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: Panoramic.com 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.

Dongfang Yuhong (002271): Fast growth in revenue and profits, focus on 2Q cash flow improvement

Dongfang Yuhong (002271): Fast growth in revenue and profits, focus on 2Q cash flow improvement

Performance review 1Q19 performance exceeded expectations Oriental Yuhong announced 1Q19 results: operating income of 26.

9 trillion, an increase of 41% in ten years; net profit attributable to mother +28 every two years.

9% to 1.

27 trillion, corresponding to 0 benefits.

09 yuan, deducting non-net profit growth rate of 40.

5%, exceeding market expectations, mainly due to strong sales growth and significant improvement in gross profit margin.

Comments: 1) Sales continued to grow at a high rate.

The company’s budget growth rate in the first quarter is strong, and it is expected to grow by 40-50% for the whole year, driving revenue to continue to grow at a rapid rate of 41%.

2) The gross profit margin improved significantly, and the gross profit margin of the company increased by 3 in 19Q1.

8ppt to 34.

5% (comparable to the 2018 average), but due to the further increase in asphalt prices, the gross profit margin decreased slightly by 1 in the first quarter of 19.

5ppt.

  3) Net decrease in operating cash flow29.

26 trillion, a decrease of 20 a year.

US $ 5.5 billion, mainly due to an increase in inventories of approximately 10 billion (mainly low-priced reserve asphalt) and a performance contract guarantee of approximately 1.5 billion.

4) The improvement of the cash-to-cash ratio is a positive signal.

1Q company cash ratio is 1.

4x, 1. for earlier Q18.
.

3x has improved at least.

  Development Trend Gross profit margin is expected to continue to increase in the second quarter.

1) On the price side, due to the overall upward trend in 上海夜网论坛 asphalt cost since last year, the company has agreed to raise prices with some downstream real estate developers this year, and the price increase will be realized in subsequent quarters.

2) On the cost side, the company actively reserves raw materials when the asphalt price drops in the first quarter. It is expected that the current asphalt inventory can be used until the end of May. It is necessary to tilt the impact of the 2Q asphalt price on the same and sequential increase.

We think the company’s 2Q19 gross profit margin has room to increase further.

  Pay attention to the improvement of operating cash flow in 2Q.

The company will actively adjust the pace of its business strategy this year, highlighting the improvement of operating quality as its primary goal, and will strictly control the collection of receivables.

In the second quarter of 19th, as the inventory level returned to normal and the receivables were strictly controlled, the operating cash flow is expected to improve significantly from the previous quarter.

  Earnings forecast We maintain earnings for 2019/20201.

33 yuan and 1.

71 yuan unchanged.

  Estimates and recommendations currently correspond to 19 / 20e 14.

1x / 10.

The 9 times price-earnings ratio is estimated to be attractive.

Maintain recommended level and target price of 26.

4 yuan, corresponding to 19 / 20e 20x / 15x P / E and 41.

3% upside.

  Risk demand growth was slower than expected, and cash flow improvement was lower than expected.

Wan Nianqing (000789) 2018 Annual Report Comments: Q4 Profit High Maintains Market Share and Continues to Increase

Wan Nianqing (000789) 2018 Annual Report Comments: Q4 Profit High Maintains Market Share and Continues to Increase

Guide to this report: The company announced its 2018 annual report. The volume and quality of all industrial sectors have risen, and the market share has continued to expand, maintaining the “overweight” level.

Investment Highlights: Maintain “Overweight” rating.

18 years to achieve income 102.

08 billion, an annual increase of 43.

89%; net profit attributable to mother 11.

380,000 yuan, an increase of 145 in ten years.

89%, earnings per share 1.

85 yuan, in line with expectations.

We maintain EPS 2 for 2019-2020.

29, 2.

62 yuan, plus EPS 2 in 2021.

99 yuan, according to the average PE of 2019 for comparable companies, raised the target price to 18.

32 (+1.

