In the industry, Jinglin assets is not only a trillion-level private equity firm, but also a representative of long-term investment.

On the afternoon of July 28, Gao Yuncheng, managing director of Jinglin assets, attended an event and expressed his latest views on the recent volatility of the stock market.

He believes that since last Friday afternoon, there has been a typical butterfly effect in the market, followed by anxiety and even wavering sentiment among investors. But the fundamentals of most investments remain unchanged and are more of a discount to valuations.

Gao Yuncheng judgmentNow the rules of the industry can be seen more clearly, the competition among enterprises in the industry will gradually become more benign from white-hot competition and irrational competition, the rhythm may also ease, and the number of new entrants will also decrease.

The following is the full text of the roadshow:

It's a very interesting time today.

I believe that all fund managers investing in the secondary market have experienced more memorable days in their careers in the past four trading days.

There was a typical butterfly effect in the market last Friday, which first disappeared from the supply of an industry, bringing a pullback in the share prices of relevant listed companies and worries about many industrial policy changes in the market.

This concern is even more evident in the Hong Kong and overseas Chinese stock markets. Many investors, including hedge funds, bullish funds and sovereign wealth funds, have been anxious, skeptical and even shaken in the past few days.

Many listed companies adjusted their share prices by 25-30% only in July. In the past four trading days, it is more obvious that some companies have lost 1/4 of their market value, but how many of them have changed their fundamentals?

Except for individual industriesThe fundamentals of most industries remain unchanged and are more of a discount to valuations. This is an unusual phenomenon.

I flew to the meeting this morning. During the flight, the changes in the stock market in the morning could not be seen. If the flight lasts for a year or two, will investors still panic? Half a year later, will the enterprise really change greatly?

The vast majority of enterprises will not have this kind of change, the market excessively deduces a lot of things. The market will slowly show mood repair and clarification of a lot of speculation.

We still need to get back to the nature of investment:Observe the corporate profits of the next 1-2 years and the business model of 3-5 years, and think about these issues clearly.

The intensity of competition in the industry will decline

After the market saw the introduction of regulatory policies, the first reaction of thinking was that the industry was hit, and the share prices of the corresponding listed companies fell.

However, have investors thought deeply that China has introduced various industry regulatory policies one after another in history, including policies for finance, P2P, entertainment, games and other industries. Regulatory policies are more normative and help the industry continue to integrate.

The first reaction of investors is to be nervous, but it takes a second layer of thinking to observe:In this regulatory environment, the competition pattern of related industries will become more stable, and it will be more difficult to emerge new challengers in the future.

Within the scope of market economy, it is necessary to set up industry rules. The Internet, for example, has been ahead of the rules in the past, and the rules have been chasing the industry.Now the rules of the industry can be seen more clearly, the competition among enterprises in the industry will gradually become benign from white-hot competition and irrational competition, the rhythm may also ease, and the number of entrants will also be reduced.

In addition, demand and supply should be analyzed. For example, the emergence of regulatory rules does not mean that the demand for online entertainment, communication and ordering takeout will disappear.Supply may be disrupted in the short term, but supply will be more orderly in the future.

From a long-term perspective, after the standardization of the industry, there are more rulesThe intensity of competition in the industry will decline, the valuation of listed companies after a period of disturbance, investors will revalue the anchor.

Generation Z redefines consumer goods

Under the changes of China's population pattern, the impact of Generation Z on large-scale consumer industries is worthy of attention. (note: generation Z is a popular Internet term, which refers to people born between 1995 and 2009, also known as the Internet generation, the Internet generation)

The core characteristics of Generation Z: especially have a sense of national self-confidence, the consumption rate is very high, but not unique money, but spend all the money. This generation cares more about the quality of goods than imports or homemade products, which is very different from those over the age of 35.

Over the past two decades, China's contract manufacturing and independent R & D capabilities have improved rapidly, and local consumer goods companies are good at doing consumer insight on the Internet and have a keen interaction with consumers.

Take the new type of tea as an example. In Generation Z, milk tea is the tea of love tea and Nai Xue. These teas redefine milk tea, instead of milk tea as the prototype of black tea and milk in the past. This is similar to before, Coca-Cola Company defined soda to some extent.

From the new tea phenomenon, it can be seen that good product strength and R & D level are very important. Generation Z, as the "aboriginal people of the Internet", has more openness and acceptance to the brand, but pays more attention to product power.