Core Viewpoint - The article discusses the historical valuation and investment strategies for dividend low-volatility indices, emphasizing the importance of establishing a systematic investment approach based on valuation data to enhance stability and effectiveness in investment [3][15]. Historical Valuation Overview - The historical PE (Price-to-Earnings) ratio of the dividend low-volatility index has gradually decreased from a range of 8-18 to around 6-8 in recent years [6]. - The dividend yield has steadily increased from 2.8%-4.8% to approximately 5%-7% [6]. - The lowest recorded PE was 5.75, while the highest was 24.77, indicating a significant range in valuation over time [5][10]. - The dividend low-volatility index has a lower PE volatility compared to the broader dividend indices, reflecting the impact of the low-volatility factor [10]. Historical Valuation Thresholds - The lowest PE recorded in the 2014-2025 period was 5.43, while the highest was 17.29 [9][11]. - The current PE as of January 24, 2025, is 7.08, with a dividend yield of 6.15%, indicating a relatively low valuation state [14]. - The market capitalization-weighted PB (Price-to-Book) ratio is 0.790, which is at the 45.81 percentile over the past decade [14]. Current Valuation - As of January 24, 2025, the official PE is 7.08, and the dividend yield is 6.15%, which is close to the broader dividend indices [14]. - The market capitalization-weighted PB ratio is significantly high at 91.91%, primarily due to the high proportion of bank stocks in the index [14]. Investment Strategy Setting - The article suggests establishing a systematic investment strategy based on the valuation data, particularly in the context of the volatile A-share market [16]. - Two main strategies are proposed: a cautious version focusing on recent stable data and a normal version that incorporates a longer historical perspective for a more comprehensive analysis [17][18]. - Specific thresholds for investment are suggested, such as PE < 7 or dividend yield > 5.8%, or a combination of both [19].

日经平均股指自2024年10月以来一直在3万8000至4万点的区间内波动。之所以会在2025年2月底 跌破该区间的下限，很大程度上是受到了美国股市下跌的联动影响。市场将3万6000点视为短期 支撑位，不仅仅是因为这是技术上的关键点…… 日经平均股指自2024年10月以来一直在3万8000至4万点的区间内波动。之所以会在2025年2月 底跌破该区间的下限，很大程度上是受到了美国股市下跌的联动影响。美国标准普尔500指数较2 月19日创下的最高点下跌了1成。特朗普政府不顾短期股市下跌和经济减速的态度十分明显，市 场的不安情绪迅速高涨。 日本股市行情开始探底。因担心"特朗普关税"而呈现出下跌趋势的日经平均股指在上周末，时隔4 周以高于前一周末的水平收盘。部分市场相关人士预计行情会不稳定，同时将3万6000点视为下 方支撑位。 在3月11日的东京股市，日经平均股指一度下跌超过1000点，跌至3万5900点区间。投资者没有 完全陷入悲观情绪。大型证券公司的交易员认为，"日本国内银行认为不会出现大幅低于3万6000 点的情况，因而进行了买入操作"。当天收盘价的跌幅收窄至235点。 市场上充斥着关于日经平均股指迅速反弹的话 ...

Core Viewpoint - Tesla is experiencing a significant decline in stock price, with a drop of approximately 36% over the past two months, indicating a disconnection between its market valuation and actual financial performance [1][2]. Valuation Metrics - Tesla's P/E Non-GAAP (TTM) stands at 108.86, which is 647.94% higher than the sector median of 14.56, suggesting an overvaluation [2]. - The PEG Non-GAAP (FWD) ratio of 6.28 is nearly five times the industry median of 1.34, indicating a mismatch between growth prospects and market valuation [3]. - Tesla's EV/EBITDA (TTM) is 63.35, significantly higher than the industry average, further highlighting its inflated valuation [2][5]. Revenue and Growth Analysis - Tesla's total revenue is projected to increase from $96.7 billion in 2023 to $97.7 billion in 2024, reflecting a growth rate of less than 1% [3][4]. - In contrast, the broader non-essential consumer goods sector reported a revenue growth of approximately 2.82% over the past year [4]. - Tesla's EBITDA has decreased by 3.9%, while the industry saw a growth of 2.6%, indicating underperformance [4]. Market Share and Competitive Landscape - Tesla's market share in the U.S. electric vehicle market has dropped from 74.8% to approximately 44.4% over three years, with competitors like Ford and GM gaining ground [7][8]. - In China, Tesla's sales are at a 19-month low, while BYD's sales have surged by 161%, showcasing increasing competition [8][11]. - In Europe, Tesla's market share has plummeted from 18.2% to just 6% between 2023 and early 2025, indicating a significant decline in its competitive position [9]. Profitability Trends - Tesla's gross margin has decreased from 25.28% in 2022 to 17.86% in 2024, marking the lowest annual profit margin in five years [6]. - Operating margin has similarly declined from 16.8% in 2022 to 7.8% in 2024, raising concerns about the company's profitability [6]. Customer Loyalty and Brand Perception - Customer loyalty has declined, with repeat purchase rates dropping from 72% in Q4 2023 to 65% in Q4 2024, particularly in Democratic-leaning states [10]. - A survey indicated that the percentage of potential buyers who would not consider purchasing a Tesla has increased from 17% in 2021 to 32% by the end of 2024 [10]. Future Opportunities and Challenges - Tesla is exploring entry into the Indian market, which is projected to grow at a CAGR of 19.44% over the next five years, representing a significant opportunity [11]. - However, the Indian market is highly competitive, with Tata Motors holding over 60% market share, posing challenges for Tesla's expansion [11].

