1、昨天看到一段话，把我给逗乐了，大意如下：目前中概互联的最强选手是字节，全面压着其他所有 公司在打，但奇怪的是这时候其他公司没有想到联合起来对抗抖音，反而自己内讧打血战，就当字节不 存在一样。呃，我想了下，中国历史上有一个时期是这样的，叫做南明。 6、小米APP将开启现车选购功能，也就是说某些车型不用排队就可以买到了，还需要排队的车型也可 以改单到可以提现车的。从说明来看，全新现车主要来源是弃单和无法执行的异常订单。不管怎么说， 这意味着小米汽车没那么缺了，所以股价跌了。但也有一种说法是，SU7要出新款了，所以老款清库 存，后续小米走势要看新款SU7的火爆程度。 今天是12月的第一个交易日，成交明显放量，明显是机构出来干活了。但干活也未必是好事，有人在 买、也有人砸盘，形成了传说中的高开低走之势。 不过总体来说还行，毕竟下午又给V回去了，也算是给大部分人发了个开门红包。 4、老俞要亲自来担任法人，东方甄选大涨。今年东方教主曾经暴涨过，但之后又脚踝斩，还是市场对 公司价值分歧极大。从内容大于流量的角度来看，只要能持续发掘好的产品，东方甄选的模式应该成 立。 5、美团盘中翻红，又被砸回去，但的确全天未见深坑。 ...

Core Viewpoint - The Chinese internet sector has shown a remarkable recovery with a 47.77% increase since early 2023, reflecting a reassessment of its value and long-term potential by the market [1] Group 1: Market Performance - The Chinese internet ETF (KWEB) has risen by 47.77%, while the Hang Seng Internet ETF (2822) and Hang Seng Technology ETF (3080) have increased by 45.08% and 41.44% respectively [1] - The sector's recovery is attributed to a combination of market revaluation and recognition of its long-term potential [1] Group 2: Industry Challenges and Sentiment - Despite facing significant challenges, including regulatory pressures and a tough operating environment, investors have maintained a belief in the sector's eventual recovery [1][2] - The sentiment among investors remains optimistic, particularly with the anticipated impact of artificial intelligence on the industry [2] Group 3: Economic Environment - The recent decision by the Federal Reserve to lower the benchmark interest rate by 25 basis points to 4%-4.25% signals a shift towards a more accommodative financial environment, which is favorable for growth sectors like the internet [2] - In China, the 10-year government bond yield is at historical lows, and the overall monetary policy remains supportive, providing a conducive environment for the valuation of Chinese internet companies [3] Group 4: Valuation Metrics - The current price-to-earnings (PE) ratio for the Chinese internet sector is 21.65, which is relatively low compared to the historical average and indicates potential for recovery [3] - The price-to-sales (PS) ratio has doubled from 1.44 to 3.04, reflecting the sector's recovery potential [3] - Compared to other growth sectors, the Chinese internet sector maintains a valuation advantage, with a PE of 21.65 versus 24.67 for Hang Seng Technology and 23.11 for Hang Seng Internet [3]

Core Viewpoint - The article discusses the recovery and growth of the Chinese internet sector, highlighting a 47% increase in the China Internet ETF since early 2025, emphasizing the importance of patience and strategic investment during challenging times [4][5][6]. Group 1: Historical Context and Recovery - The Chinese internet sector faced significant challenges over the past three years, including regulatory pressures and market sentiment issues, leading to a decline that tested investors' beliefs and strategies [4][5]. - The author previously addressed concerns about the potential collapse of the Chinese internet industry, asserting that while some companies may falter, the overall sector is unlikely to disappear due to its deep integration into daily life [7]. - The recovery of the sector is likened to a "smile curve," illustrating the importance of time and common sense in investment [6]. Group 2: Interest Rate Cycle and Valuation - The article explains that interest rates significantly influence the valuation of technology sectors, with rising rates increasing costs and pressuring growth assets, while falling rates create a more favorable environment for valuations [10][11]. - Recent actions by the Federal Reserve, including a rate cut from 4.25-4.5% to 4-4.25%, signal a shift towards a more accommodative monetary policy, which could benefit growth sectors like the internet [12][13]. - The historical context of post-pandemic monetary easing is referenced, noting that it previously led to a rapid recovery in technology and internet asset valuations [14]. Group 3: Safety Margin and Current Valuation Strategies - The article recommends using the Price-to-Sales (PS) ratio for evaluating the Chinese internet sector, as traditional Price-to-Earnings (PE) ratios may not accurately reflect the volatility of early-stage companies [16]. - Current PS and PE ratios indicate that the sector is undervalued, with a PS of 3.04 and a PE of 21.65, suggesting a favorable safety margin compared to historical averages [19][20][26]. - A comparative analysis shows that the Chinese internet sector has a lower valuation relative to other technology indices, indicating a potential investment opportunity [27]. Group 4: Investment Strategy and Recommendations - The article emphasizes the importance of maintaining a diversified portfolio and managing positions carefully, especially during market fluctuations [8][9]. - Investors are advised to remain patient and not be swayed by short-term market movements, with a focus on long-term strategies and safety margins [28][29]. - For those unfamiliar with the sector, caution is advised, and starting with broader indices may be a prudent approach [30].

