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景阳冈
景阳冈
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2021-08-02
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景阳冈
景阳冈
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2021-08-02
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景阳冈
景阳冈
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2021-08-02
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景阳冈
景阳冈
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2021-08-01
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Luckin Falls, Heytea Drinks Full?
虽然中概股在遭遇各种过山车，但现实的投资逻辑却在短期内很难改弦易张。对标国际巨头，打造中国的麦当劳、中国的星巴克的新消费，不仅如火如荼，而且愈加火爆。这种投资的叙事，一点也不新奇，而且是前赴后继的。只
Luckin Falls, Heytea Drinks Full?
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景阳冈
景阳冈
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2021-06-20
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The first share of new tea drinks, how much is Naixue's tea worth?
奈雪的茶发布公告称，公司于2021年6月18日至6月23日期间招股，拟全球发售2.57亿股，其中香港公开发售占10%，国际发售占90%，另附15%超额配股权。入场费9999.8港元。本次发售价为每股1
The first share of new tea drinks, how much is Naixue's tea worth?
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景阳冈
景阳冈
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2021-06-20
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Surge 18 times in 10 years! Did you miss out on the lucrative dividends in tech stocks?
港股科技股市值近10年来呈井喷之势，恒生资讯科技业指数市值由10年前（2011年6月）不足1万亿元，10年间暴增1800%至超17万亿元，并一举超过恒生金融业指数15.73万亿元的市值的市值，雄踞港股
Surge 18 times in 10 years! Did you miss out on the lucrative dividends in tech stocks?
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景阳冈
景阳冈
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2021-06-20
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Surge 18 times in 10 years! Did you miss out on the lucrative dividends in tech stocks?
港股科技股市值近10年来呈井喷之势，恒生资讯科技业指数市值由10年前（2011年6月）不足1万亿元，10年间暴增1800%至超17万亿元，并一举超过恒生金融业指数15.73万亿元的市值的市值，雄踞港股
Surge 18 times in 10 years! Did you miss out on the lucrative dividends in tech stocks?
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景阳冈
景阳冈
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2021-06-10
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【财富密码】WSB新宠：CLOV，WISH，WEN，SOFI
@荒野侦探：
最早是$遊戲驛站(GME)$ ，$AMC院線(AMC)$ ，$黑莓(BB)$ ， 之後是$高斯電子(KOSS)$ ，$Sundial Growers Inc.(SNDL)$ ，$Express(EXPR)$ 、$3B家居(BBBY)$ ，$Naked Brand Group Inc(NAKD)$ ， 最新是$Clover Health Corp(CLOV)$ （昨天漲85.8%），$ContextLogic Inc.(WISH)$ （昨天漲49.9%盤後繼續飆升），
【财富密码】WSB新宠：CLOV，WISH，WEN，SOFI
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景阳冈
景阳冈
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2020-04-03
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11:14","market":"us","language":"zh","title":"Luckin Falls, Heytea Drinks Full?","url":"https://stock-news.laohu8.com/highlight/detail?id=1116878944","media":"深潜atom ","summary":"虽然中概股在遭遇各种过山车，但现实的投资逻辑却在短期内很难改弦易张。对标国际巨头，打造中国的麦当劳、中国的星巴克的新消费，不仅如火如荼，而且愈加火爆。这种投资的叙事，一点也不新奇，而且是前赴后继的。只","content":"<p>Although China concept stocks are encountering various roller coasters, the realistic investment logic is difficult to change course in the short term. Benchmarking international giants,<b>The new consumption of building China's McDonald's and China's Starbucks is not only in full swing, but also increasingly popular</b>。 The narrative of this kind of investment is not novel at all, and it is one after another. It is just that every time this pulse reaches a new height, the attitude of scrutiny and acceptance appears very novel.</p><p>But who is China's Starbucks? At least on this issue, Luckin has stumbled. Behind him, there are all kinds of new brands of Macron color, such as Heytea, Naixue's tea, tea color, and many coffee brands that are very popular in first-tier cities, such as those specialty coffees that are popular in Shanghai.</p><p>Not long ago,<b>The capital circle is even more rumored to have led the investment of this Seesaw coffee hundreds of millions of yuan without meeting the boss of Heytea</b>The hot news. According to Tiger Sniff's report, some investors gave an explanation: \"<b>Coffee is the only track in the consumer goods field where Maotai volume companies can be born again</b>。”</p><p><b>01 The core of the hot new consumption is that someone really consumes</b></p><p>Behind the popularity of new consumption, there are two core support points:<b>The first is that the cost of the product itself is extremely low, and the second is to sell the originally extremely low-priced product at a high price</b>It is necessary to save face, and it is inseparable from marketing drive. Under the overwhelming marketing offensive, you can spend dozens of dollars to catch up with fashion and trend, and you can also socialize in the circle of friends. This kind of consumer satisfaction is worth the money for the core consumer groups of new consumption.</p><p>The hidden reason for the boom of new consumption is that,<b>The restaurant industry has generally completed price upgrades</b>。 Whether it is the previously hotly discussed monthly salary of less than 8,000, which is not worthy of eating Xibei, or the widely perceived price extravagance, this is already the reality of the catering industry. In the exchange with Deep Dive atom, Ms. Niu said that restaurants like Nanjing Food Stall, which were originally positioned as upgraded versions of food stalls, now cost almost 200 per capita, and the cost of eating out has indeed increased a lot compared with before.</p><p>Data from take-out and e-commerce platforms can also illustrate this point. The popularity of snail powder is interpreted as the increase in the number of people consuming it because of its high cost performance. It is a compromise to control the cost of living.</p><p>So in this case, whether it is Hefu Noodles, or Heytea, these new consumption, all bear the responsibility<b>The function of \"downgrading\" consumption by saving face</b>。 The decoration and food quality of the store are not bad, and it is still in a good commercial complex. The whole consumption experience has not been \"downgraded\", and the actual cost is not big. This is the misunderstanding of many people. You think that it is superficial for young people to like sugar water, but you simply don't understand this shrewdness and affordability that can not only meet the needs of sending friends, but also get over-satisfaction.</p><p>Therefore, what investors say about the addiction of coffee and other analysis factors are actually just a statement. The biggest problem faced by brands like Starbucks and McDonald's in the domestic market is brand aging. In 1990, McDonald's opened its first restaurant in China in Shenzhen. In 1992, McDonald's entered the Beijing market and opened its first restaurant. Starbucks, on the other hand, opened its first store in Mainland China in China International Trade Center in Beijing in January 1999.</p><p>Some of these brands, which have entered and expanded with globalization, are 30 years old. With the growth and rise of local consumer brands, these brands have lost the initial high-end atmospheric brand connotation. So,<b>It is not so much about becoming China's Starbucks and McDonald's, but about filling the vacuum created by the aging of these brands</b>。</p><p>The new generation of consumers, growing up in an extremely material-rich environment, short videos and social media are the most important media for them. They are no longer obsessed with where the coffee beans come from and what the taste is based on, like the previous generation of consumers,<b>They are less and less concerned about the \"knowledge point\" type of marketing routine, and more concerned about whether their own consumption is the mainstream of young people</b>。</p><p><b>02 Thousands of sails pass on the side of the sinking boat, and thousands of trees spring in front of the sick tree</b></p><p><b>The pitiful and pathetic thing about Luckin is that he got up early and rushed to the late market</b>。 Luckin almost ran through all kinds of playing styles and links of new consumption, but it was knocked down to the ground because of data fraud, and then fell into a silent spiral. Now, Luckin can make people perceive an effort to pay attention to product upgrading, but it is too dull in the shadow of dishonesty.</p><p>As we have analyzed earlier, the core reason for the popularity of new consumption is that the brands that originally led new consumption have entered the brand aging period, at least for the new generation of users, there is no novelty.<b>The more hidden problem lies in the price structure paradox of the catering industry</b>— — The original mid-to-high-end restaurants have weakened the new generation's enthusiasm for their consumption after the silent price increase, but<b>Actual consumer demand needs new and reasonably positioned products to fill</b>。 The result of the combined efforts of the two is the hot underlying logic of new consumption.</p><p>Under the candle of this logic,<b>Ruixing falls or not, new consumption will be hot</b>Because Luckin can't form an absolute head advantage, and it doesn't directly compete with brands such as Heytea and Naixue's tea. It's just that Luckin's positioning is to directly grab office white-collar workers with Starbucks, while the new generation of brands care more about harvesting Generation Z.</p><p>However, Luckin, who is burdened with bad deeds, is particularly embarrassed in this feast of new consumption. He can't tell his first-mover advantage, nor can he compete with the rising stars in the marketing field where he is good with fanfare-more importantly, his resources have been destroyed by the previous false fire.</p><p><b>Marketing is the core driving force of new consumption, and it is an important link to consolidate user satisfaction and sense of value</b>。 Luckin's convergence in this link is actually not worth the gain. In the noisy field, the game is always who has the loudest voice. This is the ultimate game of the Matthew effect where the strong is stronger.</p><p>Compared with the rising stars of Heytea and Naixue's tea, Luckin should review its own price strategy and market strategy most. It is necessary to harvest white-collar workers and try to quickly destroy the original ecology and price system in a short time with extremely low prices, and then rebuild the whole system. But these new brands tell Luckin that there is no need to be such a twist,<b>As long as you take care of your user's face and face, they will flock to them</b>。 Then no, even the old Beijing braised food, such an ordinary food that can no longer be ordinary, for the sake of face, has also been said layer upon layer to pay attention to it, not to mention the Lanzhou people and you tirelessly correct that Lanzhou only has beef noodles and no ramen noodles. Of course, these all belong to the \"new consumption\" and \"new brands\" of the old era. How they rejuvenate in Generation Z is another topic.