A-share turnover exceeded 1 trillion yuan for 7 consecutive days

A-share turnover exceeded 1 trillion yuan for 7 consecutive days

Source: Daily Economic News, editor Yang Jian, editor Xie Xin February 27, A shares shocked finishing, and the two cities traded a total of 1.

At around RMB 05 trillion, the total turnover of the two cities exceeded RMB 1 trillion for 7 consecutive days, and the industry sectors were mixed.

According to the reporter of “Daily Economic News”, many private equity funds have continuously adjusted their positions and exchanged shares during the market shock, and spared no effort in issuing new products.

  According to the data of the Fund Industry Association, as of February 27, 2020, a total of 2,340 new products have been filed.

From January to the end of February 2019, there were only 839 private equity products on file. From a higher growth rate, this year has increased by 178% over last year.

In addition, since the opening of the market after the Spring Festival this year, up to now, there have been more than 1056 private equity products on record, especially in the context of the “separation system + spot check system” for filing products. Skull private equity has been unprecedentedly active.Tens of billions of private equity such as Capital and Chongyang Investment issued new products after the holiday.

  Private equity in the turbulent city has been busy adjusting positions and changing stocks in the past few trading days. Against the background of the 3,000-point shock of the Shanghai Stock Index, many private equity institutions have been busy adjusting positions and changing stocks, switching the technology leader that has already seen a high gain to a relatively low technology stock., 5G industry chain stocks.

  ”In the past, the technology industry, which has fluctuating in a wide range in the past, we believe that it has gathered a lot of risks, and then there is a continuous possibility of inertial growth. It is also not recommended to participate.

The next step we are more optimistic about is the real estate leader and the high-end liquor sector.

The market overestimated the impact of this epidemic on the performance of high-end liquor, which is a good time for the layout.

“Tu Jun, general manager of Chengdu Junhai Investment, said in an interview with the reporter of” Daily Economic News “.

  Xiao Mo, general manager of Xuan Duo Asset Management, told reporters that technology stocks have continued to grow since last year, and the recent adjustments are understandable.

Investors try not to worry if there are chips that have not risen, they will be rotated once from the market judgment, and even some sectors will be rushed multiple times, which requires stepping on the right rhythm.

Recently, international gold prices have repeatedly hit record highs, and you can focus on precious metals such as gold and silver.

  However, unlike the stock exchange and stock swap, Li Bao, general manager of Shenzhen Qianhai Qianyuan Zishi, lowered his position.

Li Bao told reporters: “Since February 4 this year, we have increased from a half position to a near full position, obtained a better return, and then gradually withdrew from February 20.

At that time, it was very simple, there was no liquidity problem, and generally there were no major problems. It was a short-term event shock, which was often a very good short-term buying point.

We have been keeping our positions low since February 24, because the local bubble of A shares is very serious, and the partial has exceeded the overall estimate of 2015.

But technology stocks have trading and speculative value. If you are a trader, then trend trading. The technology stock market is not over.

“New policy enhances the enthusiasm of private equity reporters have noted that since this year, the Oceanwide Investment Fund has topped the number of new product filings, and a total of 21 new products have been successfully filed.

In addition, on the afternoon of January 17th, the Fund Industry Association announced that from February 7, 2020, the Association will conduct a private placement of private equity fund managers who have continued to operate in compliance and have good credit conditions on a trial basis.Fund products for the record.

  According to the data of the Fund Industry Association, the Taiye Liantai No. 2 private equity investment fund belonging to Beijing Taiye Investment was established on February 7, 2020, and the private equity product was also completed in the Fund Industry Association on February 7, 2020.Registered for the record and became the first private equity company to adopt the “separation system + random inspection system” for early adopters.

  Judging from the record of private equity funds opened after the Spring Festival this year, private equity companies have filed 1,056 private equity products, especially under the background of the “separation system + spot check system” for filing products. Head private equity has been more active than ever.Three private equity funds have been filed since February; Jinglin Assets has filed a total of 9 new products since February this year. Since January 1, 2020, Jinglin Assets has filed 11 new products; Panjing Investment since February this yearThree private equity products have been filed. From January 1, 2020, Panjing Investment has filed four products.

  Among the well-known private equity companies, in addition to Jinglin Assets, Minghua Investment, Panjing Investment, Shaopu Investment, Kaifeng Investment, Yingfeng Capital, Yingxue Capital, and Chongyang Investment, new products are set up after the holiday.In 都市夜网 addition, Oriental Harbor Investment and Forest Park Investment have also established new products.

Quantitative private equity such as Lingjun Investment has recorded a total of 11 new products since 2020.

