Stock Market Low A Shares No Bubbles

Data show that the market value of listed companies which are mainly listed in China is US $7 trillion and 300 billion, while China's gross domestic product (GDP) is estimated at US $10 trillion and 400 billion in 2014. The 70% market capitalization rate of /GDP is lower than that of the Chinese stock market at 8 years ago by 110%, which is also lower than that of the current US 143%.

HSBC believes that the stock price rises and initial public offerings. shares (IPO) with the acceleration of pace, China's stock market will grow to $10 trillion by 2020.

Sun Yu, head of China Securities strategy at HSBC, said China Further opening up capital markets to overseas investors and loosening the control of IPO prices, global investors' demand for Chinese stocks will increase.

Sun Yu said in e-mail that the whole world Investor Obviously, it is now an opportunity to participate in the Chinese market.

The Shanghai Composite Index has soared 94% in the past 12 months, triggering some investors, including Mai Pu Si, of the emerging market group of dunpton. However, the valuation of China's stock market is still lower than that of the previous stock market.

According to Bloomberg data, the Shanghai Composite Index has a 20 times earnings relative to its announced performance, up to 49 times in October 2007. According to HSBC, China's stock market is still about 40% lower than that of 2007, according to the ratio of market value to economic scale.

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E-commerce instead of traditional business is due to the obvious defects of traditional business, but flatting does not mean that e-commerce can eliminate costs. The cost of traditional store rentals and manpower will disappear, and the cost of new brush advertising will replace the traditional cost. The most advanced platform of e-commerce platform will make traditional profits, so the traditional cost will also be changed. We recognize the trend of Internet marketing. Once the trend is formed, the best user experience and the establishment of a complete industry and credit chain are the key to success.

Ali's profit structure is changing. Quarterly Bulletin disclosure decreased by pay per click (CPC), this is because of adjusting the keyword auction ranking method, increasing the relevance of P4P, adding more personalized search, but directly reducing CPC. In the fourth quarter of last year, advertising revenue grew by only 20%, while Commission revenue accounted for 37% of the total revenue of the retail platform.

The rise of mobile terminal volume is a very important signal for the platform to customers, which means the decrease of advertising level and the increase of commission income. In analyzing quarterly reports, Da Mo pointed out that the accelerated growth of C2C turnover (especially in mobile terminals) may bring more "free" C2C turnover to merchants, while B2C turnover and commission growth will slow down.

The rising proportion of B2C brings rise to platform Commission revenue. For example, if B2C changes moderately, the platform needs to sell more virtual products and high margin products. If C2C turnover increases, it will not necessarily be beneficial to the platform. For ordinary customers, there are many choices in the era of mobile terminals. Both micro businesses, acquaintance circles, credit sales and so on are excellent ways to cut in. It is not necessarily the best way to increase the ranking of traditional advertising inputs. The electricity supplier is a tool, and it is also faced with various costs. Otherwise, there will not be more and more complaints since 2013.

The hollowing of traditional commercial platforms and the high cost of rent will force businesses to flee. If the electronic platform gets too high a monopoly premium, it will still be hollow.

The article about Taobao has caused a great stir. Reporters in the Alibaba training class was informed that at present, there are about 6000000 sellers in Taobao fairs, with less than 300 thousand real money making, accounting for only 5%. Tmall mall store, more than 60 thousand sellers, do not lose at least 10%. You can probably hear too much about the myth of Taobao and Tmall and tell you how much opportunity and wealth it has to make Taobao and Tmall. However, they did not tell you that many people died on the way to Taobao and Tmall.

Subdivision is also not optimistic. According to the Prospect Research Institute reported on 2013, domestic industry experts revealed that at present, Taobao has made 28 B2B cosmetics and B2C businesses in China, and 27 000 cosmetic shops have become cannon fodder. Online shopping businesses attract customers, which is lower than the maximum discount of thirty percent off of cosmetics stores, resulting in mixed product quality.

The same is true in the steel industry. It is reported that since 2013, over 200 enterprises have poured into the field of iron and steel business. At present, the vast majority of platforms are still burning a lot of money. Almost no platform has explored the real profit model.

Traditional companies, unless they have special genes, are not very successful in their own business platform. They are all subsidized traffic at the very beginning. After importing traffic, they still need to rely on various fees to make profits, so most businesses will find a large platform to settle in.

According to the Quarterly Bulletin released by Alibaba last December 31st, Cai Chongxin, vice chairman of the group, said that the number of active buyers of Ali increased by 27 million to 334 million. The company's mobile terminal has 265 million monthly active users, an increase of 48 million compared with the previous quarter. Although Alibaba's businesses have complained all the time, the adhesive force is still strong, which is the result of the adsorption capacity of the platform.