What happened in the last minute of scanning 24 billion goods and hitting 12 billion A shares?

What happened in the last minute of scanning 24 billion goods and hitting 12 billion A shares?

Sweep 24 billion goods and smash 12 billion disks!

What happened to the last minute of A shares?
Ping An Moutai China Merchants Bank dives, these stocks have soared . Source: China Fund News Taylor A shares today, once again exciting, can be full!

Shareholders ushered in a carnival moment.

  Let’s take a look at August 27, the Shanghai and Shenzhen markets opened higher and higher, terminated the closing, the Shanghai stock index rose 1.

35% recovered 2900 points, Shenzhen Component Index rose 1.

86%, GEM Index rose 1.


  Disk, medicine, home appliances, driverless, Internet finance and other sectors rose the most.

  Behind this is the second expansion of MSCI, which took effect after the market closed today. The market ‘s A-share segmentation factor increased from 10% to 15%.

  According to estimates, the second phase of MSCI’s expansion is expected to bring about 140 billion incremental funds to A shares, of which about 20 to 25 billion US dollars are passively tracking funds dedicated to entering the A stock market before and after adjustment and expansion.

  In the last three minutes of A shares, foreign stocks were madly swept. A shares rose sharply today.

  Why buy in a big way?

The world ‘s largest index company MSCI ‘s second expansion of A shares officially took effect after the market closed today, expanding the weighting of China ‘s broader market A shares from 10% to 15%. According to the MSCI ‘s “three steps” plan for A shares,This is the second step of the MSCI ratio increase plan for A shares this year.

  According to conventional experience, Northbound funds often sweep the market late in the day on the index adjustment performance, forming a pulse market.

  This morning, the capital of the Northbound Group bought a total of nearly 6.5 billion yuan, of which the Shanghai Stock Connect bought a net purchase of 37.

8.7 billion yuan, Shenzhen Stock Connect net purchase of 26.

5.6 billion yuan.

  In the afternoon, it really pulsed.

Closing three minutes ahead of time, foreign countries completely swept the goods.

  At the end of the day, the capital move northward started at 2:57. In just one minute, the net inflow exceeded 10 billion. After 2:58, the net inflow has exceeded 24 billion.

  As of today, the net inflow of Kitakami funds in a single day exceeded 10 billion U.S. dollars a total of 5 times, which were 17.3 billion inflows on November 2, 2018, 12.1 billion inflows on December 3, 2018, and November 17, 2014.The daily net inflow was 12 billion, the net inflow was 11.7 billion on August 27, 2019, and the net inflow was 11 billion on March 29, 2019.

  The final close, the Shanghai stock index rose 1.

35% recovered 2900 points, Shenzhen Component Index rose 1.

86%, GEM Index rose 1.

71%, the total market value of A shares increased by more than 860 billion yuan a day.

  At the end of the day, unexpectedly, arbitrage funds hit more than 12 billion in the last minute. Due to the expansion of MSCI today, the inflow of more than 20 billion has become a clear name.

Too many arbitrage funds have experienced the late-pulse caused by the MSCI expansion once and have already experienced it. They hit the market in the last minute of the late-game.

  You can look at the end of Kitakami ‘s funds. The net inflow of Kitakami ‘s net inflow was 11 billion in about one minute at the time of the collective bidding, and the net inflow of Kitakami ‘s funds quickly reached 24 billion.

  But then it poured a basin of cold water: closing data showed that the final net inflow of funds to the north was 11.7 billion, which means that more than 12 billion funds were sold in late trading.

  And through the sale of tens of billions of funds in the late trading, the three major indexes failed to rise like May 28, but went out of a slight decline in the last few minutes.

Among them, the Shanghai Composite Index, the Shanghai and Shenzhen 300, and the Shanghai 50 are more obvious.

  Fund Jun also found the situation of several stocks being smashed, most of them are heavy stocks.

The weight of blue-chip stocks in Moutai, Guizhou and Ping An of China surged and dropped in a minute.

Among them, Guizhou Moutai rose from more than 1% to only 0 in the end.

55%, looking at the last minute trading volume, Moutai traded 6,934 lots, involving 7 capital.

700 million.

  China Ping An has risen more than 0.From 4% to 0 in the end.

21%, the last minute volume 7 transactions.

980,000 hands, involving 700 million capital.

  Market analysis believes that since MSCI has increased the factor in addition to ACI, it has been announced earlier, so active funds have the possibility to open positions in advance, and some speculative funds will also be opened in advance, and will be taken back to passive funds on the same day before formalArbitrage.

  However, some have been violently opened positions.

  Netizens comment.

  The last foreign buying was on May 28 May 28, also the expansion of MSCI, a large number of foreign countries choose to buy in concentrated bidding in late trading, resulting in the index soaring.

  At 14:56 at the end of the day, the net inflow of northbound funds was only 18.

