Vanke A, a major shareholder of Life Insurance, will 1.

73% share redemption fund shares

Vanke A, a major shareholder of Life Insurance, will 1.

73% share redemption 武汉夜网论坛 fund shares

⊙Reporter Wang Zilin ○ Editor Quan Zeyuan Vanke A announced on the evening of September 20 that the company received the shareholders’ life insurance company limited (“Daily Life”) on the 19th, and the former name was “Anbang Life Insurance Co., Ltd.””) Notice that everyone life will hold 1.

9.6 billion shares of Vanke A shares were exchanged for fund shares of Ping An CSI Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Trading Open Index Securities Investment Fund, accounting for 1 of the company’s total share capital.

73%.

　　Before the exchange, everyone’s life held 6 of the total share capital of Vanke A.

02%, after the completion of the subscription, the proportion of the total equity of the listed company held by everyone’s life insurance will replace 4.

29%, no longer holding more than 5% of the shareholders of Vanke A.

According to the closing of the evening on the 20th, Vanke A twice 26.

At a price of 80 yuan, everyone’s life will subscribe for the above-mentioned investment fund 52.

5.3 billion.

　　Upon investigation, Ping An CSI Guangdong-Hong Kong-Macao Greater Bay Area Development Themed Open-ended Index Securities Investment Fund is managed by Ping An Fund Management Co., Ltd. The fund type is a stock-type securities investment fund, and its operation mode is a trading-type open-ended fund.Scale cap.

　　The reporter noticed that everyone’s life has been conducting such redemption operations for two consecutive days.

On the evening of the 19th, everyone purchased China Construction A shares 10 through an ETF (trading open index fund) exchange.

3.8 billion shares, accounting for 2 of the company’s total share capital.

47%.

After the redemption, the share of China Construction Holdings held by everyone’s life was 11.

06% is about 8.

59%.

Global titanium dioxide giant officials announced the concept of price increases has just started (with shares)

Global titanium dioxide giant officials announced the concept of price increases has just started (with shares)

Come to Sina University of Finance and listen to Wu Dan (Jin Qilin analyst) talk about “Industrial Investment Excellent Course”, 150 excellent courses in 20 mainstream industries, quickly establish your investment system. The latest price of rutile titanium dioxide is 15600 yuan / ton.Rank 7 rose 2 days ago.

18%, followed by the possibility of price increases.

　　Affected by the recent news that titanium dioxide is about to rise in price, the titanium dioxide sector has risen strongly and closed up 6 on Friday.

29%, the largest increase among all sectors.

Individual stocks in 天津夜网 the sector rose more than 2%. Pangang’s vanadium and titanium, Jinpu titanium industry daily limit, China Nuclear Titanium White closed up 7.
.

71%, Long Mang Baili closed up 5.

68%.

　　Titanium dioxide prices have risen one after another Recently, Venator, the world’s titan titanium dioxide, announced that all titanium dioxide products used in coatings, plastics, inks and paper applications have raised prices globally.

Asia Pacific and the Americas will raise their prices by $ 120 / tonne after March 1.

In Europe, the Middle East and Africa, prices will increase by  100 / ton or $ 120 / ton after April 1.

　　Domestic companies have also adjusted their prices simultaneously. The latest offer of Long Mang Baili Lian Group’s rutile-type rutile series titanium dioxide has been raised by 500 to 16,200 yuan / ton, and some other manufacturers also have price adjustment 无锡桑拿网 plans.

According to the data of the business agency, the latest price of rutile titanium dioxide is 15,600 yuan / ton, which increased by 2 days 5 days ago.

18%.

　　As early as the holiday, titanium dioxide has ushered in several price increases.

In the first half of January, domestic titanium dioxide companies started a new round of price increases. A total of 27 titanium dioxide companies issued price increases. Most of the price adjustments were at 500 yuan / ton. Yibin Tianyuan’s single price adjustment reached 1,000-2000 yuan / ton.
　　At the cost of raw materials, due to the continuous contraction of global titanium ore supply, the price of titanium concentrate has gradually increased, which strongly supports the price of titanium dioxide.

In the downstream industry, the production cost of titanium dioxide is extremely low, and the price change has a small impact on the downstream, shifting to downstream and downstream capabilities.

Therefore, the competitiveness of titanium dioxide price increases is not great, and relevant analysts believe that there is a possibility of price increases in the future.

　　Titanium dioxide industry is gradually recovering. Titanium dioxide is recognized as the world’s most excellent white pigment at present, accounting for about 80% of the total use of white pigments. It is widely used in the coatings field and has a positive correlation with real estate.

CICC expects that the actual physical completion area of houses nationwide will increase by 9% in 2020, which will increase domestic demand for titanium dioxide.

　　After the holiday, various localities began to intensively introduce relevant policies to deal with the impact of the epidemic in the real estate market, including delaying payment of land prices, extension of taxes and fees, and moderate relaxation of pre-sale conditions. The actual impact is expected to gradually weaken.

CICC analyzes that the follow-up judgment policy will gradually be more directed to “trust demand”, especially the rational and orderly recovery of the protection of land market demand, which may be reflected in the moderate adjustment of developer financing policies.

　　In addition, due to the limited growth of overseas titanium dioxide supply and the obvious price advantage of domestic titanium dioxide exports, driven by the needs of emerging overseas markets, the domestic titanium dioxide output tends to continue to grow this year.

　　Guoxin Securities believes that under the trend of rising prices, the overall profitability of the industry will continue to improve.

At present, the overall operating rate of the titanium dioxide industry is at a high level and the inventory level is high. The titanium dioxide industry will usher in a phased recovery this year.

