Yesterday, some readers did not understand why I could know the progress of other players around the world in a stand-alone game like Black Myth. Because it is not a pure stand-alone game. When playing it, you need to log in to platforms such as Steam, Epic, and Wegame to read the previous progress and upload your own game data at the same time, so the platform has progress statistics of all players.


This is actually a very good anti-piracy measure. In the past, stand-alone games could be played offline and pirated copies could be easily cracked. So now, a large number of interactions that require an internet connection are written into the code of stand-alone games, making it impossible to pirate.


The largest gaming platform at present is Steam, which was developed by Valve. This company released the popular Counter-Strike CS game, but soon pirated CS spread unscrupulously. In order to combat piracy, Valve released subsequent CS versions on Steam and prohibited them from being run offline.


This move was effective immediately, and piracy was curbed immediately. Gradually, Valve not only released its own game products on Steam, but also began to cooperate with other game companies in publishing. After nearly 20 years of development, Steam has become the world's largest game platform. It is very profitable, with sales of 60-80 billion yuan a year in mainland China alone.



Tencent imitated Steam and created a similar platform, WeGame. But there is an important difference between the two, that is, Tencent is regulated, while Steam is not regulated by China, so there will be differences between the two sides on some sensitive content.


Over the years, I have bought dozens of games on Steam and spent thousands of dollars. I am willing to pay for copyrights, but I have never spent money on game skins, game props, etc., not even a penny.


……


There is a lot of news this weekend. Let me help you sort out the valuable information.


1. On Friday, Bloomberg reported that the Chinese government is considering lowering the interest rates of existing mortgage loans. This is highly credible because there is an objective need and conditions for lowering interest rates. Stimulated by the positive news, the real estate sector surged 7% on Friday. Some netizens said that lowering the interest rates of existing mortgage loans has nothing to do with real estate stocks. This is not true. There is no direct benefit, but there is an indirect benefit. Looking at it from a higher perspective, lowering the interest rates of existing mortgage loans is good for the whole society, except for banks and depositors who have to make concessions.


There is relevant data that the balance of personal housing loans in the second quarter was 37.79 trillion yuan, a year-on-year decrease of 2.1%. If the interest rate does not fall, people will repay their loans in advance as soon as they have money.


2. The China 100 Cities Housing Price Index compiled by an agency shows that second-hand housing prices fell by 0.71% month-on-month and 6.9% year-on-year in August, which has been falling for 28 consecutive months. In addition, the rents in 50 cities across the country fell by 0.2% month-on-month and 2.13% year-on-year. This is a statistic compiled by an agency. Around the 10th of each month, there will be an official statistics bureau that publishes housing price statistics for 70 large and medium-sized cities. I will see then, but I guess it is roughly the same.


3. Luzhou Laojiao's revenue increased by 10.5% and net profit increased by 2.2% in the second quarter. Previously, the growth rate was 25-30% for many years. This is the first quarter with a clear slowdown. This performance is a bit disappointing, but the market is not completely out of expectations. The stock price has fallen by 31% this year, and the current TTMPE is only 12 times. Assuming that it is a company that is no longer growing, a dividend rate of 4.5% is not bad.


4. Gujing Gongjiu's second quarter revenue increased by 16.8% and net profit increased by 24.5%. This is an excellent performance. I am a little surprised that it can maintain a 25% growth rate in this environment. It seems that Anhui's consumption is still good. Gujing Gongjiu has a dividend yield of 2.6% and a TTMPE of 18 times, which is higher than Laojiao's valuation.


5. Tongwei Co., Ltd. lost 3.13 billion in the first half of the year, and Longi Green Energy lost 5.243 billion in the first half of the year. Although the performance looks very poor, the market has expectations. The current trough of deep losses will not last long, because a large number of production capacities cannot withstand the huge losses and are forced to withdraw. This is also the purpose of large companies' desperate expansion of production. It is difficult for companies that rely on this kind of competitive means to win to be respected, because it brings huge disasters to shareholders.


6. China Yangtze Power's revenue increased by 23.05% in the second quarter; net profit increased by 40.35%. This performance is very strong, mainly because the power generation has increased significantly, and the base last year was not high. In this environment of shrinking consumption, the performance of companies such as China Yangtze Power that do not involve C-end sales is particularly strong. The only disadvantage of this stock is that it is expensive. The 24 times TTMPE and 2.7% dividend rate are both configurations of growth stocks. At present, the value-to-risk ratio of buying China Yangtze Power at 30 yuan is average, and there is a premium of about 15% compared with the long-term value channel.


7. Cambrian's revenue in the first half of the year was 64.76 million, down 43% year-on-year, and its net profit loss was 530 million. The company's market value is 100 billion because everyone regards it as the future Chinese alternative to Nvidia. As for whether it can fulfill this expectation, I don't know. There is too much uncertainty, and the valuation is so high. I think it is more cost-effective to buy US technology stocks, after all, that is understandable.


8. Vanke lost 9.8 billion in the first half of the year, but many shareholders complained that minority shareholders' equity still made a profit of 1.3 billion, which is the so-called project and investment funds. Vanke now has interest-bearing debts of 331.2 billion, 101.9 billion due within one year, and the company currently has 83 billion in cash and cash equivalents, so this year's debts should be covered.


Vanke's executives are also in a miserable situation. They previously had a 4.7% shareholding platform (with financing), but the decline in April led to a liquidation, and they lost billions. Yu Liang said that housing prices are now more reasonable, and he did not shrink operations when they were unreasonable before. I think it's just a fart. The facts prove that they can neither understand housing prices nor their own company's stock price. They can only borrow, buy, buy, and build. Everyone can leverage in the pro-cyclical situation, but when faced with the counter-cyclical situation, they can only cry for help.


9. The summer vacation ended with a total box office of 11.6 billion, a huge drop from 20.6 billion last year, a decrease of nearly 40%. This is a dangerous signal for the film and television industry. The worst loser this year was Xu Zheng's "Reverse Life", which only had a box office of 350 million. It was said to have invested 200 million, so it must have lost a lot of money. I didn't go to see it. I was very disgusted at the time. How could a movie about a delivery man be invested 200 million? Do the film and television industry really treat this money as money, or do they treat the audience as fools when promoting it? Now the box office is no longer used to these bad habits. Either spend money sparingly or die.


10. Central Huijin Investment's stock ETF holdings are 583.8 billion, nearly four times the 117.6 billion at the end of last year. This increase is similar to my previous estimate. The CSI 300 Index did not collapse thanks to the support of these 400 billion. In fact, according to the scale of the Bank of Japan's purchases of Japanese stock ETFs, Huijin Investment could have bought 10 times more.


There are also many semi-annual reports of listed companies, ICBC -1.9%, China Shipbuilding +155%, China Duty Free -15%, CCB -1.8%, Tianqi Lithium lost 5.2 billion, China Shenhua -11%, Gree +11%. I am tired and don’t want to look at them one by one. Let’s just open the market tomorrow and see whether it will rise or fall.

#A股 #游戏板块 #房地产 #电影 #银行业
$BTC $ETH $BNB