Core Viewpoint - The article discusses the investment journey of the cosmetic company Proya, highlighting its significant profit growth and market valuation changes over the years, emphasizing the importance of understanding industry dynamics and making informed investment decisions. Group 1: Proya's Financial Performance - In 2017, Proya's profit was 200 million with a market capitalization of 5 billion, resulting in a dynamic P/E ratio of 25 times. By 2018, profits were projected to grow by 40-50%, leading to a lower P/E ratio of 17 times, indicating the stock was undervalued [2]. - By 2021, Proya's profit reached approximately 600 million, with a market capitalization of 40 billion, resulting in a dynamic P/E ratio of nearly 70 times. If profits continued to grow to 2 billion, the P/E ratio would drop to 20 times [4]. - Proya's profits increased from 200 million in 2017 to 1.5 billion in 2024, reflecting a consistent growth trend [11]. Group 2: Market Valuation and Investment Strategy - The article illustrates that selling Proya shares at a high P/E ratio (70 times) in 2021 could have led to missed opportunities, as the stock continued to perform well, while other sectors like real estate and banking saw significant declines [5]. - The author suggests that maintaining a position in high-growth companies like Proya, even at elevated P/E ratios, can be beneficial if the underlying business continues to grow [6]. - The article advises caution when the stock price reaches a certain threshold (30-40), as it may indicate a need to consider reallocating to higher dividend yield stocks [7]. Group 3: Industry Comparisons - Proya's performance is compared to other sectors, such as coal and liquor, where investments in companies with lower P/E ratios (like 7 times for coal) yielded substantial returns [5]. - Historical performance of other companies like Yunnan Baiyao and Heng Rui Pharmaceutical is referenced, showing that maintaining positions in leading companies can lead to significant long-term gains [9][10]. - The article emphasizes the importance of understanding industry trends and the potential for high-growth companies to maintain elevated valuations over time [8].

证券代码：603949 证券简称：雪龙集团 公告编号：2025-014 雪龙集团股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 股价短期涨幅较大风险。雪龙集团股份有限公司（以下简称"公司"）股 票价格于 2025 年 2 月 24 日，2 月 25 日，2 月 26 日连续三个交易日内日收盘价 格涨幅偏离值累计超过 20%。根据《上海证券交易所交易规则》的有关规定，属 于股票交易异常波动情形。敬请广大投资者注意二级市场交易风险，理性决策， 审慎投资。 市盈率较高风险。根据中证指数有限公司官方网站发布的截至 2025 年 2 月 26 日的市盈率数据显示，公司所属证监会行业 C36 汽车制造业的静态市盈率 为 28.10，滚动市盈率为 29.22，目前公司静态市盈率 47.05，滚动市盈率 53.46， 均显著偏离同行业平均水平。敬请广大投资者注意二级市场交易风险，理性决策， 审慎投资。 生产经营风险。2024 年 1-9 月，公司实现营业收入 26,808.37 万元，同 比 ...

今天缩量到6888亿，7000亿都不到了，两市中位数下跌1.96%，又是惨兮兮的一天。本周3个交易日，每天都在流血，主要流的是小市值股票的血，但今 天杀到最后大盘股也跟着放了不少血。 打开全球行情看了一眼，80%的国家股市都在上涨，我们又逆风航行了。 | ● 上证指数 | 3065.40 | -25.80 | -0.83% | 欧洲斯托克50 7 | 5028.59 | 75.22 | 1.52% | | --- | --- | --- | --- | --- | --- | --- | --- | | ● 深证成指 | 9393.61 | -75.71 | -0.80% | ● 英国富时100 | 8274.06 | 42.02 | 0.51% | | ● 中小100 | 5883.95 | -17.53 | -0.30% | ● 英国富时250 | 20671.15 | -46.84 | -0.23% | | O 创业板指 | 1833.55 | -10.04 | -0.54% | ● 富时AIM全股 | 801.71 | 3.51 | 0.44% | | O 沪深300 | 3594.79 | -20. ...

