[trend of individual stocks]

April 10th to 14th.

Last week, the Hang Seng Index rose by 0.53% and the Hang Seng Technology Index fell by 1.74%.

() Shares of Hong Kong stocks fell by 0.26% last week.Last week, the total turnover was 4.33 billion Hong Kong dollars. As of last week’s close, the stock price of Hong Kong stocks was 226.80 Hong Kong dollars, with a market value of 660.247 billion Hong Kong dollars. Hong Kong stocks fell 1.31% this month, up 17.76% this year and down 5.42% in the past 52 weeks.

[Company comparison]

[Related News]

Buffett: BYD is an "excellent company". Selling BYD shares will make the capital better allocated.

Buffett said that the sale of BYD shares will make the capital better allocated. BYD is an "excellent company".

(): Received the Notice of Designated Development from BYD Company.

Shengbang shares announced that it had received the Notice of Fixed-point Development, and BYD decided to choose the company as the spare parts supplier of one model.

(): We have not cooperated directly with BYD yet, nor have we supplied PCB products to BYD in large quantities indirectly.

Jinlu Electronics said on the interactive platform that the company maintains a good and stable cooperative relationship with major new energy customers; The company has not directly cooperated with BYD, nor has it supplied PCB products to BYD in large quantities through indirect means; In the future, the company will focus on new energy vehicles, energy storage and other fields for business development, and actively expand vehicle companies and Tier1 customers while consolidating existing battery manufacturers’ customers.

(): The company has a variety of products that are promoting cooperation with BYD.

Recently, Gaomeng New Materials said in an investor survey that the company has many types of products that are promoting cooperation with BYD. In terms of NVH sound insulation, vibration reduction and noise reduction materials, Wuhan Huasen, a wholly-owned subsidiary of the company, has reached cooperation intentions with BYD on several projects, and subsequent specific cooperation is under further negotiation and promotion; In terms of adhesive materials, the company and BYD are conducting technical exchanges and docking of several projects. Some products have passed the test and become qualified suppliers of BYD. Waiting for the tender in the middle of the year, it is uncertain whether the final products can enter BYD’s supply chain.

Berkshire Hathaway’s shareholding in BYD H shares decreased from 11.13% to 10.9%.

According to HKEx documents, Buffett’s investment company Berkshire Hathaway reduced its holding of BYD H shares to 10.90%, compared with 11.13% before, and sold 2.48 million BYD H shares on March 31.

BYD has applied for the trademark Yunqi.

According to Tianyancha App, on April 10th, BYD released Yunqi Intelligent Body Control System, aiming at systematically solving the body control problem in the vertical direction. The product matrix of Yunqi includes Yunqi -C, Yunqi -A, Yunqi -P and other products. Tianyancha App shows that BYD Co., Ltd. has applied for the registration of "Yunqi", "Yunqi -A" and "Yunqi -P" trademarks. The international classification is transportation, and the current trademark status is under application.

BYD Yunqi Intelligent Body Control System officially released.

According to the Securities Times, on April 10th, BYD Yunqi Intelligent Body Control System was officially released. At the event site, Wang Chuanfu, chairman and president of BYD, said that Yunqi is the first exclusive intelligent body control system for new energy in the industry, which not only fills the technical gap in China, but also achieves a breakthrough from 0 to 1, and even surpasses the foreign technical level, achieving an improvement from 1 to 2. It is reported that Yunqi will be mounted on the flagship model of BYD Dynasty Ocean, Tengshi, Wangwang and BYD professional personalized brand models.

Shell BYD joint venture company changed its name and added car wash service to its business scope.

Tianyancha App shows that on April 6, Shenzhen BYD Electric Vehicle Investment Co., Ltd. changed its business name to Shenzhen Shell BYD Electric Vehicle Investment Co., Ltd., and at the same time, the business scope added car wash service. The company was established in June 2014 with a registered capital of 300 million RMB. In December 2022, the original shareholders of the company, Shenzhen Shendian Power Sales Co., Ltd. and Rongming Investment Management Partnership (Limited Partnership) in Ningbo Meishan Bonded Port Area withdrew, and Shell (China) Co., Ltd. became a shareholder, holding 80% of the shares, while BYD Automobile Industry Co., Ltd. reduced its shareholding to 20%.

BYD studies building new factories in Germany and Hungary.