Group 1: Market Performance - A-shares' three major indices collectively rose, with the Shanghai Composite Index reaching a new high for the year, closing up 0.18% [1] - The Shenzhen Component Index increased by 1.17%, and the ChiNext Index rose by 1.90%, with total trading volume exceeding 1.3 trillion yuan [1] Group 2: Innovation Drug Sector - The Hong Kong innovation drug sector demonstrated significant elasticity, with multiple ETFs rising over 4% following the release of new policies to support high-quality development of innovative drugs [2][3] - The new policies introduced by the National Healthcare Security Administration and the National Health Commission aim to address industry challenges and promote the growth of the innovative drug market, which is expected to exceed 1.3 trillion yuan in 2024, with a growth rate of 12%-15% anticipated for 2025 [3] Group 3: Investment Trends - Southbound funds have significantly increased their investment in Hong Kong stocks, with a net purchase amount reaching 725.973 billion HKD in the first half of 2025, surpassing the previous year's level [4] - Major companies like Tencent, Alibaba, and Xiaomi have seen their market values increase by over 10 billion HKD due to strong performance and improved liquidity in the market [4] Group 4: ETF Activity - The Hong Kong innovation drug ETF (513120) recorded the highest trading volume among stock products, reaching 9.712 billion yuan, while other bond ETFs also showed strong trading activity [5] - The turnover rate for the benchmark national debt ETF (511100) was notably high at 827.90%, indicating strong trading interest in the sector [6] Group 5: New ETF Launch - The Huaxia Hong Kong Stock Connect Medical ETF (520510) is set to begin fundraising, focusing on core enterprises in the medical field within the Hong Kong Stock Connect range [7] - The index tracks 50 selected stocks, primarily in medical services and innovative drug sectors, highlighting significant coverage of the pharmaceutical outsourcing and innovative drug industry chain [7]

Core Viewpoint - The current valuation of the China Concept Internet Index is at a historical low, with a PE (TTM) of 21.51, indicating potential undervaluation despite a 30% increase year-to-date and an 84.5% rise from last year's low [1][2]. Group 1: Valuation Analysis - The historical PE average from 2017 to 2021 was 60, as companies focused on market expansion, leading to a distorted perception of current low PE values [1]. - The top ten stocks in the index account for 91% of the total, showing a high concentration, with significant valuation disparities among them [3]. - Tencent and Alibaba, which together represent nearly 50% of the index, have PE ratios of 25.2 and 20.3, respectively, significantly lower than comparable international companies like Meta and Amazon [3]. Group 2: Growth and Profitability - Companies like Meituan and Trip.com are experiencing substantial profit growth, with Meituan's net profit expected to surge by 160% in 2024 [3][4]. - Pinduoduo's overseas business is growing rapidly, with GMV increasing over 300% for six consecutive quarters, yet its low PE is attributed to market misconceptions about its business model [3][4]. Group 3: Market Perception and Future Outlook - The market is transitioning from a PS (Price-to-Sales) valuation method to a PE-based approach, reflecting a new phase of profitability realization in the internet sector [4]. - Current market conditions suggest a reasonable valuation range rather than absolute undervaluation, with potential risks tied to external factors like Federal Reserve interest rate hikes [5]. - The valuation recognition battle is characterized by a clash between traditional PE models and the evolving internet business paradigm [5].