　　The production of titanium dioxide is accompanied by environmental damage. Under the continuous compression of environmental protection policies, the domestic titanium dioxide process has been continuously optimized from sulfuric acid to chlorination.

Large enterprises have strong strength, excellent technology, and have the funds to purchase advanced production equipment. The safety standards are also higher than those of small enterprises. After the conversion of some of the equipment in the sulfuric acid process capacity gradually and without conversion and transformation conditions, the market share will gradually be concentrated.To the leading enterprises.

The increase in market concentration will also improve the overall profitability of the industry, which is conducive to long-term development.

　　Listed companies actively deploy Longman Baili is a leading company in the titanium dioxide industry, the company is the fourth largest global production capacity, the first domestic company (when the new 20-chlorination method unit is put into operation, the production capacity will leap to the third in the world), and it will continue to grow along the industry.The upstream and downstream layout of the chain has obvious cost advantages. It is the only domestic company that can achieve mass production of chlorinated and sulfated titanium dioxide.

　　Panzhihua Vanadium Titanium is one of the few domestic titanium dioxide producers with “sulfuric acid method + chlorination method”, and its output ranks among the top three in the country. The company’s titanium dioxide is a well-known domestic brand.1.

5-digit / year production capacity.

　　Jinpu Titanium Industry is one of the domestic manufacturers of sulfate-resistant titanium dioxide. Its main products include rutile titanium dioxide and anatase titanium dioxide; the current annual production capacity of titanium dioxide is 16 pieces.

　　China Nuclear Titanium Dioxide ranks second in the domestic titanium dioxide industry. It is an enterprise that originally introduced a full set of rutile titanium dioxide production technology from abroad. The current annual production capacity of rutile titanium dioxide is 25.

A total of 10 titanium dioxide production lines under construction in a certain oriental titanium industry have been installed, commissioned, and started production. The approval has been completed, and the project will enter the trial production stage.

　　Anada is the largest titanium dioxide manufacturer in Anhui Province. It mainly produces rutile titanium dioxide (accounting for more than 80% of revenue) and anatase titanium dioxide. It is one of the earliest titanium dioxide manufacturers in China.”Titanium Dioxide” is “Anhui Famous Brand Product”.

　　Tianyuan Group’s annual output of chlorinated titanium dioxide has been completed. In addition, the company has invested in 5 chlorinated titanium dioxide with a total investment of 10 chlorinated titanium dioxide.

　　Kaisheng Technology takes its own Anhui Titanium Valley Nano Materials Co., Ltd. as the main body. The 20-nanometer titanium dioxide project with an annual output starts in Bengbu, Anhui. The project has a total investment of 5 billion yuan, an area of 1,200 acres, and a 20-year titanium dioxide project.
In addition, the company also bought out ilmenite from Australia to help ensure the supply of titanium white.
　　Bao Titanium is the highest and largest professional production of rare metal materials with titanium as the joint product. The research base has a domestic market share of more than 40%, of which the market share of high-end titanium and military titanium is over 80%.

　　Disclaimer: All information content of DataBao does not constitute investment advice. Securities are risky and investment should be cautious.

Semir Apparel (002563) In-depth Report： Rereading Semir Financial Report： Starting a new journey from scratch

Semir Apparel (002563) In-depth Report: Rereading Semir Financial Report: Starting a new journey from scratch

Highlights of the report The main business maintained a high growth. The niche strengthened the main business of Senma Garment. The main business has continued to improve since 17Q4, reducing the impact of Kidiliz’s consolidation and the drag on new impairment charges.

In 2018, Semir apparel revenue increased by 30 in ten years.

At 7%, net profit attributable to mothers grows 48 per year.

8%; 19Q1 revenue grows 63% annually.

9%, net profit attributable to mother increases by 11.
.

1%.

Kidiliz’s consolidation affects the break, its operating performance drags down operating profit, and the negative goodwill formed by the acquisition contributes to merger revenue.

Excluding the impact of the consolidation, it is expected that the revenue of the main business in 2018 will increase by 24 each year.

1% to 1深圳桑拿网49.

2 billion, the net profit attributable to mothers increases by 39 each year.

4% to 15.

900 million; 19Q1 revenue grows 32 annually.

3% to 33.

200 million, net profit attributable to mothers increases by 22 per year.

4% to 3.

8 billion.

If the additional value-added of investment real estate and fixed assets is further reduced, the potential profit of the main business in 2018 is expected to reach 17.

700 million.

From a financial point of view, the stability of operations has increased. The quality of operations has increased steadily. The upstream and downstream cooperation relationships have been optimized. It is expected that channel inventory and franchisee profits will be in a better state.

First, from the perspective of inventory, it is expected that the inventory turnover rate of the original 南京夜网 main business will be reduced by 0 in 2018.

3 times to 3.

1 time; taking into account that the decline in the value of inventory losses in the inventory at the end of the period is reduced by 5.

6pct to 12.

6%, and at the end of 18, the expected return after the period is 0 less than the beginning of the period.

5.8 billion, we judge that the inventory structure is optimized and the channel inventory is controllable.

In general, the scale of downstream channels is expected to gradually increase the account receivable turnover rate of the original main business in 20183.

6 times to 10.

Eight times, the proportion of capital occupation fee included in the credit to the credit franchisee was reduced by 0.

07pct to 0.

23%. The efficiency of the main business collection improved and the credit support to franchisees weakened. It is expected that channel profit will improve.

Once again, upstream cooperation is strengthened. It is expected that the account turnover rate of the original main business in 2018 will gradually increase to zero.

3 times to 5.

Three times, under the tightening of the financing environment, we will speed up the support for upstream purchase repayment, and at the same time lock in high-quality raw materials through out-of-date procurement. It is expected that the quality of supply-side control will be optimized.

