评研阁

A chain of pan-fried dumpling shops in Shanghai is hiring retired employees, with a comprehensive salary of 3200 yuan/month.
Still in Shanghai, on September 1st, employees need to pay social insurance, while here we are looking for retired employees who do not need to pay social insurance and have even lower salaries.
You may say that Shanghai is stingy or self-interested, and I do not refute that at all, because it is indeed like this around me. Under the premise of adapting to policies, there are always ways to respond. Self-interest within the rules, this is Shanghai. $China Ping An (SH601318) $

The most optimistic sector in infrastructure is construction machinery, with three main reasons.
The first reason is that domestic construction machinery companies rapidly grew during the major infrastructure period of the last 20 years and have entered the global second tier. The technological gap is not large, but the prices are much lower than those in the first tier, providing a high cost-performance ratio compared to the world's top construction machinery companies, which adds a lot of leverage for exports. Compared to other infrastructure industries (steel, cement, etc.), the elasticity and risk resistance are stronger.
The second reason is that large domestic infrastructure projects are successively starting, and construction machinery is a prerequisite demand. This means that performance will improve more quickly. From a funding perspective, construction machinery is the first choice.
The third reason is that global geopolitical conflicts are gradually easing, and reconstruction projects are increasing. Our country is known for its infrastructure prowess; as infrastructure develops, it will also promote domestic construction machinery to go global, and this incremental growth cannot be ignored.
The combination of these three factors makes the logic of construction machinery more multidimensional.
This is how major cyclical industries work; they are silent when they are sluggish and come on strong when they return. $Sany Heavy Industry (SH600031)$

$Sany Heavy Industry (SH600031)$ I originally wanted to add to my position when the gap was filled, but I didn't expect there to be no opportunity; the main funds are too eager.

Japan is a very peculiar country. In 2024, the population has dropped to 120 million, a decrease of 910,000 compared to 2023, setting a historical low record. Although it is a developed country and has top-level healthcare and education benefits in the world, the population has been declining for 16 consecutive years, and people are just unwilling to have children.
Moreover, this population data is under the condition of continuously increasing immigration; without counting immigrants, Japan's population data would look even worse.
A little-known fact is that the largest group of immigrants in Japan is Chinese, surpassing Koreans last year. It is said that many are buying homes and settling there. $China Ping An (SH601318)$

Today, coal performance is also impressive, but China Shenhua is suspended from trading, resulting in lower activity. Shaanxi Coal Industry surged by 5.6%, and China Shenhua H shares rose by 5% during the session, setting a new historical high. In the high dividend sector, banks are leading the way, and recently, coal shows signs of a comeback. The A-shares continue to fluctuate around dividends and technology; dividends mainly focus on banks, coal, hydropower, public utilities, etc., with larger market capitalizations performing better. Technology focuses on AI and robotics, with funds favoring small-cap companies for potential flexibility. Hong Kong stocks remain the same, with a strong trend. There are two main lines running parallel: one is internet technology, and the other is innovative pharmaceuticals, while the state-owned capital dividend sector is also doing well, though it is smaller in scale and lacks some heat. If you can grasp the big direction, this year's returns won't be bad. $Shaanxi Coal Industry (SH601225)$

Let's talk about the impact of the "Announcement on the Value-Added Tax Policy for Interest Income from Government Bonds and Other Bonds."
Starting from August 8 this year, value-added tax will be reinstated on the interest income from newly issued government bonds, local government bonds, and financial bonds, at a tax rate of 6%.
This has a significant impact on the capital market, so let me clarify the situation for everyone.
The tax exemption policy for government bond interest was implemented in 1992, a time when I wasn't even born, which makes this policy quite advanced and in line with international standards. Up to now, the majority of government bond interest globally is still borne by national finances.
So why break the 33-year tradition this year and reinstate value-added tax on government bond interest? The more official interpretation is that the tax incentive policy has completed its historical mission, and financial considerations aim to prevent excessive liquidity.
I looked at the latest scale of government and financial bonds, with an outstanding balance of 133 trillion yuan. If taxed at 6%, the subsequent income from interest value-added tax is roughly around 100 billion yuan.
The actual purpose is really twofold: one is to suppress the overheating of the bond market, as buying government bonds has been too crazy in the past two years, with many funds not investing but lying flat to earn interest, which is not conducive to the effective use of funds; the other is that this amount is not trivial and can alleviate financial pressure.
For the capital market, it is a short-term benefit, as it can force some funds out of the bond market, which may enter the stock market. However, fundamentally, it is seen as a negative factor because increasing bond market costs is one issue, while the rising expectations of taxation in related fields is a more troubling problem, as people can easily extend this analogy to other financial sectors. $China Ping An (SH601318)$

$Haitian Flavor Industry (SH603288)$ low-priced high-quality consumer stocks, don't forget Haitian, add to your shopping cart first.
This round of childcare subsidies and free preschool education is essentially aimed at increasing the birth rate, and it is also alleviating family expenditure pressure, which is beneficial for the recovery of consumption.

