Xinbao (002705) domestic sales business development: a new opportunity for small household appliances consumption

Xinbao (002705) domestic sales business development: a new opportunity for small household appliances consumption

Behind the success of Mofei, the difficulties in the domestic sales of small appliances and the transit of the small appliances industry in the kitchen “US-Nine-Soviet” appeared three minutes in the world. Mijia, Xiaoxiong, Mofei and many other new brands appeared in the country.

The big background is the transformation of new consumer groups, the rise of new channels and new marketing methods, and the consumption of small appliances is undergoing huge changes: 1) the increase in personalized and unplanned demand; 2) the increase in the proportion of integrated channels; 3) digital marketingChannels replace mass media.

  Brand Exploration: Can Xinbao Copy More “Mofei”?

  Mofei’s explosives methodology: innovative products + content detonation.

Mofei’s effective “product manager” captures market opportunities, develops good products with explosive potential, and translates them into “content managers” ‘s understanding of new channel operations, turning good products into “net celebrity” products, and then focusing on detonating sales.

  There are foundations and difficulties for Xinbao’s other brands to succeed.

Xinbao’s other brands also have Xinbao’s design and development capabilities and production management capabilities as a guarantee, but the category foundation is slightly weaker.

In addition, other brands can use JP Morgan ‘s product innovation methodology and new channel operation experience. The prudence lies in cultivating an operation team with “product managers” and “content managers” as its core.

  If the Mofei brand’s revenue keeps growing fast, and Xinbao can only incubate 2-3 new Mofei-like new brands, the revenue of Xinbao’s domestic brand business is expected to exceed 1 billion US dollars in 2 years.

  More imagination: As a supply platform, serving the small C together with C, the former chief of staff of Alibaba, Zeng Ming proposed the business model of S2B2C in the book “Smart Business”. The opportunity for Xinbao is that Small B could not obtain the top-level supply chainSupport, and if Xinbao as a supply platform can empower small B from the dimension of the supply chain, it will better serve the C side.

  The two types of domestic ODM customers with potential breakthroughs in Xinbao development are retailer private brands represented by Mijia and online celebrity brands represented by Mofei.

1) Xinbao has extensively cooperated with domestic retailers’ own brands; 2) Xinbao is currently focusing on internal celebrity brand services. Taking the incubation of celebrity celebrity brand success cases as a reference, Xinbao strives to develop moreODM supplier of influencer brand.

  Investment suggestion: The domestic small household appliance industry is undergoing huge changes. Xinbao’s domestic sales business has two major development potentials: 1) Domestic sales of branded businesses.

2) Serving Little B’s supply platform.

At the 深圳桑拿网 same time, the short-term inflection point of the company’s performance has expanded significantly.

Due to clearer domestic business development logic and better-than-expected space, the EPS forecast for 2019-2021 is raised to 0.



09 yuan (the original forecast was 0.



89 yuan), corresponding PE is 17/14/12 times, short-term performance inflection point overlap domestic sales prospects can be expected, upgrade to “Buy” rating.

  Risk Warning: The global trading environment is deteriorating; domestic brand development is worse than expected; domestic ODM customers are slow to develop.

Hengrui Medicine (600276): The company’s revenue growth enters the fast track and continues to increase research and development expenses

Hengrui Medicine (600276): The company’s revenue growth enters the fast track and continues to increase research and development expenses

Investment points: After the listing of Carelizumab, the company’s revenue growth accelerated.

The company announced the third quarter report of 2019 with operating income of 169.

450北京夜网,000 yuan, an increase of 36.

01%; net profit attributable to mother 37.

3.5 billion yuan, an increase of 28.

26%; deduct non-net profit 35.

360,000 yuan, an increase of 27.


In the third quarter, the company’s revenue was 69.

190,000 yuan, an increase of 47 in ten years.

27%; net profit attributable to mother in a single quarter is 13.

22 ppm, an increase of 31 in ten years.


After the company’s blockbuster new drug, Carelizumab, has seen its revenue and profit increase after listing, its performance is in line with market expectations.

The strength of cash flow continued to develop vigorously.

The company’s selling expenses for the first three quarters of 19 were 61.

64 ppm, an increase of 32.

78%, the sales expense ratio drops by 0 every year.

89 units.

Management costs are 15.

210,000 yuan, an increase of 52.


R & D costs are 28.

99 million yuan, an increase of 66.

97%, while the company’s R & D expenses in the third quarter were 14.

1.5 billion, the previous growth rate was 90.


The company’s abundant cash inflow has ensured that the company can invest heavily in research and development, and the continued expansion of research and development investment has also greatly supported the company’s development strategy with innovative drugs as its core revenue source.

The fourth quarter mainly focused on the negotiation of the medical insurance catalog.

The results of the new round of national medical insurance directory negotiations will be announced in November, and the company pirlotinib and 19K are expected to be selected.

According to 2017 and 2018, our calculation of the volume of drug after entering the medical insurance catalog, the company’s apatinib price cut by 37% into the medical insurance catalog, and in 2018, it achieved a 67% increase.

We expect that if Pirlotinib and 19K successfully enter the medical insurance catalog, it will contribute a strong boost to the company’s continued rapid growth in 2020.

Leading domestic pharmaceutical industry, maintain “Buy” rating.

As a leading company in the domestic pharmaceutical industry, the company continues to prove that it can still maintain rapid and stable development.

We maintain our company’s profit forecast for 2019-2021.54.

10,000 yuan, 65.

9.6 billion, 79.

41 trillion, the growth rate was 32.8%, 22.

1%, 20.

4%, corresponding to PE is 68 times, 56 times, 46 times, maintaining the “buy” level.

