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Hang Seng Technology VS. ChiNext: Who would you bet on?
OngSeahKuang
2021-07-25
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Watching the Olympics on your mobile phone, except for CCTV, Tencent, Kuaishou, and Migu, is all pirated.
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ChiNext: Who would you bet on?","url":"https://stock-news.laohu8.com/highlight/detail?id=2153981305","media":"格隆汇","summary":"脱虚向实","content":"<p>When it comes to the direction of China's economic development, even older women could probably recite two sentences: \"Take the path of technological innovation and the path of high-quality development.\"</p><p>Indeed, with the real estate engine stalling today, there is basically nowhere to grow without technological innovation. This has been proven countless times in the past century of world economic development.</p><p><b>Investing emphasizes going with the flow of the tide, and technology stocks are exactly that direction. Currently, wave after wave of technology stocks are booming.</b>However, the performance of the ChiNext and Hong Kong stocks, which are widely recognized as potentially becoming China's version of Nasdaq, has diverged.</p><p>Which one is the real battleground for Chinese tech stocks? Which one should we focus on in the future?</p><p><h3>1</h3><h3><b>differentiation</b></h3>Both the ChiNext and Hong Kong stocks<a href=\"https://laohu8.com/S/YJ\">gather</a>It has become one of the top high-tech companies in China.<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/300750\">CATL</a>、<a href=\"https://laohu8.com/S/300760\">Mindray Medical</a>......</p><p>In the past, Hong Kong stocks, where the internet was concentrated, would have been clearly superior and the focus of the spotlight, while the ChiNext market would have been relatively lackluster. However, the situation has reversed dramatically in the past six months, as can be seen from the trends of the two most representative indices.</p><p><img src=\"https://static.tigerbbs.com/e9a943eef0ce5cc99ab970f8ad332faa\" tg-width=\"1001\" tg-height=\"583\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The Hang Seng Tech Index recently closed at 7268 points, only about 7% below the level when it was first launched in July last year. After more than a year of dramatic ups and downs, it reached 11,000 points at its peak. Looking at it now, it always feels like it has returned to dust.</p><p>In contrast, the ChiNext index, despite also experiencing a surge in the second half of last year and a major correction in February, has now embarked on a remarkable rally, constantly breaking through levels and reaching new highs.</p><p><img src=\"https://static.tigerbbs.com/b2b9eda64cf7fc8e2eb004f2b0ca7d0a\" tg-width=\"1000\" tg-height=\"586\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Behind this lies the market's fickle interest in the technology sector, which is evident in the constituent stocks.</p><p>Of the 30 constituent stocks of the Hang Seng Tech Index, internet companies account for 60% in number and 68% in weighting. Internet companies occupy 8 of the top ten weightings. It can be said that the Hang Seng Tech Index is equivalent to China's index of listed internet companies.</p><p><img src=\"https://static.tigerbbs.com/0df5bda2d6ae98f25103bd7f5647c1b8\" tg-width=\"848\" tg-height=\"683\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Of the 100 constituent stocks of the ChiNext index, only 4 belong to internet media companies, while a total of 72 belong to the manufacturing industry. Among the top 10 weighted stocks, 7 belong to the high-tech manufacturing industry.</p><p><img src=\"https://static.tigerbbs.com/9055b3f76f262dc257754ec9c2cd494d\" tg-width=\"851\" tg-height=\"577\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The constituent stocks of the two major indices basically represent the focus of the two markets. Hong Kong-listed technology stocks are mainly focused on the internet and virtual economy, commonly known as...<b>\"Soft technology\"</b>The ChiNext board, on the other hand, focuses on the physical manufacturing sector, commonly known as...<b>\"Hard technology\".</b></p><p>The main reason for the sharp drop in the Hang Seng Tech Index is that the internet industry has encountered anti-monopoly measures this year, especially fines and termination of mergers and acquisitions for several leading companies, including Tencent, Alibaba, and Meituan.<a href=\"https://laohu8.com/S/JD\">JD.com</a>The stock prices have all fallen by nearly 30% from their highs, becoming the \"culprit\" dragging down the index.</p><p>In contrast, these manufacturing companies shone brightly on the ChiNext board. The popularity of new energy vehicles saw the stock price of leading company CATL rise by nearly 30% from its February high, becoming a contributor to the index's continuous rise.</p><p><b>In the past, manufacturing was often favored by capital, requiring large investments, heavy assets, high costs, an excessively long industrial chain, and difficult security control. In contrast, the lightweight internet economy was the favorite of capital.</b></p><p><b>Now, the situation has reversed. On the surface, it appears to be an anti-monopoly campaign in the internet industry, with funds flocking to the lithium battery sector. However, looking deeper, this also indicates that the engine of economic growth is undergoing a dramatic change.</b></p><p><h3>2</h3><h3><b>This time, is it really about moving from the virtual to the real?</b></h3>\"Moving from the virtual to the real\" is a national propaganda slogan that we have often heard in the past few years, but what we actually see is often all talk and no action.</p><p>Over the past decade, the engines of China's economic growth have been real estate and the mobile internet. Although real estate has the characteristics of a real industry, housing prices have continued to skyrocket.<a href=\"https://laohu8.com/S/603883\">ordinary people</a>With a greater emphasis on its financial attributes, the virtual aspect of the mobile internet becomes even stronger.</p><p>Of course, it must also be acknowledged that it is normal to rely on real estate at a certain stage of economic development, and everyone can feel the economic growth driven by the information technology revolution. In addition, these two industries are large enough to have enough momentum to last for 10-20 years. Therefore, rashly turning off the engine while it still has power is not only inconsistent with economic laws, but also because there are no industries that can take over after the engine is turned off, it might lead the entire country into a trap.</p><p>It's not just China. If you look at the global macroeconomy over a longer period of time, you'll find that over the past 30-40 years, most developed countries around the world have developed the bad habit of playing with the virtual economy, with the United States going the extreme.</p><p>The reason is that after President Reagan took office in 1981, he promoted financial liberalization. He first abolished the financial restrictions imposed during the Great Depression, and then, through a series of measures such as deregulation, tax cuts, and supply-side reforms, he successfully brought the US economy out of stagflation, restored its vitality, and indirectly buried the Soviet Union, ended the Cold War, defeated Japan economically, and ushered humanity into the great era of computers and the Internet.</p><p><b>However, finance has always been half angel and half devil.</b>In the first half, the United States played very well; that was the age of angels, but it also developed path dependence. In the latter half, financial liberalization turned into a runaway horse, constantly squeezing the space for real industry. In the end, it stumbled in the real estate market and brought down the whole world. It was a truly devilish era.</p><p>Therefore, after 2008, Obama proposed the return of manufacturing, Trump used both soft and hard methods to move the overseas bases of American companies back to the United States, and Biden planned to build chip factories, new energy plants, and massive infrastructure projects. These are all 100% of the real economy.</p><p>You could say that Americans have conducted a profound review and reflection, but the fact is that at this historical stage, the economic cycle is also entering a phase of transition from virtual to real.</p><p>Looking back at the American economy over the past century, in the late 19th and early 20th centuries, the industrial boom, electrification, and industrialization propelled the United States to become the world's largest economy. Then, the economy began to move away from the real economy and towards the virtual economy, and they got really into finance. At the end of 1920, the stock market crashed. In the decades that followed, the United States began to do infrastructure, manufacturing, and research and development, moving away from the virtual economy and towards the real economy. However, by the late 1970s, they began to move away from the real economy and towards the speculative sector again, until the 2008 financial crisis.</p><p>In the end, time perfectly proves the old Chinese saying: 30 years east of the river, 30 years west of the river. The cycle of reincarnation is a cycle of cycles, and the trigger for this change today is...<b>A new energy revolution.</b>And information technology in the virtual world of strings of \"0101010\" codes<a href=\"https://laohu8.com/S/CYOU\">Swim freely</a>In contrast, the energy industry can be considered a real economy, and this is happening not only in the United States but also in China.</p><p>The era of the economy shifting from the virtual to the real is undoubtedly approaching step by step.</p><p><h3>3</h3><h3><b>Investment: Virtual industry downward, real industry upward</b></h3>Speaking of investing, what are some good strategies to adapt to this great era?</p><p>In fact, the capital market has already provided the answer.</p><p>The hottest sector right now is undoubtedly new energy, including lithium batteries, photovoltaics, and CATL.<a href=\"https://laohu8.com/S/002460\">Ganfeng Lithium</a>Weather Lithium<a href=\"https://laohu8.com/S/601012\">LONGi Green Energy</a>The fact that the stock price has no highest point, only higher, has left many bears dumbfounded and baffled for a long time. Why would anyone jump in at such a high price?</p><p>On the other hand, once-star internet stocks are gradually declining. Looking at the increases and decreases in holdings by large institutions, they are very honest.</p><p><img src=\"https://static.tigerbbs.com/5ed0cbdaa2d1ccee11525ed7491a7e0f\" tg-width=\"993\" tg-height=\"663\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Therefore, against the backdrop of shifting from speculative to real economy, the investment value of the real economy will become increasingly prominent in the future.</b></p><p>Of course, not all of the real economy has benefited from the rain and dew. In fact, most of the various \"Maotai\" that have been touted in the past few years have fallen. Food and beverage and core assets have not been spared. Capital has fled faster than stock prices have fallen.</p><p><img src=\"https://static.tigerbbs.com/e1939dca71ffedd1ebb2395eba46e501\" tg-width=\"750\" tg-height=\"1785\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Why?</p><p><b>The industries that are most likely to attract capital are those with huge future growth potential and high certainty.</b>There is no doubt about the role of new energy in this regard. It represents the self-rescue of all mankind, the support of global policies, and broad growth potential. In contrast, various traditional \"Mao\" industries represent either the old economy or saturated and sluggish industries. These industries obviously cannot compare with new energy, so it is only natural that they are crushed.</p><p>In fact, the brilliance of various \"Maotai\" companies over the past four years has its objective existence. However, on the other hand, it also shows that no industries that can truly represent future trends have emerged, or rather, these industries have not yet truly taken off. Therefore, when the hype surrounding small and medium-sized stocks is ineffective, funds can only seek certainty in traditional industries. The result of the concentration of funds is that the valuation of traditional \"Moutai\" is easily inflated. A 10% earnings growth expectation can be given a valuation of 30 times, 40 times or even higher.</p><p>Currently, funds are gradually moving away from traditional \"Maotai\" stocks. Besides the fact that these \"Maotai\" stocks themselves are not matching their valuations in terms of earnings growth, more importantly, funds have found \"...\"<a href=\"https://laohu8.com/S/000997\">New World</a>\"--New energy.\" The more popular new energy sources are, the more traditional \"Maotai\" will decline.</p><p>Although new energy vehicles have been hyped up to a high level, the momentum is still far from exhausted in terms of capital flows and stock price performance. Another reason is that the domestic short-selling mechanism is not yet perfect, which has led to a strong one-sided market trend. Whether it can reach new heights in the future is anyone's guess, because bears are constantly being proven wrong. So instead of predicting the future trend, it's better to look at your own position costs. If they are very low, you can continue to enjoy a period of bubble.</p><p><h3>4</h3><h3><b>epilogue</b></h3>There used to be a popular joke in the capital market:<b>America's strength relies on high technology, while our strength relies on drinking baijiu (Chinese liquor) and selling soy sauce.</b></p><p>Although this is a joke, it also reflects the awkward situation of domestic technology stocks. The top technology companies are all concentrated in the virtual economy such as the Internet. These companies often took money from foreigners when they were established. Various VIE structures, British Virgin Islands, and Bermuda are dazzling. Due to the restrictions of the domestic listing system, they can only seek overseas listings. Domestic investors have to go through many twists and turns to share in the company's operating results.</p><p>However, the manufacturing industry, which is favored by domestic listings, cannot match the profit-making effect of the Internet. The ChiNext board, which is known as the Chinese version of Nasdaq, can only talk about it most of the time.