CITIC Securities (600030): Capital-based income surpassed the increase in asset and liability benefits

CITIC Securities (600030): Capital-based income surpassed the increase in asset and liability benefits

This report reads: Capital business income surpassed the surge to drive 19H1 performance growth. Taking into account the company’s plan to reduce its stake in CITIC Construction Investment in the second half of the year, the company’s profit forecast was raised.

Driven by average asset bids, the company’s ROE is expected to increase steadily.

Investment Highlights: Maintain “Overweight” rating and maintain target price of 29.

37 yuan / share, corresponding to 19P / B 2.

2 times.

The company’s operating income for 19H1 / net profit attributable to its parent was 217.


500 million, previously +9.

0% / + 15.

8%, ROE 4.

1%, ten years +0.

46pct; 19Q2 net profit 21.

900 million, -23.

9%, in line with our expectations.

The company’s capital business income (net interest income + investment income) increases significantly each year to drive performance growth.

The company plans to reduce its holding of all the shares of CITIC Construction Investment (shareholding) in the second half of the year.

58%), to the end of June CITIC Construction Investment market price of 0.

60% discount, the company expected to contribute 25 less holdings.

Investment income of 20,000 yuan. Based on this, we raised the company’s EPS in 2019-21 to 1.



56 yuan (adjusted before 1.



58 yuan).

Under the background of industry policies exceeding expectations, leading brokerages have benefited significantly, the company’s performance has been outstanding, and the copyright should be estimated at a premium to increase its holdings.

The investment banking business kept its leading position vertical, and the assets and prefixes of the capital intermediary business turned better.

1) The company’s 19H1 brokerage business net income is -7 per year.

6%, which is expected to be mainly affected by the addition of overseas brokerage business and commission rates.

2) 19H1 investment bank business income +3 per year.

1%, the initial public offering / refinancing main underwriting scale increased by + 102% / + 28%, respectively, and the market share of the main underwriting amount of the shares reached 20.

1%, ranking first in the industry, both debt commitment and underwriting expenditure rank first in the industry.

By the end of June, the company had declared 13 orders for the science and technology innovation board project, and the share income of the second half of the year is expected to continue high growth.

3) The company’s short-term financing ratio increased due to overlapping interest rates, and the company’s interest-bearing debt costs replaced 3.

2% (annualized), ten years -1.

0 points; the average interest spread of the two financial and equity businesses has expanded to 1.

9% (annualized), ten years +0.

7pct, under the expansion of Liangrong, the company’s capital intermediary business is expected to continue to grow. Institutional business has obvious 杭州桑拿 advantages, outstanding innovation capabilities, and asset-side expansion drives ROE to steadily rise.

In the context of capital market reform and innovation, the company is expected to take the lead in driving ROE to rise steadily through asset-side expansion, relying on its advantages in dual financing, OTC derivatives business and cross-border business.

Catalysts: The implementation of capital market reform and innovation policies; increased market activity.

Risk warning: the stock market has fallen sharply; industry supervision has become stricter.

Han’s Laser (002008) Commentary Report: Growth in the first quarter results in long-term bullish business growth

Han’s Laser (002008) Commentary Report: Growth in the first quarter results in long-term bullish business growth

The report reads Han’s Laser released the first quarter report of 2019 after the market on March 29, and its net profit continued to drop by 55% -65%.

Investment highlights growth in performance, consumer electronics business dragged down Han’s operating income in 2018 was 110.

2.8 billion (YoY-4.

60%) and net profit of 17.

2.1 billion (+3 year-on-year.

38%), in which the PCB business achieved rapid growth (+ 110% year-on-year), and the consumer electronics business spread across a decline; the company partially disposed of Mingxin Test and Prima’s distribution, which affected the net profit attributable to shareholders of the listed company by about 1.

800 million.

The company’s Q1 2019 estimated net profit is 1.

28 ppm-1.

US $ 6.4 billion, a year-on-year decline of 55% -65%. The expected growth in performance is that the company partially disposed of the equity of Shenzhen Mingxin Test Equipment Co., Ltd. and PRIMA last year, which affected the net profit by about one.

700 million US dollars, and this year’s expected revenue from software investment is about 50 million yuan less than the same period last year.

The operating results after non-recurring gains and losses are expected to decrease by 7% -28% compared with the same period last year.

The PCB business is growing rapidly, and the new energy business is worth looking forward to the PCB equipment revenue of about 13 in 2018.

830,000 yuan, an increase of 110% in ten years.

Sales of leading products of mechanical drilling machines continued to increase. LDI (Laser Direct Irradiation Machine), arm-type eight-fold density tester, automated assembly equipment and other high-end equipment were sold in batches. UV flexible board cutting equipment successfully passed testing by major customers and became a businessWith new power, the company will expand the high-end market and increase market share by further enriching high-end products.

In 2018, the company won the bid for Ningde Times laser die-cutting equipment, welding equipment, forming equipment and other battery processing equipment for a total of 3.

US $ 5.3 billion, entered the field of cell welding from the original die cutting, achieved a major breakthrough, and became the main supplier of the Ningde era. The final revenue of the Ningde era was US $ 300 million. It is estimated that new energy revenue in 2018 will be 1 billion (YOY +82.

8%), and then gradually increase the penetration rate of new energy, next year is expected to take another step.

Looking forward to 2019, the growth momentum will come from non-A business in 2018. The A business volume is mainly the transition of welding business. This year, customers will innovate in materials and appearance. It is expected that revenue will remain the same as the year.The power business will be related to the macroeconomic evolution, and growth will be welcomed 淡水桑拿网 through economic adjustment and market clearing.

