Xingyu Co. (601799) Interim Report Comments: Interim Report slightly exceeded expectations to start overseas plant construction journey

Xingyu Co. (601799) Interim Report Comments: Interim Report slightly exceeded expectations to start overseas plant construction journey

Driven by the decline in industry sales, the interim report performance was slightly lower than expected. On August 27, the company disclosed the 2019 semi-annual report, and the company’s operating income in 2019H1 was 27.

07 billion, ten years +10.

48%; net profit attributable to mother 3.

39 trillion, +13 for ten years.

1%; deduct non-attributed net profit 3.

1.5 billion, +17 a year.

33%; of which revenue was 12 in the second quarter.

830,000 yuan, +0 a year.

59%; net profit attributable to mother 1.

6.9 billion, -0 per year.

1%.

Affected by industry sales in the first half of the year, the company’s performance was slightly lower than our expectations.

The company is a leader in autonomous car lighting and has an excellent customer structure. Through company customer expansion and product upgrades, Serbia has set up a new journey in overseas expansion. We believe that the company’s performance will continue to exceed the industry growth. It is expected that EPS in 2019-21 will be 2.

76/3.

53/4.

51 yuan, maintain “overweight” rating.

The company’s expenses are properly controlled, the average price of beneficiary cars grows, the gross profit margin is extended, and the overall expenses of the company in 2019H1 are increased8.

64%, ten years +0.

33pct, of which the sales expense ratio is 2.

23% a year -0.

39 points, due to lower freight and after-sales service fees; 苏州桑拿网 management expense ratio (including R & D) 6.

42%, ten years +0.

82pct, due to increase in employee compensation and depreciation booths; financial expense ratio -0.

01%, Decade -0.

10pct.

The gross profit margin of the company in 2019H1 reached approximately 23.

45%, ten years +1.

81 points; net margin reached 12.

53%, ten years +0.

29 points.

We believe that the company’s proportion of full LED headlights has gradually increased, the average price of car lights has continued to increase, and the gross profit margin has increased.

In the first half of 2019, the company undertook 34 new lamp projects and 23 batches of new models. We believe that the transfer of new projects and the gradual batch production of the company will be implemented, and the company’s profitability will continue to improve.

According to the company announcement, the company plans to invest 60 million euros to build a car light factory in Serbia. The factory construction period is 3 years, and the planned car light production capacity is about 5.7 million (3 million tail lights, small1.7 million lamps and 1 million headlights), the company expects to increase sales revenue by about 1 after the project reaches production.

 2.4 billion, with a profit maximization of  14.83 million.

The company, as the leader of domestic car lights, has faced rich or joint venture rivals such as Huayu Vision, Hella and Valeo in the domestic market, and has become a significant competitive strength.

At present, the company’s domestic customers include mainstream auto manufacturers such as FAW-Volkswagen, FAW Toyota, Dongfeng Nissan, Geely and GAC Trumpchi, and overseas customers include BMW and Audi of Germany.

We believe that the company’s establishment of a factory in Serbia will help the company to further develop overseas customers and increase its global market share.

Independent auto lamp leader, promising development prospects, maintaining the “overweight” rating company is the domestic independent auto lamp leader, continue to explore high-end customers, actively deploy intelligent new products, product structure continued to promote the penetration of high value-added headlights; companyWe plan to build a factory in Serbia and start a new journey of overseas expansion. We are optimistic about the company’s long-term development prospects.Affected by the industry sales growth in the first half of the year, we believe that the company’s expected performance growth or subsequent initial expectations, the company’s 2019-21 net profit is expected to be 7 respectively.

63/9.

74/12.

4.6 billion (down 6% / 9 respectively.

02% / 10.

98%), the corresponding EPS is 2 respectively.

76/3.

53/4.

51 yuan, the average PE of comparable companies in the same industry in 2019 is about 26X, the company is the leader in independent car lights, the unit price of products continues to increase, the customer structure is good, giving the company 31-32X PE estimates for 2019, target price range 85.

56?
88.

32 yuan, maintaining the “overweight” level.

Risk reminder: Automobile sales growth rate is lower than expected, FAW-Volkswagen and FAW Toyota sales are lower than expected, overseas plant construction progress is lower than expected, technology research and development and product development are lower than expected.

Jianyou Co., Ltd. (603707): Performance continues to grow rapidly. The echelon of export products of preparations gradually enriches the elastic penetration of heparin.

Jianyou Co., Ltd. (603707): Performance continues to grow rapidly. The echelon of export products of preparations gradually enriches the elastic penetration of heparin.

Event: The company released its semi-annual report for 2019: Report integration to achieve operating income11.

7.7 billion, an annual increase of 38.

44%, net profit attributable to shareholders of listed companies.

8.9 billion yuan, an annual increase of 27.

34%, net profit attributable to shareholders of listed companies after deduction.

80 ppm, an increase of 30 in ten years.

13%.

Opinion: The volume and price of standard heparin raw materials have risen, and low-molecular-weight heparin preparations have grown rapidly.

2019H1 company achieved revenue 11.

770,000 yuan, an increase of 38 in ten years.

44%, of which heparin API increased by 31.

12%, heparin APIs are expected to be inventories in downstream preparation manufacturers, and sales will increase steadily under the condition of rigid terminal demand. The price of heparin APIs will continue to increase under the limited supply and affected by African swine fever.The average export price of diabetic heparin in June of this year was 6,156 US dollars / half a year, an increase of 20 years.

34%) low-molecular-weight heparin preparations increased by 59.
.

17%, mainly due to the company’s products winning bids gradually entered the hospital, and at the same time third-party representatives to quickly expand the market coverage.

Single 2019Q2 company revenue 5.

670,000 yuan, an increase of 36 in ten years.

78%, still achieving rapid growth under the high base last year, which is related to the rapid growth of heparin APIs and low-molecular-weight heparin preparations.

The sales cost of low-molecular-weight heparin preparations increased rapidly, and the remaining costs were better controlled.

In terms of period expenses, 2019H1 company selling expenses1.

6.8 billion, with a sales expense ratio of 14.

31%, with an annual growth of nearly 5 units. The company’s sales expenses have increased rapidly in the past 3 years, mainly related to the high opening factor. At the same time, the company has gradually increased the promotion of the company’s preparation products and promoted the prefecture-level and county-level hospital market.Pioneering efforts.

Management expenses have gradually decreased, and the management expense ratio has replaced 1 in 2019H1.

43%, a drop of nearly one replacement each year, R & D costs increase rapidly, 2019H1 R & D costs 0.

75 ppm, an increase of 46 in ten years.

96%, R & D expense ratio reached 6.

37%.

On the whole, the company has well-controlled expenses, expanded sales investment, and expanded the domestic low-molecular-weight heparin preparation market.

The echelon of high-end injection preparation export products is gradually established, which is expected to bring significant performance increase.

The company’s existing carboplatin, atracurium injection, and 8 kinds of heparin sodium injections have been approved for sale in the United States market, and a large number of high-end injection export varieties are reserved, and the market is anti-tumor, anesthesia and other fields.Nearly 10 ANDA products have been obtained. At the same time, the heavy-duty product Enoxaparin Injection has been approved in the United Kingdom. This year and next year will gradually be approved for listing in the rest of the EU and the United States, in order to bring a significant increase in performance.

Investment ratings and estimates We estimate the company’s sales 都市夜网 revenue for 2019-2021 to be 25.

5.9 billion, 36.

2 billion, 48.

$ 7.5 billion, a year-on-year increase of 51%, 41%, and 35%; net profit attributable to mothers is 6 respectively.

1.7 billion, 8.

7.2 billion, 11.

20 trillion, a year-on-year growth of 45%, 41%, 29%; the company’s earnings per share for 2019-2021 are 1.