</p><p>However, in the era of shifting from virtual to real, the ChiNext board is also ushering in its own era. Although there are still gaps between the Growth Enterprise Market (GEM) and Hong Kong stocks in terms of systems and capital controls, the GEM's industrial advantages are gradually being released.</p><p>On the contrary, Hong Kong-listed technology companies, especially internet companies, are under pressure from peak traffic and policy pressure from anti-monopoly measures, making it difficult to see any hope of a rebound in the short term. In particular, the first-half earnings forecasts released so far are generally not ideal. Therefore, when the Hang Seng Tech Index delivers its results in August, it may experience another round of decline.</p><p>The decline in the Hang Seng Tech Index and the surge in the ChiNext Index will remain the norm in the second half of the year and even longer.</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>Hang Seng Technology VS. ChiNext: Who would you bet on?</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\">\nHang Seng Technology VS. ChiNext: Who would you bet on?\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\">2021-07-23 23:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p>When it comes to the direction of China's economic development, even older women could probably recite two sentences: \"Take the path of technological innovation and the path of high-quality development.\"</p><p>Indeed, with the real estate engine stalling today, there is basically nowhere to grow without technological innovation. This has been proven countless times in the past century of world economic development.</p><p><b>Investing emphasizes going with the flow of the tide, and technology stocks are exactly that direction. Currently, wave after wave of technology stocks are booming.</b>However, the performance of the ChiNext and Hong Kong stocks, which are widely recognized as potentially becoming China's version of Nasdaq, has diverged.</p><p>Which one is the real battleground for Chinese tech stocks? Which one should we focus on in the future?</p><p><h3>1</h3><h3><b>differentiation</b></h3>Both the ChiNext and Hong Kong stocks<a href=\"https://laohu8.com/S/YJ\">gather</a>It has become one of the top high-tech companies in China.<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/300750\">CATL</a>、<a href=\"https://laohu8.com/S/300760\">Mindray Medical</a>......</p><p>In the past, Hong Kong stocks, where the internet was concentrated, would have been clearly superior and the focus of the spotlight, while the ChiNext market would have been relatively lackluster. However, the situation has reversed dramatically in the past six months, as can be seen from the trends of the two most representative indices.</p><p><img src=\"https://static.tigerbbs.com/e9a943eef0ce5cc99ab970f8ad332faa\" tg-width=\"1001\" tg-height=\"583\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The Hang Seng Tech Index recently closed at 7268 points, only about 7% below the level when it was first launched in July last year. After more than a year of dramatic ups and downs, it reached 11,000 points at its peak. Looking at it now, it always feels like it has returned to dust.</p><p>In contrast, the ChiNext index, despite also experiencing a surge in the second half of last year and a major correction in February, has now embarked on a remarkable rally, constantly breaking through levels and reaching new highs.</p><p><img src=\"https://static.tigerbbs.com/b2b9eda64cf7fc8e2eb004f2b0ca7d0a\" tg-width=\"1000\" tg-height=\"586\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Behind this lies the market's fickle interest in the technology sector, which is evident in the constituent stocks.</p><p>Of the 30 constituent stocks of the Hang Seng Tech Index, internet companies account for 60% in number and 68% in weighting. Internet companies occupy 8 of the top ten weightings. It can be said that the Hang Seng Tech Index is equivalent to China's index of listed internet companies.</p><p><img src=\"https://static.tigerbbs.com/0df5bda2d6ae98f25103bd7f5647c1b8\" tg-width=\"848\" tg-height=\"683\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Of the 100 constituent stocks of the ChiNext index, only 4 belong to internet media companies, while a total of 72 belong to the manufacturing industry. Among the top 10 weighted stocks, 7 belong to the high-tech manufacturing industry.</p><p><img src=\"https://static.tigerbbs.com/9055b3f76f262dc257754ec9c2cd494d\" tg-width=\"851\" tg-height=\"577\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The constituent stocks of the two major indices basically represent the focus of the two markets. Hong Kong-listed technology stocks are mainly focused on the internet and virtual economy, commonly known as...<b>\"Soft technology\"</b>The ChiNext board, on the other hand, focuses on the physical manufacturing sector, commonly known as...<b>\"Hard technology\".</b></p><p>The main reason for the sharp drop in the Hang Seng Tech Index is that the internet industry has encountered anti-monopoly measures this year, especially fines and termination of mergers and acquisitions for several leading companies, including Tencent, Alibaba, and Meituan.<a href=\"https://laohu8.com/S/JD\">JD.com</a>The stock prices have all fallen by nearly 30% from their highs, becoming the \"culprit\" dragging down the index.</p><p>In contrast, these manufacturing companies shone brightly on the ChiNext board. The popularity of new energy vehicles saw the stock price of leading company CATL rise by nearly 30% from its February high, becoming a contributor to the index's continuous rise.</p><p><b>In the past, manufacturing was often favored by capital, requiring large investments, heavy assets, high costs, an excessively long industrial chain, and difficult security control. In contrast, the lightweight internet economy was the favorite of capital.</b></p><p><b>Now, the situation has reversed. On the surface, it appears to be an anti-monopoly campaign in the internet industry, with funds flocking to the lithium battery sector. However, looking deeper, this also indicates that the engine of economic growth is undergoing a dramatic change.</b></p><p><h3>2</h3><h3><b>This time, is it really about moving from the virtual to the real?</b></h3>\"Moving from the virtual to the real\" is a national propaganda slogan that we have often heard in the past few years, but what we actually see is often all talk and no action.</p><p>Over the past decade, the engines of China's economic growth have been real estate and the mobile internet. Although real estate has the characteristics of a real industry, housing prices have continued to skyrocket.<a href=\"https://laohu8.com/S/603883\">ordinary people</a>With a greater emphasis on its financial attributes, the virtual aspect of the mobile internet becomes even stronger.</p><p>Of course, it must also be acknowledged that it is normal to rely on real estate at a certain stage of economic development, and everyone can feel the economic growth driven by the information technology revolution. In addition, these two industries are large enough to have enough momentum to last for 10-20 years. Therefore, rashly turning off the engine while it still has power is not only inconsistent with economic laws, but also because there are no industries that can take over after the engine is turned off, it might lead the entire country into a trap.</p><p>It's not just China. If you look at the global macroeconomy over a longer period of time, you'll find that over the past 30-40 years, most developed countries around the world have developed the bad habit of playing with the virtual economy, with the United States going the extreme.</p><p>The reason is that after President Reagan took office in 1981, he promoted financial liberalization. He first abolished the financial restrictions imposed during the Great Depression, and then, through a series of measures such as deregulation, tax cuts, and supply-side reforms, he successfully brought the US economy out of stagflation, restored its vitality, and indirectly buried the Soviet Union, ended the Cold War, defeated Japan economically, and ushered humanity into the great era of computers and the Internet.</p><p><b>However, finance has always been half angel and half devil.</b>In the first half, the United States played very well; that was the age of angels, but it also developed path dependence. In the latter half, financial liberalization turned into a runaway horse, constantly squeezing the space for real industry. In the end, it stumbled in the real estate market and brought down the whole world. It was a truly devilish era.</p><p>Therefore, after 2008, Obama proposed the return of manufacturing, Trump used both soft and hard methods to move the overseas bases of American companies back to the United States, and Biden planned to build chip factories, new energy plants, and massive infrastructure projects. These are all 100% of the real economy.</p><p>You could say that Americans have conducted a profound review and reflection, but the fact is that at this historical stage, the economic cycle is also entering a phase of transition from virtual to real.</p><p>Looking back at the American economy over the past century, in the late 19th and early 20th centuries, the industrial boom, electrification, and industrialization propelled the United States to become the world's largest economy. Then, the economy began to move away from the real economy and towards the virtual economy, and they got really into finance. At the end of 1920, the stock market crashed. In the decades that followed, the United States began to do infrastructure, manufacturing, and research and development, moving away from the virtual economy and towards the real economy. However, by the late 1970s, they began to move away from the real economy and towards the speculative sector again, until the 2008 financial crisis.</p><p>In the end, time perfectly proves the old Chinese saying: 30 years east of the river, 30 years west of the river. The cycle of reincarnation is a cycle of cycles, and the trigger for this change today is...<b>A new energy revolution.</b>And information technology in the virtual world of strings of \"0101010\" codes<a href=\"https://laohu8.com/S/CYOU\">Swim freely</a>In contrast, the energy industry can be considered a real economy, and this is happening not only in the United States but also in China.</p><p>The era of the economy shifting from the virtual to the real is undoubtedly approaching step by step.</p><p><h3>3</h3><h3><b>Investment: Virtual industry downward, real industry upward</b></h3>Speaking of investing, what are some good strategies to adapt to this great era?</p><p>In fact, the capital market has already provided the answer.</p><p>The hottest sector right now is undoubtedly new energy, including lithium batteries, photovoltaics, and CATL.<a href=\"https://laohu8.com/S/002460\">Ganfeng Lithium</a>Weather Lithium<a href=\"https://laohu8.com/S/601012\">LONGi Green Energy</a>The fact that the stock price has no highest point, only higher, has left many bears dumbfounded and baffled for a long time. Why would anyone jump in at such a high price?</p><p>On the other hand, once-star internet stocks are gradually declining. Looking at the increases and decreases in holdings by large institutions, they are very honest.</p><p><img src=\"https://static.tigerbbs.com/5ed0cbdaa2d1ccee11525ed7491a7e0f\" tg-width=\"993\" tg-height=\"663\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Therefore, against the backdrop of shifting from speculative to real economy, the investment value of the real economy will become increasingly prominent in the future.</b></p><p>Of course, not all of the real economy has benefited from the rain and dew. In fact, most of the various \"Maotai\" that have been touted in the past few years have fallen. Food and beverage and core assets have not been spared. Capital has fled faster than stock prices have fallen.</p><p><img src=\"https://static.tigerbbs.com/e1939dca71ffedd1ebb2395eba46e501\" tg-width=\"750\" tg-height=\"1785\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Why?</p><p><b>The industries that are most likely to attract capital are those with huge future growth potential and high certainty.</b>There is no doubt about the role of new energy in this regard. It represents the self-rescue of all mankind, the support of global policies, and broad growth potential. In contrast, various traditional \"Mao\" industries represent either the old economy or saturated and sluggish industries. These industries obviously cannot compare with new energy, so it is only natural that they are crushed.</p><p>In fact, the brilliance of various \"Maotai\" companies over the past four years has its objective existence. However, on the other hand, it also shows that no industries that can truly represent future trends have emerged, or rather, these industries have not yet truly taken off. Therefore, when the hype surrounding small and medium-sized stocks is ineffective, funds can only seek certainty in traditional industries. The result of the concentration of funds is that the valuation of traditional \"Moutai\" is easily inflated. A 10% earnings growth expectation can be given a valuation of 30 times, 40 times or even higher.</p><p>Currently, funds are gradually moving away from traditional \"Maotai\" stocks. Besides the fact that these \"Maotai\" stocks themselves are not matching their valuations in terms of earnings growth, more importantly, funds have found \"...\"<a href=\"https://laohu8.com/S/000997\">New World</a>\"--New energy.\" The more popular new energy sources are, the more traditional \"Maotai\" will decline.</p><p>Although new energy vehicles have been hyped up to a high level, the momentum is still far from exhausted in terms of capital flows and stock price performance. Another reason is that the domestic short-selling mechanism is not yet perfect, which has led to a strong one-sided market trend. Whether it can reach new heights in the future is anyone's guess, because bears are constantly being proven wrong. So instead of predicting the future trend, it's better to look at your own position costs. If they are very low, you can continue to enjoy a period of bubble.</p><p><h3>4</h3><h3><b>epilogue</b></h3>There used to be a popular joke in the capital market:<b>America's strength relies on high technology, while our strength relies on drinking baijiu (Chinese liquor) and selling soy sauce.