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Hang Seng Technology VS GEM, who do you bet on?
OngSeahKuang
2021-07-25
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The current wave after wave of technology stocks is hot.</b>However, the market of GEM and Hong Kong stocks, which are recognized as expected to become the Chinese version of Nasdaq, has diverged.</p><p>Which one is the real main battlefield for Chinese technology stocks? Which one should we focus on in the future?</p><p><h3>1</h3><h3><b>Differentiation</b></h3>GEM and Hong Kong stocks, both<a href=\"https://laohu8.com/S/YJ\">gather</a>The top high-tech company 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\">Ningde era</a>、<a href=\"https://laohu8.com/S/300760\">Mindray Medical</a>......</p><p>In the past, Hong Kong stocks, which were piled up on the Internet, were obviously better and the focus of the spotlight, while the GEM was relatively dim. However, in the past six months, the situation has reversed greatly, as can be seen from the trend of the two most representative indexes.</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 Technology Index lately closed at 7,268 points, which is only about 7% from the water level when it was first launched in July last year. After more than a year of ups and downs, the highlight moment reached 11,000 points. Looking at it now, it always feels like dust has returned to dust.</p><p>On the other hand, the GEM index, although it also experienced a skyrocketing in the second half of last year and a big correction in February, has now gone out of a rather awesome market, constantly breaking its position and hitting a new high.</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 is the market's love for the new and dislike for the old in the technology sector, which can be clearly seen from the constituent stocks.</p><p>Among the 30 constituent stocks of the Hang Seng Technology Index, Internet companies account for 60% in quantity and 68% in weight. Among the top ten weights, Internet companies account for 8 seats. It can be said that the Hang Seng Technology Index is equivalent to China's Internet listed company index.</p><p><img src=\"https://static.tigerbbs.com/0df5bda2d6ae98f25103bd7f5647c1b8\" tg-width=\"848\" tg-height=\"683\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Among the 100 constituent stocks of the GEM Index, only 4 companies belong to Internet media, and a total of 72 companies belong to manufacturing. Among the top 10 weights, 7 belong to high-tech manufacturing.</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 indexes basically represent the focus of the two markets. The technology stocks of Hong Kong stocks are dominated by the Internet virtual economy, commonly known as<b>\"Soft Technology\"</b>, while the GEM is dominated by physical manufacturing, commonly known as<b>\"Hard technology\".</b></p><p>The main reason why the Hang Seng Technology Index plummeted is that the Internet has encountered anti-monopoly this year, especially several leading companies, fines, termination of merger and acquisition projects, Tencent, Ali, Meituan,<a href=\"https://laohu8.com/S/JD\">JD.com</a>Etc., the stock price has been adjusted back by nearly 30% at a high level, becoming the \"culprit\" dragging down the index.</p><p>On the other hand, on the Growth Enterprise Market, these manufacturing companies are shining brilliantly. With the popularity of new energy vehicles, the stock price of the leading Ningde era has risen by nearly 30% from the high in February, becoming a contributor to the continuous rise of the index.</p><p><b>In the past, the manufacturing industry was often unpopular with capital, with large investment, heavy assets, high cost, long industrial chain and difficult security control, while the light Internet economy was the favorite of capital.</b></p><p><b>Now, the situation has just reversed. On the surface, it is the anti-monopoly of the Internet and the lithium battery sector of funds, but looking deeper, this also indicates that the engine of economic growth is undergoing drastic changes.</b></p><p><h3>2</h3><h3><b>This time, is it really going away from the virtual to the real?</b></h3>Going away from virtual reality is a national propaganda slogan that has often been heard in the past few years, but what you actually see is often loud thunder but little rain.</p><p>In the past 10 years, the engine of China's economic growth is real estate and mobile Internet. Although real estate has industrial attributes, housing prices continue to hit the sky.<a href=\"https://laohu8.com/S/603883\">Common people</a>If you are more willing to emphasize its financial attributes, the virtual nature of the mobile Internet will be stronger.</p><p>Of course, it must also be admitted that at a certain stage of economic development, it is normal to rely on real estate, and everyone can feel the economic growth led by the information technology revolution. In addition, these two industries are large enough, and the power is enough to last for 10-20 years. Therefore, when the engine still has power, it is not only inconsistent with the economic laws to stop the engine rashly, but also there is no industry that can take over the stick after the engine is stalled. If it is not good, it will put the whole country into a pit.</p><p>Not only China, but if you look at the global macro for a long time, you will find that in the past 30-40 years, most developed countries in the world have acquired the bad habit of playing the virtual economy, and the most overdone is the United States.</p><p>The reason is that after President Reagan took office in 1981, he carried out financial liberalization. First, he abolished the financial restriction bill set during the Great Depression, and then through a series of means such as deregulation, tax reduction and supply-side reform, the American economy successfully got out of stagflation, rejuvenated its vitality, indirectly buried the Soviet Union, ended the Cold War, defeated Japan economically, and brought mankind into the great computer and Internet era.</p><p><b>But finance has always been half angel and half devil.</b>In the first half, the United States played very smoothly. It was the era of angels, but it also formed path dependence. Even in the second half, financial liberalization turned into a runaway wild horse, constantly squeezing the space of industry, and finally stumbled in real estate, which collapsed the whole world. It was a proper devil's era.</p><p>Therefore, after 2008, Obama proposed the return of manufacturing, and Trump used both hard and soft tactics to move the overseas bases of American companies back to the United States. To Biden, chip factories, new energy factories, and huge infrastructure plans were built. These are all 100% real economy.</p><p>You can say that Americans have conducted profound review and reflection, but the fact is that at this historical stage, the economic cycle is also entering the transition range between virtual and real.</p><p>Looking back at the American economy in the past century, at the end of 19th century and the beginning of 20th century, the industrial explosion, electrification and industrialization pushed the United States to the first place in the world economy. Then, the economy began to shift from reality to virtual, playing high with finance. At the end of 1920, the stock market crashed. In the following decades, the United States began to build infrastructure, manufacturing, research and development, and shift from virtual to reality; But by the late 1970s, it began to shift from reality to virtual until the 2008 financial crisis.</p><p>After all, the time is just in line with the old Chinese saying: 30 years in Hedong, 30 years in Hexi. Heavenly Dao reincarnation, cycles change, and today's opportunity to trigger this change is<b>The new energy revolution.</b>And information technology in a virtual world of a string of \"0101010\" codes<a href=\"https://laohu8.com/S/CYOU\">Swim freely</a>In comparison, the energy industry can be said to be a real real economy, which happens not only in the United States, but also in China.</p><p>There is no doubt that the great era of the economy turning away from virtual to real is coming step by step.</p><p><h3>3</h3><h3><b>Investment: Virtual down, industrial up</b></h3>Speaking of investment, what good strategies are there to adapt to this big era?</p><p>In fact, the capital market has already given the answer.</p><p>The hottest sectors now are new energy, lithium batteries, photovoltaics, Ningde era,<a href=\"https://laohu8.com/S/002460\">Ganfeng Lithium</a>, weather lithium industry,<a href=\"https://laohu8.com/S/601012\">LONGi shares</a>, the stock price is not the highest, only higher, which also made many bears dumbfounded and confused for a long time. Why do people jump into it at such a high price?</p><p>But on the other hand, the former Internet star stocks have fallen one after another. Let's look at the increases and decreases of holdings of 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, under the background of moving from virtual to real, the investment value of the real economy will become more and more prominent in the future.