The three major logics continue to be verified, and it is estimated that there is still room for improvement in solid growth and the expectation is strengthened. The company is optimistic about the value re-evaluation brought by the switch from the casual leader to the children’s wear leader.

Judging from the operating results of 2018 and 19Q1, our three core recommendation logics have been continuously verified: (1) The children’s clothing leader has continued to strengthen, and its market share in 2018 has increased by 0.

7 points to 5.

6%, ranking 2-5 children’s clothing brands, the total share increased by 0.
3 points to 4.
3%, based on the increase in track dividends and competitive advantages, it is expected that the children’s clothing business will still maintain high-speed growth; (2) the transformation and transformation of casual wear, which has expanded rapidly in 18 years and has a good sales trend.3) Optimization of governance structure, incentives for professional operators team to land one after another, and at the same time shortening the reduction and closing of the holdings, and the suppression of transaction scale suppression.

The main business in 2019 is still expected to continue its rapid growth. Kidiliz’s loss reduction has limited drag on performance.

Expected performance in 2019-2019.

100 million, 22.

500 million, corresponding to PE of 14.

5 times, 12.

3x, maintain “Buy” rating.

Risk reminders: 1. Risk of deterioration of the terminal retail environment; 2. Risks of less-than-expected development of emerging channels; 3. Risks of worse-than-expected merger and acquisition integration.

Haitian Flavor Industry (603288) 2019 First Quarterly Report Review： Performance Meets Expected Capacity Release Sets Three Five Keynote

Haitian Flavor Industry (603288) 2019 First Quarterly Report Review: Performance Meets Expected Capacity Release Sets “Three Five” Keynote

First, the event overview 南京龙凤网 Haitian Flavor released the 2019 first quarter report.

At the core of the report, the company achieved operating income of 54.

90 trillion, ten years +16.

95%; realize net profit attributable to owners of the parent company.

77 trillion, ten years +22.

81%; realized basic profit income of 0.

55 yuan / share.

Second, analyze and judge the performance of the steady increase in value is a long-term adjustment, the company has excellent cash indicators and sufficient liquidity to report the total amount, and the company’s revenue increased by +16.

95%, net profit attributable to mother +10 for ten years.

81%, maintaining the high growth rate since 18Q1. In general, the company’s first quarter performance has achieved steady growth again. To achieve the goal of “revenue + 16%, net profit + 20%”.

The cash index performed well and the company had sufficient liquidity: in 19Q1, the company received cash for selling goods44.

480,000 yuan, ten years +17.

42%, monetary fund replenishment 2.

70 trillion, +51 for ten years.

73%, the ending balance reached 97.

28 ppm, a record high; unless it is, the company’s advance receipts in 19Q1 were 12.

9.6 billion, -59.

The initial decrease of 97% was due to the early preparation of payment by dealers at the end of last year, which led to the initial payment of advance receipts. At the end of the period, the advance receipts returned to normal, and Q1 in the past year still exceeded 30%.

The gross profit margin decreased slightly, the cost growth efficiency increased during the period, and the net profit margin increased. The gross profit margin of the company in 19Q1 was 45.

78%, 0 years ago.

A total of 92 materials are related to the rapid volume of oyster sauce products with a relative molecular weight of gross profit; Net profit margin: mainly benefited from the significant improvement in the cost transmission efficiency during the period (total cost during the 19Q1 period) 14.

06%, significantly reduced by 2.
.

For each 12 shares, sales / management (plus R & D expenses) / financial expenses were reduced by 1.

15/0.

19/0.

78 units, of which the decrease in the financial expense ratio was mainly due to the increase in interest income during the period), and the gross profit margin decreased by 0.

On the basis of 92 first-level companies, the company’s net interest rate increased without falling, and the company’s net interest rate reached 26 in 19Q1.

91%, up by 1 each year.

29 units.

The release of new production capacity sets the tone for the “three five” plan. Haitian launched the Gaoming 220 filler condiment expansion project at the end of 2017, with a total expansion of 220 tons (among which, soy sauce 150 filler, sauce 30 replacement, and compound seasoning 40 initial)The new soy sauce production capacity is nearly doubled on the existing basis, which shows the firm confidence of the company’s future space.

It is assumed that the production capacity will gradually be released in 2019 and fully released in 2023. At the same time, the factors of price increase and product structure upgrade will overlap. In the future, the CAGR of soy sauce and seasoning products will be about 15% and 9 respectively.

5%, so the release of production capacity sets the tone for the continuous growth of the “three five” plan that began in 19 years.

Third, the investment proposal is expected to achieve operating income of 197 companies in 19-21.

60 ppm / 232.

55 ppm / 270.

44 trillion, ten years +16.

0% / 17.
7% / 16.
3%; net profit attributable 杭州桑拿网 to listed companies was 52.

38 ppm / 60.

8.4 billion / 70.

30 trillion, +20 for ten years.

0% / 16.

1% / 15.

5%, equivalent to 1 EPS.

94 yuan / 2.

25 yuan / 2.

60 yuan, the corresponding PE is 45X / 39X / 33X.

Considering that the release of the company’s new capacity will set the tone for sustainable development in the next five years, it is expected that the company’s performance growth will be faster than the industry average in the future.

In summary, maintain the “recommended” level.

4. Risk Warning: Consumption upgrade is not up to expectations, the prices of upstream raw materials have risen abnormally, food safety risks, etc.

This World Fate (603369)： Positive potential for anti-epidemic response remains good

This World Fate (603369): Positive potential for anti-epidemic response remains good

The impact of the three types of liquor companies on epidemic situation is relatively small.

