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Mr_Bright
2021-06-07
Up
抱歉，原内容已删除
Mr_Bright
2021-06-07
Up
开盘：恒指开涨0.23%，恒生科技指数涨0.13%
Mr_Bright
2021-04-23
Gd
抱歉，原内容已删除
Mr_Bright
2021-04-23
[微笑]
开盘：Inovio制药跌超28%，中概互联网走强
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href=\"https://laohu8.com/S/01177\">中国生物制药</a>涨1.16%；</p><p><a href=\"https://laohu8.com/S/00968\">信义光能</a>涨2.9%，<a href=\"https://laohu8.com/S/01211\">比亚迪股份</a>涨1.09%，<a href=\"https://laohu8.com/S/06098\">碧桂园服务</a>涨0.6%，今日起正式被纳入恒生指数；</p><p><a href=\"https://laohu8.com/S/02158\">医渡科技</a>涨2.12%、<a href=\"https://laohu8.com/S/02160\">心通医疗-B</a>涨1.36%、<a href=\"https://laohu8.com/S/06606\">诺辉健康-B</a>微跌，调入港股通今日生效；</p><p><a href=\"https://laohu8.com/S/00288\">万洲国际</a>涨超10%，公司拟回购19亿股股份。</p><p><a href=\"https://laohu8.com/S/01134\">恒发光学</a>高开近15% 拟溢价29.03%配售最多5000万股。</p>","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>开盘：恒指开涨0.23%，恒生科技指数涨0.13%</title>\n<style 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}\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: 11px; color: #7E829C; 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09:20</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>6月7日，恒生指数开盘上涨67.5点，涨幅0.23%，报28985.6点；国企指数开盘上涨26.34点，涨幅0.24%，报10831.98点；红筹指数开盘上涨12.41点，涨幅0.3%，报4113.27点；恒生科技指数涨0.13%。</p><p>大型科技股涨跌不一，<a href=\"https://laohu8.com/S/09626\">哔哩哔哩-SW</a>高开3.03%，<a href=\"https://laohu8.com/S/09888\">百度集团-SW</a>高开1.68%，<a href=\"https://laohu8.com/S/09988\">阿里巴巴-SW</a>、<a href=\"https://laohu8.com/S/01810\">小米集团-W</a>小幅上涨，<a href=\"https://laohu8.com/S/09618\">京东集团-SW</a>跌1.69%，<a href=\"https://laohu8.com/S/01024\">快手-W</a>、<a href=\"https://laohu8.com/S/09999\">网易-S</a>下跌；</p><p>医药股与生物技术股拉升，<a href=\"https://laohu8.com/S/03692\">翰森制药</a>涨4.34%，<a href=\"https://laohu8.com/S/06185\">康希诺生物-B</a>涨超4%，<a href=\"https://laohu8.com/S/02359\">药明康德</a>涨1.76%，<a href=\"https://laohu8.com/S/01177\">中国生物制药</a>涨1.16%；</p><p><a href=\"https://laohu8.com/S/00968\">信义光能</a>涨2.9%，<a href=\"https://laohu8.com/S/01211\">比亚迪股份</a>涨1.09%，<a href=\"https://laohu8.com/S/06098\">碧桂园服务</a>涨0.6%，今日起正式被纳入恒生指数；</p><p><a href=\"https://laohu8.com/S/02158\">医渡科技</a>涨2.12%、<a href=\"https://laohu8.com/S/02160\">心通医疗-B</a>涨1.36%、<a href=\"https://laohu8.com/S/06606\">诺辉健康-B</a>微跌，调入港股通今日生效；</p><p><a href=\"https://laohu8.com/S/00288\">万洲国际</a>涨超10%，公司拟回购19亿股股份。</p><p><a href=\"https://laohu8.com/S/01134\">恒发光学</a>高开近15% 拟溢价29.03%配售最多5000万股。