补充华明降级的逻辑原因

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    [
      "alt",
      "A short note: 补充华明降级的逻辑原因\n\n港股和大a规则有差，所以上了大a再去港股，不仅eps会摊薄，还会对估值打折..."
    ],
    [
      "client",
      "Amethyst"
    ]
  ],
  "content": "补充华明降级的逻辑原因\n\n港股和大a规则有差，所以上了大a再去港股，不仅eps会摊薄，还会对估值打折，会有层估值天花板在那顶着。\n\n华明本就国内饱和，新基建确实利好，回款却是隐性风险。\n国外市场份额并不好抢。\n管理层也不激进。\n概率上讲，一两年内破天花板概率不大，也就是净值上没太大期待。",
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