投资是一场反人性游戏！二十年投资老将：谨防低估值陷...
<section data-autoskip="1" style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; white-space: normal; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; text-align: center; box-sizing: border-box !important; overflow-wrap: break-word !important;"></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; text-align: center; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><mpvoice class="js_editor_audio audio_iframe js_uneditable" src="/cgi-bin/readtemplate?t=tmpl/audio_tmpl&name=%E6%8A%95%E8%B5%84%E5%B0%8F%E7%BA%A2%E4%B9%A6%E7%AC%AC46%E6%9C%9F&play_length=08:54" isaac2="1" low_size="1009.95" source_size="1009.9" high_size="1566.04" name="投资小红书第46期" play_length="534000" voice_encode_fileid="MzA3NjM5MjIwOV8yNjUxOTIwOTMy" data-topic_id="" data-topic_name="" data-pluginname="insertaudio" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"></mpvoice><span class="js_audio_frame db pages_reset audio_area " style="margin: 16px 0px; padding: 0px; max-width: 100%; display: block; line-height: 1.6; font-size: 16px; letter-spacing: normal; text-align: left; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span aria-labelledby="语音" id="voice_main_MzA3NjM5MjIwOV8yNjUxOTIwOTMy_0" class="appmsg_card_context db audio_card" style="margin: 0px; padding: 20px 16px 24px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: block; position: relative; background-color: rgb(247, 247, 247); border-radius: 8px; user-select: none; overflow: hidden; line-height: 1.4; -webkit-tap-highlight-color: rgba(0, 0, 0, 0);"><span id="audio_card_bd_MzA3NjM5MjIwOV8yNjUxOTIwOTMy_0" class="audio_card_bd" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: block;"><span id="voice_title_MzA3NjM5MjIwOV8yNjUxOTIwOTMy_0" class="audio_card_title" aria-describedby="语音标题" role="link" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word; font-weight: 700; font-size: 17px; color: rgba(0, 0, 0, 0.9); overflow: hidden; text-overflow: ellipsis; display: -webkit-box; -webkit-box-orient: vertical; -webkit-line-clamp: 2;">投资小红书第46期</span><span class="weui-flex weui-flex_align-center" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; -webkit-box-align: center; align-items: center; display: flex;"><span class="weui-flex__item" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; -webkit-box-flex: 1; flex: 1 1 0%; min-width: 0px;"><span class="audio_card_opr" style="margin: 0px; padding: 30px 0px 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: block;"><span id="voice_seekRange_MzA3NjM5MjIwOV8yNjUxOTIwOTMy_0" class="audio_card_progress_wrp" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; position: relative; display: block; outline: 0px; -webkit-tap-highlight-color: rgba(0, 0, 0, 0);"><span class="audio_card_progress" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: block; height: 1.2px; background: rgba(0, 0, 0, 0.1); position: relative; overflow: hidden; border-radius: 2px;"><span id="voice_progress_MzA3NjM5MjIwOV8yNjUxOTIwOTMy_0" class="audio_card_progress_inner" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; height: 1.19048px; background: rgba(0, 0, 0, 0.9); position: absolute; top: 0px; left: 0px; z-index: 1; width: 0px;"></span><span id="voice_buffer_MzA3NjM5MjIwOV8yNjUxOTIwOTMy_0" class="audio_card_progress_buffer" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; position: absolute; top: 0px; left: 0px; bottom: 0px; background: rgba(0, 0, 0, 0.19); width: 0px;"></span></span></span><span class="audio_card_tips" aria-labelledby="时长" style="margin: 0px; padding: 8px 0px 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: block; font-size: 12px; color: rgba(0, 0, 0, 0.3); line-height: 1.2; overflow: hidden;"><span id="voice_playtime_MzA3NjM5MjIwOV8yNjUxOTIwOTMy_0" class="audio_card_length_current" aria-hidden="true" style="margin: 0px; padding: 0px; max-width: 100%; float: left; box-sizing: border-box !important; overflow-wrap: break-word !important;">00:00</span><span id="voice_duration_MzA3NjM5MjIwOV8yNjUxOTIwOTMy_0" class="audio_card_length_total" style="margin: 