82) yuan, maintaining the “overweight” rating.

The quantity and quality of all industrial sectors have risen, and the market share has continued to expand.

In 18 years, the sales of clinker cement reached about 2,430 tons, a year-on-year increase of 7%, while the cement output in Jiangxi Province increased by 4%.

7%, the company’s market 杭州夜网 share continues to expand.

Sales of commercial concrete are 5.74 million countries, an increase of 21 per year.

67%; sales of new wall materials5.

5.6 billion standard blocks, an increase of 28 in ten years.

26%; crop sales are at record highs.

Q4 earnings remained high.

The average ex-factory price of our feed for 18 years is 309 yuan / ton, the same increase of 81 yuan / ton, the gross profit per ton is 101 yuan / ton, the same increase is 40 yuan / ton, the net profit per ton is 61 yuan / ton, and the same increase is 33 yuan / ton.

Among them, Q4 basically maintained the historical highest profit level of Q3. The average factory price was 340 yuan / ton, which was a continuous increase of 78 and 21 yuan / ton, respectively; the gross profit per ton was 105 yuan / ton, and the multiple increases were 16 and 7 yuan 西安耍耍网 / ton respectively.; Net profit per ton is 59 yuan / ton, which exceeds the increase of 16 yuan / ton.

The new capacity is expected to be launched in 2019-2020, further improving the layout.

The company is currently constructing 3 production lines. The relocation of Wannian Plant will add 2 * 5100 tons / day clinker production line and 6600 tons / day clinker production line in De’an County. It will be gradually put into operation in 2019-2020 according to the company’s plan.

We believe that with the introduction of new capacity expansion, the company is expected to further optimize its capacity layout and its production and operation indicators are expected to further improve.

Risk Warning: Macroeconomic Downturn, Raw Material Costs Increase

Kailuan (600997) 2019 Interim Report Comments: Coke Business Volume and Price Rise, Contribute to Performance Increase

Kailuan (600997) 2019 Interim Report Comments: Coke Business Volume and Price Rise, Contribute to Performance Increase

Investment Highlights The company disclosed its 2019 Interim Report: 108 operating income.

700 million (+8.

5%), net profit attributable to shareholders of listed companies.

2.2 billion (+24.

1%), where Q1 / Q2 are 3 respectively.

68, 北京桑拿洗浴保健3.

5.4 billion, 7 after deduction.

2.1 billion (+ 24%), equivalent to 0 EPS.

46 yuan / share.

  The profit contribution of the coal sector in 2019H1 is stable, and the performance growth mainly comes from the coal chemical business.

  According to the company’s announcement, the profit growth of the coal business before internal offsetting was 6.

2 trillion, a reduction of 737 trillion a year, a decrease of 1.

2%, the maximum profit of coke and deep processing products is 4.
.

20,000 yuan, an increase of 1 in ten years.

500 million, an increase of 54%, the first half of 2019 performance growth mainly from the coal chemical business.

  In 2019H1, the price of cleaned coal has increased, and the gross profit margin of cleaned coal has increased. The sales revenue and gross profit of cleaned coal accounted for 94% and 100% of the coal sector, respectively, and are the core revenue and profit source of the coal sector.

2019H1 company’s raw coal production is 387 blended (-4.

9%), 148 joints (+1.

3%), and the washing rate exceeds 2 pct to 36%. According to the company’s export data of clean coal, the average sale price of clean coal is estimated to be 1,217 yuan / ton (+ 5%).

The rise in both volume and price has promoted the growth of clean coal revenue, with 2019H1 clean coal sales revenue at 19.

80,000 yuan, an increase of 8 in ten years.

6%, the cost of sales is 11.

0 ppm, a 10-year increase of 2.

8%, gross profit 8.

8 ‰, with a growth rate of 17% in ten years and a gross profit margin of 44.

5%, an increase of 3 per year.

1 unit.

