In July, Gamma Data released the "2019 China Game Industry Semi-annual Report" — — In the first half of the year, the growth rate of China Mobile’s e-sports revenue was far ahead of that of client-side e-sports games, accounting for more than 60%.

　　Earlier, the Leisure Game Market Opportunity Research Report of 2018-2019, also from gamma data, pointed out that mobile leisure game users accounted for 66.4% of the total mobile game users in the past year, but leisure games only accounted for 6.6% of the mobile game market & hellip; …

　　Thanks to the demographic dividend of China and the rapid development of mobile Internet, mobile e-sports has gradually become the main force in the field of e-sports, but mobile leisure games are still a low-lying area with huge room for growth, which seems to mean that "mobile e-sports+leisure" will become an opportunity in the development tide of e-sports and games in China.

　　In the e-sports market, female users surged.

　　In the 2019 Tatan Elite Challenge, which just ended in Qingdao, 12 teams fought for two days, attracting thousands of live audiences and over one million online audiences. It seems that the e-sports event created by a light casual game also has strong box office and market appeal.

　　In fact, the Tatan Cup has been born for four years, and the popularity of "Ball-Ball Battle" is behind it.

　　As a casual game produced by Giant Network, official data show that there are more than 500 million users, 10 million daily activities and 150 million monthly activities, and the gender ratio of players is close to 4 to 6 (35% women and 65% men); In terms of age, 40.08% of the players aged 18 to 24, and 33.07% of the users aged 13 to 17 & hellip; …

　　The rise of "Ball Fight" has indeed caught up with the fast lane of China mobile e-sports development — — It was launched in mid-2015, which is earlier than many popular mobile games, but the precise positioning is probably more worthy of attention.

　　In the e-sports game market, especially on the mobile side, the scale of female users has surged.

　　Public data shows that from 2013 to 2018, the number of female players has increased from less than 80 million to 290 million.In the past, there were high barriers to heavy games, which made light games that focused on "leisure" just needed by the market. Its "popularization", such as relatively simple rules and operation, was not only more suitable for covering young people of all ages, but also met the needs of the rapidly growing group of female players.

　　In fact, not only female players, but also professional players in Tatan Classic, which is a difficult scene to see in other e-sports events.

　　Leisure+animation, the future industrial direction

　　Of course, there is still a long way to go from a popular game to a traditional e-sports event.

　　On the one hand, it benefits from the high stickiness of mobile e-sports users. According to the survey, the proportion of mobile e-sports users playing games every day is as high as 43.1%, and the proportion of playing games every week is also 25.3%, among which the proportion who are willing to watch events online is as high as 67.2%.

　　In addition, industry insiders also analyzed that while the competition of heavy game e-sports is intensifying, leisure e-sports built around light games is expected to become a "single product" in the market. Since 2016, Giant Network has successively launched a series of subdivided events such as BPL Professional League, Tatan Cup Elite Challenge, CEST Campus Challenge and BUC City Challenge, and deeply cultivated leisure e-sports.

　　It is worth mentioning that while maintaining the attributes of the game, leisure e-sports emphasizes the social functions in e-sports games.

　　According to statistics, "Ball Battle" creates a community online through team battles, seasons, leaderboards and other settings. On average, each player has 15+ friends, and the platform generates more than 12 million private messages every day, with a cumulative upload of more than 100 million selfies.

　　In terms of offline events, the Tatan Cup is closer to the carnival, with diverse scenes such as band performances, players meeting, audience interaction with the event presented together.

　　With the increasing social needs of young people, mobile e-sports has become a social product to some extent. According to the 2018 China Leisure Mobile Game Industry Report released by iResearch, 82% of leisure mobile game users said that they need to meet social needs in the game.

　　Producer Wu Meng has also said that social attributes will help game products to extend their life cycle. In fact, for leisure e-sports with weak antagonism, socialization is not only empowerment, but also its lifeline.

　　At present, giant network’s e-sports are actively seeking cross-border and circle-breaking. The previously launched "Journey" series has joined hands with the classic animation "Huluwa" to implant Huluwa elements in e-sports games. At present, the serial comics "Xingyun Brigade" and the virtual idol "Tatan" related to "Ball Fight" are also officially launched … …

　　Judging from the industry and market forecast, leisure, animation and massively multiplayer online e-sports and games still have considerable potential in the future.

　　The Paper reporter Chen Jun

Wisteria (Chinese painting) Wu Guanzhong is selected from the Chinese Art Palace (Shanghai Art Museum) "Chinese Scenery-Lin Fengmian and Wu Guanzhong Art Exhibition"

I read Wang Zengqi’s novel "The Apprentice", in which I wrote that the great grandfather of the fourth season was jealous of the people, and I thought of Mr. Wang himself.