0px; padding: 0px; max-width: 100%; float: right; box-sizing: border-box !important; overflow-wrap: break-word !important;">08:54</span></span></span></span><span id="voice_play_MzA3NjM5MjIwOV8yNjUxOTIwOTMy_0" aria-labelledby="播放开关" class="audio_card_switch" style="margin: 0px; padding: 0px 0px 0px 24px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><em id="audio_play_btn" class="weui-audio-btn" role="button" style="margin: 8px 0px 0px; padding: 0px; max-width: 100%; display: flex; -webkit-box-align: center; align-items: center; -webkit-box-pack: center; justify-content: center; width: 40px; height: 40px; background: rgb(255, 255, 255); border-radius: 50%; font-size: 0px; box-sizing: border-box !important; overflow-wrap: break-word !important;"></em></span></span></span></span></span></section></section><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); text-align: center; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(136, 136, 136); font-size: 14px; letter-spacing: 0.544px; box-sizing: border-box !important; overflow-wrap: break-word !important;">以上音频技术来自：讯飞配音</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); text-align: center; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p><br/></p><section data-tools="135编辑器" data-id="99383" style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; white-space: normal; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 10px auto; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: center;"><section style="margin: 0px; padding: 6px 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; display: flex; justify-content: center; align-items: center;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; height: 1px; flex: 1 1 0%; color: rgb(249, 221, 219); overflow: hidden; background-image: none; background-color: rgb(184, 42, 29);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: flex; justify-content: flex-end; align-items: center;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; width: 10px; height: 10px; flex-shrink: 0; color: rgb(249, 221, 219); overflow: hidden; background-image: none; background-color: rgb(184, 42, 29); transform: rotate(0deg);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section><section style="margin: -15px 0px 0px -5px; padding: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; width: 15px; height: 15px; flex-shrink: 0; color: rgb(249, 221, 219); overflow: hidden; background-image: none; background-color: rgb(184, 42, 29);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section></section><section data-brushtype="text" hm_fix="317:436" style="margin: 0px 0px 8px; padding: 0px 15px 4px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; font-size: 16px; color: rgb(172, 29, 16);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">投资小红书—第46期</strong></span></section><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: flex; justify-content: flex-end; align-items: center;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; width: 15px; height: 15px; flex-shrink: 0; color: rgb(249, 221, 219); overflow: hidden; background-image: none; background-color: rgb(184, 42, 29);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section><section style="margin: -13px 0px 0px -5px; padding: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; width: 10px; height: 10px; flex-shrink: 0; color: rgb(249, 221, 219); overflow: hidden; background-image: none; background-color: rgb(184, 42, 29); transform: rotate(0deg);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section></section><section style="margin: -13px 0px 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; height: 1px; flex: 1 1 0%; color: rgb(249, 221, 219); overflow: hidden; background-image: none; background-color: rgb(184, 42, 29);"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px; text-align: justify; background-color: rgb(255, 255, 255); caret-color: red;">”比尔﹒盖茨振臂疾呼道。