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1cb237e736a4e03c939622e7b71e8e7","relate_stocks":{"513600":"恒生指数ETF","HSCCI":"红筹指数","02833":"恒指ETF","HSCEI":"国企指数","06185":"康希诺生物","06606":"诺辉健康","02359":"药明康德","HSI":"恒生指数","HSTECH":"恒生科技指数","02160":"心通医疗-B"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199098634","content_text":"6月7日，恒生指数开盘上涨67.5点，涨幅0.23%，报28985.6点；国企指数开盘上涨26.34点，涨幅0.24%，报10831.98点；红筹指数开盘上涨12.41点，涨幅0.3%，报4113.27点；恒生科技指数涨0.13%。大型科技股涨跌不一，哔哩哔哩-SW高开3.03%，百度集团-SW高开1.68%，阿里巴巴-SW、小米集团-W小幅上涨，京东集团-SW跌1.69%，快手-W、网易-S下跌；医药股与生物技术股拉升，翰森制药涨4.34%，康希诺生物-B涨超4%，药明康德涨1.76%，中国生物制药涨1.16%；信义光能涨2.9%，比亚迪股份涨1.09%，碧桂园服务涨0.6%，今日起正式被纳入恒生指数；医渡科技涨2.12%、心通医疗-B涨1.36%、诺辉健康-B微跌，调入港股通今日生效；万洲国际涨超10%，公司拟回购19亿股股份。恒发光学高开近15% 拟溢价29.03%配售最多5000万股。","news_type":1},"isVote":1,"tweetType":1,"viewCount":152,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372174523,"gmtCreate":1619188403862,"gmtModify":1634287885045,"author":{"id":"3565953554482189","authorId":"3565953554482189","name":"Mr_Bright","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565953554482189","authorIdStr":"3565953554482189"},"themes":[],"htmlText":"Gd","listText":"Gd","text":"Gd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/372174523","repostId":"1182095018","repostType":4,"isVote":1,"tweetType":1,"viewCount":164,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372174032,"gmtCreate":1619188365726,"gmtModify":1634287885163,"author":{"id":"3565953554482189","authorId":"3565953554482189","name":"Mr_Bright","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565953554482189","authorIdStr":"3565953554482189"},"themes":[],"htmlText":"[微笑] ","listText":"[微笑] ","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/372174032","repostId":"1185699540","repostType":4,"repost":{"id":"1185699540","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1619184570,"share":"https://www.laohu8.com/m/news/1185699540?lang=&edition=full","pubTime":"2021-04-23 21:29","market":"us","language":"zh","title":"开盘：Inovio制药跌超28%，中概互联网走强","url":"https://stock-news.laohu8.com/highlight/detail?id=1185699540","media":"老虎资讯综合","summary":"4月23日，美股开盘涨跌不一，道指跌0.01%，纳指涨0.31%，标普500指数涨0.15%。英特尔跌近6%，第一季度净利润不及市场预期，数据中心收入同比下降20%。Snap开涨超8%，据悉，Snap","content":"<p>4月23日，美股开盘涨跌不一，道指跌0.01%，纳指涨0.31%，标普500指数涨0.15%。</p><p><img src=\"https://static.tigerbbs.com/2157f68daf2ccec3ac3a90f11e016925\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><a href=\"https://laohu8.com/S/INTC\">英特尔</a>跌近6%，第一季度净利润不及市场预期，数据中心收入同比下降20%。