According to Interface Finance Association, citing Spanish newspaper Expansion, BYD is studying to build new factories in Germany and Hungary.

BYD’s 4S shop appealed to Tesla for commercial defamation dispute.

Tianyancha App shows that recently, Tesla (Shanghai) Co., Ltd. added a second trial announcement, the cause of which was a commercial defamation dispute, and the appellant was Anqing Fengdi New Energy Automobile Sales and Service Co., Ltd. (BYD Auto Ocean Network Anqingfengdi 4S shop). The case will be heard in the Intermediate People’s Court of Anqing City, Anhui Province on April 17. According to previous media reports, Anqing Fengdi 4S store was sued by Tesla for publishing a short video with the caption "Porsche owners see BYD as unstoppable as a Tesla without brakes". The court held that by fabricating and disseminating misleading information, the defendant gave the existing and potential consumers of Tesla the misleading information that Tesla had no brakes or had problems with the brakes, which constituted commercial slander, and sentenced Anqing Fengdi 4S shop to publish a statement apologizing and compensate Tesla for economic losses of 50,000 yuan.

BYD is considering building a new super factory in Spain.

BYD is considering building a new super factory in Spain, according to the report of Bloomberg quoted by Interface Finance Association.

Indonesian officials: Negotiations will be held with BYD on electric vehicles in May.

According to Interface Finance Association, Indonesian officials said that they would hold talks with BYD on electric vehicles in May.

This article comes from the theme of Hong Kong-US Datalink. Click to read more about Hong Kong-US companies > > >

On February 13, 2023, Krypton announced the completion of Series A financing of $750 million, with a post-investment valuation of $13 billion. It is reported that this round of financing is invested by Professor Amnon Shashua, founder and CEO of Mobileye, a well-known autonomous driving technology company, and five ecological partners, namely Contemporary Amperex Technology Co., Limited, Yuexiu Industrial Fund, Trade Fund and Quzhou Xin An Zhi Creation Fund.

We can see that this round of financing has not only new strategic investors to join, but also the strong support of existing shareholders. In particular, Contemporary Amperex Technology Co., Limited, which is committed to providing first-class solutions and services for global new energy applications, has been a long-term strategic partner of Krypton, and has increased its investment in this round. The other four eco-partners also have rich industrial resources in their respective fields, especially in smart driving, power batteries, innovative materials and high-end equipment manufacturing. I have to say that the capital market is very optimistic about krypton.

An Conghui, CEO of Extreme Smart Technology, once said: "Co-creation and Co-investment" is an extreme business concept. We insist on co-creation with users and global high-quality ecological partners, jointly promote innovative exploration in the field of luxury smart pure electricity, and create the ultimate experience for users. Travel life. "

In fact, krypton is also very worth investing in. It not only relies on Geely’s profound heritage of more than 30 years, but also has Volvo’s century-old safety DNA and Lotus performance adjustment capabilities, and also has Geely Electric Vehicle Research Institute, Krypton European Innovation Center (CEVT) and Weirui Technology as the global strategic depth layout to realize the sharing of the underlying technologies.

It is understood that in the 2022 industrial Internet pilot demonstration list released by the Ministry of Industry and Information Technology, the 5G fully connected factory project of the extremely smart factory in Qianwan New District of Ningbo was successfully shortlisted. Krypton Smart Factory integrates emerging technologies such as 5G, industrial Internet, big data, digital twinning, AI, XR, etc., and builds a digital pedestal, which realizes low-latency and high-reliability collection, transmission, analysis and in-depth excavation of industrial big data, and forms an advanced factory with extensive connection of production units, deep integration of information (IT) operations (OT), full utilization of data elements, and efficient empowerment of innovative applications.

In addition to the blessing of giant power, Krypton is constantly innovating, stepping out of its own "third track" and breaking out of its own "Krypton speed". The uniqueness of the "third track" is that it is more thorough than the general traditional car companies, without historical burdens, operating in the way of Internet technology companies, and has pure user thinking; Compared with the new forces, Krypton, which has the blessing of giant power, has absolute advantages in technical architecture, quality assurance and supply chain system management.

Sales data is the best proof of users’ recognition of krypton. In February, Krypton delivered 5,455 vehicles, with an overall cumulative delivery of 86,519 vehicles, up 87.1% year-on-year and 75.1% quarter-on-quarter. Among them, the average order amount of Krypton 009 is 527,000 yuan, and the average order amount of Krypton 001 is 336,000 yuan.