The Xinguan epidemic began to concentrate in late January. The liquor industry ‘s sales during the Spring Festival were significantly damaged and it is expected to continue to affect Q2.

However, we generally think that the influence of several types of liquor companies is small: 1) the core high-end and low-end brands that are just in need, and the low-end wine season is low during the Spring Festival; 2) companies with strong brand potential; 3) the payment and delivery progress before the holiday is good,After the holiday season, the company is more at ease.

We believe that today ‘s Shiyuan is an enterprise with upward brand potential in the province. Advantageous prefecture-level cities are increasing, and channel potential energy is being released. According to feedback from the channel feedback,杭州桑拿 the company is decomposed according to the gradual sales plan, and the gradual payment is over 30% before Spring Festival.Then the overall normal performance of the terminal is released, and the enthusiasm for the replacement channel is good. The alternative competitors are still in the channel consolidation stage.

The average channel inventory of existing companies is less than 2 months, which indicates that the impact of the epidemic situation is relatively limited, which is better than the average level of real estate wine.

The response to the epidemic was rapid, and multiple measures helped boost dealer confidence. On the 11th, work was resumed.

It is reported that Weijiu reported that the company fully mobilized the deployment of epidemic prevention and control from the second consecutive meeting on the first day of the first month, organized a sales system manager meeting to evaluate the possible impact of the epidemic on the market, and quickly formulated corresponding policies to support high-quality dealers:Program.

Phased marketing plans and different types of projects for regional markets can be suspended, postponed or adjusted, and centered on a stable price system, expanding consumption scenarios, and promoting the implementation of terminal sales. 2) Give to the business teamCompensation support.
Manufacturers timely adjusted the mobile access dealer evaluation indicators for business personnel, and continued to maintain the basic salary subsidy. At the same time, the sales organization was not allowed to increase the pressure on the dealers and terminal vendors, and they were not allowed to pursue short-term sales by transferring inventory and reducing prices.

3) Streamline processes and provide financial support.

Simplify the procedures for the due expenses incurred by the dealers in the plan and reduce the capital occupation as much as possible.

Eligible dealers can allocate a certain amount of products according to needs, and provide a deferred repayment policy.

At the same time as the promulgation of a stable business policy, the company has resumed work on February 11th, taking a two-pronged approach to try to minimize the impact of the epidemic.

The brand has confidence and long-term goals have not been adjusted.

The company’s currently unadjusted targets are based on the company’s good brand and channel potential, coupled with the company’s proactive and prudent response, we have confidence in the distributor’s inventory and capital pressure to be controlled after the holiday and the price to remain stable.

In 2020, the company’s marketing plan is clear, and the work is fully decomposed. In terms of products, Guoyuan 4 has a strong price advantage and strong demand. The high-end V series has been introduced as a supplement. If the volume can be exceeded, it will exceed the expected growth point. From a regional perspective, insist on careful calculationCultivation of the province will not waver, comprehensively fine-grained decomposition, clear market growth space, the northern Xuzhou momentum is stronger, the provincial capital Nanjing has been increased, and the channel profit is still advantageous, the growth inertia is still there, central Jiangsu and southern Jiangsu consumptionStronger efforts and active cultivation of targets; markets outside the province are accelerating the formation of a regional “dot-line interaction” and “connecting dots into a benign” benign development situation, and strive to double by 2020.

Investment suggestion: Adjust the company’s EPS to 1 in 2019-2020.

15 yuan, 1.

38 yuan, slightly adjusted 6-month target price to 38.

64 yuan, equivalent to 28x price-earnings ratio in 2020, maintain “Buy-A” rating.

Risk reminder: Intensified competition in the province plus substantial competition intensified; out-of-province expansion is less than expected.

Enhanced index base tracking index to earn more winners in 2019

Enhanced index base tracking index to earn more winners in 2019

Original title: In 2019, the enhanced index base index will earn more five performance winners. The operating path exposure source: Daily Economic News Every reporter Nie Hong Every editor Xiao Ruidong Enhanced Index Fund does not mean that it can definitely outperform the index, butJudging from the performance in 2019, most have achieved results that exceed the index.

　　”Daily Economic News” reporter noticed from the 2019 Four Seasons Report recently disclosed that the top ten heavy positions in the index fund with outstanding performance have different degrees of changes from the tracking index, and some of the top ten heavy positions are even before the index.The top 武汉夜网论坛 ten stocks are completely different.

What exactly did the Enhanced Index Fund do in the fourth quarter of 2019?

The reporter selected a number of five broad-based indexes—the Shanghai Stock Exchange 50, the Shanghai Stock Exchange 100, the Shanghai Stock Exchange 300, the Shanghai Stock Exchange 300 and the Shanghai Stock Exchange 1000—to look for index funds that showed outstanding performance in order to explore their “enhancement” secrets.

　　Most Enhanced Indexes Receive Excessive Returns From the five major indexes selected by reporters, most enhanced index funds have received excess returns.

Specifically, the enhanced index funds tracking SSE 50, CSI 100 and CSI 1000 all ran out of excess returns in 2019, while the rest of the funds in the relevant enhanced index funds of CSI 300 and CSI 500 were basically the same.Outperformed the index, and even bottomed out in index funds tracking the same index.

In fact, the products with outstanding performance also made enough excess income, outperforming the index by more than 10 exchanges.

Among them, at least the fund ran over 23 compared to the underlying index in 2019.

2 outstanding returns.

　　Is there a way for index funds to run out of excess returns?

A senior analyst at the Shanghai Securities Fund Evaluation and Research Center stated that from a strategic perspective, multiple enhanced index funds obtain excess returns through a quantitative multi-factor model, and only a small number of funds use active management.

