Reporter of Meijing: Zeng Zijian Editor of Meijing: Xiao Ruidong
Following the rise of 1.43% last week, the 100 index of Meijing Brand rose another 2.13% this week, setting a new closing high since its official launch.
htmlOn May 10, the CSI E-Commerce Listed Company Brand Value 100 Index (referred to as E-Commerce Brand 100, code: 931852), developed by CSI Index Company and Daily Economic News , was officially launched. From its steady performance at the beginning of its launch to its strong rebound this week, the 100 index of the Economic Brand demonstrated its strong appeal. On the first day of's online launch, the index hit a low of 866.12 points. On Wednesday, the Meike Brand 100 index rebounded to 931.17 points at its highest, and finally closed at 927.68 points on Friday, with a weekly increase of 2.13%.
component stocks generally rose, and the performance of overseas targets was better
This week, US stocks can be said to be dangerous, Dow Jones Index weekly line eight consecutive negative lines, Nasdaq Index weekly line seven consecutive negative lines, but overseas listed targets among the 100 index components of each brand, have performed another "scenery".
According to Wind statistics, the constituent stocks of the 100 index of the E-commerce Brand have seen a general increase this week. In terms of performance in a week, only 27 stocks fell, and among the top 20 stocks in the weekly increase, 15 stocks are all overseas listed targets.
Among them, except for the Great Wall Motors , which has the largest increase this week, which is the A-share listed companies, 8 of the top ten companies with weekly increases are overseas listed companies, including Good Future , China National Heavy Duty Truck , Country Garden , Gome Retail , Longfor Group , Netease-S, JD.com Group-SW, and Pinduoduo. In addition, the increase in Future Futures, China National Heavy Duty Truck, Country Garden and Gome Retail all exceeded 10%. Among the constituent stocks ranked 11th to 20th in the weekly increase, Geely Auto , Alibaba -SW, Xiaomi Group -W, Sinopharm Holdings , and China Resources Land are all listed companies in Hong Kong stock ; Baidu and Vipshop are listed on the US stock market.
In fact, among the 100 index components of the Economic Brand, the number of overseas listed companies is about 44%. This week, the only three overseas listed companies whose stock prices fell, Tencent Music, Gaoxin Retail and Tencent Holdings, and the decline is also very small. For example, Tencent Music fell 0.73% this week, Gao Xin Retail fell 0.43% weekly, and Tencent Holdings fell 0.17% weekly.
This week, the Dow Jones Index fell 2.9% weekly and the Nasdaq Index fell 3.82%. Looking at the Hong Kong stock market again, Hang Seng Index rebounded 4.11% this week, and the Hang Seng Technology Index rose 6%. In other words, high-quality Chinese companies listed overseas have completely withstood the decline in the US stock market.
valuation is close to a five-year low, and the market attractiveness has increased sharply
In fact, the E-commerce Brand 100 index is based on May 10, 2018 and 1,000 points as the basis point. The index has been running for a full 4 years. During these four years, the Meike Brand 100 Index reached its highest point since its establishment in February 2021, which is 1630.88 points. But in the past year, the index has also undergone significant adjustments along with the entire market. By March 15 this year, the index fell to a low of 794.59 points, which is also the lowest point since the index was running.
Some industry insiders publicly pointed out that from the perspective of dynamic price-to-earnings ratio, the valuation advantage of the 100 index of the EQ brand is obvious. As of May 19, the average price-to-earnings ratio of the EQ Brand 100 Index was only 9.88 times, and since May, the price-to-earnings ratio level has remained below 10 times. During the same period, the average price-to-earnings ratio of Shenzhen Stock Exchange was 23.32 times, the main board of Shenzhen Stock Exchange was 19.858 times, and the main board of Shenzhen Stock Exchange was GEM 37.33 times; the main board of Shanghai Stock Exchange was 11.82 times, and the main board of Science and Technology Innovation Board was 339.91 times. Relatively speaking, the valuation advantage of the 100 index of the E-Commerce Brand is particularly obvious.