In the future, I believe that Krypton can win more people’s love and create better data through the "Krypton Model"!

Red Star Capital Bureau reported on April 18th that Lei Jun, the chairman of Xiaomi Group (01810.HK), started a live broadcast in Tik Tok at 4 pm today, "Talking about the sale of Xiaomi SU7 these days". This is Lei Jun’s first live broadcast of Xiaomi Auto, with 100,000 viewers and 190 million likes.

The whole live broadcast lasted for 2 hours. Lei Jun showed the delivery center of Xiaomi Beijing factory, interacted with several owners of Xiaomi SU7, and connected with Wei Jianjun, chairman of Great Wall Motor (601633.SH). During the live broadcast, Lei Jun answered questions from netizens about "imitating Jobs" and "being a cool man".

Regarding the trend of auto executives opening Weibo and live broadcast, Wei Jianjun said that "the inclusiveness of the platform is much better than expected", and Lei Jun also thought that live broadcast communication was more direct.

"The first stage of Xiaomi Automobile was a success"

There is no plan to push off-road vehicles for the time being.

In the live broadcast, Lei Jun mentioned that it is too early to talk about the success of Xiaomi Automobile, but the first stage was a success. It takes a long time to build a car. Lei Jun said that Xiaomi is a long-term enterprise, and now it is necessary to grasp the quality of the car and serve customers well.

Lei Jun Tik Tok Live

Lei Jun also responded in the live broadcast that there is no plan to launch off-road vehicles in the future. "The off-road vehicles of the Great Wall are doing very well." Lei Jun reiterated in the live broadcast that the future model plan is confidential within the company.

Interestingly, in today’s live broadcast, Lei Jun also connected with Wei Jianjun, and the two sides made mutual comments on Xiaomi SU7 and Great Wall Tank 700, and made an appointment to communicate at the Beijing Auto Show.

Some netizens suggested that the price/performance ratio of the low-end models of Xiaomi SU7 is not high. In this regard, Lei Jun said that in industries with huge losses, cost performance is not discussed. He also said that pure tram companies basically don’t make money, and there is a ridiculous one that loses more than 100,000 yuan.

Sales are three to five times higher than expected.

Delivery was accelerated, 12 days ahead of schedule.

Regarding the acceleration of delivery, Lei Jun said that the sales volume of Xiaomi SU7 was three to five times higher than expected. A supplier meeting was held urgently a week ago, and the official version of Xiaomi SU7 began to be delivered on April 18, 12 days ahead of schedule. Xiaomi Auto Delivery Center has covered 29 cities nationwide and will cover 40 cities by the end of this year.

For the online delivery of netizens, Lei Jun said that the sales volume is three to five times higher than expected, which is also a headache. However, the partners are more powerful and speed up quickly.

Lei Jun repeatedly reminded in the live broadcast that Xiaomi SU7 is a family car, and advised the owner to obey the traffic rules and not to go to the track. He revealed that Xiaomi and suppliers are developing a complete set of track kits. In addition, Xiaomi V8s motor will be released at the end of this year, which Lei Jun said was prepared for the track.

Lei Jun specifically mentioned that he specially studied drift and tried to show it in May. He revealed that there are 50 or 60 people in the middle and high level of Xiaomi Automobile who have racing licenses.

Respond to the identity of "imitating Jobs" and "being a cool man"

For teasing him online to imitate Musk and Jobs, Lei Jun said that men’s suits are very similar, and jeans and shirts are often worn by engineers. "It’s just a shirt bump. If I imitate it, I can imitate it more like it. This is a injustice."

He is often compared with Musk on the Internet. Lei Jun said that Musk is a great entrepreneur and Tesla is an epoch-making great company in the history of the automobile industry. "Please don’t compare me with Musk. I think the two of us are not doing exactly the same thing. But we all help popularize science and technology and promote social progress. "

In the live broadcast, Lei Jun also denied the identity of "the first man in Shuangwen". He said, "I am at the bottom of my life, and there is no cold 4 billion in Cary", "I am not the top student in the college entrance examination" and so on.

