Golden pit cashing-Shanghai Index opening decline creates 23 consecutive records of northbound capital sweeping


Gold pit cashed?Shanghai stock index opened at a 23-point decline in recent opening records
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  Original title: “Golden Pit” cashed out?The opening index of the Shanghai Composite Index hit a current record of 23!Approximately 250 billion yuan of funds were used to help, and Northbound Funds swept 4 billion yuan in 25 minutes (with the latest opinion of the brokerage firm) Source: e company official Weiwei today’s A-share opening fell more than expected!However, in the case of a serious dips in funds, the major stock indexes rebounded rapidly.Northbound funds swept nearly 4 billion yuan in 25 minutes.  Today, the first trading day after the Spring Festival of A shares, affected by the new crown pneumonia epidemic, Shanghai and Shenzhen did not unexpectedly open lower.The Shanghai Composite Index opened lower by 8.73%, ChiNext refers to a lower opening of 8.23%, all industry sectors fell, one stock fell on a large scale, more than 3,000 stocks opened at the limit, pharmaceuticals and medical stocks were severely polarized, while anti-flu, masks and other protective medical equipment stocks had a large daily limit, while other general pharmaceutical stocksThe daily limit, tourism, science and technology board, chip, military industry, etc. fell the most.Judging from the historical decline, the Shanghai Index today is 8.A 73% drop is a record since 1997.  The market fell sharply, the demand for hedging increased sharply, and the main contract for issuing 10-year Treasury futures rose by 1 at the time of publication.71%, the main contract of 5-year Treasury futures rose 0.97%.  A-share pharmaceutical sector United Ring Pharmaceutical (5th board), Lukang Medicine (4th board), Sihuan Biological (Protection of Rights) (4th board), Jiangsu Wuzhong (3th board) today’s collective bid limit; medical devicesPlates Ogilvy Medical (3 consecutive boards), Nanwei shares, Teda shares (4 days 3 boards) call auction daily limit.  Northbound funds clearly bottomed out A shares today, with a net inflow of 3 billion in the first 6 minutes of opening; 25 minutes after the opening, the net purchase of northbound funds reached 4 billion.  PetroChina opened down 8.87%, another record low; Sinopec opened 8 lower.50%.  Peripheral markets have risen in succession. In other Asian stock markets, major indexes have opened lower and higher.The Nikkei 225 index opened lower by nearly 2% in early trading before rebounding, and the press was terminated. The Nikkei index fell less than 1.00%.As for the South Korean stock market, the South Korean KOSPI index fell 0.25%.The Hang Seng Index opened 0 lower.47%, blue chip stocks fell, consumption, oil and gas, real estate stocks led the decline, Tencent against the market rose more than 1%, pharmaceutical stocks increased.In the final release, the HSI rose by 0.51%.  Hong Kong stocks drug stocks and flu stocks moved higher.In the final release, Fusen Pharmaceutical increased by more than 65%. The announcement announced that it would adjust the production capacity of Shuanghuanglian Oral Liquid to enter market demand.China Pioneer Pharmaceuticals rose 8.02%, Tai Ling Medicine rose 7.02%, Shenwei Pharmaceutical rose 6.21%, Shanghai Pharmaceuticals rose 5.92%, Baiyun Mountain rose 3.77%.Last week it was up 1607.96% of China’s medical group once exceeded 50%.  After the FTSE A50 index opened lower, it clearly rose, terminated publication, and rose 0.61%.  In the commodity market, domestic crude oil futures fell sharply by nearly 8% at the beginning of the opening; gold and silver became safe havens, and gold futures rose by nearly 3%; and thermal coal futures became one of the few growing commodities due to factors such as transportation.  Latest brokerage strategy: “Golden Pit” becomes mainstream Anxin strategy: Grasp “Golden Pit” and seize strategic opportunities From the perspective of various historical experiences, epidemic situation may only be the core contradiction of the market in the most rapid development period.See if the market is still moving in the direction determined by the endogenous trend.Because the overall situation of coronary disease in the short term will affect the economy to a certain extent, it will also cause a temporary downward movement of the overall market index platform. The market may quickly make up after the holiday to complete the expected adjustment, but the market ‘s medium-to-long term trendAnd the structure of the main line logic has not been destroyed by the coronary epidemic.The epidemic situation will always pass. The essence of the market’s fall next week actually brings a “golden pit” of strategic layout, especially the rare opportunities brought by the adjustment of high-quality technology stocks.  The perspective extends to the whole world. If ROE and ROIC of A-share listed companies can stabilize and even rebound, then the A-share market in the financial opening era will still be the most valuable investment in the context of low interest rates and low growth in the world.One of the assets, A shares as a whole is still expected to move towards a long-term slow bull golden age.Therefore, although it is expected that the new crown epidemic situation will bring some pressure to the short-term market, in the medium term, it will instead be a good allocation period for high-quality companies in various industries.  In the short-term, it is expected that after the market quickly compensates for the decline, structural markets will be developed around industries whose fundamentals are less affected by the epidemic. In the near future, the industry will focus on: media (games, Internet, etc.), new energy vehicles (Tesla industry chain, etc.),Medicine, public utilities, gold, etc. The theme suggest to pay attention to the house economy, science and technology board, etc.  Southwest Securities: The recent epidemic of core assets plunging, buying small and buying small will have two major impacts on the market: First, in the short term, the impact is distorted and the market is expected to show clear signs.Secondly, in the medium and long term, the epidemic will not change the basic trajectory of market operation. If the amplitude is too large in the short term, it will be an excellent period to increase quality assets.  In terms of short-term shocks, it is mainly achieved by lowering investors’ expectations for the economy.Overall, the epidemic will depress economic growth in the first quarter by 1-2 examples.From the perspective of specific industries, the epidemic situation will constitute a direct negative on the consumption-related industries, such as transportation, tourism, catering, hotels, agriculture, animal husbandry, liquor and other industries. The profit forecast for the first quarter will be significantly reduced.Of course, there are also industries that will benefit from the epidemic, such as online games, biomedicine, etc.  In the 苏州夜网论坛 medium and long term, the epidemic will not change the trend of China’s economic development, nor will it change the long-term growth trend of imported substitutes in related industries.Core assets in the fields of medicine, communications, electronics, computers, etc., if there is a significant replacement in the post-holiday shock, it is an excellent time to lay out related assets.  