</span></section></section></section></section><section data-tools="135编辑器" data-id="88287" style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(51, 51, 51); font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; white-space: normal; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><section data-role="outer" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section data-role="outer" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><section data-tools="135编辑器" data-id="88174" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px auto; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section data-width="100%" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; display: inline-block; width: 661.012px; vertical-align: top;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: center;"><section data-width="40%" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; display: inline-block; vertical-align: top; width: 264.405px;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0.5em 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; border-top: 1px dotted rgb(223, 223, 223); border-bottom-color: rgb(172, 29, 16); border-left-color: rgb(172, 29, 16); border-right-color: rgb(172, 29, 16); height: 1px; overflow: hidden;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section></section></section></section><section data-width="15%" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; display: inline-block; vertical-align: top; width: 99.1518px;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 5px 0px 10px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 0.8;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; width: 0px; display: inline-block; border-top: 0.8em solid rgb(172, 29, 16); border-bottom-color: rgb(172, 29, 16); height: 0px; overflow: hidden; border-left: 0.7em solid transparent !important; border-right: 0.7em solid transparent !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section></section></section></section><section data-width="40%" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; display: inline-block; vertical-align: top; width: 264.405px;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0.5em 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; border-top: 1px dotted rgb(223, 223, 223); border-bottom-color: rgb(172, 29, 16); border-left-color: rgb(172, 29, 16); border-right-color: rgb(172, 29, 16); height: 1px; overflow: hidden;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section></section></section></section></section><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px 10px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; font-size: 14px; letter-spacing: 0px; line-height: 2; color: rgb(160, 160, 160);"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px; color: rgb(172, 29, 16);">6月30日，小康股份的定增结果出笼，多和美投资公司悄然在列。小康股份今年上半年涨幅超过270%，而多和美投资公司的总经理正是曾担任过国信证券资管部投资总监的张益凡。</span></p></section></section></section><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: center;"><section data-width="40%" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; display: inline-block; vertical-align: top; width: 264.405px;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 18px 0px 8px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; border-top: 1px dotted rgb(223, 223, 223); border-bottom-color: rgb(172, 29, 16); border-left-color: rgb(172, 29, 16); border-right-color: rgb(172, 29, 16); height: 1px; overflow: hidden;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section></section></section></section><section data-width="15%" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; display: inline-block; vertical-align: top; width: 99.1518px;"><section style="margin: 10px 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 0.8;"><section data-bcless="spin" data-bclessp="30" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; width: 0px; display: inline-block; border-bottom: 0.8em solid rgb(172, 107, 16); border-top-color: rgb(172, 107, 16); height: 0px; overflow: hidden; border-left: 0.7em solid transparent !important; border-right: 0.7em solid transparent !