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I found an interesting set of data: In the first quarter of 2026, Tencent's net profit was 58.09B yuan, and the total net profit of 597 companies on the STAR Market was 21.64 billion yuan.
Tencent's net profit is about three times (2.7 times) the total profit of all companies on the STAR Market, but Tencent's current total market value is 3.67 trillion yuan, while the STAR Market's total market value is 14.69 trillion yuan. Tencent's total market value is less than a quarter of the STAR Market's.
Some industry insiders jokingly said: Perhaps, this phenomenon can be viewed from three aspects: either the STAR Market has a bubble; or the market is punishing companies that are not good at bragging, storytelling, and hype; or, now, institutions or big funds have their eyes on the wrong things.
Which possibility do you think is more likely?