In foreign private equity, UBS Assets filed 4 products on the same day, 3 of which were stocks.

  The Private Equity Evacuation Network Research Center pointed out that the launch of the “separation system” has greatly improved the filing efficiency of high-quality private equity, and supporting the advantages and disadvantages is conducive to the long-term healthy development of the private equity industry.

New Hope (000876) Company Review: Benefiting from the Growth of the White Feather Meat and Poultry Industry in 2019H1

New Hope (000876) Company Review: Benefiting from the Growth of the White Feather Meat and Poultry Industry in 2019H1

Event: On July 10, the company announced the 2019 annual results forecast.

The report summarizes that the company expects to realize net profit attributable to shareholders of listed companies.


500 million, an increase of 60% -71% in ten years.

1. Prosperity of the poultry industry has promoted steady upward performance.

White feather meat and poultry breeding and slaughtering is an important source of revenue and profit for the company.

The introduction of domestic ancestral white feather broilers has been inadequate for many years, as domestic white feather broiler prices have remained high since the fourth quarter of 2018.

According to Boya and Hexun data, the average price of commercial chicken broilers reached 7 in 2019H1.

5 yuan / feather, the purity of chicken comprehensive products also reached 11,960 yuan / ton (including the second quarter of a single, the average price of commercial chicken on behalf of 7).

88 yuan / feather, chicken meat with a purity of 12,180 yuan / ton), a high prosperity in the past 5 years.

The continued high price of the white feather broiler industry chain has greatly enhanced the profit flexibility of the white feather broiler business, and has also promoted the growth of the meat duck business and poultry feed business.

2. Benefiting from the increase in pig prices in the second quarter, the pig breeding business has been steadily advancing, and the profit of the pig breeding segment has increased.

Pig prices rose in the second quarter of 2019. According to Boya and News, the average pig price in 2019H1 was 14.

24 yuan / kg, an increase of at least 2018H1 by 19.

87%, an increase of 8 from 2018H2.

twenty one%.

According to the company’s hog sales monthly report, the company will produce 134 pigs in 201杭州桑拿9H1.

350,000 heads, an increase of 10 in ten years.

62%; realized sales revenue 21.

3.7 billion, the average sales price of commercial pigs is about 14.

19 yuan / kg.

Regardless of the amortization of the pre-construction costs of pigs that have not been put into production, we estimate the reported scale, and the company’s pig breeding cost is about 14-14.

5 yuan / kg, about 0-0 in the pig sector.

5 billion.

The company’s large-scale pig breeding development plans to impact the development target of 25 million pigs in 2022.

According to the number of reports, the company’s production capacity continues to expand. According to the company’s announcement, as of the end of May, the company’s breeding pig inventory was about 120,000, of which the great ancestor was 0.

30,000 heads, ancestors 2.

30,000 heads, parent generation 8.

40,000 heads. It is expected that at least 200,000 breeding pigs will be in stock by the end of the year, which is the basis for rapid growth and subsequent growth.

We expect that from 2019 to 2020, the company’s slaughter volume is expected to reach 3.5 million and 8 million, respectively.

3. As the pig price enters the rising cycle, the company will face a period of net high net growth.

From international experience, it is difficult to eliminate the swine fever in Africa in the short term.

Due to the lack of relevant vaccines and drugs, the panic mood of the farmers remains, the enthusiasm for supplementing the pen is very low, and the production capacity is continuing.

Due to the deeper de-allocation of production capacity in the current cycle, it is expected that the current high price of pigs will reach a record high.

The rapid expansion of the company’s production capacity will further enhance the company’s initial profit flexibility in the breeding boom.

4. Investment suggestion: We expect the company’s net profit attributable to the parent company to be 37-2019.

1 billion, 70.

0 million yuan, an increase of 117 in ten years.7%, 88.

7%, EPS0.

88 yuan, 1.

66 yuan.

Maintain “Buy” rating.

Risk reminder: outbreak risk; rising raw material prices; policy risks; live pig production is not up to expectations

Changyang Technology (688299): Leading global reflective film companies continue to lay out new display materials to grow