Lei Jun’s "Millet Tooling" was previously on fire, with a limited edition of 800 pieces. It was sold out after being put on the shelves that day and was resold at a higher price on the second-hand platform. Lei Jun said in the live broadcast that the old tooling is no longer produced, and a new model will be released soon, which will be put on the Xiaomi Mall APP. For netizens urging him to build cameras and open Xiaomi canteen chain stores, Lei Jun stressed: "None of these will be done. Xiaomi Automobile is my last entrepreneurial project."

Red Star journalist Wu Danruo

Editor Deng Lingyao

　　The Press Office of the State Council will hold a regular briefing on the State Council policy at 3pm on Thursday, March 28th, 2024. Li Liangsheng, Vice Minister of Water Resources, and relevant officials of the National Development and Reform Commission, the Ministry of Justice and the Ministry of Housing and Urban-Rural Development will be invited to introduce the Regulations on Water Conservation and answer questions from reporters. Welcome to attend.

　　No interpreter will be arranged for the briefing, so you need to sign up. Please sign up before 5 pm on Tuesday, March 26th.

　　In order to get more information for reporters at the briefing, please send us your questions of interest and concern by email.

　　E-mail: notice@scio.gov.cn Fax/Tel: 65592311

　　Note: Please attend the press conference with the press card of the State Council Information Office, and always wear it during the meeting.

　　the State Council Information Office

　　March 25, 2024

NOTICE

The State Council Information Office

will hold a State Council Policies Briefing

at 3:00 p.m., March 28, 2024 (Thursday)

on the topic of

the Regulations on Water Conservation

　　Speakers:

　　Mr. Li Liangsheng, Vice Minister of Water Resources

　　Officials from the National Development and Reform Commission, the Ministry of Justice, the Ministry of Housing and Urban-Rural Development? ?

　　No interpretation services will be provided.

　　Please confirm your participation before 5:00 p.m., March 26, 2024 (Tuesday).

　　NO. 11, West Chang’an Avenue, Xicheng District, Beijing

　　All journalists attending are kindly requested to bring your press cards issued by SCIO and to wear them during the event.

　　Journalists wishing to cover this event can submit questions by E-mail to notice@scio.gov.cn

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The spy war giant Knife’s Tip will officially land in the national cinema at 17: 00 pm today (November 24). The film is based on Mai Jia’s novel of the same name, directed by Gao Qunshu, starring Zhang Yi, Huang Zhizhong and Lang Yueting, starring Cheng Taishen, Sha Yi, Gao Jie, Jin Shijia, Li Chun and Zeng Mengxue, and featuring Nie Yuan and Huang Lu. Since its premiere last week, the film has been screened and roadshowed in many cities. The ups and downs of the narrative, the suspense of reeling, the thrilling confrontation between light and dark and the wonderful performances of powerful actors have made the scene full of admiration.

Today’s film released a "breaking news", with the narration of "the broadcasting cavity of the Republic of China" and the novel way of archaizing the morning news broadcast, showing that Bai Dayi, a cryptographer in Guangxi, was shot dead under strict security, and Jin Shenshui (Zhang Yi), director of the communication department of Wang Pseudo Security Bureau, and Li Shiwu (Sha Yi), director of the anti-spy department, were caught in the unsolved case of assassination, instantly substituting people into the mysterious 1940 s. At the same time, the film also reveals six highlights, unlocking this "thrilling legendary spy war giant system" together, going deep into the tiger’s den and fighting in close combat.

Aspect 1: Gao Qunshu Maijia teamed up again Exploring the new legend of spy war after Wind

Mai Jia, winner of Mao Dun Literature Prize, is known as the "father of spy novels" in China. In 2009, the spy movie Wind, which was adapted from Mai Jia’s novels, was born and won 235 million box office, which not only set off a frenzy of contemporary spy film creation in China, but also won the highest score of Chinese spy film with a score of 8.4. As one of the directors of The Wind, Gao Qunshu and Mai Jia have cooperated for the second time, and their cool style and the complicated stories written by Mai Jia will surely spark more dazzling sparks in Knife’s Tip.

