate of all non-financial A-shares in Q1 2022 was 14.7%, compared with the growth rate of -13.2% in Q4 2021. The year-on-year revenue growth rate of all non-financial A-shares in Q1 2022 was also lower than the 21.8% for the whole of 2021.</p><p><b>The revenue growth rate of the main board declined in Q1 2022.</b>Looking at different sectors, Wenshi's revenue growth rates for the main board/ChiNext/STAR Market/ChiNext were 11.0%/20.6%/45.4%/21.6% in Q1 2022, respectively. The revenue growth rates for each sector in Q1 2022 compared to Q4 2021 were -8.6%/-15.9%/-13.3%/-15.8%, respectively, and the revenue growth rates for the whole of 2021 were 18.8%/23.5%/36.7%/24.8%, respectively.</p><p><b>Gross profit margin rebounded slightly in the single quarter.</b>The non-financial gross profit margin of all A-shares in Q1 2022 was basically the same as that of all A-shares in 2021, reaching 18.1%, an increase of 0.8 percentage points compared to 17.3% in Q4 2021. In terms of rolling gross profit margin, the gross profit margin of all A-share non-financial stocks has been declining continuously since 2018. Looking at different sectors, the gross profit margins of the main board, ChiNext, and STAR Market in Q1 2022 were 17.5%, 24.4%, and 33.5%, respectively. The gross profit margins of each sector in 2021 were 17.5%, 26.0%, and 33.7%, respectively. The gross profit margins of the main board and STAR Market in Q1 2022 were basically the same as those of 2021, while the gross profit margin of the ChiNext in Q1 2022 decreased by 1.6 percentage points compared to 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 materials sector is relatively prosperous.</b></h3><b>2.1 Upstream sectors performed relatively well.</b></p><p>Looking at different sectors, the upstream raw materials and technology sectors saw positive net profit growth in Q1 2022, at 35.6% and 8.6% respectively. The midstream manufacturing, downstream consumer, and financial sectors all experienced varying degrees of decline in performance in Q1 2022, with growth rates of -0.6%, -8.8%, and -1.4% respectively. The upstream/midstream/downstream/financial/technology sectors saw growth rates of 98.4%, 22.6%, -22.0%, 11.1%, and 33.7% respectively in 2021. Although the downstream consumer sector's performance growth rate in Q1 2022 was negative, from the perspective of performance improvement, the downstream consumer sector's performance growth rate in Q1 2022 was significantly better than that 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>By industry, non-ferrous metals, coal, and power equipment had the highest performance growth rates in Q1 2022, while agriculture, forestry, animal husbandry and fishery, computer, and light manufacturing had the lowest performance growth rates. The industries with the highest performance growth rates in 2021 were transportation, media, and oil and petrochemicals. From the perspective of performance improvement, the performance growth rates of retail, real estate, and public utilities in Q1 2022 have improved significantly compared to the performance growth rate for the whole 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 divergence under the impact of the pandemic</b></p><p><b>Revenue growth across all segments slowed down.</b>Looking at different sectors, all sectors except finance saw positive revenue growth in Q1 2022, but the revenue growth rates of all sectors in Q1 2022 were lower than those in 2021. The revenue growth rates of upstream, midstream, downstream, finance, and technology in Q1 2022 were 27.7%, 15.4%, 1.0%, -0.5%, and 9.6%, respectively, while the revenue growth rates in 2021 were 35.0%, 22.5%, 10.3%, 6.5%, and 15.5%, respectively.</p><p>Looking at different industries, the revenue growth rates of the power equipment, petroleum and petrochemical, pharmaceutical and biological, public utilities, communications, and beauty and care industries in Q1 2022 improved to varying degrees compared to the revenue growth rates of the whole of 2021, while the revenue growth rates of other industries in Q1 2022 were lower than the revenue growth rates of the whole of 2021. In terms of absolute revenue growth, power equipment, oil and petrochemicals, coal, and non-ferrous metals had the highest revenue growth rates in Q1 2022, while real estate, retail, non-bank financial institutions, and automobiles had the lowest revenue growth rates in Q1 2022.</p><p><b>Gross profit margin trends have diverged.</b>In terms of gross profit margin, the trends in gross profit margin vary across different industries. The gross profit margin of the daily consumer and utilities industries in Q1 2022 increased significantly compared to the gross profit margin for the whole of 2021, at 3.1 percentage points and 1.9 percentage points respectively, while the gross profit margin of telecommunications services and industrial industries decreased by 1.7 percentage points and 1.0 percentage points respectively. Looking at the Shenwan Level 1 industries, the gross profit margins of industries such as food and beverage, coal, public utilities, and commerce and retail have increased significantly, while the gross profit margins of social services, agriculture, forestry, animal husbandry and fishery, building materials, and light manufacturing have decreased 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 declining ROE</b></h3><b>3.1 Declining net profit margin leads to lower ROE</b></p><p>In the first quarter of 2022, the ROE (TTM) of all A-shares was 9.3%, a decrease of 0.2 percentage points from 9.5% in 2021. Looking at major sectors, the ROE (TTM) of the Science and Technology Innovation Board saw the largest increase, rising by 1.7 percentage points from 10.2% in 2021 to 11.9%. The ROE (TTM) of the main board and the ChiNext board in Q1 2022 both declined compared to 2021, decreasing by 0.2 percentage points/0.9 percentage points 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-shares non-financial institutions in Q1 2022 was 5.4%, basically the same as in 2021. Looking at different sectors, the net profit margins of the main board, the ChiNext board, and the Science and Technology Innovation Board decreased by 0.1 percentage points, 0.6 percentage points, and 0.6 percentage points respectively in Q1 2022 to 8.1%, 6.4%, and 12.2%. Therefore, overall, the decline in net profit margin was the main factor contributing 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 Improved ROE (TTM) in the upstream raw materials segment</b></p><p>Looking at different sectors, except for upstream sectors, the ROE (TTM) of the midstream, downstream, financial and technology sectors all declined to varying degrees in the first quarter of 2022. Looking at different sectors, coal, non-ferrous metals, power equipment, and pharmaceuticals and biotechnology saw relatively large increases in ROE (TTM) in the first quarter of 2022, while agriculture, forestry, animal husbandry and fishery, communications, light manufacturing, and non-bank financial institutions saw significant decreases.</p><p>According to DuPont's analysis, the improved ROE (TTM) has resulted in improved industry net profit margins and asset turnover. The coal and power equipment industries, which saw the largest increases in ROE (TTM) in the first quarter of 2022, saw their net profit margins increase by 1.5 percentage points and 0.2 percentage points respectively in Q1 2022, and their asset turnover rates increase by 2.2 percentage points and 2.1 percentage points respectively. In terms of debt-to-asset ratio, more industries saw an increase than a decrease in debt-to-asset ratio. Communications, agriculture, forestry, animal husbandry and fishery, commerce and retail, and transportation saw the largest increases, while food and beverage, computers, coal, and beauty and care saw the largest decreases.</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 earnings for the whole year are expected to be in the low single digits.</b></p><p><b>The earnings of A-shares faced certain pressure throughout 2022.</b>The growth rate of A-share profits has declined significantly in the first quarter, and we expect the growth rate of A-share profits for the whole year to be in the low single digits. According to our top-down forecast, the overall profit growth rate of A-shares for the whole year this year may be around 4.1%, while the non-financial sector will drop to negative growth. In terms of pace, the performance in the second quarter may still decline further, especially the decline in the non-financial sector may be relatively large. However, with the annual GDP growth target of 5.5%, the earnings performance of A-shares may improve in the fourth quarter.</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 consensus expectation for a bottom-up trend in the market remains relatively high.</b>The current market consensus is that the net profit growth rate of all A-shares in 2022 is 25.4%, and the expected net profit growth rate of all non-financial A-shares is 39.0%, both of which are significantly higher than our expectations for A-share earnings this year. Historically, in most years, earnings expectations for A-shares have been high at the beginning of the year, and may be lowered after the first quarter report.</p><p><b>Pay attention to the risk of a downward revision of earnings expectations for growth sectors.</b>Looking at it by sector. Historically, the accuracy of earnings forecasts for growth and cyclical sectors has been relatively low, while the accuracy of forecasts for consumer industries such as food and beverage and banking has been relatively higher. This is related to many factors, such as the stability of performance in different industries. Looking at this year's situation, April...<a href=\"https://laohu8.com/S/300274\">solar power supply</a>The significantly lower-than-expected performance of some companies, represented by [company name missing], has led to stock price adjustments on the Electronic New Energy and ChiNext boards. Currently, market expectations for the overall performance of the growth sector remain relatively high. If profit expectations are 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>Three Investment Clues for This Year from Financial Reports</b></h3><b>5.1 Consumer Prosperity as Seen from Relative Performance Advantages</b></p><p><b>In the first-quarter report, the upstream and consumer sectors showed relatively high prosperity.</b>In terms of net profit indicators, the industries with positive net profit growth in the first quarter and an increase compared to 2021 were mainly construction, power equipment, coal, communications, food and beverage, and home appliances. In terms of growth rate, non-ferrous metals, coal, power equipment, transportation, basic chemicals, pharmaceuticals and biotechnology, petroleum and petrochemicals, and food and beverage ranked highest. Overall, the industries that performed well in the first quarter were mainly concentrated in the upstream and consumer sectors.</p><p><b>On the profitability side, upstream and consumer sectors also performed better.</b>Looking at the profitability indicators for Q1 2022 and 2021, the gross profit margin (TTM) of coal, food and beverage, non-ferrous metals, and pharmaceuticals and biotechnology increased, while the ROE (TTM) of coal, non-ferrous metals, power equipment, and pharmaceuticals and biotechnology increased. Overall, upstream sectors, represented by coal and non-ferrous metals, and consumer sectors, represented by food and beverage and pharmaceuticals and biotechnology, 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 consumer sector is expected to become one of the most prosperous sectors this year.</b>Compared to upstream sectors whose performance depends more on commodity price trends, the consumer sector's performance this year may be relatively more certain. Overall, A-share listed companies are part of the economy, and the performance of each sector is affected by the economy, but there are significant differences between different sectors. The performance of all non-financial and non-consumer sectors in the A-share market is more correlated with the economy, while the performance of the consumer sector is less correlated with the economy. During economic upturns, non-financial and non-consumer sectors outperform the consumer sector, while during economic downturns, the consumer sector outperforms non-consumer and non-financial sectors.</p><p><b>How much impact does the transmission of inflation have on the performance of the consumer sector?</b>Inflation, especially the persistently high PPI, has always been a major concern for the market. Financial reports show that high resource prices have driven the continued strong performance of upstream sectors, which has also significantly squeezed the profits of midstream manufacturing. So, how much impact does the transmission of inflation to downstream consumption have on the performance of the consumer sector? Historically, neither PPI nor CPI has been significantly correlated with the gross profit margin of the consumer sector. On the one hand, commodity prices are an important factor affecting the PPI trend, while commodity prices have a relatively weak direct impact on the consumer sector. On the other hand, CPI encompasses all aspects of clothing, food, housing, and transportation, and its scope is broader than that of listed consumer companies. For example, fresh vegetables, beef, and mutton are important components of CPI, but their impact on the performance of listed companies is relatively small. At the same time, most listed consumer companies are leading companies with influence in the industry and also have the ability to pass on costs. Although high inflation has little impact on the overall profitability of consumer goods, it may have a certain adverse effect on consumer goods industries with more manufacturing attributes, such as automobiles and home appliances.</p><p><b>How much impact has the pandemic had on the performance of the consumer sector?</b>Recently, China has been once again disrupted by the epidemic. Many regions, including Shanghai, have adopted relatively strict epidemic prevention and control measures. The disruption of the epidemic has also had an adverse impact on the performance of A-shares, but consumption may be the sector that has been relatively less affected. On the one hand, based on the experience of 2020, under the impact of the pandemic, the overall net profit growth rate of A-shares declined significantly, but the decline in consumption was relatively small. It is an important allocation direction for the market to avoid performance risks, and the relative performance advantages of industries such as food and beverage and pharmaceuticals have become more prominent. On the other hand, the offline consumption industry, which has been more affected by the pandemic, is at a historical low. Even if the pandemic disrupts it 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 Infrastructure Prosperity as Seen from Capital Expenditure</b></p><p><b>The growth rate of capital expenditure in A-shares declined significantly in the first quarter.</b>In the first quarter of 2022, the growth rate of non-financial capital expenditure in all A-shares was 3.6%, a significant decrease from 10.3% in 2021. This level is only better than that in the first half of 2020 since 2017. Looking at different sectors, the Science and Technology Innovation Board (STAR Market) was the only sector whose capital expenditure growth rate increased in Q1 2022 compared to 2021, while the capital expenditure growth rate of the ChiNext Board declined relatively significantly. In terms of absolute growth rate, the growth rates of both the Science and Technology Innovation Board and the ChiNext Board are higher than those of the main board.</p><p><b>The growth rate of capital expenditure in most industries has declined significantly.</b>Looking at different industries, only six industries—non-ferrous metals, banking, telecommunications, building decoration, oil and petrochemicals, and automobiles—saw an increase in capital expenditure growth in Q1 2022 compared to 2021. Other industries all experienced varying degrees of decline, with social services, transportation, textiles and apparel, and machinery and equipment seeing relatively large declines. Among other industries with large capital expenditures, the growth rate of the electronics industry slowed slightly, while the power equipment industry saw a decline of more than 20 percentage points. In terms of absolute growth rate, the capital expenditure growth rates of building materials, power equipment, automobiles, non-ferrous metals, basic chemicals, and banks in Q1 2022 were above 20%, while the growth rates of social services, agriculture, forestry, animal husbandry and fishery, real estate, environmental protection, and transportation were below -20%.</p><p><b>The downward trend in capital expenditure growth and the impact of the pandemic.