</b></p><p>Although this is a joke, it also reflects the awkward situation of domestic technology stocks. The top technology companies are all concentrated in the virtual economy such as the Internet. These companies often took money from foreigners when they were established. Various VIE structures, British Virgin Islands, and Bermuda are dazzling. Due to the restrictions of the domestic listing system, they can only seek overseas listings. Domestic investors have to go through many twists and turns to share in the company's operating results.</p><p>However, the manufacturing industry, which is favored by domestic listings, cannot match the profit-making effect of the Internet. The ChiNext board, which is known as the Chinese version of Nasdaq, can only talk about it most of the time.</p><p>However, in the era of shifting from virtual to real, the ChiNext board is also ushering in its own era. Although there are still gaps between the Growth Enterprise Market (GEM) and Hong Kong stocks in terms of systems and capital controls, the GEM's industrial advantages are gradually being released.</p><p>On the contrary, Hong Kong-listed technology companies, especially internet companies, are under pressure from peak traffic and policy pressure from anti-monopoly measures, making it difficult to see any hope of a rebound in the short term. In particular, the first-half earnings forecasts released so far are generally not ideal. Therefore, when the Hang Seng Tech Index delivers its results in August, it may experience another round of decline.</p><p>The decline in the Hang Seng Tech Index and the surge in the ChiNext Index will remain the norm in the second half of the year and even longer.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.gelonghui.com/p/477262\">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/de0bbe341ac5d74e1a8d74c9ca5de715","relate_stocks":{"159740":"恒生科技","159915":"创业板","399006":"创业板指","000001.SH":"上证指数"},"source_url":"http://www.gelonghui.com/p/477262","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2153981305","content_text":"要说中国经济的发展方向，估计连大妈都能念上两句：走科技创新之路，走高质量发展之路。\n的确，在房地产引擎熄火的今天，不往科技创新要增长，基本也就没有地方要了，这在过去百年世界经济发展史上已经被验证过无数次。\n投资讲求的是顺着潮水涌动的方向，科技股正是这个方向，眼下一波又一波的科技股浪潮，热的发烫。但是，公认的有望成为中国版纳斯达克的创业板和港股，行情却出现分化。\n到底哪一个才是真正的中国科技股主战场？未来又应该着重布局哪一个？\n1\n分化\n创业板和港股，都云集了国内最顶尖的高科技公司，腾讯、阿里巴巴、百度、宁德时代、迈瑞医疗......\n如果放在以前，互联网扎堆的港股明显更胜一筹，是聚光灯的焦点，创业板则相对暗淡。但最近这半年，情况发生大逆转，从两个最具代表性的指数的走势便可见一斑。\n\n恒生科技指数最新收报7268点，距离去年7月份刚推出时的水位，只有7%左右，一年多的大起大落，高光时刻去到11000点，现在再看，总有点尘归尘土归土的感觉。\n反观创业板指数，尽管同样经历去年下半年的疯涨和2月份的大回调，但现在已经走出了相当牛逼的行情，不断破位，创出新高。\n\n这背后，是市场对科技板块的喜新厌旧，从成分股中便一览无遗。\n恒生科技指数的30个成分股中，数量上互联网公司占到60%，权重占到68%，前十大权重中，互联网公司占了8席，可以说，恒生科技指数等同于中国的互联网上市公司指数。\n\n而创业板指数的100家成分股，归属互联网传媒的公司只有4家，属于制造业的一共72家，前10大权重中，有7家属于高科技术制造业。\n\n两大指数的成分股基本代表了两个市场的重点所在，港股的科技股是互联网虚拟经济为主，俗称“软科技”，而创业板则是实体制造业为主，俗称“硬科技”。\n而恒生科技指数之所以暴跌，主要原因就是互联网今年遭遇反垄断，尤其是几大龙头，罚款、终止并购项目，腾讯、阿里、美团、京东等，股价都高位回调近3成，成为拖累指数的“元凶”。\n反观创业板，这些制造业公司则大放异彩，新能源汽车的火热，龙头宁德时代的股价比2月的高位还涨了近30%，成为推动指数不断上涨的功臣。\n过去，制造业往往不受资本待见，投入大、重资产、成本高、产业链过长且安全性不好控制，而轻盈的互联网经济才是资本的最爱。\n现在，形势正好反转过来，表面看，是互联网反垄断，是资金抱团锂电板块，但往深的看，这也预示着经济增长引擎正在发生剧变。\n2\n这回，是真的脱虚向实？\n脱虚向实，是过去几年经常听到的国家宣传标语，但实际看到的，往往雷声大雨点小。\n事关过去10年，中国的经济增长引擎，是房地产和移动互联网，房地产虽然有实业的属性，但房价不断创出天际，老百姓更愿意强调它的金融属性，移动互联网的虚拟性就更强了。\n当然，也必须承认，在经济发展到某个阶段，依赖地产很正常，而信息技术革命引领下的经济增长，大家也都能感受得到。加上这两个产业足够庞大，动力足以维持10-20年，所以，在引擎还有动力的时候，贸贸然掐熄火，不仅不符合经济规律，而且熄火后没有能接过棒的产业，搞不好会把整个国家带坑里头。\n不单单是中国，如果拉长时间看全球宏观，你会发现，过去30-40年时间里，全世界大多数的发达国家，都染上了玩虚拟经济的恶习，玩得最过火的莫过于美国。\n原因在于，1981年里根总统上台后，推行金融自由化，先是废除了“大萧条”时期定下的金融限制法案，然后通过放松管制、减税、供给侧改革等一系列手段，让美国经济成功走出滞胀，恢复活力，并间接埋葬苏联、结束冷战，在经济上战胜日本，并把人类带入了伟大的计算机和互联网时代。\n但是金融这个东西，从来都是一半天使，一半魔鬼。前半段，美国玩得非常溜，那是天使时代，但是也形成了路径依赖。以至后半段，金融自由化变成了脱缰的野马，不断地挤压实业的空间，最后在房地产上栽了跟头，并带崩了全世界，是妥妥的魔鬼时代。\n所以08年后，奥巴马提出制造业回归，特朗普软硬兼施要把美国企业的海外基地搬回美国，到拜登，芯片厂要建、新能源厂要建，还有庞大的基建计划，这些都是百分百的实体经济。\n你可以说美国人进行了深刻的检讨和反思，但事实是，到这个历史阶段，经济周期也正进入虚实转换区间。\n回看百年的美国经济，19世纪末20世纪初，实业大爆发，电气化、工业化，把美国推到世界经济第一。然后，经济开始脱实向虚，玩金融玩得high，1920年末股市崩盘，之后的几十年，美国开始做基建，做制造业，做研发，脱虚向实；但到1970年代末，又开始脱实向虚，直到08年金融危机。\n算下来，时间也正好应了中国那句老话：30年河东，30年河西。天道轮回，周期更替，而今天引发这个更替的契机，是新的能源革命。和信息技术在一串串“0101010”代码的虚拟世界畅游相比，能源产业可以说是实打实的实体经济，这不仅发生在美国，也发生在中国。\n经济再一次脱虚向实的大时代，毫无疑问正一步步走来。\n3\n投资：虚拟向下，实业向上\n说回投资，到底有什么好的策略去适应这个大时代？\n其实，资本市场已经给出了答案。\n现在最火的板块，非新能源莫属，锂电池、光伏，宁德时代、赣锋锂业、天气锂业、隆基股份，股价没有最高，只有更高，这也令很多看空者傻了眼，半天摸不着头脑，这么高为何还有人往里面跳？\n可另一面，昔日的互联网明星股，陆陆续续陷落。再看看大机构的增减持动作，实诚得很。\n\n所以，在脱虚向实的大背景下，未来实体经济的投资价值，会越来越凸显。\n当然，并非所有的实体经济都雨露均沾，事实上，过去几年被吹上天的各种“茅”，基本都陷落了，食品饮料、核心资产，没有几个能幸免，资本的跑路速度，比股价的下跌还要快。\n\n为何？\n最容易吸引资本的产业，是未来增长空间巨大且确定性高的产业。新能源在这块毋庸置疑，全人类的自救、全球政策的助推、广阔的增长空间，反观各种传统“茅”，所代表的，不是旧经济，就是已经饱和，增长乏力的产业，这些产业显然无法和新能源相比，被吊打更是情理之中。\n其实，过去4年各种“茅”的辉煌，有其客观存在性，但另一面，也表明尚未出现非常能够代表未来趋势的产业，或者说这些产业还没真正爆发，所以资金在中小票忽悠不奏效的情况下，只能在传统产业中寻求确定性。资金扎堆的结果，就是传统“茅”估值很容易被抬升，10%的业绩增速预期，也可以给到30倍、40倍甚至更高的估值。\n现在，资金正在一步步离传统“茅”而去，除了这些“茅”本身在业绩增长匹配不上估值，更重要的，是资金们找到了“新大陆”--新能源。新能源有多火热，传统“茅”就会多落寞。\n新能源虽然已经被炒到很高，但从资金和流向和股价表现，动力仍难说枯竭，还有一个原因，就是国内的做空机制还不是很完善，导致了单边行情仍然强势。未来还能不能再创出天际，没人知道，因为唱空者不断被打脸，所以与其预测后续走势，不如看看自己的仓位成本，如果很低，大可以继续享受一段泡沫时光。\n4\n结语\n过去资本市场流行一个段子：美国的强大靠高科技，我们的强大靠喝白酒，卖酱油。\n这虽然是一句玩笑话，但也折射出国内科技股的尴尬，牛的科技企业都扎堆在互联网等虚拟经济，这些公司建立时常常拿了老外的钱，各种VIE结构、英属维尔京、百慕大，眼花缭乱，由于国内上市制度的限制，决定它们只能谋求海外上市，国内投资者要想分享公司经营成果，得绕上个“九曲十八弯”。\n而国内上市所青睐的制造业，在赚钱效应上又难以匹敌互联网，号称中国版纳斯达克的创业板，大部分时间都只得一个“说”字。\n不过，在脱虚向实的大时代，创业板也正迎来属于自己的时代。虽然制度上、资本管制上，创业板和港股仍然有差距，但创业板在产业上的优势也正一步步释放。\n反而是港股科技公司，尤其是互联网公司，业务上受压于流量见顶，政策上受压于反垄断，短期内还很难看得到反弹希望，尤其是目前释出的上半年业绩预测，普遍都不甚理想，所以，等到8月份集中交答卷的时候，恒生科技指数还有可能再来一轮下跌。\n恒生科技指数的落寞，和创业板的高亢，仍然是下半年甚至更长时间的常态。","news_type":1,"symbols_score_info":{"159740":0.9,"159915":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":5088,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177049949,"gmtCreate":1627171915281,"gmtModify":1703484927364,"author":{"id":"3582447232774198","authorId":"3582447232774198","name":"OngSeahKuang","avatar":"https://static.tigerbbs.com/e816551cae0cc36e250c08c2029dd38c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582447232774198","authorIdStr":"3582447232774198"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177049949","repostId":"1169383564","repostType":4,"repost":{"id":"1169383564","kind":"news","pubTimestamp":1627045308,"share":"https://ttm.financial/m/news/1169383564?lang=en_US&edition=fundamental","pubTime":"2021-07-23 21:01","market":"hk","language":"zh","title":"Watching the Olympics on your mobile phone, except for CCTV, Tencent, Kuaishou, and Migu, is all pirated.","url":"https://stock-news.laohu8.com/highlight/detail?id=1169383564","media":" IT时报","summary":"30秒快读\n1.今天，东京奥运正式开幕，奥运大戏到底去哪儿看？\n2.央视、中国移动咪咕、快手、腾讯是仅有的四个“正版奥运”视频平台。\n3.全民看奥运之际，一场奥运赛事版权保卫战正在打响。\n央视无疑仍是","content":"<p><b>30-second speed reading</b></p><p><b>1. Today, the Tokyo Olympics officially open. Where can we go to watch the Olympic spectacle?</b></p><p><b>2. CCTV, China Mobile Migu, Kuaishou, and Tencent are the only four \"genuine Olympic\" video platforms.</b></p><p><b>3. As the whole nation watches the Olympics, a battle to protect the copyright of the Olympic events is underway.</b></p><p>CCTV undoubtedly remains the top live streaming and broadcasting platform. According to a reporter from IT Times, China Mobile's Migu, Kuaishou, and Tencent have obtained authorization from CCTV. These three internet platforms will mainly obtain rights such as on-demand and short videos of Olympic events, while there will be corresponding delays in the broadcasts of different Olympic events and sports.</p><p>On July 20, China Media Group issued a statement regarding the copyright protection of the 32nd Summer Olympic Games. The statement said that apart from China Mobile's Migu, Kuaishou, and Tencent, which were authorized by China Media Group, no other organization was authorized to broadcast the 2020 Tokyo Olympic Games. According to a Tencent representative, during the Tokyo Olympics, Tencent will broadcast all events, including 33 major events and 339 minor events. Tencent's front-line team will have more than 200 people, bringing Chinese netizens first-hand Olympic information throughout the event.</p><p><img src=\"https://static.tigerbbs.com/13297568c9841060f241a6ab136ec091\" tg-width=\"528\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>Image source: Penguin Intelligence</p><p>With the Olympics approaching, Olympic copyright protection has become an issue that authorized broadcasters must pay attention to. The potential threats posed by illegal sports live streaming platforms and content creators on short video platforms to the Olympics' highly sought-after viewership have come to light.</p><p>01 Mobile phones are the primary means of watching the Olympics</p><p>From the participation of major portal websites in Olympic consultation and reporting on the 2008 Beijing Olympics to the live broadcast of the events on video websites for the 2016 Rio Olympics, the connection between the Olympic Games and the Internet has become increasingly close with the development of the times.</p><p>According to data from the report \"Where is Chinese Sports Headed After Rio?\", the proportion of audiences' information attention channels for the Olympics has shifted from television as the absolute channel to a collection of various information dissemination methods such as television, the internet, social media, We Media, and forums. In terms of viewing devices, mobile phones account for 78.8%, exceeding television's 59.1%, making them the center of national viewing.</p><p><img src=\"https://static.tigerbbs.com/dcb15d8e7be771e3ba3e59febb453fe7\" tg-width=\"528\" tg-height=\"380\" referrerpolicy=\"no-referrer\"></p><p>Image source: Penguin Cool</p><p>With online viewing of the Olympics becoming a necessity, the ownership of copyrights related to video platforms directly determines the \"status\" of each platform during the Olympics. On July 6, Tencent announced its entry into the Olympic new media copyright landscape, essentially establishing a structure consisting of Kuaishou, Tencent, and China Mobile's Migu. These three platforms will jointly bring Olympic-related content to netizens.</p><p>As one of the official broadcasters, Tencent also emphasized copyright in its promotional efforts for the Olympic Games, promising to provide ample on-demand, short video, and interactive content during the Tokyo Olympics, and to produce rich content both inside and outside the venue around copyright. Meanwhile, according to a reporter from IT Times, Tencent's relevant legal offices will also strengthen the protection of Olympic copyright content during the Olympics.</p><p>Previously, Tencent was embroiled in a copyright dispute between long-form video and short-form video platforms. On June 3, at the 9th China Internet Audiovisual Conference, a Tencent executive delivered a fierce speech, bluntly stating that \"some low-intelligence and vulgar short video content has long influenced users' minds.\" These short videos are like pig food: \"If you like pig food, all you see is pig food.\" This \"pig feed theory\" has gone viral online, demonstrating the fierce competition in the video industry, where copyright is the core of the industry.</p><p>02 Is the competition the same as the movie?</p><p>If internet platforms are flooded with a large number of Olympic edited videos such as Olympic highlights and championship highlights, does this constitute copyright infringement?</p><p>Li Dengchuan, a lawyer at Shanghai United Law Firm, told reporters that such edited videos infringe on the copyright of rights holders. Sports event videos fall under the category of \"audiovisual works\" stipulated in Article 3 of the newly revised Copyright Law and are protected by the Copyright Law.</p><p>With the rapid development of online live streaming, the proportion of copyright infringement in online sports event live streaming is showing an upward trend. Due to the previous issue of determining the legal nature of sports event programs in the Copyright Law, there were often cases of \"different judgments in the same case,\" and many live sports event programs encountered difficulties in protecting their rights after infringement and piracy.</p><p>The revised Copyright Law, which came into effect on June 1 this year, has effectively alleviated the above problems. Article 3 of the revised Copyright Law changes \"film works and works created by methods similar to film production\" to \"audiovisual works\". Article 45 expands the right of radio and television stations to prohibit unauthorized activities to include \"broadcasting by wire or wireless means\" and \"disseminating their radio and television broadcasts to the public through information networks.\"</p><p><img src=\"https://static.tigerbbs.com/2e40ba6c393a2fec41ba3f5faa37b573\" tg-width=\"898\" tg-height=\"1196\" referrerpolicy=\"no-referrer\"></p><p>Image source: China Media Group</p><p>Lee Teng-chuan stated that works protected by copyright law need to be original, while the Copyright Law before the revision only stipulated film works and film-like works. Whether sports event videos are original has become a focus of ongoing debate in academia and the judiciary. After the revision, radio and television stations have a stronger legal weapon against infringement in live broadcasts of online sports events.</p><p>Compared to similar statements issued by CCTV at previous Olympic Games, this statement clarifies various types of infringement, and the definition of infringement is much stricter. It includes all uses of audio and video program content, radio and television signals, or any related materials of the 2020 Tokyo Olympics through television, radio, the Internet, mobile communication networks, IPTV, Internet TV, mobile media TV, various application software, and any other audio relay technology or platform, such as live broadcast, delayed broadcast, on-demand broadcast, carousel broadcast, replay, download, or theatrical broadcast, public place broadcast, or any other means, or engaging in other uses or borrowing of the 2020 Tokyo Olympics.</p><p>Lee Teng-chuan stated that the current trend of increased copyright protection is quite obvious, and the amount of punitive damages will also increase accordingly.</p><p>03 Technology strengthens copyright protection</p><p>Faced with a massive amount of infringing videos, especially Olympic video edits released by individuals on short video platforms, how will copyright holders respond? According to observations by a reporter from IT Times, searching for \"Olympics\" on unauthorized video platforms can still reveal many videos related to previous Olympic Games. As for whether the publisher has obtained authorization, no response has been received from the platform or the publisher as of press time.</p><p>Yan Bo, deputy director of the Copyright Operation Center of the General Manager's Office of China Media Group, previously stated that CCTV will use more advanced technologies, such as blockchain, big data, and cloud computing, to conduct accurate analysis, more precisely crack down on infringers, and take stronger legal action.