12 yuan, 1.
58 yuan, 2.
03 yuan.

Corresponding to the PE of 2019-2021 is 25X, 18X and 14X, we are optimistic about the company’s development prospects as a leader in the export of domestic injections, and the export echelon is gradually improving. Heparin APIs are expected to bring significant performance flexibility. Maintain a “recommended” rating.

Risk Warning: The approval of overseas injections is slower than expected, the price of heparin APIs is lower than expected, the sales of domestic preparations are lower than expected, and product prices are lower than expected.

Zhengjin Shopping Cart: Over 250 stocks in 17 consecutive quarters

Zhengjin Shopping Cart: Over 250 stocks in 17 consecutive quarters
Securities Times Original Title: Zhengjin Company Shopping Cart: For the 17th consecutive season, more than 250 shares of Securities Times reporter Chen Jiannan Zhengjin Company played the role of market stabilizer.On the occasion of the Double Eleven Shopping Festival, let’s take a look at the shopping cart of Zhengjin Company. Any good products for investors’ reference.  Securities Times · Databao statistics show that at the end of the third consecutive quarter, the securities companies have appeared in the top ten tradable shareholders’ list of more than 440 stocks, most of which have not moved.Only Dongxu Optoelectronics, Nanjing Pharmaceutical, Bailian, Dongfang Net Power, Aerospace Engineering, Guangtian Group and other stocks are new heavy stocks.  Most stocks held stocks at the end of the period were not high, and only Dongxu Optoelectronics held stocks worth over 100 million yuan at the end of the period.However, Zhengjin’s stake in Dongxu Optoelectronics may not change.It was found retrospectively that in the third quarter of 2018, the reporting gold company held the stock 3090.610,000 shares, the same as the latest number of shares.The change in the top ten tradable shareholders of the securities company is likely to be due to the withdrawal of other shareholders holding more shares.The same situation also occurred in Nanjing 杭州夜生活网 Medicine, Aerospace Engineering and other stocks.  It can be seen that the securities company previously moved its shopping cart substantially, and its operations in the third quarter were almost negligible relative to its positions.However, compared with the large-scale holdings during the stability period in 2015, Zhengjin has not placed a large number of stocks in its shopping cart for 17 consecutive quarters.  For more than 17 consecutive quarters, Data Warehouse statistics show that since the third quarter of 2015, Zhengjin has appeared in the top ten circulating shareholders of more than 250 stocks for 17 consecutive quarters.That is to say, the securities company has multiple positions in these stocks for 4 consecutive years, of which 17 shares held by the total share capital have never decreased, that is, may have never been reduced.Calculated at the lowest price of the three trading days during the peak period of stability, the latest in the past years, most stocks may decline.From the coaxial crack, it can be said that most of the stocks held by Zhengjin Company for 4 years have a floating book loss.  Most securities companies held 17 quarters of stocks, and they have increased or decreased their holdings in the past four years.From the perspective of holding the stock market value at the end of the period, the securities company’s third quarterly report holds the largest market value of Ping An in China, reaching 47.7 billion yuan.At the end of the period, the value of stocks held by Bank of China, China Merchants Bank and China Life Insurance exceeded 10 billion.In addition, China Pacific Insurance, Guizhou Moutai, SAIC and other stocks held stock values of more than 1 billion at the end of the period. Over 100 stocks such as Hailan House, Yutong Bus, and Shanghai Construction Engineering held stock values at the end of the period between 100 million and 1 billion.  Compared to the period’s lowest price, most stocks may now show a decrease.From the coaxial crack, it can be said that most of the stocks held by Zhengjin Company for 4 years have a floating book loss.Specifically, * ST Xinwei latest price 1.1 yuan, which is more than 96% off the lowest price during the period; Dongfang Jinyu (right protection) latest price is 2.39 yuan, a discount of nearly 80% ranked second.* The latest price of ST Kaidi (right protection) 1.05 yuan, discount over 79% ranked third.In addition, Jiangsu Wuzhong, ST Kangmei (right protection), Lifan shares and other stocks have the highest discount rates.  The higher profitable stocks are mainly consumer white horse stocks. The higher profitable stocks are mainly concentrated in consumer white horse stocks, such as Guizhou Maotai, and have produced a number of super large cattle stocks, including Wuliangye and Guizhou Maotai.Data show that the lowest price of Wuliangye during the stabilization period is less than 22 yuan, and the latest price is more than 130 yuan, which has increased by nearly 6 times after restoration.The lowest price of Maotai in Guizhou during the stabilization period was about 220 yuan, and the latest price premium was more than 5 times.In addition, the latest prices of stocks such as Haitian Flavor, China National Travel Service, and New Hope have a higher premium rate than the lowest price during the period of stability.  Judging from the operation of Wujinye by Zhengjin Company, the overall holding pattern has been maintained, from holding more than 70 million shares at the beginning of the period to more than 90 million shares.From this point of view, the securities company has made most of the profits on the stock.In Moutai, Guizhou, the profits were also considerable, but due to the reduction in holdings, until the whole body was eaten.  The earliest is that in the three quarters, the net profit increased by more than 30% per year, and the stocks with a dynamic price-earnings ratio of more than 20 times. The latest price of 17 stocks was discounted from the lowest price during the period of stability and the stock value at the end of the period exceeded 100 million yuan.Among them, the discount rate of individual stocks such as Oceanwide Holdings and COSCO Haifa exceeds 40%, and the discount rates of individual stocks such as Huadian International and Sunshine Lighting are also higher.

Neway shares (603699): Single-quarter revenue hits record high and outstanding performance continues

Neway shares (603699): Single-quarter revenue hits record high and outstanding performance continues
Event: The company released the third quarter report of 2019 on the evening of October 29.At the core of the report, the company achieved operating income22.11 ppm, a six-year increase of 6.72%; realized net profit attributable to shareholders of listed companies.71 ppm, an 83-year increase.66%; Realize basic profit income of 0.49 yuan, an annual increase of 81.48%. Investment summary: Financial analysis: Single-quarter revenue scale hits record high, and supplementary orders maintain good growth. Income statement: In the single quarter, operating income for the third quarter of 20198.43 ppm, an increase of 23 in ten years.40%, an increase of 12 from the previous month.13% is a single quarter budget in recent years.Among them, the domestic market revenue growth rate has turned positive, and it is expected that the good situation in the fourth quarter will be maintained.Net profit attributable to mothers in Q3 20191.54 ppm, a 77-year increase of 77.98%, an increase of 19 from the previous month.08%, the second stage after the industry’s high business climate in 2014.The growth rate of net profit in the first quarter actually led revenue, mainly benefiting from the increase in expense. During Q3 2019, the expense ratio was 14 during the period.16%, a decline of 8 per year.For the 06 shares, the sales / management / financial expense ratios decreased by 2 respectively.09/0.92/4.29 units.In terms of profitability, the gross profit margin and net profit margin in the third quarter of 2019 were 36.56%, 18.46%, which are -0 higher than the same period last year.06, 5.86 averages, the gross margin will still increase room in the future. Balance Sheet: The number of reports, the company’s additional surplus at the end of construction in progress increased by 139.54% to 1.US $ 7.5 billion, mainly 武汉夜生活网 due to the construction of Puyang Forging Power Generation capacity. It is expected that the second phase will also be advanced as scheduled; the amount of advance receipts at the end of the period has exceeded growth.04% to 1.1.7 billion, expected to perform well in supplementary orders. Cash flow statement: The reported net cash flow from operating activities of the company is -8,040.680,000 yuan, compared with 1 in the same period last year.30,000 yuan, mainly due to the increase in raw material procurement expenditure. Business Outlook: Double strengths in strengths and breakthroughs, huge potential growth areas for strengths: In terms of long-distance oil and gas pipelines, the company’s 56 “Class900 natural gas long-distance pipeline high-pressure large-diameter all-welded ball valves in 2019 won the China Machinery 深圳桑拿网 Industry Federation and ChinaGeneral Product Industry Association National Product Prototype Appraisal for the Future 2?Three years of expected domestic pipeline network construction will provide products and technical reserves.According to estimates, by 2025, the total mileage of major oil and gas pipeline networks in the country will be increased to 240,000 kilometers, with a total investment of US $ 1,679 billion, of which the demand for pipeline valves will be approximately 25.2 billion.In terms of crude oil processing: The company will continue to benefit from the construction of domestic large-scale refining and chemical production, and the pace of import substitution will accelerate in the process.According to estimates, crude oil production capacity for large-scale refining and integration projects expected to be put into operation after 20201.8.5 billion tons / year, which is one of the estimated production scale before 2020.49 times. Breakthrough areas: Nuclear power valves: The company successfully obtained nuclear safety first-class end valve, gate valve, and check valve qualifications in the first half of 2019. The product will enter the core area of nuclear islands, and the added value is expected to be greatly improved; underwater valves: maximum water depth and quantityMake breakthroughs and further deepen cooperation with large overseas offshore oil development companies. Earnings Forecast and Investment Recommendations: Maintain “Buy” RatingIn 2021, the EPS will be 0.66 yuan, 0.84 yuan, 1.03 yuan, corresponding to the current expected price-earnings ratio of 19 respectively.27 times, 15.19 times, 12.36 times, maintain “Buy” rating. Risk Warning: The RMB appreciates substantially; the implementation rate of Dalian Chemical is lower than expected; the overseas market fails to meet expectations.

