华尔街之猪

In the prior piece, Dolphin Research reviewed Meitu's history, product suite, and competitive landscape in depth. This follow-up focuses on Meitu's growth potential.

1) Will large models eat Meitu's lunch? To evaluate its growth, we must ask how vertical platforms defend against general-purpose platforms.

As seen across internet cycles, a few lucky players evolved into 'small but mighty' vertical champions. Tencent Music, Kanzhun, and even Bilibili endure thanks to distinctive attributes. Most others faded into the background, becoming stepping stones as tech giants broadened their ecosystems...

I feel that this value only makes sense in the long-term dividend stock holding model. After purchasing through the Stock Connect and deducting the 20% dividend tax, a premium rate above 20% creates room and advantage. Stocks with a premium rate above 30% can be held long-term, such as companies with dividend yields as high as 7-10%, waiting for regular dividend payouts.

The AH share premium index has hit a new low since 2024. This index has almost always been above 125 (125 means that Hong Kong stocks are at a 20% discount compared to A-shares), and it once reached a peak of 189.74 (March 18, 2008—though at that time, there were fewer A+H stocks, leading to high volatility, and the lowest point that year was 105.73 on September 16, 2008). So, are A-shares always more expensive than H-shares? Not necessarily. The index once dropped to as low as 88.72 (July 24, 2014, when the Shanghai Composite was at 2105 points—A-shares were indeed cheap, just before the 2015 bull market)...