</p><p>Whether Luckin falls or not, new consumption will be hot. It's just that without Luckin's new consumption, people can't help but feel that it's better to come early than to come coincidentally. But<b>If Luckin continues to consume this, there is little chance of a comeback</b>It is better to rebuild a new brand as soon as possible, complete the divestiture as soon as possible, and start over.</p><p>As for<b>Hey tea, how long the star effect can last, or it depends on how long users are patient with Hey tea brand</b>。 At the moment when the main line business is in full swing, the decisiveness and intensity of investment in new coffee brands just shows Heytea's anxiety. This anxiety comes from at least two aspects. On the premise of sufficient financial resources, it is not difficult to rebuild a new brand with high strength; Secondly, Heytea should also have its own hidden worries about the insurance cycle of its own brand. After all, the ones closely behind it seem to have good growth data.</p>","source":"lsy1594870105111","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>Luckin Falls, Heytea Drinks Full?</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\">\nLuckin Falls, Heytea Drinks Full?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">深潜atom </strong><span class=\"h-time small\">2021-08-01 11:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Although China concept stocks are encountering various roller coasters, the realistic investment logic is difficult to change course in the short term. Benchmarking international giants,<b>The new consumption of building China's McDonald's and China's Starbucks is not only in full swing, but also increasingly popular</b>。 The narrative of this kind of investment is not novel at all, and it is one after another. It is just that every time this pulse reaches a new height, the attitude of scrutiny and acceptance appears very novel.</p><p>But who is China's Starbucks? At least on this issue, Luckin has stumbled. Behind him, there are all kinds of new brands of Macron color, such as Heytea, Naixue's tea, tea color, and many coffee brands that are very popular in first-tier cities, such as those specialty coffees that are popular in Shanghai.</p><p>Not long ago,<b>The capital circle is even more rumored to have led the investment of this Seesaw coffee hundreds of millions of yuan without meeting the boss of Heytea</b>The hot news. According to Tiger Sniff's report, some investors gave an explanation: \"<b>Coffee is the only track in the consumer goods field where Maotai volume companies can be born again</b>。”</p><p><b>01 The core of the hot new consumption is that someone really consumes</b></p><p>Behind the popularity of new consumption, there are two core support points:<b>The first is that the cost of the product itself is extremely low, and the second is to sell the originally extremely low-priced product at a high price</b>It is necessary to save face, and it is inseparable from marketing drive. Under the overwhelming marketing offensive, you can spend dozens of dollars to catch up with fashion and trend, and you can also socialize in the circle of friends. This kind of consumer satisfaction is worth the money for the core consumer groups of new consumption.</p><p>The hidden reason for the boom of new consumption is that,<b>The restaurant industry has generally completed price upgrades</b>。 Whether it is the previously hotly discussed monthly salary of less than 8,000, which is not worthy of eating Xibei, or the widely perceived price extravagance, this is already the reality of the catering industry. In the exchange with Deep Dive atom, Ms. Niu said that restaurants like Nanjing Food Stall, which were originally positioned as upgraded versions of food stalls, now cost almost 200 per capita, and the cost of eating out has indeed increased a lot compared with before.</p><p>Data from take-out and e-commerce platforms can also illustrate this point. The popularity of snail powder is interpreted as the increase in the number of people consuming it because of its high cost performance. It is a compromise to control the cost of living.</p><p>So in this case, whether it is Hefu Noodles, or Heytea, these new consumption, all bear the responsibility<b>The function of \"downgrading\" consumption by saving face</b>。 The decoration and food quality of the store are not bad, and it is still in a good commercial complex. The whole consumption experience has not been \"downgraded\", and the actual cost is not big. This is the misunderstanding of many people. You think that it is superficial for young people to like sugar water, but you simply don't understand this shrewdness and affordability that can not only meet the needs of sending friends, but also get over-satisfaction.</p><p>Therefore, what investors say about the addiction of coffee and other analysis factors are actually just a statement. The biggest problem faced by brands like Starbucks and McDonald's in the domestic market is brand aging. In 1990, McDonald's opened its first restaurant in China in Shenzhen. In 1992, McDonald's entered the Beijing market and opened its first restaurant. Starbucks, on the other hand, opened its first store in Mainland China in China International Trade Center in Beijing in January 1999.</p><p>Some of these brands, which have entered and expanded with globalization, are 30 years old. With the growth and rise of local consumer brands, these brands have lost the initial high-end atmospheric brand connotation. So,<b>It is not so much about becoming China's Starbucks and McDonald's, but about filling the vacuum created by the aging of these brands</b>。</p><p>The new generation of consumers, growing up in an extremely material-rich environment, short videos and social media are the most important media for them. They are no longer obsessed with where the coffee beans come from and what the taste is based on, like the previous generation of consumers,<b>They are less and less concerned about the \"knowledge point\" type of marketing routine, and more concerned about whether their own consumption is the mainstream of young people</b>。</p><p><b>02 Thousands of sails pass on the side of the sinking boat, and thousands of trees spring in front of the sick tree</b></p><p><b>The pitiful and pathetic thing about Luckin is that he got up early and rushed to the late market</b>。 Luckin almost ran through all kinds of playing styles and links of new consumption, but it was knocked down to the ground because of data fraud, and then fell into a silent spiral. Now, Luckin can make people perceive an effort to pay attention to product upgrading, but it is too dull in the shadow of dishonesty.</p><p>As we have analyzed earlier, the core reason for the popularity of new consumption is that the brands that originally led new consumption have entered the brand aging period, at least for the new generation of users, there is no novelty.<b>The more hidden problem lies in the price structure paradox of the catering industry</b>— — The original mid-to-high-end restaurants have weakened the new generation's enthusiasm for their consumption after the silent price increase, but<b>Actual consumer demand needs new and reasonably positioned products to fill</b>。 The result of the combined efforts of the two is the hot underlying logic of new consumption.</p><p>Under the candle of this logic,<b>Ruixing falls or not, new consumption will be hot</b>Because Luckin can't form an absolute head advantage, and it doesn't directly compete with brands such as Heytea and Naixue's tea. It's just that Luckin's positioning is to directly grab office white-collar workers with Starbucks, while the new generation of brands care more about harvesting Generation Z.</p><p>However, Luckin, who is burdened with bad deeds, is particularly embarrassed in this feast of new consumption. He can't tell his first-mover advantage, nor can he compete with the rising stars in the marketing field where he is good with fanfare-more importantly, his resources have been destroyed by the previous false fire.</p><p><b>Marketing is the core driving force of new consumption, and it is an important link to consolidate user satisfaction and sense of value</b>。 Luckin's convergence in this link is actually not worth the gain. In the noisy field, the game is always who has the loudest voice. This is the ultimate game of the Matthew effect where the strong is stronger.</p><p>Compared with the rising stars of Heytea and Naixue's tea, Luckin should review its own price strategy and market strategy most. It is necessary to harvest white-collar workers and try to quickly destroy the original ecology and price system in a short time with extremely low prices, and then rebuild the whole system. But these new brands tell Luckin that there is no need to be such a twist,<b>As long as you take care of your user's face and face, they will flock to them</b>。 Then no, even the old Beijing braised food, such an ordinary food that can no longer be ordinary, for the sake of face, has also been said layer upon layer to pay attention to it, not to mention the Lanzhou people and you tirelessly correct that Lanzhou only has beef noodles and no ramen noodles. Of course, these all belong to the \"new consumption\" and \"new brands\" of the old era. How they rejuvenate in Generation Z is another topic.</p><p>Whether Luckin falls or not, new consumption will be hot. It's just that without Luckin's new consumption, people can't help but feel that it's better to come early than to come coincidentally. But<b>If Luckin continues to consume this, there is little chance of a comeback</b>It is better to rebuild a new brand as soon as possible, complete the divestiture as soon as possible, and start over.</p><p>As for<b>Hey tea, how long the star effect can last, or it depends on how long users are patient with Hey tea brand</b>。 At the moment when the main line business is in full swing, the decisiveness and intensity of investment in new coffee brands just shows Heytea's anxiety. This anxiety comes from at least two aspects. On the premise of sufficient financial resources, it is not difficult to rebuild a new brand with high strength; Secondly, Heytea should also have its own hidden worries about the insurance cycle of its own brand. After all, the ones closely behind it seem to have good growth data.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://36kr.com/p/1334691350845442\">深潜atom </a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3d12f820102df1859c1d25e4011ee104","relate_stocks":{"LKNCY":"瑞幸咖啡"},"source_url":"https://36kr.com/p/1334691350845442","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116878944","content_text":"虽然中概股在遭遇各种过山车，但现实的投资逻辑却在短期内很难改弦易张。对标国际巨头，打造中国的麦当劳、中国的星巴克的新消费，不仅如火如荼，而且愈加火爆。这种投资的叙事，一点也不新奇，而且是前赴后继的。只是每一次这种脉冲达到一个新高度，大家审视和接受的态度就会显得很新奇。\n但到底谁是中国的星巴克，至少在这个问题上，瑞幸已经栽跟头了。在他身后，是各种马克龙色的新品牌，喜茶、奈雪的茶、茶颜悦色，还有很多在一线城市很火亟待破圈的咖啡品牌，比如火爆上海的那些精品咖啡。