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随着价值投资理念理解的深入,机构投资者对投资标的的要求和风险的回避要求越来越严格。特别对公司的发展预期不仅要求比较透明的可预见性,而且要求公司保持一定的增长性。目前,在二级市场,即使只有公司业绩增长率下降的预期都会直接导致投资机会判断的改变,而不是公司业绩的变化。在这种投资背景下,投资者对公司的盈利能力有着严格的要求。在公司盈利能力持续增长的背后,往往是公司所处的行业结构作用的结果。因此,垄断的行业结构成为机构选择投资机会比较重要的一个标尺。那么,我国当前存在什么样的垄断结构?导致的原因是什么?给我们投资又能提供什么建议?
With the deepening understanding of the concept of value investing, institutional investors are increasingly demanding on the subject of investment bidding and risk avoidance. In particular, the company’s development is expected not only to require more transparent predictability, but also requires the company to maintain a certain degree of growth. Currently, in the secondary market, even the only expectation of a decline in the growth rate of the company’s performance will directly result in a change in the judgment of the investment opportunity, rather than a change in the company’s performance. In this investment context, investors have strict requirements on the profitability of the company. Behind the continuous growth of the company’s profitability is often the result of the role played by the industry structure in which the company is located. Therefore, the monopoly of the industrial structure has become an institution to choose a more important investment opportunities. So, what kind of monopoly structure does China currently exist? What are the reasons for this? What advice can we provide for investment?