$TENCENT (00700.HK)$$Apple (AAPL.US)$ The moat of a company ...

Intangible assets: mainly refers to the non-actual assets, but the part of value, the conventional brand value, patent, science and technology, franchise mainly.

Take Apple as an example: The product has high brand value and strong user stickiness, which is mainly reflected in the large number of apple repurchases (replacing old iphones with new ones). The specific reference data can be based on the market share.

The judgment of brand moat can be seen from the following aspects: when buying a certain kind of product, will you be unable to get rid of this brand or think of it at the first time, often be recommended by others to this brand, whether the people around know this brand, even if you do not use it.