Director Gao Qunshu said frankly that the reason for filming Knife’s Tip after Wind was to "shoot something different" and focus on "the relationship between times and fate, and how people survive". The story background of the film also left Shanghai, the most common spy war work, and turned its attention to Nanjing under the rule of Wang puppet regime in 1940. Gao Qunshu hoped to "salvage this history and not forget it". Such a breakthrough in Knife’s Tip has also been affirmed by many parties. After watching the film, Professor Hou Guangming, member of Chinese People’s Political Consultative Conference and former party secretary of Beijing Film Academy, bluntly "brought new ideas to spy films"; Tian Huiqun, a professor at the School of Art and Media of Beijing Normal University, also believes that the plot of this film has broken through the genre film routine, making Knife’s Tip and Wind stand side by side.

Aspect 2: Zhang Yi’s strength deducts "the awakening of agents" Mai Jia praised the role growth "from iron to steel"

From Operation Red Sea to Above the Cliff, Zhang Yi has repeatedly portrayed classic characters on the big screen in recent years, and his role as a special agent Jin Shenshui with multiple identities in Knife’s Tip will surely become another memorable classic image of Zhang Yi’s screen career. In the movie, the special agent Jin Shenshui walks among the forces of the Japanese military, the puppet government and the military junta all day long, just like walking at the tip of a knife. Director Gao Qunshu said frankly: "Zhang Yi’s energy is infinite. His understanding of the role and his own appeal have reached a remarkable level, and it is still rising. The Jin Shenshui he plays closely matches the name of the role. As long as he stands there, it is the role itself."

Zhang Yi said that the role was his first time to play an agent on the big screen, and bluntly said that the film was about "the awakening of an agent". At first, the role was only for revenge, "until he met some comrades to help him find his faith and move closer to the anti-Japanese organization". Zhang Yi also thinks that the Knife’s Tip is different from the previous spy war theme. "The movie is mainly about life and what is the driving force of a person’s growth and change". Not only is the role growing, but Zhang Yi also revealed that Knife’s Point was a watershed in his performance. "I was encouraged and cared by the director during the filming of this play, and I became more confident after Knife’s Point". Even the original author, Mai Jia, said that he clearly felt the growth of Zhang Yi in this film, and climbed one step at a time, "from iron to steel".

Aspect 3: Lin Yingying, the "guide" and "legendary woman" of Jin Shenshui’s belief, impressed the audience.

In the movie "Knife’s Tip", agent Jin Shenshui once witnessed his family’s tragic death at the gunpoint of the Japanese army. He just wanted revenge and once lost his direction in life. Zhang Yi bluntly said that the role was "nothing more sad than the death of his heart". "He never had great love until he met his colleague, his comrade-in-arms, and Lin Yingying, who later became his friend, and he began to change". As a guide to help the confused Jin Shenshui walk into the light, Lin Yingying, played by Lang Yueting, is a legendary woman-she has a big lady’s manner and way of life, and at the same time she is a very strong and brave underground agent. She "blends Chou He’s family and hate together" and helps Jin Shenshui find the final belief.

Lin Yingying, played by Lang Yueting, was also well received by a large audience during the screening. The audience thinks that the film shows the real situation of women in that era in a diversified way, and some viewers bluntly say that the film will "show the wisdom and courage of female underground workers and sacrifice their righteousness to the fullest"; Zhang Wenjuan, an associate professor at the School of Drama, Film and Television of China Communication University, was deeply moved after watching the film. "She (Lin Yingying) is a wife and a mother, and she is also responsible for the nation.".

Aspect 4: the words of "truth acting school" determine success or failure Knife licking honey, life and death "werewolf killing"

Director Gao Qunshu once said that the most thrilling thing in spy war is often not reflected in the real fight, but "hiding a knife in words, killing people invisibly". Therefore, in the film Knife’s Tip, under the circumstances that many forces are intertwined and everyone has their own ulterior motives, the plot is full of wrestling and mutual frame-ups. Jin Shenshui uses the characteristics of everyone’s own ulterior motives to exert a "deviant plan" with great ingenuity. Sometimes a few words that are light in the clouds can instantly become a sword that stabs the enemy!

Life is like a play, it all depends on acting. In fact, it’s not just deep water, everyone is looking for a chance to defeat the enemy and save their lives. For example, Huang Zhizhong, who plays Lu Jingyu, the director of the Wang Puppet Security Bureau, said that because the role is in an important position, in order to protect itself and survive, it is necessary to constantly find a backer, "and kill others before being killed"; Sha Yi also thinks that his character Li Shiwu is a "die-hard traitor". Although he is bad, he has a "low IQ", so he is easily targeted. "You should watch the movie Knife’s Tip, so that everyone can know how to deal with the bad guys and learn from it". Such a "werewolf killing" story also made the audience say "too exciting": "There are performers in and out of the play", "I wouldn’t live in it for five minutes" and "It’s cool to watch the powerful actors act together, and one eye can translate eight sentences".