\n不久前，资本圈更是传出都没见面喜茶老板就领投这家Seesaw咖啡上亿元的火爆新闻。根据虎嗅的报道，有投资人对此给出解释：“咖啡是消费品领域唯一可以再诞生茅台体量公司的赛道。”\n01新消费火爆的核心是真有人消费\n新消费的火爆背后，有两个核心的支撑点：第一是产品本身的成本极低，第二是要把原本价格极低的产品卖出高价，就必须做足面子，就离不开营销驱动。在铺天盖地的营销攻势下，花几十块钱就能追赶一次时髦和潮流，还能在朋友圈社交装逼，这种消费满足感，对于新消费的核心消费群体来说是物超所值的。\n新消费火爆的隐性原因则在于，餐饮行业已经普遍完成了价格升级。不管是之前被热议的月薪不到八千不配吃西贝，还是大家普遍感知到的价格铺张，这都已经是餐饮行业的现实。在和深潜atom的交流中，牛女士说像南京大排档这种原来定位是大排档的升级版的餐厅，现在也要差不多人均两百，在外面吃饭的成本确实比以前增加了很多。\n来自外卖和电商平台的数据也能说明这一点。螺狮粉的走红，就被解读为因为性价比高，所以消费的人数增加了。是一种为了控制生活成本的妥协。\n那么在这种情况下，无论是和府捞面，还是喜茶这些新消费，都承担了通过做足面子，来为消费“降级”挽尊的功能。店面装修和食物品质不差，依旧在很好的商业综合体中，整个的消费体验并没有“降级”，而且实际的花销并不大。这就是很多人的误解，你觉得年轻人喜欢糖水是一种肤浅，但你根本不懂这种既能满足发朋友圈需求，又能获得超额满足的精明和实惠。\n所以，投资人说的什么咖啡的成瘾性等分析要素，其实都是一种说法而已。像星巴克和麦当劳这种品牌，在国内市场面对的最大问题是品牌的老化。1990年，麦当劳在深圳开设中国区的第一家餐厅。1992年，麦当劳进入北京市场开设了第一家餐厅。 而星巴克则是于1999年1月，在北京中国国际贸易中心开设中国内地第一家门店。\n这些伴随着全球化进入和扩张的品牌，有的已经30岁了。随着本土消费品牌的成长和崛起，这些品牌已经没有了最初的高端大气上档次的品牌内涵。所以，与其说，是要成为中国的星巴克和麦当劳，不如说是要填补这些品牌老化而形成的业态真空。\n新的一代消费者，生长于物质极其丰富的环境下，短视频和社交媒体对于他们是最重要的媒介。他们不再像前一代消费者执着于咖啡豆来自哪里，口感的分级依据是什么，换言之，他们越来越不Care“知识点”类型的营销套路，更在乎的是自己的消费是不是年轻人的主流。\n02沉舟侧畔千帆过，病树前头万木春\n瑞幸的可怜和可悲之处在于，起了个大早，却赶了个晚集。瑞幸几乎跑通了新消费的各种打法和链路，却因为数据造假被打翻在地，而后陷入了一种沉默螺旋。现在的瑞幸，能让人感知到一种开始重视产品升级的努力，但却在失信阴影下显得过于沉闷。\n前面我们已经分析了，新消费火爆的核心原因在于原来引领新消费的品牌进入了品牌老化期，至少对新生代用户而言已经没有新鲜感了。更隐性的问题在于餐饮行业的价格结构悖论——原有的中高端餐饮在悄无声息的涨价后，削弱了新生代对它们的消费热情，但实际的消费需求需要新的定位合理的产品来填补。这两者合力的结果，就是新消费的火爆的底层逻辑。\n在这个逻辑的烛照下，瑞幸跌不跌倒，新消费都会火爆，因为瑞幸形成不了绝对的头部优势，也并不和喜茶、奈雪的茶这些品牌形成直接的竞争。只是瑞幸的定位，是和星巴克直接抢夺办公室白领，而新生代的品牌更在乎的收割Z世代。\n但背负着劣迹的瑞幸，在这场新消费的盛宴中显得格外尴尬，既不能讲述自己的先发优势，也不能大张旗鼓的和后起之秀们在自己擅长的营销领域竞技——更重要的是资源都被之前的虚火败光了。\n营销是驱动新消费的核心动力，是巩固用户满足感和价值感的重要环节。瑞幸在这个环节的收敛，其实是得不偿失的。众声喧哗的场域，比赛的一贯是谁的声量最大，这是遇强则强的马太效应的极致游戏。\n相比喜茶、奈雪的茶这些后起之秀，瑞幸最应该检讨的是自己的价格策略和市场策略。既要收割白领，又试图用极低的价格在短期内迅速破坏原来的生态和价格体系，然后再重建整个系统。但这些新品牌却告诉瑞幸，完全不用这么周折，只要你照顾好用户的面子和里子，他们就会趋之若鹜。那不，就连老北京卤煮，这种平常到不能再普通的食物，为了面子，也被层层叠叠的说的讲究的不能再将就，就更不要提兰州人跟你不厌其烦的纠正兰州只有牛肉面没有拉面这回事了。当然，这都属于旧时代的“新消费”、“新品牌”，他们怎么在Z世代焕发新生，这是另一个话题了。\n瑞幸跌不跌倒，新消费都会火爆。只是没了瑞幸的新消费，让人免不了感慨来得早不如来得巧。但瑞幸再这么耗下去，翻盘的机会不大，不如趁早重新打造新品牌，尽早完成剥离，重新来过。\n至于喜茶，能持续多久的明星效应，还是要看用户对于喜茶品牌的耐心有多长久。在主线业务风正一帆悬的时刻，对于新的咖啡品牌投资的果断和力度，恰恰说明喜茶的焦虑，这种焦虑至少来自两个方面，在资金资源充足的前提下，高举高打再造一个新品牌的难度不大；其次，对于自身品牌的保险周期，喜茶应该也有自己的隐忧，毕竟紧跟在身后的那几家似乎增长数据也都不错。","news_type":1,"symbols_score_info":{"LKNCY":0.9}},"isVote":1,"tweetType":1,"viewCount":2617,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164077483,"gmtCreate":1624163481942,"gmtModify":1703829929931,"author":{"id":"299606564476380","authorId":"299606564476380","name":"景阳冈","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"299606564476380","idStr":"299606564476380"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/164077483","repostId":"2144706272","repostType":4,"repost":{"id":"2144706272","kind":"highlight","pubTimestamp":1624242918,"share":"https://ttm.financial/m/news/2144706272?lang=en_US&edition=fundamental","pubTime":"2021-06-21 10:35","market":"hk","language":"zh","title":"The first share of new tea drinks, how much is Naixue's tea worth?","url":"https://stock-news.laohu8.com/highlight/detail?id=2144706272","media":"格隆汇","summary":"奈雪的茶发布公告称，公司于2021年6月18日至6月23日期间招股，拟全球发售2.57亿股，其中香港公开发售占10%，国际发售占90%，另附15%超额配股权。入场费9999.8港元。本次发售价为每股1","content":"<p><a href=\"https://laohu8.com/S/02150\">Nayuki's tea</a>According to the announcement, the company will offer 257 million shares globally during the period from June 18 to June 23, 2021, of which the Hong Kong Public Offering accounts for 10%, the International Offering accounts for 90%, and an additional 15% over-allotment option. Entry fee is HK$9999.8. The offer price is HK$17.2-HK$19.8 per share, and Nayuki's Tea is expected to receive net proceeds of HK$4.842 billion from the global offering.</p><p>As the first stock of new tea drinks, the capital market's pursuit of Nayuki is predictable. However, in addition to the fever, we still roughly estimate how much Nayuki's tea should be worth. Fortunately, there is an anchor in the market fluctuation.</p><p>There are three main factors that affect the company's valuation, one is growth, one is industry structure, and the other is the company's competitiveness. The former is about how fast the company can grow, the faster it grows, the higher the valuation it will naturally give, and the latter two are about sustainability. Let's discuss Nayuki in these three points.</p><p>Let's talk about growth first. Growth can be divided into two points, one is the growth of the industry, and the other is the growth of the company itself. The former will help the latter.</p><p>Nayuki's field is freshly made tea, which can be divided into high-end (average price above 20), mid-end (average price 10-20) and low-end (average price below 10 yuan) according to the price band. Nayuki is in the high-end price band.</p><p>In the Chinese tea market, judging from the situation in the past five years, the fastest growth rate is freshly made tea.<img src=\"https://static.tigerbbs.com/f2203f56643659e4dc9b78c44ffb7ac4\" tg-width=\"1080\" tg-height=\"759\" referrerpolicy=\"no-referrer\">Among the freshly made tea drinks, the best growth is high-end freshly made tea drinks. From 2015 to 2020, the compound annual growth rate was as high as 75.8%, and the industry size reached 12.9 billion RMB. This growth is in line with our cognition, because we have witnessed the popularity of Nayuki in recent years. According to the report of Zhuo Chi Consulting, high-end tea drinks will continue to grow at a high rate from 2020 to 2025, with a compound annual growth rate of 32.2%.<img src=\"https://static.tigerbbs.com/2e476f153c978a28e57f09dc34393753\" tg-width=\"1080\" tg-height=\"759\" referrerpolicy=\"no-referrer\">In this way, Nayuki was on a high-growth track. What about Nayuki's own growth?</p><p>In 2015, Naixue opened its first store in Shenzhen. By the end of 2020, the number of tea stores in Naixue reached 491, and as of the last executable date of the prospectus, it reached 562. In 2018 and at the end of 2019, the number of Nayuki tea stores was 155 and 327, respectively.</p><p>When a store is invested, it is both a demand flow point and a production capacity point. Therefore, with the expansion of store network, Nayuki's revenue has skyrocketed. From 2018 to 2020, the revenue of all Nayuki's tea stores was 909 million, 2.291 billion and 2.871 billion respectively. The year-on-year growth rates in 2019 and 2020 were 152% and 25% respectively.</p><p>The future growth of Naixue's tea mainly depends on the continuous expansion of stores. Where may the ceiling of the number of stores be?</p><p>One that we can see<a href=\"https://laohu8.com/S/SBUX\">Starbucks</a>Starbucks has 5,000 stores in China. Nayuki's tea product positioning is somewhat similar to Starbucks, so we can also say that the potential space of Nayuki's tea can be 5,000 stores.</p><p>At present, Naixue's tea has settled in more than 70 [1] cities, of which Shenzhen has the largest number of stores, with 91 stores, and the other three first-tier cities, Beijing, Shanghai and Guangzhou, have 22, 33 and 24 stores respectively. These cities are similar in size to Shenzhen, and consumers have strong demand for high-end freshly made tea drinks. In Beijing, Shanghai and Guangzhou, the penetration rate of Naixue's tea in other cities is even lower, and it is still blank in many cities (Starbucks has settled in 230 cities in China, with 4 municipalities directly under the central government and 293 prefecture-level cities in China). From this perspective, Naixue's tea shop space can be 5,000 or even higher.</p><p>From another perspective, Naixue generally likes to open in bustling business districts. There are 476 first-tier cities, 1,431 second-tier cities, and 2,020 third-tier cities and below in such business districts, totaling 3,927. From this perspective, there are thousands of tea stores in Naixue.</p><p>So in terms of growth, Nayuki is good.</p><p>But growth is just an assumption, and the reality is not a vacuum environment, which comes from Nayuki's tea family alone. We turned to look at the industry landscape and Nayuki's competitiveness.</p><p>In terms of industry structure, at present, the market concentration of high-end freshly made tea drinks is relatively high. According to the data of Chishi Consulting, the market share of CR5, a high-end freshly made tea brand, is as high as 55%, of which Naixue's market share is 18.9%, which is significantly higher than other competing products.<img src=\"https://static.tigerbbs.com/ad8c30f2650848765e8547636aebd90d\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\">After several years of development in this industry, the market share advantage of the head brands is now very obvious.</p><p>Where are the competitive barriers of high-end tea drinks?</p><p>Personally, it can be divided into three points, one is supply chain management, the other is standardized output, and the third is brand power.</p><p>Let's talk about supply chain management first. High-end freshly made tea drinks, using raw materials including superior tea leaves, fresh milk, fresh seasonal fruits, etc. Fortunately, high-quality tea and fresh milk have been produced industrially, and storage and transportation are relatively convenient, but the supply chain of fresh fruits is much more complicated. How to ensure product quality, how to ensure storage and reduce losses, are all troublesome. Taking Naixue as an example, the material cost accounts for about 34% of the revenue of current tea drinks, of which 76% are raw materials and the rest are packaging materials.</p><p>It can be seen that the fluctuation of raw material costs has a significant impact on the profit side. High-end freshly made tea drinks don't have many entry thresholds in terms of product form, but it is difficult to control the supply chain.<img src=\"https://static.tigerbbs.com/ffe74e2114383895b2b909fa93985900\" tg-width=\"1080\" tg-height=\"759\" referrerpolicy=\"no-referrer\">Nayuki can reach this share, and its control in the supply chain should be ahead of its peers.</p><p>The control of supply chain will also affect the second competitiveness, standardized output. However, in addition to the supply chain, there are other difficulties in the standardized output of high-end tea drinks.</p><p>The coffee making process is simple and can be done by a single person. High-end tea drinks are relatively complicated. Although the division of labor in the production process is clear, it requires the participation of many people, and the processing of fresh fruits is relatively complicated. Nayuki also has on-site baking, and the process is complicated, so there are many people in the store.</p><p>The average staffing of Naixue's standard stores is 21 people. In October 2020, it started to push PRO stores with fresh baking removed, with an average staffing of about 13 people.</p><p>With many people, the process is complicated, and the training and management are difficult, which increases the difficulty of standardized output, but at the same time, it also constitutes a barrier to competition.