Profit forecast and forecast As the world’s leading laser equipment supplier, the company has benefited significantly. The company is located in a high-speed growth period. It is expected that the company will achieve a net profit of 21 in 19-20.


67 ppm, corresponding to EPS of 2.

03, 2.

87 yuan / share.

We are optimistic about the company’s profitability and future growth space, and give a “Buy” rating.

Risks indicate that downstream demand is below expectations and consumer electronics business is below expectations.

U.S. ambassador warns German companies not to build gas pipeline with Russia or face sanctions

U.S. ambassador warns German companies not to build gas pipeline with Russia or face 杭州桑拿 sanctions
US Ambassador to Germany Richard DeGrenell warns more German companies that if they continue to cooperate with Russia to promote the Beixi-2 natural gas pipeline project, they may impose sanctions on the US side.  A judge at the U.S. ambassador to Germany confirmed on the 13th that Grenell sent letters to those German companies, saying that the United States would impose sanctions on them in accordance with the “Sanctions against the U.S. Enemy Act” to remind them of the risks.  The Beixi-2 project projection screen runs from Russia through a Baltic Sea floor to a natural gas pipeline in Germany, bypasses Ukraine to transport Russian natural gas to Germany, and then sends it to other European countries through Germany.The project is planned to be completed in 2019, which will cause Ukraine and other countries to lose considerable transfer fees. Ukraine is gradually trying to block the Beixi-2 project with the support of the United States.  In addition, the United States, as the world’s number one oil and gas producer, competes with Russia in the European market.The United States repeatedly repeated the withdrawal of participants from the Beixi-2 project outside Russia.U.S. President Donald previously urged Germany to stop participating in the project by turning into arrest fraud over previously planned German reliance on Russian energy.  In response to Grenell’s attempt to issue a warning letter to Germany, a German diplomat who was unwilling to make a public announcement told Reuters on the 13th that this approach was not in line with diplomatic practice and Germany would have a direct dialogue with the United States.  The German ruling Christian Democracy Coalition objected to Hurghalt telling media reporters that Grenell’s direct threat to German companies would not be replaced, replacing the destruction of the German-American alliance.  German companies participating in Beixi-2 did not respond to the US warning on the 13th.  The German “Sunday Photo” first reported the warning letter, affirming that Grenell had attempted to blackmail German companies, and the US Embassy in Germany subsequently refused.  The embassy is said to say that the only fact that can be called a ripped-off is that the Kremlin is gradually using natural gas supply as a fuss.  German Foreign Minister Heikomas told media reporters on January 10 that it is wrong for the United States to impose sanctions on the grounds of Beixi-2; European countries will determine European energy policies, not the United States.(Zheng Haoning) (Xinhua News Agency) Original title: US ambassador warns German companies not to build natural gas pipeline with Russia

Dashenlin (603233) 2019 Semi-annual Report Review: Better than expected cash flow

Dashenlin (603233) 2019 Semi-annual Report Review: Better than expected cash flow

Steady growth in performance In 2019H1, the company achieved revenue 52.

5.2 billion (+28.

65%), net profit attributable to mother 3.

8.1 billion (+32.

21%), deducting non-net profit3.

7.3 billion (+33.


In a single quarter, Q2 revenue was 26.

7.4 billion (+30.

51%), net profit attributable to mother 1.

9.7 billion (+39.

52%), deducting non-net profit1.

9.6 billion (+40.

26%), a significant improvement over the previous quarter, and achieved rapid growth in performance.

The stores expanded in an orderly manner. The merger and acquisition of North China landed to 2019H1. The company has a total of 4,153 stores (including 39 franchise stores), a net increase of 273 compared with the end of 2018, of which 156 were built, 118 were acquired, and 40 were 苏州夜网论坛 closed.

By region, there was a net increase of 212 in South China, 2 in East China, 19 in Central China, and 40 in North China, of which North China is a newly opened extra-provincial market, that is, 2 companies in 2019H1The mergers and acquisitions involved 84 stores, of which the acquisition of 46% equity in Baoding Shengshi Huaxing was completed in April 2019, involving 39 stores.

Revenue from prescription drugs increased, and the proportion of medical insurance stores maintained a high level. In the first half of the year, the company’s prescription drug sales revenue was about 1.5 billion (+31.

65%), contributing 28.

With 6% of revenue, 35 DTP pharmacies have been completed.

At present, the company is applying for a remote trial with Guangdong Drug Administration. If the application is successful, the company’s 杭州桑拿网 ability to take prescriptions will be further improved.

In addition, the increase in medical insurance stores is also conducive to driving revenue. The number of medical insurance stores in H1 2019 was 3151, an increase of 133 compared to the end of 2018, accounting for 76.

59%, (-1.

19pp), which is still maintained at over 75%. The proportion of medical insurance is expected to further increase through the subsequent replacement of medical insurance in new stores.

The expense ratio was effectively controlled, and the cash flow was in good condition. The company’s sales expense ratio was 25 in the first half of the year.

38% (-1.

72pp), management expense ratio 4.

06% (-0.

31pp), through the increase of chain scale and optimization of operation and management to control the growth of expense ratio, effectively responded to the decline in gross profit margin1.

The impact of 68pp on net profit.

In terms of cash flow, the company’s net operating cash flow for the first half of the year was 5.

7.5 billion yuan, compared with 1 in the same period in 2018.

The 63 billion US dollars has a higher improvement, maintaining a good level, and the 10 trillion convertible bonds issued by the company have been listed and circulated on April 24, 2019, which is conducive to improving sustainable profitability.

Risk warning: industry policy risks, new store opening speeds and mergers and acquisitions integration are not up to expectations.

Investment suggestion: Maintain “Buy” rating company is the leading retail drug store chain in Guangdong, with high operating efficiency, and actively promote national expansion.

