Resumption on February 13: Today’s Yin line is more fully the main funds to attack 6 shares

Resumption on February 13: Today’s Yin line is more fully the main funds to attack 6 shares

An important meeting announcement issued today, what investment trends are suggested?

Investing without looking at policies is like blindfolding. Come to Sina Finance University, listen to Miss Dong read the news, and understand the market.

  Sina Finance News February 13 news, the index fell in the short-term in the early trading, and then the index rose across the board to turn red.

On the disk, the concept of photovoltaics continued to be strong, real estate, cement and other infrastructure concepts rose, and the concept of antiviral medicine continued to weaken.

It closed early in the morning, and after a brief turnaround, the index weakened again.

In the market, the chip concept was favored by funds, agricultural stocks continued to rise and strengthened, and the rare earth concept rose.

In general, market sentiment picked up slightly, with individual stocks in the sector rising and falling with mixed results.

In the afternoon, the index weakened again, and the Shenzhen Stock Exchange Index once fell to 1%.

The disk, photovoltaic, and phosphorous chemical industry sectors narrowed their gains, and the viral wood panels rose in the afternoon.

At the end of the day, the three major stock indexes once warmed up, and the Shenzhen index briefly turned red, and then the index remained weak.

Disk, semiconductors, and non-ferrous sectors have strengthened against the trend, and the concept of medical waste treatment has moved up. In general, the sector’s rotation has accelerated, and the wait-and-see mood of funds remains strong, with individual stocks falling more or less.

  The final release, the Shanghai Index reported 2906.

07 points, down 0.

71%, the turnover was 334.5 billion (the turnover of the previous trading day was 297.5 billion); the Shenzhen Component Index reported 10864.

32 points, down 0.

7%, the turnover was 536.5 billion (the turnover of the previous trading day was 492.5 billion); the Pioneering Index was 2064.

60 points, down 0.

99%, with a turnover of 1959 billion yuan (the turnover of the previous trading day was 184 billion yuan).

  1. 82.6 billion funds compete for 20 shares: The main funds focus on 6 shares (list). Statistics show that the stock turnover of TOP20 exceeds 82.6 billion. According to the Sina Finance leve2 fund flow chart, 6 of these 20 stocksThe main capital inflows are shown. Among them, the net inflow of Tianqi lithium owner ‘s power exceeds 700 million, the main inflow of Silan Micro ‘s main inflow exceeds 500 million U.S. dollars, the main inflow of Luoyang Molybdenum and Zhaoyi Innovation exceeds 200 million.Technology, TCL technology main delivery net over 100 million.

  Second, the daily limit resumption: the Shanghai stock index stopped eight consecutive Lianyang semiconductor sector against the trend today, the Shanghai and Shenzhen daily limit of 64 (including new stocks and ST), 4 limit, rose 850 stocks, flat 67, down 2955 stocks.

  Today’s daily limit: Today’s daily limit stock analysis name rises current price daily limit analysis open number N Yingjie 44.

00% 48.

47 new shares 0 Borui Medicine 19.

99% 62.

54 Medicine 0 North Glass 10.

14% 3.

15 photovoltaic 2 brother technology 10.

11% 5.

01 Vitamin 0 Six Kingdoms Chemical 10.

09% 3.

71 Chemicals 0 Xinpeng Shares 10.

08% 5.

57 Tesla 4 Yuntianhua 10.

08% 5.

57 Industrial Cannabis 5 Zhongtian Finance 10.

04% 3.

07 Real estate 2 Houpu shares 10.

03% 12.72 fuel cells 14 Dagang shares 10.

03% 7.

24 chip concept 10 Everbright Garbo 10.

03% 3.

62 real estate 1 Kangda new material 10.

03% 14.

59 chips 14 Jialinjie 10.

03% 3.

73 new virus genes 0 core energy technology 10.

03% 7.

46 photovoltaic 0 Rockchip 10.

03% 20.

41 new shares 0 Gaoke Petrochemical 10.

03% 21.

62 lubricating oil 0 Australian Ocean Shun Chang 10.

02% 5.

49 new energy vehicles 0 of the big 10.

02% 5.

82 new virus protection 0 snow wave environment 10.

02% 12.

85 medical waste treatment 3 Suzhou Gucheng 10.

02% 13.

95 wireless headphones 2 Huicheng Technology 10.

01% 8.

573D prints 0 Yanjiang shares 10.

01% 21.

43 masks 0 electroacoustic shares 10.

01% 33.

86 net red economy 0 Tongwei shares 10.

01% 18.

03 photovoltaic 0 bull group 10.

00% 137.

89 new shares 0 Navy Technology 10.

00% 31.

89 sensors 2 Beijing Junzheng 10.

00% 111.

85 chips 4 Zhuo Sheng micro 10.

00% 460.

9 chips 4 evergreen shares 10.

00% 10.01 Repurchase of shares 14 Dali Technology 10.

00% 21.

23 infrared detection 0 Jingshan light machine 10.

00% 6.

49 drones 0 Kaizhong shares 10.

00% 18.

92 auto parts 0 Zhongke soft 10.