</p><p>This is also one of the reasons why domestic high-end freshly made tea drinks are basically directly sold. The supply chain is complicated, the process is complicated, and the liberalization of joining is driven by huge interests, so it is easy to mess around.</p><p>The third point is brand power. In fact, I personally think this is important, but it is not so important. In today's society, brand power is of course important, but it doesn't seem too difficult to build an online celebrity brand. Brand power can be the icing on the cake, but the core is that the first two internal forces should be hard.</p><p>Now that Naixue has achieved the leader in the industry, these three points of competitiveness should be passed.</p><p>One thing investors may be more worried about is the operating cost of Naixue. Take the cost apart. A remarkable feature of Naixue, early Starbucks and current catering enterprises in Hong Kong stocks is the high rental cost. Nayuki's rental cost is 15 points, Starbucks is more than 4 points in the early days, and Hong Kong stocks are<a href=\"https://laohu8.com/S/06862\">Haidilao</a>More than 8 points,<a href=\"https://laohu8.com/S/09922\">Jiu Mao Jiu</a>Around 10 points.<img src=\"https://static.tigerbbs.com/aa3e1932cef8f2b1d56c37f72ac2576c\" tg-width=\"1080\" tg-height=\"759\" referrerpolicy=\"no-referrer\">This is mainly related to Naixue's opening of a big store in a bustling business district. However, the profitability of the company's store level is not bad, with an operating profit margin of 16.3% in 2019 and 12.2% affected by the epidemic in 2020.<img src=\"https://static.tigerbbs.com/1b8c1faadb01599e49de8f9363252ec8\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\">As long as the store level is profitable, more headquarters expenses can be amortized as scale increases, improving profitability. In addition, Nayuki's future operating costs will continue to decline, which comes from the advantage of the expanded supply chain, and the second is the rental bargaining power of the enhanced brand power. In addition, expanding into lower-tier cities will also reduce rental costs, which are relatively lower in lower-tier cities.</p><p>Then how should Nayuki give a valuation?</p><p>From the above analysis, we can know that Naixue's business model and growth are close to those of Starbucks in the early days, and Taier is currently under the banner of Jiumaojiu in Hong Kong stocks. Let's compare the early Starbucks and current restaurant stock valuations in Hong Kong.</p><p>Starbucks went public in June 1992. At the beginning of its listing, its market value was about USD 14 million, its dynamic PE was about 53 times, and its price-to-sales ratio was 2.2 times. There were 165 stores in that year. Due to the very good growth, the valuation in 1992 and 1993 was basically maintained at about 80 times, with the highest of over 100 times, and the price-to-sales ratio was about 4 to 6 times.</p><p>The current market value of Haidilao and Jiumaojiu in Hong Kong corresponds to the net profit valuation in 2020, which is hundreds of times respectively. Of course, this is related to the relatively large damage to the profit end of catering enterprises in 2020. According to the estimated profits of securities firms in 2021, they are 35 times and 70 times respectively. If we look at the net profit in 2019, it is 73 times and 216 times respectively. Looking at the price-to-sales ratio, it corresponds to 2020, which is 6 times and 13 times respectively. The consensus expectation of securities firms in 2021 is 3.13 times and 6.8 times respectively.</p><p>Compared with Starbucks in those days, Hong Kong's valuation of Haidilao and Jiumaojiu is exaggerated.</p><p>Nayuki is still in a high-speed growth period, and we use PS for valuation. If it is estimated according to the standard of Starbucks' listing that year, Naixue's total revenue in 2020 is 3 billion, which is about 12 billion-18 billion according to 4-6 times PS.</p><p>Of course, as we said, the valuation of Starbucks in 1992 was obviously very conservative. Compared with the huge increase later, the investors who got it with this valuation were really happy. There are already a lot of stores in Haidilao, and this is a period of rapid growth. It will be more appropriate to use ninety-nine cents, and Nayuki is close to Tai Er's logic.</p><p>Because 2021 is now halfway over, it may be more appropriate to use the forecast revenue estimate in 2021. Jiu Mao Jiu is 6.8 times, and Naixue's estimated revenue in 2021 is 5.5-5.8 billion. If you give 6-7 times PS, it will be between 44-46 billion Hong Kong dollars.</p><p>According to the offering price, Naixue is now 29.5-34 billion Hong Kong dollars, and there is still a lot of room.</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>The first share of new tea drinks, how much is Naixue's tea worth?</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\">\nThe first share of new tea drinks, how much is Naixue's tea worth?\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\">2021-06-21 10:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/02150\">Nayuki's tea</a>According to the announcement, the company will offer 257 million shares globally during the period from June 18 to June 23, 2021, of which the Hong Kong Public Offering accounts for 10%, the International Offering accounts for 90%, and an additional 15% over-allotment option. Entry fee is HK$9999.8. The offer price is HK$17.2-HK$19.8 per share, and Nayuki's Tea is expected to receive net proceeds of HK$4.842 billion from the global offering.</p><p>As the first stock of new tea drinks, the capital market's pursuit of Nayuki is predictable. However, in addition to the fever, we still roughly estimate how much Nayuki's tea should be worth. Fortunately, there is an anchor in the market fluctuation.</p><p>There are three main factors that affect the company's valuation, one is growth, one is industry structure, and the other is the company's competitiveness. The former is about how fast the company can grow, the faster it grows, the higher the valuation it will naturally give, and the latter two are about sustainability. Let's discuss Nayuki in these three points.</p><p>Let's talk about growth first. Growth can be divided into two points, one is the growth of the industry, and the other is the growth of the company itself. The former will help the latter.</p><p>Nayuki's field is freshly made tea, which can be divided into high-end (average price above 20), mid-end (average price 10-20) and low-end (average price below 10 yuan) according to the price band. Nayuki is in the high-end price band.</p><p>In the Chinese tea market, judging from the situation in the past five years, the fastest growth rate is freshly made tea.<img src=\"https://static.tigerbbs.com/f2203f56643659e4dc9b78c44ffb7ac4\" tg-width=\"1080\" tg-height=\"759\" referrerpolicy=\"no-referrer\">Among the freshly made tea drinks, the best growth is high-end freshly made tea drinks. From 2015 to 2020, the compound annual growth rate was as high as 75.8%, and the industry size reached 12.9 billion RMB. This growth is in line with our cognition, because we have witnessed the popularity of Nayuki in recent years. According to the report of Zhuo Chi Consulting, high-end tea drinks will continue to grow at a high rate from 2020 to 2025, with a compound annual growth rate of 32.2%.<img src=\"https://static.tigerbbs.com/2e476f153c978a28e57f09dc34393753\" tg-width=\"1080\" tg-height=\"759\" referrerpolicy=\"no-referrer\">In this way, Nayuki was on a high-growth track. What about Nayuki's own growth?</p><p>In 2015, Naixue opened its first store in Shenzhen. By the end of 2020, the number of tea stores in Naixue reached 491, and as of the last executable date of the prospectus, it reached 562. In 2018 and at the end of 2019, the number of Nayuki tea stores was 155 and 327, respectively.</p><p>When a store is invested, it is both a demand flow point and a production capacity point. Therefore, with the expansion of store network, Nayuki's revenue has skyrocketed. From 2018 to 2020, the revenue of all Nayuki's tea stores was 909 million, 2.291 billion and 2.871 billion respectively. The year-on-year growth rates in 2019 and 2020 were 152% and 25% respectively.</p><p>The future growth of Naixue's tea mainly depends on the continuous expansion of stores. Where may the ceiling of the number of stores be?</p><p>One that we can see<a href=\"https://laohu8.com/S/SBUX\">Starbucks</a>Starbucks has 5,000 stores in China. Nayuki's tea product positioning is somewhat similar to Starbucks, so we can also say that the potential space of Nayuki's tea can be 5,000 stores.</p><p>At present, Naixue's tea has settled in more than 70 [1] cities, of which Shenzhen has the largest number of stores, with 91 stores, and the other three first-tier cities, Beijing, Shanghai and Guangzhou, have 22, 33 and 24 stores respectively. These cities are similar in size to Shenzhen, and consumers have strong demand for high-end freshly made tea drinks. In Beijing, Shanghai and Guangzhou, the penetration rate of Naixue's tea in other cities is even lower, and it is still blank in many cities (Starbucks has settled in 230 cities in China, with 4 municipalities directly under the central government and 293 prefecture-level cities in China). From this perspective, Naixue's tea shop space can be 5,000 or even higher.</p><p>From another perspective, Naixue generally likes to open in bustling business districts. There are 476 first-tier cities, 1,431 second-tier cities, and 2,020 third-tier cities and below in such business districts, totaling 3,927. From this perspective, there are thousands of tea stores in Naixue.</p><p>So in terms of growth, Nayuki is good.</p><p>But growth is just an assumption, and the reality is not a vacuum environment, which comes from Nayuki's tea family alone. We turned to look at the industry landscape and Nayuki's competitiveness.</p><p>In terms of industry structure, at present, the market concentration of high-end freshly made tea drinks is relatively high. According to the data of Chishi Consulting, the market share of CR5, a high-end freshly made tea brand, is as high as 55%, of which Naixue's market share is 18.9%, which is significantly higher than other competing products.<img src=\"https://static.tigerbbs.com/ad8c30f2650848765e8547636aebd90d\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\">After several years of development in this industry, the market share advantage of the head brands is now very obvious.</p><p>Where are the competitive barriers of high-end tea drinks?</p><p>Personally, it can be divided into three points, one is supply chain management, the other is standardized output, and the third is brand power.