Chenming Paper (000488): The advantages of returning to the main industry of paper and forestry pulp and paper integration are prominent

Chenming Paper (000488): The advantages of returning to the main industry of paper and forestry pulp and paper integration are prominent

The company is a leading paper-making enterprise in the forest-pulp-paper integration industry in China.

The company’s 佛山桑拿网 business is integrated with pulp and paper, and finance, mining, forestry, logistics, building materials and other coordinated development.

As of the end of 18 years, the company has a capacity of 328 tons of self-made wood pulp and 577 tons of machine-made paper. In 19 years, the cultural paper and chemical pulp projects will reach full capacity, and the pulp / paper capacity is expected to increase to 298/688 tons.

The company performance experienced a period of rapid growth, 2015?

The 2018 revenue / performance CAGR reached 12 respectively.

7% / 5.

3%.

The industry fluctuations in 18 years have undergone a periodical adjustment and realized income of 288.

76 ppm, a decrease of 2 per year.

0%; net profit attributable to mother is 25.

1 billion, down 33 a year.

4%.

Cultural paper 19Q1 profit bottom, the 北京桑拿会所 upward layout will be fixed.

From a supply perspective, the supply and demand of cultural paper is in a balanced state, and the operating rate of the industry has remained above 85% (only about 65% for other finished paper), and there have been no new projects in 19 years. At the same time, paper mill maintenance and major factory environmental assessment problems have occurred.The supply of cultural paper was tight in 19 years.

From the perspective of demand, social financing has increased, the growth rate of social zero has slowly increased, PMI has regained the line of honor, and the macroeconomic environment has improved the suppression of demand.

At the same time, dealers’ inventory is low, and the macroeconomic environment has gradually improved in 19Q1. In 19Q1, the demand for publishing and printing in the first quarter of the year stimulated the demand for the cultural peak season of cultural paper.

The demand for white cardboard replacement has risen, and the industry’s competitive landscape is good.

White cardboard 17?
The 18-year capacity growth, the 10-year capacity of 1034 is called flat for 17 years, and the industry’s operating rate is temporarily low. The operating rate in 18 was only 66.

8%.

The substitution effect of white cardboard on white paper comes mainly from the following three aspects: 1) The continuous reduction of imported waste paper, the decrease in the availability of raw materials for white paper, and the rising cost in the future; 2) The production capacity of white paper is shut down due to environmental restrictions;3) Under the trend of consumption upgrade, packaging continues to be high-end, and the consumption of white cardboard will continue to rise.

Demand for white cardboard is expected to grow steadily in the future.

The white cardboard industry has a good competition pattern, with CR4 reaching 75.

0%, paper companies have strong pricing power, and the price of white cardboard has begun to rebound at the beginning of 19. Once the major manufacturers reach an agreement, the price increase of white cardboard will be smoother than other finished paper.

The financial leasing business was gradually divested and the cash flow situation began to improve.

The total size of financial leasing assets in 18 years has decreased by 24 each year.

9% to 20.2 billion US dollars, of which due within one year and long-term receivables fell, indicating that the company has started to stop external loans.

The company’s cash flow from operating activities began to normalize in 17Q3, and US $ 6.1 billion in financing leases were restored in 18Q4. The net operating cash flow for the year 18 increased by 5.

9 times to 14.1 billion yuan.

In 18 years, the cash flow of fundraising began to drop sharply, the company expanded the scale of borrowing, and expanded and increased repayment efforts.

In 18 years, progress has been made in reducing the balance sheet, and the ability to repay debt has gradually been optimized.

The company recovered 61 million US dollars in financing lease payments in 18 years to repay short-term loans and increase bank guarantees while replacing cash. As a result, the company’s actual risk exposure was reduced by about 3 billion.

By excluding the company’s financial leasing assets and non-interest-bearing debt to calculate the company’s actual asset-liability ratio, it can be found that the company’s actual asset-liability ratio has gradually decreased in 18 years4.

3pct to 71.

2%.

18 years to repay US $ 2.6 billion in perpetual debt, reducing pressure on future repayments.

The company’s 18-year net investment cash flow is downgraded by 51 each year.

0% to 17.
79 ppm, 18Q4 investment activities returned positive cash flow, the company’s investment activities began to shrink, and the future asset and liability structure promoted optimization.

The main papermaking industry has good profitability, high self-supplied pulp ratio and high performance elasticity.
15?In 18 years, the company’s accounts receivable and fixed asset turnover rate continued to increase, indicating that the company has a strong downstream bargaining power, capital expansion has brought about increased production efficiency, a leading papermaking industry, a stable papermaking industry, and stable cash inflows.

The company Shouguang Meilun 40 initialized the academic pulp, and the Huanggang Chenming 30 aligned chemical pulp has been trial-produced in 18 years. After the official production in 19, the company’s raw material self-sufficiency ratio will reach 86%.

Based on the following reasons, in the long run, the price of wood pulp will remain high: 1) the reduction in the production capacity of major commercial wood pulp, the severity of forests, and the decline in wood chip resources; 2) the tightening of large quantities of waste imports and the substitution of wood pulpIncreased demand; 3) Global commercial pulp increase production capacity and production capacity shrinkage in 2019; 4) Under the global ban on plastics, the demand for wood pulp fibers has reached a structural increase; 5) Under the trend of domestic paper packaging five-layer board shifting to three-layer board, it is expectedWood pulp fiber usage will be increased.

Rising pulp prices will drive up the prices of wood pulp-based finished paper. The company’s original paper mill, which owns pulp mills, can maintain relatively stable costs and sell finished paper at high prices, creating flexibility.

The company gradually expanded its financial leasing business, improved cash flow, optimized and improved asset structure, and focused on the main business of deep plowing papermaking. In 19 years, papermaking is expected to enter the stock market, and the prosperity of pulp and paper products has recovered.Highlighting that the first coverage was given a “Buy” rating.

Expected company 19?
Net profit attributable to mothers in 21 years23.

13/30.

07/36.

07 trillion, short-term move -7.

8% / 30.

0% / 20.

0%, corresponding to PE6.

9X / 5.

3X / 4.

4 times.