</b>On the one hand, there is some downward pressure on the overall profit growth rate of A-shares this year, and during periods of profit decline, the overall capital expenditure growth rate of A-shares often also declines. Therefore, the capital expenditure growth rate for the whole year may be significantly lower than last year. On the other hand, my country was disrupted by the epidemic in the first quarter, and many provinces and cities, including Shanghai, adopted relatively strict epidemic prevention and control restrictions, which also had a significant impact on the business activities of some industries.</p><p><b>Structurally, which industries are likely to become the highlights this year?</b>The strength of capital expenditure represents a company's optimistic and pessimistic expectations 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 sector this year. On the one hand, the construction industry was one of the few industries where the growth rate of capital expenditure in Q1 2022 increased compared to 2021. Although this figure for building materials decreased slightly compared to 2021, the absolute growth rate in Q1 2022 reached 89%. On the other hand, historically, during periods of policy support and rising infrastructure investment growth, the growth rate of capital expenditure in the construction and building materials industry has also tended to increase. Under the general direction of stabilizing growth this year, infrastructure investment will also be an important area of focus. It is expected that the construction and building materials industries in the infrastructure sector will be the most noteworthy throughout the year.</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 Pressure on various industries from the perspective of changes in exports</b></p><p><b>In 2021, listed companies maintained high growth in overseas revenue.</b>Listed companies only disclose their overseas revenue in their interim and annual reports. In 2021, the year-on-year growth rate of all A-share non-financial overseas revenue was 26.1%, a significant increase of 19.0 percentage points compared to the 7.1% growth rate in 2020. The compound annual growth rate for 2020 and 2021 was 16.2%, an increase of 6.5 percentage points compared to the 9.7% growth rate in 2019. However, thanks to the good performance of its domestic business revenue, the proportion of overseas revenue in total revenue did not increase significantly. The proportion of overseas revenue from all non-financial A-shares in total revenue increased from 10.0% in 2019 to 10.6% in 2021.</p><p><b>Most industries saw their overseas revenue growth rate increase in 2021 compared to 2020.</b>Comparing the growth rate of overseas revenue in 2021 with that in 2020, the oil and petrochemical, coal, and steel industries saw the highest increase in overseas revenue growth, and the absolute growth rate was also higher. However, the beauty and care, pharmaceutical and biological, and environmental protection industries saw a relatively larger decline, with the beauty and care and environmental protection industries experiencing negative growth. Compared with 2019, the growth rate of overseas revenue in most industries has also increased, with real estate, coal, and utilities seeing the largest increases, while environmental protection, beauty and care, social services, and computer sectors 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 well in the past two years, but may face some downward pressure this year.</b>Over the past two years, disruptions to overseas production have led to very impressive export data in my country. In 2021, the export growth rate reached 29.9%, but since the beginning of this year, the export growth rate has declined significantly, with a cumulative year-on-year growth rate of 15.8% in the first three months. On the one hand, the impact of the current overseas epidemic is gradually subsiding, and production is gradually recovering; On the other hand, the strong overseas demand over the past two years has partly come from high incomes and high savings generated by government subsidies. However, the proportion of US residents' savings has now dropped to pre-pandemic levels, and overseas demand may face continued downward pressure in the future. Therefore, domestic export growth may continue to face pressure in the future.</p><p><b>The pressure on exports may also be reflected in the overseas revenue of A-share listed companies.</b>As mentioned above, overseas demand is facing downward pressure this year, while supply is expected to recover. The subsidence of the overseas epidemic may also reduce the demand for epidemic prevention materials. my country's exports are facing significant downward pressure this year, and the contribution of overseas revenue to A-share performance may also decrease significantly. If we assume that there is no pandemic and that the growth rate of overseas revenue in 2020-2022 is the same as in 2019, we can estimate the scale of overseas revenue of A-shares in 2022, and the resulting year-on-year growth rate of overseas revenue in 2022 will be around -2.2% (estimated 2022 value / actual 2021 value -1).</p><p><b>Industries such as pharmaceuticals, chemicals, and electronics may face greater pressure on overseas revenue this year.</b>Between 2014 and 2019, the overall overseas revenue growth rate of A-shares fluctuated relatively little, fluctuating between 10% and 15% in most years. Comparing the compound annual growth rate of 2020-2021 with the compound annual growth rate of 2014-2019, the overseas revenue growth rate of industries such as pharmaceuticals, non-ferrous metals, chemicals, and electronics increased significantly, all by more than 10 percentage points. If we compare the compound annual growth rate from 2020 to 2021 with the year-on-year growth rate in 2019, the pharmaceutical, electronics, and chemical industries saw the largest increase. These industries may face 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 In terms of the match between prosperity and valuation, which areas are worth paying attention to?</b></p><p><b>What is the valuation level of A-shares after the earnings season?</b>The current PE ratio of the Shanghai Composite Index is 11.9X, at the 25.2nd percentile level since 2010, while the PE ratio of the ChiNext Index is 45.9X, at the 34th percentile level since 2010. Looking at different industries, among the 31 Shenwan Level 1 industries, 22 industries have a historical percentile of PE valuation (since 2010) below 30%, while the historical percentile of valuation of textiles and apparel, communications, electronics, pharmaceuticals and biotechnology, transportation, non-ferrous metals, non-bank financial institutions, environmental protection, basic chemicals, media, and petroleum and petrochemicals is below 5%. The valuation percentile of industries such as social services, automobiles, beauty care, utilities, and food and beverage is above 70%.</p><p><b>How has the valuation changed compared to before the pandemic?</b>The disruptions caused by the pandemic over the past two years have led to significant fluctuations in the valuations of some industries. Looking at all A-shares, the current (April 29) PE ratio is 16.0X, a decrease of 8.7% compared to 17.6X at the beginning of 2020. Based on valuation changes, industries can be divided into four categories: 1. Valuations have expanded significantly, mainly due to a sharp decline in net profit over the past two years, including industries such as real estate and utilities; 2. Valuations have expanded, with stock prices and performance performing well over the past two years, including in industries such as beauty and care, automobiles, and food and beverage; 3. Valuations declined, while stock prices also rose during the same period. However, greater earnings growth led to a decrease in PE valuations, mainly in industries such as non-ferrous metals, basic chemicals, power equipment, and coal. 4. Valuations declined, but mainly due to the decline in stock prices, including in industries such as telecommunications, textiles and apparel, and home appliances. Secondary industries can also be classified in the same way, as detailed in the table below.</p><p><b>From a comparison of profitability and valuation, which industries deserve more attention?</b>Of the four categories mentioned above, the second category is the most noteworthy, as it has maintained good performance growth. The rise in valuation indicates that the industry is favored by the market. The third category has the largest number of companies, including upstream sectors with significant performance growth, as well as growth sectors such as power equipment, electronics, and pharmaceuticals that have received high market attention. Among them, industries that are expected to maintain high growth in the first quarter of this year and throughout the year may also be worth paying attention to. Among the primary industries, we recommend focusing on sectors such as construction, automobiles, food and beverage, non-ferrous metals, chemicals, coal, pharmaceuticals, and military. Among the secondary industries, we recommend focusing on passenger vehicles, photovoltaic equipment, liquor, professional engineering, coal mining, beverages and dairy products, batteries, and chemical products.</p><p><b>Despite frequent fluctuations, the industry's performance and earnings performance over the past two years have been largely consistent.</b>Looking at the cumulative performance of 2020 and 2021, the stock price performance was consistent with the earnings performance. The impact of the pandemic in 2020 led to significant negative growth in the performance of many industries. The low base effect led to a substantial increase in the year-on-year growth rate of performance in 2021, and the stock prices of some industries also fluctuated sharply in the past two years. However, overall, the compound annual growth rate of earnings in 2020/2021 still showed a strong correlation with stock price performance.</p><p><b>From the perspective of matching prosperity and valuation, consumption and stabilizing growth are the most noteworthy allocation directions this year.</b>1. As mentioned above, judging from the relative prosperity changes during the economic downturn, the relative prosperity of the consumer sector may increase this year. In terms of valuation, the current valuation of the food and beverage industry has decreased significantly compared with 2021 and is slightly higher than the level before the pandemic. The pharmaceutical industry has high performance stability and its valuation has dropped to a relatively low level. However, the pressure of declining export revenue in some sub-sectors deserves attention. 2. This year's economic work will focus on stability. During the period of efforts to stabilize growth, capital expenditures in related industries such as construction and building materials will often increase, and their prosperity will also rise. From a valuation perspective, the PE ratio of construction has increased slightly compared with before the pandemic, while the PE ratio of the building materials industry has decreased slightly. The PE valuations of both are at relatively low historical levels.</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 errors in the data statistics process, and historical patterns may not be applicable in the future; 2. Economic growth fell significantly short of expectations, leading to unexpected risk events.</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 Financial Reports</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 Financial Reports\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>A-share earnings growth slowed down in Q1 2022.</b></h3><b>1.1 The year-on-year growth rate of A-share earnings declined.</b></p><p><b>The growth rate of A-share earnings slowed 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 Q1 2022 was 4.1%, compared with the quarter-on-quarter growth rate of 71.3% in Q4 2021, and the year-on-year growth rate of net profit attributable to the parent company of all A-shares in 2021 was 18.6%. All A-share non-financial net profit attributable to the parent company increased by 9.1% year-on-year in Q1 2022, compared with a growth rate of 138.0% in Q4 2021. For the whole of 2021, A-share non-financial net profit attributable to the parent company increased by 26.1% year-on-year. Since the domestic economy was significantly affected by the pandemic in the first quarter of 2022, considering the first quarter of 2020, which was also affected by the pandemic, the net profit attributable to the parent company of all A-shares in Q1 2022 increased by 59.4% compared to Q1 2020. In the first quarter, due to the impact of the epidemic in China, the earnings growth rate of all A-shares and non-financial A-shares in Q1 2022 was lower than the earnings growth rate of the whole of 2021. The decline in earnings growth rate was consistent with our previous expectations[1].</p><p><b>The performance of each sector varied.</b>Looking at the main sectors, the year-on-year growth rates of Wenshi's net profit attributable to the parent company in the first quarter of 2022 were 4.1% / -14.6% / 62.4% / -7.1%, respectively, while the year-on-year growth rates of net profit attributable to the parent company for the whole of 2021 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] See the report released on November 4, 2021, “Hiding Strengths and Waiting for Time, Seeking Victory While Steady – 2022 A-Share Annual Strategy Report”.</p><p><b>1.2 Revenue growth declined, but gross profit margin rebounded slightly in the single quarter.</b></p><p>In the first quarter of 2022, the overall revenue growth rate of A-shares was 11.8%, compared with the growth rate of -9.0% in Q4 2021. The year-on-year revenue growth rate of all A-shares in Q1 2022 was lower than the 19.2% for the whole of 2021. The growth rate of all non-financial A-shares in Q1 2022 was 14.7%, compared with the growth rate of -13.2% in Q4 2021. The year-on-year revenue growth rate of all non-financial A-shares in Q1 2022 was also lower than the 21.8% for the whole of 2021.</p><p><b>The revenue growth rate of the main board declined in Q1 2022.</b>Looking at different sectors, Wenshi's revenue growth rates for the main board/ChiNext/STAR Market/ChiNext were 11.0%/20.6%/45.4%/21.6% in Q1 2022, respectively. The revenue growth rates for each sector in Q1 2022 compared to Q4 2021 were -8.6%/-15.9%/-13.3%/-15.8%, respectively, and the revenue growth rates for the whole of 2021 were 18.8%/23.5%/36.7%/24.8%, respectively.</p><p><b>Gross profit margin rebounded slightly in the single quarter.</b>The non-financial gross profit margin of all A-shares in Q1 2022 was basically the same as that of all A-shares in 2021, reaching 18.1%, an increase of 0.8 percentage points compared to 17.3% in Q4 2021. In terms of rolling gross profit margin, the gross profit margin of all A-share non-financial stocks has been declining continuously since 2018. Looking at different sectors, the gross profit margins of the main board, ChiNext, and STAR Market in Q1 2022 were 17.5%, 24.4%, and 33.5%, respectively. The gross profit margins of each sector in 2021 were 17.5%, 26.0%, and 33.7%, respectively. The gross profit margins of the main board and STAR Market in Q1 2022 were basically the same as those of 2021, while the gross profit margin of the ChiNext in Q1 2022 decreased by 1.6 percentage points compared to 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 materials sector is relatively prosperous.</b></h3><b>2.1 Upstream sectors performed relatively well.</b></p><p>Looking at different sectors, the upstream raw materials and technology sectors saw positive net profit growth in Q1 2022, at 35.6% and 8.6% respectively. The midstream manufacturing, downstream consumer, and financial sectors all experienced varying degrees of decline in performance in Q1 2022, with growth rates of -0.6%, -8.8%, and -1.4% respectively. The upstream/midstream/downstream/financial/technology sectors saw growth rates of 98.4%, 22.6%, -22.0%, 11.1%, and 33.7% respectively in 2021. Although the downstream consumer sector's performance growth rate in Q1 2022 was negative, from the perspective of performance improvement, the downstream consumer sector's performance growth rate in Q1 2022 was significantly better than that 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>By industry, non-ferrous metals, coal, and power equipment had the highest performance growth rates in Q1 2022, while agriculture, forestry, animal husbandry and fishery, computer, and light manufacturing had the lowest performance growth rates. The industries with the highest performance growth rates in 2021 were transportation, media, and oil and petrochemicals. From the perspective of performance improvement, the performance growth rates of retail, real estate, and public utilities in Q1 2022 have improved significantly compared to the performance growth rate for the whole 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 divergence under the impact of the pandemic</b></p><p><b>Revenue growth across all segments slowed down.