2015年政府报告引爆了A股互联网市场,一夜之间互联网股票变得洛阳纸贵。“互联网+”概念似乎颠覆了一切可以颠覆的传统行业,人们的想象力被点燃,对未来万物互联的憧憬撑起了一个又一个的估值高峰。回头看看H股互联网估值却仍然低位徘徊,是H股被严重低估还是A股泡沫严重,一时问众说纷纭。我们认为在当下看不清的问题应该跳出当下的环境来分析,而互联网带来的变革也并不局限于中国内地。 In 2015, the government report detonated the A-share Internet market, and Internet stocks became Luoyang Paper overnight. “Internet + ” concept seems to subvert all traditional industries can be subverted, people’s imagination is ignited, the vision of the future of all things hold up one after another valuation peak. Looking back at the H shares Internet valuations are still low hovering, is a serious undervaluation of H shares or A stock bubble serious, for a time to ask different opinions. We think the problem that can not be seen clearly should be out of the current environment for analysis. The changes brought by the Internet are not limited to the Mainland.