Risk reminder: the risk of failure of clinical research and development of innovative drugs, the risk of a sharp rise in the price of innovative drugs in medical insurance negotiations

German CDU new chairman Kramp-Karenbauer surpasses Merkel

German CDU new chairman Kramp-Karenbauer surpasses Merkel

China News Service, December 30. According to the Central News Agency, according to the results of an opinion poll, Kramp-Karenbauer took over the chairmanship of Germany ‘s largest political party Christian Democracy Alliance (CDU) in less than a month.Beyond Chancellor Angela Merkel, her chances of becoming the prime minister of the congress are greatly increased.

  According to reports, the German “Spiegel Weekly” ranks politicians by the public’s trust every season based on opinion polls.

According to the latest issue of the December 29 issue, Kramp-Karenbauer’s support is 58%, ranking second in Germany, after President Steinmeier.

Merkel’s support is 48%, ranking third.

  Kramp-Karenbauer, 56, has long served as governor of Saarland in western Germany near France.

In February this year, she became the Secretary-General of the CDU on the recommendation of Merkel. In early December, she overcame her opponent after fierce competition and took over the position of party leader from Merkel.

  CDU Deputy Chairman and German Defense Minister Von Delane said that Kramp-Karenbauer showed courage, wrist and endurance in the process of being the leader of the parliament. She has the persuasive power to represent the CDU in the future.

  In an exclusive interview with the German “Rhein Post”, Vondelion said that Kramp-Karenbauer stood 失败:重查 out after fair competition, proving that she was capable of acting as prime minister, and that she would be the first candidate for the next prime minister.

  Kratzmann, the Green Party leader who is governor of Baden-Wurttemberg, also sees Kramp-Karenbauer’s potential as prime minister.

  In an interview with The Daily Mirror in Berlin, Kretzman said that some politicians failed in the rise and some grew in positions. Kramp-Karenbauer belongs to one.

Original title: Less than a month after taking office, the new chairman of the German CDU surpasses Merkel

Tianrun Dairy (600419): Actively lay out external market reforms in upstream regions to meet opportunities

Tianrun Dairy (600419): Actively lay out external market reforms in upstream regions to meet opportunities

Event: The company’s 2019H1 achieved operating income8.

23 ppm, an increase of 13 in ten years.

52%; net profit attributable to mother, 7,756.

330,000 yuan, an increase of 11 in ten years.


Among them Q2 realized operating income4.

$ 7.5 billion, an annual increase of 11.

79%, net profit attributable to mother is 4664.

230,000 yuan, an increase of 12 in ten years.


The region achieved rapid growth and the regional external market was adjusted vertically. In the first half of this year, the company adjusted and formed the management framework of the five major marketing centers in northern, southern, northern, eastern, and southern China.Make layout adjustments to achieve vertical management and refined marketing.

For the key promotion categories, an independent milk beer department was set up for professional operations.

With the deepening of the reform, the Xinjiang market achieved rapid growth, and the Xinjiang market achieved sales revenue in the first half of the year.

The 31 ppm, 10% + growth boosted double-digit sales growth for two consecutive quarters.

Realizing sales income in the extra-territorial market 2.

USD 8.9 billion, the growth 杭州夜生活网 rate of the extraterritorial market slowed down every year, mainly due to the impact of the adjustment of the marketing organization structure in the first half of the extraterritorial market.

Costs rose, and gross profit margin remained stable. In the first half of this year, the price of raw milk showed an upward trend, and the company’s raw milk cost increased by about 5%.

However, the company’s gross profit margin remained stable or related to the improvement of product structure.

2019H1 company gross profit margin 27.

44%, basically the same as the same period last year, a slight increase of 0 compared to 2018.

18 units.

At the same time, the listing of new products also contributed to the increase in gross profit margin.

In 2019H1, the company launched more than ten new products such as “Apple yoghurt” yogurt, charcoal-burning glass bottle yogurt, Huayan Qiaoyu milk, etc. The market response is better.

Expense rate during the company’s 2019Q2 period was 13.

63%, a decrease of 0 compared with the same period last year.

43 units, down 1 from the previous month.

The total of 45 is mainly the sales expense ratio from 11 in 2019Q1.

03% dropped to 10.

05%, the management expense rate is 3 from 2019Q1.

97% dropped to 3.


Layout upstream to ensure the supply of raw milk in the first half of 2019, the company achieved sales of dairy products9.

33 Initially, an increase of 16 over the same period last year.


At present, the company has 60% of its own milk sources. In the first half of 2019, the company optimized its organizational structure and steadily promoted the construction and operation of pastures. As of the end of June 2019, the company had 16 large-scale dairy farms and about 2 large-scale dairy cows.

310,000 heads, producing high-quality fresh milk5.

30 ounces.

In July this year, the company completed the acquisition of Xinjiang Tianrun Behuotai dairy farming equity. Recently, the company carried out a cash increase of 70 million yuan, and the company further went upstream as a source of milk. Earnings forecast The company announced the preliminary rights issue financing plan, and the scale of funds to be raised does not exceed 4.

US $ 5 billion, after deducting the issuance expenses, will be used for a 40-ton-daily milk beer transformation project, a 3,000 large-scale dairy demonstration farm construction project, supplementary working capital, and repayment of bank loans.

The funding may be completed in the second half of this year, showing the company’s strategic thinking of pushing milk beer to the whole country.

We are optimistic about the long-term growth capabilities brought about by the company’s expansion outside the territory, and the further increase in the territory’s internal market leader. We predict that the company’s operating income will increase by 15 in 2019.

5%, net profit attributable to mother increased 16.