2.3 billion yuan at that time, the net reduction of Shenzhen Stock Connect was 4.

7.7 billion yuan, the net inflow of Shanghai Stock Connect 23.

01 billion.

  Early closing, the capital of Northbound changed significantly in the late trading period. At one time, the net inflow exceeded 11 billion yuan, and the net inflow of A shares closed nearly 7.5 billion yuan.

  The net inflow of Shanghai Stock Connect was 59.

3.2 billion yuan, Shenzhen Stock Connect net inflow of 深圳桑拿网 15.

5.9 billion yuan.

This means that in the last few minutes, Northbound funds bought more than 5.6 billion yuan.

  On May 14, MSCI released the results of the semi-annual index growth rate in May 2019. The MSCI China Index will increase 26 Chinese large-cap A shares, of which 18 are GEM stocks and the number of constituent stocks will reach 263.

  The first step of MSCI capacity expansion was the 5% to 10% restructuring of A-shares in China, which became effective after the close on May 28.

  According to the analysis, in the passive funds tracking MSCI, the opening or adding of positions must be completed within the trading day before implementation, in order to ensure compliance with the relevant index.

  At the same time, MSCI funds are based on closing prices, so significant changes in collective bidding in late trading are also common.

  The next big foreign purchase in November, this year there is another, in November.

  Follow the MSCI schedule.

As part of the semi-annual index growth in November 2019, MSCI will increase all Chinese large-cap A-share split factors in the index from 15% to 20%, while increasing China’s mid-cap A-share (including eligible GEM)Stock) divided by 20% by the MSCI index.

Tea is not for everyone. Drink it right to keep healthy

Tea is not for everyone. Drink it right to keep healthy
Now that it’s winter, drinking a warm cup of tea is a leisure treat for too many people.Indeed, drinking tea for health has been a Chinese tradition for thousands of years.Compared with all kinds of beverages, drinking tea can help the body to replenish moisture. It also contains tea polyphenols, tea polysaccharides, catechins, zinc, selenium, copper, manganese, chromium and other beneficial ingredients.It is proved that drinking tea has certain effects of reducing fat and losing weight, as well as anti-radiation, 杭州夜网论坛 regulating blood lipids, strengthening bones, and anti-oxidant effects.However, drinking tea should also pay attention to physical fitness and methods. Only when you drink it correctly can tea play a real health role.Do you know the following common sense about drinking tea?When drinking tea, be careful not to get too hot.The temperature of the tea is very important. The temperature of the tea should be between 56 ℃.60 ° C is more beneficial to health.The water temperature is too high, the esophageal mucosa is vulnerable to chronic thermal damage, and the long-term injury will exacerbate the risk of canceration.Especially for people who like to smoke and drink, if you drink hot tea (above 65 ℃), it will impair the ability of the esophagus to resist alcohol and nicotine toxins and increase the risk of cancer.The amount of tea used daily should be controlled at about 12 grams.First of all, for healthy people who have the habit of drinking tea, the daily consumption of tea can be about 12 grams, divided into 3?Four infusions are more appropriate.People who like to drink tea and have a greasy diet can increase it appropriately; pregnant women, children, and people with nervousness and tachycardia should drink less or no tea.Drinking tea varies from person to person and from time to time.Different people drink different kinds of tea.Unfermented tea (green tea such as Longjing, Biluochun, Maojian, etc.) has the functions of clearing heat, diuretic, and promoting fluids, but it is not suitable for people with cold, cold stomach or chronic stomach disease.And semi-fermented tea (green tea such as Tieguanyin, oolong tea, etc.), full-fermented tea (black tea) and post-fermented aging tea (black tea, puer tea) have the effects of digestion and stagnation, digestion, and refreshment. These teas have a mild flavor.More suitable for most people.Of course, what tea to drink depends not only on your physique, but also on your habits.Even if the constitution is not suitable, if you like to drink a certain type of tea, you can drink a small amount and moderately.Drinking tea also matches the season.In spring and summer, you can drink green tea and oolong tea.In autumn and winter, it is suitable to drink black tea or Pu’er tea. These two kinds of tea are warm in nature and can exert the effect of expelling cold.The following four categories of people should not drink tea: 1.Weak people should not drink tea (especially green tea).Patients with gastric ulcer, theophylline in tea can affect gastric acid secretion, affect ulcer healing, and aggravate the condition.2.People with constipation should not drink tea.Because the residual acid and caffeine in tea can reduce the secretion of urinary tract digestive juice, and at the same time have astringent effect, slow down the peristalsis caused by intestinal peristalsis, long-term constipation drink tea need to be careful.3.Children and pregnant women should not drink tea.Because tea contains a large amount of residual acid, it may affect the body’s absorption of calcium, iron and other nutrients, and it may affect the growth and development of the fetus and children.4.People who are taking medicine should not drink tea.Residual acid in tea will be combined with various metal ions or alkaloid-containing drugs in the stomach to form difficult-to-dissolve compounds. If you drink too much tea after taking the drug, it will affect the absorption of the drug.