Goodbye 400 billion Hengrui, this year's single stock with the highest yield has emerged. In a year of rampant innovative drugs, those who can hold onto Hengrui are indeed quite resilient.
[laughing]
$Hengrui Medicine(SH600276)$

The pharmaceutical industry has completely reversed. Firstly, the collection of prices has been relaxed, and the 'anchor point' for calculating the price difference in the eleventh batch of collective procurement is no longer simply based on the lowest bid as a reference. Secondly, there are also changes in national negotiations, and the positioning of the commercial insurance innovative drug catalog may become a buffer platform for high-value innovative drugs, while the payment side provides support for the 'three exclusions'.
Have you noticed that ever since the pharmaceutical market rebounded, good news has come one after another?
First, various innovative drugs are being introduced overseas, then overseas pharmaceutical giants are collaborating with domestic innovative drug companies, and now even collective procurement and national procurement have favorable news. The pharmaceutical industry has made a complete turnaround.
When it was falling, there were various negative factors, and now that it is rising, there are various positive factors. This is how the stock market works; as investors, we just need to wait. $Hengrui Medicine (SH600276) $

Many people haven't clearly understood the essence of anti-involution. Let me give an example that will make it clear.
Xiao Wang has a budget of 1000 yuan and wants to buy an air conditioner.
During involution, some companies are willing to sell it for 999 yuan, and Xiao Wang decisively buys it. Xiao Wang's needs are satisfied, and the company sells its product, but selling the product doesn't necessarily mean making a profit.
When there is no involution, the company has agreed on a minimum selling price of 1299 yuan. Xiao Wang hesitates and ultimately doesn't buy it. Xiao Wang's need still exists, but the company's product hasn't been sold, leading to inventory backlog.
Now everyone should see where the problem lies.
The domestic demand is very strong; Xiao Wang wants to buy an air conditioner, Xiao Li wants to buy a car, Xiao Zhang wants to buy a villa. These are all demands. We are still a developing country, and there is no problem of weak demand.
So where is the problem? With this 1000 yuan, if Xiao Wang had a budget of 1500 yuan, he would buy the air conditioner at 999 yuan during involution, and he would still buy it at 1299 yuan when there is no involution.
Therefore, improving the budget is the key to solving the problem.
$Midea Group (SZ000333)$

In fact, Hainan has always been an economic special zone, the largest economic special zone in our country, but based on Hainan's economic performance, it doesn't quite deserve this title, so not many people pay attention to it. From a historical perspective, we can't blame Hainan; after all, Hainan's unique location, being an island primarily covered by mountains, coupled with the lack of road connections to the inland, makes it difficult for Hainan to develop a manufacturing industry. The economic special zones that have taken off over the past few decades have largely relied on manufacturing as their foundation. However, Hainan has its own characteristics, tourism. From a longer-term perspective, Hainan may not necessarily lose to economic special zones that are strong in industry, manufacturing, and technology. The recent closure operation refers to the establishment of a special area throughout Hainan Island that is monitored by customs, where the first line is open and the second line is controlled, allowing freedom within the island. After the island-wide closure operation, imported 'zero-tariff' goods will be managed under a negative list, replacing the previous positive list of 'zero-tariff' goods with a directory of taxable imported goods. Additionally, goods processed by enterprises in encouraged industries in the Hainan Free Trade Port that achieve or exceed 30% added value will be exempt from import tariffs when entering the inland through the 'second line'. It can be anticipated that Hainan will see significant development in the fields of trade and finance.

Many people haven't seen the essence of anti-involution clearly; let me give an example for better understanding.
Xiao Wang has a budget of 1000 yuan and wants to buy an air conditioner.
During involution, there are companies willing to sell it for 999 yuan, and Xiao Wang decisively buys it. Xiao Wang's need is satisfied, and the company sells the product, but selling the product doesn't necessarily mean making a profit.
When there is no involution, the company has agreed on a minimum selling price of 1299 yuan. Xiao Wang hesitates and ultimately doesn't buy it; his need remains, and the company's product doesn't sell, leading to inventory backlog.
Now everyone should see where the problem lies.
The domestic demand is very strong; Xiao Wang wants to buy an air conditioner, Xiao Li wants to buy a car, and Xiao Zhang wants to buy a villa. These are all demands; we are still a developing country, and there isn't a problem of demand fatigue.
So where is the problem? With this 1000 yuan, if Xiao Wang had a budget of 1500 yuan, he would buy the air conditioner for 999 yuan during involution, and he would still buy it for 1299 yuan when there is no involution.
Therefore, improving the budget is the key to solving the problem.
$Midea Group (SZ000333)$