We predict company 2019?
Net profit attributable to mother in 2021 is 6.


94 ppm, an increase of 24 each year.
4% / 22.

4% / 22.

8%, the current sustainable corresponding PE is 42.



3x, according to 36 in 2020?
38xPE, reasonable assessment 56.


28 yuan, maintain “Buy” rating.

Longjing Environmental (600388) 2018 Annual Report Comments: Performance Meets Expectations

Longjing Environmental (600388) 2018 Annual Report Comments: Performance Meets Expectations
Event: The company released its 2018 annual report. In 2018, the company achieved operating income of 94.02 ppm, an increase of 15 in ten years.90%; net profit attributable to mother 8.01 yuan, an annual increase of 10.62%.  The traditional main business grew steadily, and the emerging business achieved breakthroughs: the company’s performance in the field of atmospheric governance of the traditional dominant main business was solid, and its operating income increased by +11.69% to 89.US $ 4.8 billion (including equipment sales, desulfurization / denitrification projects, etc.), the gross profit margin remained basically stable (of which, the sales of denitration catalysts were affected by the relatively high upstream steel prices, and the gross profit margin decreased by 24 percentage points to 7 in the reporting period.05%, but in 2019, the steel price will fall, and the gross profit margin is expected to rise); the company achieved 0 breakthroughs in emerging environmental protection business areas such as VOCs governance and water treatment, and the operating income of each business reached 0.17/2.50 ppm, is expected to become the company’s new performance growth point in the future.  The structure of air treatment orders is optimized, and the performance of non-gas treatment orders is satisfactory: relying on technical advantages such as dry desulfurization and SCR flue gas denitrification, the company has continued to win orders in the field of air treatment. The structure has been optimized, and 130 additional orders (47 electricity), Non-electricity 83, non-electricity accounted for 64%), an annual growth of 38%, and 172 orders on hand at the end of the year, which better maintained the company’s leading position in the field of atmospheric governance.At the same time, the company expanded its development speed in the field of non-gas environmental protection, and continuously signed new VOCs / industrial wastewater treatment / soil remediation contract amounts1.37/1.81/0.1.7 billion, a substantial breakthrough in new business.  Convertible bonds + ABN + cash in hand triple protection of the company’s future development: The company intends to issue convertible bonds of no more than 1.8 billion US dollars for transportation equipment and intelligent manufacturing projects. At present, it has responded to the first round of feedback from the CSRC, progressSmoothly; in addition, the company’s application for registration and issuance of US $ 1.5 billion green asset-backed notes (ABN) has been successfully registered with the Chinese Interbank Market Dealers Association; at the same time, the company had cash of US $ 2.3 billion at the end of the reporting period, good operating cash flow, tripleThe funds support the company’s continuous improvement of technology research and development, and at the same time guarantee the company’s continued development in the non-gas environmental protection field in the future.  Maintain “Overweight” rating: Based on the company’s operating conditions in 2018 and its efforts in non-gas environmental protection, we raised the company’s net profit attributable to mothers to 9 in 19-20.07/10.11 ppm (original value 8).75/9.US $ 5.9 billion, an increase of 2021 attributable net profit forecast to 11.14 trillion, the company’s EPS for 2019-21 is expected to be 0.85/0.95/1.04 yuan, the current sustainable corresponding PE is 16/14/13 times.As a leader in the field of atmospheric 深圳spa会所 governance, the company has obvious advantages in obtaining orders in the process of national rejuvenation of thermal power and ultra-low-emissions transformation of the steel industry in 2019. At the same time, breakthroughs have been made in emerging businesses, and future performance growth is guaranteed, maintaining an “overweight” rating.  Risk reminder: The policy in the non-electricity field and the company’s market development are less than expected, and the company’s environmental protection industry M & A strategy progress is gradually expected.

Resumption on February 12: Low suction entry is the main theme of the main funds attack 10 shares

Resumption on February 12: Low suction entry is the main theme of the main funds attack 10 shares

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Sina Finance News on February 12th, the three major stock indexes opened lower in the morning, and then pulled up and turned all the red, and the index rose nearly 1.


On the surface of the disk, the photovoltaic concept showed a strong performance. Iron and steel, coal, and other strong cyclical stocks yesterday were collectively distributed. The concept was relatively warm, and yesterday’s strong cyclical stocks were all replaced.

It is about to close in the morning. The three major indexes have strengthened after falling back, and the index has risen 2%.

On the disk, the lithium battery sector was active, and the photovoltaic concept opened up.

In general, the individual stocks in the sector fell more or less, the market’s effect of making money was general, and the mood of funds was positive.

In the afternoon, the index continued to be strong, and the 8th consecutive Shanghai stock index approached the upper gap.

Hengqiang, the strongest in photovoltaic concepts, cloud concepts, e-sports, etc., continued to rise in the insert sector.

The in-depth concept is obviously picking up, and market sentiment is high.

At the end of the day, the index continued its strength, with the index rising nearly 3%.

On the disk, the concept of non-ferrous cobalt has strengthened significantly, and the technological complexity has obviously picked up.

In general, there are more than 100 stocks that have risen and stopped, and the fry rate has begun to fall. The market has a better effect of making money, and it is expected that funds will be long.

  The final release, the Shanghai Index reported 2926.

90 points, up 0.

87%, with a turnover of 297.5 billion (the turnover of the previous trading day was 302.9 billion); the Shenzhen Component Index reported 10940.

79 points, up 1.

60%, the turnover was 492.5 billion (the turnover on the previous trading day was 5442 trillion); the Pioneering Index was reported at 2085.

28 points, up 2.

80%, with a turnover of 483 billion (the turnover of the previous trading day was 166.3 billion).

