Investment is to find companies with wide moats
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What is the moat of Chinese architecture? In other words, in what ways can Chinese architecture block new entrants, which is difficult for others to imitate? It has a monopoly advantage in super high-rise buildings
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At present, CSCEC has an absolute advantage in the field of super high-rise buildings
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Most of the super high-rise buildings above 300 meters in China are built by CSCEC
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More than 90% of the super high-rise buildings in China are built by CSCEC
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Of the top 10 high-rise buildings in China, eight are built by CSCEC, and the remaining two are in Taipei and Shanghai, which are built by Shanghai Construction Engineering Group
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2
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It has the leading technology advantage in public medical engineering products
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Such as huoshenshan and leishenshan are very famous, but the most powerful one is the Hong Kong infection control center of North Lantau hospital
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This project reflects the strength of Chinese architecture
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The Hong Kong infection control center of North Lantau hospital integrates BIM Technology and Mic technology
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I watched the publicity video before, which is really great
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It reflects the combination of architecture and technology, and also represents the advanced development direction of housing construction in the future
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In terms of construction concept, this project has been leading the peers for many years, which has innovated my understanding of architecture
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3
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In the field of traditional urban construction
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In the first three quarters of 2020, 80% of China’s construction infrastructure contracts are traffic contracts
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Among the traffic contracts, 32% are municipal road projects, 26% are subway projects, and 9% are airport projects
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It is enough to see the strong advantages of China’s construction in the urban field
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Three quarters of the country’s key airports and one third of the city’s utility corridors are built by CSCEC
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CSCEC provides a package of services in all fields, all processes and all elements for urban construction
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Its business scope covers all fields of urban construction and every link of project construction
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It has a complete construction product industry chain from product technology research and development, survey and design, real estate development, engineering contracting, equipment manufacturing, property management, etc
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With the improvement of people’s living standards, the country pays more and more attention to people’s livelihood
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Making the city better is not just a slogan, but the mainstream
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Chinese architecture will play a more important role in this process, which is worth looking forward to
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4
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Have absolute strength in technical reserve
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CSCEC has the world’s only six degree of freedom engineering structure experimental equipment with vertical loading capacity of more than 10000 tons, which can carry out full-scale experiments for Mega complex structures in domestic and foreign engineering fields
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In addition, it has absolute strength and advantages in super high-rise construction equipment and technology, large-span building construction technology and technology, intelligent manufacturing of steel structure, new high-performance concrete materials, new generation nuclear power plant construction technology, etc
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5
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Excellent real estate business operation ability
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Although the scale of CNOOC real estate ranks fifth, its gross profit and net profit are higher than those of Vanke, Evergrande, poly and other domestic counterparts
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The company’s net profit margin has been maintained in the 20% – 30% range for a long time, significantly higher than the industry average level of 10% – 15%
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The advantages of land acquisition, outstanding cost control and the lowest financing cost of the industry are the main support for the company’s high profit margin
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6
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Good relationship between government and enterprise
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China’s one belt, one road, and Xiong an new area, has an important position in the major national strategy
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In addition, CSCEC has undertaken a large number of PPP projects and has a good relationship with local governments, which ensures its strong ability to obtain projects and funds
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7
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Others
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CSCEC has built 3 / 4 of China’s satellite launch bases and 1 / 2 of China’s nuclear power plants, which has a strong competitive advantage
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Chatting time: at present, the holding cost of CSCEC is 5.03 yuan, and my full position is based on my own situation
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The reasons are as follows: first, since July last year, I have been studying the stock of CSCEC, and the research document has written more than 50 pages
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Except for the three-day spring Festival holiday, there is no interruption during the period, including eight days of National Day holiday and three days of new year’s Day holiday
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Second, I dare not say that the research on Chinese architecture is my own ability circle, but I can understand it
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I have a bottom in my heart and know where its intrinsic value is
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I know that it is very cheap at present
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Even if it falls, I can still hold it at ease
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At the beginning of the year, Chinese architecture plummeted and I was not happy, but my body has been increasing from 4.94 yuan to 4.72 yuan
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Now, it’s easy to say
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At that time, our family leaders had a lot of opinions on this issue
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They thought that there was only so much incremental capital in a year, and you just ran out of it
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What should we do if China Construction didn’t go up? What should we do if we go down? Third, my answer is that it doesn’t matter
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I hold CSCEC and regard it as financial management in my mind
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At that time, I bought it at a price of 4.5% per year
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Financial management was almost the same income, but financial management didn’t have growth and liquidity
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As long as the stock doesn’t sell, it doesn’t matter whether it goes up or down
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At present, the concept of financial management has been accepted by our leaders, and she will never mention it again
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Fourth, two days ago, Lao Tang wrote that it was a gambler to hang a stock full of warehouse receipts
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It’s a little absolute
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I think hanging CSCEC with full warehouse receipts is another extreme, pursuing absolute margin of safety and refusing to gamble
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Fifthly, the stock market has plummeted in the past two days
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In fact, many of Xinyi’s stocks are close to the buying point
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I made a mistake before
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I didn’t pay enough attention to other stocks
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I always felt that this year’s opportunity was not big, and I didn’t set up a trading point
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I didn’t expect that the crash came so fast that I couldn’t make it
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I will also study other stocks in the future
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If I have any experience, I will also publish a paper
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Please pay attention
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If I’m short of a stock, I won’t write it out so as not to hurt by mistake, just like the example mentioned above
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Before the dawn is often the darkest, how many people did not stick to the last moment, fell before the dawn
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Standing in the future and looking at the present, you will appreciate today’s persistence! Every fall is preparation for the next rise! Brother snowball screened out ten fund portfolios with different styles for you, and made a clear distinction between their characteristics
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For example, the manager of an old fund company, the necessity of short-term financial management, the employee and the investor, the necessity of Xiaobai’s fixed investment, and so on
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Click
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