00% 77.

23 domestic software 0 Yamaton 10.

00% 43.

46 Tesla 0 Bojie shares 10.

00% 88.

25 new shares 0 Zuojiang Technology 10.

00% 103.

55 new shares 0 Jiejia Weichuang 9.

99% 72.

42 photovoltaic 0 star semiconductor 9.

99% 35.

77 new shares 0 days Qi lithium industry 9.

99% 33.

79 lithium battery 2 Aoxiang Pharmaceutical 9.

99% 28.

95 medicine 0 Aike blue 9.

99% 38.

86 new shares 0 Taiwan base shares 9.

99% 23.

34 chips 0 Sifang Jingchuang 9.

99% 44.

59 Blockchain 10 Guiyan Platinum Industry 9.

99% 16.

96 non-ferrous metals 2 Naipu mining machine 9.

99% 33.

48 new shares 0 purple optical big 9.

99% 30.

18 classification transfer 2 base egg organisms 9.

98% 28.

86 medical equipment 0 CNMC shares 9.

98% 5.

95 nonferrous metals 0 Haida shares 9.

97% 6.62 Tesla 0 Tianhua Super Clean 9.

96% 11.

48 new energy vehicles 0 Runbang shares 9.

96% 5.

74 new virus genes 2 Xiuqiang shares 9.

96% 8.

5 Tesla 2 Anjubao 9.

96% 8.

06 Smart parking 3 Ruyi Group 9.

96% 7.

73 textile and clothing 0 easy into new energy 9.

92% 5.

21 New Energy Vehicles 3 Aotecar 9.

91% 3.

66 Tesla 3 Aikang Technology 9.

80% 1.

68 photovoltaic 3 victory precision 9.

78% 2.

02 Corrosion machine 0 * ST Hangtong 5.

09% 5.

57 oversold rebounded 3ST long range 5.

07% 3.

94ST plate 1 * ST Suoling 5.

04% 4.

38ST plate 0ST Baxter 5.

04% 2.

92ST plate 0ST rock 4.

97% 10.

78ST plate 14 * ST Opal 4.

93% 1.

49 oversold rebounds 4 scenic spots: the chip concept rose significantly during the session, Beijing Junzheng, Jingfang Technology, China Microelectronics, Guoke Wei, Shanghai Belling, Taiji and other stocks rose and followed.

The agency expects that the global memory industry revenue will increase by more than 15% / 25% annually in 2020/2021, driving the global semiconductor industry to grow by nearly 10% in the past two years.

  Third, the 武汉夜生活网 top ten blogs look at the market: Today the Yin line is more valuable than the Yang line Min Fei: The market sent a short-term bearish signal today as a high point may be established, not to mention the high point before the holiday shifted two K lines backwards, whyCan’t the high point after the festival be offset by the two K-lines just to complement each other?

Then, if this high is reset, the time of the next low will appear on February 25.

  Zhang, an old investor: How do you view today’s adjustment?

  Tomorrow the market will pay attention to the gains and losses of 2890 points will determine whether the short-term adjustment here has begun.

In operation, the high-selling control position has been reminded earlier. Today’s adjustment has not caused the sell-off of individual stocks. Here we mainly focus on the rhythm of two-handed stocks. Tomorrow no rebound will also be a chance for high-selling stocks. The adjustment of the market outlook will bring short-termChance of smoking again.

  Du Kunwei: As for the growth pressure of the ChiNext market, the adjustment pressure will increase. As for the adjustment space, I don’t think it will be very large. We need to observe the distribution of liquidity and carefully observe the changes in some cases. The risk comes fromThe compensatory fall of strong stocks is the strongest Matthew effect, and it has not been possible to grow forever, and it will adjust once the capital has deviated.

Daun shares (002838): TPV localization leaders enter the peak period of capacity release