Jiayou International (603871): Off-season departure

Jiayou International (603871): Off-season departure

Company announcement 2019Q1 report.

Jiayou International achieved revenue 9 in Q1 2019.

5.3 billion (+26.

3% YOY), net profit attributable to mother is 7005.

40,000 (+23.

1% YOY), single season EPS 0.

63 yuan.

Net profit for the first quarter + 23%, in line with market expectations.

The company realized operating income9.

5.3 billion (+26.

3%), gross profit 9790.

0 million yuan (+18.

9%), gross margin of 10.

3% (0% per year).

6pct, an increase of 3 from the previous quarter.

3pct), selling expenses 97.

980,000 yuan (-3.

0%), administrative expenses 991.

80,000 yuan (+0.

5%), financial expenses 183.

90,000 yuan (-41.

4%), three fees totaled 1273.

60,000 yuan (-9.

1%); operating profit 8,467.

0 million yuan (+22.

4%), net profit attributable to the mother is 7,005.

40,000 (+23.


Q1 is the traditional off-season, and a low point layout is recommended.

Compared with the quarterly revenue in 2018, 2018Q1 / Q2 / Q3 / Q4 achieved operating income7 respectively.




4.1 billion, accounting for 18.

4% / 27.

8% / 28.

5% / 25.

4%.The company’s business is a cross-border multimodal transportation business. Its main Mongolian project has a severe increase in winter project operations / overlapping Chinese New Year vacations and other factors leading to a decrease in the corresponding business volume. At the same time, the upgrading of the Q1 customs system in 1919 caused the phased deterioration of imported coking coal.The company’s performance showed a significant decline. Q1 / Q4 is the off-season; Q2 / Q3 is the peak business season. It is recommended to arrange a low point and follow-up projects are expected.

Newly signed orders for imported iron ore in Mongolia, which will continue to contribute performance in the next 2 years.

On April 17, Jiayou International announced three contracts in succession for a total of two.

1.4 billion, valid for 19-20 years.

1) With Gaoyi, Shanxi: Provide Mongolian import of iron ore and iron fine powder railway container transportation services from Erlianhaote Port to Houma North Station; 2) With Inner Mongolia Yitai: Self-operated coal supply from Hohhot South Station to EastRailway container transportation business at Dagu Station; 3) With Inner Mongolia Zhongchi: Mongolia imports coal to provide railway container transportation services from Jinquan Industrial Park to Guanzhuang Station.

Investment suggestion: The invisible champion of cross-border multimodal transport: 1) Control key and critical resources at the port, and carry out cross-border logistics business with light assets (without bearing the risk of value changes); 2) Mongolia’s stock market has strong pricing power and is sustainableAnd growth potential (mines have a life span of more than 40 years, and they are all in the production expansion cycle); 3) With the Chinese enterprises’ One Belt One 青岛夜网 Road strategy to cut into the one billion African market, future growth is guaranteed; 4) The Kazakh project will continue to contribute profits in the next 3 years5) The new millennium single guarantee performance release.

The company’s EPS for the year 19/20/21 is 3.



78 yuan, corresponding to the current expectations of 15.



8XPE, a compound growth rate of 25% -30% in the next three years, with a 6-month target price of 63.

0 yuan (20 in 19).


Risk reminder: macroeconomic fluctuations, risks of expanding the target carrier

Fangbang (688020) Science and Technology Board Inquiry Report

Fangbang (688020) Science and Technology Board Inquiry Report

Fangbang is a leading company in electronic shielding films. Its main 深圳spa会所 products include electromagnetic shielding films, conductive adhesive films, ultra-thin flexible copper clad laminates and ultra-thin copper foils.

The main product electromagnetic shielding film is the core material of FPC to suppress electromagnetic interference.

The steady growth of the FPC industry and the shift in production capacity have driven the demand for electromagnetic screen films.

Consumer electronics, automotive electronics, and communications equipment are the three major applications of FPC.

The trend of thinner and thinner downstream electronic products continues to grow. With the expansion of the future market scale and transformation and upgrading, it will promote the stable development of the FPC industry.

At the same time, the FPC industry’s production capacity continues to shift to mainland China, thereby driving the development of industries such as electromagnetic shielding films and flexible copper clad laminates.

The company has the second largest market share in the electromagnetic shielding film industry in the world.

FPC’s core raw material electromagnetic shielding film was once monopolized by foreign manufacturers.

In 2012, Fangbang Co., Ltd. successfully developed the electromagnetic shielding film, and it was in the blank of high-end electromagnetic shielding film in the upstream.

In 2018, the company’s sales of electromagnetic shielding films in China and the world were 310.

78 and 364.

500,000 square meters, the market share is 33.

42% and 19.