In general, there are shocks in the short term and not pessimism in the long term.As far as core assets are concerned, big plunges and big buys, small plunges and small buys, persist for a long time.  Huatai Strategy: Short-term four-point configuration ideas Before the arrival of the peak of suspected cases (Jin Qilin analyst), the overall market risk appetite, especially the bearish industry, is still under downward pressure.  Short-term four-point 北京夜网 configuration guidelines: 1) Optimize the pre-holiday epidemic escalation period, and the strong varieties such as medicine and electric vehicle industry chain when the market falls; 2) Optimize the technology manufacturing that declines in the short term due to the general mood, but the most logical in the medium term;) It is preferred that upstream and midstream equipment and component manufacturers with overseas production capacity and be located in the supply chain of major overseas customers; 4) Short-term attention to online education / online shopping / games / quick-frozen and fast-moving foods that may directly benefit from the epidemic.  In the medium term, the three main lines of the annual strategy: the electric vehicle chain / computer / electronics, and the equipment and parts sector under the manufacturing investment logic also comply with the short-term relative income allocation logic, and gradually move towards “the return of the king”.  China-Thailand strategy: Actively deploy hard technology and new generation consumption.  During the outbreak of SARS, the market panic dropped by 10% and rose by 7% in the later period.Therefore, there is no need to be afraid of panic decline.There are two main concerns in the short-term market. One is the change in the epidemic situation, such as the growth rate of newly diagnosed cases; the other is the policy hedging tool, when it will be introduced, and how much effort will be made.It is recommended to focus on avoiding two aspects. One is the stocks that are most affected by the epidemic, such as the sectors that have suffered short-term consumption shocks (catering, tourism, transportation, film and television, retail, etc.), listed companies in Hubei Province, etc., and the second is the financing purchase.In contrast, the determinants of equity rounds with a high equity pledge are the increase in liquidity and risk appetite.Before the outbreak, the market believed that the macro economy had stabilized in the short term, at least the pace of monetary policy cuts and interest rate cuts would improve.However, in contrast, the release of economic data in December and January, and the enthusiastic quotations of hard-tech and new-generation consumption in the era in January have broken the market’s illusion of macroeconomic recovery.Then the epidemic’s economic growth rate is expected to cause the market to believe that liquidity will be further loosened, so the denominator market can still continue.However, the increase in risk due to the epidemic situation will be replaced by part of the benefits brought about by the expectation of loose liquidity (this is mainly reflected in the panic period, when the panic period is over, the risk reduction will return to the current level).We still maintain our judgment on the market structure in 2020.Don’t expect a big bull market.Choose structurally and continue to firmly recommend industries and stocks of the era of hard technology and new generations of consumption.  CITIC’s strategy: The impact of the “Golden Pit” epidemic on the way to the “Xiao Kang Niu” ended the rehearsal of the “Xiao Kang Niu” that began in December last year, but at the same time provided a rare configuration opportunity.We still continue our annual strategic view. We believe that in the second quarter of the transition, the economy will gradually return to the right track.The “golden pit” dug by the market in February due to the impact of the epidemic will be the best time for configuration.Short-term trading and long-term deployment opportunities co-exist: 1) Short-term trading opportunities brought by the epidemic itself, focusing on diagnostics companies in medicine, Chinese medicine companies, low-value consumables companies, and retail platforms. Other industries include chemicals for disinfection.Online education, leading supermarkets, games and videos, property management, etc.  2) For the allocation of funds, we still think that the technology sector represented by consumer electronics, semiconductors and new energy vehicles and the medicine represented by innovative drugs are the main lines of transfer. Shortening the adjustment is expected to recover quickly, but the adjustment will bring a lot ofGood chance to get on the bus.In addition, due to the severe impact of the epidemic, the estimated space has been set aside, and the plate with little actual impact has also ushered in the best allocation time. For the detailed industry, see the main body of the report.  GF strategy: The combination of “economic stabilization + currency easing” at the beginning of 2020 was partially destroyed. The current round of economic impact may be wider than in 2003, and the policy coverage is expected to increase from 2003.The short-term emotional shock amplitude refers to the decline in the A / H market index of 9-12% in 2003 and the fall of the FTSE China A50 index during the Spring Festival.4%, the time is slightly shorter than the 8 trading days in 2003; through the epidemic control to clear the market to stabilize, the core logic of the next stage or switch to the more friendly change of the denominatorThe discount rate drives down the main logic of the financial supply side).  In terms of industry configuration, it is expected that the liquidity shock caused by the continuous decline in the market after the holiday will lead to the adjustment of the GEM ratio. However, if the rebound is stabilized, it should also be a leading technology growth.By 2003, the period in which the fundamentals were affected periodically by the epidemic was (affecting the construction of labor-intensive construction) and offline consumption (such as catering and tourism, cinema lines, traditional retail, and transportation), which had a relatively small impact on technological growth.It is recommended to use the opportunity of reduced risk expectations and staged discounts of liquidity to configure technological growth (consumer electronics, new energy vehicles, games).  Northeast Securities: The probability of strategic emerging industries being killed by mistake. The inflection point of financial expectations depends on the marginal inflection point of the epidemic data. The impact and inflection point of the real economy are at least cross-quarter, and it depends on the strength of policy support.The overall strategy is: 1. Industries that are indirectly harmed by the epidemic, such as strategic emerging industries, controversy over the probability of missed opportunities, and pay attention to the core main lines of each industry we introduced; 2. Those affected by the epidemic, such as delivery, tourism, Catering, construction, etc., we must pay close attention to the recovery of passenger flow and industry recovery, and then there will be a rebound space for breakthroughs.But maybe in the second and third quarters.