Other enhancements include new stocks and hedging of stock index futures.

　　So, for the enhanced index funds that ran out of significant excess in 2019, did they use some kind of enhancement strategy?

How was the position allocation in the fourth quarter?

The reporter combed the five outstanding performance enhanced index funds and found that in terms of strategy, most of the enhanced index funds use quantitative multi-factor models as one of the enhancement methods.

Some high-level sources said that the current strategy of index enhancement is mainly done through quantitative models, and rarely used active management.

Judging from the fund report, innovation is also an important source of enhancement.

　　What are the criteria for a good index-enhanced fund?

Do investors properly consider certain aspects when choosing?

The analyst said: “When selecting index-enhanced funds, I will pay more attention to products with excess returns that increase stock selection capabilities.

If a Shanghai and Shenzhen 300 index-enhanced product often picks small market capitalization stocks in the CSI 500 or CSI 1000, then its excess income comes from exposure to market value factors, not stock selection capabilities.

In addition, more strictly speaking, when comparing similar products, other sources of income, such as new, should be separately identified to simply assess their stock selection capabilities.

“Some stocks were heavy in the fourth quarter?
”

　　If the ability to select stocks is an important aspect of index-enhanced funds, what are the heavy-weight stocks in the fourth quarter of the five largest enhanced indexes that have performed well in 2019?

How are the top ten 杭州夜网 constituents different from their underlying index?

　　Among the index funds tracking the SSE 50, E Fund’s SSE 50 Index has performed outstandingly, and outperformed nearly 18 indexes in 2019.

From the perspective of heavy stock holdings, as of the end of the fourth quarter, the proportion of the weight of the first two heavy stocks of the E Fund SSE 50 Index A was basically the same as that of the Shanghai 50 Index, and the position of heavy stocks has been adjusted since then.

For example, Ping An Bank, China Construction, Wuliangye, and Changchun Hi-tech appeared in the top ten heavy warehouses. These four stocks alternated among the top ten constituent stocks of the Shanghai 50 Index.

　　Under the ranking, in the index fund tracking the CSI 100, it ran out of 10 in 2019.

The 91 single excess Baoying CSI 100 Index has strengthened. Among the top ten heavy positions in the fourth quarter, except for the order of Midea Group and Industrial Bank, which is slightly different, it is basically the same as the top ten odd stocks of the underlying index.

　　Throughout 2019, the GF Shanghai and Shenzhen 300 Index has strengthened more than the Shanghai and Shenzhen 300 Index to earn 11 more.

33 averages.

From the position of the fourth quarter, 7 funds of the fund’s top ten heavy positions belong to the top ten land stocks of the Shanghai and Shenzhen 300 Index.

Among them, the top three heavy warehouses in China Ping An, Guizhou Moutai and China Merchants Bank have not changed, and the proportion of the fund’s net worth is basically the same as the weight of individual stocks in the index.

In addition, the three stocks of the top ten constituents of the fund’s dividend index are Vanke A, Ping An Bank and Everbright Bank.

　　Since Shenwan Lingxin CSI 500 preferred enhancement has not yet disclosed the 2019 Four Seasons Report, the reporter replaced it with an increase of more than 10 Boshi CSI 500 indexes.

According to the information disclosed in the quarterly report, the Bosh CSI 500 Index strengthened the top ten heavy positions at the end of the fourth quarter of 2019. In addition to the top ten stocks of Wingtech and the CSI 500 Index, the other nine heavy stocks have different and changing advantages.

　　The China Merchants CSI 1000 Index, which outperformed the CSI 1000 by more than 15 copies in 2019, has strengthened. At the end of the fourth quarter, the top ten heavy stocks and the top ten constituents of the index did not overlap.And from the perspective of positions, the ratio of the fund’s net worth is all zero.

9% and above, significantly higher than the weight of individual stocks in the CSI 1000 Index.

　　The enhanced index fund that basically tracks the large-cap index, the enhanced index fund for the small-cap index seems to be more thorough in the change of heavy positions.

Some ordinary people said: “The excess returns of index-enhanced funds still need to adjust the size of the company. It is relatively difficult to choose better stocks in the Shanghai 50 and Shanghai 300.

There are good and bad in CSI 500 or CSI 1000, so it will be easier to get some excess returns through stock selection.