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section></section></section><section data-width="40%" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; display: inline-block; vertical-align: top; width: 264.405px;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 18px 0px 8px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; border-top: 1px dotted rgb(223, 223, 223); border-bottom-color: rgb(172, 29, 16); border-left-color: rgb(172, 29, 16); border-right-color: rgb(172, 29, 16); height: 1px; overflow: hidden;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section></section></section></section></section></section></section></section><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px; color: rgb(0, 82, 255);">在张益凡看来，智能汽车时代，中美两国成为全球汽车工业的引领者，未来汽车将具备高科技和高价值量属性，长期投资机会必须要重视，而投资中最重要的事是只做懂的，对能力圈以外的事下注，无异于徒手博虎，长期看结果必然不好。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;">自1999年入行以来，张益凡已具有20年投资经验，他长期偏好具有真实现金流的消费等传统产业。对市场争议的低估值策略失效问题，张益凡认为，投资只看市盈率具有很大的误导性，看起来低估的企业未必低估，一定要重视真实的现金流和分红率。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><section data-tools="135编辑器" data-id="2175" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 10px auto; padding: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; border-width: 0px; border-style: none; border-color: initial;"><section data-brushtype="text" hm_fix="409:256" style="margin: 0px; padding: 0.45em 0.6em 0.45em 0.9em; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(255, 255, 255); border-left: 10px solid rgb(172, 29, 16); border-top-color: rgb(172, 29, 16); border-right-color: rgb(172, 29, 16); border-bottom-color: rgb(172, 29, 16); background: rgb(172, 29, 16);">关注现金流质量和分红率，避免低估值陷阱</section></section></section><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px; color: rgb(214, 168, 65);">券商中国记者：</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px; color: rgb(214, 168, 65);">从您20年的投资经验来看，投资如何才能取得超越市场平均收益？</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(0, 82, 255);"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;">张益凡：</span></strong></span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;">投资是一场反人性的游戏，就连A股市场年报业绩唯一没有出现过负增长的贵州茅台来说，估值也曾从30倍降到过10倍。这是一场反人性的游戏，要想做好投资，应该思考长期的事情，淡化短期排名，放弃平庸的机会，投资于能力圈内能看懂的公司，并对市场保持敬畏，时刻不忘提醒自我，我们做过深入的研究吗？我们有多高的确定性？</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px; color: rgb(214, 168, 65);">券商中国记者：</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px; color: rgb(214, 168, 65);">您也曾长期关注地产股，为何A股的地产股平均不到10倍PE，港股的部分地产股仅有两三倍的PE，但依然跌跌不休，低估值策略失效了吗？</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px; color: rgb(0, 82, 255);">张益凡：</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;">现在很多人投资时看市盈率指标，市盈率是DCF（现金流折现）模型的简化版，但实际上市盈率有很大的误导性。我们投资时不能只看市盈率，这是因为报表上的利润是可以粉饰的。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;">投资不能买只是看起来便宜的公司，我们更要看上市公司有没有分红，更深一个层次，我们要关注企业的真实现金流。有些公司是用债务给投资者进行分红的，这种模式注定不会长久的。比如说，有些房地产类上市公司的估值会低到4倍甚至2倍PE，但是这个利润是报表上的利润，它的自由现金流可能非常紧张，分到股东手里的就更少。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;">对于投资人来说，如果没有能分到手的长期可持续的高分红，长期拿着低估值的公司又有何意义呢？</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px; color: rgb(214, 168, 65);">券商中国记者：</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px; color: rgb(214, 168, 65);">您长期持有贵州茅台等白酒股，消费股为何会成为长期容易出大牛股的赛道？</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(0, 82, 255);"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;">张益凡：</span></strong></span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;">我们看传统行业，一般要看它能不能分红，分红率能达到什么水平。这种情况下，如果看PE低就认为它便宜，很可能就陷入了低估值陷阱。很多地产公司，还有资本开支很大的周期股，它的利润是覆盖不掉它的投入，报表上利润很高，但实际上没有什么自由现金流。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;">这种思考框架下，白酒就是我们选择出来的结果，这也是为什么消费是出长期大牛股的赛道。这类企业往往利润比较真实，大多数公司和行业都比较成熟稳定，不需要连续的大规模的资本开支，周期性也比较弱，现金流持续且可预测性强。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px; color: rgb(214, 168, 65);">券商中国记者：</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px; color: rgb(214, 168, 65);">近期部分公司“沾酒”疯涨，如何看待这一现象？</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(0, 82, 255);"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;">张益凡：</span></strong></span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;">白酒行业经过这么多年的洗牌，格局也比较稳定，从高端到次高端就十几个品牌，很难再有新的品牌出来和它们竞争。