Risk warning: the risk of fluctuations in raw material prices, the risk of fluctuations in paper prices, the risk of continued deterioration of cash flows, and the risk of impairment caused by the transfer of financial lease business.

Prosperity strategy: Wangchun market continues to be strategically focused on the home appliance and automobile sector

Prosperity strategy: Wangchun market continues to be strategically focused on the home appliance and automobile sector

[Prosperity Strategy-General Trends]“Wangchun Market” continues to flourish—A-share market strategy weekly report Wang Delun Li Meicen XYSTRATEGY Industrial Securities Strategy”Layout of the Spring Market”, in a pessimistic market, looking at the market and grasping the “Spring Market”, in January the Shanghai Composite Index went from 2455 points to 2600 points.

The opening book of the Lunar New Year, “” Wangchun Quotes “is expected to exceed market expectations”, in the market questioning, hesitation, that “Wangchun Quotes” exceeds market expectations, the Shanghai Composite Index stands at 2700 points.

  Xingye’s strategy looks at multiple markets all the way, and it never stops and hesitates.

As of this week, we have completed 6 market strategy reports in 2019. In addition to the 2 mentioned above, the other 4 are: “Warm Spring Quotes” on January 6; “Policy Warm Wind Boosts” on 13″Spring Quotes”, “Want Spring Quotes Arrived As Expected” on January 20, and “Want Spring Quotes Booming” on January 27.

  Looking forward to next week, the Sino-US trade friction will release warm air, which will help the risks continue to pick up.

The huge amount of financial data was released in January. The leading role of finance in the real economy and its transformation effect have restored investors’ confidence in the subsequent economy.

Increased risk appetite + changes in corporate profit expectations, the “Wangchun Market” continued to flourish.

We continue to maintain an optimistic and positive mood as a whole, enjoy the “Wangchun market”, and configure the “Four King Kongs (Large Real Estate Enterprises / Large Brokers / Big Innovation / Big Infrastructure)” + strategically focus on the home appliance and automotive sectors.

  1.Tianliang social integration data, the transparency from the middle angle to the economy still needs to be observed.

On January, investors released data on January’s social financing and credit, which are of great concern to investors.

On the whole, credit and social financing did exceed expectations, and since October 2018, after the introduction of policies and policies at the decision-making level and the regulatory level, it has gradually confirmed the effectiveness.

From a structural point of view, does social finance and credit volume data mean that the subsequent economy has gradually bottomed out and stabilized?

Physical liquidity and financial support are gradually in place?

Will corporate profits be initially repaired?

We believe that we still need to observe it, which is only slightly offensive based on monthly data alone.

  2.
In terms of structure, medium- and long-term loans are not overweight, and it is still unclear whether the company will start production.

In January 19, new households + enterprises’ long-term loans were added2.

09 trillion, commented on 1 in January 18th.

89 trillion, 2 in January 17th.

The 21 trillion conversion represents a special expansion.

Enterprises are really optimistic about the future, and the funds used for supplementary investment have not increased significantly. Social financing has rebounded to the bottom of the economy, and the continuous improvement of social financing structure and the recovery of aggregate demand are needed. The restoration of corporate confidence needs further observation.

At the same time, among the medium and long-term loans, residents’ long-term loans were US $ 696.9 billion, slightly higher than the US $ 629.3 billion in January 2017 and US $ 591 billion in January 2018.

With the loosening of the “one city, one policy” land policy, residential mortgages have picked up.

  3.Structurally, short-term corporate loans and bill financing have seen a significant increase in volume, and it is necessary to wait for the “deadness to reality”.

The social financing exceeded expectations, due to 1) the on-balance-sheet credit expansion.

2) The increase in non-standard financing is mainly due to the expansion of the scale of undiscounted bank bills.

3) Net financing of corporate bonds continued to pick up, especially for high-grade credit bonds.

4) Local special bonds are issued in advance.

Among them, the first is to supplement corporate short-term loans and bill financing of more than US $ 1 trillion, which clearly exceeds the negative figure of January 2017 and more than 4,000 trillion in January 2018.

This is due to the decline in the discount rate on bills, the rise in the interest rate on structured deposits, the emergence of arbitrage space, and the prospect of economic optimism for production is not yet clear. Enterprises have chosen this behavior.

  4.”Wangchun Quotes” has entered a critical time.

The next 1-2 weeks will be crucial for the continuity of the “wangchun market”.

1) On February 28, MSCI raised whether it will increase A’s equity in 2019.

2) On March 2nd, what is the three-month deadline for China-US trade frictions and the outcome of the negotiations?

The essence of the fourth talks between China and the United States in Washington next week.

3) On March 5th, the “two sessions” of the whole country expressed economic growth and reform measures.

4) Economic data and financial data of the first two months in mid-March.
  Risk reminder: Sino-U.S. Trade friction exceeds expectations, US capital market fluctuations exceed expectations, and economic growth has exceeded expectations. The main body of the report reviews: “Core Assets:” Beijing-Shanghai School District Housing “in Stocks,” Dance on the Balance Beam “, and” Financial Supervision “The main contradictions in the next stage “Era of Great Innovation” “It is the time of spring plowing” “Waiting for a rebound and embracing big innovation” “Focus on the disruption of credit risk to the market” “Resolutely rebound and recommend big innovation and small giants”-20160503 “Core”Assets:” Beijing-Shanghai School District Housing “in stocks”: For macroeconomics, core assets are the most important industries in the entire national economy; for general enterprises, it is the competitive advantage of enterprises to create sustainable excess returns.
For the secondary market, the core asset is the representative of the competitive advantage and the most leading effect in the entire market. Like the school district housing in the Beijing-Shanghai area, it has less downside risk but huge appreciation potential.

  ——20161201 released the 2017 annual strategy “Dance on the Balance Beam”: Beware of the rhythm at first, you need to base your defense on counterattack.

The tighter margin of the monetary environment is the main factor, and vigilance is needed to prevent expectations, exchange rates, overseas interest rates, and financial deleveraging.

The optimistic expectations for the economic recovery in the first half of the year will gradually fade.

After the “19th National Congress” effect is strengthened, easing is expected to resume, and the market is expected to usher in opportunities again.

  ——20170416 “Financial supervision becomes the main contradiction in the next stage”: In the annual strategy “Dance on the Balance Beam”, we believe that financial deleveraging is an important factor affecting annual macro liquidity and the stock market.

The impact of subsequent financial deleveraging will continue to ferment, and we are cautious about securities as current financial regulation has become a major contradiction in the market.

  ——20171127 released the annual strategy of the “Great Era of Innovation” for 2018: We are at the beginning of a new round of innovation cycles, and conditions are already there.

Different from the previous round of small company model innovation, this round of innovation is mainly characterized by technological innovation led by large companies.

Six factors are catalyzing this “big innovation era.”

China’s economy has shifted from a high-speed growth stage to a development stage. Many two-way manufacturing leaders are rapidly entering the “quantity” to “quality” upgrade development!

Pay attention to five major innovations in hard technology industry recommendations: electronics, communications, large machinery (including military), medicine, and electric vehicles.

  ——20180101 “It’s Spring Cultivation Time”: The positive signal has come, it is Spring Cultivation time.

The economic operation is stable, economic growth is still supported, the overseas economy is improving, or it may stimulate the expected exports.

Initially set up temporary reserve utilization arrangements to stabilize the liquidity expectations of financial institutions and investors, and alleviate market deviations from sudden liquidity gaps or fluctuations in capital prices.

At the end of the institutional evaluation period at the end of the year, the institutional position game and absolute income investors reduced the two major disturbances at the end of the year, and the market risk appetite picked up.

After undergoing continuous adjustments since November, and after the risks of market competition have been fully released, we believe that the spring market is about to start.