The financing balance of the two cities has reached a new high leverage fund of nearly 8 months.


The financing balance of the two cities has reached a new high leverage fund of nearly 8 months.

Original title: The financing surplus of the two cities has created a new high leverage fund for the past eight months. The preferred source of technology and media: Shanghai Stock Exchange data shows that the financing surplus of the Shanghai and Shenzhen cities has increased for eight consecutive trading days.

As of December 11, financing balances in Shanghai and Shenzhen rose to 9667.

4.4 billion yuan, a new high of nearly 8 months.

杭州夜网论坛  From the perspective of capital flow, technology stocks that have continued to strengthen recently have become the first choice for financing.

As of the close of the 11th, the financing balances of Shenwan Electronics and the computer industry have increased by 49 this month.

3.3 billion, 33.

6.5 billion yuan, ranking the forefront of all first-tier industries.

Dividends submitted to the revival of the media in advance have also been raised in financing funds, and the financing surplus has increased by 8 since the beginning of the month.

8.2 billion.

  This is consistent with recent market performance.

As of the close of the 12th, Shenwan Electronics and the computer industry have seen overall gains of 6 this month.

79%, 6.

29%, ranking the top two in all first-tier industries.

The media industry as a whole 合肥夜网 rose 4.

13%, also among the top.

  The financing balance of 10 technology stocks has increased by more than 200 million. According to statistics, since December, a total of 14 stocks have increased their financing balance by more than 200 million US dollars. Among them, the number of technology stocks in the electronics and computer industries is only over 10.

  Tongfang shares (600,100) have received a net purchase of 5 since the beginning of this month.

4.7 billion yuan, ranking first among all stocks.

Driven by financing funds, the stock has continued to strengthen recently.

As of December 11, Tongfang’s daily line has harvested 7 Lianyang, the monthly line rose more than 11%.

  On the surface of the news, Tongfang’s school-enterprise reform has entered an accelerated phase.

The company announced a few days ago that the original controlling shareholder Tsinghua Holdings and China Nuclear Capital signed a supplementary agreement on equity transfer matters.

  Leaders in various technology segments continue their strong performance since the second half of the year.

As of the close of the 12th, Chinese software rose by 16 in the month.

57%, with a net purchase of 4 during the financing.

49ppm; Crystal Optoelectronics (002273), the leading optical subdivision, rose more than 24% in the month, during which it received a net purchase of 4.

1.2 billion; ODM industry leader Wentai Technology (600745) recently set a new historical high again, with a net financing purchase amount of 3 in the month.

3.7 billion yuan.

  The annual strategic meetings of major securities firms have recently been intensively involved, and the technology sector has been approved by the long-term securities firms for centralized recommendation.

  Yan Xiang, chief strategy analyst of Guoxin Securities, believes that from a broad perspective, the profitability of A-share listed companies will increase in 2020. It is estimated that the profit growth rate of all A-share listed companies in 2020 will be about 8%.

And the turning point in the earnings upward cycle of the technology sector may have appeared, and it is expected to become the largest sector with elastic space in 2020.

  Media stocks’ attention has increased significantly Since the index peaked in 2015, the overall performance of the media sector has been unsatisfactory.

As the market in 2019 comes to an end, some media stocks have started to bottom out.

  Obviously, during the rebound of the media sector this month, although the financing funds as a whole showed a trading trend, their attitudes towards individual stocks were still somewhat different.

  Specifically, People’s Daily Online (603000) and Focus Media (002027) increased their financing balance by more than 100 million yuan this month.

No. 100 Holdings (600640), Beijing Culture (000802), and Zhangqu Technology (300315) all expanded more than 10% this month, during which the net financing purchases were more than 40 million yuan.

  In addition, although Wanda Movies (002739), Youzu Network (002174), and Huace Television (300133) have also increased by more than 10% this month, the financing balance has shown a net repayment of more than 20 million.Different attitudes.

  Huatai Securities recently announced its investment strategy for the media industry in 2020, and it is recommended to focus on leading core high-quality assets in terms of allocation.Huatai Securities said that it is easier to obtain excess income in the “new scene” categories such as VR / AR, Internet of Things, and Internet of Vehicles, and optimization of scenes such as cloud games and interactive videos may also drive changes in internal income structure.

Jingneng Power (600578): Rising volume and price helped boost the company’s Q1 performance by 194%


Jingneng Power (6005深圳丝袜会所78): Rising volume and price helped boost the company’s Q1 performance by 194%

Event: On April 27, the company released the 2018 annual report and the 2019 first quarter report. In 2018, the company realized operating income of 126.

95 ppm, a ten-year increase3.

88%, realized net profit attributable to mother 8.

920,000 yuan, an increase of 66 in ten years.

93%, divided into 0 dividends.

80 yuan; In Q1 2019, the company realized operating income of 37.

380,000 yuan, an increase of 30 in ten years.

92%, net profit attributable to mothers4.

360,000 yuan, an increase of 193 in ten years.


Comments: Erhai Lake’s technological reform has dragged down the growth rate of electricity for 18 years, and the on-grid electricity price has continued to rise. In 2018, the company achieved 492 power generation.

6.4 billion kWh, an annual increase of 3.

1%, of which the company’s main unit Erhai Power Plant has significantly reduced its power generation for 18 years due to technological transformation38.

3.9 billion kWh, a decrease of 34 per year.


The company’s 18-year average unit utilization time was 4,581 hours, every 122 hours. Looking at the regions, the Mengxi area unit utilization time was 4,437 hours, and the interval was reduced by 335 hours. The Shanxi area unit utilization time was 4,534 hours, which increased a cumulative 585 hours.The utilization hours were 5,108 hours, which was reduced by 667 hours per year; the Mengdong regional unit utilization hours were 5,374 hours, which was increased by 674 hours.