</b>Looking at different sectors, all sectors except finance saw positive revenue growth in Q1 2022, but the revenue growth rates of all sectors in Q1 2022 were lower than those in 2021. The revenue growth rates of upstream, midstream, downstream, finance, and technology in Q1 2022 were 27.7%, 15.4%, 1.0%, -0.5%, and 9.6%, respectively, while the revenue growth rates in 2021 were 35.0%, 22.5%, 10.3%, 6.5%, and 15.5%, respectively.</p><p>Looking at different industries, the revenue growth rates of the power equipment, petroleum and petrochemical, pharmaceutical and biological, public utilities, communications, and beauty and care industries in Q1 2022 improved to varying degrees compared to the revenue growth rates of the whole of 2021, while the revenue growth rates of other industries in Q1 2022 were lower than the revenue growth rates of the whole of 2021. In terms of absolute revenue growth, power equipment, oil and petrochemicals, coal, and non-ferrous metals had the highest revenue growth rates in Q1 2022, while real estate, retail, non-bank financial institutions, and automobiles had the lowest revenue growth rates in Q1 2022.</p><p><b>Gross profit margin trends have diverged.</b>In terms of gross profit margin, the trends in gross profit margin vary across different industries. The gross profit margin of the daily consumer and utilities industries in Q1 2022 increased significantly compared to the gross profit margin for the whole of 2021, at 3.1 percentage points and 1.9 percentage points respectively, while the gross profit margin of telecommunications services and industrial industries decreased by 1.7 percentage points and 1.0 percentage points respectively. Looking at the Shenwan Level 1 industries, the gross profit margins of industries such as food and beverage, coal, public utilities, and commerce and retail have increased significantly, while the gross profit margins of social services, agriculture, forestry, animal husbandry and fishery, building materials, and light manufacturing have decreased 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 declining ROE</b></h3><b>3.1 Declining net profit margin leads to lower ROE</b></p><p>In the first quarter of 2022, the ROE (TTM) of all A-shares was 9.3%, a decrease of 0.2 percentage points from 9.5% in 2021. Looking at major sectors, the ROE (TTM) of the Science and Technology Innovation Board saw the largest increase, rising by 1.7 percentage points from 10.2% in 2021 to 11.9%. The ROE (TTM) of the main board and the ChiNext board in Q1 2022 both declined compared to 2021, decreasing by 0.2 percentage points/0.9 percentage points 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-shares non-financial institutions in Q1 2022 was 5.4%, basically the same as in 2021. Looking at different sectors, the net profit margins of the main board, the ChiNext board, and the Science and Technology Innovation Board decreased by 0.1 percentage points, 0.6 percentage points, and 0.6 percentage points respectively in Q1 2022 to 8.1%, 6.4%, and 12.2%. Therefore, overall, the decline in net profit margin was the main factor contributing 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 Improved ROE (TTM) in the upstream raw materials segment</b></p><p>Looking at different sectors, except for upstream sectors, the ROE (TTM) of the midstream, downstream, financial and technology sectors all declined to varying degrees in the first quarter of 2022. Looking at different sectors, coal, non-ferrous metals, power equipment, and pharmaceuticals and biotechnology saw relatively large increases in ROE (TTM) in the first quarter of 2022, while agriculture, forestry, animal husbandry and fishery, communications, light manufacturing, and non-bank financial institutions saw significant decreases.</p><p>According to DuPont's analysis, the improved ROE (TTM) has resulted in improved industry net profit margins and asset turnover. The coal and power equipment industries, which saw the largest increases in ROE (TTM) in the first quarter of 2022, saw their net profit margins increase by 1.5 percentage points and 0.2 percentage points respectively in Q1 2022, and their asset turnover rates increase by 2.2 percentage points and 2.1 percentage points respectively. In terms of debt-to-asset ratio, more industries saw an increase than a decrease in debt-to-asset ratio. Communications, agriculture, forestry, animal husbandry and fishery, commerce and retail, and transportation saw the largest increases, while food and beverage, computers, coal, and beauty and care saw the largest decreases.</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 earnings for the whole year are expected to be in the low single digits.</b></p><p><b>The earnings of A-shares faced certain pressure throughout 2022.</b>The growth rate of A-share profits has declined significantly in the first quarter, and we expect the growth rate of A-share profits for the whole year to be in the low single digits. According to our top-down forecast, the overall profit growth rate of A-shares for the whole year this year may be around 4.1%, while the non-financial sector will drop to negative growth. In terms of pace, the performance in the second quarter may still decline further, especially the decline in the non-financial sector may be relatively large. However, with the annual GDP growth target of 5.5%, the earnings performance of A-shares may improve in the fourth quarter.</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 consensus expectation for a bottom-up trend in the market remains relatively high.</b>The current market consensus is that the net profit growth rate of all A-shares in 2022 is 25.4%, and the expected net profit growth rate of all non-financial A-shares is 39.0%, both of which are significantly higher than our expectations for A-share earnings this year. Historically, in most years, earnings expectations for A-shares have been high at the beginning of the year, and may be lowered after the first quarter report.</p><p><b>Pay attention to the risk of a downward revision of earnings expectations for growth sectors.</b>Looking at it by sector. Historically, the accuracy of earnings forecasts for growth and cyclical sectors has been relatively low, while the accuracy of forecasts for consumer industries such as food and beverage and banking has been relatively higher. This is related to many factors, such as the stability of performance in different industries. Looking at this year's situation, April...<a href=\"https://laohu8.com/S/300274\">solar power supply</a>The significantly lower-than-expected performance of some companies, represented by [company name missing], has led to stock price adjustments on the Electronic New Energy and ChiNext boards. Currently, market expectations for the overall performance of the growth sector remain relatively high. If profit expectations are 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>Three Investment Clues for This Year from Financial Reports</b></h3><b>5.1 Consumer Prosperity as Seen from Relative Performance Advantages</b></p><p><b>In the first-quarter report, the upstream and consumer sectors showed relatively high prosperity.</b>In terms of net profit indicators, the industries with positive net profit growth in the first quarter and an increase compared to 2021 were mainly construction, power equipment, coal, communications, food and beverage, and home appliances. In terms of growth rate, non-ferrous metals, coal, power equipment, transportation, basic chemicals, pharmaceuticals and biotechnology, petroleum and petrochemicals, and food and beverage ranked highest. Overall, the industries that performed well in the first quarter were mainly concentrated in the upstream and consumer sectors.</p><p><b>On the profitability side, upstream and consumer sectors also performed better.</b>Looking at the profitability indicators for Q1 2022 and 2021, the gross profit margin (TTM) of coal, food and beverage, non-ferrous metals, and pharmaceuticals and biotechnology increased, while the ROE (TTM) of coal, non-ferrous metals, power equipment, and pharmaceuticals and biotechnology increased. Overall, upstream sectors, represented by coal and non-ferrous metals, and consumer sectors, represented by food and beverage and pharmaceuticals and biotechnology, 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 consumer sector is expected to become one of the most prosperous sectors this year.</b>Compared to upstream sectors whose performance depends more on commodity price trends, the consumer sector's performance this year may be relatively more certain. Overall, A-share listed companies are part of the economy, and the performance of each sector is affected by the economy, but there are significant differences between different sectors. The performance of all non-financial and non-consumer sectors in the A-share market is more correlated with the economy, while the performance of the consumer sector is less correlated with the economy. During economic upturns, non-financial and non-consumer sectors outperform the consumer sector, while during economic downturns, the consumer sector outperforms non-consumer and non-financial sectors.</p><p><b>How much impact does the transmission of inflation have on the performance of the consumer sector?</b>Inflation, especially the persistently high PPI, has always been a major concern for the market. Financial reports show that high resource prices have driven the continued strong performance of upstream sectors, which has also significantly squeezed the profits of midstream manufacturing. So, how much impact does the transmission of inflation to downstream consumption have on the performance of the consumer sector? Historically, neither PPI nor CPI has been significantly correlated with the gross profit margin of the consumer sector. On the one hand, commodity prices are an important factor affecting the PPI trend, while commodity prices have a relatively weak direct impact on the consumer sector. On the other hand, CPI encompasses all aspects of clothing, food, housing, and transportation, and its scope is broader than that of listed consumer companies. For example, fresh vegetables, beef, and mutton are important components of CPI, but their impact on the performance of listed companies is relatively small. At the same time, most listed consumer companies are leading companies with influence in the industry and also have the ability to pass on costs. Although high inflation has little impact on the overall profitability of consumer goods, it may have a certain adverse effect on consumer goods industries with more manufacturing attributes, such as automobiles and home appliances.</p><p><b>How much impact has the pandemic had on the performance of the consumer sector?</b>Recently, China has been once again disrupted by the epidemic. Many regions, including Shanghai, have adopted relatively strict epidemic prevention and control measures. The disruption of the epidemic has also had an adverse impact on the performance of A-shares, but consumption may be the sector that has been relatively less affected. On the one hand, based on the experience of 2020, under the impact of the pandemic, the overall net profit growth rate of A-shares declined significantly, but the decline in consumption was relatively small. It is an important allocation direction for the market to avoid performance risks, and the relative performance advantages of industries such as food and beverage and pharmaceuticals have become more prominent. On the other hand, the offline consumption industry, which has been more affected by the pandemic, is at a historical low. Even if the pandemic disrupts it 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 Infrastructure Prosperity as Seen from Capital Expenditure</b></p><p><b>The growth rate of capital expenditure in A-shares declined significantly in the first quarter.</b>In the first quarter of 2022, the growth rate of non-financial capital expenditure in all A-shares was 3.6%, a significant decrease from 10.3% in 2021. This level is only better than that in the first half of 2020 since 2017. Looking at different sectors, the Science and Technology Innovation Board (STAR Market) was the only sector whose capital expenditure growth rate increased in Q1 2022 compared to 2021, while the capital expenditure growth rate of the ChiNext Board declined relatively significantly. In terms of absolute growth rate, the growth rates of both the Science and Technology Innovation Board and the ChiNext Board are higher than those of the main board.</p><p><b>The growth rate of capital expenditure in most industries has declined significantly.</b>Looking at different industries, only six industries—non-ferrous metals, banking, telecommunications, building decoration, oil and petrochemicals, and automobiles—saw an increase in capital expenditure growth in Q1 2022 compared to 2021. Other industries all experienced varying degrees of decline, with social services, transportation, textiles and apparel, and machinery and equipment seeing relatively large declines. Among other industries with large capital expenditures, the growth rate of the electronics industry slowed slightly, while the power equipment industry saw a decline of more than 20 percentage points. In terms of absolute growth rate, the capital expenditure growth rates of building materials, power equipment, automobiles, non-ferrous metals, basic chemicals, and banks in Q1 2022 were above 20%, while the growth rates of social services, agriculture, forestry, animal husbandry and fishery, real estate, environmental protection, and transportation were below -20%.</p><p><b>The downward trend in capital expenditure growth and the impact of the pandemic.</b>On the one hand, there is some downward pressure on the overall profit growth rate of A-shares this year, and during periods of profit decline, the overall capital expenditure growth rate of A-shares often also declines. Therefore, the capital expenditure growth rate for the whole year may be significantly lower than last year. On the other hand, my country was disrupted by the epidemic in the first quarter, and many provinces and cities, including Shanghai, adopted relatively strict epidemic prevention and control restrictions, which also had a significant impact on the business activities of some industries.</p><p><b>Structurally, which industries are likely to become the highlights this year?</b>The strength of capital expenditure represents a company's optimistic and pessimistic expectations 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 sector this year. On the one hand, the construction industry was one of the few industries where the growth rate of capital expenditure in Q1 2022 increased compared to 2021. Although this figure for building materials decreased slightly compared to 2021, the absolute growth rate in Q1 2022 reached 89%. On the other hand, historically, during periods of policy support and rising infrastructure investment growth, the growth rate of capital expenditure in the construction and building materials industry has also tended to increase. Under the general direction of stabilizing growth this year, infrastructure investment will also be an important area of focus. It is expected that the construction and building materials industries in the infrastructure sector will be the most noteworthy throughout the year.</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 Pressure on various industries from the perspective of changes in exports</b></p><p><b>In 2021, listed companies maintained high growth in overseas revenue.</b>Listed companies only disclose their overseas revenue in their interim and annual reports. In 2021, the year-on-year growth rate of all A-share non-financial overseas revenue was 26.1%, a significant increase of 19.0 percentage points compared to the 7.1% growth rate in 2020. The compound annual growth rate for 2020 and 2021 was 16.2%, an increase of 6.5 percentage points compared to the 9.7% growth rate in 2019. However, thanks to the good performance of its domestic business revenue, the proportion of overseas revenue in total revenue did not increase significantly. The proportion of overseas revenue from all non-financial A-shares in total revenue increased from 10.0% in 2019 to 10.6% in 2021.</p><p><b>Most industries saw their overseas revenue growth rate increase in 2021 compared to 2020.</b>Comparing the growth rate of overseas revenue in 2021 with that in 2020, the oil and petrochemical, coal, and steel industries saw the highest increase in overseas revenue growth, and the absolute growth rate was also higher. However, the beauty and care, pharmaceutical and biological, and environmental protection industries saw a relatively larger decline, with the beauty and care and environmental protection industries experiencing negative growth. Compared with 2019, the growth rate of overseas revenue in most industries has also increased, with real estate, coal, and utilities seeing the largest increases, while environmental protection, beauty and care, social services, and computer sectors 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 well in the past two years, but may face some downward pressure this year.