</b></p><p>Of course, not all real economies have been exposed to rain and dew. In fact, all kinds of \"Mao\" that have been blown into the sky in the past few years have basically fallen. Few food, beverages and core assets have been spared. The speed of capital running away is faster than the stock price falling.</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 room for future growth and high certainty.</b>There is no doubt that new energy is in this area. The self-help of all mankind, the boost of global policies, and the broad room for growth. On the other hand, all kinds of traditional \"Mao\" represent either the old economy or saturated industries with weak growth. These industries obviously cannot be compared with new energy, and it is even more reasonable to be beaten up.</p><p>In fact, the glory of all kinds of \"Mao\" in the past four years has its objective existence, but on the other hand, it also shows that there are no industries that can represent the future trend, or these industries have not really broken out, so when the flicker of funds in small and medium-sized tickets does not work, we can only seek certainty in traditional industries. As a result of the accumulation of funds, the traditional \"Mao\" valuation can easily be raised, and the 10% performance growth rate expectation can also be valued at 30 times, 40 times or even higher.</p><p>Now, funds are gradually leaving the traditional \"Mao\". In addition to the fact that these \"Mao\" themselves cannot match the valuation in terms of performance growth, more importantly, the funds have found \"<a href=\"https://laohu8.com/S/000997\">New World</a>\"--New energy. How hot the new energy is, the more lonely the traditional \"Mao\" will be.</p><p>Although new energy has been fired to a very high price, it is still hard to say that the momentum is exhausted in terms of capital, flow direction and stock price performance. Another reason is that the domestic short-selling mechanism is not yet perfect, resulting in the unilateral market still being strong. No one knows whether it can create another sky in the future, because short singers are constantly being slapped in the face, so instead of predicting the follow-up trend, it is better to look at the cost of your own position. If it is very low, you can continue to enjoy a bubble time.</p><p><h3>4</h3><h3><b>epilogue</b></h3>In the past, there was a popular joke in the capital market:<b>The strength of the United States depends on high technology, and our strength depends on drinking liquor and selling soy sauce.</b></p><p>Although this is a joke, it also reflects the embarrassment of domestic technology stocks. Niu's technology companies are clustered in virtual economies such as the Internet. These companies often take foreigners' money when they are established. All kinds of VIE structures, British Virgin and Bermuda are dazzling. Due to the restrictions of the domestic listing system, it is decided that they can only seek overseas listing. If domestic investors want to share the company's operating results, they have to make a \"nine twists and eighteen twists\".</p><p>However, the manufacturing industry favored by domestic listing is difficult to match the Internet in terms of profit-making effect. The Growth Enterprise Market, which is known as the Chinese version of Nasdaq, has only one word \"say\" most of the time.</p><p>However, in the era of turning from virtual to reality, the GEM is also welcoming its own era. Although there is still a gap between the GEM and Hong Kong stocks in terms of system and capital control, the advantages of the GEM in industry are being released step by step.</p><p>On the contrary, Hong Kong-listed technology companies, especially Internet companies, are under pressure in terms of business due to the peak of traffic and anti-monopoly in terms of policies. It is difficult to see the hope of a rebound in the short term, especially the current performance forecast for the first half of the year, which is generally not ideal, so when the answer sheet is submitted in August, the Hang Seng Technology Index may have another round of decline.</p><p>The loneliness of the Hang Seng Technology Index and the high pitch of the GEM are still the norm in the second half of the year or 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 GEM, who do 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 GEM, who do 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 development direction of China's economy, it is estimated that even aunts can pronounce two sentences: take the road of scientific and technological innovation and take the road of high-quality development.</p><p>Indeed, today, when the real estate engine is stalled, there is basically no place to grow without technological innovation, which has been verified countless times in the history of world economic development in the past hundred years.</p><p><b>Investment focuses on following the direction of the surging tide, and technology stocks are in this direction. The current wave after wave of technology stocks is hot.</b>However, the market of GEM and Hong Kong stocks, which are recognized as expected to become the Chinese version of Nasdaq, has diverged.</p><p>Which one is the real main battlefield for Chinese technology stocks? Which one should we focus on in the future?</p><p><h3>1</h3><h3><b>Differentiation</b></h3>GEM and Hong Kong stocks, both<a href=\"https://laohu8.com/S/YJ\">gather</a>The top high-tech company 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\">Ningde era</a>、<a href=\"https://laohu8.com/S/300760\">Mindray Medical</a>......</p><p>In the past, Hong Kong stocks, which were piled up on the Internet, were obviously better and the focus of the spotlight, while the GEM was relatively dim. However, in the past six months, the situation has reversed greatly, as can be seen from the trend of the two most representative indexes.</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 Technology Index lately closed at 7,268 points, which is only about 7% from the water level when it was first launched in July last year. After more than a year of ups and downs, the highlight moment reached 11,000 points. Looking at it now, it always feels like dust has returned to dust.</p><p>On the other hand, the GEM index, although it also experienced a skyrocketing in the second half of last year and a big correction in February, has now gone out of a rather awesome market, constantly breaking its position and hitting a new high.</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 is the market's love for the new and dislike for the old in the technology sector, which can be clearly seen from the constituent stocks.</p><p>Among the 30 constituent stocks of the Hang Seng Technology Index, Internet companies account for 60% in quantity and 68% in weight. Among the top ten weights, Internet companies account for 8 seats. It can be said that the Hang Seng Technology Index is equivalent to China's Internet listed company index.</p><p><img src=\"https://static.tigerbbs.com/0df5bda2d6ae98f25103bd7f5647c1b8\" tg-width=\"848\" tg-height=\"683\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Among the 100 constituent stocks of the GEM Index, only 4 companies belong to Internet media, and a total of 72 companies belong to manufacturing. Among the top 10 weights, 7 belong to high-tech manufacturing.</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 indexes basically represent the focus of the two markets. The technology stocks of Hong Kong stocks are dominated by the Internet virtual economy, commonly known as<b>\"Soft Technology\"</b>, while the GEM is dominated by physical manufacturing, commonly known as<b>\"Hard technology\".</b></p><p>The main reason why the Hang Seng Technology Index plummeted is that the Internet has encountered anti-monopoly this year, especially several leading companies, fines, termination of merger and acquisition projects, Tencent, Ali, Meituan,<a href=\"https://laohu8.com/S/JD\">JD.com</a>Etc., the stock price has been adjusted back by nearly 30% at a high level, becoming the \"culprit\" dragging down the index.</p><p>On the other hand, on the Growth Enterprise Market, these manufacturing companies are shining brilliantly. With the popularity of new energy vehicles, the stock price of the leading Ningde era has risen by nearly 30% from the high in February, becoming a contributor to the continuous rise of the index.</p><p><b>In the past, the manufacturing industry was often unpopular with capital, with large investment, heavy assets, high cost, long industrial chain and difficult security control, while the light Internet economy was the favorite of capital.</b></p><p><b>Now, the situation has just reversed. On the surface, it is the anti-monopoly of the Internet and the lithium battery sector of funds, but looking deeper, this also indicates that the engine of economic growth is undergoing drastic changes.</b></p><p><h3>2</h3><h3><b>This time, is it really going away from the virtual to the real?</b></h3>Going away from virtual reality is a national propaganda slogan that has often been heard in the past few years, but what you actually see is often loud thunder but little rain.</p><p>In the past 10 years, the engine of China's economic growth is real estate and mobile Internet. Although real estate has industrial attributes, housing prices continue to hit the sky.