</p><p>Technology-enhanced copyright protection is a characteristic and highlight of current video rights protection. According to the \"2020 China Online Copyright Industry Development Report\" released by the National Copyright Administration, the application of new technologies such as blockchain, DRM, artificial intelligence, and digital watermarking in digital copyright management and protection will further contribute to copyright protection in the Internet field, such as copyright confirmation, infringement monitoring, and judicial rights protection.</p><p><img src=\"https://static.tigerbbs.com/756f6e69252992e567c0150f151f508a\" tg-width=\"1080\" tg-height=\"256\" referrerpolicy=\"no-referrer\"></p><p>Image source: Guanyong Technology official website</p><p>Taking Guanyong Technology, which cooperates with China Network Television, as an example, data shows that Guanyong Technology provides copyright monitoring services and rights protection offline services to its partners. Relying on its independently developed technologies such as massive audio-visual text search, copyright big data mining, and cloud computing, it has created a \"7×24\" hour full-platform, full-time, and full-network copyright monitoring system, which effectively combats online infringement and protects the online dissemination rights of sports events such as the Olympic Games and the NBA. The offline rate of infringing links has reached more than 95%.</p>","source":"lsy1568283298901","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>Watching the Olympics on your mobile phone, except for CCTV, Tencent, Kuaishou, and Migu, is all pirated.</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\">\nWatching the Olympics on your mobile phone, except for CCTV, Tencent, Kuaishou, and Migu, is all pirated.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> IT时报</strong><span class=\"h-time small\">2021-07-23 21:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>30-second speed reading</b></p><p><b>1. Today, the Tokyo Olympics officially open. Where can we go to watch the Olympic spectacle?</b></p><p><b>2. CCTV, China Mobile Migu, Kuaishou, and Tencent are the only four \"genuine Olympic\" video platforms.</b></p><p><b>3. As the whole nation watches the Olympics, a battle to protect the copyright of the Olympic events is underway.</b></p><p>CCTV undoubtedly remains the top live streaming and broadcasting platform. According to a reporter from IT Times, China Mobile's Migu, Kuaishou, and Tencent have obtained authorization from CCTV. These three internet platforms will mainly obtain rights such as on-demand and short videos of Olympic events, while there will be corresponding delays in the broadcasts of different Olympic events and sports.</p><p>On July 20, China Media Group issued a statement regarding the copyright protection of the 32nd Summer Olympic Games. The statement said that apart from China Mobile's Migu, Kuaishou, and Tencent, which were authorized by China Media Group, no other organization was authorized to broadcast the 2020 Tokyo Olympic Games. According to a Tencent representative, during the Tokyo Olympics, Tencent will broadcast all events, including 33 major events and 339 minor events. Tencent's front-line team will have more than 200 people, bringing Chinese netizens first-hand Olympic information throughout the event.</p><p><img src=\"https://static.tigerbbs.com/13297568c9841060f241a6ab136ec091\" tg-width=\"528\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>Image source: Penguin Intelligence</p><p>With the Olympics approaching, Olympic copyright protection has become an issue that authorized broadcasters must pay attention to. The potential threats posed by illegal sports live streaming platforms and content creators on short video platforms to the Olympics' highly sought-after viewership have come to light.</p><p>01 Mobile phones are the primary means of watching the Olympics</p><p>From the participation of major portal websites in Olympic consultation and reporting on the 2008 Beijing Olympics to the live broadcast of the events on video websites for the 2016 Rio Olympics, the connection between the Olympic Games and the Internet has become increasingly close with the development of the times.</p><p>According to data from the report \"Where is Chinese Sports Headed After Rio?\", the proportion of audiences' information attention channels for the Olympics has shifted from television as the absolute channel to a collection of various information dissemination methods such as television, the internet, social media, We Media, and forums. In terms of viewing devices, mobile phones account for 78.8%, exceeding television's 59.1%, making them the center of national viewing.</p><p><img src=\"https://static.tigerbbs.com/dcb15d8e7be771e3ba3e59febb453fe7\" tg-width=\"528\" tg-height=\"380\" referrerpolicy=\"no-referrer\"></p><p>Image source: Penguin Cool</p><p>With online viewing of the Olympics becoming a necessity, the ownership of copyrights related to video platforms directly determines the \"status\" of each platform during the Olympics. On July 6, Tencent announced its entry into the Olympic new media copyright landscape, essentially establishing a structure consisting of Kuaishou, Tencent, and China Mobile's Migu. These three platforms will jointly bring Olympic-related content to netizens.</p><p>As one of the official broadcasters, Tencent also emphasized copyright in its promotional efforts for the Olympic Games, promising to provide ample on-demand, short video, and interactive content during the Tokyo Olympics, and to produce rich content both inside and outside the venue around copyright. Meanwhile, according to a reporter from IT Times, Tencent's relevant legal offices will also strengthen the protection of Olympic copyright content during the Olympics.</p><p>Previously, Tencent was embroiled in a copyright dispute between long-form video and short-form video platforms. On June 3, at the 9th China Internet Audiovisual Conference, a Tencent executive delivered a fierce speech, bluntly stating that \"some low-intelligence and vulgar short video content has long influenced users' minds.\" These short videos are like pig food: \"If you like pig food, all you see is pig food.\" This \"pig feed theory\" has gone viral online, demonstrating the fierce competition in the video industry, where copyright is the core of the industry.</p><p>02 Is the competition the same as the movie?</p><p>If internet platforms are flooded with a large number of Olympic edited videos such as Olympic highlights and championship highlights, does this constitute copyright infringement?</p><p>Li Dengchuan, a lawyer at Shanghai United Law Firm, told reporters that such edited videos infringe on the copyright of rights holders. Sports event videos fall under the category of \"audiovisual works\" stipulated in Article 3 of the newly revised Copyright Law and are protected by the Copyright Law.</p><p>With the rapid development of online live streaming, the proportion of copyright infringement in online sports event live streaming is showing an upward trend. Due to the previous issue of determining the legal nature of sports event programs in the Copyright Law, there were often cases of \"different judgments in the same case,\" and many live sports event programs encountered difficulties in protecting their rights after infringement and piracy.</p><p>The revised Copyright Law, which came into effect on June 1 this year, has effectively alleviated the above problems. Article 3 of the revised Copyright Law changes \"film works and works created by methods similar to film production\" to \"audiovisual works\". Article 45 expands the right of radio and television stations to prohibit unauthorized activities to include \"broadcasting by wire or wireless means\" and \"disseminating their radio and television broadcasts to the public through information networks.\"</p><p><img src=\"https://static.tigerbbs.com/2e40ba6c393a2fec41ba3f5faa37b573\" tg-width=\"898\" tg-height=\"1196\" referrerpolicy=\"no-referrer\"></p><p>Image source: China Media Group</p><p>Lee Teng-chuan stated that works protected by copyright law need to be original, while the Copyright Law before the revision only stipulated film works and film-like works. Whether sports event videos are original has become a focus of ongoing debate in academia and the judiciary. After the revision, radio and television stations have a stronger legal weapon against infringement in live broadcasts of online sports events.</p><p>Compared to similar statements issued by CCTV at previous Olympic Games, this statement clarifies various types of infringement, and the definition of infringement is much stricter. It includes all uses of audio and video program content, radio and television signals, or any related materials of the 2020 Tokyo Olympics through television, radio, the Internet, mobile communication networks, IPTV, Internet TV, mobile media TV, various application software, and any other audio relay technology or platform, such as live broadcast, delayed broadcast, on-demand broadcast, carousel broadcast, replay, download, or theatrical broadcast, public place broadcast, or any other means, or engaging in other uses or borrowing of the 2020 Tokyo Olympics.</p><p>Lee Teng-chuan stated that the current trend of increased copyright protection is quite obvious, and the amount of punitive damages will also increase accordingly.</p><p>03 Technology strengthens copyright protection</p><p>Faced with a massive amount of infringing videos, especially Olympic video edits released by individuals on short video platforms, how will copyright holders respond? According to observations by a reporter from IT Times, searching for \"Olympics\" on unauthorized video platforms can still reveal many videos related to previous Olympic Games. As for whether the publisher has obtained authorization, no response has been received from the platform or the publisher as of press time.</p><p>Yan Bo, deputy director of the Copyright Operation Center of the General Manager's Office of China Media Group, previously stated that CCTV will use more advanced technologies, such as blockchain, big data, and cloud computing, to conduct accurate analysis, more precisely crack down on infringers, and take stronger legal action.</p><p>Technology-enhanced copyright protection is a characteristic and highlight of current video rights protection. According to the \"2020 China Online Copyright Industry Development Report\" released by the National Copyright Administration, the application of new technologies such as blockchain, DRM, artificial intelligence, and digital watermarking in digital copyright management and protection will further contribute to copyright protection in the Internet field, such as copyright confirmation, infringement monitoring, and judicial rights protection.</p><p><img src=\"https://static.tigerbbs.com/756f6e69252992e567c0150f151f508a\" tg-width=\"1080\" tg-height=\"256\" referrerpolicy=\"no-referrer\"></p><p>Image source: Guanyong Technology official website</p><p>Taking Guanyong Technology, which cooperates with China Network Television, as an example, data shows that Guanyong Technology provides copyright monitoring services and rights protection offline services to its partners. Relying on its independently developed technologies such as massive audio-visual text search, copyright big data mining, and cloud computing, it has created a \"7×24\" hour full-platform, full-time, and full-network copyright monitoring system, which effectively combats online infringement and protects the online dissemination rights of sports events such as the Olympic Games and the NBA. The offline rate of infringing links has reached more than 95%.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/7kbR8RCJgRPXgrytDUXjYQ\"> IT时报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/62b72db02b524e63a385a202807fd518","relate_stocks":{"01024":"快手-W","00700":"腾讯控股"},"source_url":"https://mp.weixin.qq.com/s/7kbR8RCJgRPXgrytDUXjYQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169383564","content_text":"30秒快读\n1.今天，东京奥运正式开幕，奥运大戏到底去哪儿看？\n2.央视、中国移动咪咕、快手、腾讯是仅有的四个“正版奥运”视频平台。\n3.全民看奥运之际，一场奥运赛事版权保卫战正在打响。\n央视无疑仍是顶级直播、转播平台，据《IT时报》记者了解，中国移动咪咕、快手、腾讯已获得央视授权，上述三家互联网平台将主要获得奥运赛事的点播、短视频等权益，而针对不同奥运项目和赛事的转播会存在相应的延时。\n7月20日，中央广播电视总台发布关于第32届夏季奥林匹克运动会版权保护的声明，声明中表示，除中国移动咪咕、快手、腾讯获得总台授权外，其他机构均未获授权转播2020东京奥运会赛事节目。腾讯相关负责人介绍，在本次东京奥运会期间，腾讯将进行全项目全场次的转播，共包含33个大项和339个小项，腾讯前方团队人员多达200多人，全程为中国网友带来奥运一手资讯。\n\n图源：企鹅智酷\n随着奥运的临近，奥运版权保护成为授权转播商们必须重视的问题，非法体育直播平台、短视频平台上的内容制作者等对奥运收视香饽饽的潜在威胁已经浮出水面。\n01 手机是第一奥运观赛手段\n从2008年北京奥运会各大门户网站参与奥运咨询报道开始，直到2016年里约奥运会视频网站的赛事直播，奥运赛事与互联网的连接随着时代发展越来越紧密。\n根据《里约之后，中国体育走向何方》报告数据显示，受众对于奥运的信息关注渠道比例已经从电视为绝对渠道到电视、网络、社媒、自媒体、论坛等多种信息传播方式的集合，在观看设备上，手机占比达78.8%，超过电视的59.1%，成为全民观赛中心。\n\n图源：企鹅制酷\n随着线上观看奥运成为刚需，视频平台相关版权归属直接决定奥运期间各平台的“江湖地位”。7月6日腾讯宣布入局，基本确立了由快手、腾讯和中国移动咪咕组成的奥运新媒体版权格局，这三家平台将联合为网民带来奥运相关内容。\n作为官方转播商之一的腾讯在奥运赛事的宣传中也强调了版权，承诺在东京奥运会期间提供充足的赛事点播、短视频和互动内容，围绕版权生产赛场内外丰富内容。同时，据《IT时报》记者了解，腾讯的相关法务办公室也将在奥运期间对奥运版权内容加强保护。\n此前，腾讯曾陷入长视频与短视频平台的版权之争中。6月3日，第九届中国网络视听大会上，腾讯高管发言猛烈，他直言“部分低智低俗短视频内容长期影响用户心智”，这些短视频就像猪食，“你喜欢猪食，看到的就全是猪食”。这番“猪食论”刷爆全网的同时，足见视频领域争夺之激烈，而版权则是视频赛道的核心。\n02 比赛和电影一样吗？\n如果互联网平台上充斥着大量如奥运精彩瞬间、夺冠集锦等奥运剪辑视频，是否属于侵权？\n上海联合律师事务所李登川律师向记者介绍，此类剪辑视频侵犯了权利人的著作权，体育赛事视频属于新修订的《著作权法》第三条中规定的“视听作品”，受著作权法的保护。\n随着网络直播的快速发展，网络体育赛事直播侵权的比重呈现上升趋势。由于此前《著作权法》对体育赛事节目法律性质的认定问题，常常出现“同案不同判”的现象，不少体育赛事直播节目遭遇侵权盗播后的维权困难。\n今年6月1日开始施行的新修《著作权法》有效缓解了上述问题，新修《著作权法》第三条将“电影作品和以类似摄制电影的方法创作的作品”改为“视听作品”。第四十五条将广播台、电视台有权禁止未经许可的行为扩大到“以有线或者无线方式转播”“将其播放的广播、电视通过信息网络向公众传播”。\n\n图源：中央广播电视总台\n李登川表示，获得著作权法保护的作品需要具有独创性，而修订前的《著作权法》只规定了电影作品和类电作品，体育赛事视频是否具有独创性就成了学界和司法界持续争论的焦点。修订后，广播电视台对于互联网体育赛事直播侵权拥有了更强力的法律武器。\n比起央视总台在往届奥运会发布的类似声明，此次声明明确了各类侵权行为，对于侵权的界定要严格许多，包括了所有通过电视、广播、互联网、移动通信网、IPTV、互联网电视、移动媒体电视、各类应用软件及其他任何音频转播技术或平台以直播、延迟播出、点播、轮播、回看、下载或剧场院线播放、公共场所播放及其他任何方式使用2020年东京奥运会的音视频节目内容、广播电视信号或任何相关素材，或从事其他利用、搭借2020年东京奥运会的行为。\n李登川表示，当下版权保护力度加大的态势很明显，惩罚性赔偿金额也会相应提高。\n03 技术加码版权维护\n面对海量的侵权视频，尤其是短视频平台由个人发布的奥运视频剪辑内容，版权拥有方将如何应对？据《IT时报》记者观察，在未得到官方授权的视频平台中输入“奥运”进行搜索，依然能发现许多往届奥运会的相关视频，至于发布者有没有获得授权，截至记者发稿并未获得平台方和发布者的回复。\n中央广播电视总台总经理室版权运营中心副主任严波此前曾表示，央视将使用更先进的技术，如区块链、大数据、云计算等进行准确分析，更精确地打击侵权者，并采取更有力的法律行动。\n技术加码版权维护是当下视频维权的特点与亮点，根据国家版权局发布《2020年中国网络版权产业发展报告》，区块链、DRM、人工智能、数字水印等数字版权管理与保护等新技术的应用，在版权确权、侵权监测、司法维权等互联网领域版权保护上进一步助力我国网络版权保护。