thematiccrashbandicootpurpleripto'srampage: 2024 Fund High-Quality Development Conference: Hundreds of big names gathered to discuss new investment opportunities
On May 18, the Sina Finance 2024 Fund High-Quality Development Conference grandly kicked off! Regulators, top-class economists, more than 20 public fund leaders, nearly 100 fund managers, and nearly 30 popular financial and financial celebrities gathered in Pengcheng to talk about the development of the fund industry and new opportunities for fund investment!
The theme of this fund's high-quality development conference is "Helping new quality productivity to work together for high-quality development." Under the guidance of the "Nine Principles of New China", the capital market has become a key platform for corporate financing and promoting economic transformation, while new productivity is the core driving force for the economy to develop towards high-quality, efficient, fair, sustainable and safe. At this event, Dou Yuming, Wang Fan, Qi Bin, Wang Yiping and other asset management industry leaders; Liu Yuhui and other top economists; Guo Lei, Liu Chenming and other seller research leaders; Liang Xing, Wang Qunhang, Li Wenliang and other investment research celebrities came to the site, and hundreds of important guests gathered to witness the industry honors, discuss future investment trends, and ponder how to help new quality productivity!
Liu Chenming, chief strategic analyst of Guangfa Securities, attended the meeting and delivered a speech. Liu Chenming said that when the economic or industrial cycle breaks out, the market pays more attention to and cares about the elasticity of ROE molecular profits. However, as the underlying foundation of the domestic economy changes, the market's value mining of ROE will gradually shift from focusing more on numerators (profit elasticity) to focusing more on denominator (changes in net assets) in the past.
The discussion of net assets at the denominator end is actually talking about the return of the stock itself. The dividend yield is the result of trading. It is the dividend divided by the current market value. It more represents the valuation logic. When we discuss this set of logic itself, the most important thing is the judgment of cash flow. Only if there is enough sustainable cash flow can this set of logic work.
And once this logic is worked out, how much impact will it have on the market? Assuming that a listed company wants to maintain a ROE level of 20%, this is very difficult in the history of A-shares, because since 2009, there have been only 20 companies that have been able to maintain A ROE level of more than 20%. If the dividend ratio is 0, to maintain the ROE level of 20%, theoretically, an annualized net profit growth rate of 25%, which is almost rare to see in both A-shares and other markets at home and abroad in ancient and modern times. If you increase the dividend ratio from 0 to 40%, you only need 13crashbandicootpurpleripto'srampage.6% annualized growth rate, this is much easier. If we increase the dividend ratio from 40% to 80%, and still maintain the ROE of 20%, we only need an annualized profit growth rate of 4-5, which is quite easy for domestic consumer goods.