In terms of electricity prices, the average on-grid electricity price is 0.

2961 yuan / kWh, an increase of 10 in ten years.

8 yuan / MWh.

In 2018, the company predicted that the online trading capacity of the market was 197.

8.3 billion kWh, accounting for 43% of the total on-grid electricity.

73%, the proportion of trading power is increasing by 5.

32%, the average settlement electricity price increases by 27 yuan / MWh per year.

Revenue and costs have improved, and profitability has improved significantly. Benefiting from the simultaneous increase in electricity and electricity prices, the company achieved operating income of 126 in 2018.

9.5 billion, an annual increase of 3.

88%; on the cost side, the company gradually entered the factory standard coal unit price in 2018 by 22%.

6 yuan / ton, a decrease of 5.

6%, causing the company’s operating costs to decrease by 0 compared with the previous year.


The improvement of both the revenue and cost sides brought the company’s gross profit margin to 10 in 2018.

71%, an increase of 4 a year.

19 units.

18 years of impairment of goodwill2.

2.0 billion, investment income increased by 36 every year.

36% Jingneng Power acquired an 80% equity interest in Inner Mongolia Huaning Thermal Power Co., Ltd. in 2012, which resulted in a goodwill report for Jingneng Power5.

Through the impairment calculation, the company provided impairment for the goodwill generated by the acquisition of Huaning Thermal Power by Jinglong Power Generation Company.

20,000 yuan.
In terms of investment income, the company’s investment income achieved 15 due to a significant rebound in the ability to participate in power plants in the past 18 years.
750,000 yuan, an increase of 36 in ten years.

36%, the scale of investment income has recovered to a historically high level.

In Q1, both volume and price went up, and performance increased by 193.

The income side was 51%, benefiting from the new unit’s commissioning and the elimination of the effects of Erhai Lake’s technological transformation. The company’s first-quarter traffic achieved rapid growth and the power generation volume was 137.

02 billion kWh, an increase of 25 in ten years.

89%; the highest transaction electricity price increased, and the average on-grid electricity price in Q1 2019 was 307.

20 yuan / MWh, an increase of 3 per year.

94%, volume and price increase operating company realized operating income.

380,000 yuan, an increase of 30 in ten years.


On the cost side, the company’s Q1 operating cost is 31.

16 ppm, an increase of 15 in ten years.

07%. After calculation, the company’s unit price of standard coal into the furnace in Q1 increased by about 10 yuan / ton, but because the increase in revenue was greater than the increase in cost, Q1 was attributed to its net profit.

360,000 yuan, an increase of 193 in ten years.

51%, Q1 gross margin was 16.

63%, an increase of 10 percentage points per year.

Earnings forecast and estimation: We forecast the company’s net profit attributable to its parent to be 17 in 2019-2021.

33, 19.

65 and 21.

90ppm, an annual increase of 94.

31%, 13.

43% and 11.

42%, EPS is 0.

26, 0.

29 and 0.

32 yuan, corresponding to PE is 12.

66, 11.

16 and 10.

01 times.

The coal price hub will go down, the power supply and demand in the region where the company is located will be tight, the utilization hours will continue to increase, and the market electricity discount will gradually decrease. The company’s unit under construction will gradually be put into operation in the past two years, which is a good growth model.

At present, the PB is only 1 times, which is far lower than the historical center’s 2 times the PB, and a deep recommendation level is given.

Risk reminder: the risk of further expansion of electricity demand, the risk of a significant rise in coal prices

Fiyta A (000026) 2019 Third Quarterly Report Review: Revenue Speeds Up Quarterly


Fiyta A (000026) 2019 Third Quarterly Report Review: Revenue Speeds Up Quarterly
This report reads: The company ‘s Q3 revenue growth has risen to a higher level, with significant adjustments in its own brands, and watch sales have maintained double-digit high growth; the SOE reform is expected to deepen further. Investment highlights: Investment recommendations: The company’s Q3 revenue growth will further accelerate, and its own brand adjustments will be positive, and watch sales will continue to improve.The company’s parent company level completed the progress, B share repurchase continued to advance, and subsequent state-owned enterprise reforms tried to accelerate it.Maintain the company’s EPS for 2019-2021 to 0.51/0.63/0.76 yuan with a target price of 10.44 yuan, increase the level. Q3’s revenue growth further improved, and profits grew steadily.The company achieved revenue of 27 in the first three quarters of 2019.4 ‰, an increase of 6 in ten years.8%, net profit attributable to mother 1.79 ppm, a ten-year increase of 9.9%, deducting non-growth rate of 14.5%, in line with market expectations.Among them, single Q3 revenue growth rate was 9.9%, a significant increase from the second quarter4.For two years, it continued the quarterly improvement trend of revenue growth in 2019, mainly benefiting from the company’s focus on adjusting Fiyta’s own brands since June, substitution and efficiency improvements in the supply chain, sales, and new spokespersons and new productsWith the positive pull of Q3, it is expected that the growth rate of Q3’s private label revenue will shift from H1 by 9%, which has been significantly positive and has improved significantly.At the same time, the watch business continued its H1 double-digit growth level against the background of the Q3 exchange rate deduction. Incentive mechanism is in place and operating efficiency has been steadily improved.The company’s sales expense ratio in the first three quarters dropped significantly year-on-year1.At five levels, the effectiveness of internal management is significant, and a strong positive feedback on the merger and operation of strong incentives is being formed. Consumption tax shift has no impact on the company, and the reform of state-owned enterprises is expected to further advance.The company’s import watch actually pays the consumption tax for the upstream, and purchases the goods at the tax-paid value after the tariff, and does not pay the consumption tax directly; the adjustment scale of the consumption tax has not yet been clarified, and has no impact at 深圳桑拿网 present.The controlling shareholder of the company completed a two-level merger and the company moved up within the group, which is beneficial to the overall reform planning. Risk warning: high-end consumption growth is under pressure due to economic growth, and the reform process of state-owned enterprises is less than expected

Hang Seng Electronics (600570) Interim Report Comments: Benefit from Regulatory Policy Landing Wealth, Bank IT Business Revenue Increases Faster


Hang Seng Electronics (600570) Interim Report Comments: Benefit from Regulatory Policy Landing Wealth, Bank IT Business Revenue Increases Faster

Event description The company released its semi-annual report for 2019, and the company realized a total of 15 operating income in the first half of the year.