Net inflow of northbound funds14.

85 billion, net inflow of Shanghai Stock Connect 13.

71 billion.

  I. 70.6 billion funds compete for 20 shares: The main funds focus on 10 shares (list). Statistics show that the stock turnover of TOP20 exceeds 70.6 billion. According to the Sina Finance leve2 fund flow chart, 10 of the 20 stocksThe main capital inflows are shown. Among them, the major inflows of Dabei farmers are more than 500 million yuan, and the net inflows of HKUST News are more than 400 million yuan.The net inflow of the main inflow of Zhongke Shuguang exceeded 100 million yuan. The main inflow of Ningde Times, CITIC Securities, Huatian Technology, and Nanjing Securities was less than 100 million yuan.

  Second, the daily limit resumed: The three major indexes performed strongly to be active in concept. Today the Shanghai and Shenzhen daily limit of 127 (covering new stocks and ST-classes), a daily limit of 1,225 stocks rose, 142 flats, and 503 stocks fell.

  Today’s daily limit: Today’s daily limit stock analysis name rises current price daily limit analysis open number N Naip 43.

99% 30.

44 new shares 0 Borui Medicine 20.

01% 52.

12 medicine 0 excellent carved 20.

00% 113.

74 Science and Technology Board 1 Anheng Information 20.

00% 268.

2 science and technology board 0 Juchen shares 20.

00% 97.

64 science and technology board 4 extension Rixin 10.

16% 3.
36 photovoltaic 0 Rongjie health 10.
15% 2.

93 oversold rebounded 1 solar 10.

15% 3.

69 photovoltaic 4 Jia Wei Xinneng 10.

11% 4.

03 Photovoltaics 0 Jinjing (Jin Qilin analyst) Technology 10.

11% 3.

05 Glass 3 Yaben Chemistry 10.

11% 5.

23 new viral genes 1 Jinglun electron 10.

10% 3.

38 Online Education 2 Cangzhou Pearl 10.

09% 3.

82 lithium battery 1 Aikang technology 10.

07% 1.

53 photovoltaic 300 million crystal photoelectric 10.

07% 3.

06 Photovoltaic 4 Murray Cloud 10.

07% 7.

76 cloud computing 0 core energy technology 10.

06% 6.

78 photovoltaic 0 Lekai film 10.

06% 9.

08 State-owned enterprise reform 2 Anjubao 10.

06% 7.

33 Smart Parking 0 UBM Technology 10.

06% 9.

3 cement 1 Haida shares 10.

05% 6.

02 Tesla 0 Beijing Culture 10.

05% 10.

73 Television Media 1 Luoyang Molybdenum Industry 10.

05% 4.

71 nonferrous metals 0 Huiyuan Communication 10.

04% 10.

35G0 Huali Chuangtong 10.

04% 13.

37 Beidou navigation 4 Eurobit 10.

04% 13.
92 Satellite Navigation 1 Southern Media 10.
04% 14.

03 Culture Media 0 Gimhae Environment 10.

04% 14.

25 environmental protection 2 Beijing Career 10.

04% 5.

92 photovoltaic 0 matt technology 10.

04% 15.

13 chips 0 Oriental rose 10.

03% 16.

34 PV 5 Huicheng Technology 10.

03% 7.

793D prints 0 Rongjie shares 10.

03% 20.

74 lithium battery 0 Weining health 10.

03% 20.

96 Internet Medical 5 Rockchip 10.

02% 18.

55 new shares 0 Wanda information 10.

02% 19.

43 medical information technology 0 Nanxing shares 10.

02% 25.

25 Cloud Computing 1 NSFOCUS Technology 10.

02% 25.

58 domestic software 1 Tianyu information 10.

02% 15.

7 Online Education 2 Powerway Alloy 10.

02% 11.

31 Photovoltaic 1 Landi Group 10.

02% 20.

21 new virus moles 0 Keshi 10.

02% 13.

51 charging piles 5 Follett 10.

01% 15.

05 Photovoltaic 1 Zhenhua Technology 10.

01% 23.

18IGBT0 Shenghong Technology 10.

01% 23.

51PCB6 Star semiconductor 10.

01% 32.
52 new shares 0 Gold Galaxy 10.
01% 24.

61 lithium batteries 1 twin tower food 10.

01% 8.

68 artificial meat 2 Xiang oil pump 10.

01% 19.

56 Huawei Industry Chain 3 Tianhua Super Clean10.

01% 10.

44 new energy vehicles 2 Jiuyuan Yinhai 10.

01% 45.

06 Internet Medical 2 Jiejia Weichuang 10.

01% 65.

84 photovoltaic 0 electroacoustic shares 10.

01% 30.

78 net red economy 0 Shanghai Xinyang 10.

01% 55.

85 chips 1 Taiwan shares 10.

01% 21.

22 chips 0 bull group 10.

00% 125.

35 new shares 0 Yang Jie Technology 10.

00% 28.

92 chips 0 Roboteco 10.

00% 34.

09 Photovoltaic 2 stepped into share 10.

00% 199.

51 photovoltaic 0 dier laser 10.

00% 148.

61 lasers 0 Huayou Cobalt Industry 10.

00% 54.

78 new energy vehicles 0 Jinlang Technology 10.

00% 61.

6 Photovoltaic 1 Jinhong Group 10.

00% 8.

25 masks 0 Jinchen shares 10.

00% 26.

51 PV 0 Cambridge Technology 10.

00% 35.

755G4 China Satcom 10.

00% 18.
37 satellite navigation 3 days silver mechanical and electrical 10.
00% 15.

73 results pre-increased 0 Davy Medical 10.

00% 10.

34 medical devices 0 Fangzhi Technology 10.

00% 24.

