如果投资不看PE看什么？李小加：看合同、看现金流、看微端

新浪财经07-17

专题：立足香港放眼世界——2026新浪财经全球资本峰会

　　炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！

　　7月16日，新浪财经2026全球资本峰会举行，滴灌通创始人、港交所前行政总裁李小加出席并做主旨演讲。他表示，市场惯用的PE市盈率估值，无法适配当下小微经济发展。他提出全新投资核心标准：不看PE，重点看合同、现金流、微端。摒弃股债大额金融模式，依托轻量化收入分成合同锚定实体经营，以真实经营性现金流为收益核心，聚焦海量小微经济末梢增量。依托AI技术赋能，这套经44亿资金实战验证的新模式，将于8月3日随滴灌通五周年正式规模化落地。

海量资讯、精准解读，尽在新浪财经APP

责任编辑：常福强

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2652409612?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-07-17 16:56","share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","id":"2652409612","market":"hk","top_or_hot":-1,"title":"如果投资不看PE看什么？李小加：看合同、看现金流、看微端","media":"新浪财经","content":"<html><body><div>\n<p> 专题：立足香港 放眼世界——2026新浪财经全球资本峰会</p>\n<blockquote><p>　　炒股就看<a href=\"https://laohu8.com/S/603586\">金麒麟</a>分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！</p></blockquote> <p>　　7月16日，新浪财经2026全球资本峰会举行，滴灌通创始人、<a href=\"https://laohu8.com/S/00388\">港交所</a>前行政总裁李小加出席并做主旨演讲。他表示，市场惯用的PE市盈率估值，无法适配当下小微经济发展。他提出全新投资核心标准：不看PE，重点看合同、现金流、微端。摒弃股债大额金融模式，依托轻量化收入分成合同锚定实体经营，以真实经营性现金流为收益核心，聚焦海量小微经济末梢增量。依托AI技术赋能，这套经44亿资金实战验证的新模式，将于8月3日随滴灌通五周年正式规模化落地。</p>\n<div><img src=\"https://n.sinaimg.cn/finance/transform/116/w550h366/20260717/77cb-d577e96b6b589b506702119b89bcd23b.jpg\"/><span></span></div>\n<div>\n<div><img src=\"\"/></div>\n<div>海量资讯、精准解读，尽在新浪财经APP</div>\n</div>\n<p>责任编辑：常福强 </p>\n</div></body></html>","source":"sina","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>如果投资不看PE看什么？李小加：看合同、看现金流、看微端</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n如果投资不看PE看什么？李小加：看合同、看现金流、看微端\n</h2>\n\n<h4 class=\"meta\">\n\n</h4>\n\n</header>\n<article>\n<html><body><div>\n<p> 专题：立足香港 放眼世界——2026新浪财经全球资本峰会</p>\n<blockquote><p>　　炒股就看<a href=\"https://laohu8.com/S/603586\">金麒麟</a>分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！</p></blockquote> <p>　　7月16日，新浪财经2026全球资本峰会举行，滴灌通创始人、<a href=\"https://laohu8.com/S/00388\">港交所</a>前行政总裁李小加出席并做主旨演讲。他表示，市场惯用的PE市盈率估值，无法适配当下小微经济发展。他提出全新投资核心标准：不看PE，重点看合同、现金流、微端。摒弃股债大额金融模式，依托轻量化收入分成合同锚定实体经营，以真实经营性现金流为收益核心，聚焦海量小微经济末梢增量。依托AI技术赋能，这套经44亿资金实战验证的新模式，将于8月3日随滴灌通五周年正式规模化落地。</p>\n<div><img src=\"https://n.sinaimg.cn/finance/transform/116/w550h366/20260717/77cb-d577e96b6b589b506702119b89bcd23b.jpg\"/><span></span></div>\n<div>\n<div><img src=\"\"/></div>\n<div>海量资讯、精准解读，尽在新浪财经APP</div>\n</div>\n<p>责任编辑：常福强 </p>\n</div></body></html>\n\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.sina.com.cn/stock/roll/2026-07-17/doc-iniiccva1448791.shtml\">新浪财经</a> </p>\n\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n</div>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0955669360.SGD","symbol_name":"Schroder ISF Asian Dividend Maximiser A Dis SGD","start_time":0,"source_url":"https://finance.sina.com.cn/stock/roll/2026-07-17/doc-iniiccva1448791.shtml","article_id":"2652409612","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2652409612","pubTimestamp":1784278560,"columns":[],"sourceInfo":{"source_id":"sina","name":"sina"},"weMediaInfo":null,"summary":"　　7月16日，新浪财经2026全球资本峰会举行，滴灌通创始人、港交所前行政总裁李小加出席并做主旨演讲。他表示，市场惯用的PE市盈率估值，无法适配当下小微经济发展。他提出全新投资核心标准：不看PE，重点看合同、现金流、微端。摒弃股债大额金融模式，依托轻量化收入分成合同锚定实体经营，以真实经营性现金流为收益核心，聚焦海量小微经济末梢增量。","collect":0,"end_time":0,"defaultTopTitle":"sina.com.cn","property":[],"viewcount":null,"language":"zh","relate_stocks":{"80388":"香港交易所-R","159399":"现金流","LU0955669360.SGD":"Schroder ISF Asian Dividend Maximiser A Dis SGD","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund  SGD","BK1521":"挪威政府全球养老基金持仓","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC","LU0096374516.USD":"CT (LUX) I ASIA EQUITY INCOME \"DU\" (USD) ACC","LU0784639295.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC (M)","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU0898667661.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD-H","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","HKXCY":"香港交易所ADR","LU1226287529.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION  OPPORTUNITY (USD) \"P\" (USD) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU1504937902.USD":"CT (LUX) I ASIAN EQUITY INCOME \"DUP\" (EUR) INC","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","SG9999001093.SGD":"United Greater China Fund A Acc SGD","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","SPHQ":"Invesco S&P 500 Quality ETF","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0630378429.USD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (USD) INC","IE00BKZH1Z71.USD":"BNY MELLON ASIAN INCOME \"B\" (USD) ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","IE00B3T34201.USD":"BNY MELLON GLOBAL EQUITY INCOME \"B\" (USD) INC","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","00388":"香港交易所","SGXZ90724238.SGD":"UNITED ASIA \"A\" (SGD) INC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU0762540952.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AC\" (USD) ACC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU0197773673.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AS\" (USD) INC","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU0831103253.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","BK4585":"ETF&股票定投概念","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC"},"translate_title":"What do you look at if you don't look at PE when investing? Li Xiaojia: Look at contracts, cash flow and micro-end","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"80388":0.6,"159399":1.5,"SPHQ":1.5,"HKXCY":0.6,"HEXmain":0.6,"00388":1.5},"content_text":"专题：立足香港 放眼世界——2026新浪财经全球资本峰会\n　　炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 　　7月16日，新浪财经2026全球资本峰会举行，滴灌通创始人、港交所前行政总裁李小加出席并做主旨演讲。他表示，市场惯用的PE市盈率估值，无法适配当下小微经济发展。他提出全新投资核心标准：不看PE，重点看合同、现金流、微端。摒弃股债大额金融模式，依托轻量化收入分成合同锚定实体经营，以真实经营性现金流为收益核心，聚焦海量小微经济末梢增量。依托AI技术赋能，这套经44亿资金实战验证的新模式，将于8月3日随滴灌通五周年正式规模化落地。\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：常福强","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2652409612","isCrawlerRequest":true}