“

Juewei Food (603517) Interim Report 2019： Stores expand steadily

Juewei Food (603517) Interim Report 2019: Stores expand steadily
The second-quarter performance exceeded expectations, and the scale effect drove net profit margins to 2019H1 revenue24.90 billion (+19.42%), net profit attributable to mother 3.9.6 billion (+25.81%), of which 13 in 19Q2 revenue.36 billion (+19.24%), net profit attributable to mother 2.15 billion (+30.77%), performance exceeded expectations.19H1 gross profit margin 34.23% (-1.25pcts), of which 19Q2 gross margin is 35.03% (-1.36pcts), mainly due to the growth of raw materials.19H1 net profit 4.40% (+0.82pcts), of which 19Q2 net interest rate is 15.91% (+1.48 pcts), mainly due to the decrease in gross profit margin and the decrease in management expense ratio under the effect of scale1.83 points, taxes and surcharges fell by 0.26pcs, the sales expense ratio decreased by 0.19pcts and so on.2019H1 Operating Cash Flow 6.8.4 billion (+106.17%), mainly due to the sale of goods and labor services received in cash28.44 billion (+16.65%) and so on.2019H1 Construction in progress 1.1.7 billion, an increase of 43 at the beginning of the same period.39%, mainly due to the orderly progress of Shandong Aqi Food and Tianjin Azheng Food. Overseas began to contribute, the store expanded steadily. From the product point of view, the company’s main business is outstanding, mainly fresh products, supplemented by packaging products. Its fresh products revenue23.74 billion, accounting for 97.5%; franchise management revenue 30.56 million, accounting for about 1.3%; specifically, the revenue of poultry products19.09 billion, accounting for over 78%; vegetable products revenue 2.5.4 billion, accounting for over 10%.From the perspective of channels, the sales revenue of halogen products23.79 billion, accounting for nearly 98%.From a regional perspective, the top five regions in terms of revenue are Central China, Eastern China, Southern China, Southwest China, and North China. Among them, Central China accounts for nearly 27% and CR5 accounts for nearly 97%. Overseas markets have also expanded smoothly. Hong Kong,Singapore revenue was 0.3.3 billion, accounting for 1.34%.In terms of stores, the company’s stores increased from 9,915 in 2018 to 10,598 stores in 2019H1, adding 683 stores.We expect the company to maintain its 800-1200 annual store opening plan. Committed to creating a gourmet platform and accelerating the creation of a gourmet ecosystem. The company’s main 杭州桑拿 objective is to “deeply cultivate the main business of duck necks and create a gourmet ecosystem”.In terms of stores, focusing on “increasing single-store revenue, opening more stores, and opening good stores”, continued to improve the construction of fourth-generation stores, and promote the upgrade of high-potential store images; online, store information systems were upgraded to improve the level of terminal information, and the number of cumulative member registrations exceeded50000000.The company’s powerful “cold chain fresh, daily delivery to the store” supply chain model and ability to control channels, through new project incubation, investment and mergers and acquisitions to expand the “food ecosystem”, investment includes Safia, HefuCatering, Happy Cake, Bei Beidou, Fuling Hot Girl, Qianwei Yang Kitchen and other companies are committed to becoming “accelerators for specialty foods and light dining.” The investment proposal maintains EPS 1 for 2019-2021.35/1.61/1.91 yuan, corresponding to PE29 / 24/21, maintain “Buy” rating. Risk warnings on food safety issues; growth of raw materials; sales of core products fall short of expectations;

Yonghui Supermarket (601933) Incident Review： Offer to Acquire 10% of Zhongbai’s Shares, Strategic Expansion Starts Again

Yonghui Supermarket (601933) Incident Review: Offer to Acquire 10% of Zhongbai’s Shares, Strategic Expansion Starts Again

Introduction to this report: Yonghui plans to purchase a 10% stake in Zhongbai Group at a premium of 23%. If successful, it will become the largest shareholder of Zhongbai Group.Continuous improvement.

　　Event: Yonghui Supermarket intends to tender for Zhongbai Group10.

14% shares at a price of 8.

1 yuan (earlier current price premium of 23%). If completed, Yonghui will hold nearly 40% of the shares of Zhongbai Group and become the largest shareholder of Zhongbai (the state-owned asset currently holds 34%).

　　Comment: Investment advice: There is still uncertainty about the success of the acquisition, but it indicates that Yonghui Supermarket experienced its own strategic rationalization in 2018. After the efficiency of China and Taiwan improved, it actively expanded again. The integration of the supermarket industry accelerated, Yonghui and Red FlagCollaboration and integration such as chains are also expected to accelerate.

The organizational structure of the merged company has improved, the CPI has entered an upward trend, and the company’s operating conditions have continued to improve. The 2018-2020 EPS of Yonghui Supermarket has been maintained at 0.

17/0.

26/0.

33 yuan with a target price of 9.

6 yuan, increase the level.

　　Background of the acquisition: Yonghui has successively increased its holdings in Zhongbai since 2013, increased to 20% in December 2014, and increased to 29 in September 2017.

9%, (total overweight price range is 7.

5-9.

2 yuan).

Wuhan SASAC increased its holding in Yonghui to 29.

After 9%, the corresponding 武汉夜网论坛 holding will be increased by 2%, and the total holding of Zhongbai shares will reach 34%, indicating that the company is determined to hold the shares. Since then, Yonghui will not continue to increase its holdings.

Prior to the tender offer, Wuhan Zhongshang, a subsidiary of Wuhan SASAC, and Hanshang Group, a subsidiary of Hanyang SASAC, were successively borrowed from the home and acquired by Zall Group.

Against this background, Yonghui’s tentative tender offer has followed the general direction of mixed reform.

　　Significance of Zhongbai to Yonghui: Central China bridgehead, westward strategy is of great significance.

Zhongbai is the leader of Hubei Supermarket, with revenue of 15.2 billion in 2018, 1255 stores (Warehouse Supermarket 179, Convenience Supermarket 748, Rosen Convenience Store 302, 9 department stores, and 杭州桑拿网 17 electrical appliances), although the net profit rate is still low, But the value of outlets, rich asset value (PB is only 1.

3 times the supermarket business).

At the same time, Zhongbai’s supply chain in Hubei is extremely rich in logistics and warehousing resources, and Hubei, as a thoroughfare of the nine provinces, is extremely important to the supermarket industry that favors the supply chain.

Judging from the recent layout of supermarkets in Chongqing, Hunan and other places, if Yonghui can obtain Hubei resources, it will have a very strong strategic advantage.

　　Supermarket industry integration is accelerating: The entire supermarket industry is experiencing the retreat of hypermarket foreign giants, led by Yonghui, and the rise of community supermarkets. Yonghui has undergone strategic adjustments in 2018. It has also strengthened China and Taiwan in cooperation with Tencent.Capacity, 2019 is just the year of enabling output. The tender offer Zhongbai is a signal to start the rapid expansion again. In addition to opening its own stores in the future, integration with Hongqi Chain and other sectors has accelerated.