Changyang Technology (688299): Leading global reflective film companies continue to lay out new display materials to grow
The volume of reflective film is the largest in the world (since 2017), and it is actively deploying new display, semiconductor and 5G new areas: the company mainly operates reflective film business (53% of revenue in the first half of 2019), and the core application area of downstream is liquid crystal display.Since achieving a technological breakthrough in 2012, the company’s market share has continued to rise, and in 2017 it expanded to occupy the largest area in the world.In 2018, the company laid out a more high-end optical base film. In the first half of 2019, the business proportion increased to more than 20%. At present, due to the impact of capacity climbing, the gross profit margin is only 1.5%, which is expected to increase significantly in the future.At the same time, the company focuses on new display, 5G and semiconductor development, and lays out more advanced semiconductor flexible circuit board release films, LCP films, etc.The release film has achieved small-scale expansion, and it is expected to help the company’s business reach a new level in the future. The reflective film business continues to grow steadily, and its market share and gross profit margin are expected to continue to increase: According to IHSMarkit’s forecast, in 2018?The global reflective film market for liquid crystal displays will remain 4 in 2022.7% of composite carbides, the market demand is expected to reach 2 by 2022.5.5 billion square meters, the market dividend is still expected to continue.The company currently has a global market share of more than 30%. The largest customer is Samsung, which benchmarks Toray ‘s 60% market share in 2012 (according to the company ‘s announcement). The company is expected to grab more market share in the future.2016?In the first half of 2019, the company’s reflective film gross margins were 32.42%, 33.19%, 36.89% and 42.46%, based on the improvement of the company’s process technology and the increase of the input increase rate, the increase of scale effects and the adjustment of the product structure, the gross profit margin has 杭州桑拿 been a continuously rising channel.In the future, the company’s market share will gradually increase, the industry’s speaking power will increase, and the product will continue to be upgraded. The gross profit margin will still remain at a high level. Optical base film creates another major technological breakthrough and is expected to achieve high growth in the future: As a base film for a variety of optical films (such as diffusion films, brightness enhancement films), its performance directly determines the performance of optical films, and high technical barriersFor a long time, Toray in Japan, Teijin in Japan and SKC in South Korea have occupied most of the global market share.The company introduced an optical base film production line from Japan, and completed the preliminary commissioning of production equipment in 北京桑拿洗浴保健 August 2018, and has achieved mass production.The optical base film in 2018 and the first half of 2019 achieved sales income of 6,115.460,000 yuan and 8,100 yuan.380,000 yuan.In the first half of 2019, due to factors such as capacity ramping, the company’s optical base film gross margin was only 1.57%, but it has been positive compared to 2018.In the future, through the improvement of the company’s technological level and the opening of the product market, it is expected to achieve more than expected development. The products are blooming at multiple points, and the growth of release film for semiconductor flexible circuit boards can be expected: In addition to reflective film products, the company’s future business layout will focus on new types of displays, semiconductors and 5G.At present, the company has developed a release film for semiconductor flexible circuit boards, and has entered the small batch replacement stage.More than 40 million funds from the company’s fund-raising projects were used for the expansion of the project, with an additional annual output of 30 million square meters, which is expected to contribute to the company’s performance growth in the future. Investment advice: We expect the company in 2019?Income in 2021 will be 8.9.8 billion (+30.0%), 10.800,000 yuan (+20.2%), 13.320,000 yuan (+23.4%), the net profit attributable to shareholders of the listed company is 1.400 million (+57.5%), 1.7.3 billion (+23.4%), 2.4.2 billion (+40.1%), the corresponding EPS is 0.49 yuan, 0.61 yuan, 0.86 yuan, corresponding to PE is 35 times, 29 times, 20 times.Considering the company’s forward-looking layout in new display, 5G and semiconductor fields, we give Changyang Technology a reasonable estimate of 30 times the dynamic PE in 2020, with a 6-month target price of 18.3 yuan, covering for the first time, giving “overweight-A” investment rating. Risk warning: (1) The downstream demand of reflective film is lower than expected, and the capacity upgrade is lower than expected; (2) The utilization rate and gross profit margin of optical base film are lower than expected; (3) New product development is lower than expected; (4) Reflective film and other relatedProduct intellectual property risk.

Juewei Food (603517) In-depth report: The scale advantage of leading track companies has gradually emerged