Mr. Wang is famous for painting, and he also wants to be a painter. His father is a painter. He went to The National SouthWest Associated University at the age of 19. Mr. Wang once said that if he failed, he would go to the National College of Fine Arts. However, Mr. Wang has been admitted. If he fails, he will go to the Art College. Perhaps there will be another master in the history of modern painting in China.

The plot of The Appreciator is very simple, telling the story of a great painter and a fruit delivery vendor. It is also a story about a bosom friend. We all know that Yu Boya and Zhong Ziqi, one playing the piano and the other listening to the piano, performed a deep feeling of "high mountains and flowing water". Although Ye San is a fruit vendor, he knows Ji Xianmin and his paintings. Ji Xianmin’s paintings are never seen by people, but he can see them in Yuzryha. Ye San’s appreciation of his paintings is what Ji Xianmin is proud of. Ji Jian-min painted the wrong lotus, and Ye San pointed it out, so Ji Jian-min repainted it and gave it to Ye San. Sometimes Ji Jian-min gave Ye San a painting without the title, and Yuzryha San could sell it. Ye San said, I won’t sell any of your paintings. Sure enough, after Ye San’s death, according to his will, his son buried all the paintings given by Ji Yumin.

Mr. Wang Zengqi knows Chinese painting. He wrote this novel to pay tribute to the literati paintings in China after the Song and Yuan Dynasties (he knew many painters in ancient China), and also devoted his understanding of China ink painting (including techniques) to the text. For example, Mr. Wang painted the ink lotus and wisteria, such as "there is wind in wisteria, and the flowers are messy". Mr. Wang himself painted many wisteria with this kind of messy flowers.

During his visit to Iowa, Mr. Wang gave a speech entitled "My Creative Career". When talking about the relationship between China’s literature and painting, he said that some people say that his novels are poetic novels, but he hopes that some people will say that his novels are picturesque novels.

This is really what Mr. Wang hopes, and it is also the case. Mr. Wang’s works are indeed full of painting meaning-China’s ink spirit, the art of blank space in Chinese painting.

He also visited some art galleries and museums in America. In the Boston Museum, he saw a Song Huizong’s copy of Zhang Xuan’s "Dao Lian Tu" and admired it immensely. He mentioned this painting in a conversation and said, "That thread is so long that I can’t wait to kowtow to it when I write it." In the novel, Mr. Wang used Zhang Daqian to write about the painting of Mohe lotus by Ji Yumin, saying that "the lotus leaves he painted are not hooked, and the lotus stalks are not pricked, and he likes to make them long, and the lotus stalks are very long, and they are all in one stroke." This is all Mr. Wang’s own experience.

Author: Subei

Text: Northern Jiangsu Picture: Wu Guanzhong Editor: Wu Dongkun Editor: Shu Ming

Please indicate the source when reprinting this article.

　　Tomorrow, our mobile phone will be screened by Buffett again!

　　At 22:15 Beijing time on May 4th, the annual shareholders’ meeting of Berkshire Hathaway will be held in Omaha, USA. It is estimated that about 30,000 shareholders will attend, and millions of people will watch it online. The most noteworthy issues of this shareholders’ meeting include:

　　Who is Buffett’s successor? — — Bashen is 88 years old and Munger is 95 years old.

　　What about Berkshire’s more than $110 billion in cash? — — Look at the company’s share price of $320,000. Do you still think Maotai is expensive?

　　The repurchase scale will be as high as $100 billion? — — There are not many good companies worth buying, so I have to buy myself.

　　However, for A-share investors, they may be more concerned about this question: What does Buffett think of the China market? Which stocks of A shares meet its stock selection criteria?

　　Which A shares can enter the eyes of the law?

　　There are many criteria for Buffett’s stock selection, but there are clear quantitative criteria. He only said one sentence, that is, the annual return on net assets (ROE) is greater than 20% for 10 consecutive years.

　　The so-called return on equity (ROE) is the ratio of company profits to shareholders’ equity. It represents the investment income of investors, in short, how much money the enterprise can earn for investors.

　　ROE is a measure of a company’s long-term profitability. The higher the ROE, the higher the net profit it earns with the same shareholder capital investment. According to Coca-Cola’s standard, that is, keeping the ROE above 20% for 10 consecutive years, it is the company that Buffett may like.

　　So, which companies in A shares meet Buffett’s standards?

　　Wind data shows that in the 10 years from 2009 to 2019, among the listed companies whose ROE (deduction/dilution) continuously exceeds 20%, there are only five listed companies in A shares, namely Kweichow Moutai, Haitian Weiye, Gree Electric, Yanghe and Chengde Lulu.