83%, achieving EPS 0.

64 yuan, corresponding to an estimated 22 times.

Given a 28x target estimate, the target price is 17.

92 yuan, giving an overweight rating.

Risks indicate that the price of raw materials has increased significantly, the external development of the company’s territory has fallen short of expectations, major defects in the company’s management, and food safety accidents have occurred.

Huatian Technology (002185) Company Research: Closed Test and Bottom Signal Now Operation Situation Enters Inflection Point

Huatian Technology (002185) Company Research: Closed Test and Bottom Signal Now Operation Situation Enters Inflection Point

19Q2 revenue and profit increased month-on-month, and further growth is expected in 19Q3.

The company released the semi-annual report for 2019, and the company achieved operating income of 38 in the first half of the year.

4 ppm, an increase of ten years.

41%; net profit attributable to mothers was 85.61 million yuan, a year-on-year decrease of 59%.

Among them, the operating income in the single quarter of 2019Q2 was 21.

3 ppm, an increase of 14 in ten years.

5%, an increase of 24 from the previous month.

3%; net profit attributable to mothers was 68.95 million yuan, a year-on-year decrease of 46.

6%, an increase of 314%.

Considering that the consolidated net profit of Unisem in the first half of the year was 20.67 million yuan, but the increase in attributable expenses led to a better actual profit instead of this effect.

In addition, from the perspective of the 天津夜网 industry’s warming radiators, we expect Q3 to continue to repair QoQ.

The industry bottom signal is now available, and the company’s inventory has been significantly reduced.

In terms of inventories, the company’s ending inventory was 13.

7.5 billion, 69 days of inventory turnover, a decline of 15 days a year, and a decrease of 8 days from the previous month.

In the semiconductor industry, there is a need for replenishment of declining inventory, and the advent of 5G will further increase the industry’s demand.

The acquisition of Unisem forms a long-term industrial layout and embraces 5G radio frequency.

In January 2019, the company acquired 58 of Unisem through a tender offer.

With 94% equity, Unisem has changed the company’s merger scope since January 31, 2019. The company’s industrial development layout 无锡桑拿网 has been further improved, and the market for radio frequency and automotive electronics has been further expanded.The basics.

Reported gender increased operating income due to merger of Unisem8.

550,000 yuan, the net profit attributable to shareholders of listed companies increased by 20.67 million yuan.

We believe that the worst phase of the company’s fundamentals has passed, Q2 has maximized from the benefit capacity, and the operating situation has reached an inflection point.

At the same time, Q3 began to pass Tianshui, and Xi’an’s production capacity was maximized, and the company is expected to usher in a ring-by-quarter growth for many years.

We expect the company’s revenue growth in 2019-2021 will be 28 in ten years.

2% / 13.

2% / 14.

2%, achieved 91 revenue.



0 ppm; The company’s net profit attributable to the parent will grow at an annual rate of 7 in 2019-2021.

2% / 54.

4% / 21.

1%, net profit attributable to mothers4.



80,000 yuan, maintain “Buy” rating.

Risk Warning: Downstream Demand Does Not Meet Expectations; Global Supply Chain Risks; M & A Integration Is Less Than Expected; Risk of Intensified Competition

Three Trees (603737) Quarterly Report Review: B-side Growth Accelerates Q3 Results Again

Three Trees (603737) Quarterly Report Review: B-side Growth Accelerates Q3 Results Again

The third-quarter performance exceeded expectations again. Operating cash flow continued to improve. The company achieved revenue of 3.8 billion yuan in the first three quarters, a year-on-year 重庆耍耍网 increase of 67%; net profit attributable to mothers2.

700 million, a year-on-year increase of + 111%;

300 million, an increase of 113% year-on-year, better than market expectations, mainly related to the growth of the main coatings business, the merger of Dayu leakage prevention.

We estimate that Dayu achieved revenue from February to September3.

800 million, net profit attributable to mother RMB 22 million, after excluding Dayu, the company’s revenue YoY + 50%, net profit attributable to mother YoY + 94%

Net cash transparency for operating activities 0.

30,000 yuan, a net decrease of 1 over the same period last year.

1 trillion and 19H1 net decrease of 0.

9% improvement.

Increase the company’s EPS to 2 in 19-21.



15 yuan (before adjustment 2.



61 yuan), maintaining the “overweight” level.

  Q3 revenue / net profit continued to accelerate, and the B-end coatings / coil increased by the company’s revenue in 19Q3.

400 million, YoY + 68%, an increase of 4% from the previous quarter; net profit attributable to mothers1.

500 million, a year-on-year increase of + 120%, an increase of 29% from the previous quarter.

According to the company’s operating data, the sales of fine chemical products such as coatings, adhesives and auxiliary materials in the first three quarters were 74 tons, a year-on-year increase of 61%, and business income was 30.

50,000 yuan, a year-on-year increase of 37%, with an average unit price of 4.

1 yuan / kg, drop 0 per night.

7 yuan.

Among them, Q3’s single-quarter sales volume was 32 digits, + 56% year-on-year, revenue was $ 1.3 billion, + 30% year-on-year, and the average unit price was 4.

0 yuan / kg, the earlier Q2 dropped to 0.

2 yuan, which is a low unit price of engineering wall paint volume and price increased by 1%, the proportion of revenue increased.

In the first three quarters, a total of 14.89 million square meters of waterproof coils were sold, with revenue of 2.

500 million, of which Q3 sold 7.13 million square meters and revenue 1.

200 million, an increase of 42% and 37% from Q2.