</b>Over the past two years, disruptions to overseas production have led to very impressive export data in my country. In 2021, the export growth rate reached 29.9%, but since the beginning of this year, the export growth rate has declined significantly, with a cumulative year-on-year growth rate of 15.8% in the first three months. On the one hand, the impact of the current overseas epidemic is gradually subsiding, and production is gradually recovering; On the other hand, the strong overseas demand over the past two years has partly come from high incomes and high savings generated by government subsidies. However, the proportion of US residents' savings has now dropped to pre-pandemic levels, and overseas demand may face continued downward pressure in the future. Therefore, domestic export growth may continue to face pressure in the future.</p><p><b>The pressure on exports may also be reflected in the overseas revenue of A-share listed companies.</b>As mentioned above, overseas demand is facing downward pressure this year, while supply is expected to recover. The subsidence of the overseas epidemic may also reduce the demand for epidemic prevention materials. my country's exports are facing significant downward pressure this year, and the contribution of overseas revenue to A-share performance may also decrease significantly. If we assume that there is no pandemic and that the growth rate of overseas revenue in 2020-2022 is the same as in 2019, we can estimate the scale of overseas revenue of A-shares in 2022, and the resulting year-on-year growth rate of overseas revenue in 2022 will be around -2.2% (estimated 2022 value / actual 2021 value -1).</p><p><b>Industries such as pharmaceuticals, chemicals, and electronics may face greater pressure on overseas revenue this year.</b>Between 2014 and 2019, the overall overseas revenue growth rate of A-shares fluctuated relatively little, fluctuating between 10% and 15% in most years. Comparing the compound annual growth rate of 2020-2021 with the compound annual growth rate of 2014-2019, the overseas revenue growth rate of industries such as pharmaceuticals, non-ferrous metals, chemicals, and electronics increased significantly, all by more than 10 percentage points. If we compare the compound annual growth rate from 2020 to 2021 with the year-on-year growth rate in 2019, the pharmaceutical, electronics, and chemical industries saw the largest increase. These industries may face 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 In terms of the match between prosperity and valuation, which areas are worth paying attention to?</b></p><p><b>What is the valuation level of A-shares after the earnings season?</b>The current PE ratio of the Shanghai Composite Index is 11.9X, at the 25.2nd percentile level since 2010, while the PE ratio of the ChiNext Index is 45.9X, at the 34th percentile level since 2010. Looking at different industries, among the 31 Shenwan Level 1 industries, 22 industries have a historical percentile of PE valuation (since 2010) below 30%, while the historical percentile of valuation of textiles and apparel, communications, electronics, pharmaceuticals and biotechnology, transportation, non-ferrous metals, non-bank financial institutions, environmental protection, basic chemicals, media, and petroleum and petrochemicals is below 5%. The valuation percentile of industries such as social services, automobiles, beauty care, utilities, and food and beverage is above 70%.</p><p><b>How has the valuation changed compared to before the pandemic?</b>The disruptions caused by the pandemic over the past two years have led to significant fluctuations in the valuations of some industries. Looking at all A-shares, the current (April 29) PE ratio is 16.0X, a decrease of 8.7% compared to 17.6X at the beginning of 2020. Based on valuation changes, industries can be divided into four categories: 1. Valuations have expanded significantly, mainly due to a sharp decline in net profit over the past two years, including industries such as real estate and utilities; 2. Valuations have expanded, with stock prices and performance performing well over the past two years, including in industries such as beauty and care, automobiles, and food and beverage; 3. Valuations declined, while stock prices also rose during the same period. However, greater earnings growth led to a decrease in PE valuations, mainly in industries such as non-ferrous metals, basic chemicals, power equipment, and coal. 4. Valuations declined, but mainly due to the decline in stock prices, including in industries such as telecommunications, textiles and apparel, and home appliances. Secondary industries can also be classified in the same way, as detailed in the table below.</p><p><b>From a comparison of profitability and valuation, which industries deserve more attention?</b>Of the four categories mentioned above, the second category is the most noteworthy, as it has maintained good performance growth. The rise in valuation indicates that the industry is favored by the market. The third category has the largest number of companies, including upstream sectors with significant performance growth, as well as growth sectors such as power equipment, electronics, and pharmaceuticals that have received high market attention. Among them, industries that are expected to maintain high growth in the first quarter of this year and throughout the year may also be worth paying attention to. Among the primary industries, we recommend focusing on sectors such as construction, automobiles, food and beverage, non-ferrous metals, chemicals, coal, pharmaceuticals, and military. Among the secondary industries, we recommend focusing on passenger vehicles, photovoltaic equipment, liquor, professional engineering, coal mining, beverages and dairy products, batteries, and chemical products.</p><p><b>Despite frequent fluctuations, the industry's performance and earnings performance over the past two years have been largely consistent.</b>Looking at the cumulative performance of 2020 and 2021, the stock price performance was consistent with the earnings performance. The impact of the pandemic in 2020 led to significant negative growth in the performance of many industries. The low base effect led to a substantial increase in the year-on-year growth rate of performance in 2021, and the stock prices of some industries also fluctuated sharply in the past two years. However, overall, the compound annual growth rate of earnings in 2020/2021 still showed a strong correlation with stock price performance.</p><p><b>From the perspective of matching prosperity and valuation, consumption and stabilizing growth are the most noteworthy allocation directions this year.</b>1. As mentioned above, judging from the relative prosperity changes during the economic downturn, the relative prosperity of the consumer sector may increase this year. In terms of valuation, the current valuation of the food and beverage industry has decreased significantly compared with 2021 and is slightly higher than the level before the pandemic. The pharmaceutical industry has high performance stability and its valuation has dropped to a relatively low level. However, the pressure of declining export revenue in some sub-sectors deserves attention. 2. This year's economic work will focus on stability. During the period of efforts to stabilize growth, capital expenditures in related industries such as construction and building materials will often increase, and their prosperity will also rise. From a valuation perspective, the PE ratio of construction has increased slightly compared with before the pandemic, while the PE ratio of the building materials industry has decreased slightly. The PE valuations of both are at relatively low historical levels.</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 errors in the data statistics process, and historical patterns may not be applicable in the future; 2. Economic growth fell significantly short of expectations, leading to unexpected risk events.</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":2586,"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":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4096288759817900","idStr":"4096288759817900"},"themes":[],"title":"","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 Financial Reports","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>A-share earnings growth slowed down in Q1 2022.</b></h3><b>1.1 The year-on-year growth rate of A-share earnings declined.</b></p><p><b>The growth rate of A-share earnings slowed 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 Q1 2022 was 4.1%, compared with the quarter-on-quarter growth rate of 71.3% in Q4 2021, and the year-on-year growth rate of net profit attributable to the parent company of all A-shares in 2021 was 18.6%. All A-share non-financial net profit attributable to the parent company increased by 9.1% year-on-year in Q1 2022, compared with a growth rate of 138.0% in Q4 2021. For the whole of 2021, A-share non-financial net profit attributable to the parent company increased by 26.1% year-on-year. Since the domestic economy was significantly affected by the pandemic in the first quarter of 2022, considering the first quarter of 2020, which was also affected by the pandemic, the net profit attributable to the parent company of all A-shares in Q1 2022 increased by 59.4% compared to Q1 2020. In the first quarter, due to the impact of the epidemic in China, the earnings growth rate of all A-shares and non-financial A-shares in Q1 2022 was lower than the earnings growth rate of the whole of 2021. The decline in earnings growth rate was consistent with our previous expectations[1].</p><p><b>The performance of each sector varied.</b>Looking at the main sectors, the year-on-year growth rates of Wenshi's net profit attributable to the parent company in the first quarter of 2022 were 4.1% / -14.6% / 62.4% / -7.1%, respectively, while the year-on-year growth rates of net profit attributable to the parent company for the whole of 2021 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] See the report released on November 4, 2021, “Hiding Strengths and Waiting for Time, Seeking Victory While Steady – 2022 A-Share Annual Strategy Report”.</p><p><b>1.2 Revenue growth declined, but gross profit margin rebounded slightly in the single quarter.</b></p><p>In the first quarter of 2022, the overall revenue growth rate of A-shares was 11.8%, compared with the growth rate of -9.0% in Q4 2021. The year-on-year revenue growth rate of all A-shares in Q1 2022 was lower than the 19.2% for the whole of 2021. The growth rate of all non-financial A-shares in Q1 2022 was 14.7%, compared with the growth rate of -13.2% in Q4 2021. The year-on-year revenue growth rate of all non-financial A-shares in Q1 2022 was also lower than the 21.8% for the whole of 2021.</p><p><b>The revenue growth rate of the main board declined in Q1 2022.</b>Looking at different sectors, Wenshi's revenue growth rates for the main board/ChiNext/STAR Market/ChiNext were 11.0%/20.6%/45.4%/21.6% in Q1 2022, respectively. The revenue growth rates for each sector in Q1 2022 compared to Q4 2021 were -8.6%/-15.9%/-13.3%/-15.8%, respectively, and the revenue growth rates for the whole of 2021 were 18.8%/23.5%/36.7%/24.8%, respectively.</p><p><b>Gross profit margin rebounded slightly in the single quarter.</b>The non-financial gross profit margin of all A-shares in Q1 2022 was basically the same as that of all A-shares in 2021, reaching 18.1%, an increase of 0.8 percentage points compared to 17.3% in Q4 2021. In terms of rolling gross profit margin, the gross profit margin of all A-share non-financial stocks has been declining continuously since 2018. Looking at different sectors, the gross profit margins of the main board, ChiNext, and STAR Market in Q1 2022 were 17.5%, 24.4%, and 33.5%, respectively. The gross profit margins of each sector in 2021 were 17.5%, 26.0%, and 33.7%, respectively. The gross profit margins of the main board and STAR Market in Q1 2022 were basically the same as those of 2021, while the gross profit margin of the ChiNext in Q1 2022 decreased by 1.6 percentage points compared to 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 materials sector is relatively prosperous.</b></h3><b>2.1 Upstream sectors performed relatively well.</b></p><p>Looking at different sectors, the upstream raw materials and technology sectors saw positive net profit growth in Q1 2022, at 35.6% and 8.6% respectively. The midstream manufacturing, downstream consumer, and financial sectors all experienced varying degrees of decline in performance in Q1 2022, with growth rates of -0.6%, -8.8%, and -1.4% respectively. The upstream/midstream/downstream/financial/technology sectors saw growth rates of 98.4%, 22.6%, -22.0%, 11.1%, and 33.7% respectively in 2021. Although the downstream consumer sector's performance growth rate in Q1 2022 was negative, from the perspective of performance improvement, the downstream consumer sector's performance growth rate in Q1 2022 was significantly better than that 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>By industry, non-ferrous metals, coal, and power equipment had the highest performance growth rates in Q1 2022, while agriculture, forestry, animal husbandry and fishery, computer, and light manufacturing had the lowest performance growth rates. The industries with the highest performance growth rates in 2021 were transportation, media, and oil and petrochemicals. From the perspective of performance improvement, the performance growth rates of retail, real estate, and public utilities in Q1 2022 have improved significantly compared to the performance growth rate for the whole 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 divergence under the impact of the pandemic</b></p><p><b>Revenue growth across all segments slowed down.</b>Looking at different sectors, all sectors except finance saw positive revenue growth in Q1 2022, but the revenue growth rates of all sectors in Q1 2022 were lower than those in 2021. The revenue growth rates of upstream, midstream, downstream, finance, and technology in Q1 2022 were 27.7%, 15.4%, 1.0%, -0.5%, and 9.6%, respectively, while the revenue growth rates in 2021 were 35.0%, 22.5%, 10.3%, 6.5%, and 15.5%, respectively.</p><p>Looking at different industries, the revenue growth rates of the power equipment, petroleum and petrochemical, pharmaceutical and biological, public utilities, communications, and beauty and care industries in Q1 2022 improved to varying degrees compared to the revenue growth rates of the whole of 2021, while the revenue growth rates of other industries in Q1 2022 were lower than the revenue growth rates of the whole of 2021. In terms of absolute revenue growth, power equipment, oil and petrochemicals, coal, and non-ferrous metals had the highest revenue growth rates in Q1 2022, while real estate, retail, non-bank financial institutions, and automobiles had the lowest revenue growth rates in Q1 2022.</p><p><b>Gross profit margin trends have diverged.</b>In terms of gross profit margin, the trends in gross profit margin vary across different industries. The gross profit margin of the daily consumer and utilities industries in Q1 2022 increased significantly compared to the gross profit margin for the whole of 2021, at 3.1 percentage points and 1.9 percentage points respectively, while the gross profit margin of telecommunications services and industrial industries decreased by 1.7 percentage points and 1.0 percentage points respectively. Looking at the Shenwan Level 1 industries, the gross profit margins of industries such as food and beverage, coal, public utilities, and commerce and retail have increased significantly, while the gross profit margins of social services, agriculture, forestry, animal husbandry and fishery, building materials, and light manufacturing have decreased 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 declining ROE</b></h3><b>3.1 Declining net profit margin leads to lower ROE</b></p><p>In the first quarter of 2022, the ROE (TTM) of all A-shares was 9.3%, a decrease of 0.2 percentage points from 9.5% in 2021. Looking at major sectors, the ROE (TTM) of the Science and Technology Innovation Board saw the largest increase, rising by 1.7 percentage points from 10.2% in 2021 to 11.9%. The ROE (TTM) of the main board and the ChiNext board in Q1 2022 both declined compared to 2021, decreasing by 0.2 percentage points/0.9 percentage points 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-shares non-financial institutions in Q1 2022 was 5.4%, basically the same as in 2021. Looking at different sectors, the net profit margins of the main board, the ChiNext board, and the Science and Technology Innovation Board decreased by 0.1 percentage points, 0.6 percentage points, and 0.6 percentage points respectively in Q1 2022 to 8.1%, 6.4%, and 12.2%. Therefore, overall, the decline in net profit margin was the main factor contributing 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 Improved ROE (TTM) in the upstream raw materials segment</b></p><p>Looking at different sectors, except for upstream sectors, the ROE (TTM) of the midstream, downstream, financial and technology sectors all declined to varying degrees in the first quarter of 2022. Looking at different sectors, coal, non-ferrous metals, power equipment, and pharmaceuticals and biotechnology saw relatively large increases in ROE (TTM) in the first quarter of 2022, while agriculture, forestry, animal husbandry and fishery, communications, light manufacturing, and non-bank financial institutions saw significant decreases.