招商证券（CMS）将腾讯的目标价格从470美元小幅上调至 474 美元，维持一个 超重 评级。此次调整是在腾讯在游戏业的强劲复苏和广告增长的推动下，腾讯在24年第二季度表现强劲之后进行的，这导致利润超出预期。
腾讯24年第二季度的收入符合预期，而利润超出预期。
CMS预计腾讯的收入为 gro...

关键要点：
1. 恒生指数在2023/05/22至2023/06/02的前两周下跌了2.57%，所有12个恒生指数行业都出现了下跌。其中，恒生医疗保健板块下跌了1.51%，超过恒生指数1.06个百分点，位居12个恒生指数行业的第三位。
2. 5月22日，康宁公司...

1. 中国的监管紧缩让投资者感到困惑和震惊。大多数外国投资者以前从未在其他市场上经历过如此广泛的政府干预。
2. 这是中国的常规操作方式，他们在过去的20年里对多个行业进行了监管，这次也不例外。
3. 例如，你们中的一些人可能还记得2008年的三聚氰胺奶粉丑闻。21家公司受到了过量三聚氰胺的污染，包括蒙牛和伊利，这两家如今中国最大的乳制品公司。中国政府对这个行业进行了监管，并对一群犯罪者进行了处罚，其中包括死刑和监禁。此后，这个行业得到了整顿，再也没有听到类似的问题了。 $蒙牛乳业 (02319.HK)$股价在2008年以来上涨了10倍，而 $伊利股份 (600887.SH)$涨了40倍。中国既没有摧毁这些公司，也没有将它们国有化。
4. 在下一个例子中，我作为一个投资者参与其中。这发生在2016年，当时中国正在打击腐败。如果你们中的一些人还记得，中国过去因为腐败而闻名。现在不那么闻名了。政府逮捕了许多高级官员以打击贪污行为，这些行为也降低了奢侈品的需求，如 $贵州茅台 (600519.SH)$下降了——当人们购买这些物品时，很少会被指控贪污。
5.   $东方表行集团 (00398.HK)$ is a luxury watch retailer with majority of the sales coming from China. It got hit because of the anti-corruption drive. I bought the stock at the low and the business and share price recovered after the drive ended. I eventually sold for a 1.5x return. Today, it is up 5x from the price I bought.
6. I was involved in the third example too. In 2019, China regulated the pharmaceutical industry. They introduced a two-invoice policy to reduce the middleman distributors to just two for any drug. China was plagued with rising drug costs which the man on the street could face affordability issues. The key problem was the unnecessary middlemen who marked up the costs. This policy sent the pharma stock prices down.
7. One of which was   $康哲药业 (00867.HK)$  I picked the stock up as the impact wasn't that big to them since they were a key distributor even under the new system. The share price recovered but I sold for a 34% gain because there was a short seller report that came up. Just wanted to err on the safe side. The company is still around today though and the stock went up as much as 2x from the price I bought at one point in time.
8. There were even more industries in which China had regulated in the past but I showed three examples here. Investors can in fact take advantage of these regulations as opportunities to buy stocks on the cheap.
9. Most investment literature is written by the west who operate in a system different from China. We cannot just adopt the same worldview and apply it to China. China is China. If you use other worldview to see China, you will only see what's wrong with it.
10. China is a central planning country and the government has a lot of power. This is unlike the US where legislative, executive and judicial powers are separated. Regulations are more effective in China than in the US (where they deliberate for months and still can end up in a stalemate). The features are cannot be more different.
11. 中国人有着家族制度和父系文化，父亲是家庭的头，负责管教孩子。这也反映了中国政府的行为方式。他们把自己视为国家的领导者，负责管教任何行为被视为对社会有害的人。
12. 以前人们不关心中国。但现在中国太大了，无法被忽视，他们带来了一种可能不为世界所习惯的文化。一些规则也会在不经意间被重新书写。

$康哲药业 (00867.HK)$你不仅身价十六岁，下周继续努力