</p><p>Snap开涨超8%，据悉，Snap2021年一季度营收7.696亿美元，市场预期7.44亿美元，去年同期4.62亿美元。净亏损为2.87亿美元，去年同期为3.06亿美元;每股亏损0.19美元，市场预期亏损0.2美元，去年同期亏损0.21美元。</p><p>Inovio制药跌超28%，据悉，由于其他疫苗的快速部署，美国国防部将撤回对Inovio制药公司新冠候选疫苗INO-4800三期临床试验的资助，正在进行的二期试验的资金将继续提供。</p><p>中概互联网板块普遍走高，<a href=\"https://laohu8.com/S/BILI\">哔哩哔哩</a>涨超2%，<a href=\"https://laohu8.com/S/BIDU\">百度</a>、<a href=\"https://laohu8.com/S/PDD\">拼多多</a>涨超1%，<a href=\"https://laohu8.com/S/TME\">腾讯音乐</a>涨近3%。</p>","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>开盘：Inovio制药跌超28%，中概互联网走强</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n开盘：Inovio制药跌超28%，中概互联网走强\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-04-23 21:29</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>4月23日，美股开盘涨跌不一，道指跌0.01%，纳指涨0.31%，标普500指数涨0.15%。</p><p><img src=\"https://static.tigerbbs.com/2157f68daf2ccec3ac3a90f11e016925\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><a href=\"https://laohu8.com/S/INTC\">英特尔</a>跌近6%，第一季度净利润不及市场预期，数据中心收入同比下降20%。</p><p>Snap开涨超8%，据悉，Snap2021年一季度营收7.696亿美元，市场预期7.44亿美元，去年同期4.62亿美元。净亏损为2.87亿美元，去年同期为3.06亿美元;每股亏损0.19美元，市场预期亏损0.2美元，去年同期亏损0.21美元。</p><p>Inovio制药跌超28%，据悉，由于其他疫苗的快速部署，美国国防部将撤回对Inovio制药公司新冠候选疫苗INO-4800三期临床试验的资助，正在进行的二期试验的资金将继续提供。</p><p>中概互联网板块普遍走高，<a href=\"https://laohu8.com/S/BILI\">哔哩哔哩</a>涨超2%，<a href=\"https://laohu8.com/S/BIDU\">百度</a>、<a href=\"https://laohu8.com/S/PDD\">拼多多</a>涨超1%，<a href=\"https://laohu8.com/S/TME\">腾讯音乐</a>涨近3%。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{"160636":"互联网","161025":"移动互联","09086":"华夏纳指-U","INTC":"英特尔",".SPX":"S&P 500 Index","03086":"华夏纳指",".DJI":"道琼斯","01477":"欧康维视生物-B","SNAP":"Snap Inc",".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185699540","content_text":"4月23日，美股开盘涨跌不一，道指跌0.01%，纳指涨0.31%，标普500指数涨0.15%。英特尔跌近6%，第一季度净利润不及市场预期，数据中心收入同比下降20%。Snap开涨超8%，据悉，Snap2021年一季度营收7.696亿美元，市场预期7.44亿美元，去年同期4.62亿美元。净亏损为2.87亿美元，去年同期为3.06亿美元;每股亏损0.19美元，市场预期亏损0.2美元，去年同期亏损0.21美元。Inovio制药跌超28%，据悉，由于其他疫苗的快速部署，美国国防部将撤回对Inovio制药公司新冠候选疫苗INO-4800三期临床试验的资助，正在进行的二期试验的资金将继续提供。