</p><p>Let's talk about supply chain management first. High-end freshly made tea drinks, using raw materials including superior tea leaves, fresh milk, fresh seasonal fruits, etc. Fortunately, high-quality tea and fresh milk have been produced industrially, and storage and transportation are relatively convenient, but the supply chain of fresh fruits is much more complicated. How to ensure product quality, how to ensure storage and reduce losses, are all troublesome. Taking Naixue as an example, the material cost accounts for about 34% of the revenue of current tea drinks, of which 76% are raw materials and the rest are packaging materials.</p><p>It can be seen that the fluctuation of raw material costs has a significant impact on the profit side. High-end freshly made tea drinks don't have many entry thresholds in terms of product form, but it is difficult to control the supply chain.<img src=\"https://static.tigerbbs.com/ffe74e2114383895b2b909fa93985900\" tg-width=\"1080\" tg-height=\"759\" referrerpolicy=\"no-referrer\">Nayuki can reach this share, and its control in the supply chain should be ahead of its peers.</p><p>The control of supply chain will also affect the second competitiveness, standardized output. However, in addition to the supply chain, there are other difficulties in the standardized output of high-end tea drinks.</p><p>The coffee making process is simple and can be done by a single person. High-end tea drinks are relatively complicated. Although the division of labor in the production process is clear, it requires the participation of many people, and the processing of fresh fruits is relatively complicated. Nayuki also has on-site baking, and the process is complicated, so there are many people in the store.</p><p>The average staffing of Naixue's standard stores is 21 people. In October 2020, it started to push PRO stores with fresh baking removed, with an average staffing of about 13 people.</p><p>With many people, the process is complicated, and the training and management are difficult, which increases the difficulty of standardized output, but at the same time, it also constitutes a barrier to competition.</p><p>This is also one of the reasons why domestic high-end freshly made tea drinks are basically directly sold. The supply chain is complicated, the process is complicated, and the liberalization of joining is driven by huge interests, so it is easy to mess around.</p><p>The third point is brand power. In fact, I personally think this is important, but it is not so important. In today's society, brand power is of course important, but it doesn't seem too difficult to build an online celebrity brand. Brand power can be the icing on the cake, but the core is that the first two internal forces should be hard.</p><p>Now that Naixue has achieved the leader in the industry, these three points of competitiveness should be passed.</p><p>One thing investors may be more worried about is the operating cost of Naixue. Take the cost apart. A remarkable feature of Naixue, early Starbucks and current catering enterprises in Hong Kong stocks is the high rental cost. Nayuki's rental cost is 15 points, Starbucks is more than 4 points in the early days, and Hong Kong stocks are<a href=\"https://laohu8.com/S/06862\">Haidilao</a>More than 8 points,<a href=\"https://laohu8.com/S/09922\">Jiu Mao Jiu</a>Around 10 points.<img src=\"https://static.tigerbbs.com/aa3e1932cef8f2b1d56c37f72ac2576c\" tg-width=\"1080\" tg-height=\"759\" referrerpolicy=\"no-referrer\">This is mainly related to Naixue's opening of a big store in a bustling business district. However, the profitability of the company's store level is not bad, with an operating profit margin of 16.3% in 2019 and 12.2% affected by the epidemic in 2020.<img src=\"https://static.tigerbbs.com/1b8c1faadb01599e49de8f9363252ec8\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\">As long as the store level is profitable, more headquarters expenses can be amortized as scale increases, improving profitability. In addition, Nayuki's future operating costs will continue to decline, which comes from the advantage of the expanded supply chain, and the second is the rental bargaining power of the enhanced brand power. In addition, expanding into lower-tier cities will also reduce rental costs, which are relatively lower in lower-tier cities.</p><p>Then how should Nayuki give a valuation?</p><p>From the above analysis, we can know that Naixue's business model and growth are close to those of Starbucks in the early days, and Taier is currently under the banner of Jiumaojiu in Hong Kong stocks. Let's compare the early Starbucks and current restaurant stock valuations in Hong Kong.</p><p>Starbucks went public in June 1992. At the beginning of its listing, its market value was about USD 14 million, its dynamic PE was about 53 times, and its price-to-sales ratio was 2.2 times. There were 165 stores in that year. Due to the very good growth, the valuation in 1992 and 1993 was basically maintained at about 80 times, with the highest of over 100 times, and the price-to-sales ratio was about 4 to 6 times.</p><p>The current market value of Haidilao and Jiumaojiu in Hong Kong corresponds to the net profit valuation in 2020, which is hundreds of times respectively. Of course, this is related to the relatively large damage to the profit end of catering enterprises in 2020. According to the estimated profits of securities firms in 2021, they are 35 times and 70 times respectively. If we look at the net profit in 2019, it is 73 times and 216 times respectively. Looking at the price-to-sales ratio, it corresponds to 2020, which is 6 times and 13 times respectively. The consensus expectation of securities firms in 2021 is 3.13 times and 6.8 times respectively.</p><p>Compared with Starbucks in those days, Hong Kong's valuation of Haidilao and Jiumaojiu is exaggerated.</p><p>Nayuki is still in a high-speed growth period, and we use PS for valuation. If it is estimated according to the standard of Starbucks' listing that year, Naixue's total revenue in 2020 is 3 billion, which is about 12 billion-18 billion according to 4-6 times PS.</p><p>Of course, as we said, the valuation of Starbucks in 1992 was obviously very conservative. Compared with the huge increase later, the investors who got it with this valuation were really happy. There are already a lot of stores in Haidilao, and this is a period of rapid growth. It will be more appropriate to use ninety-nine cents, and Nayuki is close to Tai Er's logic.</p><p>Because 2021 is now halfway over, it may be more appropriate to use the forecast revenue estimate in 2021. Jiu Mao Jiu is 6.8 times, and Naixue's estimated revenue in 2021 is 5.5-5.8 billion. If you give 6-7 times PS, it will be between 44-46 billion Hong Kong dollars.</p><p>According to the offering price, Naixue is now 29.5-34 billion Hong Kong dollars, and there is still a lot of room.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/OvCmuObBOPdLw6h6liTN2Q\">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/7f17df5f6c218834b209936ec178db28","relate_stocks":{"02150":"奈雪的茶"},"source_url":"https://mp.weixin.qq.com/s/OvCmuObBOPdLw6h6liTN2Q","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2144706272","content_text":"奈雪的茶发布公告称，公司于2021年6月18日至6月23日期间招股，拟全球发售2.57亿股，其中香港公开发售占10%，国际发售占90%，另附15%超额配股权。入场费9999.8港元。本次发售价为每股17.2港元-19.8港元，奈雪的茶预计将取得的全球发售所得款项净额为48.42亿港元。\n作为新式茶饮第一股，资本市场对奈雪的追捧可以预见，不过发热之余，我们还是大概估下奈雪的茶应该值多少钱，也好在市场的波动中有个锚。\n影响公司估值的主要有三个方面的因素，一个是成长性，一个是行业格局，一个是公司的竞争力。前者关乎公司能以多快的速度变多大，越快成长自然给的估值越高，后面两个关乎可持续性。我们分这三点来讨论奈雪。\n先说成长性，成长性又可以分两点，一点是行业成长性，一点是公司自身的成长性，前者会为后者助力。\n奈雪所在的领域为现制茶饮，按价格带可以划分为高端(平均价格20以上)，中端(平均价格10-20)，低端(平均价格10元以下)，奈雪处在高端价格带。\n在中国茶饮市场，从过去5年的情况看，增长速度最快的是现制茶饮。而在现制茶饮里，增长最好的又是高端现制茶饮。2015年-2020年的年复合增长速度高达75.8%，行业规模达到了129亿人民币。这个成长符合我们的认知，因为这几年我们见证了奈雪的火爆。根据灼炽咨询的报告，2020年-2025年高端茶饮将继续延续高成长，年复合增速达32.2%。这样来讲，奈雪是踏在了一条高成长的赛道上。那奈雪自身的成长性呢？\n2015年奈雪在深圳开了第一间门店，到2020年底，奈雪的茶门店数量达491间，截至到招股书最后可执行日期达562间。2018年和2019年底的奈雪的茶门店数目则分别是155间和327间。\n一个店投下去，既是需求流量点，也是产能点。所以凭借门店网络的扩张，奈雪的营收扶摇直上，2018年-2020年所有奈雪的茶门店营收分别是9.09亿，22.91亿，28.71亿，2019年和2020年的同比增速分别是152%和25%。\n奈雪的茶未来成长性主要取决于门店的持续扩张，那门店数量的天花板可能在哪？\n一种我们可以看星巴克，星巴克在中国有5000家门店。奈雪的茶产品定位与星巴克有些类似，这样我们也可以说奈雪的茶潜在空间可以在5000家。\n从当前看，奈雪的茶一共入驻了70多[1] 个城市，其中深圳门店最多，91家，另外三家一线城市北京、上海、广州分别有22家、33家和24家。这些城市规模与深圳相似，消费者有对高端现制茶饮的强劲需求。在北上广如此，奈雪的茶在其他城市的渗透率就更低，在许多城市还是空白(星巴克入驻了中国230个城市，中国有4个直辖市，293个地级市)。从这个角度看，奈雪的茶开店空间是可以在5000家，甚至更高。\n从另一个角度看，奈雪一般喜欢开在繁华的商圈，这样的商圈，国内一线城市有476个，二线1431个，三线及以下2020个，共计3927个。从这个角度看，奈雪的茶门店空间是可以在在数千家。\n所以就成长性看，奈雪是不错的。\n但成长性只是一种设想，现实并非是真空环境，由奈雪的茶一家独来。我们转向看行业格局以及奈雪的竞争力。\n行业格局上，目前高端现制茶饮市场集中度相对较高。根据灼识咨询数据，高端现制茶饮品牌CR5市占率高达55%，其中奈雪的市占率为18.9%，显著高于其它竞品。这个行业经过几年的发展，现在头部品牌的市场份额优势非常明显。\n那高端茶饮的竞争壁垒在哪？\n个人来看，可以分三点，一是供应链管理，二是标准化输出，三是品牌力。\n先讲供应链管理。高端现制茶饮，用的原材料包括上乘茶叶、鲜奶、新鲜时令水果等。像上乘茶叶、鲜奶还好，已经比较工业化生产了，同时储存和运输相对方便，但新鲜水果上，供应链就要复杂得多。怎么保证产品质量，怎么保证储存减少损耗，都是麻烦。以奈雪为例，材料成本占现制茶饮营收比例为34%左右，其中76%是原材料，剩下是包装材料。\n这可以看到，原材料成本的波动对利润端的影响很显著。高端现制茶饮就产品形态来说，并没有多少进入门槛，但难在供应链管控上。奈雪能走到这个份额地步，在供应链上的管控应该是领先于同行的。\n供应链的管控也会影响到第二个竞争力，标准化输出。但除了供应链外，高端茶饮的标准化输出还有其它难点。\n咖啡的制作流程简单，单人操作就可以完成了。而高端茶饮相对要复杂，尽管制作流程分工明确，但需要多人参与，并且新鲜水果处理相对要复杂。奈雪还有现场烘焙，流程也复杂，所以门店配置的人员多。\n奈雪的标准门店平均人员配置是21人，2020年10月开始主推去掉现制烘焙的PRO店，平均人员配置大概13人。\n人多，流程复杂，培训和管理难度就大，这就增加了标准化输出的难度，但同时也构成了竞争壁垒。\n这也是国内高端现制茶饮基本走直营的原因之一。供应链复杂，流程复杂，放开加盟，巨大的利益驱使，容易乱来。\n第三点就是品牌力，其实我个人觉得这点重要，但也不是那么重要。现在这个社会，品牌力当然重要，但打造一个网红品牌似乎也不是太难。品牌力可以锦上添花，但核心还是前面两个内力要硬。\n奈雪现在做到了行业龙头，这三点竞争力应该是过关的。\n有一点投资者可能比较担心，就是奈雪的运营成本。把成本拆解一下，奈雪跟早期星巴克，跟现在港股的餐饮企业，一个显著的特点是租金成本高。奈雪的租金成本15个点，星巴克早期4个多点，港股里的海底捞8个多点，九毛九10个点左右。这主要跟奈雪开大店，开在繁华商圈有关。不过，公司门店层面的盈利能力是还不错的，经营利润率2019年有16.3%，2020年受疫情影响也有12.2%。只要门店层面是盈利的，随着规模扩大，可以摊销更多的总部费用，从而提高盈利能力。另外，奈雪未来的运营成本也会继续下降，这一是来源于规模扩大的供应链优势，二是品牌力提升的租金议价能力。另外，向低线城市扩张也会降低租金成本，因为更低线城市的租金成本相对来说要低些。\n那奈雪到底该怎么给估值呢？\n从上面的分析可以知道，奈雪的商业模式和成长性接近早期的星巴克，当前港股九毛九旗下的太二。我们比较下早期的星巴克和当前香港的餐饮股估值。\n星巴克1992年6月上市，上市之初市值大概0.14亿美元，动态PE大概53倍，市销率2.2倍。当年门店数量165家，由于非常好的成长性，1992年和1993年估值基本维持在80倍上下，最高到过100倍，市销率大概在4倍到6倍之间。\n香港的海底捞和九毛九，当前的市值对应2020年的净利润估值分别是数百倍，当然这跟2020年餐饮企业利润端破坏比较大有关，按券商对2021年的预计利润看，分别是35倍和70倍。如果以2019年的净利润看，分别是73倍和216倍。看市销率的话，对应2020年，分别是6倍和13倍，对就券商的2021年一致预期，分别是3.13倍和6.8倍。\n相比当年的星巴克，香港给海底捞和九毛九的估值是比较夸张的。\n奈雪现在仍处于高速成长期，我们用PS进行估值。如果按星巴克当年上市的标准来估，2020年奈雪的总营收是30亿，按4倍-6倍的PS，大概是120亿-180亿之间。\n当然，我们说过了，1992年星巴克的估值明显给的非常保守，相比后面的巨大涨幅，用这个估值拿到的投资人真是太幸福。海底捞的门店数量已经很多，也这了快速成长期，用九毛九会更合适，奈雪接近太二的逻辑。\n因为现在2021年已经要过去一半，用2021年的预测营收估可能更合适。九毛九是6.8倍，奈雪2021年的预计营收是55-58亿，给6倍-7倍PS的话，大概是440亿-460亿港币之间。\n按招股价算，奈雪现在是295-340亿港币，还是有很大空间的。","news_type":1,"symbols_score_info":{"02150":0.9}},"isVote":1,"tweetType":1,"viewCount":1810,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164074784,"gmtCreate":1624163453548,"gmtModify":1703829928477,"author":{"id":"299606564476380","authorId":"299606564476380","name":"景阳冈","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"299606564476380","idStr":"299606564476380"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/164074784","repostId":"2144702770","repostType":4,"repost":{"id":"2144702770","kind":"highlight","pubTimestamp":1624244088,"share":"https://ttm.financial/m/news/2144702770?lang=en_US&edition=fundamental","pubTime":"2021-06-21 10:54","market":"hk","language":"zh","title":"Surge 18 times in 10 years! Did you miss out on the lucrative dividends in tech stocks?","url":"https://stock-news.laohu8.com/highlight/detail?id=2144702770","media":"新浪财经综合","summary":"港股科技股市值近10年来呈井喷之势，恒生资讯科技业指数市值由10年前（2011年6月）不足1万亿元，10年间暴增1800%至超17万亿元，并一举超过恒生金融业指数15.73万亿元的市值的市值，雄踞港股","content":"<p>The market value of Hong Kong technology stocks has been blowing out in the past 10 years. The market value of Hang Seng Information Technology Index has increased by 1,800% to over 17 trillion yuan in 10 years from less than 1 trillion yuan 10 years ago (June 2011), and it has surpassed the market value of Hang Seng Financial Index of 15.73 trillion yuan in one fell swoop, ranking first in the market value of all industries in Hong Kong stocks!