09 Online Education 4 Shanxi Coal International 10.

00% 10.

34 photovoltaic 6 Tongwei shares 10.

00% 16.

39 photovoltaic 0 Qinghai Huading 10.

00% 3.

63 Intelligent Manufacturing 0 Honghe Technology 10.

00% 83.

6 Online Education 0 Star Network Yuda 10.

00% 26.

18 Beidou Navigation 2 Beibei shares 10.

00% 2.

86 photovoltaic 2 Xingsen Technology 10.

00% 11.

88 Huawei Industry Chain 0 United Think Strong 10.

00% 11 satellite navigation 0 Central shares 10.

00% 17.

38 photovoltaic 0 wave information 10.

00% 47.

52 cloud computing 0 Fenghua Hi-Tech 10.

00% 19.

25MLCC5 is full of electronics 10.

00% 32.

68 chip concept 3 days Tianhong 10.

00% 23 Online Education 0 Shanghai Shanghai Engineering 10.

00% 22.

89 robots 0 cold sharp cobalt industry 10.

00% 90.

9 new energy vehicles 0 Bojie shares 9.

99% 80.

23 new shares 0 Amarton 9.

99% 39.

51 Tesla 0 Yanjiang shares 9.

99% 19.
48 masks 0 Ganfeng Lithium Industry 9.
99% 58.

44 lithium battery 2 Foster 9.

99% 53.

27 photovoltaic 3 Aike blue 9.

99% 35.

33 new shares 0 Yingke Medical 9.

99% 33.

46 medical equipment 3 UFIDA network 9.

99% 42.

6 Cloud Computing 5 Three Special Ropeway 9.

99% 11.

12 tourism 1 day Qi Li industry 9.

99% 30.

72 lithium batteries 2 Shenzhen Konka A9.

99% 8.

81 chip concept 0 entrepreneurship wellcome 9.

99% 25.

66 Internet Healthcare 1 Zhengye Technology 9.

99% 8.

26 masks 1 three five interconnected 9.

98% 14.

32 Cloud Office 2 Topview Information 9.

97% 12.

79 Online Education 1 and Er Thai 9.

97% 15.

555G4 digital government communication 9.

97% 15.

11 domestic software 1 Jiayu shares 9.

97% 3.

75 Xiong’an New District 0 Dr. Peng 9.

97% 6.

95 Online Education 0 Blue Cursor 9.

97% 6.

4 Net red economy 1 Quanxin shares 9.

96% 12.

03 satellite navigation 0 Yuanwanggu 9.

96% 11.

7 IoT 1 Xiuqiang shares 9.

96% 7.
73 Tesla 3 Big North Farmers 9.
95% 7.

07 transgenic 2 sunflower 9.

95% 2.

32 photovoltaic 1 search in special 9.

95% 2.

32 net red economy 0 deep seg 9.

94% 7.

19 PV 5 Huaan Securities 苏州桑拿网 9.

94% 7.

19 Securities 0 Australian Ocean Shun Chang 9.

91% 4.

99 new energy vehicles 0 Philips letter 9.

91% 4.

88 lithography machine 0 江苏 阳光 9.

91% 2.

44 textile and clothing 1 storm group 9.

90% 3.

22 oversold rebounds 0 * ST Opal 5.

19% 1.

42 oversold rebounds 4 * ST Peng rises 5.

16% 1.

63 oversold rebounded 1 * ST East Network 5.

15% 2.

45ST plate 0 * ST high 5.

15% 2.

45ST plate 1 * ST Zhongan 5.

08% 2.

07ST plate 0 * ST Suoling 5.

04% 4.

17ST plate 0 * ST bus 5.

03% 4.

8ST plate 0 * ST West Fat 5.

03% 4.

8ST plate 0 * ST hippocampus 5.

00% 2.

31ST plate 3ST Baxter 4.

91% 2.

78ST plate 1 * ST Xinwei 4.

81% 2.
18 oversold rebounds in 4 scenic spots: Some institutions have stated that the photovoltaic industry needs global resonance and even better growth. At present, the average valuation of mainstream industry targets is 15 times lower. It is hopeful that the performance of photovoltaic leaders is expected to meet expectations and maintain the industry “Recommended “rating.
  Third, the top ten blogs look at the market outlook: how long can the unlimited amount of time to maintain the Jiulianyang stock market situation: this operation can steadily double the income trend. Since it is obvious, after choosing the right main line, the medium and long-term covered stocks will make the most money.

The avenue is simple. Don’t toss and toss repeatedly during the main ascent phase. This is a point that has been repeatedly highlighted before.

Now if investors do not get rid of their previous over-investment problems, they really have to miss this big market.

Because it is still the early stage of the main rise, it is still too late to change.

  Luo Lizhong: The rising trend of low entry into the market is the main melody can be cut from the rotation between large industries. Starting from last Friday, although the index has not fallen, the market has undergone a round of reshuffles.Some emerged, such as anti-flu, mask protection, cloud office, cloud service, online education, remote office, online new retail, etc. in the pharmaceutical industry. Such industry stocks with obvious speculation in hot money will keep their stocks active.There are indicators of changes this afternoon, pay attention to whether follow-up is the second time to enter.

  Gonghai Lighthouse: The anti-pullback adjustment after half a year’s line is purely from the analysis of technical indicators. The MACD indicator on the Shanghai stock market weekly chart has a green bar growth and two indicator lines.Rising; Fastened chips stacked above the low opening gap on February 3 will inhibit the momentum of the stock index’s upside; today’s continued price divergence is not conducive to the continued upward movement of the stock index; MACD indicators on the 30-minute chart begin to show top divergencePhenomenon, a signal to adjust the fall was issued in advance.