　　Risk warning: there is uncertainty in the tender offer, and the short-term profitability of newly entered regions is under pressure.

Dongfang Yuhong (002271)： Fundamentals continue to improve, short-term disturbances do not change long-term growth logic

Dongfang Yuhong (002271): Fundamentals continue to improve, short-term disturbances do not change long-term growth logic

Investment highlights: Event: The company issued a pre-disclosure announcement regarding shareholders holding more than 5% of shares and some directors and senior management personnel to reduce their holdings.

The reduction is due to the shareholders’ personal funding needs and has limited impact.

According to the company announcement, Mr. Xu Limin, Vice Chairman of the Company, Mr. Liu Bin, Director, and Mr. Zhang Hongtao, Director and Vice President, Ms. Wang Wenping, Vice President, and Ms. Xu Wei, CFO, intend to reduce their holdings by no more than 9 million shares, 500,000 shares, and 350,000 shares.210,000 shares and 100,000 shares, totaling no more than 0 of the company’s total share capital.

681%, the reduction is mainly due to personal funding needs.

In our opinion, the proposed reduction in the number of shares held in the company ‘s total share capital is declining, and the current gradual implementation of the company ‘s convertible bond enforcement price is still far away, with limited practical impact.

At present, it is basically good, and the flexibility of subsequent “profit” will gradually be released.

The company’s main business needs for waterproofing materials are tied to real estate and infrastructure, which is more sensitive to downstream prosperity. At present, due to the high real estate start-up and infrastructure rebound, various data such as cement and steel generally exceed expectations. We expect that the front-end varietiesThe demand for waterproof materials under resonance will not be absent.

At first glance, the market is generally worried that the growth rate of the company’s performance will show a high level and a low level under the expectation that the growth rate of new real estate construction will decline quarter by quarter, but we are not pessimistic: the replacement, the use of waterproof materials is mainly concentrated in the land construction layout.Relevant demand has decreased, but the history of the growth rate of newly started and completed areas has continued to deviate from the mid-2017 to the present, or the demand at the end of the completion has exploded intensively. As a result, total demand has maintained a high level;At the high oil price stage, the company’s sensitivity to changes in profits will be stronger than the quantity. Last year’s low and high costs last year made the unit’s gross profit base in the second half of the year lower than in the first half. Under the assumption of price increase and stability, the company’s growth logic in the second half of the year will be quantitative.Surpassing expectations has turned into profits exceeding expectations, and long-term performance is worth looking forward to.

The long-term growth logic has not changed, and the company is gradually getting better.

In the long term, the waterproof material industry has a scale of about 2000 trillion, but CR10 is still less than 20%. The largest Oriental Yuhong City only accounts for about 7%, which is a typical “big industry, small company” layout.

With the triple trend of improving industry standards, increasing real estate concentration, and increasing the proportion of hardcover homes, accelerating the expansion of space in mid- to high-end industries is a deterministic opportunity, and potential space is expected to double.

As the undisputed absolute leader in the industry, the company has the first-mover advantage in cost, capital and production capacity to form a moat of scale, and it is likely to become a priority flow of incremental profits.

Profit forecast and estimation: The company is the most competitive and growing leader in China’s waterproof material industry, and its comprehensive 北京夜网 strength ranks first in the industry.

In general, the expected cost and funding factors for 2018 have changed. The golden window for the expansion of the mid- to high-end market in the industry overlaps with the further optimization of the company’s internal structure and strategy, and the growth path is expected to return to a good state.

We believe that the short-term reduction of holdings will not change the long-term growth logic. We maintain the company’s profit forecast. It is expected that the company’s net profit attributable to the parent in 2019-2021 will be 21 respectively.

5 billion, 26.

7.3 billion, 32.

37 trillion, corresponding to 19 years of EPS are 1 respectively.

44 yuan, 1.

79 yuan, 2.

17 yuan, corresponding to 16-20, 13-times, and 11-times of PE in 2019-2021 respectively, maintaining the “Buy” rating.

High Energy Environment (603588) Research Briefing： Leading Soil Remediation Companies Expected to Continue to Expand Market Size