中概互联网板块普遍走高，哔哩哔哩涨超2%，百度、拼多多涨超1%，腾讯音乐涨近3%。","news_type":1},"isVote":1,"tweetType":1,"viewCount":684,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":115791969,"gmtCreate":1623029682851,"gmtModify":1634096098672,"author":{"id":"3565953554482189","authorId":"3565953554482189","name":"Mr_Bright","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565953554482189","authorIdStr":"3565953554482189"},"themes":[],"htmlText":"Up","listText":"Up","text":"Up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/115791969","repostId":"1199098634","repostType":4,"isVote":1,"tweetType":1,"viewCount":152,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115798611,"gmtCreate":1623029725833,"gmtModify":1634096097227,"author":{"id":"3565953554482189","authorId":"3565953554482189","name":"Mr_Bright","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565953554482189","authorIdStr":"3565953554482189"},"themes":[],"htmlText":"Up","listText":"Up","text":"Up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/115798611","repostId":"1124114752","repostType":4,"repost":{"id":"1124114752","kind":"news","pubTimestamp":1623024479,"share":"https://www.laohu8.com/m/news/1124114752?lang=&edition=full","pubTime":"2021-06-07 08:07","market":"sh","language":"zh","title":"投资A股，哪个行业长期持有最赚钱？","url":"https://stock-news.laohu8.com/highlight/detail?id=1124114752","media":"苏宁金融研究院","summary":"近期股市热度再起，很多人再次燃起股市投资的兴趣。经历了春节后的市场下跌及随后的反转，越来越多的投资者开始体会到市场短期波动的无常和不可测，认识到长期持有的必要性。\nA股投资，既可投资个股，也可投资行业","content":"<p>近期股市热度再起，很多人再次燃起股市投资的兴趣。经历了春节后的市场下跌及随后的反转，越来越多的投资者开始体会到市场短期波动的无常和不可测，认识到长期持有的必要性。</p>\n<p>A股投资，既可投资个股，也可投资行业（行业基金/ETF）。相比个股，行业的波动性更低，且长期持有没有价值清零风险。立足当下市场环境，A股哪些行业值得长期持有呢？</p>\n<p><b>过去二十年，投资哪个行业最赚钱？</b></p>\n<p>我们先来回顾下历史表现。假定一个投资者自2000年末开始投资行业指数，持有至2020年末，结果会怎样呢？</p>\n<p>好消息是，所有行业的年化收益率均为正值；坏消息是，<b>仅有四个行业的年化收益率超过10%，分别是食品饮料（15.9%）、家用电器（11.3%）、医药生物（10.3%）和休闲服务（10.2%）。</b>若投资者选错了行业，如通信（1.7%）、钢铁（1.7%）、公用事业（1.4%）、建筑装饰（1.3%）、采掘（1.1%）、纺织服装（0.5%）等，长期持有未必能跑赢通胀，甚至跑不赢银行存款。</p>\n<p><img src=\"https://static.tigerbbs.com/779e428a60d236481d8add0ea65957ff\" tg-width=\"751\" tg-height=\"335\" referrerpolicy=\"no-referrer\"></p>\n<p>结论似乎一目了然，若要长期投资，选择食品饮料、家用电器、医药生物、休闲服务等行业的ETF或行业基金就好了。这个结论与投资者的普遍认知也是相符的，消费、医疗行业一向是产生牛股的沃土，典型如茅台、<a href=\"https://laohu8.com/S/000858\">五粮液</a>、<a href=\"https://laohu8.com/S/600436\">片仔癀</a>、<a href=\"https://laohu8.com/S/600276\">恒瑞医药</a>等，长期拿着都有惊人的收益率。</p>\n<p>问题是，任意拿两个时点来计算年化收益率，具有很大的误导性。区间的年化收益率有两个来源，一是估值增长，一是盈利增长。只有区分收益率来源，才能更好地辨别行业的收益率水平。</p>\n<p>通过把年化收益率分解为盈利贡献和市盈率贡献，可以<b>发现2000-2020年间，绝大多数行业的市盈率贡献都是负的，即过去二十年A股整体处于杀估值阶段（从69倍降至23倍），行业的盈利增长很大程度上被估值缩水对冲掉了。</b></p>\n<p>若仅考虑盈利贡献，行业排名位次会出现显著差异，银行（17.8%）、食品饮料（15.5%）、建筑材料（15.0%）、房地产（14.9%）、家用电器（13.2%）、非银金融（12.3%）、医药生物（11.9%）、电气设备（11.8%）等行业排名靠前。