<a href=\"https://laohu8.com/S/603883\">Common people</a>If you are more willing to emphasize its financial attributes, the virtual nature of the mobile Internet will be stronger.</p><p>Of course, it must also be admitted that at a certain stage of economic development, it is normal to rely on real estate, and everyone can feel the economic growth led by the information technology revolution. In addition, these two industries are large enough, and the power is enough to last for 10-20 years. Therefore, when the engine still has power, it is not only inconsistent with the economic laws to stop the engine rashly, but also there is no industry that can take over the stick after the engine is stalled. If it is not good, it will put the whole country into a pit.</p><p>Not only China, but if you look at the global macro for a long time, you will find that in the past 30-40 years, most developed countries in the world have acquired the bad habit of playing the virtual economy, and the most overdone is the United States.</p><p>The reason is that after President Reagan took office in 1981, he carried out financial liberalization. First, he abolished the financial restriction bill set during the Great Depression, and then through a series of means such as deregulation, tax reduction and supply-side reform, the American economy successfully got out of stagflation, rejuvenated its vitality, indirectly buried the Soviet Union, ended the Cold War, defeated Japan economically, and brought mankind into the great computer and Internet era.</p><p><b>But finance has always been half angel and half devil.</b>In the first half, the United States played very smoothly. It was the era of angels, but it also formed path dependence. Even in the second half, financial liberalization turned into a runaway wild horse, constantly squeezing the space of industry, and finally stumbled in real estate, which collapsed the whole world. It was a proper devil's era.</p><p>Therefore, after 2008, Obama proposed the return of manufacturing, and Trump used both hard and soft tactics to move the overseas bases of American companies back to the United States. To Biden, chip factories, new energy factories, and huge infrastructure plans were built. These are all 100% real economy.</p><p>You can say that Americans have conducted profound review and reflection, but the fact is that at this historical stage, the economic cycle is also entering the transition range between virtual and real.</p><p>Looking back at the American economy in the past century, at the end of 19th century and the beginning of 20th century, the industrial explosion, electrification and industrialization pushed the United States to the first place in the world economy. Then, the economy began to shift from reality to virtual, playing high with finance. At the end of 1920, the stock market crashed. In the following decades, the United States began to build infrastructure, manufacturing, research and development, and shift from virtual to reality; But by the late 1970s, it began to shift from reality to virtual until the 2008 financial crisis.</p><p>After all, the time is just in line with the old Chinese saying: 30 years in Hedong, 30 years in Hexi. Heavenly Dao reincarnation, cycles change, and today's opportunity to trigger this change is<b>The new energy revolution.</b>And information technology in a virtual world of a string of \"0101010\" codes<a href=\"https://laohu8.com/S/CYOU\">Swim freely</a>In comparison, the energy industry can be said to be a real real economy, which happens not only in the United States, but also in China.</p><p>There is no doubt that the great era of the economy turning away from virtual to real is coming step by step.</p><p><h3>3</h3><h3><b>Investment: Virtual down, industrial up</b></h3>Speaking of investment, what good strategies are there to adapt to this big era?</p><p>In fact, the capital market has already given the answer.</p><p>The hottest sectors now are new energy, lithium batteries, photovoltaics, Ningde era,<a href=\"https://laohu8.com/S/002460\">Ganfeng Lithium</a>, weather lithium industry,<a href=\"https://laohu8.com/S/601012\">LONGi shares</a>, the stock price is not the highest, only higher, which also made many bears dumbfounded and confused for a long time. Why do people jump into it at such a high price?</p><p>But on the other hand, the former Internet star stocks have fallen one after another. Let's look at the increases and decreases of holdings of 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, under the background of moving from virtual to real, the investment value of the real economy will become more and more prominent in the future.</b></p><p>Of course, not all real economies have been exposed to rain and dew. In fact, all kinds of \"Mao\" that have been blown into the sky in the past few years have basically fallen. Few food, beverages and core assets have been spared. The speed of capital running away is faster than the stock price falling.</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 room for future growth and high certainty.</b>There is no doubt that new energy is in this area. The self-help of all mankind, the boost of global policies, and the broad room for growth. On the other hand, all kinds of traditional \"Mao\" represent either the old economy or saturated industries with weak growth. These industries obviously cannot be compared with new energy, and it is even more reasonable to be beaten up.</p><p>In fact, the glory of all kinds of \"Mao\" in the past four years has its objective existence, but on the other hand, it also shows that there are no industries that can represent the future trend, or these industries have not really broken out, so when the flicker of funds in small and medium-sized tickets does not work, we can only seek certainty in traditional industries. As a result of the accumulation of funds, the traditional \"Mao\" valuation can easily be raised, and the 10% performance growth rate expectation can also be valued at 30 times, 40 times or even higher.</p><p>Now, funds are gradually leaving the traditional \"Mao\". In addition to the fact that these \"Mao\" themselves cannot match the valuation in terms of performance growth, more importantly, the funds have found \"<a href=\"https://laohu8.com/S/000997\">New World</a>\"--New energy. How hot the new energy is, the more lonely the traditional \"Mao\" will be.</p><p>Although new energy has been fired to a very high price, it is still hard to say that the momentum is exhausted in terms of capital, flow direction and stock price performance. Another reason is that the domestic short-selling mechanism is not yet perfect, resulting in the unilateral market still being strong. No one knows whether it can create another sky in the future, because short singers are constantly being slapped in the face, so instead of predicting the follow-up trend, it is better to look at the cost of your own position. If it is very low, you can continue to enjoy a bubble time.</p><p><h3>4</h3><h3><b>epilogue</b></h3>In the past, there was a popular joke in the capital market:<b>The strength of the United States depends on high technology, and our strength depends on drinking liquor and selling soy sauce.</b></p><p>Although this is a joke, it also reflects the embarrassment of domestic technology stocks. Niu's technology companies are clustered in virtual economies such as the Internet. These companies often take foreigners' money when they are established. All kinds of VIE structures, British Virgin and Bermuda are dazzling. Due to the restrictions of the domestic listing system, it is decided that they can only seek overseas listing. If domestic investors want to share the company's operating results, they have to make a \"nine twists and eighteen twists\".</p><p>However, the manufacturing industry favored by domestic listing is difficult to match the Internet in terms of profit-making effect. The Growth Enterprise Market, which is known as the Chinese version of Nasdaq, has only one word \"say\" most of the time.</p><p>However, in the era of turning from virtual to reality, the GEM is also welcoming its own era. Although there is still a gap between the GEM and Hong Kong stocks in terms of system and capital control, the advantages of the GEM in industry are being released step by step.</p><p>On the contrary, Hong Kong-listed technology companies, especially Internet companies, are under pressure in terms of business due to the peak of traffic and anti-monopoly in terms of policies. It is difficult to see the hope of a rebound in the short term, especially the current performance forecast for the first half of the year, which is generally not ideal, so when the answer sheet is submitted in August, the Hang Seng Technology Index may have another round of decline.</p><p>The loneliness of the Hang Seng Technology Index and the high pitch of the GEM are still the norm in the second half of the year or 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":2200,"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":[],"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,"isVote":1,"tweetType":1,"viewCount":2642,"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","c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","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 GEM, who do 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 development direction of China's economy, it is estimated that even aunts can pronounce two sentences: take the road of scientific and technological innovation and take the road of high-quality development.