  ——20180211 “Waiting for a rebound, embracing big innovation”: When the market recession gradually digests, the haze of US stocks gradually dissipates, the market will gradually stabilize, return to normal, and start the rebound.

The major innovation breakthrough adjustment is relatively sufficient, and the estimated level and position structure have improved significantly. If the market adjustment ends and enters the rebound window, the major innovation sector will transform its elasticity.

In the medium and long term, the 19th National Congress of the CPC has partially enhanced innovation. The five hard technology industries (electronics, communications, machinery, medicine, trams, etc.) that have already been the industry’s rock of innovation will accelerate their development. The long-term prospects of stocks with strong fundamentals are bright.

  ——20180527 “Concerning the Disturbance of Credit Risk to the Market” Credit risk may become the next important variable that disturbs the market.

The recent gradual exposure of credit risk has aggravated the interests of stock bond investors.

Since the beginning of this year, a series of listed companies such as Zhongan Consumer, Kaidi Eco, Shenwu Environmental Protection and other listed companies have intensified their debt defaults, and Oriental Garden ‘s bond issuance has also encountered “closed door”.

The market has begun to further follow up whether there will be a wave of concentrated defaults.

At present, credit risk is likely to become an important variable that disturbs the market after the “external troubles” of the trade war.

Pay close attention to the “three immunity” characteristics of consumption in the short term, and do a good job of defense.

In the medium and long term, continue to be optimistic about big innovative Chinese medicine (the annual strategic launch in 2018 continued to recommend innovative medicines, and the market has a high degree of fundamental recognition), machinery and military industry (a core leader in the fine molecule industry), and electronics.

  ——20181021 “Resolute Rebound, Recommend Big Innovative Little Giant” is optimistic about the rebound and recommends “Big Innovative Little Giant”.

The decision-making and regulatory layers speak in a decisive and timely manner, face the problem, improve and improve investors’ pessimistic expectations, unify their understanding, and build confidence; the successive policy “combination boxing” has effectively prevented us from a potential liquidity “crisis”, so we are optimistic.Intermediate market rebound.

Structurally recommended “big innovation small giant”, big innovation refers to the leader in scientific and technological innovation as defined in our annual strategy report, and small giant refers to small and medium-cap performance stocks that have been excessively suppressed due to equity pledge risk and confidence crisis.

  Outlook: “Wangchun Quotes” will continue to be the opening book of 2019. “Layout of Wangchun Quotes”, the market is in a pessimistic voice, bullish on the market and grasp the “wangchun quotes”. In January, the Shanghai Composite Index went smoothly from 2455 points.On 2600 points.
The opening book of the Lunar New Year, “” Wangchun Quotes “is expected to exceed market expectations”, in the market questioning, hesitation, that “Wangchun Quotes” exceeds market expectations, the Shanghai Composite Index stands at 2700 points.

  Xingye’s strategy looks at multiple markets all the way, and it never stops and hesitates.
As of this week, we have completed 6 market strategy reports in 2019. In addition to the 2 mentioned above, the other 4 are: “Warm Spring Quotes” on January 6; “Policy Warm Wind Boosts” on 13″Spring Quotes”, “Want Spring Quotes Arrived As Expected” on January 20, and “Want Spring Quotes Booming” on January 27.

  Looking forward to next week, the Sino-US trade friction will release warm air, which will help the risks continue to pick up.

The huge amount of financial data was released in January. The leading role of finance in the real economy and its transformation effect have 武汉夜网论坛 restored investors’ confidence in the subsequent economy.

Increased risk appetite + changes in corporate profit expectations, the “Wangchun Market” continued to flourish.
We continue to maintain an optimistic and positive mood as a whole, enjoy the “Wangchun market”, and configure the “Four King Kongs (Large Real Estate Enterprises / Large Brokers / Big Innovation / Big Infrastructure)” + strategically focus on the home appliance and automotive sectors.

  1.Tianliang social integration data, the transparency from the middle angle to the economy still needs to be observed.
On January, investors released data on January’s social financing and credit, which are of great concern to investors.
On the whole, credit and social financing did exceed expectations, and since October 2018, after the introduction of policies and policies at the decision-making level and the regulatory level, it has gradually confirmed the effectiveness.

From 天津夜网 a structural point of view, does social finance and credit volume data mean that the subsequent economy has gradually bottomed out and stabilized?

Physical liquidity and financial support are gradually in place?

Will corporate profits be initially repaired?

We believe that we still need to observe it, which is only slightly offensive based on monthly data alone.

  2.
In terms of structure, medium- and long-term loans are not overweight, and it is still unclear whether the company will start production.

In January 19, new households + enterprises’ long-term loans were added2.

09 trillion, commented on 1 in January 18th.

89 trillion, 2 in January 17th.

The 21 trillion conversion represents a special expansion.

Enterprises are really optimistic about the future, and the funds used for supplementary investment have not increased significantly. Social financing has rebounded to the bottom of the economy, and the continuous improvement of social financing structure and the recovery of aggregate demand are needed. The restoration of corporate confidence needs further observation.

At the same time, among the medium and long-term loans, residents’ long-term loans were US $ 696.9 billion, slightly higher than the US $ 629.3 billion in January 2017 and US $ 591 billion in January 2018.

With the loosening of the “one city, one policy” land policy, residential mortgages have picked up.

  3.Structurally, short-term corporate loans and bill financing have seen a significant increase in volume, and it is necessary to wait for the “deadness to reality”.

The social financing exceeded expectations, due to 1) the on-balance-sheet credit expansion.
2) The increase in non-standard financing is mainly due to the expansion of the scale of undiscounted bank bills.

3) Net financing of corporate bonds continued to pick up, especially for high-grade credit bonds.
4) Local special bonds are issued in advance.
Among them, the first is to supplement corporate short-term loans and bill financing of more than US $ 1 trillion, which clearly exceeds the negative figure of January 2017 and more than 4,000 trillion in January 2018.

This is due to the decline in the discount rate on bills, the rise in the interest rate on structured deposits, the emergence of arbitrage space, and the prospect of economic optimism for production is not yet clear. Enterprises have chosen this behavior.

  4.”Wangchun Quotes” has entered a critical time.

The next 1-2 weeks will be crucial for the continuity of the “wangchun market”.
1) On February 28, MSCI raised whether it will increase A’s equity in 2019.

2) On March 2nd, what is the three-month deadline for China-US trade frictions and the outcome of the negotiations?
The essence of the fourth talks between China and the United States in Washington next week.

3) On March 5th, the “two sessions” of the whole country expressed economic growth and reform measures.

4) Economic data and financial data of the first two months in mid-March.

  Industry configuration: The “Big Four King Kong” (big brokers / big innovations / big infrastructure / big state-owned housing enterprises) continue to benefit from the development trend of redesigning their designs is still the top priority, while innovation and development are still top priority.

Among the seven economic tasks for next year mentioned at this meeting, the first one is “to promote the continuous development of manufacturing”.

From the perspective of specific measures, the main ways to realize the development of the manufacturing industry include “promoting new technologies, new forms of organization, and the formation and development of new industries.”Mechanism “,” Increase support for SME innovation “and so on.

  Subsequent policies are expected to continue to support.

These measures show that despite some disturbances in the internal environment this year, the general trend of economic structural transformation and upgrading will not change.

This is in the same vein as last year’s meeting, “To promote the expansion and development, and do 8 key tasks.” From the perspective of overall design, we confirmed our determination to continue on the road of innovation and development.

In addition, the first task also mentioned “increase support for the speed of innovation of SMEs”, and most of them are private enterprises.

The “Consolidation of the results of the three districts, one drop and one supplement” and “larger tax and fee reductions” mentioned earlier in the merger meeting may further introduce Taiwanese fiscal and industrial policies to support R & D and innovation in enterprises, especially private enterprisesactivity.