</p><p>According to DuPont's analysis, the improved ROE (TTM) has resulted in improved industry net profit margins and asset turnover. The coal and power equipment industries, which saw the largest increases in ROE (TTM) in the first quarter of 2022, saw their net profit margins increase by 1.5 percentage points and 0.2 percentage points respectively in Q1 2022, and their asset turnover rates increase by 2.2 percentage points and 2.1 percentage points respectively. In terms of debt-to-asset ratio, more industries saw an increase than a decrease in debt-to-asset ratio. Communications, agriculture, forestry, animal husbandry and fishery, commerce and retail, and transportation saw the largest increases, while food and beverage, computers, coal, and beauty and care saw the largest decreases.</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 earnings for the whole year are expected to be in the low single digits.</b></p><p><b>The earnings of A-shares faced certain pressure throughout 2022.</b>The growth rate of A-share profits has declined significantly in the first quarter, and we expect the growth rate of A-share profits for the whole year to be in the low single digits. According to our top-down forecast, the overall profit growth rate of A-shares for the whole year this year may be around 4.1%, while the non-financial sector will drop to negative growth. In terms of pace, the performance in the second quarter may still decline further, especially the decline in the non-financial sector may be relatively large. However, with the annual GDP growth target of 5.5%, the earnings performance of A-shares may improve in the fourth quarter.</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 consensus expectation for a bottom-up trend in the market remains relatively high.</b>The current market consensus is that the net profit growth rate of all A-shares in 2022 is 25.4%, and the expected net profit growth rate of all non-financial A-shares is 39.0%, both of which are significantly higher than our expectations for A-share earnings this year. Historically, in most years, earnings expectations for A-shares have been high at the beginning of the year, and may be lowered after the first quarter report.</p><p><b>Pay attention to the risk of a downward revision of earnings expectations for growth sectors.</b>Looking at it by sector. Historically, the accuracy of earnings forecasts for growth and cyclical sectors has been relatively low, while the accuracy of forecasts for consumer industries such as food and beverage and banking has been relatively higher. This is related to many factors, such as the stability of performance in different industries. Looking at this year's situation, April...<a href=\"https://laohu8.com/S/300274\">solar power supply</a>The significantly lower-than-expected performance of some companies, represented by [company name missing], has led to stock price adjustments on the Electronic New Energy and ChiNext boards. Currently, market expectations for the overall performance of the growth sector remain relatively high. If profit expectations are 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>Three Investment Clues for This Year from Financial Reports</b></h3><b>5.1 Consumer Prosperity as Seen from Relative Performance Advantages</b></p><p><b>In the first-quarter report, the upstream and consumer sectors showed relatively high prosperity.</b>In terms of net profit indicators, the industries with positive net profit growth in the first quarter and an increase compared to 2021 were mainly construction, power equipment, coal, communications, food and beverage, and home appliances. In terms of growth rate, non-ferrous metals, coal, power equipment, transportation, basic chemicals, pharmaceuticals and biotechnology, petroleum and petrochemicals, and food and beverage ranked highest. Overall, the industries that performed well in the first quarter were mainly concentrated in the upstream and consumer sectors.</p><p><b>On the profitability side, upstream and consumer sectors also performed better.</b>Looking at the profitability indicators for Q1 2022 and 2021, the gross profit margin (TTM) of coal, food and beverage, non-ferrous metals, and pharmaceuticals and biotechnology increased, while the ROE (TTM) of coal, non-ferrous metals, power equipment, and pharmaceuticals and biotechnology increased. Overall, upstream sectors, represented by coal and non-ferrous metals, and consumer sectors, represented by food and beverage and pharmaceuticals and biotechnology, 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 consumer sector is expected to become one of the most prosperous sectors this year.</b>Compared to upstream sectors whose performance depends more on commodity price trends, the consumer sector's performance this year may be relatively more certain. Overall, A-share listed companies are part of the economy, and the performance of each sector is affected by the economy, but there are significant differences between different sectors. The performance of all non-financial and non-consumer sectors in the A-share market is more correlated with the economy, while the performance of the consumer sector is less correlated with the economy. During economic upturns, non-financial and non-consumer sectors outperform the consumer sector, while during economic downturns, the consumer sector outperforms non-consumer and non-financial sectors.</p><p><b>How much impact does the transmission of inflation have on the performance of the consumer sector?</b>Inflation, especially the persistently high PPI, has always been a major concern for the market. Financial reports show that high resource prices have driven the continued strong performance of upstream sectors, which has also significantly squeezed the profits of midstream manufacturing. So, how much impact does the transmission of inflation to downstream consumption have on the performance of the consumer sector? Historically, neither PPI nor CPI has been significantly correlated with the gross profit margin of the consumer sector. On the one hand, commodity prices are an important factor affecting the PPI trend, while commodity prices have a relatively weak direct impact on the consumer sector. On the other hand, CPI encompasses all aspects of clothing, food, housing, and transportation, and its scope is broader than that of listed consumer companies. For example, fresh vegetables, beef, and mutton are important components of CPI, but their impact on the performance of listed companies is relatively small. At the same time, most listed consumer companies are leading companies with influence in the industry and also have the ability to pass on costs. Although high inflation has little impact on the overall profitability of consumer goods, it may have a certain adverse effect on consumer goods industries with more manufacturing attributes, such as automobiles and home appliances.</p><p><b>How much impact has the pandemic had on the performance of the consumer sector?</b>Recently, China has been once again disrupted by the epidemic. Many regions, including Shanghai, have adopted relatively strict epidemic prevention and control measures. The disruption of the epidemic has also had an adverse impact on the performance of A-shares, but consumption may be the sector that has been relatively less affected. On the one hand, based on the experience of 2020, under the impact of the pandemic, the overall net profit growth rate of A-shares declined significantly, but the decline in consumption was relatively small. It is an important allocation direction for the market to avoid performance risks, and the relative performance advantages of industries such as food and beverage and pharmaceuticals have become more prominent. On the other hand, the offline consumption industry, which has been more affected by the pandemic, is at a historical low. Even if the pandemic disrupts it 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 Infrastructure Prosperity as Seen from Capital Expenditure</b></p><p><b>The growth rate of capital expenditure in A-shares declined significantly in the first quarter.</b>In the first quarter of 2022, the growth rate of non-financial capital expenditure in all A-shares was 3.6%, a significant decrease from 10.3% in 2021. This level is only better than that in the first half of 2020 since 2017. Looking at different sectors, the Science and Technology Innovation Board (STAR Market) was the only sector whose capital expenditure growth rate increased in Q1 2022 compared to 2021, while the capital expenditure growth rate of the ChiNext Board declined relatively significantly. In terms of absolute growth rate, the growth rates of both the Science and Technology Innovation Board and the ChiNext Board are higher than those of the main board.</p><p><b>The growth rate of capital expenditure in most industries has declined significantly.</b>Looking at different industries, only six industries—non-ferrous metals, banking, telecommunications, building decoration, oil and petrochemicals, and automobiles—saw an increase in capital expenditure growth in Q1 2022 compared to 2021. Other industries all experienced varying degrees of decline, with social services, transportation, textiles and apparel, and machinery and equipment seeing relatively large declines. Among other industries with large capital expenditures, the growth rate of the electronics industry slowed slightly, while the power equipment industry saw a decline of more than 20 percentage points. In terms of absolute growth rate, the capital expenditure growth rates of building materials, power equipment, automobiles, non-ferrous metals, basic chemicals, and banks in Q1 2022 were above 20%, while the growth rates of social services, agriculture, forestry, animal husbandry and fishery, real estate, environmental protection, and transportation were below -20%.</p><p><b>The downward trend in capital expenditure growth and the impact of the pandemic.</b>On the one hand, there is some downward pressure on the overall profit growth rate of A-shares this year, and during periods of profit decline, the overall capital expenditure growth rate of A-shares often also declines. Therefore, the capital expenditure growth rate for the whole year may be significantly lower than last year. On the other hand, my country was disrupted by the epidemic in the first quarter, and many provinces and cities, including Shanghai, adopted relatively strict epidemic prevention and control restrictions, which also had a significant impact on the business activities of some industries.</p><p><b>Structurally, which industries are likely to become the highlights this year?</b>The strength of capital expenditure represents a company's optimistic and pessimistic expectations 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 sector this year. On the one hand, the construction industry was one of the few industries where the growth rate of capital expenditure in Q1 2022 increased compared to 2021. Although this figure for building materials decreased slightly compared to 2021, the absolute growth rate in Q1 2022 reached 89%. On the other hand, historically, during periods of policy support and rising infrastructure investment growth, the growth rate of capital expenditure in the construction and building materials industry has also tended to increase. Under the general direction of stabilizing growth this year, infrastructure investment will also be an important area of focus. It is expected that the construction and building materials industries in the infrastructure sector will be the most noteworthy throughout the year.</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 Pressure on various industries from the perspective of changes in exports</b></p><p><b>In 2021, listed companies maintained high growth in overseas revenue.</b>Listed companies only disclose their overseas revenue in their interim and annual reports. In 2021, the year-on-year growth rate of all A-share non-financial overseas revenue was 26.1%, a significant increase of 19.0 percentage points compared to the 7.1% growth rate in 2020. The compound annual growth rate for 2020 and 2021 was 16.2%, an increase of 6.5 percentage points compared to the 9.7% growth rate in 2019. However, thanks to the good performance of its domestic business revenue, the proportion of overseas revenue in total revenue did not increase significantly. The proportion of overseas revenue from all non-financial A-shares in total revenue increased from 10.0% in 2019 to 10.6% in 2021.</p><p><b>Most industries saw their overseas revenue growth rate increase in 2021 compared to 2020.</b>Comparing the growth rate of overseas revenue in 2021 with that in 2020, the oil and petrochemical, coal, and steel industries saw the highest increase in overseas revenue growth, and the absolute growth rate was also higher. However, the beauty and care, pharmaceutical and biological, and environmental protection industries saw a relatively larger decline, with the beauty and care and environmental protection industries experiencing negative growth. Compared with 2019, the growth rate of overseas revenue in most industries has also increased, with real estate, coal, and utilities seeing the largest increases, while environmental protection, beauty and care, social services, and computer sectors 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 well in the past two years, but may face some downward pressure this year.</b>Over the past two years, disruptions to overseas production have led to very impressive export data in my country. In 2021, the export growth rate reached 29.9%, but since the beginning of this year, the export growth rate has declined significantly, with a cumulative year-on-year growth rate of 15.8% in the first three months. On the one hand, the impact of the current overseas epidemic is gradually subsiding, and production is gradually recovering; On the other hand, the strong overseas demand over the past two years has partly come from high incomes and high savings generated by government subsidies. However, the proportion of US residents' savings has now dropped to pre-pandemic levels, and overseas demand may face continued downward pressure in the future. Therefore, domestic export growth may continue to face pressure in the future.</p><p><b>The pressure on exports may also be reflected in the overseas revenue of A-share listed companies.</b>As mentioned above, overseas demand is facing downward pressure this year, while supply is expected to recover. The subsidence of the overseas epidemic may also reduce the demand for epidemic prevention materials. my country's exports are facing significant downward pressure this year, and the contribution of overseas revenue to A-share performance may also decrease significantly. If we assume that there is no pandemic and that the growth rate of overseas revenue in 2020-2022 is the same as in 2019, we can estimate the scale of overseas revenue of A-shares in 2022, and the resulting year-on-year growth rate of overseas revenue in 2022 will be around -2.2% (estimated 2022 value / actual 2021 value -1).</p><p><b>Industries such as pharmaceuticals, chemicals, and electronics may face greater pressure on overseas revenue this year.</b>Between 2014 and 2019, the overall overseas revenue growth rate of A-shares fluctuated relatively little, fluctuating between 10% and 15% in most years. Comparing the compound annual growth rate of 2020-2021 with the compound annual growth rate of 2014-2019, the overseas revenue growth rate of industries such as pharmaceuticals, non-ferrous metals, chemicals, and electronics increased significantly, all by more than 10 percentage points. If we compare the compound annual growth rate from 2020 to 2021 with the year-on-year growth rate in 2019, the pharmaceutical, electronics, and chemical industries saw the largest increase. These industries may face 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 In terms of the match between prosperity and valuation, which areas are worth paying attention to?</b></p><p><b>What is the valuation level of A-shares after the earnings season?</b>The current PE ratio of the Shanghai Composite Index is 11.9X, at the 25.2nd percentile level since 2010, while the PE ratio of the ChiNext Index is 45.9X, at the 34th percentile level since 2010. Looking at different industries, among the 31 Shenwan Level 1 industries, 22 industries have a historical percentile of PE valuation (since 2010) below 30%, while the historical percentile of valuation of textiles and apparel, communications, electronics, pharmaceuticals and biotechnology, transportation, non-ferrous metals, non-bank financial institutions, environmental protection, basic chemicals, media, and petroleum and petrochemicals is below 5%. The valuation percentile of industries such as social services, automobiles, beauty care, utilities, and food and beverage is above 70%.