</p><p>Indeed, today, when the real estate engine is stalled, there is basically no place to grow without technological innovation, which has been verified countless times in the history of world economic development in the past hundred years.</p><p><b>Investment focuses on following the direction of the surging tide, and technology stocks are in this direction. The current wave after wave of technology stocks is hot.</b>However, the market of GEM and Hong Kong stocks, which are recognized as expected to become the Chinese version of Nasdaq, has diverged.</p><p>Which one is the real main battlefield for Chinese technology stocks? Which one should we focus on in the future?</p><p><h3>1</h3><h3><b>Differentiation</b></h3>GEM and Hong Kong stocks, both<a href=\"https://laohu8.com/S/YJ\">gather</a>The top high-tech company 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\">Ningde era</a>、<a href=\"https://laohu8.com/S/300760\">Mindray Medical</a>......</p><p>In the past, Hong Kong stocks, which were piled up on the Internet, were obviously better and the focus of the spotlight, while the GEM was relatively dim. However, in the past six months, the situation has reversed greatly, as can be seen from the trend of the two most representative indexes.</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 Technology Index lately closed at 7,268 points, which is only about 7% from the water level when it was first launched in July last year. After more than a year of ups and downs, the highlight moment reached 11,000 points. Looking at it now, it always feels like dust has returned to dust.</p><p>On the other hand, the GEM index, although it also experienced a skyrocketing in the second half of last year and a big correction in February, has now gone out of a rather awesome market, constantly breaking its position and hitting a new high.</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 is the market's love for the new and dislike for the old in the technology sector, which can be clearly seen from the constituent stocks.</p><p>Among the 30 constituent stocks of the Hang Seng Technology Index, Internet companies account for 60% in quantity and 68% in weight. Among the top ten weights, Internet companies account for 8 seats. It can be said that the Hang Seng Technology Index is equivalent to China's Internet listed company index.</p><p><img src=\"https://static.tigerbbs.com/0df5bda2d6ae98f25103bd7f5647c1b8\" tg-width=\"848\" tg-height=\"683\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Among the 100 constituent stocks of the GEM Index, only 4 companies belong to Internet media, and a total of 72 companies belong to manufacturing. Among the top 10 weights, 7 belong to high-tech manufacturing.</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 indexes basically represent the focus of the two markets. The technology stocks of Hong Kong stocks are dominated by the Internet virtual economy, commonly known as<b>\"Soft Technology\"</b>, while the GEM is dominated by physical manufacturing, commonly known as<b>\"Hard technology\".</b></p><p>The main reason why the Hang Seng Technology Index plummeted is that the Internet has encountered anti-monopoly this year, especially several leading companies, fines, termination of merger and acquisition projects, Tencent, Ali, Meituan,<a href=\"https://laohu8.com/S/JD\">JD.com</a>Etc., the stock price has been adjusted back by nearly 30% at a high level, becoming the \"culprit\" dragging down the index.</p><p>On the other hand, on the Growth Enterprise Market, these manufacturing companies are shining brilliantly. With the popularity of new energy vehicles, the stock price of the leading Ningde era has risen by nearly 30% from the high in February, becoming a contributor to the continuous rise of the index.</p><p><b>In the past, the manufacturing industry was often unpopular with capital, with large investment, heavy assets, high cost, long industrial chain and difficult security control, while the light Internet economy was the favorite of capital.</b></p><p><b>Now, the situation has just reversed. On the surface, it is the anti-monopoly of the Internet and the lithium battery sector of funds, but looking deeper, this also indicates that the engine of economic growth is undergoing drastic changes.</b></p><p><h3>2</h3><h3><b>This time, is it really going away from the virtual to the real?</b></h3>Going away from virtual reality is a national propaganda slogan that has often been heard in the past few years, but what you actually see is often loud thunder but little rain.</p><p>In the past 10 years, the engine of China's economic growth is real estate and mobile Internet. Although real estate has industrial attributes, housing prices continue to hit the sky.<a href=\"https://laohu8.com/S/603883\">Common people</a>If you are more willing to emphasize its financial attributes, the virtual nature of the mobile Internet will be stronger.</p><p>Of course, it must also be admitted that at a certain stage of economic development, it is normal to rely on real estate, and everyone can feel the economic growth led by the information technology revolution. In addition, these two industries are large enough, and the power is enough to last for 10-20 years. Therefore, when the engine still has power, it is not only inconsistent with the economic laws to stop the engine rashly, but also there is no industry that can take over the stick after the engine is stalled. If it is not good, it will put the whole country into a pit.</p><p>Not only China, but if you look at the global macro for a long time, you will find that in the past 30-40 years, most developed countries in the world have acquired the bad habit of playing the virtual economy, and the most overdone is the United States.</p><p>The reason is that after President Reagan took office in 1981, he carried out financial liberalization. First, he abolished the financial restriction bill set during the Great Depression, and then through a series of means such as deregulation, tax reduction and supply-side reform, the American economy successfully got out of stagflation, rejuvenated its vitality, indirectly buried the Soviet Union, ended the Cold War, defeated Japan economically, and brought mankind into the great computer and Internet era.</p><p><b>But finance has always been half angel and half devil.</b>In the first half, the United States played very smoothly. It was the era of angels, but it also formed path dependence. Even in the second half, financial liberalization turned into a runaway wild horse, constantly squeezing the space of industry, and finally stumbled in real estate, which collapsed the whole world. It was a proper devil's era.</p><p>Therefore, after 2008, Obama proposed the return of manufacturing, and Trump used both hard and soft tactics to move the overseas bases of American companies back to the United States. To Biden, chip factories, new energy factories, and huge infrastructure plans were built. These are all 100% real economy.</p><p>You can say that Americans have conducted profound review and reflection, but the fact is that at this historical stage, the economic cycle is also entering the transition range between virtual and real.</p><p>Looking back at the American economy in the past century, at the end of 19th century and the beginning of 20th century, the industrial explosion, electrification and industrialization pushed the United States to the first place in the world economy. Then, the economy began to shift from reality to virtual, playing high with finance. At the end of 1920, the stock market crashed. In the following decades, the United States began to build infrastructure, manufacturing, research and development, and shift from virtual to reality; But by the late 1970s, it began to shift from reality to virtual until the 2008 financial crisis.</p><p>After all, the time is just in line with the old Chinese saying: 30 years in Hedong, 30 years in Hexi. Heavenly Dao reincarnation, cycles change, and today's opportunity to trigger this change is<b>The new energy revolution.</b>And information technology in a virtual world of a string of \"0101010\" codes<a href=\"https://laohu8.com/S/CYOU\">Swim freely</a>In comparison, the energy industry can be said to be a real real economy, which happens not only in the United States, but also in China.</p><p>There is no doubt that the great era of the economy turning away from virtual to real is coming step by step.</p><p><h3>3</h3><h3><b>Investment: Virtual down, industrial up</b></h3>Speaking of investment, what good strategies are there to adapt to this big era?</p><p>In fact, the capital market has already given the answer.</p><p>The hottest sectors now are new energy, lithium batteries, photovoltaics, Ningde era,<a href=\"https://laohu8.com/S/002460\">Ganfeng Lithium</a>, weather lithium industry,<a href=\"https://laohu8.com/S/601012\">LONGi shares</a>, the stock price is not the highest, only higher, which also made many bears dumbfounded and confused for a long time. Why do people jump into it at such a high price?