60%, ranking second in the world, second only to the Japanese manufacturer Tuozda.

High-quality customer resources highlight the company’s technical strength.

The company also cooperates with Qisheng, BH CO.

, LTD, Young Poong Group, Hongxin Electronics, Jingwang Electronics, Sandeguan, Shangda Electronics and other well-known FPC manufacturers at home and abroad maintain a good relationship of cooperation, a large number of products to replace Huawei, Xiaomi, OPPO, VIVO, Samsung and other well-known terminalsBrand products and high-quality customer resources highlight the company’s technical strength.

Company valuation and inquiry recommendations.

We expect the company to achieve operating income of 3 in 2019-2021.

09, 3.

66, 5.

25 ppm; The net profit attributable to the parent company for 2019-2021 will be 1.

39, 1.

65 and 1.

8.6 billion yuan.

Among them, the new business of flexible copper clad laminates began to increase in 2021, leading to a substantial increase in revenue, but the business’s contribution to the performance of the initial ramp-up is not obvious.

We discussed the company’s historical estimates, relative estimates and DCF estimates.

Because the company’s last round of capital increase is far away from now, the reference is limited.

At the same time, the company has a total of comparable listed companies at home and abroad, and the relative estimation method is difficult to apply.

Therefore, we use the discounted cash flow method to estimate the company, and the company’s reasonable estimation center is 53.

51 yuan / share, after the IPO, the company’s reasonable total market value is 43 million, corresponding to 30 PE in 2019.

7 times, the recommended inquiry range is[46.

53, 60.

50]yuan / share.

Risk reminder: The company’s risks mainly include intensified competition in the industry, the unit price of the product exceeds expectations, the new business advances less than expected, and systemic risks.

Wu Tailai (603659) commented in the third quarterly report: earnings rebound obviously performance is better than expected

Wu Tailai (603659) commented in the third quarterly report: earnings rebound obviously performance is better than expected

Investment points 1-3 Net profit 4.

5.8 billion, previously +6.

8%, better than market expectations: the company’s revenue in the first three quarters of 2019 was 35.

10,000 yuan, an increase of 52 in ten years.

80%; net profit attributable to mother 4.

58 ppm, a six-year increase of 6.

83%; deduct non-net profit 4.

$ 2.5 billion.


The gross profit margin for the first three quarters of 2019 was 28.

41%, a decline of 4 per year.

The 77 averages have a net interest rate of 13.

09%, down 5 per year.

64 units.

  Graphitization, carbonization capacity release, long-term cost reduction, and profit recovery are obvious.

We expect Q3’s long-term excess material1.

30,000+ tons, an increase of 20% + from the previous month and an increase of 60% from a year, mainly benefited from the increased demand from overseas customers of the company and the volume of new domestic customers.

The company’s budget in the first three quarters3.

30,000+, a year-on-year increase of 55% +, we expect that Q4 domestic and foreign battery companies’ demand will increase sequentially, and the volume will gradually increase.

In the third quarter, the company graphitized and carbonized carbon was put into production, and the long-term cost was reduced. We expect to recover to more than 25%, and the profit per ton will increase by 10% + from the previous quarter. The profit per ton of Q3 will be zero.

90-10,000 / ton (excluding Xingfeng profit), contributing 1 to the company.

200 million + profit, 1-3Q monthly net profit of 300 million, expected growth contribution of nearly 4.

500 million to 500 million net profit.

In general, the company ‘s internal Mongolian Xingfeng released its graphitization capacity in the third quarter. We expect graphitization Q3 to contribute 13 million net profit (equity). The 4Q capacity climb is completed, and the profit will increase sequentially.

  Demand for consumer batteries in the budget business is better and overall stability remains.

In Q3, the customers with single-cell batteries have reduced production, but the company’s consumer customers have 淡水桑拿网 stronger demand, and the overall revenue and profits of the segmented business are relatively stable.

We expect the Q3 fracture business to contribute zero.

400 million net profit, 1-3Q contributed 1.



In September, the downstream power battery companies resumed production scheduling, and the Q4 impulse, it is expected that the company’s gradually expanding business profit is expected to reach 1.

6 billion.

  Q3 expense ratio remained stable, asset impairment losses decreased: total expenses during Q31.

81 ‰, an increase of 57 per year.

92%, an increase of 12 from the previous month.

03%, the cost rate during the period is 13.

63%, ten years +1.

12pct, -0 ring.40pct, basically stable.

Among them, the management cost Q3 is zero.

41 trillion, an annual increase of 53.

1%, the growth 杭州夜网 rate is slower than the growth rate of revenue, basically unchanged from the previous month, and the management expense ratio is 3.

10%, down from the chain.

49 points.

R & D expenses 0.

5.9 billion, an increase of 47 previously.

0%, an increase of 18 from the previous month.

2%, R & D expenses4.

45%, an increase of 0 from the previous month.

11 points.