\n\n图源：冠勇科技官网\n以与中国网络电视台合作的冠勇科技为例，资料显示，冠勇科技为合作方提供版权监测服务及维权下线服务，依托自主研发的海量音视图文搜索、版权大数据挖掘、云计算等技术，打造了“7×24”小时全平台、全时段、全网络版权监测体系，有效打击网络侵权，保护了多届奥运会、NBA等体育赛事的网络传播权，侵权链接下线率达95%以上。","news_type":1,"symbols_score_info":{"01024":0.9,"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":5495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":177043262,"gmtCreate":1627172004956,"gmtModify":1703484929966,"author":{"id":"3582447232774198","authorId":"3582447232774198","name":"OngSeahKuang","avatar":"https://static.tigerbbs.com/e816551cae0cc36e250c08c2029dd38c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582447232774198","idStr":"3582447232774198"},"themes":[],"title":"","htmlText":"Good ","listText":"Good ","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177043262","repostId":"2153981305","repostType":4,"repost":{"id":"2153981305","kind":"highlight","pubTimestamp":1627053242,"share":"https://ttm.financial/m/news/2153981305?lang=en_US&edition=fundamental","pubTime":"2021-07-23 23:14","market":"sh","language":"zh","title":"Hang Seng Technology VS. ChiNext: Who would you bet on?","url":"https://stock-news.laohu8.com/highlight/detail?id=2153981305","media":"格隆汇","summary":"脱虚向实","content":"<p>When it comes to the direction of China's economic development, even older women could probably recite two sentences: \"Take the path of technological innovation and the path of high-quality development.\"</p><p>Indeed, with the real estate engine stalling today, there is basically nowhere to grow without technological innovation. This has been proven countless times in the past century of world economic development.</p><p><b>Investing emphasizes going with the flow of the tide, and technology stocks are exactly that direction. Currently, wave after wave of technology stocks are booming.</b>However, the performance of the ChiNext and Hong Kong stocks, which are widely recognized as potentially becoming China's version of Nasdaq, has diverged.</p><p>Which one is the real battleground for Chinese tech stocks? Which one should we focus on in the future?</p><p><h3>1</h3><h3><b>differentiation</b></h3>Both the ChiNext and Hong Kong stocks<a href=\"https://laohu8.com/S/YJ\">gather</a>It has become one of the top high-tech companies in China.<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/300750\">CATL</a>、<a href=\"https://laohu8.com/S/300760\">Mindray Medical</a>......</p><p>In the past, Hong Kong stocks, where the internet was concentrated, would have been clearly superior and the focus of the spotlight, while the ChiNext market would have been relatively lackluster. However, the situation has reversed dramatically in the past six months, as can be seen from the trends of the two most representative indices.</p><p><img src=\"https://static.tigerbbs.com/e9a943eef0ce5cc99ab970f8ad332faa\" tg-width=\"1001\" tg-height=\"583\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The Hang Seng Tech Index recently closed at 7268 points, only about 7% below the level when it was first launched in July last year. After more than a year of dramatic ups and downs, it reached 11,000 points at its peak. Looking at it now, it always feels like it has returned to dust.</p><p>In contrast, the ChiNext index, despite also experiencing a surge in the second half of last year and a major correction in February, has now embarked on a remarkable rally, constantly breaking through levels and reaching new highs.</p><p><img src=\"https://static.tigerbbs.com/b2b9eda64cf7fc8e2eb004f2b0ca7d0a\" tg-width=\"1000\" tg-height=\"586\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Behind this lies the market's fickle interest in the technology sector, which is evident in the constituent stocks.</p><p>Of the 30 constituent stocks of the Hang Seng Tech Index, internet companies account for 60% in number and 68% in weighting. Internet companies occupy 8 of the top ten weightings. It can be said that the Hang Seng Tech Index is equivalent to China's index of listed internet companies.</p><p><img src=\"https://static.tigerbbs.com/0df5bda2d6ae98f25103bd7f5647c1b8\" tg-width=\"848\" tg-height=\"683\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Of the 100 constituent stocks of the ChiNext index, only 4 belong to internet media companies, while a total of 72 belong to the manufacturing industry. Among the top 10 weighted stocks, 7 belong to the high-tech manufacturing industry.</p><p><img src=\"https://static.tigerbbs.com/9055b3f76f262dc257754ec9c2cd494d\" tg-width=\"851\" tg-height=\"577\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The constituent stocks of the two major indices basically represent the focus of the two markets. Hong Kong-listed technology stocks are mainly focused on the internet and virtual economy, commonly known as...<b>\"Soft technology\"</b>The ChiNext board, on the other hand, focuses on the physical manufacturing sector, commonly known as...<b>\"Hard technology\".</b></p><p>The main reason for the sharp drop in the Hang Seng Tech Index is that the internet industry has encountered anti-monopoly measures this year, especially fines and termination of mergers and acquisitions for several leading companies, including Tencent, Alibaba, and Meituan.<a href=\"https://laohu8.com/S/JD\">JD.com</a>The stock prices have all fallen by nearly 30% from their highs, becoming the \"culprit\" dragging down the index.</p><p>In contrast, these manufacturing companies shone brightly on the ChiNext board. The popularity of new energy vehicles saw the stock price of leading company CATL rise by nearly 30% from its February high, becoming a contributor to the index's continuous rise.</p><p><b>In the past, manufacturing was often favored by capital, requiring large investments, heavy assets, high costs, an excessively long industrial chain, and difficult security control. In contrast, the lightweight internet economy was the favorite of capital.</b></p><p><b>Now, the situation has reversed. On the surface, it appears to be an anti-monopoly campaign in the internet industry, with funds flocking to the lithium battery sector. However, looking deeper, this also indicates that the engine of economic growth is undergoing a dramatic change.</b></p><p><h3>2</h3><h3><b>This time, is it really about moving from the virtual to the real?</b></h3>\"Moving from the virtual to the real\" is a national propaganda slogan that we have often heard in the past few years, but what we actually see is often all talk and no action.</p><p>Over the past decade, the engines of China's economic growth have been real estate and the mobile internet. Although real estate has the characteristics of a real industry, housing prices have continued to skyrocket.<a href=\"https://laohu8.com/S/603883\">ordinary people</a>With a greater emphasis on its financial attributes, the virtual aspect of the mobile internet becomes even stronger.</p><p>Of course, it must also be acknowledged that it is normal to rely on real estate at a certain stage of economic development, and everyone can feel the economic growth driven by the information technology revolution. In addition, these two industries are large enough to have enough momentum to last for 10-20 years. Therefore, rashly turning off the engine while it still has power is not only inconsistent with economic laws, but also because there are no industries that can take over after the engine is turned off, it might lead the entire country into a trap.</p><p>It's not just China. If you look at the global macroeconomy over a longer period of time, you'll find that over the past 30-40 years, most developed countries around the world have developed the bad habit of playing with the virtual economy, with the United States going the extreme.</p><p>The reason is that after President Reagan took office in 1981, he promoted financial liberalization. He first abolished the financial restrictions imposed during the Great Depression, and then, through a series of measures such as deregulation, tax cuts, and supply-side reforms, he successfully brought the US economy out of stagflation, restored its vitality, and indirectly buried the Soviet Union, ended the Cold War, defeated Japan economically, and ushered humanity into the great era of computers and the Internet.</p><p><b>However, finance has always been half angel and half devil.</b>In the first half, the United States played very well; that was the age of angels, but it also developed path dependence. In the latter half, financial liberalization turned into a runaway horse, constantly squeezing the space for real industry. In the end, it stumbled in the real estate market and brought down the whole world. It was a truly devilish era.</p><p>Therefore, after 2008, Obama proposed the return of manufacturing, Trump used both soft and hard methods to move the overseas bases of American companies back to the United States, and Biden planned to build chip factories, new energy plants, and massive infrastructure projects. These are all 100% of the real economy.</p><p>You could say that Americans have conducted a profound review and reflection, but the fact is that at this historical stage, the economic cycle is also entering a phase of transition from virtual to real.</p><p>Looking back at the American economy over the past century, in the late 19th and early 20th centuries, the industrial boom, electrification, and industrialization propelled the United States to become the world's largest economy. Then, the economy began to move away from the real economy and towards the virtual economy, and they got really into finance. At the end of 1920, the stock market crashed. In the decades that followed, the United States began to do infrastructure, manufacturing, and research and development, moving away from the virtual economy and towards the real economy. However, by the late 1970s, they began to move away from the real economy and towards the speculative sector again, until the 2008 financial crisis.</p><p>In the end, time perfectly proves the old Chinese saying: 30 years east of the river, 30 years west of the river. The cycle of reincarnation is a cycle of cycles, and the trigger for this change today is...<b>A new energy revolution.</b>And information technology in the virtual world of strings of \"0101010\" codes<a href=\"https://laohu8.com/S/CYOU\">Swim freely</a>In contrast, the energy industry can be considered a real economy, and this is happening not only in the United States but also in China.</p><p>The era of the economy shifting from the virtual to the real is undoubtedly approaching step by step.</p><p><h3>3</h3><h3><b>Investment: Virtual industry downward, real industry upward</b></h3>Speaking of investing, what are some good strategies to adapt to this great era?</p><p>In fact, the capital market has already provided the answer.</p><p>The hottest sector right now is undoubtedly new energy, including lithium batteries, photovoltaics, and CATL.<a href=\"https://laohu8.com/S/002460\">Ganfeng Lithium</a>Weather Lithium<a href=\"https://laohu8.com/S/601012\">LONGi Green Energy</a>The fact that the stock price has no highest point, only higher, has left many bears dumbfounded and baffled for a long time. Why would anyone jump in at such a high price?</p><p>On the other hand, once-star internet stocks are gradually declining. Looking at the increases and decreases in holdings by large institutions, they are very honest.</p><p><img src=\"https://static.tigerbbs.com/5ed0cbdaa2d1ccee11525ed7491a7e0f\" tg-width=\"993\" tg-height=\"663\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Therefore, against the backdrop of shifting from speculative to real economy, the investment value of the real economy will become increasingly prominent in the future.</b></p><p>Of course, not all of the real economy has benefited from the rain and dew. In fact, most of the various \"Maotai\" that have been touted in the past few years have fallen. Food and beverage and core assets have not been spared. Capital has fled faster than stock prices have fallen.</p><p><img src=\"https://static.tigerbbs.com/e1939dca71ffedd1ebb2395eba46e501\" tg-width=\"750\" tg-height=\"1785\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Why?</p><p><b>The industries that are most likely to attract capital are those with huge future growth potential and high certainty.</b>There is no doubt about the role of new energy in this regard. It represents the self-rescue of all mankind, the support of global policies, and broad growth potential. In contrast, various traditional \"Mao\" industries represent either the old economy or saturated and sluggish industries. These industries obviously cannot compare with new energy, so it is only natural that they are crushed.</p><p>In fact, the brilliance of various \"Maotai\" companies over the past four years has its objective existence. However, on the other hand, it also shows that no industries that can truly represent future trends have emerged, or rather, these industries have not yet truly taken off. Therefore, when the hype surrounding small and medium-sized stocks is ineffective, funds can only seek certainty in traditional industries. The result of the concentration of funds is that the valuation of traditional \"Moutai\" is easily inflated. A 10% earnings growth expectation can be given a valuation of 30 times, 40 times or even higher.</p><p>Currently, funds are gradually moving away from traditional \"Maotai\" stocks. Besides the fact that these \"Maotai\" stocks themselves are not matching their valuations in terms of earnings growth, more importantly, funds have found \"...\"<a href=\"https://laohu8.com/S/000997\">New World</a>\"--New energy.\" The more popular new energy sources are, the more traditional \"Maotai\" will decline.</p><p>Although new energy vehicles have been hyped up to a high level, the momentum is still far from exhausted in terms of capital flows and stock price performance. Another reason is that the domestic short-selling mechanism is not yet perfect, which has led to a strong one-sided market trend. Whether it can reach new heights in the future is anyone's guess, because bears are constantly being proven wrong. So instead of predicting the future trend, it's better to look at your own position costs. If they are very low, you can continue to enjoy a period of bubble.</p><p><h3>4</h3><h3><b>epilogue</b></h3>There used to be a popular joke in the capital market:<b>America's strength relies on high technology, while our strength relies on drinking baijiu (Chinese liquor) and selling soy sauce.</b></p><p>Although this is a joke, it also reflects the awkward situation of domestic technology stocks. The top technology companies are all concentrated in the virtual economy such as the Internet. These companies often took money from foreigners when they were established. Various VIE structures, British Virgin Islands, and Bermuda are dazzling. Due to the restrictions of the domestic listing system, they can only seek overseas listings. Domestic investors have to go through many twists and turns to share in the company's operating results.</p><p>However, the manufacturing industry, which is favored by domestic listings, cannot match the profit-making effect of the Internet. The ChiNext board, which is known as the Chinese version of Nasdaq, can only talk about it most of the time.