On Thursday, Powell’s speech did not reveal any “rescue” signal. U.S. Treasury yields climbed again. Eventually, the three major stock indexes collectively closed down. The Nasdaq fell more than 2% again, giving back all the gains during the year.

Niu Niu knocks on the blackboard:

1. Popular Chinese concept stocks fell across the board: Alibaba fell 2.44%, JD.com fell 3.04%, Baidu fell 6.20%, Pinduoduo fell 6.13%, Bilibili fell 8.73%, and Dada Group fell 7.65%.

2. CITIC Securities: Baidu’s reasonable valuation should be in the order of 120 billion US dollars

3. Qu Toutiao plummeted by 26%! In Q4 of 2020, it will be profitable for the first time, but revenue has dropped by 21.5% year-on-year

4. JP Morgan Chase: lowered the target price of Weilai to $70; Deutsche Bank: it is recommended to buy on dips

5. Jianghuai Automobile intends to establish a joint venture with Weilai

On Thursday, Powell’s speech did not reveal any “bail-out” signals. U.S. Treasury yields climbed again. Eventually, the three major stock indexes collectively closed down. The Nasdaq fell more than 2% again, giving back all gains during the year.

The popular Chinese concept stocks fell across the board on Thursday.

The specific performance is as follows:

In terms of large Chinese concept stocks, Alibaba fell 2.44%, JD.com fell 3.04%, NetEase fell 0.90%, Baidu fell 6.20%, Pinduoduo fell 6.13%, and Bilibili fell 8.73% , Dada Group fell 7.65%.

Electric vehicle stocks continue to fall, Weilai Automobile fell 5.42%, Ideal Automobile fell 1.98%, and Xiaopeng Automobile fell 2.23%

Focus Review

CITIC Securities: Baidu’s reasonable valuation should be 120USD 0 billion

CITIC Securities released a research report pointed out that benefiting from the recovery of the domestic online advertising market and the optimization of Baidu’s own products & operations, combined with this year’s low base, Baidu advertising is expected to resume double-digit growth in 2021. The commercialization of innovative businesses is also expected to accelerate.

Baidu’s reasonable valuation by segment valuation corresponds to US$120 billion in 2021, corresponding to a target price of US$360/ADR, corresponding to 33 times the overall business PE in 2021, and is given a “buy” rating, while automobile companies The positive development is expected to provide the company with higher valuation flexibility.

As of press time, Baidu’s latest market capitalization is US$88.8 billion, which is 35% upside from 120 billion.

Qutoutiao plummeted by 26%! In Q4 of 2020, it will be profitable for the first time, but revenue will drop by 21.5% year-on-year

On Thursday, Qu Toutiao plummeted about 26%, and its latest share price was reported at $2.83. The company previously announced that its Q4 revenue in 2020 will fall 21.5% year-on-year.

According to the financial report, Qu Toutiao’s revenue in the fourth quarter of 2020 was 1.302 billion yuan, a year-on-year decrease of 21.5%, and the same period last year was 1.658 billion yuan. In 2020, Qutoutiao’s total revenue reached 5.285 billion yuan, an increase of 15.3% from the previous month. Under non-US GAAP, operating profit in the fourth quarter reached 42.5 million yuan, achieving the first quarterly profit since listing. In addition, the financial report also announced that MiRead completed US$110 million in Series C financing.

JP Morgan Chase: lowered NIO’s target price to $70; Deutsche Bank: recommended buying on dips

JP Morgan Chase released a research report, lowering the target price of NIO from US$75 to US$70, and maintaining an “overweight” rating. Compared with the unexpected performance loss and potential production restriction risks, the bank is more worried that the issuance of new shares will dilute the equity of existing shareholders.

and German and ItalianChi Bank suggested to buy NIO on dips and reiterated NIO’s target price of $70. Deutsche Bank analyst Edison Yu said that Weilai’s delivery volume in 2021 may reach 100,000 vehicles, but he conservatively predicts that the delivery volume will be 96,000 vehicles, 6,000 more than the previous forecast.

Yu believes that with the rise of Weilai’s brand awareness, the company is expected to become a leader in China’s high-end automotive market. In addition, he stated that there are several untapped areas where growth opportunities exist. Yu pointed out that the company will enter the European market in the second half of this year, and investors may have underestimated the potential sales of its products in Europe.

Jianghuai Automobile intends to establish a joint venture with Weilai

Jianghuai Automobile announced that since the two parties hope to further deepen cooperation in advanced manufacturing, service management, and supply chain in the field of intelligent networked new energy vehicles, based on the principle of equality and mutual benefit, after friendly negotiation, the two parties intend to establish a joint venture in Hefei, China. Jianglai Advanced Manufacturing Technology Co., Ltd. was established as a joint venture in the city. At present, the joint venture is still in the planning stage and will not affect the company’s operating results.

Edit/Phoebe