Finance costs 0.

2.4 billion, previously +46.

0%, down 13 from the previous month.

9%, mainly due to the increase in external borrowings.

The asset impairment loss Q3 was back to 6.53 million, compared with 14.4 million in the same period last year, mainly due to the realized income of the inventory.

  Stable cash flow, and actively increase foreign investment and capacity building: the company’s inventory was 23 in the first three quarters of 2019.

6.8 billion, an increase of 24 over the beginning of the year.

18%; accounts receivable 12.

8.7 billion, an increase of 31 from the beginning of the year.


Prepayments 0.

490,000 yuan, a decrease of 67% from the beginning of the year, mainly due to the graphitization business’s own production and the company’s cancellation of some equipment purchase orders.

Q3 net cash flow from operating activities was -0.

1.3 billion, but 1-3Q is 1.

8.4 billion, up 2 every year.


Fixed assets 12.

69 ppm, an increase of 86% from the beginning of the year, mainly due to the continuous, termination, solidification of graphitization-related capacity, and the company’s construction in progress at the end of the period8.

6 billion.

Long-term equity investment

49 trillion, an increase of 14751% earlier, mainly due to the company’s acquisition of revitalizing carbon materials28.


  Earnings forecast and investment grade: It is estimated that the net profit attributable to the mother will be 19 to 21 years.



300 million, an annual increase of 23% / 30% / 29%, the EPS is 1.


19/2.82 yuan, corresponding to PE of 31x / 24x / 18x, 30 times PE in 2020, target price of 66 yuan, maintain “Buy” rating.

  Risk warning: Downstream demand is not up to expectations, production capacity is less than expected, and competition is intensifying.

Hengli (600346): If the 10 billion profit is only the lower profit limit?

Hengli (600346): If the 10 billion profit is only the lower profit limit?

The investment logic took the lead in opening up the entire process of integrating the “crude oil-PX-PTA-polyester” industry chain, with rapid growth in performance and strong certainty.

The market expects that the excess profit of more than US $ 5 billion brought by the cost advantage of refining and chemical integration is not expected, and it leads to the lack of expectations of more than US $ 2.5 billion brought by preferential government budgets.

(1) The company’s profit is about to leap from “PTA-polyester” to “crude oil-PX-PTA-polyester”.

Considering that the effective production capacity of terminal polyester has grown slowly, the company can optimize the profitability of the industrial chain through a reasonable PTA conversion throughput delivery rhythm.

(2) The company has significant excess income in each position of “crude oil-PX-PTA-polyester”.

In theory, when the industry is in breakeven, its cost advantage will bring in more than 5.2 billion excess benefits.

The company’s refining unit crude oil cost is the industry’s leading and the highest proportion of high value-added products: the heaviest oil, the highest value-added commercialization rate.

(1) Eat the heaviest crude oil: the refinery crude oil tonnage ratio is 7.

07, which means 7 compared to Brent crude.

With a tonnage ratio of 33 tons, the cost per ton of crude oil is reduced by 3 when the price difference between light and heavy oil is zero.


(2) Refining plant has the highest rate of high commercialization: the single-line PX unit is the world’s largest, and the value-added commercialization rate (below crude oil price) is the highest in China.

The ability of the company’s industrial chain expansion and supporting facilities to bring significant economic downturns to extract excess returns.

(1) The company’s ethylene plant scale and key indicators such as ethylene yield and refinery commercialization rate are leading in the country, and the product polycarbonate is equipped with its own downstream polyester, which can maintain the “ethylene-cholesterol-polyReasonable gains from the ester conversion.

(2) The advantages of low public works and transportation costs brought by self-provided public works and industrial accumulation are significant.

Investment Suggestions and 杭州桑拿网 Estimates We believe that the company’s integration of domestic private refining and chemical integration with the scarcity of the polyester industry chain gives it a “Buy” rating for the first time.

We give the company 20 for the next 12 months.

The target price of 49 yuan is equivalent to 2019, 2020, and P / E ratio of 2021.

7 times, 10.

0 times, 8.

5 times.

Risk Warning 1.

Risk of declining one-way scale of crude oil 2.

Severe demand for textiles and clothing has deteriorated3.

Risks of refined oil sales caused by policies and restrictions on export restrictions.

Geopolitical risks 5.

The project progress is less than expected 6.

Risk of large-scale lifting of company stocks 7.

Risk of sharp fluctuations in the US dollar exchange rate8.

The severely intensified competition in the industry 成都桑拿网 brought in less than expected profits9.

Risk of substantial fluctuations in prices of major chemical products10.

Risks of third party reference data11.