Juewei Food (603517) In-depth report: The scale advantage of leading track companies has gradually emerged
Leading company in the brine industry, based in Changsha Radiation National Juewei Food Co., Ltd. was established in 2005 and is headquartered in Changsha, Hunan.Since its establishment, the company has focused on the development, production and sales of leisure brine foods, and is committed to building a leading brand of modern leisure brine food chain enterprises.The major shareholder of the company is Jucheng Investment, and the actual controller is Dai Wenjun, the chairman of the company.Dai Wenjun indirectly holds equity in Juewei Food through Jucheng Investment, Huigong Investment, Chengguang Investment and Fubo Investment. The business area is spread all over the country, and the net profit of revenue has grown steadily through years of development. The business area of Juewei Food has spread all over the country. The company has more than 10,000 stores in 30 provincial markets including Beijing, Shanghai, Guangdong, and Hunan.From the perspective of market composition, the company’s largest market is Central China (accounting for 26 of operating income.64%) and East China (accounting for 26 of operating income.16%).  The company achieved operating income in 2018 of 43.68 ppm, an increase of 13 in ten years.45%; net profit attributable to mother 6.410,000 yuan, an increase of 27 in ten years.69%.In terms of profit margin, the company’s gross profit margin in 2018 was 34.30%, although it is slightly lower than the 17-year figure, but the decline is limited; the company’s net interest rate was 14 in the same year.44%, an increase of 1.52 averages, the expected net interest rate shows a steady growth trend.In terms of expense ratio, the company’s 2018 sales expense subsidy8.23%, a decrease from the previous 17 years.The 84 singles were mainly due to the company’s reduction in advertising supplements. The development of snack foods is rapid, and the halogen products are among the high-quality race tracks on which the national economy continues to grow steadily and rapidly. The per capita national income and the disposable income of residents have shown a good growth trend.In the vast space, snack food has gradually become an essential part of people’s daily consumption.According to statistics, the size of China’s snack food market increased from 362.5 billion US dollars in 2012 to 4849 trillion in 2017, with an average annual compound growth rate of 6%. The size of the snack food market is expected to reach 543.9 billion yuan by 2019.In addition, the leisure halogen product market size was 521 trillion in 2015, and the composite synthesis in the past 5 years was 17.6%.  It is predicted that the retail halogen leisure product market size will exceed USD 120 billion in 2020, and the composite capacity is expected to be 24.1%, the industry is still in a highly competitive market space. The operating income is at the forefront of the industry, and the companies with the largest number of stores are mainly subdivided into Zhou Heiya and Huang Shanghuang in the industry.In 2018, Weiwei realized income 43.68ppm, an increase of 13 per year.45%; in the same year, Zhou Heiya achieved income of 32.1.8 billion, a decrease of -1 a year.05%; Huang Shanghuang realized income 18.98 ppm, an increase of 28 in ten years.42%.Judging from the income situation, Juewei’s operating income is the leading part divided by comparable companies, and can still maintain a reasonable growth rate under a high base.As of the third quarter of 19, Absolute Food has a total of 10,598 direct-operated and franchised stores. Regarding the main parts of the industry, Zhou Heiya’s strategy for opening stores is mainly direct-operated, with a total of 1,255 stores.With 1,000 stores, the number of company stores is far ahead.  The brand advantage is obvious, and the franchise model has helped the development. After years of development, the “Zweiwei” brand has been deeply rooted in the hearts of many loyal consumers. It has been highly recognized by consumers in many regions of the country and has won many industry honors.The company has established a sales model of “direct management chain as the guide and franchise chain as the main body”, and more than 90% of the main business income has entered the franchise mode of product sales.With advanced sales network construction and management experience, the company has integrated more comprehensive sales management 都市夜网 systems, market planning systems and store operation systems. Investment advice and profit forecast The company is a leading company in the leisure halogen products industry. After years of development, it has formed a complete supply chain and franchisee management, which has advantages in terms of revenue and scale.The company has formed a strong brand image in the industry and has a certain influence among consumers.In addition, the halogen product industry is still a high-quality track at present, and the company is still expected to benefit from the track dividend in the next few years, and the long-term development is good.In summary, we expect the EPS in 19-21 to be 1, respectively.32 yuan, 1.63 yuan and 1.93 yuan, giving the company an “overweight” investment rating. Risks indicate the risk of fluctuations in raw material 重庆耍耍网 prices, food safety issues, and business expansion that is less than expected.

Changan Automobile (000625): Cooperating with Internet and retail leaders to share travel and try to achieve mutual benefit and win-win

