$TENCENT(00700)$ This position has added a little goose, and the current big goose position is half of NetEase. As far as the financial report itself is concerned, it must be relatively general, mainly because of the game, and the market also has expectations. The video account is certain, the game my benchmark case is the same as the growth rate of the broader market, and the pessimism is that the growth of 0% lasts for 1-2 years, and then let's talk about it. . . In this way, in the next 1-3 years, 5%-10% of endogenous growth, +5% shareholder returns, there is not much room for the long-term dimension of valuation, and the expected rate of return has reached the standard, exceeding the historical average annualized rate of return of US stocks. Tencent's shareholder return is really good, I calculated it myself, this year's 130 billion + repurchase + dividend, it means that it may be 80%-90% of the payout ratio, take a look at this payout Under Ratio, Tencent can get how much Organic Growth can be obtained with 10-20% reinvestment rate. The real ROE/ROIC of Tencent and NetEase, I think it is much higher than those of the public utilities of the central enterprises, although I can't estimate a number that I really have very confident, that is 5%-10% The growth, the cost behind is very different. Under the similar valuation level, the ability to give back to shareholders is very different. Tencent has shared a lot of investment equity in the past few years. When the valuation is double that of Ali, it is equivalent to the return rate of shareholders of Ali (~5%), and Ali is accrued every three forks and five. Impairment, the level of capital allocation ability of the two companies in the past 10 years, is at a glance, and this ability has also been reflected in the valuation. At this stage, the enterprise has dared to say that Capital Allocation is more important than the main business operation, but it may be at least 55.$Apple(AAPL)$ AAPL, $Ross(ROST)$ ROST, and $Amazon.com(AMZN)$ AZO of the US stock market are three typical paradigms worthy of reference.
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