</p><p>But on the other hand, the former Internet star stocks have fallen one after another. Let's look at the increases and decreases of holdings of 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, under the background of moving from virtual to real, the investment value of the real economy will become more and more prominent in the future.</b></p><p>Of course, not all real economies have been exposed to rain and dew. In fact, all kinds of \"Mao\" that have been blown into the sky in the past few years have basically fallen. Few food, beverages and core assets have been spared. The speed of capital running away is faster than the stock price falling.</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 room for future growth and high certainty.</b>There is no doubt that new energy is in this area. The self-help of all mankind, the boost of global policies, and the broad room for growth. On the other hand, all kinds of traditional \"Mao\" represent either the old economy or saturated industries with weak growth. These industries obviously cannot be compared with new energy, and it is even more reasonable to be beaten up.</p><p>In fact, the glory of all kinds of \"Mao\" in the past four years has its objective existence, but on the other hand, it also shows that there are no industries that can represent the future trend, or these industries have not really broken out, so when the flicker of funds in small and medium-sized tickets does not work, we can only seek certainty in traditional industries. As a result of the accumulation of funds, the traditional \"Mao\" valuation can easily be raised, and the 10% performance growth rate expectation can also be valued at 30 times, 40 times or even higher.</p><p>Now, funds are gradually leaving the traditional \"Mao\". In addition to the fact that these \"Mao\" themselves cannot match the valuation in terms of performance growth, more importantly, the funds have found \"<a href=\"https://laohu8.com/S/000997\">New World</a>\"--New energy. How hot the new energy is, the more lonely the traditional \"Mao\" will be.</p><p>Although new energy has been fired to a very high price, it is still hard to say that the momentum is exhausted in terms of capital, flow direction and stock price performance. Another reason is that the domestic short-selling mechanism is not yet perfect, resulting in the unilateral market still being strong. No one knows whether it can create another sky in the future, because short singers are constantly being slapped in the face, so instead of predicting the follow-up trend, it is better to look at the cost of your own position. If it is very low, you can continue to enjoy a bubble time.</p><p><h3>4</h3><h3><b>epilogue</b></h3>In the past, there was a popular joke in the capital market:<b>The strength of the United States depends on high technology, and our strength depends on drinking liquor and selling soy sauce.</b></p><p>Although this is a joke, it also reflects the embarrassment of domestic technology stocks. Niu's technology companies are clustered in virtual economies such as the Internet. These companies often take foreigners' money when they are established. All kinds of VIE structures, British Virgin and Bermuda are dazzling. Due to the restrictions of the domestic listing system, it is decided that they can only seek overseas listing. If domestic investors want to share the company's operating results, they have to make a \"nine twists and eighteen twists\".</p><p>However, the manufacturing industry favored by domestic listing is difficult to match the Internet in terms of profit-making effect. The Growth Enterprise Market, which is known as the Chinese version of Nasdaq, has only one word \"say\" most of the time.</p><p>However, in the era of turning from virtual to reality, the GEM is also welcoming its own era. Although there is still a gap between the GEM and Hong Kong stocks in terms of system and capital control, the advantages of the GEM in industry are being released step by step.</p><p>On the contrary, Hong Kong-listed technology companies, especially Internet companies, are under pressure in terms of business due to the peak of traffic and anti-monopoly in terms of policies. It is difficult to see the hope of a rebound in the short term, especially the current performance forecast for the first half of the year, which is generally not ideal, so when the answer sheet is submitted in August, the Hang Seng Technology Index may have another round of decline.</p><p>The loneliness of the Hang Seng Technology Index and the high pitch of the GEM are still the norm in the second half of the year or 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 GEM, who do 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 GEM, who do 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 development direction of China's economy, it is estimated that even aunts can pronounce two sentences: take the road of scientific and technological innovation and take the road of high-quality development.</p><p>Indeed, today, when the real estate engine is stalled, there is basically no place to grow without technological innovation, which has been verified countless times in the history of world economic development in the past hundred years.</p><p><b>Investment focuses on following the direction of the surging tide, and technology stocks are in this direction. The current wave after wave of technology stocks is hot.</b>However, the market of GEM and Hong Kong stocks, which are recognized as expected to become the Chinese version of Nasdaq, has diverged.</p><p>Which one is the real main battlefield for Chinese technology stocks? Which one should we focus on in the future?</p><p><h3>1</h3><h3><b>Differentiation</b></h3>GEM and Hong Kong stocks, both<a href=\"https://laohu8.com/S/YJ\">gather</a>The top high-tech company 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\">Ningde era</a>、<a href=\"https://laohu8.com/S/300760\">Mindray Medical</a>......</p><p>In the past, Hong Kong stocks, which were piled up on the Internet, were obviously better and the focus of the spotlight, while the GEM was relatively dim. However, in the past six months, the situation has reversed greatly, as can be seen from the trend of the two most representative indexes.</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 Technology Index lately closed at 7,268 points, which is only about 7% from the water level when it was first launched in July last year. After more than a year of ups and downs, the highlight moment reached 11,000 points. Looking at it now, it always feels like dust has returned to dust.</p><p>On the other hand, the GEM index, although it also experienced a skyrocketing in the second half of last year and a big correction in February, has now gone out of a rather awesome market, constantly breaking its position and hitting a new high.</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 is the market's love for the new and dislike for the old in the technology sector, which can be clearly seen from the constituent stocks.</p><p>Among the 30 constituent stocks of the Hang Seng Technology Index, Internet companies account for 60% in quantity and 68% in weight. Among the top ten weights, Internet companies account for 8 seats. It can be said that the Hang Seng Technology Index is equivalent to China's Internet listed company index.</p><p><img src=\"https://static.tigerbbs.com/0df5bda2d6ae98f25103bd7f5647c1b8\" tg-width=\"848\" tg-height=\"683\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Among the 100 constituent stocks of the GEM Index, only 4 companies belong to Internet media, and a total of 72 companies belong to manufacturing. Among the top 10 weights, 7 belong to high-tech manufacturing.</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 indexes basically represent the focus of the two markets. The technology stocks of Hong Kong stocks are dominated by the Internet virtual economy, commonly known as<b>\"Soft Technology\"</b>, while the GEM is dominated by physical manufacturing, commonly known as<b>\"Hard technology\".</b></p><p>The main reason why the Hang Seng Technology Index plummeted is that the Internet has encountered anti-monopoly this year, especially several leading companies, fines, termination of merger and acquisition projects, Tencent, Ali, Meituan,<a href=\"https://laohu8.com/S/JD\">JD.com</a>Etc., the stock price has been adjusted back by nearly 30% at a high level, becoming the \"culprit\" dragging down the index.</p><p>On the other hand, on the Growth Enterprise Market, these manufacturing companies are shining brilliantly. With the popularity of new energy vehicles, the stock price of the leading Ningde era has risen by nearly 30% from the high in February, becoming a contributor to the continuous rise of the index.</p><p><b>In the past, the manufacturing industry was often unpopular with capital, with large investment, heavy assets, high cost, long industrial chain and difficult security control, while the light Internet economy was the favorite of capital.