　　The average share price increase of these five listed companies in the past 10 years is 690.49%, and the annualized rate of return is 22.97%. The biggest increase is Kweichow Moutai, which rose 12 times in 10 years, followed by Gree Electric, which rose more than 11 times in 10 years.

　　If we relax the ROE standard to 15%, that is, we will keep the ROE above 15% for 10 consecutive years. So, how many companies in A shares meet this standard?

　　Wind data shows that in the 10 years from 2009 to 2019, there were 14 listed companies with ROE (deduction/dilution) exceeding 15% continuously, namely Shuanghui Development, Kweichow Moutai, Haitian Weiye, Hikvision, Gree Electric, Huadong Medicine, Yanghe, Chengde Lulu, Hengrui Pharma, Chongda Technology, dongfeng shares, Fuyao Glass and so on.

　　The average share price increase of these 14 listed companies in the past 10 years is 551.72%, and the annualized rate of return is 20.62%. Among them, Hengrui Pharma, Kweichow Moutai and Gree Electric rose more than 10 times, while Huadong Medicine, Hikvision and Golden Mantis rose more than 5 times.

　　Is Bashen’s strategy unacceptable?

　　In the past 10 years, what is the investment income of Warren Buffett?

　　According to media calculations, if an investor bought a dollar of Berkshire stock 10 years ago, the return today is about $2.4, but if this dollar is invested in the Standard & Poor’s 500 Index Fund, the return today is about $3.2. In other words, in the past 10 years, the income from investing in Berkshire has not been as high as that from investing in the S&P 500 index fund.

　　In 2018, the worst performance of global financial assets in the past 100 years, the "stock god" seems to be unhappy. Suffering from various "thunder" such as Apple’s performance falling short of expectations and Kraft Heinz’s performance changing face, Berkshire lost more than $25 billion in the fourth quarter of 2018, but still earned more than $4 billion in the whole year.

　　But in A-share market, Buffett’s stock picking strategy still seems feasible.

　　In the past decade, 108 A-share stocks have increased more than 5 times, and 29 have increased more than 10 times. The median ROE of these 29 stocks is 14.88%. During this period, the Shanghai Composite Index rose by 24.72%, the Shanghai and Shenzhen 300 Index rose by 50.2%, the CSI 500 Index rose by 74.59%, and the Shenzhen dividend index rose by 132.51%.

　　Obviously, those companies with long-term earning ability and dividend-paying ability can surpass the market if they buy at a reasonable price. However, it should be pointed out that value investment is by no means equal to an ROE index, and the stocks selected according to it are not necessarily suitable investment targets, but only help us find out those good companies more easily.

　　The above data illustrates two problems:

　　First, as Buffett said: "By investing in index funds regularly, an investor who knows nothing can usually beat most professional fund managers." Buffett has recommended index funds for more than ten times.

　　In Buffett’s view, the vast majority of investors rarely invest in index funds, and as a result, their performance in investing in stocks is mostly just mediocre, or even disastrous. There are three main reasons for the loss of investment stocks:

　　1. The cost is too high, investors buy and sell too frequently, or the expenses are too large;

　　2. Investment decisions are made according to gossip or market trends, rather than after careful consideration and quantitative analysis of listed companies;

　　3, blindly chasing up and down, buying or selling at the wrong time.

　　Second, practice has proved that the companies with the strongest earning power in A-shares can bring rich long-term returns to investors.

　　The overall growth level of A-share listed companies is better than the average level of social enterprises. The long-term stock price trend charts of leading enterprises such as Gree Electric, Vanke A, China Merchants Bank, China Ping An and Fuyao Glass are all consistent with the development path of enterprises.

　　The method of value investment has not failed in A-shares. In fact, A-shares will create a good opportunity for value investors to pick up bargains every few years, making it easier for investors to meet good prices. Numerous masters have emphasized that all investment is to find a good industry, a good company and a good price.

　　Finally, Buffett has bought two China stocks so far — — China Petroleum and BYD.

　　In 2003, Buffett bought H shares of China Petroleum at a price of HK$ 1.6, and cleared the position when the share price reached HK$ 13.5 in 2007, with a four-year income of more than 7 times (the reinstatement factor has been considered, the same below). When Buffett bought it, the P/E ratio of China Petroleum was only 5 times, while when China Petroleum was listed on A-share in 2007, the P/E ratio of 48 yuan’s opening price was as high as 63 times.

　　In 2008, Buffett subscribed for 225 million shares of BYD at a price of about HK$ 8 per share. At present, Buffett still holds shares in BYD, and its latest share price is HK$ 53.55, and its income has exceeded five times. When Buffett bought BYD shares, the corresponding P/E ratio was only 10.2 times. At present, its latest P/E ratio is 39.29 times.

　　China securities journal Song Zhaoqing