The first Shanghai-Shenzhen-Hong Kong cross-border ETF set sail for ICBC Credit Suisse at the antique launch conference of the Shenzhen Stock Exchange_1

The first Shanghai-Shenzhen-Hong Kong cross-border ETF set sail on ICBC Credit Suisse’s antique conference in Shenzhen Stock Exchange
Source: Original title: The first Shanghai-Shenzhen-Hong Kong cross-border ETF officially set sail ICBC Credit Suisse in the Shenzhen Stock Exchange Antique Bay to create an ETF launch ceremony to embrace the new era of the Bay Area, innovation leads the futureOn August 29, ICBC Credit Suisse Fund Management Co., Ltd. held a grand antique product launch conference on the Shenzhen Stock Exchange, and witnessed the first domestic Shanghai-Shenzhen-Hong Kong Cross-Border ETF with representatives from all walks of life and the first ETF tracking the Guangdong-Hong Kong-Macao Greater Bay Area Innovation 100 Index.-The release of ICBC Credit Suisse Guangdong-Hong Kong-Macao Greater Bay Area Innovation 100 ETF (fund abbreviation: Wan Chuang ETF, fund code: 159976).Wang Hong, deputy general manager of Shenzhen Stock Exchange, Wang Hailu, general manager of ICBC Credit Suisse Fund, Xu Shouben, president of Industrial and Commercial Bank of China Shenzhen Branch, Jiang Ran, general manager of the asset custody department of China Merchants Bank, Feng Rong, vice chairman of Shenwan Hongyuan Securities, and dozens of Wanchuang 100Representatives of listed companies of index constituents and relevant leaders of major securities companies attended the press conference to witness the historic moment of the launch of the Baytron ETF.  Wang Hong, deputy general manager of the Shenzhen Stock Exchange, pointed out that helping the construction of the Bay Area is both a possibility and a responsibility for the Shenzhen Stock Exchange.The Shenzhen Stock Exchange has always been committed to serving technological innovation enterprises, private enterprises, and growing enterprises, and has played an active role in helping the Bay Area develop gradually.Under the leadership of the China Securities Regulatory Commission, the Shenzhen Stock Exchange will proactively merge the construction of the Bay Area, enrich the product system, accelerate the construction of the Shenzhen ETF market, and guide more medium- and long-term capital entry.Wang Hong said, “The core index of the Wan Chong 100 Index in the Guangdong-Hong Kong-Macao Greater Bay Area Series Index reflects the overall outlook of listed companies in the Greater Bay Area and highlights the advantages and characteristics of Bay Area economic development.The Baytron ETF allocates Bay Area assets to local external investors. It provides a one-stop investment in Bay Area characteristic listed companies and provides a convenient and effective investment tool for sharing Bay Area development dividends.”Wang Hailu, general manager of ICBC Credit Suisse said,” The Wan Chong 100 Index selected 100 high-quality companies with outstanding innovation capabilities from Shanghai, Hong Kong, and Shenzhen. The high-quality companies that are at the forefront of China’s economy are index sample stocks, which fit the theme of the era of innovation and development.It shows the unique advantages and characteristics of the Greater Bay Area, and reflects good growth and investment value.The first ICBC Credit Suisse application and the first issuance of the Baytron ETF, which is expected to better leverage the financial services capabilities of the real economy, while helping the Bay Area to become an all-round world-class Bay Area, while providing investors with the Bay Area development bonus, An efficient allocation tool to grasp the potential of strategic investment.According to reports, vigorously developing passive products, including ETFs, to meet the needs of our customers’ tool products, is an important long-term development strategy of ICBC Credit Suisse.The company has improved the advanced ETF management system to fully guarantee the stable operation and refined management of ETFs. Since 2009, it has formally managed ETFs and has maintained a record of “zero risk in operation”.At present, ICBC 返回码: 404 网站打不开?重查 Credit Suisse ‘s index funds and ETF product lines cover a wide range of industries including broad base, industry, theme, solid income, and overseas. A diversified tool-based product layout has gradually taken shape.As of the end of June 2019, the scale of ICBC Credit Suisse’s passive business management had doubled earlier, reaching US $ 39.7 billion, of which the size of stock index fund management reached 24 billion (equity ETF size of US $ 18.3 billion).  It is said that Zhang Ye, general manager of ICBC Credit Suisse Index Investment Center, introduced that the Baytron 100 Index is a benchmark index that highlights the innovation and development of the Bay Area and has good investment prospects.The weight of the information technology industry in its constituent stocks is significantly higher than other indexes. The patents obtained by A-share companies in the constituent stocks in the past three years have significantly exceeded the level of all A-share companies, and more than 80% of the companies have achieved 10More than one patent, outstanding scientific and technological innovation capabilities.Wind data shows that from June 30, 2017 (the base date of the index) to June 28, 2019, the cumulative yield of the Baytron 100 Index reached 18.21%, while the cumulative returns of the Shanghai and Shenzhen 300 Index increased by 4.33%, the Shanghai 50 Index is 14.93%, Wanchuang 100 achieved considerable excess returns relative to the two broad-based indexes.ICBC Credit Suisse Ventures 100ETF supports the replacement of ETF fund shares with A-share constituents during the raising period. It is attractive to investors who need to optimize the shareholding structure, and is suitable for the Guangdong, Hong Kong, and Macau Greater Bay Area with configuration needs. I hope to participate in the development of the Bay Area.Individual and institutional investors.  Recently, the “Opinions of the Central Committee of the Communist Party of China and the State Council on Supporting Shenzhen to Build a Socialist Pioneering Demonstration Zone with Chinese Characteristics” was officially released. The Guangdong-Hong Kong-Macao Greater Bay Area ushered in improvement and better historical development.Preliminary analysts believe that the ICBC Credit Suisse Venture Capital 100ETF combines the Guangdong-Hong Kong-Macao Greater Bay Area ETF, the technology innovation theme ETF and the Shanghai-Shenzhen-Hong Kong cross-border ETF, and many other features, which significantly differentiated into the preferred configuration tool for investment in the Bay Area.The product has set the highest rate, which is beneficial to holders and provides investors with an ideal investment tool to share the great development prospects of the Greater Bay Area.It is reported that the ICBC Credit Suisse Venture Capital 100ETF is being issued. Investors can subscribe through Guotai Junan, Guoxin Securities, Changjiang Securities, CITIC Construction Investment, Shenwan Hongyuan and other brokerage agencies before October 25.