Aspect 5: "Seven Killings" is cruel, and the picture is artistic. Treading on thin ice walking on the tip of a knife

Director Gao Qunshu once said that the film wanted to express how people were "alive" in that era, so when reading Mai Jia’s novels, he summed up "Seven Killings". The whole story and all the characters revolved around the "Seven Killings". "Each kind of (killing) expressed the flickering humanity in troubled times, superb or poor means, and so on, which was also the characteristic of that era."

Whether it’s the "heart-killing" in the torture room, or the "assassination" with guns in the dark, or even the "serial killing" of hidden agents in the extreme of thousands of people, the enemy and the enemy are difficult to distinguish, and the crisis is around, the Japanese aggressors and Wang Pseudo’s "slaughter" of members of the anti-Japanese team, the "counter-killing" of hidden agents in adversity, and the "killing" of the front in the bullets. When the traitor is forced to the execution ground and is tried with one shot of justice, it is the final "lore", which means that "the road is not alone, and all walks of life are far-reaching"! The audience is also infected by the thrilling atmosphere of the film, which is "creepy, hearty", "thrilling, exciting and cruel, with a variety of penetrating power and shock, which makes people deeply immersed" … In addition, the visual effect under such impression also leaves a deep impression on the audience, "from bloody red to bloody red, to China red" and "the contrast between a rather artistic picture and a cruel scene symbolizes everyone.

Aspect 6: Bona Film Quality Assurance Industry insidersSupport the film quality

At the premiere of Knife’s Tip, director Gao Qunshu thanked Yu Dong for coming forward at a critical moment to include this film in Bona’s company. "It was his persistence that made us come to this day together.". As a sentimental filmmaker, Yu Dong, chairman of Bona Film Group, said that his admiration for director Gao Qunshu began a long time ago: "The director who made Conquest once again conquered me with his strength. Therefore, Bona is also fortunate to participate in the post-production work and assist the director to complete this work. " Yu Dong also said that he never worried that the story of "Knife Tip" was spoiled, "because this work is unsurpassed". Mai Jia even bluntly said that he and Gao Qunshu are the "cards" of this work, and with the help of Zhang Yi and Bona Film Group, which have been at the peak, "there is reason to be full of expectations for Knife’s Tip".

At the premiere ceremony, many industry guests were present to support Knife’s Tip. After the screening, everyone turned into tap water to express their love and support for the film. Yu-sheng Tian, the director of "Ex-4: Early Marriage", bluntly said that the way the film was told made him not expect that "there is no suspense in the plot, but the event is related to the entanglement of characters"; Liu Xiaoshi, the director of "The King of the Sky", also agreed that "it has a very strong personal style and characteristics and is very successful"; Yao Tingting, the director of "I am waiting for you at the end of time", admits that the film has a very good atmosphere and "brought me to a dangerous era at once"; Zhang Luan, the director of Teacher Good, even thinks that the film is "another work that can continue to write myths for spy war movies". Actor Jerry Lee expressed the belief conveyed by the film that "everyone’s faith will form a seed in his heart, and this seed will continue to take root and sprout"; Actor Rayza said that the film made all the actors beautiful, "eyes can’t move away"; Actor Xing Jiadong also bluntly said, "I can’t keep my eyes open for more than two hours"; Actor Wu Yue praised director Gao Qunshu for having a "clean, neat and delicate heart"; Actor Ma Yuke said that he was "very excited after reading it"; Bao Beier, an actor, admitted that the film was "excellent in terms of picture style, story and performance". In addition, screenwriter Song Fangjin called hard-core director Gao Qunshu "a combination of soft and hard" and "playing office politics and the world"; Screenwriter Wang Hailin bluntly said that he was "conquered by director Gao Qunshu in this way"; Yu Fei, the screenwriter, also said that this is "an epic masterpiece that shows the hidden front of the Anti-Japanese War". just as it is said"Sharpening the knife for five years" is thick and thin, and "unsheathed today" is extremely sharp. A film that can make you feel, move and resonate with your soul will officially meet the audience today!

　　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