Hello everyone, my name is Grid.
Under the anti-monopoly, Internet giants have been smashed, and the stock price has dropped rapidly. Meituan has been cut in half from its high point to the present, and the index has dropped by 20% in three months. The last time such a huge decline occurred in 2018. years of trade frictions.
Our current concern about the Internet sector is mainly one point: antitrust.
In the past year, there have been frequent anti-monopoly actions. In fact, this anti-monopoly against the Internet platform economy , was discussed by the official media as early as 2018, and was discussed by the official media until nearly a year ago. The implementation of this matter, the market expectations have always been there. But the "strictness of anti-monopoly supervision" and "the duration of anti-monopoly" are unknown...
1. Anti-monopoly, what exactly are you rejecting?
There are several common monopolistic and anti-competitive behaviors:
1. Data abuse, self-preferential behavior Identify potential competitive threats by using non-public data. "I can see the data of competitor in , and target ." For example, Amazon , there are self-operated products, as well as products settled by other merchants. Some products are not self-operated when they first come out. After it collects the sales data of many settled merchants, it knows which products are selling well, and then the platform starts to self-operate the same products and offer lower prices. In this way, it does not have to pay the trial and error costs of developing products and understanding the market in the early stage.
2. Monopoly Leverage After monopolizing in one market, immediately use this market power to occupy a position in another market. "I do well in e-commerce, and my express delivery should be the first"
3. Predatory pricing behavior Enterprise Price goods and services below cost to drive out competitors and dominate the market . " community group purchase one penny to buy food"
4. Choose one of two to refuse trading behavior "You play with him, don't play with me" , in this way, deprive participants of the possibility of participation.
5. Tying behavior "If you want to buy this, you have to buy it back" , exerting control over the purchase of products and services.
6. Killing acquisitions "A new category emerges, either acquire or imitate" , a market eventually dominated by a few Internet platforms.
Eliminating competitors and increasing their market share is what every company wants to do. But this kind of thing is more common in the competition of Internet companies with massive data. Compared with other industries, the Internet industry belongs to technological innovation companies. Start-up companies in some fields are forced to go bankrupt due to the pressure of capital competition. Either choose to rely on large Internet platforms, which will eventually inhibit the innovation and entrepreneurship potential of an economy. In other words, anti-monopoly is to reject the stagnation of innovation in an industry, to stimulate the birth and growth of new Internet talents, and stimulate the vitality of the industry.
2. How big is the impact of antitrust on the Internet industry?
The promotion of anti-monopoly has changed the policy environment of the Internet from "tolerant and relaxed" to "tolerant and prudent", which is equivalent to putting an shackle on some behaviors of Internet companies.
For giants like Ali , Tencent , and Meituan, the spread of from to to normalized growth seems to affect their future growth. However, we can compare the anti-monopoly governance of the overseas platform economy. Under the anti-monopoly supervision, giants such as Apple and Amazon not only did not lose their core competitiveness, but instead promoted the further strengthening of their core businesses. allows these Internet companies to return to their focus on core competitive barriers such as technological innovation, product development, user experience, and content value.
For small and medium-sized Internet companies, strong supervision will form a new ecology, which can bring opportunities for their healthy competition, help them thrive, and keep the entire industry innovating and growing vitality for a long time.
As a result, the advancement of anti-monopoly is a "dangerous" for some companies, but an "opportunity" for the further development of the entire industry.
3. There are opportunities in crisis, how to grasp investment opportunities?
has been implemented into our investment. We believe that anti-monopoly makes the Internet industry "dance with shackles", which is a bad news with great influence, so it is fed back to the market and it continues to decline.
But when we review several investment opportunities in the Internet industry, we can find that every investment opportunity is accompanied by panic factors in the market, the trade friction in 2018, the epidemic in 2020, the anti-monopoly in 2021, also It is the existence of such bad news that there is a better time for us to underestimate and buy .
The profit growth rate of the concept stocks in
has been good, and they have always been overvalued sectors. Coupled with the impact of the decentralization of the epidemic in 2020, the valuation of and has further increased. However, after two months of continuous decline, the valuation of has reached a reasonable range. If the market continues to decline due to the continuous impact of the news, and the valuation continues to decline, we should not panic, but should Keep an eye out for configuration opportunities within.
There is not much time left for and ...
Undervalued buying and the company's own growth, we don't have to worry too much about long-term benefits, but the premise is that the fixed investment must persist until the rebound.
(Internet and technology-related industries fluctuate greatly. Before investing, ask yourself, "Are you ready for a short-term floating loss of 20%?")
...
Industry news:
The Minister of Finance mentioned three times within half a year Real estate tax , yesterday, the four departments held a symposium on the pilot work of real estate tax reform in Beijing. (real estate industry down!)
Xiaomi lawsuit against the US government reached a settlement, and Xiaomi Group was removed from the military list. (Zhonggai Internet up!)
BMW announced that it will produce hydrogen fuel cell vehicle in small batches in 2022, which can have a longer cruising range than electric vehicles and is more suitable for carbon neutral . (new energy car down!)