</p><p>However, in the era of shifting from virtual to real, the ChiNext board is also ushering in its own era. Although there are still gaps between the Growth Enterprise Market (GEM) and Hong Kong stocks in terms of systems and capital controls, the GEM's industrial advantages are gradually being released.</p><p>On the contrary, Hong Kong-listed technology companies, especially internet companies, are under pressure from peak traffic and policy pressure from anti-monopoly measures, making it difficult to see any hope of a rebound in the short term. In particular, the first-half earnings forecasts released so far are generally not ideal. Therefore, when the Hang Seng Tech Index delivers its results in August, it may experience another round of decline.</p><p>The decline in the Hang Seng Tech Index and the surge in the ChiNext Index will remain the norm in the second half of the year and even longer.</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>Hang Seng Technology VS. ChiNext: Who would you bet on?</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\">\nHang Seng Technology VS. ChiNext: Who would you bet on?\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\">2021-07-23 23:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p>When it comes to the direction of China's economic development, even older women could probably recite two sentences: \"Take the path of technological innovation and the path of high-quality development.\"</p><p>Indeed, with the real estate engine stalling today, there is basically nowhere to grow without technological innovation. This has been proven countless times in the past century of world economic development.</p><p><b>Investing emphasizes going with the flow of the tide, and technology stocks are exactly that direction. Currently, wave after wave of technology stocks are booming.</b>However, the performance of the ChiNext and Hong Kong stocks, which are widely recognized as potentially becoming China's version of Nasdaq, has diverged.</p><p>Which one is the real battleground for Chinese tech stocks? Which one should we focus on in the future?</p><p><h3>1</h3><h3><b>differentiation</b></h3>Both the ChiNext and Hong Kong stocks<a href=\"https://laohu8.com/S/YJ\">gather</a>It has become one of the top high-tech companies in China.<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/300750\">CATL</a>、<a href=\"https://laohu8.com/S/300760\">Mindray Medical</a>......</p><p>In the past, Hong Kong stocks, where the internet was concentrated, would have been clearly superior and the focus of the spotlight, while the ChiNext market would have been relatively lackluster. However, the situation has reversed dramatically in the past six months, as can be seen from the trends of the two most representative indices.</p><p><img src=\"https://static.tigerbbs.com/e9a943eef0ce5cc99ab970f8ad332faa\" tg-width=\"1001\" tg-height=\"583\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The Hang Seng Tech Index recently closed at 7268 points, only about 7% below the level when it was first launched in July last year. After more than a year of dramatic ups and downs, it reached 11,000 points at its peak. Looking at it now, it always feels like it has returned to dust.</p><p>In contrast, the ChiNext index, despite also experiencing a surge in the second half of last year and a major correction in February, has now embarked on a remarkable rally, constantly breaking through levels and reaching new highs.</p><p><img src=\"https://static.tigerbbs.com/b2b9eda64cf7fc8e2eb004f2b0ca7d0a\" tg-width=\"1000\" tg-height=\"586\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Behind this lies the market's fickle interest in the technology sector, which is evident in the constituent stocks.</p><p>Of the 30 constituent stocks of the Hang Seng Tech Index, internet companies account for 60% in number and 68% in weighting. Internet companies occupy 8 of the top ten weightings. It can be said that the Hang Seng Tech Index is equivalent to China's index of listed internet companies.</p><p><img src=\"https://static.tigerbbs.com/0df5bda2d6ae98f25103bd7f5647c1b8\" tg-width=\"848\" tg-height=\"683\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Of the 100 constituent stocks of the ChiNext index, only 4 belong to internet media companies, while a total of 72 belong to the manufacturing industry. Among the top 10 weighted stocks, 7 belong to the high-tech manufacturing industry.</p><p><img src=\"https://static.tigerbbs.com/9055b3f76f262dc257754ec9c2cd494d\" tg-width=\"851\" tg-height=\"577\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The constituent stocks of the two major indices basically represent the focus of the two markets. Hong Kong-listed technology stocks are mainly focused on the internet and virtual economy, commonly known as...<b>\"Soft technology\"</b>The ChiNext board, on the other hand, focuses on the physical manufacturing sector, commonly known as...<b>\"Hard technology\".</b></p><p>The main reason for the sharp drop in the Hang Seng Tech Index is that the internet industry has encountered anti-monopoly measures this year, especially fines and termination of mergers and acquisitions for several leading companies, including Tencent, Alibaba, and Meituan.<a href=\"https://laohu8.com/S/JD\">JD.com</a>The stock prices have all fallen by nearly 30% from their highs, becoming the \"culprit\" dragging down the index.</p><p>In contrast, these manufacturing companies shone brightly on the ChiNext board. The popularity of new energy vehicles saw the stock price of leading company CATL rise by nearly 30% from its February high, becoming a contributor to the index's continuous rise.</p><p><b>In the past, manufacturing was often favored by capital, requiring large investments, heavy assets, high costs, an excessively long industrial chain, and difficult security control. In contrast, the lightweight internet economy was the favorite of capital.</b></p><p><b>Now, the situation has reversed. On the surface, it appears to be an anti-monopoly campaign in the internet industry, with funds flocking to the lithium battery sector. However, looking deeper, this also indicates that the engine of economic growth is undergoing a dramatic change.</b></p><p><h3>2</h3><h3><b>This time, is it really about moving from the virtual to the real?</b></h3>\"Moving from the virtual to the real\" is a national propaganda slogan that we have often heard in the past few years, but what we actually see is often all talk and no action.</p><p>Over the past decade, the engines of China's economic growth have been real estate and the mobile internet. Although real estate has the characteristics of a real industry, housing prices have continued to skyrocket.<a href=\"https://laohu8.com/S/603883\">ordinary people</a>With a greater emphasis on its financial attributes, the virtual aspect of the mobile internet becomes even stronger.</p><p>Of course, it must also be acknowledged that it is normal to rely on real estate at a certain stage of economic development, and everyone can feel the economic growth driven by the information technology revolution. In addition, these two industries are large enough to have enough momentum to last for 10-20 years. Therefore, rashly turning off the engine while it still has power is not only inconsistent with economic laws, but also because there are no industries that can take over after the engine is turned off, it might lead the entire country into a trap.</p><p>It's not just China. If you look at the global macroeconomy over a longer period of time, you'll find that over the past 30-40 years, most developed countries around the world have developed the bad habit of playing with the virtual economy, with the United States going the extreme.</p><p>The reason is that after President Reagan took office in 1981, he promoted financial liberalization. He first abolished the financial restrictions imposed during the Great Depression, and then, through a series of measures such as deregulation, tax cuts, and supply-side reforms, he successfully brought the US economy out of stagflation, restored its vitality, and indirectly buried the Soviet Union, ended the Cold War, defeated Japan economically, and ushered humanity into the great era of computers and the Internet.</p><p><b>However, finance has always been half angel and half devil.</b>In the first half, the United States played very well; that was the age of angels, but it also developed path dependence. In the latter half, financial liberalization turned into a runaway horse, constantly squeezing the space for real industry. In the end, it stumbled in the real estate market and brought down the whole world. It was a truly devilish era.</p><p>Therefore, after 2008, Obama proposed the return of manufacturing, Trump used both soft and hard methods to move the overseas bases of American companies back to the United States, and Biden planned to build chip factories, new energy plants, and massive infrastructure projects. These are all 100% of the real economy.</p><p>You could say that Americans have conducted a profound review and reflection, but the fact is that at this historical stage, the economic cycle is also entering a phase of transition from virtual to real.</p><p>Looking back at the American economy over the past century, in the late 19th and early 20th centuries, the industrial boom, electrification, and industrialization propelled the United States to become the world's largest economy. Then, the economy began to move away from the real economy and towards the virtual economy, and they got really into finance. At the end of 1920, the stock market crashed. In the decades that followed, the United States began to do infrastructure, manufacturing, and research and development, moving away from the virtual economy and towards the real economy. However, by the late 1970s, they began to move away from the real economy and towards the speculative sector again, until the 2008 financial crisis.</p><p>In the end, time perfectly proves the old Chinese saying: 30 years east of the river, 30 years west of the river. The cycle of reincarnation is a cycle of cycles, and the trigger for this change today is...<b>A new energy revolution.</b>And information technology in the virtual world of strings of \"0101010\" codes<a href=\"https://laohu8.com/S/CYOU\">Swim freely</a>In contrast, the energy industry can be considered a real economy, and this is happening not only in the United States but also in China.</p><p>The era of the economy shifting from the virtual to the real is undoubtedly approaching step by step.</p><p><h3>3</h3><h3><b>Investment: Virtual industry downward, real industry upward</b></h3>Speaking of investing, what are some good strategies to adapt to this great era?</p><p>In fact, the capital market has already provided the answer.</p><p>The hottest sector right now is undoubtedly new energy, including lithium batteries, photovoltaics, and CATL.<a href=\"https://laohu8.com/S/002460\">Ganfeng Lithium</a>Weather Lithium<a href=\"https://laohu8.com/S/601012\">LONGi Green Energy</a>The fact that the stock price has no highest point, only higher, has left many bears dumbfounded and baffled for a long time. Why would anyone jump in at such a high price?</p><p>On the other hand, once-star internet stocks are gradually declining. Looking at the increases and decreases in holdings by large institutions, they are very honest.</p><p><img src=\"https://static.tigerbbs.com/5ed0cbdaa2d1ccee11525ed7491a7e0f\" tg-width=\"993\" tg-height=\"663\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Therefore, against the backdrop of shifting from speculative to real economy, the investment value of the real economy will become increasingly prominent in the future.</b></p><p>Of course, not all of the real economy has benefited from the rain and dew. In fact, most of the various \"Maotai\" that have been touted in the past few years have fallen. Food and beverage and core assets have not been spared. Capital has fled faster than stock prices have fallen.</p><p><img src=\"https://static.tigerbbs.com/e1939dca71ffedd1ebb2395eba46e501\" tg-width=\"750\" tg-height=\"1785\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Why?</p><p><b>The industries that are most likely to attract capital are those with huge future growth potential and high certainty.</b>There is no doubt about the role of new energy in this regard. It represents the self-rescue of all mankind, the support of global policies, and broad growth potential. In contrast, various traditional \"Mao\" industries represent either the old economy or saturated and sluggish industries. These industries obviously cannot compare with new energy, so it is only natural that they are crushed.</p><p>In fact, the brilliance of various \"Maotai\" companies over the past four years has its objective existence. However, on the other hand, it also shows that no industries that can truly represent future trends have emerged, or rather, these industries have not yet truly taken off. Therefore, when the hype surrounding small and medium-sized stocks is ineffective, funds can only seek certainty in traditional industries. The result of the concentration of funds is that the valuation of traditional \"Moutai\" is easily inflated. A 10% earnings growth expectation can be given a valuation of 30 times, 40 times or even higher.</p><p>Currently, funds are gradually moving away from traditional \"Maotai\" stocks. Besides the fact that these \"Maotai\" stocks themselves are not matching their valuations in terms of earnings growth, more importantly, funds have found \"...\"<a href=\"https://laohu8.com/S/000997\">New World</a>\"--New energy.\" The more popular new energy sources are, the more traditional \"Maotai\" will decline.</p><p>Although new energy vehicles have been hyped up to a high level, the momentum is still far from exhausted in terms of capital flows and stock price performance. Another reason is that the domestic short-selling mechanism is not yet perfect, which has led to a strong one-sided market trend. Whether it can reach new heights in the future is anyone's guess, because bears are constantly being proven wrong. So instead of predicting the future trend, it's better to look at your own position costs. If they are very low, you can continue to enjoy a period of bubble.</p><p><h3>4</h3><h3><b>epilogue</b></h3>There used to be a popular joke in the capital market:<b>America's strength relies on high technology, while our strength relies on drinking baijiu (Chinese liquor) and selling soy sauce.