经深圳证券交易所同意，湖南崇德科技股份有限公司（以下简称"发行人"、 "崇德科技"）发行的人民币普通股股票将于 2023 年 9 月 20 日在深圳证券交易 所创业板上市。上市公告书全文和首次公开发行股票的招股说明书全文披露于中 国证监会指定的网站：巨潮资讯网（www.cninfo.com.cn）；中证网（www.cs.com. cn）；中国证券网（www.cnstock.com）；证券时报网（www.stcn.com）；证券日报 网（www.zqrb.cn）；中国日报网（http://cn.chinadaily.com.cn），供投资者查阅。 所属网页二维码：巨潮资讯网 。 湖南崇德科技股份有限公司 首次公开发行股票并在创业板上市 之上市公告书提示性公告 保荐人（主承销商）：海通证券股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整、及时， 没有虚假记载、误导性陈述或重大遗漏。 一、上市概况 （一）股票简称：崇德科技 （二）股票代码：301548 （三）首次公开发行后总股本：6,000 万股 （四）首次公开发行股份数量：1,500 万股（本次发行全部为新股，无老股 转让） 1 二、风险提 ...

杭州民生健康药业股份有限公司 首次公开发行股票并在创业板上市 之上市公告书提示性公告 保荐人（主承销商）：财通证券股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 经深圳证券交易所审核同意，杭州民生健康药业股份有限公司（以下简称"民 生健康"、"发行人"或"本公司"）发行的人民币普通股股票将于2023年9月5 日在深圳证券交易所创业板上市，上市公告书全文和首次公开发行股票并在创业 板上市的招股说明书全文披露于中国证监会指定网站（巨潮资讯网，网址 www.cninfo.com.cn ； 中 证 网 ， 网 址 www.cs.com.cn ； 中 国 证 券 网 ， 网 址 www.cnstock.com ； 证 券时 报 网 ， 网址 www.stcn.com ； 证 券日 报 网 ， 网址 www.zqrb.cn；经济参考网，网址：www.jjckb.cn），所属网页二维码： 巨潮资讯网，供投资者查阅。 一、上市概况 （一）股票简称：民生健康 二、风险提示 本公司股票将在深圳证券交易所创业板市场上市，该市场具有较高的投资风 1 （二）股票代码：30 ...

广州多浦乐电子科技股份有限公司 首次公开发行股票并在创业板上市 之上市公告书提示性公告 保荐人（主承销商）：长城证券股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假 记载、误导性陈述或重大遗漏。经深圳证券交易所审核同意，广州多浦乐电子科 技股份有限公司（以下简称"多浦乐"、"发行人"、"公司"或"本公司"）发行的 人民币普通股股票将于 2023 年 8 月 28 日在深圳证券交易所创业板上市，上市公 告书全文和首次 公开发行股票并在创业板上市的招股说明书全文披露于以下信 息 披 露 网 站 （ 巨 潮 资 讯 网 （ 网 址 www.cninfo.com.cn ）、 中 证 网 （ 网 址 www.cs.com.cn）、中国证券网（网址 www.cnstock.com）、证券时报网（网址 www.stcn.com）、证券日报网（网址 www.zqrb.cn）），供投资者查阅。 所属网页二维码：巨潮资讯网 ，供投资者查阅。 一、上市概况 （一）股票简称：多浦乐 （二）股票代码：301528 二、风险提示 本公司股票将在深圳证券交易所创业板市场上市，该市场具有较高的投资风 险。创 ...

固高科技股份有限公司 首次公开发行股票并在创业板上市 之上市公告书提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 经深圳证券交易所审核同意，固高科技股份有限公司（以下简称"本公司"、"发 行人"、"固高科技"）人民币普通股股票将于 2023 年 8 月 15 日在深圳证券交易所创 业板上市，上市公告书全文和首次公开发行股票并在创业板上市招股说明书全文披露于 中国证券监督管理委员会（以下简称"中国证监会"）指定信息披露网站：巨潮资讯网， 网 址 www.cninfo.com.cn ；中证网，网址 www.cs.com.cn ； 中 国 证 券 网 ， 网 址 www.cnstock.com；证券时报网，网址 www.stcn.com；证券日报网，网址 www.zqrb.cn， 供投资者查阅。 所属网页二维码：巨潮资讯网 一、上市概况 二、风险提示 本公司股票将在深圳证券交易所创业板市场上市，该市场具有较高的投资风险。创 业板公司具有业绩不稳定、经营风险高、退市风险大等特点，投资者面临较大的市场风 1 （一）股票简称：固高科技 （二）股票代码：3015 ...