After a violent rebound in the first half of November, the stock market has been shaken back in recent days. There was teasing again in the market, and China Merchants held a strategy meeting again.

The valuation system with Chinese characteristics has aroused heated discussion in the market. "Chinese prefix" Chinalco international H shares soared again this morning, rising by as much as 50% in two days.

China Merchants held a strategy meeting today.

Today, China Merchants held the 2023 capital market annual meeting in Shanghai, and China Merchants's strategy meeting came again.

According to the incomplete statistics of the masses of jokes, China Merchants's strategy will show a certain correlation with the performance of the A-share market, which may be the concern caused by some kind of chance.

Of course, if you make fun of it, you can still seriously study the strategy meeting and find out what nutritious content is worth paying attention to.

In the valuation system with Chinese characteristics, stocks with Chinese prefix soared by 50% in two days.

In recent days, the valuation system with Chinese characteristics has attracted attention, and major securities firms and researchers have followed suit. Yi Huiman, chairman of the China Securities Regulatory Commission, said in his keynote speech at the annual meeting of the 2022 Financial Street Forum that we should have a deep understanding of the distinct Chinese elements and development stage characteristics reflected in our market system mechanism, industry structure and main body's sustainable development ability. we should deeply study the applicable scenarios of mature market valuation theory, grasp the valuation logic of different types of listed companies, and explore the establishment of a valuation system with Chinese characteristics. Promote the function of market resource allocation to be brought into better play.

Over the past two days, the market has responded enthusiastically, with strong performance of medium-prefix state-owned enterprise stocks. Chinalco's international A shares rose by the daily limit again, with H shares up 27% at one point in intraday trading, up 25% yesterday and more than 50% in two days.

China International Capital Corporation's research team said that exploring the establishment of a valuation system with Chinese characteristics and promoting the function of market resource allocation to better play is an important and realistic issue in China's capital market. On the issue of the structure and valuation of listed companies, the speech mentioned the characteristics of the listed company structure of China's capital market with the coexistence of various forms of ownership, covering all industries and the common development of large, small and medium-sized enterprises. it is also pointed out that we should "have a deep understanding of the distinct Chinese elements and development stage characteristics embodied in our market system mechanism, industry industrial structure and main body's sustainable development ability." Deeply study the applicable scenarios of mature market valuation theory, and grasp the valuation logic of different types of listed companies. We believe that from the perspective of the valuation system of the overall market, especially the A-share market, although the degree of internationalization of A-shares has increased in recent years, domestic funds still dominate market pricing, and the valuation of A-shares is more determined by internal fundamental expectations, liquidity and risk premium.

China International Capital Corporation believes that A-share valuation structure has room for improvement, especially some banks and state-owned listed enterprises and other valuations are long-term, generally low. Structurally, the valuation of A-shares is not balanced. The valuation trend of banks and state-owned listed companies has declined in the past decade, and is now at a low level in the historical range, which contrasts with the relatively resilient fundamentals of China's banking industry and state-owned enterprises in recent years.

Guoxin Securities Strategy team also said that the establishment of a valuation system with Chinese characteristics is an important link in the road of financial development with Chinese characteristics. At present, the valuation center of A-share is relatively healthy, and there is a great correlation between industry valuation structure and fundamentals. under the guidance of high-quality development, the intersection of industrial structure of listed companies is expected to increase in the future. on the existing basis, further understanding and grasping the valuation logic under different industrial structures is an important link in the road of financial development with Chinese characteristics.

Guoxin Securities believes that the level of valuation directly reflects the degree of market recognition of listed companies, and investors are expected to further understand the intrinsic value of state-owned enterprises in the process of "training internal skills" and "strengthening public awareness" of state-owned enterprises. there is some room for improvement in the valuation center of listed companies of state-owned enterprises, especially those in emerging industries.

"Avatar 2" is scheduled for release.Film and television stocks soar

"Avatar: the way of Water" ("Avatar 2") is scheduled to be released in mainland China on the morning of November 23rd, according to the latest news from 20th Century Film Industry official Weibo Corp.

Affected by this positive effect, a number of film and television entertainment stocks soared, with Chinese films up nearly 8% and closing up 5.17% at noon. Wanda Movie rose 1.87%.

A number of film and television stocks in Hong Kong rose, Cat's Eye Entertainment rose 4.37%, BABA Pictures rose 3.66%, and IMAX China rose 11.75%.

Citic Construction Investment previously pointed out that the recent news of the resumption of domestic films and the introduction of imported films may be a supply-side recovery signal, but the demand side still needs heavy movies to boost the demand for cinema. Avatar 2 will be released in North America on December 16, and it is recommended to pay attention to the progress of domestic introduction. If supply and demand recover synchronously, the targets of benefit are expected to include the studios that benefit from the recovery in demand for cinema and the leaders who benefit from the performance of the market.