Impact of other force majeure

Green Power (601330) 2018 Annual Report Comments: Rapid Release of Operational Capabilities Needs Attention to Pressure

Green Power (601330) 2018 Annual Report Comments: Rapid Release of Operational Capabilities Needs Attention to Pressure
Project acquisition ability is strong, financing, brand and leading advantages are expanded; order release cycle is extended; operational efficiency is improved; performance is accelerated to release cycle; engineering and equipment revenue is not recognized to help high-quality profits.H-shares are given a 10x target P / E for 2019, with a target price of 4.20 Construction, maintain the “buy” rating on H shares.For the first time, the stock was given a “hold” rating and achieved results.25 yuan, slightly weaker than expected.The company achieved revenue of 10.60,000 yuan, an increase of 34 in ten years.4%; net profit attributable to mother 2.70,000 yuan, an increase of 32 in ten years.1%; translates to basic earnings per share of 0.25 yuan.The conservative revenue recognition has caused the company’s performance to slightly exceed expectations, and the company only recognizes the benchmark electricity price for power generation revenues that have not yet entered the national supplementary project.In addition, the company plans to pay an initial dividend of zero.1 yuan / share. The volume of waste processing has increased rapidly, and the business structure has been adjusted to slightly shift the gross profit margin.The rapid increase in revenue was mainly driven by the rapid growth in operating capacity.The projects under construction are progressing smoothly, Tongzhou, Ninghe and other projects have been put into operation smoothly, and a total of 469 domestic waste has been processed.Initially, it is growing by 29 per year.6%; online power 13.9.8 billion degrees, an increase of 38 in ten years.8%.The Ninghe straw-asphalt power generation project with the highest gross profit margin was put into operation, so nearly 3 of the total gross profit margins reached 55.6%, but still high.In terms of period expenses, the management and financial expense rate are additional parts, demonstrating efficient management and control. Rich projects escort growth, but resistance pressure needs attention.In the end, the company operated 15 projects in the incineration power generation field with a processing capacity of 13,510 tons / day; 11 projects under construction with a processing capacity of 11,800 tons / day and 12 projects under construction, which are rich in projects under construction and preparation for the company’s long-term growthStrong protection.The company’s ending asset-liability ratio increased to 72.2%, already in a high level in the industry.The company’s investment pressure in the next stage is still under pressure.The size of capital expenditures in 2021 will be USD 2/20/2 billion. The company applied for a major shareholder expenditure of USD 2 billion from Beijing State-owned Assets to alleviate the funding pressure for expansion. However, the company still needs to pay attention to how to balance the robustness of its statements and rapid business expansion. Risk factors: Government subsidy adjustment risk: Intensified market competition and neighborhood effects Impact: Project termination or progress is less than expected Risk: Accounts receivable risk and other investment suggestions: After updating the project start progress, will weEPS is adjusted to 0 in 2020.38/0.58 yuan (the original EPS forecast was 0.39/0.55 yuan), new 2021 performance forecast 北京男士spa会所 0.80 yuan, the current expected corresponding A-share P / E is 35/23/16 times, and the corresponding H-share P / E is 9/6/4 times.Based on estimates from comparable companies and company history, H shares are given a 10x target P / E for 2019, corresponding to a target price of 4.20 Construction, maintain the “buy” rating on H shares.”Share” hold rating for the first time.

Wanhua Chemical (600309): Acquisition of Swedish International Chemicals to prevent the proliferation of MDI core technologies. Additional acquisitions control the pace of MDI industry expansion.

Wanhua Chemical (600309): Acquisition of Swedish International Chemicals to prevent the proliferation of MDI core technologies. Additional acquisitions control the pace of MDI industry expansion.

Event: The company issued an announcement saying that its wholly-owned subsidiary Wanhua Chemical (Sweden) Holding Co., Ltd. completed the acquisition of Jilin City Cornell Investment Group Co., Ltd. (hereinafter referred to as: Jilin City Cornell) and Sweden International held by European and American Energy Technology.Chemicals 75%, 25% equity.

This acquisition is a conditional acquisition. According to the agreement, the counterparty, Jilin Cornell, needs to supplement the following obligations: By adjusting the equity structure of the subsidiary Fujian Cornell Polyurethane Co., Ltd., the ultimate shareholding ratio is: Wanhua Chemical holds 80%, Cornell holds 2杭州夜生活网 0%.

After the purchase of this purchase is in installments, after the counterparties have completed the corresponding obligations, the total purchase amount is approximately equivalent to RMB 925,445,229.

The 75% equity interest in Sweden International Chemical held by Jilin Cornell was acquired in 2014 for RMB 600 million.

The core technology of mass production of MDI is firmly controlled, and the oligopoly layout of the industry has been increasingly maintained.

The acquisition of the target Swedish International Chemical Industry terminated the total assets at the end of 20181.

280,000 yuan (Unit: RMB, the same below), net assets1.

08 million yuan, 2018 revenue of 88.07 million yuan, net profit of 15.43 million yuan, mainly military technology research and development, foreign technology licensing and technology licensing related engineering design, technical consulting services, etc., with MDI, TDI, hydrogen peroxide, biologicalChemicals and other related proprietary technologies, and holds equity in merged engineering technology companies.