  The decline in raw material costs contributed to the increase in gross profit margin. During the period, the cost of the company’s major raw material emulsions, titanium dioxide, and additives continued to decline in 19Q3. The purchase price of emulsions from January to September was 6.

2 yuan / kg, down by 0 from January to June.

1 yuan, down by 1 every year.

2 yuan.

Benefiting from the decline in procurement costs, the company’s gross profit margin in the first three quarters was 39%, which rose by 0 as early as 19H1.


Expense rate during the period was 29.

5%, a decrease of 2 from 19H1.

7pct, in which the selling expense ratio decreased by 2.0pct to 21.

5%, the management research and development expense rate dropped by 0.

8 points to 7.

8%, the financial expense ratio rose by 0.

1pct to 0.


Net profit margin for the first three quarters of 7.

4%, the earlier 19H1 rebounded 1.

7 points, high every year.

8 points.

  The asset-liability ratio continued to rise, and the cash-to-cash ratio increased slightly. With the increase in project sales and the advancement of bases under construction, the company increased long-term and short-term loans in 19Q3.

7 trillion, the balance of interest-bearing debt at the end of the period 9.

7 trillion, asset-liability ratio of 67%, a slight increase of 0 from the end of the second quarter.


  In the first three quarters, the company’s cash ratio was 94% and the cash ratio was 97%. Earlier 19H1 increased by 2pct and 7pct, respectively.

  Net cash transparency for operating activities 0.

3 trillion, the earlier 19H1 reduced by more than 0.

6 trillion, 3 trillion cash in hand at the end of the period, the cash flow situation continued to improve.

  Continue to be optimistic about the company’s Q4 performance and maintain the “overweight” rating. In the first three quarters, the company’s sales of wall paint reached 46, + 62% year-on-year, and realized revenue of 2.5 billion yuan, + 50% year-on-year.

The company’s 19-year net interest rate turned into an inflection point, and we raised our forecast for the return of net profit to its mother in 19-21 to 4.



700 million (before adjustment 3.



700 million).

The current comparable company’s Peg in 19-21 is 0.

77. As the first brand of domestic paint, the company’s 19-21 year compound performance growth rate is expected to greatly exceed the expected growth rate of comparable companies.


75 xPeg (corresponding to 33-38xPE in 19 years), corresponding to a target price of 74.


88 yuan, maintaining the “overweight” level.

  Risk reminder: Real estate completion is not up to expectations, raw material costs increase, and bills receivables rise rapidly.

The GEM index hit a new high in the past three years. Northbound funds are still sweeping the goods.

The GEM index hit a new high in the past three years. Northbound funds are still sweeping the goods.

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

  Too hot!

The GEM index reached a new high in the past three years, and northbound funds are still sweeping the goods!

Is it about to rise?

Which sections have the most drama?

  Source: E company official Weiyuan Kangyin is only four trading days away from the Spring Festival holiday. On January 20th, the size index trend was clearly differentiated. The GEM index continued to strengthen and hit a new high of about three years.

Since the beginning of the new year, Kitakami Capital has made a net purchase for 13 consecutive trading days, and has not sold it for a single day. The total amount of goods scanned has exceeded 58 billion yuan.

  GEM Index Trend Chart North Capital Funds Buying Situation in 1 Month Since Entering 1 Month, the A-share institutional market has become more and more fierce. Electronics, communications, financial technology, new energy sectors have led the rise, catering and tourism, aviation, liquor, film and televisionThe plate was sluggish, and Hainan, the concept of biological vaccines and other stocks rose daily limit.

The total turnover of the two cities was 679.1 billion.

Northbound funds today totaled a net inflow of 41.

9.3 billion yuan.

The net inflow of Shanghai Stock Connect was 12.

5 billion yuan, Shenzhen Stock Connect net inflow of 29.

4.3 billion yuan.

  Chips, consumer electronics continued strong January 20, the Shanghai stock index rose 0 in the morning led by technology and pharmaceutical stocks.

43%, GEM rose 1.


In the afternoon, pharmaceutical and technology stocks continued to push the stock index upward.

The GEM closed up 2.

57% to 1982.

18 points hit a new high of more than three years.

  Since the beginning of 2019, the GEM has been in a continuous upward trend until the close of January 20, and the GEM index has increased by 58 during the period.


  Entering 2020, the continued strength of chip semiconductors and consumer electronics will promote the continued growth of the GEM and the science and technology board.

Year to date, the GEM Index has gradually increased by 10.

24%, while the small and medium board index increased by 9 at the same time.

11%; CSI 500 rose 6.

07%; and the CSI 300, which represents blue chip weights, has grown 2 year-to-date.

18%, SSE 50 rose only 0.


The market structure is clearly differentiated, and the trend of small and medium-sized companies is ahead of the white horse blue chips.

The GEM Index has taken the lead in breaking through and significantly outperformed other benchmark indices.

  Driven by the enthusiasm of investors to do more, the industry sector generally grew on January 20. Anti-flu concept stocks were on the rise and fall. Lu Kang Pharmaceutical, Daan Gene and other 15 stocks rose. The consumer electronics concept stocks rose sharply. Lansi Technology, Wing Tai technology daily limit; chip concept stocks rose, Jiangfeng Electronics, Hangjin Technology, Fuman Electronics and other stocks daily limit.

  In the final close, on the 20th, there were 67 non-ST shares and non-new shares daily limit.

To be specific, the daily limit stocks in the bio-vaccine, mobile phone industry chain, new energy, Hainan and other sectors are concentrated.

  In addition to the pneumonia-stimulated bio-vaccine sector, the mobile phone industry chain, which represents consumer electronics, and the new energy vehicle sector driven by Tesla’s localization, continued to be strong.