Promote the formation of a strong domestic market, and drive the continued release of new “to B” + “light” consumer demand. “Light” consumer demand will continue to be released.

The second major economic task for next year mentioned at this meeting is to promote the formation of a strong domestic market.

This is mainly achieved through consumption and investment.
In the field of consumption, this meeting put forward two key directions, one is “development of service industries such as rapid education, childcare, old age, medical care, culture, and tourism”, and the second is “necessary special alternative policies for personal obesity to enhance consumptionability”.

Since the beginning of this year, although the downward pressure on the economic environment has increased, the overall consumption growth rate has broken down to a certain extent, and the growth rate of durable goods consumption has also declined.
However, the growth rate of “light consumption”, represented by daily beauty light luxury products, branded food, and medical services, is still relatively stable, and the growth rate is higher than the overall consumption growth rate.

And most of these areas are in line with the development direction mentioned in this meeting.

Therefore, in the future, other policies to enhance residents’ consumption power will be implemented, and the demand for light consumption is expected to continue to be released.

  The new “To B”, which is the foundation for innovation and development, is expected to usher in great development.

In the field of investment, this conference focused on two types of infrastructure, thinking that the technology infrastructure represented by the new “To B” will benefit first.

The conference mentioned that “Increase manufacturing technology transformation and equipment update, accelerate the pace of 5G business, strengthen artificial intelligence, industrial Internet, Internet of Things and other new infrastructure construction.”

The development of these areas will not only provide a basis for the continuous development and innovation of the manufacturing industry, but also hope to nurture new consumer markets.

The performance improvement and popularity of smartphones since 2010 and the scale construction of 3G / 4G networks have created conditions for the rapid development of mobile Internet, mobile video, and online video markets.

In the context of the Internet traffic dividend gradually peaking and the development of the “to C” end approaching change, the intelligent interconnection of everything represented by machine intelligence, industrial Internet, and intelligent manufacturing is the general direction of future innovation and development. It is geared towards equipment and intelligent interconnectionWaiting for the new “To B” will become a “technology infrastructure” that serves many purposes.

Therefore, the future of 5G in the communications field, cloud and big data in the computer field, device manufacturing in the semiconductor and new energy fields, and other things are intelligent, and the infrastructure required for interconnection will help promote continued expansion.

Make up for the shortcomings + stabilize the economy + promote transformation, infrastructure is committed to assume more important roles Traditional infrastructure is also an important means to promote the formation of a strong market.

In the second key economic task of next year mentioned at this meeting, traditional infrastructure as an important way to supplement shortcomings has been highlighted again.

The meeting proposed that “intensify investment in intercity transportation, logistics, and municipal infrastructure, and make up for shortcomings in the construction of rural infrastructure and public services.”

Complete infrastructure construction can increase employment, stabilize economic growth, and hopefully bring new consumer markets.

In 2008 and 2012, the response to the international financial crisis intensified the investment in infrastructure construction, which is the foundation for the future development of the express logistics industry.

The shortcomings in infrastructure construction mentioned in this meeting are combined with rural development to gradually increase the income and consumption of rural residents.

  The shortcomings of infrastructure supplementation have also helped local governments to rely heavily on “land finance” for income from land sales.

During the period of rapid growth in the past 25 years, the contribution of “land finance” to local income and development cannot be ignored.

However, under the background of the consolidation of national and local taxes, “no housing and speculation,” and the establishment of a long-term mechanism for the healthy development of the real estate market, local government revenue sources will also face conflicting changes in the future.

A developed and perfect urban infrastructure system plays an indispensable role both in the development of manufacturing investment and the development of service industry consumption.

The development of manufacturing and service industries can bring new sources of income to local governments, thereby fundamentally solving the problem of “land finance” that relies on land sales income and forming a virtuous circle.

Therefore, combined with the “expanding the scale and increasing the scale of special bonds of local governments” mentioned at this meeting, traditional infrastructure is expected to play an important role in helping local governments achieve fiscal transformation in the long run.

Liquidity and marginal changes in policy, real estate leader Hengqiang is expected to be strong. In the real estate policy field, the overall position of this meeting is still tight, but the wording has changed from last year.

This year’s meeting mentioned that “to establish a long-term mechanism for the healthy development of the real estate market, insist on the positioning of the house for living, not for speculation, according to the city’s policy, classified guidance, consolidate the responsibility of the city government, improve the housing market system andSecurity System”.

Last year’s meeting stated that “the long-term mechanism to promote the stable and healthy development of the real estate market, maintain the continuity and stability of the real estate market policy, distinguish the central and local powers, and decompose”.

To a certain extent, although the overall attitude of the real estate market is still “integrated long-term mechanism” and “housing and housing are not speculated,” the specific measure is “strategy based on the city and classified guidance”, while also highlighting the responsibility of local governments.

Combining with the previous discussion that “we must accurately grasp the macro-scale degree and proactively adjust and fine-tune”, next year ‘s real estate policy discretion may be given to local governments, and local governments will make corresponding changes according to the economy.

The trend of increasing the concentration of merged real estate companies continues, and the recent real estate leading companies have received liquidity support. The future real estate leading companies are expected to continue to benefit.

  Allocation strategy: new “to B” + “light” consumption for flexibility, core assets to open the bottom of the new “to B”: namely to B-type innovative growth sector.

Leading industries make up for shortcomings, and policy budgets are expected to continue to support.

The rapid development of the industry is inseparable from the expansion of the supporting infrastructure. The favorable policies have promoted the relevant investments of A-share manufacturing enterprises to maintain a growth trend.

The first “to B” for device-oriented and intelligent interconnection: communication (5G), computers (independent and controllable, AI, cloud computing, medical information technology, financial technology), high-end manufacturing (semiconductor equipment, lithium battery equipment)Leading stocks in the military and other sectors.

  ”Light” consumption: Under the “lipstick economy”, the direction of “light” consumption represented by light luxury, leisure, personalization, convenience, socialization, and branding has grown rapidly, such as luxury, brand food, medical care,Featured retail, cultural entertainment, etc.

  Bottom positions in core assets: Foreign funds continue to flow in, and IFRS9’s preference for the allocation of insurance funds to stable high dividend stocks.

In the first half of the year, the fundamentals are expected to be at a low level, the estimated cost is prominent, and the infrastructure, real estate, and non-silver leaders catalyzed by the game policy.

In the second half of the year, after the evaluation is gradually digested, performance expectations are revised down, and after the optimization of the chip structure, traditional core assets are allocated at a low level.

  Three key themes of investment: tax reduction, Yangtze River Delta, and mixed ownership reform. Looking at the Central Economic Work Conference, we can see that the wording of the three directions has changed on the basis of the previous previous leaders.It’s just: large-scale tax and fee reductions, the development of the Yangtze River Delta, and the active promotion of mixed ownership reforms (pointing out to speed up the reform of the iron and steel joint-stock system).

The earliest three points have been recommended to investors as the highlights of 2019 in the theme part of our annual strategy “Restructuring and Innovating the Era” released in November.
  Aspect 1: The implementation of a larger-scale tax and fee reduction is just the beginning this year, and the next two years will be the big year of tax reform.

Although it was not mentioned at the Economic Work Conference of 18 years, in fact, since the “tax reform” in 16 years, measures to reduce taxes and fees have been continuously introduced, a tax amendment law, the replacement of research and development costs, tariff reductions, etc.All actions reflect the government’s determination to reduce corporate costs.
Therefore, from a policy perspective, the introduction of tax and fee reductions in economic work in 19 years may also indicate that there will be a larger and deeper fiscal and tax reform next year than this year, not just the market ‘s current expectations.

  Tax cuts and fees will enter the “deep water zone”.