</p>\n<p><img src=\"https://static.tigerbbs.com/6efdda79042234acd08d733d6d1661fb\" tg-width=\"783\" tg-height=\"310\" referrerpolicy=\"no-referrer\"></p>\n<p>以银行业为例，年化盈利贡献高达17.8%，不愧为最赚钱的行业，但二十年里年化收益率仅为7.2%，是一个相当平庸的水平。原因在于市盈率的巨大波动，2000年末，银行业作为高增长行业，前景光明，盈率高达67倍，2020年末，市盈率降至7.2倍，估值的大幅缩水抵消了盈利增长的贡献。</p>\n<p>这也再次表明以合理估值水平买入的重要性。即便是盈利高增长的行业，若买入时估值水平太高，长期持有的回报也会非常平庸。</p>\n<p><b>立足当下：哪些行业值得长期持有？</b></p>\n<p>过去二十年，中国经济走过高速增长阶段，几乎所有行业都曾是成长性行业，整体盈利增长相当可观。但步入2021年，经济步入转型升级的新阶段，行业开始分化，有些行业不再增长，有些行业增长放缓，也有些行业未来前景可期。</p>\n<p>行业大环境的变化，让行业过去二十年的年化收益率参考意义有限，投资必须面向未来，从未来的高增长行业中发掘投资对象。</p>\n<p>用排除法来看，银行、建筑材料、地产、钢铁、采掘、有色、农林牧渔等行业增长空间有限，可纳入负面清单，在行业层面不予考虑（个股投资是另一回事）。<b>在消费升级、人口老龄化、产品<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>化、碳中和等发展主线下，食品饮料、非银金融（券商保险）、医药生物、<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>制造、节能环保、休闲娱乐等领域前景广阔。</b></p>\n<p>如前所述，在增长前景看好的前提下，还要评估行业估值的合理性，以避免高价买入。</p>\n<p>本文以2016年以来的行业平均市盈率为基准市盈率，取当前市盈率与基准市盈率的比值为估值系数，估值系数越高，代表行业估值水平越高。以食品饮料为例，当前市盈率（20210531）为51倍，基准市盈率为33.7倍，估值系数高达151%，从估值的角度看，并非好的买点。</p>\n<p><img src=\"https://static.tigerbbs.com/f9f3b240a5b6c98f701e659ce15542eb\" tg-width=\"781\" tg-height=\"352\" referrerpolicy=\"no-referrer\"></p>\n<p>按照估值系数从低到高排序，机械设备、国防军工、通信、传媒、电子、非银金融、计算机等行业估值水平仍低于平均值；相比之下，食品饮料、休闲服务等行业，虽然长期盈利增长可期，但当前估值水平较高，投资者需耐心等待，估值回落后再行买入。</p>\n<p><b>典型行业分析：</b><b>医药生物</b></p>\n<p>需要注意的是，行业板块内部也会存在分化。比如汽车行业，整体属于周期性行业，但新能源汽车子板块则具有高成长属性；比如家用电器，传统家电增长放缓，但智能家电子板块则有很高的成长性，典型如扫地<a href=\"https://laohu8.com/S/300024\">机器人</a>，成长空间巨大。</p>\n<p>在当前市场中，医药行业备受关注，本文简单剖析下医药生物各个子行业的情况，供投资者决策参考。</p>\n<p>我们依旧把年化收益率分解为市盈率贡献和盈利贡献，着重看盈利贡献。站在盈利贡献的视角，2010-2020年间，医疗服务业表现惊艳，年化收益率高达21.1%；医疗器械紧跟其后，为18.6%；其后是生物制品、医药商业子板块；相比之下，中药、化学药板块表现非常平庸。</p>\n<p><img src=\"https://static.tigerbbs.com/808c45e3f492c33ea2a18f5fb1cffde8\" tg-width=\"781\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p>\n<p>盘点千亿市值以上的18只医疗股，过去五年、十年净利润复合增速普遍在20%以上，有些甚至能保持在40%以上，再次表明盈利增长才是产生牛股的土壤。从子行业分布看，生物制品子板块7家公司，医疗服务板块5家，医疗器械板块3家，中药2家，化学药仅1家上榜。</p>\n<p><img src=\"https://static.tigerbbs.com/72997ca352fd1ab42ff9d1437c4d392c\" tg-width=\"777\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p>\n<p>从盈利增长的角度看，医疗服务、医疗器械、生物制品子板块是首选，那当前各板块的估值水平如何呢？</p>\n<p>与2016年以来平均市盈率相比，医疗器械子板块估值系数（当前市盈率/平均市盈率）仅为52%，医药商业（84%）、医疗服务（101%）、生物制品（104%）紧随其后，整体而言，都处于相对合理的水平。</p>\n<p><img src=\"https://static.tigerbbs.com/c670a9882d584a69346483c91ecba1b8\" tg-width=\"785\" tg-height=\"388\" referrerpolicy=\"no-referrer\"></p>\n<p><b>给投资者的启示</b></p>\n<p>价值投资强调买入并长期持有，但上市公司有自身的发展周期，有些公司能长期向好，但多数公司都慢慢变得平庸，其终局便是走向死亡。