</p><p><b>How has the valuation changed compared to before the pandemic?</b>The disruptions caused by the pandemic over the past two years have led to significant fluctuations in the valuations of some industries. Looking at all A-shares, the current (April 29) PE ratio is 16.0X, a decrease of 8.7% compared to 17.6X at the beginning of 2020. Based on valuation changes, industries can be divided into four categories: 1. Valuations have expanded significantly, mainly due to a sharp decline in net profit over the past two years, including industries such as real estate and utilities; 2. Valuations have expanded, with stock prices and performance performing well over the past two years, including in industries such as beauty and care, automobiles, and food and beverage; 3. Valuations declined, while stock prices also rose during the same period. However, greater earnings growth led to a decrease in PE valuations, mainly in industries such as non-ferrous metals, basic chemicals, power equipment, and coal. 4. Valuations declined, but mainly due to the decline in stock prices, including in industries such as telecommunications, textiles and apparel, and home appliances. Secondary industries can also be classified in the same way, as detailed in the table below.</p><p><b>From a comparison of profitability and valuation, which industries deserve more attention?</b>Of the four categories mentioned above, the second category is the most noteworthy, as it has maintained good performance growth. The rise in valuation indicates that the industry is favored by the market. The third category has the largest number of companies, including upstream sectors with significant performance growth, as well as growth sectors such as power equipment, electronics, and pharmaceuticals that have received high market attention. Among them, industries that are expected to maintain high growth in the first quarter of this year and throughout the year may also be worth paying attention to. Among the primary industries, we recommend focusing on sectors such as construction, automobiles, food and beverage, non-ferrous metals, chemicals, coal, pharmaceuticals, and military. Among the secondary industries, we recommend focusing on passenger vehicles, photovoltaic equipment, liquor, professional engineering, coal mining, beverages and dairy products, batteries, and chemical products.</p><p><b>Despite frequent fluctuations, the industry's performance and earnings performance over the past two years have been largely consistent.</b>Looking at the cumulative performance of 2020 and 2021, the stock price performance was consistent with the earnings performance. The impact of the pandemic in 2020 led to significant negative growth in the performance of many industries. The low base effect led to a substantial increase in the year-on-year growth rate of performance in 2021, and the stock prices of some industries also fluctuated sharply in the past two years. However, overall, the compound annual growth rate of earnings in 2020/2021 still showed a strong correlation with stock price performance.</p><p><b>From the perspective of matching prosperity and valuation, consumption and stabilizing growth are the most noteworthy allocation directions this year.</b>1. As mentioned above, judging from the relative prosperity changes during the economic downturn, the relative prosperity of the consumer sector may increase this year. In terms of valuation, the current valuation of the food and beverage industry has decreased significantly compared with 2021 and is slightly higher than the level before the pandemic. The pharmaceutical industry has high performance stability and its valuation has dropped to a relatively low level. However, the pressure of declining export revenue in some sub-sectors deserves attention. 2. This year's economic work will focus on stability. During the period of efforts to stabilize growth, capital expenditures in related industries such as construction and building materials will often increase, and their prosperity will also rise. From a valuation perspective, the PE ratio of construction has increased slightly compared with before the pandemic, while the PE ratio of the building materials industry has decreased slightly. The PE valuations of both are at relatively low historical levels.</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 errors in the data statistics process, and historical patterns may not be applicable in the future; 2. Economic growth fell significantly short of expectations, leading to unexpected risk events.</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 Financial Reports</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 Financial Reports\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>A-share earnings growth slowed down in Q1 2022.</b></h3><b>1.1 The year-on-year growth rate of A-share earnings declined.</b></p><p><b>The growth rate of A-share earnings slowed 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 Q1 2022 was 4.1%, compared with the quarter-on-quarter growth rate of 71.3% in Q4 2021, and the year-on-year growth rate of net profit attributable to the parent company of all A-shares in 2021 was 18.6%. All A-share non-financial net profit attributable to the parent company increased by 9.1% year-on-year in Q1 2022, compared with a growth rate of 138.0% in Q4 2021. For the whole of 2021, A-share non-financial net profit attributable to the parent company increased by 26.1% year-on-year. Since the domestic economy was significantly affected by the pandemic in the first quarter of 2022, considering the first quarter of 2020, which was also affected by the pandemic, the net profit attributable to the parent company of all A-shares in Q1 2022 increased by 59.4% compared to Q1 2020. In the first quarter, due to the impact of the epidemic in China, the earnings growth rate of all A-shares and non-financial A-shares in Q1 2022 was lower than the earnings growth rate of the whole of 2021. The decline in earnings growth rate was consistent with our previous expectations[1].</p><p><b>The performance of each sector varied.</b>Looking at the main sectors, the year-on-year growth rates of Wenshi's net profit attributable to the parent company in the first quarter of 2022 were 4.1% / -14.6% / 62.4% / -7.1%, respectively, while the year-on-year growth rates of net profit attributable to the parent company for the whole of 2021 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] See the report released on November 4, 2021, “Hiding Strengths and Waiting for Time, Seeking Victory While Steady – 2022 A-Share Annual Strategy Report”.</p><p><b>1.2 Revenue growth declined, but gross profit margin rebounded slightly in the single quarter.</b></p><p>In the first quarter of 2022, the overall revenue growth rate of A-shares was 11.8%, compared with the growth rate of -9.0% in Q4 2021. The year-on-year revenue growth rate of all A-shares in Q1 2022 was lower than the 19.2% for the whole of 2021. The growth rate of all non-financial A-shares in Q1 2022 was 14.7%, compared with the growth rate of -13.2% in Q4 2021. The year-on-year revenue growth rate of all non-financial A-shares in Q1 2022 was also lower than the 21.8% for the whole of 2021.</p><p><b>The revenue growth rate of the main board declined in Q1 2022.</b>Looking at different sectors, Wenshi's revenue growth rates for the main board/ChiNext/STAR Market/ChiNext were 11.0%/20.6%/45.4%/21.6% in Q1 2022, respectively. The revenue growth rates for each sector in Q1 2022 compared to Q4 2021 were -8.6%/-15.9%/-13.3%/-15.8%, respectively, and the revenue growth rates for the whole of 2021 were 18.8%/23.5%/36.7%/24.8%, respectively.</p><p><b>Gross profit margin rebounded slightly in the single quarter.</b>The non-financial gross profit margin of all A-shares in Q1 2022 was basically the same as that of all A-shares in 2021, reaching 18.1%, an increase of 0.8 percentage points compared to 17.3% in Q4 2021. In terms of rolling gross profit margin, the gross profit margin of all A-share non-financial stocks has been declining continuously since 2018. Looking at different sectors, the gross profit margins of the main board, ChiNext, and STAR Market in Q1 2022 were 17.5%, 24.4%, and 33.5%, respectively. The gross profit margins of each sector in 2021 were 17.5%, 26.0%, and 33.7%, respectively. The gross profit margins of the main board and STAR Market in Q1 2022 were basically the same as those of 2021, while the gross profit margin of the ChiNext in Q1 2022 decreased by 1.6 percentage points compared to 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 materials sector is relatively prosperous.</b></h3><b>2.1 Upstream sectors performed relatively well.</b></p><p>Looking at different sectors, the upstream raw materials and technology sectors saw positive net profit growth in Q1 2022, at 35.6% and 8.6% respectively. The midstream manufacturing, downstream consumer, and financial sectors all experienced varying degrees of decline in performance in Q1 2022, with growth rates of -0.6%, -8.8%, and -1.4% respectively. The upstream/midstream/downstream/financial/technology sectors saw growth rates of 98.4%, 22.6%, -22.0%, 11.1%, and 33.7% respectively in 2021. Although the downstream consumer sector's performance growth rate in Q1 2022 was negative, from the perspective of performance improvement, the downstream consumer sector's performance growth rate in Q1 2022 was significantly better than that 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>By industry, non-ferrous metals, coal, and power equipment had the highest performance growth rates in Q1 2022, while agriculture, forestry, animal husbandry and fishery, computer, and light manufacturing had the lowest performance growth rates. The industries with the highest performance growth rates in 2021 were transportation, media, and oil and petrochemicals. From the perspective of performance improvement, the performance growth rates of retail, real estate, and public utilities in Q1 2022 have improved significantly compared to the performance growth rate for the whole 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 divergence under the impact of the pandemic</b></p><p><b>Revenue growth across all segments slowed down.</b>Looking at different sectors, all sectors except finance saw positive revenue growth in Q1 2022, but the revenue growth rates of all sectors in Q1 2022 were lower than those in 2021. The revenue growth rates of upstream, midstream, downstream, finance, and technology in Q1 2022 were 27.7%, 15.4%, 1.0%, -0.5%, and 9.6%, respectively, while the revenue growth rates in 2021 were 35.0%, 22.5%, 10.3%, 6.5%, and 15.5%, respectively.</p><p>Looking at different industries, the revenue growth rates of the power equipment, petroleum and petrochemical, pharmaceutical and biological, public utilities, communications, and beauty and care industries in Q1 2022 improved to varying degrees compared to the revenue growth rates of the whole of 2021, while the revenue growth rates of other industries in Q1 2022 were lower than the revenue growth rates of the whole of 2021. In terms of absolute revenue growth, power equipment, oil and petrochemicals, coal, and non-ferrous metals had the highest revenue growth rates in Q1 2022, while real estate, retail, non-bank financial institutions, and automobiles had the lowest revenue growth rates in Q1 2022.</p><p><b>Gross profit margin trends have diverged.</b>In terms of gross profit margin, the trends in gross profit margin vary across different industries. The gross profit margin of the daily consumer and utilities industries in Q1 2022 increased significantly compared to the gross profit margin for the whole of 2021, at 3.1 percentage points and 1.9 percentage points respectively, while the gross profit margin of telecommunications services and industrial industries decreased by 1.7 percentage points and 1.0 percentage points respectively. Looking at the Shenwan Level 1 industries, the gross profit margins of industries such as food and beverage, coal, public utilities, and commerce and retail have increased significantly, while the gross profit margins of social services, agriculture, forestry, animal husbandry and fishery, building materials, and light manufacturing have decreased 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 declining ROE</b></h3><b>3.1 Declining net profit margin leads to lower ROE</b></p><p>In the first quarter of 2022, the ROE (TTM) of all A-shares was 9.3%, a decrease of 0.2 percentage points from 9.5% in 2021. Looking at major sectors, the ROE (TTM) of the Science and Technology Innovation Board saw the largest increase, rising by 1.7 percentage points from 10.2% in 2021 to 11.9%. The ROE (TTM) of the main board and the ChiNext board in Q1 2022 both declined compared to 2021, decreasing by 0.2 percentage points/0.9 percentage points 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-shares non-financial institutions in Q1 2022 was 5.4%, basically the same as in 2021. Looking at different sectors, the net profit margins of the main board, the ChiNext board, and the Science and Technology Innovation Board decreased by 0.1 percentage points, 0.6 percentage points, and 0.6 percentage points respectively in Q1 2022 to 8.1%, 6.4%, and 12.2%. Therefore, overall, the decline in net profit margin was the main factor contributing 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 Improved ROE (TTM) in the upstream raw materials segment</b></p><p>Looking at different sectors, except for upstream sectors, the ROE (TTM) of the midstream, downstream, financial and technology sectors all declined to varying degrees in the first quarter of 2022. Looking at different sectors, coal, non-ferrous metals, power equipment, and pharmaceuticals and biotechnology saw relatively large increases in ROE (TTM) in the first quarter of 2022, while agriculture, forestry, animal husbandry and fishery, communications, light manufacturing, and non-bank financial institutions saw significant decreases.</p><p>According to DuPont's analysis, the improved ROE (TTM) has resulted in improved industry net profit margins and asset turnover. The coal and power equipment industries, which saw the largest increases in ROE (TTM) in the first quarter of 2022, saw their net profit margins increase by 1.5 percentage points and 0.2 percentage points respectively in Q1 2022, and their asset turnover rates increase by 2.2 percentage points and 2.1 percentage points respectively. In terms of debt-to-asset ratio, more industries saw an increase than a decrease in debt-to-asset ratio. Communications, agriculture, forestry, animal husbandry and fishery, commerce and retail, and transportation saw the largest increases, while food and beverage, computers, coal, and beauty and care saw the largest decreases.</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 earnings for the whole year are expected to be in the low single digits.</b></p><p><b>The earnings of A-shares faced certain pressure throughout 2022.</b>The growth rate of A-share profits has declined significantly in the first quarter, and we expect the growth rate of A-share profits for the whole year to be in the low single digits. According to our top-down forecast, the overall profit growth rate of A-shares for the whole year this year may be around 4.1%, while the non-financial sector will drop to negative growth. In terms of pace, the performance in the second quarter may still decline further, especially the decline in the non-financial sector may be relatively large. However, with the annual GDP growth target of 5.5%, the earnings performance of A-shares may improve in the fourth quarter.</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 consensus expectation for a bottom-up trend in the market remains relatively high.</b>The current market consensus is that the net profit growth rate of all A-shares in 2022 is 25.4%, and the expected net profit growth rate of all non-financial A-shares is 39.0%, both of which are significantly higher than our expectations for A-share earnings this year. Historically, in most years, earnings expectations for A-shares have been high at the beginning of the year, and may be lowered after the first quarter report.</p><p><b>Pay attention to the risk of a downward revision of earnings expectations for growth sectors.</b>Looking at it by sector. Historically, the accuracy of earnings forecasts for growth and cyclical sectors has been relatively low, while the accuracy of forecasts for consumer industries such as food and beverage and banking has been relatively higher. This is related to many factors, such as the stability of performance in different industries. Looking at this year's situation, April...<a href=\"https://laohu8.com/S/300274\">solar power supply</a>The significantly lower-than-expected performance of some companies, represented by [company name missing], has led to stock price adjustments on the Electronic New Energy and ChiNext boards. Currently, market expectations for the overall performance of the growth sector remain relatively high. If profit expectations are 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>Three Investment Clues for This Year from Financial Reports</b></h3><b>5.1 Consumer Prosperity as Seen from Relative Performance Advantages</b></p><p><b>In the first-quarter report, the upstream and consumer sectors showed relatively high prosperity.