  The mobile phone industry chain strengthened on the 20th and led the GEM to continue to climb.

On the news, the performance of the individual stocks in the industry has clearly rebounded. For example, Lansi Technology announced yesterday evening that it has a profit of 24 in 2019.5.2 billion-26.

1.2 billion, an increase of 285% -310% a year.

Wingtech has a profit of 12 in 2019.

5 percent is 1.5 billion, a 10-year increase of 1949-2358%.

  The concept of new energy is forecast to rise rapidly at noon. On the surface of the news, the Minister of Industry and Information Technology Miao Wei said on the 20th that it is necessary to strengthen the management of expectations, maintain support for the development of new energy vehicles, and promote urban transportation, logistics distribution, time-sharing leasing, and sanitation official vehiclesWhen vehicles are scrapped and updated, they will be replaced by new energy vehicles.

  Northbound funds continued to flow into the science and technology board, which continued its strong performance since 1 month. On January 20, 48 of the 75 listed companies in the science and technology board closed up. Except for new shares, the price rose sharply by 119.

Outside of 53%, Treasure Bio, Shuoshi Bio and Jingfeng Mingyuan all increased by more than 20% on the 20th.

  It is obvious that after the official opening on July 22, 2019, on January 22, 2020, the first batch of 25 science and technology board stocks ushered in the lifting of restricted shares, that is, the offline placement was locked for 6 months at the time of issuance.share.

The total number of lifted bans on the science and technology board is nearly 1.

2.4 billion shares, calculated on the 20th closing, lifted the market value of more than 40 trillion.

  As the key sectors bearing the reform of the registration system, the Science and Technology Innovation Board and the Growth Enterprise Market have continued to receive recent news, which has also indirectly promoted the continued attention of funds.

  From January 16 to 17, the 2020 SFC System Working Conference will be elected in Beijing.

According to the meeting, the establishment of the Science and Technology Innovation Board last year and the major reform of the pilot registration system were successfully implemented. The registration system with information disclosure as the core functioned well. The role of the Science and Technology Innovation Board in leading economic development to innovation-driven transformation has initially appeared.

  At the same time, the meeting proposed that the reform of the registration system should take the lead this year and make every effort to tackle major reforms.

Steady progress was made in the reform of the registration system with information disclosure at its core.

Efforts will be made to run the science and technology board well, and support and encourage more “hard technology” companies to go public.

The GEM reform was smoothly launched and the registration system was piloted.

  Obviously, as a force with increasing influence on A-shares, Northbound Funds continued to 青岛夜网 maintain a strong attitude of sweeping goods against A-shares.

  2019 is a crucial year for foreign capital allocation of A shares. In that year, the three major international index systems represented by MSCI have divided A shares. Among them, MSCI completed the third expansion of A shares in November 2019.

After the third expansion of MSCI was launched, some institutions had predicted that the trend of the serious net purchase of A shares by Beishanglu Securities will be sued.

However, from the actual situation since then, the speed of China Stock Connect’s fund sweeping of A shares has not weakened, but has further strengthened: between November 14, 2019 and December 30, 2019, China Stock Connect had 30 consecutiveNet buying on the trading day, refreshing the continuous net buying record in the stage!

  How will the follow-up market go?

Anxin Strategy believes that in the short term, the focus of the market will return to fundamentals, especially the quarterly report.

It is expected that the growth sector will still show an upward trend in the first quarter. At the same time, under the expected recovery of the manufacturing industry, at the low inventory level, there will also be structural upswing opportunities in the sectors that benefit from the improvement of fundamental margin support, such as some machinery, chemicals, nonferrous metals, etc.

  CITIC Construction Investment pointed out that in advance of the Lunar New Year, according to historical statistics, the experience index will still have a high probability of inertial growth, and it is recommended to maintain high position holdings unchanged; GEM will continue to reproduce the performance forecast before the end of January, and it is expected to2 weeks will continue the current heat, it is recommended to maintain the high position configuration unchanged, market value style GEM short, medium and long-term dominance is unchanged.

Ten billion private placements in the third quarter: Wang Yawei for four quarters to lighten up Sanju Environmental Protection


Ten billion private placements in the third quarter: Wang Yawei for four quarters to lighten up Sanju Environmental Protection

Come to Sina University of Finance and listen to the best-funded fund course of the University of Finance’s “Best Practice Course for Fund Investment Without Taking a Detour”. The “trillion dollar asset leader” will take you to the actual combat of funds.

  Original title: Ten-Year Private Equity Third-Quarter Position Exposure: Wang Yawei Lightens Up Sanju Environmental Protection for Four Consecutive Seasons By October 31, the third quarterly report of A-share listed companies has been replaced.

A total of 3,692 listed companies in the Shanghai and Shenzhen markets disclosed the three quarterly reports, and the operation of private equity of ten billion securities was clearly presented.

  Wind Statistics shows that the thousands of books originally owned by the star fund manager Wang Yawei appeared in three listed companies in the third quarter of this year.

To be specific, the securities investment trusts reduced Sanju Environmental Protection (300072).

This is the fourth quarter of the joint venture to reduce its holdings of Sanju Environmental Protection.

  Feng Liu, a fund manager affiliated with Gao Yi, increased his holdings in stocks such as Chenxin Pharmaceutical (603367) and Livzon Group (000513), while reducing the holdings of Jinyu Medical (603882) which has spread this year; another fundManager Deng Xiaofeng mainly increased his shareholding in Chengde Lulu (000848), and withdrew from the list of the top ten 厦门夜网 tradable shareholders of Ping An Bank (000001) and Zhonghuan (002129).