Sweden International Chemical is one of the few companies in the world that has achieved mass production of MDI. Few companies have mastered the core technology of mass production of MDI. The acquisition of Wanhua on the market can achieve the integration and development of the company’s technology.MDI mass-produced core technologies to prevent technological proliferation and the oligopoly layout of the MDI industry was maintained.

As of now, there are only 7 companies in the world that have achieved mass production of MDI. Among them, companies with a production capacity of more than 100 inches include Wanhua Chemical, BASF, Covestro, Dow, Huntsman, and CR5 are close to 90%.

It will hold an 80% stake in Cornell, Fujian, and Wanhua will increase its control over the pace of future MDI industry expansion and master the industry’s absolute right to speak.

Fujian Cornell was jointly established by Jilin Cornell, Fujian Petrochemical, and Fujian SDIC Development Group to gradually break through the MDI oligopoly ownership structure and build a 40-ton / year MDI production capacity. At present, the EIA and other procedures are completed and under construction.

After the acquisition, Wanhua may hold 80% of Fujian Cornell according to the terms of the acquisition.

The global MDI before 2022 is expected to increase production by about 235 months. Wanhua will replace the 125 indicators. If Wanhua Holdings Fujian Cornell controls the pace of future MDI industry expansion, the city’s share will further increase.Become the absolute leader in the global industry, and control over MDI prices will be further strengthened.

In 19-20, new global MDI production capacity is limited. Due to the short-term peak season due to the impact of installations, MDI prices are expected to stabilize and rebound.

In addition to the expansion of Wanhua’s own production capacity of 80, the expansion of other companies’ global MDI from 2019 to 2020 is only Covestro and Kumho Mitsui25.

Nearly 30 indicators of new global MDI demand each year, and MDI prices are expected to maintain the hub1.

5 million / ton nearby.

Affected by the instability of BASF’s European and domestic installations in the short term, domestic manufacturers have recently reduced their supply to dealers. The overall spot on the market is tight, and the alternate season is approaching. MDI prices are expected to stabilize and rebound.

The ethylene project is about to be put into production, and the fine chemical sector has obvious advantages in relying on the integration of raw materials. It has long been optimistic that Wanhua will develop comprehensively and become a leader in the global chemical industry.

The total investment of the ethylene project in the petrochemical business segment is approximately 17.8 billion U.S. dollars. The main units include a 100-ton / year ethylene cracker, a 40-ton / year polyvinyl chloride, a 15-ton / year epoxy resin, a 45-ton / year LLDPE, and a 30/65 budget /Annual PO / SM device, 5 forecast / year butadiene device, is expected to be put into production in October 2020; the new material business segment, PC Phase 1, 7 has been put into operation, 13 is expected to be put into production in December 2019, PMMA (8 targets), MMA(5 targets) has been put into production in January 2019.

Petrochemical and new material addition projects have been put into production one after another to support future development, and the cost advantage under the synergy of large sectors is obvious.

Long-term optimistic about Wanhua’s comprehensive development and growth as a leader in the global chemical industry.
Investment suggestion: Maintain “overweight” rating and temporarily maintain profit forecast. It is expected to return to net profit of 111 in 2019-21.



200 million, EPS 3.



52 yuan, PE 12X, 10X, 8X.

Risk warning: New projects are put into production less than expected; downstream demand is less 上海夜网论坛than expected.

Chinese Media (600373) Coverage Report for the First Time: Publishing Basic Stabilizing Games, Continued Leading Advantages in the Sea, Future Performance Elasticity Increases

Chinese Media (600373) Coverage Report for the First Time: Publishing Basic Stabilizing Games, Continued Leading Advantages in the Sea, Future Performance Elasticity Increases

Deep plowing SLG games adhere to high-quality research and transportation, Zhixingtong ‘s leading position in “Games Going to the Sea” is stable. Zhixingxingtong focuses on the development of SLG strategic games, and always adheres to the development and operation of high-quality products.Above, key games can last for more than 4 years. For example, the celebrity product “The Dispute of Kings of COK” has a monthly flow of 3.

900 million, still at 1.

About 500 million.

The company’s strength is strong, overseas game publishing revenue ranks among the top five in the industry, and the consolidation of leading companies is solid.

In 2019, Zhixingtong will launch a self-developed “COD: Call of Duty” and an exclusive agent-released two-dimensional explosive game “Love and Producer”, which is expected to continue the monthly flow of “COK” and “Wonder Warm”Records provide protection for the company’s performance growth.

The rise of version number intelligence has caused the market to go even further, and the combined overseas traffic dividend is still strong, which continues to boost the performance of leading companies and release the size of the Chinese game market in 2018 to 2144.

40杭州桑拿网0 million, an increase of 5 in five years.

3% downshift.