</b>In terms of net profit indicators, the industries with positive net profit growth in the first quarter and an increase compared to 2021 were mainly construction, power equipment, coal, communications, food and beverage, and home appliances. In terms of growth rate, non-ferrous metals, coal, power equipment, transportation, basic chemicals, pharmaceuticals and biotechnology, petroleum and petrochemicals, and food and beverage ranked highest. Overall, the industries that performed well in the first quarter were mainly concentrated in the upstream and consumer sectors.</p><p><b>On the profitability side, upstream and consumer sectors also performed better.</b>Looking at the profitability indicators for Q1 2022 and 2021, the gross profit margin (TTM) of coal, food and beverage, non-ferrous metals, and pharmaceuticals and biotechnology increased, while the ROE (TTM) of coal, non-ferrous metals, power equipment, and pharmaceuticals and biotechnology increased. Overall, upstream sectors, represented by coal and non-ferrous metals, and consumer sectors, represented by food and beverage and pharmaceuticals and biotechnology, 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 consumer sector is expected to become one of the most prosperous sectors this year.</b>Compared to upstream sectors whose performance depends more on commodity price trends, the consumer sector's performance this year may be relatively more certain. Overall, A-share listed companies are part of the economy, and the performance of each sector is affected by the economy, but there are significant differences between different sectors. The performance of all non-financial and non-consumer sectors in the A-share market is more correlated with the economy, while the performance of the consumer sector is less correlated with the economy. During economic upturns, non-financial and non-consumer sectors outperform the consumer sector, while during economic downturns, the consumer sector outperforms non-consumer and non-financial sectors.</p><p><b>How much impact does the transmission of inflation have on the performance of the consumer sector?</b>Inflation, especially the persistently high PPI, has always been a major concern for the market. Financial reports show that high resource prices have driven the continued strong performance of upstream sectors, which has also significantly squeezed the profits of midstream manufacturing. So, how much impact does the transmission of inflation to downstream consumption have on the performance of the consumer sector? Historically, neither PPI nor CPI has been significantly correlated with the gross profit margin of the consumer sector. On the one hand, commodity prices are an important factor affecting the PPI trend, while commodity prices have a relatively weak direct impact on the consumer sector. On the other hand, CPI encompasses all aspects of clothing, food, housing, and transportation, and its scope is broader than that of listed consumer companies. For example, fresh vegetables, beef, and mutton are important components of CPI, but their impact on the performance of listed companies is relatively small. At the same time, most listed consumer companies are leading companies with influence in the industry and also have the ability to pass on costs. Although high inflation has little impact on the overall profitability of consumer goods, it may have a certain adverse effect on consumer goods industries with more manufacturing attributes, such as automobiles and home appliances.</p><p><b>How much impact has the pandemic had on the performance of the consumer sector?</b>Recently, China has been once again disrupted by the epidemic. Many regions, including Shanghai, have adopted relatively strict epidemic prevention and control measures. The disruption of the epidemic has also had an adverse impact on the performance of A-shares, but consumption may be the sector that has been relatively less affected. On the one hand, based on the experience of 2020, under the impact of the pandemic, the overall net profit growth rate of A-shares declined significantly, but the decline in consumption was relatively small. It is an important allocation direction for the market to avoid performance risks, and the relative performance advantages of industries such as food and beverage and pharmaceuticals have become more prominent. On the other hand, the offline consumption industry, which has been more affected by the pandemic, is at a historical low. Even if the pandemic disrupts it 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 Infrastructure Prosperity as Seen from Capital Expenditure</b></p><p><b>The growth rate of capital expenditure in A-shares declined significantly in the first quarter.</b>In the first quarter of 2022, the growth rate of non-financial capital expenditure in all A-shares was 3.6%, a significant decrease from 10.3% in 2021. This level is only better than that in the first half of 2020 since 2017. Looking at different sectors, the Science and Technology Innovation Board (STAR Market) was the only sector whose capital expenditure growth rate increased in Q1 2022 compared to 2021, while the capital expenditure growth rate of the ChiNext Board declined relatively significantly. In terms of absolute growth rate, the growth rates of both the Science and Technology Innovation Board and the ChiNext Board are higher than those of the main board.</p><p><b>The growth rate of capital expenditure in most industries has declined significantly.</b>Looking at different industries, only six industries—non-ferrous metals, banking, telecommunications, building decoration, oil and petrochemicals, and automobiles—saw an increase in capital expenditure growth in Q1 2022 compared to 2021. Other industries all experienced varying degrees of decline, with social services, transportation, textiles and apparel, and machinery and equipment seeing relatively large declines. Among other industries with large capital expenditures, the growth rate of the electronics industry slowed slightly, while the power equipment industry saw a decline of more than 20 percentage points. In terms of absolute growth rate, the capital expenditure growth rates of building materials, power equipment, automobiles, non-ferrous metals, basic chemicals, and banks in Q1 2022 were above 20%, while the growth rates of social services, agriculture, forestry, animal husbandry and fishery, real estate, environmental protection, and transportation were below -20%.</p><p><b>The downward trend in capital expenditure growth and the impact of the pandemic.</b>On the one hand, there is some downward pressure on the overall profit growth rate of A-shares this year, and during periods of profit decline, the overall capital expenditure growth rate of A-shares often also declines. Therefore, the capital expenditure growth rate for the whole year may be significantly lower than last year. On the other hand, my country was disrupted by the epidemic in the first quarter, and many provinces and cities, including Shanghai, adopted relatively strict epidemic prevention and control restrictions, which also had a significant impact on the business activities of some industries.</p><p><b>Structurally, which industries are likely to become the highlights this year?</b>The strength of capital expenditure represents a company's optimistic and pessimistic expectations 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 sector this year. On the one hand, the construction industry was one of the few industries where the growth rate of capital expenditure in Q1 2022 increased compared to 2021. Although this figure for building materials decreased slightly compared to 2021, the absolute growth rate in Q1 2022 reached 89%. On the other hand, historically, during periods of policy support and rising infrastructure investment growth, the growth rate of capital expenditure in the construction and building materials industry has also tended to increase. Under the general direction of stabilizing growth this year, infrastructure investment will also be an important area of focus. It is expected that the construction and building materials industries in the infrastructure sector will be the most noteworthy throughout the year.</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 Pressure on various industries from the perspective of changes in exports</b></p><p><b>In 2021, listed companies maintained high growth in overseas revenue.</b>Listed companies only disclose their overseas revenue in their interim and annual reports. In 2021, the year-on-year growth rate of all A-share non-financial overseas revenue was 26.1%, a significant increase of 19.0 percentage points compared to the 7.1% growth rate in 2020. The compound annual growth rate for 2020 and 2021 was 16.2%, an increase of 6.5 percentage points compared to the 9.7% growth rate in 2019. However, thanks to the good performance of its domestic business revenue, the proportion of overseas revenue in total revenue did not increase significantly. The proportion of overseas revenue from all non-financial A-shares in total revenue increased from 10.0% in 2019 to 10.6% in 2021.</p><p><b>Most industries saw their overseas revenue growth rate increase in 2021 compared to 2020.</b>Comparing the growth rate of overseas revenue in 2021 with that in 2020, the oil and petrochemical, coal, and steel industries saw the highest increase in overseas revenue growth, and the absolute growth rate was also higher. However, the beauty and care, pharmaceutical and biological, and environmental protection industries saw a relatively larger decline, with the beauty and care and environmental protection industries experiencing negative growth. Compared with 2019, the growth rate of overseas revenue in most industries has also increased, with real estate, coal, and utilities seeing the largest increases, while environmental protection, beauty and care, social services, and computer sectors 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 well in the past two years, but may face some downward pressure this year.</b>Over the past two years, disruptions to overseas production have led to very impressive export data in my country. In 2021, the export growth rate reached 29.9%, but since the beginning of this year, the export growth rate has declined significantly, with a cumulative year-on-year growth rate of 15.8% in the first three months. On the one hand, the impact of the current overseas epidemic is gradually subsiding, and production is gradually recovering; On the other hand, the strong overseas demand over the past two years has partly come from high incomes and high savings generated by government subsidies. However, the proportion of US residents' savings has now dropped to pre-pandemic levels, and overseas demand may face continued downward pressure in the future. Therefore, domestic export growth may continue to face pressure in the future.</p><p><b>The pressure on exports may also be reflected in the overseas revenue of A-share listed companies.</b>As mentioned above, overseas demand is facing downward pressure this year, while supply is expected to recover. The subsidence of the overseas epidemic may also reduce the demand for epidemic prevention materials. my country's exports are facing significant downward pressure this year, and the contribution of overseas revenue to A-share performance may also decrease significantly. If we assume that there is no pandemic and that the growth rate of overseas revenue in 2020-2022 is the same as in 2019, we can estimate the scale of overseas revenue of A-shares in 2022, and the resulting year-on-year growth rate of overseas revenue in 2022 will be around -2.2% (estimated 2022 value / actual 2021 value -1).</p><p><b>Industries such as pharmaceuticals, chemicals, and electronics may face greater pressure on overseas revenue this year.</b>Between 2014 and 2019, the overall overseas revenue growth rate of A-shares fluctuated relatively little, fluctuating between 10% and 15% in most years. Comparing the compound annual growth rate of 2020-2021 with the compound annual growth rate of 2014-2019, the overseas revenue growth rate of industries such as pharmaceuticals, non-ferrous metals, chemicals, and electronics increased significantly, all by more than 10 percentage points. If we compare the compound annual growth rate from 2020 to 2021 with the year-on-year growth rate in 2019, the pharmaceutical, electronics, and chemical industries saw the largest increase. These industries may face 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 In terms of the match between prosperity and valuation, which areas are worth paying attention to?</b></p><p><b>What is the valuation level of A-shares after the earnings season?</b>The current PE ratio of the Shanghai Composite Index is 11.9X, at the 25.2nd percentile level since 2010, while the PE ratio of the ChiNext Index is 45.9X, at the 34th percentile level since 2010. Looking at different industries, among the 31 Shenwan Level 1 industries, 22 industries have a historical percentile of PE valuation (since 2010) below 30%, while the historical percentile of valuation of textiles and apparel, communications, electronics, pharmaceuticals and biotechnology, transportation, non-ferrous metals, non-bank financial institutions, environmental protection, basic chemicals, media, and petroleum and petrochemicals is below 5%. The valuation percentile of industries such as social services, automobiles, beauty care, utilities, and food and beverage is above 70%.</p><p><b>How has the valuation changed compared to before the pandemic?</b>The disruptions caused by the pandemic over the past two years have led to significant fluctuations in the valuations of some industries. Looking at all A-shares, the current (April 29) PE ratio is 16.0X, a decrease of 8.7% compared to 17.6X at the beginning of 2020. Based on valuation changes, industries can be divided into four categories: 1. Valuations have expanded significantly, mainly due to a sharp decline in net profit over the past two years, including industries such as real estate and utilities; 2. Valuations have expanded, with stock prices and performance performing well over the past two years, including in industries such as beauty and care, automobiles, and food and beverage; 3. Valuations declined, while stock prices also rose during the same period. However, greater earnings growth led to a decrease in PE valuations, mainly in industries such as non-ferrous metals, basic chemicals, power equipment, and coal. 4. Valuations declined, but mainly due to the decline in stock prices, including in industries such as telecommunications, textiles and apparel, and home appliances. Secondary industries can also be classified in the same way, as detailed in the table below.</p><p><b>From a comparison of profitability and valuation, which industries deserve more attention?</b>Of the four categories mentioned above, the second category is the most noteworthy, as it has maintained good performance growth. The rise in valuation indicates that the industry is favored by the market. The third category has the largest number of companies, including upstream sectors with significant performance growth, as well as growth sectors such as power equipment, electronics, and pharmaceuticals that have received high market attention. Among them, industries that are expected to maintain high growth in the first quarter of this year and throughout the year may also be worth paying attention to. Among the primary industries, we recommend focusing on sectors such as construction, automobiles, food and beverage, non-ferrous metals, chemicals, coal, pharmaceuticals, and military. Among the secondary industries, we recommend focusing on passenger vehicles, photovoltaic equipment, liquor, professional engineering, coal mining, beverages and dairy products, batteries, and chemical products.</p><p><b>Despite frequent fluctuations, the industry's performance and earnings performance over the past two years have been largely consistent.</b>Looking at the cumulative performance of 2020 and 2021, the stock price performance was consistent with the earnings performance. The impact of the pandemic in 2020 led to significant negative growth in the performance of many industries. The low base effect led to a substantial increase in the year-on-year growth rate of performance in 2021, and the stock prices of some industries also fluctuated sharply in the past two years. However, overall, the compound annual growth rate of earnings in 2020/2021 still showed a strong correlation with stock price performance.</p><p><b>From the perspective of matching prosperity and valuation, consumption and stabilizing growth are the most noteworthy allocation directions this year.