24 ppm, an increase of 11 over the same period last year.

97%; net profit attributable to owners of the parent company was 6.

7.8 billion, an increase of 125 over the same period last year.


Event commentary results were in line with expectations, and wealth and banking revenue contributed faster growth.

In the first half of 2019, the company achieved operating income of 15.

24 ppm, an increase of 11 years.

97%, net profit attributable to mother 6.

780,000 yuan, an increase of 125 in ten years.

87%, net of non-attributed net profit2.

56 ppm, an increase of 14 in ten years.

55%, mainly due to the significant increase in fair value gains from financial assets held in the first half of the year.

In terms of business, the growth rate of wealth and banking business.

Revenue was achieved in the first half of the year3.

79 and 1.

1.3 billion, an annual increase of 27.

08% and 28.

73%, the total budget business accounted for 32% of operating income.


Realization of asset management business 4.

84 ‰, an increase of 9 in ten years.

05%, accounting for 31% of revenue.

80%, the highest proportion.

R & D investment continued to increase, and gross profit margin increased significantly.

In the first half of the year, due to the main board of science and technology innovation, the corresponding section costs increased.

Fees during sales are priced at 88.

78%, compared with the same period last year (85.

39%) up 3.

39 units.

Among them, the sales fee rate and management fee rate are 32 respectively.

79% and 55.

85%, an increase of 1 over the same period last year.

34 and 2.

05 averages.

Gross profit margin was 97.

94%, compared with the same period last year (96.

38%) up 1.56 averages, deducting non-net interest rate is 16.

83%, rising by 0 every year.

38 units.

In terms of research and development funding, in the first half of the year, research and development promotion6.

73 ppm, an increase of 19 years.

20%, continue to increase investment in research and development, and maintain core competitiveness.

Benefiting from the introduction of regulatory policies, the company’s business development momentum is improving.

Benefiting from the recovery of the securities market, the implementation of the science and technology board business policy and the implementation of new rules on asset management, it is expected that the asset management business will maintain steady growth in the second half of the year.

Thanks to the rapid growth of the stock business, the wealth business grew rapidly.

Win the bid for the state-owned bank wealth management subsidiary TA project, complete the right customer card slot of the bank wealth management subsidiary TA system, in smart investment consulting, fund agency sales, outsourced TA / direct sales, sub-TA, three-party sales, fund clearing, asset management direct sales, asset managementTA, CRM, smart customer service, CRM, call center, anti-money laundering and other important projects won the bid to replace extended customers.

In terms of technical classification, TA5.

0 is undergoing a comprehensive technical upgrade, and the financial information registration and filing system is upgraded to a distributed clearing structure to support regulatory reporting under a billion-level capacity; financial management 5.

0 The core system trading center / clearing center has been successfully launched; based on the division developed by the Light platform, the Light version has new customers.

The overall IT business of the bank has maintained continuous development. Cash management in the trading financial product line, market demand for the asset pool and platform platform are active; the overall market demand for the bill business product line has stabilized, and business innovation focused on bill application scenarios; intermediate business product linesIt will remain stable. In the future, it will use technology platform upgrades and open banks as entry points to expand new market demand.

The three-year plan for fintech was released, which opened up space for downstream demand for financial IT.

Recently, the People’s Bank of China issued the FinTech Development Plan (2019-2021), which clarified the development direction and key tasks of financial technology in the next three years.

In particular, the application of emerging technologies such as big data, cloud computing, artificial intelligence, network authentication, blockchain, and video streaming 武汉桑拿 to empower the financial industry, consolidate the foundation of financial technology, improve the efficiency of financial services, strengthen financial supervision, and enhance risk control capabilities.

Planning progress has further stimulated the downstream demand for financial IT, driving the company’s performance to continue to grow.

Investment recommendations benefit from the implementation of regulatory policies, the demand for IT from securities firms, banks, etc. has increased, and the company’s business has continued to grow.

We expect the company’s EPS for 2019-2021 to be 1.

07\1.32\1.59, corresponding to the company’s closing price of 75 on August 28.

82 元,2019-2021 年PE 分别为70\57\47,维持“买入”评级。 Existing risks: regulatory policies fall short of expectations, downstream demand falls short of expectations, 夜来香体验网 and the risk of fluctuations in the fair value of financial assets.

China National Travel Service (601888): Interim report results are in line with expected domestic consumption potential and overseas tax return contribution to tax-free increase


China National Travel Service (601888): Interim report results are in line with expected domestic consumption potential and overseas tax return contribution to tax-free increase

Event Overview On July 31, China National Travel Service released the interim report performance report, and realized operating income of 243 in the first half of 2019.

$ 4.4 billion / +15.

46%, net profit attributable to mother is 32.

79 ppm / +70.

87%, net profit after deducting non-attribution is 2.5 billion / + 30.


Operating analysis revenue shrinks-Tax-free revenue in the first half of 2019 increased by 50%, net of non-homing net profit increased by 30 after excluding travel agency investment income.