Daun shares (002838): TPV localization leaders enter the peak period of capacity release
The leading domestic thermoplastic elastomer, the four major platforms cooperate with each other. Daun Co., Ltd. specializes in the research and development, production and service of thermoplastic thermoplastic elastomer materials, modified plastics and other products.Relying on its leading position in the TPV industry, the company has formed four major platforms.At present, the vulcanization platform is expanded from TPV to TPIIR, DVA, etc. The first phase of the hydrogenation platform HNBR has been put into production, the esterification platform TPU has been released, and the modified plastic platform has developed steadily. The leader of TPV localization,南京夜网论坛 the capacity of rapidly increasing domestic TPV market has great potential.Due to the requirements of automobile lightweight, 60% of TPV is applied in the automotive field.At present, the total demand for TPV in the automobile industry is about 4-5 per year, and the domestic TPV consumption of bicycles is 1.5-2.5Kg / car, and the international average level is 5KG / car. Dawn is the first domestic company to produce TPV using fully pre-dispersed-dynamic full vulcanization technology, and is the leader in the localization of TPV.1) The company’s TPV production equipment is original and the product performance has reached the international level; 2) The company’s product price is about 2.50,000 tons / ton, far more than foreign enterprises; 3) The company has been recognized by many domestic and foreign enterprises.As of the first half of 2019, the annual capacity of DPV TPV has been increased to 2.2 Initially, it is expected that by the end of 19 or early 20, the company’s TPV capacity will be further increased to 3.3 It is the lowest every year. The increase in production capacity will drive performance growth and consolidate the industry structure. A variety of new products are rapidly advancing industrialization and entering the peak period of capacity release. 1) TPIIR: “Insertion Grade Medical Brominated Butyl Rubber (TPIIR) Industrialization Project” is expected to start production in the second half of 2019.2) DVA: In cooperation with Triangle Group and Zhongce Group, the pilot technology has been basically realized by the end of 2017. In 2018, the focus will be on the development of DVA materials in tire application technology.3) HNBR: Trial production of 3,000 tons of hydrogenated nitrile butadiene nitrile was carried out in late March 2019, and the 1,000-ton production line was successfully commissioned in June.4) TPU: The production capacity is expected to reach 8000-10,000 tons in 2019. We are optimistic about the company’s development potential. For the first time, it has covered the domestic leader in TPV with a “Buy” rating, and released a variety of products.We expect the EPS for 2019-2021 to be 0.47 yuan, 0.63 yuan and 0.82 yuan, comprehensive consideration of comparable company valuation, company historical valuation, industry segmentation and other factors, we give the company 37 times PE in 2019, corresponding to a target price of 17.39 yuan.We are optimistic about the company’s capacity increase and the potential for new product development. We will cover it for the first time and give it a “Buy” rating. Risk warning: the release of production capacity is 成都桑拿网less than expected risk, and the risk of slow development of new product markets.

Suspension of reverse repurchase for three days after the beginning of the year

Suspension 北京夜网 of reverse repurchase for three days after the beginning of the year

After the temporary holiday, the reverse repurchase was suspended for three days, and the net withdrawal of funds was 773.5 billion US dollars.Due to the influence of factors such as the gradual reverse repurchase expiration, no reverse repurchase operation will be carried out on the same day.

  Three days after the holiday, the reverse repurchase operation was not carried out in advance, and the net withdrawn funds were 390 billion yuan.

At the same time, it is clear that the MLF termination in the first quarter will no longer be renewed when the deadline is announced one month in advance. On February 13, there were 383.5 billion MLF expired and not renewed.

Taken together, the net withdrawal of open market operations in the three days after the holiday was 773.5 billion yuan.

  Dongfang Jincheng’s chief macro analyst Wang Qing said in an interview with the Securities Daily yesterday that due to the large amount of funds flowing back to the banking system after the Spring Festival, the recent DR007 (7-day pledged repo rate for deposit institutions) continued to reduce the average priceRunning below the policy-guided interest rate (gradual 7-day reverse repurchase rate), it indicates that the current market liquidity is in ample state.

This is the direct reason for the continuous implementation of the net withdrawal of funds after the Millennium Festival.

  Wang Youxin, a foreign exchange judge at the Institute of International Finance of Bank of China, told a reporter of the Securities Daily yesterday that the market and the banking system are relatively liquid. The suspension of open market operations can balance market supply and demand changes.

Years ago, through the RRR cut, the use of TMLF and reverse repurchase provided the market with excessive liquidity, and smoothly passed the Spring Festival holiday. Before the average inter-bank borrowing interest rate for each period after the Spring Festival, the DR007 interest rate returned to the 7-day period.Interest rate 2.

Below 55%.

By suspending the open market operation and recovering some excess liquidity, it can ensure the stable operation of the market.

  Correctly predict whether the reverse repurchase operation will continue to be suspended. Wang Qing said that in January, leading indicators such as PMI showed that the short-term internal economic downward pressure still exists.

As a result, steady growth is in the forefront of current long-term monetary policy goals.

Focusing on promoting the substitution of “wide currency” to “wide credit” of the real economy, the current monetary policy is still focused on structural monetary policies such as substitutional RRR cuts, TMLF (directed medium-term lending facility), and inclusive financial cut-down dynamic assessments.Tools to guide the moderate decline in long-term interest rates and promote the flow of funds to small and micro enterprises that are lacking in water, and private enterprises.

  Wang Qing stated that at the same time, abide by the principle of “reasonable and reasonable, not flood flooding”, gradually stabilize the short-term interest rate of the currency market, control the relatively moderate level of liquidity, and prevent the resurgence of 杭州桑拿网 financial leverage.

It is expected that before the DR007 return policy guides the interest rate to run near the transition rate, the net return operation may continue to be implemented, including the suspension of reverse repurchase.

This also means that short-term internal expectations are unlikely to reduce open market operating interest rates.

  Wang Youxin said that this year’s long-term monetary policy will still be moderately loose. At present, the downward pressure on the economy is still contradictory. The effects of fiscal policy indicate that there is a time lag. Monetary policy in the first half of the year is expected to continue to exert force, but as far as possible, inclusiveInstead of short-term reverse repurchase operations to effectively support the real economy and long-term investment.