</b></p><p><b>Now, the situation has just reversed. On the surface, it is the anti-monopoly of the Internet and the lithium battery sector of funds, but looking deeper, this also indicates that the engine of economic growth is undergoing drastic changes.</b></p><p><h3>2</h3><h3><b>This time, is it really going away from the virtual to the real?</b></h3>Going away from virtual reality is a national propaganda slogan that has often been heard in the past few years, but what you actually see is often loud thunder but little rain.</p><p>In the past 10 years, the engine of China's economic growth is real estate and mobile Internet. Although real estate has industrial attributes, housing prices continue to hit the sky.<a href=\"https://laohu8.com/S/603883\">Common people</a>If you are more willing to emphasize its financial attributes, the virtual nature of the mobile Internet will be stronger.</p><p>Of course, it must also be admitted that at a certain stage of economic development, it is normal to rely on real estate, and everyone can feel the economic growth led by the information technology revolution. In addition, these two industries are large enough, and the power is enough to last for 10-20 years. Therefore, when the engine still has power, it is not only inconsistent with the economic laws to stop the engine rashly, but also there is no industry that can take over the stick after the engine is stalled. If it is not good, it will put the whole country into a pit.</p><p>Not only China, but if you look at the global macro for a long time, you will find that in the past 30-40 years, most developed countries in the world have acquired the bad habit of playing the virtual economy, and the most overdone is the United States.</p><p>The reason is that after President Reagan took office in 1981, he carried out financial liberalization. First, he abolished the financial restriction bill set during the Great Depression, and then through a series of means such as deregulation, tax reduction and supply-side reform, the American economy successfully got out of stagflation, rejuvenated its vitality, indirectly buried the Soviet Union, ended the Cold War, defeated Japan economically, and brought mankind into the great computer and Internet era.</p><p><b>But finance has always been half angel and half devil.</b>In the first half, the United States played very smoothly. It was the era of angels, but it also formed path dependence. Even in the second half, financial liberalization turned into a runaway wild horse, constantly squeezing the space of industry, and finally stumbled in real estate, which collapsed the whole world. It was a proper devil's era.</p><p>Therefore, after 2008, Obama proposed the return of manufacturing, and Trump used both hard and soft tactics to move the overseas bases of American companies back to the United States. To Biden, chip factories, new energy factories, and huge infrastructure plans were built. These are all 100% real economy.</p><p>You can say that Americans have conducted profound review and reflection, but the fact is that at this historical stage, the economic cycle is also entering the transition range between virtual and real.</p><p>Looking back at the American economy in the past century, at the end of 19th century and the beginning of 20th century, the industrial explosion, electrification and industrialization pushed the United States to the first place in the world economy. Then, the economy began to shift from reality to virtual, playing high with finance. At the end of 1920, the stock market crashed. In the following decades, the United States began to build infrastructure, manufacturing, research and development, and shift from virtual to reality; But by the late 1970s, it began to shift from reality to virtual until the 2008 financial crisis.</p><p>After all, the time is just in line with the old Chinese saying: 30 years in Hedong, 30 years in Hexi. Heavenly Dao reincarnation, cycles change, and today's opportunity to trigger this change is<b>The new energy revolution.</b>And information technology in a virtual world of a string of \"0101010\" codes<a href=\"https://laohu8.com/S/CYOU\">Swim freely</a>In comparison, the energy industry can be said to be a real real economy, which happens not only in the United States, but also in China.</p><p>There is no doubt that the great era of the economy turning away from virtual to real is coming step by step.</p><p><h3>3</h3><h3><b>Investment: Virtual down, industrial up</b></h3>Speaking of investment, what good strategies are there to adapt to this big era?</p><p>In fact, the capital market has already given the answer.</p><p>The hottest sectors now are new energy, lithium batteries, photovoltaics, Ningde era,<a href=\"https://laohu8.com/S/002460\">Ganfeng Lithium</a>, weather lithium industry,<a href=\"https://laohu8.com/S/601012\">LONGi shares</a>, the stock price is not the highest, only higher, which also made many bears dumbfounded and confused for a long time. Why do people jump into it at such a high price?</p><p>But on the other hand, the former Internet star stocks have fallen one after another. Let's look at the increases and decreases of holdings of 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, under the background of moving from virtual to real, the investment value of the real economy will become more and more prominent in the future.</b></p><p>Of course, not all real economies have been exposed to rain and dew. In fact, all kinds of \"Mao\" that have been blown into the sky in the past few years have basically fallen. Few food, beverages and core assets have been spared. The speed of capital running away is faster than the stock price falling.</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 room for future growth and high certainty.</b>There is no doubt that new energy is in this area. The self-help of all mankind, the boost of global policies, and the broad room for growth. On the other hand, all kinds of traditional \"Mao\" represent either the old economy or saturated industries with weak growth. These industries obviously cannot be compared with new energy, and it is even more reasonable to be beaten up.</p><p>In fact, the glory of all kinds of \"Mao\" in the past four years has its objective existence, but on the other hand, it also shows that there are no industries that can represent the future trend, or these industries have not really broken out, so when the flicker of funds in small and medium-sized tickets does not work, we can only seek certainty in traditional industries. As a result of the accumulation of funds, the traditional \"Mao\" valuation can easily be raised, and the 10% performance growth rate expectation can also be valued at 30 times, 40 times or even higher.</p><p>Now, funds are gradually leaving the traditional \"Mao\". In addition to the fact that these \"Mao\" themselves cannot match the valuation in terms of performance growth, more importantly, the funds have found \"<a href=\"https://laohu8.com/S/000997\">New World</a>\"--New energy. How hot the new energy is, the more lonely the traditional \"Mao\" will be.</p><p>Although new energy has been fired to a very high price, it is still hard to say that the momentum is exhausted in terms of capital, flow direction and stock price performance. Another reason is that the domestic short-selling mechanism is not yet perfect, resulting in the unilateral market still being strong. No one knows whether it can create another sky in the future, because short singers are constantly being slapped in the face, so instead of predicting the follow-up trend, it is better to look at the cost of your own position. If it is very low, you can continue to enjoy a bubble time.</p><p><h3>4</h3><h3><b>epilogue</b></h3>In the past, there was a popular joke in the capital market:<b>The strength of the United States depends on high technology, and our strength depends on drinking liquor and selling soy sauce.</b></p><p>Although this is a joke, it also reflects the embarrassment of domestic technology stocks. Niu's technology companies are clustered in virtual economies such as the Internet. These companies often take foreigners' money when they are established. All kinds of VIE structures, British Virgin and Bermuda are dazzling. Due to the restrictions of the domestic listing system, it is decided that they can only seek overseas listing. If domestic investors want to share the company's operating results, they have to make a \"nine twists and eighteen twists\".</p><p>However, the manufacturing industry favored by domestic listing is difficult to match the Internet in terms of profit-making effect. The Growth Enterprise Market, which is known as the Chinese version of Nasdaq, has only one word \"say\" most of the time.</p><p>However, in the era of turning from virtual to reality, the GEM is also welcoming its own era. Although there is still a gap between the GEM and Hong Kong stocks in terms of system and capital control, the advantages of the GEM in industry are being released step by step.</p><p>On the contrary, Hong Kong-listed technology companies, especially Internet companies, are under pressure in terms of business due to the peak of traffic and anti-monopoly in terms of policies. It is difficult to see the hope of a rebound in the short term, especially the current performance forecast for the first half of the year, which is generally not ideal, so when the answer sheet is submitted in August, the Hang Seng Technology Index may have another round of decline.