</p><p>The overall steady expansion of the Hong Kong stock market</p><p>The market value of the three major weighted industry indices of Hong Kong stocks has changed in the past 10 years (see the chart below).<img src=\"https://static.tigerbbs.com/6da34a6fd16e9aaad4a45a0705a50187\" tg-width=\"549\" tg-height=\"419\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>At the same time, the total market value of the main board of Hong Kong stocks increased from about HK$20 trillion 10 years ago to over HK$50 trillion.</p><p><img src=\"https://static.tigerbbs.com/623fb4d1a2b1422cabfb3a7f8c65af7c\" tg-width=\"796\" tg-height=\"690\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>The main reason for the increase in market value is the substantial expansion of listed companies in Hong Kong stocks, with the number of listed companies increasing from 1,448 10 years ago to nearly 2,600 today. At the same time, the growth of the Hang Seng Index, once dominated by financial and real estate stocks, is relatively limited, only about 20% in ten years.</p><p>The number of listed companies in Hong Kong stocks is shown in the figure below.</p><p><img src=\"https://static.tigerbbs.com/3cc6565025f2f3abf895088cfcf29da7\" tg-width=\"789\" tg-height=\"223\" referrerpolicy=\"no-referrer\"></p><p>From the perspective of the market value of various industry indexes, the proportion of Hang Seng Information Technology Industry Index (accounting for the total market value of companies selected in Hang Seng series industry indexes) has increased explosively from 3% in June 2011 to the latest 25%!</p><p>Old economic sectors are depressed</p><p>Finance, real estate and energy, the three weighted old economic sectors, obviously underperformed the market, and even energy is no longer a weighted sector.</p><p><img src=\"https://static.tigerbbs.com/546bcd2e116e4cc22cdd0cf3edebf61d\" tg-width=\"584\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5dd31eaef02347d31d36a54b4594ed2a\" tg-width=\"562\" tg-height=\"522\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>The Hang Seng Financial Industry Index increased from 11 trillion yuan 10 years ago to less than 16 trillion yuan lately. However, the proportion of Hang Seng Financial Industry Index has dropped significantly, from 46% to 25%, which is the industry with the largest decline.</p><p>Hong Kong local heavyweights Cheung Kong, Sun Hung Kai,<a href=\"https://laohu8.com/S/01972\">Swire Properties</a>、<a href=\"https://laohu8.com/S/00017\">New World Development</a>The real estate index, which is gathered together, also performed weakly, with the market value falling from 10% to 9%.</p><p>In addition, the sluggish oil price in the past 10 years has also caused the market value of Hang Seng Energy Index to drop from 4.8 trillion yuan to 2.1 trillion yuan. In the past 10 years, it has not increased but halved, and the market value has dropped sharply from 18% to 3%.<img src=\"https://static.tigerbbs.com/4b27148417ef1d600426d51d4c161bda\" tg-width=\"537\" tg-height=\"431\" referrerpolicy=\"no-referrer\"></p><p>The Choice of Times and the Reform of HKEX</p><p>The past 10 years can be said to be the golden 10 years of Chinese technology companies. Ali,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Shuangxiong has exploded, and its market value has grown to a behemoth of the order of 5 trillion. Meituan and Xiaomi were unknown ten years ago, but Meituan has become a technology leader with a market value of nearly 2 trillion yuan, and Xiaomi has also grown to a smart home ecological leader with a market value of 700 billion yuan.<a href=\"https://laohu8.com/S/JD\">Jingdong</a>From consecutive years of losses to stable profits now, the market value has reached the order of trillions.<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/NTES\">Netease</a>Slightly less coquettish, although not as good as the explosive growth of the first decade of this century, it is steady and steady to live up to the trust of the times.</p><p>In recent years, the strong development of the short video industry has created Aauto Quicker,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Wait for the rise of video leaders. In addition, according to media reports in April this year, ByteDance has submitted an underwriter appointment letter to the Hong Kong Stock Exchange and started the listing process in Hong Kong, with a valuation of USD 400 billion. ByteDance, a phenomenal heavyweight company, will land in Hong Kong stocks in the near future, and there is still considerable room for growth in the market value of Hong Kong technology stocks in the future.</p><p><img src=\"https://static.tigerbbs.com/2e3dfd73fe60381e50e44793dfc84464\" tg-width=\"570\" tg-height=\"412\" referrerpolicy=\"no-referrer\">On the one hand, the times have given rich dividends to technology stocks; on the other hand, the Hong Kong Stock Exchange has learned from the experience and reformed itself.</p><p>HKEx missed out in 2014<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Finally, at the end of 2017, it made its biggest change in more than two decades-releasing the same-share structure with different rights and the listing of unprofitable biological companies.</p><p>It is no exaggeration to say that from 2018, it is the beginning of a new era for Hong Kong stocks. A large number of technology leaders who missed Hong Kong stocks before chose to go public for the second time in Hong Kong, including Alibaba, Baidu, JD.COM, Netease and other established technology leaders. Also let the upstart Meituan, Xiaomi, Aauto Quicker, etc. choose Hong Kong as the first listing place. Today's Hong Kong stock market is an indispensable market for investing in China's technology industry!</p>","source":"highlight_sina","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>Surge 18 times in 10 years! Did you miss out on the lucrative dividends in tech 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\">\nSurge 18 times in 10 years! Did you miss out on the lucrative dividends in tech stocks?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经综合</strong><span class=\"h-time small\">2021-06-21 10:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The market value of Hong Kong technology stocks has been blowing out in the past 10 years. The market value of Hang Seng Information Technology Index has increased by 1,800% to over 17 trillion yuan in 10 years from less than 1 trillion yuan 10 years ago (June 2011), and it has surpassed the market value of Hang Seng Financial Index of 15.73 trillion yuan in one fell swoop, ranking first in the market value of all industries in Hong Kong stocks!</p><p>The overall steady expansion of the Hong Kong stock market</p><p>The market value of the three major weighted industry indices of Hong Kong stocks has changed in the past 10 years (see the chart below).<img src=\"https://static.tigerbbs.com/6da34a6fd16e9aaad4a45a0705a50187\" tg-width=\"549\" tg-height=\"419\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>At the same time, the total market value of the main board of Hong Kong stocks increased from about HK$20 trillion 10 years ago to over HK$50 trillion.</p><p><img src=\"https://static.tigerbbs.com/623fb4d1a2b1422cabfb3a7f8c65af7c\" tg-width=\"796\" tg-height=\"690\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>The main reason for the increase in market value is the substantial expansion of listed companies in Hong Kong stocks, with the number of listed companies increasing from 1,448 10 years ago to nearly 2,600 today. At the same time, the growth of the Hang Seng Index, once dominated by financial and real estate stocks, is relatively limited, only about 20% in ten years.</p><p>The number of listed companies in Hong Kong stocks is shown in the figure below.</p><p><img src=\"https://static.tigerbbs.com/3cc6565025f2f3abf895088cfcf29da7\" tg-width=\"789\" tg-height=\"223\" referrerpolicy=\"no-referrer\"></p><p>From the perspective of the market value of various industry indexes, the proportion of Hang Seng Information Technology Industry Index (accounting for the total market value of companies selected in Hang Seng series industry indexes) has increased explosively from 3% in June 2011 to the latest 25%!</p><p>Old economic sectors are depressed</p><p>Finance, real estate and energy, the three weighted old economic sectors, obviously underperformed the market, and even energy is no longer a weighted sector.</p><p><img src=\"https://static.tigerbbs.com/546bcd2e116e4cc22cdd0cf3edebf61d\" tg-width=\"584\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5dd31eaef02347d31d36a54b4594ed2a\" tg-width=\"562\" tg-height=\"522\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>The Hang Seng Financial Industry Index increased from 11 trillion yuan 10 years ago to less than 16 trillion yuan lately. However, the proportion of Hang Seng Financial Industry Index has dropped significantly, from 46% to 25%, which is the industry with the largest decline.</p><p>Hong Kong local heavyweights Cheung Kong, Sun Hung Kai,<a href=\"https://laohu8.com/S/01972\">Swire Properties</a>、<a href=\"https://laohu8.com/S/00017\">New World Development</a>The real estate index, which is gathered together, also performed weakly, with the market value falling from 10% to 9%.</p><p>In addition, the sluggish oil price in the past 10 years has also caused the market value of Hang Seng Energy Index to drop from 4.8 trillion yuan to 2.1 trillion yuan. In the past 10 years, it has not increased but halved, and the market value has dropped sharply from 18% to 3%.<img src=\"https://static.tigerbbs.com/4b27148417ef1d600426d51d4c161bda\" tg-width=\"537\" tg-height=\"431\" referrerpolicy=\"no-referrer\"></p><p>The Choice of Times and the Reform of HKEX</p><p>The past 10 years can be said to be the golden 10 years of Chinese technology companies. Ali,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Shuangxiong has exploded, and its market value has grown to a behemoth of the order of 5 trillion. Meituan and Xiaomi were unknown ten years ago, but Meituan has become a technology leader with a market value of nearly 2 trillion yuan, and Xiaomi has also grown to a smart home ecological leader with a market value of 700 billion yuan.