Huatai Securities (601688) 2019 Interim Report Review: Investment Bank Under Pressure Self-operated Asset Management Repair

Huatai Securities (601688) 2019 Interim Report Review: Investment Bank Under Pressure Self-operated Asset Management Repair

Operating income increased by 35% and net profit increased by 28%. In the first half of 2019, the company achieved operating income of 111.

07 million yuan, an increase of 35 in ten years.

18%; net profit attributable to mother is 40.

570,000 yuan, an increase of 28 in ten years.


Brokerage, investment bank, asset management, self-employment, indexed net income accounted for 20%, 5%, 13%, 42% and 11%, respectively.

The commission rate has gradually slowed down, and the investment banking business’s pressured brokerage business income has increased by 21%, the stock base transaction volume has increased by 38%, the commission rate has gradually slowed down, and the commission has replaced 2 / 10,000.

0 (2 / 10,000 in the first half of 2018.


Investment bank revenues have fallen by 25% each year, which is expected to be related to the company’s project release rhythm.

The scale of equity underwriting was 474 trillion, a decrease of 43% over that of the industry (-29.

62%); the scale of bond underwriting is 156 billion yuan, an annual increase of 86%.

Self-employed contribution elasticity, solid income growth, investment income increased by 86%, mainly benefited from the improvement of equity market.

The company’s equity investment scale has not changed much from the beginning of the year, and the proportion of 杭州桑拿 self-operating equity assets in net capital has only increased by 6.

65 single to 36.


The scale of fixed income investment increased, and the proportion of self-operated fixed income assets to net capital was 229.

73% (beginning at 139.


Actively compress equity pledge business and continue to clear risks to supplement the decrease in net interest rate.

2%, mainly due to the decrease in operating income of the capital intermediary business.

Liangrong’s balance was 548 trillion, an increase of 26% over the earlier period; the stock pledge business’s repurchase margin was 46 billion, a decrease of 15% from the beginning of the year.

Total withdrawals of impairment losses on financial assets purchased for sale1.

1.7 billion, an increase of 70% in ten years.

Revenue from asset management business increased by 19% (long-term industry -8%) by continuously 武汉夜生活网 improving active investment capabilities and product creation capabilities.

The scale of collective, targeted, special, and public fund management is 1427, 6708, 1054, and 7.9 billion US dollars, with annual growth rates of 29%, -7%, 31%, and 759%.

Investment suggestion: The subsidiary AssetMark will be split and listed in the United States to help overseas business layout; issue GDR to raise overseas funds, the company’s capital strength, and promote international competitiveness.

The company’s PB assessment is currently 1.

5 times, the earlier industry estimates the discount, it is estimated that the hub is expected to improve, maintaining the “overweight” rating.

Risks prompt stock market fluctuations to impact self-employed investment returns; market trading activity has declined.

Wolong Electric (600580): Entering the ZF Motor Supply Chain to EV Motor Business

Wolong Electric (600580): Entering the ZF Motor Supply Chain to EV Motor Business

The company’s recent situation Wolong Electric Drive announced on June 10, 2019 that it had received a fixed letter from Germany’s Pick Ev 南宁桑拿 regarding the supply of new energy vehicle motors and parts and components. The estimated implementation period is from 2020 to 2026, and the amount is RMB 22.

About 5.9 billion.

The review entered ZF Motor’s supply chain, and its quality was recognized internationally.

ZF is the world’s leading supplier of automotive transmission systems, and is currently a leading company in the development of electric drive systems.

ZF has two main products for pure electric vehicles: DynaStart motor and electric axle drive.

Among them, electric drive axle products refer to the integration of motors, motors, and reducers, with high research and development accuracy. ZF, Bosch, and GKN are at the forefront, which is the main development trend of electric drive systems for high-end new energy vehicles in the future.

We believe 上海夜网论坛 that the entry of Wolong Electric Drive into ZF Motor’s supply chain can prove that the quality of its motors and related parts and components has reached the international first-line level.

Benefiting from global electrification speed and logging Evo localization strategy, EV motors help accelerate volume.

The global electrification trend is stable. ZF’s main customers BMW, Volkswagen, Mercedes-Benz, etc. have accelerated their electrification layout and occupied the Chinese market.

ZF also hopes to increase China’s local production ratio to 100% in the future.

We believe that Wolong Electric Drive will benefit from the acceleration of motor demand from international customers and the promotion of import substitution, and is expected to enter the motor supply system of more high-quality first-tier car companies to accelerate the volume of EV motor business.

Benefiting from the high boom in equipment spending in the coal, oil and gas, steel and other industries, the volume of high-voltage motors increased.

Since 2018, the added value of the core downstream industry of high-voltage electrical machinery business, such as oil and gas, and coal mining, has continued to improve, and the economy has maintained its prosperity in 1Q19.

High-voltage motor revenue in 2018 increased by 23.

4%, gross profit margin increased significantly by 8.


We expect the business to maintain prosperity in 19 years, bringing 20% -25% sector growth.

Low voltage motors and micro special motors are expected to grow steadily over the long term.

We believe that the company’s traditional low-voltage motor business has benefited from the growth of overseas revenue following the completion of the SIM acquisition, and the micro-motor business has mainly benefited from the improvement in gross profit margin brought about by the optimization of product structure.