</p><p>The loneliness of the Hang Seng Technology Index and the high pitch of the GEM are still the norm in the second half of the year or 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":2200,"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":[],"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 mobile phones, except CCTV, Tencent, Kuaishou, and Migu, are all pirated broadcasts","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 seconds quick read</b></p><p><b>1. Today, the Tokyo Olympic Games officially opened. Where can I watch the Olympic drama?</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 people watch the Olympic Games, a battle to defend the copyright of Olympic events is starting.</b></p><p>CCTV is undoubtedly still the top live broadcast and broadcast platform. According to the IT Times reporter, China Mobile Migu, Aauto Quicker and Tencent have been authorized by CCTV. The above three Internet platforms will mainly obtain the rights and interests of on-demand and short videos of Olympic events, and there will be corresponding delays in the broadcast of different Olympic events and events.</p><p>On July 20, China Central Radio and Television issued a statement on the copyright protection of the 32nd Summer Olympic Games. The statement stated that except for China Mobile Migu, Kuaishou, and Tencent, which were authorized by the main station, other organizations were not authorized to broadcast the 2020 Tokyo Olympic Games event program. According to the relevant person in charge of Tencent, during the Tokyo Olympic Games, Tencent will broadcast the whole event, including 33 major events and 339 minor events. There are more than 200 team members in front of Tencent, bringing first-hand information about the Olympic Games to Chinese netizens throughout the process.</p><p><img src=\"https://static.tigerbbs.com/13297568c9841060f241a6ab136ec091\" tg-width=\"528\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>Source: Penguin Zhiku</p><p>With the approach of the Olympic Games, the copyright protection of the Olympic Games has become an issue that authorized broadcasters must pay attention to. Potential threats to the Olympic ratings such as illegal sports live broadcast platforms and content producers on short video platforms have surfaced.</p><p>01 Mobile phones are the number one means to watch the Olympic Games</p><p>From the participation of major portals of the 2008 Beijing Olympic Games in Olympic consultation and reporting to the live broadcast of the video website of the 2016 Rio Olympic Games, the connection between the Olympic Games and the Internet has become closer and closer with the development of the times.</p><p>According to the data of the report \"Where is Chinese Sports Going after Rio?\", the proportion of audiences' information attention channels for the Olympic Games has changed from TV as the absolute channel to a collection of various information dissemination methods such as TV, Internet, social media, We Media, forums, etc. On viewing devices, mobile phones account for 78.8%, exceeding 59.1% of TV, and become the national viewing center.</p><p><img src=\"https://static.tigerbbs.com/dcb15d8e7be771e3ba3e59febb453fe7\" tg-width=\"528\" tg-height=\"380\" referrerpolicy=\"no-referrer\"></p><p>Source: Penguin Cool</p><p>As watching the Olympic Games online becomes a rigid need, the ownership of copyrights related to video platforms directly determines the \"Jianghu status\" of each platform during the Olympic Games. On July 6, Tencent announced its entry into the game, basically establishing the copyright pattern of new Olympic media composed of Kuaishou, Tencent and China Mobile 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 the promotion of Olympic events, promising to provide sufficient on-demand events, short videos and interactive content during the Tokyo Olympic Games, and produce rich content inside and outside the stadium around copyright. At the same time, according to the IT Times reporter, Tencent's relevant legal offices will also strengthen the protection of Olympic copyright content during the Olympic Games.</p><p>Previously, Tencent had been caught in the copyright dispute between long video and short video platforms. On June 3rd, at the 9th China Online Audiovisual Conference, Tencent executives spoke violently. He bluntly said that \"some low-intelligence and vulgar short video content has long affected users' minds\". These short videos are like pig food. \"You like pig food, all you see is pig food\". While this \"pig food theory\" has exploded the entire network, it shows that the competition in the video field is fierce, and copyright is the core of the video track.</p><p>02 Is the competition the same as the movie?</p><p>If the Internet platform is full of a large number of Olympic clip videos such as Olympic wonderful moments and championship highlights, is it infringement?</p><p>Li Dengchuan, a lawyer from Shanghai United Law Firm, told reporters that such edited videos infringe the copyright of the right holder, and sports event videos belong to \"audio-visual 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 live webcast, the proportion of infringement of live webcast of online sports events is on the rise. Due to the previous identification of the legal nature of sports events in the Copyright Law, the phenomenon of \"different judgments in the same case\" often appeared, and many live sports events encountered difficulties in safeguarding their rights after infringement and piracy.</p><p>The newly revised Copyright Law, which came into effect on June 1st this year, effectively alleviated the above problems. Article 3 of the newly revised Copyright Law changed \"film works and works created by methods similar to filmmaking\" to \"audio-visual works\". Article 45 Broadcasting stations and television stations have the right to prohibit unauthorized acts to \"rebroadcast by cable or wireless means\" and \"disseminate their broadcast radio and television 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>Source: China Central Radio and Television Station</p><p>Li Dengchuan said that works protected by copyright law need to be original, while the revised Copyright Law only stipulated film works and electric works. Whether sports event videos are original or not has become the focus of continuous debate between academic and judicial circles. After the revision, radio and television stations have a stronger legal weapon for the infringement of live broadcast of Internet sports events.</p><p>Compared with similar statements issued by CCTV General Station in previous Olympic Games, this statement clarifies all kinds of infringements, and the definition of infringement is much stricter, including all use of audio and video program content, radio and television signals or any related materials of the 2020 Tokyo Olympic Games through television, radio, Internet, mobile communication network, IPTV, Internet TV, mobile media TV, various application software and any other audio broadcast technology or platform, or engage in other uses or borrows the 2020 Tokyo Olympic Games.</p><p>Li Dengchuan said that the current trend of increasing copyright protection is obvious, and the amount of punitive damages will increase accordingly.</p><p>03 Technology overweight copyright maintenance</p><p>Faced with a large number of infringing videos, especially the Olympic video clips published by individuals on short video platforms, how will copyright owners respond? According to the observation of the IT Times reporter, you can still find many related videos of previous Olympic Games by entering \"Olympic Games\" in the video platform that is not officially authorized. As for whether the publisher has been authorized or not, as of press time, no reply from the platform and publisher has been obtained.</p><p>Yan Bo, deputy director of the copyright operation center of the general manager's office of China Central Radio and Television General Station, previously said that CCTV will use more advanced technologies, such as blockchain, big data, cloud computing, etc., to conduct accurate analysis, crack down on infringers more precisely, and take stronger legal action.</p><p>Technology overweight copyright maintenance is the 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, digital watermarking and other digital copyright management and protection will further help my country's online copyright protection in copyright protection in Internet fields 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>Source: Guanyong Technology official website</p><p>Take Guanyong Technology, which cooperates with China Network TV, as an example. According to the data, Guanyong Technology provides copyright monitoring services and offline services for partners. Relying on self-developed technologies such as massive audio and video search, copyright big data mining and cloud computing, Guanyong Technology has built a \"7 × 24\" hour full-platform, full-time and full-network copyright monitoring system, effectively cracking down on network infringement and protecting the network communication rights of many Olympic Games, NBA and other sports events.