Changan Automobile (000625): Cooperating with Internet and retail leaders to share travel and try to achieve mutual benefit and win-win
Event: Recently, the company announced that the company shared components with companies such as Ali, Tencent, Suning, FAW, Dongfeng, etc., with a total share of 97.6 trillion, the company invested 16 trillion. The core point of view is the rapid development of shared mobility.As a new type of business, shared travel includes online ride-hailing, ride-hailing, time-sharing leasing, and bicycle sharing, but it is gradually developing rapidly.Shared travel uses shared vehicles to effectively utilize idle resources, improve travel efficiency, and play an important role in upgrading and upgrading the urban transportation system.The car-sharing mode of shared travel is still in the ascendant and will develop rapidly in the future, with great market potential. It is expected that the joint venture will be based on the B2C model, which is expected to guarantee the safety and standardization of travel.The existing car-sharing industry is still dominated by the C2C model, which has inherent security flaws.Recently, security incidents in the shared travel industry have occurred frequently. At the same time, industry regulations have tightened, and industry concentration has begun to decline, creating market opportunities for joint ventures.It is expected that the joint venture will be based on the B2C model, and car companies will provide vehicles for the joint venture with advantages in terms of safety, practicability and maintenance. Vehicle companies cooperate with Internet and retail leading companies to achieve mutual benefit and win-win results.For the three auto companies including the company, it is expected to establish a shared mobility company: (1) the joint venture company will focus on new energy vehicles for shared mobility, thereby directly promoting the growth of new energy vehicle sales of the three auto companies; (2) joint venturesThe company’s goal is to create a network-connected and shared “new ecology of smart travel”, which will effectively promote the intelligent development of automobile companies. (3) The shared travel company will help achieve travel data sharing, and will connect the company’s automotive network., Intelligently provide data support; (4) Ali, Tencent and Suning as leading companies in the Internet and retail industry, their strong diversion capabilities will provide guarantee for the business development of shared travel companies; (5) partner companies also have strongFinancial service capabilities to advance financial support.For companies such as Ali, Tencent and Suning, this cooperation will provide an opportunity for this to enter into shared travel, and at the same time combine the three automotive companies’ expertise in the automotive field, which will help better promote the landing of joint ventures. 天津夜网 Financial forecast and investment advice: The forecast for 2018-2020 is 0.12, 0.14, 0.92 yuan, because the company’s third quarter of 2018, the fourth quarter extended, we use PB to make predictions.Comparable companies have an average PB of 1 in 19 years.About 1 times, the company will be given PB1 in 2019.1x estimate, target price 10.15 yuan, maintain BUY rating. Risk warning: Changan Ford sales volume is lower than expected risk, Changan Mazda sales volume is lower than expected risk, Changan independent brand sales volume is lower than expected risk.

Mingyang Intelligent (601615): Transfer wind farm to increase performance and increase wind turbine profit angle of attack

Mingyang Intelligent (601615): Transfer wind farm to increase performance and increase wind turbine profit angle of attack

Event: Mingyang Intelligent issued an announcement. Based on the company’s overall strategy of advancing rolling development of wind direction, the company will sell 4 wind power wholly-owned subsidiaries Daqing Zhongdanrui, Daqing Huji Tumo, Daqing Dairy Farm, Daqing Dumenhu TownEach with 85% equity, the project size totals 198MW.

Rolling wind farm development, project transfers to increase 2020 performance: In order to control the possible financial risks caused by excessive asset-liability ratios during the rapid growth of the operating scale, the company adopts the overall strategy of “rolling development” for generator operation.

In 19Q2, the company sold 100% equity of the project company Dachai Dan Mingyang New Energy Co., Ltd. and the joint venture Datang Gongcheng New Energy Co., Ltd. 97.

50% equity confirmed 2.

After an investment income of 920 thousand yuan, the equity transfer of the four wholly-owned subsidiaries of wind power generation is expected to be completed in Q1 of 2020 at a transaction price of 5.

49 trillion, a premium of 6,487.

670,000 yuan, premium rate 13.

40%, after the 杭州桑拿网 completion of the transaction is expected to increase the total profit before tax in 2020 of 52 million yuan.

At the same time of the transfer, the company is still actively investing in the construction of wind farms. As of 19Q3, the company holds a wind farm of 650MW with a construction scale of 844MW. Recently, the company raised USD 1.7 billion through the issuance of convertible bonds, of which 1.3 billion will be used for a total of 200MW wind power.Project development.

Constantly replenish investment in high-quality power plant assets, and continue to select and transfer opportunities for mature power plant projects to control the overall size of existing assets, which is conducive to further integrating the company’s resources and giving full play to the investment benefits of funds.

The issuance of convertible bonds landed smoothly and continued to develop offshore wind turbines: With the advent of the wind power bidding parity era, large-scale wind turbines have become an inevitable trend, and the company has laid out earlier.

First-mover advantage of wind turbines of 0MW and above.

Company Fist Products 5.


The 0MW offshore unit has excellent performance, and has been fully verified in the Three Gorges Xinghua Bay offshore test wind farm.

Recently, Mingyang has the world ‘s largest single-drive semi-direct-drive typhoon-resistant 8-10MW offshore wind turbine off the assembly line in Yangjiang, Guangdong. The 1.7 billion convertible bond issuance has successfully landed. The company is expected to invest another 100 million pairs of 10MW offshore wind power plantsAnd key components for development, technological advancement will ensure that the company’s competitive advantage in the field of offshore wind turbines is further expanded.

The inflection point of operation has now arrived, and the performance of wind turbines will be accelerated. Due to the increase in orders for wind turbines on hand and the increase in customer delivery demand, the company achieved revenue 31 in 19Q3.