</b>1. As mentioned above, judging from the relative prosperity changes during the economic downturn, the relative prosperity of the consumer sector may increase this year. In terms of valuation, the current valuation of the food and beverage industry has decreased significantly compared with 2021 and is slightly higher than the level before the pandemic. The pharmaceutical industry has high performance stability and its valuation has dropped to a relatively low level. However, the pressure of declining export revenue in some sub-sectors deserves attention. 2. This year's economic work will focus on stability. During the period of efforts to stabilize growth, capital expenditures in related industries such as construction and building materials will often increase, and their prosperity will also rise. From a valuation perspective, the PE ratio of construction has increased slightly compared with before the pandemic, while the PE ratio of the building materials industry has decreased slightly. The PE valuations of both are at relatively low historical levels.</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 errors in the data statistics process, and historical patterns may not be applicable in the future; 2. Economic growth fell significantly short of expectations, leading to unexpected risk events.</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":2586,"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":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4096288759817900","idStr":"4096288759817900"},"themes":[],"title":"","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":"hk","language":"zh","title":"Tiger Daily News | Palantir surges 20%! Tesla rose 6.3%, while Nvidia jumped 2.8%! Federal Reserve rate hike expectations cooled, causing a rally in US stocks.","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 is expected to be the weakest in five years; Apple's quarterly profit beat expectations, and revenue fell 1%, marking its fourth consecutive decline. Pailey: The Bank of England will maintain high interest rates for as long as necessary; Mainland interbank liquidity tightened sharply at the end of October; Tesla shares rose 6.3%, while Nvidia shares jumped 2.8%. Palantir's quarterly results turned around and beat expectations, with revenue rising 17% and its stock price surging 20%; The Dow Jones Industrial Average rose 1.7%, the S&P 500 gained 1.89%, the Nasdaq Composite rose 1.78%, and the Golden Dragon China Industrial Average jumped 2.04%.</p><p><h2 id=\"id_2026165429\">I. Hot News</h2><strong>US 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 during this year's peak retail season are expected to increase by 3% to 4%, the lowest growth rate in five years. Discount chain Target says consumers are cutting back on all household expenses, including food, due to high prices and a surge in mortgage costs.</p><p><p style=\"text-align: start;\"><strong>Apple's quarterly profit beat expectations, but revenue fell 1%, marking its fourth consecutive decline.</strong><br/><br/>Apple's net profit for the fourth fiscal quarter rose 10.8% year-over-year, while revenue fell 1%, marking the fourth consecutive quarterly decline, both exceeding expectations. iPhone sales revenue increased by 2%. CEO Tim Cook stated that revenue in the Chinese market fell by 2.5%, mainly related to currency exchange rates. However, even after excluding related effects, growth was still recorded, with local iPhone sales hitting a record high. Chief Financial Officer Maestri said that overall revenue for the quarter was roughly flat year-on-year. Apple's stock price fell more than 3% in after-hours trading, but closed up 2.1% for the day.</p><p><p style=\"text-align: start;\"><strong>Bailey: Bank of England to maintain high interest rates for as long as necessary</strong><br/><br/>The Bank of England kept interest rates at 5.25%, in line with expectations. Governor Bailey said that to reduce inflation, the Bank of England will keep interest rates at the required high level for as long as necessary.</p><p><strong>US economic data</strong></p><p>The U.S. Department of Labor reported 217,000 jobless claims last week, an increase of 5,000 week-on-week, compared to the expected 210,000 and the previous revised figure of 212,000. The final value of durable goods orders in September increased by 4.6% month-on-month, compared with both the expected and previous values of 4.7%.</p><p><strong>Mainland interbank funds tightened sharply at the end of October.</strong></p><p>Interbank liquidity in mainland China tightened sharply at the end of October, with overnight repurchase rates soaring to over 50% at one point. The China Foreign Exchange Trading Center has reportedly requested explanations from institutions involved in high-interest rate transactions such as the 50% interbank repurchase agreement on October 31.</p><p><h2 id=\"id_465155168\">II. US Stock review</h2>Federal Reserve rate hike expectations cooled, and US Treasury yields continued to fall sharply, driving a surge in US stocks. The Dow Jones Industrial Average, which had risen 578 points, still closed up 564 points or 1.7%, the S&P 500 rose 1.89%, the Nasdaq Composite 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 shares rose 2.1% after the market closed on Thursday, Tesla shares jumped 6.3%, and Nvidia shares jumped 2.8%.</p><p><p style=\"text-align: start;\">Vaccine maker Moderna took a massive $3.1 billion write-down on its COVID-19 vaccine inventory, dragging down a $3.6 billion loss in the third quarter. Its stock price plunged as much as 17.9%, marking its biggest drop since November 2021, and closed down 6.5%.</p><p><p style=\"text-align: start;\">In contrast, PayPal and Qualcomm reported better-than-expected results last quarter, with their stock prices rising 6.6% and 5.8%, respectively.</p><p><p style=\"text-align: start;\">Starbucks' same-store sales grew by 8% last quarter, far exceeding expectations, and its stock price surged 9.5%, the strongest increase since May of 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 $8.61 billion, causing its stock price to jump 2.7%.</p><p>U.S. big data provider Palantir reported a net profit of $72 million for the third quarter ended September 31, compared with a loss of $123.9 million in the same period last year. Adjusted earnings per share for the period were RMB 0.07, compared to the expected RMB 0.06; Revenue was reported at 558 million yuan, up 17% year-on-year, compared to the expected 556.1 million yuan. Following the news, the company's stock price fell about 1% during the extended after-hours trading session on Thursday, but closed up 20.4% for the day.</p><p><h2 id=\"id_3483187185\">III. Hong Kong Stock Outlook</h2>The Hang Seng Index closed up 128 points, or 0.75%, at 17,230. The total turnover of the market reached 71.124 billion yuan. The China National Index rose 51 points, or 0.88%, to 5911. The Tech Index rose more than 3% this morning, but its gains narrowed to 1.6% at 3813 points at the close.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4952d4c3a3d4531e9e461448b17b38e\" tg-width=\"769\" tg-height=\"162\"/></p><p>￭ The EU stated that the proposed merger between Vodafone and Three (3 UK), a UK mobile service provider owned by CK Hutchison Holdings (00001), does not constitute a market monopoly concern.<br/>￭ Logan Group (03380): It is exploring various structures related to restructuring, including debt-to-equity swaps, to achieve deleveraging.<br/>￭ Dongfeng Motor Group (00489): Zhu Yanfeng has reached retirement age and will no longer serve as an executive director and chairman of the company effective immediately. The group has appointed executive director Yang Qing as chairman.<br/>￭ Autohome (02518) reported a 13.84% year-on-year increase in net profit in the third quarter.<br/>￭ Sun Kai Properties (00016) Tin Shui Wai Light Rail Tin Wing Station Phase 1, YOHO WEST, is expected to release its brochure as early as mid-month, with the goal of launching Phase 1 this month.</p><p><h2 id=\"id_165439496\">IV. Financial Forecast</h2><ul style=\"\"><li><strong>Earnings Release</strong></p><p></li></ul><a href=\"https://laohu8.com/S/FUBO\">fuboTV Inc.</a>Earnings will be released before the US stock market opens today.</p><p><ul style=\"\"><li><strong>Economic data</strong></p><p></li></ul>20:30: Seasonally adjusted change in US non-farm payrolls in October (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 Daily News | Palantir surges 20%! Tesla rose 6.3%, while Nvidia jumped 2.8%! Federal Reserve rate hike expectations cooled, causing a rally in US stocks.</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 Daily News | Palantir surges 20%! Tesla rose 6.3%, while Nvidia jumped 2.8%! Federal Reserve rate hike expectations cooled, causing a rally in US stocks.\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 is expected to be the weakest in five years; Apple's quarterly profit beat expectations, and revenue fell 1%, marking its fourth consecutive decline. Pailey: The Bank of England will maintain high interest rates for as long as necessary; Mainland interbank liquidity tightened sharply at the end of October; Tesla shares rose 6.3%, while Nvidia shares jumped 2.8%. Palantir's quarterly results turned around and beat expectations, with revenue rising 17% and its stock price surging 20%; The Dow Jones Industrial Average rose 1.7%, the S&P 500 gained 1.89%, the Nasdaq Composite rose 1.78%, and the Golden Dragon China Industrial Average jumped 2.04%.</p><p><h2 id=\"id_2026165429\">I. Hot News</h2><strong>US 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 during this year's peak retail season are expected to increase by 3% to 4%, the lowest growth rate in five years. Discount chain Target says consumers are cutting back on all household expenses, including food, due to high prices and a surge in mortgage costs.</p><p><p style=\"text-align: start;\"><strong>Apple's quarterly profit beat expectations, but revenue fell 1%, marking its fourth consecutive decline.</strong><br/><br/>Apple's net profit for the fourth fiscal quarter rose 10.8% year-over-year, while revenue fell 1%, marking the fourth consecutive quarterly decline, both exceeding expectations. iPhone sales revenue increased by 2%. CEO Tim Cook stated that revenue in the Chinese market fell by 2.5%, mainly related to currency exchange rates. However, even after excluding related effects, growth was still recorded, with local iPhone sales hitting a record high. Chief Financial Officer Maestri said that overall revenue for the quarter was roughly flat year-on-year. Apple's stock price fell more than 3% in after-hours trading, but closed up 2.1% for the day.</p><p><p style=\"text-align: start;\"><strong>Bailey: Bank of England to maintain high interest rates for as long as necessary</strong><br/><br/>The Bank of England kept interest rates at 5.25%, in line with expectations. Governor Bailey said that to reduce inflation, the Bank of England will keep interest rates at the required high level for as long as necessary.</p><p><strong>US economic data</strong></p><p>The U.S. Department of Labor reported 217,000 jobless claims last week, an increase of 5,000 week-on-week, compared to the expected 210,000 and the previous revised figure of 212,000. The final value of durable goods orders in September increased by 4.6% month-on-month, compared with both the expected and previous values of 4.7%.</p><p><strong>Mainland interbank funds tightened sharply at the end of October.</strong></p><p>Interbank liquidity in mainland China tightened sharply at the end of October, with overnight repurchase rates soaring to over 50% at one point. The China Foreign Exchange Trading Center has reportedly requested explanations from institutions involved in high-interest rate transactions such as the 50% interbank repurchase agreement on October 31.</p><p><h2 id=\"id_465155168\">II. US Stock review</h2>Federal Reserve rate hike expectations cooled, and US Treasury yields continued to fall sharply, driving a surge in US stocks. The Dow Jones Industrial Average, which had risen 578 points, still closed up 564 points or 1.7%, the S&P 500 rose 1.89%, the Nasdaq Composite 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 shares rose 2.1% after the market closed on Thursday, Tesla shares jumped 6.3%, and Nvidia shares jumped 2.8%.</p><p><p style=\"text-align: start;\">Vaccine maker Moderna took a massive $3.1 billion write-down on its COVID-19 vaccine inventory, dragging down a $3.6 billion loss in the third quarter. Its stock price plunged as much as 17.9%, marking its biggest drop since November 2021, and closed down 6.5%.</p><p><p style=\"text-align: start;\">In contrast, PayPal and Qualcomm reported better-than-expected results last quarter, with their stock prices rising 6.6% and 5.8%, respectively.</p><p><p style=\"text-align: start;\">Starbucks' same-store sales grew by 8% last quarter, far exceeding expectations, and its stock price surged 9.5%, the strongest increase since May of 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 $8.61 billion, causing its stock price to jump 2.7%.</p><p>U.S. big data provider Palantir reported a net profit of $72 million for the third quarter ended September 31, compared with a loss of $123.9 million in the same period last year. Adjusted earnings per share for the period were RMB 0.07, compared to the expected RMB 0.06; Revenue was reported at 558 million yuan, up 17% year-on-year, compared to the expected 556.1 million yuan. Following the news, the company's stock price fell about 1% during the extended after-hours trading session on Thursday, but closed up 20.4% for the day.</p><p><h2 id=\"id_3483187185\">III. Hong Kong Stock Outlook</h2>The Hang Seng Index closed up 128 points, or 0.75%, at 17,230. The total turnover of the market reached 71.124 billion yuan. The China National Index rose 51 points, or 0.88%, to 5911. The Tech Index rose more than 3% this morning, but its gains narrowed to 1.6% at 3813 points at the close.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4952d4c3a3d4531e9e461448b17b38e\" tg-width=\"769\" tg-height=\"162\"/></p><p>￭ The EU stated that the proposed merger between Vodafone and Three (3 UK), a UK mobile service provider owned by CK Hutchison Holdings (00001), does not constitute a market monopoly concern.<br/>￭ Logan Group (03380): It is exploring various structures related to restructuring, including debt-to-equity swaps, to achieve deleveraging.<br/>￭ Dongfeng Motor Group (00489): Zhu Yanfeng has reached retirement age and will no longer serve as an executive director and chairman of the company effective immediately. The group has appointed executive director Yang Qing as chairman.<br/>￭ Autohome (02518) reported a 13.84% year-on-year increase in net profit in the third quarter.<br/>￭ Sun Kai Properties (00016) Tin Shui Wai Light Rail Tin Wing Station Phase 1, YOHO WEST, is expected to release its brochure as early as mid-month, with the goal of launching Phase 1 this month.</p><p><h2 id=\"id_165439496\">IV. Financial Forecast</h2><ul style=\"\"><li><strong>Earnings Release</strong></p><p></li></ul><a href=\"https://laohu8.com/S/FUBO\">fuboTV Inc.</a>Earnings will be released before the US stock market opens today.</p><p><ul style=\"\"><li><strong>Economic data</strong></p><p></li></ul>20:30: Seasonally adjusted change in US non-farm payrolls in October (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":{".DJI":"道琼斯","HSI":"恒生指数",".IXIC":"NASDAQ Composite","PLTR":"Palantir Technologies Inc.",".SPX":"S&P 500 Index"},"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":{".DJI":1.1,"PLTR":1.1,".IXIC":1.1,"HSI":1.1,".SPX":1.1}},"isVote":1,"tweetType":1,"viewCount":5130,"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":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4096288759817900","idStr":"4096288759817900"},"themes":[],"title":"","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":5312,"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":6100,"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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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)$</a> ，就因行業性的需求下滑而大跌。但是對綜合性的芯片公司來說，要找到對整個板塊的指引，可能還是需要關注NVDA的業績以及對接下來幾個季度的指引。","listText":"過去一個月，半導體板塊回調不少 <a href=\"https://laohu8.com/S/SOX\">$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":5452,"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":4381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":234944691232856,"gmtCreate":1698381036972,"gmtModify":1698381041750,"author":{"id":"4096288759817900","authorId":"4096288759817900","name":"tony 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家","avatar":"https://static.tigerbbs.com/4788518f4a6b0b9015a2f76d3af4ac9a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4096288759817900","idStr":"4096288759817900"},"themes":[],"title":"","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":"Maverick AI","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":4394,"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":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4096288759817900","idStr":"4096288759817900"},"themes":[],"title":"","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":"Maverick AI","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":5264,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}