It is recommended to maintain 19 / 20e 7.


2.7 billion net profit is expected to be 11.

5 yuan target price.

The current routine corresponds to 19 / 20e 16 / 13x P / E, and the target price corresponds to 19 / 20e 19 / 16x P / E, with 20.

4% upside, maintain recommended level.

Risks Lower-end capital expenditures of high-voltage motors were lower than expected, and actual demand for EV motor customers was lower than expected.

Miao Kelanduo (600882) Quick Review of Important Events: Strengthened by Leading Strategic Investment to Enhance Competitive Advantage

Miao Kelanduo (600882) Quick Review of Important Events: Strengthened by Leading Strategic Investment to Enhance Competitive Advantage

Matters: Inner Mongolia Mengniu Dairy (Group) Co., Ltd. is the strategic shareholder of the company and its wholly-owned subsidiaries.

The opinions are as follows: Guoxin’s point of view: We believe that the strategic cooperation between the company and the leading Mengniu will complement each other’s advantages, strengthen the listed company’s operating and governance capabilities, consolidate the company’s leading position in the cheese business, enhance competitiveness, profitability and brand influence, Optimistic about the company’s first-mover advantage in cheese business and long-term rapid development space, scale expansion, cost-effectiveness ratio and overall profitability continue to move up, maintaining 2019-2021 EPS to 0.



60 yuan, corresponding to 168/40/25 times PE, one-year target assessment of 16.


4 yuan, maintain “Buy” rating.

  Opinion: Strategic cooperation includes two parts: equity transfer and capital increase of subsidiaries: 1.

Equity transfer: Mengniu and the collective asset management center of Dongli Town, Yiyuan County, Wang Yongxiang, Liu Mudong, and Yiyuan Huawang Investment Co., Ltd. signed a share transfer agreement to transfer the non-restricted circulation held by the transferor at the price of 14 yuan per share2046 shares.

80,000 shares, the total price is 2.

8.7 billion, accounting for 5% of the total equity of Mycolando; 2.

Capital increase of subsidiaries: Mengniu intends to use cash4.

5.8 billion yuan to increase capital of Jilin Technology, a subsidiary of the company, to subscribe for additional registered capital of Jilin Technology2.

10,000 yuan, accounting for 42% of the registered capital of Jilin Technology after the capital increase.

88% (the stock company adjusted from 100% to 57.

12%), and Mengniu Niu has the right to issue a notice of equity upturn (non-obligatory) within 24 months after the completion of the registration of the equity change.The right requires the listed company to reset all the shares held by its subsidiaries into listed company shares or other equity instruments by issuing stocks, convertible bonds, etc.

  Complementary advantages of both parties are conducive to strengthening the company’s competitive brand power. According to the agreement, Mengniu and the company will actively carry out the development and promotion of various cheese products, and jointly build sales channels, share marketing resources, and increase production capacity.Business cooperation to achieve complementary advantages and win-win cooperation.

In addition, in terms of corporate governance, Mengniu has the right to appoint a director candidate and recommend a deputy chief financial officer.

The two parties have cooperated in the cheese product foundry business in the past 12 months, involving a transaction amount of 16.16 million yuan.

  We believe that this strategic cooperation agreement will help the company and Mengniu to exert their respective advantages and accelerate the development of the domestic cheese market with great development potential. Based on the rich and advanced development experience of the dairy industry leader Mengniu, it will strengthen the listed company’s capabilities in operation and governance and consolidateThe company’s cheese business has a market-leading position, enhancing competitiveness, profitability and brand influence, in line with the company’s long-term development strategy.

  The cheese business continues to increase rapidly, and the increase in production capacity complements the company’s core cheese business in 2019, which continues to grow at a high rate. The company’s catering channels that rely on its strengths continue to grow rapidly. This year, Burger King, Subway, Naixue, and Starbucks were launched.The company’s star retail product cheese sticks continue to explode, and cheese sticks are expected to sell 4 this year.

500 million, active sales recently, benign inventory levels.

The company’s product advantages are mainly in formula taste and production technology. Competitive products have insufficient product power and weak repurchase power in offline cities.

Expenditure is expected to continue to increase at the expense end, and the cost of advertising and logistics will further reduce the space. In the future, the company will in-depth new product development, channel transformation and transformation, and capacity construction will also provide steady support. Currently, there are 10 production lines for cheese bars.At the end of the first quarter of the year, the production capacity will be 50% more (2 lines are ready to be taken 杭州桑拿网 in, and 3 lines will be added after the Spring Festival).

On the whole, the company adopts the overall strategy of “stabilizing liquid milk and developing cheese” to improve the nationwide layout. While consolidating the leading position of e-commerce channels, the company develops new cheese products in a variety of modern channels to provide consumers with high-quality, differentiated products.Product portfolio.