Freshwater Spring has entered Huayu Software (300271) as one of the top ten shareholders of circulation. Jinglin Investment has reduced its shareholding in Fuanna (002327) for four quarters.

  Wind data shows that the list of the top ten tradable shareholders of the 210 new companies listed in the data shows that a total of 845 listed companies appear in the third quarter report of 2019.133 companies have increased their holdings.

  From the perspective of industry distribution, of the 28 industries in Shenwan ‘s first class, private equity held the most shares in the chemical, pharmaceutical, biological, and mechanical equipment industries, with 85, 84, and 74 companies respectively.

There were no sunny private placements in the list of the top ten shareholders of tradable shares in the banking sector, which was three fewer than the half-yearly report in 2019.

  From the perspective of holding stock market value, wind data show that the private equity holders’ 23 stocks have a market value of more than 1 billion yuan at the end of the period.

Among them, the stock with the highest stock market value held by private placement is Guizhou Maotai (600519), which was held by two private placement products at the end of the third quarter in a row, holding a total of 81.

19 trillion, far more than the second-place Guosheng Financial Holdings (002670) holding a stock market value of 69.

500 million yuan.

BYD (002594) ‘s private equity holdings also have a stock market value of more than 6 billion, which is 60.

3.6 billion.

  Privately held A-share listed companies with market capitalization of more than US $ 1 billion in the third quarter of 2019. From the perspective of concentration, a total of 11 stocks were held by more than 5 private placement products.

Among them, Dongxu Lantian (000040) was held simultaneously by 7 private placement products, ranking first, with a total of 1 shareholding.

9.7 billion shares.

Yichang Jiaoyun (002627) and Guangdong Ganhua (000576) were held by six private placement products, respectively.

  In terms of the concentration of private equity in the third quarter of 2019, in terms of new stocks, among the 210 listed companies, the highest new stock market value is Zijin Mining (601899), which is held by two private equity products in total of 10.

09 trillion, the stock is also the number of new shares with the highest number of shares, held a total of 3.

0.9 billion shares.

  Richen shares (603755) and Hanchuan Smart (688022) were simultaneously held by five new private equity products, with 1.51 million new shares and 630,000 new shares respectively.

  Hanchuan Intelligent is a stock of science and technology innovation board. It is a professional integrated solution provider for intelligent manufacturing equipment. It is mainly engaged in the research and development, design, production, sales and service of intelligent manufacturing equipment in the automotive electronics, medical health, new energy batteries and other industries.

In the first three quarters, Hanchuan Intelligent achieved net profit of 3553.

60,000 yuan, an increase of 25 per year (compared with the same period last year).

5%; net profit attributable to shareholders of listed companies was 30.27 million, an increase of 42.


  At the same time, the positions of well-known private equity funds have also been exposed in three quarterly reports.

  Gaoyi Assets: Withdraw from Ping An Bank (000001) Following the second quarter’s reduction, Gao Yi Assets completely withdrew from the list of the top ten shareholders of Ping An Bank.

  Looking at Wind data and Chaoyang Wealth data, in the third quarter of 2019, five private equity products managed by star fund manager Feng Liu, chief investment officer Deng Xiaofeng and managing director Sun Qingrui appeared in the list of the top ten shareholders of 38 stocks.

  Specifically, the products managed by Deng Xiaofeng appeared in the list of the top ten circulating shareholders of eight listed companies, and the total stock market value reached 31.

2.2 billion.

  In the third quarter, the new stock that Zijin Mining has the highest stock market value in the third quarter was mentioned by Deng Xiaofeng. The two products held 30858 in total.

450,000 shares, holding a stock market value of 10.

09 billion, showing his favor of the stock.He also newly joined Wandong Medical (600055), holding a total of 1767 for the two products.

840,000 shares; increased holdings of Chengde Lulu (000848), Hesheng Silicon (603260), continued to hold Hongfa shares (600885), Hisun Pharmaceutical (600267), etc.

  At the same time, products managed by Deng Xiaofeng reduced their holdings of Foster (603806), Guangwei Composites (300699), etc., and exited the top ten companies such as Sanhuan Group (300408), Ping An Bank (000001), and Central Stocks (002129)Shareholders.

  Gao Yi Linshan No.1 Yuanwang Fund, managed by Feng Liu, currently appears in the list of the top ten circulating shareholders of 28 listed companies.

  Feng Liu is good at value investing and is known for his deep insights into the consumer, pharmaceutical and retail industries.

  He holds 9 new shares in Zhongqi (300575), Changjiu Logistics (603569), Sanqi Mutual Entertainment (002555) and Juneyao Airlines (603885).

Livzon Group (000513), Longping Hi-Tech (000998), Chenxin Pharmaceutical (603367) and other stocks have significantly increased their holdings. The number of additional shares is 13 million shares, 12 million shares and 13.2 million shares. The latestThe stock market value is 8.

8 billion, 4.

3.9 billion yuan and 3.

4.7 billion yuan.

Among them, Livzon Group performed very well, with an increase of 68 during the year.


  At the same time, he reduced Sofia (002572), Lingrui Pharmaceutical (600285), Kangyuan Pharmaceutical (600557), Golden Medical (603882), Hexing Packaging (002228), Hailide (002206), and China Inspection Group (603060))), Guangri Co. (600894), etc., also withdrew from the top ten circulation shareholders of 5 companies including Xinhua Medical, China Science and Technology, Precision Forging Technology, Ma Yinglong, and Weixing.

  In addition, Gaoyi Qingrui No. 6 Ruihang Fund, which is managed by Sun Yirui, the managing director of Gaoyi Assets, also appeared in the list of shareholders of a number of listed companies in the third quarter, respectively, including Opcom (300595) and Beta Pharmaceuticals (300558), respectively.Holds 269.