  The price increase rate of coke in 2019H1 is greater than the cost increase rate. The profit of the sector has increased slightly. In the first half of 2019, the company’s coke production / sales volume was 375/379, which were +8 respectively.

1% / + 9.

7%.

Ton of pyroformaldehyde is 1863 yuan / ton (+9.

8%), the cost of ton coke is 1632 yuan / ton (+5.

6%), the increase in sales price was significantly greater than the increase in costs, and the gross profit margin of the coke business rose.

4 to 12.

4%, gross profit 8.

74ppm, a significant increase of 66 per year.

5%.
In the first half of 2019, the average price of Tangshan secondary metallurgical coke (including tax) increased by more than one.
8%, we judge that the price of the company’s coke has increased significantly, and it is related to the downward adjustment of the expected growth rate (from 13% to 13%), and may be related to the optimization of the company’s coke product structure.

According to the company’s disclosure, the total net profit of the three coking subsidiaries.

24 ppm, a significant increase every year1.

270,000 yuan, the estimated net profit per ton of coke is 86 yuan / ton, an increase of 29 yuan / ton per year.

  In 2019H1, the average price of deep-processed products declined, and the profit of coking deep-processing business decreased significantly. The company’s main deep-processed product, methanol (capacity 20 growth rate / year), produced 10 sales.

8/9.

2. +27 per year.

1% / + 31.

4%, the average selling price of 1913 yuan / ton, -18 a year.

2%; production / sales of pure benzene (capacity 20 mg / year) 8.

7/3.

1 initially, at least -4.

4% /-13.

9%, the average sales price of 3633 yuan / ton, -31 for many years.

3%; production / sales of adipic acid (capacity 15 additives / year) 7.

7/7.

9 initially, at least +8.

5% / + 16.

2%, the average sales price of 7117 yuan / ton, for many years -23.

8%.

Polyacetal project (capacity 4 content / year), to achieve production / sales volume 1.

8/1.

In July, one year ago + 17% / + 15%, the average sales price was 9,720 yuan / ton, a year-on-year decrease of 22%.

In the first half of 2019, the company’s deep processing business income totaled 33.

3 ‰ (-8%), operating cost 34.

200 million (-1.

8%), gross profit margin -2.

7% (-6.

4pct), gross profit contributed -0.

91 ‰ (decreased by 2 per year.

2.6 billion).

  Earnings forecast and estimation: It is estimated that EPS for 2019-2021 will be 0.

84, 0.

87, 0.

89 yuan / share is expected to achieve net profit attributable to shareholders of the parent company for 2019-2021.

4/13.

8/1天津夜网 4.

2 trillion, equivalent to 0 respectively.

84, 0.
87, 0.
89 yuan / share, currently 5.

7 yuan corresponding to PE is 6 respectively.

  8X / 6.

5X / 6.

Four times, as a leader in coal and coke integration, the advantages of low estimates are obvious, and the rating of “Buy” is maintained.

  Risk reminders: macroeconomic downturn; uncertainty of administrative restructuring; environmental protection and production limitation are less than expected risks.

Vanke A (000002): Preliminary sales expected in the first quarter are expected to remain stable

Vanke A (000002): Preliminary sales expected in the first quarter are expected to remain stable

Diluted earnings in the first quarter of 19 (0).

10 yuan, an annual increase of 25%, in line with expectations of Vanke A’s first quarter of 19 results: operating income of 48.4 billion US dollars, an increase of 57%; net profit attributable to mothers 11 trillion, an increase of 25%, corresponding to zero profit.

10 yuan, in line with expectations.

Concentrated carry-over of real estate projects drove revenue growth.

The initial settlement area of the company increased by 88% to 3.11 million square meters per year, the settlement amount increased by 64%, and the operating income increased by 57%.

The three expense ratios decreased by 2 units to 12% compared with the same period last year, but the effective tax rate increased by 5 percentage points, the minority shareholders’ profit and loss increased by 136%, and the net profit attributable to the mother increased by 25%.