  Profit forecast level We believe that the strategic cooperation with leading Mengniu will help the two sides complement each other’s advantages, strengthen the listed company’s management and governance capabilities, consolidate the company’s leading position in the cheese business, enhance competitiveness, profitability and brand influence, and are optimistic about the company’s cheeseThe first-mover advantage of the business and the long-term rapid development 深圳桑拿网 space, expansion of scale and promotion, cost-effectiveness ratio and overall profitability continued to move upwards, maintaining 2019-2021 EPS to 0.



60 yuan, corresponding to 168/40/25 times PE, a reasonable one-year valuation of 16.


4 yuan, maintain “Buy” rating.

  Risks suggest that the industry’s business climate is changing; the channel expansion is slow; capacity building is not up to expectations;

BYD (002594): Sales continue to grow rapidly in March

BYD (002594): Sales continue to grow rapidly in March

Event: The company announced the sales volume report for March 2019. New energy vehicle sales in March increased 116% to 30,075 units.

The company’s sales of new energy vehicles in the first quarter increased by 147% year-on-year to 73,172 units.

The company’s power battery production in March was 1.

65Gwh, an increase of 85% per year.

Comments: January and March sales are in line with expectations, and follow-up catalysis continues, optimistic about the company’s development.

We believe that the sales of new energy vehicles in 3 months are in line with expectations. It is expected that the sales volume of the transitional transition company will continue to increase in the second quarter, and the company’s market share is expected to continue to increase in the case of inter-segment price increases or inventory upgrades400,000 sales are worry-free.

We believe that the current market is too profitable for the company, and the company can hedge supplementary risks from multiple perspectives to help 19 years of high growth performance: a) New energy passenger cars: the cost side, the battery cost is reduced by 15% + other costsReduced by 5% (approximately 1 for bicycles.

5w), scale effect reduces cost 0.

5w. At the same time, some components reduce the cost of the drive system by 1w. At the same time, some pure electric models can be reduced by 1w + cost, and the reduction of 3% corresponds to a cost reduction of several thousand. The average bicycle subsidy is reduced by about 2.

70,000, the company can gradually eliminate most of the impact through cost reduction (the product is not increased in price), converted to 19 years of sales doubled, the company’s new energy passenger car business gross profit gradually achieved positive growth; b) new energy commercial vehicles: Assumed flat sales of passenger cars, expected net profit margins; In terms of special purpose vehicles, electric dump trucks have begun to increase volume in March, and are expected to achieve sales of several thousand units. The unit price of electric dump trucks is 1.4 million, providing considerable profit increase;Points: If the industry’s growth rate increases in 19-20 years, the unit price of double points settlement is expected to increase (more than 1000-2000 yuan), providing the company with incremental performance; d) Cloud track: It is expected to contribute tens of billions in revenue in 19Performance increase; e) Financial expenses: The budget company will receive 89 trillion compensation liquidation payments in advance, which will improve financial expenses and reduce index expenditures (estimated to be 300-400 million).


In the medium term, the policy-driven termination will provide new incentives for auto companies with double-point assessments. The industry’s bottom line for growth is 35%. The company is expected to use its strong product cycle to consolidate its leading advantages.

Complementary sole industry promotion policy, double-point assessment is imminent. According to our calculations, due to the significant reduction in fuel consumption standards in 19-20 years, the only way for car companies to solve double-point is to produce new energy vehicles, replacing the future of the new energy passenger vehicle industry.Maintaining a growth rate of more than 35% for two years can make the NEV positive integer in 19-20 completely resist the repayment of negative CAFC points, so the policy-driven effect is still there, and we remain optimistic about the industry’s growth rate.

As a leading company in the industry, the company has obvious first-mover advantages. It is 杭州夜网 expected to benefit from the supplementary + double-points policy in 19-20 years. The superimposed new product “explosive car” effect has already caused consumers’ spontaneous demand. In the future, the city’s market share will continue to increase and continue to be consolidated.Leading advantage.

In the long run, the company has core technological advantages in the field of new energy vehicles, and will fully enjoy the dividends brought by the electrification and intelligent trend.

The power battery is the top two in China. Currently, Changan and Dongfeng have been reset for external customers. Foreign customers are expected to land in the first half of the year. At the same time, the company also uses its own core technology, IGBT4, in the field of electrical control.

0 technology provides “Chinese core”, currently has mastered IGBT chip design and manufacturing, module packaging, high-power test applications, breaking foreign monopolies.

4. Earnings forecast and risk warning are accompanied by supplementary bearish digestion. We believe that the company’s turning point has arrived.

In the short term, the company’s sales volume of 400,000 in 1919 is worry-free, and its market share is expected to continue to increase. At the same time, the performance-side company can compensate for most of the impact of the decline by reducing its own costs. At the same time, new energy special vehicles, Yunba Cloud Rail, financialExpenses and sales of double points provide increased performance and gradually increase profits to achieve high growth.

At the same time, the follow-up catalyst for the most external supply of power batteries is expected. The company’s net profit attributable to its parent in 19-21 is 41/51 / 6.1 billion, and it maintains a “strong recommendation-A” rating.

Risk warning: the cost reduction is not up to expectations, and the sales of new energy models are lower than expected.

