In the past two days, the domestic Internet giants have fallen too badly. Alibaba, Tencent, Jingdong, meituan and pinduoduo have fallen sharply. According to market analysis, there are two reasons for the sharp drop: one is the introduction of new regulations to limit the monopoly of local technology giants; the other is that the research and development of new crown vaccine has achieved more than expected results, and technology stocks continue to be sold off, and funds appear to be transferred from technology stocks to cyclical and value-based stocks Block rotation trend. < p > < p > in the early morning of November 11, Alibaba data showed that from November 1 to 0:30 on November 11, the real-time turnover of tmall double 11 global carnival season in 2020 exceeded 372.3 billion. At 0:26, tmall double 11 successfully carried 583000 orders per second, creating a new peak, and the first wave of peak has passed. From 0:00 on November 1 to 0:09 on November 11, the cumulative order amount of Jingdong 11.11 global love season has exceeded 200 billion yuan. < p > < p > Alibaba, Hong Kong stock market reached a new high of HK $319 on October 27, and has now fallen back to HK $248.4, with a sharp drop of more than 5% on October 10, a sharp drop of nearly 10% on the 11th, and a drop of 14% in two days. However, Jingdong group reached a new high of HK $365.2 on November 9. The current stock price of Jingdong group reached HK $3006, which fell by 8.78% on the 10th and 9.20% on the 11th, with a total of more than 17% in the two days! However, meituan’s share price on November 9 was as high as HK $338. The total market value of meituan was once higher than that of ICBC. Now the stock price has fallen back to HK $271, which has dropped by nearly 20% in the past two days! < / P > < p > the general decline of China’s science and technology stocks is believed to be related to the “anti monopoly guidelines on platform economy (Draft)” released by the State Administration of market supervision on the morning of November 10. The platform requires businesses to “choose one from two”, kill consumers with big data, and refuse to trade without legitimate reasons such as rules, algorithms, technology, traffic distribution and other behaviors may be identified as “monopoly behavior”. At the opening ceremony of the first session of the Boao Forum for Asia International Forum on science, technology and innovation held in Macao on November 10, Zhou Xiaochuan said that while science and technology innovation has given birth to great momentum, it has also brought great challenges to social governance and Global Governance: first of all, the digital infrastructure investment of developing countries is insufficient, the global digital divide has been further widened, and poverty reduction and development have been achieved It still has a long way to go; secondly, artificial intelligence subverts traditional industries, and gene editing technology has been put into practical application, causing structural unemployment and social ethics problems; thirdly, Internet technology giants control a large amount of data and market share, forming monopoly and restraining fair competition. However, Pfizer vaccine has become a greater catalytic factor affecting the market. After Pfizer claimed that its vaccine could prevent 90% of the new coronavirus infection, investors believed that the investment logic of “housing economy” enterprises such as the Internet had changed, and some investors chose to cash in profits, resulting in the stock price falling. However, from the perspective of short-term profit taking, it is unlikely that large-scale sell-off of J.P. Morgan group will lead to large-scale profit taking, especially in the short-term. < / P > < p > for the relevant stocks, the guideline may bring two situations in the next few months: either the business environment is basically unchanged and the risk is gradually reduced; or the change of business environment has a significant impact on the profit, and the stock price will be further revised. JPMorgan also advised investors to pay attention to Tencent and JD. Even if the operation of the former wechat business has been adjusted, it will hardly be affected, and Tencent’s game business has a stable prospect; the impact on JD is expected to be insignificant, so it is suggested to buy on bargain. < p > < p > CITIC Securities said that the impact of the antitrust guidelines on Tencent mainly focused on whether there was a refusal to trade. According to the anti monopoly guidelines Ordinance, the rules for the rejection of transactions (such as barriers to platform rules, algorithms, technology, traffic assignment, etc.), which make it difficult for trading partners to carry out transactions, has been banned by WeChat tiktok and Taobao. In other businesses, games are not suitable for antitrust guidelines as a single product rather than a platform; Tencent’s advertising business has a revenue of 18.55 billion yuan in 2020q2, and the domestic online advertising market scale reaches 167.89 billion yuan in 2020q2, and Tencent’s advertising business has not reached the dominant position in the market, and the market-oriented pricing system is still maintained in the field of Internet advertising At present, Tencent has not monopolized or dominated the market in payment, credit and cloud business.
tiktok tiktok MAU strategy is more than 700 million, and its user volume and influence can compete with WeChat platform. It is difficult to get new traffic through WeChat. At the same time, byte beating is more likely to precipitate the social relationship chain to the platform, rather than further expand the WeChat chain. If WeChat tiktok shares the ban, the short video will increase the tiktok content of WeChat platform and boost the usage time of WeChat. From the perspective of Alibaba’s strategy, after the ban on Taobao sharing is lifted, wechat will be used as the flow entry material to divert the traffic of Taobao platform, and Alibaba’s access to wechat app e-commerce system may drive the development of Tencent’s trading ecology. Therefore, the release of wechat sharing ban may further stimulate the activity of wechat platform, with limited negative impact. According to CITIC Securities research paper, China’s top five Internet platforms (Alibaba, Tencent holdings, meituan, Jingdong and pinduoduo) have increased by 122% year-on-year, with a total market value of 13.6 trillion yuan, which is 16% of the total market value of Wande quana. In the face of strengthening anti-monopoly supervision, the R & D Progress of new crown vaccine is faster than expected to promote offline recovery, and the valuation of relevant leading companies may be suppressed in the short term. However, in the long run, the high concentration of Internet platforms is the result of the natural development of consumer Internet, which is in line with the basic logic of industrial development. It is expected that more regulation will promote platform companies to improve business rules and product services, without changing their long-term market position and investment value. It is suggested that from the medium and long-term dimension, we should continue to pay attention to the Internet platform giants and pay attention to the boundary expansion of Internet leaders in 2B. SpaceX beat blue origin and Northrop Grumman to win a $316 million air force contract