950,000 yuan, a significant increase of 60 per year.

07%, an increase of 40 from the previous month.

81%; gross profit margin of fan 20.

07%, a month-on-month increase of 1.

12, the low-price orders in 2018 have been basically digested, and the gross profit margin will return to the rising channel.

In terms of forecast, the 19Q3 wind turbine delivery scale is about 890MW, exceeding 831MW in the first half of the year, and the expected delivery scale is 2.

Around 5GW.

In the first three quarters of 19 years, the company’s new bidding project capacity was about 7GW. At the end of the third quarter, the capacity of wind turbine orders on hand reached 12.

56GW, after the rushing installation peak in 2020, the scale of wind turbine delivery is expected to reach 5GW, and the performance of wind turbines will be accelerated.

Investment suggestion: We expect the company’s net profit for 2019-2021 to be 7, respectively.

05 billion, 11.

2.1 billion, 14.

4.9 billion yuan, with net profit growth rates of 65%, 59%, and 29%, respectively; Maintain Buy-A investment rating with a target price of 16.

2 yuan.

Risk warning: domestic onshore wind power, offshore wind power installed capacity is less than expected, etc.

China Southern Airlines (600029) Third Quarterly Report Comments: Cost reduction and efficiency increase continue to promote bottom confidence

China Southern Airlines (600029) Third Quarterly Report Comments: Cost reduction and efficiency increase continue to promote bottom confidence

Events: 1) China Southern Airlines released the third 佛山桑拿网 quarter report of 2019, and realized revenue of 1166 from January to September 2019.

65 ppm, a ten-year increase of 7.

14%, achieving net profit attributable to shareholders of listed companies.

78 ppm, 10-year average2.

32%; net profit attributable to shareholders of listed companies 36.

10,000 yuan, 10-year average of 1.

56%; combined basic profit income 0.

33 yuan, a ten-year average of 17.


Among them, Q3 19 operating income was 437.

2.6 billion, an increase of 5 every year.


Net profit attributable to mother 23.

88 ppm, a ten-year increase of 17.


After deduction, return to mother’s net profit 21.

67 ppm, an increase of 18 in ten years.


2) China Southern Airlines issued a preliminary plan for the non-public offering of A / H shares. The scale of funds raised from non-public issuance of A shares does not exceed RMB 16.8 billion. China Southern Airlines intends to subscribe in full in cash; the scale of funds raised from non-public issuance of H shares is not.In excess of HK $ 3.5 billion, Nanlong Holdings, a subsidiary of China Southern Airlines Group, subscribed in a lump sum.

Against the backdrop of falling demand, the overall level of returns has improved.

Suffering from repeated trade wars, slowing business activities, and the multiple effects of the 737max event panic on short-term demand, the demand side was under pressure, and the level of income was down.

From January to September, China Southern Airlines achieved passenger turnover (RPK) of 2138.

8 billion seat kilometers, an increase of 13 in ten years.

45% of which domestic airlines achieved passenger turnover (RPK) of 1459.

8.2 billion seat kilometers, an increase of 9 in ten years.

23%, international routes achieved passenger turnover (RPK) 652.

4 billion seat kilometers, an increase of 14 in ten years.

32%, regional routes achieved passenger turnover (RPK) of 26.

5.8 billion seat kilometers, an increase of 8 in ten years.


On January 9, 2019, China Southern Airlines averaged 82 passenger implants.

98%, an increase of 2 per year.

09%, the average number of passenger seats for domestic airlines is 83.

00%, 0 per year.

17%, the average number of international passenger seats is 83.

24%, increase by 1 every year.

09%, regional airlines average 76 passenger seats.

21%, a year up 0.94%.

Increasing shareholdings at the bottom of major shareholders shows confidence in the company’s future. Under the general trend of civil aviation consumption upgrade, industry demand will maintain rapid growth. China Southern Airlines has a wide distribution in second- and third-tier cities with a high proportion, and its future scale and profit flexibility will graduallyappear.

The supply side is affected by the 737max event, and supply growth constraints will be further strengthened, and industry supply and demand will promote continuous improvement.

Adjust the company’s EPS for 2019-2021 to 0.

29, 0.

45, 0.

52, corresponding to the PE reached 24X, 16X, 13X on November 7, maintaining the level of “prudent overweight”.