In the future, the performance of the enhanced supervision version access gate will be improved, and games going overseas will become a trend in some industries. At the same time, the traffic dividends in Southeast Asia, India, Africa and other markets are still being released. Under the background of overlapping internal and external benefits, Zhixingtong hasLeading companies with strong overseas issuance advantages will continue to consolidate their positions and obtain more markets for small and medium-sized companies without overseas capacity to entrust overseas issuance. The performance bonus will continue to be released.

The traditional publishing and distribution business of the Chinese media has maintained steady growth. It is the first echelon of the domestic 南京夜网 publishing industry and the basic development and strong backing of the company.

In order to ensure the stability of the Zhixingxingtong management team, the company introduced a new performance incentive plan from 2017 to 2020 after the performance of Zhixingtong ‘s performance betting, and continued to give the core management team no more than 40% of the performance assessment.Performance reward.

We are optimistic about the competitive advantages of the game research and transportation leader and the company’s stable basic market. We give a “strong recommendation” rating. We predict that Chinese media will achieve revenue of 134 in 2018-2020.

4.3 billion, 148.

6.1 billion, 162.

20 ppm, an increase of ten years.

03%, 10.

55%, 9.

14%; net profit attributable to mothers is 15 respectively.

9.6 billion yuan, 18.

7.5 billion, 20.

99 ppm, a ten-year increase of 9.

94%, 17.

55%, 11.

86%; corresponding EPS for 2018-2020 are 1.

16 yuan, 1.

36 yuan, 1.

52 yuan.

We are optimistic about the strong advantages of Zhixing Mingxingtong as a leader in high-quality game research and transportation and overseas distribution, as well as the stable basic plate of Chinese media publishing and distribution business. For the first time, it has been assigned a “highly recommended” rating.

Risk reminders: Game flow is not up to expectations; market competition is intensified; policy risks.

Yong Gao shares (002641) 2019 performance newsletter comments: profitability boosts high performance

Yong Gao shares (002641) 2019 performance newsletter comments: profitability boosts high performance

Investment Highlights Event: The company disclosed its 2019 performance bulletin and realized operating income in 201962.

900,000 yuan, an increase of 17 in ten years.

49%; realized net profit attributable to mother 5.

12 ppm, a 109-year increase.

24%; basic income is 0.

46 yuan.

Opinion: Market development and stable income, cost reduction and efficiency increase.

The company achieved operating income in 2019 of 62.

900,000 yuan, an increase of 17 in ten years.

49%, revenue growth in line with expectations.

Among them, the company achieved revenue of 18 in Q4.

85 ppm, an increase of 15 in ten years.

15%, maintaining the growth trend in the second and third quarters.

In 2019, the company’s attributable net profit increased by 109 in ten years.

24%, far higher than the growth rate of revenue. We believe that it is mainly affected by the increase in gross profit margin 无锡桑拿网 and the decline in expense ratio during the period.

In 2019, through continuous market development and business model innovation, the company continued to grow rapidly in regional markets such as Tianjin, Chongqing, and Guangdong.

The expansion of the revenue scale and the company’s scale advantage were realized. While increasing the gross profit, the unit fixed cost was further diluted, and the company’s comprehensive gross profit rate declined and rose.

08 averages, reaching 25.


At the same time, in 2019, the company reduced the proportion of operating expenses (excluding research and development expenses) as a percentage of operating income by integrating internal resources of the group and continuously promoting lean management.

21 units.

Combining the two, the company’s net profit attributable to the parent increased significantly to 8.

14%, an increase of 3 per year.

59 uniforms.

Improved asset structure and improved debt repayment ability.

The company announced and reported that the company’s total assets and net assets increased respectively compared to the beginning of the year.

89% vs. 16.

23%, the return on net assets increased; asset and liability restructuring at the end of the period41.

12%, compared with 46 at the beginning of the year.

36% down 5.

The 24 averages returned to 2017 levels; the current ratio and quick ratio increased by 0 from the initial stage, respectively.

21 and 0.

18. Long-term and short-term debt-paying capacity continued to increase.

We believe that the improvement of the company’s asset structure is the result of the gradual exertion of production capacity, which has a certain degree of continuity, and will continue to reduce the company’s capital costs and financial expenses, and improve the company’s profitability.

Investment suggestion: The company is a major player in the domestic PVC pipe industry. The industry’s high degree of concentration has clearly increased, and it has benefited. At the same time, the company actively cultivates channels, and expansion of investment in other places begins to generate revenue. It is expected that future revenue and profit growth will significantly improve.

We adjusted our profit forecast and estimated that the company’s net profit attributable to the parent for 2019-2021 will be 5 respectively.

100 million, 6.

300 million, 7.800 million, the closing price on February 21 corresponding to PE is 14, 11, 9 times, maintaining the “prudent increase” level.

Risk warning: Channel development is less than expected, downstream demand exceeds expectations