Shanghai Port Group (600018): Performance was slightly higher than expected, revenue declined, but expense control and investment income led to profit growth

Shanghai Port Group (600018): Performance was slightly higher than expected, revenue declined, but expense control and investment income led to profit growth

The results of the first quarter of 2019 slightly exceeded expectations. The first quarter of 2019 results announced by Shanghai Port 北京夜网 Group: operating income 81.

USD 5.9 billion, a year-on-year decrease of 6%; net profit attributable to the parent company19.

22 ppm, an increase of 16% per year, corresponding to a profit of 0.

08 yuan, slightly more than we expected.

Tungsten still maintained rapid growth in the first quarter: According to the company’s website, the container throughput of the home port increased by 7% and the cargo increased by 2% in the first quarter.

Company revenue fell 5.

6%, operating costs fell by 5.

9%, but taxes and attachments decreased by 1.

400 million US dollars (tax split due to real estate income settlement last year), each 13 million yuan in gross profit increase, but net profit increased by 2.

$ 7.1 billion, mainly due to cost control (administrative expenses are reduced by 1.

400 million US dollars and increase in investment income (increasing 65 million annually, mainly from the profits of affiliated joint ventures such as the Postal Savings Bank, Bank of Shanghai and other joint ventures), contributing 39% and 24% of the increase in profits, respectively.

Development Trend The growth rate of the port’s main business may slow down.

With the commissioning of the Yangshan Phase 4 automated terminal, efficiency and capacity have been improved, and the hub transfer function in the Yangshan Port area has been further developed: the water-to-water transfer ratio reached 46 in 2018.


However, considering the external demand, the manufacturing PMI shows the economic growth rate or growth rate of Europe and the United States, China’s PMI new export order index is weak, and it may still be affected by the rush of shipments caused by trade friction in the short term, so the container explosion growth rate or amplitude.

Bulk goods may be affected by domestic demand and import policies.

It is recommended to pay special attention to the situation of China-US trade negotiations and external demand.

Financial real estate and other businesses increased diversified income.

Finance: In 2018, from Shanghai Bank, the investment income of PBC accounted for 11% and 20% of net profit.

Real estate: The company still has the Long Beach project (estimated investment of 18.5 billion US dollars) and the military industry road project (estimated total investment of 82).

700 million), is expected to continue to contribute profits to the company in the 深圳桑拿网 future.

Earnings Forecast We maintain our 2019 / 20e earnings forecast of 96.


7.7 billion is unchanged.

Estimates and recommendations Companies currently sustainably correspond to 19/20 years 19.


6 times P / E.

Maintain recommended level and target price 9.

12 yuan, corresponding to 19 times 22 times price-earnings ratio, compared with current expectations of 15%.

The risk exceeded expectations, the cost control exceeded expectations, and the actual settlement progress was slower than expected.

Did you panic about some of today?

Insurance funds shout: no reason to be pessimistic

Did you panic about some of today?

Insurance funds shout: no reason to be pessimistic

How does the policy land?

The core think tank says so.

Investing without looking at policies is like blindfolding. Come to Sina Finance University, listen to Miss Dong read the news, and understand the market.

  Original title: Did you panic about some of today?

Insurance funds shout: there is no reason to be pessimistic, A shares are more likely to attract safe-haven funds

The optimism is so consistent, which is rare in the history of insurance fund 都市夜网 investment.

  Recently, overseas markets have plummeted, which has affected the A-share market.

In this regard, senior responsible persons of mainstream insurance institutions expressed their attitude to reporters: Checking the current internal and external environment of A-shares is easier to replace than other markets and can easily attract safe-haven funds.

  ”Therefore, those investors who are pessimistic about A-shares due to the plunge in the external market may be a bit mediocre.

“The head of the relevant department of a large insurance asset management company lamented.

  Several mainstream insurance institution investment managers believe their reasons: 1. From the external environment, due to relevant new changes in other countries, it may continue to cause some changes in the global market.

At this time, the first reaction of the funds is usually to avoid, and then re-determine the next allocation direction: where to invest?

  The safest place is naturally where the safe-haven funds go.

“Relatively speaking, whether it is from the overall estimated level or the progress of prevention and control, A shares have been shortened to cut, and the market has limited room for adjustment, and it may continue to attract inflows of overseas safe-haven funds.

“A head of the equities department of a large insurance company analyzed.

  2. From the perspective of internal factors, through the achievements of epidemic prevention and control, enterprises have begun to resume work, and economic operations have gradually returned to normal.

In order to ensure growth and stabilize employment, hedging policies have been introduced intensively with clear guidance.

  ”Combined with these factors, we believe that the one-time emotional impact of the epidemic on A shares has been greatly reduced, and it will not affect the upward trend of the market. In the medium term, the A share market will return to the fundamentals.

“This is the latest internal view of a large Chinese insurance company in Beijing.

  All kinds of evidence show that the market logic has also understood the impact of the epidemic and the support for emerging industries such as health care, online consumption, unmanned distribution, and intelligent manufacturing in a positive way.