投资者若不能加以分辨，长期持股很容易陷入价值陷阱。</p>\n<p>所以，挑选有成长潜力的公司并动态评估其竞争力变化，便构成了长期持股的一道门槛，很多投资者被挡在门外。于是，巴菲特建议普通投资者定投指数，通过持有指数来分散个股风险，享受上市公司整体增长的收益。</p>\n<p>其实，还有一个更好的办法，就是精选行业。</p>\n<p>当前，中证指数公司已编制了200多个A股细分行业指数，很多指数都有对应的ETF和基金产品，投资者基于自己的能力圈，挑选几个有发展潜力的长寿行业，在估值合理的水平买入行业指数（行业基金或ETF），长期持有大概率能够跑赢市场。</p>","source":"lsy1568689437122","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\" 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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n投资A股，哪个行业长期持有最赚钱？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-07 08:07 北京时间 <a href=https://mp.weixin.qq.com/s/-I7-UVkVIAHNs4H19twnQA><strong>苏宁金融研究院</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>近期股市热度再起，很多人再次燃起股市投资的兴趣。经历了春节后的市场下跌及随后的反转，越来越多的投资者开始体会到市场短期波动的无常和不可测，认识到长期持有的必要性。\nA股投资，既可投资个股，也可投资行业（行业基金/ETF）。相比个股，行业的波动性更低，且长期持有没有价值清零风险。立足当下市场环境，A股哪些行业值得长期持有呢？\n过去二十年，投资哪个行业最赚钱？\n我们先来回顾下历史表现。假定一个投资者自...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/-I7-UVkVIAHNs4H19twnQA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/718d9d0cee89dacb8ae3664167fe24e6","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"source_url":"https://mp.weixin.qq.com/s/-I7-UVkVIAHNs4H19twnQA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124114752","content_text":"近期股市热度再起，很多人再次燃起股市投资的兴趣。经历了春节后的市场下跌及随后的反转，越来越多的投资者开始体会到市场短期波动的无常和不可测，认识到长期持有的必要性。\nA股投资，既可投资个股，也可投资行业（行业基金/ETF）。相比个股，行业的波动性更低，且长期持有没有价值清零风险。立足当下市场环境，A股哪些行业值得长期持有呢？\n过去二十年，投资哪个行业最赚钱？\n我们先来回顾下历史表现。假定一个投资者自2000年末开始投资行业指数，持有至2020年末，结果会怎样呢？\n好消息是，所有行业的年化收益率均为正值；坏消息是，仅有四个行业的年化收益率超过10%，分别是食品饮料（15.9%）、家用电器（11.3%）、医药生物（10.3%）和休闲服务（10.2%）。若投资者选错了行业，如通信（1.7%）、钢铁（1.7%）、公用事业（1.4%）、建筑装饰（1.3%）、采掘（1.1%）、纺织服装（0.5%）等，长期持有未必能跑赢通胀，甚至跑不赢银行存款。\n\n结论似乎一目了然，若要长期投资，选择食品饮料、家用电器、医药生物、休闲服务等行业的ETF或行业基金就好了。这个结论与投资者的普遍认知也是相符的，消费、医疗行业一向是产生牛股的沃土，典型如茅台、五粮液、片仔癀、恒瑞医药等，长期拿着都有惊人的收益率。\n问题是，任意拿两个时点来计算年化收益率，具有很大的误导性。区间的年化收益率有两个来源，一是估值增长，一是盈利增长。只有区分收益率来源，才能更好地辨别行业的收益率水平。\n通过把年化收益率分解为盈利贡献和市盈率贡献，可以发现2000-2020年间，绝大多数行业的市盈率贡献都是负的，即过去二十年A股整体处于杀估值阶段（从69倍降至23倍），行业的盈利增长很大程度上被估值缩水对冲掉了。\n若仅考虑盈利贡献，行业排名位次会出现显著差异，银行（17.8%）、食品饮料（15.5%）、建筑材料（15.0%）、房地产（14.9%）、家用电器（13.2%）、非银金融（12.3%）、医药生物（11.9%）、电气设备（11.8%）等行业排名靠前。\n\n以银行业为例，年化盈利贡献高达17.8%，不愧为最赚钱的行业，但二十年里年化收益率仅为7.2%，是一个相当平庸的水平。原因在于市盈率的巨大波动，2000年末，银行业作为高增长行业，前景光明，盈率高达67倍，2020年末，市盈率降至7.2倍，估值的大幅缩水抵消了盈利增长的贡献。\n这也再次表明以合理估值水平买入的重要性。即便是盈利高增长的行业，若买入时估值水平太高，长期持有的回报也会非常平庸。\n立足当下：哪些行业值得长期持有？