86%, tax-free revenue in the second quarter increased by 27%, non-returned profits increased by 21% in the second quarter, the performance of the interim report basically in line with expectations: after excluding the impact of travel agency business revenue (travel agency business revenue in February 2019), the company 2019In the first half of the year, tax-free revenue increased by 50%, and in the second quarter, tax-free revenue increased by 27%, in line with expectations.

Profit in the first half of the year increased by 71%, deducting non-attributed net profit growth rate was 31%, reverting tax-free performance, the growth rate of tax-free profit in the second quarter and the first half of 19 was about 34%.The domestic tax-free consumer market has grown well.

Project split-up—A certain differentiation has occurred between the duty-free business sectors, with Haitang Bay Duty Free increasing Q2 by 18.

2%, compared with Q1’s 30% growth rate, a decrease from the previous month, but Hainan’s outlying islands are exempt from tax for the first half of the year, which is 65.

8.2 billion / + 26.

56%, affected by the increase in the newly opened duty-free shops in Haikou (Sanya Haitang Bay, Haikou Meilan Airport, Sun Moon Plaza and Boao Dongyu Island Duty-free Shops selling duty-free goods in the first half of 201949.

9.8 billion, 11.

7.7 billion, 3.

6.6 billion and 0.

4.2 billion).

China ‘s (Capital Airport) ‘s Q2 revenue growth rate is flat today, and the overall growth rate in January-May is 3%, which is basically unsatisfactory for 4-5 months, mainly due to conferences and decoration reasons that slow down the decoration of duty-free shops.

Shanghai (Shanghai Airport) has been consolidated since March, and Q2 revenue has increased by 31.

8%, in line with expectations.

The revenue volume of Hong Kong Airport maintained steady growth.

Incremental project Baiyun Airport has excellent tax-free performance in each of the 19 years since the opening of the T2 entry-exit duty-free shop in May 18, and Haiwai has been conducting centralized procurement 南京夜网 from China Exemption since 19th. The incremental wholesale business has driven the company’s traditional tax-free business income to increase36%.

Investment Logic-In the short term, the expected opening of duty-free shops in the city in 19 years and the expected adjustment of policies will be implemented. The domestic consumption potential and the return of overseas consumption will be precipitated in the tax-free domestic airports or ports. The growth of existing projects will remain healthy.

In the long run, the tax exemption scenario and the continued expansion of internationalization, policy support (supporting tax exemption to combat purchasing) and support for consumer return.

From the liberalization of the tax exemption policy for outlying islands to broadening the purchase crowd, Sanya Haitang Bay Duty Free 返回码: 404 网站打不开?重查 Shop can do this. Shanghai and Beijing Airports benefit from tax exemption from the increase in unit prices of tax-exempt customers and the trend of consumption return.

There is still room for marginal improvement in 19 years, a breakthrough in the city’s duty-free shops policy and the expected establishment of domestic domestic stores.

China Travel has built a tax-free complex in Haikou to broaden the tax-free scene and tap the potential for tax-free demand. At the same time, the tax-free consumption power of Chinese people has shifted, the industry can maintain high growth, and China Travel, which has an absolute monopoly, directly benefits.

Profit forecast and investment advice do not consider 19-21E performance in the case of alternative travel agency business42.

6/54/67 billion, with a growth rate of 40% / 26% / 25%, EPS2.



4 yuan, PE 41/32/27 times, maintain BUY rating.

Risks suggest that the gross profit margin has risen less than expected; the domestic tax-free shops have fallen short of expectations; the domestic tax-free business has been liberalized; the RMB exchange rate has continued to depreciate; the stock tax-free stores have performed worse than expected due to the weak economy.

Suzhou Keda (603660): Equity Incentive Affects Rapid Growth of Profit Monitoring Business


Suzhou Keda (603660): Equity Incentive Affects Rapid Growth of Profit Monitoring Business
The company released 2018 performance report: regular revenue 24.5 billion, an increase of 34% per year; net profit previously attributed to mothers3.200 million, a year-on-year increase of 19%; non-net profit after deduction was 3.0 billion, an increase of 12% over the same period; based on this, the Q4 淡水桑拿网 single-quarter revenue was 9.100 million, an increase of 24% in ten years; Q4 belongs to the mother’s net profit1.800 million, an increase of 7% in ten years; Q4 non-net profit for the quarter was 1.6 billion, 3% above the real interest rate.After the effect of supplementary equity incentive expenses of RMB 50.45 million, the company’s net profit attributable to the parent company was 3.72 ppm, an increase of 37 over the same period last year.53%. The video surveillance business has grown rapidly. The company has proposed the “AI + Big Data” strategy to promote the actual combat of AI and big data.In the field of monitoring and security, comprehensive solutions such as “Xueliang Project”, intelligent transportation solutions, fire fighting command solutions, and overall intelligent security solutions for regulatory agencies were introduced. In the video conference field, smart education solutions and collaborative network presentation products were introduced.The gross profit growth rate of the video surveillance product line reached 37% in ten years, and the gross profit margin increased by 1.4 units.Under the background of the pressure growth of the video surveillance industry in 18 years, it has achieved relatively rapid growth. The forecast for 19-21 is 1 respectively.10 yuan / share, 1.34 yuan / share, 1.67 yuan / share forecast company 19?21-year revenue was 31.7, 40.0, 49.800 million, net profit attributable to mother is 4.0, 4.8,6.0 billion USD (due to the characteristics of the industry, most business settlements occur at the end of the year, and the annual internal performance may show a low-to-high conversion range), the conversions are 24%, 22%, and 24%, respectively. The corresponding PE is calculated at the latest closing price. They are 23, 19, and 15 times.At the same time, referring to the company’s PE band since December 16th, considering that the company will maintain steady performance growth and stable profitability in the future, and high investment in research and development is committed to enhancing competitiveness in the medium and long term, we believe that the company can be given 30 times PE in 19 yearsIt is estimated that the 天津夜网 corresponding reasonable value at the end of 19 was 33.13 yuan / share, give “Buy” rating. Risk reminders: The industry and product positioning of the company are dependent on government procurement, and are affected by policy changes and changes in related national budgets. The company’s security business has recently entered new industries and may face increased competition risks.The risk of higher receivables and falling inventory prices.