High Energy Environment (603588) Research Briefing: Leading Soil Remediation Companies Expected to Continue to Expand Market Size
Event: Recently, we conducted a survey on the company and exchanged information with relevant personnel on the development of the industry, the company’s market development, project construction progress, capital expenditure, and foreign investment. Key points of investment: The soil remediation business is highly competitive, achieving sustained high growth in 19 years.The company’s main business covers the two major areas of environmental restoration and solid waste treatment. Among them, the restoration business includes three major areas: soil, groundwater and landfill restoration.Benefiting from the formal implementation of the Soil Pollution Prevention and Control Law and the central government’s bonus for pollution prevention policy support, soil remediation has entered a period of rapid development.Among them, the restoration of industrial polluted sites before 18 years showed a rapid growth trend, and the number of projects reached 200, an increase of 83.49%; the total amount of the project is 60.6 ppm, an increase of 68 in ten years.80%.The company has abundant technology reserves in the field of soil remediation. Its repair technologies cover mainstream technological paths such as steam extraction, thermal desorption repair, curing / stable repair technology, and microbial soil repair. It also implements customized repair technology integration capabilities for specific pollution projects.In the past 18 years, the number of industry participants has gradually increased, and the market share of the top five cities has declined. As the industry leader, the company’s market share has increased to 15%, reflecting its technical level, and the project experience is fully recognized by the market.The company’s soil remediation business market expansion implements the strategy of “going eastward and going southward”, fully taking into account the local government’s ability to pay, pay cycle, pay close attention to project quality, and expand projects in economically developed regions.In 18 years, the company’s environmental restoration business realized operating income12.950,000 yuan, an increase of 68 in ten years.55%, and increased repair orders by 20.7.9 billion.19 In the past, the company won the bid for the implementation project of soil restoration at the Binjiang E2 site, the site restoration project at the Guangzhou Zinc Tablet Factory, and the site restoration project at the former Nantong Essence Pharmaceutical Raw Material Branch Plant. The hazardous waste treatment business has developed rapidly, focusing on the increase in production capacity and fluctuations in prices of resource-based products.The company continues to expand its hazardous waste treatment capabilities through investment in self-construction and outreach acquisitions. As of the end of 18 years, the company operates Yangxin Pengfu, Jingyuan Hongda, Tengzhou High Energy, CNMC Oriental, Guizhou Hongda, Ningbo Dadi, Guilin High Energy, Hezhou High Energy Hazardous Waste Treatment Project.The total approved scale of 8 operation projects is 50.47 spring / year, involving 33 categories of 46 categories of hazardous waste list.At the same time, the company expects to build a new Leshan project, Liangshan project, Mengxi project, and expansion of Tengzhou high-energy project in 19 years. The total approved operation scale exceeds 30 indicators.If all are put into operation, the company’s hazardous waste treatment capacity will be significantly improved.It is worth mentioning that the company has handled 17 hazardous wastes in the past 18 years, and the throughput has gradually continued to improve.In addition, the company’s resources for hazardous waste treatment capacity account for a relatively high amount of resources.Nonferrous metals such as copper, nickel and zinc are the main resource products.The price of bulk products has an important impact on the sales of resourced products. The domestic waste incineration power generation project is gradually entering the operating period, and it is expected to actively contribute to operating income.The company’s domestic waste incineration power generation business started relatively late compared to industry-leading companies. It currently has 11 projects with a total designed processing capacity of 8,800 tons / day.The company has undertaken the operation of domestic waste incineration power generation projects including Sihong project, Hezhou project, Shunyi project, and projects under construction include Hetian project, Puyang project, Yueyang project, Tianjin project, meanwhile, Xinyi, Linyi, Jingmen, and Neijiang are in the early stage.The approval process is in progress.In 19 and 20, the company’s domestic waste incineration power generation project entered the operational phase, moving towards a stable performance change brought by the company’s engineering business, and continuously improving the company’s operating activities cash flow. Contradictory funding needs, debt structure adjustments and diverse financing have helped projects to land.The company’s hazardous waste treatment and domestic waste incineration power generation projects are heavy asset investment projects.The domestic waste incineration power generation and hazardous waste treatment projects planned and constructed by the company broke down, and the subsequent funding requirements were relatively bearable.The company currently raises funds by issuing convertible corporate bonds, issuing green corporate bonds, and obtaining project loans.It can be seen that the company is actively adjusting its debt structure, increasing the proportion of long-term loans to invest in projects, and improving its ability to resist risks. Reinforcement of repayments has significantly improved cash flow from operating activities.The company’s awareness of the risk prevention of accounts receivables, and the strong introduction of incentive policies for receivables brought about a marked improvement in cash flow from operating activities.Cash received from companies selling goods and providing services in 18 years34.6.5 billion, accounting for 92% of revenue.11%; net cash flow from operating activities.2.2 billion, the ratio to the net profit of return to mother close to 1.In the first quarter of 19, the company’s operating cash flow continued to 南京桑拿论坛 show a positive trend.We believe that the company’s initiative to control the quality of the project and strengthen the payment will help reduce operating risks and play a positive role in improving the quality of corporate profits. Shares in Yuhetian and Futai Technology are expected to actively contribute to investment income.In terms of foreign investment, the company indirectly holds Yuhetian19.27% of the shares and directly hold Futai Technology11.79% of the shares are accounted for using the equity method.As a large domestic sanitation service company, Yuhetian has rapidly expanded its business scale and income volume in the past three years.18 years Yuhetian operating income 28.160,000 yuan, net profit 2.30,000 yuan.The main business of Futai Technology has expanded from the field of sanitation service informatization 北京男士spa会所 to the field of government environmental IT solutions, corporate environmental governance big data and waste classification operation solutions.In 18 years, Futai Technology’s net profit reached 75.33 million yuan.At present, Yuhetian IPO is in the pre-announced update stage, and Futai Technology officially launched the IPO application process in 18 years. Maintain the company’s “overweight” investment rating.As a leading enterprise in the field of domestic soil remediation, the company has obvious competitiveness in terms of technology reserves, engineering project experience, and order acquisition.With the rapid development of the soil remediation market and the improvement of the company’s ability to operate hazardous waste and domestic waste treatment projects, the company has gradually entered a stage of continuous growth.For the time being, regardless of the replacement effect of the company’s convertible bonds into equity, it is expected that the company’s fully diluted EPS in 19 and 20 will be 0.66, 0.91 yuan, according to 10 on July 30.Calculated at the closing price of 23 yuan / share, the corresponding PE is 15 respectively.4 and 11.2 times.We believe that compared with the company’s growth expectations, the current level of the company’s estimates is low, and the company’s cash flow has improved significantly, and the quality of earnings has improved, giving the company an “overweight” investment rating. Risk reminder: market competition in the field of soil remediation is intensifying, and competition is becoming fierce; domestic waste incineration power generation projects have an “avoidance” effect, and the project landing is less than expected; the prices of non-ferrous commodities are fluctuating, and the risks of resource product price fluctuations are competing; funding demandThe rapid growth of interest-bearing debt and the risk of capital shortage.