</b></p><p>Although this is a joke, it also reflects the awkward situation of domestic technology stocks. The top technology companies are all concentrated in the virtual economy such as the Internet. These companies often took money from foreigners when they were established. Various VIE structures, British Virgin Islands, and Bermuda are dazzling. Due to the restrictions of the domestic listing system, they can only seek overseas listings. Domestic investors have to go through many twists and turns to share in the company's operating results.</p><p>However, the manufacturing industry, which is favored by domestic listings, cannot match the profit-making effect of the Internet. The ChiNext board, which is known as the Chinese version of Nasdaq, can only talk about it most of the time.</p><p>However, in the era of shifting from virtual to real, the ChiNext board is also ushering in its own era. Although there are still gaps between the Growth Enterprise Market (GEM) and Hong Kong stocks in terms of systems and capital controls, the GEM's industrial advantages are gradually being released.</p><p>On the contrary, Hong Kong-listed technology companies, especially internet companies, are under pressure from peak traffic and policy pressure from anti-monopoly measures, making it difficult to see any hope of a rebound in the short term. In particular, the first-half earnings forecasts released so far are generally not ideal. Therefore, when the Hang Seng Tech Index delivers its results in August, it may experience another round of decline.</p><p>The decline in the Hang Seng Tech Index and the surge in the ChiNext Index will remain the norm in the second half of the year and even longer.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.gelonghui.com/p/477262\">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/de0bbe341ac5d74e1a8d74c9ca5de715","relate_stocks":{"159740":"恒生科技","159915":"创业板","399006":"创业板指","000001.SH":"上证指数"},"source_url":"http://www.gelonghui.com/p/477262","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2153981305","content_text":"要说中国经济的发展方向，估计连大妈都能念上两句：走科技创新之路，走高质量发展之路。\n的确，在房地产引擎熄火的今天，不往科技创新要增长，基本也就没有地方要了，这在过去百年世界经济发展史上已经被验证过无数次。\n投资讲求的是顺着潮水涌动的方向，科技股正是这个方向，眼下一波又一波的科技股浪潮，热的发烫。但是，公认的有望成为中国版纳斯达克的创业板和港股，行情却出现分化。\n到底哪一个才是真正的中国科技股主战场？未来又应该着重布局哪一个？\n1\n分化\n创业板和港股，都云集了国内最顶尖的高科技公司，腾讯、阿里巴巴、百度、宁德时代、迈瑞医疗......\n如果放在以前，互联网扎堆的港股明显更胜一筹，是聚光灯的焦点，创业板则相对暗淡。但最近这半年，情况发生大逆转，从两个最具代表性的指数的走势便可见一斑。\n\n恒生科技指数最新收报7268点，距离去年7月份刚推出时的水位，只有7%左右，一年多的大起大落，高光时刻去到11000点，现在再看，总有点尘归尘土归土的感觉。\n反观创业板指数，尽管同样经历去年下半年的疯涨和2月份的大回调，但现在已经走出了相当牛逼的行情，不断破位，创出新高。\n\n这背后，是市场对科技板块的喜新厌旧，从成分股中便一览无遗。\n恒生科技指数的30个成分股中，数量上互联网公司占到60%，权重占到68%，前十大权重中，互联网公司占了8席，可以说，恒生科技指数等同于中国的互联网上市公司指数。\n\n而创业板指数的100家成分股，归属互联网传媒的公司只有4家，属于制造业的一共72家，前10大权重中，有7家属于高科技术制造业。\n\n两大指数的成分股基本代表了两个市场的重点所在，港股的科技股是互联网虚拟经济为主，俗称“软科技”，而创业板则是实体制造业为主，俗称“硬科技”。\n而恒生科技指数之所以暴跌，主要原因就是互联网今年遭遇反垄断，尤其是几大龙头，罚款、终止并购项目，腾讯、阿里、美团、京东等，股价都高位回调近3成，成为拖累指数的“元凶”。\n反观创业板，这些制造业公司则大放异彩，新能源汽车的火热，龙头宁德时代的股价比2月的高位还涨了近30%，成为推动指数不断上涨的功臣。\n过去，制造业往往不受资本待见，投入大、重资产、成本高、产业链过长且安全性不好控制，而轻盈的互联网经济才是资本的最爱。\n现在，形势正好反转过来，表面看，是互联网反垄断，是资金抱团锂电板块，但往深的看，这也预示着经济增长引擎正在发生剧变。\n2\n这回，是真的脱虚向实？\n脱虚向实，是过去几年经常听到的国家宣传标语，但实际看到的，往往雷声大雨点小。\n事关过去10年，中国的经济增长引擎，是房地产和移动互联网，房地产虽然有实业的属性，但房价不断创出天际，老百姓更愿意强调它的金融属性，移动互联网的虚拟性就更强了。\n当然，也必须承认，在经济发展到某个阶段，依赖地产很正常，而信息技术革命引领下的经济增长，大家也都能感受得到。加上这两个产业足够庞大，动力足以维持10-20年，所以，在引擎还有动力的时候，贸贸然掐熄火，不仅不符合经济规律，而且熄火后没有能接过棒的产业，搞不好会把整个国家带坑里头。\n不单单是中国，如果拉长时间看全球宏观，你会发现，过去30-40年时间里，全世界大多数的发达国家，都染上了玩虚拟经济的恶习，玩得最过火的莫过于美国。\n原因在于，1981年里根总统上台后，推行金融自由化，先是废除了“大萧条”时期定下的金融限制法案，然后通过放松管制、减税、供给侧改革等一系列手段，让美国经济成功走出滞胀，恢复活力，并间接埋葬苏联、结束冷战，在经济上战胜日本，并把人类带入了伟大的计算机和互联网时代。\n但是金融这个东西，从来都是一半天使，一半魔鬼。前半段，美国玩得非常溜，那是天使时代，但是也形成了路径依赖。以至后半段，金融自由化变成了脱缰的野马，不断地挤压实业的空间，最后在房地产上栽了跟头，并带崩了全世界，是妥妥的魔鬼时代。\n所以08年后，奥巴马提出制造业回归，特朗普软硬兼施要把美国企业的海外基地搬回美国，到拜登，芯片厂要建、新能源厂要建，还有庞大的基建计划，这些都是百分百的实体经济。\n你可以说美国人进行了深刻的检讨和反思，但事实是，到这个历史阶段，经济周期也正进入虚实转换区间。\n回看百年的美国经济，19世纪末20世纪初，实业大爆发，电气化、工业化，把美国推到世界经济第一。然后，经济开始脱实向虚，玩金融玩得high，1920年末股市崩盘，之后的几十年，美国开始做基建，做制造业，做研发，脱虚向实；但到1970年代末，又开始脱实向虚，直到08年金融危机。\n算下来，时间也正好应了中国那句老话：30年河东，30年河西。天道轮回，周期更替，而今天引发这个更替的契机，是新的能源革命。和信息技术在一串串“0101010”代码的虚拟世界畅游相比，能源产业可以说是实打实的实体经济，这不仅发生在美国，也发生在中国。\n经济再一次脱虚向实的大时代，毫无疑问正一步步走来。\n3\n投资：虚拟向下，实业向上\n说回投资，到底有什么好的策略去适应这个大时代？\n其实，资本市场已经给出了答案。\n现在最火的板块，非新能源莫属，锂电池、光伏，宁德时代、赣锋锂业、天气锂业、隆基股份，股价没有最高，只有更高，这也令很多看空者傻了眼，半天摸不着头脑，这么高为何还有人往里面跳？\n可另一面，昔日的互联网明星股，陆陆续续陷落。再看看大机构的增减持动作，实诚得很。\n\n所以，在脱虚向实的大背景下，未来实体经济的投资价值，会越来越凸显。\n当然，并非所有的实体经济都雨露均沾，事实上，过去几年被吹上天的各种“茅”，基本都陷落了，食品饮料、核心资产，没有几个能幸免，资本的跑路速度，比股价的下跌还要快。\n\n为何？\n最容易吸引资本的产业，是未来增长空间巨大且确定性高的产业。新能源在这块毋庸置疑，全人类的自救、全球政策的助推、广阔的增长空间，反观各种传统“茅”，所代表的，不是旧经济，就是已经饱和，增长乏力的产业，这些产业显然无法和新能源相比，被吊打更是情理之中。\n其实，过去4年各种“茅”的辉煌，有其客观存在性，但另一面，也表明尚未出现非常能够代表未来趋势的产业，或者说这些产业还没真正爆发，所以资金在中小票忽悠不奏效的情况下，只能在传统产业中寻求确定性。资金扎堆的结果，就是传统“茅”估值很容易被抬升，10%的业绩增速预期，也可以给到30倍、40倍甚至更高的估值。\n现在，资金正在一步步离传统“茅”而去，除了这些“茅”本身在业绩增长匹配不上估值，更重要的，是资金们找到了“新大陆”--新能源。新能源有多火热，传统“茅”就会多落寞。\n新能源虽然已经被炒到很高，但从资金和流向和股价表现，动力仍难说枯竭，还有一个原因，就是国内的做空机制还不是很完善，导致了单边行情仍然强势。未来还能不能再创出天际，没人知道，因为唱空者不断被打脸，所以与其预测后续走势，不如看看自己的仓位成本，如果很低，大可以继续享受一段泡沫时光。\n4\n结语\n过去资本市场流行一个段子：美国的强大靠高科技，我们的强大靠喝白酒，卖酱油。\n这虽然是一句玩笑话，但也折射出国内科技股的尴尬，牛的科技企业都扎堆在互联网等虚拟经济，这些公司建立时常常拿了老外的钱，各种VIE结构、英属维尔京、百慕大，眼花缭乱，由于国内上市制度的限制，决定它们只能谋求海外上市，国内投资者要想分享公司经营成果，得绕上个“九曲十八弯”。\n而国内上市所青睐的制造业，在赚钱效应上又难以匹敌互联网，号称中国版纳斯达克的创业板，大部分时间都只得一个“说”字。\n不过，在脱虚向实的大时代，创业板也正迎来属于自己的时代。虽然制度上、资本管制上，创业板和港股仍然有差距，但创业板在产业上的优势也正一步步释放。\n反而是港股科技公司，尤其是互联网公司，业务上受压于流量见顶，政策上受压于反垄断，短期内还很难看得到反弹希望，尤其是目前释出的上半年业绩预测，普遍都不甚理想，所以，等到8月份集中交答卷的时候，恒生科技指数还有可能再来一轮下跌。\n恒生科技指数的落寞，和创业板的高亢，仍然是下半年甚至更长时间的常态。","news_type":1,"symbols_score_info":{"159740":0.9,"159915":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":5088,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177049949,"gmtCreate":1627171915281,"gmtModify":1703484927364,"author":{"id":"3582447232774198","authorId":"3582447232774198","name":"OngSeahKuang","avatar":"https://static.tigerbbs.com/e816551cae0cc36e250c08c2029dd38c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582447232774198","idStr":"3582447232774198"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177049949","repostId":"1169383564","repostType":4,"repost":{"id":"1169383564","kind":"news","pubTimestamp":1627045308,"share":"https://ttm.financial/m/news/1169383564?lang=en_US&edition=fundamental","pubTime":"2021-07-23 21:01","market":"hk","language":"zh","title":"Watching the Olympics on your mobile phone, except for CCTV, Tencent, Kuaishou, and Migu, is all pirated.","url":"https://stock-news.laohu8.com/highlight/detail?id=1169383564","media":" IT时报","summary":"30秒快读\n1.今天，东京奥运正式开幕，奥运大戏到底去哪儿看？\n2.央视、中国移动咪咕、快手、腾讯是仅有的四个“正版奥运”视频平台。\n3.全民看奥运之际，一场奥运赛事版权保卫战正在打响。\n央视无疑仍是","content":"<p><b>30-second speed reading</b></p><p><b>1. Today, the Tokyo Olympics officially open. Where can we go to watch the Olympic spectacle?</b></p><p><b>2. CCTV, China Mobile Migu, Kuaishou, and Tencent are the only four \"genuine Olympic\" video platforms.</b></p><p><b>3. As the whole nation watches the Olympics, a battle to protect the copyright of the Olympic events is underway.</b></p><p>CCTV undoubtedly remains the top live streaming and broadcasting platform. According to a reporter from IT Times, China Mobile's Migu, Kuaishou, and Tencent have obtained authorization from CCTV. These three internet platforms will mainly obtain rights such as on-demand and short videos of Olympic events, while there will be corresponding delays in the broadcasts of different Olympic events and sports.</p><p>On July 20, China Media Group issued a statement regarding the copyright protection of the 32nd Summer Olympic Games. The statement said that apart from China Mobile's Migu, Kuaishou, and Tencent, which were authorized by China Media Group, no other organization was authorized to broadcast the 2020 Tokyo Olympic Games. According to a Tencent representative, during the Tokyo Olympics, Tencent will broadcast all events, including 33 major events and 339 minor events. Tencent's front-line team will have more than 200 people, bringing Chinese netizens first-hand Olympic information throughout the event.</p><p><img src=\"https://static.tigerbbs.com/13297568c9841060f241a6ab136ec091\" tg-width=\"528\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>Image source: Penguin Intelligence</p><p>With the Olympics approaching, Olympic copyright protection has become an issue that authorized broadcasters must pay attention to. The potential threats posed by illegal sports live streaming platforms and content creators on short video platforms to the Olympics' highly sought-after viewership have come to light.</p><p>01 Mobile phones are the primary means of watching the Olympics</p><p>From the participation of major portal websites in Olympic consultation and reporting on the 2008 Beijing Olympics to the live broadcast of the events on video websites for the 2016 Rio Olympics, the connection between the Olympic Games and the Internet has become increasingly close with the development of the times.</p><p>According to data from the report \"Where is Chinese Sports Headed After Rio?\", the proportion of audiences' information attention channels for the Olympics has shifted from television as the absolute channel to a collection of various information dissemination methods such as television, the internet, social media, We Media, and forums. In terms of viewing devices, mobile phones account for 78.8%, exceeding television's 59.1%, making them the center of national viewing.</p><p><img src=\"https://static.tigerbbs.com/dcb15d8e7be771e3ba3e59febb453fe7\" tg-width=\"528\" tg-height=\"380\" referrerpolicy=\"no-referrer\"></p><p>Image source: Penguin Cool</p><p>With online viewing of the Olympics becoming a necessity, the ownership of copyrights related to video platforms directly determines the \"status\" of each platform during the Olympics. On July 6, Tencent announced its entry into the Olympic new media copyright landscape, essentially establishing a structure consisting of Kuaishou, Tencent, and China Mobile's Migu. These three platforms will jointly bring Olympic-related content to netizens.</p><p>As one of the official broadcasters, Tencent also emphasized copyright in its promotional efforts for the Olympic Games, promising to provide ample on-demand, short video, and interactive content during the Tokyo Olympics, and to produce rich content both inside and outside the venue around copyright. Meanwhile, according to a reporter from IT Times, Tencent's relevant legal offices will also strengthen the protection of Olympic copyright content during the Olympics.</p><p>Previously, Tencent was embroiled in a copyright dispute between long-form video and short-form video platforms. On June 3, at the 9th China Internet Audiovisual Conference, a Tencent executive delivered a fierce speech, bluntly stating that \"some low-intelligence and vulgar short video content has long influenced users' minds.\" These short videos are like pig food: \"If you like pig food, all you see is pig food.\" This \"pig feed theory\" has gone viral online, demonstrating the fierce competition in the video industry, where copyright is the core of the industry.</p><p>02 Is the competition the same as the movie?</p><p>If internet platforms are flooded with a large number of Olympic edited videos such as Olympic highlights and championship highlights, does this constitute copyright infringement?</p><p>Li Dengchuan, a lawyer at Shanghai United Law Firm, told reporters that such edited videos infringe on the copyright of rights holders. Sports event videos fall under the category of \"audiovisual works\" stipulated in Article 3 of the newly revised Copyright Law and are protected by the Copyright Law.</p><p>With the rapid development of online live streaming, the proportion of copyright infringement in online sports event live streaming is showing an upward trend. Due to the previous issue of determining the legal nature of sports event programs in the Copyright Law, there were often cases of \"different judgments in the same case,\" and many live sports event programs encountered difficulties in protecting their rights after infringement and piracy.</p><p>The revised Copyright Law, which came into effect on June 1 this year, has effectively alleviated the above problems. Article 3 of the revised Copyright Law changes \"film works and works created by methods similar to film production\" to \"audiovisual works\". Article 45 expands the right of radio and television stations to prohibit unauthorized activities to include \"broadcasting by wire or wireless means\" and \"disseminating their radio and television broadcasts to the public through information networks.\"</p><p><img src=\"https://static.tigerbbs.com/2e40ba6c393a2fec41ba3f5faa37b573\" tg-width=\"898\" tg-height=\"1196\" referrerpolicy=\"no-referrer\"></p><p>Image source: China Media Group</p><p>Lee Teng-chuan stated that works protected by copyright law need to be original, while the Copyright Law before the revision only stipulated film works and film-like works. Whether sports event videos are original has become a focus of ongoing debate in academia and the judiciary. After the revision, radio and television stations have a stronger legal weapon against infringement in live broadcasts of online sports events.</p><p>Compared to similar statements issued by CCTV at previous Olympic Games, this statement clarifies various types of infringement, and the definition of infringement is much stricter. It includes all uses of audio and video program content, radio and television signals, or any related materials of the 2020 Tokyo Olympics through television, radio, the Internet, mobile communication networks, IPTV, Internet TV, mobile media TV, various application software, and any other audio relay technology or platform, such as live broadcast, delayed broadcast, on-demand broadcast, carousel broadcast, replay, download, or theatrical broadcast, public place broadcast, or any other means, or engaging in other uses or borrowing of the 2020 Tokyo Olympics.</p><p>Lee Teng-chuan stated that the current trend of increased copyright protection is quite obvious, and the amount of punitive damages will also increase accordingly.</p><p>03 Technology strengthens copyright protection</p><p>Faced with a massive amount of infringing videos, especially Olympic video edits released by individuals on short video platforms, how will copyright holders respond? According to observations by a reporter from IT Times, searching for \"Olympics\" on unauthorized video platforms can still reveal many videos related to previous Olympic Games. As for whether the publisher has obtained authorization, no response has been received from the platform or the publisher as of press time.</p><p>Yan Bo, deputy director of the Copyright Operation Center of the General Manager's Office of China Media Group, previously stated that CCTV will use more advanced technologies, such as blockchain, big data, and cloud computing, to conduct accurate analysis, more precisely crack down on infringers, and take stronger legal action.