160,000 shares, 215.

03 million shares.

  Freshwater Springs: Long-term holding of GoerTek (002241). Freshwater Springs is known for its ability to reverse the layout at the first level. The private placement ranking network data show that the average return of Freshwater Springs this year is 35.

twenty one%.

According to the third quarterly report, Zhao Jun ‘s “Freshwater Spring Select Phase I” appeared among the top ten circulating shareholders of 12 stocks. In the third quarter, new Huayu Software (300,271) 9.12 million shares, and new China Zhongmu (600195) 45310,000 shares, and also added positions to Crystal Optoelectronics (002273), Sanhuan Group (30048) and China Wuyi (000797).

  It seems that Danshuiquan has long held Gore shares (002241). The fund bought Gore shares as early as 2014 and has held them for a long time. It has continued to adhere to it in the third quarter and currently ranks No. 10 in the company’s top ten outstanding shares.7 digits.

Due to the concept of wireless earphones, Goer’s shares doubled in the third quarter, and it has been up 174 since the beginning.

1%, latest sustainable reach 18.

63 yuan.

  Jinglin Assets: Slightly Adjusted Positions Jinglin Assets ‘position changes in the third quarter were relatively small and re-increased or exited individual stocks.

Data show that in the third quarter, Jinglin Assets continued to hold Fu Ana (002327) and Dahua (002236), while making small adjustments.

Compared with the second quarter indicators, Jinglin Assets increased its holdings of Dahua shares by approximately 2.26 million shares in the third quarter, with a market value of approximately 500 million yuan.

In addition, Fuanna has reduced its holdings by approximately 1.06 million shares, with a market value of approximately 0.

4.5 billion.

  Thousands of joint ventures: Continue to reduce the shareholding of Sanju Environmental Protection (300072), the original “public offering of a brother”, and the star fund manager Wang Yawei’s thousands of households appeared in three listed companies in the third quarter of this year, holding a total of stock market conditions.

5 billion yuan.

Specifically, the 昀 沣 Securities Investment Trust slightly reduced its holding of Sanju Environmental Protection (300072) and still held 3631.


This is the fourth quarter of the joint venture to reduce its holdings of Sanju Environmental Protection.
In addition, No. 6 Securities Investment Trust holds two stocks of Yilianzhong (300096) and Jiangsu Thorpe (600746), with 2.2 million shares and 900,000 shares respectively.

  How to get the market outlook?

  Regarding the A-share market trend in the fourth quarter, most private placements are cautiously optimistic.

  According to the private placement ranking survey, the average position of existing stock strategy private equity funds is 66.

55%, about 64 in the same period last month.

54%, up 3 from the previous month.

11%, but it is still at the mid-low level of the past five months.  As for the distribution of specific positions, the survey results show that 11.

07% of private placements are currently full, unchanged from last month.

However, the number of private equity funds in middle and high positions has increased, 79 of which.

39% of private equity funds have 50% or more positions, and more than 80% of private equity positions account for 43.

13%, a significant increase from last month’s data.

Overall, after the National Day holiday in October, private fund managers were divided into small positions.

  Yuan Lesheng believes that the A-share market has shown a turbulent trend in the past month. Reorganization is the market’s concern about the existence of conditions for monetary policy relaxation and transformation. It is the need for some investors to terminate the realization of earnings.

Historically, in the fourth quarter, there were various game factors in the A-share market, among which some investors had the need to eventually redeem their earnings.

The yields of many institutions this year are at a relatively high level in history. There will be a game brought by public funds to compete for rankings in the fourth quarter, so the influence of this factor will be further amplified.

However, these are relatively short-term factors. In the long run, when the market expects more stable growth measures or monetary policy factors to be broken, the A-share market will usher in more obvious investment opportunities. It is still in the process of accumulating strength.In.

  ”In terms of investment strategy, we still continue the idea of ’emphasizing structure and neglecting indices.’

In the process of economic transformation and industrial upgrading, the scale characteristics of China’s economy have gradually diminished, and structural differentiation has become increasingly apparent.

“Chongyang Investment said.

  In terms of promising companies, Chongyang Investment believes that there are two main types: one is a “new economy” company that is in line with the direction of economic transformation and development, and the other is an “old economy” strong that can win in the adjustment of stocks.

Construction Machinery (600984) 2019 Interim Report Comments: Pengyuan Leasing Volume and Price Rise, Interim Report Performance Exceeds Expectations

Construction Machinery (600984) 2019 Interim Report Comments: Pengyuan Leasing Volume and Price Rise, Interim Report Performance Exceeds Expectations

The event company announced that the 2019 interim report performance pre-announcement announcement, the net profit attributable to the mother in the first half of 2019 is expected to achieve 1.

880,000 yuan, an increase of 217 every year.

About 74%, exceeding our Air Force’s forecast of 1.

6 billion.

Comments on Pangyuan’s leasing prices continued to reach new highs, and the gross profit margin continued to improve. The higher-than-expected performance was mainly due to the increase in volume and price of Pangyuan leasing. The Pangyuan leasing price index has continued to rise since 2018. In the first half of the year, it increased by more than 25%. On June 30, 19, the annual line of the Pangyuan Index reached 1465, a further increase of 35%. We judge that in the second half of the year, Pangyuan’s execution order price will further expand from the first half of the year.%; Due to the continuous increase in the number of tower cranes and the sustained high level of ton-meter, the revenue in the first half of the year increased by 50%.