最近三年就重庆出现了一个江小白，但它的定位有局限性，很难做大。这几年汾酒和舍得做的比较好，它们都是有历史渊源，是有基础的，基本上高端的白酒公司就被几家占据了。白酒不会因技术变化而变化，也不会因人才变化而变化，无论一把手是谁，茅台就是茅台。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;">从历史经验来看，在一级市场投资白酒很难说得上成功。比如天士力1999年起就斥巨资打造国台酒，但其投资收益未必比得上在二级市场上买贵州茅台更成功。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><section data-tools="135编辑器" data-id="2175" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 10px auto; padding: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word !important; border-width: 0px; border-style: none; border-color: initial;"><section data-brushtype="text" hm_fix="409:256" style="margin: 0px; padding: 0.45em 0.6em 0.45em 0.9em; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(255, 255, 255); border-left: 10px solid rgb(172, 29, 16); border-top-color: rgb(172, 29, 16); border-right-color: rgb(172, 29, 16); border-bottom-color: rgb(172, 29, 16); background: rgb(172, 29, 16);">华为入局改写全球汽车行业竞争格局</section></section></section><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px; color: rgb(214, 168, 65);">券商中国记者：</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px; color: rgb(214, 168, 65);">除了传统的消费板块，你们还在哪些行业进行了布局？</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(0, 82, 255);"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;">张益凡：</span></strong></span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;">我们要投资我们能看懂的，要投资我们认为有确定性的机会。通过我们这些年的研究跟踪和不断的思考，我把一些事情想明白了，现在我们也比较看好新能源汽车板块的机会。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;">电动车行业当前正处于向电动化和智能化转型的重要时期，尤其是今年，这个趋势已经非常明显了。电动化就是碳中和，智能化就是AI，投资电动车就是投资碳中和AI这两个具有鲜明时代背景的大赛道。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;">我们长期偏好消费股，而新能源汽车除了科技属性外，还具有极强的消费属性。我们可以直观地从消费端感受到新能源汽车的产品力、品牌受欢迎程度，我们还能从上市公司处跟踪到每个月新能源汽车的产销数据，因此，我们在新能源汽车产业链上更愿意布局整车生产企业，而不是锂资源、隔膜、电池液等其它上游和中游板块。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;">我一直强调要对大行业有足够的重视，要找赛道足够宽的行业，前几年我比较关注房地产。汽车工业占GDP的比重仅次于房地产，市场规模足够大，而且汽车工业正快速进入电动化和智能化的时代，这个趋势从去年开始信号越来越明显了，这两年我们更要重视汽车这条赛道。汽车行业向电动化和智能化方向发展是和我们国家的重大战略非常密切相关的，未来汽车将具备高科技，高价值量属性，我们必须要重视。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px; color: rgb(214, 168, 65);">券商中国记者：</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px; color: rgb(214, 168, 65);">华为入局给新能源汽车行业带来哪些变化？</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(0, 82, 255);"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;">张益凡：</span></strong></span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;">智能汽车时代，中美两国成为全球汽车工业的引领者。美国是特斯拉和苹果，中国是华为带着它的小伙伴，中美两国引领全球智能汽车的发展。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;">日本和欧洲在移动互联网这块就落后了，在物联网和智能汽车这块华为一定是要领先它们的。在智能化方面，我相信华为，华为的智能化能力加上我国的制造能力，将改写全球汽车产业竞争格局。中国人几十年来期待的汽车工业实现弯道超车，终于要实现了，接下来五到十年会看到这个趋势会越来越明显，这个过程会带来巨大的投资机会。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;">工业制造方面一直是我国的优势领域，比如中国一旦能造家电产品，全球其它国家企业就不再是我们格力和美的等头部企业的对手，我国家电产量规模占全球的份额也达到60%以上。特斯拉能崛起很大程度上是受益于中国先进的制造能力，特斯拉上海工厂快速落地，挽救了特斯拉，也拉动了我国智能汽车配套产业链的快速发展。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px; color: rgb(214, 168, 65);">券商中国记者：</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px; color: rgb(214, 168, 65);">您如何看待新能源汽车的估值？燃油车中最好的丰田也就常年在2000亿美元市值上下波动，今年也不过3000亿美元。现在特斯拉一下到7000亿美元，蔚来700亿美元，理想300亿美元。实际上全球汽车销量的总盘子应该就1亿辆左右，人口就这么多，总销量不会有太多的空间了，为什么还能出现这么多几千亿市值的公司？</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px; color: rgb(0, 82, 255);">张益凡：</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;">用手机来说，过去功能机常常在上千元的价格带，但智能机的价格却上万元。最重要的因素，汽车产品本身发生了变化。智能汽车不再是一个简单的交通工具，智能汽车的功能将发生变化，汽车智能化之后他的产值一定会更高了，消费场景甚至是收费模式都会发生变化，总销量不会有太大的变化，但是智能化之后，人们在汽车上的消费场景会更多，单车的价值量也是更高的。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;">因为智能化、数据化之后，汽车就是一个行走的智能终端，你坐在里面肯定会有更多的引导你消费的场景在汽车里面发生。功能做的好，消费者自然会买单。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;">新能源汽车公司和丰田、大众等传统车企面临的未来是不一样的，新能源汽车公司不仅要市占率提升，而且单车价值量会提升，而传统燃油车面对的是来势汹汹的竞争者和颠覆者。</span></p></section></section></section><p><br/></p><p><br/></p><link rel="stylesheet" href="//www.fqlook.cn/source/plugin/wcn_editor/public/wcn_editor_fit.css?v134_nka" id="wcn_editor_css"/>
页:
[1]