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;

State Laojiao (000568) 2018 Annual Report, 2019 First Quarterly Report Review: Exceeding Expected Growth, Optimistic Outlook

State Laojiao (000568) 2018 Annual Report, 2019 First Quarterly Report Review: Exceeding Expected Growth, Optimistic Outlook

Event: The company released its 2018 annual report and expected to achieve operating income of 103.

55 ppm, an increase of 25 per year.

60%, achieving a net profit of 35.

110,000 yuan, an increase of 34 in ten years.

91%, net profit attributable to mother 34.

86 ppm, an increase of 36 in ten years.

27%, preliminary income 2.

38 yuan.

The company plans to pay a dividend of 15 per 10 shares.

50 RMB.

The company also released the 2019 first quarter report and achieved operating income of 41.

69 trillion, an increase of 23.

72%, achieving a net profit of 15.

5.4 billion, an increase of 39.

88%, net profit attributable to mother 15.

1.4 billion, an increase of 43.


  Investment highlights ended in 18 years, 19Q1 performance exceeded expectations.

1) The company’s 18-year revenue and net profit have reached 100 compared with the completion of the planning at the beginning of the year.

35%, 104.

91%, perfect ending, 19Q1 revenue, net profit attributable to mother increased by 23 respectively.

72%, 43.

08%, both exceeded market expectations.

2) The continued heavy volume of mid- to high-end products is the main driving force for growth.