</p><p>Technology-enhanced copyright protection is a characteristic and highlight of current video rights protection. According to the \"2020 China Online Copyright Industry Development Report\" released by the National Copyright Administration, the application of new technologies such as blockchain, DRM, artificial intelligence, and digital watermarking in digital copyright management and protection will further contribute to copyright protection in the Internet field, such as copyright confirmation, infringement monitoring, and judicial rights protection.</p><p><img src=\"https://static.tigerbbs.com/756f6e69252992e567c0150f151f508a\" tg-width=\"1080\" tg-height=\"256\" referrerpolicy=\"no-referrer\"></p><p>Image source: Guanyong Technology official website</p><p>Taking Guanyong Technology, which cooperates with China Network Television, as an example, data shows that Guanyong Technology provides copyright monitoring services and rights protection offline services to its partners. Relying on its independently developed technologies such as massive audio-visual text search, copyright big data mining, and cloud computing, it has created a \"7×24\" hour full-platform, full-time, and full-network copyright monitoring system, which effectively combats online infringement and protects the online dissemination rights of sports events such as the Olympic Games and the NBA. The offline rate of infringing links has reached more than 95%.</p>","source":"lsy1568283298901","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>Watching the Olympics on your mobile phone, except for CCTV, Tencent, Kuaishou, and Migu, is all pirated.</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\">\nWatching the Olympics on your mobile phone, except for CCTV, Tencent, Kuaishou, and Migu, is all pirated.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> IT时报</strong><span class=\"h-time small\">2021-07-23 21:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>30-second speed reading</b></p><p><b>1. Today, the Tokyo Olympics officially open. Where can we go to watch the Olympic spectacle?</b></p><p><b>2. CCTV, China Mobile Migu, Kuaishou, and Tencent are the only four \"genuine Olympic\" video platforms.</b></p><p><b>3. As the whole nation watches the Olympics, a battle to protect the copyright of the Olympic events is underway.</b></p><p>CCTV undoubtedly remains the top live streaming and broadcasting platform. According to a reporter from IT Times, China Mobile's Migu, Kuaishou, and Tencent have obtained authorization from CCTV. These three internet platforms will mainly obtain rights such as on-demand and short videos of Olympic events, while there will be corresponding delays in the broadcasts of different Olympic events and sports.</p><p>On July 20, China Media Group issued a statement regarding the copyright protection of the 32nd Summer Olympic Games. The statement said that apart from China Mobile's Migu, Kuaishou, and Tencent, which were authorized by China Media Group, no other organization was authorized to broadcast the 2020 Tokyo Olympic Games. According to a Tencent representative, during the Tokyo Olympics, Tencent will broadcast all events, including 33 major events and 339 minor events. Tencent's front-line team will have more than 200 people, bringing Chinese netizens first-hand Olympic information throughout the event.</p><p><img src=\"https://static.tigerbbs.com/13297568c9841060f241a6ab136ec091\" tg-width=\"528\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>Image source: Penguin Intelligence</p><p>With the Olympics approaching, Olympic copyright protection has become an issue that authorized broadcasters must pay attention to. The potential threats posed by illegal sports live streaming platforms and content creators on short video platforms to the Olympics' highly sought-after viewership have come to light.</p><p>01 Mobile phones are the primary means of watching the Olympics</p><p>From the participation of major portal websites in Olympic consultation and reporting on the 2008 Beijing Olympics to the live broadcast of the events on video websites for the 2016 Rio Olympics, the connection between the Olympic Games and the Internet has become increasingly close with the development of the times.</p><p>According to data from the report \"Where is Chinese Sports Headed After Rio?\", the proportion of audiences' information attention channels for the Olympics has shifted from television as the absolute channel to a collection of various information dissemination methods such as television, the internet, social media, We Media, and forums. In terms of viewing devices, mobile phones account for 78.8%, exceeding television's 59.1%, making them the center of national viewing.</p><p><img src=\"https://static.tigerbbs.com/dcb15d8e7be771e3ba3e59febb453fe7\" tg-width=\"528\" tg-height=\"380\" referrerpolicy=\"no-referrer\"></p><p>Image source: Penguin Cool</p><p>With online viewing of the Olympics becoming a necessity, the ownership of copyrights related to video platforms directly determines the \"status\" of each platform during the Olympics. On July 6, Tencent announced its entry into the Olympic new media copyright landscape, essentially establishing a structure consisting of Kuaishou, Tencent, and China Mobile's Migu. These three platforms will jointly bring Olympic-related content to netizens.</p><p>As one of the official broadcasters, Tencent also emphasized copyright in its promotional efforts for the Olympic Games, promising to provide ample on-demand, short video, and interactive content during the Tokyo Olympics, and to produce rich content both inside and outside the venue around copyright. Meanwhile, according to a reporter from IT Times, Tencent's relevant legal offices will also strengthen the protection of Olympic copyright content during the Olympics.</p><p>Previously, Tencent was embroiled in a copyright dispute between long-form video and short-form video platforms. On June 3, at the 9th China Internet Audiovisual Conference, a Tencent executive delivered a fierce speech, bluntly stating that \"some low-intelligence and vulgar short video content has long influenced users' minds.\" These short videos are like pig food: \"If you like pig food, all you see is pig food.\" This \"pig feed theory\" has gone viral online, demonstrating the fierce competition in the video industry, where copyright is the core of the industry.</p><p>02 Is the competition the same as the movie?</p><p>If internet platforms are flooded with a large number of Olympic edited videos such as Olympic highlights and championship highlights, does this constitute copyright infringement?</p><p>Li Dengchuan, a lawyer at Shanghai United Law Firm, told reporters that such edited videos infringe on the copyright of rights holders. Sports event videos fall under the category of \"audiovisual works\" stipulated in Article 3 of the newly revised Copyright Law and are protected by the Copyright Law.</p><p>With the rapid development of online live streaming, the proportion of copyright infringement in online sports event live streaming is showing an upward trend. Due to the previous issue of determining the legal nature of sports event programs in the Copyright Law, there were often cases of \"different judgments in the same case,\" and many live sports event programs encountered difficulties in protecting their rights after infringement and piracy.</p><p>The revised Copyright Law, which came into effect on June 1 this year, has effectively alleviated the above problems. Article 3 of the revised Copyright Law changes \"film works and works created by methods similar to film production\" to \"audiovisual works\". Article 45 expands the right of radio and television stations to prohibit unauthorized activities to include \"broadcasting by wire or wireless means\" and \"disseminating their radio and television broadcasts to the public through information networks.\"</p><p><img src=\"https://static.tigerbbs.com/2e40ba6c393a2fec41ba3f5faa37b573\" tg-width=\"898\" tg-height=\"1196\" referrerpolicy=\"no-referrer\"></p><p>Image source: China Media Group</p><p>Lee Teng-chuan stated that works protected by copyright law need to be original, while the Copyright Law before the revision only stipulated film works and film-like works. Whether sports event videos are original has become a focus of ongoing debate in academia and the judiciary. After the revision, radio and television stations have a stronger legal weapon against infringement in live broadcasts of online sports events.</p><p>Compared to similar statements issued by CCTV at previous Olympic Games, this statement clarifies various types of infringement, and the definition of infringement is much stricter. It includes all uses of audio and video program content, radio and television signals, or any related materials of the 2020 Tokyo Olympics through television, radio, the Internet, mobile communication networks, IPTV, Internet TV, mobile media TV, various application software, and any other audio relay technology or platform, such as live broadcast, delayed broadcast, on-demand broadcast, carousel broadcast, replay, download, or theatrical broadcast, public place broadcast, or any other means, or engaging in other uses or borrowing of the 2020 Tokyo Olympics.</p><p>Lee Teng-chuan stated that the current trend of increased copyright protection is quite obvious, and the amount of punitive damages will also increase accordingly.</p><p>03 Technology strengthens copyright protection</p><p>Faced with a massive amount of infringing videos, especially Olympic video edits released by individuals on short video platforms, how will copyright holders respond? According to observations by a reporter from IT Times, searching for \"Olympics\" on unauthorized video platforms can still reveal many videos related to previous Olympic Games. As for whether the publisher has obtained authorization, no response has been received from the platform or the publisher as of press time.</p><p>Yan Bo, deputy director of the Copyright Operation Center of the General Manager's Office of China Media Group, previously stated that CCTV will use more advanced technologies, such as blockchain, big data, and cloud computing, to conduct accurate analysis, more precisely crack down on infringers, and take stronger legal action.</p><p>Technology-enhanced copyright protection is a characteristic and highlight of current video rights protection. According to the \"2020 China Online Copyright Industry Development Report\" released by the National Copyright Administration, the application of new technologies such as blockchain, DRM, artificial intelligence, and digital watermarking in digital copyright management and protection will further contribute to copyright protection in the Internet field, such as copyright confirmation, infringement monitoring, and judicial rights protection.</p><p><img src=\"https://static.tigerbbs.com/756f6e69252992e567c0150f151f508a\" tg-width=\"1080\" tg-height=\"256\" referrerpolicy=\"no-referrer\"></p><p>Image source: Guanyong Technology official website</p><p>Taking Guanyong Technology, which cooperates with China Network Television, as an example, data shows that Guanyong Technology provides copyright monitoring services and rights protection offline services to its partners. Relying on its independently developed technologies such as massive audio-visual text search, copyright big data mining, and cloud computing, it has created a \"7×24\" hour full-platform, full-time, and full-network copyright monitoring system, which effectively combats online infringement and protects the online dissemination rights of sports events such as the Olympic Games and the NBA. The offline rate of infringing links has reached more than 95%.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/7kbR8RCJgRPXgrytDUXjYQ\"> IT时报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/62b72db02b524e63a385a202807fd518","relate_stocks":{"01024":"快手-W","00700":"腾讯控股"},"source_url":"https://mp.weixin.qq.com/s/7kbR8RCJgRPXgrytDUXjYQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169383564","content_text":"30秒快读\n1.今天，东京奥运正式开幕，奥运大戏到底去哪儿看？\n2.央视、中国移动咪咕、快手、腾讯是仅有的四个“正版奥运”视频平台。\n3.全民看奥运之际，一场奥运赛事版权保卫战正在打响。\n央视无疑仍是顶级直播、转播平台，据《IT时报》记者了解，中国移动咪咕、快手、腾讯已获得央视授权，上述三家互联网平台将主要获得奥运赛事的点播、短视频等权益，而针对不同奥运项目和赛事的转播会存在相应的延时。\n7月20日，中央广播电视总台发布关于第32届夏季奥林匹克运动会版权保护的声明，声明中表示，除中国移动咪咕、快手、腾讯获得总台授权外，其他机构均未获授权转播2020东京奥运会赛事节目。腾讯相关负责人介绍，在本次东京奥运会期间，腾讯将进行全项目全场次的转播，共包含33个大项和339个小项，腾讯前方团队人员多达200多人，全程为中国网友带来奥运一手资讯。\n\n图源：企鹅智酷\n随着奥运的临近，奥运版权保护成为授权转播商们必须重视的问题，非法体育直播平台、短视频平台上的内容制作者等对奥运收视香饽饽的潜在威胁已经浮出水面。\n01 手机是第一奥运观赛手段\n从2008年北京奥运会各大门户网站参与奥运咨询报道开始，直到2016年里约奥运会视频网站的赛事直播，奥运赛事与互联网的连接随着时代发展越来越紧密。\n根据《里约之后，中国体育走向何方》报告数据显示，受众对于奥运的信息关注渠道比例已经从电视为绝对渠道到电视、网络、社媒、自媒体、论坛等多种信息传播方式的集合，在观看设备上，手机占比达78.8%，超过电视的59.1%，成为全民观赛中心。\n\n图源：企鹅制酷\n随着线上观看奥运成为刚需，视频平台相关版权归属直接决定奥运期间各平台的“江湖地位”。7月6日腾讯宣布入局，基本确立了由快手、腾讯和中国移动咪咕组成的奥运新媒体版权格局，这三家平台将联合为网民带来奥运相关内容。\n作为官方转播商之一的腾讯在奥运赛事的宣传中也强调了版权，承诺在东京奥运会期间提供充足的赛事点播、短视频和互动内容，围绕版权生产赛场内外丰富内容。同时，据《IT时报》记者了解，腾讯的相关法务办公室也将在奥运期间对奥运版权内容加强保护。\n此前，腾讯曾陷入长视频与短视频平台的版权之争中。6月3日，第九届中国网络视听大会上，腾讯高管发言猛烈，他直言“部分低智低俗短视频内容长期影响用户心智”，这些短视频就像猪食，“你喜欢猪食，看到的就全是猪食”。这番“猪食论”刷爆全网的同时，足见视频领域争夺之激烈，而版权则是视频赛道的核心。\n02 比赛和电影一样吗？\n如果互联网平台上充斥着大量如奥运精彩瞬间、夺冠集锦等奥运剪辑视频，是否属于侵权？\n上海联合律师事务所李登川律师向记者介绍，此类剪辑视频侵犯了权利人的著作权，体育赛事视频属于新修订的《著作权法》第三条中规定的“视听作品”，受著作权法的保护。\n随着网络直播的快速发展，网络体育赛事直播侵权的比重呈现上升趋势。由于此前《著作权法》对体育赛事节目法律性质的认定问题，常常出现“同案不同判”的现象，不少体育赛事直播节目遭遇侵权盗播后的维权困难。\n今年6月1日开始施行的新修《著作权法》有效缓解了上述问题，新修《著作权法》第三条将“电影作品和以类似摄制电影的方法创作的作品”改为“视听作品”。第四十五条将广播台、电视台有权禁止未经许可的行为扩大到“以有线或者无线方式转播”“将其播放的广播、电视通过信息网络向公众传播”。\n\n图源：中央广播电视总台\n李登川表示，获得著作权法保护的作品需要具有独创性，而修订前的《著作权法》只规定了电影作品和类电作品，体育赛事视频是否具有独创性就成了学界和司法界持续争论的焦点。修订后，广播电视台对于互联网体育赛事直播侵权拥有了更强力的法律武器。\n比起央视总台在往届奥运会发布的类似声明，此次声明明确了各类侵权行为，对于侵权的界定要严格许多，包括了所有通过电视、广播、互联网、移动通信网、IPTV、互联网电视、移动媒体电视、各类应用软件及其他任何音频转播技术或平台以直播、延迟播出、点播、轮播、回看、下载或剧场院线播放、公共场所播放及其他任何方式使用2020年东京奥运会的音视频节目内容、广播电视信号或任何相关素材，或从事其他利用、搭借2020年东京奥运会的行为。\n李登川表示，当下版权保护力度加大的态势很明显，惩罚性赔偿金额也会相应提高。\n03 技术加码版权维护\n面对海量的侵权视频，尤其是短视频平台由个人发布的奥运视频剪辑内容，版权拥有方将如何应对？据《IT时报》记者观察，在未得到官方授权的视频平台中输入“奥运”进行搜索，依然能发现许多往届奥运会的相关视频，至于发布者有没有获得授权，截至记者发稿并未获得平台方和发布者的回复。\n中央广播电视总台总经理室版权运营中心副主任严波此前曾表示，央视将使用更先进的技术，如区块链、大数据、云计算等进行准确分析，更精确地打击侵权者，并采取更有力的法律行动。\n技术加码版权维护是当下视频维权的特点与亮点，根据国家版权局发布《2020年中国网络版权产业发展报告》，区块链、DRM、人工智能、数字水印等数字版权管理与保护等新技术的应用，在版权确权、侵权监测、司法维权等互联网领域版权保护上进一步助力我国网络版权保护。\n\n图源：冠勇科技官网\n以与中国网络电视台合作的冠勇科技为例，资料显示，冠勇科技为合作方提供版权监测服务及维权下线服务，依托自主研发的海量音视图文搜索、版权大数据挖掘、云计算等技术，打造了“7×24”小时全平台、全时段、全网络版权监测体系，有效打击网络侵权，保护了多届奥运会、NBA等体育赛事的网络传播权，侵权链接下线率达95%以上。","news_type":1,"symbols_score_info":{"01024":0.9,"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":5495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