From the March 26, 2015 pass by the State Council of Afghanistan and the adoption of the “Implementation Opinions on Implementing the Statutory Principles of Provisional Legislation”, the National People’s Congress will complete the legislation by 2020, and lift all temporary regulations to law or repeal.

Of the current 17 taxes, the remaining 9 taxes are still collected by the provisional regulations, which means that it may be necessary to complete 4-5 legislative tasks each year to complete the goal and gradually progress. The remaining legislative tasks are increasingly difficult, and some may requirePilot this step first.

At the same time, the restructuring of central-regional relations will bring about a clearer and more deterministic Chinese response system. Some problems such as repeated taxation and more involvement in taxation will also be resolved.

  The high probability of benefiting in the future will be concentrated in three types of enterprises: 1. Manufacturing industries that bear higher tax burdens, such as China Railway Industry and Huiyuan Communications; 2. Technology growth companies that expand in scientific and technological research and development, including military, computer, and pharmaceutical industriesFor example, AVIC Aircraft, Zhongzhi shares; 3. Enterprises with a relatively high proportion of import and export business, mainly including chemical, paper, textile, non-ferrous, machinery and other industries that require imported raw materials, such as Huafu Yarn Spinning and Blum Oriental.
  Aspect 2: Promotion of New Development in Regional Development Joining the Yangtze River Delta Development Working Conference. Based on the mention of regional development, based on the Beijing-Tianjin-Hebei, Yangtze River Economic Belt, and the Guangdong-Hong Kong-Macao Greater Bay Area, the conference newly joined the Yangtze River Delta this year.
At the first expo in the United Nations in early November, while President Xi Jinping extended his determination to expand opening up, he brought a “great package” to Shanghai: 1) A new area of the Shanghai Free Trade Pilot Zone in China was added2) Establish a science and technology board on the Shanghai Stock Exchange and pilot the registration system; 3) Support the regional integration development of the Yangtze River Delta and rise to a national strategy.

We believe that the Yangtze River Delta region was mentioned again in this economic conference, which is a further confirmation after rising to the national strategic layout and an important positioning under the new round of changes in the internal and external layout.

  The three major blockchain industry structures are complementary and coordinated.

Shanghai will enter the entire Yangtze River Delta region, and take a new step in the areas of trade opening (new free trade zone) and financial innovation (science and technology board and registration system). It will also transform into a new economy and become an important pillar of the future macro economy.

Starting from Shanghai, an industrial belt for high-end equipment manufacturing was formed in Nanjing, while a technological innovation economic belt was formed in Hangzhou.

The integration of these two industrial belts is the common progress and coordinated development of the three major blockchains.

  Investment suggestions: 1. The construction of the Yangtze River Delta will be the first to benefit local enterprises in Shanghai, such as Oriental Ventures, Shanghai Material Trade, Shanghai Airport, and Jinjiang Co., Ltd .; 2. Technology stocks under the double stimulus of the Free Trade Zone Jiake Innovation Board, such as Zhangjiang Hi-Tech, Luxin Venture Capital, etc.

  Aspect 3: Actively promote the reform of the mixed ownership system, accelerate the acceleration of the reform of the joint-stock system of the iron and steel industry, and focus on the “double hundred” action.

Regarding the expression of state-owned enterprise reform, this year’s meeting added “actively promoting mixed ownership reform” in addition to the current capital operation and investment reform mentioned last year.

After three batches of trials were launched in 16 and 17 years, the overall progress was slightly lower than market expectations.

This year’s reform of the state-owned enterprise reform leadership team and the launch of the “Double Hundred Actions” have once again brought to the market the expectation of mixed reforms to accelerate.

At least the first three batches of the pilot projects were limited to 50 or so. In this round of “Double Hundred Actions”, there were 404 companies, including 224 subsidiaries of 95 central enterprise groups and 180 local state-owned enterprises from all over the country.The respective comprehensive reform implementation plans.

According to Weng Jieming, deputy director of the SASAC at the media briefing in November, two-thirds of the “Double Hundred Actions” pilot companies have already proposed mixed reforms, and next year may become the year of comprehensive reforms.

  The railway company’s stock reform has continued, and railway assets securitization can be expected.

Since 2017, the reform of the China Railway Corporation has been progressing steadily. In October of that year, the company system reform was carried out on the internal institutions and the 18 railway bureaus under it.Transformation will be an important goal for 19 years.

We can see that the reform of the Railway Corporation has accelerated since the second half of the year: In July, China Railway Investment Co., Ltd., Zhejiang Geely Holding Group and Tencent jointly established the National Railway Jixun Technology Co., Ltd., which will be responsible for the Wi-Fi of the EMU.The construction of the platform is an attempt by Tie Zong to date social capital. In December, the China Railway Special Goods Transportation Co., Ltd., to which Tie Zong belongs, transferred 20% of the shares, and started to reform the joint-stock system and formally IPO in 2019. This is a railwayA signal for asset securitization.

Subsequent suggestions first focus on related listing platforms of the Iron and Steel Corporation, such as Tielong Logistics, Daqin Railway, and Guangzhou-Shenzhen Railway.

  Risk warning: Sino-U.S. Trade friction shocks exceed expectations, U.S. capital market volatility exceeds expectations, economic growth rate exceeds expectations

Zoomlion (000157) quarterly report comments: the post-cycle variety boom performance continued to increase

Zoomlion (000157) quarterly report comments: the post-cycle variety boom performance continued to increase

In Q3 2019, the company’s revenue / attributable net profit will increase by 50 each year.

3% / 106.

0%.

In the first three quarters of 2019, the company achieved operating income of 317.

55 ppm, an increase of 50 in ten years.

96%; net profit attributable to mother is 34.

800,000 yuan, an increase of 167 in ten years.

09%.

In Q3 single quarter, the company’s revenue / net profit was 94.

93/9.

04 million, an increase of 50 each year.

33% / 105.

97%.

The gross profit margin remained stable at a high level, the sales / management expense ratio narrowed every year, and the R & D investment increased.

In Q3, the company’s comprehensive gross profit margin was 29.

39%, down slightly from the previous month.

6%, increase by 1 every year.

2%.

Overall maintained at a historical high.

In the first three quarters, the company’s sales / administration expense ratio decreased by 0 each year.

22%, 1.

67%, a significant improvement in operating efficiency.

R & D has been intensified, new products have been re-launched, and the power has been continuously developed.

In the first three quarters, the company’s R & D expense ratio reached 2.

30%, a year to raise 0.

53%.

Credit controls were strictly controlled, and accounts receivable remained stable from the previous quarter.

At the end of the third quarter, the book balance of the company’s bills and accounts receivable was 281.

710,000 yuan, basically unchanged.

In Q3, the company’s net operating cash flow was 13.

8.7 billion.

Under the strict control of credit barriers, the ability to collect funds is high.

Post-cycle varieties continued to develop, and construction 杭州桑拿网 cranes / concrete machinery helped boost performance.

The company’s core varieties of construction cranes and concrete machinery are still in the booming demand stage, supporting the company’s continued high growth.

1. For heavy trucks, after July / August (high demand last year / National Six implementation of demand early feedback), the overall overall drive stabilized and the subsequent flexibility weakened; 2.Construction cranes, driven by prefabricated buildings,The demand for medium-sized tower cranes has a large gap. Under the high rent level, the demand for leasing companies ‘scale of machine purchases will continue in the next year, and the boom will still be supported. 3. Concrete machinery and environmental protection are becoming more serious.Under the control of the super, the economic benefits of large-tonnage mixer trucks indeed require the replacement of small-toner mixer trucks.

It is expected that concrete machinery will maintain a high growth trend next year.

Profit forecast and estimation.

It is expected that the company’s net profit attributable to the parent for 2019-2021 will be 43.07, 52.

10, 59.