Risk reminder: 737max event fermentation exceeds expectations, policy uncertainty, macroeconomic growth stall, escalation of international trade friction, air crash, terrorist attack, war, disease outbreak and other uncertain events

Morales wants to return to Bolivia Senator and even face arrest risk

Morales wants to return to 北京桑拿洗浴保健 Bolivia Senator and even face arrest risk
Former Bolivian President Evo Morales, who has sought refuge in Argentina, told Chilean media that he intends to return to the country for the senator elections in May and faces the risk of arrest.  In a news report published on the 2nd edition of Chile’s “Third Edition” on the 2nd, Morales described his experience of fleeing Bolivia at the end of last year: carrying one with a few clothes inside, a small amount of food and two or three thousand dollars, the first stopHe left for Mexico and arrived in Argentina in mid-December.  He insisted that he was the victim of a coup supported by the United States behind the scenes and wanted to return home.Our losses in that coup will be recovered democratically on May 3.  Morales was the first Indian president after Bolivia’s independence. He was 青岛夜网 elected president three times in 2005, 2009 and 2014, and has been in office for almost 14 years.After the general election last October, official votes showed that he won the fourth time, but the opposition accused the ruling party of cheating, launched a street demonstration of the citizens, and the army suffered serious defeat.Refuge overseas.At the time, the second deputy speaker of the Senate, Jenna Anez, was appointed interim president.Prosecutors have charged Morales with charges of incitement to insurgency and terrorism, issued a reply order, and barred him from running for president.  The new presidential and congressional elections are scheduled for May 3rd.Anies confirmed his candidacy on January 24, acknowledging that opposition to the difficult unity front may benefit the ruling party led by Morales to lead the socialist movement.The ruling party still has too many supporters among the people, but it has been facing legal obstacles to make a comeback through elections.  A judge ruled on the 2nd that Patricia Hermosa, former director of the Cabinet Office acting for Morales to sign up for the senator’s legislative process, was sentenced to 6 months of preventive imprisonment.Hermosa was arrested on January 31 and charged with inciting riots, cracks and more.Leader of the Socialist Movement’s presidential candidate, former economic minister Luis Alsecatacora, returned to Bolivia on January 28 and received a court summons for alleged misconduct and embezzlement.Former government minister Carlos Romero was arrested on January 14 in La Paz, the administrative capital of Bolivia, on suspicion of misappropriating funds from the state drug control agency.  Several senior officials in Morales’ cabinet have been investigated, arrested or prosecuted in Bolivia.The Argentine government has agreed to provide political asylum to Morales and at least four other cabinet ministers.  ”We are assessing the situation,” Morales said in the interview.Who doesn’t want to return home?I believe the people of Bolivia are looking forward to my return.(Shen Min) (Xinhua News Agency special feature) Original title: Afraid of arrest?Morales wants to return to Bolivia to join Senator

Baiyun Mountain (600332): Core varieties actively promote the splitting of the circulation sector through consistency evaluation

Baiyun Mountain (600332): Core varieties actively promote the splitting of the circulation sector through consistency evaluation

Recent situation of the company Recently, the company announced that sildenafil citrate tablets have passed the consistency evaluation of generic drugs.

The review company became the first domestic company to pass the consistency evaluation for this variety.

Sildenafil citrate tablets (commercially known as “Jin Ge”) were officially launched in China in October 2014.

Sildenafil citrate is an erectile dysfunction and is a selective inhibitor of type 5 phosphodiesterase (PDE5).

Data from Minnet.com showed that in 2018, sildenafil citrate tablets were RMB 1 in public hospitals and urban retail pharmacies in China.

14 trillion and RMB 22.

07 billion.

In 2018, Jin Ge’s revenue was RMB 6.

6.2 billion, accounting for about 7% of the company’s Danan Pharmaceutical segment revenue.

Danan Medicine Plate: There are some highlights in the chemical medicine plate.

Excluding the consolidation of Wang Laoji Pharmaceutical, we expect that the endogenous revenue of the Danan Pharmaceutical segment will increase by about 20% in the first three quarters of 2019. In terms of chemical drugs, cephalosporin octyl tablets have won the first batch of generic drugs nationwide in September 2019Centralized purchasing.

Memantine hydrochloride tablets passed the consistency evaluation in September 2019, and the company became the first domestic company to pass the consistency evaluation for this variety.

In addition, Guangzhou Baiyunshan Guanghua Pharmaceutical, a holding subsidiary, received the “Pharmaceutical Supplement Application” on February 17.

In terms of innovative drugs, the company’s Class 1 chemical new drug cephalosporin sodium injection formally launched clinical phase I trials in the fourth quarter of 2019.

Actively promote the spin-off of the circulation sector.

In the first three quarters of 2019, we expect Guangzhou Pharmaceutical’s revenue to exceed 10% +.

The proportion of pure sales continued to rise, pushing the gross profit margin 北京会所体验网 to continue to improve.