</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 mobile phones, except CCTV, Tencent, Kuaishou, and Migu, are all pirated broadcasts</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 mobile phones, except CCTV, Tencent, Kuaishou, and Migu, are all pirated broadcasts\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 seconds quick read</b></p><p><b>1. Today, the Tokyo Olympic Games officially opened. Where can I watch the Olympic drama?</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 people watch the Olympic Games, a battle to defend the copyright of Olympic events is starting.</b></p><p>CCTV is undoubtedly still the top live broadcast and broadcast platform. According to the IT Times reporter, China Mobile Migu, Aauto Quicker and Tencent have been authorized by CCTV. The above three Internet platforms will mainly obtain the rights and interests of on-demand and short videos of Olympic events, and there will be corresponding delays in the broadcast of different Olympic events and events.</p><p>On July 20, China Central Radio and Television issued a statement on the copyright protection of the 32nd Summer Olympic Games. The statement stated that except for China Mobile Migu, Kuaishou, and Tencent, which were authorized by the main station, other organizations were not authorized to broadcast the 2020 Tokyo Olympic Games event program. According to the relevant person in charge of Tencent, during the Tokyo Olympic Games, Tencent will broadcast the whole event, including 33 major events and 339 minor events. There are more than 200 team members in front of Tencent, bringing first-hand information about the Olympic Games to Chinese netizens throughout the process.</p><p><img src=\"https://static.tigerbbs.com/13297568c9841060f241a6ab136ec091\" tg-width=\"528\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>Source: Penguin Zhiku</p><p>With the approach of the Olympic Games, the copyright protection of the Olympic Games has become an issue that authorized broadcasters must pay attention to. Potential threats to the Olympic ratings such as illegal sports live broadcast platforms and content producers on short video platforms have surfaced.</p><p>01 Mobile phones are the number one means to watch the Olympic Games</p><p>From the participation of major portals of the 2008 Beijing Olympic Games in Olympic consultation and reporting to the live broadcast of the video website of the 2016 Rio Olympic Games, the connection between the Olympic Games and the Internet has become closer and closer with the development of the times.</p><p>According to the data of the report \"Where is Chinese Sports Going after Rio?\", the proportion of audiences' information attention channels for the Olympic Games has changed from TV as the absolute channel to a collection of various information dissemination methods such as TV, Internet, social media, We Media, forums, etc. On viewing devices, mobile phones account for 78.8%, exceeding 59.1% of TV, and become the national viewing center.</p><p><img src=\"https://static.tigerbbs.com/dcb15d8e7be771e3ba3e59febb453fe7\" tg-width=\"528\" tg-height=\"380\" referrerpolicy=\"no-referrer\"></p><p>Source: Penguin Cool</p><p>As watching the Olympic Games online becomes a rigid need, the ownership of copyrights related to video platforms directly determines the \"Jianghu status\" of each platform during the Olympic Games. On July 6, Tencent announced its entry into the game, basically establishing the copyright pattern of new Olympic media composed of Kuaishou, Tencent and China Mobile 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 the promotion of Olympic events, promising to provide sufficient on-demand events, short videos and interactive content during the Tokyo Olympic Games, and produce rich content inside and outside the stadium around copyright. At the same time, according to the IT Times reporter, Tencent's relevant legal offices will also strengthen the protection of Olympic copyright content during the Olympic Games.</p><p>Previously, Tencent had been caught in the copyright dispute between long video and short video platforms. On June 3rd, at the 9th China Online Audiovisual Conference, Tencent executives spoke violently. He bluntly said that \"some low-intelligence and vulgar short video content has long affected users' minds\". These short videos are like pig food. \"You like pig food, all you see is pig food\". While this \"pig food theory\" has exploded the entire network, it shows that the competition in the video field is fierce, and copyright is the core of the video track.</p><p>02 Is the competition the same as the movie?</p><p>If the Internet platform is full of a large number of Olympic clip videos such as Olympic wonderful moments and championship highlights, is it infringement?</p><p>Li Dengchuan, a lawyer from Shanghai United Law Firm, told reporters that such edited videos infringe the copyright of the right holder, and sports event videos belong to \"audio-visual 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 live webcast, the proportion of infringement of live webcast of online sports events is on the rise. Due to the previous identification of the legal nature of sports events in the Copyright Law, the phenomenon of \"different judgments in the same case\" often appeared, and many live sports events encountered difficulties in safeguarding their rights after infringement and piracy.</p><p>The newly revised Copyright Law, which came into effect on June 1st this year, effectively alleviated the above problems. Article 3 of the newly revised Copyright Law changed \"film works and works created by methods similar to filmmaking\" to \"audio-visual works\". Article 45 Broadcasting stations and television stations have the right to prohibit unauthorized acts to \"rebroadcast by cable or wireless means\" and \"disseminate their broadcast radio and television 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>Source: China Central Radio and Television Station</p><p>Li Dengchuan said that works protected by copyright law need to be original, while the revised Copyright Law only stipulated film works and electric works. Whether sports event videos are original or not has become the focus of continuous debate between academic and judicial circles. After the revision, radio and television stations have a stronger legal weapon for the infringement of live broadcast of Internet sports events.</p><p>Compared with similar statements issued by CCTV General Station in previous Olympic Games, this statement clarifies all kinds of infringements, and the definition of infringement is much stricter, including all use of audio and video program content, radio and television signals or any related materials of the 2020 Tokyo Olympic Games through television, radio, Internet, mobile communication network, IPTV, Internet TV, mobile media TV, various application software and any other audio broadcast technology or platform, or engage in other uses or borrows the 2020 Tokyo Olympic Games.</p><p>Li Dengchuan said that the current trend of increasing copyright protection is obvious, and the amount of punitive damages will increase accordingly.</p><p>03 Technology overweight copyright maintenance</p><p>Faced with a large number of infringing videos, especially the Olympic video clips published by individuals on short video platforms, how will copyright owners respond? According to the observation of the IT Times reporter, you can still find many related videos of previous Olympic Games by entering \"Olympic Games\" in the video platform that is not officially authorized. As for whether the publisher has been authorized or not, as of press time, no reply from the platform and publisher has been obtained.</p><p>Yan Bo, deputy director of the copyright operation center of the general manager's office of China Central Radio and Television General Station, previously said that CCTV will use more advanced technologies, such as blockchain, big data, cloud computing, etc., to conduct accurate analysis, crack down on infringers more precisely, and take stronger legal action.</p><p>Technology overweight copyright maintenance is the 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, digital watermarking and other digital copyright management and protection will further help my country's online copyright protection in copyright protection in Internet fields 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>Source: Guanyong Technology official website</p><p>Take Guanyong Technology, which cooperates with China Network TV, as an example. According to the data, Guanyong Technology provides copyright monitoring services and offline services for partners. Relying on self-developed technologies such as massive audio and video search, copyright big data mining and cloud computing, Guanyong Technology has built a \"7 × 24\" hour full-platform, full-time and full-network copyright monitoring system, effectively cracking down on network infringement and protecting the network communication rights of many Olympic Games, NBA and other sports events.</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":{"00700":0.9,"01024":0.9}},"isVote":1,"tweetType":1,"viewCount":2642,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