Net interest rate is still low, and cash on hand is abundant.

At the end of the period, the company’s net debt ratio increased by 14 percentage points from the beginning of the year to 45%, and cash on hand was 143.2 billion yuan, which could cover twice the interest resistance due within one year.

Recently the company took 3.

The 6% coupon rate publicly issued 2 billion yuan (5 years) of housing lease special corporate bonds, and the issue cost was low in the industry.

Development trend Short-term budget materials flatten every night.

The actual new construction area of the company fell by 10% to 10.19 million square meters (instead of the company’s planned new construction area of 36.09 million square meters, which was a 28% decrease from the actual new construction area 苏州桑拿网 last year), and the sales / sale area decreased by 3% / 12% to1494 ppm / 9.25 million square meters.

Initially, we expect the company to achieve an order of about 6000 trillion, and maintain stability for one year.

At the end of the period, the total construction area of the company’s planned projects under construction was 1.

5 billion square meters, delivery value is about 2 at the current average selling price.

5 trillion.

The carry-over income is highly lock-in, and the initial completion plan has a growth rate of over 10%.

At the end of the period, the outstanding amount of the company’s sales increased by 19% to 5864 trillion per year, which is equivalent to 1.
.

4 times.

The company’s estimated completion area in 2019 is 30.77 million square meters, an increase of 12% over the actual completion area in 2西安耍耍网018.

Earnings forecast We lower the company’s 2019 earnings forecast by 9% to 3.

83 yuan (mainly due to the low-margin sales of intensive expansion of the policy end in 2017 entering the centralized settlement period, which may lead to a progressively lower gross margin than expected in 2019), dating to 2020 profit forecast4.

56 yuan.

Estimates and recommendations companies currently have a sustainable response7.

7/6.

4x 2019 / 2020e PE ratio.

Maintain recommended level and target price of 33.

1 yuan, corresponding to 8.

7/7.

3x 2019 / 2020e target price-earnings ratio and 13% upside.

The progress of risk delivery was lower than expected, and the continuous accrual of impairment caused the performance to be lower than expected.

Nengke (603859): Intelligent manufacturing enters the harvest period and the performance further accelerates

Nengke (603859): Intelligent manufacturing enters the harvest period and the performance further accelerates
The income and profits continued to increase, and the transitional development entered the harvest period. The company achieved zero operating income in the first quarter of 2019.86 ppm, an increase of 31 in ten years.71%, achieved net profit of RMB 9.22 million, an increase of 61 year-on-year.33%, net profit of RMB 9.02 million deducted from non-attributed mothers, an annual increase of 501.01%.The company adheres to the “smart electrical + intelligent manufacturing” two-wheel drive strategy, gradually increasing its business capabilities and gradually increasing its market influence.  The proportion of smart manufacturing business has further increased, and the revenue of smart manufacturing business in the first quarter of 2019 of companies that have maintained high R & D revenues continued to be about 0.7.4 billion, accounting for more than 80%. Since 2015, the company has begun to deploy smart manufacturing business. Related business capabilities have gradually strengthened, and business development has gradually made breakthroughs. The company’s revenue volume has continued to increase.The company’s gross profit margin was 47 in the first quarter.33%, increase by 1 every year.85 points.The company’s overall expenses in the first quarter were 33.60%, a decrease of 0 every year.96pct, of which 11.38 million yuan for research and development costs, cost of 13.29%, the company continued to invest in research and development, focus on the intelligent manufacturing basic platform and targeted solutions, the company’s core business capabilities have gradually improved, and market competitiveness has been improved.  Mergers and acquisitions to achieve technology market synergy, fund-raising projects to address downstream specific needs. In 2018, the company started to issue shares to acquire Shanghai Lianhong Technology to achieve technology and market synergy.Through mergers and acquisitions, the company expanded the business scope of smart manufacturing services, and at the same time increased the coverage of SMEs. The market competitiveness has been further improved. According to the company’s first quarterly report, the acquisition has been completed and the consolidation is expected to begin in four months.In addition, the company plans to issue shares to raise funds of no more than 300 million U.S. dollars. It is used to invest in products based on digital replacement products, full-life-cycle collaborative platforms and high-end manufacturing assembly system solutions, and to supplement the company’s liquidity.After the research and development was completed, it was quickly applied to further improve the company’s performance. According to the company’s first quarterly report, this work was in refutation of the opinions of the CSRC.  The investment proposal considers the downstream smart manufacturing transformation needs, and the company’s smart manufacturing business is about to enter a period of rapid development.Lianhong started consolidation in April 2019, and it is expected that the company’s net profit attributable to its mother for 2019-2021 will be zero.83, 1.15 and 1.5.2 billion.Corresponding to the current expected PE 苏州桑拿 is 35, 25 and 19 times.Considering that the company’s intelligent manufacturing business is mainly software and its revenue ratio has exceeded 50%, the company’s growth inflection point has been transformed, and we maintain the company’s reasonable value28.The price of 02 yuan / share is unchanged, corresponding to about 42 times the company’s PE in 2019, and the rating of “Buy” is maintained.  Risks indicate that the smart manufacturing business is developing less than expected; market competition is intensifying; accounts receivables are increasing; raising funds is unsuccessful.

