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Ningquan Asset: The Rejected 'Undervaluation' Will Be Recovered in the Future Golden Finance reported that on June 24, Ning Quan Asset, founded by Yang Dong, said in the Investment Report for the Half Year of 2026 released on June 23 that: except for Internet giants, most of our current positions can be divided into two parts: one is enterprises with low value, high dividends, stable industry position and good cash flow, including telecom operators, home appliance stocks, power stocks, financial stocks, chemical stocks, property service stocks, etc. These companies were already very cheap, but now they have been squeezed even cheaper. A considerable portion of them have a dividend rate of over 5%, and some have even reached 8-10%. Many of these companies have been repurchasing. At this low moment of risk-free interest rates, such assets should have had good demand, but even if they are temporarily despised, we believe that they will definitely be recoverable in the future. In addition, we have also laid out some heavily depressed cyclical industries, mainly real estate development and related building materials leaders, as well as photovoltaic leaders. The adjustment time, magnitude, and severity of losses in these two industries are extremely rare. Mr. Market likes to offer extremely high prices during periods of high prosperity, such as AI infrastructure themed stocks today and new energy stocks from a few years ago; And when the industry's prosperity is poor, Mr. Market will give huge price discounts to the same companies. This may be the root of the good profitability of cyclical investment - when the cyclical prosperity is high and low, PB valuation can differ by more than 10 times, while the company's essence does not change much.