China Pacific Insurance (601601) 2019 First Quarterly Report Review: Actively Adjust Product Structure, New Negative Growth in Life Insurance

China Pacific Insurance (601601) 2019 First Quarterly Report Review: Actively Adjust Product Structure, New Negative Growth in Life Insurance

Matters: CPIC released the 2019 quarterly report.

2019Q1 CPIC achieved net profit attributable to mother 54.

800 million, +46 a year.

1%; net assets at the end of the first quarter were 1620.

9 trillion, ten years +8.

4%; China Pacific Insurance’s annualized total investment income in the first quarter increased by 4.

6% / 4.

4%, rising by 0 every year.

2pct / 0.


Comment: Diluted the beginnings, proactively adjusted the product structure, and negative growth in new life insurance business.

The total premium income of CPIC Life Insurance in the first quarter of 2019 was 928.

5 ‰, +2 for ten years.

8% of which insurance premiums for new insurance business were 174 million US dollars, -13 a year.

1%, renewal premium 686.

7 megabytes, 11% a year. The main reason is that Tai Tai actively adjusted its sales strategy, diminished its popularity, and reduced the main short-term financial products of previous years.

Due to the adjustment of product structure, it is expected that the new business value 杭州桑拿网 rate will increase significantly. It is expected that the negative growth rate of NBV will narrow and penetrate more than new orders.

Increasing the share base allocation and improving investment returns.

China Pacific Insurance’s total annualized / investment income increased by 4 in the first quarter.

6% / 4.

4%, rising by 0 every year.

2pct / 0.


In the first quarter, CPIC achieved an investment income of 155.

5 ‰, +22 a year.

1%; changes in fair value of tradable financial assets contribute 10.

70,000 yuan, the total return on investment increased, contributing to profit growth.

Benefiting from the sharp rise in the stock market this year, changes in the fair value of AFS in financial assets contributed other comprehensive income.

80,000 yuan, an increase of 19 in ten years.

4 times, boosting the growth rate of net assets to 8.


In terms of asset allocation, the share of equity funds increased significantly in the first quarter, rising by 1 earlier.

1 point to 6.


The growth rate of auto insurance has fallen to the segmented range, and the growth rate of non-car insurance has fallen to the segmented range.

In the first quarter, CPIC P & C premium income was 353.

700 million, 12 per year.

7%.Among them, car insurance premiums are 236.

500 million every year 6.

3%, the growth rate fell to the minimum range, mainly due to the increase in new car sales and commercial car fare changes; non-car insurance premiums of 117 ‰, an increase of +28.


Under the severe situation of gradual supervision, the company’s handling fee rate is expected to decrease this year, and the negative profit growth situation is expected to ease.

Investment suggestion: China Pacific Insurance took the initiative to adjust the product structure in the first quarter of this year, dilute the new order performance caused by the starter to a certain degree of negative growth.

Benefiting from the stock market upswing, investment contributed to the potential profit elasticity.

China Pacific Insurance has transitioned earlier and has formed a number of robust denial-end structures, with multi-layered and diversified product categories.

At present, CPIC’s static PEV is estimated to be zero.

98 times is the lowest in the industry. It is gradually repaired through new business and the external environment is improving.

We expect EPS / BPS to be 3 in 2019-2021.



41 (previous average 2).



19) / 18.



4. It is estimated that the growth rate of EV in 2019 is 15% -20%, and the dynamic PEV will be doubled.


5 yuan / share, maintain the “recommended” level.

Risk warning: New business growth is less than expected, the equity market is volatile, and the downward pressure on the economy is increasing.

Lake Electric (603355): 3Q19 revenue shift due to extended exports

Lake Electric (603355): 3Q19 revenue shift due to extended exports
The 3Q19 results were in line with our expectations of the company’s 3Q19 results: operating income14.1.7 billion, down 1 year.6%; net profit attributable to mother 1.470,000 yuan, an increase of 9 in ten years.3%.Corresponds to 1Q-3Q19 operating income 42.12 megabits, up to 1 year.2%; net profit attributable to mother 3.82 ppm, an increase of 13 in ten years.0%. The company’s performance is in line with our expectations. In the third 杭州夜网论坛 quarter of 19th, the revenue gradually reversed: 1) The company’s revenue growth rate was lower than 10% from 2Q18, and changes occurred in 3Q18-3Q19. Exports to the United States and Europe have been falling.2) The company relies heavily on US export business, and its main products are subject to import tariffs by the US.3) In terms of domestic sales, the company’s main high-end brand, the vacuum cleaner, increased demand during the economic downturn, and its market share declined.AVC data shows that the online and offline retail sales of 3Q19 Lake vacuum cleaners are -37% and -24% each year, respectively, and the market share is -1.3ppt, -3.5ppt. Financial analysis of the company in the third quarter of 19: 1) Gross profit margin 27.5%, an increase of 2 per year.7ppt, an increase of 0 from the previous month.7ppt.The increase 青岛夜网 in export gross profit margin benefited from the depreciation of the RMB, and the RMB exchange rate against the US dollar increased by 3% in 3Q19.2) Selling expenses, management expenses per unit amount, the expense ratio decreased by 1.3ppt, 0.5ppt, the first is that the company continues to optimize the agency structure and strictly control expenses.3) Since 2019, the company has continued to increase its R & D efforts and expand its product line. R & D expenses in the third quarter of 19 increased by 57% to 0.8 billion, accounting for 5% of revenue.6%. 4) The net profit rate attributable to the parent company increased.0ppt to 10.3%, restored to historical normal levels. Development Trends 1) The domestic sales market is fiercely competitive, and the demand for high cost performance is relatively better.The company is also actively exploring the development of cost-effective brand Lake Jimmy, for example, the team operates exclusively and focuses on online channel sales.2) Tariffs are imposed on exports of US products. The company has set up an overseas base in Vietnam to cope with Sino-US trade frictions and will soon be completed and put into production. We expect that the export business trend will improve by 2020. Earnings forecasts and estimates remain at 2019 / 20e EPS forecast1.41 yuan / 1.59 yuan.Maintain Neutral rating and 22.00 yuan target price, corresponding to 15.6 times 2019 P / E ratio and 13.8 times 2020 price-earnings ratio, 1 compared with the same period last year.8% upside.The current consensus corresponds to 15 of 2019/2020.4 times / 13.6 times price-earnings ratio. Risks: Sino-US trade friction risks; RMB exchange rate fluctuation risks.