Jinling Mining (000655): Q3 Performance Exceeds Expectations and Maintains Overweight Rating


Jinling Mining (000655): Q3 Performance Exceeds Expectations and Maintains “Overweight” Rating
Q3 performance is expected to increase by 131% -199% on October 11, 2019. Jinling Mining (hereinafter referred to as the “Company”) released the 2019 third quarter report performance forecast. It is expected that in the third quarter of 2019, net profit attributable to shareholders of listed companies will be realized.5-1.USD 9.4 billion, an annual increase of 103% -163%; 19Q3 achieved net profit attributable to shareholders of listed companies.76-0.99 ‰, a growth of 131% -199% in ten years, we forecast the company’s Q3 profit 0 in the three quarterly report.6.4 billion, the company’s performance slightly exceeded our expectations.Based on the four major minerals’ resumption rhythm and judgment of future demand, we expect the company’s EPS to be zero in 2019-2021.29, 0.37, 0.45 yuan to maintain the “overweight” level. The issuance was less than expected, and the price of iron ore increased by 19Q3 (pre-tax) 711 yuan / ton, which is + 8%, which is contrary to our forecast Q3 chain down, mainly due to port maintenance, production and other unexpected events leading to iron oreThe shipment was less than expected.According to reports, the total shipments of 合肥夜网 Brazil and Australia in 19Q3 were only + 1% month-on-month, lower than in the same period of last year; of which, Rio Tinto, BHP Billiton, and FMG’s shipments to China were -0.5%, -4%, -16%, resulting in Australia’s total shipments of -7% from the previous month, FMG drifted above, or because of Q2’s final performance shipments.According to Mysteel, according to Mysteel, Vale announced in July that some of its mines were suspended and resumed production, leading to a month-on-month Brazilian shipment of + 24%. According to my steel network, the Vale PMD port was overhauled in September and Brucutu was partially picked.The farm was stopped due to crop overruns, resulting in September shipments from Brazil to -14.2%. Q4 ore price may be under pressure, be wary of steel plant replenishment to boost ore prices According to 无锡桑拿网 Vale’s official website, its total target sales of iron ore and pellets in 2019 is 3.07-3.3.2 billion tons, the official estimate is the median value, of which 2019H1 Vale iron ore sales are 1.1.7 billion tons.According to wind, Q3 Vale iron ore shipments were zero.7.4 billion tons, taking into account the impact of pellets (official guidance annual shipments of 0.4.3 billion tons, of which H1 shipments were 0.2.1 billion tons, assuming that Q3 and Q4 each ship 0.1.1 billion tons), in order to achieve the target of the median sales volume, the lower limit of the target, Q4 Vale’s total shipments need to reach 0 respectively.96, 0.8.4 billion tons, so the fourth quarter shipments may be high, Q4 ore prices may be under pressure.In addition, according to Mysteel, the average inventory of imported sintered ore in steel mills in September was 1601 titles, which was +2 per year, respectively.8%, -16.6%, which is still lower than the same period of the previous year. If steel mills replenish their warehouses intensively, ore prices may suddenly rise. We maintain the two-year mid-to-long-term boom view of iron ore. In the next two years, we will still look at the average price of multiple iron ore, mainly because iron ore production capacity is still in the contraction stage, while China, Southeast Asia, and India have entered the stage of long process capacity expansion.We estimate that the global iron ore demand increase / four major ore output increments in 2020 and 2021 will be 4600/3700 and 4700/1000 respectively, but there will still be a price rise in the medium and long term.We maintain our judgment that the average price of iron ore will rise from 2019 to 2021. It is expected that the average price of iron ore will increase by more than 150 yuan / ton this year. The price of ore may decrease month-on-month and we maintain the “overweight” rating. Due to the ore price or the ratio of month-on-month in the fourth quarter of 2019, we maintain the company’s profit forecast. It is expected that the company’s BVPS will be 4.31/4.68/5.13 yuan, corresponding to the current expected PB 1.22/1.12/1.02 times, the average PB (2019E) of comparable companies is 1.80 times, considering that the company’s iron ore reserves are far less than the four major mines, given the company in January 2019.30-1.40 times PB, target price 5.60-6.03 yuan, maintaining the “overweight” level. Risk warning: the price of ore has increased sharply; demand has fallen sharply; the company’s production and sales have changed

Liugong (000528): Product structure optimization has improved gross margin


Liugong (000西安耍耍网528): Product structure optimization has improved gross margin

The company recently released the 2019 third quarter report, which reported and realized operating income of 142.

1.9 billion, an annual increase of 5.

59%; net profit attributable to mother 8.

8.2 billion, an annual increase of 23.


Judging from the single quarter situation, the company achieved operating income of 40 in Q3 2019.

8.8 billion, an increase of 10 in ten years.

15%; net profit attributable to mother 2.

2.1 billion, an annual increase of 85.


The overall gross profit margin increased, and the expense ratio increased during the period.

In the first three quarters of 2019, the company’s comprehensive gross profit margin was 23.

98%, rising by 1 every year.

02 single, the initial increase in gross profit margin lies in the optimization of the company’s product structure, sales of high gross profit products have increased.

In total, the company’s period expense ratio increased by zero.

47 are good.


Among them, the sales expense ratio increases by 1 every year.

09 perfect to 9.

67%, the management + R & D expense rate is reduced by 0 every year.

23 good to 5.

59%; financial expense ratio decreases by 0 every year.

4 perfect to 0.


The industry boom cycle is expected to continue, and the company continues to benefit from restructuring.

With the rapid and gradual stabilization of infrastructure investment growth, the arrival of the industry replacement cycle and the opening of the incremental export market in the context of the Belt and Road strategy, the booming cycle of construction machinery has prolonged.