The beneficiary country cellar continued to grow at a high rate in 1573, and the company’s premium wine revenue growth rate reached 37 in 18 years.

21%, the special song series gradually began to recover, and benefited from this, the growth rate of mid-range wine 27.

83%, low-end wine revenue growth rate of 8.

3%, related to product carding strategy.

Channel tracking feedback. In Q1, the State Reserve 1573 still maintained a high growth momentum. It was reported that both increased by 30%, and the special song series increased by more than 30%.Keep losing weight.
3) Various financial indicators are sound and healthy.

Advance receipts at the end of 18 years16.

4.0 billion, a slight increase from the previous month.

93 trillion, abnormally stable cash flow, 148 in 18 years.

28 trillion, with an increase of 19.

38%; net cash flow from long-term operating activities42.

980,000 yuan, an increase of 16.


1Q1 advance payment 12.86 million, still maintaining a high water level, 19Q1 sales receipts and operating net cash flow increased by 16 respectively.

20%, 60.


4) The annual report defines a revenue growth rate of 15-25%, and it is estimated that it will approach 25%. The main driving force is still the continuous heavy volume of high-end products and price increases of some products.

  Price adjustment, structural optimization, and cost control have significantly improved profitability.

The 18th annual report and the 19th quarterly report both show that the company’s profitability has improved significantly. First, there are three: price increases and structural adjustments to control costs.

1) Product prices have risen, benefiting from the continuous upward price of terminals since 18 years. It is said that the actual settlement prices of major products are included in the increase. This can be verified by the increase in the gross profit margin of each product in the annual report.The gross profit margin of high-end liquor increased by 0.

62pct to 91.

85%, the gross margin of mid-range alcohol increased by 7.

29 points to 79.


2) Optimized product structure. The proportion of high-end and high-end products in the 17 years before 18 years has continued to increase, such as high-end wines and mid-range wines, which have accounted for 44% of revenue in 17 years.

72%, 27.

66% to 48 in 18 years.

85%, 28.


3) Expense control is good.

In Q1 19, the company’s sales and management expense ratio were 16.

93%, 3.

90%, a year-on-year decrease of 1, respectively.

27pct, 0.

26 points.

However, we believe that the industry competition is still fierce in 19 years, and it is expected that the pre-sale expense ratio may not be significantly shifted.

Based on the above factors, the company’s profitability has improved significantly: the gross profit margin in 18 years has dropped and increased5.

6 points to 77.

53%, 19Q1 gross profit margin extended by 4.

68pct reached 79.

15%; 18-year return to net interest rate increased by 2.

09pct to 26.

At 7天津夜网0%, the net profit attributable to mothers increased by 4 in 19Q1.

92pct to 36.


  We are optimistic about the company’s performance in the short and long term.

1) In the short term, the impact of competing products during the Spring Festival is weakening, and Guojiao 1573 is expected to achieve heavy volume growth.

During the Spring Festival, Wuliangye adopted a rebate budget in the channel, and promoted sales at the terminal to promote sales. The sales of Guojiao 1573 during the Spring Festival were suppressed.

After the sugar and wine party, Wuliangye will be replenished to a higher level of performance. Later, it will adopt volume control and price measures for new products. Guojiao will usher in a volume window period.

2) In the long run, we will continue to be optimistic about the company’s comprehensive 四川耍耍网 level and base effect. For the former, we believe that the company’s comprehensive strength in terms of products, brands, channels and management is at the forefront of the industry, which is the fundamental reason for optimistic about the company.

Among them, the company ‘s national cellar products still have a low share in the high-end liquor market. A low base and a high growth rate will promote the company ‘s performance growth. The company has returned to the top three and has a slogan of 20 billion in revenue in 2020. We expectThe company’s performance in 2019/20 will maintain a rapid release.

  Investment advice and profit forecast: We raise our profit forecast, and expect EPS to be 3 in 2019-2021.

96 yuan, maintaining the “prudent increase” rating.