China Shenhua (601088): Leading Supply Supply Steady Operation

China Shenhua (601088): Leading Supply Supply Steady Operation

Introduction to this report: Shenhua’s latest data is mainly reflected in two points:.

Investment Highlights: Reduce earnings forecast and maintain target price of 24.

78 yuan to maintain the “overweight” level.

Considering 2019.

The one-time reduction of the price of the Long-term Association and the impact of the epidemic on the thermal power business in December will reduce the company’s 2019?
EPS to 2 in 2021.

27, 2.

16, 2.

22 yuan (previous forecast 2).

27, 2.

44、2.

47), maintaining 24.

Target price of 78 yuan, maintain “overweight” rating.

Supply is maintained in critical periods, coal production is stable, and there is room for further recovery.

The company released operating data for January 2020, of which commercial coal production was 24.

1 million tons, an increase of 3 per year.

0 million tons (14.

2%); before 2019.

December 24.

2 million tons fell by 0.

1 million tons.

According to the announcement, the company “guarantees energy supply in the country, especially in Hubei, and its main operating indicators exceed the monthly plan.”

The company has advanced production capacity and most of it is sold by railway, which is not affected by transportation. The leading 武汉夜生活网 advantages are prominent.

According to the previous announcement, due to land acquisition, licenses and other factors affecting the victory of production in 2019, Hal Usu, Wanli and other coal mines gradually resume normal production, and we expect room for further increase in production.

Coal prices have risen in the short term, but have fallen each year.

According to data from the Coal Market Network, the company is 2020.

In January and February, the annual long-term association price was 542 and 543 yuan / ton (the same period last year were 553 and 551). The price decrease of the long-term association was mainly determined by 2019.

The BSPI index was revised downward in December.

It is expected that the current scale of supply and demand is expected to continue after the upstream and downstream work resumes, and the price of the long-term association will remain stable.

Electricity generation is accumulating from a month-on-month basis, and capacity growth is expected in the medium term.

Public 2020.

The power generation in January was 12.

14 billion kWh, compared to 2019.

December 14.

20 billion kilowatt hours 14.

5%, the early Chinese New Year, the combined impact of the epidemic, and is expected to continue in February or weak.

The company’s Java 2 under construction, Shengli, Jinjie, Yongzhou, and Tianming Power Plants have been successfully constructed. It is expected that they will be put into production in this year and next year, contributing to incremental performance.

risk warning.
The release of production capacity did not meet expectations; the scale of capital expenditures expanded; the dividends of subsidiaries did not meet expectations.

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.