<a href=\"https://laohu8.com/S/JD\">Jingdong</a>From consecutive years of losses to stable profits now, the market value has reached the order of trillions.<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/NTES\">Netease</a>Slightly less coquettish, although not as good as the explosive growth of the first decade of this century, it is steady and steady to live up to the trust of the times.</p><p>In recent years, the strong development of the short video industry has created Aauto Quicker,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Wait for the rise of video leaders. In addition, according to media reports in April this year, ByteDance has submitted an underwriter appointment letter to the Hong Kong Stock Exchange and started the listing process in Hong Kong, with a valuation of USD 400 billion. ByteDance, a phenomenal heavyweight company, will land in Hong Kong stocks in the near future, and there is still considerable room for growth in the market value of Hong Kong technology stocks in the future.</p><p><img src=\"https://static.tigerbbs.com/2e3dfd73fe60381e50e44793dfc84464\" tg-width=\"570\" tg-height=\"412\" referrerpolicy=\"no-referrer\">On the one hand, the times have given rich dividends to technology stocks; on the other hand, the Hong Kong Stock Exchange has learned from the experience and reformed itself.</p><p>HKEx missed out in 2014<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Finally, at the end of 2017, it made its biggest change in more than two decades-releasing the same-share structure with different rights and the listing of unprofitable biological companies.</p><p>It is no exaggeration to say that from 2018, it is the beginning of a new era for Hong Kong stocks. A large number of technology leaders who missed Hong Kong stocks before chose to go public for the second time in Hong Kong, including Alibaba, Baidu, JD.COM, Netease and other established technology leaders. Also let the upstart Meituan, Xiaomi, Aauto Quicker, etc. choose Hong Kong as the first listing place. Today's Hong Kong stock market is an indispensable market for investing in China's technology industry!</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/hkstock/hkstocknews/2021-06-19/doc-ikqcfnca1890926.shtml\">新浪财经综合</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{"HSI":"恒生指数"},"source_url":"https://finance.sina.com.cn/stock/hkstock/hkstocknews/2021-06-19/doc-ikqcfnca1890926.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2144702770","content_text":"港股科技股市值近10年来呈井喷之势，恒生资讯科技业指数市值由10年前（2011年6月）不足1万亿元，10年间暴增1800%至超17万亿元，并一举超过恒生金融业指数15.73万亿元的市值的市值，雄踞港股各行业市值榜首！\n港股市场整体稳步扩张\n港股三大权重行业指数10年来市值变化（见下图）。数据来源：Wind\n与此同时，港股主板总市值由10年前的约20万亿港元增至超50万亿港元。\n数据来源：Wind\n市值增长的主要原因是港股上市公司的大幅扩张，上市公司数量由10年前的1448家增至现今的近2600家。于此同时，曾以金融、地产股为主的恒生指数涨幅则相对有限，十年间仅有约20%。\n港股上市公司数量，如下图所示。\n\n从各行业指数市值占比来看，恒生资讯科技业指数比重（占入选恒生系列行业指数的公司总市值）由2011年6月的3%爆发式增至最新的25%！\n老经济板块低迷\n金融、地产、能源这三个权重老经济板块，则明显跑输市场，甚至能源已不再是一个权重板块。\n数据来源：Wind\n恒生金融业指数由10年前的11万亿元增至最新的不足16万亿元。但恒生金融业指数比重则下滑明显，由占比46%下滑至25%，是下滑幅度最大的行业。\n香港本地重磅股长实、新鸿基、太古地产、新世界发展等扎堆的地产指数也表现较弱，市值占比从10%降至9%。\n此外，近10年油价的低迷也导致恒生能源业指数市值由4.8万亿元下滑至2.1万亿元，10年来不增反而腰斩，市值比重由18%大幅下滑至3%。\n时代选择与港交所自身改革\n近10年，可以说是中国科技公司的黄金10年，阿里、腾讯双雄爆发式成长，市值均增长至5万亿量级的庞然大物。美团、小米十年前尚名不见经传，但美团已成为市值近2万亿的科技龙头，小米也成长至市值7000亿的智能家居生态龙头。京东从连年亏损到如今稳定盈利，市值达到万亿量级。百度、网易稍逊风骚，虽不如本世纪前十年的爆发式增长，也稳扎稳打不负时代所托。\n近几年的短视频行业强势发展，造就了快手、哔哩哔哩等视频龙头的崛起。此外，据媒体今年4月报道称，字节跳动已向港交所提交了承销商聘用函，启动了赴港上市流程，估值达4000亿美元。字节跳动这一现象级重磅公司在不久的未来将登陆港股，未来港股科技股市值仍有相当增长空间。\n一边是时代给了科技股丰厚的红利，另外一边则是港交所痛定思痛，自身改革。\n港交所在2014年错失阿里巴巴后，最终在2017年末做出了其二十多年来最大的变革——放行同股不同权架构和尚未盈利的生物公司上市。\n毫不夸张的说，从2018年起，对港股来说是一个全新时代的开启。大批此前无缘港股的科技龙头在香港选择二次上市，其中包括阿里巴巴、百度、京东、网易等老牌科技龙头。也让新贵美团、小米、快手等选择香港作为首次上市地点。现今的港股市场，已是投资中国科技行业不可或缺的市场！","news_type":1,"symbols_score_info":{"HSI":0.9}},"isVote":1,"tweetType":1,"viewCount":2317,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164074835,"gmtCreate":1624163436727,"gmtModify":1703829927671,"author":{"id":"299606564476380","authorId":"299606564476380","name":"景阳冈","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"299606564476380","idStr":"299606564476380"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/164074835","repostId":"2144702770","repostType":4,"repost":{"id":"2144702770","kind":"highlight","pubTimestamp":1624244088,"share":"https://ttm.financial/m/news/2144702770?lang=en_US&edition=fundamental","pubTime":"2021-06-21 10:54","market":"hk","language":"zh","title":"Surge 18 times in 10 years! Did you miss out on the lucrative dividends in tech stocks?","url":"https://stock-news.laohu8.com/highlight/detail?id=2144702770","media":"新浪财经综合","summary":"港股科技股市值近10年来呈井喷之势，恒生资讯科技业指数市值由10年前（2011年6月）不足1万亿元，10年间暴增1800%至超17万亿元，并一举超过恒生金融业指数15.73万亿元的市值的市值，雄踞港股","content":"<p>The market value of Hong Kong technology stocks has been blowing out in the past 10 years. The market value of Hang Seng Information Technology Index has increased by 1,800% to over 17 trillion yuan in 10 years from less than 1 trillion yuan 10 years ago (June 2011), and it has surpassed the market value of Hang Seng Financial Index of 15.73 trillion yuan in one fell swoop, ranking first in the market value of all industries in Hong Kong stocks!</p><p>The overall steady expansion of the Hong Kong stock market</p><p>The market value of the three major weighted industry indices of Hong Kong stocks has changed in the past 10 years (see the chart below).<img src=\"https://static.tigerbbs.com/6da34a6fd16e9aaad4a45a0705a50187\" tg-width=\"549\" tg-height=\"419\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>At the same time, the total market value of the main board of Hong Kong stocks increased from about HK$20 trillion 10 years ago to over HK$50 trillion.</p><p><img src=\"https://static.tigerbbs.com/623fb4d1a2b1422cabfb3a7f8c65af7c\" tg-width=\"796\" tg-height=\"690\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>The main reason for the increase in market value is the substantial expansion of listed companies in Hong Kong stocks, with the number of listed companies increasing from 1,448 10 years ago to nearly 2,600 today. At the same time, the growth of the Hang Seng Index, once dominated by financial and real estate stocks, is relatively limited, only about 20% in ten years.</p><p>The number of listed companies in Hong Kong stocks is shown in the figure below.</p><p><img src=\"https://static.tigerbbs.com/3cc6565025f2f3abf895088cfcf29da7\" tg-width=\"789\" tg-height=\"223\" referrerpolicy=\"no-referrer\"></p><p>From the perspective of the market value of various industry indexes, the proportion of Hang Seng Information Technology Industry Index (accounting for the total market value of companies selected in Hang Seng series industry indexes) has increased explosively from 3% in June 2011 to the latest 25%!</p><p>Old economic sectors are depressed</p><p>Finance, real estate and energy, the three weighted old economic sectors, obviously underperformed the market, and even energy is no longer a weighted sector.</p><p><img src=\"https://static.tigerbbs.com/546bcd2e116e4cc22cdd0cf3edebf61d\" tg-width=\"584\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5dd31eaef02347d31d36a54b4594ed2a\" tg-width=\"562\" tg-height=\"522\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>The Hang Seng Financial Industry Index increased from 11 trillion yuan 10 years ago to less than 16 trillion yuan lately. However, the proportion of Hang Seng Financial Industry Index has dropped significantly, from 46% to 25%, which is the industry with the largest decline.</p><p>Hong Kong local heavyweights Cheung Kong, Sun Hung Kai,<a href=\"https://laohu8.com/S/01972\">Swire Properties</a>、<a href=\"https://laohu8.com/S/00017\">New World Development</a>The real estate index, which is gathered together, also performed weakly, with the market value falling from 10% to 9%.</p><p>In addition, the sluggish oil price in the past 10 years has also caused the market value of Hang Seng Energy Index to drop from 4.8 trillion yuan to 2.1 trillion yuan. In the past 10 years, it has not increased but halved, and the market value has dropped sharply from 18% to 3%.<img src=\"https://static.tigerbbs.com/4b27148417ef1d600426d51d4c161bda\" tg-width=\"537\" tg-height=\"431\" referrerpolicy=\"no-referrer\"></p><p>The Choice of Times and the Reform of HKEX</p><p>The past 10 years can be said to be the golden 10 years of Chinese technology companies. Ali,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Shuangxiong has exploded, and its market value has grown to a behemoth of the order of 5 trillion. Meituan and Xiaomi were unknown ten years ago, but Meituan has become a technology leader with a market value of nearly 2 trillion yuan, and Xiaomi has also grown to a smart home ecological leader with a market value of 700 billion yuan.<a href=\"https://laohu8.com/S/JD\">Jingdong</a>From consecutive years of losses to stable profits now, the market value has reached the order of trillions.<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/NTES\">Netease</a>Slightly less coquettish, although not as good as the explosive growth of the first decade of this century, it is steady and steady to live up to the trust of the times.</p><p>In recent years, the strong development of the short video industry has created Aauto Quicker,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Wait for the rise of video leaders. In addition, according to media reports in April this year, ByteDance has submitted an underwriter appointment letter to the Hong Kong Stock Exchange and started the listing process in Hong Kong, with a valuation of USD 400 billion. ByteDance, a phenomenal heavyweight company, will land in Hong Kong stocks in the near future, and there is still considerable room for growth in the market value of Hong Kong technology stocks in the future.</p><p><img src=\"https://static.tigerbbs.com/2e3dfd73fe60381e50e44793dfc84464\" tg-width=\"570\" tg-height=\"412\" referrerpolicy=\"no-referrer\">On the one hand, the times have given rich dividends to technology stocks; on the other hand, the Hong Kong Stock Exchange has learned from the experience and reformed itself.</p><p>HKEx missed out in 2014<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Finally, at the end of 2017, it made its biggest change in more than two decades-releasing the same-share structure with different rights and the listing of unprofitable biological companies.</p><p>It is no exaggeration to say that from 2018, it is the beginning of a new era for Hong Kong stocks. A large number of technology leaders who missed Hong Kong stocks before chose to go public for the second time in Hong Kong, including Alibaba, Baidu, JD.COM, Netease and other established technology leaders. Also let the upstart Meituan, Xiaomi, Aauto Quicker, etc. choose Hong Kong as the first listing place. Today's Hong Kong stock market is an indispensable market for investing in China's technology industry!