The company’s market share in the field of excavator, loader, bulldozer, grader and other products is in the leading position in the industry. As the industry’s market concentration continues to increase, it gradually improves its product system to further increase its market share.

Deep internationalization, overseas business is expected to become an important revenue growth point.

The company is one of the companies that have initially carried out international business in the domestic industry. At present, it has entered the stage of deep internationalization. The business scope basically covers most countries and regions along the “Belt and Road” strategy. In the first half of 2019, the company’s overseas revenue increased and increased.

58% to 17.

USD 4.7 billion, with revenue share and gross profit share exceeding 2 respectively.

01, 4.

79 subdivisions have experienced steady progress in internationalization strategies, and the company’s future growth space is expected to further open.

The approval of the group’s mixed reform plan is conducive to enhancing the company’s market competitiveness.

On October 9, 2019, the company’s controlling shareholder Liugong Group’s mixed reform plan was approved by the Guangxi SASAC. Through future plans, external strategic investors, asset integration and other means can be used to improve asset quality and operational efficiency, which is conducive to promoting the company’s coordinated development.

Profit forecast and investment grade: The company’s EPS for 2019-2021 is expected to be 0.

66, 0.

74, 0.81 yuan to 6 on November 4.

At the closing price of 32 yuan, the corresponding dynamic price-earnings ratios are 9 respectively.


54, 7.

80 times, maintaining the company’s “recommended” investment rating.

Risk reminders: Infrastructure investment in fixed assets is lower than expected; intensified market competition causes the company’s performance to fall short of expectations; overseas business development falls short of expectations; domestic and foreign secondary market risks.

Hengli Hydraulics (601100): Performance Doubles in Accordance with Expected Pump and Valve Replacement to Accelerate High-Growth Start


Hengli Hydraulics (601100): Performance Doubles in Accordance with Expected Pump and Valve Replacement to Accelerate High-Growth Start

Events: (1) The company released its 2018 annual report and achieved revenue in 201842.

11 ppm, an increase of 50 in ten years.

65%; realized net profit attributable to mother 8.

37 ppm, a 119-year increase.

05%; of which Q4 achieved revenue of 10 in a single quarter.

51 ppm, an increase of 36 in ten years.

74%; net profit attributable to mothers1.

1.7 billion, an increase of 10 in ten years.


(2) The quarterly report for January 2019 shows that the income in 2019Q1 was 15.

69 ppm, an increase of 61 in ten years.

63%; net profit attributable to mothers3.

26 ppm, a 108-year increase of 108.


The demand from the construction machinery industry is strong, the volume and price of excavator cylinders are rising, and pump valves are being replaced by accelerated imports.

The annual report shows that the company’s excavator oil cylinder revenue in 2018 was 18.

110,000 yuan, an increase of 56 in ten years.

95%; sales 41.

350,000 pieces, the unit price is 4380 yuan / piece, with a growth rate of 4% for many years; the gross profit margin is 41.

35%, an increase of 2 per year.

55 pct; benefiting from the recovery of the downstream cycle, the volume and price of excavator cylinders have risen.

Revenue from pump and valve business in 20184.

79 trillion, an 南宁桑拿 increase of 92 in ten years.

46%; gross profit margin 29.

66%, an increase of 11 a year.

09 pct.

Hydraulic pump valves continued to increase in volume, mainly due to the introduction of second-generation small-dig pump valves and the release of cumulative batches in mid-dig; the scale effect resulted in a significant increase in profitability.

Looking ahead to 2019, the growth rate of investment in fixed assets has stabilized and rebounded, and the sales volume of excavators in the first three months was 7.

480,000 units, an increase of 24 in ten years.

5%, demand continues to grow strongly.

Subsequent environmental protection needs continue to escalate, and the industry is expected to maintain steady growth.

The 2019Q1 excavator cylinder business is growing by 55 per year.

38%, the subsidiary hydraulic technology (mainly hydraulic pump valves and systems) revenue increased by 203.

89%; the company’s construction machinery core components business continued to grow at a high level of prosperity.

Non-standard oil cylinders accelerated customer development, with a sharp increase of 22 in the first quarter.

6%: subject to part of the capacity occupied by the excavator cylinders, the non-standard cylinder business income11.

43 ppm, a ten-year increase of 9.

73%; The growth rate of this business increased to 22 in Q1 2019.6%.

In the non-standard oil cylinder field, the company continues to develop customers. In addition to the three major areas of lifting machinery, shields, and high-end marine engineering, the company continues to make breakthroughs in CSP and offshore wind power, which is the basis for gradual growth.

Asset impairment in 20181.

During the first quarter of 2019, the company’s sales, management, and financial expenses1 increased significantly.

24%, 6.

05%, 2.

26%, with annual changes of -1.

17, -1.

58, -2.

78 pct, during which the rate of expenses dropped significantly.

In 2018, the company incurred 17 million yuan in bad debt losses, 55.45 million yuan in inventory losses and 46.98 million yuan in goodwill impairment losses, which directly affected net profit1.

1.9 billion.

After reducing this effect, Q4 single-quarter net interest rate maintained.

45% higher level.

Investment suggestion: The company’s revenue growth rate is expected to be 35 in 2019-2021.

8%, 27.

1% and 20.

5%, net profit growth rate of 38.

2%, 20.

6% and 25.

8%, earnings per share is 1.

31 yuan, 1.

58 yuan and 1.

99 yuan.

Cylinder business demand continues to grow, non-standard cylinders are expected to achieve both volume and price increases, and high-end pumps and valves are progressing smoothly to accelerate import substitution; Maintain Buy-A rating, 6-month target price of 39.

30 yuan, corresponding to 30 times the dynamic PE in 2019.

Risk warning: industry demand declines, industry competition intensifies, and raw material prices rise.