Jinfa Technology (600143): Steady Modified Plastic Business + Rapid Growth of New Materials Business

Jinfa Technology (600143): Steady Modified Plastic Business + Rapid Growth of New Materials Business
1.Event On April 22, Jinfa Technology released the 2018 annual report and the 2019 first quarter report.In 2018, the company achieved operating income of 253.17 ppm, an increase of 9 in ten years.4%; net profit attributable to mother 6.24 ppm, an increase of 13 in ten years.9%.In the first quarter of 2019, the company achieved operating income of 58.99 ppm, an increase of ten years6.5%; net profit attributable to mother 2.25 ppm, an increase of 21 in ten years.2%. 2.Our analysis and judgment (1) Modified plastic is the cornerstone of the company’s business and will continue to maintain a sound development trend. The company is the largest modified plastic company in Asia with the largest range of products.Modified plastic is the cornerstone of the company’s business, accounting for about 70% of the company’s total revenue.In 2018, the company’s sales of modified plastics reached 134.Initially, 60 fell by 0 each year.84%.Among them, the domestic automobile production declined 3.Under the unfavorable contradiction of 8%, the sales volume of the company’s automotive materials remained basically unchanged, and the domestic market share increased slightly.As a leading domestic manufacturer of modified plastics, the company will continue to maintain its leading position in the industry, and through continuous improvement of product quality and market development, realize the steady development of modified plastics business. (2) The rapid development of new materials and other businesses helped the company’s performance increase. In 2018, the company’s special engineering plastics and fully biodegradable plastics businesses all achieved growth, and their revenues increased by 56.4%, 94.3%; Carbon fiber and composite materials revenues declined by the 南京夜网 weak automotive market18.0%.During the same period, the revenue of environmentally friendly and efficient recycled plastics business reached 89.With a growth rate of 3%, the material trading business also achieved rapid growth.Domestic new chemical materials rely heavily on imports and the demand is growing year by year. The company’s chemical new materials and other businesses basically have production expansion plans. In the future, the project will be completed and put into production, which will increase the company’s performance. (3) Acquired Ningbo Haiyue business to the upstream industrial chain derivative company. By purchasing raw materials for modified plastics from upstream suppliers, of which synthetic resins and fillers are bulk materials, the company purchased and replaced 96 in 2018.Ningbo Haiyue develops, 杭州桑拿网 produces, and sells main military anchors, isooctane, and methyl ethyl ketone. It has an annual output of 60 inches of insertion dehydrogenation devices, 60 instead of isooctane devices and 4 methoxy ethyl ketone devices.The company enters upstream raw material industries such as propylene through Ningbo Haiyue, which is beneficial to consider both upstream basic chemical raw materials and downstream modified plastics, thereby reducing raw material costs and improving raw material supply advantages. 3.The investment suggestion company is a leading domestic modified plastics company and a leader in the new chemical materials industry.Considering the steady development of the company’s modified plastics business and the increase in performance brought about by the layout and expansion of new chemical material projects, the company is optimistic about the company’s development in the long term.Without considering the consolidation of Haiyue’s new materials, the company’s 2019-2021 EPS is expected to be 0.27 yuan, 0.32 yuan, 0.36 yuan, corresponding to 20 times, 17 times and 15 times the dynamic PE.Covered for the first time and given a “Recommended” rating. 4.Risks indicate the risk of rising raw material prices, the project is unable to meet the expected risks in reaching production, and the risk of downstream demand declines.

Big data fund’s overall running index scale hits fracture

Big data fund’s overall running index scale hits “fracture”

21st Century Business Herald Original Title: Isn’t the Super Brain the Enemy Brain?

The size of the Big Data Fund ‘s overall underperformed index has broken “fractures”. In 2019, the Shanghai Index has gradually increased by 22%, and the Shenzhen Index and the GEM have surged 44%.

  Among the gains of major global stock indexes, the Shenzhen and GEM stocks rose second and third respectively, behind Russia’s ETS index.

As a result, A-share partial funds have made a lot of money, with an average return of 40%, and the returns of 5 funds doubled.

  However, the performance of the Air Force’s big data fund is tepid.

There are 28 big data funds (classes A, B, and C are calculated separately). In 2019, only 9 of them increased by more than 40%, and the highest one increased by 59.

6%, ranking 121 of partial equity fund champions.

69% increase, the return is only half; the lowest return, only 16 last year.

The increase of 2% underperformed the index.

  Big data becomes a gimmick?

  Once it was released, the big data fund temporarily attracted a lot of money because it possessed the genes of the “super brain” (computer + human brain) and the blessing of the big bull market.

In 2014, A-shares first appeared in big data funds. In that year, the bull market was in full swing. Big data funds skyrocketed and quickly attracted market attention.

  Since then, big data-themed funds have exploded, and Internet giants BAJT and others have also scrambled to enter.

However, through a wave of adjustments in the market, the “super brain” replaced the initial one-“when it goes up, it goes up a lot, and it goes down when it goes down.”