</p>","source":"highlight_sina","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>Surge 18 times in 10 years! Did you miss out on the lucrative dividends in tech 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\">\nSurge 18 times in 10 years! Did you miss out on the lucrative dividends in tech stocks?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经综合</strong><span class=\"h-time small\">2021-06-21 10:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The market value of Hong Kong technology stocks has been blowing out in the past 10 years. The market value of Hang Seng Information Technology Index has increased by 1,800% to over 17 trillion yuan in 10 years from less than 1 trillion yuan 10 years ago (June 2011), and it has surpassed the market value of Hang Seng Financial Index of 15.73 trillion yuan in one fell swoop, ranking first in the market value of all industries in Hong Kong stocks!</p><p>The overall steady expansion of the Hong Kong stock market</p><p>The market value of the three major weighted industry indices of Hong Kong stocks has changed in the past 10 years (see the chart below).<img src=\"https://static.tigerbbs.com/6da34a6fd16e9aaad4a45a0705a50187\" tg-width=\"549\" tg-height=\"419\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>At the same time, the total market value of the main board of Hong Kong stocks increased from about HK$20 trillion 10 years ago to over HK$50 trillion.</p><p><img src=\"https://static.tigerbbs.com/623fb4d1a2b1422cabfb3a7f8c65af7c\" tg-width=\"796\" tg-height=\"690\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>The main reason for the increase in market value is the substantial expansion of listed companies in Hong Kong stocks, with the number of listed companies increasing from 1,448 10 years ago to nearly 2,600 today. At the same time, the growth of the Hang Seng Index, once dominated by financial and real estate stocks, is relatively limited, only about 20% in ten years.</p><p>The number of listed companies in Hong Kong stocks is shown in the figure below.</p><p><img src=\"https://static.tigerbbs.com/3cc6565025f2f3abf895088cfcf29da7\" tg-width=\"789\" tg-height=\"223\" referrerpolicy=\"no-referrer\"></p><p>From the perspective of the market value of various industry indexes, the proportion of Hang Seng Information Technology Industry Index (accounting for the total market value of companies selected in Hang Seng series industry indexes) has increased explosively from 3% in June 2011 to the latest 25%!</p><p>Old economic sectors are depressed</p><p>Finance, real estate and energy, the three weighted old economic sectors, obviously underperformed the market, and even energy is no longer a weighted sector.</p><p><img src=\"https://static.tigerbbs.com/546bcd2e116e4cc22cdd0cf3edebf61d\" tg-width=\"584\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5dd31eaef02347d31d36a54b4594ed2a\" tg-width=\"562\" tg-height=\"522\" referrerpolicy=\"no-referrer\">Data Source: Wind</p><p>The Hang Seng Financial Industry Index increased from 11 trillion yuan 10 years ago to less than 16 trillion yuan lately. However, the proportion of Hang Seng Financial Industry Index has dropped significantly, from 46% to 25%, which is the industry with the largest decline.</p><p>Hong Kong local heavyweights Cheung Kong, Sun Hung Kai,<a href=\"https://laohu8.com/S/01972\">Swire Properties</a>、<a href=\"https://laohu8.com/S/00017\">New World Development</a>The real estate index, which is gathered together, also performed weakly, with the market value falling from 10% to 9%.</p><p>In addition, the sluggish oil price in the past 10 years has also caused the market value of Hang Seng Energy Index to drop from 4.8 trillion yuan to 2.1 trillion yuan. In the past 10 years, it has not increased but halved, and the market value has dropped sharply from 18% to 3%.<img src=\"https://static.tigerbbs.com/4b27148417ef1d600426d51d4c161bda\" tg-width=\"537\" tg-height=\"431\" referrerpolicy=\"no-referrer\"></p><p>The Choice of Times and the Reform of HKEX</p><p>The past 10 years can be said to be the golden 10 years of Chinese technology companies. Ali,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Shuangxiong has exploded, and its market value has grown to a behemoth of the order of 5 trillion. Meituan and Xiaomi were unknown ten years ago, but Meituan has become a technology leader with a market value of nearly 2 trillion yuan, and Xiaomi has also grown to a smart home ecological leader with a market value of 700 billion yuan.<a href=\"https://laohu8.com/S/JD\">Jingdong</a>From consecutive years of losses to stable profits now, the market value has reached the order of trillions.<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/NTES\">Netease</a>Slightly less coquettish, although not as good as the explosive growth of the first decade of this century, it is steady and steady to live up to the trust of the times.</p><p>In recent years, the strong development of the short video industry has created Aauto Quicker,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Wait for the rise of video leaders. In addition, according to media reports in April this year, ByteDance has submitted an underwriter appointment letter to the Hong Kong Stock Exchange and started the listing process in Hong Kong, with a valuation of USD 400 billion. ByteDance, a phenomenal heavyweight company, will land in Hong Kong stocks in the near future, and there is still considerable room for growth in the market value of Hong Kong technology stocks in the future.</p><p><img src=\"https://static.tigerbbs.com/2e3dfd73fe60381e50e44793dfc84464\" tg-width=\"570\" tg-height=\"412\" referrerpolicy=\"no-referrer\">On the one hand, the times have given rich dividends to technology stocks; on the other hand, the Hong Kong Stock Exchange has learned from the experience and reformed itself.</p><p>HKEx missed out in 2014<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Finally, at the end of 2017, it made its biggest change in more than two decades-releasing the same-share structure with different rights and the listing of unprofitable biological companies.</p><p>It is no exaggeration to say that from 2018, it is the beginning of a new era for Hong Kong stocks. A large number of technology leaders who missed Hong Kong stocks before chose to go public for the second time in Hong Kong, including Alibaba, Baidu, JD.COM, Netease and other established technology leaders. Also let the upstart Meituan, Xiaomi, Aauto Quicker, etc. choose Hong Kong as the first listing place. Today's Hong Kong stock market is an indispensable market for investing in China's technology industry!</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/hkstock/hkstocknews/2021-06-19/doc-ikqcfnca1890926.shtml\">新浪财经综合</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{"HSI":"恒生指数"},"source_url":"https://finance.sina.com.cn/stock/hkstock/hkstocknews/2021-06-19/doc-ikqcfnca1890926.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2144702770","content_text":"港股科技股市值近10年来呈井喷之势，恒生资讯科技业指数市值由10年前（2011年6月）不足1万亿元，10年间暴增1800%至超17万亿元，并一举超过恒生金融业指数15.73万亿元的市值的市值，雄踞港股各行业市值榜首！\n港股市场整体稳步扩张\n港股三大权重行业指数10年来市值变化（见下图）。数据来源：Wind\n与此同时，港股主板总市值由10年前的约20万亿港元增至超50万亿港元。\n数据来源：Wind\n市值增长的主要原因是港股上市公司的大幅扩张，上市公司数量由10年前的1448家增至现今的近2600家。于此同时，曾以金融、地产股为主的恒生指数涨幅则相对有限，十年间仅有约20%。\n港股上市公司数量，如下图所示。\n\n从各行业指数市值占比来看，恒生资讯科技业指数比重（占入选恒生系列行业指数的公司总市值）由2011年6月的3%爆发式增至最新的25%！\n老经济板块低迷\n金融、地产、能源这三个权重老经济板块，则明显跑输市场，甚至能源已不再是一个权重板块。\n数据来源：Wind\n恒生金融业指数由10年前的11万亿元增至最新的不足16万亿元。但恒生金融业指数比重则下滑明显，由占比46%下滑至25%，是下滑幅度最大的行业。\n香港本地重磅股长实、新鸿基、太古地产、新世界发展等扎堆的地产指数也表现较弱，市值占比从10%降至9%。\n此外，近10年油价的低迷也导致恒生能源业指数市值由4.8万亿元下滑至2.1万亿元，10年来不增反而腰斩，市值比重由18%大幅下滑至3%。\n时代选择与港交所自身改革\n近10年，可以说是中国科技公司的黄金10年，阿里、腾讯双雄爆发式成长，市值均增长至5万亿量级的庞然大物。美团、小米十年前尚名不见经传，但美团已成为市值近2万亿的科技龙头，小米也成长至市值7000亿的智能家居生态龙头。京东从连年亏损到如今稳定盈利，市值达到万亿量级。百度、网易稍逊风骚，虽不如本世纪前十年的爆发式增长，也稳扎稳打不负时代所托。\n近几年的短视频行业强势发展，造就了快手、哔哩哔哩等视频龙头的崛起。此外，据媒体今年4月报道称，字节跳动已向港交所提交了承销商聘用函，启动了赴港上市流程，估值达4000亿美元。字节跳动这一现象级重磅公司在不久的未来将登陆港股，未来港股科技股市值仍有相当增长空间。\n一边是时代给了科技股丰厚的红利，另外一边则是港交所痛定思痛，自身改革。\n港交所在2014年错失阿里巴巴后，最终在2017年末做出了其二十多年来最大的变革——放行同股不同权架构和尚未盈利的生物公司上市。\n毫不夸张的说，从2018年起，对港股来说是一个全新时代的开启。大批此前无缘港股的科技龙头在香港选择二次上市，其中包括阿里巴巴、百度、京东、网易等老牌科技龙头。也让新贵美团、小米、快手等选择香港作为首次上市地点。现今的港股市场，已是投资中国科技行业不可或缺的市场！","news_type":1,"symbols_score_info":{"HSI":0.9}},"isVote":1,"tweetType":1,"viewCount":2076,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183992037,"gmtCreate":1623298714929,"gmtModify":1704200370025,"author":{"id":"299606564476380","authorId":"299606564476380","name":"景阳冈","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"299606564476380","idStr":"299606564476380"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/183992037","repostId":"180747508","repostType":1,"repost":{"id":180747508,"gmtCreate":1623229412300,"gmtModify":1704198820906,"author":{"id":"3480300888703096","authorId":"3480300888703096","name":"荒野侦探","avatar":"https://static.tigerbbs.com/676ca151c5979a45c1864347e2da198a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3480300888703096","idStr":"3480300888703096"},"themes":[],"title":"【财富密码】WSB新宠：CLOV，WISH，WEN，SOFI","htmlText":"最早是<a target=\"_blank\" href=\"https://laohu8.com/S/GME\">$遊戲驛站(GME)$</a> ，<a target=\"_blank\" href=\"https://laohu8.com/S/AMC\">$AMC院線(AMC)$</a> ，<a target=\"_blank\" href=\"https://laohu8.com/S/BB\">$黑莓(BB)$</a> ， 之後是<a target=\"_blank\" href=\"https://laohu8.com/S/KOSS\">$高斯電子(KOSS)$</a> ，<a target=\"_blank\" href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a> ，<a target=\"_blank\" href=\"https://laohu8.com/S/EXPR\">$Express(EXPR)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/BBBY\">$3B家居(BBBY)$</a> ，<a target=\"_blank\" href=\"https://laohu8.com/S/NAKD\">$Naked Brand Group Inc(NAKD)$</a> ， 最新是<a target=\"_blank\" href=\"https://laohu8.com/S/CLOV\">$Clover Health Corp(CLOV)$</a> （昨天漲85.8%），<a target=\"_blank\" href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a> （昨天漲49.9%盤後繼續飆升），","listText":"最早是<a target=\"_blank\" href=\"https://laohu8.com/S/GME\">$遊戲驛站(GME)$</a> ，<a target=\"_blank\" href=\"https://laohu8.com/S/AMC\">$AMC院線(AMC)$</a> ，<a target=\"_blank\" href=\"https://laohu8.com/S/BB\">$黑莓(BB)$</a> ， 之後是<a target=\"_blank\" href=\"https://laohu8.com/S/KOSS\">$高斯電子(KOSS)$</a> ，<a target=\"_blank\" href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a> ，<a target=\"_blank\" href=\"https://laohu8.com/S/EXPR\">$Express(EXPR)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/BBBY\">$3B家居(BBBY)$</a> ，<a target=\"_blank\" href=\"https://laohu8.com/S/NAKD\">$Naked Brand Group Inc(NAKD)$</a> ， 最新是<a target=\"_blank\" href=\"https://laohu8.com/S/CLOV\">$Clover Health Corp(CLOV)$</a> （昨天漲85.8%），<a target=\"_blank\" href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a> （昨天漲49.9%盤後繼續飆升），","text":"最早是$遊戲驛站(GME)$ ，$AMC院線(AMC)$ ，$黑莓(BB)$ ， 之後是$高斯電子(KOSS)$ ，$Sundial Growers Inc.(SNDL)$ ，$Express(EXPR)$ 、$3B家居(BBBY)$ ，$Naked Brand Group Inc(NAKD)$ ， 最新是$Clover Health Corp(CLOV)$ （昨天漲85.8%），$ContextLogic Inc.(WISH)$ 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