In fact, Hainan has always been an economic special zone, and it is the largest economic special zone in our country. However, based on Hainan's economic performance, it doesn't seem to deserve this status, so not many people pay attention to it. From a historical perspective, we cannot blame Hainan; after all, Hainan has a unique location, mainly covered by mountainous terrain as an island, and coupled with the lack of road connectivity to the inland, it is difficult for Hainan to develop manufacturing. In the past few decades, the economic special zones that have taken off primarily relied on manufacturing as their foundation. However, Hainan has its own characteristics: tourism. From a longer-term perspective, Hainan may not necessarily lose to economic special zones that are strong in industry, manufacturing, and technology. This closure operation refers to the establishment of a special area regulated by customs throughout Hainan Island, where there will be free access in the first line and control in the second line, with freedom within the island. After the closure operation across the island, imported 'zero tariff' goods will be managed under a negative list system, replacing the previous positive list of 'zero tariff' goods. Additionally, for enterprises in encouraged industries within the Hainan Free Trade Port, goods that have undergone processing and value-added that reach or exceed 30% will be exempt from import tariffs when entering the mainland through the 'second line.' It is foreseeable that Hainan will experience considerable development in the fields of trade and finance.

Recently, many friends who have invested overseas have received calls urging them to pay back taxes, ranging from a few thousand to over a million. Even Cat Brother received a call. To be honest, unless it's a large amount, it's really better to trade domestically.
If you have opened an overseas account to invest in foreign stock markets, according to the "Announcement on Individual Income Tax Policies Related to Overseas Income," you do indeed have to pay a 20% capital gains tax, and this part is not combined with domestic income, it is paid separately.
What does this mean? For example, if I open an overseas account in Hong Kong and I make a profit, I need to pay 20% individual income tax on the profit. If there are dividends, I also have to pay 20%. In short, as long as there is profit, I have to pay.
Just yesterday, I was talking to a friend about something very interesting. A friend had 1 million, lost 500,000 this year, and did not need to pay taxes. Next year, if it doubles back to 1 million, then he has to pay 500,000 * 20% = 100,000. Over two years, he neither lost nor earned in the stock market, but he paid 100,000 in taxes.
For small to medium-sized capital, it is still recommended to trade domestically. The Hong Kong Stock Connect and ETFs can meet the needs of most people. Previously, many people did not pay taxes just because the checks were not stringent. It is not difficult to find out who has overseas accounts.
$Ping An Insurance (SH601318)$

The lower reaches of the Yarlung Tsangpo River hydropower project have many important significances.
This project was envisioned many years ago, and its implementation now is timely; it is a tangible engineering project and also a green energy project, which is very suitable given the current economic pressures.
In recent years, the overall performance of the real estate and infrastructure sectors has weakened, and relevant companies and professionals have nowhere to absorb their resources. Recently, I heard that Shanghai Construction Engineering has also started to offer the minimum salary in its project department, and design institutes are in disarray. What should we do? Only the emergence of an incremental market can stabilize this industry.
At this time, a 12 trillion yuan major engineering project can solve a significant portion of the problems.
Additionally, there have been many economic stimulus policies in recent years, but not every policy can exert its full effect. Hydropower projects are different; with national investment, ample funding, and a massive scale, they can drive the upstream and downstream industrial chains. As long as they are implemented, they will be operational, and the economic benefits they can generate far exceed 12 trillion yuan.
Finally, returning to the root, confidence—whether in the stock market or daily life—confidence equals expectations. As long as confidence returns and there is hope for the future, things will get better and better.
$XD Yangtze Power (SH600900)$

The explanation is not that the wastewater is very scientific; the anaerobic degradation of algae produces sulfur ether compounds, which likely aligns with the facts.
However, among sulfur ether compounds, there is dimethyl sulfide, which is extremely disgusting. Coupled with impurities and algal flocs, it is comparable to wastewater.
For example, if you were to throw feces on someone's face, they would immediately react and fight back.
But if you were to throw cellulose, lignin, pectin, proteins, carbohydrates, microorganisms, short-chain fatty acids, indole, sulfur-containing compounds, water, minerals, electrolytes, and residues on their face, they might even feel a bit excited.
$Wanhua Chemical (SH600309)$

Those who can control their nature, even without great talent, often stand out in life.
Take investing as an example; everyone knows that greed and fear are the greatest enemies of profit, and everyone knows they shouldn't blindly chase highs or cut losses in panic, but only a very few can actually do this. Among that very few, only a handful can remain calm when resisting human nature.
Most people feel anxious and pained when they counteract greed and fear, and I am one of them.
Yesterday, we discussed that having many children and being emotional is part of human nature. The comments were quite divided. In fact, this is also a difficult human weakness to overcome. Any normal person, when wealthy and free, will have these thoughts; I don't think there's anything shameful about it because this is human nature, inherent from birth.
If one can still restrain themselves while being wealthy and free, and pursue more refined ambitions and grand ideals, then such a person is truly remarkable.
Unfortunately, such people are rare as phoenix feathers and unicorn horns. To become such a person, admired by all, everyone is working hard to build their persona.
$Kweichow Moutai (SH600519)$