The 南宁桑拿 scale of Pangyuan’s leased equipment continues to expand, supporting the rapid expansion of the scale of revenue. Pangyuan’s existing tower cranes have 5,200 units, and it is expected that gradual tower cranes will reach 6,000. The market share of medium and large tower cranes will reach more than 15%.The growth has expanded from 27 to 29, spreading across the country, strongly supporting the rapid expansion of revenue scale, transforming the company’s market share and increasing the market pricing power.

The synergy between Pangyuan and the parent company is gradually increasing. Pangyuan will gradually increase the number of tower crane purchases from the parent company. According to the company’s recent announcement, it is estimated that 460 tower cranes and 520 tower cranes will be purchased from the parent company and Tiancheng Machinery in 19-20.Tower crane purchase orders increased, and the parent company’s 19-year performance achievement turned a profit.

Earnings forecast and forecast As the volume and price of Pangyuan’s leasing business went up, the gross profit margin increased further. We will return the company’s net profit to the parent in 19-21 from 4,5.

8, 7.

800 million adjusted to 5.

13, 7.

37, 10.

1.9 billion, an increase of 234%, 44%, 38% over the same period, corresponding to EPS of 0.

49, 0.

71, 0.

94 yuan / share, corresponding to PE, 14, 10, 7 times, maintaining the “buy” level.

Risk factors: The company’s fixed increase will not pass, and the change in gross profit margin caused by the increase and decline in equipment capacity.

Hualu Hengsheng (600426) quarterly report comments: performance exceeds market expectations, new projects set sail again

Hualu Hengsheng (600426) quarterly report comments: performance exceeds market expectations, new projects set sail again

The event company released the 2019 first quarter report on the evening of April 19, and the company achieved revenue of 35 in the first quarter of 2019.

4.2 billion, an annual increase of 3.

03%; net profit attributable to mother 6.

4.2 billion, down 12 before.


The short-scored performance exceeds market 深圳桑拿网 expectations, and the quarterly performance is expected to continue to rise.

5%, but up 32% from the previous month.

From the perspective of product prices and spreads, in the first quarter of 2019, the price or spread expansion was mainly urea, acetic acid, and butanol; the ring expansion was mainly glucose, DMF, adipic acid, and n-butanol;From the perspective of sales volume, the growth of sales of major products in the first quarter of 2019 has increased. On a sequential basis, only the organic amines have experienced a decrease from the previous quarter.

The company’s upward and downward performance is mainly due to the improvement in product prices and spreads, and an increase in additional sales volume over the previous month. We expect that the company will continue to reduce costs through scale effects and technological transformation. The gross profit margin in the first quarter of 2019 reached 28.

55%, an increase of 5 from the previous quarter.

6 units.

Chemical industry is welcoming the second round of supply-side reforms. Product prices have increased steadily, and the strong are stronger. The impact of the explosion in Xiangshui Industrial Park has led Jiangsu to usher in a new round of supply-side reforms.”Enhancement plan (draft for comments)”, the number of chemical companies proposed will eventually be reduced to 2,000, and many of the parks will eventually be reduced to 20; while Shandong Replacement Park identified that 85 are expected to be found, and the remaining parks are forbidden to build new capacity, and at leastEliminate 20% of chemical companies; In 2019, the second round of central environmental protection inspections will be launched. Chemical industry is welcoming the second round of central environmental protection inspections. Product prices will go out of the trough and increase steadily, and the stronger will become the trend.

In terms of products, acetic acid will only increase the production capacity of Hengli Co., Ltd. in the future, while PTA will increase its production capacity by more than 2000 inches in the next three years, which will increase the demand for acetic acid by 80. In the next three years, the supply and demand of acetic acid will be tightly balanced.It is expected to continue to improve; the urea industry is expected to have a high and narrow change in the future, mainly due to the presence of nearly half of the fixed-bed process urea in the urea industry. Large chemical provinces led by Shandong are gradually phasing out fixed-bed gasifiers, and urea will face continuous supply compression.; Methanol is subject to inventory, and the short-term price is significantly lower than the oil price. According to our calculations, the future methanol production capacity will mainly match MTO, with little external supplementation. We believe that the follow-up price will mainly depend on inventory and oil prices. The current price is relativelyLow; cholesterol According to our statistics, the new capacity will be more than 1,000 tons in 2018-2020. In the future, we believe that the cost will be the highest. This is precisely the strength of Hualu and it is not necessary to be pessimistic.

150 announced that the new green material project announced that it will invest in construction. The second phase of the fair accelerated the implementation of the company’s active response to the conversion of old and new kinetic energy in Shandong. The 13th Five-Year Development aims at 150 candidate green chemical new material projects-including powder, refined adipic acid, amino resin, and amideAnd nylon, etc., will further expand the company’s future growth space.

The company announced that it will invest in the construction of “acidic acid quality improvement project” and “amide and nylon new material project (30 tons / year)” with a total investment of 65.

500 million, with an estimated construction period of 24 months, and a total contribution of 7

4.2 billion, continue to increase the future growth.

In the second half of 2018, the company implemented the second phase of the stock incentive plan, gradually improved the establishment, improved the company’s long-term incentive mechanism, attracted and retained outstanding talents, fully mobilized the enthusiasm of the company’s directors, senior management personnel and other key personnel to effectively transferThe interests of shareholders, the interests of the company and the interests of the operators are combined to pay close attention to the long-term development of the company.

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

62, 1.

75, 1.

84 yuan, the corresponding PE is 10 respectively.

0X, 9.

3X, 8.

8x, maintain BUY rating.

Risk Warning: The unexpected expansion of crude oil prices, additional risks in macroeconomics.