  In 2019, there was a small bull market in the market, and the performance of big data funds was lagging.

The best performer was Zhejiang Business Big Data Smart Choice Consumers, which increased by 59 in 2019.

6%; Tianhong Cloud Life’s preferred increase is 53.

2%, ranking second.

In addition, there are 10 big data funds whose incremental unit net value deviates by less than 30% in 2019. The bottom-performing product comes from the Southern Fund. Its big data 100C and 100A have only increased by 16%.

2% and 16.


  According to the Southern Fund’s prospectus, the Big Data 100 Index is a strategic index. The stocks in the sample space are modeled according to financial factor analysis, market driver interactions, and big data factors, and then the calculated comprehensive factors are changed from high to low.Sort and select the top 100 stocks to constitute the initial sample stocks of the Big Data 100 Index.

  Specifically, the financial factors mainly include the latest PE ratio, ROE, annual operating income growth, and annual net profit gradually increase. Excluding PE and the lower ROE stocks, the negative operating income growth and annual net profit are excluded.Stocks with negative annual growth; calculating the growth of main business income and net profit, and the growth of the forecast results from the previous quarter. The change in the index from the previous period increased with the acceleration of performance, and the above summary was calculated as a summary of financial factors through a factor model.

  The market driving factors mainly include the stock turnover rate, change rate, price change rate, and liquidity factor in the last month, and the overall growth that has become a market driving factor is calculated through a quantitative factor model.

  The big data factor mainly includes calculating the thermal overlap of the stocks based on the popularity of the stock page access on the Sina Finance Channel, the positive impact calculation of the news report under the Financial Channel and the overlap of the stock news report, and the positive impact of the stock on Weibo.Calculate large-scale stock Weibo dramas, synthesize the above overlaps, and use historical backtesting optimization results as big data dramas.

Finally, adjustments and equal weight calculations are performed under the rules agreed in the index compilation scheme, and the index constituents and weights are finally 南宁桑拿 determined.

  But the ideal is full and the reality is very skinny.

Although various indicators have been taken into account, the current two big data funds in the South, 100A and 100C, have a net conversion value of less than zero.

7 yuan, 0 respectively.

67 yuan and 0.

66 yuan.

  In essence, the Big Data Fund is a type of quantitative fund. Based on the use of traditional quantitative indicators, it includes various types of public information on the Internet and online and online payment information.

  According to statistics from the Shanghai Securities Fund Evaluation and Research Center, there are four main types of data sources for big data funds: the first is ordinary search data, such as Baidu, 360 and other websites related to the search history of securities markets; the second is financial websitesData, such as Sina Finance, Flush, Oriental Fortune, and other users’ attention to the industry or individual stocks; third, consumption data, such as Taobao, Jingdong’s user purchase records, and offline POS machine data;The fourth is data from social networking sites, such as Weibo, Snowball and other community investors’ various views on the securities market.

  The first big data fund with a scale from 20 billion to 9.6 billion A shares was born in March 2014. There are 28 existing big data funds.

  In terms of scale, at the peak of 2015, it once exceeded 20 billion; the performance is now unsatisfactory, and the redemption is obvious. Until the end of 2019, the scale has fallen to 9.6 billion, hitting a “fracture”.

  At present, the largest scale is Southern Big Data 100, and the proportion of A and C totals 27.

900 million yuan.

The smallest is China Merchants Finance Big Data stock, with a scale of less than 18 million, which is significantly lower than the liquidation line. This fund was established in November 2016 with a scale of about 2.500 million, the latest net worth is 0.

85 yuan.

  From the time of establishment, it is mainly concentrated in 2015-2017; from 2018 to now, only one product of E Fund’s intelligent quantitative strategy has been established.

  From the perspective of cumulative net worth, 17 products are currently receiving positive returns, and the remaining 11 net worth is below 1 yuan.

Currently the best performer is Galaxy’s scheduled investment in the Tencent Ji’an Index, with a gradual net margin of 1.

63 yuan is a big data fund in the early days of its establishment.

  ”The Big Data Fund was deified before.

Its essence is to use Baidu, Tencent, Taobao, Jingdong and other website sales or search data, combined with the company’s conventional financial analysis, such as operating income, profit, cash flow, etc., to perform stock selection modeling.

There are obvious loopholes in this method, because if this method works, Jack Ma and other entrepreneurs can make money by stock trading themselves, without running a business at all.

So big data funds eventually became a gimmick, and poor performance is normal.

In the secondary market, if these so-called ‘big data’ can get good returns, so many professional investment institutions will not work.

“Qun Hang, a senior fund commentator, said in an interview with 21st Century Business Herald.

  The director of the Good Buy Fund Research Center, Zeng Linghua, told reporters from the 21st Century Business Herald that the essence of investment is to make money for the growth of the company, and it depends on the fundamentals of the company.

The current big data funds are mainly screened by market sentiment, search frequency or gradual changes driven by short-term events. They have not paid enough attention to fundamentals, and they have different investment essences.

In the future, big data will definitely have more value to be mined, but the current model is not accurate enough. There is still a long way to go to defeat the human brain.


Due to the great volatility, the scale of redemption of funds is very large, and the current stock scale is very small.

The Air Force plans to work hard on big data, recruiting a lot of relevant talents, and the plan is now on hold.

The big data factor is not as effective as expected, and the overall product underperforms the active product.

“The head of a fund company based in South China told a reporter from 21st Century Business Herald.

  A Jimin told reporters: “To what extent did the Big Data Fund fire?

One base is hard to find, and almost every one needs to be restricted.

Now there are as many as you want.

I bought one at the end of 2015, and now the net value has only increased by 15%, and gradually the return is similar to that of a money fund.