5.2 billion yuan, EPS 0.

55, 0.

66, 0.

76 yuan / share, corresponding to the current price of PE 10.

6, 8.

8, 7.

7 times.

Maintain the “overweight” rating.

Risk reminder: Infrastructure investment growth is slower than expected; sales credits expand rapidly, reducing terminal profit elasticity; market competition is intensifying, and the company’s market share is replacing

Irish House of Representatives elects new Prime Minister instead

Irish House of Representatives elects new Prime Minister instead
Original title: The Irish House of Representatives voted for new prime ministerDublin, February 21 (Reporter Zhang Qi) The new Irish House of Representatives voted for the new prime minister at the first meeting on the 20th, but no candidate has been electedMore than half of the votes.The House of Representatives is scheduled to vote again in early March.  According to the Irish National Radio and Television Company, all 160 members of the House of Representatives voted on four candidates recommended by major political parties that night.The results showed that Sinn Fein leader Mary Lou McDonald received 45 votes, Republican leader Michel Martin received 41 votes, Prime Minister and United Party leader Leo Varadka received 36 votes, and Green Party leader EgeMon Ryan won 12 votes, and no one got more than half of the votes needed to become prime minister of the new government.  Leo Valadka 深圳spa会所 delivered his resignation to Irish President Higgins after the meeting and was approved.Under Irish law, Varadeka and his cabinet will continue government reforms until a new prime minister is elected.  House Speaker Sean Offachol announced that the House of Representatives will return to the meeting on March 5 to elect a new prime minister.  Ireland’s antique elections on the 8th of this month.The results show that the Republican Party received 38 seats out of 160 in the House of Representatives, ranking first.The left-wing party, Sinn Fein, ranked second with only one seat difference, creating the best record in history, and breaking the long-term domination of the House of Representatives by the Republican Party and the United Party.The United Party won 35 seats, ranking third.Analysts point out that due to the equal number 厦门夜网 of seats in the three major political parties, the creation of a new prime minister and the formation of a new government may face many difficulties, and the possibility of re-establishing the general election due to the failure of government formation cannot be ruled out.

Wuliangye (000858): Strong performance growth Mid-Autumn Festival heavy volume stable price is expected

Wuliangye (000858): Strong performance growth Mid-Autumn Festival heavy volume stable price is expected

This report is a guide: The semi-annual report for 2019 has outstanding performance and strong growth potential.

At present, the Wuliangye market is operating well, and the trend of rising volume and price is taking shape.

The solid progress of the reform shows that preparations for the Mid-Autumn Festival can be expected.

Investment points: Investment advice: The potential for high-end wine consumption is huge, and the trend of brand consumption is the big logic for the successful reform of Wuliangye.

The development of head liquor companies has a significant focus on the industry, and strong brand power will help Wuliangye to stabilize the price band of 1,000 yuan and carry out reforms smoothly.

Maintain 2019-21EPS 4.

47, 5.

58,7.

18 yuan, considering that Wuliangye’s volume and price are rising, the performance is more certain, and the target price is increased to 163 yuan (previously 135 yuan), corresponding to 29X PE in 2020, increasing holdings.

Brilliant performance and strong growth potential.
In 2019H1, the revenue was 27.2 billion, and the net profit attributable to mothers was 9.3 billion, which will increase by 27% and 31% in the future. The single Q2 revenue was 9.6 billion and the net profit attributable to mothers was 2.9 billion, an increase of 27% and 34%.

Q2 overall gross margin was downgraded by 2pct to 70 in the short term.

2% (H1 is increased by 1 pct in advance), the sales and management expenses rate is reduced by 0.

9pct, 2.

7 points to 14.

4% and 5%, the net margin extension increased by 1.

5pct to 30%.

Bills receivable 15.1 billion, advances 43.

5.4 billion, down 500 million from the previous month, related to the initial bill payment and the recent eighth generation monthly payment.

Wuliangye’s market is performing well overall, and a trend of rising volume and price is taking shape.
Liquor revenue was 25.4 billion, an annual growth of 25.

5%, income, gross profit accounted for 94%, 99%.

The gross profit margin of alcoholic beverages in 2019H1 increased by more than 1.

63pct to 78.

16%, a new high of nearly three years.

Through channel feedback, H1 companies have achieved nearly 1.

6 The initial payment of Wuliangye increased by nearly 30% compared with the same period in 2018.

The basic construction of the channel terminal network is completed, and a stable price in mid-Autumn Festival is expected.

The eighth-generation Mid-Autumn Festival plans to put in 5,000 tons. A rough estimate is that there are currently around 60,000 terminals bound, and the pressure for digesting 2500 tons of the eighth-generation is less (14 boxes / house). The remaining 250杭州夜网论坛0 tons corresponds to about 2400 operators and specialty stores, KA and other channels (1 ton / home).

Mid-Autumn Festival heavy volume is under control of price pressure.

Risk reminder: major operating errors in reform; high inventory and upside down prices.

Entrepreneurship and environmental protection (600874): Tianjin State-owned Assets Supervision and Administration Commission: Based on water affairs, prospects for hazardous waste

Entrepreneurship and environmental protection (600874): Tianjin State-owned Assets Supervision and Administration Commission: Based on water affairs, prospects for hazardous waste

Guide to this report: As a water affairs platform affiliated to the Tianjin State-owned Assets Supervision and Administration Commission, the company starts with Tianjin wastewater treatment business and gradually expands its business to the whole country.

With the commissioning of the two hazardous waste reserves capacity of the Yuncheng and Yishui projects, the business scale will be further expanded.

Investment highlights: Investment advice: The EPS for 2019-2021 is expected to be 0.

36 yuan, 0.

41 yuan and 0.

46 yuan.

With reference to the average assessment level of the industry, 20 times dynamic PE in 2019 is given with a target price of 7.

2 yuan.

Covered for the first time, giving a neutral rating.

The water affairs platform affiliated to Tianjin SASAC: Tianjin Municipal Investment Co., Ltd., the company’s largest shareholder, holds shares.

14%, the actual controller is Tianjin State-owned Assets Supervision and Administration Commission.

At present, the company’s equity water capacity is 542.

5 per day, of which PPP / BOT model sewage treatment capacity scale is 467 per day, and municipal and industrial water consumption scale is 33.

On the 5th day / day, the scale of the recycled water capacity is 42 daily / day.

Entrusted operation model Sewage treatment capacity scale 53.

55 days / day.

The service area of the new energy business is 2 million square meters.

Taking Tianjin as the starting point of business and continuously extending to the whole country: The company’s sewage treatment business starts with four sewage treatment plants in the central area of Tianjin. Due to Tianjin’s leading urbanization process, the company has turned the perspective of water business development to the whole country, and has now expanded to Tianjin15 provinces and cities in Hebei, Central China, East China, and Northwest China.

Fuyang-Jieshou, Honghu, Hefei and other sewage treatment projects undertaken in the past two years will be put into operation in 2019-2020, and the scale of operating water assets will increase by 101 compared with the end of 2018.

Announcement / day 17 led to a steady improvement in the company’s performance.

After the hazardous waste disposal reserve capacity is put into production, it will become an important driving force for future performance growth: the company currently reserves two hazardous waste disposal projects in Wucheng and Yishui in Shandong, and will enter trial production by the end of 2019 and 2020, respectively.

Moreover, the expansion of Tancheng Project and the second phase of Yishui have also entered the stage of implementation.

City project total scale 4.

45 statutory, the total scale of Yishui project 7.

18 for the first time, Tancheng Expansion 西安耍耍网 Project 14.

6.
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Capacity types include incineration, landfill, physical and chemical, solidification, and metal recycling.

Risk warning: Cumulative costs in the initial stage of water production capacity commissioning, or drag on the company’s overall gross profit margin