  From the perspective of comprehensive stock selection and replacement of high-level insurance institutions, they focus on the targets that benefit from the logic of economic recovery and industrial upgrading. Typically, they expect that the relevant sectors driven by 5G construction and smart car policies may perform better in the short term.

In addition, they believe that the core assets of the estimated regression in the adjustment can also be appropriately allocated.

  Looking back at the initial market performance, the “blaze” of overseas markets seems to have affected the trend of stocks to a certain extent.

  When talking about the question of “how to look at the impact of external risks on the A-share market”, the investment manager of an insurance institution with a trillion-dollar asset scale said frankly that once external risks intensify, they will be removed from international capital flows and fundamentals.And market sentiment and other paths affect the A-share trend.

  But he is good at saying that considering the important influence of China’s economy on the world economy and the government’s ability to counter-cyclically change, the impact of external risks will usually provide opportunities for counter-cyclical investment.

“The two-day A-share market has been adjusted due to external factors and we have all participated (appropriate buy).

Tiantan Biological (600161) -2019H1 Review: Net profit grows 23% annually. Leading blood products perform well

Tiantan Biological (600161) -2019H1 Review: Net profit grows 23% annually. Leading blood products perform well

Investment Highlights Event: On August 22, 2019, the company released its semi-annual report for 2019.

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

60 ppm, an increase of 27 in ten years.

9%; net profit attributable to mother 2.

94 ppm, an increase of 22 in ten years.

2%; net profit of non-attributed mothers 2.

93 ppm, an increase of 23 in ten years.


Net operating cash flow 4.

5.7 billion, an increase of 36 in ten years.


The blood products business developed steadily, achieving a 23% increase in net profit.

In terms of quarters, the sales of blood products in the second quarter of 2019 continued to increase, with single-quarter revenue of 8%.

5.5 billion (28% +), net profit attributable to mothers1.

6.2 billion (25% +).

Gross profit margin, net profit margin and first quarter ratios remained stable at 49% and 19%, respectively.

In the first half of 2019, the company realized the collection of plasma 802.

55 tons, a net increase of 64 per year.

22 tons, an annual increase of 8.


In the first half of 2019, the company’s number of plasma collection stations (including substations) in 13 provinces / autonomous regions nationwide reached 57, of which 51 were in operation.

Renbai and Jingbing continued to maintain steady growth, of which the wholesale sales of human albumin (equivalent to 10g) increased by 30.

73%; Jing Cing (equivalent to 2.

5g) Annual sales increase by 20.


The proportion of all blood products issued in batches in 2019Q1 has increased. In the first half of 2019, human blood albumin (accounting for 23% of domestic albumin batches issued), Jingbing (26% of batches issued) and other major products were issued in batches.The quantity is at the forefront of the industry. The remaining products are exempted from accounting for 24% of the approved issuance, B exemptions account for 34% of the approved issuances, and mad exemptions account for 9% of the approved issuance.

The three expenses continued to grow with the business development, and the inventory and accounts receivable were basically normal.

Selling expenses for the first half of 20191.

08 million yuan, an increase of 57 in ten years.

9%, the first is to continue to strengthen market expansion efforts.

In the first half of 2019, the number of pharmacies in the company’s tertiary hospitals and other medical institutions increased, reaching a total of 9,938, an increase of 46% annually; pharmacies covered 3,436, an increase of 64%, and entered 25 benchmark hospitals and 36 keyDevelopment hospital.

Administrative expenses are 99.65 million yuan, an annual increase of 31.

89%, mainly because the company further improved the performance evaluation and salary incentives of the senior management and staff of the pulp station to stimulate work enthusiasm.

R & D expenses are 38.22 million yuan, an increase of 36 every year.


The company’s blood products business has promoted research and development projects such as recombinant coagulation 北京桑拿体验网 factors and chromatographic static propane, and made some progress in the first half of 2019.

The semi-annual report of the company’s inventory at the end of 201917.

8.8 billion, accounting for 31 of the assets.25%, a decline from the end of 2018, and basically the same as 2019Q1.

Accounts receivable and notes 5.

4.5 billion, accounting for 34% of revenue.

91%, an increase of about 5 percentage points from 2018H1, is expected to be mainly due to the increase in sales revenue volume, mismatched repayment time in the medium term, etc.

Profit forecast and investment advice: We expect the company’s operating income to be 34 in 2019-2021.

45, 40.

04, 46.

88 ppm, a ten-year increase of 17.

54%, 16.

22%, 17.

08%, net profit attributable to mothers was 6, respectively.

23, 7.

82 and 9.

71 ppm, an increase of 22 in ten years.

43%, 25.

45%, 24.

03%, corresponding EPS is 0.

60, 0.

75, 0.

93 yuan.

After the company has completed the integration, it has become a leading company in the blood products industry. Both the volume of pulp extraction and the number of pulp stations are in the industry leading level, unless the fourth-generation static propionate and recombinant coagulation factor Ⅷ provide space for future development in the research and maintain the “overweight” rating.
Risk reminder: the risk of less than expected integration, the risk of fluctuations in the price of blood products, and the risk of a decline in the gross profit margin of the blood product business.