In addition, the company announced its intention to spin off and list on the Hong Kong Stock Exchange in September 2019. We believe that the gradual expansion of development financing channels will also help the company to better understand the company’s large commercial sector business.

Estimates suggest that we maintain our quantitative net profit forecast for 2019/2020 of RMB 2.


65 yuan, a 10-year profit forecast of RMB 20 in 2021.

17 yuan, corresponding to an annual increase of 5% / 20% / 20%.

The current A-share contradiction corresponds to 14 in 2020/2021.

0 times / 11.

7 times price-earnings ratio.

The current H-share budget corresponds to 8 / 2020-2021.

5 times / 7.

1x price-earnings ratio.

One stock maintained its outperform industry rating and target price of 4杭州夜网论坛9.

30 yuan, corresponding to 18.

6 times 2020 P / E ratio and 15.

6 times 2021 price-earnings ratio, 33% upside compared with the previous one.

H shares maintain outperform industry rating and target price of 38.

00 build, corresponding to 12.

4x 2020 P / E and 10.

3 times the 2021 price-earnings ratio, 46% more upside than before.

The risk consumer market is fiercely competitive, and Great Southern Pharmaceuticals is under pressure.

High Energy Environment (603588) Quarterly Report Review for 2018 and 2019: Three Major Businesses + Fast Growth in Orders and Better Cash Flow

High Energy Environment (603588) Quarterly Report Review for 2018 and 2019: Three Major Businesses + Fast Growth in Orders and Better Cash Flow
Event: The company released its 2018 annual report and 2019 first quarter report, and realized revenue of 37 in 2018.62 ppm, an increase of 63 in ten years.20%; net profit attributable to mother 3.2.5 billion, an annual increase of 69.12%.Revenue in the first quarter of 20196.840,000 yuan, an increase of 36 in ten years.83%, net profit attributable to mother 0.55 ppm, an increase of 76 in ten years.71%.Performance exceeded market expectations. The three major businesses have high growth, and the revenue from projects started has been confirmed to increase.The growth of the company’s performance in 2018 benefited from the rapid growth of the three main businesses, and the revenue from environmental repair / domestic waste treatment / hazardous waste disposal business increased by 68.55% / 154.53% / 89.12%.The reason for the growth in the first quarter of 2019 was due to the substantial increase in revenue from the start of construction. The increase in net profit attributable to mothers was due to the decline in the expense ratio during the period and the enhancement of repayment. The proportion of operating income increased and cash flow improved significantly.The company’s operating income in 2018 was 11.US $ 600 million, an actual annual increase of 97%, accounting for 30% of total revenue.79%, the main growth is the incineration of domestic waste power generation, hazardous waste and other operating projects continue to increase.The increase in the proportion of operations has provided the company with stable cash flow. Overlapping companies have strengthened their efforts to collect funds, and the cash flow situation has improved significantly.Operating cash flow in 20183.22 trillion US dollars, a substantial increase of 217 throughout the year.15% in the first quarter of 2019.5.8 billion yuan, compared with -1 in the same period last year.37 billion, it is expected that the operating net cash flow will continue to improve in 2019. The substantial increase in orders helped the high performance.The company’s new chronic orders totaled 78 in 2018.45 trillion US dollars, a substantial increase of 136.44%, of which, environmental repair / domestic waste / hazardous waste add orders for the three major sections were 20 respectively.79, 38.17 and 14.07 trillion, an increase of 98 each year.99%, 268.17% and 99.53%.The size of orders has increased significantly, and the types of orders have continued to increase.In the first quarter of 2019, the 上海夜网论坛 company replenished orders5.5.3 billion yuan, currently totaling 124 orders.1.8 billion, orders continue to grow at a high rate. Profit forecast and investment advice.The company’s independent research and development of core technology progress, the industrial chain layout is clear, the formal implementation of the soil law superimposed the “ring water” event to catalyze soil remediation and accelerated release of hazardous waste industries. The waste incineration capacity planning in many provinces exceeded expectations.The proportion of operating business has gradually increased, cash flow has continued to improve, there are too many orders in hand, redundant funding guarantees, and definitive replacement for future performance growth.We increase the company’s net profit attributable to mothers in the next three years, and 佛山桑拿网 expect the net profit attributable to mothers to be 4 in 2019-2021.54, 6.03, 7.6.8 billion yuan, EPS is 0.69, 0.91, 1.16 yuan to current 11.At the closing price of 76 yuan, the corresponding PE is 17 respectively.10, 12.88, 10.11 times, giving the company a “recommended” investment rating. risk warning.The policy advancement did not meet expectations, the company’s performance did not meet expectations, market vicious competition, and systemic risks in the secondary market at home and abroad.