More importantly, if we look at the top ten heavyweight stocks, Tencent , Meituan , Alibaba and Baidu are all growth Internet companies. Against this background, the P/E ratio of the 100 Index of EQ Brand is still less than 10 times, which is more attractive to long-term value investment funds.
valuation advantage determines its attractiveness to funds, and then look at the trends of northbound funds this week. Oriental Fortune data statistics show that in the past five trading days, the industries with the largest increase in holdings of northbound funds are banks, electricity, winemaking, complete vehicles, logistics, home appliances, etc. Among these major industries, except for the power industry, the other industries that have been increased the most by northbound funds are mostly constituent stocks of the 100 index of the Economic Brand.
For example, China Merchants Bank in the banking industry; Moutai in the brewing industry; BYD in the vehicle industry; SF Holdings in the logistics industry; Midea Group in the home appliance industry.
The most difficult stage may have passed
This week, for the first quarter results just announced by many weighted companies in the E-commerce Brand 100 Index, it may be the focus of the whole market.
First of all, the first quarter performance of Tencent Holdings, the company's Q1 revenue was 135.471 billion yuan, compared with 135.303 billion yuan in the same period last year, the same year as the same period last year, the same year as the net profit was 23.413 billion yuan, a year-on-year decrease of 51%; adjusted net profit was 25.545 billion yuan, a year-on-year decrease of 23%; quarterly advertising revenue was 18 billion yuan, a year-on-year decrease of 17.6%.
There are actually a lot of comments about Tencent’s various businesses in the first quarter. The key is that after experiencing the worst performance in the past decade, will Tencent take this as an opportunity to usher in a brand new development opportunity? Perhaps, after squeezing out the bubble and starting again, it means that the worst stage of the Internet economy has passed. On May 19, after Tencent announced its results, its stock price fell 6% that day, but on May 20, it rebounded rapidly by 3.53%.
In addition to Tencent, on May 19, Xiaomi Group announced its QI performance, and its performance was also poor - the total revenue during the period reached 73.4 billion yuan, a year-on-year decrease of 4.6% and a month-on-month decrease of 14.3%; adjusted net profit was RMB 2.9 billion, a year-on-year decrease of 52.9%.
In addition, on May 17, JD.com announced its first quarter results for 2022, with revenue reaching RMB 239.7 billion during the reporting period, an increase of 18.0% from the first quarter of 2021; operating profit was RMB 2.4 billion, compared with RMB 1.7 billion in the same period last year. The number of annual active users increased by 16.2% from 499.8 million in the same period last year to 580.5 million.
Whether it is Tencent, Xiaomi , which is under pressure in performance, or JD , which has a reasonable performance, their stock price performance is still strong beyond expectations.
In this regard, the CITIC Securities research report pointed out that in 2022, the performance of leading Internet companies is subject to economic growth pressure, and their expectations in the first and second quarters are relatively pessimistic. After the quarterly report is disclosed, there may still be a possibility that the performance growth rate will be consistently lowered. The subsequent performance improvement depends on the easing of the local epidemic and changes in the macro economy.
dynamically, according to the consistent expectations of Bloomberg , the adjusted profit expectations of Alibaba , Tencent and JD.com in 2022 were lowered by 25%, 20%, and 35% respectively in 2021, and the reduction in 2022 was 2%, 16%, and 15% respectively; statically, we see that the market's expectations of Internet companies' performance began to show a significant turning point in growth in Q3 2022.
However, with the easing of the epidemic, CITIC Securities expects that the consumer side will be slowly repaired quarter by quarter by the second half of 2022; in the advertising field, the high base impact of advertisers such as education and training industry, Internet finance, , is expected to begin to be eliminated in the third quarter of 2022; on the profit side, the leading Internet companies are expected to gradually eliminate the impact of anti-monopoly fines and increased strategic investment from the second quarter of 2022. It is expected that under the assumption of the domestic epidemic easing, the performance elasticity of Internet companies is expected to appear.
Daily Economic News