\n过去二十年，中国经济走过高速增长阶段，几乎所有行业都曾是成长性行业，整体盈利增长相当可观。但步入2021年，经济步入转型升级的新阶段，行业开始分化，有些行业不再增长，有些行业增长放缓，也有些行业未来前景可期。\n行业大环境的变化，让行业过去二十年的年化收益率参考意义有限，投资必须面向未来，从未来的高增长行业中发掘投资对象。\n用排除法来看，银行、建筑材料、地产、钢铁、采掘、有色、农林牧渔等行业增长空间有限，可纳入负面清单，在行业层面不予考虑（个股投资是另一回事）。在消费升级、人口老龄化、产品智能化、碳中和等发展主线下，食品饮料、非银金融（券商保险）、医药生物、智能制造、节能环保、休闲娱乐等领域前景广阔。\n如前所述，在增长前景看好的前提下，还要评估行业估值的合理性，以避免高价买入。\n本文以2016年以来的行业平均市盈率为基准市盈率，取当前市盈率与基准市盈率的比值为估值系数，估值系数越高，代表行业估值水平越高。以食品饮料为例，当前市盈率（20210531）为51倍，基准市盈率为33.7倍，估值系数高达151%，从估值的角度看，并非好的买点。\n\n按照估值系数从低到高排序，机械设备、国防军工、通信、传媒、电子、非银金融、计算机等行业估值水平仍低于平均值；相比之下，食品饮料、休闲服务等行业，虽然长期盈利增长可期，但当前估值水平较高，投资者需耐心等待，估值回落后再行买入。\n典型行业分析：医药生物\n需要注意的是，行业板块内部也会存在分化。比如汽车行业，整体属于周期性行业，但新能源汽车子板块则具有高成长属性；比如家用电器，传统家电增长放缓，但智能家电子板块则有很高的成长性，典型如扫地机器人，成长空间巨大。\n在当前市场中，医药行业备受关注，本文简单剖析下医药生物各个子行业的情况，供投资者决策参考。\n我们依旧把年化收益率分解为市盈率贡献和盈利贡献，着重看盈利贡献。站在盈利贡献的视角，2010-2020年间，医疗服务业表现惊艳，年化收益率高达21.1%；医疗器械紧跟其后，为18.6%；其后是生物制品、医药商业子板块；相比之下，中药、化学药板块表现非常平庸。\n\n盘点千亿市值以上的18只医疗股，过去五年、十年净利润复合增速普遍在20%以上，有些甚至能保持在40%以上，再次表明盈利增长才是产生牛股的土壤。从子行业分布看，生物制品子板块7家公司，医疗服务板块5家，医疗器械板块3家，中药2家，化学药仅1家上榜。\n\n从盈利增长的角度看，医疗服务、医疗器械、生物制品子板块是首选，那当前各板块的估值水平如何呢？\n与2016年以来平均市盈率相比，医疗器械子板块估值系数（当前市盈率/平均市盈率）仅为52%，医药商业（84%）、医疗服务（101%）、生物制品（104%）紧随其后，整体而言，都处于相对合理的水平。\n\n给投资者的启示\n价值投资强调买入并长期持有，但上市公司有自身的发展周期，有些公司能长期向好，但多数公司都慢慢变得平庸，其终局便是走向死亡。投资者若不能加以分辨，长期持股很容易陷入价值陷阱。\n所以，挑选有成长潜力的公司并动态评估其竞争力变化，便构成了长期持股的一道门槛，很多投资者被挡在门外。于是，巴菲特建议普通投资者定投指数，通过持有指数来分散个股风险，享受上市公司整体增长的收益。\n其实，还有一个更好的办法，就是精选行业。\n当前，中证指数公司已编制了200多个A股细分行业指数，很多指数都有对应的ETF和基金产品，投资者基于自己的能力圈，挑选几个有发展潜力的长寿行业，在估值合理的水平买入行业指数（行业基金或ETF），长期持有大概率能够跑赢市场。","news_type":1},"isVote":1,"tweetType":1,"viewCount":210,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372174523,"gmtCreate":1619188403862,"gmtModify":1634287885045,"author":{"id":"3565953554482189","authorId":"3565953554482189","name":"Mr_Bright","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565953554482189","authorIdStr":"3565953554482189"},"themes":[],"htmlText":"Gd","listText":"Gd","text":"Gd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/372174523","repostId":"1182095018","repostType":4,"isVote":1,"tweetType":1,"viewCount":164,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372174032,"gmtCreate":1619188365726,"gmtModify":1634287885163,"author":{"id":"3565953554482189","authorId":"3565953554482189","name":"Mr_Bright","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565953554482189","authorIdStr":"3565953554482189"},"themes":[],"htmlText":"[微笑] 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