  Risk warning: macroeconomic and policy risks, food safety issues, systemic risks, and state reserve price measures must not be appropriate.



Because more and more men are seriously obese and endanger their own health, they have joined the ranks of weight loss.

Of course, men’s weight loss may be more serious than women’s, because, to some extent, men’s pursuit of body materials is far less inferior to women, so it is especially easy to give up halfway, especially to let obese men control their diet.It is indeed a very painful thing, because obese men are mostly fond of food, so it is very difficult for them to eat less fish and meat.

Therefore, to make men lose weight should choose a particularly simple method, recommend a particularly practical method.

The next few men’s weight loss methods recommended for everyone are very practical.

銆€銆€1, swimming to lose weight.

This is the most suitable method for men to lose weight, because men like swimming very much. Many people have learned to swim since childhood. Therefore, it is very simple to choose swimming to lose weight. The difficulty in losing weight in this way is whether you can persist because it is not like swimming.Ordinary exercise, there are certain requirements, can not reduce swimming time arbitrarily, must insist on swimming 2 or 3 times a week, and each swim is more than 30 minutes, so insist on swimming for 1 to 2 months, your body will definitelyImprove, your big belly is gone.

銆€銆€2, sit ups.

This is also a very simple exercise diet, just use your perseverance to insist on exercising every night before going to bed, you can achieve the effect in your own bed, but there are a lot of requirements, insist on doing more than 50 every night.Sit-ups, persist for 2 months, your stomach will become smaller, the difficulty of this weight-loss method is to insist, many people can only give up after a few days, so there are very few people who lose weight by this method.

銆€銆€3, the gym lose weight.

There are a lot of sports equipment in the gym, and there are coaches to personally guide, so it is easier to lose weight in the gym. Of course, going to the gym requires a certain economic foundation. You can choose strength sports in the gym or you can choose to ride.Bicycles, on the treadmill, as long as you follow the coach’s requirements, you can slim down.

銆€銆€4, walking 10,000 steps a day.

There is one more important thing for men’s obesity, that is, they are unwilling to walk, especially men with cars, even if they are only 200 meters, they are willing to drive. This is a long time, the stomach will be bigger and bigger, the legs will be more and more thin, and the body proportion is very high.Unsightly.

Therefore, if you want to lose weight, please drive less, insist on walking every day, increase your body’s energy consumption, and walk on it regardless of wind and rain, and you must reach 10,000 steps. If you insist on 3 months, you can say goodbye to the big belly.

The best health care products are the golden bird’s nest


The best health care products are the golden bird’s nest

In today’s society, everyone cares about health, many health products are synthetic, only the golden bird’s nest is a natural ingredient, it is made of hardworking silk swallow secretion saliva processing soft oil and other materials.

In Southeast Asia, business-minded investors have built a collective residence for the swiftlet to create conditions suitable for the living of swiftlet swallows. A large number of swiftlets fly to live here to raise children, and when the swallows grow up, they will stay.The bird’s nest is for people to pick.

The golden swallows feed habits are flying in the air, eating live insects, drinking water vapor and natural spring water.

Everyone wants to eat healthy, especially pregnant women, babies, old people and poor physical function want to have healthy food!

As the saying goes: “One or two bird’s nest one or two gold” bird’s nest the most precious precious metal SA (sialic acid) is to promote the development and memory of the baby’s brain.

900 grams of canned milk powder, SA content is less than 0.

5 grams, and 10 grams of bird’s nest SA can reach 0.


2 grams, equivalent to 1350-1800 grams of milk powder, the above data shows that bird’s nest SA is 150 times that of milk and 170 times that of milk powder.

Bird’s nest has entered the ordinary consumer group, it immediately health, but also beauty and skin care, but also improve immunity and many diseases.

It can resist Alzheimer’s disease, the preferred choice for men’s soil smoking, and for the prevention of hypertension, hypertension, cerebrovascular complications, angina pectoris, chest tightness, breathing, high blood pressure, cough and other diseases!